Informe Semestral PDF

UNAUDITED INTERIM REPORT AND ACCOUNTS
TITLE (4050 CHARACTERS)

BLACKROCK STRATEGIC FUNDS (BSF)
SUBTITLE (40-50 CHARACTERS)
R.C.S. Luxembourg: B 127481
30 NOVEMBER 2013
Contents
BSF Chairmans Letter to Shareholders
BSF Investment Advisers Report
Board of Directors
Management and Administration
Statement of Net Assets
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

BlackRock European Opportunities Extension Fund
92
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
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.
Unaudited Interim Report and Accounts

November 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 Chinas 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 countrys 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 toUSD5,614.9m,
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.
BlackRock Strategic Funds (BSF)

November 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
bytaking 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
inEmerging 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

Performance Overview
1 June 2013 30 November 2013
Market Overview
The 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 banks
USD85 billion-a-month asset purchase programme might be
scaled back should economic data continue to improve.
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 1,5002,000
European stocks, ranging from small to large companies.
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 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
produced a positive absolute return of 2.8%, outperforming
its benchmark, LIBOR 3 Month Index, which was up 0.1%.
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 Feds 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 Performance
Equities 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 Performance
Performance 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.
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
3month 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 Performance
The 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.
TheFund 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)
issuedby 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%.

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 Performance
The 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 Performance
The 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 BlackRocks 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
ofiShares Growth (+2.8%), the BlackRock Fund of iShares
Moderate (+1.1%) and, finally, the BlackRock Fund of
iShares Conservative (-0.5%).
Outlook
Our 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 Directors1
Management
andAdministration continued
Nicholas C.D. Hall (Chairman)

Frank P. Le Feuvre
Alexander C. Hoctor-Duncan
Francine Keiser
Geoffrey D. Radcliffe
Bruno Rovelli2
BlackRock Japan Co., Ltd.

1-8-3 Marunouchi
Chiyoda-ku
Tokyo 100-8217
Japan
All Directors are non-executive Directors.
Appointed 20 November 2013
Management
andAdministration
Management Company
BlackRock (Luxembourg) S.A.
6D, route de Trves
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 Advisers
BlackRock Asset Management North Asia Limited*
16/F Cheung Kong Center
2 Queens Road Central
Hong Kong
BlackRock Investment Management (Australia) Limited
Level 18, 120 Collins Street
Melbourne 3000
Australia
* Appointed on 04 October 2013
Principal Distributor
BlackRock (Channel Islands) Limited
One Waverley Place
Union Street
St. Helier
Jersey JE1 0BR
Channel Islands
Enquiries
In the absence of other arrangements, enquiries regarding
theCompany 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: investor.services@blackrock.com
Custodian and Fund Accountant
State Street Bank Luxembourg S.A.
49, avenue J.F. Kennedy
L-1855 Luxembourg
Transfer Agent and Registrar
J.P. Morgan Bank Luxembourg S.A.
6C, route de Trves
L-2633 Senningerberg
Independent Auditors
Deloitte Audit, S..r.l.
560, rue de Neudorf
L-2220 Luxembourg
Legal Adviser
Linklaters LLP
L-1855 Luxembourg
Paying Agents
A list of Paying Agents is to be found on page 159.
Registered Office
L-1855 Luxembourg

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
USD
USD
USD
USD
USD
4,091,978,170
154,402,068
167,533,230
10,434
31,262,464
1,341
11,173,983
63,972
43,068,442
(104,409)
4,246,380,238
336,973,999
1,118,953,645
30,249,993
8,908,779
31,532,706
342,721
152,779,371
44,762,767
167,543,664
18,132,431
1,709,719
97,610
2,069
73,392,008
761,585
31,263,805
3,799,925
586,463
1,956,857
15,654
11,237,955
6,466,317
276,082
6,027
238,465
74,690
42,964,033
7,555,272
38,107
366,249
2,193,053
9,591,743
46,088,758
4,007,440
2,722,174
90,178
588,920
968,163
10,036,983
151,036
18,708
167
2,944,181
50,608
3,734
26,508
644
6,035,577,565
273,384,188
40,585,760
18,353,878
50,950,813
299,873
3,812,255
86,346,424
1,114,474
470,981
227,111,294
22,360,150
3,253,903
79,897,838
3,176,001
135,369
1,507,026
10,143
9,994
206,105
24,184
1,038,552
16,665,369
228,381
490,928
1,581,641
2,220,466
57,968,569
902,642
655,307
7,260
337,017
159,275
153,911
39,508
420,670,805
87,230,384
2,297,702
729,794
1,256,155
5,614,906,760
186,153,804
38,288,058
17,624,084
49,694,658
Note
Assets
Securities portfolio at cost
Unrealised appreciation/(depreciation)
Securities portfolio at market value
Cash at bank
Time Deposits
Due from broker
Dividend receivable on contracts for difference
Interest and dividends receivable
Interest receivable on swaps
Receivable for investments sold
Receivable for Fund shares subscribed
Unrealised appreciation on:
Open Exchange traded futures contracts
Open Forward foreign exchange transactions
Contracts for difference
Market value of swaps
Market value of purchased options/swaptions
Other assets
2(a)
14
2(a)
2(d)
2(d)
2(d)
Total assets
Liabilities
Cash owed to bank
Interest payable on contracts for difference
Due to broker
Interest payable on swaps
Dividend payable on contracts for difference
Payable for investments purchased
Payable for Fund shares redeemed
Unrealised depreciation on:
Open Futures exchange traded contracts
Market value of written options/swaptions
Other liabilities
Total liabilities
Total net assets
2(a)
14
2(a)
2(d)
2(d)
2(d)
BlackRock
Emerging
Markets
Allocation
Fund*
* The Fund commenced trading on 15 November 2013.
The notes on pages 150 to 158 form an integral part of these financial statements.

as at 30 November 2013 continued
BlackRock
Euro
Dynamic
Diversified
Growth
Fund
BlackRock
European
Absolute
Return
Fund
BlackRock
European
Constrained
Credit
Strategies
Fund
BlackRock
European
Credit
Strategies
Fund
USD
EUR
EUR
EUR
EUR
65,099,866
(2,644,163)
325,598,271
12,009,817
518,469,712
53,711,382
149,044,124
4,305,061
1,098,179,132
37,460,630
62,455,703
16,592,016
337,608,088
18,335,712
494,987
572,181,094
140,124,764
802,290,000
7,825,795
153,349,185
4,787,334
12,000,107
86,748
1,135,639,762
12,419,021
1,048,311
317,694
5,050
204,113
16,862
870,039
602,615
8,233,629
2,349,393
3,551,528
16,684,201
21,865,081
6,115,948
5,657
47,144
1,670,746
1,140,803
1,611,451
1,605,272
1,036,992
11,503
231,064
18,657,583
410,991
80,394
3,508,309
670,062
82,142,321
362,935,822
1,550,146,544
176,615,680
1,196,902,384
1,849,505
1,399,306
4,834
257,331
338,722
7,788,528
11,878,791
127,961
8,711,986
36,130
2,006,821
426,982
72,835,109
1,562,421
185,904
1,092,325
534,238
10,023,634
15,561,097
164,238
489,345
9,836
2,172,143
1,836,015
24,785
81,978
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
BlackRock
Emerging
Markets Flexi
Dynamic
Bond
Fund**
Note
Assets
Cash at bank
Time Deposits
Due from broker
Dividend receivable on contracts
for difference
Other assets
2(a)
14
2(a)
2(d)
2(d)
2(d)
Total assets
Liabilities
Cash owed to bank
Due to broker
Other liabilities
** The Fund commenced trading on 12 June 2013.
2(a)
14
2(a)
2(d)
2(d)
2(d)

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
EUR
EUR
EUR
EUR
EUR
136,711,957
1,372
50,188,619
2,663,985
169,570,508
1,153,121
3,795,920
67,831
3,254,064
368,198
136,713,329
10,341,452
8,747,898
52,852,604
1,359,414
170,723,629
9,200,317
2,003,553
3,863,751
13,444
3,622,262
14,282
3,787,421
26,061
1,469,954
39,260
6,877
9,528
2,949,774
1,117,236
519,459
20,470,977
2,277
5,945
6,936
32,298
158,907
3,896,656
105,702
1,614,209
1,106
240,752
12,635
9,188
7,061
165,141,678
58,938,474
204,288,558
3,894,605
3,682,839
41,121
5,063,270
410,929
12,319
1,357,197
82,931
69,773
61,599
23,632,895
143,590
38,704
3,928,302
907,272
173,410
289,698
7,284
277,179
26,800
20,564
9,443,622
2,429,492
24,585,655
26,800
59,268
155,698,056
56,508,982
179,702,903
3,867,805
3,623,571
Note
Assets
Cash at bank
Time Deposits
Due from broker
for difference
Other assets
2(a)
14
2(a)
2(d)
2(d)
2(d)
Total assets
Liabilities
Cash owed to bank
Due to broker
Other liabilities
Total liabilities
Total net assets
2(a)
14
2(a)
2(d)
2(d)
2(d)

Note
Assets
Cash at bank
Time Deposits
Due from broker
for difference
Other assets
2(a)
14
2(a)
2(d)
2(d)
2(d)
Total assets
Liabilities
Cash owed to bank
Due to broker
Other liabilities
2(a)
14
2(a)
2(d)
2(d)
2(d)
Total liabilities
Total net assets
* Includes To be Announced (TBA), see Notes 2(a), for further details.
10
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
EUR
EUR
EUR
USD
USD
7,304,054
678,954
12,175,964
624,397
188,093,902
(522,224)
141,388,518
6,040,244
11,217,874
(2,009,602)
7,983,008
17,390
12,800,361
43,197
187,571,678
10,731,723
8,500,006
2,449,644
147,428,762
2,361,268
9,208,272
12,083
2,342
13,459
153,086
985,966
23,035,654*
224,972
48,178
1,326,048
16,190
13,459
11,335
14,877
200,369
8,007
35
239,706
8,026,158
13,024,980
233,708,019
151,164,256
9,477,662
11
172,045
23
594,992
299,873
350
342
47,259
34,536
45,219
51,760
167,933
359,186
440,047
230,377
4,599,323
71,124
34,547
217,287
46,222,452
5,194,315
418,948
7,991,611
12,807,693
187,485,567
145,969,941
9,058,714
195,496
44,777,653*

Currency
30 November 2013
31 May 2013
31 May 2012
31 May 2011
USD
186,153,804
235,107,890
6,805,522
AUD
USD
EUR
SEK
GBP
EUR
USD
121.14
110.13
109.65
111.20
107.10
109.94
112.73
112.33
107.13
106.99
107.71
112.20
106.90
107.98
105.15
105.07
105.06
108.44
104.81
USD
38,288,058
46,420,675
9,075,074
AUD
USD
GBP
USD
USD
USD
130.48
119.14
118.75
119.95
118.28
104.62
117.45
112.54
112.13
113.06
111.94
90.70
90.73
90.77
90.59
USD
17,624,084
13,023,136
USD
EUR
USD
EUR
GBP
EUR
USD
101.62
100.02
106.54
105.96
101.48
106.71
109.30
103.90
103.47
104.03
105.32
USD
49,694,658
USD
USD
USD
USD
USD
USD
99.39
99.35
99.42
99.36
99.43
99.46
USD
80,106,912
USD
USD
EUR
GBP
USD
EUR
USD
98.92
99.61
100.20
83.33
99.10
99.78
101.26
EUR
359,905,119
160,499,726
66,828,783
17,761,370
EUR
SEK
EUR
EUR
EUR
SEK
EUR
109.42
111.87
111.14
108.49
112.08
112.70
113.50
107.83
109.75
109.20
107.20
109.99
110.11
111.03
99.03
99.54
99.69
98.91
100.17
100.46
102.16
102.22
102.45

Total net assets
Net asset value per:
A Class non-distributing share
A Class non-distributing share EUR hedged
A Class non-distributing share SEK hedged
A Class UK reporting non-distributing fund share
D Class UK reporting non-distributing fund share EUR hedged1
X Class non-distributing share

Total net assets
A Class UK reporting non-distributing fund share GBP hedged
D Class non-distributing share
E Class non-distributing share

Total net assets
D Class non-distributing share EUR hedged
D Class UK reporting distributing fund share GBP hedged
I Class non-distributing share EUR hedged
BlackRock Emerging Markets Allocation Fund*

Total net assets
C Class non-distributing share
I Class non-distributing share
BlackRock Emerging Markets Flexi Dynamic Bond Fund**

Total net assets
D Class UK reporting distributing fund share
E Class non-distributing share EUR hedged

Total net assets
I Class non-distributing share SEK hedged
1 Class name changed, see Note 1, for further details.
11

Currency
30 November 2013
31 May 2013
31 May 2012
31 May 2011
EUR
1,504,298,441
1,203,613,796
418,453,107
119,692,214
EUR
EUR
SEK
EUR
EUR
CHF
GBP
EUR
EUR
123.20
123.21
125.28
123.48
125.45
124.95
126.13
121.12
125.89
121.18
121.18
122.63
121.21
123.14
122.78
123.60
119.37
123.43
118.76
118.77
120.20
120.08
117.46
120.22
106.46
106.46
107.32
105.71
EUR
164,904,041
131,882,229
65,665,525
EUR
111.31
109.45
103.44
EUR
1,104,103,861
766,717,402
473,259,688
145,400,755
EUR
CHF
USD
GBP
EUR
GBP
USD
EUR
EUR
GBP
USD
EUR
GBP
113.79
113.46
113.91
114.50
114.96
116.00
115.27
102.91
114.19
95.09
114.47
122.74
111.25
111.12
111.33
111.79
112.11
112.91
112.29
100.30
111.57
95.36
111.72
118.32
104.64
104.42
104.65
104.87
105.14
104.74
107.81
105.57
102.35
102.40
102.41
103.45
EUR
155,698,056
147,192,059
225,899,516
674,914,313
AUD
EUR
CHF
SEK
GBP
USD
EUR
GBP
EUR
EUR
GBP
EUR
176.47
121.00
119.11
123.89
121.59
119.38
119.97
123.14
118.58
123.33
135.06
147.17
109.95
108.15
111.86
110.55
108.43
109.84
111.69
108.28
112.03
120.24
99.92
98.56
100.49
100.06
97.94
100.74
100.63
98.90
101.02
101.07
107.35
113.99
113.39
112.89
113.97
111.39
114.34
113.99
113.39
114.33
114.22
120.27
EUR
1,000,951
22,780,307
9,921,579
EUR
EUR
GBP
EUR
EUR
112.26
113.03
113.57
110.75
114.57
104.30
104.22
104.34
103.44
106.01
99.79
99.69
100.76

Total net assets
A Class distributing share
D Class distributing share
D Class non-distributing share CHF hedged
D Class UK reporting non-distributing fund share GBP hedged

Total net assets

Total net assets
H Class non-distributing share
H Class non-distributing share CHF hedged
H Class non-distributing share USD hedged
H Class UK reporting non-distributing fund share GBP hedged
I Class UK reporting non-distributing fund share1
I Class UK reporting non-distributing fund share GBP hedged
I Class UK reporting non-distributing fund share USD hedged1
T Class non-distributing share
U Class non-distributing share
U Class UK reporting non-distributing fund share
U Class UK reporting non-distributing fund share USD hedged1
X Class UK reporting non-distributing fund share GBP hedged

Total net assets
A Class non-distributing share CHF hedged
D Class non-distributing share USD hedged
D Class UK reporting non-distributing fund share
BlackRock European Opportunities Absolute Return Fund***

Total net assets
1 Class name changed, see Note 1, for further details.
*** The Fund was liquidated on 17 July 2013.
12

Currency
30 November 2013
31 May 2013
31 May 2012
31 May 2011
EUR
56,508,982
11,081,561
10,575,753
34,621,130
EUR
GBP
EUR
GBP
EUR
169.58
139.70
170.71
140.26
166.48
139.23
117.84
139.94
118.07
136.98
101.37
80.44
101.47
100.16
108.88
94.19
107.95
EUR
179,702,903
113,006,228
67,454,855
60,297,267
EUR
EUR
EUR
EUR
EUR
111.66
113.45
109.60
112.77
115.32
110.04
111.57
108.28
110.81
112.96
103.12
104.12
101.99
103.25
104.60
103.19
103.81
102.60
103.50
EUR
3,867,805
2,923,530
1,309,304
1,013,909
EUR
EUR
EUR
11.06
10.88
10.80
11.12
10.97
10.90
10.34
10.24
10.20
10.17
10.14
10.12
EUR
3,623,571
2,848,575
1,718,713
962,404
EUR
EUR
EUR
11.82
11.64
11.55
11.31
11.16
11.08
9.60
9.52
9.48
10.55
10.52
10.50
EUR
7,991,611
6,633,192
3,962,973
2,361,887
EUR
EUR
EUR
11.67
11.49
11.41
11.35
11.20
11.14
9.91
9.83
9.80
10.46
10.43
10.42
EUR
12,807,693
9,895,030
5,183,611
1,924,160
EUR
EUR
EUR
11.47
11.30
11.21
11.35
11.20
11.13
10.23
10.15
10.11
10.31
10.29
10.27
EUR
187,485,567
111,704,772
50,002,078
EUR
SEK
USD
EUR
EUR
EUR
103.22
1,010.53
100.30
103.86
102.53
105.43
103.47
1,008.37
103.84
103.04
105.05
99.99
100.00
USD
145,969,941
169,714,453
173,326,906
240,378,746
EUR
USD
GBP
USD
EUR
USD
GBP
84.03
117.81
69.02
109.84
87.00
117.84
69.58
97.33
130.57
82.49
122.32
100.42
130.56
82.76
90.57
115.57
71.97
109.18
115.57
106.32
157.85
92.17
150.65

Total net assets
A Class UK reporting distributing fund share

Total net assets

Total net assets
K Class non-distributing share
L Class non-distributing share
M Class non-distributing share

Total net assets

Total net assets

Total net assets

Total net assets
A Class non-distributing share USD hedged

Total net assets
A Class UK reporting non-distributing fund share
C Class non-distributing share
13

Currency
30 November 2013
31 May 2013
31 May 2012
31 May 2011
USD
9,058,714
10,317,581
10,445,632
GBP
USD
73.51
76.84
85.63
83.16
99.48

Total net assets
14

for the period ended 30 November 2013
BlackRock
Strategic
Funds
Combined
Note
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
Bond
Fund**
USD
USD
USD
USD
USD
USD
4,035,235,332
235,107,890
46,420,675
13,023,136
205,875
39,886,934
307,285
4,304,855
2,565,786
40
51,280
103,169
610,227
13,144
1,272,055
35,883
1,147
37,638
38,107
1,293,308
271,210
47,270,775
764,676
1,285,199
35,883
76,892
1,564,518
348,286
7,382,476
10,819,195
1,002,155
4,434,919
476,867
861,935
831,337
19,780,174
393,033
25,078,705
(93,985)
2,278,883
10,142
119,577
2,569
125,905
20,490
352,638
319,541
251,141
62,449
997
48,865
9,450
91,456
156
307,891
12,477
98,535
14,961
7,256
30,654
2,783
54,343
47,308
4,791
38
1,879
4,051
3
28,745
(644)
18,168
37,780
11,330
9,886
13,940
24
241,610
71,315,097
3,229,745
772,405
268,317
38,863
332,738
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)

Net gain/(loss) realised on:
Investments
Futures exchange traded contracts
Foreign currencies and forward foreign
exchange transactions
Swap transactions
Options contracts
(23,949,940)
(2,465,069)
512,794
(228,700)
38,029
1,231,780
2(a)
2(d)
2(d)
76,415,806
23,531,836
(23,824,859)
63,802
(10,249,985)
759,364
(436)
1,173,788
(12,378)
(68,106)
743,982
(3,077)
137
(89,672)
(19,018)
98,417
(201,351)
2(d)
2(d)
2(d)
(23,102,784)
8,692,162
(6,009,496)
1,003,791
(1,333)
115,391
(1,657)
1,028,278
137,692
(68,692)
55,702,665
(8,423,028)
1,159,641
788,190
(110,210)
994,344
46,391,221
300,120
42,319,415
(19,758,208)
16,039,410
(15,042,967)
(1,445,800)
(17,817)
19,435,579
212,120
1,085,782
151,036
(5,014)
602,353
18,708
252
560,794
768
(561,609)
(7,260)
(69,187)
(104,409)
(1,349)
(153,911)
26,508
(2,644,163)
(17,374)
5,657
47,144
96,680
68,803,191
20,866,700
616,299
(76,494)
(233,161)
(2,512,056)
Net assets at the beginning of the period(1)

Income
Bank interest
Bond interest
Swap interest
Dividends
Contracts for difference dividends
Other income
Total income
Expenses
Bank interest
Contracts for difference interest
Swap interest
Administration fees
Custodian and depositary fees
Custodian transaction fees
Luxembourg tax
Performance fees
Distribution fees
Management fees
Less Management fee rebate
2(d)
2(c)
2(d)
2(d)
5
6
6
8
7
4
4
4
Total expenses before reimbursement

Reimbursement of expenses
Net realised gain/(loss) for the period

Net change in unrealised appreciation/
(depreciation) on:
Investments
Foreign currencies
Open futures exchange traded contracts
Forward foreign exchange transactions
Swap transactions
Options contracts
(depreciation) for the period
Increase/(Decrease) in net assets as a result
ofoperations
2(a)
2(d)
2(d)
2(d)
2(d)
2(d)
100,555,916
9,978,603
2,288,734
482,996
(305,342)
(285,932)
Movements in share capital

Net receipts as a result of issue of shares
Net payments as a result of repurchase of shares
2,454,004,671
(1,072,243,362)
24,000,784
(82,933,473)
81,314
(10,502,665)
4,746,336
(628,384)
50,000,000
87,219,927
(6,827,083)

ofmovements 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

Net assets at the end of the period
97,354,203
5,614,906,760
186,153,804
38,288,058
17,624,084
49,694,658
80,106,912

(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.
15

for the period ended 30 November 2013 continued
BlackRock
Euro
Dynamic
Diversified
Growth
Fund
Note
BlackRock
European
Absolute
Return
Fund
BlackRock
European
Constrained
Credit
Strategies
Fund
BlackRock
European
Credit
Strategies
Fund
BlackRock
European
Diversified
Equity
Absolute
Return
Fund
EUR
EUR
EUR
EUR
EUR
160,499,726
1,203,613,796
131,882,229
766,717,402
147,192,059
8,372
168,542
27,040
303,780
20,359
1,854,693
15,216
2,753,779
6,517
54,229
22,972,662
59,860
1,394
96,406
4,618
410,156
507,734
1,875,052
2,775,512
23,086,751
512,574
124,963
19,904
8,070
27,236
202
677,872
(11,797)
1,816,706
677,339
2,094,585
142,186
57,980
360,504
5,056,748
229,105
9,537,551
1,137,937
35,741
10,752
44,178
8,630
594,655
714,828
6,865,832
321,266
52,692
63,380
76,038
5,828,704
4,520,159
2,008,865
217,330
1,987
97,380
37,747
2,351,313
24,347
971,051
846,450
19,972,704
2,546,721
17,728,071
5,710,020
846,450
19,972,704
2,546,721
17,728,071
5,710,020

Investments
Swap transactions
Options contracts
(338,716)
(18,097,652)
228,791
5,358,680
(5,197,446)
2(a)
2(d)
2(d)
(126,782)
781,443
31,295,296
6,271,646
(17,837,810)
2,588,681
134,417
16,821,195
(76,429)
18,735
17,432,153
2(d)
2(d)
2(d)
67,920
220,803
658,814
(1,430,298)
(620,140)
404,107
(613,399)
(7,105,697)
4,681,546
(4,375,494)
(645,282)
1,602,198
18,298,834
1,893,666
9,945,121
16,805,606
3,167,030
21,612
512,214
1,340,460
1,405,485
(474,334)
17,974,135
2,696
15,414,375
(12,111,496)
445,833
1,748,606
16,719
(349,112)
713,073
(1,782,390)
(95,166)
19,846,982
(20,596)
(2,730,621)
7,255,304
(10,696,631)
(877,202)
9,560
25,651
558,360
376,927

5,972,467
21,725,543
251,730
12,777,236
970,498

of operations

Income
Bank interest
Bond interest
Swap interest
Dividends
Other income
Total income
Expenses
Bank interest
Swap interest
Administration fees
Luxembourg tax
Performance fees
Distribution fees
Management fees
2(d)
2(c)
2(d)
2(d)
5
6
6
8
7
4
4
4


(depreciation) on:
Investments
Foreign currencies
Swap transactions
Options contracts
2(a)
2(d)
2(d)
2(d)
2(d)
2(d)
7,235,949
21,926,725
2,374,187
28,081,037
12,578,658

196,787,405
(4,617,961)
754,291,338
(475,533,418)
32,149,360
(1,501,735)
430,131,419
(120,825,997)
74,047,792
(78,120,453)

of movements in share capital
192,169,444
278,757,920
30,647,625
309,305,422
(4,072,661)

359,905,119
1,504,298,441
164,904,041
1,104,103,861
155,698,056
(1)
16
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
European
Opportunities
Absolute
Return
Fund***
Note
Income
Bank interest
Bond interest
Swap interest
Dividends
Other income
Total income
Expenses
Bank interest
Swap interest
Administration fees
Luxembourg tax
Performance fees
Distribution fees
Management fees
BlackRock
European
Opportunities
Extension
Fund
BlackRock
Fixed
Income
Strategies
Fund
BlackRock
Fund of
iShares
Conservative
BlackRock
Fund of
iShares
Dynamic
EUR
EUR
EUR
EUR
EUR
1,000,951
11,081,561
113,006,228
2,923,530
2,848,575
10,188
30
79,595
63,435
1,559,772
403
35,079
28,997
10,218
143,030
1,560,175
35,079
28,997
943
260
470
10,430
171
1,181
41,818
26,328
745
36,511
6,905
578,332
11,857
128,550
7,086
50,330
65,802
10,742
65,900
18,634
11,352
164,680
1,753
4,436
8,580
935
339
10,517
(5,238)
1,543
4,288
4,448
848
2,139
9,257
(6,887)
13,455
831,046
394,526
21,322
15,636
2(d)
2(c)
2(d)
2(d)
5
6
6
8
7
4
4
4

9,061
27,131
10,737
6,712
4,394
803,915
394,526
10,585
8,924

Investments
Swap transactions
Options contracts
5,824
(660,885)
1,165,649
24,494
20,073
2(a)
2(d)
2(d)
23,654
1,121,878
246,769
1,268,462
(104,339)
6,150
11,013
2(d)
2(d)
2(d)
22,317
57,469
(448,120)
(181,158)
9
(50)
(211)
45,971
1,426,116
534,854
6,100
10,802
(1,338)
(31,660)
(20,611)
1,876,760
(1,363)
1,169,476
133,396
272,808
32,875
(243,009)
500,759
195,319
2,475
(33,171)
10
121,772
31
(53,609)
3,178,269
761,227
(33,161)
121,803
(1,814)
3,943,500
2,461,730
(2,567)
152,678
5,156
(1,004,293)
51,520,570
(10,036,649)
68,361,961
(4,127,016)
1,251,889
(305,047)
1,306,581
(684,263)
(999,137)
41,483,921
64,234,945
946,842
622,318
56,508,982
179,702,903
3,867,805
3,623,571

(depreciation) on:
Investments
Foreign currencies
Swap transactions
Options contracts
2(a)
2(d)
2(d)
2(d)
2(d)
2(d)

of operations

(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
17

BlackRock
Fund of
iShares
Growth
Note
Income
Bank interest
Bond interest
Swap interest
Dividends
Other income
Total income
Expenses
Bank interest
Swap interest
Administration fees
Luxembourg tax
Performance fees
Distribution fees
Management fees
2(d)
2(c)
2(d)
2(d)
5
6
6
8
7
4
4
4

BlackRock
Fund of
iShares
Moderate
BlackRock
Global
Absolute
Return
Bond
Fund
BlackRock
Latin
American
Opportunities
Fund
BlackRock
Mining
Opportunities
Fund
EUR
EUR
EUR
USD
USD
6,633,192
9,895,030
111,704,772
169,714,453
10,317,581
31
72,675
118,796
5,738
1,215,391
11,741
42,491
767,200
1,177
20,478
79,836
72,706
118,796
1,221,129
821,432
101,491
3,635
4,954
7,448
1,848
1,154
21,811
(15,352)
5,536
5,066
8,762
2,857
328
33,216
(21,026)
48,193
60,566
972
47,613
14,655
369
119,466
(9,666)
232,604
103,782
10,840
35,566
58,069
17,491
1,524,818
14,814
5,110
19,324
2,194
49,379
25,498
34,739
282,168
1,983,170
90,821
7,676
6,631
17,822
28,108
282,168
1,983,170
90,821

Investments
Swap transactions
Options contracts
54,884
90,688
938,961
(1,161,738)
10,670
2(a)
2(d)
2(d)
30,233
21,374
17,975
(1,148,489)
6,807,033
(1,289,930)
(29,651)
2(d)
2(d)
2(d)
(355)
(361)
(492,023)
1,286,984
(123,094)
(11,008,551)
(104,424)
29,878
21,013
(458,647)
(4,201,518)
(1,424,005)
153,268
51
53,219
54
(610,395)
145,003
(80,129)
480,100
(583,503)
360,502
(11,317,086)
14,489
444,943
8,213
170,270
35

153,319
53,273
(288,422)
(11,302,597)
623,461

of operations
238,081
164,974
191,892
(16,665,853)
(789,874)

1,630,256
(509,918)
3,051,328
(303,639)
77,059,456
(1,470,553)
31,200,791
(38,279,450)
31,007
(500,000)

1,120,338
2,747,689
75,588,903
(7,078,659)
(468,993)

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

(depreciation) on:
Investments
Foreign currencies
Swap transactions
Options contracts
(1)
18
2(a)
2(d)
2(d)
2(d)
2(d)
2(d)
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

Shares outstanding
at the beginning of
the period
Shares
issued
Shares
repurchased
Shares outstanding
at the end of
the period
49
7,747
621
785,353
6,259
263,631
1,701,980
25,382
153
14,025
118,765
4,186
57,175
75,042
835
2,538
444
39,159
699,805
24,596
5,362
14,202
904,118
10,445
281,647
1,077,217
166,870
204,292
32
40,876
548
602
57
50
66,145
25,725
100,725
204,894
32
15,151
605
50
64,981
7,579
38
49,840
10,584
37
8,063
19,850
32
161
4,396
10,423
37
73,044
23,033
32
38
49,840
499,750
50
50
50
50
50
499,750
50
50
50
50
50
350,101
50
35,899
37
252
39
467,903
35,860
19,250
350,101
50
39
37
252
39
448,653
89,399
1,265,931
217,214
301
779,122
329,073
189,863
45,954
1,227,783
43,142
2,394
626,508
234,389
907,430
4,347
209,875
1,382
29
12,744
131,006
2,283,839
258,974
2,666
1,392,886
563,462
1,097,293
185,603
4,702,550
12,994
94,725
3,549,507
68,737
115,604
499,576
642,945
66,301
3,206,598
5,011
16,735
1,747,384
68,743
19,510
531,751
462,361
37,001
1,708,087
1,408
14,792
1,834,777
5,377
27,489
213,246
5,170
214,903
6,201,061
16,597
96,668
3,462,114
132,103
107,625
818,081
1,100,136

A Class non-distributing share AUD
A Class non-distributing share USD
A Class UK reporting non-distributing fund share GBP
D Class UK reporting non-distributing fund share EUR hedged
X Class non-distributing share USD

D Class non-distributing share USD
E Class non-distributing share USD

I Class non-distributing share EUR hedged
BlackRock Emerging Markets Allocation Fund*

C Class non-distributing share USD
I Class non-distributing share USD
BlackRock Emerging Markets Flexi Dynamic Bond Fund**

D Class UK reporting distributing fund share GBP

A Class non-distributing share EUR
D Class non-distributing share EUR
E Class non-distributing share EUR
I Class non-distributing share EUR
I Class non-distributing share SEK hedged
X Class non-distributing share EUR

A Class distributing share EUR
D Class distributing share EUR
19

Shares outstanding
at the beginning of
the period
Shares
issued
Shares
repurchased
Shares outstanding
at the end of
the period
1,204,983
290,119
13,580
1,481,522
504,066
7,150
94,894
16,488
2,873,160
1,038,394
850,338
457,421
533
36
46
1,022,586
441,538
34,457
158,857
37,942
2,206,083
534,186
329,128
60,934
523
43,758
214,722
847
6,860
291
644,586
36,208
211,667
1,308
730,882
40,760
246,891
54,139
4,434,657
1,536,372
967,799
457,421
60,159
559
43,804
1,022,586
35,927
115,031
1,490
2,772,237
7,746
23,858
569,512
46,784
93,871
112,205
92
189
215,692
1,984,376
4,064
1,609
175,337
10,606
239
2,589
19,027
101,173
2,011,447
362
3,633
307,583
5,550
12,561
17,089
229,550
1,490
2,745,166
11,448
21,834
437,266
51,840
81,549
114,794
92
2,621
2,018
1,158
2,934
46
2,667
2,018
1,158
2,934
62,317
3,668
35
33
13,799
185,428
2,680
57,052
120
75,749
58,656
2,037
5,721
189,089
6,348
55,050
153
83,827
54,822
235,149
16,579
37
698,840
260,346
112,090
152,236
88,351
15,172
18,485
3,395
299,996
328,754
165,420
37
787,191
253,634
7,536
1,784
111,257
3,257
280
27,925
35
336,966
10,758
2,064
179,456
58,504
15,074
109,585
3,023
500
7,517
50,169
1,509
281,524
11,358
14,065


H Class non-distributing share EUR
I Class UK reporting non-distributing fund share EUR1
I Class UK reporting non-distributing fund share USD hedged1
T Class non-distributing share EUR
U Class non-distributing share EUR
U Class UK reporting non-distributing fund share GBP

D Class UK reporting non-distributing fund share EUR
BlackRock European Opportunities Absolute Return Fund***


A Class UK reporting distributing fund share GBP


K Class non-distributing share EUR
L Class non-distributing share EUR
M Class non-distributing share EUR

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

20

Shares outstanding
at the beginning of
the period
Shares
issued
Shares
repurchased
Shares outstanding
at the end of
the period
547,189
23,492
14,435
140,032
4,811
448
35,322
5,773
4,080
651,899
22,530
10,803
861,605
6,745
3,946
270,867
857
109
26,069
46
1,109
1,106,403
7,556
2,946
230
59,301
260,349
939
738,527
66,789
23,059
50
13,670
1,055
627,250
139
11,933
497
240
66,880
70,427
50
273,522
1,754
1,365,777
129,140
790,784
326,906
37,553
40
18,588
42
4,040
74,862
105,154
2,521
73,667
37,011
239,593
739
10,199
26,631
96,169
626,053
431,321
27,354
2,561
65,624
42
35
124,022
8
387
6,592
43
117,817




D Class UK reporting non-distributing fund share GBP

D Class UK reporting non-distributing fund share USD
21
BlackRock Americas Diversified Equity Absolute

Return Fund
Portfolio of Investments as at 30 November 2013
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)
BONDS

Holding
Province of Ontario Canada

1.375% 27/1/2014
USD 3,000,000
USD 9,000,000
USD 1,000,000
USD 2,800,000
USD 6,500,000
USD 4,900,000
USD 4,300,000
USD 3,000,000
USD 500,000
USD 8,500,000
USD 2,000,000
USD 3,000,000
USD 10,500,000
USD 10,000,000
USD 2,500,000
USD 8,700,000
USD 2,200,000
6,377,145
3.43
6,377,145
3.43
0.54
USD 3,000,000
4.83
USD 1,070,000
USD 6,500,000
USD 4,100,000
USD 2,820,000
USD 2,000,000
Total Certificates of Deposit
22
USD 4,000,000
USD 4,000,000
0.54
3.49
USD 1,615,000
USD 1,000,000
USD 5,000,000
USD 6,000,000
2.63
USD 4,000,000
2.31
USD 3,000,000
1.61
0.27
USD 3,200,000
USD 2,300,000
USD 2,500,000
4.57
USD 2,000,000
1.51
Antalis US Funding Corp 0.01%

3/2/2014
Atlantic Asset Secritization LLC
0% 18/12/2013
Bedford Row Funding Corp 0.10%
17/3/2014
BPCE SA 0.01% 3/2/2014
Cancara Asset Securitisation LLC
0.01% 19/12/2013
Gotham Funding Corp 0.01%
20/12/2013
ING (US) Funding LLC 0% 9/12/2013
Liberty Street Funding LLC 0.01%
11/2/2014
Lloyds Bank Plc 0% 27/1/2014
LMA Americas LLC 0% 2/12/2013
Matchpoint Master 0% 27/2/2014
Metlife Short Term Fund 0%
11/12/2013
Mont Blanc Capital Corp 0.01%
10/3/2014
Nieuw Amsterdam Receivables
Corp 0% 16/1/2014
Nordea Bank AB 0.01% 10/1/2014
Nordea Bank AB 0% 18/2/2014
Rabobank USA Financial Corp
0.01% 27/6/2014
Regency Markets No.1 LLC 0.01%
16/12/2013
1.08
1.61
5.64
5.37
Total Commercial Paper
4,098,297
2.20
1,999,860
1.07
2,997,325
4,098,371
1.61
2.20
999,926
0.54
2,999,700
3,999,820
1.61
2.15
3,998,621
1,614,428
999,989
4,995,426
2.15
0.87
0.54
2.68
5,999,789
3.22
3,997,445
2.15
2,999,334
3,199,144
2,298,748
1.61
1.72
1.24
2,496,081
1.34
1,999,876
1.07
55,792,180
29.97
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
167,543,664
90.00
1.35
Other Net Assets
4.70
1.18
83,476,653
44.84
89,853,798
48.27
2,900,171
1.56
2,505,788
1,070,071
6,501,059
4,100,128
1.35
0.57
3.49
2.20
2,820,064
1.52
United States
USD 2,500,000
USD 4,100,000
USD 1,000,000
1.61
CERTIFICATES OF DEPOSIT
Bank of Tokyo-Mitsubishi UFJ Ltd/
The 0.21% 28/2/2014
Bank of Tokyo-Mitsubishi UFJ Ltd/
The 0% 7/3/2014
Mizuho Bank Ltd 0% 5/12/2013
Mizuho Bank Ltd 0.21% 12/12/2013
Norinchukin Bank 0% 4/12/2013
Oversea Chinese Banking Corp Ltd
0% 2/12/2013
Sumitomo Mitsui Banking Corp
0.21% 12/2/2014
EUR 2,000,000
USD 3,000,000
Fannie Mae Discount Notes 0.00%

21/1/2014 (Zero Coupon)
999,955
2,999,850
Federal Home Loan Bank Discount
Notes 0.00% 9/5/2014
(Zero Coupon)
8,996,760
Federal Home Loan Banks 0.12%
30/1/2014
1,000,110
Federal Home Loan Mortgage Corp
1.00% 20/8/2014
2,817,394
Freddie Mac Discount Notes 0.00%
6,499,389
4,898,760
United States Treasury Bill 0.00%
4,299,824
2,999,973
499,964
8,499,192
1,999,260
2,998,767
United States Treasury Note 0.25%
31/1/2014
10,503,486
28/2/2014
10,003,710
28/2/2014
2,511,182
31/3/2014
8,747,746
30/4/2014
2,201,331
Total Bonds
USD 2,900,000
United States
USD 4,100,000
United States
USD 1,000,000
Market Value
(USD)
COMMERCIAL PAPER
Canada
USD 6,365,000
Description
2,000,405
1.07
21,897,686
11.76
21,897,686
11.76
Total Net Assets (USD)
18,610,140
10.00
186,153,804
100.00

Return Fund continued
Contracts For Difference as at 30 November 2013
Holding
Description
Unrealised
appreciation/
Market Value (depreciation)
USD
USD
Holding
Brazil continued
Bermuda
(705) Nordic American Tankers Ltd
(5,760)
(61)
(5,760)
(61)
Brazil
(46,300)
22,300
13,100
(119,100)
(339,300)
(17,000)
(148,400)
(114,800)
(28,398)
26,900
(63,300)
53,500
(6,930)
25,800
40,400
81,500
11,700
(28,900)
(53,400)
123,600
(66,700)
(137,500)
65,800
(145,300)
63,800
(25,600)
(137,300)
(68,200)
12,000
(4,400)
(4,800)
53,300
(2,700)
746
(9,900)
(27,500)
(99,900)
(38,900)
38,800
47,000
5,400
116,500
(2,300)
258,400
118,900
(177,700)
(181,500)
(73,800)
(405,700)
(110,500)
131,500
141,200
Abril Educacao SA
AES Tiete SA
Agrenco Ltd
Aliansce Shopping Centers SA
ALL - America Latina Logistica SA
Alpargatas SA (Pref)
AMBEV SA
Anhanguera Educacional
Participacoes SA
Arteris SA
Autometal SA
B2W Cia Digital
Banco Bradesco SA (Pref)
Banco Bradesco SA (Pref)
Banco Daycoval SA (Pref)
Banco do Brasil SA
Banco do Estado do Rio Grande
do Sul SA 'B' (Pref)
Banco Industrial e Comercial SA (Pref)
Banco Panamericano SA (Pref)
Banco Santander Brasil
SA/Brazil (Unit)
BM&FBovespa SA
BR Malls Participacoes SA
BR Properties SA
Bradespar SA
Brasil Brokers Participacoes SA
Braskem SA
BRF SA
CCR SA
CETIP SA - Mercados Organizados
Cia Brasileira de Distribuicao
Grupo Pao de Acucar
Cia de Gas de Sao Paulo 'A' (Pref)
Cia de Locacao das Americas
Cia de Saneamento Basico do Estado
de Sao Paulo
Cia de Saneamento de Minas
Gerais-COPASA
Cia Energetica de Minas Gerais
GER (Pref)
Cia Ferro Ligas da Bahia - Ferbasa
Cia Hering
Cia Siderurgica Nacional SA
Cielo SA
Contax Participacoes SA (Pref)
Cosan SA Industria e Comercio
Cremer SA
Cyrela Brazil Realty SA
Empreendimentos e Participacoes
Cyrela Commercial Properties SA
Empreendimentos e Participacoes
Diagnosticos da America SA
Direcional Engenharia SA
Duratex SA
EcoRodovias Infraestrutura
e Logistica SA
Embraer SA
Eneva SA
Equatorial Energia SA
Estacio Participacoes SA
Eternit SA
Description
Unrealised
appreciation/
USD
USD
(676,960)
188,394
900
(1,007,199)
(1,128,815)
(109,101)
(1,111,009)
38,743
(19,983)
(1,534)
147,360
383,233
2,044
21,927
(758,434)
(232,109)
202,313
(388,305)
290,294
(91,835)
100,010
442,935
1,091
7,094
(24,716)
(146,557)
(32,105)
(30,997)
(24,217)
30,749
475,460
37,468
(57,564)
(94,149)
6,240
15,790
(341,329)
619,194
(550,894)
(1,141,554)
707,290
(356,779)
564,190
(560,464)
(1,079,186)
(744,213)
35,114
(124,201)
316,941
228,475
(73,080)
86,679
(2,637)
13,849
160,670
1,864
563,451
(112,932)
(15,722)
(29,590)
3,211
8,169
557,825
(14,605)
(44,287)
(1,356)
6,222
(58,010)
(361,945)
(516,761)
(1,120,160)
55,464
867,165
37,090
(529)
1,585
240,998
(70,959)
50,246
(13,938)
(27,217)
705
785,169
(39,152)
(20,240)
1,310,025
634,440
(1,032,102)
7,980
(95,502)
(84,520)
(27,560)
(1,133,645)
(572,152)
(513,765)
(1,130,852)
1,135,207
542,494
146,601
13,991
160,360
(60,700)
128,119
(73,168)
330,300
83,400
(1,600)
(17,800)
(600)
72,300
68,300
26,800
(53,500)
(139,660)
20,600
21,700
26,000
(35,900)
42,000
18,000
172,612
314,500
(72,400)
2,300
106,100
38,000
(12)
(100)
(2,655)
3,100
(500)
(9,500)
40,200
(222,000)
56,900
(194,700)
13,600
(16,600)
141,800
(18,114)
(9,500)
(266,200)
157,100
380,900
(1,161,000)
19,300
60,000
(400)
39,500
122,100
(7,500)
216,800
(67,500)
(15,018)
(25,000)
57,500
20,200
1,400
19,200
(39,200)
8,800
4,900
Even Construtora e Incorporadora SA

Ez Tec Empreendimentos
e Participacoes SA
Fertilizantes Heringer SA
Fibria Celulose SA
General Shopping Brasil SA
Gerdau SA
GP Investments Ltd BDR
Grendene SA
Grupo BTG Pactual (Unit)
Helbor Empreendimentos SA
HRT Participacoes em Petroleo SA
Hypermarcas SA
Iguatemi Empresa de Shopping
Centers SA
International Meal Co Holdings SA
Iochpe-Maxion SA
Itau Unibanco Holding SA (Pref)
Itausa - Investimentos Itau SA
JBS SA
JHSF Participacoes SA
JSL SA
Klabin SA (Pref)
Laep Investments Ltd BDR
Latam Airlines Group SA
Latam Airlines Group SA BDR
Localiza Rent a Car SA
Lojas Americanas SA (Pref)
LPS Brasil Consultoria de Imoveis SA
Lupatech SA
Magazine Luiza SA
Magnesita Refratarios SA
Mahle-Metal Leve SA Industria
e Comercio
Marcopolo SA
Metalurgica Gerdau SA (Pref)
Mills Estruturas e Servicos
de Engenharia SA
MRV Engenharia e Participacoes SA
Multiplan Empreendimentos
Imobiliarios SA
Natura Cosmeticos SA
Odontoprev SA
Oi SA
Oi SA (Pref)
PDG Realty SA Empreendimentos
e Participacoes
Petroleo Brasileiro SA
Porto Seguro SA
Positivo Informatica SA
Profarma Distribuidora de Produtos
Farmaceuticos SA
QGEP Participacoes SA
Qualicorp SA
Randon Participacoes SA (Pref)
Refinaria De Petroleos (Pref)
Refinaria De Petroleos
de Manguinhos SA
Rossi Residencial SA
Santos Brasil Participacoes SA (Unit)
Saraiva SA Livreiros Editores (Pref)
SLC Agricola SA
Sonae Sierra Brasil SA
Souza Cruz SA
Sul America SA (Unit)
Suzano Papel e Celulose SA 'A' (Pref)
1,137,156
(137,156)
1,106,630
(5,687)
(213,340)
(2,434)
564,558
118,744
209,269
(645,583)
(497,608)
6,544
174,755
(59,387)
304
10,967
159
(25,746)
(27,604)
(47,119)
13,770
105,853
(885)
(6,341)
266,864
(309,762)
464,082
252,518
680,963
1,134,063
(142,966)
15,758
560,219
4,568
(13)
(1,588)
(38,808)
20,973
(3,462)
(2,977)
145,821
(567,032)
(49,196)
73,805
(89,514)
21,350
(12,880)
18,061
95,057
(77)
(55,428)
(2,423)
(13)
(49)
3,912
(1,563)
(155)
222
(9,299)
151,893
679,038
(487,272)
132,877
(43,188)
60,011
(8,688)
(222,188)
565,496
41,817
(13,601)
(399,915)
(174,952)
(1,082,170)
253,572
582,101
45,606
574
59,204
(32,127)
(18,017)
(832,312)
159,653
764,456
(536)
352,887
(3,084)
92,562
172
322,172
529,388
(69,253)
1,116,806
(8,403)
(14,001)
(85,449)
(17,079)
(12,939)
1,794
(193)
(23,181)
479,105
216,871
11,743
159,897
(392,421)
59,158
17,879
632
94
(236,831)
(55,390)
(975)
(32,714)
185,266
(4,203)
(1,748)
23

Holding
Description
Unrealised
appreciation/
USD
USD
Brazil continued
14,200
(17,400)
152,500
(28,600)
2,084
(5,700)
117,800
12,000
(65,800)
5,400
119,200
T4F Entretenimento SA
Technos SA
Tecnisa SA
Tegma Gestao Logistica
Telecomun Brasileiras SA (Pref)
Tereos Internacional SA
Tim Participacoes SA
Totvs SA
Tractebel Energia SA
UNICASA Industria de Moveis SA
Usinas Siderurgicas de Minas
Gerais SA 'A' (Pref)
40,700 Vale SA
28,000 Valid Solucoes e Servicos
de Seguranca em Meios
de Pagamento e Identificacao SA
(379,800) Vanguarda Agro SA
58,100 WEG SA
10,400 Wilson Sons Ltd BDR
(26,802)
(34,700)
(48,794)
(113,337)
50,156
(369,300)
(334,679)
(21,450)
(80,719)
249,336
(34,234)
(38,950)
117,536
63,350
41,200
29,000
(88,469)
74,000
(55,934)
87,534
(194,279)
42,350
153,501
(55,231)
(4,750)
44,579
(129,980)
(1,100)
(29,514)
24
Advantage Oil & Gas Ltd

Aecon Group Inc
AGF Management Ltd 'B'
Agnico Eagle Mines Ltd
Agrium Inc
Aimia Inc
Alacer Gold Corp
Alamos Gold Inc
Algonquin Power & Utilities Corp
Alimentation Couche Tard Inc 'B'
Allied Properties Real Estate
Investment Trust (Reit)
AltaGas Ltd
ARC Resources Ltd
Argonaut Gold Inc
Artis Real Estate Investment
Trust (Reit)
Atco Ltd/Canada 'I'
Athabasca Oil Corp
Atlantic Power Corp
ATS Automation Tooling Systems Inc
AuRico Gold Inc
B2Gold Corp
Bank of Montreal
Bank of Nova Scotia
Bankers Petroleum Ltd
Barrick Gold Corp
Baytex Energy Corp
BCE Inc
Bell Aliant Inc
Bellatrix Exploration Ltd
Birchcliff Energy Ltd
Black Diamond Group Ltd
BlackPearl Resources Inc
Boardwalk Real Estate Investment
Trust (Reit)
Bombardier Inc 'B'
Bonavista Energy Corp
Bonterra Energy Corp
Brookfield Asset Management Inc 'A'
CAE Inc
Calfrac Well Services Ltd
Calloway Real Estate Investment
Trust (Reit)
Description
Canada continued
29,564
(117,046)
580,672
(257,946)
2,568
(6,778)
570,922
189,363
(1,088,899)
14,279
(10,672)
17,947
(62,885)
108,209
(577)
867
(53,247)
(11,264)
39,842
(393)
640,646
568,175
109,884
(56,171)
440,884
(555,964)
794,869
133,488
(4,721)
66,795
20,116
18,326
1,883,115
1,560,015
49,634
2,355,671
(650,776)
(54,499)
(420,829)
892,959
212,625
683,590
(956,390)
2,387,138
10,841
414,365
(183,585)
(2,640)
(1,483)
143,473
(283,492)
15,702
33,039
556,707
(76,493)
(976,069)
(946,871)
(257,345)
4,256
(73,224)
(66,878)
206,930
(1,539,369)
2,292,101
(2,261,875)
(1,224,204)
(266,402)
(306,702)
511,398
(2,393,144)
(2,411,366)
446,592
1,050,844
1,660,851
1,291,021
(2,256,043)
497,297
(391,221)
2,444,830
(438,872)
243,222
948,487
(41,733)
570,439
16,190
323,847
(353,563)
(311,029)
(120,362)
130,625
(189,779)
(162)
51,719
111,576
110,297
27,748
551,465
75,748
2,375,683
699,315
(710,486)
(241,002)
1,736,811
(1,471,796)
(32,990)
(15,499)
118,618
31,407
(10,388)
86,525
(179,800)
483
(706,885)
55,258
Canada
12,385
165,053
(48,014)
(2,000)
(4,650)
50,226
109,735
53,973
(148,803)
32,396
(2,504)
Holding
Unrealised
appreciation/
USD
USD
(116,772) Cameco Corp

12,650 Canaccord Genuity Group Inc
(10,987) Canadian Apartment Properties
REIT (Reit)
11,700 Canadian Imperial Bank
of Commerce/Canada
(21,413) Canadian National Railway Co
(7,150) Canadian Natural Resources Ltd
(31,069) Canadian Oil Sands Ltd
(15,548) Canadian Pacific Railway Ltd
39,117 Canadian Real Estate Investment
Trust (Reit)
24,650 Canadian Tire Corp Ltd 'A'
68,464 Canadian Utilities Ltd 'A'
(40,042) Canadian Western Bank
(237,121) Canexus Corp
(42,063) Canfor Corp
(33,638) Capital Power Corp
102,080 Capstone Mining Corp
(6,750) Catamaran Corp
29,748 CCL Industries Inc 'B'
32,254 Cenovus Energy Inc
58,845 Centerra Gold Inc
11,933 CGI Group Inc 'A'
22,973 Chartwell Retirement
Residences (Reit)
(25,954) China Gold International
Resources Corp Ltd
71,038 CI Financial Corp
(4,000) Cineplex Inc
19,300 Cogeco Cable Inc
(139,702) Cominar Real Estate Investment
Trust (Reit)
(3,719) Constellation Software Inc/Canada
(96,936) Corus Entertainment Inc 'B'
(41,600) Cott Corp
31,109 Crescent Point Energy Corp
(80,040) Crew Energy Inc
(149,592) Crombie Real Estate Investment
Trust (Reit)
23,369 Davis & Henderson Corp
12,968 DeeThree Exploration Ltd
(192,363) Detour Gold Corp
3,900 Dollarama Inc
46,746 Dominion Diamond Corp
15,494 Dorel Industries Inc 'B'
(36,820) Dream Unlimited Corp
(8,920) Dundee Corp 'A'
(121,700) Dundee International Real Estate
(39,095) Dundee Real Estate Investment
Trust (Reit) 'A'
(81,233) Eldorado Gold Corp
137,699 Element Financial Corp
(61,058) Emera Inc
20,150 Empire Co Ltd 'A'
22,670 Enbridge Inc
(107,683) Enbridge Income Fund Holdings Inc
52,137 Endeavour Silver Corp
119,199 Enerflex Ltd
63,137 Enerplus Corp
(34,429) Ensign Energy Services Inc
1,900 Extendicare Inc
(10,950) Finning International Inc
(91,355) First Capital Realty Inc
(16,720) First Majestic Silver Corp
(2,377,381)
71,739
(90,334)
(6,137)
(214,963)
33,098
1,010,646
(2,430,720)
(234,166)
(583,351)
(2,396,861)
47,708
(379,418)
(659)
32,190
(196,825)
1,573,923
2,336,857
2,332,176
(1,296,256)
(1,335,767)
(932,701)
(663,858)
262,919
(307,068)
2,401,209
931,952
170,751
450,928
(81,051)
72,454
127,185
(117,672)
451,217
(308,590)
41,490
15,551
23,768
861,260
4,801
(96,546)
35,525
214,748
(33,192)
(72,122)
2,310,414
(161,626)
872,878
23,411
409,266
(374)
(45,859)
(2,380,744)
(660,808)
(2,221,832)
(354,268)
1,171,439
(434,243)
665,527
(58,491)
33,675
(13,169)
(11,845)
81,190
(1,877,677)
619,787
113,256
(758,179)
316,092
633,148
543,022
(547,080)
(155,805)
330,126
125,826
13,175
1,202,122
(15,099)
(7,954)
(77,101)
(259,664)
118,367
(983,492)
124,409
(1,029,847)
(494,462)
1,909,305
(1,689,194)
1,442,687
939,584
(2,332,792)
197,115
1,575,612
1,178,000
(523,594)
12,230
(251,498)
(1,511,070)
(163,249)
386,004
663,758
882,057
101,493
(136,793)
(32,227)
296,776
(248,874)
144,705
80,496
28,073
(751)
(3,249)
138,789
141,097

Holding
Description
Unrealised
appreciation/
USD
USD
Holding
Canada continued
(38,400)
44,398
(79,373)
58,889
6,350
(15,789)
(51,471)
69,860
9,800
94,258
10,319
(28,650)
167,750
38,300
(77,574)
(7,650)
(5,050)
(98,950)
6,000
51,010
2,700
(57,003)
9,800
10,900
25,000
16,513
100,395
68,221
21,481
136,466
1,350
53,225
64,700
(77,742)
10,023
(4,300)
(50,338)
(5,131)
4,796
(88,409)
6,979
(148,369)
201,529
26,250
4,000
(7,088)
6,400
98,466
(74,601)
(34,450)
34,175
(2,351)
76,296
15,741
(179)
(254,912)
(57,800)
24
(40,554)
(4,350)
121,262
First Quantum Minerals Ltd

FirstService Corp/Canada
Fortis Inc/Canada
Fortuna Silver Mines Inc
Franco-Nevada Corp
Freehold Royalties Ltd
Genivar Inc
Genworth MI Canada Inc
George Weston Ltd
Gibson Energy Inc
Gildan Activewear Inc
Goldcorp Inc
Gran Tierra Energy Inc
Granite Real Estate Investment
Trust (Reit)
Great-West Lifeco Inc
H&R Real Estate Investment
Trust (Reit)
Home Capital Group Inc
HudBay Minerals Inc
Husky Energy Inc
IAMGOLD Corp
IGM Financial Inc
Imperial Oil Ltd
Industrial Alliance Insurance &
Financial Services Inc
Intact Financial Corp
Intertape Polymer Group Inc
Jean Coutu Group PJC Inc/The 'A'
Just Energy Group Inc
Kelt Exploration Ltd
Keyera Corp
Kinross Gold Corp
Labrador Iron Ore Royalty Corp
Laurentian Bank of Canada
Legacy Oil + Gas Inc
Lightstream Resources Ltd
Linamar Corp
Loblaw Cos Ltd
Lundin Mining Corp
MacDonald Dettwiler & Associates Ltd
Magna International Inc
Manitoba Telecom Services Inc
Manulife Financial Corp
Maple Leaf Foods Inc
Martinrea International Inc
Methanex Corp
Metro Inc
Mullen Group Ltd
National Bank of Canada
Nevsun Resources Ltd
New Gold Inc
Norbord Inc
North West Co Inc/The
Northern Dynasty Minerals Ltd
Northern Property Real Estate
Northland Power Inc
NovaCopper Inc
Novagold Resources Inc
NuVista Energy Ltd
OceanaGold Corp
Onex Corp
Open Text Corp
Osisko Mining Corp
Description
Unrealised
appreciation/
USD
USD
Canada continued
(650,767)
1,851,455
(2,342,929)
199,265
254,960
(332,793)
(1,536,833)
2,283,986
740,372
2,295,868
502,295
(646,656)
1,197,082
18,463
240,620
218,083
(67,876)
(24,812)
14,823
(469,124)
183,930
(56,559)
35,718
38,332
40,335
(56,862)
1,295,974
(2,415,939)
(86,160)
(463,210)
(154,157)
(404,573)
(722,952)
169,962
218,408
138,241
(2,423,436)
(421)
(34,335)
59,088
(3,105)
(380,772)
(388)
(136,990)
450,911
697,167
332,467
281,252
705,991
590,002
1,245,411
643,635
40,219
2,387,076
376,092
(409,652)
396,657
(176,674)
(207,918)
(408,249)
391,432
(2,429,158)
135,754
(2,382,599)
1,664,805
1,627,103
233,384
(187,584)
559,123
324,808
(391,338)
(1,048,478)
861,481
(2,778)
4,786
16,931
(28,673)
16,337
(188,430)
108,701
14,621
(723,168)
(1,517)
39,347
(55,168)
162,900
114,429
(475)
13,847
(46,805)
33,054
390,063
28,115
(457,134)
(167,780)
47,551
(18,378)
(36,939)
29,368
(29,348)
408,922
(20,554)
55,863
10,603
2,005,474
234,181
(365)
(592,707)
(387,883)
40
(2,208,621)
(371,477)
497,426
(402,421)
(53,587)
(365)
340,466
(18,541)
(20)
(378,859)
(21,568)
(242,084)
(8,800)
9,643
(1,510)
1,100
18,647
74,598
(260,939)
(70,196)
(58,050)
(26,058)
(38,950)
80,310
(71,782)
(20,850)
(200)
96,802
(90,783)
(450)
(115,000)
23,808
(131,782)
34,500
(30,750)
147,790
(51,636)
124,475
(147,755)
105,529
(51,142)
17,425
(98,600)
(55,489)
(25,150)
70,178
(54,385)
26,262
(37,867)
70,375
223,356
92,199
(42,175)
(33,894)
52,850
51,306
(56,387)
(33,485)
(17,100)
(225,766)
72,598
15,074
(174,032)
(7,550)
154,687
63,385
145,071
(120,700)
(16,050)
104,589
(215,008)
(181,768)
31,300
100,488
(5,159)
Pacific Rubiales Energy Corp

Pan American Silver Corp
Paramount Resources Ltd 'A'
Parkland Fuel Corp
Pason Systems Inc
Pembina Pipeline Corp
Pengrowth Energy Corp
Penn West Petroleum Ltd
Peyto Exploration &
Development Corp
Poseidon Concepts Corp
Potash Corp of Saskatchewan Inc
Power Corp of Canada
Power Financial Corp
Precision Drilling Corp
Progressive Waste Solutions Ltd
Quebecor Inc 'B'
Reitmans Canada Ltd 'A'
RioCan Real Estate Investment
Trust (Reit)
Ritchie Bros Auctioneers Inc
Rogers Communications Inc 'B'
RONA Inc
Royal Bank of Canada
Russel Metals Inc
Sandvine Corp
Saputo Inc
Savanna Energy Services Corp
Secure Energy Services Inc
SEMAFO Inc
Shaw Communications Inc 'B'
Shawcor Ltd
Sherritt International Corp
Silver Standard Resources Inc
Silver Wheaton Corp
Silvercorp Metals Inc
SNC-Lavalin Group Inc
Stantec Inc
Sun Life Financial Inc
Suncor Energy Inc
Superior Plus Corp
Surge Energy Inc
Tahoe Resources Inc
Talisman Energy Inc
Teck Resources Ltd 'B'
TELUS Corp
Thomson Reuters Corp
Tim Hortons Inc
TMX Group Ltd
Torex Gold Resources Inc
Toromont Industries Ltd
Toronto-Dominion Bank/The
TransAlta Corp
TransCanada Corp
Transcontinental Inc 'A'
TransForce Inc
TransGlobe Energy Corp
Trican Well Service Ltd
Trilogy Energy Corp
Trinidad Drilling Ltd
Turquoise Hill Resources Ltd
Veresen Inc
Vermilion Energy Inc
Vicwest Inc
Wajax Corp
(164,522)
100,714
(52,236)
18,954
397,086
2,387,418
(1,632,719)
(603,102)
29,241
(79,781)
(13,693)
(141)
72,575
170,158
(310,358)
159,088
(1,740,403)
(6,650)
(1,235,135)
2,466,231
(2,450,629)
(194,508)
(5,163)
2,432,859
(514,837)
(130,957)
98,040
(17,207)
382,715
(194,066)
21,124
(17)
274,636
458,141
(10,501)
(2,361,957)
1,074,060
(1,619,250)
2,306,413
(816,997)
377,158
(2,387,067)
907,091
(2,279,170)
281,278
(1,188,641)
653,026
(322,454)
(330,417)
(532,001)
179,093
(2,428,820)
1,699,832
(1,334,651)
2,443,170
2,353,894
553,368
(750,619)
(401,090)
1,284,785
1,822,866
(2,128,636)
(1,946,118)
(850,959)
(202,720)
1,756,625
1,381,593
(2,327,555)
(336,467)
2,422,650
1,507,940
1,269,714
(1,445,434)
(407,621)
978,668
(906,366)
(2,369,169)
1,715,879
1,208,136
(171,885)
6
(171,021)
(69,925)
(239,939)
90,374
22,705
27,377
48,870
24,922
(768,448)
(17,629)
(28,432)
(49,524)
27,988
219,366
77,583
(202,898)
(189,241)
597,842
(226,447)
208,040
(241,709)
237,132
(30,648)
(4,459)
(129,704)
684,012
(389,683)
(132,455)
(61,085)
259,220
44,681
54,201
155,591
3,727
388,778
281,645
(157,856)
87,121
(1,480)
203,139
291,352
(184,622)
125,979
(36,476)
(2,746)
25

Holding
Description
Unrealised
appreciation/
USD
USD
Holding
Description
61,800
Fomento Economico Mexicano

SAB de CV
Genomma Lab Internacional
SAB de CV 'B'
Gruma SAB de CV 'B'
Grupo Aeromexico SAB de CV
Grupo Aeroportuario del Centro
Norte Sab de CV
Grupo Aeroportuario del Pacifico SAB
de CV 'B'
Grupo Aeroportuario del Sureste SAB
de CV 'B'
Grupo Bimbo SAB de CV 'A'
Grupo Carso SAB de CV 'A1'
Grupo Comercial Chedraui SA de CV
Grupo Elektra SAB de CV
Grupo Famsa SAB de CV 'A'
Grupo Financiero Banorte SAB
de CV 'O'
Grupo Financiero Inbursa SAB
de CV 'O'
Grupo Financiero Santander Mexico
SAB de CV 'B'
Grupo Herdez SAB de CV
Grupo Mexico SAB de CV 'B'
Grupo Simec SAB de CV 'B'
Grupo Televisa SAB 'CPO'
Industrias CH SAB de CV
Industrias Penoles SAB de CV
Kimberly-Clark de Mexico SAB
de CV 'A'
Megacable Holdings SAB de CV 'CPO'
Mexichem SAB de CV
Minera Frisco SAB de CV 'A1'
OHL Mexico SAB de CV
Organizacion Soriana SAB
de CV 'B'
Promotora y Operadora
de Infraestructura SAB de CV
Sare Holding SAB de CV 'B'
TV Azteca SAB de CV 'CPO'
Urbi Desarrollos Urbanos SAB de CV
Wal-Mart de Mexico SAB de CV 'V'
Canada continued
18,188
20,000
(10,000)
(41,311)
West Fraser Timber Co Ltd

Westjet Airlines Ltd
Westport Innovations Inc
Westshore Terminals
Investment Corp
126,714 Whitecap Resources Inc
(35,150) Wi-Lan Inc
38,606 Yamana Gold Inc
Mexico continued
1,613,368
517,391
(213,138)
40,860
119,453
37,015
(1,341,241)
1,539,012
(113,955)
350,300
(245,219)
421,636
(1,569)
(367,528)
(318,514)
8,282,303
Antarchile SA
Banco de Chile
CAP SA
Cia Cervecerias Unidas SA
Coca-Cola Embonor SA 'B' (Pref)
Cruz Blanca Salud SA
Embotelladora Andina SA 'A' (Pref)
Embotelladora Andina SA 'B' (Pref)
Empresa Nacional
de Electricidad SA/Chile
(30,054) Empresas COPEC SA
305 Empresas Hites SA
190,520 Empresas Iansa SA
1,739,402 Enersis SA
8,903 ENTEL Chile SA
26,395 Forus SA
488 Inversiones Aguas Metropolitanas SA
119,941 Parque Arauco SA
15,519 PAZ Corp SA
430,200 Ripley Corp SA
25,022 Salfacorp SA
173,065 Sigdo Koppers SA
456,529 Sonda SA
25,497
67,159
111,976
33,263
13,500
167,133
152,854
120,961
(1,788)
3,749
(5,252)
(2,617)
(3,834)
(21,524)
(50,405)
(38,193)
16,243
(413,678)
236
7,185
537,875
126,725
139,353
840
211,454
7,901
324,465
24,298
267,584
1,099,251
(520)
(962)
(6,869)
(106,391)
(3,737)
(2,416)
(47)
(86,658)
(338)
(26,940)
384
(15,418)
(145,034)
3,042,075
(514,810)
Colombia
8,055
40,154
7,630
1,747
177
14
8,681
Avianca Holdings SA (Pref)

Cementos Argos SA
Cemex Latam Holdings SA
Grupo Argos SA
Grupo Aval Acciones y Valores
Grupo de Inversiones Suramericana SA
Grupo Nutresa SA
Alfa SAB de CV 'A'

Alpek SA de CV
Alsea SAB de CV
America Movil SAB de CV 'L'
Arca Continental SAB de CV
Axtel SAB de CV
Banregio Grupo Financiero SAB de CV
Cemex SAB de CV
Cia Minera Autlan SAB de CV 'B'
Coca-Cola Femsa SAB de CV 'L'
Consorcio ARA SAB de CV
Controladora Comercial
Mexicana SAB de CV
(475,534) Corp GEO SAB de CV 'B'
(317,300) Desarrolladora Homex SAB de CV
46,400 El Puerto de Liverpool SAB de CV 'C1'
(318,395) Empresas ICA SAB de CV
305,198 Fibra Uno Administracion SA
de CV (Reit)
26
(72,246)
188,617
174,000
113,507
(353,487)
(85,204)
(145,330)
(7,110)
(44,000)
(3,300)
450,300
394,259
(104,505)
(250,900)
22,609
(95,000)
(203,453)
(22,780)
403,200
297,020
(163,800)
(236,385)
15,600
(52,400)
96,758
14,823
190,606
56,559
18,250
117
250
117,736
(4,522)
9,627
(5,094)
(619)
(2)
(24)
6,888
398,341
6,254
Mexico
247,849
88,400
(220,292)
(721,000)
187,085
(2,116,010)
(149,379)
(19,500)
236,400
(2,600)
(63,300)
(51,690)
269,600
44,559
Chile
1,791
460,180
5,915
2,714
6,226
253,247
40,533
24,769
11,246
Unrealised
appreciation/
USD
USD
731,028
194,860
(661,174)
(839,744)
1,169,963
(618,143)
(826,038)
(21,477)
158,673
(31,097)
(26,748)
158,174
4,598
(75,893)
(75,384)
(11,511)
54,300
(47,470)
(304)
(9,501)
(1,698)
208
(208,956)
(60,209)
(58,810)
511,185
(596,440)
4,475
107,692
8,094
22,597
3,547
948,597
(13,221)
29,800
(396,082)
(155,600)
(499,500)
588,928
(9,017)
776,058
(501,450)
259,675
121,502
7,109
(2,994)
594,565
(11,608)
586,463
10,852
596,465
(1,102,730)
(445,167)
(475,538)
(263,234)
(78,363)
38,711
58,694
(4,331)
(19,491)
(31,255)
874
(22,621)
(1,017)
1,178,063
51,470
1,108,734
(365,707)
(735,816)
83,636
(579,025)
(1,156,093)
(575,114)
(93,853)
(12,558)
24,821
267
(5,880)
154,575
200,324
1,193,847
995,674
(700,889)
(526,652)
40,991
(24,452)
40,582
(13,149)
236,662
(194)
(167,143)
(2,078)
1,136,528
818
(187,909)
(18,633)
(1,305,255)
(10,348)
(296)
62,623
260
214,587
(301,424)
1,110,095
2,052
138,337
23,505
(405)
(2,223)
(833)
163,894
(3,461)
Peru
523
300,587
58,304
Grana y Montero SA
Minsur SA
Volcan Cia Minera SAA 'B'
Spain
(18,330) Abertis Infraestructuras SA
(389,498)
(10,450)
(389,498)
(10,450)
25,703
972,312
13,495
666,801
(34,622)
138,583
(598,390)
74,517
101,989
(1,344,196)
1,767
220,568
2,298
296,805
1,909
(2,238)
(89,580)
4,238
(2,255)
(562,136)
United States
5,182
30,480
437
21,175
(953)
4,070
(20,763)
2,668
6,822
(28,759)
1-800-Flowers.com Inc 'A'

1st Source Corp
AAON Inc
AAR Corp
Abaxis Inc
Abercrombie & Fitch Co 'A'
ABIOMED Inc
ABM Industries Inc
Acacia Research Corp
Acadia Healthcare Co Inc

Holding
Description
Unrealised
appreciation/
USD
USD
Holding
Description
3,287
6,866
7,870
(5,676)
(313)
(10,044)
10,935
(10,730)
8,067
4,965
(22,053)
15,048
81,732
10,337
(196)
(1,188)
4,908
(2,622)
3,019
(80,095)
3,196
7,862
14,960
(11,004)
(36,737)
(9,188)
(2,158)
Alliance Fiber Optic Products Inc

Alliance HealthCare Services Inc
Alliant Energy Corp
Allied Nevada Gold Corp
Allison Transmission Holdings Inc
Allscripts Healthcare Solutions Inc
Allstate Corp/The
Alnylam Pharmaceuticals Inc
Alon USA Energy Inc
Alpha & Omega Semiconductor Ltd
Alpha Natural Resources Inc
Alphatec Holdings Inc
Altera Corp
Altisource Residential Corp
Altra Holdings Inc
AM Castle & Co
AMAG Pharmaceuticals Inc
Amazon.com Inc
Ambarella Inc
AmBev SA ADR
Ambit Biosciences Corp
AMC Networks Inc 'A'
Amdocs Ltd
Amedisys Inc
America Movil SAB de CV
America's Car-Mart Inc/TX
American Axle & Manufacturing
Holdings Inc
American Capital Agency Corp
American Capital Mortgage
Investment Corp (Reit)
American Capital Mortgage
Investment Corp (Reit)
American Eagle Outfitters Inc
American Electric Power Co Inc
American Equity Investment
Life Holding Co
American Financial Group Inc/OH
American Homes 4 Rent 'A' (Reit)
American International Group Inc
American National Insurance Co
American Pacific Corp
American Realty Capital
Properties Inc (Reit)
American States Water Co
American Superconductor Corp
American Vanguard Corp
American Water Works Co Inc
American Woodmark Corp
Ameris Bancorp
Amgen Inc
Amkor Technology Inc
Amkor Technology Inc
AMN Healthcare Services Inc
Ampco-Pittsburgh Corp
Amphenol Corp 'A'
Ampio Pharmaceuticals Inc
Amtech Systems Inc
Amtrust Financial Services Inc
Amyris Inc
Anadarko Petroleum Corp
Analog Devices Inc
Angie's List Inc
AngioDynamics Inc
Anika Therapeutics Inc
ANN Inc
United States continued

(11,614)
(5,030)
(12,791)
6,891
(716)
35,516
(27,483)
45,044
(33,132)
(38,707)
4,289
(600)
3,140
(42,797)
1,058
(43,126)
4,686
(279)
21,877
(12,268)
(10,144)
(9,336)
1,481
(38,736)
(3,965)
13,330
(39,871)
(14,526)
17,242
(16,659)
7,224
802
51,621
(15,999)
(13,975)
6,169
21,889
(18,428)
(1,129)
6,310
(3,187)
(59,630)
829
17,344
5,497
105,357
889
(13,364)
15,058
2,129
(5,260)
(10,674)
939
(2,265)
6,109
(1,685)
(68,148)
9,882
6,019
838
(5,965)
(1,930)
(15,941)
(855)
27
608
ACADIA Pharmaceuticals Inc

Acadia Realty Trust (Reit)
Accelerate Diagnostics Inc
Acceleron Pharma Inc
Accenture Plc 'A'
Access National Corp
Acco Brands Corp
Acco Brands Corp
Accretive Health Inc
Accuray Inc
ACE Ltd
AcelRx Pharmaceuticals Inc
Aceto Corp
ACI Worldwide Inc
Acorda Therapeutics Inc
Acorn Energy Inc
Actavis Plc
Actavis Plc
Activision Blizzard Inc
Actuant Corp 'A'
Acuity Brands Inc
Acxiom Corp
Adobe Systems Inc
ADTRAN Inc
Advanced Emissions Solutions Inc
Advanced Energy Industries Inc
Advanced Micro Devices Inc
Advent Software Inc
Advent Software Inc
Advisory Board Co/The
Aegerion Pharmaceuticals Inc
AerCap Holdings NV
Aeroflex Holding Corp
Aeropostale Inc
Aerovironment Inc
AES Corp/VA
AFC Enterprises Inc
Affymetrix Inc
Aflac Inc
AGCO Corp
Agilent Technologies Inc
Agilysys Inc
Agios Pharmaceuticals Inc
AGL Resources Inc
AH Belo Corp 'A'
Air Lease Corp
Air Methods Corp
Air Products & Chemicals Inc
Aircastle Ltd
Airgas Inc
AK Steel Holding Corp
Akorn Inc
Alamo Group Inc
Albany International Corp 'A'
Albany Molecular Research Inc
Albemarle Corp
Alcoa Inc
Alere Inc
Alexander & Baldwin Inc
Alexion Pharmaceuticals Inc
Alexza Pharmaceuticals Inc
Alico Inc
Allegheny Technologies Inc
Allegiant Travel Co
Allergan Inc/United States
Alliance Data Systems Corp
Unrealised
appreciation/
USD
USD

