Interim report and unaudited financial statements...Interim report and unaudited financial...

Interim report and unauditedfinancial statements

BlackRock Strategic Funds

R.C.S. Luxembourg: B 127481

For the financial period ended 30 November 2019

ContentsGeneral Information 2

Chairman’s Letter to Shareholders 5

Investment Advisers’ Report 7

Statement of Net Assets 11

Three Year Summary of Net Asset Values 18

Statement of Operations and Changes in Net Assets 31

Statement of Changes in Shares Outstanding 40

Portfolio of Investments 50BlackRock Americas Diversified Equity Absolute Return Fund 50BlackRock Asia Extension Fund 173BlackRock Asia Pacific Absolute Return Fund 188BlackRock Asia Pacific Diversified Equity Absolute Return Fund 192BlackRock Dynamic Diversified Growth Fund 227BlackRock Emerging Markets Absolute Return Fund 232BlackRock Emerging Markets Equity Strategies Fund 235BlackRock Emerging Markets Flexi Dynamic Bond Fund 239BlackRock Emerging Markets Short Duration Bond Fund 246BlackRock ESG Euro Bond Fund 252BlackRock ESG Euro Corporate Bond Fund 265BlackRock European Absolute Return Fund 274BlackRock European Diversified Equity Absolute Return Fund 279BlackRock European Opportunities Extension Fund 288BlackRock European Select Strategies Fund 293BlackRock European Unconstrained Equity Fund 316BlackRock Fixed Income Credit Strategies Fund 318BlackRock Fixed Income Strategies Fund 328BlackRock Global Absolute Return Bond Fund 356BlackRock Global Equity Absolute Return Fund 407BlackRock Global Event Driven Fund 410BlackRock Global Long/Short Equity Fund 417BlackRock Global Real Asset Securities Fund 479BlackRock Impact World Equity Fund 483BlackRock Macro Opportunities Fund 489BlackRock Managed Index Portfolios - Conservative 497BlackRock Managed Index Portfolios - Defensive 499BlackRock Managed Index Portfolios - Growth 501BlackRock Managed Index Portfolios - Moderate 503BlackRock Style Advantage Fund 505BlackRock Style Advantage Screened Fund 598BlackRock Systematic Global Equity Fund 625BlackRock Total Advantage Fund 634BlackRock UK Emerging Companies Absolute Return Fund 692BlackRock UK Equity Absolute Return Fund 697

Notes to Financial Statements 701

Appendix I – Share Classes 720

Supplementary Information 722

Subscriptions can only be made on the basis of the current Prospectus, the Key Investor Information Document (“KIID”) supplemented by the most recent Annual report and audited financial

statements and Interim report and unaudited financial statements, if published after such annual report and audited financial statements. Copies are available at the registered office of the Company

from the Local Investor Servicing team, the Transfer Agent, the Management Company or any of the Distributors. See General Information section for further details.

Interim report and unaudited financial statements [1]

Board of DirectorsPaul Freeman, ChairmanMartha Boeckenfeld (resigned effective 31 October 2019)Michael GruenerRobert HayesFrancine KeiserBarry O’DwyerGeoffrey D. Radcliffe

All Directors are non-executive.

Robert Hayes, Geoffrey D. Radcliffe, Barry O’Dwyer and Michael Gruener are employees of the

BlackRock Group (the BlackRock Group of companies, the ultimate holding company of which

is BlackRock, Inc., of which the Management Company and Investment Advisers are part of).

Paul Freeman is a former employee of the BlackRock Group.

Management CompanyBlackRock (Luxembourg) S.A.35A, avenue J.F. Kennedy,L-1855 Luxembourg,Grand Duchy of Luxembourg

Investment AdvisersBlackRock 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 LLC100 Bellevue Parkway,Wilmington, Delaware 19809,USA

BlackRock Investment Management (UK) Limited12 Throgmorton Avenue,London EC2N 2DL,United Kingdom

BlackRock (Singapore) Limited#18-01 Twenty Anson,20 Anson Road,Singapore, 079912

Sub-Investment AdvisersBlackRock Asset Management North Asia Limited16/F Cheung Kong Center,2 Queen’s Road Central,Hong Kong

BlackRock Investment Management (Australia) LimitedLevel 26, 101 Collins Street,Melbourne 3000,Australia

BlackRock Japan Co., Ltd.1-8-3 Marunouchi,Chiyoda-ku,Tokyo 100-8217,Japan

Principal DistributorBlackRock Investment Management (UK) Limited12 Throgmorton Avenue,London EC2N 2DL,United Kingdom

Depositary and Fund AccountantState Street Bank International GmbH49, avenue J.F. Kennedy,L-1855 Luxembourg,Grand Duchy of Luxembourg

Transfer Agent and RegistrarJ.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre,6C, route de Trèves,L-2633 Senningerberg,Grand Duchy of Luxembourg

Cabinet de révision agrééDeloitte Audit, S.à.r.l.20 Boulevard de KockelscheuerL-1821 Luxembourg,Grand Duchy of Luxembourg

Legal AdvisersLinklaters LLP35, avenue J.F. Kennedy,L-1855 Luxembourg,Grand Duchy of Luxembourg

Securities Lending AgentBlackRock Advisors (UK) Limited12 Throgmorton Avenue,London EC2N 2DL,United Kingdom

Paying AgentsAustriaRaiffeisen Bank International AGAm Stadtpark 9,1030 Vienna,Austria

BelgiumJ.P. Morgan Chase Bank N.A.Brussels Branch1 Boulevard du Roi Albert II,B-1210 Brussels,Belgium

General Information

BlackRock Strategic Funds[2]

Czech RepublicUniCredit Bank Czech Republic and Slovakia a.s.Prague 4 – Michle, Želetavská 1525/1,Postal Code 140 92,Czech Republic

FranceCACEIS Bank1-3 Place Valhubert,75013 Paris,France

GermanyJ.P. Morgan AGCIB / Investor Services – Trustee & FiduciaryTaunustor 1 (TaunusTurm),60310 Frankfurt am Main,Germany

Ireland (Facilities Agent)J.P. Morgan Administration Services (Ireland) LimitedJ.P. Morgan House, International Financial Services Centre,Dublin 1,Ireland

ItalyAllfunds Bank, S.A.Milan branchVia Bocchetto, 620123 Milan,Italy

BNP Paribas Securities ServicesSuccursale di MilanoPiazza Lina Bo Bardi, 320124 Milan,Italy

Société Générale Securities Services S.p.A.Via Benigno Crespi19/A, MAC II,20159 Milan,Italy

Banca Monte dei Paschi di Siena S.p.A.Piazza Salimbeni 3,53100 Siena,Italy

State Street Bank International GmbHSuccursale ItaliaVia Ferrante Aporti 10,20125 Milan,Italy

Banca Sella Holding S.p.A.Piazza Gaudenzio Sella 1,13900 Biella (BI),Italy

CACEIS Bank S.A.Milan BranchPiazza Cavour, 2,20121 Milan,Italy

ICCREA Banca S.p.A.Via Lucrezia Romana 41/47,00178 Rome,Italy

Luxembourg (Central Paying Agent)J.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre,6C, route de Trèves,L-2633 Senningerberg,Grand Duchy of Luxembourg

MaltaMeDirect Bank PlcThe Centre, Tigne Point, Sliema TPO, 0001Malta

PolandCiti HadlowyBank Handlowy w Warszawie S.A.ul. Senatorska 16PL-00-923 WarsawPoland

SwedenBlackRock Investment Management (UK)Limited Stockholm BranchNorrlandsgatan 16111 43 StockholmSweden

SwitzerlandState Street Bank International GmbHMunich, Zurich branchBeethovenstrasse 19,CH-8027 Zurich, Switzerland

United KingdomJ.P. Morgan Trustee and Depositary Company LimitedHampshire Building, 1st Floor,Chaseside,Bournemouth BH7 7DA,United Kingdom

Registered Office49, avenue J.F. Kennedy,L-1855 Luxembourg,Grand Duchy of Luxembourg

General Informationcontinued


EnquiriesIn the absence of other arrangements, enquiries regardingthe Company should be addressed as follows:Written Enquiries:BlackRock Investment Management (UK) Limited,c/o BlackRock (Luxembourg) S.A.P.O. Box 1058,L-1010 Luxembourg,Grand Duchy of Luxembourg

All other enquiries:Telephone: + 44 207 743 3300,Fax: + 44 207 743 1143.Email: [email protected]

Current ProspectusBlackRock Strategic Funds (the “Company”) Prospectus and the relevant KIID along with copies of the Application Form may beobtained from the Local Investor Servicing team, the Management Company or any of the Representatives or Distributors. Copiesof the Company’s Articles of Incorporation and the Annual report and audited financial statements and Interim report and unauditedfinancial statements may also be obtained free of charge from any of these offices and from the Paying Agents. All thesedocuments are also available from www.blackrockinternational.com.

RepresentativesThe representative in Denmark is BlackRock Copenhagen Branch, subsidiary of BlackRock Investment Management (UK) Limited,United Kingdom, Harbour House, Sundkrogsgade 21, Copenhagen, DK 2100, Denmark.

