BlackRock Asset Management Canada Limited Annual Audited Financial Statements As at December 31, 2012
Table of Contents Statement of Net Assets as at December 31 Statement of Operations for the periods ended December 31 Statement of Changes in Net Assets for the periods ended December 31 Statement of Cash Flow for the periods ended December 31* Statement of Investment Portfolio as at December 31, 2012 Canadian Equity Index Funds BlackRock Canadian Equity Index Fund 3 BlackRock Canadian Equity Ex-Trusts Index Fund 10 BlackRock CDN MSCI Canada IMI Index Fund 12 U.S. Equity Funds BlackRock CDN US Equity Index Non-Taxable Fund 19 BlackRock CDN US Equity Index Plus Non-Taxable Fund 28 BlackRock CDN US Equity Index Hedged Non-Taxable Fund 37 BlackRock CDN US Equity Index Fund 40 BlackRock CDN US Alpha Tilts Non-Taxable Fund 49 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund 54 BlackRock CDN Russell 3000 Index Non-Taxable Fund 57 Active Canadian Equity Funds BlackRock Active Canadian Equity Fund 89 BlackRock Active Canadian Equity Ex-Income Trusts Fund 94 BlackRock Active Canadian Equity DC Fund 99 BlackRock Active Canadian Equity Small Cap Fund 104 BlackRock Canada Alpha Advantage Fund 108 Canadian Bond Funds BlackRock Canada Universe Bond Index Fund 115 BlackRock Canada ex-bbb Universe Bond Index Fund 129 BlackRock Canada Real Return Bond Index Fund 138 BlackRock Canada Long Bond Index Fund 142 BlackRock Canada Long Government Bond Index Fund 150 BlackRock Canada All Government Bond Index Fund 155 BlackRock Canada Credit-Screened Bond Index Fund 161 BlackRock Canada CoreActive Universe Bond Fund 170 BlackRock Canada CorePlus Long Bond Fund 178 BlackRock Canada CorePlus Universe Bond Fund 186 BlackRock Canada Levered Long Bond Index Fund 197 BlackRock Canada Levered Real Return Bond Index Fund 200 Active Balanced Funds BlackRock Balanced Active Fund 242 Active Alternative Funds BlackRock CDN Global Market Selection Fund 245 Short Term Investment Funds BlackRock CDN Short Term Index Fund 249 International Equity Funds BlackRock CDN MSCI EAFE Equity Index Fund 253 BlackRock CDN MSCI EAFE Index Hedged Fund 267 BlackRock CDN MSCI ACWI ex-canada Index Fund 270 BlackRock CDN MSCI Emerging Markets Index Fund 273 BlackRock CDN MSCI EAFE Index Plus Fund 286 BlackRock CDN Global Equity Focus Fund 299 BlackRock CDN Global Developed Real Estate Index Fund 302 BlackRock CDN Global Infrastructure Equity Index Fund 308 BlackRock CDN Emerging Markets Fundamental Index Fund 312 Notes to Financial Statements 319 Auditor s Report 357 Balanced Index Funds BlackRock Balanced Moderate Index DC Fund 203 BlackRock Balanced Conservative Index DC Fund 206 BlackRock Balanced Aggressive Index DC Fund 209 BlackRock Canada LifePath Funds BlackRock CDN LifePath Retirement Index Fund I 212 BlackRock CDN LifePath Index 2010 Retirement Fund 215 BlackRock CDN LifePath 2015 Index Fund 218 BlackRock CDN LifePath 2020 Index Fund 221 BlackRock CDN LifePath 2025 Index Fund 224 BlackRock CDN LifePath 2030 Index Fund 227 BlackRock CDN LifePath 2035 Index Fund 230 BlackRock CDN LifePath 2040 Index Fund 233 BlackRock CDN LifePath 2045 Index Fund 236 BlackRock CDN LifePath 2050 Index Fund 239 * Applicable to BlackRock Canada Alpha Advantage Fund, BlackRock Canada CorePlus Long Bond Fund, and BlackRock Canada CorePlus Universe Bond Fund only. 2
BlackRock Canadian Equity Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 4,096,874,281 $ 3,194,066,633 Cash 50,660,175 20,082,763 Margin due from brokers 7,384,419 4,827,610 Securities lending income receivable 79,487 17,538 Dividends and distributions from underlying trust units receivable 13,293,647 9,018,851 Accounts receivable from issue of units 80,392,330 6,171,372 Accounts receivable for investment sales - 4,840,920 4,248,684,339 3,239,025,687 Liabilities Operating expenses payable 137,818 96,247 Payables for redemption of units 19,042,571 4,007,665 Payables for investment purchases 74,707,796 15,687,455 93,888,185 19,791,367 Net Assets $ 4,154,796,154 $ 3,219,234,320 Net Assets per Class Class A $ 1,463,008,980 $ 1,063,323,780 Class D 2,691,787,174 2,155,910,540 $ 4,154,796,154 $ 3,219,234,320 Number of Units Issued and Outstanding (Note 8) Class A 25,654,009 19,991,357 Class D 113,019,328 97,045,007 Net Assets per Unit Class A $ 57.03 $ 53.19 Class D $ 23.82 $ 22.22 Investments at Cost $ 3,798,006,654 $ 3,047,137,735 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 3
BlackRock Canadian Equity Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income and distributions from underlying trust units $ 108,488,070 $ 80,180,612 Interest income 168,545 135,700 Securities lending income 1,091,379 254,114 Net gain (loss) from futures contracts 1,521,206 (1,775,427) 111,269,200 78,794,999 Expenses Custodian fees 220,936 190,486 Fund accounting expenses 115,959 106,913 Unitholder communication s 2,114 601 Audit fees 23,138 25,171 Securities filing fees 62,820 49,139 Independent review committee fees 1,500 3,624 Other operating expenses 32,188 30,747 458,655 406,681 Net Investment Income for the Year 110,810,545 78,388,318 Gain (Loss) on Investments Net realized gain (loss) on sale of investments (9,002,456) 41,433,378 Transaction s (Note 2,13) (414,924) (410,973) Net change in unrealized appreciation (depreciation) in of investments 151,938,729 (389,287,299) Net Gain (Loss) on Investments 142,521,349 (348,264,894) Increase (Decrease) in Net Assets from Operations $ 253,331,894 $ (269,876,576) Increase (Decrease) in Net Assets from Operations per Class Class A $ 83,769,101 $ (86,605,717) Class D 169,562,793 (183,270,859) $ 253,331,894 $ (269,876,576) Increase (Decrease) in Net Assets from Operations per Unit Class A $ 3.43 $ (4.71) Class D $ 1.64 $ (2.09) The accompanying notes are an integral part of the financial statements. 4
BlackRock Canadian Equity Index Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 2012 2011 Fund Class A Class D Net Assets - Beginning of Year $ 3,219,234,320 $ 2,850,758,577 $ 1,063,323,780 $ 844,710,443 $ 2,155,910,540 $ 2,006,048,134 Increase (Decrease) in Net Assets from Operations 253,331,894 (269,876,576) 83,769,101 (86,605,717) 169,562,793 (183,270,859) Capital Transactions Proceeds from issue of units 1,383,460,449 1,215,967,534 768,620,577 598,222,120 614,839,872 617,745,414 Reinvestment of distributions 106,847,634 109,787,217 38,466,085 35,142,860 68,381,549 74,644,357 Redemption of units (701,230,509) (577,615,215) (452,704,478) (293,003,066) (248,526,031) (284,612,149) Net capital transactions 789,077,574 748,139,536 354,382,184 340,361,914 434,695,390 407,777,622 Distributions From net investment income (106,847,634) (74,947,371) (38,466,085) (25,290,516) (68,381,549) (49,656,855) From capital gains redemption in kind (Note 9) - (34,839,846) - (9,852,344) - (24,987,502) Total distributions (106,847,634) (109,787,217) (38,466,085) (35,142,860) (68,381,549) (74,644,357) Increase in Net Assets for the Year 935,561,834 368,475,743 399,685,200 218,613,337 535,876,634 149,862,406 Net Assets - End of Year $ 4,154,796,154 $ 3,219,234,320 $ 1,463,008,980 $ 1,063,323,780 $ 2,691,787,174 $ 2,155,910,540 The accompanying notes are an integral part of the financial statements. 5
BlackRock Canadian Equity Index Fund Canadian Common Stocks and Income Trusts Consumer Discretionary 4.6% Aimia, Inc. 471,340 6,327 7,004 Astral Media, Inc.-Class A 153,083 5,546 7,072 Canadian Tire Corp.-Class A 223,052 13,071 15,455 Cineplex, Inc. 169,935 3,689 5,404 Cogeco Cable, Inc. 61,687 2,384 2,342 Corus Entertainment, Inc.-Class B 219,029 4,275 5,379 Dollarama, Inc. 188,070 7,054 11,087 Dorel Industries, Inc.-Class B 70,808 2,232 2,542 Gildan Activewear, Inc. 303,069 7,474 10,989 Linamar Corp. 125,833 2,345 2,917 Magna International, Inc.-Class A 638,762 25,225 31,663 Martinrea International, Inc. 207,370 1,768 1,601 Quebecor, Inc.-Class B 123,849 3,791 4,785 Reitman s (Canada), Ltd.-Class A 145,110 2,265 1,743 RONA, Inc. 332,484 4,297 3,528 Shaw Communications, Inc.-Class B 1,007,743 19,321 22,987 Thomson Reuters Corp. 1,018,512 34,818 29,303 Tim Hortons, Inc. 422,296 16,691 20,604 Westport Innovations, Inc. 122,604 3,172 3,227 165,745 189,632 Consumer Staples 2.7% Alimentation Couche Tard, Inc.- Class B 343,802 8,398 16,760 Cott Corp. 260,665 2,156 2,085 Empire Co., Ltd.-Class A 80,267 3,937 4,716 George Weston, Ltd. 129,898 9,136 9,166 Jean Coutu Group, Inc.-Class A 252,260 3,094 3,660 Loblaw Cos., Ltd. 277,493 11,162 11,616 Maple Leaf Foods, Inc. 207,146 2,378 2,471 Metro, Inc.-Class A 266,166 10,729 16,830 North West Co., Inc. 132,472 2,525 2,964 Saputo, Inc. 345,318 11,333 17,335 Shoppers Drug Mart Corp. 563,014 23,379 24,046 88,227 111,649 Energy 24.9% Advantage Oil & Gas, Ltd. 462,428 3,719 1,466 AltaGas, Ltd. 286,532 7,567 9,599 ARC Resources, Ltd. 842,120 19,529 20,438 Athabasca Oil Corp. 852,256 11,938 8,889 Bankers Petroleum, Ltd. 692,806 4,591 2,217 Baytex Energy Corp. 331,973 11,903 14,222 Birchcliff Energy, Ltd. 264,082 2,756 1,960 Black Pearl Resources, Inc. 727,072 2,796 2,189 Bonavista Energy Corp. 477,966 11,181 7,055 Bonterra Energy Corp. 41,755 2,365 1,893 Calfrac Well Services, Ltd. 89,389 2,258 2,223 Cameco Corp. 1,082,752 26,773 21,168 Canadian Natural Resources, Ltd. 2,997,320 92,416 85,813 Canadian Oil Sands, Ltd. 1,234,171 34,059 24,869 Energy (continued) Celtic Exploration, Ltd. 240,542 3,788 6,309 Cenovus Energy, Inc. 2,069,926 60,455 68,908 Crescent Point Energy Corp. 1,017,750 39,270 38,166 Crew Energy, Inc. 331,706 4,072 2,140 Enbridge Income Fund, Inc. 111,869 2,588 2,684 Enbridge, Inc. 2,190,565 58,741 94,194 Encana Corp. 2,016,603 51,819 39,525 Enerflex, Ltd. 212,718 2,385 2,533 Enerplus Corp. 542,602 16,707 6,945 Ensign Resource Service Group, Inc. 342,757 5,156 5,248 Freehold Royalties, Ltd. 132,019 2,406 2,940 Gibson Energy, Inc. 326,965 7,111 7,837 Husky Energy, Inc. 806,887 21,606 23,714 Imperial Oil, Ltd. 696,403 28,463 29,757 Inter Pipeline Fund 748,181 10,131 17,567 Keyera Corp. 212,054 6,743 10,401 Legacy Oil + Gas, Inc. 349,373 4,378 2,383 MEG Energy Corp. 331,616 15,208 10,088 Mullen Group, Ltd. 239,171 4,910 4,996 Nexen, Inc. 1,451,506 31,073 38,567 Niko Resources, Ltd. 173,178 8,069 1,839 Pacific Rubiales Energy Corp. 808,541 15,680 18,645 Paramount Resources, Ltd.-Class A 103,340 3,088 3,300 Parkland Fuel Corp. 184,822 2,415 3,486 Pason Systems, Inc. 177,421 2,370 3,032 Pembina Pipeline Corp. 798,115 16,994 22,690 Pengrowth Energy Corp. 1,393,721 17,390 6,857 Penn West Petroleum, Ltd. 1,312,426 30,944 14,135 Petrobakken Energy, Ltd. 248,763 5,478 2,550 Petrobank Energy & Resources, Ltd. 250,681 4,383 3,108 Petrominerales, Ltd. 235,421 5,940 2,011 Peyto Exploration & Development Corp. 386,373 7,134 8,852 Precision Drilling Corp. 643,295 7,427 5,269 Savanna Energy Services Corp. 234,691 2,374 1,676 Secure Energy Services, Inc. 237,496 2,396 2,339 ShawCor, Ltd.-Class A 159,601 4,283 6,210 Suncor Energy, Inc. 4,193,835 137,252 137,138 Talisman Energy, Inc. 2,827,492 42,113 31,724 Tourmaline Oil Corp. 372,466 10,902 11,595 TransCanada Corp. 1,930,668 72,351 90,683 Transglobe Energy Corp. 202,072 2,688 1,881 Trican Well Service, Ltd. 401,082 5,904 5,258 Trilogy Energy Corp. 156,419 3,668 4,542 Trinidad Drilling, Ltd. 331,054 2,630 2,264 Uranium One, Inc. 1,232,293 6,882 2,884 Veresen, Inc. 540,018 6,736 6,351 Vermilion Energy, Inc. 270,772 10,791 14,031 Whitecap Resources, Inc. 348,025 2,930 3,007 1,052,073 1,036,260 The accompanying notes are an integral part of the financial statements. 6
BlackRock Canadian Equity Index Fund Financials 32.1% AGF Management, Ltd.-Class B 190,058 3,268 1,882 Allied Properties Real Estate Investment Trust-REIT 175,012 4,186 5,767 Artis Real Estate Investment Trust- REIT 301,959 3,982 4,723 Bank of Montreal 1,782,260 97,248 108,379 Bank of Nova Scotia 3,244,212 156,482 186,283 Boardwalk REIT 107,417 4,129 6,908 Brookfield Asset Management, Inc.- Class A 1,539,102 42,578 55,869 Brookfield Properties Co. 690,311 11,227 11,652 Calloway REIT 266,466 5,862 7,701 Canadian Apartment Properties REIT 275,338 4,818 6,823 Canadian Imperial Bank of Commerce 1,107,819 78,473 88,581 Canadian REIT 186,499 5,653 8,064 Canadian Western Bank 214,491 5,021 6,092 Chartwell Seniors Housing REIT 468,552 3,717 5,088 CI Financial Corp. 402,870 8,822 10,019 Cominar REIT 312,270 6,558 7,042 Crombie Real Estate Investment Trust-REIT 139,204 2,067 2,053 Davis & Henderson Income Corp. 162,221 2,937 3,486 Dundee Corp.-Class A 107,741 1,971 3,299 Dundee REIT 265,856 8,214 9,948 Extendicare Inc. 234,543 1,891 1,794 fax Financial, Ltd. 54,407 18,656 19,315 First Capital Realty, Inc. 231,584 3,778 4,351 FirstService Corp. 69,978 1,650 1,959 Genworth MI Canada, Inc. 113,541 2,721 2,563 Granite Real Estate, Inc. 128,260 4,577 4,838 Great-West Lifeco, Inc. 702,853 17,154 17,065 H&R REIT 531,000 10,536 12,797 Home Capital Group, Inc. 86,402 3,466 5,099 IGM Financial, Inc. 262,836 10,819 10,931 Industrial Alliance Insurance and Financial Services, Inc. 248,183 7,239 7,776 Intact Financial Corp. 365,165 17,313 23,612 Itemus, Inc. 14,900 1 - Laurentian Bank of Canada 77,006 3,167 3,404 Manulife Financial Corp. 4,987,880 99,408 67,237 National Bank of Canada 443,367 27,064 34,184 Northern Property Real Estate Investment Trust-REIT 87,512 2,838 2,700 Onex Corp. 241,860 7,020 10,122 Power Corp. of Canada 945,849 25,339 23,920 Power Financial Corp. 640,033 18,254 17,409 Primaris Retail REIT 267,823 4,932 7,194 RioCan REIT 812,528 17,201 22,344 Royal Bank of Canada 3,958,382 190,029 236,751 Sun Life Financial, Inc. 1,634,712 50,085 43,058 Financials (continued) TMX Group, Ltd. 63,269 3,002 3,208 Toronto-Dominion Bank 2,514,784 168,441 210,362 1,173,794 1,333,652 Health Care 1.8% Catamaran Corp. 561,822 18,156 26,198 CML HealthCare, Inc. 246,760 2,970 1,639 Nordion, Inc. 170,177 2,001 1,087 Valeant Pharmaceuticals International, Inc. 781,185 27,147 46,277 50,274 75,201 Industrials 5.9% Black Diamond Group, Ltd. 95,847 2,123 1,917 Bombardier, Inc.-Class B 4,085,227 20,703 15,320 CAE, Inc. 709,725 6,817 7,140 Canadian National Railway Co. 1,181,762 70,901 106,701 Canadian Pacific Railway, Ltd. 407,384 23,993 41,052 Chorus Aviation, Inc. 303,068 1,478 1,155 Finning International, Inc. 470,801 10,231 11,563 Genivar, Inc. 95,044 2,168 1,873 Progressive Waste Solutions, Ltd. 315,391 6,232 6,762 Russel Metals, Inc. 164,747 3,567 4,539 SNC-Lavalin Group, Inc. 413,643 16,687 16,657 Stantec, Inc. 125,638 3,446 4,973 Superior Plus, Inc. 306,692 3,727 3,131 Toromont Industries, Ltd. 209,055 3,502 4,397 Transcontinental, Inc.-Class A 182,071 2,623 2,021 TransForce, Inc. 220,381 2,557 4,372 Wajax Corp. 45,871 2,153 1,862 Westjet Airlines, Ltd. 344,511 4,836 6,773 Westshore Terminals Investment Corp. 174,880 3,240 4,802 190,984 247,010 Information Technology 1.5% Celestica, Inc. 448,582 4,818 3,616 CGI Group, Inc.-Class A 750,308 12,935 17,197 Constellation Software, Inc. 31,922 3,339 3,807 MacDonald Dettwiler & Associates, Ltd. 87,213 3,522 4,879 Open Text Corp. 160,154 7,220 8,869 Otsuka Corp. 1,066,672 10,967 8,480 Research In Motion, Ltd. 1,134,068 51,348 13,359 Wi-Lan, Inc. 333,150 2,156 1,506 96,305 61,713 Materials 18.2% Aecon Group, Inc. 153,290 2,027 1,625 Agnico-Eagle Mines, Ltd. 469,902 23,510 24,444 Agrium, Inc. 408,925 27,119 40,541 Alacer Gold Corp. 623,186 5,097 3,228 The accompanying notes are an integral part of the financial statements. 7
BlackRock Canadian Equity Index Fund Materials (continued) Alamos Gold, Inc. 330,625 4,374 5,756 Argonaut Gold, Inc. 255,542 2,210 2,407 Aurizon Mines, Ltd. 451,563 2,450 1,540 B2Gold Corp. 969,973 3,359 3,424 Banro Corp. 552,598 2,545 1,525 Barrick Gold Corp. 2,740,447 111,795 95,121 Canexus Corp. 336,430 2,349 2,843 Canfor Corp. 234,572 2,516 3,884 Capstone Mining Corp. 826,854 2,956 1,984 CCL Industries-Class B 69,380 2,025 2,949 Centerra Gold, Inc. 433,732 5,787 4,021 China Gold International Resources Corp., Ltd. 662,205 3,136 2,251 Colossus Minerals, Inc. 291,576 2,165 1,332 Detour Gold Corp. 320,692 7,504 7,982 Dundee Precious Metals, Inc. 265,087 2,422 2,237 Eldorado Gold Corp. 1,954,942 23,629 24,965 Endeavour Silver Corp. 236,991 1,999 1,851 First Majestic Silver Corp. 317,828 5,059 6,350 First Quantum Minerals, Ltd. 1,304,484 20,884 28,516 Fortuna Silver Mines, Inc. 344,042 1,904 1,428 Franco-Nevada Corp. 401,341 14,892 22,772 Gabriel Resources, Ltd. 573,984 2,845 1,332 Gammon Gold, Inc. 773,061 6,940 6,270 Goldcorp, Inc. 2,221,692 86,407 80,825 Harry Winston Diamond Corp. 218,464 2,839 3,032 Hudbay Minerals, Inc. 470,980 5,738 4,710 Iamgold Corp. 1,031,050 13,493 11,713 Inmet Mining Corp. 140,581 7,375 10,403 Kinross Gold Corp. 3,121,577 41,265 29,967 Kirkland Lake Gold, Inc. 171,483 2,510 998 Labrador Iron Ore Royalty Corp. 175,276 4,400 6,015 Lundin Mining Corp. 1,390,373 7,818 7,077 Major Drilling Group International 216,797 2,786 2,116 Methanex Corp. 257,363 6,074 8,133 Nevsun Resources, Ltd. 544,713 2,773 2,299 New Gold, Inc. 1,267,624 9,857 13,893 Novagold Resources, Inc. 614,026 4,831 2,745 OceanaGold Corp. 722,046 2,337 2,022 Pan American Silver Corp. 417,248 9,657 7,757 Potash Corp. of Saskatchewan 2,359,441 88,797 95,274 Premier Gold Mines, Ltd. 407,817 2,349 1,709 Pretium Resources, Inc. 197,338 3,176 2,587 Rio Alto Mining, Ltd. 440,607 2,287 2,238 Rubicon Minerals Corp. 787,799 3,263 1,993 SEMAFO, Inc. 748,388 4,491 2,545 Sherritt International Corp. 811,759 6,626 4,611 Silver Standard Resources, Inc. 221,110 4,497 3,255 Silver Wheaton Corp. 970,286 22,226 34,717 Materials (continued) Silvercorp Metals, Inc. 467,724 3,242 2,362 Sino-Forest Corp.-Class A 164,849 2,221 - Tahoe Resources, Inc. 227,229 4,080 4,131 Taseko Mines, Ltd. 521,996 2,182 1,566 Teck Resources, Ltd. 1,316,047 42,123 47,443 Thompson Creek Metals Co., Inc. 421,143 4,284 1,731 Torex Gold Resources, Inc. 1,654,257 3,330 3,590 Turquoise Hill Resources, Ltd. 963,607 12,635 7,227 West Fraser Timber Co., Ltd. 86,716 3,770 6,071 Yamana Gold, Inc. 2,058,047 25,443 35,069 744,680 754,402 Telecommunication Services 5.0% BCE, Inc. 2,121,303 74,359 90,368 Bell Aliant, Inc. 349,402 9,879 9,196 Manitoba Telecom Services, Inc. 183,439 6,673 5,954 Rogers Communications, Inc.- Class B 1,001,896 33,139 45,226 Tee-Com Electronics, Inc. 75,600 - - TELUS Corp. 892,320 40,377 58,036 164,427 208,780 Utilities 1.9% Algonquin Power & Utilities Corp. 379,912 2,437 2,595 Atco, Ltd.-Class I 105,490 5,414 8,469 Atlantic Power Corp. 326,812 4,542 3,696 Canadian Utilities, Ltd.-Class A 164,844 8,218 11,813 Capital Power Corp. 190,655 4,820 4,334 Emera, Inc. 341,465 9,169 11,835 Fortis, Inc. 522,133 14,998 17,820 Just Energy Group, Inc. 383,485 5,186 3,639 Northland Power, Inc. 206,242 3,095 3,849 TransAlta Corp. 697,490 14,624 10,525 72,503 78,575 Total Canadian Common Stocks and Income Trusts 3,799,012 4,096,874 Transaction Costs (Note 2) (1,005) Total Investments 3,798,007 4,096,874 Other Assets and Liabilities 1.4% 57,922 Net Assets 4,154,796 The accompanying notes are an integral part of the financial statements. 8
BlackRock Canadian Equity Index Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 4.6 4.0 Consumer Staples 2.7 2.8 Energy 24.9 26.9 Financials 32.1 29.1 Health Care 1.8 1.1 Industrials 5.9 5.6 Information Technology 1.5 1.8 Materials 18.2 20.7 Telecommunication Services 5.0 5.2 Utilities 1.9 2.0 Other Assets and Liabilities 1.4 0.8 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 9
BlackRock Canadian Equity Ex-Trusts Index Fund (Note 1) Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ - $ 84,375,703 Cash 679,823 378,323 Margin due from brokers 14,780 102,589 Securities lending income receivable 1,450 168 Dividends and distributions from underlying trust units receivable 220,333 234,136 Accounts receivable from issue of units - 129,341 Accounts receivable for investment sales 74,707,796 128,490 75,624,182 85,348,750 Liabilities Operating expenses payable 22,507 25,735 Payables for redemption of units 75,601,675 - Payables for investment purchases - 180,303 75,624,182 206,038 Net Assets $ - $ 85,142,712 Number of Units Issued and Outstanding (Note 8) - 1,608,394 Net Assets per Unit $ - $ 52.94 Investments at Cost $ - $ 81,157,339 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 10
BlackRock Canadian Equity Ex-Trusts Index Fund (Note 1) Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income and distributions from underlying trust units $ 2,223,397 $ 2,574,318 Interest income 2,954 3,262 Securities lending income 20,655 4,862 Net gain (loss) from futures contracts 52,362 (14,887) 2,299,368 2,567,555 Expenses Custodian fees 39,219 34,928 Fund accounting expenses 30,021 30,891 Unitholder communication s - 601 Audit fees 17,139 17,931 Securities filing fees 1,251 1,459 Independent review committee fees 46 116 Other operating expenses 2,742 4,499 90,418 90,425 Net Investment Income for the Year 2,208,950 2,477,130 Gain (Loss) on Investments Net realized gain on sale of investments 6,449,450 14,865,281 Transaction s (Note 2,13) (13,334) (37,886) Net change in unrealized depreciation in of investments (3,218,364) (22,191,804) Net Gain (Loss) on Investments 3,217,752 (7,364,409) Increase (Decrease) in Net Assets from Operations $ 5,426,702 $ (4,887,279) Increase (Decrease) in Net Assets from Operations per Unit $ 3.87 $ (2.76) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 85,142,712 $ 147,283,229 Increase (Decrease) in Net Assets from Operations 5,426,702 (4,887,279) Capital Transactions Proceeds from issue of units 5,233,935 8,511,709 Reinvestment of distributions 2,448,815 2,587,988 Redemption of units (95,803,349) (65,764,947) Net capital transactions (88,120,599) (54,665,250) Distributions From net investment income (2,448,815) (2,587,988) Total distributions (2,448,815) (2,587,988) Decrease in Net Assets for the Year (85,142,712) (62,140,517) Net Assets - End of Year $ - $ 85,142,712 The accompanying notes are an integral part of the financial statements. 11
BlackRock CDN MSCI Canada IMI Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 1,126,581,432 $ 955,247,430 Cash 11,723,603 2,383,994 Margin due from brokers 932,117 868,223 Securities lending income receivable 23,892 4,804 Dividends and distributions from underlying trust units receivable 3,394,365 2,517,979 Accounts receivable from issue of units 7,610 8,002,050 Accounts receivable for investment sales 22,104,693 17,861,974 1,164,767,712 986,886,454 Liabilities Operating expenses payable 31,551 28,416 Payables for redemption of units 26,666,000 23,991,000 Payables for investment purchases 413,100 145,994 27,110,651 24,165,410 Net Assets $ 1,137,657,061 $ 962,721,044 Number of Units Issued and Outstanding (Note 8) 101,453,485 91,420,665 Net Assets per Unit $ 11.21 $ 10.53 Investments at Cost $ 1,093,597,521 $ 962,105,221 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 12
BlackRock CDN MSCI Canada IMI Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income and distributions from underlying trust units $ 30,286,481 $ 28,438,219 Interest income 50,132 26,087 Securities lending income 271,028 73,588 Net gain (loss) from futures contracts 626,263 (74,342) Foreign exchange gain 7,201 17,342 31,241,105 28,480,894 Expenses Custodian fees 63,307 75,272 Fund accounting expenses 53,031 57,808 Unitholder communication s - 601 Audit fees 14,121 15,291 Securities filing fees 18,075 21,541 Independent review committee fees 504 1,200 Other operating expenses 5,623 7,599 154,661 179,312 Net Investment Income for the Year 31,086,444 28,301,582 Gain (Loss) on Investments Net realized gain on sale of investments 2,502,278 43,299,051 Transaction s (Note 2,13) (48,264) (115,906) Net change in unrealized appreciation (depreciation) in of investments 39,841,702 (184,957,888) Net Gain (Loss) on Investments 42,295,716 (141,774,743) Increase (Decrease) in Net Assets from Operations $ 73,382,160 $ (113,473,161) Increase (Decrease) in Net Assets from Operations per Unit $ 0.74 $ (1.11) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 962,721,044 $ 1,338,597,379 Increase (Decrease) in Net Assets from Operations 73,382,160 (113,473,161) Capital Transactions Proceeds from issue of units 198,501,422 178,385,476 Reinvestment of distributions 40,773,535 73,415,163 Redemption of units (96,947,565) (440,788,650) Net capital transactions 142,327,392 (188,988,011) Distributions From net investment income (30,209,951) (28,298,605) From capital gains (10,563,584) (45,116,558) Total distributions (40,773,535) (73,415,163) Increase (Decrease) in Net Assets for the Year 174,936,017 (375,876,335) Net Assets - End of Year $ 1,137,657,061 $ 962,721,044 The accompanying notes are an integral part of the financial statements. 13
BlackRock CDN MSCI Canada IMI Index Fund Canadian Common Stocks and Income Trusts Consumer Discretionary 4.8% Aimia, Inc. 133,212 1,478 1,979 Astral Media, Inc.-Class A 41,119 1,492 1,900 Brick, Ltd. 40,860 160 219 Canadian Tire Corp.-Class A 60,304 3,514 4,178 Cineplex, Inc. 47,613 1,108 1,514 Cogeco Cable, Inc. 12,720 484 483 Corus Entertainment, Inc.-Class B 62,203 1,248 1,528 Dollarama, Inc. 54,234 2,006 3,197 Dorel Industries, Inc.-Class B 19,549 611 702 EnerCare, Inc. 44,217 287 360 Gildan Activewear, Inc. 89,295 2,260 3,238 Great Canadian Gaming Corp. 37,171 291 353 Linamar Corp. 37,532 605 870 Magna International, Inc.-Class A 171,379 5,605 8,495 Martinrea International, Inc. 57,332 462 443 Quebecor, Inc.-Class B 33,865 1,024 1,309 Reitman s (Canada), Ltd.-Class A 38,055 625 457 RONA, Inc. 95,764 1,330 1,016 Sears Canada, Inc. 20,092 212 200 Shaw Communications, Inc.-Class B 291,777 6,185 6,655 Thomson Reuters Corp. 286,965 9,496 8,256 Tim Hortons, Inc. 119,720 4,470 5,841 Westport Innovations, Inc. 36,359 694 957 45,647 54,150 Consumer Staples 2.9% Alimentation Couche Tard, Inc.- Class B 98,155 2,696 4,785 Alliance Grain Traders, Inc. 11,966 335 155 Atrium Innovations, Inc. 21,558 307 254 Cott Corp. 73,233 607 586 Empire Co., Ltd.-Class A 23,478 1,176 1,379 George Weston, Ltd. 39,649 2,607 2,798 Jean Coutu Group, Inc.-Class A 71,114 716 1,032 Liquor Stores N.A., Ltd. 15,841 240 294 Loblaw Cos., Ltd. 87,011 3,029 3,642 Maple Leaf Foods, Inc. 76,486 849 912 Metro, Inc.-Class A 75,268 3,210 4,759 North West Co., Inc. 37,265 777 834 Premium Brands Corp. 13,171 246 225 Saputo, Inc. 99,432 3,308 4,992 Shoppers Drug Mart Corp. 160,470 6,762 6,854 26,865 33,501 Energy 25.9% Advantage Oil & Gas, Ltd. 128,322 741 407 AltaGas, Ltd. 80,679 1,947 2,703 Angle Energy, Inc. 58,428 403 208 ARC Resources, Ltd. 225,036 5,406 5,462 Athabasca Oil Corp. 247,171 3,465 2,578 Energy (continued) Bankers Petroleum, Ltd. 194,573 1,038 623 Baytex Energy Corp. 92,976 3,238 3,983 Bellatrix Exploration, Ltd. 81,890 412 348 Birchcliff Energy, Ltd. 75,821 613 563 Black Pearl Resources, Inc. 218,395 652 657 Bonavista Energy Corp. 128,407 3,117 1,895 Bonterra Energy Corp. 12,154 454 551 C&C Energia, Ltd. 31,375 323 295 Calfrac Well Services, Ltd. 25,630 549 637 Cameco Corp. 305,484 8,859 5,972 Canacol Energy, Ltd. 47,218 305 145 Canadian Energy Services & Technology Corp. 36,148 425 381 Canadian Natural Resources, Ltd. 845,721 29,328 24,213 Canadian Oil Sands, Ltd. 374,363 10,124 7,543 Canyon Services Group, Inc. 37,482 536 423 Celtic Exploration, Ltd. 69,471 995 1,822 Cenovus Energy, Inc. 583,674 16,770 19,431 Cequence Energy, Ltd. 99,100 270 141 Connacher Oil and Gas, Ltd. 335,801 338 60 Crescent Point Energy Corp. 268,478 10,810 10,068 Crew Energy, Inc. 78,914 960 509 Deethree Exploration, Ltd. 48,627 303 316 Denison Mines Corp. 250,097 323 305 Enbridge Income Fund, Inc. 24,853 473 596 Enbridge, Inc. 584,873 16,738 25,150 Encana Corp. 568,773 16,238 11,148 Enerflex, Ltd. 60,573 707 721 Enerplus Corp. 152,394 3,462 1,951 Ensign Resource Service Group, Inc. 100,820 1,467 1,544 borne Energy, Ltd. 60,090 238 84 Freehold Royalties, Ltd. 38,210 769 851 Gibson Energy, Inc. 77,461 1,554 1,857 Husky Energy, Inc. 265,540 7,157 7,804 Imperial Oil, Ltd. 229,173 9,336 9,793 Ithaca Energy, Inc. 198,766 378 392 Keyera Corp. 59,624 2,087 2,925 Legacy Oil + Gas, Inc. 100,754 1,252 687 Long Run Exploration, Ltd. 67,365 470 327 Longview Oil Corp. 19,400 190 104 MEG Energy Corp. 110,528 4,709 3,362 Mullen Group, Ltd. 62,819 1,082 1,312 Nexen, Inc. 409,419 9,063 10,878 Niko Resources, Ltd. 37,760 2,829 401 NuVista Energy, Ltd. 62,677 668 367 Pace Oil and Gas, Ltd. 34,804 244 113 Pacific Rubiales Energy Corp. 227,879 4,685 5,255 Paramount Resources, Ltd.-Class A 36,709 823 1,172 Parex Resources, Inc. 83,050 480 480 The accompanying notes are an integral part of the financial statements. 14
BlackRock CDN MSCI Canada IMI Index Fund Energy (continued) Parkland Fuel Corp. 50,886 643 960 Pason Systems, Inc. 50,570 593 864 Pembina Pipeline Corp. 223,071 4,474 6,342 Pengrowth Energy Corp. 385,001 4,700 1,894 Penn West Petroleum, Ltd. 365,534 6,607 3,937 Petrobakken Energy, Ltd. 57,316 1,416 587 Petrobank Energy & Resources, Ltd. 71,756 1,644 890 Petrominerales, Ltd. 66,815 1,777 571 Peyto Exploration & Development Corp. 105,728 1,840 2,422 Poseidon Concepts Corp. 56,951 815 80 Precision Drilling Corp. 181,743 1,427 1,488 Savanna Energy Services Corp. 65,193 441 465 Secure Energy Services, Inc. 79,104 634 779 ShawCor, Ltd.-Class A 44,445 1,289 1,729 Southern Pacific Resource Corp. 311,191 499 392 SouthGobi Resources, Ltd. 61,765 451 125 Spartan Oil Corp. 57,200 266 300 Suncor Energy, Inc. 1,193,601 41,623 39,031 Surge Energy, Inc. 54,521 435 299 Tag Oil, Ltd. 40,574 371 230 Talisman Energy, Inc. 797,192 13,514 8,944 Total Energy Services, Inc. 23,104 389 344 Tourmaline Oil Corp. 101,758 3,009 3,168 TransCanada Corp. 544,103 20,633 25,557 Transglobe Energy Corp. 55,524 743 517 Trican Well Service, Ltd. 113,378 1,545 1,486 Trilogy Energy Corp. 42,469 560 1,233 Trinidad Drilling, Ltd. 93,172 615 637 Twin Butte Energy, Ltd. 159,171 419 409 Uranium One, Inc. 373,305 1,101 874 Veresen, Inc. 150,499 2,132 1,770 Vermilion Energy, Inc. 72,303 2,729 3,747 Western Energy Services Corp. 40,174 307 280 Whitecap Resources, Inc. 94,282 796 815 Zargon Oil & Gas, Ltd. 21,713 424 181 310,664 294,860 Financials 31.4% AGF Management, Ltd.-Class B 63,006 1,051 624 Alaris Royalty Corp. 14,535 308 344 Allied Properties Real Estate Investment Trust-REIT 22,870 481 753 Artis Real Estate Investment Trust- REIT 41,714 479 652 Bank of Montreal 499,639 28,125 30,383 Bank of Nova Scotia 885,107 44,744 50,823 Boardwalk REIT 18,257 727 1,174 Brookfield Asset Management, Inc.- Class A 429,956 11,360 15,607 Financials (continued) Brookfield Properties Co. 214,204 3,180 3,616 Calloway REIT 41,490 862 1,199 Canaccord Capital, Inc. 66,159 625 441 Canadian Apartment Properties REIT 35,263 554 874 Canadian Imperial Bank of Commerce 313,369 22,210 25,057 Canadian REIT 26,408 787 1,142 Canadian Western Bank 60,273 1,473 1,712 Chartwell Seniors Housing REIT 65,056 619 706 CI Financial Corp. 120,500 2,500 2,997 Cominar REIT 47,217 945 1,065 Crombie Real Estate Investment Trust-REIT 17,947 256 265 Davis & Henderson Income Corp. 46,200 865 993 Dundee Corp.-Class A 32,158 498 985 Dundee International Real Estate Investment Trust-REIT 18,509 178 201 Dundee REIT 37,085 1,055 1,388 Element Financial Corp. 63,872 361 452 Extendicare Inc. 65,158 571 498 First Capital Realty, Inc. 70,975 1,101 1,334 FirstService Corp. 21,318 473 597 Genworth MI Canada, Inc. 30,548 736 689 Gluskin Sheff + Associates, Inc. 12,554 220 186 GMP Capital, Inc. 43,073 466 251 Granite Real Estate, Inc. 17,818 655 672 Great-West Lifeco, Inc. 220,196 5,420 5,346 H&R REIT 70,345 1,619 1,695 Home Capital Group, Inc. 25,523 1,124 1,506 IGM Financial, Inc. 78,880 3,397 3,281 Industrial Alliance Insurance and Financial Services, Inc. 70,071 2,094 2,195 Innvest Real Estate Investment Trust-REIT 34,524 211 143 Intact Financial Corp. 100,102 4,581 6,473 Killam Properties, Inc. 36,174 397 450 Laurentian Bank of Canada 21,946 969 970 Mainstreet Equity Corp. 3,422 111 113 Manulife Financial Corp. 1,401,609 22,304 18,894 Morguard Real Estate Investment Trust-REIT 21,729 280 394 National Bank of Canada 125,060 7,993 9,642 Northern Property Real Estate Investment Trust-REIT 12,147 296 375 Northwest Healthcare Properties Real Estate Investment Trust-REIT 13,860 174 173 Onex Corp. 71,118 1,999 2,976 Power Corp. of Canada 269,990 7,168 6,828 Power Financial Corp. 191,542 5,467 5,210 Primaris Retail REIT 33,389 589 897 The accompanying notes are an integral part of the financial statements. 15
BlackRock CDN MSCI Canada IMI Index Fund Financials (continued) RioCan REIT 109,347 2,145 3,007 Royal Bank of Canada 1,115,364 60,562 66,710 Sprott, Inc. 40,270 196 158 Sun Life Financial, Inc. 458,877 12,264 12,087 TMX Group, Ltd. 14,814 664 751 Toronto-Dominion Bank 705,759 49,960 59,037 Uranium Participation Corp. 81,626 504 440 320,953 357,431 Health Care 1.9% Catamaran Corp. 158,243 5,180 7,379 CML HealthCare, Inc. 69,170 810 459 Leisureworld Senior Care Corp. 22,316 274 279 Medical Facilities Corp. 21,615 301 298 Paladin Labs, Inc. 10,140 284 421 Valeant Pharmaceuticals International, Inc. 222,964 6,733 13,208 13,582 22,044 Industrials 6.4% AG Growth International, Inc. 9,580 334 299 Alexco Resource Corp. 44,877 349 159 ATS Automation Tooling Systems, Inc. 67,326 488 589 Bird Construction, Inc. 30,714 368 405 Black Diamond Group, Ltd. 28,237 645 565 Bombardier, Inc.-Class B 1,113,276 4,964 4,175 CAE, Inc. 200,157 1,837 2,014 Canadian National Railway Co. 335,799 21,904 30,319 Canadian Pacific Railway, Ltd. 132,612 8,259 13,363 Churchill Corp. 16,408 278 143 Exchange Income Corp. 2,883 82 74 Finning International, Inc. 132,889 2,517 3,264 Genivar, Inc. 27,542 772 543 Morneau Shepell, Inc. 34,807 367 441 Newalta, Inc. 38,191 405 591 Progressive Waste Solutions, Ltd. 88,953 1,720 1,907 Ritchie Bros. Auctioneers, Inc. 70,086 1,626 1,449 Russel Metals, Inc. 46,573 915 1,283 SNC-Lavalin Group, Inc. 116,730 5,552 4,701 Stantec, Inc. 35,425 1,035 1,402 Student Transportation, Inc. 52,915 354 323 Superior Plus, Inc. 87,054 1,013 889 Toromont Industries, Ltd. 59,078 996 1,242 Transcontinental, Inc.-Class A 50,713 613 563 TransForce, Inc. 59,629 615 1,183 Wajax Corp. 13,039 463 529 Westshore Terminals Investment Corp. 28,341 839 778 59,310 73,193 Information Technology 1.4% 5N Plus, Inc. 44,397 234 117 Celestica, Inc. 126,964 1,093 1,023 CGI Group, Inc.-Class A 157,660 2,506 3,613 EXFO, Inc. 19,137 89 100 MacDonald Dettwiler & Associates, Ltd. 24,656 1,093 1,379 Open Text Corp. 45,171 2,036 2,502 Otsuka Corp. 299,778 2,910 2,383 Research In Motion, Ltd. 364,614 18,474 4,295 Sandvine Corp. 110,443 164 145 Sierra Wireless, Inc. 20,992 199 165 Wi-Lan, Inc. 93,326 452 422 29,250 16,144 Materials 19.6% Aecon Group, Inc. 42,925 569 455 Agnico-Eagle Mines, Ltd. 132,254 7,809 6,880 Agrium, Inc. 115,344 8,240 11,435 Alacer Gold Corp. 175,527 1,220 909 Alamos Gold, Inc. 92,777 1,360 1,615 Argonaut Gold, Inc. 97,672 766 920 Augusta Resource Corp. 70,710 260 169 Aurizon Mines, Ltd. 126,292 686 431 Avalon Rare Metals, Inc. 77,177 386 105 B2Gold Corp. 270,308 633 954 Banro Corp. 156,609 589 432 Barrick Gold Corp. 772,778 33,956 26,823 Belo Sun Mining Corp. 203,641 350 324 Canexus Corp. 97,370 831 823 Canfor Corp. 72,373 637 1,199 Canfor Pulp Products, Inc. 27,205 474 276 Capstone Mining Corp. 233,516 648 560 Cascades, Inc. 52,166 391 213 Centerra Gold, Inc. 128,195 1,580 1,188 China Gold International Resources Corp., Ltd. 119,486 510 406 Colossus Minerals, Inc. 81,161 556 371 Continental Gold, Ltd. 70,190 621 615 Copper Mountain Mining Corp. 74,483 527 291 Detour Gold Corp. 87,149 2,024 2,169 Dundee Precious Metals, Inc. 76,750 694 648 Eastern Platinum, Ltd. 735,128 700 118 Eldorado Gold Corp. 523,357 7,478 6,683 Endeavour Mining Corp. 300,535 751 613 Endeavour Silver Corp. 77,026 749 602 First Majestic Silver Corp. 89,281 1,218 1,784 First Quantum Minerals, Ltd. 367,990 6,273 8,044 Fortress Paper, Ltd. 9,721 325 78 Fortuna Silver Mines, Inc. 93,633 481 389 Franco-Nevada Corp. 112,005 3,849 6,355 The accompanying notes are an integral part of the financial statements. 16
BlackRock CDN MSCI Canada IMI Index Fund Materials (continued) Gabriel Resources, Ltd. 218,121 831 506 Gammon Gold, Inc. 218,179 2,166 1,769 Goldcorp, Inc. 626,069 27,498 22,776 Golden Star Resources, Ltd. 204,245 684 362 Great Basin Gold, Ltd. 452,439 699 - Guyana Goldfields, Inc. 72,276 467 225 Harry Winston Diamond Corp. 58,698 691 815 Hudbay Minerals, Inc. 133,179 1,714 1,332 Iamgold Corp. 290,792 5,079 3,303 Imperial Metals Corp. 34,138 327 411 Inmet Mining Corp. 40,227 2,378 2,977 International Tower Hill Mines, Ltd. 62,521 388 134 Katanga Mining, Ltd. 432,675 406 251 Keegan Resources, Inc. 59,861 460 235 Kinross Gold Corp. 880,165 13,017 8,450 Kirkland Lake Gold, Inc. 48,645 516 283 Lake Shore Gold Corp. 305,430 895 226 Lundin Mining Corp. 405,872 1,845 2,066 MAG Silver Corp. 34,056 256 346 Major Drilling Group International 60,998 649 595 Methanex Corp. 72,577 1,697 2,293 Midas Gold Corp. 55,617 168 122 Nevsun Resources, Ltd. 153,067 615 646 New Gold, Inc. 357,129 2,319 3,914 NGEx Resources, Inc. 107,476 314 358 Norbord, Inc. 17,254 239 520 North American Palladium, Ltd. 121,589 408 157 Northern Dynasty Minerals, Ltd. 53,610 396 167 Novagold Resources, Inc. 170,824 1,248 764 OceanaGold Corp. 212,079 607 594 Orbite Aluminae, Inc. 138,242 390 339 Pan American Silver Corp. 117,697 2,763 2,188 Potash Corp. of Saskatchewan 663,634 28,618 26,798 Premier Gold Mines, Ltd. 116,862 755 490 Pretium Resources, Inc. 56,385 716 739 Primero Mining Corp. 51,938 338 331 Queenston Mining, Inc. 54,129 262 262 Rainy River Resources, Ltd. 69,213 310 343 Romarco Minerals, Inc. 447,463 759 331 Rubicon Minerals Corp. 216,625 867 548 Sabina Gold & Silver Corp. 113,670 575 299 San Gold Corp. 243,950 650 185 Seabridge Gold, Inc. 24,986 664 444 SEMAFO, Inc. 208,227 1,140 708 Sherritt International Corp. 231,312 1,382 1,314 Silver Standard Resources, Inc. 62,988 1,308 927 Silver Wheaton Corp. 273,374 5,940 9,781 Silvercorp Metals, Inc. 130,397 943 659 Sino-Forest Corp.-Class A 184,987 3,360 - Materials (continued) Sprott Resource Corp. 69,740 295 302 Tahoe Resources, Inc. 66,793 1,079 1,214 Tanzanian Royalty Exploration Corp. 72,741 293 314 Taseko Mines, Ltd. 148,011 585 444 Teck Resources, Ltd. 445,383 17,202 16,056 Thompson Creek Metals Co., Inc. 128,433 1,185 528 Timmins Gold Corp. 98,493 317 294 Torex Gold Resources, Inc. 458,889 830 996 Turquoise Hill Resources, Ltd. 309,808 4,155 2,324 Veris Gold Corp. 50,360 387 86 West Fraser Timber Co., Ltd. 26,359 1,031 1,845 Yamana Gold, Inc. 580,003 7,829 9,883 244,046 222,446 Telecommunication Services 2.9% BCE, Inc. 197,293 6,214 8,405 Bell Aliant, Inc. 58,200 1,653 1,532 Manitoba Telecom Services, Inc. 51,208 1,689 1,662 Rogers Communications, Inc.- Class B 295,566 9,822 13,342 TELUS Corp. 116,508 4,643 7,525 24,021 32,466 Utilities 1.8% Algonquin Power & Utilities Corp. 115,576 557 789 Alterra Power Corp. 242,532 248 102 Atco, Ltd.-Class I 29,435 1,545 2,363 Atlantic Power Corp. 93,155 1,227 1,054 Boralex, Inc. 15,473 127 140 Canadian Utilities, Ltd.-Class A 43,886 2,155 3,145 Capital Power Corp. 53,617 1,243 1,219 Capstone Infrastructure Corp. 55,675 362 224 Fortis, Inc. 146,812 4,378 5,011 Innergex Renewable Energy, Inc. 72,641 669 749 Just Energy Group, Inc. 108,593 1,497 1,030 Northland Power, Inc. 61,807 933 1,153 TransAlta Corp. 192,654 3,957 2,907 Valener, Inc. 28,784 457 460 19,355 20,346 Total Canadian Common Stocks and Income Trusts 1,093,693 1,126,581 Transaction Costs (Note 2) (95) Total Investments 1,093,598 1,126,581 Other Assets and Liabilities 1.0% 11,076 Net Assets 1,137,657 The accompanying notes are an integral part of the financial statements. 17
BlackRock CDN MSCI Canada IMI Index Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 4.8 4.1 Consumer Staples 2.9 3.0 Energy 25.9 27.6 Financials 31.4 28.9 Health Care 1.9 1.1 Industrials 6.4 6.0 Information Technology 1.4 1.8 Materials 19.6 21.9 Telecommunication Services 2.9 2.9 Utilities 1.8 1.9 Other Assets and Liabilities 1.0 0.8 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 18
BlackRock CDN US Equity Index Non-Taxable Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair * (Note 2) $ 4,244,818,475 $ 3,592,084,972 Cash 44,300,178 76,784,504 Margin due from brokers 1,600,964 - Securities lending income receivable 8,725 897 Dividends receivable 4,981,513 5,428,233 Tax reclaim on dividends receivable 224,991 72,836 Accounts receivable from issue of units 23,853,860 23,796,644 Accounts receivable for investment sales 628,146 575,901 4,320,416,852 3,698,743,987 Liabilities Margin due to brokers - 313,471 Operating expenses payable 80,592 64,224 Payables for redemption of units 3,860,223 12,353,838 3,940,815 12,731,533 Net Assets $ 4,316,476,037 $ 3,686,012,454 Net Assets per Class Class A $ 3,510,671,630 $ 3,193,175,920 Class D 805,804,407 492,836,534 $ 4,316,476,037 $ 3,686,012,454 Number of Units Issued and Outstanding (Note 8) Class A 349,733,290 360,962,356 Class D 46,073,247 31,974,733 Net Assets per Unit Class A $ 10.04 $ 8.85 Class D $ 17.49 $ 15.41 Investments at Cost* $ 3,820,184,551 $ 3,542,311,735 * Includes short-term investments Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 19
BlackRock CDN US Equity Index Non-Taxable Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 98,435,908 $ 83,032,459 Interest income* 111,810 17,268 Securities lending income 53,222 127,964 Net gain from futures contracts 11,992,253 1,088,797 Foreign exchange gain (loss) (56,514) 3,099,768 Withholding taxes (52,312) - 110,484,367 87,366,256 Expenses Custodian fees 193,543 197,125 Fund accounting expenses 122,097 116,300 Unitholder communication s 2,316 601 Audit fees 23,307 25,363 Securities filing fees 68,256 86,788 Independent review committee fees 1,738 4,107 Other operating expenses 11,985 8,775 423,242 439,059 Net Investment Income for the Year 110,061,125 86,927,197 Gain on Investments Net realized gain on sale of investments 15,939,543 2,892,351 Transaction s (Note 2,13) (92,950) (85,433) Net change in unrealized appreciation in of investments 374,767,568 89,208,217 Net Gain on Investments 390,614,161 92,015,135 Increase in Net Assets from Operations $ 500,675,286 $ 178,942,332 Increase in Net Assets from Operations per Class Class A $ 425,113,511 $ 156,934,996 Class D 75,561,775 22,007,336 $ 500,675,286 $ 178,942,332 Increase in Net Assets from Operations per Unit Class A $ 1.20 $ 0.43 Class D $ 1.94 $ 0.77 * Interest Income, net of foreign exchange loss The accompanying notes are an integral part of the financial statements. 20
BlackRock CDN US Equity Index Non-Taxable Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 2012 2011 Fund Class A Class D Net Assets - Beginning of Year $ 3,686,012,454 $ 3,644,437,776 $ 3,193,175,920 $ 3,264,925,448 $ 492,836,534 $ 379,512,328 Increase in Net Assets from Operations 500,675,286 178,942,332 425,113,511 156,934,996 75,561,775 22,007,336 Capital Transactions Proceeds from issue of units 495,495,686 858,246,369 194,351,291 685,014,911 301,144,395 173,231,458 Reinvestment of distributions 114,489,741 104,916,858 94,954,657 94,068,156 19,535,084 10,848,702 Redemption of units (365,707,389) (995,614,023) (301,969,092) (913,699,435) (63,738,297) (81,914,588) Net capital transactions 244,278,038 (32,450,796) (12,663,144) (134,616,368) 256,941,182 102,165,572 Distributions From net investment income (111,006,730) (86,324,542) (91,471,646) (75,475,840) (19,535,084) (10,848,702) From capital gains redemption in kind (Note 9) (3,483,011) (18,592,316) (3,483,011) (18,592,316) - Total distributions (114,489,741) (104,916,858) (94,954,657) (94,068,156) (19,535,084) (10,848,702) Increase (Decrease) in Net Assets for the Year 630,463,583 41,574,678 317,495,710 (71,749,528) 312,967,873 113,324,206 Net Assets - End of Year $ 4,316,476,037 $ 3,686,012,454 $ 3,510,671,630 $ 3,193,175,920 $ 805,804,407 $ 492,836,534 The accompanying notes are an integral part of the financial statements. 21
BlackRock CDN US Equity Index Non-Taxable Fund Par (000s)/ Short Term Investments Government Guaranteed 0.2% U.S. Treasury Bill 1.00% March 21, 2013 8,665 8,558 8,627 8,558 8,627 Total Short Term Investments 8,558 8,627 Common Stocks Consumer Discretionary 11.5% Abercrombie & Fitch Co.-Class A 26,951 1,522 1,287 Amazon.Com, Inc. 120,995 14,196 30,272 Apollo Group, Inc.-Class A 33,686 2,112 702 AutoNation, Inc. 13,063 295 516 AutoZone, Inc. 12,329 2,958 4,352 Beam, Inc. 53,110 3,206 3,230 Bed Bath & Beyond, Inc. 76,510 3,225 4,257 Best Buy Co., Inc. 89,081 3,547 1,050 Big Lots, Inc. 19,529 503 553 BorgWarner, Inc. 39,063 2,561 2,786 Cablevision Systems-NY Group A 71,969 2,358 1,071 CarMax, Inc. 76,371 1,920 2,855 Carnival Corp. 148,847 5,811 5,448 CBS Corp.-Class B 197,280 4,034 7,474 Chipotle Mexican Grill, Inc. 10,513 2,758 3,109 Coach, Inc. 94,707 3,721 5,236 Comcast Corp.-Class A 887,264 19,441 33,023 D.R. Horton, Inc. 93,180 1,774 1,833 Darden Restaurants, Inc. 42,917 1,682 1,926 Delphi Automotive PLC 98,579 3,544 3,753 DIRECTV 204,276 6,988 10,205 Discovery Communications-Class A 80,354 2,841 5,079 Dollar General Corp. 87,655 4,345 3,850 Dollar Tree, Inc. 75,836 3,263 3,063 Electrolux AB-Class B 103,259 3,354 1,493 Expedia, Inc. 31,054 1,515 1,900 Family Dollar Stores, Inc. 31,965 1,180 2,018 Ford Motor Co. 1,272,994 13,404 16,414 Fossil, Inc. 18,025 2,330 1,671 GameStop Corp.-Class A 40,337 1,510 1,007 Gannett Co., Inc. 76,664 2,487 1,374 Gap (The), Inc. 99,214 2,121 3,064 Garmin, Ltd. 36,428 1,522 1,480 Genuine Parts Co. 51,782 2,466 3,277 Goodyear Tire & Rubber Co. (The) 81,702 1,400 1,123 H&R Block, Inc. 90,523 1,937 1,673 Harley-Davidson, Inc. 75,526 2,988 3,674 Harman International Industries, Inc. 22,622 1,230 1,005 Hasbro, Inc. 38,578 1,328 1,378 Home Depot, Inc. 499,241 18,449 30,745 International Game Technology 88,767 2,069 1,252 Par (000s)/ Consumer Discretionary (continued) Interpublic Group of Cos., Inc. 143,937 1,621 1,581 JC Penney Co., Inc. 47,524 1,830 933 Johnson Controls, Inc. 228,288 6,645 6,972 Kohl s Corp. 70,631 3,914 3,023 Leggett & Platt, Inc. 47,130 1,070 1,278 Lennar Corp.-Class A 54,784 1,609 2,109 Lowe s Cos., Inc. 375,510 10,087 13,281 Ltd. Brands 79,897 1,981 3,744 Macy s, Inc. 131,956 3,347 5,127 Marriott International, Inc.-Class A 82,295 2,661 3,054 Mattel, Inc. 114,544 2,643 4,175 McDonald s Corp. 335,228 21,356 29,453 McGraw-Hill Cos. (The), Inc. 92,706 3,872 5,046 NetFlix, Inc. 18,535 3,128 1,711 Newell Rubbermaid, Inc. 95,977 1,959 2,128 News Corp.-Class A 673,220 10,741 17,113 Nike, Inc.-Class B 243,698 8,028 12,521 Nordstrom, Inc. 50,755 1,776 2,704 O Reilly Automotive, Inc. 38,676 1,851 3,444 Omnicom Group 88,190 3,878 4,388 PetSmart, Inc. 35,870 2,381 2,441 Priceline.Com, Inc. 16,649 4,787 10,297 Pulte Homes, Inc. 113,450 2,318 2,051 Ralph Lauren Corp. 20,459 1,934 3,054 Ross Stores, Inc. 74,233 2,030 4,002 Scripps Networks Interactive- Class A 29,001 1,242 1,673 Sherwin-Williams Co. (The) 28,568 1,969 4,375 Staples, Inc. 224,912 4,985 2,551 Starbucks Corp. 248,276 6,724 13,260 Starwood Hotels & Resorts Worldwide, Inc. 65,418 3,142 3,736 Target Corp. 217,289 11,499 12,800 Tiffany & Co. 39,771 1,845 2,271 Time Warner Cable 100,754 5,857 9,753 Time Warner, Inc. 316,143 12,971 15,056 TJX Cos., Inc. 243,478 4,666 10,291 Tripadvisor, Inc. 36,570 1,161 1,526 Urban Outfitters, Inc. 36,511 1,192 1,431 VF Corp. 29,419 2,454 4,422 Viacom, Inc.-Class B 154,111 7,407 8,094 Walt Disney Co. (The) 591,712 20,047 29,329 Washington Post Co. (The)-Class B 1,511 863 548 Whirlpool Corp. 25,985 2,015 2,634 Wyndham Worldwide Corp. 46,814 1,200 2,480 Wynn Resorts, Ltd. 26,522 2,086 2,968 Yum! Brands, Inc. 150,847 5,876 9,976 366,543 496,282 The accompanying notes are an integral part of the financial statements. 22
BlackRock CDN US Equity Index Non-Taxable Fund Par (000s)/ Consumer Staples 10.3% Altria Group, Inc. 676,172 14,678 21,161 Archer-Daniels-Midland Co. 219,860 7,000 5,994 Avon Products, Inc. 144,220 4,426 2,064 Brown-Forman Corp.-Class B 50,590 2,061 3,184 Campbell Soup Co. 59,809 2,157 2,077 Clorox Co. 43,549 2,872 3,175 Coca-Cola Co. (The) 1,287,951 38,404 46,513 Coca-Cola Ent., Inc. 90,080 2,112 2,847 Colgate-Palmolive Co. 148,291 11,532 15,439 ConAgra Foods, Inc. 136,040 3,331 3,996 Constellation Brands, Inc.-Class A 50,535 1,156 1,781 Costco Wholesale Corp. 144,380 9,401 14,205 CVS Caremark Corp. 416,263 14,740 20,048 Dean Foods Co. 61,778 1,342 1,015 Dr Pepper Snapple Group, Inc. 69,464 2,072 3,055 Estee Lauder Cos. (The), Inc.-Class A 80,139 2,493 4,776 General Mills, Inc. 215,419 7,378 8,668 Hershey Co. (The) 49,919 2,527 3,590 HJ Heinz Co. 107,052 5,094 6,149 Hormel Foods Corp. 44,728 972 1,389 JM Smucker Co. (The) 36,204 2,072 3,109 Kellogg Co. 82,558 4,321 4,591 Kimberly-Clark Corp. 130,641 8,898 10,979 Kraft Foods Group, Inc. 197,786 6,496 8,951 Kroger Co. (The) 177,115 4,580 4,589 Lorillard, Inc. 43,213 3,587 5,019 McCormick & Co., Inc. 44,230 1,825 2,796 Mead Johnson Nutrition Co.-Class A 67,774 3,440 4,446 Molson Coors Brewing Co.-Class B 52,010 2,502 2,215 Mondelez International, Inc. 593,346 12,407 15,053 Monster Beverage Corp. 49,812 3,518 2,623 PepsiCo, Inc. 516,498 34,201 35,197 Philip Morris International, Inc. 557,806 29,457 46,460 Procter & Gamble Co. (The) 912,979 59,300 61,734 Reynolds American, Inc. 108,222 3,103 4,463 Safeway, Inc. 79,937 2,266 1,439 Sysco Corp. 196,237 6,071 6,186 Tyson Foods, Inc.-Class A 95,775 1,560 1,850 Wal-Mart Stores, Inc. 558,493 32,586 37,959 Walgreen Co. 286,829 11,428 10,576 Whole Foods Market, Inc. 57,600 3,144 5,237 372,510 446,598 Energy 10.8% Anadarko Petroleum Corp. 166,860 9,904 12,348 Apache Corp. 130,640 12,293 10,208 Baker Hughes, Inc. 146,774 8,116 5,970 Cabot Oil & Gas Corp. 70,044 1,826 3,470 Par (000s)/ Energy (continued) Cameron International Corp. 82,360 3,532 4,629 Chesapeake Energy Corp. 173,041 5,093 2,862 Chevron Corp. 653,518 55,233 70,420 ConocoPhillips 405,315 20,184 23,411 Consol Energy, Inc. 76,023 3,494 2,430 Denbury Resources, Inc. 129,147 2,315 2,083 Devon Energy Corp. 125,746 9,146 6,516 Diamond Offshore Drilling, Inc. 23,195 1,837 1,570 Ensco PLC-Class A 77,543 4,391 4,575 EOG Resources, Inc. 90,441 8,230 10,876 Exxon Mobil Corp. 1,522,413 117,166 131,274 FMC Technologies, Inc. 79,352 2,393 3,382 Halliburton Co. 309,832 10,271 10,705 Helmerich & Payne, Inc. 35,283 1,646 1,968 Hess Corp. 99,198 6,393 5,229 Kinder Morgan, Inc. 211,130 7,034 7,427 Marathon Oil Corp. 235,843 8,880 7,197 Marathon Petroleum Corp. 113,238 4,535 7,102 Murphy Oil Corp. 61,628 3,912 3,654 Nabors Industries, Ltd. 96,880 2,487 1,394 National Oilwell Varco, Inc. 142,532 7,400 9,703 Newfield Exploration Company 45,108 3,021 1,203 Noble Corp. 84,353 3,168 2,924 Noble Energy, Inc. 59,389 4,539 6,016 NRG Energy, Inc. 107,562 2,527 2,461 Occidental Petroleum Corp. 270,516 19,673 20,635 Peabody Energy Corp. 89,571 4,155 2,374 Phillips 66 208,942 6,691 11,045 Pioneer Natural Resources Co. 41,138 2,540 4,367 QEP Resources, Inc. 59,435 1,969 1,791 Range Resources Corp. 54,285 2,791 3,396 Rowan Cos. PLC 41,432 1,328 1,290 Schlumberger, Ltd. 443,277 29,677 30,583 Southwestern Energy Co. 116,644 4,866 3,879 Spectra Energy Corp. 222,282 5,537 6,058 Tesoro Corp. 46,865 1,336 2,055 Valero Energy Corp. 184,799 6,141 6,274 Williams Cos., Inc. 224,962 5,950 7,331 WPX Energy, Inc. 66,432 1,194 984 424,814 465,069 Financials 16.6% Aflac, Inc. 156,552 7,752 8,279 Allstate Corp. (The) 160,842 6,669 6,433 American Express Co. 325,072 14,613 18,605 American International Group, Inc. 492,924 37,339 17,325 American Tower Corp. REIT 131,998 5,976 10,152 Ameriprise Financial, Inc. 68,768 2,935 4,288 AON PLC 106,386 4,771 5,890 The accompanying notes are an integral part of the financial statements. 23
BlackRock CDN US Equity Index Non-Taxable Fund Par (000s)/ Financials (continued) Apartment Investment & Management Co. REIT-Class A 48,553 1,226 1,308 Assurant, Inc. 26,486 1,186 915 Australia & New Zealand Banking Group, Ltd. 74,996 2,483 2,638 AvalonBay Communities, Inc. REIT 38,185 4,363 5,154 Bank of America Corp. 3,598,838 74,128 41,603 Bank of New York Mellon Corp. 390,167 13,549 9,988 BB&T Corp. 233,578 7,488 6,770 Berkshire Hathaway, Inc.-Class B 609,064 49,331 54,447 BlackRock, Inc. 41,626 7,820 8,568 Boston Properties, Inc. REIT 50,364 4,325 5,306 Capital One Financial Corp. 194,212 9,908 11,204 CBRE Group, Inc. 100,680 1,887 1,996 Charles Schwab Corp. (The) 366,078 6,649 5,234 Chubb Corp. 87,451 4,867 6,558 Cincinnati Financial Corp. 48,860 1,810 1,904 Citigroup, Inc. 979,178 67,297 38,589 CME Group, Inc. 102,393 7,627 5,168 Comerica, Inc. 63,530 2,534 1,918 Discover Financial Services 168,520 3,133 6,469 E*Trade Financial Corp. 85,826 1,989 764 Equity Residential REIT 107,411 4,770 6,058 Fifth Third Bancorp 299,238 5,437 4,529 First Horizon National Corp. 82,805 1,238 817 Franklin Resources, Inc. 46,068 4,601 5,766 Genworth Financial, Inc.-Class A 164,060 2,967 1,227 Goldman Sachs Group, Inc. 147,496 21,974 18,742 Hartford Financial Services Group, Inc. 145,635 5,617 3,254 HCP, Inc. 150,924 5,121 6,786 Health Care, Inc. REIT 86,691 4,118 5,290 Host Hotels & Resorts, Inc. REIT 241,926 4,051 3,775 Hudson City Bancorp, Inc. 158,583 2,218 1,281 Huntington Bancshares, Inc. 285,463 2,442 1,816 IntercontinentalExchange, Inc. 24,273 3,016 2,991 Invesco, Ltd. 148,225 3,348 3,849 JPMorgan Chase & Co. 1,269,312 54,190 55,597 Keycorp 311,612 3,761 2,612 Kimco Realty Corp. REIT 136,048 2,852 2,617 Legg Mason, Inc. 39,259 2,142 1,005 Leucadia National Corp. 66,101 2,169 1,565 Lincoln National Corp. 91,785 3,253 2,366 Loews Corp. 103,799 3,888 4,212 M&T Bank Corp. 40,594 3,529 3,979 Marsh & McLennan Cos., Inc. 181,743 5,696 6,236 Merck & Co., Inc. 1,015,092 39,511 41,389 Metlife, Inc. 364,278 15,613 11,944 Moody s Corp. 64,730 2,396 3,243 Par (000s)/ Financials (continued) Morgan Stanley 461,412 15,564 8,784 NASDAQ OMX Group, Inc. 39,298 1,187 979 Northern Trust Corp. 72,841 4,402 3,637 NYSE Euronext 81,103 4,026 2,546 People s United Financial, Inc. 115,977 2,069 1,396 Plum Creek Timber Co., Inc. REIT 53,925 2,095 2,381 PNC Financial Services Group, Inc. 172,235 12,721 10,000 Principal Financial Group 92,107 3,153 2,616 Progressive Corp. (The) 185,722 3,950 3,902 ProLogis, Inc. REIT 153,870 5,962 5,591 Prudential Financial, Inc. 154,913 9,012 8,224 Public Storage, Inc. REIT 48,137 4,622 6,948 Regions Financial Corp. 471,647 5,226 3,344 Simon Property Group, Inc. REIT 103,288 9,328 16,259 SLM Corp. 154,247 3,346 2,632 State Street Corp. 155,712 8,306 7,289 SunTrust Banks, Inc. 179,880 6,719 5,076 T Rowe Price Group, Inc. 85,085 4,264 5,517 Torchmark Corp. 31,675 1,189 1,629 Travelers Cos. (The), Inc. 127,355 6,822 9,107 U.S. Bancorp 627,843 17,753 19,967 Unum Group 91,809 2,125 1,902 Ventas, Inc. REIT 98,671 4,500 6,357 Visa, Inc.-Class A 174,068 16,170 26,253 Vornado Realty Trust-REIT 56,547 4,608 4,508 Wells Fargo & Co. 1,634,730 60,278 55,684 XL Group PLC 100,326 2,804 2,502 Zions Bancorporation 61,444 2,030 1,310 787,804 716,759 Health Care 11.0% Abbott Laboratories 527,788 29,304 34,427 Accenture PLC-Class A 213,194 12,690 14,116 Aetna, Inc. 111,698 4,042 5,150 Alexion Pharmaceuticals 64,862 6,210 6,053 Allergan, Inc. 102,677 6,497 9,374 AmerisourceBergen Corp. 82,049 2,212 3,528 Amgen, Inc. 256,217 16,929 22,029 Baxter International, Inc. 183,427 10,217 12,175 Becton Dickinson & Co. 65,752 4,956 5,120 Biogen Idec, Inc. 78,995 5,180 11,531 Boston Scientific Corp. 460,472 5,711 2,623 Bristol-Myers Squibb Co. 551,150 16,214 17,896 Cardinal Health, Inc. 113,427 4,638 4,651 CareFusion Corp. 74,058 2,166 2,107 Celgene Corp. 141,226 8,354 11,060 Cerner Corp. 48,679 2,343 3,763 Cigna Corp. 95,440 3,616 5,078 Coventry Health Care, Inc. 44,885 1,634 2,003 The accompanying notes are an integral part of the financial statements. 24
BlackRock CDN US Equity Index Non-Taxable Fund Par (000s)/ Health Care (continued) Covidien PLC 158,050 7,984 9,085 CR Bard, Inc. 25,549 2,184 2,486 DaVita, Inc. 27,979 1,804 3,078 DENTSPLY International, Inc. 47,362 1,678 1,867 Edwards Lifesciences Corp. 38,524 3,242 3,457 Eli Lilly & Co. 340,967 16,732 16,744 Express Scripts Holding Co. 272,585 15,281 14,651 Forest Laboratories, Inc. 78,133 2,924 2,748 Gilead Sciences, Inc. 252,972 11,104 18,511 Hospira, Inc. 55,131 2,505 1,714 Humana, Inc. 52,921 2,732 3,616 Intuitive Surgical, Inc. 13,275 3,925 6,477 Johnson & Johnson 925,345 62,401 64,588 Laboratory Corp. of America 31,574 2,382 2,722 Life Technologies Corp. 57,428 2,296 2,808 McKesson Corp. 78,805 4,921 7,609 Medtronic, Inc. 337,677 15,719 13,792 Mylan, Inc. 136,035 2,706 3,721 Patterson Cos., Inc. 27,758 907 946 PerkinElmer, Inc. 38,288 937 1,210 Perrigo Co. 29,456 2,999 3,050 Pfizer, Inc. 2,458,415 56,134 61,416 Quest Diagnostics, Inc. 53,061 2,976 3,077 St. Jude Medical, Inc. 102,871 4,391 3,703 Stryker Corp. 96,464 5,102 5,264 Tenet Healthcare Corp. 35,517 1,115 1,148 Thermo Fisher Scientific, Inc. 120,262 5,723 7,640 UnitedHealth Group, Inc. 341,068 14,024 18,420 Varian Medical Systems, Inc. 36,514 1,972 2,553 Waters Corp. 29,022 1,815 2,518 Watson Pharmaceuticals, Inc. 42,646 1,981 3,651 WellPoint, Inc. 101,375 6,439 6,150 Zimmer, Inc. 57,917 3,586 3,842 415,534 476,946 Industrials 10.0% 3M Co. 212,549 17,451 19,650 ACE Aviation, Inc. 113,452 6,789 9,013 ADT Corp. 77,597 2,771 3,593 Avery Dennison Corp. 33,302 1,516 1,158 Boeing Co. 226,601 15,504 17,010 C.H. Robinson Worldwide, Inc. 53,805 3,397 3,387 Caterpillar, Inc. 218,344 15,360 19,484 Cintas Corp. 35,579 1,279 1,448 CSX Corp. 344,329 5,513 6,761 Cummins, Inc. 59,012 3,345 6,366 Danaher Corp. 194,269 7,794 10,817 Deere & Co. 130,769 7,697 11,252 Dover Corp. 59,815 2,943 3,917 Par (000s)/ Industrials (continued) Dun & Bradstreet Corp. 14,866 1,314 1,164 Eaton Corp. PLC 154,168 7,895 8,320 Emerson Electric Co. 241,777 11,382 12,754 Equifax, Inc. 39,913 1,458 2,151 Expeditors International of Washington, Inc. 69,751 3,131 2,746 Fastenal Co. 90,014 2,477 4,184 FedEx Corp. 97,524 8,549 8,908 Flowserve Corp. 16,648 1,578 2,433 Fluor Corp. 55,579 3,053 3,253 General Dynamics Corp. 110,804 7,682 7,642 General Electric Co. 3,501,459 89,496 73,145 Honeywell International, Inc. 261,560 12,474 16,532 Illinois Tool Works, Inc. 142,352 6,920 8,621 Ingersoll-Rand PLC 93,523 3,983 4,466 Iron Mountain, Inc. 55,660 1,619 1,720 Jacobs Engineering Group, Inc. 43,406 2,538 1,840 Joy Global, Inc. 35,335 3,160 2,244 L-3 Communications, Inc. 31,409 2,664 2,395 Lockheed Martin Corp. 89,669 7,551 8,243 Masco Corp. 119,166 2,297 1,978 Norfolk Southern Corp. 105,512 5,743 6,495 Northrop Grumman Corp. 81,939 5,127 5,514 Paccar, Inc. 117,855 4,850 5,303 Pall Corp. 37,707 1,496 2,262 Parker Hannifin Corp. 49,800 3,182 4,218 Pentair, Ltd. 70,194 3,058 3,435 Pitney Bowes, Inc. 66,922 2,231 709 Precision Castparts Corp. 48,591 5,900 9,161 Quanta Services, Inc. 71,132 1,736 1,932 Raytheon Co. 110,126 5,746 6,312 Republic Services, Inc. 99,818 2,859 2,916 Robert Half International, Inc. 46,955 1,448 1,487 Rockwell Automation, Inc. 46,503 2,748 3,889 Rockwell Collins, Inc. 46,798 2,542 2,710 Roper Industries, Inc. 32,843 2,174 3,644 Ryder System, Inc. 17,066 775 848 Snap-On, Inc. 19,429 937 1,528 Southwest Airlines Co. 246,303 3,184 2,511 Stanley Black & Decker, Inc. 56,344 3,190 4,150 Stericycle, Inc. 28,667 2,091 2,661 Textron, Inc. 94,055 2,658 2,320 Union Pacific Corp. 157,063 10,756 19,661 United Parcel Service, Inc.-Class B 238,902 17,322 17,541 United Technologies Corp. 281,549 19,199 22,991 W.W. Grainger, Inc. 19,951 2,180 4,020 Waste Management, Inc. 145,572 5,220 4,889 Xylem, Inc. 61,993 1,641 1,672 392,573 433,374 The accompanying notes are an integral part of the financial statements. 25
BlackRock CDN US Equity Index Non-Taxable Fund Par (000s)/ Information Technology 17.8% Adobe Systems, Inc. 165,273 5,592 6,199 Advanced Micro Devices, Inc. 201,547 2,214 482 Agilent Technologies, Inc. 116,320 4,130 4,743 Akamai Technologies, Inc. 59,230 2,246 2,412 Altera Corp. 107,008 3,030 3,671 Amphenol Corp.-Class A 53,522 2,275 3,448 Analog Devices, Inc. 100,599 3,592 4,212 Apple, Inc. 314,108 68,791 166,706 Applied Materials, Inc. 402,354 6,708 4,579 Automatic Data Processing, Inc. 162,085 7,823 9,199 BMC Software, Inc. 47,776 1,733 1,886 Broadcom Corp.-Class A 173,224 6,059 5,726 CA, Inc. 112,066 2,895 2,451 Cisco Systems, Inc. 1,772,769 41,110 34,685 Citrix Systems, Inc. 62,328 2,892 4,080 Cognizant Technology Solutions Corp.-Class A 100,222 4,859 7,388 Computer Sciences Corp. 51,849 2,617 2,068 Corning, Inc. 493,374 9,702 6,195 Dell, Inc. 487,164 10,430 4,914 ebay, Inc. 388,848 11,774 19,758 EMC Corp. Massachusetts 703,393 14,460 17,726 F5 Networks, Inc. 26,384 3,393 2,550 Fidelity National Information Services, Inc. 83,183 2,257 2,884 First Solar, Inc. 20,067 2,616 617 Fiserv, Inc. 44,553 2,353 3,506 Flir Systems, Inc. 50,321 1,624 1,118 Google, Inc.-Class A 88,874 46,608 62,764 Harris Corp. 37,895 1,750 1,847 Hewlett-Packard Co. 656,442 26,614 9,308 Intel Corp. 1,661,495 39,171 34,129 International Business Machines Corp. 354,656 45,409 67,649 Intuit, Inc. 92,905 3,557 5,503 Jabil Circuit, Inc. 62,399 1,206 1,198 JDS Uniphase Corp. 78,026 2,345 1,050 Juniper Networks, Inc. 171,723 4,482 3,365 KLA-Tencor Corp. 55,577 2,393 2,643 Lam Research Corp. 59,378 1,978 2,135 Linear Technology Corp. 77,229 2,697 2,636 LSI Corp. 184,719 1,425 1,302 MasterCard, Inc.-Class A 35,681 9,732 17,467 Microchip Technology, Inc. 64,943 2,172 2,107 Micron Technology, Inc. 339,594 3,398 2,140 Microsoft Corp. 2,529,289 72,841 67,292 Molex, Inc. 46,090 1,226 1,253 Motorola Solutions, Inc. 93,640 4,847 5,191 NetApp, Inc. 119,600 4,159 3,995 NVIDIA Corp. 208,548 3,300 2,552 Par (000s)/ Information Technology (continued) Oracle Corp. 1,255,099 30,059 41,640 Paychex, Inc. 107,975 3,779 3,347 QUALCOMM, Inc. 568,979 27,441 35,136 Red Hat, Inc. 64,531 2,069 3,402 SAIC, Inc. 94,642 1,723 1,066 Salesforce.Com, Inc. 43,616 3,955 7,296 SanDisk Corp. 80,709 3,253 3,499 Seagate Technology PLC 115,007 2,901 3,490 Symantec Corp. 231,637 4,748 4,341 TE Connectivity, Ltd. 141,070 4,870 5,214 Teradata Corp. 56,445 1,898 3,477 Teradyne, Inc. 62,653 986 1,054 Texas Instruments, Inc. 374,212 11,504 11,532 Total System Services, Inc. 53,597 1,125 1,143 VeriSign, Inc. 51,810 1,518 2,003 Western Digital Corp. 73,179 2,407 3,096 Western Union Co. 199,115 3,896 2,698 Xerox Corp. 425,227 4,702 2,888 Xilinx, Inc. 87,092 2,626 3,112 Yahoo!, Inc. 347,463 7,471 6,881 631,416 767,044 Materials 3.7% Air Products & Chemicals, Inc. 71,059 5,578 5,946 Airgas, Inc. 23,458 1,360 2,132 Alcoa, Inc. 356,210 6,709 3,075 Allegheny Technologies, Inc. 35,793 1,804 1,082 Ball Corp. 51,346 1,381 2,287 Bemis Co. 34,453 1,053 1,148 CF Industries, Inc. 20,988 2,487 4,244 Cliffs Natural Resources, Inc. 47,547 2,705 1,826 Dow Chemical Co. (The) 400,402 12,952 12,889 Eastman Chemical Co. 51,193 1,819 3,470 Ecolab, Inc. 88,009 4,408 6,300 EI Du Pont de Nemours & Co. 311,338 13,964 13,944 FMC Corp. 45,857 1,484 2,671 Freeport-McMoran Copper & Gold, Inc. 316,954 11,585 10,793 International Flavors & Fragrances, Inc. 27,218 1,274 1,803 International Paper Co. 146,605 4,249 5,816 LyondellBasell Industries-Class A 126,738 6,012 7,207 MeadWestvaco Corp. 58,329 1,576 1,851 Monsanto Co. 178,497 12,648 16,822 Mosaic Co. 92,364 5,399 5,208 Newmont Mining Corp. 165,738 8,546 7,664 Nucor Corp. 106,036 4,944 4,557 Owens-Illinois, Inc. 54,881 1,699 1,161 PPG Industries, Inc. 51,197 3,686 6,899 The accompanying notes are an integral part of the financial statements. 26
BlackRock CDN US Equity Index Non-Taxable Fund Par (000s)/ Materials (continued) Praxair, Inc. 99,203 7,982 10,805 Sealed Air Corp. 64,879 1,456 1,131 Sigma-Aldrich Corp. 40,162 2,123 2,942 Tyco International, Ltd. 155,467 6,271 4,525 United States Steel Corp. 48,127 2,551 1,143 Vulcan Materials Co. 43,251 2,641 2,241 Weyerhaeuser Co. 180,782 5,217 5,010 147,563 158,592 Telecommunication Services 3.0% AT&T, Inc. 1,896,593 62,436 63,678 CenturyTel, Inc. 208,419 8,649 8,118 Crown Castle International Corp. 97,873 5,426 7,031 Frontier Communications Corp. 333,113 3,247 1,423 MetroPCS Communications, Inc. 105,649 1,429 1,046 Sprint Nextel Corp. 1,003,054 10,560 5,653 Verizon Communications, Inc. 952,935 35,801 41,047 Windstream Corp. 196,244 2,347 1,622 129,895 129,618 Utilities 3.4% AES Corp. (The) 206,075 3,252 2,196 AGL Resources, Inc. 39,299 1,602 1,563 Ameren Corp. 80,980 3,105 2,478 American Electric Power Co., Inc. 162,003 6,270 6,883 Centerpoint Energy, Inc. 142,666 2,445 2,733 CMS Energy Corp. 88,072 1,546 2,137 Consolidated Edison, Inc. 97,773 4,860 5,405 Dominion Resources, Inc. 191,847 8,349 9,895 DTE Energy Co. 57,438 2,735 3,434 Duke Energy Corp. 235,138 13,086 14,935 Edison International 108,766 4,437 4,893 Entergy Corp. 59,329 4,928 3,765 EQT Corp. 49,937 2,095 2,932 Exelon Corp. 285,215 15,079 8,443 FirstEnergy Corp. 139,618 7,194 5,803 FPL Group, Inc. 141,297 8,033 9,732 Integrys Energy Group, Inc. 25,992 1,319 1,351 NiSource, Inc. 103,382 2,089 2,561 Northeast Utilities 104,799 3,349 4,077 ONEOK, Inc. 68,295 1,808 2,906 Pepco, Inc. 76,561 1,551 1,495 PG&E Corp. 143,548 6,262 5,743 Pinnacle West Capital Corp. 36,607 1,557 1,857 Par (000s)/ Utilities (continued) PPL Corp. 194,197 6,082 5,534 Public Service Enterprise Group, Inc. 168,892 5,924 5,144 Scana Corp. 43,981 1,852 1,999 Sempra Energy 75,088 4,048 5,302 Southern Co. (The) 291,848 11,355 12,437 TECO Energy, Inc. 67,908 1,234 1,133 Wisconsin Energy Corp. 76,791 2,104 2,817 Xcel Energy, Inc. 162,778 3,820 4,326 143,370 145,909 Total Common Stocks 3,812,022 4,236,191 Transaction Costs (Note 2) (395) Total Investments 3,820,185 4,244,818 Other Assets and Liabilities 1.7% 71,658 Net Assets 4,316,476 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Government Guaranteed 0.2 0.2 Consumer Discretionary 11.5 10.6 Consumer Staples 10.3 11.2 Energy 10.8 11.9 Financials 16.6 14.3 Health Care 11.0 10.7 Industrials 10.0 10.4 Information Technology 17.8 17.7 Materials 3.7 3.6 Telecommunication Services 3.0 3.1 Utilities 3.4 3.8 Other Assets and Liabilities 1.7 2.5 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 27
BlackRock CDN US Equity Index Plus Non-Taxable Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair * (Note 2) $ 263,530,267 $ 182,882,718 Cash 1,906,875 2,793,417 Margin due from brokers 65,338 - Dividends receivable 284,361 275,415 Tax reclaim on dividends receivable 12,217 3,921 Accounts receivable for investment sales 2,934,285 28,798 268,733,343 185,984,269 Liabilities Margin due to brokers - 12,301 Operating expenses payable 26,647 16,599 Payables for investment purchases 2,958,277 28,471 2,984,924 57,371 Net Assets $ 265,748,419 $ 185,926,898 Number of Units Issued and Outstanding (Note 8) 20,276,150 16,082,557 Net Assets per Unit $ 13.11 $ 11.56 Investments at Cost* $ 232,486,041 $ 167,600,596 * Includes short-term investments Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 28
BlackRock CDN US Equity Index Plus Non-Taxable Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 5,247,437 $ 4,392,833 Interest income* 2,206 (5,450) Net gain from futures contracts 587,891 284,779 Foreign exchange gain (loss) (143,755) 114,384 Withholding taxes (5,258) - 5,688,521 4,786,546 Expenses Custodian fees 45,064 36,015 Fund accounting expenses 36,136 33,018 Unitholder communication s - 601 Audit fees 9,262 9,656 Securities filing fees 3,674 2,727 Independent review committee fees 106 217 Other operating expenses 3,956 5,655 98,198 87,889 Net Investment Income for the Year 5,590,323 4,698,657 Gain on Investments Net realized gain on sale of investments 4,349,458 14,376,295 Transaction s (Note 2,13) (29,613) (47,249) Net change in unrealized appreciation (depreciation) in of investments 15,758,335 (6,869,404) Net Gain on Investments 20,078,180 7,459,642 Increase in Net Assets from Operations $ 25,668,503 $ 12,158,299 Increase in Net Assets from Operations per Unit $ 1.52 $ 0.71 * Interest Income, net of foreign exchange loss Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 185,926,898 $ 285,018,902 Increase in Net Assets from Operations 25,668,503 12,158,299 Capital Transactions Proceeds from issue of units 54,153,018 16,000,000 Reinvestment of distributions 11,941,285 20,385,981 Redemption of units - (127,250,303) Net capital transactions 66,094,303 (90,864,322) Distributions From net investment income (5,537,480) (4,773,049) From capital gains (6,403,805) (15,612,932) Total distributions (11,941,285) (20,385,981) Increase (Decrease) in Net Assets for the Year 79,821,521 (99,092,004) Net Assets - End of Year $ 265,748,419 $ 185,926,898 The accompanying notes are an integral part of the financial statements. 29
BlackRock CDN US Equity Index Plus Non-Taxable Fund Par (000s)/ Short Term Investments Government Guaranteed 0.1% U.S. Treasury Bill 1.00% March 21, 2013 300 296 298 296 298 Total Short Term Investments 296 298 Common Stocks Consumer Discretionary 11.8% Abercrombie & Fitch Co.-Class A 1,690 67 81 Amazon.Com, Inc. 7,471 1,351 1,869 Apollo Group, Inc.-Class A 6 - - AutoNation, Inc. 820 22 32 AutoZone, Inc. 766 269 270 Beam, Inc. 3,318 181 202 Bed Bath & Beyond, Inc. 4,744 244 264 Best Buy Co., Inc. 62 2 1 Big Lots, Inc. 7 - - BorgWarner, Inc. 2,413 158 172 Brookdale Senior Living, Inc. 1,310 33 33 Cablevision Systems-NY Group A 200 6 3 CarMax, Inc. 5,525 159 207 Carnival Corp. 9,137 329 334 CBS Corp.-Class B 12,111 266 459 Chipotle Mexican Grill, Inc. 648 171 192 Cinemark, Inc. 1,270 33 33 Coach, Inc. 5,828 269 322 Comcast Corp.-Class A 29,069 813 1,082 Comcast Corp.-Special Class A 26,484 891 948 D.R. Horton, Inc. 5,674 77 112 Darden Restaurants, Inc. 2,620 121 118 Delphi Automotive PLC 6,089 219 232 Dick s Sporting Goods, Inc. 1,070 48 48 Dillard s, Inc.-Class A 400 33 33 DIRECTV 12,455 594 622 Discovery Communications-Class A 4,966 231 314 Dollar General Corp. 5,432 267 239 Dollar Tree, Inc. 4,706 211 190 Electrolux AB-Class B 6,108 89 88 Expedia, Inc. 3,623 193 222 Family Dollar Stores, Inc. 1,981 116 125 Ford Motor Co. 78,434 1,020 1,011 Fossil, Inc. 1,118 135 104 GameStop Corp.-Class A 2,535 57 63 Gannett Co., Inc. 4,726 74 85 Gap (The), Inc. 6,092 159 188 Garmin, Ltd. 2,242 94 91 Genuine Parts Co. 3,169 159 201 Goodyear Tire & Rubber Co. (The) 4,996 62 69 H&R Block, Inc. 5,553 91 103 Par (000s)/ Consumer Discretionary (continued) Hanesbrands, Inc. 910 32 32 Harley-Davidson, Inc. 4,656 157 226 Harman International Industries, Inc. 1,445 52 64 Hasbro, Inc. 2,367 97 85 Home Depot, Inc. 31,398 1,305 1,934 International Game Technology 5,514 98 78 Interpublic Group of Cos., Inc. 8,927 82 98 JC Penney Co., Inc. 7 - - Johnson Controls, Inc. 14,157 428 432 Kohl s Corp. 2,931 147 125 Leggett & Platt, Inc. 2,871 69 78 Lennar Corp.-Class A 3,331 89 128 Liberty Media Corp. 280 32 32 LKQ Corp. 1,530 32 32 Lowe s Cos., Inc. 24,172 657 855 Ltd. Brands 7,058 284 331 Macy s, Inc. 8,082 206 314 Marriott International, Inc.-Class A 5,144 186 191 Mattel, Inc. 7,100 186 259 McDonald s Corp. 20,670 1,592 1,816 McGraw-Hill Cos. (The), Inc. 8,225 405 448 Mohawk Industries, Inc. 360 32 32 NetFlix, Inc. 1,134 150 105 Newell Rubbermaid, Inc. 7,381 139 164 News Corp.-Class A 41,465 786 1,054 Nike, Inc.-Class B 14,994 656 770 Nordstrom, Inc. 3,120 132 166 O Reilly Automotive, Inc. 2,335 152 208 Omnicom Group 5,427 230 270 Penn National Gaming, Inc. 660 32 32 PetSmart, Inc. 2,210 148 150 Priceline.Com, Inc. 1,027 400 635 Pulte Homes, Inc. 6,898 91 125 PVH Corp. 290 32 32 Ralph Lauren Corp. 1,248 139 186 Ross Stores, Inc. 4,575 168 247 Royal Caribbean Cruises, Ltd. 960 32 32 Scripps Networks Interactive-Class A 1,765 87 102 Service Corp. International 2,330 32 32 Sherwin-Williams Co. (The) 1,775 188 272 Staples, Inc. 13,940 282 158 Starbucks Corp. 15,331 587 819 Starwood Hotels & Resorts Worldwide, Inc. 4,014 203 229 Target Corp. 13,375 761 788 Thor Industries, Inc. 670 25 25 Tiffany & Co. 2,432 121 139 Time Warner Cable 6,579 453 637 The accompanying notes are an integral part of the financial statements. 30
BlackRock CDN US Equity Index Plus Non-Taxable Fund Par (000s)/ Consumer Discretionary (continued) Time Warner, Inc. 20,194 744 962 TJX Cos., Inc. 14,974 457 633 Tripadvisor, Inc. 2,238 85 93 Urban Outfitters, Inc. 2,288 86 90 VF Corp. 1,831 236 275 Viacom, Inc.-Class B 9,574 413 503 Virgin Media, Inc. 880 32 32 Walt Disney Co. (The) 36,536 1,461 1,811 Washington Post Co. (The)-Class B 91 41 33 Whirlpool Corp. 1,904 186 193 Wyndham Worldwide Corp. 2,905 121 154 Wynn Resorts, Ltd. 1,623 176 182 Yum! Brands, Inc. 9,276 454 613 26,000 31,303 Consumer Staples 10.4% Altria Group, Inc. 41,799 1,050 1,308 Archer-Daniels-Midland Co. 13,645 391 372 Avon Products, Inc. 4,393 101 63 Brown-Forman Corp.-Class B 3,604 179 227 Campbell Soup Co. 3,679 137 128 Clorox Co. 2,715 188 198 Coca-Cola Co. (The) 79,452 2,481 2,869 Coca-Cola Ent., Inc. 5,480 134 173 Colgate-Palmolive Co. 9,167 810 954 ConAgra Foods, Inc. 8,463 217 249 Constellation Brands, Inc.-Class A 3,076 62 109 Costco Wholesale Corp. 9,222 654 907 CVS Caremark Corp. 25,703 1,010 1,238 Dean Foods Co. 3,842 49 63 Dr Pepper Snapple Group, Inc. 4,302 173 189 Estee Lauder Cos. (The), Inc.-Class A 4,988 223 297 General Mills, Inc. 13,239 514 533 Green Mountain Coffee Roasters, Inc. 780 32 32 Hershey Co. (The) 3,098 175 223 HJ Heinz Co. 6,629 328 381 Hormel Foods Corp. 2,738 70 85 Ingredion, Inc. 500 32 32 JM Smucker Co. (The) 2,236 147 192 Kellogg Co. 5,133 284 286 Kimberly-Clark Corp. 8,036 564 675 Kraft Foods Group, Inc. 12,198 438 552 Kroger Co. (The) 10,692 236 277 Lorillard, Inc. 2,668 233 310 McCormick & Co., Inc. 3,220 161 204 Mead Johnson Nutrition Co.-Class A 4,164 244 273 Molson Coors Brewing Co.-Class B 3,178 140 135 Mondelez International, Inc. 34,186 770 867 Monster Beverage Corp. 3,024 202 159 Par (000s)/ Consumer Staples (continued) PepsiCo, Inc. 31,854 2,131 2,171 Philip Morris International, Inc. 34,822 2,344 2,900 Procter & Gamble Co. (The) 56,371 3,683 3,812 Reynolds American, Inc. 6,700 213 276 Safeway, Inc. 4,890 98 88 Sysco Corp. 12,144 377 383 Tyson Foods, Inc.-Class A 5,962 110 115 Wal-Mart Stores, Inc. 34,916 2,051 2,373 Walgreen Co. 17,655 625 651 Whole Foods Market, Inc. 3,564 295 324 24,356 27,653 Energy 10.8% Anadarko Petroleum Corp. 10,278 573 761 Apache Corp. 7,252 667 567 Baker Hughes, Inc. 9,102 405 370 Cabot Oil & Gas Corp. 4,290 122 213 Cameron International Corp. 5,121 213 288 Chesapeake Energy Corp. 6,840 163 113 Chevron Corp. 40,339 3,559 4,347 ConocoPhillips 25,059 1,294 1,447 Consol Energy, Inc. 4,649 177 149 Denbury Resources, Inc. 8,019 137 129 Devon Energy Corp. 6,562 428 340 Diamond Offshore Drilling, Inc. 1,420 94 96 Ensco PLC-Class A 4,826 274 285 EOG Resources, Inc. 5,602 606 674 Exxon Mobil Corp. 93,969 6,876 8,103 FMC Technologies, Inc. 4,870 161 208 Halliburton Co. 19,108 551 660 Helmerich & Payne, Inc. 2,158 98 120 Hess Corp. 6,165 342 325 HollyFrontier Corp. 700 32 32 Kinder Morgan, Inc. 13,076 442 460 Marathon Oil Corp. 14,571 476 445 Marathon Petroleum Corp. 6,999 300 439 Murphy Oil Corp. 3,770 209 223 Nabors Industries, Ltd. 5,930 115 85 National Oilwell Varco, Inc. 8,786 422 598 Newfield Exploration Company 312 19 8 Noble Corp. 5,161 192 179 Noble Energy, Inc. 3,683 276 373 NRG Energy, Inc. 6,644 153 152 Occidental Petroleum Corp. 15,891 1,363 1,212 PBF Energy, Inc. 8,111 208 234 Peabody Energy Corp. 5,481 211 145 Phillips 66 12,910 464 682 Pioneer Natural Resources Co. 2,560 229 272 QEP Resources, Inc. 3,630 112 109 The accompanying notes are an integral part of the financial statements. 31
BlackRock CDN US Equity Index Plus Non-Taxable Fund Par (000s)/ Energy (continued) Range Resources Corp. 3,319 185 208 Rowan Cos. PLC 2,536 72 79 Schlumberger, Ltd. 27,370 1,743 1,888 Seacor, Inc. 150 12 13 Southwestern Energy Co. 7,263 294 242 Spectra Energy Corp. 13,727 319 374 Tesoro Corp. 2,885 56 127 Valero Energy Corp. 11,418 251 388 Williams Cos., Inc. 16,060 448 523 WPX Energy, Inc. 4,063 70 60 25,413 28,745 Financials 16.9% Aflac, Inc. 10,273 500 543 AG Mortgage Investment Trust, Inc. 2,220 52 52 Allstate Corp. (The) 9,868 327 395 American Express Co. 20,118 970 1,151 American Financial Group, Inc. 390 15 15 American International Group, Inc. 30,504 968 1,072 American Tower Corp. REIT 8,143 424 626 Ameriprise Financial, Inc. 4,202 192 262 AON PLC 6,524 300 361 Apartment Investment & Management Co. REIT-Class A 3,050 70 82 Arch Capital Group, Ltd. 740 32 32 Assurant, Inc. 1,632 61 56 Australia & New Zealand Banking Group, Ltd. 4,635 148 163 AvalonBay Communities, Inc. REIT 2,359 279 318 Bank of America Corp. 222,208 2,743 2,569 Bank of New York Mellon Corp. 23,991 642 614 BB&T Corp. 14,465 440 419 Berkshire Hathaway, Inc.-Class B 37,635 3,067 3,364 BlackRock, Inc. 2,574 486 530 Boston Properties, Inc. REIT 3,129 275 330 Capital One Financial Corp. 11,960 619 690 Capitalsource, Inc. REIT 2,130 16 16 Capitol Federal Financial, Inc. 760 9 9 CBOE, Inc. 290 9 9 CBRE Group, Inc. 6,167 116 122 Charles Schwab Corp. (The) 22,734 355 325 Chubb Corp. 5,432 325 407 Cincinnati Financial Corp. 2,988 98 117 Citigroup, Inc. 60,459 2,316 2,383 CME Group, Inc. 7,807 457 394 Comerica, Inc. 3,952 143 119 Discover Financial Services 11,323 304 435 E*Trade Financial Corp. 5,433 72 48 Equity Residential REIT 6,633 342 374 Par (000s)/ Financials (continued) Extra Space Storage, Inc. REIT 890 32 32 Fidelity National Financial, Inc. 1,360 32 32 Fifth Third Bancorp 18,326 259 277 First Horizon National Corp. 4,901 53 48 Franklin Resources, Inc. 3,113 339 390 Genworth Financial, Inc.-Class A 10,457 137 78 Goldman Sachs Group, Inc. 9,108 1,194 1,157 Hartford Financial Services Group, Inc. 8,903 217 199 HCC Insurance, Inc. 870 32 32 HCP, Inc. 9,338 385 420 Health Care, Inc. REIT 5,354 284 327 Home Loan Servicing Solutions, Ltd. 3,704 69 70 Host Hotels & Resorts, Inc. REIT 15,085 232 235 Hudson City Bancorp, Inc. 9,815 111 79 Huntington Bancshares, Inc. 17,532 115 112 Interactive Brokers Group, Inc.- Class A 340 5 5 IntercontinentalExchange, Inc. 1,487 183 183 Invesco, Ltd. 9,096 190 236 Jefferies Group, Inc. 1,730 32 32 JPMorgan Chase & Co. 78,433 3,151 3,436 Keycorp 19,273 164 162 Kimco Realty Corp. REIT 8,314 130 160 Legg Mason, Inc. 2,317 71 59 Leucadia National Corp. 4,046 92 96 Lincoln National Corp. 5,703 154 147 Loews Corp. 6,385 233 259 M&T Bank Corp. 2,459 213 241 Markel Corp. 70 30 30 Marsh & McLennan Cos., Inc. 11,263 294 387 Merck & Co., Inc. 62,731 2,383 2,558 Metlife, Inc. 22,573 829 740 Moody s Corp. 4,592 141 230 Morgan Stanley 28,551 586 544 NASDAQ OMX Group, Inc. 2,395 59 60 Northern Trust Corp. 4,471 229 223 NYSE Euronext 3,035 88 95 People s United Financial, Inc. 7,173 100 86 Plum Creek Timber Co., Inc. REIT 3,299 122 146 PNC Financial Services Group, Inc. 10,904 683 633 Popular, Inc. 1,560 32 32 Principal Financial Group 5,666 158 161 ProAssurance Corp. 380 16 16 Progressive Corp. (The) 11,450 235 241 ProLogis, Inc. REIT 9,554 294 347 Prudential Financial, Inc. 9,517 554 505 Public Storage, Inc. REIT 2,981 328 430 Regions Financial Corp. 28,874 212 205 SEI Investments Co. 520 12 12 The accompanying notes are an integral part of the financial statements. 32
BlackRock CDN US Equity Index Plus Non-Taxable Fund Par (000s)/ Financials (continued) Simon Property Group, Inc. REIT 6,378 728 1,004 SLM Corp. 9,589 141 164 St. Joe Co. 1,420 33 33 State Street Corp. 9,583 403 449 SunTrust Banks, Inc. 11,178 307 315 T Rowe Price Group, Inc. 6,272 357 407 TD Ameritrade Holding Corp. 2,260 38 38 Torchmark Corp. 1,948 76 100 Travelers Cos. (The), Inc. 7,874 464 563 U.S. Bancorp 38,685 1,047 1,230 Unum Group 5,722 133 119 Ventas, Inc. REIT 6,114 343 394 Visa, Inc.-Class A 10,967 1,087 1,654 Vornado Realty Trust-REIT 3,519 287 281 Wells Fargo & Co. 100,995 3,098 3,440 XL Group PLC 6,244 121 156 Zions Bancorporation 3,760 87 80 41,416 45,014 Health Care 11.2% Abbott Laboratories 32,628 1,809 2,128 Accenture PLC-Class A 13,165 807 872 Aetna, Inc. 5,799 202 267 Alexion Pharmaceuticals 3,999 385 373 Allergan, Inc. 6,340 470 579 AmerisourceBergen Corp. 4,915 174 211 Amgen, Inc. 16,219 1,087 1,395 Baxter International, Inc. 11,336 565 752 Becton Dickinson & Co. 4,078 311 318 Biogen Idec, Inc. 5,085 429 742 BioMarin Pharmaceutical, Inc. 660 32 32 Boston Scientific Corp. 27,846 174 159 Bristol-Myers Squibb Co. 34,032 920 1,105 Cardinal Health, Inc. 6,969 271 286 CareFusion Corp. 4,544 120 129 Celgene Corp. 8,753 547 686 Cerner Corp. 3,037 158 235 Cigna Corp. 5,892 231 314 Community Health Systems, Inc. 860 25 26 Covance, Inc. 560 32 32 Coventry Health Care, Inc. 5,384 188 240 Covidien PLC 9,805 510 564 CR Bard, Inc. 1,593 149 155 DaVita, Inc. 1,745 141 192 DENTSPLY International, Inc. 2,926 103 115 Edwards Lifesciences Corp. 2,364 204 212 Eli Lilly & Co. 21,102 799 1,036 Express Scripts Holding Co. 16,832 947 905 Forest Laboratories, Inc. 4,777 146 168 Par (000s)/ Health Care (continued) Gilead Sciences, Inc. 16,064 741 1,176 Hospira, Inc. 1,324 67 41 Humana, Inc. 2,299 126 157 Intuitive Surgical, Inc. 815 318 398 Johnson & Johnson 57,171 3,684 3,991 Laboratory Corp. of America 1,959 161 169 Life Technologies Corp. 3,581 184 175 McKesson Corp. 4,876 405 471 Medtronic, Inc. 20,789 838 849 Mylan, Inc. 8,473 183 232 Patterson Cos., Inc. 1,702 54 58 PerkinElmer, Inc. 3,349 90 106 Perrigo Co. 1,844 195 191 Pfizer, Inc. 151,792 2,902 3,792 Quest Diagnostics, Inc. 3,244 177 188 Regeneron Pharmaceuticals, Inc. 190 32 32 Sirona Dental Systems, Inc. 510 32 33 St. Jude Medical, Inc. 4,641 185 167 Stryker Corp. 5,998 321 327 Team Health, Inc. 2,220 63 64 Tenet Healthcare Corp. 3,144 79 102 Thermo Fisher Scientific, Inc. 7,467 417 474 UnitedHealth Group, Inc. 21,108 882 1,140 Universal Health Services-Class B 570 26 27 Varian Medical Systems, Inc. 2,262 131 158 Waters Corp. 1,791 133 155 Watson Pharmaceuticals, Inc. 2,608 168 223 WellPoint, Inc. 5,177 332 314 Zimmer, Inc. 3,569 212 237 25,074 29,675 Industrials 10.2% 3M Co. 13,133 1,119 1,214 ACE Aviation, Inc. 6,992 435 555 ADT Corp. 4,810 176 223 AMETEK, Inc. 860 32 32 Avery Dennison Corp. 2,098 73 73 Boeing Co. 13,992 963 1,050 C.H. Robinson Worldwide, Inc. 3,299 211 208 Caterpillar, Inc. 13,489 1,086 1,204 Cintas Corp. 2,196 70 89 CNH Global 840 33 34 Colfax Corp. 820 33 33 Copart, Inc. 1,090 32 32 CSX Corp. 17,881 352 351 Cummins, Inc. 3,668 299 396 Danaher Corp. 12,030 579 670 Deere & Co. 8,064 584 694 Dover Corp. 3,650 187 239 The accompanying notes are an integral part of the financial statements. 33
BlackRock CDN US Equity Index Plus Non-Taxable Fund Par (000s)/ Industrials (continued) Dun & Bradstreet Corp. 897 68 70 Eaton Corp. PLC 9,429 484 509 Emerson Electric Co. 14,962 744 789 Equifax, Inc. 3,061 120 165 Expeditors International of Washington, Inc. 4,300 174 169 Fastenal Co. 5,506 179 256 FedEx Corp. 6,023 523 550 Flowserve Corp. 1,045 113 153 Fluor Corp. 3,411 170 200 General Dynamics Corp. 6,851 466 472 General Electric Co. 216,192 3,901 4,516 Honeywell International, Inc. 16,151 811 1,021 Illinois Tool Works, Inc. 8,748 473 530 Ingersoll-Rand PLC 5,717 245 273 Iron Mountain, Inc. 3,465 98 107 Jacobs Engineering Group, Inc. 2,678 116 113 Joy Global, Inc. 2,172 182 138 L-3 Communications, Inc. 1,973 159 150 Lincoln Electric, Inc. 670 32 32 Lockheed Martin Corp. 5,557 462 511 Masco Corp. 7,320 99 121 Nordson Corp. 520 32 33 Norfolk Southern Corp. 5,430 346 334 Northrop Grumman Corp. 5,051 314 340 Paccar, Inc. 7,335 327 330 Pall Corp. 2,247 97 135 Parker Hannifin Corp. 3,053 212 259 Pentair, Ltd. 4,384 191 215 Pitney Bowes, Inc. 10 - - Precision Castparts Corp. 2,998 405 565 Quanta Services, Inc. 4,406 101 120 Raytheon Co. 6,756 369 387 Republic Services, Inc. 6,119 185 179 Robert Half International, Inc. 2,895 78 92 Rockwell Automation, Inc. 2,884 178 241 Rockwell Collins, Inc. 2,904 172 168 Roper Industries, Inc. 2,334 189 259 Ryder System, Inc. 1,070 49 53 Snap-On, Inc. 1,598 95 126 Southwest Airlines Co. 15,178 185 155 Stanley Black & Decker, Inc. 3,503 224 258 Stericycle, Inc. 1,750 130 162 Textron, Inc. 5,739 125 142 Toro Co. 770 33 33 TRW Automotive Corp. 610 32 33 Union Pacific Corp. 9,678 862 1,211 United Parcel Service, Inc.-Class B 14,781 1,003 1,085 Par (000s)/ Industrials (continued) United Technologies Corp. 17,416 1,296 1,422 Valmont Industries, Inc. 240 32 33 Verisk Analytics, Inc.-Class A 640 32 32 W.W. Grainger, Inc. 1,225 182 247 Waste Management, Inc. 9,051 310 304 Xylem, Inc. 3,879 102 105 23,771 27,000 Information Technology 17.6% Adobe Systems, Inc. 10,190 339 382 Advanced Micro Devices, Inc. 11,428 77 27 Agilent Technologies, Inc. 7,243 253 295 Akamai Technologies, Inc. 3,622 157 148 Altera Corp. 6,681 199 229 Amphenol Corp.-Class A 3,289 160 212 Analog Devices, Inc. 6,226 222 261 Apple, Inc. 19,398 7,459 10,295 Applied Materials, Inc. 24,459 318 278 Automatic Data Processing, Inc. 9,988 479 567 BMC Software, Inc. 2,996 120 118 Broadcom Corp.-Class A 10,698 385 354 CA, Inc. 4,098 95 90 Cisco Systems, Inc. 109,589 2,369 2,144 Citrix Systems, Inc. 2,855 154 187 Cognizant Technology Solutions Corp.-Class A 6,173 365 455 Computer Sciences Corp. 4,003 183 160 CoreLogic, Inc. 1,200 32 32 Corning, Inc. 30,262 458 380 Dell, Inc. 24,041 321 243 Dolby Laboratories, Inc.-Class A 600 19 18 DST Systems, Inc. 530 32 32 ebay, Inc. 24,650 750 1,252 EMC Corp., Massachusetts 43,432 1,025 1,095 F5 Networks, Inc. 1,614 207 156 Fidelity National Information Services, Inc. 5,116 154 177 First Solar, Inc. 1,210 123 37 Fiserv, Inc. 3,182 188 250 Flir Systems, Inc. 271 8 6 Genpact, Ltd. 4,440 68 68 Google, Inc.-Class A 5,491 3,262 3,878 Harris Corp. 2,313 112 113 Hewlett-Packard Co. 36,027 1,203 511 Intel Corp. 99,371 2,277 2,041 International Business Machines Corp. 21,898 3,518 4,177 Intuit, Inc. 5,738 281 340 Jabil Circuit, Inc. 3,924 67 75 The accompanying notes are an integral part of the financial statements. 34
BlackRock CDN US Equity Index Plus Non-Taxable Fund Par (000s)/ Information Technology (continued) Jack Henry & Associates, Inc. 820 32 32 JDS Uniphase Corp. 4,919 58 66 Juniper Networks, Inc. 10,758 299 211 KLA-Tencor Corp. 3,401 126 162 Lam Research Corp. 3,500 122 126 Linear Technology Corp. 4,703 147 161 LSI Corp. 11,449 68 81 MasterCard, Inc.-Class A 2,277 731 1,115 Microchip Technology, Inc. 2,036 63 66 Micron Technology, Inc. 20,783 154 131 Microsoft Corp. 153,899 4,242 4,095 Molex, Inc. 2,812 64 76 Motorola Solutions, Inc. 5,735 253 318 NetApp, Inc. 7,423 326 248 NetSuite, Inc. 490 32 33 NVIDIA Corp. 7,789 104 95 Oracle Corp. 77,495 2,133 2,571 Paychex, Inc. 6,596 201 204 QUALCOMM, Inc. 35,132 1,895 2,170 Rackspace Hosting, Inc. 440 32 33 Red Hat, Inc. 3,943 158 208 SAIC, Inc. 6,034 90 68 Salesforce.Com, Inc. 2,708 374 453 SanDisk Corp. 4,935 228 214 Seagate Technology PLC 7,013 191 213 Symantec Corp. 14,363 228 269 TE Connectivity, Ltd. 8,741 301 323 Teradata Corp. 2,501 108 154 Teradyne, Inc. 3,830 48 64 Texas Instruments, Inc. 23,191 651 715 Total System Services, Inc. 3,303 57 70 Trimble Navigation, Ltd. 540 32 32 VeriSign, Inc. 1,539 54 59 Western Digital Corp. 3,048 117 129 Western Union Co. 7,674 127 104 Xerox Corp. 16,238 147 110 Xilinx, Inc. 5,356 155 191 Yahoo!, Inc. 21,566 344 427 41,931 46,880 Materials 3.7% Air Products & Chemicals, Inc. 4,389 334 367 Airgas, Inc. 1,476 113 134 Alcoa, Inc. 21,796 272 188 Allegheny Technologies, Inc. 83 4 3 Ball Corp. 3,160 99 141 Bemis Co. 2,108 66 70 CF Industries, Inc. 1,306 182 264 Cliffs Natural Resources, Inc. 1,157 65 44 Par (000s)/ Materials (continued) Dow Chemical Co. (The) 24,653 723 794 Eastman Chemical Co. 3,201 129 217 Ecolab, Inc. 5,900 345 422 EI Du Pont de Nemours & Co. 17,848 789 799 FMC Corp. 2,805 104 163 Freeport-McMoran Copper & Gold, Inc. 19,554 768 666 International Flavors & Fragrances, Inc. 1,683 86 112 International Paper Co. 9,065 249 360 Intrepid Potash, Inc. 380 8 8 LyondellBasell Industries-Class A 7,807 391 444 MeadWestvaco Corp. 3,575 94 113 Monsanto Co. 11,022 695 1,039 Mosaic Co. 5,741 328 324 NewMarket Corp. 120 31 31 Newmont Mining Corp. 8,855 492 410 Nucor Corp. 6,602 280 284 Osisko Mining Corp. 1,110 32 33 Owens-Illinois, Inc. 3,369 95 71 PPG Industries, Inc. 3,402 314 458 Praxair, Inc. 6,141 540 669 Sealed Air Corp. 3,963 70 69 Sigma-Aldrich Corp. 2,467 151 181 Tyco International, Ltd. 7,415 298 216 United States Steel Corp. 2,977 122 71 Valspar Corp. 520 32 32 Vulcan Materials Co. 3,263 163 169 Westlake Chemical Corp. 410 32 32 Weyerhaeuser Co. 12,318 324 341 8,820 9,739 Telecommunication Services 3.0% AT&T, Inc. 117,103 3,437 3,932 CenturyTel, Inc. 12,852 479 501 Clearwire Corp.-Class A 11,150 32 32 Crown Castle International Corp. 6,513 385 468 Frontier Communications Corp. 20,392 145 87 MetroPCS Communications, Inc. 6,495 62 64 SBA Communications Corp.-Class A 460 32 32 Sprint Nextel Corp. 62,221 315 351 Verizon Communications, Inc. 58,899 2,020 2,537 Windstream Corp. 4,461 51 37 6,958 8,041 Utilities 3.4% AES Corp. (The) 6,631 71 71 AGL Resources, Inc. 2,400 98 95 Ameren Corp. 4,956 137 152 American Electric Power Co., Inc. 10,024 366 426 The accompanying notes are an integral part of the financial statements. 35