(269,793)
(130,780)
(169,481)
150,293
(55,827)
559,377
(167,921)
275,219
(275,658)
(305,398)
445,627
(5,532)
67,667
(2,777,097)
37,125
(162,154)
762,834
(45,418)
381,316
(480,292)
(1,048,687)
(315,090)
84,299
(985,831)
(227,988)
324,186
(143,536)
(512,768)
608,643
(1,085,167)
526,846
16,834
351,023
(159,190)
(417,573)
89,080
953,923
(155,717)
(75,485)
367,053
(171,620)
(745,375)
14,922
812,220
42,547
3,350,353
49,908
(1,464,828)
281,283
233,849
(29,561)
(274,962)
55,346
(83,624)
73,613
(116,383)
(658,991)
323,438
228,421
102,504
(29,407)
(74,730)
(530,676)
(97,043)
2,636
148,072
(49,789)
(5,720)
(41,884)
15
425
66,576
30,374
(28,347)
110,665
(73,011)
22,303
(1,458)
35,714
(488,009)
3,020
140,561
27,196
(4,711)
(6,344)
(98,637)
17,661
(3,086)
1,043
(114,028)
(131,847)
84,683
3,949
(13,089)
101,107
(178,582)
39,035
69
(41,655)
54,067
(164,876)
(5,182)
12,698
(91,324)
700
2,785
1,874
(94,043)
(5,686)
(11,274)
12,889
155,016
427
13,097
57,038
2,505
(13,411)
(54,145)
8,950
(4,676)
13,062
(2,032)
(43,615)
67,901
585
(1,433)
4,719
7,574
7,333
(7,058)
33
117
(28,818)
(8,666)
13,208
16,339
15,952
819
(2,561)
792
2,052
(27)
8,622
70,261
14,694
(13,381)
653
782
146
22,058
15,125
128,673
(95,272)
16,848
5,637
404
(7,807)
(3,065)
149
(82,823)
6,526
(23,380)
2,560
11,129
5,808
4,636
49,568
198,977
406,879
(18,504)
(8,579)
(150,861)
595,848
(660,968)
112,051
37,337
(146,652)
29,344
2,653,838
286,335
(5,860)
(16,656)
122,798
(1,024,179)
74,811
(598,310)
39,950
504,269
606,030
(182,556)
(853,768)
(386,264)
(10,497)
44,300
(10,923)
12,707
(413)
(734)
(75,994)
(25,803)
(1,722)
18,780
3,102
29,798
80,577
(687)
3,591
16,121
(60,299)
38,822
4,007
(4,843)
(5,692)
(3,890)
(43,753)
(54,291)
20,204
(43,138)
(589,904)
(5,387)
27,665
(166,214)
4,224
253,329
266,652
756,444
(14,470)
8,823
(6,700)
19,459
(148,512)
12,989
102,313
(3,105)
357,296
1,668
(4,928)
(364)
1,640
31
153,146
924,635
426,640
(21,543)
18,748
33,227
5,303
456,601
1,725,006
770,751
(570,679)
233,513
103,721
34,328
(61,207)
(23,478)
6,262
(222,794)
576,637
(1,136,969)
32,768
172,388
202,583
165,737
(8,291)
281,715
22,380
3,273
(540)
325
42,466
(8,933)
253,977
(33,102)
27,027
1,821
(30)
(33,397)
(5,160)
184
13,700
(14,317)
25,943
1,702
9,238
140,099
29,750
27

Holding
Description
Unrealised
appreciation/
USD
USD
Holding

(12,057) Annaly Capital Management
Inc (Reit)
(122,740)
(3,542) Annie's Inc
(162,649)
(160,837) Antares Pharma Inc
(622,439)
3,969 Anworth Mortgage Asset Corp (Reit)
17,702
4,404 AO Smith Corp
239,886
(4,591) Apache Corp
(420,077)
8,143 Apco Oil and Gas International Inc
126,787
645 Apogee Enterprises Inc
23,117
12,014 Apollo Education Group Inc
317,650
10,660 Apollo Residential Mortgage Inc (Reit)
161,286
(2,493) Apple Inc
(1,371,574)
49,494 Applied Industrial Technologies Inc
2,391,550
(79,755) Applied Materials Inc
(1,382,952)
(18,296) Applied Micro Circuits Corp
(230,713)
23,364 Approach Resources Inc
492,046
(4,137) Approach Resources Inc
(87,125)
(45,951) Aptargroup Inc
(2,995,546)
(430) Arabian American Development Co
(4,481)
4,360 Aratana Therapeutics Inc
81,837
11,696 Arbor Realty Trust Inc (REIT)
77,778
37,106 ARC Document Solutions Inc
319,483
(18,543) Arch Capital Group Ltd
(1,094,593)
(474) Arch Coal Inc
(1,934)
2,188 Arcos Dorados Holdings Inc 'A'
26,147
1,000 Arctic Cat Inc
56,390
5,075 Arden Group Inc 'A'
648,230
24,759 Arena Pharmaceuticals Inc
161,676
236 Ares Commercial Real Estate Corp (Reit)
3,099
7,724 Argan Inc
178,502
10,585 Ariad Pharmaceuticals Inc
51,972
(112,767) ARMOUR Residential Inc (Reit)
(444,302)
5,381 Armstrong World Industries Inc
285,785
1,326 Arqule Inc
3,196
11,623 Arrow Electronics Inc
598,817
(40,854) Arrow Financial Corp
(1,127,979)
(1,600) Arrowhead Research Corp
(12,432)
1,033 ArthroCare Corp
38,944
1,478 Arthur J Gallagher & Co
69,289
11,411 Artisan Partners Asset
Management Inc 'A'
697,212
56,599 Aruba Networks Inc
1,004,066
(13,237) Ascena Retail Group Inc
(281,683)
129 Ashford Hospitality Prime Inc (Reit)
2,657
645 Ashford Hospitality Trust Inc (Reit)
5,250
1,037 Ashland Inc
94,595
(5,231) ASML Holding NV/NY
(491,086)
34,926 Aspen Insurance Holdings Ltd
1,418,694
22,455 Aspen Technology Inc
893,709
(54,846) Associated Estates Realty Corp (Reit)
(881,375)
3,635 Assurant Inc
236,493
5,797 Assured Guaranty Ltd
137,969
(5,777) Astec Industries Inc
(210,803)
(13,711) Astoria Financial Corp
(193,462)
(4,813) Astronics Corp
(249,554)
(697) Astronics Corp 'B'
(35,192)
(3,552) athenahealth Inc
(465,241)
10,310 Athlon Energy Inc
334,766
(1,596) Atlantic Tele-Network Inc
(90,174)
26,467 Atlas Air Worldwide Holdings Inc
1,021,891
(30,346) ATMI Inc
(925,553)
994 AtriCure Inc
16,073
126 Atrion Corp
35,048
9,983 Atwood Oceanics Inc
523,409
(5,971) Autoliv Inc
(555,781)
21,613 Auxilium Pharmaceuticals Inc
440,257
28
Description
Unrealised
appreciation/
USD
USD

6,631
11,446
(56,645)
(5,768)
1,314
(2,743)
16,937
3,146
97,565
(68,466)
(75,796)
59,832
14,356
(82,180)
(45,117)
21,411
(106,371)
(1,102)
16,995
14,888
227,119
(9,165)
4,778
1,059
1,116
(13,025)
20,604
77
39,071
8,511
26,319
5,181
274
(30,164)
(86,217)
(783)
1,499
1,710
69,347
27,788
(290)
2,657
(2,788)
(560)
(9,724)
89,204
38,623
(12,414)
13,332
1,217
(8,523)
(55,655)
(114,010)
(35,192)
8,773
243
(5,017)
2,284
(114,804)
4,446
10,723
(14,322)
(22,147)
66,515
2,055
(3,040)
9,198
23,781
8,658
(438)
144,994
16,999
(35,213)
46,598
7,940
(444)
6,339
29,310
(24,326)
16,865
5,240
5,579
47,764
(28,271)
(21,989)
8,136
(42,449)
(9,494)
1,561
(4,649)
25,588
4,979
(4,190)
9,676
4,155
98
38,602
(80,952)
(25,285)
(11,343)
(21,676)
(7,456)
5,830
(13,605)
(216)
(335)
(1,672)
5,231
(1,075)
5,756
(4,802)
(55,145)
282
25,985
(28,937)
(234)
(18,113)
(5,474)
(1,314)
(26,383)
495
10,943
(40,616)
(22,125)
35,035
3,821
3,364
46,251
16,135
Avago Technologies Ltd

AvalonBay Communities Inc
AVEO Pharmaceuticals Inc
Avery Dennison Corp
AVG Technologies NV
AVG Technologies NV
Aviat Networks Inc
Avid Technology Inc
Avis Budget Group Inc
Avista Corp
Aviv REIT Inc (Reit)
Aviv REIT Inc (Reit)
Avon Products Inc
AVX Corp
Aware Inc
Axcelis Technologies Inc
Axiall Corp
Axis Capital Holdings Ltd
AXT Inc
AZZ Inc
B&G Foods Inc
B/E Aerospace Inc
Babcock & Wilcox Co/The
Badger Meter Inc
Baker Hughes Inc
Balchem Corp
Ball Corp
Ballantyne Strong Inc
Bally Technologies Inc
Banc of California Inc
Bancfirst Corp
Banco de Chile ADR
Banco Latinoamericano
de Comercio Exterior SA
Banco Santander Brasil SA/Brazil ADR
Banco Santander Chile ADR
Bancolombia SA ADR
Bancorp Inc/DE
BancorpSouth Inc
Bank Mutual Corp
Bank of Hawaii Corp
Bank of Marin Bancorp
Bank of the Ozarks Inc
BankFinancial Corp
Bankrate Inc
BankUnited Inc
Banner Corp
Barnes & Noble Inc
Barnes Group Inc
Barrett Business Services Inc
Baxter International Inc
Bazaarvoice Inc
BBX Capital Corp 'A'
Beacon Roofing Supply Inc
Beam Inc
Beazer Homes USA Inc
bebe stores inc
Becton Dickinson and Co
Bel Fuse Inc 'B'
Belden Inc
Bemis Co Inc
Benchmark Electronics Inc
Benefitfocus Inc
Best Buy Co Inc
BGC Partners Inc 'A'
Big 5 Sporting Goods Corp
92,290
(362,672)
19,960
1,161,464
149,437
(7,560)
359,585
150,101
(1,295,838)
1,268,398
205,328
(11,482)
113,722
400,081
(143,523)
37,272
237,739
277,555
109,380
(1,381,604)
(762,798)
713,690
(1,381,290)
(517,138)
89,196
(276,290)
1,290,147
23,152
(311,066)
123,369
232,888
8,673
617
2,797
(17,787)
13,317
(7,407)
74
(84,246)
37,611
(89,224)
(12,020)
8,140
(97)
4,530
61,453
(12,461)
(874)
10,166
3,124
(32,695)
(128,113)
(8,118)
34,442
1,817
(101,473)
(1,741)
(18,565)
5,484
(5,247)
(9,390)
(13,653)
49,772
(68)
1,033,376
(520,521)
(568,407)
(572,708)
(398,188)
(179,168)
39,527
(806,096)
(9,742)
(18,827)
(16,202)
98,343
(34,626)
251,134
(80,482)
(2,021,064)
24,021
1,773,996
(230,917)
(3,180)
(672,717)
(371,192)
(27,384)
(155,396)
53,960
249,610
(2,869,927)
(863,981)
807,907
187,917
134,291
269,181
306,242
198,423
17,809
17,954
30,226
(100,013)
(61,782)
3,088
(4,991)
(556)
(69)
(1,202)
22,181
(1,000)
72,992
4,093
(31,079)
721
21,648
53,484
(88)
26,006
1,148
(2,659)
(29,064)
15
53,380
(132,488)
2,295
119,275
6,210
3,041
23,371
8,183

Unrealised
appreciation/
USD
USD
Holding
Description
1,494
(26,038)
(268)
(8,208)
(539)
(58,333)
(4,153)
28,312
(2,368)
(563)
(74,653)
4,779
(6,139)
409
Big Lots Inc

Bill Barrett Corp
Bio-Rad Laboratories Inc 'A'
Bio-Reference Labs Inc
BioCryst Pharmaceuticals Inc
BioDelivery Sciences International Inc
BioMarin Pharmaceutical Inc
BioScrip Inc
Biotime Inc
Black Box Corp
Black Diamond Inc
Black Hills Corp
Blackbaud Inc
Blackstone Mortgage Trust
Inc 'A' (Reit)
Bloomin' Brands Inc
Blucora Inc
Blue Nile Inc
Bluebird Bio Inc
Blyth Inc
BNC Bancorp
Bob Evans Farms Inc/DE
Body Central Corp
Boeing Co/The
Boise Cascade Co
BOK Financial Corp
Bon-Ton Stores Inc/The
Booz Allen Hamilton Holding Corp
Boston Beer Co Inc/The 'A'
Boston Scientific Corp
Bottomline Technologies (DE) Inc
Boyd Gaming Corp
BP Prudhoe Bay Royalty Trust
Brady Corp 'A'
Braskem SA ADR
Bravo Brio Restaurant Group Inc
BRE Properties Inc
BRF SA
Bright Horizons Family Solutions Inc
Brightcove Inc
Brink's Co/The
Bristol-Myers Squibb Co
Bristow Group Inc
Broadridge Financial Solutions Inc
BroadSoft Inc
Brocade Communications Systems Inc
Brookdale Senior Living Inc
Brookline Bancorp Inc
Brown & Brown Inc
Brown Shoe Co Inc
Bruker Corp
Brunswick Corp/DE
Bryn Mawr Bank Corp
BSB Bancorp Inc/MA
Buckle Inc/The
Buckle Inc/The
Buffalo Wild Wings Inc
Build-A-Bear Workshop Inc
Builders FirstSource Inc
Bunge Ltd
Burger King Worldwide Inc
Burlington Stores Inc
C&J Energy Services Inc
Cabela's Inc
Cablevision Systems Corp 'A'
Cabot Corp
Holding
Description
(5,407)
(1,745)
17,807
46,832
3,520
789
6,736
(45,299)
12,862
4,096
(6,735)
544
(15,657)
(14,152)
(1,936)
5,677
3,750
23,037
32,908
(40,216)
26,259
(328)
32,317
393
19,494
12,215
6,760
(4,163)
1,445
(4,977)
991
(20,516)
14,061
3,546
29,171
35,468
143
930
69,730
(3,872)
64,895
533
(21,328)
(11,470)
2,266
7,221
(32,437)
6,565
1,577
4,652
(4,375)
Cabot Microelectronics Corp

(245,045)
Caesars Entertainment Corp
(35,790)
CafePress Inc
118,951
Calamos Asset Management Inc 'A'
526,860
CalAmp Corp
88,387
Calavo Growers Inc
24,214
Calix Inc
68,438
Callidus Software Inc
(493,759)
Callon Petroleum Co
84,503
Cambrex Corp
80,159
Camden National Corp
(291,491)
Camden Property Trust (Reit)
31,732
Cameron International Corp
(864,736)
Campbell Soup Co
(551,503)
Canadian Solar Inc
(55,834)
Cape Bancorp Inc
56,713
Capella Educations Co
247,950
Capital Bank Financial Corp 'A'
542,061
Capital Southwest Corp
1,136,971
Capstead Mortgage Corp
(485,005)
Capstead Mortgage Corp
316,684
Cardinal Financial Corp
(5,799)
Cardinal Health Inc
2,100,605
Cardiovascular Systems Inc
13,421
Cardtronics Inc
840,971
Career Education Corp
61,319
CareFusion Corp
269,454
CarMax Inc
(210,731)
Carmike Cinemas Inc
35,099
Carpenter Technology Corp
(301,855)
Carter's Inc
70,272
Cass Information Systems Inc
(1,280,198)
Catamaran Corp
639,354
Cathay General Bancorp
98,543
Cbeyond Inc
162,774
CBL & Associates Properties Inc (Reit)
650,483
CBOE Holdings Inc
7,508
CBRE Group Inc 'A'
22,599
CBS Corp 'B'
4,107,794
Ceco Environmental Corp
(61,604)
Cedar Realty Trust Inc (Reit)
375,742
Celgene Corp
86,399
Cell Therapeutics Inc
(41,163)
Celldex Therapeutics Inc
(316,113)
Cellular Dynamics International
34,896
Celsion Corp
28,017
Cemex SAB de CV ADR
(355,834)
Centene Corp
392,718
Center Bancorp Inc
25,658
Centerstate Banks Inc
49,497
Central European Media
Enterprises Ltd 'A'
(11,025)
Central Garden and Pet Co
452,770
Central Garden and Pet Co 'A'
193,216
Central Pacific Financial Corp
920,211
Century Aluminum Co
(342,687)
Century Bancorp Inc/MA 'A'
41,753
Century Casinos Inc
67,168
Cenveo Inc
182,654
Cepheid Inc
(1,795,928)
Cerner Corp
(330,100)
Cerus Corp
(346,046)
CH Robinson Worldwide Inc
(212,466)
Charles River Laboratories
International Inc
(443,852)
Charles Schwab Corp/The
(734,852)
3,112
12,676
539
494
3,508
(5,850)
1,329
(1,881)
6,904
3,536
3,164
(10,326)
58,520
(106)
1,554
(4,206)
(6,229)
4,070
2,430
31,960
1,122
(5,204)
(25,340)
(2,159)
(633)
(16,663)
(7,107)
9,337
7,938
(1,867)
(53,356)
(3,893)
(2,385)
4,634
561
(832)
6,533
(1,061)
(11,661)
(1,804)
252
(1,118)
19,116
9,072
3,498
(23,187)
4,875
(49,929)
(5,012)
(10,136)
(34,361)
Unrealised
appreciation/
USD
USD

57,235
(702,505)
(33,063)
(240,576)
(3,234)
(279,415)
(293,451)
187,992
(9,212)
(15,663)
(1,001,097)
241,674
(221,894)
3,702
30,073
(87)
(7,440)
290
1,925
(5,690)
(128,628)
427
(1,170)
(286,071)
6,415
(50,475)
10,577
81,939
367,477
24,643
9,831
44,201
(87,867)
73,839
(7,505)
932,454
88,789
202,211
(186,901)
1,028,196
(26,250)
18,182
(146,243)
(70,263)
309,198
75,549
564,733
17,840
(267,798)
(555,706)
(76,126)
(8,894)
(559,544)
(368,356)
751,255
304,978
(49,737)
(465,798)
(112,741)
(21,775)
147,083
14,771
(16,024)
299,407
(31,830)
(167,918)
(95,828)
13,386
(168,594)
178,926
66,498
281,519
(496,897)
138,450
(1,187,811)
(309,892)
(171,096)
(1,681,627)
421
97
25,781
7,115
(3,906)
(10,720)
(7,928)
345
13,504
(562)
(24,475)
4,856
(50,467)
(15,968)
(7,706)
(213)
(7,882)
(17,587)
(14,643)
5,029
(13,402)
365
8,365
23,830
2,043
(3,385)
(11,929)
4,193
(18,456)
14,189
12,025
(34,462)
3,582
(1,736)
(1,390)
2,095
166
9,609
(2,702)
(4,391)
(314)
209
(984)
54,696
12,197
(1,988)
(44,701)
843
(151,052)
8,871
(19,765)
(75,648)
58,649
25,028
45,555
(37,866)
1,195
12,917
53,097
(39,008)
(5,718)
(51,266)
(3,606)
(8,557)
(29,703)
(5,143)
(1,117)
14,037
65,565
4,061
1,487
(5,511)
(301,364)
37,945
31,841
(24,421)
(832)
4,347
48,824
3,498
3,178
47,133
133,974
1,031,567
3,647
5,853
(254)
3,002
1,640
200,747
23,052
5,102
(5,774)
4,069
2,414
745
(352,182)
(16,325)
10,083
(20,626)
(20,217)
132
137
(6,758)
(6,741)
6,798
5,858
(6,073)
(34,362)
(3,766)
(215,465)
(4,986)
24,816
807
2,788
10,827
(107,403)
3,660
105,517
33,127
1,148
(4,708)
41,608
(172,265)
(1,735)
(145,979)
3,822
3,505
(9,505)
29

Unrealised
appreciation/
USD
USD
Holding
Description
9,910
(2,722)
(219)
19,938
7,892
(25,714)
(7,799)
14,467
1,262
(4,151)
5,562
12,650
(8,828)
2,115
1,849
6,577
6,026
(7,377)
26
2,234
(23,168)
(11,067)
11,930
Chart Industries Inc

Charter Communications Inc 'A'
Chase Corp
Chatham Lodging Trust (Reit)
Checkpoint Systems Inc
Chefs' Warehouse Inc/The
Chemed Corp
Chemical Financial Corp
ChemoCentryx Inc
Chemtura Corp
Cherokee Inc
Chesapeake Lodging Trust
Chicago Bridge & Iron Co NV
Children's Place Retail Stores Inc/The
Chimerix Inc
China Biologic Products Inc
China Cord Blood Corp
Chindex International Inc
Chipotle Mexican Grill Inc
Chiquita Brands International Inc
Choice Hotels International Inc
Churchill Downs Inc
Grupo Pao de Acucar
Cia Cervecerias Unidas SA ADR
Cia de Minas Buenaventura SAA
Cia Siderurgica Nacional SA ADR
Ciena Corp
Cimarex Energy Co
Cincinnati Bell Inc
Cinemark Holdings Inc
CIRCOR International Inc
Cirrus Logic Inc
Cirrus Logic Inc
CIT Group Inc
Citi Trends Inc
Citigroup Inc
Citizens Inc/TX
Citrix Systems Inc
City Holding Co
CLARCOR Inc
Clayton Williams Energy Inc
Clean Energy Fuels Corp
Clean Energy Fuels Corp
Clean Harbors Inc
Clean Harbors Inc
Clear Channel Outdoor Holdings Inc 'A'
Cliffs Natural Resources Inc
Clifton Savings Bancorp Inc
Clorox Co/The
Clovis Oncology Inc
CME Group Inc/IL
CNA Financial Corp
CNB Financial Corp/PA
Coach Inc
Coach Inc
Cobalt International Energy Inc
Cobalt International Energy Inc
CoBiz Financial Inc
Coca-Cola Co/The
Coca-Cola Femsa SAB de CV ADR
Codexis Inc
Coeur d'Alene Mines Corp
Cogent Communications Group Inc
Cognex Corp
Cohen & Steers Inc
Holding
7,333
43,997
(103,053)
(6,059)
4,153
9,503
6,258
1,463
3,957
(11,784)
5,549
1,327
9,347
(56,946)
3,290
(298)
(10,575)
40
56,816
(48,355)
12,934
(942)
(7,988)
4,497
(10,277)
(19,300)
(399)
(2,556)
25,537
(3,080)
(10,139)
4,013
3,914
(5,903)
(2,024)
(28,994)
(3,017)
31,659
(1,647)
(40,399)
46,359
(37,695)
30
Description
Unrealised
appreciation/
USD
USD

970,784
(368,423)
(7,001)
405,539
113,645
(644,136)
(606,372)
464,246
6,588
(110,292)
78,424
300,690
(682,140)
116,515
29,621
194,285
23,923
(126,884)
13,736
23,859
(1,082,872)
(1,002,117)
(36,480)
(18,129)
(796)
85,415
(2,813)
(39,541)
(19,454)
66,819
(3,524)
(20,702)
3,491
(356)
15,537
1,454
(6,411)
29,082
6,699
(16,729)
75
(4,220)
(32,641)
(61,065)
564,050
179,585
517,405
(541,028)
(133,662)
393,497
30,220
206,514
115,270
80,406
(239,451)
280,224
22,015
499,784
(494,861)
194,044
(14,650)
(644,335)
2,883
708,496
(602,987)
680,975
(49,596)
(69,895)
111,031
(131,032)
(1,804,550)
(24,499)
(209,873)
1,057,232
(61,692)
(585,426)
231,711
87,047
(131,283)
(23,236)
(1,172,227)
(360,411)
47,172
(17,853)
(1,562,633)
1,547,000
(1,512,323)
(8,157)
(3,080)
(20,969)
46,374
5,040
(33,402)
(3,608)
476
7,906
(9,447)
9,888
4,846
2,111
27,909
51,177
6,843
(1,940)
(14,947)
(235)
54,270
28,650
(22,808)
3,674
(15,589)
(3,726)
(4,386)
(29,744)
(4,631)
2,176
40,438
(10,973)
(8,088)
14,447
(584)
21,584
(9,056)
(4,872)
(15,059)
(25,029)
952
(438,016)
93,080
(121,146)
1,086
(28,047)
(3,527)
(23,528)
37,378
71,607
(733)
17,936
168
(570)
7,418
5,519
8,819
(18,076)
(4,575)
(791)
(48,851)
4,377
(9,867)
(81)
(37,583)
46,914
(8,521)
4,316
(1,146)
783
(6,614)
(2,213)
(410)
(3,874)
(17,370)
15,036
173
9,442
3,859
365
4,645
(4,743)
383
777
(44,430)
(13,174)
61,464
(20,627)
15,935
(21,759)
6,645
(406)
18,131
(3,872)
67,146
573
(1,705)
(2,731)
22,752
(1,317)
7,294
(30,051)
(4,437)
1,119
57
3,107
(6,616)
9,618
Coherent Inc
75,477
Cohu Inc
(279,068)
Coldwater Creek Inc
(3,174)
Cole Real Estate Investment Inc (Reit)
(338,803)
Collectors Universe Inc
611,878
Colony Financial Inc (Reit)
1,442,165
Columbia Banking System Inc
(20,414)
Columbia Banking System Inc
499,518
Columbia Sportswear Co
11,626
Columbus McKinnon Corp/NY
(15,954)
Comcast Corp 'A'
370,010
Comerica Inc
251,942
Commercial Metals Co
171,794
Commercial Vehicle Group Inc
(134,124)
CommonWealth REIT (Reit)
(108,977)
Communications Systems Inc
(9,097)
Community Bank System Inc
(1,899,327)
Compass Minerals International Inc
314,619
Compass Minerals International Inc
(709,240)
Computer Programs & Systems
(4,902)
Computer Task Group Inc
(714,453)
Compuware Corp
516,054
comScore Inc
(230,067)
Comstock Resources Inc
72,293
Concur Technologies Inc
(110,876)
CONMED Corp
31,962
Conn's Inc
(392,739)
Connecticut Water Service Inc
(76,680)
ConnectOne Bancorp Inc
(15,564)
CONSOL Energy Inc
(136,597)
Consolidated Communications
Holdings Inc
(335,067)
Consolidated Graphics Inc
968,018
Consolidated-Tomoka Land Co
6,339
Constellium NV 'A'
199,037
Consumer Portfolio Services Inc
28,364
Control4 Corp
6,358
Copa Holdings SA
703,625
Corcept Therapeutics Inc
(9,960)
Core Laboratories NV
69,737
Core-Mark Holding Co Inc
57,498
CoreLogic Inc/United States
(1,570,601)
Cornerstone OnDemand Inc
(660,544)
Cornerstone Therapeutics Inc
583,293
Corning Inc
(353,547)
Corning Inc
273,126
Corporate Executive Board Co
(1,612,559)
Corporate Office Properties
Trust (Reit)
147,984
Corporate Resource Services Inc
(1,076)
Corvel Corp
832,576
Cousins Properties Inc
(41,624)
Covanta Holding Corp
1,174,384
Covisint Corp
7,214
CPI Aerostructures Inc
(24,808)
CR Bard Inc
(381,493)
CRA International Inc
423,870
Craft Brew Alliance Inc
(23,443)
Crawford & Co 'B'
74,034
Cray Inc
(712,209)
Credicorp Ltd
(573,970)
Credicorp Ltd
144,754
Credit Acceptance Corp
7,282
Cree Inc
174,676
Crimson Wine Group Ltd
(56,567)
Crocs Inc
132,247
10,607
(8,550)
15,829
(19,226)
108,663
11,904
(98)
58,374
353
(1,063)
15,949
4,139
8,928
6,966
1,174
(9)
(465,951)
(54)
11,939
(41)
40,045
22,436
3,940
1,792
(853)
3,051
(24,489)
(8,063)
(1,067)
2,789
(66,077)
416,085
42
15,703
(10,569)
385
(5,404)
(1,833)
(3,156)
5,627
(60,989)
(127,079)
250,554
99
2,072
(288,369)
539
138
190,821
(358)
1,513
163
(4,960)
(6,976)
(63,883)
(6,602)
23,786
(85,864)
12,619
736
126
(1,216)
(2,206)
(26,714)

Holding
Description
Unrealised
appreciation/
USD
USD
Holding

45,342
(650)
1,894
32,714
890
69,948
(368)
(23,346)
(10,577)
422
(23,166)
14,698
95,232
(31,726)
32,010
(5,504)
(4,870)
2,234
(2,863)
8,913
(466)
6,180
(1,462)
7,771
(3,124)
7,667
(261)
5,158
(5,902)
46,695
(8,005)
(233)
(14,399)
6,836
9,337
777
(5,501)
1,602
(799)
(2,746)
28,607
(544)
243
15,881
(586)
13,794
(2,791)
6,419
(40,516)
(124,018)
105
(75,111)
9,154
(7,252)
(3,587)
(1,297)
(31,103)
1,856
1,403
3,167
(7,889)
1,099
1,605
5,972
Cross Country Healthcare Inc

Crosstex Energy Inc
Crown Castle International Corp
Crown Media Holdings Inc 'A'
CST Brands Inc
CTC Media Inc
CTS Corp
CubeSmart (Reit)
Cubic Corp
Cubist Pharmaceuticals Inc
Cubist Pharmaceuticals Inc CVR
Culp Inc
Cumberland Pharmaceuticals Inc
Curis Inc
Cutera Inc
CVB Financial Corp
Cvent Inc
Cvent Inc
CVR Energy Inc
CVS Caremark Corp
Cyan Inc
Cyberonics Inc
Cynosure Inc 'A'
CyrusOne Inc (Reit)
CYS Investments Inc (Reit)
Cytec Industries Inc
Daily Journal Corp
Daktronics Inc
Darden Restaurants Inc
Darling International Inc
Datalink Corp
Datawatch Corp
DaVita HealthCare Partners Inc
Dawson Geophysical Co
Dean Foods Co
Deckers Outdoor Corp
Deckers Outdoor Corp
Delek US Holdings Inc
Delphi Automotive Plc
Delta Air Lines Inc
Delta Apparel Inc
Delta Natural Gas Co Inc
Deltic Timber Corp
Deluxe Corp
Deluxe Corp
Demand Media Inc
Demandware Inc
Denbury Resources Inc
Derma Sciences Inc
Desarrolladora Homex SAB
de CV ADR
Destination Maternity Corp
Destination Xl Group Inc
Devon Energy Corp
DeVry Education Group Inc
Diamond Foods Inc
Diamond Hill Investment Group
Inc GRP
Diamond Offshore Drilling Inc
Diamond Resorts International Inc
Diamondback Energy Inc
Diana Shipping Inc
Diebold Inc
Digi International Inc
Digimarc Corp
Digital Generation Inc
Description
Unrealised
appreciation/
USD
USD

335,531
(21,411)
140,629
107,629
29,646
884,143
(6,694)
(378,672)
(598,976)
29,004
(38,224)
297,634
473,303
(104,696)
301,854
(88,669)
(160,710)
73,722
(112,401)
601,984
(1,985)
430,313
(37,413)
156,974
(25,117)
684,280
(37,845)
79,536
(314,695)
962,384
(83,012)
(7,847)
(861,204)
215,949
169,653
63,629
(450,477)
47,932
(46,638)
(79,936)
492,613
(12,066)
15,066
799,608
(29,505)
74,074
(159,785)
107,518
(469,986)
111,543
(10,081)
293
31,696
(240)
181,640
84
(34,276)
(43,760)
255
214,072
88,985
29,499
16,096
(54,206)
(448)
(50)
(12,280)
(3,769)
17,113
1,661
121,970
(3,499)
10,588
(37)
24,611
(5,544)
27,675
1,062
5,420
(1,573)
(1,609)
(13,247)
1,015
(14,172)
9,936
(19,095)
(6,508)
(1,146)
(2,719)
50,019
298
195
222,802
(866)
(19,162)
(7,997)
(5,713)
(14,758)
(140,140)
3,240
(522,773)
556,197
(255,125)
(89,567)
50,532
3
(141,759)
2,269
432
(16,806)
(161,477)
(1,867,424)
33,222
68,747
36,167
(269,173)
12,638
29,692
70,947
(27,302)
33,000
(1,042)
(5,280)
2,038
(35,181)
1,480
(3,153)
35,144
6,916
(4,308)
(68,055)
1,693
44,788
7,844
(8,943)
(2,800)
161,622
557
4,432
27,839
14,707
2,245
(14,236)
(3,535)
(15,589)
2,629
(2,428)
8,041
(41,725)
(7,176)
418
(7,542)
11,535
(15,398)
18,117
67,799
(2,098)
(1,724)
(32,148)
(675)
(31,752)
(26,591)
(2,313)
105,714
(1,070)
14,443
(32,841)
39,917
40,766
6,897
14,741
(19,204)
(44,977)
2,995
2,596
(366)
31,317
4,276
11,997
50,322
9,181
(201)
(14,123)
(171)
(18,592)
(752)
(194)
(861)
(172)
(3,613)
(16,721)
10,048
13,160
Digital Realty Trust Inc (Reit)

DigitalGlobe Inc
Dime Community Bancshares Inc
DineEquity Inc
Diodes Inc
DIRECTV
DISH Network Corp 'A'
Diversified Restaurant Holding Inc
Dolan Co/The
Dollar General Corp
Dollar Tree Inc
Dominion Diamond Corp
Domino's Pizza Inc
Domtar Corp
Dorman Products Inc
Douglas Dynamics Inc
DreamWorks Animation SKG Inc 'A'
Dresser-Rand Group Inc
Dresser-Rand Group Inc
Dril-Quip Inc
DryShips Inc
DST Systems Inc
DTE Energy Co
DTS Inc/CA
Ducommun Inc
Dun & Bradstreet Corp/The
Dunkin' Brands Group Inc
DuPont Fabros Technology Inc (Reit)
Durata Therapeutics Inc
DXP Enterprises Inc
Dyax Corp
Dycom Industries Inc
Dynergy Inc
E2open Inc
Eagle Bancorp Inc
EarthLink Inc
Eastern Insurance Holdings Inc
Eastman Chemical Co
Eaton Vance Corp
eBay Inc
Echelon Corp
Echo Global Logistics Inc
EchoStar Corp 'A'
Education Management Corp
Education Realty Trust Inc (Reit)
Edwards Lifesciences Corp
eHealth Inc
EI du Pont de Nemours & Co
Einstein Noah Restaurant Group Inc
El Paso Electric Co
Electro Scientific Industries Inc
Electronic Arts Inc
Electronics For Imaging Inc
Elephant Talk Communications Corp
Elizabeth Arden Inc
Ellie Mae Inc
Embraer SA
EMC Corp/MA
EMC Insurance Group Inc
Emcore Corp
Emeritus Corp
Emerson Electric Co
Empire Resorts Inc
Employers Holdings Inc
Empresa Nacional de Electricidad
SA/Chile ADR
329,063
(171,329)
(1,153,532)
142,601
915,467
517,782
(483,190)
(16,072)
113,152
32,050
247,527
376,940
1,019,342
193,676
(711,800)
(56,348)
(497,367)
149,012
(137,619)
874,137
(144,369)
(635,076)
27,989
(170,374)
292,758
(1,807,879)
893,168
1,595,310
(26,099)
(168,607)
(264,578)
(19,271)
(682,350)
(591,118)
(76,236)
561,341
(26,215)
1,113,555
(1,385,562)
2,015,010
95,392
141,733
727,911
(231,984)
(390,850)
196,682
117,157
(22,568)
504,204
153,423
123,809
1,117,148
364,302
(187)
(563,649)
(4,831)
(579,141)
(17,950)
(6,031)
(4,563)
(3,856)
(244,239)
(81,097)
327,866
3,238
(14,374)
(67,476)
1,376
(168,216)
9,107
(27,634)
5,897
(400,047)
(958)
(11,743)
(42,622)
6,890
1,010
(59,101)
(5,649)
2,660
(443)
8,085
(52,910)
(13,010)
(8,468)
(823)
(14,999)
43,406
(34,598)
29,107
(12,420)
(6,023)
(29,628)
(20,470)
775
(14,982)
(73,682)
(10,662)
(24,691)
(4,149)
(2,712)
25,878
38,951
(1,855)
11,797
7,336
(392)
74,077
2,037
71,581
165
33,726
3,068
(7,231)
(89,453)
40,047
304
85,387
501
(5,835)
98
257
85
(557)
1,337
10,032
36,541
568,775
(18,391)
31

Holding
Description
Unrealised
appreciation/
USD
USD
Holding

(78,400)
1,382
(4,036)
(95)
(6,874)
(5,796)
3,247
(7,223)
(1,932)
1,463
(417)
2,422
(962)
795
(9,780)
(254)
1,407
49,022
6,782
3,175
350
(2,142)
(11,588)
10,362
(11,213)
2,429
12,464
632
12,504
125,335
2,807
725
(4,729)
410
427
9,571
(51)
(1,602)
10,858
87,383
(3,231)
(785)
(5,234)
(21,532)
1,505
16,602
(21)
755
967
(4,319)
5,935
65,649
(46,588)
3,171
5,342
3,407
(15,787)
(11,810)
(9,568)
15,282
53,140
(37,241)
12,476
328
(1,920)
32
Empresas ICA SAB de CV ADR

Enanta Pharmaceuticals Inc
Enbridge Energy Management LLC
Encore Capital Group Inc
Encore Wire Corp
Endeavour International Corp
Endo Health Solutions Inc
Endocyte Inc
Endologix Inc
Endurance International Group
Endurance Specialty Holdings Ltd
Energen Corp
Energizer Holdings Inc
Energizer Holdings Inc
Energy Recovery Inc
Energy XXI Bermuda Ltd
EnerNOC Inc
Enersis SA ADR
EnerSys Inc
Engility Holdings Inc
Ensign Group Inc/The
Enstar Group Ltd
Entegris Inc
Entegris Inc
Entercom Communications Corp 'A'
Enterprise Financial Services Corp
Entravision Communications Corp 'A'
Envestnet Inc
Envivio Inc
Enzon Pharmaceuticals Inc
EOG Resources Inc
EPAM Systems Inc
EPAM Systems Inc
Epiq Systems Inc
ePlus Inc
EPR Properties (Reit)
Equifax Inc
Equinix Inc
Equity Lifestyle Properties Inc (Reit)
Equity One Inc (Reit)
Equity Residential (Reit)
Erickson Air Crane Inc
Erie Indemnity Co 'A'
ESB Financial Corp
ESCO Technologies Inc
Essent Group Ltd
Essex Property Trust Inc (Reit)
Estee Lauder Cos Inc/The 'A'
Esterline Technologies Corp
Ethan Allen Interiors Inc
Euronet Worldwide Inc
EverBank Financial Corp
EverBank Financial Corp
Everest Re Group Ltd
Evolution Petroleum Corp
Exa Corp
Exact Sciences Corp
ExamWorks Group Inc
Exar Corp
EXCO Resources Inc
Exelis Inc
Exelixis Inc
Exide Technologies
ExOne Co/The
Expeditors International
of Washington Inc
Description
Unrealised
appreciation/
USD
USD

(589,568)
37,314
(116,479)
(4,531)
(343,081)
(27,763)
218,556
(80,681)
(34,583)
20,716
(23,790)
174,529
(107,023)
88,444
(48,998)
(6,901)
24,172
758,861
485,862
100,997
15,736
(300,094)
(127,236)
113,775
(117,400)
47,948
83,260
25,286
37,137
200,536
463,997
25,868
(168,731)
6,790
23,754
486,398
(3,438)
(258,114)
387,848
1,968,739
(167,915)
(14,899)
(376,220)
(305,539)
51,320
364,746
(3,200)
57,033
85,870
(132,464)
286,008
1,111,438
(788,735)
502,350
65,386
49,401
(194,180)
(342,018)
(116,825)
79,772
947,486
(214,508)
2,882
17,551
(9,303)
9,762
(1,112)
(21)
(43,781)
(8,400)
7,878
(555)
(251)
4,583
(196)
(9,446)
(3,554)
4,118
(6,193)
49
6,265
(103,410)
19,301
1,503
2,330
(8,498)
(5,535)
11,798
(34,131)
9,672
58,913
2,926
14,997
(76,135)
(17,067)
568
(56,422)
1,070
897
(8,901)
13
10,397
(2,924)
(70,295)
(2,351)
(481)
(9,683)
(40,615)
2,470
9,826
79
1,412
16,295
4,139
88,068
97,199
(80,051)
3,898
1,470
15,684
(23,371)
(70,864)
(4,012)
(3,336)
34,703
(37,159)
(16,111)
328
(84,038)
(380)
16,622
4,531
(137)
28,922
(8,607)
1,359
5,727
14,830
138
228
(42,053)
(16,012)
(167)
1,073
(325)
3,716
22,256
394
23,176
(457)
(17,748)
(16,271)
1,725
(17,387)
2,878
(25,957)
(1,360)
10,894
495
(1,078)
(1,808)
(31,210)
(13,184)
2,021
(12,568)
9,627
(221)
(1,063)
(14,295)
(2,559)
406
766
(50,936)
(8,394)
1,688
3,731
35,879
(2,053)
(1,795)
15,566
(5,400)
488
5,611
4,992
(4,451)
8,130
2,682
(2,265)
810
(15,078)
(3,337)
(18,211)
61,560
Express Inc
Express Scripts Holding Co
Extra Space Storage Inc (Reit)
Extreme Networks Inc
Exxon Mobil Corp
Ezcorp Inc 'A'
F5 Networks Inc
Fabrinet
Facebook Inc 'A'
FactSet Research Systems Inc
Fair Isaac Corp
Fairpoint Communications Inc
Family Dollar Stores Inc
Farmer Bros Co
Farmers Capital Bank Corp
FARO Technologies Inc
FBR & Co
FEI Co
FelCor Lodging Trust Inc (Reit)
Female Health Co/The
Fibria Celulose SA ADR
Fidelity National Financial Inc 'A'
Fidelity Southern Corp
Fidus Investment Corp
Fiesta Restaurant Group Inc
Fifth & Pacific Cos Inc
Fifth Street Finance Corp
Finisar Corp
FireEye Inc
First American Financial Corp
First Bancorp Inc/ME
First BanCorp/Puerto Rico
First Bancorp/Troy NC
First Busey Corp
First Cash Financial Services Inc
First Citizens BancShares
Inc/NC 'A'
First Connecticut Bancorp
Inc/Farmington CT
First Defiance Financial Corp
First Financial Bankshares Inc
First Financial Corp/IN
First Financial Holdings Inc
First Financial Northwest Inc
First Horizon National Corp
First Industrial Realty Trust Inc (Reit)
First Interstate Bancsystem Inc
First Majestic Silver Corp
First Merchants Corp
First Niagara Financial Group Inc
First of Long Island Corp/The
First Republic Bank/CA
First Solar Inc
Firsthand Technology Value Fund Inc
Five Prime Therapeutics Inc
Flagstar Bancorp Inc
Flagstar Bancorp Inc
FleetCor Technologies Inc
Flextronics International Ltd
Flotek Industries Inc
Flowserve Corp
Fluidigm Corp
Fluor Corp
FMC Corp
FNB Corp/PA
407,073
306,069
(5,784)
201,442
(809,058)
15,887
470,473
294,524
6,486
25,983
(2,474,399)
(146,670)
(11,692)
21,932
(6,893)
204,789
629,622
36,063
166,867
(4,218)
(214,928)
(475,601)
29,946
(375,907)
141,914
(849,832)
(13,070)
226,377
19,097
(28,869)
(32,454)
(200,056)
(222,414)
12,207
(802,153)
52,768
10,014
89
42,315
10,931
(10,183)
731
38,099
(277)
262
(112,380)
3,870
2
6,257
(282)
76,781
11,536
450
59,804
(23)
(19,133)
(21,966)
3,198
(59,442)
2,460
(59,961)
1,694
(14,166)
2,412
(1,477)
(2,892)
(14,992)
(31,237)
1,199
(102,701)
2,157,988
339,945
(3,739)
(28,818)
(957,765)
(94,043)
26,865
8,265
(574,049)
(147,399)
47,196
36,452
761,711
(23,014)
(76,736)
799,003
(323,352)
10,321
53,304
91,468
(81,556)
993,486
20,249
(47,474)
58,352
(482,496)
(261,254)
(1,334,138)
784,274
(475)
(607)
(291,613)
(6,469)
2,383
(88)
(5,499)
(21,306)
14,911
(2,100)
165,426
(144)
(6,464)
2,487
(34,321)
(279)
(2,173)
17,856
(6,312)
51,221
(161)
(105)
1,733
(226,476)
3,047
30,634
103,359

Holding
Description
Unrealised
appreciation/
USD
USD
Holding

6,104
8,604
7,511
(40,312)
(4,222)
6,197
26,315
(1,357)
44,494
5,366
(1,166)
(12,793)
(2,898)
2,035
(8,839)
(12,175)
54,477
(7,677)
(40,234)
15,023
36,200
(24,075)
40,794
122
3,200
1,822
(14,653)
453
(34,335)
(3,279)
18,897
(14,438)
29,909
(24,222)
4,648
(150)
(150,788)
299
525
29,797
17,637
(3,880)
(8,641)
2,759
367
(10,476)
5,944
712
(9,068)
(68,390)
(7,230)
(9,605)
(1,897)
(10,633)
(9,397)
45,342
1,291
24,463
(1,675)
1,043
(1,232)
73,620
4,027
(11,324)
(31,517)

SAB de CV
Foot Locker Inc
Forbes Energy Services Ltd
Forest City Enterprises Inc 'A'
Forest Laboratories Inc
Forest Laboratories Inc
Forestar Group Inc
FormFactor Inc
Fortegra Financial Corp
Fortinet Inc
Forum Energy Technologies Inc
Forward Air Corp
Foster Wheeler AG
Foundation Medicine Inc
Fox Chase Bancorp Inc
Francesca's Holdings Corp
Frank's International NV
Franklin Electric Co Inc
Franklin Financial Corp/VA
Franklin Street Properties Corp
Freescale Semiconductor Ltd
FreightCar America Inc
Fresh Del Monte Produce Inc
Fresh Market Inc /The
FriendFinder Networks Inc
FTD Cos Inc
FTI Consulting Inc
Fuel Tech Inc
FuelCell Energy Inc
Furiex Pharmaceuticals Inc
Fusion-io Inc
Fusion-io Inc
FutureFuel Corp
FXCM Inc 'A'
G & K Services Inc 'A'
G-III Apparel Group Ltd
Gafisa SA ADR
Gain Capital Holdings Inc
GAMCO Investors Inc 'A'
GameStop Corp 'A'
Gannett Co Inc
Garmin Ltd
Gartner Inc
Gastar Exploration Ltd
Geeknet Inc
Genco Shipping & Trading Ltd
Generac Holdings Inc
General Communication Inc 'A'
General Electric Co
General Growth Properties Inc (Reit)
Genesco Inc
Genesee & Wyoming Inc 'A'
Genie Energy Ltd 'B'
GenMark Diagnostics Inc
Genomic Health Inc
Genpact Ltd
Gentex Corp/MI
Gentherm Inc
Gentiva Health Services Inc
Genworth Financial Inc 'A'
Geospace Technologies Corp
Gerdau SA ADR
German American Bancorp Inc
Getty Realty Corp (Reit)
Gevo Inc
Description
Unrealised
appreciation/
USD
USD

581,040
335,642
26,889
(787,696)
(217,813)
319,703
511,037
(7,409)
329,256
92,242
(31,482)
(558,031)
(88,331)
51,485
(156,008)
(236,804)
1,306,358
(342,164)
(824,797)
196,050
528,520
(559,262)
1,152,430
4,906
96
60,035
(657,041)
3,443
(47,726)
(146,899)
184,624
(141,059)
495,293
(402,812)
280,925
(9,045)
(447,840)
2,733
44,063
1,439,493
480,256
(189,965)
(566,072)
16,444
6,819
(27,028)
316,161
7,070
(242,569)
(1,424,564)
(543,479)
(928,996)
(30,788)
(129,191)
(329,459)
811,622
38,394
588,091
(20,787)
15,801
(105,940)
576,445
121,172
(210,060)
(57,361)
8,982
16,089
3,781
8,869
296
23,692
(53,384)
1,587
(7,680)
(12,933)
(2,693)
(83,807)
(2,927)
(19,151)
(4,102)
(16,234)
(248,981)
(99,718)
(118,764)
4,158
9,889
(103,099)
27,119
100
(6,996)
60,035
(53,803)
1,681
3,100
(8,496)
(629)
19,175
110,614
(48,598)
55,134
(693)
(3,772)
(444)
5,880
(168,327)
3,493
(4,755)
(5,769)
9,372
15
6,238
18,308
1,511
4,081
6,374
(18,688)
10,373
(8,880)
(2,800)
3,405
(6,160)
(219)
181,065
(3,598)
636
(7,878)
(14,760)
10,087
15,529
14,402
12,131
38,948
8,427
(165,600)
28,931
76,995
10,800
18,620
(718)
(15,350)
(838)
3,020
(28,040)
(471)
9,837
(416)
(12,969)
8,368
19,034
(106,454)
(7,477)
81,549
2,686
(48,813)
26,580
14,241
(1,286)
(49,299)
577
112,853
2,511
13,390
(90,447)
3,382
520
(36,404)
4,106
2,860
(144)
(5,736)
9,730
(2,153)
35,060
21,607
5,805
4,475
(13,834)
11,780
2,716
2,275
1,846
(7,801)
(1,483)
(8,341)
950
20,851
762
(15,709)
55,995
8,313
9,527
40,603
(15,707)
Gibraltar Industries Inc

213,627
Gilead Sciences Inc
2,921,100
Glacier Bancorp Inc
251,799
Glimcher Realty Trust (Reit)
(1,622,880)
Global Brass & Copper Holdings Inc
477,072
Global Cash Access Holdings Inc
743,002
Global Eagle Entertainment Inc
161,028
Global Geophysical Services Inc
26,999
Global Indemnity Plc
(19,135)
Global Payments Inc
(970,734)
Global Power Equipment Group Inc
(16,375)
Globe Specialty Metals Inc
54,330
Globe Specialty Metals Inc
(504,440)
Globecomm Systems Inc
(6,646)
Globus Medical Inc 'A'
190,543
Globus Medical Inc 'A'
(8,058)
Glu Mobile Inc
(48,504)
GNC Holdings Inc 'A'
502,749
Gogo Inc
508,208
Gol Linhas Aereas Inteligentes SA ADR (473,720)
Golar LNG Ltd
(272,985)
Gold Reserve Inc
277,267
Goldman Sachs Group Inc/The
453,182
Golub Capital BDC Inc
(909,386)
Goodrich Petroleum Corp
499,172
Gordmans Stores Inc
147,252
Gorman-Rupp Co/The
(54,977)
GrafTech International Ltd
(570,389)
Graham Holdings Co
381,016
Gramercy Property Trust Inc (Reit)
596,992
Gran Tierra Energy Inc
17,903
Graphic Packaging Holding Co
120,376
Great Lakes Dredge & Dock Corp
(809,048)
Great Northern Iron Ore Properties
247,901
Greatbatch Inc
21,258
Green Dot Corp 'A'
(885,345)
Green Plains Renewable Energy Inc
69,966
Greenbrier Cos Inc/The
89,804
Greenhill & Co Inc
(7,959)
Griffin Land & Nurseries Inc
(188,083)
Griffon Corp
126,490
Group 1 Automotive Inc
(148,126)
Groupon Inc
316,942
Grupo Aeroportuario del Centro
Norte Sab de CV ADR
588,791
Grupo Aeroportuario del Pacifico
SAB de CV ADR
299,248
Grupo Aeroportuario del Sureste
SAB de CV ADR
596,696
Grupo Televisa SAB ADR
(421,660)
GSE Holding Inc
24,267
GSI Group Inc
29,604
GSI Technology Inc
15,720
GSV Capital Corp
19,752
GT Advanced Technologies Inc
(76,996)
Guess? Inc
(50,496)
Guidance Software Inc
(77,321)
Guidewire Software Inc
44,935
Gulfmark Offshore Inc 'A'
1,027,537
Gyrodyne Co of America Inc (Reit)
55,001
H&R Block Inc
(441,580)
Hackett Group Inc/The
345,489
Haemonetics Corp
350,310
Hain Celestial Group Inc/The
788,836
Halcon Resources Corp
161,194
Halcon Resources Corp
(62,357)
(1,302)
276,414
43,068
209,003
(13,844)
214,074
50,353
(22,097)
(1,677)
4,088
(274)
2,968
(5,453)
(93)
6,847
(705)
(14,230)
10,564
283,306
(18,825)
22,031
45,032
30,937
(81,909)
(75,291)
(37,110)
(18,849)
(179,567)
3,374
236,283
3,114
6,251
(182,503)
7,319
2,130
(134,655)
2,196
2,239
(730)
(3,914)
22,565
(654)
(43,968)
(16,710)
3,773
53,866
(7,867)
(7,309)
8,864
383
4,722
(52,347)
(282)
(4,962)
291
(24,334)
(1,433)
6,127
102,490
20,928
(13,673)
(757)
21,727
33

Unrealised
appreciation/
USD
USD
Holding
Description
6,676
3,842
20,483
(7,615)
(3,669)
19,889
(9,349)
Hallador Energy Co
51,939
Halliburton Co
201,052
Hallmark Financial Services Inc
192,335
Halozyme Therapeutics Inc
(114,606)
Hancock Holding Co
(130,176)
Hanmi Financial Corp
408,321
Hannon Armstrong Sustainable
Infrastructure Capital Inc
(115,460)
Hanover Insurance Group Inc/The
31,538
Hansen Medical Inc
(161,943)
Harbinger Group Inc
455,220
Hardinge Inc
(3,386)
Harman International Industries Inc
(93,807)
Harmonic Inc
6,160
Harte-Hanks Inc
677,044
Hartford Financial Services Group Inc
78,314
Harvard Apparatus Regenerative
Technology Inc
101,354
Harvard Bioscience Inc
333,422
Harvest Natural Resources Inc
26,774
Hasbro Inc
169,107
Hasbro Inc
(93,230)
Haverty Furniture Cos Inc
36,821
Haynes International Inc
(18,888)
HCI Group Inc
3,511
HCP Inc (Reit)
(143,682)
HD Supply Holdings Inc
153,568
Health Care Inc (Reit)
(86,086)
Health Insurance Innovations Inc 'A'
(3,432)
Health Management Associates Inc 'A' (119,144)
Health Net Inc/CA
944,487
Healthcare Services Group Inc
(685,529)
HealthStream Inc
(64,766)
Healthways Inc
(73,205)
Heartland Express Inc
(88,796)
Hecla Mining Co
(487,681)
HEICO Corp
63,920
Heidrick & Struggles International Inc
(92,798)
Helen of Troy Ltd
(364,496)
Helix Energy Solutions Group Inc
575,258
Hercules Offshore Inc
113,579
Heritage Financial Corp/WA
8,643
Heritage Financial Group Inc
879,676
Heritage Oaks Bancorp
321,709
Heritage-Crystal Clean Inc
(11,932)
Herman Miller Inc
(94,079)
Hershey Co/The
(63,211)
Hertz Global Holdings Inc
(39,568)
Hertz Global Holdings Inc
226,150
Hexcel Corp
4,430
hhgregg Inc
27,833
Hibbett Sports Inc
(221,158)
Higher One Holdings Inc
(243,055)
Hill-Rom Holdings Inc
(1,589,772)
Hillenbrand Inc
13,022
Hillshire Brands Co
276,966
Hilltop Holdings Inc
(500,490)
HMS Holdings Corp
(612,761)
HNI Corp
(407,028)
Hologic Inc
(230,969)
Home Bancorp Inc
(65,625)
Home BancShares Inc/AR
(154,763)
Home Federal Bancorp Inc/ID
159,074
HomeStreet Inc
974,584
Honeywell International Inc
(705,116)
Horace Mann Educators Corp
729,654
Holding
520
(86,140)
37,935
(220)
(1,152)
799
85,270
2,190
19,991
73,603
7,396
3,138
(1,730)
1,271
(346)
69
(3,877)
7,285
(1,525)
(286)
(9,088)
30,906
(23,365)
(1,931)
(5,297)
(4,792)
(165,878)
1,113
(5,096)
(7,460)
25,971
17,943
499
49,840
40,365
(652)
(2,929)
(646)
(1,648)
9,419
101
1,858
(3,392)
(24,551)
(38,317)
459
8,280
(21,029)
(26,584)
(10,163)
(10,279)
(3,500)
(4,293)
10,397
46,453
(7,928)
23,667
34
Description
Unrealised
appreciation/
USD
USD

3,173
(14,984)
2,064
(32,841)
(8,120)
131,348
(6,699)
2,591
41,405
132,928
(24)
(368)
312
118,513
(27)
95,971
(48,026)
(6,680)
3,640
(2,087)
6,023
(690)
301
6,603
1,603
6,192
(207)
454
79,694
(112,596)
(220)
30,809
(5,155)
28,371
7,572
1,069
(12,629)
(5,048)
(312)
479
76,616
56,358
(560)
(4,443)
459
(617)
3,108
29
14,334
(26,215)
(3,156)
(58,030)
48
6,376
(121,349)
(41,161)
(13,668)
(9,365)
(2,795)
(5,385)
15,978
(33,302)
(2,537)
215,585
6,534
(26,544)
(8,287)
35,052
(23,174)
345
199
(39,397)
(23,359)
(3,748)
(16,164)
(1,191)
(540)
1,577
10,091
(32,588)
34,187
3,465
8,241
(41,652)
14,542
102,636
(12,636)
(42,700)
19,671
29,906
(15,051)
(31,875)
(780)
10,492
(465)
(116,703)
(16,420)
(3,106)
(56,349)
19,237
5,526
(28,626)
(761)
1,989
(1,361)
11,346
6,799
5,153
32,628
(20,596)
60,203
(4,569)
10,382
(3,356)
(480)
17,568
(427)
(8,176)
366
(19,538)
(163,555)
(70,407)
42,400
(413)
(9,168)
(3,666)
(1,466)
(585)
(8,683)
13,828
Hormel Foods Corp

Horsehead Holding Corp
Hospira Inc
Host Hotels & Resorts Inc (Reit)
Hovnanian Enterprises Inc 'A'
HSN Inc
Hub Group Inc 'A'
Hudson City Bancorp Inc
Hudson Valley Holding Corp
Humana Inc
Huntington Ingalls Industries Inc
Hurco Cos Inc
Hyperion Therapeutics Inc
Hyster-Yale Materials Handling Inc
IAC/InterActiveCorp
ICG Group Inc
ICON Plc
Iconix Brand Group Inc
ICU Medical Inc
Idenix Pharmaceuticals Inc
IDT Corp 'B'
II-VI Inc
Illumina Inc
Imax Corp
Immersion Corp
ImmunoCellular Therapeutics Ltd
ImmunoGen Inc
Immunomedics Inc
Impax Laboratories Inc
Imperial Holdings Inc
Imperva Inc
inContact Inc
Incyte Corp Ltd
Independence Holding Co
Independent Bank Corp/Rockland MA
Independent Bank Group Inc
Infinera Corp
Infinera Corp
Infinity Pharmaceuticals Inc
Infoblox Inc
Informatica Corp
ING US Inc
Ingersoll-Rand Plc
Ingles Markets Inc 'A'
Ingram Micro Inc 'A'
Ingredion Inc
Inland Real Estate Corp (Reit)
Innodata Inc
Innophos Holdings Inc
Innospec Inc
Innovative Solutions & Support Inc
Inphi Corp
Insmed Inc
Insulet Corp
Insys Therapeutics Inc
Integra LifeSciences Holdings Corp
Integrated Device Technology Inc
Intel Corp
Inteliquent Inc
Intelsat SA
Inter Parfums Inc
Interactive Intelligence Group Inc
Intercept Pharmaceuticals Inc
IntercontinentalExchange Group Inc
InterDigital Inc/PA
Interface Inc
294,879
(400,284)
(327,254)
648,111
(117,956)
20,162
7,566
(369,544)
(484,699)
(390,429)
(1,336,278)
(31,550)
(13,073)
129,156
570,545
(558,558)
1,307,653
137,283
544,071
(221,589)
323,269
1,686,309
(1,229,483)
(1,309,182)
245,691
102,279
(220,949)
(139,294)
(18,525)
67,044
(20,772)
(871,771)
(772,068)
(43,857)
(2,136,754)
919,529
50,673
(262,500)
(11,164)
62,315
(52,943)
398,472
486,740
136,967
761,538
(1,438,631)
647,784
(11,605)
497,402
(161,893)
(3,686)
219,776
(6,930)
(301,286)
15,870
(910,471)
(1,632,279)
(1,688,360)
485,056
(8,983)
(337,932)
(238,583)
(77,024)
(125,067)
(295,743)
277,251
645
(108,972)
1,250
(18,227)
170
292
307
(12,662)
(64,250)
(22,113)
(43,786)
(1,961)
(1,029)
56,299
(11,498)
(176,958)
(11,351)
27,589
(67,624)
(48,686)
106,667
(28,315)
(27,945)
(51,545)
(38,951)
39,907
20,810
33,044
(132)
4,182
508
(233,520)
(43,492)
(2,637)
(289,930)
272,055
2,383
(68,236)
27
(1,742)
828
1,929
27,962
23,201
(20,882)
(14,985)
146,567
2,775
6,861
(4,949)
26
61,845
(829)
(119,042)
9,639
(94,213)
(184,105)
7,810
369,397
773
(52,858)
(77,782)
(2,215)
872
44,627
4,899

Holding
Description
24,500
18,190
(1,513)
(7,118)
(28,731)
10,905
2,941
4,612
(17,756)
14,333
822
9,257
(14,124)
3,204
(40,981)
9,600
8,522
3,831
181
(100)
5,563
5,086
788
9,022
(12,566)
7,878
(1,706)
(16,849)
(8,962)
(5,826)
(1,121)
(15,753)
1,633
20,804
(552)
21,039
(671)
14,431
39,362
86
2,524
15,100
(4,270)
1,718
(13,795)
17,019
(19,001)
(25,471)
(7,329)
(9,487)
5,038
47,326
(12,622)
4,061
84,489
532
(2,669)
(9,748)
(19,833)
(10,587)
3,982
932
33,624
(6,703)
(4,018)
17,182
Intermolecular Inc
InterMune Inc
InterMune Inc
Internap Network Services Corp
International Bancshares Corp
International Game Technology
International Paper Co
International Rectifier Corp
Interpublic Group of Cos Inc/The
Intersections Inc
InterXion Holding NV
Intevac Inc
INTL. FCStone Inc
IntraLinks Holdings Inc
Intrepid Potash Inc
Intrexon Corp
Invacare Corp
InvenSense Inc
Invesco Ltd
Invesco Mortgage Capital Inc (Reit)
Invesco Mortgage Capital Inc (Reit)
Investment Technology Group Inc
Investors Real Estate Trust (Reit)
ION Geophysical Corp
IPC The Hospitalist Co Inc
iRobot Corp
iRobot Corp
Ironwood Pharmaceuticals Inc
Isis Pharmaceuticals Inc
Isle of Capri Casinos Inc
Isramco Inc
iStar Financial Inc (Reit)
iStar Financial Inc (Reit)
Itau Unibanco Holding SA ADR (Pref)
Itron Inc
ITT Corp
ITT Educational Services Inc
Ixia
IXYS Corp
J&J Snack Foods Corp
j2 Global Inc
Jack in the Box Inc
Jamba Inc
Janus Capital Group Inc
JC Penney Co Inc
JDS Uniphase Corp
JDS Uniphase Corp
JetBlue Airways Corp
Jive Software Inc
JMP Group Inc
John B Sanfilippo & Son Inc
John Bean Technologies Corp
John Wiley & Sons Inc 'A'
Johnson Outdoors Inc 'A'
Jones Group Inc/The
Jones Lang LaSalle Inc
Jones Lang LaSalle Inc
Jos A Bank Clothiers Inc
Joy Global Inc
JTH Holding Inc 'A'
Juniper Networks Inc
Kadant Inc
KaloBios Pharmaceuticals Inc
Kandi Technologies Group Inc
Kansas City Life Insurance Co
KapStone Paper and Packaging Corp
Unrealised
appreciation/
USD
USD
Unrealised
appreciation/
USD
USD
Holding
Description
13,881
(1,120)
(15,427)
(81,917)
(23,601)
(7,494)
(34,929)
(6,153)
(3,843)
(35,392)
(5,210)
(40,631)
4,957
23,613
(67,968)
26,271
(76)
5,868
(2,535)
11,599
(2,679)
(20,893)
(61,698)
(4,678)
17,146
3,219
(3,289)
(1,952)
450
283
(8,146)
(78,795)
(5,497)
21,471
(30,389)
4,488
2,452
(17,510)
(1,366)
15,432
(12,894)
46,135
(4,820)
(1,730)
(595)
(2,847)
2,822
(3,405)
(6,374)
(976)
242
145
7,615
(9,556)
(4,484)
(34,939)
9,299
(6,092)
(3,366)
6,322
6,301
13,384
(49,422)
(57,082)
(5,694)
(424)
KAR Auction Services Inc

386,169
KB Home
(19,757)
KCAP Financial Inc
(127,890)
Kearny Financial Corp
(854,394)
Kellogg Co
(1,437,773)
Kelly Services Inc 'A'
(173,636)
Kemet Corp
(209,574)
Kemper Corp
(234,183)
Kennametal Inc
(183,772)
Kennedy-Wilson Holdings Inc
(724,828)
Keryx Biopharmaceuticals Inc
(69,710)
Key Energy Services Inc
(317,734)
Key Tronic Corp
52,247
KeyCorp
302,719
KEYW Holding Corp/The
(850,280)
Kforce Inc
534,615
Kilroy Realty Corp (Reit)
(3,847)
Kimball International Inc 'B'
87,903
Kimberly-Clark Corp
(276,721)
Kimco Realty Corp (Reit)
239,983
Kinder Morgan Management LLC
(204,970)
Kindred Healthcare Inc
(357,270)
KiOR Inc 'A'
(144,373)
Kirby Corp
(442,024)
Kirkland's Inc
440,138
Kite Realty Group Trust (Reit)
20,988
KLA-Tencor Corp
(211,548)
KMG Chemicals Inc
(35,604)
Knightsbridge Tankers Ltd
3,596
Knoll Inc
5,069
Kohl's Corp
(456,257)
Kopin Corp
(315,968)
Koppers Holdings Inc
(260,503)
Korn/Ferry International
494,048
Kosmos Energy Ltd
(318,781)
Kraft Foods Group Inc
239,839
Kraton Performance Polymers Inc
58,186
Kratos Defense & Security Solutions Inc (116,792)
Krispy Kreme Doughnuts Inc
(34,915)
Kroger Co/The
647,681
Kronos Worldwide Inc
(216,748)
Kulicke & Soffa Industries Inc
578,072
Kulicke & Soffa Industries Inc
(60,395)
KVH Industries Inc
(24,687)
KYTHERA Biopharmaceuticals Inc
(23,616)
L Brands Inc
(187,845)
L&L Energy Inc
4,741
La-Z-Boy Inc
(99,971)
Laboratory Corp of America Holdings
(651,933)
Lancaster Colony Corp
(85,429)
Landec Corp
2,833
Landstar System Inc
8,143
Lannett Co Inc
234,466
LaSalle Hotel Properties (Reit)
(298,147)
Latam Airlines Group SA
(3,318)
Latam Airlines Group SA ADR
(557,277)
Lawson Products Inc/DE
120,050
Layne Christensen Co
(101,493)
LCNB Corp
(59,948)
LDR Holding Corp
137,314
Lear Corp
522,983
Leggett & Platt Inc
402,725
Level 3 Communications Inc
(1,497,487)
Lexicon Pharmaceuticals Inc
(136,426)
Libbey Inc
(130,962)
Liberty Global Plc 'A'
(35,998)

139,160
252,659
(21,016)
(54,097)
(756,200)
189,093
137,286
112,625
(309,487)
111,367
18,232
58,875
(292,649)
35,180
(635,206)
214,944
190,126
66,161
6,349
(1,507)
83,834
99,686
6,934
33,472
(782,862)
261,865
(56,707)
(194,437)
(353,909)
(47,715)
(138,107)
(204,474)
21,196
291,464
(23,454)
862,599
(25,974)
186,737
490,844
7,429
122,767
720,119
(50,301)
18,709
(139,743)
206,611
(230,672)
(226,819)
(80,619)
(63,563)
130,283
1,402,743
(636,275)
116,307
1,191,295
51,907
(260,414)
(554,856)
(1,122,151)
(249,853)
81,273
38,548
142,902
(47,725)
(196,681)
913,911
(55,104)
23,470
(7,445)
(10,842)
(207,083)
(5,452)
3,382
4,201
(4,015)
(16,371)
97
7,844
(23,010)
16,335
50,300
13,653
64,491
679
224
10
(1,005)
37,930
289
(9,765)
(19,663)
(2,214)
2,041
39,042
(64,825)
(3,431)
(22,799)
(12,951)
2,025
(11,854)
144
6,287
(3,882)
(8,243)
117,115
264
(6,056)
81,655
(3,422)
1,678
61,960
(4,896)
4,940
(91,058)
(2,337)
(8,376)
35,400
446,711
(11,636)
21,487
44,032
2,006
1,231
(50,366)
(12,678)
(69,065)
2,270
3,628
(67,178)
(15,731)
(21,381)
168,526
41,106
(1,102)
3,940
(24,912)
39,669
(56,335)
(32,379)
(23,455)
(1,688)
(183,143)
(31,736)
14,502
511
(1,620)
130,179
116,893
5
20,042
(2,024)
(4,777)
(3,268)
(17,755)
223,932
3,181
208,062
4,014
(1,900)
2,525
(147)
492
(10,982)
(36,084)
1,538
49,329
5,774
1,750
3,174
(29,229)
(188)
(6,654)
(10,601)
40,822
(195)
(1,435)
2,956
(3,758)
(5,944)
(15,802)
22,122
(637)
(376)
(58)
150,949
2,244
(3,318)
16,895
(4,634)
29,275
8,102
(5,680)
16,131
(804)
(158,830)
(860)
(20,071)
(23)
35

Holding
Description
Unrealised
appreciation/
USD
USD
Holding

(188)
970
4,394
(9,002)
(1,509)
642
154,890
83,144
240
3,380
12,113
26,549
56,661
2,952
(2,629)
6,774
5,546
795
(35,699)
(385)
(7,925)
8,441
33,082
(11,722)
3,222
(185)
(56,791)
13,023
2,657
5,895
4,047
(3,296)
479
19,964
4,479
(22,019)
13,409
7,455
(542)
(1,709)
33,243
13,563
(17,881)
14,349
3,471
675
33,404
(27,224)
3,147
(517)
(7,853)
401
8,464
17,881
3,540
3,317
301
(30,860)
15,612
9,769
(63,589)
3,382
658
511
22,252
36
Liberty Ventures 'A'

Life Time Fitness Inc
LifeLock Inc
LifePoint Hospitals Inc
Lifevantage Corp
Ligand Pharmaceuticals Inc 'B'
Lihua International Inc
Limelight Networks Inc
LIN Media LLC 'A'
Lindsay Corp
Linear Technology Corp
LinnCo LLC
Lions Gate Entertainment Corp
Liposcience Inc
Liquidity Services Inc
Liquidity Services Inc
Littelfuse Inc
Live Nation Entertainment Inc
LivePerson Inc
Loews Corp
Loral Space & Communications Inc
Lorillard Inc
Louisiana-Pacific Corp
Louisiana-Pacific Corp
Lowe's Cos Inc
LSB Industries Inc
LSI Corp
LSI Industries Inc
LTX-Credence Corp
Lumber Liquidators Holdings Inc
Luminex Corp
Lumos Networks Corp
Lydall Inc
LyondellBasell Industries NV 'A'
M/A-COM Technology Solutions
Holdings Inc
Macatawa Bank Corp
Mack-Cali Realty Corp (Reit)
Macquarie Infrastructure Co LLC
Madison Square Garden Co/The 'A'
Magellan Health Services Inc
magicJack VocalTec Ltd
Magnachip Semiconductor Corp
Magnum Hunter Resources Corp
Manhattan Associates Inc
Manitex International Inc
Manning & Napier Inc
MannKind Corp
MannKind Corp
Manpowergroup Inc
ManTech International Corp/VA 'A'
Marathon Oil Corp
Marathon Petroleum Corp
Marchex Inc 'B'
Marcus Corp/The
MarketAxess Holdings Inc
Marriott Vacations Worldwide Corp
Marrone Bio Innovations Inc
Marsh & McLennan Cos Inc
Martha Stewart Living Omnimedia 'A'
Martin Marietta Materials Inc
Marvell Technology Group Ltd
Masimo Corp
MasterCard Inc 'A'
Materion Corp
Matrix Service Co
Description
Unrealised
appreciation/
USD
USD