The representative in Israel is Altshuler Shaham Group, 19A Habarzel St, Ramat Hahayal, Tel Aviv, Israel.

The representative in Poland is Dubinski Fabrycki Jelenski, ul. Zielna 37, 00-108 Warsaw, Poland.

The representative in Switzerland is BlackRock Asset Management Switzerland Limited, Bahnhofstrasse 39, 8001 Zurich,Switzerland.

Portfolio of InvestmentsEquities are primarily classified by the country of incorporation of the entity in which the Fund (each a “Fund”, together the “Funds”)holds shares.

Corporate and government fixed and variable income securities are primarily classified by the country of incorporation of the issuer.

Liquidity instruments are primarily classified by the country of issuer of the liquidity instruments.

Collective Investment Schemes (“CIS”) and Exchange Traded Funds (“ETF”) are primarily classified by the country of domicile ofthe CIS or ETF.

Purchases and SalesA detailed list of investments purchased and sold for any Fund during the year is available upon request, free of charge, from theRegistered Office, or the offices of the Representatives as mentioned above.

Authorised StatusThe Company is an undertaking for collective investment in transferable securities (“UCITS”) under the part I of the LuxembourgLaw of 17 December 2010, as amended. Regulatory consents have been obtained or appropriate notifications have been made forthe distribution of shares of the Company’s Funds in the umbrella in the following countries: Austria, Belgium, Chile, China, CzechRepublic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Luxembourg, Malta, Netherlands, Norway,Poland, Portugal, Singapore, Slovakia Republic, South Korea, Spain, Sweden, Switzerland, Taiwan, United Arab Emirates and theUnited Kingdom.

Shares of certain of the Company’s Funds may also be offered in Singapore by private placement.

The Company is duly registered with the Comisión Nacional de Mercado de Valores in Spain under number 626.

General Informationcontinued


http://www.blackrockinternational.com.

Dear Shareholder,

I am writing to update you on the activities of BlackRock Strategic Funds (the “Company” or “BSF”) over the six months to30 November 2019. The Company offered shares in 35 funds (each a “Fund” and together the “Funds”) at 30 November 2019.

The pivot on interest rates from the Federal Reserve (the “Fed”) and the European Central Bank (the “ECB”) continued to supportmarkets in the face of some challenging economic data and ongoing political tensions. The majority of markets rose over the sixmonth period under review with the US, Japan and the technology sector showing particular strength.

Loose monetary policy made the difference. The Fed has now cut rates three times in 2019 – July, September and October; whileECB pushed out any prospect of an interest rate rise until mid-2020 and resumed its quantitative easing programme. Japan’s policywas unchanged. The United Kingdom (the “UK”) was a notable exception, but eventually Bank of England Governor Mark Carneyadmitted that rates may need to be cut in the event of a disruptive Brexit.

Lower rates helped keep equity markets relatively buoyant in spite of lacklustre economic data. Manufacturing data across theglobe was hurt by ongoing trade tensions between the US and China. The tit-for-tat tariffs between the two countries hurt not justeach other, but a number of other major exporting nations. Of these, Germany was perhaps hardest hit. It avoided recession, butonly by a narrow margin.

Talks are ongoing and a ‘Phase One’ deal appears to have been agreed. This has reduced tensions between the two economicgiants, at least in the short-term. The looming presidential election may necessitate some form of compromise from PresidentDonald Trump, but the Democratic contenders are likely to sustain the policy.

Each side is feeling the heat. China’s exports fell again in November, particularly to the US. US exports have now dropped for12 consecutive months and another round of US tariffs on Chinese goods is due before the end of 2019. In the US, manufacturingis also weakening. The closely-watched ISM Manufacturing Index fell for the fourth month in a row in November 2019.

Geopolitics has also weighed on economic growth elsewhere. In the UK, Brexit uncertainty continues to slow economic growth. InFrance, President Emmanuel Macron’s reform programme has been derailed by protests in the capital. Extremism continues to rearits head across Europe. It remains a tail risk looking ahead to 2020. After the end of the period under review, tensions in the MiddleEast had begun to re-emerge.

For the time being however, markets have managed to defy many of these problems. Markets were generally higher over the sixmonth period. While most regions and sectors rose, the US market and technology names continued to dominate. However, fromSeptember onwards, there was a subtle shift in market leadership towards more ‘value’ names. The financials sector, in particular,did well.

Government bond yields, which move inversely to prices, continued to see a steady decline over the period. The yield on the10-year treasury fell from over 2.5% at the start of the review period, but had dipped back to 1.8% by the end of November.Corporate bonds also proved surprisingly robust, supported by monetary policy.

The performance of the Funds is covered in more detail in the Investment Advisers’ Report, which also sets out some viewsregarding the investment outlook.

Overall, the Company’s assets under management (“AUM”) rose 2.99% from USD 26,396 million at 31 May 2019 toUSD 27,186 million, with particular strength in the Funds’ managed index portfolios.

The strongest growth was seen in BlackRock European Unconstrained Equity Fund, which rose 129.7% to EUR 14 million. Otherstrong performers included BlackRock UK Emerging Companies Absolute Return Fund, which rose 117.3% to USD 414 million andBlackRock UK Equity Absolute Return Fund, which rose 75.9% to GBP 126 million.

Funds employing an Environmental, Social and Governance (“ESG”) strategy also performed well. BlackRock ESG Euro BondFund, renamed from the previously BlackRock Sustainable Euro Bond Fund, saw assets rise 80.5% to EUR 243 million. The newlylaunched BlackRock ESG Euro Corporate Bond Fund has raised EUR 159 million in AUM since commencement of operations to30 November 2019.

Investors were also looking to non-correlated strategies in more unpredictable market conditions. BlackRock Global Real AssetSecurities Fund saw assets climb 234.2% to USD 19 million, while BlackRock Global Event Driven Fund rose 35.4%to USD 3,010 million.

Chairman’s Letter to ShareholdersNovember 2019

The information stated in this report is historical and not necessarily indicative of future performance.


BlackRock Managed Index Portfolios also saw assets rise. The ‘Defensive’ portfolio saw the strongest rise, up 29.4%to EUR 180 million. The ‘Growth’ portfolio rose 22.3% to EUR 259 million, while the ‘Moderate’ portfolio also rose 21.8%to EUR 671 million.

The weak spots included BlackRock Emerging Markets Flexi Dynamic Bond Fund, which lost 26.0% of its assets,falling to USD 2,083 million. Assets in BlackRock European Diversified Equity Absolute Return Fund fell 83.0% to EUR 7 million,while BlackRock Global Absolute Return Bond Fund was also weak, dropping 45.3% to USD 221 million.

Regulatory change continued throughout Europe which could have implications for investors. A key development during the periodincluded:

� Packaged Retail Investment and Insurance-based Investment Products (PRIIPs): The European Commission published guidelineson 7 July 2017 on key information documents for packaged retail and insurance-based investment products. The new legislationwhich governs the marketing and distribution of financial products came into effect for all funds, with the exception of UCITSfunds, at the start of 2018. The Company will benefit from the transitional period available for a UCITS, which has now beenextended to 31 December 2021.

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

Yours faithfully,

Paul Freeman30 November 2019

Chairman’s Letter to ShareholdersNovember 2019 continued



http://www.blackrockinternational.com

Market ReviewAfter a period of volatility, markets have been stronger over thesix month period. Supportive monetary policy has helpedcompensate for a weakening economic growth outlook andongoing political tensions. Inflation has also been benign.

For much of the period, investors continued to favour clear andpredictable growth. Quality growth companies, such astechnology or consumer staples, continued to reward investors;while ‘value’ areas, such as banks, remained unloved. However,as valuations stretched in opposite directions, investors becameincreasingly nervous and there was some snap back to valueareas in September 2019.

In general, it was a ‘risk on’ period and all equity sectors andregions did well. However, Japan stood out over the period, asdid China and North America. In terms of sectors, technologycontinued to lead the way.

The European and UK markets continued to see weaker relativeperformance however, in light of the weakness in Europe’slargest economy – Germany, and the ongoing Brexit uncertaintyin the UK, both areas held up relatively well. In the UK, Sterlingbounced as the tail risks of a far left government and adisorderly Brexit somewhat dissipated. This helped to supportdomestic-facing UK stocks that had been hit hard by thecurrency’s weakness.

Global emerging markets had a difficult time, in spite of therelative strength of China. Valuations looked supportive andeconomic figures out of key emerging market economiesremained robust. However, investors continued to be nervousabout committing capital to less liquid, more volatile regions.

Bond yields, which move inversely to prices, slid in the face oflooser monetary policy. US interest rates fell three times, whilethe European Central Bank pared back its quantitative easingpolicy and put rates on hold for at least another 12 months.From peak to trough, US 10-year treasury yields slipped from2.5% to 1.8%.

Corporate bonds also had a buoyant six months, as didemerging market bonds with investors still hunting for yield.However, with around one-third of the global bond market nowon a negative yield, there may be more difficult times ahead forglobal bond markets.