BlackRock CDN US Equity Index Plus Non-Taxable Fund Par (000s)/ Utilities (continued) Centerpoint Energy, Inc. 8,731 139 167 CMS Energy Corp. 5,413 112 131 Consolidated Edison, Inc. 6,074 315 336 Dominion Resources, Inc. 11,813 528 609 DTE Energy Co. 3,509 180 210 Duke Energy Corp. 14,558 821 925 Edison International 6,767 250 304 Entergy Corp. 3,701 277 235 EQT Corp. 3,056 139 179 Exelon Corp. 15,465 600 458 FirstEnergy Corp. 8,665 332 360 FPL Group, Inc. 8,712 499 600 Integrys Energy Group, Inc. 1,591 79 83 NiSource, Inc. 6,327 118 157 Northeast Utilities 6,411 215 249 ONEOK, Inc. 4,189 130 178 Pepco, Inc. 4,674 82 91 PG&E Corp. 8,865 395 355 Pinnacle West Capital Corp. 2,261 95 115 PPL Corp. 12,038 330 343 Public Service Enterprise Group, Inc. 10,500 343 320 Scana Corp. 2,722 116 124 Sempra Energy 4,663 250 329 Southern Co. (The) 17,992 723 767 TECO Energy, Inc. 4,343 73 72 Wisconsin Energy Corp. 4,708 137 173 Xcel Energy, Inc. 10,144 240 270 8,190 8,884 Total Common Stocks 231,929 262,934 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Government Guaranteed 0.1 0.2 Consumer Discretionary 11.8 10.6 Consumer Staples 10.4 11.2 Energy 10.8 11.9 Financials 16.9 14.3 Health Care 11.2 10.8 Industrials 10.2 10.4 Information Technology 17.6 17.9 Materials 3.7 3.6 Telecommunication Services 3.0 3.1 Utilities 3.4 3.8 Foreign Index Equivalents 0.1 0.6 Other Assets and Liabilities 0.8 1.6 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. Foreign Index Equivalents 0.1% SPDR S&P 500 ETF Trust 2,097 294 298 Total Foreign Index Equivalents 294 298 Transaction Costs (Note 2) (33) Total Investments 232,486 263,530 Other Assets and Liabilities 0.8% 2,218 Net Assets 265,748 The accompanying notes are an integral part of the financial statements. 36
BlackRock CDN US Equity Index Hedged Non-Taxable Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 804,656,007 $ 754,924,811 Cash 8,525 10,988 Net unrealized gain on forward currency contracts (Note 5) 2,854,214 16,862,137 Accounts receivable from issue of units 18,207,277 7,999,990 Accounts receivable for investment sales 1,529,225-827,255,248 779,797,926 Liabilities Operating expenses payable 20,479 19,887 Payables for redemption of units 3,532,225 10,889,693 Payables for investment purchases 17,679,576 6,083,836 Net unrealized loss on forward currency contracts (Note 5) 4,222,334 4,001,678 25,454,614 20,995,094 Net Assets $ 801,800,634 $ 758,802,832 Number of Units Issued and Outstanding (Note 8) 64,207,061 70,580,491 Net Assets per Unit $ 12.49 $ 10.75 Investments at Cost $ 707,599,710 $ 724,255,856 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 37
BlackRock CDN US Equity Index Hedged Non-Taxable Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 21,288,876 $ 18,938,336 Interest income 709 164 21,289,585 18,938,500 Expenses Custodian fees 206 253 Fund accounting expenses 12,127 13,303 Unitholder communication s - 601 Audit fees 14,055 14,915 Securities filing fees 13,308 12,448 Independent review committee fees 361 903 Other operating expenses 2,289 2,945 42,346 45,368 Net Investment Income for the Year 21,247,239 18,893,132 Gain (Loss) on Investments Net realized gain on sale of investments 12,612,567 5,056,620 Net realized gain (loss) from forward currency contracts 33,249,029 (11,234,033) Net change in unrealized appreciation in of investments 66,387,342 8,000,194 Net change in unrealized depreciation in of forward currency contracts (14,228,579) (5,096,582) Net Gain (Loss) on Investments 98,020,359 (3,273,801) Increase in Net Assets from Operations $ 119,267,598 $ 15,619,331 Increase in Net Assets from Operations per Unit $ 1.76 $ 0.21 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 758,802,832 $ 870,252,124 Increase in Net Assets from Operations 119,267,598 15,619,331 Capital Transactions Proceeds from issue of units 33,007,395 50,950,684 Reinvestment of distributions 23,425,288 18,893,047 Redemption of units (109,277,191) (178,019,307) Net capital transactions (52,844,508) (108,175,576) Distributions From net investment income (21,247,242) (18,893,047) From capital gains redemption in kind (Note 9) (2,178,046) - Total distributions (23,425,288) (18,893,047) Increase (Decrease) in Net Assets for the Year 42,997,802 (111,449,292) Net Assets - End of Year $ 801,800,634 $ 758,802,832 The accompanying notes are an integral part of the financial statements. 38
BlackRock CDN US Equity Index Hedged Non-Taxable Fund Foreign Index Equivalents 100.4% BlackRock CDN US Equity Index Non-Taxable Class A 80,167,282 707,600 804,656 Total Foreign Index Equivalents 707,600 804,656 Total Investments 707,600 804,656 Other Assets and Liabilities (0.4)% (2,855) Net Assets 801,801 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Foreign Index Equivalents 100.4 99.5 Other Assets and Liabilities (0.4) 0.5 Open forward currency contracts held by the Fund as at December 31, 2012 as shown in Note 5. The accompanying notes are an integral part of the financial statements. 39
BlackRock CDN US Equity Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair * (Note 2) $ 2,688,930,323 $ 1,732,096,304 Cash 47,384,864 35,964,091 Margin due from brokers 1,523,105 - Dividends receivable 2,967,458 2,219,588 Tax reclaim on dividends receivable 119,363 34,224 Accounts receivable from issue of units 1,001,432 5,111,655 Accounts receivable for investment sales 397,816 274,298 2,742,324,361 1,775,700,160 Liabilities Margin due to brokers - 147,204 Operating expenses payable 63,268 45,551 Payables for redemption of units 2,029,641-2,092,909 192,755 Net Assets $ 2,740,231,452 $ 1,775,507,405 Net Assets per Class Class A $ 777,996,585 $ 680,359,540 Class D 1,962,234,867 1,095,147,865 $ 2,740,231,452 $ 1,775,507,405 Number of Units Issued and Outstanding (Note 8) Class A 90,299,438 89,288,642 Class D 227,768,581 143,736,013 Net Assets per Unit Class A $ 8.62 $ 7.62 Class D $ 8.62 $ 7.62 Investments at Cost* $ 2,532,472,506 $ 1,773,540,975 * Includes short-term investments Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 40
BlackRock CDN US Equity Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 54,284,559 $ 38,625,404 Interest income* 61,770 (25,337) Net gain (loss) from futures contracts 8,082,413 (784,936) Foreign exchange gain (loss) (1,089,643) 1,091,410 Withholding taxes (7,539,639) (5,190,250) 53,799,460 33,716,291 Expenses Custodian fees 157,992 91,749 Fund accounting expenses 84,927 69,431 Unitholder communication s 997 601 Audit fees 22,465 23,902 Securities filing fees 38,956 26,269 Independent review committee fees 871 1,925 Other operating expenses 8,383 7,622 314,591 221,499 Net Investment Income for the Year 53,484,869 33,494,792 Gain on Investments Net realized gain (loss) on sale of investments 5,444,856 (6,705,483) Transaction s (Note 2,13) (95,359) (31,486) Net change in unrealized appreciation in of investments 197,850,185 45,268,404 Net Gain on Investments 203,199,682 38,531,435 Increase in Net Assets from Operations $ 256,684,551 $ 72,026,227 Increase in Net Assets from Operations per Class Class A $ 89,460,312 $ 27,909,341 Class D 167,224,239 44,116,886 $ 256,684,551 $ 72,026,227 Increase in Net Assets from Operations per Unit Class A $ 0.99 $ 0.31 Class D $ 0.95 $ 0.33 * Interest Income, net of foreign exchange loss The accompanying notes are an integral part of the financial statements. 41
BlackRock CDN US Equity Index Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 2012 2011 Fund Class A Class D Net Assets - Beginning of Year $ 1,775,507,405 $ 1,536,583,652 $ 680,359,540 $ 652,883,701 $ 1,095,147,865 $ 883,699,951 Increase in Net Assets from Operations 256,684,551 72,026,227 89,460,312 27,909,341 167,224,239 44,116,886 Capital Transactions Proceeds from issue of units 806,673,808 239,050,665 8,514,805 160,166 798,159,003 238,890,499 Reinvestment of distributions 52,984,471 33,213,899 16,274,767 13,018,190 36,709,704 20,195,709 Redemption of units (98,634,312) (72,153,139) (338,072) (593,668) (98,296,240) (71,559,471) Net capital transactions 761,023,967 200,111,425 24,451,500 12,584,688 736,572,467 187,526,737 Distributions From net investment income (52,984,471) (33,213,899) (16,274,767) (13,018,190) (36,709,704) (20,195,709) Total distributions (52,984,471) (33,213,899) (16,274,767) (13,018,190) (36,709,704) (20,195,709) Increase in Net Assets for the Year 964,724,047 238,923,753 97,637,045 27,475,839 867,087,002 211,447,914 Net Assets - End of Year $ 2,740,231,452 $ 1,775,507,405 $ 777,996,585 $ 680,359,540 $ 1,962,234,867 $ 1,095,147,865 The accompanying notes are an integral part of the financial statements. 42
BlackRock CDN US Equity Index Fund Par (000s)/ Short Term Investments Government Guaranteed 0.2% U.S. Treasury Bill 1.00% March 21, 2013 4,860 4,796 4,838 4,796 4,838 Total Short Term Investments 4,796 4,838 Common Stocks Consumer Discretionary 11.5% Abercrombie & Fitch Co.-Class A 16,852 971 805 Amazon.Com, Inc. 76,665 10,474 19,181 Apollo Group, Inc.-Class A 21,270 1,338 443 AutoNation, Inc. 8,178 202 323 AutoZone, Inc. 7,817 2,042 2,759 Beam, Inc. 33,657 2,264 2,047 Bed Bath & Beyond, Inc. 48,508 2,290 2,699 Best Buy Co., Inc. 56,093 2,036 661 Big Lots, Inc. 12,194 330 345 BorgWarner, Inc. 24,756 1,636 1,765 Cablevision Systems-NY Group A 45,515 1,295 677 CarMax, Inc. 48,441 1,236 1,811 Carnival Corp. 94,360 3,954 3,454 CBS Corp.-Class B 125,044 3,292 4,737 Chipotle Mexican Grill, Inc. 6,650 1,811 1,967 Coach, Inc. 60,006 2,494 3,317 Comcast Corp.-Class A 562,223 14,419 20,926 D.R. Horton, Inc. 59,095 1,290 1,163 Darden Restaurants, Inc. 27,270 1,126 1,224 Delphi Automotive PLC 62,471 2,246 2,379 DIRECTV 127,835 4,659 6,386 Discovery Communications-Class A 50,550 1,985 3,195 Dollar General Corp. 55,578 2,753 2,441 Dollar Tree, Inc. 48,093 2,111 1,942 Electrolux AB-Class B 64,623 2,205 934 Expedia, Inc. 19,758 1,075 1,209 Family Dollar Stores, Inc. 20,280 894 1,280 Ford Motor Co. 806,611 8,142 10,401 Fossil, Inc. 11,439 1,344 1,060 GameStop Corp.-Class A 25,647 990 640 Gannett Co., Inc. 48,810 2,119 875 Gap (The), Inc. 62,912 1,529 1,943 Garmin, Ltd. 23,018 962 935 Genuine Parts Co. 32,880 1,692 2,081 Goodyear Tire & Rubber Co. (The) 51,677 844 710 H&R Block, Inc. 57,188 1,299 1,057 Harley-Davidson, Inc. 47,881 2,291 2,329 Harman International Industries, Inc. 14,237 874 633 Hasbro, Inc. 24,446 824 873 Home Depot, Inc. 316,351 13,260 19,482 International Game Technology 56,333 1,537 795 Par (000s)/ Consumer Discretionary (continued) Interpublic Group of Cos., Inc. 91,328 1,015 1,003 JC Penney Co., Inc. 30,172 1,166 592 Johnson Controls, Inc. 144,657 4,070 4,418 Kohl s Corp. 44,792 2,475 1,917 Leggett & Platt, Inc. 30,016 766 814 Lennar Corp.-Class A 34,721 1,230 1,337 Lowe s Cos., Inc. 237,975 6,879 8,417 Ltd. Brands 50,631 1,573 2,372 Macy s, Inc. 83,653 2,629 3,250 Marriott International, Inc.-Class A 52,097 1,789 1,933 Mattel, Inc. 72,586 1,905 2,646 McDonald s Corp. 212,423 13,787 18,664 McGraw-Hill Cos. (The), Inc. 58,770 2,738 3,199 NetFlix, Inc. 11,714 1,682 1,081 Newell Rubbermaid, Inc. 60,925 1,316 1,351 News Corp.-Class A 426,625 8,174 10,845 Nike, Inc.-Class B 154,444 5,456 7,935 Nordstrom, Inc. 32,228 1,297 1,717 O Reilly Automotive, Inc. 24,261 1,363 2,161 Omnicom Group 55,850 2,628 2,779 PetSmart, Inc. 22,683 1,507 1,544 Priceline.Com, Inc. 10,550 3,715 6,525 Pulte Homes, Inc. 71,902 1,714 1,300 Ralph Lauren Corp. 12,966 1,391 1,935 Ross Stores, Inc. 47,061 1,638 2,537 Scripps Networks Interactive-Class A 18,398 867 1,061 Sherwin-Williams Co. (The) 18,104 1,495 2,773 Staples, Inc. 142,651 2,847 1,618 Starbucks Corp. 157,341 5,204 8,403 Starwood Hotels & Resorts Worldwide, Inc. 41,454 2,185 2,367 Target Corp. 137,704 7,727 8,112 Tiffany & Co. 25,284 1,271 1,444 Time Warner Cable 63,856 3,980 6,181 Time Warner, Inc. 200,255 8,044 9,537 TJX Cos., Inc. 154,311 3,750 6,522 Tripadvisor, Inc. 23,117 758 965 Urban Outfitters, Inc. 23,021 756 902 VF Corp. 18,642 1,838 2,802 Viacom, Inc.-Class B 97,764 5,330 5,135 Walt Disney Co. (The) 374,947 14,118 18,585 Washington Post Co. (The)-Class B 944 553 342 Whirlpool Corp. 16,468 1,345 1,669 Wyndham Worldwide Corp. 29,694 1,006 1,573 Wynn Resorts, Ltd. 16,843 1,360 1,885 Yum! Brands, Inc. 95,604 4,160 6,323 252,632 314,355 The accompanying notes are an integral part of the financial statements. 43
BlackRock CDN US Equity Index Fund Par (000s)/ Consumer Staples 10.3% Altria Group, Inc. 428,481 10,539 13,409 Archer-Daniels-Midland Co. 139,335 4,139 3,799 Avon Products, Inc. 91,149 2,841 1,304 Brown-Forman Corp.-Class B 32,111 1,459 2,021 Campbell Soup Co. 37,998 1,398 1,320 Clorox Co. 27,598 1,894 2,012 Coca-Cola Co. (The) 816,104 25,792 29,473 Coca-Cola Ent., Inc. 57,116 1,415 1,805 Colgate-Palmolive Co. 93,967 7,795 9,783 ConAgra Foods, Inc. 86,208 2,327 2,532 Constellation Brands, Inc.-Class A 32,030 843 1,129 Costco Wholesale Corp. 91,484 6,465 9,001 CVS Caremark Corp. 263,783 9,702 12,704 Dean Foods Co. 38,981 920 640 Dr Pepper Snapple Group, Inc. 44,051 1,447 1,937 Estee Lauder Cos. (The), Inc.-Class A 50,823 1,843 3,029 General Mills, Inc. 136,533 4,800 5,494 Hershey Co. (The) 31,652 1,818 2,276 HJ Heinz Co. 67,835 3,396 3,897 Hormel Foods Corp. 28,277 656 878 JM Smucker Co. (The) 22,959 1,392 1,971 Kellogg Co. 52,316 2,779 2,909 Kimberly-Clark Corp. 82,796 6,265 6,958 Kraft Foods Group, Inc. 125,327 4,408 5,672 Kroger Co. (The) 108,739 2,683 2,817 Lorillard, Inc. 27,395 2,520 3,182 McCormick & Co., Inc. 27,984 1,307 1,769 Mead Johnson Nutrition Co.-Class A 42,996 2,355 2,821 Molson Coors Brewing Co.-Class B 33,059 1,520 1,408 Mondelez International, Inc. 375,963 8,356 9,538 Monster Beverage Corp. 31,561 2,150 1,662 PepsiCo, Inc. 327,282 22,288 22,303 Philip Morris International, Inc. 353,451 21,116 29,439 Procter & Gamble Co. (The) 578,497 38,372 39,117 Reynolds American, Inc. 68,611 2,241 2,830 Safeway, Inc. 50,515 1,240 909 Sysco Corp. 124,349 4,278 3,920 Tyson Foods, Inc.-Class A 60,573 1,036 1,170 Wal-Mart Stores, Inc. 353,891 22,518 24,053 Walgreen Co. 181,747 7,295 6,701 Whole Foods Market, Inc. 36,500 2,447 3,319 250,055 282,911 Energy 10.7% Anadarko Petroleum Corp. 105,729 6,171 7,824 Apache Corp. 82,779 7,322 6,469 Baker Hughes, Inc. 93,006 4,935 3,783 Cabot Oil & Gas Corp. 44,306 1,398 2,195 Cameron International Corp. 52,190 2,356 2,933 Par (000s)/ Energy (continued) Chesapeake Energy Corp. 109,504 3,100 1,811 Chevron Corp. 414,097 35,924 44,621 ConocoPhillips 256,818 13,034 14,834 Consol Energy, Inc. 48,322 2,032 1,544 Denbury Resources, Inc. 81,915 1,410 1,321 Devon Energy Corp. 79,681 5,278 4,129 Diamond Offshore Drilling, Inc. 14,663 1,117 992 Ensco PLC-Class A 49,138 2,767 2,899 EOG Resources, Inc. 57,308 4,987 6,892 Exxon Mobil Corp. 964,634 74,220 83,178 FMC Technologies, Inc. 50,297 1,627 2,144 Halliburton Co. 196,323 6,261 6,783 Helmerich & Payne, Inc. 22,296 1,021 1,243 Hess Corp. 62,883 3,578 3,315 Kinder Morgan, Inc. 133,793 4,346 4,707 Marathon Oil Corp. 149,443 5,137 4,561 Marathon Petroleum Corp. 71,755 3,028 4,500 Murphy Oil Corp. 39,101 2,377 2,318 Nabors Industries, Ltd. 61,246 1,461 881 National Oilwell Varco, Inc. 90,315 4,940 6,148 Newfield Exploration Company 28,467 1,662 759 Noble Corp. 53,570 1,978 1,857 Noble Energy, Inc. 37,633 2,916 3,812 NRG Energy, Inc. 68,167 1,579 1,560 Occidental Petroleum Corp. 171,406 11,859 13,075 Peabody Energy Corp. 56,611 2,327 1,500 Phillips 66 132,299 4,460 6,994 Pioneer Natural Resources Co. 26,069 1,831 2,767 QEP Resources, Inc. 37,827 1,215 1,140 Range Resources Corp. 34,441 1,869 2,155 Rowan Cos. PLC 26,194 872 815 Schlumberger, Ltd. 280,869 18,728 19,378 Southwestern Energy Co. 73,917 3,007 2,458 Spectra Energy Corp. 140,852 3,692 3,839 Tesoro Corp. 29,716 975 1,303 Valero Energy Corp. 117,100 4,013 3,976 Williams Cos., Inc. 142,549 3,779 4,646 WPX Energy, Inc. 41,971 740 622 267,329 294,681 Financials 16.6% Aflac, Inc. 99,200 4,843 5,246 Allstate Corp. (The) 101,953 4,563 4,078 American Express Co. 205,998 10,926 11,790 American International Group, Inc. 312,331 26,370 10,978 American Tower Corp. REIT 83,640 4,292 6,433 Ameriprise Financial, Inc. 43,559 1,990 2,716 AON PLC 67,437 2,945 3,733 The accompanying notes are an integral part of the financial statements. 44
BlackRock CDN US Equity Index Fund Par (000s)/ Financials (continued) Apartment Investment & Management Co. REIT-Class A 30,695 835 827 Assurant, Inc. 16,678 793 576 Australia & New Zealand Banking Group, Ltd. 47,566 1,578 1,673 AvalonBay Communities, Inc. REIT 24,197 3,057 3,266 Bank of America Corp. 2,280,289 49,235 26,360 Bank of New York Mellon Corp. 247,278 8,074 6,330 BB&T Corp. 148,009 5,080 4,290 Berkshire Hathaway, Inc.-Class B 385,927 31,621 34,500 BlackRock, Inc. 27,000 5,007 5,557 Boston Properties, Inc. REIT 31,915 3,057 3,362 Capital One Financial Corp. 123,061 7,129 7,099 CBRE Group, Inc. 63,699 1,188 1,263 Charles Schwab Corp. (The) 231,975 3,716 3,317 Chubb Corp. 55,432 3,253 4,157 Cincinnati Financial Corp. 30,856 1,217 1,203 Citigroup, Inc. 620,425 45,930 24,451 CME Group, Inc. 64,884 5,188 3,275 Comerica, Inc. 40,301 1,709 1,217 Discover Financial Services 106,820 2,582 4,100 E*Trade Financial Corp. 54,126 1,295 482 Equity Residential REIT 68,063 3,279 3,839 Fifth Third Bancorp 189,938 4,038 2,875 First Horizon National Corp. 51,992 847 513 Franklin Resources, Inc. 29,161 3,018 3,650 Genworth Financial, Inc.-Class A 103,715 1,872 776 Goldman Sachs Group, Inc. 93,468 13,167 11,877 Hartford Financial Services Group, Inc. 92,390 3,753 2,064 HCP, Inc. 95,635 3,524 4,300 Health Care, Inc. REIT 54,934 2,754 3,352 Host Hotels & Resorts, Inc. REIT 153,309 2,759 2,392 Hudson City Bancorp, Inc. 100,247 1,270 810 Huntington Bancshares, Inc. 181,074 1,648 1,152 IntercontinentalExchange, Inc. 15,352 1,980 1,892 Invesco, Ltd. 93,942 2,177 2,439 JPMorgan Chase & Co. 804,256 35,026 35,227 Keycorp 197,638 2,581 1,657 Kimco Realty Corp. REIT 86,367 1,971 1,661 Legg Mason, Inc. 24,835 1,482 636 Leucadia National Corp. 41,787 1,364 989 Lincoln National Corp. 58,220 2,152 1,501 Loews Corp. 65,700 2,508 2,666 M&T Bank Corp. 25,724 2,370 2,522 Marsh & McLennan Cos., Inc. 115,164 4,007 3,951 Merck & Co., Inc. 643,181 26,605 26,225 Metlife, Inc. 230,820 9,445 7,568 Moody s Corp. 41,021 1,676 2,055 Morgan Stanley 292,373 9,619 5,566 Par (000s)/ Financials (continued) NASDAQ OMX Group, Inc. 24,686 745 615 Northern Trust Corp. 46,180 2,611 2,306 NYSE Euronext 51,440 2,643 1,615 People s United Financial, Inc. 73,277 1,273 882 Plum Creek Timber Co., Inc. REIT 34,076 1,353 1,504 PNC Financial Services Group, Inc. 111,890 9,051 6,496 Principal Financial Group 58,527 2,058 1,662 Progressive Corp. (The) 117,754 2,644 2,474 ProLogis, Inc. REIT 97,504 3,944 3,543 Prudential Financial, Inc. 98,153 5,854 5,211 Public Storage, Inc. REIT 30,503 3,259 4,403 Regions Financial Corp. 298,200 3,699 2,114 Simon Property Group, Inc. REIT 65,447 6,907 10,302 SLM Corp. 97,833 2,548 1,670 State Street Corp. 98,360 5,130 4,604 SunTrust Banks, Inc. 113,986 4,609 3,216 T Rowe Price Group, Inc. 53,916 2,744 3,496 Torchmark Corp. 20,123 852 1,035 Travelers Cos. (The), Inc. 80,716 4,476 5,772 U.S. Bancorp 397,859 12,565 12,653 Unum Group 58,251 1,227 1,207 Ventas, Inc. REIT 62,525 3,065 4,028 Visa, Inc.-Class A 110,305 11,389 16,636 Vornado Realty Trust-REIT 35,833 3,055 2,857 Wells Fargo & Co. 1,035,828 42,067 35,283 XL Group PLC 63,636 1,990 1,587 Zions Bancorporation 38,837 1,359 828 527,482 454,433 Health Care 11.0% Abbott Laboratories 334,417 19,539 21,813 Accenture PLC-Class A 135,087 8,139 8,945 Aetna, Inc. 70,781 2,731 3,264 Alexion Pharmaceuticals 41,101 4,000 3,836 Allergan, Inc. 65,061 4,408 5,940 AmerisourceBergen Corp. 49,841 1,399 2,143 Amgen, Inc. 162,361 11,625 13,960 Baxter International, Inc. 116,226 6,367 7,714 Becton Dickinson & Co. 41,683 3,169 3,246 Biogen Idec, Inc. 50,055 4,216 7,307 Boston Scientific Corp. 290,639 4,102 1,655 Bristol-Myers Squibb Co. 349,265 10,496 11,341 Cardinal Health, Inc. 71,972 3,221 2,951 CareFusion Corp. 46,815 1,427 1,332 Celgene Corp. 89,504 5,699 7,009 Cerner Corp. 30,848 1,670 2,384 Cigna Corp. 60,503 2,373 3,219 Coventry Health Care, Inc. 28,460 1,191 1,270 Covidien PLC 100,171 5,175 5,758 The accompanying notes are an integral part of the financial statements. 45
BlackRock CDN US Equity Index Fund Par (000s)/ Health Care (continued) CR Bard, Inc. 16,205 1,432 1,577 DaVita, Inc. 17,731 1,263 1,951 DENTSPLY International, Inc. 29,909 1,094 1,179 Edwards Lifesciences Corp. 24,415 2,122 2,191 Eli Lilly & Co. 216,047 11,397 10,610 Express Scripts Holding Co. 172,719 9,781 9,283 Forest Laboratories, Inc. 49,611 2,249 1,745 Gilead Sciences, Inc. 160,291 7,107 11,729 Hospira, Inc. 34,829 1,413 1,083 Humana, Inc. 33,489 1,861 2,288 Intuitive Surgical, Inc. 8,406 2,961 4,102 Johnson & Johnson 586,312 40,718 40,924 Laboratory Corp. of America 20,025 1,501 1,726 Life Technologies Corp. 36,420 1,396 1,781 McKesson Corp. 49,935 3,274 4,821 Medtronic, Inc. 213,996 10,414 8,740 Mylan, Inc. 86,205 1,807 2,358 Patterson Cos., Inc. 17,679 628 602 PerkinElmer, Inc. 24,370 625 770 Perrigo Co. 18,667 1,949 1,933 Pfizer, Inc. 1,557,741 40,260 38,916 Quest Diagnostics, Inc. 33,662 1,926 1,952 St. Jude Medical, Inc. 65,227 2,769 2,348 Stryker Corp. 61,189 3,363 3,339 Tenet Healthcare Corp. 22,514 662 727 Thermo Fisher Scientific, Inc. 76,225 3,747 4,842 UnitedHealth Group, Inc. 216,135 10,148 11,673 Varian Medical Systems, Inc. 23,160 1,291 1,619 Waters Corp. 18,386 1,188 1,595 Watson Pharmaceuticals, Inc. 27,044 1,471 2,316 WellPoint, Inc. 64,239 4,137 3,897 Zimmer, Inc. 36,715 2,638 2,436 279,539 302,140 Industrials 10.0% 3M Co. 134,677 12,046 12,451 ACE Aviation, Inc. 71,889 4,520 5,711 ADT Corp. 49,174 1,767 2,277 Avery Dennison Corp. 21,097 1,001 734 Boeing Co. 143,581 10,155 10,778 C.H. Robinson Worldwide, Inc. 34,070 2,026 2,145 Caterpillar, Inc. 138,349 9,938 12,346 Cintas Corp. 22,451 889 914 CSX Corp. 218,255 3,500 4,285 Cummins, Inc. 37,367 2,225 4,031 Danaher Corp. 123,085 5,254 6,853 Deere & Co. 82,861 5,040 7,130 Dover Corp. 37,888 1,922 2,481 Par (000s)/ Industrials (continued) Dun & Bradstreet Corp. 9,465 838 741 Eaton Corp. PLC 97,689 4,999 5,272 Emerson Electric Co. 153,224 7,058 8,083 Equifax, Inc. 25,287 989 1,363 Expeditors International of Washington, Inc. 44,169 1,913 1,739 Fastenal Co. 57,087 1,808 2,653 FedEx Corp. 61,796 5,732 5,645 Flowserve Corp. 10,582 1,067 1,546 Fluor Corp. 35,228 1,705 2,062 General Dynamics Corp. 70,212 4,857 4,843 General Electric Co. 2,218,637 61,395 46,347 Honeywell International, Inc. 165,732 8,287 10,475 Illinois Tool Works, Inc. 90,223 4,652 5,464 Ingersoll-Rand PLC 59,244 2,523 2,829 Iron Mountain, Inc. 35,347 1,050 1,092 Jacobs Engineering Group, Inc. 27,598 1,560 1,170 Joy Global, Inc. 22,336 1,823 1,418 L-3 Communications, Inc. 19,912 1,696 1,518 Lockheed Martin Corp. 56,821 4,776 5,223 Masco Corp. 75,331 1,625 1,250 Norfolk Southern Corp. 66,880 3,731 4,117 Northrop Grumman Corp. 51,942 3,406 3,495 Paccar, Inc. 74,594 3,014 3,356 Pall Corp. 23,519 1,010 1,411 Parker Hannifin Corp. 31,533 2,059 2,671 Pentair, Ltd. 44,483 1,942 2,177 Pitney Bowes, Inc. 42,840 1,362 454 Precision Castparts Corp. 30,790 4,106 5,805 Quanta Services, Inc. 44,959 1,096 1,221 Raytheon Co. 69,806 3,654 4,001 Republic Services, Inc. 63,195 1,799 1,846 Robert Half International, Inc. 29,909 886 947 Rockwell Automation, Inc. 29,485 1,766 2,466 Rockwell Collins, Inc. 29,681 1,601 1,719 Roper Industries, Inc. 20,813 1,526 2,309 Ryder System, Inc. 10,878 510 541 Snap-On, Inc. 12,268 651 965 Southwest Airlines Co. 155,820 2,034 1,589 Stanley Black & Decker, Inc. 35,705 2,172 2,630 Stericycle, Inc. 18,179 1,420 1,688 Textron, Inc. 59,674 1,807 1,472 Union Pacific Corp. 99,530 7,632 12,459 United Parcel Service, Inc.-Class B 151,393 11,412 11,116 United Technologies Corp. 178,396 12,470 14,567 W.W. Grainger, Inc. 12,646 1,567 2,548 Waste Management, Inc. 92,246 3,285 3,098 Xylem, Inc. 39,149 1,019 1,056 259,573 274,593 The accompanying notes are an integral part of the financial statements. 46
BlackRock CDN US Equity Index Fund Par (000s)/ Information Technology 17.7% Adobe Systems, Inc. 104,728 3,532 3,928 Advanced Micro Devices, Inc. 129,319 1,371 309 Agilent Technologies, Inc. 73,766 2,670 3,008 Akamai Technologies, Inc. 37,645 1,451 1,533 Altera Corp. 67,811 1,961 2,326 Amphenol Corp.-Class A 33,967 1,581 2,188 Analog Devices, Inc. 63,749 2,527 2,669 Apple, Inc. 199,023 56,255 105,627 Applied Materials, Inc. 253,469 4,177 2,885 Automatic Data Processing, Inc. 102,705 5,128 5,829 BMC Software, Inc. 30,180 1,004 1,192 Broadcom Corp.-Class A 109,767 3,588 3,629 CA, Inc. 70,975 1,850 1,553 Cisco Systems, Inc. 1,123,260 25,319 21,977 Citrix Systems, Inc. 39,450 1,914 2,582 Cognizant Technology Solutions Corp.-Class A 63,506 3,199 4,681 Computer Sciences Corp. 32,768 1,454 1,307 Corning, Inc. 312,739 5,302 3,927 Dell, Inc. 308,706 7,110 3,114 ebay, Inc. 246,385 9,083 12,519 EMC Corp., Massachusetts 445,690 8,906 11,232 F5 Networks, Inc. 16,673 2,046 1,612 Fidelity National Information Services, Inc. 52,835 1,474 1,832 First Solar, Inc. 12,672 1,327 389 Fiserv, Inc. 28,251 1,582 2,223 Flir Systems, Inc. 31,880 973 708 Google, Inc.-Class A 56,312 31,415 39,768 Harris Corp. 24,089 1,127 1,174 Hewlett-Packard Co. 415,952 13,697 5,898 Intel Corp. 1,052,819 26,447 21,626 International Business Machines Corp. 224,722 31,615 42,865 Intuit, Inc. 58,872 2,405 3,487 Jabil Circuit, Inc. 39,434 874 757 JDS Uniphase Corp. 49,116 799 661 Juniper Networks, Inc. 109,125 2,456 2,138 KLA-Tencor Corp. 35,131 1,673 1,671 Lam Research Corp. 36,276 1,231 1,305 Linear Technology Corp. 48,943 1,728 1,671 LSI Corp. 117,592 913 829 MasterCard, Inc.-Class A 22,612 7,201 11,069 Microchip Technology, Inc. 41,168 1,428 1,336 Micron Technology, Inc. 214,665 2,001 1,353 Microsoft Corp. 1,602,594 47,633 42,637 Molex, Inc. 29,039 810 790 Motorola Solutions, Inc. 59,363 3,356 3,291 NetApp, Inc. 75,829 2,495 2,533 NVIDIA Corp. 132,167 1,954 1,617 Par (000s)/ Information Technology (continued) Oracle Corp. 795,292 18,829 26,385 Paychex, Inc. 68,430 2,441 2,121 QUALCOMM, Inc. 360,516 17,989 22,263 Red Hat, Inc. 40,918 1,455 2,157 SAIC, Inc. 59,831 1,017 674 Salesforce.Com, Inc. 27,638 2,719 4,624 SanDisk Corp. 51,192 2,288 2,219 Seagate Technology PLC 71,111 1,852 2,158 Symantec Corp. 146,858 3,038 2,752 TE Connectivity, Ltd. 89,428 3,059 3,305 Teradata Corp. 35,770 1,466 2,203 Teradyne, Inc. 39,614 600 666 Texas Instruments, Inc. 237,158 7,259 7,309 Total System Services, Inc. 34,110 788 727 VeriSign, Inc. 32,991 1,058 1,275 Western Digital Corp. 46,407 1,565 1,963 Western Union Co. 126,285 2,444 1,711 Xerox Corp. 267,478 2,878 1,816 Xilinx, Inc. 55,315 1,814 1,977 Yahoo!, Inc. 219,980 4,740 4,357 419,341 485,917 Materials 3.7% Air Products & Chemicals, Inc. 45,028 3,519 3,767 Airgas, Inc. 14,868 921 1,351 Alcoa, Inc. 226,250 4,415 1,953 Allegheny Technologies, Inc. 22,649 1,022 685 Ball Corp. 32,643 946 1,454 Bemis Co. 21,781 693 726 CF Industries, Inc. 13,300 1,884 2,690 Cliffs Natural Resources, Inc. 30,056 1,537 1,154 Dow Chemical Co. (The) 253,709 8,925 8,167 Eastman Chemical Co. 32,442 1,270 2,199 Ecolab, Inc. 55,768 2,983 3,992 EI Du Pont de Nemours & Co. 197,275 9,483 8,835 FMC Corp. 29,142 1,055 1,698 Freeport-McMoran Copper & Gold, Inc. 200,835 7,170 6,839 International Flavors & Fragrances, Inc. 17,187 874 1,139 International Paper Co. 92,900 3,200 3,685 LyondellBasell Industries-Class A 80,309 3,826 4,567 MeadWestvaco Corp. 36,969 1,104 1,173 Monsanto Co. 113,101 7,871 10,659 Mosaic Co. 58,536 3,390 3,301 Newmont Mining Corp. 105,022 5,275 4,856 Nucor Corp. 67,213 2,837 2,888 Owens-Illinois, Inc. 34,810 996 737 PPG Industries, Inc. 32,442 2,688 4,372 The accompanying notes are an integral part of the financial statements. 47
BlackRock CDN US Equity Index Fund Par (000s)/ Materials (continued) Praxair, Inc. 62,831 5,126 6,844 Sealed Air Corp. 40,944 904 714 Sigma-Aldrich Corp. 25,479 1,379 1,866 Tyco International, Ltd. 98,517 4,051 2,867 United States Steel Corp. 30,425 1,397 723 Vulcan Materials Co. 27,485 1,574 1,424 Weyerhaeuser Co. 114,557 3,523 3,174 95,838 100,499 Telecommunication Services 3.0% AT&T, Inc. 1,201,748 39,115 40,349 CenturyTel, Inc. 132,066 4,990 5,144 Crown Castle International Corp. 62,018 3,541 4,455 Frontier Communications Corp. 210,620 1,902 900 MetroPCS Communications, Inc. 66,674 819 660 Sprint Nextel Corp. 635,610 7,320 3,582 Verizon Communications, Inc. 603,797 23,669 26,008 Windstream Corp. 124,031 1,452 1,025 82,808 82,123 Utilities 3.4% AES Corp. (The) 130,975 1,856 1,395 AGL Resources, Inc. 24,788 1,008 986 Ameren Corp. 51,189 2,085 1,566 American Electric Power Co., Inc. 102,655 4,147 4,361 Centerpoint Energy, Inc. 90,171 1,527 1,727 CMS Energy Corp. 55,902 1,027 1,357 Consolidated Edison, Inc. 61,982 3,341 3,426 Dominion Resources, Inc. 121,563 5,641 6,270 DTE Energy Co. 36,403 1,887 2,176 Duke Energy Corp. 148,991 8,757 9,463 Edison International 68,967 2,925 3,103 Entergy Corp. 37,597 3,081 2,386 EQT Corp. 31,562 1,421 1,853 Exelon Corp. 180,727 9,088 5,350 FirstEnergy Corp. 88,491 4,526 3,678 FPL Group, Inc. 89,532 5,208 6,166 Integrys Energy Group, Inc. 16,433 914 854 NiSource, Inc. 65,350 1,486 1,619 Northeast Utilities 66,467 2,221 2,586 ONEOK, Inc. 43,264 1,318 1,841 Pepco, Inc. 48,278 1,023 943 PG&E Corp. 90,962 3,959 3,639 Pinnacle West Capital Corp. 23,108 1,074 1,173 PPL Corp. 123,057 3,811 3,507 Public Service Enterprise Group, Inc. 107,083 3,686 3,262 Scana Corp. 27,914 1,234 1,269 Sempra Energy 47,581 2,683 3,359 Southern Co. (The) 184,926 7,598 7,881 Par (000s)/ Utilities (continued) TECO Energy, Inc. 42,934 767 717 Wisconsin Energy Corp. 48,620 1,470 1,783 Xcel Energy, Inc. 103,241 2,491 2,744 93,260 92,440 Total Common Stocks 2,527,857 2,684,092 Transaction Costs (Note 2) (180) Total Investments 2,532,473 2,688,930 Other Assets and Liabilities 1.9% 51,301 Net Assets 2,740,231 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Government Guaranteed 0.2 0.2 Consumer Discretionary 11.5 10.6 Consumer Staples 10.3 11.2 Energy 10.7 11.9 Financials 16.6 14.3 Health Care 11.0 10.7 Industrials 10.0 10.4 Information Technology 17.7 17.8 Materials 3.7 3.6 Telecommunication Services 3.0 3.1 Utilities 3.4 3.8 Other Assets and Liabilities 1.9 2.4 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 48
BlackRock CDN US Alpha Tilts Non-Taxable Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 434,000,229 $ 451,676,934 Cash 2,354,811 2,470,168 Margin due from brokers 376,458 - Dividends receivable 353,067 367,576 Tax reclaim on dividends receivable 65,135 70,926 Accounts receivable from issue of units - 39,289 Accounts receivable for investment sales 13,544,630 17,746,437 450,694,330 472,371,330 Liabilities Margin due to brokers - 11,417 Operating expenses payable 31,449 29,843 Payables for redemption of units 1,601,165 17,901,301 Payables for investment purchases 12,412,713-14,045,327 17,942,561 Net Assets $ 436,649,003 $ 454,428,769 Number of Units Issued and Outstanding (Note 8) 44,597,407 54,123,344 Net Assets per Unit $ 9.79 $ 8.40 Investments at Cost $ 410,350,427 $ 427,047,174 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 49
BlackRock CDN US Alpha Tilts Non-Taxable Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 13,510,003 $ 10,621,116 Interest income 701 2,253 Net gain from futures contracts 317,905 141,382 Foreign exchange loss (7,301) (27,561) Withholding taxes (26,255) (26,186) 13,795,053 10,711,004 Expenses Custodian fees 141,080 124,475 Fund accounting expenses 40,780 40,716 Unitholder communication s - 601 Audit fees 15,049 15,910 Securities filing fees 7,969 7,663 Independent review committee fees 246 612 Other operating expenses 4,874 1,410 209,998 191,387 Net Investment Income for the Year 13,585,055 10,519,617 Gain on Investments Net realized gain on sale of investments 60,567,460 26,043,448 Transaction s (Note 2,13) (479,117) (555,681) Net change in unrealized appreciation (depreciation) in of investments (980,675) 430,615 Net Gain on Investments 59,107,668 25,918,382 Increase in Net Assets from Operations $ 72,692,723 $ 36,437,999 Increase in Net Assets from Operations per Unit $ 1.39 $ 0.56 Statement of Changes In Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 454,428,769 $ 659,929,936 Increase in Net Assets from Operations 72,692,723 36,437,999 Capital Transactions Proceeds from issue of units 16,762,973 11,602,166 Reinvestment of distributions 19,465,987 10,960,012 Redemption of units (107,235,462) (253,541,332) Net capital transactions (71,006,502) (230,979,154) Distributions From net investment income (13,603,458) (10,960,012) From capital gains redemption in kind (Note 9) (5,862,529) - Total distributions (19,465,987) (10,960,012) Decrease in Net Assets for the Year (17,779,766) (205,501,167) Net Assets - End of Year $ 436,649,003 $ 454,428,769 The accompanying notes are an integral part of the financial statements. 50
BlackRock CDN US Alpha Tilts Non-Taxable Fund Common Stocks Consumer Discretionary 11.6% American Eagle Outfitters, Inc. 10,040 212 205 Apollo Group, Inc.-Class A 27,820 562 579 Beam, Inc. 30,429 1,684 1,851 Brinker International, Inc. 1,065 31 33 Choice Hotels International, Inc. 3,508 145 117 Coach, Inc. 53,153 3,041 2,938 DIRECTV 90,620 4,487 4,527 Dish Network Corp.-Class A 121,229 4,293 4,394 Dollar Tree, Inc. 85,888 3,557 3,469 Fortune Brands Home &, Inc. 12,155 272 354 Gap (The), Inc. 73,037 2,308 2,256 ITT Educational Services, Inc. 6,676 389 115 John Wiley & Sons, Inc.-Class A 20,269 954 787 Kohl s Corp. 23,439 1,003 1,003 Liberty Ventures 20,299 1,001 1,370 Marriott Vacations Worldwide Corp. 3,505 98 145 McDonald s Corp. 10,673 947 938 Michael Kors, Ltd. 17,596 925 894 Nike, Inc.-Class B 43,426 2,098 2,231 NVR, Inc. 1,335 957 1,237 Panera Bread Company 242 38 38 Priceline.Com, Inc. 6,922 3,976 4,281 Ross Stores, Inc. 88,117 5,554 4,751 Sears Hometown And Outlet Stores, Inc. 5,779 172 187 Service Corp. International/US 88,744 1,235 1,218 Tempur-Pedic International, Inc. 18,359 805 576 Thor Industries, Inc. 1,086 40 40 TJX Cos., Inc. 121,287 5,363 5,126 Tripadvisor, Inc. 22,933 837 957 Viacom, Inc.-Class B 65,754 3,301 3,454 Yum! Brands, Inc. 8,781 569 581 50,854 50,652 Consumer Staples 10.9% Church & Dwight Co., Inc. 18,088 960 965 Clorox Co. 3,623 234 264 Coca-Cola Co. (The) 13,540 486 489 Colgate-Palmolive Co. 6,216 658 647 Costco Wholesale Corp. 46,000 4,528 4,526 CVS Caremark Corp. 133,381 6,075 6,424 Energizer, Inc. 1,965 129 157 Estee Lauder Cos. (The), Inc.- Class A 20,033 1,163 1,194 Herbalife, Ltd. 4,546 137 149 Hershey Co. (The) 1,583 111 114 Ingredion, Inc. 10,131 655 650 Kraft Foods Group, Inc. 118,426 5,416 5,359 Consumer Staples (continued) Lancaster Colony Corp. 4,532 323 312 Lorillard, Inc. 38,564 4,531 4,479 Mead Johnson Nutrition Co.-Class A 59,642 4,116 3,913 Mondelez International, Inc. 22,130 562 562 Monster Beverage Corp. 60,316 3,127 3,176 Nu Skin Ent., Inc. 6,785 242 250 Philip Morris International, Inc. 109,476 7,605 9,118 Post, Inc. 4,871 146 166 Procter & Gamble Co. (The) 31,350 2,078 2,120 Wal-Mart Stores, Inc. 35,363 2,504 2,404 45,786 47,438 Energy 11.6% Apache Corp. 68,981 6,040 5,390 Chevron Corp. 91,677 9,603 9,879 ConocoPhillips 68,203 3,693 3,939 Exxon Mobil Corp. 206,213 17,013 17,781 Kinder Morgan, Inc. 144,377 4,946 5,079 Marathon Oil Corp. 5,361 135 164 Marathon Petroleum Corp. 8,602 471 540 National Oilwell Varco, Inc. 79,514 5,310 5,413 Schlumberger, Ltd. 36,169 2,545 2,495 49,756 50,680 Financials 16.4% Alexander & Baldwin, Inc. 14,185 432 414 Allied World Assurance Co., Ltd. 20,630 1,635 1,618 American International Group, Inc. 89,407 2,868 3,143 American Tower Corp. REIT 69,970 5,029 5,381 Aspen Insurance, Ltd. 10,422 297 333 Assurant, Inc. 5,446 187 188 Assured Guaranty, Ltd. 19,321 242 273 Bank of America Corp. 212,838 2,104 2,460 BB&T Corp. 70,703 2,091 2,049 Berkshire Hathaway, Inc.-Class B 13,739 1,126 1,228 BlackRock, Inc. 2,852 535 587 BOK Financial Corp. 852 46 46 Broadridge Financial Solutions, Inc. 51,156 1,161 1,165 Brown & Brown, Inc. 18,790 480 476 Capital One Financial Corp. 68,181 3,445 3,933 CIT Group, Inc. 18,763 713 722 Citigroup, Inc. 102,615 3,629 4,044 CME Group, Inc. 4,500 226 227 CNA Financial Corp. 39,527 1,103 1,102 CommonWealth REIT 54,503 800 859 Cullen/Frost Bankers, Inc. 2,291 125 124 Endurance Specialty, Ltd. 40,743 1,519 1,609 Equity Residential REIT 723 40 41 Everest Re Group Ltd. 3,319 352 363 The accompanying notes are an integral part of the financial statements. 51
BlackRock CDN US Alpha Tilts Non-Taxable Fund Financials (continued) First Citizens BancShares, Inc.- Class A 1,284 218 208 First Republic Bank 89,782 2,703 2,931 Goldman Sachs Group, Inc. 19,916 2,410 2,531 JPMorgan Chase & Co. 229,109 9,176 10,035 Legg Mason, Inc. 28,118 708 720 Lender Processing Services, Inc. 53,555 1,399 1,312 LPL Financial, Inc. 2,968 78 83 Merck & Co., Inc. 81,726 3,395 3,332 Metlife, Inc. 22,583 738 741 NYSE Euronext 8,309 211 261 People s United Financial, Inc. 57,282 689 690 PNC Financial Services Group, Inc. 29,229 1,749 1,697 Prudential Financial, Inc. 28,980 1,470 1,539 Realogy Corp 3,841 160 160 Reinsurance Group of America, Inc. 13,214 680 704 SunTrust Banks, Inc. 23,522 529 664 Taubman Centers, Inc. REIT 9,316 697 730 Towers Watson & Co.-Class A 5,464 293 306 Travelers Cos. (The), Inc. 23,215 1,478 1,660 U.S. Bancorp 30,571 975 972 Unum Group 4,216 86 87 Validus, Ltd. 5,605 182 193 Ventas, Inc. REIT 9,773 629 630 Visa, Inc.-Class A 26,887 3,300 4,055 Washington Federal, Inc. 4,464 70 75 Wells Fargo & Co. 54,389 1,735 1,853 White Mountains Insurance Group, Ltd. 79 40 41 XL Group PLC 46,955 987 1,171 66,970 71,766 Health Care 11.4% Abbott Laboratories 60,277 3,467 3,932 Alere, Inc. 5,770 121 106 Allergan, Inc. 52,607 4,687 4,803 Allscripts Healthcare Solutions, Inc. 22,953 210 215 Amgen, Inc. 76,337 6,320 6,563 Bristol-Myers Squibb Co. 192,983 6,323 6,266 Cardinal Health, Inc. 15,015 612 616 Celgene Corp. 19,237 1,399 1,506 Charles River Laboratories International, Inc. 3,868 145 144 CR Bard, Inc. 1,620 156 158 Eli Lilly & Co. 1,828 90 90 Express Scripts Holding Co. 109,262 5,900 5,873 Forest Laboratories, Inc. 30,000 1,001 1,055 HCA, Inc. 37,029 1,090 1,113 Hill-Rom, Inc. 1,198 34 34 Humana, Inc. 37,674 2,720 2,574 Health Care (continued) Intuitive Surgical, Inc. 1,608 790 785 Johnson & Johnson 33,134 2,239 2,313 McKesson Corp. 5,404 464 522 Myriad Genetics, Inc. 80,980 1,930 2,197 Omnicare, Inc. 17,268 614 621 Pfizer, Inc. 79,867 1,741 1,995 Salix Pharmaceuticals, Ltd. 6,183 259 249 St. Jude Medical, Inc. 29,350 986 1,056 Stryker Corp. 7,616 398 416 Thermo Fisher Scientific, Inc. 12,741 791 809 Thoratec Corp. 16,737 537 625 UnitedHealth Group, Inc. 25,451 1,359 1,375 Vertex Pharmaceuticals, Inc. 10,439 570 436 Warner Chilcott PLC 18,124 207 217 WellPoint, Inc. 17,521 977 1,063 48,137 49,727 Industrials 9.7% ACE Aviation, Inc. 65,743 4,296 5,223 ADT Corp. 78,614 2,937 3,641 C.H. Robinson Worldwide, Inc. 13,980 929 880 Cabot Corp. 24,685 893 979 Copa SA-Class A 5,942 561 588 Crane Co. 8,268 324 381 CSX Corp. 48,075 976 944 Exelis, Inc. 188,915 1,930 2,118 Expeditors International of Washington, Inc. 51,058 2,090 2,010 Flowserve Corp. 5,835 749 853 Gardner Denver, Inc. 9,918 672 676 General Electric Co. 232,203 4,681 4,851 GrafTech International, Ltd. 1 - - Huntington Ingalls Industries, Inc. 12,771 511 551 L-3 Communications, Inc. 17,283 1,176 1,318 Lear Corp. 30,720 1,329 1,433 MRC Global, Inc. 13,178 353 364 Nordson Corp. 2,753 171 173 Norfolk Southern Corp. 45,235 2,779 2,784 Northrop Grumman Corp. 40,132 2,658 2,700 RR Donnelley & Sons Co. 33,564 383 301 Spirit Aerosystems, Inc.- Class A 30,584 497 517 SPX Corp. 29,874 1,839 2,087 Timken Co. (The) 19,957 762 950 Toro Co. 4,516 170 193 UTI Worldwide, Inc. 24,086 310 321 Wabtec Corp. 18,795 1,565 1,637 Xylem, Inc. 146,014 3,864 3,937 39,405 42,410 The accompanying notes are an integral part of the financial statements. 52
BlackRock CDN US Alpha Tilts Non-Taxable Fund Information Technology 18.8% Agilent Technologies, Inc. 27,433 1,010 1,119 Altera Corp. 3,699 118 127 Amdocs, Ltd. 85,153 2,640 2,880 Apple, Inc. 40,605 14,490 21,550 Avago Technologies, Ltd. 69,466 2,304 2,190 Broadcom Corp.-Class A 32,362 1,043 1,070 Cisco Systems, Inc. 40,359 757 790 Citrix Systems, Inc. 38,746 2,491 2,536 CoreLogic, Inc. 62,117 1,425 1,665 Fidelity National Information Services, Inc. 15,513 532 538 First Solar, Inc. 11,036 243 339 Flir Systems, Inc. 19,167 374 426 Google, Inc.-Class A 13,645 7,996 9,636 IAC/InterActiveCorp. 7,502 340 353 Ingram Micro, Inc.-Class A 21,590 333 364 Intel Corp. 41,343 841 849 International Business Machines Corp. 13,724 2,260 2,618 Intuit, Inc. 14,132 832 837 KLA-Tencor Corp. 42,359 1,973 2,014 LSI Corp. 9,568 66 68 Marvell Technology Group, Ltd. 15,752 162 114 MasterCard, Inc.-Class A 12,535 4,636 6,136 Microsoft Corp. 420,587 11,519 11,190 NVIDIA Corp. 12,506 153 153 Plantronics, Inc. 2,076 71 76 QLogic Corp. 4,132 37 40 QUALCOMM, Inc. 91,738 5,398 5,665 Skyworks Solutions, Inc. 41,003 868 828 SolarWinds, Inc. 23,445 1,312 1,225 Synopsys, Inc. 1,828 58 58 Tech Data Corp. 1,449 65 66 TIBCO Software, Inc. 12,201 247 267 Total System Services, Inc. 27,830 602 593 VeriSign, Inc. 102,121 4,309 3,947 71,505 82,327 Materials 2.5% CF Industries, Inc. 10,798 2,077 2,183 Domtar Corp. 15,540 1,185 1,292 Greif, Inc.-Class A 5,446 243 241 Hubbell, Inc.-Class B 29,645 2,362 2,499 LyondellBasell Industries-Class A 51,569 2,409 2,932 Minerals Technologies, Inc. 2,737 107 109 NewMarket Corp. 116 30 30 Newmont Mining Corp. 4,734 237 219 Osisko Mining Corp. 21,239 612 627 Royal Gold, Inc. 1,436 123 116 Valspar Corp. 3,019 185 188 Westlake Chemical Corp. 3,720 278 294 9,848 10,730 Telecommunication Services 4.1% AT&T, Inc. 302,803 10,376 10,167 Echostar Corp.-Class A 3,304 105 112 MetroPCS Communications, Inc. 97,194 1,028 962 Telephone & Data Systems, Inc. 78,654 1,768 1,733 U.S. Cellular Corp. 11,873 441 417 Verizon Communications, Inc. 100,265 4,088 4,319 17,806 17,710 Utilities 2.4% AES Corp. (The) 164,840 1,817 1,756 Ameren Corp. 40,085 1,175 1,227 American Water Works Co., Inc. 116,607 3,991 4,309 Consolidated Edison, Inc. 21,843 1,208 1,207 ONEOK, Inc. 4,466 156 190 PG&E Corp. 46,766 2,046 1,871 10,393 10,560 Total Common Stocks 410,460 434,000 Transaction Costs (Note 2) (110) Total Investments 410,350 434,000 Other Assets and Liabilities 0.6% 2,649 Net Assets 436,649 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Government Guaranteed - 0.1 Consumer Discretionary 11.6 13.8 Consumer Staples 10.9 10.9 Energy 11.6 12.5 Financials 16.4 13.0 Health Care 11.4 12.4 Industrials 9.7 8.1 Information Technology 18.8 20.0 Materials 2.5 2.9 Telecommunication Services 4.1 2.8 Utilities 2.4 2.9 Other Assets and Liabilities 0.6 0.6 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 53
BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 28,516,146 $ 23,856,883 Cash 13,856 14,828 Net unrealized gain on forward currency contracts (Note 5) 25,349 1,069,984 Accounts receivable for investment sales 5,148 8,404,769 28,560,499 33,346,464 Liabilities Operating expenses payable 14,927 16,055 Payables for redemption of units - 9,139,074 Payables for investment purchases - 39,289 Net unrealized loss on forward currency contracts (Note 5) 54,958 142,266 69,885 9,336,684 Net Assets $ 28,490,614 $ 24,009,780 Number of Units Issued and Outstanding (Note 8) 2,339,243 2,349,029 Net Assets per Unit $ 12.18 $ 10.22 Investments at Cost $ 27,318,655 $ 25,811,031 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 54
BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 816,040 $ 788,639 816,040 788,639 Expenses Custodian fees 210 203 Fund accounting expenses 6,156 13,303 Unitholder communication s - 601 Audit fees 13,720 14,295 Securities filing fees 454 506 Independent review committee fees 17 41 Other operating expenses 631 1,704 21,188 30,653 Net Investment Income for the Year 794,852 757,986 Gain on Investments Net realized gain (loss) on sale of investments 36,121 (2,070,716) Net realized gain (loss) from forward currency contracts 1,560,820 (849,587) Net change in unrealized appreciation in of investments 3,151,639 3,429,051 Net change in unrealized appreciation (depreciation) in of forward currency contracts (957,327) 57,680 Net Gain on Investments 3,791,253 566,428 Increase in Net Assets from Operations $ 4,586,105 $ 1,324,414 Increase in Net Assets from Operations per Unit $ 1.96 $ 0.39 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 24,009,780 $ 36,775,704 Increase in Net Assets from Operations 4,586,105 1,324,414 Capital Transactions Proceeds from issue of units - 1,099,019 Reinvestment of distributions 794,853 757,904 Redemption of units (105,271) (15,189,357) Net capital transactions 689,582 (13,332,434) Distributions From net investment income (794,853) (757,904) Total distributions (794,853) (757,904) Increase (Decrease) in Net Assets for the Year 4,480,834 (12,765,924) Net Assets - End of Year $ 28,490,614 $ 24,009,780 The accompanying notes are an integral part of the financial statements. 55
BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund Foreign Index Equivalents 100.1% BlackRock CDN US Alpha Tilts Non- Taxable Fund 2,912,616 27,319 28,516 Total Foreign Index Equivalents 27,319 28,516 Total Investments 27,319 28,516 Other Assets and Liabilities (0.1)% (25) Net Assets 28,491 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Foreign Index Equivalents 100.1 99.4 Other Assets and Liabilities (0.1) 0.6 Open forward currency contracts held by the Fund as at December 31, 2012 as shown in Note 5. The accompanying notes are an integral part of the financial statements. 56
BlackRock CDN Russell 3000 Index Non-Taxable Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair * (Note 2) $ 394,366,576 $ 374,943,193 Cash 4,715,915 7,304,091 Margin due from brokers 163,006 - Securities lending income receivable 1,555 - Dividends receivable 448,556 596,002 Tax reclaim on dividends receivable 26,355 13,383 Accounts receivable from issue of units - 7,047,355 Accounts receivable for investment sales 31,617 46,503 399,753,580 389,950,527 Liabilities Margin due to brokers - 36,038 Operating expenses payable 25,136 21,185 Payables for investment purchases - 12,343,152 25,136 12,400,375 Net Assets $ 399,728,444 $ 377,550,152 Number of Units Issued and Outstanding (Note 8) 33,314,102 35,822,734 Net Assets per Unit $ 12.00 $ 10.54 Investments at Cost* $ 353,733,365 $ 366,306,929 * Includes short-term investments Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 57
BlackRock CDN Russell 3000 Index Non-Taxable Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 9,355,043 $ 11,822,589 Interest income* 12,270 (28,139) Securities lending income 1,613 Net gain (loss) from futures contracts 847,010 (693,018) Foreign exchange gain (loss) (97,348) 491,515 Withholding taxes (6,107) (9,458) 10,112,481 11,583,489 Expenses Custodian fees 111,292 106,158 Fund accounting expenses 39,149 42,381 Unitholder communication s - 601 Audit fees 13,543 14,148 Securities filing fees 6,544 8,281 Independent review committee fees 200 609 Other operating expenses 15,359 15,636 186,087 187,814 Net Investment Income for the Year 9,926,394 11,395,675 Gain on Investments Net realized gain on sale of investments 7,898,584 5,513,790 Transaction s (Note 2,13) (16,016) (53,961) Net change in unrealized appreciation (depreciation) in of investments 31,986,530 (193,586) Net Gain on Investments 39,869,098 5,266,243 Increase in Net Assets from Operations $ 49,795,492 $ 16,661,918 Increase in Net Assets from Operations per Unit $ 1.44 $ 0.31 * Interest Income, net of foreign exchange loss Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 377,550,152 $ 603,359,248 Increase in Net Assets from Operations 49,795,492 16,661,918 Capital Transactions Proceeds from issue of units 440,637,183 186,355,199 Reinvestment of distributions 20,596,120 17,675,842 Redemption of units (468,254,383) (428,826,213) Net capital transactions (7,021,080) (224,795,172) Distributions From net investment income (9,949,087) (11,429,010) From capital gains (10,647,033) (6,246,832) Total distributions (20,596,120) (17,675,842) Increase (Decrease) in Net Assets for the Year 22,178,292 (225,809,096) Net Assets - End of Year $ 399,728,444 $ 377,550,152 The accompanying notes are an integral part of the financial statements. 58
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Short Term Investments Government Guaranteed 0.2% U.S. Treasury Bill 1.00% March 21, 2013 790 780 787 780 787 Total Short Term Investments 780 787 Common Stocks Consumer Discretionary 12.4% Aaron s, Inc. 1,880 43 53 Abercrombie & Fitch Co.-Class A 2,109 107 101 Advance Auto Parts, Inc. 1,858 125 134 Aeropostale, Inc. 2,014 50 26 AFC Ent., Inc. 649 11 17 Allison Transmission, Inc. 648 12 13 Amazon.com, Inc. 9,091 1,726 2,274 AMC Networks, Inc. 1,419 57 70 America s Car-Mart, Inc. 206 6 8 American Axle & Manufacturing, Inc. 1,735 19 19 American Eagle Outfitters, Inc. 4,836 84 99 American Greetings Corp.-Class A 937 18 16 American Public Education, Inc. 471 17 17 Ameristar Casinos, Inc. 878 16 23 ANN, Inc. 1,220 35 41 Apollo Group, Inc.-Class A 2,374 86 49 Arbitron, Inc. 664 21 31 ARC Document Solutions, Inc. 1,033 7 3 Arctic Cat, Inc. 302 4 10 Asbury Automotive Group, Inc. 721 13 23 Ascena Retail Group, Inc. 3,037 43 56 Ascent Media Corp. 361 13 22 AutoNation, Inc. 873 25 35 AutoZone, Inc. 950 302 335 Bally Technologies, Inc. 1,080 45 48 Barnes & Noble, Inc. 838 12 13 Beam, Inc. 4,012 241 244 Beazer Homes USA, Inc. 665 11 11 Bebe Stores, Inc. 997 6 4 Bed Bath & Beyond, Inc. 5,850 292 325 Belo Corp. 2,385 16 18 Best Buy Co., Inc. 6,661 251 79 Big 5 Sporting Goods Corp. 507 6 7 Big Lots, Inc. 1,474 48 42 Biglari, Inc. 35 14 14 BJ s Restaurants, Inc. 618 24 20 Black Diamond, Inc. 619 6 5 Bloomin Brands, Inc. 455 7 7 Blue Nile, Inc. 325 17 12 Blyth, Inc. 228 5 4 Par (000s)/ Consumer Discretionary (continued) Bob Evans Farms, Inc. 741 25 30 Body Central Corp. 272 6 3 Bon-Ton Stores, Inc. 245 2 3 BorgWarner, Inc. 2,883 191 206 Boulder Brands, Inc. 1,542 9 20 Boyd Gaming Corp. 1,513 13 10 Bravo Brio Restaurant Group, Inc. 403 10 5 Bridgepoint Education, Inc. 470 7 5 Brink s Co. (The) 1,169 30 33 Brinker International, Inc. 1,858 44 57 Brookdale Senior Living, Inc. 2,419 48 61 Brown Shoe Co., Inc. 1,137 15 21 Brunswick Corp. 2,222 41 64 Buckle, Inc. 690 27 31 Buffalo Wild Wings, Inc. 463 26 34 Cabela s, Inc. 1,158 34 48 Cablevision Systems-NY Group A 5,192 148 77 Caesars Entertainment Corp. 918 11 6 Callaway Golf Co. 1,786 13 12 Capella Education Co. 349 21 10 Career Education Corp. 867 16 3 Caribou Coffee Co., Inc. 779 9 13 CarMax, Inc. 5,747 191 215 Carmike Cinemas, Inc. 473 7 7 Carnival Corp. 10,369 428 380 Carrols Restaurant Group, Inc. 297 3 2 Carter s, Inc. 1,193 43 66 Casual Male Retail Group, Inc. 1,475 6 6 Cato Corp.-Class A 653 19 18 Cavco Industries, Inc. 207 9 10 CBS Corp.-Class B 16,262 341 616 CEC Entertainment, Inc. 498 18 16 Central European Media Ent., Ltd. 808 16 5 Charter Communications, Inc. 1,254 71 95 Cheesecake Factory, Inc. 1,337 44 44 Cherokee, Inc. 137 2 2 Chico s FAS, Inc. 4,144 55 76 Childrens Place Retail Stores, Inc. 608 32 27 Chipotle Mexican Grill, Inc. 801 218 237 Choice Hotels International, Inc. 677 26 23 Churchill Downs, Inc. 330 15 22 Chuy s, Inc. 166 4 4 Cinemark, Inc. 2,840 56 73 Citi Trends, Inc. 285 6 4 Clear Channel Outdoor, Inc.-Class A 1,162 16 8 Coach, Inc. 7,245 419 401 Coinstar, Inc. 779 46 40 The accompanying notes are an integral part of the financial statements. 59
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Consumer Discretionary (continued) Columbia Sportswear Co. 287 17 15 Comcast Corp.-Class A 67,384 1,566 2,508 Conn s, Inc. 476 9 15 Cooper Tire & Rubber Co. 1,541 33 39 Core-Mark Holding Co., Inc. 271 10 13 Corinthian Colleges, Inc. 2,293 7 6 Cracker Barrel Old Country Store, Inc. 484 27 31 Crocs, Inc. 2,248 40 32 CSS Industries, Inc. 310 6 7 Cumulus Media, Inc.-Class A 1,162 4 3 D.R. Horton, Inc. 7,003 84 138 Dana Holding Corp. 3,649 58 57 Darden Restaurants, Inc. 3,223 160 145 Deckers Outdoor Corp. 959 75 38 Delphi Automotive PLC 8,208 239 313 Delta Apparel, Inc. 141 2 2 Denny s Corp. 2,701 10 13 Destination Maternity Corp. 338 6 7 Devry, Inc. 1,626 66 38 Dick s Sporting Goods, Inc. 2,358 89 107 Digital Generation, Inc. 789 14 9 Dillard s, Inc.-Class A 729 29 61 DineEquity, Inc. 394 20 26 DIRECTV 15,228 659 761 Discovery Communications-Class A 6,311 275 399 Dish Network Corp.-Class A 5,142 110 186 Dollar General Corp. 4,636 202 204 Dollar Tree, Inc. 5,826 186 235 Domino s Pizza, Inc. 1,435 31 62 Dorman Products, Inc. 604 12 21 DreamWorks Animation SKG, Inc. 1,696 49 28 Drew Industries, Inc. 520 12 17 DSW, Inc.-Class A 818 38 53 Dunkin Brands Group, Inc. 1,797 60 59 Education Management Corp. 1,082 8 5 Electrolux AB-Class B 7,864 123 114 Entercom Communications Corp.-Class A 797 6 6 Ethan Allen Interiors, Inc. 656 12 17 EW Scripps Co.-Class A 693 7 7 Exide Technologies 1,629 14 6 Expedia, Inc. 2,223 117 136 Express, Inc. 2,223 43 33 Family Dollar Stores, Inc. 2,427 129 153 Federal-Mogul Corp. 259 5 2 Fiesta Restaurant Group, Inc. 484 6 7 Fifth & Pacific Co., Inc. 2,705 22 33 Finish Line, Inc.-Class A 1,278 24 24 Fisher Communications, Inc. 273 8 7 Par (000s)/ Consumer Discretionary (continued) Five Below, Inc. 274 11 9 Foot Locker, Inc. 3,741 81 120 Ford Motor Co. 94,152 1,427 1,214 Fortune Brands Home &, Inc. 3,950 58 115 Fossil, Inc. 1,357 102 126 Francesca s Corp. 871 23 22 Fred s, Inc.-Class A 825 11 11 Fuel Systems Solutions, Inc. 349 12 5 G-III Apparel Group, Ltd. 430 12 15 GameStop Corp.-Class A 3,079 65 77 Gannett Co., Inc. 5,799 81 104 Gap (The), Inc. 7,617 178 235 Garmin, Ltd. 2,709 88 110 General Cable Corp. 1,244 41 38 General Motors Co. 19,254 534 553 Genesco, Inc. 609 29 33 Gentex Corp. 3,563 85 67 Gentherm, Inc. 787 12 10 Genuine Parts Co. 3,904 203 247 Global Sources, Ltd. 767 5 5 GNC, Inc.-Class A 1,711 57 57 Goodyear Tire & Rubber Co. (The) 6,034 67 83 Gordmans Stores, Inc. 282 5 4 Grand Canyon Education, Inc. 1,014 19 24 Group 1 Automotive, Inc. 574 24 35 Groupon, Inc. 974 23 5 H&R Block, Inc. 6,779 90 125 Hanesbrands, Inc. 2,415 67 86 Harley-Davidson, Inc. 5,858 208 285 Harman International Industries, Inc. 1,750 80 78 Harte-Hanks, Inc. 887 11 5 Hasbro, Inc. 2,858 129 102 Haverty Furniture Cos., Inc. 561 6 9 Helen of Troy, Ltd. 812 21 27 Hertz Global, Inc. 6,313 85 102 hhgregg, Inc. 400 6 3 Hibbett Sports, Inc. 661 27 35 Hillenbrand, Inc. 1,383 27 31 Home Depot, Inc. 38,399 1,397 2,365 HOT Topic, Inc. 890 6 9 Hovnanian Ent., Inc. 2,899 6 20 HSN, Inc. 952 31 52 Hyatt Hotels Corp.-Class A 1,101 47 42 Iconix Brand Group, Inc. 1,766 34 39 Ignite Restaurant Group, Inc. 266 5 3 International Game Technology 6,617 105 93 International Speedway Corp.-Class A 699 18 19 Interpublic Group of Cos., Inc. 10,918 118 120 The accompanying notes are an integral part of the financial statements. 60
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Consumer Discretionary (continued) Interval Leisure Group, Inc. 896 16 17 irobot Corp. 704 16 13 Isle of Capri Casinos, Inc. 698 6 4 ITT Educational Services, Inc. 618 34 11 Jack in the Box, Inc. 1,108 24 32 Jakks Pacific, Inc. 580 11 7 Jamba, Inc. 1,330 3 3 Jarden Corp. 1,971 66 101 JC Penney Co., Inc. 3,953 131 78 John Wiley & Sons, Inc.-Class A 1,153 51 45 Johnson Controls, Inc. 17,134 621 523 Jones Group, Inc. 2,047 29 23 JOS A Bank Clothiers, Inc. 701 31 30 Journal Communications, Inc. 1,176 6 6 K-Swiss, Inc.-Class A 946 12 3 K12, Inc. 708 18 14 KB Home 1,954 24 31 Kirkland s, Inc. 500 6 5 Kohl s Corp. 6,008 333 257 Krispy Kreme Doughnuts, Inc. 1,514 10 14 La-Z-Boy, Inc. 1,229 10 17 Lamar Advertising Co.-Class A 1,919 67 74 Las Vegas Sands Corp. 10,017 486 460 Leapfrog Ent., Inc. 1,147 8 10 Leggett & Platt, Inc. 3,544 79 96 Lennar Corp.-Class A 4,076 76 157 Libbey, Inc. 427 6 8 Liberty Global, Inc. 6,602 263 414 Liberty Media Corp. 2,731 203 315 Liberty Ventures 968 46 65 Life Time Fitness, Inc. 1,068 45 52 Lifetime Brands, Inc. 247 3 3 LIN TV Corp.-Class A 618 3 5 Lincoln Educational Services Corp. 719 11 4 Lions Gate Entertainment Corp. 2,123 24 35 Lithia Motors, Inc.-Class A 560 10 21 Live Nation Entertainment, Inc. 3,480 37 32 LKQ Corp. 7,451 95 157 Lowe s Cos., Inc. 28,239 697 999 Ltd. Brands 6,070 225 284 Lumber Liquidators, Inc. 688 20 36 M/I Homes, Inc. 521 7 14 Mac-Gray Corp. 401 6 5 Macy s, Inc. 10,391 294 404 Madison Square Garden, Inc. 1,506 41 66 Maidenform Brands, Inc. 646 16 13 Marcus Corp. 617 6 8 MarineMax, Inc. 406 3 4 Par (000s)/ Consumer Discretionary (continued) Marriott International, Inc.-Class A 6,403 252 238 Marriott Vacations Worldwide Corp. 668 13 28 Martha Stewart Living Omnimedia- Class A 394 2 1 Mattel, Inc. 8,632 237 315 Matthews International Corp.-Class A 712 24 23 Mattress Firm Holding Corp. 300 8 7 McClatchy Co.-Class A 1,373 7 4 McDonald s Corp. 25,493 2,114 2,240 McGraw-Hill Cos. (The), Inc. 7,042 272 383 MDC, Inc. 950 27 35 MDC Partners, Inc.-Class A 568 10 6 Men s Wearhouse, Inc. 1,267 38 39 Meredith Corp. 903 31 31 Meritage Homes Corp. 819 20 30 MGM Resorts International 10,121 123 117 Michael Kors, Ltd. 2,163 101 110 Modine Manufacturing Co. 1,211 18 10 Mohawk Industries, Inc. 1,412 81 127 Monro Muffler Brake, Inc. 769 26 27 Morgans Hotel Group Co. 836 6 5 Morningstar, Inc. 598 31 37 Movado Group, Inc. 463 9 14 MTR Gaming Group, Inc. 942 5 4 Multimedia Games Holding Co., Inc. 599 6 9 National CineMedia, Inc. 1,443 26 20 NetFlix, Inc. 1,411 246 130 New York Times Co.-Class A 3,403 32 29 Newell Rubbermaid, Inc. 7,319 130 162 News Corp.-Class A 52,582 834 1,337 Nike, Inc.-Class B 18,188 826 934 Nordstrom, Inc. 3,972 183 212 Nutrisystem, Inc. 732 15 6 NVR, Inc. 128 88 119 O Reilly Automotive, Inc. 2,984 195 266 Office Depot, Inc. 7,663 35 25 OfficeMax, Inc. 2,297 38 22 Omnicom Group 6,846 324 341 Orchard Supply Hardware Stores Corp.-Class A 43 - - Orient-Express Hotels, Ltd. 2,335 28 27 Overstock.Com, Inc. 195 3 3 Oxford Industries, Inc. 377 12 17 Pandora Media, Inc. 2,525 30 23 Panera Bread Company 722 83 114 Papa John s International, Inc. 456 14 25 Penn National Gaming, Inc. 1,631 60 80 Penske Automotive Group, Inc. 1,061 19 32 PEP Boys-Manny Moe & Jack 1,221 16 12 The accompanying notes are an integral part of the financial statements. 61
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Consumer Discretionary (continued) Perry Ellis International, Inc. 370 7 7 PetMed Express, Inc. 436 6 5 PetSmart, Inc. 2,725 120 185 Pier 1 Imports, Inc. 2,421 29 48 Pinnacle Entertainment, Inc. 1,475 20 23 Polaris Industries, Inc. 1,649 78 138 Pool Corp. 1,188 29 50 Priceline.Com, Inc. 1,251 562 774 Pulte Homes, Inc. 8,626 68 156 PVH Corp. 1,773 132 196 Quiksilver, Inc. 2,916 13 12 RadioShack Corp. 2,456 46 5 Ralph Lauren Corp. 1,550 190 231 ReachLocal, Inc. 334 6 4 Red Robin Gourmet Burgers, Inc. 366 8 13 Regal Entertainment Group 2,062 28 29 Regis Corp. 1,421 26 24 Rent-A-Center, Inc. 1,472 44 50 Rentrak Corp. 184 3 4 Ross Stores, Inc. 5,725 223 309 Royal Caribbean Cruises, Ltd. 3,761 138 127 Ruby Tuesday, Inc. 1,451 19 11 Rue21, Inc. 438 13 12 Ruth s Hospitality Group, Inc. 1,104 6 8 Ryland Group, Inc. 1,119 19 41 Ryman Hospitality Properties-REIT 992 37 38 Saga Communications, Inc.-Class A 80 3 4 Saks, Inc. 2,725 31 28 Sally Beauty, Inc. 3,955 82 93 Scholastic Corp. 651 19 19 Scientific Games Corp. 1,410 11 12 Scripps Networks Interactive-Class A 2,105 110 121 Sealy Corp. 2,522 6 5 Sears Corp. 902 58 37 Select Comfort Corp. 1,416 22 37 Service Corp. International/US 5,343 49 73 Sherwin-Williams Co. (The) 2,178 191 334 SHFL Entertainment, Inc. 1,378 16 20 Shoe Carnival, Inc. 334 7 7 Shutterfly, Inc. 909 30 27 Signet Jewelers, Ltd. 2,121 89 113 Sinclair Broadcast Group, Inc. 1,346 12 17 Sirius XM Radio, Inc. 95,925 157 277 Six Flags Entertainment Corp. 989 39 60 Skechers U.S.A., Inc.-Class A 958 22 18 Skullcandy, Inc. 423 6 3 Smith & Wesson Holding Corp. 1,764 7 15 Sonic Automotive, Inc.-Class A 1,179 17 25 Par (000s)/ Consumer Discretionary (continued) Sonic Corp. 1,341 12 14 Sotheby s 1,684 66 56 Spartan Motors, Inc. 1,130 6 6 Speedway Motorsports, Inc. 191 2 3 Stage Stores, Inc. 801 13 20 Standard Motor Products, Inc. 439 6 10 Standard Pacific Corp. 2,878 14 21 Staples, Inc. 17,331 351 197 Starbucks Corp. 19,083 689 1,019 Starwood Hotels & Resorts Worldwide, Inc. 4,937 286 282 Stein Mart, Inc. 819 7 6 Steiner Leisure, Ltd. 413 18 20 Steinway Musical Instruments, Inc. 245 6 5 Steven Madden, Ltd. 979 34 41 Stewart Ent., Inc.-Class A 1,697 10 13 Stoneridge, Inc. 865 11 4 Strayer Education, Inc. 305 39 17 Sturm Ruger & Co., Inc. 490 10 22 Superior Industries International, Inc. 589 11 12 Systemax, Inc. 227 3 2 Target Corp. 16,573 973 976 Teavana, Inc. 283 6 4 Tempur-Pedic International, Inc. 1,488 57 47 Tenneco, Inc. 1,508 55 53 Tesla Motors, Inc. 1,838 56 62 Texas Roadhouse, Inc. 1,554 27 26 Thomson Reuters Corp. 9,335 326 270 Thor Industries, Inc. 1,047 32 39 Tiffany & Co. 3,187 203 182 Tilly s, Inc.-Class A 332 5 4 Time Warner Cable 7,816 538 757 Time Warner, Inc. 24,047 786 1,145 TJX Cos., Inc. 18,626 502 787 Toll Brothers, Inc. 3,635 75 117 Town Sports International, Inc. 676 6 7 Tractor Supply Co. 1,817 101 160 Tripadvisor, Inc. 2,228 71 93 True Religion Apparel, Inc. 682 16 17 Tuesday Morning Corp. 806 3 5 Tumi, Inc. 553 10 11 Tupperware Brands Corp. 1,384 68 88 Ulta Salon Cosmetics & Fragrance, Inc. 1,593 105 156 Under Armour, Inc.-Class A 1,920 68 93 Unifi, Inc. 211 3 3 Universal Electronics, Inc. 407 11 8 Universal Technical Institute, Inc. 594 11 6 The accompanying notes are an integral part of the financial statements. 62
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Consumer Discretionary (continued) Urban Outfitters, Inc. 2,636 97 103 Vail Resorts, Inc. 896 44 48 Valassis Communications, Inc. 1,126 36 29 Vera Bradley, Inc. 528 17 13 VF Corp. 2,197 216 330 Viacom, Inc.-Class B 13,218 551 694 Virgin Media, Inc. 6,974 186 255 Visteon Corp. 1,307 79 70 Vitamin Shoppe, Inc. 734 30 42 Voxx International Corp. 407 3 3 Walt Disney Co. (The) 44,818 1,756 2,221 Warnaco Group, Inc. 1,020 56 73 Washington Post Co. (The)-Class B 105 40 38 Weight Watchers International, Inc. 665 29 35 Wendy s Co. 6,841 33 32 West Marine, Inc. 307 3 3 Wet Seal, Inc.-Class A 2,681 11 7 Weyco Group, Inc. 253 6 6 Whirlpool Corp. 1,945 143 197 Williams-Sonoma, Inc. 2,185 79 95 Winmark Corp. 55 3 3 Winnebago Industries, Inc. 690 6 12 WMS Industries, Inc. 1,371 52 24 Wolverine World Wide, Inc. 1,204 43 49 World Wrestling Entertainment, Inc. 557 7 4 Wyndham Worldwide Corp. 3,675 123 195 Wynn Resorts, Ltd. 2,013 217 225 Yum! Brands, Inc. 11,579 619 766 Zumiez, Inc. 504 15 10 41,179 49,713 Consumer Staples 9.1% Alliance One International, Inc. 1,733 6 6 Altria Group, Inc. 51,058 1,340 1,598 Andersons, Inc. 488 17 21 Annie s, Inc. 149 5 5 Archer-Daniels-Midland Co. 16,559 489 451 Avon Products, Inc. 10,953 290 157 B&G Foods, Inc.-Class A 1,422 27 40 Boston Beer Co., Inc.-Class A 202 18 27 Brown-Forman Corp.-Class B 3,819 186 240 Bunge, Ltd. 3,662 232 265 Cal-Maine Foods, Inc. 383 13 15 Calavo Growers, Inc. 261 6 7 Campbell Soup Co. 4,400 152 153 Casey s General Stores, Inc. 950 42 50 Central Euro Distribution Corp. 1,129 22 2 Central Garden and Pet Co. 1,056 11 11 Chefs Warehouse, Inc. 208 3 3 Par (000s)/ Consumer Staples (continued) Chiquita Brands International, Inc. 1,329 15 11 Church & Dwight Co., Inc. 3,478 133 186 Clorox Co. 3,242 210 236 Coca-Cola Bottling Co. Consolidated 134 8 9 Coca-Cola Co. (The) 97,563 3,283 3,523 Coca-Cola Ent., Inc. 7,550 196 239 Colgate-Palmolive Co. 11,970 1,001 1,246 ConAgra Foods, Inc. 10,407 241 306 Constellation Brands, Inc.-Class A 3,670 81 129 Costco Wholesale Corp. 10,885 815 1,071 CVS Caremark Corp. 32,126 1,128 1,547 Darling International, Inc. 2,913 40 46 Dean Foods Co. 4,580 42 75 Diamond Foods, Inc. 537 27 7 Dole Food Co., Inc. 970 10 11 Dr Pepper Snapple Group, Inc. 5,308 205 233 Elizabeth Arden, Inc. 638 18 29 Energizer, Inc. 1,615 118 129 Estee Lauder Cos. (The), Inc.- Class A 5,799 255 346 Flowers Foods, Inc. 2,761 51 64 Fresh Del Monte Produce, Inc. 984 23 26 Fresh Market, Inc. 685 29 33 General Mills, Inc. 16,189 598 651 Green Mountain Coffee Roasters, Inc. 3,499 132 144 Hain Celestial Group, Inc. 918 33 50 Harbinger Group, Inc. 1,077 8 8 Harris Teeter Supermarkets, Inc. 1,091 43 42 Heckmann Corp. 4,283 20 17 Herbalife, Ltd. 2,906 115 95 Hershey Co. (The) 3,766 197 271 Hillshire Brands Co. 2,933 83 82 HJ Heinz Co. 8,004 406 460 Hormel Foods Corp. 3,309 87 103 Ingles Markets, Inc.-Class A 361 6 6 Ingredion, Inc. 1,947 93 125 Inter Parfums, Inc. 323 7 6 J&J Snack Foods Corp. 385 19 24 JM Smucker Co. (The) 2,812 195 241 John B. Sanfilippo & Son, Inc. 141 2 3 Kellogg Co. 6,056 306 337 Kimberly-Clark Corp. 9,796 654 823 Kraft Foods Group, Inc. 14,862 514 673 Kroger Co. (The) 13,203 314 342 Lancaster Colony Corp. 465 28 32 Limoneira Co. 314 7 6 Lorillard, Inc. 3,273 298 380 McCormick & Co., Inc. 3,342 160 211 Mead Johnson Nutrition Co.-Class A 5,136 329 337 The accompanying notes are an integral part of the financial statements. 63
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Consumer Staples (continued) Medifast, Inc. 379 8 10 Molson Coors Brewing Co.-Class B 3,186 152 136 Mondelez International, Inc. 44,507 982 1,129 Monster Beverage Corp. 3,661 128 193 Nash Finch Co. 370 14 8 National Beverage Corp. 340 6 5 Natural Grocers By Vitamin Cottage, Inc. 177 4 3 Nature s Sunshine Products, Inc. 355 6 5 Nu Skin Ent., Inc. 1,329 47 49 Nutraceutical International Corp. 162 2 3 Omega Protein Corp. 342 4 2 Owens Corning 3,007 89 111 Pantry, Inc. 453 8 5 PepsiCo, Inc. 39,274 2,635 2,676 Philip Morris International, Inc. 42,833 2,760 3,568 Post, Inc. 701 22 24 Prestige Brands, Inc. 1,192 15 24 Pricesmart, Inc. 451 18 35 Procter & Gamble Co. (The) 68,763 4,396 4,650 Ralcorp, Inc. 1,409 96 126 Revlon, Inc.-Class A 381 6 6 Reynolds American, Inc. 8,275 289 341 Rite Aid Corp. 15,889 20 22 Roundy s, Inc. 514 5 2 Safeway, Inc. 5,922 133 107 Sanderson Farms, Inc. 582 25 28 Seneca Foods Corp.-Class A 250 6 8 Smithfield Foods, Inc. 3,780 74 81 Snyders-Lance, Inc. 1,102 25 26 Spartan Stores, Inc. 538 9 8 Spectrum Brands, Inc. 577 18 26 Star Scientific, Inc. 3,770 17 10 Supervalu, Inc. 5,761 43 14 Susser Corp. 241 5 8 Synutra International, Inc. 633 6 3 Sysco Corp. 14,716 439 464 Tootsie Roll Industries, Inc. 576 15 15 TreeHouse Foods, Inc. 894 48 46 Tyson Foods, Inc.-Class A 7,178 122 139 United Natural Foods, Inc. 1,214 50 65 Universal Corp. 589 25 29 USANA Health Sciences, Inc. 136 4 4 Vector Group, Ltd. 1,420 23 21 Village Super Market, Inc.-Class A 223 6 7 Wal-Mart Stores, Inc. 42,413 2,457 2,883 Walgreen Co. 21,640 786 798 WD-40 Co. 407 17 19 Par (000s)/ Consumer Staples (continued) Weis Markets, Inc. 258 10 10 Whole Foods Market, Inc. 4,639 298 422 31,815 36,396 Energy 9.8% Abraxas Petroleum Corp. 2,361 8 5 Alon USA Energy, Inc. 191 2 3 Alpha Natural Resources, Inc. 5,487 230 53 Amyris, Inc. 654 19 2 Anadarko Petroleum Corp. 12,556 883 929 Apache Corp. 9,823 1,061 768 Apco Oil and Gas International, Inc. 224 9 3 Approach Resources, Inc. 1,004 27 25 Atmos Energy Corp. 2,372 78 83 Atwood Oceanics, Inc. 1,412 54 64 Baker Hughes, Inc. 11,041 591 449 Basic Energy Services, Inc. 646 8 7 Berry Petroleum Co.-Class A 1,303 52 44 Bill Barrett Corp. 1,216 45 22 Bonanza Creek Energy, Inc. 328 5 9 BPZ Resources, Inc. 2,129 9 7 Bristow Group, Inc. 891 41 48 C&J Energy Services, Inc. 1,122 21 24 Cabot Oil & Gas Corp. 5,282 125 262 Cal Dive International, Inc. 3,077 12 5 Callon Petroleum Co. 1,328 8 6 Cameron International Corp. 6,203 317 349 CARBO Ceramics, Inc. 493 53 38 Carrizo Oil & Gas, Inc. 995 30 21 Cheniere Energy, Inc. 5,484 65 102 Chesapeake Energy Corp. 16,690 371 276 Chevron Corp. 49,505 4,485 5,334 Cimarex Energy Co. 2,180 174 125 Clayton Williams Energy, Inc. 165 13 7 Clean Energy Fuels Corp. 1,667 23 21 Cloud Peak Energy, Inc. 1,521 30 29 Cobalt International Energy, Inc. 4,713 80 115 Concho Resources, Inc. 2,633 229 211 ConocoPhillips 31,750 1,594 1,834 Consol Energy, Inc. 5,765 245 184 Contango Oil & Gas Co. 306 18 13 Crosstex Energy, Inc. 1,106 11 16 CVR Energy, Inc. 457 10 22 Dawson Geophysical Co. 169 5 4 Delek U.S., Inc. 446 6 11 Denbury Resources, Inc. 9,901 183 160 Devon Energy Corp. 10,171 723 527 Diamond Offshore Drilling, Inc. 1,742 116 118 The accompanying notes are an integral part of the financial statements. 64
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Energy (continued) Dril-Quip, Inc. 997 75 73 Emerald Oil, Inc. 120 2 1 Endeavour International Corp. 1,250 11 6 Energen Corp. 1,779 85 80 Energy XXI Bermuda, Ltd. 1,978 56 63 EOG Resources, Inc. 6,771 651 814 EPL Oil & Gas, Inc. 844 14 19 Evolution Petroleum Corp. 377 3 3 EXCO Resources, Inc. 3,101 53 21 Exterran, Inc. 1,626 37 35 Exxon Mobil Corp. 117,391 8,884 10,122 FMC Technologies, Inc. 6,056 273 258 Forest Oil Corp. 2,956 88 20 Forum Energy Technologies, Inc. 521 11 13 Frontline, Ltd. 1,483 19 5 FX Energy, Inc. 1,162 9 5 GasLog, Ltd. 646 7 8 Gastar Exploration, Ltd. 1,872 6 2 Genie Energy, Ltd.-Class B 565 5 4 Geospace Technologies Corp. 340 14 30 Gevo, Inc. 845 7 1 Global Geophysical Services, Inc. 598 10 2 Golar LNG, Ltd. 1,098 26 40 Goodrich Petroleum Corp. 546 7 5 Green Plains Renewable Energy, Inc. 970 8 8 Gulf Island Fabrication, Inc. 410 11 10 Gulfmark Offshore, Inc.-Class A 670 24 23 Gulfport Energy Corp. 1,399 33 53 Halcon Resources Corp. 2,788 25 19 Halliburton Co. 23,191 898 801 Harvest Natural Resources, Inc. 1,049 11 9 Helix Energy Solutions Group, Inc. 2,624 39 54 Helmerich & Payne, Inc. 2,432 120 136 Hercules Offshore, Inc. 4,103 15 25 Hess Corp. 7,657 534 404 HollyFrontier Corp. 5,193 116 241 Hornbeck Offshore Services, Inc. 881 27 30 ION Geophysical Corp. 3,288 25 21 Key Energy Services, Inc. 3,771 40 26 Kinder Morgan, Inc. 12,275 392 432 Kior, Inc.-Class A 548 8 4 Kirby Corp. 1,378 68 85 Knightsbridge Tankers, Ltd. 615 13 3 Kodiak Oil & Gas Corp. 6,545 45 58 Kosmos Energy, Ltd. 1,820 24 22 Laredo Petroleum, Inc. 517 10 9 Lufkin Industries, Inc. 842 49 49 Magnum Hunter Resources Corp. 3,893 21 15 Par (000s)/ Energy (continued) Magnum Hunter Resources Corp. WTS 408 - - Marathon Oil Corp. 17,649 598 539 Marathon Petroleum Corp. 8,562 348 537 Matador Resources Co. 466 5 4 Matrix Service Co. 535 6 6 McDermott International, Inc. 5,851 106 64 McMoRan Exploration Co. 2,517 38 40 Midstates Petroleum Co., Inc. 603 7 4 Miller Energy Resources, Inc. 1,069 7 4 Mitcham Industries, Inc. 400 6 5 Murphy Oil Corp. 4,875 325 289 Nabors Industries, Ltd. 7,181 158 103 National Fuel Gas Co. 1,903 120 96 National Oilwell Varco, Inc. 10,716 709 730 Natural Gas Services Group, Inc. 395 6 6 Newfield Exploration Company 3,339 207 89 Newpark Resources, Inc. 2,160 13 17 Noble Energy, Inc. 4,460 387 452 Nordic American Tanker Shipping 1,350 28 12 Northern Oil and Gas, Inc. 1,586 38 27 NRG Energy, Inc. 8,119 179 186 Oasis Petroleum, Inc. 1,980 53 63 Occidental Petroleum Corp. 20,378 1,869 1,554 Oceaneering International, Inc. 2,739 111 147 Oil States International, Inc. 1,354 90 96 Panhandle Oil and Gas, Inc. 210 6 6 Parker Drilling Co. 3,002 14 14 Patterson-UTI Energy, Inc. 3,869 78 72 PDC Energy, Inc. 758 26 25 Peabody Energy Corp. 6,920 367 183 Penn Virginia Corp. 2,130 16 9 Petroquest Energy, Inc. 1,202 9 6 PHI, Inc. 476 12 16 Phillips 66 15,709 512 830 Pioneer Energy Services Corp. 1,414 10 10 Pioneer Natural Resources Co. 3,087 276 328 Plains Exploration & Product 3,261 104 152 QEP Resources, Inc. 4,560 161 137 Quicksilver Resources, Inc. 2,936 43 8 Range Resources Corp. 4,084 200 255 Rentech, Inc. 5,009 5 13 Resolute Energy Corp. 1,055 14 9 Rex American Resources Corp. 143 3 3 Rex Energy Corp. 971 13 13 Rignet, Inc. 347 6 7 Rosetta Resources, Inc. 1,319 51 60 Rowan Cos. PLC 3,061 100 95 The accompanying notes are an integral part of the financial statements. 65
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Energy (continued) RPC, Inc. 1,609 22 20 Sanchez Energy Corp. 318 6 6 SandRidge Energy, Inc. 12,120 76 77 Schlumberger, Ltd. 33,518 2,681 2,312 Scorpio Tankers, Inc. 2,024 16 14 Seacor, Inc. 519 55 43 SemGroup Corp.-Class A 1,060 28 41 Ship Finance International, Ltd. 1,192 26 20 SM Energy Co. 1,590 89 83 Solazyme, Inc. 840 14 7 Southwestern Energy Co. 8,783 321 292 Spectra Energy Corp. 16,390 425 447 Stone Energy Corp. 1,251 29 26 Superior Energy Services, Inc. 3,903 122 81 Swift Energy Co. 1,079 37 17 Targa Resources Corp. 727 27 38 Teekay Corp. 914 30 29 Teekay Tankers, Ltd.-Class A 1,315 9 4 Tesco Corp. 709 10 8 Tesoro Corp. 3,546 75 156 Tetra Technologies, Inc. 2,075 21 16 TGC Industries, Inc. 479 4 4 Tidewater, Inc. 1,262 65 56 Triangle Petroleum Corp. 1,335 8 8 Ultra Petroleum Corp. 3,803 165 69 Unit Corp. 1,205 52 54 Uranerz Energy Corp. 2,298 7 3 Uranium Energy Corp. 2,153 16 5 Vaalco Energy, Inc. 1,297 11 11 Valero Energy Corp. 13,885 312 471 Vantage Drilling Co. 6,740 12 12 W&T Offshore, Inc. 822 15 13 Warren Resources, Inc. 2,116 8 6 Western Refining, Inc. 1,433 18 40 Westmoreland Coal Co. 331 6 3 Willbros Group, Inc. 806 4 4 Williams Cos., Inc. 16,880 452 550 World Fuel Services Corp. 1,776 60 73 WPX Energy, Inc. 4,903 87 73 ZaZa Energy Corp. 1,078 5 2 37,844 39,017 Financials 17.6% 1st Source Corp. 335 7 7 1st United Bancorp, Inc. 989 6 6 Acadia Realty Trust-REIT 1,550 33 39 Affiliated Managers Group 1,303 126 169 Aflac, Inc. 11,831 618 626 AG Mortgage Investment Trust, Inc. 562 12 13 Par (000s)/ Financials (continued) Agree Realty Corp. REIT 358 10 10 Alexander & Baldwin, Inc. 1,059 29 31 Alexander s, Inc. REIT 64 24 21 Alexandria Real Estate Equities, Inc. REIT 1,582 111 109 Alleghany Corp. 431 139 144 Alliance Financial Corp. 203 6 9 Allied World Assurance Co., Ltd. 918 57 72 Allstate Corp. (The) 12,320 383 493 American Assets Trust, Inc.-REIT 862 19 24 American Campus Communities, Inc. REIT 2,571 96 118 American Capital Agency Corp. REIT 8,517 256 245 American Capital Mortgage Investment Corp. 961 22 23 American Capital, Ltd. 8,239 67 99 American Equity Investment Life Holding Co. 1,533 18 19 American Express Co. 25,165 1,183 1,440 American Financial Group, Inc. 2,129 71 84 American International Group, Inc. 16,188 520 569 American National Bankshares, Inc. 328 7 7 American National Insurance Co. 180 15 12 American Realty Capital Trust, Inc.- REIT 3,903 44 45 American Safety Insurance, Ltd. 329 6 6 American Tower Corp. REIT 9,882 543 760 Ameriprise Financial, Inc. 5,427 293 338 Ameris Bancorp 687 6 9 AMERISAFE, Inc. 422 9 11 Ames National Corp. 163 3 3 Amtrust Financial Services, Inc. 666 10 19 Anworth Mortgage Asset Corp. REIT 3,188 22 18 AON PLC 8,188 363 453 Apartment Investment & Management Co. REIT-Class A 3,667 91 99 Apollo Commercial Real Estate Finance, Inc. REIT 1,036 17 17 Apollo Investment Corp. 5,128 55 43 Apollo Residential Mortgage, Inc. 693 13 14 Arch Capital Group, Ltd. 3,395 111 149 Ares Capital Corp. 6,385 107 111 Ares Commercial Real Estate Corp. 407 7 7 Argo Group International, Ltd. 698 25 23 Arlington Asset Investment Corp. 212 7 4 Armour Residential REIT, Inc. 7,227 53 46 The accompanying notes are an integral part of the financial statements. 66
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Financials (continued) Arrow Financial Corp. 382 9 9 Arthur J Gallagher & Co. 2,939 89 101 Artio Global Investors, Inc. 1,065 10 2 Ashford Hospitality Trust, Inc.-REIT 1,254 12 13 Aspen Insurance, Ltd. 1,817 52 58 Associated Banc-Corp. 4,235 56 55 Associated Estates Realty Corp. REIT 1,225 18 20 Assurant, Inc. 2,017 75 70 Assured Guaranty, Ltd. 4,265 71 60 Astoria Financial Corp. 2,093 26 20 Australia & New Zealand Banking Group, Ltd. 5,875 214 207 AvalonBay Communities, Inc. REIT 2,831 344 382 Axis Capital, Ltd. 2,748 98 95 Baldwin & Lyons, Inc.-Class B 263 6 6 Bancfirst Corp. 158 6 7 Banco Latinoamericano de Comercio Exterior SA 766 15 16 Bancorp, Inc. 804 8 9 BancorpSouth, Inc. 2,314 30 33 Bank Mutual Corp. 836 3 4 Bank of America Corp. 270,603 2,871 3,128 Bank of Hawaii Corp. 1,253 57 55 Bank of Kentucky Financial Corp. 238 6 6 Bank of Marin Bancorp 224 9 8 Bank of New York Mellon Corp. 29,962 796 767 Bank of the Ozarks, Inc. 741 17 25 BankFinancial Corp. 713 6 5 BankUnited, Inc. 860 21 21 Banner Corp. 538 10 16 BB&T Corp. 17,560 447 509 BBCN Bancorp, Inc. 1,976 19 23 Beneficial Mutual Bancorp, Inc. 736 6 7 Berkshire Hathaway, Inc.-Class B 44,699 3,653 3,996 Berkshire Hills Bancorp, Inc. 988 22 23 BGC Partners, Inc.-Class A 2,775 19 10 BioMed Realty Trust, Inc.-REIT 3,948 70 76 BlackRock Kelso Capital Corp. 1,611 19 16 BlackRock, Inc. 3,151 571 649 BofI Holding, Inc. 399 7 11 BOK Financial Corp. 619 31 34 Boston Private Financial, Inc. 2,033 13 18 Boston Properties, Inc. REIT 3,747 344 395 Brandywine Realty Trust-REIT 3,547 40 43 BRE Properties, Inc. REIT 1,957 88 99 Bridge Bancorp, Inc. 268 6 5 Bridge Capital 372 6 6 Broadridge Financial Solutions, Inc. 3,095 68 70 Par (000s)/ Financials (continued) Brookline Bancorp, Inc. 1,832 15 15 Brown & Brown, Inc. 2,898 70 73 Bryn Mawr Bank Corp. 375 8 8 Calamos Asset Management, Inc. 415 5 4 Camden National Corp. 169 5 6 Camden Property Trust-REIT 2,035 114 138 Campus Crest Communities, Inc. REIT 1,055 12 13 Capital One Financial Corp. 14,583 652 841 Capital Southwest Corp. 69 7 7 Capitalsource, Inc. REIT 5,736 39 43 Capitol Federal Financial, Inc. 3,987 45 47 CapLease, Inc. REIT 1,627 8 9 Capstead Mortgage Corp. REIT 2,389 30 27 Cardinal Financial Corp. 722 8 12 Cash America International, Inc. 749 28 30 Cathay General Bancorp 1,942 28 38 CBL & Associates Properties, Inc. REIT 3,826 68 81 CBOE, Inc. 2,330 61 68 CBRE Group, Inc. 8,294 156 164 Cedar Shopping Centers, Inc. REIT 1,542 7 8 Centerstate Banks, Inc. 953 6 8 Central Pacific Financial Corp. 445 6 7 Charles Schwab Corp. (The) 27,065 414 387 Chatham Lodging Trust-REIT 381 5 6 Chemical Financial Corp. 730 16 17 Chesapeake Lodging Trust-REIT 980 18 20 Chimera Investment Corp. REIT 25,480 98 66 Chubb Corp. 6,741 414 506 Cincinnati Financial Corp. 3,695 117 144 CIT Group, Inc. 5,086 204 196 Citigroup, Inc. 73,649 2,926 2,902 Citizens & Northern Corp. 413 6 8 Citizens Republic Bancorp, Inc. 1,036 18 20 Citizens, Inc. 887 6 10 City Holding Co. 451 15 16 City National Corp. 1,248 66 61 CME Group, Inc. 8,359 494 422 CNA Financial Corp. 708 19 20 CNB Financial Corp. 463 6 8 CNO Financial Group, Inc. 5,289 35 49 CoBiz Financial, Inc. 954 6 7 Cohen & Steers, Inc. 525 15 16 Colonial Properties Trust-REIT 2,204 41 47 Colony Financial, Inc. REIT 1,611 29 31 Columbia Banking System, Inc. 1,039 19 19 Comerica, Inc. 4,935 175 149 Commerce Bancshares, Inc. 2,025 74 71 The accompanying notes are an integral part of the financial statements. 67
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Financials (continued) CommonWealth REIT 2,064 48 33 Community Bank System, Inc. 986 26 27 Community Trust Bancorp, Inc. 431 13 14 Coresite Realty Corp. REIT 562 12 15 Corporate Office Properties REIT 2,029 64 50 Cousins Properties, Inc. REIT 2,442 18 20 Cowen Group, Inc.-Class A 2,302 9 6 Crawford & Co.-Class B 896 6 7 Credit Acceptance Corp. 211 17 21 CreXus Investment Corp. REIT 1,736 18 21 Cubesmart REIT 3,097 30 45 Cullen/Frost Bankers, Inc. 1,357 74 73 CVB Financial Corp. 2,199 21 23 CYS Investments, Inc. REIT 4,166 54 49 DCT Industrial Trust, Inc.-REIT 6,002 30 39 DDR Corp. REIT 6,058 79 94 DFC Global Corp. 1,038 20 19 Diamond Hill Investment Group, Inc. 221 16 15 DiamondRock Hospitality Co. REIT 4,650 49 42 Digital Realty Trust, Inc.-REIT 3,045 183 206 Dime Community Bancshares, Inc. 828 11 11 Discover Financial Services 13,312 296 511 Doral Financial Corp. 4,052 7 3 Douglas Emmett, Inc. REIT 3,595 62 83 Duff & Phelps Corp.-Class A 832 12 13 Duke Realty Corp. REIT 6,787 77 94 DuPont Fabros Technology, Inc. REIT 1,530 36 37 E*Trade Financial Corp. 7,088 93 63 Eagle Bancorp, Inc. 476 6 9 East West Bancorp, Inc. 3,564 67 76 EastGroup Properties, Inc. REIT 858 39 46 Eaton Vance Corp. 2,969 88 94 Education Realty Trust, Inc.-REIT 2,764 25 29 ehealth, Inc. 451 7 12 Encore Capital Group, Inc. 596 15 18 Endurance Specialty, Ltd. 1,117 48 44 Enstar Group, Ltd. 225 20 25 Enterprise Financial Services Corp. 473 6 6 Epoch Holding Corp. 482 9 13 EPR Properties REIT 1,249 56 57 Equity Lifestyle Properties, Inc. REIT 1,075 67 72 Equity One, Inc. REIT 1,358 24 28 Equity Residential REIT 8,121 432 458 Erie Indemnity Co.-Class A 684 47 47 ESB Financial Corp. 463 6 6 ESSA Bancorp, Inc. 497 6 5 Essex Property Trust, Inc.-REIT 887 110 130 Everbank Financial Corp. 817 11 12 Par (000s)/ Financials (continued) Evercore Partners, Inc.-Class A 761 21 23 Everest Re Group Ltd. 1,319 119 144 Excel Trust, Inc.-REIT 1,710 21 22 Extra Space Storage, Inc. REIT 2,756 57 100 Ezcorp, Inc.-Class A 1,212 32 24 Factset Research Systems, Inc. 1,111 103 97 FBL Financial Group, Inc.-Class A 216 6 7 FBR Capital Markets Corp. 547 2 2 Federal Agricultural Mortgage Corp.-Class C 211 4 7 Federal Realty Investment Trust-REIT 1,602 135 166 Federated Investors, Inc.-Class B 2,384 57 48 FelCor Lodging Trust, Inc.-REIT 3,348 17 16 Fidelity National Financial, Inc. 5,620 83 132 Fidus Investment Corp. 367 6 6 Fifth Street Finance Corp. 3,035 33 31 Fifth Third Bancorp 23,204 305 351 Financial Engines, Inc. 1,172 27 32 Financial Institutions, Inc. 373 6 7 First American Financial Corp. 2,646 41 63 First Bancorp 550 6 7 First Bancorp, Inc. 218 4 4 First Bancorp Puerto Rico 1,823 7 8 First Busey Corp. 1,973 10 9 First California Financial Group, Inc. 731 5 6 First Cash Financial Services, Inc. 736 25 36 First Citizens BancShares, Inc.- Class A 125 21 20 First Commonwealth Financial Corp. 2,738 17 19 First Community Bancshares, Inc. 419 6 7 First Connecticut Bancorp, Inc. 352 5 5 First Defiance Financial Corp. 417 6 8 First Financial Bancorp 1,441 25 21 First Financial Bankshares, Inc. 786 27 30 First Financial Corp. 340 11 10 First Financial, Inc. 333 3 4 First Horizon National Corp. 6,162 61 61 First Industrial Realty Trust, Inc.-REIT 2,901 29 41 First Interstate Bancsystem, Inc. 414 6 6 First Merchants Corp. 690 6 10 First Midwest Bancorp, Inc. 1,979 20 25 First Niagara Financial Group 8,567 102 68 First of Long Island Corp. 220 6 6 First Pactrust Bancorp, Inc. 369 5 4 First Potomac Realty Trust-REIT 1,369 20 17 First Republic Bank 2,688 88 88 FirstMerit Corp. 2,662 44 38 Flushing Financial Corp. 865 12 13 FNB Corp. 3,359 34 35 The accompanying notes are an integral part of the financial statements. 68
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Financials (continued) FNB United Corp. 397 5 5 Forest City Enterprises-Class A 3,923 62 63 Forestar Group, Inc. 936 16 16 Fox Chase Bancorp, Inc. 437 6 7 Franklin Financial Corp. 485 7 8 Franklin Resources, Inc. 3,500 411 438 Franklin Street Properties Corp. REIT 1,737 22 21 Fulton Financial Corp. 4,856 45 46 FXCM, Inc. 647 6 6 GAMCO Investors, Inc. 190 9 10 General Growth Properties, Inc. REIT 13,411 217 265 Genworth Financial, Inc.-Class A 12,219 132 91 German American Bancorp, Inc. 410 8 9 Getty Realty Corp. REIT 542 14 10 GFI Group, Inc. 1,249 5 4 Glacier Bancorp, Inc. 1,791 25 26 Gladstone Capital Corp. 855 7 7 Gladstone Commercial Corp. REIT 1,229 21 22 Gladstone Investment Corp. 832 6 6 Glimcher Realty Trust-REIT 3,472 31 38 Global Indemnity PLC 327 6 7 Goldman Sachs Group, Inc. 12,338 1,836 1,568 Golub Capital BDC, Inc. 415 6 7 Government Properties Income Trust-REIT 1,311 33 31 Gramercy Capital Corp. REIT 1,894 5 6 Great Southern Bancorp, Inc. 315 7 8 Green Dot Corp.-Class A 605 27 7 Greenhill & Co., Inc. 739 45 38 Greenlight Capital Re, Ltd. 765 21 18 GSV Capital Corp. 568 6 5 Guaranty Bancorp. 2,525 5 5 Gyrodyne Co. of America, Inc. REIT 54 6 4 Hancock Holding Co. 2,092 61 66 Hanmi Financial Corp. 850 6 12 Hanover Insurance Group, Inc. 1,138 50 44 Harris & Harris Group, Inc. 1,191 6 4 Hartford Financial Services Group, Inc. 11,113 250 248 Hatteras Financial Corp. REIT 2,455 70 61 HCC Insurance, Inc. 2,516 74 93 HCP, Inc. 11,259 404 506 Health Care, Inc. REIT 6,460 319 394 Healthcare Realty Trust, Inc.-REIT 2,286 47 55 Heartland Financial USA, Inc. 410 7 11 Hercules Technology Growth Capital, Inc. 1,719 18 19 Heritage Financial Corp. 526 7 8 Hersha Hospitality Trust-REIT 4,303 25 21 Par (000s)/ Financials (continued) HFF, Inc.-Class A 725 10 11 Highwoods Properties, Inc. REIT 1,631 52 54 Hilltop, Inc. 877 8 12 Home Bancshares, Inc. 552 14 18 Home Federal Bancorp, Inc. 561 6 7 Home Loan Servicing Solutions, Ltd. 717 11 13 Home Properties, Inc. REIT 1,273 71 78 Homeowners Choice, Inc. 414 8 9 Homestreet, Inc. 306 5 8 Hometrust Bancshares, Inc. 524 7 7 Horace Mann Educators Corp. 1,089 18 22 Hospitality Properties Trust-REIT 3,186 74 74 Host Hotels & Resorts, Inc. REIT 18,098 298 282 Howard Hughes Corp. 682 35 50 Hudson City Bancorp, Inc. 13,384 135 108 Hudson Pacific Properties, Inc. REIT 1,160 19 24 Hudson Valley Holding Corp. 442 9 7 Huntington Bancshares, Inc. 22,070 140 140 Iberiabank Corp. 738 39 36 Independent Bank Corp. 592 16 17 Infinity Property & Casualty Corp. 333 20 19 Inland Real Estate Corp. REIT 2,065 17 17 Interactive Brokers Group, Inc.- Class A 1,104 18 15 IntercontinentalExchange, Inc. 1,836 220 226 International Bancshares Corp. 1,327 24 24 Internet Capital Group, Inc. 1,101 13 13 INTL FCStone, Inc. 329 8 6 Invesco Mortgage Capital, Inc. REIT 2,812 57 55 Invesco, Ltd. 11,222 256 291 Investment Technology Group, Inc. 1,102 13 10 Investors Bancorp, Inc. 1,140 15 20 Investors Real Estate Trust-REIT 2,226 18 19 istar Financial, Inc. REIT 2,183 13 18 Janus Capital Group, Inc. 4,709 49 40 Jefferies Group, Inc. 3,518 75 65 JMP Group, Inc. 272 2 2 Joyo Bank, Ltd. (The) 1,082 86 90 JPMorgan Chase & Co. 95,530 3,702 4,184 Kansas City Life Insurance Co. 97 3 4 KBW, Inc. 855 21 13 KCAP Financial, Inc. 747 6 7 Kemper Corp. 1,245 32 37 Kennedy-Wilson, Inc. 1,068 14 15 Keycorp 23,779 190 199 Kilroy Realty Corp. REIT 1,907 69 90 Kimco Realty Corp. REIT 10,188 175 196 Kite Realty Group Trust-REIT 3,179 16 18 Knight Capital Group, Inc. 4,496 35 16 The accompanying notes are an integral part of the financial statements. 69
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Financials (continued) Ladenburg Thalmann Financial Services, Inc. 3,346 6 5 Lakeland Bancorp, Inc. 637 6 6 Lakeland Financial Corp. 382 9 10 LaSalle Hotel Properties REIT 2,129 53 54 Legg Mason, Inc. 3,496 115 90 Lender Processing Services, Inc. 2,094 63 51 Leucadia National Corp. 4,883 130 116 Lexington Realty Trust-REIT 3,531 30 37 Liberty Property Trust-REIT 2,634 84 94 Lincoln National Corp. 7,088 173 183 Loews Corp. 7,840 305 318 LPL Financial, Inc. 1,402 46 39 LTC Properties, Inc. REIT 803 23 28 M&T Bank Corp. 3,174 262 311 Macerich Co. REIT 3,357 159 195 Mack-Cali Realty Corp. REIT 2,167 66 56 Maiden, Ltd. 1,181 9 11 Main Street Capital Corp. 879 20 27 MainSource Financial Group, Inc. 419 4 5 Manning & Napier, Inc. 317 4 4 Markel Corp. 252 95 109 MarketAxess, Inc. 929 22 33 Marlin Business Services Corp. 203 4 4 Marsh & McLennan Cos., Inc. 13,686 381 470 MB Financial, Inc. 1,368 22 27 MBIA, Inc. 3,517 36 27 MCG Capital Corp. 2,239 13 10 Meadowbrook Insurance Group, Inc. 1,171 12 7 Medallion Financial Corp. 695 8 8 Medical Properties Trust, Inc.-REIT 3,325 32 40 Medley Capital Corp. 1,210 16 18 Mercantile Bank Corp. 160 3 3 Merck & Co., Inc. 76,361 2,800 3,114 Mercury General Corp. 608 27 24 Metlife, Inc. 21,437 831 703 Metro Bancorp, Inc. 543 6 7 Metrocorp Bancshares, Inc. 521 5 6 MFA Financial, Inc. REIT 8,454 69 68 MGIC Investment Corp. 6,095 36 16 Mid-America Apartment Communities, Inc. REIT 1,063 66 69 Midwestone Financial Group, Inc. 260 6 5 Monmouth Real Estate Investment Corp. REIT-Class A 920 8 9 Montpelier Re, Ltd. 1,308 27 30 Moody s Corp. 4,938 147 247 Morgan Stanley 38,686 901 737 MSCI, Inc. 3,008 107 93 Par (000s)/ Financials (continued) MVC Capital, Inc. 623 8 8 NASDAQ OMX Group, Inc. 2,889 67 72 National Bankshares, Inc. 240 6 8 National Financial Partners Corp. 958 12 16 National Health Investors, Inc. REIT 637 29 36 National Interstate Corp. 222 5 6 National Penn Bancshares, Inc. 3,046 23 28 National Retail Properties, Inc. REIT 2,686 71 83 National Western Life Insurance Co.- Class A 67 10 11 Nationstar Mortgage, Inc. 491 10 15 Navigators Group, Inc. 299 15 15 NBT Bancorp, Inc. 871 20 18 Nelnet, Inc.-Class A 665 15 20 Netspend, Inc. 611 6 7 New Mountain Finance Corp. 1,054 15 16 New York Community Bancorp, Inc. 10,833 180 141 New York Mortgage Trust, Inc.-REIT 2,359 15 15 NewStar Financial, Inc. 572 5 8 NGP Capital Resources Co. 701 6 5 Nicholas Financial, Inc. 423 5 5 Northern Trust Corp. 5,477 276 273 Northfield Bancorp, Inc. 434 6 7 NorthStar Realty Finance Corp. REIT 4,463 22 31 Northwest Bancshares, Inc. 2,428 27 29 NYSE Euronext 6,412 183 201 OceanFirst Financial Corp. 462 6 6 Ocwen Financial Corp. 2,667 35 92 Old National Bancorp 3,029 35 36 Old Republic International Corp. 6,379 79 68 Omega Healthcare Investors, Inc. REIT 2,800 59 67 OmniAmerican Bancorp, Inc. 403 7 9 One Liberty Properties, Inc. REIT 380 6 8 OneBeacon Insurance Group, Ltd. 740 10 10 Oppenheimer, Inc.-Class A 340 9 6 Oriental Financial Group, Inc. 1,135 13 15 Oritani Financial Corp. 1,136 13 17 Pacific Continental Corp. 344 3 3 PacWest Bancorp 790 15 19 Park National Corp. 290 20 19 Park Sterling Corp. 1,175 6 6 Parkway Properties, Inc. REIT 584 6 8 PartnerRe, Ltd. 1,611 123 129 Peapack Gladstone Financial Corp. 384 6 5 Pebblebrook Hotel Trust-REIT 1,803 38 41 PennantPark Investment Corp. 1,631 19 18 Penns Woods Bancorp, Inc. 170 6 6 The accompanying notes are an integral part of the financial statements. 70