(22,787)
47,443
75,577
(463,153)
(2,958)
36,061
851,895
168,782
6,233
257,556
518,436
824,081
1,787,655
13,166
(59,231)
152,618
484,110
14,509
(435,171)
(18,284)
(625,283)
435,724
539,567
(191,186)
153,528
(5,914)
(460,007)
113,821
19,237
592,506
79,726
(75,808)
8,526
1,556,992
(606)
(253)
4,311
1,440
596
12,064
104,970
(17,515)
318
(9,178)
7,026
30,969
(131,075)
(2,217)
30,408
4,359
44,645
659
(99,793)
223
(131,268)
(8,694)
(6,128)
469
(12,362)
215
19,025
22,970
4,329
(20,767)
9,932
(1,791)
2,236
(4,084)
71,664
(112,957)
274,884
403,017
(30,883)
(104,454)
386,949
274,379
(127,849)
1,737,664
46,373
12,609
167,020
(136,120)
253,271
(14,910)
(286,477)
33,708
80,323
258,613
244,756
173,612
4,539
(1,470,788)
57,921
946,128
(909,323)
97,672
501,626
14,512
485,984
8,577
(3,455)
(3,858)
(2,794)
(498)
357
(56,470)
64,630
(5,352)
581,945
5,789
948
4,710
(44,192)
(4,689)
(298)
11,443
1,196
46,860
355
1,871
11,913
(103)
(12,035)
19,527
(19,236)
(61,910)
7,076
7,182
(1,861)
225,629
34,163
538
(3,844)
(55,813)
125,066
86,652
(13,673)
(7,643)
(2,686)
(46,038)
(74,017)
7,541
(28,089)
(13,789)
(1,887)
1,821
(2,885)
(10,790)
1,318
1,432
37,478
4,599
3,451
(273)
(38,223)
(1,411)
(607)
(2,700)
1,335
2,075
(4,380)
(26,415)
2,011
(6,373)
(3,632)
(9,759)
2,704
2,634
10,689
5,599
(29,321)
(2,110)
(1,672)
9,443
100,280
3,518
(343)
1,634
(2,503)
(1,881)
(34,664)
(177)
6,884
15,689
10,214
(27,209)
17,618
12,451
(2,336)
5,596
452
3,378
(27,575)
(17,681)
(21,162)
1,501
Matson Inc
Matthews International Corp 'A'
Mattress Firm Holding Corp
Mattson Technology Inc
Maxim Integrated Products Inc
Maxygen Inc
MB Financial Inc
McClatchy Co/The 'A'
McCormick & Co Inc/MD
McDermott International Inc
McEwen Mining Inc
MCG Capital Corp
McGrath RentCorp
McGraw-Hill Cos Inc/The
MDC Partners Inc 'A'
Mead Johnson Nutrition Co
MeadWestvaco Corp
Measurement Specialties Inc
MedAssets Inc
MedCath Corp
Medical Action Industries Inc
Medicines Co/The
Medifast Inc
Medivation Inc
Medley Capital Corp
MEDNAX Inc
MEI Pharma Inc
Mellanox Technologies Ltd
Men's Wearhouse Inc/The
Mentor Graphics Corp
Mentor Graphics Corp
Mercer International Inc
Merchants Bancshares Inc
Merck & Co Inc
Mercury General Corp
Mercury Systems Inc
Meredith Corp
Merge Healthcare Inc
Meridian Bioscience Inc
Meritage Homes Corp
Meritor Inc
Merrimack Pharmaceuticals Inc
Mesa Laboratories Inc
Meta Financial Group Inc
Metalico Inc
Methode Electronics Inc
Metro Bancorp Inc
MetroCorp Bancshares Inc
Mettler-Toledo International Inc
MGE Energy Inc
MGIC Investment Corp
MGM Resorts International
Michael Kors Holdings Ltd
Micrel Inc
MicroFinancial Inc
Micron Technology Inc
MICROS Systems Inc
Microsemi Corp
MicroStrategy Inc 'A'
Middleby Corp
MidSouth Bancorp Inc
Midstates Petroleum Co Inc
Miller Energy Resources Inc
Mindspeed Technologies Inc
Mine Safety Appliances Co
Minerals Technologies Inc
864,324
22,768
(142,266)
(150,137)
3,569,384
2,600
(447,791)
(23,999)
(187,349)
(366,462)
(148,774)
36,197
(1,108,392)
(1,031,555)
(42,910)
154,803
(101,754)
(596,795)
28,759
1,962
320,437
168,323
95,248
(17,245)
(545,060)
(156,353)
(4,953)
(104,598)
68,005
47,102
(99,426)
(251,735)
62,924
(317,949)
(175,062)
(105,788)
144,745
6,322
260,010
245,012
(231,929)
(7,849)
(132,924)
366,388
181,507
101,811
(7,597)
23,742
(622,546)
(105,881)
(279,738)
(3,418)
559,945
153,909
91,109
(574,926)
944,501
306,046
(300,410)
1,241,305
8,095
19,356
(225,012)
(88,847)
(1,067,411)
89,670
4,753
2,319
(11,650)
(29,378)
(46,008)
(212,586)
(13,714)
(2,304)
913
(4,995)
105,173
2,664
(287,190)
(35,767)
(12,465)
291
(1,414)
(158,966)
2,227
(9,349)
86,393
(1,510)
13,530
(202)
34,512
(880)
(223)
4,171
15,387
7,786
(3,020)
(73,555)
6,115
(11,599)
(2,651)
(32,718)
2,132
(707)
3,092
10,504
(97,906)
(2,634)
(20,580)
80,307
(5,028)
12,055
(237)
6,899
(3,079)
(7,994)
(49,599)
25
(9,569)
8,823
5,181
(48,844)
1,142
61
(5,337)
33,413
1,115
(4,354)
(82,390)
(20,086)
15,394
7,119

Unrealised
appreciation/
USD
USD
Holding
Description
(852)
906
(3,205)
(13,456)
4,010
(16,879)
(42,179)
424
(29,000)
(7,635)
(29,657)
(1,630)
38,362
3,714
(1,306)
6,281
(39,523)
(131)
(239)
(87,995)
3,589
(5,098)
18,292
12,340
1,237
7,988
(8,318)
(2,652)
16,029
(2,973)
22,317
(8,144)
762
212
7,047
7,376
(12,343)
450
(12,796)
11,006
(1,435)
15,926
Mitcham Industries Inc

MKS Instruments Inc
Mobile Mini Inc
Modine Manufacturing Co
ModusLink Global Solutions Inc
Molycorp Inc
Momenta Pharmaceuticals Inc
Monarch Casino & Resort Inc
Mondelez International Inc 'A'
Monolithic Power Systems Inc
Monro Muffler Brake Inc
Monsanto Co
Monster Worldwide Inc
Montpelier Re Holdings Ltd
Moog Inc 'A'
Morgan Stanley
Morgans Hotel Group Co
Morningstar Inc
Mosaic Co/The
MoSys Inc
Motorcar Parts of America Inc
Motorola Solutions Inc
Movado Group Inc
Move Inc
MSC Industrial Direct Co Inc 'A'
Mueller Water Products Inc 'A'
Multi-Color Corp
Multi-Fineline Electronix Inc
Multimedia Games Holding Co Inc
Murphy Oil Corp
Murphy USA Inc
Murphy USA Inc
MWI Veterinary Supply Inc
Myers Industries Inc
MYR Group Inc
Myriad Genetics Inc
Nabors Industries Ltd
NACCO Industries Inc 'A'
NASB Financial Inc
NASDAQ OMX Group Inc/The
Nathan's Famous Inc
National American University
Holdings Inc
National Bank Holdings Corp 'A'
National Bankshares Inc
National Beverage Corp
National Fuel Gas Co
National Health Investors Inc (Reit)
National Healthcare Corp
National Instruments Corp
National Interstate Corp
National Research Corp 'B'
National Retail Properties Inc (Reit)
National Western Life Insurance Co 'A'
Nationstar Mortgage Holdings Inc
Natus Medical Inc
Navidea Biopharmaceuticals Inc
Navios Maritime Partners LP
Navistar International Corp
NBT Bancorp Inc
NCR Corp
Neenah Paper Inc
Nektar Therapeutics
Nelnet Inc 'A'
Neogen Corp
NeoGenomics Inc
Holding
66,339
(4,318)
7,876
(267)
(5,356)
(1,128)
(11,839)
(31,573)
3,257
6,023
1,081
(1,672)
15,821
(6,753)
14,588
(49,895)
(84,220)
(459)
150
(67,305)
17,526
(2,192)
845
Description
Unrealised
appreciation/
USD
USD

(14,970)
26,818
(130,796)
(179,368)
15,198
(78,825)
(760,066)
7,708
(981,360)
(256,689)
(1,579,235)
(185,054)
216,362
108,226
(89,200)
197,161
(315,789)
(10,895)
(11,307)
(432,055)
62,305
(335,805)
824,603
189,666
94,915
68,777
(313,838)
(37,287)
467,406
(194,137)
1,023,458
(373,484)
138,562
4,344
180,474
223,345
(204,400)
29,065
(383,752)
432,536
(76,629)
(2,165)
(47)
(10,583)
(70,641)
3,979
19,376
(64,504)
(917)
7,559
(7,540)
(414,447)
(421)
5,806
4,518
(3,540)
6,038
(40,945)
193
416
(67,738)
26,267
(1,529)
64,990
9,425
(1,324)
592
(119,478)
4,051
(3,790)
(1,707)
123,909
(2,229)
15,671
288
23,757
33,974
14,921
5,974
(69,042)
24,433
(1,942)
57,015
1,411,031
(163,350)
167,601
(18,127)
(319,325)
(62,378)
(372,929)
(896,673)
109,533
192,676
231,345
(66,077)
362,301
(11,210)
242,744
(2,022,743)
(2,168,665)
(15,886)
6,306
(846,024)
792,175
(111,485)
2,966
(4,396)
193,129
(6,989)
49,567
969
7,828
(7,243)
4,144
135,581
(1,334)
(11,624)
39,481
1,297
171,083
8,672
29,691
(43,112)
(205,503)
1,256
503
(181,471)
85,748
(25,928)
(229)
(69,796)
(2,269)
13,531
(35,790)
(22,499)
(2,232)
(12,930)
5,132
6,424
6,619
(136,850)
(64,771)
(9,782)
213
(6,788)
40,021
4,369
(19,240)
(3,657)
(4,292)
289
(33,032)
11,658
(3,315)
4,721
9,662
(5,342)
609
16,748
13,973
7,498
20,318
165
28,841
8,941
(1,543)
(2,605)
1,304
3,302
45,776
(10,029)
(67,444)
(40,779)
13,179
7,098
(27,025)
8,293
12,649
3,215
1,089
(144,040)
(29,393)
(938)
33
342
6,227
(41,354)
3,837
(45,741)
1,436
47,758
(5,469)
38,595
(9,913)
152
16,501
Neonode Inc
(440,413)
NeoPhotonics Corp
(13,614)
Net 1 UEPS Technologies Inc
106,895
NETGEAR Inc
(1,151,722)
Netscout Systems Inc
(683,520)
NetSuite Inc
(213,937)
Neurocrine Biosciences Inc
(127,490)
New Jersey Resources Corp
236,329
New Mountain Finance Corp
96,553
New Residential Investment Corp (Reit)
39,648
New York Mortgage Trust Inc (Reit)
(951,108)
New York Times Co/The 'A'
(908,737)
NewLink Genetics Corp
(214,813)
NewMarket Corp
69,219
Newmont Mining Corp
(169,904)
Newport Corp
687,161
News Corp 'A'
78,292
NewStar Financial Inc
(344,204)
Nexstar Broadcasting Group Inc 'A'
(182,301)
NIC Inc
(105,111)
NIC Inc
7,078
NII Holdings Inc
(83,901)
NIKE Inc 'B'
924,946
NL Industries Inc
(38,288)
NN Inc
93,098
Noranda Aluminum Holding Corp
26,570
Northern Oil and Gas Inc
(85,472)
Northrim BanCorp Inc
15,998
Northrop Grumman Corp
1,909,272
NorthStar Realty Finance Corp (Reit)
137,914
Northwest Natural Gas Co
320,689
NorthWestern Corp
893,382
Norwegian Cruise Line Holdings Ltd
5,673
Novagold Resources Inc
66,911
Novatel Wireless Inc
19,491
NPS Pharmaceuticals Inc
(40,735)
NRG Energy Inc
(69,033)
NTELOS Holdings Corp
27,814
Nu Skin Enterprises Inc
422,412
Nuance Communications Inc
614,085
Numerex Corp 'A'
(130,628)
Nuverra Environmental Solution
(109,934)
NVIDIA Corp
(639,415)
NXP Semiconductor NV
556,154
NxStage Medical Inc
72,116
NxStage Medical Inc
(274,574)
Oasis Petroleum Inc
379,073
Ocean Rig UDW Inc
263,858
Oceaneering International Inc
247,716
Ocwen Financial Corp
61,888
Odyssey Marine Exploration Inc
(288,800)
Office Depot Inc
(160,780)
OFG Bancorp
(16,209)
Oi SA ADR
52
Oi SA ADR
534
Old Dominion Freight Line Inc
322,994
Old National Bancorp/IN
(644,295)
Old Republic International Corp
66,418
Olin Corp
(1,133,005)
Olympic Steel Inc
39,734
OM Group Inc
1,595,117
Omega Healthcare Investors Inc (Reit)
(178,563)
Omega Protein Corp
534,927
Omeros Corp
(78,214)
OmniAmerican Bancorp Inc
3,350
Omnicell Inc
397,509
(53,519)
(2,008)
37,173
(29,685)
(28,131)
3,412
21,669
1,341
2,522
(1,786)
36,475
(138,071)
(22,144)
(332)
18,735
28,145
699
(45,972)
(38,634)
(2,639)
221
61,073
4,470
(1,353)
24,655
(6,439)
(1,928)
433
64,926
8,373
5,443
(18,067)
216
(11,771)
307
(1,188)
274
10,935
39,606
(94,373)
(14,208)
156,938
3,776
2,838
187
79,348
(37,074)
3,586
(20,454)
4,650
165,536
(5,597)
(675)
(3)
(14)
14,776
(157,946)
1,702
(1,195)
185
86,204
981
223,222
(25,461)
10
109,439
37

Holding
Description
2,816
22,899
(14,461)
29,464
26,097
5,919
424
4,130
2,285
(17,628)
(1,846)
7,032
(51,217)
4,339
6,740
(1,626)
(54,318)
57,889
(17,872)
10,547
(1,302)
50,512
377
(2,072)
(4,142)
19,144
3,572
675
17,795
(3,138)
360
5,019
(865)
8,451
13,207
(359)
21,854
11,254
10,620
(2,540)
31,042
(3,413)
15,966
33,528
(48,741)
(8,182)
14,868
(2,411)
(5,859)
(1,884)
27,316
(6,799)
(3,529)
45,688
(13,361)
(21,930)
576
(198)
(37,022)
(6,747)
2,456
2,332
(2,936)
(40,833)
22,675
28,241
OMNOVA Solutions Inc

On Assignment Inc
ON Semiconductor Corp
ON Semiconductor Corp
OncoGenex Pharmaceutical Inc
OncoMed Pharmaceuticals Inc
Onconova Therapeutics Inc
One Liberty Properties Inc
OneBeacon Insurance Group Ltd 'A'
ONEOK Inc
OpenTable Inc
Ophthotech Corp
Opko Health Inc
Oplink Communications Inc
Oppenheimer Holdings Inc 'A'
Oracle Corp
ORBCOMM Inc
Orbitz Worldwide Inc
Orexigen Therapeutics Inc
Organovo Holdiongs Inc
Organovo Holdiongs Inc
Orient-Express Hotels Ltd 'A'
Orion Marine Group Inc
Ormat Technologies Inc
Orrstown Financial Services Inc
Orthofix International NV
OSH 1 Liquidating Corp
Oshkosh Corp
OSI Systems Inc
Osiris Therapeutics Inc
Otter Tail Corp
OvaScience Inc
Owens & Minor Inc
Owens Corning
Owens-Illinois Inc
Oxford Industries Inc
Pacer International Inc
Pacific Biosciences of California Inc
Pacific Continental Corp
Pacific Mercantile Bancorp
Pacific Sunwear of California Inc
Pacira Pharmaceuticals Inc/DE
Packaging Corp of America
Pain Therapeutics Inc
Pall Corp
Palo Alto Networks Inc
Pan American Silver Corp
Pandora Media Inc
Panera Bread Co 'A'
Panhandle Oil and Gas Inc 'A'
Pantry Inc/The
Paramount Gold and Silver Corp
Park Sterling Corp
Parker Drilling Co
Parkervision Inc
Parkway Properties Inc/Md (Reit)
PartnerRe Ltd
Patriot Transportation Holding Inc
Patterson-UTI Energy Inc
Paychex Inc
PBF Energy Inc 'A'
PC Connection inc
PDF Solutions Inc
PDL BioPharma Inc
PDL BioPharma Inc
Peabody Energy Corp
Unrealised
appreciation/
USD
USD
Holding
Description
(29,951)
(606)
(31,749)
(1,854)
(90,391)
(63,776)
76,393
(3,445)
556
(79,425)
Pebblebrook Hotel Trust

Pegasystems Inc
Pendrell Corp
Penford Corp
Pengrowth Energy Corp
Penn National Gaming Inc
Penn West Petroleum Ltd
Penns Woods Bancorp Inc
PennyMac Financial Services Inc 'A'
PennyMac Mortgage Investment
Trust (Reit)
Peoples Bancorp Inc/OH
Pep Boys-Manny Moe & Jack/The
Peregrine Semiconductor Corp
Performant Financial Corp
Pericom Semiconductor Corp
Pernix Therapeutics Holdings
Perrigo Co
Perry Ellis International Inc
PetMed Express Inc
Petroleo Brasileiro SA ADR
PG&E Corp
PGT Inc
PH Glatfelter Co
Pharmacyclics Inc
PHH Corp
PHI Inc
Phillips 66
Phillips 66 Partners LP
Phoenix Cos Inc/The
Photronics Inc
PICO Holdings Inc
Pike Corp
Pilgrim's Pride Corp
Pinnacle Financial Partners Inc
Pinnacle Foods Inc
Pioneer Energy Services Corp
Piper Jaffray Cos
Pitney Bowes Inc
Plains GP Holdings LP 'A'
Plantronics Inc
Platinum Underwriters Holdings Ltd
Plexus Corp
Plum Creek Timber Co Inc (Reit)
Pluristem Therapeutics Inc
PLX Technology Inc
Ply Gem Holdings Inc
PMC - Sierra Inc
PMFG Inc
Polaris Industries Inc
Polycom Inc
Polycom Inc
PolyOne Corp
Polypore International Inc
Polypore International Inc
Pool Corp
Popular Inc
Portola Pharmaceuticals Inc
Post Holdings Inc
Powell Industries Inc
Power Integrations Inc
Power Solutions International Inc
Pozen Inc
PPG Industries Inc
PPL Corp
Precision Castparts Corp
38
Unrealised
appreciation/
USD
USD

23,840
781,085
(102,456)
208,752
222,868
76,710
6,292
85,202
36,446
(1,030,709)
(155,433)
193,239
(536,754)
70,379
155,020
(57,398)
(334,056)
394,803
(124,568)
92,286
(11,393)
742,526
4,411
(52,442)
(68,053)
411,787
793
33,230
1,375,376
(55,292)
10,746
47,680
(33,078)
330,772
438,472
(27,112)
201,057
49,067
152,397
(15,570)
91,263
(188,705)
979,833
157,917
(4,084,008)
(404,027)
155,371
(69,003)
(1,037,746)
(62,078)
388,160
(7,683)
(24,703)
365,504
(54,646)
(398,030)
59,455
(8,179)
(862,242)
(296,733)
71,813
51,071
(68,409)
(400,572)
222,442
514,833
(743)
8,186
217
2,179
17,540
(21,957)
(4,971)
(5,143)
5,793
(15,713)
(326)
(26,031)
(22,782)
29
27,273
(946)
(73,705)
(17,464)
(27,396)
(2,655)
(3,181)
137,052
551
(8,603)
(995)
(175,289)
(6,333)
741
84,525
(27,927)
867
(4,884)
(662)
18,170
(2,773)
(4,439)
114,718
28,961
40,615
(208)
(8,660)
(117,839)
8,578
64,096
(113,289)
(38,804)
(44,716)
7,088
(1,495)
(8,420)
37,094
8,027
(6,315)
166,982
(7,130)
(4,563)
1,665
(1,590)
56,479
(4,345)
(19,605)
4,293
(14,755)
(35,495)
52,676
(13,808)
771
(5,256)
(15,788)
20,113
19,695
(53,198)
3,466
11,758
26,714
34,338
(1,072)
30,787
10,206
770
11,757
6,144
2,945
33,420
(3,678)
(795)
1,573
30,489
18,629
2,867
18,175
1,154
(1,106)
(67,990)
28,884
(406)
7,697
(41,556)
168
(24,132)
(1,043)
8,090
(28,303)
(7,204)
18
(5,361)
549
(33,942)
5,745
(4,878)
(4,409)
907
2,740
7,166
(63)
5,085
(100)
6,562
2,590
(5,700)
3,797
(902,424)
(30,530)
(68,260)
(21,970)
(565,848)
(923,476)
656,216
(179,519)
9,708
(8,852)
(7,394)
1,211
3,999
11,443
15,885
1,289
(17,500)
(2,204)
(1,802,948)
18,334
(71,545)
(143,355)
212,997
185,133
(154,274)
540,245
182,249
421,280
570,011
(43,405)
309,409
282,094
96,250
283,696
259,584
206,533
1,076,792
(207,697)
(6,821)
38,460
322,574
305,702
93,493
510,717
8,366
(41,917)
(1,587,567)
674,441
(18,266)
488,759
(1,685,511)
7,395
(79,153)
(7,051)
142,708
(171,516)
(55,975)
2,416
(57,121)
5,850
(1,106,849)
214,920
(182,486)
(249,990)
25,949
66,856
365,466
(4,368)
273,853
(7,500)
51,971
479,746
(175,047)
990,068
118,394
1,164
(11,566)
15,599
12,357
39,640
94,259
10,143
(34,499)
103,013
56,861
128
16,849
11,803
939
27,621
65,280
8,923
3,843
(59,815)
(488)
1,294
(104,619)
18,443
36,611
(3,794)
(195)
(2,191)
(203,985)
17,909
(24)
4,044
(78,031)
(7)
(4,537)
(2,140)
1,643
13,934
(3,504)
51
274
467
(18,106)
5,251
18,947
(9,171)
172
550
62,055
(1,082)
(3,785)
(3,025)
7,187
1,147
2,109
28,373

Holding
Description
(31,071)
6,713
(1,376)
21,710
32,957
35,870
11,080
884
(2,488)
(13,037)
3,305
(28,844)
(28,834)
23,158
(52,840)
(3,691)
(30,695)
1,241
(274)
295
60,762
(3,762)
21,613
6,870
(25,735)
300
19,553
(6,074)
(10,585)
8,180
1,251
(51,946)
(18,289)
15,695
(30,146)
(34,295)
36,254
21,392
(81,698)
233
550
10,020
(44,865)
(5,362)
9,460
12,475
(10,157)
(7,973)
1,972
(2,110)
10,918
(54,217)
23,953
2,880
(5,106)
(31,737)
(48,178)
(1,408)
1,183
(22,772)
(3,170)
(21,724)
6,742
3,132
(1,178)
249
Precision Drilling Corp

Preferred Bank/Los Angeles CA
Preformed Line Products Co
Premier Exhibitions Inc
Premiere Global Services Inc
Prestige Brands Holdings Inc
PRGX Global Inc
priceline.com Inc
Pricesmart Inc
PrivateBancorp Inc
ProAssurance Corp
Procera Networks Inc
Progenics Pharmaceuticals Inc
Progress Software Corp
Progressive Corp/The
Proofpoint Inc
Protalix BioTherapeutics Inc
Prothena Corp Plc
Proto Labs Inc
Providence Service Corp/The
Provident Financial Holdings Inc
Provident Financial Services Inc
PS Business Parks Inc (Reit)
PTC Inc
PTC Inc
PTC Therapeutics Inc
PTGi Holding Inc
Public Service Enterprise Group Inc
PulteGroup Inc
PulteGroup Inc
Puma Biotechnology Inc
Pure Cycle Corp
PVH Corp
QAD Inc 'A'
QEP Resources Inc
QIAGEN NV
Qlik Technologies Inc
QLogic Corp
QLogic Corp
QTS Realty Trust Inc 'A' (Reit)
Quad/Graphics Inc
QUALCOMM Inc
Quality Systems Inc
Quanex Building Products Corp
Quanta Services Inc
Quest Diagnostics Inc
Questar Corp
Questcor Pharmaceuticals Inc
Questcor Pharmaceuticals Inc
Quicksilver Resources Inc
Quidel Corp
Quiksilver Inc
QuinStreet Inc
Quintiles Transnational Holdings Inc
Rackspace Hosting Inc
Radian Group Inc
RadioShack Corp
Rally Software Development Corp
Ralph Lauren Corp
Rambus Inc
Range Resources Corp
Raptor Pharmaceutical Corp
Raytheon Co
RBC Bearings Inc
RBC Bearings Inc
RE/MAX Holdings Inc 'A'
Unrealised
appreciation/
USD
USD
Holding
Description
18,354
9,016
(347)
(472)
2,853
16,061
(18,904)
33,190
(266)
307
(51,041)
14,191
(3,686)
(40,761)
14,717
1,721
1,010
2,323
9,077
(79,352)
(4,608)
15,889
(3,911)
19,909
(1,183)
(836)
3,048
(898)
12,460
44,383
10,996
(2,754)
10,061
4,505
(40,273)
RealD Inc
Realogy Holdings Corp
Realogy Holdings Corp
RealPage Inc
Receptos Inc
Red Lion Hotels Corp
Redwood Trust Inc (Reit)
Regal Entertainment Group 'A'
Regal-Beloit Corp
Regeneron Pharmaceuticals Inc
Regis Corp
Regulus Therapeutics Inc
Reinsurance Group of America Inc
Reis Inc
Reliance Steel & Aluminum Co
Remy International Inc
RenaissanceRe Holdings Ltd
Renewable Energy Group Inc
Rent-A-Center Inc/TX
Rentech Inc
Rentrak Corp
Repligen Corp
Repros Therapeutics Inc
Republic Airways Holdings Inc
Republic Bancorp Inc/KY 'A'
Resolute Forest Products Inc
Resolute Forest Products Inc
Resource America Inc 'A'
Resource Capital Corp (Reit)
Resources Connection Inc
Responsys Inc
Restoration Hardware Holdings Inc
Retail Opportunity Investments Corp
Retail Properties of America 'A' (Reit)
Retail Properties of America
Inc 'A' (Reit)
RetailMeNot Inc
Revett Minerals Inc
Revlon Inc 'A'
Revolution Lighting Technologies Inc
REX American Resources Corp
Rex Energy Corp
Reynolds American Inc
RF Micro Devices Inc
Richardson Electronics
Ltd/United States
RigNet Inc
RingCentral Inc 'A'
Riverbed Technology Inc
RLI Corp
RLJ Lodging Trust (Reit)
Robert Half International Inc
Rock Tenn Co 'A'
Rocket Fuel Inc
Rockwell Collins Inc
Rockwood Holdings Inc
Rogers Corp
Rollins Inc
Roma Financial Corp
Rosetta Resources Inc
Rosetta Stone Inc
Roundy's Inc
Rouse Properties Inc (Reit)
Rovi Corp
Rowan Cos Plc 'A'
Royal Caribbean Cruises Ltd
Unrealised
appreciation/
USD
USD

(290,203)
135,670
(96,444)
25,618
308,148
1,256,885
72,906
1,056,946
(312,642)
(360,212)
159,466
(439,871)
(147,630)
610,445
(1,486,389)
(114,089)
(116,334)
34,115
(20,339)
8,095
893,201
(73,923)
1,695,756
224,992
(842,821)
4,674
48,882
(200,260)
(199,104)
153,866
61,399
(367,258)
(2,443,228)
263,519
(968,290)
(806,275)
893,661
260,982
(996,716)
4,797
14,470
738,574
(1,047,149)
(95,712)
279,732
764,468
(229,040)
(464,029)
114,770
(6,119)
277,317
(481,447)
209,589
125,280
(190,199)
(455,109)
(138,753)
(33,862)
206,410
(196,295)
(246,087)
(303,919)
600,982
215,920
(81,211)
7,624
24,551
7,241
6,240
(24,934)
(26,348)
49,841
(8,618)
48,557
(22,536)
(35,137)
5,453
(55,943)
(8,545)
48,837
(38,573)
(1,542)
18,856
12,643
1,387
3,651
(120,578)
(12,559)
177,624
2,611
(49,136)
(313)
(41,712)
6,742
(6,013)
12,201
8,309
(82,863)
(64,034)
42,776
10,521
33,412
(77,248)
58,847
(82,581)
24
556
15,531
(18,200)
(2,636)
(4,257)
(2,975)
4,164
37,398
(6,093)
(1,266)
3,717
(124,173)
(12,565)
(1,382)
25,326
(82,114)
11,206
2,308
(1,680)
(54,674)
(6,122)
(110,518)
26,024
4,947
(2,997)
228
306
9,622
(8,802)
(5,000)
22,636
(2,390)
6,577
19,715
(30,560)
407
662
(25,241)
(3,123)
39,541
46,596
194
3,402
(56,115)
15,079
(4,142)
6,617
(521)
(5,009)
7,289
30,291
(3,884)
17,093
3,265
3,752
163,534
427,268
(16,444)
(10,620)
66,475
91,066
(355,395)
646,541
(19,769)
90,347
(821,250)
88,836
(276,450)
(709,649)
1,083,171
39,996
96,162
26,413
309,435
(143,627)
(183,951)
214,978
(66,995)
221,388
(29,528)
(13,526)
49,317
(8,441)
74,760
625,356
185,063
(207,657)
146,891
59,826
(112,031)
16,319
(27)
699
2,912
(11,080)
11,097
28
(45)
4,444
55,586
6,261
(1,655)
3,627
(19,795)
8,350
1,447
(7,224)
(46,292)
25,700
(80,396)
73,402
(7,561)
36,485
2,229
(640)
9,583
(2,487)
(4,831)
99,885
107,981
(565)
1,944
(2,748)
(534,825)
8,764
6,062
(235,630)
(14,800)
727,747
(45,099)
332,138
103,602
25,007
(1,636)
(24,333)
(19,125)
4,433
201,622
(6,054)
(13,286)
4,888
(345,634)
17,302
10,632
(436,164)
(315,985)
951,752
1,804,197
18,366
166,018
(4,108,740)
1,038,642
(259,372)
187,195
(10,368)
(253,305)
84,042
262,623
(95,546)
312,118
113,100
166,964
12,101
1,722
(1,005)
13,982
(22,179)
(16,741)
3,878
(749)
5,418
(157,313)
33,676
(9,031)
3,176
(5,924)
20,998
(27,169)
125,048
(18,089)
14,145
(278)
795
39

Unrealised
appreciation/
USD
USD
Holding
Description
(644)
5,363
37,824
10,145
88,728
(29,773)
(3,270)
(894)
9,324
(16,451)
(16,034)
4,973
11,536
4,028
(4,235)
(5,780)
958
(3,293)
3,003
27,387
30,928
(160)
2,901
(266)
(2,616)
(34,251)
10,525
62,911
12,811
(2,222)
151
5,444
(1,162)
13,909
(17,338)
16,265
94,310
3,478
(1)
(46,326)
(8,984)
1,663
127
67
2,265
51,237
4,463
(59)
(3,600)
11,757
620
1,195
13,169
(6,111)
(14,113)
(498)
1,401
(2,021)
(642)
(53,760)
2,944
(2,429)
(11,961)
41,497
(15,138)
(1,616)
Royal Gold Inc

(29,135)
RPC Inc
95,622
RPX Corp
617,288
RR Donnelley & Sons Co
187,480
RTI Surgical Inc
266,184
Rubicon Technology Inc
(298,921)
Ruby Tuesday Inc
(22,955)
Ruckus Wireless Inc
(11,416)
Ruckus Wireless Inc
119,067
Rudolph Technologies Inc
(185,403)
Rush Enterprises Inc 'A'
(468,834)
Ruth's Hospitality Group Inc
70,517
Ryder System Inc
804,751
Ryman Hospitality Properties (Reit)
169,257
S&T Bancorp Inc
(111,169)
Safeguard Scientifics Inc
(108,491)
Safety Insurance Group Inc
54,261
Saga Communications Inc 'A'
(168,602)
Saia Inc
103,664
Salem Communications Corp 'A'
248,400
Salesforce.com Inc
1,597,431
Salix Pharmaceuticals Ltd
(13,613)
Sanchez Energy Corp
74,730
Sanchez Energy Corp
(6,852)
SanDisk Corp
(177,940)
SandRidge Energy Inc
(190,778)
Sanmina Corp
162,190
Sapiens International Corp NV
434,086
Sarepta Therapeutics Inc
233,160
Sarepta Therapeutics Inc
(40,440)
Saul Centers Inc (Reit)
7,372
ScanSources Inc
227,178
Schawk Inc
(17,151)
Schlumberger Ltd
1,235,954
Scholastic Corp
(530,543)
Schweitzer-Mauduit International Inc
838,949
Sciclone Pharmaceuticals Inc
467,778
Science Applications International
129,451
Science Applications International
(37)
Scientific Games Corp 'A'
(839,427)
SciQuest Inc
(252,001)
Scotts Miracle-Gro Co/The 'A'
98,084
Scripps Networks Interactive Inc 'A'
9,507
Seaboard Corp
190,194
Seachange International Inc
33,930
Seacoast Banking Corp of Florida
115,796
Sealed Air Corp
143,619
Sears Canada Inc
(1,062)
Sears Holdings Corp
(227,268)
Sears Hometown and Outlet Stores Inc 372,814
Seattle Genetics Inc
25,476
SeaWorld Entertainment Inc
35,432
SEI Investments Co
445,902
Select Comfort Corp
(129,553)
Select Income (Reit)
(388,108)
Selective Insurance Group Inc
(13,984)
SemGroup Corp 'A'
86,288
Sempra Energy
(179,141)
Seneca Foods Corp 'A'
(19,498)
Senior Housing Properties Trust (Reit) (1,225,190)
Sensata Technologies Holding NV
114,963
Sensient Technologies Corp
(120,600)
Sequenom Inc
(31,816)
Service Corp International/US
751,926
ServiceNow Inc
(817,149)
ServiceSource International Inc
(15,691)
Holding
Description
(916)
(1,580)
5,474
(50,547)
(5,402)
2,745
(10,765)
(1)
723
800
2,705
4,036
(5,749)
(4,820)
12,895
29,314
(1,629)
11,452
(634)
777
(3,072)
6,292
(2,279)
(23,009)
Sherwin-Williams Co/The
SI Financial Group Inc
Sigma Designs Inc
Silgan Holdings Inc
Silicon Graphics International Corp
Silicon Image Inc
Silicon Laboratories Inc
Silver Bay Realty Trust Corp (Reit)
Silver Spring Networks Inc
Simmons First National Corp 'A'
Simon Property Group Inc (Reit)
Simplicity Bancorp Inc
Simpson Manufacturing Co Inc
Sirius XM Holdings Inc
Sirona Dental Systems Inc
Six Flags Entertainment Corp
SJW Corp
Skyworks Solutions Inc
SL Green Realty Corp (Reit)
SL Industries Inc
SM Energy Co
SM Energy Co
Snyders-Lance Inc
Sociedad Quimica y Minera
de Chile SA ADR
SodaStream International Ltd
Solar Capital Ltd
Solar Senior Capital Ltd
SolarCity Corp
SolarCity Corp
SolarWinds Inc
Solazyme Inc
Solera Holdings Inc
Solta Medical Inc
Sonus Networks Inc
Sotheby's
South Jersey Industries Inc
Southern Co/The
Southern Copper Corp
Southside Bancshares Inc
Southwest Gas Corp
Southwest Gas Corp
Southwestern Energy Co
Sovran Self Storage Inc
Spansion Inc 'A'
Spark Networks Inc
Spartan Motors Inc
Spartan Stores Inc
Spectranetics Corp
Spectrum Brands Holdings Inc
Spectrum Pharmaceuticals Inc
Speed Commerce Inc
Speedway Motorsports Inc
Spirit Aerosystems Holdings Inc 'A'
Spirit Airlines Inc
Spirit Realty Capital Inc (Reit)
Splunk Inc
Springleaf Holdings Inc
Sprint Corp
SPS Commerce Inc
SPS Commerce Inc
SPX Corp
SS&C Technologies Holdings Inc
Stamps.com Inc
Standard Parking Corp
Stanley Black & Decker Inc
40
Unrealised
appreciation/
USD
USD

1,224
(2,875)
152,719
13,387
(62,076)
(90,119)
780
1,556
(2,971)
1,733
(83,989)
4,794
214,821
23,640
(36,419)
(17,242)
6,784
(17,647)
38,896
34,145
(79,568)
18
(7,908)
(487)
5,310
19,248
(7,408)
136,885
68,141
53,423
233
49,904
1,686
(22,817)
(13,580)
(14,002)
39,289
8,434
(37)
(6,887)
(57,269)
1,478
36
6,882
3,567
1,533
2,008
(289)
1,608
(66,048)
175
(2,211)
1,238
9,575
(25,376)
(2,445)
5,718
4,947
30
44,192
4,044
1,039
21,514
10,015
(3,339)
3,841
6,506
(12,498)
(2,971)
(1,204)
4,946
3,711
(22,769)
(27,598)
26,415
(153,099)
(3,785)
(22,484)
(34,596)
25,870
8,280
28,764
(2,252)
(1,110)
27,633
25,193
3,646
(1,455)
457
3,412
(11,377)
(5,139)
(124,696)
13,553
50,507
1,378
(26,961)
443
6,353
(173,490)
(618)
134
(6,609)
2,602
715
(21,120)
2,535
(168,581)
(18,486)
31,257
(2,367,621)
(69,686)
14,905
(420,696)
(16)
14,453
27,960
408,969
63,769
(209,666)
(18,003)
885,113
1,101,327
(44,928)
305,883
(57,675)
22,727
(270,828)
554,703
(66,729)
1,682
(997)
4,831
(71,509)
7,878
(114)
29,973
(1)
955
1,047
(3,206)
2,997
(22,772)
(1,694)
(43,050)
(1,019)
(3,691)
8,952
828
12,375
2,827
(20,567)
(1,057)
(579,597)
376,242
(288,079)
(53,805)
(59,755)
245,470
123,910
(193,309)
(1,843,546)
52,830
(447,049)
(196,328)
(1,287,434)
(1,412,555)
653,217
234,407
1,531,683
(119,919)
(43,090)
1,850,029
313,653
21,183
(9,850)
10,488
79,602
(805,150)
(49,797)
(486,314)
275,804
1,647,033
64,077
(268,801)
32,095
134,811
(1,505,893)
(40,961)
8,882
(619,065)
112,927
33,083
(513,638)
204,955
47,011
14,091
(10,535)
125
(4,405)
(9,549)
3,911
(12,470)
(22,802)
118
(50,716)
(10,820)
44,198
55,008
(47,469)
64,903
118,754
(782)
(2,608)
15,829
18,969
(590)
(1,011)
(48)
16,484
(68,799)
(11,175)
(82,132)
39,399
285,147
2,719
8,753
4,036
7,642
(210,219)
1,989
727
6,756
8,240
1,242
(58,769)
(4,538)

Holding
Description
Unrealised
appreciation/
USD
USD
Holding

(26,519) Star Scientific Inc
(34,210)
3,743 Starbucks Corp
307,525
8,351 Starwood Hotels & Resorts
Worldwide Inc
624,905
(27,809) Starwood Property Trust Inc (Reit)
(774,759)
788 Starz 'A'
22,222
(52,622) State Auto Financial Corp
(1,142,424)
11,806 State Bank Financial Corp
206,251
8,372 Steel Dynamics Inc
152,370
2,990 Steiner Leisure Ltd
179,789
6,329 StellarOne Corp
159,744
168 Stemline Therapeutics Inc
3,410
(542) Stepan Co
(34,395)
2,544 STERIS Corp
118,016
(60,683) Sterling Bancorp/DE
(801,016)
(8,646) Sterling Construction Co Inc
(103,666)
6,734 Sterling Financial Corp/WA
219,326
(7,207) Steven Madden Ltd
(281,505)
254 Stewart Information Services Corp
8,186
(19,814) Stifel Financial Corp
(899,556)
1,541 Stillwater Mining Co
17,444
778 Stock Building Supply Holdings Inc
14,611
2,619 Stone Energy Corp
85,432
(7,400) Stone Energy Corp
(241,388)
3,961 Stonegate Mortgage Corp
67,297
16,327 Stoneridge Inc
207,516
64,243 STR Holdings Inc
119,492
5,207 Straight Path Communications Inc 'B'
36,709
1,662 Stratasys Ltd
195,950
(4,604) Strayer Education Inc
(171,315)
433 Sturm Ruger & Co Inc
33,432
10,636 Sucampo Pharmaceuticals Inc 'A'
82,110
(2,236) Summit Hotel Properties Inc (Reit)
(20,370)
(38,299) Sun Bancorp Inc/NJ
(137,110)
4,380 Sun Communities Inc (Reit)
179,974
(712) Sun Communities Inc (Reit)
(29,256)
(1,283) Sun Hydraulics Corp
(55,195)
7,333 SunCoke Energy Inc
166,679
(7,764) Sunedison Inc
(100,544)
9,895 SunPower Corp
297,938
5,696 SunTrust Banks Inc
208,075
274 Superior Industries International Inc
5,283
(16,957) Supernus Pharmaceuticals Inc
(121,243)
6,068 Supertex Inc
157,647
13,809 support.com Inc
55,236
39,796 SurModics Inc
951,920
(4,594) Susser Holdings Corp
(300,677)
3,421 SVB Financial Group
348,429
4,630 Swift Energy Co
60,792
1,053 Swift Transportation Co
24,472
7,531 SWS Group Inc
49,027
(11,394) SY Bancorp Inc
(377,483)
72,126 Sycamore Networks Inc
33,539
179 Sykes Enterprises Inc
3,890
322 Symetra Financial Corp
6,150
50,340 Symmetry Medical Inc
493,835
42,398 Synacor Inc
118,290
125 Synageva BioPharma Corp
7,500
(3,800) Synageva BioPharma Corp
(228,000)
9,442 Synaptics Inc
475,782
(2,728) Synaptics Inc
(137,464)
8,987 Synchronoss Technologies Inc
281,563
(785) Synchronoss Technologies Inc
(24,594)
(1,779) Synergy Pharmaceuticals Inc
(8,094)
(15,146) Synopsys Inc
(555,404)
26,660 Synovus Financial Corp
93,843
Description
Unrealised
appreciation/
USD
USD

17,671
3,631
3,997
(36,845)
5,813
(332,126)
3,757
574
10,328
62,315
(1,325)
(3,524)
3,809
(158,878)
(20,039)
63,630
(8,667)
338
(23,601)
108
2,706
38,123
6,010
1,652
78,027
(27,509)
36,709
7,213
59,112
(132)
9,354
2,811
(4,823)
(19,460)
2,132
(3,940)
18,178
(36,440)
1,279
3,838
448
(9,982)
4,609
(13,007)
(83,058)
(70,323)
13,582
217
6,224
11,323
(90,500)
(151,939)
225
202
(45,155)
(23,796)
778
(41,205)
104,416
(6,965)
(9,052)
4,537
(815)
(1,666)
5,169
(2,626)
15,097
(43,880)
18,983
(3,849)
2,209
20,186
3,209
(613)
(2,405)
55,669
(29,066)
(41,325)
(6,385)
5,181
23,955
4,107
(4,206)
23,414
(8,825)
16,964
2,141
(132)
(18,931)
28,293
2,534
25,157
(17,536)
(58,890)
(38,270)
10,463
1,465
(28)
(1,054)
(17,970)
63,826
47,466
6,018
336
(20,777)
(1,979)
(2,777)
(377)
(5,263)
1,517
(1,196)
2,694
(14,321)
88,983
(12,870)
1,042
16,824
7,399
(8,026)
(7,720)
(6,269)
(16,800)
(2,922)
2,413
(7,843)
58,291
(36,125)
4,803
15,846
13,870
32,050
Synta Pharmaceuticals Corp

Syntel Inc
Synutra International Inc
Sypris Solutions Inc
Sysco Corp
Systemax Inc
T-Mobile USA Inc
Tableau Software Inc 'A'
Tableau Software Inc 'A'
Tahoe Resources Inc
Take-Two Interactive Software Inc
TAL International Group Inc
Tanger Factory Outlet Centers (Reit)
Tangoe Inc
Targa Resources Corp
Targacept Inc
Target Corp
Target Corp
Taser International Inc
TCF Financial Corp
TCP Capital Corp
TD Ameritrade Holding Corp
Team Inc
TearLab Corp
Tech Data Corp
TechTarget Inc
TECO Energy Inc
Tecumseh Products Co 'A'
Teekay Corp
Teekay Offshore Partners LP
Tejon Ranch Co
Tejon Ranch Co (Warrants)
Teledyne Technologies Inc
Teleflex Inc
Telefonica Brasil SA
Telenav Inc
Telephone & Data Systems Inc
TeleTech Holdings Inc
TELUS Corp
Tempur-Pedic International Inc
Tennant Co
Tenneco Inc
Territorial Bancorp Inc
TESARO Inc
Tesco Corp
Tesla Motors Inc
Tesoro Corp
Tessco Technologies Inc
Tessera Technologies Inc
Tetra Tech Inc
TETRA Technologies Inc
Tetraphase Pharmaceuticals Inc
Texas Capital Bancshares Inc
Texas Industries Inc
Textainer Group Holdings Ltd
TG Therapeutics Inc
TherapeuticsMD Inc
Theravance Inc
Theravance Inc
Thermon Group Holdings Inc
Third Point Reinsurance Ltd
Thomson Reuters Corp
Thor Industries Inc
Thoratec Corp
Threshold Pharmaceuticals Inc
TIBCO Software Inc
(13,366)
1,349,219
(391,848)
51,064
(131,135)
25,227
521,001
210,189
(40,152)
(43,117)
906,848
(1,594,270)
(1,365,378)
(100,500)
424,013
134,148
264,984
(271,371)
411,150
(138,817)
294,325
61,789
(5,391)
(175,112)
1,465,860
15,432
430,939
(156,421)
(2,605,294)
(1,237,269)
376,668
7,618
(2,614)
(104,283)
(345,204)
451,250
1,319,080
155,926
11,918
(1,054,225)
(128,932)
(160,094)
(8,897)
(206,783)
27,078
(154,786)
158,488
(564,247)
1,801,906
(368,468)
12,764
202,224
415,232
(467,274)
(301,080)
(28,273)
(79,800)
(109,867)
90,729
(224,467)
984,535
(1,364,080)
261,715
624,332
67,547
779,776
12,447
45,150
(161,290)
(27,365)
(1,712)
4,551
(25,679)
10,109
(3,632)
2,482
(53,489)
(173,119)
53,862
(19,473)
15,398
11,257
(9,734)
(239)
230,375
(2,137)
40,364
3,138
(493)
(42,103)
75,325
2,686
(7,296)
18,408
(77,714)
41,121
32,389
7,618
(112)
(3,955)
4,006
52,786
(84,374)
22,433
94
(110,441)
(7,191)
(2,957)
(282)
(614)
8,501
(15,352)
11,584
(93,172)
39,085
(28,337)
238
64,053
92,292
58,516
(16,120)
9,644
(42,400)
(13,674)
1,263
(56,573)
119,209
20,255
6,903
55,242
4,783
13,651
41

Unrealised
appreciation/
USD
USD
Holding
Description
(17,146)
9,345
13,931
(11,435)
5,258
(21,197)
1,434
4,223
20,745
(15,079)
(11,327)
(28,788)
(1,787)
13,612
(72,704)
466
(73,313)
18,629
8,015
(43,706)
16,314
1,164
14,433
(2,250)
(6,813)
10,906
(13,246)
14,322
7,338
24,346
(64,110)
973
33,521
781
(3,051)
25,649
5,564
2,408
(1,624)
14,529
(20,251)
(18,660)
9,110
14,513
5,608
(1,066)
1,077
(182)
388
(3,331)
(11,311)
(13,117)
51,866
(4,066)
18,690
(54,035)
276
3,371
(876)
420
(3,879)
46,975
(75,335)
(1,849)
8,948
4,662
TICC Capital Corp

Tidewater
Tile Shop Holdings Inc
Tile Shop Holdings Inc
Tilly's Inc 'A'
Time Warner Cable Inc
Time Warner Inc
Timken Co
TiVo Inc
Toll Brothers Inc
Tompkins Financial Corp
Tootsie Roll Industries Inc
Tornier NV
Tower International Inc
Towerstream Corp
Town Sports International Holdings Inc
TowneBank/Portsmouth VA
Transcept Pharmaceuticals Inc
TransDigm Group Inc
Transocean Ltd
TravelCenters of America LLC
Travelers Cos Inc/The
Travelzoo Inc
Tree.com Inc
TreeHouse Foods Inc
Tremor Video Inc
Trex Co Inc
Tri Pointe Homes Inc
Triangle Petroleum Corp
Trimas Corp
Trimble Navigation Ltd
Triple-S Management Corp 'B'
Tronox Ltd 'A'
TrueBlue Inc
Trulia Inc
Trustmark Corp
TRW Automotive Holdings Corp
TTM Technologies Inc
Tuesday Morning Corp
tw telecom Inc
Twin Disc Inc
Two Harbors Investment Corp (Reit)
Tyson Foods Inc 'A'
Ubiquiti Networks Inc
UBS AG
UDR Inc (Reit)
Ulta Salon Cosmetics & Fragrance Inc
Ultimate Software Group Inc/The
Ultimate Software Group Inc/The
Ultra Petroleum Corp
Ultratech Inc
UMB Financial Corp
Umpqua Holdings Corp
Uni-Pixel Inc
Unifi Inc
Unilife Corp
Union First Market Bankshares Corp
Union Pacific Corp
Unisys Corp
Unit Corp
United Bankshares Inc/WV
United Community Banks Inc/GA
United Community Financial Corp/OH
United Continental Holdings Inc
United Financial Bancorp Inc
United Fire Group Inc
Holding
Description
3,652
(1,503)
(45,793)
3,785
(1,147)
(892)
(1,757)
(8,685)
(3,584)
26,507
(10,704)
United Online Inc

United Rentals Inc
United States Steel Corp
United Therapeutics Corp
Unitil Corp
Universal American Corp/NY
Universal Corp/VA
Universal Display Corp
Universal Forest Products Inc
Universal Insurance Holdings Inc
Universal Stainless &
Alloy Products Inc
Universal Technical Institute Inc
Unum Group
Unwired Planet Inc
Uranium Energy Corp
Urban Outfitters Inc
US Antimony Corp
US Silica Holdings Inc
USA Mobility Inc
USANA Health Sciences Inc
USG Corp
UTi Worldwide Inc
Vaalco Energy Inc
Vail Resorts Inc
Valassis Communications Inc
Vale SA
Valeant Pharmaceuticals
International Inc
Valero Energy Corp
Validus Holdings Ltd
Valley National Bancorp
Valmont Industries Inc
Valspar Corp/The
ValueClick Inc
Vantage Drilling Co
Varian Medical Systems Inc
Vascular Solutions Inc
VCA Antech Inc
Vectren Corp
Veeco Instruments Inc
Veeva Systems Inc 'A'
Ventrus Biosciences Inc
Vera Bradley Inc
Verastem Inc
VeriFone Systems Inc
VeriFone Systems Inc
Verint Systems Inc
VeriSign Inc
VeriSign Inc
Verisk Analytics Inc 'A'
Verizon Communications Inc
VF Corp
Viacom Inc 'B'
Viad Corp
ViaSat Inc
Viasystems Group Inc
Vicor Corp
ViewPoint Financial Group Inc
Village Super Market Inc 'A'
Violin Memory Inc
VirnetX Holding Corp
Virtusa Corp
Vishay Intertechnology Inc
Vista Gold Corp
VistaPrint NV
42
Unrealised
appreciation/
USD
USD

(185,177)
530,329
230,697
(189,364)
63,201
(2,936,844)
94,988
218,920
262,839
(519,170)
(566,350)
(938,489)
(32,005)
293,747
(163,584)
6,445
(1,118,756)
66,133
1,269,119
(2,209,775)
174,070
106,657
305,258
(67,950)
(479,158)
47,986
(962,587)
287,586
79,177
893,742
(2,061,778)
19,849
710,645
20,087
(105,687)
720,480
430,042
22,924
(22,963)
414,076
(585,051)
(173,538)
289,607
574,860
107,674
(25,030)
137,447
(28,556)
60,877
(68,119)
(296,348)
(844,735)
952,260
(52,045)
517,152
(244,238)
7,144
548,226
(24,230)
20,223
(126,805)
861,991
(283,260)
(72,925)
175,381
136,363
(20,048)
(18,403)
(81,849)
94,960
(7,583)
(109,282)
(250)
(5,508)
(1,198)
(14,610)
(43,682)
(33,891)
(2,223)
19,987
68,678
709
(11,557)
(25,872)
90,650
(4,626)
81,518
3,445
(3,559)
(26,493)
6,213
(41,889)
(232,990)
16,742
5,359
(3,310)
15,496
2,407
(20,818)
420
10,685
127,370
2,393
2,297
(1,311)
(4,068)
(97,697)
2,612
26,655
182,654
4,392
288
838
(48)
16
(3,797)
(2,724)
(32,827)
302,902
17,959
232,405
(65,458)
818
10,585
(2,148)
(774)
(13,331)
120,268
12,185
(4,922)
29,815
6,346
(23,456)
2,694
(202,814)
(146,224)
20,915
(26,569)
4,492
14,437
8,873
(5,331)
(68,645)
30,930
506
(2,104)
41,705
6,265
3,557
4,686
(204,588)
6,148
8,267
1,661
(148,043)
(676)
13,958
103,359
41,324
(8,825)
1,547
12,834
(5,924)
4,494
3,390
(17,278)
27,810
(2,806)
10,087
(9,346)
29,951
4,080
5,445
40,601
8,352
1,214
24,663
(28,425)
(3,646)
3,234
(4,658)
(1,735)
19,695
(7,266)
(3,332)
57,775
(103,226)
(1,227,252)
348,220
(34,639)
(6,859)
(91,540)
(313,442)
(188,375)
309,072
(88,344)
109
(130,371)
(5,599)
(5,154)
(23)
260
(7,442)
(43,196)
130,579
(382,026)
(344,100)
90,869
(316,390)
(269,052)
818,195
(53,935)
153,312
212,946
658,288
(146,443)
(1,089,396)
187,126
38,542
(62,363)
581,368
(4,893)
(67,951)
1,131
99,806
84,933
(21,961)
580
26,209
29,182
(10,406)
1,013
14,216
(45,547)
678
(466)
(37,675)
688,899
162,946
188,237
(2,078,614)
892,382
584,973
35,595
(273,880)
(52,850)
292,420
3,105,938
1,433,530
(286,371)
62,793
37,860
(144,842)
47,187
87,225
(444,563)
1,057,614
(160,419)
576,674
(607,864)
1,495,154
963,125
439,357
1,088,107
505,630
18,210
267,840
(721,995)
(139,933)
11,254
(92,228)
(61,159)
252,096
(2,688)
(192,156)
24,584
9,007
5,087
(118,010)
(123)
(5,704)
2,675
(10,493)
(2,379)
80,715
219,579
(16,597)
30,233
3,596
1,157
(17,204)
1,346
28,172
(11,139)
64,729
(1,459)
15,332
(9,433)
(8,623)
44,851
4,661
(28,403)
2,793
(177)
135,983
(133,061)
(12,116)
(8,600)
(2,371)
(10,800)
(4,785)
18,904
(4,515)

Holding
Description
Unrealised
appreciation/
USD
USD
Holding

2,934
(69,930)
(9,605)
(13,503)
25,310
(17,465)
6,046
(29,221)
(4,249)
(604)
1,371
(1,011)
8,121
4,003
(707)
(5,112)
11,484
(4,141)
5,017
139,727
(118)
(2,841)
643
1,126
(76,937)
4,514
6,939
(27,197)
(3,280)
(482)
(8,246)
9,083
5,702
(156)
2,576
5,624
2,519
(6,503)
(1,082)
(3,902)
4,115
11,728
554
(6,693)
13,614
3,354
61,498
(6,433)
(6,205)
(512)
5,117
127
42,253
4,349
Visteon Corp
231,933
Vitacost.com Inc
(406,993)
Vivus Inc
(96,626)
Volcano Corp
(308,273)
Vonage Holdings Corp
83,776
Vornado Realty Trust (Reit)
(1,547,748)
VOXX International Corp
106,410
Vringo Inc
(94,092)
Vulcan Materials Co
(239,729)
W&T Offshore Inc
(10,510)
WABCO Holdings Inc
121,786
Wabtec Corp
(69,911)
Waddell & Reed Financial Inc 'A'
519,744
WageWorks Inc
232,855
Wal-Mart Stores Inc
(57,380)
Walgreen Co
(303,653)
Walker & Dunlop Inc
186,960
Walter Energy Inc
(59,341)
Walter Investment Management Corp
192,101
Warren Resources Inc
442,935
Washington Trust Bancorp Inc
(4,309)
Waste Management Inc
(129,797)
Waters Corp
64,030
Watsco Inc
108,445
Wausau Paper Corp
(928,630)
WD-40 Co
341,484
Web.com Group Inc
197,415
WebMD Health Corp
(1,044,365)
Weight Watchers International Inc
(106,239)
Weis Markets Inc
(24,862)
WellCare Health Plans Inc
(616,801)
WellPoint Inc
849,170
Wendy's Co/The
49,237
WESCO International Inc
(13,516)
West Bancorporation Inc
41,860
West Corp
131,039
West Pharmaceutical Services Inc
126,454
Westamerica Bancorporation
(367,420)
Western Alliance Bancorp
(25,221)
Western Digital Corp
(294,562)
Western Refining Inc
162,090
Western Union Co/The
196,913
Westlake Chemical Corp
62,968
Westmoreland Coal Co
(100,395)
Westport Innovations Inc
289,570
Westwood Holdings Group Inc
191,178
Wet Seal Inc 'A'
208,478
WEX Inc
(643,750)
Weyco Group Inc
(180,938)
Weyerhaeuser Co
(15,416)
Whirlpool Corp
784,129
White Mountains Insurance Group Ltd
77,081
WhiteWave Foods Co 'A'
902,947
Whiting Petroleum Corp
261,897
Description
Unrealised
appreciation/
USD
USD

7,980
90,987
5,305
(10,094)
(8,604)
11,860
59,882
(8,178)
1,615
863
2,550
(581)
(10,881)
17,560
(1,372)
4,499
26,582
13,044
9,947
50,739
(532)
(1,305)
(120)
(129)
(37,902)
13,793
6,402
(55,468)
(679)
(1,791)
(37,487)
30,791
3,417
(198)
7,179
3,904
9,916
(2,171)
(919)
(436)
12,856
726
(673)
(25,279)
(85,951)
25,627
11,318
(7,141)
(23,371)
(189)
12,281
771
(1,930)
(18,453)
11,998
(1,545)
28,500
13,756
(86,942)
(3,550)
6,760
2,123
(65,850)
(1,840)
649
(3,927)
(2,072)
26,448
33,579
(29,848)
(453)
(1,319)
(45,318)
1,884
26
(5,376)
(2,043)
(29,996)
4,911
2,149
15,893
2,440
(23,789)
(35,827)
(9,519)
(1,305)
(1,736)
(2,070)
(5,093)
(34,471)
2,044
60,558
920
22,461
871
(4,011)
(24,787)
28,252
(28,970)
(22,924)
(11,832)
(7,799)
(155,092)
Willbros Group Inc

Williams-Sonoma Inc
Willis Lease Finance Corp
Wilshire Bancorp Inc
Windstram Holdings Inc
Winnebago Industries Inc
Wintrust Financial Corp
WisdomTree Investments Inc
Wolverine World Wide Inc
Woodward Inc
Workday Inc 'A'
Workday Inc 'A'
World Acceptance Corp
Worthington Industries Inc
WP Carey Inc (Reit)
WPX Energy Inc
WR Berkley Corp
WR Grace & Co
Wright Medical Group Inc
WSFS Financial Corp
WW Grainger Inc
Wyndham Worldwide Corp
Wynn Resorts Ltd
XenoPort Inc
Xerium Technologies Inc
Xilinx Inc
XL Group Plc
XO Group Inc
XPO Logistics Inc
Xylem Inc/NY
Yadkin Financial Corp
Yahoo! Inc
Yandex NV 'A'
Yelp Inc
YRC Worldwide Inc
Yum! Brands Inc
YuMe Inc
Zagg Inc
ZAIS Financial Corp
Zebra Technologies Corp 'A'
Zeltiq Aesthetics Inc
Zillow Inc 'A'
ZIOPHARM Oncology Inc
Zoetis Inc
Zogenix Inc
Zoltek Cos Inc
Zumiez Inc
Zygo Corp
Zynga Inc 'A'
Total market value

(USD underlying exposure USD 1,058,015,057)
103,543
(91,881)
518,985
146,639
(707,708)
(111,115)
307,174
32,397
(2,164,621)
(79,506)
53,341
(322,760)
(191,660)
1,099,972
2,119,506
(546,815)
(20,041)
(126,914)
(1,366,791)
141,677
6,751
(387,126)
(340,139)
(158,979)
64,727
95,630
513,026
36,600
(542,151)
(1,248,571)
(171,056)
(48,468)
(68,867)
(125,587)
(45,837)
(2,689,427)
18,028
258,583
15,677
1,172,464
15,112
(314,342)
(105,345)
882,875
(94,442)
(383,289)
(329,403)
(123,146)
(681,629)
(3,358)
(4,264)
32,685
43,764
75,117
(36,852)
32,118
2,774
(510,937)
(187)
(268)
(25,642)
(4,434)
41,259
(114,798)
2,388
(222)
(2,124)
(212,108)
27,924
84
(15,383)
(6,177)
29,650
29,583
2,687
14,145
16,598
(151,158)
(18,356)
(24,953)
(1,633)
(661)
(51,520)
53,199
(90,008)
(3,358)
(163,699)
277
27,823
588
(24,895)
1,576
(25,096)
(48,559)
(101,842)
(26,516)
(505)
(62,923)
(3,300,726)
(392,902)
1,171,503
10,036,983
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.
43

Sector Breakdown as at 30 November 2013
Swaps as at 30 November 2013
Nominal
Value
USD 5,330
Unrealised
appreciation/
(depreciation)
USD
Description
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 Transactions

Purchases
EUR 33,614,114
USD 1,324,200
SEK 105,124,843
USD 636,136
Sales
USD 45,000,436
EUR 981,591
USD 15,782,226
SEK 4,219,352
Net unrealised appreciation

Unrealised
appreciation/
(depreciation)
Value date
USD
13/12/2013
13/12/2013
13/12/2013
13/12/2013
712,762
(10,705)
274,430
(8,324)
968,163
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.
44
% of net
assets*
Government
Financial
Other Net Assets
48.27
41.73
10.00
100.00
* Based on the market value of the Portfolio of Investments
Open Exchange Traded Futures Contracts

Number of
Contracts
92
Total
Contract/
Description
S&P 500 E-Mini Index
Expiration
date
Unrealised
Underlying appreciation/
exposure (depreciation)
USD
USD
December 2013 8,298,860
588,920
8,298,860
588,920


Holding
Description
Market Value
(USD)

Holding
Canada
Province of Ontario Canada 1.375%
27/1/2014
1,001,908
2.62
1,001,908
2.62
USD 550,000
USD 1,200,000
USD 900,000
USD 500,000
USD 300,000
France
USD 500,000
BNP Paribas FRN 10/1/2014
500,457
1.31
500,457
1.31
United States
USD 1,000,000
USD 900,000
USD 250,000
USD 136,000
USD 1,100,000
USD 500,000
USD 500,000
USD 1,500,000
USD 1,000,000
USD 2,000,000
USD 1,000,000
USD 1,500,000
USD 500,000
USD 1,300,000
USD 400,000

Federal Home Loan Banks 0.12%
30/1/2014
Federal National Mortgage Association
1.35% 21/3/2014
31/1/2014
28/2/2014
31/3/2014
30/4/2014
Total Bonds
USD 500,000
USD 500,000
Credit Suisse AG 0.67% 9/1/2014

Norinchukin Bank 0% 4/12/2013
Rabobank USA Financial Corp 0.01%
27/6/2014
Skandinaviska Enskilda Banken AB
0.01% 7/1/2014
0.21% 12/2/2014
899,953
2.35
250,028
0.65
USD 900,000
136,548
0.36
EUR 500,000
1,099,722
2.87
499,996
1.31
499,996
1.31
1,499,857
3.92
999,630
2.61
USD 500,000
USD 500,000
USD 295,000
USD 900,000
USD 500,000
USD 500,000
USD 1,000,000
USD 300,000
USD 1,000,000
1,999,178
5.22
999,529
2.61
USD 500,000
USD 400,000
USD 420,000
1,500,498
3.92
USD 500,000
502,236
1.31
USD 1,000,000
1,307,134
3.41
USD 500,000
400,242
1.04
13,594,497
35.50
15,096,862
39.43
553,207
1,200,196
900,028
1.44
3.13
2.35
499,216
1.30
300,728
0.78
500,101
1.31
5,954,698
15.55
5,954,698
15.55
899,626
2.35
499,965
499,795
499,801
294,728
899,642
500,000
499,797
999,955
299,894
1.31
1.30
1.30
0.77
2.35
1.31
1.30
2.61
0.78
999,778
499,866
399,782
2.61
1.31
1.04
419,811
1.10
499,969
1.31
999,967
2.61
499,869
1.31
10,212,245
26.67
10,212,245
26.67

2.61
COMMERCIAL PAPER
United States
United States
Bank of America NA 0.01% 14/1/2014
Bank of Tokyo-Mitsubishi UFJ Ltd/The
0.21% 28/2/2014
Bank of Tokyo-Mitsubishi UFJ Ltd/The
0% 7/3/2014
Credit Industriel et Commercial 0%
2/12/2013
USD 500,000
999,950
USD 500,000
USD 500,000
Market Value
(USD)
BONDS
USD 1,000,000
Description
500,008
1.31
500,030
1.31
501,158
1.31
500,026
1.31
Antalis US Funding Corp 0.01%

3/2/2014
Atlantic Asset Secritization LLC 0%
18/12/2013
Bank of Nova Scotia 0.01% 25/2/2014
Barton Capital Corp 0.01% 3/2/2014
BNP Paribas SA 0% 5/3/2014
BPCE SA 0.01% 3/2/2014
Cooperatieve Centrale 0.01% 12/3/2014
Govco LLC 0.01% 11/2/2014
Nieuw Amsterdam Receivables Corp
0% 16/1/2014
Nordea Bank AB 0.01% 10/1/2014
Nordea Bank AB 0% 18/2/2014
Oversea-Chinese Banking Corp Ltd 0%
19/2/2014
Regency Markets No.1 LLC 0.01%
16/12/2013
Societe Generale North America Inc
0.01% 6/12/2013
0.01% 10/1/2014

31,263,805
81.65
31,263,805
81.65
Other Net Assets

7,024,253
18.35
38,288,058
100.00
45
BlackRock Asia Extension Fund continued

Holding
Description
Unrealised
appreciation/
USD
USD
Holding
Hong Kong continued
Hong Kong
124,000
345,000
(286,000)
15,000
(45,400)
1,691,000
58,500
168,000
(50,000)
84,000
40,000
176,000
1,125,000
2,089,000
(916,500)
56,000
44,000
(428,000)
600,000
55,500
4,000
188,000
862,600
544,000
253,000
375,000
74,000
(62,000)
12,000
118,000
(695,000)
(178,000)
182,000
(78,000)
87,500
139,000
150,200
(79,000)
277,000
(340,000)
(164,000)
(483,500)
65,000
1,310,000
13,500
(121,000)
(278,000)
(454,000)
116,000
2,024,000
37,000
5,500
11,000
56,500
(54,000)
(86,000)
363,500
(39,500)
69,000
61,000
218,000
(186,250)
46
Agricultural Bank of China Ltd

63,658
AIA Group Ltd
1,748,875
Aluminum Corp of China Ltd
(106,982)
Anhui Conch Cement Co Ltd 'H'
58,625
ASM Pacific Technology Ltd
(377,421)
Bank of China Ltd
817,941
BBMG Corp 'H'
51,839
BOC Hong Kong Holdings Ltd
568,834
Champion (Reit)
(22,379)
Cheung Kong Holdings Ltd
1,327,280
China Agri-Industries Holdings Ltd
20,432
China CITIC Bank Corp Ltd
102,839
China Communications
Construction Co Ltd
947,573
China Construction Bank Corp
1,692,174
China COSCO Holdings Co Ltd
(471,685)
China Everbright Ltd
91,880
China Gas Holdings Ltd
59,592
China High Speed Transmission
Equipment Group Co Ltd
(215,306)
China Machinery Engineering Corp 'H'
461,259
China Merchants Bank Co Ltd 'H'
118,550
China Merchants Holdings
International Co Ltd
14,885
China Oilfield Services Ltd
567,441
China Petroleum & Chemical Corp
741,021
China Public Procurement Ltd
30,173
China Railway Construction Corp Ltd
283,588
China Railway Group Ltd 'H'
215,731
China Resources Cement Holdings Ltd
53,071
China Resources Enterprise Ltd
(219,524)
China Resources Power Holdings Co Ltd
29,038
China Shenhua Energy Co Ltd
400,299
China Shipping Container Lines Co Ltd (187,361)
China Shipping Development Co Ltd
(120,998)
China Unicom Hong Kong Ltd
288,751
China Yurun Food Group Ltd
(51,311)
China ZhengTong Auto Services
Holdings Ltd
59,592
Chongqing Rural Commercial Bank 'H'
72,793
Chow Tai Fook Jewellery Group Ltd
232,874
CITIC Pacific Ltd
(114,128)
CNOOC Ltd
568,099
Comba Telecom Systems Holdings Ltd (117,095)
Daphne International Holdings Ltd
(75,520)
Esprit Holdings Ltd
(1,006,577)
Geely Automobile Holdings Ltd
33,537
GOME Electrical Appliances Holding Ltd 228,114
Greentown China Holdings Ltd
23,438
Hang Lung Group Ltd
(640,686)
Hong Kong & China Gas Co Ltd
(656,927)
Honghua Group Ltd
(159,284)
Hutchison Whampoa Ltd
1,477,550
Industrial & Commercial Bank
of China Ltd
1,454,162
Jiangxi Copper Co Ltd 'H'
71,683
Kerry Logistics Network Ltd
4,682
Kerry Properties Ltd
43,417
Kingboard Chemical Holdings Ltd
152,679
Kingdee International Software
Group Co Ltd
(15,672)
Kunlun Energy Co Ltd
(159,072)
KWG Property Holding Ltd
218,493
L'Occitane International SA
(88,143)
Langham Hospitality Investments Ltd
34,265
Lee & Man Paper Manufacturing Ltd
44,928
Lenovo Group Ltd
258,416
Li Ning Co Ltd
(164,083)
Description
Unrealised
appreciation/
USD
USD
7,672
294,548
14,398
2,793
100,696
66,129
7,078
3,095
42
27,619
2,052
8,092
(71,537)
86,081
(12,231)
12,554
7,925
(14,493)
117,764
14,632
59
137,165
118,654
(3,804)
41,930
31,560
4,499
(16,277)
549
(11,695)
(9,810)
(27,435)
24,364
161
(442)
4,420
19,616
(27,433)
60,370
(4,151)
39,576
(257,338)
(874)
74,101
1,010
6,297
6,264
(23,570)
295,356
47,679
1,485
4,682
(2,435)
35,411
628
2,922
(1,554)
(1,858)
(206)
4,533
28,735
(2,828)
10,700
22,000
(121,000)
3,600
(34,000)
520,000
47,000
159,000
209,000
288,000
33,000
71,000
5,500
157,600
(84,000)
(88,000)
(188,000)
59,000
76,000
65,500
56,000
17,000
780,000
16,000
197,000
(29,000)
(12,100)
3,700
180,000
214,000
(38,000)
(332,000)
19,000
352,000
15,000
17,500
410,000
Lifestyle Properties Development Ltd

Luk Fook Holdings International Ltd
Macau Legend Development Ltd
Man Wah Holdings Ltd
Melco International Development Ltd
MMG Ltd
New World Development Co Ltd
NWS Holdings Ltd
PanAsialum Holdings Co Ltd
PCCW Ltd
Ping An Insurance Group Co of
China Ltd 'H'
Poly Property Group Co Ltd
Power Assets Holdings Ltd
Sands China Ltd
Semiconductor Manufacturing
International Corp
Shandong Weigao Group Medical
Polymer CoLtd 'H'
Shanghai Electric Group Co Ltd 'H'
Shanghai Industrial Holdings Ltd
Shenzhen Investment Ltd
Shimao Property Holdings Ltd 'H'
Sino Land Co Ltd
Sinopec Engineering Group Co Ltd 'H'
Sinopec Shanghai Petrochemical
Co Ltd 'H'
Sinopharm Group Co Ltd 'H'
SJM Holdings Ltd
Sun Art Retail Group Ltd
Television Broadcasts Ltd
Tencent Holdings Ltd
Termbray Petro-King Oilfield
Services Ltd
Truly International Holdings
Tsingtao Brewery Co Ltd
Uni-President China Holdings Ltd
Wheelock & Co Ltd
Xinyi Glass Holdings Ltd
Yue Yuen Industrial Holdings Ltd
Zhaojin Mining Industry Co Ltd 'H'
Zhejiang Expressway Co Ltd
2,250
81,159
(94,581)
5,925
(119,945)
122,744
63,534
237,904
47,177
124,447
2,250
6,732
(12,877)
(355)
(56,271)
(83,487)
(1,442)
(4,628)
1,477
(5,408)
307,538
41,669
44,694
1,193,277
60,588
4,477
(67)
177,515
(6,934)
(243)
(120,319)
(67,899)
200,530
29,997
164,073
76,567
26,006
(29,969)
(783)
20,302
(499)
7,434
(14,756)
5,116
231,403
47,674
632,721
(43,017)
(75,696)
214,000
34,120
3,871
86,915
338
(2,835)
74,306
95,657
125,595
(318,354)
(335,310)
92,516
372,309
46,532
11,535
382,357
4,148
(11,940)
(72,653)
(32,745)
(2,103)
102,426
4,705
(1,989)
61,032
14,603,652
1,597,927
50,520
53,871
(21,757)
37,014
3,093
121,333
29,931
(1,283)
(2,788)
27,848
(38,516)
40
(60,915)
(1,193)
170,079
(76,529)
Indonesia
79,000
86,500
(897,500)
6,812,000
1,000
77,000
31,000
419,500
2,267,500
Bank Mandiri Persero Tbk PT

Bank Rakyat Indonesia Persero Tbk PT
Bumi Resources Tbk PT
Energi Mega Persada Tbk PT
Gudang Garam Tbk PT
Indocement Tunggal Prakarsa Tbk PT
Matahari Department Store Tbk PT
Perusahaan Gas Negara
Persero Tbk PT
Telekomunikasi Indonesia
Persero Tbk PT
412,273
(19,101)
856,357
(172,437)
8,965
2,187
53,545
93,677
145,813
273,052
54,866
585,048
(484)
(654)
(2,669)
1,170
7,349
14,168
5,913
5,561
Malaysia
4,300
13,300
44,137
4,800
96,500
160,300
11,900
195,400
Axiata Group Bhd

Berjaya Corp Bhd
Berjaya Sports Toto Bhd
British American Tobacco Malaysia Bhd
DiGi.Com Bhd
MISC Bhd
PPB Group Bhd
Sime Darby Bhd

Holding
Description
Unrealised
appreciation/
USD
USD
Holding
Malaysia continued
366,200
76,820
Tenaga Nasional Bhd

YTL Corp Bhd
South Korea continued

1,120,302
38,613
205,716
596
2,376,068
236,666
122,099
127,196
9,153
172,103
4,758
177,550
27,800
32,433
(7)
(9,889)
(77)
(10,674)
612,859
39,586
67,745
(372,729)
235,570
616,900
314,853
(28,558)
656,319
(31,626)
(202,232)
(448,700)
279,370
78,534
(1,026)
(361)
(6,330)
16,811
26,083
(40)
(216,025)
(2,818)
35,160
18,424
6,383
(4,915)
55,709
85,339
6,163
(38,641)
(27,438)
479,976
(75,219)
232,797
(1,711)
(1,367)
92
1,844
(2,114)
(21,354)
3,930
16,478
701,785
51,397
2,585,917
(81,459)
34,809
(105,072)
37,146
(77,982)
502,802
57,643
8,691
(5,967)
(2,235)
(7,701)
138,757
(10,329)
(219,638)
12,851
7,072
145,548
(12,775)
78,943
25,279
5,358
55,404
(180,648)
135,347
41,102
34,527
(42,877)
(9,549)
125,151
(24,668)
2,163
(97)
21,916
(692)
12,150
(4,701)
(196)
(35,814)
(8,561)
4,199
(1,648)
7,977
(2,345)
(460)
12,385
(142,718)
468
423,593
58,203
23,740
984
Philippines
188,200
31,440
84,000
2,780
12,700
64,500
Ayala Land Inc

Jollibee Foods Corp
Metro Pacific Investments Corp
Philippine Long Distance Telephone Co
SM Prime Holdings Inc
Universal Robina Corp
Singapore
109,000
(495,000)
152,000
394,000
23,000
(16,000)
144,000
(27,000)
(4,003)
(14,000)
31,000
28,000
79,000
Asian Pay Television Trust

Biosensors International Group Ltd
CapitaMall Trust (Reit)
ComfortDelGro Corp Ltd
DBS Group Holdings Ltd
First Resources Ltd
Fraser and Neave Ltd
Genting Singapore Plc
Jardine Matheson Holdings Ltd
Jardine Strategic Holdings Ltd
Keppel Corp Ltd
Keppel Land Ltd
Mapletree Greater China
Commercial Trust (Reit)
102,000 Mapletree Logistics Trust (Reit)
7,000 Noble Group Ltd
(61,000) Religare Health Trust
(71,000) Thai Beverage PCL
97,000 UOL Group Ltd
(118,000) Vard Holdings Ltd
83,000 Wilmar International Ltd
756,000 Yangzijiang Shipbuilding
Holdings Ltd
South Korea
2,260
(431)
378
(899)
8,038
607
(27,250)
800
810
12,730
(1,300)
310
1,704
270
2,221
(6,320)
3,608
1,820
3,150
(1,790)
(267)
1,837
(6,610)
7,127
261
BS Financial Group Inc

CJ CheilJedang Corp
CJ Corp
CJ Korea Express Co Ltd
Coway Co Ltd
Daelim Industrial Co Ltd
Daewoo Engineering &
Construction Co Ltd
DGB Financial Group Inc
Display Tech Co Ltd
Dongyang Mechatronics Corp
DuzonBizon Co Ltd
E-Mart Co Ltd
Eugene Technology Co Ltd
Global Display Co Ltd
Green Cross Cell Corp
GS Engineering & Construction Corp
Hana Financial Group Inc
Hankook Tire Worldwide Co Ltd
Hansol Paper Co
Hite Jinro Co Ltd
Huons Co Ltd
Hyosung Corp
Hyundai Development Co-Engineering
& Construction
Hyundai Engineering &
Construction Co Ltd
Hyundai Glovis Co Ltd
Description
Unrealised
appreciation/
USD
USD
4,130
(3,238)
300
905
690
1,968
5,890
(283)
13,737
9,940
509
11,720
694
2,370
(210)
3,266
(470)
964
8,139
840
1,374
334
(4,455)
780
(2,269)
3,860
2,600
3,146
6,102
2,398
905
11,490
5,181
489
Hyundai Hysco Co Ltd

Hyundai Mipo Dockyard
Hyundai Mobis
Hyundai Wia Corp
Industrial Bank of Korea
Infraware Inc
KB Financial Group Inc
KEPCO Engineering &
Construction Co Inc
Kia Motors Corp
Korea Aerospace Industries Ltd
Korea Zinc Co Ltd
Korean Reinsurance Co
LG Chem Ltd
LG Fashion Corp
Lock & Lock Co Ltd
LOTTE Himart Co Ltd
Nexen Tire Corp
S-1 Corp
Samsung C&T Corp
Samsung Card Co Ltd
Samsung Electronics Co Ltd
Samsung Electronics Co Ltd (Pref)
Samsung Engineering Co Ltd
Samsung Life Insurance Co Ltd
Sapphire Technology Co Ltd
Seah Besteel Corp
Shinhan Financial Group Co Ltd
SK C&C Co Ltd
SK Chemicals Co Ltd
SK Holdings Co Ltd
SK Innovation Co Ltd
SK Networks Co Ltd
Sung Kwang Bend Co Ltd
YG Entertainment Inc
158,246
(552,262)
87,026
162,478
7,465
21,664
220,952
(5,700)
(166,376)
4,464
25,170
(1,029)
3,357
15,179
(16,285)
784,007
262,988
138,516
126,248
190,501
76,925
(4,544)
267,563
(6,839)
65,129
486,048
30,241
1,939,673
316,547
(264,783)
75,177
(80,615)
98,843
109,326
402,800
306,743
423,723
123,141
81,102
135,363
22,918
(1,006)
72,289
8,109
(1,793)
(4,395)
(4,781)
6,242
(208)
13,592
(143)
7,085
64,111
999
160,541
69,474
23,148
2,717
14,825
(22,458)
12,383
83,039
19,646
49,021
(5,153)
7,853
(6,821)
919
7,185,544
572,316
(240,256)
6,184
103,582
8,802
12,165
111,516
21,283
520,399
(4,764)
(91,657)
302,480
16,155
129,749
217,139
(92,715)
153,325
(107,931)
74,326
(133,642)
79,476
71,655
20,410
260,769
171,819
(31,729)
(69,744)
(5,102)
(724)
181,810
522,501
95,923
128
7,862
535
1,222
16,924
8,868
93,515
284
(1,293)
(1,383)
304
(3,202)
1,426
(870)
12,701
141
11,328
77,601
9,946
(228)
(5,179)
21,309
10,932
(304)
(13,294)
197
(724)
88,385
130,756
Taiwan
(443,000)
1,000
78,000
1,000
2,000
70,972
409,000
898,000
(3,000)
(155,000)
296,410
14,000
73,000
119,000
(34,000)
121,000
(45,500)
52,000
(113,000)
7,000
67,000
8,000
118,000
65,190
(20,000)
(6,000)
(1,000)
(399)
255,000
621,000
Acer Inc
Advantech Co Ltd
Asia Cement Corp
Asustek Computer Inc
Catcher Technology Co Ltd
Cathay Financial Holding Co Ltd
Chunghwa Picture Tubes Ltd
Compeq Manufacturing Co Ltd
CTCI Corp
Evergreen Marine Corp Taiwan Ltd
Far Eastern Department Stores Ltd
Far Eastern New Century Corp
Farglory Land Development Co Ltd
Feng Hsin Iron & Steel Co
Formosa Petrochemical Corp
Formosa Taffeta Co Ltd
Foxconn Technology Co Ltd
Fubon Financial Holding Co Ltd
G Tech Optoelectronics Corp
Giga Solar Materials Corp
Gintech Energy Corp
Global Unichip Corp
Highwealth Construction Corp
Hon Hai Precision Industry Co Ltd
Hota Industrial Manufacturing Co Ltd
Hotai Motor Co Ltd
HTC Corp
ILI Technology Corp
Inotera Memories Inc
Inventec Corp
47

Holding
Unrealised
appreciation/
USD
USD
Description
Holding
Taiwan continued
2,000
7,000
14,000
44,000
35,000
6,000
14,000
172,000
30,000
157,000
150,000
253,000
(10,000)
384,000
176,000
96,000
23,000
(107,000)
(47,000)
30,000
(11,000)
(769,000)
(854,000)
249,000
(1,226,000)
1,296,000
(6,000)
3,000
Unrealised
appreciation/
USD
USD
Description
Thailand
Largan Precision Co Ltd

MediaTek Inc
Merida Industry Co Ltd
Motech Industries Inc
Neo Solar Power Corp
Parade Technologies Ltd
PChome Online Inc
Pou Chen Corp
President Chain Store Corp
Synnex Technology International Corp
Taiflex Scientific Co Ltd
Taiwan Cement Corp
Taiwan Fertilizer Co Ltd
Taiwan Semiconductor
Manufacturing Co Ltd
Teco Electric and Machinery Co Ltd
Ton Yi Industrial Corp
Tong Hsing Electronic Industries Ltd
TTY Biopharm Co Ltd
Unimicron Technology Corp
Vanguard International
Semiconductor Corp
Win Semiconductors Corp
Winbond Electronics Corp
Wintek Corp
Wistron NeWeb Corp
Yang Ming Marine Transport Corp
Yuanta Financial Holding Co Ltd
Yulon Motor Co Ltd
Yulon Nissan Motor Co Ltd
71,298
103,129
104,075
84,003
45,178
34,973
100,764
223,762
212,881
235,813
310,198
400,522
(23,316)
3,708
3,620
7,052
(4,404)
2,612
(9,911)
4,476
12,102
3,436
(13,640)
(2,378)
58,494
(102)
1,362,438
193,282
100,885
122,407
(357,221)
(34,860)
96,283
55,663
959
1,928
2,973
3,546
35,227
(9,255)
(189,950)
(263,466)
595,702
(538,555)
702,872
(9,874)
40,447
3,502
(225)
(8,153)
113,473
11,269
(6,529)
19,717
(95)
5,224
5,860,640
928,410
72,300
(34,200)
(33,700)
26,300
48,400
21,400
3,025,100
28,400
36,000
BEC World PCL

Italian-Thai Development PCL
Jasmine International PCL
Kasikornbank PCL
Land and Houses PCL
PTT Global Chemical PCL
Quality Houses PCL
Siam Cement PCL/The
Siam Commercial Bank PCL/The
119,337
(5,432)
(8,239)
138,421
15,676
50,817
260,021
355,553
176,020
(23,860)
(19)
383
(8,355)
(2,098)
(1,034)
(27,368)
(51,191)
(35,305)
1,102,174
(148,847)
69,025
719,864
(18,248)
29,157
11,350
52,911
61,922
368,399
53,730
(4,631)
511
(147,788)
570,277
252,070
4,455
3,749
(12,422)
(22,697)
1,345
(203)
(24,389)
19,031
(20,279)
12,520
2,007,640
(27,981)
37,190,851
2,944,181
United States
2,500
17,814
1,235
Changyou.com Ltd ADR

Dr Reddy's Laboratories Ltd ADR
E-Commerce China Dangdang
Inc 'A' ADR
4,922 E-House China Holdings Ltd ADR
1,864 HDFC Bank Ltd ADR
10,395 ICICI Bank Ltd ADR
995 Infosys Ltd ADR
(294) KT Corp ADR
375 Philippine Long Distance Telephone Co
(32,769) ReneSola Ltd ADR
49,035 Sesa Sterlite Ltd ADR
21,471 Wipro Ltd ADR
Total market value
Bank of America Merrill Lynch, Credit Suisse and Morgan Stanley are the counterparties to these Contracts for Difference.