Fund Performance

Equity Fund PerformanceBlackRock European Diversified Equity Absolute Return Fundfell 1.5% over the period, behind its benchmark, 3 Month LIBOR(EUR), which fell 0.2%. BlackRock European Absolute ReturnStrategies Fund also fell 0.9% (EUR) – underperforming itsbenchmark, which fell 0.2%. BlackRock UK Equity AbsoluteReturn Fund rose 1.4% against a benchmark return of 0.4%.BlackRock Asia Pacific Diversified Equity Absolute Return Fundfell 0.3% over the period, behind its benchmark, which was up1.2%. BlackRock Asia Pacific Absolute Return Fund rose 1.9%,

against a rise in the benchmark of 1.2%. BlackRock EmergingMarkets Absolute Return Fund fell 4.2% over the period, wellbehind its benchmark, 3 Month LIBOR Index (USD), which wasup 1.2%. BlackRock Americas Diversified Equity AbsoluteReturn Fund fell 0.9% (USD), also behind the 3 Month LIBORIndex (USD), which was up by 1.2%.

BlackRock Emerging Markets Equity Strategies Fund rose2.8%, some way behind its benchmark, the MSCI EmergingMarkets Index (USD), which was up 5.9%. BlackRock AsiaExtension Fund rose 3.4%, performing behind its benchmark,the MSCI All Country Asia ex Japan (USD), which returned6.9%. BlackRock Global Long/Short Equity Fund was down4.1% (USD), behind its benchmark, the BofA Merrill Lynch3 Month US Treasury Bill (USD), which was up 1.1%. BlackRockEuropean Opportunities Extension Fund rose 13.0% (EUR)outperforming its benchmark, the S&P Europe BMI Index(Developed Markets Only) (EUR), which rose 11.3%.

BlackRock European Select Strategies Fund rose 5.0%, in linewith its benchmark. BlackRock Global Event Driven Fund rose3.4%, compared to a rise of 1.1% in its benchmark. BlackRockImpact World Equity Fund rose 12.0%, behind its benchmark,which rose 13.0%. BlackRock Style Advantage Fund fell 2.3%,against a benchmark return of 1.2%. BlackRock SystematicGlobal Equity Fund rose 10.1%, behind its benchmark, whichrose 12.1%.

Bond Fund PerformanceBlackRock Emerging Markets Flexi Dynamic Bond Fund, whichdoes not measure its performance relative to a benchmark, fellby 4.5% (USD) over the period. BlackRock Fixed IncomeStrategies Fund rose 1.1% over the period, ahead of itsbenchmark (in EUR terms), the Euro Overnight Index Average,which was down 0.2%. BlackRock Global Absolute Return BondFund rose 0.5% (EUR), ahead of its benchmark, the 3 MonthEuribor Index, which was down 0.2%. BlackRock ESG EuroBond Fund rose 3.1%, in line with its benchmark. The ESG EuroCorporate Bond Fund rose 1.0%, in line with its benchmark, theBloomberg Barclays MSCI Euro Corporate Sustainable SRIIndex (EUR). The Fixed Income Credit Strategies Fund fell by0.2%, performing behind its benchmark, which returned 1.5%.

Mixed Fund PerformanceBlackRock Dynamic Diversified Growth Fund rose 3.1% (EUR)over the year, outperforming its benchmark, the Euro OvernightIndex Average (EUR), which fell by 0.2%.

Fund of Funds PerformanceBlackRock Managed Index Portfolios – Conservative, Defensive,Growth and Moderate - were up 7.2%, 5.5%, 11.3% and 9.0%respectively. The Fund of Funds portfolios do not measure theirperformance relative to a benchmark.

OutlookThe apparent lull in geopolitical frictions has helped to supportrisk assets. From here, it is possible that global manufacturingstatistics may be bottoming out or that the problems will spread

Investment Advisers’ ReportPerformance Overview30 November 2019



beyond manufacturing into the all important services sector.Interest rate policy may prove less important from here, with fewexpectations of further Fed rate cuts.

Trade disputes and geopolitical frictions have become keydrivers of the economy; markets and US trade policy isincreasingly unpredictable. Recent geopolitical volatility –including attacks on Saudi oil infrastructure – underscores thismessage. President Donald Trump may be forced tocompromise as the presidential election looms.

Persistent uncertainty from protectionist policies is dentingcorporate confidence and slowing business spending. This iscertainly slowing economic expansion, but moderate growth issupported by dovish central banks and a robust US consumer.This suggests moderate risk-taking will likely be rewarded,although investors will need to ensure their portfolios haveresilience.

Overall, we favour reducing risk amid the ongoing protectionistpush. We prefer those companies on reasonable valuations,and that are relatively high quality. We favour bonds with higheryields, such as emerging markets, but believe developed marketgovernment bonds may prove to be important portfoliostabilisers in this environment.

With this in mind, our outlook is nuanced. On one hand, risinggeopolitical risk around trade means that uncertainty is up.Prices have moved a long way too. On the other, interest ratepolicy is likely to extend the cycle.

These are uncertain times, but there will still be opportunities inthis environment. There continues to be pockets of lowvaluation and areas unloved by investors, and discernment willbe vital.

November 2019

Investment Advisers’ ReportPerformance Overview30 November 2019 continued



Disclosed in the table below are the performance returns for the primary share class for each Fund, which has been selected as arepresentative share class. In accordance with the respective investment objective detailed in the prospectus, the Funds do not aimto track the performance of a specific benchmark index. The benchmark index returns included in the below table are provided forreference only for the purpose of this Interim report and unaudited financial statements. The primary share class for the BlackRockAsia Pacific Absolute Return Fund, BlackRock Emerging Markets Absolute Return Fund and BlackRock UK Emerging CompaniesAbsolute Return Fund is the D class non-distributing share, for the BlackRock European Credit Strategies Fund is the H classnon-distributing share, for the BlackRock Managed Index Portfolios – Defensive, BlackRock Managed Index Portfolios – Growth andBlackRock Managed Index Portfolios – Moderate is the D class distributing share. For all other Funds the primary share class is theA class non-distributing share. Performance returns for any other share class can be made available on request.

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product.All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and yourinitial investment amount cannot be guaranteed. The Funds invest a large portion of assets which are denominated in multiplecurrencies; hence changes in the relevant exchange rate will affect the value of the investment. The performance figures do notconsider charges and fees that may be levied at the time of subscription or redemption of shares. Levels and bases of taxation maychange from time to time. Subscriptions can only be made on the basis of the current Prospectus, the Key Investor InformationDocument (“KIID”), supplemented by the most recent annual report and audited financial statements and interim report andunaudited financial statements, if published after such annual report and audited accounts. Copies are available from the LocalInvestor Servicing team*, the Transfer Agent, the Management Company or any of the Representatives or Distributors and at theregistered office of the Company. BSF is only available for investment by non-US citizens who are not residents of the US. TheFunds are not offered for sale or sold in the US, its territories or possessions.

Financial periodperformance to

30 November 2019 Calendar year performance

6 months 2018 2017 2016 Launch date

BlackRock Americas Diversified Equity Absolute Return Fund ‘A’Class Non Dist (USD) (0.93)% 0.56% 4.89% (1.17)% 17 February 2012

3 Month LIBOR Index (USD) 1.24% 2.08% 1.11% 0.66%

BlackRock Asia Extension Fund ‘A’ Class Non Dist (USD) 3.41% (14.21)% 35.80% 5.23% 10 February 2012

MSCI All Country Asia ex Japan (USD) 6.88% (14.12)% 42.08% 5.76%

BlackRock Asia Pacific Absolute Return Fund ‘D’ Class Non Dist (USD) 1.93% (4.19)% 0.18% 7.88% 31 August 2016

3 Month LIBOR Index (USD) 1.24% 2.08% 1.11% (0.11)%

BlackRock Asia Pacific Diversified Equity Absolute Return Fund ‘A’Class Non Dist (USD) (0.34)% 5.16% (3.15)% — 22 February 2017

3 Month LIBOR Index (USD) 1.24% 2.08% 0.97% —

BlackRock Dynamic Diversified Growth Fund ‘A’ Class Non Dist (EUR) 3.06% (4.68)% 6.52% (3.50)% 28 January 2011

Euro Overnight Index Average (EUR) (0.19)% (0.35)% (0.35)% (0.31)%

BlackRock Emerging Markets Absolute Return Fund ‘D’ Class Non Dist(USD) (4.17)% 14.28% (6.76)% 3.72% 15 November 2012

3 Month LIBOR Index (USD) 1.24% 2.08% 1.11% 0.66%

BlackRock Emerging Markets Equity Strategies Fund ‘A’ Class Non Dist(USD) 2.77% (0.79)% 32.10% 18.42% 18 September 2015

MSCI Emerging Markets Index (USD) 5.87% (14.57)% 37.28% 11.19%

BlackRock Emerging Markets Flexi Dynamic Bond Fund ‘A’ Class NonDist (USD) (4.51)% (12.01)% 4.71% 11.93% 12 June 2013

BlackRock Emerging Markets Short Duration Bond Fund ‘A’ Class NonDist (USD) (2.22)% (0.45)% 0.25% — 06 December 2017

J.P. Morgan Emerging Markets Bond Index Global Diversified 1-3 year Index(USD) (1.10)% 0.59% 0.21% —