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Financials (continued) Pennsylvania Real Estate Investment Trust-REIT 1,435 20 25 People s United Financial, Inc. 8,550 108 103 Peoples Bancorp, Inc. 347 6 7 PHH Corp. 1,406 29 32 Phoenix Cos., Inc. 187 9 5 Pico, Inc. 580 16 12 Piedmont Office Realty Trust, Inc.- REIT 4,335 82 78 Pinnacle Financial Partners, Inc. 906 12 17 Piper Jaffray Cos. 386 11 12 Platinum Underwriters, Ltd. 923 39 42 Plum Creek Timber Co., Inc. REIT 4,039 148 178 PNC Financial Services Group, Inc. 13,079 751 759 Popular, Inc. 2,571 72 53 Portfolio Recovery Associates, Inc. 431 32 46 Post Properties, Inc. REIT 1,410 53 70 Potlatch Corp. REIT 1,036 33 40 Preferred Bank 456 6 6 Primerica, Inc. 1,255 31 38 Principal Financial Group 7,591 216 216 PrivateBancorp, Inc. 1,511 20 23 ProAssurance Corp. 1,522 51 64 Progressive Corp. (The) 15,331 315 322 ProLogis, Inc. REIT 11,597 354 421 Prospect Capital Corp. 4,735 49 51 Prosperity Bancshares, Inc. 1,164 43 49 Protective Life Corp. 2,037 51 58 Provident Financial Services, Inc. 1,428 20 21 Provident New York Bancorp 918 8 9 Prudential Financial, Inc. 11,746 633 624 PS Business Parks, Inc. REIT 598 35 39 Public Storage, Inc. REIT 3,556 390 513 Radian Group, Inc. 3,747 19 23 RAIT Financial Trust-REIT 1,257 7 7 Ramco-Gershenson Properties Trust-REIT 1,259 15 17 Raymond James Financial, Inc. 2,904 94 111 Rayonier, Inc. REIT 3,073 112 159 Realogy Corp. 1,233 51 51 Realty Income Corp. REIT 3,351 116 134 Redwood Trust, Inc.-REIT 2,033 27 34 Regency Centers Corp. REIT 2,295 93 108 Regions Financial Corp. 35,565 215 252 Reinsurance Group of America, Inc. 1,860 99 99 RenaissanceRe, Ltd. 1,306 85 106 Renasant Corp. 710 13 13 Republic Bancorp, Inc.-Class A 315 6 7 Resource Capital Corp. REIT 3,074 18 17 Par (000s)/ Financials (continued) Retail Opportunity Investments Corp. REIT 1,576 18 20 Retail Properties of America, Inc. REIT 2,166 21 26 RLI Corp. 548 36 35 RLJ Lodging Trust-REIT 2,601 45 50 Rockville Financial, Inc. 857 9 11 Rouse Properties, Inc. REIT 561 7 9 S&T Bancorp, Inc. 711 15 13 Sabra Healthcare, Inc. REIT 805 14 17 Safeguard Scientifics, Inc. 656 10 10 Safety Insurance Group, Inc. 375 17 17 Sandy Spring Bancorp, Inc. 585 11 11 Saul Centers, Inc. REIT 224 9 10 SCBT Financial Corp. 420 14 17 SeaBright, Inc. 637 6 7 Seacoast Banking Corp. of Florida 1,260 2 2 SEI Investments Co. 3,598 80 84 Select Income REIT 560 14 14 Selective Insurance Group, Inc. 1,391 25 27 Senior Housing Properties Trust- REIT 4,433 97 104 Signature Bank 1,234 65 88 Simmons First National Corp.-Class A 447 13 11 Simon Property Group, Inc. REIT 7,598 852 1,196 SL Green Realty Corp. REIT 2,219 153 169 SLM Corp. 12,085 156 206 Solar Capital, Ltd. 1,032 24 25 Solar Senior Capital, Ltd. 345 6 6 Southside Bancshares, Inc. 532 11 11 Southwest Bancorp, Inc. 547 6 6 Sovran Self Storage, Inc. REIT 733 29 45 St. Joe Co. 1,618 30 37 STAG Industrial, Inc. REIT 770 11 14 StanCorp Financial Group, Inc. 1,133 45 41 Starwood Property Trust, Inc.-REIT 3,177 66 73 State Auto Financial Corp. 370 6 6 State Bank Financial Corp. 834 13 13 State Street Corp. 12,261 547 574 StellarOne Corp. 606 8 9 Stellus Capital Investment Corp. 201 3 3 Sterling Bancorp 661 6 6 Sterling Financial Corp. 691 12 14 Stewart Information Services Corp. 538 7 14 Stifel Financial Corp. 1,366 48 43 Strategic Hotels & Resorts, Inc. REIT 4,576 25 29 Summit Hotel Properties, Inc. REIT 940 9 9 Sun Bancorp, Inc. 602 2 2 The accompanying notes are an integral part of the financial statements. 71
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Financials (continued) Sun Communities, Inc. REIT 892 33 35 Sunstone Hotel Investors, Inc. REIT 3,385 34 36 SunTrust Banks, Inc. 13,514 330 381 Susquehanna Bancshares, Inc. 4,569 39 48 SVB Financial Group 1,097 57 61 SWS Group, Inc. 490 3 3 SY Bancorp, Inc. 417 9 9 Symetra Financial Corp. 1,961 25 25 Synovus Financial Corp. 17,152 38 42 T Rowe Price Group, Inc. 6,438 389 417 Tanger Factory Outlet Centers REIT 2,359 63 80 Taubman Centers, Inc. REIT 1,308 66 102 Taylor Capital Group, Inc. 480 8 9 TCF Financial Corp. 3,959 54 48 TD Ameritrade Holding Corp. 5,924 105 99 Tejon Ranch Co. 276 7 8 Terreno Realty Corp. REIT 356 6 5 Territorial Bancorp, Inc. 438 10 10 Texas Capital Bancshares, Inc. 998 28 45 TFS Financial Corp. 1,758 15 17 THL Credit, Inc. 552 7 8 Thomas Properties Group, Inc. 969 5 5 TICC Capital Corp. 1,271 14 13 Tompkins Financial Corp. 333 13 13 Torchmark Corp. 2,568 107 132 Tower Group, Inc. 911 23 16 Towers Watson & Co.-Class A 1,496 83 84 TowneBank 628 9 10 Travelers Cos. (The), Inc. 9,721 555 695 Triangle Capital Corp. 747 15 19 Trico Bancshares 423 6 7 Trustco Bank Corp. 2,558 15 13 Trustmark Corp. 1,582 37 35 Two Harbors Investment Corp. REIT 7,185 75 79 U.S. Bancorp 47,596 1,244 1,514 UDR, Inc. REIT 6,090 144 144 UMB Financial Corp. 800 32 35 UMH Properties, Inc. REIT 326 4 3 Umpqua Corp. 2,750 33 32 Union First Market Bankshares Corp. 406 5 6 United Bankshares, Inc. 1,095 30 27 United Community Banks, Inc. 980 9 9 United Financial Bancorp, Inc. 619 9 10 United Fire Group, Inc. 562 12 12 Universal American Corp. 958 8 8 Universal Health Realty Income Trust-REIT 292 11 15 Universal Insurance, Inc. 1,283 6 6 Univest Corp. of Pennsylvania 476 9 8 Par (000s)/ Financials (continued) Unum Group 7,099 159 147 Urstadt Biddle Properties, Inc., REIT-Class A 561 10 11 Validus, Ltd. 2,631 81 91 Valley National Bancorp 4,779 57 44 Ventas, Inc. REIT 7,233 387 466 ViewPoint Financial Group 914 13 19 Virginia Commerce Bancorp, Inc. 545 4 5 Virtus Investment Partners, Inc. 156 8 19 Visa, Inc.-Class A 13,119 1,114 1,979 Vornado Realty Trust-REIT 4,640 386 370 Waddell & Reed Financial-Class A 2,168 70 75 Walker & Dunlop, Inc. 457 6 8 Walter Investment Management Corp. REIT 924 24 40 Washington Banking Co. 464 6 6 Washington Federal, Inc. 2,630 41 44 Washington Real Estate Investment Trust-REIT 1,842 54 48 Washington Trust Bancorp, Inc. 449 10 12 Webster Financial Corp. 1,795 34 37 Weingarten Realty Investors REIT 3,148 78 84 Wells Fargo & Co. 123,062 3,566 4,192 WesBanco, Inc. 655 12 14 West Bancorporation, Inc. 442 4 5 Westamerica Bancorporation 696 35 30 Western Alliance Bancorp 1,863 13 20 Western Asset Mortgage Capital Corp. REIT 765 16 15 Westfield Financial, Inc. 726 6 5 Westwood Group, Inc. 241 9 10 White Mountains Insurance Group, Ltd. 150 54 77 Whitestone REIT 342 4 5 Wilshire Bancorp, Inc. 1,362 4 8 Winthrop Realty Trust-REIT 610 7 7 Wintrust Financial Corp. 912 29 33 Wisdomtree Investments, Inc. 1,508 10 9 World Acceptance Corp. 284 17 21 WR Berkley Corp. 2,825 83 106 WSFS Financial Corp. 239 10 10 XL Group PLC 7,897 165 197 Zions Bancorporation 4,541 92 97 63,829 70,527 Health Care 11.0% Abaxis, Inc. 560 17 21 Abbott Laboratories 39,482 2,011 2,575 ABIOMED, Inc. 764 9 10 Acadia Healthcare Co., Inc. 780 15 18 The accompanying notes are an integral part of the financial statements. 72
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Health Care (continued) Accelrys, Inc. 1,182 9 11 Accenture PLC-Class A 16,179 794 1,071 Accretive Health, Inc. 1,411 27 16 Accuray, Inc. 1,857 10 12 Achillion Pharmaceuticals, Inc. 1,480 10 12 Acorda Therapeutics, Inc. 1,006 26 25 Aegerion Pharmaceuticals, Inc. 661 10 17 Aetna, Inc. 8,718 284 402 Affymax, Inc. 949 8 18 Affymetrix, Inc. 1,382 6 4 Agenus, Inc. 294 1 1 Air Methods Corp. 966 21 35 Akorn, Inc. 1,489 13 20 Alere, Inc. 2,016 61 37 Alexion Pharmaceuticals 4,845 257 452 Align Technology, Inc. 1,781 41 49 Alkermes PLC 3,056 51 56 Allergan, Inc. 7,627 551 696 Allos Therapeutics, Inc. 5,650 - - Allscripts Healthcare Solutions, Inc. 4,235 76 40 Almost Family, Inc. 144 5 3 Alnylam Pharmaceuticals, Inc. 1,166 14 21 Alphatec, Inc. 1,659 6 3 AMAG Pharmaceuticals Inc. 584 10 9 Amedisys, Inc. 840 22 9 AmerisourceBergen Corp. 6,257 211 269 Amgen, Inc. 19,519 1,146 1,678 Amicus Therapeutics, Inc. 908 5 2 AMN Healthcare Services, Inc. 1,146 9 13 Ampio Pharmaceuticals, Inc. 729 6 3 Amsurg Corp. 728 14 22 Analogic Corp. 320 17 24 Angiodynamics, Inc. 614 9 7 Anika Therapeutics, Inc. 354 5 3 Antares Pharma, Inc. 3,280 9 12 Arena Pharmaceuticals, Inc. 5,368 19 48 Ariad Pharmaceuticals, Inc. 4,106 36 78 Arqule, Inc. 1,591 10 4 Array Biopharma, Inc. 3,744 13 14 Arthrocare Corp. 702 22 24 Assisted Living Concepts, Inc. 389 7 4 Astex Pharmaceuticals 2,113 6 6 athenahealth, Inc. 889 44 65 AtriCure, Inc. 487 6 3 Atrion Corp. 45 8 9 Auxilium Pharmaceuticals, Inc. 1,220 25 22 AVANIR Pharmaceuticals, Inc. 3,583 12 9 AVEO Pharmaceuticals, Inc. 872 16 7 Par (000s)/ Health Care (continued) Baxter International, Inc. 13,815 715 917 Becton Dickinson & Co. 5,073 408 395 Bio-Rad Laboratories, Inc.-Class A 499 50 52 Bio-Reference Labs, Inc. 636 13 18 BioCryst Pharmaceuticals, Inc. 1,337 5 2 Biogen Idec, Inc. 6,032 496 880 BioMarin Pharmaceutical, Inc. 3,123 96 153 BioScrip, Inc. 1,384 11 15 Biospecifics Technologies Corp. 80 2 1 Biotime, Inc. 342 2 1 Boston Scientific Corp. 36,116 234 206 Bristol-Myers Squibb Co. 42,395 1,174 1,377 Bruker Corp. 2,310 35 35 Cadence Pharmaceuticals, Inc. 1,340 12 6 Cambrex Corp. 693 5 8 Cantel Medical Corp. 553 9 16 Capital Senior Living Corp. 807 7 15 Cardinal Health, Inc. 8,669 333 355 Cardiovascular Systems, Inc. 446 6 6 CareFusion Corp. 5,458 135 155 Catamaran Corp. 5,155 172 242 Celgene Corp. 11,083 697 868 Celldex Therapeutics, Inc. 2,218 11 15 Centene Corp. 1,279 36 52 Cepheid, Inc. 1,630 40 55 Cerner Corp. 3,669 194 284 Cerus Corp. 1,464 5 5 Charles River Laboratories International, Inc. 1,225 41 46 Chemed Corp. 479 30 33 Chindex International, Inc. 488 6 5 Cigna Corp. 7,250 292 386 Clovis Oncology, Inc. 271 3 4 Codexis, Inc. 726 7 2 Community Health Systems, Inc. 2,251 70 69 Computer Programs & Systems, Inc. 303 16 15 Conceptus, Inc. 845 12 18 CONMED Corp. 740 18 21 Cooper Cos., Inc. 1,199 77 110 Corcept Therapeutics, Inc. 1,353 6 2 Corvel Corp. 161 8 7 Covance, Inc. 1,370 65 79 Coventry Health Care, Inc. 3,375 97 151 Covidien PLC 12,106 558 696 CR Bard, Inc. 2,104 189 205 Cross Country Healthcare, Inc. 860 6 4 CryoLife, Inc. 476 3 3 Cubist Pharmaceuticals, Inc. 1,567 41 66 The accompanying notes are an integral part of the financial statements. 73
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Health Care (continued) Curis, Inc. 1,701 6 6 Cyberonics, Inc. 694 22 36 Cynosure, Inc. 291 6 7 Cytori Therapeutics, Inc. 1,786 9 5 DaVita, Inc. 2,351 184 259 Dendreon Corp. 3,195 97 17 DENTSPLY International, Inc. 3,636 122 143 Depomed, Inc. 1,191 9 7 DexCom, Inc. 1,718 20 23 Dyax Corp. 3,373 9 12 Dynavax Technologies Corp. 4,536 16 13 Edwards Lifesciences Corp. 2,890 216 259 Eli Lilly & Co. 25,698 943 1,262 Emergent Biosolutions, Inc. 520 10 8 Emeritus Corp. 808 15 20 Endo Pharmaceuticals, Inc. 2,914 106 76 Endocyte, Inc. 825 10 7 Endologix, Inc. 1,341 13 19 Ensign Group, Inc. 459 11 12 Enzon Pharmaceuticals, Inc. 815 7 4 epocrates, Inc. 316 6 3 Exact Sciences Corp. 1,983 17 21 Exactech, Inc. 335 6 6 ExamWorks Group, Inc. 1,000 20 14 Exelixis, Inc. 4,660 26 21 Express Scripts Holding Co. 20,265 1,146 1,089 Five Star Quality Care, Inc. 1,100 7 5 Fluidigm Corp. 576 9 8 Forest Laboratories, Inc. 6,687 220 235 Furiex Pharmaceuticals, Inc. 584 10 11 Genomic Health, Inc. 413 10 11 Gentiva Health Services, Inc. 875 18 9 Geron Corp. 3,771 13 5 Gilead Sciences, Inc. 19,031 780 1,393 Globus Medical, Inc. 237 4 2 Greatbatch, Inc. 544 12 13 Greenway Medical Technologies 302 5 5 Haemonetics Corp. 1,256 40 51 Halozyme Therapeutics, Inc. 2,380 17 16 Hanger Orthopedic Group, Inc. 868 18 24 Hansen Medical, Inc. 740 2 2 HCA, Inc. 4,180 124 126 Health Management Associates, Inc. 6,340 56 59 Health Net, Inc. 2,068 57 50 Healthsouth Corp. 2,393 46 50 HealthStream, Inc. 529 8 13 Healthways, Inc. 926 8 10 HeartWare International, Inc. 353 30 30 Par (000s)/ Health Care (continued) Henry Schein, Inc. 2,284 146 183 Hi-Tech Pharmacal Co., Inc. 279 8 10 Hill-Rom, Inc. 1,553 61 44 HMS Corp. 2,127 50 55 Hologic, Inc. 6,761 122 135 Hospira, Inc. 4,083 210 127 Humana, Inc. 4,108 254 281 ICU Medical, Inc. 343 14 21 Idenix Pharmaceuticals, Inc. 2,229 15 11 IDEXX Laboratories, Inc. 1,413 102 131 Illumina, Inc. 3,120 181 173 Immunocellular Therapeutics, Ltd. 1,348 5 3 Immunogen, Inc. 2,195 25 28 Immunomedics, Inc. 2,074 8 6 Impax Laboratories, Inc. 1,684 34 34 Incyte Corp., Ltd. 2,394 40 40 Infinity Pharmaceuticals, Inc. 690 10 24 Insulet Corp. 1,196 19 25 Integra LifeSciences Corp. 473 22 18 InterMune, Inc. 1,782 22 17 Intuitive Surgical, Inc. 1,000 321 488 Invacare Corp. 866 19 14 IPC The Hospitalist Co., Inc. 432 16 17 Ironwood Pharmaceuticals, Inc. 1,879 27 21 Isis Pharmaceuticals, Inc. 2,504 25 26 Jazz Pharmaceuticals PLC 1,047 49 55 Johnson & Johnson 68,914 4,411 4,810 Keryx Biopharmaceuticals, Inc. 2,376 11 6 Kindred Healthcare, Inc. 1,207 23 13 Laboratory Corp. of America 2,427 212 209 Landauer, Inc. 248 15 15 Lexicon Pharmaceuticals, Inc. 5,270 10 12 LHC Group, Inc. 354 10 7 Life Technologies Corp. 4,517 230 221 LifePoint Hospitals, Inc. 1,208 44 45 Ligand Pharmaceuticals, Inc.- Class B 621 9 13 Luminex Corp. 1,050 19 18 Magellan Health Services, Inc. 688 34 34 MAKO Surgical Corp. 922 20 12 MannKind Corp. 3,358 13 7 MAP Pharmaceuticals, Inc. 752 11 12 Masimo Corp. 1,252 38 26 Maxygen, Inc. 498 3 1 McKesson Corp. 5,905 423 570 MedAssets, Inc. 1,648 28 27 Medicines Co. 1,392 24 33 Medidata Solutions, Inc. 576 13 22 The accompanying notes are an integral part of the financial statements. 74
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Health Care (continued) Medivation, Inc. 1,796 30 91 Mednax, Inc. 1,215 81 96 Medtronic, Inc. 26,044 934 1,064 Merge Healthcare, Inc. 1,773 9 4 Meridian Bioscience, Inc. 1,058 23 21 Merit Medical Systems, Inc. 1,102 14 15 Mettler-Toledo International, Inc. 798 122 153 Molina Healthcare, Inc. 776 14 21 Momenta Pharmaceuticals, Inc. 1,218 19 14 MWI Veterinary Supply, Inc. 325 23 36 Mylan, Inc. 10,199 215 279 Myriad Genetics, Inc. 2,101 47 57 National Healthcare Corp. 287 13 13 Natus Medical, Inc. 593 8 7 Navidea Biopharmaceuticals, Inc. 2,008 7 6 Nektar Therapeutics 2,872 36 21 Neogen Corp. 601 23 27 Neurocrine Biosciences, Inc. 1,672 15 12 Newlink Genetics Corp. 349 6 4 Novavax, Inc. 3,066 6 6 NPS Pharmaceuticals, Inc. 2,016 13 18 NuVasive, Inc. 1,084 26 17 NxStage Medical, Inc. 1,299 26 15 Obagi Medical Products, Inc. 400 4 5 Omeros Corp. 599 8 3 Omnicare, Inc. 2,776 69 100 Omnicell, Inc. 905 13 13 OncoGenex Pharmaceutical, Inc. 340 6 4 Oncothyreon, Inc. 1,166 10 2 Onyx Pharmaceuticals, Inc. 1,634 64 123 Opko Health, Inc. 2,481 8 12 Optimer Pharmaceuticals, Inc. 1,214 14 11 OraSure Technologies, Inc. 1,443 12 10 Orexigen Therapeutics, Inc. 1,626 7 9 Orthofix International 491 15 19 Osiris Therapeutics, Inc. 494 6 4 Owens & Minor, Inc. 1,564 46 44 Pacific Biosciences of California, Inc. 1,069 12 2 Pacira Pharmaceuticals, Inc. 519 8 9 Pain Therapeutics, Inc. 857 6 2 Palomar Medical Technologies, Inc. 597 8 5 Parexel International Corp. 1,496 32 44 Patterson Cos., Inc. 2,293 71 78 PDL BioPharma, Inc. 3,589 22 25 PerkinElmer, Inc. 2,802 70 89 Perrigo Co. 2,359 183 244 Pfizer, Inc. 187,934 3,455 4,695 Pharmacyclics, Inc. 1,348 30 78 Par (000s)/ Health Care (continued) PharMerica Corp. 705 8 10 Photomedex, Inc. 391 5 6 Pozen, Inc. 788 5 4 Progenics Pharmaceuticals, Inc. 869 6 3 Providence Service Corp. 246 3 4 PSS World Medical, Inc. 1,272 28 37 QIAGEN 5,841 104 105 Quality Systems, Inc. 1,002 32 17 Quest Diagnostics, Inc. 3,985 215 231 Questcor Pharmaceuticals, Inc. 1,336 33 36 Quidel Corp. 782 12 15 Raptor Pharmaceutical Corp. 1,159 7 7 Regeneron Pharmaceuticals, Inc. 1,947 106 331 Repligen Corp. 1,139 5 7 Repros Therapeutics, Inc. 367 5 6 Resmed, Inc. 3,596 120 149 Rigel Pharmaceuticals, Inc. 1,915 16 12 Rockwell Medical Technologies, Inc. 599 8 5 RTI Biologics, Inc. 1,103 3 5 Sagent Pharmaceuticals, Inc. 225 6 4 Salix Pharmaceuticals, Ltd. 1,448 65 58 Sangamo Biosciences, Inc. 1,183 7 7 Santarus, Inc. 1,579 7 17 Sciclone Pharmaceuticals, Inc. 1,145 7 5 Seattle Genetics, Inc. 2,353 40 54 Select Medical Corp. 852 7 8 Sequenom, Inc. 3,041 19 14 Sirona Dental Systems, Inc. 1,383 63 89 Skilled Healthcare Group, Inc.- Class A 643 6 4 Solta Medical, Inc. 1,271 3 3 Spectranetics Corp. 748 4 11 Spectrum Pharmaceuticals, Inc. 1,547 14 17 St. Jude Medical, Inc. 7,915 318 285 Staar Surgical Co. 834 4 5 STERIS Corp. 1,432 50 50 Stryker Corp. 7,793 407 425 Sunesis Pharmaceuticals, Inc. 668 4 3 Sunrise Senior Living, Inc. 1,500 13 21 SurModics, Inc. 482 7 11 Symmetry Medical, Inc. 937 8 10 Synageva Biopharma Corp. 258 12 12 Synergy Pharmaceuticals, Inc. 1,093 5 6 Synta Pharmaceuticals Corp. 1,007 7 9 Targacept, Inc. 746 11 3 Team Health, Inc. 734 17 21 Techne Corp. 910 60 62 Teleflex, Inc. 1,008 56 72 The accompanying notes are an integral part of the financial statements. 75
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Health Care (continued) Tenet Healthcare Corp. 2,562 48 83 Theravance, Inc. 1,513 39 33 Thermo Fisher Scientific, Inc. 9,224 490 586 Thoratec Corp. 1,451 43 54 Threshold Pharmaceuticals, Inc. 1,180 8 5 Tornier BV 348 9 6 Triple-S Management Corp. 544 11 10 Trius Therapeutics, Inc. 1,805 9 9 U.S. Physical Therapy, Inc. 328 8 9 Unilife Corp. 1,689 7 4 United Therapeutics Corp. 1,254 75 67 UnitedHealth Group, Inc. 26,055 1,080 1,407 Universal Health Services-Class B 2,270 96 109 Vanda Pharmaceuticals, Inc. 907 6 3 Vanguard Health Systems, Inc. 1,019 11 12 Varian Medical Systems, Inc. 2,816 189 197 Vascular Solutions, Inc. 506 6 8 VCA Antech, Inc. 2,177 48 46 Ventrus Biosciences, Inc. 443 6 1 Vertex Pharmaceuticals, Inc. 5,333 200 223 Vical, Inc. 2,254 9 7 Viropharma, Inc. 1,735 31 39 Vivus, Inc. 2,481 28 33 Vocera Communications, Inc. 200 5 5 Volcano Corp. 1,332 37 31 Warner Chilcott PLC 4,191 84 50 Waters Corp. 2,253 181 195 Watson Pharmaceuticals, Inc. 3,189 184 273 WellCare Health Plans, Inc. 1,069 37 52 WellPoint, Inc. 7,624 447 463 West Pharmaceutical Services, Inc. 840 35 46 Wright Medical Group, Inc. 1,013 16 21 XenoPort, Inc. 1,306 10 10 XOMA Corp. 1,870 5 4 Young Innovations, Inc. 194 6 8 Zimmer, Inc. 4,416 236 293 ZIOPHARM Oncology, Inc. 1,599 9 7 36,006 43,914 Industrials 11.2% 3D Systems Corp. 1,174 26 62 3M Co. 17,418 1,525 1,610 A.T. Cross Co.-Class A 215 3 2 AAON, Inc. 409 7 9 AAR Corp. 924 24 17 ABM Industries, Inc. 1,336 31 27 Acacia Research 1,243 40 32 ACCO Brands Corp. 2,853 25 21 Accuride Corp. 1,293 15 4 Par (000s)/ Industrials (continued) ACE Aviation, Inc. 8,486 536 674 Aceto Corp. 541 3 5 Acorn Energy, Inc. 569 5 4 Actuant Corp.-Class A 1,760 46 49 Acuity Brands, Inc. 1,045 59 70 ADT Corp. 5,837 207 270 Advisory Board Co. 861 24 40 Aegion Corp. 1,001 23 22 Aerovironment, Inc. 480 12 10 AGCO Corp. 2,395 107 117 Air Lease Corp. 1,657 36 35 Air Transport Services Group, Inc. 1,299 10 5 Aircastle, Ltd. 1,496 16 19 Alamo Group, Inc. 163 3 5 Alaska Air Group, Inc. 1,743 52 75 Albany International Corp.-Class A 681 15 15 Allegiant Travel Co. 375 21 27 Alliant Techsystems, Inc. 829 61 51 Altra, Inc. 748 14 16 Amerco, Inc. 223 22 28 Ameresco, Inc.-Class A 565 8 6 American Railcar Industries, Inc. 370 10 12 American Science & Engineering, Inc. 236 18 15 American Superconductor Corp. 736 24 2 American Woodmark Corp. 347 6 10 AMETEK, Inc. 6,101 175 228 Ampco-Pittsburgh Corp. 211 5 4 AO Smith Corp. 964 42 61 Apogee Ent., Inc. 744 9 18 Applied Industrial Technologies, Inc. 1,055 34 44 Argan, Inc. 187 3 3 Arkansas Best Corp. 693 17 7 Astec Industries, Inc. 489 16 16 Astronics Corp. 273 7 6 Atlas Air Worldwide, Inc. 662 35 29 Avery Dennison Corp. 2,568 95 89 Avis Budget Group, Inc. 2,641 38 52 AZZ, Inc. 642 14 25 Babcock & Wilcox Co. 2,908 73 76 Badger Meter, Inc. 397 15 19 Barnes Group, Inc. 1,356 28 30 Barrett Business Services, Inc. 158 3 6 BE Aerospace, Inc. 2,531 97 124 Beacon Roofing Supply, Inc. 1,173 24 39 Belden, Inc. 1,140 42 51 Blount International, Inc. 1,238 20 20 Boeing Co. 18,829 1,281 1,413 Brady Corp.-Class A 1,231 39 41 The accompanying notes are an integral part of the financial statements. 76
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Industrials (continued) Briggs & Stratton Corp. 1,218 22 26 Builders Firstsource, Inc. 1,138 5 6 C.H. Robinson Worldwide, Inc. 4,099 300 258 Cabot Corp. 1,575 59 62 CAI International, Inc. 602 12 13 Capstone Turbine Corp. 6,121 8 5 Carlisle Cos., Inc. 1,538 64 90 Cascade Corp. 225 9 14 Casella Waste Systems, Inc. 2,006 10 9 Caterpillar, Inc. 16,392 1,474 1,463 CBIZ, Inc. 842 6 5 CDI Corp. 254 3 4 Celadon Group, Inc. 398 5 7 Cenveo, Inc. 1,804 11 5 Chart Industries, Inc. 747 31 50 Chicago Bridge & Iron Co. 2,414 79 111 Cintas Corp. 2,789 86 114 CIRCOR International, Inc. 467 18 18 CLARCOR, Inc. 1,237 54 59 Clean Harbors, Inc. 1,343 59 74 CNH Global 703 30 28 Colfax Corp. 1,086 29 44 Columbus McKinnon Corp. 541 8 9 Comfort Systems USA, Inc. 1,051 12 13 Commercial Vehicle Group, Inc. 703 11 6 Con-Way, Inc. 1,380 47 38 Consolidated Graphics, Inc. 227 11 8 Continental Airlines-Class B 1,048 63 77 Copa SA-Class A 824 51 82 Copart, Inc. 2,500 49 73 Corporate Executive Board Co. 838 32 40 Corrections Corp. of America 2,454 64 87 CoStar Group, Inc. 701 43 62 Covanta Holding Corp. 2,666 44 49 CRA International, Inc. 178 4 3 Crane Co. 1,220 49 56 Crown, Inc. 3,763 125 138 CSX Corp. 26,040 561 511 Cubic Corp. 407 20 19 Cummins, Inc. 4,834 493 522 Curtiss-Wright Corp. 1,177 38 38 Danaher Corp. 14,593 687 813 Deere & Co. 9,968 780 858 Delta Air Lines, Inc. 21,372 273 253 Deluxe Corp. 1,270 30 41 DigitalGlobe, Inc. 908 26 22 Dolan Co. 909 11 4 Donaldson Co., Inc. 3,669 109 120 Par (000s)/ Industrials (continued) Douglas Dynamics, Inc. 490 7 7 Dover Corp. 4,616 269 302 Dresser-Rand Group, Inc. 1,941 84 109 Dun & Bradstreet Corp. 1,151 90 90 DXP Ent., Inc. 259 8 13 Dycom Industries, Inc. 985 17 19 Dynamic Materials Corp. 310 6 4 Eaton Corp. PLC 11,559 592 624 Edgen Group, Inc. 579 5 4 EMCOR Group, Inc. 1,649 47 57 Emerson Electric Co. 18,450 1,019 973 Encore Wire Corp. 391 10 12 Energy Recovery, Inc. 722 2 2 EnergySolutions, Inc. 2,502 11 8 EnerNOC, Inc. 719 14 8 EnerSys 1,197 39 45 Engility, Inc. 414 7 8 Ennis, Inc. 735 12 11 EnPro Industries, Inc. 498 20 20 Equifax, Inc. 3,027 113 163 ESCO Technologies, Inc. 664 24 25 Esterline Technologies Corp. 765 47 48 Exelis, Inc. 4,569 52 51 Expeditors International of Washington, Inc. 5,385 277 212 Exponent, Inc. 362 15 20 Fastenal Co. 7,465 239 347 Federal Signal Corp. 1,683 10 13 FedEx Corp. 7,895 737 721 Flow International Corp. 1,482 5 5 Flowserve Corp. 1,285 143 188 Fluor Corp. 4,253 254 249 Forward Air Corp. 721 21 25 Franklin Covey Co. 318 3 4 Franklin Electric Co., Inc. 589 25 36 FreightCar America, Inc. 231 6 5 FTI Consulting, Inc. 1,052 38 35 FuelCell Energy, Inc. 4,585 7 4 Furmanite Corp. 1,185 9 6 G&K Services, Inc.-Class A 503 15 17 Gardner Denver, Inc. 1,242 86 85 GATX Corp. 1,169 42 50 Genco Shipping & Trading, Ltd. 568 8 2 GenCorp, Inc. 1,479 8 13 Generac, Inc. 697 14 24 General Dynamics Corp. 7,998 546 552 General Electric Co. 266,021 4,634 5,557 Genesee & Wyoming, Inc.-Class A 1,097 61 83 The accompanying notes are an integral part of the financial statements. 77
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Industrials (continued) Geo Group, Inc. 1,744 45 49 GeoEye, Inc. 363 14 11 Gibraltar Industries, Inc. 721 8 11 Global Power Equipment Group, Inc. 387 10 7 Gorman-Rupp Co. 328 9 10 GP Strategies Corp. 441 7 9 Graco, Inc. 1,497 60 77 GrafTech International, Ltd. 2,748 53 26 Graham Corp. 327 6 6 Granite Construction, Inc. 1,041 28 35 Great Lakes Dredge & Dock Corp. 1,261 9 11 Greenbrier Cos., Inc. 500 10 8 Griffon Corp. 963 12 11 GS Yuasa Corp. 1,603 71 39 H&E Equipment Services, Inc. 757 10 11 Harsco Corp. 1,984 48 46 Hawaiian, Inc. 1,232 10 8 Healthcare Services Group, Inc. 1,660 28 38 Heartland Express, Inc. 1,207 19 16 HEICO Corp. 1,315 46 59 Heidrick & Struggles International, Inc. 488 11 7 Heritage-Crystal Clean, Inc. 273 5 4 Herman Miller, Inc. 1,784 40 38 Hexcel Corp. 2,467 48 66 Higher One, Inc. 713 13 8 Hill International, Inc. 536 3 2 HNI Corp. 1,138 32 34 Honeywell International, Inc. 19,580 1,041 1,238 Houston Wire & Cable Co. 528 8 6 HUB Group, Inc.-Class A 933 31 31 Hudson Global, Inc. 1,182 6 5 Huntington Ingalls Industries, Inc. 1,233 47 53 Hurco Cos., Inc. 212 6 5 Huron Consulting Group, Inc. 584 16 20 Hyster-yale Materials Handling, Inc. 298 13 14 ICF International, Inc. 463 11 11 IDEX Corp. 2,076 82 96 IHS, Inc.-Class A 1,286 106 123 II-VI, Inc. 1,316 29 24 Illinois Tool Works, Inc. 10,691 544 647 Ingersoll-Rand PLC 7,518 321 359 Innerworkings, Inc. 753 6 10 Insperity, Inc. 614 17 20 Insteel Industries, Inc. 504 6 6 Interface, Inc. 1,502 21 24 Intersections, Inc. 159 2 2 Iron Mountain, Inc. 4,217 109 130 ITT Corp. 2,281 201 53 Par (000s)/ Industrials (continued) Jacobs Engineering Group, Inc. 3,267 133 138 JB Hunt Transport Services, Inc. 2,263 94 134 Jetblue Airways 5,718 36 33 John Bean Technologies Corp. 728 13 13 Joy Global, Inc. 2,701 211 172 Kadant, Inc. 231 7 6 Kaman Corp. 670 21 25 Kansas City Southern 2,766 150 230 KAR Auction Services, Inc. 766 13 15 Kaydon Corp. 810 27 19 KBR, Inc. 3,661 105 109 Kelly Services, Inc.-Class A 569 11 9 Kennametal, Inc. 1,976 72 79 KEYW Holding Corp. 568 7 7 Kforce, Inc. 692 11 10 Kimball International, Inc. 942 6 11 Knight Transportation, Inc. 1,444 27 21 Knoll, Inc. 1,092 18 17 Korn/Ferry International 1,129 21 18 Kratos Defense & Solutions, Inc. 1,097 12 5 L-3 Communications, Inc. 2,450 178 187 Landstar System, Inc. 1,160 47 61 Layne Christensen Co. 569 17 14 LB Foster Co. 212 8 9 Lear Corp. 2,551 114 119 Lennox International, Inc. 1,262 55 66 Lincoln Electric, Inc. 2,072 70 100 Lindsay Corp. 330 20 26 LMI Aerospace, Inc. 292 6 6 Lockheed Martin Corp. 6,548 485 602 LSI Industries, Inc. 760 6 5 Lydall, Inc. 535 6 8 Manitowoc Co. (The), Inc. 3,293 40 51 Manpower, Inc. 1,973 108 83 Marten Transport, Ltd. 352 7 6 Masco Corp. 9,016 110 150 MasTec, Inc. 1,441 23 36 Matson, Inc. 1,048 40 26 McGrath Rentcorp 590 17 17 Meritor, Inc. 2,563 39 12 Metalico, Inc. 1,414 8 3 Michael Baker Corp. 274 6 7 Middleby Corp. 468 42 60 Miller Industries, Inc. 343 6 5 Mine Safety Appliances Co. 694 23 30 Mistras Group, Inc. 355 5 9 Mobile Mini, Inc. 1,012 20 21 The accompanying notes are an integral part of the financial statements. 78
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Industrials (continued) Monster Worldwide, Inc. 3,061 51 17 Moog, Inc.-Class A 1,123 44 46 MRC Global, Inc. 558 11 15 MSC Industrial Direct Co. 1,127 73 85 Mueller Industries, Inc. 673 24 34 Mueller Water Products, Inc. 4,174 14 23 Multi-Color Corp. 344 8 8 MYR Group, Inc. 603 10 13 NACCO Industries, Inc.-Class A 149 15 9 National Presto Industries, Inc. 137 14 9 Navigant Consulting, Inc. 1,295 11 14 Navistar International Corp. 1,896 83 41 NCI Building Systems, Inc. 816 10 11 Nielsen 3,042 87 93 NN, Inc. 573 7 5 Nordson Corp. 1,596 72 100 Norfolk Southern Corp. 8,172 528 503 Nortek, Inc. 202 10 13 Northrop Grumman Corp. 6,301 404 424 Northwest Pipe Co. 216 5 5 Odyssey Marine Exploration, Inc. 1,516 4 4 Old Dominion Freight Line, Inc. 1,759 40 60 On Assignment, Inc. 1,134 13 23 Orbital Sciences Corp. 1,483 25 20 Orion Marine Group, Inc. 621 5 5 Paccar, Inc. 8,992 474 405 Pacer International, Inc. 1,291 6 5 Pall Corp. 2,943 146 177 Park-Ohio Corp. 304 6 6 Parker Hannifin Corp. 3,811 320 323 Patriot Transportation Holding, Inc. 255 6 7 Pentair, Ltd. 5,294 210 259 Pike Electric Corp. 318 3 3 Pilgrim s Pride Corp. 1,315 7 9 Pitney Bowes, Inc. 4,171 91 44 PMFG, Inc. 522 10 5 Polypore International, Inc. 1,161 54 54 Powell Industries, Inc. 223 8 9 Precision Castparts Corp. 3,663 542 691 Preformed Line Products Co. 86 6 5 Primoris Services Corp. 752 10 11 Proto Labs, Inc. 140 5 6 Quad/Graphics, Inc. 664 18 14 Quality Distribution, Inc. 501 6 3 Quanex Building Products Corp. 982 17 20 Quanta Services, Inc. 5,248 102 143 Rand Logistics, Inc. 590 5 4 Raven Industries, Inc. 912 23 24 Par (000s)/ Industrials (continued) Raytheon Co. 8,341 408 478 RBC Bearings, Inc. 569 23 28 Regal-Beloit Corp. 1,090 71 77 Republic Airways, Inc. 1,367 6 8 Republic Services, Inc. 7,580 220 221 Resources Connection, Inc. 1,176 17 14 Rexnord Corp. 837 17 18 Roadrunner Transportation Systems, Inc. 371 6 7 Robbins & Myers, Inc. 959 39 57 Robert Half International, Inc. 3,507 102 111 Rockwell Automation, Inc. 3,598 253 301 Rockwell Collins, Inc. 3,670 209 213 Rollins, Inc. 1,540 30 34 Roper Industries, Inc. 2,451 197 272 RPM International, Inc. 3,245 73 95 RPX Corp. 398 8 4 RR Donnelley & Sons Co. 4,461 70 40 Rush Ent., Inc.-Class A 881 16 18 Ryder System, Inc. 1,264 59 63 Saia, Inc. 450 8 10 Sauer-Danfoss, Inc. 277 9 15 Schawk, Inc. 368 6 5 Seaboard Corp. 7 15 18 SeaCube Container Leasing, Ltd. 364 6 7 Shaw Group, Inc. 1,639 54 76 Simpson Manufacturing Co., Inc. 1,007 28 33 Skywest, Inc. 1,323 19 16 Snap-On, Inc. 1,436 82 113 Southwest Airlines Co. 19,264 240 196 Spirit Aerosystems, Inc.- Class A 2,937 61 50 Spirit Airlines Inc. 1,053 18 19 SPX Corp. 1,255 84 88 Standard Parking Corp. 324 5 7 Standex International Corp. 347 12 18 Stanley Black & Decker, Inc. 4,309 275 317 Steelcase, Inc.-Class A 1,957 19 25 Stericycle, Inc. 2,130 169 198 Sterling Construction Co., Inc. 490 6 5 Sun Hydraulics Corp. 455 10 12 Swift Transportation Co. 2,092 25 19 Swisher Hygiene, Inc. 2,615 13 5 SYKES Ent., Inc. 958 19 15 TAL International Group, Inc. 729 23 26 Taser International, Inc. 1,180 5 11 Team, Inc. 529 13 20 Teledyne Technologies, Inc. 914 43 59 Tennant Co. 472 18 21 The accompanying notes are an integral part of the financial statements. 79
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Industrials (continued) Terex Corp. 2,745 68 77 Tetra Tech, Inc. 1,575 39 41 Textainer Group, Ltd. 352 11 11 Textron, Inc. 7,117 167 176 Thermon Group, Inc. 305 5 7 Timken Co. (The) 2,164 99 103 Titan International, Inc. 1,320 25 29 Titan Machinery, Inc. 362 8 9 TMS International Corp. 446 6 6 Toro Co. 1,483 47 63 TransDigm Group, Inc. 1,287 106 175 TRC Cos., Inc. 383 2 2 Tredegar Corp. 556 11 11 Trex Co., Inc. 405 9 15 Trimas Corp. 839 17 23 Trinity Industries, Inc. 1,994 51 71 Triumph Group, Inc. 1,229 62 80 TrueBlue, Inc. 1,033 18 16 TRW Automotive Corp. 2,550 125 136 Tutor Perini Corp. 907 18 12 Twin Disc, Inc. 199 7 3 U.S. Airways Group, Inc. 4,021 44 54 U.S. Ecology, Inc. 528 9 12 Unifirst Corp. 352 19 26 Union Pacific Corp. 11,936 1,169 1,494 United Continental, Inc. 8,372 218 195 United Parcel Service, Inc.-Class B 18,154 1,322 1,333 United Rentals, Inc. 2,389 72 108 United Stationers, Inc. 1,029 32 32 United Technologies Corp. 22,892 1,812 1,869 Universal Forest Products, Inc. 480 17 18 URS Corp. 1,863 77 73 USG Corp. 1,851 28 52 UTI Worldwide, Inc. 2,591 47 35 Valmont Industries, Inc. 576 52 78 Verisk Analytics, Inc.-Class A 3,715 140 189 Viad Corp. 521 12 14 Vicor Corp. 584 9 3 VSE Corp. 83 2 2 W.W. Grainger, Inc. 1,463 213 295 Wabash National Corp. 1,838 19 16 WABCO, Inc. 1,587 86 103 Wabtec Corp. 1,193 65 104 Waste Connections, Inc. 3,095 87 104 Waste Management, Inc. 11,500 404 386 Watsco, Inc. 728 47 54 Watts Water Technologies, Inc. 715 25 31 Werner Enterprises, Inc. 1,095 24 24 WESCO Aircraft, Inc. 375 4 5 Par (000s)/ Industrials (continued) WESCO International, Inc. 1,079 56 72 Woodward Governor Co. 1,718 63 65 XPO Logistics, Inc. 476 8 8 Xylem, Inc. 4,781 126 129 Zipcar, Inc. 1,158 13 10 40,612 44,673 Information Technology 17.2% ACI Worldwide, Inc. 988 31 43 Acme Packet, Inc. 1,457 71 32 Active Network, Inc. 783 12 4 Activision Blizzard, Inc. 10,408 127 110 Actuate Corp. 1,102 6 6 Acxiom Corp. 1,913 34 33 Adobe Systems, Inc. 12,512 370 469 ADTRAN, Inc. 1,586 51 31 Advanced Energy Industries, Inc. 979 12 13 Advanced Micro Devices, Inc. 15,585 109 37 Advent Software, Inc. 812 22 17 Aecom Technology Corp. 2,787 71 66 Aeroflex Holding Corp. 689 11 5 Agilent Technologies, Inc. 8,753 329 357 Agilysys, Inc. 334 3 3 Akamai Technologies, Inc. 4,544 217 185 Alliance Data Systems Corp. 1,266 101 182 Alpha and Omega Semiconductor, Ltd. 457 6 4 Altera Corp. 8,104 305 278 Amdocs, Ltd. 4,176 116 141 American Software, Inc.-Class A 773 6 6 Amkor Technology, Inc. 1,611 12 7 Amphenol Corp.-Class A 4,091 219 264 Anadigics, Inc. 1,870 6 5 Analog Devices, Inc. 7,431 279 311 Anaren, Inc. 391 7 8 Angie s List, Inc. 1,126 16 13 Anixter International, Inc. 700 41 45 Annaly Capital Management, Inc. 24,135 426 337 ANSYS, Inc. 2,377 129 159 AOL, Inc. 2,052 47 61 Apple, Inc. 23,472 8,844 12,457 Applied Materials, Inc. 31,615 405 360 Applied Micro Circuits Corp. 1,752 16 15 Arris Group, Inc. 2,793 31 42 Arrow Electronics, Inc. 2,751 93 104 Aruba Networks, Inc. 2,782 60 57 Aspen Technology, Inc. 2,329 38 64 Atmel Corp. 10,966 115 72 ATMI, Inc. 741 14 15 Audience, Inc. 235 5 2 The accompanying notes are an integral part of the financial statements. 80
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Information Technology (continued) Automatic Data Processing, Inc. 12,304 603 698 Avago Technologies, Ltd. 6,050 197 191 Aviat Networks, Inc. 1,930 7 6 Avid Technology, Inc. 905 12 7 Avnet, Inc. 3,570 115 109 AVX Corp. 1,008 14 11 Axcelis Technologies, Inc. 3,659 6 5 AXT, Inc. 633 6 2 Bankrate, Inc. 1,185 21 15 Bazaarvoice, Inc. 267 5 2 Bel Fuse, Inc.-Class B 299 6 6 Benchmark Electronics, Inc. 1,410 24 23 Black Box Corp. 412 16 10 Blackbaud, Inc. 1,138 31 26 Blucora, Inc. 945 8 15 BMC Software, Inc. 4,078 182 161 Boingo Wireless, Inc. 497 6 4 Booz Allen Hamilton Holding Corp. 596 11 8 Bottomline Technologies, Inc. 883 18 23 Broadcom Corp.-Class A 13,807 591 456 BroadSoft, Inc. 663 24 24 Brocade Communications Sys 11,311 60 60 Brooks Automation, Inc. 1,804 15 14 CA, Inc. 8,923 214 195 Cabot Microelectronics Corp. 567 24 20 CACI International, Inc.-Class A 561 30 31 Cadence Design Sys, Inc. 6,762 60 91 Calamp Corp. 846 7 7 Calix, Inc. 1,097 16 8 Callidus Software, Inc. 1,059 6 5 Cardtronics, Inc. 1,117 23 26 Cass Information Systems, Inc. 279 10 12 Cavum, Inc. 1,241 47 39 Ceva, Inc. 624 14 10 Checkpoint Systems, Inc. 1,042 18 11 Ciber, Inc. 2,065 11 7 Ciena Corp. 2,468 39 39 Cirrus Logic, Inc. 1,598 32 46 Cisco Systems, Inc. 134,493 2,612 2,631 Citrix Systems, Inc. 4,709 332 308 Cognex Corp. 1,067 34 39 Cognizant Technology Solutions Corp.-Class A 7,678 524 566 Coherent, Inc. 592 26 30 Cohu, Inc. 446 5 5 CommVault Systems, Inc. 1,109 38 77 Computer Sciences Corp. 3,925 172 157 Computer Task Group, Inc. 502 7 9 Compuware Corp. 5,322 56 58 Par (000s)/ Information Technology (continued) comscore, Inc. 878 20 12 Comtech Telecommunications Corp. 501 15 13 Comverse Technology, Inc. 5,460 32 21 Comverse, Inc. 546 16 15 Concur Technologies, Inc. 1,128 62 76 Constant Contact, Inc. 796 20 11 Convergys Corp. 2,882 40 47 CoreLogic, Inc. 2,645 51 71 Cornerstone OnDemand, Inc. 863 19 25 Corning, Inc. 38,150 655 479 Cray, Inc. 811 5 13 Cree, Inc. 2,867 159 97 CSG Systems International, Inc. 851 16 15 CTS Corp. 923 9 10 Cymer, Inc. 769 33 69 Cypress Semiconductor Corp. 3,788 62 41 Daktronics, Inc. 952 12 11 Datalink Corp. 501 5 4 DealerTrack, Inc. 1,063 23 30 Dell, Inc. 37,155 501 375 Demand Media, Inc. 611 8 6 Demandware, Inc. 180 5 5 Dice, Inc. 1,050 14 10 Diebold, Inc. 1,562 51 48 Digi International, Inc. 791 10 7 Digimarc Corp. 204 7 4 Digital River, Inc. 885 34 13 Diodes, Inc. 912 21 16 Dolby Laboratories, Inc.-Class A 1,247 72 36 DSP Group, Inc. 709 6 4 DST Systems, Inc. 832 37 50 DTS, Inc. 485 22 8 Earthlink, Inc. 2,742 23 18 ebay, Inc. 29,121 938 1,480 Ebix, Inc. 716 16 11 Echelon Corp. 1,121 11 3 Echo Global Logistics, Inc. 359 6 6 Electro Rent Corp. 469 7 7 Electro Scientific Industries, Inc. 517 8 5 Electronics for Imaging, Inc. 1,077 14 20 Ellie Mae, Inc. 651 12 18 Eloqua, Inc. 229 4 5 EMC Corp., Massachusetts 52,726 1,220 1,329 Emulex Corp. 2,249 24 16 Entegris, Inc. 3,417 25 31 Entropic Communications, Inc. 2,328 20 12 Envestnet, Inc. 615 8 9 EPIQ Systems, Inc. 875 11 11 eplus, Inc. 150 5 6 The accompanying notes are an integral part of the financial statements. 81
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Information Technology (continued) Equinix, Inc. 1,210 122 248 Euronet Worldwide, Inc. 1,277 22 30 Exacttarget, Inc. 266 6 5 Exar Corp. 1,000 6 9 ExlService, Inc. 626 14 17 Extreme Networks 1,941 6 7 F5 Networks, Inc. 2,003 258 194 Fabrinet 492 11 6 Facebook, Inc. 10,626 341 282 Isaac Corp. 862 23 36 child Semiconductor International, Inc. 3,134 46 45 FalconStor Software, Inc. 1,475 6 3 FARO Technologies, Inc. 394 11 14 FEI Co. 943 31 52 Fidelity National Information Services, Inc. 6,288 180 218 Finisar Corp. 2,273 48 37 First Solar, Inc. 1,503 158 46 Fiserv, Inc. 3,440 206 271 FleetCor Technologies, Inc. 1,218 42 65 Flir Systems, Inc. 3,799 103 84 Formfactor, Inc. 1,289 10 6 Forrester Research, Inc. 320 11 9 Fortinet, Inc. 3,233 65 68 Freescale Semiconductor, Ltd. 1,423 19 16 Fusion-io, Inc. 1,683 38 38 Gartner, Inc. 2,398 89 110 Genpact, Ltd. 3,173 50 49 Gerber Scientific, Inc. 856 - - Globecomm Systems, Inc. 741 11 8 Glu Mobile, Inc. 1,598 7 4 Google, Inc.-Class A 6,502 3,842 4,592 GSI Group, Inc. 566 6 5 GSI Technology, Inc. 910 6 6 GT Advanced Technologies, Inc. 3,018 33 9 Guidance Software, Inc. 540 5 6 Guidewire Software, Inc. 488 14 14 Hackett Group, Inc. 267 1 1 Harmonic, Inc. 3,024 22 15 Harris Corp. 2,864 130 140 Heartland Payment Systems, Inc. 977 19 29 Hewlett-Packard Co. 49,743 1,889 705 Hittite Microwave Corp. 783 45 48 Homeaway, Inc. 828 21 18 IAC/InterActiveCorp. 2,014 73 95 igate Corp. 854 15 13 Imation Corp. 723 5 3 Immersion Corp. 453 4 3 Par (000s)/ Information Technology (continued) Imperva, Inc. 296 9 9 Infinera Corp. 2,868 22 17 Infoblox, Inc. 237 5 4 Informatica Corp. 2,684 116 81 Ingram Micro, Inc.-Class A 3,737 67 63 Innodata, Inc. 733 5 3 Inphi Corp. 678 11 6 Insight Ent., Inc. 1,122 16 19 Integrated Device Tech, Inc. 3,559 23 26 Integrated Silicon Solution, Inc. 726 6 7 Intel Corp. 126,283 2,828 2,594 Interactive Intelligence Group 346 10 12 InterDigital, Inc. 1,109 42 45 Intermec, Inc. 1,656 15 16 Internap Network Services Corp. 1,479 10 10 International Business Machines Corp. 27,352 4,308 5,217 International Rectifier Corp. 1,731 48 31 Intersil Corp.-Class A 3,148 40 26 Intevac, Inc. 538 5 2 IntraLinks, Inc. 1,171 14 7 Intuit, Inc. 7,382 366 437 Invensense, Inc. 933 10 10 IPG Photonics Corp. 795 34 53 Itron, Inc. 999 53 44 Ixia 1,016 16 17 IXYS Corp. 663 9 6 J2 Global, Inc. 1,168 33 36 Jabil Circuit, Inc. 4,565 79 88 Jack Henry & Associates, Inc. 2,155 66 84 JDS Uniphase Corp. 5,714 72 77 Jive Software, Inc. 413 9 6 Juniper Networks, Inc. 13,337 419 261 Kemet Corp. 1,318 15 7 Keynote Systems, Inc. 442 9 6 KLA-Tencor Corp. 4,134 171 197 Knot, Inc. 1,523 14 14 Kopin Corp. 1,230 5 4 KVH Industries, Inc. 280 3 4 Lam Research Corp. 4,493 178 162 Lattice Semiconductor Corp. 3,120 15 12 Lexmark International, Inc. 1,773 63 41 Liberty Interactive Corp.-Series A 14,123 231 277 Limelight Networks, Inc. 1,077 5 2 Linear Technology Corp. 5,757 193 197 LinkedIn Corp. 1,566 163 179 Lionbridge Technologies, Inc. 1,111 3 4 Liquidity Services, Inc. 589 20 24 Littelfuse, Inc. 545 27 33 The accompanying notes are an integral part of the financial statements. 82
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Information Technology (continued) LivePerson, Inc. 1,385 17 18 LogMeIn, Inc. 594 23 13 Loral Space & Communications, Inc. 286 21 16 LSI Corp. 14,009 87 99 LTX-Credence Corp. 970 7 6 Manhattan Associates, Inc. 534 18 32 Mantech International Corp. 616 22 16 Marchex, Inc.-Class B 707 6 3 Marvell Technology Group, Ltd. 11,603 214 84 MasterCard, Inc.-Class A 2,722 781 1,333 Maxim Integrated Products, Inc. 7,309 182 214 MAXIMUS, Inc. 844 31 53 Maxwell Technologies, Inc. 805 13 7 Measurement Specialties, Inc. 404 11 14 MEMC Electronic Materials, Inc. 5,701 69 18 Mentor Graphics Corp. 2,312 30 39 Mercury Computer Systems, Inc. 905 14 8 Methode Electronics, Inc. 1,011 10 10 Micrel, Inc. 1,176 15 11 Microchip Technology, Inc. 4,852 170 157 Micron Technology, Inc. 24,905 178 157 MICROS Systems, Inc. 1,986 92 84 Microsemi Corp. 2,201 49 46 Microsoft Corp. 189,046 5,137 5,030 MicroStrategy, Inc.-Class A 216 22 20 Millennial Media, Inc. 403 5 5 Mindspeed Technologies, Inc. 968 7 5 MIPS Technologies, Inc. 1,359 16 11 MKS Instruments, Inc. 1,307 30 34 ModusLink Global Solutions, Inc. 1,373 9 4 Molex, Inc. 3,401 78 93 Moneygram International, Inc. 458 10 6 Monolithic Power Systems, Inc. 807 14 18 Monotype Imaging, Inc. 957 14 15 MoSys, Inc. 1,159 6 4 Motorola Solutions, Inc. 7,340 282 407 Move, Inc. 1,729 13 13 MTS Systems Corp. 418 17 21 Multi-Fineline Electronix, Inc. 170 3 3 Nanometrics, Inc. 573 10 8 National Instruments Corp. 2,284 56 59 NCR Corp. 3,915 64 99 Neonode, Inc. 770 5 4 NetApp, Inc. 9,155 449 306 Netgear, Inc. 951 33 37 Netscout Systems, Inc. 926 21 24 NetSuite, Inc. 778 28 52 NeuStar, Inc.-Class A 1,656 44 69 Par (000s)/ Information Technology (continued) Newport Corp. 1,028 15 14 NIC, Inc. 1,934 20 31 NII, Inc.-Class B 4,285 148 30 Nuance Communications, Inc. 6,166 121 137 NVE Corp. 107 6 6 NVIDIA Corp. 15,586 226 191 Oclaro, Inc. 2,068 12 3 OCZ Technology Group, Inc. 1,441 12 3 Omnivision Technologies, Inc. 1,318 34 18 ON Semiconductor Corp. 11,171 94 78 OpenTable, Inc. 571 38 28 Oplink Communications, Inc. 510 9 8 Oracle Corp. 95,985 2,787 3,184 OSI Systems, Inc. 499 23 32 Palo Alto Networks, Inc. 176 11 9 Parametric Technology Corp. 2,954 65 66 Park Electrochemical Corp. 558 16 14 Parkervision, Inc. 2,233 5 5 Paychex, Inc. 8,163 247 253 PDF Solutions, Inc. 731 6 10 Pegasystems, Inc. 381 13 9 Perficient, Inc. 940 9 11 Pericom Semiconductor Corp. 680 6 5 Photronics, Inc. 1,668 10 10 Plantronics, Inc. 1,059 39 39 Plexus Corp. 883 26 23 PLX Technology, Inc. 1,030 3 4 PMC-Sierra, Inc. 5,017 38 26 Polycom, Inc. 4,407 81 46 Power Integrations, Inc. 711 29 24 Power-One, Inc. 1,779 13 7 PRGX Global, Inc. 403 3 3 Procera Networks, Inc. 500 8 9 Progress Software Corp. 1,571 40 33 PROS, Inc. 531 9 10 QLIK Technologies, Inc. 2,129 60 46 QLogic Corp. 2,424 42 24 QUALCOMM, Inc. 43,070 2,209 2,660 Quantum Corp. 6,381 24 8 QuinStreet, Inc. 615 8 4 Rackspace Hosting, Inc. 2,747 102 203 Radisys Corp. 930 6 3 Rambus, Inc. 2,526 46 12 RealD, Inc. 942 20 10 Realnetworks, Inc. 587 8 4 RealPage, Inc. 896 23 19 Red Hat, Inc. 4,877 234 257 Responsys, Inc. 737 10 4 The accompanying notes are an integral part of the financial statements. 83
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Information Technology (continued) RF Micro Devices, Inc. 6,980 48 31 Richardson Electronics, Ltd. 465 6 5 Riverbed Technology, Inc. 4,017 124 79 Rofin-Sinar Technologies, Inc. 737 21 16 Rogers Corp. 446 16 22 Rosetta Stone, Inc. 361 5 4 Rovi Corp. 2,762 134 42 Rubicon Technology, Inc. 529 12 3 Rudolph Technologies, Inc. 985 10 13 Saba Software, Inc. 877 7 8 SAIC, Inc. 6,966 107 78 Salesforce.Com, Inc. 3,485 494 583 SanDisk Corp. 6,137 285 266 Sanmina Corp. 2,035 21 22 Sapient Corp. 3,033 37 32 Scansource, Inc. 653 20 21 SciQuest, Inc. 370 6 6 Seachange International, Inc. 729 8 7 Semtech Corp. 1,625 39 47 Servicenow, Inc. 360 14 11 ServiceSource International, Inc. 1,355 19 8 ShoreTel, Inc. 1,017 8 4 Sigma Designs, Inc. 957 9 5 Silicon Graphics International Corp. 670 10 7 Silicon Image, Inc. 2,025 14 10 Skyworks Solutions, Inc. 4,687 125 95 SolarWinds, Inc. 1,524 42 80 Solera, Inc. 1,781 88 95 Sonus Networks, Inc. 4,882 14 8 Sourcefire, Inc. 736 23 35 Spansion, Inc.-Class A 1,274 18 18 Splunk, Inc. 382 11 11 SPS Commerce, Inc. 310 9 11 SS&C Technologies, Inc. 873 17 20 Stamps.com, Inc. 328 8 8 STEC, Inc. 798 14 4 Stratasys, Ltd. 760 41 61 Sunpower Corp. 1,107 14 6 Super Micro Computer, Inc. 704 11 7 Supertex, Inc. 225 5 4 Support.com, Inc. 763 2 3 Sycamore Networks, Inc. 553 13 1 Symantec Corp. 18,141 315 340 Symmetricom, Inc. 1,127 6 6 Synaptics, Inc. 879 26 26 Synchronoss Technologies, Inc. 696 19 15 SYNNEX Corp. 618 19 21 Synopsys, Inc. 3,580 98 114 Syntel, Inc. 407 21 22 Par (000s)/ Information Technology (continued) Take-Two Interactive Software, Inc. 2,178 25 24 Tangoe, Inc. 804 15 10 Tech Data Corp. 988 47 45 TeleNav, Inc. 547 9 4 TeleTech, Inc. 480 10 9 Tellabs, Inc. 9,020 53 20 Telular Corp. 582 5 6 Teradata Corp. 4,252 203 262 Teradyne, Inc. 4,594 60 77 Tessera Technologies, Inc. 1,303 25 21 Texas Instruments, Inc. 28,664 925 883 TIBCO Software, Inc. 4,072 91 89 TiVo, Inc. 3,246 30 40 TNS, Inc. 896 18 19 Total System Services, Inc. 3,989 68 85 Travelzoo, Inc. 235 9 4 Trimble Navigation, Ltd. 3,195 130 190 TriQuint Semiconductor, Inc. 4,162 43 20 TTM Technologies, Inc. 1,344 18 12 Tyler Technologies, Inc. 756 18 36 Ubiquiti Networks, Inc. 182 4 2 Ultimate Software Group, Inc. 660 36 62 Ultra Clean 716 6 4 Ultratech, Inc. 667 15 25 Unisys Corp. 1,043 25 18 United Online, Inc. 2,414 16 13 Universal Display Corp. 988 32 25 Unwired Planet, Inc. 2,683 6 3 ValueClick, Inc. 1,952 33 38 Vantiv, Inc.-Class A 993 23 20 VASCO Data International, Inc. 796 8 6 Veeco Instruments, Inc. 972 40 29 VeriFone Systems, Inc. 2,664 98 79 Verint Systems, Inc. 709 23 21 VeriSign, Inc. 4,016 147 155 Viasat, Inc. 936 39 36 VirnetX Holding Corp. 1,053 18 31 Virtusa Corp. 447 8 7 Vishay Intertechnology, Inc. 3,151 47 33 Vishay Precision Group, Inc. 407 7 5 VistaPrint 888 37 29 VMware, Inc.-Class A 2,235 196 210 Vocus, Inc. 590 13 10 Volterra Semiconductor Corp. 675 16 12 Web.com Group, Inc. 1,060 12 16 WebMD Health Corp. 1,295 58 19 Websense, Inc. 991 20 15 Westell Technologies, Inc. 1,798 6 3 The accompanying notes are an integral part of the financial statements. 84
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Information Technology (continued) Western Digital Corp. 5,818 204 246 Western Union Co. 15,506 282 210 WEX, Inc. 967 48 73 Xerox Corp. 33,232 363 226 Xilinx, Inc. 6,585 197 235 Yahoo!, Inc. 30,640 497 607 Yelp, Inc. 253 6 5 Zebra Technologies Corp.-Class A 1,291 49 51 Zillow, Inc. 67 2 2 Zix Corp. 2,335 9 7 Zygo Corp. 333 4 5 Zynga, Inc.-Class A 3,735 38 9 63,863 68,725 Materials 4.1% A Schulman, Inc. 775 18 22 ADA-ES, Inc. 256 7 4 AEP Industries, Inc. 145 6 9 Air Products & Chemicals, Inc. 5,322 464 445 Airgas, Inc. 1,732 115 157 AK Steel Holding Corp. 4,075 39 19 Albemarle Corp. 2,210 125 137 Alcoa, Inc. 26,848 346 232 Allegheny Technologies, Inc. 2,649 138 80 Allied Nevada Gold Corp. 2,228 68 67 AM Castle & Co. 364 6 5 AMCOL International Corp. 589 18 18 American Vanguard Corp. 680 9 21 Aptargroup, Inc. 1,646 80 78 Arabian American Development Co. 564 6 5 Arch Coal, Inc. 5,285 136 38 Armstrong World Industries 531 25 27 Ashland, Inc. 1,994 112 160 Balchem Corp. 766 25 28 Ball Corp. 3,936 141 175 Bemis Co. 2,605 84 87 Boise, Inc. 2,507 19 20 Buckeye Technologies, Inc. 996 24 28 Calgon Carbon Corp. 1,313 19 19 Carpenter Technology Corp. 1,095 47 56 Celanese Corp.-Series A 3,973 159 176 Century Aluminum Co. 1,435 17 12 CF Industries, Inc. 1,647 231 333 Chemtura Corp. 2,469 40 52 Clearwater Paper Corp. 550 23 21 Cliffs Natural Resources, Inc. 3,634 246 139 Coeur d Alene Mines Corp. 2,230 57 55 Commercial Metals Co. 2,858 45 42 Compass Minerals International, Inc. 819 68 61 Par (000s)/ Materials (continued) Comstock Resources, Inc. 1,223 29 18 Cytec Industries, Inc. 1,141 60 78 Deltic Timber Corp. 358 21 25 Domtar Corp. 898 71 75 Dow Chemical Co. (The) 30,069 973 968 Eagle Materials, Inc. 1,239 38 72 Eastman Chemical Co. 3,845 171 261 Ecolab, Inc. 6,545 351 468 EI Du Pont de Nemours & Co. 23,561 1,157 1,055 Ferro Corp. 2,570 27 11 Flotek Industries, Inc. 1,334 12 16 FMC Corp. 3,471 149 202 Freeport-McMoran Copper & Gold, Inc. 23,853 1,200 812 FutureFuel Corp. 529 6 6 General Moly, Inc. 1,959 9 8 Georgia Gulf Corp. 859 20 35 Globe Specialty Metals, Inc. 1,551 26 21 Gold Reserve, Inc. 1,670 6 5 Gold Resource Corp. 756 18 12 Golden Minerals Co. 858 7 4 Golden Star Resources, Ltd. 6,036 27 11 Graphic Packaging Holding Co. 3,962 19 25 Greif, Inc.-Class A 781 45 35 Hawkins, Inc. 258 11 10 Haynes International, Inc. 330 16 17 HB Fuller Co. 1,249 31 43 Headwaters, Inc. 1,946 9 17 Hecla Mining Co. 7,063 64 41 Horsehead Holding Corp. 913 10 9 Hubbell, Inc.-Class B 1,525 97 129 Huntsman Corp. 4,739 71 75 Innophos, Inc. 555 21 26 Innospec, Inc. 609 19 21 International Flavors & Fragrances, Inc. 2,048 115 136 International Paper Co. 10,953 302 434 Intrepid Potash, Inc. 1,346 39 29 Kaiser Aluminum Corp. 489 25 30 KapStone Paper and Packaging Corp. 1,050 17 23 KMG Chemicals, Inc. 135 2 2 Koppers, Inc. 561 18 21 Kraton Performance Polymers, Inc. 765 26 18 Kronos Worldwide, Inc. 460 13 9 Landec Corp. 500 3 5 Louisiana-Pacific Corp. 3,419 30 66 LSB Industries, Inc. 425 10 15 LyondellBasell Industries-Class A 8,065 307 459 The accompanying notes are an integral part of the financial statements. 85
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Materials (continued) Martin Marietta Materials, Inc. 1,159 101 109 Materion Corp. 563 18 14 Mcewen Mining, Inc. 5,528 24 21 MeadWestvaco Corp. 4,367 118 139 Metals USA Corp. 229 3 4 Midway Gold Corp. 4,012 7 6 Minerals Technologies, Inc. 910 29 36 Molycorp, Inc. 1,820 63 17 Monsanto Co. 13,413 908 1,264 Mosaic Co. 7,468 476 421 Myers Industries, Inc. 751 9 11 Neenah Paper, Inc. 363 7 10 NewMarket Corp. 217 35 57 Newmont Mining Corp. 12,319 725 570 Noranda Aluminum Holding Corp. 686 9 4 Nucor Corp. 7,979 320 343 Olin Corp. 1,986 40 43 Olympic Steel, Inc. 288 7 6 OM Group, Inc. 737 29 16 Omnova Solutions, Inc. 1,010 7 7 Osisko Mining Corp. 2,265 66 67 Owens-Illinois, Inc. 4,079 107 86 Packaging Corp. of America 2,498 69 96 Paramount Gold and Silver Corp. 3,347 10 8 PH Glatfelter Co. 1,046 14 18 PolyOne Corp. 2,239 30 45 PPG Industries, Inc. 3,826 329 516 Praxair, Inc. 7,507 732 818 Quaker Chemical Corp. 359 15 19 Reliance Steel & Aluminum Co. 1,851 90 114 Resolute Forest Products 2,043 24 27 Revett Minerals, Inc. 664 3 2 Rock-Tenn Co.-Class A 1,790 109 125 Rockwood, Inc. 1,708 73 84 Royal Gold, Inc. 1,635 103 132 RTI International Metals, Inc. 700 20 19 Schnitzer Steel Industries, Inc.- Class A 646 29 19 Schweitzer-Mauduit International, Inc. 788 25 31 Scotts Miracle-Gro Co.-Class A 1,044 53 46 Sealed Air Corp. 4,979 107 87 Sensient Technologies Corp. 1,243 45 44 Sigma-Aldrich Corp. 3,074 205 225 Silgan, Inc. 1,213 45 50 Sonoco Products Co. 2,462 81 73 Southern Copper Corp. 4,118 168 155 Spartech Corp. 842 4 8 Steel Dynamics, Inc. 5,402 85 74 Stepan Co. 430 16 24 Par (000s)/ Materials (continued) Stillwater Mining Co. 2,883 53 37 STR, Inc. 924 13 2 SunCoke Energy, Inc. 1,741 23 27 Tahoe Resources, Inc. 2,009 36 37 Texas Industries, Inc. 571 22 29 Tyco International, Ltd. 11,597 483 337 U.S. Antimony Corp. 1,456 6 3 U.S. Silica, Inc. 397 5 7 United States Lime & Minerals, Inc. 59 4 3 United States Steel Corp. 3,572 162 85 Universal Stainless & Alloy 157 7 6 Valspar Corp. 2,349 88 146 Vista Gold Corp. 1,086 3 3 Vulcan Materials Co. 3,265 134 169 Walter Energy, Inc. 1,556 155 56 Wausau Paper Corp. 1,233 10 11 Westlake Chemical Corp. 501 23 40 Weyerhaeuser Co. 13,438 250 372 Whiting Petroleum Corp. 2,982 164 129 Worthington Industries, Inc. 1,295 23 33 WR Grace & Co. 1,852 72 124 Zagg, Inc. 537 7 4 Zep, Inc. 557 10 8 Zoltek Cos., Inc. 751 6 6 16,012 16,470 Telecommunication Services 2.7% 8x8, Inc. 1,886 8 14 AT&T, Inc. 147,145 4,400 4,940 Atlantic Tele-Network, Inc. 254 9 9 Cbeyond, Inc. 797 7 7 CenturyTel, Inc. 15,546 661 606 Cincinnati Bell, Inc. 5,147 16 28 Clearwire Corp.-Class A 8,909 31 26 Cogent Communications Group, Inc. 1,262 17 29 Consolidated Communications, Inc. 1,071 20 17 Crown Castle International Corp. 7,368 338 529 Echostar Corp.-Class A 975 22 33 point Communications, Inc. 511 4 4 Frontier Communications Corp. 24,609 214 105 General Communication, Inc.- Class A 779 9 7 Global Payments, Inc. 1,954 86 88 Hawaiian Telcom Holdco, Inc. 322 6 6 IDT Corp.-Class B 536 5 5 incontact, Inc. 1,112 5 6 Iridium Communications, Inc. 1,282 11 9 Leap Wireless International, Inc. 1,124 13 7 The accompanying notes are an integral part of the financial statements. 86
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Telecommunication Services (continued) Level 3 Communications, Inc. 4,038 65 93 Lumos Networks Corp. 853 9 9 magicjack VocalTec, Ltd. 404 8 7 MetroPCS Communications, Inc. 7,514 92 74 Neutral Tandem, Inc. 581 9 2 NTELOS Corp. 377 11 5 Pendrell Corp. 4,379 13 6 Premiere Global Services, Inc. 1,073 8 10 Primus Telecommunications Group, Inc. 362 6 4 SBA Communications Corp.-Class A 3,049 134 216 Shenandoah Telecommunications Co. 617 10 9 Silicon Laboratories, Inc. 1,065 47 44 Sprint Nextel Corp. 75,405 290 425 Telephone & Data Systems, Inc. 2,332 69 51 Towerstream Corp. 1,198 6 4 TW Telecom, Inc. 3,729 68 95 U.S. Cellular Corp. 351 16 12 USA Mobility, Inc. 604 11 7 Verizon Communications, Inc. 71,306 2,507 3,071 Vonage Corp. 2,787 12 7 Windstream Corp. 14,949 185 124 9,458 10,750 Utilities 3.4% AES Corp. (The) 16,301 185 174 AGL Resources, Inc. 3,010 118 120 Allete, Inc. 976 38 40 Alliant Energy Corp. 2,824 110 123 Ameren Corp. 6,116 184 187 American Electric Power Co., Inc. 12,106 458 514 American States Water Co. 551 21 26 American Water Works Co., Inc. 4,403 120 163 Aqua America, Inc. 3,645 83 92 Artesian Resources Corp.-Class A 185 4 4 Atlantic Power Corp. 2,861 41 33 Avista Corp. 1,488 34 36 Black Hills Corp. 1,115 36 40 Cadiz, Inc. 587 6 5 California Water Service Group 1,138 21 21 Calpine Corp. 10,323 146 186 Centerpoint Energy, Inc. 10,694 181 205 CH Energy Group, Inc. 377 20 24 Chesapeake Utilities Corp. 237 10 11 Cleco Corp. 1,504 52 60 CMS Energy Corp. 6,515 126 158 Connecticut Water Service, Inc. 313 9 9 Consolidated Edison, Inc. 7,328 380 405 Dominion Resources, Inc. 14,337 643 739 Par (000s)/ Utilities (continued) DTE Energy Co. 4,244 205 254 Duke Energy Corp. 17,633 978 1,120 Edison International 8,166 320 367 El Paso Electric Co. 1,021 30 32 Empire District Electric Co. 1,033 23 21 Entergy Corp. 4,456 319 283 EQT Corp. 3,322 152 195 Exelon Corp. 21,492 828 636 FirstEnergy Corp. 10,507 396 437 FPL Group, Inc. 10,459 571 720 Great Plains Energy, Inc. 3,320 67 67 Hawaiian Electric Industries, Inc. 2,384 55 60 IDACORP, Inc. 1,251 49 54 Integrys Energy Group, Inc. 1,952 100 101 ITC Corp. 1,334 86 102 Laclede Group, Inc. 566 22 22 MDU Resources Group, Inc. 4,624 98 98 MGE Energy, Inc. 615 27 31 Middlesex Water Co. 389 7 8 New Jersey Resources Corp. 1,028 45 41 NiSource, Inc. 7,619 145 189 Northeast Utilities 7,871 263 306 Northwest Natural Gas Co. 679 34 30 NorthWestern Corp. 941 30 32 NV Energy, Inc. 5,938 88 107 OGE Energy Corp. 2,492 119 140 ONEOK, Inc. 5,227 159 222 Ormat Technologies, Inc. 734 16 14 Otter Tail Corp. 964 21 24 Pepco, Inc. 5,551 105 108 PG&E Corp. 10,539 493 422 Piedmont Natural Gas Co., Inc. 1,739 53 54 Pinnacle West Capital Corp. 2,754 120 140 PNM Resources, Inc. 2,004 27 41 Portland General Electric Co. 1,879 43 51 PPL Corp. 14,498 387 413 Public Service Enterprise Group, Inc. 12,692 405 387 Questar Corp. 4,343 76 85 Scana Corp. 2,943 124 134 Sempra Energy 6,018 324 425 SJW Corp. 295 8 8 South Jersey Industries, Inc. 762 40 38 Southern Co. (The) 21,794 880 929 Southwest Gas Corp. 1,138 42 48 TECO Energy, Inc. 5,243 92 87 UGI Corp. 2,948 91 96 UIL Corp. 1,268 41 45 Unitil Corp. 340 9 9 The accompanying notes are an integral part of the financial statements. 87
BlackRock CDN Russell 3000 Index Non-Taxable Fund Par (000s)/ Utilities (continued) UNS Energy Corp. 1,025 38 43 Vectren Corp. 2,007 53 59 Westar Energy, Inc. 3,260 87 93 WGL, Inc. 1,258 46 49 Wisconsin Energy Corp. 5,795 184 213 Xcel Energy, Inc. 12,198 302 324 York Water Co. 317 6 6 12,355 13,395 Total Common Stocks 352,973 393,580 Transaction Costs (Note 2) (20) Total Investments 353,733 394,367 Other Assets and Liabilities 1.3% 5,361 Net Assets 399,728 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Government Guaranteed 0.2 0.3 Consumer Discretionary 12.4 11.6 Consumer Staples 9.1 9.8 Energy 9.8 11.2 Financials 17.6 15.7 Health Care 11.0 11.0 Industrials 11.2 11.2 Information Technology 17.2 17.6 Materials 4.1 4.2 Telecommunication Services 2.7 2.8 Utilities 3.4 3.9 Other Assets and Liabilities 1.3 0.7 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 88
BlackRock Active Canadian Equity Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 2,080,522,377 $ 1,630,728,434 Cash 18,501,104 10,322,886 Margin due from brokers 1,212,043 1,452,361 Securities lending income receivable 55,008 2,796 Dividends and distributions from underlying trust units receivable 5,606,669 4,650,091 Accounts receivable from issue of units 255,713 2,158,750 Accounts receivable for investment sales 10,196,145 18,646,707 2,116,349,059 1,667,962,025 Liabilities Operating expenses payable 50,437 38,661 Payables for redemption of units 2,066,208 19,324,001 Payables for investment purchases 9,431,218-11,547,863 19,362,662 Net Assets $ 2,104,801,196 $ 1,648,599,363 Number of Units Issued and Outstanding (Note 8) 63,254,747 53,426,840 Net Assets per Unit $ 33.27 $ 30.86 Investments at Cost $ 1,957,930,869 $ 1,585,595,755 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 89
BlackRock Active Canadian Equity Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income and distributions from underlying trust units $ 51,531,411 $ 42,869,714 Interest income 86,700 81,258 Securities lending income 585,728 82,638 Net gain (loss) from futures contracts 1,154,456 (1,435,030) 53,358,295 41,598,580 Expenses Custodian fees 190,735 152,239 Fund accounting expenses 69,648 73,145 Unitholder communication s 567 601 Audit fees 14,408 15,757 Securities filing fees 31,972 57,139 Independent review committee fees 811 2,003 Other operating expenses 6,470 7,006 314,611 307,890 Net Investment Income for the Year 53,043,684 41,290,690 Gain (Loss) on Investments Net realized gain on sale of investments 28,054,978 114,183,261 Transaction s (Note 2,13) (2,887,399) (2,445,406) Net change in unrealized appreciation (depreciation) in of investments 77,458,829 (265,452,623) Net Gain (Loss) on Investments 102,626,408 (153,714,768) Increase (Decrease) in Net Assets from Operations $ 155,670,092 $ (112,424,078) Increase (Decrease) in Net Assets from Operations per Unit $ 2.70 $ (2.04) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 1,648,599,363 $ 1,919,568,427 Increase (Decrease) in Net Assets from Operations 155,670,092 (112,424,078) Capital Transactions Proceeds from issue of units 494,015,635 142,296,668 Reinvestment of distributions 86,745,917 114,017,907 Redemption of units (193,483,894) (300,841,654) Net capital transactions 387,277,658 (44,527,079) Distributions From net investment income (51,801,863) (39,583,340) From capital gains (30,058,403) (68,950,619) From capital gains redemption in kind (Note 9) (4,885,651) (5,483,948) Total distributions (86,745,917) (114,017,907) Increase (Decrease) in Net Assets for the Year 456,201,833 (270,969,064) Net Assets - End of Year $ 2,104,801,196 $ 1,648,599,363 The accompanying notes are an integral part of the financial statements. 90
BlackRock Active Canadian Equity Fund Canadian Common Stocks and Income Trusts Consumer Discretionary 5.0% Aimia, Inc. 1,637,478 22,089 24,333 Astral Media, Inc.-Class A 72,190 3,482 3,335 Cogeco Cable, Inc. 30,556 1,151 1,160 Dollarama, Inc. 412,720 21,380 24,330 Dorel Industries, Inc.-Class B 110,480 3,324 3,966 Gildan Activewear, Inc. 31,442 1,107 1,140 Linamar Corp. 223,263 4,560 5,175 Magna International, Inc.-Class A 758,507 32,382 37,599 Quebecor, Inc.-Class B 70,317 2,511 2,717 Westport Innovations, Inc. 60,576 1,655 1,595 93,641 105,350 Consumer Staples 2.1% Alimentation Couche Tard, Inc.- Class B 262,643 10,163 12,804 Cott Corp. 1,248,622 9,876 9,989 Jean Coutu Group, Inc.-Class A 621,945 9,231 9,025 Loblaw Cos., Ltd. 139,377 5,684 5,834 Metro, Inc.-Class A 62,617 3,715 3,959 North West Co., Inc. 89,752 2,011 2,008 40,680 43,619 Energy 26.9% Bankers Petroleum, Ltd. 317,093 880 1,015 Baytex Energy Corp. 658,642 30,805 28,216 Bellatrix Exploration, Ltd. 254,015 1,193 1,080 Calfrac Well Services, Ltd. 74,488 2,126 1,853 Canadian Natural Resources, Ltd. 2,182,369 68,096 62,481 Canadian Oil Sands, Ltd. 16,097 320 324 Celtic Exploration, Ltd. 118,856 3,135 3,118 Cenovus Energy, Inc. 1,688,012 57,276 56,194 Cequence Energy, Ltd. 321,640 998 457 Deethree Exploration, Ltd. 786,140 4,669 5,110 Enbridge, Inc. 1,601,627 49,648 68,870 Encana Corp. 541,341 11,642 10,610 Enerflex, Ltd. 316,149 3,816 3,765 Gibson Energy, Inc. 993,392 21,670 23,812 Imperial Oil, Ltd. 102,463 4,383 4,378 Inter Pipeline Fund 548,556 9,308 12,880 Legacy Oil + Gas, Inc. 3,315,948 24,936 22,615 Mullen Group, Ltd. 104,734 2,117 2,188 Nexen, Inc. 738,509 16,021 19,622 Niko Resources, Ltd. 83,786 732 890 Parkland Fuel Corp. 654,298 10,725 12,340 Pason Systems, Inc. 142,088 2,059 2,428 Pembina Pipeline Corp. 45,189 1,238 1,285 Petrobakken Energy, Ltd. 1,808,024 22,479 18,532 Petrobank Energy & Resources, Ltd. 57,430 690 712 Peyto Exploration & Development Corp. 97,383 2,178 2,231 Energy (continued) Precision Drilling Corp. 106,164 856 870 Savanna Energy Services Corp. 271,717 1,956 1,940 ShawCor, Ltd.-Class A 626,091 23,639 24,361 Suncor Energy, Inc. 2,780,272 91,514 90,915 Surge Energy, Inc. 58,210 472 319 TransCanada Corp. 1,140,183 48,569 53,554 Transglobe Energy Corp. 146,120 1,453 1,360 Trinidad Drilling, Ltd. 96,558 643 660 Uranium One, Inc. 605,352 1,132 1,417 Whitecap Resources, Inc. 2,612,718 21,672 22,574 545,046 564,976 Financials 30.8% Bank of Montreal 557,186 31,315 33,882 Bank of Nova Scotia 1,944,879 100,882 111,675 Boardwalk REIT 208,250 11,459 13,393 Brookfield Asset Management, Inc.- Class A 266,459 9,203 9,672 Brookfield Properties Co. 1,624,160 26,418 27,416 Canaccord Capital, Inc. 24,283 280 162 Canadian Imperial Bank of Commerce 306,554 23,208 24,512 Canadian REIT 282,284 9,663 12,206 Canadian Western Bank 173,112 4,592 4,916 Davis & Henderson Income Corp. 394,792 7,254 8,484 Dundee Corp.-Class A 231,655 5,449 7,093 Extendicare Inc. 252,353 1,966 1,930 fax Financial, Ltd. 21,556 7,750 7,653 Genworth MI Canada, Inc. 290,630 6,828 6,560 Granite Real Estate, Inc. 420,387 14,578 15,857 H&R REIT 166,519 3,943 4,013 Home Capital Group, Inc. 120,388 5,263 7,105 Industrial Alliance Insurance and Financial Services, Inc. 391,593 11,273 12,269 Intact Financial Corp. 510,130 28,476 32,985 Laurentian Bank of Canada 199,932 9,106 8,837 Manulife Financial Corp. 944,378 13,186 12,730 Northern Property Real Estate Investment Trust-REIT 118,825 3,640 3,666 Power Corp. of Canada 1,304,196 31,462 32,983 Royal Bank of Canada 2,012,627 106,424 120,375 Sun Life Financial, Inc. 39,740 1,065 1,047 Toronto-Dominion Bank 1,525,417 103,301 127,601 577,984 649,022 Health Care 2.6% Catamaran Corp. 218,651 9,450 10,196 Valeant Pharmaceuticals International, Inc. 748,893 40,738 44,364 50,188 54,560 The accompanying notes are an integral part of the financial statements. 91
BlackRock Active Canadian Equity Fund Industrials 5.0% Black Diamond Group, Ltd. 236,910 5,122 4,738 Canadian National Railway Co. 371,707 29,212 33,562 Chorus Aviation, Inc. 870,028 3,541 3,315 Finning International, Inc. 177,526 4,273 4,360 Progressive Waste Solutions, Ltd. 329,442 6,565 7,063 Stantec, Inc. 242,262 8,377 9,589 Toromont Industries, Ltd. 101,799 2,061 2,141 Transcontinental, Inc.-Class A 94,460 1,250 1,049 TransForce, Inc. 527,591 9,132 10,467 Vicwest, Inc. 81,644 1,107 1,012 Wajax Corp. 99,318 4,409 4,032 Westjet Airlines, Ltd. 1,244,764 18,700 24,472 Westshore Terminals Investment Corp. 334 10 9 93,759 105,809 Information Technology 2.1% Constellation Software, Inc. 85,510 9,776 10,197 MacDonald Dettwiler & Associates, Ltd. 207,052 10,905 11,585 Otsuka Corp. 719,412 6,997 5,719 Research In Motion, Ltd. 1,052,050 8,076 12,393 Sandvine Corp. 492,913 1,084 646 Wi-Lan, Inc. 875,717 4,379 3,958 41,217 44,498 Materials 17.2% Aecon Group, Inc. 100,416 1,089 1,064 Agnico-Eagle Mines, Ltd. 272,808 12,774 14,192 Agrium, Inc. 24,585 2,168 2,437 Alacer Gold Corp. 106,323 546 551 Alamos Gold, Inc. 185,317 3,165 3,226 Allied Nevada Gold Corp. 35,507 1,244 1,062 Aurizon Mines, Ltd. 171,097 882 583 B2Gold Corp. 3,984,393 14,568 14,065 Barrick Gold Corp. 1,379,470 55,685 47,881 Canexus Corp. 109,290 906 924 Capstone Mining Corp. 378,017 891 907 CCL Industries-Class B 102,001 3,532 4,335 Centerra Gold, Inc. 709,856 8,843 6,580 Dundee Precious Metals, Inc. 502,570 4,416 4,242 Endeavour Silver Corp. 477,099 4,066 3,726 First Quantum Minerals, Ltd. 583,329 11,863 12,752 Fortuna Silver Mines, Inc. 31,474 144 131 Goldcorp, Inc. 1,400,071 54,909 50,935 Hudbay Minerals, Inc. 41,034 411 410 Iamgold Corp. 524,746 8,287 5,961 Inmet Mining Corp. 29,126 1,999 2,155 International Tower Hill Mines, Ltd. 152,986 1,045 329 Kinross Gold Corp. 2,876,992 35,963 27,619 Materials (continued) Kirkland Lake Gold, Inc. 62,778 581 365 Labrador Iron Ore Royalty Corp. 140,027 4,534 4,806 Lundin Mining Corp. 97,970 501 499 Major Drilling Group International 888,805 11,146 8,675 Methanex Corp. 633,275 18,748 20,012 Nevsun Resources, Ltd. 1,866,574 8,702 7,877 Pan American Silver Corp. 300,893 6,430 5,594 Potash Corp. of Saskatchewan 675,008 29,771 27,257 Rio Alto Mining, Ltd. 812,280 4,510 4,126 SEMAFO, Inc. 128,353 673 436 Sherritt International Corp. 1,603,321 8,535 9,107 Silver Wheaton Corp. 10,843 394 388 Silvercorp Metals, Inc. 72,869 419 368 Sino-Forest Corp.-Class A 282,111 2,105 - Teck Resources, Ltd. 723,889 24,956 26,096 Turquoise Hill Resources, Ltd. 48,692 410 365 West Fraser Timber Co., Ltd. 276,022 15,603 19,324 Yamana Gold, Inc. 1,235,780 19,413 21,058 386,827 362,420 Telecommunication Services 5.6% BCE, Inc. 592,524 22,830 25,241 Rogers Communications, Inc.-Class B 936,789 39,796 42,287 TELUS Corp. 773,180 40,062 50,288 102,688 117,816 Utilities 1.5% Atco, Ltd.-Class I 233,139 15,443 18,716 Canadian Utilities, Ltd.-Class A 189,526 11,573 13,582 Fortis, Inc. 4,519 153 154 27,169 32,452 Total Canadian Common Stocks and Income Trusts 1,959,199 2,080,522 Transaction Costs (Note 2) (1,268) Total Investments 1,957,931 2,080,522 Other Assets and Liabilities 1.2% 24,279 Net Assets 2,104,801 The accompanying notes are an integral part of the financial statements. 92
BlackRock Active Canadian Equity Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 5.0 3.7 Consumer Staples 2.1 2.0 Energy 26.9 30.3 Financials 30.8 28.0 Health Care 2.6 1.2 Industrials 5.0 4.5 Information Technology 2.1 2.5 Materials 17.2 21.1 Telecommunication Services 5.6 4.3 Utilities 1.5 1.3 Other Assets and Liabilities 1.2 1.1 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 93
BlackRock Active Canadian Equity Ex-Income Trusts Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 532,483,504 $ 1,213,361,539 Cash 7,400,000 7,076,959 Securities lending income receivable 14,892 1,581 Dividends and distributions from underlying trust units receivable 1,486,653 3,344,411 Accounts receivable from issue of units - 11,200,000 Accounts receivable for investment sales 2,736,345 2,000,164 544,121,394 1,236,984,654 Liabilities Operating expenses payable 33,393 33,943 Payables for redemption of units 1,646,380 - Payables for investment purchases 2,501,839 11,255,903 4,181,612 11,289,846 Net Assets $ 539,939,782 $ 1,225,694,808 Number of Units Issued and Outstanding (Note 8) 16,421,299 39,930,659 Net Assets per Unit $ 32.88 $ 30.70 Investments at Cost $ 504,558,370 $ 1,186,958,460 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 94
BlackRock Active Canadian Equity Ex-Income Trusts Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income and distributions from underlying trust units $ 23,399,083 $ 33,200,472 Interest income 39,315 60,632 Securities lending income 247,194 60,308 23,685,592 33,321,412 Expenses Custodian fees 143,030 136,118 Fund accounting expenses 42,803 64,455 Unitholder communication s - 601 Audit fees 14,150 15,476 Securities filing fees 12,594 21,245 Independent review committee fees 500 1,568 Other operating expenses 4,525 6,090 217,602 245,553 Net Investment Income for the Year 23,467,990 33,075,859 Gain (Loss) on Investments Net realized gain on sale of investments 23,801,648 141,309,134 Transaction s (Note 2,13) (1,465,191) (2,219,072) Net change in unrealized appreciation (depreciation) in of investments 1,522,055 (265,170,280) Net Gain (Loss) on Investments 23,858,512 (126,080,218) Increase (Decrease) in Net Assets from Operations $ 47,326,502 $ (93,004,359) Increase (Decrease) in Net Assets from Operations per Unit $ 1.74 $ (2.09) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 1,225,694,808 $ 1,743,144,016 Increase (Decrease) in Net Assets from Operations 47,326,502 (93,004,359) Capital Transactions Proceeds from issue of units 9,560,827 242,140,766 Reinvestment of distributions 68,159,531 153,375,889 Redemption of units (742,642,355) (666,585,615) Net capital transactions (664,921,997) (271,068,960) Distributions From net investment income (25,305,881) (32,811,677) From capital gains - (112,135,576) From capital gains redemption in kind (Note 9) (42,853,650) (8,428,636) Total distributions (68,159,531) (153,375,889) Decrease in Net Assets for the Year (685,755,026) (517,449,208) Net Assets - End of Year $ 539,939,782 $ 1,225,694,808 The accompanying notes are an integral part of the financial statements. 95
BlackRock Active Canadian Equity Ex-Income Trusts Fund Canadian Common Stocks and Income Trusts Consumer Discretionary 5.0% Aimia, Inc. 420,129 5,619 6,243 Astral Media, Inc.-Class A 18,757 908 867 Cogeco Cable, Inc. 7,951 301 302 Dollarama, Inc. 105,658 5,231 6,229 Dorel Industries, Inc.-Class B 27,866 831 1,000 Gildan Activewear, Inc. 8,158 287 296 Linamar Corp. 56,617 1,161 1,312 Magna International, Inc.-Class A 193,853 8,416 9,609 Quebecor, Inc.-Class B 17,668 613 683 Westport Innovations, Inc. 15,369 421 404 23,788 26,945 Consumer Staples 2.1% Alimentation Couche Tard, Inc.- Class B 67,550 2,532 3,293 Cott Corp. 317,998 2,504 2,544 Jean Coutu Group, Inc.-Class A 159,009 2,366 2,307 Loblaw Cos., Ltd. 35,973 1,458 1,506 Metro, Inc.-Class A 16,065 958 1,016 North West Co., Inc. 22,007 492 492 10,310 11,158 Energy 26.8% Bankers Petroleum, Ltd. 78,440 221 251 Baytex Energy Corp. 168,579 8,056 7,222 Bellatrix Exploration, Ltd. 64,475 314 274 Calfrac Well Services, Ltd. 18,662 538 464 Canadian Natural Resources, Ltd. 558,493 17,653 15,990 Canadian Oil Sands, Ltd. 3,444 69 69 Celtic Exploration, Ltd. 30,524 805 801 Cenovus Energy, Inc. 431,642 14,951 14,369 Cequence Energy, Ltd. 89,108 303 126 Deethree Exploration, Ltd. 201,151 1,194 1,307 Enbridge, Inc. 409,912 11,704 17,626 Encana Corp. 138,641 2,955 2,717 Enerflex, Ltd. 81,058 984 965 Gibson Energy, Inc. 254,561 5,533 6,102 Imperial Oil, Ltd. 26,284 1,124 1,123 Inter Pipeline Fund 140,752 3,023 3,305 Legacy Oil + Gas, Inc. 848,733 6,373 5,788 Mullen Group, Ltd. 25,999 516 543 Nexen, Inc. 188,189 4,944 5,000 Niko Resources, Ltd. 21,808 189 232 Parkland Fuel Corp. 167,645 2,787 3,162 Pason Systems, Inc. 35,675 515 610 Pembina Pipeline Corp. 11,679 318 332 Petrobakken Energy, Ltd. 462,981 5,925 4,746 Petrobank Energy & Resources, Ltd. 14,983 180 186 Peyto Exploration & Development Corp. 25,209 563 578 Energy (continued) Precision Drilling Corp. 27,561 222 226 Savanna Energy Services Corp. 68,051 490 486 ShawCor, Ltd.-Class A 160,245 5,891 6,235 Suncor Energy, Inc. 712,301 23,783 23,292 Surge Energy, Inc. 15,300 128 84 TransCanada Corp. 291,881 12,291 13,710 Transglobe Energy Corp. 36,839 366 343 Trinidad Drilling, Ltd. 24,671 171 169 Uranium One, Inc. 152,057 289 356 Whitecap Resources, Inc. 669,095 5,550 5,781 140,918 144,570 Financials 30.7% Bank of Montreal 142,659 7,805 8,675 Bank of Nova Scotia 498,004 25,656 28,595 Boardwalk REIT 53,104 3,408 3,415 Brookfield Asset Management, Inc.- Class A 68,541 2,316 2,488 Brookfield Properties Co. 414,989 6,748 7,005 Canaccord Capital, Inc. 5,609 72 37 Canadian Imperial Bank of Commerce 78,525 5,981 6,279 Canadian REIT 72,410 3,044 3,131 Canadian Western Bank 44,408 1,272 1,261 Davis & Henderson Income Corp. 100,107 1,851 2,151 Dundee Corp.-Class A 59,301 1,402 1,816 Extendicare Inc. 63,076 501 482 fax Financial, Ltd. 5,520 1,984 1,960 Genworth MI Canada, Inc. 73,600 1,809 1,661 Granite Real Estate, Inc. 107,656 3,720 4,061 H&R REIT 43,150 1,021 1,040 Home Capital Group, Inc. 30,850 1,307 1,821 Industrial Alliance Insurance and Financial Services, Inc. 99,993 2,954 3,133 Intact Financial Corp. 130,245 7,401 8,422 Laurentian Bank of Canada 51,038 2,321 2,256 Manulife Financial Corp. 240,696 3,668 3,245 Northern Property Real Estate Investment Trust-REIT 30,645 937 945 Power Corp. of Canada 333,779 8,057 8,441 Royal Bank of Canada 515,179 27,249 30,813 Sun Life Financial, Inc. 10,213 273 269 Toronto-Dominion Bank 390,233 25,626 32,643 148,383 166,045 Health Care 2.6% Catamaran Corp. 56,009 2,384 2,612 Valeant Pharmaceuticals International, Inc. 191,487 10,414 11,343 12,798 13,955 The accompanying notes are an integral part of the financial statements. 96
BlackRock Active Canadian Equity Ex-Income Trusts Fund Industrials 5.0% Black Diamond Group, Ltd. 60,108 1,300 1,202 Canadian National Railway Co. 95,271 7,125 8,602 Chorus Aviation, Inc. 224,639 842 856 Finning International, Inc. 45,794 1,096 1,125 Progressive Waste Solutions, Ltd. 84,566 1,684 1,813 Stantec, Inc. 62,153 2,159 2,460 Toromont Industries, Ltd. 25,262 510 531 Transcontinental, Inc.-Class A 24,513 342 272 TransForce, Inc. 135,328 2,415 2,685 Vicwest, Inc. 20,266 287 252 Wajax Corp. 25,229 1,120 1,024 Westjet Airlines, Ltd. 316,749 4,712 6,227 Westshore Terminals Investment Corp. 862 24 24 23,616 27,073 Information Technology 2.1% Constellation Software, Inc. 21,907 2,510 2,612 MacDonald Dettwiler & Associates, Ltd. 52,744 2,775 2,951 Otsuka Corp. 183,932 1,776 1,462 Research In Motion, Ltd. 270,003 2,011 3,181 Sandvine Corp. 134,304 319 176 Wi-Lan, Inc. 227,985 1,131 1,031 10,522 11,413 Materials 17.2% Aecon Group, Inc. 24,508 292 260 Agnico-Eagle Mines, Ltd. 69,777 3,309 3,630 Agrium, Inc. 6,332 552 628 Alacer Gold Corp. 22,473 121 116 Alamos Gold, Inc. 47,157 798 821 Allied Nevada Gold Corp. 8,963 325 268 Aurizon Mines, Ltd. 46,251 234 158 B2Gold Corp. 1,020,726 3,768 3,603 Barrick Gold Corp. 353,271 14,649 12,262 Canexus Corp. 28,486 236 241 Capstone Mining Corp. 98,170 231 236 CCL Industries-Class B 26,379 931 1,121 Centerra Gold, Inc. 181,697 2,327 1,684 Dundee Precious Metals, Inc. 128,783 1,150 1,087 Endeavour Silver Corp. 121,639 1,036 950 First Quantum Minerals, Ltd. 150,139 3,119 3,282 Fortuna Silver Mines, Inc. 7,670 35 32 Goldcorp, Inc. 358,781 14,223 13,052 Hudbay Minerals, Inc. 10,868 109 109 Iamgold Corp. 133,612 2,265 1,518 Inmet Mining Corp. 7,441 510 551 International Tower Hill Mines, Ltd. 41,134 311 88 Kinross Gold Corp. 736,054 9,713 7,066 Kirkland Lake Gold, Inc. 16,456 153 96 Materials (continued) Labrador Iron Ore Royalty Corp. 35,950 1,079 1,234 Lundin Mining Corp. 26,375 135 134 Major Drilling Group International 227,121 3,043 2,217 Methanex Corp. 162,231 4,732 5,127 Nevsun Resources, Ltd. 479,175 2,313 2,022 Pan American Silver Corp. 77,111 1,651 1,433 Potash Corp. of Saskatchewan 172,871 7,552 6,981 Rio Alto Mining, Ltd. 208,347 1,160 1,058 SEMAFO, Inc. 34,307 176 117 Sherritt International Corp. 410,752 2,278 2,333 Silver Wheaton Corp. 2,944 107 105 Silvercorp Metals, Inc. 18,804 108 95 Sino-Forest Corp.-Class A 223,596 1,668 - Teck Resources, Ltd. 185,236 6,387 6,678 Turquoise Hill Resources, Ltd. 12,784 109 96 West Fraser Timber Co., Ltd. 70,680 4,104 4,948 Yamana Gold, Inc. 315,982 4,932 5,384 101,931 92,821 Telecommunication Services 5.6% BCE, Inc. 151,478 5,580 6,453 Rogers Communications, Inc.-Class B 240,410 10,240 10,852 TELUS Corp. 198,205 9,905 12,891 25,725 30,196 Utilities 1.5% Atco, Ltd.-Class I 59,705 3,635 4,793 Canadian Utilities, Ltd.-Class A 48,443 3,224 3,472 Fortis, Inc. 1,264 41 43 6,900 8,308 Total Canadian Common Stocks and Income Trusts 504,891 532,484 Transaction Costs (Note 2) (333) Total Investments 504,558 532,484 Other Assets and Liabilities 1.4% 7,456 Net Assets 539,940 The accompanying notes are an integral part of the financial statements. 97
BlackRock Active Canadian Equity Ex-Income Trusts Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 5.0 3.8 Consumer Staples 2.1 2.0 Energy 26.8 30.0 Financials 30.7 27.8 Health Care 2.6 1.1 Industrials 5.0 4.6 Information Technology 2.1 2.4 Materials 17.2 21.6 Telecommunication Services 5.6 4.4 Utilities 1.5 1.3 Other Assets and Liabilities 1.4 1.0 The accompanying notes are an integral part of the financial statements. 98
BlackRock Active Canadian Equity DC Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 666,988,761 $ 520,538,281 Cash 7,076,514 3,632,398 Margin due from brokers 468,436 402,794 Securities lending income receivable 14,822 947 Dividends and distributions from underlying trust units receivable 1,777,726 1,441,771 Accounts receivable from issue of units 397,630 114,247 Accounts receivable for investment sales 3,347,290 796,300 680,071,179 526,926,738 Liabilities Operating expenses payable 33,353 27,760 Payables for redemption of units 209,803 148,645 Payables for investment purchases 3,070,363-3,313,519 176,405 Net Assets $ 676,757,660 $ 526,750,333 Number of Units Issued and Outstanding (Note 8) 28,096,931 23,434,669 Net Assets per Unit $ 24.09 $ 22.48 Investments at Cost $ 634,319,311 $ 509,207,633 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 99
BlackRock Active Canadian Equity DC Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income and distributions from underlying trust units $ 16,505,769 $ 12,800,006 Interest income 35,117 27,792 Securities lending income 156,551 20,341 Net gain (loss) from futures contracts 487,429 (742,314) 17,184,866 12,105,825 Expenses Custodian fees 141,278 104,971 Fund accounting expenses 37,013 42,127 Unitholder communication s - 601 Audit fees 13,949 14,728 Securities filing fees 9,949 8,752 Independent review committee fees 257 622 Other operating expenses 4,115 4,641 206,561 176,442 Net Investment Income for the Year 16,978,305 11,929,383 Gain (Loss) on Investments Net realized gain on sale of investments 3,975,087 33,898,142 Transaction s (Note 2,13) (1,054,977) (808,844) Net change in unrealized appreciation (depreciation) in of investments 21,338,802 (85,828,795) Net Gain (Loss) on Investments 24,258,912 (52,739,497) Increase (Decrease) in Net Assets from Operations $ 41,237,217 $ (40,810,114) Increase (Decrease) in Net Assets from Operations per Unit $ 1.63 $ (1.76) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 526,750,333 $ 570,390,049 Increase (Decrease) in Net Assets from Operations 41,237,217 (40,810,114) Capital Transactions Proceeds from issue of units 158,257,787 60,492,365 Reinvestment of distributions 20,909,818 41,793,759 Redemption of units (49,487,677) (63,321,967) Net capital transactions 129,679,928 38,964,157 Distributions From net investment income (16,726,898) (11,413,158) From capital gains (4,182,920) (30,380,601) Total distributions (20,909,818) (41,793,759) Increase (Decrease) in Net Assets for the Year 150,007,327 (43,639,716) Net Assets - End of Year $ 676,757,660 $ 526,750,333 The accompanying notes are an integral part of the financial statements. 100
BlackRock Active Canadian Equity DC Fund Canadian Common Stocks and Income Trusts Consumer Discretionary 5.0% Aimia, Inc. 525,347 7,112 7,807 Astral Media, Inc.-Class A 23,148 1,115 1,069 Cogeco Cable, Inc. 9,860 373 374 Dollarama, Inc. 132,315 6,744 7,800 Dorel Industries, Inc.-Class B 35,269 1,072 1,266 Gildan Activewear, Inc. 10,149 357 368 Linamar Corp. 71,269 1,470 1,652 Magna International, Inc.-Class A 243,242 10,605 12,058 Quebecor, Inc.-Class B 22,228 773 859 Westport Innovations, Inc. 19,421 532 511 30,153 33,764 Consumer Staples 2.1% Alimentation Couche Tard, Inc.- Class B 84,444 3,219 4,117 Cott Corp. 400,770 3,180 3,206 Jean Coutu Group, Inc.-Class A 198,935 2,952 2,887 Loblaw Cos., Ltd. 44,577 1,805 1,866 Metro, Inc.-Class A 19,995 1,189 1,264 North West Co., Inc. 28,535 640 638 12,985 13,978 Energy 26.8% Bankers Petroleum, Ltd. 101,385 283 324 Baytex Energy Corp. 211,125 10,041 9,045 Bellatrix Exploration, Ltd. 79,022 381 336 Calfrac Well Services, Ltd. 23,392 666 582 Canadian Natural Resources, Ltd. 699,125 21,803 20,016 Canadian Oil Sands, Ltd. 5,205 104 105 Celtic Exploration, Ltd. 38,050 1,003 998 Cenovus Energy, Inc. 541,645 18,697 18,031 Cequence Energy, Ltd. 100,821 329 143 Deethree Exploration, Ltd. 251,020 1,497 1,632 Enbridge, Inc. 513,424 15,605 22,077 Encana Corp. 173,403 3,695 3,399 Enerflex, Ltd. 101,330 1,218 1,207 Gibson Energy, Inc. 318,667 6,941 7,638 Imperial Oil, Ltd. 32,843 1,405 1,403 Inter Pipeline Fund 176,142 3,800 4,136 Legacy Oil + Gas, Inc. 1,063,897 7,933 7,256 Mullen Group, Ltd. 33,758 678 705 Nexen, Inc. 236,213 6,162 6,276 Niko Resources, Ltd. 27,243 239 289 Parkland Fuel Corp. 209,886 3,506 3,959 Pason Systems, Inc. 45,648 664 780 Pembina Pipeline Corp. 14,506 397 412 Petrobakken Energy, Ltd. 579,828 7,314 5,943 Petrobank Energy & Resources, Ltd. 18,609 223 231 Peyto Exploration & Development Corp. 31,425 702 720 Energy (continued) Precision Drilling Corp. 34,402 277 282 Savanna Energy Services Corp. 88,253 633 630 ShawCor, Ltd.-Class A 200,684 7,522 7,809 Suncor Energy, Inc. 891,285 29,541 29,145 Surge Energy, Inc. 16,842 141 92 TransCanada Corp. 365,536 15,525 17,169 Transglobe Energy Corp. 46,797 465 436 Trinidad Drilling, Ltd. 30,567 210 209 Uranium One, Inc. 192,007 365 449 Whitecap Resources, Inc. 837,554 6,966 7,237 176,931 181,101 Financials 30.7% Bank of Montreal 178,829 9,928 10,875 Bank of Nova Scotia 623,509 32,225 35,802 Boardwalk REIT 66,786 4,282 4,295 Brookfield Asset Management, Inc.- Class A 85,476 2,924 3,103 Brookfield Properties Co. 516,222 8,385 8,714 Canaccord Capital, Inc. 7,522 96 50 Canadian Imperial Bank of Commerce 98,359 7,521 7,865 Canadian REIT 90,592 3,803 3,917 Canadian Western Bank 55,590 1,594 1,579 Davis & Henderson Income Corp. 126,558 2,363 2,720 Dundee Corp.-Class A 74,151 1,768 2,270 Extendicare Inc. 80,942 640 619 fax Financial, Ltd. 6,897 2,471 2,448 Genworth MI Canada, Inc. 92,672 2,245 2,092 Granite Real Estate, Inc. 134,796 4,678 5,085 H&R REIT 53,782 1,272 1,296 Home Capital Group, Inc. 38,346 1,681 2,263 Industrial Alliance Insurance and Financial Services, Inc. 125,686 3,659 3,938 Intact Financial Corp. 163,765 9,460 10,589 Laurentian Bank of Canada 63,782 2,899 2,819 Manulife Financial Corp. 303,154 4,355 4,087 Northern Property Real Estate Investment Trust-REIT 38,295 1,169 1,181 Power Corp. of Canada 418,114 10,112 10,574 Royal Bank of Canada 645,233 34,532 38,591 Sun Life Financial, Inc. 13,035 350 343 Toronto-Dominion Bank 488,970 33,133 40,902 187,545 208,017 Health Care 2.6% Catamaran Corp. 70,134 3,037 3,271 Valeant Pharmaceuticals International, Inc. 240,464 13,103 14,245 16,140 17,516 The accompanying notes are an integral part of the financial statements. 101
BlackRock Active Canadian Equity DC Fund Industrials 5.0% Black Diamond Group, Ltd. 75,624 1,626 1,512 Canadian National Railway Co. 119,304 9,139 10,772 Chorus Aviation, Inc. 280,359 1,052 1,068 Finning International, Inc. 57,154 1,362 1,404 Progressive Waste Solutions, Ltd. 105,781 2,102 2,268 Stantec, Inc. 77,761 2,720 3,078 Toromont Industries, Ltd. 32,072 647 674 Transcontinental, Inc.-Class A 29,165 395 324 TransForce, Inc. 169,350 3,033 3,360 Vicwest, Inc. 25,673 358 318 Wajax Corp. 31,585 1,399 1,282 Westjet Airlines, Ltd. 399,484 6,116 7,854 Westshore Terminals Investment Corp. 62 2 2 29,951 33,916 Information Technology 2.1% Constellation Software, Inc. 27,465 3,148 3,275 MacDonald Dettwiler & Associates, Ltd. 66,032 3,482 3,695 Otsuka Corp. 229,981 2,189 1,828 Research In Motion, Ltd. 337,688 2,737 3,978 Sandvine Corp. 153,681 354 201 Wi-Lan, Inc. 279,592 1,387 1,264 13,297 14,241 Materials 17.2% Aecon Group, Inc. 31,475 372 334 Agnico-Eagle Mines, Ltd. 87,554 4,207 4,554 Agrium, Inc. 7,908 697 784 Alacer Gold Corp. 34,234 180 177 Alamos Gold, Inc. 59,455 1,017 1,035 Allied Nevada Gold Corp. 11,029 397 330 Aurizon Mines, Ltd. 53,930 267 184 B2Gold Corp. 1,277,880 4,716 4,511 Barrick Gold Corp. 442,652 18,224 15,364 Canexus Corp. 35,420 293 299 Capstone Mining Corp. 122,118 288 293 CCL Industries-Class B 32,935 1,170 1,400 Centerra Gold, Inc. 226,596 2,868 2,100 Dundee Precious Metals, Inc. 161,096 1,434 1,360 Endeavour Silver Corp. 152,581 1,297 1,192 First Quantum Minerals, Ltd. 187,630 3,935 4,102 Fortuna Silver Mines, Inc. 10,313 47 43 Goldcorp, Inc. 449,184 18,016 16,341 Hudbay Minerals, Inc. 13,385 134 134 Iamgold Corp. 166,964 2,722 1,897 Inmet Mining Corp. 9,318 640 689 International Tower Hill Mines, Ltd. 44,246 335 95 Kinross Gold Corp. 923,106 11,747 8,862 Kirkland Lake Gold, Inc. 20,072 187 117 Materials (continued) Labrador Iron Ore Royalty Corp. 45,042 1,347 1,546 Lundin Mining Corp. 31,354 160 160 Major Drilling Group International 285,774 3,773 2,789 Methanex Corp. 203,135 5,942 6,419 Nevsun Resources, Ltd. 598,334 2,807 2,525 Pan American Silver Corp. 98,115 2,080 1,824 Potash Corp. of Saskatchewan 216,399 9,618 8,738 Rio Alto Mining, Ltd. 260,473 1,441 1,323 SEMAFO, Inc. 41,462 217 141 Sherritt International Corp. 513,147 2,834 2,915 Silver Wheaton Corp. 3,483 126 125 Silvercorp Metals, Inc. 23,687 136 120 Sino-Forest Corp.-Class A 89,898 671 - Teck Resources, Ltd. 232,369 8,011 8,377 Turquoise Hill Resources, Ltd. 15,869 136 119 West Fraser Timber Co., Ltd. 88,502 5,214 6,196 Yamana Gold, Inc. 396,489 6,363 6,756 126,066 116,270 Telecommunication Services 5.6% BCE, Inc. 189,466 7,204 8,071 Rogers Communications, Inc.-Class B 300,775 12,843 13,577 TELUS Corp. 248,264 12,897 16,147 32,944 37,795 Utilities 1.5% Atco, Ltd.-Class I 74,751 4,667 6,001 Canadian Utilities, Ltd.-Class A 60,564 4,033 4,340 Fortis, Inc. 1,455 48 50 8,748 10,391 Total Canadian Common Stocks and Income Trusts 634,760 666,989 Transaction Costs (Note 2) (441) Total Investments 634,319 666,989 Other Assets and Liabilities 1.4% 9,769 Net Assets 676,758 The accompanying notes are an integral part of the financial statements. 102
BlackRock Active Canadian Equity DC Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 5.0 3.8 Consumer Staples 2.1 2.0 Energy 26.8 29.9 Financials 30.7 27.7 Health Care 2.6 1.1 Industrials 5.0 4.6 Information Technology 2.1 2.4 Materials 17.2 21.6 Telecommunication Services 5.6 4.4 Utilities 1.5 1.3 Other Assets and Liabilities 1.4 1.2 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 103
BlackRock Active Canadian Equity Small Cap Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 78,786,844 $ 132,593,968 Cash 2,393,772 878,881 Margin due from brokers 218,340 94,425 Securities lending income receivable 995 1,312 Dividends and distributions from underlying trust units receivable 200,321 254,926 Accounts receivable for investment sales 771,102 933,710 82,371,374 134,757,222 Liabilities Operating expenses payable 19,945 21,001 Payables for investment purchases 651,188-671,133 21,001 Net Assets $ 81,700,241 $ 134,736,221 Number of Units Issued and Outstanding (Note 8) 1,679,054 3,030,381 Net Assets per Unit $ 48.66 $ 44.46 Investments at Cost $ 76,945,947 $ 132,422,594 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 104