Purchases
Sales
GBP 3,874
USD 257
USD 6,154
GBP 160

Unrealised
appreciation/
(depreciation)
Value date
USD
13/12/2013
13/12/2013
172
(5)
Sector Breakdown
% of net
assets*
43.53
38.12
18.35
100.00
48
Contract/
Description
S&P 500 E Mini Index

SGX CNX Nifty Index
Expiration
date
December 2013
90,205
December 2013 1,220,688
1,310,893
(450)
19,158
18,708
167

(1)
98
Total

(USD underlying exposure USD 6,588)
Financial
Government
Other Net Assets
Number of
Contracts
Unrealised
USD
USD


Holding
Description
Market Value
(USD)

Holding
COMMON STOCKS (SHARES)

Raiffeisen Bank International AG
276,865
1.57
276,865
1.57
444,824
633,323
2.53
3.59
2,260
28,400
162,708
Brazil
33,521
58,038
Banco Bradesco SA ADR

Cetip SA - Mercados Organizados
1,078,147
Baidu Inc ADR
624,036
352,444
454,850
3.54
2.00
2.58
1,431,330
8.12
Magnit OJSC
Sberbank of Russia ADR
VTB Bank OJSC GDR
South Africa
27,652
Foschini Group Ltd/The
6.12
358,402
2.03
358,402
2.03
3,713
1,399
9,539
Gamevil Inc
Hyundai Mobis Co Ltd
Kia Motors Corp
Chile
26,828,784
Corpbanca SA
346,521
1.97
346,521
1.97
Dongfeng Motor Group Co Ltd 'H'
Krung Thai Bank PCL
670,610
3.81
670,610
3.81
Globaltrans Investment Plc GDR
MOL Hungarian Oil and Gas Plc

OTP Bank Plc
Axis Bank Ltd

Axis Bank Ltd GDR
Reliance Industries Ltd GDR '144A'
Tata Motors Ltd ADR
1,103,744
6.26
189,186
1.07
189,186
1.07
Dogan Sirketler Grubu Holding AS
462,510
2.62
462,510
2.62
Total Common Stocks (Shares)
9,682,520
54.94
416,887
2.37
536,974
442,520
3.05
2.51

9,682,520
54.94
979,494
5.56
185,310
159,496
503,840
436,025
1.05
0.91
2.86
2.47
1,555,435
8.82
Funds
India
10,000
8,511
18,476
13,375
0.87
2.30
3.09
2.37
416,887
Hungary
8,497
22,020
153,495
405,833
544,416
Trinidad And Tobago

1,124,624
Cyprus
27,481
1.56
1.56
Thailand
326,600
China
422,000
275,637
275,637
South Korea
Cayman Islands
2,172
Market Value
(USD)
Russia
Austria
7,493
Description
Ireland
1,284,671
7.29
1,555,435
Institutional Cash Series Plc Institutional US Dollar Liquidity Fund 1
Total Funds
1,555,435
8.82
1,555,435
8.82
11,237,955
63.76
Peru
16,469
Cia de Minas Buenaventura SAA ADR
193,675
1.10
Other Net Assets
193,675
1.10
6,386,130
36.24
17,624,084
100.00
Portugal
29,734
Jeronimo Martins SGPS SA
614,841
3.49
614,841
3.49
This fund is managed by BlackRock.
49
BlackRock Emerging Markets Absolute Return Fund continued

Holding
Description
Unrealised
appreciation/
USD
USD
Holding
Hong Kong
(37,933) Tsingtao Brewery Co Ltd H
(318,526)
(26,057)
(318,526)
(26,057)
(626,252)
(442,842)
(30,872)
(55,489)
(1,069,094)
(86,361)
(469,958)
(354,035)
(14,654)
(13,373)
(373,165)
(36,296)
(1,197,158)
(64,323)
Poland
(10,286) Bank Pekao SA
(73,418) PGE SA
South Africa
(50,489) Barloworld Ltd
(17,073) Imperial Holdings Ltd
(51,341) Woolworths Holdings Ltd/
South Africa
Turkey
(267,650) Eregli Demir ve Celik Fabrikalari TAS
(354,090)
(1,610)
(354,090)
(1,610)
(289,231)
(33,044)
(289,231)
(33,044)
(472,668)
(247,933)
(509,746)
(59,048)
3,414
(14,758)
United Kingdom
(11,649) Ultrapar Participacoes SA
Description
(531,970)
(395,500)
(23,943)
(1,089,326)
(181,984)
(601,350)
(3,112)
(372,700)
(29,000)
(85,602)
(40,582)
(346,200)
(378,937)
(4,600)
(90,993)
(35,400)
59,907
Ayala Land Inc

Bank Central Asia Tbk PT
BRF SA
BTS Group Holdings PCL
Chailease Holding Co Ltd
China Steel Corp
Coca-Cola Femsa SAB de CV
CP ALL PCL
Group BTG Pactual
Grupo Financiero Banorte SAB de CV
Hypermarcas SA
IHH Healthcare Bhd
Indofood CBP Sukses Makmur Tbk PT
Magnit OJSC
Odontoprev SA
Phosagro OAO GDR
Radiant Opto-Electronics Corp
Total market value

United States
(476,000) Advanced Semiconductor
Engineering Inc
(474,512) Astra International Tbk PT
(244,600) Axiata Group Bhd
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.
50
Unrealised
appreciation/
USD
USD
(345,940)
(319,050)
(524,254)
(317,539)
(483,750)
(516,920)
(371,760)
(473,590)
(350,056)
(587,144)
(326,921)
(434,827)
(316,753)
(302,680)
(370,032)
(344,442)
213,479
36,595
34,838
44,565
(39,260)
(78,838)
(4,479)
(1,826)
29,437
34,182
(49,743)
(53,008)
(13,409)
17,067
(8,953)
(17,625)
14,110
1,117
(7,402,526)
(125,622)
(10,630,625)
(337,017)
BlackRock Emerging Markets Absolute Return Fund continued

Purchases
Sales
EUR 2,473,109
USD 49,632
GBP 3,272
USD 66
USD 1,009,037
USD 986,772
USD 3,311,797
EUR 36,840
USD 5,194
GBP 41
PLN 3,130,000
ZAR 10,208,000
Sector Breakdown
Unrealised
appreciation/
(depreciation)
Value date
USD
13/12/2013
13/12/2013
13/12/2013
13/12/2013
28/2/2014
28/2/2014

51,485
(468)
149
(2)
2,108
(2,664)
50,608

State Street Bank and Trust Company and UBS AG London are the counterparties to
these Open Forward Foreign Exchange Transactions.
% of net
assets*
Financial
Consumer, Cyclical
Funds
Consumer, Non-cyclical
Energy
Diversified
Industrial
Communications
Basic Materials
Technology
Other Net Assets
19.78
13.23
8.82
7.03
5.91
2.62
2.37
2.03
1.10
0.87
36.24
100.00

Number of
Contracts
(280)
Contract/
Description
Expiration
date
FTSE/ATHEX 20
December 2013
Total
Unrealised
USD
USD
750,143
(7,260)
750,143
(7,260)
Note: The net unrealised depreciation attributed to these transactions is included

51

Holding
Description
Market Value
(USD)

Holding
BONDS
BRL 231,000
BRL 259,000
USD 375,000
USD 150,000
Banco do Brasil SA 3.875%

10/10/2022
Brazil Notas do Tesouro Nacional
Serie F 10.00% 1/1/2023
Brazilian Government International
Bond 10.25% 10/1/2028
Bond 8.25% 20/1/2034
Caixa Economica Federal 3.50%
7/11/2022
USD 123,000
175,621
0.35
89,218
0.18
109,237
0.22
471,375
0.95
122,630
0.25
USD 290,000
968,081
1.95
USD 300,000
USD 200,000
USD 264,000
Hutchison Whampoa International

11 Ltd 4.625% 13/1/2022
Petrobras International Finance
Co 6.75% 27/1/2041
Banco de Credito e Inversiones

4.00% 11/2/2023
Banco Santander Chile 3.875%
20/9/2022
Corp Nacional del Cobre de Chile
4.25% 17/7/2042
Empresa Nacional del Petroleo
4.75% 6/12/2021
USD 305,000
USD 320,000
778,001
1.56
277,410
0.56
1,055,411
2.12
250,593
0.50
285,363
0.57
161,695
0.33
263,423
0.53
961,074
1.93
MXN 1,179,300
MXN 1,066,400
MXN 921,300
MXN 1,451,800
MXN 1,455,400
MXN 1,776,800
MXN 1,548,300
MXN 2,057,900
MXN 2,693,900
USD 100,000
USD 104,000
USD 117,000
USD 196,000
Colombia
USD 375,000
COP 257,000,000
COP 424,000,000
USD 325,000
Colombia Government International

Bond 2.625% 15/3/2023
Bond 4.375% 21/3/2023
Bond 9.85% 28/6/2027
Republic of Colombia 7.375%
18/9/2037
330,469
0.67
119,009
0.24
277,163
0.56
394,810
0.79
1,121,451
2.26
Curacao
USD 775,000
Teva Pharmaceutical Finance Co

BV 3.65% 10/11/2021
USD 109,000
763,987
1.54
763,987
1.54
USD 200,000
Deutsche Bank AG FRN 24/5/2028
206,300
0.42
206,300
0.42
PEN 569,000
PEN 495,000
India
Reliance Industries Ltd 5.875%
(Perpetual)
PEN 647,000
169,459
0.34
169,459
0.34
52
Vnesheconombank Via VEB

Finance Plc 6.80% 22/11/2025
USD 115,000
USD 250,000
Ireland
USD 330,000
0.27
392,887
0.79
392,887
0.79
285,083
0.57
348,264
0.70
177,354
92,612
92,244
91,859
119,051
125,904
141,598
148,987
172,392
208,733
0.36
0.19
0.19
0.18
0.24
0.25
0.28
0.30
0.35
0.42
88,125
0.18
94,284
0.19
120,086
0.24
Malayan Banking Bhd FRN

20/9/2022
346,216
0.70
346,216
0.70
America Movil SAB de CV 3.125%

16/7/2022
America Movil SAB de CV 6.375%
1/3/2035
BBVA Bancomer SA/Texas 6.75%
30/9/2022
Mexican Bonos 6.50% 9/6/2022
Mexican Bonos 10.00% 20/11/2036
Mexico Government International
Bond 4.75% 8/3/2044
Mexico Government International
Bond 5.75% 12/10/2110
Petroleos Mexicanos 4.875%
24/1/2022
Petroleos Mexicanos 6.50%
2/6/2041
198,427
0.40
2,505,003
5.04
Petrobras Global Finance BV

4.375% 20/5/2023
124,884
0.25
124,884
0.25
138,093
0.28
107,639
0.22
199,080
0.40
135,702
0.27
243,686
0.49
181,059
0.36
233,527
0.47
146,099
287,288
0.29
0.58
1,672,173
3.36
Peru
USD 137,000
Germany
USD 200,000
0.27
132,422
Netherlands
USD 137,000
USD 150,000
USD 225,000
132,422
Gazprom OAO Via Gaz Capital SA

6.51% 7/3/2022
Malaysia
USD 394,000
USD 167,000
Chile
USD 270,000
Mexico
Cayman Islands
USD 750,000
Market Value
(USD)
Luxembourg
Brazil
USD 200,000
Description
Banco de Credito del Peru/Panama

FRN 24/4/2027
BBVA Banco Continental SA 5.00%
26/8/2022
Corp Financiera de Desarrollo SA
4.75% 8/2/2022
Fondo MIVIVIENDA SA 3.50%
31/1/2023
Peru Government Bond 8.20%
12/8/2026
12/8/2031
12/8/2037
Peruvian Government International
Bond 7.35% 21/7/2025
Republic of Peru 6.55% 14/3/2037
BlackRock Emerging Markets Allocation Fund continued

Holding
Description
Market Value
(USD)

Holding
Poland
PLN 661,000
PLN 272,000
PLN 298,000
USD 575,000
Poland Government Bond 5.75%

25/10/2021
23/9/2022
25/10/2023
Poland Government International
Bond 5.00% 23/3/2022
RUB 3,153,000
RUB 3,325,000
RUB 4,287,000
USD 88,000
Russian Federal Bond - OFZ 7.60%

20/7/2022
25/1/2023
3/2/2027
19/1/2028
Russian Foreign Bond - Eurobond
12.75% 24/6/2028
TRY 550,000
233,689
0.47
TRY 670,000
96,350
0.19
TRY 1,245,000
92,514
0.19
618,697
1.25
1,041,250
2.10
ZAR 1,350,000
ZAR 1,825,000
ZAR 2,430,000
ZAR 3,050,000
ZAR 2,975,000
ZAR 2,055,000
USD 370,000
USD 100,000
USD 200,000
Eskom Holdings SOC Ltd 6.75%

6/8/2023
South Africa Government Bond
7.75% 28/2/2023
10.50% 21/12/2026
7.00% 28/2/2031
6.25% 31/3/2036
6.50% 28/2/2041
8.75% 28/2/2048
South Africa Government
International Bond 4.665%
17/1/2024
8/3/2041
Transnet SOC Ltd 4.00%
26/7/2022
91,121
0.18
90,958
0.18
102,332
0.21
118,932
0.24
THB 12,246,000
THB 7,073,000
THB 8,723,000
PTT PCL 3.375% 25/10/2022

Thailand Government Bond
3.65% 17/12/2021
3.625% 16/6/2023
3.85% 12/12/2025
3.58% 17/12/2027
USD 250,000
USD 100,000
USD 300,000
USD 100,000
USD 400,000
USD 125,000
150,810
0.31
554,153
1.12
USD 100,000
USD 100,000
USD 100,000
202,592
0.41
USD 250,000
130,497
0.26
USD 300,000
210,102
0.42
USD 200,000
199,357
0.40
USD 250,000
USD 125,000
218,973
0.44
USD 350,000
213,443
0.43
USD 500,000
190,951
0.39
USD 125,000
357,265
0.72
103,119
0.21
176,000
0.35
2,002,299
4.03
329,609
0.66
581,923
1.17
366,940
0.74
213,769
0.43
253,479
0.51
1,745,720
3.51
Thailand
USD 359,000
THB 19,027,000
277,297
0.56
318,780
0.64
537,681
1.08
1,133,758
2.28
94,127
91,612
0.19
0.18
180,750
246,688
101,987
279,421
98,582
0.36
0.50
0.21
0.56
0.20
379,075
0.76
142,031
126,206
100,477
0.29
0.25
0.20
113,088
0.23
243,053
0.49
335,740
0.68
230,653
245,752
0.46
0.49
132,959
0.27
336,445
0.68
475,484
0.96
149,719
96,191
92,528
283,200
91,712
0.30
0.19
0.19
0.57
0.18
117,500
366,378
176,075
0.24
0.74
0.35
139,985
114,068
0.28
0.23
92,923
207,800
100,871
0.19
0.42
0.20
110,433
165,101
0.22
0.33
1,099,895
2.21
Turkey Government Bond

9.50% 12/1/2022
8.50% 14/9/2022
7.10% 8/3/2023
United States
USD 100,000
USD 100,000
USD 150,000
South Africa
USD 200,000
Market Value
(USD)
Turkey
Russia
RUB 3,026,000
Description
USD 100,000
USD 100,000
USD 300,000
USD 100,000
USD 100,000
USD 375,000
USD 150,000
USD 150,000
USD 125,000
USD 100,000
USD 225,000
USD 100,000
USD 100,000
USD 150,000
USD 1,100,000
Alcoa Inc 5.95% 1/2/2037

Amazon.com Inc 2.50% 29/11/2022
FRN 15/5/2058
Amgen Inc 5.15% 15/11/2041
Amgen Inc 5.375% 15/5/2043
Apache Corp 2.625% 15/1/2023
Apache Corp 4.75% 15/4/2043
Bank of America Corp 3.30%
11/1/2023
7/2/2042
ConocoPhillips 6.50% 1/2/2039
Cummins Inc 3.65% 1/10/2023
5.75% 24/1/2022
3.625% 22/1/2023
6.125% 15/2/2033
6.25% 1/2/2041
Halliburton Co 3.50% 1/8/2023
JPMorgan Chase & Co 4.50%
24/1/2022
23/9/2022
25/1/2023
15/5/2038
McDonald's Corp 2.625% 15/1/2022
Merck & Co Inc 2.40% 15/9/2022
Merck & Co Inc 2.80% 18/5/2023
Merck & Co Inc 4.15% 18/5/2043
Mondelez International Inc 6.50%
9/2/2040
Morgan Stanley 3.75% 25/2/2023
National Oilwell Varco Inc 2.60%
1/12/2022
NIKE Inc 2.25% 1/5/2023
Occidental Petroleum Corp 2.70%
15/2/2023
Oracle Corp 2.50% 15/10/2022
Starbucks Corp 3.85% 1/10/2023
Teva Pharmaceutical Finance Co
LLC 6.15% 1/2/2036
Time Warner Inc 6.25% 29/3/2041
53

Holding
Description
Market Value
(USD)

Holding

USD 1,000,000
USD 150,000
USD 100,000
USD 100,000
USD 100,000

United Technologies Corp 3.10%
1/6/2022
United Technologies Corp 4.50%
1/6/2042
Viacom Inc 4.25% 1/9/2023
Viacom Inc 5.85% 1/9/2043
Total Bonds
USD 650,000
999,529
2.01
USD 1,000,000
147,133
0.30
97,327
101,241
104,442
0.20
0.20
0.21
8,808,181
17.72
25,704,709
51.73
USD 1,000,000
Nordea Bank Finland Plc 0.16%

11/12/2013
Norinchukin Bank 0.16%
2/12/2013
653,439
1.31
653,439
1.31

USD 650,000
USD 1,000,000
USD 1,000,000
Bank of America NA 0% 14/1/2014

Bank of Montreal 0.19% 7/4/2014
Bank of Nova Scotia 0% 22/2/2014
Bank of Tokyo Mitsubishi UFJ Ltd
0% 7/3/2014
Bank of Tokyo Mitsubishi UFJ Ltd
0.39% 13/5/2014
Credit Suisse AG 0.67% 9/1/2014
1,000,166
2.02
1,000,012
2.01
iShares MSCI Frontier 100 ETF1
2,000,178
4.03
USD 650,000
54
2.01
11.30
5,617,657
11.30
42,120,522
84.76
2,534,650
5.10
2,534,650
5.10
2,534,650
5.10
Malaysia
650,010
1,000,198
650,003
1.31
2.01
1.31
MYR 522,000
651,979
1.31
MYR 320,000
651,617
1,005,832
1,000,250
1.31
2.03
2.01
MYR 517,000
MYR 230,000
5,609,889
11.29
MYR 320,000
8,263,506
16.63
United States
USD 650,000
999,922
5,617,657
BONDS
MYR 321,000
Malaysia Government Bond

3.418% 15/8/2022
3.48% 15/3/2023
3.733% 15/6/2028
3.844% 15/4/2033
3.892% 15/3/2027
4.127% 15/4/2032
4.392% 15/4/2026
COMMERCIAL PAPER
Barton Capital LLC 0% 3/2/2014
Govco LLC 0% 11/2/2014
Natexis Banques Populaires 0%
5/2/2014
Oversea - Chinese Banking Corp
0% 18/2/2014
Rabobank USA Financial Corp 0%
8/5/2014
1.31
Other Transferable Securities and Money Market Instruments
MYR 603,000
USD 600,000
USD 650,000
USD 650,000
USD 120,000
USD 650,000
649,776
United States
76,645
Total Funds
United States
USD 650,000
USD 1,000,000
USD 650,000
USD 650,000
FUNDS
Luxembourg
USD 1,000,000
Societe Generale North America

Inc 0% 31/1/2014
Victory Receivables Corp 0%
20/12/2013
France
BNP Paribas SA 0.69% 17/4/2014
Market Value
(USD)
USD 650,000
Description
599,762
649,736
649,619
119,997
1.20
1.31
1.31
0.24
649,722
1.31
1.31
649,368
1.30
0.31
95,169
0.19
93,173
0.19
149,101
0.30
68,542
0.14
95,721
0.19
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
42,964,033
86.46
Other Net Assets

649,755
153,118
6,730,625
13.54
49,694,658
100.00

Holding
Description
Unrealised
appreciation/
USD
USD
Holding
Hong Kong continued
Brazil
18,500 AES Tiete SA
(1,500) ALL - America Latina Logistica SA
(43,100) Anhanguera Educacional
Participacoes SA
23,600 Banco do Brasil SA
(70,700) BB Seguridade Participacoes
188,400 BM&FBovespa SA
(63,600) BR Properties SA
51,600 Bradespar SA
900 Braskem SA
(1,500) BRF SA
2,300 Centrais Eletricas Brasileiras SA
2,500 Cia Brasileira de Distribuicao Grupo
Pao de Acucar
2,000 Cia de Saneamento Basico do Estado
de Sao Paulo
23,400 Cia Energetica de Sao Paulo
500 Cia Paranaense de Energia
(9,000) Cielo SA
(39,000) CPFL Energia SA
50,400 EDP - Energias do Brasil SA
49,700 Even Construtora e Incorporadora SA
102,000 Gafisa SA
600 Gerdau SA
(2,600) International Meal Co Holdings SA
10,600 Itausa - Investimentos Itau SA
121,600 JBS SA
23,700 Light SA
(109,800) Marcopolo SA
43,000 Petroleo Brasileiro SA
24,400 Porto Seguro SA
8,700 Tractebel Energia SA
24,700 Vale SA
156,291
(4,990)
(8,524)
197
(284,743)
258,744
(763,602)
943,820
(528,021)
554,653
7,959
(32,840)
10,288
5,536
(22,963)
(14,324)
(51,798)
(10,513)
(20,035)
(236)
1,856
(622)
117,386
(2,417)
20,932
230,534
6,566
(259,163)
(321,610)
261,357
171,107
147,997
4,685
(22,434)
41,818
438,480
215,991
(274,795)
355,703
310,879
143,973
344,814
(1,587)
(14,629)
(782)
5,704
8,919
(19,189)
(11,469)
695
(280)
1,379
(2,689)
(11,215)
(6,726)
(10,539)
(44,668)
8,997
(7,056)
(12,748)
2,251,779
(241,726)
24,806
37,089
65,932
(805)
(195)
(1,150)
127,827
(2,150)
Chile
17,175
119,939
4,632
Empresa Nacional de Electricidad

SA/Chile
Enersis SA
ENTEL Chile SA
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)
Agricultural Bank of China Ltd

462,546
Air China Ltd
43,629
Aluminum Corp of China Ltd
(25,436)
AviChina Industry & Technology Co Ltd (421,943)
Bank of China Ltd
1,000,780
Bank of Communications Co Ltd
165,051
Brilliance China Automotive
Holdings Ltd
(101,596)
China CITIC Bank Corp Ltd
304,427
23,862
5,876
(602)
(75,961)
42,944
8,142
Hong Kong
901,000
56,000
(68,000)
(696,000)
2,069,000
221,000
(58,000)
521,000
Description
Unrealised
appreciation/
USD
USD
(1,218)
17,678
993,000
982,000
(1,680,500)
(242,000)
(585,000)
(357,000)
1,272,000
(3,000)
6,000
(358,000)
(820,000)
120,000
154,000
37,000
107,500
(44,000)
52,500
(596,000)
(70,000)
(218,000)
(370,000)
604,000
28,000
94,000
(480,000)
(20,000)
38,000
(1,661,000)
460,000
(11,000)
1,477,000
86,500
(40,000)
(89,000)
131,000
(112,000)
1,551,000
(7,500)
64,000
55,500
27,000
32,000
(693,500)
662,000
(74,000)
3,100
16,000
146,000
145,000
356,000
(156,000)
3,600
1,900
China Communications
Construction Co Ltd
836,391
China Construction Bank Corp
795,460
China COSCO Holdings Co Ltd
(864,885)
China Everbright International Ltd
(270,321)
China High Speed Transmission
Equipment Group Co Ltd
(294,285)
China Longyuan Power Group Corp
(460,024)
China Lumena New Materials Corp
275,641
China Mengniu Dairy Co Ltd
(13,737)
China Mobile Ltd
64,623
China Modern Dairy Holdings Ltd
(194,869)
China Oil & Gas Group Ltd
(153,366)
China Oilfield Services Ltd
362,196
132,294
China Power International
Development Ltd
13,363
China Railway Construction Corp Ltd
120,497
China Resources Enterprise Ltd
(155,791)
China Shenhua Energy Co Ltd
178,099
China Shipping Container Lines Co Ltd (160,672)
China Shipping Development Co Ltd
(47,583)
China Singyes Solar Technologies
Holdings Ltd
(248,855)
China State Construction International
Holdings Ltd
(650,019)
China Telecom Corp Ltd
326,436
China ZhengTong Auto Services
Holdings Ltd
19,069
CNOOC Ltd
192,784
CSPC Pharmaceutical Group Ltd
(312,046)
ENN Energy Holdings Ltd
(141,241)
Evergrande Real Estate Group Ltd
15,979
GCL-Poly Energy Holdings Ltd
(544,190)
Geely Automobile Holdings Ltd
237,337
Golden Eagle Retail Group Ltd
(14,756)
GOME Electrical Appliances
Holding Ltd
257,194
Greentown China Holdings Ltd
150,179
Haier Electronics Group Co Ltd
(94,419)
Honghua Group Ltd
(31,225)
Huabao International Holdings Ltd
69,279
Huadian Fuxin Energy Corp Ltd
(38,717)
Industrial & Commercial Bank
of China Ltd
1,114,330
Intime Retail Group Co Ltd
(8,571)
Kaisa Group Holdings Ltd
19,235
Kingboard Chemical Holdings Ltd
149,977
KWG Property Holding Ltd
16,229
Lenovo Group Ltd
37,933
Li Ning Co Ltd
(610,962)
Lonking Holdings Ltd
142,601
Maanshan Iron & Steel
(20,617)
New China Life Insurance Co Ltd
11,096
Poly Property Group Co Ltd
9,390
Shanghai Industrial Holdings Ltd
496,227
Shenzhen International Holdings Ltd
18,142
Shenzhen Investment Ltd
140,514
Sinopec Kantons Holdings Ltd
(136,629)
Sinopharm Group Co Ltd
10,727
Tencent Holdings Ltd
109,892
32,207
38,637
(90,339)
(38,943)
(176)
(16,828)
10,793
(314)
1,857
(10,104)
(13,555)
(3,294)
3,018
(420)
1,519
(3,248)
11,832
(10,989)
(6,375)
(7,145)
(34,682)
16,772
159
7,317
(12,258)
(21,368)
412
6,166
991
1,590
(9,860)
(4,923)
3,051
(2,226)
12,587
662
47,181
20
(768)
4,914
(145)
792
(16,966)
12,015
(940)
177
(47)
19,694
726
(50)
(3,767)
723
5,854
55

Holding
Description
Unrealised
appreciation/
USD
USD
Holding
Hong Kong continued

22,000
(8,000)
(204,000)
22,000
268,000
(18,000)
Tingyi Cayman Islands Holding Corp

Tsingtao Brewery Co Ltd
Uni-President China Holdings Ltd
Yuexiu Property Co Ltd
Zhejiang Expressway Co Ltd
Zhuzhou CSR Times Electric Co Ltd
Description
Unrealised
appreciation/
USD
USD
Russia
65,268
(67,022)
(206,034)
5,760
249,931
(69,421)
1,884
241
1,690
(292)
6,170
(3,582)
2,261,274
(41,232)
130,190
3,117
68,100
1,033,900
(830)
Gazprom OAO
Lukoil OAO
Surgutneftegas OAO
Surgutneftegas OAO
Uralkali OJSC
561,594
191,941
56,244
734,993
(4,128)
(28,164)
(6,420)
(2,695)
(23,096)
333
1,540,644
(60,042)
(5,799)
(87,813)
14,528
(40,175)
(103,443)
102,351
6,928
345,139
(745,267)
139,968
183,899
(743,446)
134,793
67,622
858,479
338,814
785,032
203
1,635
120
(218)
814
2,309
(815)
9,410
43,041
1,608
4,856
4,346
1,094
(374)
(8,798)
2,453
(48,427)
1,251,610
13,257
44,341
(14,117)
(88,251)
7,253
(10,030)
(32,941)
5,380
(607)
(3,340)
511
(504)
(3,325)
(662,056)
(48,570)
(71,437)
3,457
(20,529)
(532)
54
(80)
(44,700)
110,909
28,012
(43,447)
491
(1,406)
1,188
2,121
131,096
307,387
10,219
3,282
14,337
(338)
23,180
(30,529)
(721,966)
10,443
76,333
170,311
794,293
777,672
478,617
130,987
27,036
447,002
302,181
179,488
90,286
1,069
29
14,035
225
(3,061)
9,549
18,049
(8,176)
9,832
(6,276)
516
11,850
20,996
5,821
15,341
South Africa
Hungary
(108) MOL Hungarian Oil & Gas PLC
(6,825)
155
(6,825)
155
26,827
(1,977)
50,364
(36,690)
103,741
(1,525)
4,492
(7,487)
144,242
(6,497)
282,982
(126,996)
(59,547)
65,921
(313,646)
255,697
(3,251)
(4,839)
1,059
3,170
(9,346)
1,661
Indonesia
284,000
277,000
Adaro Energy Tbk PT

Telekomunikasi Indonesia
Persero Tbk PT
(16,500) Unilever Indonesia Tbk PT
68,000 United Tractors Tbk PT
Malaysia
14,500
British American Tobacco

Malaysia Bhd
(103,100) Bumi Armada Bhd
(27,300) Maxis Bhd
38,700 MISC Bhd
(32,400) Petronas Dagangan Bhd
85,400 Sime Darby Bhd
104,411
(11,546)
(90,549)
(166,925)
(118,953)
(77,393)
(3,477)
6,464
(1,280)
(100)
112,449
41,645
2,400
(1,108)
8,267
260
307,877
38,458
280,074
82,283
(98,873)
310,898
(746,674)
(139,024)
12,545
939
(16,687)
666
(3,750)
(3,482)
(25,197)
4,351
(256,440)
(27,456)
Mexico
(30,700)
(89,000)
(63,500)
(24,900)
11,800
Alfa SAB de CV
Compartamos SAB de CV
Empresas ICA SAB de CV
Fibra Uno Administracion SA de CV
SAB de CV
6,000 Gruma SAB de CV
1,600 Grupo Aeroportuario del Pacifico
SAB de CV
23,000 Grupo Aeroportuario del Sureste
SAB de CV
14,700 Grupo Financiero Inbursa SAB de CV
95,500 Grupo Mexico SAB de CV
13,500 Grupo Televisa SAB
(17,400) Industrias CH SAB de CV
105,000 Kimberly-Clark de Mexico SAB de CV
(174,500) Mexichem SAB de CV
(62,400) Minera Frisco SAB de CV
Philippines
(190,500) Aboitiz Equity Ventures Inc
(234,997)
(18,496)
(234,997)
(18,496)
(286,965)
(61,915)
(45,982)
127,371
207,807
6,903
372,064
4,092
1,334
941
(1,150)
1,279
229
(7,300)
319,283
(575)
Poland
(11,832)
(9,620)
(1,950)
3,356
34,489
3,945
111,150
56
Alior Bank SA
Cyfrowy Polsat SA
Grupa Azoty SA
KGHM Polska Miedz SA
PGE SA
Synthos SA
Telekomunikacja Polska SA
(2,001)
(9,434)
2,295
(5,020)
(7,507)
30,825
2,393
16,644
(52,846)
9,195
75,567
(38,911)
2,602
13,352
67,242
85,353
65,618
Aveng Ltd
Barloworld Ltd
Clicks Group Ltd
Discovery Ltd
Exxaro Resources Ltd
FirstRand Ltd
Harmony Gold Mining Co Ltd
Imperial Holdings Ltd
Massmart Holdings Ltd
Mr Price Group Ltd
Netcare Ltd
Remgro Ltd
SABMiller Plc
Sanlam Ltd
Spar Group Ltd/The
Steinhoff International Holdings Ltd
Vodacom Group Ltd
South Korea
108
(164)
(362)
248
(923)
(1,811)
(82,140)
(2,060)
420
(2,605)
(1,240)
5,782
110
(1,520)
11,610
44,870
150
390
(119)
(4,233)
36
978
7,510
1,800
13,626
18,090
12,160
1,050
7,569
9,310
1,333
3,000
AMOREPACIFIC Group
Cheil Industries Inc
CJ CheilJedang Corp
CJ E&M Corp
CrucialTec Co Ltd
CTC BIO Inc
Daewoo Engineering &
Construction Co Ltd
Daewoo Shipbuilding & Marine
Engineering Co Ltd
Daishin Securities Co Ltd
Danal Co Ltd
Doosan Heavy Industries &
Construction Co Ltd
e-LITECOM Co Ltd
E-Mart Co Ltd
GS Engineering & Construction Corp
Hanjin Heavy Industries &
Construction Co Ltd
Hanwha Life Insurance Co Ltd
Hyosung Corp
Hyundai Engineering &
Construction Co Ltd
Hyundai Heavy Industries Co Ltd
Hyundai Mipo Dockyard
Hyundai Mobis
Hyundai Steel Co
Jahwa Electronics Co Ltd
KCC Corp
Kia Motors Corp
Korea Aerospace Industries Ltd
Korean Reinsurance Co
KT Skylife Co Ltd
LG Corp
LG Fashion Corp
LG Hausys Ltd
LIG Insurance Co Ltd

Holding
Description
(22,280)
189
12
49
564
8,550
(2,095)
(1,729)
(636)
399
762
(6,416)
(4,753)
(1,674)
(494)
310
668
3,430
349
68,220
(2,000)
9,868
Lock & Lock Co Ltd

Lotte Chemical Corp
Lotte Chilsung Beverage Co Ltd
LS Corp
Maeil Dairy Industry Co Ltd
Neowiz Games Corp
OCI Co Ltd
OPTRON-TEC Inc
Osstem Implant Co Ltd
POSCO
Samsung Electronics Co Ltd
Samsung Engineering Co Ltd
Samsung Fine Chemicals Co Ltd
Sapphire Technology Co Ltd
Seoul Semiconductor Co Ltd
Shinhan Financial Group Co Ltd
SK C&C Co Ltd
SK Chemicals Co Ltd
SK Holdings Co Ltd
SK Networks Co Ltd
SM Entertainment Co
Woojeon & Handan Co Ltd
Unrealised
appreciation/
USD
USD
Holding
South Korea continued
Taiwan continued
(482,105)
39,111
17,417
3,658
25,021
133,707
(347,418)
(18,625)
(14,964)
123,474
1,075,714
(381,335)
(211,085)
(59,475)
(19,512)
13,035
85,528
172,424
61,668
481,530
(80,979)
81,588
(41,304)
(491)
143
82
2,201
7,999
22,944
(558)
(1,082)
895
27,467
9,719
(13,210)
(2,177)
(420)
(73)
8,177
14,325
(506)
37,248
(4,286)
(1,786)
3,108,877
123,768
871,444
(13,080)
(47,510)
126,543
240,429
124,039
72,123
800,882
(58,762)
156,707
78,482
33,676
(9,259)
(96,912)
(286,325)
272,437
(137,582)
(380,820)
(121,917)
(253,633)
60,960
147,969
(132,730)
(453,335)
(428,600)
378,594
7,572
(161,577)
(188,450)
44,198
278,739
(56,008)
(637,528)
(164,638)
64,777
72,853
44,536
(155,555)
397,337
107,307
(1,560)
(169)
4,847
(2,857)
2,135
567
35,064
810
7,826
2,983
1,287
99
(3,875)
(10,141)
8,779
(5,959)
34,480
(986)
(10,863)
(1,447)
13,016
(8,648)
(24,173)
1,793
(4,251)
1,115
(9,664)
(18,721)
1,199
(11,885)
(1,487)
(57,059)
14,709
1,992
4,942
527
(270)
(3,560)
Taiwan
99,000
(14,000)
(19,000)
114,000
159,000
133,000
23,000
1,382,000
(37,000)
272,000
42,000
33,000
(8,000)
(30,000)
(105,000)
215,000
(58,000)
(322,000)
(41,000)
(36,000)
57,000
29,000
(16,000)
(39,000)
(84,000)
531,000
9,000
(198,000)
(78,000)
3,000
146,000
(5,000)
(285,000)
(109,000)
9,000
56,000
20,000
(165,000)
164,000
Asustek Computer Inc

Career Technology MFG. Co Ltd
Chicony Electronics Co Ltd
Chimei Materials Technology Corp
China Metal Products
China Motor Corp
Chunghwa Telecom Co Ltd
Compeq Manufacturing Co Ltd
CTCI Corp
Eva Airways Corp
Everlight Electronics Co Ltd
Far Eastern Department Stores Ltd
Faraday Technology Corp
FLEXium Interconnect Inc
Formosa Petrochemical Corp
Formosa Taffeta Co Ltd
Foxconn Technology Co Ltd
G Tech Optoelectronics Corp
Genius Electronic Optical Co Ltd
Giant Manufacturing Co Ltd
Gintech Energy Corp
Grape King Bio Ltd
Hiwin Technologies Corp
Hotai Motor Co Ltd
HTC Corp
Inotera Memories Inc
Inventec Corp
Lextar Electronics Corp
Lotus Pharmaceutical Co Ltd
MediaTek Inc
Motech Industries Inc
MStar Semiconductor Inc
Newmax Technology Co Ltd
Orise Technology Co Ltd
PChome Online Inc
Pou Chen Corp
Quanta Computer Inc
Radium Life Tech Co Ltd
Realtek Semiconductor Corp
Description
Unrealised
appreciation/
USD
USD
(638)
(13,000)
(16,000)
308,000
554,000
(100,000)
55,000
Sekonix Co Ltd
Simplo Technology Co Ltd
Standard Foods Corp
Taiflex Scientific Co Ltd
Taiwan Cement Corp
Taiwan Glass Industry Corp
Taiwan Semiconductor
Manufacturing Co Ltd
86,000 Taiwan Styrene Monomer
41,000 Tong Hsing Electronic Industries Ltd
(2,000) TPK Holding Co Ltd
(207,000) TTY Biopharm Co Ltd
66,000 Vanguard International
Semiconductor Corp
(880,000) Winbond Electronics Corp
327,000 Wistron NeWeb Corp
161,000 Yuanta Financial Holding Co Ltd
(16,066)
(57,765)
(48,550)
636,940
877,032
(103,568)
(673)
(2,620)
(1,358)
(24,919)
83,534
(2,651)
195,141
65,094
218,203
(11,185)
(691,073)
1,500
488
(3,875)
(192)
(5,222)
77,499
(217,368)
782,307
87,317
7,137
(7,530)
11,313
2,859
2,284,034
125,693
(9,231)
(115,992)
21,955
(246,061)
78,575
23,984
41,117
73,772
126
14,770
(569)
14,997
(2,971)
(1,054)
(1,538)
(6,670)
(131,881)
17,091
39,452
1,704
(151,742)
(4,124)
(103,436)
31,806
(150,877)
807
301
(15,356)
143,030
563,378
26,048
75,416
4,962
(33,914)
208,733
(307,561)
3,850
17,143
(672)
(1,279)
(120)
(1,577)
1,856
(73)
345,295
2,460
287,450
265,369
(100,661)
(235,611)
(120,812)
(15,499)
(6,750)
(1,417)
2,143
9,822
95,735
(11,701)
790,460
(5,461)
(286,406)
14,391
74,046
(40,153)
(65)
14,481
12
(1,272)
Thailand
(1,300)
(195,000)
17,300
(1,006,500)
242,600
10,100
653,600
142,700
Advanced Info Service PCL

CH Karnchang PCL
CP ALL PCL
Jasmine International PCL
Land and Houses PCL
PTT Global Chemical PCL
Sansiri PCL
Thai Airways International PCL
Turkey
9,434 Aksa Akrilik Kimya Sanayii AS
(13,315) Anadolu Efes Biracilik Ve Malt
Sanayii AS
(23,403) Aselsan Elektronik Sanayi
Ve Ticaret AS
1,417 BIM Birlesik Magazalar AS
(5,250) Coca-Cola Icecek AS
120,276 EIS Eczacibasi Ilac ve Sinai ve Finansal
Yatirimlar Sanayi ve Ticaret AS
169,198 Enka Insaat ve Sanayi AS
19,763 Eregli Demir ve Celik Fabrikalari TAS
16,508 Haci Omer Sabanci Holding AS
311 Koza Altin Isletmeleri AS
(1,053) Otokar Otomotiv Ve Savunma Sanayi AS
32,405 Tofas Turk Otomobil Fabrikasi AS
(51,088) Turkcell Iletisim Hizmetleri AS
United Kingdom
33,405
4,294
(6,684)
(1,789)
(4,819)
Gazprom OAO
Lukoil OAO
MMC Norilsk Nickel OJSC
NovaTek OAO
Uralkali OJSC
United States
54,741
(235)
(13,060)
234
860
AES Corp/VA
America Movil SAB de CV
BRF SA
Check Point Software Technologies Ltd
57

Holding
Unrealised
appreciation/
USD
USD
Description
Holding
Description
2,816
1,744
Chunghwa Telecom Co Ltd

Grupo Pao de Acucar
3,132 Cia de Minas Buenaventura SAA
2,194 Copa Holdings SA
(17,535) CPFL Energia SA
(5,531) Embraer SA
609 Fomento Economico Mexicano
SAB de CV
32,936 Gafisa SA
(36) MercadoLibre Inc
87,916
1,153
82,456
36,832
332,347
(288,626)
(172,291)
(496)
(2,864)
4,780
7,801
(660)
57,971
97,820
(3,977)
2,230
2,473
(32)
4,458 Southern Copper Corp

(15,423) Telefonica Brasil SA
989 Telekomunikasi Indonesia
Persero Tbk PT
(18,876) Turkcell Iletisim Hizmetleri AS
1,675 Vale SA
Total market value

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.

Number of
Contracts
94
Contract/
Description
SGX CNX Nifty Index
Expiration
date
Unrealised
USD
USD
December 2013 1,170,864
26,508
1,170,864
26,508
Total

Sector Breakdown
% of net
assets*
Financial
Government
Energy
Funds
Communications
Diversified
Industrial
Consumer, Cyclical
Basic Materials
Technology
Utilities
Other Net Assets
38.18
27.54
5.22
5.10
3.65
2.19
1.56
1.05
0.62
0.52
0.42
0.41
13.54
100.00
58
Unrealised
appreciation/
USD
USD
112,565
(296,276)
(3,434)
10,957
36,108
(286,349)
23,350
(541)
(2,699)
(433)
406,876
(8,762)
13,693,859
(153,911)

Holding
Description
Market Value
(USD)

Holding
BONDS
RON 10,000,000
Provincia de Buenos Aires 10.875%

26/1/2021
827,865
1.03
827,865
1.03
BRL 7,500,000
BRL 3,142,000

Serie F 10.00% 1/1/2015
Bond 12.50% 5/1/2016
Bond 12.50% 5/1/2016
4,258,855
5.32
3,416,613
4.26
1,431,333
1.79
9,106,801
11.37
USD 450,000
RUB 70,000,000
Dominican Republic International

Bond 6.60% 28/1/2024
Dominican Republic International
Bond 5.875% 18/4/2024
656,500
0.82
427,439
0.53
1,083,939
1.35
USD 1,350,000
Hungary
USD 400,000
Romania Government Bond 5.80%

26/10/2015

14/4/2021
25/1/2023

13.50% 15/9/2015
17/1/2024
International Bond
5.875% 16/9/2025
391,820
0.49
391,820
0.49
Republic of Iraq 5.80% 15/1/2028
1,517,652
1.89
1,517,652
1.89
Mexico
MXN 26,000,000
MXN 100,000,000
NGN 800,000,000
USD 800,000
PLN 18,000,000
3.97
3.97
6,982,210
8.72
2,019,368
2.52
9,001,578
11.24
4,075,469
5.09
386,232
0.48
1,410,750
1.76
5,872,451
7.33
4,444,554
5.55
4,444,554
5.55
4,191,360
5.23
Uruguay
Hungary Government International

Bond 5.375% 21/2/2023
UYU 86,394,386
Uruguay Government
International Bond
5.00% 14/9/2018
Iraq
USD 1,800,000
3,180,516
3,180,516
South Africa
ZAR 37,000,000
USD 400,000
Dominican Republic
USD 650,000
Russia
RUB 230,000,000
Brazil
BRL 960,000
Market Value
(USD)
Romania
Argentina
USD 900,000
Description
Venezuela
USD 6,000,000
USD 2,600,000

2,041,805
7,748,375
2.55
9.67
9,790,180
12.22
Petroleos de Venezuela SA 9.75%

17/5/2035
Venezuela Government
International Bond
11.75% 21/10/2026
2,141,750
2.68
6,333,110
7.91
Nigeria
Total Bonds
62,455,703
77.97
Nigeria Government Bond 4.00%

23/4/2015
Nigeria Government International
Bond 6.375% 12/7/2023
62,455,703
77.97
62,455,703
77.97
4,487,025
5.60
830,088
1.04

5,317,113
6.64
Poland
Other Net Assets
17,651,209
22.03

25/10/2023
80,106,912
100.00
5,588,124
6.98
5,588,124
6.98
Sector Breakdown as at 30 November 2013

% of net
assets*
Government
Energy
Other Net Assets
72.74
5.23
22.03
100.00
59
BlackRock Emerging Markets Flexi Dynamic Bond Fund continued

Nominal
Value
USD 8,000,000
USD 5,600,000
USD 11,200,000
USD 5,600,000
USD 3,000,000
Unrealised
appreciation/
(depreciation)
USD
Description
Credit Default Swaps (Citibank) (Fund receives

Fixed 5.000% and provides default protection
on CDX EM 20 Version 1) (20/12/2018)
on CDX EM 20 Version 1) (20/12/2018)
on CDX EM 20 Version 1) (20/12/2018)
on CDX EM 20 Version 1) (20/12/2018)
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)
(71,056)
17,461
1,323
662
148,290
96,680
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
50
Contract/
Description
Euro-Bund
Expiration
date
Unrealised
USD
USD
December 2013 6,954,260
5,657
6,954,260
5,657
Total


Purchases
EUR 8,097
USD 407
BRL 2,848,880
BRL 2,785,340
BRL 2,818,830
BRL 28,325,720
CLP 628,562,980
CLP 635,292,970
COP 2,340,190,070
COP 2,381,220,410
CZK 24,411,470
CZK 42,651,650
CZK 60,202,110
EUR 4,375,330
EUR 2,950,520
GBP 1,272,680
60
Sales
USD 10,842
EUR 303
USD 1,237,836
USD 1,184,243
USD 1,232,707
USD 12,281,574
USD 1,197,719
USD 1,224,307
USD 1,220,438
USD 1,230,732
USD 1,218,210
USD 2,124,355
USD 2,982,972
USD 5,876,582
USD 4,015,315
USD 2,049,439
Unrealised
appreciation/
(depreciation)
Value date
USD
13/12/2013
13/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
170
(5)
(19,232)
7,182
(26,956)
(165,291)
(14,294)
(28,211)
(10,625)
292
(5,001)
(4,638)
8,973
73,586
(2,798)
28,500
Purchases
GBP 3,798,590
GBP 3,709,460
HUF 270,420,060
HUF 1,149,986,930
INR 154,125,980
KRW 3,187,053,880
KRW 1,078,457,020
MXN 15,664,140
MXN 80,398,100
MXN 52,429,190
MYR 12,822,670
PEN 3,414,790
PEN 3,434,510
PHP 44,306,500
PHP 130,052,610
PLN 3,716,770
PLN 6,987,860
PLN 9,309,470
RON 4,035,730
RON 3,972,860
RUB 2,696,610
USD 7,980,857
USD 22,648,025
USD 6,471,375
USD 2,413,321
USD 2,439,375
USD 2,307,722
USD 3,980,989
USD 5,856,493
USD 6,045,826
USD 2,413,630
USD 2,391,479
USD 812,130
USD 788,289
USD 6,420,055
USD 10,225,600
USD 3,014,845
USD 2,887,178
USD 12,533,078
USD 4,771,148
USD 2,436,606
USD 6,752,167
USD 2,856,505
USD 1,259,932
USD 5,673,301
USD 7,407,951
USD 1,968,550
USD 2,434,203
USD 769,224
USD 758,571
USD 3,198,363
USD 4,931,726
ARS 18,223,480
Sales
USD 6,081,935
USD 5,964,033
USD 1,230,317
USD 5,192,389
USD 2,456,191
USD 2,993,101
USD 1,019,528
USD 1,213,119
USD 6,194,995
USD 4,004,529
USD 4,005,323
USD 1,216,613
USD 1,222,246
USD 1,019,712
USD 2,984,569
USD 1,183,979
USD 2,260,582
USD 2,984,257
USD 1,226,293
USD 1,196,403
USD 81,052
AUD 8,767,590
BRL 53,050,780
BRL 14,774,150
CLP 1,263,855,950
COP 4,721,410,230
CZK 46,534,760
CZK 80,730,470
EUR 4,375,330
GBP 3,798,590
HUF 536,549,970
IDR 27,710,062,870
IDR 9,664,342,380
IDR 9,037,736,490
INR 405,307,430
JPY 1,017,150,560
JPY 300,387,090
JPY 289,750,560
MXN 165,803,440
MXN 62,466,130
PEN 6,849,300
PLN 21,093,860
PLN 8,950,000
PLN 3,899,400
RON 18,868,590
RUB 243,110,440
RUB 64,692,460
TRY 4,987,950
TRY 1,563,040
TRY 1,532,950
ZAR 33,290,000
ZAR 50,109,473
USD 2,681,896

Unrealised
appreciation/
(depreciation)
Value date
USD
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
18/12/2013
4/2/2014
120,125
92,502
(10,628)
(5,544)
2,604
15,838
(1,343)
(19,643)
(69,336)
(9,865)
(29,818)
(1,288)
98
(5,658)
(8,021)
16,992
(2,649)
23,839
9,394
20,034
(23)
(878)
(44,365)
151,756
33,799
(1,462)
(4,978)
(31,182)
(93,675)
(156,234)
(6,399)
69,668
2,360
31,022
(45,875)
281,968
78,270
54,586
(99,752)
11,754
(1,063)
(63,727)
(35,439)
(51)
(104,009)
102,862
24,642
(30,097)
(2,997)
1,216
(63,329)
22,094
(12,603)
47,144

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.

Holding
Description
Market Value
(EUR)
Funds
Holding
BONDS
EUR 3,233,000
EUR 7,500,000
Italy Buoni Poliennali Del Tesoro

5.50% 1/11/2022
4.50% 1/5/2023
4.50% 1/3/2024
Total Bonds
2,340,019
2,839,246
0.79
3,397,883
0.94
7,802,438
2.17
14,039,567
3.90
14,039,567
3.90
64,181,023
279,564
FUNDS
72,720
Guernsey
1,115,810
139,499
2,473,500
34,622
902,081
826,100
3,356,000
384,640
702,149
Alcentra European Floating Rate

Income Fund Ltd
Better Capital PCC Ltd
BH Macro Ltd
Bluecrest Allblue Fund Ltd
HarbourVest Global Private Equity Ltd
NB Distressed Debt Investment
Fund Ltd
NB Global Floating Rate Income
Fund Ltd
Fund Ltd
Fund Ltd
Starwood European Real Estate
Finance Ltd
1,450,232
1,495,653
1,471,612
2,777,425
4,124,561
257,462
0.42
0.41
0.77
1.15
0.07
857,989
0.24
1,049,519
0.29
4,133,419
1.15
298,745
0.08
836,292
0.23
17,302,677
4.81
1,218,978
0.34
61,190
34,473,160
9.58
64,181,023
17.83
Carador Income Fund Plc

iShares JP Morgan $ Emerging
Markets Bond UCITS ETF1
Stone Harbor Investment Funds
Plc - Emerging Market Debt Fund
BlackRock Developed World Index

Sub-Fund 1
Institutional Cash Series Plc Institutional Euro Liquidity
Fund 1
Institutional Cash Series Plc Institutional Ultra Bond Fund 1
31,008,890
8.62
129,663,073
36.03
1,144,160
821,731
4,640,802
3,303,796
166,612
BlackRock Global Funds - ASEAN

Leaders X2 RF 1
BlackRock Global Funds - Asian
Dragon Fund X2 (USD) 1
BlackRock Global Funds Emerging Markets Equity
Income Fund X2 (USD) 1
BlackRock Global Funds Euro Corporate Bond
Fund X2 (EUR) 1
BlackRock Global Funds Euro Short Duration Bond
Fund X2 (EUR) 1
BlackRock Global Funds - Global
Corporate Bond Fund
X2 (EUR) Hedged 1
Equity Income X2 (USD) 1
BlackRock Global Funds - US Dollar
High Yield Bond Fund X2 (USD) 1
4,904,889
1.36
1,749,699
0.49
11,950,793
3.32
17,219,608
4.78
13,032,654
3.62
56,292,928
15.64
35,111,399
9.76
3,603,765
1.00
143,865,735
39.97
United Kingdom
Ireland
1,728,854
99,356
Luxembourg
573,733
1,145,797
Market Value
(EUR)
Ireland
Italy
EUR 2,515,000
Description
7,841,647
2.18
6,712,002
1.86
15,772,627
4.38
1,327,336
BlackRock Frontiers Investment

Trust Plc 1
Total Funds
1,788,514
0.50
1,788,514
0.50
275,317,322
76.50

Jersey
1,631,000
1,347,000
CVC Credit Partners European

Opportunities Ltd
Foresight Solar Fund Ltd
1,661,581
1,596,237
0.46
0.44
3,257,818
0.90
BONDS
Luxembourg
USD 4,200,000
Societe Generale SA 0.00%

Luxembourg
110,392
Goldman Sachs Global High Yield

Portfolio
1,711,076
1,711,076
0.48
0.48
United Kingdom
593,836
Scottish Mortgage Investment

Trust Plc
Total Bonds
0.83
2,991,252
0.83
2,991,252
0.83

2,991,252
0.83
337,608,088
93.80
7,215,749
2.00
Other Net Assets
7,215,749
2.00
Total Net Assets (EUR)
Total Funds
45,259,947
12.57

59,299,514
16.47
2,991,252
22,297,031
6.20
359,905,119
100.00
61
BlackRock Euro Dynamic Diversified Growth Fund continued

Nominal
Value

Unrealised
appreciation/
(depreciation)
EUR
Description
Purchases
USD 1,000,000
USD 1,363,000
USD 3,933,000
USD 9,816,231
USD 2,187,000
EUR 5,940,141
EUR 1,692,836
Credit Default Swaps (Bank of America) (Fund

protection on CDX NA HY 21 Version 1)
(20/12/2018)
on CDX NA HY 21 Version 1) (20/12/2018)
Total Return Swap (Citibank) (Fund receives Citi
Dynavo2x Index and pays Fixed 0.000%)
(20/6/2014)
Total Return Swap (Citibank) (Fund receives
Emerging Lifestyle Trends Index and pays
6Month USD LIBOR BBA) (5/9/2014)
Total Return Swap (JP Morgan Chase Bank) (Fund
receives Global Volatility Carry Strategy Index
and pays Fixed 0.000%) (3/7/2014)
receives JP European Basket Index and pays
3Month EURIBOR) (19/8/2014)
receives JP European Basket Index and pays
3Month EURIBOR) (13/11/2014)
(EUR underlying exposure EUR 22,697,319)
14,509
20,297
117,746
864,306
48,540
455,838
(4,337)
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)).
EUR 752,800
SEK 324,989,095
USD 2,053,858
USD 2,755,264
USD 2,055,483
USD 2,048,226
USD 2,392,047
USD 2,395,023
USD 2,385,364
USD 4,093,696
USD 2,387,239
EUR 1,919,724
EUR 6,090,000
EUR 11,534,122
EUR 8,493,486
EUR 6,780,320
EUR 50,912,419
EUR 10,610,333
USD 13,217,470
USD 9,010,000
USD 1,786,000
USD 4,000,000
USD 4,000,000
USD 13,860,000
USD 6,034,399
Sales
SEK 6,723,371
EUR 36,417,430
KRW 2,208,000,000
KRW 2,944,000,000
KRW 2,208,000,000
MYR 6,600,000
MYR 7,700,000
MYR 7,700,000
THB 75,950,000
THB 130,200,000
THB 75,950,000
CAD 2,705,000
CHF 7,497,308
GBP 9,763,000
JPY 1,130,500,000
USD 9,140,000
USD 68,733,000
USD 14,260,000
AUD 14,000,000
CAD 9,444,796
EUR 1,322,393
GBP 2,506,925
GBP 2,507,373
JPY 1,366,244,649
ZAR 62,100,000
Unrealised
appreciation/
(depreciation)
Value Date
EUR
13/12/2013
13/12/2013
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
29/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014
31/1/2014


Number of
Contracts
Contract/
Description
177
EURO STOXX 50 Index
(41)
FTSE 100 Index
1,320
FTSE 100 Index
(67)
H-Shares Index
927
Nikkei 225 Mini
275
STOXX 600 Oil Index
(80)
US Treasury 10 Year Note
Expiration
date
Unrealised
EUR
EUR
December 2013 5,460,450

December 2013 3,280,683
December 2014 3,831,993
December 2013 3,638,606
December 2013 10,468,859
December 2013 4,567,750
March 2014 6,476,266
Total
37,724,607
271,150
(107,525)
67,299
(52,740)
863,160
99,000
459
1,140,803
Sector Breakdown
% of net
assets*
Funds
Financial
Government
Other Net Assets
80.52
9.38
3.90
6.20
100.00
1,611,451
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.
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)).
62
(2,557)
94,450
(18,281)
(12,045)
(17,087)
5,631
8,369
10,555
19,426
36,606
20,802
46,021
(6,622)
(205,956)
379,172
67,641
432,923
137,378
346,325
74,972
(10,703)
(76,881)
(77,419)
372,781
(14,050)
BlackRock Euro Dynamic Diversified Growth Fund continued

Written Call Options as at 30 November 2013
Number of
contracts
subject
to Call
Issuer
Unrealised
EUR
EUR
(428) EURO STOXX 50 Index Call Option

strike price EUR 3,500.00
expiring on 19/12/2014 2,574,957
(57) Nikkei 225 Index Call Option
strike price JPY 14,750.00
expiring on 13/12/2013 5,339,211
Total Written Call Options
Written Put Options as at 30 November 2013
7,914,168
Market
Value
EUR
(26,264) (221,276)
(354,665) (413,058)
(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
subject
to Call
428
960
2,793
18
818
Issuer
Unrealised
EUR
EUR
EURO STOXX 50 Index

Call Option
expiring on 19/12/2014
5,987,931
EURO STOXX Banks Index
Call Option
strike price EUR 150.00
2,046,932
Ishares MSCI EAFE ETF
Call Option
strike price USD 67.00
expiring on 21/12/2013 4,343,721
KOSPI 200 Index Call Option
strike price KRW 270.00
836,130
SPDR Gold Shares Call Option
192,766
Total Purchased Call Options
13,407,480
Market
Value
EUR
Number of
contracts
subject
to Put
Issuer
(356) DAX Index Put Option

83,258
(428) EURO STOXX 50 Index Put Option
expiring on 19/12/2014 2,835,228
(187) EURO STOXX Banks Index
Put Option
25,257
(960) EURO STOXX Banks Index
Put Option
574,554
(57) Nikkei 225 Index Put Option
strike price JPY 13,250.00
37,160
(127) S&P 500 Index Put Option
strike price USD 1,625.00
538,518
Total Written Put Options
103,576 754,136
Unrealised
EUR
EUR
4,093,975
186,544
Market
Value
EUR
(3,026)
92,448 (399,752)
24,123
(935)
52,800
(43,200)
25,039
(818)
35,851
(10,260)
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.
2,496 144,000
3,322
73,848
(46,500)
17,301
(171,482)
4,206
(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
subject
to Put
178
117
127
Issuer
Unrealised
EUR
EUR
DAX Index Put Option

99,275
S&P 500 Index Put Option
251,025
S&P 500 Index Put Option
1,883,762
Total Purchased Put Options
2,234,062
Market
Value
EUR
(171,485)
2,581
(158,044)
6,874
(141,178)
34,046
(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.
63

Holding
Description
Market Value
(EUR)

Holding

Pandora A/S
449,369
19,679,017
1.31
19,679,017
1.31
Eiffage SA
L'Oreal SA
Legrand SA
Remy Cointreau SA
Rexel SA
Sanofi
14,952,945
16,004,958
17,796,595
13,484,035
20,125,872
18,837,911
1.00
1.06
1.18
0.90
1.34
1.25
101,202,316
6.73
22,352,650
24,369,246
16,903,268
17,920,442
17,156,250
5,849,934
11,028,117
15,471,377
1.49
1.62
1.12
1.19
1.14
0.39
0.73
1.03
131,051,284
8.71
Germany
228,228
287,170
1,535,265
116,936
660,618
270,893
298,784
468,262
Bayer AG
Bayerische Motoren Werke AG
Commerzbank AG
Continental AG
Deutsche Post AG
Drillisch AG
NORMA Group AG
ProSiebenSat.1 Media AG
OPAP SA
5,641,475
0.38
5,641,475
0.38
Ireland
36,826
2,272,267
Paddy Power Plc

Ryanair Holdings Plc
Atlantia SpA
Azimut Holding SpA
Telecom Italia SpA
64
ASML Holding NV
Koninklijke Boskalis Westminster NV
Reed Elsevier NV
Ziggo NV
1.01
1.01
Nordea Bank AB
16,300,613
1.08
16,300,613
1.08
Merlin Entertainments Plc'144A'
11,110,962
0.74
11,110,962
0.74
422,929,653
28.12

422,929,653
28.12
114,535,204
7.61
Funds
Ireland
114,535,204
Institutional Cash Series Plc Institutional Euro Assets

Liquidity Fund 1
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
0.14
0.93
572,181,094
38.04
16,082,253
1.07
Other Net Assets

12,434,761
11,915,475
15,999,339
0.83
0.79
1.06
40,349,575
2.68
16,138,217
16,700,891
21,964,629
11,548,958
1.07
1.11
1.46
0.77
66,352,695
4.41
Netherlands
233,684
452,660
1,392,811
366,750
15,159,463
15,159,463
2,085,088
13,997,165
Italy
748,631
630,115
22,361,061
Grifols SA
United Kingdom
2,609,981
34,716,237
Greece
576,838
Sweden
1,724,364
France
360,095
129,333
436,298
216,611
1,074,526
240,894
Market Value
(EUR)
Spain
Denmark
517,210
Description
932,117,347
61.96
1,504,298,441
100.00
BlackRock European Absolute Return Fund continued

Time Deposit as at 30 November 2013
Description
Market Value
EUR
227,980,000
227,980,000
118,350,000
227,980,000
15.15
15.15
7.87
15.16
802,290,000
53.33
TIME DEPOSITS
Barclays Bank Plc
BNP Paribas SA
HSBC Bank Plc
Societe Generale SA
Total Time Deposits

Number of
Contracts
(17,992)
Contract/
Description
Total
Unrealised
EUR
EUR
Expiration
date
STOXX EUROPE
600 Index December 2013

292,459,960 (10,023,634)
292,459,960 (10,023,634)

in the Statement of Net Assets (see note 2(d)).
Purchases
CHF 16,573,880
EUR 77,668
EUR 200,779
GBP 13,756,749
EUR 5,590
SEK 2,131,724
Sales
EUR 13,451,056
CHF 95,713
GBP 167,869
EUR 16,313,251
SEK 49,938
EUR 238,893

Sector Breakdown
% of net
assets*
Funds
Consumer, Cyclical
Industrial
Communications
Financial
Technology
Other Net Assets
Unrealised
appreciation/
(depreciation)
Value Date
EUR
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
27,988
(172)
(770)
203,509
(18)
527
231,064

9.92
7.04
6.54
5.77
4.71
2.99
1.07
61.96
100.00
65
BlackRock European Absolute Return Fund continued

Holding
Description
Unrealised
appreciation/
EUR
EUR
Holding
Belgium
(365,669) Belgacom SA
Description
Norway
(7,988,039)
(1,057,284)
(237,035) Norwegian Air Shuttle AS

(1,114,212) Petroleum Geo-Services ASA
1,352,222 Statoil ASA
(7,988,039)
(1,057,284)
22,640,811
24,635,404
3,902,340
443,857
South Korea
47,276,215
4,346,197
(445,112) SABMiller Plc
Denmark
1,284,228
187,791
GN Store Nord A/S

Novo Nordisk A/S 'B'
Unrealised
appreciation/
EUR
EUR
(6,554,303)
(9,851,734)
22,593,864
(441,467)
220,150
(209,639)
6,187,827
(430,956)
(16,921,986)
(526,335)
(16,921,986)
(526,335)
16,744,499
16,209,571
(12,421,944)
7,590,492
25,341,048
4,187,452
21,444,171
21,801,856
424,816
1,575,725
459,959
1,525,431
1,178,618
(129,528)
1,024,629
(128,797)
100,897,145
5,930,853
(16,531,956)
(15,714,696)
(8,316,162)
23,447,222
12,473,334
(22,750,133)
(12,350,826)
(2,929,891)
(7,028,986)
9,097,140
6,001,542
(2)
10,858,566
8,610,160
(9,997,442)
(5,877,731)
(4,605,970)
(10,010,903)
6,224,673
22,610,605
11,507,058
17,252,256
12,611,639
7,695,693
15,089,420
(6,115,773)
(4,085,356)
144,794
(487,700)
388,318
1,203,880
1,093,499
(297,037)
(124,704)
605,119
162,628
1,277,480
(1,006,331)
160,218
(293,679)
1,082,088
(707,198)
(523,238)
513,475
(591,764)
558,060
3,287,935
1,823,957
772,007
(1,468,896)
426,958
41,248,837
3,914,513
(59,553,262)
18,657,583
Finland
(857,965) Outotec OYJ
(6,443,317)
2,578,974
(6,443,317)
2,578,974
(16,609,569)
(15,671,085)
(10,630,042)
(15,368,570)
(15,583,759)
8,939,516
(8,163,313)
(15,258,355)
(14,221,382)
(15,120,909)
(669,333)
(1,266,975)
791,908
223,940
271,886
2,510,035
(214,930)
1,711,859
593,816
838,929
(117,687,468)
4,791,135
15,667,028
(23,613,211)
(16,063,178)
(12,217,843)
17,605,891
(7,897,668)
16,206,318
(1,084,942)
341,873
(470,799)
(2,654,510)
53,589
1,547,656
(1,229,760)
2,838,410
779,149
(11,397,605)
1,205,608
France
(161,729)
(190,669)
(696,367)
(287,102)
(724,826)
305,729
(110,614)
(207,202)
(339,291)
(1,264,290)
Air Liquide SA
Casino Guichard Perrachon SA
CGG SA
Danone
Eutelsat Communications SA
Salvatore Ferragamo SpA
Sodexo
Technip SA
Vallourec SA
Veolia Environnement SA
Germany
325,481
(662,548)
(1,001,445)
(176,635)
270,029
(279,514)
380,564
(733,069)
Cap Gemini SA
Deutsche Bank AG
Deutsche Lufthansa AG
MTU Aero Engines AG
Publicis Groupe SA
RWE AG
Societe Generale SA
SOITEC
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)
(15,595,017)
(15,954,202)
(19,586,132)
(1,795,366)
219,487
199,570
22
(51,135,351)
(1,376,287)
Netherlands
(1,220,745)
(355,565)
(446,255)
(2,188,727)
ArcelorMittal
Fugro NV
Koninklijke Vopak NV
SNS REAAL NV*
Switzerland
270,227
215,964
(231,450)
23,453
435,843
22,755
104,521
1,544,384
Actelion Ltd
Cie Financiere Richemont SA
Holcim Ltd
Kuoni Reisen Holding AG
Novartis AG
Partners Group Holding AG
Roche Holding AG
UBS AG
United Kingdom
(2,795,072)
(1,048,708)
(1,750,773)
7,155,682
3,136,573
(581,027)
(669,681)
(1,919,858)
(260,585)
2,916,278
803,592
(1)
1,131,850
1,225,797
(2,041,961)
(2,074,249)
(1,219,342)
(1,703,619)
743,251
876,272
325,529
1,937,986
9,825,553
3,631,334
3,275,246
(1,919,894)
Aberdeen Asset Management Plc