BlackRock ESG Euro Bond Fund ‘A’ Class Non Dist (EUR)(1) 3.14% (0.47)% 0.52% (2.29)% 23 August 2016

Bloomberg Barclays MSCI Euro Aggregate Sustainable SRI Index (EUR) 3.19% 0.42% 0.67% (2.48)%

BlackRock ESG Euro Corporate Bond Fund ‘A’ Class Non Dist (EUR)(2) 0.97% — — — 21 June 2019

Bloomberg Barclays MSCI Euro Corporate Sustainable SRI Index (EUR) 1.00% — — —

BlackRock European Absolute Return Fund ‘A’ Class Non Dist (USD) (0.91)% 3.69% 2.88% (7.76)% 27 February 2009

3 Month LIBOR Index (EUR) (0.21)% (0.37)% (0.37)% (0.28)%

BlackRock European Diversified Equity Absolute Return Fund ‘A’Class Non Dist (EUR) (1.46)% (19.88)% 1.22% (11.82)% 06 August 2010

3 Month LIBOR Index (EUR) (0.21)% (0.37)% (0.37)% (0.28)%




Financial periodperformance to

30 November 2019 Calendar year performance

6 months 2018 2017 2016 Launch date

BlackRock European Opportunities Extension Fund ‘A’ Class Non Dist(EUR) 13.04% (10.71)% 18.24% 3.49% 31 August 2007

S&P Europe BMI Index (Developed Markets only) (EUR) 11.34% (10.60)% 12.00% 3.05%

BlackRock European Select Strategies Fund ‘A’ Class Non Dist (EUR) 4.95% (4.95)% 3.81% 1.45% 19 August 2015

75% Barclays Pan European Aggregate Index (Hedged EUR) / 25% MSCIEurope Index (Hedged EUR) 4.71% (2.60)% 3.79% 5.08%

BlackRock European Unconstrained Equity Fund ‘A’ Class Non Dist (EUR) 13.87% (1.89)% — — 06 December 2018

MSCI Europe Index (Net Total Return) (EUR) 10.94% (1.62)% — —

BlackRock Fixed Income Credit Strategies Fund ‘A’ Class Non Dist(EUR)(2) 1.34% — — — 11 June 2019

Euro Overnight Index Average (EUR) (0.18)% — — —

BlackRock Fixed Income Strategies Fund ‘A’ Class Non Dist (EUR) 1.06% (2.92)% 1.67% 0.66% 30 September 2009

Euro Overnight Index Average (EUR) (0.19)% (0.35)% (0.35)% (0.31)%

BlackRock Global Absolute Return Bond Fund ‘A’ Class Non Dist (EUR) 0.50% (3.69)% 0.97% 0.14% 25 May 2012

3 month Euribor Index (EUR) (0.18)% (0.33)% (0.33)% (0.22)%

BlackRock Global Equity Absolute Return Fund ‘D’ Class Non Dist (USD) (0.13)% (1.14)% — — 12 December 2018

3 Month LIBOR Index (USD) 1.24% 0.14% — —

BlackRock Global Event Driven Fund ‘A’ Class Non Dist (EUR) 3.35% 4.35% 4.64% 2.56% 05 August 2015

BofA Merrill Lynch 3 Month US Treasury Bill (USD) 1.10% 1.87% 0.86% 0.33%

BlackRock Global Long/Short Equity Fund ‘A’ Class Non Dist (USD) (4.14)% 0.45% 11.03% (5.80)% 02 June 2014

BofA Merrill Lynch 3 Month US Treasury Bill (USD) 1.10% 1.87% 0.86% 0.33%

BlackRock Global Real Asset Securities Fund ‘A’ Class Non Dist (USD) 8.39% (6.34)% 1.41% — 30 November 2017

FTSE Custom Developed Core Infrastructure 50/50 EPRA/Nareit DevelopedDividend+ Net Index (USD) 6.18% (6.46)% 0.64% —

BlackRock Impact World Equity Fund ‘A’ Class Non Dist (USD) 11.93% (10.03)% 24.17% 5.90% 20 August 2015

MSCI World Index (Net Total Return) (USD) 12.95% (8.71)% 22.40% 7.51%

BlackRock Macro Opportunities Fund ‘A’ Class Non Dist (USD) (1.38)% (2.84)% (0.56)% — 29 November 2017

BlackRock Managed Index Portfolios − Conservative ‘A’ Class Non Dist(EUR) 7.16% (7.01)% — — 26 January 2018

BlackRock Managed Index Portfolios − Defensive ‘D’ Class Dist (EUR) 5.53% (3.86)% 3.56% 3.67% 10 April 2015

BlackRock Managed Index Portfolios − Growth ‘D’ Class Dist (EUR) 11.33% (8.40)% 11.75% 5.87% 10 April 2015

BlackRock Managed Index Portfolios − Moderate ‘D’ Class Dist (EUR) 8.99% (6.75)% 8.52% 5.33% 10 April 2015

BlackRock Style Advantage Fund ‘A’ Class Non Dist (USD) (2.39)% (5.52)% 0.80% 8.68% 29 February 2016

3 month LIBOR Index (USD) 1.24% 2.08% 1.11% 0.56%

BlackRock Style Advantage Screened Fund ‘A’ Class Non Dist (USD) 0.56% 1.94% — — 29 October 2018

3 month LIBOR Index (USD) 1.24% 0.40% — —

BlackRock Systematic Global Equity Fund ‘A’ Class Non Dist (USD) 10.13% (13.13)% 28.08% 5.14% 18 September 2015

MSCI All Country World Index (Net Total Return) (USD) 12.11% (9.41)% 23.97% 7.86%

BlackRock Total Advantage Fund ‘A’ Class Non Dist (EUR) 4.87% (8.17)% (1.24)% — 11 December 2017

3 month Euribor Index (EUR) (0.18)% (0.33)% (0.02)% —

BlackRock UK Emerging Companies Absolute Return Fund ‘D’ Class NonDist (GBP) 5.99% (2.38)% — — 17 October 2018

3 month LIBOR Index (GBP) 0.39% 0.18% — —

BlackRock UK Equity Absolute Return Fund ‘A’ Class Non Dist (GBP) 1.42% (5.39)% 0.30% 2.97% 18 August 2016

3 month LIBOR Index (GBP) 0.39% 0.72% (3.50)% 0.95%

* The local BlackRock Group companies or branches or their administrators.(1) Fund name changed, see Note 1 for further details.(2) New Fund launch, see Note 1 for further details. Performance disclosed denotes the Fund’s performance from the date of launch to 30 November 2019.

Fund performance returns are based on dealing prices with net dividends (after deduction of withholding tax) reinvested and are shown net of fees. Index Sources: Indices – Financial Times,MSCI, Citigroup, DataStream, MorningStar; Funds – BlackRock Investment Management (UK) Limited.




BlackRockStrategic Funds

Combined

BlackRockAmericas

DiversifiedEquity

AbsoluteReturn Fund

BlackRock AsiaExtension Fund

BlackRock AsiaPacific

AbsoluteReturn Fund

BlackRock AsiaPacific

DiversifiedEquity

AbsoluteReturn Fund

BlackRockDynamic

DiversifiedGrowth Fund

Note USD USD USD USD USD EUR

Assets

Securities portfolio at cost 24,787,875,591 1,237,442,241 154,130,029 25,855,529 25,220,133 900,545,738

Unrealised appreciation/(depreciation) 797,925,219 (1,463,852) 137 1,580,292 — 81,270,535

Securities portfolio at market value 2(a) 25,585,800,810 1,235,978,389 154,130,166 27,435,821 25,220,133 981,816,273

Cash at bank 2(a) 1,313,225,845 5,680,769 — 1,576,992 567,790 43,170,116

Due from broker 14 669,265,953 — — 418,273 — —

Interest and dividends receivable 2(a),2(d) 121,052,745 2,073,357 512,114 27,684 169,827 624,635

Receivable for investments sold 2(a),2(d) 1,199,150,997 277,188,881 10,161,028 279,251 5,136,484 3,044,748

Receivable for Fund shares subscribed 2(a) 129,353,820 1,048,396 — 211,557 — 946,964

Net unrealised appreciation on:

Futures contracts 2(d) 19,552,862 — 21,553 118,779 — —

Open forward foreign exchange transactions 2(d) 30,332,496 — — — 34,300 —

Contracts for difference 2(d) 36,433,994 1,244,656 — 87,116 — —

To Be Announced securities contracts 2(d) 211,809,189 — — — — —

Swaps at market value 2(d) 23,582,834 2,528,293 — — — 10,116,879

Purchased options/swaptions at market value 2(d) 11,206,371 — — — — 3,425,545

Other assets 638,865 3,488 840 8,258 19,766 3,276

Total assets 29,351,406,781 1,525,746,229 164,825,701 30,163,731 31,148,300 1,043,148,436

Liabilities

Cash owed to bank 2(a) 6,038,622 — 89,763 — — —

Due to broker 14 33,892,384 11,566,208 1,664,600 — 302,918 6,958,571

Interest and dividends payable 2(a),2(d) 35,473,068 2,460,302 468,563 10,712 205,623 551,424

Income distribution payable 2(a) 81,860 — — — — —Payable for investments purchased 2(a),2(d) 1,481,513,775 270,548,159 7,354,320 569,337 4,979,352 —

Payable for Fund shares redeemed 2(a) 177,674,968 15,420,922 — 194 — 541,855

Net unrealised depreciation on:

Futures contracts 2(d) 29,530,487 — — — — 926,527

Open forward foreign exchange transactions 2(d) 123,284,383 1,799,311 15,071 7,858 — 5,019,095

Contracts for difference 2(d) 52,885,101 — 1,813,643 — 134,525 —

Swaps at market value 2(d) 169,974,838 — — — 278,752 —

Written options/swaptions at market value 2(d) 6,573,847 — — — — 173,433

Accrued expenses and other liabilities 4,5,6,7,8 48,185,574 2,082,277 131,477 52,889 102,170 968,077

Total liabilities 2,165,108,907 303,877,179 11,537,437 640,990 6,003,340 15,138,982

Total net assets 27,186,297,874 1,221,869,050 153,288,264 29,522,741 25,144,960 1,028,009,454

Statement of Net Assetsas at 30 November 2019

The notes on pages 701 to 719 form an integral part of these financial statements.


