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TITLE (40–50 CHARACTERS)SUBTITLE (40-50 CHARACTERS)

UNAUDITED INTERIM REPORT AND ACCOUNTS BLACKROCK STRATEGIC FUNDS (BSF)

R.C.S. Luxembourg: B 127481

30 NOVEMBER 2013

Unaudited Interim 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 7

Three Year Summary of Net Asset Values 11

Statement of Operations and Changes in Net Assets 15

Statement of Changes in Shares Outstanding 19

Portfolio of Investments BlackRock Americas Diversified Equity Absolute Return Fund 22

BlackRock Asia Extension Fund 45

BlackRock Emerging Markets Absolute Return Fund 49

BlackRock Emerging Markets Allocation Fund 52

BlackRock Emerging Markets Flexi Dynamic Bond Fund 59

BlackRock Euro Dynamic Diversified Growth Fund 61

BlackRock European Absolute Return Fund 64

BlackRock European Constrained Credit Strategies Fund 67

BlackRock European Credit Strategies Fund 79

BlackRock European Diversified Equity Absolute Return Fund 92

BlackRock European Opportunities Extension Fund 103

BlackRock Fixed Income Strategies Fund 106

BlackRock Fund of iShares – Conservative 114

BlackRock Fund of iShares – Dynamic 115

BlackRock Fund of iShares – Growth 116

BlackRock Fund of iShares – Moderate 117

BlackRock Global Absolute Return Bond Fund 118

BlackRock Latin American Opportunities Fund 146

BlackRock Mining Opportunities Fund 148

Notes to the Financial Statements 150

General Information 159

2 BlackRock Strategic Funds (BSF)

BSF Chairman’s Letter to ShareholdersNovember 2013

Dear Shareholder,

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

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

powers incorporated in the UCITS directive. This report covers a six month period from 1 June 2013 to 30 November 2013.

After some strong gains seen earlier in the year, equity returns moderated over the period as concerns about a potential ‘tapering’

(reduction) of quantitative easing (“QE”) purchases led to profit-taking by market participants. Anxiety over the sustainability of

the rate of China’s economic growth also weighed on markets, particularly those of the Asia Pacific region. Elsewhere, Japanese

equities continued to perform well, supported by strong optimism about the direction of the country’s economic policies.

Having initially also benefited from global central banks’ buying of bonds in significant quantities, fixed income investors seemed

to increasingly favour higher yielding bonds as many areas of the government bond markets began looking fully valued. Concerns

over the timing of QE tapering subsequently led to a sharp rise in bond yields. Global government bonds ended the period in

negative performance territory, while UK index-linked gilts and investment grade corporate bonds proved somewhat more

resilient.

Over the period, there were a number of important regulatory developments, which are expected to affect the way fund providers

service their clients and communicate with them. They included:

� The European Securities and Markets Authority (ESMA) published guidelines aimed at enhancing investor protection,

including additional disclosures being provided to all investors. In addition, new risk management obligations relating to the

use of collateral could result in lower permissible exposures to certain counterparties and governments.

� The European Market Infrastructure Regulation (EMIR) will deliver mandatory clearing through central counterparties as

it attempts to increase the resilience of the market and its participants. The requirements apply to all counterparties who

engage in over-the-counter derivative business. The use of central counterparties and the associated compliance burden

imposed could also result in an increase in trading costs.

� A US law, the Foreign Account Tax Compliance Act (FATCA) is expected to have far-reaching consequences in many other

global jurisdictions. Financial institutions, including asset managers, will be required to obtain information on clients in

order to identify whether a withholding tax is payable. The tax is intended to prevent US investors circumventing US taxation

requirements through the use of non-US investments.

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

views regarding our investment outlook.

Overall, the assets under management in the BlackRock Strategic Funds range have increased from USD3,937.0m to USD5,614.9m,

which reflected the continued ‘risk-on’ sentiment among market participants over the period.

One of the fastest-growing Funds within the range was the multi-asset BlackRock Euro Dynamic Diversified Growth Fund, which

increased from EUR160.5m to EUR359.9m over the six months. The BlackRock Emerging Markets Flexi Dynamic Bond Fund,

which was launched during the six month period, reached USD80.1m.

It was a very good period for the BlackRock Global Absolute Return Bond Fund (“GARBF”), which increased in size from

EUR111.7m to EUR187.5m. This was during a period which was generally difficult for bond investors. GARBF targets positive

returns in all market conditions by extracting relative value from a very broad range of fixed income-related investment strategies,

some of them traditional actively managed, and some of them based on quantitative models. GARBF also uses derivatives to

enhance its risk-management capabilities. At times, these financial instruments are used to quickly build protection (hedge)

against sudden market movements.

The largest Fund in the BSF range, the BlackRock European Absolute Return Fund, grew from EUR1,203.6m to EUR1,504.3m over

the period. Having reached its capacity, the Fund is now closed to new subscriptions.

Another one of our flagship bond Funds, BlackRock Fixed Income Strategies Fund (“FISF”), grew from EUR113.0m to EUR179.7m.

The Fund aims to offer attractive returns at lower volatility than the underlying market by investing across different European

fixed income sectors. FISF is able to go actively short duration (reverse its sensitivity to interest rate changes) and protect clients’

capital during periods of rising interest rates.


BSF Chairman’s Letter to ShareholdersNovember 2013 continued

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

to EUR1,104.1m.

Funds which experienced a reduction in size over the reporting period included BlackRock Americas Diversified Equity Absolute

Return Fund, which declined from USD235.1m to USD186.2m, BlackRock Latin American Opportunities Fund, which declined from

USD169.7m to USD146.0m and BlackRock Mining Opportunities Fund, which declined from USD10.3m to USD9.1m.

BlackRock is fully committed to remaining at the forefront of the European Mutual Funds Industry by bringing innovative

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

process brings forward appropriate investment opportunities for clients.

On 12 June 2013, we launched the BlackRock Emerging Markets Flexi Dynamic Bond Fund, which seeks to maximise total return

by taking long, synthetic long and synthetic short positions in predominantly fixed income securities. We also launched the

BlackRock Emerging Markets Allocation Fund on 15 November 2013. The Fund seeks to achieve total returns over the investment

cycle by investing in a broad range of asset classes that provide exposure to factors that are positively correlated with growth

in Emerging Markets (“EM”). Such asset classes include equity securities, fixed and floating-rate debt instruments, derivatives,

other investment companies, including affiliated and unaffiliated mutual funds and Exchange-Traded Funds “(ETF”),

currency- and commodity-related instruments and structured products.

The BlackRock European Opportunities Absolute Return Fund was closed in July 2013 following a number of large redemptions,

which led to a fall in the Funds’ assets to under €1 million, rendering it commercially unviable. Therefore, it was decided that it

was in the best interests of shareholders to close this Fund and distribute redemption proceeds to shareholders.

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

Yours faithfully,

Nicholas C.D. Hall

Chairman


BSF Investment Adviser’s Report

Performance Overview

1 June 2013 – 30 November 2013

Market OverviewThe period was underpinned by a growing belief in the

market that economic recovery in the US was solidifying,

despite the level of unemployment remaining high. But

sentiment faded somewhat after the Federal Reserve (“Fed”)

Chairman Ben Bernanke indicated that the bank’s

USD85 billion-a-month asset purchase programme might be

scaled back should economic data continue to improve.

Nevertheless, global equities gained over the six months,

with most developed regions finishing in positive territory.

Emerging Markets and Asia Pacific were particularly weak

amid concerns over economic growth and what the end of

the era of ‘easy money’ might mean for capital flows.

The picture in fixed income markets was quite different as

they largely failed to move forward, with weak returns across

most bond sectors, driven in part by the aforementioned

concerns over the Fed’s potential tapering of its QE

programme. The agitation this caused exposed the level of

reliance on liquidity injections that had flooded into asset

markets since the financial crisis in 2008.

Fund PerformanceEquities continued to produce relatively strong performance,

with the MSCI All-Country World Index up by 10.5% over the

period in US dollar terms.

Among the key global equity markets, North America

provided the strongest returns, supported by continuing

improvement in economic indicators. Europe ex UK and

Emerging Markets closed the period in positive territory but

underperformed the broader global equity market, with Latin

America particularly weak.

In fixed income markets, both government and corporate

bonds posted declines as bond yields rose and expectations

grew regarding Fed tapering.

The performance data to which we refer in the following

comments is for the primary share class, stated in the base

currency of each respective Fund.

Equity Fund PerformancePerformance of the equity-based Funds within the

BlackRock Strategic Funds range has been mixed but

predominantly positive. The best-performing fund was the

BlackRock European Opportunities Extension Fund, which

produced an absolute positive return of 21.8% over the

period, significantly outperforming its benchmark, the S&P

Europe BMI Index (Developed Markets only), which rose by

9.5%. This Fund seeks to outperform by blending a portfolio

of high conviction long positions with the flexibility to

establish synthetic short positions.

Another particularly strong performer during the period was

the BlackRock European Diversified Equity Absolute Return

Fund, which gained 10.1%, compared to 0.1% for its

benchmark, 3 Month Euribor Index. The Fund invests in a

very diversified range of stocks and can therefore seek to

take advantage of a wide range of opportunities. It typically

exploits long and short positions in as many as 1,500–2,000

European stocks, ranging from small to large companies.

The BlackRock Asia Extension Fund gained 5.9%,

outperforming its benchmark, the MSCI All Country Asia ex

Japan Index, which rose by 4.2%. Having reached its

capacity, the Fund is now closed to new subscriptions. The

BlackRock Americas Diversified Equity Absolute Return Fund

produced a positive absolute return of 2.8%, outperforming

its benchmark, LIBOR 3 Month Index, which was up 0.1%.

The largest Fund in the BSF range, the BlackRock European

Absolute Return Fund, produced a positive return of 1.7%

over the period and outperformed its benchmark, the

3 month Euro Libor Rate, which was up by 0.08%.

The weakest performers included the BlackRock Latin

American Opportunities Fund, which declined by 9.8% and

underperformed its benchmark, the MSCI EM Latin America

Index, which was down by 5.1% over the period. Despite the

recent underperformance, the investment team believes that

their positioning in the region currently provides a good entry

point for long-term investors.

Another notable underperformer over the period was the

BlackRock Mining Opportunities Fund, which declined by

7.6%, compared to a fall of 2.1% for its benchmark, the HSBC

Global Mining Total Return Index. The mining sector and

other cyclical areas have struggled as global economic

growth remained weak.

Bond Fund PerformanceThe best-performing bond fund within the range was

BlackRock European Credit Strategies Fund, which gained

2.3%, compared to 0.1% of the 3 Month Euribor Index.

The Fund seeks to achieve a positive absolute return for

investors in different market environments. It seeks to

achieve its investment objective by taking long and short risk

positions in fixed income transferable securities and

fixed-income related securities (including derivatives)

issued by companies, governments and agencies.

The other two funds within the range managed to the same

benchmark, BlackRock European Constrained Credit

Strategies Fund gained by 1.7% and BlackRock Global

Absolute Return Bond Fund fell by 0.2%.


BSF Investment Adviser’s Report

Performance Overview

1 June 2013 – 30 November 2013 continued

One of our flagship bond funds, BlackRock Fixed Income

Strategies Fund, produced an absolute positive return of

1.5% over the same period.

Mixed Fund PerformanceThe BlackRock Euro Dynamic Diversified Growth Fund

produced an absolute return of 1.5% over the six months,

outperforming its benchmark, the Euro Overnight Index

Average, which returned 0.0%.

Fund of Funds PerformanceThe BlackRock Funds of iShares Range, which was

launched in September 2010, offers investors four

diversified, multi-asset class funds for different risk

appetites: Conservative, Moderate, Growth and Dynamic.

The funds deliver their objectives via a combination of the

asset-allocation expertise of BlackRock and subsequent

investment in BlackRock’s award-winning iShares Exchange

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

risk appropriate to their respective profiles.

The best-performing fund in this range was the BlackRock

Fund of iShares – Dynamic, which delivered an absolute

return of 4.5%, which was followed by the BlackRock Fund

of iShares – Growth (+2.8%), the BlackRock Fund of iShares

– Moderate (+1.1%) and, finally, the BlackRock Fund of

iShares – Conservative (-0.5%).

OutlookOur assumption is that equity and bond markets have been

driven heavily in 2013 by macroeconomic liquidity, and that

this will change in 2014, albeit only slightly. This will mean

changing outcomes for investors.

Our central scenario is that economic growth will be slow in

all major regions, policy will gradually tighten, and the

volatility in bond yields will steadily increase.

We would agree that some areas in equity markets are

looking fully valued, but in our view we are not in asset

‘bubble’ territory. Indeed, we believe that equities can rise

further from current levels, and that they still represent

better value than cash and bonds. However, further gains will

need to come alongside corporate earnings growth. Given the

current environment of slow economic growth, sluggish wage

growth and lacklustre consumer spending, that may not be

easy for companies to achieve.

In conclusion, we believe that economic and market

conditions should continue to improve. And while many

investors continue to sit on the sidelines, there are still

opportunities to be found, and in our view the risks of not

investing outweigh the risks of being in the market.

December 2013


Board of Directors 1 Management

and Administration continued

Nicholas C.D. Hall (Chairman)

Frank P. Le Feuvre

Alexander C. Hoctor-Duncan

Francine Keiser

Geoffrey D. Radcliffe

Bruno Rovelli2

1 All Directors are non-executive Directors.

2 Appointed 20 November 2013

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 AdvisersBlackRock Asset Management North Asia Limited*

16/F Cheung Kong Center

2 Queen’s Road Central

Hong Kong

BlackRock Investment Management (Australia) Limited

Level 18, 120 Collins Street

Melbourne 3000

Australia

BlackRock Japan Co., Ltd.

1-8-3 Marunouchi

Chiyoda-ku

Tokyo 100-8217

Japan

Principal DistributorBlackRock (Channel Islands) Limited

One Waverley Place

Union Street

St. Helier

Jersey JE1 0BR

Channel Islands

EnquiriesIn the absence of other arrangements, enquiries regarding

the Company should be addressed as follows:

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

Email: [email protected]

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, S.à.r.l.

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 159.

Registered Office49, avenue J.F. Kennedy

L-1855 Luxembourg


* Appointed on 04 October 2013


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

Statement of Net Assets as at 30 November 2013

BlackRock Strategic

Funds Combined

BlackRock Americas

Diversified Equity

Absolute Return

Fund

BlackRock Asia

Extension Fund

BlackRock Emerging

Markets Absolute

Return Fund

BlackRock Emerging

Markets Allocation

Fund*

Note USD USD USD USD USD

Assets

Securities portfolio at cost 4,091,978,170 167,533,230 31,262,464 11,173,983 43,068,442

Unrealised appreciation/(depreciation) 154,402,068 10,434 1,341 63,972 (104,409)

Securities portfolio at market value 4,246,380,238 167,543,664 31,263,805 11,237,955 42,964,033

Cash at bank 2(a) 336,973,999 18,132,431 3,799,925 6,466,317 7,555,272

Time Deposits 1,118,953,645 – – – –

Due from broker 14 30,249,993 – 586,463 276,082 –

Dividend receivable on contracts for difference 8,908,779 1,709,719 1,956,857 – 38,107

Interest and dividends receivable 31,532,706 97,610 15,654 6,027 366,249

Interest receivable on swaps 342,721 2,069 – – –

Receivable for investments sold 2(a) 152,779,371 73,392,008 – 238,465 –

Receivable for Fund shares subscribed 44,762,767 761,585 – 74,690 –

Unrealised appreciation on:

Open Exchange traded futures contracts 2(d) 2,193,053 588,920 18,708 – 26,508

Open Forward foreign exchange transactions 2(d) 9,591,743 968,163 167 50,608 –

Contracts for difference 2(d) 46,088,758 10,036,983 2,944,181 – –

Market value of swaps 4,007,440 151,036 – – –

Market value of purchased options/swaptions 2,722,174 – – – –

Other assets 90,178 – – 3,734 644

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

Liabilities

Cash owed to bank 2(a) 299,873 – – – –

Interest payable on contracts for difference 3,812,255 3,253,903 135,369 – –

Due to broker 14 86,346,424 79,897,838 – – 24,184

Interest payable on swaps 1,114,474 – – 10,143 –

Dividend payable on contracts for difference 470,981 – – 9,994 –

Payable for investments purchased 2(a) 227,111,294 – 1,507,026 206,105 1,038,552

Payable for Fund shares redeemed 22,360,150 3,176,001 – – –

Unrealised depreciation on:

Open Futures exchange traded contracts 2(d) 16,665,369 – – 7,260 –

Open Forward foreign exchange transactions 2(d) 228,381 – – – –

Contracts for difference 2(d) 490,928 – – 337,017 153,911

Market value of swaps 1,581,641 – – – –

Market value of written options/swaptions 2,220,466 – – – –

Other liabilities 57,968,569 902,642 655,307 159,275 39,508

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

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

* The Fund commenced trading on 15 November 2013.


Statement of Net Assetsas at 30 November 2013 continued

BlackRock Emerging

Markets Flexi Dynamic

Bond Fund**

BlackRock Euro

Dynamic Diversified

Growth Fund

BlackRock European Absolute

Return Fund

BlackRock European

Constrained Credit

Strategies Fund

BlackRock European

Credit Strategies

Fund

Note USD EUR EUR EUR EUR

Assets

Securities portfolio at cost 65,099,866 325,598,271 518,469,712 149,044,124 1,098,179,132

Unrealised appreciation/(depreciation) (2,644,163) 12,009,817 53,711,382 4,305,061 37,460,630

Securities portfolio at market value 62,455,703 337,608,088 572,181,094 153,349,185 1,135,639,762

Cash at bank 2(a) 16,592,016 18,335,712 140,124,764 4,787,334 12,419,021

Time Deposits – – 802,290,000 12,000,107 –

Due from broker 14 – 494,987 7,825,795 86,748 –

Dividend receivable on contracts

for difference – – – – –

Interest and dividends receivable 1,048,311 204,113 602,615 2,349,393 16,684,201

Interest receivable on swaps 317,694 16,862 – – –

Receivable for investments sold 2(a) – – 8,233,629 3,551,528 21,865,081

Receivable for Fund shares subscribed 5,050 870,039 – – 6,115,948


Open Exchange traded futures contracts 2(d) 5,657 1,140,803 – – –

Open Forward foreign exchange transactions 2(d) 47,144 1,611,451 231,064 410,991 3,508,309

Contracts for difference 2(d) – – 18,657,583 – –

Market value of swaps 1,670,746 1,605,272 – – –

Market value of purchased options/swaptions – 1,036,992 – 80,394 670,062

Other assets – 11,503 – – –

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

Liabilities

Cash owed to bank 2(a) – – – – –

Interest payable on contracts for difference – – 257,331 – –

Due to broker 14 1,849,505 – – – 2,006,821

Interest payable on swaps – – – 127,961 426,982

Dividend payable on contracts for difference – – 338,722 – –

Payable for investments purchased 2(a) – 1,399,306 7,788,528 8,711,986 72,835,109

Payable for Fund shares redeemed – 4,834 11,878,791 36,130 1,562,421


Open Futures exchange traded contracts 2(d) – – 10,023,634 164,238 1,836,015

Open Forward foreign exchange transactions 2(d) – – – – –

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

Market value of swaps – – – 489,345 24,785

Market value of written options/swaptions – 1,092,325 – 9,836 81,978

Other liabilities 185,904 534,238 15,561,097 2,172,143 14,024,412

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

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

** The Fund commenced trading on 12 June 2013.




BlackRock European

Diversified Equity

Absolute Return

Fund

BlackRock European

Opportunities Extension

Fund

BlackRock Fixed Income

Strategies Fund

BlackRock Fund of

iShares – Conservative

BlackRock Fund of

iShares – Dynamic

Note EUR EUR EUR EUR EUR

Assets

Securities portfolio at cost 136,711,957 50,188,619 169,570,508 3,795,920 3,254,064

Unrealised appreciation/(depreciation) 1,372 2,663,985 1,153,121 67,831 368,198

Securities portfolio at market value 136,713,329 52,852,604 170,723,629 3,863,751 3,622,262

Cash at bank 2(a) 10,341,452 1,359,414 9,200,317 13,444 14,282

Time Deposits – – – – –

Due from broker 14 8,747,898 – 2,003,553 – –


for difference 3,787,421 39,260 – – –

Interest and dividends receivable 26,061 6,877 1,117,236 2,277 6,936

Interest receivable on swaps – – – – –

Receivable for investments sold 2(a) – 9,528 519,459 – –

Receivable for Fund shares subscribed 1,469,954 2,949,774 20,470,977 5,945 32,298


Open Exchange traded futures contracts 2(d) – – – – –

Open Forward foreign exchange transactions 2(d) 158,907 105,702 240,752 – –

Contracts for difference 2(d) 3,896,656 1,614,209 – – –

Market value of swaps – – – – –

Market value of purchased options/swaptions – – 12,635 – –

Other assets – 1,106 – 9,188 7,061

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

Liabilities

Cash owed to bank 2(a) – – – – –

Interest payable on contracts for difference 41,121 12,319 – – –

Due to broker 14 – 1,357,197 – – –

Interest payable on swaps – – 61,599 – –

Dividend payable on contracts for difference – – – – –

Payable for investments purchased 2(a) 5,063,270 82,931 23,632,895 – 38,704

Payable for Fund shares redeemed 410,929 69,773 143,590 – –


Open Futures exchange traded contracts 2(d) – – 173,410 – –

Open Forward foreign exchange transactions 2(d) – – – – –


Market value of swaps – – 289,698 – –

Market value of written options/swaptions – – 7,284 – –

Other liabilities 3,928,302 907,272 277,179 26,800 20,564

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

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



BlackRock Fund of

iShares – Growth

BlackRock Fund of

iShares – Moderate

BlackRock Global

Absolute Return

Bond Fund

BlackRock Latin

American Opportunities

Fund

BlackRock Mining

Opportunities Fund

Note EUR EUR EUR USD USD

Assets

Securities portfolio at cost 7,304,054 12,175,964 188,093,902 141,388,518 11,217,874

Unrealised appreciation/(depreciation) 678,954 624,397 (522,224) 6,040,244 (2,009,602)

Securities portfolio at market value 7,983,008 12,800,361 187,571,678 147,428,762 9,208,272

Cash at bank 2(a) 17,390 43,197 10,731,723 2,361,268 –

Time Deposits – – 8,500,006 – –

Due from broker 14 – – 2,449,644 – –


for difference – – – – –

Interest and dividends receivable 12,083 13,459 985,966 48,178 16,190

Interest receivable on swaps – – – – –

Receivable for investments sold 2(a) – – 23,035,654* 1,326,048 13,459

Receivable for Fund shares subscribed 2,342 153,086 224,972 – –


Open Exchange traded futures contracts 2(d) – – – – –

Open Forward foreign exchange transactions 2(d) – – – – 35

Contracts for difference 2(d) – – – – 239,706

Market value of swaps – – – – –

Market value of purchased options/swaptions – – 200,369 – –

Other assets 11,335 14,877 8,007 – –

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

Liabilities

Cash owed to bank 2(a) – – – – 299,873

Interest payable on contracts for difference – – – – 350

Due to broker 14 – – – – –

Interest payable on swaps – – 195,496 – –

Dividend payable on contracts for difference – – – – 342

Payable for investments purchased 2(a) – 172,045 44,777,653* 594,992 47,259

Payable for Fund shares redeemed 11 23 – – –


Open Futures exchange traded contracts 2(d) – – 51,760 – –

Open Forward foreign exchange transactions 2(d) – – 167,933 – –


Market value of swaps – – 359,186 – –

Market value of written options/swaptions – – 440,047 – –

Other liabilities 34,536 45,219 230,377 4,599,323 71,124

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

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

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



Three Year Summary of Net Asset Values as at 30 November 2013

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

BlackRock Americas Diversified Equity Absolute Return FundTotal net assets USD 186,153,804 235,107,890 6,805,522 –Net asset value per:

A Class non-distributing share AUD 121.14 112.33 – –

A Class non-distributing share USD 110.13 107.13 105.15 –

A Class non-distributing share EUR hedged EUR 109.65 106.99 105.07 –

A Class non-distributing share SEK hedged SEK 111.20 107.71 105.06 –

A Class UK reporting non-distributing fund share GBP 107.10 112.20 108.44 –

D Class UK reporting non-distributing fund share EUR hedged 1 EUR 109.94 106.90 104.81 –

X Class non-distributing share USD 112.73 107.98 – –

BlackRock Asia Extension FundTotal net assets USD 38,288,058 46,420,675 9,075,074 –Net asset value per:


A Class non-distributing share USD 119.14 112.54 90.70 –

A Class UK reporting non-distributing fund share GBP hedged GBP 118.75 112.13 90.73 –

D Class non-distributing share USD 119.95 113.06 90.77 –

E Class non-distributing share USD 118.28 111.94 90.59 –

X Class non-distributing share USD 104.62 – – –

BlackRock Emerging Markets Absolute Return FundTotal net assets USD 17,624,084 13,023,136 – –Net asset value per:

A Class non-distributing share USD 101.62 – – –

A Class non-distributing share EUR hedged EUR 100.02 – – –

D Class non-distributing share USD 106.54 103.90 – –

D Class non-distributing share EUR hedged EUR 105.96 103.47 – –

D Class UK reporting distributing fund share GBP hedged GBP 101.48 – – –

I Class non-distributing share EUR hedged EUR 106.71 104.03 – –

X Class non-distributing share USD 109.30 105.32 – –

BlackRock Emerging Markets Allocation Fund*Total net assets USD 49,694,658 – – –Net asset value per:


C Class non-distributing share USD 99.35 – – –

D Class non-distributing share USD 99.42 – – –

E Class non-distributing share USD 99.36 – – –

I Class non-distributing share USD 99.43 – – –


BlackRock Emerging Markets Flexi Dynamic Bond Fund**Total net assets USD 80,106,912 – – –Net asset value per:


D Class non-distributing share USD 99.61 – – –

D Class non-distributing share EUR hedged EUR 100.20 – – –

D Class UK reporting distributing fund share GBP 83.33 – – –

E Class non-distributing share USD 99.10 – – –

E Class non-distributing share EUR hedged EUR 99.78 – – –


BlackRock Euro Dynamic Diversified Growth FundTotal net assets EUR 359,905,119 160,499,726 66,828,783 17,761,370Net asset value per:

A Class non-distributing share EUR 109.42 107.83 99.03 102.16

A Class non-distributing share SEK hedged SEK 111.87 109.75 99.54 –

D Class non-distributing share EUR 111.14 109.20 99.69 102.22

E Class non-distributing share EUR 108.49 107.20 98.91 –

I Class non-distributing share EUR 112.08 109.99 100.17 102.45

I Class non-distributing share SEK hedged SEK 112.70 110.11 – –

X Class non-distributing share EUR 113.50 111.03 100.46 –

1 Class name changed, see Note 1, for further details.




Three Year Summary of Net Asset Valuesas at 30 November 2013 continued


BlackRock European Absolute Return FundTotal net assets EUR 1,504,298,441 1,203,613,796 418,453,107 119,692,214Net asset value per:

A Class distributing share EUR 123.20 121.18 118.76 106.46


A Class non-distributing share SEK hedged SEK 125.28 122.63 – –

D Class dis tributing share EUR 123.48 121.21 – –


D Class non-distributing share CHF hedged CHF 124.95 122.78 120.08 –

D Class UK reporting non-distributing fund share GBP hedged GBP 126.13 123.60 – –

E Class non-distributing share EUR 121.12 119.37 117.46 105.71

I Class non-distributing share EUR 125.89 123.43 120.22 –

BlackRock European Constrained Credit Strategies FundTotal net assets EUR 164,904,041 131,882,229 65,665,525 –Net asset value per:


BlackRock European Credit Strategies FundTotal net assets EUR 1,104,103,861 766,717,402 473,259,688 145,400,755Net asset value per:

H Class non-distributing share EUR 113.79 111.25 104.64 102.35

H Class non-distributing share CHF hedged CHF 113.46 111.12 – –

H Class non-distributing share USD hedged USD 113.91 111.33 104.42 –

H Class UK reporting non-distributing fund share GBP hedged GBP 114.50 111.79 104.65 102.40

I Class UK reporting non-distributing fund share 1 EUR 114.96 112.11 104.87 –

I Class UK reporting non-distributing fund share GBP hedged GBP 116.00 112.91 105.14 102.41

I Class UK reporting non-distributing fund share USD hedged 1 USD 115.27 112.29 104.74 –

T Class non-distributing share EUR 102.91 100.30 – –

U Class non-distributing share EUR 114.19 111.57 – –

U Class UK reporting non-distributing fund share GBP 95.09 95.36 – –

U Class UK reporting non-distributing fund share USD hedged 1 USD 114.47 111.72 – –

X Class non-distributing share EUR 122.74 118.32 107.81 103.45

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

BlackRock European Diversified Equity Absolute Return FundTotal net assets EUR 155,698,056 147,192,059 225,899,516 674,914,313Net asset value per:



A Class non-distributing share CHF hedged CHF 119.11 108.15 98.56 113.39

A Class non-distributing share SEK hedged SEK 123.89 111.86 100.49 112.89

A Class UK reporting non-distributing fund share GBP hedged GBP 121.59 110.55 100.06 113.97

D Class non-distributing share USD hedged USD 119.38 108.43 97.94 111.39

D Class UK reporting non-distributing fund share EUR 119.97 109.84 100.74 114.34

D Class UK reporting non-distributing fund share GBP hedged GBP 123.14 111.69 100.63 113.99


I Class non-distributing share EUR 123.33 112.03 101.02 114.33

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


BlackRock European Opportunities Absolute Return Fund***Total net assets EUR – 1,000,951 22,780,307 9,921,579Net asset value per:

A Class non-distributing share EUR – 112.26 104.30 99.79

D Class non-distributing share EUR – 113.03 104.22 –

D Class UK reporting non-distributing fund share GBP hedged GBP – 113.57 104.34 –

E Class non-distributing share EUR – 110.75 103.44 99.69

I Class non-distributing share EUR – 114.57 106.01 100.76


*** The Fund was liquidated on 17 July 2013.





BlackRock European Opportunities Extension FundTotal net assets EUR 56,508,982 11,081,561 10,575,753 34,621,130Net asset value per:


A Class UK reporting distributing fund share GBP 139.70 117.84 80.44 94.19

D Class non-distributing share EUR 170.71 139.94 101.47 –

D Class UK reporting distributing fund share GBP 140.26 118.07 – –


BlackRock Fixed Income Strategies FundTotal net assets EUR 179,702,903 113,006,228 67,454,855 60,297,267Net asset value per:






BlackRock Fund of iShares – ConservativeTotal net assets EUR 3,867,805 2,923,530 1,309,304 1,013,909Net asset value per:

K Class non-distributing share EUR 11.06 11.12 10.34 10.17

L Class non-distributing share EUR 10.88 10.97 10.24 10.14

M Class non-distributing share EUR 10.80 10.90 10.20 10.12

BlackRock Fund of iShares – DynamicTotal net assets EUR 3,623,571 2,848,575 1,718,713 962,404Net asset value per:




BlackRock Fund of iShares – GrowthTotal net assets EUR 7,991,611 6,633,192 3,962,973 2,361,887Net asset value per:




BlackRock Fund of iShares – ModerateTotal net assets EUR 12,807,693 9,895,030 5,183,611 1,924,160Net asset value per:




BlackRock Global Absolute Return Bond FundTotal net assets EUR 187,485,567 111,704,772 50,002,078 –Net asset value per:

A Class non-distributing share EUR 103.22 103.47 99.99 –

A Class non-distributing share SEK hedged SEK 1,010.53 1,008.37 – –

A Class non-distributing share USD hedged USD 100.30 – – –

D Class non-distributing share EUR 103.86 103.84 – –

E Class non-distributing share EUR 102.53 103.04 – –

X Class non-distributing share EUR 105.43 105.05 100.00 –

BlackRock Latin American Opportunities FundTotal net assets USD 145,969,941 169,714,453 173,326,906 240,378,746Net asset value per:


A Class non-distributing share USD 117.81 130.57 115.57 157.85

A Class UK reporting non-distributing fund share GBP 69.02 82.49 71.97 92.17

C Class non-distributing share USD 109.84 122.32 109.18 150.65

D Class non-distributing share EUR 87.00 100.42 – –

D Class non-distributing share USD 117.84 130.56 115.57 –

D Class UK reporting non-distributing fund share GBP 69.58 82.76 – –




BlackRock Mining Opportunities FundTotal net assets USD 9,058,714 10,317,581 10,445,632 –Net asset value per:

D Class UK reporting non-distributing fund share GBP 73.51 85.63 – –

D Class UK reporting non-distributing fund share USD 76.84 83.16 99.48 –



Statement of Operations and Changes in Net Assetsfor the period ended 30 November 2013

BlackRock Strategic

Funds Combined

BlackRock Americas

Diversified Equity

Absolute Return

Fund

BlackRock Asia

Extension Fund

BlackRock Emerging

Markets Absolute

Return Fund

BlackRock Emerging

Markets Allocation

Fund*

BlackRock Emerging

Markets Flexi

Dynamic BondFund**

Note USD USD USD USD USD USD

Net assets at the beginning of the period(1) 4,035,235,332 235,107,890 46,420,675 13,023,136 – – IncomeBank interest 205,875 51,280 – – 1,147 –

Bond interest 39,886,934 103,169 13,144 – 37,638 1,293,308

Swap interest 307,285 – – – – 271,210

Dividends 4,304,855 – – 35,883 – –

Contracts for difference dividends 2(d) 2,565,786 610,227 1,272,055 – 38,107 –

Other income 40 – – – – –

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

ExpensesBank interest 348,286 – 251,141 12,477 – 18,168

Contracts for difference interest 2(d) 7,382,476 2,278,883 – – – –

Swap interest 10,819,195 10,142 – – – –

Contracts for difference dividends 2(d) 1,002,155 – – 98,535 – –

Administration fees 5 4,434,919 119,577 62,449 14,961 4,791 37,780

Custodian and depositary fees 6 476,867 2,569 997 7,256 38 11,330

Custodian transaction fees 6 861,935 125,905 48,865 30,654 1,879 9,886

Luxembourg tax 8 831,337 20,490 9,450 2,783 4,051 13,940

Performance fees 7 19,780,174 352,638 91,456 54,343 – –

Distribution fees 4 393,033 – 156 – 3 24

Management fees 4 25,078,705 319,541 307,891 47,308 28,745 241,610

Less Management fee rebate 4 (93,985) – – – (644) –

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

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

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

Net investment income/(deficit) (23,949,940) (2,465,069) 512,794 (228,700) 38,029 1,231,780 Net gain/(loss) realised on:

Investments 2(a) 76,415,806 63,802 (436) (68,106) 137 98,417

Contracts for difference 2(d) 23,531,836 (10,249,985) 1,173,788 743,982 (89,672) –

Futures exchange traded contracts 2(d) (23,824,859) 759,364 (12,378) (3,077) (19,018) (201,351)

Foreign currencies and forward foreign

exchange transactions 2(d) (23,102,784) 1,003,791 (1,333) 115,391 (1,657) 1,028,278

Swap transactions 2(d) 8,692,162 – – – – 137,692

Options contracts 2(d) (6,009,496) – – – – (68,692)

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

Net change in unrealised appreciation/

(depreciation) on:

Investments 2(a) 46,391,221 (17,817) (5,014) 560,794 (104,409) (2,644,163)

Foreign currencies 300,120 – – 768 (1,349) (17,374)

Contracts for difference 2(d) 42,319,415 19,435,579 602,353 (561,609) (153,911) –

Open futures exchange traded contracts 2(d) (19,758,208) 212,120 18,708 (7,260) 26,508 5,657

Forward foreign exchange transactions 2(d) 16,039,410 1,085,782 252 (69,187) – 47,144

Swap transactions 2(d) (15,042,967) 151,036 – – – 96,680

Options contracts 2(d) (1,445,800) – – – – –

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

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

Movements in share capitalNet receipts as a result of issue of shares 2,454,004,671 24,000,784 81,314 4,746,336 50,000,000 87,219,927

Net payments as a result of repurchase of shares (1,072,243,362) (82,933,473) (10,502,665) (628,384) – (6,827,083)

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

Foreign exchange adjustment 97,354,203 – – – – –

Net assets at the end of the period 5,614,906,760 186,153,804 38,288,058 17,624,084 49,694,658 80,106,912


** The Fund commenced trading on 12 June 2013.(1) The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the

year ended 31 May 2013 reflected a figure of USD 3,936,993,045.


BlackRock Euro

Dynamic Diversified

Growth Fund

BlackRock European Absolute

Return Fund

BlackRock European

Constrained Credit

Strategies Fund

BlackRock European

Credit Strategies

Fund

BlackRock European

Diversified Equity

Absolute Return

Fund


Net assets at the beginning of the period(1) 160,499,726 1,203,613,796 131,882,229 766,717,402 147,192,059 IncomeBank interest 8,372 20,359 15,216 54,229 1,394

Bond interest 168,542 – 2,753,779 22,972,662 96,406

Swap interest 27,040 – – – –

Dividends 303,780 1,854,693 6,517 59,860 4,618

Contracts for difference dividends 2(d) – – – – 410,156

Other income – – – – –

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

ExpensesBank interest – – – – –

Contracts for difference interest 2(d) – 1,816,706 – – 2,008,865

Swap interest – – 1,137,937 6,865,832 –

Contracts for difference dividends 2(d) – 677,339 – – –

Administration fees 5 124,963 2,094,585 35,741 321,266 217,330

Custodian and depositary fees 6 19,904 142,186 10,752 52,692 1,987

Custodian transaction fees 6 8,070 57,980 44,178 63,380 97,380

Luxembourg tax 8 27,236 360,504 8,630 76,038 37,747

Performance fees 7 – 5,056,748 594,655 5,828,704 2,351,313

Distribution fees 4 202 229,105 – – 24,347

Management fees 4 677,872 9,537,551 714,828 4,520,159 971,051

Less Management fee rebate 4 (11,797) – – – –

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

Reimbursement of expenses – – – – –

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

Net investment income/(deficit) (338,716) (18,097,652) 228,791 5,358,680 (5,197,446) Net gain/(loss) realised on:

Investments 2(a) (126,782) 31,295,296 2,588,681 16,821,195 18,735

Contracts for difference 2(d) – 6,271,646 – – 17,432,153

Futures exchange traded contracts 2(d) 781,443 (17,837,810) 134,417 (76,429) –


exchange transactions 2(d) 67,920 (1,430,298) (620,140) (7,105,697) (645,282)

Swap transactions 2(d) 220,803 – 404,107 4,681,546 –

Options contracts 2(d) 658,814 – (613,399) (4,375,494) –

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


(depreciation) on:

Investments 2(a) 3,167,030 17,974,135 1,748,606 19,846,982 9,560

Foreign currencies 21,612 2,696 16,719 (20,596) 25,651

Contracts for difference 2(d) – 15,414,375 – – 558,360

Open futures exchange traded contracts 2(d) 512,214 (12,111,496) (349,112) (2,730,621) –

Forward foreign exchange transactions 2(d) 1,340,460 445,833 713,073 7,255,304 376,927

Swap transactions 2(d) 1,405,485 – (1,782,390) (10,696,631) –

Options contracts 2(d) (474,334) – (95,166) (877,202) –

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

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

Movements in share capitalNet receipts as a result of issue of shares 196,787,405 754,291,338 32,149,360 430,131,419 74,047,792

Net payments as a result of repurchase of shares (4,617,961) (475,533,418) (1,501,735) (120,825,997) (78,120,453)

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

Foreign exchange adjustment – – – – –

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

(1) The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the


Statement of Operations and Changes in Net Assets for the period ended 30 November 2013 continued



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


Net assets at the beginning of the period(1) 1,000,951 11,081,561 113,006,228 2,923,530 2,848,575 IncomeBank interest – – – – –

Bond interest – – 1,559,772 – –

Swap interest – – – – –

Dividends – 79,595 403 35,079 28,997

Contracts for difference dividends 2(d) 10,188 63,435 – – –

Other income 30 – – – –

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

ExpensesBank interest 943 41,818 7,086 – –

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

Swap interest – – 50,330 – –

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

Administration fees 5 260 26,328 65,802 1,753 1,543

Custodian and depositary fees 6 470 745 10,742 4,436 4,288


Luxembourg tax 8 – 6,905 18,634 935 848

Performance fees 7 – 578,332 – – –

Distribution fees 4 171 11,857 11,352 339 2,139

Management fees 4 1,181 128,550 164,680 10,517 9,257

Less Management fee rebate 4 – – – (5,238) (6,887)

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

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

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

Net investment income/(deficit) 5,824 (660,885) 1,165,649 24,494 20,073 Net gain/(loss) realised on:

Investments 2(a) – 1,121,878 1,268,462 6,150 11,013

Contracts for difference 2(d) 23,654 246,769 – – –

Futures exchange traded contracts 2(d) – – (104,339) – –


exchange transactions 2(d) 22,317 57,469 (448,120) (50) (211)

Swap transactions 2(d) – – (181,158) – –

Options contracts 2(d) – – 9 – –

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


(depreciation) on:

Investments 2(a) – 1,876,760 272,808 (33,171) 121,772

Foreign currencies (1,338) (1,363) 32,875 10 31

Contracts for difference 2(d) (31,660) 1,169,476 – – –

Open futures exchange traded contracts 2(d) – – (243,009) – –

Forward foreign exchange transactions 2(d) (20,611) 133,396 500,759 – –

Swap transactions 2(d) – – 195,319 – –

Options contracts 2(d) – – 2,475 – –

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

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

Movements in share capitalNet receipts as a result of issue of shares 5,156 51,520,570 68,361,961 1,251,889 1,306,581

Net payments as a result of repurchase of shares (1,004,293) (10,036,649) (4,127,016) (305,047) (684,263)

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


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

*** The Fund was liquidated on 17 July 2013.(1) The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the




BlackRock Fund of

iShares – Growth

BlackRock Fund of

iShares – Moderate

BlackRock Global

Absolute Return

Bond Fund

BlackRock Latin

American Opportunities

Fund

BlackRock Mining

Opportunities Fund

Note EUR EUR EUR USD USD

Net assets at the beginning of the period(1) 6,633,192 9,895,030 111,704,772 169,714,453 10,317,581 IncomeBank interest 31 – 5,738 11,741 1,177

Bond interest – – 1,215,391 42,491 20,478

Swap interest – – – – –

Dividends 72,675 118,796 – 767,200 79,836


Other income – – – –

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

ExpensesBank interest – – – – –

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

Swap interest – – 48,193 – –


Administration fees 5 3,635 5,536 60,566 232,604 14,814

Custodian and depositary fees 6 4,954 5,066 972 103,782 5,110


Luxembourg tax 8 1,848 2,857 14,655 35,566 2,194

Performance fees 7 – – – 58,069 –

Distribution fees 4 1,154 328 369 17,491 –

Management fees 4 21,811 33,216 119,466 1,524,818 49,379

Less Management fee rebate 4 (15,352) (21,026) (9,666) – –

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

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

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

Net investment income/(deficit) 54,884 90,688 938,961 (1,161,738) 10,670 Net gain/(loss) realised on:

Investments 2(a) 30,233 21,374 17,975 6,807,033 (1,289,930)

Contracts for difference 2(d) – – – – (29,651)

Futures exchange traded contracts 2(d) – – (1,148,489) – –


exchange transactions 2(d) (355) (361) (492,023) (11,008,551) (104,424)

Swap transactions 2(d) – – 1,286,984 – –

Options contracts 2(d) – – (123,094) – –

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


(depreciation) on:

Investments 2(a) 153,268 53,219 (610,395) (11,317,086) 444,943

Foreign currencies 51 54 145,003 14,489 8,213

Contracts for difference 2(d) – – – – 170,270

Open futures exchange traded contracts 2(d) – – (80,129) – –

Forward foreign exchange transactions 2(d) – – 480,100 – 35

Swap transactions 2(d) – – (583,503) – –

Options contracts 2(d) – – 360,502 – –

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

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

Movements in share capitalNet receipts as a result of issue of shares 1,630,256 3,051,328 77,059,456 31,200,791 31,007

Net payments as a result of repurchase of shares (509,918) (303,639) (1,470,553) (38,279,450) (500,000)

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


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

(1) The opening balance was combined using the average foreign exchange rates for the period (see Note 2(e)). The same net assets when converted using the average exchange rates for the





Statement of Changes in Shares Outstandingas at 30 November 2013

Shares outstanding at the beginning of

the periodSharesissued

Sharesrepurchased

Shares outstanding at the end of

the period

BlackRock Americas Diversified Equity Absolute Return FundA Class non-distributing share AUD 49 25,382 835 24,596

A Class non-distributing share USD 7,747 153 2,538 5,362

A Class non-distributing share EUR hedged 621 14,025 444 14,202

A Class non-distributing share SEK hedged 785,353 118,765 – 904,118

A Class UK reporting non-distributing fund share GBP 6,259 4,186 – 10,445

D Class UK reporting non-distributing fund share EUR hedged 263,631 57,175 39,159 281,647

X Class non-distributing share USD 1,701,980 75,042 699,805 1,077,217

BlackRock Asia Extension FundA Class non-distributing share AUD 166,870 – 66,145 100,725

A Class non-distributing share USD 204,292 602 – 204,894

A Class UK reporting non-distributing fund share GBP hedged 32 – – 32

D Class non-distributing share USD 40,876 – 25,725 15,151

E Class non-distributing share USD 548 57 – 605

X Class non-distributing share USD – 50 – 50

BlackRock Emerging Markets Absolute Return FundA Class non-distributing share USD – 10,584 161 10,423

A Class non-distributing share EUR hedged – 37 – 37

D Class non-distributing share USD 64,981 8,063 – 73,044

D Class non-distributing share EUR hedged 7,579 19,850 4,396 23,033

D Class UK reporting distributing fund share GBP hedged – 32 – 32

I Class non-distributing share EUR hedged 38 – – 38

X Class non-distributing share USD 49,840 – – 49,840

BlackRock Emerging Markets Allocation Fund*A Class non-distributing share USD – 499,750 – 499,750

C Class non-distributing share USD – 50 – 50

D Class non-distributing share USD – 50 – 50

E Class non-distributing share USD – 50 – 50

I Class non-distributing share USD – 50 – 50

X Class non-distributing share USD – 50 – 50

BlackRock Emerging Markets Flexi Dynamic Bond Fund**A Class non-distributing share USD – 350,101 – 350,101

D Class non-distributing share USD – 50 – 50

D Class non-distributing share EUR hedged – 35,899 35,860 39

D Class UK reporting distributing fund share GBP – 37 – 37

E Class non-distributing share USD – 252 – 252

E Class non-distributing share EUR hedged – 39 – 39

X Class non-distributing share USD – 467,903 19,250 448,653

BlackRock Euro Dynamic Diversified Growth FundA Class non-distributing share EUR 89,399 45,954 4,347 131,006

A Class non-distributing share SEK hedged 1,265,931 1,227,783 209,875 2,283,839

D Class non-distributing share EUR 217,214 43,142 1,382 258,974

E Class non-distributing share EUR 301 2,394 29 2,666

I Class non-distributing share EUR 779,122 626,508 12,744 1,392,886

I Class non-distributing share SEK hedged 329,073 234,389 – 563,462

X Class non-distributing share EUR 189,863 907,430 – 1,097,293

BlackRock European Absolute Return FundA Class distributing share EUR 185,603 66,301 37,001 214,903

A Class non-distributing share EUR 4,702,550 3,206,598 1,708,087 6,201,061

A Class non-distributing share SEK hedged 12,994 5,011 1,408 16,597

D Class distributing share EUR 94,725 16,735 14,792 96,668

D Class non-distributing share EUR 3,549,507 1,747,384 1,834,777 3,462,114

D Class non-distributing share CHF hedged 68,737 68,743 5,377 132,103

D Class UK reporting non-distributing fund share GBP hedged 115,604 19,510 27,489 107,625

E Class non-distributing share EUR 499,576 531,751 213,246 818,081

I Class non-distributing share EUR 642,945 462,361 5,170 1,100,136




Statement of Changes in Shares Outstandingas at 30 November 2013 continued



Sharesrepurchased


the period

BlackRock European Constrained Credit Strategies FundI Class non-distributing share EUR 1,204,983 290,119 13,580 1,481,522

BlackRock European Credit Strategies FundH Class non-distributing share EUR 504,066 441,538 214,722 730,882

H Class non-distributing share CHF hedged 7,150 34,457 847 40,760

H Class non-distributing share USD hedged 94,894 158,857 6,860 246,891

H Class UK reporting non-distributing fund share GBP hedged 16,488 37,942 291 54,139

I Class UK reporting non-distributing fund share EUR 1 2,873,160 2,206,083 644,586 4,434,657

I Class UK reporting non-distributing fund share GBP hedged 1,038,394 534,186 36,208 1,536,372

I Class UK reporting non-distributing fund share USD hedged 1 850,338 329,128 211,667 967,799

T Class non-distributing share EUR 457,421 – – 457,421

U Class non-distributing share EUR 533 60,934 1,308 60,159

U Class UK reporting non-distributing fund share GBP 36 523 – 559

U Class UK reporting non-distributing fund share USD hedged 1 46 43,758 – 43,804

X Class non-distributing share EUR 1,022,586 – – 1,022,586

BlackRock European Diversified Equity Absolute Return FundA Class non-distributing share AUD 35,927 189 19,027 17,089

A Class non-distributing share EUR 115,031 215,692 101,173 229,550

A Class non-distributing share CHF hedged 1,490 – – 1,490

A Class non-distributing share SEK hedged 2,772,237 1,984,376 2,011,447 2,745,166

A Class UK reporting non-distributing fund share GBP hedged 7,746 4,064 362 11,448

D Class non-distributing share USD hedged 23,858 1,609 3,633 21,834

D Class UK reporting non-distributing fund share EUR 569,512 175,337 307,583 437,266

D Class UK reporting non-distributing fund share GBP hedged 46,784 10,606 5,550 51,840

E Class non-distributing share EUR 93,871 239 12,561 81,549

I Class non-distributing share EUR 112,205 2,589 – 114,794

X Class non-distributing share EUR 92 – – 92

BlackRock European Opportunities Absolute Return Fund***A Class non-distributing share EUR 2,621 46 2,667 –

D Class non-distributing share EUR 2,018 – 2,018 –

D Class UK reporting non-distributing fund share GBP hedged 1,158 – 1,158 –

E Class non-distributing share EUR 2,934 – 2,934 –

BlackRock European Opportunities Extension FundA Class non-distributing share EUR 62,317 185,428 58,656 189,089

A Class UK reporting distributing fund share GBP 3,668 2,680 – 6,348

D Class non-distributing share EUR 35 57,052 2,037 55,050

D Class UK reporting distributing fund share GBP 33 120 – 153


BlackRock Fixed Income Strategies FundA Class non-distributing share EUR 54,822 260,346 15,172 299,996

D Class non-distributing share EUR 235,149 112,090 18,485 328,754


I Class non-distributing share EUR 37 – – 37

X Class non-distributing share EUR 698,840 88,351 – 787,191

BlackRock Fund of iShares – ConservativeK Class non-distributing share EUR 253,634 111,257 27,925 336,966

L Class non-distributing share EUR 7,536 3,257 35 10,758

M Class non-distributing share EUR 1,784 280 – 2,064

BlackRock Fund of iShares – DynamicK Class non-distributing share EUR 179,456 109,585 7,517 281,524

L Class non-distributing share EUR 58,504 3,023 50,169 11,358

M Class non-distributing share EUR 15,074 500 1,509 14,065


*** The Fund was liquidated on 17 July 2013.



Statement of Changes in Shares Outstandingas at 30 November 2013 continued



Sharesrepurchased


the period

BlackRock Fund of iShares – GrowthK Class non-distributing share EUR 547,189 140,032 35,322 651,899

L Class non-distributing share EUR 23,492 4,811 5,773 22,530


BlackRock Fund of iShares – ModerateK Class non-distributing share EUR 861,605 270,867 26,069 1,106,403

L Class non-distributing share EUR 6,745 857 46 7,556


BlackRock Global Absolute Return Bond FundA Class non-distributing share EUR 230 66,789 139 66,880

A Class non-distributing share SEK hedged 59,301 23,059 11,933 70,427

A Class non-distributing share USD hedged – 50 – 50

D Class non-distributing share EUR 260,349 13,670 497 273,522

E Class non-distributing share EUR 939 1,055 240 1,754

X Class non-distributing share EUR 738,527 627,250 – 1,365,777

BlackRock Latin American Opportunities FundA Class non-distributing share EUR 129,140 4,040 37,011 96,169

A Class non-distributing share USD 790,784 74,862 239,593 626,053

A Class UK reporting non-distributing fund share GBP 326,906 105,154 739 431,321

C Class non-distributing share USD 37,553 – 10,199 27,354

D Class non-distributing share EUR 40 2,521 – 2,561

D Class non-distributing share USD 18,588 73,667 26,631 65,624

D Class UK reporting non-distributing fund share GBP 42 – – 42

BlackRock Mining Opportunities FundD Class UK reporting non-distributing fund share GBP 35 8 – 43

D Class UK reporting non-distributing fund share USD 124,022 387 6,592 117,817

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


Holding Description Market Value

(USD) % Holding Description Market Value

(USD) %



BONDS

Canada USD 6,365,000 Province of Ontario Canada

1.375% 27/1/2014 6,377,145 3.43

6,377,145 3.43

United States USD 1,000,000 Fannie Mae Discount Notes 0.00%

21/1/2014 (Zero Coupon) 999,955 0.54

USD 3,000,000 Fannie Mae Discount Notes 0.00%

27/1/2014 (Zero Coupon) 2,999,850 1.61

USD 9,000,000 Federal Home Loan Bank Discount

Notes 0.00% 9/5/2014

(Zero Coupon) 8,996,760 4.83

USD 1,000,000 Federal Home Loan Banks 0.12%

30/1/2014 1,000,110 0.54

USD 2,800,000 Federal Home Loan Mortgage Corp

1.00% 20/8/2014 2,817,394 1.51

USD 6,500,000 Freddie Mac Discount Notes 0.00%

4/2/2014 (Zero Coupon) 6,499,389 3.49


7/4/2014 (Zero Coupon) 4,898,760 2.63

USD 4,300,000 United States Treasury Bill 0.00%

26/12/2013 (Zero Coupon) 4,299,824 2.31


9/1/2014 (Zero Coupon) 2,999,973 1.61

USD 500,000 United States Treasury Bill 0.00%

6/2/2014 (Zero Coupon) 499,964 0.27


13/2/2014 (Zero Coupon) 8,499,192 4.57


24/4/2014 (Zero Coupon) 1,999,260 1.08


8/5/2014 (Zero Coupon) 2,998,767 1.61

USD 10,500,000 United States Treasury Note 0.25%

31/1/2014 10,503,486 5.64


28/2/2014 10,003,710 5.37


28/2/2014 2,511,182 1.35


31/3/2014 8,747,746 4.70


30/4/2014 2,201,331 1.18

83,476,653 44.84

Total Bonds 89,853,798 48.27

CERTIFICATES OF DEPOSIT

United States USD 2,900,000 Bank of Tokyo-Mitsubishi UFJ Ltd/

The 0.21% 28/2/2014 2,900,171 1.56

USD 2,500,000 Bank of Tokyo-Mitsubishi UFJ Ltd/

The 0% 7/3/2014 2,505,788 1.35

USD 1,070,000 Mizuho Bank Ltd 0% 5/12/2013 1,070,071 0.57

USD 6,500,000 Mizuho Bank Ltd 0.21% 12/12/2013 6,501,059 3.49

USD 4,100,000 Norinchukin Bank 0% 4/12/2013 4,100,128 2.20

USD 2,820,000 Oversea Chinese Banking Corp Ltd

0% 2/12/2013 2,820,064 1.52

USD 2,000,000 Sumitomo Mitsui Banking Corp

0.21% 12/2/2014 2,000,405 1.07

21,897,686 11.76

Total Certificates of Deposit 21,897,686 11.76

COMMERCIAL PAPER

United States USD 4,100,000 Antalis US Funding Corp 0.01%

3/2/2014 4,098,297 2.20

EUR 2,000,000 Atlantic Asset Secritization LLC

0% 18/12/2013 1,999,860 1.07

USD 3,000,000 Bedford Row Funding Corp 0.10%

17/3/2014 2,997,325 1.61

USD 4,100,000 BPCE SA 0.01% 3/2/2014 4,098,371 2.20

USD 1,000,000 Cancara Asset Securitisation LLC

0.01% 19/12/2013 999,926 0.54

USD 3,000,000 Gotham Funding Corp 0.01%

20/12/2013 2,999,700 1.61

USD 4,000,000 ING (US) Funding LLC 0% 9/12/2013 3,999,820 2.15

USD 4,000,000 Liberty Street Funding LLC 0.01%

11/2/2014 3,998,621 2.15

USD 1,615,000 Lloyds Bank Plc 0% 27/1/2014 1,614,428 0.87

USD 1,000,000 LMA Americas LLC 0% 2/12/2013 999,989 0.54

USD 5,000,000 Matchpoint Master 0% 27/2/2014 4,995,426 2.68

USD 6,000,000 Metlife Short Term Fund 0%

11/12/2013 5,999,789 3.22

USD 4,000,000 Mont Blanc Capital Corp 0.01%

10/3/2014 3,997,445 2.15

USD 3,000,000 Nieuw Amsterdam Receivables

Corp 0% 16/1/2014 2,999,334 1.61

USD 3,200,000 Nordea Bank AB 0.01% 10/1/2014 3,199,144 1.72

USD 2,300,000 Nordea Bank AB 0% 18/2/2014 2,298,748 1.24

USD 2,500,000 Rabobank USA Financial Corp

0.01% 27/6/2014 2,496,081 1.34

USD 2,000,000 Regency Markets No.1 LLC 0.01%

16/12/2013 1,999,876 1.07

55,792,180 29.97

Total Commercial Paper 55,792,180 29.97

Total Transferable Securities and Money

Market Instruments Admitted to an

Official Stock Exchange Listing or

Dealt in on Another Regulated Market 167,543,664 90.00

Securities portfolio at market value 167,543,664 90.00

Other Net Assets 18,610,140 10.00

Total Net Assets (USD) 186,153,804 100.00

Portfolio of Investments as at 30 November 2013

Holding DescriptionMarket Value

USD

Unrealisedappreciation/

(depreciation)USD Holding Description

Market ValueUSD


(depreciation)USD



BlackRock Americas Diversified Equity Absolute Return Fund continued

Bermuda (705) Nordic American Tankers Ltd (5,760) (61)

(5,760) (61)

Brazil (46,300) Abril Educacao SA (676,960) 38,743

22,300 AES Tiete SA 188,394 (19,983)

13,100 Agrenco Ltd 900 (1,534)

(119,100) Aliansce Shopping Centers SA (1,007,199) 147,360

(339,300) ALL - America Latina Logistica SA (1,128,815) 383,233

(17,000) Alpargatas SA (Pref) (109,101) 2,044

(148,400) AMBEV SA (1,111,009) 21,927

(114,800) Anhanguera Educacional

Participacoes SA (758,434) 1,091

(28,398) Arteris SA (232,109) 7,094

26,900 Autometal SA 202,313 (24,716)

(63,300) B2W Cia Digital (388,305) (146,557)

53,500 Banco Bradesco SA (Pref) 290,294 (32,105)

(6,930) Banco Bradesco SA (Pref) (91,835) (30,997)

25,800 Banco Daycoval SA (Pref) 100,010 (24,217)

40,400 Banco do Brasil SA 442,935 30,749

81,500 Banco do Estado do Rio Grande

do Sul SA 'B' (Pref) 475,460 (94,149)

11,700 Banco Industrial e Comercial SA (Pref) 37,468 6,240

(28,900) Banco Panamericano SA (Pref) (57,564) 15,790

(53,400) Banco Santander Brasil

SA/Brazil (Unit) (341,329) 35,114

123,600 BM&FBovespa SA 619,194 (124,201)

(66,700) BR Malls Participacoes SA (550,894) 316,941

(137,500) BR Properties SA (1,141,554) 228,475

65,800 Bradespar SA 707,290 (73,080)

(145,300) Brasil Brokers Participacoes SA (356,779) 86,679

63,800 Braskem SA 564,190 (2,637)

(25,600) BRF SA (560,464) 13,849

(137,300) CCR SA (1,079,186) 160,670

(68,200) CETIP SA - Mercados Organizados (744,213) 1,864

12,000 Cia Brasileira de Distribuicao

Grupo Pao de Acucar 563,451 (29,590)

(4,400) Cia de Gas de Sao Paulo 'A' (Pref) (112,932) 3,211

(4,800) Cia de Locacao das Americas (15,722) 8,169

53,300 Cia de Saneamento Basico do Estado

de Sao Paulo 557,825 (14,605)

(2,700) Cia de Saneamento de Minas

Gerais-COPASA (44,287) (1,356)

746 Cia Energetica de Minas Gerais

GER (Pref) 6,222 (529)

(9,900) Cia Ferro Ligas da Bahia - Ferbasa (58,010) 1,585

(27,500) Cia Hering (361,945) 240,998

(99,900) Cia Siderurgica Nacional SA (516,761) (70,959)

(38,900) Cielo SA (1,120,160) 50,246

38,800 Contax Participacoes SA (Pref) 55,464 (13,938)

47,000 Cosan SA Industria e Comercio 867,165 (27,217)

5,400 Cremer SA 37,090 705

116,500 Cyrela Brazil Realty SA

Empreendimentos e Participacoes 785,169 (39,152)

(2,300) Cyrela Commercial Properties SA

Empreendimentos e Participacoes (20,240) 7,980

258,400 Diagnosticos da America SA 1,310,025 (95,502)

118,900 Direcional Engenharia SA 634,440 (84,520)

(177,700) Duratex SA (1,032,102) (27,560)

(181,500) EcoRodovias Infraestrutura

e Logistica SA (1,133,645) 146,601

(73,800) Embraer SA (572,152) 13,991

(405,700) Eneva SA (513,765) 160,360

(110,500) Equatorial Energia SA (1,130,852) (60,700)

131,500 Estacio Participacoes SA 1,135,207 128,119

141,200 Eternit SA 542,494 (73,168)

330,300 Even Construtora e Incorporadora SA 1,137,156 (137,156)

83,400 Ez Tec Empreendimentos

e Participacoes SA 1,106,630 (59,387)

(1,600) Fertilizantes Heringer SA (5,687) 304

(17,800) Fibria Celulose SA (213,340) 10,967

(600) General Shopping Brasil SA (2,434) 159

72,300 Gerdau SA 564,558 (25,746)

68,300 GP Investments Ltd BDR 118,744 (27,604)

26,800 Grendene SA 209,269 (47,119)

(53,500) Grupo BTG Pactual (Unit) (645,583) 13,770

(139,660) Helbor Empreendimentos SA (497,608) 105,853

20,600 HRT Participacoes em Petroleo SA 6,544 (885)

21,700 Hypermarcas SA 174,755 (6,341)

26,000 Iguatemi Empresa de Shopping

Centers SA 266,864 (49,196)

(35,900) International Meal Co Holdings SA (309,762) 73,805

42,000 Iochpe-Maxion SA 464,082 (89,514)

18,000 Itau Unibanco Holding SA (Pref) 252,518 21,350

172,612 Itausa - Investimentos Itau SA 680,963 (12,880)

314,500 JBS SA 1,134,063 18,061

(72,400) JHSF Participacoes SA (142,966) 95,057

2,300 JSL SA 15,758 (77)

106,100 Klabin SA (Pref) 560,219 (55,428)

38,000 Laep Investments Ltd BDR 4,568 (2,423)

(12) Latam Airlines Group SA (13) (13)

(100) Latam Airlines Group SA BDR (1,588) (49)

(2,655) Localiza Rent a Car SA (38,808) 3,912

3,100 Lojas Americanas SA (Pref) 20,973 (1,563)

(500) LPS Brasil Consultoria de Imoveis SA (3,462) (155)

(9,500) Lupatech SA (2,977) 222

40,200 Magazine Luiza SA 145,821 (9,299)

(222,000) Magnesita Refratarios SA (567,032) 151,893

56,900 Mahle-Metal Leve SA Industria

e Comercio 679,038 (43,188)

(194,700) Marcopolo SA (487,272) 60,011

13,600 Metalurgica Gerdau SA (Pref) 132,877 (8,688)

(16,600) Mills Estruturas e Servicos

de Engenharia SA (222,188) 41,817

141,800 MRV Engenharia e Participacoes SA 565,496 (13,601)

(18,114) Multiplan Empreendimentos

Imobiliarios SA (399,915) 45,606

(9,500) Natura Cosmeticos SA (174,952) 574

(266,200) Odontoprev SA (1,082,170) 59,204

157,100 Oi SA 253,572 (32,127)

380,900 Oi SA (Pref) 582,101 (18,017)

(1,161,000) PDG Realty SA Empreendimentos

e Participacoes (832,312) 352,887

19,300 Petroleo Brasileiro SA 159,653 (3,084)

60,000 Porto Seguro SA 764,456 92,562

(400) Positivo Informatica SA (536) 172

39,500 Profarma Distribuidora de Produtos

Farmaceuticos SA 322,172 (14,001)

122,100 QGEP Participacoes SA 529,388 (85,449)

(7,500) Qualicorp SA (69,253) (17,079)

216,800 Randon Participacoes SA (Pref) 1,116,806 (12,939)

(67,500) Refinaria De Petroleos (Pref) (8,403) 1,794

(15,018) Refinaria De Petroleos

de Manguinhos SA (193) 632

(25,000) Rossi Residencial SA (23,181) 94

57,500 Santos Brasil Participacoes SA (Unit) 479,105 (236,831)

20,200 Saraiva SA Livreiros Editores (Pref) 216,871 (55,390)

1,400 SLC Agricola SA 11,743 (975)

19,200 Sonae Sierra Brasil SA 159,897 (32,714)

(39,200) Souza Cruz SA (392,421) 185,266

8,800 Sul America SA (Unit) 59,158 (4,203)

4,900 Suzano Papel e Celulose SA 'A' (Pref) 17,879 (1,748)

Contracts For Difference as at 30 November 2013

Brazil continued


USD



Market ValueUSD


(depreciation)USD



14,200 T4F Entretenimento SA 29,564 (10,672)

(17,400) Technos SA (117,046) 17,947

152,500 Tecnisa SA 580,672 (62,885)

(28,600) Tegma Gestao Logistica (257,946) 108,209

2,084 Telecomun Brasileiras SA (Pref) 2,568 (577)

(5,700) Tereos Internacional SA (6,778) 867

117,800 Tim Participacoes SA 570,922 (53,247)

12,000 Totvs SA 189,363 (11,264)

(65,800) Tractebel Energia SA (1,088,899) 39,842

5,400 UNICASA Industria de Moveis SA 14,279 (393)

119,200 Usinas Siderurgicas de Minas

Gerais SA 'A' (Pref) 640,646 109,884

40,700 Vale SA 568,175 (56,171)

28,000 Valid Solucoes e Servicos

de Seguranca em Meios

de Pagamento e Identificacao SA 440,884 (4,721)

(379,800) Vanguarda Agro SA (555,964) 66,795

58,100 WEG SA 794,869 20,116

10,400 Wilson Sons Ltd BDR 133,488 18,326

1,883,115 1,560,015

Canada 12,385 Advantage Oil & Gas Ltd 49,634 10,841

165,053 Aecon Group Inc 2,355,671 414,365

(48,014) AGF Management Ltd 'B' (650,776) (183,585)

(2,000) Agnico Eagle Mines Ltd (54,499) (2,640)

(4,650) Agrium Inc (420,829) (1,483)

50,226 Aimia Inc 892,959 143,473

109,735 Alacer Gold Corp 212,625 (283,492)

53,973 Alamos Gold Inc 683,590 15,702

(148,803) Algonquin Power & Utilities Corp (956,390) 33,039

32,396 Alimentation Couche Tard Inc 'B' 2,387,138 556,707

(2,504) Allied Properties Real Estate

Investment Trust (Reit) (76,493) 4,256

(26,802) AltaGas Ltd (976,069) (73,224)

(34,700) ARC Resources Ltd (946,871) (66,878)

(48,794) Argonaut Gold Inc (257,345) 206,930

(113,337) Artis Real Estate Investment

Trust (Reit) (1,539,369) 243,222

50,156 Atco Ltd/Canada 'I' 2,292,101 948,487

(369,300) Athabasca Oil Corp (2,261,875) (41,733)

(334,679) Atlantic Power Corp (1,224,204) 570,439

(21,450) ATS Automation Tooling Systems Inc (266,402) 16,190

(80,719) AuRico Gold Inc (306,702) 323,847

249,336 B2Gold Corp 511,398 (353,563)

(34,234) Bank of Montreal (2,393,144) (311,029)

(38,950) Bank of Nova Scotia (2,411,366) (120,362)

117,536 Bankers Petroleum Ltd 446,592 130,625

63,350 Barrick Gold Corp 1,050,844 (189,779)

41,200 Baytex Energy Corp 1,660,851 (162)

29,000 BCE Inc 1,291,021 51,719

(88,469) Bell Aliant Inc (2,256,043) 111,576

74,000 Bellatrix Exploration Ltd 497,297 110,297

(55,934) Birchcliff Energy Ltd (391,221) 27,748

87,534 Black Diamond Group Ltd 2,444,830 551,465

(194,279) BlackPearl Resources Inc (438,872) 75,748

42,350 Boardwalk Real Estate Investment

Trust (Reit) 2,375,683 (15,499)

153,501 Bombardier Inc 'B' 699,315 118,618

(55,231) Bonavista Energy Corp (710,486) 31,407

(4,750) Bonterra Energy Corp (241,002) (10,388)

44,579 Brookfield Asset Management Inc 'A' 1,736,811 86,525

(129,980) CAE Inc (1,471,796) (179,800)

(1,100) Calfrac Well Services Ltd (32,990) 483

(29,514) Calloway Real Estate Investment

Trust (Reit) (706,885) 55,258

(116,772) Cameco Corp (2,377,381) (90,334)

12,650 Canaccord Genuity Group Inc 71,739 (6,137)

(10,987) Canadian Apartment Properties

REIT (Reit) (214,963) 33,098

11,700 Canadian Imperial Bank

of Commerce/Canada 1,010,646 47,708

(21,413) Canadian National Railway Co (2,430,720) (379,418)

(7,150) Canadian Natural Resources Ltd (234,166) (659)

(31,069) Canadian Oil Sands Ltd (583,351) 32,190

(15,548) Canadian Pacific Railway Ltd (2,396,861) (196,825)

39,117 Canadian Real Estate Investment

Trust (Reit) 1,573,923 (81,051)

24,650 Canadian Tire Corp Ltd 'A' 2,336,857 72,454

68,464 Canadian Utilities Ltd 'A' 2,332,176 127,185

(40,042) Canadian Western Bank (1,296,256) (117,672)

(237,121) Canexus Corp (1,335,767) 451,217

(42,063) Canfor Corp (932,701) (308,590)

(33,638) Capital Power Corp (663,858) 41,490

102,080 Capstone Mining Corp 262,919 15,551

(6,750) Catamaran Corp (307,068) 23,768

29,748 CCL Industries Inc 'B' 2,401,209 861,260

32,254 Cenovus Energy Inc 931,952 4,801

58,845 Centerra Gold Inc 170,751 (96,546)

11,933 CGI Group Inc 'A' 450,928 35,525

22,973 Chartwell Retirement

Residences (Reit) 214,748 (33,192)

(25,954) China Gold International

Resources Corp Ltd (72,122) 23,411

71,038 CI Financial Corp 2,310,414 409,266

(4,000) Cineplex Inc (161,626) (374)

19,300 Cogeco Cable Inc 872,878 (45,859)

(139,702) Cominar Real Estate Investment

Trust (Reit) (2,380,744) 665,527

(3,719) Constellation Software Inc/Canada (660,808) (58,491)

(96,936) Corus Entertainment Inc 'B' (2,221,832) 33,675

(41,600) Cott Corp (354,268) (13,169)

31,109 Crescent Point Energy Corp 1,171,439 (11,845)

(80,040) Crew Energy Inc (434,243) 81,190

(149,592) Crombie Real Estate Investment

Trust (Reit) (1,877,677) 330,126

23,369 Davis & Henderson Corp 619,787 125,826

12,968 DeeThree Exploration Ltd 113,256 13,175

(192,363) Detour Gold Corp (758,179) 1,202,122

3,900 Dollarama Inc 316,092 (15,099)

46,746 Dominion Diamond Corp 633,148 (7,954)

15,494 Dorel Industries Inc 'B' 543,022 (77,101)

(36,820) Dream Unlimited Corp (547,080) (259,664)

(8,920) Dundee Corp 'A' (155,805) 118,367

(121,700) Dundee International Real Estate

Investment Trust (Reit) (983,492) 124,409

(39,095) Dundee Real Estate Investment

Trust (Reit) 'A' (1,029,847) 386,004

(81,233) Eldorado Gold Corp (494,462) 663,758

137,699 Element Financial Corp 1,909,305 882,057

(61,058) Emera Inc (1,689,194) 101,493

20,150 Empire Co Ltd 'A' 1,442,687 (136,793)

22,670 Enbridge Inc 939,584 (32,227)

(107,683) Enbridge Income Fund Holdings Inc (2,332,792) 296,776

52,137 Endeavour Silver Corp 197,115 (248,874)

119,199 Enerflex Ltd 1,575,612 144,705

63,137 Enerplus Corp 1,178,000 80,496

(34,429) Ensign Energy Services Inc (523,594) 28,073

1,900 Extendicare Inc 12,230 (751)

(10,950) Finning International Inc (251,498) (3,249)

(91,355) First Capital Realty Inc (1,511,070) 138,789

(16,720) First Majestic Silver Corp (163,249) 141,097


Canada continued Brazil continued


USD



Market ValueUSD


(depreciation)USD




(38,400) First Quantum Minerals Ltd (650,767) 18,463

44,398 FirstService Corp/Canada 1,851,455 240,620

(79,373) Fortis Inc/Canada (2,342,929) 218,083

58,889 Fortuna Silver Mines Inc 199,265 (67,876)

6,350 Franco-Nevada Corp 254,960 (24,812)

(15,789) Freehold Royalties Ltd (332,793) 14,823

(51,471) Genivar Inc (1,536,833) (469,124)

69,860 Genworth MI Canada Inc 2,283,986 183,930

9,800 George Weston Ltd 740,372 (56,559)

94,258 Gibson Energy Inc 2,295,868 35,718

10,319 Gildan Activewear Inc 502,295 38,332

(28,650) Goldcorp Inc (646,656) 40,335

167,750 Gran Tierra Energy Inc 1,197,082 (56,862)

38,300 Granite Real Estate Investment

Trust (Reit) 1,295,974 (86,160)

(77,574) Great-West Lifeco Inc (2,415,939) (463,210)

(7,650) H&R Real Estate Investment

Trust (Reit) (154,157) (421)

(5,050) Home Capital Group Inc (404,573) (34,335)

(98,950) HudBay Minerals Inc (722,952) 59,088

6,000 Husky Energy Inc 169,962 (3,105)

51,010 IAMGOLD Corp 218,408 (380,772)

2,700 IGM Financial Inc 138,241 (388)

(57,003) Imperial Oil Ltd (2,423,436) (136,990)

9,800 Industrial Alliance Insurance &

Financial Services Inc 450,911 4,786

10,900 Intact Financial Corp 697,167 16,931

25,000 Intertape Polymer Group Inc 332,467 (28,673)

16,513 Jean Coutu Group PJC Inc/The 'A' 281,252 16,337

100,395 Just Energy Group Inc 705,991 (188,430)

68,221 Kelt Exploration Ltd 590,002 108,701

21,481 Keyera Corp 1,245,411 14,621

136,466 Kinross Gold Corp 643,635 (723,168)

1,350 Labrador Iron Ore Royalty Corp 40,219 (1,517)

53,225 Laurentian Bank of Canada 2,387,076 39,347

64,700 Legacy Oil + Gas Inc 376,092 (55,168)

(77,742) Lightstream Resources Ltd (409,652) 162,900

10,023 Linamar Corp 396,657 114,429

(4,300) Loblaw Cos Ltd (176,674) (475)

(50,338) Lundin Mining Corp (207,918) 13,847

(5,131) MacDonald Dettwiler & Associates Ltd (408,249) (46,805)

4,796 Magna International Inc 391,432 33,054

(88,409) Manitoba Telecom Services Inc (2,429,158) 390,063

6,979 Manulife Financial Corp 135,754 28,115

(148,369) Maple Leaf Foods Inc (2,382,599) (457,134)

201,529 Martinrea International Inc 1,664,805 (167,780)

26,250 Methanex Corp 1,627,103 47,551

4,000 Metro Inc 233,384 (18,378)

(7,088) Mullen Group Ltd (187,584) (36,939)

6,400 National Bank of Canada 559,123 29,368

98,466 Nevsun Resources Ltd 324,808 (29,348)

(74,601) New Gold Inc (391,338) 408,922

(34,450) Norbord Inc (1,048,478) (20,554)

34,175 North West Co Inc/The 861,481 55,863

(2,351) Northern Dynasty Minerals Ltd (2,778) 10,603

76,296 Northern Property Real Estate

Investment Trust (Reit) 2,005,474 (402,421)

15,741 Northland Power Inc 234,181 (53,587)

(179) NovaCopper Inc (365) (365)

(254,912) Novagold Resources Inc (592,707) 340,466

(57,800) NuVista Energy Ltd (387,883) (18,541)

24 OceanaGold Corp 40 (20)

(40,554) Onex Corp (2,208,621) (378,859)

(4,350) Open Text Corp (371,477) (21,568)

121,262 Osisko Mining Corp 497,426 (242,084)

(8,800) Pacific Rubiales Energy Corp (164,522) 29,241

9,643 Pan American Silver Corp 100,714 (79,781)

(1,510) Paramount Resources Ltd 'A' (52,236) (13,693)

1,100 Parkland Fuel Corp 18,954 (141)

18,647 Pason Systems Inc 397,086 72,575

74,598 Pembina Pipeline Corp 2,387,418 170,158

(260,939) Pengrowth Energy Corp (1,632,719) (310,358)

(70,196) Penn West Petroleum Ltd (603,102) 159,088

(58,050) Peyto Exploration &

Development Corp (1,740,403) (130,957)

(26,058) Poseidon Concepts Corp (6,650) 98,040

(38,950) Potash Corp of Saskatchewan Inc (1,235,135) (17,207)

80,310 Power Corp of Canada 2,466,231 382,715

(71,782) Power Financial Corp (2,450,629) (194,066)

(20,850) Precision Drilling Corp (194,508) 21,124

(200) Progressive Waste Solutions Ltd (5,163) (17)

96,802 Quebecor Inc 'B' 2,432,859 274,636

(90,783) Reitmans Canada Ltd 'A' (514,837) 458,141

(450) RioCan Real Estate Investment

Trust (Reit) (10,501) 6

(115,000) Ritchie Bros Auctioneers Inc (2,361,957) (171,021)

23,808 Rogers Communications Inc 'B' 1,074,060 (69,925)

(131,782) RONA Inc (1,619,250) (239,939)

34,500 Royal Bank of Canada 2,306,413 90,374

(30,750) Russel Metals Inc (816,997) 22,705

147,790 Sandvine Corp 377,158 27,377

(51,636) Saputo Inc (2,387,067) 48,870

124,475 Savanna Energy Services Corp 907,091 24,922

(147,755) Secure Energy Services Inc (2,279,170) (768,448)

105,529 SEMAFO Inc 281,278 (17,629)

(51,142) Shaw Communications Inc 'B' (1,188,641) (28,432)

17,425 Shawcor Ltd 653,026 (49,524)

(98,600) Sherritt International Corp (322,454) 27,988

(55,489) Silver Standard Resources Inc (330,417) 219,366

(25,150) Silver Wheaton Corp (532,001) 77,583

70,178 Silvercorp Metals Inc 179,093 (202,898)

(54,385) SNC-Lavalin Group Inc (2,428,820) (189,241)

26,262 Stantec Inc 1,699,832 597,842

(37,867) Sun Life Financial Inc (1,334,651) (226,447)

70,375 Suncor Energy Inc 2,443,170 208,040

223,356 Superior Plus Corp 2,353,894 (241,709)

92,199 Surge Energy Inc 553,368 237,132

(42,175) Tahoe Resources Inc (750,619) (30,648)

(33,894) Talisman Energy Inc (401,090) (4,459)

52,850 Teck Resources Ltd 'B' 1,284,785 (129,704)

51,306 TELUS Corp 1,822,866 684,012

(56,387) Thomson Reuters Corp (2,128,636) (389,683)

(33,485) Tim Hortons Inc (1,946,118) (132,455)

(17,100) TMX Group Ltd (850,959) (61,085)

(225,766) Torex Gold Resources Inc (202,720) 259,220

72,598 Toromont Industries Ltd 1,756,625 44,681

15,074 Toronto-Dominion Bank/The 1,381,593 54,201

(174,032) TransAlta Corp (2,327,555) 155,591

(7,550) TransCanada Corp (336,467) 3,727

154,687 Transcontinental Inc 'A' 2,422,650 388,778

63,385 TransForce Inc 1,507,940 281,645

145,071 TransGlobe Energy Corp 1,269,714 (157,856)

(120,700) Trican Well Service Ltd (1,445,434) 87,121

(16,050) Trilogy Energy Corp (407,621) (1,480)

104,589 Trinidad Drilling Ltd 978,668 203,139

(215,008) Turquoise Hill Resources Ltd (906,366) 291,352

(181,768) Veresen Inc (2,369,169) (184,622)

31,300 Vermilion Energy Inc 1,715,879 125,979

100,488 Vicwest Inc 1,208,136 (36,476)

(5,159) Wajax Corp (171,885) (2,746)


Canada continued Canada continued


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Market ValueUSD


(depreciation)USD



18,188 West Fraser Timber Co Ltd 1,613,368 40,860

20,000 Westjet Airlines Ltd 517,391 119,453

(10,000) Westport Innovations Inc (213,138) 37,015

(41,311) Westshore Terminals

Investment Corp (1,341,241) (245,219)

126,714 Whitecap Resources Inc 1,539,012 421,636

(35,150) Wi-Lan Inc (113,955) (1,569)

38,606 Yamana Gold Inc 350,300 (367,528)

(318,514) 8,282,303

Chile 1,791 Antarchile SA 25,497 (1,788)

460,180 Banco de Chile 67,159 3,749

5,915 CAP SA 111,976 (5,252)

2,714 Cia Cervecerias Unidas SA 33,263 (2,617)

6,226 Coca-Cola Embonor SA 'B' (Pref) 13,500 (3,834)

253,247 Cruz Blanca Salud SA 167,133 (21,524)

40,533 Embotelladora Andina SA 'A' (Pref) 152,854 (50,405)

24,769 Embotelladora Andina SA 'B' (Pref) 120,961 (38,193)

11,246 Empresa Nacional

de Electricidad SA/Chile 16,243 (520)

(30,054) Empresas COPEC SA (413,678) (962)

305 Empresas Hites SA 236 –

190,520 Empresas Iansa SA 7,185 (6,869)

1,739,402 Enersis SA 537,875 (106,391)

8,903 ENTEL Chile SA 126,725 (3,737)

26,395 Forus SA 139,353 (2,416)

488 Inversiones Aguas Metropolitanas SA 840 (47)

119,941 Parque Arauco SA 211,454 (86,658)

15,519 PAZ Corp SA 7,901 (338)

430,200 Ripley Corp SA 324,465 (26,940)

25,022 Salfacorp SA 24,298 384

173,065 Sigdo Koppers SA 267,584 (15,418)

456,529 Sonda SA 1,099,251 (145,034)

3,042,075 (514,810)

Colombia 8,055 Avianca Holdings SA (Pref) 14,823 (4,522)

40,154 Cementos Argos SA 190,606 9,627

7,630 Cemex Latam Holdings SA 56,559 (5,094)

1,747 Grupo Argos SA 18,250 (619)

177 Grupo Aval Acciones y Valores 117 (2)

14 Grupo de Inversiones Suramericana SA 250 (24)

8,681 Grupo Nutresa SA 117,736 6,888

398,341 6,254

Mexico 247,849 Alfa SAB de CV 'A' 731,028 158,174

88,400 Alpek SA de CV 194,860 4,598

(220,292) Alsea SAB de CV (661,174) (75,893)