Admiral Group Plc
Ashmore Group Plc
Barclays Plc
Barratt Developments Plc
British American Tobacco Plc
Burberry Group Plc
Bwin.Party Digital Entertainment Plc
Carnival Plc
Elementis Plc
Grafton Group Plc
Home Retail Group Plc
Hunting Plc
IG Group Holdings Plc
J Sainsbury Plc
Kazakhmys Plc
Lonmin Plc
Marks & Spencer Group Plc
Playtech Plc
Royal Dutch Shell Plc 'B'
Spirax-Sarco Engineering Plc
Sports Direct International Plc
Taylor Wimpey Plc
Thomas Cook Group Plc
William Hill Plc
WM Morrison Supermarkets Plc
Total market value

* 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.
66

Holding
Description
Market Value
(EUR)

Holding
USD 400,000
Ireland
Smurfit Kappa Group Plc
412,895
0.25
412,895
0.25
0.00
0.00
EUR 2,100,000
EUR 300,000
EUR 1,700,000
Pescanova SA*
99,667
0.06
EUR 3,100,000
USD 768,000
99,667
0.06
Sweden
47,700
SAS AB
EUR 261,000
Switzerland
7,252
Cembra Money Bank AG
Societe Generale SA FRN

(Perpetual)
308,723
0.19
3,378,552
2.05
2,162,517
308,931
1.31
0.19
1,572,500
3,545,594
0.95
2.15
620,493
0.38
333,487
0.20
333,487
0.20
EUR 200,000
270,145
0.16
EUR 2,037,200
235,135
1,361,614
0.14
0.83
10,076,929
6.11
AIB Mortgage Bank 2.625% 29/7/2016

467,683
AIB Mortgage Bank 4.875% 29/6/2017
829,707
Bank of Ireland Mortgage Bank
2.75% 22/3/2018
2,952,625
3.625% 2/10/2020
550,043
Cloverie Plc for Zurich Insurance
Co Ltd FRN 24/7/2039
546,248
0.28
0.50
5,346,306
3.24
1,101,652
588,171
0.67
0.36
859,140
552,175
1,140,815
0.52
0.33
0.69
2,069,610
1.26
3,655,550
1,005,469
774,919
2,316,642
2.22
0.61
0.47
1.40
14,064,143
8.53
1,138,114
228,705
0.69
0.14
1,366,819
0.83
1,588,029
661,671
0.96
0.40
813,393
0.49
2,048,269
847,292
1.24
0.51
108,864
0.07
Allianz SE FRN (Perpetual)

Bayerische Landesbank FRN
7/2/2019
Commerzbank AG 7.75% 16/3/2021
Commerzbank AG '144A' 8.125%
19/9/2023
Deutsche Raststaetten Gruppe IV
GmbH 6.75% 30/12/2020
Muenchener Rueckversicherungs
AG FRN 26/5/2041
TUI AG 2.75% 24/3/2016
United Kingdom
38,426
2,086
48,858
Royal Bank of Scotland Group Plc

(Pref M)
(Pref R)
(Pref S)
613,426
RBS Capital Funding Trust V (Pref E)

RBS Capital Funding Trust VII (Pref G)
32,165
0.02
801,157
0.49
1,446,748
0.88
415,875
425,300
0.25
0.26
841,175
0.51
3,133,972
1.90
637,500
637,500
0.39
GBP 980,000
GBP 946,394
Brakes Capital 7.125% 15/12/2018

Punch Taverns Finance B Ltd 7.369%
30/6/2022
30/12/2024
30/6/2033
1,306,827
0.79
500,496
0.30
1,152,411
0.70
1,071,002
0.65
4,030,736
2.44
1,541,812
0.93
1,541,812
0.93
EUR 3,235,000
EUR 975,000
EUR 710,000
EUR 2,265,000
RPG Byty Sro 6.75% 1/5/2020
EUR 400,000
EUR 1,840,000
Fonciere Des Regions 0.875%

1/4/2019
France Government Bond OAT 2.25%
25/10/2022
France Government Bond OAT 4.25%
25/10/2023
0.33
A2A SpA 4.375% 10/1/2021

Astaldi SpA 7.125% 1/12/2020
Banca Monte dei Paschi di Siena SpA
4.875% 15/9/2016
Enel SpA '144A' FRN 24/9/2073
Gamenet SpA 7.25% 1/8/2018
Intesa Sanpaolo SpA 3.00%
28/1/2019
5.50% 1/11/2022
IVS F. SpA 7.125% 1/4/2020
UniCredit SpA 6.95% 31/10/2022
UniCredit SpA FRN 28/10/2025
AA Bond Co Ltd 6.269% 31/7/2025

Galaxy Bidco Ltd 6.375% 15/11/2020
Luxembourg
France
EUR 590,000
0.34
Jersey
GBP 860,000
GBP 190,000
Czech Republic
EUR 1,520,000
1.79
Italy
EUR 1,030,000
EUR 565,000
EUR 814,000
0.39
Cayman Islands
GBP 1,090,000
GBP 402,739
EUR 525,000
USD 690,000
EUR 1,120,000
EUR 2,040,000
Austria
Vienna Insurance Group AG Wiener
Versicherung Gruppe FRN
9/10/2043
EUR 455,000
EUR 755,000
EUR 2,875,000
EUR 450,000
BONDS
EUR 600,000
Ireland
0.37
United States
26,703
26,703
Germany
Spain
14,677
Market Value
(EUR)
France continued

23,500
Description
USD 2,100,000
USD 800,000
EUR 785,000
EUR 1,880,000
495,217
0.30
407,276
0.25
2,167,336
1.31
EUR 810,000
EUR 100,000
APERAM '144A' 7.75% 1/4/2018

APERAM 2.625% 30/9/2020
GELF Bond Issuer I SA 3.125%
3/4/2018
Intralot Finance Luxembourg SA
9.75% 15/8/2018
Magnolia BC SA 9.00% 1/8/2020
S&B Minerals Finance SCA / S&B
Industrial Minerals North America
Inc 9.25% 15/8/2020
67
BlackRock European Constrained Credit Strategies Fund continued

Holding
Description
Market Value
(EUR)

Holding
Luxembourg continued
EUR 1,672,000
EUR 940,000
USD 443,000
USD 372,000
USD 400,000
EUR 3,600,000
EUR 3,600,000
EUR 3,012,000
EUR 2,520,000
Servus Luxembourg Holding SCA

7.75% 15/6/2018
Snai SpA 7.625% 15/6/2018
Telecom Italia Capital SA 6.375%
15/11/2033
30/9/2034
4/6/2038
Telecom Italia Finance SA 6.125%
15/11/2016
15/11/2016
24/1/2033
Wind Acquisition Finance SA 7.375%
15/2/2018
Cemex SAB de CV '144A' 7.25%

15/1/2021
EUR 300,000
1,756,603
956,098
1.07
0.58
EUR 800,000
284,635
0.17
EUR 300,000
229,824
0.14
EUR 300,000
283,018
0.17
EUR 1,600,000
3,767,040
2.29
USD 800,000
3,600,000
2.18
EUR 200,000
3,280,038
1.99
EUR 1,500,000
2,666,261
1.62
22,891,035
13.88
EUR 1,100,000
EUR 1,100,000
1,229,092
0.75
1,229,092
0.75
EUR 300,000
EUR 400,000
EUR 400,000
EUR 1,100,000
Netherlands
EUR 570,000
EUR 845,000
EUR 360,000
EUR 700,000
EUR 401,000
USD 3,300,000
USD 5,248,001
EUR 1,845,000
AUD 550,000
EUR 977,000
Achmea BV FRN 4/4/2043

Adria Bidco BV 7.875% 15/11/2020
Allianz Finance II BV FRN 8/7/2041
Enel Finance International NV
4.875% 17/4/2023
ING Bank NV '144A' 5.80%
25/9/2023
ING Bank NV FRN 21/11/2023
Portugal Telecom International
Finance BV 4.625% 8/5/2020
Royal Bank of Scotland NV FRN
17/5/2018
Ziggo BV 3.625% 27/3/2020
614,175
910,487
361,033
800,754
0.37
0.55
0.22
0.49
USD 5,190,000
0.27
2,532,636
3,851,576
1.54
2.34
EUR 3,600,000
1,882,472
1.14
330,763
977,000
0.20
0.59
EUR 112,000
EUR 740,000
EUR 2,288,000
EUR 750,000
EUR 400,000
68
Autonomous Community of Catalonia

2.125% 1/10/2014
Autonomous Community of Valencia
Spain 4.75% 20/3/2014
Spain 3.25% 6/7/2015
Spain 4.375% 16/7/2015
Spain 4.00% 2/11/2016
Ayt Cedulas Cajas Global 4.00%
21/3/2017

14/6/2018
14/12/2022
25/10/2023
AyT Cedulas Cajas X Fondo de
Titulizacion 3.75% 30/6/2025
AyT Cedulas Cajas XXIII Fondo de
Titulizacion de Activos 4.75%
15/6/2016
Banco Bilbao Vizcaya Argentaria SA
FRN (Perpetual)
BBVA Senior Finance SAU 3.75%
17/1/2018
BPE Financiaciones SA 2.875%
19/5/2016
CaixaBank SA 3.125% 14/5/2018
Caja Rural de Navarra 2.875%
11/6/2018
Cedulas TDA 4.125% 29/11/2019
Cedulas TDA 4.25% 28/3/2027
Cedulas TDA 1 Fondo de Titulizacion
de Activos FRN 8/4/2016
de Activos 3.875% 23/5/2025
de Activos 4.25% 10/4/2031
de Activos 3.50% 20/6/2017
Kutxabank SA 3.00% 1/2/2017
Santander Issuances SAU FRN
30/9/2019
Spain Government Bond '144A'
5.40% 31/1/2023
313,958
0.19
761,960
0.46
293,565
0.18
262,950
0.16
1,701,352
1.03
622,449
0.38
213,085
0.13
1,501,327
1,136,261
0.91
0.69
1,131,449
309,938
352,330
0.69
0.19
0.21
382,288
0.23
966,625
0.59
834,600
0.51
101,735
520,757
0.06
0.31
1,418,910
0.86
3,973,950
2.41
22,063,721
13.38
Switzerland
EUR 1,875,000
Credit Suisse AG FRN 18/9/2025
7.71
1,981,256
1.20
1,981,256
1.20
996,190
937,650
0.60
0.57
607,420
743,282
225,269
0.37
0.45
0.14
174,962
674,099
252,714
1,823,661
387,855
0.11
0.41
0.15
1.11
0.24
601,210
0.36
552,475
0.34
246,989
0.15
United Kingdom
GBP 836,361
951,534
0.58
3,822,994
2.32
4,774,528
2.90
EUR 650,000
EUR 190,000
USD 226,000
893,652
0.54
112,840
0.07
744,366
0.45
EUR 780,000
EUR 280,000
USD 2,400,000
GBP 320,000
GBP 490,000
2,339,629
1.42
GBP 450,000
756,195
0.46
EUR 220,000
417,550
0.25
Spain
CHF 1,100,000
EUR 100,000
446,528
Portugal
Caixa Geral de Depositos SA 5.625%
4/12/2015
Portugal Government International
Bond 3.50% 25/3/2015
EUR 1,000,000
EUR 500,000
EUR 1,500,000
12,707,424
EUR 900,000
Market Value
(EUR)
Spain continued
Mexico
USD 1,640,000
Description
EUR 840,000
GBP 462,000
Annington Finance No 4 Plc FRN

10/1/2023
Aviva Plc FRN 5/7/2043
Bakkavor Finance 2 Plc 8.75%
15/6/2020
Barclays Bank Plc 6.00% 14/1/2021
Barclays Bank Plc 7.625%
21/11/2022
Barclays Bank Plc FRN (Perpetual)
BUPA Finance Plc 5.00% 25/4/2023
Co-operative Group Holdings 2011
(Step Coupon) 6.875% 8/7/2020
(Step Coupon) 7.50% 8/7/2026
Imperial Tobacco Finance Plc 4.50%
5/7/2018

Holding
Description
Market Value
(EUR)
Funds
Holding
United Kingdom continued

GBP 200,000
EUR 1,545,000
EUR 1,436,000
GBP 824,000
EUR 1,183,000
GBP 1,105,000
USD 1,180,000
USD 300,000
GBP 1,170,000
GBP 2,209,062
GBP 400,000
GBP 253,000
Description
Jaguar Land Rover Automotive Plc

8.25% 15/3/2020
Lloyds Bank Plc 6.50% 24/3/2020
Lloyds Bank Plc FRN 16/12/2021
Marks & Spencer Plc 4.75%
12/6/2025
Nationwide Building Society FRN
20/3/2023
Next Plc 4.375% 2/10/2026
'144A' FRN (Perpetual)
Santander UK Plc '144A' 5.00%
7/11/2023
Unique Pub Finance Co Plc/The
7.395% 28/3/2024
5.659% 30/6/2027
'A3' 6.542% 30/3/2021
Vougeot Bidco Plc Reg 7.875%
15/7/2020
15,822,036

Liquidity Fund 1
271,537
1,796,804
1,785,802
0.16
1.09
1.08
993,904
0.60
1,219,271
1,338,443
0.74
0.81
928,416
0.56
BONDS
220,704
0.13
Total Funds
1,369,706
0.83
Enterprise Funding Ltd 3.50%

10/9/2020
USD 530,000
USD 2,305,000
EUR 220,000
9.59
9.59
15,822,036
9.59
1,250,422
0.76
1,250,422
0.76
1,250,422
0.76
2,596,892
1.58
502,664
0.30

1,250,422
0.76
322,352
0.20
153,349,185
92.99
21,570,271
13.08
Total Bonds
Continental Rubber of America Corp

'144A' 4.50% 15/9/2019
Meccanica Holdings USA Inc '144A'
6.25% 15/7/2019
7.375% 15/7/2039
6.25% 15/1/2040
RBS Capital Trust A FRN (Perpetual)
15,822,036
15,822,036
Jersey
GBP 1,000,000
Other Net Assets
USD 3,780,000
Ireland
United States
USD 742,000
Market Value
(EUR)
579,982
0.35
2,878,111
1.75
370,492
0.22
1,454,442
199,604
0.88
0.12
5,482,631
3.32
Total Bonds
133,142,755
80.74

136,276,727
82.64
11,554,856
7.01
164,904,041
100.00
* 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.

Description
Market Value
EUR
TIME DEPOSITS
Societe Generale SA
Total Time Deposits
12,000,107
7.28
12,000,107
7.28
69

Nominal
Value
USD 300,000
EUR 590,000
EUR 1,610,000
EUR 1,062,874
EUR 1,340,000
EUR 320,000
EUR 1,100,000
EUR 150,000
EUR 40,000
EUR 450,000
EUR 415,000
EUR 650,000
USD 1,635,000
USD 2,150,000
EUR 210,000
EUR 644,444
EUR 7,350,000
EUR 7,800,000
70
Description
Unrealised
appreciation/
(depreciation)
EUR
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)
receives default protection on Portugal Telecom
International Finance BV 4.375% 24/3/2017 and
pays Fixed 5.000%) (20/6/2018)
(60,652)
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
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)
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)
default protection on France Government Bond
OAT 4.250% 25/4/2019 and pays Fixed 0.250%)
(20/6/2018)
(12,128)
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)
(24,394)
Nominal
Value
EUR 10,000
EUR 733,500
USD 800,000
USD 450,000
USD 600,000
EUR 750,000
EUR 540,000
EUR 531,438
EUR 330,000
USD 1,000,000
EUR 1,340,000
EUR 650,000
EUR 50,000
EUR 1,600,000
USD 33,000
EUR 1,720,000
EUR 9,500,000
EUR 1,100,000
Description
Unrealised
appreciation/
(depreciation)
EUR

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)
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)
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

Nominal
Value
EUR 280,000
EUR 350,000
EUR 200,000
EUR 750,000
EUR 540,000
EUR 425,000
EUR 185,000
EUR 570,000
EUR 580,000
EUR 100,000
EUR 50,000
EUR 800,000
EUR 400,000
EUR 140,000
EUR 185,000
EUR 7,800,000
EUR 100,000
EUR 504,000
Description
Unrealised
appreciation/
(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
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)
(25,356)
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)
Nominal
Value
EUR 473,500
EUR 745,000
EUR 520,000
EUR 531,437
EUR 540,000
EUR 65,000
EUR 100,000
EUR 531,437
EUR 410,000
EUR 530,000
EUR 1,610,000
EUR 500,000
EUR 420,000
EUR 130,000
USD 1,775,000
USD 500,000
USD 460,000
USD 750,000
Description
Unrealised
appreciation/
(depreciation)
EUR

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
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)
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)
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)
71

Nominal
Value
EUR 1,000,000
EUR 3,840,000
EUR 820,000
EUR 3,670,000
EUR 6,390,000
EUR 2,460,000
EUR 260,000
EUR 330,000
USD 1,350,000
USD 650,000
USD 75,000
USD 295,000
USD 1,710,000
EUR 250,000
EUR 540,000
USD 1,085,000
EUR 1,000,000
USD 500,000
72
Description
Unrealised
appreciation/
(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)
(10,080)
(18,727)
(300,567)
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
Nominal
Value
USD 460,000
EUR 9,500,000
EUR 500,000
EUR 310,000
EUR 1,630,000
EUR 545,000
EUR 700,000
EUR 380,000
EUR 75,000
EUR 70,000
EUR 190,000
EUR 200,000
EUR 531,438
EUR 580,000
EUR 270,000
EUR 672,000
EUR 540,000
EUR 100,000
Description
Unrealised
appreciation/
(depreciation)
EUR

27/9/2023) (20/12/2016)
50,940
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
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
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
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)

Nominal
Value
EUR 250,000
EUR 1,000,000
EUR 425,000
EUR 460,000
EUR 855,000
EUR 125,000
EUR 531,437
EUR 100,000
EUR 580,000
EUR 520,000
EUR 682,000
EUR 450,000
EUR 500,000
EUR 450,000
EUR 1,280,000
EUR 1,100,000
EUR 1,020,000
EUR 210,000
Description
Unrealised
appreciation/
(depreciation)
EUR

(20/6/2018)
(9,587)
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
Nominal
Value
Description
Unrealised
appreciation/
(depreciation)
EUR
EUR 910,000

Techem GmbH 6.125% 1/10/2019) (20/6/2018)
23,190
EUR 300,000 Credit Default Swaps (Credit Suisse) (Fund receives
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
EUR 1,130,000 Credit Default Swaps (Credit Suisse) (Fund receives
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)
73

Nominal
Value
EUR 250,000
EUR 560,000
EUR 1,000,000
EUR 1,370,000
EUR 130,000
EUR 265,000
EUR 8,400,000
EUR 120,000
EUR 210,000
EUR 3,795,000
USD 150,000
USD 450,000
USD 350,000
EUR 250,000
EUR 531,437
EUR 540,000
EUR 540,000
74
Description
Unrealised
appreciation/
(depreciation)
EUR
Credit Default Swaps (Deutsche Asset Management

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
receives default protection on iTraxx Europe Senior
1.000%) (20/6/2018)
(5,970)
receives default protection on iTraxx Europe Senior
1.000%) (20/12/2018)
(46,287)
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)
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)
Nominal
Value
EUR 500,000
EUR 20,000
EUR 510,000
EUR 260,000
EUR 540,000
USD 650,000
EUR 2,300,000
EUR 250,000
USD 650,000
EUR 340,000
EUR 250,000
EUR 180,000
EUR 240,000
EUR 400,000
EUR 500,000
EUR 300,000
Description
Unrealised
appreciation/
(depreciation)
EUR

(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
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)
receives default protection on Ireland Government
Bond 4.500% 18/4/2020 and pays Fixed 1.000%)
(20/12/2016)
(119,236)
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
Fixed1.000%) (20/12/2017)
(10,415)
protection on Italy Government International
Bond6.875% 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
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)

Nominal
Value
EUR 500,000
EUR 930,000
EUR 420,000
EUR 450,000
EUR 2,300,000
EUR 490,000
EUR 265,000
EUR 1,250,000
EUR 520,000
EUR 1,960,000
EUR 490,000
EUR 450,000
EUR 318,000
EUR 100,000
EUR 60,000
EUR 30,000
Description
Unrealised
appreciation/
(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)
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)
Nominal
Value
EUR 140,000
EUR 223,333
EUR 230,000
USD 2,900,000
EUR 590,000
EUR 560,000
EUR 100,000
USD 1,770,000
USD 2,080,000
USD 290,000
USD 600,000
USD 225,000
USD 650,000
EUR 560,000
USD 1,080,000
EUR 1,230,000
EUR 6,006,667
Description
Unrealised
appreciation/
(depreciation)
EUR

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
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)
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)
(20/6/2018)
(9,596)
4.500% 18/4/2020 and pays Fixed 1.000%)
(20/3/2018)
(48,453)
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
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
75

Nominal
Value
EUR 1,230,000
EUR 510,000
EUR 500,000
EUR 150,000
EUR 1,213
EUR 590
EUR 85
EUR 14,869
EUR 5,503
GBP 226,342
GBP 350,000
EUR 940,000
EUR 1,892,000
EUR 540,000
EUR 100,000
EUR 100,000
EUR 100,000
EUR 200,000
EUR 570,000
EUR 570,000
EUR 1,050,000
76
Description
Unrealised
appreciation/
(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
Credit Default Swaps (Morgan Stanley) (Fund
receives default protection on Dixons Retail
(20/12/2016)
(41,025)
Total Return Swap (Barclays Bank) (Fund receives
3Month EURIBOR and pays Fonciere Des Regions)
(14/11/2014)
1,608
(13/11/2014)
534
(15/11/2014)
133
Total Return Swap (BNP Paribas) (Fund receives
3Month EURIBOR and pays TUI AG) (22/11/2014) (4,015)
Total Return Swap (BNP Paribas) (Fund receives
3Month EURIBOR and pays TUI AG) (25/11/2014)
(1,089)
Total Return Swap (Credit Suisse) (Fund receives
1Month 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)
1Month LIBOR and pays Italy Buoni Poliennali
DelTesoro 3.750% 1/8/2021) (29/8/2014)
(30,281)
DelTesoro 3.750% 1/8/2021) (29/8/2014)
(60,490)
DelTesoro 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)
1Month LIBOR and pays Portugal Obrigacoes
doTesouro OT 4.350% 16/10/2017) (30/4/2014)
21,528
Nominal
Value
GBP 200,000
GBP 389,550
GBP 735,000
GBP 404,250
EUR 1,400,000
EUR 6,310,000
EUR 690,000
EUR 1,120,000
EUR 450,000
EUR 970,000
EUR 95,000
EUR 910,000
EUR 200,000
EUR 500,000
EUR 1,311,404
EUR 1,430,000
EUR 3,680,000
EUR 710,000
EUR 370,000
EUR 220,000
EUR 110,000
Description
Unrealised
appreciation/
(depreciation)
EUR

1 Month LIBOR and pays Priory Group No 3 Plc
8.875% 15/2/2019) (31/10/2014)
1Month LIBOR and pays Punch Taverns Finance
Plc 6.820% 15/7/2020) (26/9/2014)
Plc 6.820% 15/7/2020) (26/9/2014)
Plc 6.820% 15/7/2020) (26/9/2014)
1Month LIBOR and pays Spain Government
Bond3.750% 31/10/2018) (29/8/2014)
Bond4.100% 30/7/2018) (31/10/2014)
Bond4.100% 30/7/2018) (29/8/2014)
Bond4.100% 30/7/2018) (30/4/2014)
Bond4.500% 31/1/2018) (28/2/2014)
Bond5.500% 30/4/2021) (28/2/2014)
Bond5.500% 30/7/2017) (28/2/2014)
Bond5.900% 30/7/2026) (30/4/2014)
1Month LIBOR and pays Telecom Italia SpA
7.750% 20/3/2073) (29/8/2014)
1Month LIBOR and pays Telecom Italia SpA
7.750% 20/3/2073) (29/8/2014)
Total Return Swap (JP Morgan) (Fund receives
3Month EURIBOR and pays Telecom Italia SpA)
(8/11/2014)
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)
0.070% and pays France Government Bond OAT
4.000% 25/4/2018) (23/6/2014)
3.750% 1/3/2021) (2/10/2014)
0.100% and pays France Government Bond OAT
4.000% 25/4/2018) (23/6/2014)
0.100% and pays Wind Acquisition Holdings
Finance SA 12.250% 15/7/2017) (15/10/2014)
0.100% and pays Wind Acquisition Holdings
Finance SA 12.250% 15/7/2017) (15/10/2014)
(1,341)
(17,817)
(32,205)
(17,276)
(41,131)
19,337
(29,212)
(45,423)
(32,133)
(69,950)
(1,012)
(75,310)
(7,775)
(14,944)
(49,833)
(62,468)
3,381
(26,028)
340
(13,034)
(6,517)

Nominal
Value
EUR 390,000
EUR 680,000
EUR 280,000
EUR 1,100,000
EUR 720,000
EUR 150,000
EUR 270,000
Unrealised
appreciation/
(depreciation)
EUR
Description

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)
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)
Nominal
Value
EUR 390,000
EUR 795,000
EUR 160,000
EUR 455,000
EUR 400,000
EUR 400,000
Unrealised
appreciation/
(depreciation)
EUR
Description

3.750% 1/8/2021) (28/6/2014)
0.350% and pays Portugal Obrigacoes do Tesouro
OT 4.750% 14/6/2019) (2/10/2014)
0.400% and pays Portugal Obrigacoes do Tesouro
OT 4.750% 14/6/2019) (3/11/2014)
3.750% 1/8/2021) (21/3/2014)
0.500% and pays Telecom Italia SpA 7.750%
20/3/2073) (15/10/2014)
0.500% and pays Telecom Italia SpA 7.750%
20/3/2073) (18/10/2014)
(2,971)
(55,723)
(8,441)
(20,362)
(15,625)
(10,540)
(3,696,160)
Note: The total market value of EUR (489,345) is included in the Statement of Net Assets (see Notes 2(d)).

Number of
Contracts
Contract/
Description

Underlying
exposure
EUR
Expiration
date
Unrealised
appreciation/
(depreciation)
EUR
(67)
German Euro BOBL December 2013 7,825,265
(145)
German Euro Bund December 2013 14,829,585
(19)
German Euro Schatz December 2013 1,905,035
(71)
UK Long Gilt Bond
March 2014 10,239,396
(5) Ultra US Long Treasury Bond
March 2014
417,170
(9)
US Long Bond
March 2014
888,657
(94)
March 2014 7,618,564
(61)
March 2014 4,449,216
(17,280)
(152,530)
(1,495)
19,608
402
310
(12,601)
(652)
Total
(164,238)
48,172,888

in the Statement of Net Assets (see Notes 2(d)).
Purchases
EUR 339,719
EUR 952,670
EUR 23,243,627
EUR 37,983
EUR 35,447,527
GBP 6,810,000
USD 13,650,000
Sales
AUD 490,000
CHF 1,180,000
GBP 19,540,000
SEK 330,000
USD 47,520,000
EUR 8,077,988
EUR 10,018,099

Unrealised
appreciation/
(depreciation)
Value Date
EUR
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
11,577
(6,979)
(216,824)
919
504,849
98,352
19,097
410,991

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.
Sector Breakdown
% of net
assets*
Financial
Consumer, Cyclical
Government
Communications
Funds
Industrial
Basic Materials
Utilities
Other Net Assets
39.54
13.01
11.45
10.51
9.59
4.12
1.82
1.68
1.27
7.01
100.00
77

Swaptions as at 30 November 2013
Nominal
Value
Description
Unrealised
appreciation/
(depreciation)
EUR
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
5,550,000 Fund purchases a put option
(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
(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
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
Market
Value
EUR
14,945,000
(78,870)
58,624
(25,405)
21,770
6,278
(7,172)
2,831
(2,664)
(95,166)
70,558
Note: Swaptions are included in the Statement of Net Assets (see Notes 2(d)).
78

Holding
Description
Market Value
(EUR)

Holding

EUR 14,500,000
EUR 11,500,000
2,600,360
0.24
2,600,360
0.24
EUR 21,600,000
USD 4,997,000
0.00
USD 223,000
0.00
Spain
86,667
Pescanova SA
EUR 1,026,000
Sweden
317,700
SAS AB
663,821
0.06
663,821
0.06
2,149,823
0.19
2,149,823
0.19
261,748
322,823
Royal Bank of Scotland Group

Plc (Pref)
Plc (Pref)
Plc (Pref)
188,351
0.01
4,178,498
0.38
EUR 3,455,000
5,293,541
0.48
EUR 4,875,000
9,660,390
0.87
EUR 9,060,000
1,884,544
1,927,269
0.17
0.18
3,811,813
0.35
18,886,208
1.71
United States
121,005
121,006
RBS Capital Funding Trust V (Pref)

RBS Capital Funding Trust VII (Pref)
EUR 1,000,000
EUR 12,998,600
United Kingdom
12,215
EUR 18,513,000
EUR 14,254,000
EUR 16,647,000
Switzerland
46,750
EUR 3,655,000
EUR 3,100,000
EUR 28,030,000

Versicherung Gruppe FRN
9/10/2043
4,568,750
0.41
4,568,750
0.41
GBP 8,647,771
Brakes Capital 7.125% 15/12/2018

Punch Taverns Finance B Ltd
7.369% 30/6/2022
5.943% 30/12/2024
4.767% 30/6/2033
EUR 14,600,000
7,439,319
0.67
USD 4,640,000
EUR 7,460,000
EUR 12,230,000
3,507,502
0.32
EUR 18,220,000
7,433,052
0.67
EUR 7,201,000
EUR 4,490,000
EUR 15,220,000
Cayman Islands
GBP 6,321,000
9,786,387
0.89
28,166,260
2.55
10,019,749
0.91
10,019,749
0.91
Czech Republic
EUR 9,878,000
RPG Byty Sro 6.75% 1/5/2020
France
EUR 3,583,800
EUR 2,600,000
EUR 11,510,000
USD 2,440,000

Bayerische Landesbank FRN
7/2/2019
Commerzbank AG 7.75% 16/3/2021
Commerzbank AG '144A'
8.125% 19/9/2023
Commerzbank AG 8.125%
19/9/2023
Deutsche Raststaetten Gruppe IV
GmbH 6.75% 30/12/2020
HSH Nordbank AG FRN 14/2/2017
HSH Nordbank AG Reg FRN
14/2/2017
HSH Nordbank AG (Flat trading)
7.408% (Perpetual)
Muenchener Rueckversicherungs
AG FRN 26/5/2041
TUI AG 2.75% 24/3/2016
14,931,665
1.35
10,637,500
24,704,784
0.96
2.24
4,037,246
0.37
180,169
0.02
1,061,951
13,308,163
0.10
1.20
10,220,118
0.92
4,848,522
0.44
1,175,675
8,687,939
0.11
0.79
93,793,732
8.50
AIB Mortgage Bank 2.625%

29/7/2016
AIB Mortgage Bank 4.875%
29/6/2017
2.75% 22/3/2018
3.625% 2/10/2020
Cloverie Plc for Zurich Insurance
Co Ltd FRN 24/7/2039
DEPFA Bank Plc FRN 15/12/2015
3,551,308
0.32
5,357,381
0.49
9,304,620
0.84
3,829,344
0.35
3,763,044
24,771,512
0.34
2.24
50,577,209
4.58
7,171,433
3,471,769
0.65
0.31
5,686,792
0.52
15,804,500
3,713,176
7,598,644
1.43
0.34
0.69
12,407,519
1.12
20,588,600
7,426,031
4,900,543
15,567,016
1.87
0.67
0.44
1.41
104,336,023
9.45
7,080,129
0.64
1,456,487
0.13
1,533,694
0.14
Italy
EUR 6,705,000
EUR 3,335,000
EUR 5,388,000
Austria
GBP 6,205,000
GBP 2,822,414
Ireland
BONDS
EUR 4,300,000
Market Value
(EUR)
Germany
Ireland
148,000
Description
Fonciere Des Regions 0.875%

1/4/2019
France Government Bond OAT
2.25% 25/10/2022
France Government Bond OAT
4.25% 25/10/2023
Societe Generale SA FRN (Perpetual)
Jersey
GBP 5,350,000
GBP 1,210,000
GBP 1,275,000
3,008,062
0.27
2,647,294
0.24
13,557,629
1,883,211
1.23
0.17
21,096,196
1.91
A2A SpA 4.375% 10/1/2021

Astaldi SpA 7.125% 1/12/2020
Banca Monte dei Paschi di Siena
SpA 4.875% 15/9/2016
Buzzi Unicem SpA 1.375%
17/7/2019
Enel SpA '144A' FRN 24/9/2073
Gamenet SpA 7.25% 1/8/2018
28/1/2019
5.50% 1/11/2022
IVS F. SpA 7.125% 1/4/2020
UniCredit SpA FRN 28/10/2025
EUR 8,255,000
AA Bond Co Ltd 6.269% 31/7/2025

Galaxy Bidco Ltd 6.375%
15/11/2020
Galaxy Finco Ltd 7.875%
15/11/2021
RESPARCS Funding II LP
(Flat trading) 7.50% (Perpetual)
2,414,794
0.22
12,485,104
1.13
79
BlackRock European Credit Strategies Fund continued

Holding
Description
Market Value
(EUR)

Holding
EUR 12,770,000
EUR 5,141,000
EUR 290,000
EUR 9,430,000
EUR 5,500,000
USD 2,976,000
USD 2,499,000
USD 2,475,000
EUR 21,500,000
EUR 21,500,000
EUR 19,522,000
EUR 17,170,000
APERAM '144A' 7.75% 1/4/2018

APERAM 2.625% 30/9/2020
GELF Bond Issuer I SA 3.125%
3/4/2018
Intralot Finance Luxembourg SA
9.75% 15/8/2018
Magnolia BC SA 9.00% 1/8/2020
S&B Minerals Finance SCA / S&B
Industrial Minerals North America
Inc 9.25% 15/8/2020
7.75% 15/6/2018
Snai SpA 7.625% 15/6/2018
15/11/2033
30/9/2034
4/6/2038
15/11/2016
Telecom Italia Finance SA Reg
6.125% 15/11/2016
24/1/2033
Wind Acquisition Finance SA
7.375% 15/2/2018
10,359,996
3,639,192
0.94
0.33
5,548,690
0.50
13,912,979
5,377,692
1.26
0.49
USD 26,150,000
EUR 707,000
315,704
0.03
EUR 3,150,000
9,907,158
5,594,188
0.90
0.51
EUR 18,287,000
EUR 5,850,000
1,912,128
0.17
EUR 3,900,000
1,543,900
0.14
EUR 2,200,000
1,751,172
0.16
EUR 3,300,000
22,497,600
2.04
EUR 2,100,000
21,500,000
1.95
EUR 3,300,000
21,259,263
1.92
EUR 9,600,000
18,166,547
1.64
143,286,209
12.98
Mexico
Cemex SAB de CV '144A' 7.25%
15/1/2021
EUR 10,000,000
8,416,284
0.76
8,416,284
0.76
USD 22,360,000
USD 25,122,010
EUR 10,400,000
EUR 11,800,000
AUD 3,750,000
EUR 2,520,000
EUR 5,270,000
EUR 7,039,000

Adria Bidco BV 7.875% 15/11/2020
Allianz Finance II BV FRN 8/7/2041
4.875% 17/4/2023
ING Bank NV '144A' 5.80%
25/9/2023
ING Bank NV FRN 21/11/2023
IVG Finance BV 1.75% 29/3/2017
Portugal Telecom International
Finance BV 4.625% 8/5/2020
Royal Bank of Scotland NV FRN
17/5/2018
TMF Group Holding BV Reg
9.875% 1/12/2019
Univeg Holding BV 7.875%
15/11/2020
Ziggo BV 3.625% 27/3/2020
EUR 1,500,000
EUR 8,900,000
Netherlands
EUR 9,409,000
EUR 2,115,000
EUR 4,600,000
EUR 2,131,000
Portugal Government International

Bond 3.50% 25/3/2015
10,138,198
2,121,070
5,262,101
0.92
0.19
0.48
2,372,943
0.21
17,160,530
18,437,366
8,346,000
1.55
1.67
0.76
EUR 7,700,000
EUR 6,800,000
EUR 7,300,000
EUR 2,000,000
EUR 800,000
EUR 8,500,000
EUR 8,100,000
12,039,658
1.09
EUR 400,000
2,255,199
0.20
EUR 10,000,000
2,734,969
0.25
5,270,000
7,039,000
0.48
0.64
93,177,034
8.44
EUR 4,000,000
EUR 11,200,000
EUR 21,100,000
Autonomous Community of
Catalonia 2.125% 1/10/2014
Spain 4.75% 20/3/2014
Spain 3.25% 6/7/2015
Spain 4.375% 16/7/2015
Spain 4.00% 2/11/2016
21/3/2017
14/6/2018
14/12/2022
25/10/2023
AyT Cedulas Cajas X Fondo de
Titulizacion 3.75% 30/6/2025
AyT Cedulas Cajas XXIII Fondo de
Titulizacion de Activos 4.75%
15/6/2016
Banco Bilbao Vizcaya Argentaria SA
FRN (Perpetual)
Banco Popular Espanol SA FRN
(Perpetual)
17/1/2018
BPE Financiaciones SA 2.875%
19/5/2016
CaixaBank SA 4.50% 22/11/2016
CaixaBank SA 3.125% 14/5/2018
11/6/2018
Cedulas TDA 4.125% 29/11/2019
Cedulas TDA A-5 4.25% 28/3/2027
de Activos 3.875% 23/5/2025
de Activos 4.25% 10/4/2031
de Activos 3.50% 20/6/2017
Indra Sistemas SA 1.75%
17/10/2018
Kutxabank SA 3.00% 1/2/2017
Santander Issuances SAU FRN
30/9/2019
5.40% 31/1/2023
Norway
USD 16,440,000
Norske Skogindustrier ASA

'144A' 7.125% 15/10/2033
5,621,235
5,621,235
EUR 6,000,000
80
Caixa Geral de Depositos SA 5.625%

4/12/2015
Galp Energia SGPS SA 4.125%
25/1/2019
19,262,294
1.75
29,902,112
2.71
5,930,599
0.54
712,303
0.06
3,168,585
0.29
18,699,646
1.69
5,898,321
0.53
4,071,113
0.37
2,302,355
0.21
3,143,085
0.28
2,054,955
0.19
2,892,450
0.26
10,208,112
0.92
6,068,880
0.55
10,785,050
0.98
1,598,138
0.14
8,907,876
8,151,951
7,024,162
0.81
0.74
0.64
7,508,707
2,066,250
704,660
0.68
0.19
0.06
7,469,375
0.68
6,760,260
0.61
406,940
0.04
10,215,050
4,166,060
0.92
0.38
10,594,528
0.96
0.51
23,291,762
2.11
174,801,173
15.83
Sweden
0.51
SEK 140,000,000
Portugal
EUR 4,300,000
Spain
CHF 7,300,000
USD 7,800,000
USD 11,230,000
Market Value
(EUR)
Portugal continued
Luxembourg
USD 13,700,000
USD 4,400,000
EUR 5,355,000
Description
SAS AB 7.50% 1/4/2015
15,957,119
1.45
15,957,119
1.45
Switzerland
4,546,218
6,093,600
0.41
0.55
EUR 11,125,000
11,755,454
1.06
11,755,454
1.06

Holding
Description
Market Value
(EUR)

Holding
GBP 4,528,181
EUR 5,495,000
GBP 3,059,000
EUR 6,990,000
EUR 1,000,000
USD 2,045,000
EUR 4,770,000
EUR 1,690,000
USD 14,475,000
GBP 2,270,000
GBP 2,540,000
GBP 3,561,000
GBP 3,145,000
EUR 1,505,000
GBP 1,500,000
EUR 10,159,000
EUR 6,020,000
GBP 5,324,000
EUR 10,062,000
GBP 7,600,000
GBP 8,740,000
USD 7,040,000
USD 1,775,000
GBP 3,300,000
GBP 7,309,000
GBP 14,816,322
GBP 1,596,000
GBP 4,800,000

10/1/2023
6,324,073
Annington Finance No 5 Plc
(Pay-in-kind) 13.00% 15/1/2023
6,347,716
Aviva Plc FRN 5/7/2043
6,133,794
Bakkavor Finance 2 Plc 8.75%
15/6/2020
4,021,855
Barclays Bank Plc 6.00% 14/1/2021 7,993,135
4,122,377
1,525,309
Barclays Bank Plc FRN (Perpetual) 10,998,954
BUPA Finance Plc 5.00% 25/4/2023 2,751,347
(Step-up Coupon) 6.875%
8/7/2020
3,116,478
(Step-up Coupon) 7.50%
8/7/2026
4,371,919
House of Fraser Funding Plc 8.875%
15/8/2018
4,087,816
Imperial Tobacco Finance Plc 4.50%
5/7/2018
1,689,626
Jaguar Land Rover Automotive Plc
8.25% 15/3/2020
2,036,530
Lloyds Bank Plc 6.50% 24/3/2020
11,814,714
Lloyds Bank Plc FRN 16/12/2021
7,486,442
12/6/2025
6,421,775
Nationwide Building Society FRN
20/3/2023
10,370,501
Next Plc 4.375% 2/10/2026
9,205,580
Phosphorus Holdco Plc (Pay-in-kind)
10.00% 1/4/2019
10,021,936
'144A' FRN (Perpetual)
5,539,026
Santander UK Plc '144A' 5.00%
7/11/2023
1,305,834
Unique Pub Finance Co Plc 6.542%
30/3/2021
4,146,976
28/3/2024
8,556,564
30/6/2027
17,417,529
Vougeot Bidco Plc Reg 7.875%
15/7/2020
2,033,492
Voyage Care Bondco Plc 11.00%
1/2/2019
6,246,075
168,856,172
USD 15,695,000
0.57
EUR 1,490,000
USD 22,995,000
USD 3,610,000
Continental Rubber of America

Corp '144A' 4.50% 15/9/2019
Meccanica Holdings USA Inc
'144A' 6.25% 15/7/2019
'144A' 7.375% 15/7/2039
0.36
0.72
0.11
0.14
0.37
0.14
1.00
0.25

'144A' 6.25% 15/1/2040
RBS Capital Trust A FRN
(Perpetual)
9,903,457
0.90
1,351,862
0.12
35,020,511
3.17
Total Bonds
1,011,836,326
91.64

1,030,722,534
93.35
0.57
0.56
Funds
Ireland
0.28
75,581,679

Liquidity Fund 1
0.40
Total Funds
75,581,679
6.85
75,581,679
6.85
75,581,679
6.85
0.37
0.15
0.18
1.07
0.68

BONDS
Italy
EUR 8,000,000
Snai SpA 12.00% 15/12/2018
0.58
0.94
0.83
0.91
GBP 7,900,000
0.12
0.38
8,412,920
0.76
8,412,920
0.76
8,115,124
0.74
Jersey
GBP 6,700,000
0.50
Balfour Beatty Finance No.2

Ltd 1.875% 3/12/2018
Enterprise Funding Ltd 3.50%
10/9/2020
9,878,331
0.89
17,993,455
1.63
2,929,174
0.27
2,929,174
0.27
29,335,549
2.66
Sweden
SEK 25,000,000
0.78
Scandinavian Airlines System

Denmark-Norway-Sweden
10.50% 16/6/2014
1.58
Total Bonds
0.18

29,335,549
2.66
0.57
1,135,639,762
102.86
15.29
United States
USD 4,776,000
Market Value
(EUR)
United Kingdom
GBP 5,309,436
Description
Other Net Liabilities

3,733,142
0.34
17,508,509
1.58
2,523,541
0.23
(31,535,901)
(2.86)
1,104,103,861
100.00

Securities given as guarantee, see Note 13, for further details.
81


Purchases
CHF 160,000
EUR 909,017
EUR 1,371,917
EUR 6,369,972
EUR 15,895,888
EUR 53,058
EUR 53,064
EUR 93,496,603
EUR 53,065
EUR 79,222,300
EUR 1,066,540
EUR 103,027
EUR 6,423,590
EUR 8,753,327
EUR 2,290,626
EUR 4,733,155
EUR 1,250,525
EUR 163,867,549
EUR 14,631,791
EUR 23,232,556
GBP 4,940,000
GBP 27,620,000
GBP 12,020,000
GBP 2,230,000
USD 1,945,000
USD 1,950,000
USD 57,500,000
USD 1,945,000
USD 10,780,000
CHF 4,641,027
EUR 28,579
EUR 37,213
EUR 20,146
GBP 184,527,728
USD 144,346,275
Sales
EUR 129,641
AUD 1,310,000
AUD 1,980,000
CHF 7,890,000
GBP 13,270,000
GBP 45,000
GBP 45,000
GBP 78,725,000
GBP 45,000
GBP 66,670,000
SEK 9,530,000
SEK 910,000
SEK 55,855,000
SEK 77,185,000
SEK 19,990,000
USD 6,410,000
USD 1,680,000
USD 218,800,000
USD 19,730,000
USD 31,350,000
EUR 5,842,081
EUR 32,598,439
EUR 14,356,187
EUR 2,660,015
EUR 1,434,752
EUR 1,438,514
EUR 42,314,656
EUR 1,434,837
EUR 7,906,801
EUR 3,766,537
CHF 35,240
GBP 31,222
USD 27,004
EUR 218,867,351
EUR 107,779,399
Unrealised
appreciation/
(depreciation)
Value date
EUR
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013

481
31,741
45,958
(46,662)
(36,568)
(971)
(965)
(1,023,562)
(964)
(824,184)
(3,825)
820
150,219
84,270
45,443
19,718
15,178
2,978,284
123,815
180,095
89,067
563,161
75,472
17,406
(4,543)
(4,628)
(33,427)
(4,628)
20,008
7,873
(81)
(274)
289
2,682,089
(1,637,796)
3,508,309

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
Sector Breakdown
% of net
assets*
Financial
Consumer, Cyclical
Government
Communications
Funds
Industrial
Basic Materials
Utilities
Technology
Energy
45.13
16.74
10.31
9.94
6.85
6.05
3.12
2.05
1.20
0.92
0.55
(2.86)
100.00
82
Number of
Contracts
Contract/
Description
Expiration
date
(56)
FTSE MIB Index
(546)
German Euro BOBL
(974)
German Euro Bund
(115)
German Euro Schatz
(456)
UK Long Gilt Bond
(31) Ultra US Long Treasury Bond
(52)
US Long Bond
(616) US Treasury 10 Year Note
(331)
December 2013
December 2013
December 2013
December 2013
March 2014
March 2014
March 2014
March 2014
March 2014
Total
Unrealised
EUR
EUR
5,330,360
63,770,073
99,613,905
11,530,475
65,762,881
2,586,452
5,134,461
49,925,911
24,142,465
(341,600)
(271,340)
(1,391,060)
(10,095)
125,930
2,493
1,792
38,358
9,507
327,796,983
(1,836,015)

Nominal
Value
Description
Unrealised
appreciation/
(depreciation)
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
38,300,000 Fund purchases a put option
(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
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
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
Market
Value
EUR
132,520,000
(699,358)
519,826
(175,314)
150,236
55,670
(63,598)
19,537
(18,380)
(799,465)
588,084
Note: Swaptions are included in the Statement of Net Assets (see Note 2(d)).

Nominal
Value Description
Unrealised
appreciation/
(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)
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)
EUR 3,510,000 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)
5.125% 23/6/2014 and pays Fixed 5.000%)
(20/9/2018)
18/3/2015) (20/9/2018)
protection on Virgin Media Finance Plc 5.125%
15/2/2022) (20/9/2018)
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)
receives default protection on Clariant Finance
Luxembourg SA 4.375% 5/4/2013 and pays
Fixed 1.000%) (20/3/2018)
receives default protection on Deutsche Bank
AG 5.125% 31/8/2017 and pays Fixed 1.000%)
(20/3/2018)
EUR 350,000 Credit Default Swaps (Barclays Bank) (Fund
(20/12/2016)
(20/12/2017)
Fixed 5.000%) (20/12/2018)
Fixed 5.000%) (20/6/2018)
USD 10,260,000 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)
receives default protection on Italy Government
International Bond 6.875% 27/9/2023 and pays
Fixed 1.000%) (20/3/2018)
receives default protection on iTraxx Europe
Senior Financials Series 19 Version 1 and pays
Fixed 1.000%) (20/6/2018)
Fixed 1.000%) (20/6/2018)
119,153
(56,552)
(360,827)
(552,209)
63,470
176,408
(247,924)
(110,458)
(118,311)
(1,459)
(2,997)
(11,210)
(116,844)
(76,108)
(490,280)
(43,018)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(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
(121,584)
83

Nominal
Value Description
Unrealised
appreciation/
(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
3,641
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
EUR 3,650,000 Credit Default Swaps (BNP Paribas) (Fund receives
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)
84
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR
EUR 400,000 Credit Default Swaps (BNP Paribas) (Fund receives

default protection on Banco Santander SA FRN
9/8/2013 and pays Fixed 3.000%) (20/9/2017)
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/3/2018)
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/12/2017)
default protection on BPE Financiaciones SA
1.211% 30/12/2014 and pays Fixed 5.000%)
(20/12/2017)
receives default protection on Caja de Ahorros y
Pensiones de Barcelona 3.940% 28/2/2019 and
pays Fixed 3.000%) (20/6/2017)
receives default protection on Caja de Ahorros y
Pensiones de Barcelona 3.940% 28/2/2019 and
pays Fixed 3.000%) (20/6/2017)
default protection on Lafarge SA 6.625%
29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
default protection on Marks & Spencer Plc
6.125% 2/12/2019 and pays Fixed 1.000%)
(20/12/2018)
default protection on Norske Skogindustrier
ASA 7.000% 26/6/2017 and pays Fixed 5.000%)
(20/9/2017)
15/7/2014 and pays Fixed 5.000%) (20/9/2017)
5.000% 25/4/2014 and pays Fixed 1.000%)
(20/9/2018)
1/2/2017 and pays Fixed 5.000%) (20/3/2018)
default protection on Unitymedia KabelBW
GmbH 9.625% 1/12/2019 and pays Fixed
5.000%) (20/9/2018)
on Aviva Plc 9.500% 20/6/2016) (20/6/2018)
(20/6/2018)
on Banca Monte dei Paschi di Siena SpA
5.600% 9/9/2020) (20/9/2016)
(20/9/2018)
(45,288)
(239,626)
(143,769)
(458,196)
(63,390)
(80,827)
(175,251)
(108,694)
(55,363)
335,542
(959,423)
(137,443)
(28,665)
(90,024)
192,587
11,942
90,960
100,138

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR
EUR 1,500,000 Credit Default Swaps (Citibank) (Fund receives

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)
EUR 690,000 Credit Default Swaps (Citibank) (Fund receives
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)
USD 11,090,000 Credit Default Swaps (Citibank) (Fund receives
(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)
(4,147)
(68,250)
Version 1 and pays Fixed 5.000%) (20/6/2018) (1,881,595)
(134,713)
(20/9/2017)
225,839
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(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)
USD 580,000 Credit Default Swaps (Citibank) (Fund receives
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
85

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

on Swiss Reinsurance Co Ltd 4.000%
29/6/2015) (20/3/2018)
on ThyssenKrupp AG 4.375% 18/3/2015)
(20/9/2018)
on Ardagh Packaging Finance Plc 9.250%
15/10/2020) (20/12/2018)
on Ardagh Packaging Finance Plc 9.250%
15/10/2020) (20/12/2018)
on Grohe Holding GmbH 8.750% 15/12/2017)
(20/12/2018)
on Jaguar Land Rover Automotive PLC 8.125%
15/5/2018) (20/12/2018)
on Kabel BW Musketeer GmbH 9.500%
15/3/2021) (20/6/2017)
15/3/2021) (20/6/2017)
15/3/2021) (20/6/2017)
on Norske Skogindustrier ASA 7.000%
26/6/2017) (20/3/2015)
on Scandinavian Airlines 9.650% 16/6/2014)
(20/12/2017)
(20/12/2017)
(20/12/2017)
on Sunrise Communications Holdings SA
8.500% 31/12/2018) (20/12/2017)
on Sunrise Communications Holdings SA
8.500% 31/12/2018) (20/3/2018)
on Techem GmbH 6.125% 1/10/2019) (20/6/2018)
on Techem GmbH 6.125% 1/10/2019) (20/6/2018)
86
76,491
98,156
750,585
244,688
511,951
133,722
549,449
416,249
162,924
92,023
217,622
100,555
520,262
208,485
58,760
79,944
90,859
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(20/9/2018)
EUR 3,940,000 Credit Default Swaps (Credit Suisse) (Fund
18/6/2013 and pays Fixed 1.000%) (20/6/2018)
EUR 650,000 Credit Default Swaps (Credit Suisse) (Fund
(20/12/2016)
(20/12/2016)
Fixed 5.000%) (20/6/2018)
Fixed 5.000%) (20/6/2018)
receives default protection on Henkel AG &
Co KGaA 4.250% 10/6/2013 and pays Fixed
1.000%) (20/12/2017)
receives default protection on Marks & Spencer
(20/3/2018)
Fixed 1.000%) (20/9/2018)
1/2/2017 and pays Fixed 5.000%) (20/12/2017)
Fixed 5.000%) (20/9/2018)
(20/6/2018)
protection on Solvay SA 4.625% 27/6/2018)
(20/6/2018)
18/3/2015) (20/3/2018)
18/3/2015) (20/3/2018)
18/3/2015) (20/12/2017)
protection on Banca Monte dei Paschi di Siena
SpA 5.600% 9/9/2020) (20/6/2016)
72,277
(217,222)
(190,775)
(517,000)
(79,160)
(47,167)
(62,748)
(140,692)
(143,373)
(63,843)
(84,479)
206,981
49,799
109,598
106,572
192,338
(72,992)

Nominal
Value Description
Unrealised
appreciation/
(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)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

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
EUR 1,750,000 Credit Default Swaps (Deutsche Bank) (Fund
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)
USD 3,000,000 Credit Default Swaps (Deutsche Bank) (Fund
receives default protection on Ireland
Fixed 1.000%) (20/9/2016)
(551,003)
87

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

Fixed 1.000%) (20/6/2018)
Fixed 1.000%) (20/12/2018)
and pays Fixed 1.000%) (20/12/2015)
receives default protection on Republic of
Ireland 4.500% 4/18/2020 and pays Fixed
1.000%) (20/3/2018)
receives default protection on Societe Generale
SA 5.250% 28/3/2013 and pays Fixed 3.000%)
(20/12/2017)
Fixed 5.000%) (20/9/2018)
5.000%) (20/9/2015)
5.000%) (20/9/2015)
protection on Imperial Tobacco Finance Plc
6.250% 4/12/2018) (20/12/2017)
18/3/2015) (20/9/2018)
EUR 340,000 Credit Default Swaps (Deutsche Bank) (Fund
protection on Portugal Telecom International
Finance BV 4.375% 24/3/2017) (20/9/2017)
(20/6/2018)
EUR 1,540,000 Credit Default Swaps (Goldman Sachs) (Fund
3.000%) (20/6/2018)
Fixed 5.000%) (20/12/2018)
USD 4,000,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Ireland
Fixed 1.000%) (20/12/2016)
Fixed 1.000%) (20/12/2017)
Bond 6.875% 27/9/2023) (20/12/2016)
88
(42,359)
(310,899)
(177,963)
(68,670)
(83,682)
(82,799)
(16,954)
(16,954)
46,789
149,001
65,323
206,788
(107,424)
(47,141)
(733,762)
(72,907)
463,520
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

18/3/2015) (20/12/2017)
18/3/2015) (20/9/2018)
Holdings SA 8.500% 31/12/2018) (20/12/2017)
Holdings SA 8.500% 31/12/2018) (20/3/2018)
9.625% 1/12/2019) (20/12/2017)
EUR 2,350,000 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)
protection on Caja de Ahorros y Pensiones de
Barcelona 3.940% 28/2/2019 and pays Fixed
3.000%) (20/12/2015)
protection on Clariant Finance Luxembourg
SA 4.375% 5/4/2013 and pays Fixed 1.000%)
(20/12/2017)
protection on Finmeccanica Finance SA/Old
5.750% 12/12/2018 and pays Fixed 5.000%)
(20/3/2016)
5.750% 12/12/2018 and pays Fixed 5.000%)
(20/12/2017)
5.750% 12/12/2018 and pays Fixed 5.000%)
(20/12/2017)
protection on Jaguar Land Rover Automotive
(20/3/2016)
protection on Marks & Spencer Plc 5.625%
24/3/2014 and pays Fixed 1.000%) (20/12/2017)
protection on Societe Air France SA 2.750%
1/4/2020 and pays Fixed 5.000%) (20/12/2017)
protection on St-Gobain Nederland BV 5.000%
25/4/2014 and pays Fixed 1.000%) (20/12/2017)
100,694
32,946
89,791
55,170
230,008
(367,019)
(162,160)
(547,366)
(5,964)
(127,447)
(154,169)
(30,587)
(120,417)
(292,719)
(88,011)

Nominal
Value Description
Unrealised
appreciation/
(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)
EUR 3,440,000 Credit Default Swaps (JP Morgan) (Fund receives
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)
USD 11,100,000 Credit Default Swaps (JP Morgan) (Fund receives
(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)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

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
EUR 900,000 Credit Default Swaps (Morgan Stanley) (Fund
(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
EUR 7,369 Total Return Swap (Barclays Bank) (Fund receives
3 Month EURIBOR and pays Fonciere Des
Regions) (14/11/2014)
9,771
EUR 3,584 Total Return Swap (Barclays Bank) (Fund receives
Regions) (13/11/2014)
3,242
EUR 515 Total Return Swap (Barclays Bank) (Fund receives
Regions) (15/11/2014)
805
EUR 94,873 Total Return Swap (BNP Paribas) (Fund receives
3Month EURIBOR and pays TUI AG) (22/11/2014) (25,616)
89

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR
EUR 35,113 Total Return Swap (BNP Paribas) (Fund receives

3Month EURIBOR and pays TUI AG) (25/11/2014)
GBP 323,913 Total Return Swap (BNP Paribas) (Fund receives
3Month LIBOR and pays Balfour Beatty Plc)
(14/11/2014)
3 Month LIBOR and pays Balfour Beatty Plc)
(13/11/2014)
3 Month LIBOR and pays Balfour Beatty Plc)
(17/11/2014)
EUR 371,979 Total Return Swap (Citibank) (Fund receives
3Month EURIBOR and pays Indra Sistemas SA)
(9/10/2014)
EUR 325,394 Total Return Swap (Citibank) (Fund receives
3Month EURIBOR and pays Repsol SA)
(12/11/2014)
GBP 1,815,656 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Enterprise Inns Plc)
(5/9/2014)
1 Month LIBOR and pays Equiniti Newco 2 plc
7.125% 15/12/2018) (30/9/2014)
EUR 2,500,000 Total Return Swap (Credit Suisse) (Fund receives
1 Month LIBOR and pays Generali Finance BV
3.875% 6/5/2015) (28/2/2014)
1 Month LIBOR and pays Italy Buoni Poliennali
Del Tesoro 3.750% 1/8/2021) (29/8/2014)
Del Tesoro 3.750% 1/8/2021) (29/8/2014)
Del Tesoro 4.500% 1/5/2023) (29/8/2014)
EUR 700,000 Total Return Swap (Credit Suisse) (Fund receives
8.500% 1/8/2020) (30/9/2014)
8.500% 1/8/2020) (30/9/2014)
8.500% 1/8/2020) (30/10/2014)
8.500% 1/8/2020) (30/10/2014)
1 Month LIBOR and pays Ono Finance II Plc
11.125% 15/7/2019) (30/9/2014)
6/3/2018) (30/5/2014)
6/3/2018) (30/5/2014)
1Month LIBOR and pays Portugal Obrigacoes
do Tesouro OT 4.350% 16/10/2017) (30/4/2014)
1 Month LIBOR and pays Priory Group No 3 Plc
8.875% 15/2/2019) (31/10/2014)
1Month LIBOR and pays Punch Taverns
Finance Plc 6.820% 15/7/2020) (26/9/2014)
90
(6,946)
(233)
(18,746)
(3,066)
(119,740)
(346,545)
56,682
(48,889)
(101,546)
(210,034)
(341,455)
(126,170)
(56,501)
(56,501)
(53,001)
(99,002)
(45,486)
(404,701)
(404,701)
142,497
(7,374)
(112,280)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

Finance Plc 6.820% 15/7/2020) (26/9/2014)
Finance Plc 6.820% 15/7/2020) (26/9/2014)
1 Month LIBOR and pays Societe Generale SA
4.000% 20/4/2016) (28/9/2014)
Bond 3.750% 31/10/2018) (29/8/2014)
Bond 4.100% 30/7/2018) (31/10/2014)
Bond 4.100% 30/7/2018) (29/8/2014)
Bond 4.100% 30/7/2018) (30/4/2014)
Bond 4.500% 31/1/2018) (28/2/2014)
Bond 5.500% 30/4/2021) (28/2/2014)
Bond 5.500% 30/7/2017) (28/2/2014)
Bond 5.850% 31/1/2022) (30/6/2014)
Bond 5.900% 30/7/2026) (30/4/2014)
1 Month LIBOR and pays Telecom Italia SpA
7.750% 20/3/2073) (29/8/2014)
1 Month LIBOR and pays Telecom Italia SpA
7.750% 20/3/2073) (29/8/2014)
EUR 14,037 Total Return Swap (Deutsche Bank) (Fund receives
3 Month EURIBOR and pays Indra Sistemas SA)
(22/10/2014)
EUR 7,902,047 Total Return Swap (JP Morgan) (Fund receives
3Month EURIBOR and pays Telecom Italia SpA)
(8/11/2014)
Fixed 0.050% and pays Italy Buoni Poliennali
Del Tesoro 3.750% 1/3/2021) (13/10/2014)
Fixed 0.070% and pays France Government
Bond OAT 4.000% 25/4/2018) (23/6/2014)
Del Tesoro 3.750% 1/3/2021) (2/10/2014)
Fixed 0.100% and pays France Government
Bond OAT 4.000% 25/4/2018) (23/6/2014)
Fixed 0.100% and pays Wind Acquisition
Holdings Finance SA 12.250% 15/7/2017)
(15/10/2014)
(222,214)
(103,027)
(166,381)
(306,716)
113,447
(201,940)
(272,537)
(186,370)
(490,368)
(6,549)
(16,943)
(528,829)
(58,311)
(86,675)
12,566
(300,278)
(465,673)
21,152
(180,730)
2,113
(88,278)

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR
EUR 750,000 Total Return Swap (JP Morgan) (Fund receives

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)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

Del Tesoro 3.750% 1/8/2021) (28/6/2014)
Fixed 0.350% and pays Portugal Obrigacoes do
Tesouro OT 4.750% 14/6/2019) (2/10/2014)
Fixed 0.400% and pays Portugal Obrigacoes do
Tesouro OT 4.750% 14/6/2019) (3/11/2014)
Del Tesoro 3.750% 1/8/2021) (21/3/2014)
Fixed 0.500% and pays Telecom Italia SpA
7.750% 20/3/2073) (15/10/2014)
Fixed 0.500% and pays Telecom Italia SpA
7.750% 20/3/2073) (18/10/2014)
(EUR underlying exposure EUR 1,805,864,594)
(18,968)
(339,947)
(55,133)
(142,982)
(89,844)
(57,970)
(21,815,786)
Note: The total market value of EUR 24,785 is included in the Statement of Net Assets (see Note 2(d)).
91
BlackRock European Diversified Equity Absolute

Return Fund
Holding
Description
Market Value
(EUR)

Holding
BONDS
National Australia Bank Ltd FRN
7/4/2014
EUR 4,000,000
3,206,208
2.06
3,206,208
2.06
Finland
EUR 2,500,000
Pohjola Bank Plc FRN 9/8/2014
EUR 10,000,000
EUR 4,000,000
EUR 4,000,000
2,499,738
1.61
2,499,738
1.61
1,000,150
0.64
9,996,640
2,500,025
6.42
1.61
13,496,815
8.67
France
EUR 1,000,000
EUR 10,000,000
EUR 2,500,000
BNP Paribas SA FRN 20/12/2013

BNP Paribas SA 0.00% 3/2/2014
(Zero Coupon)
HSBC France SA FRN 6/12/2013
USD 1,500,000
Germany
Deutsche Bank AG FRN 17/1/2014
NRW Bank FRN 17/2/2014
4,001,600
999,790
2.57
0.64
5,001,390
3.21
EUR 5,000,000
EUR 3,000,000
EUR 5,000,000
Netherlands
EUR 3,700,000
EUR 8,000,000
EUR 5,000,000
EUR 5,000,000
Bank Nederlandse Gemeenten FRN

23/5/2014
Cooperatieve Centrale RaiffeisenBoerenleenbank BA FRN
13/3/2014
Cooperatieve Centrale RaiffeisenBoerenleenbank BA FRN
14/11/2014
Dutch Treasury Certificate 0.00%
BMW Malta Finance Ltd 0%

23/1/2014
FMS Wertmanagement 0 %
8/1/2014
Metlife Short Term Funding LLC
0% 7/2/2014
0% 6/2/2014
3,999,160
2.57
10,000,000
6.42
3,998,468
2.57
3,998,678
2.57
21,996,306
14.13
1,999,671
1.28
3,999,822
2.57
1,499,367
0.96
3,999,798
4,999,526
2.57
3.21
2,998,861
1.93
Luxembourg
EUR 2,000,000
EUR 4,000,000
EUR 4,000,000
EUR 4,000,000
EUR 1,000,000
Market Value
(EUR)
Germany
Australia
EUR 3,200,000
Description
3,702,534
2.38
8,001,280
5.14
5,000,150
3.21
4,999,820
3.21
21,703,784
13.94
Barclays Bank Plc 0% 6/1/2014

Cancara Asset Securitisation Ltd
0% 16/12/2013
Mont Blanc Capital Corp 0%
14/2/2014
Mont Blanc Capital Corp 0%
13/12/2013
Scaldis Capital 0% 27/12/2013
Sheffield Receivables Corp 0%
10/2/2014
Svenska Handelsbanken AB 0%
22/5/2014

4,994,720
3.21
24,491,765
15.73
63,184,819
40.58
125,899,468
80.86
Funds
Ireland
Sweden
EUR 700,000
Nordea Bank AB 1.177% 10/1/2014
10,813,861
700,774
0.45
700,774
0.45
United Kingdom
EUR 5,000,000
EUR 2,500,000
EUR 2,000,000
EUR 6,600,000
Bank of Tokyo Mitsubishi 0.00%

Barclays Bank Plc FRN 17/1/2014
HSBC Bank Plc FRN 14/3/2014
Total Bonds
Total Funds
4,999,805
2,504,912
2,003,480
6,597,743
3.21
1.61
1.28
4.24
16,105,940
10.34
62,714,649
40.28
3,699,417
5,997,564
6,999,767
2.38
3.85
4.49
16,696,748
10.72
COMMERCIAL PAPER
France
EUR 3,700,000
EUR 6,000,000
EUR 7,000,000
92
Antalis SA 0% 27/12/2013
BPCE SA 0% 3/2/2014
LMA SA 0% 12/12/2013

Liquidity Fund 1

Other Net Assets
10,813,861
6.95
10,813,861
6.95
10,813,861
6.95
136,713,329
87.81
18,984,727
12.19
155,698,056
100.00

Holding
Description
Unrealised
appreciation/
EUR
EUR
Holding
Austria
(50,424)
63,236
(153)
25,007
(1,150)
(20,570)
9,576
(72,662)
(6,654)
(30)
14,678
9,487
(22,844)
(3,091)
(1,291)
(81)
(252,719)
6,113
9,276
(2)
19,577
(28,730)
(141,778)
14,363
96,826
Andritz AG
Atrium European Real Estate Ltd
CA Immobilien Anlagen AG
Erste Group Bank AG
Erste Group Bank AG
EVN AG
Flughafen Wien AG
IMMOFINANZ AG
Kapsch TrafficCom AG
Lenzing AG
Oesterreichische Post AG
OMV AG
RHI AG
Schoeller-Bleckmann Oilfield
Equipment AG
Strabag SE
Telekom Austria AG
Verbund AG
Versicherung Gruppe
Versicherung Gruppe
Voestalpine AG
Voestalpine AG
Wienerberger AG
Wienerberger AG
Zumtobel AG
Denmark
(2,364,886)
275,709
(1,873)
647,431
(29,774)
(237,995)
557,610
(253,082)
(269,221)
(1,421)
515,565
341,722
(620,671)
(81,432)
49,920
994
(39)
22,867
(529)
617
65,434
(4,152)
(13,620)
47
19,819
11,105
(26,002)
(2,519)
(99,575)
(1,742)
(1,578,230)
99,275
6,132
(86)
(43,444)
(226)
358,796
11,753
(77)
716,518
(1,051,518)
(1,741,034)
176,378
1,130,928
(1)
24,569
(20,587)
59,159
(2,282)
13,895
(3,512,599)
172,824
2,114,202
39,902
(199,749)
2,654,352
841,466
2,045,848
(1,558,269)
761,420
(332,901)
(247,858)
(777,676)
136,430
1,847,317
1,336,989
(767,473)
567,971
162,541
(516)
528,460
(249,556)
1,442
280,687
2,004
(211,590)
771,250
(817,841)
79,780
(425,678)
(394,966)
906,288
(1,532,798)
3,109,689
41,805
(1,663)
2,353
32,253
20,731
(9,536)
(260,532)
6,540
(15,431)
(20,620)
2,045
6,338
3,679
(13,563)
5,934
(44,842)
28,443
115
22,280
(13,507)
25
(1,374)
304
(973)
9,063
82,423
781
15,086
(12,524)
(61,750)
(114,356)
(177,557)
10,671,167
(468,030)
Belgium
67,948
24,784
(2,652)
35,241
35,460
36,533
(71,382)
49,029
(21,436)
(3,756)
(8,560)
3,278
53,437
31,100
(23,190)
13,769
13,988
(35)
12,551
(5,927)
13
12,026
148
(15,627)
28,778
(366,745)
712
(3,799)
(22,365)
50,958
(30,841)
94,233
Ageas
AGFA-Gevaert NV
Anheuser-Busch InBev NV
Arseus NV
Barco NV
Belgacom SA
bpost SA
bpost SA
Cie d'Entreprises CFE
Cofinimmo (Reit)
Colruyt SA
D'ieteren SA/NV
Delhaize Group SA
Elia System Operator SA/NV
EVS Broadcast Equipment SA
Exmar NV
Galapagos NV
KBC Groep NV
KBC Groep NV
Kinepolis Group NV
Melexis NV
Mobistar SA
Mobistar SA
NV Bekaert SA
Nyrstar NV
Solvay SA
Solvay SA
Tessenderlo Chemie NV
ThromboGenics NV
UCB SA
Umicore SA
Description
Unrealised
appreciation/
EUR
EUR
(1,001)
372
8,265
12,797
(31,051)
(52,345)
97
(4,203)
65,068
(7,499)
(29,059)
10,674
(43,714)
(4)
7,676
129,414
(64,767)
1,809
3,610
60,182
16,183
22,133
(37,788)
(58,961)
(26)
(1,491)
34,448
(993)
1,461
(24,523)
(90,445)
38,864
1,211
(59)
4,396
4,268
(14,370)
ALK-Abello A/S
AP Moeller - Maersk A/S 'B'
Auriga Industries 'B'
Carlsberg A/S 'B'
Carlsberg A/S 'B'
Chr Hansen Holding
Coloplast A/S 'B'
Coloplast A/S 'B'
D/S Norden A/S
Danske Bank A/S
DSV A/S
FLSmidth & Co A/S
FLSmidth & Co A/S
Genmab A/S
GN Store Nord A/S
H Lundbeck A/S
H Lundbeck A/S
Jyske Bank A/S
Matas A/S
NKT Holding A/S
Novozymes A/S 'B'
Novozymes A/S 'B'
Pandora A/S
Rockwool International A/S 'B'
Royal UNIBREW
Schouw & Co
Sydbank A/S
TDC A/S
TDC A/S
Topdanmark A/S
Topdanmark A/S
Tryg A/S
Vestas Wind Systems A/S
Vestas Wind Systems A/S
William Demant Holding A/S
William Demant Holding A/S
(82,131)
2,765,468
207,763
1,032,830
(2,506,087)
(1,407,765)
4,701
(203,700)
2,164,304
(125,471)
(654,896)
411,137
(1,683,760)
(122)
135,224
2,083,763
(1,042,848)
71,861
67,032
2,067,947
2,121,886
632,039
(1,079,090)
(2,243,372)
(3,322)
(152,120)
946,765
(20,502)
9,658
(162,119)
(1,766,722)
759,156
80,577
(1,243)
92,648
294,111
(990,248)
(1,205)
73,602
(217)
49,782
(84,439)
12,207
178
(164)
137,359
245
(29,602)
13,181
(24,418)
(6)
3,883
5,965
22,697
253
(43)
(109,548)
92,442
(5,184)
5,515
(361,238)
(190)
(38,559)
18,603
1,291
290
(5,948)
(16,847)
3,135
127
(9)
3,199
2,453
(8,228)
1,823,352
(239,438)
(1,527,757)
52,160
321,109
(2,860,198)
(330,965)
(21,962)
2,220,472
(152,738)
(1,857,490)
(335,749)
2,028,048
(3,803,879)
2,698,837
(555,570)
(2,170,731)
665,471
(1,476,965)
1,018,326
1,261,709
(241,078)
588,774
1,227,097
(937,548)
(1,338,572)
(75,907)
8,782
27,531
(122,995)
(3,323)
186
251,792
(11,455)
34,979
(3,036)
44,057
(86,162)
(276,807)
(104,616)
(1,305)
(1,260)
454,436
(79,421)
14,144
(1,266)
31,451
29,304
(116,571)
(171,237)
Finland
(54,272)
6,030
19,309
(154,355)
(19,549)
(1,858)
81,906
(5,634)
(27,498)
(13,054)
78,851
(126,585)
191,815
(92,827)
(59,521)
34,338
(3,841,261)
135,596
90,510
(17,294)
62,107
35,630
(132,049)
(182,990)
Cargotec OYJ 'B'