BlackRock Active Canadian Equity Small Cap Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income and distributions from underlying trust units $ 2,639,164 $ 3,387,876 Interest income 6,481 8,737 Securities lending income 40,041 26,155 Net gain (loss) from futures contracts 98,876 (226,633) 2,784,562 3,196,135 Expenses Custodian fees 61,479 56,246 Fund accounting expenses 33,575 32,556 Unitholder communication s - 601 Audit fees 12,630 13,224 Securities filing fees 1,798 2,477 Independent review committee fees 63 177 Other operating expenses 2,606 3,848 112,151 109,129 Net Investment Income for the Year 2,672,411 3,087,006 Gain (Loss) on Investments Net realized gain on sale of investments 7,419,807 15,224,861 Transaction s (Note 2,13) (404,839) (504,690) Net change in unrealized appreciation (depreciation) in of investments 1,669,523 (29,462,203) Net Gain (Loss) on Investments 8,684,491 (14,742,032) Increase (Decrease) in Net Assets from Operations $ 11,356,902 $ (11,655,026) Increase (Decrease) in Net Assets from Operations per Unit $ 4.63 $ (3.22) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 134,736,221 $ 177,102,860 Increase (Decrease) in Net Assets from Operations 11,356,902 (11,655,026) Capital Transactions Reinvestment of distributions 9,264,426 17,648,856 Redemption of units (64,392,882) (30,711,613) Net capital transactions (55,128,456) (13,062,757) Distributions From net investment income (2,762,933) (3,048,545) From capital gains (6,501,493) (14,600,311) Total distributions (9,264,426) (17,648,856) Decrease in Net Assets for the Year (53,035,980) (42,366,639) Net Assets - End of Year $ 81,700,241 $ 134,736,221 The accompanying notes are an integral part of the financial statements. 105
BlackRock Active Canadian Equity Small Cap Fund Canadian Common Stocks and Income Trusts Consumer Discretionary 6.3% Aimia, Inc. 88,231 1,278 1,311 Astral Media, Inc.-Class A 16,834 815 777 Cogeco Cable, Inc. 6,949 263 264 Dollarama, Inc. 27,426 1,507 1,617 Dorel Industries, Inc.-Class B 3,447 121 124 EnerCare, Inc. 96,338 816 785 Westport Innovations, Inc. 9,160 251 241 5,051 5,119 Consumer Staples 3.2% Alimentation Couche Tard, Inc.- Class B 34,103 1,497 1,662 Alliance Grain Traders, Inc. 1,050 12 14 Colabor Group, Inc. 14,100 117 109 Jean Coutu Group, Inc.-Class A 40,647 542 590 North West Co., Inc. 10,903 250 244 2,418 2,619 Energy 24.2% Angle Energy, Inc. 222,350 770 792 Baytex Energy Corp. 43,260 2,038 1,853 Celtic Exploration, Ltd. 18,052 370 474 Crescent Point Energy Corp. 17,767 722 666 Deethree Exploration, Ltd. 114,050 700 741 Essential Energy Services Trust 23,800 48 50 Gibson Energy, Inc. 57,445 1,224 1,377 Inter Pipeline Fund 22,675 492 532 Legacy Oil + Gas, Inc. 141,222 1,137 963 Niko Resources, Ltd. 12,826 309 136 NuVista Energy, Ltd. 1,500 8 9 Pacific Rubiales Energy Corp. 25,265 631 583 Paramount Resources, Ltd.-Class A 1,700 52 54 Parex Resources, Inc. 26,000 127 150 Parkland Fuel Corp. 3,054 42 58 Pason Systems, Inc. 23,344 328 399 Pembina Pipeline Corp. 86,935 2,358 2,472 Peyto Exploration & Development Corp. 63,800 1,365 1,462 Precision Drilling Corp. 11,000 88 90 Pulse Seismic, Inc. 195,985 475 527 RMP Energy, Inc. 25,900 75 77 Savanna Energy Services Corp. 36,541 244 261 ShawCor, Ltd.-Class A 32,706 1,084 1,273 Strad Energy Services, Ltd. 46,489 212 181 Tourmaline Oil Corp. 53,296 1,442 1,659 Transglobe Energy Corp. 21,502 211 200 Trilogy Energy Corp. 10,750 271 312 Uranium One, Inc. 92,200 175 216 Vermilion Energy, Inc. 22,460 1,065 1,164 Whitecap Resources, Inc. 119,610 911 1,033 18,974 19,764 Financials 22.3% Alaris Royalty Corp. 4,675 109 111 Altus Group, Ltd. 4,675 38 39 Boardwalk REIT 20,409 1,312 1,312 Brookfield Properties Co. 97,543 1,602 1,646 Canaccord Capital, Inc. 4,232 46 28 Canadian REIT 31,095 1,337 1,345 Canadian Western Bank 43,021 1,152 1,222 Chartwell Seniors Housing REIT 45,225 459 491 CI Financial Corp. 1,800 44 45 Davis & Henderson Income Corp. 1,138 20 24 Dundee Corp.-Class A 1,616 42 49 Element Financial Corp Common Stock 114,950 702 813 Extendicare Inc. 19,947 148 153 fax Financial, Ltd. 3,038 1,147 1,078 GMP Capital, Inc. 3,281 18 19 Great-West Lifeco, Inc. 32,854 779 798 H&R REIT 51,000 1,209 1,229 Home Capital Group, Inc. 13,857 713 818 IGM Financial, Inc. 800 34 33 Innvest Real Estate Investment Trust-REIT 43,125 179 178 Intact Financial Corp. 39,652 1,904 2,564 Interrent Real Estate Investment Trust-REIT 11,975 63 62 Morguard Real Estate Investment Trust-REIT 45,100 796 818 Onex Corp. 9,050 357 379 Power Financial Corp. 77,275 2,005 2,102 RioCan REIT 30,952 846 851 17,061 18,207 Health Care 3.1% Catamaran Corp. 37,365 1,509 1,743 Medical Facilities Corp. 57,500 822 791 2,331 2,534 Industrials 6.6% Air Canada-Class B 441,750 769 769 Alexco Resource Corp. 18,600 70 66 Badger Daylighting, Ltd. 1,500 47 46 Black Diamond Group, Ltd. 21,941 472 439 Boyd Group Income Fund-UNIT 1,950 32 32 Chorus Aviation, Inc. 108,231 386 412 Directcash Payments, Inc. 1,175 28 27 Finning International, Inc. 6,500 148 160 Stantec, Inc. 28,597 873 1,132 Superior Plus, Inc. 20,526 187 209 Transcontinental, Inc.-Class A 11,048 153 123 TransForce, Inc. 28,973 519 575 The accompanying notes are an integral part of the financial statements. 106
BlackRock Active Canadian Equity Small Cap Fund Industrials (continued) Westernone Equity Income Fund- UNIT 11,100 91 92 Westjet Airlines, Ltd. 65,442 879 1,286 4,654 5,368 Information Technology 6.4% 5N Plus, Inc. 61,350 169 161 Aastra Technologies, Ltd. 11,150 187 183 CGI Group, Inc.-Class A 22,241 557 510 Constellation Software, Inc. 8,690 977 1,036 MacDonald Dettwiler & Associates, Ltd. 13,838 750 774 Otsuka Corp. 181,291 1,907 1,441 Sierra Wireless, Inc. 27,525 216 216 Wi-Lan, Inc. 195,648 955 884 5,718 5,205 Materials 19.3% Alamos Gold, Inc. 28,932 497 504 Altius Minerals Corp. 2,150 21 21 Aurizon Mines, Ltd. 9,600 33 33 B2Gold Corp. 286,496 977 1,011 Capstone Mining Corp. 93,579 227 225 Cascades, Inc. 33,000 155 135 CCL Industries-Class B 23,827 777 1,013 Centerra Gold, Inc. 35,537 486 329 Detour Gold Corp. 19,100 476 475 Dundee Precious Metals, Inc. 114,600 999 967 Eldorado Gold Corp. 7,095 102 91 Endeavour Silver Corp. 77,295 664 604 Fortuna Silver Mines, Inc. 36,550 170 152 Franco-Nevada Corp. 15,865 699 900 Hudbay Minerals, Inc. 48,806 475 488 Inmet Mining Corp. 7,344 498 543 International Forest Products, Ltd.- Class A 33,197 185 264 Intertape Polymer Group, Inc. 82,500 646 657 Kirkland Lake Gold, Inc. 24,387 210 142 Lundin Mining Corp. 58,083 285 296 MAG Silver Corp. 15,000 146 152 Major Drilling Group International 66,016 793 644 Nevsun Resources, Ltd. 16,900 67 71 New Gold, Inc. 167,131 1,827 1,832 Noranda Income Fund-UNIT 16,550 80 78 OceanaGold Corp. 12,750 36 36 Pan American Silver Corp. 48,983 1,088 911 Premier Gold Mines, Ltd. 2,850 12 12 Primero Mining Corp. 36,021 111 229 Revett Minerals, Inc. 9,400 32 26 Rubicon Minerals Corp. 16,200 49 41 SEMAFO, Inc. 150,855 737 513 Materials (continued) Sherritt International Corp. 147,348 901 837 Sino-Forest Corp.-Class A 113,922 1,420 - Torex Gold Resources, Inc. 29,136 55 63 Turquoise Hill Resources, Ltd. 40,003 543 300 West Fraser Timber Co., Ltd. 17,378 852 1,217 17,331 15,812 Telecommunication Services 0.5% Bell Aliant, Inc. 9,027 244 238 Manitoba Telecom Services, Inc. 5,975 199 194 443 432 Utilities 4.5% Atco, Ltd.-Class I 17,888 988 1,436 Canadian Utilities, Ltd.-Class A 23,524 1,435 1,686 Capital Power Corp. 5,750 125 130 Emera, Inc. 2,828 97 98 Innergex Renewable Energy, Inc. 36,550 393 377 3,038 3,727 Total Canadian Common Stocks and Income Trusts 77,019 78,787 Transaction Costs (Note 2) (73) Total Investments 76,946 78,787 Other Assets and Liabilities 3.6% 2,913 Net Assets 81,700 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 6.3 5.0 Consumer Staples 3.2 4.2 Energy 24.2 32.7 Financials 22.3 15.1 Health Care 3.1 0.5 Industrials 6.6 3.9 Information Technology 6.4 6.9 Materials 19.3 25.5 Telecommunication Services 0.5 0.6 Utilities 4.5 4.0 Other Assets and Liabilities 3.6 1.6 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 107
BlackRock Canada Alpha Advantage Fund (Note 1) Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 458,253,367 $ 126,698,419 Cash 5,466,635 980,140 Margin due from brokers 342,600 224,061 Dividends and distributions from underlying trust units receivable 1,292,113 338,206 Accounts receivable for investment sales 6,622,061-471,976,776 128,240,826 Liabilities Investments sold short (2012 proceeds - $109,071,485, 2011 proceeds - $28,951,476) (Note 2) 106,685,739 28,469,031 Dividends payable on securities sold short 468,595 83,216 Operating expenses payable 18,016 12,323 Payables for investment purchases 6,604,822-113,777,172 28,564,570 Net Assets $ 358,199,604 $ 99,676,256 Number of Units Issued and Outstanding (Note 8) 32,199,160 9,999,962 Net Assets per Unit $ 11.12 $ 9.97 Investments at Cost $ 333,566,220 $ 98,822,572 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 108
BlackRock Canada Alpha Advantage Fund (Note 1) Statement of Operations For the Periods Ended December 31 2012 2011 Revenue Dividend income and distributions from underlying trust units $ 8,459,014 $ 634,568 Interest income 16,118 (13,376) Net gain from futures contracts 97,325 15,019 Foreign exchange loss (3,068) (159) 8,569,389 636,052 Expenses Fund accounting expenses 41,348 4,816 Unitholder communication s 259 - Audit fees 13,419 9,040 Securities filing fees 4,589 431 Financing charges 394,972 - Independent review committee fees 72 65 Other operating expenses 1,970 12 Dividends from short sales 2,335,181 145,517 2,791,810 159,881 Net Investment Income for the Period 5,777,579 476,171 Gain (Loss) on Investments Net realized gain (loss) on sale of investments 1,973,330 (131,139) Transaction s (Note 2,13) (819,734) (75,214) Net change in unrealized appreciation (depreciation) in of investments 18,594,592 (593,184) Net Gain (Loss) on Investments 19,748,188 (799,537) Increase (Decrease) in Net Assets from Operations $ 25,525,767 $ (323,366) Increase (Decrease) in Net Assets from Operations per Unit $ 1.20 $ (0.03) Statement of Changes in Net Assets For the Periods Ended December 31 2012 2011 Net Assets - Beginning of Period $ 99,676,256 $ - Increase (Decrease) in Net Assets from Operations 25,525,767 (323,366) Capital Transactions Proceeds from issue of units 232,997,581 99,999,622 Reinvestment of distributions 11,366,552 179,266 Net capital transactions 244,364,133 100,178,888 Distributions From net investment income (5,593,814) (179,266) From capital gains (5,772,738) - Total distributions (11,366,552) (179,266) Increase in Net Assets for the Period 258,523,348 99,676,256 Net Assets - End of Period $ 358,199,604 $ 99,676,256 The accompanying notes are an integral part of the financial statements. 109
BlackRock Canada Alpha Advantage Fund (Note 1) Statement of Cash Flow For the Periods Ended December 31 2012 2011 Cash Used in Operating Activities Net investment income for the years $ 5,777,579 $ 476,171 Changes in Working Capital Balances Relating to Operations Purchase of investment securities* (512,629,140) (54,526,092) Proceeds from disposition of investment securities 303,122,252 25,783,337 Proceeds of investment sold short 224,175,655 34,038,386 Purchase from investment sold short (141,822,486) (5,324,315) Increase in margin due from brokers (118,539) (224,061) Increase in dividends receivable (953,907) (338,206) Increase in dividends payable on securities sold short 385,379 83,216 Increase in accounts receivable for investment sales (6,622,061) - Increase in operating expenses payable 5,693 12,323 Increase in payable for investment purchases 6,604,822 - (127,852,332) (495,412) Net Cash Used in Operating Activities (122,074,753) (19,241) Financing Activities Proceeds from issuance of units* 126,561,248 999,381 Net Cash Provided by Financing Activities 126,561,248 999,381 Net Increase in Cash and Cash Equivalent $ 4,486,495 $ 980,140 Cash - Beginning of Period $ 980,140 $ - Cash - End of Period $ 5,466,635 $ 980,140 * Excluding in-kind activity as follows: - Purchase of investment securities (2012, $106,436,333) (2011, $99,000,241) - Proceeds from issuance of units (2012, $106,436,333) (2011, $99,000,241) The accompanying notes are an integral part of the financial statements. 110
BlackRock Canada Alpha Advantage Fund / Proceeds received Canadian Common Stocks and Income Trusts-Long Consumer Discretionary 6.4% Aimia, Inc. 311,659 4,170 4,631 Canadian Tire Corp.-Class A 9,604 673 665 Cogeco Cable, Inc. 5,150 193 196 Dollarama, Inc. 47,682 2,725 2,811 Dorel Industries, Inc.-Class B 82,836 2,462 2,974 Linamar Corp. 185,757 3,862 4,306 Magna International, Inc.-Class A 139,042 6,009 6,892 Westport Innovations, Inc. 12,534 345 330 20,439 22,805 Consumer Staples 3.7% Alimentation Couche Tard, Inc.- Class B 112,976 5,078 5,507 Cott Corp. 439,116 3,381 3,513 Jean Coutu Group, Inc.-Class A 223,427 3,247 3,242 Loblaw Cos., Ltd. 23,627 957 989 Metro, Inc.-Class A 1,312 82 83 12,745 13,334 Energy 37.9% Bankers Petroleum, Ltd. 213,584 651 683 Baytex Energy Corp. 123,250 5,976 5,280 Bellatrix Exploration, Ltd. 47,812 196 203 Bonterra Energy Corp. 900 40 41 Calfrac Well Services, Ltd. 134,785 3,394 3,352 Canadian Natural Resources, Ltd. 401,500 12,999 11,495 Canadian Oil Sands, Ltd. 1,400 28 28 Celtic Exploration, Ltd. 20,340 537 534 Cenovus Energy, Inc. 301,176 10,317 10,026 Cequence Energy, Ltd. 60,694 158 86 Crescent Point Energy Corp. 66,950 2,650 2,511 Deethree Exploration, Ltd. 299,349 1,795 1,946 Enbridge, Inc. 282,784 10,758 12,160 Encana Corp. 68,541 1,501 1,343 Enerflex, Ltd. 152,548 1,897 1,817 Enerplus Corp. 86,936 1,129 1,113 Gibson Energy, Inc. 196,728 4,314 4,716 Imperial Oil, Ltd. 88,844 3,780 3,796 Keyera Corp. 29,817 1,359 1,463 Legacy Oil + Gas, Inc. 639,716 4,923 4,363 Mullen Group, Ltd. 194,108 4,167 4,055 Nexen, Inc. 124,337 2,567 3,304 Niko Resources, Ltd. 14,252 134 151 Parkland Fuel Corp. 182,257 2,853 3,437 Pason Systems, Inc. 99,139 1,400 1,694 Pembina Pipeline Corp. 125,762 3,540 3,575 Petrobakken Energy, Ltd. 353,029 4,621 3,619 / Proceeds received Energy (continued) Petrominerales, Ltd. 141,691 1,357 1,210 Peyto Exploration & Development Corp. 83,715 1,875 1,918 Precision Drilling Corp. 516,890 4,137 4,233 Savanna Energy Services Corp. 198,501 1,342 1,417 ShawCor, Ltd.-Class A 119,483 4,462 4,649 Suncor Energy, Inc. 486,131 15,463 15,897 Surge Energy, Inc. 11,478 98 63 Tourmaline Oil Corp. 2,994 93 93 TransCanada Corp. 244,912 10,795 11,504 Transglobe Energy Corp. 80,008 766 745 Trinidad Drilling, Ltd. 374,631 2,397 2,562 Uranium One, Inc. 107,526 298 252 Whitecap Resources, Inc. 505,018 3,985 4,363 134,752 135,697 Financials 35.9% Bank of Montreal 85,413 4,949 5,194 Bank of Nova Scotia 334,261 17,755 19,193 Boardwalk REIT 72,466 4,351 4,660 Brookfield Asset Management, Inc.- Class A 48,266 1,696 1,752 Brookfield Properties Co. 300,413 5,036 5,071 Calloway REIT 15,832 462 458 Canadian Imperial Bank of Commerce 45,341 3,450 3,625 Canadian REIT 108,343 4,602 4,685 Canadian Western Bank 16,112 461 458 Davis & Henderson Income Corp. 184,343 3,540 3,961 Dundee Corp.-Class A 133,554 3,172 4,089 Extendicare Inc. 73,583 582 563 fax Financial, Ltd. 5,260 1,902 1,867 Genworth MI Canada, Inc. 192,326 3,903 4,341 Granite Real Estate, Inc. 34,825 1,222 1,314 H&R REIT 64,134 1,532 1,546 Home Capital Group, Inc. 72,059 3,489 4,253 Industrial Alliance Insurance and Financial Services, Inc. 120,338 3,475 3,770 Intact Financial Corp. 94,774 5,678 6,128 Laurentian Bank of Canada 98,023 4,437 4,333 Manulife Financial Corp. 119,503 1,492 1,611 Northern Property Real Estate Investment Trust-REIT 13,599 421 419 Power Corp. of Canada 136,465 3,358 3,451 Royal Bank of Canada 339,523 18,888 20,307 Toronto-Dominion Bank 257,383 20,413 21,530 120,266 128,579 The accompanying notes are an integral part of the financial statements. 111
BlackRock Canada Alpha Advantage Fund / Proceeds received Health Care 2.7% Catamaran Corp. 25,673 1,185 1,197 Valeant Pharmaceuticals International, Inc. 141,290 7,190 8,370 8,375 9,567 Industrials 6.7% Black Diamond Group, Ltd. 195,173 4,207 3,904 Canadian National Railway Co. 56,902 4,857 5,138 Chorus Aviation, Inc. 170,403 608 649 Finning International, Inc. 139,269 3,355 3,420 Progressive Waste Solutions, Ltd. 77,692 1,548 1,666 Stantec, Inc. 36,684 1,293 1,452 Toromont Industries, Ltd. 9,608 193 202 Transcontinental, Inc.-Class A 9,781 104 109 TransForce, Inc. 139,116 2,481 2,760 Vicwest, Inc. 16,783 170 208 Westjet Airlines, Ltd. 231,961 3,608 4,560 22,424 24,068 Information Technology 2.4% Constellation Software, Inc. 27,711 3,225 3,304 MacDonald Dettwiler & Associates, Ltd. 17,759 961 994 Otsuka Corp. 172,078 1,550 1,368 Research In Motion, Ltd. 97,276 748 1,146 Sandvine Corp. 94,437 145 124 Wi-Lan, Inc. 389,990 1,941 1,763 8,570 8,699 Materials 23.3% Aecon Group, Inc. 32,178 375 341 Agnico-Eagle Mines, Ltd. 58,756 2,825 3,057 Alacer Gold Corp. 41,101 203 213 Alamos Gold, Inc. 29,106 504 507 Allied Nevada Gold Corp. 6,753 226 202 Aurizon Mines, Ltd. 34,354 126 117 B2Gold Corp. 1,174,077 4,303 4,145 Barrick Gold Corp. 232,908 9,285 8,084 Capstone Mining Corp. 69,081 192 166 CCL Industries-Class B 101,694 3,666 4,322 Centerra Gold, Inc. 228,289 2,672 2,116 Dundee Precious Metals, Inc. 520,772 4,331 4,395 Endeavour Silver Corp. 183,738 1,550 1,435 First Quantum Minerals, Ltd. 112,729 2,291 2,464 Fortuna Silver Mines, Inc. 18,186 78 75 Goldcorp, Inc. 302,564 12,429 11,007 Hudbay Minerals, Inc. 14,888 150 149 Iamgold Corp. 167,978 2,483 1,908 Inmet Mining Corp. 12,013 817 889 / Proceeds received Materials (continued) International Tower Hill Mines, Ltd. 28,369 112 61 Kinross Gold Corp. 583,106 5,429 5,598 Kirkland Lake Gold, Inc. 44,715 405 260 Labrador Iron Ore Royalty Corp. 11,201 363 384 Major Drilling Group International 302,355 3,815 2,951 Methanex Corp. 11,110 324 351 Nevsun Resources, Ltd. 467,683 2,090 1,974 Pan American Silver Corp. 163,985 3,265 3,048 Potash Corp. of Saskatchewan 100,828 4,318 4,071 San Gold Corp. 8,559 11 7 SEMAFO, Inc. 6,411 23 22 Sherritt International Corp. 772,590 3,857 4,388 Silvercorp Metals, Inc. 14,859 79 75 Teck Resources, Ltd. 122,238 4,273 4,407 West Fraser Timber Co., Ltd. 48,576 3,020 3,401 Yamana Gold, Inc. 408,023 6,500 6,953 86,390 83,543 Telecommunication Services 5.8% BCE, Inc. 87,519 3,672 3,728 Rogers Communications, Inc.- Class B 176,680 6,827 7,976 TELUS Corp. 138,929 8,199 9,036 18,698 20,740 Utilities 3.1% Atco, Ltd.-Class I 59,866 4,272 4,806 Canadian Utilities, Ltd.-Class A 72,149 4,789 5,170 Fortis, Inc. 36,485 1,224 1,245 10,285 11,221 Total Canadian Common Stocks and Income Trusts -Long 442,944 458,253 Canadian Common Stocks and Income Trusts-Short Consumer Discretionary (1.0)% RONA, Inc. (23,873) (274) (255) Shaw Communications, Inc.-Class B (93,295) (1,873) (2,132) Thomson Reuters Corp. (53,398) (1,479) (1,540) (3,626) (3,927) Consumer Staples (0.3)% Maple Leaf Foods, Inc. (629) (7) (7) Saputo, Inc. (18,269) (781) (920) (788) (927) Energy (10.2)% Advantage Oil & Gas, Ltd. (509,988) (1,804) (1,642) AltaGas, Ltd. (16,142) (538) (542) Birchcliff Energy, Ltd. (114,337) (890) (853) Crew Energy, Inc. (135,159) (925) (878) The accompanying notes are an integral part of the financial statements. 112
BlackRock Canada Alpha Advantage Fund / Proceeds received Energy (continued) Ensign Resource Service Group, Inc. (218,167) (3,279) (3,362) Freehold Royalties, Ltd. (122,592) (2,429) (2,746) Husky Energy, Inc. (66,566) (1,766) (1,964) MEG Energy Corp. (5,700) (177) (174) Pacific Rubiales Energy Corp. (111,588) (2,575) (2,588) Paramount Resources, Ltd.-Class A (57,099) (1,596) (1,827) Pengrowth Energy Corp. (722,889) (4,532) (3,578) Penn West Petroleum, Ltd. (245,627) (3,316) (2,660) Petrobank Energy & Resources, Ltd. (58,954) (714) (732) Secure Energy Services, Inc. (373,594) (3,555) (3,713) Trican Well Service, Ltd. (280,722) (3,652) (3,686) Trilogy Energy Corp. (65,634) (1,759) (1,921) Veresen, Inc. (303,695) (4,028) (3,596) (37,535) (36,462) Financials (4.9)% AGF Management, Ltd.-Class B (393,241) (4,837) (3,901) Allied Properties Real Estate Investment Trust-REIT (16,620) (528) (549) CI Financial Corp. (40,939) (909) (1,021) Cominar REIT (62,354) (1,400) (1,411) Crombie Real Estate Investment Trust-REIT (144,819) (2,164) (2,143) FirstService Corp. (103,312) (2,853) (2,902) Great-West Lifeco, Inc. (56,234) (1,232) (1,372) IGM Financial, Inc. (73,924) (2,873) (3,082) Primaris Retail REIT (33,462) (824) (902) Sun Life Financial, Inc. (13,284) (353) (351) TMX Group, Ltd. (939) (48) (48) (18,021) (17,682) Health Care (0.4)% CML HealthCare, Inc. (201,864) (1,912) (1,344) (1,912) (1,344) Industrials (2.0)% CAE, Inc. (51,840) (532) (524) Canadian Pacific Railway, Ltd. (6,024) (532) (608) Genivar, Inc. (196,789) (4,240) (3,896) Russel Metals, Inc. (20,800) (574) (574) SNC-Lavalin Group, Inc. (38,697) (1,467) (1,562) (7,345) (7,164) Information Technology (1.7)% Celestica, Inc. (388,983) (2,811) (3,151) CGI Group, Inc.-Class A (108,868) (2,549) (2,501) Open Text Corp. (7,019) (388) (390) (5,748) (6,042) / Proceeds received Materials (6.1)% Banro Corp. (65,255) (291) (182) Canfor Corp. (223,357) (3,226) (3,717) Colossus Minerals, Inc. (393,815) (1,868) (1,819) First Majestic Silver Corp. (114,879) (2,009) (2,306) Franco-Nevada Corp. (500) (28) (28) Gabriel Resources, Ltd. (134,396) (458) (319) Gammon Gold, Inc. (458,659) (3,538) (3,756) Guyana Goldfields, Inc. (129,885) (497) (407) Harry Winston Diamond Corp. (283,490) (3,653) (3,963) Lundin Mining Corp. (83,097) (417) (425) North American Palladium, Ltd. (4,890) (12) (7) Northern Dynasty Minerals, Ltd. (261,515) (1,660) (837) Premier Gold Mines, Ltd. (30,776) (183) (130) Pretium Resources, Inc. (208,742) (2,792) (2,739) Rubicon Minerals Corp. (184,772) (621) (473) Tahoe Resources, Inc. (1,710) (30) (31) Thompson Creek Metals Co., Inc. (50,185) (238) (208) Turquoise Hill Resources, Ltd. (46,980) (342) (358) (21,863) (21,705) Telecommunication Services (0.9)% Bell Aliant, Inc. (120,666) (3,198) (3,182) Manitoba Telecom Services, Inc. (1,623) (55) (53) (3,253) (3,235) Utilities (2.3)% Algonquin Power & Utilities Corp. (9,690) (65) (66) Atlantic Power Corp. (335,840) (4,451) (3,812) Just Energy Group, Inc. (2,300) (22) (22) Northland Power, Inc. (61,707) (1,081) (1,159) TransAlta Corp. (207,452) (3,362) (3,138) (8,981) (8,197) Total Canadian Common Stocks and Income Trusts-Short (109,072) (106,685) Transaction Costs (Note 2) (306) Total Investments 333,566 351,568 Other Assets and Liabilities 1.9% 6,632 Net Assets 358,200 The accompanying notes are an integral part of the financial statements. 113
BlackRock Canada Alpha Advantage Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Long Positions Consumer Discretionary 6.4 6.3 Consumer Staples 3.7 3.3 Energy 37.9 39.3 Financials 35.9 30.3 Health Care 2.7 2.0 Industrials 6.7 6.4 Information Technology 2.4 3.2 Materials 23.3 29.1 Telecommunication Services 5.8 4.6 Utilities 3.1 2.6 Short Positions Consumer Discretionary (1.0) (1.8) Consumer Staples (0.3) (1.4) Energy (10.2) (9.3) Financials (4.9) (3.3) Health Care (0.4) (0.9) Industrials (2.0) (1.9) Information Technology (1.7) (0.4) Materials (6.1) (5.9) Telecommunication Services (0.9) (0.3) Utilities (2.3) (3.4) Other Assets and Liabilities 1.9 1.5 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 114
BlackRock Canada Universe Bond Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 6,631,029,849 $ 7,221,057,839 Cash 10,551,155 35,610,650 Interest receivable 39,627,817 47,815,230 Securities lending income receivable 26,798 27,974 Accounts receivable from issue of units 13,560,119 6,551,277 Accounts receivable for investment sales 91,153,747 108,588,327 6,785,949,485 7,419,651,297 Liabilities Operating expenses payable 101,145 114,970 Payables for redemption of units 99,895,697 148,356,168 Payables for investment purchases 12,162,552 4,333,248 112,159,394 152,804,386 Net Assets $ 6,673,790,091 $ 7,266,846,911 Net Assets per Class Class A $ 2,765,629,814 $ 4,103,845,024 Class D 3,908,160,277 3,163,001,887 $ 6,673,790,091 $ 7,266,846,911 Number of Units Issued and Outstanding (Note 8) Class A 100,530,508 154,631,238 Class D 166,129,117 139,366,427 Net Assets per Unit Class A $ 27.51 $ 26.54 Class D $ 23.52 $ 22.70 Investments at Cost $ 6,247,376,270 $ 6,712,786,602 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 115
BlackRock Canada Universe Bond Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 253,328,416 $ 306,699,081 Securities lending income 330,049 280,493 253,658,465 306,979,574 Expenses Custodian fees 168,873 177,688 Fund accounting expenses 210,791 243,632 Unitholder communication s 4,506 601 Audit fees 17,771 25,814 Securities filing fees 110,683 122,323 Independent review committee fees 3,089 8,520 Other operating expenses 11,269 6,456 526,982 585,034 Net Investment Income for the Year 253,131,483 306,394,540 Gain (Loss) on Investments Net realized gain on sale of investments 119,227,345 76,271,805 Net change in unrealized appreciation (depreciation) in of investments (124,617,658) 328,706,220 Net Gain (Loss) on Investments (5,390,313) 404,978,025 Increase in Net Assets from Operations $ 247,741,170 $ 711,372,565 Increase in Net Assets from Operations per Class Class A $ 123,845,606 $ 432,696,435 Class D 123,895,564 278,676,130 $ 247,741,170 $ 711,372,565 Increase in Net Assets from Operations per Unit Class A $ 0.96 $ 2.33 Class D $ 0.83 $ 2.03 The accompanying notes are an integral part of the financial statements. 116
BlackRock Canada Universe Bond Index Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 2012 2011 Fund Class A Class D Net Assets - Beginning of Year $ 7,266,846,911 $ 7,293,742,380 $ 4,103,845,024 $ 4,598,904,894 $ 3,163,001,887 $ 2,694,837,486 Increase in Net Assets from Operations 247,741,170 711,372,565 123,845,606 432,696,435 123,895,564 278,676,130 Capital Transactions Proceeds from issue of units 1,270,020,035 1,502,180,005 232,995,674 796,788,117 1,037,024,361 705,391,888 Reinvestment of distributions 376,409,181 379,008,632 179,809,058 230,861,139 196,600,123 148,147,493 Redemption of units (2,110,818,025) (2,240,448,039) (1,695,056,490) (1,724,544,422) (415,761,535) (515,903,617) Net capital transactions (464,388,809) (359,259,402) (1,282,251,758) (696,895,166) 817,862,949 337,635,764 Distributions From net investment income (253,113,292) (306,379,648) (117,369,138) (184,606,840) (135,744,154) (121,772,808) From capital gains (96,640,335) (57,835,200) (40,946,276) (33,180,524) (55,694,059) (24,654,676) From capital gains redemption in kind (Note 9) (26,655,554) (14,793,784) (21,493,644) (13,073,775) (5,161,910) (1,720,009) Total distributions (376,409,181) (379,008,632) (179,809,058) (230,861,139) (196,600,123) (148,147,493) Increase (Decrease) in Net Assets for the Year (593,056,820) (26,895,469) (1,338,215,210) (495,059,870) 745,158,390 468,164,401 Net Assets - End of Year $ 6,673,790,091 $ 7,266,846,911 $ 2,765,629,814 $ 4,103,845,024 $ 3,908,160,277 $ 3,163,001,887 The accompanying notes are an integral part of the financial statements. 117
BlackRock Canada Universe Bond Index Fund Par (in 000s) Fixed Income Investments Government Federal Non-Agency 28.5% Government of Canada 1.00% February 01, 2014 29,808 29,840 29,774 2.00% March 01, 2014 43,967 43,798 44,415 0.75% May 01, 2014 47,284 46,942 47,054 5.00% June 01, 2014 39,451 43,220 41,582 3.00% June 01, 2014 70,767 72,627 72,616 2.25% August 01, 2014 70,568 71,775 71,798 1.00% November 01, 2014 43,287 43,192 43,179 2.00% December 01, 2014 77,801 77,622 79,050 1.00% February 01, 2015 68,321 68,152 68,121 4.50% June 01, 2015 45,031 47,809 48,595 2.50% June 01, 2015 52,391 53,009 54,052 1.50% August 01, 2015 39,114 39,392 39,395 3.00% December 01, 2015 60,853 62,546 63,896 1.25% February 01, 2016 22,149 22,128 22,131 4.00% June 01, 2016 47,206 49,456 51,451 2.00% June 01, 2016 49,640 48,783 50,799 2.75% September 01, 2016 48,652 51,487 51,111 1.50% March 01, 2017 46,856 47,196 47,122 4.00% June 01, 2017 50,647 56,267 56,334 1.50% September 01, 2017 44,550 44,758 44,786 1.25% March 01, 2018 14,904 14,839 14,772 4.25% June 01, 2018 52,165 58,233 59,778 3.75% June 01, 2019 84,164 91,902 95,415 3.50% June 01, 2020 69,678 72,443 78,741 10.50% March 15, 2021 564 912 945 9.75% June 01, 2021 1,042 1,643 1,700 3.25% June 01, 2021 56,738 62,170 63,584 9.25% June 01, 2022 988 1,650 1,627 2.75% June 01, 2022 56,430 60,613 61,056 8.00% June 01, 2023 13,234 19,096 20,890 1.50% June 01, 2023 22,394 21,608 21,551 9.00% June 01, 2025 11,562 18,081 20,441 8.00% June 01, 2027 16,390 24,507 28,330 5.75% June 01, 2029 53,211 65,818 79,061 5.75% June 01, 2033 57,310 74,275 88,995 5.00% June 01, 2037 63,855 80,138 94,490 4.00% June 01, 2041 76,164 95,851 101,812 3.50% December 01, 2045 33,644 40,323 42,391 1,824,101 1,902,840 Federal Agency 11.6% Asian Development Bank, Series MPLE, Senior Unsecured Note 4.65% February 16, 2027 5,106 5,199 5,960 Canada Housing Trust 2.20% March 15, 2014 36,335 35,697 36,783 3.15% June 15, 2014 45,002 46,994 46,271 2.75% September 15, 2014 38,258 39,216 39,249 2.75% December 15, 2014 35,798 36,075 36,848 2.95% March 15, 2015 32,761 32,471 33,955 3.15% June 15, 2015 30,060 30,966 31,402 4.10% December 15, 2018 42,345 44,045 47,728 3.75% March 15, 2020 27,349 27,190 30,527 3.35% December 15, 2020 23,679 24,016 25,823 Canada Housing Trust No 1 2.75% December 15, 2015 32,390 32,469 33,656 2.45% December 15, 2015 31,062 31,150 32,008 Par (in 000s) Federal Agency (continued) 2.75% June 15, 2016 70,640 71,031 73,625 1.85% December 15, 2016 57,226 57,818 57,838 2.05% June 15, 2017 56,929 57,524 57,939 1.70% December 15, 2017 53,644 53,595 53,646 3.80% June 15, 2021 39,577 40,909 44,529 2.65% March 15, 2022 35,483 35,953 36,603 2.40% December 15, 2022 24,840 24,924 25,005 Canada Post Corp. 4.08% July 16, 2025 3,283 3,307 3,822 4.36% July 16, 2040 1,883 1,882 2,364 Farm Credit Canada 4.55% April 12, 2021 546 590 644 Inter-American Development Bank, Note 4.40% January 26, 2026 7,408 7,135 8,427 Royal Office Finance LP, Series A, Note 5.21% November 12, 2037 7,253 7,196 8,604 South Coast British Columbia Transportation Authority 3.80% November 02, 2020 753 752 805 4.65% June 20, 2041 1,423 1,610 1,633 3.85% February 09, 2052 988 1,011 999 750,725 776,693 Government Guaranteed 0.1% Milit-Air, Inc., Secured Note 5.75% June 30, 2019 4,194 4,405 4,659 4,405 4,659 Municipal 2.0% Alberta Capital Finance Authority, Note 3.05% June 15, 2015 4,632 4,621 4,822 4.35% June 15, 2016 3,934 3,952 4,300 4.65% June 15, 2017 4,445 5,036 4,993 City of Montreal 4.95% December 10, 2014 4,635 4,970 4,928 5.00% December 01, 2018 377 427 426 5.45% December 01, 2019 3,139 3,652 3,638 4.50% December 01, 2021 2,679 2,660 2,935 6.00% June 01, 2043 4,224 4,396 5,740 City of Ottawa 4.60% July 14, 2042 1,368 1,516 1,554 City of Toronto 4.55% May 20, 2015 888 960 948 4.85% July 28, 2016 4,394 4,463 4,837 4.95% June 27, 2018 941 1,008 1,067 4.50% December 02, 2019 1,032 1,034 1,152 6.80% July 26, 2021 1,464 1,858 1,885 3.50% December 06, 2021 5,629 5,714 5,843 5.20% June 01, 2040 3,660 3,646 4,492 4.70% June 10, 2041 2,759 2,747 3,162 City of Winnipeg 9.13% May 12, 2015 3,372 4,532 3,948 The accompanying notes are an integral part of the financial statements. 118
BlackRock Canada Universe Bond Index Fund Par (in 000s) Municipal (continued) Municipal Finance Authority of British Columbia 4.90% December 02, 2014 988 1,062 1,052 4.65% April 19, 2016 7,388 7,486 8,069 3.00% June 01, 2016 9,435 9,422 9,813 4.80% December 01, 2017 380 412 428 4.60% April 23, 2018 2,469 2,774 2,768 4.88% June 03, 2019 8,992 9,259 10,291 4.45% June 01, 2020 1,033 1,031 1,160 4.15% June 01, 2021 1,861 1,865 2,050 3.35% June 01, 2022 4,692 4,879 4,852 4.95% December 01, 2027 1,951 1,944 2,288 Peel Regional Municipality 5.10% June 29, 2040 3,018 3,046 3,676 3.85% October 30, 2042 1,877 1,866 1,897 PSP Capital, Inc. 2.94% December 03, 2015 7,737 7,734 7,996 2.26% February 16, 2017 2,818 2,817 2,849 Regional Municipality of Halton 4.05% October 11, 2041 856 863 889 Regional Municipality of York 7.25% June 19, 2017 3,177 3,810 3,854 5.00% April 29, 2019 2,173 2,489 2,474 4.50% June 30, 2020 2,256 2,291 2,519 4.00% June 30, 2021 5,586 5,867 6,025 4.15% November 18, 2041 593 628 623 Ville Montreal 5.00% December 01, 2017 380 411 426 129,148 136,669 Provincial 27.9% Centre Hospitalier de L universite de Montreal 4.45% October 01, 2049 1,445 1,445 1,545 City of Toronto 3.80% December 13, 2042 2,000 1,992 1,992 Financement-Quebec 4.25% March 01, 2014 8,490 8,893 8,780 3.25% June 01, 2014 6,514 6,681 6,690 4.25% December 01, 2015 8,540 9,217 9,186 3.50% December 01, 2016 9,110 9,629 9,689 3.50% December 01, 2017 9,239 9,186 9,888 2.40% December 01, 2018 8,339 8,331 8,423 2.45% December 01, 2019 12,248 12,248 12,260 5.25% June 01, 2034 9,076 9,843 11,205 Hydro Quebec 9.63% July 15, 2022 4,425 6,407 6,894 5.00% February 15, 2050 12,030 14,803 15,804 Hydro Quebec, (MTN) 6.00% February 15, 2040 6,551 7,803 9,296 Hydro Quebec, Series 19, Note 6.50% February 15, 2035 12,566 15,681 18,128 Hydro Quebec, Series HL, Note 11.00% August 15, 2020 14,221 22,712 22,505 Hydro Quebec, Series JM, Note 5.00% February 15, 2045 7,244 7,442 9,306 Par (in 000s) Provincial (continued) Ontario Electricity Financial Corp., Note 8.25% June 22, 2026 7,427 10,734 11,537 Province of Alberta 2.75% December 01, 2014 4,164 4,344 4,283 1.85% September 01, 2016 3,433 3,428 3,469 1.75% June 15, 2017 6,420 6,422 6,432 4.00% December 01, 2019 6,467 6,649 7,239 2.55% December 15, 2022 8,198 8,177 8,185 4.50% December 01, 2040 4,377 4,359 5,396 Province of British Columbia 7.50% June 09, 2014 2,521 3,048 2,743 5.30% June 18, 2014 988 1,053 1,046 4.25% June 18, 2014 7,722 8,220 8,057 4.70% December 01, 2017 2,731 2,755 3,106 5.30% June 17, 2019 189 209 224 4.10% December 18, 2019 9,097 9,216 10,205 3.70% December 18, 2020 10,786 10,750 11,831 9.95% May 15, 2021 3,543 5,362 5,520 3.25% December 18, 2021 9,736 9,820 10,310 2.70% December 18, 2022 5,334 5,337 5,355 8.00% September 08, 2023 2,079 2,779 3,071 9.00% August 23, 2024 2,944 4,326 4,708 6.15% November 19, 2027 988 1,348 1,348 5.70% June 18, 2029 11,259 14,133 14,954 6.35% June 18, 2031 9,124 10,657 13,037 5.40% June 18, 2035 2,667 3,439 3,532 4.70% June 18, 2037 7,768 7,688 9,510 4.30% June 18, 2042 18,224 19,027 21,610 Province of British Columbia, Unsecured Note 3.20% June 18, 2044 3,000 2,971 2,954 Province of British Columbia, (MTN) 4.65% December 18, 2018 11,248 11,603 12,919 4.95% June 18, 2040 9,647 9,898 12,417 Province of Manitoba 4.80% December 03, 2014 4,162 4,356 4,436 4.30% March 01, 2016 6,325 6,663 6,864 1.85% June 01, 2017 5,708 5,701 5,733 4.15% June 03, 2020 2,728 2,723 3,061 3.85% December 01, 2021 2,759 2,757 3,038 7.75% December 22, 2025 4,082 5,164 6,108 5.70% March 05, 2037 6,023 6,863 8,308 4.60% March 05, 2038 5,348 5,222 6,440 4.65% March 05, 2040 4,539 4,426 5,557 4.10% March 05, 2041 6,012 5,731 6,833 4.40% March 05, 2042 2,378 2,782 2,843 3.35% March 05, 2043 1,383 1,376 1,391 Province of Manitoba, (MTN) 6.50% September 22, 2017 6,261 7,265 7,573 5.50% November 15, 2018 1,975 2,357 2,347 4.40% September 05, 2025 3,263 3,275 3,725 Province of New Brunswick 4.50% February 04, 2015 2,708 2,921 2,883 4.30% December 03, 2015 3,111 3,338 3,355 4.70% July 21, 2016 2,634 2,876 2,908 6.00% December 27, 2017 3,580 3,901 4,263 4.45% March 26, 2018 5,694 5,681 6,383 4.40% June 03, 2019 4,826 4,932 5,441 The accompanying notes are an integral part of the financial statements. 119
BlackRock Canada Universe Bond Index Fund Par (in 000s) Provincial (continued) 4.50% June 02, 2020 8,950 9,150 10,199 3.35% December 03, 2021 8,065 8,197 8,490 2.85% June 02, 2023 1,939 1,932 1,931 5.65% December 27, 2028 2,854 3,694 3,668 4.65% September 26, 2035 5,126 4,844 6,005 4.55% March 26, 2037 5,222 4,944 6,059 4.80% September 26, 2039 5,595 5,510 6,794 4.80% June 03, 2041 4,757 5,825 5,849 3.55% June 03, 2043 2,469 2,461 2,499 Province of Newfoundland 5.25% June 04, 2014 3,409 3,619 3,599 10.95% April 15, 2021 2,941 4,608 4,767 6.15% April 17, 2028 1,902 2,611 2,579 6.55% October 17, 2030 1,427 2,067 2,053 5.60% October 17, 2033 5,008 5,095 6,667 4.65% October 17, 2040 6,606 6,355 8,095 Province of Nova Scotia 4.60% August 18, 2016 753 787 830 1.90% September 08, 2017 30,416 30,308 30,454 4.15% November 25, 2019 5,221 5,489 5,827 4.10% June 01, 2021 7,337 7,320 8,177 6.60% December 01, 2031 1,482 2,146 2,145 4.90% June 01, 2035 1,975 2,348 2,412 4.50% June 01, 2037 3,916 3,719 4,563 4.70% June 01, 2041 3,667 3,594 4,489 4.40% June 01, 2042 4,901 5,406 5,765 3.50% June 02, 2043 45,152 45,499 46,187 3.50% June 02, 2062 5,457 5,435 5,565 Province of Nova Scotia, (MTN) 5.80% June 01, 2033 2,963 3,887 3,992 Province of Nova Scotia, Series 9Z 6.60% June 01, 2027 1,975 2,701 2,747 Province of Ontario 5.00% March 08, 2014 33,234 35,831 34,692 3.25% September 08, 2014 16,153 16,521 16,676 4.50% March 08, 2015 16,461 17,484 17,562 3.15% September 08, 2015 12,331 12,649 12,877 4.40% March 08, 2016 16,423 16,521 17,855 3.20% September 08, 2016 6,463 6,447 6,810 4.30% March 08, 2017 30,031 30,246 33,054 4.20% March 08, 2018 16,743 17,608 18,570 4.40% June 02, 2019 39,859 42,669 44,979 4.20% June 02, 2020 46,731 48,189 52,378 4.00% June 02, 2021 49,592 53,147 54,878 3.15% June 02, 2022 60,759 61,698 62,867 2.85% June 02, 2023 13,500 13,490 13,485 8.10% September 08, 2023 7,167 9,590 10,557 7.50% February 07, 2024 988 1,408 1,408 8.50% December 02, 2025 4,505 6,206 7,084 8.00% June 02, 2026 480 631 734 7.60% June 02, 2027 17,308 22,848 26,137 6.50% March 08, 2029 26,034 32,181 36,700 6.20% June 02, 2031 12,264 14,609 17,051 5.85% March 08, 2033 21,449 25,396 29,133 4.70% June 02, 2037 27,353 27,453 32,971 4.60% June 02, 2039 31,172 31,070 37,379 4.65% June 02, 2041 52,083 54,568 63,817 Par (in 000s) Provincial (continued) Province of Ontario, (MTN) 5.50% June 02, 2018 4,616 4,958 5,420 4.85% June 02, 2020 2,469 2,894 2,873 5.60% June 02, 2035 27,439 30,638 36,668 Province of Ontario, Series HC 9.50% July 13, 2022 6,152 8,942 9,563 Province of Prince Edward Island 4.25% September 24, 2019 283 290 316 6.10% July 29, 2027 1,321 1,391 1,744 5.70% June 15, 2035 2,050 2,239 2,712 4.65% November 19, 2037 941 919 1,100 4.60% May 19, 2041 1,767 1,755 2,082 3.65% June 27, 2042 1,185 1,182 1,198 Province of Quebec 5.50% December 01, 2014 15,384 17,239 16,590 5.00% December 01, 2015 14,601 15,437 16,033 4.50% December 01, 2016 14,772 15,609 16,297 4.50% December 01, 2017 28,683 29,456 32,107 4.50% December 01, 2019 23,747 24,833 26,942 4.50% December 01, 2020 32,161 33,686 36,601 4.25% December 01, 2021 32,909 35,032 36,814 3.50% December 01, 2022 35,331 36,388 37,213 9.38% January 16, 2023 3,537 5,094 5,494 5.35% June 01, 2025 3,753 4,554 4,565 8.50% April 01, 2026 5,627 7,678 8,780 6.00% October 01, 2029 11,403 12,736 15,210 6.25% June 01, 2032 18,296 21,501 25,357 5.75% December 01, 2036 18,726 22,003 25,213 5.00% December 01, 2038 22,834 23,966 28,260 5.00% December 01, 2041 39,298 42,130 49,614 4.25% December 01, 2043 31,051 34,177 35,334 Province of Quebec, Senior Unsecured Note 3.00% September 01, 2023 8,500 8,491 8,515 Province of Quebec, (MTN) 4.50% December 01, 2018 16,708 16,702 18,862 Province of Saskatchewan 4.65% September 05, 2017 2,644 2,660 2,990 3.90% July 28, 2020 2,540 2,533 2,833 9.60% February 04, 2022 1,673 2,433 2,621 6.40% September 05, 2031 7,798 9,003 11,339 5.80% September 05, 2033 988 1,368 1,374 5.60% September 05, 2035 1,427 1,727 1,962 5.00% March 05, 2037 1,975 2,583 2,545 4.75% June 01, 2040 5,738 6,253 7,286 3.40% February 03, 2042 3,483 3,532 3,605 1,712,398 1,862,172 Total Government 4,420,777 4,683,033 Corporate 29.2% 407 East Development Group General Partnership 2.81% December 18, 2016 1,482 1,482 1,505 407 International, Inc., (MTN) 3.88% June 16, 2015 3,888 3,920 4,083 3.87% November 24, 2017 1,561 1,561 1,664 The accompanying notes are an integral part of the financial statements. 120
BlackRock Canada Universe Bond Index Fund Par (in 000s) Corporate (continued) 4.99% June 16, 2020 1,649 1,672 1,913 4.30% May 26, 2021 2,510 2,532 2,793 4.45% November 15, 2041 2,803 2,981 3,076 4.19% April 25, 2042 2,371 2,368 2,496 407 International, Inc., Series 04A3 5.96% December 03, 2035 1,975 2,528 2,617 407 International, Inc., Series 06D1, Note 5.75% February 14, 2036 4,888 5,188 6,029 407 International, Inc., Series 99A2, Senior Note 6.47% July 27, 2029 3,142 3,389 4,215 Aeroports de Montreal 5.17% September 17, 2035 4,796 4,563 5,737 5.67% October 16, 2037 3,905 4,015 5,018 5.47% April 16, 2040 988 988 1,252 Aimia, Inc. 4.35% January 22, 2018 2,000 1,996 1,993 Aimia, Inc., (MTN) 5.60% May 17, 2019 1,284 1,283 1,346 Alimentation Couche Tard, Inc. 2.86% November 01, 2017 2,963 2,963 2,972 3.32% November 01, 2019 1,778 1,778 1,788 3.90% November 01, 2022 1,975 1,975 1,987 Alliance Pipeline, LP 4.93% December 16, 2019 1,975 2,180 2,167 Alliance Pipeline, LP, Senior Note 5.55% December 31, 2023 936 990 1,037 6.77% December 31, 2025 2,522 2,731 3,042 AltaGas Income Trust 5.49% March 27, 2017 1,073 1,073 1,191 AltaGas, Ltd. 7.42% April 29, 2014 1,235 1,362 1,314 AltaGas, Ltd., (MTN) 4.10% March 24, 2016 1,159 1,159 1,214 4.60% January 15, 2018 879 878 950 4.55% January 17, 2019 1,778 1,778 1,923 4.07% June 01, 2020 1,185 1,185 1,247 AltaLink Investments, LP 3.67% June 05, 2019 1,975 1,975 1,988 AltaLink, LP 5.38% March 26, 2040 977 977 1,224 AltaLink, LP, (MTN) 5.24% May 29, 2018 2,653 2,782 3,040 2.98% November 28, 2022 1,000 1,000 999 4.87% November 15, 2040 1,076 1,056 1,260 4.46% November 08, 2041 1,975 2,180 2,178 3.99% June 30, 2042 988 988 1,012 American Express Canada (MTN) 4.85% October 03, 2014 5,112 5,114 5,382 American Express Canada, Guaranteed Note, (MTN) 3.60% June 03, 2016 3,876 3,900 4,050 AON Finance NS1 ULC 4.76% March 08, 2018 1,675 1,693 1,795 Par (in 000s) Corporate (continued) Arrow Lakes Power 5.52% April 05, 2041 1,948 1,948 2,261 Bank of Montreal 3.93% April 27, 2015 9,269 9,269 9,711 1.89% October 05, 2015 7,902 7,903 7,901 3.10% March 10, 2016 6,633 6,646 6,853 3.49% June 10, 2016 8,518 8,535 8,911 2.96% August 02, 2016 11,335 11,383 11,662 2.39% July 12, 2017 7,210 7,210 7,248 5.45% July 17, 2017 1,077 1,179 1,223 2.24% December 11, 2017 9,000 8,998 8,961 6.17% March 28, 2023 (1) 2,501 2,395 2,937 4.61% September 10, 2025 3,252 3,329 3,715 Bank of Montreal, (MTN) 3.98% July 08, 2021 (1) 8,708 8,708 9,200 Bank of Montreal, DPNT 5.18% June 10, 2015 6,392 6,505 6,898 6.02% May 02, 2018 8,122 8,425 9,574 Bank of Montreal, Series C, Subordinated Note 4.87% April 22, 2020 (1) 1,241 1,150 1,321 Bank of Nova Scotia 3.43% July 16, 2014 6,232 6,346 6,401 3.35% November 18, 2014 8,280 8,332 8,528 3.34% March 25, 2015 6,539 6,549 6,759 2.25% May 08, 2015 8,346 8,379 8,429 3.61% February 22, 2016 8,310 8,329 8,708 2.74% December 01, 2016 7,035 7,035 7,185 2.60% February 27, 2017 8,396 8,396 8,513 4.10% June 08, 2017 6,848 6,884 7,371 4.94% April 15, 2019 (1) 5,260 5,426 5,461 6.65% January 22, 2021 (1) 4,972 5,102 5,597 3.04% October 18, 2024 (1) 9,877 9,877 9,982 Bank of Nova Scotia, (MTN) 2.90% August 03, 2022 (1) 8,240 8,240 8,389 Bank of Nova Scotia, Note 8.90% June 20, 2025 1,363 1,795 2,100 BC Tel, Note 9.65% April 08, 2022 3,407 4,970 4,990 BC Tel, Series 3, Note 10.65% June 19, 2021 2,015 2,900 3,065 BCIMC Realty Corp. 2.65% June 29, 2017 3,210 3,209 3,250 2.96% March 07, 2019 3,951 3,953 4,019 3.51% June 29, 2022 1,482 1,482 1,512 BCIMC Realty Corp., (MTN) 5.65% January 05, 2018 2,850 3,069 3,272 Bell Aliant Regional Communications, LP, (MTN) 4.95% February 26, 2014 1,975 2,063 2,039 6.29% February 17, 2015 2,584 2,640 2,791 4.37% September 13, 2017 2,751 2,750 2,915 4.88% April 26, 2018 1,947 1,947 2,104 5.52% February 26, 2019 2,728 2,744 3,034 Bell Aliant Regional Communications, Note 5.41% September 26, 2016 3,263 3,351 3,562 The accompanying notes are an integral part of the financial statements. 121
BlackRock Canada Universe Bond Index Fund Par (in 000s) Corporate (continued) Bell Canada 3.60% December 02, 2015 7,252 7,240 7,559 3.65% May 19, 2016 1,975 2,075 2,067 4.40% March 16, 2018 10,364 10,425 11,262 3.35% June 18, 2019 4,148 4,141 4,271 Bell Canada, (MTN) 4.85% June 30, 2014 8,360 8,567 8,729 Bell Canada, Note, (MTN) 7.85% April 02, 2031 3,944 4,458 5,476 7.30% February 23, 2032 3,733 4,221 4,974 Bell Canada, Series M-17 6.10% March 16, 2035 4,988 5,653 6,064 BMO Capital Trust 5.47% December 31, 2014 494 536 527 BMO Capital Trust II, Series A, Note 10.22% December 31, 2107 (1) 4,033 4,454 5,559 BMO Subordinated Notes Trust 5.75% September 26, 2022 (1) 2,963 3,408 3,391 BMW Canada, Inc. 2.76% April 01, 2014 3,487 3,494 3,529 3.15% April 01, 2015 873 873 897 2.11% May 26, 2016 3,000 2,999 2,995 2.39% November 27, 2017 2,000 2,000 1,998 Borealis Infrastructure Trust, Series N, Secured Note 6.35% December 01, 2020 3,222 3,606 3,666 British Columbia Ferry Services, Inc., Series 08-1, Senior Secured Note 5.58% January 11, 2038 2,931 2,905 3,565 British Columbia Ferry Services, Inc., Series B, Senior Secured Note 6.25% October 13, 2034 2,749 3,010 3,564 Broadcast Centre Trust, Secured Note 7.53% May 01, 2027 2,489 3,195 3,314 Broadway Credit Card Trust, Series A, Note 4.80% March 17, 2017 4,526 4,399 4,690 Brookfield Asset Management, Inc. 8.95% June 02, 2014 711 824 772 5.29% April 25, 2017 2,407 2,522 2,612 Brookfield Asset Management, Inc., (MTN) 3.95% April 09, 2019 1,975 1,975 2,024 5.30% March 01, 2021 3,843 3,858 4,246 Brookfield Asset Management, Inc., Note 5.95% June 14, 2035 1,832 1,693 1,824 Brookfield Power Corp. 5.25% November 05, 2018 2,321 2,465 2,545 5.84% November 05, 2036 966 901 965 Brookfield Renewable Power, Inc., (MTN) 6.13% November 30, 2016 1,146 1,276 1,274 5.14% October 13, 2020 3,149 3,206 3,434 Par (in 000s) Corporate (continued) BRP Finance ULC, (MTN) 4.79% February 07, 2022 1,748 1,748 1,848 Cadillac view Finance Trust 3.24% January 25, 2016 8,371 8,371 8,706 3.64% May 09, 2018 5,761 5,772 6,152 4.31% January 25, 2021 9,232 9,271 10,340 Caisse Centrale Desjardins du Quebec 3.79% June 08, 2015 2,449 2,473 2,559 2.28% October 17, 2016 4,939 4,955 4,956 3.50% October 05, 2017 3,643 3,685 3,827 Calloway Real Estate Investment Trust 5.37% October 12, 2016 49 53 53 Cameco Corp. 4.70% September 16, 2015 2,441 2,452 2,593 5.67% September 02, 2019 4,309 4,513 4,952 3.75% November 14, 2022 1,432 1,432 1,423 5.09% November 14, 2042 2,963 2,962 2,952 Canadian Credit Card TST 2.31% April 24, 2015 1,800 1,800 1,822 3.44% July 24, 2015 5,687 5,687 5,916 Canadian Imperial Bank of Commerce 3.30% November 19, 2014 5,097 5,135 5,248 4.75% December 22, 2014 593 639 627 3.10% March 02, 2015 5,533 5,648 5,685 2.20% May 22, 2015 4,939 4,933 4,983 3.40% January 14, 2016 11,496 11,488 11,963 2.65% November 08, 2016 13,285 13,280 13,518 3.95% July 14, 2017 8,637 8,810 9,257 2.35% October 18, 2017 8,739 8,747 8,748 4.11% April 30, 2020 (1) 8,728 8,728 9,152 3.15% November 02, 2020 (1) 7,780 7,767 7,991 Canadian Imperial Bank of Commerce, (MTN) 6.00% June 06, 2023 (1) 293 324 344 Canadian Imperial Bank of Commerce, DPNT, Note 4.95% January 23, 2014 4,962 5,300 5,142 Canadian Natural Resources, Ltd., (MTN) 4.95% June 01, 2015 3,393 3,648 3,632 3.05% June 19, 2019 3,457 3,455 3,499 Canadian Pacific RR Co., (MTN) 6.45% November 17, 2039 3,231 3,371 3,971 Canadian Pacific RR Co., Senior Unsecured Note, (MTN) 6.25% June 01, 2018 6,331 6,287 7,348 Canadian Tire Corp., Ltd. (MTN) 4.95% June 01, 2015 988 1,064 1,053 5.65% June 01, 2016 1,167 1,177 1,292 6.32% February 24, 2034 2,943 2,918 3,369 Canadian Utilities, Ltd., Series 1992 9.40% May 01, 2023 2,165 3,029 3,320 The accompanying notes are an integral part of the financial statements. 122
BlackRock Canada Universe Bond Index Fund Par (in 000s) Corporate (continued) Canadian Western Bank 2.38% September 14, 2015 988 988 994 3.05% January 18, 2017 1,241 1,241 1,266 4.39% November 30, 2020 (1) 2,850 2,850 2,978 3.46% December 17, 2024 (1) 1,800 1,800 1,801 Capital City Link General Partnership 4.39% March 31, 2046 2,000 2,000 2,064 Capital Desjardins, Inc. 5.76% April 01, 2019 (1) 3,546 3,591 3,704 5.19% May 05, 2020 10,984 10,984 12,523 3.80% November 23, 2020 (1) 4,069 4,069 4,236 5.54% June 01, 2021 (1) 2,688 2,938 2,964 Capital Power, LP, (MTN) 4.60% December 01, 2015 1,754 1,753 1,811 4.85% February 21, 2019 1,284 1,283 1,315 5.28% November 16, 2020 1,617 1,617 1,669 Cards II Trust 3.10% September 15, 2015 5,216 5,222 5,390 3.33% May 15, 2016 4,024 4,024 4,198 Caterpillar Financial Services, Ltd. 2.20% June 01, 2015 2,173 2,173 2,191 2.63% June 01, 2017 988 988 1,001 CDP Financial, Inc. 4.60% July 15, 2020 6,476 6,576 7,339 Centre Street Trust 3.69% June 14, 2021 1,482 1,482 1,479 Centre Street Trust, Secured Note 3.69% June 14, 2022 1,077 1,077 1,076 CI Investments, Inc. 3.94% December 14, 2016 (1) 3,704 3,713 3,844 CIBC Capital Trust 10.25% June 30, 2108 (1) 2,376 3,164 3,430 9.98% June 30, 2108 (1) 8,403 9,668 11,199 Co-Operators Financial Services 5.78% March 10, 2020 1,356 1,356 1,474 Cogeco Cable, Inc. 5.95% June 09, 2014 49 52 51 5.15% November 16, 2020 1,368 1,365 1,450 Cominar REIT 4.27% June 15, 2017 790 799 809 Cominar REIT, Senior Unsecured Note 4.23% December 04, 2019 450 450 451 Consumers Waterheater, Inc. 6.75% April 30, 2014 2,577 2,573 2,688 CU, Inc. 4.54% October 24, 2041 3,786 3,878 4,286 3.81% September 10, 2042 2,469 2,469 2,462 4.95% November 18, 2050 1,172 1,172 1,432 4.59% October 24, 2061 1,284 1,284 1,492 3.83% September 11, 2062 1,383 1,383 1,373 CU, Inc., (MTN) 5.10% November 18, 2014 1,411 1,546 1,501 6.80% August 13, 2019 4,353 5,046 5,485 5.18% November 21, 2035 3,067 3,020 3,684 5.58% May 26, 2038 1,057 1,085 1,358 6.50% March 07, 2039 1,955 2,462 2,804 Par (in 000s) Corporate (continued) CU, Inc., Note 6.15% November 22, 2017 1,916 2,132 2,263 CU, Inc., Note, (MTN) 5.56% October 30, 2037 99 128 126 Daimler Canada Finance, Inc. 3.16% April 14, 2014 3,148 3,148 3,200 3.02% January 07, 2015 3,457 3,457 3,524 2.33% September 14, 2015 2,270 2,273 2,281 3.28% September 15, 2016 295 306 305 Eagle Credit Card Trust 3.47% December 17, 2015 2,633 2,633 2,742 Emera, Inc., (MTN) 4.10% October 20, 2014 2,005 2,006 2,077 2.96% December 13, 2016 2,272 2,309 2,311 4.83% December 02, 2019 2,141 2,139 2,361 Empire Life Insurance 6.73% May 20, 2019 (1) 1,954 2,143 2,062 Enbridge Gas Distribution, Inc., (MTN) 5.16% September 24, 2014 2,393 2,428 2,536 4.04% November 23, 2020 1,316 1,315 1,445 4.95% November 22, 2050 2,246 2,241 2,734 Enbridge Gas Distribution, Inc., Note, (MTN) 4.77% December 17, 2021 2,371 2,702 2,730 5.21% February 25, 2036 1,482 1,797 1,792 Enbridge Income Fund, Inc., (MTN) 4.10% February 22, 2019 1,482 1,479 1,549 4.85% February 22, 2022 2,222 2,219 2,390 Enbridge Pipelines, Inc. 5.35% November 10, 2039 1,955 1,953 2,454 Enbridge Pipelines, Inc., (MTN) 6.62% November 19, 2018 1,382 1,714 1,705 6.55% November 17, 2027 4,975 5,688 6,325 5.33% April 06, 2040 2,074 2,247 2,591 Enbridge Pipelines, Inc., Note, (MTN) 5.08% December 19, 2036 1,482 1,630 1,768 Enbridge, Inc. 4.53% March 09, 2020 5,152 5,154 5,705 3.19% December 05, 2022 1,800 1,799 1,786 Enbridge, Inc., (MTN) 5.17% May 19, 2016 4,013 4,186 4,409 5.00% August 09, 2016 1,075 1,134 1,178 4.77% September 02, 2019 3,334 3,336 3,739 7.20% June 18, 2032 4,638 5,371 6,488 4.24% August 27, 2042 1,975 1,974 2,000 Encana Corp., (MTN) 5.80% January 18, 2018 5,430 5,507 6,153 Enercare Solutions, Inc. 4.30% November 30, 2017 1,500 1,499 1,517 Enersource Corp. 4.52% April 29, 2021 1,466 1,466 1,650 5.30% April 29, 2041 1,087 1,087 1,344 Enmax Corp. 6.15% June 19, 2018 1,713 1,971 1,962 The accompanying notes are an integral part of the financial statements. 123
BlackRock Canada Universe Bond Index Fund Par (in 000s) Corporate (continued) EPCOR Utilities, Inc. 6.80% June 28, 2029 99 133 132 EPCOR Utilities, Inc., (MTN) 5.65% November 16, 2035 2,554 2,499 3,102 6.65% April 15, 2038 1,404 1,636 1,945 5.75% November 24, 2039 1,954 2,140 2,445 4.55% February 28, 2042 2,472 2,499 2,624 fax Financial, Ltd. 7.25% June 22, 2020 1,955 1,955 2,228 6.40% May 25, 2021 1,531 1,526 1,665 Fifth Avenue, LP 4.71% August 05, 2021 3,454 3,454 3,700 Finning International, Inc., (MTN) 5.08% June 13, 2042 1,259 1,259 1,310 First Capital Realty, Inc. 5.48% July 30, 2019 1,954 1,956 2,186 5.60% April 30, 2020 879 882 994 3.95% December 05, 2022 900 895 894 First Capital Realty, Inc., Series E, Note, (MTN) 5.36% January 31, 2014 2,624 2,584 2,710 Ford Credit Canada, Ltd. 4.88% March 17, 2014 2,766 2,881 2,853 7.50% August 18, 2015 3,062 3,431 3,427 4.88% February 08, 2017 3,260 3,464 3,465 3.32% December 19, 2017 3,700 3,698 3,691 FortisAlberta, Inc. 7.06% February 14, 2039 988 1,511 1,509 FortisAlberta, Inc., (MTN) 5.85% April 15, 2038 741 980 979 5.37% October 30, 2039 1,767 1,776 2,218 4.54% October 18, 2041 988 988 1,107 4.99% January 03, 2047 1,256 1,255 1,531 4.80% October 27, 2050 977 976 1,161 FortisAlberta, Inc., Senior Note 6.22% October 31, 2034 1,821 1,971 2,455 FortisBC, Inc., (MTN) 6.10% June 02, 2039 494 619 665 5.00% November 24, 2050 967 1,049 1,163 FortisBC, Inc., Note 5.60% November 09, 2035 1,481 1,472 1,844 Gaz Metro, Inc., Guaranteed Note 5.45% July 12, 2021 3,306 3,850 3,958 Gaz Metro, LP, Secured Note, Series I (MTN) 7.05% October 30, 2030 163 230 229 Gaz Metro, LP, Series D, Note 10.45% October 31, 2016 3,594 5,155 4,640 GE Capital Canada Funding Co. 2.95% February 10, 2014 1,954 1,952 1,983 GE Capital Canada Funding Co., (MTN) 4.40% June 01, 2014 8,680 8,536 9,007 4.24% June 08, 2015 5,108 5,137 5,388 3.35% November 23, 2016 4,707 4,701 4,887 5.53% August 17, 2017 15,515 16,062 17,568 3.55% June 11, 2019 1,975 1,971 2,051 Par (in 000s) Corporate (continued) 5.68% September 10, 2019 977 1,040 1,139 4.60% January 26, 2022 2,469 2,468 2,725 5.73% October 22, 2037 7,399 7,301 9,130 GE Capital Canada Funding Co., Note, (MTN) 4.55% January 17, 2017 684 688 741 Genworth MI Canada, Inc. 4.59% December 15, 2015 1,322 1,322 1,358 George Weston, Ltd. 5.05% March 10, 2014 2,344 2,470 2,426 6.69% March 01, 2033 988 1,106 1,130 George Weston, Ltd., (MTN) 3.78% October 25, 2016 2,025 2,037 2,116 7.10% February 05, 2032 965 1,079 1,145 Glacier Credit Card Trust 3.16% November 20, 2015 780 780 806 2.39% April 20, 2020 3,655 3,655 3,662 Golden Credit Card Trust 3.51% May 15, 2016 13,051 13,051 13,693 Great-West Lifeco Finance Delaware, LP II 7.13% June 26, 2068 (1) 2,648 3,001 3,147 Great-West Lifeco Finance Delaware, LP, Subordinated Note 5.69% June 21, 2067 (1) 5,261 5,128 5,785 Great-West Lifeco, Inc. 4.65% August 13, 2020 3,241 3,241 3,599 Great-West Lifeco, Inc., Note 6.67% March 21, 2033 3,792 4,325 4,845 6.00% November 16, 2039 1,955 1,965 2,436 Great-West Lifeco, Inc., Senior Unsecured Note 6.14% March 21, 2018 2,245 2,468 2,623 Greater Toronto Airports Authority 3.04% September 21, 2022 1,185 1,185 1,201 Greater Toronto Airports Authority, (MTN) 4.70% February 15, 2016 5,819 5,823 6,311 4.85% June 01, 2017 3,792 3,928 4,227 5.26% April 17, 2018 3,257 3,728 3,740 7.05% June 12, 2030 6,166 6,532 8,640 7.10% June 04, 2031 4,493 4,934 6,403 6.47% February 02, 2034 3,062 4,133 4,189 5.63% June 07, 2040 2,833 2,982 3,677 5.30% February 25, 2041 3,537 3,536 4,412 Greater Toronto Airports Authority, Note 6.45% December 03, 2027 3,444 3,357 4,523 Greater Toronto Airports Authority, Note, (MTN) 6.45% July 30, 2029 1,609 2,002 2,010 H&R REIT 4.78% July 27, 2016 1,807 1,811 1,908 Halifax International Airport Authority 4.89% November 15, 2050 2,028 2,028 2,410 The accompanying notes are an integral part of the financial statements. 124
BlackRock Canada Universe Bond Index Fund Par (in 000s) Corporate (continued) Health Montreal Collective, LP 6.72% September 30, 2049 8,961 8,961 10,880 Holcim Finance Canada, Inc., (MTN) 3.65% April 10, 2018 1,700 1,699 1,723 Honda Canada Finance, Inc. 2.28% December 11, 2017 2,200 2,200 2,190 Hospital Infrastructure Partners NOH Partnership 5.44% January 31, 2045 2,864 2,864 3,369 HSBC Bank of Canada 3.86% May 21, 2015 4,484 4,483 4,689 2.57% November 23, 2015 4,840 4,840 4,917 2.90% January 13, 2017 5,793 5,793 5,931 3.56% October 04, 2017 4,007 4,007 4,219 4.94% March 16, 2021 (1) 1,968 2,081 2,109 4.80% April 10, 2022 (1) 3,423 3,399 3,706 Husky Energy, Inc. 5.00% March 12, 2020 3,837 3,915 4,333 Husky Energy, Inc., (MTN) 3.75% March 12, 2015 1,026 1,028 1,064 Hydro One, Inc. 4.40% June 01, 2020 2,139 2,138 2,408 Hydro One, Inc., (MTN) 3.13% November 19, 2014 75 77 77 2.95% September 11, 2015 5,396 5,385 5,568 5.18% October 18, 2017 6,176 6,593 7,031 3.20% January 13, 2022 6,618 6,676 6,836 6.35% January 31, 2034 4,052 4,317 5,527 5.36% May 20, 2036 5,984 6,222 7,386 4.89% March 13, 2037 1,482 1,738 1,733 6.03% March 03, 2039 2,243 2,483 3,060 5.49% July 16, 2040 4,132 4,394 5,298 4.39% September 26, 2041 1,877 1,875 2,063 5.00% October 19, 2046 1,805 1,819 2,209 Hydro One, Inc., Note 7.35% June 03, 2030 494 705 716 Hydro Ottawa, Inc., Senior Unsecured Note 4.93% February 09, 2015 1,873 1,877 1,986 IGM Financial, Inc. 7.35% April 08, 2019 988 1,224 1,219 6.00% December 10, 2040 1,466 1,462 1,693 IGM Financial, Inc., Note 7.00% December 31, 2032 2,708 3,134 3,383 7.11% March 07, 2033 1,679 1,980 2,124 Industrial Alliance Capital Trust, Note 5.13% June 30, 2019 (1) 2,815 2,839 2,906 Intact Financial Corp., (MTN) 5.41% September 03, 2019 2,973 3,051 3,415 4.70% August 18, 2021 1,580 1,581 1,753 6.40% November 23, 2039 781 835 964 Integrated Team Solutions SJHC Partnership 5.95% November 30, 2042 1,172 1,229 1,428 Inter Pipeline Fund, (MTN) 3.84% July 30, 2018 1,482 1,554 1,564 3.78% May 30, 2022 3,605 3,605 3,686 Par (in 000s) Corporate (continued) John Deere Canada Funding, Inc., (MTN) 2.25% October 18, 2017 815 815 814 John Deere Credit, Inc., (MTN) 1.85% January 24, 2014 988 988 991 3.50% June 23, 2014 1,466 1,464 1,505 2.25% October 14, 2014 988 988 995 Laurentian Bank of Canada 2.45% February 13, 2015 395 399 398 Laurentian Bank of Canada, (MTN) 3.70% November 02, 2020 (1) 2,051 2,046 2,110 Loblaw Cos., Ltd., (MTN) 4.85% May 08, 2014 2,717 2,819 2,823 5.22% June 18, 2020 3,529 3,659 4,017 6.45% February 09, 2028 1,865 1,909 2,130 6.85% March 01, 2032 2,117 2,266 2,535 6.54% February 17, 2033 2,981 3,063 3,463 5.90% January 18, 2036 3,270 3,557 3,557 Lower Mattagami Energy, LP 2.23% October 23, 2017 450 450 451 4.18% April 23, 2052 790 790 821 Manitoba Telecom Services, Inc., (MTN) 6.15% June 10, 2014 2,331 2,324 2,466 Manufacturers Life Insurance Co. 4.21% November 18, 2021 (1) 3,274 3,274 3,427 4.17% June 01, 2022 (1) 3,260 3,260 3,413 Manulife Financial Capital Trust II 7.41% December 31, 2108 (1) 6,037 6,608 7,057 Manulife Finance Delaware 5.06% December 15, 2041 (1) 3,628 3,068 3,341 Manulife Finance Delaware, LP 4.45% December 15, 2026 (1) 1,496 1,521 1,559 Manulife Financial Corp. 7.77% April 08, 2019 3,236 3,413 4,049 Manulife Financial Corp., (MTN) 4.90% June 02, 2014 6,207 6,360 6,452 5.16% June 26, 2015 2,962 3,149 3,165 4.08% August 20, 2015 6,448 6,451 6,735 5.51% June 26, 2018 2,294 2,296 2,571 Master Credit Card Trust 3.50% May 21, 2016 3,636 3,641 3,815 2.63% January 21, 2017 4,050 4,050 4,127 Merrill Lynch Canada Finance Co., (MTN) 5.00% February 18, 2014 3,937 3,832 4,054 Metro, Inc., (MTN) 5.97% October 15, 2035 3,365 3,287 3,822 Molson Coors Capital Finance, ULC 5.00% September 22, 2015 4,877 4,870 5,226 National Bank of Canada 2.23% January 30, 2015 5,828 5,828 5,879 3.15% February 11, 2015 2,963 3,048 3,044 4.03% May 26, 2015 3,979 3,979 4,180 3.58% April 26, 2016 5,970 5,970 6,246 2.70% December 15, 2016 4,939 4,970 5,028 2.69% August 21, 2017 4,642 4,683 4,710 The accompanying notes are an integral part of the financial statements. 125
BlackRock Canada Universe Bond Index Fund Par (in 000s) Corporate (continued) National Bank of Canada, (MTN) 4.93% December 22, 2019 (1) 4,850 4,966 5,130 4.70% November 02, 2020 (1) 986 1,051 1,054 3.26% April 11, 2022 (1) 2,963 2,963 3,052 NAV Canada 4.40% February 18, 2021 1,268 1,268 1,428 NAV Canada, (MTN) 4.71% February 24, 2016 2,455 2,606 2,668 NAV Canada, Note 7.56% March 01, 2027 4,154 4,967 5,338 NBC Asset Trust 7.45% June 30, 2020 (1) 3,470 3,505 4,349 Northwestconnect Group 5.95% April 30, 2041 1,912 1,910 2,361 NOVA Gas Transmission, Ltd., Series 21, Note 12.20% February 28, 2016 6,386 9,851 8,266 Nova Scotia Power, Inc., (MTN) 5.67% November 14, 2035 988 1,207 1,234 5.95% July 27, 2039 831 828 1,093 5.61% June 15, 2040 1,838 1,843 2,329 4.15% March 06, 2042 2,117 2,115 2,168 Nova Scotia Power, Inc., Series S, Note, (MTN) 6.95% August 25, 2033 1,185 1,646 1,673 Ontario Electricity Financial Corp. 10.13% October 15, 2021 608 961 962 Ontario Electricity Financial Corp., Note 10.00% February 06, 2020 1,400 2,131 2,087 Ontario Electricity Financial Corp., Series DJ5, Note 10.00% October 17, 2014 5,995 7,947 6,905 Ontario Electricity Financial Corp., Series FV6, Note 8.90% August 18, 2022 4,970 6,980 7,484 Ontario School Boards Financing Corp. 5.38% June 25, 2032 5,328 5,337 6,089 Ontario School Boards Financing Corp., Note 5.48% November 26, 2029 5,740 5,870 6,668 5.07% April 18, 2031 5,351 5,290 5,973 Ontario School Boards Financing Corp., Series 01A2 6.25% October 19, 2016 1,224 1,333 1,411 Ottawa MacDonald-Cartier International Airport Authority, Note 4.73% May 02, 2017 2,833 2,833 3,120 Pembina Pipeline Corp. (MTN) 4.89% March 29, 2021 1,949 1,949 2,152 Plenary Health Bridgepoint, LP 7.25% August 31, 2042 1,427 1,898 2,008 Plenary Health Care Partnerships Humber, LP 4.82% November 30, 2044 5,851 5,858 6,350 Par (in 000s) Corporate (continued) Plenary Health Hamilton, LP 5.80% May 31, 2043 1,400 1,613 1,643 Plenary Properties LTAP, LP 3.80% November 18, 2015 1,605 1,666 1,642 6.29% January 31, 2044 5,200 5,503 6,799 Power Corp. Canada 7.57% April 22, 2019 4,181 4,407 5,195 8.57% April 22, 2039 988 1,383 1,498 Power Financial Corp., Note 6.90% March 11, 2033 1,800 2,020 2,328 Reliance, LP 4.57% March 15, 2017 1,000 1,000 1,008 5.19% March 15, 2019 1,500 1,500 1,511 RioCan Real Estate Investment Trust 4.50% January 21, 2016 1,269 1,270 1,339 3.72% December 13, 2021 1,500 1,504 1,495 Rogers Communications, Inc. 5.80% May 26, 2016 6,504 6,636 7,232 3.00% June 06, 2017 3,951 3,948 4,029 5.38% November 04, 2019 1,757 1,756 2,007 4.70% September 29, 2020 4,419 4,417 4,873 5.34% March 22, 2021 9,225 9,418 10,561 4.00% June 06, 2022 3,951 3,935 4,117 6.11% August 25, 2040 6,640 6,707 7,794 Rogers Communications, Inc., (MTN) 6.56% March 22, 2041 2,222 2,222 2,764 RONA, Inc., Note 5.40% October 20, 2016 2,737 2,731 2,890 Royal Bank of Canada 5.00% January 20, 2014 1,975 2,080 2,048 2.05% January 13, 2015 8,328 8,323 8,379 3.36% January 11, 2016 18,155 18,144 18,873 3.03% July 26, 2016 8,443 8,440 8,706 2.68% December 08, 2016 10,316 10,324 10,510 3.66% January 25, 2017 10,675 10,671 11,272 2.58% April 13, 2017 11,359 11,357 11,514 2.36% September 21, 2017 10,964 10,964 10,992 3.77% March 30, 2018 3,358 3,552 3,610 2.98% May 07, 2019 5,679 5,679 5,818 4.35% June 15, 2020 (1) 5,689 5,687 6,002 3.18% November 02, 2020 (1) 8,621 8,624 8,867 2.99% December 06, 2024 (1) 8,000 8,000 8,042 4.93% July 16, 2025 5,678 5,946 6,660 Royal Bank of Canada, (MTN) 3.18% March 16, 2015 9,051 9,319 9,342 Royal Bank of Canada, Senior Note 4.97% June 05, 2014 5,033 5,420 5,278 Royal Bank of Canada, Series 2014, Subordinated Note 5.95% June 18, 2103 6,034 6,196 6,379 Score Trust, Series 2004-1, Note 4.95% February 20, 2017 2,321 2,284 2,400 Scotiabank Capital Trust, Series 06-1 5.65% December 31, 2056 (1) 4,712 4,740 5,713 Scotiabank Tier I Capital Trust 7.80% June 30, 2108 (1) 3,661 3,879 4,628 The accompanying notes are an integral part of the financial statements. 126
BlackRock Canada Universe Bond Index Fund Par (in 000s) Corporate (continued) Shaw Communications, Inc. 6.50% June 02, 2014 3,577 3,919 3,789 5.65% October 01, 2019 7,364 7,656 8,279 5.50% December 07, 2020 2,759 2,873 3,083 6.75% November 09, 2039 9,997 9,990 11,101 Shaw Communications, Inc., Series N, Senior Note 6.15% May 09, 2016 3,768 3,644 4,176 SNC-Lavalin Group, Inc. 6.19% July 03, 2019 3,340 3,634 3,831 SNC-Lavalin Innisfree McGill Finance, Inc. 6.63% June 30, 2044 4,433 5,451 5,621 Sobeys, Inc., (MTN) 6.64% June 07, 2040 1,072 1,071 1,261 SP LP/SP1, LP 3.21% June 15, 2019 3,374 3,374 3,402 Sun Life Capital Trust II 5.86% December 31, 2108 2,637 2,637 2,886 Sun Life Financial, Inc. 5.70% July 02, 2019 1,946 2,077 2,249 4.57% August 23, 2021 4,765 4,763 5,174 4.95% June 01, 2036 (1) 8,960 9,172 9,474 Sun Life Financial, Inc., (MTN) 7.90% March 31, 2019 (1) 1,879 2,025 2,001 4.38% March 02, 2022 (1) 1,087 1,105 1,139 5.59% January 30, 2023 (1) 2,241 2,268 2,472 5.40% May 29, 2042 (1) 855 820 850 Sun Life Financial, Inc., Senior Note, (MTN) 4.80% November 23, 2035 (1) 3,157 3,224 3,306 Suncor Energy, Inc., (MTN) 5.80% May 22, 2018 2,766 3,215 3,204 5.39% March 26, 2037 4,218 4,182 4,898 TD Capital Trust III 7.24% December 31, 2018 (1) 1,580 1,930 1,960 TD Capital Trust IV 9.52% June 30, 2108 (1) 3,735 4,899 5,090 6.63% June 30, 2108 (1) 6,471 7,429 7,942 TELUS Corp. 4.95% May 15, 2014 4,272 4,432 4,453 3.65% May 25, 2016 4,556 4,695 4,771 4.95% March 15, 2017 3,241 3,420 3,575 5.05% December 04, 2019 5,595 5,785 6,365 5.05% July 23, 2020 5,954 6,147 6,790 TELUS Corp., Senior Unsecured Note 5.95% April 15, 2015 2,084 2,113 2,268 Teranet, LP 3.53% December 16, 2015 2,823 2,823 2,920 4.81% December 16, 2020 5,888 6,222 6,548 5.75% December 17, 2040 2,704 2,704 3,055 6.10% June 17, 2041 2,749 2,748 3,262 Terasen Gas Vancouver Island, Inc. 5.20% December 06, 2040 1,024 1,021 1,227 Par (in 000s) Corporate (continued) Terasen Gas Vancouver Island, Inc., Senior Unsecured Note 6.05% February 15, 2038 1,046 1,158 1,387 Terasen Gas, Inc., (MTN) 6.55% February 24, 2039 2,864 3,817 4,155 Terasen Gas, Inc., Note, (MTN) 5.90% February 26, 2035 1,955 2,221 2,562 Terasen Gas, Inc., Senior Note, (MTN) 5.80% May 13, 2038 1,738 1,600 2,300 Terasen Gas, Inc., Series B, Note 10.30% September 30, 2016 1,658 2,268 2,124 Thomson Reuters Corp. 5.20% December 01, 2014 5,043 5,060 5,359 5.70% July 15, 2015 3,113 3,154 3,400 6.00% March 31, 2016 5,537 6,206 6,187 4.35% September 30, 2020 4,985 5,402 5,451 Tim Hortons, Inc. 4.20% June 01, 2017 1,270 1,296 1,374 Toronto Hospital, Series DOM1, Note 5.64% December 08, 2022 217 248 247 Toronto Hydro Corp. 4.49% November 12, 2019 2,838 2,916 3,176 3.54% November 18, 2021 2,469 2,468 2,593 Toronto Hydro Corp., Note 5.15% November 14, 2017 2,923 2,935 3,325 Toronto-Dominion Bank 2.95% August 02, 2016 12,308 12,332 12,712 Toronto-Dominion Bank, (MTN) 5.48% April 02, 2020 (1) 5,044 5,198 5,433 3.37% November 02, 2020 (1) 3,736 3,739 3,863 5.83% July 09, 2023 (1) 3,735 4,053 4,367 4.97% October 30, 2104 (1) 6,148 6,213 6,615 4.78% December 14, 2105 (1) 21,742 20,210 23,669 Toronto-Dominion Bank, Note 10.05% August 04, 2014 454 611 510 9.15% May 26, 2025 1,320 1,875 2,058 Toyota Credit Canada, Inc. 2.45% February 27, 2017 2,074 2,074 2,095 Toyota Credit Canada, Inc., (MTN) 3.55% February 22, 2016 2,173 2,273 2,273 2.20% October 19, 2017 1,975 1,968 1,969 TransAlta Corp., (MTN) 6.45% May 29, 2014 889 947 930 6.40% November 18, 2019 698 772 774 7.30% October 22, 2029 2,452 2,899 2,612 TransAlta Corp., Note, (MTN) 6.90% November 15, 2030 (1) 2,053 2,158 2,110 TransCanada PipeLines, Ltd. 8.05% February 17, 2039 2,371 3,429 3,860 TransCanada PipeLines, Ltd., (MTN) 5.65% January 15, 2014 3,574 3,876 3,723 5.05% February 14, 2014 198 209 205 4.65% October 03, 2016 3,002 3,015 3,278 3.65% November 15, 2021 3,035 3,035 3,233 4.55% November 15, 2041 1,677 1,667 1,836 The accompanying notes are an integral part of the financial statements. 127
BlackRock Canada Universe Bond Index Fund Par (in 000s) Corporate (continued) TransCanada PipeLines, Ltd., Note, (MTN) 8.29% February 05, 2026 2,754 3,322 4,043 7.90% April 15, 2027 2,333 2,829 3,363 6.50% December 09, 2030 1,386 1,406 1,818 Union Gas, Ltd. 8.65% November 10, 2025 2,339 3,294 3,563 4.88% June 21, 2041 1,873 1,871 2,200 Union Gas, Ltd., (MTN) 4.64% June 30, 2016 593 657 644 4.85% April 25, 2022 988 1,124 1,134 6.05% September 02, 2038 395 488 531 5.20% July 23, 2040 1,034 1,197 1,259 Union Gas, Ltd., Series 1992, Note 9.70% November 06, 2017 3,553 4,828 4,690 Union Gas, Ltd., Series 1993, Note 8.75% August 03, 2018 2,960 3,755 3,883 Union Gas, Ltd., Series 1994 7.90% February 24, 2014 395 434 422 Vancouver International Airport Authority 7.43% December 07, 2026 (1) 988 1,403 1,412 Veresen, Inc. 5.60% July 28, 2014 2,437 2,581 2,546 Veresen, Inc., (MTN) 3.95% March 14, 2017 1,185 1,184 1,222 VW Credit Canada, Inc. 3.60% February 01, 2016 489 489 511 2.20% October 11, 2016 2,469 2,467 2,467 2.90% June 01, 2017 2,074 2,077 2,119 Wells Fargo Canada Corp., (MTN) 2.94% July 25, 2019 3,951 3,951 3,986 Wells Fargo Financial Canada Corp. 3.97% November 03, 2014 7,103 7,105 7,378 Wells Fargo Financial Canada Corp., (MTN) 4.38% June 30, 2015 4,910 5,082 5,195 3.70% March 30, 2016 3,748 3,746 3,925 2.77% February 09, 2017 14,075 14,092 14,315 Westcoast Energy, Inc. 3.28% January 15, 2016 3,443 3,435 3,563 9.90% January 10, 2020 988 1,417 1,410 4.57% July 02, 2020 1,216 1,244 1,357 3.12% December 05, 2022 3,000 2,999 2,984 Westcoast Energy, Inc., (MTN) 5.60% January 16, 2019 2,148 2,360 2,501 3.88% October 28, 2021 1,393 1,409 1,487 7.15% March 20, 2031 2,950 3,136 4,135 4.79% October 28, 2041 1,037 1,067 1,167 Par (in 000s) Corporate (continued) Winnipeg Airport Authority, Inc. 4.57% November 20, 2019 988 1,110 1,103 Total Corporate 1,826,599 1,947,997 Total Fixed Income Investments 6,247,376 6,631,030 Total Investments 6,247,376 6,631,030 Other Assets and Liabilities 0.7% 42,760 Net Assets 6,673,790 (1) Variable rate security. Rate shown is as at report date. Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Federal Non-Agency 28.5 30.4 Federal Agency 11.6 12.6 Government Guaranteed 0.1 0.2 Municipal 2.0 1.7 Provincial 27.9 26.5 Corporate 29.2 28.0 Other Assets and Liabilities 0.7 0.6 The accompanying notes are an integral part of the financial statements. 128
BlackRock Canada ex-bbb Universe Bond Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 246,387,431 $ 584,948,094 Cash 225,931 800,801 Interest receivable 1,345,237 3,392,683 Securities lending income receivable 1,074 2,245 Accounts receivable for investment sales 7,797,729-255,757,402 589,143,823 Liabilities Operating expenses payable 23,947 28,132 Payables for redemption of units 7,504,194 - Payables for investment purchases 389,111 561,926 7,917,252 590,058 Net Assets $ 247,840,150 $ 588,553,765 Number of Units Issued and Outstanding (Note 8) 13,160,599 32,285,835 Net Assets per Unit $ 18.83 $ 18.23 Investments at Cost $ 232,149,501 $ 544,391,979 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 129
BlackRock Canada ex-bbb Universe Bond Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 10,907,772 $ 23,632,556 Securities lending income 15,787 21,551 10,923,559 23,654,107 Expenses Custodian fees 13,900 17,745 Fund accounting expenses 41,724 59,103 Unitholder communication s - 601 Audit fees 17,214 18,326 Securities filing fees 5,008 8,923 Independent review committee fees 164 681 Other operating expenses 1,315 2,635 79,325 108,014 Net Investment Income for the Year 10,844,234 23,546,093 Gain (Loss) on Investments Net realized gain on sale of investments 23,395,494 5,514,143 Net change in unrealized appreciation (depreciation) in of investments (26,318,185) 27,942,191 Net Gain (Loss) on Investments (2,922,691) 33,456,334 Increase in Net Assets from Operations $ 7,921,543 $ 57,002,427 Increase in Net Assets from Operations per Unit $ 0.48 $ 1.63 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 588,553,765 $ 604,568,362 Increase in Net Assets from Operations 7,921,543 57,002,427 Capital Transactions Proceeds from issue of units 60,000 7,516,605 Reinvestment of distributions 33,806,578 29,462,482 Redemption of units (348,695,158) (80,533,629) Net capital transactions (314,828,580) (43,554,542) Distributions From net investment income (10,845,272) (23,544,526) From capital gains (3,647,285) (5,917,956) From capital gains redemption in kind (Note 9) (19,314,021) - Total distributions (33,806,578) (29,462,482) Decrease in Net Assets for the Year (340,713,615) (16,014,597) Net Assets - End of Year $ 247,840,150 $ 588,553,765 The accompanying notes are an integral part of the financial statements. 130
BlackRock Canada ex-bbb Universe Bond Index Fund Par (in 000s) Fixed Income Investments Government Federal Non-Agency 31.0% Government of Canada 1.00% February 01, 2014 1,110 1,111 1,109 2.00% March 01, 2014 1,808 1,815 1,826 0.75% May 01, 2014 1,880 1,865 1,871 5.00% June 01, 2014 1,645 1,810 1,734 3.00% June 01, 2014 2,839 2,922 2,913 2.25% August 01, 2014 2,850 2,920 2,900 1.00% November 01, 2014 1,750 1,746 1,746 2.00% December 01, 2014 3,322 3,393 3,375 1.00% February 01, 2015 2,588 2,583 2,580 4.50% June 01, 2015 1,868 2,024 2,016 2.50% June 01, 2015 2,130 2,173 2,198 1.50% August 01, 2015 1,506 1,518 1,517 3.00% December 01, 2015 2,370 2,456 2,489 1.25% February 01, 2016 1,000 999 999 4.00% June 01, 2016 1,837 1,904 2,002 2.00% June 01, 2016 2,066 2,027 2,114 2.75% September 01, 2016 1,964 2,081 2,063 1.50% March 01, 2017 1,893 1,905 1,904 4.00% June 01, 2017 2,068 2,281 2,300 1.50% September 01, 2017 1,851 1,860 1,861 1.25% March 01, 2018 600 597 595 4.25% June 01, 2018 2,034 2,290 2,331 3.75% June 01, 2019 3,617 3,896 4,101 3.50% June 01, 2020 2,725 2,821 3,079 10.50% March 15, 2021 23 37 39 3.25% June 01, 2021 2,331 2,546 2,612 2.75% June 01, 2022 2,321 2,488 2,511 8.00% June 01, 2023 533 773 841 1.50% June 01, 2023 915 884 881 9.00% June 01, 2025 472 770 834 8.00% June 01, 2027 632 946 1,092 5.75% June 01, 2029 2,149 2,663 3,193 5.75% June 01, 2033 2,318 2,978 3,600 5.00% June 01, 2037 2,575 3,254 3,810 4.00% June 01, 2041 3,098 3,848 4,141 3.50% December 01, 2045 1,356 1,607 1,709 73,791 76,886 Federal Agency 12.8% Asian Development Bank, Series MPLE, Senior Unsecured Note 4.65% February 16, 2027 188 200 219 Canada Housing Trust 2.20% March 15, 2014 1,425 1,405 1,443 3.15% June 15, 2014 2,200 2,237 2,262 2.75% September 15, 2014 1,000 1,032 1,026 2.75% December 15, 2014 2,125 2,116 2,187 2.95% March 15, 2015 700 712 725 3.15% June 15, 2015 1,100 1,125 1,149 4.10% December 15, 2018 1,705 1,803 1,922 3.75% March 15, 2020 1,170 1,198 1,306 3.35% December 15, 2020 1,115 1,125 1,216 Canada Housing Trust No 1 2.75% December 15, 2015 1,310 1,309 1,361 2.45% December 15, 2015 1,180 1,162 1,216 2.75% June 15, 2016 3,050 3,055 3,179 Par (in 000s) Federal Agency (continued) 1.85% December 15, 2016 2,400 2,419 2,426 2.05% June 15, 2017 2,100 2,116 2,137 1.70% December 15, 2017 2,250 2,248 2,250 3.80% June 15, 2021 1,700 1,749 1,913 2.65% March 15, 2022 1,460 1,473 1,506 2.40% December 15, 2022 900 903 906 Canada Post Corp. 4.08% July 16, 2025 141 143 164 Inter-American Development Bank, Note 4.75% November 17, 2014 100 108 106 4.40% January 26, 2026 235 228 267 Royal Office Finance LP, Series A, Note 5.21% November 12, 2037 468 468 555 South Coast British Columbia Transportation Authority 3.80% November 02, 2020 94 94 100 4.65% June 20, 2041 47 53 54 3.85% February 09, 2052 50 51 51 30,532 31,646 Municipal 2.3% Alberta Capital Finance Authority, Note 3.05% June 15, 2015 228 227 237 4.35% June 15, 2016 188 187 206 City of Montreal 5.00% December 01, 2018 235 245 265 5.45% December 01, 2019 150 175 174 4.50% December 01, 2021 85 84 93 6.00% June 01, 2043 141 142 192 City of Toronto 4.55% May 20, 2015 188 190 201 4.85% July 28, 2016 158 157 174 4.50% December 02, 2019 235 235 262 6.80% July 26, 2021 94 119 121 3.50% December 06, 2021 100 102 104 5.20% June 01, 2040 188 191 231 4.70% June 10, 2041 94 94 108 City of Winnipeg 9.13% May 12, 2015 235 316 275 Municipal Finance Authority of British Columbia 4.65% April 19, 2016 375 376 410 3.00% June 01, 2016 141 141 147 4.80% December 01, 2017 275 291 310 4.88% June 03, 2019 235 234 269 4.45% June 01, 2020 235 235 264 4.15% June 01, 2021 41 41 45 3.35% June 01, 2022 100 104 103 4.95% December 01, 2027 94 94 110 Peel Regional Municipality 5.10% June 29, 2040 164 167 200 3.85% October 30, 2042 60 60 61 PSP Capital, Inc. 2.94% December 03, 2015 463 463 478 2.26% February 16, 2017 191 191 193 The accompanying notes are an integral part of the financial statements. 131
BlackRock Canada ex-bbb Universe Bond Index Fund Par (in 000s) Municipal (continued) Regional Municipality of York 4.50% June 30, 2020 158 158 176 4.00% June 30, 2021 100 105 108 4.00% May 31, 2032 50 51 51 Ville Montreal 5.00% December 01, 2017 47 47 53 5,222 5,621 Provincial 30.1% Centre Hospitalier de L universite de Montreal 4.45% October 01, 2049 50 50 53 City of Toronto 3.80% December 13, 2042 100 100 100 Financement-Quebec 4.25% March 01, 2014 485 508 502 3.25% June 01, 2014 200 208 205 3.50% December 01, 2016 375 385 399 3.50% December 01, 2017 493 490 528 2.40% December 01, 2018 469 468 474 2.45% December 01, 2019 550 550 551 5.25% June 01, 2034 150 185 185 Hydro Quebec 9.63% July 15, 2022 200 314 312 5.00% February 15, 2050 513 637 674 Hydro Quebec, (MTN) 6.00% February 15, 2040 273 324 387 Hydro Quebec, Series 19, Note 6.50% February 15, 2035 504 608 727 Hydro Quebec, Series HL, Note 11.00% August 15, 2020 486 769 769 Hydro Quebec, Series JM, Note 5.00% February 15, 2045 346 358 444 Province of Alberta 2.75% December 01, 2014 275 273 283 1.85% September 01, 2016 141 141 142 1.75% June 15, 2017 200 200 200 4.00% December 01, 2019 422 434 472 2.55% December 15, 2022 200 199 200 4.50% December 01, 2040 141 140 174 Province of British Columbia 4.25% June 18, 2014 369 391 385 4.70% December 01, 2017 188 188 214 4.10% December 18, 2019 369 369 414 3.70% December 18, 2020 434 433 476 9.95% May 15, 2021 141 214 220 3.25% December 18, 2021 389 393 412 2.70% December 18, 2022 100 100 100 8.00% September 08, 2023 141 211 208 5.70% June 18, 2029 619 687 822 6.35% June 18, 2031 277 328 396 5.40% June 18, 2035 135 152 179 4.70% June 18, 2037 235 273 288 4.30% June 18, 2042 751 772 891 Province of British Columbia, Unsecured Note 3.20% June 18, 2044 100 99 98 Par (in 000s) Provincial (continued) Province of British Columbia, (MTN) 4.65% December 18, 2018 446 466 512 4.95% June 18, 2040 463 476 596 Province of Manitoba 4.80% December 03, 2014 375 373 400 1.85% June 01, 2017 235 235 236 4.15% June 03, 2020 235 235 264 7.75% December 22, 2025 293 345 438 5.70% March 05, 2037 188 224 259 4.60% March 05, 2038 235 259 283 4.65% March 05, 2040 141 137 173 4.10% March 05, 2041 366 349 416 3.35% March 05, 2043 100 100 101 Province of Manitoba, (MTN) 6.50% September 22, 2017 369 423 446 Province of New Brunswick 4.50% February 04, 2015 141 151 150 4.70% July 21, 2016 150 168 166 6.00% December 27, 2017 305 305 363 4.40% June 03, 2019 200 225 225 4.50% June 02, 2020 332 344 378 3.35% December 03, 2021 270 274 284 2.85% June 02, 2023 100 100 100 5.65% December 27, 2028 100 126 129 5.50% January 27, 2034 141 183 182 4.65% September 26, 2035 150 172 176 4.55% March 26, 2037 225 213 261 4.80% September 26, 2039 193 193 234 4.80% June 03, 2041 200 239 246 3.55% June 03, 2043 150 150 152 Province of Newfoundland 5.25% June 04, 2014 100 108 106 10.95% April 15, 2021 141 223 229 6.15% April 17, 2028 234 250 317 4.65% October 17, 2040 375 364 460 Province of Nova Scotia 4.60% August 18, 2016 111 110 122 1.90% September 08, 2017 1,188 1,184 1,189 4.15% November 25, 2019 231 231 258 4.10% June 01, 2021 241 256 269 4.90% June 01, 2035 128 147 156 4.50% June 01, 2037 164 169 191 4.70% June 01, 2041 188 201 230 4.40% June 01, 2042 175 193 206 3.50% June 02, 2043 1,788 1,818 1,829 3.50% June 02, 2062 225 225 229 Province of Nova Scotia, (MTN) 5.80% June 01, 2033 117 147 158 Province of Nova Scotia, Series 9Z 6.60% June 01, 2027 100 138 139 Province of Ontario 5.00% March 08, 2014 1,352 1,425 1,411 3.25% September 08, 2014 891 905 920 4.50% March 08, 2015 644 688 687 3.15% September 08, 2015 410 418 428 4.40% March 08, 2016 469 465 510 3.20% September 08, 2016 235 234 248 4.30% March 08, 2017 1,207 1,281 1,328 The accompanying notes are an integral part of the financial statements. 132
BlackRock Canada ex-bbb Universe Bond Index Fund Par (in 000s) Provincial (continued) 4.20% March 08, 2018 738 737 819 4.40% June 02, 2019 1,592 1,657 1,796 4.20% June 02, 2020 2,046 2,089 2,293 4.00% June 02, 2021 2,046 2,120 2,264 3.15% June 02, 2022 2,407 2,457 2,491 2.85% June 02, 2023 600 600 599 8.10% September 08, 2023 408 559 601 8.50% December 02, 2025 422 594 664 7.60% June 02, 2027 748 1,022 1,130 6.50% March 08, 2029 1,017 1,262 1,434 6.20% June 02, 2031 493 570 685 5.85% March 08, 2033 838 997 1,138 4.70% June 02, 2037 1,131 1,157 1,363 4.60% June 02, 2039 1,207 1,196 1,447 4.65% June 02, 2041 2,152 2,317 2,637 Province of Ontario, (MTN) 5.60% June 02, 2035 1,176 1,357 1,572 Province of Ontario, Series HC 9.50% July 13, 2022 100 158 155 Province of Prince Edward Island 4.25% September 24, 2019 88 88 98 5.70% June 15, 2035 108 117 143 4.65% November 19, 2037 94 92 110 4.60% May 19, 2041 47 47 55 Province of Quebec 5.50% December 01, 2014 469 524 506 5.00% December 01, 2015 862 911 947 4.50% December 01, 2016 696 712 768 4.50% December 01, 2017 804 899 900 4.50% December 01, 2019 964 1,000 1,094 4.50% December 01, 2020 1,320 1,363 1,502 4.25% December 01, 2021 1,426 1,485 1,595 3.50% December 01, 2022 1,332 1,373 1,403 9.38% January 16, 2023 100 157 155 5.35% June 01, 2025 200 242 243 8.50% April 01, 2026 181 252 282 6.00% October 01, 2029 469 567 626 6.25% June 01, 2032 899 988 1,246 5.75% December 01, 2036 774 911 1,042 5.00% December 01, 2038 941 1,101 1,165 5.00% December 01, 2041 1,537 1,643 1,940 4.25% December 01, 2043 1,260 1,374 1,434 Province of Quebec, Senior Unsecured Note 3.00% September 01, 2023 300 300 301 Province of Quebec, (MTN) 4.50% December 01, 2018 767 790 866 Province of Saskatchewan 4.65% September 05, 2017 175 174 198 3.90% July 28, 2020 88 88 98 9.60% February 04, 2022 235 324 368 5.80% September 05, 2033 281 283 391 4.75% June 01, 2040 342 359 434 3.40% February 03, 2042 94 93 97 68,702 74,769 Total Government 178,247 188,922 Par (in 000s) Corporate 23.2% 407 East Development Group General Partnership 2.81% December 18, 2016 100 100 102 407 International, Inc., (MTN) 3.88% June 16, 2015 235 235 247 4.30% May 26, 2021 235 246 261 4.45% November 15, 2041 94 94 103 4.19% April 25, 2042 100 100 105 407 International, Inc., Series 04A3 5.96% December 03, 2035 100 128 132 407 International, Inc., Series 99A2, Senior Note 6.47% July 27, 2029 80 93 107 Aeroports de Montreal 5.17% September 17, 2035 188 188 225 5.47% April 16, 2040 144 144 182 Alliance Pipeline, LP, Senior Note 5.55% December 31, 2023 256 256 284 AltaLink, LP, (MTN) 5.24% May 29, 2018 85 85 97 2.98% November 28, 2022 200 200 200 4.87% November 15, 2040 94 94 110 4.46% November 08, 2041 94 94 104 American Express Canada (MTN) 4.85% October 03, 2014 235 251 247 American Express Canada, Guaranteed Note, (MTN) 3.60% June 03, 2016 188 188 196 Bank of Montreal 3.93% April 27, 2015 294 294 308 1.89% October 05, 2015 300 300 300 3.10% March 10, 2016 219 219 226 3.49% June 10, 2016 369 369 386 2.96% August 02, 2016 422 422 434 2.39% July 12, 2017 350 350 352 2.24% December 11, 2017 400 400 398 4.61% September 10, 2025 188 191 215 Bank of Montreal, (MTN) 3.98% July 08, 2021 (1) 375 375 396 Bank of Montreal, DPNT 5.18% June 10, 2015 235 260 254 6.02% May 02, 2018 375 375 442 Bank of Montreal, Series C, Subordinated Note 4.87% April 22, 2020 (1) 188 190 200 Bank of Nova Scotia 3.43% July 16, 2014 281 293 289 3.35% November 18, 2014 349 353 359 3.34% March 25, 2015 269 269 278 2.25% May 08, 2015 500 503 505 3.61% February 22, 2016 369 369 387 2.74% December 01, 2016 319 319 326 2.60% February 27, 2017 300 300 304 4.10% June 08, 2017 294 294 316 6.65% January 22, 2021 (1) 188 188 212 3.04% October 18, 2024 (1) 400 400 404 The accompanying notes are an integral part of the financial statements. 133
BlackRock Canada ex-bbb Universe Bond Index Fund Par (in 000s) Corporate (continued) Bank of Nova Scotia, (MTN) 2.90% August 03, 2022 (1) 300 300 305 Bank of Nova Scotia, Note 8.90% June 20, 2025 235 290 362 BCIMC Realty Corp. 2.65% June 29, 2017 100 100 101 2.96% March 07, 2019 100 100 102 3.51% June 29, 2022 100 100 102 BCIMC Realty Corp., (MTN) 4.65% February 10, 2015 88 94 93 BMW Canada, Inc. 2.76% April 01, 2014 135 135 137 3.15% April 01, 2015 135 135 139 2.11% May 26, 2016 50 50 50 2.39% November 27, 2017 50 50 50 BP, LP 3.24% January 09, 2020 100 100 100 British Columbia Ferry Services, Inc., Note 5.02% March 20, 2037 41 41 46 British Columbia Ferry Services, Inc., Series 08-1, Senior Secured Note 5.58% January 11, 2038 70 70 85 British Columbia Ferry Services, Inc., Series B, Senior Secured Note 6.25% October 13, 2034 117 117 152 Broadway Credit Card Trust, Series A, Note 4.80% March 17, 2017 91 90 94 Brookfield Asset Management, Inc. 8.95% June 02, 2014 41 47 44 5.29% April 25, 2017 41 43 45 Brookfield Asset Management, Inc., (MTN) 5.30% March 01, 2021 94 94 104 Brookfield Asset Management, Inc., Note 5.95% June 14, 2035 117 119 117 Cadillac view Finance Trust 3.24% January 25, 2016 563 563 586 3.64% May 09, 2018 316 316 337 4.31% January 25, 2021 375 375 420 Caisse Centrale Desjardins du Quebec 3.50% October 05, 2017 94 94 99 Canada Life Capital Trust, Secured Note, Series B 7.53% June 30, 2032 94 107 113 Canadian Credit Card TST 2.31% April 24, 2015 100 100 101 3.44% July 24, 2015 169 169 176 Canadian Imperial Bank of Commerce 3.30% November 19, 2014 375 379 386 2.20% May 22, 2015 200 200 202 3.40% January 14, 2016 704 703 733 Par (in 000s) Corporate (continued) 2.65% November 08, 2016 648 648 659 3.95% July 14, 2017 281 280 301 2.35% October 18, 2017 400 400 400 4.11% April 30, 2020 (1) 328 328 344 3.15% November 02, 2020 (1) 281 280 289 Canadian Imperial Bank of Commerce, DPNT, Note 4.95% January 23, 2014 100 105 104 Canadian Western Bank 3.05% January 18, 2017 94 94 96 Capital City Link General Partnership 4.39% March 31, 2046 100 100 103 Capital Desjardins, Inc. 5.76% April 01, 2019 (1) 141 141 147 5.19% May 05, 2020 352 352 401 3.80% November 23, 2020 (1) 164 164 171 Cards II Trust 3.10% September 15, 2015 235 235 243 3.33% May 15, 2016 135 135 141 Caterpillar Financial Services, Ltd. 2.20% June 01, 2015 100 100 101 2.63% June 01, 2017 100 100 101 CDP Financial, Inc. 4.60% July 15, 2020 281 293 318 Centre Street Trust 3.69% June 14, 2021 100 100 100 Centre Street Trust, Secured Note 3.69% June 14, 2022 99 99 99 Consumers Gas Corp., Ltd., Note, (MTN) 6.10% May 19, 2028 235 209 299 CU, Inc. 4.54% October 24, 2041 141 141 160 3.81% September 10, 2042 100 100 100 4.95% November 18, 2050 94 94 115 4.59% October 24, 2061 47 47 55 3.83% September 11, 2062 50 50 50 CU, Inc., (MTN) 6.80% August 13, 2019 94 119 118 5.18% November 21, 2035 141 141 169 CU, Inc., Note 6.15% November 22, 2017 328 351 387 Daimler Canada Finance, Inc. 3.02% January 07, 2015 94 94 96 2.33% September 14, 2015 100 100 101 Eagle Credit Card Trust 3.47% December 17, 2015 141 141 147 Empire Life Insurance 6.73% May 20, 2019 (1) 141 155 149 Enbridge Gas Distribution, Inc., (MTN) 4.04% November 23, 2020 94 94 103 4.95% November 22, 2050 85 85 103 Enbridge Gas Distribution, Inc., Note, (MTN) 4.77% December 17, 2021 47 54 54 6.90% November 15, 2032 129 143 183 5.21% February 25, 2036 269 272 325 The accompanying notes are an integral part of the financial statements. 134
BlackRock Canada ex-bbb Universe Bond Index Fund Par (in 000s) Corporate (continued) Enbridge Pipelines, Inc., Note, (MTN) 5.08% December 19, 2036 235 258 280 Enbridge, Inc. 4.53% March 09, 2020 469 470 519 3.19% December 05, 2022 100 100 99 Enbridge, Inc., (MTN) 7.20% June 18, 2032 328 403 459 4.24% August 27, 2042 100 100 101 Enersource Corp. 4.52% April 29, 2021 141 141 159 5.30% April 29, 2041 94 94 116 Fifth Avenue, LP 4.71% August 05, 2021 230 230 246 FortisAlberta, Inc. 5.40% April 21, 2036 188 201 232 3.98% October 23, 2052 30 30 31 FortisAlberta, Inc., (MTN) 5.85% April 15, 2038 100 132 132 Gaz Metro, Inc., Guaranteed Note 5.45% July 12, 2021 235 234 281 GE Capital Canada Funding Co. 2.95% February 10, 2014 235 235 238 GE Capital Canada Funding Co., (MTN) 4.40% June 01, 2014 141 141 146 4.24% June 08, 2015 235 235 248 3.35% November 23, 2016 235 235 244 5.53% August 17, 2017 422 438 478 3.55% June 11, 2019 100 100 104 4.60% January 26, 2022 188 188 207 5.73% October 22, 2037 297 282 366 GE Capital Canada Funding Co., Note, (MTN) 4.65% February 11, 2015 166 162 175 4.55% January 17, 2017 235 233 255 Genworth MI Canada, Inc. 4.59% December 15, 2015 47 47 48 Glacier Credit Card Trust 3.16% November 20, 2015 94 94 97 2.39% April 20, 2020 100 100 100 Golden Credit Card Trust 3.51% May 15, 2016 463 463 486 Great-West Lifeco Finance Delaware, LP II 7.13% June 26, 2068 (1) 141 160 168 Great-West Lifeco Finance Delaware, LP, Subordinated Note 5.69% June 21, 2067 (1) 181 191 199 Great-West Lifeco, Inc. 4.65% August 13, 2020 188 188 209 Great-West Lifeco, Inc., Note 6.67% March 21, 2033 141 154 180 Great-West Lifeco, Inc., Senior Unsecured Note 6.14% March 21, 2018 85 85 99 Par (in 000s) Corporate (continued) Greater Toronto Airports Authority 3.04% September 21, 2022 100 100 101 Greater Toronto Airports Authority, (MTN) 4.85% June 01, 2017 211 211 235 5.26% April 17, 2018 469 500 539 7.10% June 04, 2031 235 285 335 6.47% February 02, 2034 235 273 321 5.63% June 07, 2040 117 117 152 5.30% February 25, 2041 164 164 205 Halifax International Airport Authority 4.89% November 15, 2050 41 41 49 Honda Canada Finance, Inc. 2.28% December 11, 2017 100 100 100 Hospital Infrastructure Partners NOH Partnership 5.44% January 31, 2045 141 141 166 HSBC Bank of Canada 3.86% May 21, 2015 235 235 246 2.57% November 23, 2015 200 200 203 2.90% January 13, 2017 235 235 241 3.56% October 04, 2017 188 188 198 4.80% April 10, 2022 (1) 135 135 146 Hydro One, Inc., (MTN) 2.95% September 11, 2015 281 280 290 5.18% October 18, 2017 469 511 534 3.20% January 13, 2022 194 195 200 5.36% May 20, 2036 436 422 538 6.03% March 03, 2039 94 104 128 5.49% July 16, 2040 94 94 121 4.39% September 26, 2041 94 94 103 5.00% October 19, 2046 94 95 115 IGM Financial, Inc. 7.35% April 08, 2019 117 117 144 6.00% December 10, 2040 94 94 109 Industrial Alliance Capital Trust, Note 5.13% June 30, 2019 (1) 100 104 103 Integrated Team Solutions SJHC Partnership 5.95% November 30, 2042 94 102 115 John Deere Canada Funding, Inc., (MTN) 2.25% October 18, 2017 50 50 50 John Deere Credit, Inc., (MTN) 1.85% January 24, 2014 47 47 47 2.25% October 14, 2014 94 94 95 Lower Mattagami Energy, LP 2.23% October 23, 2017 50 50 50 4.18% April 23, 2052 100 100 104 Manufacturers Life Insurance Co. 4.21% November 18, 2021 (1) 235 235 246 4.17% June 01, 2022 (1) 100 100 105 Manulife Financial Capital Trust II 7.41% December 31, 2108 (1) 322 368 376 Manulife Financial Corp., (MTN) 4.90% June 02, 2014 235 235 244 4.08% August 20, 2015 328 328 343 5.51% June 26, 2018 81 81 91 The accompanying notes are an integral part of the financial statements. 135