(721,000) America Movil SAB de CV 'L' (839,744) (75,384)

187,085 Arca Continental SAB de CV 1,169,963 (11,511)

(2,116,010) Axtel SAB de CV (618,143) 54,300

(149,379) Banregio Grupo Financiero SAB de CV (826,038) (47,470)

(19,500) Cemex SAB de CV (21,477) (304)

236,400 Cia Minera Autlan SAB de CV 'B' 158,673 (9,501)

(2,600) Coca-Cola Femsa SAB de CV 'L' (31,097) (1,698)

(63,300) Consorcio ARA SAB de CV (26,748) 208

(51,690) Controladora Comercial

Mexicana SAB de CV (208,956) 4,475

(475,534) Corp GEO SAB de CV 'B' (60,209) 107,692

(317,300) Desarrolladora Homex SAB de CV (58,810) 8,094

46,400 El Puerto de Liverpool SAB de CV 'C1' 511,185 22,597

(318,395) Empresas ICA SAB de CV (596,440) 3,547

305,198 Fibra Uno Administracion SA

de CV (Reit) 948,597 (13,221)

61,800 Fomento Economico Mexicano

SAB de CV 588,928 (9,017)

269,600 Genomma Lab Internacional

SAB de CV 'B' 776,058 121,502

(72,246) Gruma SAB de CV 'B' (501,450) 7,109

188,617 Grupo Aeromexico SAB de CV 259,675 (2,994)

174,000 Grupo Aeroportuario del Centro

Norte Sab de CV 594,565 (11,608)

113,507 Grupo Aeroportuario del Pacifico SAB

de CV 'B' 586,463 10,852

44,559 Grupo Aeroportuario del Sureste SAB

de CV 'B' 596,465 38,711

(353,487) Grupo Bimbo SAB de CV 'A' (1,102,730) 58,694

(85,204) Grupo Carso SAB de CV 'A1' (445,167) (4,331)

(145,330) Grupo Comercial Chedraui SA de CV (475,538) (19,491)

(7,110) Grupo Elektra SAB de CV (263,234) (31,255)

(44,000) Grupo Famsa SAB de CV 'A' (78,363) 874

(3,300) Grupo Financiero Banorte SAB

de CV 'O' (22,621) (1,017)

450,300 Grupo Financiero Inbursa SAB

de CV 'O' 1,178,063 51,470

394,259 Grupo Financiero Santander Mexico

SAB de CV 'B' 1,108,734 (93,853)

(104,505) Grupo Herdez SAB de CV (365,707) (12,558)

(250,900) Grupo Mexico SAB de CV 'B' (735,816) 24,821

22,609 Grupo Simec SAB de CV 'B' 83,636 267

(95,000) Grupo Televisa SAB 'CPO' (579,025) (5,880)

(203,453) Industrias CH SAB de CV (1,156,093) 154,575

(22,780) Industrias Penoles SAB de CV (575,114) 200,324

403,200 Kimberly-Clark de Mexico SAB

de CV 'A' 1,193,847 (24,452)

297,020 Megacable Holdings SAB de CV 'CPO' 995,674 40,582

(163,800) Mexichem SAB de CV (700,889) (13,149)

(236,385) Minera Frisco SAB de CV 'A1' (526,652) 236,662

15,600 OHL Mexico SAB de CV 40,991 (194)

(52,400) Organizacion Soriana SAB

de CV 'B' (167,143) (2,078)

96,758 Promotora y Operadora

de Infraestructura SAB de CV 1,136,528 (10,348)

29,800 Sare Holding SAB de CV 'B' 818 (296)

(396,082) TV Azteca SAB de CV 'CPO' (187,909) 62,623

(155,600) Urbi Desarrollos Urbanos SAB de CV (18,633) 260

(499,500) Wal-Mart de Mexico SAB de CV 'V' (1,305,255) 214,587

(301,424) 1,110,095

Peru 523 Grana y Montero SA 2,052 (405)

300,587 Minsur SA 138,337 (2,223)

58,304 Volcan Cia Minera SAA 'B' 23,505 (833)

163,894 (3,461)

Spain (18,330) Abertis Infraestructuras SA (389,498) (10,450)

(389,498) (10,450)

United States 5,182 1-800-Flowers.com Inc 'A' 25,703 1,767

30,480 1st Source Corp 972,312 220,568

437 AAON Inc 13,495 2,298

21,175 AAR Corp 666,801 296,805

(953) Abaxis Inc (34,622) 1,909

4,070 Abercrombie & Fitch Co 'A' 138,583 (2,238)

(20,763) ABIOMED Inc (598,390) (89,580)

2,668 ABM Industries Inc 74,517 4,238

6,822 Acacia Research Corp 101,989 (2,255)

(28,759) Acadia Healthcare Co Inc (1,344,196) (562,136)


Canada continued Mexico continued


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Market ValueUSD


(depreciation)USD




(11,614) ACADIA Pharmaceuticals Inc (269,793) (49,789)

(5,030) Acadia Realty Trust (Reit) (130,780) (5,720)

(12,791) Accelerate Diagnostics Inc (169,481) (41,884)

6,891 Acceleron Pharma Inc 150,293 15

(716) Accenture Plc 'A' (55,827) 425

35,516 Access National Corp 559,377 66,576

(27,483) Acco Brands Corp (167,921) 30,374

45,044 Acco Brands Corp 275,219 (28,347)

(33,132) Accretive Health Inc (275,658) 110,665

(38,707) Accuray Inc (305,398) (73,011)

4,289 ACE Ltd 445,627 22,303

(600) AcelRx Pharmaceuticals Inc (5,532) (1,458)

3,140 Aceto Corp 67,667 35,714

(42,797) ACI Worldwide Inc (2,777,097) (488,009)

1,058 Acorda Therapeutics Inc 37,125 3,020

(43,126) Acorn Energy Inc (162,154) 140,561

4,686 Actavis Plc 762,834 27,196

(279) Actavis Plc (45,418) (4,711)

21,877 Activision Blizzard Inc 381,316 (6,344)

(12,268) Actuant Corp 'A' (480,292) (98,637)

(10,144) Acuity Brands Inc (1,048,687) 17,661

(9,336) Acxiom Corp (315,090) (3,086)

1,481 Adobe Systems Inc 84,299 1,043

(38,736) ADTRAN Inc (985,831) (114,028)

(3,965) Advanced Emissions Solutions Inc (227,988) (131,847)

13,330 Advanced Energy Industries Inc 324,186 84,683

(39,871) Advanced Micro Devices Inc (143,536) 3,949

(14,526) Advent Software Inc (512,768) (13,089)

17,242 Advent Software Inc 608,643 101,107

(16,659) Advisory Board Co/The (1,085,167) (178,582)

7,224 Aegerion Pharmaceuticals Inc 526,846 39,035

802 AerCap Holdings NV 16,834 69

51,621 Aeroflex Holding Corp 351,023 (41,655)

(15,999) Aeropostale Inc (159,190) 54,067

(13,975) Aerovironment Inc (417,573) (164,876)

6,169 AES Corp/VA 89,080 (5,182)

21,889 AFC Enterprises Inc 953,923 12,698

(18,428) Affymetrix Inc (155,717) (91,324)

(1,129) Aflac Inc (75,485) 700

6,310 AGCO Corp 367,053 2,785

(3,187) Agilent Technologies Inc (171,620) 1,874

(59,630) Agilysys Inc (745,375) (94,043)

829 Agios Pharmaceuticals Inc 14,922 (5,686)

17,344 AGL Resources Inc 812,220 (11,274)

5,497 AH Belo Corp 'A' 42,547 12,889

105,357 Air Lease Corp 3,350,353 155,016

889 Air Methods Corp 49,908 427

(13,364) Air Products & Chemicals Inc (1,464,828) 13,097

15,058 Aircastle Ltd 281,283 57,038

2,129 Airgas Inc 233,849 2,505

(5,260) AK Steel Holding Corp (29,561) (13,411)

(10,674) Akorn Inc (274,962) (54,145)

939 Alamo Group Inc 55,346 8,950

(2,265) Albany International Corp 'A' (83,624) (4,676)

6,109 Albany Molecular Research Inc 73,613 13,062

(1,685) Albemarle Corp (116,383) (2,032)

(68,148) Alcoa Inc (658,991) (43,615)

9,882 Alere Inc 323,438 67,901

6,019 Alexander & Baldwin Inc 228,421 585

838 Alexion Pharmaceuticals Inc 102,504 (1,433)

(5,965) Alexza Pharmaceuticals Inc (29,407) 4,719

(1,930) Alico Inc (74,730) 7,574

(15,941) Allegheny Technologies Inc (530,676) 7,333

(855) Allegiant Travel Co (97,043) (7,058)

27 Allergan Inc/United States 2,636 33

608 Alliance Data Systems Corp 148,072 117

3,287 Alliance Fiber Optic Products Inc 49,568 (10,497)

6,866 Alliance HealthCare Services Inc 198,977 44,300

7,870 Alliant Energy Corp 406,879 (10,923)

(5,676) Allied Nevada Gold Corp (18,504) 12,707

(313) Allison Transmission Holdings Inc (8,579) (413)

(10,044) Allscripts Healthcare Solutions Inc (150,861) –

10,935 Allstate Corp/The 595,848 (734)

(10,730) Alnylam Pharmaceuticals Inc (660,968) (75,994)

8,067 Alon USA Energy Inc 112,051 (25,803)

4,965 Alpha & Omega Semiconductor Ltd 37,337 (1,722)

(22,053) Alpha Natural Resources Inc (146,652) 18,780

15,048 Alphatec Holdings Inc 29,344 3,102

81,732 Altera Corp 2,653,838 29,798

10,337 Altisource Residential Corp 286,335 80,577

(196) Altra Holdings Inc (5,860) (687)

(1,188) AM Castle & Co (16,656) 3,591

4,908 AMAG Pharmaceuticals Inc 122,798 16,121

(2,622) Amazon.com Inc (1,024,179) (60,299)

3,019 Ambarella Inc 74,811 38,822

(80,095) AmBev SA ADR (598,310) 4,007

3,196 Ambit Biosciences Corp 39,950 (4,843)

7,862 AMC Networks Inc 'A' 504,269 (5,692)

14,960 Amdocs Ltd 606,030 (3,890)

(11,004) Amedisys Inc (182,556) (43,753)

(36,737) America Movil SAB de CV (853,768) (54,291)

(9,188) America's Car-Mart Inc/TX (386,264) 20,204

(2,158) American Axle & Manufacturing

Holdings Inc (43,138) (5,387)

(28,818) American Capital Agency Corp (589,904) 27,665

(8,666) American Capital Mortgage

Investment Corp (Reit) (166,214) 4,224

13,208 American Capital Mortgage

Investment Corp (Reit) 253,329 (14,470)

16,339 American Eagle Outfitters Inc 266,652 8,823

15,952 American Electric Power Co Inc 756,444 (6,700)

819 American Equity Investment

Life Holding Co 19,459 1,668

(2,561) American Financial Group Inc/OH (148,512) (4,928)

792 American Homes 4 Rent 'A' (Reit) 12,989 (364)

2,052 American International Group Inc 102,313 1,640

(27) American National Insurance Co (3,105) 31

8,622 American Pacific Corp 357,296 153,146

70,261 American Realty Capital

Properties Inc (Reit) 924,635 (8,291)

14,694 American States Water Co 426,640 281,715

(13,381) American Superconductor Corp (21,543) 22,380

653 American Vanguard Corp 18,748 3,273

782 American Water Works Co Inc 33,227 (540)

146 American Woodmark Corp 5,303 325

22,058 Ameris Bancorp 456,601 42,466

15,125 Amgen Inc 1,725,006 (8,933)

128,673 Amkor Technology Inc 770,751 253,977

(95,272) Amkor Technology Inc (570,679) (33,102)

16,848 AMN Healthcare Services Inc 233,513 27,027

5,637 Ampco-Pittsburgh Corp 103,721 1,821

404 Amphenol Corp 'A' 34,328 (30)

(7,807) Ampio Pharmaceuticals Inc (61,207) (33,397)

(3,065) Amtech Systems Inc (23,478) (5,160)

149 Amtrust Financial Services Inc 6,262 184

(82,823) Amyris Inc (222,794) 13,700

6,526 Anadarko Petroleum Corp 576,637 (14,317)

(23,380) Analog Devices Inc (1,136,969) 25,943

2,560 Angie's List Inc 32,768 1,702

11,129 AngioDynamics Inc 172,388 9,238

5,808 Anika Therapeutics Inc 202,583 140,099

4,636 ANN Inc 165,737 29,750


United States continued United States continued


USD



Market ValueUSD


(depreciation)USD



(12,057) Annaly Capital Management

Inc (Reit) (122,740) 6,631

(3,542) Annie's Inc (162,649) 11,446

(160,837) Antares Pharma Inc (622,439) (56,645)

3,969 Anworth Mortgage Asset Corp (Reit) 17,702 (5,768)

4,404 AO Smith Corp 239,886 1,314

(4,591) Apache Corp (420,077) (2,743)

8,143 Apco Oil and Gas International Inc 126,787 16,937

645 Apogee Enterprises Inc 23,117 3,146

12,014 Apollo Education Group Inc 317,650 97,565

10,660 Apollo Residential Mortgage Inc (Reit) 161,286 (68,466)

(2,493) Apple Inc (1,371,574) (75,796)

49,494 Applied Industrial Technologies Inc 2,391,550 59,832

(79,755) Applied Materials Inc (1,382,952) 14,356

(18,296) Applied Micro Circuits Corp (230,713) (82,180)

23,364 Approach Resources Inc 492,046 (45,117)

(4,137) Approach Resources Inc (87,125) 21,411

(45,951) Aptargroup Inc (2,995,546) (106,371)

(430) Arabian American Development Co (4,481) (1,102)

4,360 Aratana Therapeutics Inc 81,837 16,995

11,696 Arbor Realty Trust Inc (REIT) 77,778 14,888

37,106 ARC Document Solutions Inc 319,483 227,119

(18,543) Arch Capital Group Ltd (1,094,593) (9,165)

(474) Arch Coal Inc (1,934) 4,778

2,188 Arcos Dorados Holdings Inc 'A' 26,147 1,059

1,000 Arctic Cat Inc 56,390 1,116

5,075 Arden Group Inc 'A' 648,230 (13,025)

24,759 Arena Pharmaceuticals Inc 161,676 20,604

236 Ares Commercial Real Estate Corp (Reit) 3,099 77

7,724 Argan Inc 178,502 39,071

10,585 Ariad Pharmaceuticals Inc 51,972 8,511

(112,767) ARMOUR Residential Inc (Reit) (444,302) 26,319

5,381 Armstrong World Industries Inc 285,785 5,181

1,326 Arqule Inc 3,196 274

11,623 Arrow Electronics Inc 598,817 (30,164)

(40,854) Arrow Financial Corp (1,127,979) (86,217)

(1,600) Arrowhead Research Corp (12,432) (783)

1,033 ArthroCare Corp 38,944 1,499

1,478 Arthur J Gallagher & Co 69,289 1,710

11,411 Artisan Partners Asset

Management Inc 'A' 697,212 69,347

56,599 Aruba Networks Inc 1,004,066 27,788

(13,237) Ascena Retail Group Inc (281,683) (290)

129 Ashford Hospitality Prime Inc (Reit) 2,657 2,657

645 Ashford Hospitality Trust Inc (Reit) 5,250 (2,788)

1,037 Ashland Inc 94,595 (560)

(5,231) ASML Holding NV/NY (491,086) (9,724)

34,926 Aspen Insurance Holdings Ltd 1,418,694 89,204

22,455 Aspen Technology Inc 893,709 38,623

(54,846) Associated Estates Realty Corp (Reit) (881,375) (12,414)

3,635 Assurant Inc 236,493 13,332

5,797 Assured Guaranty Ltd 137,969 1,217

(5,777) Astec Industries Inc (210,803) (8,523)

(13,711) Astoria Financial Corp (193,462) (55,655)

(4,813) Astronics Corp (249,554) (114,010)

(697) Astronics Corp 'B' (35,192) (35,192)

(3,552) athenahealth Inc (465,241) 8,773

10,310 Athlon Energy Inc 334,766 243

(1,596) Atlantic Tele-Network Inc (90,174) (5,017)

26,467 Atlas Air Worldwide Holdings Inc 1,021,891 2,284

(30,346) ATMI Inc (925,553) (114,804)

994 AtriCure Inc 16,073 4,446

126 Atrion Corp 35,048 10,723

9,983 Atwood Oceanics Inc 523,409 (14,322)

(5,971) Autoliv Inc (555,781) (22,147)

21,613 Auxilium Pharmaceuticals Inc 440,257 66,515

2,055 Avago Technologies Ltd 92,290 617

(3,040) AvalonBay Communities Inc (362,672) 2,797

9,198 AVEO Pharmaceuticals Inc 19,960 (17,787)

23,781 Avery Dennison Corp 1,161,464 13,317

8,658 AVG Technologies NV 149,437 (7,407)

(438) AVG Technologies NV (7,560) 74

144,994 Aviat Networks Inc 359,585 (84,246)

16,999 Avid Technology Inc 150,101 37,611

(35,213) Avis Budget Group Inc (1,295,838) (89,224)

46,598 Avista Corp 1,268,398 (12,020)

7,940 Aviv REIT Inc (Reit) 205,328 8,140

(444) Aviv REIT Inc (Reit) (11,482) (97)

6,339 Avon Products Inc 113,722 4,530

29,310 AVX Corp 400,081 61,453

(24,326) Aware Inc (143,523) (12,461)

16,865 Axcelis Technologies Inc 37,272 (874)

5,240 Axiall Corp 237,739 10,166

5,579 Axis Capital Holdings Ltd 277,555 3,124

47,764 AXT Inc 109,380 (32,695)

(28,271) AZZ Inc (1,381,604) (128,113)

(21,989) B&G Foods Inc (762,798) (8,118)

8,136 B/E Aerospace Inc 713,690 34,442

(42,449) Babcock & Wilcox Co/The (1,381,290) 1,817

(9,494) Badger Meter Inc (517,138) (101,473)

1,561 Baker Hughes Inc 89,196 (1,741)

(4,649) Balchem Corp (276,290) (18,565)

25,588 Ball Corp 1,290,147 5,484

4,979 Ballantyne Strong Inc 23,152 (5,247)

(4,190) Bally Technologies Inc (311,066) (9,390)

9,676 Banc of California Inc 123,369 (13,653)

4,155 Bancfirst Corp 232,888 49,772

98 Banco de Chile ADR 8,673 (68)

38,602 Banco Latinoamericano

de Comercio Exterior SA 1,033,376 198,423

(80,952) Banco Santander Brasil SA/Brazil ADR (520,521) 17,809

(25,285) Banco Santander Chile ADR (568,407) 17,954

(11,343) Bancolombia SA ADR (572,708) 30,226

(21,676) Bancorp Inc/DE (398,188) (100,013)

(7,456) BancorpSouth Inc (179,168) (61,782)

5,830 Bank Mutual Corp 39,527 3,088

(13,605) Bank of Hawaii Corp (806,096) (4,991)

(216) Bank of Marin Bancorp (9,742) (556)

(335) Bank of the Ozarks Inc (18,827) (69)

(1,672) BankFinancial Corp (16,202) (1,202)

5,231 Bankrate Inc 98,343 22,181

(1,075) BankUnited Inc (34,626) (1,000)

5,756 Banner Corp 251,134 72,992

(4,802) Barnes & Noble Inc (80,482) 4,093

(55,145) Barnes Group Inc (2,021,064) (31,079)

282 Barrett Business Services Inc 24,021 721

25,985 Baxter International Inc 1,773,996 21,648

(28,937) Bazaarvoice Inc (230,917) 53,484

(234) BBX Capital Corp 'A' (3,180) (88)

(18,113) Beacon Roofing Supply Inc (672,717) 26,006

(5,474) Beam Inc (371,192) 1,148

(1,314) Beazer Homes USA Inc (27,384) (2,659)

(26,383) bebe stores inc (155,396) (29,064)

495 Becton Dickinson and Co 53,960 15

10,943 Bel Fuse Inc 'B' 249,610 53,380

(40,616) Belden Inc (2,869,927) (132,488)

(22,125) Bemis Co Inc (863,981) 2,295

35,035 Benchmark Electronics Inc 807,907 119,275

3,821 Benefitfocus Inc 187,917 6,210

3,364 Best Buy Co Inc 134,291 3,041

46,251 BGC Partners Inc 'A' 269,181 23,371

16,135 Big 5 Sporting Goods Corp 306,242 8,183




USD



Market ValueUSD


(depreciation)USD




1,494 Big Lots Inc 57,235 3,702

(26,038) Bill Barrett Corp (702,505) 30,073

(268) Bio-Rad Laboratories Inc 'A' (33,063) (87)

(8,208) Bio-Reference Labs Inc (240,576) (7,440)

(539) BioCryst Pharmaceuticals Inc (3,234) 290

(58,333) BioDelivery Sciences International Inc (279,415) 1,925

(4,153) BioMarin Pharmaceutical Inc (293,451) (5,690)

28,312 BioScrip Inc 187,992 (128,628)

(2,368) Biotime Inc (9,212) 427

(563) Black Box Corp (15,663) (1,170)

(74,653) Black Diamond Inc (1,001,097) (286,071)

4,779 Black Hills Corp 241,674 6,415

(6,139) Blackbaud Inc (221,894) (50,475)

409 Blackstone Mortgage Trust

Inc 'A' (Reit) 10,577 421

3,112 Bloomin' Brands Inc 81,939 97

12,676 Blucora Inc 367,477 25,781

539 Blue Nile Inc 24,643 7,115

494 Bluebird Bio Inc 9,831 (3,906)

3,508 Blyth Inc 44,201 (10,720)

(5,850) BNC Bancorp (87,867) (7,928)

1,329 Bob Evans Farms Inc/DE 73,839 345

(1,881) Body Central Corp (7,505) 13,504

6,904 Boeing Co/The 932,454 (562)

3,536 Boise Cascade Co 88,789 (24,475)

3,164 BOK Financial Corp 202,211 4,856

(10,326) Bon-Ton Stores Inc/The (186,901) (50,467)

58,520 Booz Allen Hamilton Holding Corp 1,028,196 (15,968)

(106) Boston Beer Co Inc/The 'A' (26,250) (7,706)

1,554 Boston Scientific Corp 18,182 (213)

(4,206) Bottomline Technologies (DE) Inc (146,243) (7,882)

(6,229) Boyd Gaming Corp (70,263) (17,587)

4,070 BP Prudhoe Bay Royalty Trust 309,198 (14,643)

2,430 Brady Corp 'A' 75,549 5,029

31,960 Braskem SA ADR 564,733 (13,402)

1,122 Bravo Brio Restaurant Group Inc 17,840 365

(5,204) BRE Properties Inc (267,798) 8,365

(25,340) BRF SA (555,706) 23,830

(2,159) Bright Horizons Family Solutions Inc (76,126) 2,043

(633) Brightcove Inc (8,894) (3,385)

(16,663) Brink's Co/The (559,544) (11,929)

(7,107) Bristol-Myers Squibb Co (368,356) 4,193

9,337 Bristow Group Inc 751,255 (18,456)

7,938 Broadridge Financial Solutions Inc 304,978 14,189

(1,867) BroadSoft Inc (49,737) 12,025

(53,356) Brocade Communications Systems Inc (465,798) (34,462)

(3,893) Brookdale Senior Living Inc (112,741) 3,582

(2,385) Brookline Bancorp Inc (21,775) (1,736)

4,634 Brown & Brown Inc 147,083 (1,390)

561 Brown Shoe Co Inc 14,771 2,095

(832) Bruker Corp (16,024) 166

6,533 Brunswick Corp/DE 299,407 9,609

(1,061) Bryn Mawr Bank Corp (31,830) (2,702)

(11,661) BSB Bancorp Inc/MA (167,918) (4,391)

(1,804) Buckle Inc/The (95,828) (314)

252 Buckle Inc/The 13,386 209

(1,118) Buffalo Wild Wings Inc (168,594) (984)

19,116 Build-A-Bear Workshop Inc 178,926 54,696

9,072 Builders FirstSource Inc 66,498 12,197

3,498 Bunge Ltd 281,519 (1,988)

(23,187) Burger King Worldwide Inc (496,897) (44,701)

4,875 Burlington Stores Inc 138,450 843

(49,929) C&J Energy Services Inc (1,187,811) (151,052)

(5,012) Cabela's Inc (309,892) 8,871

(10,136) Cablevision Systems Corp 'A' (171,096) (19,765)

(34,361) Cabot Corp (1,681,627) (75,648)

(5,407) Cabot Microelectronics Corp (245,045) (5,143)

(1,745) Caesars Entertainment Corp (35,790) (1,117)

17,807 CafePress Inc 118,951 14,037

46,832 Calamos Asset Management Inc 'A' 526,860 65,565

3,520 CalAmp Corp 88,387 4,061

789 Calavo Growers Inc 24,214 1,487

6,736 Calix Inc 68,438 (5,511)

(45,299) Callidus Software Inc (493,759) (301,364)

12,862 Callon Petroleum Co 84,503 37,945

4,096 Cambrex Corp 80,159 31,841

(6,735) Camden National Corp (291,491) (24,421)

544 Camden Property Trust (Reit) 31,732 (832)

(15,657) Cameron International Corp (864,736) 4,347

(14,152) Campbell Soup Co (551,503) 48,824

(1,936) Canadian Solar Inc (55,834) 3,498

5,677 Cape Bancorp Inc 56,713 3,178

3,750 Capella Educations Co 247,950 47,133

23,037 Capital Bank Financial Corp 'A' 542,061 133,974

32,908 Capital Southwest Corp 1,136,971 1,031,567

(40,216) Capstead Mortgage Corp (485,005) 3,647

26,259 Capstead Mortgage Corp 316,684 5,853

(328) Cardinal Financial Corp (5,799) (254)

32,317 Cardinal Health Inc 2,100,605 3,002

393 Cardiovascular Systems Inc 13,421 1,640

19,494 Cardtronics Inc 840,971 200,747

12,215 Career Education Corp 61,319 23,052

6,760 CareFusion Corp 269,454 5,102

(4,163) CarMax Inc (210,731) (5,774)

1,445 Carmike Cinemas Inc 35,099 4,069

(4,977) Carpenter Technology Corp (301,855) 2,414

991 Carter's Inc 70,272 745

(20,516) Cass Information Systems Inc (1,280,198) (352,182)

14,061 Catamaran Corp 639,354 (16,325)

3,546 Cathay General Bancorp 98,543 10,083

29,171 Cbeyond Inc 162,774 (20,626)

35,468 CBL & Associates Properties Inc (Reit) 650,483 (20,217)

143 CBOE Holdings Inc 7,508 132

930 CBRE Group Inc 'A' 22,599 137

69,730 CBS Corp 'B' 4,107,794 (6,758)

(3,872) Ceco Environmental Corp (61,604) (6,741)

64,895 Cedar Realty Trust Inc (Reit) 375,742 6,798

533 Celgene Corp 86,399 5,858

(21,328) Cell Therapeutics Inc (41,163) (6,073)

(11,470) Celldex Therapeutics Inc (316,113) (34,362)

2,266 Cellular Dynamics International 34,896 (3,766)

7,221 Celsion Corp 28,017 (215,465)

(32,437) Cemex SAB de CV ADR (355,834) (4,986)

6,565 Centene Corp 392,718 24,816

1,577 Center Bancorp Inc 25,658 807

4,652 Centerstate Banks Inc 49,497 2,788

(4,375) Central European Media

Enterprises Ltd 'A' (11,025) 10,827

58,649 Central Garden and Pet Co 452,770 (107,403)

25,028 Central Garden and Pet Co 'A' 193,216 3,660

45,555 Central Pacific Financial Corp 920,211 105,517

(37,866) Century Aluminum Co (342,687) 33,127

1,195 Century Bancorp Inc/MA 'A' 41,753 1,148

12,917 Century Casinos Inc 67,168 (4,708)

53,097 Cenveo Inc 182,654 41,608

(39,008) Cepheid Inc (1,795,928) (172,265)

(5,718) Cerner Corp (330,100) (1,735)

(51,266) Cerus Corp (346,046) (145,979)

(3,606) CH Robinson Worldwide Inc (212,466) 3,822

(8,557) Charles River Laboratories

International Inc (443,852) 3,505

(29,703) Charles Schwab Corp/The (734,852) (9,505)




USD



Market ValueUSD


(depreciation)USD



9,910 Chart Industries Inc 970,784 (36,480)

(2,722) Charter Communications Inc 'A' (368,423) (18,129)

(219) Chase Corp (7,001) (796)

19,938 Chatham Lodging Trust (Reit) 405,539 85,415

7,892 Checkpoint Systems Inc 113,645 (2,813)

(25,714) Chefs' Warehouse Inc/The (644,136) (39,541)

(7,799) Chemed Corp (606,372) (19,454)

14,467 Chemical Financial Corp 464,246 66,819

1,262 ChemoCentryx Inc 6,588 (3,524)

(4,151) Chemtura Corp (110,292) (20,702)

5,562 Cherokee Inc 78,424 3,491

12,650 Chesapeake Lodging Trust 300,690 (356)

(8,828) Chicago Bridge & Iron Co NV (682,140) 15,537

2,115 Children's Place Retail Stores Inc/The 116,515 1,454

1,849 Chimerix Inc 29,621 (6,411)

6,577 China Biologic Products Inc 194,285 29,082

6,026 China Cord Blood Corp 23,923 6,699

(7,377) Chindex International Inc (126,884) (16,729)

26 Chipotle Mexican Grill Inc 13,736 75

2,234 Chiquita Brands International Inc 23,859 (4,220)

(23,168) Choice Hotels International Inc (1,082,872) (32,641)

(11,067) Churchill Downs Inc (1,002,117) (61,065)


Grupo Pao de Acucar 564,050 (8,157)

7,333 Cia Cervecerias Unidas SA ADR 179,585 (3,080)

43,997 Cia de Minas Buenaventura SAA 517,405 (20,969)

(103,053) Cia Siderurgica Nacional SA ADR (541,028) 46,374

(6,059) Ciena Corp (133,662) 5,040

4,153 Cimarex Energy Co 393,497 (33,402)

9,503 Cincinnati Bell Inc 30,220 (3,608)

6,258 Cinemark Holdings Inc 206,514 476

1,463 CIRCOR International Inc 115,270 7,906

3,957 Cirrus Logic Inc 80,406 (9,447)

(11,784) Cirrus Logic Inc (239,451) 9,888

5,549 CIT Group Inc 280,224 4,846

1,327 Citi Trends Inc 22,015 2,111

9,347 Citigroup Inc 499,784 27,909

(56,946) Citizens Inc/TX (494,861) 51,177

3,290 Citrix Systems Inc 194,044 6,843

(298) City Holding Co (14,650) (1,940)

(10,575) CLARCOR Inc (644,335) (14,947)

40 Clayton Williams Energy Inc 2,883 (235)

56,816 Clean Energy Fuels Corp 708,496 54,270

(48,355) Clean Energy Fuels Corp (602,987) 28,650

12,934 Clean Harbors Inc 680,975 (22,808)

(942) Clean Harbors Inc (49,596) 3,674

(7,988) Clear Channel Outdoor Holdings Inc 'A' (69,895) (15,589)

4,497 Cliffs Natural Resources Inc 111,031 (3,726)

(10,277) Clifton Savings Bancorp Inc (131,032) (4,386)

(19,300) Clorox Co/The (1,804,550) (29,744)

(399) Clovis Oncology Inc (24,499) (4,631)

(2,556) CME Group Inc/IL (209,873) 2,176

25,537 CNA Financial Corp 1,057,232 40,438

(3,080) CNB Financial Corp/PA (61,692) (10,973)

(10,139) Coach Inc (585,426) (8,088)

4,013 Coach Inc 231,711 14,447

3,914 Cobalt International Energy Inc 87,047 (584)

(5,903) Cobalt International Energy Inc (131,283) 21,584

(2,024) CoBiz Financial Inc (23,236) (9,056)

(28,994) Coca-Cola Co/The (1,172,227) (4,872)

(3,017) Coca-Cola Femsa SAB de CV ADR (360,411) (15,059)

31,659 Codexis Inc 47,172 (25,029)

(1,647) Coeur d'Alene Mines Corp (17,853) 952

(40,399) Cogent Communications Group Inc (1,562,633) (438,016)

46,359 Cognex Corp 1,547,000 93,080

(37,695) Cohen & Steers Inc (1,512,323) (121,146)

1,086 Coherent Inc 75,477 10,607

(28,047) Cohu Inc (279,068) (8,550)

(3,527) Coldwater Creek Inc (3,174) 15,829

(23,528) Cole Real Estate Investment Inc (Reit) (338,803) (19,226)

37,378 Collectors Universe Inc 611,878 108,663

71,607 Colony Financial Inc (Reit) 1,442,165 11,904

(733) Columbia Banking System Inc (20,414) (98)

17,936 Columbia Banking System Inc 499,518 58,374

168 Columbia Sportswear Co 11,626 353

(570) Columbus McKinnon Corp/NY (15,954) (1,063)

7,418 Comcast Corp 'A' 370,010 15,949

5,519 Comerica Inc 251,942 4,139

8,819 Commercial Metals Co 171,794 8,928

(18,076) Commercial Vehicle Group Inc (134,124) 6,966

(4,575) CommonWealth REIT (Reit) (108,977) 1,174

(791) Communications Systems Inc (9,097) (9)

(48,851) Community Bank System Inc (1,899,327) (465,951)

4,377 Compass Minerals International Inc 314,619 (54)

(9,867) Compass Minerals International Inc (709,240) 11,939

(81) Computer Programs & Systems (4,902) (41)

(37,583) Computer Task Group Inc (714,453) 40,045

46,914 Compuware Corp 516,054 22,436

(8,521) comScore Inc (230,067) 3,940

4,316 Comstock Resources Inc 72,293 1,792

(1,146) Concur Technologies Inc (110,876) (853)

783 CONMED Corp 31,962 3,051

(6,614) Conn's Inc (392,739) (24,489)

(2,213) Connecticut Water Service Inc (76,680) (8,063)

(410) ConnectOne Bancorp Inc (15,564) (1,067)

(3,874) CONSOL Energy Inc (136,597) 2,789

(17,370) Consolidated Communications

Holdings Inc (335,067) (66,077)

15,036 Consolidated Graphics Inc 968,018 416,085

173 Consolidated-Tomoka Land Co 6,339 42

9,442 Constellium NV 'A' 199,037 15,703

3,859 Consumer Portfolio Services Inc 28,364 (10,569)

365 Control4 Corp 6,358 385

4,645 Copa Holdings SA 703,625 (5,404)

(4,743) Corcept Therapeutics Inc (9,960) (1,833)

383 Core Laboratories NV 69,737 (3,156)

777 Core-Mark Holding Co Inc 57,498 5,627

(44,430) CoreLogic Inc/United States (1,570,601) (60,989)

(13,174) Cornerstone OnDemand Inc (660,544) (127,079)

61,464 Cornerstone Therapeutics Inc 583,293 250,554

(20,627) Corning Inc (353,547) 99

15,935 Corning Inc 273,126 2,072

(21,759) Corporate Executive Board Co (1,612,559) (288,369)

6,645 Corporate Office Properties

Trust (Reit) 147,984 539

(406) Corporate Resource Services Inc (1,076) 138

18,131 Corvel Corp 832,576 190,821

(3,872) Cousins Properties Inc (41,624) (358)

67,146 Covanta Holding Corp 1,174,384 1,513

573 Covisint Corp 7,214 163

(1,705) CPI Aerostructures Inc (24,808) (4,960)

(2,731) CR Bard Inc (381,493) (6,976)

22,752 CRA International Inc 423,870 (63,883)

(1,317) Craft Brew Alliance Inc (23,443) (6,602)

7,294 Crawford & Co 'B' 74,034 23,786

(30,051) Cray Inc (712,209) (85,864)

(4,437) Credicorp Ltd (573,970) 12,619

1,119 Credicorp Ltd 144,754 736

57 Credit Acceptance Corp 7,282 126

3,107 Cree Inc 174,676 (1,216)

(6,616) Crimson Wine Group Ltd (56,567) (2,206)

9,618 Crocs Inc 132,247 (26,714)




USD



Market ValueUSD


(depreciation)USD




45,342 Cross Country Healthcare Inc 335,531 111,543

(650) Crosstex Energy Inc (21,411) (10,081)

1,894 Crown Castle International Corp 140,629 293

32,714 Crown Media Holdings Inc 'A' 107,629 31,696

890 CST Brands Inc 29,646 (240)

69,948 CTC Media Inc 884,143 181,640

(368) CTS Corp (6,694) 84

(23,346) CubeSmart (Reit) (378,672) (34,276)

(10,577) Cubic Corp (598,976) (43,760)

422 Cubist Pharmaceuticals Inc 29,004 255

(23,166) Cubist Pharmaceuticals Inc CVR (38,224) 214,072

14,698 Culp Inc 297,634 88,985

95,232 Cumberland Pharmaceuticals Inc 473,303 29,499

(31,726) Curis Inc (104,696) 16,096

32,010 Cutera Inc 301,854 (54,206)

(5,504) CVB Financial Corp (88,669) (448)

(4,870) Cvent Inc (160,710) (50)

2,234 Cvent Inc 73,722 (12,280)

(2,863) CVR Energy Inc (112,401) (3,769)

8,913 CVS Caremark Corp 601,984 17,113

(466) Cyan Inc (1,985) 1,661

6,180 Cyberonics Inc 430,313 121,970

(1,462) Cynosure Inc 'A' (37,413) (3,499)

7,771 CyrusOne Inc (Reit) 156,974 10,588

(3,124) CYS Investments Inc (Reit) (25,117) (37)

7,667 Cytec Industries Inc 684,280 24,611

(261) Daily Journal Corp (37,845) (5,544)

5,158 Daktronics Inc 79,536 27,675

(5,902) Darden Restaurants Inc (314,695) 1,062

46,695 Darling International Inc 962,384 5,420

(8,005) Datalink Corp (83,012) (1,573)

(233) Datawatch Corp (7,847) (1,609)

(14,399) DaVita HealthCare Partners Inc (861,204) (13,247)

6,836 Dawson Geophysical Co 215,949 1,015

9,337 Dean Foods Co 169,653 (14,172)

777 Deckers Outdoor Corp 63,629 9,936

(5,501) Deckers Outdoor Corp (450,477) (19,095)

1,602 Delek US Holdings Inc 47,932 (6,508)

(799) Delphi Automotive Plc (46,638) (1,146)

(2,746) Delta Air Lines Inc (79,936) (2,719)

28,607 Delta Apparel Inc 492,613 50,019

(544) Delta Natural Gas Co Inc (12,066) 298

243 Deltic Timber Corp 15,066 195

15,881 Deluxe Corp 799,608 222,802

(586) Deluxe Corp (29,505) (866)

13,794 Demand Media Inc 74,074 (19,162)

(2,791) Demandware Inc (159,785) (7,997)

6,419 Denbury Resources Inc 107,518 (5,713)

(40,516) Derma Sciences Inc (469,986) (14,758)

(124,018) Desarrolladora Homex SAB

de CV ADR (140,140) 50,532

105 Destination Maternity Corp 3,240 3

(75,111) Destination Xl Group Inc (522,773) (141,759)

9,154 Devon Energy Corp 556,197 2,269

(7,252) DeVry Education Group Inc (255,125) 432

(3,587) Diamond Foods Inc (89,567) (16,806)

(1,297) Diamond Hill Investment Group

Inc GRP (161,477) (27,302)

(31,103) Diamond Offshore Drilling Inc (1,867,424) 33,000

1,856 Diamond Resorts International Inc 33,222 (1,042)

1,403 Diamondback Energy Inc 68,747 (5,280)

3,167 Diana Shipping Inc 36,167 2,038

(7,889) Diebold Inc (269,173) (35,181)

1,099 Digi International Inc 12,638 1,480

1,605 Digimarc Corp 29,692 (3,153)

5,972 Digital Generation Inc 70,947 35,144

6,916 Digital Realty Trust Inc (Reit) 329,063 3,238

(4,308) DigitalGlobe Inc (171,329) (14,374)

(68,055) Dime Community Bancshares Inc (1,153,532) (67,476)

1,693 DineEquity Inc 142,601 1,376

44,788 Diodes Inc 915,467 (168,216)

7,844 DIRECTV 517,782 9,107

(8,943) DISH Network Corp 'A' (483,190) (27,634)

(2,800) Diversified Restaurant Holding Inc (16,072) 5,897

161,622 Dolan Co/The 113,152 (400,047)

557 Dollar General Corp 32,050 (958)

4,432 Dollar Tree Inc 247,527 (11,743)

27,839 Dominion Diamond Corp 376,940 (42,622)

14,707 Domino's Pizza Inc 1,019,342 6,890

2,245 Domtar Corp 193,676 1,010

(14,236) Dorman Products Inc (711,800) (59,101)

(3,535) Douglas Dynamics Inc (56,348) (5,649)

(15,589) DreamWorks Animation SKG Inc 'A' (497,367) 2,660

2,629 Dresser-Rand Group Inc 149,012 (443)

(2,428) Dresser-Rand Group Inc (137,619) 8,085

8,041 Dril-Quip Inc 874,137 (52,910)

(41,725) DryShips Inc (144,369) (13,010)

(7,176) DST Systems Inc (635,076) (8,468)

418 DTE Energy Co 27,989 (823)

(7,542) DTS Inc/CA (170,374) (14,999)

11,535 Ducommun Inc 292,758 43,406

(15,398) Dun & Bradstreet Corp/The (1,807,879) (34,598)

18,117 Dunkin' Brands Group Inc 893,168 29,107

67,799 DuPont Fabros Technology Inc (Reit) 1,595,310 (12,420)

(2,098) Durata Therapeutics Inc (26,099) (6,023)

(1,724) DXP Enterprises Inc (168,607) (29,628)

(32,148) Dyax Corp (264,578) (20,470)

(675) Dycom Industries Inc (19,271) 775

(31,752) Dynergy Inc (682,350) (14,982)

(26,591) E2open Inc (591,118) (73,682)

(2,313) Eagle Bancorp Inc (76,236) (10,662)

105,714 EarthLink Inc 561,341 (24,691)

(1,070) Eastern Insurance Holdings Inc (26,215) (4,149)

14,443 Eastman Chemical Co 1,113,555 (2,712)

(32,841) Eaton Vance Corp (1,385,562) 25,878

39,917 eBay Inc 2,015,010 38,951

40,766 Echelon Corp 95,392 (1,855)

6,897 Echo Global Logistics Inc 141,733 11,797

14,741 EchoStar Corp 'A' 727,911 7,336

(19,204) Education Management Corp (231,984) (392)

(44,977) Education Realty Trust Inc (Reit) (390,850) 74,077

2,995 Edwards Lifesciences Corp 196,682 2,037

2,596 eHealth Inc 117,157 71,581

(366) EI du Pont de Nemours & Co (22,568) 165

31,317 Einstein Noah Restaurant Group Inc 504,204 33,726

4,276 El Paso Electric Co 153,423 3,068

11,997 Electro Scientific Industries Inc 123,809 (7,231)

50,322 Electronic Arts Inc 1,117,148 (89,453)

9,181 Electronics For Imaging Inc 364,302 40,047

(201) Elephant Talk Communications Corp (187) 304

(14,123) Elizabeth Arden Inc (563,649) 85,387

(171) Ellie Mae Inc (4,831) 501

(18,592) Embraer SA (579,141) (5,835)

(752) EMC Corp/MA (17,950) 98

(194) EMC Insurance Group Inc (6,031) 257

(861) Emcore Corp (4,563) 85

(172) Emeritus Corp (3,856) (557)

(3,613) Emerson Electric Co (244,239) 1,337

(16,721) Empire Resorts Inc (81,097) 10,032

10,048 Employers Holdings Inc 327,866 36,541

13,160 Empresa Nacional de Electricidad

SA/Chile ADR 568,775 (18,391)




USD



Market ValueUSD


(depreciation)USD



(78,400) Empresas ICA SAB de CV ADR (589,568) (9,303)

1,382 Enanta Pharmaceuticals Inc 37,314 9,762

(4,036) Enbridge Energy Management LLC (116,479) (1,112)

(95) Encore Capital Group Inc (4,531) (21)

(6,874) Encore Wire Corp (343,081) (43,781)

(5,796) Endeavour International Corp (27,763) (8,400)

3,247 Endo Health Solutions Inc 218,556 7,878

(7,223) Endocyte Inc (80,681) (555)

(1,932) Endologix Inc (34,583) (251)

1,463 Endurance International Group 20,716 4,583

(417) Endurance Specialty Holdings Ltd (23,790) (196)

2,422 Energen Corp 174,529 (9,446)

(962) Energizer Holdings Inc (107,023) (3,554)

795 Energizer Holdings Inc 88,444 4,118

(9,780) Energy Recovery Inc (48,998) (6,193)

(254) Energy XXI Bermuda Ltd (6,901) 49

1,407 EnerNOC Inc 24,172 6,265

49,022 Enersis SA ADR 758,861 (103,410)

6,782 EnerSys Inc 485,862 19,301

3,175 Engility Holdings Inc 100,997 1,503

350 Ensign Group Inc/The 15,736 2,330

(2,142) Enstar Group Ltd (300,094) (8,498)

(11,588) Entegris Inc (127,236) (5,535)

10,362 Entegris Inc 113,775 11,798

(11,213) Entercom Communications Corp 'A' (117,400) (34,131)

2,429 Enterprise Financial Services Corp 47,948 9,672

12,464 Entravision Communications Corp 'A' 83,260 58,913

632 Envestnet Inc 25,286 2,926

12,504 Envivio Inc 37,137 14,997

125,335 Enzon Pharmaceuticals Inc 200,536 (76,135)

2,807 EOG Resources Inc 463,997 (17,067)

725 EPAM Systems Inc 25,868 568

(4,729) EPAM Systems Inc (168,731) (56,422)

410 Epiq Systems Inc 6,790 1,070

427 ePlus Inc 23,754 897

9,571 EPR Properties (Reit) 486,398 (8,901)

(51) Equifax Inc (3,438) 13

(1,602) Equinix Inc (258,114) 10,397

10,858 Equity Lifestyle Properties Inc (Reit) 387,848 (2,924)

87,383 Equity One Inc (Reit) 1,968,739 (70,295)

(3,231) Equity Residential (Reit) (167,915) (2,351)

(785) Erickson Air Crane Inc (14,899) (481)

(5,234) Erie Indemnity Co 'A' (376,220) (9,683)

(21,532) ESB Financial Corp (305,539) (40,615)

1,505 ESCO Technologies Inc 51,320 2,470

16,602 Essent Group Ltd 364,746 9,826

(21) Essex Property Trust Inc (Reit) (3,200) 79

755 Estee Lauder Cos Inc/The 'A' 57,033 1,412

967 Esterline Technologies Corp 85,870 16,295

(4,319) Ethan Allen Interiors Inc (132,464) 4,139

5,935 Euronet Worldwide Inc 286,008 88,068

65,649 EverBank Financial Corp 1,111,438 97,199

(46,588) EverBank Financial Corp (788,735) (80,051)

3,171 Everest Re Group Ltd 502,350 3,898

5,342 Evolution Petroleum Corp 65,386 1,470

3,407 Exa Corp 49,401 15,684

(15,787) Exact Sciences Corp (194,180) (23,371)

(11,810) ExamWorks Group Inc (342,018) (70,864)

(9,568) Exar Corp (116,825) (4,012)

15,282 EXCO Resources Inc 79,772 (3,336)

53,140 Exelis Inc 947,486 34,703

(37,241) Exelixis Inc (214,508) (37,159)

12,476 Exide Technologies 2,882 (16,111)

328 ExOne Co/The 17,551 328

(1,920) Expeditors International

of Washington Inc (84,038) (380)

16,622 Express Inc 407,073 52,768

4,531 Express Scripts Holding Co 306,069 10,014

(137) Extra Space Storage Inc (Reit) (5,784) 89

28,922 Extreme Networks Inc 201,442 42,315

(8,607) Exxon Mobil Corp (809,058) 10,931

1,359 Ezcorp Inc 'A' 15,887 (10,183)

5,727 F5 Networks Inc 470,473 731

14,830 Fabrinet 294,524 38,099

138 Facebook Inc 'A' 6,486 (277)

228 FactSet Research Systems Inc 25,983 262

(42,053) Fair Isaac Corp (2,474,399) (112,380)

(16,012) Fairpoint Communications Inc (146,670) 3,870

(167) Family Dollar Stores Inc (11,692) 2

1,073 Farmer Bros Co 21,932 6,257

(325) Farmers Capital Bank Corp (6,893) (282)

3,716 FARO Technologies Inc 204,789 76,781

22,256 FBR & Co 629,622 11,536

394 FEI Co 36,063 450

23,176 FelCor Lodging Trust Inc (Reit) 166,867 59,804

(457) Female Health Co/The (4,218) (23)

(17,748) Fibria Celulose SA ADR (214,928) (19,133)

(16,271) Fidelity National Financial Inc 'A' (475,601) (21,966)

1,725 Fidelity Southern Corp 29,946 3,198

(17,387) Fidus Investment Corp (375,907) (59,442)

2,878 Fiesta Restaurant Group Inc 141,914 2,460

(25,957) Fifth & Pacific Cos Inc (849,832) (59,961)

(1,360) Fifth Street Finance Corp (13,070) 1,694

10,894 Finisar Corp 226,377 (14,166)

495 FireEye Inc 19,097 2,412

(1,078) First American Financial Corp (28,869) (1,477)

(1,808) First Bancorp Inc/ME (32,454) (2,892)

(31,210) First BanCorp/Puerto Rico (200,056) (14,992)

(13,184) First Bancorp/Troy NC (222,414) (31,237)

2,021 First Busey Corp 12,207 1,199

(12,568) First Cash Financial Services Inc (802,153) (102,701)

9,627 First Citizens BancShares

Inc/NC 'A' 2,157,988 339,945

(221) First Connecticut Bancorp

Inc/Farmington CT (3,739) (475)

(1,063) First Defiance Financial Corp (28,818) (607)

(14,295) First Financial Bankshares Inc (957,765) (291,613)

(2,559) First Financial Corp/IN (94,043) (6,469)

406 First Financial Holdings Inc 26,865 2,383

766 First Financial Northwest Inc 8,265 (88)

(50,936) First Horizon National Corp (574,049) (5,499)

(8,394) First Industrial Realty Trust Inc (Reit) (147,399) (21,306)

1,688 First Interstate Bancsystem Inc 47,196 14,911

3,731 First Majestic Silver Corp 36,452 (2,100)

35,879 First Merchants Corp 761,711 165,426

(2,053) First Niagara Financial Group Inc (23,014) (144)

(1,795) First of Long Island Corp/The (76,736) (6,464)

15,566 First Republic Bank/CA 799,003 2,487

(5,400) First Solar Inc (323,352) (34,321)

488 Firsthand Technology Value Fund Inc 10,321 (279)

5,611 Five Prime Therapeutics Inc 53,304 (2,173)

4,992 Flagstar Bancorp Inc 91,468 17,856

(4,451) Flagstar Bancorp Inc (81,556) (6,312)

8,130 FleetCor Technologies Inc 993,486 51,221

2,682 Flextronics International Ltd 20,249 (161)

(2,265) Flotek Industries Inc (47,474) (105)

810 Flowserve Corp 58,352 1,733

(15,078) Fluidigm Corp (482,496) (226,476)

(3,337) Fluor Corp (261,254) 3,047

(18,211) FMC Corp (1,334,138) 30,634

61,560 FNB Corp/PA 784,274 103,359




USD



Market ValueUSD


(depreciation)USD





SAB de CV 581,040 8,982

8,604 Foot Locker Inc 335,642 16,089

7,511 Forbes Energy Services Ltd 26,889 3,781

(40,312) Forest City Enterprises Inc 'A' (787,696) 8,869

(4,222) Forest Laboratories Inc (217,813) 296

6,197 Forest Laboratories Inc 319,703 23,692

26,315 Forestar Group Inc 511,037 (53,384)

(1,357) FormFactor Inc (7,409) 1,587

44,494 Fortegra Financial Corp 329,256 (7,680)

5,366 Fortinet Inc 92,242 (12,933)

(1,166) Forum Energy Technologies Inc (31,482) (2,693)

(12,793) Forward Air Corp (558,031) (83,807)

(2,898) Foster Wheeler AG (88,331) (2,927)

2,035 Foundation Medicine Inc 51,485 (19,151)

(8,839) Fox Chase Bancorp Inc (156,008) (4,102)

(12,175) Francesca's Holdings Corp (236,804) (16,234)

54,477 Frank's International NV 1,306,358 (248,981)

(7,677) Franklin Electric Co Inc (342,164) (99,718)

(40,234) Franklin Financial Corp/VA (824,797) (118,764)

15,023 Franklin Street Properties Corp 196,050 4,158

36,200 Freescale Semiconductor Ltd 528,520 9,889

(24,075) FreightCar America Inc (559,262) (103,099)

40,794 Fresh Del Monte Produce Inc 1,152,430 27,119

122 Fresh Market Inc /The 4,906 100

3,200 FriendFinder Networks Inc 96 (6,996)

1,822 FTD Cos Inc 60,035 60,035

(14,653) FTI Consulting Inc (657,041) (53,803)

453 Fuel Tech Inc 3,443 1,681

(34,335) FuelCell Energy Inc (47,726) 3,100

(3,279) Furiex Pharmaceuticals Inc (146,899) (8,496)

18,897 Fusion-io Inc 184,624 (629)

(14,438) Fusion-io Inc (141,059) 19,175

29,909 FutureFuel Corp 495,293 110,614

(24,222) FXCM Inc 'A' (402,812) (48,598)

4,648 G & K Services Inc 'A' 280,925 55,134

(150) G-III Apparel Group Ltd (9,045) (693)

(150,788) Gafisa SA ADR (447,840) (3,772)

299 Gain Capital Holdings Inc 2,733 (444)

525 GAMCO Investors Inc 'A' 44,063 5,880

29,797 GameStop Corp 'A' 1,439,493 (168,327)

17,637 Gannett Co Inc 480,256 3,493

(3,880) Garmin Ltd (189,965) (4,755)

(8,641) Gartner Inc (566,072) (5,769)

2,759 Gastar Exploration Ltd 16,444 9,372

367 Geeknet Inc 6,819 15

(10,476) Genco Shipping & Trading Ltd (27,028) 6,238

5,944 Generac Holdings Inc 316,161 18,308

712 General Communication Inc 'A' 7,070 1,511

(9,068) General Electric Co (242,569) 4,081

(68,390) General Growth Properties Inc (Reit) (1,424,564) 6,374

(7,230) Genesco Inc (543,479) (18,688)

(9,605) Genesee & Wyoming Inc 'A' (928,996) 10,373

(1,897) Genie Energy Ltd 'B' (30,788) (8,880)

(10,633) GenMark Diagnostics Inc (129,191) (2,800)

(9,397) Genomic Health Inc (329,459) 3,405

45,342 Genpact Ltd 811,622 (6,160)

1,291 Gentex Corp/MI 38,394 (219)

24,463 Gentherm Inc 588,091 181,065

(1,675) Gentiva Health Services Inc (20,787) (3,598)

1,043 Genworth Financial Inc 'A' 15,801 636

(1,232) Geospace Technologies Corp (105,940) (7,878)

73,620 Gerdau SA ADR 576,445 (14,760)

4,027 German American Bancorp Inc 121,172 10,087

(11,324) Getty Realty Corp (Reit) (210,060) 15,529

(31,517) Gevo Inc (57,361) 14,402

12,131 Gibraltar Industries Inc 213,627 (1,302)

38,948 Gilead Sciences Inc 2,921,100 276,414

8,427 Glacier Bancorp Inc 251,799 43,068

(165,600) Glimcher Realty Trust (Reit) (1,622,880) 209,003

28,931 Global Brass & Copper Holdings Inc 477,072 (13,844)

76,995 Global Cash Access Holdings Inc 743,002 214,074

10,800 Global Eagle Entertainment Inc 161,028 50,353

18,620 Global Geophysical Services Inc 26,999 (22,097)

(718) Global Indemnity Plc (19,135) (1,677)

(15,350) Global Payments Inc (970,734) 4,088

(838) Global Power Equipment Group Inc (16,375) (274)

3,020 Globe Specialty Metals Inc 54,330 2,968

(28,040) Globe Specialty Metals Inc (504,440) (5,453)

(471) Globecomm Systems Inc (6,646) (93)

9,837 Globus Medical Inc 'A' 190,543 6,847

(416) Globus Medical Inc 'A' (8,058) (705)

(12,969) Glu Mobile Inc (48,504) (14,230)

8,368 GNC Holdings Inc 'A' 502,749 10,564

19,034 Gogo Inc 508,208 283,306

(106,454) Gol Linhas Aereas Inteligentes SA ADR (473,720) (18,825)

(7,477) Golar LNG Ltd (272,985) 22,031

81,549 Gold Reserve Inc 277,267 45,032

2,686 Goldman Sachs Group Inc/The 453,182 30,937

(48,813) Golub Capital BDC Inc (909,386) (81,909)

26,580 Goodrich Petroleum Corp 499,172 (75,291)

14,241 Gordmans Stores Inc 147,252 (37,110)

(1,286) Gorman-Rupp Co/The (54,977) (18,849)

(49,299) GrafTech International Ltd (570,389) (179,567)

577 Graham Holdings Co 381,016 3,374

112,853 Gramercy Property Trust Inc (Reit) 596,992 236,283

2,511 Gran Tierra Energy Inc 17,903 3,114

13,390 Graphic Packaging Holding Co 120,376 6,251

(90,447) Great Lakes Dredge & Dock Corp (809,048) (182,503)

3,382 Great Northern Iron Ore Properties 247,901 7,319

520 Greatbatch Inc 21,258 2,130

(36,404) Green Dot Corp 'A' (885,345) (134,655)

4,106 Green Plains Renewable Energy Inc 69,966 2,196

2,860 Greenbrier Cos Inc/The 89,804 2,239

(144) Greenhill & Co Inc (7,959) (730)

(5,736) Griffin Land & Nurseries Inc (188,083) (3,914)

9,730 Griffon Corp 126,490 22,565

(2,153) Group 1 Automotive Inc (148,126) (654)

35,060 Groupon Inc 316,942 (43,968)

21,607 Grupo Aeroportuario del Centro

Norte Sab de CV ADR 588,791 (16,710)

5,805 Grupo Aeroportuario del Pacifico

SAB de CV ADR 299,248 3,773

4,475 Grupo Aeroportuario del Sureste

SAB de CV ADR 596,696 53,866

(13,834) Grupo Televisa SAB ADR (421,660) (7,867)

11,780 GSE Holding Inc 24,267 (7,309)

2,716 GSI Group Inc 29,604 8,864

2,275 GSI Technology Inc 15,720 383

1,846 GSV Capital Corp 19,752 4,722

(7,801) GT Advanced Technologies Inc (76,996) (52,347)

(1,483) Guess? Inc (50,496) (282)

(8,341) Guidance Software Inc (77,321) (4,962)

950 Guidewire Software Inc 44,935 291

20,851 Gulfmark Offshore Inc 'A' 1,027,537 (24,334)

762 Gyrodyne Co of America Inc (Reit) 55,001 (1,433)

(15,709) H&R Block Inc (441,580) 6,127

55,995 Hackett Group Inc/The 345,489 102,490

8,313 Haemonetics Corp 350,310 20,928

9,527 Hain Celestial Group Inc/The 788,836 (13,673)

40,603 Halcon Resources Corp 161,194 (757)

(15,707) Halcon Resources Corp (62,357) 21,727




USD



Market ValueUSD


(depreciation)USD



6,676 Hallador Energy Co 51,939 3,173

3,842 Halliburton Co 201,052 (14,984)

20,483 Hallmark Financial Services Inc 192,335 2,064

(7,615) Halozyme Therapeutics Inc (114,606) (32,841)

(3,669) Hancock Holding Co (130,176) (8,120)

19,889 Hanmi Financial Corp 408,321 131,348

(9,349) Hannon Armstrong Sustainable

Infrastructure Capital Inc (115,460) (6,699)

520 Hanover Insurance Group Inc/The 31,538 2,591

(86,140) Hansen Medical Inc (161,943) 41,405

37,935 Harbinger Group Inc 455,220 132,928

(220) Hardinge Inc (3,386) (24)

(1,152) Harman International Industries Inc (93,807) (368)

799 Harmonic Inc 6,160 312

85,270 Harte-Hanks Inc 677,044 118,513

2,190 Hartford Financial Services Group Inc 78,314 (27)

19,991 Harvard Apparatus Regenerative

Technology Inc 101,354 95,971

73,603 Harvard Bioscience Inc 333,422 (48,026)

7,396 Harvest Natural Resources Inc 26,774 (6,680)

3,138 Hasbro Inc 169,107 3,640

(1,730) Hasbro Inc (93,230) (2,087)

1,271 Haverty Furniture Cos Inc 36,821 6,023

(346) Haynes International Inc (18,888) (690)

69 HCI Group Inc 3,511 301

(3,877) HCP Inc (Reit) (143,682) 6,603

7,285 HD Supply Holdings Inc 153,568 1,603

(1,525) Health Care Inc (Reit) (86,086) 6,192

(286) Health Insurance Innovations Inc 'A' (3,432) (207)

(9,088) Health Management Associates Inc 'A' (119,144) 454

30,906 Health Net Inc/CA 944,487 79,694

(23,365) Healthcare Services Group Inc (685,529) (112,596)

(1,931) HealthStream Inc (64,766) (220)

(5,297) Healthways Inc (73,205) 30,809

(4,792) Heartland Express Inc (88,796) (5,155)

(165,878) Hecla Mining Co (487,681) 28,371

1,113 HEICO Corp 63,920 7,572

(5,096) Heidrick & Struggles International Inc (92,798) 1,069

(7,460) Helen of Troy Ltd (364,496) (12,629)

25,971 Helix Energy Solutions Group Inc 575,258 (5,048)

17,943 Hercules Offshore Inc 113,579 (312)

499 Heritage Financial Corp/WA 8,643 479

49,840 Heritage Financial Group Inc 879,676 76,616

40,365 Heritage Oaks Bancorp 321,709 56,358

(652) Heritage-Crystal Clean Inc (11,932) (560)

(2,929) Herman Miller Inc (94,079) (4,443)

(646) Hershey Co/The (63,211) 459

(1,648) Hertz Global Holdings Inc (39,568) (617)

9,419 Hertz Global Holdings Inc 226,150 3,108

101 Hexcel Corp 4,430 29

1,858 hhgregg Inc 27,833 14,334

(3,392) Hibbett Sports Inc (221,158) (26,215)

(24,551) Higher One Holdings Inc (243,055) (3,156)

(38,317) Hill-Rom Holdings Inc (1,589,772) (58,030)

459 Hillenbrand Inc 13,022 48

8,280 Hillshire Brands Co 276,966 6,376

(21,029) Hilltop Holdings Inc (500,490) (121,349)

(26,584) HMS Holdings Corp (612,761) (41,161)

(10,163) HNI Corp (407,028) (13,668)

(10,279) Hologic Inc (230,969) (9,365)

(3,500) Home Bancorp Inc (65,625) (2,795)

(4,293) Home BancShares Inc/AR (154,763) (5,385)

10,397 Home Federal Bancorp Inc/ID 159,074 15,978

46,453 HomeStreet Inc 974,584 (33,302)

(7,928) Honeywell International Inc (705,116) (2,537)

23,667 Horace Mann Educators Corp 729,654 215,585

6,534 Hormel Foods Corp 294,879 645

(26,544) Horsehead Holding Corp (400,284) (108,972)

(8,287) Hospira Inc (327,254) 1,250

35,052 Host Hotels & Resorts Inc (Reit) 648,111 (18,227)

(23,174) Hovnanian Enterprises Inc 'A' (117,956) 170

345 HSN Inc 20,162 292

199 Hub Group Inc 'A' 7,566 307

(39,397) Hudson City Bancorp Inc (369,544) (12,662)

(23,359) Hudson Valley Holding Corp (484,699) (64,250)

(3,748) Humana Inc (390,429) (22,113)

(16,164) Huntington Ingalls Industries Inc (1,336,278) (43,786)

(1,191) Hurco Cos Inc (31,550) (1,961)

(540) Hyperion Therapeutics Inc (13,073) (1,029)

1,577 Hyster-Yale Materials Handling Inc 129,156 56,299

10,091 IAC/InterActiveCorp 570,545 (11,498)

(32,588) ICG Group Inc (558,558) (176,958)

34,187 ICON Plc 1,307,653 (11,351)

3,465 Iconix Brand Group Inc 137,283 27,589

8,241 ICU Medical Inc 544,071 (67,624)

(41,652) Idenix Pharmaceuticals Inc (221,589) (48,686)

14,542 IDT Corp 'B' 323,269 106,667

102,636 II-VI Inc 1,686,309 (28,315)

(12,636) Illumina Inc (1,229,483) (27,945)

(42,700) Imax Corp (1,309,182) (51,545)

19,671 Immersion Corp 245,691 (38,951)

29,906 ImmunoCellular Therapeutics Ltd 102,279 39,907

(15,051) ImmunoGen Inc (220,949) 20,810

(31,875) Immunomedics Inc (139,294) 33,044

(780) Impax Laboratories Inc (18,525) (132)

10,492 Imperial Holdings Inc 67,044 4,182

(465) Imperva Inc (20,772) 508

(116,703) inContact Inc (871,771) (233,520)

(16,420) Incyte Corp Ltd (772,068) (43,492)

(3,106) Independence Holding Co (43,857) (2,637)

(56,349) Independent Bank Corp/Rockland MA (2,136,754) (289,930)

19,237 Independent Bank Group Inc 919,529 272,055

5,526 Infinera Corp 50,673 2,383

(28,626) Infinera Corp (262,500) (68,236)

(761) Infinity Pharmaceuticals Inc (11,164) 27

1,989 Infoblox Inc 62,315 (1,742)

(1,361) Informatica Corp (52,943) 828

11,346 ING US Inc 398,472 1,929

6,799 Ingersoll-Rand Plc 486,740 27,962

5,153 Ingles Markets Inc 'A' 136,967 23,201

32,628 Ingram Micro Inc 'A' 761,538 (20,882)

(20,596) Ingredion Inc (1,438,631) (14,985)

60,203 Inland Real Estate Corp (Reit) 647,784 146,567

(4,569) Innodata Inc (11,605) 2,775

10,382 Innophos Holdings Inc 497,402 6,861

(3,356) Innospec Inc (161,893) (4,949)

(480) Innovative Solutions & Support Inc (3,686) 26

17,568 Inphi Corp 219,776 61,845

(427) Insmed Inc (6,930) (829)

(8,176) Insulet Corp (301,286) (119,042)

366 Insys Therapeutics Inc 15,870 9,639

(19,538) Integra LifeSciences Holdings Corp (910,471) (94,213)

(163,555) Integrated Device Technology Inc (1,632,279) (184,105)

(70,407) Intel Corp (1,688,360) 7,810

42,400 Inteliquent Inc 485,056 369,397

(413) Intelsat SA (8,983) 773

(9,168) Inter Parfums Inc (337,932) (52,858)

(3,666) Interactive Intelligence Group Inc (238,583) (77,782)

(1,466) Intercept Pharmaceuticals Inc (77,024) (2,215)

(585) IntercontinentalExchange Group Inc (125,067) 872

(8,683) InterDigital Inc/PA (295,743) 44,627

13,828 Interface Inc 277,251 4,899




USD



Market ValueUSD


(depreciation)USD




24,500 Intermolecular Inc 139,160 (55,104)

18,190 InterMune Inc 252,659 23,470

(1,513) InterMune Inc (21,016) (7,445)

(7,118) Internap Network Services Corp (54,097) (10,842)

(28,731) International Bancshares Corp (756,200) (207,083)

10,905 International Game Technology 189,093 (5,452)

2,941 International Paper Co 137,286 3,382

4,612 International Rectifier Corp 112,625 4,201

(17,756) Interpublic Group of Cos Inc/The (309,487) (4,015)

14,333 Intersections Inc 111,367 (16,371)

822 InterXion Holding NV 18,232 97

9,257 Intevac Inc 58,875 7,844

(14,124) INTL. FCStone Inc (292,649) (23,010)

3,204 IntraLinks Holdings Inc 35,180 16,335

(40,981) Intrepid Potash Inc (635,206) 50,300

9,600 Intrexon Corp 214,944 13,653

8,522 Invacare Corp 190,126 64,491

3,831 InvenSense Inc 66,161 679

181 Invesco Ltd 6,349 224

(100) Invesco Mortgage Capital Inc (Reit) (1,507) 10

5,563 Invesco Mortgage Capital Inc (Reit) 83,834 (1,005)

5,086 Investment Technology Group Inc 99,686 37,930

788 Investors Real Estate Trust (Reit) 6,934 289

9,022 ION Geophysical Corp 33,472 (9,765)

(12,566) IPC The Hospitalist Co Inc (782,862) (19,663)

7,878 iRobot Corp 261,865 (2,214)

(1,706) iRobot Corp (56,707) 2,041

(16,849) Ironwood Pharmaceuticals Inc (194,437) 39,042

(8,962) Isis Pharmaceuticals Inc (353,909) (64,825)

(5,826) Isle of Capri Casinos Inc (47,715) (3,431)

(1,121) Isramco Inc (138,107) (22,799)

(15,753) iStar Financial Inc (Reit) (204,474) (12,951)

1,633 iStar Financial Inc (Reit) 21,196 2,025

20,804 Itau Unibanco Holding SA ADR (Pref) 291,464 (11,854)

(552) Itron Inc (23,454) 144

21,039 ITT Corp 862,599 6,287

(671) ITT Educational Services Inc (25,974) (3,882)

14,431 Ixia 186,737 (8,243)

39,362 IXYS Corp 490,844 117,115

86 J&J Snack Foods Corp 7,429 264

2,524 j2 Global Inc 122,767 (6,056)

15,100 Jack in the Box Inc 720,119 81,655

(4,270) Jamba Inc (50,301) (3,422)

1,718 Janus Capital Group Inc 18,709 1,678

(13,795) JC Penney Co Inc (139,743) 61,960

17,019 JDS Uniphase Corp 206,611 (4,896)

(19,001) JDS Uniphase Corp (230,672) 4,940

(25,471) JetBlue Airways Corp (226,819) (91,058)

(7,329) Jive Software Inc (80,619) (2,337)

(9,487) JMP Group Inc (63,563) (8,376)

5,038 John B Sanfilippo & Son Inc 130,283 35,400

47,326 John Bean Technologies Corp 1,402,743 446,711

(12,622) John Wiley & Sons Inc 'A' (636,275) (11,636)

4,061 Johnson Outdoors Inc 'A' 116,307 21,487

84,489 Jones Group Inc/The 1,191,295 44,032

532 Jones Lang LaSalle Inc 51,907 2,006

(2,669) Jones Lang LaSalle Inc (260,414) 1,231

(9,748) Jos A Bank Clothiers Inc (554,856) (50,366)

(19,833) Joy Global Inc (1,122,151) (12,678)

(10,587) JTH Holding Inc 'A' (249,853) (69,065)

3,982 Juniper Networks Inc 81,273 2,270

932 Kadant Inc 38,548 3,628

33,624 KaloBios Pharmaceuticals Inc 142,902 (67,178)

(6,703) Kandi Technologies Group Inc (47,725) (15,731)

(4,018) Kansas City Life Insurance Co (196,681) (21,381)

17,182 KapStone Paper and Packaging Corp 913,911 168,526

13,881 KAR Auction Services Inc 386,169 41,106

(1,120) KB Home (19,757) (1,102)

(15,427) KCAP Financial Inc (127,890) 3,940

(81,917) Kearny Financial Corp (854,394) (24,912)

(23,601) Kellogg Co (1,437,773) 39,669

(7,494) Kelly Services Inc 'A' (173,636) (56,335)

(34,929) Kemet Corp (209,574) (32,379)

(6,153) Kemper Corp (234,183) (23,455)

(3,843) Kennametal Inc (183,772) (1,688)

(35,392) Kennedy-Wilson Holdings Inc (724,828) (183,143)

(5,210) Keryx Biopharmaceuticals Inc (69,710) (31,736)

(40,631) Key Energy Services Inc (317,734) 14,502

4,957 Key Tronic Corp 52,247 511

23,613 KeyCorp 302,719 (1,620)

(67,968) KEYW Holding Corp/The (850,280) 130,179

26,271 Kforce Inc 534,615 116,893

(76) Kilroy Realty Corp (Reit) (3,847) 5

5,868 Kimball International Inc 'B' 87,903 20,042

(2,535) Kimberly-Clark Corp (276,721) (2,024)

11,599 Kimco Realty Corp (Reit) 239,983 (4,777)

(2,679) Kinder Morgan Management LLC (204,970) (3,268)

(20,893) Kindred Healthcare Inc (357,270) (17,755)

(61,698) KiOR Inc 'A' (144,373) 223,932

(4,678) Kirby Corp (442,024) 3,181

17,146 Kirkland's Inc 440,138 208,062

3,219 Kite Realty Group Trust (Reit) 20,988 4,014

(3,289) KLA-Tencor Corp (211,548) (1,900)

(1,952) KMG Chemicals Inc (35,604) 2,525

450 Knightsbridge Tankers Ltd 3,596 (147)

283 Knoll Inc 5,069 492

(8,146) Kohl's Corp (456,257) (10,982)

(78,795) Kopin Corp (315,968) (36,084)

(5,497) Koppers Holdings Inc (260,503) 1,538

21,471 Korn/Ferry International 494,048 49,329

(30,389) Kosmos Energy Ltd (318,781) 5,774

4,488 Kraft Foods Group Inc 239,839 1,750

2,452 Kraton Performance Polymers Inc 58,186 3,174

(17,510) Kratos Defense & Security Solutions Inc (116,792) (29,229)

(1,366) Krispy Kreme Doughnuts Inc (34,915) (188)

15,432 Kroger Co/The 647,681 (6,654)

(12,894) Kronos Worldwide Inc (216,748) (10,601)

46,135 Kulicke & Soffa Industries Inc 578,072 40,822

(4,820) Kulicke & Soffa Industries Inc (60,395) (195)

(1,730) KVH Industries Inc (24,687) (1,435)

(595) KYTHERA Biopharmaceuticals Inc (23,616) 2,956

(2,847) L Brands Inc (187,845) (3,758)

2,822 L&L Energy Inc 4,741 (5,944)

(3,405) La-Z-Boy Inc (99,971) (15,802)

(6,374) Laboratory Corp of America Holdings (651,933) 22,122

(976) Lancaster Colony Corp (85,429) (637)

242 Landec Corp 2,833 (376)

145 Landstar System Inc 8,143 (58)

7,615 Lannett Co Inc 234,466 150,949

(9,556) LaSalle Hotel Properties (Reit) (298,147) 2,244

(4,484) Latam Airlines Group SA (3,318) (3,318)

(34,939) Latam Airlines Group SA ADR (557,277) 16,895

9,299 Lawson Products Inc/DE 120,050 (4,634)

(6,092) Layne Christensen Co (101,493) 29,275

(3,366) LCNB Corp (59,948) 8,102

6,322 LDR Holding Corp 137,314 (5,680)

6,301 Lear Corp 522,983 16,131

13,384 Leggett & Platt Inc 402,725 (804)

(49,422) Level 3 Communications Inc (1,497,487) (158,830)

(57,082) Lexicon Pharmaceuticals Inc (136,426) (860)

(5,694) Libbey Inc (130,962) (20,071)

(424) Liberty Global Plc 'A' (35,998) (23)




USD



Market ValueUSD


(depreciation)USD



(188) Liberty Ventures 'A' (22,787) (606)

970 Life Time Fitness Inc 47,443 (253)

4,394 LifeLock Inc 75,577 4,311

(9,002) LifePoint Hospitals Inc (463,153) 1,440

(1,509) Lifevantage Corp (2,958) 596

642 Ligand Pharmaceuticals Inc 'B' 36,061 12,064

154,890 Lihua International Inc 851,895 104,970

83,144 Limelight Networks Inc 168,782 (17,515)

240 LIN Media LLC 'A' 6,233 318

3,380 Lindsay Corp 257,556 (9,178)

12,113 Linear Technology Corp 518,436 7,026

26,549 LinnCo LLC 824,081 30,969

56,661 Lions Gate Entertainment Corp 1,787,655 (131,075)

2,952 Liposcience Inc 13,166 (2,217)

(2,629) Liquidity Services Inc (59,231) 30,408

6,774 Liquidity Services Inc 152,618 4,359

5,546 Littelfuse Inc 484,110 44,645

795 Live Nation Entertainment Inc 14,509 659

(35,699) LivePerson Inc (435,171) (99,793)

(385) Loews Corp (18,284) 223

(7,925) Loral Space & Communications Inc (625,283) (131,268)

8,441 Lorillard Inc 435,724 (8,694)

33,082 Louisiana-Pacific Corp 539,567 (6,128)

(11,722) Louisiana-Pacific Corp (191,186) 469

3,222 Lowe's Cos Inc 153,528 (12,362)

(185) LSB Industries Inc (5,914) 215

(56,791) LSI Corp (460,007) 19,025

13,023 LSI Industries Inc 113,821 22,970

2,657 LTX-Credence Corp 19,237 4,329

5,895 Lumber Liquidators Holdings Inc 592,506 (20,767)

4,047 Luminex Corp 79,726 9,932

(3,296) Lumos Networks Corp (75,808) (1,791)

479 Lydall Inc 8,526 2,236

19,964 LyondellBasell Industries NV 'A' 1,556,992 (4,084)

4,479 M/A-COM Technology Solutions

Holdings Inc 71,664 8,577

(22,019) Macatawa Bank Corp (112,957) (3,455)

13,409 Mack-Cali Realty Corp (Reit) 274,884 (3,858)

7,455 Macquarie Infrastructure Co LLC 403,017 (2,794)

(542) Madison Square Garden Co/The 'A' (30,883) (498)

(1,709) Magellan Health Services Inc (104,454) 357

33,243 magicJack VocalTec Ltd 386,949 (56,470)

13,563 Magnachip Semiconductor Corp 274,379 64,630

(17,881) Magnum Hunter Resources Corp (127,849) (5,352)

14,349 Manhattan Associates Inc 1,737,664 581,945

3,471 Manitex International Inc 46,373 5,789

675 Manning & Napier Inc 12,609 948

33,404 MannKind Corp 167,020 4,710

(27,224) MannKind Corp (136,120) (44,192)

3,147 Manpowergroup Inc 253,271 (4,689)

(517) ManTech International Corp/VA 'A' (14,910) (298)

(7,853) Marathon Oil Corp (286,477) 11,443

401 Marathon Petroleum Corp 33,708 1,196

8,464 Marchex Inc 'B' 80,323 46,860

17,881 Marcus Corp/The 258,613 355

3,540 MarketAxess Holdings Inc 244,756 1,871

3,317 Marriott Vacations Worldwide Corp 173,612 11,913

301 Marrone Bio Innovations Inc 4,539 (103)

(30,860) Marsh & McLennan Cos Inc (1,470,788) (12,035)

15,612 Martha Stewart Living Omnimedia 'A' 57,921 19,527

9,769 Martin Marietta Materials Inc 946,128 (19,236)

(63,589) Marvell Technology Group Ltd (909,323) (61,910)

3,382 Masimo Corp 97,672 7,076

658 MasterCard Inc 'A' 501,626 7,182

511 Materion Corp 14,512 (1,861)

22,252 Matrix Service Co 485,984 225,629

34,163 Matson Inc 864,324 4,753

538 Matthews International Corp 'A' 22,768 2,319

(3,844) Mattress Firm Holding Corp (142,266) (11,650)

(55,813) Mattson Technology Inc (150,137) (29,378)

125,066 Maxim Integrated Products Inc 3,569,384 (46,008)

86,652 Maxygen Inc 2,600 (212,586)

(13,673) MB Financial Inc (447,791) (13,714)

(7,643) McClatchy Co/The 'A' (23,999) (2,304)

(2,686) McCormick & Co Inc/MD (187,349) 913

(46,038) McDermott International Inc (366,462) (4,995)

(74,017) McEwen Mining Inc (148,774) 105,173

7,541 MCG Capital Corp 36,197 2,664

(28,089) McGrath RentCorp (1,108,392) (287,190)

(13,789) McGraw-Hill Cos Inc/The (1,031,555) (35,767)

(1,887) MDC Partners Inc 'A' (42,910) (12,465)

1,821 Mead Johnson Nutrition Co 154,803 291

(2,885) MeadWestvaco Corp (101,754) (1,414)

(10,790) Measurement Specialties Inc (596,795) (158,966)

1,318 MedAssets Inc 28,759 2,227

1,432 MedCath Corp 1,962 (9,349)

37,478 Medical Action Industries Inc 320,437 86,393

4,599 Medicines Co/The 168,323 (1,510)

3,451 Medifast Inc 95,248 13,530

(273) Medivation Inc (17,245) (202)

(38,223) Medley Capital Corp (545,060) 34,512

(1,411) MEDNAX Inc (156,353) (880)

(607) MEI Pharma Inc (4,953) (223)

(2,700) Mellanox Technologies Ltd (104,598) 4,171

1,335 Men's Wearhouse Inc/The 68,005 15,387

2,075 Mentor Graphics Corp 47,102 7,786

(4,380) Mentor Graphics Corp (99,426) (3,020)

(26,415) Mercer International Inc (251,735) (73,555)

2,011 Merchants Bancshares Inc 62,924 6,115

(6,373) Merck & Co Inc (317,949) (11,599)

(3,632) Mercury General Corp (175,062) (2,651)

(9,759) Mercury Systems Inc (105,788) (32,718)

2,704 Meredith Corp 144,745 2,132

2,634 Merge Healthcare Inc 6,322 (707)

10,689 Meridian Bioscience Inc 260,010 3,092

5,599 Meritage Homes Corp 245,012 10,504

(29,321) Meritor Inc (231,929) (97,906)

(2,110) Merrimack Pharmaceuticals Inc (7,849) (2,634)

(1,672) Mesa Laboratories Inc (132,924) (20,580)

9,443 Meta Financial Group Inc 366,388 80,307

100,280 Metalico Inc 181,507 (5,028)

3,518 Methode Electronics Inc 101,811 12,055

(343) Metro Bancorp Inc (7,597) (237)

1,634 MetroCorp Bancshares Inc 23,742 6,899

(2,503) Mettler-Toledo International Inc (622,546) (3,079)

(1,881) MGE Energy Inc (105,881) (7,994)

(34,664) MGIC Investment Corp (279,738) (49,599)

(177) MGM Resorts International (3,418) 25

6,884 Michael Kors Holdings Ltd 559,945 (9,569)

15,689 Micrel Inc 153,909 8,823

10,214 MicroFinancial Inc 91,109 5,181

(27,209) Micron Technology Inc (574,926) (48,844)

17,618 MICROS Systems Inc 944,501 1,142

12,451 Microsemi Corp 306,046 61

(2,336) MicroStrategy Inc 'A' (300,410) (5,337)

5,596 Middleby Corp 1,241,305 33,413

452 MidSouth Bancorp Inc 8,095 1,115

3,378 Midstates Petroleum Co Inc 19,356 (4,354)

(27,575) Miller Energy Resources Inc (225,012) (82,390)

(17,681) Mindspeed Technologies Inc (88,847) (20,086)

(21,162) Mine Safety Appliances Co (1,067,411) 15,394

1,501 Minerals Technologies Inc 89,670 7,119




USD



Market ValueUSD


(depreciation)USD




(852) Mitcham Industries Inc (14,970) (2,165)

906 MKS Instruments Inc 26,818 (47)

(3,205) Mobile Mini Inc (130,796) (10,583)

(13,456) Modine Manufacturing Co (179,368) (70,641)

4,010 ModusLink Global Solutions Inc 15,198 3,979

(16,879) Molycorp Inc (78,825) 19,376

(42,179) Momenta Pharmaceuticals Inc (760,066) (64,504)

424 Monarch Casino & Resort Inc 7,708 (917)

(29,000) Mondelez International Inc 'A' (981,360) 7,559

(7,635) Monolithic Power Systems Inc (256,689) (7,540)

(29,657) Monro Muffler Brake Inc (1,579,235) (414,447)

(1,630) Monsanto Co (185,054) (421)