Caverion Corp
Cramo OYJ
Elisa OYJ
Fortum OYJ
Kemira OYJ
Kesko OYJ 'B'
Kesko OYJ 'B'
Kone OYJ 'B'
Konecranes OYJ
Konecranes OYJ
Metso OYJ
Neste Oil OYJ
Nokia OYJ
Nokian Renkaat OYJ
Orion OYJ 'B'
Outokumpu OYJ
Outotec OYJ
Pohjola Bank Plc 'A'
Pohjola Bank Plc 'A'
Ramirent OYJ
Sampo 'A'
Sanoma OYJ
Stora Enso OYJ 'R'
93

Holding
Description
Unrealised
appreciation/
EUR
EUR
Finland continued
50,290
(88,076)
(85,279)
100
226,380
(217,457)
UPM-Kymmene OYJ
UPM-Kymmene OYJ
Uponor OYJ
Wartsila OYJ
YIT OYJ
YIT OYJ
(12,614)
26,229
1,480
(6,252)
128,763
(49,049)
8,937
897
505,484
(9,040)
22,560
(24,905)
(15,590)
(12,414)
8,589
(45)
102,990
(3,214)
1,473
22,609
94
AB Science SA
Accor SA
Aeroports de Paris
Air France-KLM
Air France-KLM
Air Liquide SA
ALBIOMA
Alcatel Lucent (Right)
Alstom SA
Altran Technologies SA
Areva SA
Arkema SA
AtoS
AtoS
AXA SA
Beneteau SA
BioMerieux
BNP Paribas SA
Boiron SA
Bourbon SA
Bouygues SA
Bureau Veritas SA
Cap Gemini SA
Cap Gemini SA
Carrefour SA
CGG SA
CGG SA
Christian Dior SA
Christian Dior SA
Cie de St-Gobain
Cie Generale des Etablissements
Michelin
Cie Generale des Etablissements
Michelin
Ciments Francais SA
CNP Assurances
CNP Assurances
Credit Agricole SA
Danone
Danone
Dassault Systemes SA
Derichebourg SA
Edenred
Eiffage SA
Eiffage SA
Electricite de France SA
Eramet
Essilor International SA
Essilor International SA
Etablissements Maurel et Prom
Eurofins Scientific SE
Eurofins Scientific SE
European Aeronautic Defence
and Space Co NV
Description
France continued
618,567
(1,083,335)
(1,288,566)
3,611
2,133,632
(2,049,532)
23,543
(47,506)
(9,381)
351
(119,197)
60,058
(7,194,822)
(250,831)
(237,930)
(78,243)
(2,404,942)
3,240
(166,875)
(1,121,279)
1,180,440
(8,742)
2,019,654
(553,168)
(1,062,748)
(107,692)
2,698,799
(435)
(1,019,576)
31,852
(15,338)
2,784
120,367
(980,146)
713,566
(3,040,370)
2,749,712
(99,399)
(4,532,804)
179,667
(79,231)
310,099
(1,835,742)
483,014
(2,159,313)
(487,842)
(2,491)
1,587
(77,424)
210
(2,894)
(11,195)
120,758
(8,742)
35,557
738
(87,596)
(3,700)
96,575
17
(13,141)
(355)
(133)
70
(3,755)
22,125
386
177,327
222,973
(174)
(407,021)
783
45
3,433
207,051
93
(3,953)
(9,207)
2,555,201
(34,649)
(1,007,480)
1,439,185
20,816
(87,934)
1,196,723
(2,625,593)
478,398
75,680
1,200,525
(239,605)
936,804
(1,034,180)
(429,193)
(850,235)
667,451
(3,497)
1,163,787
(604,875)
277,219
7,531
90,930
198
(463)
62,797
96,568
(3,252)
(2,003)
(93,520)
(5,785)
(8,172)
(5,009)
(5,313)
30,025
10,874
(3)
(24,258)
2,089
89
1,188,329
118,771
France
(16,409)
(2,419)
(29,720)
422
(21,737)
(10,918)
65,580
(44,378)
74,252
(84,972)
(55,467)
(1,279)
43,403
(7)
(52,569)
2,413
(205)
50
2,525
(51,036)
25,654
(139,755)
57,125
(2,065)
(155,820)
2,186
(964)
20,341
(120,416)
3,373
(15,079)
(12,352)
31,992
Holding
Unrealised
appreciation/
EUR
EUR
(13,371) European Aeronautic Defence

and Space Co NV
(17,182) Eutelsat Communications SA
5,841 Faiveley Transport SA
3,629 Faurecia
(84,826) Faurecia
3,399 Fonciere Des Regions (Reit)
(905) GameLoft SE
20,190 GDF Suez
(8,880) Gecina SA (Reit)
(387) Groupe Eurotunnel SA
12,575 Groupe Steria SCA
(23,359) Havas SA
2,690 Hermes International
7,918 ICADE (Reit)
(5,212) Iliad SA
27,318 Imerys SA
(11,478) Imerys SA
44,847 Ingenico
3,432 Interparfums SA
(56,317) Ipsos
25,980 JCDecaux SA
(26) Kering
2,552 Klepierre (Reit)
(15,042) Klepierre (Reit)
8,116 L'Oreal SA
57,978 Lagardere SCA
(51,922) Legrand SA
1,055 LISI
(22,371) LVMH Moet Hennessy
Louis Vuitton SA
31,246 Medica SA
107 Mercialys SA (Reit)
48,700 Mersen
2,960 Metropole Television SA
17,059 Montupet
(3,865) Natixis
12,872 Natixis
(7,201) Naturex
2,876 Nexans SA
(40,057) Nexans SA
(71,413) Nexity SA
(58,131) Orange SA
(8,355) Orpea
(29) Parrot SA
17,454 Pernod-Ricard SA
(30,825) Pernod-Ricard SA
18,040 Peugeot SA
12,543 Plastic Omnium SA
(32,543) Rallye SA
(18,534) Remy Cointreau SA
(6,246) Renault SA
(11,082) Rexel SA
39,099 Rexel SA
(11,079) Rubis SCA
14,617 Rubis SCA
44,153 Safran SA
(123) Safran SA
3,235 Saft Groupe SA
(34,209) Sanofi
(17,320) Sartorius Stedim Biotech
6,512 Schneider Electric SA
(22,220) SCOR SE
(13,209) SEB SA
(233) Sequana SA
(702,780)
(369,413)
308,405
89,781
(2,098,595)
212,811
(7,032)
344,542
(862,248)
(2,801)
186,362
(140,201)
685,950
534,465
(908,973)
1,631,704
(685,581)
2,460,306
107,765
(1,721,611)
754,849
(4,264)
87,125
(513,534)
1,004,355
1,450,320
(2,117,898)
118,149
9,794
41,530
(26,789)
(725)
(277,585)
1,786
1
(3,260)
877
43
(2,422)
470
17,163
(2,900)
(13,659)
180,212
(15,815)
61,767
2,610
(34,076)
2,717
51
1,753
(1,385)
(2,940)
(50,871)
(11,462)
4,525
(3,109,569)
633,669
1,670
1,276,914
47,626
599,112
(15,823)
52,698
(428,459)
95,339
(1,327,890)
(1,913,868)
(559,802)
(357,678)
(555)
1,457,758
(2,574,504)
212,692
283,535
(1,010,786)
(1,153,741)
(407,052)
(207,566)
732,324
(517,279)
682,468
2,146,719
(5,980)
77,381
(2,675,144)
(1,988,336)
404,981
(573,054)
(909,572)
(1,375)
128,412
24,167
86
83,078
(2,901)
61,316
(5)
838
(8,457)
(356)
(19,253)
3,150
4,094
(11,012)
(28)
(30,588)
242,708
26,202
44,789
(132,125)
199,854
(20,469)
183
2,007
(10,588)
22,242
110,239
3
4,270
(107,554)
37,957
3,991
4,506
(16,448)
33

Holding
Description
Unrealised
appreciation/
EUR
EUR
Holding
France continued
(27,382)
17,721
(2,176)
(16,046)
60,709
(27,203)
(204,183)
(20,390)
207,631
32,653
20,238
(23,433)
58,429
(15,980)
(1,603)
(908)
290
17,197
(19,871)
29,520
(14,789)
(4,559)
(66,523)
51,188
(8,352)
(14,932)
(10,553)
54,737
(1,312)
26,208
(63,301)
SES SA
Societe BIC SA
Societe BIC SA
Societe Generale SA
Societe Television Francaise 1
Sodexo
STMicroelectronics NV
Suez Environnement Co
Technicolor SA
Technip SA
Teleperformance
Teleperformance
Thales SA
Total SA
UBISOFT Entertainment
Unibail-Rodamco SE (Reit)
Unibail-Rodamco SE (Reit)
Valeo SA
Valeo SA
Vallourec SA
Vallourec SA
Valneva SE
Vicat
Vilmorin & Cie SA
Vinci SA
Vinci SA
Virbac SA
Vivendi SA
Vivendi SA
Germany continued
(594,189)
1,597,371
(196,145)
(683,399)
830,196
(2,007,037)
(1,193,450)
(258,749)
780,693
2,405,220
849,085
(983,132)
2,631,058
(710,710)
(15,581)
(174,835)
55,840
1,344,118
(1,553,117)
1,236,445
(619,437)
(18,783)
(795,615)
612,208
(457,105)
(1,402,264)
(501,373)
2,600,555
(189,584)
490,876
(1,185,628)
(3,395)
19,257
5,026
(11,945)
425
(57,172)
(13,313)
(3,037)
(11,421)
(89,322)
113,683
(50,140)
256,795
4,019
382
(627)
318
232,177
(75,768)
11,204
34,661
52
51,707
3,337
(140)
2,841
(3,886)
248,506
7,282
11,275
(106,502)
(14,478,752)
1,597,422
Aareal Bank AG
1,424,318
Adidas AG
2,980,541
ADVA Optical Networking SE
1,556,452
Aixtron SE
882,628
Aixtron SE
(247,712)
Aurubis AG
2,326,934
Axel Springer AG
(646,109)
BASF SE
1,027,271
Bayer AG
33,496
Bayerische Motoren Werke AG
138,322
BayWa AG
(149,959)
Bechtle AG
12,264
Beiersdorf AG
2,728,264
Bertrandt AG
(652,313)
Bilfinger SE
(878,926)
Borussia Dortmund GmbH & Co KGaA
253,446
Brenntag AG
(520,123)
CANCOM SE
(278,709)
CANCOM SE (Right)
(686)
Cewe Stiftung & Co KGAA
872,972
Commerzbank AG
(1,684,717)
Continental AG
2,287,103
CTS Eventim AG
1,104,595
Daimler AG
(737,789)
Delticom AG
520,266
Deutsche Annington Immobilien SE
109,192
Deutsche Bank AG
323,401
Deutsche Bank AG
(1,040,701)
Deutsche Boerse
(102,491)
Deutsche Euroshop AG
2,066
Deutsche Euroshop AG
(694,114)
Deutsche Lufthansa AG
(343,882)
127,189
115,828
(72,852)
(79,121)
44,217
(206)
330
41,174
720
57
(9,662)
(408)
83,420
(49,191)
(17,947)
11,649
(698)
11,017
(686)
31,273
(135,521)
299,800
117,266
(6,289)
(58,872)
762
15,225
(13,788)
(4,037)
59
(7,098)
(14,799)
Germany
52,655
33,239
400,528
86,110
(24,167)
53,616
(14,552)
13,053
342
1,630
(3,938)
257
36,567
(6,481)
(10,446)
67,227
(3,978)
(10,170)
(804)
21,635
(153,017)
14,924
28,992
(12,085)
14,976
5,662
9,069
(29,184)
(1,794)
63
(21,162)
(21,439)
Description
Unrealised
appreciation/
EUR
EUR
4,934
(89,081)
19,034
(37,047)
32,758
320,814
80,241
(198)
(198)
(27,830)
37,681
5,083
(9,014)
(47,002)
17,949
(13,048)
(131,324)
17,798
(41,984)
25,846
(341,850)
(22,522)
(69,956)
68,611
(5,258)
20,813
11,123
(2,474)
(15,088)
52,511
(14,772)
8,239
2,876
717
(7,905)
53,873
1,258
1,321
(20,248)
18,163
(3,505)
26,272
155,748
27,764
(21,681)
(17,787)
(1,497)
(464,573)
2,376
37,467
129
644
18,464
(3,901)
22,897
1,898
(7,272)
32,219
9,526
(43,307)
(19,178)
110,327
(12,940)
11,582
(8,821)
Deutsche Post AG
Deutsche Post AG
Deutsche Telekom AG
Deutsche Telekom AG
Deutsche Wohnen AG
Deutz AG
Dialog Semiconductor Plc
DIC Asset AG
DIC Asset AG (Right)
DMG Mori Seiki AG
DMG Mori Seiki AG
Draegerwerk AG & Co KGaA (Pref)
Draegerwerk AG & Co KGaA (Pref)
Drillisch AG
Duerr AG
Duerr AG
E.ON SE
ElringKlinger AG
ElringKlinger AG
Evonik Industries AG
Evotec AG
Fielmann AG
Fraport AG Frankfurt Airport
Services Worldwide
Freenet AG
Fresenius Medical Care AG & Co KGaA
Fresenius Medical Care AG & Co KGaA
Fresenius SE & Co KGaA
Fresenius SE & Co KGaA
Fuchs Petrolub SE (Pref)
GAGFAH SA
GEA Group AG
Gerresheimer AG
Gerry Weber International AG
Gesco AG
GFK SE
Grammer AG
GSW Immobilien AG
Hamborner REIT AG (Reit)
Hamburger Hafen und Logistik AG
Hannover Rueck SE
HeidelbergCement AG
HeidelbergCement AG
Heidelberger Druckmaschinen AG
Henkel AG & Co KGaA (Pref)
Hochtief AG
Hugo Boss AG
Indus Holding AG
Infineon Technologies AG
Jenoptik AG
Jungheinrich AG (Pref)
K+S AG
KION Group AG
Kloeckner & Co SE
Kontron AG
Krones AG
KUKA AG
KWS Saat AG
LANXESS AG
LEG Immobilien AG
Leoni AG
Linde AG
LPKF Laser & Electronics AG
MAN SE
Merck KGaA
Merck KGaA
128,136
(2,313,434)
222,222
(432,524)
487,111
2,061,551
1,139,823
(1,321)
(46)
(637,029)
862,518
461,435
(818,291)
(1,015,008)
1,144,608
(832,071)
(1,856,265)
545,687
(1,287,229)
755,479
(1,381,074)
(1,892,749)
4,372
(84,151)
1,886
(2,419)
43,041
217,493
24,386
45
14
(13,241)
100,171
16,667
53,751
(17,156)
153,074
11,385
(65,658)
(2,250)
103,562
63,585
33,253
(78,137)
(3,790,916)
1,433,970
(268,526)
1,062,920
1,161,241
(258,286)
(1,043,939)
559,767
(506,827)
410,385
88,825
50,190
(332,010)
2,022,931
38,262
9,724
(373,981)
1,113,392
(202,379)
1,516,945
427,217
2,322,459
(1,410,349)
(1,743,660)
(41,909)
(3,475,006)
28,963
1,713,928
2,681
18,386
189,625
(21,998)
1,440,450
65,623
(1,817,636)
1,576,154
401,854
(2,379,720)
(2,879,577)
2,045,463
(1,155,542)
1,476,705
(1,124,677)
(107,290)
187,759
1,583
59,633
60,646
(3,689)
(86,562)
49,468
1,128
14,811
1,292
(2,015)
7,093
151,010
(9,930)
173
(5,872)
6,105
(2,443)
24,417
62,624
179,582
31,453
(33,889)
150
(169,232)
(1,169)
139,127
200
262
3,645
(956)
4,608
308
170,968
41,747
1,966
(222,942)
(74,502)
529,892
(14,655)
78,969
(8,223)
95

Holding
Description
Unrealised
appreciation/
EUR
EUR
Germany continued
(3,631)
10,154
(19,672)
(7,763)
305
(5,531)
(4)
23,528
(4,991)
(21,242)
(8,816)
87,115
(7,984)
(59,941)
77,359
60,085
(6,188)
(72,341)
(1,532)
38
(395)
1
(19,274)
54,434
89,291
(394)
5,793
(25,919)
2,233
(22,068)
(41,080)
2,182
29,750
(29,462)
76,923
37,127
30,843
16,341
356,476
(2,263)
21,032
(31,450)
87,881
51,523
(828)
2,218
(7,348)
(14,240)
24,058
25,545
Metro AG
Morphosys AG
Morphosys AG
MTU Aero Engines AG
Muenchener Rueckversicherungs AG
Muenchener Rueckversicherungs AG
Nemetschek AG
Nordex SE
Pfeiffer Vacuum Technology AG
PNE Wind AG
Porsche Automobil Holding SE (Pref)
ProSiebenSat.1 Media AG
Puma SE
QIAGEN NV
QSC AG
Rheinmetall AG
Rheinmetall AG
RWE AG
Salzgitter AG
SAP AG
Sartorius AG (Pref)
SGL Carbon SE
Siemens AG
Sixt SE
Sky Deutschland AG
SMA Solar Technology AG
Software AG
Software AG
Stada Arzneimittel AG
Stada Arzneimittel AG
STRATEC Biomedical AG
Stroeer Media AG
Suedzucker AG
Suss Microtec AG
Symrise AG
TAG Immobilien AG
Takkt AG
Talanx AG
Telefonica Deutschland Holding AG
ThyssenKrupp AG
Tipp24 SE
Tom Tailor Holding AG
TUI AG
United Internet AG
Volkswagen AG (Pref)
Volkswagen AG (Pref)
Vossloh AG
Wacker Chemie
Wincor Nixdorf AG
Wirecard AG
Bank of Ireland
C&C Group Plc
Glanbia Plc
Glanbia Plc
Irish Continental Group Plc
Kerry Group Plc 'A'
Paddy Power Plc
(8,688)
4,026
20,711
5,761
2,216
(37,450)
6
2,092
(5,304)
3,664
(34,933)
(43,565)
(88,064)
21,453
134,602
131,103
(10,791)
(45,326)
459
43
261
3
(161,323)
155,654
12,357
(105)
11,670
(49,635)
2,161
16,762
(52,456)
4,439
(95,680)
(12,554)
52,219
(4,854)
(18,992)
(2,862)
62,895
(79)
62,574
(17,769)
91,010
67,141
(16,633)
(1,168)
15,995
(58,812)
28,136
11,218
8,997,056
2,213,322
(150,027)
(614,735)
(493,518)
15,355
(1,247,904)
(1,027,231)
(581,827)
570,397
1,020,930
(11,580)
15,271
(52,414)
252
(138,187)
(7,338)
45,837
(8,852)
(726)
(2,508,560)
(157,737)
3,318
116,063
480
11,862
Italy
3,931
14,391
96
A2A SpA
ACEA SpA
Description
Italy continued
(134,311)
571,163
(1,106,550)
(537,044)
49,151
(891,321)
(200)
250,809
(457,525)
(59,966)
(660,759)
2,878,280
(1,865,062)
(1,034,582)
309,591
2,728,460
(280,997)
(2,043,995)
(49,361)
2,318
(32,350)
30
(1,877,866)
1,261,236
672,986
(11,629)
163,536
(731,693)
85,401
(843,991)
(1,318,668)
30,253
549,929
(198,868)
2,507,690
316,916
437,816
401,989
2,140,638
(43,766)
1,072,422
(570,817)
942,084
1,526,369
(161,212)
431,845
(517,667)
(1,116,986)
1,212,764
702,615
Ireland
(519,485)
(138,735)
(45,930)
1,429
(51,039)
(21,798)
(10,276)
92,597
58,239
Holding
Unrealised
appreciation/
EUR
EUR
(296) Aeroporto di Venezia Marco Polo

SpA - SAVE
(41,319) Amplifon SpA
183,042 Ansaldo STS SpA
(148,216) Assicurazioni Generali SpA
(119,665) Astaldi SpA
(220) ASTM SpA
(54,134) Atlantia SpA
(82,776) Azimut Holding SpA
(430,565) Banca Carige SpA
30,907 Banca Generali SpA
1,542 Banca Piccolo Credito
Valtellinese Scarl
32,470 Banca Popolare dell'Emilia
Romagna SC
704,933 Banca Popolare di Milano Scarl
249,393 Banco Popolare SC
(164,394) Beni Stabili SpA (Reit)
57,974 Brembo SpA
(54,779) Brunello Cucinelli SpA
(54,093) Buzzi Unicem SpA
1,566 Cairo Communication
148,644 CNH Industrial NV
(152) Credito Emiliano SpA
(49,744) Danieli & C Officine Meccaniche SpA
(49,416) De'Longhi SpA
(380) Ei Towers SpA
(304,761) Enel Green Power SpA
(2,168) Engineering SpA
(42,321) Eni SpA
(52,909) ERG SpA
284,236 Fiat SpA
590 Finmeccanica SpA
(425,694) Geox SpA
93,802 Gtech SpA
(6) Hera SpA
22,719 Industria Macchine Automatiche SpA
(197) Interpump Group SpA
538,783 Iren SpA
(7,929) Italcementi SpA
(6,023) Luxottica Group SpA
(17,121) Maire Tecnimont SpA
(23,192) MARR SpA
(6) Mediaset SpA
16,602 Mediobanca SpA
1,607 Milano Assicurazioni SPA
(56,244) Molecular Medicine SPA
174,365 Parmalat SpA
(15,362) Piaggio & C SpA
58,461 Prysmian SpA
141,408 Recordati SpA
(50,925) Safilo Group SpA
42,686 Salvatore Ferragamo SpA
(314,041) Saras SpA
(502,613) Snam SpA
8,532 Societa Cattolica di Assicurazioni SCRL
(122,053) Societa Iniziative Autostradali
e Servizi SpA
32,259 Sorin SpA
(410,884) Telecom Italia SpA
(165,408) Tenaris SA
(8,179) Tod's SpA
16,499 Trevi Finanziaria Industriale SpA
194,888 UniCredit SpA
(47,241) World Duty Free SpA
50,994 World Duty Free SpA
(4,496)
(163,623)
1,461,590
(2,516,708)
(940,567)
(2,519)
(899,166)
(1,565,294)
(210,546)
646,574
(364)
(5,704)
49,089
(70,950)
(172,470)
(11)
(78,496)
(138,106)
(710)
61,632
2,247
241
231,836
310,875
350,397
(82,033)
1,117,739
(1,416,585)
(688,604)
7,963
1,258,272
(863)
(1,160,527)
(637,466)
(12,802)
(553,446)
(86,720)
(755,007)
(517,715)
1,668,465
3,186
(1,080,411)
2,131,181
(10)
605,234
(1,652)
606,131
(50,468)
(234,897)
(28,352)
(273,434)
(20)
105,257
1,053
(43,702)
429,635
(36,807)
1,125,959
1,467,815
(922,761)
1,248,139
(282,637)
(1,991,353)
166,033
35,994
12,539
70,074
1,573
3,840
(486,774)
(18,813)
153
(34,456)
(390)
(80,556)
(37,778)
(243)
(18,479)
(21,443)
(4,145)
(36,478)
(5,101)
577
(225,843)
127,387
(2)
65,611
(470)
112,877
(1,812)
4,707
(2,706)
(6,470)
19,673
167
(366)
(2,257)
(2,888)
62,869
144,702
(90,116)
162,892
(4,273)
(110,794)
20,912
(901,361)
67,292
(293,987)
(2,749,081)
(1,027,282)
106,666
1,057,267
(407,217)
439,568
(34,119)
4,032
(33,028)
78,977
(69,522)
3,812
138,955
4,622
(978)
(5,804,364)
(596,862)

Holding
Description
Unrealised
appreciation/
EUR
EUR
Holding
Norway continued
Netherlands
95
(24,787)
(381,655)
429,160
10,241
3
(79,165)
(6,067)
(38,971)
129,216
40,157
7,128
1,177
(198)
(10,670)
(154,723)
24,825
(4,648)
(118,916)
4,081
(67,086)
10,270
(13,627)
(194,936)
(65,012)
96,429
341,437
82,897
(93,773)
(24,228)
4,006
(26,820)
87,198
(58,843)
(17,367)
(131,766)
30,903
(90)
(315,527)
37,791
(86,440)
75,642
133,329
(12,414)
346,845
2,712
(15,436)
(204,782)
(3,851)
(53,347)
63,359
Aalberts Industries NV
2,158
Aalberts Industries NV
(563,161)
Aegon NV
(2,511,672)
Aegon NV
2,824,302
Akzo Nobel NV
567,454
AMG Advanced Metallurgical Group NV
23
APERAM
(1,080,602)
Arcadis NV
(152,312)
ArcelorMittal
(497,465)
ArcelorMittal
1,649,442
ASM International NV
1,004,728
ASML Holding NV
492,260
BE Semiconductor Industries NV
9,545
BinckBank NV
(1,499)
Brunel International NV
(480,150)
Coribon NV
(2,455,454)
Coribon NV
393,973
Corio NV (Reit)
(148,899)
Delta Lloyd NV
(2,127,407)
Eurocommercial Properties NV (Reit)
121,757
Fugro NV
(3,010,820)
Gemalto NV
855,902
Gemalto NV
(1,135,674)
Heijmans NV
(2,102,385)
Heineken NV
(3,246,374)
ING Groep NV
925,622
Koninklijke Ahold NV
4,573,549
Koninklijke BAM Groep NV
291,300
Koninklijke BAM Groep NV
(329,518)
(893,892)
Koninklijke DSM NV
231,467
Koninklijke DSM NV
(1,549,660)
Koninklijke Ten Cate NV
2,058,309
(2,585,561)
Koninklijke Wessanen NV
(48,975)
Nieuwe Steen Investments NV (Reit)
(611,262)
Nutreco NV
1,089,331
Nutreco NV
(3,173)
PostNL NV
(1,362,761)
Randstad Holding NV
1,740,087
Reed Elsevier NV
(1,363,159)
Royal Imtech NV
151,965
SBM Offshore NV
1,969,269
TKH Group NV
(312,833)
TNT Express NV
2,327,677
TomTom NV
15,195
TomTom NV
(86,488)
USG People NV
(2,015,055)
Wereldhave NV (Reit)
(216,426)
Wolters Kluwer NV
(1,110,685)
Ziggo NV
1,995,175
287
(35,192)
(185,048)
380,410
26,790
2
(48,848)
(900)
(8,916)
325,856
28,263
(7,715)
81
7
(8,131)
112,220
(13,847)
641
(119,850)
(4,393)
50,381
23,476
954
(182,283)
44,550
62,016
133,515
(15,459)
40,588
(7,941)
(781)
(25,109)
142,590
(37,389)
(411)
44,817
(11,324)
77
(241,155)
(4,651)
(54,070)
(3,947)
(45,351)
(32,871)
(10,305)
138
834
(118,713)
(9,831)
(61,188)
28,229
(6,712,832)
151,103
(2,931,831)
31,118
(28,004)
1,603,088
81,621
1,779,921
559,429
(1,614,896)
(545,778)
(424,777)
1,291,167
(2,725,068)
(420,558)
10,241
(4,267)
(69,529)
(114)
31,360
26,617
89,043
1,514
(5,734)
342,165
(262,396)
843,010
(539,722)
122,231
11,401
(15,817)
1,261,646
(803,494)
834
445,909
(3,139,583)
(829,055)
2,531
24,353
(88,223)
145,846
(37,118)
379,506
2,265
208,215
(35,053)
14,546
(30,292)
(65,445)
33,053
(561,740)
59,732
73,237
189,015
55,404
(243,344)
144,858
149,279
61,793
80,015
(37,733)
Aker Solutions ASA

Algeta ASA
Archer Ltd
Atea ASA
Awilco Drilling Plc
Borregaard ASA
BW Offshore Ltd
Cermaq ASA
Det Norske Oljeselskap ASA
DNB ASA
DNO International ASA
DNO International ASA
Dolphin Group AS
Electromagnetic GeoServices
Fred Olsen Energy ASA
Gjensidige Forsikring ASA
Gjensidige Forsikring ASA
Kongsberg Automotive Holding ASA
Kvaerner ASA
Leroy Seafood Group ASA
Marine Harvest ASA
Marine Harvest ASA
Norsk Hydro ASA
Norwegian Air Shuttle AS
Odfjell Drilling Ltd
Opera Software ASA
Orkla ASA
Orkla ASA
Petroleum Geo-Services ASA
Polarcus Ltd
ProSafe SE
Royal Caribbean Cruises Ltd
Salmar ASA
Schibsted ASA
Seadrill Ltd
Seadrill Ltd
Songa Offshore
SpareBank 1 SMN
SpareBank 1 SR Bank ASA
Statoil ASA
Storebrand ASA
Storebrand ASA
Subsea 7 SA
Telenor ASA
TGS Nopec Geophysical Co ASA
Yara International ASA
Yara International ASA
554,088
(505,154)
3,566,704
152,342
(211,349)
774,570
(1,083,313)
18,373
381,653
(2,687,167)
(2,622,780)
70,077
121,075
(801,829)
835,357
(212,599)
3,357,833
1,219
1,152,482
(1,146,906)
132,204
(1,442,571)
(2,064,101)
1,042,474
(215,038)
390,085
493,710
3,158,194
252,108
(1,107,301)
2,075,117
2,664,974
1,199,849
2,574,681
(1,214,153)
120
(22,762)
(258,987)
(1,090)
(16,466)
30,638
(89,582)
866
16,466
(60,384)
(35,785)
3,765
(2,335)
(45,136)
30,139
1,527
(5,571)
63
(53,808)
(97,120)
9,973
(12,237)
61,752
(1,516)
146,740
38,189
51,779
28,007
11,269
17,133
(100,472)
68,693
88,695
80,513
(9,966)
6,730,898
(388,548)
282,704
(589,486)
(243,473)
432,239
70,040
878,221
(9,967)
(1,631,823)
(365,118)
208,287
1,048,950
1,992,114
(9,657)
31,279
(63,085)
(3,405)
14,419
819
(5,981)
184
(28,901)
(9,118)
559
18,085
220,570
(55)
2,063,031
175,370
1,701,969
937,281
(188,484)
103,285
(302,452)
145,315
1,325
(4,788)
(257)
9,785
1,510,983
(1,562,639)
3,642,819
(1,089,727)
(202,399)
125,863
11,027
(152,587)
191,433
(675,814)
(10,951)
9,938
Portugal
112,318
(495,783)
(1,902,135)
420,875
25,149
221,773
(2,517)
(133,210)
(24,013)
72,322
951,860
788,956
(1,817)
Norway
(223,030)
735
(48,974)
223,814
5,098
553,779
586,768
(132,822)
(53,058)
(32,284)
473,754
(999,880)
Description
Unrealised
appreciation/
EUR
EUR
Altri SGPS SA
Banco BPI SA
Banco Comercial Portugues SA 'R'
Banco Espirito Santo SA
EDP - Energias de Portugal SA
EDP Renovaveis SA
EDP Renovaveis SA
Galp Energia SGPS SA
Portucel SA
Sonae
Sonaecom - SGPS SA
ZON Optimus SGPS SA
Spain
872,357
59,986
(12,063)
2,274
(6,659)
63,274
Abengoa SA 'B'
Abertis Infraestructuras SA
Abertis Infraestructuras SA
Acciona SA
Acciona SA
ACS Actividades de Construccion
y Servicios SA
(136,475) Almirall SA
131,131 Amadeus IT Holding SA 'A'
(96,436) Atresmedia Corp
(22,721) Banco Bilbao Vizcaya Argentaria SA
65,725 Banco de Sabadell SA
97

Holding
Description
Unrealised
appreciation/
EUR
EUR
Holding
Spain continued
(137,461)
13,811
(216,943)
(132,598)
(3,317)
99,816
13,350
246,792
(257,623)
453
538,267
(18,048)
47,354
4,798
165,701
(49,540)
2,484
(76)
51,367
95,641
(420,277)
11,148
(128,594)
232,468
64,646
(219,373)
61,022
(471)
(69)
(116,885)
256,214
31,362
(22,657)
(234,756)
(3,531)
189
5,919
(120,399)
(55,348)
652
1,972
(107,829)
(2,701)
(82,052)
(9,598)
Banco de Sabadell SA
Banco Popular Espanol SA
Banco Popular Espanol SA
Banco Santander SA
Bankinter SA
Bankinter SA
CaixaBank SA (Right)
Distribuidora Internacional
de Alimentacion SA
Duro Felguera SA
Ebro Foods SA
Ence Energia y Celulosa SA
Faes Farma
Ferrovial SA
Fomento de Construcciones
y Contratas SA
Gamesa Corp Tecnologica SA
Gas Natural SDG SA
Grifols SA
Grifols SA
Grupo Catalana Occidente SA
Iberdrola SA
Iberdrola SA
Inditex SA
Indra Sistemas SA
Jazztel Plc
Let's GOWEX SA
Mapfre SA
Mediaset Espana Comunicacion SA
Mediaset Espana Comunicacion SA
Melia Hotels International SA
NH Hoteles SA
Nyesa Valores Corp
Obrascon Huarte Lain SA
Obrascon Huarte Lain SA
Prosegur Cia de Seguridad SA
Realia Business SA
Repsol SA
Sacyr SA
Sacyr SA
Tecnicas Reunidas SA
Tecnicas Reunidas SA
Telefonica SA
Telefonica SA
Viscofan SA
Zardoya Otis SA
Zeltia SA
Sweden continued
(263,238)
60,299
(947,173)
(873,821)
(15,557)
468,137
721
(12,784)
5,483
(52,189)
(27,112)
(743)
42,740
721
1,674,484
(1,221,133)
7,749
1,612,110
(50,354)
661,772
58,194
(9,066)
340
213,099
(1,191)
9,714
75,017
1,204,646
(909,554)
83,798
(2,564)
1,309,345
450,947
(1,981,606)
1,311,562
(1,447,325)
1,805,114
801,611
(648,686)
527,657
(4,073)
(607)
(474,553)
43,556
920,161
(664,756)
(1,101,006)
(3,072)
3,652
23,309
(474,131)
(2,208,939)
26,021
23,999
(1,312,279)
(108,513)
(1,040,419)
(23,563)
(5,588)
40,506
(39,390)
5,886
(90)
114,198
40,169
(55,361)
38,837
32,871
(26,090)
230,002
(29,097)
(924)
(4)
(257)
(14,611)
(19,197)
25,000
(4,984)
(67,503)
(71)
154
1,649
(25,963)
(25,393)
412
(1,776)
42,905
(2,155)
(179,483)
(96)
1,995,244
(173,812)
1,919,983
(186,525)
(1,740,555)
(518,131)
(10,879)
(158,944)
567,246
(2,845,657)
(1,317,677)
466,913
2,086,148
89,148
(954,808)
(756,269)
2,565,465
(501,213)
30,274
(10,962)
(22,317)
1,312
(889)
(16,901)
(1,354)
(26,354)
(21,091)
(17,553)
89,743
1,571
(36,182)
(17,635)
64,222
137,072
Sweden
42,463
(22,438)
(99,385)
(77,845)
(113)
(4,263)
15,214
(138,803)
(53,683)
20,834
117,535
10,039
(107,521)
(70,200)
230,215
(151,759)
98
AarhusKarlshamn AB
Active Biotech AB
Alfa Laval AB
Alliance Oil Co Ltd SDR
Arcam AB
Assa Abloy AB 'B'
Assa Abloy AB 'B'
Atlas Copco AB 'A'
Avanza Bank Holding AB
Betsson AB
Bilia AB 'A'
BillerudKorsnas AB
BillerudKorsnas AB
Boliden AB
Castellum AB
CDON Group AB
Description
Unrealised
appreciation/
EUR
EUR
(52,105)
27,090
58,220
207,351
(95,190)
2,626
(746)
40,364
27,873
(48,474)
(97,480)
(32,127)
68,793
(306,812)
(60,581)
15,310
732
102,554
5,059
330,013
(83,179)
44,694
(52,420)
21,364
(393)
(88,188)
10,830
(39,188)
(7,626)
28,469
(107,712)
117,040
(19,197)
1,696
46,967
118,631
(10,138)
(8,868)
(8,868)
(161)
(144,674)
9,466
2,734
21
(79,084)
141,990
(61,276)
40,642
323,094
(73,932)
140,868
(72,281)
(314,879)
(19,222)
31,599
(13,398)
106,960
52,345
309,799
(16,863)
23,051
(22,176)
(302,806)
Clas Ohlson AB 'B'

Concentric AB
Electrolux AB 'B'
Elekta AB 'B'
Elekta AB 'B'
Fabege AB
Getinge AB 'B'
Haldex AB
Hennes & Mauritz AB 'B'
Hennes & Mauritz AB 'B'
Hexagon AB 'B'
Holmen AB 'B'
Hufvudstaden AB 'A'
Husqvarna AB 'B'
ICA Gruppen AB
ICA Gruppen AB
Indutrade AB
Intrum Justitia AB
JM AB
Kungsleden AB
Lindab International AB
Loomis AB 'B'
Lundin Petroleum AB
Meda AB 'A'
Medivir 'B'
Mekonomen AB
Millicom International
Cellular SA SDR
Millicom International
Cellular SA SDR
Modern Times Group AB 'B'
Modern Times Group AB 'B'
NCC AB 'B'
Net Entertainment NE AB 'B'
Nibe Industrier AB 'B'
Nobia AB
Nolato AB 'B'
Nordea Bank AB
Nordea Bank AB
Opus Group AB
Opus Group AB
Oriflame Cosmetics SA
Peab AB
Saab AB 'B'
Sandvik AB
SAS AB
Scania AB 'B'
Scania AB 'B'
Seamless Distribution AB
Securitas AB 'B'
Skandinaviska Enskilda
Banken AB 'A'
Skanska AB 'B'
Skanska AB 'B'
SKF AB 'B'
SSAB AB 'A'
Svenska Cellulosa AB SCA 'B'
Svenska Cellulosa AB SCA 'B'
Svenska Handelsbanken AB 'A'
Swedbank AB 'A'
Swedish Match AB
Telefonaktiebolaget LM Ericsson 'B'
TeliaSonera AB
Trelleborg AB 'B'
Unibet Group Plc
Volvo AB 'B'
(604,352)
208,459
1,047,745
2,294,951
(1,053,558)
22,228
(17,180)
267,527
873,279
(1,518,722)
(2,222,964)
(827,552)
659,968
(1,359,002)
(1,353,605)
342,082
21,668
1,964,255
105,706
1,686,799
(555,970)
783,240
(806,749)
194,516
(4,382)
(2,040,786)
(30,629)
(3,327)
(2,205)
16,273
52,130
517
42
12,434
17,777
(22,189)
(42,315)
(31,946)
26,034
12,569
(8,491)
1,804
1,280
(5,117)
1,259
39,357
4,210
26,118
859
9,175
(569)
40,445
717,796
(4,086)
(2,597,323)
(286,644)
1,070,087
(2,482,918)
1,702,648
(323,479)
10,860
738,655
1,121,433
(95,836)
(12,154)
(12,154)
(3,717)
(643,748)
143,662
28,164
44
(1,162,918)
2,087,941
(302,875)
309,775
(51,291)
(1,791)
759
(161,079)
111,274
(30,838)
(457)
30,985
40,591
394
(414)
(12,154)
1
(8,289)
5,850
117
3
52,103
17,943
(10,051)
(3,638)
2,910,879
(1,043,971)
1,989,154
(1,455,067)
(1,670,992)
(414,376)
681,191
(459,954)
2,022,210
1,206,628
2,852,002
(100,305)
332,747
(783,474)
(2,950,902)
87,726
(5,304)
27,692
(47,572)
(72,291)
(8,809)
16,997
(3,964)
2,699
(46,168)
62,749
1,776
13,525
(20,270)
184,444

Holding
Description
79,608
90,009
Wallenstam AB 'B'
Wihlborgs Fastigheter AB
Unrealised
appreciation/
EUR
EUR
Holding
Description
(9,766)
474
7
(11,775)
14,681
5,402
(531)
74,294
(1,654)
8,583
112
(435)
(15,644)
(99)
56
(283)
(11,493)
(3,852)
(2,564)
7,943
32,390
5,062
(338)
2,482
(26,575)
14,359
(3,865)
68,828
(47,424)
28,883
(32,031)
5,029
(3,936)
15,976
(13,784)
1,358
Panalpina Welttransport Holding AG

Partners Group Holding AG
PSP Swiss Property AG
Rieter Holding AG
Roche Holding AG
Schindler Holding AG
Schindler Holding AG
Schmolz + Bickenbach AG
SGS SA
Siegfried Holding AG
Sika AG
Sika AG
Sonova Holding AG
St Galler Kantonalbank AG
Straumann Holding AG
Straumann Holding AG
Sulzer
Swatch Group AG/The
Swiss Life Holding AG
Swiss Life Holding AG
Swiss Re AG
Swisscom AG
Swissquote Group Holding SA
Syngenta AG
Tecan Group AG
Temenos Group AG
Temenos Group AG
Transocean Ltd
Transocean Ltd
U-Blox AG
UBS AG
Valiant Holding
Valora Holding AG
Vontobel Holding AG
Zehnder Group AG
Zurich Insurance Group AG
Sweden continued
Switzerland continued
827,664
1,155,215
26,322
53,191
1,917,794
517,126
(905)
2,497,110
3,596
301,659
(4,473)
20,089
262,963
1,906,644
451,542
870,712
(980,240)
196,374
(1,357,834)
(140,025)
(943,581)
(149,591)
1,374,584
492,280
(347,989)
1,203,659
(1,608,657)
(162,905)
260,585
(2,654,999)
(19,444)
(537,872)
889,688
(442,278)
286,388
(680,107)
15,826
(82,599)
2,698,321
(999,114)
345
(402,952)
(1,871,530)
77,339
1,855,689
514,249
(90,479)
207
1,921,779
1,496,050
1,282,313
129,225
(2,843,423)
2,078,784
(284,065)
390,675
(452,098)
156,713
(101,362)
(280,436)
314,684
67,899
248,009
711,991
127,797
2,719,728
(1)
278,622
61
(3,573)
57
(87)
14,393
257,609
18,616
6,201
13,122
4,302
(59,717)
(30,722)
(29,463)
(2,170)
6,051
3,791
5,240
15,143
55,059
2,839
(5,838)
(263,774)
264
(2,418)
54,738
(59,115)
151
(40,088)
(109)
953
72,130
(65,065)
19
(21,991)
32,479
1,088
(33,133)
48,061
(1,780)
1
(7,063)
182,137
50,645
5,959
(59,428)
103,157
(1,095)
42,868
(29,761)
(1,980)
2,387
1,444
(2,603)
(138)
1,235
(38,612)
731
180,781
Switzerland
(48)
40,299
63
2,982
(57)
256
22,149
16,929
5,175
2,210
(2,488)
234
(1,618)
(1,626)
(3,084)
(3,253)
18,304
38,026
(5,668)
54,700
(73,105)
(1,675)
4,420
(21,270)
(2,035)
(1,272)
2,104
(606)
21,152
(33,998)
73
(381)
5,288
(1,958)
1
(1,168)
(34,871)
1,441
36,866
1,967
(2,618)
6
58,497
13,419
114,684
1,349
(29,683)
6,423
(89)
46,418
(53,716)
2,282
(1,476)
(966)
36,855
439
4,628
66,080
2,198
254,338
ABB Ltd
Actelion Ltd
Adecco SA
Allreal Holding AG
ams AG
ams AG
Ascom Holding AG
Autoneum Holding AG
Baloise Holding AG
Banque Cantonale Vaudoise
Banque Cantonale Vaudoise
Barry Callebaut AG
Barry Callebaut AG
Basilea Pharmaceutica
Burckhardt Compression Holding AG
Cembra Money Bank
Cie Financiere Richemont SA
Clariant AG
Cosmo Pharmaceuticals SpA
Credit Suisse Group AG
Credit Suisse Group AG
Daetwyler Holding
DKSH Holding AG
Dufry AG
EFG International AG
Flughafen Zuerich AG
Flughafen Zuerich AG
Galenica AG
GAM Holding AG
Gategroup Holding AG
Geberit AG
Geberit AG
Georg Fischer AG
Georg Fischer AG
Helvetia Holding AG
Helvetia Holding AG
Holcim Ltd
Holcim Ltd
Implenia AG
Inficon Holding AG
Julius Baer Group Ltd
Julius Baer Group Ltd
Kardex AG
Komax Holding AG
Kudelski SA
Kuehne + Nagel International AG
Kuehne + Nagel International AG
Kuoni Reisen Holding AG 'B'
Lindt & Spruengli AG
Logitech International SA
Logitech International SA
Lonza Group AG
Lonza Group AG
Luzerner Kantonalbank AG
Meyer Burger Technology AG
Mobimo Holding AG
Nestle SA
Nobel Biocare Holding AG
Novartis AG
OC Oerlikon Corp AG
Unrealised
appreciation/
EUR
EUR
(1,192,026)
87,227
440
(2,012,714)
3,010,850
550,859
(54,148)
71,289
(2,749,191)
1,105,561
272,228
(1,057,313)
(1,610,534)
(28,177)
7,696
(38,892)
(1,324,316)
(1,866,900)
(391,563)
1,213,022
2,124,241
1,903,805
(10,623)
718,926
(2,134,022)
280,820
(75,588)
2,556,140
(1,761,236)
2,057,476
(452,177)
331,454
(713,434)
435,212
(483,665)
279,389
(133,418)
1,360
(12)
(230,763)
555
(243)
(536)
(30,954)
144,508
60,331
32,150
(20,870)
(154,984)
663
68
(345)
(36,788)
(26,167)
6,430
56,288
3,926
(14,641)
(536)
3,222
(70,618)
5,501
(1,082)
114,196
124,882
154,510
(14,741)
(16,630)
(56,652)
(13,602)
(31,945)
171
9,436,654
555,844
(291,759)
(299,122)
371,211
(701,688)
(11,105)
7,413
24,370
(126,491)
(88,655)
(1,227,579)
(1,410,953)
(46,586)
(875,620)
1,339,443
(2,443,885)
(549,101)
(1,193,455)
(633,682)
34,113
(27,375)
(63,253)
(119,531)
(924,345)
2,005,442
(966,661)
1,742,014
(2,080,608)
(1,312,050)
(6,026)
(2,745)
(51,153)
(18,042)
(1,802)
39,511
54,986
(98,939)
(22,118)
(16,796)
59,387
(1,234)
(793)
2,293
(8,368)
(33,115)
129,379
(112,244)
76,467
(377,122)
(21,361)
(262)
United Kingdom
(44,019)
(52,864)
62,761
(118,635)
(78,340)
(626,075)
(73,398)
(4,399)
(215,386)
98,286
(179,328)
(932,572)
(220,586)
(38,820)
32,216
(2,857)
(5,185)
(221,223)
(75,437)
239,115
(115,258)
25,025
(75,340)
(31,279)
(2,182)
A.G.BARR Plc
Abcam Plc
Advanced Computer Software
Group Plc
Afren Plc
Aggreko Plc
Al Noor Hospitals Group Plc
Alent Plc
AMEC Plc
AMEC Plc
Amerisur Resources Plc
Amlin Plc
Anglo American Plc
Anite Plc
Antofagasta Plc
APR Energy Plc
Aquarius Platinum Ltd
ARM Holdings Plc
Ashtead Group Plc
Ashtead Group Plc
ASOS Plc
Associated British Foods Plc
AstraZeneca Plc
Avanti Communications Group Plc
99

Holding
Description
Unrealised
appreciation/
EUR
EUR
Holding

(19,834)
32,482
32,707
(1,211)
202,313
(11,153)
224,639
(88,267)
9,198
14,019
(50,946)
11,992
139,763
132,062
27,473
78,712
(38,500)
(240)
22,816
39,705
(723)
172,817
(165,696)
(57)
(205,500)
(342,095)
(352,711)
39,638
77,043
275,844
228,845
(84,809)
(12,013)
163,277
(666,158)
(2,681,666)
(58,625)
3,543
(148,805)
576
(1,958)
(213,602)
(36,986)
44,279
(91,700)
490,979
861,880
1,235
72,752
(51,224)
65,494
(661)
(90,571)
680,118
(265,075)
12,198
(94,757)
15,714
(44,556)
4,332
68,564
(82,547)
(5,012)
(1,340,792)
33,322
100
Aveva Group Plc

Aveva Group Plc
Aviva Plc
AZ Electronic Materials SA
Babcock International Group Plc
BAE Systems Plc
BAE Systems Plc
Balfour Beatty Plc
Barclays Plc
BBA Aviation Plc
Beazley Plc
Bellway Plc
Berendsen Plc
Berkeley Group Holdings Plc
Betfair Group Plc
BG Group Plc
BHP Billiton Plc
Big Yellow Group Plc (Reit)
Blinkx Plc
Blinkx Plc
Bodycote Plc
Booker Group Plc
Bovis Homes Group Plc
BowLeven Plc
BP Plc
Brammer Plc
Brewin Dolphin Holdings Plc
British Land Co Plc (Reit)
British Sky Broadcasting Group Plc
Britvic Plc
BTG Plc
Bunzl Plc
Burberry Group Plc
Bwin.Party Digital Entertainment Plc
Cable & Wireless Communications Plc
Cairn Energy Plc
Cape Plc
Capita Plc
Capital & Counties Properties Plc
Capital & Counties Properties Plc
Carillion Plc
Carnival Plc
Catlin Group Ltd
Catlin Group Ltd
Centamin Plc
Centrica Plc
Clinigen Healthcare Ltd
Close Brothers Group Plc
Close Brothers Group Plc
Cobham Plc
Cobham Plc
Coca-Cola HBC AG
Colt Group SA
Compass Group Plc
Computacenter Plc
CRH Plc
Croda International Plc
Croda International Plc
CSR Plc
Daily Mail & General Trust Plc 'A'
Dairy Crest Group Plc
Dart Group Plc
Darty Plc
DCC Plc
Description
Unrealised
appreciation/
EUR
EUR

(535,443)
876,891
169,889
(3,997)
3,162,799
(57,985)
1,167,911
(285,518)
30,128
55,750
(199,724)
35,695
2,409,814
1,458,823
776,844
974,398
(578,533)
(5,392)
131,456
96,540
(1,758)
1,255,390
(329,266)
(532)
(98,698)
(1,983,128)
(1,904,702)
130,406
567,455
2,722,527
1,865,727
(567,716)
(202,226)
3,010,803
(1,018,222)
(1,533,957)
(194,421)
11,805
(1,783,138)
2,291
(7,788)
(773,524)
(997,434)
291,882
(604,475)
250,665
3,506,122
8,141
1,181,023
(831,547)
208,629
(2,106)
(1,875,923)
1,043,643
(2,948,839)
94,834
(1,777,171)
441,132
(1,250,799)
26,059
753,688
(512,919)
(13,781)
(1,403,541)
1,162,689
4,464
(125,736)
413
(75)
176,818
2,912
(870)
7,497
2,537
3,044
4,705
5,481
174,353
558,181
66,828
15,681
(23,016)
172
2,600
958
219
(54,626)
(27,790)
(19)
(1,234)
9,274
(40,549)
17,370
1,855
(121,073)
242,868
(115,999)
(1,742)
(62,868)
(37,744)
(52,988)
(6,267)
425
(30,229)
(19)
(8)
26,492
(80,509)
14,692
(26,581)
(59,570)
(212,561)
63
66,931
(18,041)
(7,392)
168
52,520
69,206
(219,340)
12,748
(17,117)
7,456
11,331
393
60,066
(23,150)
(682)
(140,393)
14,834
(155,389)
79,874
61,667
(2,151)
15
(19,163)
(183,701)
(317)
(225,455)
33,953
118,938
(137,059)
(407)
164,478
56,852
108,852
(117,644)
24,438
(2,959)
(95,496)
36,190
(494,087)
13,706
9,327
(11,166)
(250,146)
(720,941)
(255,165)
11,454
(84,958)
785,759
67,917
(122,878)
(132,129)
178,788
473,096
1,050
534,399
41,526
(71,849)
44,793
(34,463)
(923,481)
(94,293)
(26,863)
(168)
122,172
(463,328)
59,238
86,629
(37,184)
39,748
144,924
7,791
45,189
46,436
98,556
(425)
193,650
(14,832)
602,410
(63,710)
(60,656)
(678,444)
(50,222)
De La Rue Plc
Debenhams Plc
Derwent London Plc (Reit)
Devro Plc
Diageo Plc
Diageo Plc
Dialight Plc
Diploma Plc
Direct Line Insurance Group Plc
Direct Line Insurance Group Plc
Dixons Retail Plc
Domino Printing Sciences Plc
Domino's Pizza Group Plc
Domino's Pizza Group Plc
Dragon Oil Plc
Drax Group Plc
Drax Group Plc
DS Smith Plc
Dunelm Group Plc
easyJet Plc
easyJet Plc
Electrocomponents Plc
Electrocomponents Plc
Elementis Plc
Elementis Plc
Enterprise Inns Plc
Entertainment One Ltd
Essar Energy Plc
Essentra Plc
Essentra Plc
Evraz Plc
Experian Plc
F&C Asset Management Plc
Fenner Plc
Fenner Plc
Ferrexpo Plc
Fidessa Group Plc
Firstgroup Plc
Foxtons Group Plc
Foxtons Group Plc
Fresnillo Plc
Fresnillo Plc
G4S Plc
Galliford Try Plc
Genel Energy Plc
Genus Plc
GKN Plc
GKN Plc
GlaxoSmithKline Plc
Go-Ahead Group Plc
Grafton Group Plc
Grainger Plc
Great Portland Estates Plc (Reit)
Greencore Group Plc
Greene King Plc
Greggs Plc
Halfords Group Plc
Halfords Group Plc
Halma Plc
Halma Plc
Hammerson Plc (Reit)
Hargreaves Lansdown Plc
Hays Plc
Henderson Group Plc
Heritage Oil Plc
(1,682,921)
93,556
1,798,528
(7,593)
352
(449,599)
(2,070,610)
(2,674)
(633,721)
95,437
73,894
(1,150,328)
(2,661)
1,075,332
389,097
907,707
(981,022)
90,259
(31,976)
(1,633,943)
619,213
(1,744,165)
48,383
29,117
(34,858)
(417,189)
(2,095,711)
(250,924)
112,842
(836,989)
1,008,565
926,390
(138,387)
(706,936)
956,578
1,029,306
26,816
734,697
141,604
(245,006)
451,485
(347,365)
(2,897,372)
(1,235,211)
(343,834)
(2,503)
554,205
(2,101,781)
1,150,642
1,695,461
(277,705)
95,260
1,018,836
17,952
472,593
247,519
581,469
(2,507)
1,376,500
(105,429)
3,719,661
(933,264)
(89,872)
(1,744,899)
(98,141)
72,949
812
(21,283)
193
(10)
9,088
337,890
(5)
(3,383)
4,283
6,776
(72,294)
142
(56,773)
(2,749)
23,643
(6,463)
2,292
(760)
(62,454)
66,389
(92,728)
258
1,007
(154)
4,279
(174,422)
111,918
9,369
(22,961)
(131,234)
(15,437)
1,811
6,503
25,055
17,492
1,752
(17,716)
(6,179)
24,436
(38,180)
45,986
(66,453)
(5,432)
(8,737)
5
20,351
(198,259)
(9,539)
(1,969)
11,608
(1,310)
30,613
403
32,299
10,645
18,895
(45)
85,649
(330)
38,818
(149,984)
698
(11,520)
7,501

Holding
Description
Unrealised
appreciation/
EUR
EUR
Holding

355,014
(105,596)
(62,502)
53,259
361,545
(284,927)
(154,259)
863,584
(331,644)
139,342
17,707
(217,726)
33,036
(13,242)
73,951
(220)
66,949
(22,846)
(4,432)
261,342
15,338
(277,530)
(29,671)
(105)
(181,195)
232,917
(91,434)
37,241
(272,780)
(104,778)
(230,909)
16,558
(5,301,122)
418,009
(329,285)
37,930
(20,560)
(110,935)
60,680
(297,472)
(203,228)
113,452
(203,778)
54,137
(34,271)
(36,799)
(5,134)
(7,546)
1,336
(11,718)
(906,106)
(41,332)
142,866
(74,293)
41,016
(283,215)
(170)
(180,823)
(358,387)
(249,633)
409,395
(205,956)
43,904
(18,473)
Highland Gold Mining Ltd

Hikma Pharmaceuticals Plc
Hiscox Ltd
Hiscox Ltd
Homeserve Plc
Howden Joinery Group Plc
HSBC Holdings Plc
HSBC Holdings Plc
Hunting Plc
Hunting Plc
ICAP Plc
ICAP Plc
IG Group Holdings Plc
IGAS Energy Plc
Imagination Technologies Group Plc
Imagination Technologies Group Plc
Imperial Tobacco Group Plc
Inchcape Plc
Informa Plc
Inmarsat Plc
InterContinental Hotels Group Plc
Intermediate Capital Group Plc
International Consolidated
Airlines Group SA
International Consolidated
Airlines Group SA
International Personal Finance Plc
International Personal Finance Plc
Interserve Plc
Intertek Group Plc
Intu Properties Plc (Reit)
Investec Plc
IQE Plc
ITE Group Plc
ITV Plc
John Wood Group Plc
Johnson Matthey Plc
Jupiter Fund Management Plc
Jupiter Fund Management Plc
Kazakhmys Plc
Kcom Group Plc
Keller Group Plc
Kenmare Resources Plc
Kentz Corp Ltd
Kentz Corp Ltd
Kier Group Plc
Kingfisher Plc
Lancashire Holdings Ltd
Land Securities Group Plc (Reit)
Lavendon Group Plc
London Mining Plc
Majestic Wine Plc
Man Group Plc
Man Group Plc
Marks & Spencer Group Plc
Marston's Plc
McBride Plc
Mears Group Plc
Meggitt Plc
Melrose Industries Plc
Melrose Industries Plc
Michael Page International Plc
Micro Focus International Plc
Millennium & Copthorne Hotels Plc
Description
Unrealised
appreciation/
EUR
EUR

250,432
(1,527,817)
(510,317)
434,849
832,622
(656,174)
(476,941)
3,343,001
(2,738,470)
1,150,583
169,875
(2,088,786)
164,775
(66,048)
518,998
(288)
198,152
(67,618)
(123,566)
1,871,787
102,856
(2,332,944)
(679,391)
(539)
(186,375)
2,820
(2,982)
9,635
44,905
(33,687)
(1,681)
111,966
(85,705)
2,472
(4,329)
20,526
14,913
(7,467)
3,216
4
(1,209)
1,930
4,693
(28,116)
781
(12,271)
(14,535)
24
(799,323)
(63,577)
1,027,489
(655,968)
267,175
(2,146,951)
(3,837,133)
(895,530)
86,325
(1,628,636)
1,546,122
(753,885)
360,244
(787,747)
(519,881)
284,368
(842,222)
(241,516)
1,437,148
(48,999)
385,791
(244,222)
(785,606)
(23,080)
(71,170)
15,328
(25,255)
(1,245,723)
(286,848)
153,031
(79,579)
241,021
(507,707)
(970,506)
(2,151,158)
(883,322)
1,448,637
(1,173,157)
428,580
(130,533)
4,246
14,726
12,617
(191,343)
238,108
(4,385)
2,386
(123,566)
108,597
(17,118)
(5,730)
14,779
8,816
(4,203)
2,297
(19,460)
21,796
12,118
33,427
(10,198)
(66,947)
1,240
1,218
15,328
(105)
(91,582)
(12,868)
9,214
(1,020)
(7,432)
3,832
(59,179)
210,402
13,206
(29,221)
9,876
(9,534)
(7,431)
(16)
(129,636)
72,010
253,239
(919,772)
288,755
116,277
(282,727)
(158,246)
118,512
96,033
(292,091)
(140)
356,197
(137,743)
781,797
(133,431)
264,329
(19,890)
(304,028)
287,441
106,670
(241,383)
942,037
194
(190,464)
(1,439)
20,657
(280,369)
39,940
26,254
(451)
52,970
31
(529,410)
(351,281)
227,066
(56,096)
(156)
(1,273)
5,761
443,315
(2,973,677)
1,385,567
4,934
(194)
57,436
115,956
(19,733)
(1,057,499)
3,152
(188,877)
158,560
23,575
77,499
(10,307)
30,197
5,147,014
27,330
(45,306)
(26,695)
80,561
(225,679)
(6,020)
(35,880)
(2,575)
Mitchells & Butlers Plc

Mitie Group Plc
Mondi Plc
Moneysupermarket.com Group Plc
Monitise Plc
Monitise Plc
Morgan Sindall Group Plc
Mothercare Plc
Nanoco Group Plc
National Express Group Plc
National Grid Plc
National Grid Plc
Next Plc
Northgate Plc
Ocado Group Plc
Old Mutual Plc
Ophir Energy Plc
Optimal Payments Plc
Oxford Instruments Plc
Pace Plc
Pace Plc
Paragon Group of Cos Plc
Pearson Plc
Pendragon Plc
Pennon Group Plc
Pennon Group Plc
Perform Group Plc
Persimmon Plc
Petroceltic International Plc
Petrofac Ltd
Playtech Plc
Polymetal International Plc
Polymetal International Plc
Polyus Gold International Ltd
Premier Farnell Plc
Premier Foods Plc
Premier Oil Plc
Primary Health Properties Plc (Reit)
Providence Resources Plc
Provident Financial Plc
PZ Cussons Plc
QinetiQ Group Plc
Quindell Portfolio Plc
Quintain Estates & Development Plc
Randgold Resources Ltd
Reckitt Benckiser Group Plc
Redrow Plc
Regus Plc
Renishaw Plc
Rentokil Initial Plc
Resolution Ltd
Resolution Ltd
Restaurant Group Plc/The
Rexam Plc
Rightmove Plc
Rio Tinto Plc
Rio Tinto Plc
Rolls Royce Holdings -RightsRolls-Royce Holdings Plc
Rolls-Royce Holdings Plc
Rotork Plc
Rotork Plc
Royal Dutch Shell Plc 'B'
RPS Group Plc
RSA Insurance Group Plc
(79)
(483,308)
875,869
554,312
(598,406)
187,865
1,064,561
(1,304,418)
(277,410)
373,959
896,515
(2,726,813)
(9,279)
1,773,836
(676,441)
1,882,111
(541,515)
1,048,946
(360,380)
(1,157,057)
1,093,931
442,898
(3,924,300)
404,372
1,513
(1,485,350)
(7,563)
287,715
(498,229)
606,646
219,875
(2,919)
342,812
71
(1,415,628)
(513,524)
846,546
(224,965)
(476)
(24,487)
27,337
1,160,395
(602,524)
1,559,681
256,818
(11,461)
194,961
276,787
(439,278)
(1,347,658)
13,008
(779,463)
1,101,372
143,020
2,381,156
(407,036)
1,192,517
6,180
408,222
(676,726)
(909,660)
2,745,201
(885,544)
(155,371)
(133,638)
(3,299)
(4)
(731)
(51,667)
19,831
(34,606)
504
(51,240)
(54,394)
8,156
8,317
4,008
(164,782)
(1)
(35,267)
(7,134)
22,047
33,903
131,913
(15,623)
(119,695)
138,836
21,987
(225,060)
(25,778)
16
52,953
1,405
(9,245)
13,122
43,223
749
623
(30,060)
(6)
13,632
61,583
(15,092)
1,852
86
(98)
1,090
124,024
(10,313)
164,646
(17,576)
(86)
14,445
23,390
(11,881)
10,023
980
11,583
73,862
4,597
168,170
(6,709)
26,963
6,180
27,811
(15,066)
10,575
66,457
4,657
(999)
(18,180)
(3,299)
101

Holding
Unrealised
appreciation/
EUR
EUR
Description
Holding

31,274
(50,951)
(6,944)
2,010
27,060
(116,071)
(504,557)
463,550
4,556
115,887
(90,047)
(830,992)
(25,357)
235,183
(3,888)
476,213
(49,176)
1,234,159
(3,947)
77,720
(520,420)
(2,453)
(184,044)
31,037
(180)
284,975
(583)
638,141
15,863
(154,565)
297,612
(13,435)
(259,265)
58,441
187,362
2,413
(5,265)
SABMiller Plc
SABMiller Plc
Sage Group Plc /The
Salamander Energy Plc
Schroders Plc
SDL Plc
Segro Plc (Reit)
Serco Group Plc
Shaftesbury Plc (Reit)
Shire Plc
SIG Plc
Sirius Minerals Plc
Smith & Nephew Plc
Smith & Nephew Plc
Smiths Group Plc
Smiths News Plc
Spectris Plc
Speedy Hire Plc
Spirent Communications Plc
Spirit Pub Co Plc
SSE Plc
St James's Place Plc
St James's Place Plc
Stagecoach Group Plc
Stagecoach Group Plc
Standard Chartered Plc
Standard Chartered Plc
Standard Life Plc
SuperGroup
Synthomer Plc
TalkTalk Telecom Group Plc
Tate & Lyle Plc
Taylor Wimpey Plc
Ted Baker Plc
Description
Unrealised
appreciation/
EUR
EUR

1,189,237
(1,937,482)
(29,132)
2,496
808,704
(380,821)
(2,034,966)
2,541,379
33,844
3,858,526
(231,917)
(70,343)
(248,290)
2,302,856
(64,377)
1,252,225
(1,447,216)
784,602
(139,522)
2,747,309
(679,236)
(2,121)
(1,638,588)
496,760
(1,380)
2,184,764
(2,573)
2,815,859
279,131
(2,719,780)
1,259,997
(195,178)
(729,067)
190,443
1,761,490
3,091
(127,193)
(16,544)
30,673
(30)
23
(28,227)
54,353
(102,459)
148,754
1,111
239,823
(3,448)
26,126
(7,052)
123,533
2,391
128,520
(67,661)
(62,557)
(710)
(28,520)
7,346
164
(68,061)
(36,816)
(51)
21,473
(145)
290,590
2,703
25,426
29,777
(12,455)
12,141
(2,648)
10,757
87
(14,463)
215,333
(764,137)
399,544
(1,270)
(4,305)
294,489
(230,036)
800,014
(6,612)
5
179,324
(42,189)
(68,743)
54,391
(41,067)
5,858
188,432
86,872
(367,823)
43,818
(10,352)
5,273
(18,690)
(13,273)
287,820
(846,229)
669,383
28,434
(19,841)
717
153,332
1,080,052
Telecity Group Plc

Tesco Plc
Travis Perkins Plc
Trinity Mirror Plc
TT electronics Plc
TUI Travel Plc
Tullett Prebon Plc
Tullett Prebon Plc
Tullow Oil Plc
Tullow Oil Plc
Tyman Plc
UBM Plc
Ultra Electronics Holdings Plc
Unite Group
United Utilities Group Plc
Vedanta Resources Plc
Vesuvius Plc
Victrex Plc
Vodafone Group Plc
Weir Group Plc/The
Weir Group Plc/The
Whitbread Plc
William Hill Plc
Wolseley Plc
Wolseley Plc
WS Atkins Plc
Xaar Plc
Xchanging Plc
Total market value

(EUR underlying exposure EUR 1,012,023,499)
1,817,619
(3,198,420)
846,732
(2,691)
(93,094)
639,123
(546,528)
3,549,351
(26,469)
20
1,877,551
(441,726)
(192,723)
445,725
(910,252)
27,882
1,495,523
928,339
(2,167,606)
854,428
(28,464)
136,377
(483,384)
(570,066)
1,326,364
(2,696,657)
2,133,106
1,133,136
(790,693)
11,571
1,859,478
1,974,417
(132,480)
102,019
155,595
(549)
1,244
139,596
(49,809)
2,289
(1,795)
(1)
(145,401)
51,779
(8,188)
(12,259)
10,305
(256)
(30,439)
(187,601)
(156,804)
24,615
446
(89)
34,711
(29,744)
(160)
139,951
(64,553)
19,018
(28,647)
113
286,758
248,322
(1,686,969)
788,903
1,736,298
3,896,656
* 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.

Purchases
CHF 177,431
EUR 484
EUR 437,886
EUR 967,637
GBP 8,114,911
SEK 347,636,942
USD 2,596,891
Sales
EUR 143,999
CHF 596
GBP 368,026
SEK 8,642,641
EUR 9,633,751
EUR 38,957,593
EUR 1,939,720

Sector Breakdown
Unrealised
appreciation/
(depreciation)
EUR
Value Date
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
301
(1)
(3,977)
(3,045)
109,251
86,535
(30,157)
158,907

102
% of net
assets*
Financial
Funds
Government
Other Net Assets
77.65
6.95
3.21
12.19
100.00

Holding
Description
Market Value
(EUR)

Holding
COMMON / PREFERRED STOCKS (SHARES)

KBC Groep NV
Kinepolis Group NV
Melexis NV
16,662
1,096,508
1,680,453
831,972
872,029
1.94
2.98
1.47
1.54
4,480,962
7.93
1,964,309
843,673
1,329,538
458,702
719,838
602,461
3.48
1.49
2.35
0.81
1.27
1.07
5,918,521
10.47
546,370
480,751
0.97
0.85
713,013
1.26
114,952
0.20
1,855,086
3.28
Algeta ASA
GN Store Nord A/S

Matas A/S
Novozymes A/S 'B'
Pandora A/S
Royal UNIBREW
France
16,607
11,786
3,703
597
Alten SA
Legrand SA
Unibail-Rodamco SE (traded in France)
(Reit)
Unibail-Rodamco SE (traded in
Netherlands) (Reit)
Germany
6,857
8,871
7,463
31,331
4,857
Bayer AG
Continental AG
Sartorius AG -PrefSHW AG
Volkswagen AG
671,574
1,359,481
611,220
1,322,168
922,587
1.19
2.41
1.08
2.34
1.63
4,887,030
8.65
Irish Continental Group Plc

Kingspan Group Plc
Atlantia SpA
Azimut Holding SpA
Banca Generali SpA
Ei Towers SpA
Telecom Italia SpA
1.25
1.25
Assa Abloy AB 'B'

Hexagon AB 'B'
Nordea Bank AB
1,098,214
1,182,495
1,456,045
1.94
2.09
2.58
3,736,754
6.61
1,883,661
651,517
621,436
527,475
1,038,123
1,969,174
1,748,348
1,296,617
1,498,872
3.33
1.15
1.10
0.93
1.84
3.49
3.09
2.30
2.65
11,235,223
19.88
221,412
892,954
0.39
1.58
Switzerland
30,399
11,413
3,897
1,724
22,575
33,868
8,525
18,202
106,176
Actelion Ltd
Adecco SA
Bossard Holding 'BR'
Burckhardt Compression Holding AG
Novartis AG
Roche Holding AG
U-Blox AG
UBS AG
United Kingdom
52,010
128,555
Merlin Entertainments Plc'144A'

Restaurant Group Plc
1,114,366
1.97
Total Common / Preferred Stocks (Shares)
47,760,402
84.52

47,760,402
84,52
957,242
656,468
5,092,202
9.01
1.70
1.16
1,613,710
2.86
501,838
1,293,482
1,171,896
1,765,457
605,538
0.89
2.29
2.07
3.13
1.07
5,338,211
9.45
Ireland
5,092,202
Italy
30,213
68,402
56,018
52,403
846,314
705,428
705,428
FUNDS
Ireland
39,151
51,087
Sweden
29,455
51,854
154,028
Denmark
111,504
45,436
10,140
16,063
18,919
5,905
Market Value
(EUR)
Norway
Belgium
14,558
39,911
7,502
37,362
Description

Liquidity Fund 1
Total Funds
Other Net Assets
5,092,202
9.01
5,092,202
9.01
52,852,604
93.53
3,656,378
6.47
56,508,982
100.00
Jersey
14,999
WANdisco Plc
265,098
0.47
265,098
0.47
1,180,512
379,501
1,579,544
1,528,523
1,077,879
864,054
2.09
0.67
2.80
2.70
1.91
1.53
6,610,013
11.70
Netherlands
17,094
23,014
164,553
41,429
68,350
27,439
ASML Holding NV
Beter Bed Holding NV
ING Groep NV - CVA
Reed Elsevier NV
Ziggo NV
103
BlackRock European Opportunities Extension Fund continued

Holding
Description
Unrealised
appreciation/
EUR
EUR
Holding
Belgium
(5,775) Barco NV
(11,261) Umicore SA
Description
Unrealised
appreciation/
EUR
EUR
Ireland
(323,400)
(371,500)
(2,599)
2,972
(694,900)
373
337,368
2,074,813
115,796
2,074,813
115,796
(166,223)
(444,682)
(293,256)
(394,886)
26,935
(14,739)
(52,421)
(29,255)
(1,299,047)
(69,480)
(210,507)
(226,594)
(448,292)
(15,830)
12,572
4,018
12,414
(885,393)
13,174
(390,380)
(308,685)
(6,611)
(4,609)
(699,065)
(11,220)
Italy
Denmark
(31,609)
(7,216)
(12,403)
(13,747)
Bang & Olufsen A/S

FLSmidth & Co A/S 'C'
H Lundbeck A/S 'C'
SimCorp A/SSimCorp A/SSimCorp A/S
(202,988)
(278,137)
(199,541)
(344,646)
16,597
(4,256)
(3,368)
(16,904)
(1,025,312)
(7,931)
(890,323)
(75,755)
(115,546)
(3,144)
Banca Monte dei Paschi di Siena SpA

Fiat SpA
Geox SpA
Tod's SpA
Netherlands
Finland
(25,934)
(511,713)
(23,845)
(23,881)
Neste Oil OYJ

Outokumpu OYJ
Outotec OYJ
Stockmann OYJ Abp 'B'
(365,151)
(197,009)
(179,076)
(270,094)
13,509
(1,324)
23,660
4,933
(1,011,330)
40,778
(27,808)
(5,050)
(10,214)
(13,642)
BinckBank NV
Fugro NV
SNS REAAL NV
Norway
France
(32,153)
(2,708)
27,839
(2,857)
(8,463)
(6,555)
(9,804)
(89,514)
(4,568)
(13,655)
(8,512)
(26,311)
39,271
Air France KLM 'C'

Air Liquide SA
Cap Gemini SA
Dassault Systemes SA
Delticom AG
Nexans SA
Nutreco NV
Nyrstar NV
Sodexo
Suedzucker AG
Vallourec SA
Vinci SA
(246,839)
(278,112)
1,340,030
(241,045)
(294,005)
(217,298)
(345,591)
(199,616)
(337,118)
(252,481)
(356,780)
(314,680)
1,864,784
(12,155)
(4,447)
61,087
13,802
15,684
(7,201)
10,947
20,201
(9,781)
35,296
2,692
4,180
69,193
121,249
199,498
(389,065)
(294,505)
(408,826)
(8,643)
4,143
(12,084)
(228,241)
(318,980)
1,643,502
(275,229)
(245,108)
232,476
797,305
626,843
515,790
(225,633)
939,848
524,702
(199,932)
(326,051)
(204,474)
(334,346)
(189,195)
(14,106)
(4,805)
134,935
(5,620)
(9,706)
17,214
10,391
89,836
(3,905)
7,496
70,109
15,396
(12,197)
34,523
30,189
(3,275)
1,246
1,640,881
341,137
Germany
(20,728)
(12,429)
(11,471)
(33,644)
(10,328)
65,374
(4,770)
(3,768)
1,976
52,437
55,522
4,168
(3,262)
96,099
28,014
(7,081)
(220,305)
(11,497)
(17,261)
(28,175)
104
Bauer AG
Carl Zeiss Meditec AG
Deutsche Bank AG
Distribuidora Internacional de
Alimentacion SA
Gerry Weber International AG
Grifols SA
HeidelbergCement AG
Hochtief AG
Inditex SA
JUMBO SA
L'Oreal SA
MTU Aero Engines AG
OPAP SA
Rexel SA
Software AG
SOITEC
ThromboGenics NV
ThyssenKrupp AG
TNT Express NV
(14,118) Norwegian Air Shuttle AS

(9,604) Yara International ASA
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)
(168,396)
(294,683)
(355,408)
(3,073)
(2,893)
4,037
(818,487)
(1,929)
(288,871)
(267,972)
659,447
1,377,434
(261,696)
(216,351)
351,235
1,147,991
(196,885)
253,949
1,025,970
(404,020)
928,230
1,977,516
1,028,304
(508,959)
826,100
(261,072)
(169,198)
(2,355)
(9,859)
4,123
79,808
292,070
(8,723)
14,697
26,051
143,096
(5,579)
13,523
82,253
(53,728)
(47,635)
(26,898)
58,867
(3,600)
76,353
12,271
6,100
(2,355)
Switzerland
(511) Kaba Holding AG
(2,561) Sulzer AG
(1,227) Syngenta AG
United Kingdom
(60,815)
(51,483)
165,826
205,589
(78,541)
(67,918)
31,590
104,407
(71,761)
30,786
121,633
(23,613)
68,022
70,898
449,397
(103,954)
21,561
(123,541)
(129,280)
(1,961,487)
Ashmore Group Plc

BAE Systems Plc
BTG Plc
Cape Plc
Cobham Plc
Compass Group Plc
Daily Mail & General Trust Plc
Dart Group Plc
Dechra Pharmaceuticals Plc
Diploma Plc
easyJet Plc
Experian Plc
Imperial Tobacco Group Plc
ITV Plc
J Sainsbury Plc
Johnson Matthey Plc
Ladbrokes Plc
Mcbride Plc
McBride Plc
BlackRock European Opportunities Extension Fund continued

Holding
Unrealised
appreciation/
EUR
EUR
Description
352,020
(254,783)
(76,052)
175,998
30,181
210,346
348,705
(76,450)
(139,725)
Holding
Description
Unrealised
appreciation/
EUR
EUR
United States
National Express Group Plc

New World Resources Plc 'A'
Partnership Assurance Group Plc
SIG Plc
Vodafone Group Plc
Wolfson Microelectronics Plc 'C'
1,110,784
(233,264)
(281,984)
453,286
1,066,862
1,872,533
956,670
(243,529)
(247,358)
22,717
9,751
55,158
36,833
5,386
170,696
51,914
12,720
(2,803)
11,452,797
1,013,207
(78,742) Turkiye Garanti Bankasi AS
Total market value

(219,183)
13
(219,183)
13
8,029,632
1,614,209
Deutsche Bank and JP Morgan are the counterparties to these Contracts for Difference.