BlackRockEmerging Markets

Absolute ReturnFund

BlackRockEmerging MarketsEquity Strategies

Fund


Flexi DynamicBond Fund


Short DurationBond Fund

BlackRock ESGEuro Bond Fund(1)

Note USD USD USD USD EUR

Assets

Securities portfolio at cost 32,250,431 892,870,399 2,093,159,849 78,854,926 234,122,992

Unrealised appreciation/(depreciation) (1,653,808) 4,373,893 (128,535,679) (2,827,537) 6,078,011

Securities portfolio at market value 2(a) 30,596,623 897,244,292 1,964,624,170 76,027,389 240,201,003

Cash at bank 2(a) — 636,186 82,876,614 763,645 —

Due from broker 14 1,621,295 6,120,316 147,832,335 — 1,015,197

Interest and dividends receivable 2(a),2(d) 41,648 953,633 48,883,421 1,493,699 982,593

Receivable for investments sold 2(a),2(d) 922,655 7,562,668 44,369,264 — 4,165,575

Receivable for Fund shares subscribed 2(a) 104 1,689,656 39,884 — 10,427,486


Futures contracts 2(d) 29,214 633,701 — 313,591 —

Open forward foreign exchange transactions 2(d) — — — — —

Contracts for difference 2(d) — — — — —

To Be Announced securities contracts 2(d) — — — — 1,773,182

Swaps at market value 2(d) — — — 708,832 —

Purchased options/swaptions at market value 2(d) — — 214,022 — 29,028

Other assets 24,813 61,063 46,835 10,751 8,116

Total assets 33,236,352 914,901,515 2,288,886,545 79,317,907 258,602,180

Liabilities

Cash owed to bank 2(a) 90,537 — — — 3,286,718

Due to broker 14 — — — 578,623 —

Interest and dividends payable 2(a),2(d) 70,554 143,654 9,909,608 142,988 25,339

Income distribution payable 2(a) — — 24,498 — —

Payable for investments purchased 2(a),2(d) 618,926 807,628 61,817 699,633 12,077,721

Payable for Fund shares redeemed 2(a) 25,570 534,961 85,648,317 — 23,516


Futures contracts 2(d) — — 202,314 — 116,389

Open forward foreign exchange transactions 2(d) 70,943 658,498 2,145,209 19,593 18,862

Contracts for difference 2(d) 345,707 7,985,892 — — —

Swaps at market value 2(d) — — 105,980,026 — 279,163

Written options/swaptions at market value 2(d) — — — — —

Accrued expenses and other liabilities 4,5,6,7,8 138,495 1,604,120 1,575,524 146,634 211,888

Total liabilities 1,360,732 11,734,753 205,547,313 1,587,471 16,039,596

Total net assets 31,875,620 903,166,762 2,083,339,232 77,730,436 242,562,584

(1) Fund name changed, see Note 1 for further details.

Statement of Net Assetsas at 30 November 2019 continued



BlackRock ESGEuro Corporate

Bond Fund(2)

BlackRockEuropean Absolute

Return Fund

BlackRockEuropean

Diversified EquityAbsolute Return

Fund

BlackRockEuropean

OpportunitiesExtension Fund

BlackRockEuropean SelectStrategies Fund

Note EUR EUR EUR EUR EUR

Assets

Securities portfolio at cost 158,168,577 1,362,404,195 6,049,071 736,844,347 483,652,564

Unrealised appreciation/(depreciation) 876,464 128,929,759 129 301,799,629 30,580,679

Securities portfolio at market value 2(a) 159,045,041 1,491,333,954 6,049,200 1,038,643,976 514,233,243

Cash at bank 2(a) 206,562 13,528,635 337,470 871,923 23,035,684

Due from broker 14 705,188 40,247,487 3,665 2,599,971 5,625,121

Interest and dividends receivable 2(a),2(d) 967,660 834,730 6,353 1,257,529 2,212,159

Receivable for investments sold 2(a),2(d) 302,714 13,715,409 4,498,650 15,284,054 2,121,070

Receivable for Fund shares subscribed 2(a) 16,789,417 6,984 597 — 1,942,215


Futures contracts 2(d) 180,933 — — — 605,272

Open forward foreign exchange transactions 2(d) — 517,460 43,444 2,750,047 —

Contracts for difference 2(d) — 10,916,573 — 8,865,132 8,769


Swaps at market value 2(d) — — — — —

Purchased options/swaptions at market value 2(d) — — — — 157,019

Other assets 363 9,347 — 36,132 28,329

Total assets 178,197,878 1,571,110,579 10,939,379 1,070,308,764 553,570,307

Liabilities

Cash owed to bank 2(a) — — — — —

Due to broker 14 — — — — —

Interest and dividends payable 2(a),2(d) 27,423 1,703,763 28,852 769,593 181,454

Income distribution payable 2(a) — — — 19,087 —

Payable for investments purchased 2(a),2(d) 18,016,434 54,481,818 3,253,692 17,454,437 6,309,419

Payable for Fund shares redeemed 2(a) — 4,624,685 — 4,579,544 2,238,205


Futures contracts 2(d) — — — — —

Open forward foreign exchange transactions 2(d) 297,330 — — — 1,933,834

Contracts for difference 2(d) — — 137,218 — —

Swaps at market value 2(d) 351,874 — — — 2,409,930

Written options/swaptions at market value 2(d) — — — — 27,540

Accrued expenses and other liabilities 4,5,6,7,8 103,224 2,251,329 110,744 4,072,967 936,223


Total net assets 159,401,593 1,508,048,984 7,408,873 1,043,413,136 539,533,702

(2) New Fund launch, see Note 1 for further details.




BlackRockEuropean

UnconstrainedEquity Fund

BlackRock FixedIncome Credit

Strategies Fund(2)

BlackRock FixedIncome Strategies

Fund

BlackRock GlobalAbsolute Return

Bond Fund

BlackRock GlobalEquity Absolute

Return Fund

Note EUR EUR EUR EUR USD

Assets

Securities portfolio at cost 11,765,463 50,059,159 6,613,642,726 202,538,108 18,918,010

Unrealised appreciation/(depreciation) 2,069,482 686,813 129,776,352 5,663,398 2,571,665

Securities portfolio at market value 2(a) 13,834,945 50,745,972 6,743,419,078 208,201,506 21,489,675

Cash at bank 2(a) 24,389 3,720,116 689,313,443 6,703,896 692,291

Due from broker 14 — 1,647,414 128,415,864 12,113,848 911,114

Interest and dividends receivable 2(a),2(d) 5,895 382,096 36,039,647 1,812,696 20,021

Receivable for investments sold 2(a),2(d) — 849,521 42,913,116 54,570,315 255,251

Receivable for Fund shares subscribed 2(a) 39,986 19,786 12,871,550 — —


Futures contracts 2(d) — 272,334 15,415,343 260,850 —

Open forward foreign exchange transactions 2(d) 13,071 — — — 18,497

Contracts for difference 2(d) — 1,187 — 6,576 —

To Be Announced securities contracts 2(d) — 1,359,751 111,252,239 41,878,158 —


Purchased options/swaptions at market value 2(d) — 6,932 3,277,199 1,137,521 —

Other assets 51 43,146 36,858 1,577 6,298

Total assets 13,918,337 59,048,255 7,782,954,337 326,686,943 23,393,147

Liabilities



Interest and dividends payable 2(a),2(d) — 79,680 4,372,617 300,853 57,718

Income distribution payable 2(a) — — — —

Payable for investments purchased 2(a),2(d) — 2,945,214 210,361,772 98,472,996 736,411

Payable for Fund shares redeemed 2(a) — — 22,293,234 5,945 3,223


Futures contracts 2(d) — — — — 235,198

Open forward foreign exchange transactions 2(d) — 328,436 80,287,306 3,496,613 —

Contracts for difference 2(d) — — — — 237,612

Swaps at market value 2(d) — 1,005,518 45,074,139 1,998,384 —

Written options/swaptions at market value 2(d) — 25,943 1,178,738 1,568,063 —

Accrued expenses and other liabilities 4,5,6,7,8 23,214 107,632 6,864,923 285,966 53,599

Total liabilities 23,214 4,492,423 370,432,729 106,128,820 1,323,761

Total net assets 13,895,123 54,555,832 7,412,521,608 220,558,123 22,069,386

(2) New Fund launch, see Note 1 for further details.