38,362 Monster Worldwide Inc 216,362 5,806

3,714 Montpelier Re Holdings Ltd 108,226 4,518

(1,306) Moog Inc 'A' (89,200) (3,540)

6,281 Morgan Stanley 197,161 6,038

(39,523) Morgans Hotel Group Co (315,789) (40,945)

(131) Morningstar Inc (10,895) 193

(239) Mosaic Co/The (11,307) 416

(87,995) MoSys Inc (432,055) (67,738)

3,589 Motorcar Parts of America Inc 62,305 26,267

(5,098) Motorola Solutions Inc (335,805) (1,529)

18,292 Movado Group Inc 824,603 64,990

12,340 Move Inc 189,666 9,425

1,237 MSC Industrial Direct Co Inc 'A' 94,915 (1,324)

7,988 Mueller Water Products Inc 'A' 68,777 592

(8,318) Multi-Color Corp (313,838) (119,478)

(2,652) Multi-Fineline Electronix Inc (37,287) 4,051

16,029 Multimedia Games Holding Co Inc 467,406 (3,790)

(2,973) Murphy Oil Corp (194,137) (1,707)

22,317 Murphy USA Inc 1,023,458 123,909

(8,144) Murphy USA Inc (373,484) (2,229)

762 MWI Veterinary Supply Inc 138,562 15,671

212 Myers Industries Inc 4,344 288

7,047 MYR Group Inc 180,474 23,757

7,376 Myriad Genetics Inc 223,345 33,974

(12,343) Nabors Industries Ltd (204,400) 14,921

450 NACCO Industries Inc 'A' 29,065 5,974

(12,796) NASB Financial Inc (383,752) (69,042)

11,006 NASDAQ OMX Group Inc/The 432,536 24,433

(1,435) Nathan's Famous Inc (76,629) (1,942)

15,926 National American University

Holdings Inc 57,015 (4,396)

66,339 National Bank Holdings Corp 'A' 1,411,031 193,129

(4,318) National Bankshares Inc (163,350) (6,989)

7,876 National Beverage Corp 167,601 49,567

(267) National Fuel Gas Co (18,127) 969

(5,356) National Health Investors Inc (Reit) (319,325) 7,828

(1,128) National Healthcare Corp (62,378) (7,243)

(11,839) National Instruments Corp (372,929) 4,144

(31,573) National Interstate Corp (896,673) 135,581

3,257 National Research Corp 'B' 109,533 (1,334)

6,023 National Retail Properties Inc (Reit) 192,676 (11,624)

1,081 National Western Life Insurance Co 'A' 231,345 39,481

(1,672) Nationstar Mortgage Holdings Inc (66,077) 1,297

15,821 Natus Medical Inc 362,301 171,083

(6,753) Navidea Biopharmaceuticals Inc (11,210) 8,672

14,588 Navios Maritime Partners LP 242,744 29,691

(49,895) Navistar International Corp (2,022,743) (43,112)

(84,220) NBT Bancorp Inc (2,168,665) (205,503)

(459) NCR Corp (15,886) 1,256

150 Neenah Paper Inc 6,306 503

(67,305) Nektar Therapeutics (846,024) (181,471)

17,526 Nelnet Inc 'A' 792,175 85,748

(2,192) Neogen Corp (111,485) (25,928)

845 NeoGenomics Inc 2,966 (229)

(69,796) Neonode Inc (440,413) (53,519)

(2,269) NeoPhotonics Corp (13,614) (2,008)

13,531 Net 1 UEPS Technologies Inc 106,895 37,173

(35,790) NETGEAR Inc (1,151,722) (29,685)

(22,499) Netscout Systems Inc (683,520) (28,131)

(2,232) NetSuite Inc (213,937) 3,412

(12,930) Neurocrine Biosciences Inc (127,490) 21,669

5,132 New Jersey Resources Corp 236,329 1,341

6,424 New Mountain Finance Corp 96,553 2,522

6,619 New Residential Investment Corp (Reit) 39,648 (1,786)

(136,850) New York Mortgage Trust Inc (Reit) (951,108) 36,475

(64,771) New York Times Co/The 'A' (908,737) (138,071)

(9,782) NewLink Genetics Corp (214,813) (22,144)

213 NewMarket Corp 69,219 (332)

(6,788) Newmont Mining Corp (169,904) 18,735

40,021 Newport Corp 687,161 28,145

4,369 News Corp 'A' 78,292 699

(19,240) NewStar Financial Inc (344,204) (45,972)

(3,657) Nexstar Broadcasting Group Inc 'A' (182,301) (38,634)

(4,292) NIC Inc (105,111) (2,639)

289 NIC Inc 7,078 221

(33,032) NII Holdings Inc (83,901) 61,073

11,658 NIKE Inc 'B' 924,946 4,470

(3,315) NL Industries Inc (38,288) (1,353)

4,721 NN Inc 93,098 24,655

9,662 Noranda Aluminum Holding Corp 26,570 (6,439)

(5,342) Northern Oil and Gas Inc (85,472) (1,928)

609 Northrim BanCorp Inc 15,998 433

16,748 Northrop Grumman Corp 1,909,272 64,926

13,973 NorthStar Realty Finance Corp (Reit) 137,914 8,373

7,498 Northwest Natural Gas Co 320,689 5,443

20,318 NorthWestern Corp 893,382 (18,067)

165 Norwegian Cruise Line Holdings Ltd 5,673 216

28,841 Novagold Resources Inc 66,911 (11,771)

8,941 Novatel Wireless Inc 19,491 307

(1,543) NPS Pharmaceuticals Inc (40,735) (1,188)

(2,605) NRG Energy Inc (69,033) 274

1,304 NTELOS Holdings Corp 27,814 10,935

3,302 Nu Skin Enterprises Inc 422,412 39,606

45,776 Nuance Communications Inc 614,085 (94,373)

(10,029) Numerex Corp 'A' (130,628) (14,208)

(67,444) Nuverra Environmental Solution (109,934) 156,938

(40,779) NVIDIA Corp (639,415) 3,776

13,179 NXP Semiconductor NV 556,154 2,838

7,098 NxStage Medical Inc 72,116 187

(27,025) NxStage Medical Inc (274,574) 79,348

8,293 Oasis Petroleum Inc 379,073 (37,074)

12,649 Ocean Rig UDW Inc 263,858 3,586

3,215 Oceaneering International Inc 247,716 (20,454)

1,089 Ocwen Financial Corp 61,888 4,650

(144,040) Odyssey Marine Exploration Inc (288,800) 165,536

(29,393) Office Depot Inc (160,780) (5,597)

(938) OFG Bancorp (16,209) (675)

33 Oi SA ADR 52 (3)

342 Oi SA ADR 534 (14)

6,227 Old Dominion Freight Line Inc 322,994 14,776

(41,354) Old National Bancorp/IN (644,295) (157,946)

3,837 Old Republic International Corp 66,418 1,702

(45,741) Olin Corp (1,133,005) (1,195)

1,436 Olympic Steel Inc 39,734 185

47,758 OM Group Inc 1,595,117 86,204

(5,469) Omega Healthcare Investors Inc (Reit) (178,563) 981

38,595 Omega Protein Corp 534,927 223,222

(9,913) Omeros Corp (78,214) (25,461)

152 OmniAmerican Bancorp Inc 3,350 10

16,501 Omnicell Inc 397,509 109,439




USD



Market ValueUSD


(depreciation)USD



2,816 OMNOVA Solutions Inc 23,840 (743)

22,899 On Assignment Inc 781,085 8,186

(14,461) ON Semiconductor Corp (102,456) 217

29,464 ON Semiconductor Corp 208,752 2,179

26,097 OncoGenex Pharmaceutical Inc 222,868 17,540

5,919 OncoMed Pharmaceuticals Inc 76,710 (21,957)

424 Onconova Therapeutics Inc 6,292 (4,971)

4,130 One Liberty Properties Inc 85,202 (5,143)

2,285 OneBeacon Insurance Group Ltd 'A' 36,446 5,793

(17,628) ONEOK Inc (1,030,709) (15,713)

(1,846) OpenTable Inc (155,433) (326)

7,032 Ophthotech Corp 193,239 (26,031)

(51,217) Opko Health Inc (536,754) (22,782)

4,339 Oplink Communications Inc 70,379 29

6,740 Oppenheimer Holdings Inc 'A' 155,020 27,273

(1,626) Oracle Corp (57,398) (946)

(54,318) ORBCOMM Inc (334,056) (73,705)

57,889 Orbitz Worldwide Inc 394,803 (17,464)

(17,872) Orexigen Therapeutics Inc (124,568) (27,396)

10,547 Organovo Holdiongs Inc 92,286 (2,655)

(1,302) Organovo Holdiongs Inc (11,393) (3,181)

50,512 Orient-Express Hotels Ltd 'A' 742,526 137,052

377 Orion Marine Group Inc 4,411 551

(2,072) Ormat Technologies Inc (52,442) (8,603)

(4,142) Orrstown Financial Services Inc (68,053) (995)

19,144 Orthofix International NV 411,787 (175,289)

3,572 OSH 1 Liquidating Corp 793 (6,333)

675 Oshkosh Corp 33,230 741

17,795 OSI Systems Inc 1,375,376 84,525

(3,138) Osiris Therapeutics Inc (55,292) (27,927)

360 Otter Tail Corp 10,746 867

5,019 OvaScience Inc 47,680 (4,884)

(865) Owens & Minor Inc (33,078) (662)

8,451 Owens Corning 330,772 18,170

13,207 Owens-Illinois Inc 438,472 (2,773)

(359) Oxford Industries Inc (27,112) (4,439)

21,854 Pacer International Inc 201,057 114,718

11,254 Pacific Biosciences of California Inc 49,067 28,961

10,620 Pacific Continental Corp 152,397 40,615

(2,540) Pacific Mercantile Bancorp (15,570) (208)

31,042 Pacific Sunwear of California Inc 91,263 (8,660)

(3,413) Pacira Pharmaceuticals Inc/DE (188,705) (117,839)

15,966 Packaging Corp of America 979,833 8,578

33,528 Pain Therapeutics Inc 157,917 64,096

(48,741) Pall Corp (4,084,008) (113,289)

(8,182) Palo Alto Networks Inc (404,027) (38,804)

14,868 Pan American Silver Corp 155,371 (44,716)

(2,411) Pandora Media Inc (69,003) 7,088

(5,859) Panera Bread Co 'A' (1,037,746) (1,495)

(1,884) Panhandle Oil and Gas Inc 'A' (62,078) (8,420)

27,316 Pantry Inc/The 388,160 37,094

(6,799) Paramount Gold and Silver Corp (7,683) 8,027

(3,529) Park Sterling Corp (24,703) (6,315)

45,688 Parker Drilling Co 365,504 166,982

(13,361) Parkervision Inc (54,646) (7,130)

(21,930) Parkway Properties Inc/Md (Reit) (398,030) (4,563)

576 PartnerRe Ltd 59,455 1,665

(198) Patriot Transportation Holding Inc (8,179) (1,590)

(37,022) Patterson-UTI Energy Inc (862,242) 56,479

(6,747) Paychex Inc (296,733) (4,345)

2,456 PBF Energy Inc 'A' 71,813 (19,605)

2,332 PC Connection inc 51,071 4,293

(2,936) PDF Solutions Inc (68,409) (14,755)

(40,833) PDL BioPharma Inc (400,572) (35,495)

22,675 PDL BioPharma Inc 222,442 52,676

28,241 Peabody Energy Corp 514,833 (13,808)

(29,951) Pebblebrook Hotel Trust (902,424) (8,852)

(606) Pegasystems Inc (30,530) (7,394)

(31,749) Pendrell Corp (68,260) 1,211

(1,854) Penford Corp (21,970) 3,999

(90,391) Pengrowth Energy Corp (565,848) 11,443

(63,776) Penn National Gaming Inc (923,476) 15,885

76,393 Penn West Petroleum Ltd 656,216 1,289

(3,445) Penns Woods Bancorp Inc (179,519) (17,500)

556 PennyMac Financial Services Inc 'A' 9,708 (2,204)

(79,425) PennyMac Mortgage Investment

Trust (Reit) (1,802,948) 118,394

771 Peoples Bancorp Inc/OH 18,334 1,164

(5,256) Pep Boys-Manny Moe & Jack/The (71,545) (11,566)

(15,788) Peregrine Semiconductor Corp (143,355) 15,599

20,113 Performant Financial Corp 212,997 12,357

19,695 Pericom Semiconductor Corp 185,133 39,640

(53,198) Pernix Therapeutics Holdings (154,274) 94,259

3,466 Perrigo Co 540,245 10,143

11,758 Perry Ellis International Inc 182,249 (34,499)

26,714 PetMed Express Inc 421,280 103,013

34,338 Petroleo Brasileiro SA ADR 570,011 56,861

(1,072) PG&E Corp (43,405) 128

30,787 PGT Inc 309,409 16,849

10,206 PH Glatfelter Co 282,094 11,803

770 Pharmacyclics Inc 96,250 939

11,757 PHH Corp 283,696 27,621

6,144 PHI Inc 259,584 65,280

2,945 Phillips 66 206,533 8,923

33,420 Phillips 66 Partners LP 1,076,792 3,843

(3,678) Phoenix Cos Inc/The (207,697) (59,815)

(795) Photronics Inc (6,821) (488)

1,573 PICO Holdings Inc 38,460 1,294

30,489 Pike Corp 322,574 (104,619)

18,629 Pilgrim's Pride Corp 305,702 18,443

2,867 Pinnacle Financial Partners Inc 93,493 36,611

18,175 Pinnacle Foods Inc 510,717 (3,794)

1,154 Pioneer Energy Services Corp 8,366 (195)

(1,106) Piper Jaffray Cos (41,917) (2,191)

(67,990) Pitney Bowes Inc (1,587,567) (203,985)

28,884 Plains GP Holdings LP 'A' 674,441 17,909

(406) Plantronics Inc (18,266) (24)

7,697 Platinum Underwriters Holdings Ltd 488,759 4,044

(41,556) Plexus Corp (1,685,511) (78,031)

168 Plum Creek Timber Co Inc (Reit) 7,395 (7)

(24,132) Pluristem Therapeutics Inc (79,153) (4,537)

(1,043) PLX Technology Inc (7,051) (2,140)

8,090 Ply Gem Holdings Inc 142,708 1,643

(28,303) PMC - Sierra Inc (171,516) 13,934

(7,204) PMFG Inc (55,975) (3,504)

18 Polaris Industries Inc 2,416 51

(5,361) Polycom Inc (57,121) 274

549 Polycom Inc 5,850 467

(33,942) PolyOne Corp (1,106,849) (18,106)

5,745 Polypore International Inc 214,920 5,251

(4,878) Polypore International Inc (182,486) 18,947

(4,409) Pool Corp (249,990) (9,171)

907 Popular Inc 25,949 172

2,740 Portola Pharmaceuticals Inc 66,856 550

7,166 Post Holdings Inc 365,466 62,055

(63) Powell Industries Inc (4,368) (1,082)

5,085 Power Integrations Inc 273,853 (3,785)

(100) Power Solutions International Inc (7,500) (3,025)

6,562 Pozen Inc 51,971 7,187

2,590 PPG Industries Inc 479,746 1,147

(5,700) PPL Corp (175,047) 2,109

3,797 Precision Castparts Corp 990,068 28,373




USD



Market ValueUSD


(depreciation)USD




(31,071) Precision Drilling Corp (290,203) 24,551

6,713 Preferred Bank/Los Angeles CA 135,670 7,241

(1,376) Preformed Line Products Co (96,444) 6,240

21,710 Premier Exhibitions Inc 25,618 (24,934)

32,957 Premiere Global Services Inc 308,148 (26,348)

35,870 Prestige Brands Holdings Inc 1,256,885 49,841

11,080 PRGX Global Inc 72,906 (8,618)

884 priceline.com Inc 1,056,946 48,557

(2,488) Pricesmart Inc (312,642) (22,536)

(13,037) PrivateBancorp Inc (360,212) (35,137)

3,305 ProAssurance Corp 159,466 5,453

(28,844) Procera Networks Inc (439,871) (55,943)

(28,834) Progenics Pharmaceuticals Inc (147,630) (8,545)

23,158 Progress Software Corp 610,445 48,837

(52,840) Progressive Corp/The (1,486,389) (38,573)

(3,691) Proofpoint Inc (114,089) (1,542)

(30,695) Protalix BioTherapeutics Inc (116,334) 18,856

1,241 Prothena Corp Plc 34,115 12,643

(274) Proto Labs Inc (20,339) 1,387

295 Providence Service Corp/The 8,095 3,651

60,762 Provident Financial Holdings Inc 893,201 (120,578)

(3,762) Provident Financial Services Inc (73,923) (12,559)

21,613 PS Business Parks Inc (Reit) 1,695,756 177,624

6,870 PTC Inc 224,992 2,611

(25,735) PTC Inc (842,821) (49,136)

300 PTC Therapeutics Inc 4,674 (313)

19,553 PTGi Holding Inc 48,882 (41,712)

(6,074) Public Service Enterprise Group Inc (200,260) 6,742

(10,585) PulteGroup Inc (199,104) (6,013)

8,180 PulteGroup Inc 153,866 12,201

1,251 Puma Biotechnology Inc 61,399 8,309

(51,946) Pure Cycle Corp (367,258) (82,863)

(18,289) PVH Corp (2,443,228) (64,034)

15,695 QAD Inc 'A' 263,519 42,776

(30,146) QEP Resources Inc (968,290) 10,521

(34,295) QIAGEN NV (806,275) 33,412

36,254 Qlik Technologies Inc 893,661 (77,248)

21,392 QLogic Corp 260,982 58,847

(81,698) QLogic Corp (996,716) (82,581)

233 QTS Realty Trust Inc 'A' (Reit) 4,797 24

550 Quad/Graphics Inc 14,470 556

10,020 QUALCOMM Inc 738,574 15,531

(44,865) Quality Systems Inc (1,047,149) (18,200)

(5,362) Quanex Building Products Corp (95,712) (2,636)

9,460 Quanta Services Inc 279,732 (4,257)

12,475 Quest Diagnostics Inc 764,468 (2,975)

(10,157) Questar Corp (229,040) 4,164

(7,973) Questcor Pharmaceuticals Inc (464,029) 37,398

1,972 Questcor Pharmaceuticals Inc 114,770 (6,093)

(2,110) Quicksilver Resources Inc (6,119) (1,266)

10,918 Quidel Corp 277,317 3,717

(54,217) Quiksilver Inc (481,447) (124,173)

23,953 QuinStreet Inc 209,589 (12,565)

2,880 Quintiles Transnational Holdings Inc 125,280 (1,382)

(5,106) Rackspace Hosting Inc (190,199) 25,326

(31,737) Radian Group Inc (455,109) (82,114)

(48,178) RadioShack Corp (138,753) 11,206

(1,408) Rally Software Development Corp (33,862) 2,308

1,183 Ralph Lauren Corp 206,410 (1,680)

(22,772) Rambus Inc (196,295) (54,674)

(3,170) Range Resources Corp (246,087) (6,122)

(21,724) Raptor Pharmaceutical Corp (303,919) (110,518)

6,742 Raytheon Co 600,982 26,024

3,132 RBC Bearings Inc 215,920 4,947

(1,178) RBC Bearings Inc (81,211) (2,997)

249 RE/MAX Holdings Inc 'A' 7,624 228

18,354 RealD Inc 163,534 (112,031)

9,016 Realogy Holdings Corp 427,268 16,319

(347) Realogy Holdings Corp (16,444) (27)

(472) RealPage Inc (10,620) 699

2,853 Receptos Inc 66,475 2,912

16,061 Red Lion Hotels Corp 91,066 (11,080)

(18,904) Redwood Trust Inc (Reit) (355,395) 11,097

33,190 Regal Entertainment Group 'A' 646,541 28

(266) Regal-Beloit Corp (19,769) (45)

307 Regeneron Pharmaceuticals Inc 90,347 4,444

(51,041) Regis Corp (821,250) 55,586

14,191 Regulus Therapeutics Inc 88,836 6,261

(3,686) Reinsurance Group of America Inc (276,450) (1,655)

(40,761) Reis Inc (709,649) 3,627

14,717 Reliance Steel & Aluminum Co 1,083,171 (19,795)

1,721 Remy International Inc 39,996 8,350

1,010 RenaissanceRe Holdings Ltd 96,162 1,447

2,323 Renewable Energy Group Inc 26,413 (7,224)

9,077 Rent-A-Center Inc/TX 309,435 (46,292)

(79,352) Rentech Inc (143,627) 25,700

(4,608) Rentrak Corp (183,951) (80,396)

15,889 Repligen Corp 214,978 73,402

(3,911) Repros Therapeutics Inc (66,995) (7,561)

19,909 Republic Airways Holdings Inc 221,388 36,485

(1,183) Republic Bancorp Inc/KY 'A' (29,528) 2,229

(836) Resolute Forest Products Inc (13,526) (640)

3,048 Resolute Forest Products Inc 49,317 9,583

(898) Resource America Inc 'A' (8,441) (2,487)

12,460 Resource Capital Corp (Reit) 74,760 (4,831)

44,383 Resources Connection Inc 625,356 99,885

10,996 Responsys Inc 185,063 107,981

(2,754) Restoration Hardware Holdings Inc (207,657) (565)

10,061 Retail Opportunity Investments Corp 146,891 1,944

4,505 Retail Properties of America 'A' (Reit) 59,826 (2,748)

(40,273) Retail Properties of America

Inc 'A' (Reit) (534,825) 25,007

306 RetailMeNot Inc 8,764 (1,636)

9,622 Revett Minerals Inc 6,062 (24,333)

(8,802) Revlon Inc 'A' (235,630) (19,125)

(5,000) Revolution Lighting Technologies Inc (14,800) 4,433

22,636 REX American Resources Corp 727,747 201,622

(2,390) Rex Energy Corp (45,099) (6,054)

6,577 Reynolds American Inc 332,138 (13,286)

19,715 RF Micro Devices Inc 103,602 4,888

(30,560) Richardson Electronics

Ltd/United States (345,634) 12,101

407 RigNet Inc 17,302 1,722

662 RingCentral Inc 'A' 10,632 (1,005)

(25,241) Riverbed Technology Inc (436,164) 13,982

(3,123) RLI Corp (315,985) (22,179)

39,541 RLJ Lodging Trust (Reit) 951,752 (16,741)

46,596 Robert Half International Inc 1,804,197 3,878

194 Rock Tenn Co 'A' 18,366 (749)

3,402 Rocket Fuel Inc 166,018 5,418

(56,115) Rockwell Collins Inc (4,108,740) (157,313)

15,079 Rockwood Holdings Inc 1,038,642 33,676

(4,142) Rogers Corp (259,372) (9,031)

6,617 Rollins Inc 187,195 3,176

(521) Roma Financial Corp (10,368) (5,924)

(5,009) Rosetta Resources Inc (253,305) 20,998

7,289 Rosetta Stone Inc 84,042 (27,169)

30,291 Roundy's Inc 262,623 125,048

(3,884) Rouse Properties Inc (Reit) (95,546) (18,089)

17,093 Rovi Corp 312,118 14,145

3,265 Rowan Cos Plc 'A' 113,100 (278)

3,752 Royal Caribbean Cruises Ltd 166,964 795




USD



Market ValueUSD


(depreciation)USD



(644) Royal Gold Inc (29,135) 1,224

5,363 RPC Inc 95,622 (2,875)

37,824 RPX Corp 617,288 152,719

10,145 RR Donnelley & Sons Co 187,480 13,387

88,728 RTI Surgical Inc 266,184 (62,076)

(29,773) Rubicon Technology Inc (298,921) (90,119)

(3,270) Ruby Tuesday Inc (22,955) 780

(894) Ruckus Wireless Inc (11,416) 1,556

9,324 Ruckus Wireless Inc 119,067 (2,971)

(16,451) Rudolph Technologies Inc (185,403) 1,733

(16,034) Rush Enterprises Inc 'A' (468,834) (83,989)

4,973 Ruth's Hospitality Group Inc 70,517 4,794

11,536 Ryder System Inc 804,751 214,821

4,028 Ryman Hospitality Properties (Reit) 169,257 23,640

(4,235) S&T Bancorp Inc (111,169) (36,419)

(5,780) Safeguard Scientifics Inc (108,491) (17,242)

958 Safety Insurance Group Inc 54,261 6,784

(3,293) Saga Communications Inc 'A' (168,602) (17,647)

3,003 Saia Inc 103,664 38,896

27,387 Salem Communications Corp 'A' 248,400 34,145

30,928 Salesforce.com Inc 1,597,431 (79,568)

(160) Salix Pharmaceuticals Ltd (13,613) 18

2,901 Sanchez Energy Corp 74,730 (7,908)

(266) Sanchez Energy Corp (6,852) (487)

(2,616) SanDisk Corp (177,940) 5,310

(34,251) SandRidge Energy Inc (190,778) 19,248

10,525 Sanmina Corp 162,190 (7,408)

62,911 Sapiens International Corp NV 434,086 136,885

12,811 Sarepta Therapeutics Inc 233,160 68,141

(2,222) Sarepta Therapeutics Inc (40,440) 53,423

151 Saul Centers Inc (Reit) 7,372 233

5,444 ScanSources Inc 227,178 49,904

(1,162) Schawk Inc (17,151) 1,686

13,909 Schlumberger Ltd 1,235,954 (22,817)

(17,338) Scholastic Corp (530,543) (13,580)

16,265 Schweitzer-Mauduit International Inc 838,949 (14,002)

94,310 Sciclone Pharmaceuticals Inc 467,778 39,289

3,478 Science Applications International 129,451 8,434

(1) Science Applications International (37) (37)

(46,326) Scientific Games Corp 'A' (839,427) (6,887)

(8,984) SciQuest Inc (252,001) (57,269)

1,663 Scotts Miracle-Gro Co/The 'A' 98,084 1,478

127 Scripps Networks Interactive Inc 'A' 9,507 36

67 Seaboard Corp 190,194 6,882

2,265 Seachange International Inc 33,930 3,567

51,237 Seacoast Banking Corp of Florida 115,796 1,533

4,463 Sealed Air Corp 143,619 2,008

(59) Sears Canada Inc (1,062) (289)

(3,600) Sears Holdings Corp (227,268) 1,608

11,757 Sears Hometown and Outlet Stores Inc 372,814 (66,048)

620 Seattle Genetics Inc 25,476 175

1,195 SeaWorld Entertainment Inc 35,432 (2,211)

13,169 SEI Investments Co 445,902 1,238

(6,111) Select Comfort Corp (129,553) 9,575

(14,113) Select Income (Reit) (388,108) (25,376)

(498) Selective Insurance Group Inc (13,984) (2,445)

1,401 SemGroup Corp 'A' 86,288 5,718

(2,021) Sempra Energy (179,141) 4,947

(642) Seneca Foods Corp 'A' (19,498) 30

(53,760) Senior Housing Properties Trust (Reit) (1,225,190) 44,192

2,944 Sensata Technologies Holding NV 114,963 4,044

(2,429) Sensient Technologies Corp (120,600) 1,039

(11,961) Sequenom Inc (31,816) 21,514

41,497 Service Corp International/US 751,926 10,015

(15,138) ServiceNow Inc (817,149) (3,339)

(1,616) ServiceSource International Inc (15,691) 3,841

(916) Sherwin-Williams Co/The (168,581) 1,682

(1,580) SI Financial Group Inc (18,486) (997)

5,474 Sigma Designs Inc 31,257 4,831

(50,547) Silgan Holdings Inc (2,367,621) (71,509)

(5,402) Silicon Graphics International Corp (69,686) 7,878

2,745 Silicon Image Inc 14,905 (114)

(10,765) Silicon Laboratories Inc (420,696) 29,973

(1) Silver Bay Realty Trust Corp (Reit) (16) (1)

723 Silver Spring Networks Inc 14,453 955

800 Simmons First National Corp 'A' 27,960 1,047

2,705 Simon Property Group Inc (Reit) 408,969 (3,206)

4,036 Simplicity Bancorp Inc 63,769 2,997

(5,749) Simpson Manufacturing Co Inc (209,666) (22,772)

(4,820) Sirius XM Holdings Inc (18,003) (1,694)

12,895 Sirona Dental Systems Inc 885,113 (43,050)

29,314 Six Flags Entertainment Corp 1,101,327 (1,019)

(1,629) SJW Corp (44,928) (3,691)

11,452 Skyworks Solutions Inc 305,883 8,952

(634) SL Green Realty Corp (Reit) (57,675) 828

777 SL Industries Inc 22,727 12,375

(3,072) SM Energy Co (270,828) 2,827

6,292 SM Energy Co 554,703 (20,567)

(2,279) Snyders-Lance Inc (66,729) (1,057)

(23,009) Sociedad Quimica y Minera

de Chile SA ADR (579,597) 47,011

6,506 SodaStream International Ltd 376,242 14,091

(12,498) Solar Capital Ltd (288,079) (10,535)

(2,971) Solar Senior Capital Ltd (53,805) 125

(1,204) SolarCity Corp (59,755) (4,405)

4,946 SolarCity Corp 245,470 (9,549)

3,711 SolarWinds Inc 123,910 3,911

(22,769) Solazyme Inc (193,309) (12,470)

(27,598) Solera Holdings Inc (1,843,546) (22,802)

26,415 Solta Medical Inc 52,830 118

(153,099) Sonus Networks Inc (447,049) (50,716)

(3,785) Sotheby's (196,328) (10,820)

(22,484) South Jersey Industries Inc (1,287,434) 44,198

(34,596) Southern Co/The (1,412,555) 55,008

25,870 Southern Copper Corp 653,217 (47,469)

8,280 Southside Bancshares Inc 234,407 64,903

28,764 Southwest Gas Corp 1,531,683 118,754

(2,252) Southwest Gas Corp (119,919) (782)

(1,110) Southwestern Energy Co (43,090) (2,608)

27,633 Sovran Self Storage Inc 1,850,029 15,829

25,193 Spansion Inc 'A' 313,653 18,969

3,646 Spark Networks Inc 21,183 (590)

(1,455) Spartan Motors Inc (9,850) (1,011)

457 Spartan Stores Inc 10,488 (48)

3,412 Spectranetics Corp 79,602 16,484

(11,377) Spectrum Brands Holdings Inc (805,150) (68,799)

(5,139) Spectrum Pharmaceuticals Inc (49,797) (11,175)

(124,696) Speed Commerce Inc (486,314) (82,132)

13,553 Speedway Motorsports Inc 275,804 39,399

50,507 Spirit Aerosystems Holdings Inc 'A' 1,647,033 285,147

1,378 Spirit Airlines Inc 64,077 2,719

(26,961) Spirit Realty Capital Inc (Reit) (268,801) 8,753

443 Splunk Inc 32,095 4,036

6,353 Springleaf Holdings Inc 134,811 7,642

(173,490) Sprint Corp (1,505,893) (210,219)

(618) SPS Commerce Inc (40,961) 1,989

134 SPS Commerce Inc 8,882 727

(6,609) SPX Corp (619,065) 6,756

2,602 SS&C Technologies Holdings Inc 112,927 8,240

715 Stamps.com Inc 33,083 1,242

(21,120) Standard Parking Corp (513,638) (58,769)

2,535 Stanley Black & Decker Inc 204,955 (4,538)




USD



Market ValueUSD


(depreciation)USD




(26,519) Star Scientific Inc (34,210) 17,671

3,743 Starbucks Corp 307,525 3,631

8,351 Starwood Hotels & Resorts

Worldwide Inc 624,905 3,997

(27,809) Starwood Property Trust Inc (Reit) (774,759) (36,845)

788 Starz 'A' 22,222 5,813

(52,622) State Auto Financial Corp (1,142,424) (332,126)

11,806 State Bank Financial Corp 206,251 3,757

8,372 Steel Dynamics Inc 152,370 574

2,990 Steiner Leisure Ltd 179,789 10,328

6,329 StellarOne Corp 159,744 62,315

168 Stemline Therapeutics Inc 3,410 (1,325)

(542) Stepan Co (34,395) (3,524)

2,544 STERIS Corp 118,016 3,809

(60,683) Sterling Bancorp/DE (801,016) (158,878)

(8,646) Sterling Construction Co Inc (103,666) (20,039)

6,734 Sterling Financial Corp/WA 219,326 63,630

(7,207) Steven Madden Ltd (281,505) (8,667)

254 Stewart Information Services Corp 8,186 338

(19,814) Stifel Financial Corp (899,556) (23,601)

1,541 Stillwater Mining Co 17,444 108

778 Stock Building Supply Holdings Inc 14,611 2,706

2,619 Stone Energy Corp 85,432 38,123

(7,400) Stone Energy Corp (241,388) 6,010

3,961 Stonegate Mortgage Corp 67,297 1,652

16,327 Stoneridge Inc 207,516 78,027

64,243 STR Holdings Inc 119,492 (27,509)

5,207 Straight Path Communications Inc 'B' 36,709 36,709

1,662 Stratasys Ltd 195,950 7,213

(4,604) Strayer Education Inc (171,315) 59,112

433 Sturm Ruger & Co Inc 33,432 (132)

10,636 Sucampo Pharmaceuticals Inc 'A' 82,110 9,354

(2,236) Summit Hotel Properties Inc (Reit) (20,370) 2,811

(38,299) Sun Bancorp Inc/NJ (137,110) (4,823)

4,380 Sun Communities Inc (Reit) 179,974 (19,460)

(712) Sun Communities Inc (Reit) (29,256) 2,132

(1,283) Sun Hydraulics Corp (55,195) (3,940)

7,333 SunCoke Energy Inc 166,679 18,178

(7,764) Sunedison Inc (100,544) (36,440)

9,895 SunPower Corp 297,938 1,279

5,696 SunTrust Banks Inc 208,075 3,838

274 Superior Industries International Inc 5,283 448

(16,957) Supernus Pharmaceuticals Inc (121,243) (9,982)

6,068 Supertex Inc 157,647 4,609

13,809 support.com Inc 55,236 (13,007)

39,796 SurModics Inc 951,920 (83,058)

(4,594) Susser Holdings Corp (300,677) (70,323)

3,421 SVB Financial Group 348,429 13,582

4,630 Swift Energy Co 60,792 217

1,053 Swift Transportation Co 24,472 6,224

7,531 SWS Group Inc 49,027 11,323

(11,394) SY Bancorp Inc (377,483) (90,500)

72,126 Sycamore Networks Inc 33,539 (151,939)

179 Sykes Enterprises Inc 3,890 225

322 Symetra Financial Corp 6,150 202

50,340 Symmetry Medical Inc 493,835 (45,155)

42,398 Synacor Inc 118,290 (23,796)

125 Synageva BioPharma Corp 7,500 778

(3,800) Synageva BioPharma Corp (228,000) (41,205)

9,442 Synaptics Inc 475,782 104,416

(2,728) Synaptics Inc (137,464) (6,965)

8,987 Synchronoss Technologies Inc 281,563 (9,052)

(785) Synchronoss Technologies Inc (24,594) 4,537

(1,779) Synergy Pharmaceuticals Inc (8,094) (815)

(15,146) Synopsys Inc (555,404) (1,666)

26,660 Synovus Financial Corp 93,843 5,169

(2,626) Synta Pharmaceuticals Corp (13,366) 12,447

15,097 Syntel Inc 1,349,219 45,150

(43,880) Synutra International Inc (391,848) (161,290)

18,983 Sypris Solutions Inc 51,064 (27,365)

(3,849) Sysco Corp (131,135) (1,712)

2,209 Systemax Inc 25,227 4,551

20,186 T-Mobile USA Inc 521,001 (25,679)

3,209 Tableau Software Inc 'A' 210,189 10,109

(613) Tableau Software Inc 'A' (40,152) (3,632)

(2,405) Tahoe Resources Inc (43,117) 2,482

55,669 Take-Two Interactive Software Inc 906,848 (53,489)

(29,066) TAL International Group Inc (1,594,270) (173,119)

(41,325) Tanger Factory Outlet Centers (Reit) (1,365,378) 53,862

(6,385) Tangoe Inc (100,500) (19,473)

5,181 Targa Resources Corp 424,013 15,398

23,955 Targacept Inc 134,148 11,257

4,107 Target Corp 264,984 (9,734)

(4,206) Target Corp (271,371) (239)

23,414 Taser International Inc 411,150 230,375

(8,825) TCF Financial Corp (138,817) (2,137)

16,964 TCP Capital Corp 294,325 40,364

2,141 TD Ameritrade Holding Corp 61,789 3,138

(132) Team Inc (5,391) (493)

(18,931) TearLab Corp (175,112) (42,103)

28,293 Tech Data Corp 1,465,860 75,325

2,534 TechTarget Inc 15,432 2,686

25,157 TECO Energy Inc 430,939 (7,296)

(17,536) Tecumseh Products Co 'A' (156,421) 18,408

(58,890) Teekay Corp (2,605,294) (77,714)

(38,270) Teekay Offshore Partners LP (1,237,269) 41,121

10,463 Tejon Ranch Co 376,668 32,389

1,465 Tejon Ranch Co (Warrants) 7,618 7,618

(28) Teledyne Technologies Inc (2,614) (112)

(1,054) Teleflex Inc (104,283) (3,955)

(17,970) Telefonica Brasil SA (345,204) 4,006

63,826 Telenav Inc 451,250 52,786

47,466 Telephone & Data Systems Inc 1,319,080 (84,374)

6,018 TeleTech Holdings Inc 155,926 22,433

336 TELUS Corp 11,918 94

(20,777) Tempur-Pedic International Inc (1,054,225) (110,441)

(1,979) Tennant Co (128,932) (7,191)

(2,777) Tenneco Inc (160,094) (2,957)

(377) Territorial Bancorp Inc (8,897) (282)

(5,263) TESARO Inc (206,783) (614)

1,517 Tesco Corp 27,078 8,501

(1,196) Tesla Motors Inc (154,786) (15,352)

2,694 Tesoro Corp 158,488 11,584

(14,321) Tessco Technologies Inc (564,247) (93,172)

88,983 Tessera Technologies Inc 1,801,906 39,085

(12,870) Tetra Tech Inc (368,468) (28,337)

1,042 TETRA Technologies Inc 12,764 238

16,824 Tetraphase Pharmaceuticals Inc 202,224 64,053

7,399 Texas Capital Bancshares Inc 415,232 92,292

(8,026) Texas Industries Inc (467,274) 58,516

(7,720) Textainer Group Holdings Ltd (301,080) (16,120)

(6,269) TG Therapeutics Inc (28,273) 9,644

(16,800) TherapeuticsMD Inc (79,800) (42,400)

(2,922) Theravance Inc (109,867) (13,674)

2,413 Theravance Inc 90,729 1,263

(7,843) Thermon Group Holdings Inc (224,467) (56,573)

58,291 Third Point Reinsurance Ltd 984,535 119,209

(36,125) Thomson Reuters Corp (1,364,080) 20,255

4,803 Thor Industries Inc 261,715 6,903

15,846 Thoratec Corp 624,332 55,242

13,870 Threshold Pharmaceuticals Inc 67,547 4,783

32,050 TIBCO Software Inc 779,776 13,651




USD



Market ValueUSD


(depreciation)USD



(17,146) TICC Capital Corp (185,177) (20,048)

9,345 Tidewater 530,329 (18,403)

13,931 Tile Shop Holdings Inc 230,697 (81,849)

(11,435) Tile Shop Holdings Inc (189,364) 94,960

5,258 Tilly's Inc 'A' 63,201 (7,583)

(21,197) Time Warner Cable Inc (2,936,844) (109,282)

1,434 Time Warner Inc 94,988 (250)

4,223 Timken Co 218,920 (5,508)

20,745 TiVo Inc 262,839 (1,198)

(15,079) Toll Brothers Inc (519,170) (14,610)

(11,327) Tompkins Financial Corp (566,350) (43,682)

(28,788) Tootsie Roll Industries Inc (938,489) (33,891)

(1,787) Tornier NV (32,005) (2,223)

13,612 Tower International Inc 293,747 19,987

(72,704) Towerstream Corp (163,584) 68,678

466 Town Sports International Holdings Inc 6,445 709

(73,313) TowneBank/Portsmouth VA (1,118,756) (11,557)

18,629 Transcept Pharmaceuticals Inc 66,133 (25,872)

8,015 TransDigm Group Inc 1,269,119 90,650

(43,706) Transocean Ltd (2,209,775) (4,626)

16,314 TravelCenters of America LLC 174,070 81,518

1,164 Travelers Cos Inc/The 106,657 3,445

14,433 Travelzoo Inc 305,258 (3,559)

(2,250) Tree.com Inc (67,950) (26,493)

(6,813) TreeHouse Foods Inc (479,158) 6,213

10,906 Tremor Video Inc 47,986 (41,889)

(13,246) Trex Co Inc (962,587) (232,990)

14,322 Tri Pointe Homes Inc 287,586 16,742

7,338 Triangle Petroleum Corp 79,177 5,359

24,346 Trimas Corp 893,742 (3,310)

(64,110) Trimble Navigation Ltd (2,061,778) 15,496

973 Triple-S Management Corp 'B' 19,849 2,407

33,521 Tronox Ltd 'A' 710,645 (20,818)

781 TrueBlue Inc 20,087 420

(3,051) Trulia Inc (105,687) 10,685

25,649 Trustmark Corp 720,480 127,370

5,564 TRW Automotive Holdings Corp 430,042 2,393

2,408 TTM Technologies Inc 22,924 2,297

(1,624) Tuesday Morning Corp (22,963) (1,311)

14,529 tw telecom Inc 414,076 (4,068)

(20,251) Twin Disc Inc (585,051) (97,697)

(18,660) Two Harbors Investment Corp (Reit) (173,538) 2,612

9,110 Tyson Foods Inc 'A' 289,607 26,655

14,513 Ubiquiti Networks Inc 574,860 182,654

5,608 UBS AG 107,674 4,392

(1,066) UDR Inc (Reit) (25,030) 288

1,077 Ulta Salon Cosmetics & Fragrance Inc 137,447 838

(182) Ultimate Software Group Inc/The (28,556) (48)

388 Ultimate Software Group Inc/The 60,877 16

(3,331) Ultra Petroleum Corp (68,119) (3,797)

(11,311) Ultratech Inc (296,348) (2,724)

(13,117) UMB Financial Corp (844,735) (32,827)

51,866 Umpqua Holdings Corp 952,260 302,902

(4,066) Uni-Pixel Inc (52,045) 17,959

18,690 Unifi Inc 517,152 232,405

(54,035) Unilife Corp (244,238) (65,458)

276 Union First Market Bankshares Corp 7,144 818

3,371 Union Pacific Corp 548,226 10,585

(876) Unisys Corp (24,230) (2,148)

420 Unit Corp 20,223 (774)

(3,879) United Bankshares Inc/WV (126,805) (13,331)

46,975 United Community Banks Inc/GA 861,991 120,268

(75,335) United Community Financial Corp/OH (283,260) 12,185

(1,849) United Continental Holdings Inc (72,925) (4,922)

8,948 United Financial Bancorp Inc 175,381 29,815

4,662 United Fire Group Inc 136,363 6,346

3,652 United Online Inc 57,775 (88,344)

(1,503) United Rentals Inc (103,226) 109

(45,793) United States Steel Corp (1,227,252) (130,371)

3,785 United Therapeutics Corp 348,220 (5,599)

(1,147) Unitil Corp (34,639) (5,154)

(892) Universal American Corp/NY (6,859) (23)

(1,757) Universal Corp/VA (91,540) 260

(8,685) Universal Display Corp (313,442) (7,442)

(3,584) Universal Forest Products Inc (188,375) (43,196)

26,507 Universal Insurance Holdings Inc 309,072 130,579

(10,704) Universal Stainless &

Alloy Products Inc (382,026) (4,893)

(23,456) Universal Technical Institute Inc (344,100) (67,951)

2,694 Unum Group 90,869 1,131

(202,814) Unwired Planet Inc (316,390) 99,806

(146,224) Uranium Energy Corp (269,052) 84,933

20,915 Urban Outfitters Inc 818,195 (21,961)

(26,569) US Antimony Corp (53,935) 580

4,492 US Silica Holdings Inc 153,312 26,209

14,437 USA Mobility Inc 212,946 29,182

8,873 USANA Health Sciences Inc 658,288 (10,406)

(5,331) USG Corp (146,443) 1,013

(68,645) UTi Worldwide Inc (1,089,396) 14,216

30,930 Vaalco Energy Inc 187,126 (45,547)

506 Vail Resorts Inc 38,542 678

(2,104) Valassis Communications Inc (62,363) (466)

41,705 Vale SA 581,368 (37,675)

6,265 Valeant Pharmaceuticals

International Inc 688,899 24,584

3,557 Valero Energy Corp 162,946 9,007

4,686 Validus Holdings Ltd 188,237 5,087

(204,588) Valley National Bancorp (2,078,614) (118,010)

6,148 Valmont Industries Inc 892,382 (123)

8,267 Valspar Corp/The 584,973 (5,704)

1,661 ValueClick Inc 35,595 2,675

(148,043) Vantage Drilling Co (273,880) (10,493)

(676) Varian Medical Systems Inc (52,850) (2,379)

13,958 Vascular Solutions Inc 292,420 80,715

103,359 VCA Antech Inc 3,105,938 219,579

41,324 Vectren Corp 1,433,530 (16,597)

(8,825) Veeco Instruments Inc (286,371) 30,233

1,547 Veeva Systems Inc 'A' 62,793 3,596

12,834 Ventrus Biosciences Inc 37,860 1,157

(5,924) Vera Bradley Inc (144,842) (17,204)

4,494 Verastem Inc 47,187 1,346

3,390 VeriFone Systems Inc 87,225 28,172

(17,278) VeriFone Systems Inc (444,563) (11,139)

27,810 Verint Systems Inc 1,057,614 64,729

(2,806) VeriSign Inc (160,419) (1,459)

10,087 VeriSign Inc 576,674 15,332

(9,346) Verisk Analytics Inc 'A' (607,864) (9,433)

29,951 Verizon Communications Inc 1,495,154 (8,623)

4,080 VF Corp 963,125 44,851

5,445 Viacom Inc 'B' 439,357 4,661

40,601 Viad Corp 1,088,107 (28,403)

8,352 ViaSat Inc 505,630 2,793

1,214 Viasystems Group Inc 18,210 (177)

24,663 Vicor Corp 267,840 135,983

(28,425) ViewPoint Financial Group Inc (721,995) (133,061)

(3,646) Village Super Market Inc 'A' (139,933) (12,116)

3,234 Violin Memory Inc 11,254 (8,600)

(4,658) VirnetX Holding Corp (92,228) (2,371)

(1,735) Virtusa Corp (61,159) (10,800)

19,695 Vishay Intertechnology Inc 252,096 (4,785)

(7,266) Vista Gold Corp (2,688) 18,904

(3,332) VistaPrint NV (192,156) (4,515)




USD



Market ValueUSD


(depreciation)USD

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

Goldman Sachs and Morgan Stanley are the counterparties to these Contracts for Difference.




2,934 Visteon Corp 231,933 7,980

(69,930) Vitacost.com Inc (406,993) 90,987

(9,605) Vivus Inc (96,626) 5,305

(13,503) Volcano Corp (308,273) (10,094)

25,310 Vonage Holdings Corp 83,776 (8,604)

(17,465) Vornado Realty Trust (Reit) (1,547,748) 11,860

6,046 VOXX International Corp 106,410 59,882

(29,221) Vringo Inc (94,092) (8,178)

(4,249) Vulcan Materials Co (239,729) 1,615

(604) W&T Offshore Inc (10,510) 863

1,371 WABCO Holdings Inc 121,786 2,550

(1,011) Wabtec Corp (69,911) (581)

8,121 Waddell & Reed Financial Inc 'A' 519,744 (10,881)

4,003 WageWorks Inc 232,855 17,560

(707) Wal-Mart Stores Inc (57,380) (1,372)

(5,112) Walgreen Co (303,653) 4,499

11,484 Walker & Dunlop Inc 186,960 26,582

(4,141) Walter Energy Inc (59,341) 13,044

5,017 Walter Investment Management Corp 192,101 9,947

139,727 Warren Resources Inc 442,935 50,739

(118) Washington Trust Bancorp Inc (4,309) (532)

(2,841) Waste Management Inc (129,797) (1,305)

643 Waters Corp 64,030 (120)

1,126 Watsco Inc 108,445 (129)

(76,937) Wausau Paper Corp (928,630) (37,902)

4,514 WD-40 Co 341,484 13,793

6,939 Web.com Group Inc 197,415 6,402

(27,197) WebMD Health Corp (1,044,365) (55,468)

(3,280) Weight Watchers International Inc (106,239) (679)

(482) Weis Markets Inc (24,862) (1,791)

(8,246) WellCare Health Plans Inc (616,801) (37,487)

9,083 WellPoint Inc 849,170 30,791

5,702 Wendy's Co/The 49,237 3,417

(156) WESCO International Inc (13,516) (198)

2,576 West Bancorporation Inc 41,860 7,179

5,624 West Corp 131,039 3,904

2,519 West Pharmaceutical Services Inc 126,454 9,916

(6,503) Westamerica Bancorporation (367,420) (2,171)

(1,082) Western Alliance Bancorp (25,221) (919)

(3,902) Western Digital Corp (294,562) (436)

4,115 Western Refining Inc 162,090 12,856

11,728 Western Union Co/The 196,913 726

554 Westlake Chemical Corp 62,968 (673)

(6,693) Westmoreland Coal Co (100,395) (25,279)

13,614 Westport Innovations Inc 289,570 (85,951)

3,354 Westwood Holdings Group Inc 191,178 25,627

61,498 Wet Seal Inc 'A' 208,478 11,318

(6,433) WEX Inc (643,750) (7,141)

(6,205) Weyco Group Inc (180,938) (23,371)

(512) Weyerhaeuser Co (15,416) (189)

5,117 Whirlpool Corp 784,129 12,281

127 White Mountains Insurance Group Ltd 77,081 771

42,253 WhiteWave Foods Co 'A' 902,947 (1,930)

4,349 Whiting Petroleum Corp 261,897 (18,453)

11,998 Willbros Group Inc 103,543 (3,358)

(1,545) Williams-Sonoma Inc (91,881) (4,264)

28,500 Willis Lease Finance Corp 518,985 32,685

13,756 Wilshire Bancorp Inc 146,639 43,764

(86,942) Windstram Holdings Inc (707,708) 75,117

(3,550) Winnebago Industries Inc (111,115) (36,852)

6,760 Wintrust Financial Corp 307,174 32,118

2,123 WisdomTree Investments Inc 32,397 2,774

(65,850) Wolverine World Wide Inc (2,164,621) (510,937)

(1,840) Woodward Inc (79,506) (187)

649 Workday Inc 'A' 53,341 (268)

(3,927) Workday Inc 'A' (322,760) (25,642)

(2,072) World Acceptance Corp (191,660) (4,434)

26,448 Worthington Industries Inc 1,099,972 41,259

33,579 WP Carey Inc (Reit) 2,119,506 (114,798)

(29,848) WPX Energy Inc (546,815) 2,388

(453) WR Berkley Corp (20,041) (222)

(1,319) WR Grace & Co (126,914) (2,124)

(45,318) Wright Medical Group Inc (1,366,791) (212,108)

1,884 WSFS Financial Corp 141,677 27,924

26 WW Grainger Inc 6,751 84

(5,376) Wyndham Worldwide Corp (387,126) (15,383)

(2,043) Wynn Resorts Ltd (340,139) (6,177)

(29,996) XenoPort Inc (158,979) 29,650

4,911 Xerium Technologies Inc 64,727 29,583

2,149 Xilinx Inc 95,630 2,687

15,893 XL Group Plc 513,026 14,145

2,440 XO Group Inc 36,600 16,598

(23,789) XPO Logistics Inc (542,151) (151,158)

(35,827) Xylem Inc/NY (1,248,571) (18,356)

(9,519) Yadkin Financial Corp (171,056) (24,953)

(1,305) Yahoo! Inc (48,468) (1,633)

(1,736) Yandex NV 'A' (68,867) (661)

(2,070) Yelp Inc (125,587) (51,520)

(5,093) YRC Worldwide Inc (45,837) 53,199

(34,471) Yum! Brands Inc (2,689,427) (90,008)

2,044 YuMe Inc 18,028 (3,358)

60,558 Zagg Inc 258,583 (163,699)

920 ZAIS Financial Corp 15,677 277

22,461 Zebra Technologies Corp 'A' 1,172,464 27,823

871 Zeltiq Aesthetics Inc 15,112 588

(4,011) Zillow Inc 'A' (314,342) (24,895)

(24,787) ZIOPHARM Oncology Inc (105,345) 1,576

28,252 Zoetis Inc 882,875 (25,096)

(28,970) Zogenix Inc (94,442) (48,559)

(22,924) Zoltek Cos Inc (383,289) (101,842)

(11,832) Zumiez Inc (329,403) (26,516)

(7,799) Zygo Corp (123,146) (505)

(155,092) Zynga Inc 'A' (681,629) (62,923)

(3,300,726) (392,902)

Total market value

(USD underlying exposure – USD 1,058,015,057) 1,171,503 10,036,983




Swaps as at 30 November 2013

Nominal Value Description

Unrealised appreciation/

(depreciation) USD

USD 5,330 Total Return Swap (Citibank) (Fund receives 3 Month

LIBOR and pays MSCI Daily TR Net Emerging

Markets Chile USD Index) (25/7/2014) 151,036

(USD underlying exposure – USD 2,149,417) 151,036

Note: The total market value of USD 151,036 is included in the Statement of Net Assets

(see Note 2(d)).

Open Forward Foreign Exchange Transactionsas at 30 November 2013

Purchases Sales Value date


(depreciation) USD

EUR 33,614,114 USD 45,000,436 13/12/2013 712,762

USD 1,324,200 EUR 981,591 13/12/2013 (10,705)

SEK 105,124,843 USD 15,782,226 13/12/2013 274,430

USD 636,136 SEK 4,219,352 13/12/2013 (8,324)

Net unrealised appreciation


Note: The net unrealised appreciation attributed to these transactions is included

in the Statement of Net Assets (see Note 2(d)).

State Street Bank and Trust Company is the counterparty to these Open Forward Foreign

Exchange Transactions.

Sector Breakdown as at 30 November 2013

% of netassets *

Government 48.27

Financial 41.73

Other Net Assets 10.00

100.00

* Based on the market value of the Portfolio of Investments

Open Exchange Traded Futures Contractsas at 30 November 2013

Number of Contracts

Contract/Description

Expirationdate

Underlying exposure

USD


(depreciation) USD

92 S&P 500 E-Mini Index December 2013 8,298,860 588,920

Total 8,298,860 588,920








(USD) %



BlackRock Asia Extension Fund

BONDS

Canada USD 1,000,000 Province of Ontario Canada 1.375%

27/1/2014 1,001,908 2.62

1,001,908 2.62

France USD 500,000 BNP Paribas FRN 10/1/2014 500,457 1.31

500,457 1.31

United States USD 1,000,000 Fannie Mae Discount Notes 0.00%

27/1/2014 (Zero Coupon) 999,950 2.61

USD 900,000 Fannie Mae Discount Notes 0.00%

29/1/2014 (Zero Coupon) 899,953 2.35

USD 250,000 Federal Home Loan Banks 0.12%

30/1/2014 250,028 0.65

USD 136,000 Federal National Mortgage Association

1.35% 21/3/2014 136,548 0.36


7/4/2014 (Zero Coupon) 1,099,722 2.87


2/1/2014 (Zero Coupon) 499,996 1.31


9/1/2014 (Zero Coupon) 499,996 1.31


13/2/2014 (Zero Coupon) 1,499,857 3.92


24/4/2014 (Zero Coupon) 999,630 2.61


8/5/2014 (Zero Coupon) 1,999,178 5.22


22/5/2014 (Zero Coupon) 999,529 2.61


31/1/2014 1,500,498 3.92

USD 500,000 United States Treasury Note 1.875%

28/2/2014 502,236 1.31


31/3/2014 1,307,134 3.41


30/4/2014 400,242 1.04

13,594,497 35.50

Total Bonds 15,096,862 39.43


United States USD 500,000 Bank of America NA 0.01% 14/1/2014 500,008 1.31

USD 500,000 Bank of Tokyo-Mitsubishi UFJ Ltd/The

0.21% 28/2/2014 500,030 1.31

USD 500,000 Bank of Tokyo-Mitsubishi UFJ Ltd/The

0% 7/3/2014 501,158 1.31

USD 500,000 Credit Industriel et Commercial 0%

2/12/2013 500,026 1.31

USD 550,000 Credit Suisse AG 0.67% 9/1/2014 553,207 1.44


USD 900,000 Norinchukin Bank 0% 4/12/2013 900,028 2.35

USD 500,000 Rabobank USA Financial Corp 0.01%

27/6/2014 499,216 1.30

USD 300,000 Skandinaviska Enskilda Banken AB

0.01% 7/1/2014 300,728 0.78

USD 500,000 Sumitomo Mitsui Banking Corp

0.21% 12/2/2014 500,101 1.31

5,954,698 15.55


COMMERCIAL PAPER

United States USD 900,000 Antalis US Funding Corp 0.01%

3/2/2014 899,626 2.35

EUR 500,000 Atlantic Asset Secritization LLC 0%

18/12/2013 499,965 1.31

USD 500,000 Bank of Nova Scotia 0.01% 25/2/2014 499,795 1.30

USD 500,000 Barton Capital Corp 0.01% 3/2/2014 499,801 1.30

USD 295,000 BNP Paribas SA 0% 5/3/2014 294,728 0.77

USD 900,000 BPCE SA 0.01% 3/2/2014 899,642 2.35

USD 500,000 Cooperatieve Centrale 0.01% 12/3/2014 500,000 1.31

USD 500,000 Govco LLC 0.01% 11/2/2014 499,797 1.30

USD 1,000,000 ING (US) Funding LLC 0% 9/12/2013 999,955 2.61

USD 300,000 Lloyds Bank Plc 0% 27/1/2014 299,894 0.78

USD 1,000,000 Nieuw Amsterdam Receivables Corp

0% 16/1/2014 999,778 2.61

USD 500,000 Nordea Bank AB 0.01% 10/1/2014 499,866 1.31

USD 400,000 Nordea Bank AB 0% 18/2/2014 399,782 1.04

USD 420,000 Oversea-Chinese Banking Corp Ltd 0%

19/2/2014 419,811 1.10

USD 500,000 Regency Markets No.1 LLC 0.01%

16/12/2013 499,969 1.31

USD 1,000,000 Societe Generale North America Inc

0.01% 6/12/2013 999,967 2.61

USD 500,000 Sumitomo Mitsui Banking Corp

0.01% 10/1/2014 499,869 1.31

10,212,245 26.67










United States continued


USD


(depreciation) USD Holding Description

Market ValueUSD


(depreciation) USD


BlackRock Asia Extension Fund continued

Hong Kong 124,000 Agricultural Bank of China Ltd 63,658 7,672

345,000 AIA Group Ltd 1,748,875 294,548

(286,000) Aluminum Corp of China Ltd (106,982) 14,398

15,000 Anhui Conch Cement Co Ltd 'H' 58,625 2,793

(45,400) ASM Pacific Technology Ltd (377,421) 100,696

1,691,000 Bank of China Ltd 817,941 66,129

58,500 BBMG Corp 'H' 51,839 7,078

168,000 BOC Hong Kong Holdings Ltd 568,834 3,095

(50,000) Champion (Reit) (22,379) 42

84,000 Cheung Kong Holdings Ltd 1,327,280 27,619

40,000 China Agri-Industries Holdings Ltd 20,432 2,052

176,000 China CITIC Bank Corp Ltd 102,839 8,092

1,125,000 China Communications

Construction Co Ltd 947,573 (71,537)

2,089,000 China Construction Bank Corp 1,692,174 86,081

(916,500) China COSCO Holdings Co Ltd (471,685) (12,231)

56,000 China Everbright Ltd 91,880 12,554

44,000 China Gas Holdings Ltd 59,592 7,925

(428,000) China High Speed Transmission

Equipment Group Co Ltd (215,306) (14,493)

600,000 China Machinery Engineering Corp 'H' 461,259 117,764

55,500 China Merchants Bank Co Ltd 'H' 118,550 14,632

4,000 China Merchants Holdings

International Co Ltd 14,885 59

188,000 China Oilfield Services Ltd 567,441 137,165

862,600 China Petroleum & Chemical Corp 741,021 118,654

544,000 China Public Procurement Ltd 30,173 (3,804)

253,000 China Railway Construction Corp Ltd 283,588 41,930

375,000 China Railway Group Ltd 'H' 215,731 31,560

74,000 China Resources Cement Holdings Ltd 53,071 4,499

(62,000) China Resources Enterprise Ltd (219,524) (16,277)

12,000 China Resources Power Holdings Co Ltd 29,038 549

118,000 China Shenhua Energy Co Ltd 400,299 (11,695)

(695,000) China Shipping Container Lines Co Ltd (187,361) (9,810)

(178,000) China Shipping Development Co Ltd (120,998) (27,435)

182,000 China Unicom Hong Kong Ltd 288,751 24,364

(78,000) China Yurun Food Group Ltd (51,311) 161

87,500 China ZhengTong Auto Services

Holdings Ltd 59,592 (442)

139,000 Chongqing Rural Commercial Bank 'H' 72,793 4,420

150,200 Chow Tai Fook Jewellery Group Ltd 232,874 19,616

(79,000) CITIC Pacific Ltd (114,128) (27,433)

277,000 CNOOC Ltd 568,099 60,370

(340,000) Comba Telecom Systems Holdings Ltd (117,095) (4,151)

(164,000) Daphne International Holdings Ltd (75,520) 39,576

(483,500) Esprit Holdings Ltd (1,006,577) (257,338)

65,000 Geely Automobile Holdings Ltd 33,537 (874)

1,310,000 GOME Electrical Appliances Holding Ltd 228,114 74,101

13,500 Greentown China Holdings Ltd 23,438 1,010

(121,000) Hang Lung Group Ltd (640,686) 6,297

(278,000) Hong Kong & China Gas Co Ltd (656,927) 6,264

(454,000) Honghua Group Ltd (159,284) (23,570)

116,000 Hutchison Whampoa Ltd 1,477,550 295,356

2,024,000 Industrial & Commercial Bank

of China Ltd 1,454,162 47,679

37,000 Jiangxi Copper Co Ltd 'H' 71,683 1,485

5,500 Kerry Logistics Network Ltd 4,682 4,682

11,000 Kerry Properties Ltd 43,417 (2,435)

56,500 Kingboard Chemical Holdings Ltd 152,679 35,411

(54,000) Kingdee International Software

Group Co Ltd (15,672) 628

(86,000) Kunlun Energy Co Ltd (159,072) 2,922

363,500 KWG Property Holding Ltd 218,493 (1,554)

(39,500) L'Occitane International SA (88,143) (1,858)

69,000 Langham Hospitality Investments Ltd 34,265 (206)

61,000 Lee & Man Paper Manufacturing Ltd 44,928 4,533

218,000 Lenovo Group Ltd 258,416 28,735

(186,250) Li Ning Co Ltd (164,083) (2,828)

10,700 Lifestyle Properties Development Ltd 2,250 2,250

22,000 Luk Fook Holdings International Ltd 81,159 6,732

(121,000) Macau Legend Development Ltd (94,581) (12,877)

3,600 Man Wah Holdings Ltd 5,925 (355)

(34,000) Melco International Development Ltd (119,945) (56,271)

520,000 MMG Ltd 122,744 (83,487)

47,000 New World Development Co Ltd 63,534 (1,442)

159,000 NWS Holdings Ltd 237,904 (4,628)

209,000 PanAsialum Holdings Co Ltd 47,177 1,477

288,000 PCCW Ltd 124,447 (5,408)

33,000 Ping An Insurance Group Co of

China Ltd 'H' 307,538 60,588

71,000 Poly Property Group Co Ltd 41,669 4,477

5,500 Power Assets Holdings Ltd 44,694 (67)

157,600 Sands China Ltd 1,193,277 177,515

(84,000) Semiconductor Manufacturing

International Corp (6,934) (243)

(88,000) Shandong Weigao Group Medical

Polymer CoLtd 'H' (120,319) (29,969)

(188,000) Shanghai Electric Group Co Ltd 'H' (67,899) (783)

59,000 Shanghai Industrial Holdings Ltd 200,530 20,302

76,000 Shenzhen Investment Ltd 29,997 (499)

65,500 Shimao Property Holdings Ltd 'H' 164,073 7,434

56,000 Sino Land Co Ltd 76,567 (14,756)

17,000 Sinopec Engineering Group Co Ltd 'H' 26,006 5,116

780,000 Sinopec Shanghai Petrochemical

Co Ltd 'H' 231,403 34,120

16,000 Sinopharm Group Co Ltd 'H' 47,674 3,871

197,000 SJM Holdings Ltd 632,721 86,915

(29,000) Sun Art Retail Group Ltd (43,017) 338

(12,100) Television Broadcasts Ltd (75,696) (2,835)

3,700 Tencent Holdings Ltd 214,000 74,306

180,000 Termbray Petro-King Oilfield

Services Ltd 95,657 4,148

214,000 Truly International Holdings 125,595 (11,940)

(38,000) Tsingtao Brewery Co Ltd (318,354) (72,653)

(332,000) Uni-President China Holdings Ltd (335,310) (32,745)

19,000 Wheelock & Co Ltd 92,516 (2,103)

352,000 Xinyi Glass Holdings Ltd 372,309 102,426

15,000 Yue Yuen Industrial Holdings Ltd 46,532 4,705

17,500 Zhaojin Mining Industry Co Ltd 'H' 11,535 (1,989)

410,000 Zhejiang Expressway Co Ltd 382,357 61,032

14,603,652 1,597,927

Indonesia 79,000 Bank Mandiri Persero Tbk PT 50,520 (1,283)

86,500 Bank Rakyat Indonesia Persero Tbk PT 53,871 (2,788)

(897,500) Bumi Resources Tbk PT (21,757) 27,848

6,812,000 Energi Mega Persada Tbk PT 37,014 (38,516)

1,000 Gudang Garam Tbk PT 3,093 40

77,000 Indocement Tunggal Prakarsa Tbk PT 121,333 (60,915)

31,000 Matahari Department Store Tbk PT 29,931 (1,193)

419,500 Perusahaan Gas Negara

Persero Tbk PT 170,079 (76,529)

2,267,500 Telekomunikasi Indonesia

Persero Tbk PT 412,273 (19,101)

856,357 (172,437)

Malaysia 4,300 Axiata Group Bhd 8,965 (484)

13,300 Berjaya Corp Bhd 2,187 (654)

44,137 Berjaya Sports Toto Bhd 53,545 (2,669)

4,800 British American Tobacco Malaysia Bhd 93,677 1,170

96,500 DiGi.Com Bhd 145,813 7,349

160,300 MISC Bhd 273,052 14,168

11,900 PPB Group Bhd 54,866 5,913

195,400 Sime Darby Bhd 585,048 5,561


Hong Kong continued


USD



Market ValueUSD


(depreciation) USD




366,200 Tenaga Nasional Bhd 1,120,302 205,716

76,820 YTL Corp Bhd 38,613 596

2,376,068 236,666

Philippines 188,200 Ayala Land Inc 122,099 27,800

31,440 Jollibee Foods Corp 127,196 32,433

84,000 Metro Pacific Investments Corp 9,153 (7)

2,780 Philippine Long Distance Telephone Co 172,103 (9,889)

12,700 SM Prime Holdings Inc 4,758 (77)

64,500 Universal Robina Corp 177,550 (10,674)

612,859 39,586

Singapore 109,000 Asian Pay Television Trust 67,745 (1,026)

(495,000) Biosensors International Group Ltd (372,729) (361)

152,000 CapitaMall Trust (Reit) 235,570 (6,330)

394,000 ComfortDelGro Corp Ltd 616,900 16,811

23,000 DBS Group Holdings Ltd 314,853 26,083

(16,000) First Resources Ltd (28,558) (40)

144,000 Fraser and Neave Ltd 656,319 (216,025)

(27,000) Genting Singapore Plc (31,626) (2,818)

(4,003) Jardine Matheson Holdings Ltd (202,232) 35,160

(14,000) Jardine Strategic Holdings Ltd (448,700) 18,424

31,000 Keppel Corp Ltd 279,370 6,383

28,000 Keppel Land Ltd 78,534 (4,915)

79,000 Mapletree Greater China

Commercial Trust (Reit) 55,709 (1,711)

102,000 Mapletree Logistics Trust (Reit) 85,339 (1,367)

7,000 Noble Group Ltd 6,163 92

(61,000) Religare Health Trust (38,641) 1,844

(71,000) Thai Beverage PCL (27,438) (2,114)

97,000 UOL Group Ltd 479,976 (21,354)

(118,000) Vard Holdings Ltd (75,219) 3,930

83,000 Wilmar International Ltd 232,797 16,478

756,000 Yangzijiang Shipbuilding

Holdings Ltd 701,785 51,397

2,585,917 (81,459)

South Korea 2,260 BS Financial Group Inc 34,809 8,691

(431) CJ CheilJedang Corp (105,072) (5,967)

378 CJ Corp 37,146 (2,235)

(899) CJ Korea Express Co Ltd (77,982) (7,701)

8,038 Coway Co Ltd 502,802 138,757

607 Daelim Industrial Co Ltd 57,643 (10,329)

(27,250) Daewoo Engineering &

Construction Co Ltd (219,638) (24,668)

800 DGB Financial Group Inc 12,851 2,163

810 Display Tech Co Ltd 7,072 (97)

12,730 Dongyang Mechatronics Corp 145,548 21,916

(1,300) DuzonBizon Co Ltd (12,775) (692)

310 E-Mart Co Ltd 78,943 12,150

1,704 Eugene Technology Co Ltd 25,279 (4,701)

270 Global Display Co Ltd 5,358 (196)

2,221 Green Cross Cell Corp 55,404 (35,814)

(6,320) GS Engineering & Construction Corp (180,648) (8,561)

3,608 Hana Financial Group Inc 135,347 4,199

1,820 Hankook Tire Worldwide Co Ltd 41,102 (1,648)

3,150 Hansol Paper Co 34,527 7,977

(1,790) Hite Jinro Co Ltd (42,877) (2,345)

(267) Huons Co Ltd (9,549) (460)

1,837 Hyosung Corp 125,151 12,385

(6,610) Hyundai Development Co-Engineering

& Construction (142,718) 468

7,127 Hyundai Engineering &

Construction Co Ltd 423,593 23,740

261 Hyundai Glovis Co Ltd 58,203 984

4,130 Hyundai Hysco Co Ltd 158,246 (5,700)

(3,238) Hyundai Mipo Dockyard (552,262) (166,376)

300 Hyundai Mobis 87,026 4,464

905 Hyundai Wia Corp 162,478 25,170

690 Industrial Bank of Korea 7,465 (1,029)

1,968 Infraware Inc 21,664 3,357

5,890 KB Financial Group Inc 220,952 15,179

(283) KEPCO Engineering &

Construction Co Inc (16,285) (1,006)

13,737 Kia Motors Corp 784,007 72,289

9,940 Korea Aerospace Industries Ltd 262,988 8,109

509 Korea Zinc Co Ltd 138,516 (1,793)

11,720 Korean Reinsurance Co 126,248 (4,395)

694 LG Chem Ltd 190,501 (4,781)

2,370 LG Fashion Corp 76,925 6,242

(210) Lock & Lock Co Ltd (4,544) (208)

3,266 LOTTE Himart Co Ltd 267,563 13,592

(470) Nexen Tire Corp (6,839) (143)

964 S-1 Corp 65,129 7,085

8,139 Samsung C&T Corp 486,048 64,111

840 Samsung Card Co Ltd 30,241 999

1,374 Samsung Electronics Co Ltd 1,939,673 160,541

334 Samsung Electronics Co Ltd (Pref) 316,547 69,474

(4,455) Samsung Engineering Co Ltd (264,783) 23,148

780 Samsung Life Insurance Co Ltd 75,177 2,717

(2,269) Sapphire Technology Co Ltd (80,615) 14,825

3,860 Seah Besteel Corp 98,843 (22,458)

2,600 Shinhan Financial Group Co Ltd 109,326 12,383

3,146 SK C&C Co Ltd 402,800 83,039

6,102 SK Chemicals Co Ltd 306,743 19,646

2,398 SK Holdings Co Ltd 423,723 49,021

905 SK Innovation Co Ltd 123,141 (5,153)

11,490 SK Networks Co Ltd 81,102 7,853

5,181 Sung Kwang Bend Co Ltd 135,363 (6,821)

489 YG Entertainment Inc 22,918 919

7,185,544 572,316

Taiwan (443,000) Acer Inc (240,256) 95,923

1,000 Advantech Co Ltd 6,184 128

78,000 Asia Cement Corp 103,582 7,862

1,000 Asustek Computer Inc 8,802 535

2,000 Catcher Technology Co Ltd 12,165 1,222

70,972 Cathay Financial Holding Co Ltd 111,516 16,924

409,000 Chunghwa Picture Tubes Ltd 21,283 8,868

898,000 Compeq Manufacturing Co Ltd 520,399 93,515

(3,000) CTCI Corp (4,764) 284

(155,000) Evergreen Marine Corp Taiwan Ltd (91,657) (1,293)

296,410 Far Eastern Department Stores Ltd 302,480 (1,383)

14,000 Far Eastern New Century Corp 16,155 304

73,000 Farglory Land Development Co Ltd 129,749 (3,202)

119,000 Feng Hsin Iron & Steel Co 217,139 1,426

(34,000) Formosa Petrochemical Corp (92,715) (870)

121,000 Formosa Taffeta Co Ltd 153,325 12,701

(45,500) Foxconn Technology Co Ltd (107,931) 141

52,000 Fubon Financial Holding Co Ltd 74,326 11,328

(113,000) G Tech Optoelectronics Corp (133,642) 77,601

7,000 Giga Solar Materials Corp 79,476 9,946

67,000 Gintech Energy Corp 71,655 (228)

8,000 Global Unichip Corp 20,410 (5,179)

118,000 Highwealth Construction Corp 260,769 21,309

65,190 Hon Hai Precision Industry Co Ltd 171,819 10,932

(20,000) Hota Industrial Manufacturing Co Ltd (31,729) (304)

(6,000) Hotai Motor Co Ltd (69,744) (13,294)

(1,000) HTC Corp (5,102) 197

(399) ILI Technology Corp (724) (724)

255,000 Inotera Memories Inc 181,810 88,385

621,000 Inventec Corp 522,501 130,756


South Korea continued Malaysia continued


USD



Market ValueUSD


(depreciation) USD


Bank of America Merrill Lynch, Credit Suisse and Morgan Stanley are the counterparties to these Contracts for Difference.



2,000 Largan Precision Co Ltd 71,298 3,708

7,000 MediaTek Inc 103,129 3,620

14,000 Merida Industry Co Ltd 104,075 7,052

44,000 Motech Industries Inc 84,003 (4,404)

35,000 Neo Solar Power Corp 45,178 2,612

6,000 Parade Technologies Ltd 34,973 (9,911)

14,000 PChome Online Inc 100,764 4,476

172,000 Pou Chen Corp 223,762 12,102

30,000 President Chain Store Corp 212,881 3,436

157,000 Synnex Technology International Corp 235,813 (13,640)

150,000 Taiflex Scientific Co Ltd 310,198 (2,378)

253,000 Taiwan Cement Corp 400,522 58,494

(10,000) Taiwan Fertilizer Co Ltd (23,316) (102)

384,000 Taiwan Semiconductor

Manufacturing Co Ltd 1,362,438 96,283

176,000 Teco Electric and Machinery Co Ltd 193,282 55,663

96,000 Ton Yi Industrial Corp 100,885 959

23,000 Tong Hsing Electronic Industries Ltd 122,407 1,928

(107,000) TTY Biopharm Co Ltd (357,221) 2,973

(47,000) Unimicron Technology Corp (34,860) 3,546

30,000 Vanguard International

Semiconductor Corp 35,227 3,502

(11,000) Win Semiconductors Corp (9,255) (225)

(769,000) Winbond Electronics Corp (189,950) (8,153)

(854,000) Wintek Corp (263,466) 113,473

249,000 Wistron NeWeb Corp 595,702 11,269

(1,226,000) Yang Ming Marine Transport Corp (538,555) (6,529)

1,296,000 Yuanta Financial Holding Co Ltd 702,872 19,717

(6,000) Yulon Motor Co Ltd (9,874) (95)

3,000 Yulon Nissan Motor Co Ltd 40,447 5,224

5,860,640 928,410

Thailand 72,300 BEC World PCL 119,337 (23,860)

(34,200) Italian-Thai Development PCL (5,432) (19)

(33,700) Jasmine International PCL (8,239) 383

26,300 Kasikornbank PCL 138,421 (8,355)

48,400 Land and Houses PCL 15,676 (2,098)

21,400 PTT Global Chemical PCL 50,817 (1,034)

3,025,100 Quality Houses PCL 260,021 (27,368)

28,400 Siam Cement PCL/The 355,553 (51,191)

36,000 Siam Commercial Bank PCL/The 176,020 (35,305)

1,102,174 (148,847)

United States 2,500 Changyou.com Ltd ADR 69,025 (18,248)

17,814 Dr Reddy's Laboratories Ltd ADR 719,864 29,157

1,235 E-Commerce China Dangdang

Inc 'A' ADR 11,350 4,455

4,922 E-House China Holdings Ltd ADR 52,911 3,749

1,864 HDFC Bank Ltd ADR 61,922 (12,422)

10,395 ICICI Bank Ltd ADR 368,399 (22,697)

995 Infosys Ltd ADR 53,730 1,345

(294) KT Corp ADR (4,631) (203)

375 Philippine Long Distance Telephone Co 511 (24,389)

(32,769) ReneSola Ltd ADR (147,788) 19,031

49,035 Sesa Sterlite Ltd ADR 570,277 (20,279)

21,471 Wipro Ltd ADR 252,070 12,520

2,007,640 (27,981)

Total market value

(USD underlying exposure – USD 60,163,950) 37,190,851 2,944,181


Taiwan continued


Number of Contracts


Expirationdate

Underlying exposure

USD


(depreciation) USD

(1) S&P 500 E Mini Index December 2013 90,205 (450)

98 SGX CNX Nifty Index December 2013 1,220,688 19,158

Total 1,310,893 18,708






(depreciation) USD

GBP 3,874 USD 6,154 13/12/2013 172

USD 257 GBP 160 13/12/2013 (5)


(USD underlying exposure – USD 6,588) 167





Sector Breakdownas at 30 November 2013

% of netassets *

Financial 43.53

Government 38.12


100.00






(USD) %

1 This fund is managed by BlackRock.



BlackRock Emerging Markets Absolute Return Fund

COMMON STOCKS (SHARES)

Austria 7,493 Raiffeisen Bank International AG 276,865 1.57

276,865 1.57

Brazil 33,521 Banco Bradesco SA ADR 444,824 2.53

58,038 Cetip SA - Mercados Organizados 633,323 3.59

1,078,147 6.12

Cayman Islands 2,172 Baidu Inc ADR 358,402 2.03

358,402 2.03

Chile 26,828,784 Corpbanca SA 346,521 1.97

346,521 1.97

China 422,000 Dongfeng Motor Group Co Ltd 'H' 670,610 3.81

670,610 3.81

Cyprus 27,481 Globaltrans Investment Plc GDR 416,887 2.37

416,887 2.37

Hungary 8,497 MOL Hungarian Oil and Gas Plc 536,974 3.05

22,020 OTP Bank Plc 442,520 2.51

979,494 5.56

India 10,000 Axis Bank Ltd 185,310 1.05

8,511 Axis Bank Ltd GDR 159,496 0.91

18,476 Reliance Industries Ltd GDR '144A' 503,840 2.86

13,375 Tata Motors Ltd ADR 436,025 2.47

1,284,671 7.29

Peru 16,469 Cia de Minas Buenaventura SAA ADR 193,675 1.10

193,675 1.10

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

614,841 3.49

Russia 2,260 Magnit OJSC 624,036 3.54

28,400 Sberbank of Russia ADR 352,444 2.00

162,708 VTB Bank OJSC GDR 454,850 2.58

1,431,330 8.12

South Africa 27,652 Foschini Group Ltd/The 275,637 1.56

275,637 1.56

South Korea 3,713 Gamevil Inc 153,495 0.87

1,399 Hyundai Mobis Co Ltd 405,833 2.30

9,539 Kia Motors Corp 544,416 3.09

1,103,744 6.26

Thailand 326,600 Krung Thai Bank PCL 189,186 1.07

189,186 1.07

Trinidad And Tobago 1,124,624 Dogan Sirketler Grubu Holding AS 462,510 2.62

462,510 2.62

Total Common Stocks (Shares) 9,682,520 54.94





Funds

Ireland 1,555,435 Institutional Cash Series Plc -

Institutional US Dollar Liquidity Fund 1 1,555,435 8.82

1,555,435 8.82

Total Funds 1,555,435 8.82






USD



Market ValueUSD


(depreciation) USD

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

Citibank, Credit Suisse and Deutsche Bank are the counterparties to these Contracts for Difference.


Hong Kong (37,933) Tsingtao Brewery Co Ltd H (318,526) (26,057)

(318,526) (26,057)

Poland (10,286) Bank Pekao SA (626,252) (30,872)

(73,418) PGE SA (442,842) (55,489)

(1,069,094) (86,361)

South Africa (50,489) Barloworld Ltd (469,958) (14,654)

(17,073) Imperial Holdings Ltd (354,035) (13,373)

(51,341) Woolworths Holdings Ltd/

South Africa (373,165) (36,296)

(1,197,158) (64,323)

Turkey (267,650) Eregli Demir ve Celik Fabrikalari TAS (354,090) (1,610)

(354,090) (1,610)

United Kingdom (11,649) Ultrapar Participacoes SA (289,231) (33,044)

(289,231) (33,044)

United States (476,000) Advanced Semiconductor

Engineering Inc (472,668) (59,048)

(474,512) Astra International Tbk PT (247,933) 3,414

(244,600) Axiata Group Bhd (509,746) (14,758)

(531,970) Ayala Land Inc (345,940) 36,595

(395,500) Bank Central Asia Tbk PT (319,050) 34,838

(23,943) BRF SA (524,254) 44,565

(1,089,326) BTS Group Holdings PCL (317,539) (39,260)

(181,984) Chailease Holding Co Ltd (483,750) (78,838)

(601,350) China Steel Corp (516,920) (4,479)

(3,112) Coca-Cola Femsa SAB de CV (371,760) (1,826)

(372,700) CP ALL PCL (473,590) 29,437

(29,000) Group BTG Pactual (350,056) 34,182

(85,602) Grupo Financiero Banorte SAB de CV (587,144) (49,743)

(40,582) Hypermarcas SA (326,921) (53,008)

(346,200) IHH Healthcare Bhd (434,827) (13,409)

(378,937) Indofood CBP Sukses Makmur Tbk PT (316,753) 17,067

(4,600) Magnit OJSC (302,680) (8,953)

(90,993) Odontoprev SA (370,032) (17,625)

(35,400) Phosagro OAO GDR (344,442) 14,110

59,907 Radiant Opto-Electronics Corp 213,479 1,117

(7,402,526) (125,622)

Total market value

(USD underlying exposure – USD 11,443,184) (10,630,625) (337,017)

BlackRock Emerging Markets Absolute Return Fund continued





BlackRock Emerging Markets Absolute Return Fund continued




(depreciation)USD

EUR 2,473,109 USD 3,311,797 13/12/2013 51,485

USD 49,632 EUR 36,840 13/12/2013 (468)

GBP 3,272 USD 5,194 13/12/2013 149

USD 66 GBP 41 13/12/2013 (2)

USD 1,009,037 PLN 3,130,000 28/2/2014 2,108

USD 986,772 ZAR 10,208,000 28/2/2014 (2,664)





State Street Bank and Trust Company and UBS AG London are the counterparties to

these Open Forward Foreign Exchange Transactions.