Purchases
EUR 3,786,410
EUR 4,179,744
EUR 253,905
GBP 12,989,767
NOK 1,146,304
Sales
CHF 4,666,807
DKK 31,171,152
SEK 2,280,567
EUR 15,479,690
EUR 137,362
Unrealised
appreciation/
(depreciation)
Value Date
EUR
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013

(8,966)
112
(2,232)
116,208
580
105,702

in the Statements of Net Assets (see note 2(d)).
State Street Bank London is the counterparty to these Open Forward Foreign
Sector Breakdown
% of net
assets*
Financial
Industrial
Communications
Consumer, Cyclical
Funds
Technology
Basic Materials
Other Net Assets
19.75
18.67
13.55
13.42
13.25
9.01
5.07
0.81
6.47
100.00
105

Holding
Description
Market Value
(EUR)

Holding
Australia
USD 597,000
AUD 800,000
Australia Government Bond 4.50%

21/4/2033
CNOOC Curtis Funding No 1 Ltd
4.50% 3/10/2023
Holcim Finance Australia Pty Ltd
7.00% 27/3/2015
1,991,128
1.11
443,468
0.24
555,545
0.31
2,990,141
1.66
EUR 400,000
EUR 450,000
EUR 270,000
EUR 900,000
EUR 1,500,000
Austria
EUR 400,000
EUR 300,000
EUR 400,000
BAWAG PSK Bank fuer Arbeit und

Wirtschaft und Oesterreichische
Postsparkasse AG 8.125%
30/10/2023
Kommunalkredit Austria AG 1.625%
25/9/2018
UNIQA Insurance Group AG FRN
31/7/2043
EUR 937,000
417,300
0.23
EUR 1,760,000
305,826
0.17
EUR 2,782,982
431,106
0.24
1,154,232
0.64
EUR 196,000
EUR 10,000,000
Belgium Government Bond 2.25%

22/6/2023
UCB SA 4.125% 4/1/2021
EUR 300,000
4,114,767
972,620
2.29
0.54
5,087,387
2.83
EUR 400,000
EUR 400,000
EUR 791,216
British Virgin Islands

USD 405,000
CNPC General Capital Ltd 3.40%

16/4/2023
EUR 100,000
278,680
0.16
278,680
0.16
EUR 880,000
GBP 210,689
GBP 446,964
China Resources Land Ltd 4.625%

19/5/2016
IPIC GMTN Ltd 2.375% 30/5/2018
7.369% 30/6/2022
Punch Taverns Finance B Ltd FRN
30/6/2033
USD 454,000
153,361
901,938
0.09
0.50
261,829
0.15
512,523
0.28
1,829,651
1.02
Croatia Government International

Bond 6.00% 26/1/2024
Nordea Kredit Realkredit 3.00%

1/10/2044
EUR 535,000
EUR 1,010,000
EUR 900,000
360,081
0.20
360,081
0.20
EUR 190,761
EUR 500,000
Denmark
DKK 14,155
1,823
0.00
1,823
0.00
EUR 1,135,000
EUR 180,000
EUR 244,000
France
EUR 600,000
EUR 500,000
EUR 1,000,000
EUR 263,611
EUR 690,000
106
0.22
0.26
0.16
900,810
0.50
1,496,910
0.83
6,644,369
3.70
720,839
0.40
2,962,207
1.65
1,714,346
0.95
2,920,948
199,480
1.63
0.11
9,998,500
5.56
300,200
406,360
402,626
0.17
0.23
0.22
792,513
0.44
101,780
0.06
20,519,799
11.42
331,083
0.18
331,083
0.18
107,203
537,737
0.06
0.30
1,015,626
0.57
910,651
0.51
187,975
0.10
493,575
1,148,342
0.27
0.64
180,427
0.10
BPCE SA 1.75% 14/3/2016

Caisse Francaise de Financement
Local 3.00% 2/10/2028
Dexia Credit Local SA 1.625%
29/10/2018
FCT Copernic 2012-1 'A1' FRN
25/9/2029
GDF Suez 1.50% 1/2/2016
244,616
0.14
319,112
0.18
231,602
0.13
115,436
0.06
148,220
0.08

Bundesrepublik Deutschland
4.75% 4/7/2034
2.50% 4/7/2044
Bundesobligation Inflation
Linked Bond 0.75% 15/4/2018
Daimler AG 1.75% 21/5/2015
German Treasury Bill 0.00%
Red & Black Auto Germany 2 'A'
FRN 15/9/2022
RWE AG FRN (Perpetual)
SAP AG 1.00% 13/11/2015
SC Germany auto 2013-2 UG A'
FRN 12/3/2023
Trionista Holdco GmbH 5.00%
30/4/2020
Hungary Government International

Bond 5.75% 22/11/2023
Ireland
EUR 100,000
Croatia
USD 500,000
400,764
462,019
281,129
Imerys SA 2.50% 26/11/2020

Kering 8.625% 3/4/2014
Kering 3.75% 8/4/2015
Master Credit Cards Pass
Compartment France 2013-1
'A' FRN 25/10/2025
Societe Generale SFH 1.625%
5/1/2021
Hungary
Cayman Islands
USD 200,000
Germany
EUR 700,000
EUR 2,195,000
Belgium
EUR 4,150,000
Market Value
(EUR)
France continued
BONDS
AUD 3,105,000
Description
610,788
0.34
EUR 318,000
508,875
0.28
EUR 229,434
1,015,225
0.57
EUR 114,470
264,818
703,031
0.15
0.39
EUR 144,643
Ardagh Packaging Finance Plc

7.375% 15/10/2017
Bank of Ireland 2.75% 5/6/2016
1.875% 13/5/2017
Caterpillar International Finance
Ltd 1.375% 18/5/2015
Cornerstone Titan 2007-1 Plc 'A1'
FRN 23/1/2017
Epic Value Retail Ltd 'C' FRN
26/7/2019
ESB Finance Ltd 3.494% 12/1/2024
German Residential Funding
2013-2 Ltd 'A' FRN 27/11/2024
2013-2 Ltd 'B' FRN 27/11/2024
2013-2 Ltd 'E' FRN 27/11/2024
Plc 'A' FRN 27/8/2024
Plc 'B' FRN 27/8/2024
Plc 'D' FRN 27/8/2024
BlackRock Fixed Income Strategies Fund continued

Holding
Description
Market Value
(EUR)

Holding
Ireland continued
EUR 144,643
EUR 400,000
EUR 895,000
EUR 325,000
EUR 1,093,111
EUR 567,012
USD 1,100,000
EUR 932,755
GBP 1,134,617
EUR 294,615
German Residential Funding Plc 'E'

FRN 27/8/2024
Ireland Government Bond 4.50%
18/4/2020
20/3/2023
13/3/2025
Opera Germany No 2 Plc 'A' FRN
20/10/2014
SCF Rahoituspalvelut Ltd
2013-1 'A' 0.802% 25/5/2021
Sibur Securities Ltd 3.914%
31/1/2018
Talisman-6 Finance Plc 'A' FRN
22/10/2016
Titan Europe 2007-1 Nhp Ltd 'A'
FRN 20/1/2017
Titan Europe 2007-2 Ltd 'A1' FRN
23/4/2017
GBP 575,000
148,052
0.08
435,450
0.24
EUR 275,000
EUR 300,000
EUR 1,500,000
EUR 1,300,000
EUR 768,310
EUR 100,000
EUR 1,500,000
EUR 1,550,000
EUR 1,803,499
EUR 7,112,817
EUR 3,551,919
EUR 3,850,000
EUR 3,683,000
EUR 360,000
EUR 1,050,000
EUR 2,080,000
EUR 703,000
EUR 100,000
EUR 140,000
EUR 800,000
EUR 310,000
756,930
0.42
756,930
0.42
923,515
0.51
193,995
179,872
446,112
541,452
413,568
105,663
0.11
0.10
0.25
0.30
0.23
0.06
367,981
0.20
1,075,085
0.60
567,380
0.32
600,120
0.33
EUR 100,000
788,632
105,060
0.06
0.44
EUR 188,610
876,790
189,253
0.10
0.49
EUR 592,134
1,249,949
592,186
0.33
3,367,281
0.70
292,515
0.16
1.87
12,365,871
6.88
AA Bond Co Ltd 9.50% 31/7/2019
Luxembourg
USD 242,000
EUR 178,779
EUR 443,630
EUR 541,477
EUR 415,000
EUR 100,000
EUR 600,000
ArcelorMittal 6.125% 1/6/2018

Bumper 2 SA 'A' FRN 23/2/2023
E-CARAT SA 'A' FRN 18/7/2020
ECAR 2013-1 'A' 0.852% 18/11/2020
ECAR 2013-1 'B' 1.478% 18/11/2020
Ontex IV SA 7.50% 15/4/2018
Red & Black Auto Lease Germany 1
SA 'A' 0.911% 15/4/2024
7.75% 15/6/2018
Volkswagen Car Lease '15B' FRN
21/1/2018
Volkswagen Car Lease '16A' FRN
21/7/2018
Mexico
Italy
AUTO ABS 2012-2 Srl 'A' 2.80%
27/4/2025
Banca Carige SpA 3.875%
24/10/2018
SpA 3.125% 30/6/2015
SpA 4.875% 15/9/2016
Banca Popolare dell'Emilia Romagna
SC 3.375% 22/10/2018
Berica PMI Srl 1 'A1X' 2.63%
31/5/2057
Eni SpA 5.875% 20/1/2014
24/9/2018
28/1/2019
2.15% 15/9/2014
2.55% 22/10/2016
2.25% 22/4/2017
4.75% 1/5/2017
2.15% 12/11/2017
5.50% 1/11/2022
4.50% 1/3/2024
'144A' 4.75% 1/9/2044
Telecom Italia SpA 4.50% 20/9/2017
Telecom Italia SpA 5.375%
29/1/2019
Unione Di Banche Italian SCPA
3.125% 14/10/2020
Market Value
(EUR)
Jersey
EUR 390,000
EUR 386,539
Description
390,848
0.22
275,697
0.15
304,762
0.17
EUR 200,000
EUR 670,000
EUR 250,000
1,583,182
0.88
EUR 130,535
1,321,593
0.74
EUR 192,670
781,029
100,711
0.43
0.06
EUR 120,548
America Movil SAB de CV FRN

6/9/2073
410,418
0.23
410,418
0.23
200,738
678,375
0.11
0.38
259,423
0.14
130,886
0.07
197,626
0.11
121,069
777,759
0.07
0.43
726,975
0.40
176,089
0.10
314,509
0.18
521,307
0.29
103,968
0.06
27,051
0.02
Netherlands
1,532,257
0.85
EUR 778,000
EUR 705,000
1,572,498
0.87
EUR 175,000
1,828,928
1.02
EUR 300,000
7,287,615
4.05
3,595,963
2.00
4,190,532
2.33
3,707,860
2.06
406,800
0.23
1,093,444
0.61
2,039,648
732,333
1.13
0.41
105,235
136,740
823,032
0.06
0.08
0.46
317,840
0.18
34,128,547
18.99
EUR 500,000
EUR 100,000
EUR 26,960
EUR 200,000
ABN Amro Bank NV FRN 1/8/2014

Alliander NV FRN (Perpetual)
BASF Finance Europe NV 5.00%
26/9/2014
Bumper 4 NL Finance BV 2011-4 'A'
FRN 20/5/2026
E-MAC DE 2009-I BV 'A1' FRN
25/11/2053
Highway BV 2012-1 'A' FRN
26/3/2024
ING Bank NV 3.50% 21/11/2023
Louis Dreyfus Commodities BV
3.875% 30/7/2018
Nederlandse Gasunie NV 0.875%
30/10/2015
Repsol International Finance BV
3.625% 7/10/2021
Roche Finance Europe BV 2.00%
25/6/2018
Schaeffler Finance BV 4.25%
15/5/2018
Storm 2010-1 BV 'A1' FRN
22/3/2052
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
812,480
0.45
Portugal
EUR 800,000
EUR 8,000,000

25/1/2019
Portugal Obrigacoes do Tesouro
'144A' 3.60% 15/10/2014
8,058,200
4.49
8,870,680
4.94
107

Holding
Description
Market Value
(EUR)

Holding
Slovakia
EUR 700,000
Granvia 4.781% 30/9/2039
EUR 2,000,000
USD 320,000
Slovenia Government Bond

4.375% 2/4/2014
2.75% 17/3/2015
4.75% 10/5/2018
700,000
0.39
700,000
0.39
1,850,810
1.03
2,008,250
1.12
238,089
0.13
4,097,149
2.28
South Korea
USD 200,000
Korea Finance Corp 4.625%

16/11/2021
GBP 291,270
GBP 325,000
EUR 400,000
EUR 700,000
EUR 200,000
EUR 1,000,000
EUR 800,000
EUR 200,000
EUR 1,000,000
EUR 800,000
EUR 1,000,000
EUR 1,565,000
EUR 4,375,000
EUR 1,010,000

Spain 4.375% 16/7/2015
14/3/2016
20/12/2016
Banco Bilbao Vizcaya Argentaria
SA 4.125% 13/1/2014
SA 4.25% 15/7/2014
SA 3.00% 9/10/2014
(Perpetual)
Bankia SA 4.25% 25/5/2018
17/1/2018
Cajas Rurales Unidas 3.75%
22/11/2018
Spain Government Bond 3.75%
31/10/2015
4.40% 31/10/2023
5.15% 31/10/2028
158,610
0.09
158,610
0.09
European Financial Stability

Facility 2.75% 3/12/2029
Scania CV AB 1.75% 22/3/2016
GBP 297,466
412,090
0.23
GBP 150,000
733,320
0.41
200,801
0.11
EUR 50,000
GBP 364,116
USD 426,408
1,021,770
0.57
USD 266,505
814,928
0.45
GBP 138,585
215,701
1,061,875
0.12
0.59
GBP 301,785
852,340
0.47
997,260
0.56
1,634,290
0.91
4,473,219
2.49
1,061,611
0.59
14,808,540
8.24
108
Emirates Airline 4.50% 6/2/2025
GBP 361,000
GBP 300,000
GBP 500,000
GBP 127,102
GBP 500,000
GBP 354,000
GBP 156,422
GBP 100,000
2,997,621
1.67
2,997,621
1.67
GBP 338,835
GBP 267,063
816,340
0.45
816,340
0.45
GBP 166,662
GBP 200,000
1,474,055
0.82
1,474,055
0.82
GBP 159,940
EUR 218,886
United Arab Emirates

USD 555,000
USD 700,000
GBP 700,000
0.74
Switzerland
EUR 1,395,000
GBP 433,369
1,329,335
Sweden
EUR 800,000
GBP 136,060
GBP 162,692
Supranational
EUR 2,995,000
EUR 200,000
USD 700,000
GBP 140,000
EUR 297,330
Spain
EUR 1,300,000
Market Value
(EUR)
United Kingdom
Slovenia
EUR 1,840,000
Description
375,965
0.21
375,965
0.21
EUR 99,494

10/1/2023
Asset-Backed European
Securitisation Transaction
Eight Srl 'B' FRN 15/6/2019
Broadgate Financing Plc FRN
5/10/2023
Bruntwood Alpha Plc 'A' FRN
15/1/2019
Bruntwood Alpha Plc 'B' FRN
15/1/2019
Bumper 5 UK Finance Plc 'A1'
FRN 20/6/2022
Centrica Plc 4.00% 16/10/2023
Co-Operative Bank Plc 4.75%
11/11/2021
E-CARAT 2012-1 Plc 'A' 1.30%
18/6/2020
Eddystone Finance Plc 'A2' FRN
19/4/2021
Enterprise Inns Plc 6.875%
15/2/2021
FCE Bank Plc 9.375% 17/1/2014
LCP Proudreed Plc 'A' FRN 25/8/2016
Leek Finance Number Eighteen Plc
'A2B' FRN 21/9/2038
Leek Finance Number Eighteen Plc
'A2D' FRN 21/9/2038
London & Regional Debt
Securitisation No 1 Plc
'A' FRN 15/10/2017
London & Regional Debt
Securitisation No 2 Plc
'A' FRN 15/10/2015
24/3/2014
Mitchells & Butlers Finance Plc
6.469% 15/9/2030
Mitchells & Butlers Finance Plc
FRN 15/6/2036
Motor 2012 Plc 'A2' FRN 25/2/2020
Opera Finance Metrocentre Plc
FRN 2/2/2017
Precise Mortgage Funding No 1 Plc
'A' FRN 12/3/2047
Premiertel Plc 6.175% 8/5/2032
Priory Group No 3 Plc 7.00%
15/2/2018
Punch Taverns Finance Plc 6.82%
15/7/2020
Residential Mortgage Securities 25
Plc 'A1' FRN 16/12/2050
Residential Mortgage Securities 26
Plc 'A1' FRN 14/2/2041
Rochester Financing No 1 Plc 'B'
FRN 16/7/2046 (Zero Coupon)
Silk Road Finance Number Three Plc
'A' FRN 21/6/2055
Taurus 2013 GMF1 Plc 'A' 1.268%
21/5/2024
Taurus 2013 GMF1 Plc 'B' 1.718%
21/5/2024
346,932
0.19
391,135
204,666
531,901
0.22
0.11
0.30
157,247
0.09
163,572
0.09
520,349
0.29
298,560
508,894
0.17
0.28
895,001
0.50
195,571
0.11
349,619
0.19
181,749
50,521
428,827
0.10
0.03
0.24
321,437
0.18
200,361
0.11
166,649
0.09
359,728
0.20
439,068
0.24
389,410
0.22
403,503
152,840
0.22
0.09
584,156
0.32
425,050
190,916
0.24
0.11
126,187
0.07
422,606
0.24
336,104
0.19
209,327
0.12
239,051
0.13
194,775
0.11
219,926
0.12
100,057
0.06

Holding
Description
Market Value
(EUR)

Holding

EUR 268,633
EUR 684,517
GBP 250,000
GBP 385,000
GBP 81,311
GBP 249,000
GBP 184,487
GBP 451,000
GBP 400,000
GBP 725,000
GBP 651,965
GBP 683,000
GBP 975,000
GBP 151,000
GBP 100,000
GBP 205,702
Taurus 2013 GMF1 Plc 'D' 2.968%

21/5/2024
Taurus 2013 GMF1 Plc 'E' 3.726%
21/5/2024
Telereal Securitisation Plc FRN
10/12/2031
Temese Funding 1 Plc 'C' FRN
21/11/2021
Turbo Finance 2 Plc 'A' FRN
20/2/2019
Turbo Finance 2 Plc 'B' 5.50%
20/2/2019
20/11/2019
Turbo Finance 3 Plc 'B' FRN
20/11/2019
30/3/2021
28/3/2024
30/6/2027
30/3/2032
United Kingdom Gilt 3.50%
22/7/2068
Virgin Media Secured Finance Plc
7.00% 15/1/2018
Virgin Media Secured Finance Plc
6.00% 15/4/2021
Windermere CMBS Plc 'A' FRN
24/4/2017
EUR 538,000
USD 350,000
USD 454,000
USD 859,000
USD 168,000
USD 341,000
USD 566,000
USD 740,000
USD 320,000
EUR 1,390,000
USD 285,000
USD 896,000
USD 543,000
USD 400,000
CIT Group Inc '144A' 4.75%

15/2/2015
Citigroup Inc FRN 30/11/2017
COX Communications Inc '144A'
8.375% 1/3/2039
Dell Inc 2.30% 10/9/2015
Delphi Corp 5.00% 15/2/2023
DIRECTV Financing Co Inc 5.15%
15/3/2042
Discovery Communications LLC
4.95% 15/5/2042
Dollar General Corp 3.25%
15/4/2023
Ford Motor Credit Co LLC 8.00%
15/12/2016
15/8/2017
General Mills Inc 2.10% 16/11/2020
General Motors Co '144A' 6.25%
2/10/2043
HCP Inc 4.25% 15/11/2023
HSBC Finance Corp 5.25%
15/4/2015
JPMorgan Chase & Co FRN
(Perpetual)
Market Value
(EUR)

USD 80,000
268,421
0.15
USD 352,000
679,897
0.38
USD 543,000
235,178
0.13
462,866
0.26
USD 300,000
USD 655,000
97,927
0.05
USD 60,000
309,340
0.17
221,780
0.12
542,677
0.30
EUR 2,370,000
USD 740,000
USD 566,000
USD 566,000
USD 160,000
USD 324,000
502,664
0.28
USD 1,223,000
848,749
0.47
USD 50,000
766,426
0.43
651,966
0.36
1,158,543
0.64
188,725
0.10
123,973
0.07
244,068
0.14
18,008,895
10.02
390,952
527,205
0.22
0.29
316,208
336,340
656,907
0.18
0.19
0.37
109,300
0.06
234,754
0.13
0.21
648,293
0.36
275,153
1,398,945
0.15
0.78
213,758
655,105
0.12
0.36
421,928
0.23
266,186
0.15
67,147
0.04
279,027
0.16
422,030
251,863
0.23
0.14
491,509
0.27
45,242
2,370,865
542,788
396,720
431,799
128,240
0.03
1.32
0.30
0.22
0.24
0.07
212,437
0.12
961,954
0.54
39,831
0.02
13,474,338
7.50
162,887,269
90.64

162,887,269
90.64
Funds
Ireland
Liquidity Fund 1
Total Funds
7,150,927
3.98
7,150,927
3.98
7,150,927
3.98

BONDS
Slovenia
EUR 700,000
381,852
Life Technologies Corp 6.00%

1/3/2020
Life Technologies Corp 5.00%
15/1/2021
Lorillard Tobacco Co 3.50%
4/8/2016
Petrohawk Energy Corp 10.50%
1/8/2014
1/6/2015
ProLogis LP 3.00% 18/1/2022
QVC Inc 5.125% 2/7/2022
QVC Inc 4.375% 15/3/2023
SLM Corp 3.875% 10/9/2015
SLM Corp 6.25% 25/1/2016
Verizon Communications Inc 2.45%
1/11/2022
15/9/2023
WEA Finance LLC '144A' 5.75%
2/9/2015
Total Bonds
7,150,927
United States
USD 510,000
Description
Slovenia Ministry of Finance

Treasury Bill 0.00% 16/10/2014
(Zero Coupon)
Total Bonds
685,433
0.38
685,433
0.38
685,433
0.38

685,433
0.38
170,723,629
95.00
Other Net Assets

8,979,274
5.00
179,702,903
100.00
109

Number of
Contracts
Contract/
Description
3 Month Euribor Interest

Rate
(60) 3 Month Euribor Interest
Rate
(44)
Australian 10 Year Bond
76
(66)
Euro BTP
(219)
German Euro BOBL
(261)
German Euro Bund
(71)
German Euro Schatz
(22)
Short Euro BTP
(27)
UK Long Gilt Bond
(1)
Ultra US Long Treasury
Bond
(92)

Unrealised
EUR
EUR
Expiration
date
60
June 2014
59,961,750
1,500
June 2015 59,938,500

December 2013
3,387,088
December 2013
5,515,491
December 2013
7,457,207
December 2013 25,578,106
December 2013 26,693,254
December 2013
7,118,815
December 2013
2,321,154
March 2014
3,893,855
(8,250)
2,604
4,560
(55,740)
(60,400)
(47,180)
(1,880)
(34,790)
7,456
March 2014
March 2014
March 2014
Total
83,434
11,670,992
6,710,292
(103)
16,464
2,350
220,329,938
(173,410)

% of net
assets*
42.14
20.99
6.68
5.50
5.08
3.98
2.59
2.02
1.98
1.83
1.04
0.51
0.41
0.25
5.00
100.00
110
EUR 2,571,138
EUR 113,029
DKK 45,410,000
EUR 6,274,964
EUR 17,867,901
GBP 1,240,000
EUR 2,988,635
NOK 24,470,000
EUR 571,462
PLN 2,640,000
EUR 3,453
EUR 20,118,938
USD 9,380,000
EUR 282,887
ZAR 3,810,000
EUR 647,987
GBP 832,000
MXN 6,960,000
NOK 6,154,000
EUR 132,878
Sales
AUD 3,780,000
CHF 140,000
EUR 6,089,662
DKK 46,790,000
GBP 15,065,000
EUR 1,470,248
NOK 24,280,000
EUR 3,001,537
PLN 2,430,000
EUR 621,120
SEK 30,000
USD 26,840,000
EUR 6,890,366
ZAR 3,782,654
EUR 279,935
CHF 799,000
EUR 989,699
USD 538,364
EUR 744,501
USD 180,000

Sector Breakdown
Government
Financial
Mortgage Securities
Asset Backed Securities
Consumer, Cyclical
Funds
Utilities
Communications
Energy
Industrial
Diversified
Technology
Basic Materials
Other Net Assets
Purchases
Unrealised
appreciation/
(depreciation)
Value date
EUR
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
20/12/2013
20/12/2013
20/12/2013
20/12/2013
20/12/2013
39,762
(828)
(879)
1,144
(219,699)
18,543
66,782
(56,819)
(6,119)
6,376
84
382,796
6,989
10,107
(5,184)
(1,865)
9,180
(5,990)
(4,146)
518
240,752

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
(1,325,000) EUR/CHF Put Option

(205,000) EUR/CHF Put Option
Underlying
exposure
EUR
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
Number of
contracts
subject
to Put
660,000
14,356
12,205
(251)
665,000
14,356
12,026
(251)
660,000
14,356
10,164
(250)
665,000
14,356
11,277
(250)
662,188
14,350
10,477
(250)
660,000
14,356
10,714
(250)
665,000
14,356
11,701
(250)
100,000
2,221
1,980
(39)
1,168,000
25,311
20,524
(442)
6,000,000
32,506
28,233
(567)
1,500,000
21,454
20,416
(374)
990,000
671,623
38,040
(4,110)
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.
Issuer
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
Underlying
exposure
EUR
Unrealised
appreciation/
(depreciation)
EUR
Market
Value
EUR
147,757
(10,184)
904
148,876
(8,213)
911
147,757
(10,006)
904
148,876
(9,330)
911
148,246
(8,496)
907
147,757
(8,699)
904
148,876
(9,755)
911
22,388
(1,473)
137
261,485
(14,810)
1,600
65,010
(52,716)
1,134
335,812
(22,282)
2,055
221,636
(15,276)
1,357
1,944,476
(171,240)
12,635
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.
111

Nominal
Value Description
Unrealised
appreciation/
(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)
EUR 275,000 Credit Default Swaps (Bank of America) (Fund
3.000%) (20/12/2018)
receives default protection on UniCredit SpA
4.375% 29/1/2020 and pays Fixed 3.000%)
(20/12/2018)
protection on RWE AG 5.750% 14/2/2033)
(20/9/2018)
USD 30,000 Credit Default Swaps (Bank of America) (Fund
protection on Host Hotels & Resorts LP 6.750%
1/6/2016) (20/6/2018)
receives default protection on Deutsche
Telekom International Finance BV 6.000%
20/1/2017 and pays Fixed 1.000%)
(20/6/2018)
receives default protection on Intesa Sanpaolo
SpA 4.75% 15/6/2017 and pays Fixed 3.000%)
(20/12/2018)
receives default protection on Pernod Ricard
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
protection on Orange SA 5.625% 22/5/2018)
(20/6/2018)
(20/9/2018)
(20/9/2018)
(20/9/2018)
default protection on Anglo American Capital
(20/12/2018)
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/12/2018)
112
(802)
(3,954)
(16,765)
1,808
600
(11,007)
(7,994)
(4,200)
(3,452)
(2,203)
15,829
4,030
2,629
1,205
975
(3,616)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

4.875% 23/1/2014 and pays Fixed 3.000%)
(20/12/2018)
default protection on iTraxx EUR Series 20
default protection on iTraxx FinSub 17 Version 1
and pays Fixed 1.000%) (20/6/2017)
(20/12/2018)
USD 260,000 Credit Default Swaps (Credit Suisse) (Fund receives
on Host Hotels & Resorts LP 6.750% 1/6/2016)
(20/6/2018)
USD 510,000 Credit Default Swaps (Credit Suisse) (Fund receives
on Host Hotels & Resorts LP 6.750% 1/6/2016)
(20/6/2018)
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)
and provides default protection on E.ON AG
6.375% 29/5/2017) (20/12/2017)
and provides default protection on UniCredit
SpA 4.375% 29/1/2020) (20/12/2018)
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)
receives default protection on Deutsche Telekom
International Finance BV 6.000% 20/1/2017 and
pays Fixed 1.000%) (20/6/2018)
receives default protection on iTraxx EUR Series
20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
receives default protection on iTraxx EUR
Series20 Version 1 and pays Fixed 1.000%)
(20/12/2018)
receives Fixed 1.000% and pays default
(20/6/2018)
protection on CDX NA IG 20 Version 1) (20/6/2018)
EUR 375,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Anglo American
Capital PLC 5.875% 17/4/2015 and pays Fixed
1.000%) (20/12/2018)
1.000%) (20/12/2018)
(3,659)
(87,608)
(28,352)
186
5,010
9,455
(4,110)
5,898
5,876
(2,580)
(13,064)
(6,282)
(23,328)
21,180
2,390
1,097
55

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(20/12/2018)
(10,198)
USD 200,000 Credit Default Swaps (JP Morgan) (Fund receives
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)
EUR 700,000 Credit Default Swaps (JP Morgan) (Fund receives
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
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

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)
(124,757)
Note: The total market value of EUR (289,698) is included in the Statement of Net Assets (see note 2(d)).
113

Transferable Securities Admitted to an Official Stock
Exchange Listing or Dealt in on Another Regulated Market
Holding
Description
Market Value
(EUR)
Transferable Securities Admitted to an Official Stock

Exchange Listing or Dealt in on Another Regulated Market
Holding
3,183
Germany
iShares Dow Jones - UBS Commodity
Swap DE 1
93,216
2.41
93,216
2.41
179,932
4.65
Ireland
11,345
3,078
3,437
2,119
2,587
4,021
3,880
4,084
3,782
1
iShares Developed Markets Property

Yield UCITS ETF 1
iShares Euro Corporate Bond
UCITS ETF 1
iShares Euro Government Bond
1-3 UCITS ETF 1
3-5 UCITS ETF 1
7-10 UCITS ETF 1
iShares Euro High Yield Corporate
Bond UCITS ETF 1
iShares Euro Inflation Linked
Government Bond UCITS ETF 1
iShares EURO STOXX Small UCITS ETF 1
iShares FTSE 100 UCITS ETF 1
379,764
9.82
488,105
12.62
336,688
8.70
465,259
12.03
438,711
11.34
738,752
110,145
30,112
% of net
assets*
99.90
0.10
100.00
2,561
3,298
4,239
534
19.10
2.85
0.78
251,123
6.49
129,838
65,562
29,616
109,165
3.36
1.70
0.77
2.82
17,763
0.46
3,770,535
97.49
3,863,751
99.90
Total Transferable Securities Admitted

to an Official Stock Exchange Listing or
3,863,751
99.90
Total Portfolio
3,863,751
99.90
Other Net Assets

Sector Breakdown
Funds
Other net assets
4,471

Markets Bond UCITS ETF 1
iShares MSCI Emerging Markets
UCITS ETF 1
iShares MSCI Europe ex. UK UCITS ETF 1
iShares MSCI Japan UCITS ETF 1
iShares MSCI North America UCITS ETF 1
iShares MSCI Pacific ex-Japan
UCITS ETF 1
Total Funds
114
Market Value
(EUR)
Ireland continued
FUNDS
3,970
Description
4,054
0.10
3,867,805
100.00

Holding
Description
Market Value
(EUR)

Holding
20,933
Germany
Swap DE 1
17,070
0.47
17,070
0.47
17,440
23,340
22,057
3,784
Ireland
2,208
616
425
301
818
1,009
25,375
27,379
638
Market Value
(EUR)
Ireland continued
FUNDS
727
Description

Yield UCITS ETF 1
UCITS ETF 1
3-5 UCITS ETF 1
7-10 UCITS ETF 1
Bond UCITS ETF 1
13,620
35,019

UCITS ETF 1
iShares MSCI Europe ex-UK UCITS ETF 1
UCITS ETF 1
iShares S&P 500 UCITS ETF 1
0.97
76,002
2.10
67,528
1.86
54,133
1.49
89,248
2.46
192,114
684,364
217,992
5.30
18.89
6.02
50,335
1.39
Total Funds
607,894
446,464
209,593
568,023
16.78
12.32
5.78
15.68
125,875
180,608
3.47
4.98
3,605,192
99.49
3,622,262
99.96

3,622,262
99.96
Total Portfolio
3,622,262
99.96
Other Net Assets

1,309
0.04
3,623,571
100.00
Sector Breakdown
% of net
assets*
Funds
Other net assets
99.96
0.04
100.00
115

Holding
Description
Market Value
(EUR)

Holding
34,520
Germany
Swap DE 1
91,267
1.14
91,267
1.14
27,735
37,422
45,678
5,852
Ireland
12,481
3,369
2,308
1,544
4,396
5,375
40,736
42,578
3,467

Yield UCITS ETF 1
UCITS ETF 1
3-5 UCITS ETF 1
7-10 UCITS ETF 1
Bond UCITS ETF 1
197,949
2.48
415,667
5.20
366,718
4.59
277,681
3.47
479,625
6.00
1,023,400
1,098,650
339,006
12.81
13.75
4.24
273,529
3.42
Sector Breakdown
% of net
assets*
Funds
Other net assets
99.89
0.11
100.00

UCITS ETF 1
UCITS ETF 1
Total Funds
116
Market Value
(EUR)
Ireland continued
FUNDS
3,887
Description
1,002,461
710,016
336,049
1,176,323
12.54
8.88
4.21
14.72
194,667
2.44
7,891,741
98.75
7,983,008
99.89

7,983,008
99.89
Total Portfolio
7,983,008
99.89
Other Net Assets

8,603
0.11
7,991,611
100.00

Holding
Description
Market Value
(EUR)

Holding
34,575
Germany
Swap DE 1
252,199
1.97
252,199
1.97
25,560
34,092
42,733
5,718
Ireland
32,792
8,717
5,949
5,405
11,374
12,793
39,178
40,276
9,202
Market Value
(EUR)
Ireland continued
FUNDS
10,741
Description

Yield UCITS ETF 1
UCITS ETF 1
3-5 UCITS ETF 1
7-10 UCITS ETF 1
Bond UCITS ETF 1
520,081
4.06
1,075,503
8.40
945,237
7.38
972,062
7.59
1,240,960
9.69

UCITS ETF 1
UCITS ETF 1
Total Funds
2,435,787
1,056,631
320,678
19.02
8.25
2.50
725,992
5.67
1,004,058
654,336
306,146
1,100,482
7.84
5.11
2.39
8.59
190,209
1.48
12,548,162
97.97
12,800,361
99.94

12,800,361
99.94
Total Portfolio
12,800,361
99.94
Other Net Assets

7,332
0.06
12,807,693
100.00
Sector Breakdown
% of net
assets*
Funds
Other net assets
99.94
0.06
100.00
117

Holding
Description
Market Value
(EUR)

Holding
EUR 700,000
Australia
USD 83,754
AUD 602,000
USD 221,202
AUD 626,552
Medallion Trust Series 2007-1G 'A1'

FRN 27/2/2039
Puma Finance Ltd 'A1' '144A' FRN
21/2/2038
Queensland Treasury Corp 6.00%
21/7/2022
Swan 2006-1E 'A1' FRN 12/5/2037
Torrens Trust 2013-1A FRN
12/4/2044
7,630
0.01
60,757
0.03
438,640
161,999
0.23
0.09
419,828
0.22
1,088,854
0.58
Austria
EUR 400,000
EUR 400,000
BAWAG PSK Bank fuer Arbeit und

Wirtschaft und Oesterreichische
Postsparkasse AG 8.125%
30/10/2023
UNIQA Insurance Group AG FRN
31/7/2043
UCB SA 4.125% 4/1/2021

Serie F 10.00% 1/1/2017
EUR 750,000
417,300
0.22
431,106
0.23
848,406
0.45
EUR 1,000,000
EUR 4,000,000
EUR 4,000,000
1,242,504
0.66
1,242,504
0.66
EUR 1,500,000
624,949
0.33
EUR 750,000
EUR 630,453
GBP 300,000
624,949
0.33
298,448
0.16
298,448
0.16
EUR 3,000,000
British Virgin Islands

USD 400,000
Caifu Holdings Ltd 8.75% 24/1/2020
Canada
USD 25,000
Thomson Reuters Corp 1.30%

23/2/2017
USD 362,000
USD 35,000
IPIC GMTN Ltd 2.375% 30/5/2018

Seagate HDD Cayman '144A' 3.75%
15/11/2018
Seagate HDD Cayman 3.75%
15/11/2018
XLIT Ltd 2.30% 15/12/2018
18,405
0.01
18,405
0.01
GBP 150,000
EUR 600,000
EUR 1,286,116
EUR 715,852
EUR 391,489
EUR 1,000,000
118
Auto ABS Compartiment 2012-1A

FRN 25/7/2026
AXA SA FRN (Perpetual)
Cars Alliance Auto Loans France V
2012-1A FRN 25/2/2024
Driver France 1 FCT 'A' FRN
21/10/2020
FCT Copernic 2012-1 'A1' FRN
25/9/2029
FCT GINKGO Sales Finance 2012-1A
FRN 18/7/2038
Master Credit Cards Pass
Compartment France 2013-1
FRN 25/10/2025
EUR 1,000,000
EUR 2,500,000
EUR 1,500,000
430,471
0.23
EUR 250,000
18,613
0.01
EUR 1,600,000
269,513
25,766
0.15
0.01
EUR 769,865
744,363
0.40
EUR 120,000
EUR 250,000
EUR 304,661
2,116,040
191,588
1.13
0.10
EUR 410,307
France
EUR 2,100,000
EUR 3,000,000
EUR 3,000,000
Cayman Islands
EUR 420,000
USD 25,000
693,840
0.37
186,267
808,635
0.10
0.43
7,999,058
4.27
926,793
972,658
1,259,531
0.49
0.52
0.67
1,304,615
0.70
6,657,300
3.55
2,749,329
1.47
1,000,040
0.53
4,001,940
2.14
3,998,720
2.13
1,499,025
787,523
630,296
0.80
0.42
0.34
361,474
0.19
2,999,790
1.60
2,999,715
1.60
999,850
0.53
2,999,028
1.60
2,499,350
1.33
1,499,475
0.80
268,819
0.14
1,601,067
0.85
770,605
121,908
253,975
0.41
0.07
0.14
305,543
0.16
412,912
0.22
EUR 538,533
600,848
538,803
0.29
0.32
EUR 967,041
1,287,317
0.69
968,627
0.52
719,129
0.38
45,388,711
24.21
394,494
0.21
253,093
0.14
253,093
1,000,900
0.54
0.14
Plastic Omnium SA 2.875%

29/5/2020
Red & Black Auto France 2012-1A
FRN 28/12/2021
Renault SA 4.625% 18/9/2017
Germany
EUR 900,000
EUR 932,000
EUR 1,250,000
EUR 1,300,000
EUR 2,619,469
Brazil
BRL 2,004,000
EUR 185,772
EUR 6,500,000
Belgium
EUR 1,197,000
Market Value
(EUR)
France continued
BONDS
USD 10,402
Description

Bayer AG FRN 29/7/2105
Bundesobligation 2.25% 11/4/2014
Bundesrepublik Deutschland 4.25%
4/1/2014
Bundesrepublik Deutschland 4.25%
4/7/2014
Bundesobligation Inflation
Linked Bond 0.75% 15/4/2018
Bundesschatzanweisungen 0.25%
13/12/2013
14/3/2014
Continental AG 3.00% 16/7/2018
Driver Ten GmbH 'A' FRN 21/3/2019
FMS Wertmanagement AoeR FRN
3/8/2015
Heidelberger Druckmaschinen
AG 9.25% 15/4/2018
Red & Black Auto Germany 2 'A'
FRN 15/9/2022
Red & Black TME Germany 1 SA
'A' FRN 15/1/2023
SC Germany Auto 2010-1A FRN
12/8/2019
13/11/2021
12/10/2022
SC Germany auto 2013-2A FRN
12/3/2023
India
USD 400,000
Power Grid Corp of India Ltd

3.875% 17/1/2023
BlackRock Global Absolute Return Bond Fund continued

Holding
Description
Market Value
(EUR)

Holding
Indonesia
USD 400,000
Indonesia Government
17/10/2023
EUR 430,000
EUR 155,000
EUR 84,085
EUR 681,336
GBP 229,358
EUR 31,212
ESB Finance Ltd 3.494% 12/1/2024

18/4/2020
20/3/2023
13/3/2025
Opera Germany No2 Plc 'A' FRN
20/10/2014
SCF Rahoituspalvelut Ltd 2013-1 'A'
0.802% 25/5/2021
Titan Europe 2007-1 Nhp Ltd 'A'
FRN 20/1/2017
Titan Europe 2007-2 Ltd 'A1' FRN
23/4/2017
292,467
0.16
292,467
0.16
1,239,400
0.66
Sasol Financing International Plc

4.50% 14/11/2022
USD 145,000
EUR 476,744
EUR 512,850
EUR 972,598
EUR 100,000
EUR 1,500,000
212,282
0.11
EUR 300,000
443,700
0.24
EUR 58,363
175,499
0.09
EUR 104,904
82,699
0.04
EUR 161,491
681,779
0.36
EUR 142,564
252,671
0.14
30,989
0.02
3,119,019
1.66
Isle Of Man
USD 300,000
Market Value
(EUR)
209,003
0.11
209,003
0.11
ArcelorMittal 6.125% 1/6/2018

Bumper 2 SA 'A' FRN 23/2/2023
E-Carat 2013-1 'A' 0.852%
18/11/2020
E-Carat 2012-1 'A' FRN 18/7/2020
GCS Holdco Finance I SA 6.50%
15/11/2018
Red & Black Auto Lease Germany 1
SA 'A' 0.911% 15/4/2024
Schmolz + Bickenbach Luxembourg
SA 9.875% 15/5/2019
21/2/2017
21/1/2018
21/7/2018
21/1/2019
EUR 900,000
EUR 487,937
EUR 950,000
EUR 300,000
EUR 1,663,362
EUR 5,760,893
EUR 998,880
EUR 2,142,000
EUR 500,000
EUR 200,000
EUR 180,000
EUR 920,000
Asset-Backed European Securitisation

Transaction Seven Srl 'A'
FRN 10/12/2026
Banca Popolare dell'Emilia Romagna
SC 3.375% 22/10/2018
Berica ABS Srl FRN 30/11/2051
28/1/2019
30/10/2023
2.15% 15/9/2014
2.55% 22/10/2016
2.15% 12/11/2017
2.15% 12/11/2017
Linea Group Holding SpA 3.875%
28/11/2018
Telecom Italia SpA 5.375%
29/1/2019
GBP 1,150,000
AA Bond Co Ltd 4.249% 31/7/2020

Aircraft Lease Securitisation Ltd
'144A' FRN 10/5/2032
Heathrow Funding Ltd 4.625%
31/10/2046
0.06
0.25
512,826
978,038
0.27
0.52
102,800
0.05
1,500,300
0.80
331,266
0.18
58,402
0.03
105,070
0.06
161,505
0.09
142,544
0.08
4,488,646
2.39
47,760
0.03
119,908
0.06
401,371
0.21
569,039
0.30
810,000
511,080
0.43
0.27
678,276
0.36
1,047,081
0.56
412,931
0.22
1,462,980
0.78
168,881
0.09
302,672
817,746
0.16
0.44
933,209
0.50
524,183
233,819
0.28
0.13
999,954
0.53
Mexico
Kansas City Southern de Mexico
de CV '144A' FRN 28/10/2016
MXN 21,500,000 Mexican Cetes 0.00% 23/1/2014
(Zero Coupon)
USD 600,000 Petroleos Mexicanos 3.50%
30/1/2023
Netherlands
427,270
0.23
914,949
476,018
0.49
0.25
EUR 800,000
EUR 500,000
EUR 600,000
EUR 1,044,278
963,789
0.51
GBP 300,000
304,101
0.16
USD 2,000,000
1,686,815
0.90
5,902,467
3.15
GBP 150,000
1,004,174
0.54
EUR 301,369
2,156,458
1.15
EUR 818,000
EUR 905,000
498,152
0.27
EUR 500,000
210,469
175,809
946,487
0.11
0.09
0.51
15,666,958
8.36
EUR 232,782
EUR 1,000,000
EUR 100,000
Jersey
GBP 780,000
USD 152,889
116,237
479,658
USD 65,000
Italy
EUR 421,946
Luxembourg
Ireland
EUR 1,225,000
EUR 195,000
Description
938,752
0.50
107,363
0.06
1,342,488
0.71
1.27
100,000
0.05
9,002,812
4.80
812,480
0.43
812,480
0.43
Portugal
EUR 800,000
2,388,603
Alliander NV FRN (Perpetual)

ASML Holding NV 3.375% 19/9/2023
Brenntag Finance BV 5.50%
19/7/2018
Bumper 4 NL Finance BV '2011-4
'A' FRN 20/5/2026
Cable & Wireless International
Finance BV 8.625% 25/3/2019
Cooperatieve Centrale RaiffeisenBoerenleenbank BA/Netherlands
4.625% 1/12/2023
5.75% 14/9/2040
Highway BV 2012-1 'A' FRN
26/3/2024
ING Bank NV 3.50% 21/11/2023
Louis Dreyfus Commodities BV
3.875% 30/7/2018
Repsol International Finance BV
3.625% 7/10/2021
Storm 2012-4 BV 'A1' FRN 22/8/2054
Storm 2013-4 BV 'A1' FRN
22/10/2053
Univeg Holding BV 7.875%
15/11/2020

25/1/2019
119

Holding
Description
Market Value
(EUR)

Holding
Warner Chilcott Co LLC Warner

Chilcott Finance LLC 7.75%
15/9/2018
152,809
0.08
152,809
0.08
451,980
0.24
451,980
0.24
Russia
USD 600,000
Russian Foreign Bond - Eurobond

4.875% 16/9/2023
EUR 500,000
EUR 900,000
EUR 300,000
EUR 450,000
EUR 900,000

(Perpetual)
Bankia SA 4.25% 25/5/2018
17/1/2018
11/6/2018
Ence Energia y Celulosa SA 7.25%
15/2/2020
4.40% 31/10/2023
323,552
530,937
0.17
0.29
958,882
0.51
308,577
0.17
490,374
0.26
920,205
0.49
3,532,527
1.89
EUR 300,000
Svenska Handelsbanken AB 3.00%

20/11/2020
TVN Finance Corp III AB 7.375%
15/12/2020
GBP 621,000
GBP 1,500,000
GBP 1,024,000
GBP 277,970
GBP 508,000
GBP 801,085
GBP 763,000
GBP 688,000
1,562,760
0.83
GBP 1,271,000
319,799
0.17
1,882,559
1.00
Switzerland
EUR 687,000
GBP 783,462
GBP 400,000
GBP 440,000
GBP 27,369
Sweden
GBP 1,300,000
EUR 600,000
GBP 1,549,759
GBP 250,000
EUR 1,000,000
Spain
EUR 300,000
GBP 342,914
EUR 370,000
725,932
0.39
725,932
0.39
USD 800,000
GBP 141,869
GBP 604,000
EUR 1,498,127
USD 800,000
GBP 820,000
GBP 350,000
GBP 768,796
GBP 459,905
GBP 1,200,000
GBP 150,892
GBP 1,250,000
EUR 863,000
USD 64,571
GBP 860,000
120
Asset-Backed European
Securitisation Transaction 8
Srl 'A' FRN 15/6/2019
Barclays Plc FRN (Perpetual)
Brass No 2 Plc 2012-1A1 FRN
16/7/2050
Brass No 3 Plc 'A' FRN 16/4/2051
Brunel Residential Mortgage
Securitisation Plc FRN 13/1/2039
Centrica Plc 4.00% 16/10/2023
Chester Asset Receivables Dealings
2004-1 Plc 'A' FRN 15/4/2016
Dixons Retail Plc 8.75% 15/9/2017
E-Carat 2 Plc - Class A FRN
18/10/2021
E-Carat 2012-1 Plc 'A' 1.30%
18/6/2020
FCE Bank Plc 3.25% 19/11/2020
Gosforth Funding 2012-2 Plc 'A1A'
FRN 18/11/2049
Gracechurch Card 2011-3 'A2' FRN
15/4/2016
Gracechurch Card Funding Plc 2011
'A' FRN 15/1/2016
Granite Master Issuer Plc 'A1' '144A'
FRN 20/12/2054
Greater Gabbard Ofto Plc 4.137%
29/11/2032
HBOS Plc 4.875% 20/3/2015

Kenrick Plc 'A' FRN 18/4/2049
12/6/2025
Motor 2012 Plc 'A2' FRN 25/2/2020
Next Plc 5.375% 26/10/2021
Penarth Master Issuer Plc 'A3' FRN
18/12/2016
Permanent Master Issuer Plc '1A2'
FRN 15/7/2042
Permanent Master Issuer Plc '1A3'
FRN 15/7/2042
Telereal Secured Finance Plc 4.01%
10/12/2031
Temese Funding 1 Plc - Class A FRN
21/11/2021
20/2/2019
Turbo Finance 2 Plc 'B' 5.50%
20/2/2019
20/11/2019
Turbo Finance 4 Plc - Class A FRN
20/1/2021
30/6/2027
22/1/2044
22/7/2068
United Kingdom Gilt Inflation Linked
0.125% 22/3/2068
2.25% 19/6/2020
625,275
1,860,862
0.33
0.99
301,548
942,110
536,694
0.16
0.50
0.29
531,958
0.28
746,623
0.40
1,001,206
0.53
1,775,548
0.95
1,230,080
0.66
334,774
0.18
631,104
0.34
963,020
0.51
916,414
0.49
32,174
0.02
773,278
0.41
1,510,265
0.81
446,872
0.24
369,700
0.20
27,355,410
14.59
United States
United Kingdom
GBP 201,119
Market Value
(EUR)
Puerto Rico
USD 190,000
Description
241,631
607,887
0.13
0.32
USD 50,000
USD 75,000
USD 55,000
USD 75,000
170,645
726,844
0.09
0.39
1,480,558
581,593
0.79
0.31
USD 50,000
USD 26,000
USD 250,000
984,444
485,386
0.53
0.26
924,254
0.49
USD 22,000
USD 90,000
USD 325,000
552,848
1,433,716
0.29
0.76
EUR 150,000
USD 100,000
181,372
0.10
USD 400,000
1,503,783
0.80
USD 500,000
863,952
0.46
USD 405,000
46,888
0.03
USD 8,304,479
1,040,104
0.55
USD 50,000
Air Lease Corp 3.375% 15/1/2019

Ally Financial Inc 5.50% 15/2/2017
American Honda Finance Corp
1.125% 7/10/2016
4.875% 15/9/2016
Aviation Capital Group Corp '144A'
3.875% 27/9/2016
Avis Budget Car Rental LLC 4.875%
15/11/2017
Banc of America Re-Remic Trust
'144A' FRN 15/9/2026
Bank of America Corp 1.25% 11/1/2016
Bank of America Corp 6.50% 1/8/2016
15/1/2019
Belden Inc 5.50% 15/4/2023
Capital One Financial Corp 6.75%
15/9/2017
CarMax Auto Owner Trust 'A4'
0.84% 15/11/2018
CarMax Auto Owner Trust 'B' 1.21%
15/1/2019
Citibank Credit Card Issuance Trust
1.32% 7/9/2018
Citigroup Commercial Mortgage Trust
2013-GC15 FRN 10/9/2046
Citigroup Inc 1.25% 15/1/2016
36,893
60,044
0.02
0.03
40,720
0.02
60,807
0.03
37,226
0.02
20,170
0.01
184,224
16,258
75,187
0.10
0.01
0.04
241,896
147,351
0.13
0.08
86,414
0.05
292,062
0.16
365,557
0.20
301,609
0.16
482,770
36,950
0.26
0.02

Holding
Description
Market Value
(EUR)

Holding

USD 100,000
USD 50,000
USD 4,531,042
USD 7,991,377
USD 80,000
USD 477,882
USD 300,000
USD 350,000
USD 60,000
GBP 1,100,000
USD 350,000
USD 32,000
USD 43,000
USD 100,000
USD 27,670,873
USD 2,274,679
USD 3,587,093
USD 636,715
USD 299,191
USD 3,002,028
USD 3,178,416
USD 18,436,769
USD 29,000,000
USD 60,000
USD 550,000
USD 199,000
USD 75,000
USD 38,000
USD 1,000,000
USD 125,000
Citigroup Inc 1.70% 25/7/2016

74,563
CNH Capital LLC 6.25% 1/11/2016
40,626
COMM 2013-CR7 Mortgage Trust
FRN 10/3/2046
309,448
COMM 2013-LC13 Mortgage Trust
FRN 10/8/2046
524,016
Community Health Systems Inc
5.125% 15/8/2018
61,326
Countrywide Asset-Backed
Certificates 2007-4 'A2'
FRN 25/4/2047
325,332
Credit Acceptance Auto Loan Trust
2013-2A 'A' '144A' 1.50%
15/4/2021
220,252
Credit Suisse Commercial Mortgage
Trust Series 2006-C5 'A3' 5.311%
15/12/2039
281,094
DIRECTV Holdings LLC DIRECTV
Financing Co Inc 3.125% 15/2/2016
46,036
DIRECTV Holdings LLC DIRECTV
Financing Co Inc 5.20% 18/11/2033 1,303,871
Discover Card Execution Note Trust
1.04% 15/4/2019
258,223
ERP Operating LP 5.125% 15/3/2016
25,693
35,198
83,147
Fannie Mae-Aces FRN 25/1/2022
2,674,945
FHLMC Multifamily Structured
Pass Through Certificates FRN
25/7/2019
134,538
25/11/2019
177,851
25/6/2022
47,128
25/10/2022
13,717
25/11/2022
161,328
25/1/2023
137,752
25/4/2023
237,335
25/8/2023
731,893
Fifth Third Bancorp 3.625% 25/1/2016
46,541
Ford Credit Auto Owner Trust 0.67%
15/4/2018
404,427
15/9/2015
158,700
GATX Corp 2.50% 15/3/2019
55,270
2/10/2018
28,606
2/10/2043
750,027
Goldman Sachs Group Inc 6.15%
1/4/2018
106,428
Description
Market Value
(EUR)

0.04
0.02
USD 150,000
0.17
USD 45,000
USD 192,000
USD 97,000
USD 425,000
USD 140,000
USD 490,000
USD 100,000
USD 100,000
0.28
0.03
0.17
USD 100,000
0.12
USD 250,000
0.15
0.02
USD 190,000
0.70
USD 60,000
0.14
0.01
0.02
0.04
1.43
USD 65,000
USD 1,591,218
USD 264,076
0.07
USD 310,000
0.10
USD 53,287
0.03
USD 59,900
0.01
USD 5,585,534
0.09
0.07
USD 23,000
USD 130,000
USD 150,000
0.13
USD 250,000
USD 100,000
0.39
0.02
0.22
USD 100,000
USD 450,000
USD 845,000
USD 42,800,983
0.08
0.03
USD 400,000
0.02
0.40
EUR 400,000
0.06
USD 725,000
GS Mortgage Securities Trust

2006-GG8 'AM' 5.591%
10/11/2039
121,818
HCA Inc 6.50% 15/2/2016
36,274
HCA Inc 7.875% 15/2/2020
152,829
HCA Inc 7.25% 15/9/2020
78,102
HCP Inc 4.25% 15/11/2023
310,736
Health Care (Reit) Inc 6.20% 1/6/2016
115,151
Hewlett-Packard Co 2.35% 15/3/2015
366,736
Hilton USA Trust 4.611% 5/11/2030
73,899
Hilton USA Trust 2013-HLT '144A' FRN
5/11/2030
73,900
HLSS Servicer Advance Receivables
Trust - 2013-T3 'B3' '144A' 2.14%
15/5/2046
72,176
HLSS Servicer Advance Receivables
Trust 2013-T2 'C2' '144A' 1.843%
16/5/2044
182,757
Icahn Enterprises LP / Icahn
Enterprises Finance Corp 8.00%
15/1/2018
146,173
IntercontinentalExchange Group Inc
2.50% 15/10/2018
45,084
Iowa State Financial Authority 5.00%
1/12/2019
46,234
JP Morgan Chase Commercial
Mortgage Securities Corp FRN
15/12/2047
125,655
Mortgage Securities Trust
2006-LDP6 'A4' FRN 15/4/2043
211,809
2007-CIBC18 'A4' 5.44% 12/6/2047
252,517
2007-CIBC19 'A1A' FRN 12/2/2049
44,692
2007-CIBC20 'AJ' FRN 12/2/2051
46,017
2013-LC11 'XA' FRN 15/4/2046
402,249
JPMorgan Chase & Co 3.45% 1/3/2016
17,822
JPMorgan Chase & Co 3.15% 5/7/2016
100,479
LB-UBS Commercial Mortgage Trust
2007-C2 FRN 15/2/2040
117,701
LB-UBS Commercial Mortgage Trust
2007-C7 FRN 15/9/2045
212,652
Maxim Integrated Products Inc 2.50%
15/11/2018
73,343
82,402
323,287
623,530
Morgan Stanley Bank of America
Merrill Lynch Trust FRN
15/11/2046
2,561,946
Morgan Stanley Capital I Trust
2007-IQ13 'AM' 5.406%
15/3/2044
321,776
NASDAQ OMX Group Inc/The 3.875%
7/6/2021
416,414
Packaging Corp of America 4.50%
1/11/2023
540,172
0.07
0.02
0.08
0.04
0.17
0.06
0.20
0.04
0.04
0.04
0.10
0.08
0.02
0.02
0.07
0.11
0.13
0.02
0.02
0.21
0.01
0.05
0.06
0.11
0.04
0.04
0.17
0.33
1.37
0.17
0.22
0.29
121

Holding
Description
Market Value
(EUR)

USD 85,000
USD 70,000
USD 1,975,000
USD 350,000
USD 150,000
EUR 1,779,000
USD 120,000
USD 110,000
USD 100,000
USD 1,025,000
USD 85,000
USD 300,000
USD 500,000
USD 500,000
USD 284,280
USD 146,802
USD 55,000
USD 151,000
USD 50,000
USD 1,950,000
USD 95,000
USD 640,000
USD 200,000
USD 100,000
USD 62,000
USD 113,000
USD 725,000
USD 850,000
USD 5,062,825
USD 549,049
USD 200,000
Penske Truck Leasing Co LP / PTL

Finance Corp '144A' 2.50%
15/3/2016
1/6/2019
Philip Morris International Inc
4.875% 15/11/2043
Prestige Auto Receivables Trust
2013-1A 'B' '144A' 1.74%
15/5/2019
ProLogis LP 5.625% 15/11/2016
ProLogis LP 3.00% 18/1/2022
Prudential Financial Inc 6.00%
1/12/2017
Prudential Financial Inc FRN
15/8/2018
Regions Financial Corp 2.00%
15/5/2018
Santander Drive Auto Receivables
Trust FRN 17/4/2017
Trust 2012-3 'C' 3.01% 16/4/2018
Trust 2012-AA 'C' '144A' 1.78%
15/11/2018
Trust 2013-3 'C' 1.81% 15/4/2019
Trust 2013-3 'D' 2.42% 15/4/2019
SLM Private Education Loan Trust
2013-C 'A1' '144A' FRN 15/2/2022
SLM Student Loan Trust 2013-4 'A'
FRN 25/6/2027
T-Mobile USA Inc '144A' 5.25%
1/9/2018
Thermo Fisher Scientific Inc 2.25%
15/8/2016
United Airlines Inc '144A' 6.75%
15/9/2015
30/9/2015
31/5/2018
31/7/2018
31/5/2019
Ventas Realty LP 1.55% 26/9/2016
15/9/2016
1/4/2017
15/9/2043
Western Union Co /The 3.35%
22/5/2019
WFRBS Commercial Mortgage Trust
2013-C14 'XA' FRN 15/6/2046
WFRBS Commercial Mortgage Trust
2013-C15 'XA' FRN 15/8/2046
WM Wrigley Jr Co '144A' 2.00%
20/10/2017
Total Bonds
122

Holding
Description
Market Value
(EUR)
354,964
1,151,237
319,681
5,824,581
6,748,638
0.19
0.61
0.17
3.11
3.60
14,399,101
7.68
14,399,101
7.68
174,011,549
92.81
1,398,758
0.75
1,369,841
0.73
TBA
United States
64,084
0.03
56,367
0.03
1,437,388
0.77
USD 499,999
USD 1,500,000
USD 400,000
USD 7,850,000
USD 8,600,000
Fannie Mae Pool 3.00% TBA

Total TBA
256,076
122,769
1,779,649
0.14
0.07
0.95
102,588
0.05
81,131
0.04
72,403
0.04
753,937
0.40
64,516
0.03

Funds
Luxembourg
92,879
265,473
220,538
0.12
227,539
362,671
0.19
366,619
0.20
209,550
0.11
107,797
0.06
42,313
0.02
113,792
0.06
37,961
0.02
1,433,735
0.76
69,307
0.04
BlackRock Global Funds - Emerging

Markets Bond Fund X2 EUR
hedged 1
BlackRock Global Funds - Emerging
Markets Local Currency Bond Fund
X2 EUR 1
High Yield Bond Fund X2 EUR
hedged 1
0.25
143,594
74,099
0.08
0.04
47,373
0.03
93,649
0.05
608,533
0.32
631,706
0.34
224,673
0.12
17,082
0.01
BlackRock Corporate Bond

Fund - D Acc 1
148,185
0.08
16.25
159,612,448
85.13
6,533,380
3.49
6,533,380
3.49
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
120,353
0.06
United States
GBP 100,000
Health Care (Reit) Inc 4.80%

20/11/2028
120,353
0.06
Total Bonds
521,960
0.28

521,960
0.28
187,571,678
100.05
Other Net Assets
30,455,413
1.99
3.47
United Kingdom
2,080,000
Total Funds
473,547
3,736,190
6,504,789
(86,111)
(0.05)
187,485,567
100.00

Description
Market Value
EUR
1,700,000
1,700,001
1,700,000
1,700,001
1,700,004
0.91
0.90
0.91
0.91
0.90
8,500,006
4.53
TIME DEPOSITS
Barclays Bank Plc
BNP Paribas SA
HSBC Bank Plc
ING Bank NV
Societe Generale SA
Total Time Deposits
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR
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)
receives default protection on Akzo Nobel
NV 8.000% 6/4/2016 and pays Fixed 1.000%)
(20/12/2018)
receives default protection on Alstom SA
4.125% 1/2/2017 and pays Fixed 1.000%)
(20/12/2018)
receives default protection on BASF SE
4.500% 29/6/2016 and pays Fixed 1.000%)
(20/9/2017)
receives default protection on BASF SE
4.500% 29/6/2016 and pays Fixed 1.000%)
(20/9/2017)
Finance SAU 4.875% 23/1/2014 and pays
Fixed3.000%) (20/12/2018)
receives default protection on Bouygues SA
4.750% 24/5/2016 and pays Fixed 1.000%)
(20/6/2018)
Lufthansa AG 6.500% 7/7/2016 and pays
Fixed1.000%) (20/12/2018)
20/1/2017 and pays Fixed 1.000%) (20/12/2018)
EUR 300,000 Credit Default Swaps (Bank of America)
(Fund receives default protection on E.ON
and pays Fixed 1.000%) (20/12/2018)
and pays Fixed 1.000%) (20/12/2018)
receives default protection on Electrolux AB
FRN 7/4/2016 and pays Fixed 1.000%)
(20/12/2018)
(Fund receives default protection on Enbw
and pays Fixed 1.000%) (20/12/2018)
1,808
(17,850)
(12,813)
(2,657)
(2,607)
(3,451)
(896)
(11,594)
(760)
(994)
(3,699)
(27)
(1,896)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

receives default protection on Experian
Finance Plc 4.750% 23/11/2018 and pays
Fixed1.000%) (20/12/2018)
Fixed 5.000%) (20/3/2018)
receives default protection on Lafarge SA
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
receives default protection on LANXESS
Finance BV 7.750% 9/4/2014 and pays Fixed
1.000%) (20/3/2018)
1.000%) (20/3/2018)
1.000%) (20/12/2018)
receives default protection on Metsa Board
OYJ 8.750% 1/4/2013 and pays Fixed 5.000%)
(20/12/2017)
receives default protection on Metsa OYJ
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
receives default protection on Orange SA
5.625% 22/5/2018 and pays Fixed 1.000%)
(20/12/2018)
receives default protection on PostNL NV
3.875% 1/6/2015 and pays Fixed 1.000%)
(20/9/2017)
receives default protection on Rallye SA
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/12/2017)
(922)
(3,048)
(2,724)
(2,594)
(701)
(1,066)
(5,332)
(1,171)
113
(429)
(8,120)
(5,296)
(4,564)
123

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

7.625% 4/11/2016 and pays Fixed 5.000%)
(20/6/2018)
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/9/2017)
receives default protection on RWE AG 5.750%
14/2/2033 and pays Fixed 1.000%)
(20/12/2018)
receives default protection on SABMiller Plc
6.625% 15/8/2033 and pays Fixed 1.000%)
(20/12/2018)
receives default protection on Schneider
Electric SA 4.500% 17/1/2014 and pays Fixed
1.000%) (20/9/2017)
5.000%) (20/12/2018)
5.000%) (20/9/2018)
receives default protection on Solvay SA
4.625% 27/6/2018 and pays Fixed 1.000%)
(20/6/2018)
receives default protection on Stena AB
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2017)
receives default protection on Telecom Italia
(20/3/2018)
receives default protection on ThyssenKrupp
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2018)
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/12/2018)
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2017)
4.375% 29/1/2020 and pays Fixed 3.000%)
(20/12/2018)
receives default protection on Vinci SA 4.125%
20/2/2017 and pays Fixed 1.000%)
(20/9/2018)
receives default protection on Volvo Treasury
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
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)
124
(163)
(24,354)
(4,585)
(4,622)
(4,493)
80
(3,700)
(617)
(5,241)
(4,807)
(11,655)
(3,305)
(78,402)
(16,765)
(11,567)
(1,896)
(2,649)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

protection on ArcelorMittal 6.125% 1/6/2018)
(20/12/2018)
(20/12/2018)
protection on BMW Finance NV 5.000%
6/8/2018) (20/12/2018)
protection on Carrefour SA 4.375% 2/11/2016)
(20/12/2018)
protection on Enel SpA 5.25% 20/6/2017)
(20/12/2018)
protection on GKN Holdings Plc 6.750%
28/10/2019) (20/12/2018)
protection on Glencore Finance Europe SA
6.500% 27/2/2019) (20/12/2018)
(Fund receives Fixed 1.000% and provides
default protection on Kingfisher Plc 5.625%
15/12/2014) (20/12/2018)
protection on Koninklijke KPN NV 8.375%
1/10/2030) (20/12/2018)
protection on Next Plc 5.375% 26/10/2021)
(20/6/2018)
protection on Publicis Groupe SA 4.250%
31/3/2015) (20/9/2017)
protection on Rolls-Royce Plc 7.375%
14/6/2016) (20/12/2017)
protection on Telefonaktiebolaget LM Ericsson
5.375% 27/6/2017) (20/12/2018)
5.375% 27/6/2017) (20/12/2018)
23/8/2016) (20/12/2018)
protection on CIR-Compagnie Industriali
Riunite SpA 5.750% 16/12/2024) (20/12/2018)
protection on Conti-Gummi Finance BV
7.500% 15/9/2017) (20/12/2018)
2,182
3,329
978
4,944
684
8,778
2,421
3,887
1,891
8,214
3,476
1,697
1,406
3,734
11,191
(3,531)
21,871

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

protection on Conti-Gummi Finance BV
7.500% 15/9/2017) (20/12/2018)
protection on ConvaTec Healthcare E SA
10.875% 15/12/2018) (20/12/2017)
protection on Eileme 2 AB 11.750% 31/1/2020)
(20/12/2018)
PLC 8.125% 15/5/2018) (20/12/2018)
protection on Melia Hotels International SA
5.000% 18/12/2014) (20/3/2018)
5.000% 18/12/2014) (20/3/2018)
5.000% 18/12/2014) (20/3/2018)
5.000% 18/12/2014) (20/3/2018)
5.000% 18/12/2014) (20/6/2018)
5.000% 18/12/2014) (20/12/2018)
protection on Nokia OYJ 6.750% 4/2/2019)
(20/12/2017)
protection on Peugeot SA 8.375% 15/7/2014)
(20/9/2018)
16/6/2014) (20/12/2018)
protection on TUI AG 2.750% 24/3/2016)
(20/12/2018)
(20/12/2017)
(20/12/2017)
protection on Wendel SA 4.875% 26/5/2016)
(20/12/2017)
3,004
5,948
3,637
6,500
7,032
7,032
4,294
6,907
4,782
1,399
10,495
4,909
(625)
2,911
5,194
10,650
5,731
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

1.000%) (20/12/2018)
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)
20/1/2017 and pays Fixed 1.000%) (20/6/2018)
20/1/2017 and pays Fixed 1.000%) (20/6/2017)
receives default protection on Fiat Finance
North America Inc 5.625% 12/6/2017 and pays
Fixed 5.000%) (20/12/2018)
Fixed 5.000%) (20/12/2018)
receives default protection on GDF Suez
5.125% 19/2/2018 and pays Fixed 1.000%)
(20/6/2018)
(20/12/2018)
(20/12/2018)
(20/12/2018)
1.000%) (20/3/2018)
5.625% 22/5/2018 and pays Fixed 1.000%)
(20/12/2017)
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
SA 4.875% 18/3/2016 and pays Fixed 1.000%)
(20/9/2018)
24/3/2017 and pays Fixed 5.000%) (20/6/2018)
24/3/2017 and pays Fixed 5.000%) (20/6/2018)
180
(367)
(7,842)
(5,247)
(3,863)
(540)
(9,393)
(4,878)
(2,210)
(12,355)
(321)
(3,313)
(3,600)
(3,452)
(2,203)
(9,010)
(7,197)
125

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

7.625% 4/11/2016 and pays Fixed 5.000%)
(20/6/2018)
EUR 90,000 Credit Default Swaps (Barclays Bank)
(Fund receives default protection on
STMicroelectronics NV and pays Fixed 1.000%)
(20/12/2018)
receives default protection on Suedzucker
and pays Fixed 1.000%) (20/6/2018)
and pays Fixed 1.000%) (20/12/2018)
receives default protection on Swedish Match
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/6/2018)
receives default protection on Virgin Media
Finance Plc 4.875% 15/2/2022 and pays Fixed
5.000%) (20/12/2018)
receives default protection on Vodafone Group
(20/9/2018)
protection on Enel SpA 5.25% 20/6/2017)
(20/12/2018)
protection on GKN Holdings PLC 6.75%
28/10/2019) (20/12/2018)
6.500% 27/2/2019) (20/12/2018)
6.500% 27/2/2019) (20/12/2018)
protection on J Sainsbury Plc 4.250%
16/7/2014) (20/12/2018)
protection on Kering 3.750% 8/4/2015)
(20/12/2017)
protection on Kingfisher Plc 5.625%
15/12/2014) (20/12/2017)
15/12/2014) (20/12/2017)
15/12/2014) (20/12/2017)
protection on National Grid Plc 5.000%
2/7/2018) (20/6/2018)
126
(1,106)
(47)
1,779
(2,202)
(349)
(1,892)
(20,714)
1,522
1,068
575
157
3,377
7,316
2,935
1,928
2,240
199
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(20/6/2018)
(20/6/2017)
(20/6/2018)
protection on Pernod Ricard SA 4.625%
6/12/2013) (20/12/2017)
protection on Renault SA FRN 4/8/2014)
(20/6/2018)
(20/9/2018)
(20/9/2018)
(20/9/2018)
protection on Vodafone Group PLC 5%
4/6/2018) (20/12/2018)
9.250% 15/10/2020) (20/12/2017)
9.250% 15/10/2020) (20/12/2018)
protection on British Airways PLC 8.75%
23/8/2016) (20/12/2018)
10.875% 15/12/2018) (20/6/2018)
protection on Melia Hotels International SA 5%
18/12/2014) (20/12/2018)
EUR 235,000 Credit Default Swaps (BNP Paribas) (Fund
1.000%) (20/12/2018)
3.000%) (20/12/2018)
receives default protection on Electrolux AB
FRN 7/4/2016 and pays Fixed 1.000%)
(20/12/2018)
2,136
29,053
11,278
787
4,828
4,030
2,253
1,205
521
25,642
5,470
232
3,076
323
580
(3,147)
(44)

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

receives default protection on Ladbrokes
Group Finance PLC 7.625% 5/3/2017 and pays
Fixed 1.000%) (20/12/2018)
Fixed 1.000%) (20/12/2018)
Fixed 1.000%) (20/12/2018)
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
EUR 170,000 Credit Default Swaps (BNP Paribas)
(20/12/2018)
and pays Fixed 1.000%) (20/6/2018)
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/12/2018)
5.000%) (20/12/2018)
14/6/2016) (20/12/2018)
protection on Dixons Retail Plc 8.750%
3/8/2015) (20/6/2018)
protection on OTE PLC 4.625% 20/5/2016)
(20/3/2018)
(20/3/2018)
(20/9/2018)
(426)
(211)
(129)
(2,798)
(1,015)
(1,326)
(881)
(162)
(383)
653
(4,587)
(2,254)
3,530
4,731
1,803
3,356
9,513
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(20/9/2018)
(20/9/2018)
(20/9/2018)
default protection on Accor SA 2.875%
19/6/2017 and pays Fixed 1.000%) (20/12/2018)
4/2/2014 and pays Fixed 1.000%) (20/12/2017)
default protection on Akzo Nobel NV 8.000%
6/4/2016 and pays Fixed 1.000%) (20/12/2018)
(20/12/2018)
default protection on BAT International
1.000%) (20/12/2017)
default protection on BBVA Senior Finance
SAU 4.875% 23/1/2014 and pays Fixed
3.000%) (20/12/2018)
USD 100,000 Credit Default Swaps (Citibank) (Fund receives
default protection on BHP Billiton Finance USA
Ltd 7.250% 1/3/2016 and pays Fixed 1.000%)
(20/9/2017)
default protection on Bouygues SA 4.750%
24/5/2016 and pays Fixed 1.000%) (20/6/2018)
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)
default protection on Credit Agricole SA
5.065% 10/8/2022 and pays Fixed 3.000%)
(20/6/2018)
default protection on Deutsche Lufthansa
AG 4.625% 6/5/2013 and pays Fixed 1.000%)
(20/9/2017)
default protection on Deutsche Lufthansa
AG 4.625% 6/5/2013 and pays Fixed 1.000%)
(20/6/2017)
default protection on E.ON International
1.000%) (20/12/2018)
default protection on Fiat Finance North
America Inc 5.625% 12/6/2017 and pays Fixed
5.000%) (20/12/2018)
default protection on Finmeccanica Finance
SA/Old 5.750% 12/12/2018 and pays Fixed
5.000%) (20/12/2018)
2,854
5,783
9,604
(4,226)
(1,651)
(5,613)
(6,552)
(378)
(3,229)
(2,055)
(5,926)
(8,140)
(11,398)
(8,576)
(32,398)
(4,536)
(753)
(5,359)
127