BlackRock Canada ex-bbb Universe Bond Index Fund Par (in 000s) Corporate (continued) Master Credit Card Trust 3.50% May 21, 2016 235 235 247 2.63% January 21, 2017 188 188 192 Merrill Lynch Canada Finance Co., (MTN) 5.00% February 18, 2014 58 58 60 National Bank of Canada 2.23% January 30, 2015 235 235 237 4.03% May 26, 2015 305 305 320 3.58% April 26, 2016 281 281 294 2.69% August 21, 2017 100 100 101 National Bank of Canada, (MTN) 4.93% December 22, 2019 (1) 223 223 236 4.70% November 02, 2020 (1) 188 187 201 3.26% April 11, 2022 (1) 200 200 206 NAV Canada 5.30% April 17, 2019 141 155 165 4.40% February 18, 2021 94 94 106 NAV Canada, (MTN) 4.71% February 24, 2016 105 112 114 NAV Canada, Note 7.56% March 01, 2027 98 113 125 NOVA Gas Transmission, Ltd., Series 21, Note 12.20% February 28, 2016 357 546 462 Ontario Electricity Financial Corp., Series FV6, Note 8.90% August 18, 2022 208 283 313 Ontario School Boards Financing Corp. 5.38% June 25, 2032 274 274 313 Ontario School Boards Financing Corp., Note 5.48% November 26, 2029 315 315 366 5.07% April 18, 2031 227 227 253 Ontario School Boards Financing Corp., Series 01A3 6.55% October 19, 2026 153 167 187 Ottawa MacDonald-Cartier International Airport Authority, Note 4.73% May 02, 2017 235 235 259 Plenary Health Bridgepoint, LP 7.25% August 31, 2042 94 125 132 Plenary Health Care Partnerships Humber, LP 4.82% November 30, 2044 178 178 193 Plenary Properties LTAP, LP 6.29% January 31, 2044 235 249 307 Power Financial Corp., Note 6.90% March 11, 2033 281 306 363 Royal Bank of Canada 2.05% January 13, 2015 469 469 472 3.36% January 11, 2016 788 786 819 3.03% July 26, 2016 404 404 417 2.68% December 08, 2016 438 438 446 3.66% January 25, 2017 504 504 532 Par (in 000s) Corporate (continued) 2.58% April 13, 2017 500 500 507 2.36% September 21, 2017 400 400 401 2.98% May 07, 2019 200 200 205 3.18% November 02, 2020 (1) 469 469 482 2.99% December 06, 2024 (1) 450 450 452 4.93% July 16, 2025 258 261 303 Royal Bank of Canada, (MTN) 3.18% March 16, 2015 235 242 243 Royal Bank of Canada, Senior Note 4.97% June 05, 2014 225 242 236 Royal Bank of Canada, Series 2014, Subordinated Note 5.95% June 18, 2103 235 240 248 Scotiabank Tier I Capital Trust 7.80% June 30, 2108 (1) 160 204 202 SNC-Lavalin Innisfree McGill Finance, Inc. 6.63% June 30, 2044 200 255 254 SP LP/SP1, LP 3.21% June 15, 2019 198 198 200 Standard Life Assurance Co. of Canada 3.94% September 21, 2022 (1) 100 100 104 Sun Life Financial, Inc. 4.57% August 23, 2021 141 141 153 4.95% June 01, 2036 (1) 399 369 422 Sun Life Financial, Inc., (MTN) 5.40% May 29, 2042 (1) 235 212 234 Sun Life Financial, Inc., Senior Note, (MTN) 4.80% November 23, 2035 (1) 281 280 294 TD Capital Trust IV 6.63% June 30, 2108 (1) 155 179 190 10.00% June 30, 2108 (1) 141 213 206 Thomson Reuters Corp. 5.20% December 01, 2014 235 253 250 5.70% July 15, 2015 128 128 140 6.00% March 31, 2016 235 263 263 4.35% September 30, 2020 235 238 257 Tim Hortons, Inc. 4.20% June 01, 2017 141 144 153 Toronto Hydro Corp. 4.49% November 12, 2019 60 60 67 3.54% November 18, 2021 141 141 148 Toronto Hydro Corp., Note 5.15% November 14, 2017 78 78 89 Toronto-Dominion Bank 2.95% August 02, 2016 469 469 484 Toronto-Dominion Bank, (MTN) 5.48% April 02, 2020 (1) 483 489 520 3.37% November 02, 2020 (1) 94 94 97 4.78% December 14, 2105 (1) 1,244 1,265 1,354 Toyota Credit Canada, Inc. 2.45% February 27, 2017 200 200 202 Toyota Credit Canada, Inc., (MTN) 2.20% October 19, 2017 100 100 100 The accompanying notes are an integral part of the financial statements. 136
BlackRock Canada ex-bbb Universe Bond Index Fund Par (in 000s) Corporate (continued) TransCanada PipeLines, Ltd. 8.05% February 17, 2039 235 255 383 TransCanada PipeLines, Ltd., (MTN) 4.65% October 03, 2016 328 328 358 3.65% November 15, 2021 188 188 200 4.55% November 15, 2041 94 93 103 TransCanada PipeLines, Ltd., Note, (MTN) 7.90% April 15, 2027 235 330 339 Vancouver International Airport Authority 7.43% December 07, 2026 (1) 100 142 143 VW Credit Canada, Inc. 2.50% June 01, 2015 100 100 101 2.90% June 01, 2017 100 100 102 Wells Fargo Canada Corp., (MTN) 2.94% July 25, 2019 300 300 303 Wells Fargo Financial Canada Corp. 3.97% November 03, 2014 228 228 237 Wells Fargo Financial Canada Corp., (MTN) 4.38% June 30, 2015 225 216 238 3.70% March 30, 2016 135 135 141 2.77% February 09, 2017 404 404 411 Winnipeg Airport Authority, Inc. 4.57% November 20, 2019 100 112 112 Total Corporate 53,903 57,465 Total Fixed Income Investments 232,150 246,387 Total Investments 232,150 246,387 Other Assets and Liabilities 0.6% 1,453 Net Assets 247,840 (1) Variable rate security. Rate shown is as at report date. Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Federal Non-Agency 31.0 32.5 Federal Agency 12.8 13.5 Government Guaranteed - 0.7 Municipal 2.3 2.1 Provincial 30.1 28.4 Corporate 23.2 22.2 Other Assets and Liabilities 0.6 0.6 The accompanying notes are an integral part of the financial statements. 137
BlackRock Canada Real Return Bond Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 912,628,751 $ 792,497,547 Cash 2,247,924 294,607 Interest receivable 1,640,944 1,401,522 Accounts receivable from issue of units 3,175,700 225,000 919,693,319 794,418,676 Liabilities Operating expenses payable 25,019 23,459 Payables for redemption of units 7,178 - Payables for investment purchases 4,750,740-4,782,937 23,459 Net Assets $ 914,910,382 $ 794,395,217 Net Assets per Class Class A $ 389,091,995 $ 424,202,197 Class D 525,818,387 370,193,020 $ 914,910,382 $ 794,395,217 Number of Units Issued and Outstanding (Note 8) Class A 11,539,430 12,940,287 Class D 33,633,128 24,355,188 Net Assets per Unit Class A $ 33.72 $ 32.78 Class D $ 15.63 $ 15.20 Investments at Cost $ 777,284,841 $ 644,789,052 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 138
BlackRock Canada Real Return Bond Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 24,598,571 $ 30,612,287 Securities lending income - 90 24,598,571 30,612,377 Expenses Custodian fees 21,995 17,761 Fund accounting expenses 64,187 61,581 Unitholder communication s - 601 Audit fees 11,216 11,837 Securities filing fees 14,290 10,717 Independent review committee fees 335 819 Other operating expenses 2,450 2,651 114,473 105,967 Net Investment Income for the Year 24,484,098 30,506,410 Gain on Investments Net realized gain on sale of investments 12,481,846 11,075,233 Net change in unrealized appreciation (depreciation) in of investments (12,364,585) 81,706,975 Net Gain on Investments 117,261 92,782,208 Increase in Net Assets from Operations $ 24,601,359 $ 123,288,618 Increase in Net Assets from Operations per Class Class A $ 11,960,117 $ 66,561,538 Class D 12,641,242 56,727,080 $ 24,601,359 $ 123,288,618 Increase in Net Assets from Operations per Unit Class A $ 0.97 $ 5.18 Class D $ 0.45 $ 2.42 The accompanying notes are an integral part of the financial statements. 139
BlackRock Canada Real Return Bond Index Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 2012 2011 Net Assets - Beginning of Year Fund Class A Class D $794,395,217 $604,301,254 $424,202,197 $330,717,935 $370,193,020 $273,583,319 Increase in Net Assets from Operations 24,601,359 123,288,618 11,960,117 66,561,538 12,641,242 56,727,080 Capital Transactions Proceeds from issue of units 169,673,385 192,368,376 5,041,108 120,686,447 164,632,277 71,681,929 Reinvestment of distributions 36,966,460 41,581,639 16,267,783 22,534,498 20,698,677 19,047,141 Redemption of units (73,759,579) (125,563,031) (52,111,427) (93,763,723) (21,648,152) (31,799,308) Net capital transactions 132,880,266 108,386,984 (30,802,536) 49,457,222 163,682,802 58,929,762 Distributions From net investment income (24,484,614) (30,506,406) (10,941,071) (16,618,716) (13,543,543) (13,887,690) From capital gains (12,481,846) (11,075,233) (5,326,712) (5,915,782) (7,155,134) (5,159,451) Total distributions (36,966,460) (41,581,639) (16,267,783) (22,534,498) (20,698,677) (19,047,141) Increase (Decrease) in Net Assets for the Year 120,515,165 190,093,963 (35,110,202) 93,484,262 155,625,367 96,609,701 Net Assets - End of Year $914,910,382 $794,395,217 $389,091,995 $424,202,197 $525,818,387 $370,193,020 The accompanying notes are an integral part of the financial statements. 140
BlackRock Canada Real Return Bond Index Fund Par (in 000s) Fixed Income Investments Government Federal Non-Agency 86.0% Government of Canada 4.25% December 01, 2021 88,617 114,958 124,762 4.25% December 01, 2026 87,373 121,434 139,885 4.00% December 01, 2031 92,513 133,587 159,535 3.00% December 01, 2036 82,918 110,843 134,950 2.00% December 01, 2041 86,158 98,651 124,132 1.50% December 01, 2044 78,339 94,553 103,529 674,026 786,793 Provincial 13.8% Province of Manitoba 1.74% December 01, 2018 1,315 1,269 1,445 2.00% December 01, 2036 1,225 1,228 1,605 Province of Ontario 2.00% December 01, 2036 38,541 38,971 50,425 Province of Quebec 4.50% December 01, 2021 8,879 11,381 12,365 4.50% December 01, 2026 13,674 18,077 21,518 4.25% December 01, 2031 14,328 20,279 24,128 3.25% December 01, 2036 9,088 12,054 14,350 103,259 125,836 Total Government 777,285 912,629 Total Fixed Income Investments 777,285 912,629 Total Investments 777,285 912,629 Other Assets and Liabilities 0.2% 2,281 Net Assets 914,910 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Federal Non-Agency 86.0 84.7 Provincial 13.8 15.1 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 141
BlackRock Canada Long Bond Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 9,273,510,310 $ 7,356,149,212 Cash 50,500,510 4,230,694 Interest receivable 57,649,309 50,155,023 Securities lending income receivable 2,823 7,824 Accounts receivable from issue of units 146,764,614 117,951,739 Accounts receivable for investment sales - 816,605,963 9,528,427,566 8,345,100,455 Liabilities Operating expenses payable 122,427 111,105 Payables for redemption of units 1,689,956 823,500,057 Payables for investment purchases 108,171,737 94,347,685 109,984,120 917,958,847 Net Assets $ 9,418,443,446 $ 7,427,141,608 Net Assets per Class Class A $ 8,369,929,439 $ 6,793,788,830 Class D 1,048,514,007 633,352,778 $ 9,418,443,446 $ 7,427,141,608 Number of Units Issued and Outstanding (Note 8) Class A 288,391,872 245,320,775 Class D 67,959,570 43,010,772 Net Assets per Unit Class A $ 29.02 $ 27.69 Class D $ 15.43 $ 14.73 Investments at Cost $ 8,349,258,897 $ 6,318,043,301 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 142
BlackRock Canada Long Bond Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 341,004,577 $ 322,895,563 Securities lending income 44,916 25,844 341,049,493 322,921,407 Expenses Custodian fees 195,154 163,005 Fund accounting expenses 247,812 231,194 Unitholder communication s 6,325 601 Audit fees 12,296 18,569 Securities filing fees 138,157 112,916 Independent review committee fees 3,376 8,403 Other operating expenses 12,885 10,291 616,005 544,979 Net Investment Income for the Year 340,433,488 322,376,428 Gain on Investments Net realized gain on sale of investments 167,454,446 238,857,721 Net change in unrealized appreciation (depreciation) in of investments (113,854,498) 678,725,727 Net Gain on Investments 53,599,948 917,583,448 Increase in Net Assets from Operations $ 394,033,436 $ 1,239,959,876 Increase in Net Assets from Operations per Class Class A $ 354,895,934 $ 1,146,579,937 Class D 39,137,502 93,379,939 $ 394,033,436 $ 1,239,959,876 Increase in Net Assets from Operations per Unit Class A $ 1.34 $ 4.32 Class D $ 0.73 $ 2.38 The accompanying notes are an integral part of the financial statements. 143
BlackRock Canada Long Bond Index Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 2012 2011 Fund Class A Class D Net Assets - Beginning of Year $ 7,427,141,608 $ 6,635,136,830 $ 6,793,788,830 $ 6,212,513,402 $ 633,352,778 $ 422,623,428 Increase in Net Assets from Operations 394,033,436 1,239,959,876 354,895,934 1,146,579,937 39,137,502 93,379,939 Capital Transactions Proceeds from issue of units 2,276,891,201 1,899,322,442 1,852,214,058 1,704,340,134 424,677,143 194,982,308 Reinvestment of distributions 638,590,408 446,266,727 582,921,916 414,117,592 55,668,492 32,149,135 Redemption of units (679,622,799) (2,347,277,540) (630,969,383) (2,269,644,643) (48,653,416) (77,632,897) Net capital transactions 2,235,858,810 (1,688,371) 1,804,166,591 (151,186,917) 431,692,219 149,498,546 Distributions From net investment income (340,443,228) (322,369,775) (305,176,438) (298,441,508) (35,266,790) (23,928,267) From capital gains (183,424,751) (106,886,179) (163,023,049) (98,665,311) (20,401,702) (8,220,868) From capital gains redemption in kind (Note 9) (114,722,429) (17,010,773) (114,722,429) (17,010,773) - - Total distributions (638,590,408) (446,266,727) (582,921,916) (414,117,592) (55,668,492) (32,149,135) Increase in Net Assets for the Year 1,991,301,838 792,004,778 1,576,140,609 581,275,428 415,161,229 210,729,350 Net Assets - End of Year $ 9,418,443,446 $ 7,427,141,608 $ 8,369,929,439 $ 6,793,788,830 $ 1,048,514,007 $ 633,352,778 The accompanying notes are an integral part of the financial statements. 144
BlackRock Canada Long Bond Index Fund Par (in 000s) Fixed Income Investments Government Federal Non-Agency 27.7% Government of Canada 8.00% June 01, 2023 72,201 107,555 113,972 1.50% June 01, 2023 118,039 114,104 113,594 9.00% June 01, 2025 59,201 95,104 104,663 8.00% June 01, 2027 83,184 128,235 143,783 5.75% June 01, 2029 278,514 368,825 413,817 5.75% June 01, 2033 299,337 403,031 464,831 5.00% June 01, 2037 334,040 428,473 494,301 4.00% June 01, 2041 402,015 500,387 537,391 3.50% December 01, 2045 175,776 213,493 221,477 2,359,207 2,607,829 Federal Agency 1.5% Asian Development Bank, Series MPLE, Senior Unsecured Note 4.65% February 16, 2027 16,359 17,167 19,095 Canada Post Corp. 4.08% July 16, 2025 13,450 13,960 15,659 4.36% July 16, 2040 13,826 14,729 17,360 Inter-American Development Bank, Note 4.40% January 26, 2026 27,979 27,682 31,828 Royal Office Finance LP, Series A, Note 5.21% November 12, 2037 32,451 33,643 38,497 South Coast British Columbia Transportation Authority 4.65% June 20, 2041 5,000 5,660 5,738 3.85% February 09, 2052 6,750 6,907 6,827 119,748 135,004 Municipal 1.6% Alberta Capital Finance Authority, (MTN) 4.45% December 15, 2025 8,000 9,415 9,278 City of Montreal 6.00% June 01, 2043 14,892 16,432 20,238 City of Ottawa 4.60% July 14, 2042 9,003 9,971 10,228 City of Toronto 5.20% June 01, 2040 17,838 18,637 21,892 4.70% June 10, 2041 16,311 16,686 18,696 City of Vancouver 3.70% October 18, 2052 4,230 4,201 4,173 City of Winnipeg 5.20% July 17, 2036 4,700 5,671 5,637 Municipal Finance Authority of British Columbia 5.35% December 02, 2024 1,391 1,671 1,677 4.98% April 06, 2025 1,318 1,318 1,484 4.95% December 01, 2027 15,574 16,169 18,268 Peel Regional Municipality 5.10% June 29, 2040 12,489 12,854 15,212 3.85% October 30, 2042 10,500 10,479 10,614 Par (in 000s) Municipal (continued) Regional Municipality of Halton 4.05% October 11, 2041 1,486 1,498 1,543 Regional Municipality of York 4.00% May 31, 2032 8,650 8,766 8,903 4.15% November 18, 2041 3,250 3,440 3,415 137,208 151,258 Provincial 50.7% Centre Hospitalier de L universite de Montreal 4.45% October 01, 2049 1,350 1,350 1,443 City of Toronto 3.80% December 13, 2042 8,900 8,870 8,863 Financement-Quebec 5.25% June 01, 2034 45,121 49,904 55,707 Hydro Quebec 6.00% August 15, 2031 10,606 12,860 14,253 5.00% February 15, 2050 67,235 81,692 88,325 Hydro Quebec, (MTN) 6.00% February 15, 2040 33,192 40,046 47,100 Hydro Quebec, Series 19, Note 6.50% February 15, 2035 65,492 85,908 94,480 Hydro Quebec, Series JM, Note 5.00% February 15, 2045 39,607 42,764 50,882 Ontario Electricity Financial Corp., Note 8.25% June 22, 2026 33,326 49,940 51,769 OPB Finance Trust 3.89% July 04, 2042 4,000 3,997 4,062 Province of Alberta 4.50% December 01, 2040 17,284 18,277 21,307 Province of Alberta Canada, (MTN) 2.90% September 20, 2029 13,000 12,804 12,765 Province of British Columbia 8.00% September 08, 2023 13,106 18,103 19,362 9.00% August 23, 2024 4,359 6,456 6,971 6.15% November 19, 2027 10,500 14,196 14,330 5.70% June 18, 2029 67,834 77,797 90,096 6.35% June 18, 2031 40,193 50,689 57,431 5.40% June 18, 2035 16,524 20,158 21,882 4.70% June 18, 2037 38,095 39,345 46,638 4.30% June 18, 2042 92,246 99,101 109,385 Province of British Columbia, Unsecured Note 3.20% June 18, 2044 16,800 16,635 16,542 Province of British Columbia, (MTN) 5.62% August 17, 2028 (1) 450 556 584 4.95% June 18, 2040 51,855 55,507 66,746 Province of Manitoba 7.75% December 22, 2025 5,427 6,663 8,121 10.50% March 05, 2031 3,360 5,392 6,657 5.70% March 05, 2037 20,029 23,125 27,627 4.60% March 05, 2038 24,462 24,765 29,459 4.65% March 05, 2040 20,506 20,530 25,107 4.10% March 05, 2041 27,201 26,790 30,916 The accompanying notes are an integral part of the financial statements. 145
BlackRock Canada Long Bond Index Fund Par (in 000s) Provincial (continued) 4.40% March 05, 2042 10,476 10,764 12,525 3.35% March 05, 2043 12,800 12,872 12,872 4.70% March 05, 2050 2,750 3,670 3,546 Province of Manitoba, (MTN) 4.40% September 05, 2025 19,347 20,334 22,085 6.30% March 05, 2031 10,050 14,270 14,175 Province of New Brunswick 2.85% June 02, 2023 28,000 27,893 27,885 5.65% December 27, 2028 13,603 15,464 17,483 5.50% January 27, 2034 15,143 17,502 19,583 4.65% September 26, 2035 18,609 18,766 21,799 4.55% March 26, 2037 25,746 25,638 29,870 4.80% September 26, 2039 28,340 28,767 34,416 4.80% June 03, 2041 23,162 24,874 28,481 3.55% June 03, 2043 19,900 19,967 20,140 Province of Newfoundland 8.45% February 05, 2026 90 130 141 6.15% April 17, 2028 19,194 22,178 26,027 6.55% October 17, 2030 14,000 20,160 20,140 5.60% October 17, 2033 8,595 9,012 11,443 5.70% October 17, 2035 9,381 12,179 12,755 4.50% April 17, 2037 10,075 9,847 11,864 4.65% October 17, 2040 19,759 20,037 24,212 Province of Nova Scotia 6.60% December 01, 2031 9,100 13,224 13,171 4.90% June 01, 2035 10,013 10,309 12,228 4.50% June 01, 2037 21,444 21,294 24,988 4.70% June 01, 2041 17,560 18,180 21,498 4.40% June 01, 2042 25,830 28,407 30,383 3.50% June 02, 2043 238,400 240,744 243,867 3.50% June 02, 2062 28,620 28,584 29,187 Province of Nova Scotia, (MTN) 5.80% June 01, 2033 11,547 13,814 15,555 Province of Nova Scotia, Series 9Z 6.60% June 01, 2027 11,532 14,516 16,038 Province of Ontario 2.85% June 02, 2023 78,800 78,714 78,713 8.10% September 08, 2023 49,992 69,750 73,642 7.50% February 07, 2024 22,043 30,739 31,407 8.50% December 02, 2025 31,747 48,116 49,918 8.00% June 02, 2026 18,338 26,841 28,059 7.60% June 02, 2027 93,488 129,292 141,175 6.50% March 08, 2029 131,605 168,467 185,523 6.20% June 02, 2031 59,281 73,948 82,422 5.85% March 08, 2033 118,008 143,174 160,284 4.70% June 02, 2037 143,557 153,206 173,041 4.60% June 02, 2039 157,711 165,153 189,114 4.65% June 02, 2041 260,645 282,821 319,365 Province of Ontario, (MTN) 5.60% June 02, 2035 148,640 178,266 198,634 Province of Prince Edward Island 6.25% January 29, 2032 4,174 4,511 5,761 5.70% June 15, 2035 9,486 10,760 12,550 4.65% November 19, 2037 1,265 1,243 1,479 4.60% May 19, 2041 8,594 8,819 10,127 3.65% June 27, 2042 7,250 7,230 7,331 Par (in 000s) Provincial (continued) Province of Quebec 9.38% January 16, 2023 20,731 31,176 32,201 5.35% June 01, 2025 19,374 21,841 23,564 8.50% April 01, 2026 32,664 47,370 50,967 6.00% October 01, 2029 49,214 57,783 65,645 6.25% June 01, 2032 95,254 117,573 132,017 5.75% December 01, 2036 97,994 117,473 131,939 5.00% December 01, 2038 119,730 128,926 148,181 5.00% December 01, 2041 202,287 222,946 255,389 4.25% December 01, 2043 165,418 183,915 188,235 Province of Quebec, Senior Unsecured Note 3.00% September 01, 2023 48,450 48,402 48,534 Province of Saskatchewan 5.75% March 05, 2029 12,559 14,023 16,870 6.40% September 05, 2031 14,320 17,624 20,822 5.80% September 05, 2033 15,887 20,818 22,091 5.60% September 05, 2035 11,437 14,076 15,724 5.00% March 05, 2037 10,459 11,862 13,479 4.75% June 01, 2040 30,022 33,163 38,121 3.40% February 03, 2042 17,400 17,697 18,010 4,325,334 4,777,501 Total Government 6,941,497 7,671,592 Corporate 17.0% 407 East Development Group General Partnership 4.47% June 23, 2045 1,400 1,400 1,437 407 International, Inc., (MTN) 4.45% November 15, 2041 13,289 14,297 14,585 4.19% April 25, 2042 10,400 10,576 10,950 3.98% September 11, 2052 1,150 1,148 1,166 407 International, Inc., Series 04A3 5.96% December 03, 2035 14,642 16,664 19,399 407 International, Inc., Series 99A2, Senior Note 6.47% July 27, 2029 17,711 19,642 23,759 Aeroports de Montreal 5.17% September 17, 2035 7,430 7,315 8,887 5.67% October 16, 2037 11,928 12,466 15,329 3.92% September 26, 2042 8,200 8,366 8,270 Aeroports de Montreal, Note 6.55% October 11, 2033 17,147 19,104 23,641 Alliance Pipeline, LP, Senior Note 5.55% December 31, 2023 3,695 3,693 4,094 7.22% December 31, 2025 5,788 6,497 7,142 6.77% December 31, 2025 4,389 4,716 5,295 Alliance Pipeline, LP, Series A, Senior Note 7.18% June 30, 2023 3,046 3,383 3,708 AltaLink, LP 5.38% March 26, 2040 6,442 6,637 8,072 AltaLink, LP, (MTN) 4.87% November 15, 2040 9,435 9,413 11,047 4.46% November 08, 2041 6,850 7,561 7,555 3.99% June 30, 2042 2,900 2,900 2,972 The accompanying notes are an integral part of the financial statements. 146
BlackRock Canada Long Bond Index Fund Par (in 000s) Corporate (continued) AltaLink, LP, Secured Note, (MTN) 5.25% September 22, 2036 2,822 2,822 3,424 Arrow Lakes Power 5.52% April 05, 2041 2,209 2,209 2,564 Bank of Montreal 4.61% September 10, 2025 19,499 20,425 22,272 Bank of Nova Scotia, Note 8.90% June 20, 2025 3,656 4,339 5,632 British Columbia Ferry Services, Inc., Note 5.02% March 20, 2037 10,357 11,512 11,676 British Columbia Ferry Services, Inc., Series 08-1, Senior Secured Note 5.58% January 11, 2038 8,424 8,747 10,246 British Columbia Ferry Services, Inc., Series B, Senior Secured Note 6.25% October 13, 2034 6,547 7,344 8,487 Brookfield Asset Management, Inc., (MTN) 4.54% March 31, 2023 7,700 7,800 7,931 Brookfield Asset Management, Inc., Note 5.95% June 14, 2035 13,751 13,563 13,693 Canada Life Assurance Co., Series B, Note 6.40% December 11, 2028 2,088 2,075 2,445 Canada Life Capital Trust, Secured Note, Series B 7.53% June 30, 2032 2,318 2,502 2,784 Canadian Utilities, Ltd., Series 1992 9.40% May 01, 2023 4,215 5,641 6,464 Capital City Link General Partnership 4.39% March 31, 2046 14,315 14,570 14,771 Clarica Life Insurance Co., Series 2, Note 6.30% May 15, 2028 6,282 6,218 7,322 Consumers Gas Corp., Ltd., Note, (MTN) 6.10% May 19, 2028 6,310 6,739 8,037 CU, Inc. 4.54% October 24, 2041 16,999 18,543 19,242 3.81% September 10, 2042 13,500 13,490 13,461 4.95% November 18, 2050 1,859 1,878 2,272 3.86% November 14, 2052 3,850 3,850 3,842 4.59% October 24, 2061 7,053 8,083 8,196 3.83% September 11, 2062 5,700 5,700 5,659 CU, Inc., (MTN) 5.18% November 21, 2035 9,778 9,387 11,745 5.58% May 26, 2038 4,923 5,249 6,323 6.50% March 07, 2039 4,500 6,436 6,455 CU, Inc., Note, (MTN) 5.90% November 20, 2034 10,913 11,790 14,249 5.56% October 30, 2037 7,669 7,755 9,758 Enbridge Gas Distribution, Inc., (MTN) 4.95% November 22, 2050 8,045 8,406 9,793 Par (in 000s) Corporate (continued) Enbridge Gas Distribution, Inc., Note, (MTN) 6.05% July 05, 2023 3,336 3,736 4,201 7.60% October 29, 2026 1,084 1,354 1,563 6.65% November 03, 2027 3,465 3,944 4,652 6.16% December 16, 2033 5,563 6,082 7,410 5.21% February 25, 2036 7,485 7,503 9,052 Enbridge Pipelines, Inc. 8.20% February 15, 2024 3,974 5,394 5,763 5.35% November 10, 2039 4,877 5,022 6,122 Enbridge Pipelines, Inc., (MTN) 5.33% April 06, 2040 6,910 7,393 8,631 Enbridge Pipelines, Inc., Note, (MTN) 6.35% November 17, 2023 4,948 4,600 6,405 6.05% February 12, 2029 4,086 4,063 5,273 5.08% December 19, 2036 3,980 3,876 4,748 Enbridge, Inc., (MTN) 7.22% July 24, 2030 1,768 2,154 2,437 7.20% June 18, 2032 12,202 15,024 17,069 5.57% November 14, 2035 6,362 5,774 7,639 5.75% September 02, 2039 5,085 5,172 6,351 4.24% August 27, 2042 13,120 13,147 13,288 Enersource Corp. 5.30% April 29, 2041 2,097 2,254 2,593 FortisAlberta, Inc. 5.40% April 21, 2036 3,173 3,393 3,924 7.06% February 14, 2039 6,500 9,144 9,927 3.98% October 23, 2052 3,400 3,398 3,474 FortisAlberta, Inc., (MTN) 5.85% April 15, 2038 3,000 3,956 3,965 5.37% October 30, 2039 12,406 12,852 15,570 4.54% October 18, 2041 3,000 3,347 3,362 4.80% October 27, 2050 4,621 4,571 5,490 FortisAlberta, Inc., Senior Note 6.22% October 31, 2034 6,474 7,918 8,727 Gaz Metro, Inc. 5.70% July 10, 2036 4,067 4,993 5,192 Gaz Metro, LP, Note 6.30% October 31, 2033 3,134 3,831 4,207 Gaz Metro, LP, Secured Note, Series E, (MTN) 9.00% May 16, 2025 6,402 8,583 9,919 Gaz Metro, LP, Secured Note, Series I (MTN) 7.05% October 30, 2030 2,281 2,618 3,205 GE Capital Canada Funding Co., (MTN) 5.73% October 22, 2037 36,675 35,974 45,254 Great-West Lifeco, Inc., Note 6.67% March 21, 2033 20,150 22,711 25,745 6.00% November 16, 2039 7,065 7,488 8,802 Greater Toronto Airports Authority, (MTN) 7.05% June 12, 2030 10,899 12,391 15,271 7.10% June 04, 2031 16,090 18,389 22,929 6.47% February 02, 2034 13,837 16,493 18,928 The accompanying notes are an integral part of the financial statements. 147
BlackRock Canada Long Bond Index Fund Par (in 000s) Corporate (continued) 5.63% June 07, 2040 15,735 16,691 20,425 5.30% February 25, 2041 25,809 27,662 30,867 Greater Toronto Airports Authority, Note 6.45% December 03, 2027 10,436 11,044 13,705 Greater Toronto Airports Authority, Note, (MTN) 6.45% July 30, 2029 15,498 16,800 19,351 6.98% October 15, 2032 14,454 16,801 20,607 Halifax International Airport Authority 5.50% July 19, 2041 4,801 4,742 6,100 4.89% November 15, 2050 4,440 4,662 5,276 Hospital Infrastructure Partners NOH Partnership 5.44% January 31, 2045 16,099 17,028 18,939 Hydro One, Inc., (MTN) 6.35% January 31, 2034 18,193 21,381 24,818 5.36% May 20, 2036 34,288 35,661 42,324 4.89% March 13, 2037 5,700 6,642 6,665 6.03% March 03, 2039 4,580 5,649 6,248 5.49% July 16, 2040 17,971 19,753 23,041 4.39% September 26, 2041 8,716 9,302 9,582 5.00% October 19, 2046 8,254 9,509 10,100 4.00% December 22, 2051 5,970 5,971 6,168 3.79% July 31, 2062 8,500 8,475 8,417 Hydro One, Inc., Note 7.35% June 03, 2030 18,725 22,597 27,136 Hydro One, Inc., Note, (MTN) 6.93% June 01, 2032 3,824 4,621 5,447 IGM Financial, Inc. 6.65% December 13, 2027 3,500 4,160 4,205 6.00% December 10, 2040 5,122 5,219 5,916 IGM Financial, Inc., Note 7.45% May 09, 2031 4,074 4,487 5,256 7.00% December 31, 2032 4,950 6,082 6,184 7.11% March 07, 2033 9,754 11,862 12,341 Integrated Team Solutions SJHC Partnership 5.95% November 30, 2042 5,821 6,235 7,092 Lower Mattagami Energy, LP 5.14% May 18, 2041 4,219 4,277 5,060 4.18% April 23, 2052 6,000 6,367 6,236 NAV Canada, Note 7.56% March 01, 2027 12,671 15,242 16,285 7.40% June 01, 2027 7,071 8,392 10,246 Newfoundland & Labrador Hydro, Note 5.70% July 14, 2033 1,669 1,956 2,238 Northwestconnect Group 5.95% April 30, 2041 9,952 10,481 12,290 NOVA Gas Transmission, Ltd., (MTN) 8.88% May 27, 2026 2,003 2,144 3,023 NOVA Gas Transmission, Ltd., Note 9.90% December 16, 2024 5,618 7,304 8,989 8.46% June 05, 2026 1,120 1,548 1,642 Par (in 000s) Corporate (continued) NOVA Gas Transmission, Ltd., Note, (MTN) 6.30% May 27, 2030 5,210 5,691 6,574 Ontario Electricity Financial Corp., Note 9.00% May 26, 2025 4,500 6,884 7,212 8.50% May 26, 2025 8,991 11,941 13,940 Ontario Infrastructure Projects Corp., Note 4.70% June 01, 2037 6,011 6,019 6,774 Ontario School Boards Financing Corp. 5.80% November 07, 2028 4,515 4,821 5,311 4.79% August 08, 2030 378 404 415 5.38% June 25, 2032 5,064 5,121 5,788 Ontario School Boards Financing Corp., Note 7.20% June 09, 2025 637 806 800 5.48% November 26, 2029 9,372 9,517 10,886 5.07% April 18, 2031 3,796 3,796 4,237 Ontario School Boards Financing Corp., Series 01A3 6.55% October 19, 2026 4,690 5,255 5,731 Plenary Health Bridgepoint, LP 7.25% August 31, 2042 7,900 10,502 11,119 Plenary Health Care Partnerships Humber, LP 4.90% May 31, 2039 7,070 7,268 7,712 4.82% November 30, 2044 5,922 5,950 6,427 Plenary Health Hamilton, LP 5.80% May 31, 2043 6,981 7,842 8,193 Plenary Properties LTAP, LP 6.29% January 31, 2044 27,080 32,739 35,407 Power Corp. Canada 8.57% April 22, 2039 6,745 9,083 10,224 Power Financial Corp., Note 6.90% March 11, 2033 10,084 12,280 13,042 Powerstream, Inc. 3.96% July 30, 2042 3,650 3,650 3,676 Royal Bank of Canada 4.93% July 16, 2025 24,732 26,178 29,007 Scotiabank Capital Trust, Series 06-1 5.65% December 31, 2056 (1) 20,474 21,133 24,824 SNC-Lavalin Innisfree McGill Finance, Inc. 6.63% June 30, 2044 24,187 29,026 30,671 Sun Life Capital Trust, Series B, Secured Note 7.09% June 30, 2052 5,561 6,410 6,445 Sun Life Financial, Inc., (MTN) 5.40% May 29, 2042 (1) 13,747 13,193 13,671 TD Capital Trust IV 10.00% June 30, 2108 (1) 13,789 14,569 20,099 The accompanying notes are an integral part of the financial statements. 148
BlackRock Canada Long Bond Index Fund Par (in 000s) Corporate (continued) Terasen Gas, Inc., (MTN) 6.00% October 02, 2037 5,786 7,061 7,806 6.55% February 24, 2039 5,549 6,989 8,051 Terasen Gas, Inc., Note, (MTN) 6.95% September 21, 2029 1,465 1,899 2,054 6.50% May 01, 2034 4,264 5,239 5,927 5.90% February 26, 2035 4,379 4,538 5,739 5.55% September 25, 2036 3,751 3,470 4,762 Terasen Gas, Inc., Senior Note, (MTN) 5.80% May 13, 2038 9,785 10,039 12,948 Toronto Hydro Corp., (MTN) 5.54% May 21, 2040 4,174 4,297 5,334 Toronto-Dominion Bank, Note 9.15% May 26, 2025 2,488 3,406 3,880 TransCanada PipeLines, Ltd. 8.05% February 17, 2039 10,756 15,118 17,510 TransCanada PipeLines, Ltd., (MTN) 4.55% November 15, 2041 5,986 6,289 6,554 TransCanada PipeLines, Ltd., Note, (MTN) 8.29% February 05, 2026 5,310 6,758 7,796 7.90% April 15, 2027 15,447 19,691 22,264 6.28% May 26, 2028 4,340 3,960 5,485 6.89% August 07, 2028 12,374 13,999 16,571 6.50% December 09, 2030 3,373 3,686 4,425 University of British Columbia, Series B, Note 4.82% July 26, 2035 1,461 1,461 1,656 University of Toronto 4.25% December 07, 2051 2,900 2,975 3,026 University of Toronto Governing Council, Senior Note 6.78% July 18, 2031 3,340 3,762 4,612 University of Windsor, Series A, Note 5.37% June 29, 2046 4,966 4,966 6,019 Vancouver International Airport Authority 7.43% December 07, 2026 (1) 4,167 5,941 5,956 Total Corporate 1,407,762 1,601,918 Total Fixed Income Investments 8,349,259 9,273,510 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Federal Non-Agency 27.7 28.7 Federal Agency 1.5 1.8 Municipal 1.6 1.3 Provincial 50.7 49.0 Corporate 17.0 18.2 Other Assets and Liabilities 1.5 1.0 Total Investments 8,349,259 9,273,510 Other Assets and Liabilities 1.5% 144,933 Net Assets 9,418,443 (1) Variable rate security. Rate shown is as at report date. The accompanying notes are an integral part of the financial statements. 149
BlackRock Canada Long Government Bond Index Fund (Note 1) Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 420,300,009 $ 574,171,451 Cash 1,375,647 - Interest receivable 2,331,699 3,620,950 Accounts receivable from issue of units - 579,087,664 424,007,355 1,156,880,065 Liabilities Operating expenses payable 20,946 - Payables for investment purchases - 578,191,080 20,946 578,191,080 Net Assets $ 423,986,409 $ 578,688,985 Number of Units Issued and Outstanding (Note 8) 40,804,591 57,908,766 Net Assets per Unit $ 10.39 $ 9.99 Investments at Cost $ 420,734,525 $ 574,570,130 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 150
BlackRock Canada Long Government Bond Index Fund (Note 1) Statement of Operations For the Periods Ended December 31 2012 2011 Revenue Interest income $ 19,296,649 $ - 19,296,649 - Expenses Custodian fees 16,470 - Fund accounting expenses 54,525 - Unitholder communication s 316 - Audit fees 12,459 - Securities filing fees 7,619 - Independent review committee fees 147 - Other operating expenses 2,226-93,762 - Net Investment Income for the Period 19,202,887 - Loss on Investments Net realized loss on sale of investments (1,667,786) - Net change in unrealized depreciation in of investments (35,837) (398,679) Net Loss on Investments (1,703,623) (398,679) Increase (Decrease) in Net Assets from Operations $ 17,499,264 $ (398,679) Increase (Decrease) in Net Assets from Operations per Unit $ 0.36 $ (0.01) Statement of Changes in Net Assets For the Periods Ended December 31 2012 2011 Net Assets - Beginning of Period $ 578,688,985 $ - Increase (Decrease) in Net Assets from Operations 17,499,264 (398,679) Capital Transactions Proceeds from issue of units - 579,087,664 Reinvestment of distributions 19,203,691 - Redemption of units (172,201,840) - Net capital transactions (152,998,149) 579,087,664 Distributions From net investment income (19,203,691) - Total distributions (19,203,691) - Increase (Decrease) in Net Assets for the Period (154,702,576) 578,688,985 Net Assets - End of Period $ 423,986,409 $ 578,688,985 The accompanying notes are an integral part of the financial statements. 151
BlackRock Canada Long Government Bond Index Fund Par (in 000s) Fixed Income Investments Government Federal Non-Agency 33.3% Government of Canada 8.00% June 01, 2023 3,970 6,349 6,267 1.50% June 01, 2023 6,137 5,940 5,906 9.00% June 01, 2025 3,148 5,631 5,565 8.00% June 01, 2027 4,501 7,848 7,780 5.75% June 01, 2029 15,080 22,325 22,406 5.75% June 01, 2033 16,202 24,997 25,160 5.00% June 01, 2037 18,103 26,559 26,788 4.00% June 01, 2041 21,716 28,761 29,029 3.50% December 01, 2045 9,604 11,965 12,101 140,375 141,002 Federal Agency 1.9% Asian Development Bank, Series MPLE, Senior Unsecured Note 4.65% February 16, 2027 844 980 985 Canada Post Corp. 4.08% July 16, 2025 1,034 1,199 1,204 4.36% July 16, 2040 818 1,022 1,027 Inter-American Development Bank, Note 4.40% January 26, 2026 1,525 1,731 1,735 Royal Office Finance LP, Series A, Note 5.21% November 12, 2037 2,022 2,415 2,399 South Coast British Columbia Transportation Authority 4.65% June 20, 2041 400 453 459 3.85% February 09, 2052 200 205 202 8,005 8,011 Municipal 2.1% Alberta Capital Finance Authority, (MTN) 4.45% December 15, 2025 500 580 580 City of Montreal 6.00% June 01, 2043 1,078 1,468 1,465 City of Ottawa 4.60% July 14, 2042 530 588 602 City of Toronto 5.20% June 01, 2040 1,200 1,479 1,473 4.70% June 10, 2041 1,061 1,220 1,216 City of Vancouver 3.70% October 18, 2052 200 199 197 City of Winnipeg 5.20% July 17, 2036 300 361 360 Municipal Finance Authority of British Columbia 5.35% December 02, 2024 150 180 181 4.98% April 06, 2025 94 108 106 4.95% December 01, 2027 558 661 654 Peel Regional Municipality 5.10% June 29, 2040 872 1,068 1,062 3.85% October 30, 2042 450 448 455 Par (in 000s) Municipal (continued) Regional Municipality of Halton 4.05% October 11, 2041 250 252 259 Regional Municipality of York 4.00% May 31, 2032 600 616 618 9,228 9,228 Provincial 60.2% Centre Hospitalier de L universite de Montreal 4.45% October 01, 2049 128 137 137 Financement-Quebec 5.25% June 01, 2034 2,409 2,999 2,974 Hydro Quebec 6.00% August 15, 2031 903 1,224 1,214 5.00% February 15, 2050 3,662 4,824 4,811 Hydro Quebec, (MTN) 6.00% February 15, 2040 1,807 2,594 2,564 Hydro Quebec, Series 19, Note 6.50% February 15, 2035 3,386 4,949 4,885 Hydro Quebec, Series JM, Note 5.00% February 15, 2045 2,041 2,639 2,622 OPB Finance Trust 3.89% July 04, 2042 650 650 660 Province of Alberta 4.50% December 01, 2040 1,045 1,282 1,288 Province of Alberta Canada, (MTN) 2.90% September 20, 2029 600 587 589 Province of British Columbia 8.00% September 08, 2023 544 814 804 9.00% August 23, 2024 412 670 659 6.15% November 19, 2027 400 547 546 5.70% June 18, 2029 3,850 5,110 5,114 6.35% June 18, 2031 2,065 2,956 2,951 5.40% June 18, 2035 784 1,037 1,038 4.70% June 18, 2037 2,054 2,509 2,515 4.30% June 18, 2042 4,946 5,856 5,865 Province of British Columbia, Unsecured Note 3.20% June 18, 2044 900 891 886 Province of British Columbia, (MTN) 5.62% August 17, 2028 (1) 43 56 56 4.95% June 18, 2040 2,850 3,662 3,668 Province of Manitoba 7.75% December 22, 2025 513 781 768 10.50% March 05, 2031 218 437 432 5.70% March 05, 2037 958 1,324 1,321 4.60% March 05, 2038 1,378 1,659 1,659 4.65% March 05, 2040 1,073 1,313 1,314 4.10% March 05, 2041 1,445 1,638 1,642 4.40% March 05, 2042 746 886 892 3.35% March 05, 2043 700 702 704 Province of Manitoba, (MTN) 4.40% September 05, 2025 856 981 977 6.30% March 05, 2031 525 746 741 The accompanying notes are an integral part of the financial statements. 152
BlackRock Canada Long Government Bond Index Fund Par (in 000s) Provincial (continued) Province of New Brunswick 2.85% June 02, 2023 1,350 1,343 1,344 5.65% December 27, 2028 875 1,131 1,125 5.50% January 27, 2034 801 1,042 1,036 4.65% September 26, 2035 956 1,122 1,120 4.55% March 26, 2037 1,379 1,602 1,600 4.80% September 26, 2039 1,513 1,843 1,837 4.80% June 03, 2041 1,307 1,610 1,607 3.55% June 03, 2043 1,100 1,107 1,113 Province of Newfoundland 8.45% February 05, 2026 9 14 14 6.15% April 17, 2028 1,036 1,413 1,405 6.55% October 17, 2030 600 882 863 5.60% October 17, 2033 671 895 893 5.70% October 17, 2035 272 371 370 4.50% April 17, 2037 484 569 570 4.65% October 17, 2040 1,206 1,472 1,478 Province of Nova Scotia 4.90% June 01, 2035 563 686 688 4.50% June 01, 2037 1,108 1,291 1,291 4.70% June 01, 2041 1,003 1,224 1,228 4.40% June 01, 2042 1,378 1,599 1,621 3.50% June 02, 2043 11,500 11,558 11,764 3.50% June 02, 2062 1,525 1,521 1,555 Province of Nova Scotia, (MTN) 5.80% June 01, 2033 1,072 1,436 1,444 Province of Nova Scotia, Series 9Z 6.60% June 01, 2027 629 881 875 Province of Ontario 2.85% June 02, 2023 4,400 4,396 4,395 8.10% September 08, 2023 2,975 4,461 4,382 7.50% February 07, 2024 939 1,360 1,338 8.50% December 02, 2025 1,028 1,652 1,616 8.00% June 02, 2026 1,261 1,963 1,929 7.60% June 02, 2027 5,735 8,786 8,660 6.50% March 08, 2029 7,630 10,842 10,756 6.20% June 02, 2031 3,363 4,718 4,676 5.85% March 08, 2033 6,197 8,465 8,417 4.70% June 02, 2037 7,700 9,346 9,281 4.60% June 02, 2039 7,778 9,394 9,327 4.65% June 02, 2041 15,668 19,280 19,198 Province of Ontario, (MTN) 5.60% June 02, 2035 7,748 10,419 10,354 Province of Prince Edward Island 6.25% January 29, 2032 145 202 200 5.70% June 15, 2035 696 931 921 4.65% November 19, 2037 129 152 151 4.60% May 19, 2041 538 641 634 3.65% June 27, 2042 300 299 303 Province of Quebec 9.38% January 16, 2023 1,265 1,995 1,965 5.35% June 01, 2025 829 1,021 1,008 8.50% April 01, 2026 1,848 2,944 2,884 6.00% October 01, 2029 2,637 3,541 3,517 6.25% June 01, 2032 5,190 7,242 7,193 5.75% December 01, 2036 5,255 7,131 7,075 5.00% December 01, 2038 6,726 8,388 8,324 5.00% December 01, 2041 10,522 13,391 13,284 4.25% December 01, 2043 9,200 10,393 10,469 Par (in 000s) Provincial (continued) Province of Quebec, Senior Unsecured Note 3.00% September 01, 2023 2,300 2,297 2,304 Province of Saskatchewan 5.75% March 05, 2029 634 850 852 6.40% September 05, 2031 698 1,014 1,015 5.80% September 05, 2033 855 1,195 1,189 5.60% September 05, 2035 612 839 841 5.00% March 05, 2037 561 720 723 4.75% June 01, 2040 1,615 2,043 2,051 3.40% February 03, 2042 860 875 890 256,258 255,259 Total Government 413,866 413,500 Corporate 1.6% Newfoundland & Labrador Hydro, Note 5.70% July 14, 2033 158 212 212 Ontario Electricity Financial Corp., Note 9.00% May 26, 2025 425 694 681 8.50% May 26, 2025 850 1,346 1,318 Ontario Infrastructure Projects Corp., Note 4.70% June 01, 2037 568 646 640 Ontario School Boards Financing Corp. 5.80% November 07, 2028 342 408 402 4.79% August 08, 2030 31 34 34 5.38% June 25, 2032 427 494 488 Ontario School Boards Financing Corp., Note 5.48% November 26, 2029 731 847 849 5.07% April 18, 2031 309 347 345 Ontario School Boards Financing Corp., Series 01A3 6.55% October 19, 2026 335 417 409 University of British Columbia, Series B, Note 4.82% July 26, 2035 138 155 156 University of Toronto 4.25% December 07, 2051 250 257 261 University of Toronto Governing Council, Senior Note 6.78% July 18, 2031 316 443 436 University of Windsor, Series A, Note 5.37% June 29, 2046 469 569 569 Total Corporate 6,869 6,800 Total Fixed Income Investments 420,735 420,300 Total Investments 420,735 420,300 Other Assets and Liabilities 0.9% 3,686 Net Assets 423,986 (1) Variable rate security. Rate shown is as at report date. The accompanying notes are an integral part of the financial statements. 153
BlackRock Canada Long Government Bond Index Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Federal Non-Agency 33.3 34.3 Federal Agency 1.9 2.2 Municipal 2.1 1.5 Provincial 60.2 58.6 Corporate 1.6 2.6 Other Assets and Liabilities 0.9 0.8 The accompanying notes are an integral part of the financial statements. 154
BlackRock Canada All Government Bond Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 157,484,364 $ 164,472,619 Cash 114,586 119,935 Interest receivable 737,842 800,572 Securities lending income receivable 802 783 Accounts receivable from issue of units 6,000,000 - Accounts receivable for investment sales 559,714 2,532,856 164,897,308 167,926,765 Liabilities Operating expenses payable 24,737 25,673 Payables for redemption of units - 2,300,000 Payables for investment purchases 6,463,887 299,891 6,488,624 2,625,564 Net Assets $ 158,408,684 $ 165,301,201 Number of Units Issued and Outstanding (Note 8) 12,943,768 13,863,874 Net Assets per Unit $ 12.24 $ 11.92 Investments at Cost $ 149,654,767 $ 152,757,442 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 155
BlackRock Canada All Government Bond Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 5,205,235 $ 5,847,238 Securities lending income 9,029 7,234 5,214,264 5,854,472 Expenses Custodian fees 9,727 6,859 Fund accounting expenses 40,751 44,837 Unitholder communication s - 601 Audit fees 18,871 19,749 Securities filing fees 2,568 2,622 Independent review committee fees 73 187 Other operating expenses 553 1,925 72,543 76,780 Net Investment Income for the Year 5,141,721 5,777,692 Gain (Loss) on Investments Net realized gain on sale of investments 2,852,302 888,751 Net change in unrealized appreciation (depreciation) in of investments (3,885,580) 9,059,642 Net Gain (Loss) on Investments (1,033,278) 9,948,393 Increase in Net Assets from Operations $ 4,108,443 $ 15,726,085 Increase in Net Assets from Operations per Unit $ 0.32 $ 1.09 Statement of Changes in Net Assets For The Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 165,301,201 $ 159,675,570 Increase in Net Assets from Operations 4,108,443 15,726,085 Capital Transactions Proceeds from issue of units 15,999,607 5,999,945 Reinvestment of distributions 8,113,271 6,672,826 Redemption of units (27,000,567) (16,100,399) Net capital transactions (2,887,689) (3,427,628) Distributions From net investment income (5,141,720) (5,776,753) From capital gains (2,971,551) (896,073) Total distributions (8,113,271) (6,672,826) Increase (Decrease) in Net Assets for the Year (6,892,517) 5,625,631 Net Assets - End of Year $ 158,408,684 $ 165,301,201 The accompanying notes are an integral part of the financial statements. 156
BlackRock Canada All Government Bond Index Fund Par (in 000s) Fixed Income Investments Government Federal Non-Agency 40.0% Government of Canada 1.00% February 01, 2014 1,628 1,628 1,626 2.00% March 01, 2014 1,445 1,447 1,460 0.75% May 01, 2014 1,580 1,569 1,572 5.00% June 01, 2014 1,295 1,402 1,365 3.00% June 01, 2014 2,310 2,363 2,370 2.25% August 01, 2014 2,326 2,369 2,367 1.00% November 01, 2014 1,425 1,422 1,422 2.00% December 01, 2014 2,560 2,494 2,601 1.00% February 01, 2015 2,250 2,244 2,243 4.50% June 01, 2015 1,435 1,569 1,549 2.50% June 01, 2015 1,727 1,758 1,782 1.50% August 01, 2015 1,325 1,335 1,335 3.00% December 01, 2015 2,025 2,105 2,126 1.25% February 01, 2016 775 774 774 4.00% June 01, 2016 1,495 1,597 1,629 2.00% June 01, 2016 1,687 1,657 1,726 2.75% September 01, 2016 1,603 1,653 1,684 1.50% March 01, 2017 1,545 1,557 1,554 4.00% June 01, 2017 1,667 1,837 1,854 1.50% September 01, 2017 1,468 1,476 1,476 1.25% March 01, 2018 500 497 496 4.25% June 01, 2018 1,662 1,848 1,905 3.75% June 01, 2019 2,956 3,156 3,351 3.50% June 01, 2020 2,223 2,319 2,512 10.50% March 15, 2021 50 81 84 3.25% June 01, 2021 1,868 2,051 2,093 2.75% June 01, 2022 1,917 2,052 2,074 8.00% June 01, 2023 455 663 718 1.50% June 01, 2023 740 716 712 9.00% June 01, 2025 375 618 663 8.00% June 01, 2027 525 859 908 5.75% June 01, 2029 1,752 2,274 2,603 5.75% June 01, 2033 1,885 2,483 2,927 5.00% June 01, 2037 2,102 2,658 3,111 4.00% June 01, 2041 2,530 3,189 3,382 3.50% December 01, 2045 1,105 1,331 1,392 61,051 63,446 Federal Agency 16.6% Asian Development Bank, Series MPLE, Senior Unsecured Note 4.65% February 16, 2027 100 103 117 Canada Housing Trust 2.20% March 15, 2014 1,261 1,247 1,277 3.15% June 15, 2014 1,400 1,403 1,439 2.75% September 15, 2014 1,200 1,189 1,231 2.75% December 15, 2014 1,300 1,306 1,338 2.95% March 15, 2015 975 985 1,010 3.15% June 15, 2015 930 957 971 4.10% December 15, 2018 1,350 1,384 1,522 3.75% March 15, 2020 875 915 977 3.35% December 15, 2020 1,050 1,048 1,145 Canada Housing Trust No 1 2.75% December 15, 2015 1,020 1,021 1,060 2.45% December 15, 2015 1,400 1,400 1,443 Par (in 000s) Federal Agency (continued) 2.75% June 15, 2016 2,200 2,220 2,293 1.85% December 15, 2016 1,900 1,920 1,920 2.05% June 15, 2017 1,800 1,821 1,832 1.70% December 15, 2017 2,050 2,048 2,050 3.80% June 15, 2021 1,350 1,415 1,519 2.65% March 15, 2022 1,200 1,217 1,238 2.40% December 15, 2022 1,000 1,004 1,006 Canada Post Corp. 4.08% July 16, 2025 100 101 116 Inter-American Development Bank, Note 4.75% November 17, 2014 50 54 53 4.40% January 26, 2026 200 202 227 Royal Office Finance LP, Series A, Note 5.21% November 12, 2037 245 295 291 South Coast British Columbia Transportation Authority 3.80% November 02, 2020 100 100 107 3.85% February 09, 2052 50 51 51 25,406 26,233 Municipal 2.5% Alberta Capital Finance Authority, Note 3.05% June 15, 2015 200 200 208 4.65% June 15, 2017 120 135 135 City of Montreal 4.95% December 10, 2014 50 54 53 5.00% December 01, 2018 100 102 113 5.45% December 01, 2019 100 116 116 4.50% December 01, 2021 60 60 66 6.00% June 01, 2043 150 159 204 City of Toronto 4.55% May 20, 2015 100 104 107 4.85% July 28, 2016 50 52 55 4.50% December 02, 2019 150 149 167 3.50% December 06, 2021 100 101 104 5.20% June 01, 2040 150 149 184 4.70% June 10, 2041 100 100 114 City of Vancouver 3.70% October 18, 2052 20 20 20 City of Winnipeg 9.13% May 12, 2015 100 127 117 Municipal Finance Authority of British Columbia 4.65% April 19, 2016 250 260 273 3.00% June 01, 2016 100 100 104 4.60% April 23, 2018 150 150 168 4.88% June 03, 2019 150 159 172 4.45% June 01, 2020 100 100 112 4.15% June 01, 2021 125 125 138 3.35% June 01, 2022 50 52 52 4.95% December 01, 2027 100 94 117 Peel Regional Municipality 5.10% June 29, 2040 100 102 122 3.85% October 30, 2042 60 60 60 The accompanying notes are an integral part of the financial statements. 157
BlackRock Canada All Government Bond Index Fund Par (in 000s) Municipal (continued) PSP Capital, Inc. 2.94% December 03, 2015 200 200 207 2.26% February 16, 2017 95 95 96 Regional Municipality of Halton 4.05% October 11, 2041 50 50 52 Regional Municipality of York 7.25% June 19, 2017 100 118 121 4.50% June 30, 2020 100 100 112 4.00% June 30, 2021 100 105 108 4.00% May 31, 2032 50 51 51 Ville Montreal 5.00% December 01, 2017 50 56 56 3,605 3,884 Provincial 39.7% Centre Hospitalier de L universite de Montreal 4.45% October 01, 2049 100 100 107 City of Toronto 3.80% December 13, 2042 100 100 100 Financement-Quebec 4.25% March 01, 2014 250 263 259 3.25% June 01, 2014 300 308 308 4.25% December 01, 2015 250 266 269 3.50% December 01, 2016 270 280 287 3.50% December 01, 2017 290 294 310 2.40% December 01, 2018 300 301 303 2.45% December 01, 2019 270 270 270 5.25% June 01, 2034 250 270 309 Hydro Quebec 9.63% July 15, 2022 200 291 312 5.00% February 15, 2050 375 463 493 Hydro Quebec, (MTN) 6.00% February 15, 2040 200 232 284 Hydro Quebec, Series 19, Note 6.50% February 15, 2035 410 508 591 Hydro Quebec, Series HL, Note 11.00% August 15, 2020 400 621 633 Hydro Quebec, Series JM, Note 5.00% February 15, 2045 250 256 321 Ontario Electricity Financial Corp., Note 8.25% June 22, 2026 300 472 466 OPB Finance Trust 3.89% July 04, 2042 75 75 76 Province of Alberta 2.75% December 01, 2014 150 149 154 1.85% September 01, 2016 200 200 202 1.75% June 15, 2017 200 200 200 4.00% December 01, 2019 250 256 280 2.55% December 15, 2022 250 250 250 4.50% December 01, 2040 125 122 154 Province of Alberta 1.70% December 15, 2017 100 100 100 Province of Alberta Canada, (MTN) 2.90% September 20, 2029 75 74 74 Par (in 000s) Provincial (continued) Province of British Columbia 5.30% June 18, 2014 100 109 106 4.25% June 18, 2014 300 317 313 4.70% December 01, 2017 125 144 142 5.30% June 17, 2019 50 55 59 4.10% December 18, 2019 250 245 280 3.70% December 18, 2020 315 314 346 9.95% May 15, 2021 100 151 156 3.25% December 18, 2021 300 308 318 2.70% December 18, 2022 200 200 201 8.00% September 08, 2023 60 89 89 9.00% August 23, 2024 100 150 160 5.70% June 18, 2029 500 556 664 6.35% June 18, 2031 250 321 357 5.40% June 18, 2035 100 113 132 4.70% June 18, 2037 240 257 294 4.30% June 18, 2042 575 601 682 Province of British Columbia, Unsecured Note 3.20% June 18, 2044 100 99 98 Province of British Columbia, (MTN) 4.65% December 18, 2018 300 314 345 4.95% June 18, 2040 325 335 418 Province of Manitoba 4.80% December 03, 2014 150 161 160 5.20% December 03, 2015 100 114 111 4.30% March 01, 2016 100 111 109 2.05% December 01, 2016 120 121 122 1.85% June 01, 2017 100 100 100 4.15% June 03, 2020 200 220 224 3.85% December 01, 2021 100 107 110 5.70% March 05, 2037 125 169 172 4.60% March 05, 2038 160 155 193 4.65% March 05, 2040 100 97 122 4.10% March 05, 2041 200 191 227 4.40% March 05, 2042 50 57 60 3.35% March 05, 2043 100 99 101 Province of Manitoba 4.75% February 11, 2020 100 116 116 Province of Manitoba, (MTN) 6.50% September 22, 2017 100 117 121 5.50% November 15, 2018 100 119 119 4.40% September 05, 2025 150 151 171 6.30% March 05, 2031 100 138 141 Province of New Brunswick 4.50% February 04, 2015 150 160 160 4.30% December 03, 2015 200 211 216 4.70% July 21, 2016 200 218 221 4.45% March 26, 2018 250 258 280 4.40% June 03, 2019 200 226 225 4.50% June 02, 2020 275 282 313 3.35% December 03, 2021 201 204 212 2.85% June 02, 2023 100 100 100 5.65% December 27, 2028 80 103 103 5.50% January 27, 2034 100 129 129 4.65% September 26, 2035 120 124 141 4.55% March 26, 2037 170 170 197 4.80% September 26, 2039 175 171 213 The accompanying notes are an integral part of the financial statements. 158
BlackRock Canada All Government Bond Index Fund Par (in 000s) Provincial (continued) 4.80% June 03, 2041 150 184 184 3.55% June 03, 2043 50 50 51 Province of Newfoundland 10.95% April 15, 2021 100 158 162 8.45% February 05, 2026 100 145 157 6.15% April 17, 2028 100 121 136 6.55% October 17, 2030 100 144 144 4.50% April 17, 2037 115 115 135 4.65% October 17, 2040 100 97 123 Province of Nova Scotia 1.90% September 08, 2017 945 943 946 4.15% November 25, 2019 200 199 223 4.10% June 01, 2021 200 200 223 6.60% December 01, 2031 50 72 72 4.90% June 01, 2035 50 60 61 4.50% June 01, 2037 150 139 175 4.70% June 01, 2041 100 101 122 4.40% June 01, 2042 170 190 200 3.50% June 02, 2043 1,575 1,590 1,611 3.50% June 02, 2062 175 174 178 Province of Nova Scotia, (MTN) 5.80% June 01, 2033 100 135 135 Province of Nova Scotia, Series 9Z 6.60% June 01, 2027 100 140 139 Province of Ontario 5.00% March 08, 2014 1,250 1,350 1,305 3.25% September 08, 2014 640 654 661 4.50% March 08, 2015 500 531 533 3.15% September 08, 2015 451 470 471 4.40% March 08, 2016 550 578 598 3.20% September 08, 2016 200 199 211 4.30% March 08, 2017 950 986 1,046 4.20% March 08, 2018 700 716 776 4.40% June 02, 2019 1,450 1,532 1,636 4.20% June 02, 2020 1,550 1,573 1,737 4.00% June 02, 2021 1,650 1,716 1,826 3.15% June 02, 2022 1,975 2,014 2,044 2.85% June 02, 2023 500 499 499 8.10% September 08, 2023 250 335 368 7.50% February 07, 2024 200 287 285 8.50% December 02, 2025 350 509 550 7.60% June 02, 2027 650 878 982 6.50% March 08, 2029 800 987 1,128 6.20% June 02, 2031 375 467 521 5.85% March 08, 2033 725 890 985 4.70% June 02, 2037 1,025 1,080 1,236 4.60% June 02, 2039 940 960 1,127 4.65% June 02, 2041 1,600 1,731 1,960 Province of Ontario, (MTN) 5.50% June 02, 2018 130 153 153 4.85% June 02, 2020 100 117 116 5.60% June 02, 2035 950 1,112 1,270 Province of Ontario, Series HC 9.50% July 13, 2022 150 219 233 Province of Prince Edward Island 4.25% September 24, 2019 100 100 112 4.65% November 19, 2037 100 98 117 3.65% June 27, 2042 50 50 51 Par (in 000s) Provincial (continued) Province of Quebec 5.50% December 01, 2014 396 433 427 5.00% December 01, 2015 600 654 659 4.50% December 01, 2016 540 568 596 4.50% December 01, 2017 800 844 895 4.50% December 01, 2019 850 896 964 4.50% December 01, 2020 1,075 1,137 1,223 4.25% December 01, 2021 1,200 1,275 1,342 3.50% December 01, 2022 1,175 1,219 1,238 5.35% June 01, 2025 100 122 122 8.50% April 01, 2026 300 422 468 6.00% October 01, 2029 300 341 400 6.25% June 01, 2032 690 870 956 5.75% December 01, 2036 625 744 841 5.00% December 01, 2038 750 818 928 5.00% December 01, 2041 1,258 1,367 1,588 4.25% December 01, 2043 1,015 1,132 1,155 Province of Quebec, Senior Unsecured Note 3.00% September 01, 2023 300 300 301 Province of Quebec, (MTN) 4.50% December 01, 2018 700 717 790 Province of Saskatchewan 3.90% July 28, 2020 100 100 112 5.75% March 05, 2029 75 100 101 6.40% September 05, 2031 100 119 145 5.80% September 05, 2033 100 138 139 5.60% September 05, 2035 75 102 103 5.00% March 05, 2037 70 90 90 4.75% June 01, 2040 200 203 254 3.40% February 03, 2042 100 102 103 58,659 62,915 Total Government 148,721 156,478 Corporate 0.6% Cadillac view Finance Trust 3.24% January 25, 2016 300 300 312 3.64% May 09, 2018 150 150 160 4.31% January 25, 2021 300 300 336 CDP Financial, Inc. 4.60% July 15, 2020 175 184 198 Total Corporate 934 1,006 Total Fixed Income Investments 149,655 157,484 Total Investments 149,655 157,484 Other Assets and Liabilities 0.6% 925 Net Assets 158,409 The accompanying notes are an integral part of the financial statements. 159
BlackRock Canada All Government Bond Index Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Federal Non-Agency 40.0 41.4 Federal Agency 16.6 17.8 Municipal 2.5 2.8 Provincial 39.7 37.5 Corporate 0.6 - Other Assets and Liabilities 0.6 0.5 The accompanying notes are an integral part of the financial statements. 160
BlackRock Canada Credit-Screened Bond Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 287,495,494 $ 159,333,440 Cash 1,971,035 90,824 Interest receivable 2,601,501 2,119,829 Securities lending income receivable 202 138 Accounts receivable from issue of units 2,000,000-294,068,232 161,544,231 Liabilities Operating expenses payable 25,917 24,613 Payables for investment purchases 828,280 440,719 854,197 465,332 Net Assets $ 293,214,035 $ 161,078,899 Number of Units Issued and Outstanding (Note 8) 23,028,512 13,441,927 Net Assets per Unit $ 12.73 $ 11.98 Investments at Cost $ 281,466,695 $ 152,675,997 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 161
BlackRock Canada Credit-Screened Bond Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 12,404,908 $ 8,008,348 Securities lending income 2,294 544 12,407,202 8,008,892 Expenses Custodian fees 10,776 4,788 Fund accounting expenses 43,894 44,734 Unitholder communication s - 601 Audit fees 18,917 19,744 Securities filing fees 4,785 2,546 Independent review committee fees 112 181 Other operating expenses 1,123 1,907 79,607 74,501 Net Investment Income for the Year 12,327,595 7,934,391 Gain on Investments Net realized gain on sale of investments 4,968,397 732,860 Net change in unrealized appreciation (depreciation) in of investments (628,644) 4,474,837 Net Gain on Investments 4,339,753 5,207,697 Increase in Net Assets from Operations $ 16,667,348 $ 13,142,088 Increase in Net Assets from Operations per Unit $ 0.73 $ 0.96 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 161,078,899 $ 158,937,726 Increase in Net Assets from Operations 16,667,348 13,142,088 Capital Transactions Proceeds from issue of units 225,268,922 2,999,781 Reinvestment of distributions 17,297,832 8,670,779 Redemption of units (109,801,134) (14,000,696) Net capital transactions 132,765,620 (2,330,136) Distributions From net investment income (12,327,823) (7,934,045) From capital gains (4,970,009) (736,734) Total distributions (17,297,832) (8,670,779) Increase in Net Assets for the Year 132,135,136 2,141,173 Net Assets - End of Year $ 293,214,035 $ 161,078,899 The accompanying notes are an integral part of the financial statements. 162
BlackRock Canada Credit-Screened Bond Index Fund Par (in 000s) Fixed Income Investments Corporate 98.0% 407 East Development Group General Partnership 2.81% December 18, 2016 500 509 508 407 International, Inc., (MTN) 3.88% June 16, 2015 450 462 473 3.87% November 24, 2017 300 312 320 4.99% June 16, 2020 250 250 290 4.30% May 26, 2021 665 729 740 4.45% November 15, 2041 1,100 1,148 1,207 4.19% April 25, 2042 150 152 158 407 International, Inc., Series 06D1, Note 5.75% February 14, 2036 800 764 987 Aeroports De Montreal 5.17% September 17, 2035 940 814 1,124 5.67% October 16, 2037 500 619 643 Aimia, Inc. 4.35% January 22, 2018 200 200 199 Algonquin Power Co. 4.82% February 15, 2021 300 300 300 Alimentation Couche Tard, Inc. 2.86% November 01, 2017 600 600 602 3.32% November 01, 2019 500 500 503 3.90% November 01, 2022 250 250 252 Alliance Pipeline, LP, Senior Note 6.77% December 31, 2025 352 375 424 AltaGas Income Trust 5.49% March 27, 2017 800 828 888 AltaGas, Ltd., (MTN) 4.55% January 17, 2019 600 643 649 3.72% September 28, 2021 100 100 102 AltaLink Investments, LP 3.67% June 05, 2019 250 250 252 AltaLink, LP, (MTN) 5.24% May 29, 2018 350 400 401 2.98% November 28, 2022 250 250 250 4.87% November 15, 2040 100 100 117 4.46% November 08, 2041 200 200 221 3.99% June 30, 2042 600 605 615 American Express Canada (MTN) 4.85% October 03, 2014 700 742 737 American Express Canada, Guaranteed Note, (MTN) 3.60% June 03, 2016 1,000 1,025 1,045 Bank of Montreal 3.93% April 27, 2015 1,675 1,766 1,755 1.89% October 05, 2015 1,700 1,700 1,700 3.10% March 10, 2016 1,050 1,077 1,085 3.49% June 10, 2016 1,600 1,669 1,674 2.96% August 02, 2016 1,700 1,718 1,749 2.39% July 12, 2017 850 852 854 2.24% December 11, 2017 1,450 1,450 1,444 6.17% March 28, 2023 (1) 800 946 939 4.61% September 10, 2025 600 645 685 Par (in 000s) Corporate (continued) Bank of Montreal, (MTN) 3.98% July 08, 2021 (1) 1,200 1,264 1,268 Bank of Montreal, DPNT 5.18% June 10, 2015 1,000 1,106 1,079 6.02% May 02, 2018 1,100 1,316 1,297 Bank of Nova Scotia 3.43% July 16, 2014 1,200 1,245 1,232 3.35% November 18, 2014 1,500 1,558 1,545 3.34% March 25, 2015 600 625 620 2.25% May 08, 2015 1,000 1,012 1,010 3.61% February 22, 2016 1,500 1,553 1,572 2.74% December 01, 2016 900 904 919 2.60% February 27, 2017 1,400 1,406 1,419 4.10% June 08, 2017 1,531 1,562 1,648 6.65% January 22, 2021 (1) 1,000 1,135 1,126 3.04% October 18, 2024 (1) 1,600 1,600 1,617 Bank of Nova Scotia, (MTN) 2.90% August 03, 2022 (1) 1,000 1,000 1,018 BC Tel, Note 9.65% April 08, 2022 300 436 439 BCIMC Realty Corp. 2.65% June 29, 2017 300 300 304 2.96% March 07, 2019 500 500 509 3.51% June 29, 2022 300 300 306 BCIMC Realty Corp., (MTN) 4.65% February 10, 2015 100 106 106 5.65% January 05, 2018 650 699 746 Bell Aliant Regional Communications, LP, (MTN) 6.29% February 17, 2015 650 707 702 4.37% September 13, 2017 1,100 1,144 1,165 Bell Aliant Regional Communications, Note 5.41% September 26, 2016 1,350 1,469 1,474 Bell Canada 3.60% December 02, 2015 400 404 417 4.40% March 16, 2018 1,500 1,598 1,630 3.35% June 18, 2019 1,000 998 1,030 4.95% May 19, 2021 550 621 621 Bell Canada, (MTN) 4.85% June 30, 2014 1,000 1,062 1,044 5.00% February 15, 2017 1,000 1,103 1,101 Bell Canada, Note, (MTN) 7.85% April 02, 2031 400 557 555 7.30% February 23, 2032 350 463 466 Bell Canada, Series M-17 6.10% March 16, 2035 400 479 486 BMO, Subordinated Notes, Trust 5.75% September 26, 2022 (1) 600 691 687 BMW Canada, Inc. 2.76% April 01, 2014 400 404 405 3.15% April 01, 2015 600 611 616 2.64% August 10, 2015 800 802 813 2.11% May 26, 2016 200 200 200 2.39% November 27, 2017 200 200 200 The accompanying notes are an integral part of the financial statements. 163
BlackRock Canada Credit-Screened Bond Index Fund Par (in 000s) Corporate (continued) BP, LP 3.24% January 09, 2020 400 400 399 British Columbia Ferry Services, Inc., Note 5.02% March 20, 2037 250 285 282 British Columbia Ferry Services, Inc., Series 08-1, Senior Secured Note 5.58% January 11, 2038 300 330 365 British Columbia Ferry Services, Inc., Series B, Senior Secured Note 6.25% October 13, 2034 500 622 648 Broadway Credit Card Trust, Series A, Note 4.80% March 17, 2017 850 893 881 Brookfield Asset Management, Inc. 8.95% June 02, 2014 180 202 195 5.29% April 25, 2017 159 172 173 Brookfield Asset Management, Inc., (MTN) 3.95% April 09, 2019 200 200 205 5.30% March 01, 2021 456 467 504 4.54% March 31, 2023 300 300 309 Brookfield Asset Management, Inc., Note 5.95% June 14, 2035 433 419 431 Brookfield Power Corp. 5.84% November 05, 2036 150 150 150 Brookfield Renewable Power, Inc., (MTN) 6.13% November 30, 2016 100 111 111 5.14% October 13, 2020 1,250 1,272 1,363 BRP Finance ULC, (MTN) 4.79% February 07, 2022 430 442 455 Caisse Centrale Desjardins du Quebec 3.11% December 04, 2014 300 302 308 3.79% June 08, 2015 1,000 1,000 1,045 2.28% October 17, 2016 800 800 803 3.50% October 05, 2017 306 311 321 Calloway Real Estate Investment Trust 5.37% October 12, 2016 1,400 1,485 1,515 Cameco Corp. 4.70% September 16, 2015 250 265 266 5.67% September 02, 2019 240 270 276 3.75% November 14, 2022 200 200 199 5.09% November 14, 2042 100 100 100 Canadian Credit Card TST 2.31% April 24, 2015 150 151 152 3.44% July 24, 2015 731 752 760 Canadian Imperial Bank of Commerce 3.30% November 19, 2014 500 518 515 4.75% December 22, 2014 350 378 370 3.10% March 02, 2015 1,600 1,654 1,644 2.20% May 22, 2015 700 699 706 3.40% January 14, 2016 2,200 2,282 2,289 Par (in 000s) Corporate (continued) 2.65% November 08, 2016 2,300 2,319 2,340 3.95% July 14, 2017 1,319 1,407 1,414 2.35% October 18, 2017 1,650 1,651 1,652 4.11% April 30, 2020 (1) 1,000 1,000 1,049 3.15% November 02, 2020 (1) 1,150 1,167 1,181 Canadian Pacific RR Co., Senior Unsecured Note, (MTN) 6.25% June 01, 2018 1,450 1,582 1,683 Canadian Tire Corp., Ltd. (MTN) 4.95% June 01, 2015 325 348 346 5.65% June 01, 2016 500 555 554 6.32% February 24, 2034 300 340 343 Canadian Utilities, Ltd., Series 1992 9.40% May 01, 2023 300 464 460 Canadian Western Bank 2.38% September 14, 2015 500 500 503 3.05% January 18, 2017 100 100 102 4.39% November 30, 2020 (1) 100 100 104 Capital City Link General Partnership 4.39% March 31, 2046 500 512 516 Capital Desjardins, Inc. 5.19% May 05, 2020 948 1,033 1,081 3.80% November 23, 2020 (1) 200 200 208 5.54% June 01, 2021 (1) 550 609 606 4.95% December 15, 2026 (1) 500 567 565 Capital Power, LP, (MTN) 4.60% December 01, 2015 350 357 361 4.85% February 21, 2019 300 306 307 5.28% November 16, 2020 350 357 361 Cards II Trust 3.10% September 15, 2015 700 714 723 3.33% May 15, 2016 565 581 589 Caterpillar Financial Services, Ltd. 2.20% June 01, 2015 300 300 302 2.63% June 01, 2017 500 500 506 CI Investments, Inc. 3.94% December 14, 2016 (1) 100 100 104 CIBC Capital Trust 10.25% June 30, 2108 (1) 720 1,021 1,039 Co-Operators Financial Services 5.78% March 10, 2020 500 500 543 Cogeco Cable, Inc. 5.95% June 09, 2014 400 428 419 5.15% November 16, 2020 100 100 106 4.93% February 14, 2022 200 209 206 Cominar REIT, Senior Unsecured Note 4.23% December 04, 2019 300 300 301 Consumers Gas Corp., Ltd., Note, (MTN) 6.10% May 19, 2028 265 335 338 CU, Inc. 4.54% October 24, 2041 500 552 566 3.81% September 10, 2042 500 500 499 4.95% November 18, 2050 200 200 244 3.83% September 11, 2062 200 200 199 The accompanying notes are an integral part of the financial statements. 164
BlackRock Canada Credit-Screened Bond Index Fund Par (in 000s) Corporate (continued) CU, Inc., (MTN) 5.10% November 18, 2014 200 221 213 6.80% August 13, 2019 500 625 630 5.18% November 21, 2035 300 330 360 5.58% May 26, 2038 200 240 257 6.50% March 07, 2039 200 281 287 CU, Inc., Note 6.15% November 22, 2017 200 244 236 CU, Inc., Note, (MTN) 5.56% October 30, 2037 300 347 382 Daimler Canada Finance, Inc. 3.16% April 14, 2014 100 100 102 3.02% January 07, 2015 200 200 204 2.33% September 14, 2015 400 400 402 3.28% September 15, 2016 700 711 723 Eagle Credit Card Trust 3.47% December 17, 2015 400 414 417 Emera, Inc., (MTN) 4.10% October 20, 2014 200 208 207 2.96% December 13, 2016 400 402 407 4.83% December 02, 2019 350 383 386 Enbridge Gas Distribution, Inc., (MTN) 5.57% January 29, 2014 225 237 234 5.16% September 24, 2014 225 241 238 4.04% November 23, 2020 306 316 336 4.95% November 22, 2050 350 386 426 Enbridge Gas Distribution, Inc., Note, (MTN) 4.77% December 17, 2021 53 61 61 6.16% December 16, 2033 100 135 133 5.21% February 25, 2036 300 359 363 Enbridge Income Fund, Inc. 3.94% January 13, 2023 250 250 249 Enbridge Income Fund, Inc., (MTN) 4.85% February 22, 2022 600 626 645 Enbridge Pipelines, Inc. 4.49% November 12, 2019 330 376 371 5.35% November 10, 2039 200 249 251 Enbridge Pipelines, Inc., (MTN) 6.62% November 19, 2018 300 347 370 4.45% April 06, 2020 400 448 449 5.33% April 06, 2040 300 370 375 Enbridge Pipelines, Inc., Note, (MTN) 6.05% February 12, 2029 150 197 194 5.08% December 19, 2036 165 194 197 Enbridge, Inc. 4.53% March 09, 2020 531 585 588 3.19% December 05, 2022 450 449 447 Enbridge, Inc., (MTN) 5.17% May 19, 2016 600 668 659 5.00% August 09, 2016 300 331 329 4.77% September 02, 2019 545 612 611 7.20% June 18, 2032 350 482 490 5.57% November 14, 2035 150 183 180 Par (in 000s) Corporate (continued) 5.75% September 02, 2039 200 247 250 4.24% August 27, 2042 400 400 405 Enersource Corp. 4.52% April 29, 2021 159 176 179 5.30% April 29, 2041 106 127 131 Enmax Corp. 6.15% June 19, 2018 350 403 401 EPCOR Utilities, Inc. 6.80% June 28, 2029 150 200 200 EPCOR Utilities, Inc., (MTN) 5.80% January 31, 2018 450 512 520 5.65% November 16, 2035 200 235 243 6.65% April 15, 2038 150 201 208 5.75% November 24, 2039 150 181 188 4.55% February 28, 2042 350 351 371 fax Financial, Ltd. 7.50% August 19, 2019 300 339 345 7.25% June 22, 2020 250 250 285 6.40% May 25, 2021 400 411 435 5.84% October 14, 2022 200 200 209 Fifth Avenue, LP 4.71% August 05, 2021 357 375 383 First Capital Realty, Inc. 5.48% July 30, 2019 100 100 112 4.43% January 31, 2022 500 503 519 3.95% December 05, 2022 200 199 199 Ford Credit Canada, Ltd. 4.88% March 17, 2014 500 521 516 7.50% August 18, 2015 650 729 727 4.88% February 08, 2017 600 637 638 3.32% December 19, 2017 400 400 399 Fortis, Inc. 6.51% July 04, 2039 200 275 274 FortisAlberta, Inc. 5.40% April 21, 2036 212 260 262 3.98% October 23, 2052 100 100 102 FortisAlberta, Inc., (MTN) 5.85% April 15, 2038 250 330 330 5.37% October 30, 2039 200 243 251 4.80% October 27, 2050 150 173 178 FortisAlberta, Inc., Senior Note 6.22% October 31, 2034 300 401 404 FortisBC, Inc., (MTN) 5.00% November 24, 2050 100 118 120 Gaz Metro, Inc., Guaranteed Note 5.45% July 12, 2021 1,765 2,085 2,113 GE Capital Canada Funding Co. 2.95% February 10, 2014 300 300 304 4.40% February 08, 2018 820 869 890 GE Capital Canada Funding Co., (MTN) 4.40% June 01, 2014 400 421 415 4.24% June 08, 2015 500 500 527 5.10% June 01, 2016 700 762 766 3.35% November 23, 2016 200 200 208 5.53% August 17, 2017 1,100 1,103 1,246 The accompanying notes are an integral part of the financial statements. 165
BlackRock Canada Credit-Screened Bond Index Fund Par (in 000s) Corporate (continued) 3.55% June 11, 2019 700 700 727 4.60% January 26, 2022 812 847 896 5.73% October 22, 2037 1,250 1,390 1,542 George Weston, Ltd. 5.05% March 10, 2014 150 157 155 6.69% March 01, 2033 295 309 337 George Weston, Ltd., (MTN) 3.78% October 25, 2016 400 416 418 7.10% February 05, 2032 150 163 178 Glacier Credit Card Trust 3.16% November 20, 2015 106 109 109 2.39% April 20, 2020 500 500 501 Golden Credit Card Trust 3.51% May 15, 2016 1,737 1,809 1,822 Great-West Lifeco Finance Delaware, LP II 7.13% June 26, 2068 (1) 459 525 546 Great-West Lifeco Finance Delaware, LP, Subordinated Note 5.69% June 21, 2067 (1) 819 858 901 Great-West Lifeco, Inc. 4.65% August 13, 2020 500 558 555 Great-West Lifeco, Inc., Note 6.67% March 21, 2033 300 350 383 Great-West Lifeco, Inc., Senior Unsecured Note 6.14% March 21, 2018 365 422 426 Greater Toronto Airports Authority 3.04% September 21, 2022 400 400 405 Greater Toronto Airports Authority, (MTN) 4.70% February 15, 2016 500 546 542 4.85% June 01, 2017 500 561 557 5.26% April 17, 2018 525 608 603 5.96% November 20, 2019 500 605 608 7.05% June 12, 2030 700 964 981 7.10% June 04, 2031 265 372 378 6.47% February 02, 2034 600 651 821 5.30% February 25, 2041 1,050 1,172 1,246 Greater Toronto Airports Authority, Note, (MTN) 6.45% July 30, 2029 407 507 509 6.98% October 15, 2032 500 691 713 H&R REIT 4.78% July 27, 2016 100 100 106 Halifax International Airport Authority 4.89% November 15, 2050 159 184 189 Health Montreal Collective, LP 6.72% September 30, 2049 1,300 1,511 1,578 Holcim Finance Canada, Inc., (MTN) 3.65% April 10, 2018 350 350 355 Honda Canada Finance, Inc. 2.28% December 11, 2017 350 350 348 Hospital Infrastructure Partners NOH Partnership 5.44% January 31, 2045 600 711 706 Par (in 000s) Corporate (continued) HSBC Bank of Canada 3.86% May 21, 2015 300 300 314 2.57% November 23, 2015 700 700 711 2.90% January 13, 2017 450 456 461 3.56% October 04, 2017 762 785 802 4.94% March 16, 2021 (1) 831 850 891 HSBC Canada Asset Trust, Note 5.15% June 30, 2015 (1) 200 206 212 Husky Energy, Inc. 5.00% March 12, 2020 1,000 1,116 1,129 Husky Energy, Inc., (MTN) 3.75% March 12, 2015 1,000 999 1,037 Hydro One, Inc. 4.40% June 01, 2020 300 333 338 Hydro One, Inc., (MTN) 2.95% September 11, 2015 100 100 103 4.64% March 03, 2016 300 323 326 5.18% October 18, 2017 1,031 1,121 1,174 3.20% January 13, 2022 806 817 833 6.35% January 31, 2034 300 360 409 5.36% May 20, 2036 650 703 802 4.89% March 13, 2037 500 595 585 6.03% March 03, 2039 400 554 546 5.49% July 16, 2040 600 694 769 4.39% September 26, 2041 500 540 550 5.00% October 19, 2046 350 436 428 Hydro One, Inc., Note 7.35% June 03, 2030 100 145 145 Hydro One, Inc., Note, (MTN) 6.93% June 01, 2032 500 728 712 IGM Financial, Inc. 7.35% April 08, 2019 1,733 2,128 2,139 6.00% December 10, 2040 106 118 122 IGM Financial, Inc., Note 7.00% December 31, 2032 480 544 600 Industrial Alliance Capital Trust, Note 5.13% June 30, 2019 (1) 500 520 516 Intact Financial Corp., (MTN) 5.41% September 03, 2019 700 753 804 4.70% August 18, 2021 600 635 665 5.16% June 16, 2042 200 200 211 Integrated Team Solutions SJHC Partnership 5.95% November 30, 2042 106 123 129 Inter Pipeline Fund, (MTN) 3.84% July 30, 2018 200 200 211 3.78% May 30, 2022 850 858 869 John Deere Canada Funding, Inc., (MTN) 2.30% July 05, 2016 300 300 302 2.25% October 18, 2017 150 150 150 Laurentian Bank of Canada 2.45% February 13, 2015 700 699 705 Loblaw Cos., Ltd., (MTN) 4.85% May 08, 2014 800 844 831 5.22% June 18, 2020 750 831 854 The accompanying notes are an integral part of the financial statements. 166
BlackRock Canada Credit-Screened Bond Index Fund Par (in 000s) Corporate (continued) 6.85% March 01, 2032 225 273 269 6.54% February 17, 2033 350 369 407 5.90% January 18, 2036 600 657 653 Lower Mattagami Energy, LP 2.23% October 23, 2017 200 200 200 4.33% May 18, 2021 250 281 278 5.14% May 18, 2041 200 241 240 Manufacturers Life Insurance Co. 4.21% November 18, 2021 (1) 500 505 523 4.17% June 01, 2022 (1) 500 502 524 Manulife Financial Capital Trust II 7.41% December 31, 2108 (1) 1,078 1,192 1,260 Manulife Financial Corp. 7.77% April 08, 2019 400 484 500 Manulife Financial Corp., (MTN) 4.90% June 02, 2014 800 841 832 5.16% June 26, 2015 600 636 641 4.08% August 20, 2015 800 815 836 5.51% June 26, 2018 519 559 582 Master Credit Card Trust 3.50% May 21, 2016 765 793 803 2.63% January 21, 2017 1,112 1,124 1,133 Merrill Lynch Canada Finance Co., (MTN) 5.00% February 18, 2014 200 207 206 Metro, Inc., (MTN) 5.97% October 15, 2035 550 608 625 National Bank of Canada 2.23% January 30, 2015 600 604 605 3.15% February 11, 2015 550 566 565 4.03% May 26, 2015 500 500 525 3.58% April 26, 2016 800 835 837 2.70% December 15, 2016 820 832 835 National Bank of Canada, (MTN) 4.93% December 22, 2019 (1) 660 686 698 4.70% November 02, 2020 (1) 500 508 535 3.26% April 11, 2022 (1) 500 500 515 NAV Canada 4.40% February 18, 2021 306 340 345 NAV Canada, (MTN) 4.71% February 24, 2016 130 142 141 NAV Canada, Note 7.56% March 01, 2027 1,125 1,473 1,446 7.40% June 01, 2027 300 424 435 NBC Asset Trust 7.24% June 30, 2018 (1) 500 598 599 NOVA Gas Transmission, Ltd., Series 21, Note 12.20% February 28, 2016 1,400 1,984 1,812 Nova Scotia Power, Inc., (MTN) 5.61% June 15, 2040 400 494 507 4.15% March 06, 2042 200 200 205 Nova Scotia Power, Inc., Series S, Note, (MTN) 6.95% August 25, 2033 200 278 282 Par (in 000s) Corporate (continued) Ottawa MacDonald-Cartier International Airport Authority, Note 4.73% May 02, 2017 265 295 292 Pembina Pipeline Corp. (MTN) 4.89% March 29, 2021 300 300 331 3.77% October 24, 2022 500 500 504 Plenary Health Bridgepoint, LP 7.25% August 31, 2042 150 199 211 Plenary Health Care Partnerships Humber, LP 4.90% May 31, 2039 300 325 327 4.82% November 30, 2044 200 200 217 Plenary Health Hamilton, LP 5.80% May 31, 2043 500 601 587 Plenary Properties LTAP, LP 6.29% January 31, 2044 700 867 915 Power Corp. Canada 7.57% April 22, 2019 890 988 1,106 Power Financial Corp., Note 6.90% March 11, 2033 319 383 413 RBC Capital Trust 4.87% December 31, 2015 500 537 538 RBC Capital Trust Securities, Series 2018, Note 6.82% June 30, 2018 (1) 500 603 600 Reliance, LP 4.57% March 15, 2017 200 200 202 5.19% March 15, 2019 300 300 302 RioCan Real Estate Investment Trust 4.50% January 21, 2016 200 211 211 3.80% March 01, 2017 200 208 207 3.85% June 28, 2019 200 201 205 3.72% December 13, 2021 200 200 199 RioCan Real Estate Investment Trust, (MTN) 5.65% March 31, 2015 200 215 214 Rogers Communications, Inc. 5.80% May 26, 2016 900 972 1,001 3.00% June 06, 2017 400 400 408 5.38% November 04, 2019 520 588 594 4.70% September 29, 2020 900 966 993 5.34% March 22, 2021 1,300 1,429 1,488 4.00% June 06, 2022 600 598 625 6.68% November 04, 2039 550 683 692 6.11% August 25, 2040 775 847 910 Rogers Communications, Inc., (MTN) 6.56% March 22, 2041 400 474 498 Royal Bank of Canada 3.27% November 10, 2014 500 518 515 4.71% December 22, 2014 500 535 529 2.05% January 13, 2015 1,150 1,153 1,157 3.36% January 11, 2016 1,750 1,795 1,819 3.03% July 26, 2016 800 809 825 2.68% December 08, 2016 1,500 1,513 1,528 3.66% January 25, 2017 1,600 1,593 1,689 2.58% April 13, 2017 1,300 1,320 1,318 The accompanying notes are an integral part of the financial statements. 167
BlackRock Canada Credit-Screened Bond Index Fund Par (in 000s) Corporate (continued) 2.36% September 21, 2017 1,500 1,500 1,504 3.77% March 30, 2018 950 1,024 1,021 2.98% May 07, 2019 800 821 820 4.35% June 15, 2020 (1) 1,600 1,688 1,688 3.18% November 02, 2020 (1) 1,100 1,101 1,131 2.99% December 06, 2024 (1) 1,500 1,500 1,508 4.93% July 16, 2025 600 692 704 Royal Bank of Canada, (MTN) 3.18% March 16, 2015 600 618 619 Royal Bank of Canada, Senior Note 4.97% June 05, 2014 500 538 524 Royal Bank of Canada, Series 2014, Subordinated Note 5.95% June 18, 2103 700 755 740 Score Trust, Series 2004-1, Note 4.95% February 20, 2017 800 837 827 Scotiabank Capital Trust, Series 06-1 5.65% December 31, 2056 (1) 430 409 521 Scotiabank Tier I Capital Trust 7.80% June 30, 2108 (1) 1,000 1,232 1,264 Shaw Communications, Inc. 6.50% June 02, 2014 1,150 1,260 1,218 5.65% October 01, 2019 1,500 1,622 1,686 5.50% December 07, 2020 550 591 615 6.75% November 09, 2039 1,500 1,546 1,666 Shaw Communications, Inc., Series N, Senior Note 6.15% May 09, 2016 330 369 366 SNC-Lavalin Innisfree McGill Finance, Inc. 6.63% June 30, 2044 998 1,296 1,266 Sobeys, Inc., (MTN) 6.06% October 29, 2035 200 220 217 6.64% June 07, 2040 300 346 353 SP LP/SP1, LP 3.21% June 15, 2019 594 594 599 Standard Life Assurance Co. of Canada 3.94% September 21, 2022 (1) 400 400 415 Sun Life Financial, Inc. 5.70% July 02, 2019 800 901 925 4.57% August 23, 2021 359 363 390 4.95% June 01, 2036 (1) 600 608 634 Sun Life Financial, Inc., (MTN) 7.90% March 31, 2019 (1) 800 866 852 4.38% March 02, 2022 (1) 600 601 629 5.40% May 29, 2042 (1) 300 253 298 Sun Life Financial, Inc., Senior Note, (MTN) 4.80% November 23, 2035 (1) 800 821 838 TD Capital Trust III 7.24% December 31, 2018 (1) 1,000 1,245 1,241 TD Capital Trust IV 10.00% June 30, 2108 (1) 159 215 232 6.63% June 30, 2108 (1) 1,175 1,329 1,442 Par (in 000s) Corporate (continued) TELUS Corp. 4.95% May 15, 2014 700 747 730 3.65% May 25, 2016 800 826 838 4.95% March 15, 2017 600 656 662 5.05% December 04, 2019 1,200 1,272 1,365 5.05% July 23, 2020 900 942 1,026 3.35% March 15, 2023 400 400 399 TELUS Corp., Senior Unsecured Note 5.95% April 15, 2015 500 550 544 Teranet, LP 3.53% December 16, 2015 450 460 465 4.81% December 16, 2020 700 766 778 5.75% December 17, 2040 419 416 473 6.10% June 17, 2041 400 447 475 Terasen Gas, Inc., (MTN) 6.00% October 02, 2037 200 266 270 Terasen Gas, Inc., Note, (MTN) 6.50% May 01, 2034 150 208 208 5.90% February 26, 2035 150 197 197 Terasen Gas, Inc., Senior Note, (MTN) 5.80% May 13, 2038 500 595 662 Thomson Reuters Corp. 5.20% December 01, 2014 550 589 584 5.70% July 15, 2015 550 605 601 6.00% March 31, 2016 1,000 1,095 1,117 4.35% September 30, 2020 1,000 1,094 1,093 Tim Hortons, Inc. 4.20% June 01, 2017 159 172 172 Toronto Hydro Corp. 4.49% November 12, 2019 640 662 716 3.54% November 18, 2021 359 364 377 Toronto Hydro Corp., Note 5.15% November 14, 2017 372 426 423 Toronto-Dominion Bank 2.95% August 02, 2016 1,500 1,528 1,549 Toronto-Dominion Bank, (MTN) 5.48% April 02, 2020 (1) 700 763 754 3.37% November 02, 2020 (1) 1,000 1,018 1,034 4.97% October 30, 2104 (1) 700 753 753 4.78% December 14, 2105 (1) 1,931 2,049 2,102 5.76% December 18, 2106 (1) 2,000 2,257 2,291 Toyota Credit Canada, Inc. 2.45% February 27, 2017 200 200 202 Toyota Credit Canada, Inc., (MTN) 3.55% February 22, 2016 700 732 732 2.20% October 19, 2017 300 300 299 TransAlta Corp., (MTN) 7.30% October 22, 2029 400 445 426 TransCanada PipeLines, Ltd. 8.05% February 17, 2039 425 698 692 TransCanada PipeLines, Ltd., (MTN) 4.65% October 03, 2016 100 110 109 3.65% November 15, 2021 400 407 426 The accompanying notes are an integral part of the financial statements. 168
BlackRock Canada Credit-Screened Bond Index Fund Par (in 000s) Corporate (continued) TransCanada PipeLines, Ltd., Note, (MTN) 8.29% February 05, 2026 500 731 734 7.90% April 15, 2027 800 1,140 1,153 6.50% December 09, 2030 800 1,020 1,049 Union Gas, Ltd. 8.65% November 10, 2025 500 770 762 4.88% June 21, 2041 600 652 705 Union Gas, Ltd., (MTN) 6.05% September 02, 2038 300 406 403 5.20% July 23, 2040 250 307 304 Union Gas, Ltd., Series 1993, Note 8.75% August 03, 2018 300 391 393 Vancouver International Airport Authority 5.02% November 13, 2015 350 384 381 Veresen, Inc. 5.60% July 28, 2014 100 106 104 Veresen, Inc., (MTN) 3.95% March 14, 2017 200 200 206 Viterra, Inc. 6.41% February 16, 2021 250 250 275 VW Credit Canada, Inc. 2.50% June 01, 2015 200 200 203 3.60% February 01, 2016 300 315 313 2.20% October 11, 2016 400 400 400 2.90% June 01, 2017 500 500 511 Wells Fargo Canada Corp., (MTN) 2.94% July 25, 2019 1,300 1,305 1,312 Wells Fargo Financial Canada Corp. 3.97% November 03, 2014 250 250 260 Wells Fargo Financial Canada Corp., (MTN) 4.38% June 30, 2015 1,400 1,483 1,481 3.70% March 30, 2016 200 205 209 2.77% February 09, 2017 1,796 1,796 1,827 Westcoast Energy, Inc. 3.28% January 15, 2016 200 200 207 4.57% July 02, 2020 300 323 335 3.12% December 05, 2022 250 250 249 7.30% December 18, 2026 200 275 273 Westcoast Energy, Inc., (MTN) 5.60% January 16, 2019 400 469 466 3.88% October 28, 2021 200 208 214 7.15% March 20, 2031 250 352 350 4.79% October 28, 2041 400 409 450 Westcoast Energy, Inc., Note 8.85% July 21, 2025 200 308 301 Par (in 000s) Corporate (continued) Winnipeg Airport Authority, Inc. 4.57% November 20, 2019 150 168 167 Total Corporate 281,467 287,495 Total Fixed Income Investments 281,467 287,495 Total Investments 281,467 287,495 Other Assets and Liabilities 2.0% 5,719 Net Assets 293,214 (1) Variable rate security. Rate shown is as at report date. Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Corporate 98.0 98.9 Other Assets and Liabilities 2.0 1.1 The accompanying notes are an integral part of the financial statements. 169
BlackRock Canada CoreActive Universe Bond Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 95,520,189 $ 90,790,978 Cash 327,446 1,385,548 Margin due from brokers 159,519 61,181 Interest receivable 573,414 708,929 Securities lending income receivable 323 128 Accounts receivable from issue of units 135,583 180,000 96,716,474 93,126,764 Liabilities Operating expenses payable 29,759 30,149 Payables for investment purchases 203,633 1,095,648 233,392 1,125,797 Net Assets $ 96,483,082 $ 92,000,967 Net Assets per Class Class A $ 96,483,082 $ 92,000,967 $ 96,483,082 $ 92,000,967 Number of Units Issued and Outstanding (Note 8) Class A 4,618,451 4,569,831 Net Assets per Unit Class A $ 20.89 $ 20.13 Investments at Cost $ 92,277,353 $ 84,908,363 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 170
BlackRock Canada CoreActive Universe Bond Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 3,363,459 $ 3,984,782 Securities lending income 2,742 747 Net gain (loss) from futures contracts (9,312) 383,252 Foreign exchange gain (loss) (77) 85 3,356,812 4,368,866 Expenses Custodian fees 5,314 4,010 Fund accounting expenses 57,742 56,753 Unitholder communication s - 601 Audit fees 23,939 25,044 Securities filing fees 1,548 1,373 Independent review committee fees 44 106 Other operating expenses 817 1,812 89,404 89,699 Net Investment Income for the Year 3,267,408 4,279,167 Gain on Investments Net realized gain on sale of investments 2,792,263 900,220 Transaction s (Note 2,13) (13,359) (14,061) Net change in unrealized appreciation (depreciation) in of investments (2,639,779) 3,889,703 Net Gain on Investments 139,125 4,775,862 Increase in Net Assets from Operations $ 3,406,533 $ 9,055,029 Increase in Net Assets from Operations per Class Class A $ 3,406,533 $ 9,055,029 $ 3,406,533 $ 9,055,029 Increase in Net Assets from Operations per Unit Class A $ 0.75 $ 1.86 The accompanying notes are an integral part of the financial statements. 171
BlackRock Canada CoreActive Universe Bond Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 Net Assets - Beginning of Year $ 92,000,967 $ 92,745,951 $ 92,000,967 $ 92,745,951 Increase in Net Assets from Operations 3,406,533 9,055,029 3,406,533 9,055,029 Capital Transactions Proceeds from issue of units 4,088,305 6,088,623 4,088,305 6,088,623 Reinvestment of distributions 3,257,828 4,158,367 3,257,828 4,158,367 Redemption of units (3,012,723) (15,888,636) (3,012,723) (15,888,636) Net capital transactions 4,333,410 (5,641,646) 4,333,410 (5,641,646) Distributions From net investment income (3,257,828) (4,158,367) (3,257,828) (4,158,367) Total distributions (3,257,828) (4,158,367) (3,257,828) (4,158,367) Increase (Decrease) in Net Assets for the Year 4,482,115 (744,984) 4,482,115 (744,984) Net Assets - End of Year $ 96,483,082 $ 92,000,967 $ 96,483,082 $ 92,000,967 Fund Class A The accompanying notes are an integral part of the financial statements. 172
BlackRock Canada CoreActive Universe Bond Fund Par (in 000s) Fixed Income Investments Government Federal Non-Agency 28.6% Government of Canada 1.00% February 01, 2014 400 400 400 2.00% March 01, 2014 800 812 808 0.75% May 01, 2014 300 299 299 3.00% June 01, 2014 1,580 1,623 1,621 2.25% August 01, 2014 1,600 1,648 1,628 1.00% November 01, 2014 400 400 399 2.00% December 01, 2014 1,280 1,279 1,301 1.00% February 01, 2015 500 499 499 4.50% June 01, 2015 990 1,084 1,068 2.50% June 01, 2015 551 568 569 1.50% August 01, 2015 550 556 554 3.00% December 01, 2015 800 851 840 1.25% February 01, 2016 270 270 270 4.00% June 01, 2016 200 222 218 2.00% June 01, 2016 1,240 1,276 1,269 2.75% September 01, 2016 669 713 703 1.50% March 01, 2017 750 760 754 4.00% June 01, 2017 794 890 883 1.50% September 01, 2017 634 638 637 1.25% March 01, 2018 100 100 99 4.25% June 01, 2018 713 832 817 3.75% June 01, 2019 1,266 1,423 1,435 3.50% June 01, 2020 826 927 934 10.50% March 15, 2021 500 823 837 3.25% June 01, 2021 625 694 700 2.75% June 01, 2022 803 875 869 8.00% June 01, 2023 175 285 276 1.50% June 01, 2023 278 267 268 9.00% June 01, 2025 150 274 265 8.00% June 01, 2027 250 437 432 5.75% June 01, 2029 750 1,115 1,114 5.75% June 01, 2033 850 1,255 1,320 5.00% June 01, 2037 920 1,311 1,361 4.00% June 01, 2041 1,123 1,498 1,501 3.50% December 01, 2045 485 604 611 27,508 27,559 Federal Agency 12.3% Asian Development Bank, Series MPLE, Senior Unsecured Note 4.65% February 16, 2027 105 105 123 Canada Housing Trust 2.20% March 15, 2014 820 797 830 3.15% June 15, 2014 600 620 617 2.75% September 15, 2014 500 515 513 2.95% March 15, 2015 1,000 1,048 1,036 4.10% December 15, 2018 610 669 687 3.75% March 15, 2020 400 449 446 3.35% December 15, 2020 400 433 436 Canada Housing Trust No 1 2.75% December 15, 2015 475 495 494 2.45% December 15, 2015 500 516 515 2.75% June 15, 2016 1,000 999 1,042 1.85% December 15, 2016 1,500 1,517 1,516 2.05% June 15, 2017 710 711 723 Par (in 000s) Federal Agency (continued) 1.70% December 15, 2017 800 799 800 3.80% June 15, 2021 600 610 675 2.65% March 15, 2022 600 605 619 2.40% December 15, 2022 500 499 503 Inter-American Development Bank, Note 4.75% November 17, 2014 140 142 148 4.40% January 26, 2026 130 124 148 11,653 11,871 Municipal 1.6% City of Montreal 6.00% June 01, 2043 100 101 136 City of Toronto 4.90% October 29, 2014 90 90 95 5.20% June 01, 2040 100 121 123 City of Winnipeg 9.13% May 12, 2015 100 132 117 Municipal Finance Authority of British Columbia 3.00% June 01, 2016 100 100 104 4.88% June 03, 2019 160 159 183 3.35% June 01, 2022 50 52 52 5.35% December 02, 2024 200 199 241 Peel Regional Municipality 3.85% October 30, 2042 25 25 25 Regional Municipality of York 4.50% June 30, 2020 100 100 112 4.00% June 30, 2021 300 315 324 1,394 1,512 Provincial 26.2% City of Toronto 3.80% December 13, 2042 100 100 100 Financement-Quebec 3.50% December 01, 2016 200 206 213 3.50% December 01, 2017 250 249 268 2.40% December 01, 2018 300 300 303 2.45% December 01, 2019 100 100 100 5.25% June 01, 2034 100 125 123 Hydro Quebec 5.00% February 15, 2050 200 234 263 Hydro Quebec, (MTN) 6.00% February 15, 2040 180 212 255 Hydro Quebec, Series 19, Note 6.50% February 15, 2035 260 325 375 Hydro Quebec, Series JM, Note 5.00% February 15, 2045 100 107 128 Ontario Electricity Financial Corp., Note 8.25% June 22, 2026 100 156 155 Province of Alberta 2.75% December 01, 2014 100 100 103 1.85% September 01, 2016 100 100 101 1.75% June 15, 2017 100 100 100 4.00% December 01, 2019 100 100 112 The accompanying notes are an integral part of the financial statements. 173