Number of Contracts


Expirationdate

Underlying exposure

USD


(depreciation) USD

(280) FTSE/ATHEX 20 December 2013 750,143 (7,260)

Total 750,143 (7,260)

Note: The net unrealised depreciation attributed to these transactions is included



% of netassets *

Financial 19.78

Consumer, Cyclical 13.23

Funds 8.82

Consumer, Non-cyclical 7.03

Energy 5.91

Diversified 2.62

Industrial 2.37

Communications 2.03

Basic Materials 1.10

Technology 0.87


100.00






(USD) %


BlackRock Emerging Markets Allocation Fund

BONDS

Brazil USD 200,000 Banco do Brasil SA 3.875%

10/10/2022 175,621 0.35

BRL 231,000 Brazil Notas do Tesouro Nacional

Serie F 10.00% 1/1/2023 89,218 0.18

BRL 259,000 Brazilian Government International

Bond 10.25% 10/1/2028 109,237 0.22

USD 375,000 Brazilian Government International

Bond 8.25% 20/1/2034 471,375 0.95

USD 150,000 Caixa Economica Federal 3.50%

7/11/2022 122,630 0.25

968,081 1.95

Cayman Islands USD 750,000 Hutchison Whampoa International

11 Ltd 4.625% 13/1/2022 778,001 1.56

USD 290,000 Petrobras International Finance

Co 6.75% 27/1/2041 277,410 0.56

1,055,411 2.12

Chile USD 270,000 Banco de Credito e Inversiones

4.00% 11/2/2023 250,593 0.50

USD 300,000 Banco Santander Chile 3.875%

20/9/2022 285,363 0.57

USD 200,000 Corp Nacional del Cobre de Chile

4.25% 17/7/2042 161,695 0.33

USD 264,000 Empresa Nacional del Petroleo

4.75% 6/12/2021 263,423 0.53

961,074 1.93

Colombia USD 375,000 Colombia Government International

Bond 2.625% 15/3/2023 330,469 0.67

COP 257,000,000 Colombia Government International

Bond 4.375% 21/3/2023 119,009 0.24

COP 424,000,000 Colombia Government International

Bond 9.85% 28/6/2027 277,163 0.56

USD 325,000 Republic of Colombia 7.375%

18/9/2037 394,810 0.79

1,121,451 2.26

Curacao USD 775,000 Teva Pharmaceutical Finance Co

BV 3.65% 10/11/2021 763,987 1.54

763,987 1.54

Germany USD 225,000 Deutsche Bank AG FRN 24/5/2028 206,300 0.42

206,300 0.42

India USD 200,000 Reliance Industries Ltd 5.875%

(Perpetual) 169,459 0.34

169,459 0.34

Ireland USD 330,000 Vnesheconombank Via VEB

Finance Plc 6.80% 22/11/2025 346,216 0.70

346,216 0.70

Luxembourg USD 123,000 Gazprom OAO Via Gaz Capital SA

6.51% 7/3/2022 132,422 0.27

132,422 0.27

Malaysia USD 394,000 Malayan Banking Bhd FRN

20/9/2022 392,887 0.79

392,887 0.79

Mexico USD 305,000 America Movil SAB de CV 3.125%

16/7/2022 285,083 0.57

USD 320,000 America Movil SAB de CV 6.375%

1/3/2035 348,264 0.70

USD 167,000 BBVA Bancomer SA/Texas 6.75%

30/9/2022 177,354 0.36

MXN 1,179,300 Mexican Bonos 6.50% 9/6/2022 92,612 0.19


MXN 921,300 Mexican Bonos 10.00% 5/12/2024 91,859 0.18







USD 100,000 Mexico Government International

Bond 4.75% 8/3/2044 88,125 0.18

USD 104,000 Mexico Government International

Bond 5.75% 12/10/2110 94,284 0.19

USD 117,000 Petroleos Mexicanos 4.875%

24/1/2022 120,086 0.24


2/6/2041 198,427 0.40

2,505,003 5.04

Netherlands USD 137,000 Petrobras Global Finance BV

4.375% 20/5/2023 124,884 0.25

124,884 0.25

Peru USD 137,000 Banco de Credito del Peru/Panama

FRN 24/4/2027 138,093 0.28

USD 109,000 BBVA Banco Continental SA 5.00%

26/8/2022 107,639 0.22

USD 200,000 Corp Financiera de Desarrollo SA

4.75% 8/2/2022 199,080 0.40

USD 150,000 Fondo MIVIVIENDA SA 3.50%

31/1/2023 135,702 0.27

PEN 569,000 Peru Government Bond 8.20%

12/8/2026 243,686 0.49


12/8/2031 181,059 0.36


12/8/2037 233,527 0.47

USD 115,000 Peruvian Government International

Bond 7.35% 21/7/2025 146,099 0.29

USD 250,000 Republic of Peru 6.55% 14/3/2037 287,288 0.58

1,672,173 3.36






(USD) %



BlackRock Emerging Markets Allocation Fund continued

Poland PLN 661,000 Poland Government Bond 5.75%

25/10/2021 233,689 0.47

PLN 272,000 Poland Government Bond 5.75%

23/9/2022 96,350 0.19

PLN 298,000 Poland Government Bond 4.00%

25/10/2023 92,514 0.19

USD 575,000 Poland Government International

Bond 5.00% 23/3/2022 618,697 1.25

1,041,250 2.10

Russia RUB 3,026,000 Russian Federal Bond - OFZ 7.60%

20/7/2022 91,121 0.18

RUB 3,153,000 Russian Federal Bond - OFZ 7.00%

25/1/2023 90,958 0.18


3/2/2027 102,332 0.21


19/1/2028 118,932 0.24

USD 88,000 Russian Foreign Bond - Eurobond

12.75% 24/6/2028 150,810 0.31

554,153 1.12

South Africa USD 200,000 Eskom Holdings SOC Ltd 6.75%

6/8/2023 202,592 0.41

ZAR 1,350,000 South Africa Government Bond

7.75% 28/2/2023 130,497 0.26


10.50% 21/12/2026 210,102 0.42


7.00% 28/2/2031 199,357 0.40


6.25% 31/3/2036 218,973 0.44


6.50% 28/2/2041 213,443 0.43


8.75% 28/2/2048 190,951 0.39

USD 370,000 South Africa Government

International Bond 4.665%

17/1/2024 357,265 0.72



8/3/2041 103,119 0.21

USD 200,000 Transnet SOC Ltd 4.00%

26/7/2022 176,000 0.35

2,002,299 4.03

Thailand USD 359,000 PTT PCL 3.375% 25/10/2022 329,609 0.66

THB 19,027,000 Thailand Government Bond

3.65% 17/12/2021 581,923 1.17


3.625% 16/6/2023 366,940 0.74


3.85% 12/12/2025 213,769 0.43


3.58% 17/12/2027 253,479 0.51

1,745,720 3.51

Turkey TRY 550,000 Turkey Government Bond

9.50% 12/1/2022 277,297 0.56

TRY 670,000 Turkey Government Bond

8.50% 14/9/2022 318,780 0.64

TRY 1,245,000 Turkey Government Bond

7.10% 8/3/2023 537,681 1.08

1,133,758 2.28

United States USD 100,000 Alcoa Inc 5.95% 1/2/2037 94,127 0.19

USD 100,000 Amazon.com Inc 2.50% 29/11/2022 91,612 0.18

USD 150,000 American International Group Inc

FRN 15/5/2058 180,750 0.36

USD 250,000 Amgen Inc 5.15% 15/11/2041 246,688 0.50

USD 100,000 Amgen Inc 5.375% 15/5/2043 101,987 0.21

USD 300,000 Apache Corp 2.625% 15/1/2023 279,421 0.56

USD 100,000 Apache Corp 4.75% 15/4/2043 98,582 0.20

USD 400,000 Bank of America Corp 3.30%

11/1/2023 379,075 0.76


7/2/2042 142,031 0.29

USD 100,000 ConocoPhillips 6.50% 1/2/2039 126,206 0.25

USD 100,000 Cummins Inc 3.65% 1/10/2023 100,477 0.20

USD 100,000 Goldman Sachs Group Inc/The

5.75% 24/1/2022 113,088 0.23


3.625% 22/1/2023 243,053 0.49


6.125% 15/2/2033 335,740 0.68


6.25% 1/2/2041 230,653 0.46

USD 250,000 Halliburton Co 3.50% 1/8/2023 245,752 0.49

USD 125,000 JPMorgan Chase & Co 4.50%

24/1/2022 132,959 0.27


23/9/2022 336,445 0.68


25/1/2023 475,484 0.96


15/5/2038 149,719 0.30

USD 100,000 McDonald's Corp 2.625% 15/1/2022 96,191 0.19

USD 100,000 Merck & Co Inc 2.40% 15/9/2022 92,528 0.19

USD 300,000 Merck & Co Inc 2.80% 18/5/2023 283,200 0.57

USD 100,000 Merck & Co Inc 4.15% 18/5/2043 91,712 0.18

USD 100,000 Mondelez International Inc 6.50%

9/2/2040 117,500 0.24

USD 375,000 Morgan Stanley 3.75% 25/2/2023 366,378 0.74


USD 150,000 National Oilwell Varco Inc 2.60%

1/12/2022 139,985 0.28

USD 125,000 NIKE Inc 2.25% 1/5/2023 114,068 0.23

USD 100,000 Occidental Petroleum Corp 2.70%

15/2/2023 92,923 0.19

USD 225,000 Oracle Corp 2.50% 15/10/2022 207,800 0.42

USD 100,000 Starbucks Corp 3.85% 1/10/2023 100,871 0.20

USD 100,000 Teva Pharmaceutical Finance Co

LLC 6.15% 1/2/2036 110,433 0.22

USD 150,000 Time Warner Inc 6.25% 29/3/2041 165,101 0.33


13/2/2014 (Zero Coupon) 1,099,895 2.21






(USD) %





22/5/2014 (Zero Coupon) 999,529 2.01

USD 150,000 United Technologies Corp 3.10%

1/6/2022 147,133 0.30

USD 100,000 United Technologies Corp 4.50%

1/6/2042 97,327 0.20

USD 100,000 Viacom Inc 4.25% 1/9/2023 101,241 0.20

USD 100,000 Viacom Inc 5.85% 1/9/2043 104,442 0.21

8,808,181 17.72

Total Bonds 25,704,709 51.73


France USD 650,000 BNP Paribas SA 0.69% 17/4/2014 653,439 1.31

653,439 1.31

Luxembourg USD 1,000,000 Nordea Bank Finland Plc 0.16%

11/12/2013 1,000,166 2.02

USD 1,000,000 Norinchukin Bank 0.16%

2/12/2013 1,000,012 2.01

2,000,178 4.03

United States USD 650,000 Bank of America NA 0% 14/1/2014 650,010 1.31

USD 1,000,000 Bank of Montreal 0.19% 7/4/2014 1,000,198 2.01

USD 650,000 Bank of Nova Scotia 0% 22/2/2014 650,003 1.31

USD 650,000 Bank of Tokyo Mitsubishi UFJ Ltd

0% 7/3/2014 651,979 1.31

USD 650,000 Bank of Tokyo Mitsubishi UFJ Ltd

0.39% 13/5/2014 651,617 1.31

USD 1,000,000 Credit Suisse AG 0.67% 9/1/2014 1,005,832 2.03


5,609,889 11.29


COMMERCIAL PAPER

United States USD 600,000 Barton Capital LLC 0% 3/2/2014 599,762 1.20

USD 650,000 Govco LLC 0% 11/2/2014 649,736 1.31

USD 650,000 ING (US) Funding LLC 0% 6/3/2014 649,619 1.31

USD 120,000 Lloyds Bank Plc 0% 6/12/2013 119,997 0.24

USD 650,000 Natexis Banques Populaires 0%

5/2/2014 649,722 1.31

USD 650,000 Oversea - Chinese Banking Corp

0% 18/2/2014 649,755 1.31

USD 650,000 Rabobank USA Financial Corp 0%

8/5/2014 649,368 1.30

USD 650,000 Societe Generale North America

Inc 0% 31/1/2014 649,776 1.31

USD 1,000,000 Victory Receivables Corp 0%

20/12/2013 999,922 2.01

5,617,657 11.30






FUNDS

United States 76,645 iShares MSCI Frontier 100 ETF1 2,534,650 5.10

2,534,650 5.10

Total Funds 2,534,650 5.10

Other Transferable Securities and Money Market Instruments

BONDS

Malaysia MYR 522,000 Malaysia Government Bond

3.418% 15/8/2022 153,118 0.31

MYR 321,000 Malaysia Government Bond

3.48% 15/3/2023 95,169 0.19


3.733% 15/6/2028 93,173 0.19


3.844% 15/4/2033 149,101 0.30


3.892% 15/3/2027 68,542 0.14


4.127% 15/4/2032 95,721 0.19


4.392% 15/4/2026 188,687 0.38

843,511 1.70

Total Bonds 843,511 1.70

Total Other Transferable Securities

and Money Market Instruments 843,511 1.70







USD



Market ValueUSD


(depreciation) USD




Brazil 18,500 AES Tiete SA 156,291 (8,524)

(1,500) ALL - America Latina Logistica SA (4,990) 197

(43,100) Anhanguera Educacional

Participacoes SA (284,743) 5,536

23,600 Banco do Brasil SA 258,744 (22,963)

(70,700) BB Seguridade Participacoes (763,602) (14,324)

188,400 BM&FBovespa SA 943,820 (51,798)

(63,600) BR Properties SA (528,021) (10,513)

51,600 Bradespar SA 554,653 (20,035)

900 Braskem SA 7,959 (236)

(1,500) BRF SA (32,840) 1,856

2,300 Centrais Eletricas Brasileiras SA 10,288 (622)

2,500 Cia Brasileira de Distribuicao Grupo

Pao de Acucar 117,386 (2,417)

2,000 Cia de Saneamento Basico do Estado

de Sao Paulo 20,932 (1,587)

23,400 Cia Energetica de Sao Paulo 230,534 (14,629)

500 Cia Paranaense de Energia 6,566 (782)

(9,000) Cielo SA (259,163) 5,704

(39,000) CPFL Energia SA (321,610) 8,919

50,400 EDP - Energias do Brasil SA 261,357 (19,189)

49,700 Even Construtora e Incorporadora SA 171,107 (11,469)

102,000 Gafisa SA 147,997 695

600 Gerdau SA 4,685 (280)

(2,600) International Meal Co Holdings SA (22,434) 1,379

10,600 Itausa - Investimentos Itau SA 41,818 (2,689)

121,600 JBS SA 438,480 (11,215)

23,700 Light SA 215,991 (6,726)

(109,800) Marcopolo SA (274,795) (10,539)

43,000 Petroleo Brasileiro SA 355,703 (44,668)

24,400 Porto Seguro SA 310,879 8,997

8,700 Tractebel Energia SA 143,973 (7,056)

24,700 Vale SA 344,814 (12,748)

2,251,779 (241,726)

Chile 17,175 Empresa Nacional de Electricidad

SA/Chile 24,806 (805)

119,939 Enersis SA 37,089 (195)

4,632 ENTEL Chile SA 65,932 (1,150)

127,827 (2,150)

Egypt 95,988 Telecom Egypt Co 188,526 (4,462)

188,526 (4,462)

Greece (48,300) Piraeus Bank SA (106,411) (1,690)

(106,411) (1,690)

Hong Kong 901,000 Agricultural Bank of China Ltd 462,546 23,862

56,000 Air China Ltd 43,629 5,876

(68,000) Aluminum Corp of China Ltd (25,436) (602)

(696,000) AviChina Industry & Technology Co Ltd (421,943) (75,961)

2,069,000 Bank of China Ltd 1,000,780 42,944

221,000 Bank of Communications Co Ltd 165,051 8,142

(58,000) Brilliance China Automotive

Holdings Ltd (101,596) (1,218)

521,000 China CITIC Bank Corp Ltd 304,427 17,678

993,000 China Communications


982,000 China Construction Bank Corp 795,460 38,637

(1,680,500) China COSCO Holdings Co Ltd (864,885) (90,339)

(242,000) China Everbright International Ltd (270,321) (38,943)

(585,000) China High Speed Transmission

Equipment Group Co Ltd (294,285) (176)

(357,000) China Longyuan Power Group Corp (460,024) (16,828)

1,272,000 China Lumena New Materials Corp 275,641 10,793

(3,000) China Mengniu Dairy Co Ltd (13,737) (314)

6,000 China Mobile Ltd 64,623 1,857

(358,000) China Modern Dairy Holdings Ltd (194,869) (10,104)

(820,000) China Oil & Gas Group Ltd (153,366) (13,555)

120,000 China Oilfield Services Ltd 362,196 (3,294)

154,000 China Petroleum & Chemical Corp 132,294 3,018

37,000 China Power International

Development Ltd 13,363 (420)

107,500 China Railway Construction Corp Ltd 120,497 1,519

(44,000) China Resources Enterprise Ltd (155,791) (3,248)

52,500 China Shenhua Energy Co Ltd 178,099 11,832

(596,000) China Shipping Container Lines Co Ltd (160,672) (10,989)

(70,000) China Shipping Development Co Ltd (47,583) (6,375)

(218,000) China Singyes Solar Technologies

Holdings Ltd (248,855) (7,145)

(370,000) China State Construction International

Holdings Ltd (650,019) (34,682)

604,000 China Telecom Corp Ltd 326,436 16,772

28,000 China ZhengTong Auto Services

Holdings Ltd 19,069 159

94,000 CNOOC Ltd 192,784 7,317

(480,000) CSPC Pharmaceutical Group Ltd (312,046) (12,258)

(20,000) ENN Energy Holdings Ltd (141,241) (21,368)

38,000 Evergrande Real Estate Group Ltd 15,979 412

(1,661,000) GCL-Poly Energy Holdings Ltd (544,190) 6,166

460,000 Geely Automobile Holdings Ltd 237,337 991

(11,000) Golden Eagle Retail Group Ltd (14,756) 1,590

1,477,000 GOME Electrical Appliances

Holding Ltd 257,194 (9,860)

86,500 Greentown China Holdings Ltd 150,179 (4,923)

(40,000) Haier Electronics Group Co Ltd (94,419) 3,051

(89,000) Honghua Group Ltd (31,225) (2,226)

131,000 Huabao International Holdings Ltd 69,279 12,587

(112,000) Huadian Fuxin Energy Corp Ltd (38,717) 662

1,551,000 Industrial & Commercial Bank

of China Ltd 1,114,330 47,181

(7,500) Intime Retail Group Co Ltd (8,571) 20

64,000 Kaisa Group Holdings Ltd 19,235 (768)

55,500 Kingboard Chemical Holdings Ltd 149,977 4,914

27,000 KWG Property Holding Ltd 16,229 (145)

32,000 Lenovo Group Ltd 37,933 792

(693,500) Li Ning Co Ltd (610,962) (16,966)

662,000 Lonking Holdings Ltd 142,601 12,015

(74,000) Maanshan Iron & Steel (20,617) (940)

3,100 New China Life Insurance Co Ltd 11,096 177

16,000 Poly Property Group Co Ltd 9,390 (47)

146,000 Shanghai Industrial Holdings Ltd 496,227 19,694

145,000 Shenzhen International Holdings Ltd 18,142 726

356,000 Shenzhen Investment Ltd 140,514 (50)

(156,000) Sinopec Kantons Holdings Ltd (136,629) (3,767)

3,600 Sinopharm Group Co Ltd 10,727 723

1,900 Tencent Holdings Ltd 109,892 5,854


Hong Kong continued


USD



Market ValueUSD


(depreciation) USD



22,000 Tingyi Cayman Islands Holding Corp 65,268 1,884

(8,000) Tsingtao Brewery Co Ltd (67,022) 241

(204,000) Uni-President China Holdings Ltd (206,034) 1,690

22,000 Yuexiu Property Co Ltd 5,760 (292)

268,000 Zhejiang Expressway Co Ltd 249,931 6,170

(18,000) Zhuzhou CSR Times Electric Co Ltd (69,421) (3,582)

2,261,274 (41,232)

Hungary (108) MOL Hungarian Oil & Gas PLC (6,825) 155

(6,825) 155

Indonesia 284,000 Adaro Energy Tbk PT 26,827 (1,977)

277,000 Telekomunikasi Indonesia

Persero Tbk PT 50,364 (1,525)

(16,500) Unilever Indonesia Tbk PT (36,690) 4,492

68,000 United Tractors Tbk PT 103,741 (7,487)

144,242 (6,497)

Malaysia 14,500 British American Tobacco

Malaysia Bhd 282,982 (3,251)

(103,100) Bumi Armada Bhd (126,996) (4,839)

(27,300) Maxis Bhd (59,547) 1,059

38,700 MISC Bhd 65,921 3,170

(32,400) Petronas Dagangan Bhd (313,646) (9,346)

85,400 Sime Darby Bhd 255,697 1,661

104,411 (11,546)

Mexico (30,700) Alfa SAB de CV (90,549) (3,477)

(89,000) Compartamos SAB de CV (166,925) 6,464

(63,500) Empresas ICA SAB de CV (118,953) (1,280)

(24,900) Fibra Uno Administracion SA de CV (77,393) (100)


SAB de CV 112,449 2,400

6,000 Gruma SAB de CV 41,645 (1,108)

1,600 Grupo Aeroportuario del Pacifico

SAB de CV 8,267 260

23,000 Grupo Aeroportuario del Sureste

SAB de CV 307,877 12,545

14,700 Grupo Financiero Inbursa SAB de CV 38,458 939

95,500 Grupo Mexico SAB de CV 280,074 (16,687)

13,500 Grupo Televisa SAB 82,283 666

(17,400) Industrias CH SAB de CV (98,873) (3,750)

105,000 Kimberly-Clark de Mexico SAB de CV 310,898 (3,482)

(174,500) Mexichem SAB de CV (746,674) (25,197)

(62,400) Minera Frisco SAB de CV (139,024) 4,351

(256,440) (27,456)

Philippines (190,500) Aboitiz Equity Ventures Inc (234,997) (18,496)

(234,997) (18,496)

Poland (11,832) Alior Bank SA (286,965) 4,092

(9,620) Cyfrowy Polsat SA (61,915) 1,334

(1,950) Grupa Azoty SA (45,982) 941

3,356 KGHM Polska Miedz SA 127,371 (1,150)

34,489 PGE SA 207,807 1,279

3,945 Synthos SA 6,903 229

111,150 Telekomunikacja Polska SA 372,064 (7,300)

319,283 (575)

Russia 130,190 Gazprom OAO 561,594 (28,164)

3,117 Lukoil OAO 191,941 (6,420)

68,100 Surgutneftegas OAO 56,244 (2,695)

1,033,900 Surgutneftegas OAO 734,993 (23,096)

(830) Uralkali OJSC (4,128) 333

1,540,644 (60,042)

South Africa (2,001) Aveng Ltd (5,799) 203

(9,434) Barloworld Ltd (87,813) 1,635

2,295 Clicks Group Ltd 14,528 120

(5,020) Discovery Ltd (40,175) (218)

(7,507) Exxaro Resources Ltd (103,443) 814

30,825 FirstRand Ltd 102,351 2,309

2,393 Harmony Gold Mining Co Ltd 6,928 (815)

16,644 Imperial Holdings Ltd 345,139 9,410

(52,846) Massmart Holdings Ltd (745,267) 43,041

9,195 Mr Price Group Ltd 139,968 1,608

75,567 Netcare Ltd 183,899 4,856

(38,911) Remgro Ltd (743,446) 4,346

2,602 SABMiller Plc 134,793 1,094

13,352 Sanlam Ltd 67,622 (374)

67,242 Spar Group Ltd/The 858,479 (8,798)

85,353 Steinhoff International Holdings Ltd 338,814 2,453

65,618 Vodacom Group Ltd 785,032 (48,427)

1,251,610 13,257

South Korea 108 AMOREPACIFIC Group 44,341 5,380

(164) Cheil Industries Inc (14,117) (607)

(362) CJ CheilJedang Corp (88,251) (3,340)

248 CJ E&M Corp 7,253 511

(923) CrucialTec Co Ltd (10,030) (504)

(1,811) CTC BIO Inc (32,941) (3,325)

(82,140) Daewoo Engineering &

Construction Co Ltd (662,056) (48,570)

(2,060) Daewoo Shipbuilding & Marine

Engineering Co Ltd (71,437) (532)

420 Daishin Securities Co Ltd 3,457 54

(2,605) Danal Co Ltd (20,529) (80)

(1,240) Doosan Heavy Industries &

Construction Co Ltd (44,700) 491

5,782 e-LITECOM Co Ltd 110,909 (1,406)

110 E-Mart Co Ltd 28,012 1,188

(1,520) GS Engineering & Construction Corp (43,447) 2,121

11,610 Hanjin Heavy Industries &


44,870 Hanwha Life Insurance Co Ltd 307,387 14,337

150 Hyosung Corp 10,219 (338)

390 Hyundai Engineering &


(119) Hyundai Heavy Industries Co Ltd (30,529) 29

(4,233) Hyundai Mipo Dockyard (721,966) 14,035

36 Hyundai Mobis 10,443 225

978 Hyundai Steel Co 76,333 (3,061)

7,510 Jahwa Electronics Co Ltd 170,311 9,549

1,800 KCC Corp 794,293 18,049

13,626 Kia Motors Corp 777,672 (8,176)

18,090 Korea Aerospace Industries Ltd 478,617 9,832

12,160 Korean Reinsurance Co 130,987 (6,276)

1,050 KT Skylife Co Ltd 27,036 516

7,569 LG Corp 447,002 11,850

9,310 LG Fashion Corp 302,181 20,996

1,333 LG Hausys Ltd 179,488 5,821

3,000 LIG Insurance Co Ltd 90,286 15,341


Hong Kong continued


USD



Market ValueUSD


(depreciation) USD




(22,280) Lock & Lock Co Ltd (482,105) (41,304)

189 Lotte Chemical Corp 39,111 (491)

12 Lotte Chilsung Beverage Co Ltd 17,417 143

49 LS Corp 3,658 82

564 Maeil Dairy Industry Co Ltd 25,021 2,201

8,550 Neowiz Games Corp 133,707 7,999

(2,095) OCI Co Ltd (347,418) 22,944

(1,729) OPTRON-TEC Inc (18,625) (558)

(636) Osstem Implant Co Ltd (14,964) (1,082)

399 POSCO 123,474 895

762 Samsung Electronics Co Ltd 1,075,714 27,467

(6,416) Samsung Engineering Co Ltd (381,335) 9,719

(4,753) Samsung Fine Chemicals Co Ltd (211,085) (13,210)

(1,674) Sapphire Technology Co Ltd (59,475) (2,177)

(494) Seoul Semiconductor Co Ltd (19,512) (420)

310 Shinhan Financial Group Co Ltd 13,035 (73)

668 SK C&C Co Ltd 85,528 8,177

3,430 SK Chemicals Co Ltd 172,424 14,325

349 SK Holdings Co Ltd 61,668 (506)

68,220 SK Networks Co Ltd 481,530 37,248

(2,000) SM Entertainment Co (80,979) (4,286)

9,868 Woojeon & Handan Co Ltd 81,588 (1,786)

3,108,877 123,768

Taiwan 99,000 Asustek Computer Inc 871,444 107,307

(14,000) Career Technology MFG. Co Ltd (13,080) (1,560)

(19,000) Chicony Electronics Co Ltd (47,510) (169)

114,000 Chimei Materials Technology Corp 126,543 4,847

159,000 China Metal Products 240,429 (2,857)

133,000 China Motor Corp 124,039 2,135

23,000 Chunghwa Telecom Co Ltd 72,123 567

1,382,000 Compeq Manufacturing Co Ltd 800,882 35,064

(37,000) CTCI Corp (58,762) 810

272,000 Eva Airways Corp 156,707 7,826

42,000 Everlight Electronics Co Ltd 78,482 2,983

33,000 Far Eastern Department Stores Ltd 33,676 1,287

(8,000) Faraday Technology Corp (9,259) 99

(30,000) FLEXium Interconnect Inc (96,912) (3,875)

(105,000) Formosa Petrochemical Corp (286,325) (10,141)

215,000 Formosa Taffeta Co Ltd 272,437 8,779

(58,000) Foxconn Technology Co Ltd (137,582) (5,959)

(322,000) G Tech Optoelectronics Corp (380,820) 34,480

(41,000) Genius Electronic Optical Co Ltd (121,917) (986)

(36,000) Giant Manufacturing Co Ltd (253,633) (10,863)

57,000 Gintech Energy Corp 60,960 (1,447)

29,000 Grape King Bio Ltd 147,969 13,016

(16,000) Hiwin Technologies Corp (132,730) (8,648)

(39,000) Hotai Motor Co Ltd (453,335) (24,173)

(84,000) HTC Corp (428,600) 1,793

531,000 Inotera Memories Inc 378,594 (4,251)

9,000 Inventec Corp 7,572 1,115

(198,000) Lextar Electronics Corp (161,577) (9,664)

(78,000) Lotus Pharmaceutical Co Ltd (188,450) (18,721)

3,000 MediaTek Inc 44,198 1,199

146,000 Motech Industries Inc 278,739 (11,885)

(5,000) MStar Semiconductor Inc (56,008) (1,487)

(285,000) Newmax Technology Co Ltd (637,528) (57,059)

(109,000) Orise Technology Co Ltd (164,638) 14,709

9,000 PChome Online Inc 64,777 1,992

56,000 Pou Chen Corp 72,853 4,942

20,000 Quanta Computer Inc 44,536 527

(165,000) Radium Life Tech Co Ltd (155,555) (270)

164,000 Realtek Semiconductor Corp 397,337 (3,560)

(638) Sekonix Co Ltd (16,066) (673)

(13,000) Simplo Technology Co Ltd (57,765) (2,620)

(16,000) Standard Foods Corp (48,550) (1,358)

308,000 Taiflex Scientific Co Ltd 636,940 (24,919)

554,000 Taiwan Cement Corp 877,032 83,534

(100,000) Taiwan Glass Industry Corp (103,568) (2,651)

55,000 Taiwan Semiconductor

Manufacturing Co Ltd 195,141 1,500

86,000 Taiwan Styrene Monomer 65,094 488

41,000 Tong Hsing Electronic Industries Ltd 218,203 (3,875)

(2,000) TPK Holding Co Ltd (11,185) (192)

(207,000) TTY Biopharm Co Ltd (691,073) (5,222)

66,000 Vanguard International

Semiconductor Corp 77,499 7,137

(880,000) Winbond Electronics Corp (217,368) (7,530)

327,000 Wistron NeWeb Corp 782,307 11,313

161,000 Yuanta Financial Holding Co Ltd 87,317 2,859

2,284,034 125,693

Thailand (1,300) Advanced Info Service PCL (9,231) 126

(195,000) CH Karnchang PCL (115,992) 14,770

17,300 CP ALL PCL 21,955 (569)

(1,006,500) Jasmine International PCL (246,061) 14,997

242,600 Land and Houses PCL 78,575 (2,971)

10,100 PTT Global Chemical PCL 23,984 (1,054)

653,600 Sansiri PCL 41,117 (1,538)

142,700 Thai Airways International PCL 73,772 (6,670)

(131,881) 17,091

Turkey 9,434 Aksa Akrilik Kimya Sanayii AS 39,452 1,704

(13,315) Anadolu Efes Biracilik Ve Malt

Sanayii AS (151,742) (4,124)

(23,403) Aselsan Elektronik Sanayi

Ve Ticaret AS (103,436) 807

1,417 BIM Birlesik Magazalar AS 31,806 301

(5,250) Coca-Cola Icecek AS (150,877) (15,356)

120,276 EIS Eczacibasi Ilac ve Sinai ve Finansal

Yatirimlar Sanayi ve Ticaret AS 143,030 3,850

169,198 Enka Insaat ve Sanayi AS 563,378 17,143

19,763 Eregli Demir ve Celik Fabrikalari TAS 26,048 (672)

16,508 Haci Omer Sabanci Holding AS 75,416 (1,279)

311 Koza Altin Isletmeleri AS 4,962 (120)

(1,053) Otokar Otomotiv Ve Savunma Sanayi AS (33,914) (1,577)

32,405 Tofas Turk Otomobil Fabrikasi AS 208,733 1,856

(51,088) Turkcell Iletisim Hizmetleri AS (307,561) (73)

345,295 2,460

United Kingdom 33,405 Gazprom OAO 287,450 (15,499)

4,294 Lukoil OAO 265,369 (6,750)

(6,684) MMC Norilsk Nickel OJSC (100,661) (1,417)

(1,789) NovaTek OAO (235,611) 2,143

(4,819) Uralkali OJSC (120,812) 9,822

95,735 (11,701)

United States 54,741 AES Corp/VA 790,460 (40,153)

(235) America Movil SAB de CV (5,461) (65)

(13,060) BRF SA (286,406) 14,481

234 Check Point Software Technologies Ltd 14,391 12

860 China Petroleum & Chemical Corp 74,046 (1,272)


Taiwan continued South Korea continued


USD



Market ValueUSD


(depreciation) USD

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

Bank of America Merrill Lynch and Deutsche Bank are the counterparties to these Contracts for Difference.


2,816 Chunghwa Telecom Co Ltd 87,916 1,153


Grupo Pao de Acucar 82,456 (496)

3,132 Cia de Minas Buenaventura SAA 36,832 (2,864)

2,194 Copa Holdings SA 332,347 4,780

(17,535) CPFL Energia SA (288,626) 7,801

(5,531) Embraer SA (172,291) (660)

609 Fomento Economico Mexicano

SAB de CV 57,971 2,230

32,936 Gafisa SA 97,820 2,473

(36) MercadoLibre Inc (3,977) (32)

4,458 Southern Copper Corp 112,565 (3,434)

(15,423) Telefonica Brasil SA (296,276) 10,957

989 Telekomunikasi Indonesia

Persero Tbk PT 36,108 (541)

(18,876) Turkcell Iletisim Hizmetleri AS (286,349) (2,699)

1,675 Vale SA 23,350 (433)

406,876 (8,762)

Total market value

(USD underlying exposure – USD 62,694,753) 13,693,859 (153,911)



Number of Contracts


Expirationdate

Underlying exposure

USD


(depreciation) USD

94 SGX CNX Nifty Index December 2013 1,170,864 26,508

Total 1,170,864 26,508




% of netassets *

Financial 38.18

Government 27.54

Energy 5.22

Funds 5.10


Communications 2.19

Diversified 1.56

Industrial 1.05



Technology 0.42

Utilities 0.41


100.00








(USD) %



BlackRock Emerging Markets Flexi Dynamic Bond Fund

BONDS

Argentina USD 900,000 Provincia de Buenos Aires 10.875%

26/1/2021 827,865 1.03

827,865 1.03

Brazil BRL 960,000 Brazil Notas do Tesouro Nacional

Serie F 10.00% 1/1/2015 4,258,855 5.32

BRL 7,500,000 Brazilian Government International

Bond 12.50% 5/1/2016 3,416,613 4.26

BRL 3,142,000 Brazilian Government International

Bond 12.50% 5/1/2016 1,431,333 1.79

9,106,801 11.37

Dominican Republic USD 650,000 Dominican Republic International

Bond 6.60% 28/1/2024 656,500 0.82

USD 450,000 Dominican Republic International

Bond 5.875% 18/4/2024 427,439 0.53

1,083,939 1.35

Hungary USD 400,000 Hungary Government International

Bond 5.375% 21/2/2023 391,820 0.49

391,820 0.49

Iraq USD 1,800,000 Republic of Iraq 5.80% 15/1/2028 1,517,652 1.89

1,517,652 1.89

Mexico MXN 26,000,000 Mexican Bonos 6.50% 9/6/2022 2,041,805 2.55

MXN 100,000,000 Mexican Bonos 7.75% 13/11/2042 7,748,375 9.67

9,790,180 12.22

Nigeria NGN 800,000,000 Nigeria Government Bond 4.00%

23/4/2015 4,487,025 5.60

USD 800,000 Nigeria Government International

Bond 6.375% 12/7/2023 830,088 1.04

5,317,113 6.64

Poland PLN 18,000,000 Poland Government Bond 4.00%

25/10/2023 5,588,124 6.98

5,588,124 6.98

Romania RON 10,000,000 Romania Government Bond 5.80%

26/10/2015 3,180,516 3.97

3,180,516 3.97

Russia RUB 230,000,000 Russian Federal Bond - OFZ 7.60%

14/4/2021 6,982,210 8.72


25/1/2023 2,019,368 2.52

9,001,578 11.24

South Africa ZAR 37,000,000 South Africa Government Bond

13.50% 15/9/2015 4,075,469 5.09



17/1/2024 386,232 0.48

USD 1,350,000 South Africa Government

International Bond

5.875% 16/9/2025 1,410,750 1.76

5,872,451 7.33

Uruguay UYU 86,394,386 Uruguay Government

International Bond

5.00% 14/9/2018 4,444,554 5.55

4,444,554 5.55

Venezuela USD 6,000,000 Petroleos de Venezuela SA 9.75%

17/5/2035 4,191,360 5.23

USD 2,600,000 Venezuela Government

International Bond

11.75% 21/10/2026 2,141,750 2.68

6,333,110 7.91

Total Bonds 62,455,703 77.97









Sector Breakdown as at 30 November 2013

% of netassets *

Government 72.74

Energy 5.23


100.00



BlackRock Emerging Markets Flexi Dynamic Bond Fund continued




(depreciation) USD

USD 8,000,000 Credit Default Swaps (Citibank) (Fund receives

Fixed 5.000% and provides default protection

on CDX EM 20 Version 1) (20/12/2018) (71,056)



on CDX EM 20 Version 1) (20/12/2018) 17,461



on CDX EM 20 Version 1) (20/12/2018) 1,323



on CDX EM 20 Version 1) (20/12/2018) 662

USD 3,000,000 Credit Default Swaps (Deutsche Bank) (Fund

receives Fixed 5.000% and provides default

protection on Argentine Republic Government

International Bond 8.280% 31/12/2033)

(20/12/2023) 148,290


Note: The total market value of USD 1,670,746 is included in the Statement of Net Assets

(see note 2(d)).


Number of Contracts


Expirationdate

Underlying exposure

USD


(depreciation)USD

50 Euro-Bund December 2013 6,954,260 5,657

Total 6,954,260 5,657






(depreciation) USD

EUR 8,097 USD 10,842 13/12/2013 170

USD 407 EUR 303 13/12/2013 (5)

BRL 2,848,880 USD 1,237,836 18/12/2013 (19,232)

BRL 2,785,340 USD 1,184,243 18/12/2013 7,182

BRL 2,818,830 USD 1,232,707 18/12/2013 (26,956)

BRL 28,325,720 USD 12,281,574 18/12/2013 (165,291)

CLP 628,562,980 USD 1,197,719 18/12/2013 (14,294)

CLP 635,292,970 USD 1,224,307 18/12/2013 (28,211)

COP 2,340,190,070 USD 1,220,438 18/12/2013 (10,625)

COP 2,381,220,410 USD 1,230,732 18/12/2013 292

CZK 24,411,470 USD 1,218,210 18/12/2013 (5,001)

CZK 42,651,650 USD 2,124,355 18/12/2013 (4,638)

CZK 60,202,110 USD 2,982,972 18/12/2013 8,973

EUR 4,375,330 USD 5,876,582 18/12/2013 73,586

EUR 2,950,520 USD 4,015,315 18/12/2013 (2,798)

GBP 1,272,680 USD 2,049,439 18/12/2013 28,500




(depreciation) USD

GBP 3,798,590 USD 6,081,935 18/12/2013 120,125

GBP 3,709,460 USD 5,964,033 18/12/2013 92,502

HUF 270,420,060 USD 1,230,317 18/12/2013 (10,628)

HUF 1,149,986,930 USD 5,192,389 18/12/2013 (5,544)

INR 154,125,980 USD 2,456,191 18/12/2013 2,604

KRW 3,187,053,880 USD 2,993,101 18/12/2013 15,838

KRW 1,078,457,020 USD 1,019,528 18/12/2013 (1,343)

MXN 15,664,140 USD 1,213,119 18/12/2013 (19,643)

MXN 80,398,100 USD 6,194,995 18/12/2013 (69,336)

MXN 52,429,190 USD 4,004,529 18/12/2013 (9,865)

MYR 12,822,670 USD 4,005,323 18/12/2013 (29,818)

PEN 3,414,790 USD 1,216,613 18/12/2013 (1,288)

PEN 3,434,510 USD 1,222,246 18/12/2013 98

PHP 44,306,500 USD 1,019,712 18/12/2013 (5,658)

PHP 130,052,610 USD 2,984,569 18/12/2013 (8,021)

PLN 3,716,770 USD 1,183,979 18/12/2013 16,992

PLN 6,987,860 USD 2,260,582 18/12/2013 (2,649)

PLN 9,309,470 USD 2,984,257 18/12/2013 23,839

RON 4,035,730 USD 1,226,293 18/12/2013 9,394

RON 3,972,860 USD 1,196,403 18/12/2013 20,034

RUB 2,696,610 USD 81,052 18/12/2013 (23)

USD 7,980,857 AUD 8,767,590 18/12/2013 (878)

USD 22,648,025 BRL 53,050,780 18/12/2013 (44,365)

USD 6,471,375 BRL 14,774,150 18/12/2013 151,756

USD 2,413,321 CLP 1,263,855,950 18/12/2013 33,799

USD 2,439,375 COP 4,721,410,230 18/12/2013 (1,462)

USD 2,307,722 CZK 46,534,760 18/12/2013 (4,978)

USD 3,980,989 CZK 80,730,470 18/12/2013 (31,182)

USD 5,856,493 EUR 4,375,330 18/12/2013 (93,675)

USD 6,045,826 GBP 3,798,590 18/12/2013 (156,234)

USD 2,413,630 HUF 536,549,970 18/12/2013 (6,399)

USD 2,391,479 IDR 27,710,062,870 18/12/2013 69,668

USD 812,130 IDR 9,664,342,380 18/12/2013 2,360

USD 788,289 IDR 9,037,736,490 18/12/2013 31,022

USD 6,420,055 INR 405,307,430 18/12/2013 (45,875)

USD 10,225,600 JPY 1,017,150,560 18/12/2013 281,968

USD 3,014,845 JPY 300,387,090 18/12/2013 78,270

USD 2,887,178 JPY 289,750,560 18/12/2013 54,586

USD 12,533,078 MXN 165,803,440 18/12/2013 (99,752)

USD 4,771,148 MXN 62,466,130 18/12/2013 11,754

USD 2,436,606 PEN 6,849,300 18/12/2013 (1,063)

USD 6,752,167 PLN 21,093,860 18/12/2013 (63,727)

USD 2,856,505 PLN 8,950,000 18/12/2013 (35,439)

USD 1,259,932 PLN 3,899,400 18/12/2013 (51)

USD 5,673,301 RON 18,868,590 18/12/2013 (104,009)

USD 7,407,951 RUB 243,110,440 18/12/2013 102,862

USD 1,968,550 RUB 64,692,460 18/12/2013 24,642

USD 2,434,203 TRY 4,987,950 18/12/2013 (30,097)

USD 769,224 TRY 1,563,040 18/12/2013 (2,997)

USD 758,571 TRY 1,532,950 18/12/2013 1,216

USD 3,198,363 ZAR 33,290,000 18/12/2013 (63,329)

USD 4,931,726 ZAR 50,109,473 18/12/2013 22,094

ARS 18,223,480 USD 2,681,896 4/2/2014 (12,603)




in the Statements of Net Assets (see Note 2(d)).

Bank of America N.A., Barclays Bank Plc, BNP Paribas S.A., Citibank N.A., Deutsche Bank

AG London, Goldman Sachs International, HSBC Bank Plc, JPMorgan Chase Bank N.A.,

State Street Bank and Trust Company and UBS AG London are the counterparties to

these Open Forward Foreign Exchange Transactions.

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


(EUR) % Holding Description Market Value

(EUR) %




BlackRock Euro Dynamic Diversified Growth Fund

BONDS

Italy EUR 2,515,000 Italy Buoni Poliennali Del Tesoro

5.50% 1/11/2022 2,839,246 0.79

EUR 3,233,000 Italy Buoni Poliennali Del Tesoro

4.50% 1/5/2023 3,397,883 0.94


4.50% 1/3/2024 7,802,438 2.17

14,039,567 3.90

Total Bonds 14,039,567 3.90

FUNDS

Guernsey 1,145,797 Alcentra European Floating Rate

Income Fund Ltd 1,495,653 0.42

1,115,810 Better Capital PCC Ltd 1,471,612 0.41

139,499 BH Macro Ltd 2,777,425 0.77

2,473,500 Bluecrest Allblue Fund Ltd 4,124,561 1.15

34,622 HarbourVest Global Private Equity Ltd 257,462 0.07

902,081 NB Distressed Debt Investment

Fund Ltd 857,989 0.24

826,100 NB Global Floating Rate Income

Fund Ltd 1,049,519 0.29

3,356,000 NB Global Floating Rate Income

Fund Ltd 4,133,419 1.15

384,640 NB Global Floating Rate Income

Fund Ltd 298,745 0.08

702,149 Starwood European Real Estate

Finance Ltd 836,292 0.23

17,302,677 4.81

Ireland 1,728,854 Carador Income Fund Plc 1,218,978 0.34

99,356 iShares JP Morgan $ Emerging

Markets Bond UCITS ETF1 7,841,647 2.18

61,190 Stone Harbor Investment Funds

Plc - Emerging Market Debt Fund 6,712,002 1.86

15,772,627 4.38

Jersey 1,631,000 CVC Credit Partners European

Opportunities Ltd 1,661,581 0.46

1,347,000 Foresight Solar Fund Ltd 1,596,237 0.44

3,257,818 0.90

Luxembourg 110,392 Goldman Sachs Global High Yield

Portfolio 1,711,076 0.48

1,711,076 0.48

United Kingdom 593,836 Scottish Mortgage Investment

Trust Plc 7,215,749 2.00

7,215,749 2.00

Total Funds 45,259,947 12.57





Ireland 2,340,019 BlackRock Developed World Index

Sub-Fund 1 34,473,160 9.58

64,181,023 Institutional Cash Series Plc -

Institutional Euro Liquidity

Fund 1 64,181,023 17.83

279,564 Institutional Cash Series Plc -

Institutional Ultra Bond Fund 1 31,008,890 8.62

129,663,073 36.03

Luxembourg 573,733 BlackRock Global Funds - ASEAN

Leaders X2 RF 1 4,904,889 1.36

72,720 BlackRock Global Funds - Asian

Dragon Fund X2 (USD) 1 1,749,699 0.49

1,450,232 BlackRock Global Funds -

Emerging Markets Equity

Income Fund X2 (USD) 1 11,950,793 3.32

1,144,160 BlackRock Global Funds -

Euro Corporate Bond

Fund X2 (EUR) 1 17,219,608 4.78

821,731 BlackRock Global Funds -

Euro Short Duration Bond

Fund X2 (EUR) 1 13,032,654 3.62

4,640,802 BlackRock Global Funds - Global

Corporate Bond Fund

X2 (EUR) Hedged 1 56,292,928 15.64

3,303,796 BlackRock Global Funds - Global

Equity Income X2 (USD) 1 35,111,399 9.76

166,612 BlackRock Global Funds - US Dollar

High Yield Bond Fund X2 (USD) 1 3,603,765 1.00

143,865,735 39.97

United Kingdom 1,327,336 BlackRock Frontiers Investment

Trust Plc 1 1,788,514 0.50

1,788,514 0.50

Total Funds 275,317,322 76.50


BONDS

Luxembourg USD 4,200,000 Societe Generale SA 0.00%

28/3/2016 (Zero Coupon) 2,991,252 0.83

2,991,252 0.83

Total Bonds 2,991,252 0.83


and Money Market Instruments 2,991,252 0.83



Total Net Assets (EUR) 359,905,119 100.00



BlackRock Euro Dynamic Diversified Growth Fund continued




(depreciation) EUR

USD 1,000,000 Credit Default Swaps (Bank of America) (Fund


protection on CDX NA HY 21 Version 1)

(20/12/2018) 14,509



on CDX NA HY 21 Version 1) (20/12/2018) 20,297

USD 3,933,000 Total Return Swap (Citibank) (Fund receives Citi

Dynavo2x Index and pays Fixed 0.000%)

(20/6/2014) 117,746

USD 9,816,231 Total Return Swap (Citibank) (Fund receives

Emerging Lifestyle Trends Index and pays

6 Month USD LIBOR BBA) (5/9/2014) 864,306

USD 2,187,000 Total Return Swap (JP Morgan Chase Bank) (Fund

receives Global Volatility Carry Strategy Index

and pays Fixed 0.000%) (3/7/2014) 48,540

EUR 5,940,141 Total Return Swap (JP Morgan Chase Bank) (Fund

receives JP European Basket Index and pays

3 Month EURIBOR) (19/8/2014) 455,838

EUR 1,692,836 Total Return Swap (JP Morgan Chase Bank) (Fund

receives JP European Basket Index and pays

3 Month EURIBOR) (13/11/2014) (4,337)

(EUR underlying exposure – EUR 22,697,319) 1,516,899

Note: The total market value of EUR 1,605,272 is included in the Statement of Net Assets

(see Note 2(d)).


Number of Contracts


Expirationdate

Underlying exposure

EUR


(depreciation)EUR

177 EURO STOXX 50 Index December 2013 5,460,450 271,150

(41) FTSE 100 Index December 2013 3,280,683 (107,525)

1,320 FTSE 100 Index December 2014 3,831,993 67,299

(67) H-Shares Index December 2013 3,638,606 (52,740)

927 Nikkei 225 Mini December 2013 10,468,859 863,160

275 STOXX 600 Oil Index December 2013 4,567,750 99,000

(80) US Treasury 10 Year Note March 2014 6,476,266 459

Total 37,724,607 1,140,803

Note: The net unrealised appreciation of EUR 1,140,803 attributed to these transactions

is included in the Statement of Net Assets (see Note 2(d)).


Purchases Sales Value Date


(depreciation)EUR

EUR 752,800 SEK 6,723,371 13/12/2013 (2,557)

SEK 324,989,095 EUR 36,417,430 13/12/2013 94,450

USD 2,053,858 KRW 2,208,000,000 29/1/2014 (18,281)

USD 2,755,264 KRW 2,944,000,000 29/1/2014 (12,045)

USD 2,055,483 KRW 2,208,000,000 29/1/2014 (17,087)

USD 2,048,226 MYR 6,600,000 29/1/2014 5,631

USD 2,392,047 MYR 7,700,000 29/1/2014 8,369

USD 2,395,023 MYR 7,700,000 29/1/2014 10,555

USD 2,385,364 THB 75,950,000 29/1/2014 19,426

USD 4,093,696 THB 130,200,000 29/1/2014 36,606

USD 2,387,239 THB 75,950,000 29/1/2014 20,802

EUR 1,919,724 CAD 2,705,000 31/1/2014 46,021

EUR 6,090,000 CHF 7,497,308 31/1/2014 (6,622)

EUR 11,534,122 GBP 9,763,000 31/1/2014 (205,956)

EUR 8,493,486 JPY 1,130,500,000 31/1/2014 379,172

EUR 6,780,320 USD 9,140,000 31/1/2014 67,641

EUR 50,912,419 USD 68,733,000 31/1/2014 432,923

EUR 10,610,333 USD 14,260,000 31/1/2014 137,378

USD 13,217,470 AUD 14,000,000 31/1/2014 346,325

USD 9,010,000 CAD 9,444,796 31/1/2014 74,972

USD 1,786,000 EUR 1,322,393 31/1/2014 (10,703)

USD 4,000,000 GBP 2,506,925 31/1/2014 (76,881)

USD 4,000,000 GBP 2,507,373 31/1/2014 (77,419)

USD 13,860,000 JPY 1,366,244,649 31/1/2014 372,781

USD 6,034,399 ZAR 62,100,000 31/1/2014 (14,050)



Note: the net unrealised appreciation attributed to these transactions is included


Citibank N.A., Deutsche Bank AG London, Goldman Sachs International, HSBC Bank Plc,

State Street Bank and Trust Company, State Street Bank London and UBS AG London are

the counterparties to these Open Forward Foreign Exchange Transactions.


% of netassets *

Funds 80.52

Financial 9.38

Government 3.90


100.00




BlackRock Euro Dynamic Diversified Growth Fund continued

Written Put Options as at 30 November 2013

Number of contracts

subjectto Put Issuer

Underlying exposure

EUR


(depreciation)EUR

Market Value

EUR

(356) DAX Index Put Option

strike price EUR 7,450.00

expiring on 20/12/2013 83,258 186,544 (3,026)

(428) EURO STOXX 50 Index Put Option


expiring on 19/12/2014 2,835,228 92,448 (399,752)

(187) EURO STOXX Banks Index

Put Option

strike price EUR 115.00

expiring on 20/12/2013 25,257 24,123 (935)

(960) EURO STOXX Banks Index

Put Option


expiring on 21/3/2014 574,554 52,800 (43,200)

(57) Nikkei 225 Index Put Option

strike price JPY 13,250.00

expiring on 13/12/2013 37,160 25,039 (818)

(127) S&P 500 Index Put Option

strike price USD 1,625.00

expiring on 21/12/2013 538,518 35,851 (10,260)

Total Written Put Options 4,093,975 416,805 (457,991)

Note: Written Put Options are included in the Statement of Net Assets (see Note 2(d)).

Merrill Lynch International is the counterparty to these Written Put Options.

Written Call Options as at 30 November 2013

Number of contracts

subjectto Call Issuer

Underlying exposure

EUR


(depreciation)EUR

Market Value

EUR

(428) EURO STOXX 50 Index Call Option


expiring on 19/12/2014 2,574,957 (26,264) (221,276)

(57) Nikkei 225 Index Call Option

strike price JPY 14,750.00

expiring on 13/12/2013 5,339,211 (354,665) (413,058)

Total Written Call Options 7,914,168 (380,929) (634,334)

Note: Written Call Options are included in the Statement of Net Assets (see Note 2(d)).

Merrill Lynch International is the counterparty to these Written Call Options.

Purchased Call Options as at 30 November 2013

Number of contracts


Underlying exposure

EUR


(depreciation)EUR

Market Value

EUR

428 EURO STOXX 50 Index

Call Option


expiring on 19/12/2014 5,987,931 103,576 754,136

960 EURO STOXX Banks Index

Call Option


expiring on 21/3/2014 2,046,932 2,496 144,000

2,793 Ishares MSCI EAFE ETF

Call Option

strike price USD 67.00

expiring on 21/12/2013 4,343,721 3,322 73,848

18 KOSPI 200 Index Call Option

strike price KRW 270.00

expiring on 12/12/2013 836,130 (46,500) 17,301

818 SPDR Gold Shares Call Option


expiring on 21/12/2013 192,766 (171,482) 4,206

Total Purchased Call Options 13,407,480 (108,588) 993,491

Note: Purchased Call Options are included in the Statement of Net Assets (see Note 2(d)).

Citibank N.A. and Merrill Lynch International are the counterparties to these Purchased

Call Options.

Purchased Put Options as at 30 November 2013

Number of contracts


Underlying exposure

EUR


(depreciation)EUR

Market Value

EUR

178 DAX Index Put Option


expiring on 20/12/2013 99,275 (171,485) 2,581

117 S&P 500 Index Put Option


expiring on 21/12/2013 251,025 (158,044) 6,874

127 S&P 500 Index Put Option


expiring on 21/12/2013 1,883,762 (141,178) 34,046

Total Purchased Put Options 2,234,062 (470,707) 43,501

Note: Purchased Put Options are included in the Statement of Net Assets (see Note 2(d)).

Merrill Lynch International is the counterparty to these Purchased Put Options.





(EUR) %



BlackRock European Absolute Return Fund


Denmark 517,210 Pandora A/S 19,679,017 1.31

19,679,017 1.31

France 360,095 Eiffage SA 14,952,945 1.00

129,333 L'Oreal SA 16,004,958 1.06

436,298 Legrand SA 17,796,595 1.18

216,611 Remy Cointreau SA 13,484,035 0.90

1,074,526 Rexel SA 20,125,872 1.34

240,894 Sanofi 18,837,911 1.25

101,202,316 6.73

Germany 228,228 Bayer AG 22,352,650 1.49

287,170 Bayerische Motoren Werke AG 24,369,246 1.62

1,535,265 Commerzbank AG 16,903,268 1.12

116,936 Continental AG 17,920,442 1.19

660,618 Deutsche Post AG 17,156,250 1.14

270,893 Drillisch AG 5,849,934 0.39

298,784 NORMA Group AG 11,028,117 0.73

468,262 ProSiebenSat.1 Media AG 15,471,377 1.03

131,051,284 8.71

Greece 576,838 OPAP SA 5,641,475 0.38

5,641,475 0.38

Ireland 36,826 Paddy Power Plc 2,085,088 0.14

2,272,267 Ryanair Holdings Plc 13,997,165 0.93

16,082,253 1.07

Italy 748,631 Atlantia SpA 12,434,761 0.83

630,115 Azimut Holding SpA 11,915,475 0.79

22,361,061 Telecom Italia SpA 15,999,339 1.06

40,349,575 2.68

Netherlands 233,684 ASML Holding NV 16,138,217 1.07

452,660 Koninklijke Boskalis Westminster NV 16,700,891 1.11

1,392,811 Reed Elsevier NV 21,964,629 1.46

366,750 Ziggo NV 11,548,958 0.77

66,352,695 4.41

Spain 449,369 Grifols SA 15,159,463 1.01

15,159,463 1.01

Sweden 1,724,364 Nordea Bank AB 16,300,613 1.08

16,300,613 1.08

United Kingdom 2,609,981 Merlin Entertainments Plc'144A' 11,110,962 0.74

11,110,962 0.74






Funds


Institutional Euro Assets

Liquidity Fund 1 114,535,204 7.61

34,716,237 Institutional Cash Series Plc -

Institutional Euro Liquidity

Fund 1 34,716,237 2.31

149,251,441 9.92

Total Funds 149,251,441 9.92



Total Net Assets (EUR) 1,504,298,441 100.00




BlackRock European Absolute Return Fund continued

TIME DEPOSITS Barclays Bank Plc 227,980,000 15.15

BNP Paribas SA 227,980,000 15.15

HSBC Bank Plc 118,350,000 7.87

Societe Generale SA 227,980,000 15.16

Total Time Deposits 802,290,000 53.33

Time Deposit as at 30 November 2013

Description

Market ValueEUR %


Number of Contracts


Expirationdate

Underlying exposure

EUR


(depreciation) EUR

(17,992) STOXX EUROPE

600 Index December 2013 292,459,960 (10,023,634)

Total 292,459,960 (10,023,634)


in the Statement of Net Assets (see note 2(d)).


% of netassets *

Funds 9.92



Industrial 5.77

Communications 4.71

Financial 2.99

Technology 1.07


100.00





(depreciation)EUR

CHF 16,573,880 EUR 13,451,056 13/12/2013 27,988

EUR 77,668 CHF 95,713 13/12/2013 (172)

EUR 200,779 GBP 167,869 13/12/2013 (770)

GBP 13,756,749 EUR 16,313,251 13/12/2013 203,509

EUR 5,590 SEK 49,938 13/12/2013 (18)

SEK 2,131,724 EUR 238,893 13/12/2013 527


(EUR underlying exposure – EUR 30,520,222) 231,064






EUR


(depreciation) EUR Holding Description

Market ValueEUR


(depreciation) EUR

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


Deutsche Bank and JP Morgan are the counterparties to these Contracts for Difference.


BlackRock European Absolute Return Fund continued

Belgium (365,669) Belgacom SA (7,988,039) (1,057,284)

(7,988,039) (1,057,284)

Denmark 1,284,228 GN Store Nord A/S 22,640,811 3,902,340

187,791 Novo Nordisk A/S 'B' 24,635,404 443,857

47,276,215 4,346,197

Finland (857,965) Outotec OYJ (6,443,317) 2,578,974

(6,443,317) 2,578,974

France (161,729) Air Liquide SA (16,609,569) (669,333)

(190,669) Casino Guichard Perrachon SA (15,671,085) (1,266,975)

(696,367) CGG SA (10,630,042) 791,908

(287,102) Danone (15,368,570) 223,940

(724,826) Eutelsat Communications SA (15,583,759) 271,886

305,729 Salvatore Ferragamo SpA 8,939,516 2,510,035

(110,614) Sodexo (8,163,313) (214,930)

(207,202) Technip SA (15,258,355) 1,711,859

(339,291) Vallourec SA (14,221,382) 593,816

(1,264,290) Veolia Environnement SA (15,120,909) 838,929

(117,687,468) 4,791,135

Germany 325,481 Cap Gemini SA 15,667,028 341,873

(662,548) Deutsche Bank AG (23,613,211) (470,799)

(1,001,445) Deutsche Lufthansa AG (16,063,178) (2,654,510)

(176,635) MTU Aero Engines AG (12,217,843) 53,589

270,029 Publicis Groupe SA 17,605,891 1,547,656

(279,514) RWE AG (7,897,668) (1,229,760)

380,564 Societe Generale SA 16,206,318 2,838,410

(733,069) SOITEC (1,084,942) 779,149

(11,397,605) 1,205,608

Italy (3,569,072) Fiat SpA (20,950,453) (258,779)

(20,950,453) (258,779)

Luxembourg (1,043,275) SES SA (22,639,067) (460,056)

(22,639,067) (460,056)

Netherlands (1,220,745) ArcelorMittal (15,595,017) (1,795,366)

(355,565) Fugro NV (15,954,202) 219,487

(446,255) Koninklijke Vopak NV (19,586,132) 199,570

(2,188,727) SNS REAAL NV* – 22

(51,135,351) (1,376,287)

Norway (237,035) Norwegian Air Shuttle AS (6,554,303) (441,467)

(1,114,212) Petroleum Geo-Services ASA (9,851,734) 220,150

1,352,222 Statoil ASA 22,593,864 (209,639)

6,187,827 (430,956)

South Korea (445,112) SABMiller Plc (16,921,986) (526,335)

(16,921,986) (526,335)

Switzerland 270,227 Actelion Ltd 16,744,499 424,816

215,964 Cie Financiere Richemont SA 16,209,571 1,575,725

(231,450) Holcim Ltd (12,421,944) 459,959

23,453 Kuoni Reisen Holding AG 7,590,492 1,525,431

435,843 Novartis AG 25,341,048 1,178,618

22,755 Partners Group Holding AG 4,187,452 (129,528)

104,521 Roche Holding AG 21,444,171 1,024,629

1,544,384 UBS AG 21,801,856 (128,797)

100,897,145 5,930,853

United Kingdom (2,795,072) Aberdeen Asset Management Plc (16,531,956) (4,085,356)

(1,048,708) Admiral Group Plc (15,714,696) 144,794

(1,750,773) Ashmore Group Plc (8,316,162) (487,700)

7,155,682 Barclays Plc 23,447,222 388,318

3,136,573 Barratt Developments Plc 12,473,334 1,203,880

(581,027) British American Tobacco Plc (22,750,133) 1,093,499

(669,681) Burberry Group Plc (12,350,826) (297,037)

(1,919,858) Bwin.Party Digital Entertainment Plc (2,929,891) (124,704)

(260,585) Carnival Plc (7,028,986) 605,119

2,916,278 Elementis Plc 9,097,140 162,628

803,592 Grafton Group Plc 6,001,542 1,277,480

(1) Home Retail Group Plc (2) –

1,131,850 Hunting Plc 10,858,566 (1,006,331)

1,225,797 IG Group Holdings Plc 8,610,160 160,218

(2,041,961) J Sainsbury Plc (9,997,442) (293,679)

(2,074,249) Kazakhmys Plc (5,877,731) 1,082,088

(1,219,342) Lonmin Plc (4,605,970) (707,198)

(1,703,619) Marks & Spencer Group Plc (10,010,903) (523,238)

743,251 Playtech Plc 6,224,673 513,475

876,272 Royal Dutch Shell Plc 'B' 22,610,605 (591,764)

325,529 Spirax-Sarco Engineering Plc 11,507,058 558,060

1,937,986 Sports Direct International Plc 17,252,256 3,287,935

9,825,553 Taylor Wimpey Plc 12,611,639 1,823,957

3,631,334 Thomas Cook Group Plc 7,695,693 772,007

3,275,246 William Hill Plc 15,089,420 (1,468,896)

(1,919,894) WM Morrison Supermarkets Plc (6,115,773) 426,958

41,248,837 3,914,513

Total market value

(EUR underlying exposure – EUR 868,313,874) (59,553,262) 18,657,583






(EUR) %



BlackRock European Constrained Credit Strategies Fund


Ireland 23,500 Smurfit Kappa Group Plc 412,895 0.25

412,895 0.25

Spain 14,677 Pescanova SA* – 0.00

– 0.00

Sweden 47,700 SAS AB 99,667 0.06

99,667 0.06

Switzerland 7,252 Cembra Money Bank AG 333,487 0.20

333,487 0.20

United Kingdom 38,426 Royal Bank of Scotland Group Plc

(Pref M) 613,426 0.37

2,086 Royal Bank of Scotland Group Plc

(Pref R) 32,165 0.02

48,858 Royal Bank of Scotland Group Plc

(Pref S) 801,157 0.49

1,446,748 0.88

United States 26,703 RBS Capital Funding Trust V (Pref E) 415,875 0.25

26,703 RBS Capital Funding Trust VII (Pref G) 425,300 0.26

841,175 0.51


BONDS

Austria EUR 600,000 Vienna Insurance Group AG Wiener

Versicherung Gruppe FRN

9/10/2043 637,500 0.39

637,500 0.39

Cayman Islands GBP 1,090,000 Brakes Capital 7.125% 15/12/2018 1,306,827 0.79

GBP 402,739 Punch Taverns Finance B Ltd 7.369%

30/6/2022 500,496 0.30


30/12/2024 1,152,411 0.70


30/6/2033 1,071,002 0.65

4,030,736 2.44

Czech Republic EUR 1,520,000 RPG Byty Sro 6.75% 1/5/2020 1,541,812 0.93

1,541,812 0.93

France EUR 590,000 Fonciere Des Regions 0.875%

1/4/2019 495,217 0.30

EUR 400,000 France Government Bond OAT 2.25%

25/10/2022‡ 407,276 0.25

EUR 1,840,000 France Government Bond OAT 4.25%

25/10/2023‡ 2,167,336 1.31

USD 400,000 Societe Generale SA FRN

(Perpetual) 308,723 0.19

3,378,552 2.05

Germany EUR 2,100,000 Allianz SE FRN (Perpetual) 2,162,517 1.31

EUR 300,000 Allianz SE FRN (Perpetual) 308,931 0.19

EUR 1,700,000 Bayerische Landesbank FRN

7/2/2019 1,572,500 0.95

EUR 3,100,000 Commerzbank AG 7.75% 16/3/2021 3,545,594 2.15

USD 768,000 Commerzbank AG '144A' 8.125%

19/9/2023 620,493 0.38

EUR 261,000 Deutsche Raststaetten Gruppe IV

GmbH 6.75% 30/12/2020 270,145 0.16

EUR 200,000 Muenchener Rueckversicherungs

AG FRN 26/5/2041 235,135 0.14

EUR 2,037,200 TUI AG 2.75% 24/3/2016 1,361,614 0.83

10,076,929 6.11

Ireland EUR 455,000 AIB Mortgage Bank 2.625% 29/7/2016 467,683 0.28

EUR 755,000 AIB Mortgage Bank 4.875% 29/6/2017 829,707 0.50

EUR 2,875,000 Bank of Ireland Mortgage Bank

2.75% 22/3/2018 2,952,625 1.79

EUR 525,000 Bank of Ireland Mortgage Bank

3.625% 2/10/2020 550,043 0.34

EUR 450,000 Cloverie Plc for Zurich Insurance

Co Ltd FRN 24/7/2039 546,248 0.33

5,346,306 3.24

Italy EUR 1,030,000 A2A SpA 4.375% 10/1/2021 1,101,652 0.67

EUR 565,000 Astaldi SpA 7.125% 1/12/2020 588,171 0.36

EUR 814,000 Banca Monte dei Paschi di Siena SpA

4.875% 15/9/2016 859,140 0.52

USD 690,000 Enel SpA '144A' FRN 24/9/2073 552,175 0.33

EUR 1,120,000 Gamenet SpA 7.25% 1/8/2018 1,140,815 0.69

EUR 2,040,000 Intesa Sanpaolo SpA 3.00%

28/1/2019 2,069,610 1.26


5.50% 1/11/2022 3,655,550 2.22

EUR 975,000 IVS F. SpA 7.125% 1/4/2020 1,005,469 0.61

EUR 710,000 UniCredit SpA 6.95% 31/10/2022 774,919 0.47

EUR 2,265,000 UniCredit SpA FRN 28/10/2025 2,316,642 1.40

14,064,143 8.53

Jersey GBP 860,000 AA Bond Co Ltd 6.269% 31/7/2025 1,138,114 0.69

GBP 190,000 Galaxy Bidco Ltd 6.375% 15/11/2020 228,705 0.14

1,366,819 0.83

Luxembourg USD 2,100,000 APERAM '144A' 7.75% 1/4/2018 1,588,029 0.96

USD 800,000 APERAM 2.625% 30/9/2020 661,671 0.40

EUR 785,000 GELF Bond Issuer I SA 3.125%

3/4/2018 813,393 0.49

EUR 1,880,000 Intralot Finance Luxembourg SA

9.75% 15/8/2018 2,048,269 1.24

EUR 810,000 Magnolia BC SA 9.00% 1/8/2020 847,292 0.51

EUR 100,000 S&B Minerals Finance SCA / S&B

Industrial Minerals North America

Inc 9.25% 15/8/2020 108,864 0.07


France continued





(EUR) %


BlackRock European Constrained Credit Strategies Fund continued

EUR 1,672,000 Servus Luxembourg Holding SCA

7.75% 15/6/2018 1,756,603 1.07

EUR 940,000 Snai SpA 7.625% 15/6/2018 956,098 0.58

USD 443,000 Telecom Italia Capital SA 6.375%

15/11/2033 284,635 0.17


30/9/2034 229,824 0.14


4/6/2038 283,018 0.17

EUR 3,600,000 Telecom Italia Finance SA 6.125%

15/11/2016 3,767,040 2.29


15/11/2016 3,600,000 2.18


24/1/2033 3,280,038 1.99

EUR 2,520,000 Wind Acquisition Finance SA 7.375%

15/2/2018 2,666,261 1.62

22,891,035 13.88

Mexico USD 1,640,000 Cemex SAB de CV '144A' 7.25%

15/1/2021 1,229,092 0.75

1,229,092 0.75

Netherlands EUR 570,000 Achmea BV FRN 4/4/2043 614,175 0.37

EUR 845,000 Achmea BV FRN 4/4/2043 910,487 0.55

EUR 360,000 Adria Bidco BV 7.875% 15/11/2020 361,033 0.22

EUR 700,000 Allianz Finance II BV FRN 8/7/2041 800,754 0.49

EUR 401,000 Enel Finance International NV

4.875% 17/4/2023 446,528 0.27

USD 3,300,000 ING Bank NV '144A' 5.80%

25/9/2023 2,532,636 1.54

USD 5,248,001 ING Bank NV FRN 21/11/2023 3,851,576 2.34

EUR 1,845,000 Portugal Telecom International

Finance BV 4.625% 8/5/2020 1,882,472 1.14

AUD 550,000 Royal Bank of Scotland NV FRN

17/5/2018 330,763 0.20

EUR 977,000 Ziggo BV 3.625% 27/3/2020 977,000 0.59

12,707,424 7.71

Portugal EUR 900,000 Caixa Geral de Depositos SA 5.625%

4/12/2015 951,534 0.58

USD 5,190,000 Portugal Government International

Bond 3.50% 25/3/2015 3,822,994 2.32

4,774,528 2.90

Spain CHF 1,100,000 Autonomous Community of Catalonia

2.125% 1/10/2014 893,652 0.54

EUR 112,000 Autonomous Community of Valencia

Spain 4.75% 20/3/2014 112,840 0.07


Spain 3.25% 6/7/2015 744,366 0.45

EUR 2,288,000 Autonomous Community of Valencia

Spain 4.375% 16/7/2015 2,339,629 1.42


Spain 4.00% 2/11/2016 756,195 0.46

EUR 400,000 Ayt Cedulas Cajas Global 4.00%

21/3/2017 417,550 0.25


14/6/2018 313,958 0.19


14/12/2022 761,960 0.46


25/10/2023 293,565 0.18

EUR 300,000 AyT Cedulas Cajas X Fondo de

Titulizacion 3.75% 30/6/2025 262,950 0.16

EUR 1,600,000 AyT Cedulas Cajas XXIII Fondo de

Titulizacion de Activos 4.75%

15/6/2016 1,701,352 1.03

USD 800,000 Banco Bilbao Vizcaya Argentaria SA

FRN (Perpetual) 622,449 0.38

EUR 200,000 BBVA Senior Finance SAU 3.75%

17/1/2018 213,085 0.13

EUR 1,500,000 BPE Financiaciones SA 2.875%

19/5/2016 1,501,327 0.91

EUR 1,100,000 CaixaBank SA 3.125% 14/5/2018 1,136,261 0.69

EUR 1,100,000 Caja Rural de Navarra 2.875%

11/6/2018 1,131,449 0.69

EUR 300,000 Cedulas TDA 4.125% 29/11/2019 309,938 0.19

EUR 400,000 Cedulas TDA 4.25% 28/3/2027 352,330 0.21

EUR 400,000 Cedulas TDA 1 Fondo de Titulizacion

de Activos FRN 8/4/2016 382,288 0.23

EUR 1,100,000 Cedulas TDA 6 Fondo de Titulizacion

de Activos 3.875% 23/5/2025 966,625 0.59


de Activos 4.25% 10/4/2031 834,600 0.51


de Activos 3.50% 20/6/2017 101,735 0.06

EUR 500,000 Kutxabank SA 3.00% 1/2/2017 520,757 0.31

EUR 1,500,000 Santander Issuances SAU FRN

30/9/2019 1,418,910 0.86

EUR 3,600,000 Spain Government Bond '144A'

5.40% 31/1/2023 3,973,950 2.41

22,063,721 13.38

Switzerland EUR 1,875,000 Credit Suisse AG FRN 18/9/2025 1,981,256 1.20

1,981,256 1.20

United Kingdom GBP 836,361 Annington Finance No 4 Plc FRN

10/1/2023 996,190 0.60

EUR 840,000 Aviva Plc FRN 5/7/2043 937,650 0.57

GBP 462,000 Bakkavor Finance 2 Plc 8.75%

15/6/2020 607,420 0.37

EUR 650,000 Barclays Bank Plc 6.00% 14/1/2021 743,282 0.45


USD 226,000 Barclays Bank Plc 7.625%

21/11/2022 174,962 0.11

EUR 780,000 Barclays Bank Plc FRN (Perpetual) 674,099 0.41

EUR 280,000 Barclays Bank Plc FRN (Perpetual) 252,714 0.15

USD 2,400,000 Barclays Bank Plc FRN (Perpetual) 1,823,661 1.11

GBP 320,000 BUPA Finance Plc 5.00% 25/4/2023 387,855 0.24

GBP 490,000 Co-operative Group Holdings 2011

(Step Coupon) 6.875% 8/7/2020 601,210 0.36

GBP 450,000 Co-operative Group Holdings 2011

(Step Coupon) 7.50% 8/7/2026 552,475 0.34

EUR 220,000 Imperial Tobacco Finance Plc 4.50%

5/7/2018 246,989 0.15


Spain continued Luxembourg continued

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



(EUR) %

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




GBP 200,000 Jaguar Land Rover Automotive Plc

8.25% 15/3/2020 271,537 0.16

EUR 1,545,000 Lloyds Bank Plc 6.50% 24/3/2020 1,796,804 1.09

EUR 1,436,000 Lloyds Bank Plc FRN 16/12/2021 1,785,802 1.08

GBP 824,000 Marks & Spencer Plc 4.75%

12/6/2025 993,904 0.60

EUR 1,183,000 Nationwide Building Society FRN

20/3/2023 1,219,271 0.74

GBP 1,105,000 Next Plc 4.375% 2/10/2026 1,338,443 0.81

USD 1,180,000 Royal Bank of Scotland Group Plc

'144A' FRN (Perpetual) 928,416 0.56

USD 300,000 Santander UK Plc '144A' 5.00%

7/11/2023 220,704 0.13

GBP 1,170,000 Unique Pub Finance Co Plc/The

7.395% 28/3/2024 1,369,706 0.83

GBP 2,209,062 Unique Pub Finance Co Plc/The

5.659% 30/6/2027 2,596,892 1.58

GBP 400,000 Unique Pub Finance Co Plc/The

'A3' 6.542% 30/3/2021 502,664 0.30

GBP 253,000 Vougeot Bidco Plc Reg 7.875%

15/7/2020 322,352 0.20

21,570,271 13.08

United States USD 742,000 Continental Rubber of America Corp

'144A' 4.50% 15/9/2019 579,982 0.35

USD 3,780,000 Meccanica Holdings USA Inc '144A'

6.25% 15/7/2019 2,878,111 1.75

USD 530,000 Meccanica Holdings USA Inc '144A'

7.375% 15/7/2039 370,492 0.22

USD 2,305,000 Meccanica Holdings USA Inc '144A'

6.25% 15/1/2040 1,454,442 0.88

EUR 220,000 RBS Capital Trust A FRN (Perpetual) 199,604 0.12

5,482,631 3.32

Total Bonds 133,142,755 80.74







Liquidity Fund 1 15,822,036 9.59

15,822,036 9.59

Total Funds 15,822,036 9.59


BONDS

Jersey GBP 1,000,000 Enterprise Funding Ltd 3.50%

10/9/2020 1,250,422 0.76

1,250,422 0.76

Total Bonds 1,250,422 0.76







TIME DEPOSITS Societe Generale SA 12,000,107 7.28



Description

Market ValueEUR %

United Kingdom continued



(depreciation)EUR



(depreciation)EUR




USD 300,000 Credit Default Swaps (Bank of America Securities

LLC) (Fund receives default protection on Ireland

Government Bond 4.500% 18/4/2020 and pays

Fixed 1.000%) (20/3/2018) (8,079)

EUR 590,000 Credit Default Swaps (Bank of America) (Fund

receives default protection on Portugal Telecom

International Finance BV 4.375% 24/3/2017 and

pays Fixed 5.000%) (20/6/2018) (60,652)

EUR 1,610,000 Credit Default Swaps (Bank of America) (Fund

receives default protection on Stora Enso OYJ

5.125% 23/6/2014 and pays Fixed 5.000%)

(20/9/2018) (79,879)



protection on Virgin Media Finance Plc 5.125%

15/2/2022) (20/9/2018) 25,354

EUR 1,340,000 Credit Default Swaps (Barclays Bank) (Fund receives

default protection on AXA SA 4.500% 23/1/2015

and pays Fixed 1.000%) (20/6/2018) (41,167)

EUR 320,000 Credit Default Swaps (Barclays Bank) (Fund receives

default protection on Clariant Finance Luxembourg

SA 4.375% 5/4/2013 and pays Fixed 1.000%)

(20/6/2018) (10,999)


default protection on Deutsche Bank AG 5.125%

31/8/2017 and pays Fixed 1.000%) (20/3/2018) (14,146)


default protection on Dixons Retail Plc 8.750%

3/8/2015 and pays Fixed 5.000%) (20/12/2017) (22,870)



3/8/2015 and pays Fixed 5.000%) (20/12/2017) (6,099)


default protection on Finmeccanica Finance SA/

Old 5.750% 12/12/2018 and pays Fixed 5.000%)

(20/12/2018) (1,515)




(20/3/2016) (4,506)




(20/6/2018) (29,211)

USD 1,635,000 Credit Default Swaps (Barclays Bank) (Fund receives

default protection on France Government Bond

OAT 4.250% 25/4/2019 and pays Fixed 0.250%)

(20/6/2018) (12,128)

USD 2,150,000 Credit Default Swaps (Barclays Bank) (Fund

receives default protection on Italy Government

International Bond 6.875% 27/9/2023 and pays

Fixed 1.000%) (20/3/2018) (62,410)


default protection on iTraxx Europe Senior

Financials Series 19 Version 1 and pays Fixed

1.000%) (20/6/2018) (6,063)




1.000%) (20/6/2018) (17,608)


default protection on iTraxx Europe Series 20

Version 1 and pays Fixed 1.000%) (20/12/2018) (22,912)




EUR 10,000 Credit Default Swaps (Barclays Bank) (Fund

receives default protection on Peugeot SA 8.375%

15/7/2014 and pays Fixed 5.000%) (20/3/2018) (1,684)


receives default protection on Peugeot SA 8.375%

15/7/2014 and pays Fixed 5.000%) (20/9/2018) (67,942)

USD 800,000 Credit Default Swaps (Barclays Bank) (Fund receives

default protection on Portugal Obrigacoes do

Tesouro OT 5.450% 23/9/2013 and pays Fixed

1.000%) (20/6/2017) (178,376)




1.000%) (20/12/2015) (24,641)




1.000%) (20/12/2017) (43,032)


default protection on Stena AB 6.125% 1/2/2017

and pays Fixed 5.000%) (20/12/2017) (68,774)


default protection on Stora Enso OYJ 5.125%

23/6/2014 and pays Fixed 5.000%) (20/9/2018) (27,757)


default protection on Unitymedia KabelBW GmbH

9.625% 1/12/2019 and pays Fixed 5.000%)

(20/9/2018) (10,314)


default protection on Wind Acquisition Finance

SA 11.750% 15/7/2017 and pays Fixed 5.000%)

(20/9/2015) (416)

USD 1,000,000 Credit Default Swaps (Barclays Bank) (Fund receives

Fixed 0.250% and provides default protection on

France Government Bond OAT 4.250% 25/4/2019)

(20/6/2023) 16,591



Aviva Plc 9.500% 20/6/2016) (20/6/2018) 37,950



Deutsche Bank AG 5.125% 31/8/2017) (20/6/2018) 9,394



Imperial Tobacco Finance Plc 6.250% 4/12/2018)

(20/12/2017) 946



on Italy Government International Bond 6.875%

27/9/2023) (20/3/2018) 52,845




27/9/2023) (20/3/2018) 1,441



iTraxx Europe Senior Financials Series 19 Version

1) (20/6/2018) 40,881



iTraxx Europe Series 20 Version 1) (20/12/2018) 13,244



Swiss Reinsurance Co Ltd 4.000% 29/6/2015)

(20/3/2018) 23,105



(depreciation)EUR



(depreciation)EUR







ThyssenKrupp AG 4.375% 18/3/2015) (20/3/2018) 12,103



Finmeccanica Finance SA/Old 5.750% 12/12/2018)

(20/3/2018) 14,148



Portugal Telecom International Finance BV 4.375%

24/3/2017) (20/9/2017) 38,925



Sunrise Communications Holdings SA 8.500%

31/12/2018) (20/12/2017) 47,361

EUR 540,000 Credit Default Swaps (BNP Paribas) (Fund receives


and pays Fixed 1.000%) (20/6/2018) (29,275)


default protection on Banco Comercial Portugues

SA FRN 17/6/2013 and pays Fixed 5.000%)

(20/3/2016) (138,579)


default protection on Banco de Sabadell SA

0.365% 4/10/2016 and pays Fixed 5.000%)

(20/6/2017) (27,687)



0.365% 4/10/2016 and pays Fixed 5.000%)

(20/3/2018) (46,991)


default protection on Banco Espirito Santo SA

0.454% 19/1/2015 and pays Fixed 5.000%)

(20/6/2018) (35,882)


default protection on Banco Santander SA FRN

9/8/2013 and pays Fixed 3.000%) (20/9/2017) (11,322)


default protection on BBVA Senior Finance SAU

4.875% 23/1/2014 and pays Fixed 3.000%)

(20/12/2017) (5,638)



4.875% 23/1/2014 and pays Fixed 3.000%)

(20/3/2018) (60,857)


default protection on BPE Financiaciones SA

1.211% 30/12/2014 and pays Fixed 5.000%)

(20/12/2017) (63,199)


default protection on Caja de Ahorros y Pensiones

de Barcelona 3.940% 28/2/2019 and pays Fixed

3.000%) (20/6/2017) (8,701)


default protection on Caja de Ahorros y Pensiones

de Barcelona 3.940% 28/2/2019 and pays Fixed

3.000%) (20/6/2017) (11,076)

EUR 7,800,000 Credit Default Swaps (BNP Paribas) (Fund receives




default protection on Jaguar Land Rover

Automotive PLC 8.125% 15/5/2018 and pays Fixed

5.000%) (20/3/2016) 202


default protection on Marks & Spencer Plc 6.125%

2/12/2019 and pays Fixed 1.000%) (20/12/2018) (7,393)


default protection on Peugeot SA 8.375%

15/7/2014 and pays Fixed 5.000%) (20/9/2017) (89,225)


default protection on St-Gobain Nederland BV

5.000% 25/4/2014 and pays Fixed 1.000%)