—

BlackRock GlobalEvent Driven Fund

BlackRock GlobalLong/Short Equity

Fund

BlackRock GlobalReal Asset

Securities FundBlackRock ImpactWorld Equity Fund

BlackRock MacroOpportunities Fund

Note USD USD USD USD USD

Assets

Securities portfolio at cost 2,875,041,657 87,992,648 17,679,657 177,068,147 106,414,235

Unrealised appreciation/(depreciation) 11,116,650 — 553,038 16,993,650 (2,533,296)

Securities portfolio at market value 2(a) 2,886,158,307 87,992,648 18,232,695 194,061,797 103,880,939

Cash at bank 2(a) 83,690,277 15,619,892 360,123 2,950,512 13,422,614

Due from broker 14 5,466,327 985,388 394,779 124,994 13,175,085

Interest and dividends receivable 2(a),2(d) 5,012,938 113,621 27,865 472,289 838,634

Receivable for investments sold 2(a),2(d) 76,137,425 8,819,447 222,434 4,859,238 136,648,782

Receivable for Fund shares subscribed 2(a) 54,265,575 39,048 7,400 3,012,174 1,094


Futures contracts 2(d) — — — 12,782 —

Open forward foreign exchange transactions 2(d) — — 3,968 — 1,379,281

Contracts for difference 2(d) 966,396 — — — —



Purchased options/swaptions at market value 2(d) — 155,040 — — 1,991,131

Other assets 113,876 9,374 17,249 2,731 9,910

Total assets 3,111,811,121 113,734,458 19,266,513 205,496,517 307,287,841

Liabilities



Interest and dividends payable 2(a),2(d) 5,735,491 80,253 — — 118,487

Income distribution payable 2(a) — — 36,365 — —

Payable for investments purchased 2(a),2(d) 60,575,545 7,465,511 466,870 5,806,270 172,948,748

Payable for Fund shares redeemed 2(a) 8,971,115 252,923 — 3,363,568 2,683


Futures contracts 2(d) 1,811,052 71,027 — — 984,530

Open forward foreign exchange transactions 2(d) 3,617,905 410,500 — 5,868 —

Contracts for difference 2(d) — 422,713 — — —

Swaps at market value 2(d) 5,548,459 — — — 1,892,017

Written options/swaptions at market value 2(d) — 95,608 121,781 — 3,084,600

Accrued expenses and other liabilities 4,5,6,7,8 15,487,284 244,277 60,072 143,717 232,586

Total liabilities 101,746,851 9,042,812 685,088 9,319,423 179,263,651

Total net assets 3,010,064,270 104,691,646 18,581,425 196,177,094 128,024,190




BlackRockManaged Index

Portfolios −Conservative


Portfolios −Defensive


Portfolios − Growth


Portfolios −Moderate

BlackRock StyleAdvantage Fund

Note EUR EUR EUR EUR USD

Assets

Securities portfolio at cost 133,362,295 169,873,268 232,281,328 614,379,663 2,853,188,325

Unrealised appreciation/(depreciation) 13,981,643 11,085,821 27,863,397 59,329,436 1,247,013

Securities portfolio at market value 2(a) 147,343,938 180,959,089 260,144,725 673,709,099 2,854,435,338

Cash at bank 2(a) — 315,416 312,571 99,669 230,404,541

Due from broker 14 — — — — 276,336,046

Interest and dividends receivable 2(a),2(d) 126,385 224,657 61,457 638,514 8,195,860

Receivable for investments sold 2(a),2(d) 150,258 — — — 427,825,218

Receivable for Fund shares subscribed 2(a) 82,019 1,556,732 1,410,734 4,780,516 94,845


Futures contracts 2(d) — — — — —

Open forward foreign exchange transactions 2(d) — — — — 24,762,238

Contracts for difference 2(d) — — — — —

To Be Announced securities contracts 2(d) — — — — —

Swaps at market value 2(d) — — — — 8,942,509

Purchased options/swaptions at market value 2(d) — — — — —

Other assets 5,724 12,917 10,692 17,340 25,772

Total assets 147,708,324 183,068,811 261,940,179 679,245,138 3,831,022,367

Liabilities

Cash owed to bank 2(a) 6,798 — — — —


Interest and dividends payable 2(a),2(d) — — — — 6,652,511

Income distribution payable 2(a) — — — — —

Payable for investments purchased 2(a),2(d) — 1,117,196 1,172,790 3,252,086 453,681,527

Payable for Fund shares redeemed 2(a) 77,440 563,119 201,092 540,448 11,079,878


Futures contracts 2(d) — — — — 22,189,766

Open forward foreign exchange transactions 2(d) 1,097,169 978,455 1,649,638 4,394,604 —

Contracts for difference 2(d) — — — — 41,136,092



Accrued expenses and other liabilities 4,5,6,7,8 131,824 159,479 230,454 454,488 1,853,165


Total net assets 146,395,093 180,250,562 258,686,205 670,603,512 3,294,429,428




BlackRock StyleAdvantage

Screened Fund

BlackRockSystematic Global

Equity FundBlackRock TotalAdvantage Fund

BlackRock UKEmerging

CompaniesAbsolute Return

Fund

BlackRock UKEquity Absolute

Return Fund

Note USD USD EUR GBP GBP

Assets

Securities portfolio at cost 29,266,431 254,094,713 32,618,062 407,973,266 125,307,697

Unrealised appreciation/(depreciation) (216,283) 15,672,007 525,837 144,801 (2,926)

Securities portfolio at market value 2(a) 29,050,148 269,766,720 33,143,899 408,118,067 125,304,771

Cash at bank 2(a) 1,275,114 2,198,545 1,907,852 6,517,039 —

Due from broker 14 296,655 78,829 2,384,544 — 967,696

Interest and dividends receivable 2(a),2(d) 43,622 688,433 50,837 444,863 40,762

Receivable for investments sold 2(a),2(d) 1,233,990 6,657,478 2,292,084 20,922,016 4,297,453

Receivable for Fund shares subscribed 2(a) 6,825,207 — — 4,763,770 —


Futures contracts 2(d) — 13,196 — — —

Open forward foreign exchange transactions 2(d) 85,863 — 355,927 — —

Contracts for difference 2(d) — — — 9,573,109 —

To Be Announced securities contracts 2(d) — — — — —

Swaps at market value 2(d) 247,748 — — — —

Purchased options/swaptions at market value 2(d) — — — — —

Other assets 17,550 14,455 3,200 680 4,767

Total assets 39,075,897 279,417,656 40,138,343 450,339,544 130,615,449

Liabilities

Cash owed to bank 2(a) — — — — 1,731,749

Due to broker 14 — — — 9,380,593 —

Interest and dividends payable 2(a),2(d) 22,373 8 28,089 356,872 42,874

Income distribution payable 2(a) — — — — —

Payable for investments purchased 2(a),2(d) 1,230,262 6,180,823 2,479,910 9,340,128 112,544

Payable for Fund shares redeemed 2(a) — 690,975 56,926 9,265,119 307,315


Futures contracts 2(d) 56,527 — 377,780 1,711,832 159,148

Open forward foreign exchange transactions 2(d) — 1,287 — 2,551,839 1,366,427

Contracts for difference 2(d) 160,236 — 200,975 — 214,334

Swaps at market value 2(d) — — 35,498 — —


Accrued expenses and other liabilities 4,5,6,7,8 79,116 426,870 62,885 3,493,739 453,185


Total net assets 37,527,383 272,117,693 36,896,280 414,239,422 126,227,873




Currency 30 November 2019 31 May 2019 31 May 2018 31 May 2017

BlackRock Americas Diversified Equity AbsoluteReturn Fund

Total net assets USD 1,221,869,050 1,240,896,160 934,604,752 664,750,490

Net asset value per:

A Class non-distributing share AUD AUD 195.84 193.21 178.46 170.57

A Class non-distributing share EUR EUR 101.25 100.78 — —

A Class non-distributing share SEK hedged SEK 122.18 125.05 129.93 124.73

A Class non-distributing UK reporting fund share USD 131.48 132.72 134.30 125.91

A Class non-distributing UK reporting fund share EURhedged EUR 120.42 123.33 128.43 122.99

A Class non-distributing UK reporting fund share GBP GBP 161.64 167.39 160.17 155.06

D Class non-distributing share USD 112.42 113.21 113.90 106.35

D Class non-distributing share CHF hedged CHF 100.58 102.97 107.08 102.39

D Class non-distributing UK reporting fund share EURhedged EUR 124.06 126.74 131.30 125.28

D Class non-distributing UK reporting fund share GBPhedged GBP 109.15 110.81 113.49 107.32