BlackRock Canada CoreActive Universe Bond Fund Par (in 000s) Provincial (continued) 2.55% December 15, 2022 150 150 150 4.50% December 01, 2040 50 63 62 Province of British Columbia 4.10% December 18, 2019 125 132 140 3.70% December 18, 2020 244 243 268 3.25% December 18, 2021 200 199 212 2.70% December 18, 2022 100 100 100 5.70% June 18, 2029 200 242 266 6.35% June 18, 2031 100 141 143 4.70% June 18, 2037 50 60 61 4.30% June 18, 2042 200 244 237 Province of British Columbia, (MTN) 4.65% December 18, 2018 300 312 345 4.95% June 18, 2040 200 200 257 Province of Manitoba 5.20% December 03, 2015 200 204 221 4.15% June 03, 2020 100 112 112 4.60% March 05, 2038 160 153 193 4.65% March 05, 2040 150 180 184 4.10% March 05, 2041 100 95 114 Province of Manitoba, (MTN) 4.40% September 05, 2025 100 99 114 Province of New Brunswick 4.50% February 04, 2015 50 53 53 4.70% July 21, 2016 100 111 110 4.45% March 26, 2018 50 56 56 4.40% June 03, 2019 200 203 225 3.35% December 03, 2021 201 204 212 5.65% December 27, 2028 40 43 51 5.50% January 27, 2034 40 51 52 4.65% September 26, 2035 50 58 59 4.55% March 26, 2037 70 81 81 4.80% September 26, 2039 100 95 121 3.55% June 03, 2043 100 100 101 Province of Newfoundland 5.25% June 04, 2014 100 106 106 6.15% April 17, 2028 50 69 68 6.55% October 17, 2030 25 37 36 4.50% April 17, 2037 50 60 59 4.65% October 17, 2040 50 63 61 Province of Nova Scotia 4.60% August 18, 2016 50 50 55 1.90% September 08, 2017 900 897 901 4.15% November 25, 2019 100 112 112 4.10% June 01, 2021 50 56 56 4.50% June 01, 2037 100 93 117 4.40% June 01, 2042 200 232 235 3.50% June 02, 2043 700 711 716 Province of Nova Scotia, (MTN) 5.80% June 01, 2033 50 69 67 Province of Nova Scotia, Series 9Z 6.60% June 01, 2027 50 69 70 Province of Ontario 5.00% March 08, 2014 470 503 491 4.50% March 08, 2015 200 214 213 3.15% September 08, 2015 230 237 240 4.40% March 08, 2016 200 219 217 Par (in 000s) Provincial (continued) 4.40% June 02, 2019 700 792 790 4.20% June 02, 2020 600 673 673 4.00% June 02, 2021 500 509 553 3.15% June 02, 2022 900 906 931 2.85% June 02, 2023 100 100 100 8.10% September 08, 2023 310 438 457 7.60% June 02, 2027 290 399 438 6.50% March 08, 2029 350 496 493 6.20% June 02, 2031 150 210 209 5.85% March 08, 2033 380 464 516 4.70% June 02, 2037 400 473 482 4.60% June 02, 2039 400 480 480 4.65% June 02, 2041 800 955 980 Province of Ontario, (MTN) 5.60% June 02, 2035 375 499 501 Province of Prince Edward Island 4.25% September 24, 2019 100 100 112 4.60% May 19, 2041 50 50 59 Province of Quebec 5.50% December 01, 2014 400 440 431 5.00% December 01, 2015 380 417 417 4.50% December 01, 2017 500 531 560 4.50% December 01, 2019 500 517 567 4.50% December 01, 2020 350 401 398 4.25% December 01, 2021 475 536 531 3.50% December 01, 2022 450 465 474 8.50% April 01, 2026 100 156 156 6.00% October 01, 2029 140 189 187 6.25% June 01, 2032 250 351 347 5.75% December 01, 2036 200 274 269 5.00% December 01, 2038 250 310 309 5.00% December 01, 2041 593 642 749 4.25% December 01, 2043 450 510 512 Province of Quebec, Senior Unsecured Note 3.00% September 01, 2023 100 100 100 Province of Quebec, (MTN) 4.50% December 01, 2018 260 265 294 Province of Saskatchewan 3.90% July 28, 2020 25 28 28 5.75% March 05, 2029 30 40 40 6.40% September 05, 2031 60 68 87 5.80% September 05, 2033 40 55 56 5.60% September 05, 2035 30 41 41 5.00% March 05, 2037 30 38 39 4.75% June 01, 2040 100 125 127 24,338 25,312 Total Government 64,893 66,254 Corporate 30.3% 407 International, Inc., (MTN) 3.88% June 16, 2015 100 100 105 4.99% June 16, 2020 150 150 174 4.45% November 15, 2041 100 100 110 4.19% April 25, 2042 100 100 105 407 International, Inc., Series 06D1, Note 5.75% February 14, 2036 190 190 234 The accompanying notes are an integral part of the financial statements. 174
BlackRock Canada CoreActive Universe Bond Fund Par (in 000s) Corporate (continued) Aeroports de Montreal 5.17% September 17, 2035 180 180 215 Alliance Pipeline, LP, Senior Note 5.55% December 31, 2023 213 212 237 AltaGas, Ltd., (MTN) 4.55% January 17, 2019 200 200 216 AltaLink, LP, (MTN) 4.46% November 08, 2041 150 150 165 American Express Canada, Guaranteed Note, (MTN) 3.60% June 03, 2016 100 100 105 Bank of Montreal 1.89% October 05, 2015 100 100 100 3.10% March 10, 2016 300 300 310 3.49% June 10, 2016 200 200 209 2.96% August 02, 2016 700 711 720 2.39% July 12, 2017 300 300 302 2.24% December 11, 2017 100 100 100 4.61% September 10, 2025 300 303 343 Bank of Nova Scotia 3.61% February 22, 2016 500 500 524 2.60% February 27, 2017 100 100 101 6.65% January 22, 2021 (1) 200 224 225 3.04% October 18, 2024 (1) 100 100 101 Bank of Nova Scotia, (MTN) 2.90% August 03, 2022 (1) 150 150 153 BCIMC Realty Corp. 2.65% June 29, 2017 100 100 101 2.96% March 07, 2019 300 300 305 3.51% June 29, 2022 100 100 102 Bell Aliant Regional Communications, LP, (MTN) 6.29% February 17, 2015 150 150 162 4.88% April 26, 2018 200 200 216 Bell Aliant Regional Communications, Note 5.41% September 26, 2016 150 150 164 Bell Canada 4.40% March 16, 2018 200 200 217 3.35% June 18, 2019 100 100 103 Brookfield Asset Management, Inc., (MTN) 5.30% March 01, 2021 50 50 55 Brookfield Renewable Power, Inc., (MTN) 6.13% November 30, 2016 129 144 143 5.14% October 13, 2020 257 262 280 Cadillac view Finance Trust 3.24% January 25, 2016 200 200 208 3.64% May 09, 2018 300 300 320 4.31% January 25, 2021 200 200 224 Caisse Centrale Desjardins du Quebec 3.50% October 05, 2017 200 200 210 Canadian Credit Card TST 3.44% July 24, 2015 200 200 208 Par (in 000s) Corporate (continued) Canadian Imperial Bank of Commerce 2.20% May 22, 2015 100 100 101 3.40% January 14, 2016 200 204 208 2.65% November 08, 2016 400 400 407 2.35% October 18, 2017 100 100 100 3.15% November 02, 2020 (1) 100 100 103 Canadian Natural Resources, Ltd., (MTN) 3.05% June 19, 2019 100 100 101 Canadian Western Bank 4.39% November 30, 2020 (1) 100 100 105 3.46% December 17, 2024 (1) 50 50 50 Capital Desjardins, Inc. 5.19% May 05, 2020 250 250 285 3.80% November 23, 2020 (1) 50 50 52 Capital Power, LP, (MTN) 4.60% December 01, 2015 64 64 66 Cards II Trust 3.10% September 15, 2015 200 200 207 Caterpillar Financial Services, Ltd. 2.20% June 01, 2015 100 100 101 2.63% June 01, 2017 100 100 101 CDP Financial, Inc. 4.60% July 15, 2020 500 511 567 CI Investments, Inc. 3.94% December 14, 2016 (1) 100 100 104 CIBC Capital Trust 10.25% June 30, 2108 (1) 50 50 72 Co-Operators Financial Services 5.78% March 10, 2020 350 350 380 CU, Inc. 3.81% September 10, 2042 100 100 100 4.95% November 18, 2050 200 200 244 3.83% September 11, 2062 100 100 99 CU, Inc., Note, (MTN) 5.90% November 20, 2034 310 282 405 Enbridge, Inc. 3.19% December 05, 2022 50 50 50 Enbridge, Inc., (MTN) 4.24% August 27, 2042 50 50 51 EPCOR Utilities, Inc., (MTN) 4.55% February 28, 2042 100 100 106 fax Financial, Ltd. 6.40% May 25, 2021 200 199 218 Fifth Avenue, LP 4.71% August 05, 2021 98 98 105 GE Capital Canada Funding Co. 2.95% February 10, 2014 500 499 507 GE Capital Canada Funding Co., (MTN) 4.24% June 08, 2015 250 250 264 George Weston, Ltd., (MTN) 3.78% October 25, 2016 100 100 105 Glacier Credit Card Trust 2.39% April 20, 2020 50 50 50 The accompanying notes are an integral part of the financial statements. 175
BlackRock Canada CoreActive Universe Bond Fund Par (in 000s) Corporate (continued) Golden Credit Card Trust 3.51% May 15, 2016 50 53 52 Great-West Lifeco, Inc. 4.65% August 13, 2020 100 100 111 Greater Toronto Airports Authority, (MTN) 5.00% June 01, 2015 250 248 269 5.63% June 07, 2040 50 65 65 5.30% February 25, 2041 100 100 125 Health Montreal Collective, LP 6.72% September 30, 2049 300 300 364 Holcim Finance Canada, Inc., (MTN) 3.65% April 10, 2018 50 50 51 Honda Canada Finance, Inc. 2.28% December 11, 2017 25 25 25 HSBC Bank of Canada 3.86% May 21, 2015 300 300 314 2.57% November 23, 2015 100 100 102 2.90% January 13, 2017 200 200 205 3.56% October 04, 2017 200 200 211 4.94% March 16, 2021 (1) 250 259 268 Husky Energy, Inc., (MTN) 3.75% March 12, 2015 400 400 415 Hydro One, Inc., (MTN) 2.95% September 11, 2015 100 100 103 3.20% January 13, 2022 100 101 103 5.49% July 16, 2040 100 100 128 Hydro One, Inc., Note 7.35% June 03, 2030 450 559 652 Intact Financial Corp., (MTN) 5.41% September 03, 2019 250 250 287 4.70% August 18, 2021 100 100 111 Inter Pipeline Fund, (MTN) 3.84% July 30, 2018 200 200 211 3.78% May 30, 2022 100 100 102 Loblaw Cos., Ltd., (MTN) 5.90% January 18, 2036 50 55 54 Lower Mattagami Energy, LP 2.23% October 23, 2017 50 50 50 Manitoba Telecom Services, Inc., (MTN) 6.15% June 10, 2014 125 125 132 Manufacturers Life Insurance Co. 4.17% June 01, 2022 (1) 100 100 105 Manulife Financial Corp., (MTN) 4.08% August 20, 2015 300 300 313 Master Credit Card Trust 2.63% January 21, 2017 100 100 102 Metro, Inc., (MTN) 5.97% October 15, 2035 310 282 352 National Bank of Canada 2.23% January 30, 2015 200 200 202 3.58% April 26, 2016 100 100 105 2.69% August 21, 2017 100 100 101 Par (in 000s) Corporate (continued) National Bank of Canada, (MTN) 4.93% December 22, 2019 (1) 410 411 434 3.26% April 11, 2022 (1) 100 100 103 NAV Canada, (MTN) 4.71% February 24, 2016 260 268 283 Newfoundland & Labrador Hydro, Series X, Note 10.25% July 14, 2017 90 129 123 NOVA Gas Transmission, Ltd., Series 21, Note 12.20% February 28, 2016 137 217 177 Nova Scotia Power, Inc., (MTN) 4.15% March 06, 2042 100 100 102 Nova Scotia PowerCorp., Note, (MTNF) 8.85% May 19, 2025 101 136 151 OMERS Realty CTT 4.05% May 05, 2014 110 110 114 Ontario School Boards Financing Corp. 5.80% November 07, 2028 323 337 380 Ontario School Boards Financing Corp., Note 7.20% June 09, 2025 261 319 327 5.48% November 26, 2029 178 178 207 Pembina Pipeline Corp. (MTN) 4.89% March 29, 2021 200 200 221 Plenary Health Care Partnerships Humber, LP 4.82% November 30, 2044 100 100 109 Reliance, LP 4.57% March 15, 2017 50 50 50 5.19% March 15, 2019 50 50 50 RioCan Real Estate Investment Trust 3.72% December 13, 2021 50 50 50 Rogers Communications, Inc. 5.80% May 26, 2016 160 160 178 3.00% June 06, 2017 100 100 102 4.70% September 29, 2020 100 100 110 5.34% March 22, 2021 100 100 114 4.00% June 06, 2022 100 99 104 6.11% August 25, 2040 150 150 176 Royal Bank of Canada 2.05% January 13, 2015 200 200 201 3.03% July 26, 2016 500 500 516 2.68% December 08, 2016 200 200 204 2.58% April 13, 2017 250 250 253 2.36% September 21, 2017 150 150 150 2.99% December 06, 2024 (1) 100 100 101 Scotiabank Tier I Capital Trust 7.80% June 30, 2108 (1) 100 100 126 Shaw Communications, Inc. 6.50% June 02, 2014 150 149 159 5.65% October 01, 2019 200 199 225 5.50% December 07, 2020 100 100 112 6.75% November 09, 2039 100 98 111 The accompanying notes are an integral part of the financial statements. 176
BlackRock Canada CoreActive Universe Bond Fund Par (in 000s) Corporate (continued) SP LP/SP1, LP 3.21% June 15, 2019 99 99 100 Sun Life Financial, Inc. 4.57% August 23, 2021 100 100 109 TELUS Corp. 4.95% May 15, 2014 130 130 136 3.65% May 25, 2016 100 100 105 5.05% July 23, 2020 100 100 114 Teranet, LP 3.53% December 16, 2015 250 250 259 5.75% December 17, 2040 213 213 241 Thomson Reuters Corp. 6.00% March 31, 2016 180 179 201 Toronto Hydro Corp. 4.49% November 12, 2019 200 200 224 Toronto-Dominion Bank 2.95% August 02, 2016 500 500 516 Toronto-Dominion Bank, (MTN) 3.37% November 02, 2020 (1) 50 50 52 4.78% December 14, 2105 (1) 195 207 212 Toyota Credit Canada, Inc., (MTN) 2.20% October 19, 2017 100 100 100 TransCanada PipeLines, Ltd., (MTN) 3.65% November 15, 2021 200 200 213 4.55% November 15, 2041 100 99 109 Union Gas, Ltd. 4.88% June 21, 2041 200 200 235 University of British Columbia, Series B, Note 4.82% July 26, 2035 130 130 147 Veresen, Inc. 5.60% July 28, 2014 100 106 104 VW Credit Canada, Inc. 2.50% June 01, 2015 100 100 101 2.90% June 01, 2017 100 100 102 Wells Fargo Canada Corp., (MTN) 2.94% July 25, 2019 100 100 101 Wells Fargo Financial Canada Corp. 3.97% November 03, 2014 250 250 260 Wells Fargo Financial Canada Corp., (MTN) 2.77% February 09, 2017 300 300 305 Westcoast Energy, Inc. 3.28% January 15, 2016 100 100 103 4.57% July 02, 2020 100 100 112 3.12% December 05, 2022 50 50 50 Par (in 000s) Corporate (continued) Winnipeg Airport Authority, Inc. 4.57% November 20, 2019 50 56 56 Total Corporate 27,384 29,266 Total Fixed Income Investments 92,277 95,520 Total Investments 92,277 95,520 Other Assets and Liabilities 1.0% 963 Net Assets 96,483 (1) Variable rate security. Rate shown is as at report date. Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Federal Non-Agency 28.6 17.1 Federal Agency 12.3 11.9 Municipal 1.6 2.9 Provincial 26.2 26.5 Corporate 30.3 40.3 Other Assets and Liabilities 1.0 1.3 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 177
BlackRock Canada CorePlus Long Bond Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 1,586,517,387 $ 1,144,650,287 Cash 3,800,274 4,781,372 Net unrealized gain on forward currency contracts (Note 5) 464,936 10,507,886 Interest receivable 7,533,159 9,472,015 1,598,315,756 1,169,411,560 Liabilities Operating expenses payable 32,515 26,865 Financing charges payable 379,543 205,391 Payables for investment purchases - 2,558,619 Payable for repurchase agreements (Note 7) 516,652,187 392,091,386 Net unrealized loss on forward currency contracts (Note 5) 1,712,157 4,137,922 518,776,402 399,020,183 Net Assets $ 1,079,539,354 $ 770,391,377 Number of Units Issued and Outstanding (Note 8) 64,423,632 49,651,522 Net Assets per Unit $ 16.76 $ 15.52 Investments at Cost $ 1,437,571,271 $ 1,005,728,237 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 178
BlackRock Canada CorePlus Long Bond Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 41,281,643 $ 28,975,694 Net gain (loss) from futures contracts 3,370 (670,721) Foreign exchange gain (loss) (10,660) 86,500 41,274,353 28,391,473 Expenses Custodian fees 36,872 22,629 Fund accounting expenses 90,020 81,346 Unitholder communication s - 601 Audit fees 14,662 15,358 Securities filing fees 16,621 9,613 Financing charges 5,342,119 3,477,812 Independent review committee fees 381 747 Other operating expenses 2,725 2,638 5,503,400 3,610,744 Net Investment Income for the Year 35,770,953 24,780,729 Gain on Investments Net realized gain on sale of investments 15,482,366 7,617,176 Net realized gain (loss) from forward currency contracts 20,557,136 (6,053,354) Transaction s (Note 2,13) - (36,085) Net change in unrealized appreciation in of investments 10,024,066 103,650,397 Net change in unrealized depreciation in of forward currency contracts (7,617,185) (1,410,224) Net Gain on Investments 38,446,383 103,767,910 Increase in Net Assets from Operations $ 74,217,336 $ 128,548,639 Increase in Net Assets from Operations per Unit $ 1.21 $ 2.77 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 770,391,377 $ 590,738,796 Increase in Net Assets from Operations 74,217,336 128,548,639 Capital Transactions Proceeds from issue of units 234,930,641 51,103,942 Reinvestment of distributions 72,962,271 25,416,352 Net capital transactions 307,892,912 76,520,294 Distributions From net investment income (57,408,975) (17,733,965) From capital gains (15,553,296) (7,682,387) Total distributions (72,962,271) (25,416,352) Increase in Net Assets for the Year 309,147,977 179,652,581 Net Assets - End of Year $ 1,079,539,354 $ 770,391,377 The accompanying notes are an integral part of the financial statements. 179
BlackRock Canada CorePlus Long Bond Fund Statement of Cash Flow For the Years Ended December 31 2012 2011 Cash Used in Operating Activities Net investment income for the years $ 35,770,953 $ 24,780,729 Changes in Working Capital Balances Relating to Operations Purchase of investment securities* (694,986,575) (396,931,817) Proceeds from disposition of investment securities 278,625,907 291,974,955 Transaction s - (36,085) Increase in margin due from brokers - 2,332,114 Decrease (Increase) in interest receivable 1,938,856 (4,578,833) Increase in operating expenses payable 5,650 4,729 Increase (Decrease) in financing charges payable 174,152 (650,250) Increase (Decrease) in payable for investment purchases (2,558,619) 2,558,619 Net realized gain(loss) from forward currency contract 20,557,136 (6,053,354) (396,243,493) (111,379,922) Net Cash Used in Operating Activities (360,472,540) (89,599,193) Financing Activities Proceeds from issuance of units* 234,930,641 - Proceeds from repurchase agreements 124,560,801 83,251,202 Net Cash Provided by Financing Activities 359,491,442 83,251,202 Net Decrease in Cash and Cash Equivalent $ (981,098) $ (3,347,991) Cash - Beginning of Year $ 4,781,372 $ 8,129,363 Cash - End of Year $ 3,800,274 $ 4,781,372 * Excluding in-kind activity as follows: - Purchase of investment securities (2011, $51,103,942) - Proceeds from issuance of units (2011, $51,103,942) The accompanying notes are an integral part of the financial statements. 180
BlackRock Canada CorePlus Long Bond Fund Par (000s)/ Fixed Income Investments Government Federal Non-Agency 25.7% Government of Canada 8.00% June 01, 2023 7,737 12,073 12,213 1.50% June 01, 2023 11,258 10,887 10,834 9.00% June 01, 2025 6,330 10,131 11,191 8.00% June 01, 2027 9,235 14,467 15,963 5.75% June 01, 2029 29,741 38,127 44,189 5.75% June 01, 2033 31,972 42,774 49,649 5.00% June 01, 2037 35,674 48,312 52,789 4.00% June 01, 2041 42,894 55,970 57,338 3.50% December 01, 2045 18,890 23,570 23,801 256,311 277,967 Federal Agency 1.4% Asian Development Bank, Series MPLE, Senior Unsecured Note 4.65% February 16, 2027 2,000 1,964 2,335 Canada Post Corp. 4.08% July 16, 2025 1,567 1,819 1,824 4.36% July 16, 2040 1,500 1,850 1,883 Inter-American Development Bank, Note 4.40% January 26, 2026 3,900 3,709 4,437 Royal Office Finance LP, Series A, Note 5.21% November 12, 2037 3,236 3,323 3,839 South Coast British Columbia Transportation Authority 3.85% February 09, 2052 700 716 708 13,381 15,026 Municipal 1.4% City of Montreal 6.00% June 01, 2043 1,800 2,226 2,446 City of Ottawa 4.60% July 14, 2042 1,000 1,107 1,136 City of Toronto 5.20% June 01, 2040 2,112 2,282 2,592 4.70% June 10, 2041 1,806 1,986 2,070 City of Vancouver 3.70% October 18, 2052 400 397 395 Municipal Finance Authority of British Columbia 4.98% April 06, 2025 367 370 413 4.95% December 01, 2027 1,700 1,684 1,994 Peel Regional Municipality 5.10% June 29, 2040 1,500 1,675 1,827 3.85% October 30, 2042 1,100 1,094 1,112 Regional Municipality of York 4.00% May 31, 2032 700 707 720 4.15% November 18, 2041 700 741 736 14,269 15,441 Par (000s)/ Provincial 47.5% Centre Hospitalier de L universite de Montreal 4.45% October 01, 2049 100 100 107 City of Toronto 3.80% December 13, 2042 1,200 1,196 1,195 Financement-Quebec 5.25% June 01, 2034 4,600 5,686 5,679 Hydro Quebec 5.00% February 15, 2050 7,300 8,517 9,590 Hydro Quebec, (MTN) 6.00% February 15, 2040 3,900 4,612 5,534 Hydro Quebec, Series 19, Note 6.50% February 15, 2035 6,800 9,712 9,810 Hydro Quebec, Series JM, Note 5.00% February 15, 2045 4,450 4,812 5,717 Ontario Electricity Financial Corp., Note 8.25% June 22, 2026 4,000 5,620 6,214 Province of Alberta 4.50% December 01, 2040 2,400 2,437 2,959 Province of Alberta Canada, (MTN) 2.90% September 20, 2029 1,300 1,276 1,277 Province of British Columbia 8.00% September 08, 2023 1,300 1,782 1,920 6.15% November 19, 2027 2,000 2,754 2,729 5.70% June 18, 2029 7,300 8,263 9,696 6.35% June 18, 2031 3,750 5,011 5,358 5.40% June 18, 2035 1,700 2,251 2,251 4.70% June 18, 2037 4,100 4,323 5,019 4.30% June 18, 2042 10,200 12,005 12,095 Province of British Columbia, Unsecured Note 3.20% June 18, 2044 1,500 1,485 1,477 Province of British Columbia, (MTN) 4.95% June 18, 2040 5,600 5,906 7,208 Province of Manitoba 7.75% December 22, 2025 1,000 1,367 1,496 5.70% March 05, 2037 1,700 2,148 2,345 4.60% March 05, 2038 2,300 2,199 2,770 4.65% March 05, 2040 4,050 3,998 4,959 4.10% March 05, 2041 2,600 2,648 2,955 4.40% March 05, 2042 1,000 1,188 1,196 3.35% March 05, 2043 1,500 1,516 1,508 Province of Manitoba, (MTN) 4.40% September 05, 2025 1,500 1,571 1,712 6.30% March 05, 2031 1,000 1,435 1,410 Province of New Brunswick 2.85% June 02, 2023 2,000 1,992 1,992 5.65% December 27, 2028 3,000 3,299 3,856 5.50% January 27, 2034 1,100 1,324 1,423 4.65% September 26, 2035 2,020 2,003 2,366 4.55% March 26, 2037 2,775 2,773 3,219 4.80% September 26, 2039 3,075 3,162 3,734 4.80% June 03, 2041 2,200 2,527 2,705 3.55% June 03, 2043 1,200 1,196 1,214 The accompanying notes are an integral part of the financial statements. 181
BlackRock Canada CorePlus Long Bond Fund Par (000s)/ Provincial (continued) Province of Newfoundland 8.45% February 05, 2026 800 1,154 1,254 6.15% April 17, 2028 3,350 3,918 4,543 6.55% October 17, 2030 1,000 1,447 1,439 5.60% October 17, 2033 1,000 1,118 1,331 4.50% April 17, 2037 500 589 589 4.65% October 17, 2040 2,500 2,545 3,063 Province of Nova Scotia 6.60% December 01, 2031 800 1,155 1,158 4.50% June 01, 2037 3,490 3,318 4,067 4.70% June 01, 2041 2,000 2,427 2,449 4.40% June 01, 2042 2,700 3,154 3,176 3.50% June 02, 2043 25,650 25,884 26,238 3.50% June 02, 2062 2,950 2,999 3,008 Province of Nova Scotia, (MTN) 5.80% June 01, 2033 1,200 1,613 1,617 Province of Nova Scotia, Series 9Z 6.60% June 01, 2027 970 1,199 1,349 Province of Ontario 2.85% June 02, 2023 7,500 7,496 7,492 8.10% September 08, 2023 6,600 9,145 9,722 7.50% February 07, 2024 2,500 3,639 3,562 8.50% December 02, 2025 4,000 6,158 6,290 7.60% June 02, 2027 10,850 15,135 16,384 6.50% March 08, 2029 14,500 18,912 20,441 6.20% June 02, 2031 6,800 9,528 9,454 5.85% March 08, 2033 12,870 15,492 17,481 4.70% June 02, 2037 15,300 16,924 18,442 4.60% June 02, 2039 16,801 17,152 20,146 4.65% June 02, 2041 28,600 32,695 35,043 Province of Ontario, (MTN) 5.60% June 02, 2035 15,070 18,109 20,139 Province of Prince Edward Island 6.25% January 29, 2032 600 724 828 5.70% June 15, 2035 600 682 794 4.65% November 19, 2037 506 511 591 4.60% May 19, 2041 953 955 1,123 3.65% June 27, 2042 600 598 607 Province of Quebec 9.38% January 16, 2023 3,000 4,479 4,660 5.35% June 01, 2025 2,000 2,475 2,432 8.50% April 01, 2026 2,000 3,166 3,121 6.00% October 01, 2029 6,750 7,683 9,004 6.25% June 01, 2032 11,160 13,604 15,467 5.75% December 01, 2036 10,500 13,335 14,137 5.00% December 01, 2038 13,150 13,849 16,275 5.00% December 01, 2041 21,368 24,317 26,977 4.25% December 01, 2043 17,300 19,251 19,686 Province of Quebec, Senior Unsecured Note 3.00% September 01, 2023 4,400 4,394 4,408 Province of Saskatchewan 5.75% March 05, 2029 1,250 1,413 1,679 6.40% September 05, 2031 1,900 2,591 2,763 5.80% September 05, 2033 1,700 2,403 2,364 5.60% September 05, 2035 1,000 1,399 1,375 Par (000s)/ Provincial (continued) 5.00% March 05, 2037 1,100 1,441 1,418 4.75% June 01, 2040 3,550 3,574 4,508 3.40% February 03, 2042 1,500 1,537 1,553 471,380 512,342 Total Government 755,341 820,776 Corporate 22.4% 407 International, Inc., (MTN) 4.45% November 15, 2041 2,453 2,636 2,692 4.19% April 25, 2042 500 499 526 3.98% September 11, 2052 300 300 304 407 International, Inc., Series 04A3 5.96% December 03, 2035 2,500 2,912 3,312 407 International, Inc., Series 06D1, Note 5.75% February 14, 2036 1,100 1,340 1,357 407 International, Inc., Series 99A2, Senior Note 6.47% July 27, 2029 2,225 2,575 2,985 Aeroports de Montreal 5.17% September 17, 2035 2,200 2,172 2,632 5.67% October 16, 2037 200 209 257 5.47% April 16, 2040 1,480 1,491 1,876 Alliance Pipeline, LP, Senior Note 5.55% December 31, 2023 526 545 583 Alliance Pipeline, LP, Series A, Senior Note 7.18% June 30, 2023 1,762 2,068 2,145 AltaLink, LP 5.38% March 26, 2040 500 500 627 AltaLink, LP, (MTN) 4.87% November 15, 2040 206 221 241 4.46% November 08, 2041 900 952 993 3.99% June 30, 2042 600 600 615 AltaLink, LP, Secured Note, (MTN) 5.25% September 22, 2036 1,000 963 1,213 Arrow Lakes Power 5.52% April 05, 2041 300 300 348 Bank of Montreal 4.61% September 10, 2025 1,800 1,953 2,056 Bell Aliant Regional Communications, (MTN) 6.17% February 26, 2037 475 414 483 Bell Canada 6.55% May 01, 2029 2,500 2,589 3,093 Bell Canada, Note, (MTN) 7.85% April 02, 2031 1,000 1,330 1,389 7.30% February 23, 2032 2,300 2,327 3,065 Bell Canada, Series M-17 6.10% March 16, 2035 2,100 2,015 2,553 British Columbia Ferry Services, Inc., Note 5.02% March 20, 2037 700 782 789 The accompanying notes are an integral part of the financial statements. 182
BlackRock Canada CorePlus Long Bond Fund Par (000s)/ Corporate (continued) British Columbia Ferry Services, Inc., Series 08-1, Senior Secured Note 5.58% January 11, 2038 400 400 487 British Columbia Ferry Services, Inc., Series B, Senior Secured Note 6.25% October 13, 2034 1,100 1,226 1,426 Brookfield Asset Management, Inc., (MTN) 4.54% March 31, 2023 1,000 1,000 1,030 Brookfield Asset Management, Inc., Note 5.95% June 14, 2035 1,000 979 996 Brookfield Power Corp. 5.84% November 05, 2036 2,000 1,931 1,997 Cameco Corp. 5.09% November 14, 2042 500 500 498 Canadian Pacific RR Co., (MTN) 6.45% November 17, 2039 1,500 1,576 1,844 Canadian Tire Corp., Ltd. (MTN) 6.32% February 24, 2034 1,000 1,104 1,145 Capital City Link General Partnership 4.39% March 31, 2046 1,500 1,532 1,548 CIBC Capital Trust 10.25% June 30, 2108 (1) 1,600 2,028 2,310 Consumers Gas Corp., Ltd., Note, (MTN) 6.10% May 19, 2028 300 378 382 CU, Inc. 4.54% October 24, 2041 1,700 1,851 1,924 3.81% September 10, 2042 1,200 1,200 1,197 4.95% November 18, 2050 200 200 244 4.59% October 24, 2061 200 200 232 3.83% September 11, 2062 600 600 596 CU, Inc., (MTN) 6.22% March 06, 2024 500 500 640 5.58% May 26, 2038 400 493 514 5.56% May 26, 2028 3,400 3,515 4,189 6.50% March 07, 2039 1,500 2,145 2,152 CU, Inc., Note, (MTN) 5.56% October 30, 2037 500 516 636 Enbridge Gas Distribution, Inc., (MTN) 4.95% November 22, 2050 900 1,025 1,096 Enbridge Gas Distribution, Inc., Note, (MTN) 6.16% December 16, 2033 500 679 666 5.21% February 25, 2036 1,600 1,565 1,935 Enbridge Pipelines, Inc. 5.35% November 10, 2039 1,700 1,709 2,134 Enbridge Pipelines, Inc., Note, (MTN) 6.05% February 12, 2029 300 329 387 Par (000s)/ Corporate (continued) Enbridge, Inc., (MTN) 7.20% June 18, 2032 2,000 2,761 2,798 5.57% November 14, 2035 2,000 1,864 2,401 5.75% September 02, 2039 1,000 999 1,249 4.24% August 27, 2042 1,200 1,199 1,215 Enersource Corp. 5.30% April 29, 2041 100 100 124 EPCOR Utilities, Inc., (MTN) 5.75% November 24, 2039 1,000 1,095 1,251 4.55% February 28, 2042 1,900 2,011 2,016 Finning International, Inc., (MTN) 5.08% June 13, 2042 500 500 520 FortisAlberta, Inc. 7.06% February 14, 2039 1,000 1,529 1,527 3.98% October 23, 2052 400 400 409 FortisAlberta, Inc., (MTN) 5.37% October 30, 2039 500 496 628 4.54% October 18, 2041 1,000 1,116 1,121 FortisAlberta, Inc., Senior Note 6.22% October 31, 2034 1,000 1,121 1,348 FortisBC, Inc., (MTN) 6.10% June 02, 2039 1,500 1,562 2,019 5.00% November 24, 2050 100 100 120 Gaz Metro, LP, Secured Note, Series E, (MTN) 9.00% May 16, 2025 250 385 387 Gaz Metro, LP, Secured Note, Series I (MTN) 7.05% October 30, 2030 1,000 1,410 1,405 GE Capital Canada Funding Co., (MTN) 5.73% October 22, 2037 5,200 5,103 6,416 George Weston, Ltd., (MTN) 7.10% February 05, 2032 1,612 1,812 1,913 Great-West Lifeco, Inc., Note 6.67% March 21, 2033 3,019 3,417 3,857 Greater Toronto Airports Authority, (MTN) 7.05% June 12, 2030 1,000 1,359 1,401 7.10% June 04, 2031 1,570 2,132 2,237 6.47% February 02, 2034 4,500 5,150 6,156 5.63% June 07, 2040 1,000 1,306 1,298 5.30% February 25, 2041 3,600 3,947 4,237 Greater Toronto Airports Authority, Note 6.45% December 03, 2027 1,000 1,335 1,313 Greater Toronto Airports Authority, Note, (MTN) 6.45% July 30, 2029 2,444 2,705 3,052 Halifax International Airport Authority 4.89% November 15, 2050 300 300 356 Health Montreal Collective, LP 6.72% September 30, 2049 5,850 6,398 7,103 The accompanying notes are an integral part of the financial statements. 183
BlackRock Canada CorePlus Long Bond Fund Par (000s)/ Corporate (continued) Hospital Infrastructure Partners NOH Partnership 5.44% January 31, 2045 1,300 1,405 1,529 Hydro One, Inc., (MTN) 5.36% May 20, 2036 3,500 3,488 4,320 4.89% March 13, 2037 1,000 1,159 1,169 6.03% March 03, 2039 500 554 682 5.49% July 16, 2040 2,700 2,760 3,462 4.39% September 26, 2041 200 200 220 5.00% October 19, 2046 1,200 1,435 1,468 4.00% December 22, 2051 350 350 362 3.79% July 31, 2062 1,000 997 990 Hydro One, Inc., Note 7.35% June 03, 2030 1,750 2,497 2,536 Hydro One, Inc., Note, (MTN) 6.93% June 01, 2032 2,000 2,039 2,849 IGM Financial, Inc. 6.00% December 10, 2040 200 200 231 IGM Financial, Inc., Note 7.00% December 31, 2032 1,700 2,017 2,124 7.11% March 07, 2033 1,000 1,233 1,265 Intact Financial Corp., (MTN) 5.16% June 16, 2042 600 599 632 Integrated Team Solutions SJHC Partnership 5.95% November 30, 2042 500 578 609 Loblaw Cos., Ltd., (MTN) 6.45% February 09, 2028 1,500 1,535 1,713 6.54% February 17, 2033 1,900 1,968 2,207 5.90% January 18, 2036 1,500 1,498 1,632 Lower Mattagami Energy, LP 5.14% May 18, 2041 800 981 959 Manulife Finance Delaware 5.06% December 15, 2041 (1) 1,400 1,184 1,289 Metro, Inc., (MTN) 5.97% October 15, 2035 2,100 1,938 2,385 NAV Canada, Note 7.56% March 01, 2027 1,125 1,344 1,446 7.40% June 01, 2027 1,350 1,902 1,956 Nova Scotia Power, Inc., (MTN) 5.67% November 14, 2035 820 1,002 1,024 5.61% June 15, 2040 400 510 507 4.15% March 06, 2042 800 799 819 Nova Scotia Power, Inc., Series S, Note, (MTN) 6.95% August 25, 2033 1,000 1,165 1,412 Nova Scotia PowerCorp., Note, (MTNF) 8.85% May 19, 2025 700 937 1,045 Ontario Electricity Financial Corp., Note 8.50% May 26, 2025 1,000 1,552 1,550 Ontario Infrastructure Projects Corp., Note 4.70% June 01, 2037 700 685 789 Par (000s)/ Corporate (continued) Ontario School Boards Financing Corp. 5.80% November 07, 2028 631 745 742 Ontario School Boards Financing Corp., Note 5.48% November 26, 2029 649 756 754 Plenary Health Bridgepoint, LP 7.25% August 31, 2042 600 798 845 Plenary Health Care Partnerships Humber, LP 4.82% November 30, 2044 1,000 1,000 1,085 Plenary Health Hamilton, LP 5.80% May 31, 2043 700 807 822 Plenary Properties LTAP, LP 6.29% January 31, 2044 2,565 3,079 3,354 Power Financial Corp., Note 6.90% March 11, 2033 1,000 1,203 1,293 Powerstream, Inc. 3.96% July 30, 2042 400 400 403 Rogers Communications, Inc. 6.68% November 04, 2039 2,000 2,370 2,518 6.11% August 25, 2040 1,500 1,499 1,761 Rogers Communications, Inc., (MTN) 6.56% March 22, 2041 1,500 1,675 1,866 Royal Bank of Canada 4.93% July 16, 2025 2,600 2,838 3,049 Scotiabank Capital Trust, Series 06-1 5.65% December 31, 2056 (1) 2,500 2,527 3,031 Shaw Communications, Inc. 6.75% November 09, 2039 3,800 3,832 4,220 SNC-Lavalin Innisfree McGill Finance, Inc. 6.63% June 30, 2044 2,600 3,307 3,297 Sobeys, Inc., (MTN) 6.64% June 07, 2040 1,000 1,030 1,176 Sun Life Capital Trust, Series B, Secured Note 7.09% June 30, 2052 1,300 1,569 1,507 Sun Life Financial, Inc., (MTN) 5.40% May 29, 2042 (1) 1,200 1,038 1,193 Suncor Energy, Inc., (MTN) 5.39% March 26, 2037 2,200 2,188 2,555 TD Capital Trust IV 10.00% June 30, 2108 (1) 1,500 1,654 2,186 Teranet, LP 5.75% December 17, 2040 1,331 1,411 1,504 6.10% June 17, 2041 800 876 949 Terasen Gas Vancouver Island, Inc., Senior Unsecured Note 6.05% February 15, 2038 1,500 1,537 1,988 Terasen Gas, Inc., (MTN) 6.55% February 24, 2039 400 576 580 The accompanying notes are an integral part of the financial statements. 184
BlackRock Canada CorePlus Long Bond Fund Par (000s)/ Corporate (continued) Terasen Gas, Inc., Note, (MTN) 6.50% May 01, 2034 2,000 2,328 2,780 5.55% September 25, 2036 1,000 973 1,270 Toronto Hydro Corp., (MTN) 5.54% May 21, 2040 1,000 1,297 1,278 TransAlta Corp., (MTN) 7.30% October 22, 2029 300 319 320 TransAlta Corp., Note, (MTN) 6.90% November 15, 2030 (1) 1,000 1,071 1,028 TransCanada PipeLines, Ltd. 8.05% February 17, 2039 3,300 4,575 5,372 TransCanada PipeLines, Ltd., (MTN) 4.55% November 15, 2041 100 99 110 TransCanada PipeLines, Ltd., Note, (MTN) 8.29% February 05, 2026 1,376 2,036 2,020 7.31% January 15, 2027 1,226 1,472 1,677 6.28% May 26, 2028 1,700 1,838 2,148 6.89% August 07, 2028 800 820 1,071 Union Gas, Ltd. 8.65% November 10, 2025 500 694 762 4.88% June 21, 2041 500 547 587 Union Gas, Ltd., (MTN) 6.05% September 02, 2038 600 813 806 5.20% July 23, 2040 1,200 1,236 1,461 University of Toronto 4.25% December 07, 2051 350 359 365 Vancouver International Airport Authority 7.43% December 07, 2026 (1) 500 710 715 Westcoast Energy, Inc., (MTN) 4.79% October 28, 2041 200 200 225 Westcoast Energy, Inc., Note 8.85% July 21, 2025 1,000 1,378 1,503 Total Corporate 216,477 241,573 Total Fixed Income Investments 971,818 1,062,349 Foreign Investments 48.6% U.S. LIBOR GlobalAlpha Bond Fund Ltd.* 407,945 465,753 524,168 Total Foreign Investments 465,753 524,168 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Federal Non-Agency 25.7 23.7 Federal Agency 1.4 2.1 Municipal 1.4 0.8 Provincial 47.5 48.6 Corporate 22.4 22.6 Foreign Investments 48.6 50.8 Repurchase Agreements (47.9) (50.9) Other Assets and Liabilities 0.9 2.3 Open forward currency contracts and repurchase agreements held by the Fund as at December 31, 2012 are shown in Notes 5 and 7 respectively. * The U.S. LIBOR GlobalAlpha Bond Fund Ltd. is a Cayman Islands exempted company that achieves its investment objective by investing in the BlackRock Fixed Income GlobalAlpha Master Fund Ltd. ( FIGA ) and Strategic Short Duration Bond Fund Ltd. ( SSD ), each an exempted company incorporated under the laws of the Cayman Islands. FIGA seeks to invest in a diversified portfolio of long and short fixed income securities across global markets and SSD seeks to invest in a diversified portfolio of debt securities and other credit-related instruments in various global markets. The following portfolio concentration is as a percentage of Net Assets of the U.S. LIBOR GlobalAlpha Bond Fund Ltd. As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) FIGA 37.0 37.0 SSD 61.8 62.8 Other Assets and Liabilities 1.2 0.2 Total Investments 1,437,571 1,586,517 Other Assets and Liabilities (47.0)% (506,978) Net Assets 1,079,539 (1) Variable rate security. Rate shown is as at report date. The accompanying notes are an integral part of the financial statements. 185
BlackRock Canada CorePlus Universe Bond Fund (Note 1) Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 153,553,710 $ 142,663,200 Cash 1,233,521 295,312 Margin due from brokers 164,519 - Net unrealized gain on forward currency contracts (Note 5) 45,538 297,908 Interest receivable 624,826 660,590 Accounts receivable from issue of units - 76,713,449 155,622,114 220,630,459 Liabilities Operating expenses payable 19,950 12,510 Financing charges payable 140,033 14,975 Payables for investment purchases - 114,342,024 Payable for repurchase agreements (Note 7) 52,317,081 10,820,178 Net unrealized loss on forward currency contracts (Note 5) 166,906 116,348 52,643,970 125,306,035 Net Assets $ 102,978,144 $ 95,324,424 Number of Units Issued and Outstanding (Note 8) 9,292,171 9,127,817 Net Assets per Unit $ 11.08 $ 10.44 Investments at Cost $ 150,958,294 $ 141,813,336 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 186
BlackRock Canada CorePlus Universe Bond Fund (Note 1) Statement of Operations For the Periods Ended December 31 2012 2011 Revenue Interest income $ 3,801,690 $ 123,476 Net gain from futures contracts 94,492 - Foreign exchange gain 348,917-4,245,099 123,476 Expenses Custodian fees 6,345 774 Fund accounting expenses 60,774 8,543 Unitholder communication s 15 3 Audit fees 16,003 9,040 Securities filing fees 1,640 21 Financing charges 552,306 20,716 Independent review committee fees 30 16 Other operating expenses 1,743 2 638,856 39,115 Net Investment Income for the Period 3,606,243 84,361 Gain on Investments Net realized loss on sale of investments (299,586) (16,088) Net realized gain (loss) from forward currency contracts 1,164,107 (412,766) Transaction s (Note 2,13) (8,789) - Net change in unrealized appreciation in of investments 1,745,552 849,864 Net change in unrealized appreciation (depreciation) in of forward currency contracts (302,928) 181,560 Net Gain on Investments 2,298,356 602,570 Increase in Net Assets from Operations $ 5,904,599 $ 686,931 Increase in Net Assets from Operations per Unit $ 0.64 $ 0.39 Statement of Changes in Net Assets For the Periods Ended December 31 2012 2011 Net Assets - Beginning of Period $ 95,324,424 $ - Increase in Net Assets from Operations 5,904,599 686,931 Capital Transactions Proceeds from issue of units 2,149,403 94,637,493 Reinvestment of distributions 4,575,305 - Redemption of units (400,282) - Net capital transactions 6,324,426 94,637,493 Distributions From net investment income (4,575,305) - Total distributions (4,575,305) - Increase in Net Assets for the Period 7,653,720 95,324,424 Net Assets - End of Period $ 102,978,144 $ 95,324,424 The accompanying notes are an integral part of the financial statements. 187
BlackRock Canada CorePlus Universe Bond Fund (Note 1) Statement of Cash Flow For the Periods Ended December 31 2012 2011 Cash Used in Operating Activities Net investment income for the periods $ 3,606,243 $ 84,361 Changes in Working Capital Balances Relating to Operations Purchase of investment securities* (49,641,350) (51,215,669) Proceeds from disposition of investment securities 40,196,806 2,779,392 Transaction s (8,789) - Increase in margin due from brokers (164,519) - Decrease (Increase) in interest receivable 35,764 (660,590) Decrease (Increase) in accounts receivable for issue of units* 890,805 (890,805) Increase in operating expenses payable 7,440 12,510 Increase in financing charges payable 125,058 14,975 Increase (Decrease) in payable for investment purchases* (38,519,379) 38,519,379 Net realized gain(loss) from forward currency contract 1,164,107 (412,766) (45,914,058) (11,853,574) Net Cash Used in Operating Activities (42,307,815) (11,769,213) Financing Activities Proceeds from issuance of units* 2,149,403 1,244,347 Proceeds from repurchase agreements 41,496,903 10,820,178 Payment on redemption in units (400,282) - Net Cash Provided by Financing Activities 43,246,024 12,064,525 Net Increase in Cash and Cash Equivalent $ 938,209 $ 295,312 Cash - Beginning of Period $ 295,312 $ - Cash - End of Period $ 1,233,521 $ 295,312 * Excluding in-kind activity as follows: - Purchase of investment securities (2011, $93,393,145) - Increase in accounts receivable for issue of units (2011, $75,822,645) - Increase in payable for investment purchases (2011, $75,822,645) - Proceeds from issuance of units (2011, $93,393,145) The accompanying notes are an integral part of the financial statements. 188
BlackRock Canada CorePlus Universe Bond Fund Par (000s)/ Fixed Income Investments Government Federal Non-Agency 28.6% Government of Canada 1.00% February 01, 2014 808 808 807 2.00% March 01, 2014 684 699 691 0.75% May 01, 2014 800 794 796 5.00% June 01, 2014 608 666 641 3.00% June 01, 2014 1,063 1,113 1,091 2.25% August 01, 2014 1,082 1,114 1,101 1.00% November 01, 2014 600 599 598 2.00% December 01, 2014 1,215 1,245 1,234 1.00% February 01, 2015 830 826 828 4.50% June 01, 2015 684 760 738 2.50% June 01, 2015 881 917 909 1.50% August 01, 2015 490 495 494 3.00% December 01, 2015 916 977 962 1.25% February 01, 2016 350 350 350 4.00% June 01, 2016 684 763 745 2.00% June 01, 2016 784 807 802 2.75% September 01, 2016 759 804 797 1.50% March 01, 2017 716 723 720 4.00% June 01, 2017 788 890 876 1.50% September 01, 2017 684 688 688 1.25% March 01, 2018 225 224 223 4.25% June 01, 2018 777 899 890 3.75% June 01, 2019 1,381 1,576 1,566 3.50% June 01, 2020 1,037 1,164 1,172 9.75% June 01, 2021 76 127 124 3.25% June 01, 2021 891 981 999 2.75% June 01, 2022 800 872 866 8.00% June 01, 2023 228 362 360 1.50% June 01, 2023 363 349 349 9.00% June 01, 2025 152 269 269 8.00% June 01, 2027 304 524 525 5.75% June 01, 2029 760 1,117 1,129 5.75% June 01, 2033 935 1,423 1,452 5.00% June 01, 2037 987 1,445 1,461 4.00% June 01, 2041 1,173 1,541 1,568 3.50% December 01, 2045 527 659 664 29,570 29,485 Federal Agency 11.9% Asian Development Bank, Series MPLE, Senior Unsecured Note 4.65% February 16, 2027 76 87 89 Canada Housing Trust 2.20% March 15, 2014 584 597 591 3.15% June 15, 2014 652 681 670 2.75% September 15, 2014 580 603 595 2.75% December 15, 2014 544 568 560 2.95% March 15, 2015 508 534 527 3.15% June 15, 2015 532 564 556 4.10% December 15, 2018 608 687 685 3.75% March 15, 2020 432 477 482 3.35% December 15, 2020 379 408 413 Canada Housing Trust No 1 2.75% December 15, 2015 505 529 525 Par (000s)/ Federal Agency (continued) 2.45% December 15, 2015 532 552 548 2.75% June 15, 2016 1,139 1,195 1,187 1.85% December 15, 2016 889 899 899 2.05% June 15, 2017 900 906 916 1.70% December 15, 2017 900 899 900 3.80% June 15, 2021 609 675 685 2.65% March 15, 2022 553 562 570 2.40% December 15, 2022 375 376 377 Canada Post Corp. 4.08% July 16, 2025 76 87 89 Inter-American Development Bank, Note 4.75% November 17, 2014 100 107 106 4.40% January 26, 2026 76 85 86 Royal Office Finance LP, Series A, Note 5.21% November 12, 2037 147 173 175 12,251 12,231 Government Guaranteed 0.1% Milit-Air, Inc., Secured Note 5.75% June 30, 2019 68 77 76 77 76 Municipal 2.0% Alberta Capital Finance Authority, Note 3.05% June 15, 2015 76 80 79 4.35% June 15, 2016 152 169 166 City of Montreal 4.95% December 10, 2014 76 83 81 6.00% June 01, 2043 76 102 103 City of Toronto 4.85% July 28, 2016 152 171 167 5.20% June 01, 2040 76 92 93 4.70% June 10, 2041 100 112 115 City of Winnipeg 9.13% May 12, 2015 76 94 89 Municipal Finance Authority of British Columbia 4.65% April 19, 2016 152 170 166 3.00% June 01, 2016 152 159 158 4.88% June 03, 2019 152 174 174 4.15% June 01, 2021 76 83 84 3.35% June 01, 2022 50 52 52 4.95% December 01, 2027 76 89 89 Peel Regional Municipality 5.10% June 29, 2040 76 92 93 3.85% October 30, 2042 25 25 25 PSP Capital, Inc. 2.94% December 03, 2015 76 79 78 Regional Municipality of York 7.25% June 19, 2017 76 95 92 4.00% June 30, 2021 152 162 164 2,083 2,068 The accompanying notes are an integral part of the financial statements. 189
BlackRock Canada CorePlus Universe Bond Fund Par (000s)/ Provincial 27.1% City of Toronto 3.80% December 13, 2042 50 50 50 Financement-Quebec 4.25% March 01, 2014 76 81 79 3.25% June 01, 2014 76 79 78 4.25% December 01, 2015 76 83 82 3.50% December 01, 2016 76 82 81 3.50% December 01, 2017 228 244 244 2.40% December 01, 2018 300 300 303 2.45% December 01, 2019 300 300 300 5.25% June 01, 2034 152 186 188 Hydro Quebec 9.63% July 15, 2022 76 120 118 5.00% February 15, 2050 202 263 265 Hydro Quebec, (MTN) 6.00% February 15, 2040 152 214 216 Hydro Quebec, Series 19, Note 6.50% February 15, 2035 152 219 219 Hydro Quebec, Series HL, Note 11.00% August 15, 2020 153 248 242 Hydro Quebec, Series JM, Note 5.00% February 15, 2045 152 193 195 Ontario Electricity Financial Corp., Note 8.25% June 22, 2026 152 238 236 Province of Alberta 2.75% December 01, 2014 100 103 103 1.85% September 01, 2016 76 77 77 1.75% June 15, 2017 100 100 100 4.00% December 01, 2019 76 84 85 2.55% December 15, 2022 100 100 100 4.50% December 01, 2040 76 92 94 Province of British Columbia 7.50% June 09, 2014 76 87 83 4.25% June 18, 2014 76 82 79 4.70% December 01, 2017 76 87 86 4.10% December 18, 2019 152 168 171 3.70% December 18, 2020 152 163 167 9.95% May 15, 2021 76 120 118 3.25% December 18, 2021 76 78 80 2.70% December 18, 2022 100 100 100 8.00% September 08, 2023 76 113 112 5.70% June 18, 2029 126 165 167 6.35% June 18, 2031 228 322 326 4.70% June 18, 2037 152 182 186 4.30% June 18, 2042 252 292 299 Province of British Columbia, Unsecured Note 3.20% June 18, 2044 50 49 49 Province of British Columbia, (MTN) 4.65% December 18, 2018 152 174 175 4.95% June 18, 2040 152 192 196 Province of Manitoba 4.80% December 03, 2014 76 84 81 4.30% March 01, 2016 76 84 82 Par (000s)/ Provincial (continued) 1.85% June 01, 2017 100 100 100 4.15% June 03, 2020 100 112 112 7.75% December 22, 2025 76 115 114 5.70% March 05, 2037 76 103 105 4.60% March 05, 2038 76 90 92 4.65% March 05, 2040 76 91 93 4.10% March 05, 2041 76 84 86 3.35% March 05, 2043 50 51 50 Province of Manitoba, (MTN) 6.50% September 22, 2017 76 94 92 4.40% September 05, 2025 52 59 59 6.30% March 05, 2031 50 71 71 Province of New Brunswick 4.30% December 03, 2015 76 84 82 6.00% December 27, 2017 76 92 91 4.45% March 26, 2018 76 86 85 4.40% June 03, 2019 76 85 86 4.50% June 02, 2020 152 171 173 3.35% December 03, 2021 176 181 185 4.65% September 26, 2035 76 88 89 4.55% March 26, 2037 76 87 88 4.80% September 26, 2039 152 182 185 3.55% June 03, 2043 100 100 101 Province of Newfoundland 5.25% June 04, 2014 76 83 80 5.60% October 17, 2033 76 100 101 4.65% October 17, 2040 152 182 186 Province of Nova Scotia 1.90% September 08, 2017 400 399 401 4.15% November 25, 2019 75 84 84 4.10% June 01, 2021 76 83 85 4.50% June 01, 2037 152 173 177 4.70% June 01, 2041 76 91 93 4.40% June 01, 2042 176 204 207 3.50% June 02, 2043 650 660 665 Province of Nova Scotia, Series 9Z 6.60% June 01, 2027 30 41 42 Province of Ontario 5.00% March 08, 2014 408 441 426 3.25% September 08, 2014 228 239 235 4.50% March 08, 2015 228 250 243 3.15% September 08, 2015 128 135 134 4.40% March 08, 2016 228 253 248 3.20% September 08, 2016 52 55 55 4.30% March 08, 2017 456 509 502 4.20% March 08, 2018 152 169 169 4.40% June 02, 2019 656 740 740 4.20% June 02, 2020 532 590 596 4.00% June 02, 2021 810 886 896 3.15% June 02, 2022 903 922 934 2.85% June 02, 2023 210 209 210 8.10% September 08, 2023 116 172 171 8.50% December 02, 2025 76 121 120 7.60% June 02, 2027 254 385 384 6.50% March 08, 2029 380 533 536 6.20% June 02, 2031 252 349 350 5.85% March 08, 2033 328 444 446 The accompanying notes are an integral part of the financial statements. 190
BlackRock Canada CorePlus Universe Bond Fund Par (000s)/ Provincial (continued) 4.70% June 02, 2037 430 512 518 4.60% June 02, 2039 528 628 633 4.65% June 02, 2041 766 929 939 Province of Ontario, (MTN) 5.50% June 02, 2018 76 90 89 5.60% June 02, 2035 380 504 508 Province of Ontario, Series HC 9.50% July 13, 2022 152 240 236 Province of Prince Edward Island 6.10% July 29, 2027 76 100 100 Province of Quebec 5.50% December 01, 2014 228 255 246 5.00% December 01, 2015 380 429 417 4.50% December 01, 2016 152 171 168 4.50% December 01, 2017 380 429 425 4.50% December 01, 2019 328 371 372 4.50% December 01, 2020 456 513 519 4.25% December 01, 2021 528 586 591 3.50% December 01, 2022 509 529 536 9.38% January 16, 2023 76 120 118 8.50% April 01, 2026 152 240 237 6.00% October 01, 2029 152 202 203 6.25% June 01, 2032 304 419 421 5.75% December 01, 2036 288 385 388 5.00% December 01, 2038 380 466 470 5.00% December 01, 2041 582 730 735 4.25% December 01, 2043 428 479 487 Province of Quebec, Senior Unsecured Note 3.00% September 01, 2023 100 100 100 Province of Quebec, (MTN) 4.50% December 01, 2018 228 258 257 Province of Saskatchewan 3.90% July 28, 2020 50 56 56 6.40% September 05, 2031 152 218 221 5.60% September 05, 2035 50 69 69 5.00% March 05, 2037 30 38 39 4.75% June 01, 2040 76 94 97 3.40% February 03, 2042 50 52 52 27,838 27,914 Total Government 71,819 71,774 Corporate 29.6% 407 International, Inc., (MTN) 3.88% June 16, 2015 76 81 80 4.30% May 26, 2021 76 82 85 4.45% November 15, 2041 256 265 281 407 International, Inc., Series 06D1, Note 5.75% February 14, 2036 76 86 94 Aeroports de Montreal 5.17% September 17, 2035 76 86 91 5.67% October 16, 2037 76 93 98 Alliance Pipeline, LP, Senior Note 5.55% December 31, 2023 81 90 90 6.77% December 31, 2025 42 51 51 Par (000s)/ Corporate (continued) AltaLink, LP, (MTN) 5.24% May 29, 2018 76 88 87 American Express Canada (MTN) 4.85% October 03, 2014 102 108 107 American Express Canada, Guaranteed Note, (MTN) 3.60% June 03, 2016 76 77 79 Bank of Montreal 3.93% April 27, 2015 88 93 92 1.89% October 05, 2015 100 100 100 3.10% March 10, 2016 76 78 79 3.49% June 10, 2016 152 158 159 2.96% August 02, 2016 152 155 156 2.39% July 12, 2017 200 200 201 2.24% December 11, 2017 150 150 149 4.61% September 10, 2025 76 83 87 Bank of Montreal, (MTN) 3.98% July 08, 2021 (1) 152 158 161 Bank of Montreal, DPNT 5.18% June 10, 2015 76 84 82 6.02% May 02, 2018 152 179 179 Bank of Nova Scotia 3.43% July 16, 2014 228 237 234 3.35% November 18, 2014 152 158 157 3.34% March 25, 2015 76 79 79 2.25% May 08, 2015 300 302 303 3.61% February 22, 2016 152 159 159 2.60% February 27, 2017 100 100 101 4.10% June 08, 2017 152 163 164 4.94% April 15, 2019 (1) 76 81 79 6.65% January 22, 2021 (1) 76 87 86 3.04% October 18, 2024 (1) 100 100 101 Bank of Nova Scotia, (MTN) 2.90% August 03, 2022 (1) 150 150 153 BC Tel, Note 9.65% April 08, 2022 76 111 111 BCIMC Realty Corp. 2.65% June 29, 2017 100 100 101 2.96% March 07, 2019 300 300 305 3.51% June 29, 2022 100 100 102 Bell Aliant Regional Communications, LP, (MTN) 6.29% February 17, 2015 76 84 82 4.88% April 26, 2018 76 80 82 Bell Canada 3.60% December 02, 2015 76 79 79 4.40% March 16, 2018 228 243 248 3.35% June 18, 2019 100 100 103 Bell Canada, (MTN) 4.85% June 30, 2014 152 162 159 Bell Canada, Note, (MTN) 7.85% April 02, 2031 76 98 106 7.30% February 23, 2032 76 93 101 BMO Capital Trust II, Series A, Note 10.22% December 31, 2107 (1) 76 102 105 The accompanying notes are an integral part of the financial statements. 191
BlackRock Canada CorePlus Universe Bond Fund Par (000s)/ Corporate (continued) BMW Canada, Inc. 2.76% April 01, 2014 76 77 77 Borealis Infrastructure Trust, Series N, Secured Note 6.35% December 01, 2020 57 65 65 British Columbia Ferry Services, Inc., Series B, Senior Secured Note 6.25% October 13, 2034 76 96 99 Broadcast Centre Trust, Secured Note 7.53% May 01, 2027 44 59 59 Broadway Credit Card Trust, Series A, Note 4.80% March 17, 2017 76 80 79 Brookfield Asset Management, Inc., (MTN) 3.95% April 09, 2019 100 100 102 5.30% March 01, 2021 76 80 84 Brookfield Asset Management, Inc., Note 5.95% June 14, 2035 76 72 76 Brookfield Renewable Power, Inc., (MTN) 5.14% October 13, 2020 76 78 83 BRP Finance ULC, (MTN) 4.79% February 07, 2022 100 100 106 Cameco Corp. 4.70% September 16, 2015 51 54 54 5.67% September 02, 2019 51 56 59 Cadillac view Finance Trust 3.24% January 25, 2016 152 159 158 3.64% May 09, 2018 152 160 162 4.31% January 25, 2021 152 166 170 Canadian Credit Card TST 3.44% July 24, 2015 76 79 79 Canadian Imperial Bank of Commerce 3.30% November 19, 2014 76 79 78 2.20% May 22, 2015 100 100 101 3.40% January 14, 2016 228 237 237 2.65% November 08, 2016 177 177 180 3.95% July 14, 2017 76 81 81 2.35% October 18, 2017 100 100 100 4.11% April 30, 2020 (1) 152 159 159 3.15% November 02, 2020 (1) 76 76 78 Canadian Imperial Bank of Commerce, DPNT, Note 4.95% January 23, 2014 76 81 79 Canadian Natural Resources, Ltd., (MTN) 3.05% June 19, 2019 100 100 101 Canadian Pacific RR Co., (MTN) 6.45% November 17, 2039 76 84 93 Par (000s)/ Corporate (continued) Canadian Pacific RR Co., Senior Unsecured Note, (MTN) 6.25% June 01, 2018 76 87 88 Canadian Tire Corp., Ltd. (MTN) 6.32% February 24, 2034 76 82 87 Canadian Western Bank 2.38% September 14, 2015 200 200 201 3.05% January 18, 2017 100 100 102 Capital Desjardins, Inc. 5.76% April 01, 2019 (1) 76 81 79 5.19% May 05, 2020 152 164 173 3.80% November 23, 2020 (1) 76 78 79 5.54% June 01, 2021 (1) 76 83 84 Capital Power, LP, (MTN) 5.28% November 16, 2020 76 76 78 Cards II Trust 3.10% September 15, 2015 76 78 79 3.33% May 15, 2016 76 79 79 Caterpillar Financial Services, Ltd. 2.20% June 01, 2015 100 100 101 2.63% June 01, 2017 100 100 101 CI Investments, Inc. 3.94% December 14, 2016 (1) 76 79 79 CIBC Capital Trust 9.98% June 30, 2108 (1) 152 190 203 Co-Operators Financial Services 5.78% March 10, 2020 76 76 83 CU, Inc. 4.54% October 24, 2041 76 81 86 3.81% September 10, 2042 50 50 50 3.83% September 11, 2062 50 50 50 CU, Inc., (MTN) 6.80% August 13, 2019 76 96 96 5.58% May 26, 2038 76 93 98 CU, Inc., Note 6.15% November 22, 2017 76 91 90 Daimler Canada Finance, Inc. 3.16% April 14, 2014 76 77 77 Emera, Inc., (MTN) 4.83% December 02, 2019 76 82 84 Enbridge Gas Distribution, Inc., (MTN) 4.04% November 23, 2020 152 164 167 Enbridge Pipelines, Inc., (MTN) 6.55% November 17, 2027 76 100 97 Enbridge, Inc. 4.53% March 09, 2020 76 82 84 3.19% December 05, 2022 50 50 50 Enbridge, Inc., (MTN) 5.17% May 19, 2016 152 169 167 4.77% September 02, 2019 76 84 85 7.20% June 18, 2032 76 103 106 4.24% August 27, 2042 50 50 51 The accompanying notes are an integral part of the financial statements. 192
BlackRock Canada CorePlus Universe Bond Fund Par (000s)/ Corporate (continued) Encana Corp., (MTN) 5.80% January 18, 2018 152 175 172 EPCOR Utilities, Inc., (MTN) 5.80% January 31, 2018 15 17 17 4.55% February 28, 2042 100 100 106 Fifth Avenue, LP 4.71% August 05, 2021 74 79 80 First Capital Realty, Inc., Series E, Note, (MTN) 5.36% January 31, 2014 42 44 43 Ford Credit Canada, Ltd. 4.88% March 17, 2014 50 52 52 7.50% August 18, 2015 50 56 56 4.88% February 08, 2017 50 53 53 FortisAlberta, Inc., (MTN) 5.37% October 30, 2039 76 92 95 FortisAlberta, Inc., Senior Note 6.22% October 31, 2034 76 99 102 Gaz Metro, Inc., Guaranteed Note 5.45% July 12, 2021 76 89 91 Gaz Metro, LP, Series D, Note 10.45% October 31, 2016 76 104 98 GE Capital Canada Funding Co., (MTN) 4.40% June 01, 2014 152 159 158 4.24% June 08, 2015 76 80 80 5.53% August 17, 2017 104 115 118 3.55% June 11, 2019 100 100 104 4.60% January 26, 2022 100 100 110 5.73% October 22, 2037 76 81 94 Glacier Credit Card Trust 2.39% April 20, 2020 50 50 50 Golden Credit Card Trust 3.51% May 15, 2016 152 159 159 Great-West Lifeco Finance Delaware, LP II 7.13% June 26, 2068 (1) 76 85 90 Great-West Lifeco Finance Delaware, LP, Subordinated Note 5.69% June 21, 2067 (1) 152 158 167 Great-West Lifeco, Inc. 4.65% August 13, 2020 76 79 84 Great-West Lifeco, Inc., Note 6.67% March 21, 2033 76 89 97 Greater Toronto Airports Authority, (MTN) 5.00% June 01, 2015 100 109 108 4.70% February 15, 2016 76 83 82 4.85% June 01, 2017 76 85 85 7.05% June 12, 2030 76 102 106 7.10% June 04, 2031 76 104 108 5.63% June 07, 2040 175 227 227 5.30% February 25, 2041 76 88 95 Par (000s)/ Corporate (continued) Greater Toronto Airports Authority, Note 6.45% December 03, 2027 76 96 100 Health Montreal Collective, LP 6.72% September 30, 2049 228 259 277 Holcim Finance Canada, Inc., (MTN) 3.65% April 10, 2018 50 50 51 Honda Canada Finance, Inc. 2.28% December 11, 2017 25 25 25 HSBC Bank of Canada 3.86% May 21, 2015 52 55 54 2.57% November 23, 2015 100 100 102 2.90% January 13, 2017 200 200 205 3.56% October 04, 2017 76 79 80 4.80% April 10, 2022 (1) 76 81 82 Husky Energy, Inc. 5.00% March 12, 2020 76 83 86 Hydro One, Inc. 4.40% June 01, 2020 76 84 86 Hydro One, Inc., (MTN) 2.95% September 11, 2015 76 79 78 5.18% October 18, 2017 76 87 87 3.20% January 13, 2022 200 201 207 5.36% May 20, 2036 76 90 94 6.03% March 03, 2039 76 99 104 5.00% October 19, 2046 152 177 186 Industrial Alliance Capital Trust, Note 5.13% June 30, 2019 (1) 76 79 78 Intact Financial Corp., (MTN) 5.41% September 03, 2019 76 83 87 Inter Pipeline Fund, (MTN) 3.78% May 30, 2022 100 100 102 Loblaw Cos., Ltd., (MTN) 4.85% May 08, 2014 76 81 79 5.22% June 18, 2020 100 109 114 6.54% February 17, 2033 152 169 177 Lower Mattagami Energy, LP 2.23% October 23, 2017 50 50 50 Manufacturers Life Insurance Co. 4.17% June 01, 2022 (1) 100 100 105 Manulife Finance Cap Trust 7.41% December 31, 2108 (1) 76 83 89 Manulife Finance Delaware 5.06% December 15, 2041 (1) 76 61 70 Manulife Financial Corp. 7.77% April 08, 2019 76 91 95 Manulife Financial Corp., (MTN) 4.90% June 02, 2014 76 79 79 4.08% August 20, 2015 76 78 79 5.51% June 26, 2018 76 81 85 Master Credit Card Trust 3.50% May 21, 2016 76 79 80 2.63% January 21, 2017 100 100 102 The accompanying notes are an integral part of the financial statements. 193
BlackRock Canada CorePlus Universe Bond Fund Par (000s)/ Corporate (continued) Merrill Lynch Canada Finance Co., (MTN) 5.00% February 18, 2014 76 78 78 Metro, Inc., (MTN) 5.97% October 15, 2035 76 81 86 Molson Coors Capital Finance, ULC 5.00% September 22, 2015 76 82 81 National Bank of Canada 2.23% January 30, 2015 200 200 202 4.03% May 26, 2015 76 81 80 3.58% April 26, 2016 76 79 79 2.69% August 21, 2017 100 100 101 National Bank of Canada, (MTN) 4.93% December 22, 2019 (1) 152 163 161 3.26% April 11, 2022 (1) 200 200 206 NAV Canada, Note 7.56% March 01, 2027 48 62 62 NBC Asset Trust 7.45% June 30, 2020 (1) 76 90 95 NOVA Gas Transmission, Ltd., Series 21, Note 12.20% February 28, 2016 76 104 98 Nova Scotia Power, Inc., (MTN) 4.15% March 06, 2042 100 100 102 Ontario Electricity Financial Corp., Note 10.00% February 06, 2020 152 232 227 Ontario Electricity Financial Corp., Series DJ5, Note 10.00% October 17, 2014 304 376 350 Ontario Electricity Financial Corp., Series FV6, Note 8.90% August 18, 2022 76 116 114 Ontario School Boards Financing Corp. 5.38% June 25, 2032 61 70 70 Ontario School Boards Financing Corp., Note 5.48% November 26, 2029 107 123 124 5.07% April 18, 2031 58 64 64 Ontario School Boards Financing Corp., Series 01A2 6.25% October 19, 2016 152 181 175 Pembina Pipeline Corp. (MTN) 4.89% March 29, 2021 200 219 221 Plenary Health Care Partnerships Humber, LP 4.82% November 30, 2044 76 79 82 Plenary Properties LTAP, LP 6.29% January 31, 2044 76 92 99 Power Corp. Canada 7.57% April 22, 2019 76 92 94 Power Financial Corp., Note 6.90% March 11, 2033 76 91 98 Par (000s)/ Corporate (continued) Reliance, LP 4.57% March 15, 2017 50 50 50 5.19% March 15, 2019 50 50 50 RioCan Real Estate Investment Trust 3.72% December 13, 2021 50 50 50 Rogers Communications, Inc. 5.80% May 26, 2016 76 85 84 3.00% June 06, 2017 100 100 102 4.70% September 29, 2020 76 79 84 5.34% March 22, 2021 152 164 174 4.00% June 06, 2022 100 100 104 6.11% August 25, 2040 152 162 178 Rogers Communications, Inc., (MTN) 6.56% March 22, 2041 76 86 95 RONA, Inc., Note 5.40% October 20, 2016 76 77 80 Royal Bank of Canada 2.05% January 13, 2015 100 100 101 3.36% January 11, 2016 304 316 316 3.03% July 26, 2016 152 156 157 2.68% December 08, 2016 306 308 312 3.66% January 25, 2017 228 240 241 2.36% September 21, 2017 150 150 150 4.35% June 15, 2020 (1) 76 80 80 3.18% November 02, 2020 (1) 76 77 78 2.99% December 06, 2024 (1) 100 100 101 4.93% July 16, 2025 76 86 89 Royal Bank of Canada, (MTN) 3.18% March 16, 2015 152 158 157 Royal Bank of Canada, Senior Note 4.97% June 05, 2014 76 82 80 Royal Bank of Canada, Series 2014, Subordinated Note 5.95% June 18, 2103 52 56 55 Score Trust, Series 2004-1, Note 4.95% February 20, 2017 76 80 79 Scotiabank Capital Trust, Series 06-1 5.65% December 31, 2056 (1) 76 83 92 Scotiabank Tier I Capital Trust 7.80% June 30, 2108 (1) 76 91 96 Shaw Communications, Inc. 6.50% June 02, 2014 76 83 80 5.65% October 01, 2019 76 83 85 6.75% November 09, 2039 152 157 169 Shaw Communications, Inc., Series N, Senior Note 6.15% May 09, 2016 76 85 84 SNC-Lavalin Group, Inc. 6.19% July 03, 2019 76 89 87 SP LP/SP1, LP 3.21% June 15, 2019 99 99 100 The accompanying notes are an integral part of the financial statements. 194
BlackRock Canada CorePlus Universe Bond Fund Par (000s)/ Corporate (continued) Sun Life Financial, Inc. 4.57% August 23, 2021 76 76 83 4.95% June 01, 2036 (1) 152 156 161 Sun Life Financial, Inc., (MTN) 5.40% May 29, 2042 (1) 76 69 76 Sun Life Financial, Inc., Senior Note, (MTN) 4.80% November 23, 2035 (1) 76 78 80 Suncor Energy, Inc., (MTN) 5.39% March 26, 2037 76 83 88 TD Capital Trust IV 9.52% June 30, 2108 (1) 76 100 104 6.63% June 30, 2108 (1) 76 86 93 TELUS Corp. 4.95% May 15, 2014 76 81 79 4.95% March 15, 2017 76 83 84 5.05% December 04, 2019 76 83 86 5.05% July 23, 2020 76 83 87 TELUS Corp., Senior Unsecured Note 5.95% April 15, 2015 76 84 83 Teranet, LP 3.53% December 16, 2015 76 79 79 4.81% December 16, 2020 76 81 85 5.75% December 17, 2040 76 79 86 Terasen Gas, Inc., Senior Note, (MTN) 5.80% May 13, 2038 152 193 201 Thomson Reuters Corp. 5.20% December 01, 2014 76 83 81 5.70% July 15, 2015 76 85 83 6.00% March 31, 2016 76 86 85 Toronto Hydro Corp., Note 5.15% November 14, 2017 76 87 86 Toronto-Dominion Bank 2.95% August 02, 2016 228 233 235 Toronto-Dominion Bank, (MTN) 5.48% April 02, 2020 (1) 152 166 164 3.37% November 02, 2020 (1) 76 77 79 5.83% July 09, 2023 (1) 76 87 89 4.97% October 30, 2104 (1) 152 163 164 4.78% December 14, 2105 (1) 127 136 138 Toronto-Dominion Bank, Note 10.05% August 04, 2014 76 91 85 Toyota Credit Canada, Inc. 2.45% February 27, 2017 100 100 101 TransAlta Corp., (MTN) 7.30% October 22, 2029 76 85 81 TransCanada PipeLines, Ltd., (MTN) 4.65% October 03, 2016 76 84 83 3.65% November 15, 2021 127 129 135 4.55% November 15, 2041 127 131 139 TransCanada PipeLines, Ltd., Note, (MTN) 7.90% April 15, 2027 76 108 110 Par (000s)/ Corporate (continued) Union Gas, Ltd., (MTN) 5.20% July 23, 2040 75 92 91 Union Gas, Ltd., Series 1992, Note 9.70% November 06, 2017 76 104 100 Union Gas, Ltd., Series 1993, Note 8.75% August 03, 2018 76 102 100 VW Credit Canada, Inc. 2.50% June 01, 2015 100 100 101 2.90% June 01, 2017 100 100 102 Wells Fargo Canada Corp., (MTN) 2.94% July 25, 2019 100 100 101 Wells Fargo Financial Canada Corp. 3.97% November 03, 2014 76 79 79 Wells Fargo Financial Canada Corp., (MTN) 4.38% June 30, 2015 76 81 80 3.70% March 30, 2016 76 79 80 2.77% February 09, 2017 500 500 509 Westcoast Energy, Inc. 3.28% January 15, 2016 76 79 79 3.12% December 05, 2022 100 100 99 Westcoast Energy, Inc., (MTN) 7.15% March 20, 2031 76 103 107 Winnipeg Airport Authority, Inc. 4.57% November 20, 2019 50 56 56 Total Corporate 29,941 30,449 Total Fixed Income Investments 101,760 102,223 Foreign Investments 49.8% U.S. LIBOR GlobalAlpha Bond Fund Ltd.* 39,949 49,198 51,331 Total Foreign Investments 49,198 51,331 Total Investments 150,958 153,554 Other Assets and Liabilities (49.1)% (50,576) Net Assets 102,978 (1) Variable rate security. Rate shown is as at report date. The accompanying notes are an integral part of the financial statements. 195
BlackRock Canada CorePlus Universe Bond Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Federal Non-Agency 28.6 30.1 Federal Agency 11.9 12.7 Government Guaranteed 0.1 0.1 Municipal 2.0 1.7 Provincial 27.1 26.3 Corporate 29.6 27.6 Foreign Investments 49.8 51.2 Repurchase Agreements (50.8) (11.4) Other Assets and Liabilities 1.7 (38.3) Open futures contracts, forward currency contracts, and repurchase agreements held by the Fund as at December 31, 2012 are shown in Notes 4, 5, and 7 respectively. * The U.S. LIBOR GlobalAlpha Bond Fund Ltd. is a Cayman Islands exempted company that achieves its investment objective by investing in the BlackRock Fixed Income GlobalAlpha Master Fund Ltd. ( FIGA ) and Strategic Short Duration Bond Fund Ltd. ( SSD ), each an exempted company incorporated under the laws of the Cayman Islands. FIGA seeks to invest in a diversified portfolio of long and short fixed income securities across global markets and SSD seeks to invest in a diversified portfolio of debt securities and other credit-related instruments in various global markets. The following portfolio concentration is as a percentage of Net Assets of the U.S. LIBOR GlobalAlpha Bond Fund Ltd. As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) FIGA 37.0 37.0 SSD 61.8 62.8 Other Assets and Liabilities 1.2 0.2 The accompanying notes are an integral part of the financial statements. 196
BlackRock Canada Levered Long Bond Index Fund (Note 1) Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 44,940,474 $ 32,093,859 Cash 300,428 90,891 Cash collateral 11,250,142 7,683,429 Unrealized gain on swaps (Note 6) 553,246 2,257,978 57,044,290 42,126,157 Liabilities Operating expenses payable 15,124 11,596 15,124 11,596 Net Assets $ 57,029,166 $ 42,114,561 Number of Units Issued and Outstanding (Note 8) 4,837,744 3,848,139 Net Assets per Unit $ 11.79 $ 10.94 Investments at Cost $ 45,431,617 $ 31,701,071 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 197
BlackRock Canada Levered Long Bond Index Fund (Note 1) Statement of Operations For the Periods Ended December 31 2012 2011 Revenue Interest income $ 1,531,051 $ 653,140 1,531,051 653,140 Expenses Fund accounting expenses 13,612 3,386 Unitholder communication s - 144 Audit fees 13,718 10,170 Securities filing fees 721 169 Independent review committee fees 16 25 Other operating expenses 1,881 51 29,948 13,945 Net Investment Income for the Period 1,501,103 639,195 Gain on Investments Net realized gain on sale of investments 48,724 26,717 Net realized gain (loss) on swaps 3,294,256 (143,498) Capital gains distributions received from other funds 888,064 421,730 Net change in unrealized appreciation (depreciation) in of swap contracts (1,704,732) 2,257,978 Net change in unrealized appreciation (depreciation) in of investments (883,931) 392,788 Net Gain on Investments 1,642,381 2,955,715 Increase in Net Assets from Operations $ 3,143,484 $ 3,594,910 Increase in Net Assets from Operations per Unit $ 0.78 $ 1.33 Statement of Changes in Net Assets For the Periods Ended December 31 2012 2011 Net Assets - Beginning of Period $ 42,114,561 $ - Increase in Net Assets from Operations 3,143,484 3,594,910 Capital Transactions Proceeds from issue of units 14,572,099 38,519,651 Reinvestment of distributions 5,747,657 896,663 Redemption of units (2,800,978) - Net capital transactions 17,518,778 39,416,314 Distributions From net investment income (4,782,689) (474,933) From capital gains (964,968) (421,730) Total distributions (5,747,657) (896,663) Increase in Net Assets for the Period 14,914,605 42,114,561 Net Assets - End of Period $ 57,029,166 $ 42,114,561 The accompanying notes are an integral part of the financial statements. 198
BlackRock Canada Levered Long Bond Index Fund Canadian Fixed Income Index Equivalents 78.8% BlackRock Canada Long Bond Index Class A 1,547,016 45,432 44,940 Total Canadian Fixed Income Index Equivalents 45,432 44,940 Total Investments 45,432 44,940 Other Assets and Liabilities 21.2% 12,089 Net Assets 57,029 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Fixed Income Index Equivalents 78.8 76.2 Swap referenced to Canadian Fixed Income Index Equivalents 1.0 5.4 Other Assets and Liabilities 20.2 18.4 Open swap contracts held by the Fund as at December 31, 2012 are shown in Note 6. The accompanying notes are an integral part of the financial statements. 199
BlackRock Canada Levered Real Return Bond Index Fund (Note 1) Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 32,576,201 $ 33,624,417 Cash 195,911 508,491 Cash collateral 8,183,966 6,562,948 Unrealized gain on swaps (Note 6) 231,778 3,517,931 41,187,856 44,213,787 Liabilities Operating expenses payable 15,012 11,591 15,012 11,591 Net Assets $ 41,172,844 $ 44,202,196 Number of Units Issued and Outstanding (Note 8) 3,452,114 3,847,558 Net Assets per Unit $ 11.93 $ 11.49 Investments at Cost $ 31,801,395 $ 32,325,898 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 200
BlackRock Canada Levered Real Return Bond Index Fund (Note 1) Statement of Operations For the Periods Ended December 31 2012 2011 Revenue Interest income $ 912,805 $ 558,008 912,805 558,008 Expenses Fund accounting expenses 13,612 3,387 Unitholder communication s - 144 Audit fees 13,718 10,170 Securities filing fees 632 163 Independent review committee fees 17 27 Other operating expenses 1,871 50 29,850 13,941 Net Investment Income for the Period 882,955 544,067 Gain on Investments Net realized gain on sale of investments 144,233 - Net realized gain (loss) on swaps 4,023,004 (143,489) Capital gains distributions received from other funds 445,409 468,404 Net change in unrealized appreciation (depreciation) in of swap contracts (3,286,153) 3,517,931 Net change in unrealized appreciation (depreciation) in of investments (523,713) 1,298,519 Net Gain on Investments 802,780 5,141,365 Increase in Net Assets from Operations $ 1,685,735 $ 5,685,432 Increase in Net Assets from Operations per Unit $ 0.46 $ 2.10 Statement of Changes in Net Assets For the Periods Ended December 31 2012 2011 Net Assets - Beginning of Period $ 44,202,196 $ - Increase in Net Assets from Operations 1,685,735 5,685,432 Capital Transactions Proceeds from issue of units - 38,516,764 Reinvestment of distributions 5,492,016 848,222 Redemption of units (4,715,087) - Net capital transactions 776,929 39,364,986 Distributions From net investment income (4,902,373) (379,819) From capital gains (589,643) (468,403) Total distributions (5,492,016) (848,222) Increase (Decrease) in Net Assets for the Period (3,029,352) 44,202,196 Net Assets - End of Period $ 41,172,844 $ 44,202,196 The accompanying notes are an integral part of the financial statements. 201
BlackRock Canada Levered Real Return Bond Index Fund Canadian Fixed Income Index Equivalents 79.1% BlackRock Canada Real Return Bond Index Class A 964,905 31,801 32,576 Total Canadian Fixed Income Index Equivalents 31,801 32,576 Total Investments 31,801 32,576 Other Assets and Liabilities 20.9% 8,597 Net Assets 41,173 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Fixed Income Index Equivalents 79.1 76.1 Swap referenced to Canadian Fixed Income Index Equivalents 0.6 8.0 Other Assets and Liabilities 20.3 15.9 Open swap contracts held by the Fund as at December 31, 2012 are shown in Note 6. The accompanying notes are an integral part of the financial statements. 202
BlackRock Balanced Moderate Index DC Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 1,085,395,662 $ 916,746,654 Cash 1,965,334 2,172,282 Securities lending income receivable 61 1,946 Dividends receivable 111,754 97,152 Accounts receivable from issue of units 1,242,628 826,285 1,088,715,439 919,844,319 Liabilities Operating expenses payable 17,208 15,599 Payables for redemption of units 67,585 290,377 Payables for investment purchases 1,186,000 966,335 1,270,793 1,272,311 Net Assets $ 1,087,444,646 $ 918,572,008 Number of Units Issued and Outstanding (Note 8) 54,119,720 49,665,021 Net Assets per Unit $ 20.09 $ 18.50 Investments at Cost $ 1,004,413,427 $ 874,390,270 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 203
BlackRock Balanced Moderate Index DC Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 17,078,611 $ 13,794,921 Interest income 14,399,875 14,532,726 Securities lending income 18,863 11,795 Foreign exchange gain (loss) (1,956) 2,996 Withholding taxes (271,457) (249,346) 31,223,936 28,093,092 Expenses Custodian fees 227 166 Fund accounting expenses 5,737 6,208 Unitholder communication s - 601 Audit fees 9,585 10,210 Securities filing fees 16,696 13,386 Independent review committee fees 412 1,019 Other operating expenses 2,734 3,039 35,391 34,629 Net Investment Income for the Year 31,188,545 28,058,463 Gain (Loss) on Investments Net realized gain on sale of investments 5,605,998 7,464,171 Capital gains distributions received from other funds 6,044,112 3,455,761 Transaction s (Note 2,13) (5,946) (7,379) Net change in unrealized appreciation (depreciation) in of investments 38,625,851 (20,530,170) Net Gain (Loss) on Investments 50,270,015 (9,617,617) Increase in Net Assets from Operations $ 81,458,560 $ 18,440,846 Increase in Net Assets from Operations per Unit $ 1.59 $ 0.38 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 918,572,008 $ 837,174,017 Increase in Net Assets from Operations 81,458,560 18,440,846 Capital Transactions Proceeds from issue of units 197,142,577 163,047,247 Reinvestment of distributions 30,735,590 27,088,056 Redemption of units (109,728,499) (100,090,102) Net capital transactions 118,149,668 90,045,201 Distributions From net investment income (30,735,590) (27,088,056) Total distributions (30,735,590) (27,088,056) Increase in Net Assets for the Year 168,872,638 81,397,991 Net Assets - End of Year $ 1,087,444,646 $ 918,572,008 The accompanying notes are an integral part of the financial statements. 204
BlackRock Balanced Moderate Index DC Fund Canadian Equity Index Equivalents 22.5% BlackRock Canadian Equity Index Class D 9,127,270 205,613 217,781 ishares S&P/TSX Capped REIT Index Fund 1,578,835 19,425 27,030 Total Canadian Equity Index Equivalents 225,038 244,811 Canadian Fixed Income Index Equivalents 39.4% BlackRock Canada Real Return Bond Index Class D 6,852,574 93,806 107,267 BlackRock Canada Universe Bond Index Class D 13,644,322 313,935 321,270 Total Canadian Fixed Income Index Equivalents 407,741 428,537 Foreign Index Equivalents 37.9% BlackRock CDN MSCI EAFE Equity Index Class D 14,683,666 141,716 148,652 BlackRock CDN US Equity Index Class D 21,298,752 155,593 183,472 ishares Dow Jones U.S. Real Estate Index Fund 420,740 23,884 27,126 ishares MSCI Emerging Markets Index Fund 1,192,933 50,457 52,798 Total Foreign Index Equivalents 371,650 412,048 Transaction Costs (Note 2) (16) Total Investments 1,004,413 1,085,396 Other Assets and Liabilities 0.2% 2,049 Net Assets 1,087,445 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 22.5 22.5 Canadian Fixed Income Index Equivalents 39.4 40.2 Foreign Index Equivalents 37.9 37.1 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 205
BlackRock Balanced Conservative Index DC Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 596,013,244 $ 489,253,101 Cash 676,645 930,118 Securities lending income receivable 186 2 Dividends receivable 59,780 49,521 Accounts receivable from issue of units 54,957 61,899 596,804,812 490,294,641 Liabilities Operating expenses payable 13,869 13,282 Payables for redemption of units 434,447 70,774 448,316 84,056 Net Assets $ 596,356,496 $ 490,210,585 Number of Units Issued and Outstanding (Note 8) 31,033,126 27,336,843 Net Assets per Unit $ 19.22 $ 17.93 Investments at Cost $ 556,644,827 $ 461,043,449 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 206
BlackRock Balanced Conservative Index DC Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 6,561,338 $ 4,830,308 Interest income 12,336,155 10,979,970 Securities lending income 6,894 4,748 Foreign exchange gain (loss) (1,006) 4,125 Withholding taxes (131,992) (105,059) 18,771,389 15,714,092 Expenses Custodian fees 279 173 Fund accounting expenses 5,674 6,208 Unitholder communication s - 601 Audit fees 9,406 9,850 Securities filing fees 9,415 6,635 Independent review committee fees 225 518 Other operating expenses 1,772 2,330 26,771 26,315 Net Investment Income for the Year 18,744,618 15,687,777 Gain on Investments Net realized gain on sale of investments 3,186,341 3,043,650 Capital gains distributions received from other funds 5,024,251 2,748,216 Transaction s (Note 2,13) (2,658) (4,005) Net change in unrealized appreciation in of investments 11,158,765 3,613,549 Net Gain on Investments 19,366,699 9,401,410 Increase in Net Assets from Operations $ 38,111,317 $ 25,089,187 Increase in Net Assets from Operations per Unit $ 1.27 $ 1.01 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 490,210,585 $ 399,023,930 Increase in Net Assets from Operations 38,111,317 25,089,187 Capital Transactions Proceeds from issue of units 129,649,900 100,742,208 Reinvestment of distributions 19,580,924 15,215,353 Redemption of units (61,615,306) (34,644,740) Net capital transactions 87,615,518 81,312,821 Distributions From net investment income (18,478,488) (15,215,353) From capital gains (1,102,436) - Total distributions (19,580,924) (15,215,353) Increase in Net Assets for the Year 106,145,911 91,186,655 Net Assets - End of Year $ 596,356,496 $ 490,210,585 The accompanying notes are an integral part of the financial statements. 207
BlackRock Balanced Conservative Index DC Fund Canadian Equity Index Equivalents 12.6% BlackRock Canadian Equity Index Class D 2,512,323 56,749 59,945 ishares S&P/TSX Capped REIT Index Fund 876,226 10,187 15,001 Total Canadian Equity Index Equivalents 66,936 74,946 Canadian Fixed Income Index Equivalents 59.6% BlackRock Canada Real Return Bond Index Class D 5,702,332 78,721 89,262 BlackRock Canada Universe Bond Index Class D 11,311,020 262,153 266,330 Total Canadian Fixed Income Index Equivalents 340,874 355,592 Foreign Index Equivalents 27.7% BlackRock CDN MSCI EAFE Equity Index Class D 5,756,487 55,170 58,276 BlackRock CDN US Equity Index Class D 8,310,748 61,922 71,591 ishares Dow Jones U.S. Real Estate Index Fund 225,533 11,734 14,540 ishares MSCI Emerging Markets Index Fund 476,015 20,012 21,068 Total Foreign Index Equivalents 148,838 165,475 Transaction Costs (Note 2) (3) Total Investments 556,645 596,013 Other Assets and Liabilities 0.1% 343 Net Assets 596,356 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 12.6 12.6 Canadian Fixed Income Index Equivalents 59.6 59.9 Foreign Index Equivalents 27.7 27.3 Other Assets and Liabilities 0.1 0.2 The accompanying notes are an integral part of the financial statements. 208
BlackRock Balanced Aggressive Index DC Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 267,069,595 $ 223,745,144 Cash 514,185 424,313 Securities lending income receivable 84 487 Dividends receivable 28,414 21,825 Accounts receivable from issue of units 128,806 46,187 267,741,084 224,237,956 Liabilities Operating expenses payable 11,541 11,901 Payables for redemption of units 70,741 60,838 Payables for investment purchases 95,544-177,826 72,739 Net Assets $ 267,563,258 $ 224,165,217 Number of Units Issued and Outstanding (Note 8) 13,509,000 12,456,344 Net Assets per Unit $ 19.81 $ 18.00 Investments at Cost $ 246,755,723 $ 218,085,097 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 209
BlackRock Balanced Aggressive Index DC Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 5,525,898 $ 4,443,530 Interest income 1,751,024 1,776,196 Securities lending income 2,810 1,784 Foreign exchange loss (1,877) (380) Withholding taxes (74,322) (68,819) 7,203,533 6,152,311 Expenses Custodian fees 285 218 Fund accounting expenses 5,685 6,208 Unitholder communication s - 601 Audit fees 9,277 9,683 Securities filing fees 4,090 3,234 Independent review committee fees 104 245 Other operating expenses 1,097 1,985 20,538 22,174 Net Investment Income for the Year 7,182,995 6,130,137 Gain (Loss) on Investments Net realized gain on sale of investments 771,830 930,743 Capital gains distributions received from other funds 740,223 424,952 Transaction s (Note 2,13) (1,271) (1,757) Net change in unrealized appreciation (depreciation) in of investments 14,653,825 (11,106,811) Net Gain (Loss) on Investments 16,164,607 (9,752,873) Increase (Decrease) in Net Assets from Operations $ 23,347,602 $ (3,622,736) Increase (Decrease) in Net Assets from Operations per Unit $ 1.82 $ (0.31) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 224,165,217 $ 206,416,389 Increase (Decrease) in Net Assets from Operations 23,347,602 (3,622,736) Capital Transactions Proceeds from issue of units 41,660,456 38,616,497 Reinvestment of distributions 7,068,899 5,899,103 Redemption of units (21,610,017) (17,244,933) Net capital transactions 27,119,338 27,270,667 Distributions From net investment income (7,068,899) (5,899,103) Total distributions (7,068,899) (5,899,103) Increase in Net Assets for the Year 43,398,041 17,748,828 Net Assets - End of Year $ 267,563,258 $ 224,165,217 The accompanying notes are an integral part of the financial statements. 210
BlackRock Balanced Aggressive Index DC Fund Canadian Equity Index Equivalents 32.6% BlackRock Canadian Equity Index Class D 3,381,018 77,079 80,673 ishares S&P/TSX Capped REIT Index Fund 388,173 4,702 6,646 Total Canadian Equity Index Equivalents 81,781 87,319 Canadian Fixed Income Index Equivalents 19.6% BlackRock Canada Real Return Bond Index Class D 844,820 11,763 13,224 BlackRock Canada Universe Bond Index Class D 1,664,525 38,596 39,193 Total Canadian Fixed Income Index Equivalents 50,359 52,417 Foreign Index Equivalents 47.6% BlackRock CDN MSCI EAFE Equity Index Class D 4,606,941 44,467 46,639 BlackRock CDN US Equity Index Class D 6,705,863 48,897 57,766 ishares Dow Jones U.S. Real Estate Index Fund 99,751 5,438 6,431 ishares MSCI Emerging Markets Index Fund 372,761 15,819 16,498 Total Foreign Index Equivalents 114,621 127,334 Transaction Costs (Note 2) (5) Total Investments 246,756 267,070 Other Assets and Liabilities 0.2% 493 Net Assets 267,563 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 32.6 32.6 Canadian Fixed Income Index Equivalents 19.6 20.2 Foreign Index Equivalents 47.6 47.0 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 211
BlackRock CDN LifePath Retirement Index Fund I Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 202,598,110 $ 129,510,853 Cash 396,420 751,967 Dividends receivable 1,583 177,889 Accounts receivable from issue of units 1,306 252,073 Accounts receivable for investment sales 388,000-203,385,419 130,692,782 Liabilities Operating expenses payable 11,089 11,411 Payables for redemption of units 390,021 - Payables for investment purchases - 793,539 401,110 804,950 Net Assets $ 202,984,309 $ 129,887,832 Number of Units Issued and Outstanding (Note 8) 16,311,944 11,164,918 Net Assets per Unit $ 12.44 $ 11.63 Investments at Cost $ 197,704,668 $ 125,264,249 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 212
BlackRock CDN LifePath Retirement Index Fund I Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 1,555,028 $ 721,540 Interest income 3,764,632 2,607,582 Securities lending income 292 210 Foreign exchange loss (1,027) (1,803) Withholding taxes (32,588) (30,548) 5,286,337 3,296,981 Expenses Custodian fees 1,010 1,235 Fund accounting expenses 8,827 6,208 Unitholder communication s - 601 Audit fees 9,241 9,585 Securities filing fees 2,874 1,548 Independent review committee fees 61 119 Other operating expenses 937 1,792 22,950 21,088 Net Investment Income for the Year 5,263,387 3,275,893 Gain on Investments Net realized gain on sale of investments 3,375,957 334,012 Capital gains distributions received from other funds 1,714,076 938,723 Transaction s (Note 2,13) (35,460) (12,217) Net change in unrealized appreciation in of investments 646,838 565,024 Net Gain on Investments 5,701,411 1,825,542 Increase in Net Assets from Operations $ 10,964,798 $ 5,101,435 Increase in Net Assets from Operations per Unit $ 0.81 $ 0.61 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 129,887,832 $ 60,183,693 Increase in Net Assets from Operations 10,964,798 5,101,435 Capital Transactions Proceeds from issue of units 80,619,995 79,025,842 Reinvestment of distributions 10,145,119 4,307,104 Redemption of units (18,488,316) (14,423,138) Net capital transactions 72,276,798 68,909,808 Distributions From net investment income (5,316,320) (3,275,054) From capital gains (4,828,799) (1,032,050) Total distributions (10,145,119) (4,307,104) Increase in Net Assets for the Year 73,096,477 69,704,139 Net Assets - End of Year $ 202,984,309 $ 129,887,832 The accompanying notes are an integral part of the financial statements. 213
BlackRock CDN LifePath Retirement Index Fund I Canadian Equity Index Equivalents 13.9% BlackRock Canadian Equity Index Class D 638,110 14,969 15,226 BlackRock CDN Global Developed Real Estate Index Class D 962,428 9,706 10,255 BlackRock CDN Global Infrastructure Equity Index Class D 261,106 2,647 2,733 Total Canadian Equity Index Equivalents 27,322 28,214 Canadian Fixed Income Index Equivalents 59.5% BlackRock Canada Real Return Bond Index Class D 1,870,348 27,552 29,278 BlackRock Canada Universe Bond Index Class D 3,887,012 91,283 91,524 Total Canadian Fixed Income Index Equivalents 118,835 120,802 Foreign Index Equivalents 26.4% BlackRock CDN MSCI EAFE Equity Index Class D 1,609,422 15,413 16,293 BlackRock CDN US Equity Index Class D 2,262,444 19,061 19,489 ishares GSCI Commodity Trust 318,310 10,303 10,361 ishares MSCI Emerging Markets Index Fund 131,378 5,372 5,814 ishares Russell 2000 Index Fund 19,333 1,420 1,625 Total Foreign Index Equivalents 51,569 53,582 Transaction Costs (Note 2) (21) Total Investments 197,705 202,598 Other Assets and Liabilities 0.2% 386 Net Assets 202,984 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 13.9 10.6 Canadian Fixed Income Index Equivalents 59.5 59.9 Foreign Index Equivalents 26.4 29.2 Other Assets and Liabilities 0.2 0.3 The accompanying notes are an integral part of the financial statements. 214
BlackRock CDN LifePath Index 2010 Retirement Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 117,272,625 $ 116,532,968 Cash 228,969 148,339 Dividends receivable 1,202 163,621 Accounts receivable from issue of units 40,464 136,328 117,543,260 116,981,256 Liabilities Operating expenses payable 10,518 11,347 Payables for investment purchases 40,600 215,000 51,118 226,347 Net Assets $ 117,492,142 $ 116,754,909 Number of Units Issued and Outstanding (Note 8) 9,640,781 10,249,180 Net Assets per Unit $ 12.19 $ 11.39 Investments at Cost $ 111,332,474 $ 109,045,645 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 215
BlackRock CDN LifePath Index 2010 Retirement Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 1,033,325 $ 724,577 Interest income 2,452,550 2,843,537 Securities lending income - 263 Foreign exchange loss (398) (923) Withholding taxes (23,333) (33,019) 3,462,144 3,534,435 Expenses Custodian fees 543 522 Fund accounting expenses 9,003 6,208 Unitholder communication s - 601 Audit fees 9,227 9,609 Securities filing fees 1,947 1,787 Independent review committee fees 56 135 Other operating expenses 825 1,840 21,601 20,702 Net Investment Income for the Year 3,440,543 3,513,733 Gain on Investments Net realized gain on sale of investments 5,065,591 2,309,939 Capital gains distributions received from other funds 985,713 955,154 Transaction s (Note 2,13) (24,721) (4,582) Net change in unrealized depreciation in of investments (1,547,172) (350,458) Net Gain on Investments 4,479,411 2,910,053 Increase in Net Assets from Operations $ 7,919,954 $ 6,423,786 Increase in Net Assets from Operations per Unit $ 0.79 $ 0.59 Statement of Changes In Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 116,754,909 $ 124,279,779 Increase in Net Assets from Operations 7,919,954 6,423,786 Capital Transactions Proceeds from issue of units 16,730,561 17,569,374 Reinvestment of distributions 8,321,691 3,607,032 Redemption of units (23,913,282) (31,518,030) Net capital transactions 1,138,970 (10,341,624) Distributions From net investment income (3,507,563) (3,512,640) From capital gains (4,814,128) (94,392) Total distributions (8,321,691) (3,607,032) Increase (Decrease) in Net Assets for the Year 737,233 (7,524,870) Net Assets - End of Year $ 117,492,142 $ 116,754,909 The accompanying notes are an integral part of the financial statements. 216
BlackRock CDN LifePath Index 2010 Retirement Fund Canadian Equity Index Equivalents 13.8% BlackRock Canadian Equity Index Class D 369,833 8,352 8,824 BlackRock CDN Global Developed Real Estate Index Class D 562,111 5,661 5,990 BlackRock CDN Global Infrastructure Equity Index Class D 139,682 1,411 1,462 Total Canadian Equity Index Equivalents 15,424 16,276 Canadian Fixed Income Index Equivalents 59.2% BlackRock Canada Real Return Bond Index Class D 1,076,213 14,402 16,847 BlackRock Canada Universe Bond Index Class D 2,236,691 51,101 52,665 Total Canadian Fixed Income Index Equivalents 65,503 69,512 Foreign Index Equivalents 26.8% BlackRock CDN MSCI EAFE Equity Index Class D 940,069 9,630 9,517 BlackRock CDN US Equity Index Class D 1,303,130 10,948 11,226 ishares GSCI Commodity Trust 189,690 5,798 6,174 ishares MSCI Emerging Markets Index Fund 80,295 3,192 3,554 ishares Russell 2000 Index Fund 12,068 860 1,014 Total Foreign Index Equivalents 30,428 31,485 Transaction Costs (Note 2) (23) Total Investments 111,332 117,273 Other Assets and Liabilities 0.2% 219 Net Assets 117,492 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 13.8 10.8 Canadian Fixed Income Index Equivalents 59.2 59.8 Foreign Index Equivalents 26.8 29.2 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 217
BlackRock CDN LifePath 2015 Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 515,711,235 $ 360,073,692 Cash 1,002,947 2,177,953 Dividends receivable 4,804 520,430 Accounts receivable from issue of units 662,664 232,697 Accounts receivable for investment sales 4,880,000 1,250,000 522,261,650 364,254,772 Liabilities Operating expenses payable 13,362 12,611 Payables for redemption of units 90,230 - Payables for investment purchases 5,454,058 3,459,619 5,557,650 3,472,230 Net Assets $ 516,704,000 $ 360,782,542 Number of Units Issued and Outstanding (Note 8) 43,480,529 32,731,212 Net Assets per Unit $ 11.88 $ 11.02 Investments at Cost $ 496,739,495 $ 343,106,376 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 218