(20/9/2018) (19,748)



and pays Fixed 5.000%) (20/3/2018) (10,423)



9.625% 1/12/2019 and pays Fixed 5.000%)

(20/9/2018) (12,939)



Aviva Plc 9.500% 20/6/2016) (20/6/2018) 28,492



on St-Gobain Nederland BV 5.000% 25/4/2014)

(20/6/2018) 1,725



on Jaguar Land Rover Automotive PLC 8.125%

15/5/2018) (20/3/2018) 4,152



on Virgin Media Finance Plc 5.125% 15/2/2022)

(20/9/2018) 14,392

EUR 410,000 Credit Default Swaps (Citibank) (Fund receives


4.875% 23/1/2014 and pays Fixed 3.000%)

(20/9/2017) (48,375)


default protection on British Airways Plc 8.750%

23/8/2016 and pays Fixed 5.000%) (20/12/2018) (26,599)

EUR 1,610,000 Credit Default Swaps (Citibank) (Fund receives

default protection on Clariant AG 3.125% 9/6/2017

and pays Fixed 1.000%) (20/9/2018) (37,077)



31/8/2017 and pays Fixed 1.000%) (20/3/2018) (6,186)



3/8/2015 and pays Fixed 5.000%) (20/6/2017) (94,749)



3/8/2015 and pays Fixed 5.000%) (20/6/2018) (13,152)




(20/6/2018) (16,472)

USD 500,000 Credit Default Swaps (Citibank) (Fund receives

default protection on Ireland Government Bond

5.400% 13/3/2025 and pays Fixed 1.000%)

(20/12/2016) (90,047)



5.400% 13/3/2025 and pays Fixed 1.000%)

(20/12/2016) (81,246)



5.400% 13/3/2025 and pays Fixed 1.000%)

(20/3/2017) (112,757)



(depreciation)EUR



(depreciation)EUR





default protection on iTraxx Europe Crossover

Series 20 Version 1 and pays Fixed 5.000%)

(20/12/2018) (3,087)




1.000%) (20/12/2018) (46,721)




1.000%) (20/12/2018) (9,183)












15/7/2014 and pays Fixed 5.000%) (20/9/2017) (47,693)



15/7/2014 and pays Fixed 5.000%) (20/6/2018) (51,292)




1.000%) (20/6/2015) (4,406)




1.000%) (20/6/2017) (142,468)




1.000%) (20/3/2018) (2,560)




1.000%) (20/9/2017) (49,221)


default protection on Republic of Ireland 4.500%

4/18/2020 and pays Fixed 1.000%) (20/6/2018) (50,824)


default protection on Societe Generale SA 5.250%

28/3/2013 and pays Fixed 3.000%) (20/12/2017) (12,428)



SA 11.750% 15/7/2017 and pays Fixed 5.000%)

(20/9/2015) (1,234)




(20/6/2023) 21,617




(20/12/2017) 19,415




27/9/2023) (20/12/2016) 56,617




27/9/2023) (20/12/2016) 50,940

EUR 9,500,000 Credit Default Swaps (Citibank) (Fund receives Fixed

1.000% and provides default protection on iTraxx

Europe Series 20 Version 1) (20/12/2018) 13,244

EUR 500,000 Credit Default Swaps (Citibank) (Fund receives Fixed

1.000% and provides default protection on Swiss

Reinsurance Co Ltd 4.000% 29/6/2015)

(20/3/2018) 10,624



ThyssenKrupp AG 4.375% 18/3/2015) (20/9/2018) 14,353

EUR 1,630,000 Credit Default Swaps (Citibank) (Fund receives Fixed

5.000% and provides default protection on Grohe

Holding GmbH 8.750% 15/12/2017) (20/12/2018) 73,848


5.000% and provides default protection on Jaguar

Land Rover Automotive PLC 8.125% 15/5/2018)

(20/12/2018) 19,357


5.000% and provides default protection on Sunrise

Communications Holdings SA 8.500% 31/12/2018)

(20/12/2017) 28,899




(20/3/2018) 13,371




(20/12/2017) 3,846




(20/12/2017) 3,765


5.000% and provides default protection on Techem

GmbH 6.125% 1/10/2019) (20/6/2018) 12,349


5.000% and provides default protection on Techem

GmbH 6.125% 1/10/2019) (20/6/2018) 13,264


5.000% and provides default protection on Virgin

Media Finance Plc 5.125% 15/2/2022)

(20/9/2018) 10,388

EUR 580,000 Credit Default Swaps (Credit Suisse) (Fund receives


and pays Fixed 1.000%) (20/6/2018) (31,977)


default protection on Clariant Finance Luxembourg

SA 4.375% 5/4/2013 and pays Fixed 1.000%)

(20/12/2017) (21,410)



31/8/2017 and pays Fixed 1.000%) (20/6/2018) (9,460)



3/8/2015 and pays Fixed 5.000%) (20/12/2016) (158,490)




(20/6/2018) (3,725)



(depreciation)EUR



(depreciation)EUR








(20/6/2018) (9,587)

EUR 1,000,000 Credit Default Swaps (Credit Suisse) (Fund receives

default protection on Henkel AG & Co KGaA

4.250% 10/6/2013 and pays Fixed 1.000%)

(20/12/2017) (10,458)


default protection on Koninklijke DSM NV 4.000%

10/11/2015 and pays Fixed 1.000%) (20/6/2018) (3,280)


default protection on Marks & Spencer Plc 5.625%

24/3/2014 and pays Fixed 1.000%) (20/3/2018) (17,977)



5.000% 25/4/2014 and pays Fixed 1.000%)

(20/9/2018) (20,689)



and pays Fixed 5.000%) (20/12/2017) (11,317)



9.625% 1/12/2019 and pays Fixed 5.000%)

(20/9/2018) (12,142)


default protection on Wolters Kluwer NV 5.125%

27/1/2014 and pays Fixed 1.000%) (20/12/2017) (745)



Aviva Plc 9.500% 20/6/2016) (20/6/2018) 30,469



Solvay SA 4.625% 27/6/2018) (20/6/2018) 7,684



Swiss Reinsurance Co Ltd 4.000% 29/6/2015)

(20/6/2018) 16,609



ThyssenKrupp AG 4.375% 18/3/2015) (20/3/2018) 14,945



ThyssenKrupp AG 4.375% 18/3/2015)

(20/12/2017) 28,285



ThyssenKrupp AG 4.375% 18/3/2015) (20/3/2018) 13,321



CIR-Compagnie Industriali Riunite SpA 5.750%

16/12/2024) (20/12/2018) (5,323)



on Grohe Holding GmbH 8.750% 15/12/2017)

(20/12/2018) 49,418



on Jaguar Land Rover Automotive Plc 8.125%

15/5/2018) (20/12/2018) 4,484



Sunrise Communications Holdings SA 8.500%

31/12/2018) (20/12/2017) 8,108



Techem GmbH 6.125% 1/10/2019) (20/6/2018) 23,190



Techem GmbH 6.125% 1/10/2019) (20/9/2018) 4,341



Techem GmbH 6.125% 1/10/2019) (20/9/2018) 1,291



Techem GmbH 6.125% 1/10/2019) (20/12/2018) 1,385



Techem GmbH 6.125% 1/10/2019) (20/6/2018) 9,099



on Unilabs Subholding AB 8.500% 15/7/2018)

(20/12/2017) (34,204)



Unitymedia KabelBW GmbH 9.625% 1/12/2019)

(20/12/2017) 1,698

EUR 265,000 Credit Default Swaps (Deutsche Asset Management

Life) (Fund receives default protection on BBVA

Senior Finance SAU 4.875% 23/1/2014 and pays

Fixed 3.000%) (20/12/2018) (5,446)


Life) (Fund receives default protection on Diageo

Capital Plc 5.500% 30/9/2016 and pays Fixed

1.000%) (20/12/2017) (9,885)


Life) (Fund receives default protection on Diageo


1.000%) (20/12/2017) (1,004)

EUR 11,700,000 Credit Default Swaps (Deutsche Asset Management

Life) (Fund receives default protection on iTraxx

Europe Senior Financials Series 19 Version 1 and

pays Fixed 1.000%) (20/6/2018) (261,099)



Europe Series 20 Version 1 and pays Fixed 1.000%)

(20/12/2018) (23,276)



Europe Series 20 Version 1 and pays Fixed 1.000%)

(20/12/2018) (10,882)


Life) (Fund receives default protection on

Koninklijke DSM NV 4.000% 10/11/2015 and pays

Fixed 1.000%) (20/12/2017) (2,360)


Life) (Fund receives default protection on

Koninklijke DSM NV 4.000% 10/11/2015 and pays

Fixed 1.000%) (20/12/2017) (23,832)


Life) (Fund receives default protection on Next

Plc 5.375% 26/10/2021 and pays Fixed 1.000%)

(20/12/2018) (14,727)


Life) (Fund receives default protection on Stena

AB 6.125% 1/2/2017 and pays Fixed 5.000%)

(20/12/2017) (46,520)



(depreciation)EUR



(depreciation)EUR





Life) (Fund receives default protection on Veolia

Environnement SA 5.375% 28/5/2018 and pays

Fixed 1.000%) (20/12/2017) (11,213)


Life) (Fund receives default protection on Wind

Acquisition Finance SA 11.750% 15/7/2017 and

pays Fixed 5.000%) (20/9/2015) (2,959)


Life) (Fund receives default protection on Wolters

Kluwer NV 5.125% 27/1/2014 and pays Fixed

1.000%) (20/12/2017) (3,591)


Life) (Fund receives default protection on WPP

PLC 6.000% 4/4/2017 and pays Fixed 1.000%)

(20/12/2017) (28,727)


Life) (Fund receives Fixed 1.000% and provides

default protection on E.ON International Finance

BV 6.375% 29/5/2017) (20/12/2017) 1,743



default protection on UniCredit SpA 4.375%

29/1/2020) (20/12/2018) 7,786



default protection on iTraxx Europe Sub Financials

Series 19 Version 1) (20/6/2018) 262,479



default protection on Portugal Telecom

International Finance BV 4.375% 24/3/2017)

(20/12/2017) 10,327

EUR 210,000 Credit Default Swaps (Deutsche Bank) (Fund

receives default protection on iTraxx Europe Senior


1.000%) (20/6/2018) (5,970)

EUR 3,795,000 Credit Default Swaps (Deutsche Bank) (Fund

receives default protection on iTraxx Europe Senior


1.000%) (20/12/2018) (46,287)

USD 150,000 Credit Default Swaps (Deutsche Bank) (Fund receives



1.000%) (20/12/2017) (11,414)




1.000%) (20/12/2015) (24,641)


default protection on Republic of Ireland 4.500%

4/18/2020 and pays Fixed 1.000%) (20/3/2018) (9,425)

EUR 250,000 Credit Default Swaps (Deutsche Bank) (Fund receives


28/3/2013 and pays Fixed 3.000%) (20/12/2017) (12,306)



9.625% 1/12/2019 and pays Fixed 5.000%)

(20/9/2018) (11,900)



SA 11.750% 15/7/2017 and pays Fixed 5.000%)

(20/9/2015) (2,441)



SA 11.750% 15/7/2017 and pays Fixed 5.000%)

(20/9/2015) (2,441)




(20/12/2017) 6,684




24/3/2017) (20/9/2017) 3,843



Techem GmbH 6.125% 1/10/2019) (20/6/2018) 30,392

EUR 260,000 Credit Default Swaps (Goldman Sachs) (Fund

receives default protection on BBVA Senior

Finance SAU 4.875% 23/1/2014 and pays Fixed

3.000%) (20/6/2018) (18,137)


receives default protection on Finmeccanica

Finance SA/Old 5.750% 12/12/2018 and pays

Fixed 5.000%) (20/12/2018) (6,825)

USD 650,000 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) (119,236)

EUR 2,300,000 Credit Default Swaps (Goldman Sachs) (Fund

receives default protection on Marks & Spencer


(20/6/2018) (103,111)


receives default protection on St-Gobain

Nederland BV 5.000% 25/4/2014 and pays

Fixed 1.000%) (20/12/2017) (10,415)



protection on Italy Government International

Bond 6.875% 27/9/2023) (20/12/2016) 75,322



protection on ThyssenKrupp AG 4.375%

18/3/2015) (20/9/2018) 10,502




18/3/2015) (20/12/2017) 14,593




18/3/2015) (20/3/2018) 4,715



protection on Sunrise Communications Holdings

SA 8.500% 31/12/2018) (20/12/2017) 11,108



protection on Sunrise Communications Holdings

SA 8.500% 31/12/2018) (20/3/2018) 12,328



protection on Unitymedia KabelBW GmbH 9.625%

1/12/2019) (20/12/2017) 32,858

EUR 300,000 Credit Default Swaps (JP Morgan Chase Bank

(Depository Cle) (Fund receives default protection

on Banco de Sabadell SA 0.365% 4/10/2016 and

pays Fixed 5.000%) (20/9/2017) (46,853)



(depreciation)EUR



(depreciation)EUR







on Caja de Ahorros y Pensiones de Barcelona

3.940% 28/2/2019 and pays Fixed 3.000%)

(20/12/2015) (23,847)



on Clariant Finance Luxembourg SA 4.375%

5/4/2013 and pays Fixed 1.000%) (20/12/2017) (72,103)



on Finmeccanica Finance SA/Old 5.750%

12/12/2018 and pays Fixed 5.000%) (20/12/2017) (22,119)




12/12/2018 and pays Fixed 5.000%) (20/12/2017) (21,680)

EUR 2,300,000 Credit Default Swaps (JP Morgan Chase Bank



12/12/2018 and pays Fixed 5.000%) (20/3/2016) (899)



on Jaguar Land Rover Automotive Plc 8.125%

15/5/2018 and pays Fixed 5.000%) (20/3/2016) (4,626)



on St-Gobain Nederland BV 5.000% 25/4/2014

and pays Fixed 1.000%) (20/12/2017) (12,675)


(Depository Cle) (Fund receives Fixed 1.000% and

provides default protection on E.ON International

Finance BV 6.375% 29/5/2017) (20/12/2017) 11,533



provides default protection on Vinci SA 4.125%

20/2/2017) (20/6/2018) 6,122


(Depository Cle) (Fund receives Fixed 5.000%

and provides default protection on Finmeccanica

Finance SA/Old 5.750% 12/12/2018) (20/3/2018) 60,045



provides default protection on Jaguar Land Rover

Plc 8.125% 5/15/2018) (20/3/2018) 40,120



provides default protection on Portugal Telecom


(20/12/2017) 45,721


(Depository Cle)) (Fund receives default protection

on British Airways Plc 8.750% 23/8/2016 and pays

Fixed 5.000%) (20/12/2018) (16,852)



on Henkel AG & Co KGaA 4.625% 19/3/2014 and

pays Fixed 1.000%) (20/12/2017) (1,078)



on St-Gobain Nederland BV 5.000% 25/4/2014

and pays Fixed 1.000%) (20/12/2017) (2,870)



on Veolia Environnement SA 5.375% 28/5/2018

and pays Fixed 1.000%) (20/12/2017) (1,882)



on WPP PLC 6.000% 4/4/2017 and pays Fixed

1.000%) (20/12/2017) (3,549)


(Depository Cle)) (Fund receives Fixed 1.000% and

provides default protection on ThyssenKrupp AG

4.375% 18/3/2015) (20/9/2018) 10,431


(Depository Cle)) (Fund receives Fixed 1.000% and

provides default protection on ThyssenKrupp AG

4.375% 18/3/2015) (20/12/2017) 13,426

USD 2,900,000 Credit Default Swaps (JP Morgan Securities Inc)

(Fund receives default protection on Portugal

Obrigacoes do Tesouro OT 5.450% 23/9/2013 and

pays Fixed 1.000%) (20/6/2015) (144,774)

EUR 590,000 Credit Default Swaps (JP Morgan) (Fund receives


0.454% 19/1/2015 and pays Fixed 5.000%)

(20/6/2018) (37,268)


default protection on Credit Agricole SA 5.065%

8/10/2022 and pays Fixed 3.000%) (20/6/2018) (29,589)




(20/6/2018) (353)

USD 1,770,000 Credit Default Swaps (JP Morgan) (Fund receives



(20/6/2018) (9,596)



4.500% 18/4/2020 and pays Fixed 1.000%)

(20/3/2018) (48,453)

USD 290,000 Credit Default Swaps (JP Morgan) (Fund receives



1.000%) (20/6/2015) (11,307)




1.000%) (20/12/2017) (69,543)




1.000%) (20/12/2015) (4,484)




1.000%) (20/6/2015) (6,436)



28/2/2018 and pays Fixed 3.000%) (20/6/2018) (30,949)




(20/6/2023) 16,100

EUR 1,230,000 Credit Default Swaps (JP Morgan) (Fund receives


Allianz Finance II BV 4.000% 23/11/2016)

(20/6/2018) 34,770



iTraxx Europe Series 20 Version 1) (20/12/2018) 59,998



(depreciation)EUR



(depreciation)EUR






on Muenchener Rueckversicherungs AG 7.625%

21/6/2028) (20/6/2018) 23,402




(20/6/2018) 12,549




24/3/2017) (20/12/2017) 85,802

EUR 150,000 Credit Default Swaps (Morgan Stanley) (Fund

receives default protection on Dixons Retail


(20/12/2016) (41,025)

EUR 1,213 Total Return Swap (Barclays Bank) (Fund receives

3 Month EURIBOR and pays Fonciere Des Regions)

(14/11/2014) 1,608

EUR 590 Total Return Swap (Barclays Bank) (Fund receives


(13/11/2014) 534



(15/11/2014) 133

EUR 14,869 Total Return Swap (BNP Paribas) (Fund receives

3 Month EURIBOR and pays TUI AG) (22/11/2014) (4,015)



GBP 226,342 Total Return Swap (Credit Suisse) (Fund receives

1 Month LIBOR and pays Enterprise Inns Plc)

(5/9/2014) 7,066


1 Month LIBOR and pays Equiniti Newco 2 plc

7.125% 15/12/2018) (30/9/2014) (7,959)

EUR 940,000 Total Return Swap (Credit Suisse) (Fund receives

1 Month LIBOR and pays Italy Buoni Poliennali

Del Tesoro 3.750% 1/8/2021) (29/8/2014) (30,281)

EUR 1,892,000 Total Return Swap (Credit Suisse) (Fund receives


Del Tesoro 3.750% 1/8/2021) (29/8/2014) (60,490)



Del Tesoro 4.500% 1/5/2023) (29/8/2014) (16,618)


1 Month LIBOR and pays Manutencoop Facility

8.500% 1/8/2020) (30/9/2014) (8,072)



8.500% 1/8/2020) (30/9/2014) (8,072)



8.500% 1/8/2020) (30/10/2014) (7,572)



8.500% 1/8/2020) (30/10/2014) (14,143)


1 Month LIBOR and pays Peugeot SA 7.375%

6/3/2018) (30/5/2014) (65,721)



6/3/2018) (30/5/2014) (65,721)


1 Month LIBOR and pays Portugal Obrigacoes

do Tesouro OT 4.350% 16/10/2017) (30/4/2014) 21,528


1 Month LIBOR and pays Priory Group No 3 Plc

8.875% 15/2/2019) (31/10/2014) (1,341)


1 Month LIBOR and pays Punch Taverns Finance

Plc 6.820% 15/7/2020) (26/9/2014) (17,817)



Plc 6.820% 15/7/2020) (26/9/2014) (32,205)



Plc 6.820% 15/7/2020) (26/9/2014) (17,276)


1 Month LIBOR and pays Spain Government

Bond 3.750% 31/10/2018) (29/8/2014) (41,131)



Bond 4.100% 30/7/2018) (31/10/2014) 19,337



Bond 4.100% 30/7/2018) (29/8/2014) (29,212)



Bond 4.100% 30/7/2018) (30/4/2014) (45,423)



Bond 4.500% 31/1/2018) (28/2/2014) (32,133)



Bond 5.500% 30/4/2021) (28/2/2014) (69,950)



Bond 5.500% 30/7/2017) (28/2/2014) (1,012)



Bond 5.900% 30/7/2026) (30/4/2014) (75,310)


1 Month LIBOR and pays Telecom Italia SpA

7.750% 20/3/2073) (29/8/2014) (7,775)



7.750% 20/3/2073) (29/8/2014) (14,944)

EUR 1,311,404 Total Return Swap (JP Morgan) (Fund receives

3 Month EURIBOR and pays Telecom Italia SpA)

(8/11/2014) (49,833)

EUR 1,430,000 Total Return Swap (JP Morgan) (Fund receives Fixed

0.050% and pays Italy Buoni Poliennali Del Tesoro

3.750% 1/3/2021) (13/10/2014) (62,468)


0.070% and pays France Government Bond OAT

4.000% 25/4/2018) (23/6/2014) 3,381

EUR 710,000 Total Return Swap (JP Morgan) (Fund receives Fixed


3.750% 1/3/2021) (2/10/2014) (26,028)


0.100% and pays France Government Bond OAT

4.000% 25/4/2018) (23/6/2014) 340


0.100% and pays Wind Acquisition Holdings

Finance SA 12.250% 15/7/2017) (15/10/2014) (13,034)


0.100% and pays Wind Acquisition Holdings

Finance SA 12.250% 15/7/2017) (15/10/2014) (6,517)



(depreciation)EUR



(depreciation)EUR

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







3.750% 1/8/2021) (27/6/2014) (1,256)


0.150% and pays Spain Government Bond 4.100%

30/7/2018) (1/10/2014) (27,453)



30/7/2018) (8/10/2014) (11,028)



4.500% 3/1/2026) (6/3/2014) (42,072)

EUR 720,000 Total Return Swap (JP Morgan) (Fund receives

Fixed 0.200% and pays Ireland Government Bond

5.500% 18/10/2017) (17/9/2014) 11,451



31/10/2019) (24/3/2014) (8,536)


Fixed 0.220% and pays Republic of Italy 4.500%

1/3/2026) (10/4/2014) (17,863)



3.750% 1/8/2021) (28/6/2014) (2,971)


0.350% and pays Portugal Obrigacoes do Tesouro

OT 4.750% 14/6/2019) (2/10/2014) (55,723)


0.400% and pays Portugal Obrigacoes do Tesouro

OT 4.750% 14/6/2019) (3/11/2014) (8,441)



3.750% 1/8/2021) (21/3/2014) (20,362)


0.500% and pays Telecom Italia SpA 7.750%

20/3/2073) (15/10/2014) (15,625)


0.500% and pays Telecom Italia SpA 7.750%

20/3/2073) (18/10/2014) (10,540)

(EUR underlying exposure – EUR 257,580,433) (3,696,160)


Number of Contracts


Expirationdate

Underlying exposure

EUR


(depreciation) EUR

(67) German Euro BOBL December 2013 7,825,265 (17,280)

(145) German Euro Bund December 2013 14,829,585 (152,530)

(19) German Euro Schatz December 2013 1,905,035 (1,495)

(71) UK Long Gilt Bond March 2014 10,239,396 19,608

(5) Ultra US Long Treasury Bond March 2014 417,170 402

(9) US Long Bond March 2014 888,657 310

(94) US Treasury 10 Year Note March 2014 7,618,564 (12,601)

(61) US Treasury 5 Year Note March 2014 4,449,216 (652)

Total 48,172,888 (164,238)


in the Statement of Net Assets (see Notes 2(d)).


% of netassets *

Financial 39.54


Government 11.45

Communications 10.51

Funds 9.59

Industrial 4.12



Utilities 1.27


100.00





(depreciation)EUR

EUR 339,719 AUD 490,000 12/12/2013 11,577

EUR 952,670 CHF 1,180,000 12/12/2013 (6,979)

EUR 23,243,627 GBP 19,540,000 12/12/2013 (216,824)

EUR 37,983 SEK 330,000 12/12/2013 919

EUR 35,447,527 USD 47,520,000 12/12/2013 504,849

GBP 6,810,000 EUR 8,077,988 12/12/2013 98,352

USD 13,650,000 EUR 10,018,099 12/12/2013 19,097




in the Statement of Net Assets (see Notes 2(d)).

Barclays Bank Plc, BNP Paribas SA, Citibank, Credit Suisse, Deutsche Bank AG London,

HSBC Bank Plc, Royal Bank of Scotland Plc, State Street Bank London and UBS AG

London are the counterparties to these Open Forward Foreign Exchange Transactions.



Swaptions as at 30 November 2013



(depreciation) EUR

Market Value

EUR

14,945,000 Fund purchases a put option

(expiring 15/1/2014) to enter into

a Credit Default Swap (Citibank

NA). If exercised Fund receives

Floating iTraxx XO 20 Version 1

quarterly from 20/12/2013; and

pays 5% Fixed quarterly from

15/1/2014 (78,870) 58,624


(expiring 15/1/2014) to enter

into a Credit Default Swap (JP

Morgan Chase Bank). If exercised

Fund receives Floating iTraxx

XO 20 Version 1 quarterly from

20/12/2013; and pays 5% Fixed

quarterly from 15/1/2014 (25,405) 21,770

(14,945,000) Fund writes a put option (expiring

15/1/2014) to enter into a Credit

Default Swap (Citibank NA). If

exercised Fund receives 5%

Fixed quarterly from 15/1/2014;

and pays Floating iTraxx XO 20

Version 1 quarterly from

20/12/2013 6,278 (7,172)


15/1/2014) to enter into a

Credit Default Swap (JP Morgan

Chase Bank). If exercised Fund

receives 5% Fixed quarterly from

15/1/2014; and pays Floating

iTraxx XO 20 Version 1 quarterly

from 20/12/2013 2,831 (2,664)

(EUR underlying exposure – EUR 7,575,990) (95,166) 70,558

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





(EUR) %



BlackRock European Credit Strategies Fund


Ireland 148,000 Smurfit Kappa Group Plc 2,600,360 0.24

2,600,360 0.24

Spain 86,667 Pescanova SA 1 0.00

1 0.00

Sweden 317,700 SAS AB 663,821 0.06

663,821 0.06

Switzerland 46,750 Cembra Money Bank AG 2,149,823 0.19

2,149,823 0.19

United Kingdom 12,215 Royal Bank of Scotland Group

Plc (Pref) 188,351 0.01

261,748 Royal Bank of Scotland Group

Plc (Pref) 4,178,498 0.38

322,823 Royal Bank of Scotland Group

Plc (Pref) 5,293,541 0.48

9,660,390 0.87

United States 121,005 RBS Capital Funding Trust V (Pref) 1,884,544 0.17

121,006 RBS Capital Funding Trust VII (Pref) 1,927,269 0.18

3,811,813 0.35


BONDS

Austria EUR 4,300,000 Vienna Insurance Group AG Wiener

Versicherung Gruppe FRN

9/10/2043 4,568,750 0.41

4,568,750 0.41

Cayman Islands GBP 6,205,000 Brakes Capital 7.125% 15/12/2018 7,439,319 0.67

GBP 2,822,414 Punch Taverns Finance B Ltd

7.369% 30/6/2022 3,507,502 0.32


5.943% 30/12/2024 7,433,052 0.67


4.767% 30/6/2033 9,786,387 0.89

28,166,260 2.55

Czech Republic EUR 9,878,000 RPG Byty Sro 6.75% 1/5/2020 10,019,749 0.91

10,019,749 0.91

France EUR 3,583,800 Fonciere Des Regions 0.875%

1/4/2019 3,008,062 0.27

EUR 2,600,000 France Government Bond OAT

2.25% 25/10/2022‡ 2,647,294 0.24

EUR 11,510,000 France Government Bond OAT

4.25% 25/10/2023‡ 13,557,629 1.23

USD 2,440,000 Societe Generale SA FRN (Perpetual) 1,883,211 0.17

21,096,196 1.91

Germany EUR 14,500,000 Allianz SE FRN (Perpetual) 14,931,665 1.35

EUR 11,500,000 Bayerische Landesbank FRN

7/2/2019 10,637,500 0.96

EUR 21,600,000 Commerzbank AG 7.75% 16/3/2021 24,704,784 2.24

USD 4,997,000 Commerzbank AG '144A'

8.125% 19/9/2023 4,037,246 0.37

USD 223,000 Commerzbank AG 8.125%

19/9/2023 180,169 0.02

EUR 1,026,000 Deutsche Raststaetten Gruppe IV

GmbH 6.75% 30/12/2020 1,061,951 0.10

EUR 18,513,000 HSH Nordbank AG FRN 14/2/2017 13,308,163 1.20

EUR 14,254,000 HSH Nordbank AG Reg FRN

14/2/2017 10,220,118 0.92

EUR 16,647,000 HSH Nordbank AG (Flat trading)

7.408% (Perpetual) 4,848,522 0.44

EUR 1,000,000 Muenchener Rueckversicherungs

AG FRN 26/5/2041 1,175,675 0.11

EUR 12,998,600 TUI AG 2.75% 24/3/2016 8,687,939 0.79

93,793,732 8.50

Ireland EUR 3,455,000 AIB Mortgage Bank 2.625%

29/7/2016 3,551,308 0.32

EUR 4,875,000 AIB Mortgage Bank 4.875%

29/6/2017 5,357,381 0.49


2.75% 22/3/2018 9,304,620 0.84


3.625% 2/10/2020 3,829,344 0.35

EUR 3,100,000 Cloverie Plc for Zurich Insurance

Co Ltd FRN 24/7/2039 3,763,044 0.34

EUR 28,030,000 DEPFA Bank Plc FRN 15/12/2015 24,771,512 2.24

50,577,209 4.58

Italy EUR 6,705,000 A2A SpA 4.375% 10/1/2021 7,171,433 0.65

EUR 3,335,000 Astaldi SpA 7.125% 1/12/2020 3,471,769 0.31

EUR 5,388,000 Banca Monte dei Paschi di Siena

SpA 4.875% 15/9/2016 5,686,792 0.52

EUR 14,600,000 Buzzi Unicem SpA 1.375%

17/7/2019 15,804,500 1.43

USD 4,640,000 Enel SpA '144A' FRN 24/9/2073 3,713,176 0.34

EUR 7,460,000 Gamenet SpA 7.25% 1/8/2018 7,598,644 0.69


28/1/2019 12,407,519 1.12


5.50% 1/11/2022 20,588,600 1.87

EUR 7,201,000 IVS F. SpA 7.125% 1/4/2020 7,426,031 0.67

EUR 4,490,000 UniCredit SpA 6.95% 31/10/2022 4,900,543 0.44

EUR 15,220,000 UniCredit SpA FRN 28/10/2025 15,567,016 1.41

104,336,023 9.45

Jersey GBP 5,350,000 AA Bond Co Ltd 6.269% 31/7/2025 7,080,129 0.64

GBP 1,210,000 Galaxy Bidco Ltd 6.375%

15/11/2020 1,456,487 0.13

GBP 1,275,000 Galaxy Finco Ltd 7.875%

15/11/2021 1,533,694 0.14

EUR 8,255,000 RESPARCS Funding II LP

(Flat trading) 7.50% (Perpetual) 2,414,794 0.22

12,485,104 1.13






(EUR) %


BlackRock European Credit Strategies Fund continued

Luxembourg USD 13,700,000 APERAM '144A' 7.75% 1/4/2018 10,359,996 0.94

USD 4,400,000 APERAM 2.625% 30/9/2020 3,639,192 0.33

EUR 5,355,000 GELF Bond Issuer I SA 3.125%

3/4/2018 5,548,690 0.50

EUR 12,770,000 Intralot Finance Luxembourg SA

9.75% 15/8/2018 13,912,979 1.26

EUR 5,141,000 Magnolia BC SA 9.00% 1/8/2020 5,377,692 0.49

EUR 290,000 S&B Minerals Finance SCA / S&B

Industrial Minerals North America

Inc 9.25% 15/8/2020 315,704 0.03

EUR 9,430,000 Servus Luxembourg Holding SCA

7.75% 15/6/2018 9,907,158 0.90

EUR 5,500,000 Snai SpA 7.625% 15/6/2018 5,594,188 0.51

USD 2,976,000 Telecom Italia Capital SA 6.375%

15/11/2033 1,912,128 0.17


30/9/2034 1,543,900 0.14


4/6/2038 1,751,172 0.16


15/11/2016 22,497,600 2.04

EUR 21,500,000 Telecom Italia Finance SA Reg

6.125% 15/11/2016 21,500,000 1.95


24/1/2033 21,259,263 1.92

EUR 17,170,000 Wind Acquisition Finance SA

7.375% 15/2/2018 18,166,547 1.64

143,286,209 12.98

Mexico USD 11,230,000 Cemex SAB de CV '144A' 7.25%

15/1/2021 8,416,284 0.76

8,416,284 0.76

Netherlands EUR 9,409,000 Achmea BV FRN 4/4/2043 10,138,198 0.92

EUR 2,115,000 Adria Bidco BV 7.875% 15/11/2020 2,121,070 0.19

EUR 4,600,000 Allianz Finance II BV FRN 8/7/2041 5,262,101 0.48

EUR 2,131,000 Enel Finance International NV

4.875% 17/4/2023 2,372,943 0.21

USD 22,360,000 ING Bank NV '144A' 5.80%

25/9/2023 17,160,530 1.55

USD 25,122,010 ING Bank NV FRN 21/11/2023 18,437,366 1.67

EUR 10,400,000 IVG Finance BV 1.75% 29/3/2017 8,346,000 0.76

EUR 11,800,000 Portugal Telecom International

Finance BV 4.625% 8/5/2020 12,039,658 1.09

AUD 3,750,000 Royal Bank of Scotland NV FRN

17/5/2018 2,255,199 0.20

EUR 2,520,000 TMF Group Holding BV Reg

9.875% 1/12/2019 2,734,969 0.25

EUR 5,270,000 Univeg Holding BV 7.875%

15/11/2020 5,270,000 0.48

EUR 7,039,000 Ziggo BV 3.625% 27/3/2020 7,039,000 0.64

93,177,034 8.44

Norway USD 16,440,000 Norske Skogindustrier ASA

'144A' 7.125% 15/10/2033 5,621,235 0.51

5,621,235 0.51

Portugal EUR 4,300,000 Caixa Geral de Depositos SA 5.625%

4/12/2015 4,546,218 0.41

EUR 6,000,000 Galp Energia SGPS SA 4.125%

25/1/2019 6,093,600 0.55

USD 26,150,000 Portugal Government International

Bond 3.50% 25/3/2015 19,262,294 1.75

29,902,112 2.71

Spain CHF 7,300,000 Autonomous Community of

Catalonia 2.125% 1/10/2014 5,930,599 0.54


Spain 4.75% 20/3/2014 712,303 0.06


Spain 3.25% 6/7/2015 3,168,585 0.29


Spain 4.375% 16/7/2015 18,699,646 1.69


Spain 4.00% 2/11/2016 5,898,321 0.53

EUR 3,900,000 Ayt Cedulas Cajas Global 4.00%

21/3/2017 4,071,113 0.37


14/6/2018 2,302,355 0.21


14/12/2022 3,143,085 0.28


25/10/2023 2,054,955 0.19

EUR 3,300,000 AyT Cedulas Cajas X Fondo de

Titulizacion 3.75% 30/6/2025 2,892,450 0.26

EUR 9,600,000 AyT Cedulas Cajas XXIII Fondo de

Titulizacion de Activos 4.75%

15/6/2016 10,208,112 0.92

USD 7,800,000 Banco Bilbao Vizcaya Argentaria SA

FRN (Perpetual) 6,068,880 0.55

EUR 10,000,000 Banco Popular Espanol SA FRN

(Perpetual) 10,785,050 0.98

EUR 1,500,000 BBVA Senior Finance SAU 3.75%

17/1/2018 1,598,138 0.14

EUR 8,900,000 BPE Financiaciones SA 2.875%

19/5/2016 8,907,876 0.81

EUR 7,700,000 CaixaBank SA 4.50% 22/11/2016 8,151,951 0.74

EUR 6,800,000 CaixaBank SA 3.125% 14/5/2018 7,024,162 0.64

EUR 7,300,000 Caja Rural de Navarra 2.875%

11/6/2018 7,508,707 0.68

EUR 2,000,000 Cedulas TDA 4.125% 29/11/2019 2,066,250 0.19

EUR 800,000 Cedulas TDA A-5 4.25% 28/3/2027 704,660 0.06


de Activos 3.875% 23/5/2025 7,469,375 0.68


de Activos 4.25% 10/4/2031 6,760,260 0.61


de Activos 3.50% 20/6/2017 406,940 0.04

EUR 10,000,000 Indra Sistemas SA 1.75%

17/10/2018 10,215,050 0.92

EUR 4,000,000 Kutxabank SA 3.00% 1/2/2017 4,166,060 0.38

EUR 11,200,000 Santander Issuances SAU FRN

30/9/2019 10,594,528 0.96


5.40% 31/1/2023 23,291,762 2.11

174,801,173 15.83

Sweden SEK 140,000,000 SAS AB 7.50% 1/4/2015 15,957,119 1.45

15,957,119 1.45


11,755,454 1.06


Portugal continued





(EUR) %

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



United Kingdom GBP 5,309,436 Annington Finance No 4 Plc FRN

10/1/2023 6,324,073 0.57

GBP 4,528,181 Annington Finance No 5 Plc

(Pay-in-kind) 13.00% 15/1/2023 6,347,716 0.57

EUR 5,495,000 Aviva Plc FRN 5/7/2043 6,133,794 0.56

GBP 3,059,000 Bakkavor Finance 2 Plc 8.75%

15/6/2020 4,021,855 0.36

EUR 6,990,000 Barclays Bank Plc 6.00% 14/1/2021 7,993,135 0.72

EUR 1,000,000 Barclays Bank Plc 6.625% 30/3/2022 1,185,625 0.11

USD 2,045,000 Barclays Bank Plc 7.625% 21/11/2022 1,583,174 0.14

EUR 4,770,000 Barclays Bank Plc FRN (Perpetual) 4,122,377 0.37

EUR 1,690,000 Barclays Bank Plc FRN (Perpetual) 1,525,309 0.14

USD 14,475,000 Barclays Bank Plc FRN (Perpetual) 10,998,954 1.00

GBP 2,270,000 BUPA Finance Plc 5.00% 25/4/2023 2,751,347 0.25

GBP 2,540,000 Co-operative Group Holdings 2011

(Step-up Coupon) 6.875%

8/7/2020 3,116,478 0.28

GBP 3,561,000 Co-operative Group Holdings 2011

(Step-up Coupon) 7.50%

8/7/2026 4,371,919 0.40

GBP 3,145,000 House of Fraser Funding Plc 8.875%

15/8/2018 4,087,816 0.37

EUR 1,505,000 Imperial Tobacco Finance Plc 4.50%

5/7/2018 1,689,626 0.15

GBP 1,500,000 Jaguar Land Rover Automotive Plc

8.25% 15/3/2020 2,036,530 0.18

EUR 10,159,000 Lloyds Bank Plc 6.50% 24/3/2020 11,814,714 1.07

EUR 6,020,000 Lloyds Bank Plc FRN 16/12/2021 7,486,442 0.68

GBP 5,324,000 Marks & Spencer Plc 4.75%

12/6/2025 6,421,775 0.58

EUR 10,062,000 Nationwide Building Society FRN

20/3/2023 10,370,501 0.94

GBP 7,600,000 Next Plc 4.375% 2/10/2026 9,205,580 0.83

GBP 8,740,000 Phosphorus Holdco Plc (Pay-in-kind)

10.00% 1/4/2019 10,021,936 0.91

USD 7,040,000 Royal Bank of Scotland Group Plc

'144A' FRN (Perpetual) 5,539,026 0.50

USD 1,775,000 Santander UK Plc '144A' 5.00%

7/11/2023 1,305,834 0.12

GBP 3,300,000 Unique Pub Finance Co Plc 6.542%

30/3/2021 4,146,976 0.38


28/3/2024 8,556,564 0.78


30/6/2027 17,417,529 1.58

GBP 1,596,000 Vougeot Bidco Plc Reg 7.875%

15/7/2020 2,033,492 0.18

GBP 4,800,000 Voyage Care Bondco Plc 11.00%

1/2/2019 6,246,075 0.57

168,856,172 15.29

United States USD 4,776,000 Continental Rubber of America

Corp '144A' 4.50% 15/9/2019 3,733,142 0.34

USD 22,995,000 Meccanica Holdings USA Inc

'144A' 6.25% 15/7/2019 17,508,509 1.58


'144A' 7.375% 15/7/2039 2,523,541 0.23


'144A' 6.25% 15/1/2040 9,903,457 0.90

EUR 1,490,000 RBS Capital Trust A FRN

(Perpetual) 1,351,862 0.12

35,020,511 3.17

Total Bonds 1,011,836,326 91.64




Dealt in on Another Regulated Market 1,030,722,534 93.35

Funds




75,581,679 6.85

Total Funds 75,581,679 6.85


BONDS

Italy EUR 8,000,000 Snai SpA 12.00% 15/12/2018 8,412,920 0.76

8,412,920 0.76

Jersey GBP 6,700,000 Balfour Beatty Finance No.2

Ltd 1.875% 3/12/2018 8,115,124 0.74

GBP 7,900,000 Enterprise Funding Ltd 3.50%

10/9/2020 9,878,331 0.89

17,993,455 1.63

Sweden SEK 25,000,000 Scandinavian Airlines System

Denmark-Norway-Sweden

10.50% 16/6/2014 2,929,174 0.27

2,929,174 0.27

Total Bonds 29,335,549 2.66



Securities portfolio at market value 1,135,639,762 102.86

Other Net Liabilities (31,535,901) (2.86)

Total Net Assets (EUR) 1,104,103,861 100.00









(depreciation)EUR

CHF 160,000 EUR 129,641 12/12/2013 481

EUR 909,017 AUD 1,310,000 12/12/2013 31,741

EUR 1,371,917 AUD 1,980,000 12/12/2013 45,958

EUR 6,369,972 CHF 7,890,000 12/12/2013 (46,662)

EUR 15,895,888 GBP 13,270,000 12/12/2013 (36,568)

EUR 53,058 GBP 45,000 12/12/2013 (971)

EUR 53,064 GBP 45,000 12/12/2013 (965)

EUR 93,496,603 GBP 78,725,000 12/12/2013 (1,023,562)

EUR 53,065 GBP 45,000 12/12/2013 (964)

EUR 79,222,300 GBP 66,670,000 12/12/2013 (824,184)

EUR 1,066,540 SEK 9,530,000 12/12/2013 (3,825)

EUR 103,027 SEK 910,000 12/12/2013 820

EUR 6,423,590 SEK 55,855,000 12/12/2013 150,219

EUR 8,753,327 SEK 77,185,000 12/12/2013 84,270

EUR 2,290,626 SEK 19,990,000 12/12/2013 45,443

EUR 4,733,155 USD 6,410,000 12/12/2013 19,718

EUR 1,250,525 USD 1,680,000 12/12/2013 15,178

EUR 163,867,549 USD 218,800,000 12/12/2013 2,978,284

EUR 14,631,791 USD 19,730,000 12/12/2013 123,815

EUR 23,232,556 USD 31,350,000 12/12/2013 180,095

GBP 4,940,000 EUR 5,842,081 12/12/2013 89,067

GBP 27,620,000 EUR 32,598,439 12/12/2013 563,161

GBP 12,020,000 EUR 14,356,187 12/12/2013 75,472

GBP 2,230,000 EUR 2,660,015 12/12/2013 17,406

USD 1,945,000 EUR 1,434,752 12/12/2013 (4,543)

USD 1,950,000 EUR 1,438,514 12/12/2013 (4,628)

USD 57,500,000 EUR 42,314,656 12/12/2013 (33,427)

USD 1,945,000 EUR 1,434,837 12/12/2013 (4,628)

USD 10,780,000 EUR 7,906,801 12/12/2013 20,008

CHF 4,641,027 EUR 3,766,537 13/12/2013 7,873

EUR 28,579 CHF 35,240 13/12/2013 (81)

EUR 37,213 GBP 31,222 13/12/2013 (274)

EUR 20,146 USD 27,004 13/12/2013 289

GBP 184,527,728 EUR 218,867,351 13/12/2013 2,682,089

USD 144,346,275 EUR 107,779,399 13/12/2013 (1,637,796)





Barclays Bank Plc, BNP Paribas S.A., Citibank N.A., Credit Suisse International, Deutsche

Bank AG London, HSBC Bank Plc, Royal Bank of Scotland Plc, State Street Bank and Trust

Company and UBS AG London are the counterparties to these Open Forward Foreign



% of netassets *

Financial 45.13


Government 10.31

Communications 9.94

Funds 6.85

Industrial 6.05



Utilities 1.20

Technology 0.92

Energy 0.55

Other Net Liabilities (2.86)

100.00



Number of Contracts


Expirationdate

Underlying exposure

EUR


(depreciation) EUR

(56) FTSE MIB Index December 2013 5,330,360 (341,600)


(974) German Euro Bund December 2013 99,613,905 (1,391,060)



(31) Ultra US Long Treasury Bond March 2014 2,586,452 2,493

(52) US Long Bond March 2014 5,134,461 1,792

(616) US Treasury 10 Year Note March 2014 49,925,911 38,358


Total 327,796,983 (1,836,015)






(depreciation) EUR

Market Value

EUR


(expiring 15/1/2014) to enter into

a Credit Default Swap (Citibank


Floating iTraxx XO 20 Version 1


pays 5% Fixed quarterly from

15/1/2014 (699,358) 519,826


(expiring 15/1/2014) to enter

into a Credit Default Swap (JP

Morgan Chase Bank). If exercised

Fund receives Floating iTraxx

XO 20 Version 1 quarterly from

20/12/2013; and pays 5% Fixed

quarterly from 15/1/2014 (175,314) 150,236


15/1/2014) to enter into a Credit

Default Swap (Citibank NA). If

exercised Fund receives 5%

Fixed quarterly from 15/1/2014;

and pays Floating iTraxx XO 20

Version 1 quarterly from

20/12/2013 55,670 (63,598)


15/1/2014) to enter into a

Credit Default Swap (JP Morgan


receives 5% Fixed quarterly from

15/1/2014; and pays Floating

iTraxx XO 20 Version 1 quarterly

from 20/12/2013 19,537 (18,380)

(EUR underlying exposure – EUR 62,823,879) (799,465) 588,084

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



(depreciation)EUR

NominalValue Description


(depreciation)EUR




EUR 1,310,000 Credit Default Swaps (Bank of America

International Ltd) (Fund receives Fixed

5.000% and provides default protection on

Scandinavian Airlines 9.650% 16/6/2014)

(20/3/2018) 119,153

USD 2,100,000 Credit Default Swaps (Bank of America Securities

LLC) (Fund receives default protection on

Ireland Government Bond 4.500% 18/4/2020

and pays Fixed 1.000%) (20/3/2018) (56,552)


receives default protection on Portugal Telecom

International Finance BV 4.375% 24/3/2017

and pays Fixed 5.000%) (20/6/2018) (360,827)



5.125% 23/6/2014 and pays Fixed 5.000%)

(20/9/2018) (552,209)




18/3/2015) (20/9/2018) 63,470



protection on Virgin Media Finance Plc 5.125%

15/2/2022) (20/9/2018) 176,408

EUR 8,070,000 Credit Default Swaps (Barclays Bank) (Fund

receives default protection on AXA SA 4.500%

23/1/2015 and pays Fixed 1.000%) (20/6/2018) (247,924)


receives default protection on Clariant Finance

Luxembourg SA 4.375% 5/4/2013 and pays

Fixed 1.000%) (20/3/2018) (110,458)


receives default protection on Deutsche Bank

AG 5.125% 31/8/2017 and pays Fixed 1.000%)

(20/3/2018) (118,311)




(20/12/2016) (1,459)




(20/12/2017) (2,997)




Fixed 5.000%) (20/12/2018) (11,210)




Fixed 5.000%) (20/6/2018) (116,844)


receives default protection on France

Government Bond OAT 4.250% 25/4/2019 and

pays Fixed 0.250%) (20/6/2018) (76,108)


receives default protection on Italy Government

International Bond 6.875% 27/9/2023 and pays

Fixed 1.000%) (20/3/2018) (490,280)


receives default protection on iTraxx Europe

Senior Financials Series 19 Version 1 and pays

Fixed 1.000%) (20/6/2018) (43,018)




Fixed 1.000%) (20/6/2018) (121,584)




(20/12/2018) (154,930)




(20/12/2018) (168,598)


receives default protection on Norske

Skogindustrier ASA 7.000% 26/6/2017 and pays

Fixed 5.000%) (20/9/2017) 289,042


receives default protection on Peugeot SA

8.375% 15/7/2014 and pays Fixed 5.000%)

(20/3/2018) (77,455)


receives default protection on Peugeot SA

8.375% 15/7/2014 and pays Fixed 5.000%)

(20/9/2018) (471,611)


receives default protection on Portugal

Obrigacoes do Tesouro OT 5.450% 23/9/2013

and pays Fixed 1.000%) (20/12/2017) (301,227)




and pays Fixed 1.000%) (20/12/2015) (131,419)




and pays Fixed 1.000%) (20/6/2017) (1,114,850)


receives default protection on Societe Air

France SA 2.750% 1/4/2020 and pays Fixed

5.000%) (20/12/2017) (164,165)




5.000%) (20/12/2017) (245,507)


receives default protection on Stena AB 6.125%

1/2/2017 and pays Fixed 5.000%) (20/12/2017) (472,249)



5.125% 23/6/2014 and pays Fixed 5.000%)

(20/9/2018) (188,648)


receives default protection on Unitymedia

KabelBW GmbH 9.625% 1/12/2019 and pays

Fixed 5.000%) (20/9/2018) (71,760)


receives default protection on Wind Acquisition

Finance SA 11.750% 15/7/2017 and pays Fixed

5.000%) (20/9/2015) (2,726)



protection on France Government Bond OAT

4.250% 25/4/2019) (20/6/2023) 104,027



protection on Aviva Plc 9.500% 20/6/2016)

(20/6/2018) 228,548



protection on Deutsche Bank AG 5.125%

31/8/2017) (20/6/2018) 52,461




(depreciation)EUR



(depreciation)EUR







Bond 6.875% 27/9/2023) (20/3/2018) 416,817

USD 200,000 Credit Default Swaps (Barclays Bank) (Fund



Bond 6.875% 27/9/2023) (20/3/2018) 8,731



protection on iTraxx Europe Senior Financials

Series 19 Version 1) (20/6/2018) 3,641




Series 19 Version 1) (20/6/2018) 271,195



protection on iTraxx Europe Series 20 Version 1)

(20/12/2018) 89,502



protection on Swiss Reinsurance Co Ltd 4.000%

29/6/2015) (20/3/2018) 193,241




18/3/2015) (20/3/2018) 86,018



protection on Portugal Telecom International

Finance BV 4.375% 24/3/2017) (20/9/2017) 262,745



protection on Scandinavian Airlines 9.650%

16/6/2014) (20/12/2017) 214,617



protection on Sunrise Communications

Holdings SA 8.500% 31/12/2018) (20/12/2017) 325,212



protection on UPC Holding BV 8.000%

1/11/2016) (20/6/2017) 247,650



and pays Fixed 1.000%) (20/6/2018) (197,878)


default protection on Banca Monte dei Paschi

di Siena SpA 5.600% 9/9/2020 and pays Fixed

5.000%) (20/6/2016) (322,102)

EUR 3,250,000 Credit Default Swaps (BNP Paribas) (Fund

receives default protection on Banco Comercial

Portugues SA FRN 17/6/2013 and pays Fixed

5.000%) (20/3/2016) (1,059,723)



0.365% 4/10/2016 and pays Fixed 5.000%)

(20/6/2017) (202,040)



0.365% 4/10/2016 and pays Fixed 5.000%)

(20/3/2018) (188,787)



0.454% 19/1/2015 and pays Fixed 5.000%)

(20/6/2018) (213,437)


default protection on Banco Santander SA FRN

9/8/2013 and pays Fixed 3.000%) (20/9/2017) (45,288)



4.875% 23/1/2014 and pays Fixed 3.000%)

(20/3/2018) (239,626)



4.875% 23/1/2014 and pays Fixed 3.000%)

(20/12/2017) (143,769)


default protection on BPE Financiaciones SA

1.211% 30/12/2014 and pays Fixed 5.000%)

(20/12/2017) (458,196)


receives default protection on Caja de Ahorros y

Pensiones de Barcelona 3.940% 28/2/2019 and

pays Fixed 3.000%) (20/6/2017) (63,390)


receives default protection on Caja de Ahorros y

Pensiones de Barcelona 3.940% 28/2/2019 and

pays Fixed 3.000%) (20/6/2017) (80,827)





default protection on Lafarge SA 6.625%

29/11/2018 and pays Fixed 1.000%)

(20/12/2018) (108,694)


default protection on Marks & Spencer Plc

6.125% 2/12/2019 and pays Fixed 1.000%)

(20/12/2018) (55,363)


default protection on Norske Skogindustrier

ASA 7.000% 26/6/2017 and pays Fixed 5.000%)

(20/9/2017) 335,542



15/7/2014 and pays Fixed 5.000%) (20/9/2017) (959,423)



5.000% 25/4/2014 and pays Fixed 1.000%)

(20/9/2018) (137,443)



1/2/2017 and pays Fixed 5.000%) (20/3/2018) (28,665)


default protection on Unitymedia KabelBW

GmbH 9.625% 1/12/2019 and pays Fixed

5.000%) (20/9/2018) (90,024)



on Aviva Plc 9.500% 20/6/2016) (20/6/2018) 192,587




(20/6/2018) 11,942



on Banca Monte dei Paschi di Siena SpA

5.600% 9/9/2020) (20/9/2016) 90,960




(20/9/2018) 100,138



(depreciation)EUR



(depreciation)EUR






default protection on Banca Monte dei Paschi

di Siena SpA 4.500% 24/9/2015 and pays Fixed

5.000%) (20/9/2016) (37,436)



4.875% 23/1/2014 and pays Fixed 3.000%)

(20/9/2017) (81,411)


default protection on British Airways Plc

8.750% 23/8/2016 and pays Fixed 5.000%)

(20/12/2018) (185,693)


default protection on Clariant AG 3.125%

9/6/2017 and pays Fixed 1.000%) (20/9/2018) (256,316)



31/8/2017 and pays Fixed 1.000%) (20/3/2018) (44,539)



3/8/2015 and pays Fixed 5.000%) (20/9/2016) (805,478)



3/8/2015 and pays Fixed 5.000%) (20/6/2017) (751,225)




(20/6/2018) (102,912)



5.400% 13/3/2025 and pays Fixed 1.000%)

(20/3/2017) (526,198)



5.400% 13/3/2025 and pays Fixed 1.000%)

(20/12/2016) (360,188)



5.400% 13/3/2025 and pays Fixed 1.000%)

(20/12/2016) (441,555)


default protection on iTraxx Europe Crossover


(20/12/2018) (17,596)




1.000%) (20/12/2018) (313,661)




1.000%) (20/12/2018) (57,731)









Version 1 and pays Fixed 5.000%) (20/6/2018) (1,881,595)







(20/9/2017) 225,839




(20/9/2017) 91,479



15/7/2014 and pays Fixed 5.000%) (20/6/2018) (303,089)




1.000%) (20/6/2015) (4,406)




1.000%) (20/3/2018) (19,797)




1.000%) (20/9/2017) (375,414)




1.000%) (20/6/2017) (1,424,680)


default protection on Republic of Ireland

4.500% 4/18/2020 and pays Fixed 1.000%)

(20/6/2018) (159,904)


default protection on Scandinavian Airlines

9.650% 16/6/2014 and pays Fixed 5.000%)

(20/6/2018) (188,193)


default protection on Societe Air France SA

2.750% 1/4/2020 and pays Fixed 5.000%)

(20/12/2017) (608,928)



2.750% 1/4/2020 and pays Fixed 5.000%)

(20/9/2018) (393,896)


default protection on Societe Generale SA

5.250% 28/3/2013 and pays Fixed 3.000%)

(20/12/2017) (84,512)



SA 11.750% 15/7/2017 and pays Fixed 5.000%)

(20/9/2015) (8,772)



on France Government Bond OAT 4.250%

25/4/2019) (20/6/2023) 134,683



on Imperial Tobacco Finance Plc 6.250%

4/12/2018) (20/12/2017) 58,245




27/9/2023) (20/12/2016) 226,470




27/9/2023) (20/12/2016) 276,845



on iTraxx Europe Series 20 Version 1) (20/12/2018) 89,544



(depreciation)EUR



(depreciation)EUR





on Swiss Reinsurance Co Ltd 4.000%

29/6/2015) (20/3/2018) 76,491



on ThyssenKrupp AG 4.375% 18/3/2015)

(20/9/2018) 98,156



on Ardagh Packaging Finance Plc 9.250%

15/10/2020) (20/12/2018) 750,585



on Ardagh Packaging Finance Plc 9.250%

15/10/2020) (20/12/2018) 244,688



on Grohe Holding GmbH 8.750% 15/12/2017)

(20/12/2018) 511,951



on Jaguar Land Rover Automotive PLC 8.125%

15/5/2018) (20/12/2018) 133,722



on Kabel BW Musketeer GmbH 9.500%

15/3/2021) (20/6/2017) 549,449




15/3/2021) (20/6/2017) 416,249




15/3/2021) (20/6/2017) 162,924



on Norske Skogindustrier ASA 7.000%

26/6/2017) (20/3/2015) 92,023



on Scandinavian Airlines 9.650% 16/6/2014)

(20/12/2017) 217,622




(20/12/2017) 100,555




(20/12/2017) 520,262



on Sunrise Communications Holdings SA

8.500% 31/12/2018) (20/12/2017) 208,485



on Sunrise Communications Holdings SA

8.500% 31/12/2018) (20/3/2018) 58,760



on Techem GmbH 6.125% 1/10/2019) (20/6/2018) 79,944



on Techem GmbH 6.125% 1/10/2019) (20/6/2018) 90,859




(20/9/2018) 72,277

EUR 3,940,000 Credit Default Swaps (Credit Suisse) (Fund


18/6/2013 and pays Fixed 1.000%) (20/6/2018) (217,222)

EUR 650,000 Credit Default Swaps (Credit Suisse) (Fund



(20/12/2016) (190,775)




(20/12/2016) (517,000)




Fixed 5.000%) (20/6/2018) (79,160)




Fixed 5.000%) (20/6/2018) (47,167)


receives default protection on Henkel AG &

Co KGaA 4.250% 10/6/2013 and pays Fixed

1.000%) (20/12/2017) (62,748)


receives default protection on Marks & Spencer


(20/3/2018) (140,692)




Fixed 1.000%) (20/9/2018) (143,373)



1/2/2017 and pays Fixed 5.000%) (20/12/2017) (63,843)




Fixed 5.000%) (20/9/2018) (84,479)




(20/6/2018) 206,981



protection on Solvay SA 4.625% 27/6/2018)

(20/6/2018) 49,799




18/3/2015) (20/3/2018) 109,598




18/3/2015) (20/3/2018) 106,572




18/3/2015) (20/12/2017) 192,338



protection on Banca Monte dei Paschi di Siena

SpA 5.600% 9/9/2020) (20/6/2016) (72,992)




(depreciation)EUR



(depreciation)EUR







protection on Ardagh Packaging Finance Plc

9.250% 15/10/2020) (20/12/2018) 259,091



protection on CIR-Compagnie Industriali Riunite

SpA 5.750% 16/12/2024) (20/12/2018) (30,691)



protection on Grohe Holding GmbH 8.750%

15/12/2017) (20/12/2018) 336,938



protection on Jaguar Land Rover Automotive Plc

8.125% 15/5/2018) (20/12/2018) 31,124



protection on Norske Skogindustrier ASA

7.000% 26/6/2017) (20/3/2015) 40,732




7.000% 26/6/2017) (20/12/2018) (199,691)




7.000% 26/6/2017) (20/3/2015) 278,584




16/6/2014) (20/12/2017) 208,614




Holdings SA 8.500% 31/12/2018) (20/12/2017) 81,085



protection on Techem GmbH 6.125% 1/10/2019)

(20/9/2018) 35,455




(20/9/2018) 9,644




(20/12/2018) 11,055




(20/6/2018) 57,905




(20/6/2018) 143,471



protection on Unilabs Subholding AB 8.500%

15/7/2018) (20/12/2017) (225,204)



protection on Unitymedia KabelBW GmbH

9.625% 1/12/2019) (20/12/2017) 10,248

EUR 1,565,000 Credit Default Swaps (Deutsche Asset

Management Life) (Fund receives default

protection on BBVA Senior Finance SAU 4.875%

23/1/2014 and pays Fixed 3.000%) (20/12/2018) (32,160)



protection on Diageo Capital Plc 5.500%

30/9/2016 and pays Fixed 1.000%) (20/12/2017) (68,174)





(20/6/2018) (1,771,902)



protection on iTraxx Europe Series 20 Version 1

and pays Fixed 1.000%) (20/12/2018) (134,384)




and pays Fixed 1.000%) (20/12/2018) (157,387)




and pays Fixed 1.000%) (20/12/2018) (68,052)



protection on Koninklijke DSM NV 4.000%

10/11/2015 and pays Fixed 1.000%) (20/12/2017) (166,245)



protection on Next Plc 5.375% 26/10/2021 and

pays Fixed 1.000%) (20/12/2018) (101,515)



protection on Stena AB 6.125% 1/2/2017 and

pays Fixed 5.000%) (20/12/2017) (325,637)



protection on Veolia Environnement SA 5.375%

28/5/2018 and pays Fixed 1.000%) (20/12/2017) (89,707)



protection on Wind Acquisition Finance SA

11.750% 15/7/2017 and pays Fixed 5.000%)

(20/9/2015) (19,548)



protection on Wolters Kluwer NV 5.125%

27/1/2014 and pays Fixed 1.000%) (20/12/2017) (21,548)



protection on WPP PLC 6.000% 4/4/2017 and

pays Fixed 1.000%) (20/12/2017) (128,540)


Management Life) (Fund receives Fixed 3.000%

and provides default protection on UniCredit

SpA 4.375% 29/1/2020) (20/12/2018) 45,979



and provides default protection on iTraxx

Europe Sub Financials Series 19 Version 1)

(20/6/2018) 1,771,733


receives default protection on Banca Monte dei

Paschi di Siena SpA 5.600% 9/9/2020 and pays

Fixed 5.000%) (20/12/2016) (263,436)


receives default protection on Ireland


Fixed 1.000%) (20/9/2016) (551,003)



(depreciation)EUR



(depreciation)EUR






Fixed 1.000%) (20/6/2018) (42,359)




Fixed 1.000%) (20/12/2018) (310,899)




and pays Fixed 1.000%) (20/12/2015) (177,963)


receives default protection on Republic of

Ireland 4.500% 4/18/2020 and pays Fixed

1.000%) (20/3/2018) (68,670)


receives default protection on Societe Generale

SA 5.250% 28/3/2013 and pays Fixed 3.000%)

(20/12/2017) (83,682)




Fixed 5.000%) (20/9/2018) (82,799)




5.000%) (20/9/2015) (16,954)




5.000%) (20/9/2015) (16,954)



protection on Imperial Tobacco Finance Plc

6.250% 4/12/2018) (20/12/2017) 46,789




18/3/2015) (20/9/2018) 149,001



protection on Portugal Telecom International

Finance BV 4.375% 24/3/2017) (20/9/2017) 65,323




(20/6/2018) 206,788




3.000%) (20/6/2018) (107,424)




Fixed 5.000%) (20/12/2018) (47,141)

USD 4,000,000 Credit Default Swaps (Goldman Sachs) (Fund

receives default protection on Ireland


Fixed 1.000%) (20/12/2016) (733,762)




Fixed 1.000%) (20/12/2017) (72,907)




Bond 6.875% 27/9/2023) (20/12/2016) 463,520




18/3/2015) (20/12/2017) 100,694




18/3/2015) (20/9/2018) 32,946




Holdings SA 8.500% 31/12/2018) (20/12/2017) 89,791




Holdings SA 8.500% 31/12/2018) (20/3/2018) 55,170




9.625% 1/12/2019) (20/12/2017) 230,008


(Depository Cle) (Fund receives default

protection on Banco de Sabadell SA 0.365%

4/10/2016 and pays Fixed 5.000%) (20/9/2017) (367,019)



protection on Caja de Ahorros y Pensiones de

Barcelona 3.940% 28/2/2019 and pays Fixed

3.000%) (20/12/2015) (162,160)



protection on Clariant Finance Luxembourg

SA 4.375% 5/4/2013 and pays Fixed 1.000%)

(20/12/2017) (547,366)



protection on Finmeccanica Finance SA/Old

5.750% 12/12/2018 and pays Fixed 5.000%)

(20/3/2016) (5,964)




5.750% 12/12/2018 and pays Fixed 5.000%)

(20/12/2017) (127,447)




5.750% 12/12/2018 and pays Fixed 5.000%)

(20/12/2017) (154,169)



protection on Jaguar Land Rover Automotive


(20/3/2016) (30,587)



protection on Marks & Spencer Plc 5.625%

24/3/2014 and pays Fixed 1.000%) (20/12/2017) (120,417)



protection on Societe Air France SA 2.750%

1/4/2020 and pays Fixed 5.000%) (20/12/2017) (292,719)



protection on St-Gobain Nederland BV 5.000%

25/4/2014 and pays Fixed 1.000%) (20/12/2017) (88,011)




(depreciation)EUR



(depreciation)EUR






and provides default protection on E.ON


(20/12/2017) 69,195

EUR 1,705,000 Credit Default Swaps (JP Morgan Chase

Bank (Depository Cle) (Fund receives Fixed


ThyssenKrupp AG 4.375% 18/3/2015)

(20/12/2017) 99,527



and provides default protection on Vinci SA

4.125% 20/2/2017) (20/6/2018) 39,677

EUR 12,980,000 Credit Default Swaps (JP Morgan Chase

Bank (Depository Cle) (Fund receives Fixed

5.000% and provides default protection


12/12/2018) (20/3/2018) 397,644



and provides default protection on Jaguar Land

Rover Plc 8.125% 5/15/2018) (20/3/2018) 265,280



and provides default protection on Portugal

Telecom International Finance BV 4.375%

24/3/2017) (20/12/2017) 330,211


(Depository Cle)) (Fund receives default

protection on British Airways Plc 8.750%

23/8/2016 and pays Fixed 5.000%) (20/12/2018) (117,643)


(Depository Cle)) (Fund receives Fixed


ThyssenKrupp AG 4.375% 18/3/2015) (20/9/2018) 78,465

USD 20,750,000 Credit Default Swaps (JP Morgan Securities Inc)

(Fund receives default protection on Portugal


and pays Fixed 1.000%) (20/6/2015) (1,035,886)



0.454% 19/1/2015 and pays Fixed 5.000%)

(20/6/2018) (217,292)


default protection on Credit Agricole SA 5.065%

8/10/2022 and pays Fixed 3.000%) (20/6/2018) (200,256)




(20/6/2018) (60,177)



4.500% 18/4/2020 and pays Fixed 1.000%)

(20/3/2018) (153,046)


default protection on Marks & Spencer Plc

5.625% 24/3/2014 and pays Fixed 1.000%)

(20/12/2017) (146,718)




1.000%) (20/12/2017) (475,214)




1.000%) (20/6/2015) (40,102)


default protection on Societe Generale SA

2.375% 28/2/2018 and pays Fixed 3.000%)

(20/6/2018) (209,455)


default protection on Unitymedia KabelBW

GmbH 9.625% 1/12/2019 and pays Fixed

5.000%) (20/12/2016) (538,968)



on France Government Bond OAT 4.250%

25/4/2019) (20/6/2023) 100,921



on Allianz Finance II BV 4.000% 23/11/2016)

(20/6/2018) 236,037



on iTraxx Europe Series 20 Version 1) (20/12/2018) 406,867



on Muenchener Rueckversicherungs AG 7.625%

21/6/2028) (20/6/2018) 158,864




(20/6/2018) 77,262



on Banca Monte dei Paschi di Sien FRN

30/6/2015) (20/9/2016) 7,376




15/3/2021) (20/12/2016) 844,995



on Portugal Telecom International Finance BV

4.375% 24/3/2017) (20/12/2017) 583,451




(20/12/2016) (246,149)

EUR 3,175,000 Credit Default Swaps (Morgan Stanley) (Fund

receives default protection on Kabel BW

Musketeer GmbH 9.500% 15/3/2021 and pays

Fixed 5.000%) (20/12/2016) (448,120)

EUR 3,175,000 Credit Default Swaps (Morgan Stanley) (Fund



9.625% 1/12/2019) (20/12/2016) 352,436

EUR 1,500,000 Credit Default Swaps (UBS) (Fund receives Fixed


Scandinavian Airlines 9.650% 16/6/2014)

(20/9/2017) 378,642


3 Month EURIBOR and pays Fonciere Des

Regions) (14/11/2014) 9,771



Regions) (13/11/2014) 3,242



Regions) (15/11/2014) 805






(depreciation)EUR



(depreciation)EUR





GBP 323,913 Total Return Swap (BNP Paribas) (Fund receives

3 Month LIBOR and pays Balfour Beatty Plc)

(14/11/2014) (233)



(13/11/2014) (18,746)



(17/11/2014) (3,066)

EUR 371,979 Total Return Swap (Citibank) (Fund receives

3 Month EURIBOR and pays Indra Sistemas SA)

(9/10/2014) (119,740)

EUR 325,394 Total Return Swap (Citibank) (Fund receives

3 Month EURIBOR and pays Repsol SA)

(12/11/2014) (346,545)

GBP 1,815,656 Total Return Swap (Credit Suisse) (Fund receives

1 Month LIBOR and pays Enterprise Inns Plc)

(5/9/2014) 56,682


1 Month LIBOR and pays Equiniti Newco 2 plc

7.125% 15/12/2018) (30/9/2014) (48,889)


1 Month LIBOR and pays Generali Finance BV

3.875% 6/5/2015) (28/2/2014) (101,546)



Del Tesoro 3.750% 1/8/2021) (29/8/2014) (210,034)



Del Tesoro 3.750% 1/8/2021) (29/8/2014) (341,455)



Del Tesoro 4.500% 1/5/2023) (29/8/2014) (126,170)



8.500% 1/8/2020) (30/9/2014) (56,501)



8.500% 1/8/2020) (30/9/2014) (56,501)



8.500% 1/8/2020) (30/10/2014) (53,001)



8.500% 1/8/2020) (30/10/2014) (99,002)


1 Month LIBOR and pays Ono Finance II Plc

11.125% 15/7/2019) (30/9/2014) (45,486)



6/3/2018) (30/5/2014) (404,701)



6/3/2018) (30/5/2014) (404,701)


1 Month LIBOR and pays Portugal Obrigacoes

do Tesouro OT 4.350% 16/10/2017) (30/4/2014) 142,497


1 Month LIBOR and pays Priory Group No 3 Plc

8.875% 15/2/2019) (31/10/2014) (7,374)


1 Month LIBOR and pays Punch Taverns

Finance Plc 6.820% 15/7/2020) (26/9/2014) (112,280)



Finance Plc 6.820% 15/7/2020) (26/9/2014) (222,214)



Finance Plc 6.820% 15/7/2020) (26/9/2014) (103,027)


1 Month LIBOR and pays Societe Generale SA

4.000% 20/4/2016) (28/9/2014) (166,381)



Bond 3.750% 31/10/2018) (29/8/2014) (306,716)



Bond 4.100% 30/7/2018) (31/10/2014) 113,447



Bond 4.100% 30/7/2018) (29/8/2014) (201,940)



Bond 4.100% 30/7/2018) (30/4/2014) (272,537)



Bond 4.500% 31/1/2018) (28/2/2014) (186,370)



Bond 5.500% 30/4/2021) (28/2/2014) (490,368)



Bond 5.500% 30/7/2017) (28/2/2014) (6,549)



Bond 5.850% 31/1/2022) (30/6/2014) (16,943)



Bond 5.900% 30/7/2026) (30/4/2014) (528,829)



7.750% 20/3/2073) (29/8/2014) (58,311)



7.750% 20/3/2073) (29/8/2014) (86,675)

EUR 14,037 Total Return Swap (Deutsche Bank) (Fund receives

3 Month EURIBOR and pays Indra Sistemas SA)

(22/10/2014) 12,566


3 Month EURIBOR and pays Telecom Italia SpA)

(8/11/2014) (300,278)


Fixed 0.050% and pays Italy Buoni Poliennali

Del Tesoro 3.750% 1/3/2021) (13/10/2014) (465,673)


Fixed 0.070% and pays France Government

Bond OAT 4.000% 25/4/2018) (23/6/2014) 21,152



Del Tesoro 3.750% 1/3/2021) (2/10/2014) (180,730)


Fixed 0.100% and pays France Government

Bond OAT 4.000% 25/4/2018) (23/6/2014) 2,113


Fixed 0.100% and pays Wind Acquisition

Holdings Finance SA 12.250% 15/7/2017)

(15/10/2014) (88,278)




(depreciation)EUR



(depreciation)EUR

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





Fixed 0.100% and pays Wind Acquisition

Holdings Finance SA 12.250% 15/7/2017)

(15/10/2014) (44,435)



Del Tesoro 3.750% 1/8/2021) (27/6/2014) (7,925)


Fixed 0.150% and pays Spain Government Bond

4.100% 30/7/2018) (1/10/2014) (191,366)


Fixed 0.150% and pays Spain Government Bond

4.100% 30/7/2018) (8/10/2014) (96,496)



Del Tesoro 4.500% 3/1/2026) (6/3/2014) (294,507)


Fixed 0.200% and pays Ireland Government

Bond 5.500% 18/10/2017) (17/9/2014) 73,794


Fixed 0.200% and pays Spain Government

Bond 4.300% 31/10/2019) (24/3/2014) (59,749)



Del Tesoro 3.750% 1/8/2021) (28/6/2014) (18,968)


Fixed 0.350% and pays Portugal Obrigacoes do

Tesouro OT 4.750% 14/6/2019) (2/10/2014) (339,947)


Fixed 0.400% and pays Portugal Obrigacoes do

Tesouro OT 4.750% 14/6/2019) (3/11/2014) (55,133)



Del Tesoro 3.750% 1/8/2021) (21/3/2014) (142,982)


Fixed 0.500% and pays Telecom Italia SpA

7.750% 20/3/2073) (15/10/2014) (89,844)


Fixed 0.500% and pays Telecom Italia SpA

7.750% 20/3/2073) (18/10/2014) (57,970)

(EUR underlying exposure – EUR 1,805,864,594) (21,815,786)






(EUR) %



BlackRock European Diversified Equity Absolute Return Fund

BONDS

Australia EUR 3,200,000 National Australia Bank Ltd FRN

7/4/2014 3,206,208 2.06

3,206,208 2.06

Finland EUR 2,500,000 Pohjola Bank Plc FRN 9/8/2014 2,499,738 1.61

2,499,738 1.61

France EUR 1,000,000 BNP Paribas SA FRN 20/12/2013 1,000,150 0.64

EUR 10,000,000 BNP Paribas SA 0.00% 3/2/2014

(Zero Coupon) 9,996,640 6.42

EUR 2,500,000 HSBC France SA FRN 6/12/2013 2,500,025 1.61

13,496,815 8.67

Germany EUR 4,000,000 Deutsche Bank AG FRN 17/1/2014 4,001,600 2.57

EUR 1,000,000 NRW Bank FRN 17/2/2014 999,790 0.64

5,001,390 3.21

Netherlands EUR 3,700,000 Bank Nederlandse Gemeenten FRN

23/5/2014 3,702,534 2.38

EUR 8,000,000 Cooperatieve Centrale Raiffeisen-

Boerenleenbank BA FRN

13/3/2014 8,001,280 5.14

EUR 5,000,000 Cooperatieve Centrale Raiffeisen-

Boerenleenbank BA FRN

14/11/2014 5,000,150 3.21

EUR 5,000,000 Dutch Treasury Certificate 0.00%

31/1/2014 (Zero Coupon) 4,999,820 3.21

21,703,784 13.94

Sweden EUR 700,000 Nordea Bank AB 1.177% 10/1/2014 700,774 0.45

700,774 0.45

United Kingdom EUR 5,000,000 Bank of Tokyo Mitsubishi 0.00%

13/12/2013 (Zero Coupon) 4,999,805 3.21

EUR 2,500,000 Barclays Bank Plc FRN 17/1/2014 2,504,912 1.61

EUR 2,000,000 HSBC Bank Plc FRN 14/3/2014 2,003,480 1.28

EUR 6,600,000 Mizuho Bank Ltd 0.165% 7/2/2014 6,597,743 4.24

16,105,940 10.34

Total Bonds 62,714,649 40.28

COMMERCIAL PAPER

France EUR 3,700,000 Antalis SA 0% 27/12/2013 3,699,417 2.38

EUR 6,000,000 BPCE SA 0% 3/2/2014 5,997,564 3.85

EUR 7,000,000 LMA SA 0% 12/12/2013 6,999,767 4.49

16,696,748 10.72

Germany EUR 4,000,000 BMW Malta Finance Ltd 0%

23/1/2014 3,999,160 2.57

EUR 10,000,000 FMS Wertmanagement 0 %

8/1/2014 10,000,000 6.42

EUR 4,000,000 Metlife Short Term Funding LLC

0% 7/2/2014 3,998,468 2.57

EUR 4,000,000 Sumitomo Mitsui Banking Corp

0% 6/2/2014 3,998,678 2.57

21,996,306 14.13

Luxembourg EUR 2,000,000 Barclays Bank Plc 0% 6/1/2014 1,999,671 1.28

EUR 4,000,000 Cancara Asset Securitisation Ltd

0% 16/12/2013 3,999,822 2.57

USD 1,500,000 Mont Blanc Capital Corp 0%

14/2/2014 1,499,367 0.96

EUR 4,000,000 Mont Blanc Capital Corp 0%

13/12/2013 3,999,798 2.57

EUR 5,000,000 Scaldis Capital 0% 27/12/2013 4,999,526 3.21

EUR 3,000,000 Sheffield Receivables Corp 0%

10/2/2014 2,998,861 1.93

EUR 5,000,000 Svenska Handelsbanken AB 0%

22/5/2014 4,994,720 3.21

24,491,765 15.73






Funds




10,813,861 6.95

Total Funds 10,813,861 6.95






EUR



Market ValueEUR


(depreciation) EUR



BlackRock European Diversified Equity Absolute Return Fund continued


Austria (50,424) Andritz AG (2,364,886) 49,920

63,236 Atrium European Real Estate Ltd 275,709 994

(153) CA Immobilien Anlagen AG (1,873) (39)

25,007 Erste Group Bank AG 647,431 22,867

(1,150) Erste Group Bank AG (29,774) (529)

(20,570) EVN AG (237,995) 617

9,576 Flughafen Wien AG 557,610 65,434

(72,662) IMMOFINANZ AG (253,082) (4,152)

(6,654) Kapsch TrafficCom AG (269,221) (13,620)

(30) Lenzing AG (1,421) 47

14,678 Oesterreichische Post AG 515,565 19,819

9,487 OMV AG 341,722 11,105

(22,844) Raiffeisen Bank International AG (620,671) (26,002)

(3,091) RHI AG (81,432) (2,519)

(1,291) Schoeller-Bleckmann Oilfield

Equipment AG (99,575) 6,132

(81) Strabag SE (1,742) (86)

(252,719) Telekom Austria AG (1,578,230) (43,444)

6,113 Verbund AG 99,275 (226)

9,276 Vienna Insurance Group AG Wiener

Versicherung Gruppe 358,796 11,753

(2) Vienna Insurance Group AG Wiener

Versicherung Gruppe (77) (1)

19,577 Voestalpine AG 716,518 24,569

(28,730) Voestalpine AG (1,051,518) (20,587)

(141,778) Wienerberger AG (1,741,034) 59,159

14,363 Wienerberger AG 176,378 (2,282)

96,826 Zumtobel AG 1,130,928 13,895

(3,512,599) 172,824

Belgium 67,948 Ageas 2,114,202 41,805

24,784 AGFA-Gevaert NV 39,902 (1,663)

(2,652) Anheuser-Busch InBev NV (199,749) 2,353

35,241 Anheuser-Busch InBev NV 2,654,352 32,253

35,460 Arseus NV 841,466 20,731

36,533 Barco NV 2,045,848 (9,536)

(71,382) Belgacom SA (1,558,269) (260,532)

49,029 bpost SA 761,420 6,540

(21,436) bpost SA (332,901) (15,431)

(3,756) Cie d'Entreprises CFE (247,858) (20,620)

(8,560) Cofinimmo (Reit) (777,676) 2,045

3,278 Colruyt SA 136,430 6,338

53,437 D'ieteren SA/NV 1,847,317 3,679

31,100 Delhaize Group SA 1,336,989 (13,563)

(23,190) Elia System Operator SA/NV (767,473) 5,934

13,769 EVS Broadcast Equipment SA 567,971 (44,842)

13,988 Exmar NV 162,541 28,443

(35) Galapagos NV (516) 115

12,551 KBC Groep NV 528,460 22,280

(5,927) KBC Groep NV (249,556) (13,507)

13 Kinepolis Group NV 1,442 25

12,026 Melexis NV 280,687 (1,374)

148 Mobistar SA 2,004 304

(15,627) Mobistar SA (211,590) (973)

28,778 NV Bekaert SA 771,250 9,063

(366,745) Nyrstar NV (817,841) 82,423

712 Solvay SA 79,780 781

(3,799) Solvay SA (425,678) 15,086

(22,365) Tessenderlo Chemie NV (394,966) (12,524)

50,958 ThromboGenics NV 906,288 (61,750)

(30,841) UCB SA (1,532,798) (114,356)

94,233 Umicore SA 3,109,689 (177,557)

10,671,167 (468,030)

Denmark (1,001) ALK-Abello A/S (82,131) (1,205)

372 AP Moeller - Maersk A/S 'B' 2,765,468 73,602

8,265 Auriga Industries 'B' 207,763 (217)

12,797 Carlsberg A/S 'B' 1,032,830 49,782

(31,051) Carlsberg A/S 'B' (2,506,087) (84,439)

(52,345) Chr Hansen Holding (1,407,765) 12,207

97 Coloplast A/S 'B' 4,701 178

(4,203) Coloplast A/S 'B' (203,700) (164)

65,068 D/S Norden A/S 2,164,304 137,359

(7,499) Danske Bank A/S (125,471) 245

(29,059) DSV A/S (654,896) (29,602)

10,674 FLSmidth & Co A/S 411,137 13,181

(43,714) FLSmidth & Co A/S (1,683,760) (24,418)

(4) Genmab A/S (122) (6)

7,676 GN Store Nord A/S 135,224 3,883

129,414 H Lundbeck A/S 2,083,763 5,965

(64,767) H Lundbeck A/S (1,042,848) 22,697

1,809 Jyske Bank A/S 71,861 253

3,610 Matas A/S 67,032 (43)

60,182 NKT Holding A/S 2,067,947 (109,548)

16,183 Novo Nordisk A/S 'B' 2,121,886 92,442

22,133 Novozymes A/S 'B' 632,039 (5,184)

(37,788) Novozymes A/S 'B' (1,079,090) 5,515

(58,961) Pandora A/S (2,243,372) (361,238)

(26) Rockwool International A/S 'B' (3,322) (190)

(1,491) Royal UNIBREW (152,120) (38,559)

34,448 Schouw & Co 946,765 18,603

(993) Sydbank A/S (20,502) 1,291

1,461 TDC A/S 9,658 290

(24,523) TDC A/S (162,119) (5,948)

(90,445) Topdanmark A/S (1,766,722) (16,847)

38,864 Topdanmark A/S 759,156 3,135

1,211 Tryg A/S 80,577 127

(59) Vestas Wind Systems A/S (1,243) (9)

4,396 Vestas Wind Systems A/S 92,648 3,199

4,268 William Demant Holding A/S 294,111 2,453

(14,370) William Demant Holding A/S (990,248) (8,228)

1,823,352 (239,438)

Finland (54,272) Cargotec OYJ 'B' (1,527,757) (75,907)

6,030 Caverion Corp 52,160 8,782

19,309 Cramo OYJ 321,109 27,531

(154,355) Elisa OYJ (2,860,198) (122,995)

(19,549) Fortum OYJ (330,965) (3,323)

(1,858) Kemira OYJ (21,962) 186

81,906 Kesko OYJ 'B' 2,220,472 251,792

(5,634) Kesko OYJ 'B' (152,738) (11,455)

(27,498) Kone OYJ 'B' (1,857,490) 34,979

(13,054) Konecranes OYJ (335,749) (3,036)