E Class non-distributing share EUR hedged EUR 97.16 99.76 104.40 100.37

I Class non-distributing share EUR hedged EUR 101.00 103.04 106.44 101.34

I Class non-distributing share JPY hedged JPY 9,716.84 9,901.72 10,209.24 —

I Class non-distributing share SEK hedged SEK 93.32 95.14 — —

I Class non-distributing UK reporting fund share USD 106.49 107.08 107.42 —

X Class non-distributing share USD 156.91 156.99 155.83 141.86

BlackRock Asia Extension Fund

Total net assets USD 153,288,264 146,921,082 166,964,057 137,635,592


A Class non-distributing share USD 145.14 140.35 162.38 136.12

A Class non-distributing UK reporting fund share GBPhedged GBP 136.17 133.10 157.62 134.41

D Class non-distributing share USD — — 166.74 139.09

E Class non-distributing share USD 139.99 135.70 157.79 132.94


BlackRock Asia Pacific Absolute Return Fund



A Class distributing share EUR hedged EUR 93.37 93.12 95.55 100.85

A Class non-distributing share EUR EUR 102.32 99.22 94.62 101.03

A Class non-distributing UK reporting fund share GBP GBP 97.17 97.96 92.34 98.22


D Class non-distributing share EUR EUR 105.18 101.66 96.33 102.35

D Class non-distributing share EUR hedged EUR 95.41 94.93 96.93 101.70

D Class non-distributing share GBP hedged GBP 97.55 96.50 97.44 101.37

E Class non-distributing share EUR EUR 100.84 98.05 93.90 101.01



Z Class non-distributing share USD 103.60 101.50 100.25 102.43

Z Class non-distributing share CHF hedged CHF 94.64 94.24 96.30 101.16

Z Class non-distributing share EUR hedged EUR 95.75 95.15 96.89 101.42

Three Year Summary of Net Asset Valuesas at 30 November 2019




BlackRock Asia Pacific Diversified Equity AbsoluteReturn Fund




A Class non-distributing share EUR hedged EUR 94.75 96.45 96.99 98.09




X Class non-distributing UK reporting fund share USD 106.94 106.37 102.06 98.99

Z Class non-distributing share EUR hedged EUR 97.44 98.68 98.23 98.34

Z Class non-distributing UK reporting fund share USD 104.41 104.24 100.79 98.66

Z Class non-distributing UK reporting fund share GBPhedged GBP 99.13 99.72 98.19 97.52

BlackRock Dynamic Diversified Growth Fund

Total net assets EUR 1,028,009,454 941,468,821 760,180,610 856,511,784


A Class non-distributing share EUR 119.51 115.96 116.23 114.11


AI Class non-distributing share(1) EUR 100.58 — — —

D Class non-distributing share EUR 126.09 121.93 121.40 118.38

E Class non-distributing share EUR 114.97 111.85 112.68 111.19

I Class non-distributing share EUR 129.00 124.61 123.73 120.38

I Class non-distributing share CAD hedged CAD 118.18 112.99 109.89 105.34

I Class non-distributing share JPY hedged JPY 10,365.89 10,000.51 — —

I Class non-distributing share SEK hedged SEK 129.13 124.71 123.92 120.79

X Class non-distributing share EUR 135.56 130.59 128.96 124.74

BlackRock Emerging Markets Absolute Return Fund



A Class distributing UK reporting fund share GBPhedged GBP 104.66 110.63 100.76 107.55



D Class distributing UK reporting fund share GBPhedged GBP 108.68 114.60 103.80 110.21

D Class non-distributing UK reporting fund share USD 120.08 125.31 111.06 116.17



I Class distributing UK reporting fund share GBP GBP 130.23 138.99 116.28 125.32

I Class distributing UK reporting fund share GBPhedged GBP 92.89 — — 110.06

I Class non-distributing share EUR EUR 153.64 157.75 132.58 143.42


I Class non-distributing UK reporting fund share USD 105.25 109.61 — 112.82

X Class non-distributing share USD 118.32 122.61 106.19 —

Three Year Summary of Net Asset Valuesas at 30 November 2019 continued




BlackRock Emerging Markets Equity Strategies Fund




A Class non-distributing share CHF hedged CHF 92.11 91.08 — —

D Class distributing share USD 98.41 95.52 — —

D Class non-distributing share CHF hedged CHF 92.58 91.13 — —



D Class non-distributing UK reporting fund share EUR EUR 172.66 165.26 150.47 135.76

D Class non-distributing UK reporting fund share GBP GBP 116.81 116.26 — —


I Class non-distributing share USD 103.38 100.20 — —

I Class non-distributing share EUR EUR 103.69 99.09 — —


Z Class non-distributing share GBP GBP 122.75 121.78 108.87 —


BlackRock Emerging Markets Flexi Dynamic BondFund

Total net assets USD 2,083,339,232 2,816,904,920 3,448,675,564 2,042,255,082


A Class distributing UK reporting fund share GBPhedged GBP 84.40 89.19 96.74 103.24



A Class non-distributing share SEK hedged SEK 84.97 90.21 94.89 —

A Class non-distributing UK reporting fund share CHFhedged CHF 84.16 89.55 94.15 98.13

AI Class non-distributing share EUR hedged(1) EUR 91.84 — — —

D Class distributing UK reporting fund share USD 92.33 98.60 104.96 110.02

D Class distributing UK reporting fund share EUR EUR 95.15 100.15 101.75 —

D Class distributing UK reporting fund share EURhedged EUR 84.35 90.85 98.80 —

D Class distributing UK reporting fund share GBP GBP 93.55 100.07 100.48 108.97



D Class non-distributing UK reporting fund share CHFhedged CHF 85.72 90.89 94.96 98.31


E Class non-distributing share USD 103.71 108.89 111.32 113.31


I Class distributing share EUR EUR 90.41 95.12 96.86 —

I Class distributing share EUR hedged EUR 84.60 89.49 98.16 105.67

I Class distributing share (G) EUR hedged EUR 79.63 86.24 94.81 —

I Class distributing UK reporting fund share USD 82.65 88.37 93.67 98.13

I Class non-distributing share EUR hedged EUR 89.49 94.66 98.56 —

I Class non-distributing UK reporting fund share USD 111.52 116.25 117.18 117.61

X Class distributing share EUR EUR 90.66 95.38 97.15 —


X Class non-distributing share AUD hedged AUD 104.46 109.27 109.89 109.45

X Class non-distributing share CAD hedged CAD 90.83 94.72 95.62 —

X Class non-distributing share GBP hedged GBP — — 116.62 118.00





BlackRock Emerging Markets Short Duration BondFund

Total net assets USD 77,730,436 69,720,601 58,201,298 —


A Class non-distributing share USD 103.09 105.43 99.56 —

AI Class distributing share EUR hedged(1) EUR 95.20 — — —


D Class non-distributing UK reporting fund share USD 103.82 106.00 99.72 —

D Class non-distributing UK reporting fund share EURhedged EUR 97.93 101.43 98.40 —

E Class distributing share EUR EUR 108.81 112.01 104.90 —

E Class distributing share EUR hedged EUR 91.47 96.78 98.22 —

E Class non-distributing share EUR EUR 114.25 115.53 104.96 —

E Class non-distributing share EUR hedged EUR 96.31 100.16 98.00 —

I Class non-distributing share EUR hedged EUR 98.04 101.50 98.43 —


BlackRock ESG Euro Bond Fund(2)

Total net assets EUR 242,562,584 134,380,021 31,530,831 35,690,553


A Class distributing share EUR 104.11 100.95 97.59 97.54


D Class non-distributing UK reporting fund share EUR 105.36 101.97 98.24 97.80




Z Class non-distributing share EUR 106.89 103.45 — —

BlackRock ESG Euro Corporate Bond Fund(3)

Total net assets EUR 159,401,593 — — —


A Class non-distributing share EUR 100.97 — — —

AI Class non-distributing share EUR 100.02 — — —

D Class non-distributing share EUR 101.15 — — —

E Class non-distributing share EUR 99.83 — — —

I Class non-distributing share EUR 101.21 — — —

X Class non-distributing share EUR 101.39 — — —

BlackRock European Absolute Return Fund

Total net assets EUR 1,508,048,984 1,712,365,331 1,072,050,777 1,098,315,801




D Class distributing share EUR 137.86 138.79 131.36 127.04





I Class non-distributing UK reporting fund share EUR 142.60 143.35 135.51 130.68





BlackRock European Diversified Equity AbsoluteReturn Fund




A Class non-distributing share CHF hedged CHF 98.97 100.57 116.01 115.59




D Class non-distributing share USD hedged USD 114.12 113.88 126.32 122.37





I Class non-distributing share SEK hedged SEK — — 903.17 891.11


BlackRock European Opportunities Extension Fund

Total net assets EUR 1,043,413,136 976,232,401 1,124,378,931 1,162,728,559


A Class distributing UK reporting fund share GBP GBP 342.68 315.20 316.35 297.35


D Class distributing (G) share EUR 148.69 131.74 135.63 129.49

D Class distributing UK reporting fund share GBP GBP 350.49 321.74 321.60 301.11





BlackRock European Select Strategies Fund





A Class non-distributing share CZK hedged CZK 1,084.06 1,022.14 1,000.65 1,017.79