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

Version 1 and pays Fixed 1.000%)
(20/12/2018)
default protection on Lloyds Bank Plc 3.375%
20/4/2015 and pays Fixed 1.000%) (20/6/2018)
default protection on Michelin Luxembourg
SCS 2.75% 20/6/2019 and pays Fixed 1.000%)
(20/12/2018)
default protection on Rallye SA 7.625%
4/11/2016 and pays Fixed 5.000%) (20/12/2018)
default protection on RWE AG 5.750%
14/2/2033 and pays Fixed 1.000%) (20/12/2018)
default protection on SABMiller Plc 6.625%
15/8/2033 and pays Fixed 1.000%) (20/12/2018)
default protection on Securitas AB 6.500%
2/4/2013 and pays Fixed 1.000%) (20/9/2017)
2.75% 1/4/2020 and pays Fixed 5.000%)
(20/12/2018)
2.750% 1/4/2020 and pays Fixed 5.000%)
(20/9/2018)
2.750% 1/4/2020 and pays Fixed 5.000%)
(20/9/2018)
default protection on Solvay SA 4.625%
27/6/2018 and pays Fixed 1.000%) (20/9/2018)
default protection on St-Gobain Nederland
BV 5.000% 25/4/2014 and pays Fixed 1.000%)
(20/6/2018)
default protection on STMicroelectronics
1.000%) (20/12/2018)
default protection on STMicroelectronics NV
and pays Fixed 1.000%) (20/12/2018)
default protection on Suedzucker International
1.000%) (20/6/2018)
default protection on Suedzucker International
1.000%) (20/6/2018)
default protection on Telecom Italia SpA
5.375% 29/1/2019 and pays Fixed 1.000%)
(20/3/2018)
128
(22,178)
(10,020)
(12,316)
(10,960)
(531)
(1,858)
(2,054)
(1,548)
(10,618)
(225)
(1,402)
(1,402)
(1,364)
(21,629)
(1,502)
(181)
1,769
1,764
(2,231)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

default protection on TeliaSonera AB 4.125%
11/5/2015 and pays Fixed 1.000%) (20/9/2017)
default protection on ThyssenKrupp AG
4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2018)
default protection on Vattenfall AB 5.375%
29/4/2024 and pays Fixed 1.000%) (20/12/2018)
default protection on Veolia Environnement
SA 5.375% 28/5/2018 and pays Fixed 1.000%)
(20/12/2017)
default protection on Veolia Environnement
SA 5.375% 28/5/2018 and pays Fixed 1.000%)
(20/12/2017)
default protection on Volvo Treasury AB 5%
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
31/5/2017 and pays Fixed 1.000%) (20/12/2018)
default protection on Volvo Treasury AB
5.000% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
5.000% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
5.000% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
on Ahold Finance USA LLC 6.875% 1/5/2029)
(20/9/2017)
on Anheuser-Busch InBev NV 8.625%
30/1/2017) (20/12/2018)
on Cap Gemini SA 5.250% 29/11/2016)
(20/12/2017)
(4,202)
(31,121)
(1,220)
(12,674)
(2,754)
(1,902)
(1,891)
(3,632)
(3,828)
(2,014)
(2,004)
(171)
(485)
(1,374)
(542)
(1,233)
8,462
2,698
1,560

Nominal
Value Description
Unrealised
appreciation/
(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
893
775
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
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

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
129

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

on Peugeot SA 8.375% 15/7/2014) (20/12/2018)
on Peugeot SA 8.375% 15/7/2014)
(20/12/2018)
on Schaeffler Finance BV 7.75% 15/2/2017)
(20/12/2018)
on UPC Holding BV 8.000% 1/11/2016)
(20/6/2017)
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)
receives default protection on Air France-KLM
4.970% 1/4/2015 and pays Fixed 5.000%)
(20/9/2018)
4.970% 1/4/2015 and pays Fixed 5.000%)
(20/9/2018)
4.970% 1/4/2015 and pays Fixed 5.000%)
(20/9/2018)
receives default protection on Alstom SA
4.000% 23/9/2014 and pays Fixed 1.000%)
(20/12/2018)
1.000%) (20/12/2018)
1.000%) (20/12/2018)
1.000%) (20/12/2018)
23/1/2015 and pays Fixed 1.000%) (20/6/2018)
3.000%) (20/12/2018)
4.750% 24/5/2016 and pays Fixed 1.000%)
(20/6/2018)
receives default protection on CNH Industrial
Finance Europe SA 6.250% 9/3/2018 and pays
Fixed 5.000%) (20/6/2018)
Fixed 5.000%) (20/12/2018)
130
38,508
7,598
384
21,036
(2,877)
(46,320)
(8,647)
(14,049)
(49,013)
112
(2,240)
(21)
(75,329)
(1,235)
(4,659)
(2,429)
(1,053)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

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)
(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)

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

5.000%) (20/12/2018)
5.000%) (20/12/2018)
5.000%) (20/9/2018)
5.000%) (20/9/2018)
4.625% 27/6/2018 and pays Fixed 1.000%)
(20/6/2018)
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/9/2017)
5.125% 23/6/2014 and pays Fixed 5.000%)
(20/6/2018)
and pays Fixed 1.000%) (20/12/2018)
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/6/2018)
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/6/2018)
receives default protection on Tate & Lyle
and pays Fixed 1.000%) (20/6/2018)
receives default protection on TDC A/S 5.875%
16/12/2015 and pays Fixed 1.000%) (20/3/2018)
receives default protection on TDC A/S 5.875%
16/12/2015 and pays Fixed 1.000%) (20/3/2018)
(20/3/2018)
4.375% 29/1/2020 and pays Fixed 3.000%)
(20/12/2018)
5.000%) (20/12/2018)
(804)
(654)
(1,778)
(13,019)
(2,313)
(321)
(52,870)
(16,656)
(2,117)
(373)
(374)
(1,686)
(464)
(218)
(320)
(1,732)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

5.000%) (20/12/2018)
5.000%) (20/12/2018)
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
AB 5% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
(20/12/2018)
(20/12/2018)
(20/3/2018)
(20/6/2018)
protection on AXA SA 6.000% 18/6/2013)
(20/3/2018)
protection on EADS Finance BV 5.500%
25/9/2018) (20/12/2018)
25/9/2018) (20/12/2018)
6.5% 27/2/2019) (20/12/2018)
6.5% 27/2/2019) (20/12/2018)
6.500% 27/2/2019) (20/12/2018)
(1,173)
(1,363)
(1,830)
(1,153)
(243)
(2,092)
5,958
3,458
24,848
71,694
25,524
1,604
866
368
49
159
(1,571)
131

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

6.500% 27/2/2019) (20/12/2018)
6.500% 27/2/2019) (20/12/2018)
protection on Havas SA 5.500% 4/11/2014)
(20/3/2018)
protection on Heathrow Funding Ltd 4.600%
15/2/2018) (20/9/2017)
16/7/2014) (20/6/2018)
16/7/2014) (20/6/2018)
16/7/2014) (20/6/2018)
15/12/2014) (20/12/2017)
protection on LVMH Moet Hennessy Louis
Vuitton SA 4.375% 12/5/2014) (20/6/2017)
protection on National Grid Plc 5.000%
2/7/2018) (20/12/2018)
protection on PostNL NV 3.875% 1/6/2015)
(20/12/2018)
(20/12/2018)
(20/12/2018)
31/3/2015) (20/9/2017)
14/6/2016) (20/6/2017)
5.375% 27/6/2017) (20/12/2018)
protection on Telefonica Emisiones SAU
4.375% 2/2/2016) (20/12/2018)
132
159
467
14,190
17,101
1,120
864
1,196
1,960
6,820
687
1,611
749
757
1,382
14,913
634
5,768
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

4/6/2018) (20/12/2018)
4/6/2018) (20/12/2018)
4/6/2018) (20/12/2018)
4/6/2018) (20/12/2018)
4/6/2018) (20/12/2018)
4/6/2018) (20/12/2018)
protection on Alcatel-Lucent/France 6.375%
7/4/2014) (20/12/2018)
15/1/2016) (20/12/2018)
15/1/2016) (20/12/2018)
9.250% 15/10/2020) (20/3/2018)
9.250% 15/10/2020) (20/12/2018)
23/8/2016) (20/3/2018)
23/8/2016) (20/6/2018)
23/8/2016) (20/6/2018)
protection on Cerved Group SpA 8.000%
15/1/2021) (20/12/2018)
10.875% 15/12/2018) (20/6/2018)
protection on EDP - Energias de Portugal SA
6.000% 7/12/2014) (20/6/2018)
428
760
255
256
256
256
10,121
2,716
2,328
5,760
8,638
771
681
6,364
12,508
515
1,200

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(20/12/2017)
(20/12/2017)
protection on Infineon Technologies Holding
BV 7.500% 26/5/2014) (20/12/2018)
PLC 8.125% 15/5/2018) (20/3/2018)
PLC 8.125% 15/5/2018) (20/3/2018)
PLC 8.125% 15/5/2018) (20/6/2018)
5.000% 18/12/2014) (20/12/2018)
protection on New Look Bondco I Plc 8.750%
14/5/2018) (20/12/2018)
14/5/2018) (20/12/2018)
14/5/2018) (20/12/2018)
14/5/2018) (20/12/2018)
protection on NXP BV / NXP Funding LLC
2.961% 15/10/2013) (20/6/2018)
(20/3/2018)
protection on Schaeffler Finance BV 7.750%
15/2/2017) (20/12/2017)
15/2/2017) (20/12/2017)
15/2/2017) (20/12/2017)
15/2/2017) (20/3/2018)
15,047
4,706
7,476
3,792
3,424
3,568
15,716
2,839
2,839
2,689
2,901
33,261
6,913
1,933
9,878
924
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

15/2/2017) (20/12/2017)
protection on Smurfit Kappa Acquisitions
3.727% 15/10/2020) (20/9/2018)
protection on Smurfit Kappa Acquisitions
3.727% 15/10/2020) (20/9/2018)
Holdings SA 8.500% 31/12/2018) (20/9/2017)
protection on Techem GmbH 6.125%
1/10/2019) (20/12/2018)
1/10/2019) (20/12/2018)
1/10/2019) (20/12/2018)
(20/3/2018)
protection on BBVA Senior Finance SAU
4.875% 23/1/2014 and pays Fixed 3.000%)
(20/12/2018)
protection on Pearson Plc 7.000% 27/10/2014
and pays Fixed 1.000%) (20/6/2018)
protection on TDC A/S 4.375% 23/2/2018
andpays Fixed 1.000%) (20/3/2018)
Management Life) (Fund receives Fixed
on Glencore Finance Europe SA 6.500%
27/2/2019) (20/12/2018)
on Glencore Finance Europe SA 6.500%
27/2/2019) (20/12/2018)
National Grid Plc 5.000% 2/7/2018) (20/6/2018)
UniCredit SpA 4.375% 29/1/2020) (20/12/2018)
Eileme 2 AB 11.750% 31/1/2020) (20/12/2017)
1,050
28,293
48
11,691
4,508
1,089
581
3,245
(4,932)
(1,309)
(491)
1,256
2,512
315
7,051
4,340
8,176
133

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

5.000% and provides default protection on ISS
Global A/S 4.500% 8/12/2014) (20/12/2018)
OTE PLC 4.625% 20/5/2016) (20/3/2018)
EUR 11,000,000 Credit Default Swaps (Deutsche Bank
protection on iTraxx Europe Series 20 Version1
and pays Fixed 1.000%) (20/12/2018)
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)
Renault SA 5.625% 22/3/2017) (20/12/2018)
Vodafone Group PLC 5% 4/6/2018) (20/12/2018)
on Wind Acquisition Finance SA 11.75%
15/7/2017) (20/12/2018)
receives default protection on Bank of America
Corp 5.650% 1/5/2018 and pays Fixed 1.000%)
(20/12/2018)
EUR 60,000 Credit Default Swaps (Deutsche Bank)
and pays Fixed 1.000%) (20/12/2017)
4.750% 24/5/2016 and pays Fixed 1.000%)
(20/9/2017)
receives default protection on Credit Agricole
SA 5.065% 10/8/2022 and pays Fixed 3.000%)
(20/3/2018)
20/1/2017 and pays Fixed 1.000%) (20/6/2018)
Fixed 5.000%) (20/12/2018)
Fixed 5.000%) (20/12/2018)
Fixed 5.000%) (20/12/2018)
receives default protection on iTraxx EUR
(20/12/2018)
134
1,392
1,576
(38,911)
(946)
1,295
167
164
(7,901)
(312)
(8,608)
(14,806)
(9,400)
(3,402)
(534)
(491)
(23,279)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

Crossover Series 20 Version 1 and pays Fixed
5.000%) (20/12/2018)
1.000%) (20/12/2018)
receives default protection on Markit ITraxx
Europe 12/18 - Serie 20 and pays Fixed
5.000%) (20/12/2018)
receives default protection on Markit ITraxx
Europe Crossover 12/18 - Serie 20 and pays
Fixed 5.000%) (20/12/2018)
receives default protection on Morgan Stanley
6.000% 28/4/2015 and pays Fixed 1.000%)
(20/12/2018)
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/6/2018)
receives default protection on RWE AG 5.750%
14/2/2033 and pays Fixed 1.000%)
(20/9/2017)
5.000%) (20/9/2018)
and pays Fixed 1.000%) (20/12/2018)
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/3/2018)
AB 4.625% 28/6/2013 and pays Fixed 1.000%)
(20/3/2018)
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2018)
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/12/2018)
AB 5.000% 31/5/2017 and pays Fixed 1.000%)
(20/12/2018)
protection on Alstom SA 4.125% 1/2/2017)
(20/12/2018)
protection on BAE Systems Plc 10.750%
24/11/2014) (20/6/2017)
(7,079)
(1,669)
(8,191)
(88,085)
(11,517)
(94)
(10,139)
(851)
(40)
(509)
(648)
(3,219)
(3,155)
(546)
1,627
10,765

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

protection on Cap Gemini SA 5.250%
29/11/2016) (20/12/2017)
25/9/2018) (20/6/2017)
6.500% 27/2/2019) (20/12/2018)
6.500% 27/2/2019) (20/12/2018)
15/2/2018) (20/12/2017)
15/2/2018) (20/12/2018)
(20/12/2018)
(20/6/2018)
(20/6/2018)
protection on Rio Tinto Finance Plc 2.000%
11/5/2020) (20/12/2018)
4.375% 2/2/2016) (20/12/2018)
4.375% 2/2/2016) (20/12/2018)
4/6/2018) (20/12/2018)
protection on Cable & Wireless International
Fin NV 8.625% 25/3/2019) (20/9/2017)
protection on Cable & Wireless Worldwide Plc
5.750% 24/11/2014) (20/6/2017)
BV 7.500% 26/5/2014) (20/9/2018)
9.625% 1/12/2019) (20/9/2017)
1,605
25,045
1,774
782
2,177
1,547
1,153
15,239
3,009
2,251
10,069
2,797
86
41,367
33,926
6,532
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

protection on UPC Holding BV 8.000%
1/11/2016) (20/12/2018)
(20/12/2018)
1.000%) (20/12/2018)
1.000%) (20/12/2018)
EUR 50,000 Credit Default Swaps (Goldman Sachs)
and pays Fixed 1.000%) (20/12/2017)
4.750% 24/5/2016 and pays Fixed 1.000%)
(20/6/2018)
receives default protection on CDX NA IG 21
Fixed 1.000%) (20/3/2018)
Lufthansa AG 6.500% 7/7/2016 and pays Fixed
1.000%) (20/12/2018)
and pays Fixed 1.000%) (20/12/2018)
Fixed 5.000%) (20/12/2018)
Fixed 5.000%) (20/3/2018)
receives default protection on Ford Motor
Co 6.500% 1/8/2018 and pays Fixed 5.000%)
(20/12/2018)
HeidelbergCement Finance BV 5.625%
4/1/2018 and pays Fixed 5.000%) (20/12/2018)
HeidelbergCement Finance BV 5.625%
4/1/2018 and pays Fixed 5.000%) (20/12/2018)
(20/12/2018)
Group Finance Plc 7.625% 5/3/2017 and pays
Fixed 1.000%) (20/12/2018)
245
962
658
32
(238)
(3,278)
(7,082)
(6,449)
(1,754)
(730)
(16,199)
(4,795)
(6,464)
(698)
(909)
(6,271)
568
22,518
135

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

Group Finance Plc 7.625% 5/3/2017 and pays
Fixed 1.000%) (20/12/2018)
Fixed 1.000%) (20/12/2018)
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
6.625% 29/11/2018 and pays Fixed 1.000%)
(20/12/2018)
1.000%) (20/3/2018)
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
3.800% 27/6/2022 and pays Fixed 5.000%)
(20/12/2018)
receives default protection on Pearson Plc
7.000% 27/10/2014 and pays Fixed 1.000%)
(20/6/2018)
USD 320,000 Credit Default Swaps (Goldman Sachs) (Fund
receives default protection on Qantas Airways
Ltd 6.050% 15/4/2016 and pays Fixed 1.000%)
(20/12/2018)
7.625% 4/11/2016 and pays Fixed 5.000%)
(20/12/2018)
receives default protection on SES SA 4.625%
9/3/2020 and pays Fixed 1.000%)
(20/12/2018)
4.625% 27/6/2018 and pays Fixed 1.000%)
(20/9/2018)
Fixed 1.000%) (20/6/2018)
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2017)
6.125% 1/2/2017 and pays Fixed 5.000%)
(20/12/2018)
136
457
(179)
(1,458)
(1,244)
(3,414)
(424)
10
(526)
(558)
(1,753)
(456)
(4,740)
(483)
(1,387)
(21,530)
(3,635)
(130)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(20/12/2018)
and pays Fixed 1.000%) (20/12/2018)
(20/3/2018)
AG 4.375% 18/3/2015 and pays Fixed 1.000%)
(20/6/2018)
(20/12/2018)
(20/12/2018)
(20/12/2018)
(20/6/2018)
protection on AXA SA 4.500% 23/1/2015)
(20/6/2018)
25/9/2018) (20/12/2018)
protection on Fresenius US Finance II Inc
8.75% 15/7/2015) (20/12/2018)
protection on Gecina SA 2.125% 1/1/2016)
(20/12/2017)
protection on GKN Holdings PLC 6.75%
28/10/2019) (20/12/2018)
protection on GKN Holdings Plc 6.750%
28/10/2019) (20/6/2018)
6.5% 27/2/2019) (20/12/2018)
6.5% 27/2/2019) (20/12/2018)
6.500% 27/2/2019) (20/12/2018)
(357)
(672)
(578)
(4,006)
1,397
2,551
1,440
11,823
12,359
1,157
1,321
1,304
570
3,650
71
32
2,334

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

6.500% 27/2/2019) (20/12/2018)
6.500% 27/2/2019) (20/12/2018)
15/12/2014) (20/6/2018)
15/12/2014) (20/6/2018)
6/12/2013) (20/12/2017)
31/3/2015) (20/6/2018)
31/3/2015) (20/6/2018)
protection on Renault SA 5.625% 22/3/2017)
(20/12/2018)
(20/9/2018)
14/6/2016) (20/12/2018)
protection on TRW Automotive Holdings Corp)
(20/12/2018)
4/6/2018) (20/12/2018)
7/4/2014) (20/12/2018)
23/8/2016) (20/3/2018)
protection on CIR-Compagnie Industriali
Riunite SpA 5.750% 16/12/2024) (20/12/2018)
7.375% 15/12/2017) (20/12/2017)
(20/12/2018)
768
523
581
135
902
973
874
1,047
44,601
4,584
3,499
187
29,753
2,051
(878)
6,135
4,070
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(20/12/2017)
(20/12/2017)
protection on Imperial Tobacco Finance Plc
6.250% 4/12/2018) (20/9/2018)
BV 7.500% 26/5/2014) (20/9/2018)
protection on ISS Global A/S 4.500%
8/12/2014) (20/12/2018)
protection on Melia Hotels International SA 5%
18/12/2014) (20/12/2018)
5.000% 18/12/2014) (20/3/2018)
5.000% 18/12/2014) (20/6/2018)
5.000% 18/12/2014) (20/12/2018)
protection on Nokia OYJ 6.750% 4/2/2019)
(20/12/2018)
protection on NXP BV / NXP Funding LLC
8.625% 15/10/2015) (20/3/2018)
(20/3/2018)
(20/3/2018)
16/6/2014) (20/12/2018)
16/6/2014) (20/12/2018)
15/2/2017) (20/12/2017)
15/2/2017) (20/12/2018)
7,339
4,617
(532)
2,581
2,634
324
2,263
4,907
3,125
3,427
4,590
9,766
6,377
(312)
(143)
1,976
2,936
137

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

(20/12/2018)
protection on UPM-Kymmene Corp 5.625%
1/12/2014) (20/12/2018)
protection on Wind Acquisition Finance SA
11.75% 15/7/2017) (20/12/2018)
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)
default protection on GDF Suez 5.125%
19/2/2018 and pays Fixed 1.000%)
(20/12/2017)
default protection on Rallye SA 7.625%
4/11/2016 and pays Fixed 5.000%)
(20/12/2017)
5.375% 29/1/2019 and pays Fixed 1.000%)
(20/12/2017)
on Publicis Groupe SA 4.250% 31/3/2015)
(20/9/2017)
on Shell International Finance BV 5.200%
22/3/2017) (20/9/2017)
15/12/2018) (20/12/2017)
EUR 300,000 Credit Default Swaps (JP Morgan Chase Bank
(Depository Cle)) (Fund receives default
18/3/2016 and pays Fixed 1.000%) (20/9/2018)
EUR 50,000 Credit Default Swaps (JP Morgan Chase Bank)
(Fund receives default protection on LANXESS
1.000%) (20/12/2017)
(Fund receives default protection on LANXESS
1.000%) (20/3/2018)
(Fund receives default protection on Michelin
Luxembourg SCS 2.75% 20/6/2019 and pays
Fixed 1.000%) (20/12/2018)
EUR 150,000 Credit Default Swaps (JP Morgan Chase
Bank) (Fund receives default protection on
(20/12/2018)
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)
(Fund receives default protection on Telecom
Italia SpA 5.375% 29/1/2019 and pays Fixed
1.000%) (20/12/2017)
138
2,150
175
41
(1,289)
(4,206)
(8,931)
(5,295)
2,268
4,899
4,281
(5,814)
(830)
(1,127)
(505)
(153)
(339)
(3,233)
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

default protection on ArcelorMittal 6.125%
1/6/2018) (20/12/2018)
default protection on BAE Systems Plc
10.750% 24/11/2014) (20/9/2018)
default protection on Enel SpA 5.25%
20/6/2017) (20/12/2018)
default protection on Gecina SA 2.125%
1/1/2016) (20/12/2017)
default protection on Heathrow Funding Ltd
4.600% 15/2/2018) (20/12/2017)
default protection on Kering 3.750% 8/4/2015)
(20/12/2017)
(20/12/2017)
(20/12/2017)
15/12/2014) (20/12/2017)
default protection on Safeway Ltd 6.125%
17/12/2018) (20/12/2018)
default protection on Ardagh Packaging
Finance Plc 9.250% 15/10/2020) (20/3/2018)
default protection on NXP BV / NXP Funding
LLC 2.961% 15/10/2013) (20/3/2018)
default protection on NXP BV / NXP Funding
LLC 2.961% 15/10/2013) (20/3/2018)
default protection on Schaeffler Finance BV
7.750% 15/2/2017) (20/12/2017)
19/6/2017 and pays Fixed 1.000%)
(20/12/2018)
default protection on BASF SE 4.500%
29/6/2016 and pays Fixed 1.000%)
(20/9/2017)
1,079
864
887
4,763
2,198
2,807
1,081
978
2,755
1,038
1,502
3,248
3,961
988
(129)
(1,668)

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

default protection on Dow Chemical Co/The
7.375% 1/11/2029 and pays Fixed 1.000%)
(20/9/2018)
default protection on Fortum OYJ 5.000%
19/11/2013 and pays Fixed 1.000%) (20/9/2017)
default protection on Hewlett-Packard Co
5.4% 1/3/2017 and pays Fixed 1.000%)
(20/12/2018)
default protection on Lloyds Bank Plc 3.375%
20/4/2015 and pays Fixed 3.000%) (20/3/2018)
default protection on Markit ITraxx Europe
Crossover 12/18 - Serie 20 and pays Fixed
5.000%) (20/12/2018)
default protection on Metsa OYJ 3.800%
27/6/2022 and pays Fixed 1.000%) (20/6/2018)
default protection on Metsa OYJ 3.800%
27/6/2022 and pays Fixed 1.000%) (20/12/2018)
default protection on Pearson Plc 7.000%
27/10/2014 and pays Fixed 1.000%) (20/6/2017)
default protection on PostNL NV 3.875%
1/6/2015 and pays Fixed 1.000%) (20/6/2018)
default protection on PPG Industries Inc
6.650% 15/3/2018 and pays Fixed 1.000%)
(20/9/2018)
default protection on RWE AG 5.750%
14/2/2033 and pays Fixed 1.000%) (20/6/2018)
default protection on St-Gobain Nederland
BV 5.000% 25/4/2014 and pays Fixed 1.000%)
(20/6/2018)
default protection on Time Warner Cable Inc
5.85% 1/5/2017 and pays Fixed 1.000%)
(20/12/2018)
default protection on Time Warner Cable Inc
6.75% 1/7/2018 and pays Fixed 1.000%)
(20/12/2018)
on Alstom SA 4.125% 1/2/2017) (20/12/2018)
on Imperial Tobacco Finance Plc 6.250%
4/12/2018) (20/9/2017)
on Next Plc 5.375% 26/10/2021) (20/12/2018)
on Publicis Groupe SA 4.250% 31/3/2015)
(20/9/2017)
on Renault SA FRN 4/8/2014) (20/6/2018)
(4,121)
(7,023)
(11,863)
(12,632)
(32,780)
(933)
(4,353)
(1,152)
(3,900)
(1,655)
(4,313)
(17,845)
1,500
558
4,508
6,541
1,362
5,590
12,420
Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR

on Renault SA FRN 4/8/2014) (20/6/2018)
on Renault SA FRN 4/8/2014) (20/6/2018)
on RWE AG 5.750% 14/2/2033) (20/9/2018)
on Telefonica Emisiones SAU 4.375%
2/2/2016) (20/12/2018)
on Telefonica Emisiones SAU 4.375%
2/2/2016) (20/12/2018)
on Nokia OYJ 6.750% 4/2/2019) (20/9/2017)
on TUI AG 5.125% 10/12/2012) (20/9/2017)
EUR 950,000 Credit Default Swaps (Merrill Lynch) (Fund
Crossover Series 20 Version 1 and pays Fixed
5.000%) (20/12/2018)
Fixed 1.000%) (20/6/2017)
receives default protection on Tate & Lyle
and pays Fixed 1.000%) (20/6/2017)
protection on Centrica Plc 7.000% 19/9/2018)
(20/6/2017)
protection on Swisscom AG 3.500% 19/7/2013)
(20/6/2017)
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)
default protection on BAT International
1.000%) (20/12/2017)
default protection on Clariant Finance
Fixed 1.000%) (20/9/2017)
default protection on STMicroelectronics
1.000%) (20/6/2017)
5.375% 29/1/2019 and pays Fixed 1.000%)
(20/3/2018)
EUR 71,000 Credit Default Swaps (UBS) (Fund receives Fixed
Publicis Groupe SA 4.250% 31/3/2015)
(20/9/2017)
5,436
5,486
23,933
12,009
1,441
16,188
59,950
(10,485)
(56,656)
(4,342)
5,884
11,988
(1,739)
(333)
(14,239)
(9,404)
(297)
2,389
139

Nominal
Value Description
Unrealised
appreciation/
(depreciation)
EUR
EUR 148,000 Credit Default Swaps (UBS) (Fund receives Fixed

Publicis Groupe SA 4.250% 31/3/2015)
(20/9/2017)
EURIBOR) (8/7/2033)
GBP 2,900,000 Interest Rate Swap (Barclays Bank) (Fund receives
Fixed 2.489% and pays Floating GBP 6 Month
LIBOR) (10/7/2023)
GBP 3,200,000 Interest Rate Swap (Barclays Bank) (Fund receives
Fixed 2.690% and pays Floating GBP 6 Month
LIBOR) (18/11/2023)
GBP 3,200,000 Interest Rate Swap (Barclays Bank) (Fund
receives Fixed 2.772% and pays Floating GBP
6 Month LIBOR) (13/11/2023)
EUR 800,000 Interest Rate Swap (Barclays Bank) (Fund
receives Floating EUR 6 Month EURIBOR
andpays Fixed 2.605%) (8/7/2063)
GBP 6,260,000 Interest Rate Swap (Barclays Bank) (Fund
receives Floating GBP 6 Month LIBOR
and pays Fixed 2.913%) (7/3/2025)
GBP 2,850,000 Interest Rate Swap (Citibank) (Fund receives
Floating GBP 6 Month LIBOR and pays Fixed
2.765%) (21/11/2023)
GBP 2,900,000 Interest Rate Swap (Credit Suisse) (Fund
receivesFixed 2.508% and pays Floating GBP
6 Month LIBOR) (28/6/2023)
USD 2,500,000 Interest Rate Swap (Deutsche Bank) (Fund
receives Fixed 1.891% and pays Floating
USD 3 Month LIBOR) (1/2/2019)
4,018
(23,719)
(63,986)
(18,060)
11,358
7,983
28,784
(9,512)
(53,860)
26,772
(3,525)
Nominal
Value Description
USD 850,000 Interest Rate Swap (Deutsche Bank) (Fund

receives Floating USD 3 Month LIBOR
and pays Fixed 0.560%) (25/6/2015)
and pays Fixed 0.683%) (1/2/2016)
andpays Fixed 1.164%) (28/2/2018)
andpays Fixed 2.805%) (19/11/2023)
andpays Fixed 3.571%) (1/11/2043)
andpays Fixed 3.898%) (22/11/2044)
andpays Fixed 3.940%) (18/11/2044)
GBP 875,000 Interest Rate Swap (Goldman Sachs) (Fund
receives Floating GBP 6 Month LIBOR
andpays Fixed 3.251%) (24/10/2046)
USD 4,100,000 Interest Rate Swap (Goldman Sachs) (Fund
andpays Fixed 0.675%) (8/11/2016)
USD 2,400,000 Interest Rate Swap (Goldman Sachs) (Fund
andpays Fixed 1.554%) (18/10/2018)
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)
(859)
Note: The total market value of EUR (359,186) is included in the Statement of Net Assets (see note 2(d)).
140
Unrealised
appreciation/
(depreciation)
EUR
(2,545)
(22,713)
6,205
1,219
30,233
2,620
(374)
16,115
(3,749)
(10,747)
(4,777)
(61,159)

Purchases
CZK 2,020,000
CZK 4,290,000
EUR 70,000
HUF 26,000,000
HUF 13,900,000
HUF 10,700,000
HUF 14,200,000
INR 3,400,000
INR 5,900,000
KRW 83,500,000
KRW 58,900,000
MXN 610,000
MXN 20,000
MXN 1,890,000
MXN 200,000
MXN 950,000
MXN 730,000
MYR 170,000
MYR 100,000
MYR 170,000
PLN 390,000
PLN 200,000
PLN 70,000
PLN 200,000
PLN 240,000
RUB 1,100,000
RUB 6,450,000
SGD 110,000
SGD 60,000
SGD 60,000
SGD 180,000
TRY 150,000
TRY 310,000
TRY 260,000
USD 114,951
USD 183,959
USD 31,811
USD 82,263
USD 10,562
USD 48,106
USD 203,924
USD 39,090
USD 47,473
USD 54,839
USD 47,573
USD 23,751
USD 78,515
USD 29,964
USD 119,759
USD 129,158
USD 86,196
USD 135,334
USD 138,221
USD 105,005
USD 6,504
USD 94,201
USD 62,415
USD 119,619
USD 49,246
USD 48,403
USD 16,056
USD 260,752
USD 59,985
USD 138,367
USD 90,191
Sales
USD 104,084
USD 225,813
USD 92,225
USD 117,204
USD 64,543
USD 48,912
USD 64,749
USD 54,954
USD 93,779
USD 76,876
USD 55,305
USD 47,334
USD 1,528
USD 146,657
USD 15,193
USD 73,219
USD 55,055
USD 51,763
USD 30,114
USD 53,459
USD 120,254
USD 63,759
USD 22,571
USD 63,759
USD 77,382
USD 34,072
USD 196,811
USD 86,303
USD 47,030
USD 47,950
USD 144,409
USD 72,505
USD 152,984
USD 130,228
CZK 2,190,000
CZK 3,510,000
CZK 610,000
EUR 62,000
EUR 8,000
HUF 11,000,000
HUF 45,100,000
HUF 8,700,000
INR 2,950,000
INR 3,400,000
INR 2,950,000
KRW 25,900,000
KRW 84,600,000
KRW 31,900,000
MXN 1,580,000
MXN 1,660,000
MXN 1,160,000
MYR 440,000
PLN 450,000
PLN 330,000
PLN 20,000
PLN 300,000
RUB 2,100,000
RUB 3,850,000
RUB 1,600,000
SGD 60,000
SGD 20,000
SGD 330,000
TRY 120,000
TRY 280,000
TRY 180,000

Unrealised
appreciation/
(depreciation)
Value Date
EUR
Purchases
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
3/12/2013
USD 67,446
EUR 680,130
EUR 17,926,055
EUR 2,655,242
EUR 54,111
EUR 335,928
USD 69,000
EUR 2,155,714
EUR 65,263
EUR 65,287
EUR 59,362
EUR 233,039
EUR 392,876
EUR 65,301
EUR 1,040,812
EUR 213,989
EUR 1,735,934
EUR 429,137
EUR 784,929
GBP 410,000
GBP 175,000
USD 600,000
USD 1,907,327
USD 15,000
USD 15,000
USD 790,000
USD 15,000
USD 8,220
INR 246,187
KRW 498,509,318
MYR 11,083
TWD 18,024,693
USD 2,248
USD 175,581
USD 92,876
USD 1,637
USD 352,298
USD 326,392
AUD 324,000
AUD 980,000
AUD 1,391,000
AUD 967,000
AUD 3,377,000
AUD 1,625,000
AUD 239,000
AUD 870,000
AUD 914,000
AUD 688,000
AUD 982,000
AUD 1,098,000
CAD 458,000
CAD 385,000
CAD 188,000
CAD 347,000
CAD 2,157,000
CAD 1,849,000
CAD 2,210,000
EUR 742,000
EUR 2,247,000
EUR 1,903,000
EUR 1,032,000
EUR 2,355,000
EUR 490,000
EUR 306,379
EUR 1,968,000
(2,732)
(9,304)
2,185
118
(1,322)
(450)
(482)
(401)
468
1,489
257
(594)
(2)
(1,839)
45
(559)
459
722
671
(524)
4,324
680
51
680
176
(671)
(1,750)
990
573
(104)
(722)
1,337
455
(1,030)
4,511
7,026
1,104
(1,510)
(234)
(1,138)
252
(134)
196
316
269
(531)
(1,047)
(131)
(554)
1,871
(1,677)
(872)
(5,381)
(1,268)
26
(2,077)
(653)
2,620
746
437
88
(1,615)
387
(272)
737
Sales
TRY 140,000
USD 919,000
USD 24,384,578
USD 3,586,342
USD 73,000
USD 454,134
EUR 51,444
GBP 1,800,000
GBP 55,000
GBP 55,000
GBP 50,000
GBP 195,000
GBP 330,000
GBP 55,000
USD 1,410,754
USD 286,163
USD 2,315,000
USD 583,084
USD 1,050,000
EUR 485,567
EUR 209,493
EUR 443,852
EUR 1,411,172
EUR 11,428
EUR 11,426
EUR 578,073
EUR 11,425
JPY 805,048
USD 3,939
USD 468,348
USD 3,493
USD 613,920
IDR 25,137,948
KRW 188,380,332
KRW 98,803,747
PHP 70,713
THB 11,048,919
THB 10,382,533
USD 306,071
USD 913,278
USD 1,292,854
USD 911,282
USD 3,180,936
USD 1,499,343
USD 224,681
USD 811,318
USD 851,025
USD 655,140
USD 911,544
USD 1,033,842
USD 438,735
USD 370,627
USD 182,577
USD 333,986
USD 2,078,366
USD 1,779,375
USD 2,132,460
USD 993,230
USD 3,041,269
USD 2,589,686
USD 1,416,870
USD 3,167,898
USD 663,188
USD 412,524
USD 2,669,858
Unrealised
appreciation/
(depreciation)
Value Date
EUR
3/12/2013
5/12/2013
5/12/2013
5/12/2013
5/12/2013
5/12/2013
5/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
9/12/2013
10/12/2013
10/12/2013
10/12/2013
10/12/2013
10/12/2013
10/12/2013
10/12/2013
10/12/2013
11/12/2013
11/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
(1,414)
4,369
(4,463)
18,126
432
1,993
(707)
(5,474)
(773)
(749)
(671)
(1,090)
(3,342)
(735)
3,450
3,566
33,659
382
12,838
6,704
623
(2,657)
(8,668)
(398)
(396)
2,833
(395)
257
(3)
1,848
(41)
(3,522)
106
(1,730)
(330)
15
6,124
2,329
(8,087)
(15,274)
(19,149)
(22,512)
(77,528)
(14,282)
(5,161)
(13,965)
(13,697)
(21,004)
(12,660)
(24,906)
(4,368)
(5,011)
(3,620)
(4,473)
(29,466)
(23,627)
(32,415)
11,652
10,677
(1,263)
(9,861)
25,563
2,341
3,040
4,785
141

Purchases
EUR 312,000
GBP 1,605,000
GBP 238,000
GBP 4,045,000
GBP 195,000
GBP 851,000
GBP 453,000
GBP 2,641,000
GBP 1,999,000
JPY 64,900,000
JPY 267,100,000
JPY 37,200,000
JPY 112,000,000
JPY 266,150,000
JPY 32,800,000
JPY 171,500,000
JPY 65,900,000
JPY 71,400,000
JPY 52,800,000
NOK 1,614,000
NOK 3,460,000
NOK 11,483,000
NOK 895,000
NOK 7,322,000
NOK 8,813,000
NZD 870,396
NZD 1,531,604
NZD 658,000
NZD 311,000
NZD 483,000
NZD 913,000
NZD 736,000
NZD 29,000
SEK 4,045,000
SEK 3,675,000
SEK 6,745,000
SEK 1,785,000
SEK 1,551,000
SEK 1,070,000
SEK 3,685,000
SEK 6,887,000
SEK 3,616,000
SEK 3,954,000
SEK 13,488,000
SEK 14,669,000
USD 547,629
USD 854,739
USD 588,728
USD 476,814
USD 586,352
USD 3,723,127
USD 313,628
USD 909,030
USD 2,560,769
USD 837,719
USD 591,318
USD 572,312
USD 513,862
USD 323,689
USD 298,235
USD 900,897
USD 2,602,400
USD 315,648
USD 2,132,491
USD 310,706
142
Sales
USD 428,674
USD 2,536,138
USD 380,294
USD 6,489,676
USD 316,319
USD 1,377,609
USD 710,476
USD 4,231,042
USD 3,219,386
USD 638,530
USD 2,712,210
USD 373,241
USD 1,125,589
USD 2,706,562
USD 321,463
USD 1,702,483
USD 658,665
USD 725,621
USD 519,515
USD 264,029
USD 565,939
USD 1,896,448
USD 151,089
USD 1,226,621
USD 1,459,782
USD 712,747
USD 1,267,303
USD 544,767
USD 253,602
USD 385,062
USD 752,094
USD 610,353
USD 24,246
USD 619,173
USD 563,623
USD 1,036,848
USD 274,969
USD 239,558
USD 163,157
USD 569,333
USD 1,064,011
USD 552,758
USD 612,209
USD 2,069,500
USD 2,249,842
AUD 578,000
AUD 901,000
AUD 634,000
AUD 511,000
AUD 622,000
AUD 4,039,000
AUD 341,000
AUD 971,000
AUD 2,741,000
AUD 887,000
AUD 630,000
CAD 598,000
CAD 539,000
CAD 340,000
CAD 315,000
CAD 936,000
CAD 2,718,000
CAD 326,000
CAD 2,230,000
EUR 232,000

Unrealised
appreciation/
(depreciation)
Value Date
EUR
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
(3,215)
62,135
6,112
84,552
1,527
8,751
21,457
59,689
32,777
(3,017)
(74,405)
(7,055)
(22,602)
(77,081)
(609)
(19,113)
(10,635)
(20,334)
(2,479)
81
226
(12,644)
(3,395)
(20,837)
(12,859)
(2,039)
(13,226)
(5,914)
57
6,557
(5,418)
(7,357)
(434)
(978)
(1,687)
(4,854)
(1,709)
(1,952)
204
(4,764)
(8,879)
(325)
(6,078)
(6,847)
(6,814)
15,613
25,134
8,332
8,409
14,621
32,889
2,259
18,178
47,417
21,994
12,915
5,310
3,328
1,765
419
12,065
24,987
5,580
18,541
(3,530)
Purchases
USD 1,422,080
USD 658,863
USD 4,365,319
USD 1,234,179
USD 2,231,695
USD 1,683,117
USD 319,268
USD 2,126,625
USD 5,082,821
USD 447,240
USD 6,053,437
USD 2,377,775
USD 3,715,170
USD 496,804
USD 882,407
USD 703,061
USD 765,343
USD 707,891
USD 1,794,761
USD 3,347,066
USD 183,691
USD 1,614,008
USD 442,368
USD 2,465,151
USD 429,921
USD 1,656,441
USD 245,711
USD 704,844
USD 918,971
USD 1,464,092
USD 237,054
USD 174,424
USD 1,054,863
USD 1,234,425
USD 968,962
USD 248,544
USD 317,326
USD 261,892
USD 285,486
USD 477,829
USD 45,442
USD 243,734
USD 349,111
USD 1,001,389
USD 1,316,588
USD 185,075
USD 308,745
USD 1,194,480
USD 1,614,319
USD 650,528
USD 1,280,199
USD 365,241
USD 519,459
USD 1,916,447
CAD 30,000
CAD 80,000
EUR 178,350
GBP 20,811
NOK 175,181
NOK 469,544
SEK 72,682,357
USD 5,001
MYR 868,107
PHP 69,319
PHP 26,741,373
Sales
EUR 1,059,000
EUR 485,000
EUR 3,222,000
EUR 911,000
EUR 1,635,000
EUR 1,257,000
EUR 236,000
EUR 1,570,000
EUR 3,738,000
GBP 279,000
GBP 3,778,000
GBP 1,492,000
GBP 2,320,000
GBP 308,000
GBP 546,000
GBP 439,000
JPY 76,100,000
JPY 69,800,000
JPY 177,965,000
JPY 327,890,000
JPY 18,000,000
JPY 160,645,000
JPY 44,700,000
JPY 240,200,000
JPY 42,500,000
NOK 10,030,000
NOK 1,464,000
NOK 4,185,000
NOK 5,521,000
NOK 8,902,000
NOK 1,410,000
NOK 1,067,000
NOK 6,416,000
NOK 7,326,000
NOK 5,773,000
NZD 301,000
NZD 380,000
NZD 314,000
NZD 345,000
NZD 585,000
NZD 57,000
NZD 294,000
NZD 427,000
NZD 1,205,000
NZD 1,592,000
SEK 1,210,000
SEK 2,036,000
SEK 7,710,000
SEK 10,492,000
SEK 4,259,000
SEK 8,189,000
SEK 2,310,000
SEK 3,401,000
SEK 12,334,000
NOK 178,005
NOK 462,920
SEK 1,593,159
EUR 25,000
CAD 30,000
CAD 80,000
EUR 8,144,695
EUR 3,735
USD 265,354
USD 1,605
USD 617,370
Unrealised
appreciation/
(depreciation)
Value Date
EUR
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
12/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
13/12/2013
17/12/2013
17/12/2013
17/12/2013
(13,308)
(521)
(12,069)
(3,476)
6,022
(19,361)
(1,234)
(6,238)
(471)
(6,110)
(84,760)
(42,912)
(53,618)
(4,484)
(6,691)
(10,101)
15,759
18,798
40,497
104,264
5,686
32,082
3,974
86,097
10,636
11,014
4,500
14,668
11,347
5,319
4,633
(144)
3,567
26,094
17,781
2,222
5,415
4,239
2,995
478
(774)
2,883
596
13,589
13,241
189
(1,646)
12,381
8,638
(1)
21,613
9,122
(13)
23,916
(575)
(118)
(583)
(13)
235
916
18,475
(58)
2,798
(14)
(4,028)

Purchases
THB 20,116,373
USD 272,948
USD 42
USD 620,977
USD 16,681
USD 610,308
EUR 25,913
EUR 640,884
USD 843,382
EUR 105,000
JPY 64,400,000
USD 143,511
EUR 100,000
NZD 89,879
NZD 56,198
JPY 1,246,835
NOK 250,000
NOK 250,000
NZD 60,000
NZD 116,299
USD 12,500
CHF 11,356
USD 12,500
EUR 371,536
EUR 2,290,080
SGD 360,465
USD 259,368
USD 1,423,220
USD 288,528
EUR 60,000
IDR 3,113,031,238
KRW 564,649,524
MYR 1,145,668
MYR 133
THB 522,442
USD 269,503
USD 362,717
USD 516,908
USD 1,608
USD 901,599
EUR 223,907
EUR 227,343
EUR 227,404
EUR 223,891
EUR 5,203,870
EUR 5,395,743
EUR 14,848,685
EUR 8,299,912
EUR 1,898,805
EUR 588,398
EUR 490,505
EUR 540,942
EUR 699,062
EUR 1,110,630
EUR 1,835,400
EUR 1,539,666
GBP 160,000
GBP 3,810,000
USD 110,000
USD 270,000
USD 1,225,000
USD 285,000
USD 2,200,000
AUD 45,000
EUR 470,754
Sales
USD 646,579
MYR 867,974
MYR 133
PHP 26,810,692
THB 522,442
THB 19,593,931
USD 34,860
USD 858,530
BRL 1,991,935
USD 141,673
USD 635,108
CHF 131,000
CHF 123,235
AUD 80,000
AUD 50,000
USD 12,500
SEK 272,083
SEK 268,818
CAD 51,598
EUR 70,000
JPY 1,248,768
USD 12,500
CHF 11,391
JPY 51,212,120
USD 3,102,548
USD 290,768
JPY 26,286,917
SGD 1,780,628
SGD 360,532
CHF 73,971
USD 270,934
USD 532,990
USD 362,095
USD 42
USD 16,663
IDR 3,002,268,705
MYR 1,141,109
MYR 1,668,319
PHP 69,319
THB 29,013,468
AUD 320,000
AUD 325,000
AUD 325,000
AUD 320,000
GBP 4,415,000
GBP 4,575,000
GBP 12,555,000
GBP 7,025,000
GBP 1,590,000
USD 810,000
USD 665,000
USD 740,000
USD 945,000
USD 1,510,000
USD 2,480,000
USD 2,090,000
EUR 190,815
EUR 4,501,934
EUR 81,136
EUR 200,389
EUR 909,852
EUR 211,519
EUR 1,614,241
EUR 31,625
AUD 674,000

Unrealised
appreciation/
(depreciation)
Value Date
EUR
17/12/2013
17/12/2013
17/12/2013
17/12/2013
17/12/2013
17/12/2013
18/12/2013
18/12/2013
18/12/2013
20/12/2013
20/12/2013
20/12/2013
6/1/2014
6/1/2014
6/1/2014
7/1/2014
7/1/2014
7/1/2014
7/1/2014
7/1/2014
7/1/2014
8/1/2014
8/1/2014
9/1/2014
9/1/2014
9/1/2014
9/1/2014
9/1/2014
9/1/2014
10/1/2014
10/1/2014
10/1/2014
10/1/2014
10/1/2014
10/1/2014
10/1/2014
10/1/2014
10/1/2014
10/1/2014
10/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
16/1/2014
23/1/2014
23/1/2014
(15,072)
2,816
0
5,514
309
357
279
9,583
(6,372)
823
(4,063)
(1,019)
(248)
328
219
(227)
(486)
(120)
93
(369)
213
46
(75)
3,327
8,690
(2,602)
1,721
3,209
916
(175)
(7,382)
(452)
(5,365)
0
(310)
13,155
6,861
184
13
(275)
10,098
10,193
10,254
10,082
(95,505)
(95,682)
(221,225)
(132,276)
(9,691)
(7,209)
1,519
(3,192)
4,187
302
11,815
2,854
1,235
71,253
(251)
(1,854)
(9,089)
(1,954)
3,456
(1,572)
20,630
Purchases
EUR 422,092
EUR 118,304
EUR 636,190
USD 8,071
CNY 956,534
CNY 6,216,426
USD 605,766
USD 604,262
INR 19,258,737
EUR 825,000
NOK 3,394,000
USD 770,844
USD 1,111,919
USD 537,327
Sales
GBP 357,000
MXN 2,127,000
USD 860,000
GBP 5,000
USD 155,559
USD 999,072
CNY 3,732,124
TWD 18,058,364
USD 301,814
USD 1,111,162
USD 554,785
AUD 837,000
CHF 1,016,000
SEK 3,570,000
Unrealised
appreciation/
(depreciation)
Value Date
EUR
23/1/2014
23/1/2014
23/1/2014
23/1/2014
10/2/2014
10/2/2014
10/2/2014
10/2/2014
11/2/2014
25/2/2014
25/2/2014
25/2/2014
25/2/2014
25/2/2014
Net unrealised depreciation

(6,389)
(541)
3,827
(66)
281
10,572
(1,966)
(5,536)
898
8,008
(665)
9,020
(9,208)
(5,255)
(167,933)

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
Sector Breakdown
% of net
assets*
Government
Asset Backed Securities
Mortgage Securities
Financial
Funds
Consumer, Cyclical
Energy
Utilities
Communications
Industrial
Diversified
Technology
Basic Materials
30.16
18.10
18.04
12.03
6.96
3.42
2.39
1.87
1.84
1.74
1.41
0.82
0.67
0.60
(0.05)
100.00
143

Nominal
Value
19,900,000
19,900,000
3,000,000
(4,000,000)
(2,500,000)
(4,000,000)
(4,000,000)
(3,000,000)
Description

Unrealised
appreciation/
(depreciation)
EUR
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 semiannual from 6/4/2015; and pays
Floating USD Libor 3-month-BBA
10,781
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)
into an Interest Rate Swap
(Deutsche Bank AG). If exercised
Fund receives Floating USD Libor
52,611
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
on 26/3/2014) to enter into an
Interest Rate Swap (Citibank
pays 1.35% Fixed semi-annual
from 28/9/2014
1,136
Interest Rate Swap (Barclays
Bank PLC). If exercised Fund
(4,718)
Fund writes a put option (expiring
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
Fund writes a put option (expiring
Interest Rate Swap (Deutsche
Bank AG). If exercised Fund
receives 3.7% Fixed semi-annual
from 15/5/2015; and pays
(2,136)
Market
Value
EUR
35,675
11,150
145,294
Nominal
Value
Unrealised
appreciation/
(depreciation)
EUR
Description

receives 6% Fixed semi-annual
quaterly from 28/6/2014
Interest Rate Swap (JP Morgan
quaterly from 10/7/2014
Market
Value
EUR
(45,235)
(124,072)
1,869
(7,210)
(4,488)
(13,701)
4,689
(13,394)
Note: Swaptions are included in the Statement of Net Assets (see note 2 (d)).
(4,494)

Number of
Contracts
(2,579)
(10,636)
(341)
(42,480)
Contract/
Description
10
78
(16)
Canadian 10 Year Bond
(9)
Euro BTP Italian Bond
(7)
Euro-Bund
15
Euro-Bund
(137)
German Euro BOBL
(45)
German Euro Bund
(3)
German Euro Schatz
(3)
Japan 10 Year Bond
1
Japan 10 Year Bond
(39)
Korea 10 Year Bond
121
Korea 3 Year Bond
13
Long Gilt
(21)
Short Euro BTP
(192)
UK Long Gilt Bond
(23)
Ultra US Treasury Bond
(2)
US Bond (CBT)
6
(CBT)
(18)
(CBT)
145
(CBT)
8
US Ultra Bond (CBT)
Total
Expiration
date
Unrealised
EUR
EUR
December 2013
769,793
December 2013
5,660,635
March 2014
1,138,894
December 2013
1,016,892
March 2014
693,875
December 2013
1,534,095
December 2013 16,000,916
December 2013
4,602,285
December 2013
300,795
December 2013
2,282,497
December 2013
760,832
December 2013
3,014,892
December 2013
8,859,551
March 2014
1,874,819
December 2013
2,215,647
March 2014 29,997,104
March 2014
1,918,981
March 2014
197,479
March 2014 18,073,828
(10,736)
11,689
(1,021)
(1,080)
(2,520)
1,312
(62,250)
(38,130)
(180)
(11,715)
4,456
33,546
(30,037)
(2,786)
(36,470)
51,835
12,786
69
25,710
March 2014
486,291
(1,543)
March 2014
March 2014
2,747,668
11,597,136
(620)
8,660
March 2014 10,576,004

March 2014
667,471
(2,499)
(236)
126,988,380
(51,760)

144

Written Call Options as at 30 November 2013
Number of
contracts
subject
to Call
Issuer
Unrealised
EUR
EUR
(5) Euro Bund Futures Call Option

550,879
(103) Euro Bund Futures Call Option
expiring on 20/12/2013 6,961,908
Call Option
expiring on 27/12/2013 2,314,392
Call Option
7,727,162
Total Written Call Options
17,554,341
Market
Value
EUR
(2,000)
(2,000)
17,290
17,290
31,568
(16,719)
(12,290) (115,813)
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
subject
to Put
525,000
525,000
525,000
525,000
525,611
525,000
525,000
80,000
964,000
3,600,000
2,720,000
3,119,433
Issuer
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
EUR/CHF Put Option
Unrealised
EUR
EUR
Market
Value
EUR
117,534
(8,101)
719
117,534
(6,484)
719
117,534
(7,959)
719
117,534
(7,366)
719
117,671
(6,744)
720
117,534
(6,919)
719
117,534
(7,702)
719
17,910
(1,178)
110
215,815
(12,223)
1,321
39,006
(40,270)
681
29,471
(27,230)
514
33,800
(17,815)
590
1,158,877
(149,991)
8,250
Number of
contracts
subject
to Put
Issuer
Unrealised
EUR
EUR

11,377
11,377
11,377
11,377
11,392
11,377
11,377
(160,000) EUR/CHF Put Option
1,733
20,890
402,974
304,470
349,157
(5) Euro Bund Futures Put Option
158,495
(103) Euro Bund Futures Put Option
7,651,758
Put Option
6,627,875
Put Option
expiring on 27/12/2013 3,888,626
19,485,632
Market
Value
EUR
9,671
(199)
9,530
(199)
8,055
(199)
8,937
(198)
8,318
(199)
8,490
(198)
9,273
(198)
1,546
(30)
16,939
(364)
30,924
(2,466)
21,257
(1,863)
14,606
(2,137)
4,350
4,350
38,810
38,810
(19,403) (105,877)
20,505
(46,325)
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.
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.
145

Holding
Description
Market Value
(USD)

Holding
COMMON / PREFERRED STOCKS (SHARES)

Cosan Ltd 'A'
40,000
3,025,960
2.07
3,025,960
2.07
450,000
675,000
800,000
450,000
589,000
422,000
1,018,000
500,000
236,000
103,000
850,000
375,000
1,200,000
650,000
450,000
800,000
600,000
Arezzo Industria e Comercio SA

Autometal SA
BR Properties SA
Cia de Saneamento de Minas
Gerais-COPASA
Cyrela Brazil Realty SA
Empreendimentos e
Participacoes
EDP - Energias do Brasil SA
Even Construtora e Incorporadora SA
Hypermarcas SA
Iguatemi Empresa de Shopping
Centers SA
Iochpe-Maxion SA
Klabin SA - Pref Kroton Educacional SA
Localiza Rent a Car SA
Lojas Renner SA
Magazine Luiza SA
Mills Estruturas e Servicos de
Engenharia SA
Minerva SA/Brazil
QGEP Participacoes SA
Ser Educacional SA
Suzano Papel e Celulose (Pref)
Usinas Siderurgicas de Minas
Gerais (Pref)
4,084,157
2,847,823
5,652,797
2.80
1.95
3.87
3,254,908
2.23
Grupo Nutresa SA
3,043,534
3,452,870
2,814,948
3,669,578
2.09
2.37
1.93
2.51
1,750,000
2,023,000
1,250,000
1,595,000
325,000
1,860,041
Alfa SAB de CV 'A'

Alsea SAB de CV
Bolsa Mexicana de Valores SAB de CV
Concentradora Fibra Hotelera Mexicana
SA de CV (Reit)
Corp Inmobiliaria Vesta SAB de CV
Credito Real SAB de CV
Genomma Lab Internacional SAB
de CV 'B'
Grupo Sanborns SA de CV
Promotora y Operadora de
Infraestructura SAB de CV
TF Administradora Industrial S
de RL de CV (Reit)
6,005,728
4,734,652
5,272,805
8,464,963
3,413,570
2,755,661
3,056,376
4.12
3.24
3.61
5.80
2.34
1.89
2.09
5,040,452
5,342,237
2,857,540
4,122,255
2,910,834
3.45
3.66
1.96
2.82
1.99
3,197,637
2.19
85,995,325
58.91
6,056,800
4.15
6,056,800
4.15
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
146,691,424
100.49
BONDS
Brazil
Total Bonds
30,152
0.02
30,152
0.02
30,152
0.02
146,721,576
100.51

WARRANTS
Brazil
802
Hypermarcas SA (Wts 31/12/2049)*
Total Warrants
6,056,684
4.15
6,056,684
4.15
5,653,384
4,783,629
5,126,469
3.87
3.28
3.51
2,699,908
3,242,027
3,172,032
1.85
2.22
2.17
0.00
0.00
0.00
416,508
290,678
0.29
0.20
707,186
0.49
707,186
0.49
BONDS
Brazil
BRL 802
BRL 802
Hypermarcas SA FRN 15/10/2015

Hypermarcas SA 11.30% 15/10/2018
Total Bonds
3,688,196
3,317,542
2.53
2.27

707,186
0.49
147,428,762
101.00

3,831,260
2.63
3,462,918
2.37
38,977,365
26.70
* Investments which are less than 0,5 USD have been rounded down to zero.
146
Grana y Montero SA
BRL 490,000 Lupatech SA 6.50% 15/4/2018
Mexico
1,925,000
1,588,000
2,150,000
1,750,000
Copa Holdings SA 'A'
Total Common / Preferred Stocks (Shares)
Colombia
450,000
Peru
900,000
Brazil
329,000
378,000
686,000
199,000
Market Value
(USD)
Panama
Bermuda
202,000
Description
(1,458,821)
(1.00)
145,969,941
100.00
BlackRock Latin American Opportunities Fund continued

Sector Breakdown
% of net
assets*
Consumer, Cyclical
Financial
Basic Materials
Diversified
Industrial
Utilities
Energy
29.82
23.60
22.20
7.79
6.29
4.72
4.60
1.98
(1.00)
100.00
147

Holding
Description
Market Value
(USD)

Holding
COMMON STOCKS (SHARES), WARRANTS
522,770
23,139
287,133
494,964
112,776
270,665
527,064
32,799
535,651
77,449
749,375
Alara Resources Ltd

Avanco Resources Ltd
Beadell Resources Ltd
Berkeley Resources Ltd
Fortescue Metals Group Ltd
Galaxy Resources Ltd
(Wts 31/12/2014)
Galaxy Resources Ltd
Iluka Resources Ltd
Indochine Mining Ltd
Metals X Ltd
Mineral Deposits Ltd
Pacific Niugini Ltd
Sierra Mining Ltd
Sirius Resources NL
Tiger Resources Ltd
Western Areas Ltd
World Titanium Resources Ltd
4,216
70,470
174,960
170,348
73,356
346,490
0.78
1.93
1.88
0.81
3.82
1,889
18,579
184,919
13,606
81,186
256,918
16,032
110,466
63,960
165,958
147,503
75,115
0.02
0.20
2.04
0.15
0.90
2.84
0.18
1.22
0.71
1.83
1.63
0.83
1,971,755
21.77
158,248
1.75
158,248
1.75
Industrias Penoles SAB de CV
Petra Diamonds Ltd
Sociedad Minera Cerro Verde SAA

Volcan Cia Minera SAA 'B'
Alamos Gold Inc

Augusta Resource Corp
Aureus Mining Inc
Cameco Corp
Canada Lithium Corp
Eldorado Gold Corp
First Quantum Minerals Ltd
Fission Uranium Corp
Franco-Nevada Corp
Katanga Mining Ltd
Lucara Diamond Corp
Lundin Mining Corp
MAG Silver Corp
Nevsun Resources Ltd
NGEx Resources Inc
Petaquilla Minerals Ltd
Platinum Group Metals Ltd
Romarco Minerals Inc
Santacruz Silver Mining Ltd
Sierra Metals Inc
Sirocco Mining Inc
Tahoe Resources Inc
Teck Resources Ltd 'B'
106,439
1.17
106,439
1.17
166,408
95,520
1.84
1.05
261,928
2.89
Russia
8,641
MMC Norilsk Nickel OJSC ADR
145,538
74,261
96,165
163,891
69,754
92,217
530,409
262,287
173,895
185,187
223,819
315,987
267,958
359,556
84,862
64,992
132,325
98,916
61,107
161,938
124,360
202,129
276,089
1.61
0.82
1.06
1.81
0.77
1.02
5.85
2.89
1.92
2.04
2.47
3.49
2.96
3.97
0.94
0.72
1.46
1.10
0.67
1.79
1.37
2.23
3.05
4,167,642
46.01
129,851
1.43
130,133
1.44
130,133
1.44
South Africa
1,914
Kumba Iron Ore Ltd
74,793
0.82
74,793
0.82
148,410
188,263
53,223
253,234
1.64
2.08
0.59
2.79
643,130
7.10
United Kingdom
10,827
100,693
758,000
17,425
Fresnillo Plc
London Mining Plc
Stratex International Plc
Vedanta Resources Plc
United States
17,531
Freeport-McMoRan Copper & Gold Inc
Canada
11,491
47,300
177,119
8,050
180,000
15,150
31,298
250,000
4,331
425,931
160,000
76,502
45,000
109,000
52,200
187,105
100,000
275,403
70,273
81,199
331,000
11,357
11,357
Peru
7,142
236,940
Bermuda
90,000
Market Value
(USD)
Mexico
Australia
859,261
3,000,000
245,972
322,000
66,943
414,577
Description
Total Common Stocks (Shares), Warrants
616,741
6.81
616,741
6.81
8,416,464
92.91
BONDS
Canada
USD 280,000 Banro Corp 10.00% 1/3/2017
Total Bonds
220,500
2.43
220,500
2.43
220,500
2.43
FUNDS
Jersey
1,890
ETFS Physical Palladium
Total Funds
132,187
1.46
132,187
1.46
132,187
1.46
8,769,151
96.80
Funds
Ireland
397,092
Kenmare Resources Plc
129,851
1.43
Ireland
439,121
Jersey
2,200
Randgold Resources Ltd ADR
148
155,804
1.72
155,804
1.72
Total Funds
Institutional Cash Series Plc Institutional US Dollar

Liquidity Fund 1
439,121
4.85
439,121
4.85
439,121
4.85
BlackRock Mining Opportunities Fund continued

Holding
Description
Market Value
(USD)
0.00
WARRANTS
Canada
30,000
Aureus Mining Inc (Wts 16/5/2014)*
Total Warrants
0.00
0.00

0.00
9,208,272
101.65

(149,558)
(1.65)
9,058,714
100.00
* Investments which are less than USD 0.5 have been rounded down to zero.
Holding
Unrealised
appreciation/
USD
USD
Description
Canada
Holding
Description
Unrealised
appreciation/
USD
USD
United States
(100,000) Torex Gold Resources Inc
(90,737)
31,474
(90,737)
31,474
United Kingdom
(8,000) Anglo American Plc
(22,000) New World Resources Plc 'A'
(177,660)
(27,392)
18,778
26,494
(205,052)
45,272
(45,000) Allied Nevada Gold Corp
Total market value

(146,700)
162,960
(146,700)
162,960
(442,489)
239,706
UBS is the counterparty to these Contracts for Difference.

Sector Breakdown
Purchases
Sales
Value date
Unrealised
appreciation
USD
USD 3,942
ZAR 39,788
2/12/2013
35

Deutsche Bank AG London is the counterparty to this Open Forward Foreign Exchange
Transaction.
% of net
assets*
Basic Materials
Funds
95.34
6.31
(1.65)
100.00
35
149
Notes to the Financial Statements

1. Organisation
BlackRock Strategic Funds (the Company) is a public limited
company (socit anonyme) established under the laws of
the Grand Duchy of Luxembourg as an open-ended variable
capital investment company (socit dinvestissement
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.
H Class (continued)
The Company has appointed BlackRock (Luxembourg) S.A. as

its Management Company.
L Class

I Class
I Class non-distributing share EUR1
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

M Class
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:

T Class
T Class non-distributing share EUR*
U Class
A Class
A Class distributing share EUR
A Class UK reporting distributing fund share GBP
C Class
U Class non-distributing share EUR

U Class UK reporting non-distributing fund share GBP
X Class
X Class non-distributing share EUR1
X Class non-distributing share USD1
1
2
available to institutional investors.

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 Companys Prospectus.
D Class
D Class distributing share EUR
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 USD
Fund Launch and Liquidation

Effective 12 June 2013, the BlackRock Emerging Markets Flexi
Dynamic Bond Fund, denominated in USD was launched.
E Class
Effective 20 November 2013, Bruno Rovelli was appointed as

a Director of the Board.

H Class
H Class non-distributing share EUR
150
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 2013
A new Prospectus was issued on 4 October 2013.
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

European Credit Strategies Fund I Class UK reporting
non-distributing fund share USD hedged;
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 nondistributing share USD hedged changed its name to BSF
BSF European Credit Strategies Fund U Class nondistributing 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
12 June 2013
19 June 2013
26 June 2013
3 July 2013
3 July 2013
17 July 2013
17 July 2013
11 September 2013
2 October 2013
13 November 2013
15 November 2013
15 November 2013
15 November 2013
15 November 2013
15 November 2013
15 November 2013
27 November 2013
27 November 2013
Type
Fund

GBP hedged
A Class non-distributing share in USD hedged

Type
Fund
D Class UK reporting non-distributing fund

share GBP hedged
BlackRock European Opportunities Absolute Return Fund


Share Classes Closed

Effective date
8 July 2013
17 July 2013
17 July 2013
17 July 2013
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 Companys investments and other assets are valued as
follows:
the value of all securities and other assets forming any

particular Funds 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;
151

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
152
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.
Theliability 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 (orpaid) 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 (orgain
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 Funds
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)
BlackRock
Euro
Dynamic
Diversified
Growth Fund
BlackRock
Latin
American
Opportunities
Fund
CCY
EUR
USD
EUR
USD
ARS
AUD
BRL
CAD
CHF
CLP
CNY
COP
CZK
DKK
EUR
GBP
HKD
HUF
IDR
INR
JPY
KRW
MXN
MYR
NGN
NOK
NZD
PEN
PHP
PLN
RON
RUB
SEK
SGD
THB
TRY
TWD
USD
UYU
ZAR
0.1198
0.6701
0.3157
0.6950
0.8132
0.0014
0.1207
0.0004
0.0365
0.1341
1.0000
1.2007
0.0948
0.0033
0.0001
0.0118
0.0072
0.0007
0.0561
0.2281
0.0046
0.1204
0.6002
0.2623
0.0168
0.2378
0.2253
0.0222
0.1123
0.5859
0.0229
0.3643
0.0248
0.7353
0.0348
0.0722
0.1630
0.9112
0.4293
0.9452
1.1059
0.0019
0.1641
0.0005
0.0497
0.1823
1.3600
1.6329
0.1290
0.0045
0.0001
0.0160
0.0098
0.0009
0.0763
0.3103
0.0063
0.1637
0.8162
0.3568
0.0228
0.3234
0.3063
0.0301
0.1528
0.7968
0.0311
0.4955
0.0338
1.0000
0.0473
0.0982
0.1197
0.6712
0.3148
0.6937
0.8128
0.0014
0.1205
0.0004
0.0365
0.1341
1.0000
1.2031
0.0947
0.0033
0.0001
0.0118
0.0072
0.0007
0.0560
0.2279
0.0046
0.1201
0.5996
0.2622
0.0168
0.2380
0.2256
0.0222
0.1124
0.5859
0.0229
0.3638
0.0248
0.7345
0.0347
0.0722
0.1629
0.9110
0.4281
0.9415
1.1032
0.0019
0.1641
0.0005
0.0497
0.1821
1.3585
1.6368
0.1290
0.0045
0.0001
0.0160
0.0098
0.0009
0.0763
0.3103
0.0063
0.1631
0.8135
0.3568
0.0228
0.3231
0.3065
0.0302
0.1525
0.7968
0.0311
0.4953
0.0338
1.0000
0.0472
0.0980
153

The Management Company may, at its discretion, decide to
subsidise the swing adjustment.
(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:
EUR
0.7353
USD
For the BlackRock Euro Dynamic Diversified Growth Fund,

the exchange rate prevailing at 17:00 in Luxembourg as at
30November2013 is:
EUR
0.7345
USD
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:
EUR
0.7496
USD
For the BlackRock Euro Dynamic Diversified Growth Fund,

thefollowing exchange rate is the average rate calculated over
theperiod:
EUR
0.7495
USD
(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.
154
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 Company
BlackRock (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
Companys 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 Fees
During 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
paidmonthly.
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 Fees
The 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:
Share
Class
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 Funds 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
155

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 Funds 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 Fees
The 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.
156
7. Performance Fees
A 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
Luxembourg
The 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 dabonnement
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.
Belgium
The 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.
Fortheperiod ended 30 November 2013, there was no charge
in relation to Belgium tax.
United Kingdom
Reporting 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 Tax
Brazilian 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 Advice
The 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:
BIM UK provides investment advice on the following Funds:
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 Persons
The 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.
157

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. Dividends
The Board of Directors of the Funds 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 Guarantee
Securities 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
BlackRock European
Constrained Credit
Strategies Fund
256,000
France Government Bond

OAT 4.25% 25/10/2023
BlackRock European
Credit Strategies Fund
50,000
Bundesschatzanweisungen
0.000% 12/12/2014
(ZeroCoupon)
BlackRock European
Credit Strategies Fund
325,000
France Government Bond

OAT 4.25% 25/10/2023
15. Efficient Portfolio Management Techniques

The Funds may engage in derivative transactions for the
purpose of efficient portfolio management. Refer to each
Funds Portfolio of Investments for details.
16. Financial Derivative Instruments
The Funds may buy and sell financial derivative instruments.
See further details in the Funds 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 Events
There have been no subsequent events since the period end.
560,591
92,507
711,688
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
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
transactions, futures contracts, options written (put & call),
options purchased (put & call) and swaptions.
Value (USD)
14. Cash collateral

The Fund trades derivatives with a range of counterparties.
The counterparties to the swap contracts, forward
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.
158
by the Company to the counterparty. Due to brokers consists

primarily of cash and margin received from Portfolios 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 Portfolios
clearing brokers and various counterparties. It is included in
Due from broker on the Statement of Net Assets.
General Information
Current Prospectus
The Companys 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 Companys 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.
Representatives
The 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,
8022Zurich,Switzerland.
Purchases and Sales
A detailed list of investments purchased and sold for any Fund during the period is available upon request, free of charge,
fromthe Registered office, or the offices of the Representatives as mentioned above.
Authorised Status
The Company is an undertaking for Collective Investment in Transferable securities (UCITS) under the Luxembourg Law of
17December 2010, as amended. Regulatory consents have been obtained or appropriate notifications have been made for the
distribution of shares of the Companys 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 Companys Funds may also be offered in Singapore by private placement.
Paying Agents
Austria
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
Socit Gnrale 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 Trves
L-2633, Senningerberg
Switzerland
J.P. Morgan Chase Bank,
National Association,
Columbus,
Zurich Branch
Dreiknigstrasse 21
CH-8002 Zurich
Switzerland
United Kingdom
J.P. Morgan Trustee and Depositary Company Limited
Hampshire Building,
1st Floor
Chaseside
Bournemouth
BH7 7DA
159
2013 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, SO WHAT DO I DO WITH MY MONEY, INVESTING
FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the
United States and elsewhere. All other trademarks are those of their respective owners.
PRISMA 13/1701 BSF SAR ENG 1113
FOR MORE INFORMATION

+44 (0)20 7743 3300
blackrockinternational.com

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UNAUDITED INTERIM REPORT AND ACCOUNTS

TITLE (4050 CHARACTERS)

BSF Investment Advisers Report

Management and Administration

Statement of Net Assets

Three Year Summary of Net Asset Values

Statement of Operations and Changes in Net Assets

Statement of Changes in Shares Outstanding

BlackRock Asia Extension Fund

BlackRock Emerging Markets Absolute Return Fund

BlackRock Emerging Markets Allocation Fund

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

BlackRock European Diversified Equity Absolute Return 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 Global Absolute Return Bond Fund

BlackRock Latin American Opportunities Fund

BlackRock Mining Opportunities Fund

Notes to the Financial Statements

Unaudited Interim Report and Accounts

BSF Chairmans Letter to Shareholders

BlackRock Strategic Funds (BSF)

BSF Chairmans Letter to Shareholders

Nicholas C.D. Hall

Unaudited Interim Report and Accounts

BSF Investment Advisers Report

Another particularly strong performer during the period was

Nevertheless, global equities gained over the six months,

The BlackRock Asia Extension Fund gained 5.9%,

The picture in fixed income markets was quite different as

BlackRock Strategic Funds (BSF)

The largest Fund in the BSF range, the BlackRock European

BSF Investment Advisers Report

Unaudited Interim Report and Accounts

Nicholas C.D. Hall (Chairman)

BlackRock Japan Co., Ltd.

All Directors are non-executive Directors.

Appointed 20 November 2013

* Appointed on 04 October 2013

BlackRock Strategic Funds (BSF)

Statement of Net Assets

* The Fund commenced trading on 15 November 2013.

Unaudited Interim Report and Accounts

Statement of Net Assets

Total net assets

** The Fund commenced trading on 12 June 2013.

BlackRock Strategic Funds (BSF)

Statement of Net Assets

Unaudited Interim Report and Accounts

Statement of Net Assets

BlackRock Strategic Funds (BSF)

Three Year Summary of Net Asset Values

BlackRock Americas Diversified Equity Absolute Return Fund

BlackRock Asia Extension Fund

BlackRock Emerging Markets Absolute Return Fund