78,851 Konecranes OYJ 2,028,048 44,057

(126,585) Metso OYJ (3,803,879) (86,162)

191,815 Neste Oil OYJ 2,698,837 (276,807)

(92,827) Nokia OYJ (555,570) (104,616)

(59,521) Nokian Renkaat OYJ (2,170,731) (1,305)

34,338 Orion OYJ 'B' 665,471 (1,260)

(3,841,261) Outokumpu OYJ (1,476,965) 454,436

135,596 Outotec OYJ 1,018,326 (79,421)

90,510 Pohjola Bank Plc 'A' 1,261,709 14,144

(17,294) Pohjola Bank Plc 'A' (241,078) (1,266)

62,107 Ramirent OYJ 588,774 31,451

35,630 Sampo 'A' 1,227,097 29,304

(132,049) Sanoma OYJ (937,548) (116,571)

(182,990) Stora Enso OYJ 'R' (1,338,572) (171,237)


EUR



Market ValueEUR


(depreciation) EUR




50,290 UPM-Kymmene OYJ 618,567 23,543

(88,076) UPM-Kymmene OYJ (1,083,335) (47,506)

(85,279) Uponor OYJ (1,288,566) (9,381)

100 Wartsila OYJ 3,611 351

226,380 YIT OYJ 2,133,632 (119,197)

(217,457) YIT OYJ (2,049,532) 60,058

(7,194,822) (250,831)

France (16,409) AB Science SA (237,930) (2,491)

(2,419) Accor SA (78,243) 1,587

(29,720) Aeroports de Paris (2,404,942) (77,424)

422 Air France-KLM 3,240 210

(21,737) Air France-KLM (166,875) (2,894)

(10,918) Air Liquide SA (1,121,279) (11,195)

65,580 ALBIOMA 1,180,440 120,758

(44,378) Alcatel Lucent (Right) (8,742) (8,742)

74,252 Alstom SA 2,019,654 35,557

(84,972) Altran Technologies SA (553,168) 738

(55,467) Areva SA (1,062,748) (87,596)

(1,279) Arkema SA (107,692) (3,700)

43,403 AtoS 2,698,799 96,575

(7) AtoS (435) 17

(52,569) AXA SA (1,019,576) (13,141)

2,413 Beneteau SA 31,852 (355)

(205) BioMerieux (15,338) (133)

50 BNP Paribas SA 2,784 70

2,525 Boiron SA 120,367 (3,755)

(51,036) Bourbon SA (980,146) 22,125

25,654 Bouygues SA 713,566 386

(139,755) Bureau Veritas SA (3,040,370) 177,327

57,125 Cap Gemini SA 2,749,712 222,973

(2,065) Cap Gemini SA (99,399) (174)

(155,820) Carrefour SA (4,532,804) (407,021)

2,186 Casino Guichard Perrachon SA 179,667 783

(964) Casino Guichard Perrachon SA (79,231) 45

20,341 CGG SA 310,099 3,433

(120,416) CGG SA (1,835,742) 207,051

3,373 Christian Dior SA 483,014 93

(15,079) Christian Dior SA (2,159,313) (3,953)

(12,352) Cie de St-Gobain (487,842) (9,207)

31,992 Cie Generale des Etablissements

Michelin 2,555,201 (34,649)

(12,614) Cie Generale des Etablissements

Michelin (1,007,480) 7,531

26,229 Ciments Francais SA 1,439,185 90,930

1,480 CNP Assurances 20,816 198

(6,252) CNP Assurances (87,934) (463)

128,763 Credit Agricole SA 1,196,723 62,797

(49,049) Danone (2,625,593) 96,568

8,937 Danone 478,398 (3,252)

897 Dassault Systemes SA 75,680 (2,003)

505,484 Derichebourg SA 1,200,525 (93,520)

(9,040) Edenred (239,605) (5,785)

22,560 Eiffage SA 936,804 (8,172)

(24,905) Eiffage SA (1,034,180) (5,009)

(15,590) Electricite de France SA (429,193) (5,313)

(12,414) Eramet (850,235) 30,025

8,589 Essilor International SA 667,451 10,874

(45) Essilor International SA (3,497) (3)

102,990 Etablissements Maurel et Prom 1,163,787 (24,258)

(3,214) Eurofins Scientific SE (604,875) 2,089

1,473 Eurofins Scientific SE 277,219 89

22,609 European Aeronautic Defence

and Space Co NV 1,188,329 118,771

(13,371) European Aeronautic Defence

and Space Co NV (702,780) 9,794

(17,182) Eutelsat Communications SA (369,413) 41,530

5,841 Faiveley Transport SA 308,405 (26,789)

3,629 Faurecia 89,781 (725)

(84,826) Faurecia (2,098,595) (277,585)

3,399 Fonciere Des Regions (Reit) 212,811 1,786

(905) GameLoft SE (7,032) 1

20,190 GDF Suez 344,542 (3,260)

(8,880) Gecina SA (Reit) (862,248) 877

(387) Groupe Eurotunnel SA (2,801) 43

12,575 Groupe Steria SCA 186,362 (2,422)

(23,359) Havas SA (140,201) 470

2,690 Hermes International 685,950 17,163

7,918 ICADE (Reit) 534,465 (2,900)

(5,212) Iliad SA (908,973) (13,659)

27,318 Imerys SA 1,631,704 180,212

(11,478) Imerys SA (685,581) (15,815)

44,847 Ingenico 2,460,306 61,767

3,432 Interparfums SA 107,765 2,610

(56,317) Ipsos (1,721,611) (34,076)

25,980 JCDecaux SA 754,849 2,717

(26) Kering (4,264) 51

2,552 Klepierre (Reit) 87,125 1,753

(15,042) Klepierre (Reit) (513,534) (1,385)

8,116 L'Oreal SA 1,004,355 (2,940)

57,978 Lagardere SCA 1,450,320 (50,871)

(51,922) Legrand SA (2,117,898) (11,462)

1,055 LISI 118,149 4,525

(22,371) LVMH Moet Hennessy

Louis Vuitton SA (3,109,569) 128,412

31,246 Medica SA 633,669 24,167

107 Mercialys SA (Reit) 1,670 86

48,700 Mersen 1,276,914 83,078

2,960 Metropole Television SA 47,626 (2,901)

17,059 Montupet 599,112 61,316

(3,865) Natixis (15,823) (5)

12,872 Natixis 52,698 838

(7,201) Naturex (428,459) (8,457)

2,876 Nexans SA 95,339 (356)

(40,057) Nexans SA (1,327,890) (19,253)

(71,413) Nexity SA (1,913,868) 3,150

(58,131) Orange SA (559,802) 4,094

(8,355) Orpea (357,678) (11,012)

(29) Parrot SA (555) (28)

17,454 Pernod-Ricard SA 1,457,758 (30,588)

(30,825) Pernod-Ricard SA (2,574,504) 242,708

18,040 Peugeot SA 212,692 26,202

12,543 Plastic Omnium SA 283,535 44,789

(32,543) Rallye SA (1,010,786) (132,125)

(18,534) Remy Cointreau SA (1,153,741) 199,854

(6,246) Renault SA (407,052) (20,469)

(11,082) Rexel SA (207,566) 183

39,099 Rexel SA 732,324 2,007

(11,079) Rubis SCA (517,279) (10,588)

14,617 Rubis SCA 682,468 22,242

44,153 Safran SA 2,146,719 110,239

(123) Safran SA (5,980) 3

3,235 Saft Groupe SA 77,381 4,270

(34,209) Sanofi (2,675,144) (107,554)

(17,320) Sartorius Stedim Biotech (1,988,336) 37,957

6,512 Schneider Electric SA 404,981 3,991

(22,220) SCOR SE (573,054) 4,506

(13,209) SEB SA (909,572) (16,448)

(233) Sequana SA (1,375) 33

France continued Finland continued


EUR



Market ValueEUR


(depreciation) EUR





(27,382) SES SA (594,189) (3,395)

17,721 Societe BIC SA 1,597,371 19,257

(2,176) Societe BIC SA (196,145) 5,026

(16,046) Societe Generale SA (683,399) (11,945)

60,709 Societe Television Francaise 1 830,196 425

(27,203) Sodexo (2,007,037) (57,172)

(204,183) STMicroelectronics NV (1,193,450) (13,313)

(20,390) Suez Environnement Co (258,749) (3,037)

207,631 Technicolor SA 780,693 (11,421)

32,653 Technip SA 2,405,220 (89,322)

20,238 Teleperformance 849,085 113,683

(23,433) Teleperformance (983,132) (50,140)

58,429 Thales SA 2,631,058 256,795

(15,980) Total SA (710,710) 4,019

(1,603) UBISOFT Entertainment (15,581) 382

(908) Unibail-Rodamco SE (Reit) (174,835) (627)

290 Unibail-Rodamco SE (Reit) 55,840 318

17,197 Valeo SA 1,344,118 232,177

(19,871) Valeo SA (1,553,117) (75,768)

29,520 Vallourec SA 1,236,445 11,204

(14,789) Vallourec SA (619,437) 34,661

(4,559) Valneva SE (18,783) 52

(66,523) Veolia Environnement SA (795,615) 51,707

51,188 Veolia Environnement SA 612,208 3,337

(8,352) Vicat (457,105) (140)

(14,932) Vilmorin & Cie SA (1,402,264) 2,841

(10,553) Vinci SA (501,373) (3,886)

54,737 Vinci SA 2,600,555 248,506

(1,312) Virbac SA (189,584) 7,282

26,208 Vivendi SA 490,876 11,275

(63,301) Vivendi SA (1,185,628) (106,502)

(14,478,752) 1,597,422

Germany 52,655 Aareal Bank AG 1,424,318 127,189

33,239 Adidas AG 2,980,541 115,828

400,528 ADVA Optical Networking SE 1,556,452 (72,852)

86,110 Aixtron SE 882,628 (79,121)

(24,167) Aixtron SE (247,712) 44,217

53,616 Aurubis AG 2,326,934 (206)

(14,552) Axel Springer AG (646,109) 330

13,053 BASF SE 1,027,271 41,174

342 Bayer AG 33,496 720

1,630 Bayerische Motoren Werke AG 138,322 57

(3,938) BayWa AG (149,959) (9,662)

257 Bechtle AG 12,264 (408)

36,567 Beiersdorf AG 2,728,264 83,420

(6,481) Bertrandt AG (652,313) (49,191)

(10,446) Bilfinger SE (878,926) (17,947)

67,227 Borussia Dortmund GmbH & Co KGaA 253,446 11,649

(3,978) Brenntag AG (520,123) (698)

(10,170) CANCOM SE (278,709) 11,017

(804) CANCOM SE (Right) (686) (686)

21,635 Cewe Stiftung & Co KGAA 872,972 31,273

(153,017) Commerzbank AG (1,684,717) (135,521)

14,924 Continental AG 2,287,103 299,800

28,992 CTS Eventim AG 1,104,595 117,266

(12,085) Daimler AG (737,789) (6,289)

14,976 Delticom AG 520,266 (58,872)

5,662 Deutsche Annington Immobilien SE 109,192 762

9,069 Deutsche Bank AG 323,401 15,225

(29,184) Deutsche Bank AG (1,040,701) (13,788)

(1,794) Deutsche Boerse (102,491) (4,037)

63 Deutsche Euroshop AG 2,066 59

(21,162) Deutsche Euroshop AG (694,114) (7,098)

(21,439) Deutsche Lufthansa AG (343,882) (14,799)

4,934 Deutsche Post AG 128,136 4,372

(89,081) Deutsche Post AG (2,313,434) (84,151)

19,034 Deutsche Telekom AG 222,222 1,886

(37,047) Deutsche Telekom AG (432,524) (2,419)

32,758 Deutsche Wohnen AG 487,111 43,041

320,814 Deutz AG 2,061,551 217,493

80,241 Dialog Semiconductor Plc 1,139,823 24,386

(198) DIC Asset AG (1,321) 45

(198) DIC Asset AG (Right) (46) 14

(27,830) DMG Mori Seiki AG (637,029) (13,241)

37,681 DMG Mori Seiki AG 862,518 100,171

5,083 Draegerwerk AG & Co KGaA (Pref) 461,435 16,667

(9,014) Draegerwerk AG & Co KGaA (Pref) (818,291) 53,751

(47,002) Drillisch AG (1,015,008) (17,156)

17,949 Duerr AG 1,144,608 153,074

(13,048) Duerr AG (832,071) 11,385

(131,324) E.ON SE (1,856,265) (65,658)

17,798 ElringKlinger AG 545,687 (2,250)

(41,984) ElringKlinger AG (1,287,229) 103,562

25,846 Evonik Industries AG 755,479 63,585

(341,850) Evotec AG (1,381,074) 33,253

(22,522) Fielmann AG (1,892,749) (78,137)

(69,956) Fraport AG Frankfurt Airport

Services Worldwide (3,790,916) (107,290)

68,611 Freenet AG 1,433,970 187,759

(5,258) Fresenius Medical Care AG & Co KGaA (268,526) 1,583

20,813 Fresenius Medical Care AG & Co KGaA 1,062,920 59,633

11,123 Fresenius SE & Co KGaA 1,161,241 60,646

(2,474) Fresenius SE & Co KGaA (258,286) (3,689)

(15,088) Fuchs Petrolub SE (Pref) (1,043,939) (86,562)

52,511 GAGFAH SA 559,767 49,468

(14,772) GEA Group AG (506,827) 1,128

8,239 Gerresheimer AG 410,385 14,811

2,876 Gerry Weber International AG 88,825 1,292

717 Gesco AG 50,190 (2,015)

(7,905) GFK SE (332,010) 7,093

53,873 Grammer AG 2,022,931 151,010

1,258 GSW Immobilien AG 38,262 (9,930)

1,321 Hamborner REIT AG (Reit) 9,724 173

(20,248) Hamburger Hafen und Logistik AG (373,981) (5,872)

18,163 Hannover Rueck SE 1,113,392 6,105

(3,505) HeidelbergCement AG (202,379) (2,443)

26,272 HeidelbergCement AG 1,516,945 24,417

155,748 Heidelberger Druckmaschinen AG 427,217 62,624

27,764 Henkel AG & Co KGaA (Pref) 2,322,459 179,582

(21,681) Hochtief AG (1,410,349) 31,453

(17,787) Hugo Boss AG (1,743,660) (33,889)

(1,497) Indus Holding AG (41,909) 150

(464,573) Infineon Technologies AG (3,475,006) (169,232)

2,376 Jenoptik AG 28,963 (1,169)

37,467 Jungheinrich AG (Pref) 1,713,928 139,127

129 K+S AG 2,681 200

644 KION Group AG 18,386 262

18,464 Kloeckner & Co SE 189,625 3,645

(3,901) Kontron AG (21,998) (956)

22,897 Krones AG 1,440,450 4,608

1,898 KUKA AG 65,623 308

(7,272) KWS Saat AG (1,817,636) 170,968

32,219 LANXESS AG 1,576,154 41,747

9,526 LEG Immobilien AG 401,854 1,966

(43,307) Leoni AG (2,379,720) (222,942)

(19,178) Linde AG (2,879,577) (74,502)

110,327 LPKF Laser & Electronics AG 2,045,463 529,892

(12,940) MAN SE (1,155,542) (14,655)

11,582 Merck KGaA 1,476,705 78,969

(8,821) Merck KGaA (1,124,677) (8,223)

Germany continued France continued


EUR



Market ValueEUR


(depreciation) EUR




(3,631) Metro AG (134,311) (8,688)

10,154 Morphosys AG 571,163 4,026

(19,672) Morphosys AG (1,106,550) 20,711

(7,763) MTU Aero Engines AG (537,044) 5,761

305 Muenchener Rueckversicherungs AG 49,151 2,216

(5,531) Muenchener Rueckversicherungs AG (891,321) (37,450)

(4) Nemetschek AG (200) 6

23,528 Nordex SE 250,809 2,092

(4,991) Pfeiffer Vacuum Technology AG (457,525) (5,304)

(21,242) PNE Wind AG (59,966) 3,664

(8,816) Porsche Automobil Holding SE (Pref) (660,759) (34,933)

87,115 ProSiebenSat.1 Media AG 2,878,280 (43,565)

(7,984) Puma SE (1,865,062) (88,064)

(59,941) QIAGEN NV (1,034,582) 21,453

77,359 QSC AG 309,591 134,602

60,085 Rheinmetall AG 2,728,460 131,103

(6,188) Rheinmetall AG (280,997) (10,791)

(72,341) RWE AG (2,043,995) (45,326)

(1,532) Salzgitter AG (49,361) 459

38 SAP AG 2,318 43

(395) Sartorius AG (Pref) (32,350) 261

1 SGL Carbon SE 30 3

(19,274) Siemens AG (1,877,866) (161,323)

54,434 Sixt SE 1,261,236 155,654

89,291 Sky Deutschland AG 672,986 12,357

(394) SMA Solar Technology AG (11,629) (105)

5,793 Software AG 163,536 11,670

(25,919) Software AG (731,693) (49,635)

2,233 Stada Arzneimittel AG 85,401 2,161

(22,068) Stada Arzneimittel AG (843,991) 16,762

(41,080) STRATEC Biomedical AG (1,318,668) (52,456)

2,182 Stroeer Media AG 30,253 4,439

29,750 Suedzucker AG 549,929 (95,680)

(29,462) Suss Microtec AG (198,868) (12,554)

76,923 Symrise AG 2,507,690 52,219

37,127 TAG Immobilien AG 316,916 (4,854)

30,843 Takkt AG 437,816 (18,992)

16,341 Talanx AG 401,989 (2,862)

356,476 Telefonica Deutschland Holding AG 2,140,638 62,895

(2,263) ThyssenKrupp AG (43,766) (79)

21,032 Tipp24 SE 1,072,422 62,574

(31,450) Tom Tailor Holding AG (570,817) (17,769)

87,881 TUI AG 942,084 91,010

51,523 United Internet AG 1,526,369 67,141

(828) Volkswagen AG (Pref) (161,212) (16,633)

2,218 Volkswagen AG (Pref) 431,845 (1,168)

(7,348) Vossloh AG (517,667) 15,995

(14,240) Wacker Chemie (1,116,986) (58,812)

24,058 Wincor Nixdorf AG 1,212,764 28,136

25,545 Wirecard AG 702,615 11,218

8,997,056 2,213,322

Ireland (519,485) Bank of Ireland (150,027) (11,580)

(138,735) C&C Group Plc (614,735) 15,271

(45,930) Glanbia Plc (493,518) (52,414)

1,429 Glanbia Plc 15,355 252

(51,039) Irish Continental Group Plc (1,247,904) (138,187)

(21,798) Kerry Group Plc 'A' (1,027,231) (7,338)

(10,276) Paddy Power Plc (581,827) 45,837

92,597 Ryanair Holdings Plc 570,397 (8,852)

58,239 Smurfit Kappa Group Plc 1,020,930 (726)

(2,508,560) (157,737)

Italy 3,931 A2A SpA 3,318 480

14,391 ACEA SpA 116,063 11,862

(296) Aeroporto di Venezia Marco Polo

SpA - SAVE (4,496) (364)

(41,319) Amplifon SpA (163,623) (5,704)

183,042 Ansaldo STS SpA 1,461,590 49,089

(148,216) Assicurazioni Generali SpA (2,516,708) (70,950)

(119,665) Astaldi SpA (940,567) (172,470)

(220) ASTM SpA (2,519) (11)

(54,134) Atlantia SpA (899,166) (78,496)

(82,776) Azimut Holding SpA (1,565,294) (138,106)

(430,565) Banca Carige SpA (210,546) (710)

30,907 Banca Generali SpA 646,574 61,632

1,542 Banca Piccolo Credito

Valtellinese Scarl 2,247 241

32,470 Banca Popolare dell'Emilia

Romagna SC 231,836 35,994

704,933 Banca Popolare di Milano Scarl 310,875 12,539

249,393 Banco Popolare SC 350,397 70,074

(164,394) Beni Stabili SpA (Reit) (82,033) 1,573

57,974 Brembo SpA 1,117,739 3,840

(54,779) Brunello Cucinelli SpA (1,416,585) (486,774)

(54,093) Buzzi Unicem SpA (688,604) (18,813)

1,566 Cairo Communication 7,963 153

148,644 CNH Industrial NV 1,258,272 (34,456)

(152) Credito Emiliano SpA (863) (390)

(49,744) Danieli & C Officine Meccaniche SpA (1,160,527) (80,556)

(49,416) De'Longhi SpA (637,466) (37,778)

(380) Ei Towers SpA (12,802) (243)

(304,761) Enel Green Power SpA (553,446) (18,479)

(2,168) Engineering SpA (86,720) (21,443)

(42,321) Eni SpA (755,007) (4,145)

(52,909) ERG SpA (517,715) (36,478)

284,236 Fiat SpA 1,668,465 (5,101)

590 Finmeccanica SpA 3,186 577

(425,694) Geox SpA (1,080,411) (225,843)

93,802 Gtech SpA 2,131,181 127,387

(6) Hera SpA (10) (2)

22,719 Industria Macchine Automatiche SpA 605,234 65,611

(197) Interpump Group SpA (1,652) (470)

538,783 Iren SpA 606,131 112,877

(7,929) Italcementi SpA (50,468) (1,812)

(6,023) Luxottica Group SpA (234,897) 4,707

(17,121) Maire Tecnimont SpA (28,352) (2,706)

(23,192) MARR SpA (273,434) (6,470)

(6) Mediaset SpA (20) –

16,602 Mediobanca SpA 105,257 19,673

1,607 Milano Assicurazioni SPA 1,053 167

(56,244) Molecular Medicine SPA (43,702) (366)

174,365 Parmalat SpA 429,635 (2,257)

(15,362) Piaggio & C SpA (36,807) (2,888)

58,461 Prysmian SpA 1,125,959 62,869

141,408 Recordati SpA 1,467,815 144,702

(50,925) Safilo Group SpA (922,761) (90,116)

42,686 Salvatore Ferragamo SpA 1,248,139 162,892

(314,041) Saras SpA (282,637) (4,273)

(502,613) Snam SpA (1,991,353) (110,794)

8,532 Societa Cattolica di Assicurazioni SCRL 166,033 20,912

(122,053) Societa Iniziative Autostradali

e Servizi SpA (901,361) (34,119)

32,259 Sorin SpA 67,292 4,032

(410,884) Telecom Italia SpA (293,987) (33,028)

(165,408) Tenaris SA (2,749,081) 78,977

(8,179) Tod's SpA (1,027,282) (69,522)

16,499 Trevi Finanziaria Industriale SpA 106,666 3,812

194,888 UniCredit SpA 1,057,267 138,955

(47,241) World Duty Free SpA (407,217) 4,622

50,994 World Duty Free SpA 439,568 (978)

(5,804,364) (596,862)

Italy continued Germany continued


EUR



Market ValueEUR


(depreciation) EUR





Netherlands 95 Aalberts Industries NV 2,158 287

(24,787) Aalberts Industries NV (563,161) (35,192)

(381,655) Aegon NV (2,511,672) (185,048)

429,160 Aegon NV 2,824,302 380,410

10,241 Akzo Nobel NV 567,454 26,790

3 AMG Advanced Metallurgical Group NV 23 2

(79,165) APERAM (1,080,602) (48,848)

(6,067) Arcadis NV (152,312) (900)

(38,971) ArcelorMittal (497,465) (8,916)

129,216 ArcelorMittal 1,649,442 325,856

40,157 ASM International NV 1,004,728 28,263

7,128 ASML Holding NV 492,260 (7,715)

1,177 BE Semiconductor Industries NV 9,545 81

(198) BinckBank NV (1,499) 7

(10,670) Brunel International NV (480,150) (8,131)

(154,723) Coribon NV (2,455,454) 112,220

24,825 Coribon NV 393,973 (13,847)

(4,648) Corio NV (Reit) (148,899) 641

(118,916) Delta Lloyd NV (2,127,407) (119,850)

4,081 Eurocommercial Properties NV (Reit) 121,757 (4,393)

(67,086) Fugro NV (3,010,820) 50,381

10,270 Gemalto NV 855,902 23,476

(13,627) Gemalto NV (1,135,674) 954

(194,936) Heijmans NV (2,102,385) (182,283)

(65,012) Heineken NV (3,246,374) 44,550

96,429 ING Groep NV 925,622 62,016

341,437 Koninklijke Ahold NV 4,573,549 133,515

82,897 Koninklijke BAM Groep NV 291,300 (15,459)

(93,773) Koninklijke BAM Groep NV (329,518) 40,588

(24,228) Koninklijke Boskalis Westminster NV (893,892) (7,941)

4,006 Koninklijke DSM NV 231,467 (781)

(26,820) Koninklijke DSM NV (1,549,660) (25,109)

87,198 Koninklijke Ten Cate NV 2,058,309 142,590

(58,843) Koninklijke Vopak NV (2,585,561) (37,389)

(17,367) Koninklijke Wessanen NV (48,975) (411)

(131,766) Nieuwe Steen Investments NV (Reit) (611,262) 44,817

30,903 Nutreco NV 1,089,331 (11,324)

(90) Nutreco NV (3,173) 77

(315,527) PostNL NV (1,362,761) (241,155)

37,791 Randstad Holding NV 1,740,087 (4,651)

(86,440) Reed Elsevier NV (1,363,159) (54,070)

75,642 Royal Imtech NV 151,965 (3,947)

133,329 SBM Offshore NV 1,969,269 (45,351)

(12,414) TKH Group NV (312,833) (32,871)

346,845 TNT Express NV 2,327,677 (10,305)

2,712 TomTom NV 15,195 138

(15,436) TomTom NV (86,488) 834

(204,782) USG People NV (2,015,055) (118,713)

(3,851) Wereldhave NV (Reit) (216,426) (9,831)

(53,347) Wolters Kluwer NV (1,110,685) (61,188)

63,359 Ziggo NV 1,995,175 28,229

(6,712,832) 151,103

Norway (223,030) Aker Solutions ASA (2,931,831) (420,558)

735 Algeta ASA 31,118 10,241

(48,974) Archer Ltd (28,004) (4,267)

223,814 Atea ASA 1,603,088 (69,529)

5,098 Awilco Drilling Plc 81,621 (114)

553,779 Borregaard ASA 1,779,921 31,360

586,768 BW Offshore Ltd 559,429 26,617

(132,822) Cermaq ASA (1,614,896) 89,043

(53,058) Det Norske Oljeselskap ASA (545,778) 1,514

(32,284) DNB ASA (424,777) (5,734)

473,754 DNO International ASA 1,291,167 342,165

(999,880) DNO International ASA (2,725,068) (262,396)

843,010 Dolphin Group AS 554,088 120

(539,722) Electromagnetic GeoServices (505,154) (22,762)

122,231 Fred Olsen Energy ASA 3,566,704 (258,987)

11,401 Gjensidige Forsikring ASA 152,342 (1,090)

(15,817) Gjensidige Forsikring ASA (211,349) (16,466)

1,261,646 Kongsberg Automotive Holding ASA 774,570 30,638

(803,494) Kvaerner ASA (1,083,313) (89,582)

834 Leroy Seafood Group ASA 18,373 866

445,909 Marine Harvest ASA 381,653 16,466

(3,139,583) Marine Harvest ASA (2,687,167) (60,384)

(829,055) Norsk Hydro ASA (2,622,780) (35,785)

2,531 Norwegian Air Shuttle AS 70,077 3,765

24,353 Odfjell Drilling Ltd 121,075 (2,335)

(88,223) Opera Software ASA (801,829) (45,136)

145,846 Orkla ASA 835,357 30,139

(37,118) Orkla ASA (212,599) 1,527

379,506 Petroleum Geo-Services ASA 3,357,833 (5,571)

2,265 Polarcus Ltd 1,219 63

208,215 ProSafe SE 1,152,482 (53,808)

(35,053) Royal Caribbean Cruises Ltd (1,146,906) (97,120)

14,546 Salmar ASA 132,204 9,973

(30,292) Schibsted ASA (1,442,571) (12,237)

(65,445) Seadrill Ltd (2,064,101) 61,752

33,053 Seadrill Ltd 1,042,474 (1,516)

(561,740) Songa Offshore (215,038) 146,740

59,732 SpareBank 1 SMN 390,085 38,189

73,237 SpareBank 1 SR Bank ASA 493,710 51,779

189,015 Statoil ASA 3,158,194 28,007

55,404 Storebrand ASA 252,108 11,269

(243,344) Storebrand ASA (1,107,301) 17,133

144,858 Subsea 7 SA 2,075,117 (100,472)

149,279 Telenor ASA 2,664,974 68,693

61,793 TGS Nopec Geophysical Co ASA 1,199,849 88,695

80,015 Yara International ASA 2,574,681 80,513

(37,733) Yara International ASA (1,214,153) (9,966)

6,730,898 (388,548)

Portugal 112,318 Altri SGPS SA 282,704 31,279

(495,783) Banco BPI SA (589,486) (63,085)

(1,902,135) Banco Comercial Portugues SA 'R' (243,473) (3,405)

420,875 Banco Espirito Santo SA 432,239 14,419

25,149 EDP - Energias de Portugal SA 70,040 819

221,773 EDP Renovaveis SA 878,221 (5,981)

(2,517) EDP Renovaveis SA (9,967) 184

(133,210) Galp Energia SGPS SA (1,631,823) (28,901)

(24,013) Jeronimo Martins SGPS SA (365,118) (9,118)

72,322 Portucel SA 208,287 559

951,860 Sonae 1,048,950 18,085

788,956 Sonaecom - SGPS SA 1,992,114 220,570

(1,817) ZON Optimus SGPS SA (9,657) (55)

2,063,031 175,370

Spain 872,357 Abengoa SA 'B' 1,701,969 145,315

59,986 Abertis Infraestructuras SA 937,281 1,325

(12,063) Abertis Infraestructuras SA (188,484) (4,788)

2,274 Acciona SA 103,285 (257)

(6,659) Acciona SA (302,452) 9,785

63,274 ACS Actividades de Construccion

y Servicios SA 1,510,983 11,027

(136,475) Almirall SA (1,562,639) (152,587)

131,131 Amadeus IT Holding SA 'A' 3,642,819 191,433

(96,436) Atresmedia Corp (1,089,727) (675,814)

(22,721) Banco Bilbao Vizcaya Argentaria SA (202,399) (10,951)

65,725 Banco de Sabadell SA 125,863 9,938

Norway continued


EUR



Market ValueEUR


(depreciation) EUR




(137,461) Banco de Sabadell SA (263,238) (12,784)

13,811 Banco Popular Espanol SA 60,299 5,483

(216,943) Banco Popular Espanol SA (947,173) (52,189)

(132,598) Banco Santander SA (873,821) (27,112)

(3,317) Bankinter SA (15,557) (743)

99,816 Bankinter SA 468,137 42,740

13,350 CaixaBank SA (Right) 721 721

246,792 Distribuidora Internacional

de Alimentacion SA 1,674,484 58,194

(257,623) Duro Felguera SA (1,221,133) (9,066)

453 Ebro Foods SA 7,749 340

538,267 Ence Energia y Celulosa SA 1,612,110 213,099

(18,048) Faes Farma (50,354) (1,191)

47,354 Ferrovial SA 661,772 9,714

4,798 Fomento de Construcciones

y Contratas SA 75,017 (5,588)

165,701 Gamesa Corp Tecnologica SA 1,204,646 40,506

(49,540) Gas Natural SDG SA (909,554) (39,390)

2,484 Grifols SA 83,798 5,886

(76) Grifols SA (2,564) (90)

51,367 Grupo Catalana Occidente SA 1,309,345 114,198

95,641 Iberdrola SA 450,947 40,169

(420,277) Iberdrola SA (1,981,606) (55,361)

11,148 Inditex SA 1,311,562 38,837

(128,594) Indra Sistemas SA (1,447,325) 32,871

232,468 Jazztel Plc 1,805,114 (26,090)

64,646 Let's GOWEX SA 801,611 230,002

(219,373) Mapfre SA (648,686) (29,097)

61,022 Mediaset Espana Comunicacion SA 527,657 (924)

(471) Mediaset Espana Comunicacion SA (4,073) (4)

(69) Melia Hotels International SA (607) (257)

(116,885) NH Hoteles SA (474,553) (14,611)

256,214 Nyesa Valores Corp 43,556 (19,197)

31,362 Obrascon Huarte Lain SA 920,161 25,000

(22,657) Obrascon Huarte Lain SA (664,756) (4,984)

(234,756) Prosegur Cia de Seguridad SA (1,101,006) (67,503)

(3,531) Realia Business SA (3,072) (71)

189 Repsol SA 3,652 154

5,919 Sacyr SA 23,309 1,649

(120,399) Sacyr SA (474,131) (25,963)

(55,348) Tecnicas Reunidas SA (2,208,939) (25,393)

652 Tecnicas Reunidas SA 26,021 412

1,972 Telefonica SA 23,999 (1,776)

(107,829) Telefonica SA (1,312,279) 42,905

(2,701) Viscofan SA (108,513) (2,155)

(82,052) Zardoya Otis SA (1,040,419) (179,483)

(9,598) Zeltia SA (23,563) (96)

1,995,244 (173,812)

Sweden 42,463 AarhusKarlshamn AB 1,919,983 30,274

(22,438) Active Biotech AB (186,525) (10,962)

(99,385) Alfa Laval AB (1,740,555) (22,317)

(77,845) Alliance Oil Co Ltd SDR (518,131) 1,312

(113) Arcam AB (10,879) (889)

(4,263) Assa Abloy AB 'B' (158,944) (16,901)

15,214 Assa Abloy AB 'B' 567,246 (1,354)

(138,803) Atlas Copco AB 'A' (2,845,657) (26,354)

(53,683) Avanza Bank Holding AB (1,317,677) (21,091)

20,834 Betsson AB 466,913 (17,553)

117,535 Bilia AB 'A' 2,086,148 89,743

10,039 BillerudKorsnas AB 89,148 1,571

(107,521) BillerudKorsnas AB (954,808) (36,182)

(70,200) Boliden AB (756,269) (17,635)

230,215 Castellum AB 2,565,465 64,222

(151,759) CDON Group AB (501,213) 137,072

(52,105) Clas Ohlson AB 'B' (604,352) (30,629)

27,090 Concentric AB 208,459 (3,327)

58,220 Electrolux AB 'B' 1,047,745 (2,205)

207,351 Elekta AB 'B' 2,294,951 16,273

(95,190) Elekta AB 'B' (1,053,558) 52,130

2,626 Fabege AB 22,228 517

(746) Getinge AB 'B' (17,180) 42

40,364 Haldex AB 267,527 12,434

27,873 Hennes & Mauritz AB 'B' 873,279 17,777

(48,474) Hennes & Mauritz AB 'B' (1,518,722) (22,189)

(97,480) Hexagon AB 'B' (2,222,964) (42,315)

(32,127) Holmen AB 'B' (827,552) (31,946)

68,793 Hufvudstaden AB 'A' 659,968 26,034

(306,812) Husqvarna AB 'B' (1,359,002) 12,569

(60,581) ICA Gruppen AB (1,353,605) (8,491)

15,310 ICA Gruppen AB 342,082 1,804

732 Indutrade AB 21,668 1,280

102,554 Intrum Justitia AB 1,964,255 (5,117)

5,059 JM AB 105,706 1,259

330,013 Kungsleden AB 1,686,799 39,357

(83,179) Lindab International AB (555,970) 4,210

44,694 Loomis AB 'B' 783,240 26,118

(52,420) Lundin Petroleum AB (806,749) 859

21,364 Meda AB 'A' 194,516 9,175

(393) Medivir 'B' (4,382) (569)

(88,188) Mekonomen AB (2,040,786) 40,445

10,830 Millicom International

Cellular SA SDR 717,796 (4,086)

(39,188) Millicom International

Cellular SA SDR (2,597,323) (51,291)

(7,626) Modern Times Group AB 'B' (286,644) (1,791)

28,469 Modern Times Group AB 'B' 1,070,087 759

(107,712) NCC AB 'B' (2,482,918) (161,079)

117,040 Net Entertainment NE AB 'B' 1,702,648 111,274

(19,197) Nibe Industrier AB 'B' (323,479) (30,838)

1,696 Nobia AB 10,860 (457)

46,967 Nolato AB 'B' 738,655 30,985

118,631 Nordea Bank AB 1,121,433 40,591

(10,138) Nordea Bank AB (95,836) 394

(8,868) Opus Group AB (12,154) (414)

(8,868) Opus Group AB (12,154) (12,154)

(161) Oriflame Cosmetics SA (3,717) 1

(144,674) Peab AB (643,748) (8,289)

9,466 Saab AB 'B' 143,662 5,850

2,734 Sandvik AB 28,164 117

21 SAS AB 44 3

(79,084) Scania AB 'B' (1,162,918) 52,103

141,990 Scania AB 'B' 2,087,941 17,943

(61,276) Seamless Distribution AB (302,875) (10,051)

40,642 Securitas AB 'B' 309,775 (3,638)

323,094 Skandinaviska Enskilda

Banken AB 'A' 2,910,879 87,726

(73,932) Skanska AB 'B' (1,043,971) (5,304)

140,868 Skanska AB 'B' 1,989,154 27,692

(72,281) SKF AB 'B' (1,455,067) (47,572)

(314,879) SSAB AB 'A' (1,670,992) (72,291)

(19,222) Svenska Cellulosa AB SCA 'B' (414,376) (8,809)

31,599 Svenska Cellulosa AB SCA 'B' 681,191 16,997

(13,398) Svenska Handelsbanken AB 'A' (459,954) (3,964)

106,960 Swedbank AB 'A' 2,022,210 2,699

52,345 Swedish Match AB 1,206,628 (46,168)

309,799 Telefonaktiebolaget LM Ericsson 'B' 2,852,002 62,749

(16,863) TeliaSonera AB (100,305) 1,776

23,051 Trelleborg AB 'B' 332,747 13,525

(22,176) Unibet Group Plc (783,474) (20,270)

(302,806) Volvo AB 'B' (2,950,902) 184,444

Spain continued Sweden continued


EUR



Market ValueEUR


(depreciation) EUR





79,608 Wallenstam AB 'B' 827,664 26,322

90,009 Wihlborgs Fastigheter AB 1,155,215 53,191

1,917,794 517,126

Switzerland (48) ABB Ltd (905) (1)

40,299 Actelion Ltd 2,497,110 278,622

63 Adecco SA 3,596 61

2,982 Allreal Holding AG 301,659 (3,573)

(57) ams AG (4,473) 57

256 ams AG 20,089 (87)

22,149 Ascom Holding AG 262,963 14,393

16,929 Autoneum Holding AG 1,906,644 257,609

5,175 Baloise Holding AG 451,542 18,616

2,210 Banque Cantonale Vaudoise 870,712 6,201

(2,488) Banque Cantonale Vaudoise (980,240) 13,122

234 Barry Callebaut AG 196,374 4,302

(1,618) Barry Callebaut AG (1,357,834) (59,717)

(1,626) Basilea Pharmaceutica (140,025) (30,722)

(3,084) Burckhardt Compression Holding AG (943,581) (29,463)

(3,253) Cembra Money Bank (149,591) (2,170)

18,304 Cie Financiere Richemont SA 1,374,584 6,051

38,026 Clariant AG 492,280 3,791

(5,668) Cosmo Pharmaceuticals SpA (347,989) 5,240

54,700 Credit Suisse Group AG 1,203,659 15,143

(73,105) Credit Suisse Group AG (1,608,657) 55,059

(1,675) Daetwyler Holding (162,905) 2,839

4,420 DKSH Holding AG 260,585 (5,838)

(21,270) Dufry AG (2,654,999) (263,774)

(2,035) EFG International AG (19,444) 264

(1,272) Flughafen Zuerich AG (537,872) (2,418)

2,104 Flughafen Zuerich AG 889,688 54,738

(606) Galenica AG (442,278) (59,115)

21,152 GAM Holding AG 286,388 151

(33,998) Gategroup Holding AG (680,107) (40,088)

73 Geberit AG 15,826 (109)

(381) Geberit AG (82,599) 953

5,288 Georg Fischer AG 2,698,321 72,130

(1,958) Georg Fischer AG (999,114) (65,065)

1 Helvetia Holding AG 345 19

(1,168) Helvetia Holding AG (402,952) (21,991)

(34,871) Holcim Ltd (1,871,530) 32,479

1,441 Holcim Ltd 77,339 1,088

36,866 Implenia AG 1,855,689 (33,133)

1,967 Inficon Holding AG 514,249 48,061

(2,618) Julius Baer Group Ltd (90,479) (1,780)

6 Julius Baer Group Ltd 207 1

58,497 Kardex AG 1,921,779 (7,063)

13,419 Komax Holding AG 1,496,050 182,137

114,684 Kudelski SA 1,282,313 50,645

1,349 Kuehne + Nagel International AG 129,225 5,959

(29,683) Kuehne + Nagel International AG (2,843,423) (59,428)

6,423 Kuoni Reisen Holding AG 'B' 2,078,784 103,157

(89) Lindt & Spruengli AG (284,065) (1,095)

46,418 Logitech International SA 390,675 42,868

(53,716) Logitech International SA (452,098) (29,761)

2,282 Lonza Group AG 156,713 (1,980)

(1,476) Lonza Group AG (101,362) 2,387

(966) Luzerner Kantonalbank AG (280,436) 1,444

36,855 Meyer Burger Technology AG 314,684 (2,603)

439 Mobimo Holding AG 67,899 (138)

4,628 Nestle SA 248,009 1,235

66,080 Nobel Biocare Holding AG 711,991 (38,612)

2,198 Novartis AG 127,797 731

254,338 OC Oerlikon Corp AG 2,719,728 180,781

(9,766) Panalpina Welttransport Holding AG (1,192,026) (133,418)

474 Partners Group Holding AG 87,227 1,360

7 PSP Swiss Property AG 440 (12)

(11,775) Rieter Holding AG (2,012,714) (230,763)

14,681 Roche Holding AG 3,010,850 555

5,402 Schindler Holding AG 550,859 (243)

(531) Schindler Holding AG (54,148) (536)

74,294 Schmolz + Bickenbach AG 71,289 (30,954)

(1,654) SGS SA (2,749,191) 144,508

8,583 Siegfried Holding AG 1,105,561 60,331

112 Sika AG 272,228 32,150

(435) Sika AG (1,057,313) (20,870)

(15,644) Sonova Holding AG (1,610,534) (154,984)

(99) St Galler Kantonalbank AG (28,177) 663

56 Straumann Holding AG 7,696 68

(283) Straumann Holding AG (38,892) (345)

(11,493) Sulzer (1,324,316) (36,788)

(3,852) Swatch Group AG/The (1,866,900) (26,167)

(2,564) Swiss Life Holding AG (391,563) 6,430

7,943 Swiss Life Holding AG 1,213,022 56,288

32,390 Swiss Re AG 2,124,241 3,926

5,062 Swisscom AG 1,903,805 (14,641)

(338) Swissquote Group Holding SA (10,623) (536)

2,482 Syngenta AG 718,926 3,222

(26,575) Tecan Group AG (2,134,022) (70,618)

14,359 Temenos Group AG 280,820 5,501

(3,865) Temenos Group AG (75,588) (1,082)

68,828 Transocean Ltd 2,556,140 114,196

(47,424) Transocean Ltd (1,761,236) 124,882

28,883 U-Blox AG 2,057,476 154,510

(32,031) UBS AG (452,177) (14,741)

5,029 Valiant Holding 331,454 (16,630)

(3,936) Valora Holding AG (713,434) (56,652)

15,976 Vontobel Holding AG 435,212 (13,602)

(13,784) Zehnder Group AG (483,665) (31,945)

1,358 Zurich Insurance Group AG 279,389 171

9,436,654 555,844

United Kingdom (44,019) A.G.BARR Plc (291,759) (11,105)

(52,864) Abcam Plc (299,122) 7,413

62,761 Aberdeen Asset Management Plc 371,211 24,370

(118,635) Aberdeen Asset Management Plc (701,688) (126,491)

(78,340) Advanced Computer Software

Group Plc (88,655) (2,745)

(626,075) Afren Plc (1,227,579) (51,153)

(73,398) Aggreko Plc (1,410,953) (18,042)

(4,399) Al Noor Hospitals Group Plc (46,586) (1,802)

(215,386) Alent Plc (875,620) 39,511

98,286 AMEC Plc 1,339,443 54,986

(179,328) AMEC Plc (2,443,885) (98,939)

(932,572) Amerisur Resources Plc (549,101) (22,118)

(220,586) Amlin Plc (1,193,455) (16,796)

(38,820) Anglo American Plc (633,682) 59,387

32,216 Anite Plc 34,113 (1,234)

(2,857) Antofagasta Plc (27,375) (793)

(5,185) APR Energy Plc (63,253) 2,293

(221,223) Aquarius Platinum Ltd (119,531) (8,368)

(75,437) ARM Holdings Plc (924,345) (33,115)

239,115 Ashtead Group Plc 2,005,442 129,379

(115,258) Ashtead Group Plc (966,661) (112,244)

25,025 ASOS Plc 1,742,014 76,467

(75,340) Associated British Foods Plc (2,080,608) (377,122)

(31,279) AstraZeneca Plc (1,312,050) (21,361)

(2,182) Avanti Communications Group Plc (6,026) (262)

Switzerland continued Sweden continued


EUR



Market ValueEUR


(depreciation) EUR




(19,834) Aveva Group Plc (535,443) 4,464

32,482 Aveva Group Plc 876,891 (125,736)

32,707 Aviva Plc 169,889 413

(1,211) AZ Electronic Materials SA (3,997) (75)

202,313 Babcock International Group Plc 3,162,799 176,818

(11,153) BAE Systems Plc (57,985) 2,912

224,639 BAE Systems Plc 1,167,911 (870)

(88,267) Balfour Beatty Plc (285,518) 7,497

9,198 Barclays Plc 30,128 2,537

14,019 Barratt Developments Plc 55,750 3,044

(50,946) BBA Aviation Plc (199,724) 4,705

11,992 Beazley Plc 35,695 5,481

139,763 Bellway Plc 2,409,814 174,353

132,062 Berendsen Plc 1,458,823 558,181

27,473 Berkeley Group Holdings Plc 776,844 66,828

78,712 Betfair Group Plc 974,398 15,681

(38,500) BG Group Plc (578,533) (23,016)

(240) BHP Billiton Plc (5,392) 172

22,816 Big Yellow Group Plc (Reit) 131,456 2,600

39,705 Blinkx Plc 96,540 958

(723) Blinkx Plc (1,758) 219

172,817 Bodycote Plc 1,255,390 (54,626)

(165,696) Booker Group Plc (329,266) (27,790)

(57) Bovis Homes Group Plc (532) (19)

(205,500) BowLeven Plc (98,698) (1,234)

(342,095) BP Plc (1,983,128) 9,274

(352,711) Brammer Plc (1,904,702) (40,549)

39,638 Brewin Dolphin Holdings Plc 130,406 17,370

77,043 British Land Co Plc (Reit) 567,455 1,855

275,844 British Sky Broadcasting Group Plc 2,722,527 (121,073)

228,845 Britvic Plc 1,865,727 242,868

(84,809) BTG Plc (567,716) (115,999)

(12,013) Bunzl Plc (202,226) (1,742)

163,277 Burberry Group Plc 3,010,803 (62,868)

(666,158) Bwin.Party Digital Entertainment Plc (1,018,222) (37,744)

(2,681,666) Cable & Wireless Communications Plc (1,533,957) (52,988)

(58,625) Cairn Energy Plc (194,421) (6,267)

3,543 Cape Plc 11,805 425

(148,805) Capita Plc (1,783,138) (30,229)

576 Capital & Counties Properties Plc 2,291 (19)

(1,958) Capital & Counties Properties Plc (7,788) (8)

(213,602) Carillion Plc (773,524) 26,492

(36,986) Carnival Plc (997,434) (80,509)

44,279 Catlin Group Ltd 291,882 14,692

(91,700) Catlin Group Ltd (604,475) (26,581)

490,979 Centamin Plc 250,665 (59,570)

861,880 Centrica Plc 3,506,122 (212,561)

1,235 Clinigen Healthcare Ltd 8,141 63

72,752 Close Brothers Group Plc 1,181,023 66,931

(51,224) Close Brothers Group Plc (831,547) (18,041)

65,494 Cobham Plc 208,629 (7,392)

(661) Cobham Plc (2,106) 168

(90,571) Coca-Cola HBC AG (1,875,923) 52,520

680,118 Colt Group SA 1,043,643 69,206

(265,075) Compass Group Plc (2,948,839) (219,340)

12,198 Computacenter Plc 94,834 12,748

(94,757) CRH Plc (1,777,171) (17,117)

15,714 Croda International Plc 441,132 7,456

(44,556) Croda International Plc (1,250,799) 11,331

4,332 CSR Plc 26,059 393

68,564 Daily Mail & General Trust Plc 'A' 753,688 60,066

(82,547) Dairy Crest Group Plc (512,919) (23,150)

(5,012) Dart Group Plc (13,781) (682)

(1,340,792) Darty Plc (1,403,541) (140,393)

33,322 DCC Plc 1,162,689 14,834

(155,389) De La Rue Plc (1,682,921) 72,949

79,874 Debenhams Plc 93,556 812

61,667 Derwent London Plc (Reit) 1,798,528 (21,283)

(2,151) Devro Plc (7,593) 193

15 Diageo Plc 352 (10)

(19,163) Diageo Plc (449,599) 9,088

(183,701) Dialight Plc (2,070,610) 337,890

(317) Diploma Plc (2,674) (5)

(225,455) Direct Line Insurance Group Plc (633,721) (3,383)

33,953 Direct Line Insurance Group Plc 95,437 4,283

118,938 Dixons Retail Plc 73,894 6,776

(137,059) Domino Printing Sciences Plc (1,150,328) (72,294)

(407) Domino's Pizza Group Plc (2,661) 142

164,478 Domino's Pizza Group Plc 1,075,332 (56,773)

56,852 Dragon Oil Plc 389,097 (2,749)

108,852 Drax Group Plc 907,707 23,643

(117,644) Drax Group Plc (981,022) (6,463)

24,438 DS Smith Plc 90,259 2,292

(2,959) Dunelm Group Plc (31,976) (760)

(95,496) easyJet Plc (1,633,943) (62,454)

36,190 easyJet Plc 619,213 66,389

(494,087) Electrocomponents Plc (1,744,165) (92,728)

13,706 Electrocomponents Plc 48,383 258

9,327 Elementis Plc 29,117 1,007

(11,166) Elementis Plc (34,858) (154)

(250,146) Enterprise Inns Plc (417,189) 4,279

(720,941) Entertainment One Ltd (2,095,711) (174,422)

(255,165) Essar Energy Plc (250,924) 111,918

11,454 Essentra Plc 112,842 9,369

(84,958) Essentra Plc (836,989) (22,961)

785,759 Evraz Plc 1,008,565 (131,234)

67,917 Experian Plc 926,390 (15,437)

(122,878) F&C Asset Management Plc (138,387) 1,811

(132,129) Fenner Plc (706,936) 6,503

178,788 Fenner Plc 956,578 25,055

473,096 Ferrexpo Plc 1,029,306 17,492

1,050 Fidessa Group Plc 26,816 1,752

534,399 Firstgroup Plc 734,697 (17,716)

41,526 Foxtons Group Plc 141,604 (6,179)

(71,849) Foxtons Group Plc (245,006) 24,436

44,793 Fresnillo Plc 451,485 (38,180)

(34,463) Fresnillo Plc (347,365) 45,986

(923,481) G4S Plc (2,897,372) (66,453)

(94,293) Galliford Try Plc (1,235,211) (5,432)

(26,863) Genel Energy Plc (343,834) (8,737)

(168) Genus Plc (2,503) 5

122,172 GKN Plc 554,205 20,351

(463,328) GKN Plc (2,101,781) (198,259)

59,238 GlaxoSmithKline Plc 1,150,642 (9,539)

86,629 Go-Ahead Group Plc 1,695,461 (1,969)

(37,184) Grafton Group Plc (277,705) 11,608

39,748 Grainger Plc 95,260 (1,310)

144,924 Great Portland Estates Plc (Reit) 1,018,836 30,613

7,791 Greencore Group Plc 17,952 403

45,189 Greene King Plc 472,593 32,299

46,436 Greggs Plc 247,519 10,645

98,556 Halfords Group Plc 581,469 18,895

(425) Halfords Group Plc (2,507) (45)

193,650 Halma Plc 1,376,500 85,649

(14,832) Halma Plc (105,429) (330)

602,410 Hammerson Plc (Reit) 3,719,661 38,818

(63,710) Hargreaves Lansdown Plc (933,264) (149,984)

(60,656) Hays Plc (89,872) 698

(678,444) Henderson Group Plc (1,744,899) (11,520)

(50,222) Heritage Oil Plc (98,141) 7,501

United Kingdom continued United Kingdom continued


EUR



Market ValueEUR


(depreciation) EUR




355,014 Highland Gold Mining Ltd 250,432 (186,375)

(105,596) Hikma Pharmaceuticals Plc (1,527,817) 2,820

(62,502) Hiscox Ltd (510,317) (2,982)

53,259 Hiscox Ltd 434,849 9,635

361,545 Home Retail Group Plc 832,622 44,905

(284,927) Home Retail Group Plc (656,174) (33,687)

(154,259) Homeserve Plc (476,941) (1,681)

863,584 Howden Joinery Group Plc 3,343,001 111,966

(331,644) HSBC Holdings Plc (2,738,470) (85,705)

139,342 HSBC Holdings Plc 1,150,583 2,472

17,707 Hunting Plc 169,875 (4,329)

(217,726) Hunting Plc (2,088,786) 20,526

33,036 ICAP Plc 164,775 14,913

(13,242) ICAP Plc (66,048) (7,467)

73,951 IG Group Holdings Plc 518,998 3,216

(220) IGAS Energy Plc (288) 4

66,949 Imagination Technologies Group Plc 198,152 (1,209)

(22,846) Imagination Technologies Group Plc (67,618) 1,930

(4,432) Imperial Tobacco Group Plc (123,566) 4,693

261,342 Inchcape Plc 1,871,787 (28,116)

15,338 Informa Plc 102,856 781

(277,530) Inmarsat Plc (2,332,944) (12,271)

(29,671) InterContinental Hotels Group Plc (679,391) (14,535)

(105) Intermediate Capital Group Plc (539) 24

(181,195) International Consolidated

Airlines Group SA (799,323) (63,577)

232,917 International Consolidated

Airlines Group SA 1,027,489 4,246

(91,434) International Personal Finance Plc (655,968) 14,726

37,241 International Personal Finance Plc 267,175 12,617

(272,780) Interserve Plc (2,146,951) (191,343)

(104,778) Intertek Group Plc (3,837,133) 238,108

(230,909) Intu Properties Plc (Reit) (895,530) (4,385)

16,558 Investec Plc 86,325 2,386

(5,301,122) IQE Plc (1,628,636) (123,566)

418,009 ITE Group Plc 1,546,122 108,597

(329,285) ITV Plc (753,885) (17,118)

37,930 John Wood Group Plc 360,244 (5,730)

(20,560) Johnson Matthey Plc (787,747) 14,779

(110,935) Jupiter Fund Management Plc (519,881) 8,816

60,680 Jupiter Fund Management Plc 284,368 (4,203)

(297,472) Kazakhmys Plc (842,222) 2,297

(203,228) Kcom Group Plc (241,516) (19,460)

113,452 Keller Group Plc 1,437,148 21,796

(203,778) Kenmare Resources Plc (48,999) 12,118

54,137 Kentz Corp Ltd 385,791 33,427

(34,271) Kentz Corp Ltd (244,222) (10,198)

(36,799) Kier Group Plc (785,606) (66,947)

(5,134) Kingfisher Plc (23,080) 1,240

(7,546) Lancashire Holdings Ltd (71,170) 1,218

1,336 Land Securities Group Plc (Reit) 15,328 15,328

(11,718) Lavendon Group Plc (25,255) (105)

(906,106) London Mining Plc (1,245,723) (91,582)

(41,332) Majestic Wine Plc (286,848) (12,868)

142,866 Man Group Plc 153,031 9,214

(74,293) Man Group Plc (79,579) (1,020)

41,016 Marks & Spencer Group Plc 241,021 (7,432)

(283,215) Marston's Plc (507,707) 3,832

(170) McBride Plc – –

(180,823) Mears Group Plc (970,506) (59,179)

(358,387) Meggitt Plc (2,151,158) 210,402

(249,633) Melrose Industries Plc (883,322) 13,206

409,395 Melrose Industries Plc 1,448,637 (29,221)

(205,956) Michael Page International Plc (1,173,157) 9,876

43,904 Micro Focus International Plc 428,580 (9,534)

(18,473) Millennium & Copthorne Hotels Plc (130,533) (7,431)

(16) Mitchells & Butlers Plc (79) (4)

(129,636) Mitie Group Plc (483,308) (731)

72,010 Mondi Plc 875,869 (51,667)

253,239 Moneysupermarket.com Group Plc 554,312 19,831

(919,772) Monitise Plc (598,406) (34,606)

288,755 Monitise Plc 187,865 504

116,277 Morgan Sindall Group Plc 1,064,561 (51,240)

(282,727) Mothercare Plc (1,304,418) (54,394)

(158,246) Nanoco Group Plc (277,410) 8,156

118,512 National Express Group Plc 373,959 8,317

96,033 National Grid Plc 896,515 4,008

(292,091) National Grid Plc (2,726,813) (164,782)

(140) Next Plc (9,279) (1)

356,197 Northgate Plc 1,773,836 (35,267)

(137,743) Ocado Group Plc (676,441) (7,134)

781,797 Old Mutual Plc 1,882,111 22,047

(133,431) Ophir Energy Plc (541,515) 33,903

264,329 Optimal Payments Plc 1,048,946 131,913

(19,890) Oxford Instruments Plc (360,380) (15,623)

(304,028) Pace Plc (1,157,057) (119,695)

287,441 Pace Plc 1,093,931 138,836

106,670 Paragon Group of Cos Plc 442,898 21,987

(241,383) Pearson Plc (3,924,300) (225,060)

942,037 Pendragon Plc 404,372 (25,778)

194 Pennon Group Plc 1,513 16

(190,464) Pennon Group Plc (1,485,350) 52,953

(1,439) Perform Group Plc (7,563) 1,405

20,657 Persimmon Plc 287,715 (9,245)

(280,369) Petroceltic International Plc (498,229) 13,122

39,940 Petrofac Ltd 606,646 43,223

26,254 Playtech Plc 219,875 749

(451) Polymetal International Plc (2,919) 623

52,970 Polymetal International Plc 342,812 (30,060)

31 Polyus Gold International Ltd 71 (6)

(529,410) Premier Farnell Plc (1,415,628) 13,632

(351,281) Premier Foods Plc (513,524) 61,583

227,066 Premier Oil Plc 846,546 (15,092)

(56,096) Primary Health Properties Plc (Reit) (224,965) 1,852

(156) Providence Resources Plc (476) 86

(1,273) Provident Financial Plc (24,487) (98)

5,761 PZ Cussons Plc 27,337 1,090

443,315 QinetiQ Group Plc 1,160,395 124,024

(2,973,677) Quindell Portfolio Plc (602,524) (10,313)

1,385,567 Quintain Estates & Development Plc 1,559,681 164,646

4,934 Randgold Resources Ltd 256,818 (17,576)

(194) Reckitt Benckiser Group Plc (11,461) (86)

57,436 Redrow Plc 194,961 14,445

115,956 Regus Plc 276,787 23,390

(19,733) Renishaw Plc (439,278) (11,881)

(1,057,499) Rentokil Initial Plc (1,347,658) 10,023

3,152 Resolution Ltd 13,008 980

(188,877) Resolution Ltd (779,463) 11,583

158,560 Restaurant Group Plc/The 1,101,372 73,862

23,575 Rexam Plc 143,020 4,597

77,499 Rightmove Plc 2,381,156 168,170

(10,307) Rio Tinto Plc (407,036) (6,709)

30,197 Rio Tinto Plc 1,192,517 26,963

5,147,014 Rolls Royce Holdings -Rights- 6,180 6,180

27,330 Rolls-Royce Holdings Plc 408,222 27,811

(45,306) Rolls-Royce Holdings Plc (676,726) (15,066)

(26,695) Rotork Plc (909,660) 10,575

80,561 Rotork Plc 2,745,201 66,457

(225,679) Royal Bank of Scotland Group Plc (885,544) 4,657

(6,020) Royal Dutch Shell Plc 'B' (155,371) (999)

(35,880) RPS Group Plc (133,638) (18,180)

(2,575) RSA Insurance Group Plc (3,299) (3,299)




EUR



Market ValueEUR


(depreciation) EUR

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


Barclays Bank, Goldman Sachs and Morgan Stanley are the counterparties to these Contracts for Difference.



31,274 SABMiller Plc 1,189,237 (16,544)

(50,951) SABMiller Plc (1,937,482) 30,673

(6,944) Sage Group Plc /The (29,132) (30)

2,010 Salamander Energy Plc 2,496 23

27,060 Schroders Plc 808,704 (28,227)

(116,071) SDL Plc (380,821) 54,353

(504,557) Segro Plc (Reit) (2,034,966) (102,459)

463,550 Serco Group Plc 2,541,379 148,754

4,556 Shaftesbury Plc (Reit) 33,844 1,111

115,887 Shire Plc 3,858,526 239,823

(90,047) SIG Plc (231,917) (3,448)

(830,992) Sirius Minerals Plc (70,343) 26,126

(25,357) Smith & Nephew Plc (248,290) (7,052)

235,183 Smith & Nephew Plc 2,302,856 123,533

(3,888) Smiths Group Plc (64,377) 2,391

476,213 Smiths News Plc 1,252,225 128,520

(49,176) Spectris Plc (1,447,216) (67,661)

1,234,159 Speedy Hire Plc 784,602 (62,557)

(3,947) Spirax-Sarco Engineering Plc (139,522) (710)

77,720 Spirax-Sarco Engineering Plc 2,747,309 (28,520)

(520,420) Spirent Communications Plc (679,236) 7,346

(2,453) Spirit Pub Co Plc (2,121) 164

(184,044) Sports Direct International Plc (1,638,588) (68,061)

31,037 SSE Plc 496,760 (36,816)

(180) St James's Place Plc (1,380) (51)

284,975 St James's Place Plc 2,184,764 21,473

(583) Stagecoach Group Plc (2,573) (145)

638,141 Stagecoach Group Plc 2,815,859 290,590

15,863 Standard Chartered Plc 279,131 2,703

(154,565) Standard Chartered Plc (2,719,780) 25,426

297,612 Standard Life Plc 1,259,997 29,777

(13,435) SuperGroup (195,178) (12,455)

(259,265) Synthomer Plc (729,067) 12,141

58,441 TalkTalk Telecom Group Plc 190,443 (2,648)

187,362 Tate & Lyle Plc 1,761,490 10,757

2,413 Taylor Wimpey Plc 3,091 87

(5,265) Ted Baker Plc (127,193) (14,463)

215,333 Telecity Group Plc 1,817,619 (132,480)

(764,137) Tesco Plc (3,198,420) 102,019

399,544 Thomas Cook Group Plc 846,732 155,595

(1,270) Thomas Cook Group Plc (2,691) (549)

(4,305) Travis Perkins Plc (93,094) 1,244

294,489 Trinity Mirror Plc 639,123 139,596

(230,036) TT electronics Plc (546,528) (49,809)

800,014 TUI Travel Plc 3,549,351 2,289

(6,612) Tullett Prebon Plc (26,469) (1,795)

5 Tullett Prebon Plc 20 (1)

179,324 Tullow Oil Plc 1,877,551 (145,401)

(42,189) Tullow Oil Plc (441,726) 51,779

(68,743) Tyman Plc (192,723) (8,188)

54,391 UBM Plc 445,725 (12,259)

(41,067) Ultra Electronics Holdings Plc (910,252) 10,305

5,858 Unite Group 27,882 (256)

188,432 United Utilities Group Plc 1,495,523 (30,439)

86,872 Vedanta Resources Plc 928,339 (187,601)

(367,823) Vesuvius Plc (2,167,606) (156,804)

43,818 Victrex Plc 854,428 24,615

(10,352) Vodafone Group Plc (28,464) 446

5,273 Weir Group Plc/The 136,377 (89)

(18,690) Weir Group Plc/The (483,384) 34,711

(13,273) Whitbread Plc (570,066) (29,744)

287,820 William Hill Plc 1,326,364 (160)

(846,229) WM Morrison Supermarkets Plc (2,696,657) 139,951

669,383 WM Morrison Supermarkets Plc 2,133,106 (64,553)

28,434 Wolseley Plc 1,133,136 19,018

(19,841) Wolseley Plc (790,693) (28,647)

717 WS Atkins Plc 11,571 113

153,332 Xaar Plc 1,859,478 286,758

1,080,052 Xchanging Plc 1,974,417 248,322

(1,686,969) 788,903

Total market value

(EUR underlying exposure – EUR 1,012,023,499) 1,736,298 3,896,656






(depreciation)EUR

CHF 177,431 EUR 143,999 13/12/2013 301

EUR 484 CHF 596 13/12/2013 (1)

EUR 437,886 GBP 368,026 13/12/2013 (3,977)

EUR 967,637 SEK 8,642,641 13/12/2013 (3,045)

GBP 8,114,911 EUR 9,633,751 13/12/2013 109,251

SEK 347,636,942 EUR 38,957,593 13/12/2013 86,535

USD 2,596,891 EUR 1,939,720 13/12/2013 (30,157)








% of netassets *

Financial 77.65

Funds 6.95

Government 3.21


100.00






(EUR) %




BlackRock European Opportunities Extension Fund

COMMON / PREFERRED STOCKS (SHARES)

Belgium 14,558 Anheuser-Busch InBev NV 1,096,508 1.94

39,911 KBC Groep NV 1,680,453 2.98

7,502 Kinepolis Group NV 831,972 1.47

37,362 Melexis NV 872,029 1.54

4,480,962 7.93

Denmark 111,504 GN Store Nord A/S 1,964,309 3.48

45,436 Matas A/S 843,673 1.49

10,140 Novo Nordisk A/S 'B' 1,329,538 2.35

16,063 Novozymes A/S 'B' 458,702 0.81

18,919 Pandora A/S 719,838 1.27

5,905 Royal UNIBREW 602,461 1.07

5,918,521 10.47

France 16,607 Alten SA 546,370 0.97

11,786 Legrand SA 480,751 0.85

3,703 Unibail-Rodamco SE (traded in France)

(Reit) 713,013 1.26

597 Unibail-Rodamco SE (traded in

Netherlands) (Reit) 114,952 0.20

1,855,086 3.28

Germany 6,857 Bayer AG 671,574 1.19

8,871 Continental AG 1,359,481 2.41

7,463 Sartorius AG -Pref- 611,220 1.08

31,331 SHW AG 1,322,168 2.34

4,857 Volkswagen AG 922,587 1.63

4,887,030 8.65

Ireland 39,151 Irish Continental Group Plc 957,242 1.70

51,087 Kingspan Group Plc 656,468 1.16

1,613,710 2.86

Italy 30,213 Atlantia SpA 501,838 0.89

68,402 Azimut Holding SpA 1,293,482 2.29

56,018 Banca Generali SpA 1,171,896 2.07

52,403 Ei Towers SpA 1,765,457 3.13

846,314 Telecom Italia SpA 605,538 1.07

5,338,211 9.45

Jersey 14,999 WANdisco Plc 265,098 0.47

265,098 0.47

Netherlands 17,094 ASML Holding NV 1,180,512 2.09

23,014 Beter Bed Holding NV 379,501 0.67

164,553 ING Groep NV - CVA 1,579,544 2.80

41,429 Koninklijke Boskalis Westminster NV 1,528,523 2.70

68,350 Reed Elsevier NV 1,077,879 1.91

27,439 Ziggo NV 864,054 1.53

6,610,013 11.70

Norway 16,662 Algeta ASA 705,428 1.25

705,428 1.25

Sweden 29,455 Assa Abloy AB 'B' 1,098,214 1.94

51,854 Hexagon AB 'B' 1,182,495 2.09

154,028 Nordea Bank AB 1,456,045 2.58

3,736,754 6.61

Switzerland 30,399 Actelion Ltd 1,883,661 3.33

11,413 Adecco SA 651,517 1.15

3,897 Bossard Holding 'BR' 621,436 1.10

1,724 Burckhardt Compression Holding AG 527,475 0.93

22,575 Cembra Money Bank AG 1,038,123 1.84

33,868 Novartis AG 1,969,174 3.49

8,525 Roche Holding AG 1,748,348 3.09

18,202 U-Blox AG 1,296,617 2.30

106,176 UBS AG 1,498,872 2.65

11,235,223 19.88

United Kingdom 52,010 Merlin Entertainments Plc'144A' 221,412 0.39

128,555 Restaurant Group Plc 892,954 1.58

1,114,366 1.97

Total Common / Preferred Stocks (Shares) 47,760,402 84.52




Dealt in on Another Regulated Market 47,760,402 84,52

FUNDS




5,092,202 9.01

Total Funds 5,092,202 9.01






EUR



Market ValueEUR


(depreciation) EUR


BlackRock European Opportunities Extension Fund continued

Belgium (5,775) Barco NV (323,400) (2,599)

(11,261) Umicore SA (371,500) 2,972

(694,900) 373

Denmark (31,609) Bang & Olufsen A/S (202,988) 16,597

(7,216) FLSmidth & Co A/S 'C' (278,137) (4,256)

(12,403) H Lundbeck A/S 'C' (199,541) (3,368)

(13,747) SimCorp A/SSimCorp A/SSimCorp A/S (344,646) (16,904)

(1,025,312) (7,931)

Finland (25,934) Neste Oil OYJ (365,151) 13,509

(511,713) Outokumpu OYJ (197,009) (1,324)

(23,845) Outotec OYJ (179,076) 23,660

(23,881) Stockmann OYJ Abp 'B' (270,094) 4,933

(1,011,330) 40,778

France (32,153) Air France KLM 'C' (246,839) (12,155)

(2,708) Air Liquide SA (278,112) (4,447)

27,839 Cap Gemini SA 1,340,030 61,087

(2,857) Dassault Systemes SA (241,045) 13,802

(8,463) Delticom AG (294,005) 15,684

(6,555) Nexans SA (217,298) (7,201)

(9,804) Nutreco NV (345,591) 10,947

(89,514) Nyrstar NV (199,616) 20,201

(4,568) Sodexo (337,118) (9,781)

(13,655) Suedzucker AG (252,481) 35,296

(8,512) Vallourec SA (356,780) 2,692

(26,311) Veolia Environnement SA (314,680) 4,180

39,271 Vinci SA 1,864,784 69,193

121,249 199,498

Germany (20,728) Bauer AG (389,065) (8,643)

(12,429) Carl Zeiss Meditec AG (294,505) 4,143

(11,471) Deutsche Bank AG (408,826) (12,084)

(33,644) Distribuidora Internacional de

Alimentacion SA (228,241) (14,106)

(10,328) Gerry Weber International AG (318,980) (4,805)

65,374 Grifols SA 1,643,502 134,935

(4,770) HeidelbergCement AG (275,229) (5,620)

(3,768) Hochtief AG (245,108) (9,706)

1,976 Inditex SA 232,476 17,214

52,437 Jeronimo Martins SGPS SA 797,305 10,391

55,522 JUMBO SA 626,843 89,836

4,168 L'Oreal SA 515,790 (3,905)

(3,262) MTU Aero Engines AG (225,633) 7,496

96,099 OPAP SA 939,848 70,109

28,014 Rexel SA 524,702 15,396

(7,081) Software AG (199,932) (12,197)

(220,305) SOITEC (326,051) 34,523

(11,497) ThromboGenics NV (204,474) 30,189

(17,261) ThyssenKrupp AG (334,346) (3,275)

(28,175) TNT Express NV (189,195) 1,246

1,640,881 341,137

Ireland 337,368 Ryanair Holdings Plc 2,074,813 115,796

2,074,813 115,796

Italy (890,323) Banca Monte dei Paschi di Siena SpA (166,223) 26,935

(75,755) Fiat SpA (444,682) (14,739)

(115,546) Geox SpA (293,256) (52,421)

(3,144) Tod's SpA (394,886) (29,255)

(1,299,047) (69,480)

Netherlands (27,808) BinckBank NV (210,507) (15,830)

(5,050) Fugro NV (226,594) 12,572

(10,214) Koninklijke Vopak NV (448,292) 4,018

(13,642) SNS REAAL NV – 12,414

(885,393) 13,174

Norway (14,118) Norwegian Air Shuttle AS (390,380) (6,611)

(9,604) Yara International ASA (308,685) (4,609)

(699,065) (11,220)

Spain (51,461) Prosegur Cia de Seguridad SA (241,352) (17,988)

(241,352) (17,988)

Sweden (33,072) Elekta AB (366,039) (1,219)

(366,039) (1,219)

Switzerland (511) Kaba Holding AG (168,396) (3,073)

(2,561) Sulzer AG (294,683) (2,893)

(1,227) Syngenta AG (355,408) 4,037

(818,487) (1,929)

United Kingdom (60,815) Ashmore Group Plc (288,871) (9,859)

(51,483) BAE Systems Plc (267,972) 4,123

165,826 Barratt Developments Plc 659,447 79,808

205,589 BTG Plc 1,377,434 292,070

(78,541) Cape Plc (261,696) (8,723)

(67,918) Cobham Plc (216,351) 14,697

31,590 Compass Group Plc 351,235 26,051

104,407 Daily Mail & General Trust Plc 1,147,991 143,096

(71,761) Dart Group Plc (196,885) (5,579)

30,786 Dechra Pharmaceuticals Plc 253,949 13,523

121,633 Diploma Plc 1,025,970 82,253

(23,613) easyJet Plc (404,020) (53,728)

68,022 Experian Plc 928,230 (47,635)

70,898 Imperial Tobacco Group Plc 1,977,516 (26,898)

449,397 ITV Plc 1,028,304 58,867

(103,954) J Sainsbury Plc (508,959) (3,600)

21,561 Johnson Matthey Plc 826,100 76,353

(123,541) Ladbrokes Plc (261,072) 12,271

(129,280) Mcbride Plc (169,198) 6,100

(1,961,487) McBride Plc (2,355) (2,355)



EUR



Market ValueEUR


(depreciation) EUR


Deutsche Bank and JP Morgan are the counterparties to these Contracts for Difference.






(depreciation)EUR

EUR 3,786,410 CHF 4,666,807 13/12/2013 (8,966)

EUR 4,179,744 DKK 31,171,152 13/12/2013 112

EUR 253,905 SEK 2,280,567 13/12/2013 (2,232)

GBP 12,989,767 EUR 15,479,690 13/12/2013 116,208

NOK 1,146,304 EUR 137,362 13/12/2013 580




in the Statements of Net Assets (see note 2(d)).