BlackRock CDN LifePath 2015 Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 5,140,076 $ 3,036,206 Interest income 8,220,971 6,212,251 Securities lending income 1,345 746 Foreign exchange loss (4,285) (1,785) Withholding taxes (109,278) (127,540) 13,248,829 9,119,878 Expenses Custodian fees 1,207 1,381 Fund accounting expenses 8,789 6,208 Unitholder communication s - 601 Audit fees 9,346 9,737 Securities filing fees 7,426 4,539 Independent review committee fees 159 350 Other operating expenses 1,513 2,085 28,440 24,901 Net Investment Income for the Year 13,220,389 9,094,977 Gain on Investments Net realized gain on sale of investments 13,127,659 773,095 Capital gains distributions received from other funds 3,746,794 2,393,168 Transaction s (Note 2,13) (94,659) (28,015) Net change in unrealized appreciation (depreciation) in of investments 2,004,424 (2,232,662) Net Gain on Investments 18,784,218 905,586 Increase in Net Assets from Operations $ 32,004,607 $ 10,000,563 Increase in Net Assets from Operations per Unit $ 0.86 $ 0.38 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 360,782,542 $ 206,173,801 Increase in Net Assets from Operations 32,004,607 10,000,563 Capital Transactions Proceeds from issue of units 153,968,245 163,922,444 Reinvestment of distributions 29,452,938 12,378,896 Redemption of units (30,051,394) (19,314,266) Net capital transactions 153,369,789 156,987,074 Distributions From net investment income (13,367,526) (9,093,752) From capital gains (16,085,412) (3,285,144) Total distributions (29,452,938) (12,378,896) Increase in Net Assets for the Year 155,921,458 154,608,741 Net Assets - End of Year $ 516,704,000 $ 360,782,542 The accompanying notes are an integral part of the financial statements. 219
BlackRock CDN LifePath 2015 Index Fund Canadian Equity Index Equivalents 18.5% BlackRock Canadian Equity Index Class D 2,338,172 53,047 55,790 BlackRock CDN Global Developed Real Estate Index Class D 2,768,072 27,914 29,495 BlackRock CDN Global Infrastructure Equity Index Class D 1,000,527 10,120 10,475 Total Canadian Equity Index Equivalents 91,081 95,760 Canadian Fixed Income Index Equivalents 52.1% BlackRock Canada Real Return Bond Index Class D 4,555,217 65,997 71,305 BlackRock Canada Universe Bond Index Class D 8,400,253 196,555 197,793 Total Canadian Fixed Income Index Equivalents 262,552 269,098 Foreign Index Equivalents 29.2% BlackRock CDN MSCI EAFE Equity Index Class D 4,681,331 44,772 47,392 BlackRock CDN US Equity Index Class D 6,549,874 54,215 56,422 ishares GSCI Commodity Trust 752,129 24,023 24,481 ishares MSCI Emerging Markets Index Fund 398,771 16,049 17,649 ishares Russell 2000 Index Fund 58,413 4,107 4,909 Total Foreign Index Equivalents 143,166 150,853 Transaction Costs (Note 2) (60) Total Investments 496,739 515,711 Other Assets and Liabilities 0.2% 993 Net Assets 516,704 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 18.5 15.7 Canadian Fixed Income Index Equivalents 52.1 49.5 Foreign Index Equivalents 29.2 34.6 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 220
BlackRock CDN LifePath 2020 Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 1,045,377,416 $ 719,090,762 Cash 2,018,561 2,790,655 Securities lending income receivable - 143 Dividends receivable 12,160 1,018,323 Accounts receivable from issue of units 926,583 457,366 Accounts receivable for investment sales 3,000,000-1,051,334,720 723,357,249 Liabilities Operating expenses payable 17,705 14,488 Payables for redemption of units 8,532 220,759 Payables for investment purchases 3,919,700 2,598,099 3,945,937 2,833,346 Net Assets $ 1,047,388,783 $ 720,523,903 Number of Units Issued and Outstanding (Note 8) 91,313,307 68,539,337 Net Assets per Unit $ 11.47 $ 10.51 Investments at Cost $ 998,899,387 $ 692,538,844 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 221
BlackRock CDN LifePath 2020 Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 13,582,333 $ 8,254,170 Interest income 12,939,553 10,241,294 Securities lending income 9,524 2,482 Foreign exchange loss (10,926) (2,524) Withholding taxes (270,261) (330,063) 26,250,223 18,165,359 Expenses Custodian fees 1,443 1,216 Fund accounting expenses 11,900 6,208 Unitholder communication s 601 Audit fees 9,516 9,995 Securities filing fees 14,997 9,546 Independent review committee fees 329 731 Other operating expenses 2,480 2,595 40,665 30,892 Net Investment Income for the Year 26,209,558 18,134,467 Gain on Investments Net realized gain on sale of investments 22,255,317 755,870 Capital gains distributions received from other funds 6,917,571 4,968,564 Transaction s (Note 2,13) (190,584) (37,290) Net change in unrealized appreciation (depreciation) in of investments 19,926,111 (3,174,560) Net Gain on Investments 48,908,415 2,512,584 Increase in Net Assets from Operations $ 75,117,973 $ 20,647,051 Increase in Net Assets from Operations per Unit $ 0.96 $ 0.35 Statement of Changes In Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 720,523,903 $ 494,618,375 Increase in Net Assets from Operations 75,117,973 20,647,051 Capital Transactions Proceeds from issue of units 291,736,500 238,440,425 Reinvestment of distributions 50,447,101 18,132,690 Redemption of units (39,989,593) (33,181,948) Net capital transactions 302,194,008 223,391,167 Distributions From net investment income (26,452,339) (18,132,690) From capital gains (23,994,762) Total distributions (50,447,101) (18,132,690) Increase in Net Assets for the Year 326,864,880 225,905,528 Net Assets - End of Year $ 1,047,388,783 $ 720,523,903 The accompanying notes are an integral part of the financial statements. 222
BlackRock CDN LifePath 2020 Index Fund Canadian Equity Index Equivalents 26.8% BlackRock Canadian Equity Index Class D 7,225,936 168,047 172,415 BlackRock CDN Global Developed Real Estate Index Class D 6,911,054 69,690 73,640 BlackRock CDN Global Infrastructure Equity Index Class D 3,261,431 33,049 34,145 Total Canadian Equity Index Equivalents 270,786 280,200 Canadian Fixed Income Index Equivalents 38.8% BlackRock Canada Long Bond Index Class D 14,156,744 204,898 218,625 BlackRock Canada Real Return Bond Index Class D 7,784,999 110,902 121,863 BlackRock Canada Universe Bond Index Class D 2,814,075 65,418 66,260 Total Canadian Fixed Income Index Equivalents 381,218 406,748 Foreign Index Equivalents 34.2% BlackRock CDN MSCI EAFE Equity Index Class D 11,568,905 117,525 117,119 BlackRock CDN US Equity Index Class D 16,229,890 133,858 139,808 ishares GSCI Commodity Trust 1,366,057 42,765 44,464 ishares MSCI Emerging Markets Index Fund 1,009,359 41,782 44,673 ishares Russell 2000 Index Fund 147,133 11,053 12,365 Total Foreign Index Equivalents 346,983 358,429 Transaction Costs (Note 2) (88) Total Investments 998,899 1,045,377 Other Assets and Liabilities 0.2% 2,012 Net Assets 1,047,389 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 26.8 21.2 Canadian Fixed Income Index Equivalents 38.8 37.6 Foreign Index Equivalents 34.2 41.0 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 223
BlackRock CDN LifePath 2025 Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 809,855,894 $ 471,902,344 Cash 1,557,506 4,500,660 Securities lending income receivable - 43 Dividends receivable 10,394 611,131 Accounts receivable from issue of units 783,851 1,265,720 Accounts receivable for investment sales 4,000,000-816,207,645 478,279,898 Liabilities Operating expenses payable 15,406 13,178 Payables for investment purchases 4,787,746 5,549,004 4,803,152 5,562,182 Net Assets $ 811,404,493 $ 472,717,716 Number of Units Issued and Outstanding (Note 8) 71,753,741 45,967,392 Net Assets per Unit $ 11.31 $ 10.28 Investments at Cost $ 771,374,929 $ 451,798,769 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 224
BlackRock CDN LifePath 2025 Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 11,470,590 $ 6,130,629 Interest income 7,852,960 4,941,839 Securities lending income 3,659 1,290 Foreign exchange loss (12,855) (3,870) Withholding taxes (222,240) (234,063) 19,092,114 10,835,825 Expenses Custodian fees 1,591 1,757 Fund accounting expenses 8,799 6,208 Unitholder communication s - 601 Audit fees 9,410 9,793 Securities filing fees 11,024 5,808 Independent review committee fees 222 450 Other operating expenses 1,960 2,203 33,006 26,820 Net Investment Income for the Year 19,059,108 10,809,005 Gain (Loss) on Investments Net realized gain on sale of investments 16,722,408 462,357 Capital gains distributions received from other funds 4,621,524 2,736,935 Transaction s (Note 2,13) (143,104) (36,532) Net change in unrealized appreciation (depreciation) in of investments 18,377,390 (7,302,880) Net Gain (Loss) on Investments 39,578,218 (4,140,120) Increase in Net Assets from Operations $ 58,637,326 $ 6,668,885 Increase in Net Assets from Operations per Unit $ 1.03 $ 0.19 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 472,717,716 $ 256,858,209 Increase in Net Assets from Operations 58,637,326 6,668,885 Capital Transactions Proceeds from issue of units 316,280,975 218,422,190 Reinvestment of distributions 40,023,113 13,760,658 Redemption of units (36,231,524) (9,231,568) Net capital transactions 320,072,564 222,951,280 Distributions From net investment income (19,135,340) (10,806,093) From capital gains (20,887,773) (2,954,565) Total distributions (40,023,113) (13,760,658) Increase in Net Assets for the Year 338,686,777 215,859,507 Net Assets - End of Year $ 811,404,493 $ 472,717,716 The accompanying notes are an integral part of the financial statements. 225
BlackRock CDN LifePath 2025 Index Fund Canadian Equity Index Equivalents 30.5% BlackRock Canadian Equity Index Class D 6,560,842 150,575 156,545 BlackRock CDN Global Developed Real Estate Index Class D 5,855,947 59,112 62,397 BlackRock CDN Global Infrastructure Equity Index Class D 2,726,785 27,626 28,548 Total Canadian Equity Index Equivalents 237,313 247,490 Canadian Fixed Income Index Equivalents 30.5% BlackRock Canada Long Bond Index Class D 13,612,043 201,202 210,213 BlackRock Canada Real Return Bond Index Class D 2,370,813 34,928 37,112 Total Canadian Fixed Income Index Equivalents 236,130 247,325 Foreign Index Equivalents 38.8% BlackRock CDN MSCI EAFE Equity Index Class D 10,331,523 99,604 104,592 BlackRock CDN US Equity Index Class D 14,372,496 116,470 123,808 ishares GSCI Commodity Trust 1,162,006 37,256 37,823 ishares MSCI Emerging Markets Index Fund 862,824 35,465 38,188 ishares Russell 2000 Index Fund 126,493 9,233 10,630 Total Foreign Index Equivalents 298,028 315,041 Transaction Costs (Note 2) (96) Total Investments 771,375 809,856 Other Assets and Liabilities 0.2% 1,548 Net Assets 811,404 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 30.5 24.4 Canadian Fixed Income Index Equivalents 30.5 29.0 Foreign Index Equivalents 38.8 46.4 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 226
BlackRock CDN LifePath 2030 Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 809,263,109 $ 514,229,972 Cash 1,547,738 2,876,728 Securities lending income receivable - 706 Dividends receivable 11,380 580,178 Accounts receivable from issue of units 1,109,314 1,070,845 Accounts receivable for investment sales 3,950,000 2,250,000 815,881,541 521,008,429 Liabilities Operating expenses payable 15,402 13,395 Payables for redemption of units 9,713 - Payables for investment purchases 5,055,392 5,730,440 5,080,507 5,743,835 Net Assets $ 810,801,034 $ 515,264,594 Number of Units Issued and Outstanding (Note 8) 75,451,453 53,010,297 Net Assets per Unit $ 10.75 $ 9.72 Investments at Cost $ 779,142,079 $ 510,456,160 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 227
BlackRock CDN LifePath 2030 Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 13,601,201 $ 8,236,095 Interest income 5,857,483 3,773,098 Securities lending income 730 2,469 Foreign exchange loss (9,813) (4,211) Withholding taxes (253,023) (305,427) 19,196,578 11,702,024 Expenses Custodian fees 1,359 1,352 Fund accounting expenses 8,942 6,208 Unitholder communication s - 601 Audit fees 9,424 9,846 Securities filing fees 11,313 6,702 Independent review committee fees 241 514 Other operating expenses 2,007 2,307 33,286 27,530 Net Investment Income for the Year 19,163,292 11,674,494 Gain (Loss) on Investments Net realized gain on sale of investments 15,807,677 417,452 Capital gains distributions received from other funds 3,472,742 2,370,056 Transaction s (Note 2,13) (129,641) (27,955) Net change in unrealized appreciation (depreciation) in of investments 26,347,218 (16,609,622) Net Gain (Loss) on Investments 45,497,996 (13,850,069) Increase (Decrease) in Net Assets from Operations $ 64,661,288 $ (2,175,575) Increase (Decrease) in Net Assets from Operations per Unit $ 1.03 $ (0.05) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 515,264,594 $ 338,311,860 Increase (Decrease) in Net Assets from Operations 64,661,288 (2,175,575) Capital Transactions Proceeds from issue of units 270,971,669 195,819,482 Reinvestment of distributions 36,348,156 11,672,161 Redemption of units (40,096,517) (16,691,173) Net capital transactions 267,223,308 190,800,470 Distributions From net investment income (19,201,263) (11,672,161) From capital gains (17,146,893) - Total distributions (36,348,156) (11,672,161) Increase in Net Assets for the Year 295,536,440 176,952,734 Net Assets - End of Year $ 810,801,034 $ 515,264,594 The accompanying notes are an integral part of the financial statements. 228
BlackRock CDN LifePath 2030 Index Fund Canadian Equity Index Equivalents 36.0% BlackRock Canadian Equity Index Class D 8,057,786 188,226 192,263 BlackRock CDN Global Developed Real Estate Index Class D 6,235,679 62,878 66,444 BlackRock CDN Global Infrastructure Equity Index Class D 3,171,630 32,101 33,205 Total Canadian Equity Index Equivalents 283,205 291,912 Canadian Fixed Income Index Equivalents 21.9% BlackRock Canada Long Bond Index Class D 11,500,886 169,270 177,610 Total Canadian Fixed Income Index Equivalents 169,270 177,610 Foreign Index Equivalents 41.9% BlackRock CDN MSCI EAFE Equity Index Class D 11,428,072 115,258 115,693 BlackRock CDN US Equity Index Class D 15,830,532 128,806 136,368 ishares GSCI Commodity Trust 1,037,410 32,636 33,767 ishares MSCI Emerging Markets Index Fund 944,661 39,313 41,810 ishares Russell 2000 Index Fund 144,023 10,738 12,103 Total Foreign Index Equivalents 326,751 339,741 Transaction Costs (Note 2) (84) Total Investments 779,142 809,263 Other Assets and Liabilities 0.2% 1,538 Net Assets 810,801 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 36.0 30.1 Canadian Fixed Income Index Equivalents 21.9 19.6 Foreign Index Equivalents 41.9 50.1 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 229
BlackRock CDN LifePath 2035 Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 490,926,336 $ 277,006,931 Cash 974,263 1,740,375 Dividends receivable 7,171 257,706 Accounts receivable from issue of units 822,427 681,060 Accounts receivable for investment sales 1,600,000 1,736,000 494,330,197 281,422,072 Liabilities Operating expenses payable 13,218 12,189 Payables for redemption of units 46 126,489 Payables for investment purchases 2,438,155 3,732,203 2,451,419 3,870,881 Net Assets $ 491,878,778 $ 277,551,191 Number of Units Issued and Outstanding (Note 8) 47,080,185 29,501,547 Net Assets per Unit $ 10.45 $ 9.41 Investments at Cost $ 468,633,699 $ 272,959,609 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 230
BlackRock CDN LifePath 2035 Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 9,020,460 $ 5,362,109 Interest income 2,257,824 1,140,220 Securities lending income 2,480 856 Foreign exchange loss (4,893) (3,483) Withholding taxes (164,903) (174,530) 11,110,968 6,325,172 Expenses Custodian fees 1,544 1,342 Fund accounting expenses 8,842 6,208 Unitholder communication s - 601 Audit fees 9,318 9,672 Securities filing fees 6,636 3,377 Independent review committee fees 135 262 Other operating expenses 1,406 1,970 27,881 23,432 Net Investment Income for the Year 11,083,087 6,301,740 Gain (Loss) on Investments Net realized gain on sale of investments 8,576,828 164,806 Capital gains distributions received from other funds 1,398,184 415,211 Transaction s (Note 2,13) (74,206) (18,656) Net change in unrealized appreciation (depreciation) in of investments 18,245,315 (12,695,722) Net Gain (Loss) on Investments 28,146,121 (12,134,361) Increase (Decrease) in Net Assets from Operations $ 39,229,208 $ (5,832,621) Increase (Decrease) in Net Assets from Operations per Unit $ 1.05 $ (0.27) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 277,551,191 $ 147,973,109 Increase (Decrease) in Net Assets from Operations 39,229,208 (5,832,621) Capital Transactions Proceeds from issue of units 193,213,339 140,852,908 Reinvestment of distributions 20,973,420 6,786,217 Redemption of units (18,114,960) (5,442,205) Net capital transactions 196,071,799 142,196,920 Distributions From net investment income (11,052,951) (5,822,029) From capital gains (9,920,469) (964,188) Total distributions (20,973,420) (6,786,217) Increase in Net Assets for the Year 214,327,587 129,578,082 Net Assets - End of Year $ 491,878,778 $ 277,551,191 The accompanying notes are an integral part of the financial statements. 231
BlackRock CDN LifePath 2035 Index Fund Canadian Equity Index Equivalents 41.7% BlackRock Canadian Equity Index Class D 5,853,407 135,261 139,665 BlackRock CDN Global Developed Real Estate Index Class D 3,953,748 39,881 42,129 BlackRock CDN Global Infrastructure Equity Index Class D 2,246,009 22,733 23,514 Total Canadian Equity Index Equivalents 197,875 205,308 Canadian Fixed Income Index Equivalents 14.3% BlackRock Canada Long Bond Index Class D 4,541,948 68,074 70,142 Total Canadian Fixed Income Index Equivalents 68,074 70,142 Foreign Index Equivalents 43.8% BlackRock CDN MSCI EAFE Equity Index Class D 7,500,094 72,781 75,928 BlackRock CDN US Equity Index Class D 10,351,056 82,587 89,166 ishares GSCI Commodity Trust 500,646 15,944 16,296 ishares MSCI Emerging Markets Index Fund 595,789 24,641 26,369 ishares Russell 2000 Index Fund 91,825 6,785 7,717 Total Foreign Index Equivalents 202,738 215,476 Transaction Costs (Note 2) (53) Total Investments 468,634 490,926 Other Assets and Liabilities 0.2% 953 Net Assets 491,879 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 41.7 34.8 Canadian Fixed Income Index Equivalents 14.3 12.0 Foreign Index Equivalents 43.8 53.0 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 232
BlackRock CDN LifePath 2040 Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 428,631,543 $ 265,429,372 Cash 814,981 1,118,839 Dividends receivable 6,715 190,476 Accounts receivable from issue of units 745,788 658,780 Accounts receivable for investment sales 1,300,000 2,361,896 431,499,027 269,759,363 Liabilities Operating expenses payable 12,739 12,151 Payables for redemption of units 103,300 11,411 Payables for investment purchases 1,944,017 3,791,396 2,060,056 3,814,958 Net Assets $ 429,438,971 $ 265,944,405 Number of Units Issued and Outstanding (Note 8) 42,117,731 29,072,170 Net Assets per Unit $ 10.20 $ 9.15 Investments at Cost $ 410,786,173 $ 265,893,113 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 233
BlackRock CDN LifePath 2040 Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 8,866,958 $ 5,862,494 Interest income 1,087,126 459,044 Securities lending income 1,684 943 Foreign exchange loss (3,439) (1,952) Withholding taxes (159,874) (190,953) 9,792,455 6,129,576 Expenses Custodian fees 1,244 953 Fund accounting expenses 8,936 6,208 Unitholder communication s - 601 Audit fees 9,309 9,682 Securities filing fees 5,957 3,439 Independent review committee fees 129 265 Other operating expenses 1,327 1,986 26,902 23,134 Net Investment Income for the Year 9,765,553 6,106,442 Gain (Loss) on Investments Net realized gain on sale of investments 8,319,910 37,848 Capital gains distributions received from other funds 693,472 168,378 Transaction s (Note 2,13) (56,455) (13,453) Net change in unrealized appreciation (depreciation) in of investments 18,309,111 (15,126,109) Net Gain (Loss) on Investments 27,266,038 (14,933,336) Increase (Decrease) in Net Assets from Operations $ 37,031,591 $ (8,826,894) Increase (Decrease) in Net Assets from Operations per Unit $ 1.06 $ (0.38) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 265,944,405 $ 175,535,164 Increase (Decrease) in Net Assets from Operations 37,031,591 (8,826,894) Capital Transactions Proceeds from issue of units 143,547,266 111,085,035 Reinvestment of distributions 19,563,837 5,918,460 Redemption of units (17,084,291) (11,848,900) Net capital transactions 146,026,812 105,154,595 Distributions From net investment income (9,713,462) (5,638,446) From capital gains (9,850,375) (280,014) Total distributions (19,563,837) (5,918,460) Increase in Net Assets for the Year 163,494,566 90,409,241 Net Assets - End of Year $ 429,438,971 $ 265,944,405 The accompanying notes are an integral part of the financial statements. 234
BlackRock CDN LifePath 2040 Index Fund Canadian Equity Index Equivalents 46.7% BlackRock Canadian Equity Index Class D 5,881,314 136,267 140,331 BlackRock CDN Global Developed Real Estate Index Class D 3,493,513 35,220 37,225 BlackRock CDN Global Infrastructure Equity Index Class D 2,187,130 22,140 22,898 Total Canadian Equity Index Equivalents 193,627 200,454 Canadian Fixed Income Index Equivalents 8.0% BlackRock Canada Long Bond Index Class D 2,229,181 33,649 34,426 Total Canadian Fixed Income Index Equivalents 33,649 34,426 Foreign Index Equivalents 45.1% BlackRock CDN MSCI EAFE Equity Index Class D 6,944,560 69,493 70,304 BlackRock CDN US Equity Index Class D 9,617,615 76,422 82,848 ishares GSCI Commodity Trust 274,280 8,464 8,928 ishares MSCI Emerging Markets Index Fund 557,377 23,088 24,669 ishares Russell 2000 Index Fund 83,334 6,088 7,003 Total Foreign Index Equivalents 183,555 193,752 Transaction Costs (Note 2) (45) Total Investments 410,786 428,632 Other Assets and Liabilities 0.2% 807 Net Assets 429,439 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 46.7 39.6 Canadian Fixed Income Index Equivalents 8.0 5.6 Foreign Index Equivalents 45.1 54.6 Other Assets and Liabilities 0.2 0.2 The accompanying notes are an integral part of the financial statements. 235
BlackRock CDN LifePath 2045 Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 263,650,534 $ 123,043,668 Cash 499,718 907,275 Dividends receivable 4,286 57,832 Accounts receivable from issue of units 549,774 608,251 Accounts receivable for investment sales - 1,440,000 264,704,312 126,057,026 Liabilities Operating expenses payable 11,560 11,404 Payables for redemption of units 804 - Payables for investment purchases 550,659 2,638,421 563,023 2,649,825 Net Assets $ 264,141,289 $ 123,407,201 Number of Units Issued and Outstanding (Note 8) 25,076,541 13,108,318 Net Assets per Unit $ 10.53 $ 9.41 Investments at Cost $ 251,529,156 $ 123,422,077 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 236
BlackRock CDN LifePath 2045 Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 5,528,964 $ 2,714,838 Interest income 152,993 2,790 Securities lending income 138 129 Foreign exchange loss (1,262) (1,868) Withholding taxes (92,774) (81,925) 5,588,059 2,633,964 Expenses Custodian fees 1,455 1,388 Fund accounting expenses 8,906 6,208 Unitholder communication s - 601 Audit fees 9,247 9,580 Securities filing fees 3,396 1,460 Independent review committee fees 68 113 Other operating expenses 999 1,786 24,071 21,136 Net Investment Income for the Year 5,563,988 2,612,828 Gain (Loss) on Investments Net realized gain on sale of investments 3,165,953 145,201 Capital gains distributions received from other funds 133,028 - Transaction s (Note 2,13) (30,310) (8,160) Net change in unrealized appreciation (depreciation) in of investments 12,499,787 (8,101,608) Net Gain (Loss) on Investments 15,768,458 (7,964,567) Increase (Decrease) in Net Assets from Operations $ 21,332,446 $ (5,351,739) Increase (Decrease) in Net Assets from Operations per Unit $ 1.14 $ (0.58) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 123,407,201 $ 60,421,524 Increase (Decrease) in Net Assets from Operations 21,332,446 (5,351,739) Capital Transactions Proceeds from issue of units 127,755,310 72,260,406 Reinvestment of distributions 8,889,113 2,790,134 Redemption of units (8,353,668) (3,922,990) Net capital transactions 128,290,755 71,127,550 Distributions From net investment income (5,508,903) (2,468,194) From capital gains (3,380,210) (321,940) Total distributions (8,889,113) (2,790,134) Increase in Net Assets for the Year 140,734,088 62,985,677 Net Assets - End of Year $ 264,141,289 $ 123,407,201 The accompanying notes are an integral part of the financial statements. 237
BlackRock CDN LifePath 2045 Index Fund Statement of Investment Portfolio As at December 31, 2011 Canadian Equity Index Equivalents 51.1% BlackRock Canadian Equity Index Class D 4,052,391 93,840 96,692 BlackRock CDN Global Developed Real Estate Index Class D 2,162,884 21,830 23,046 BlackRock CDN Global Infrastructure Equity Index Class D 1,459,851 14,796 15,284 Total Canadian Equity Index Equivalents 130,466 135,022 Canadian Fixed Income Index Equivalents 2.3% BlackRock Canada Long Bond Index Class D 388,580 6,136 6,001 Total Canadian Fixed Income Index Equivalents 6,136 6,001 Foreign Index Equivalents 46.4% BlackRock CDN MSCI EAFE Equity Index Class D 4,556,371 44,057 46,127 BlackRock CDN US Equity Index Class D 6,232,199 49,613 53,686 ishares GSCI Commodity Trust 73,849 2,443 2,404 ishares MSCI Emerging Markets Index Fund 355,762 14,679 15,746 ishares Russell 2000 Index Fund 55,517 4,157 4,665 Total Foreign Index Equivalents 114,949 122,628 Transaction Costs (Note 2) (22) Total Investments 251,529 263,651 Other Assets and Liabilities 0.2% 490 Net Assets 264,141 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 51.1 43.3 Canadian Fixed Income Index Equivalents 2.3 - Foreign Index Equivalents 46.4 56.4 Other Assets and Liabilities 0.2 0.3 The accompanying notes are an integral part of the financial statements. 238
BlackRock CDN LifePath 2050 Index Fund (Note 1) Statement of Net Assets As at December 31 Assets Investments - at fair (Note 2) $ 6,945,378 Cash 27,617 Dividends receivable 113 Accounts receivable from issue of units 41,178 2012 7,014,286 Liabilities Operating expenses payable 12,266 Payables for investment purchases 55,271 Net Assets $ 6,946,749 Number of Units Issued and Outstanding (Note 8) 646,991 Net Assets per Unit $ 10.74 Investments at Cost $ 6,719,778 67,537 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 239
BlackRock CDN LifePath 2050 Index Fund (Note 1) Statement of Operations For the Period Ended December 31 Revenue Dividend income $ 79,891 Foreign exchange loss (81) Withholding taxes (519) Expenses Custodian fees 580 Fund accounting expenses 2,628 Unitholder communication s 251 Audit fees 11,246 Securities filing fees 52 Other operating expenses 1 Net Investment Income for the Period 64,533 Gain on Investments Net realized gain on sale of investments 2,929 Capital gains distributions received from other funds 524 Transaction s (Note 2,13) (171) Net change in unrealized appreciation in of investments 225,600 Net Gain on Investments 228,882 Increase in Net Assets from Operations $ 293,415 Increase in Net Assets from Operations per Unit $ 0.77 2012 79,291 14,758 Statement of Changes in Net Assets For the Period Ended December 31 Net Assets - Beginning of Period $ - Increase in Net Assets from Operations 293,415 Capital Transactions Proceeds from issue of units 6,684,734 Reinvestment of distributions 68,000 Redemption of units (31,400) Net capital transactions 6,721,334 Distributions From net investment income (64,547) From capital gains (3,453) Total distributions (68,000) Increase in Net Assets for the Period 6,946,749 Net Assets - End of Period $ 6,946,749 2012 The accompanying notes are an integral part of the financial statements. 240
BlackRock CDN LifePath 2050 Index Fund Canadian Equity Index Equivalents 52.8% BlackRock Canadian Equity Index Class D 112,440 2,620 2,683 BlackRock CDN Global Developed Real Estate Index Class D 54,644 554 582 BlackRock CDN Global Infrastructure Equity Index Class D 38,289 389 401 Total Canadian Equity Index Equivalents 3,563 3,666 Foreign Index Equivalents 47.2% BlackRock CDN MSCI EAFE Equity Index Class D 123,153 1,179 1,247 BlackRock CDN US Equity Index Class D 168,643 1,440 1,453 ishares GSCI Commodity Trust 794 26 26 ishares MSCI Emerging Markets Index Fund 9,661 391 427 ishares Russell 2000 Index Fund 1,505 121 126 Total Foreign Index Equivalents 3,157 3,279 Total Investments 6,720 6,945 Other Assets and Liabilities 0.0% 2 Net Assets 6,947 Portfolio Concentration (as a percentage of Net Assets) As at Portfolio by Category December 31, 2012 (%) Canadian Equity Index Equivalents 52.8 Foreign Index Equivalents 47.2 Other Assets and Liabilities - The accompanying notes are an integral part of the financial statements. 241
BlackRock Balanced Active Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 35,050,014 $ 32,015,118 Cash 40,335 26,492 Dividends receivable 3,268 3,428 Accounts receivable for investment sales 107,823 188,163 35,201,440 32,233,201 Liabilities Operating expenses payable 9,830 10,891 Payables for investment purchases 135,583 180,000 145,413 190,891 Net Assets $ 35,056,027 $ 32,042,310 Number of Units Issued and Outstanding (Note 8) 1,300,090 1,300,090 Net Assets per Unit $ 26.96 $ 24.65 Investments at Cost $ 33,947,467 $ 33,004,339 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 242
BlackRock Balanced Active Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 316,425 $ 271,680 Interest income 365,295 445,044 Foreign exchange loss (910) (1,594) Withholding taxes (9,216) (8,962) 671,594 706,168 Expenses Custodian fees 28 77 Fund accounting expenses 6,157 6,208 Unitholder communication s - 601 Audit fees 9,192 9,543 Securities filing fees 560 518 Independent review committee fees 21 23 Other operating expenses 639 1,707 16,597 18,677 Net Investment Income for the Year 654,997 687,491 Gain (Loss) on Investments Net realized gain on sale of investments 107,861 39,141 Capital gains distributions received from other funds 159,265 316,566 Transaction s (Note 2,13) (174) (784) Net change in unrealized appreciation (depreciation) in of investments 2,091,768 (483,896) Net Gain (Loss) on Investments 2,358,720 (128,973) Increase in Net Assets from Operations $ 3,013,717 $ 558,518 Increase in Net Assets from Operations per Unit $ 2.32 $ 0.39 Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 32,042,310 $ 43,887,794 Increase in Net Assets from Operations 3,013,717 558,518 Capital Transactions Reinvestment of distributions 642,333 637,749 Redemption of units - (12,404,002) Net capital transactions 642,333 (11,766,253) Distributions From net investment income (642,333) (637,749) Total distributions (642,333) (637,749) Increase (Decrease) in Net Assets for the Year 3,013,717 (11,845,484) Net Assets - End of Year $ 35,056,027 $ 32,042,310 The accompanying notes are an integral part of the financial statements. 243
BlackRock Balanced Active Fund Canadian Equity Index Equivalents 2.2% ishares S&P/TSX Capped REIT Index Fund 44,890 482 769 Total Canadian Equity Index Equivalents 482 769 Canadian Equity Investments 23.8% BlackRock Active Canadian Equity Fund 250,328 8,254 8,346 Total Canadian Equity Investments 8,254 8,346 Canadian Fixed Income Investments 33.2% BlackRock Canada CoreActive Universe Bond Class A 556,432 12,243 11,635 Total Canadian Fixed Income Investments 12,243 11,635 Foreign Index Equivalents 7.7% ishares Dow Jones U.S. Real Estate Index Fund 13,670 743 881 ishares MSCI Emerging Markets Index Fund 41,450 1,714 1,834 Total Foreign Index Equivalents 2,457 2,715 Foreign Investments 33.1% Alpha Tilts Fund B 111,244 3,960 4,908 BlackRock CDN Global Market Selection Class A 31,565 1,820 1,601 International Alpha Tilts Fund B 234,153 4,732 5,076 Total Foreign Investments 10,512 11,585 Transaction Costs (Note 2) (1) Total Investments 33,947 35,050 Other Assets and Liabilities 0.0% 6 Net Assets 35,056 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Canadian Equity Index Equivalents 2.2 2.6 Canadian Equity Investments 23.8 23.9 Canadian Fixed Income Investments 33.2 33.4 Foreign Index Equivalents 7.7 6.8 Foreign Investments 33.1 33.2 Other Assets and Liabilities - 0.1 The accompanying notes are an integral part of the financial statements. 244
BlackRock CDN Global Market Selection Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 711,906,997 $ 869,519,944 Cash 4,132,141 1,221,677 Net unrealized gain on forward currency contracts (Note 5) 643,832 30,206,282 Accounts receivable for investment sales 1,110,083-717,793,053 900,947,903 Liabilities Operating expenses payable 25,160 25,538 Payables for redemption of units 3,483,500 - Payables for investment purchases - 22,715,229 Net unrealized loss on forward currency contracts (Note 5) 1,253,148 3,222,149 4,761,808 25,962,916 Net Assets $ 713,031,245 $ 874,984,987 Net Assets per Class Class A $ 713,031,245 $ 874,984,987 $ 713,031,245 $ 874,984,987 Number of Units Issued and Outstanding (Note 8) Class A 14,057,698 17,691,971 Net Assets per Unit Class A $ 50.72 $ 49.46 Investments at Cost $ 655,128,110 $ 790,751,749 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 245
BlackRock CDN Global Market Selection Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 2,289 $ 11,217 Foreign exchange gain (loss) (20,751) 353,630 (18,462) 364,847 Expenses Custodian fees 492 470 Fund accounting expenses 10,933 13,303 Unitholder communication s - 601 Audit fees 19,096 20,319 Securities filing fees 12,434 13,188 Independent review committee fees 352 981 Other operating expenses 2,207 3,028 45,514 51,890 Net Investment Income for the Year (63,976) 312,957 Gain (Loss) on Investments Net realized gain on sale of investments 28,979,254 8,376,601 Net realized gain (loss) from forward currency contracts 50,863,752 (21,623,690) Net change in unrealized depreciation in of investments (21,989,308) (35,635,702) Net change in unrealized appreciation (depreciation) in of forward currency contracts (27,593,449) 7,756,690 Net Gain (Loss) on Investments 30,260,249 (41,126,101) Increase (Decrease) in Net Assets from Operations $ 30,196,273 $ (40,813,144) Increase (Decrease) in Net Assets from Operations per Class Class A $ 30,196,273 $ (40,813,144) $ 30,196,273 $ (40,813,144) Increase (Decrease) in Net Assets from Operations per Unit Class A $ 2.01 $ (2.38) The accompanying notes are an integral part of the financial statements. 246
BlackRock CDN Global Market Selection Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 Net Assets - Beginning of Year $ 874,984,987 $ 841,551,038 $ 874,984,987 $ 841,551,038 Increase (Decrease) in Net Assets from Operations 30,196,273 (40,813,144) 30,196,273 (40,813,144) Capital Transactions Proceeds from issue of units 12,164,354 76,695,726 12,164,354 76,695,726 Reinvestment of distributions 18,026,348-18,026,348 - Redemption of units (204,314,369) (2,448,633) (204,314,369) (2,448,633) Net capital transactions (174,123,667) 74,247,093 (174,123,667) 74,247,093 Distributions From capital gains (18,026,348) - (18,026,348) - Total distributions (18,026,348) - (18,026,348) - Increase (Decrease) in Net Assets for the Year (161,953,742) 33,433,949 (161,953,742) 33,433,949 Net Assets - End of Year $ 713,031,245 $ 874,984,987 $ 713,031,245 $ 874,984,987 Fund Class A The accompanying notes are an integral part of the financial statements. 247
BlackRock CDN Global Market Selection Fund Foreign Investments 99.8% Global Ascent Ltd.* 476,982 655,128 711,907 Total Foreign Investments 655,128 711,907 Total Investments 655,128 711,907 Other Assets and Liabilities 0.2% 1,124 Net Assets 713,031 Open forward currency contracts held by the Fund as at December 31, 2012 are shown in Note 5. Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Foreign Investments 99.8 99.4 Other Assets and Liabilities 0.2 0.6 *The Global Ascent Ltd. is a Cayman Islands exempted company with the following portfolio concentration as a percentage of Net Assets. As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Asset-Backed Securities 0.15 0.98 Certificate of Deposit 1.67 - Commercial Mortgage- Backed Securities 0.03 1.55 Commercial Paper 12.70 - Corporate Debt Securities 0.98 5.19 Global Equities-Long 62.26 71.61 U.S. Government Agency Securities 2.63 2.08 Repurchase Agreements 29.28 23.84 Global Equities-Short (78.63) (74.94) Other Derivatives Assets 1 11.02 3.71 Other Derivatives Liabilities 1 (11.40) (3.48) Other Assets and Liabilities 69.31 69.46 1 Other Derivatives Assets and Other Derivatives Liabilities consist of contracts for differences, futures contracts, forward currency contracts, interest rate swap contracts, total return swap contracts, credit default swap contracts, variance swap contracts and options. The accompanying notes are an integral part of the financial statements. 248
BlackRock CDN Short Term Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair * (Note 2) $ 177,540,253 $ 51,897,513 Cash 380,981 13,075 Interest receivable 105,288 30,590 Accounts receivable from issue of units 576,271 92,330 178,602,793 52,033,508 Liabilities Operating expenses payable 16,422 15,158 Payables for redemption of units 147,505 180,049 163,927 195,207 Net Assets $ 178,438,866 $ 51,838,301 Net Assets per Class Class A $ 147,731,952 $ 19,079,177 Class D 30,706,914 32,759,124 $ 178,438,866 $ 51,838,301 Number of Units Issued and Outstanding (Note 8) Class A 9,348,822 1,219,628 Class D 2,316,105 2,495,982 Net Assets per Unit Class A $ 15.80 $ 15.64 Class D $ 13.26 $ 13.12 Investments at Cost* $ 177,376,417 $ 51,888,454 *Includes short-term investments Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 249
BlackRock CDN Short Term Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Interest income $ 828,796 $ 495,628 828,796 495,628 Expenses Custodian fees 3,032 1,124 Fund accounting expenses 44,842 41,585 Unitholder communication s - 601 Audit fees 10,898 11,332 Securities filing fees 1,955 757 Independent review committee fees 32 55 Other operating expenses 1,555 2,446 62,314 57,900 Net Investment Income for the Year 766,482 437,728 Gain on Investments Net change in unrealized appreciation in of investments 44,816 659 Net Gain on Investments 44,816 659 Increase in Net Assets from Operations $ 811,298 $ 438,387 Increase in Net Assets from Operations per Class Class A $ 487,406 $ 103,422 Class D 323,892 334,965 $ 811,298 $ 438,387 Increase in Net Assets from Operations per Unit Class A $ 0.15 $ 0.15 Class D $ 0.13 $ 0.13 The accompanying notes are an integral part of the financial statements. 250
BlackRock CDN Short Term Index Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 2012 2011 Fund Class A Class D Net Assets - Beginning of Year $ 51,838,301 $ 39,481,320 $ 19,079,177 $ 7,110,196 $ 32,759,124 $ 32,371,124 Increase in Net Assets from Operations 811,298 438,387 487,406 103,422 323,892 334,965 Capital Transactions Proceeds from issue of units 207,831,065 38,644,888 194,190,895 17,999,832 13,640,170 20,645,056 Reinvestment of distributions 776,173 437,553 567,285 127,974 208,888 309,579 Redemption of units (82,041,798) (26,726,294) (66,025,526) (6,134,273) (16,016,272) (20,592,021) Net capital transactions 126,565,440 12,356,147 128,732,654 11,993,533 (2,167,214) 362,614 Distributions From net investment income (776,173) (437,553) (567,285) (127,974) (208,888) (309,579) Total distributions (776,173) (437,553) (567,285) (127,974) (208,888) (309,579) Increase (Decrease) in Net Assets for the Year 126,600,565 12,356,981 128,652,775 11,968,981 (2,052,210) 388,000 Net Assets - End of Year $178,438,866 $ 51,838,301 $ 147,731,952 $19,079,177 $ 30,706,914 $ 32,759,124 The accompanying notes are an integral part of the financial statements. 251
BlackRock CDN Short Term Index Fund Par (in 000s) Short Term Investments Fixed Income Equivalents Provincial 12.4% Province of Alberta 0.99% February 04, 2013 7,000 6,983 6,993 Province of Brit 1.02% February 06, 2013 6,990 6,975 6,983 Province of Saskatchewan 1.00% January 03, 2013 5,000 4,994 5,000 1.00% January 04, 2013 3,150 3,146 3,150 22,098 22,126 Total Fixed Income Equivalents 22,098 22,126 Federal Non-Agency Government Guaranteed 63.6% Canadian Treasury Bill 0.95% January 14, 2013 13,300 13,292 13,296 0.98% January 31, 2013 18,000 17,954 17,985 0.97% February 14, 2013 18,200 18,152 18,178 0.96% February 28, 2013 17,550 17,503 17,522 0.97% March 14, 2013 17,800 17,742 17,767 0.98% March 28, 2013 18,200 18,136 18,161 CPPIB Capital, Inc. 1.05% January 03, 2013 3,500 3,493 3,500 Ontario Infrastructure & Lands Corp. 1.07% February 01, 2013 3,500 3,494 3,497 PSP Capital Inc. 1.06% February 01, 2013 3,500 3,495 3,497 113,261 113,403 Par (in 000s) Fixed Income Investments Government Federal Non-Agency 10.1% Government of Canada 1.75% March 01, 2013 18,000 18,040 18,022 18,040 18,022 Total Government 18,040 18,022 Total Fixed Income Investments 18,040 18,022 Total Investments 177,376 177,540 Other Assets and Liabilities 0.5% 899 Net Assets 178,439 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Provincial 12.4 15.4 Government Guaranteed 63.6 52.0 Commercial Paper 13.4 2.4 Corporate - 30.3 Federal Non-Agency 10.1 - Other Assets and Liabilities 0.5 (0.1) Commercial Paper 13.4% Bank du Montreal 1.07% January 14, 2013 3,700 3,697 3,699 Bank of Nova Scotia 1.12% January 10, 2013 3,400 3,397 3,399 CIBC 1.09% January 08, 2013 3,500 3,497 3,499 OMERS Finance Trust 1.11% January 02, 2013 3,500 3,498 3,500 Financiere CDP, Inc. 1.04% February 15, 2013 3,000 2,994 2,996 Royal Bank du Canada 1.08% January 16, 2013 3,500 3,497 3,498 Toronto Dominion Bank 1.08% January 22, 2013 3,400 3,397 3,398 23,977 23,989 Total Federal Non-Agency 137,238 137,392 Total Short Term Investments 159,336 159,518 The accompanying notes are an integral part of the financial statements. 252
BlackRock CDN MSCI EAFE Equity Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 2,844,715,579 $ 2,096,122,949 Cash 28,389,779 18,007,052 Margin due from brokers 5,308,728 3,262,562 Securities lending income receivable 60,778 24,214 Dividends receivable 3,495,458 4,102,011 Tax reclaim on dividends receivable 3,074,096 2,220,226 Accounts receivable from issue of units 21,034,888 25,474,784 Accounts receivable for investment sales 59,892 40,512 2,906,139,198 2,149,254,310 Liabilities Operating expenses payable 96,590 88,237 Payables for redemption of units 12,967,203 4,862,130 Payables for investment purchases 23,064,428 32,453,699 36,128,221 37,404,066 Net Assets $ 2,870,010,977 $ 2,111,850,244 Net Assets per Class Class A $ 1,200,166,548 $ 1,015,050,654 Class D 1,669,844,429 1,096,799,590 $ 2,870,010,977 $ 2,111,850,244 Number of Units Issued and Outstanding (Note 8) Class A 118,665,161 115,409,382 Class D 165,143,979 124,738,873 Net Assets per Unit Class A $ 10.11 $ 8.80 Class D $ 10.11 $ 8.79 Investments at Cost $ 2,902,018,066 $ 2,456,253,039 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 253
BlackRock CDN MSCI EAFE Equity Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 85,530,578 $ 75,415,858 Interest income 83,176 80,504 Securities lending income 1,648,637 1,555,018 Net gain (loss) from futures contracts 1,859,353 (2,462,438) Foreign exchange gain 103,188 410,424 Withholding taxes (4,295,625) (3,236,615) 84,929,307 71,762,751 Expenses Custodian fees 583,535 566,000 Fund accounting expenses 113,240 107,529 Unitholder communication s 1,096 601 Audit fees 23,750 25,400 Securities filing fees 42,420 (5,714) Independent review committee fees 1,006 2,277 Other operating expenses 34,542 52,884 799,589 748,977 Net Investment Income for the Year 84,129,718 71,013,774 Gain (Loss) on Investments Net realized loss on sale of investments (31,249,365) (33,960,240) Transaction s (Note 2,13) (263,213) (415,239) Net change in unrealized appreciation (depreciation) in of investments 302,827,603 (244,804,260) Net Gain (Loss) on Investments 271,315,025 (279,179,739) Increase (Decrease) in Net Assets from Operations $ 355,444,743 $ (208,165,965) Increase (Decrease) in Net Assets from Operations per Class Class A $ 152,288,865 $ (96,949,470) Class D 203,155,878 (111,216,495) $ 355,444,743 $ (208,165,965) Increase (Decrease) in Net Assets from Operations per Unit Class A $ 1.25 $ (0.97) Class D $ 1.42 $ (0.96) The accompanying notes are an integral part of the financial statements. 254
BlackRock CDN MSCI EAFE Equity Index Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 2012 2011 Fund Class A Class D Net Assets - Beginning of Year $2,111,850,244 $1,991,072,204 $1,015,050,654 $1,000,080,116 $1,096,799,590 $ 990,992,088 Increase (Decrease) in Net Assets from Operations 355,444,743 (208,165,965) 152,288,865 (96,949,470) 203,155,878 (111,216,495) Capital Transactions Proceeds from issue of units 974,418,076 936,648,818 456,829,532 501,052,678 517,588,544 435,596,140 Reinvestment of distributions 88,512,825 68,308,660 41,686,353 31,102,476 46,826,472 37,206,184 Redemption of units (571,702,086) (607,704,813) (424,002,503) (389,132,670) (147,699,583) (218,572,143) Net capital transactions 491,228,815 397,252,665 74,513,382 143,022,484 416,715,433 254,230,181 Distributions From net investment income (83,979,202) (68,308,660) (37,152,730) (31,102,476) (46,826,472) (37,206,184) From capital gains redemption in kind (Note 9) (4,533,623) - (4,533,623) - - - Total distributions (88,512,825) (68,308,660) (41,686,353) (31,102,476) (46,826,472) (37,206,184) Increase in Net Assets for the Year 758,160,733 120,778,040 185,115,894 14,970,538 573,044,839 105,807,502 Net Assets - End of Year $2,870,010,977 $2,111,850,244 $1,200,166,548 $1,015,050,654 $1,669,844,429 $1,096,799,590 The accompanying notes are an integral part of the financial statements. 255
BlackRock CDN MSCI EAFE Equity Index Fund Common Stocks Consumer Discretionary 11.5% ABC-Mart, Inc. 7,400 273 320 Accor SA 38,478 1,876 1,346 Adidas AG 54,922 3,441 4,850 Aisin Seiki Co., Ltd. 49,700 1,539 1,524 Anheuser-Busch InBev 210,353 11,238 18,117 Asics Corp. 38,700 468 583 Axel Springer AG 9,596 439 406 Bayerische Motoren Werke AG 86,716 5,484 8,319 Bayerische Motoren Werke AG Preferred 13,821 638 885 Benesse Corp. 18,300 814 756 Bridgestone Corp. 169,100 3,449 4,325 British Sky Broadcasting PLC 280,683 2,979 3,480 Burberry Group PLC 115,384 1,625 2,290 Bureau Veritas SA 14,774 1,027 1,636 Casio Computer Co., Ltd. 55,400 500 480 Christian Dior 14,335 1,723 2,412 Cie Financiere Richemont SA 136,715 6,614 10,611 Compass Group PLC 490,351 3,935 5,754 Continental AG 28,807 2,484 3,307 Crown, Ltd. 107,573 961 1,183 Daihatsu Motor Co., Ltd. 51,000 691 1,004 DaimlerChrysler AG 237,583 13,249 12,904 Daito Trust Construction Co., Ltd. 18,700 1,262 1,751 Daiwa House Industry Co., Ltd. 135,000 1,700 2,295 DeNa Co., Ltd. 27,300 704 893 Denso Corp. 128,200 4,042 4,388 Dentsu, Inc. 47,800 1,273 1,269 Don Quijote Co., Ltd. 13,300 513 485 Echo Entertainment Group Ltd. 199,078 823 704 Fast Retailing Co., Ltd. 14,000 2,164 3,521 Fiat SpA 232,172 2,444 1,155 Flight Centre, Ltd. 13,300 372 371 Fuji Heavy Industries, Ltd. 153,000 922 1,892 FUJIFILM Corp. 122,000 3,627 2,419 G4S PLC 363,258 1,472 1,508 Galaxy Entertainment Group, Ltd. 556,000 1,525 2,164 GKN PLC 422,509 1,366 1,565 Groupe Aeroplan, Inc. 20,776 1,882 1,636 Hakuhodo DY, Inc. 6,450 383 413 Harvey Norman, Ltd. 130,901 359 256 Hennes & Mauritz AB-Class B 248,664 7,558 8,541 Honda Motor Co., Ltd. 426,900 14,485 15,461 Hugo Boss AG 6,599 652 691 Husqvarna AB 108,885 758 653 Inditex SA 57,139 4,080 7,876 Intercontinental Hotels Group PLC 72,139 1,419 1,992 Isetan Mitsukoshi, Ltd. 94,720 1,022 917 Consumer Discretionary (continued) Isuzu Motors, Ltd. 307,000 1,216 1,807 ITV PLC 956,680 938 1,629 Jardine Cycle & Carriage, Ltd. 28,419 752 1,114 JC Decaux SA 17,380 450 406 Jupiter Telecommunications Co. 530 533 657 Kabel Deutschland Holding AG 23,103 1,270 1,711 Kingfisher PLC 622,210 2,374 2,857 Koito Manufacturing Co., Ltd. 26,000 396 373 Lagardere S.C.A. 31,857 1,365 1,052 Li & Fung, Ltd. 1,544,000 3,172 2,713 Luxottica Group SpA 43,627 1,415 1,779 LVMH Moet Hennessy Louis Vuitton SA 66,556 8,746 12,123 Makita Corp. 29,500 1,025 1,347 Marks & Spencer Group PLC 417,431 2,631 2,583 Marui Co., Ltd. 57,100 520 451 Mazda Motor Corp. 725,000 1,508 1,444 McDonald s Co. 17,100 409 449 MGM China, Ltd. 230,800 386 414 Mitsubishi Motors Corp. 1,033,000 1,498 1,059 Namco Bandai, Inc. 44,850 567 577 Next PLC 43,744 1,521 2,623 NGK Spark Plug Co., Ltd. 50,000 672 655 NHK Spring Co., Ltd. 38,600 372 313 Nikon Corp. 89,000 2,038 2,588 Nissan Motor Co., Ltd. 648,800 5,835 6,059 Nitori Co., Ltd. 9,500 770 691 NOK Corp. 26,400 474 407 Nokian Renkaat OYJ 28,851 917 1,138 OPAP SA 59,791 1,371 425 Oriental Land Co., Ltd. 13,400 1,190 1,614 Panasonic Corp. 575,700 8,012 3,454 Pearson PLC 215,013 3,407 4,134 Peugeot SA 55,862 1,709 401 Pirelli & C SpA 59,996 489 682 Porsche AG Preferred 39,937 2,816 3,225 PPR SA 19,642 2,722 3,620 ProSiebenSat.1 Media AG 22,492 551 627 Publicis Groupe 46,605 2,140 2,765 Rakuten, Inc. 185,800 1,540 1,436 Reed Elsevier NV 179,345 2,437 2,625 Reed Elsevier PLC 320,534 3,001 3,325 Renault SA 50,094 3,061 2,675 Rinnai Corp. 8,300 451 558 Sands China, Ltd. 628,400 1,332 2,737 Sankyo Co., Ltd./Gunma 12,100 683 477 Sanrio Co., Ltd. 10,800 526 341 Sega Sammy, Inc. 53,000 989 888 Sekisui Chemical Co., Ltd. 116,000 887 999 The accompanying notes are an integral part of the financial statements. 256
BlackRock CDN MSCI EAFE Equity Index Fund Consumer Discretionary (continued) Sekisui House, Ltd. 142,000 1,431 1,539 Shangri-La Asia, Ltd. 419,333 885 827 Sharp Corp. 271,000 3,015 946 Shimamura Co., Ltd. 5,600 545 540 Shimano, Inc. 19,300 937 1,220 Singapore Press, Ltd. 312,707 921 1,025 SJM, Ltd. 496,000 886 1,143 Sky City Entertainment Group, Ltd. 150,193 404 463 Sodexho Alliance SA 24,942 1,643 2,085 Sony Corp. 265,600 7,811 2,927 Stanley Electric Co., Ltd. 35,100 631 492 Sumitomo Rubber Industries, Inc. 41,900 454 498 Suzuki Motor Corp. 95,300 2,228 2,460 Swatch Group AG 8,073 2,594 4,049 Swatch Group AG-Class B 11,722 714 1,003 Tabcorp, Ltd. 194,824 1,231 612 Takashimaya Co., Ltd. 71,000 620 500 Tatts Group, Ltd. 354,007 900 1,102 Toho Co., Ltd./Tokyo 31,800 561 556 Toyoda Gosei Co., Ltd. 15,600 380 312 Toyota Boshoku Corp. 15,500 286 177 Toyota Industries Corp. 42,900 1,318 1,347 Toyota Motor Corp. 722,400 30,748 33,276 TUI Travel PLC 117,154 405 536 USS Co., Ltd. 5,910 466 612 Vivendi SA 341,487 9,286 7,596 Volkswagen AG 7,695 1,376 1,647 Volkswagen AG Preferred 37,877 4,934 8,580 Whitbread PLC 47,366 1,240 1,871 Wolters Kluwer NV 77,826 1,633 1,581 WPP PLC 331,238 3,631 4,755 Wynn Macau, Ltd. 411,200 838 1,101 Yamada Denki Co., Ltd. 23,610 1,573 903 Yamaha Corp. 41,300 576 431 Yamaha Motor Co., Ltd. 74,500 1,117 812 Yamato Kogyo Co., Ltd. 10,200 340 295 Yue Yuen Industrial 198,500 631 659 294,527 329,813 Consumer Staples 10.5% Aeon Co., Ltd. 160,100 2,133 1,816 Ajinomoto Co., Inc. 167,000 1,907 2,198 Aryzta AG 23,010 1,073 1,173 Asahi Breweries, Ltd. 101,100 1,980 2,139 Associated British Foods PLC 93,865 1,582 2,373 Barry Callebaut AG 441 414 422 Beiersdorf AG 26,600 1,666 2,156 British American Tobacco PLC 508,989 19,798 25,699 Calbee, Inc. 3,900 316 273 Carlsberg A/S-Class B 27,806 2,293 2,708 Consumer Staples (continued) Carrefour SA 157,423 6,565 3,996 Casino Guichard Perrachon SA 14,394 1,283 1,362 Coca Cola Hellenic Bottling Co. SA 51,977 1,201 1,183 Coca-Cola Amatil, Ltd. 149,384 1,608 2,077 Coca-Cola West Japan Co., Ltd. 15,200 288 233 Colruyt SA 20,488 967 1,008 Danone 151,786 9,603 9,921 D.E Master Blenders 1753 155,953 1,788 1,781 Delhaize Group 27,454 1,844 1,090 Diageo PLC 656,435 13,099 18,975 Distribuidora Internacional de Alimentacion SA 165,613 792 1,044 Familymart Co., Ltd. 14,800 556 605 Golden Agri-Resources, Ltd. 1,793,432 898 943 Groupe Danone 98,000 685 389 Heineken Holding NV 26,347 1,160 1,430 Heineken NV 60,815 3,045 4,016 Henkel KGaA 33,948 1,600 2,302 Henkel KGaA Preferred 46,342 2,485 3,775 Imperial Tobacco Group PLC 260,433 9,092 9,994 J Front Retailing Co., Ltd. 128,600 726 705 J Sainsbury PLC 325,246 1,846 1,816 Japan Tobacco, Inc. 236,700 5,101 6,651 Jeronimo Martins SGPS SA 58,064 694 1,113 Kao Corp. 136,900 3,687 3,546 Kerry Group PLC-Class A 39,440 1,437 2,058 Kesko OYJ-Class B 17,285 630 561 Kikkoman Corp. 45,000 545 636 Kirin Co., Ltd. 230,000 3,219 2,680 Koninklijke Ahold NV 262,480 3,458 3,492 L Oreal SA 63,170 6,899 8,691 Lawson, Inc. 15,800 841 1,068 Lindt & Spruengli AG 222 631 717 Lindt & Spruengli AG-PC 26 810 976 Meiji Co., Ltd. 16,360 723 705 Metcash, Ltd. 234,781 916 806 Metro AG 35,005 1,774 963 Nestle SA 844,602 43,084 54,757 Nippon Meat Packers, Inc. 43,000 562 591 Nisshin Seifun Group, Inc. 52,500 657 651 Nissin Food Products Co., Ltd. 15,800 579 594 Olam International, Ltd. 420,432 742 531 Pernod-Ricard 55,809 5,084 6,386 Reckitt Benckiser Group PLC 170,457 8,940 10,693 Remy Cointreau SA 5,557 578 599 SABMiller PLC 250,565 7,765 11,442 Seven & I Co., Ltd. 196,520 5,584 5,515 Shiseido Co., Ltd. 94,300 1,791 1,320 Suedzucker AG 22,126 679 900 The accompanying notes are an integral part of the financial statements. 257
BlackRock CDN MSCI EAFE Equity Index Fund Consumer Staples (continued) Swedish Match AB 54,547 1,450 1,822 Tate & Lyle PLC 121,184 1,310 1,492 Tesco PLC 2,106,039 13,603 11,453 TNT Express NV 86,988 963 963 Toyo Suisan Kaisha, Ltd. 23,000 570 609 Treasury Wine Estates, Ltd. 176,734 915 855 Uni-Charm Corp. 29,200 1,075 1,510 Unilever NV 426,646 13,328 16,110 Unilever PLC 336,148 10,463 12,867 William Morrison Supermarkets 603,695 2,937 2,569 Wilmar International, Ltd. 500,000 2,119 1,357 Woolworths, Ltd. 322,757 8,192 9,782 Yakult Honsha Co., Ltd. 25,600 770 1,111 Yamazaki Baking Co., Ltd. 31,000 382 343 259,780 301,087 Energy 7.4% Aker Solutions ASA 43,204 665 872 BG Group PLC 889,826 17,342 14,568 BP PLC 4,987,088 44,148 34,284 Caltex Australia, Ltd. 34,123 444 677 Cosmo Oil Company, Ltd. 137,000 409 301 ENI SpA 666,275 16,883 16,041 Fugro NV 18,155 1,134 1,057 Galp Energia SGPS SA-Class B 72,466 1,142 1,118 Idemitsu Kosan Co., Ltd. 5,800 543 498 Inpex, Inc. 577 3,730 3,037 Japan Petroleum Exploration Co. 7,100 385 247 JX, Inc. 585,330 3,580 3,249 Lundin Petroleum AB 57,697 1,455 1,319 Neste Oil OYJ 34,828 674 446 OMV AG 38,147 1,661 1,370 Origin Energy, Ltd. 283,976 3,776 3,411 Repsol SA 211,527-128 Repsol YPF SA 214,858 5,932 4,315 Royal Dutch Shell PLC-Class A 973,202 33,055 33,409 Royal Dutch Shell PLC-Class B 688,995 23,454 24,238 Saipem 69,009 2,833 2,654 Santos, Ltd. 249,153 3,277 2,859 SeaDrill, Ltd. 91,505 2,659 3,328 Showa Shell Sekiyu KK 44,000 413 247 Statoil ASA 292,295 7,529 7,269 Subsea 7 SA 75,156 1,808 1,776 Technip SA 26,878 2,294 3,061 Tenaris SA 123,071 2,169 2,516 TonenGeneral Sekiyu KK 71,000 738 609 Total SA 557,503 33,562 28,542 Transocean, Ltd. 93,855 5,726 4,118 Tullow Oil PLC 237,593 4,556 4,830 Whitehaven Coal, Ltd. 127,961 625 463 Energy (continued) Woodside Petroleum, Ltd. 171,803 6,851 6,017 WorleyParsons, Ltd. 53,019 1,340 1,280 236,792 214,154 Financials 24.3% 3i Group PLC 254,686 1,384 895 Aberdeen Asset Management PLC 221,135 870 1,312 Acom Co., Ltd. 9,360 253 266 Admiral Group PLC 54,084 1,027 1,015 Aegon NV 459,277 3,591 2,891 Aeon Credit Service Co., Ltd. 17,200 266 344 Aeon Mall Co., Ltd. 19,700 483 480 Ageas 61,168 4,564 1,781 AIA Group, Ltd. 2,838,800 9,383 11,032 Allianz AG 119,246 15,564 16,374 AMP, Ltd. 752,261 3,940 3,740 Anglo Irish Bank Co. PLC 364,155 14,992 11,160 Aozora Bank, Ltd. 152,000 319 462 Ascendas REIT 504,042 775 974 Assicurazioni Generali SpA 305,817 7,347 5,512 ASX, Ltd. 45,341 1,433 1,462 Aviva PLC 767,516 5,602 4,632 AXA SA 463,053 10,154 8,109 Baloise Holding AG 12,591 1,103 1,072 Banca Monte dei Paschi di Siena SpA 1,732,163 1,468 513 Banco Bilbao Vizcaya Argentaria SA 1,427,097 16,965 12,932 Banco de Sabadell SA 727,158 2,752 1,876 Banco Espirito Santo SA 550,694 1,143 645 Banco Popolare Scarl 463,273 2,242 764 Banco Popular Espanol SA 1,365,685 2,756 1,045 Banco Santander Central Hispano SA 2,703,202 29,699 21,291 Bank Hapoalim BM 283,586 1,118 1,206 Bank Leumi Le-Israel BM 334,741 1,315 1,127 Bank of East Asia, Ltd. 350,520 1,369 1,337 Bank of Kyoto, Ltd. (The) 82,000 778 686 Bank of Yokohama, Ltd. 316,000 1,763 1,452 Bankia SA 251,360 1,118 129 Banque Cantonale Vaudoise 727 384 383 Barclays PLC 3,044,949 15,426 12,915 Bendigo Bank, Ltd. 104,549 921 919 BGP PLC 1,121,589 - - BNP Paribas 262,689 17,968 14,656 BOC Hong Kong, Ltd. 977,500 2,504 3,020 British Land Co. PLC 218,771 2,024 1,990 CapitaCommercial Trust-REIT 546,000 722 748 Capitaland, Ltd. 681,305 1,853 2,055 CapitaMall Trust-REIT 629,700 886 1,093 Capitamalls Asia, Ltd. 352,000 569 555 The accompanying notes are an integral part of the financial statements. 258
BlackRock CDN MSCI EAFE Equity Index Fund Financials (continued) Centro Retail Australia REIT 348,208 681 817 CFS Retail Property Trust-REIT 524,793 962 1,039 Cheung Kong, Ltd. 363,000 4,859 5,526 Chiba Bank, Ltd. (The) 189,000 1,292 1,097 Chugoku Bank, Ltd. 47,000 639 648 Chuo Mitsui Trust, Inc. 811,460 3,023 2,803 City Developments, Ltd. 132,000 1,078 1,383 CNP Assurances 41,022 830 622 Commerzbank AG 1,007,361 5,234 1,898 Commonwealth Bank of Australia 416,998 19,678 26,804 Corio NV 17,756 1,065 799 Credit Agricole SA 264,149 4,077 2,109 Credit Saison Co., Ltd. 41,900 840 1,034 Credit Suisse Group 328,813 12,737 7,962 Criteria Caixacorp SA 204,803 1,054 680 Dai-ichi Life Insurance Co., Ltd. 2,211 3,287 3,053 Daiwa Securities Group, Inc. 441,000 2,522 2,402 Danske Bank A/S 170,453 3,829 2,867 DB RREEF Trust 478,000 4,999 5,774 Delta Lloyd 34,892 610 565 Deutsche Bank AG 243,443 14,663 10,536 Deutsche Boerse AG 50,331 3,434 3,044 Dexus Property Group 1,201,080 1,088 1,254 DNB Nor ASA 254,683 2,985 3,203 Erste Bank der Oesterreichischen Sparkassen AG 56,437 2,122 1,779 EXOR SpA 17,501 325 436 Federated Investors, Inc.-Class B 47,766 1,836 1,823 First Pacific Co., Ltd. 532,000 588 581 Fonciere des Regions REIT 7,067 627 587 Fukuoka Financial Group, Inc. 194,000 886 766 Gecina SA 5,492 600 611 Gjensidige Forsikring ASA 52,715 646 748 Global Logistic Properties, Ltd. 555,000 959 1,258 Goodman Group 448,884 1,506 2,005 GPT Group 376,281 1,355 1,428 Groupe Bruxelles Lambert SA 148,332 1,395 1,137 Gunma Bank, Ltd. 98,000 587 474 Hachijuni Bank (The), Ltd. 117,000 684 579 Hammerson PLC 184,200 1,783 1,455 Hang Lung Properties, Ltd. 585,000 2,108 2,311 Hang Seng Bank, Ltd. 202,100 3,097 3,079 Hannover Rueckversicherung AG 16,156 866 1,248 Hargreaves Lansdown PLC 59,128 716 651 Henderson Land Development Co., Ltd. 251,778 1,594 1,768 Hiroshima Bank (The), Ltd. 123,000 509 510 Hong Kong Exchanges and Clearing, Ltd. 286,000 4,618 4,842 HSBC PLC 4,795,828 51,214 50,205 Financials (continued) Hysan Development Co., Ltd. 162,000 564 776 ICADE 5,925 616 521 ICAP PLC 147,666 1,045 734 Immoeast AG 87,039 - - Immofinanz AG 251,744 985 1,048 Industrivarden AB 30,507 445 503 Infineon Technologies AG 286,812 1,990 2,314 ING Groep NV 1,006,711 12,577 9,320 Insurance Australia Group, Ltd. 540,847 1,980 2,622 Intesa Sanpaolo SpA 2,650,856 8,830 4,524 Intesa Sanpaolo SpA RNC 231,481 729 323 Investec PLC 145,131 1,050 993 Investor AB-Class B 118,306 2,431 3,076 Iyo Bank, Ltd. 64,000 615 503 Japan Prime Realty Investment Corp. REIT 195 528 558 Japan Real Estate Investment Corp. REIT 159 1,485 1,551 Japan Retail Fund Investment Corp. REIT 528 829 964 Joyo Bank, Ltd. (The) 173,000 820 815 Julius Baer Group, Ltd. 57,193 2,174 2,011 KBC Groep NV 61,879 2,685 2,115 Keppel Land, Ltd. 209,000 543 687 Kerry Properties, Ltd. 191,000 911 986 Kinnevik Investment AB 53,978 1,019 1,118 Klepierre 25,623 940 1,004 Land Securities Group PLC 202,463 2,702 2,664 Legal & General Group PLC 1,556,592 2,792 3,668 Lend Lease Corp., Ltd. 142,003 1,175 1,358 Liberty International PLC 141,835 1,088 804 Link REIT 595,000 1,799 2,962 Lloyds TSB Group PLC 11,053,997 40,907 8,572 London Stock Exchange Group PLC 47,246 713 828 Macquarie Group, Ltd. 84,626 3,172 3,100 Man Group PLC 11,104 1,046 1,176 Mapfre SA 205,661 753 621 Mediobanca SpA 137,521 1,479 841 Merck & Co., Inc. 16,895 1,771 2,210 Mirvac Group 885,109 1,255 1,354 Mitsubishi Estate Co., Ltd. 329,000 6,111 7,759 Mitsubishi UFJ Financial Group, Inc. 3,337,360 20,543 17,679 Mitsubishi UFJ Lease & Finance Co., Ltd. 15,300 601 648 Mitsui Fudosan Co., Ltd. 220,000 4,175 5,290 Mitsui Sumitomo Insurance Group, Inc. 132,374 3,384 2,593 Mizrahi Tefahot Bank, Ltd. 30,088 261 316 The accompanying notes are an integral part of the financial statements. 259
BlackRock CDN MSCI EAFE Equity Index Fund Financials (continued) Mizuho Financial Group, Inc. 5,991,820 13,423 10,764 Muenchener Rueckversicherungs AG 46,970 7,216 8,389 National Australia Bank, Ltd. 595,358 14,950 15,380 Natixis 243,655 1,226 814 New World Development, Ltd. 944,500 1,369 1,454 Nippon Building Fund, Inc. REIT 158 1,569 1,621 Nishi-Nippon City Bank, Ltd. (The) 164,000 502 400 NKSJ, Inc. 98,900 2,869 2,084 Nomura, Inc. 950,900 6,774 5,508 Nomura Real Estate, Inc. 26,100 498 492 Nomura Real Estate Office Fund, Inc. REIT 66 438 377 Nordea Bank AB 685,884 6,807 6,519 NTT Urban Development Corp. 337 331 322 Old Mutual PLC 1,272,227 3,089 3,663 ORIX Corp. 27,150 2,975 3,026 Oversea-Chinese Banking Corp. 676,000 4,315 5,362 Pargesa Holding SA 6,942 606 473 Partners Group Holding AG 4,665 916 1,069 Petrofac, Ltd. 69,150 1,357 1,816 Pohjola Bank PLC 37,755 456 556 Prudential PLC 669,806 7,167 9,367 QBE Insurance Group, Ltd. 312,484 5,411 3,521 Raiffeisen International Bank Holding AG 13,287 819 549 Ratos AB 48,774 742 467 Resolution, Ltd. 357,878 1,145 1,432 Resona, Inc. 493,600 3,394 2,222 Royal Bank of Scotland Group PLC 555,558 9,480 2,917 Sampo OYJ 108,980 2,841 3,481 SBI, Inc. 61,600 1,021 539 Schroders PLC 29,716 645 810 SCOR SE 43,181 1,096 1,156 Segro PLC REIT 197,418 1,192 785 Seven Bank, Ltd. 130,900 318 342 Shinsei Bank, Ltd. 407,000 625 801 Shizuoka Bank, Ltd. (The) 140,000 1,417 1,356 Shoei Co. Ltd./Chiyoda-ku 70,900 359 475 Singapore Exchange, Ltd. 223,000 1,192 1,272 Sino Land Co. 763,200 1,303 1,359 Skandinaviska Enskilda Banken AB- Class A 367,707 2,721 3,109 Societe Generale-Class A 183,951 10,774 6,844 Sony Financial, Inc. 45,800 789 812 Standard Chartered PLC 626,624 15,915 15,943 Standard Life PLC 622,319 2,432 3,342 Stockland 569,392 2,111 2,078 Sumitomo Mitsui Financial Group, Inc. 351,800 14,431 12,579 Financials (continued) Sumitomo Realty & Development Co., Ltd. 93,000 1,994 3,049 Sun Hung Kai Properties, Ltd. 409,000 5,645 6,105 Suncorp-Metway, Ltd. 337,731 3,107 3,551 Suruga Bank, Ltd. 46,000 493 560 Svenska Handelsbanken-Class A 129,712 3,707 4,614 Swedbank AB 209,228 2,960 4,064 Swire Pacific, Ltd.-Class A 177,500 2,115 2,184 Swire Properties, Ltd. 315,800 1,036 1,047 Swiss Life Holding 7,737 1,167 1,021 Swiss Prime Site AG 14,406 1,187 1,196 Swiss Re, Ltd. 92,643 5,338 6,641 T&D, Inc. 149,100 2,290 1,784 Tokio Marine, Inc. 182,500 5,476 4,998 Tokyu Land Corp. 111,000 588 799 TrygVesta AS 6,030 367 452 UBS AG 953,716 18,335 14,804 Unibail 24,007 4,997 5,734 Unicredit SpA 1,061,987 11,774 5,164 Unione Di Banche Italiane SCPA 222,799 2,160 1,025 United Overseas Bank, Ltd. 333,679 4,549 5,388 UOL Group, Ltd. 119,000 365 579 Vienna Insurance Group 10,652 540 565 Westfield Group 562,440 6,446 6,134 Westfield Retail Trust-REIT 758,067 2,041 2,367 Westpac Banking Corp. 806,701 17,706 21,707 Wharf, Ltd. 394,500 2,087 3,051 Wheelock & Co., Ltd. 242,000 794 1,212 Wing Hang Bank, Ltd. 49,000 476 506 Yamaguchi Financial Group, Inc. 52,000 571 454 Zurich Financial Services AG 38,636 9,331 10,225 789,066 697,186 Health Care 10.1% Actelion, Ltd. 28,652 1,417 1,357 Alfresa Corp. 10,700 516 415 Astellas Pharma, Inc. 116,100 4,836 5,174 AstraZeneca PLC 326,599 15,859 15,374 Bayer AG 216,584 15,261 20,442 Cangene Corp. 296,850 12,904 11,418 Celesio AG 20,877 627 357 Chugai Pharmaceutical Co., Ltd. 58,600 1,118 1,114 Cie Generale d Optique Essilor International SA 53,261 3,604 5,314 Cochlear, Ltd. 14,921 906 1,219 Coloplast A/S 29,610 733 1,441 CSL, Ltd., Australia 132,667 4,244 7,385 Daiichi Sankyo Co., Ltd. 174,281 3,797 2,651 Dainippon Sumitomo Pharma Co., Ltd. 43,300 433 516 The accompanying notes are an integral part of the financial statements. 260
BlackRock CDN MSCI EAFE Equity Index Fund Health Care (continued) Eisai Co., Ltd. 66,800 2,699 2,769 Elan Corp. PLC 129,837 1,483 1,297 Elekta AB 96,096 1,196 1,488 Fresenius Medical Care AG & Co. KGaA 55,597 3,340 3,814 Fresenius SE 32,337 2,801 3,704 Getinge AB 51,623 1,159 1,738 GlaxoSmithKline PLC 1,302,680 29,355 28,126 Grifols SA 38,862 824 1,296 Hisamitsu Pharmaceutical Co. 15,700 653 773 Kyowa Hakko Kogyo Co., Ltd. 65,000 719 635 Lonza Group AG 13,407 1,080 720 M3, Inc. 150 274 238 Miraca, Inc. 15,500 597 619 Mitsubishi Tanabe Pharma Corp. 60,000 881 778 Novartis AG Registered 602,458 34,056 37,649 Novo-Nordisk A/S-Class B 106,665 9,763 17,182 Olympus Corp. 57,200 1,545 1,097 ONO Pharmaceutical Co., Ltd. 21,500 1,137 1,088 Orion OYJ-Class B 25,793 537 751 Otsuka Co., Ltd. 96,200 2,705 2,692 Prothena Corp. PLC 3,166 34 21 Qiagen NV 61,699 1,212 1,110 Ramsay Health Care, Ltd. 35,458 654 996 Roche Holding AG Genusschein 184,007 31,269 36,829 RSA Insurance Group PLC 940,170 2,062 1,911 Sanofi-Aventis 312,343 23,985 29,206 Santen Pharmaceutical Co., Ltd. 19,800 708 754 Shionogi & Co., Ltd. 78,100 1,472 1,292 Shire, Ltd. 148,050 3,503 4,514 Smith & Nephew PLC 233,099 2,380 2,562 Sonic Healthcare, Ltd. 95,995 1,201 1,323 Sonova Holding AG 12,761 1,256 1,408 Suzuken Co., Ltd. 19,000 594 531 Sysmex Corp. 18,800 612 857 Taisho Pharmaceutical Co., Ltd. 9,200 654 627 Takeda Pharmaceutical Co., Ltd. 207,300 10,102 9,203 Terumo Corp. 39,100 1,962 1,533 Teva Pharmaceutical Industries, Ltd. 247,025 12,907 9,223 Tsumura & Co. 15,500 530 466 UCB SA 28,275 1,297 1,604 William Demant Holding 6,566 522 559 261,975 289,160 Industrials 12.7% ABB, Ltd. 575,937 11,543 11,747 Abertis Infraestructuras SA 95,476 1,673 1,554 Acciona SA 6,716 855 495 ACS Actividades Cons y Serv 37,050 1,546 900 Industrials (continued) Adecco SA 35,315 1,848 1,845 Aeroports de Paris 7,437 643 568 Aggreko PLC 69,560 1,722 1,959 Airlines 59,811 1,004 1,120 Alfa Laval AB 86,379 1,288 1,789 All Nippon Airways Co., Ltd. 313,000 921 652 ALS, Ltd./Queensland 90,630 930 1,007 Alstom 54,380 3,188 2,149 Amada Co., Ltd. 97,000 698 620 Amadeus IT Holding SA 82,922 1,630 2,063 AMEC PLC 81,452 1,167 1,321 Andritz AG 19,229 1,059 1,226 Antofagasta PLC 103,215 1,703 2,208 AP Moller-Maersk A/S-Class A 146 1,199 1,029 AP Moller-Maersk A/S-Class B 344 2,838 2,578 Asahi Glass Co., Ltd. 260,000 2,616 1,868 Asciano Group 254,986 1,151 1,228 Assa Abloy AB-Class B 87,666 1,981 3,259 Atlantia SpA 86,007 1,678 1,543 Atlas Copco AB-Class A 176,630 3,177 4,820 Atlas Copco AB-Class B 101,986 1,683 2,468 Auckland International Airport, Ltd. 234,835 387 515 Aurizon, Ltd. 480,579 1,489 1,853 Babcock International Group PLC 92,855 996 1,450 BAE Systems PLC 854,024 5,163 4,657 Balfour Beatty PLC 184,604 945 818 Bouygues 49,226 2,283 1,442 Brambles Industries PLC 410,136 2,898 3,184 Brenntag AG 13,395 1,411 1,740 Bunzl PLC 85,266 1,082 1,391 Cathay Pacific Airways, Ltd. 329,000 649 601 Central Japan Railway Co. 37,600 3,225 3,022 Chiyoda Corp. 42,000 434 593 Cie de Saint-Gobain 104,329 5,164 4,401 Cie Generale de Geophysique- Veritas 40,426 1,325 1,199 Cie Generale des Etablissements Michelin 47,311 3,608 4,446 Cobham PLC 286,853 1,041 1,024 ComfortDelGro Corp., Ltd. 502,119 587 727 Dai Nippon Printing Co., Ltd. 151,000 1,866 1,170 Daikin Industries, Ltd. 60,500 2,082 2,050 Delek Group, Ltd. 1,307 276 304 Deutsche Post AG 236,255 4,719 5,137 DSV A/S 50,284 965 1,288 East Japan Railway Co. 88,700 6,105 5,689 Edenred 44,292 959 1,352 European Aeronautic Defense and Space Co. 109,022 2,984 4,208 Experian, Ltd. 265,512 3,194 4,209 The accompanying notes are an integral part of the financial statements. 261
BlackRock CDN MSCI EAFE Equity Index Fund Industrials (continued) Fanuc, Ltd. 50,100 6,242 9,179 Ferrovial SA 105,074 1,240 1,542 Fiat Industrial SpA 223,624 2,500 2,422 Finmeccanica SpA 105,343 1,465 602 Fraport AG 10,248 614 590 Fraser and Neave, Ltd. 245,745 1,038 1,939 Fuji Electric Co., Ltd. 158,000 456 384 Furukawa Electric Co., Ltd. (The) 178,000 706 394 GEA Group AG 45,166 1,226 1,451 Geberit AG 9,643 1,698 2,112 Genting International PLC 1,627,600 1,548 1,831 Hankyu, Inc. 295,000 1,489 1,512 Hexagon AB 61,487 1,141 1,535 Hino Motors, Ltd. 67,000 370 596 Hitachi Construction Machinery Co., Ltd. 27,300 602 563 Hitachi High-Technologies Corp. 16,200 360 331 Hochtief AG 8,640 565 496 Hopewell, Ltd. 148,000 485 629 Hutchison Port Trust-UNIT 1,374,000 1,163 1,074 Hutchison Whampoa, Ltd. 556,000 5,086 5,775 IHI Corp. 335,000 729 853 IMI PLC 84,552 1,195 1,496 Independent Tankers Corp., Ltd. 1 - - International Consolidated Airlines Group SA 248,658 904 721 Intertek Group PLC 42,087 1,311 2,108 Invensys PLC 212,581 942 1,118 Itochu Corp. 391,200 3,636 4,081 Japan Airlines Co., Ltd. 16,059 732 684 Japan Steel Works, Ltd. (The) 86,000 824 552 JGC Corp. 54,000 1,247 1,663 JS Group Corp. 68,700 1,384 1,517 JTEKT Corp. 57,500 758 538 Kajima Corp. 214,000 693 700 Kamigumi Co., Ltd. 64,000 543 506 Kawasaki Heavy Industries, Ltd. 379,000 1,122 1,013 Keihin Electric Express Railway Co., Ltd. 124,000 1,029 1,091 Keio Corp. 153,000 1,001 1,131 Keisei Electric Railway Co., Ltd. 74,000 519 620 Keppel Corp., Ltd. 373,900 2,531 3,350 Kinden Corp. 39,000 320 251 Kintetsu Corp. 418,000 1,586 1,699 Komatsu, Ltd. 244,200 5,633 6,136 Kone OYJ 41,210 1,886 3,019 Koninklijke Boskalis Westminster NV 20,369 883 909 Koninklijke Vopak NV 18,269 865 1,274 Kubota Corp. 290,000 2,570 3,289 Kuehne & Nagel International AG 13,893 1,445 1,662 Industrials (continued) Kurita Water Industries, Ltd. 30,000 852 653 Legrand SA 61,898 2,082 2,586 Leighton, Ltd. 38,477 1,064 710 Marubeni Corp. 437,000 2,767 3,080 Medipal Corp. 37,200 505 408 Meggitt PLC 202,127 1,233 1,250 Melrose Industries PLC 315,686 1,136 1,142 Metso OYJ 33,408 1,260 1,405 Mitsubishi Corp. 369,200 8,663 6,994 Mitsubishi Electric Corp. 503,000 4,464 4,223 Mitsubishi Heavy Industries, Ltd. 796,000 3,448 3,795 Mitsubishi Logistics Corp. 32,000 388 454 Mitsui & Co., Ltd. 457,600 7,304 6,756 Mitsui OSK Lines, Ltd. 292,000 1,919 851 MTR Corp. 374,000 1,263 1,463 Nabtesco Corp. 27,800 569 611 NGK Insulators, Ltd. 68,000 1,166 795 Nippon Express Co., Ltd. 230,000 1,036 938 Nippon Yusen KK 437,000 1,780 1,006 Noble Group, Ltd. 1,031,326 1,269 971 NSK, Ltd. 112,000 821 784 NWS, Ltd. 388,500 607 648 Obayashi Corp. 172,000 823 959 Odakyu Electric Railway Co., Ltd. 161,000 1,404 1,665 Orient Overseas International, Ltd. 58,000 340 373 Orkla ASA 198,613 1,861 1,720 Otsuka Corp. 3,900 315 292 Park24 Co., Ltd. 23,700 397 373 Qantas Airways, Ltd. 291,030 623 448 Randstad NV 31,903 1,287 1,158 Rexel SA 27,662 505 558 Rolls Royce PLC 491,757 4,786 6,944 Ryanair PLC 4,042 20 25 Ryanair PLC, Sponsored ADR 5,948 201 203 Safran SA 59,917 1,771 2,556 Sandvik AB 261,041 3,494 4,135 Scania AB-Class B 82,587 1,339 1,698 Schindler Holding AG 12,497 1,126 1,793 Schindler Holding AG-REG 5,401 489 759 Schneider Electric SA 137,647 8,028 9,898 Secom Co., Ltd. 54,400 2,648 2,713 Securitas AB-Class B 79,355 904 686 SembCorp Industries, Ltd. 258,736 837 1,107 SembCorp Marine, Ltd. 223,581 673 838 Serco Group PLC 129,884 1,081 1,125 SGS SA 1,426 2,200 3,143 Shimadzu Corp. 61,000 532 411 Shimizu Corp. 162,000 713 603 The accompanying notes are an integral part of the financial statements. 262
BlackRock CDN MSCI EAFE Equity Index Fund Industrials (continued) Siemens AG Registered 215,493 21,854 23,233 Singapore Airlines, Ltd. 141,671 1,419 1,240 Singapore Technologies Engineering, Ltd. 401,297 930 1,246 Skanska AB-Class B 97,861 1,594 1,589 SKF AB 102,408 2,002 2,556 SMC Corp./Japan 14,100 2,049 2,522 Smiths Group PLC 104,254 1,926 2,003 Societe BIC SA 7,499 624 886 Sojitz Corp. 344,700 774 500 Sulzer AG 6,494 1,031 1,018 Sumitomo Corp. 292,900 3,791 3,707 Sumitomo Electric Industries, Ltd. 197,300 2,554 2,243 Sumitomo Heavy Industries, Ltd. 139,000 852 651 Sydney Airport 55,547 162 194 Taisei Corp. 279,000 754 919 Thales SA 24,282 1,021 832 THK Co., Ltd. 30,900 650 547 Tobu Railway Co., Ltd. 264,000 1,373 1,383 Tokyu Corp. 294,000 1,500 1,639 Toll, Ltd. 172,021 1,125 811 Toppan Printing Co., Ltd. 141,000 1,258 862 Toto, Ltd. 69,000 517 513 Toyota Tsusho Corp. 55,600 1,047 1,354 Transurban Group 343,957 1,808 2,165 Ushio, Inc. 24,600 412 267 Vallourec 27,177 2,455 1,409 Vinci SA 120,391 6,391 5,671 Volvo AB-Class B 364,422 4,551 4,953 Wartsila OYJ-Class B 43,306 1,216 1,855 Weir Group PLC 56,695 1,614 1,720 Wendel SA 8,716 857 887 Wesfarmers, Ltd. 263,892 7,450 10,052 West Japan Railway Co. 45,300 1,872 1,774 Wolseley PLC 71,808 2,660 3,367 Yamato Co., Ltd. 96,800 1,509 1,457 Yangzijiang Shipbuilding 498,000 496 388 Zardoya Otis SA 41,898 748 581 Zodiac Aerospace 9,063 913 989 341,612 365,113 Information Technology 4.0% Advantest Corp. 38,300 875 594 Annaly Capital Management, Inc. 107,015 1,361 - ARM PLC 364,035 2,268 4,516 ASM Pacific Technology 50,200 464 605 Asml Holding 82,886 4,866 5,215 Atos Origin 14,426 806 998 Brother Industries, Ltd. 64,800 783 685 Canon, Inc. 38,177 1,812 1,647 CapGemini SA 172,703 2,010 2,110 Information Technology (continued) Citizen Watch Co., Ltd. 73,500 457 382 Computershare, Ltd. 119,382 1,066 1,104 Dassault Systemes SA 16,351 1,170 1,808 Fujitsu, Ltd. 495,000 3,082 2,046 Gemalto 21,075 1,435 1,877 Gree, Inc. 22,600 378 348 Hamamatsu Photonics KK 18,100 629 650 Hirose Electric Co., Ltd. 8,000 865 946 Hitachi, Ltd. 1,220,000 6,229 7,081 Hoya Corp. 113,500 2,872 2,208 Ibiden Co., Ltd. 30,700 1,036 483 Itochu Techno-Science Corp. 6,200 237 253 Keyence Corp. 12,075 2,692 3,314 Konami Corp. 27,900 660 621 Konica Minolta, Inc. 120,500 1,247 855 Koninklijke (Royal) Philips Electronics NV 272,252 7,424 7,098 Kyocera Corp. 40,200 3,658 3,597 Mabuchi Motor Co., Ltd. 5,500 284 231 Mellanox Technologies, Ltd. 9,504 1,075 568 Millicom International Cellular SA, SDR 16,199 1,505 1,395 Murata Manufacturing Co., Ltd. 52,500 2,961 3,035 NEC Corp. 648,000 2,058 1,343 Nexon Co., Ltd. 27,200 455 271 NICE Systems, Ltd. 16,272 526 551 Nidec Corp. 27,900 2,295 1,606 Nintendo Co., Ltd. 28,000 7,052 2,941 Nippon Electric Glass Co., Ltd. 92,000 1,091 516 Nokia OYJ 975,498 12,457 3,747 Nomura Research Institute, Ltd. 28,300 654 584 NTT Data Corp. 335 1,196 1,036 Omron Corp. 53,600 1,178 1,267 Oracle Corp. Japan 9,200 391 380 Ricoh Co., Ltd. 164,000 2,214 1,711 Rohm Co., Ltd. 26,400 1,666 846 Sage Group PLC 320,728 1,354 1,528 SAP AG 241,284 13,467 19,248 Square Enix Co., Ltd. 15,000 362 189 STMicroelectronics NV 169,151 1,642 1,188 Sumco Corp. 33,500 581 324 TDK Corp. 32,500 1,903 1,162 Telefonaktiebolaget LM Ericsson- Class B 798,063 9,379 7,946 Tokyo Electron, Ltd. 45,600 2,620 2,064 Toshiba Corp. 1,055,000 5,338 4,082 Trend Micro, Inc. 26,600 906 793 Yahoo! Japan Corp. 3,767 1,472 1,207 Yaskawa Electric Corp. 59,000 527 558 Yokogawa Electric Corp. 54,300 508 588 129,499 113,946 The accompanying notes are an integral part of the financial statements. 263
BlackRock CDN MSCI EAFE Equity Index Fund Materials 10.3% Air Liquide 81,832 8,624 10,205 Akzo Nobel NV 62,430 3,678 4,064 Alumina, Ltd. 654,601 1,113 609 Amcor, Ltd. 314,962 2,000 2,627 ArcelorMittal 243,725 8,705 4,127 Arkema SA 16,036 1,511 1,667 Asahi Kasei Corp. 335,000 1,927 1,956 Aurizon Mines, Ltd. 711,347 15,076 18,391 BASF SE 240,557 15,832 22,509 BHP Billiton PLC 553,168 16,725 19,066 BHP Billiton, Ltd. 844,519 29,720 32,389 Boliden AB 71,444 996 1,334 Boral, Ltd. 204,776 943 921 CRH PLC 188,795 4,542 3,775 Croda International PLC 35,244 1,264 1,355 Daicel Chemical Industries, Ltd. 82,000 536 533 Daido Steel Co., Ltd. 73,000 420 364 Denki Kagaku Kogyo KK 110,000 456 370 EMS-Chemie Holding AG 2,003 469 466 Eurasian Natural Resources 61,332 930 282 Evraz PLC 93,812 428 392 Fletcher Building, Ltd. 180,555 1,063 1,240 Fortescue Metals Group, Ltd. 362,211 1,722 1,734 Fresnillo PLC 46,605 834 1,392 GDF Suez 334,537 13,395 6,833 Givaudan 2,173 1,964 2,276 Glencore International PLC 995,184 6,400 5,654 Heidelbergcement AG 37,173 2,254 2,229 Hitachi Chemical Co., Ltd. 26,700 532 397 Hitachi Metals, Ltd. 40,000 482 336 Holcim, Ltd. 59,507 4,104 4,324 Iluka Resources, Ltd. 109,995 1,731 1,026 Imerys SA 8,787 547 554 Incitec Pivot, Ltd. 424,705 1,627 1,414 Israel Chemicals, Ltd. 115,168 1,399 1,371 Israel Corp., Ltd. 640 481 427 James Hardie Industries NV 116,178 780 1,095 JFE, Inc. 129,700 4,017 2,393 Johnson Matthey PLC 54,082 1,656 2,077 JSR Corp. 47,700 958 899 K+S AG 45,439 2,722 2,077 Kaneka Corp. 67,000 494 336 Kansai Paint Co., Ltd. 55,000 487 586 Kazakhmys PLC 56,594 1,092 711 Kobe Steel, Ltd. 669,000 1,348 840 Koninklijke DSM 40,305 1,967 2,417 Kuraray Co., Ltd. 90,900 1,157 1,177 Lafarge SA 49,457 3,407 3,126 Lanxess AG 22,127 1,583 1,925 Materials (continued) Linde AG 48,453 6,472 8,390 Maruichi Steel Tube, Ltd. 10,900 256 248 Mitsubishi Chemical Corp. 353,000 1,986 1,728 Mitsubishi Gas Chemical Co., Inc. 107,000 691 644 Mitsubishi Materials Corp. 295,000 990 989 Mitsui Chemicals, Inc. 235,000 822 603 Newcrest Mining, Ltd. 200,141 6,373 4,589 Nippon Paper Group, Inc. 27,800 695 380 Nippon Steel Corp. 1,997,340 7,342 4,830 Nitto Denko Corp. 43,500 1,907 2,109 Norsk Hydro ASA 245,403 2,035 1,218 Novozymes AS 64,999 1,550 1,821 Oji Paper Co., Ltd. 215,000 1,029 733 Olam International, Ltd. 131,595 - - Orica, Ltd. 95,020 2,199 2,462 OZ Minerals, Ltd. 79,343 1,130 550 Prysmian SpA 54,070 985 1,065 Randgold Resources, Ltd. 22,793 2,008 2,191 Rexam PLC 225,383 1,349 1,590 Rio Tinto PLC 351,083 19,451 19,948 Rio Tinto, Ltd. 114,300 7,579 7,799 Salzgitter AG 10,699 896 555 Shin-Etsu Chemical Co., Ltd. 108,100 6,071 6,511 Showa Denko KK 396,000 843 593 Sika AG 564 1,001 1,294 Sims Group, Ltd. 44,888 796 429 Solvay SA 15,672 1,806 2,250 Stora Enso OYJ-Class R 142,945 1,301 983 Sumitomo Chemical Co., Ltd. 392,000 1,914 1,210 Sumitomo Metal Mining Co., Ltd. 140,000 2,068 1,944 Svenska Cellulosa AB-Class B 152,906 2,276 3,300 Syngenta AG 24,390 6,760 9,726 Taiheiyo Cement Corp. 305,000 659 825 Taiyo Nippon Sanso Corp. 62,000 519 353 Teijin, Ltd. 254,000 935 620 ThyssenKrupp AG 101,002 3,352 2,362 Toray Industries, Inc. 384,000 2,453 2,326 Toyo Seikan Kaisha, Ltd. 41,500 693 550 Ube Industries, Ltd. 256,000 750 607 Umicore 29,379 1,158 1,608 UPM-Kymmene OYJ 135,368 2,033 1,564 Vedanta Resources PLC 26,730 860 500 Voestalpine AG 29,632 1,159 1,075 Xstrata PLC 552,499 9,402 9,452 Yara International ASA 48,782 2,119 2,384 294,771 295,176 Telecommunication Services 4.7% Belgacom SA 39,792 1,473 1,157 Bezeq Israeli Telecommunication Corp., Ltd. 485,966 1,046 554 The accompanying notes are an integral part of the financial statements. 264
BlackRock CDN MSCI EAFE Equity Index Fund Telecommunication Services (continued) BT Group PLC 2,064,797 6,562 7,723 Deutsche Telekom AG 735,661 10,684 8,312 Elisa OYJ-Class A 35,714 793 783 Eurazeo 7,457 480 352 Eutelsat Communications 34,959 1,197 1,151 France Telecom SA 485,633 11,057 5,304 HKT Trust / HKT, Ltd. 625,000 593 605 Iliad SA 6,044 724 1,028 Inmarsat PLC 115,009 1,158 1,082 KDDI Corp. 70,400 4,474 4,929 Koninklijke KPN 269,555 3,644 1,314 Nippon Telegraph & Telephone Corp. 114,300 5,505 4,771 NTT DoCoMo, Inc. 3,987 6,792 5,693 PCCW, Ltd. 1,129,000 411 493 Portugal Telecom SGPS SA 167,955 1,591 823 SES 80,756 1,981 2,295 Singapore Telecommunications, Ltd. 2,082,572 5,023 5,602 Softbank Corp. 248,100 7,277 8,957 Starhub, Ltd. 169,000 367 519 Swisscom AG 6,074 2,358 2,602 TDC A/S 133,220 1,079 938 Tele2 AB-Class B 82,044 1,393 1,470 Telecom Corp. of New Zealand, Ltd. 476,241 1,042 884 Telecom Italia SpA 2,455,512 4,063 2,202 Telecom Italia SpA-RNC 1,561,321 2,095 1,225 Telefonica SA 1,072,755 23,356 14,223 Telekom Austria AG 61,312 932 460 Telenet Group Holding 14,145 600 659 Telenor ASA 183,424 2,783 3,676 TeliaSonera AB 563,045 3,991 3,797 Telstra Corp., Ltd. 1,140,624 3,885 5,153 United Internet AG 23,770 398 508 Vodafone Group PLC 12,879,032 34,611 32,184 Ziggo 32,324 1,008 1,046 156,426 134,474 Utilities 3.6% AGL Energy, Ltd. 142,798 1,981 2,267 Air Water, Inc. 38,000 482 481 APA Group 220,939 1,186 1,258 Centrica PLC 1,361,036 6,652 7,349 Cheung Kong Infrastructure, Ltd. 132,000 651 804 Chubu Electric Power Co., Inc. 170,400 3,773 2,245 Chugoku Electric Power Co. 78,500 1,534 1,221 CLP, Ltd. 469,000 3,777 3,904 Contact Energy, Ltd. 88,924 391 376 Utilities (continued) E.ON AG 473,509 16,964 8,752 EDF SA 62,692 3,309 1,148 EDP-Energias de Portugal SA 495,217 1,909 1,483 Electric Power Development Co. 29,220 931 689 Electricite de France 62,006 1,296 1,617 Enagas 48,661 1,100 1,021 Enel Green Power SpA 446,390 960 823 Enel SpA 1,730,987 10,105 7,131 Fortum OYJ 116,253 3,153 2,158 Gas Natural SDG SA 89,996 1,685 1,589 Hokkaido Electric Power Co., Inc. 50,100 959 602 Hokuriku Electric Power Co. 45,900 993 540 Hong Kong & China Gas 1,364,317 2,674 3,689 Hongkong Electric, Ltd. 366,000 2,439 3,103 Iberdrola SA 1,039,525 8,542 5,622 Kansai Electric Power Co. (The), Inc. 194,400 4,105 2,024 Kyushu Electric Power Co., Inc. 113,200 2,172 1,280 National Grid PLC 952,810 9,756 10,834 Osaka Gas Co., Ltd. 496,000 1,939 1,788 Red Electrica de Espana 28,069 1,443 1,365 RWE AG 128,173 9,076 5,252 RWE AG Preferred 10,750 634 401 Scottish & Southern Energy PLC 246,760 5,310 5,659 Severn Trent PLC 63,801 1,492 1,625 Shikoku Electric Power Co. 42,000 1,146 663 Snam SpA 437,384 2,211 2,018 SP Ausnet 453,281 421 520 Suez Environnement SA 72,965 1,495 869 Terna SpA 342,959 1,322 1,361 Toho Gas Co., Ltd. 110,000 624 585 Tohoku Electric Power Co., Inc. 119,900 2,167 1,109 Tokyo Electric Power Co. (The), Inc. 391,500 7,001 924 Tokyo Gas Co., Ltd. 648,000 2,990 2,940 United Utilities Group PLC 180,122 2,038 1,961 Veolia Environnement SA 89,831 2,895 1,080 Verbund-Oesterreichische Elektrizitaetswirtschafts AG- Class A 19,209 686 477 138,369 104,607 Total Common Stocks 2,902,817 2,844,716 Transaction Costs (Note 2) (799) Total Investments 2,902,018 2,844,716 Other Assets and Liabilities 0.9% 25,295 Net Assets 2,870,011 The accompanying notes are an integral part of the financial statements. 265
BlackRock CDN MSCI EAFE Equity Index Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 11.5 10.8 Consumer Staples 10.5 10.7 Energy 7.4 9.0 Financials 24.3 21.3 Health Care 10.1 10.4 Industrials 12.7 12.6 Information Technology 4.0 4.2 Materials 10.3 10.4 Telecommunication Services 4.7 5.7 Utilities 3.6 4.2 Other Assets and Liabilities 0.9 0.7 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 266
BlackRock CDN MSCI EAFE Index Hedged Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 191,584,556 $ 395,006,493 Cash 8,559 10,111 Net unrealized gain on forward currency contracts (Note 5) 2,529,407 28,858,651 Accounts receivable from issue of units 17,482,600 1,589,876 211,605,122 425,465,131 Liabilities Operating expenses payable 16,286 18,084 Payables for redemption of units 1,194,295 546,524 Payables for investment purchases 16,125,605 11,497,239 Net unrealized loss on forward currency contracts (Note 5) 2,744,481 17,469,591 20,080,667 29,531,438 Net Assets $ 191,524,455 $ 395,933,693 Number of Units Issued and Outstanding (Note 8) 17,384,198 42,310,162 Net Assets per Unit $ 11.02 $ 9.36 Investments at Cost $ 195,155,167 $ 458,429,410 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 267
BlackRock CDN MSCI EAFE Index Hedged Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 4,963,215 $ 12,285,642 Interest income 360 579 4,963,575 12,286,221 Expenses Custodian fees 2,885 2,488 Fund accounting expenses 11,649 13,303 Unitholder communication s - 601 Audit fees 13,882 14,539 Securities filing fees 3,548 5,530 Independent review committee fees 124 396 Other operating expenses 1,097 2,225 33,185 39,082 Net Investment Income for the Year 4,930,390 12,247,139 Gain (Loss) on Investments Net realized loss on sale of investments (48,833,002) (4,031,077) Net realized gain (loss) from forward currency contracts 18,584,100 (15,701,806) Net change in unrealized appreciation (depreciation) in of investments 59,852,306 (45,106,137) Net change in unrealized appreciation (depreciation) in of forward currency contracts (11,604,134) 5,979,056 Net Gain (Loss) on Investments 17,999,270 (58,859,964) Increase (Decrease) in Net Assets from Operations $ 22,929,660 $ (46,612,825) Increase (Decrease) in Net Assets from Operations per Unit $ 0.88 $ (1.27) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 395,933,693 $ 384,981,710 Increase (Decrease) in Net Assets from Operations 22,929,660 (46,612,825) Capital Transactions Proceeds from issue of units 54,582,238 157,361,273 Reinvestment of distributions 4,930,493 12,247,055 Redemption of units (281,921,136) (99,796,465) Net capital transactions (222,408,405) 69,811,863 Distributions From net investment income (4,930,493) (12,247,055) Total distributions (4,930,493) (12,247,055) Increase (Decrease) in Net Assets for the Year (204,409,238) 10,951,983 Net Assets - End of Year $ 191,524,455 $ 395,933,693 The accompanying notes are an integral part of the financial statements. 268
BlackRock CDN MSCI EAFE Index Hedged Fund Foreign Index Equivalents 100.0% BlackRock CDN MSCI EAFE Equity Index Class A 18,920,999 195,155 191,585 Total Foreign Index Equivalents 195,155 191,585 Total Investments 195,155 191,585 Other Assets and Liabilities 0.0% (61) Net Assets 191,524 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Foreign Index Equivalents 100.0 99.8 Other Assets and Liabilities - 0.2 Open forward currency contracts held by the Fund as at December 31, 2012 are shown in Note 5. The accompanying notes are an integral part of the financial statements. 269
BlackRock CDN MSCI ACWI ex-canada Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 369,997,565 $ 130,114,562 Cash 675,139 260,270 Dividends receivable 13,990 Accounts receivable from issue of units 21,563 4,488 370,708,257 130,379,320 Liabilities Operating expenses payable 12,216 11,421 Payables for redemption of units 137,920 70,098 150,136 81,519 Net Assets $ 370,558,121 $ 130,297,801 Number of Units Issued and Outstanding (Note 8) 39,683,201 15,930,393 Net Assets per Unit $ 9.34 $ 8.18 Investments at Cost $ 354,403,127 $ 139,507,448 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 270
BlackRock CDN MSCI ACWI ex-canada Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 6,247,337 $ 3,068,668 Interest income 2,401 1,812 Securities lending income - 1,553 Foreign exchange loss (2,361) (864) Withholding taxes (80,292) (51,649) 6,167,085 3,019,520 Expenses Custodian fees 292 290 Fund accounting expenses 5,726 6,208 Unitholder communication s - 601 Audit fees 9,236 9,607 Securities filing fees 3,945 1,862 Independent review committee fees 67 153 Other operating expenses 1,097 1,839 20,363 20,560 Net Investment Income for the Year 6,146,722 2,998,960 Gain (Loss) on Investments Net realized loss on sale of investments (186,049) (343,898) Transaction s (Note 2,13) (10,134) (3,969) Net change in unrealized appreciation (depreciation) in of investments 24,987,324 (7,356,001) Net Gain (Loss) on Investments 24,791,141 (7,703,868) Increase (Decrease) in Net Assets from Operations $ 30,937,863 $ (4,704,908) Increase (Decrease) in Net Assets from Operations per Unit $ 1.37 $ (0.33) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 130,297,801 $ 115,356,227 Increase (Decrease) in Net Assets from Operations 30,937,863 (4,704,908) Capital Transactions Proceeds from issue of units 237,751,701 51,673,994 Reinvestment of distributions 6,146,498 2,998,938 Redemption of units (28,429,244) (32,027,512) Net capital transactions 215,468,955 22,645,420 Distributions From net investment income (6,146,498) (2,998,938) Total distributions (6,146,498) (2,998,938) Increase in Net Assets for the Year 240,260,320 14,941,574 Net Assets - End of Year $ 370,558,121 $ 130,297,801 The accompanying notes are an integral part of the financial statements. 271
BlackRock CDN MSCI ACWI ex-canada Index Fund Foreign Index Equivalents 99.8% BlackRock CDN MSCI EAFE Equity Index Class D 14,084,701 139,619 142,588 BlackRock CDN US Equity Index Class D 20,432,545 167,036 176,011 ishares MSCI Emerging Markets Index Fund 1,161,327 47,763 51,399 Total Foreign Index Equivalents 354,418 369,998 Transaction Costs (Note 2) (15) Total Investments 354,403 369,998 Other Assets and Liabilities 0.2% 560 Net Assets 370,558 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Foreign Index Equivalents 99.8 99.9 Other Assets and Liabilities 0.2 0.1 The accompanying notes are an integral part of the financial statements. 272
BlackRock CDN MSCI Emerging Markets Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 370,628,310 $ 265,712,543 Cash 1,431,740 397,061 Margin due from brokers 423,078 91,715 Dividends receivable 433,427 228,966 Tax reclaim on dividends receivable 18,427 7,221 Accounts receivable from issue of units 188,529 1,468,109 373,123,511 267,905,615 Liabilities Operating expenses payable 82,826 38,748 Payables for redemption of units 190,000 - Payables for investment purchases - 1,488,905 272,826 1,527,653 Net Assets $ 372,850,685 $ 266,377,962 Net Assets per Class Class A $ 372,850,685 $ 266,377,962 $ 372,850,685 $ 266,377,962 Number of Units Issued and Outstanding (Note 8) Class A 36,013,636 29,701,499 Net Assets per Unit Class A $ 10.35 $ 8.97 Investments at Cost $ 365,319,727 $ 300,661,346 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 273