D Class distributing share USD hedged USD 117.83 111.49 107.62 106.69


E Class distributing share EUR 108.10 103.28 102.83 104.24


I Class distributing share EUR 108.40 102.88 102.49 103.72



BlackRock European Unconstrained Equity Fund

Total net assets EUR 13,895,123 6,048,155 — —


A Class non-distributing share EUR 134.08 117.75 — —

D Class non-distributing UK reporting fund share EUR 134.70 117.98 — —

D Class non-distributing UK reporting fund share GBPhedged GBP 134.97 118.16 — —

E Class non-distributing share EUR 131.46 115.84 — —

I Class non-distributing share USD hedged(1) USD 102.03 — — —

I Class non-distributing UK reporting fund share EUR 134.99 118.01 — —

I Class non-distributing UK reporting fund share GBPhedged GBP 135.38 118.19 — —

X Class non-distributing UK reporting fund share EUR 139.27 120.87 — —





BlackRock Fixed Income Credit Strategies Fund(3)

Total net assets EUR 54,555,832 — — —


A Class distributing share EUR 101.34 — — —

A Class non-distributing share EUR 101.34 — — —

AI Class non-distributing share EUR 100.55 — — —

D Class distributing share EUR 101.60 — — —

D Class non-distributing share EUR 101.54 — — —

E Class non-distributing share EUR 101.07 — — —

I Class non-distributing share EUR 101.64 — — —

X Class non-distributing share EUR 101.91 — — —

BlackRock Fixed Income Strategies Fund

Total net assets EUR 7,412,521,608 7,468,536,607 9,955,457,513 6,938,433,444



A Class distributing share CHF hedged CHF 101.17 100.36 101.67 102.54

A Class distributing share USD hedged USD 113.90 111.17 108.85 106.82


A Class non-distributing share JPY hedged JPY 10,121.12 10,011.78 — —

A Class non-distributing share USD hedged USD 114.31 111.57 109.24 107.23

A Class non-distributing UK reporting fund share EUR 120.28 119.02 120.04 120.58





D Class distributing UK reporting fund share USDhedged USD 112.09 109.44 107.22 105.05






I Class distributing share EUR 122.37 121.21 122.42 122.86


I Class non-distributing share SEK hedged SEK 1,057.02 1,046.06 1,048.88 1,049.13

I Class non-distributing share USD hedged USD 105.90 103.06 100.36 —

X Class distributing share EUR 102.23 100.57 101.50 101.98


BlackRock Global Absolute Return Bond Fund




A Class non-distributing share SEK hedged SEK 992.36 986.30 1,007.84 1,018.19






I Class non-distributing share GBP hedged GBP 101.39 99.98 — —

I Class non-distributing share SEK hedged SEK 1,009.97 1,000.48 1,015.24 1,018.16






BlackRock Global Equity Absolute Return Fund

Total net assets USD 22,069,386 20,798,321 — —


A Class distributing share EUR hedged EUR 99.37 101.20 — —

D Class non-distributing share USD 102.75 102.88 — —

D Class non-distributing UK reporting fund share EUR EUR 107.12 105.74 — —

E Class non-distributing share EUR EUR 106.19 105.38 — —


X Class non-distributing share USD 104.45 103.92 — —

Z Class non-distributing share USD 103.05 103.16 — —

Z Class non-distributing share CHF hedged CHF 100.00 101.52 — —

Z Class non-distributing share EUR hedged EUR 100.29 101.66 — —

Z Class non-distributing UK reporting fund share GBPhedged GBP 101.26 102.12 — —

BlackRock Global Event Driven Fund

Total net assets USD 3,010,064,270 2,222,743,667 1,379,841,769 358,838,226


A Class distributing share EUR hedged EUR 103.21 101.25 97.81 —



A Class non-distributing UK reporting fund share EURhedged EUR 107.39 105.36 101.60 102.89







I Class distributing UK reporting fund share USD 113.04 109.01 101.81 100.31

I Class distributing UK reporting fund share EURhedged EUR 107.15 104.79 100.86 —

I Class distributing UK reporting fund share GBPhedged GBP 108.47 105.43 100.26 100.27

I Class non-distributing share BRL hedged(1) BRL 94.96 — — —

I Class non-distributing share JPY hedged JPY 10,597.04 10,350.96 9,902.97 —

I Class non-distributing UK reporting fund share USD 111.91 107.93 100.72 —

I Class non-distributing UK reporting fund share CHFhedged CHF 105.23 103.13 99.14 100.21

I Class non-distributing UK reporting fund share EURhedged EUR 111.29 108.83 104.31 104.87

IA Class non-distributing share USD 107.06 103.25 — —


Z Class non-distributing share CHF hedged CHF 113.83 111.30 106.78 107.64


Z Class non-distributing UK reporting fund share EURhedged EUR 115.68 112.86 107.93 108.23

Z Class non-distributing UK reporting fund share GBPhedged GBP 119.81 116.22 110.10 109.39





BlackRock Global Long/Short Equity Fund





A Class non-distributing share SEK hedged SEK 953.64 1,008.03 990.94 958.76

A Class non-distributing UK reporting fund share GBPhedged GBP — — — 98.51


C Class non-distributing share USD 98.19 102.95 99.45 94.76





I Class non-distributing share EUR hedged EUR 96.01 — — 98.34

J Class distributing share USD 111.16 115.62 109.94 103.12


BlackRock Global Real Asset Securities Fund



A Class distributing share(1) USD 99.96 — — —

A Class distributing share HKD hedged(1) HKD 101.32 — — —

A Class distributing share SGD hedged(1) SGD 101.22 — — —


D Class distributing share(1) USD 100.25 — — —

D Class non-distributing UK reporting fund share USD 117.29 107.91 99.65 —


X Class non-distributing UK reporting fund share USD 119.31 109.29 100.06 —

Z Class non-distributing UK reporting fund share USD 117.99 108.39 99.83 —

BlackRock Impact World Equity Fund




D Class non-distributing share EUR EUR 148.76 130.80 126.43 114.26



I Class non-distributing share JPY JPY 14,165.95 12,536.81 12,596.01 11,174.42

I Class non-distributing share JPY hedged JPY 14,508.38 13,076.90 13,560.05 12,020.65

X Class distributing share AUD AUD — — 265.59 238.61

X Class non-distributing UK reporting fund share GBP GBP 182.01 165.92 157.72 141.17





BlackRock Macro Opportunities Fund





D Class non-distributing share EUR EUR 102.38 102.05 — —

D Class non-distributing UK reporting fund share USD 98.00 99.10 — —

D Class non-distributing UK reporting fund share EURhedged EUR 95.61 98.06 — —

D Class non-distributing UK reporting fund share GBPhedged GBP 94.76 96.75 — —


E Class non-distributing share EUR hedged EUR 90.71 93.55 98.74 —

I Class non-distributing share BRL hedged USD 93.29 99.64 — —



Z Class non-distributing share BRL hedged USD 79.41 84.73 88.34 —

Z Class non-distributing share CHF hedged CHF 91.78 94.23 98.61 —

Z Class non-distributing UK reporting fund share USD 98.13 99.17 100.20 —

Z Class non-distributing UK reporting fund share EURhedged EUR 92.46 94.77 98.83 —

Z Class non-distributing UK reporting fund share GBPhedged GBP 94.34 96.26 99.31 —

BlackRock Managed Index Portfolios − Conservative

Total net assets EUR 146,395,093 139,371,110 103,098,778 —


A Class distributing share EUR 105.29 98.24 97.61 —

A Class non-distributing share EUR 105.46 98.41 97.59 —

A Class non-distributing share USD hedged USD 111.16 102.32 98.49 —

D Class distributing share EUR 105.34 98.43 97.71 —

D Class non-distributing share EUR 106.69 99.25 97.79 —

D Class non-distributing share USD hedged USD 112.45 103.18 98.68 —

D Class non-distributing UK reporting fund share GBPhedged GBP 108.71 100.60 98.08 —

E Class non-distributing share(1) EUR 100.73 — — —

IndexInvest Balance Class distributing share EUR 105.29 98.25 97.59 —

Vermoegensstrategie Moderat - Ausgewogen Classdist. shares EUR 110.82 103.04 — —

BlackRock Managed Index Portfolios − Defensive




A Class non-distributing share GBP hedged GBP 108.67 102.71 100.15 —



D Class distributing UK reporting fund share EUR 104.27 99.41 98.49 99.04


D Class distributing UK reporting fund share USDhedged USD 119.50 112.39 108.13 106.22







IndexInvest Substanz Class distributing share EUR 103.79 98.65 97.72 —

Vermoegensstrategie Defensiv Class distributing share EUR 108.80 103.12 — —






BlackRock Managed Index Portfolios − Growth








D Class distributing share USD hedged USD 140.63 124.63 120.93 111.92








IndexInvest Chance Class distributing share EUR 106.01 95.52 96.15 —

Vermoegensstrategie Wachstum Class distributingshare EUR 114.52 102.83 — —


BlackRock Managed Index Portfolios − Moderate







D Class distributing UK reporting fund share EUR 114.49 105.36 104.95 101.88

D Class distributing UK reporting fund share GBPhedged GBP 118.25 10

Interim report and unaudited financial statements...Interim report and unaudited financial...

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