State Street Bank London is the counterparty to these Open Forward Foreign



% of netassets *


Financial 18.67

Industrial 13.55

Communications 13.42


Funds 9.01

Technology 5.07



100.00


BlackRock European Opportunities Extension Fund continued

352,020 National Express Group Plc 1,110,784 22,717

(254,783) New World Resources Plc 'A' (233,264) 9,751

(76,052) Partnership Assurance Group Plc (281,984) 55,158

175,998 SIG Plc 453,286 36,833

30,181 Spirax-Sarco Engineering Plc 1,066,862 5,386

210,346 Sports Direct International Plc 1,872,533 170,696

348,705 Vodafone Group Plc 956,670 51,914

(76,450) WM Morrison Supermarkets Plc (243,529) 12,720

(139,725) Wolfson Microelectronics Plc 'C' (247,358) (2,803)

11,452,797 1,013,207

United States (78,742) Turkiye Garanti Bankasi AS (219,183) 13

(219,183) 13

Total market value

(EUR underlying exposure – EUR 43,090,615) 8,029,632 1,614,209







(EUR) %


BONDS

Australia AUD 3,105,000 Australia Government Bond 4.50%

21/4/2033 1,991,128 1.11

USD 597,000 CNOOC Curtis Funding No 1 Ltd

4.50% 3/10/2023 443,468 0.24

AUD 800,000 Holcim Finance Australia Pty Ltd

7.00% 27/3/2015 555,545 0.31

2,990,141 1.66

Austria EUR 400,000 BAWAG PSK Bank fuer Arbeit und

Wirtschaft und Oesterreichische

Postsparkasse AG 8.125%

30/10/2023 417,300 0.23

EUR 300,000 Kommunalkredit Austria AG 1.625%

25/9/2018 305,826 0.17

EUR 400,000 UNIQA Insurance Group AG FRN

31/7/2043 431,106 0.24

1,154,232 0.64

Belgium EUR 4,150,000 Belgium Government Bond 2.25%

22/6/2023 4,114,767 2.29

EUR 937,000 UCB SA 4.125% 4/1/2021 972,620 0.54

5,087,387 2.83

British Virgin Islands USD 405,000 CNPC General Capital Ltd 3.40%

16/4/2023 278,680 0.16

278,680 0.16

Cayman Islands USD 200,000 China Resources Land Ltd 4.625%

19/5/2016 153,361 0.09

EUR 880,000 IPIC GMTN Ltd 2.375% 30/5/2018 901,938 0.50

GBP 210,689 Punch Taverns Finance B Ltd

7.369% 30/6/2022 261,829 0.15

GBP 446,964 Punch Taverns Finance B Ltd FRN

30/6/2033 512,523 0.28

1,829,651 1.02

Croatia USD 500,000 Croatia Government International

Bond 6.00% 26/1/2024 360,081 0.20

360,081 0.20

Denmark DKK 14,155 Nordea Kredit Realkredit 3.00%

1/10/2044 1,823 0.00

1,823 0.00

France EUR 600,000 BPCE SA 1.75% 14/3/2016 610,788 0.34

EUR 500,000 Caisse Francaise de Financement

Local 3.00% 2/10/2028 508,875 0.28

EUR 1,000,000 Dexia Credit Local SA 1.625%

29/10/2018 1,015,225 0.57

EUR 263,611 FCT Copernic 2012-1 'A1' FRN

25/9/2029 264,818 0.15

EUR 690,000 GDF Suez 1.50% 1/2/2016 703,031 0.39

EUR 400,000 Imerys SA 2.50% 26/11/2020 400,764 0.22

EUR 450,000 Kering 8.625% 3/4/2014 462,019 0.26

EUR 270,000 Kering 3.75% 8/4/2015 281,129 0.16

EUR 900,000 Master Credit Cards Pass

Compartment France 2013-1

'A' FRN 25/10/2025 900,810 0.50

EUR 1,500,000 Societe Generale SFH 1.625%

5/1/2021 1,496,910 0.83

6,644,369 3.70

Germany EUR 700,000 Allianz SE FRN (Perpetual) 720,839 0.40

EUR 2,195,000 Bundesrepublik Deutschland

4.75% 4/7/2034 2,962,207 1.65


2.50% 4/7/2044 1,714,346 0.95


Bundesobligation Inflation

Linked Bond 0.75% 15/4/2018 2,920,948 1.63

EUR 196,000 Daimler AG 1.75% 21/5/2015 199,480 0.11

EUR 10,000,000 German Treasury Bill 0.00%

26/3/2014 (Zero Coupon) 9,998,500 5.56

EUR 300,000 Red & Black Auto Germany 2 'A'

FRN 15/9/2022 300,200 0.17

EUR 400,000 RWE AG FRN (Perpetual) 406,360 0.23

EUR 400,000 SAP AG 1.00% 13/11/2015 402,626 0.22

EUR 791,216 SC Germany auto 2013-2 UG A'

FRN 12/3/2023 792,513 0.44

EUR 100,000 Trionista Holdco GmbH 5.00%

30/4/2020 101,780 0.06

20,519,799 11.42

Hungary USD 454,000 Hungary Government International

Bond 5.75% 22/11/2023 331,083 0.18

331,083 0.18

Ireland EUR 100,000 Ardagh Packaging Finance Plc

7.375% 15/10/2017 107,203 0.06

EUR 535,000 Bank of Ireland 2.75% 5/6/2016 537,737 0.30


1.875% 13/5/2017 1,015,626 0.57

EUR 900,000 Caterpillar International Finance

Ltd 1.375% 18/5/2015 910,651 0.51

EUR 190,761 Cornerstone Titan 2007-1 Plc 'A1'

FRN 23/1/2017 187,975 0.10

EUR 500,000 Epic Value Retail Ltd 'C' FRN

26/7/2019 493,575 0.27

EUR 1,135,000 ESB Finance Ltd 3.494% 12/1/2024 1,148,342 0.64

EUR 180,000 German Residential Funding

2013-2 Ltd 'A' FRN 27/11/2024 180,427 0.10


2013-2 Ltd 'B' FRN 27/11/2024 244,616 0.14


2013-2 Ltd 'E' FRN 27/11/2024 319,112 0.18


Plc 'A' FRN 27/8/2024 231,602 0.13


Plc 'B' FRN 27/8/2024 115,436 0.06


Plc 'D' FRN 27/8/2024 148,220 0.08

BlackRock Fixed Income Strategies Fund


France continued





(EUR) %



BlackRock Fixed Income Strategies Fund continued

EUR 144,643 German Residential Funding Plc 'E'

FRN 27/8/2024 148,052 0.08

EUR 400,000 Ireland Government Bond 4.50%

18/4/2020 435,450 0.24


20/3/2023 923,515 0.51


13/3/2025 367,981 0.20

EUR 1,093,111 Opera Germany No 2 Plc 'A' FRN

20/10/2014 1,075,085 0.60

EUR 567,012 SCF Rahoituspalvelut Ltd

2013-1 'A' 0.802% 25/5/2021 567,380 0.32

USD 1,100,000 Sibur Securities Ltd 3.914%

31/1/2018 788,632 0.44

EUR 932,755 Talisman-6 Finance Plc 'A' FRN

22/10/2016 876,790 0.49

GBP 1,134,617 Titan Europe 2007-1 Nhp Ltd 'A'

FRN 20/1/2017 1,249,949 0.70

EUR 294,615 Titan Europe 2007-2 Ltd 'A1' FRN

23/4/2017 292,515 0.16

12,365,871 6.88

Italy EUR 386,539 AUTO ABS 2012-2 Srl 'A' 2.80%

27/4/2025 390,848 0.22

EUR 275,000 Banca Carige SpA 3.875%

24/10/2018 275,697 0.15

EUR 300,000 Banca Monte dei Paschi di Siena

SpA 3.125% 30/6/2015 304,762 0.17

EUR 1,500,000 Banca Monte dei Paschi di Siena

SpA 4.875% 15/9/2016 1,583,182 0.88

EUR 1,300,000 Banca Popolare dell'Emilia Romagna

SC 3.375% 22/10/2018 1,321,593 0.74

EUR 768,310 Berica PMI Srl 1 'A1X' 2.63%

31/5/2057 781,029 0.43

EUR 100,000 Eni SpA 5.875% 20/1/2014 100,711 0.06


24/9/2018 1,532,257 0.85


28/1/2019 1,572,498 0.87


2.15% 15/9/2014 1,828,928 1.02


2.55% 22/10/2016 7,287,615 4.05


2.25% 22/4/2017 3,595,963 2.00


4.75% 1/5/2017 4,190,532 2.33


2.15% 12/11/2017 3,707,860 2.06

EUR 360,000 Italy Buoni Poliennali Del Tesoro

5.50% 1/11/2022 406,800 0.23


4.50% 1/3/2024 1,093,444 0.61


'144A' 4.75% 1/9/2044 2,039,648 1.13

EUR 703,000 Telecom Italia SpA 4.50% 20/9/2017 732,333 0.41

EUR 100,000 Telecom Italia SpA 5.375%

29/1/2019 105,235 0.06



EUR 310,000 Unione Di Banche Italian SCPA

3.125% 14/10/2020 317,840 0.18

34,128,547 18.99

Jersey GBP 575,000 AA Bond Co Ltd 9.50% 31/7/2019 756,930 0.42

756,930 0.42

Luxembourg USD 242,000 ArcelorMittal 6.125% 1/6/2018 193,995 0.11

EUR 178,779 Bumper 2 SA 'A' FRN 23/2/2023 179,872 0.10

EUR 443,630 E-CARAT SA 'A' FRN 18/7/2020 446,112 0.25

EUR 541,477 ECAR 2013-1 'A' 0.852% 18/11/2020 541,452 0.30

EUR 415,000 ECAR 2013-1 'B' 1.478% 18/11/2020 413,568 0.23

EUR 100,000 Ontex IV SA 7.50% 15/4/2018 105,663 0.06

EUR 600,000 Red & Black Auto Lease Germany 1

SA 'A' 0.911% 15/4/2024 600,120 0.33

EUR 100,000 Servus Luxembourg Holding SCA

7.75% 15/6/2018 105,060 0.06

EUR 188,610 Volkswagen Car Lease '15B' FRN

21/1/2018 189,253 0.10

EUR 592,134 Volkswagen Car Lease '16A' FRN

21/7/2018 592,186 0.33

3,367,281 1.87

Mexico EUR 390,000 America Movil SAB de CV FRN

6/9/2073 410,418 0.23

410,418 0.23

Netherlands EUR 200,000 ABN Amro Bank NV FRN 1/8/2014 200,738 0.11

EUR 670,000 Alliander NV FRN (Perpetual) 678,375 0.38

EUR 250,000 BASF Finance Europe NV 5.00%

26/9/2014 259,423 0.14

EUR 130,535 Bumper 4 NL Finance BV 2011-4 'A'

FRN 20/5/2026 130,886 0.07

EUR 192,670 E-MAC DE 2009-I BV 'A1' FRN

25/11/2053 197,626 0.11

EUR 120,548 Highway BV 2012-1 'A' FRN

26/3/2024 121,069 0.07

EUR 778,000 ING Bank NV 3.50% 21/11/2023 777,759 0.43

EUR 705,000 Louis Dreyfus Commodities BV

3.875% 30/7/2018 726,975 0.40

EUR 175,000 Nederlandse Gasunie NV 0.875%

30/10/2015 176,089 0.10

EUR 300,000 Repsol International Finance BV

3.625% 7/10/2021 314,509 0.18

EUR 500,000 Roche Finance Europe BV 2.00%

25/6/2018 521,307 0.29

EUR 100,000 Schaeffler Finance BV 4.25%

15/5/2018 103,968 0.06

EUR 26,960 Storm 2010-1 BV 'A1' FRN

22/3/2052 27,051 0.02

EUR 200,000 Storm BV 2013-4 'A1' FRN

22/10/2053 199,991 0.11

4,435,766 2.47

New Zealand EUR 2,410,000 ANZ New Zealand Int'l Ltd 1.50%

2/10/2018 2,443,017 1.36

2,443,017 1.36

Portugal EUR 800,000 Galp Energia SGPS SA 4.125%

25/1/2019 812,480 0.45

EUR 8,000,000 Portugal Obrigacoes do Tesouro

'144A' 3.60% 15/10/2014 8,058,200 4.49

8,870,680 4.94


Ireland continued





(EUR) %



Slovakia EUR 700,000 Granvia 4.781% 30/9/2039 700,000 0.39

700,000 0.39

Slovenia EUR 1,840,000 Slovenia Government Bond

4.375% 2/4/2014 1,850,810 1.03

EUR 2,000,000 Slovenia Government Bond

2.75% 17/3/2015 2,008,250 1.12

USD 320,000 Slovenia Government Bond

4.75% 10/5/2018 238,089 0.13

4,097,149 2.28

South Korea USD 200,000 Korea Finance Corp 4.625%

16/11/2021 158,610 0.09

158,610 0.09

Spain EUR 1,300,000 Autonomous Community of Valencia

Spain 4.375% 16/7/2015 1,329,335 0.74


14/3/2016 412,090 0.23


20/12/2016 733,320 0.41

EUR 200,000 Banco Bilbao Vizcaya Argentaria

SA 4.125% 13/1/2014 200,801 0.11

EUR 1,000,000 Banco Bilbao Vizcaya Argentaria

SA 4.25% 15/7/2014 1,021,770 0.57

EUR 800,000 Banco Bilbao Vizcaya Argentaria

SA 3.00% 9/10/2014 814,928 0.45

EUR 200,000 Banco Popular Espanol SA FRN

(Perpetual) 215,701 0.12

EUR 1,000,000 Bankia SA 4.25% 25/5/2018 1,061,875 0.59


17/1/2018 852,340 0.47

EUR 1,000,000 Cajas Rurales Unidas 3.75%

22/11/2018 997,260 0.56

EUR 1,565,000 Spain Government Bond 3.75%

31/10/2015 1,634,290 0.91


4.40% 31/10/2023 4,473,219 2.49


5.15% 31/10/2028 1,061,611 0.59

14,808,540 8.24

Supranational EUR 2,995,000 European Financial Stability

Facility 2.75% 3/12/2029 2,997,621 1.67

2,997,621 1.67

Sweden EUR 800,000 Scania CV AB 1.75% 22/3/2016 816,340 0.45

816,340 0.45


1,474,055 0.82

United Arab Emirates USD 555,000 Emirates Airline 4.50% 6/2/2025 375,965 0.21

375,965 0.21

United Kingdom GBP 291,270 Annington Finance No 4 Plc FRN

10/1/2023 346,932 0.19

GBP 325,000 Asset-Backed European

Securitisation Transaction

Eight Srl 'B' FRN 15/6/2019 391,135 0.22


USD 700,000 Barclays Bank Plc FRN (Perpetual) 531,901 0.30

GBP 140,000 Broadgate Financing Plc FRN

5/10/2023 157,247 0.09

GBP 136,060 Bruntwood Alpha Plc 'A' FRN

15/1/2019 163,572 0.09

GBP 433,369 Bruntwood Alpha Plc 'B' FRN

15/1/2019 520,349 0.29

EUR 297,330 Bumper 5 UK Finance Plc 'A1'

FRN 20/6/2022 298,560 0.17

USD 700,000 Centrica Plc 4.00% 16/10/2023 508,894 0.28

GBP 700,000 Co-Operative Bank Plc 4.75%

11/11/2021 895,001 0.50

GBP 162,692 E-CARAT 2012-1 Plc 'A' 1.30%

18/6/2020 195,571 0.11

GBP 297,466 Eddystone Finance Plc 'A2' FRN

19/4/2021 349,619 0.19

GBP 150,000 Enterprise Inns Plc 6.875%

15/2/2021 181,749 0.10

EUR 50,000 FCE Bank Plc 9.375% 17/1/2014 50,521 0.03

GBP 364,116 LCP Proudreed Plc 'A' FRN 25/8/2016 428,827 0.24

USD 426,408 Leek Finance Number Eighteen Plc

'A2B' FRN 21/9/2038 321,437 0.18

USD 266,505 Leek Finance Number Eighteen Plc

'A2D' FRN 21/9/2038 200,361 0.11

GBP 138,585 London & Regional Debt

Securitisation No 1 Plc

'A' FRN 15/10/2017 166,649 0.09

GBP 301,785 London & Regional Debt

Securitisation No 2 Plc

'A' FRN 15/10/2015 359,728 0.20


24/3/2014 439,068 0.24

GBP 300,000 Mitchells & Butlers Finance Plc

6.469% 15/9/2030 389,410 0.22

GBP 500,000 Mitchells & Butlers Finance Plc

FRN 15/6/2036 403,503 0.22

GBP 127,102 Motor 2012 Plc 'A2' FRN 25/2/2020 152,840 0.09

GBP 500,000 Opera Finance Metrocentre Plc

FRN 2/2/2017 584,156 0.32

GBP 354,000 Precise Mortgage Funding No 1 Plc

'A' FRN 12/3/2047 425,050 0.24

GBP 156,422 Premiertel Plc 6.175% 8/5/2032 190,916 0.11

GBP 100,000 Priory Group No 3 Plc 7.00%

15/2/2018 126,187 0.07

GBP 338,835 Punch Taverns Finance Plc 6.82%

15/7/2020 422,606 0.24

GBP 267,063 Residential Mortgage Securities 25

Plc 'A1' FRN 16/12/2050 336,104 0.19

GBP 166,662 Residential Mortgage Securities 26

Plc 'A1' FRN 14/2/2041 209,327 0.12

GBP 200,000 Rochester Financing No 1 Plc 'B'

FRN 16/7/2046 (Zero Coupon) 239,051 0.13

GBP 159,940 Silk Road Finance Number Three Plc

'A' FRN 21/6/2055 194,775 0.11

EUR 218,886 Taurus 2013 GMF1 Plc 'A' 1.268%

21/5/2024 219,926 0.12

EUR 99,494 Taurus 2013 GMF1 Plc 'B' 1.718%

21/5/2024 100,057 0.06






(EUR) %





EUR 268,633 Taurus 2013 GMF1 Plc 'D' 2.968%

21/5/2024 268,421 0.15

EUR 684,517 Taurus 2013 GMF1 Plc 'E' 3.726%

21/5/2024 679,897 0.38

GBP 250,000 Telereal Securitisation Plc FRN

10/12/2031 235,178 0.13

GBP 385,000 Temese Funding 1 Plc 'C' FRN

21/11/2021 462,866 0.26

GBP 81,311 Turbo Finance 2 Plc 'A' FRN

20/2/2019 97,927 0.05

GBP 249,000 Turbo Finance 2 Plc 'B' 5.50%

20/2/2019 309,340 0.17


20/11/2019 221,780 0.12

GBP 451,000 Turbo Finance 3 Plc 'B' FRN

20/11/2019 542,677 0.30

GBP 400,000 Unique Pub Finance Co Plc 6.542%

30/3/2021 502,664 0.28


28/3/2024 848,749 0.47


30/6/2027 766,426 0.43


30/3/2032 651,966 0.36

GBP 975,000 United Kingdom Gilt 3.50%

22/7/2068 1,158,543 0.64

GBP 151,000 Virgin Media Secured Finance Plc

7.00% 15/1/2018 188,725 0.10

GBP 100,000 Virgin Media Secured Finance Plc

6.00% 15/4/2021 123,973 0.07

GBP 205,702 Windermere CMBS Plc 'A' FRN

24/4/2017 244,068 0.14

18,008,895 10.02

United States USD 510,000 CIT Group Inc '144A' 4.75%

15/2/2015 390,952 0.22

EUR 538,000 Citigroup Inc FRN 30/11/2017 527,205 0.29

USD 350,000 COX Communications Inc '144A'

8.375% 1/3/2039 316,208 0.18

USD 454,000 Dell Inc 2.30% 10/9/2015 336,340 0.19

USD 859,000 Delphi Corp 5.00% 15/2/2023 656,907 0.37

USD 168,000 DIRECTV Financing Co Inc 5.15%

15/3/2042 109,300 0.06

USD 341,000 Discovery Communications LLC

4.95% 15/5/2042 234,754 0.13

USD 566,000 Dollar General Corp 3.25%

15/4/2023 381,852 0.21

USD 740,000 Ford Motor Credit Co LLC 8.00%

15/12/2016 648,293 0.36


15/8/2017 275,153 0.15

EUR 1,390,000 General Mills Inc 2.10% 16/11/2020 1,398,945 0.78

USD 285,000 General Motors Co '144A' 6.25%

2/10/2043 213,758 0.12

USD 896,000 HCP Inc 4.25% 15/11/2023 655,105 0.36

USD 543,000 HSBC Finance Corp 5.25%

15/4/2015 421,928 0.23

USD 400,000 JPMorgan Chase & Co FRN

(Perpetual) 266,186 0.15

USD 80,000 Life Technologies Corp 6.00%

1/3/2020 67,147 0.04

USD 352,000 Life Technologies Corp 5.00%

15/1/2021 279,027 0.16

USD 543,000 Lorillard Tobacco Co 3.50%

4/8/2016 422,030 0.23


USD 655,000 Petrohawk Energy Corp 10.50%

1/8/2014 491,509 0.27


1/6/2015 45,242 0.03

EUR 2,370,000 ProLogis LP 3.00% 18/1/2022 2,370,865 1.32

USD 740,000 QVC Inc 5.125% 2/7/2022 542,788 0.30

USD 566,000 QVC Inc 4.375% 15/3/2023 396,720 0.22

USD 566,000 SLM Corp 3.875% 10/9/2015 431,799 0.24

USD 160,000 SLM Corp 6.25% 25/1/2016 128,240 0.07

USD 324,000 Verizon Communications Inc 2.45%

1/11/2022 212,437 0.12

USD 1,223,000 Verizon Communications Inc 5.15%

15/9/2023 961,954 0.54

USD 50,000 WEA Finance LLC '144A' 5.75%

2/9/2015 39,831 0.02

13,474,338 7.50

Total Bonds 162,887,269 90.64





Funds




7,150,927 3.98

Total Funds 7,150,927 3.98


BONDS

Slovenia EUR 700,000 Slovenia Ministry of Finance

Treasury Bill 0.00% 16/10/2014

(Zero Coupon) 685,433 0.38

685,433 0.38








United Kingdom continued United States continued




Number of Contracts


Expirationdate

Underlying exposure

EUR


(depreciation) EUR

60 3 Month Euribor Interest

Rate June 2014 59,961,750 1,500

(60) 3 Month Euribor Interest

Rate June 2015 59,938,500 (8,250)

(44) Australian 10 Year Bond December 2013 3,387,088 2,604

76 Australian 3 Year Bond December 2013 5,515,491 4,560

(66) Euro BTP December 2013 7,457,207 (55,740)




(22) Short Euro BTP December 2013 2,321,154 (34,790)


(1) Ultra US Long Treasury

Bond March 2014 83,434 (103)



Total 220,329,938 (173,410)




% of netassets *

Government 42.14

Financial 20.99

Mortgage Securities 6.68

Asset Backed Securities 5.50


Funds 3.98


Utilities 2.02

Communications 1.98

Energy 1.83

Industrial 1.04

Diversified 0.51

Technology 0.41



100.00





(depreciation)EUR

EUR 2,571,138 AUD 3,780,000 12/12/2013 39,762

EUR 113,029 CHF 140,000 12/12/2013 (828)

DKK 45,410,000 EUR 6,089,662 12/12/2013 (879)

EUR 6,274,964 DKK 46,790,000 12/12/2013 1,144

EUR 17,867,901 GBP 15,065,000 12/12/2013 (219,699)

GBP 1,240,000 EUR 1,470,248 12/12/2013 18,543

EUR 2,988,635 NOK 24,280,000 12/12/2013 66,782

NOK 24,470,000 EUR 3,001,537 12/12/2013 (56,819)

EUR 571,462 PLN 2,430,000 12/12/2013 (6,119)

PLN 2,640,000 EUR 621,120 12/12/2013 6,376

EUR 3,453 SEK 30,000 12/12/2013 84

EUR 20,118,938 USD 26,840,000 12/12/2013 382,796

USD 9,380,000 EUR 6,890,366 12/12/2013 6,989

EUR 282,887 ZAR 3,782,654 12/12/2013 10,107

ZAR 3,810,000 EUR 279,935 12/12/2013 (5,184)

EUR 647,987 CHF 799,000 20/12/2013 (1,865)

GBP 832,000 EUR 989,699 20/12/2013 9,180

MXN 6,960,000 USD 538,364 20/12/2013 (5,990)

NOK 6,154,000 EUR 744,501 20/12/2013 (4,146)

EUR 132,878 USD 180,000 20/12/2013 518





Barclays Bank Plc, Credit Suisse International, Deutsche Bank AG London, HSBC Bank Plc,

Royal Bank of Scotland Plc and UBS AG London are the counterparties to these Open

Forward Foreign Exchange Transactions.




Number of contracts

subject to Put Issuer

Underlying exposure

EUR


(depreciation) EUR

Market Value

EUR

660,000 EUR/CHF Put Option


expiring on 20/1/2014 147,757 (10,184) 904



expiring on 20/1/2014 148,876 (8,213) 911



expiring on 20/1/2014 147,757 (10,006) 904



expiring on 20/1/2014 148,876 (9,330) 911



expiring on 20/1/2014 148,246 (8,496) 907



expiring on 20/1/2014 147,757 (8,699) 904



expiring on 20/1/2014 148,876 (9,755) 911



expiring on 20/1/2014 22,388 (1,473) 137

1,168,000 EUR/CHF Put Option


expiring on 20/1/2014 261,485 (14,810) 1,600



expiring on 20/1/2014 65,010 (52,716) 1,134



expiring on 20/1/2014 335,812 (22,282) 2,055



expiring on 20/1/2014 221,636 (15,276) 1,357


Note: Purchased Put Options are included in the Statement of Net Assets (see note 2(d)).

UBS AG London is the counterparty to these Purchased Put Options.



Number of contracts


Underlying exposure

EUR


(depreciation)EUR

Market Value

EUR

(1,325,000) EUR/CHF Put Option


expiring on 20/1/2014 14,356 12,205 (251)



expiring on 20/1/2014 14,356 12,026 (251)



expiring on 20/1/2014 14,356 10,164 (250)



expiring on 20/1/2014 14,356 11,277 (250)



expiring on 20/1/2014 14,350 10,477 (250)



expiring on 20/1/2014 14,356 10,714 (250)



expiring on 20/1/2014 14,356 11,701 (250)

(205,000) EUR/CHF Put Option


expiring on 20/1/2014 2,221 1,980 (39)



expiring on 20/1/2014 25,311 20,524 (442)



expiring on 20/1/2014 32,506 28,233 (567)



expiring on 20/1/2014 21,454 20,416 (374)



expiring on 20/1/2014 671,623 38,040 (4,110)

Total Written Put Options 853,601 187,757 (7,284)

Note: Written Put Options are included in the Statement of Net Assets (see note 2(d)).

UBS AG London is the counterparty to these Written Put Options.



(depreciation)EUR



(depreciation)EUR



USD 700,000 Credit Default Swaps (JP Morgan) (Fund provides

default protection on Constellation Energy

Group Inc 5.150% 1/12/2020 and receives Fixed

1.000%) (20/3/2018) (802)




3.000%) (20/12/2018) (3,954)


receives default protection on UniCredit SpA

4.375% 29/1/2020 and pays Fixed 3.000%)

(20/12/2018) (16,765)



protection on RWE AG 5.750% 14/2/2033)

(20/9/2018) 1,808

USD 30,000 Credit Default Swaps (Bank of America) (Fund


protection on Host Hotels & Resorts LP 6.750%

1/6/2016) (20/6/2018) 600


receives default protection on Deutsche

Telekom International Finance BV 6.000%

20/1/2017 and pays Fixed 1.000%)

(20/6/2018) (11,007)


receives default protection on Intesa Sanpaolo

SpA 4.75% 15/6/2017 and pays Fixed 3.000%)

(20/12/2018) (7,994)


receives default protection on Pernod Ricard

SA 4.875% 18/3/2016 and pays Fixed 1.000%)

(20/9/2018) (4,200)



SA 4.875% 18/3/2016 and pays Fixed 1.000%)

(20/9/2018) (3,452)



SA 4.875% 18/3/2016 and pays Fixed 1.000%)

(20/9/2018) (2,203)



protection on Orange SA 5.625% 22/5/2018)

(20/6/2018) 15,829




(20/9/2018) 4,030




(20/9/2018) 2,629




(20/9/2018) 1,205


default protection on Anglo American Capital


(20/12/2018) 975



4.875% 23/1/2014 and pays Fixed 3.000%)

(20/12/2018) (3,616)



4.875% 23/1/2014 and pays Fixed 3.000%)

(20/12/2018) (3,659)


default protection on iTraxx EUR Series 20



default protection on iTraxx FinSub 17 Version 1

and pays Fixed 1.000%) (20/6/2017) (28,352)




(20/12/2018) 186

USD 260,000 Credit Default Swaps (Credit Suisse) (Fund receives


on Host Hotels & Resorts LP 6.750% 1/6/2016)

(20/6/2018) 5,010

USD 510,000 Credit Default Swaps (Credit Suisse) (Fund receives


on Host Hotels & Resorts LP 6.750% 1/6/2016)

(20/6/2018) 9,455

EUR 200,000 Credit Default Swaps (Deutsche Asset


protection on BBVA Senior Finance SAU 4.875%

23/1/2014 and pays Fixed 3.000%) (20/12/2018) (4,110)



and provides default protection on E.ON AG

6.375% 29/5/2017) (20/12/2017) 5,898



and provides default protection on UniCredit

SpA 4.375% 29/1/2020) (20/12/2018) 5,876

USD 525,000 Credit Default Swaps (Deutsche Bank) (Fund

provides default protection on Firstenergy Corp

7.375% 15/11/2031 and receives Fixed 1.000%)

(20/3/2018) (2,580)


receives default protection on Deutsche Telekom

International Finance BV 6.000% 20/1/2017 and

pays Fixed 1.000%) (20/6/2018) (13,064)


receives default protection on iTraxx EUR Series

20 Version 1 and pays Fixed 1.000%)

(20/12/2018) (6,282)


receives default protection on iTraxx EUR


(20/12/2018) (23,328)


receives Fixed 1.000% and pays default


(20/6/2018) 21,180



protection on CDX NA IG 20 Version 1) (20/6/2018) 2,390


receives default protection on Anglo American

Capital PLC 5.875% 17/4/2015 and pays Fixed

1.000%) (20/12/2018) 1,097




1.000%) (20/12/2018) 55




(depreciation)EUR



(depreciation)EUR

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







(20/12/2018) (10,198)


default protection on Exelon Generation Co LLC

6.200% 1/10/2017 and pays Fixed 1.000%)

(20/9/2018) (842)


default protection on Exelon Generation Co

LLC 6.200% 1/10/2017 and pays Fixed 1.000%)

(20/9/2018) (1,051)


default protection on Exelon Generation Co LLC

6.200% 10/1/2017 and pays Fixed 1.000%)

(20/9/2018) (102)


default protection on Intesa Sanpaolo SpA

4.750% 15/6/2017 and pays Fixed 3.000%)

(20/12/2018) (16,493)


default protection on Pernod Ricard SA 4.875%

18/3/2016 and pays Fixed 1.000%) (20/9/2018) (5,814)



5.000% 25/4/2014 and pays Fixed 1.000%)

(20/6/2018) (23,793)



FirstEnergy Corp 7.375% 15/11/2031) (20/9/2018) 4,641



PSEG Power LLC 5.500% 1/12/2015) (20/9/2018) 1,909



PSEG Power LLC 5.500% 1/12/2015) (20/9/2018) 1,406



PSEG Power LLC 5.500% 1/12/2015) (20/9/2018) 409

EUR 1,400,000 Interest Rate Swap (Barclays Bank) (Fund receives

Fixed 2.348% and pays Floating EUR 6 Month

EURIBOR) (10/6/2033) (49,328)



EURIBOR) (8/7/2033) (24,220)


Floating EUR 6 Month EURIBOR and pays Fixed

2.208%) (4/7/2044) 105,084



2.410%) (4/7/2044) 50,071

EUR 830,000 Interest Rate Swap (Barclays Bank) (Fund receives


2.525%) (10/6/2063) 27,300



2.605%) (8/7/2063) 8,282



2.735%) (19/9/2043) (12,644)

PLN 13,325,000 Interest Rate Swap (Deutsche Asset Management

Life) (Fund receives Floating PLN 3 Month

WIBOR and pays Fixed 4.130%) (18/9/2014) (34,621)

(EUR underlying exposure – EUR 40,631,462) (124,757)


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

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



(EUR) %



BlackRock Fund of iShares – Conservative

FUNDS

Germany 3,970 iShares Dow Jones - UBS Commodity

Swap DE 1 93,216 2.41

93,216 2.41

Ireland 11,345 iShares Developed Markets Property

Yield UCITS ETF 1 179,932 4.65

3,078 iShares Euro Corporate Bond

UCITS ETF 1 379,764 9.82

3,437 iShares Euro Government Bond

1-3 UCITS ETF 1 488,105 12.62


3-5 UCITS ETF 1 336,688 8.70


7-10 UCITS ETF 1 465,259 12.03

4,021 iShares Euro High Yield Corporate

Bond UCITS ETF 1 438,711 11.34

3,880 iShares Euro Inflation Linked

Government Bond UCITS ETF 1 738,752 19.10

4,084 iShares EURO STOXX Small UCITS ETF 1 110,145 2.85

3,782 iShares FTSE 100 UCITS ETF 1 30,112 0.78


Markets Bond UCITS ETF 1 251,123 6.49

4,471 iShares MSCI Emerging Markets

UCITS ETF 1 129,838 3.36

2,561 iShares MSCI Europe ex. UK UCITS ETF 1 65,562 1.70

3,298 iShares MSCI Japan UCITS ETF 1 29,616 0.77

4,239 iShares MSCI North America UCITS ETF 1 109,165 2.82

534 iShares MSCI Pacific ex-Japan

UCITS ETF 1 17,763 0.46

3,770,535 97.49

Total Funds 3,863,751 99.90

Total Transferable Securities Admitted

to an Official Stock Exchange Listing or


Total Portfolio 3,863,751 99.90

Other Net Assets 4,054 0.10



Ireland continued


% of netassets *

Funds 99.90

Other net assets 0.10

100.00






(EUR) %




BlackRock Fund of iShares – Dynamic

FUNDS

Germany 727 iShares Dow Jones - UBS Commodity

Swap DE 1 17,070 0.47

17,070 0.47



616 iShares Euro Corporate Bond

UCITS ETF 1 76,002 2.10

425 iShares Euro Government Bond

3-5 UCITS ETF 1 67,528 1.86

301 iShares Euro Government Bond

7-10 UCITS ETF 1 54,133 1.49

818 iShares Euro High Yield Corporate



Government Bond UCITS ETF 1 192,114 5.30

25,375 iShares EURO STOXX Small UCITS ETF 1 684,364 18.89


638 iShares JP Morgan $ Emerging



UCITS ETF 1 607,894 16.78

17,440 iShares MSCI Europe ex-UK UCITS ETF 1 446,464 12.32


22,057 iShares MSCI North America UCITS ETF 1 568,023 15.68

3,784 iShares MSCI Pacific ex-Japan

UCITS ETF 1 125,875 3.47

13,620 iShares S&P 500 UCITS ETF 1 180,608 4.98

3,605,192 99.49

Total Funds 3,622,262 99.96









Ireland continued


% of netassets *

Funds 99.96


100.00






(EUR) %



BlackRock Fund of iShares – Growth

FUNDS


Swap DE 1 91,267 1.14

91,267 1.14




UCITS ETF 1 415,667 5.20


3-5 UCITS ETF 1 366,718 4.59


7-10 UCITS ETF 1 277,681 3.47




Government Bond UCITS ETF 1 1,023,400 12.81

40,736 iShares EURO STOXX Small UCITS ETF 1 1,098,650 13.75





UCITS ETF 1 1,002,461 12.54



45,678 iShares MSCI North America UCITS ETF 1 1,176,323 14.72


UCITS ETF 1 194,667 2.44

7,891,741 98.75

Total Funds 7,983,008 99.89









Ireland continued


% of netassets *

Funds 99.89


100.00






(EUR) %




BlackRock Fund of iShares – Moderate

FUNDS


Swap DE 1 252,199 1.97

252,199 1.97




UCITS ETF 1 1,075,503 8.40


3-5 UCITS ETF 1 945,237 7.38


7-10 UCITS ETF 1 972,062 7.59


Bond UCITS ETF 1 1,240,960 9.69


Government Bond UCITS ETF 1 2,435,787 19.02

39,178 iShares EURO STOXX Small UCITS ETF 1 1,056,631 8.25





UCITS ETF 1 1,004,058 7.84



42,733 iShares MSCI North America UCITS ETF 1 1,100,482 8.59


UCITS ETF 1 190,209 1.48

12,548,162 97.97

Total Funds 12,800,361 99.94









Ireland continued


% of netassets *

Funds 99.94


100.00






(EUR) %


BlackRock Global Absolute Return Bond Fund

BONDS

Australia USD 10,402 Medallion Trust Series 2007-1G 'A1'

FRN 27/2/2039 7,630 0.01

USD 83,754 Puma Finance Ltd 'A1' '144A' FRN

21/2/2038 60,757 0.03

AUD 602,000 Queensland Treasury Corp 6.00%

21/7/2022 438,640 0.23

USD 221,202 Swan 2006-1E 'A1' FRN 12/5/2037 161,999 0.09

AUD 626,552 Torrens Trust 2013-1A FRN

12/4/2044 419,828 0.22

1,088,854 0.58

Austria EUR 400,000 BAWAG PSK Bank fuer Arbeit und

Wirtschaft und Oesterreichische

Postsparkasse AG 8.125%

30/10/2023 417,300 0.22

EUR 400,000 UNIQA Insurance Group AG FRN

31/7/2043 431,106 0.23

848,406 0.45

Belgium EUR 1,197,000 UCB SA 4.125% 4/1/2021 1,242,504 0.66

1,242,504 0.66

Brazil BRL 2,004,000 Brazil Notas do Tesouro Nacional

Serie F 10.00% 1/1/2017 624,949 0.33

624,949 0.33

British Virgin Islands USD 400,000 Caifu Holdings Ltd 8.75% 24/1/2020 298,448 0.16

298,448 0.16

Canada USD 25,000 Thomson Reuters Corp 1.30%

23/2/2017 18,405 0.01

18,405 0.01

Cayman Islands EUR 420,000 IPIC GMTN Ltd 2.375% 30/5/2018 430,471 0.23

USD 25,000 Seagate HDD Cayman '144A' 3.75%

15/11/2018 18,613 0.01

USD 362,000 Seagate HDD Cayman 3.75%

15/11/2018 269,513 0.15

USD 35,000 XLIT Ltd 2.30% 15/12/2018 25,766 0.01

744,363 0.40

France EUR 2,100,000 Auto ABS Compartiment 2012-1A

FRN 25/7/2026 2,116,040 1.13

GBP 150,000 AXA SA FRN (Perpetual) 191,588 0.10

EUR 600,000 Cars Alliance Auto Loans France V

2012-1A FRN 25/2/2024 600,848 0.32

EUR 1,286,116 Driver France 1 FCT 'A' FRN

21/10/2020 1,287,317 0.69

EUR 715,852 FCT Copernic 2012-1 'A1' FRN

25/9/2029 719,129 0.38

EUR 391,489 FCT GINKGO Sales Finance 2012-1A

FRN 18/7/2038 394,494 0.21

EUR 1,000,000 Master Credit Cards Pass

Compartment France 2013-1

FRN 25/10/2025 1,000,900 0.54

EUR 700,000 Plastic Omnium SA 2.875%

29/5/2020 693,840 0.37

EUR 185,772 Red & Black Auto France 2012-1A

FRN 28/12/2021 186,267 0.10

EUR 750,000 Renault SA 4.625% 18/9/2017 808,635 0.43

7,999,058 4.27

Germany EUR 900,000 Allianz SE FRN (Perpetual) 926,793 0.49

EUR 932,000 Bayer AG FRN 29/7/2105 972,658 0.52

EUR 1,250,000 Bundesobligation 2.25% 11/4/2014 1,259,531 0.67

EUR 1,300,000 Bundesrepublik Deutschland 4.25%

4/1/2014 1,304,615 0.70

EUR 6,500,000 Bundesrepublik Deutschland 4.25%

4/7/2014 6,657,300 3.55


Bundesobligation Inflation

Linked Bond 0.75% 15/4/2018 2,749,329 1.47

EUR 1,000,000 Bundesschatzanweisungen 0.25%

13/12/2013 1,000,040 0.53


14/3/2014 4,001,940 2.14


13/6/2014 (Zero Coupon) 3,998,720 2.13


12/9/2014 (Zero Coupon) 1,499,025 0.80

EUR 750,000 Continental AG 3.00% 16/7/2018 787,523 0.42

EUR 630,453 Driver Ten GmbH 'A' FRN 21/3/2019 630,296 0.34

GBP 300,000 FMS Wertmanagement AoeR FRN

3/8/2015 361,474 0.19


26/2/2014 (Zero Coupon) 2,999,790 1.60


12/3/2014 (Zero Coupon) 2,999,715 1.60


26/3/2014 (Zero Coupon) 999,850 0.53


14/5/2014 (Zero Coupon) 2,999,028 1.60


25/6/2014 (Zero Coupon) 2,499,350 1.33


27/8/2014 (Zero Coupon) 1,499,475 0.80

EUR 250,000 Heidelberger Druckmaschinen

AG 9.25% 15/4/2018 268,819 0.14

EUR 1,600,000 Red & Black Auto Germany 2 'A'

FRN 15/9/2022 1,601,067 0.85

EUR 769,865 Red & Black TME Germany 1 SA

'A' FRN 15/1/2023 770,605 0.41



EUR 304,661 SC Germany Auto 2010-1A FRN

12/8/2019 305,543 0.16


13/11/2021 412,912 0.22


12/10/2022 538,803 0.29

EUR 967,041 SC Germany auto 2013-2A FRN

12/3/2023 968,627 0.52

45,388,711 24.21

India USD 400,000 Power Grid Corp of India Ltd

3.875% 17/1/2023 253,093 0.14

253,093 0.14


France continued





(EUR) %



BlackRock Global Absolute Return Bond Fund continued

Indonesia USD 400,000 Indonesia Government


17/10/2023 292,467 0.16

292,467 0.16

Ireland EUR 1,225,000 ESB Finance Ltd 3.494% 12/1/2024 1,239,400 0.66


18/4/2020 212,282 0.11


20/3/2023 443,700 0.24


13/3/2025 175,499 0.09

EUR 84,085 Opera Germany No2 Plc 'A' FRN

20/10/2014 82,699 0.04

EUR 681,336 SCF Rahoituspalvelut Ltd 2013-1 'A'

0.802% 25/5/2021 681,779 0.36

GBP 229,358 Titan Europe 2007-1 Nhp Ltd 'A'

FRN 20/1/2017 252,671 0.14

EUR 31,212 Titan Europe 2007-2 Ltd 'A1' FRN

23/4/2017 30,989 0.02

3,119,019 1.66

Isle Of Man USD 300,000 Sasol Financing International Plc

4.50% 14/11/2022 209,003 0.11

209,003 0.11

Italy EUR 421,946 Asset-Backed European Securitisation

Transaction Seven Srl 'A'

FRN 10/12/2026 427,270 0.23

EUR 900,000 Banca Popolare dell'Emilia Romagna

SC 3.375% 22/10/2018 914,949 0.49

EUR 487,937 Berica ABS Srl FRN 30/11/2051 476,018 0.25

EUR 950,000 Intesa Sanpaolo SpA 3.00%

28/1/2019 963,789 0.51

EUR 300,000 Intesa Sanpaolo SpA 4.00%

30/10/2023 304,101 0.16


2.15% 15/9/2014 1,686,815 0.90


2.55% 22/10/2016 5,902,467 3.15

EUR 998,880 Italy Buoni Poliennali Del Tesoro

2.15% 12/11/2017 1,004,174 0.54


2.15% 12/11/2017 2,156,458 1.15

EUR 500,000 Linea Group Holding SpA 3.875%

28/11/2018 498,152 0.27

EUR 200,000 Telecom Italia SpA 5.375%

29/1/2019 210,469 0.11



15,666,958 8.36

Jersey GBP 780,000 AA Bond Co Ltd 4.249% 31/7/2020 938,752 0.50

USD 152,889 Aircraft Lease Securitisation Ltd

'144A' FRN 10/5/2032 107,363 0.06

GBP 1,150,000 Heathrow Funding Ltd 4.625%

31/10/2046 1,342,488 0.71

2,388,603 1.27

Luxembourg USD 145,000 ArcelorMittal 6.125% 1/6/2018 116,237 0.06

EUR 476,744 Bumper 2 SA 'A' FRN 23/2/2023 479,658 0.25

EUR 512,850 E-Carat 2013-1 'A' 0.852%

18/11/2020 512,826 0.27

EUR 972,598 E-Carat 2012-1 'A' FRN 18/7/2020 978,038 0.52

EUR 100,000 GCS Holdco Finance I SA 6.50%

15/11/2018 102,800 0.05

EUR 1,500,000 Red & Black Auto Lease Germany 1

SA 'A' 0.911% 15/4/2024 1,500,300 0.80

EUR 300,000 Schmolz + Bickenbach Luxembourg

SA 9.875% 15/5/2019 331,266 0.18


21/2/2017 58,402 0.03


21/1/2018 105,070 0.06


21/7/2018 161,505 0.09


21/1/2019 142,544 0.08

4,488,646 2.39

Mexico USD 65,000 Kansas City Southern de Mexico

de CV '144A' FRN 28/10/2016 47,760 0.03

MXN 21,500,000 Mexican Cetes 0.00% 23/1/2014

(Zero Coupon) 119,908 0.06


30/1/2023 401,371 0.21

569,039 0.30

Netherlands EUR 800,000 Alliander NV FRN (Perpetual) 810,000 0.43

EUR 500,000 ASML Holding NV 3.375% 19/9/2023 511,080 0.27

EUR 600,000 Brenntag Finance BV 5.50%

19/7/2018 678,276 0.36

EUR 1,044,278 Bumper 4 NL Finance BV '2011-4

'A' FRN 20/5/2026 1,047,081 0.56

GBP 300,000 Cable & Wireless International

Finance BV 8.625% 25/3/2019 412,931 0.22

USD 2,000,000 Cooperatieve Centrale Raiffeisen-

Boerenleenbank BA/Netherlands

4.625% 1/12/2023 1,462,980 0.78

GBP 150,000 Enel Finance International NV

5.75% 14/9/2040 168,881 0.09

EUR 301,369 Highway BV 2012-1 'A' FRN

26/3/2024 302,672 0.16

EUR 818,000 ING Bank NV 3.50% 21/11/2023 817,746 0.44

EUR 905,000 Louis Dreyfus Commodities BV

3.875% 30/7/2018 933,209 0.50

EUR 500,000 Repsol International Finance BV

3.625% 7/10/2021 524,183 0.28

EUR 232,782 Storm 2012-4 BV 'A1' FRN 22/8/2054 233,819 0.13

EUR 1,000,000 Storm 2013-4 BV 'A1' FRN

22/10/2053 999,954 0.53

EUR 100,000 Univeg Holding BV 7.875%

15/11/2020 100,000 0.05

9,002,812 4.80

Portugal EUR 800,000 Galp Energia SGPS SA 4.125%

25/1/2019 812,480 0.43

812,480 0.43






(EUR) %



Puerto Rico USD 190,000 Warner Chilcott Co LLC Warner

Chilcott Finance LLC 7.75%

15/9/2018 152,809 0.08

152,809 0.08

Russia USD 600,000 Russian Foreign Bond - Eurobond

4.875% 16/9/2023 451,980 0.24

451,980 0.24

Spain EUR 300,000 Banco Popular Espanol SA FRN

(Perpetual) 323,552 0.17

EUR 500,000 Bankia SA 4.25% 25/5/2018 530,937 0.29


17/1/2018 958,882 0.51

EUR 300,000 Caja Rural de Navarra 2.875%

11/6/2018 308,577 0.17

EUR 450,000 Ence Energia y Celulosa SA 7.25%

15/2/2020 490,374 0.26

EUR 900,000 Spain Government Bond '144A'

4.40% 31/10/2023 920,205 0.49

3,532,527 1.89

Sweden GBP 1,300,000 Svenska Handelsbanken AB 3.00%

20/11/2020 1,562,760 0.83

EUR 300,000 TVN Finance Corp III AB 7.375%

15/12/2020 319,799 0.17

1,882,559 1.00

Switzerland EUR 687,000 Credit Suisse AG FRN 18/9/2025 725,932 0.39

725,932 0.39

United Kingdom GBP 201,119 Asset-Backed European

Securitisation Transaction 8

Srl 'A' FRN 15/6/2019 241,631 0.13

USD 800,000 Barclays Plc FRN (Perpetual) 607,887 0.32

GBP 141,869 Brass No 2 Plc 2012-1A1 FRN

16/7/2050 170,645 0.09

GBP 604,000 Brass No 3 Plc 'A' FRN 16/4/2051 726,844 0.39

EUR 1,498,127 Brunel Residential Mortgage

Securitisation Plc FRN 13/1/2039 1,480,558 0.79

USD 800,000 Centrica Plc 4.00% 16/10/2023 581,593 0.31

GBP 820,000 Chester Asset Receivables Dealings

2004-1 Plc 'A' FRN 15/4/2016 984,444 0.53

GBP 350,000 Dixons Retail Plc 8.75% 15/9/2017 485,386 0.26

GBP 768,796 E-Carat 2 Plc - Class A FRN

18/10/2021 924,254 0.49

GBP 459,905 E-Carat 2012-1 Plc 'A' 1.30%

18/6/2020 552,848 0.29

GBP 1,200,000 FCE Bank Plc 3.25% 19/11/2020 1,433,716 0.76

GBP 150,892 Gosforth Funding 2012-2 Plc 'A1A'

FRN 18/11/2049 181,372 0.10

GBP 1,250,000 Gracechurch Card 2011-3 'A2' FRN

15/4/2016 1,503,783 0.80

EUR 863,000 Gracechurch Card Funding Plc 2011

'A' FRN 15/1/2016 863,952 0.46

USD 64,571 Granite Master Issuer Plc 'A1' '144A'

FRN 20/12/2054 46,888 0.03

GBP 860,000 Greater Gabbard Ofto Plc 4.137%

29/11/2032 1,040,104 0.55

EUR 600,000 HBOS Plc 4.875% 20/3/2015 625,275 0.33

GBP 1,549,759 Kenrick Plc 'A' FRN 18/4/2049 1,860,862 0.99


12/6/2025 301,548 0.16

GBP 783,462 Motor 2012 Plc 'A2' FRN 25/2/2020 942,110 0.50

GBP 400,000 Next Plc 5.375% 26/10/2021 536,694 0.29

GBP 440,000 Penarth Master Issuer Plc 'A3' FRN

18/12/2016 531,958 0.28

GBP 621,000 Permanent Master Issuer Plc '1A2'

FRN 15/7/2042 746,623 0.40

EUR 1,000,000 Permanent Master Issuer Plc '1A3'

FRN 15/7/2042 1,001,206 0.53

GBP 1,500,000 Telereal Secured Finance Plc 4.01%

10/12/2031 1,775,548 0.95

GBP 1,024,000 Temese Funding 1 Plc - Class A FRN

21/11/2021 1,230,080 0.66


20/2/2019 334,774 0.18

GBP 508,000 Turbo Finance 2 Plc 'B' 5.50%

20/2/2019 631,104 0.34


20/11/2019 963,020 0.51

GBP 763,000 Turbo Finance 4 Plc - Class A FRN

20/1/2021 916,414 0.49


30/6/2027 32,174 0.02

GBP 688,000 United Kingdom Gilt 3.25%

22/1/2044 773,278 0.41

GBP 1,271,000 United Kingdom Gilt 3.50%

22/7/2068 1,510,265 0.81

GBP 342,914 United Kingdom Gilt Inflation Linked

0.125% 22/3/2068 446,872 0.24

EUR 370,000 WM Morrison Supermarkets Plc

2.25% 19/6/2020 369,700 0.20

27,355,410 14.59

United States USD 50,000 Air Lease Corp 3.375% 15/1/2019 36,893 0.02

USD 75,000 Ally Financial Inc 5.50% 15/2/2017 60,044 0.03

USD 55,000 American Honda Finance Corp

1.125% 7/10/2016 40,720 0.02

USD 75,000 American International Group Inc

4.875% 15/9/2016 60,807 0.03

USD 50,000 Aviation Capital Group Corp '144A'

3.875% 27/9/2016 37,226 0.02

USD 26,000 Avis Budget Car Rental LLC 4.875%

15/11/2017 20,170 0.01

USD 250,000 Banc of America Re-Remic Trust

'144A' FRN 15/9/2026 184,224 0.10

USD 22,000 Bank of America Corp 1.25% 11/1/2016 16,258 0.01

USD 90,000 Bank of America Corp 6.50% 1/8/2016 75,187 0.04


15/1/2019 241,896 0.13

EUR 150,000 Belden Inc 5.50% 15/4/2023 147,351 0.08

USD 100,000 Capital One Financial Corp 6.75%

15/9/2017 86,414 0.05

USD 400,000 CarMax Auto Owner Trust 'A4'

0.84% 15/11/2018 292,062 0.16

USD 500,000 CarMax Auto Owner Trust 'B' 1.21%

15/1/2019 365,557 0.20

USD 405,000 Citibank Credit Card Issuance Trust

1.32% 7/9/2018 301,609 0.16

USD 8,304,479 Citigroup Commercial Mortgage Trust

2013-GC15 FRN 10/9/2046 482,770 0.26

USD 50,000 Citigroup Inc 1.25% 15/1/2016 36,950 0.02







(EUR) %




USD 100,000 Citigroup Inc 1.70% 25/7/2016 74,563 0.04

USD 50,000 CNH Capital LLC 6.25% 1/11/2016 40,626 0.02

USD 4,531,042 COMM 2013-CR7 Mortgage Trust

FRN 10/3/2046 309,448 0.17

USD 7,991,377 COMM 2013-LC13 Mortgage Trust

FRN 10/8/2046 524,016 0.28

USD 80,000 Community Health Systems Inc

5.125% 15/8/2018 61,326 0.03

USD 477,882 Countrywide Asset-Backed

Certificates 2007-4 'A2'

FRN 25/4/2047 325,332 0.17

USD 300,000 Credit Acceptance Auto Loan Trust

2013-2A 'A' '144A' 1.50%

15/4/2021 220,252 0.12

USD 350,000 Credit Suisse Commercial Mortgage

Trust Series 2006-C5 'A3' 5.311%

15/12/2039 281,094 0.15

USD 60,000 DIRECTV Holdings LLC DIRECTV

Financing Co Inc 3.125% 15/2/2016 46,036 0.02

GBP 1,100,000 DIRECTV Holdings LLC DIRECTV

Financing Co Inc 5.20% 18/11/2033 1,303,871 0.70

USD 350,000 Discover Card Execution Note Trust

1.04% 15/4/2019 258,223 0.14

USD 32,000 ERP Operating LP 5.125% 15/3/2016 25,693 0.01



USD 27,670,873 Fannie Mae-Aces FRN 25/1/2022 2,674,945 1.43

USD 2,274,679 FHLMC Multifamily Structured

Pass Through Certificates FRN

25/7/2019 134,538 0.07



25/11/2019 177,851 0.10

USD 636,715 FHLMC Multifamily Structured


25/6/2022 47,128 0.03

USD 299,191 FHLMC Multifamily Structured


25/10/2022 13,717 0.01



25/11/2022 161,328 0.09



25/1/2023 137,752 0.07



25/4/2023 237,335 0.13



25/8/2023 731,893 0.39

USD 60,000 Fifth Third Bancorp 3.625% 25/1/2016 46,541 0.02

USD 550,000 Ford Credit Auto Owner Trust 0.67%

15/4/2018 404,427 0.22


15/9/2015 158,700 0.08

USD 75,000 GATX Corp 2.50% 15/3/2019 55,270 0.03

USD 38,000 General Motors Co '144A' 3.50%

2/10/2018 28,606 0.02

USD 1,000,000 General Motors Co '144A' 6.25%

2/10/2043 750,027 0.40

USD 125,000 Goldman Sachs Group Inc 6.15%

1/4/2018 106,428 0.06

USD 150,000 GS Mortgage Securities Trust

2006-GG8 'AM' 5.591%

10/11/2039 121,818 0.07

USD 45,000 HCA Inc 6.50% 15/2/2016 36,274 0.02

USD 192,000 HCA Inc 7.875% 15/2/2020 152,829 0.08

USD 97,000 HCA Inc 7.25% 15/9/2020 78,102 0.04

USD 425,000 HCP Inc 4.25% 15/11/2023 310,736 0.17

USD 140,000 Health Care (Reit) Inc 6.20% 1/6/2016 115,151 0.06

USD 490,000 Hewlett-Packard Co 2.35% 15/3/2015 366,736 0.20

USD 100,000 Hilton USA Trust 4.611% 5/11/2030 73,899 0.04

USD 100,000 Hilton USA Trust 2013-HLT '144A' FRN

5/11/2030 73,900 0.04

USD 100,000 HLSS Servicer Advance Receivables

Trust - 2013-T3 'B3' '144A' 2.14%

15/5/2046 72,176 0.04

USD 250,000 HLSS Servicer Advance Receivables

Trust 2013-T2 'C2' '144A' 1.843%

16/5/2044 182,757 0.10

USD 190,000 Icahn Enterprises LP / Icahn

Enterprises Finance Corp 8.00%

15/1/2018 146,173 0.08

USD 60,000 IntercontinentalExchange Group Inc

2.50% 15/10/2018 45,084 0.02

USD 65,000 Iowa State Financial Authority 5.00%

1/12/2019 46,234 0.02

USD 1,591,218 JP Morgan Chase Commercial

Mortgage Securities Corp FRN

15/12/2047 125,655 0.07

USD 264,076 JP Morgan Chase Commercial

Mortgage Securities Trust

2006-LDP6 'A4' FRN 15/4/2043 211,809 0.11



2007-CIBC18 'A4' 5.44% 12/6/2047 252,517 0.13



2007-CIBC19 'A1A' FRN 12/2/2049 44,692 0.02



2007-CIBC20 'AJ' FRN 12/2/2051 46,017 0.02

USD 5,585,534 JP Morgan Chase Commercial


2013-LC11 'XA' FRN 15/4/2046 402,249 0.21

USD 23,000 JPMorgan Chase & Co 3.45% 1/3/2016 17,822 0.01

USD 130,000 JPMorgan Chase & Co 3.15% 5/7/2016 100,479 0.05

USD 150,000 LB-UBS Commercial Mortgage Trust

2007-C2 FRN 15/2/2040 117,701 0.06

USD 250,000 LB-UBS Commercial Mortgage Trust

2007-C7 FRN 15/9/2045 212,652 0.11

USD 100,000 Maxim Integrated Products Inc 2.50%

15/11/2018 73,343 0.04




USD 42,800,983 Morgan Stanley Bank of America

Merrill Lynch Trust FRN

15/11/2046 2,561,946 1.37

USD 400,000 Morgan Stanley Capital I Trust

2007-IQ13 'AM' 5.406%

15/3/2044 321,776 0.17

EUR 400,000 NASDAQ OMX Group Inc/The 3.875%

7/6/2021 416,414 0.22

USD 725,000 Packaging Corp of America 4.50%

1/11/2023 540,172 0.29







(EUR) %




USD 85,000 Penske Truck Leasing Co LP / PTL

Finance Corp '144A' 2.50%

15/3/2016 64,084 0.03


1/6/2019 56,367 0.03

USD 1,975,000 Philip Morris International Inc

4.875% 15/11/2043 1,437,388 0.77

USD 350,000 Prestige Auto Receivables Trust

2013-1A 'B' '144A' 1.74%

15/5/2019 256,076 0.14

USD 150,000 ProLogis LP 5.625% 15/11/2016 122,769 0.07

EUR 1,779,000 ProLogis LP 3.00% 18/1/2022 1,779,649 0.95

USD 120,000 Prudential Financial Inc 6.00%

1/12/2017 102,588 0.05

USD 110,000 Prudential Financial Inc FRN

15/8/2018 81,131 0.04

USD 100,000 Regions Financial Corp 2.00%

15/5/2018 72,403 0.04

USD 1,025,000 Santander Drive Auto Receivables

Trust FRN 17/4/2017 753,937 0.40

USD 85,000 Santander Drive Auto Receivables

Trust 2012-3 'C' 3.01% 16/4/2018 64,516 0.03


Trust 2012-AA 'C' '144A' 1.78%

15/11/2018 220,538 0.12


Trust 2013-3 'C' 1.81% 15/4/2019 362,671 0.19


Trust 2013-3 'D' 2.42% 15/4/2019 366,619 0.20

USD 284,280 SLM Private Education Loan Trust

2013-C 'A1' '144A' FRN 15/2/2022 209,550 0.11

USD 146,802 SLM Student Loan Trust 2013-4 'A'

FRN 25/6/2027 107,797 0.06

USD 55,000 T-Mobile USA Inc '144A' 5.25%

1/9/2018 42,313 0.02

USD 151,000 Thermo Fisher Scientific Inc 2.25%

15/8/2016 113,792 0.06

USD 50,000 United Airlines Inc '144A' 6.75%

15/9/2015 37,961 0.02


30/9/2015 1,433,735 0.76


31/5/2018 69,307 0.04


31/7/2018 473,547 0.25


31/5/2019 143,594 0.08

USD 100,000 Ventas Realty LP 1.55% 26/9/2016 74,099 0.04


15/9/2016 47,373 0.03


1/4/2017 93,649 0.05


15/9/2043 608,533 0.32

USD 850,000 Western Union Co /The 3.35%

22/5/2019 631,706 0.34

USD 5,062,825 WFRBS Commercial Mortgage Trust

2013-C14 'XA' FRN 15/6/2046 224,673 0.12

USD 549,049 WFRBS Commercial Mortgage Trust

2013-C15 'XA' FRN 15/8/2046 17,082 0.01

USD 200,000 WM Wrigley Jr Co '144A' 2.00%

20/10/2017 148,185 0.08

30,455,413 16.25

Total Bonds 159,612,448 85.13

TBA

United States USD 499,999 Fannie Mae Pool 3.00% TBA 354,964 0.19

USD 1,500,000 Fannie Mae Pool 4.00% TBA 1,151,237 0.61

USD 400,000 Fannie Mae Pool 5.00% TBA 319,681 0.17



14,399,101 7.68

Total TBA 14,399,101 7.68





Funds

Luxembourg 92,879 BlackRock Global Funds - Emerging

Markets Bond Fund X2 EUR

hedged 1 1,398,758 0.75

265,473 BlackRock Global Funds - Emerging

Markets Local Currency Bond Fund

X2 EUR 1 1,369,841 0.73

227,539 BlackRock Global Funds - Global

High Yield Bond Fund X2 EUR

hedged 1 3,736,190 1.99

6,504,789 3.47

United Kingdom 2,080,000 BlackRock Corporate Bond

Fund - D Acc 1 6,533,380 3.49

6,533,380 3.49

Total Funds 13,038,169 6.96


BONDS

Australia AUD 554,000 Western Australian Treasury Corp

6.00% 16/10/2023 401,607 0.22

401,607 0.22

United States GBP 100,000 Health Care (Reit) Inc 4.80%

20/11/2028 120,353 0.06

120,353 0.06





Other Net Assets (86,111) (0.05)






(depreciation)EUR



(depreciation)EUR



TIME DEPOSITS Barclays Bank Plc 1,700,000 0.91

BNP Paribas SA 1,700,001 0.90

HSBC Bank Plc 1,700,000 0.91

ING Bank NV 1,700,001 0.91

Societe Generale SA 1,700,004 0.90



Description

Market ValueEUR %


EUR 300,000 Credit Default Swaps (Bank of America

International Ltd) (Fund receives Fixed 1.000%

and provides default protection on RWE AG

5.750% 14/2/2033) (20/9/2018) 1,808


receives default protection on Akzo Nobel

NV 8.000% 6/4/2016 and pays Fixed 1.000%)

(20/12/2018) (17,850)


receives default protection on Alstom SA

4.125% 1/2/2017 and pays Fixed 1.000%)

(20/12/2018) (12,813)


receives default protection on BASF SE

4.500% 29/6/2016 and pays Fixed 1.000%)

(20/9/2017) (2,657)


receives default protection on BASF SE

4.500% 29/6/2016 and pays Fixed 1.000%)

(20/9/2017) (2,607)



Finance SAU 4.875% 23/1/2014 and pays

Fixed 3.000%) (20/12/2018) (3,451)


receives default protection on Bouygues SA

4.750% 24/5/2016 and pays Fixed 1.000%)

(20/6/2018) (896)



Lufthansa AG 6.500% 7/7/2016 and pays

Fixed 1.000%) (20/12/2018) (11,594)




20/1/2017 and pays Fixed 1.000%) (20/12/2018) (760)

EUR 300,000 Credit Default Swaps (Bank of America)

(Fund receives default protection on E.ON


and pays Fixed 1.000%) (20/12/2018) (994)




and pays Fixed 1.000%) (20/12/2018) (3,699)


receives default protection on Electrolux AB

FRN 7/4/2016 and pays Fixed 1.000%)

(20/12/2018) (27)


(Fund receives default protection on Enbw


and pays Fixed 1.000%) (20/12/2018) (1,896)


receives default protection on Experian

Finance Plc 4.750% 23/11/2018 and pays

Fixed 1.000%) (20/12/2018) (922)




Fixed 5.000%) (20/3/2018) (3,048)


receives default protection on Lafarge SA

6.625% 29/11/2018 and pays Fixed 1.000%)

(20/12/2018) (2,724)



6.625% 29/11/2018 and pays Fixed 1.000%)

(20/12/2018) (2,594)


receives default protection on LANXESS

Finance BV 7.750% 9/4/2014 and pays Fixed

1.000%) (20/3/2018) (701)




1.000%) (20/3/2018) (1,066)




1.000%) (20/12/2018) (5,332)


receives default protection on Metsa Board

OYJ 8.750% 1/4/2013 and pays Fixed 5.000%)

(20/12/2017) (1,171)


receives default protection on Metsa OYJ

3.800% 27/6/2022 and pays Fixed 5.000%)

(20/12/2018) 113



3.800% 27/6/2022 and pays Fixed 5.000%)

(20/12/2018) (429)


receives default protection on Orange SA

5.625% 22/5/2018 and pays Fixed 1.000%)

(20/12/2018) (8,120)


receives default protection on PostNL NV

3.875% 1/6/2015 and pays Fixed 1.000%)

(20/9/2017) (5,296)


receives default protection on Rallye SA

7.625% 4/11/2016 and pays Fixed 5.000%)

(20/12/2017) (4,564)




(depreciation)EUR



(depreciation)EUR





7.625% 4/11/2016 and pays Fixed 5.000%)

(20/6/2018) (163)



7.625% 4/11/2016 and pays Fixed 5.000%)

(20/9/2017) (24,354)


receives default protection on RWE AG 5.750%

14/2/2033 and pays Fixed 1.000%)

(20/12/2018) (4,585)


receives default protection on SABMiller Plc

6.625% 15/8/2033 and pays Fixed 1.000%)

(20/12/2018) (4,622)


receives default protection on Schneider

Electric SA 4.500% 17/1/2014 and pays Fixed

1.000%) (20/9/2017) (4,493)




5.000%) (20/12/2018) 80




5.000%) (20/9/2018) (3,700)


receives default protection on Solvay SA

4.625% 27/6/2018 and pays Fixed 1.000%)

(20/6/2018) (617)


receives default protection on Stena AB

6.125% 1/2/2017 and pays Fixed 5.000%)

(20/12/2017) (5,241)


receives default protection on Telecom Italia


(20/3/2018) (4,807)


receives default protection on ThyssenKrupp

AG 4.375% 18/3/2015 and pays Fixed 1.000%)

(20/6/2018) (11,655)



AG 4.375% 18/3/2015 and pays Fixed 1.000%)

(20/12/2018) (3,305)



AG 4.375% 18/3/2015 and pays Fixed 1.000%)

(20/6/2017) (78,402)



4.375% 29/1/2020 and pays Fixed 3.000%)

(20/12/2018) (16,765)


receives default protection on Vinci SA 4.125%

20/2/2017 and pays Fixed 1.000%)

(20/9/2018) (11,567)


receives default protection on Volvo Treasury

AB 5% 31/5/2017 and pays Fixed 1.000%)

(20/12/2018) (1,896)

USD 800,000 Credit Default Swaps (Bank of America) (Fund

receives default protection on Western Union

Co/The 3.65% 22/8/2018 and pays Fixed

1.000%) (20/12/2018) (2,649)



protection on ArcelorMittal 6.125% 1/6/2018)

(20/12/2018) 2,182




(20/12/2018) 3,329



protection on BMW Finance NV 5.000%

6/8/2018) (20/12/2018) 978



protection on Carrefour SA 4.375% 2/11/2016)

(20/12/2018) 4,944



protection on Enel SpA 5.25% 20/6/2017)

(20/12/2018) 684



protection on GKN Holdings Plc 6.750%

28/10/2019) (20/12/2018) 8,778



protection on Glencore Finance Europe SA

6.500% 27/2/2019) (20/12/2018) 2,421


(Fund receives Fixed 1.000% and provides

default protection on Kingfisher Plc 5.625%

15/12/2014) (20/12/2018) 3,887



protection on Koninklijke KPN NV 8.375%

1/10/2030) (20/12/2018) 1,891



protection on Next Plc 5.375% 26/10/2021)

(20/6/2018) 8,214



protection on Publicis Groupe SA 4.250%

31/3/2015) (20/9/2017) 3,476



protection on Rolls-Royce Plc 7.375%

14/6/2016) (20/12/2017) 1,697



protection on Telefonaktiebolaget LM Ericsson

5.375% 27/6/2017) (20/12/2018) 1,406




5.375% 27/6/2017) (20/12/2018) 3,734




23/8/2016) (20/12/2018) 11,191



protection on CIR-Compagnie Industriali

Riunite SpA 5.750% 16/12/2024) (20/12/2018) (3,531)



protection on Conti-Gummi Finance BV

7.500% 15/9/2017) (20/12/2018) 21,871




(depreciation)EUR



(depreciation)EUR






protection on Conti-Gummi Finance BV

7.500% 15/9/2017) (20/12/2018) 3,004



protection on ConvaTec Healthcare E SA

10.875% 15/12/2018) (20/12/2017) 5,948



protection on Eileme 2 AB 11.750% 31/1/2020)

(20/12/2018) 3,637




PLC 8.125% 15/5/2018) (20/12/2018) 6,500



protection on Melia Hotels International SA

5.000% 18/12/2014) (20/3/2018) 7,032




5.000% 18/12/2014) (20/3/2018) 7,032




5.000% 18/12/2014) (20/3/2018) 4,294




5.000% 18/12/2014) (20/3/2018) 6,907




5.000% 18/12/2014) (20/6/2018) 4,782




5.000% 18/12/2014) (20/12/2018) 1,399



protection on Nokia OYJ 6.750% 4/2/2019)

(20/12/2017) 10,495



protection on Peugeot SA 8.375% 15/7/2014)

(20/9/2018) 4,909




16/6/2014) (20/12/2018) (625)



protection on TUI AG 2.750% 24/3/2016)

(20/12/2018) 2,911




(20/12/2017) 5,194




(20/12/2017) 10,650



protection on Wendel SA 4.875% 26/5/2016)

(20/12/2017) 5,731




1.000%) (20/12/2018) 180

EUR 70,000 Credit Default Swaps (Barclays Bank)

(Fund receives default protection on BAT

International Finance Plc 5.875% 12/3/2015

and pays Fixed 1.000%) (20/12/2017) (367)




20/1/2017 and pays Fixed 1.000%) (20/6/2018) (7,842)




20/1/2017 and pays Fixed 1.000%) (20/6/2017) (5,247)


receives default protection on Fiat Finance

North America Inc 5.625% 12/6/2017 and pays

Fixed 5.000%) (20/12/2018) (3,863)




Fixed 5.000%) (20/12/2018) (540)


receives default protection on GDF Suez

5.125% 19/2/2018 and pays Fixed 1.000%)

(20/6/2018) (9,393)




(20/12/2018) (4,878)




(20/12/2018) (2,210)




(20/12/2018) (12,355)




1.000%) (20/3/2018) (321)



5.625% 22/5/2018 and pays Fixed 1.000%)

(20/12/2017) (3,313)



SA 4.875% 18/3/2016 and pays Fixed 1.000%)

(20/9/2018) (3,600)



SA 4.875% 18/3/2016 and pays Fixed 1.000%)

(20/9/2018) (3,452)



SA 4.875% 18/3/2016 and pays Fixed 1.000%)

(20/9/2018) (2,203)




24/3/2017 and pays Fixed 5.000%) (20/6/2018) (9,010)




24/3/2017 and pays Fixed 5.000%) (20/6/2018) (7,197)




(depreciation)EUR



(depreciation)EUR





7.625% 4/11/2016 and pays Fixed 5.000%)

(20/6/2018) (1,106)

EUR 90,000 Credit Default Swaps (Barclays Bank)

(Fund receives default protection on

STMicroelectronics NV and pays Fixed 1.000%)

(20/12/2018) (47)


receives default protection on Suedzucker


and pays Fixed 1.000%) (20/6/2018) 1,779




and pays Fixed 1.000%) (20/12/2018) (2,202)


receives default protection on Swedish Match

AB 4.625% 28/6/2013 and pays Fixed 1.000%)

(20/6/2018) (349)


receives default protection on Virgin Media

Finance Plc 4.875% 15/2/2022 and pays Fixed

5.000%) (20/12/2018) (1,892)


receives default protection on Vodafone Group


(20/9/2018) (20,714)



protection on Enel SpA 5.25% 20/6/2017)

(20/12/2018) 1,522



protection on GKN Holdings PLC 6.75%

28/10/2019) (20/12/2018) 1,068




6.500% 27/2/2019) (20/12/2018) 575




6.500% 27/2/2019) (20/12/2018) 157



protection on J Sainsbury Plc 4.250%

16/7/2014) (20/12/2018) 3,377



protection on Kering 3.750% 8/4/2015)

(20/12/2017) 7,316



protection on Kingfisher Plc 5.625%

15/12/2014) (20/12/2017) 2,935




15/12/2014) (20/12/2017) 1,928




15/12/2014) (20/12/2017) 2,240



protection on National Grid Plc 5.000%

2/7/2018) (20/6/2018) 199




(20/6/2018) 2,136




(20/6/2017) 29,053




(20/6/2018) 11,278



protection on Pernod Ricard SA 4.625%

6/12/2013) (20/12/2017) 787



protection on Renault SA FRN 4/8/2014)

(20/6/2018) 4,828




(20/9/2018) 4,030




(20/9/2018) 2,253




(20/9/2018) 1,205



protection on Vodafone Group PLC 5%

4/6/2018) (20/12/2018) 521




9.250% 15/10/2020) (20/12/2017) 25,642




9.250% 15/10/2020) (20/12/2018) 5,470



protection on British Airways PLC 8.75%

23/8/2016) (20/12/2018) 232




10.875% 15/12/2018) (20/6/2018) 3,076



protection on Melia Hotels International SA 5%

18/12/2014) (20/12/2018) 323

EUR 235,000 Credit Default Swaps (BNP Paribas) (Fund



1.000%) (20/12/2018) 580




3.000%) (20/12/2018) (3,147)


receives default protection on Electrolux AB

FRN 7/4/2016 and pays Fixed 1.000%)

(20/12/2018) (44)




(depreciation)EUR



(depreciation)EUR





receives default protection on Ladbrokes

Group Finance PLC 7.625% 5/3/2017 and pays

Fixed 1.000%) (20/12/2018) (426)




Fixed 1.000%) (20/12/2018) (211)




Fixed 1.000%) (20/12/2018) (129)



6.625% 29/11/2018 and pays Fixed 1.000%)

(20/12/2018) (2,798)



6.125% 1/2/2017 and pays Fixed 5.000%)

(20/12/2018) (1,015)



6.125% 1/2/2017 and pays Fixed 5.000%)

(20/12/2018) (1,326)



6.125% 1/2/2017 and pays Fixed 5.000%)

(20/12/2018) (881)



6.125% 1/2/2017 and pays Fixed 5.000%)

(20/12/2018) (162)

EUR 170,000 Credit Default Swaps (BNP Paribas)



(20/12/2018) (383)




and pays Fixed 1.000%) (20/6/2018) 653



AG 4.375% 18/3/2015 and pays Fixed 1.000%)

(20/12/2018) (4,587)




5.000%) (20/12/2018) (2,254)




14/6/2016) (20/12/2018) 3,530



protection on Dixons Retail Plc 8.750%

3/8/2015) (20/6/2018) 4,731



protection on OTE PLC 4.625% 20/5/2016)

(20/3/2018) 1,803




(20/3/2018) 3,356




(20/9/2018) 9,513




(20/9/2018) 2,854




(20/9/2018) 5,783




(20/9/2018) 9,604


default protection on Accor SA 2.875%

19/6/2017 and pays Fixed 1.000%) (20/12/2018) (4,226)



4/2/2014 and pays Fixed 1.000%) (20/12/2017) (1,651)


default protection on Akzo Nobel NV 8.000%

6/4/2016 and pays Fixed 1.000%) (20/12/2018) (5,613)




(20/12/2018) (6,552)


default protection on BAT International


1.000%) (20/12/2017) (378)


default protection on BBVA Senior Finance

SAU 4.875% 23/1/2014 and pays Fixed

3.000%) (20/12/2018) (3,229)


default protection on BHP Billiton Finance USA

Ltd 7.250% 1/3/2016 and pays Fixed 1.000%)

(20/9/2017) (2,055)


default protection on Bouygues SA 4.750%

24/5/2016 and pays Fixed 1.000%) (20/6/2018) (5,926)

EUR 400,000 Credit Default Swaps (Citibank) (Fund

receives default protection on British

Telecommunications Plc 5.750% 7/12/2028

and pays Fixed 1.000%) (20/9/2017) (8,140)


default protection on Credit Agricole SA

5.065% 10/8/2022 and pays Fixed 3.000%)

(20/6/2018) (11,398)


default protection on Deutsche Lufthansa

AG 4.625% 6/5/2013 and pays Fixed 1.000%)

(20/9/2017) (8,576)


default protection on Deutsche Lufthansa

AG 4.625% 6/5/2013 and pays Fixed 1.000%)

(20/6/2017) (32,398)


default protection on E.ON International


1.000%) (20/12/2018) (4,536)


default protection on Fiat Finance North

America Inc 5.625% 12/6/2017 and pays Fixed

5.000%) (20/12/2018) (753)


default protection on Finmeccanica Finance

SA/Old 5.750% 12/12/2018 and pays Fixed

5.000%) (20/12/2018) (5,359)




(depreciation)EUR



(depreciation)EUR





Version 1 and pays Fixed 1.000%)

(20/12/2018) (22,178)








default protection on Lloyds Bank Plc 3.375%

20/4/2015 and pays Fixed 1.000%) (20/6/2018) (10,960)


default protection on Michelin Luxembourg

SCS 2.75% 20/6/2019 and pays Fixed 1.000%)

(20/12/2018) (531)


default protection on Rallye SA 7.625%

4/11/2016 and pays Fixed 5.000%) (20/12/2018) (1,858)


default protection on RWE AG 5.750%

14/2/2033 and pays Fixed 1.000%) (20/12/2018) (2,054)


default protection on SABMiller Plc 6.625%

15/8/2033 and pays Fixed 1.000%) (20/12/2018) (1,548)


default protection on Securitas AB 6.500%

2/4/2013 and pays Fixed 1.000%) (20/9/2017) (10,618)



2.75% 1/4/2020 and pays Fixed 5.000%)

(20/12/2018) (225)



2.750% 1/4/2020 and pays Fixed 5.000%)

(20/9/2018) (1,402)



2.750% 1/4/2020 and pays Fixed 5.000%)

(20/9/2018) (1,402)


default protection on Solvay SA 4.625%

27/6/2018 and pays Fixed 1.000%) (20/9/2018) (1,364)


default protection on St-Gobain Nederland

BV 5.000% 25/4/2014 and pays Fixed 1.000%)

(20/6/2018) (21,629)


default protection on STMicroelectronics


1.000%) (20/12/2018) (1,502)


default protection on STMicroelectronics NV

and pays Fixed 1.000%) (20/12/2018) (181)


default protection on Suedzucker International


1.000%) (20/6/2018) 1,769


default protection on Suedzucker International


1.000%) (20/6/2018) 1,764


default protection on Telecom Italia SpA

5.375% 29/1/2019 and pays Fixed 1.000%)

(20/3/2018) (2,231)


default protection on TeliaSonera AB 4.125%

11/5/2015 and pays Fixed 1.000%) (20/9/2017) (4,202)


default protection on ThyssenKrupp AG

4.375% 18/3/2015 and pays Fixed 1.000%)

(20/6/2018) (31,121)


default protection on Vattenfall AB 5.375%

29/4/2024 and pays Fixed 1.000%) (20/12/2018) (1,220)


default protection on Veolia Environnement

SA 5.375% 28/5/2018 and pays Fixed 1.000%)

(20/12/2017) (12,674)


default protection on Veolia Environnement

SA 5.375% 28/5/2018 and pays Fixed 1.000%)

(20/12/2017) (2,754)


default protection on Volvo Treasury AB 5%

31/5/2017 and pays Fixed 1.000%) (20/12/2018) (1,902)



31/5/2017 and pays Fixed 1.000%) (20/12/2018) (1,891)



31/5/2017 and pays Fixed 1.000%) (20/12/2018) (3,632)



31/5/2017 and pays Fixed 1.000%) (20/12/2018) (3,828)



31/5/2017 and pays Fixed 1.000%) (20/12/2018) (2,014)



31/5/2017 and pays Fixed 1.000%) (20/12/2018) (2,004)



31/5/2017 and pays Fixed 1.000%) (20/12/2018) (171)



31/5/2017 and pays Fixed 1.000%) (20/12/2018) (485)


default protection on Volvo Treasury AB

5.000% 31/5/2017 and pays Fixed 1.000%)

(20/12/2018) (1,374)



5.000% 31/5/2017 and pays Fixed 1.000%)

(20/12/2018) (542)



5.000% 31/5/2017 and pays Fixed 1.000%)

(20/12/2018) (1,233)



on Ahold Finance USA LLC 6.875% 1/5/2029)

(20/9/2017) 8,462



on Anheuser-Busch InBev NV 8.625%

30/1/2017) (20/12/2018) 2,698



on Cap Gemini SA 5.250% 29/11/2016)

(20/12/2017) 1,560




(depreciation)EUR



(depreciation)EUR






on Casino Guichard Perrachon SA 4.472%

4/4/2016) (20/12/2018) 551



on Fresenius US Finance II Inc 8.750%

15/7/2015) (20/12/2018) 1,657



on GKN Holdings PLC 6.75% 28/10/2019)

(20/12/2018) 996



on GKN Holdings Plc 6.750% 28/10/2019)

(20/6/2018) 6,052



on J Sainsbury Plc 4.250% 16/7/2014) (20/6/2018) 894









on Kingfisher Plc 5.625% 15/12/2014)

(20/6/2017) 24,884



on Kingfisher Plc 5.625% 15/12/2014) (20/6/2018) 644



on Koninklijke KPN NV 8.375% 1/10/2030)

(20/12/2018) 2,332



on Markit ITraxx Europe 12/18 - Serie 20)

(20/12/2018) 6,850



on Marks & Spencer Plc 5.625% 24/3/2014)

(20/12/2018) 17,681



on Next Plc 5.375% 26/10/2021) (20/12/2017) 2,978



on Pernod Ricard SA 4.625% 6/12/2013)

(20/12/2017) 5,823



on Pernod Ricard SA 4.875% 18/3/2016)

(20/6/2018) 4,632



on Renault SA FRN 4/8/2014) (20/6/2018) 3,104



on Renault SA FRN 4/8/2014) (20/6/2018) 36,161



on Sanofi 3.375% 21/12/2015) (20/9/2017) 2,480



on Valeo SA 4.875% 11/5/2018) (20/12/2018) 2,491



on Vodafone Group PLC 5% 4/6/2018) (20/12/2018) 85



on British Airways PLC 8.75% 23/8/2016)

(20/12/2018) 990



on British Airways Plc 8.750% 23/8/2016)

(20/12/2017) 4,755




(20/12/2017) 6,696




(20/6/2018) 4,233




(20/6/2018) 3,394



on ConvaTec Healthcare E SA 10.875%

15/12/2018) (20/6/2018) 930




15/12/2018) (20/12/2018) 6,797



on Dixons Retail Plc 8.750% 3/8/2015)

(20/12/2017) 1,338



on Dixons Retail Plc 8.750% 3/8/2015)

(20/12/2018) 4,419



on EDP - Energias de Portugal SA 6.000%

7/12/2014) (20/6/2018) 1,347




7/12/2014) (20/12/2018) 18,137




7/12/2014) (20/12/2018) 2,885



on ISS Global A/S 4.500% 8/12/2014) (20/12/2018) 1,901



on ISS Global A/S 4.500% 8/12/2014) (20/12/2018) 2,113



on ISS Global A/S 4.500% 8/12/2014) (20/12/2018) 2,055



on ITV Plc 6.125% 5/1/2017) (20/12/2018) (2,848)



on NXP BV / NXP Funding LLC 2.961%

15/10/2013) (20/12/2018) 5,015




(depreciation)EUR



(depreciation)EUR





on Peugeot SA 8.375% 15/7/2014) (20/12/2018) 38,508



on Peugeot SA 8.375% 15/7/2014)

(20/12/2018) 7,598



on Schaeffler Finance BV 7.75% 15/2/2017)

(20/12/2018) 384



on UPC Holding BV 8.000% 1/11/2016)

(20/6/2017) 21,036

EUR 107,000 Credit Default Swaps (Citigroup Global Markets)

(Fund receives default protection on Scania CV

AB 1.750% 22/3/2016 and pays Fixed 1.000%)

(20/9/2017) (2,877)


receives default protection on Air France-KLM

4.970% 1/4/2015 and pays Fixed 5.000%)

(20/9/2018) (46,320)



4.970% 1/4/2015 and pays Fixed 5.000%)

(20/9/2018) (8,647)



4.970% 1/4/2015 and pays Fixed 5.000%)

(20/9/2018) (14,049)


receives default protection on Alstom SA

4.000% 23/9/2014 and pays Fixed 1.000%)

(20/12/2018) (49,013)




1.000%) (20/12/2018) 112




1.000%) (20/12/2018) (2,240)




1.000%) (20/12/2018) (21)



23/1/2015 and pays Fixed 1.000%) (20/6/2018) (75,329)




3.000%) (20/12/2018) (1,235)



4.750% 24/5/2016 and pays Fixed 1.000%)

(20/6/2018) (4,659)


receives default protection on CNH Industrial

Finance Europe SA 6.250% 9/3/2018 and pays

Fixed 5.000%) (20/6/2018) (2,429)




Fixed 5.000%) (20/12/2018) (1,053)




Fixed 5.000%) (20/12/2018) (1,019)




Fixed 5.000%) (20/12/2018) (6,461)




Fixed 5.000%) (20/12/2018) (4,244)




Fixed 5.000%) (20/3/2018) (3,785)




Fixed 5.000%) (20/12/2018) 115


receives default protection on Infineon

Technologies Holding BV 7.500% 26/5/2014

and pays Fixed 5.000%) (20/12/2017) (1,572)



Version 1 and pays Fixed 1.000%) (20/12/2018) (78)


receives default protection on Koninklijke DSM

NV 4.000% 10/11/2015 and pays Fixed 1.000%)

(20/6/2017) (7,656)




1.000%) (20/3/2018) (1,175)


receives default protection on Metsa Board

OYJ 8.750% 1/4/2013 and pays Fixed 5.000%)

(20/3/2018) (6,403)



3.800% 27/6/2022 and pays Fixed 5.000%)

(20/12/2018) 87



3.800% 27/6/2022 and pays Fixed 5.000%)

(20/12/2018) (294)



5.625% 22/5/2018 and pays Fixed 1.000%)

(20/6/2018) (21,877)


receives default protection on PostNL NV

3.875% 1/6/2015 and pays Fixed 1.000%)

(20/6/2018) (3,083)



7.625% 4/11/2016 and pays Fixed 5.000%)

(20/6/2018) (560)


receives default protection on Siemens

Financieringsmaatschappij NV 5.625%

11/6/2018 and pays Fixed 1.000%) (20/6/2017) (5,441)




5.000%) (20/12/2018) (92)




(depreciation)EUR



(depreciation)EUR







5.000%) (20/12/2018) (804)




5.000%) (20/12/2018) (654)




5.000%) (20/9/2018) (1,778)




5.000%) (20/9/2018) (13,019)



4.625% 27/6/2018 and pays Fixed 1.000%)

(20/6/2018) (2,313)



6.125% 1/2/2017 and pays Fixed 5.000%)

(20/12/2018) (321)



6.125% 1/2/2017 and pays Fixed 5.000%)

(20/9/2017) (52,870)



5.125% 23/6/2014 and pays Fixed 5.000%)

(20/6/2018) (16,656)




and pays Fixed 1.000%) (20/12/2018) (2,117)



AB 4.625% 28/6/2013 and pays Fixed 1.000%)

(20/6/2018) (373)



AB 4.625% 28/6/2013 and pays Fixed 1.000%)

(20/6/2018) (374)


receives default protection on Tate & Lyle


and pays Fixed 1.000%) (20/6/2018) (1,686)


receives default protection on TDC A/S 5.875%

16/12/2015 and pays Fixed 1.000%) (20/3/2018) (464)


receives default protection on TDC A/S 5.875%

16/12/2015 and pays Fixed 1.000%) (20/3/2018) (218)




(20/3/2018) (320)



4.375% 29/1/2020 and pays Fixed 3.000%)

(20/12/2018) (1,732)




5.000%) (20/12/2018) (1,571)




5.000%) (20/12/2018) (1,173)




5.000%) (20/12/2018) (1,363)



AB 5% 31/5/2017 and pays Fixed 1.000%)

(20/12/2018) (1,830)



AB 5% 31/5/2017 and pays Fixed 1.000%)

(20/12/2018) (1,153)



AB 5% 31/5/2017 and pays Fixed 1.000%)

(20/12/2018) (243)



AB 5% 31/5/2017 and pays Fixed 1.000%)

(20/12/2018) (2,092)




(20/12/2018) 5,958




(20/12/2018) 3,458




(20/3/2018) 24,848




(20/6/2018) 71,694



protection on AXA SA 6.000% 18/6/2013)

(20/3/2018) 25,524



protection on EADS Finance BV 5.500%

25/9/2018) (20/12/2018) 1,604




25/9/2018) (20/12/2018) 866




6.5% 27/2/2019) (20/12/2018) 368




6.5% 27/2/2019) (20/12/2018) 49




6.500% 27/2/2019) (20/12/2018) 159




(depreciation)EUR



(depreciation)EUR






6.500% 27/2/2019) (20/12/2018) 159




6.500% 27/2/2019) (20/12/2018) 467



protection on Havas SA 5.500% 4/11/2014)

(20/3/2018) 14,190



protection on Heathrow Funding Ltd 4.600%

15/2/2018) (20/9/2017) 17,101




16/7/2014) (20/6/2018) 1,120




16/7/2014) (20/6/2018) 864




16/7/2014) (20/6/2018) 1,196




15/12/2014) (20/12/2017) 1,960



protection on LVMH Moet Hennessy Louis

Vuitton SA 4.375% 12/5/2014) (20/6/2017) 6,820



protection on National Grid Plc 5.000%

2/7/2018) (20/12/2018) 687



protection on PostNL NV 3.875% 1/6/2015)

(20/12/2018) 1,611




(20/12/2018) 749




(20/12/2018) 757




31/3/2015) (20/9/2017) 1,382




14/6/2016) (20/6/2017) 14,913




5.375% 27/6/2017) (20/12/2018) 634



protection on Telefonica Emisiones SAU

4.375% 2/2/2016) (20/12/2018) 5,768




4/6/2018) (20/12/2018) 428




4/6/2018) (20/12/2018) 760




4/6/2018) (20/12/2018) 255




4/6/2018) (20/12/2018) 256




4/6/2018) (20/12/2018) 256




4/6/2018) (20/12/2018) 256



protection on Alcatel-Lucent/France 6.375%

7/4/2014) (20/12/2018) 10,121




15/1/2016) (20/12/2018) 2,716




15/1/2016) (20/12/2018) 2,328




9.250% 15/10/2020) (20/3/2018) 5,760




9.250% 15/10/2020) (20/12/2018) 8,638




23/8/2016) (20/3/2018) 771




23/8/2016) (20/6/2018) 681




23/8/2016) (20/6/2018) 6,364



protection on Cerved Group SpA 8.000%

15/1/2021) (20/12/2018) 12,508




10.875% 15/12/2018) (20/6/2018) 515



protection on EDP - Energias de Portugal SA

6.000% 7/12/2014) (20/6/2018) 1,200




(depreciation)EUR



(depreciation)EUR







(20/12/2017) 15,047




(20/12/2017) 4,706



protection on Infineon Technologies Holding

BV 7.500% 26/5/2014) (20/12/2018) 7,476




PLC 8.125% 15/5/2018) (20/3/2018) 3,792




PLC 8.125% 15/5/2018) (20/3/2018) 3,424




PLC 8.125% 15/5/2018) (20/6/2018) 3,568




5.000% 18/12/2014) (20/12/2018) 15,716



protection on New Look Bondco I Plc 8.750%

14/5/2018) (20/12/2018) 2,839




14/5/2018) (20/12/2018) 2,839




14/5/2018) (20/12/2018) 2,689




14/5/2018) (20/12/2018) 2,901



protection on NXP BV / NXP Funding LLC

2.961% 15/10/2013) (20/6/2018) 33,261




(20/3/2018) 6,913



protection on Schaeffler Finance BV 7.750%

15/2/2017) (20/12/2017) 1,933




15/2/2017) (20/12/2017) 9,878




15/2/2017) (20/12/2017) 924




15/2/2017) (20/3/2018) 8,176




15/2/2017) (20/12/2017) 1,050



protection on Smurfit Kappa Acquisitions

3.727% 15/10/2020) (20/9/2018) 28,293



protection on Smurfit Kappa Acquisitions

3.727% 15/10/2020) (20/9/2018) 48




Holdings SA 8.500% 31/12/2018) (20/9/2017) 11,691



protection on Techem GmbH 6.125%

1/10/2019) (20/12/2018) 4,508




1/10/2019) (20/12/2018) 1,089




1/10/2019) (20/12/2018) 581




(20/3/2018) 3,245



protection on BBVA Senior Finance SAU

4.875% 23/1/2014 and pays Fixed 3.000%)

(20/12/2018) (4,932)



protection on Pearson Plc 7.000% 27/10/2014

and pays Fixed 1.000%) (20/6/2018) (1,309)



protection on TDC A/S 4.375% 23/2/2018

and pays Fixed 1.000%) (20/3/2018) (491)


Management Life) (Fund receives Fixed


on Glencore Finance Europe SA 6.500%

27/2/2019) (20/12/2018) 1,256




on Glencore Finance Europe SA 6.500%

27/2/2019) (20/12/2018) 2,512




National Grid Plc 5.000% 2/7/2018) (20/6/2018) 315




UniCredit SpA 4.375% 29/1/2020) (20/12/2018) 7,051




Eileme 2 AB 11.750% 31/1/2020) (20/12/2017) 4,340




(depreciation)EUR



(depreciation)EUR





5.000% and provides default protection on ISS

Global A/S 4.500% 8/12/2014) (20/12/2018) 1,392




OTE PLC 4.625% 20/5/2016) (20/3/2018) 1,576

EUR 11,000,000 Credit Default Swaps (Deutsche Bank



and pays Fixed 1.000%) (20/12/2018) (38,911)

EUR 110,000 Credit Default Swaps (Deutsche Bank


protection on Societe Air France SA 2.75%

1/4/2020 and pays Fixed 5.000%) (20/12/2018) (946)




Renault SA 5.625% 22/3/2017) (20/12/2018) 1,295




Vodafone Group PLC 5% 4/6/2018) (20/12/2018) 167




on Wind Acquisition Finance SA 11.75%

15/7/2017) (20/12/2018) 164


receives default protection on Bank of America

Corp 5.650% 1/5/2018 and pays Fixed 1.000%)

(20/12/2018) (7,901)

EUR 60,000 Credit Default Swaps (Deutsche Bank)



and pays Fixed 1.000%) (20/12/2017) (312)



4.750% 24/5/2016 and pays Fixed 1.000%)

(20/9/2017) (8,608)


receives default protection on Credit Agricole

SA 5.065% 10/8/2022 and pays Fixed 3.000%)

(20/3/2018) (14,806)




20/1/2017 and pays Fixed 1.000%) (20/6/2018) (9,400)




Fixed 5.000%) (20/12/2018) (3,402)




Fixed 5.000%) (20/12/2018) (534)




Fixed 5.000%) (20/12/2018) (491)


receives default protection on iTraxx EUR


(20/12/2018) (23,279)



Crossover Series 20 Version 1 and pays Fixed

5.000%) (20/12/2018) (7,079)




1.000%) (20/12/2018) (1,669)


receives default protection on Markit ITraxx

Europe 12/18 - Serie 20 and pays Fixed

5.000%) (20/12/2018) (8,191)


receives default protection on Markit ITraxx

Europe Crossover 12/18 - Serie 20 and pays

Fixed 5.000%) (20/12/2018) (88,085)


receives default protection on Morgan Stanley

6.000% 28/4/2015 and pays Fixed 1.000%)

(20/12/2018) (11,517)



7.625% 4/11/2016 and pays Fixed 5.000%)

(20/6/2018) (94)


receives default protection on RWE AG 5.750%

14/2/2033 and pays Fixed 1.000%)

(20/9/2017) (10,139)




5.000%) (20/9/2018) (851)




and pays Fixed 1.000%) (20/12/2018) (40)



AB 4.625% 28/6/2013 and pays Fixed 1.000%)

(20/3/2018) (509)



AB 4.625% 28/6/2013 and pays Fixed 1.000%)

(20/3/2018) (648)



AG 4.375% 18/3/2015 and pays Fixed 1.000%)

(20/6/2018) (3,219)



AG 4.375% 18/3/2015 and pays Fixed 1.000%)

(20/12/2018) (3,155)



AB 5.000% 31/5/2017 and pays Fixed 1.000%)

(20/12/2018) (546)



protection on Alstom SA 4.125% 1/2/2017)

(20/12/2018) 1,627



protection on BAE Systems Plc 10.750%

24/11/2014) (20/6/2017) 10,765




(depreciation)EUR



(depreciation)EUR






protection on Cap Gemini SA 5.250%

29/11/2016) (20/12/2017) 1,605




25/9/2018) (20/6/2017) 25,045




6.500% 27/2/2019) (20/12/2018) 1,774




6.500% 27/2/2019) (20/12/2018) 782




15/2/2018) (20/12/2017) 2,177




15/2/2018) (20/12/2018) 1,547




(20/12/2018) 1,153




(20/6/2018) 15,239




(20/6/2018) 3,009



protection on Rio Tinto Finance Plc 2.000%

11/5/2020) (20/12/2018) 2,251




4.375% 2/2/2016) (20/12/2018) 10,069




4.375% 2/2/2016) (20/12/2018) 2,797




4/6/2018) (20/12/2018) 86



protection on Cable & Wireless International

Fin NV 8.625% 25/3/2019) (20/9/2017) 41,367



protection on Cable & Wireless Worldwide Plc

5.750% 24/11/2014) (20/6/2017) 33,926




BV 7.500% 26/5/2014) (20/9/2018) 6,532




9.625% 1/12/2019) (20/9/2017) 22,518



protection on UPC Holding BV 8.000%

1/11/2016) (20/12/2018) 245




(20/12/2018) 962




1.000%) (20/12/2018) 658




1.000%) (20/12/2018) 32

EUR 50,000 Credit Default Swaps (Goldman Sachs)



and pays Fixed 1.000%) (20/12/2017) (238)



4.750% 24/5/2016 and pays Fixed 1.000%)

(20/6/2018) (3,278)


receives default protection on CDX NA IG 21





Fixed 1.000%) (20/3/2018) (6,449)



Lufthansa AG 6.500% 7/7/2016 and pays Fixed

1.000%) (20/12/2018) (1,754)




and pays Fixed 1.000%) (20/12/2018) (730)




Fixed 5.000%) (20/12/2018) (16,199)




Fixed 5.000%) (20/3/2018) (4,795)


receives default protection on Ford Motor

Co 6.500% 1/8/2018 and pays Fixed 5.000%)

(20/12/2018) (6,464)



HeidelbergCement Finance BV 5.625%

4/1/2018 and pays Fixed 5.000%) (20/12/2018) (698)



HeidelbergCement Finance BV 5.625%

4/1/2018 and pays Fixed 5.000%) (20/12/2018) (909)




(20/12/2018) (6,271)



Group Finance Plc 7.625% 5/3/2017 and pays

Fixed 1.000%) (20/12/2018) 568




(depreciation)EUR



(depreciation)EUR





Group Finance Plc 7.625% 5/3/2017 and pays

Fixed 1.000%) (20/12/2018) 457




Fixed 1.000%) (20/12/2018) (179)



6.625% 29/11/2018 and pays Fixed 1.000%)

(20/12/2018) (1,458)



6.625% 29/11/2018 and pays Fixed 1.000%)

(20/12/2018) (1,244)



6.625% 29/11/2018 and pays Fixed 1.000%)

(20/12/2018) (3,414)




1.000%) (20/3/2018) (424)



3.800% 27/6/2022 and pays Fixed 5.000%)

(20/12/2018) 10



3.800% 27/6/2022 and pays Fixed 5.000%)

(20/12/2018) (526)



3.800% 27/6/2022 and pays Fixed 5.000%)

(20/12/2018) (558)


receives default protection on Pearson Plc

7.000% 27/10/2014 and pays Fixed 1.000%)

(20/6/2018) (1,753)


receives default protection on Qantas Airways

Ltd 6.050% 15/4/2016 and pays Fixed 1.000%)

(20/12/2018) (456)



7.625% 4/11/2016 and pays Fixed 5.000%)

(20/12/2018) (4,740)


receives default protection on SES SA 4.625%

9/3/2020 and pays Fixed 1.000%)

(20/12/2018) (483)



4.625% 27/6/2018 and pays Fixed 1.000%)

(20/9/2018) (1,387)




Fixed 1.000%) (20/6/2018) (21,530)



6.125% 1/2/2017 and pays Fixed 5.000%)

(20/12/2017) (3,635)



6.125% 1/2/2017 and pays Fixed 5.000%)

(20/12/2018) (130)




(20/12/2018) (357)




and pays Fixed 1.000%) (20/12/2018) (672)




(20/3/2018) (578)



AG 4.375% 18/3/2015 and pays Fixed 1.000%)

(20/6/2018) (4,006)




(20/12/2018) 1,397




(20/12/2018) 2,551




(20/12/2018) 1,440




(20/6/2018) 11,823



protection on AXA SA 4.500% 23/1/2015)

(20/6/2018) 12,359




25/9/2018) (20/12/2018) 1,157



protection on Fresenius US Finance II Inc

8.75% 15/7/2015) (20/12/2018) 1,321



protection on Gecina SA 2.125% 1/1/2016)

(20/12/2017) 1,304



protection on GKN Holdings PLC 6.75%

28/10/2019) (20/12/2018) 570



protection on GKN Holdings Plc 6.750%

28/10/2019) (20/6/2018) 3,650




6.5% 27/2/2019) (20/12/2018) 71




6.5% 27/2/2019) (20/12/2018) 32




6.500% 27/2/2019) (20/12/2018) 2,334




(depreciation)EUR



(depreciation)EUR







6.500% 27/2/2019) (20/12/2018) 768




6.500% 27/2/2019) (20/12/2018) 523




15/12/2014) (20/6/2018) 581




15/12/2014) (20/6/2018) 135




6/12/2013) (20/12/2017) 902




31/3/2015) (20/6/2018) 973




31/3/2015) (20/6/2018) 874



protection on Renault SA 5.625% 22/3/2017)

(20/12/2018) 1,047




(20/9/2018) 44,601




14/6/2016) (20/12/2018) 4,584



protection on TRW Automotive Holdings Corp)

(20/12/2018) 3,499




4/6/2018) (20/12/2018) 187




7/4/2014) (20/12/2018) 29,753




23/8/2016) (20/3/2018) 2,051



protection on CIR-Compagnie Industriali

Riunite SpA 5.750% 16/12/2024) (20/12/2018) (878)




7.375% 15/12/2017) (20/12/2017) 6,135




(20/12/2018) 4,070




(20/12/2017) 7,339




(20/12/2017) 4,617



protection on Imperial Tobacco Finance Plc

6.250% 4/12/2018) (20/9/2018) (532)




BV 7.500% 26/5/2014) (20/9/2018) 2,581



protection on ISS Global A/S 4.500%

8/12/2014) (20/12/2018) 2,634



protection on Melia Hotels International SA 5%

18/12/2014) (20/12/2018) 324




5.000% 18/12/2014) (20/3/2018) 2,263




5.000% 18/12/2014) (20/6/2018) 4,907




5.000% 18/12/2014) (20/12/2018) 3,125



protection on Nokia OYJ 6.750% 4/2/2019)

(20/12/2018) 3,427



protection on NXP BV / NXP Funding LLC

8.625% 15/10/2015) (20/3/2018) 4,590




(20/3/2018) 9,766




(20/3/2018) 6,377




16/6/2014) (20/12/2018) (312)




16/6/2014) (20/12/2018) (143)




15/2/2017) (20/12/2017) 1,976




15/2/2017) (20/12/2018) 2,936




(depreciation)EUR



(depreciation)EUR






(20/12/2018) 2,150



protection on UPM-Kymmene Corp 5.625%

1/12/2014) (20/12/2018) 175



protection on Wind Acquisition Finance SA

11.75% 15/7/2017) (20/12/2018) 41

EUR 200,000 Credit Default Swaps (HSBC) (Fund receives

default protection on Fortum OYJ 5.000%

19/11/2013 and pays Fixed 1.000%) (20/9/2017) (1,289)


default protection on GDF Suez 5.125%

19/2/2018 and pays Fixed 1.000%)

(20/12/2017) (4,206)


default protection on Rallye SA 7.625%

4/11/2016 and pays Fixed 5.000%)

(20/12/2017) (8,931)



5.375% 29/1/2019 and pays Fixed 1.000%)

(20/12/2017) (5,295)



on Publicis Groupe SA 4.250% 31/3/2015)

(20/9/2017) 2,268



on Shell International Finance BV 5.200%

22/3/2017) (20/9/2017) 4,899




15/12/2018) (20/12/2017) 4,281


(Depository Cle)) (Fund receives default


18/3/2016 and pays Fixed 1.000%) (20/9/2018) (5,814)

EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank)

(Fund receives default protection on LANXESS


1.000%) (20/12/2017) (830)


(Fund receives default protection on LANXESS


1.000%) (20/3/2018) (1,127)


(Fund receives default protection on Michelin

Luxembourg SCS 2.75% 20/6/2019 and pays

Fixed 1.000%) (20/12/2018) (505)

EUR 150,000 Credit Default Swaps (JP Morgan Chase

Bank) (Fund receives default protection on


(20/12/2018) (153)

EUR 40,000 Credit Default Swaps (JP Morgan Chase

Bank) (Fund receives default protection on

Suedzucker International Finance BV 4.125%

29/3/2018 and pays Fixed 1.000%) (20/12/2018) (339)


(Fund receives default protection on Telecom

Italia SpA 5.375% 29/1/2019 and pays Fixed

1.000%) (20/12/2017) (3,233)



default protection on ArcelorMittal 6.125%

1/6/2018) (20/12/2018) 1,079



default protection on BAE Systems Plc

10.750% 24/11/2014) (20/9/2018) 864



default protection on Enel SpA 5.25%

20/6/2017) (20/12/2018) 887



default protection on Gecina SA 2.125%

1/1/2016) (20/12/2017) 4,763



default protection on Heathrow Funding Ltd

4.600% 15/2/2018) (20/12/2017) 2,198



default protection on Kering 3.750% 8/4/2015)

(20/12/2017) 2,807




(20/12/2017) 1,081




(20/12/2017) 978




15/12/2014) (20/12/2017) 2,755



default protection on Safeway Ltd 6.125%

17/12/2018) (20/12/2018) 1,038



default protection on Ardagh Packaging

Finance Plc 9.250% 15/10/2020) (20/3/2018) 1,502



default protection on NXP BV / NXP Funding

LLC 2.961% 15/10/2013) (20/3/2018) 3,248



default protection on NXP BV / NXP Funding

LLC 2.961% 15/10/2013) (20/3/2018) 3,961



default protection on Schaeffler Finance BV

7.750% 15/2/2017) (20/12/2017) 988



19/6/2017 and pays Fixed 1.000%)

(20/12/2018) (129)


default protection on BASF SE 4.500%

29/6/2016 and pays Fixed 1.000%)

(20/9/2017) (1,668)




(depreciation)EUR



(depreciation)EUR





default protection on Dow Chemical Co/The

7.375% 1/11/2029 and pays Fixed 1.000%)

(20/9/2018) (4,121)


default protection on Fortum OYJ 5.000%

19/11/2013 and pays Fixed 1.000%) (20/9/2017) (7,023)


default protection on Hewlett-Packard Co

5.4% 1/3/2017 and pays Fixed 1.000%)

(20/12/2018) (11,863)


default protection on Lloyds Bank Plc 3.375%

20/4/2015 and pays Fixed 3.000%) (20/3/2018) (12,632)


default protection on Markit ITraxx Europe

Crossover 12/18 - Serie 20 and pays Fixed

5.000%) (20/12/2018) (32,780)


default protection on Metsa OYJ 3.800%

27/6/2022 and pays Fixed 1.000%) (20/6/2018) (933)


default protection on Metsa OYJ 3.800%

27/6/2022 and pays Fixed 1.000%) (20/12/2018) (4,353)


default protection on Pearson Plc 7.000%

27/10/2014 and pays Fixed 1.000%) (20/6/2017) (1,152)


default protection on PostNL NV 3.875%

1/6/2015 and pays Fixed 1.000%) (20/6/2018) (3,900)


default protection on PPG Industries Inc

6.650% 15/3/2018 and pays Fixed 1.000%)

(20/9/2018) (1,655)


default protection on RWE AG 5.750%

14/2/2033 and pays Fixed 1.000%) (20/6/2018) (4,313)


default protection on St-Gobain Nederland

BV 5.000% 25/4/2014 and pays Fixed 1.000%)

(20/6/2018) (17,845)


default protection on Time Warner Cable Inc

5.85% 1/5/2017 and pays Fixed 1.000%)

(20/12/2018) 1,500


default protection on Time Warner Cable Inc

6.75% 1/7/2018 and pays Fixed 1.000%)

(20/12/2018) 558



on Alstom SA 4.125% 1/2/2017) (20/12/2018) 4,508



on Imperial Tobacco Finance Plc 6.250%

4/12/2018) (20/9/2017) 6,541



on Next Plc 5.375% 26/10/2021) (20/12/2018) 1,362



on Publicis Groupe SA 4.250% 31/3/2015)

(20/9/2017) 5,590



on Renault SA FRN 4/8/2014) (20/6/2018) 12,420



on Renault SA FRN 4/8/2014) (20/6/2018) 5,436



on Renault SA FRN 4/8/2014) (20/6/2018) 5,486



on RWE AG 5.750% 14/2/2033) (20/9/2018) 23,933



on Telefonica Emisiones SAU 4.375%

2/2/2016) (20/12/2018) 12,009



on Telefonica Emisiones SAU 4.375%

2/2/2016) (20/12/2018) 1,441



on Nokia OYJ 6.750% 4/2/2019) (20/9/2017) 16,188



on TUI AG 5.125% 10/12/2012) (20/9/2017) 59,950

EUR 950,000 Credit Default Swaps (Merrill Lynch) (Fund


Crossover Series 20 Version 1 and pays Fixed

5.000%) (20/12/2018) (10,485)




Fixed 1.000%) (20/6/2017) (56,656)


receives default protection on Tate & Lyle


and pays Fixed 1.000%) (20/6/2017) (4,342)



protection on Centrica Plc 7.000% 19/9/2018)

(20/6/2017) 5,884



protection on Swisscom AG 3.500% 19/7/2013)

(20/6/2017) 11,988

EUR 78,800 Credit Default Swaps (UBS) (Fund receives

default protection on BASF SE 4.500%

29/6/2016 and pays Fixed 1.000%) (20/9/2017) (1,739)


default protection on BAT International


1.000%) (20/12/2017) (333)


default protection on Clariant Finance


Fixed 1.000%) (20/9/2017) (14,239)


default protection on STMicroelectronics


1.000%) (20/6/2017) (9,404)



5.375% 29/1/2019 and pays Fixed 1.000%)

(20/3/2018) (297)

EUR 71,000 Credit Default Swaps (UBS) (Fund receives Fixed


Publicis Groupe SA 4.250% 31/3/2015)

(20/9/2017) 2,389




(depreciation)EUR



(depreciation)EUR

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



EUR 148,000 Credit Default Swaps (UBS) (Fund receives Fixed


Publicis Groupe SA 4.250% 31/3/2015)

(20/9/2017) 4,018



EURIBOR) (8/7/2033) (23,719)

GBP 2,900,000 Interest Rate Swap (Barclays Bank) (Fund receives

Fixed 2.489% and pays Floating GBP 6 Month

LIBOR) (10/7/2023) (63,986)

GBP 3,200,000 Interest Rate Swap (Barclays Bank) (Fund receives

Fixed 2.690% and pays Floating GBP 6 Month

LIBOR) (18/11/2023) (18,060)

GBP 3,200,000 Interest Rate Swap (Barclays Bank) (Fund

receives Fixed 2.772% and pays Floating GBP

6 Month LIBOR) (13/11/2023) 11,358

EUR 800,000 Interest Rate Swap (Barclays Bank) (Fund

receives Floating EUR 6 Month EURIBOR

and pays Fixed 2.605%) (8/7/2063) 7,983

GBP 6,260,000 Interest Rate Swap (Barclays Bank) (Fund

receives Floating GBP 6 Month LIBOR

and pays Fixed 2.913%) (7/3/2025) 28,784

GBP 2,850,000 Interest Rate Swap (Citibank) (Fund receives

Floating GBP 6 Month LIBOR and pays Fixed

2.765%) (21/11/2023) (9,512)

GBP 2,900,000 Interest Rate Swap (Credit Suisse) (Fund

receives Fixed 2.508% and pays Floating GBP

6 Month LIBOR) (28/6/2023) (53,860)

USD 2,500,000 Interest Rate Swap (Deutsche Bank) (Fund

receives Fixed 1.891% and pays Floating

USD 3 Month LIBOR) (1/2/2019) 26,772



USD 3 Month LIBOR) (22/11/2024) (3,525)



USD 3 Month LIBOR) (18/11/2024) (859)

USD 850,000 Interest Rate Swap (Deutsche Bank) (Fund

receives Floating USD 3 Month LIBOR

and pays Fixed 0.560%) (25/6/2015) (2,545)



and pays Fixed 0.683%) (1/2/2016) (22,713)



and pays Fixed 1.164%) (28/2/2018) 6,205



and pays Fixed 2.805%) (19/11/2023) 1,219



and pays Fixed 3.571%) (1/11/2043) 30,233



and pays Fixed 3.898%) (22/11/2044) 2,620



and pays Fixed 3.940%) (18/11/2044) (374)

GBP 875,000 Interest Rate Swap (Goldman Sachs) (Fund

receives Floating GBP 6 Month LIBOR

and pays Fixed 3.251%) (24/10/2046) 16,115

USD 4,100,000 Interest Rate Swap (Goldman Sachs) (Fund


and pays Fixed 0.675%) (8/11/2016) (3,749)

USD 2,400,000 Interest Rate Swap (Goldman Sachs) (Fund


and pays Fixed 1.554%) (18/10/2018) (10,747)

USD 2,500,000 Interest Rate Swap (Royal Bank of Scotland)

(Fund receives Floating USD 3 Month LIBOR

and pays Fixed 1.485%) (21/10/2018) (4,777)









(depreciation)EUR

CZK 2,020,000 USD 104,084 3/12/2013 (2,732)

CZK 4,290,000 USD 225,813 3/12/2013 (9,304)

EUR 70,000 USD 92,225 3/12/2013 2,185

HUF 26,000,000 USD 117,204 3/12/2013 118

HUF 13,900,000 USD 64,543 3/12/2013 (1,322)

HUF 10,700,000 USD 48,912 3/12/2013 (450)

HUF 14,200,000 USD 64,749 3/12/2013 (482)

INR 3,400,000 USD 54,954 3/12/2013 (401)

INR 5,900,000 USD 93,779 3/12/2013 468

KRW 83,500,000 USD 76,876 3/12/2013 1,489

KRW 58,900,000 USD 55,305 3/12/2013 257

MXN 610,000 USD 47,334 3/12/2013 (594)

MXN 20,000 USD 1,528 3/12/2013 (2)

MXN 1,890,000 USD 146,657 3/12/2013 (1,839)

MXN 200,000 USD 15,193 3/12/2013 45

MXN 950,000 USD 73,219 3/12/2013 (559)

MXN 730,000 USD 55,055 3/12/2013 459

MYR 170,000 USD 51,763 3/12/2013 722

MYR 100,000 USD 30,114 3/12/2013 671

MYR 170,000 USD 53,459 3/12/2013 (524)

PLN 390,000 USD 120,254 3/12/2013 4,324

PLN 200,000 USD 63,759 3/12/2013 680

PLN 70,000 USD 22,571 3/12/2013 51

PLN 200,000 USD 63,759 3/12/2013 680

PLN 240,000 USD 77,382 3/12/2013 176

RUB 1,100,000 USD 34,072 3/12/2013 (671)

RUB 6,450,000 USD 196,811 3/12/2013 (1,750)

SGD 110,000 USD 86,303 3/12/2013 990

SGD 60,000 USD 47,030 3/12/2013 573

SGD 60,000 USD 47,950 3/12/2013 (104)

SGD 180,000 USD 144,409 3/12/2013 (722)

TRY 150,000 USD 72,505 3/12/2013 1,337

TRY 310,000 USD 152,984 3/12/2013 455

TRY 260,000 USD 130,228 3/12/2013 (1,030)

USD 114,951 CZK 2,190,000 3/12/2013 4,511

USD 183,959 CZK 3,510,000 3/12/2013 7,026

USD 31,811 CZK 610,000 3/12/2013 1,104

USD 82,263 EUR 62,000 3/12/2013 (1,510)

USD 10,562 EUR 8,000 3/12/2013 (234)

USD 48,106 HUF 11,000,000 3/12/2013 (1,138)

USD 203,924 HUF 45,100,000 3/12/2013 252

USD 39,090 HUF 8,700,000 3/12/2013 (134)

USD 47,473 INR 2,950,000 3/12/2013 196

USD 54,839 INR 3,400,000 3/12/2013 316

USD 47,573 INR 2,950,000 3/12/2013 269

USD 23,751 KRW 25,900,000 3/12/2013 (531)

USD 78,515 KRW 84,600,000 3/12/2013 (1,047)

USD 29,964 KRW 31,900,000 3/12/2013 (131)

USD 119,759 MXN 1,580,000 3/12/2013 (554)

USD 129,158 MXN 1,660,000 3/12/2013 1,871

USD 86,196 MXN 1,160,000 3/12/2013 (1,677)

USD 135,334 MYR 440,000 3/12/2013 (872)

USD 138,221 PLN 450,000 3/12/2013 (5,381)

USD 105,005 PLN 330,000 3/12/2013 (1,268)

USD 6,504 PLN 20,000 3/12/2013 26

USD 94,201 PLN 300,000 3/12/2013 (2,077)

USD 62,415 RUB 2,100,000 3/12/2013 (653)

USD 119,619 RUB 3,850,000 3/12/2013 2,620

USD 49,246 RUB 1,600,000 3/12/2013 746

USD 48,403 SGD 60,000 3/12/2013 437

USD 16,056 SGD 20,000 3/12/2013 88

USD 260,752 SGD 330,000 3/12/2013 (1,615)

USD 59,985 TRY 120,000 3/12/2013 387

USD 138,367 TRY 280,000 3/12/2013 (272)

USD 90,191 TRY 180,000 3/12/2013 737




(depreciation)EUR

USD 67,446 TRY 140,000 3/12/2013 (1,414)

EUR 680,130 USD 919,000 5/12/2013 4,369

EUR 17,926,055 USD 24,384,578 5/12/2013 (4,463)

EUR 2,655,242 USD 3,586,342 5/12/2013 18,126

EUR 54,111 USD 73,000 5/12/2013 432

EUR 335,928 USD 454,134 5/12/2013 1,993

USD 69,000 EUR 51,444 5/12/2013 (707)

EUR 2,155,714 GBP 1,800,000 9/12/2013 (5,474)

EUR 65,263 GBP 55,000 9/12/2013 (773)

EUR 65,287 GBP 55,000 9/12/2013 (749)

EUR 59,362 GBP 50,000 9/12/2013 (671)

EUR 233,039 GBP 195,000 9/12/2013 (1,090)

EUR 392,876 GBP 330,000 9/12/2013 (3,342)

EUR 65,301 GBP 55,000 9/12/2013 (735)

EUR 1,040,812 USD 1,410,754 9/12/2013 3,450

EUR 213,989 USD 286,163 9/12/2013 3,566

EUR 1,735,934 USD 2,315,000 9/12/2013 33,659

EUR 429,137 USD 583,084 9/12/2013 382

EUR 784,929 USD 1,050,000 9/12/2013 12,838

GBP 410,000 EUR 485,567 9/12/2013 6,704

GBP 175,000 EUR 209,493 9/12/2013 623

USD 600,000 EUR 443,852 9/12/2013 (2,657)

USD 1,907,327 EUR 1,411,172 9/12/2013 (8,668)

USD 15,000 EUR 11,428 9/12/2013 (398)

USD 15,000 EUR 11,426 9/12/2013 (396)

USD 790,000 EUR 578,073 9/12/2013 2,833

USD 15,000 EUR 11,425 9/12/2013 (395)

USD 8,220 JPY 805,048 9/12/2013 257

INR 246,187 USD 3,939 10/12/2013 (3)

KRW 498,509,318 USD 468,348 10/12/2013 1,848

MYR 11,083 USD 3,493 10/12/2013 (41)

TWD 18,024,693 USD 613,920 10/12/2013 (3,522)

USD 2,248 IDR 25,137,948 10/12/2013 106

USD 175,581 KRW 188,380,332 10/12/2013 (1,730)

USD 92,876 KRW 98,803,747 10/12/2013 (330)

USD 1,637 PHP 70,713 10/12/2013 15

USD 352,298 THB 11,048,919 11/12/2013 6,124

USD 326,392 THB 10,382,533 11/12/2013 2,329

AUD 324,000 USD 306,071 12/12/2013 (8,087)

AUD 980,000 USD 913,278 12/12/2013 (15,274)

AUD 1,391,000 USD 1,292,854 12/12/2013 (19,149)

AUD 967,000 USD 911,282 12/12/2013 (22,512)

AUD 3,377,000 USD 3,180,936 12/12/2013 (77,528)

AUD 1,625,000 USD 1,499,343 12/12/2013 (14,282)

AUD 239,000 USD 224,681 12/12/2013 (5,161)

AUD 870,000 USD 811,318 12/12/2013 (13,965)

AUD 914,000 USD 851,025 12/12/2013 (13,697)

AUD 688,000 USD 655,140 12/12/2013 (21,004)

AUD 982,000 USD 911,544 12/12/2013 (12,660)

AUD 1,098,000 USD 1,033,842 12/12/2013 (24,906)

CAD 458,000 USD 438,735 12/12/2013 (4,368)

CAD 385,000 USD 370,627 12/12/2013 (5,011)

CAD 188,000 USD 182,577 12/12/2013 (3,620)

CAD 347,000 USD 333,986 12/12/2013 (4,473)

CAD 2,157,000 USD 2,078,366 12/12/2013 (29,466)

CAD 1,849,000 USD 1,779,375 12/12/2013 (23,627)

CAD 2,210,000 USD 2,132,460 12/12/2013 (32,415)

EUR 742,000 USD 993,230 12/12/2013 11,652

EUR 2,247,000 USD 3,041,269 12/12/2013 10,677

EUR 1,903,000 USD 2,589,686 12/12/2013 (1,263)

EUR 1,032,000 USD 1,416,870 12/12/2013 (9,861)

EUR 2,355,000 USD 3,167,898 12/12/2013 25,563

EUR 490,000 USD 663,188 12/12/2013 2,341

EUR 306,379 USD 412,524 12/12/2013 3,040

EUR 1,968,000 USD 2,669,858 12/12/2013 4,785






(depreciation)EUR

EUR 312,000 USD 428,674 12/12/2013 (3,215)

GBP 1,605,000 USD 2,536,138 12/12/2013 62,135

GBP 238,000 USD 380,294 12/12/2013 6,112

GBP 4,045,000 USD 6,489,676 12/12/2013 84,552

GBP 195,000 USD 316,319 12/12/2013 1,527

GBP 851,000 USD 1,377,609 12/12/2013 8,751

GBP 453,000 USD 710,476 12/12/2013 21,457

GBP 2,641,000 USD 4,231,042 12/12/2013 59,689

GBP 1,999,000 USD 3,219,386 12/12/2013 32,777

JPY 64,900,000 USD 638,530 12/12/2013 (3,017)

JPY 267,100,000 USD 2,712,210 12/12/2013 (74,405)

JPY 37,200,000 USD 373,241 12/12/2013 (7,055)

JPY 112,000,000 USD 1,125,589 12/12/2013 (22,602)

JPY 266,150,000 USD 2,706,562 12/12/2013 (77,081)

JPY 32,800,000 USD 321,463 12/12/2013 (609)

JPY 171,500,000 USD 1,702,483 12/12/2013 (19,113)

JPY 65,900,000 USD 658,665 12/12/2013 (10,635)

JPY 71,400,000 USD 725,621 12/12/2013 (20,334)

JPY 52,800,000 USD 519,515 12/12/2013 (2,479)

NOK 1,614,000 USD 264,029 12/12/2013 81

NOK 3,460,000 USD 565,939 12/12/2013 226

NOK 11,483,000 USD 1,896,448 12/12/2013 (12,644)

NOK 895,000 USD 151,089 12/12/2013 (3,395)

NOK 7,322,000 USD 1,226,621 12/12/2013 (20,837)

NOK 8,813,000 USD 1,459,782 12/12/2013 (12,859)

NZD 870,396 USD 712,747 12/12/2013 (2,039)

NZD 1,531,604 USD 1,267,303 12/12/2013 (13,226)

NZD 658,000 USD 544,767 12/12/2013 (5,914)

NZD 311,000 USD 253,602 12/12/2013 57

NZD 483,000 USD 385,062 12/12/2013 6,557

NZD 913,000 USD 752,094 12/12/2013 (5,418)

NZD 736,000 USD 610,353 12/12/2013 (7,357)

NZD 29,000 USD 24,246 12/12/2013 (434)

SEK 4,045,000 USD 619,173 12/12/2013 (978)

SEK 3,675,000 USD 563,623 12/12/2013 (1,687)

SEK 6,745,000 USD 1,036,848 12/12/2013 (4,854)

SEK 1,785,000 USD 274,969 12/12/2013 (1,709)

SEK 1,551,000 USD 239,558 12/12/2013 (1,952)

SEK 1,070,000 USD 163,157 12/12/2013 204

SEK 3,685,000 USD 569,333 12/12/2013 (4,764)

SEK 6,887,000 USD 1,064,011 12/12/2013 (8,879)

SEK 3,616,000 USD 552,758 12/12/2013 (325)

SEK 3,954,000 USD 612,209 12/12/2013 (6,078)

SEK 13,488,000 USD 2,069,500 12/12/2013 (6,847)

SEK 14,669,000 USD 2,249,842 12/12/2013 (6,814)

USD 547,629 AUD 578,000 12/12/2013 15,613

USD 854,739 AUD 901,000 12/12/2013 25,134

USD 588,728 AUD 634,000 12/12/2013 8,332

USD 476,814 AUD 511,000 12/12/2013 8,409

USD 586,352 AUD 622,000 12/12/2013 14,621

USD 3,723,127 AUD 4,039,000 12/12/2013 32,889

USD 313,628 AUD 341,000 12/12/2013 2,259

USD 909,030 AUD 971,000 12/12/2013 18,178

USD 2,560,769 AUD 2,741,000 12/12/2013 47,417

USD 837,719 AUD 887,000 12/12/2013 21,994

USD 591,318 AUD 630,000 12/12/2013 12,915

USD 572,312 CAD 598,000 12/12/2013 5,310

USD 513,862 CAD 539,000 12/12/2013 3,328

USD 323,689 CAD 340,000 12/12/2013 1,765

USD 298,235 CAD 315,000 12/12/2013 419

USD 900,897 CAD 936,000 12/12/2013 12,065

USD 2,602,400 CAD 2,718,000 12/12/2013 24,987

USD 315,648 CAD 326,000 12/12/2013 5,580

USD 2,132,491 CAD 2,230,000 12/12/2013 18,541

USD 310,706 EUR 232,000 12/12/2013 (3,530)




(depreciation)EUR

USD 1,422,080 EUR 1,059,000 12/12/2013 (13,308)

USD 658,863 EUR 485,000 12/12/2013 (521)

USD 4,365,319 EUR 3,222,000 12/12/2013 (12,069)

USD 1,234,179 EUR 911,000 12/12/2013 (3,476)

USD 2,231,695 EUR 1,635,000 12/12/2013 6,022

USD 1,683,117 EUR 1,257,000 12/12/2013 (19,361)

USD 319,268 EUR 236,000 12/12/2013 (1,234)

USD 2,126,625 EUR 1,570,000 12/12/2013 (6,238)

USD 5,082,821 EUR 3,738,000 12/12/2013 (471)

USD 447,240 GBP 279,000 12/12/2013 (6,110)

USD 6,053,437 GBP 3,778,000 12/12/2013 (84,760)

USD 2,377,775 GBP 1,492,000 12/12/2013 (42,912)

USD 3,715,170 GBP 2,320,000 12/12/2013 (53,618)

USD 496,804 GBP 308,000 12/12/2013 (4,484)

USD 882,407 GBP 546,000 12/12/2013 (6,691)

USD 703,061 GBP 439,000 12/12/2013 (10,101)

USD 765,343 JPY 76,100,000 12/12/2013 15,759

USD 707,891 JPY 69,800,000 12/12/2013 18,798

USD 1,794,761 JPY 177,965,000 12/12/2013 40,497

USD 3,347,066 JPY 327,890,000 12/12/2013 104,264

USD 183,691 JPY 18,000,000 12/12/2013 5,686

USD 1,614,008 JPY 160,645,000 12/12/2013 32,082

USD 442,368 JPY 44,700,000 12/12/2013 3,974

USD 2,465,151 JPY 240,200,000 12/12/2013 86,097

USD 429,921 JPY 42,500,000 12/12/2013 10,636

USD 1,656,441 NOK 10,030,000 12/12/2013 11,014

USD 245,711 NOK 1,464,000 12/12/2013 4,500

USD 704,844 NOK 4,185,000 12/12/2013 14,668

USD 918,971 NOK 5,521,000 12/12/2013 11,347

USD 1,464,092 NOK 8,902,000 12/12/2013 5,319

USD 237,054 NOK 1,410,000 12/12/2013 4,633

USD 174,424 NOK 1,067,000 12/12/2013 (144)

USD 1,054,863 NOK 6,416,000 12/12/2013 3,567

USD 1,234,425 NOK 7,326,000 12/12/2013 26,094

USD 968,962 NOK 5,773,000 12/12/2013 17,781

USD 248,544 NZD 301,000 12/12/2013 2,222

USD 317,326 NZD 380,000 12/12/2013 5,415

USD 261,892 NZD 314,000 12/12/2013 4,239

USD 285,486 NZD 345,000 12/12/2013 2,995

USD 477,829 NZD 585,000 12/12/2013 478

USD 45,442 NZD 57,000 12/12/2013 (774)

USD 243,734 NZD 294,000 12/12/2013 2,883

USD 349,111 NZD 427,000 12/12/2013 596

USD 1,001,389 NZD 1,205,000 12/12/2013 13,589

USD 1,316,588 NZD 1,592,000 12/12/2013 13,241

USD 185,075 SEK 1,210,000 12/12/2013 189

USD 308,745 SEK 2,036,000 12/12/2013 (1,646)

USD 1,194,480 SEK 7,710,000 12/12/2013 12,381

USD 1,614,319 SEK 10,492,000 12/12/2013 8,638

USD 650,528 SEK 4,259,000 12/12/2013 (1)

USD 1,280,199 SEK 8,189,000 12/12/2013 21,613

USD 365,241 SEK 2,310,000 12/12/2013 9,122

USD 519,459 SEK 3,401,000 12/12/2013 (13)

USD 1,916,447 SEK 12,334,000 12/12/2013 23,916

CAD 30,000 NOK 178,005 13/12/2013 (575)

CAD 80,000 NOK 462,920 13/12/2013 (118)

EUR 178,350 SEK 1,593,159 13/12/2013 (583)

GBP 20,811 EUR 25,000 13/12/2013 (13)

NOK 175,181 CAD 30,000 13/12/2013 235

NOK 469,544 CAD 80,000 13/12/2013 916

SEK 72,682,357 EUR 8,144,695 13/12/2013 18,475

USD 5,001 EUR 3,735 13/12/2013 (58)

MYR 868,107 USD 265,354 17/12/2013 2,798

PHP 69,319 USD 1,605 17/12/2013 (14)

PHP 26,741,373 USD 617,370 17/12/2013 (4,028)







(depreciation)EUR

THB 20,116,373 USD 646,579 17/12/2013 (15,072)

USD 272,948 MYR 867,974 17/12/2013 2,816

USD 42 MYR 133 17/12/2013 0

USD 620,977 PHP 26,810,692 17/12/2013 5,514

USD 16,681 THB 522,442 17/12/2013 309

USD 610,308 THB 19,593,931 17/12/2013 357

EUR 25,913 USD 34,860 18/12/2013 279

EUR 640,884 USD 858,530 18/12/2013 9,583

USD 843,382 BRL 1,991,935 18/12/2013 (6,372)

EUR 105,000 USD 141,673 20/12/2013 823

JPY 64,400,000 USD 635,108 20/12/2013 (4,063)

USD 143,511 CHF 131,000 20/12/2013 (1,019)

EUR 100,000 CHF 123,235 6/1/2014 (248)

NZD 89,879 AUD 80,000 6/1/2014 328

NZD 56,198 AUD 50,000 6/1/2014 219

JPY 1,246,835 USD 12,500 7/1/2014 (227)

NOK 250,000 SEK 272,083 7/1/2014 (486)

NOK 250,000 SEK 268,818 7/1/2014 (120)

NZD 60,000 CAD 51,598 7/1/2014 93

NZD 116,299 EUR 70,000 7/1/2014 (369)

USD 12,500 JPY 1,248,768 7/1/2014 213

CHF 11,356 USD 12,500 8/1/2014 46

USD 12,500 CHF 11,391 8/1/2014 (75)

EUR 371,536 JPY 51,212,120 9/1/2014 3,327

EUR 2,290,080 USD 3,102,548 9/1/2014 8,690

SGD 360,465 USD 290,768 9/1/2014 (2,602)

USD 259,368 JPY 26,286,917 9/1/2014 1,721

USD 1,423,220 SGD 1,780,628 9/1/2014 3,209

USD 288,528 SGD 360,532 9/1/2014 916

EUR 60,000 CHF 73,971 10/1/2014 (175)

IDR 3,113,031,238 USD 270,934 10/1/2014 (7,382)

KRW 564,649,524 USD 532,990 10/1/2014 (452)

MYR 1,145,668 USD 362,095 10/1/2014 (5,365)

MYR 133 USD 42 10/1/2014 0

THB 522,442 USD 16,663 10/1/2014 (310)

USD 269,503 IDR 3,002,268,705 10/1/2014 13,155

USD 362,717 MYR 1,141,109 10/1/2014 6,861

USD 516,908 MYR 1,668,319 10/1/2014 184

USD 1,608 PHP 69,319 10/1/2014 13

USD 901,599 THB 29,013,468 10/1/2014 (275)

EUR 223,907 AUD 320,000 16/1/2014 10,098

EUR 227,343 AUD 325,000 16/1/2014 10,193

EUR 227,404 AUD 325,000 16/1/2014 10,254

EUR 223,891 AUD 320,000 16/1/2014 10,082

EUR 5,203,870 GBP 4,415,000 16/1/2014 (95,505)

EUR 5,395,743 GBP 4,575,000 16/1/2014 (95,682)

EUR 14,848,685 GBP 12,555,000 16/1/2014 (221,225)

EUR 8,299,912 GBP 7,025,000 16/1/2014 (132,276)

EUR 1,898,805 GBP 1,590,000 16/1/2014 (9,691)

EUR 588,398 USD 810,000 16/1/2014 (7,209)

EUR 490,505 USD 665,000 16/1/2014 1,519

EUR 540,942 USD 740,000 16/1/2014 (3,192)

EUR 699,062 USD 945,000 16/1/2014 4,187

EUR 1,110,630 USD 1,510,000 16/1/2014 302

EUR 1,835,400 USD 2,480,000 16/1/2014 11,815

EUR 1,539,666 USD 2,090,000 16/1/2014 2,854

GBP 160,000 EUR 190,815 16/1/2014 1,235

GBP 3,810,000 EUR 4,501,934 16/1/2014 71,253

USD 110,000 EUR 81,136 16/1/2014 (251)

USD 270,000 EUR 200,389 16/1/2014 (1,854)

USD 1,225,000 EUR 909,852 16/1/2014 (9,089)

USD 285,000 EUR 211,519 16/1/2014 (1,954)

USD 2,200,000 EUR 1,614,241 16/1/2014 3,456

AUD 45,000 EUR 31,625 23/1/2014 (1,572)

EUR 470,754 AUD 674,000 23/1/2014 20,630




(depreciation)EUR

EUR 422,092 GBP 357,000 23/1/2014 (6,389)

EUR 118,304 MXN 2,127,000 23/1/2014 (541)

EUR 636,190 USD 860,000 23/1/2014 3,827

USD 8,071 GBP 5,000 23/1/2014 (66)

CNY 956,534 USD 155,559 10/2/2014 281

CNY 6,216,426 USD 999,072 10/2/2014 10,572

USD 605,766 CNY 3,732,124 10/2/2014 (1,966)

USD 604,262 TWD 18,058,364 10/2/2014 (5,536)

INR 19,258,737 USD 301,814 11/2/2014 898

EUR 825,000 USD 1,111,162 25/2/2014 8,008

NOK 3,394,000 USD 554,785 25/2/2014 (665)

USD 770,844 AUD 837,000 25/2/2014 9,020

USD 1,111,919 CHF 1,016,000 25/2/2014 (9,208)

USD 537,327 SEK 3,570,000 25/2/2014 (5,255)

Net unrealised depreciation



in the Statements of Net Assets (see note 2(d)).

Bank of America N.A., Barclays Bank Plc, BNP Paribas SA, Citibank N.A., Credit Suisse

International, Deutsche Bank AG London, Goldman Sachs International, HSBC Bank Plc,

JPMorgan Chase Bank N.A., Morgan Stanley and Co International Plc, Royal Bank of

Canada (UK), Royal Bank of Scotland Plc, Standard Chartered Bank, Standard Chartered

Bank London, State Street Bank and Trust Company, State Street Bank London and UBS

AG London, Westpac Banking Corp are the counterparties to these Open Forward Foreign



% of netassets *

Government 30.16

Asset Backed Securities 18.10

Mortgage Securities 18.04

Financial 12.03

Funds 6.96



Energy 1.87

Utilities 1.84

Communications 1.74

Industrial 1.41

Diversified 0.82

Technology 0.67



100.00







(depreciation) EUR

Market Value

EUR

19,900,000 Fund purchases a call option

(expiring on 2/10/2014) to enter

into an Interest Rate Swap

(Bank of America). If exercised

Fund receives 0.6% Fixed semi-

annual from 6/4/2015; and pays

Floating USD Libor 3-month-BBA

quarterly from 8/1/2015 10,781 35,675



into an Interest Rate Swap (Bank

of America). If exercised Fund

receives Floating USD Libor

3-month-BBA quarterly from

6/1/2015; and pays 0.6% Fixed

semi-annual from 6/4/2015 (13,744) 11,150



into an Interest Rate Swap

(Deutsche Bank AG). If exercised

Fund receives Floating USD Libor



semi-annual from 24/11/2018 52,611 145,294

(4,000,000) Fund writes a call option (expiring

on 16/12/2013) to enter into

an Interest Rate Swap (Bank

of America). If exercised Fund



18/3/2014; and pays 1.45%

Fixed semi-annual from 18/6/2014 2,230 (4,494)


on 26/3/2014) to enter into an

Interest Rate Swap (Citibank




pays 1.35% Fixed semi-annual

from 28/9/2014 1,136 (2,579)



Interest Rate Swap (Barclays

Bank PLC). If exercised Fund




semi-annual from 10/10/2014 (4,718) (10,636)


on 16/12/2013) to enter into

an Interest Rate Swap (Bank

of America). If exercised

Fund receives 1.85% Fixed

semi-annual from 18/6/2014;

and pays Floating USD Libor


18/3/2014 6,383 (341)



Interest Rate Swap (Deutsche

Bank AG). If exercised Fund

receives 3.7% Fixed semi-annual

from 15/5/2015; and pays


quarterly from 19/2/2015 (2,136) (42,480)




(depreciation) EUR

Market Value

EUR





receives 6% Fixed semi-annual



quarterly from 24/8/2018 (45,235) (124,072)








quaterly from 28/6/2014 1,869 (7,210)



Interest Rate Swap (JP Morgan





quaterly from 10/7/2014 (4,488) (13,701)

(EUR underlying exposure – EUR 20,816,878) 4,689 (13,394)

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


Number of Contracts


Expirationdate

Underlying exposure

EUR


(depreciation) EUR

10 Australian 10 Year Bond December 2013 769,793 (10,736)

78 Australian 3 Year Bond December 2013 5,660,635 11,689

(16) Canadian 10 Year Bond March 2014 1,138,894 (1,021)

(9) Euro BTP Italian Bond December 2013 1,016,892 (1,080)

(7) Euro-Bund March 2014 693,875 (2,520)

15 Euro-Bund December 2013 1,534,095 1,312



(3) German Euro Schatz December 2013 300,795 (180)

(3) Japan 10 Year Bond December 2013 2,282,497 (11,715)

1 Japan 10 Year Bond December 2013 760,832 4,456

(39) Korea 10 Year Bond December 2013 3,014,892 33,546

121 Korea 3 Year Bond December 2013 8,859,551 (30,037)

13 Long Gilt March 2014 1,874,819 (2,786)

(21) Short Euro BTP December 2013 2,215,647 (36,470)


(23) Ultra US Treasury Bond March 2014 1,918,981 12,786

(2) US Bond (CBT) March 2014 197,479 69


6 US Treasury 10 Year Note

(CBT) March 2014 486,291 (1,543)

(18) US Treasury 2 Year Note

(CBT) March 2014 2,747,668 (620)


145 US Treasury 5 Year Note

(CBT) March 2014 10,576,004 (2,499)

8 US Ultra Bond (CBT) March 2014 667,471 (236)

Total 126,988,380 (51,760)






Written Call Options as at 30 November 2013

Number of contracts


Underlying exposure

EUR


(depreciation)EUR

Market Value

EUR

(5) Euro Bund Futures Call Option


expiring on 20/12/2013 550,879 (2,000) (2,000)

(103) Euro Bund Futures Call Option


expiring on 20/12/2013 6,961,908 17,290 17,290


Call Option


expiring on 27/12/2013 2,314,392 31,568 (16,719)


Call Option


expiring on 27/12/2013 7,727,162 (12,290) (115,813)

Total Written Call Options 17,554,341 34,568 (117,242)

Note: Written Call Options are included in the Statement of Net Assets (see note 2(d)).

Goldman Sachs is the counterparty to these Written Call Options.


Number of contracts


Underlying exposure

EUR


(depreciation)EUR

Market Value

EUR



expiring on 20/1/2014 117,534 (8,101) 719



expiring on 20/1/2014 117,534 (6,484) 719



expiring on 20/1/2014 117,534 (7,959) 719



expiring on 20/1/2014 117,534 (7,366) 719



expiring on 20/1/2014 117,671 (6,744) 720



expiring on 20/1/2014 117,534 (6,919) 719



expiring on 20/1/2014 117,534 (7,702) 719



expiring on 20/1/2014 17,910 (1,178) 110



expiring on 20/1/2014 215,815 (12,223) 1,321



expiring on 20/1/2014 39,006 (40,270) 681



expiring on 20/1/2014 29,471 (27,230) 514



expiring on 20/1/2014 33,800 (17,815) 590


Note: Purchased Put Options are included in the Statement of Net Assets (see note 2(d)).

UBS AG London and Warburg Dillon Read AG are the counterparties to these Purchased

Put Options.


Number of contracts


Underlying exposure

EUR


(depreciation)EUR

Market Value

EUR



expiring on 20/1/2014 11,377 9,671 (199)



expiring on 20/1/2014 11,377 9,530 (199)



expiring on 20/1/2014 11,377 8,055 (199)



expiring on 20/1/2014 11,377 8,937 (198)



expiring on 20/1/2014 11,392 8,318 (199)



expiring on 20/1/2014 11,377 8,490 (198)



expiring on 20/1/2014 11,377 9,273 (198)

(160,000) EUR/CHF Put Option


expiring on 20/1/2014 1,733 1,546 (30)



expiring on 20/1/2014 20,890 16,939 (364)



expiring on 20/1/2014 402,974 30,924 (2,466)



expiring on 20/1/2014 304,470 21,257 (1,863)



expiring on 20/1/2014 349,157 14,606 (2,137)

(5) Euro Bund Futures Put Option


expiring on 20/12/2013 158,495 4,350 4,350

(103) Euro Bund Futures Put Option


expiring on 20/12/2013 7,651,758 38,810 38,810


Put Option


expiring on 27/12/2013 6,627,875 (19,403) (105,877)


Put Option


expiring on 27/12/2013 3,888,626 20,505 (46,325)

Total Written Put Options 19,485,632 191,808 (117,292)

Note: Written Put Options are included in the Statement of Net Assets (see note 2(d)).

Goldman Sachs, UBS AG London and Warburg Dillon Read AG are the counterparties

to these Written Put Options.





(USD) %

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


BlackRock Latin American Opportunities Fund

COMMON / PREFERRED STOCKS (SHARES)

Bermuda 202,000 Cosan Ltd 'A' 3,025,960 2.07

3,025,960 2.07

Brazil 329,000 Arezzo Industria e Comercio SA 4,084,157 2.80

378,000 Autometal SA 2,847,823 1.95

686,000 BR Properties SA 5,652,797 3.87

199,000 Cia de Saneamento de Minas

Gerais-COPASA 3,254,908 2.23

450,000 Cyrela Brazil Realty SA

Empreendimentos e

Participacoes 3,043,534 2.09

675,000 EDP - Energias do Brasil SA 3,452,870 2.37

800,000 Even Construtora e Incorporadora SA 2,814,948 1.93

450,000 Hypermarcas SA 3,669,578 2.51

589,000 Iguatemi Empresa de Shopping

Centers SA 6,005,728 4.12

422,000 Iochpe-Maxion SA 4,734,652 3.24

1,018,000 Klabin SA - Pref - 5,272,805 3.61

500,000 Kroton Educacional SA 8,464,963 5.80

236,000 Localiza Rent a Car SA 3,413,570 2.34

103,000 Lojas Renner SA 2,755,661 1.89

850,000 Magazine Luiza SA 3,056,376 2.09

375,000 Mills Estruturas e Servicos de

Engenharia SA 5,040,452 3.45

1,200,000 Minerva SA/Brazil 5,342,237 3.66

650,000 QGEP Participacoes SA 2,857,540 1.96

450,000 Ser Educacional SA 4,122,255 2.82

800,000 Suzano Papel e Celulose (Pref) 2,910,834 1.99

600,000 Usinas Siderurgicas de Minas

Gerais (Pref) 3,197,637 2.19

85,995,325 58.91

Colombia 450,000 Grupo Nutresa SA 6,056,684 4.15

6,056,684 4.15

Mexico 1,925,000 Alfa SAB de CV 'A' 5,653,384 3.87

1,588,000 Alsea SAB de CV 4,783,629 3.28

2,150,000 Bolsa Mexicana de Valores SAB de CV 5,126,469 3.51

1,750,000 Concentradora Fibra Hotelera Mexicana

SA de CV (Reit) 2,699,908 1.85

1,750,000 Corp Inmobiliaria Vesta SAB de CV 3,242,027 2.22

2,023,000 Credito Real SAB de CV 3,172,032 2.17

1,250,000 Genomma Lab Internacional SAB

de CV 'B' 3,688,196 2.53

1,595,000 Grupo Sanborns SA de CV 3,317,542 2.27

325,000 Promotora y Operadora de

Infraestructura SAB de CV 3,831,260 2.63

1,860,041 TF Administradora Industrial S

de RL de CV (Reit) 3,462,918 2.37

38,977,365 26.70

Panama 40,000 Copa Holdings SA 'A' 6,056,800 4.15

6,056,800 4.15

Peru 900,000 Grana y Montero SA 3,532,560 2.42

3,532,560 2.42

Spain 411,000 Cemex Latam Holdings SA 3,046,730 2.09

3,046,730 2.09

Total Common / Preferred Stocks (Shares) 146,691,424 100.49

BONDS

Brazil BRL 490,000 Lupatech SA 6.50% 15/4/2018 30,152 0.02

30,152 0.02







WARRANTS

Brazil 802 Hypermarcas SA (Wts 31/12/2049)* – 0.00

– 0.00

Total Warrants – 0.00

BONDS

Brazil BRL 802 Hypermarcas SA FRN 15/10/2015 416,508 0.29

BRL 802 Hypermarcas SA 11.30% 15/10/2018 290,678 0.20

707,186 0.49





Other Net Liabilities (1,458,821) (1.00)





BlackRock Latin American Opportunities Fund continued


% of netassets *



Financial 22.20


Diversified 6.29

Industrial 4.72

Utilities 4.60

Energy 1.98


100.00






(USD) %



BlackRock Mining Opportunities Fund

COMMON STOCKS (SHARES), WARRANTS

Australia 859,261 Alara Resources Ltd 70,470 0.78

3,000,000 Avanco Resources Ltd 174,960 1.93

245,972 Beadell Resources Ltd 170,348 1.88

322,000 Berkeley Resources Ltd 73,356 0.81

66,943 Fortescue Metals Group Ltd 346,490 3.82

414,577 Galaxy Resources Ltd

(Wts 31/12/2014) 1,889 0.02

522,770 Galaxy Resources Ltd 18,579 0.20

23,139 Iluka Resources Ltd 184,919 2.04

287,133 Indochine Mining Ltd 13,606 0.15

494,964 Metals X Ltd 81,186 0.90

112,776 Mineral Deposits Ltd 256,918 2.84

270,665 Pacific Niugini Ltd 16,032 0.18

527,064 Sierra Mining Ltd 110,466 1.22

32,799 Sirius Resources NL 63,960 0.71

535,651 Tiger Resources Ltd 165,958 1.83

77,449 Western Areas Ltd 147,503 1.63

749,375 World Titanium Resources Ltd 75,115 0.83

1,971,755 21.77

Bermuda 90,000 Petra Diamonds Ltd 158,248 1.75

158,248 1.75

Canada 11,491 Alamos Gold Inc 145,538 1.61

47,300 Augusta Resource Corp 74,261 0.82

177,119 Aureus Mining Inc 96,165 1.06

8,050 Cameco Corp 163,891 1.81

180,000 Canada Lithium Corp 69,754 0.77

15,150 Eldorado Gold Corp 92,217 1.02

31,298 First Quantum Minerals Ltd 530,409 5.85

250,000 Fission Uranium Corp 262,287 2.89

4,331 Franco-Nevada Corp 173,895 1.92

425,931 Katanga Mining Ltd 185,187 2.04

160,000 Lucara Diamond Corp 223,819 2.47

76,502 Lundin Mining Corp 315,987 3.49

45,000 MAG Silver Corp 267,958 2.96

109,000 Nevsun Resources Ltd 359,556 3.97

52,200 NGEx Resources Inc 84,862 0.94

187,105 Petaquilla Minerals Ltd 64,992 0.72

100,000 Platinum Group Metals Ltd 132,325 1.46

275,403 Romarco Minerals Inc 98,916 1.10

70,273 Santacruz Silver Mining Ltd 61,107 0.67

81,199 Sierra Metals Inc 161,938 1.79

331,000 Sirocco Mining Inc 124,360 1.37

11,357 Tahoe Resources Inc 202,129 2.23

11,357 Teck Resources Ltd 'B' 276,089 3.05

4,167,642 46.01

Ireland 397,092 Kenmare Resources Plc 129,851 1.43

129,851 1.43

Jersey 2,200 Randgold Resources Ltd ADR 155,804 1.72

155,804 1.72

Mexico 4,216 Industrias Penoles SAB de CV 106,439 1.17

106,439 1.17

Peru 7,142 Sociedad Minera Cerro Verde SAA 166,408 1.84

236,940 Volcan Cia Minera SAA 'B' 95,520 1.05

261,928 2.89

Russia 8,641 MMC Norilsk Nickel OJSC ADR 130,133 1.44

130,133 1.44

South Africa 1,914 Kumba Iron Ore Ltd 74,793 0.82

74,793 0.82

United Kingdom 10,827 Fresnillo Plc 148,410 1.64

100,693 London Mining Plc 188,263 2.08

758,000 Stratex International Plc 53,223 0.59

17,425 Vedanta Resources Plc 253,234 2.79

643,130 7.10

United States 17,531 Freeport-McMoRan Copper & Gold Inc 616,741 6.81

616,741 6.81

Total Common Stocks (Shares), Warrants 8,416,464 92.91

BONDS

Canada USD 280,000 Banro Corp 10.00% 1/3/2017 220,500 2.43

220,500 2.43


FUNDS

Jersey 1,890 ETFS Physical Palladium 132,187 1.46

132,187 1.46

Total Funds 132,187 1.46





Funds

Ireland 439,121 Institutional Cash Series Plc -

Institutional US Dollar

Liquidity Fund 1 439,121 4.85

439,121 4.85

Total Funds 439,121 4.85




(USD) %

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


USD



Market ValueUSD


(depreciation) USD


UBS is the counterparty to these Contracts for Difference.



BlackRock Mining Opportunities Fund continued

WARRANTS

Canada 30,000 Aureus Mining Inc (Wts 16/5/2014)* - 0.00

- 0.00

Total Warrants - 0.00


and Money Market Instruments - 0.00


Other Net Liabilities (149,558) (1.65)



Canada (100,000) Torex Gold Resources Inc (90,737) 31,474

(90,737) 31,474

United Kingdom (8,000) Anglo American Plc (177,660) 18,778

(22,000) New World Resources Plc 'A' (27,392) 26,494

(205,052) 45,272

United States (45,000) Allied Nevada Gold Corp (146,700) 162,960

(146,700) 162,960

Total market value

(USD underlying exposure – USD 442,489) (442,489) 239,706




Unrealised appreciation

USD

USD 3,942 ZAR 39,788 2/12/2013 35


(USD underlying exposure – USD 3,907) 35



Deutsche Bank AG London is the counterparty to this Open Forward Foreign Exchange

Transaction.


% of netassets *


Funds 6.31


100.00



Notes to the Financial Statements

1. OrganisationBlackRock Strategic Funds (“the Company”) is a public limited

company (société anonyme) established under the laws of

the Grand Duchy of Luxembourg as an open-ended variable

capital investment company (société d’investissement

à capital variable). The Company has been authorised by

the Commission de Surveillance du Secteur Financier

(“the CSSF”) as an undertaking for collective investment in

transferable securities (“UCITS”) pursuant to the provisions of

Part I of the law of 17 December 2010, as amended from time

to time and is regulated pursuant to such law. The Company

is 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 30 November 2013, the Company offered shares

in 19 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 distributing share EUR

A Class non-distributing share AUD

A Class non-distributing share CHF hedged

A Class non-distributing share EUR

A Class non-distributing share EUR hedged

A Class non-distributing share SEK hedged

A Class non-distributing share USD

A Class non-distributing share USD hedged

A Class UK reporting distributing fund share GBP

A Class UK reporting non-distributing fund share GBP

A Class UK reporting non-distributing fund share GBP hedged

C Class

C Class non-distributing share USD

D Class

D Class distributing share EUR

D Class non-distributing share CHF hedged

D Class non-distributing share EUR

D Class non-distributing share EUR hedged

D Class non-distributing share USD

D Class non-distributing share USD hedged

D Class UK reporting distributing fund share GBP

D Class UK reporting distributing fund share GBP hedged

D Class UK reporting non-distributing fund share EUR

D Class UK reporting non-distributing fund share EUR hedged2

D Class UK reporting non-distributing fund share GBP

D Class UK reporting non-distributing fund share GBP hedged

D Class UK reporting non-distributing fund share USD

E Class

E Class non-distributing share EUR

E Class non-distributing share USD

E Class non-distributing share EUR hedged

H Class

H Class non-distributing share CHF hedged

H Class non-distributing share EUR

H Class (continued)

H Class non-distributing share USD hedged

H Class UK reporting non-distributing fund share GBP hedged

I Class

I Class non-distributing share EUR1

I Class non-distributing share USD

I Class non-distributing share EUR hedged1

I Class non-distributing share SEK hedged1

I Class UK reporting non-distributing fund share EUR2

I Class UK reporting non-distributing fund share GBP hedged1

I Class UK reporting non-distributing fund share USD hedged1, 2

K Class

K Class non-distributing share EUR

L Class

L Class non-distributing share EUR

M Class

M Class non-distributing share EUR

T Class

T Class non-distributing share EUR*

U Class

U Class non-distributing share EUR

U Class UK reporting non-distributing fund share GBP

U Class UK reporting non-distributing fund share USD hedged2

X Class

X Class non-distributing share EUR1

X Class non-distributing share USD1

1 available to institutional investors.

2 class name changed, see Note 1, for further details.

J share Class has not yet been issued.

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 Launch and LiquidationEffective 12 June 2013, the BlackRock Emerging Markets Flexi

Dynamic Bond Fund, denominated in USD was launched.

Effective 17 July 2013, the BlackRock European Opportunities

Absolute Return Fund, denominated in EUR was liquidated.

Effective 15 November 2013, the BlackRock Emerging Markets

Allocation Fund, denominated in USD was launched.

Significant events during the period ended 30 November 2013A new Prospectus was issued on 4 October 2013.

Effective 20 November 2013, Bruno Rovelli was appointed as

a Director of the Board.

Effective 25 November 2013, the following class name

changes occurred:

� BSF Americas Diversified Equity Absolute Return Fund D

Class non-distributing share EUR hedged changed its name


Notes to the Financial Statements continued

to BSF Americas Diversified Equity Absolute Return Fund D

Class UK reporting non-distributing fund share EUR hedged;

� BSF European Credit Strategies Fund I Class

non-distributing share in EUR changed its name to BSF

European Credit Strategies Fund I Class UK reporting

non-distributing fund share in EUR;

� BSF European Credit Strategies Fund I Class non-

distributing share USD hedged changed its name to BSF

European Credit Strategies Fund I Class UK reporting

non-distributing fund share USD hedged;

� BSF European Credit Strategies Fund U Class non-

distributing share USD hedged changed its name to BSF

European Credit Strategies Fund U Class UK reporting

non-distributing fund share USD hedged.

Share Classes Launched

Effective date Type Fund

12 June 2013 A Class non-distributing share USD BlackRock Emerging Markets Flexi Dynamic Bond Fund

19 June 2013 A Class non-distributing share USD BlackRock Emerging Markets Absolute Return Fund

26 June 2013 X Class non-distributing share USD BlackRock Emerging Markets Flexi Dynamic Bond Fund

3 July 2013 D Class non-distributing share USD BlackRock Emerging Markets Flexi Dynamic Bond Fund

3 July 2013 E Class non-distributing share USD BlackRock Emerging Markets Flexi Dynamic Bond Fund

17 July 2013 D Class non-distributing share EUR hedged BlackRock Emerging Markets Flexi Dynamic Bond Fund

17 July 2013 E Class non-distributing share EUR hedged BlackRock Emerging Markets Flexi Dynamic Bond Fund

11 September 2013 D Class UK reporting distributing fund share

GBP hedged BlackRock Emerging Markets Absolute Return Fund

2 October 2013 A Class non-distributing share in USD hedged BlackRock Global Absolute Return Bond Fund

13 November 2013 X Class non-distributing share USD BlackRock Asia Extension Fund

15 November 2013 A Class non-distributing share USD BlackRock Emerging Markets Allocation Fund

15 November 2013 C Class non-distributing share USD BlackRock Emerging Markets Allocation Fund

15 November 2013 D Class non-distributing share USD BlackRock Emerging Markets Allocation Fund

15 November 2013 E Class non-distributing share USD BlackRock Emerging Markets Allocation Fund

15 November 2013 I Class non-distributing share USD BlackRock Emerging Markets Allocation Fund

15 November 2013 X Class non-distributing share USD BlackRock Emerging Markets Allocation Fund

27 November 2013 A Class non-distributing share EUR hedged BlackRock Emerging Markets Absolute Return Fund

27 November 2013 D Class UK reporting distributing fund share GBP BlackRock Emerging Markets Flexi Dynamic Bond Fund

Share Classes Closed

Effective date Type Fund

8 July 2013 D Class UK reporting non-distributing fund

share GBP hedged BlackRock European Opportunities Absolute Return Fund

17 July 2013 A Class non-distributing share EUR BlackRock European Opportunities Absolute Return Fund

17 July 2013 D Class non-distributing share EUR BlackRock European Opportunities Absolute Return Fund

17 July 2013 E Class non-distributing share EUR BlackRock European Opportunities Absolute Return Fund

2. Summary of Significant Accounting Policies: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, other debts and prepaid

expenses 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.

Funds that invest in fixed income transferable securities may

purchase “To Be Announced” securities (“TBAs”). This refers

to the common trading practice in the mortgage-backed

securities market in which a security is to be bought from a

mortgage pool for a fixed price at a future date. At the time

of purchase the exact security is not known, but the main

characteristics of it are specified. Although the price has been

established at the time of purchase, the principal value has not

been finalised. As a TBA is not settled at the time of purchase,

this may lead to leveraged positions within a Fund. Purchasing

a TBA involves a risk of loss if the value of the security to be

purchased declines prior to the settlement date. Risks may

also arise upon entering into these contracts from the potential

inability of counterparties to meet the terms of their contracts.

The Funds may dispose of a commitment prior to settlement if

it is deemed appropriate to do so. Proceeds of TBA sales are not

received until the contractual settlement date. During the time

a TBA sale commitment is outstanding, equivalent deliverable

securities, or an offsetting TBA purchase commitment

(deliverable on or before the sale commitment date), are held

as cover for the transaction.

If the TBA sale commitment is closed through the acquisition of

an offsetting purchase commitment, the Fund realises a gain or

loss on the commitment without regard to any unrealised gain

or loss on the underlying security. If the Fund delivers securities

under the commitment, the Fund realises a gain or loss from

the sale of the securities upon the unit price established at the

date the commitment was entered into.

The Funds had TBAs outstanding as of 30 November 2013,

which are included within receivable for investments sold

and payable for investments purchased in the Statement

of Net Assets.

The market value of the Contracts for Difference (“CFDs”) is

determined by the traded price on 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 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.

(b) Cost of Sales of Investments

Gains and losses on sales of investments have been

determined on the basis of the average cost method.

Gains 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.

(d) Financial Instruments

During the period, the Funds have entered into a number of

forward foreign exchange transactions and futures contracts.



Open forward foreign exchange transactions and futures

contracts are valued at the cost to close the contracts on

the valuation date. Surpluses/deficits arising from these

and closed unsettled contracts are taken to unrealised

appreciation/depreciation and are included under assets or

liabilities (as appropriate) in the Statement of Net Assets.

During the period, the Funds have entered into CFDs. CFDs

allow investors to take synthetic long or synthetic short

positions with a variable margin. Unlike shares, with CFDs

the buyer is potentially liable for far more than the amount

they paid on margin. This will result in the Funds 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.

The Funds can write covered call and put options and

purchase call and put options. When the Funds write and/or

purchase an option, an amount equal to the premium received

or paid by the Funds 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 or bought through

an exercise of an option, the premium received (or paid) is

deducted from (or added to) the basis of the security sold or

bought. When an option expires (or the Funds enter into a

closing transaction), the Funds realise 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 the actual

market maker. 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.

(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 30 November 2013.

Income and expenses in currencies other than the currency of

denomination of the respective Fund have 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 30 November 2013:

All Funds (except the BlackRock Euro Dynamic Diversified Growth Fund and BlackRock Latin American Opportunities Fund)



CCY EUR USD EUR USD

ARS 0.1198 0.1630 0.1197 0.1629

AUD 0.6701 0.9112 0.6712 0.9110

BRL 0.3157 0.4293 0.3148 0.4281

CAD 0.6950 0.9452 0.6937 0.9415

CHF 0.8132 1.1059 0.8128 1.1032

CLP 0.0014 0.0019 0.0014 0.0019

CNY 0.1207 0.1641 0.1205 0.1641

COP 0.0004 0.0005 0.0004 0.0005

CZK 0.0365 0.0497 0.0365 0.0497

DKK 0.1341 0.1823 0.1341 0.1821

EUR 1.0000 1.3600 1.0000 1.3585

GBP 1.2007 1.6329 1.2031 1.6368

HKD 0.0948 0.1290 0.0947 0.1290

HUF 0.0033 0.0045 0.0033 0.0045

IDR 0.0001 0.0001 0.0001 0.0001

INR 0.0118 0.0160 0.0118 0.0160

JPY 0.0072 0.0098 0.0072 0.0098

KRW 0.0007 0.0009 0.0007 0.0009

MXN 0.0561 0.0763 0.0560 0.0763

MYR 0.2281 0.3103 0.2279 0.3103

NGN 0.0046 0.0063 0.0046 0.0063

NOK 0.1204 0.1637 0.1201 0.1631

NZD 0.6002 0.8162 0.5996 0.8135

PEN 0.2623 0.3568 0.2622 0.3568

PHP 0.0168 0.0228 0.0168 0.0228

PLN 0.2378 0.3234 0.2380 0.3231

RON 0.2253 0.3063 0.2256 0.3065

RUB 0.0222 0.0301 0.0222 0.0302

SEK 0.1123 0.1528 0.1124 0.1525

SGD 0.5859 0.7968 0.5859 0.7968

THB 0.0229 0.0311 0.0229 0.0311

TRY 0.3643 0.4955 0.3638 0.4953

TWD 0.0248 0.0338 0.0248 0.0338

USD 0.7353 1.0000 0.7345 1.0000

UYU 0.0348 0.0473 0.0347 0.0472

ZAR 0.0722 0.0982 0.0722 0.0980



(f) Total Combined Figures

The combined figures of the Company are expressed in

USD and include the total of the financial statements of the

different Funds. For the translation of the Statement of Net

Assets, the exchange rate prevailing at 16:00 in Luxembourg

as at 30 November 2013 for all Funds expressed in Euros

excluding BlackRock Euro Dynamic Diversified Growth Fund is:

EURUSD 0.7353

For the BlackRock Euro Dynamic Diversified Growth Fund,

the exchange rate prevailing at 17:00 in Luxembourg as at

30 November 2013 is:

EURUSD 0.7345

For the Statement of Operations and Changes in Net Assets,

the following exchange rate is the average rate calculated

over the period for all Funds expressed in Euros excluding

BlackRock Euro Dynamic Diversified Growth Fund:

EURUSD 0.7496

For the BlackRock Euro Dynamic Diversified Growth Fund,

the following exchange rate is the average rate calculated over

the period:

EURUSD 0.7495

(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.

The Income Equalisation is netted in the Movements in share

capital in the Statement of Operation and Changes in Net

Assets.

(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

dealing costs that may 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 such a

swing was applied as at 30 November 2013 to the BlackRock

Latin American Opportunities Fund.

The Management Company may, at its 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 Board of Directors of the

Fund considers 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 Board

of Directors of the Fund in its absolute discretion decides.

Discrepancies in the 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

Board of Directors of the Fund may set specific thresholds,

that where exceeded, result in an 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 Absolute Return Fund in case of price variation, the

Board of Directors of the Fund 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 excluding custodian transaction fees 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. Custodian transaction

fees are included in custodian and depositary fees in the

Statement of Operations and Changes in Net Assets of the

Fund. Refer to notes 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 CSSF.

4. Management and Distribution FeesDuring the period 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 X shares, which do not pay a

management fee but rather a fee to the Investment Adviser or

affiliates under an agreement. 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. Certain costs and fees

are paid 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 Investment 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 period, the following active Funds were subject to

management fee rebate:

BlackRock Emerging Markets Allocation Fund, BlackRock

Euro Dynamic Diversified Growth Fund, BlackRock Fund of

iShares – Conservative, BlackRock Fund of iShares – Dynamic,

BlackRock Fund of iShares – Growth, BlackRock Fund of

iShares – Moderate and BlackRock Global Absolute Return

Bond Fund.

During the period, the following active Funds were subject to

fee reimbursement from the Management Company:

BlackRock Emerging Market 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 and BlackRock Fund of

iShares – Moderate.

During the period, the Company paid distribution fees to

BlackRock (Channel Islands) Limited who acted as Principal

Distributor.

The Company pays 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 under the terms described in the current Prospectus.

5. Administration FeesThe Company pays an administration fee to the Management

Company.

The level of administration fee may vary at the Board

of Directors of the Fund’ 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 period ended 30 November 2013 the administration

fee % per class were as follows:

ShareClass

Equity Funds

Bond Funds

Mixed Funds

Fund of Funds

A, C, D, E, H, U 0.30% 0.20% 0.25% –

I, T, X 0.05% 0.05% 0.05% –

K, L, M – – – 0.10%

Investment in I, T and X Shares is restricted to institutional investors within the meaning

of Article 174 of the law of 17 December 2010.

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 and 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 period 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 of the Fund who are not representatives of the

BlackRock Group receive a fee of EUR 25,000 per annum gross

of taxation in return for their duties performed. The Chairman

receives a fee of EUR 27,500 per annum gross of taxation.

Directors who are representatives of the BlackRock Group

have agreed to waive their Directors’ fees.

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 USD 7

to USD 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, USD 30,000 for a low volume

trading Fund, USD 100,000 for a medium volume trading Fund

or USD 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 with the exception of Class X shares which

do not pay a performance fee, in addition to other fees and

expenses mentioned in the Prospectus. The performance fee

accrues on each Valuation Day and is equal to 10% or 20%

(as applicable to the relevant Fund, as stated in Appendix F

of the Prospectus) 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 E 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 T and Class X Shares, of 0.01% of the NAV of

each Fund at the end of each quarter. For the period ended

30 November 2013, USD 831,337 was charged in relation to

Luxembourg tax.

BelgiumThe Company is registered with the Banking and Finance

Commission in Belgium in accordance with Article 154 of the

Law of 3 August 2012 relating to financial transactions and

the financial markets. Funds registered for public distribution

in Belgium are subject to an annual tax of 0.10% on the

net assets value of units distributed in Belgium via Belgian

intermediaries as at 31 December of the previous year.

For the period ended 30 November 2013, there was no charge

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. 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 20 October 2009.

Effective 5 October 2010 the transaction tax rate was increased

to 4% from the previous 2% rate. The rates were changed

again effective 19 October 2010 and 1 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. Effective

4 June 2013, this rate was reduced to 0%.

For the period ended 30 November 2013, there was no charge

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 (“BIM UK”) 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.

BIM UK has sub-delegated some of these functions to

BlackRock Asset Management North Asia Limited, to BlackRock

Investment Management (Australia) Limited and to BlackRock

Japan Co., Ltd. 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 Asia Extension Fund



BIM UK provides investment advice on the following Funds:

BlackRock Emerging Markets Absolute Return Fund


BlackRock Emerging Markets Flexi Dynamic Bond Fund


BlackRock European Absolute Return 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

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 Asset Management North Asia Limited for the

following Funds:




BlackRock Japan Co., Ltd.for the following Funds:



BlackRock Investment Management (Australia) Limited for the

following Funds:


11. Transactions with Connected PersonsThe ultimate holding company of the Management Company,

the Principal Distributor and the Investment Advisers is

BlackRock, Inc., a company incorporated in Delaware,

USA. PNC Financial Services Group Inc., is a 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 period, 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 period no Director purchased shares in any

of the Funds.

12. DividendsThe Board of Directors of the Fund’s current policy is to retain

and reinvest all net income except for income attributable to

distributing share classes.

For the distributing share classes the policy is to distribute

substantially all the investment income for the period

after deduction of expenses. The Board of Directors of the

Fund may also determine if and to what extent dividends

may include distributions, from both net realised and net

unrealised capital gains.

13. Securities Pledged or Given in GuaranteeSecurities which have been given as guarantee for OTC

derivatives traded under International Swaps and Derivatives

Association (“ISDA”), are evidenced by “‡” in the Portfolio of

Investments of the Funds. As at 30 November 2013 the value

of these securities amounts to USD 15,660,170.

Securities which have been received in guarantee are detailed

in table below. As at 30 November 2013 the value of these

securities amounts to USD 1,364,786.

Fund Holdings Description Value (USD)

BlackRock European

Constrained Credit

Strategies Fund

256,000 France Government Bond

OAT 4.25% 25/10/2023

560,591

BlackRock European

Credit Strategies Fund

50,000 Bundesschatzanweisungen

0.000% 12/12/2014

(Zero Coupon) 92,507

BlackRock European

Credit Strategies Fund

325,000 France Government Bond

OAT 4.25% 25/10/2023 711,688

14. Cash collateralThe Fund trades derivatives with a range of counterparties.

The counterparties to the swap contracts, forward

transactions, futures contracts, options written (put & call),

options purchased (put & call) and swaptions are shown in

the portfolio of investments. The swap contracts, forward


options purchased (put & call) and swaptions are traded with

the following counterparties: Bank of America, Barclays, BNP

Paribas, Citibank, Credit Suisse, Deutsche Bank, Goldman

Sachs, HSBC, JP Morgan, Morgan Stanley and Royal Bank of

Canada (UK), Royal Bank of Scotland Plc, Standard Chartered

Bank, UBS and Westpac Banking Corp.

Margin cash is paid or received on swap contracts, CFDs,

forward transactions, futures contracts, options written

(put & call), options purchased (put & call) and swaptions to

cover any exposure by the counterparty to the Company or

by the Company to the counterparty. Due to brokers consists

primarily of cash and margin received from Portfolio’s clearing

brokers and various counterparties. It is included in “Due to

broker” on the Statement of Net Assets. Due from brokers

consists primary of cash and margin paid to the Portfolio’s

clearing brokers and various counterparties. It is included in

“Due from broker” on the Statement of Net Assets.

As at 30 November 2013, the Fund had received margin

of USD 86,346,424 from counterparties and had pledged

margin of USD 30,249,993 relating to swap contracts, forward


options purchased (put & call) and swaptions.

15. Efficient Portfolio Management TechniquesThe Funds may engage in derivative transactions for the

purpose of efficient portfolio management. Refer to each

Fund’s Portfolio of Investments for details.

16. Financial Derivative InstrumentsThe Funds may buy and sell financial derivative instruments.

See further details in the Fund’s Portfolio of Investments.

Underlying exposure, as disclosed in the portfolio of

investments, has been calculated according to the guidelines

issued by the European Securities and Market Authority

(“ESMA”) and represents the market value of an equivalent

position in the assets underlying each financial derivative

instrument. The underlying exposure on the bond futures is

calculated off the market value of the bonds rather than the

cheapest to deliver security.

17. Subsequent EventsThere have been no subsequent events since the period end.


General Information

Current ProspectusThe Company’s Prospectus dated 4 October 2013, and the latest KIIDs along with copies of the Application Form may be

obtained from the local Investor Servicing Centre, the Manager or any of the Representatives or Distributors. Copies of

the Company’s Articles of Association and the Audited Annual and Unaudited Interim Report and Accounts may also be

obtained free of charge from any of these offices and from the Paying Agents. All these documents are also available from

www.blackrockinternational.com.

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

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

11411 Stockholm, Sweden.

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

8022 Zurich, Switzerland.

Purchases and SalesA detailed list of investments purchased and sold for any Fund during the period is available upon request, free of charge,

from the Registered office, or the offices of the Representatives as mentioned above.

Authorised StatusThe Company is an undertaking for Collective Investment in Transferable securities (“UCITS”) under the Luxembourg Law of

17 December 2010, as amended. Regulatory consents have been obtained or appropriate notifications have been made for the

distribution of shares of the Company’s Funds in the umbrella in the following countries:

Austria, Belgium, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Jersey, Luxembourg, Netherlands, Norway, Poland,

Spain, Sweden, Switzerland and the United Kingdom.

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

Paying 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

Société Générale Securities Services S.p.A

Registered Office

Via Benigno Crespi

19/A, MAC II

20159 Milan

Banca Monte dei Paschi di Siena S.p.A

Registered Office

Piazza Salimbeni 3

53100 Siena

State Street Bank S.p.A

Registered Office

Via Ferrante Aporti 10 – 20125 Milan,

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,

Zurich Branch

Dreikönigstrasse 21

CH-8002 Zurich

Switzerland

United Kingdom

J.P. Morgan Trustee and Depositary Company Limited

Hampshire Building,

1st Floor

Chaseside

Bournemouth

BH7 7DA

FOR MORE INFORMATION

+44 (0)20 7743 3300

blackrockinternational.com

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Documents

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government bond markets

bsf investment advisers

global government bonds

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statement of changes