BlackRock CDN MSCI Emerging Markets Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 9,786,974 $ 6,478,627 Interest income (4,380) (23,728) Net gain (loss) from futures contracts 188,444 (214,532) Foreign exchange gain (loss) (14,476) 126,486 Withholding taxes (968,368) (501,506) 8,988,194 5,865,347 Expenses Custodian fees 570,667 421,567 Fund accounting expenses 74,076 63,311 Unitholder communication s 6,485 Audit fees 8,777 9,170 Securities filing fees 5,312 3,921 Independent review committee fees 132 293 Other operating expenses 59,407 35,967 718,371 540,714 Net Investment Income for the Year 8,269,823 5,324,633 Gain (Loss) on Investments Net realized loss on sale of investments (4,363,591) (5,360,677) Foreign tax (1,582) (189,244) Transaction s (Note 2,13) (57,356) (135,892) Net change in unrealized appreciation (depreciation) in of investments 40,257,386 (44,620,419) Net Gain (Loss) on Investments 35,834,857 (50,306,232) Increase (Decrease) in Net Assets from Operations $ 44,104,680 $ (44,981,599) Increase (Decrease) in Net Assets from Operations per Class Class A $ 44,104,680 $ (44,981,599) $ 44,104,680 $ (44,981,599) Increase (Decrease) in Net Assets from Operations per Unit Class A $ 1.37 $ (1.75) The accompanying notes are an integral part of the financial statements. 274
BlackRock CDN MSCI Emerging Markets Index Fund Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 2012 2011 Net Assets - Beginning of Year $ 266,377,962 $ 253,068,376 $ 266,377,962 $ 253,068,376 Increase (Decrease) in Net Assets from Operations 44,104,680 (44,981,599) 44,104,680 (44,981,599) Capital Transactions Proceeds from issue of units 62,738,043 61,227,077 62,738,043 61,227,077 Reinvestment of distributions 8,030,446 5,249,345 8,030,446 5,249,345 Redemption of units (370,000) (2,935,892) (370,000) (2,935,892) Net capital transactions 70,398,489 63,540,530 70,398,489 63,540,530 Distributions From net investment income (8,030,446) (5,249,345) (8,030,446) (5,249,345) Total distributions (8,030,446) (5,249,345) (8,030,446) (5,249,345) Increase in Net Assets for the Year 106,472,723 13,309,586 106,472,723 13,309,586 Net Assets - End of Year $ 372,850,685 $ 266,377,962 $ 372,850,685 $ 266,377,962 Fund Class A The accompanying notes are an integral part of the financial statements. 275
BlackRock CDN MSCI Emerging Markets Index Fund Common Stocks Consumer Discretionary 8.0% Anhanguera Educacional Participacoes SA 12,000 250 199 Anta Sports Products, Ltd. 88,000 151 77 Arcelik 22,937 114 148 Astra International Tbk PT 1,955,500 1,342 1,515 AviChina Industry & Technology Co., Ltd. 200,000 114 87 Bajaj Auto, Ltd. 8,115 254 314 BEC World PCL 81,300 104 106 BEC World PCL NVDR 15,200 30 35 Belle International, Ltd. 448,000 863 961 Berjaya Sports Toto Bhd. 64,000 89 92 Bosideng International, Ltd. 270,000 113 79 Brilliance China Automotive, Ltd. 240,000 242 295 BYD Co., Ltd. 49,500 234 147 Cheil Worldwide, Inc. 9,070 177 182 Cheng Shin Rubber Industry Co., Ltd. 177,460 368 458 China Motor Corp. 51,000 48 48 Cia Hering 13,800 265 280 Cyfrowy Polsat SA 18,447 92 97 Cyrela Brazil Realty SA Empreendimentos e Participacoes 28,200 346 245 Dah Chong Hong, Ltd. 79,000 100 83 Daphne International, Ltd. 88,000 107 120 Dongfeng Motor Group Co., Ltd. 264,000 475 403 E-Mart Co., Ltd. 2,014 460 446 El Puerto De Liverpool SAB de CV 17,800 132 187 Far Eastern Department Stores Co., Ltd. 92,160 123 95 Ford Otomotiv Sanayi 6,948 60 83 Formosa International Hotels Corp. 3,300 43 44 Formosa Taffeta Co., Ltd. 77,000 74 74 Foschini Group, Ltd. 19,766 246 327 Geely Automobile, Ltd. 375,000 164 176 Genting Bhd. 197,500 646 591 Genting Malaysia Bhd. 286,700 319 330 Giant Manufacturing Co., Ltd. 28,000 111 159 Global Mediacom Tbk PT 622,000 160 149 Golden Eagle Retail Group, Ltd. 68,000 177 166 GOME Electrical Appliances, Ltd. 960,000 319 113 Great Wall Motor Co., Ltd. 100,750 168 313 Grupo Televisa SA 248,600 1,066 1,301 Guangzhou Automobile Group Co., Ltd. 216,000 281 190 Haier Electronics Group Co., Ltd. 80,000 77 116 Hankook Tire Co., Ltd. 7,179 325 314 Hero Honda Motors, Ltd. 3,934 149 136 Consumer Discretionary (continued) Hotai Motor Co., Ltd. 24,000 138 191 Hyundai Department Store Co., Ltd. 1,445 182 213 Hyundai Mobis 6,581 1,638 1,760 Hyundai Motor Co. 14,892 2,400 3,026 Hyundai Motor Co. 2nd Preferred 3,636 204 253 Hyundai Motor Co. Preferred 2,256 119 145 Hyundai Wia Corp. 1,491 209 239 Imperial, Ltd. 17,261 294 395 Intime Department Store Group Co., Ltd. 97,000 153 113 Jollibee Foods Corp. 40,060 83 99 Kangwon Land, Inc. 9,300 216 253 Kia Motors Corp. 25,458 1,199 1,338 Kroton Educacional SA 7,400 146 166 LG Electronics, Inc. 10,281 785 704 Lojas Americanas SA 12,000 100 104 Lojas Americanas SA Preferred 39,218 286 347 Lojas Renner SA 11,900 415 459 Lotte Shopping Co., Ltd. 983 390 343 Mahindra & Mahindra, Ltd. 29,686 456 503 Mando Corp. 1,230 172 146 Maruti Suzuki India, Ltd. 3,451 92 95 Massmart, Ltd. 10,439 214 234 Media Nusantara Citra Tbk PT 392,500 108 100 Merida Industry Co., Ltd. 19,000 77 84 Mr Price Group, Ltd. 23,078 301 379 MRV Engenharia e Participacoes SA 30,200 257 173 Nan Kang Rubber Tire Co., Ltd. 56,164 73 68 Naspers, Ltd. 37,811 1,901 2,410 Neo Co., Ltd. 662 - - Parkson Bhd. 60,087 108 95 Parkson Retail Group, Ltd. 133,000 206 107 PDG Realty SA Empreendimentos e Participacoes 113,400 579 182 Pou Chen Corp. 215,000 169 225 Ruentex Industries, Ltd. 46,385 87 115 SACI Falabella 46,773 450 479 Steinhoff International, Ltd. 114,991 347 370 Tata Motors, Ltd. 73,238 356 421 Titan Industries, Ltd. 19,956 91 103 Tofas Turk Otomobil Fabrikasi 11,764 71 69 Truworths International, Ltd. 42,408 428 533 Turkiye Sise ve Cam Fabrikalari 45,117 87 74 UMW Bhd. 50,600 122 197 Woolworths, Ltd. 72,879 318 604 Woongjin Coway Co., Ltd. 5,280 196 214 Yulon Motor Co., Ltd. 84,000 165 158 Zee Entertainment Ent., Ltd. 45,142 128 181 Zhongsheng Group, Ltd. 57,500 98 86 27,592 29,834 The accompanying notes are an integral part of the financial statements. 276
BlackRock CDN MSCI Emerging Markets Index Fund Consumer Staples 8.7% Alliance Global Group, Inc. 407,600 115 165 Almacenes Exito SA 19,453 259 387 Amorepacific Corp. 310 311 350 Amorepacific Group 267 104 116 Anadolu Efes Biracilik ve Malt Sanayii AS 20,093 285 287 Astra Agro Lestari Tbk PT 39,500 97 80 BIM Birlesik Magazalar 10,278 357 500 BRF-Brasil Foods SA 63,200 1,029 1,297 British American Tobacco Malaysia Bhd. 11,000 172 218 Centros Comerciales Sudamericanos SA 96,646 649 521 Charoen Pokphand Foods PCL 210,500 186 223 Charoen Pokphand Foods PCL NVDR 88,600 92 97 Charoen Pokphand Indonesia Tbk PT 713,460 180 264 China Agri-Industries, Ltd. 197,000 198 110 China Foods, Ltd. 78,000 78 72 China Mengniu Dairy Co., Ltd. 120,000 371 338 China Resources Ent., Ltd. 118,000 487 424 Cia Brasileira de Distribuicao Grupo Pao de Acucar 9,534 376 419 Cia Cervecerias Unidas SA 10,764 129 167 Cia de Bebidas das Americas 13,600 498 554 Cia de Bebidas das Americas Preferred 72,758 2,133 3,028 CJ CheilJedang Corp. 768 176 254 Coca-Cola Femsa SAB de CV 41,800 432 615 Coca-Cola Icecek 6,126 85 125 Controladora Comercial Mexicana SAB de CV-UNIT 36,200 112 125 Cosan SA Industria e Comercio 11,700 181 237 CP ALL PCL 280,600 197 338 CP ALL PCL NVDR 144,400 145 215 Dabur India, Ltd. 38,848 92 91 Embotelladora Andina SA 17,810 114 113 Embotelladoras Arca SAB de CV 31,358 146 231 Eurocash SA 6,627 79 96 Felda Global Ventures Bhd. 108,800 188 162 Fomento Economico Mexicano SAB de CV-UNIT 187,800 1,174 1,862 Genting Plantations Bhd. 20,500 55 59 Godrej Consumer Products, Ltd. 11,286 123 148 Grupo Bimbo SAB de CV 159,000 330 407 Grupo Modelo SAB de CV 61,200 377 544 Gudang Garam Tbk PT 46,000 251 267 Hengan International Group Co., Ltd. 71,500 670 641 Hindustan Unilever, Ltd. 83,502 567 796 Hypermarcas SA 33,400 376 270 Consumer Staples (continued) Indofood Sukses Makmur Tbk PT 426,000 254 257 IOI Corp. Bhd. 310,800 553 505 ITC, Ltd. 211,932 905 1,106 JBS SA 38,800 136 113 Kernel Holding SA 5,041 116 108 Kimberly-Clark de Mexico SAB de CV-Class A 150,200 317 381 KT&G Corp. 10,595 646 795 Kuala Lumpur Kepong Bhd. 46,400 300 357 LG Household & Health Care, Ltd. 906 366 554 Lotte Confectionery Co., Ltd. 68 89 102 Magnit OJSC GDR 25,130 676 1,003 Natura Cosmeticos SA 16,700 440 476 Orion Corp. 345 207 352 Pick n Pay Stores, Ltd. 23,791 146 124 PPB Group Bhd. 45,600 255 172 President Chain Store Corp. 56,000 309 299 Raia Drogasil SA 19,300 153 217 San Miguel Corp. 44,745 128 113 Shinsegae Co., Ltd. 657 499 134 Shoprite, Ltd. 41,341 632 992 Siam Makro PCL 9,000 142 131 Souza Cruz SA 37,000 410 554 Spar Group, Ltd. 16,642 240 246 Standard Foods Corp. 23,560 66 64 Sun Art Retail Group, Ltd. 230,500 330 351 Tiger Brands, Ltd. 15,704 445 599 Tingyi Cayman Islands Holding Corp. 188,000 529 516 Tsingtao Brewery Co., Ltd. 28,000 159 164 Uni-President China, Ltd. 105,000 100 111 Uni-President Enterprises Corp. 399,730 530 731 Unilever Indonesia Tbk PT 147,500 289 317 United Breweries, Ltd. 6,208 91 106 United Spirits, Ltd. 8,347 181 297 Universal Robina Corp. 84,200 106 169 Vina Concha y Toro SA 39,685 95 77 Wal-Mart de Mexico SAB de CV 514,200 1,375 1,663 Want Want China, Ltd. 575,000 537 789 Wumart Stores, Inc. 49,000 115 104 26,843 32,362 Energy 12.3% Adaro Energy Tbk PT 1,391,000 343 227 AK Transneft OAO 150 215 333 Banpu PCL 2,150 50 28 Banpu PCL NVDR 8,550 115 114 Bharat Heavy Electricals, Ltd. 56,650 457 240 Bharat Petroleum Corp., Ltd. 16,614 109 108 Bumi Armada Bhd. 114,900 148 147 The accompanying notes are an integral part of the financial statements. 277
BlackRock CDN MSCI Emerging Markets Index Fund Energy (continued) Bumi Resources Tbk PT 1,370,500 341 84 Cairn India, Ltd. 46,141 280 269 China Coal Energy Co., Ltd. 396,000 568 426 China Oilfield Services, Ltd. 152,000 250 311 China Petroleum & Chemical Corp. 1,620,000 1,502 1,827 China Shenhua Energy Co., Ltd. 328,500 1,387 1,429 CNOOC, Ltd. 1,725,000 3,512 3,718 Coal India, Ltd. 48,793 370 319 Ecopetrol SA 476,603 1,102 1,450 Formosa Petrochemical Corp. 110,000 312 324 Gazprom OAO 1,028,866 5,713 4,819 Glow Energy PCL 45,000 75 113 Grupa Lotos SA 6,109 64 83 GS 4,935 275 330 Indo Tambangraya Megah PT 39,500 196 167 Inner Mongolia Yitai Coal Co. 57,800 350 327 IRPC PCL 924,900 138 124 IRPC PCL NVDR 65,400 9 9 Kunlun Energy Co., Ltd. 310,000 482 644 Lukoil OAO 49,290 2,855 3,214 MOL Hungarian Oil and Gas PLC 4,040 377 323 NovaTek OAO 8,803 908 1,041 OGX Petroleo e Gas Participacoes SA 125,100 1,254 265 Oil & Natural Gas Corp., Ltd. 74,361 442 361 PetroChina Co., Ltd. 2,038,000 2,523 2,864 Petroleo Brasileiro SA 287,600 4,561 2,729 Petroleo Brasileiro SA Preferred 405,700 5,816 3,849 Petronas Dagangan Bhd. 23,800 108 182 Polski Koncern Naftowy Orlen 30,972 425 515 Polskie Gornictwo Naftowe i Gazownictwo SA 171,883 213 287 PTT Exploration & Production PCL 103,913 537 551 PTT Exploration & Production PCL NVDR 31,013 159 165 PTT PCL 66,600 676 713 PTT PCL NVDR 16,200 174 175 Reliance Industries, Ltd. 125,247 2,435 1,905 Rosneft Oil Co. 122,883 854 1,082 S-Oil Corp. 4,348 342 421 Sapurakencana Petroleum Bhd. 221,300 156 224 Sasol, Ltd. 52,950 2,392 2,253 SK Energy Co., Ltd. 5,806 814 940 Surgutneftegas OJSC 691,000 648 604 Surgutneftegas OJSC Preferred 670,700 338 435 Tambang Batubara Bukit Asam Tbk PT 81,000 168 126 Tatneft 136,823 716 972 Thai Oil PCL 61,200 123 130 Thai Oil PCL NVDR 18,200 38 40 Energy (continued) TMK OAO 5,638 91 85 Tupras Turkiye Petrol Rafinerileri 12,104 293 346 Ultrapar Participacoes SA 31,600 556 707 Yanzhou Coal Mining Co., Ltd. 190,000 475 312 49,830 45,786 Financials 26.3% ABSA Group, Ltd. 25,683 483 493 African Bank Investments, Ltd. 69,957 340 263 Agile Property, Ltd. 138,000 183 193 Agricultural Bank of China, Ltd. 2,078,000 1,011 1,025 Akbank TAS 173,834 791 852 Alliance Financial Group Bhd. 95,700 108 136 AMMB Bhd. 160,100 323 348 Asya Katilim Bankasi 48,453 89 59 Attijariwafa Bank 2,955 123 107 Axis Bank, Ltd. 22,035 606 542 Ayala Corp. 17,178 138 215 Ayala Land, Inc. 531,900 222 340 Banco Bradesco SA 55,400 843 914 Banco Bradesco SA Preferred 184,641 3,470 3,158 Banco Davivienda SA 7,500 94 98 Banco de Chile 1,789,687 246 277 Banco de Credito e Inversiones 3,028 188 210 Banco do Brasil SA 55,400 946 690 Banco do Estado do Rio Grande do Sul 17,900 184 135 Banco Santander Brasil SA-UNIT 73,400 846 533 Banco Santander Chile 6,370,037 527 447 BanColombia SA 22,157 350 375 BanColombia SA Preferred 31,407 501 520 Bangkok Bank PCL 81,200 437 552 Bangkok Bank PCL NVDR 53,500 281 340 Bank Central Asia Tbk PT 1,179,000 929 1,102 Bank Danamon Indonesia Tbk PT 320,500 208 185 Bank Handlowy w Warszawie SA 3,204 89 101 Bank Mandiri Tbk PT 902,000 691 750 Bank Millennium SA 39,518 63 56 Bank Negara Indonesia Persero Tbk PT 713,626 327 273 Bank of Ayudhya PCL 142,000 109 149 Bank of Ayudhya PCL NVDR 92,800 92 98 Bank of Baroda 7,936 103 125 Bank of China, Ltd. 7,268,700 3,448 3,240 Bank of Communications Co., Ltd. 676,600 623 507 Bank of India 11,854 92 74 Bank of the Philippine Islands 67,720 92 154 Bank Pekao SA 11,416 629 625 Bank Rakyat Indonesia Persero Tbk PT 1,062,000 699 757 The accompanying notes are an integral part of the financial statements. 278
BlackRock CDN MSCI Emerging Markets Index Fund Financials (continued) BDO Unibank, Inc. 138,412 185 244 BM&FBOVESPA SA 172,200 1,277 1,172 BR Malls Participacoes SA 39,500 409 517 BR Properties SA 18,100 214 221 BRE Bank SA 1,440 134 151 BS Financial Group, Inc. 16,000 209 196 Canara Bank 8,550 103 80 Capital Securities Corp. 155,000 58 59 Cathay Financial Holding Co., Ltd. 683,450 762 737 Central Pattana PCL 64,600 169 171 CETIP SA-Balcao Organizado de Ativos e Derivativos 19,823 287 245 Chailease Holding Co., Ltd. 64,000 129 146 Chang Hwa Commercial Bank 423,010 240 231 China Citic Bank Corp., Ltd. 719,000 452 425 China Construction Bank Corp. 6,966,000 5,569 5,566 China Development Financial Holding Corp. 1,187,000 338 309 China Everbright, Ltd. 82,000 177 157 China Life Insurance Co., Ltd. 180,589 171 162 China Life Insurance Co., Ltd. H Shares 718,000 2,690 2,338 China Merchants Bank Co., Ltd. 377,500 918 828 China Minsheng Banking Corp., Ltd. 503,000 463 578 China Overseas Land & Investment, Ltd. 394,000 863 1,169 China Pacific Insurance Group Co., Ltd. 228,200 818 840 China Resources Land, Ltd. 196,000 386 527 China Taiping Insurance Co., Ltd. 83,600 235 169 China Vanke Co., Ltd. 125,800 163 202 Chinatrust Financial Holding Co., Ltd. 1,080,137 611 633 Chongqing Rural Commercial Bank 236,000 139 129 CIMB Group Bhd. 466,700 1,241 1,159 Citic Securities Co., Ltd. 103,000 207 259 Commercial International Bank Egypt SAE 54,808 344 293 Compartamos SAB de CV 103,900 195 146 Corp. Financiera Colombiana SA 7,453 140 153 Corpbanca 9,891,186 150 132 Country Garden Co. 445,482 170 232 Credicorp, Ltd. 6,552 763 955 Daewoo Securities Co., Ltd. 16,126 229 179 DGB Financial Group Inc. 11,560 151 155 Discovery, Ltd. 28,849 164 211 DLF, Ltd. 39,334 188 168 Dongbu Insurance Co., Ltd. 4,100 149 172 Douja Promotion Groupe Addoha SA 12,416 145 92 E.sun Financial Holding Co., Ltd. 370,750 177 206 Financials (continued) Egyptian Financial Group-Hermes Holding 32,409 118 56 Egyptian Kuwaiti Holding Co. 67,907 98 86 Emlak Konut Gayrimenkul Yatirim Ortakligi REIT 61,209 99 106 Evergrande Real Estate Group, Ltd. 514,000 262 280 Far East Horizon, Ltd. 127,000 104 101 Farglory Land Development Co., Ltd. 34,000 63 61 First Financial Holding Co., Ltd. 627,800 377 381 FirstRand, Ltd. 299,556 892 1,083 Franshion Properties China, Ltd. 310,000 93 111 Fubon Financial Holding Co., Ltd. 549,320 605 661 Growthpoint Properties, Ltd. UNIT 159,884 413 460 Grupo Aval Acciones y Valores 134,520 91 98 Grupo de Inversiones Suramericana SA 22,646 456 485 Grupo de Inversiones Suramericana SA Preferred 6,149 117 133 Grupo Financiero Banorte SAB de CV 179,800 782 1,149 Grupo Financiero Inbursa SA 193,300 429 581 Grupo Financiero Santander Mexico SAB de CV 144,600 417 462 Guangzhou R&F Properties Co., Ltd. 86,800 115 144 Haci Omer Sabanci Holding A.S. 78,848 355 428 Haitong Securities Co., Ltd. 84,000 109 142 Hana Financial Group, Inc. 18,580 587 599 HDFC Bank, Ltd. 147,922 1,518 1,835 Highwealth Construction Corp. 32,000 70 60 Hong Leong Bank Bhd. 54,660 184 262 Hong Leong Financial Group Bhd. 20,800 70 89 Housing Development Finance Corp. 141,206 2,055 2,125 Hua Nan Financial Co., Ltd. 499,932 284 287 Hyundai Marine & Fire Insurance Co., Ltd. 6,000 181 185 Hyundai Securities Co. 11,230 130 94 ICICI Bank, Ltd. 41,220 906 853 Industrial & Commercial Bank of China 6,286,000 4,593 4,441 Industrial Bank of Korea 15,800 210 173 Infrastructure Development Finance Co., Ltd. 102,329 306 322 Investec, Ltd. 22,520 173 153 Itau Unibanco Holding SA Preferred 220,400 4,718 3,579 Itausa-Investimentos Itau SA 244,797 1,557 1,154 Kasikornbank PCL 113,200 489 713 Kasikornbank PCL NVDR 67,000 292 422 KB Financial Group, Inc. 35,444 1,490 1,249 Komercni Banka 1,487 313 312 Korea Exchange Bank 25,210 249 178 The accompanying notes are an integral part of the financial statements. 279
BlackRock CDN MSCI Emerging Markets Index Fund Financials (continued) Korea Investment Co., Ltd. 3,700 118 146 Korea Life Insurance Co., Ltd. 16,560 108 120 Kotak Mahindra Bank, Ltd. 27,977 283 330 Krung Thai Bank PCL 274,750 145 132 Krung Thai Bank PCL NVDR 66,375 39 42 Liberty, Ltd. 11,291 119 146 LIC Housing Finance, Ltd. 29,630 144 157 Longfor Properties Co., Ltd. 131,000 179 254 LSR Group-GDR 20,489 137 84 Malayan Banking Bhd. 399,400 1,147 1,181 Mega Financial Holding Co., Ltd. 775,230 555 599 Metropolitan Bank & Trust 22,159 39 55 Mirae Asset Securities Co., Ltd. 2,339 105 77 MMI, Ltd. 98,860 241 256 Multiplan Empreendimentos Imobiliarios SA 7,400 168 217 National Societe Generale Bank SAE 10,709 66 59 Nedbank Group, Ltd. 19,624 390 433 OTP Bank PLC 21,672 456 404 PICC Property & Casualty Co., Ltd. 257,600 362 359 Ping An Insurance Group Co. of China, Ltd. 181,500 1,743 1,512 Poly Hong Kong Investments, Ltd. 191,000 170 149 Porto Seguro SA 11,100 145 125 Power Finance Corp., Ltd. 25,568 82 96 Powszechna Kasa Oszczednosci Bank Polski SA 72,479 945 858 Powszechny Zaklad Ubezpieczen SA 5,425 670 760 Public Bank Bhd. 102,400 439 542 Redefine Properties, Ltd. UNIT 267,642 302 294 Reliance Capital, Ltd. 9,505 106 83 Remgro, Ltd. 41,815 649 775 RHB Capital Bhd. 60,200 153 150 RMB, Ltd. 68,186 320 326 RMI 66,228 130 160 Ruentex Development Co., Ltd. 56,112 66 115 Rural Electrification Corp., Ltd. 28,029 136 128 Samsung Card Co. 4,054 203 138 Samsung Fire & Marine Insurance Co., Ltd. 3,434 627 695 Samsung Life Insurance Co., Ltd. 5,795 508 508 Samsung Securities Co., Ltd. 5,907 320 293 Sanlam, Ltd. 172,418 660 906 Sberbank of Russia 1,042,462 3,099 3,157 Sberbank of Russia Preferred 96,707 216 212 Shimao Property, Ltd. 135,000 210 253 Shin Kong Financial Holding Co., Ltd. 570,000 170 160 Financials (continued) Shinhan Financial Group Co., Ltd. 36,250 1,504 1,306 Shriram Transport Finance Co., Ltd. 11,991 167 164 Shui On Land, Ltd. 252,500 119 122 Siam Commercial Bank PCL 122,700 419 715 Siam Commercial Bank PCL NVDR 48,400 242 285 Sino-Ocean Land, Ltd. 274,500 169 203 Sinopac Financial Co., Ltd. 583,337 198 249 SM Prime, Inc. 671,600 159 269 Soho China, Ltd. 204,500 153 163 Standard Bank Group, Ltd. 115,383 1,675 1,608 State Bank of India 12,980 581 563 Sul America SA-UNIT 10,764 111 93 Taishin Financial Holding Co., Ltd. 635,147 237 250 Taiwan Business Bank 276,240 82 83 Taiwan Cooperative Financial Holding 479,244 285 268 Talaat Moustafa Group 96,237 102 66 Turkiye Garanti Bankasi 223,245 1,101 1,151 Turkiye Halk Bankasi 60,345 526 587 Turkiye Is Bankasi 152,214 549 523 Turkiye Vakiflar Bankasi Tao 72,408 190 186 UEM Land Bhd. 144,200 117 98 Unitech, Ltd. 127,851 102 81 VTB Bank OJSC 252,746,000 720 441 Woori Finance Co., Ltd. 35,040 411 383 Woori Investment & Securities Co., Ltd. 12,347 169 136 Yapi ve Kredi Bankasi 84,994 254 246 Yuanta Financial Holding Co., Ltd. 774,000 401 397 Yuexiu Property Co., Ltd. 492,000 119 155 98,208 98,062 Health Care 1.3% Amil Participacoes SA 12,500 134 187 Aspen Pharmacare, Ltd. 28,598 391 567 Bangkok Dusit Medical Services PCL 29,000 105 107 Celltrion, Inc. 11,625 203 282 Cipla, Ltd. 33,348 225 252 Diagnosticos da America SA 22,200 263 141 Divi s Laboratories, Ltd. 3,742 81 75 Dr Reddy s Laboratories, Ltd. 9,835 337 327 IHH Healthcare Bhd. 194,600 203 214 Kalbe Farma Tbk PT 2,174,485 180 234 Life Healthcare Group, Ltd. 90,552 254 355 Lupin, Ltd. 14,257 134 159 Netcare, Ltd. 82,947 168 190 The accompanying notes are an integral part of the financial statements. 280
BlackRock CDN MSCI Emerging Markets Index Fund Health Care (continued) Odontoprev SA 26,200 136 137 Piramal Healthcare, Ltd. 6,952 64 66 Qualicorp SA 13,600 133 140 Ranbaxy Laboratories, Ltd. 11,894 121 110 Scinopharm Taiwan, Ltd. 25,000 54 60 Shandong Weigao Group Medical Polymer Co., Ltd. 160,000 204 158 Shanghai Pharmaceuticals Holding Co., Ltd. 59,000 110 112 Sihuan Pharmaceutical Group, Ltd. 186,000 98 81 Sinopharm Group Co. 76,400 264 238 Sun Pharmaceutical Industries, Ltd. 30,054 309 404 Yuhan Corp. 785 109 126 4,280 4,722 Industrials 6.4% Aboitiz Equity Ventures, Inc. 186,650 189 239 Adani Enterprises, Ltd. 21,572 256 108 Aditya Birla Nuvo, Ltd. 3,333 63 66 Air China, Ltd. 174,000 202 146 AirAsia Bhd. 124,800 110 111 Airports of Thailand PCL 40,100 122 127 Airtac International Group 9,000 52 52 Alfa SAB de CV 274,400 293 577 All America Latina Logistica SA 44,100 362 178 Arteris SA 11,700 100 106 Aveng, Ltd. 39,375 207 139 Barloworld, Ltd. 21,179 211 217 Beijing Capital International Airport Co., Ltd. 180,000 100 128 Beijing Ent., Ltd. 50,000 320 324 Bidvest Group, Ltd. 28,501 617 719 China Airlines, Ltd. 242,554 108 100 China Communications Construction Co., Ltd. 427,000 374 410 China COSCO Co., Ltd. 250,000 233 122 China International Marine Containers Group Co., Ltd. 57,200 97 87 China Merchants International Co., Ltd. 108,000 390 344 China Railway Construction Corp., Ltd. 190,500 210 215 China Railway Group, Ltd. 386,000 245 225 China Shipping Container Lines Co., Ltd. 362,000 117 103 China Shipping Development Co., Ltd. 130,000 149 74 China Southern Airlines Co., Ltd. 182,000 123 91 China State Construction International, Ltd. 170,000 174 203 Industrials (continued) Cia de Concessoes Rodoviarias 85,300 601 805 Citic Pacific, Ltd. 127,000 278 188 CJ Corp. 1,397 107 154 COSCO Pacific, Ltd. 164,000 244 232 CSR Corp., Ltd. 190,000 175 165 CTCI Corp. 54,000 113 106 Daelim Industrial Co., Ltd. 2,679 231 217 Daewoo Engineering & Construction Co., Ltd. 9,910 97 92 Daewoo International Corp. 4,510 154 166 Daewoo Shipbuilding & Marine Engineering Co., Ltd. 9,400 234 237 DMCI, Inc. 80,000 111 105 Dongfang Electric Corp., Ltd. 33,800 138 68 Doosan Corp. 662 82 79 Doosan Heavy Industries and Construction Co., Ltd. 4,631 293 194 Doosan Infracore Co., Ltd. 9,540 199 151 EcoRodovias Infraestrutura e Logistica SA 16,200 133 136 Embraer SA 53,700 371 376 Empresas COPEC SA 43,977 780 618 Enka Insaat ve Sanayi 35,651 102 105 Eva Airways Corp. 160,000 92 93 Evergreen Marine Corp. Taiwan, Ltd. 164,000 86 98 Far Eastern New Century Corp. 292,620 324 332 Gamuda Bhd. 152,800 183 179 Glovis Co., Ltd. 1,268 204 261 Grupo Aeroportuario del Pacifico SAB de CV 29,900 113 168 Grupo Aeroportuario del Sureste SAB de CV 20,200 208 227 Grupo Carso SAB de CV 56,400 267 270 GS Engineering & Construction Corp. 3,519 292 188 Hiwin Technologies Corp. 16,700 132 122 Hyundai Development Co. 5,310 144 107 Hyundai Engineering & Construction Co., Ltd. 6,451 397 419 Hyundai Heavy Industries Co., Ltd. 4,039 1,216 909 Hyundai Merchant Marine Co., Ltd. 4,333 141 95 Hyundai Mipo Dockyard 1,050 155 124 IJM Corp. Bhd. 108,500 198 175 International Container Terminal Services, Inc. 74,200 98 132 Jaiprakash Associates, Ltd. 93,627 172 168 Jasa Marga Persero Tbk PT 197,500 113 111 Jiangsu Expressway Co., Ltd. 114,000 118 116 KCC Corp. 398 116 110 KOC Holding 61,382 258 316 Korea Aerospace Industries, Ltd. 3,360 118 81 The accompanying notes are an integral part of the financial statements. 281
BlackRock CDN MSCI Emerging Markets Index Fund Industrials (continued) Korean Air Lines Co., Ltd. 3,477 207 147 Lan Airlines SA 19,281 533 450 Larsen & Toubro, Ltd. 20,140 690 594 Latam Airlines Group SA 6,030 175 138 Latam Airlines Group SA RTS 382 - - LG Corp. 9,176 628 556 Localiza Rent a Car SA 12,600 205 230 LS Corp. 1,726 161 151 LS Industrial Systems Co., Ltd. 1,437 105 90 Malaysia Airports Bhd. 51,200 104 87 Malaysia Marine and Heavy Engineering Bhd. 48,600 110 70 Marcopolo SA 19,800 111 124 MISC Bhd. 105,000 275 143 MMC Corp. 68,700 63 59 Multiplus SA 4,800 114 111 Mundra Port and Special Economic Zone, Ltd. 39,620 125 99 Orascom Construction Industries 9,084 407 355 Reunert, Ltd. 17,385 151 153 S1 Corp. 1,620 84 105 Samsung C&T Corp. 12,074 725 703 Samsung Engineering Co., Ltd. 2,901 468 445 Samsung Heavy Industries Co., Ltd. 15,620 458 559 Samsung Techwin Co., Ltd. 3,657 303 203 Shanghai Electric Group Co., Ltd. 272,000 146 116 Shanghai Industrial, Ltd. 51,000 219 177 Siemens India, Ltd. 6,744 118 83 Sime Darby Bhd. 261,400 752 809 SK Co., Ltd. 2,495 286 414 SK Networks Co., Ltd. 11,460 107 90 SM Investments Corp. 20,763 284 443 Taiwan Glass Industrial Corp. 91,555 107 94 TAV Havalimanlari Holding 16,218 80 82 Teco Electric And Machinery Co., Ltd. 175,000 109 133 Turk Hava Yollari 46,462 123 162 U-Ming Marine Transport Corp. 44,000 68 70 United Tractors Tbk PT 162,378 401 330 Walsin Lihwa Corp. 316,000 111 107 Wan Hai Lines, Ltd. 100,000 50 57 WEG SA 21,000 267 276 Weichai Power Co., Ltd. 47,800 217 210 Yang Ming Marine Transport Corp. 143,900 76 68 Zhejiang Expressway Co., Ltd. 136,000 117 106 Zhuzhou CSR Times Electric Co., Ltd. 44,000 152 161 Zoomlion Heavy Industry Science and Technology Co., Ltd. 133,760 217 196 25,221 23,962 Information Technology 13.7% Acer, Inc. 232,000 257 200 Advanced Semiconductor Engineering, Inc. 587,485 489 506 Advantech Co., Ltd. 27,000 80 112 Asseco Poland SA 6,478 107 93 Asustek Computer, Inc. 65,000 556 725 AU Optronics Corp. 726,000 313 324 Catcher Technology Co., Ltd. 56,000 332 276 Cheng Uei Precision Industry Co., Ltd. 37,319 90 80 Chicony Electronics Co., Ltd. 48,295 85 111 Chimei Innolux Corp. 527,339 225 282 Cielo SA 28,520 573 790 Clevo Co. 53,464 82 66 Compal Electronics, Inc. 405,000 395 272 Delta Electronics, Inc. 174,000 475 632 E Ink, Inc. 82,000 170 62 Epistar Corp. 79,000 154 143 Foxconn Technology Co., Ltd. 74,050 246 231 GCL Poly Energy, Ltd. 745,000 237 149 HCL Technologies, Ltd. 20,207 229 227 Hermes Microvision, Inc. 2,000 43 36 Hon Hai Precision Industry Co., Ltd. 971,600 2,492 2,958 HTC Corp. 70,000 1,613 721 Hynix Semiconductor, Inc. 50,290 1,014 1,204 Infosys Technologies, Ltd. 41,599 2,523 1,744 Inventec Corp. 237,210 87 90 Kingboard Chemical, Ltd. 58,000 263 204 Kinsus Interconnect Technology Corp. 28,000 94 87 Largan Precision Co., Ltd. 9,000 229 240 Lenovo Group, Ltd. 596,000 404 537 LG Display Co., Ltd. 22,480 683 649 LG Innotek Co., Ltd. 939 95 72 Lite-On Technology Corp. 198,905 211 263 Macronix International 329,938 126 98 Mediatek, Inc. 111,000 1,195 1,229 Mstar Semiconductor, Inc. 22,000 133 164 NCSoft Corp. 1,489 340 208 NHN Corp. 3,947 708 833 Novatek Microelectronics Corp. 50,000 132 201 Pegatron Corp. 151,000 158 194 Phison Electronics Corp. 13,000 70 86 Powertech Technology, Inc. 66,000 152 106 Quanta Computer, Inc. 241,000 478 564 Radiant Opto-Electronics Corp. 42,050 131 172 Realtek Semiconductor Corp. 42,360 75 89 Richtek Technology Corp. 14,000 75 81 Samsung Electro-Mechanics Co., Ltd. 5,778 558 533 The accompanying notes are an integral part of the financial statements. 282
BlackRock CDN MSCI Emerging Markets Index Fund Information Technology (continued) Samsung Electronics Co., Ltd. 10,668 8,289 15,091 Samsung Electronics Co., Ltd. Preferred 1,985 1,044 1,571 Samsung SDI Co., Ltd. 3,305 464 464 Satyam Computer Services, Ltd. 64,256 105 124 Siliconware Precision Industries Co. 286,000 278 304 Simplo Technology Co., Ltd. 28,100 168 140 SK C&C Co., Ltd. 2,187 195 209 Synnex Technology International Corp. 122,000 292 223 Taiwan Semiconductor Manufacturing Co., Ltd. 2,377,000 5,802 7,898 Tata Consultancy Services, Ltd. 45,361 1,104 1,041 Tencent, Ltd. 98,000 2,296 3,125 Totvs SA 11,100 216 218 TPK Holding Co., Ltd. 21,254 299 374 Transcend Information, Inc. 19,000 43 52 Tripod Technology Corp. 41,000 110 88 Unimicron Technology Corp. 120,000 166 127 United Microelectronics Corp. 1,189,000 456 477 Wintek Corp. 166,000 125 88 Wipro, Ltd. 47,521 426 340 Wistron Corp. 201,600 234 208 WPG, Ltd. 137,000 185 178 Zhen Ding Technology Holding, Ltd. 17,650 54 43 ZTE Corp. 59,800 169 100 41,697 51,127 Materials 11.7% ACC, Ltd. 4,940 117 128 African Rainbow Minerals, Ltd. 10,376 256 228 Alpek SAB de CV 39,700 107 106 Aluminum Corp. of China, Ltd. 382,000 301 173 Ambuja Cements, Ltd. 60,761 197 223 Angang Steel Co., Ltd. 110,000 126 80 Anglo Platinum, Ltd. 6,515 566 339 AngloGold Ashanti, Ltd. 36,977 1,656 1,135 Anhui Conch Cement Co., Ltd. 119,000 384 431 ArcelorMittal South Africa, Ltd. 17,424 171 74 Asia Cement Corp. 186,920 208 239 Asian Paints, Ltd. 2,752 187 221 Assore, Ltd. 3,427 122 162 BBMG Corp. 110,500 141 100 Bradespar SA 21,900 485 349 Braskem SA 14,800 147 92 CAP SA 7,215 331 239 Cementos Argos SA 38,927 221 220 Cemex SAB de CV UNIT 1,023,858 752 998 Cheil Industries, Inc. 4,338 396 380 China BlueChemical, Ltd. 174,000 132 116 Materials (continued) China National Building Material Co., Ltd. 278,000 355 405 China Petrochemical Development Corp. 153,925 168 95 China Resources Cement, Ltd. 184,000 148 120 China Shanshui Cement Group, Ltd. 172,000 148 125 China Steel Corp. 1,106,640 1,075 1,036 Cia de Minas Buenaventura SA-ADR 18,446 823 660 Cia Siderurgica Nacional SA 70,400 967 405 Duratex SA 24,100 196 172 Empresas CMPC SA 107,705 527 394 Eregli Demir ve Celik Fabrikalari TAS 90,300 185 123 Eternal Chemical Co., Ltd. 63,000 50 54 Exxaro Resources, Ltd. 12,084 240 240 Feng Hsin Iron & Steel Co. 39,000 72 69 Fibria Celulose SA 24,000 308 263 Formosa Chemicals & Fibre Corp. 302,000 825 776 Formosa Plastics Corp. 385,000 1,063 1,036 Fosun International, Ltd. 157,500 117 100 Fushan International Energy Group, Ltd. 298,000 168 109 Gerdau SA 83,000 946 724 Gold Fields, Ltd. 70,479 1,106 852 Grupo Argos SA 28,055 313 330 Grupo Argos SA Preferred 12,404 122 145 Grupo Mexico SAB de CV 369,498 1,160 1,321 Hanwha Chemical Corp. 8,240 210 141 Hanwha Corp. 4,340 160 138 Harmony Gold Mining Co., Ltd. 38,249 439 327 Hindalco Industries, Ltd. 101,941 374 248 Honam Petrochemical Corp. 1,655 379 378 Huabao International, Ltd. 202,000 240 99 Hyosung Corp. 2,209 190 151 Hyundai Hysco 3,170 141 134 Hyundai Steel Co. 5,355 523 436 Impala Platinum, Ltd. 51,873 1,288 1,010 Indocement Tunggal Prakarsa Tbk PT 142,500 283 330 Indorama Ventures PCL 134,167 205 110 Indorama Ventures PCL NVDR 10,900 9 9 Industrias CH Sab De Cv 16,300 103 122 Industrias Penoles SAB de CV 13,440 478 666 Jastrzebska Spolka Weglowa SA 3,338 134 99 Jiangxi Copper Co., Ltd. 135,000 352 353 Jindal Steel & Power, Ltd. 36,304 464 305 JSW Steel, Ltd. 7,273 133 107 KGHM Polska Miedz SA 13,528 609 825 Klabin SA 44,200 154 273 The accompanying notes are an integral part of the financial statements. 283
BlackRock CDN MSCI Emerging Markets Index Fund Materials (continued) Korea Kumho Petrochemical 1,342 236 162 Korea Zinc Co., Ltd. 820 236 308 Koza Altin Isletmeleri 3,783 62 91 Kumba Iron Ore, Ltd. 7,787 450 513 Lafarge Malayan Cement Bhd. 36,600 92 112 LCY Chemical Corp. 49,011 80 60 Lee & Man Paper Manufacturing, Ltd. 189,000 124 118 LG Chem, Ltd. 4,480 1,411 1,375 LG Chem, Ltd. Preferred 768 106 72 Mechel-ADR 14,625 220 101 Metalurgica Gerdau SA 26,600 380 295 Mexichem SAB de CV 99,868 387 550 Minera Frisco SAB de CV 60,600 193 251 Minmetals Resources, Ltd. 164,000 105 68 MMC Norilsk Nickel 4,607 862 841 Nan Ya Plastics Corp. 455,000 1,006 874 Nine Dragons Paper, Ltd. 158,000 191 142 Northam Platinum, Ltd. 21,798 115 95 Novolipetsk Steel OJSC GDR 6,559 206 132 OCI Co., Ltd. 1,531 398 236 Oriental Union Chemical Corp. 54,000 67 64 Petronas Chemicals Group Bhd. 270,700 529 555 POSCO 6,315 2,561 2,047 PPC, Ltd. 48,012 202 192 PTT Global Chemical PCL 93,793 171 206 PTT Global Chemical PCL NVDR 67,300 131 153 Sappi, Ltd. 52,081 235 186 Semen Gresik Persero Tbk PT 286,000 319 467 Sesa Goa, Ltd. 33,201 193 118 Severstal OAO 16,065 227 193 Siam Cement PCL 29,000 353 442 Siam Cement PCL NVDR 12,700 140 182 Sinopec Shanghai Petrochemical Co., Ltd. 236,000 99 83 Sociedad Quimica y Minera de Chile SA 8,717 470 495 Southern Copper Corp. 16,400 584 618 Sterlite Industries India, Ltd. 129,819 416 281 Synthos SA 51,754 96 90 Taiwan Cement Corp. 303,000 348 404 Taiwan Fertilizer Co., Ltd. 71,000 198 184 Tata Steel, Ltd. 29,613 342 231 TSRC Corp. 53,400 116 108 Tung Ho Steel Enterprise Corp. 74,000 73 75 Ultratech Cement, Ltd. 3,519 88 130 Uralkali 127,639 940 977 Usinas Siderurgicas de Minas Gerais SA Preferred 36,800 377 229 Vale SA 126,400 3,549 2,598 Materials (continued) Vale SA Preferred 193,500 4,937 3,845 Yingde Gases 89,500 94 90 Zhaojin Mining Industry Co., Ltd. 82,000 163 127 Zijin Mining Group Co., Ltd. 590,000 314 230 50,145 43,844 Telecommunication Services 7.7% Advanced Info Service PCL 70,100 231 436 Advanced Info Service PCL NVDR 44,800 296 305 America Movil SAB de CV 3,762,600 4,932 4,296 Axiata Group Bhd. 246,800 392 530 Bharti Airtel, Ltd. 55,075 393 317 China Communications Services Corp., Ltd. 239,200 130 138 China Mobile, Ltd. 582,000 5,985 6,748 China Telecom Corp., Ltd. 1,340,000 739 740 China Unicom Hong Kong, Ltd. 454,000 718 723 Chunghwa Telecom Co., Ltd. 368,000 1,211 1,190 DiGi.Com Bhd. 300,800 290 514 ENTEL Chile SA 11,507 206 235 Far Eastone Telecommunications Co., Ltd. 154,000 254 390 Globe Telecom, Inc. 3,240 69 86 Idea Cellular, Ltd. 63,738 119 120 Indosat Tbk PT 134,500 85 89 KT Corp.-ADR 2,248 44 37 KT Corp. 1,800 65 59 LG Uplus Corp. 22,430 140 162 Magyar Telekom Telecommunications PLC 45,221 127 76 Maroc Telecom 8,637 151 107 Maxis Bhd. 217,700 410 471 Megafon OAO GDR 8,528 188 198 Mobile Telesystems OJSC ADR 49,914 999 926 MTN Group, Ltd. 163,849 2,969 3,407 Oi SA 22,396 153 99 Oi SA Preferred 80,919 499 325 Orascom Telecom Holding SAE 253,095 198 158 Philippine Long Distance Telephone Co. 4,180 245 256 Reliance Communications, Ltd. 50,046 101 69 Rostelecom OJSC 113,670 676 445 Sistema JSFC GDR 11,646 267 234 SK Telecom Co., Ltd. 735 99 104 SK Telecom Co., Ltd.-ADR 1,969 35 31 Taiwan Mobile Co., Ltd. 161,200 478 586 Telecom Egypt 34,291 98 75 Telefonica Brasil SA 28,755 809 685 Telefonica O2 Czech Republic 10,912 229 184 Telekom Malaysia Bhd. 104,200 135 204 The accompanying notes are an integral part of the financial statements. 284
BlackRock CDN MSCI Emerging Markets Index Fund Telecommunication Services (continued) Telekomunikacja Polska SA 70,965 394 281 Telekomunikasi Indonesia Tbk PT 974,000 932 896 Tim Participacoes SA 81,779 386 326 Turk Telekomunikasyon 50,677 217 195 Turkcell Iletisim Hizmet 74,373 468 477 Vodacom Group, Ltd. 35,917 379 523 XL Axiata Tbk PT 255,500 163 148 28,104 28,601 Utilities 3.3% Aboitiz Power Corp. 178,900 137 160 AES Gener SA 235,649 135 150 AES Tiete SA 9,700 128 111 Aguas Andinas SA 229,665 141 161 Centrais Eletricas Brasileiras SA 27,600 308 85 Centrais Eletricas Brasileiras SA Preferred 21,000 309 107 CEZ 15,608 669 551 China Gas, Ltd. 308,000 155 241 China Longyuan Power Group Corp. 207,000 187 142 China Resources Gas Group, Ltd. 84,000 143 172 China Resources Power Co., Ltd. 186,000 375 471 Cia de Saneamento Basico do Estado de Sao Paulo 10,900 285 459 Cia de Saneamento de Minas Gerais-COPASA 5,600 124 119 Cia Energetica de Minas Gerais 46,425 643 508 Cia Energetica de Sao Paulo 15,300 243 144 Cia Paranaense de Energia 9,900 226 152 Colbun SA 762,192 214 208 CPFL Energia SA 23,600 289 245 Datang International Power Generation Co., Ltd. 288,000 108 109 E.CL SA 52,478 144 122 EDP-Energias do Brasil SA 23,800 175 144 Eletropaulo Metropolitana Eletricidade de Sao Paulo SA 9,300 165 76 Empresa Nacional de Electricidad SA 316,753 572 510 Enea SA 10,140 75 51 Energy Development Corp. 714,700 96 116 Enersis SA 1,261,181 567 456 ENN Energy, Ltd. 74,000 242 320 Federal Grid Co. Unified Energy System JSC 30,185,800 336 198 Federal Hydrogenerating Co. JSC 12,414,300 559 297 GAIL India, Ltd. 36,749 343 237 Glow Energy PCL 4,400 10 11 Guangdong Investment, Ltd. 242,000 136 189 Huaneng Power International, Inc. 310,000 182 284 IDGC Holding JSC 1,794,400 170 115 Utilities (continued) Inter Rao Ues OAO 189,335,400 216 153 Interconexion Electrica SA 37,226 265 201 Isagen SA ESP 81,388 116 115 Korea Electric Power Corp. 24,780 609 701 Korea Gas Corp. 2,230 95 156 Light SA 6,300 93 68 MPX Energia SA 14,100 82 75 NTPC, Ltd. 55,710 211 157 Perusahaan Gas Negara PT 1,055,000 471 488 Petronas Gas Bhd. 57,400 238 365 PGE Polska Grupa Energetyczna SA 72,355 516 424 Power Grid Corp. of India, Ltd. 107,396 240 222 Reliance Infrastructure, Ltd. 10,246 133 97 Reliance Power, Ltd. 54,004 130 93 Tata Power Co., Ltd. 94,301 242 191 Tauron Polska Energia SA 101,829 199 154 Tenaga Nasional Bhd. 265,100 590 596 Tractebel Energia SA 15,900 254 257 YTL Corp. 466,233 231 281 YTL Power International Bhd. 221,900 159 113 13,681 12,328 Total Common Stocks 365,601 370,628 Transaction Costs (Note 2) (281) Total Investments 365,320 370,628 Other Assets and Liabilities 0.6% 2,223 Net Assets 372,851 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 8.0 8.2 Consumer Staples 8.7 7.9 Energy 12.3 14.0 Financials 26.3 23.6 Health Care 1.3 1.0 Industrials 6.4 6.3 Information Technology 13.7 13.0 Materials 11.7 13.2 Telecommunication Services 7.7 8.5 Utilities 3.3 3.7 Foreign Index Equivalents - 0.4 Other Assets and Liabilities 0.6 0.2 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 285
BlackRock CDN MSCI EAFE Index Plus Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 628,419,088 $ 549,597,041 Cash 4,379,416 6,895,530 Margin due from brokers 2,343,760 934,576 Securities lending income receivable 11,485 5,442 Dividends receivable 629,227 1,091,506 Tax reclaim on dividends receivable 662,768 651,313 Accounts receivable for investment sales 13,245 75,548 636,458,989 559,250,956 Liabilities Operating expenses payable 27,579 24,753 Payables for redemption of units 510,000 - Payables for investment purchases - 3,984,066 537,579 4,008,819 Net Assets $ 635,921,410 $ 555,242,137 Number of Units Issued and Outstanding (Note 8) 59,610,542 59,827,037 Net Assets per Unit $ 10.67 $ 9.28 Investments at Cost $ 603,135,580 $ 593,484,150 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 286
BlackRock CDN MSCI EAFE Index Plus Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 20,179,274 $ 22,160,548 Interest income 13,746 19,433 Securities lending income 308,450 287,809 Net gain (loss) from futures contracts 1,144,656 (1,527,295) Foreign exchange gain (loss) (383,418) 252,446 Withholding taxes (1,097,867) (1,038,511) 20,164,841 20,154,430 Expenses Custodian fees 177,584 149,588 Fund accounting expenses 73,314 71,791 Unitholder communication s - 601 Audit fees 9,418 9,996 Securities filing fees 9,830 8,958 Independent review committee fees 248 634 Other operating expenses 24,101 29,728 294,495 271,296 Net Investment Income for the Year 19,870,346 19,883,134 Gain (Loss) on Investments Net realized loss on sale of investments (5,935,942) (1,631,252) Transaction s (Note 2,13) (89,428) (129,698) Net change in unrealized appreciation (depreciation) in of investments 69,170,617 (82,539,140) Net Gain (Loss) on Investments 63,145,247 (84,300,090) Increase (Decrease) in Net Assets from Operations $ 83,015,593 $ (64,416,956) Increase (Decrease) in Net Assets from Operations per Unit $ 1.40 $ (1.09) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 555,242,137 $ 503,659,396 Increase (Decrease) in Net Assets from Operations 83,015,593 (64,416,956) Capital Transactions Proceeds from issue of units 19,174,043 115,999,697 Reinvestment of distributions 20,014,863 19,128,543 Redemption of units (21,510,363) - Net capital transactions 17,678,543 135,128,240 Distributions From net investment income (20,014,863) (19,121,539) From capital gains - (7,004) Total distributions (20,014,863) (19,128,543) Increase in Net Assets for the Year 80,679,273 51,582,741 Net Assets - End of Year $ 635,921,410 $ 555,242,137 The accompanying notes are an integral part of the financial statements. 287
BlackRock CDN MSCI EAFE Index Plus Fund Common Stocks Consumer Discretionary 11.6% ABC-Mart, Inc. 1,600 60 69 Accor SA 8,390 401 294 Adidas AG 12,030 689 1,062 Aegis Group PLC 156,800 583 596 Aisin Seiki Co., Ltd. 11,100 348 340 Anheuser-Busch InBev 46,379 2,524 3,995 Asics Corp. 8,900 95 134 Axel Springer AG 2,208 107 93 Bayerische Motoren Werke AG 19,065 1,097 1,829 Bayerische Motoren Werke AG Preferred 3,011 121 193 Benesse Corp. 3,900 181 161 Bridgestone Corp. 37,400 676 957 British Sky Broadcasting PLC 62,478 646 775 Burberry Group PLC 25,526 340 507 Bureau Veritas SA 3,177 200 352 Carnival Corp. 11,058 429 405 Casio Computer Co., Ltd. 13,400 102 116 Christian Dior 3,134 361 527 Cie Financiere Richemont SA 30,159 1,296 2,341 Compass Group PLC 108,884 1,004 1,278 Continental AG 3,595 344 413 Crown, Ltd. 22,821 176 251 Daihatsu Motor Co., Ltd. 11,000 130 217 DaimlerChrysler AG 52,361 2,983 2,844 Daito Trust Construction Co., Ltd. 4,200 242 393 Daiwa House Industry Co., Ltd. 29,000 318 493 DeNa Co., Ltd. 6,000 175 196 Denso Corp. 28,000 860 958 Dentsu, Inc. 10,200 290 271 Don Quijote Co., Ltd. 3,100 126 113 Echo Entertainment Group Ltd. 42,253 184 149 Fast Retailing Co., Ltd. 3,100 488 780 Fiat SpA 49,594 541 247 Flight Centre, Ltd. 3,079 86 86 Fuji Heavy Industries, Ltd. 34,000 214 421 FUJIFILM Corp. 26,700 882 529 G4S PLC 79,744 331 331 Galaxy Entertainment Group, Ltd. 121,000 324 471 GKN PLC 93,301 308 346 Groupe Aeroplan, Inc. 4,571 378 360 Hakuhodo DY, Inc. 1,390 79 89 Harvey Norman, Ltd. 27,963 90 55 Hennes & Mauritz AB-Class B 54,922 1,775 1,886 Honda Motor Co., Ltd. 94,100 3,281 3,408 Hugo Boss AG 1,402 139 147 Husqvarna AB 24,606 180 148 Consumer Discretionary (continued) Inditex SA 12,581 898 1,734 Intercontinental Hotels Group PLC 15,694 304 433 Isetan Mitsukoshi, Ltd. 21,100 230 204 Isuzu Motors, Ltd. 69,000 299 406 ITV PLC 210,989 258 359 Jardine Cycle & Carriage, Ltd. 6,000 139 235 JC Decaux SA 3,762 104 88 Jupiter Telecommunications Co. 118 120 146 Kabel Deutschland Holding AG 5,228 278 387 Kingfisher PLC 137,258 562 630 Koito Manufacturing Co., Ltd. 6,000 96 86 Lagardere S.C.A. 6,800 268 225 Li & Fung, Ltd. 336,000 977 590 Luxottica Group SpA 9,442 318 385 LVMH Moet Hennessy Louis Vuitton SA 14,669 1,895 2,672 Makita Corp. 6,300 208 288 Marks & Spencer Group PLC 93,038 516 576 Marui Co., Ltd. 13,100 105 103 Mazda Motor Corp. 145,000 210 289 McDonald s Co. 3,900 91 102 MGM China, Ltd. 54,000 90 97 Mitsubishi Motors Corp. 226,000 306 232 Namco Bandai, Inc. 11,400 117 147 Next PLC 14,810 635 888 NGK Spark Plug Co., Ltd. 10,000 137 131 NHK Spring Co., Ltd. 9,000 90 73 Nikon Corp. 19,800 459 576 Nissan Motor Co., Ltd. 143,200 1,222 1,337 Nitori Co., Ltd. 2,050 171 149 NOK Corp. 5,800 101 89 Nokian Renkaat OYJ 6,297 183 248 OPAP SA 12,989 227 92 Oriental Land Co., Ltd. 2,900 339 349 Panasonic Corp. 126,900 1,715 761 Pearson PLC 46,919 733 902 Peugeot SA 12,956 338 93 Pirelli & C SpA 13,785 101 157 Porsche AG Preferred 8,844 502 714 PPR SA 4,407 624 812 ProSiebenSat.1 Media AG 4,976 142 139 Publicis Groupe 10,159 492 603 Puma AG Rudolf Dassler Sport 1,042 308 307 Rakuten, Inc. 42,000 335 325 Reed Elsevier NV 39,528 482 579 Reed Elsevier PLC 69,886 568 725 Renault SA 11,111 524 593 Rinnai Corp. 1,800 97 121 Sands China, Ltd. 138,000 396 601 The accompanying notes are an integral part of the financial statements. 288
BlackRock CDN MSCI EAFE Index Plus Fund Consumer Discretionary (continued) Sankyo Co., Ltd./Gunma 3,100 150 122 Sanrio Co., Ltd. 2,450 131 77 Sega Sammy, Inc. 11,900 178 199 Sekisui Chemical Co., Ltd. 25,000 175 215 Sekisui House, Ltd. 31,000 293 336 Shangri-La Asia, Ltd. 89,166 181 176 Sharp Corp. 57,000 662 199 Shimamura Co., Ltd. 1,300 128 125 Shimano, Inc. 4,200 195 266 Singapore Press, Ltd. 83,000 244 272 SJM, Ltd. 110,000 184 254 Sky City Entertainment Group, Ltd. 33,899 80 104 Sodexho Alliance SA 5,443 349 455 Sony Corp. 57,800 1,858 637 Stanley Electric Co., Ltd. 8,400 160 118 Sumitomo Rubber Industries, Inc. 10,000 100 119 Suzuki Motor Corp. 21,100 467 545 Swatch Group AG 1,779 590 892 Swatch Group AG-Class B 2,500 149 214 Tabcorp, Ltd. 41,165 233 129 Takashimaya Co., Ltd. 15,000 131 106 Tatts Group, Ltd. 77,668 179 242 Toho Co., Ltd./Tokyo 6,700 113 117 Toyoda Gosei Co., Ltd. 3,600 96 72 Toyota Boshoku Corp. 3,800 65 43 Toyota Industries Corp. 9,300 270 292 Toyota Motor Corp. 158,700 6,219 7,310 TUI Travel PLC 27,072 93 124 USS Co., Ltd. 1,310 103 136 Vivendi SA 75,053 1,807 1,670 Volkswagen AG 1,690 178 362 Volkswagen AG Preferred 8,331 1,299 1,887 Whitbread PLC 10,156 263 401 Wolters Kluwer NV 17,254 364 350 WPP PLC 72,466 788 1,040 Wynn Macau, Ltd. 88,800 174 238 Yamada Denki Co., Ltd. 4,950 357 189 Yamaha Corp. 8,800 105 92 Yamaha Motor Co., Ltd. 15,600 238 170 Yamato Kogyo Co., Ltd. 2,400 72 69 Yue Yuen Industrial 41,000 137 136 65,052 73,904 Consumer Staples 10.5% Aeon Co., Ltd. 34,600 401 392 Ajinomoto Co., Inc. 37,000 366 487 Aryzta AG 4,906 201 250 Asahi Breweries, Ltd. 21,800 511 461 Associated British Foods PLC 20,617 354 521 Barry Callebaut AG 103 96 99 Consumer Staples (continued) Beiersdorf AG 5,847 340 474 British American Tobacco PLC 112,250 4,029 5,667 Calbee, Inc. 900 82 63 Carlsberg A/S-Class B 6,170 538 601 Carrefour SA 34,718 1,539 881 Casino Guichard Perrachon SA 3,254 288 308 Coca Cola Hellenic Bottling Co. SA 11,474 277 261 Coca-Cola Amatil, Ltd. 32,910 358 458 Coca-Cola West Japan Co., Ltd. 3,300 58 51 Colruyt SA 4,385 216 216 Danone 33,407 1,974 2,184 D.E Master Blenders 1753 33,988 424 388 Delhaize Group 5,792 473 230 Diageo PLC 144,742 2,737 4,184 Distribuidora Internacional de Alimentacion SA 34,865 164 220 Familymart Co., Ltd. 3,600 127 147 Golden Agri-Resources, Ltd. 402,000 187 211 Groupe Danone 19,000 132 75 Heineken Holding NV 5,733 238 311 Heineken NV 13,245 636 875 Henkel KGaA 7,484 349 507 Henkel KGaA Preferred 10,281 561 838 Imperial Tobacco Group PLC 65,553 2,118 2,516 J Front Retailing Co., Ltd. 27,000 150 148 J Sainsbury PLC 71,079 357 397 Japan Tobacco, Inc. 51,800 930 1,455 Jeronimo Martins SGPS SA 12,646 142 242 Kao Corp. 30,300 756 785 Kerry Group PLC-Class A 8,497 275 443 Kesko OYJ-Class B 3,665 139 119 Kikkoman Corp. 10,000 113 141 Kirin Co., Ltd. 50,000 696 583 Koninklijke Ahold NV 60,124 807 800 L Oreal SA 13,917 1,487 1,915 Lawson, Inc. 3,500 249 237 Lindt & Spruengli AG 50 120 162 Lindt & Spruengli AG-PC 6 175 225 Meiji Co., Ltd. 3,800 154 164 Metcash, Ltd. 49,552 191 170 Metro AG 7,397 237 204 Nestle SA 186,311 9,651 12,079 Nippon Meat Packers, Inc. 10,000 132 137 Nisshin Seifun Group, Inc. 10,500 131 130 Nissin Food Products Co., Ltd. 3,500 126 132 Olam International, Ltd. 93,000 181 117 Pernod-Ricard 12,214 1,082 1,397 Reckitt Benckiser Group PLC 37,610 1,980 2,359 Remy Cointreau SA 1,264 138 136 The accompanying notes are an integral part of the financial statements. 289
BlackRock CDN MSCI EAFE Index Plus Fund Consumer Staples (continued) SABMiller PLC 55,222 1,779 2,522 Seven & I Co., Ltd. 43,400 1,113 1,218 Shiseido Co., Ltd. 20,900 435 293 Suedzucker AG 4,639 116 189 Swedish Match AB 12,283 305 410 Tate & Lyle PLC 26,602 294 327 Tesco PLC 464,122 2,954 2,524 TNT Express NV 18,533 228 205 Toyo Suisan Kaisha, Ltd. 5,000 117 132 Treasury Wine Estates, Ltd. 37,341 195 181 Uni-Charm Corp. 6,500 239 336 Unilever NV 140,823 4,390 5,318 Unilever PLC 25,132 743 962 William Morrison Supermarkets 209,763 908 893 Wilmar International, Ltd. 109,000 507 296 Woolworths, Ltd. 71,118 1,790 2,156 Yakult Honsha Co., Ltd. 5,600 156 243 Yamazaki Baking Co., Ltd. 7,000 90 77 56,532 66,835 Energy 7.5% Aker Solutions ASA 9,483 135 191 BG Group PLC 196,164 3,554 3,211 Bourbon SA 11,002 308 300 BP PLC 1,099,948 8,695 7,562 Caltex Australia, Ltd. 7,424 85 147 Cosmo Oil Company, Ltd. 32,000 90 70 ENI SpA 146,884 3,235 3,536 Fugro NV 3,949 250 230 Galp Energia SGPS SA-Class B 15,403 252 238 Idemitsu Kosan Co., Ltd. 1,200 100 103 Inpex, Inc. 127 683 668 Japan Petroleum Exploration Co. 1,600 75 56 JX, Inc. 129,900 765 721 Lundin Petroleum AB 12,544 323 287 Neste Oil OYJ 7,618 124 98 OMV AG 8,375 316 301 Origin Energy, Ltd. 62,527 908 751 Repsol SA 47,049-29 Repsol YPF SA 47,049 1,177 945 Royal Dutch Shell PLC-Class A 214,643 6,607 7,368 Royal Dutch Shell PLC-Class B 152,022 4,559 5,348 Saipem 15,291 602 588 Santos, Ltd. 54,610 702 627 SeaDrill, Ltd. 20,234 547 736 Showa Shell Sekiyu KK 10,200 80 57 Statoil ASA 64,187 1,493 1,596 Subsea 7 SA 16,278 377 385 Technip SA 5,848 455 666 Tenaris SA 27,261 564 557 Energy (continued) TonenGeneral Sekiyu KK 16,000 152 137 Total SA 122,950 6,600 6,295 Transocean, Ltd. 20,705 1,367 909 Tullow Oil PLC 52,248 1,000 1,062 Whitehaven Coal, Ltd. 25,515 144 92 Woodside Petroleum, Ltd. 38,008 1,539 1,331 WorleyParsons, Ltd. 11,705 283 283 48,146 47,481 Financials 24.0% 3i Group PLC 56,660 186 199 Aberdeen Asset Management PLC 48,646 188 289 Acom Co., Ltd. 2,300 67 65 Admiral Group PLC 11,676 249 219 Aegon NV 101,090 665 636 Aeon Credit Service Co., Ltd. 4,700 57 94 Aeon Mall Co., Ltd. 4,300 98 105 Ageas 13,393 383 390 AIA Group, Ltd. 772,759 2,620 3,003 Allianz AG 26,288 3,053 3,610 AMP, Ltd. 167,110 868 831 Anglo Irish Bank Co. PLC 80,243 3,355 2,459 Aozora Bank, Ltd. 31,000 80 94 Ascendas REIT 108,000 163 209 Assicurazioni Generali SpA 67,147 1,385 1,210 ASX, Ltd. 9,940 310 321 Aviva PLC 167,473 946 1,011 AXA SA 84,372 1,606 1,477 Baloise Holding AG 2,705 224 230 Banca Monte dei Paschi di Siena SpA 365,141 285 108 Banco Bilbao Vizcaya Argentaria SA 314,531 3,472 2,850 Banco de Sabadell SA 160,946 568 415 Banco Espirito Santo SA 113,276 213 133 Banco Popolare Scarl 98,122 408 162 Banco Popular Espanol SA 306,924 538 235 Banco Santander Central Hispano SA 596,056 6,620 4,695 Bank Hapoalim BM 59,008 247 251 Bank Leumi Le-Israel BM 72,952 305 246 Bank of East Asia, Ltd. 79,400 309 303 Bank of Kyoto, Ltd. (The) 18,000 159 150 Bank of Yokohama, Ltd. 71,000 360 326 Bankia SA 56,148 260 29 Banque Cantonale Vaudoise 171 90 90 Barclays PLC 656,166 3,195 2,783 Bendigo Bank, Ltd. 22,201 191 195 BNP Paribas 57,907 3,853 3,231 BOC Hong Kong, Ltd. 214,500 558 663 British Land Co. PLC 49,252 362 448 The accompanying notes are an integral part of the financial statements. 290
BlackRock CDN MSCI EAFE Index Plus Fund Financials (continued) CapitaCommercial Trust-REIT 113,000 149 155 Capitaland, Ltd. 149,000 408 449 CapitaMall Trust-REIT 133,000 190 231 Capitamalls Asia, Ltd. 74,000 98 117 Centro Retail Australia REIT 77,081 150 181 CFS Retail Property Trust-REIT 113,143 201 224 Cheung Kong, Ltd. 80,000 1,072 1,218 Chiba Bank, Ltd. (The) 44,000 279 255 Chugoku Bank, Ltd. 10,000 128 138 Chuo Mitsui Trust, Inc. 179,220 586 619 City Developments, Ltd. 29,000 242 304 CNP Assurances 9,335 188 141 Commerzbank AG 218,970 649 412 Commonwealth Bank of Australia 91,961 4,663 5,911 Corio NV 3,908 217 176 Credit Agricole SA 58,076 392 464 Credit Saison Co., Ltd. 9,200 135 227 Credit Suisse Group 72,346 3,047 1,752 Criteria Caixacorp SA 45,410 223 151 Dai-ichi Life Insurance Co., Ltd. 493 754 681 Daiwa Securities Group, Inc. 96,000 466 523 Danske Bank A/S 37,518 841 631 DB RREEF Trust 105,000 1,154 1,268 Delta Lloyd 7,962 152 129 Deutsche Bank AG 53,688 3,338 2,324 Deutsche Boerse AG 11,109 803 672 Dexus Property Group 261,408 199 273 DNB Nor ASA 56,502 665 711 Erste Bank der Oesterreichischen Sparkassen AG 12,532 497 395 EXOR SpA 3,494 76 87 First Pacific Co., Ltd. 124,100 138 135 Fonciere des Regions REIT 1,511 152 126 Fukuoka Financial Group, Inc. 43,000 187 170 Gecina SA 1,219 132 135 Gjensidige Forsikring ASA 11,151 134 158 Global Logistic Properties, Ltd. 117,000 197 265 Goodman Group 97,734 326 436 GPT Group 82,314 224 312 Groupe Bruxelles Lambert SA 32,542 282 249 Gunma Bank, Ltd. 21,000 117 102 Hachijuni Bank (The), Ltd. 24,000 137 119 Hammerson PLC 40,951 273 323 Hang Lung Properties, Ltd. 130,000 533 514 Hang Seng Bank, Ltd. 44,300 688 675 Hannover Rueckversicherung AG 3,484 172 269 Hargreaves Lansdown PLC 16,072 199 177 Henderson Land Development Co., Ltd. 55,000 357 386 Hiroshima Bank (The), Ltd. 28,000 116 116 Financials (continued) Hong Kong Exchanges and Clearing, Ltd. 59,000 1,049 999 HSBC PLC 1,057,875 10,760 11,074 Hysan Development Co., Ltd. 37,000 125 177 ICADE 1,356 131 119 ICAP PLC 30,705 167 153 Immoeast AG 5,028 - - Immofinanz AG 56,130 203 234 Immofinanz Immobilien Anlagen AG 66,523 - - Industrivarden AB 6,540 105 108 Infineon Technologies AG 62,594 466 505 ING Groep NV 221,413 2,112 2,050 Insurance Australia Group, Ltd. 119,467 410 579 Intesa Sanpaolo SpA 580,602 1,730 991 Intesa Sanpaolo SpA RNC 50,870 133 71 Investec PLC 31,655 187 217 Investor AB-Class B 26,244 505 682 Iyo Bank, Ltd. 15,000 139 118 Japan Prime Realty Investment Corp. REIT 44 113 126 Japan Real Estate Investment Corp. REIT 34 304 332 Japan Retail Fund Investment Corp. REIT 118 166 216 Joyo Bank, Ltd. (The) 38,000 162 179 Julius Baer Group, Ltd. 13,093 464 460 KBC Groep NV 9,226 402 315 Keppel Land, Ltd. 43,000 124 141 Kerry Properties, Ltd. 41,500 201 214 Kinnevik Investment AB 11,668 216 242 Klepierre 5,804 202 227 Land Securities Group PLC 44,716 453 588 Legal & General Group PLC 339,909 485 801 Lend Lease Corp., Ltd. 31,120 238 298 Liberty International PLC 32,701 168 185 Link REIT 131,500 368 655 Lloyds TSB Group PLC 2,437,146 2,233 1,890 London Stock Exchange Group PLC 10,026 157 176 Macquarie Group, Ltd. 19,218 785 704 Man Group PLC 2,396 223 254 Mapfre SA 42,290 138 128 Mediobanca SpA 28,748 269 176 Merck & Co., Inc. 3,748 316 490 Mirvac Group 197,086 247 302 Mitsubishi Estate Co., Ltd. 72,000 1,237 1,698 Mitsubishi UFJ Financial Group, Inc. 735,800 3,794 3,898 Mitsubishi UFJ Lease & Finance Co., Ltd. 3,450 132 146 Mitsui Fudosan Co., Ltd. 48,000 907 1,154 Mitsui Sumitomo Insurance Group, Inc. 29,400 736 576 The accompanying notes are an integral part of the financial statements. 291
BlackRock CDN MSCI EAFE Index Plus Fund Financials (continued) Mizrahi Tefahot Bank, Ltd. 7,073 61 74 Mizuho Financial Group, Inc. 1,319,141 2,202 2,370 Muenchener Rueckversicherungs AG 10,319 1,411 1,843 National Australia Bank, Ltd. 131,246 3,105 3,390 Natixis 52,953 298 177 New World Development, Ltd. 213,000 319 328 Nippon Building Fund, Inc. REIT 35 351 359 Nishi-Nippon City Bank, Ltd. (The) 37,000 110 90 NKSJ, Inc. 21,550 588 454 Nomura, Inc. 209,000 1,077 1,211 Nomura Real Estate, Inc. 5,200 88 98 Nomura Real Estate Office Fund, Inc. REIT 15 91 86 Nordea Bank AB 151,552 1,480 1,440 NTT Urban Development Corp. 65 61 62 Old Mutual PLC 280,821 608 809 ORIX Corp. 6,020 523 671 Oversea-Chinese Banking Corp. 149,000 1,018 1,182 Pargesa Holding SA 1,586 122 108 Partners Group Holding AG 989 191 227 Petrofac, Ltd. 14,784 290 388 Pohjola Bank PLC 7,915 94 116 Prudential PLC 147,534 1,430 2,063 QBE Insurance Group, Ltd. 68,035 1,194 767 Raiffeisen International Bank Holding AG 2,729 130 113 Ratos AB 11,101 166 106 Resolution, Ltd. 79,661 324 319 Resona, Inc. 109,000 450 491 Royal Bank of Scotland Group PLC 120,510 562 633 Sampo OYJ 24,069 597 769 SBI, Inc. 12,310 182 108 Schroders PLC 6,491 129 177 SCOR SE 9,909 232 265 Segro PLC REIT 42,863 185 171 Seven Bank, Ltd. 34,000 69 89 Shinsei Bank, Ltd. 89,000 107 175 Shizuoka Bank, Ltd. (The) 31,000 276 300 Shoei Co. Ltd./Chiyoda-ku 13,600 78 91 Singapore Exchange, Ltd. 50,000 296 285 Sino Land Co. 172,200 307 307 Skandinaviska Enskilda Banken AB- Class A 81,167 547 686 Societe Generale-Class A 40,499 2,031 1,507 Sony Financial, Inc. 10,000 155 177 Standard Chartered PLC 125,870 3,328 3,202 Standard Life PLC 135,585 426 728 Stockland 133,635 478 488 Sumitomo Mitsui Financial Group, Inc. 77,600 2,527 2,775 Financials (continued) Sumitomo Realty & Development Co., Ltd. 21,000 427 688 Sun Hung Kai Properties, Ltd. 91,000 1,336 1,358 Suncorp-Metway, Ltd. 74,422 626 782 Suruga Bank, Ltd. 10,000 97 122 Svenska Handelsbanken-Class A 28,569 832 1,016 Swedbank AB 47,328 588 919 Swire Pacific, Ltd.-Class A 39,500 522 486 Swire Properties, Ltd. 67,600 218 224 Swiss Life Holding 1,756 220 232 Swiss Prime Site AG 3,073 251 255 Swiss Re, Ltd. 20,320 1,166 1,457 T&D, Inc. 33,000 383 395 Tokio Marine, Inc. 40,000 1,057 1,095 Tokyu Land Corp. 25,000 111 180 TrygVesta AS 1,341 81 100 UBS AG 210,245 3,336 3,264 Unibail 5,324 990 1,272 Unicredit SpA 232,889 653 1,132 Unione Di Banche Italiane SCPA 48,823 444 225 United Overseas Bank, Ltd. 74,000 1,088 1,195 UOL Group, Ltd. 27,000 85 131 Vienna Insurance Group 2,145 103 114 Westfield Group 124,099 1,356 1,353 Westfield Retail Trust-REIT 167,135 441 522 Westpac Banking Corp. 177,882 4,018 4,786 Wharf, Ltd. 87,018 499 673 Wheelock & Co., Ltd. 53,000 164 266 Wing Hang Bank, Ltd. 10,000 109 103 Yamaguchi Financial Group, Inc. 12,000 121 105 Zurich Financial Services AG 8,518 2,028 2,254 151,928 152,878 Health Care 10.0% Actelion, Ltd. 6,401 281 303 Alfresa Corp. 2,400 114 93 Astellas Pharma, Inc. 25,600 936 1,141 AstraZeneca PLC 71,999 3,336 3,389 Bayer AG 47,756 3,135 4,508 Cangene Corp. 65,500 2,948 2,519 Celesio AG 4,997 129 85 Chugai Pharmaceutical Co., Ltd. 12,900 240 245 Cie Generale d Optique Essilor International SA 11,700 760 1,167 Cochlear, Ltd. 3,316 234 271 Coloplast A/S 6,555 159 319 CSL, Ltd., Australia 29,216 938 1,626 Daiichi Sankyo Co., Ltd. 39,000 689 593 Dainippon Sumitomo Pharma Co., Ltd. 9,500 84 113 The accompanying notes are an integral part of the financial statements. 292
BlackRock CDN MSCI EAFE Index Plus Fund Health Care (continued) Eisai Co., Ltd. 14,500 514 601 Elan Corp. PLC 29,159 208 291 Elekta AB 20,844 254 323 Fresenius Medical Care AG & Co. KGaA 12,209 731 838 Fresenius SE 7,130 557 817 Getinge AB 11,360 263 383 GlaxoSmithKline PLC 287,428 5,482 6,206 Grifols SA-ADR 12,301 146 317 Hisamitsu Pharmaceutical Co. 3,600 142 177 Kyowa Hakko Kogyo Co., Ltd. 15,000 160 147 Lonza Group AG 3,101 222 166 M3, Inc. 37 68 59 Miraca, Inc. 3,300 120 132 Mitsubishi Tanabe Pharma Corp. 13,100 192 170 Novartis AG Registered 132,881 7,120 8,304 Novo-Nordisk A/S-Class B 23,517 2,183 3,788 Olympus Corp. 12,600 351 242 ONO Pharmaceutical Co., Ltd. 4,700 212 238 Orion OYJ-Class B 5,542 110 161 Otsuka Co., Ltd. 20,800 571 582 Prothena Corp. PLC 711 8 5 Qiagen NV 13,487 287 243 Ramsay Health Care, Ltd. 7,627 121 214 Roche Holding AG Genusschein 40,585 6,277 8,123 RSA Insurance Group PLC 205,698 399 418 Sanofi-Aventis 68,884 4,756 6,441 Santen Pharmaceutical Co., Ltd. 4,300 149 164 Shionogi & Co., Ltd. 17,100 323 283 Shire, Ltd. 32,346 769 986 Smith & Nephew PLC 51,404 527 565 Sonic Healthcare, Ltd. 21,206 247 292 Sonova Holding AG 2,861 343 316 Suzuken Co., Ltd. 4,100 142 115 Sysmex Corp. 4,200 130 192 Taisho Pharmaceutical Co., Ltd. 2,100 144 143 Takeda Pharmaceutical Co., Ltd. 45,600 2,066 2,024 Terumo Corp. 8,900 461 349 Teva Pharmaceutical Industries, Ltd. 54,197 3,033 2,023 Tsumura & Co. 3,300 100 99 UCB SA 6,234 239 354 William Demant Holding 1,505 113 128 54,223 63,791 Industrials 12.8% ABB, Ltd. 127,018 2,592 2,591 Abertis Infraestructuras SA 20,849 344 339 Acciona SA 1,497 137 110 ACS Actividades Cons y Serv 8,132 355 197 Industrials (continued) Adecco SA 7,580 435 396 Aeroports de Paris 1,688 135 129 Aggreko PLC 15,348 369 432 Airlines 13,237 219 248 Alfa Laval AB 19,536 316 405 All Nippon Airways Co., Ltd. 65,203 160 136 ALS, Ltd./Queensland 19,335 197 215 Alstom 11,890 441 470 Amada Co., Ltd. 20,000 137 128 Amadeus IT Holding SA 17,945 340 447 AMEC PLC 37,781 576 613 Andritz AG 4,125 211 263 Antofagasta PLC 22,778 370 487 AP Moller-Maersk A/S-Class A 31 260 218 AP Moller-Maersk A/S-Class B 76 655 570 Asahi Glass Co., Ltd. 59,000 653 424 Asciano Group 55,609 261 268 Assa Abloy AB-Class B 19,128 453 711 Atlantia SpA 18,961 359 340 Atlas Copco AB-Class A 38,609 692 1,054 Atlas Copco AB-Class B 22,430 369 543 Auckland International Airport, Ltd. 50,956 77 112 Aurizon, Ltd. 104,221 300 402 Babcock International Group PLC 20,608 202 322 BAE Systems PLC 188,131 995 1,026 Balfour Beatty PLC 39,847 172 177 Bouygues 10,648 495 312 Brambles Industries PLC 90,022 581 699 Brenntag AG 2,957 327 384 Bunzl PLC 19,155 244 312 Cathay Pacific Airways, Ltd. 69,000 146 126 Central Japan Railway Co. 8,500 703 683 Chiyoda Corp. 9,000 86 127 Cie de Saint-Gobain 23,096 1,092 974 Cie Generale de Geophysique- Veritas 9,599 255 285 Cie Generale des Etablissements Michelin 10,566 776 993 Cobham PLC 61,944 198 221 ComfortDelGro Corp., Ltd. 110,000 126 159 Dai Nippon Printing Co., Ltd. 32,000 421 248 Daikin Industries, Ltd. 13,600 483 461 Delek Group, Ltd. 245 55 57 Deutsche Post AG 52,400 961 1,139 DSV A/S 10,873 202 279 East Japan Railway Co. 19,300 1,312 1,238 Edenred 9,645 199 294 European Aeronautic Defense and Space Co. 23,893 638 922 Experian, Ltd. 58,386 608 926 The accompanying notes are an integral part of the financial statements. 293
BlackRock CDN MSCI EAFE Index Plus Fund Industrials (continued) Fanuc, Ltd. 11,100 1,397 2,034 Ferrovial SA 22,858 211 335 Fiat Industrial SpA 49,551 592 537 Finmeccanica SpA 23,804 284 136 Fraport AG 2,134 116 123 Fraser and Neave, Ltd. 53,000 214 418 Fuji Electric Co., Ltd. 30,000 89 73 Furukawa Electric Co., Ltd. (The) 38,000 171 84 GEA Group AG 10,017 246 322 Geberit AG 2,200 400 482 Genting International PLC 353,000 340 397 Hankyu, Inc. 65,000 320 333 Hexagon AB 13,465 229 336 Hino Motors, Ltd. 15,000 79 133 Hitachi Construction Machinery Co., Ltd. 6,300 137 130 Hitachi High-Technologies Corp. 3,600 79 73 Hochtief AG 1,751 132 100 Hopewell, Ltd. 31,500 98 134 Hutchison Port Trust-UNIT 303,522 257 237 Hutchison Whampoa, Ltd. 123,000 977 1,277 IHI Corp. 78,000 150 198 IMI PLC 18,871 280 334 International Consolidated Airlines Group SA 54,937 237 159 Intertek Group PLC 9,239 269 463 Invensys PLC 47,928 221 252 Itochu Corp. 86,600 804 904 Japan Airlines Co., Ltd. 3,400 160 145 Japan Steel Works, Ltd. (The) 18,000 186 115 JGC Corp. 12,000 234 370 JS Group Corp. 15,400 323 340 JTEKT Corp. 12,900 148 121 Kajima Corp. 47,000 119 154 Kamigumi Co., Ltd. 14,000 115 111 Kawasaki Heavy Industries, Ltd. 83,000 246 222 Keihin Electric Express Railway Co., Ltd. 27,000 239 238 Keio Corp. 34,000 229 251 Keisei Electric Railway Co., Ltd. 16,000 104 134 Keppel Corp., Ltd. 82,200 553 736 Kinden Corp. 7,000 63 45 Kintetsu Corp. 95,000 313 386 Komatsu, Ltd. 53,700 1,188 1,349 Kone OYJ 8,958 415 656 Koninklijke Boskalis Westminster NV 4,340 176 194 Koninklijke Vopak NV 4,037 181 281 Kubota Corp. 63,000 633 715 Kuehne & Nagel International AG 3,135 353 375 Kurita Water Industries, Ltd. 6,600 189 144 Industrials (continued) Legrand SA 13,716 457 573 Leighton, Ltd. 8,703 259 161 Marubeni Corp. 95,000 604 670 Medipal Corp. 8,400 100 92 Meggitt PLC 44,770 276 277 Melrose Industries PLC 69,330 263 251 Metso OYJ 7,388 289 311 Mitsubishi Corp. 80,800 1,764 1,531 Mitsubishi Electric Corp. 111,000 1,018 932 Mitsubishi Heavy Industries, Ltd. 175,000 686 834 Mitsubishi Logistics Corp. 7,000 89 99 Mitsui & Co., Ltd. 99,900 1,556 1,475 Mitsui OSK Lines, Ltd. 65,000 445 189 MTR Corp. 83,000 302 325 Nabtesco Corp. 5,800 115 127 NGK Insulators, Ltd. 16,000 285 187 Nippon Express Co., Ltd. 49,000 223 200 Nippon Yusen KK 92,000 353 212 Noble Group, Ltd. 221,727 330 209 NSK, Ltd. 25,000 199 175 NWS, Ltd. 79,000 105 132 Obayashi Corp. 38,000 168 212 Odakyu Electric Railway Co., Ltd. 36,000 321 372 Orient Overseas International, Ltd. 12,500 102 80 Orkla ASA 43,663 365 378 Otsuka Corp. 900 60 67 Park24 Co., Ltd. 5,600 96 88 Qantas Airways, Ltd. 65,073 152 100 Randstad NV 6,963 330 253 Rexel SA 6,092 112 123 Rolls Royce PLC 107,679 1,145 1,521 Ryanair PLC, Sponsored ADR 1,952 54 67 Safran SA 13,295 454 567 Sandvik AB 57,870 825 917 Scania AB-Class B 18,308 331 376 Schindler Holding AG 2,786 259 400 Schindler Holding AG-REG 1,263 117 177 Schneider Electric SA 30,328 1,826 2,181 Secom Co., Ltd. 12,100 594 603 Securitas AB-Class B 18,179 184 157 SembCorp Industries, Ltd. 57,000 186 244 SembCorp Marine, Ltd. 49,000 162 184 Serco Group PLC 28,471 268 247 SGS SA 314 458 692 Shimadzu Corp. 13,000 104 88 Shimizu Corp. 34,000 134 126 Siemens AG Registered 47,519 4,921 5,123 Singapore Airlines, Ltd. 32,000 352 280 The accompanying notes are an integral part of the financial statements. 294
BlackRock CDN MSCI EAFE Index Plus Fund Industrials (continued) Singapore Technologies Engineering, Ltd. 88,000 213 273 Skanska AB-Class B 22,559 386 366 SKF AB 22,652 484 565 SMC Corp./Japan 3,100 453 554 Smiths Group PLC 22,771 407 437 Societe BIC SA 1,604 128 190 Sojitz Corp. 72,200 133 105 Sulzer AG 1,337 231 210 Sumitomo Corp. 64,700 798 819 Sumitomo Electric Industries, Ltd. 43,100 556 490 Sumitomo Heavy Industries, Ltd. 31,000 192 145 Sydney Airport 10,756 32 38 Taisei Corp. 58,000 128 191 Thales SA 5,177 193 177 THK Co., Ltd. 7,000 157 124 Tobu Railway Co., Ltd. 59,000 249 309 Tokyu Corp. 65,000 286 362 Toll, Ltd. 39,071 233 184 Toppan Printing Co., Ltd. 33,000 294 202 Toto, Ltd. 17,000 118 126 Toyota Tsusho Corp. 12,200 196 297 Transurban Group 75,625 347 476 Ushio, Inc. 5,600 95 61 Vallourec 5,869 592 304 Vinci SA 26,532 1,390 1,250 Volvo AB-Class B 125,231 1,679 1,702 Wartsila OYJ-Class B 9,607 265 411 Weir Group PLC 12,292 356 373 Wendel SA 1,830 209 186 Wesfarmers, Ltd. 58,166 1,868 2,216 West Japan Railway Co. 9,800 371 384 Wolseley PLC 15,843 454 743 Yamato Co., Ltd. 21,300 310 321 Yangzijiang Shipbuilding 104,000 125 81 Zardoya Otis SA 9,245 127 128 Zodiac Aerospace 1,934 200 211 75,239 81,294 Information Technology 3.9% Advantest Corp. 8,500 208 132 ARM PLC 79,618 466 988 ASM Pacific Technology 11,500 109 139 Asml Holding 18,197 1,067 1,145 Atos Origin 3,092 157 214 Brother Industries, Ltd. 13,600 165 144 Canon, Inc. 8,363 426 361 CapGemini SA 37,935 448 464 Citizen Watch Co., Ltd. 15,600 102 81 Computershare, Ltd. 25,642 265 237 Information Technology (continued) Dassault Systemes SA 3,591 249 397 Fujitsu, Ltd. 107,000 718 442 Gemalto 4,596 389 409 Gree, Inc. 5,100 65 79 Hamamatsu Photonics KK 4,100 136 147 Hirose Electric Co., Ltd. 1,800 189 213 Hitachi, Ltd. 268,000 1,207 1,555 Hoya Corp. 25,000 627 486 Ibiden Co., Ltd. 6,900 228 108 Itochu Techno-Science Corp. 1,500 55 61 Keyence Corp. 2,630 593 722 Konami Corp. 5,700 112 127 Konica Minolta, Inc. 28,000 307 199 Koninklijke (Royal) Philips Electronics NV 60,078 1,885 1,566 Kyocera Corp. 8,800 847 787 Mabuchi Motor Co., Ltd. 1,400 73 59 Mellanox Technologies, Ltd. 2,051 228 122 Millicom International Cellular SA, SDR 3,569 328 307 Murata Manufacturing Co., Ltd. 11,600 671 671 NEC Corp. 153,000 439 317 Nexon Co., Ltd. 6,100 88 61 NICE Systems, Ltd. 3,540 110 120 Nidec Corp. 6,200 603 357 Nintendo Co., Ltd. 6,100 1,711 641 Nippon Electric Glass Co., Ltd. 22,000 307 123 Nokia OYJ 215,784 2,368 829 Nomura Research Institute, Ltd. 5,800 140 120 NTT Data Corp. 71 262 220 Omron Corp. 11,600 275 274 Oracle Corp. Japan 2,100 105 87 Ricoh Co., Ltd. 36,000 534 376 Rohm Co., Ltd. 5,500 370 176 Sage Group PLC 73,900 291 352 SAP AG 53,200 2,785 4,244 Square Enix Co., Ltd. 3,500 67 44 STMicroelectronics NV 36,349 351 255 Sumco Corp. 6,200 120 60 TDK Corp. 7,200 463 257 Telefonaktiebolaget LM Ericsson- Class B 175,546 1,983 1,748 Tokyo Electron, Ltd. 9,800 620 443 Toshiba Corp. 231,000 1,085 894 Trend Micro, Inc. 5,900 190 176 Yahoo! Japan Corp. 846 315 271 Yaskawa Electric Corp. 12,000 135 114 Yokogawa Electric Corp. 12,600 102 136 28,139 25,057 The accompanying notes are an integral part of the financial statements. 295
BlackRock CDN MSCI EAFE Index Plus Fund Materials 10.2% Air Liquide 18,045 1,847 2,250 Akzo Nobel NV 13,715 797 893 Alumina, Ltd. 133,974 217 125 Amcor, Ltd. 69,914 435 583 ArcelorMittal 53,846 1,811 912 Arkema SA 3,605 297 375 Asahi Kasei Corp. 73,000 428 426 Aurizon Mines, Ltd. 156,838 3,417 4,055 BASF SE 53,044 3,415 4,963 BHP Billiton PLC 121,960 3,918 4,204 BHP Billiton, Ltd. 186,256 7,019 7,143 Boliden AB 15,660 217 292 Boral, Ltd. 42,505 198 191 CRH PLC 41,424 978 828 Croda International PLC 7,694 267 296 Daicel Chemical Industries, Ltd. 17,000 121 110 Daido Steel Co., Ltd. 16,000 80 80 Denki Kagaku Kogyo KK 27,000 131 91 EMS-Chemie Holding AG 768 187 179 Eurasian Natural Resources 14,092 88 65 Evraz PLC 18,980 91 79 Fletcher Building, Ltd. 39,852 240 274 Fortescue Metals Group, Ltd. 79,393 371 380 Fresnillo PLC 10,209 212 305 GDF Suez 73,788 2,508 1,507 Givaudan 480 443 503 Glencore International PLC 219,107 1,229 1,245 Heidelbergcement AG 8,136 472 488 Hitachi Chemical Co., Ltd. 5,700 121 85 Hitachi Metals, Ltd. 9,000 100 76 Holcim, Ltd. 13,196 937 959 Iluka Resources, Ltd. 23,509 381 219 Imerys SA 1,890 113 119 Incitec Pivot, Ltd. 94,726 295 315 Israel Chemicals, Ltd. 25,382 324 302 Israel Corp., Ltd. 124 103 83 James Hardie Industries NV 25,160 167 237 JFE, Inc. 28,200 913 520 Johnson Matthey PLC 11,802 339 453 JSR Corp. 10,500 208 198 K+S AG 9,899 636 453 Kaneka Corp. 16,000 103 80 Kansai Paint Co., Ltd. 13,000 115 138 Kazakhmys PLC 12,304 246 155 Kobe Steel, Ltd. 143,000 319 180 Koninklijke DSM 8,911 424 534 Kuraray Co., Ltd. 19,800 262 256 Lafarge SA 10,794 687 682 Lanxess AG 4,794 396 417 Materials (continued) Linde AG 10,698 1,412 1,852 Maruichi Steel Tube, Ltd. 2,800 58 64 Mitsubishi Chemical Corp. 79,000 434 387 Mitsubishi Gas Chemical Co., Inc. 22,000 131 133 Mitsubishi Materials Corp. 64,000 189 214 Mitsui Chemicals, Inc. 50,000 156 128 Newcrest Mining, Ltd. 43,960 1,475 1,008 Nippon Paper Group, Inc. 5,600 161 77 Nippon Steel Corp. 440,060 1,319 1,064 Nitto Denko Corp. 9,500 386 461 Norsk Hydro ASA 54,372 354 270 Novozymes AS 13,832 344 387 Oji Paper Co., Ltd. 49,000 241 167 Olam International, Ltd. 29,109 - - Orica, Ltd. 20,923 512 542 OZ Minerals, Ltd. 18,689 217 129 Prysmian SpA 11,710 207 231 Randgold Resources, Ltd. 5,051 452 486 Rexam PLC 50,091 249 354 Rio Tinto PLC 77,458 4,231 4,401 Rio Tinto, Ltd. 25,076 1,696 1,711 Salzgitter AG 2,178 156 113 Shin-Etsu Chemical Co., Ltd. 23,600 1,311 1,421 Showa Denko KK 83,000 177 124 Sika AG 123 237 282 Sims Group, Ltd. 9,621 175 92 Solvay SA 3,416 397 490 Stora Enso OYJ-Class R 33,337 287 229 Sumitomo Chemical Co., Ltd. 88,000 412 272 Sumitomo Metal Mining Co., Ltd. 30,000 454 417 Svenska Cellulosa AB-Class B 33,296 463 719 Syngenta AG 5,382 1,443 2,146 Taiheiyo Cement Corp. 63,000 134 171 Taiyo Nippon Sanso Corp. 15,000 131 85 Teijin, Ltd. 54,000 185 132 ThyssenKrupp AG 22,238 690 520 Toray Industries, Inc. 85,000 498 515 Toyo Seikan Kaisha, Ltd. 8,400 145 111 Ube Industries, Ltd. 58,000 155 138 Umicore 6,459 247 354 UPM-Kymmene OYJ 30,509 470 352 Vedanta Resources PLC 6,940 100 130 Voestalpine AG 6,316 222 229 Xstrata PLC 120,955 1,988 2,069 Yara International ASA 10,805 426 528 63,750 65,008 Telecommunication Services 4.7% Belgacom SA 8,580 296 249 Bezeq Israeli Telecommunication Corp., Ltd. 108,737 248 124 The accompanying notes are an integral part of the financial statements. 296
BlackRock CDN MSCI EAFE Index Plus Fund Telecommunication Services (continued) BT Group PLC 454,195 1,033 1,699 Deutsche Telekom AG 162,489 2,171 1,836 Elisa OYJ-Class A 8,347 165 183 Eurazeo 1,788 113 84 Eutelsat Communications 7,434 274 245 France Telecom SA 106,716 2,232 1,166 HKT Trust / HKT, Ltd. 130,000 127 126 Iliad SA 1,293 141 220 Inmarsat PLC 25,663 166 241 KDDI Corp. 15,600 1,004 1,092 Koninklijke KPN 57,115 724 278 Nippon Telegraph & Telephone Corp. 25,200 1,141 1,052 NTT DoCoMo, Inc. 880 1,433 1,257 PCCW, Ltd. 217,000 74 95 Portugal Telecom SGPS SA 37,412 404 183 SES 17,448 418 496 Singapore Telecommunications, Ltd. 460,000 1,116 1,237 Softbank Corp. 51,300 1,466 1,852 Starhub, Ltd. 35,000 62 108 Swisscom AG 1,341 507 574 TDC A/S 27,784 237 196 Tele2 AB-Class B 17,982 323 322 Telecom Corp. of New Zealand, Ltd. 110,741 178 206 Telecom Italia SpA 540,573 736 485 Telecom Italia SpA-RNC 342,240 385 268 Telefonica SA 236,475 5,152 3,135 Telekom Austria AG 12,742 167 96 Telenet Group Holding 3,213 134 150 Telenor ASA 41,778 611 837 TeliaSonera AB 125,398 869 846 Telstra Corp., Ltd. 250,431 847 1,131 United Internet AG 5,809 114 124 Vodafone Group PLC 2,840,519 6,768 7,098 Ziggo 6,923 221 224 32,057 29,515 Utilities 3.6% AGL Energy, Ltd. 31,287 434 497 Air Water, Inc. 9,000 106 114 APA Group 47,307 252 269 Centrica PLC 299,743 1,429 1,618 Cheung Kong Infrastructure, Ltd. 28,000 119 171 Chubu Electric Power Co., Inc. 36,600 633 482 Chugoku Electric Power Co. 16,800 334 261 CLP, Ltd. 104,000 812 866 Contact Energy, Ltd. 21,678 96 92 E.ON AG 104,150 3,443 1,925 EDF SA 14,009 635 257 Utilities (continued) EDP-Energias de Portugal SA 108,340 387 324 Electric Power Development Co. 6,800 211 160 Electricite de France 13,741 342 358 Enagas 10,910 208 229 Enel Green Power SpA 96,602 214 178 Enel SpA 379,607 1,932 1,564 Fortum OYJ 25,608 656 475 Gas Natural SDG SA 20,185 327 356 Hokkaido Electric Power Co., Inc. 10,600 213 127 Hokuriku Electric Power Co. 9,400 209 111 Hong Kong & China Gas 301,055 604 814 Hongkong Electric, Ltd. 79,500 508 674 Iberdrola SA 172,330 1,087 932 Kansai Electric Power Co. (The), Inc. 42,800 1,002 446 Kyushu Electric Power Co., Inc. 24,300 499 275 National Grid PLC 209,978 1,928 2,388 Osaka Gas Co., Ltd. 108,000 395 389 Red Electrica de Espana 6,163 293 300 RWE AG 28,272 1,985 1,159 RWE AG Preferred 2,110 155 79 Scottish & Southern Energy PLC 54,633 1,053 1,253 Severn Trent PLC 13,615 269 347 Shikoku Electric Power Co. 10,400 286 164 Snam SpA 97,049 471 448 SP Ausnet 96,647 86 111 Suez Environnement SA 16,034 316 191 Terna SpA 74,377 285 295 Toho Gas Co., Ltd. 23,000 120 122 Tohoku Electric Power Co., Inc. 26,600 525 246 Tokyo Electric Power Co. (The), Inc. 81,900 1,771 193 Tokyo Gas Co., Ltd. 142,000 636 644 United Utilities Group PLC 39,421 346 429 Veolia Environnement SA 19,207 561 231 Verbund-Oesterreichische Elektrizitaetswirtschafts AG- Class A 3,696 136 92 28,309 22,656 Total Common Stocks 603,375 628,419 Transaction Costs (Note 2) (239) Total Investments 603,136 628,419 Other Assets and Liabilities 1.2% 7,502 Net Assets 635,921 The accompanying notes are an integral part of the financial statements. 297
BlackRock CDN MSCI EAFE Index Plus Fund Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 11.6 10.7 Consumer Staples 10.5 10.7 Energy 7.5 8.9 Financials 24.0 21.2 Health Care 10.0 10.4 Industrials 12.8 12.5 Information Technology 3.9 4.4 Materials 10.2 10.3 Telecommunication Services 4.7 5.7 Utilities 3.6 4.2 Other Assets and Liabilities 1.2 1.0 Open futures contracts held by the Fund as at December 31, 2012 are shown in Note 4. The accompanying notes are an integral part of the financial statements. 298
BlackRock CDN Global Equity Focus Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 74,714,312 $ 50,079,510 Cash 100,124 1,206,466 Net unrealized gain on forward currency contracts (Note 5) - 95,343 Dividends receivable 122,277 36,963 Tax reclaim on dividends receivable 80,659 9,045 Accounts receivable for investment sales 35-75,017,407 51,427,327 Liabilities Operating expenses payable 19,965 19,609 Net unrealized loss on forward currency contracts (Note 5) - 74,273 19,965 93,882 Net Assets $ 74,997,442 $ 51,333,445 Number of Units Issued and Outstanding (Note 8) 6,893,925 5,401,510 Net Assets per Unit $ 10.88 $ 9.50 Investments at Cost $ 68,738,218 $ 50,226,981 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 299
BlackRock CDN Global Equity Focus Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 1,824,342 $ 353,155 Interest income 957 36 Net realized gain (loss) from forward currency contracts (38,686) 158,948 Foreign exchange gain 9,300 138,878 Withholding taxes (175,226) (37,043) 1,620,687 613,974 Expenses Custodian fees 24,672 19,313 Fund accounting expenses 60,401 57,784 Unitholder communication s - 855 Audit fees 13,407 13,704 Securities filing fees 1,181 420 Independent review committee fees 27 42 Other operating expenses 3,338 5,237 103,026 97,355 Net Investment Income for the Year 1,517,661 516,619 Gain (Loss) on Investments Net realized gain (loss) on sale of investments 1,693,004 (1,012,526) Foreign tax - (22,539) Transaction s (Note 2,13) (180,497) (66,066) Net change in unrealized appreciation (depreciation) in of investments 6,123,565 (471,993) Net change in unrealized appreciation (depreciation) in of forward currency contracts (21,070) 8,146 Net Gain (Loss) on Investments 7,615,002 (1,564,978) Increase (Decrease) in Net Assets from Operations $ 9,132,663 $ (1,048,359) Increase (Decrease) in Net Assets from Operations per Unit $ 1.34 $ (0.46) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 51,333,445 $ 10,816,046 Increase (Decrease) in Net Assets from Operations 9,132,663 (1,048,359) Capital Transactions Proceeds from issue of units 15,170,963 41,565,758 Reinvestment of distributions 1,892,469 479,234 Redemption of units (639,629) - Net capital transactions 16,423,803 42,044,992 Distributions From net investment income (1,355,915) (479,234) From capital gains (536,554) - Total distributions (1,892,469) (479,234) Increase in Net Assets for the Year 23,663,997 40,517,399 Net Assets - End of Year $ 74,997,442 $ 51,333,445 The accompanying notes are an integral part of the financial statements. 300
BlackRock CDN Global Equity Focus Fund Common Stocks Consumer Discretionary 22.4% Anheuser-Busch InBev 19,569 1,374 1,685 AutoZone, Inc. 3,375 1,180 1,191 Coach, Inc. 27,613 1,537 1,527 Comcast Corp.-Class A 80,243 2,273 2,987 DIRECTV 44,992 2,063 2,248 Discovery Communications-Class A 23,989 1,230 1,516 Newell Rubbermaid, Inc. 68,461 1,255 1,518 Nissan Motor Co., Ltd. 116,600 1,077 1,089 Swatch Group AG 3,037 1,236 1,523 Time Warner, Inc. 31,577 1,468 1,504 14,693 16,788 Consumer Staples 8.6% Imperial Tobacco Group PLC 94,858 3,419 3,640 Philip Morris International, Inc. 16,352 1,370 1,362 Reckitt Benckiser Group PLC 23,217 1,233 1,456 6,022 6,458 Energy 5.2% Royal Dutch Shell PLC-Class B 77,083 2,696 2,712 Schlumberger, Ltd. 16,560 1,158 1,142 3,854 3,854 Financials 11.3% Bank Rakyat Indonesia Persero Tbk PT 1,543,500 1,122 1,100 Berkshire Hathaway, Inc.-Class B 21,717 1,803 1,941 BNP Paribas 10,786 408 602 ICICI Bank, Ltd.-ADR 23,485 812 1,020 JPMorgan Chase & Co. 35,842 1,273 1,570 Progressive Corp. (The) 54,157 1,223 1,138 Sberbank of Russia-ADR 90,014 954 1,126 7,595 8,497 Health Care 10.5% Edwards Lifesciences Corp. 9,231 786 829 Pfizer, Inc. 106,238 2,145 2,654 Roche Holding AG Genusschein 11,937 2,091 2,389 Sanofi-Aventis 21,625 1,548 2,022 6,570 7,894 Industrials 12.0% Assa Abloy AB-Class B 39,981 1,312 1,486 Atlas Copco AB-Class A 46,696 1,133 1,274 Expeditors International of Washington, Inc. 24,591 933 968 Fanuc, Ltd. 6,500 1,132 1,191 Masco Corp. 74,720 1,143 1,240 Stanley Black & Decker, Inc. 20,769 1,375 1,530 United Technologies Corp. 16,372 1,242 1,337 8,270 9,026 Information Technology 16.2% Agilent Technologies, Inc. 38,503 1,539 1,570 Asml Holding 17,173 1,007 1,081 Cognizant Technology Solutions Corp.-Class A 18,910 1,302 1,394 EMC Corp., Massachusetts 62,635 1,680 1,578 Lam Research Corp. 38,912 1,319 1,399 Mercadolibre, Inc. 17,053 1,291 1,338 Samsung Electronics Co., Ltd. 525 727 743 Texas Instruments, Inc. 39,698 1,175 1,223 Veeco Instruments, Inc. 23,380 710 687 Xilinx, Inc. 31,840 1,043 1,138 11,793 12,151 Materials 7.1% Ecolab, Inc. 18,559 1,219 1,329 Linde AG 8,156 1,274 1,412 Praxair, Inc. 14,578 1,550 1,588 Rio Tinto PLC 17,397 969 988 5,012 5,317 Telecommunication Services 6.3% Rogers Communications, Inc.-Class B 24,592 929 1,110 Vodafone Group PLC 1,448,199 4,044 3,619 4,973 4,729 Total Common Stocks 68,782 74,714 Transaction Costs (Note 2) (44) Total Investments 68,738 74,714 Other Assets and Liabilities 0.4% 283 Net Assets 74,997 Portfolio Concentration (as a percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio by Category (%) (%) Consumer Discretionary 22.4 17.2 Consumer Staples 8.6 11.1 Energy 5.2 4.7 Financials 11.3 8.7 Health Care 10.5 21.8 Industrials 12.0 10.2 Information Technology 16.2 13.5 Materials 7.1 5.1 Telecommunication Services 6.3 5.3 Other Assets and Liabilities 0.4 2.4 The accompanying notes are an integral part of the financial statements. 301
BlackRock CDN Global Developed Real Estate Index Fund (Note 1) Statement of Net Assets As at December 31 Assets Investments-at fair (Note 2) $ 366,428,219 Cash 1,823,923 Dividends and distributions from underlying trust units receivable 1,016,428 Tax reclaim on dividends receivable 15,706 Accounts receivable for investment sales 3,795,289 2012 373,079,565 Liabilities Operating expenses payable 37,260 Payables for redemption of units 5,208,800 5,246,060 Net Assets $ 367,833,505 Net Assets per Class Class D $ 367,833,505 $ 367,833,505 Number of Units Issued and Outstanding (Note 8) Class D 34,548,681 Net Assets per Unit Class D $ 10.65 Investments at Cost $ 346,639,193 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 302
BlackRock CDN Global Developed Real Estate Index Fund (Note 1) Statement of Operations For the Period Ended December 31 Revenue Dividend income and distributions from underlying trust units $ 4,182,615 Interest income 2,608 Foreign exchange loss (27,908) Withholding taxes (1,046,122) 2012 3,111,193 Expenses Custodian fees 134,361 Fund accounting expenses 27,415 Unitholder communication s 261 Audit fees 11,246 Securities filing fees 3,376 Independent review committee fees 29 Other operating expenses 10,202 186,890 Net Investment Income for the Period 2,924,303 Gain on Investments Net realized gain on sale of investments 319,285 Transaction s (Note 2,13) (171,533) Net change in unrealized appreciation in of investments 19,789,026 Net Gain on Investments 19,936,778 Increase in Net Assets from Operations $ 22,861,081 Increase in Net Assets from Operations per Class Class D $ 22,861,081 $ 22,861,081 Increase in Net Assets from Operations per Unit Class D $ 0.78 Statement of Changes in Net Assets For the Period Ended December 31 2012 2012 Fund Class D Net Assets - Beginning of Period $ - $ - Increase in Net Assets from Operations 22,861,081 22,861,081 Capital Transactions Proceeds from issue of units 361,806,627 361,806,627 Reinvestment of distributions 3,087,260 3,087,260 Redemption of units (16,834,203) (16,834,203) Net capital transactions 348,059,684 348,059,684 Distributions From net investment income (2,907,143) (2,907,143) From capital gains (180,117) (180,117) Total distributions (3,087,260) (3,087,260) Increase in Net Assets for the Period 367,833,505 367,833,505 Net Assets - End of Period $ 367,833,505 $ 367,833,505 The accompanying notes are an integral part of the financial statements. 303
BlackRock CDN Global Developed Real Estate Index Fund Common Stocks and Income Trusts Financials 99.6% Acadia Realty Trust-REIT 17,845 431 445 Activia Properties, Inc. REIT 77 460 481 Advance Residence Investment Corp. REIT 310 611 632 Aeon Mall Co., Ltd. 33,500 815 816 Affine SA REIT 1,562 22 26 Agile Property, Ltd. 510,000 601 713 Agree Realty Corp. REIT 4,178 100 111 Alexander s, Inc. REIT 752 325 248 Alexandria Real Estate Equities, Inc. REIT 23,236 1,692 1,602 Allied Properties Real Estate Investment Trust-REIT 21,872 653 721 Allreal Holding AG 2,998 435 460 Alstria Office REIT-AG 30,060 338 366 American Assets Trust, Inc.-REIT 14,272 369 397 American Campus Communities, Inc. REIT 38,164 1,756 1,752 American Realty Capital Trust, Inc.- REIT 58,033 650 666 ANF Immobilier REIT 3,927 161 124 Apartment Investment & Management Co. REIT-Class A 53,115 1,403 1,431 Artis Real Estate Investment Trust- REIT 40,185 653 628 Ascendas REIT 816,000 1,509 1,576 Ashford Hospitality Trust, Inc.-REIT 25,355 197 265 Associated Estates Realty Corp. REIT 18,714 278 300 AvalonBay Communities, Inc. REIT 41,649 5,835 5,621 Azrieli Group 13,436 286 347 Befimmo S.C.A. Sicafi REIT 6,925 412 444 Beni Stabili SpA REIT 362,864 170 212 Big Yellow Group PLC REIT 49,375 247 277 BioMed Realty Trust, Inc.-REIT 56,192 1,044 1,082 Boardwalk REIT 17,450 1,111 1,122 Boston Properties, Inc. REIT 54,550 6,003 5,747 Brandywine Realty Trust-REIT 52,267 622 633 BRE Properties, Inc. REIT 27,992 1,405 1,416 British Land Co. PLC 322,380 2,730 2,932 Brookfield Properties Co. 136,765 2,306 2,309 BWP Trust-REIT 193,012 398 431 CA Immobilien Anlagen AG 32,986 342 454 Calloway REIT 39,031 1,142 1,128 Camden Property Trust-REIT 30,396 2,069 2,065 Campus Crest Communities, Inc. REIT 14,615 155 178 Canadian Apartment Properties REIT 36,336 880 900 Canadian REIT 24,733 1,037 1,069 CapitaCommercial Trust-REIT 772,000 864 1,057 Financials (continued) Capital & Counties Properties PLC 275,112 941 1,078 Capitaland, Ltd. 1,155,000 2,849 3,484 CapitaMall Trust-REIT 943,000 1,504 1,637 Capitamalls Asia, Ltd. 568,000 762 896 CapLease, Inc. REIT 25,975 120 144 Castellum AB 61,198 827 865 CBL & Associates Properties, Inc. REIT 58,639 1,192 1,238 CDL Hospitality Trusts-REIT 263,000 427 403 Cedar Shopping Centers, Inc. REIT 25,519 132 134 Centro Retail Australia REIT 521,201 1,131 1,223 CFS Retail Property Trust-REIT 771,823 1,592 1,528 Champion REIT 1,051,000 472 497 Charter Hall Retail REIT 116,979 427 455 Chartwell Seniors Housing REIT 62,327 617 677 Chesapeake Lodging Trust-REIT 14,718 263 306 City Developments, Ltd. 249,000 2,349 2,608 Citycon OYJ 90,938 279 307 Cofinimmo REIT 5,477 602 644 Colonia Real Estate AG REIT 668 3 4 Colonial Properties Trust-REIT 31,982 697 681 Cominar REIT 45,092 1,080 1,017 Commonwealth Property Office Fund REIT 870,394 967 918 CommonWealth REIT 30,429 520 480 Conwert Immobilien Invest SE 31,532 355 404 Corio NV 26,341 1,148 1,185 Corporate Office Properties REIT 29,572 677 735 Country Garden Co. 1,335,000 514 696 Cousins Properties, Inc. REIT 38,307 295 318 Crombie Real Estate Investment Trust-REIT 18,016 268 266 Cubesmart REIT 46,052 563 668 Daejan PLC 1,892 90 92 Daiwahouse Residential Investment Corp. REIT 56 452 435 DCT Industrial Trust, Inc.-REIT 97,654 603 630 DDR Corp. REIT 112,843 1,671 1,757 Derwent London PLC REIT 37,106 1,158 1,265 Deutsche Euroshop AG 19,501 732 811 Deutsche Wohnen AG 54,727 937 1,005 Development Securities PLC 44,168 102 102 Dexus Property Group 1,757,828 1,807 1,835 DiamondRock Hospitality Co. REIT 71,486 673 641 DIC Asset AG 13,504 121 129 Digital Realty Trust, Inc.-REIT 44,945 3,369 3,035 Douglas Emmett, Inc. REIT 38,281 886 888 Duke Realty Corp. REIT 99,865 1,405 1,379 Dundee International Real Estate Investment Trust-REIT 23,483 261 255 The accompanying notes are an integral part of the financial statements. 304
BlackRock CDN Global Developed Real Estate Index Fund Financials (continued) Dundee REIT 35,180 1,323 1,316 DuPont Fabros Technology, Inc. REIT 23,187 603 558 EastGroup Properties, Inc. REIT 10,759 566 576 Education Realty Trust, Inc.-REIT 41,189 461 436 EPR Properties REIT 16,897 757 775 Equity Lifestyle Properties, Inc. REIT 15,095 1,057 1,012 Equity One, Inc. REIT 22,059 468 461 Equity Residential REIT 118,151 7,134 6,663 Essex Property Trust, Inc.-REIT 13,232 2,014 1,933 Eurocommercial Properties REIT 14,944 522 590 Excel Trust, Inc.-REIT 14,404 184 182 Extendicare Inc. 32,390 250 248 Extra Space Storage, Inc. REIT 39,622 1,310 1,435 F&C Commercial Property Trust, Ltd. 200,902 333 336 Fabege AB 60,766 543 612 Fastighets AB Balder 43,727 212 248 Federal Realty Investment Trust- REIT 23,555 2,510 2,440 FelCor Lodging Trust, Inc.-REIT 47,044 223 219 First Capital Realty, Inc. 28,732 537 540 First Industrial Realty Trust, Inc.- REIT 36,525 465 512 First Potomac Realty Trust-REIT 18,289 213 225 Fonciere des Regions REIT 10,581 774 879 Forest City Enterprises-Class A 54,895 801 882 Franklin Street Properties Corp. REIT 30,322 318 372 Frontier Real Estate Investment Corp. REIT 81 769 703 Gagfah SA 29,258 302 343 Gecina SA 6,643 635 738 General Growth Properties, Inc. REIT 170,912 3,149 3,380 Getty Realty Corp. REIT 9,018 163 162 Glimcher Realty Trust-REIT 51,433 520 568 Global Logistic Properties, Ltd. 836,000 1,571 1,894 Goodman Group 584,960 2,378 2,612 Government Properties Income Trust-REIT 15,060 339 359 GPT Group 643,846 2,329 2,443 Grainger PLC 149,342 225 283 Granite Real Estate, Inc. 17,180 615 648 Great Portland Estates PLC REIT 123,454 856 976 GSW Immobilien AG 18,713 700 784 H&R REIT 70,360 1,739 1,696 Hamborner REIT AG 17,324 150 171 Hammerson PLC 257,371 1,886 2,033 Hang Lung Properties, Ltd. 814,000 2,879 3,215 Hansteen PLC REIT 238,454 277 309 HCP, Inc. 164,871 7,537 7,414 Health Care, Inc. REIT 94,315 5,613 5,756 Healthcare Realty Trust, Inc.-REIT 31,885 756 762 Helical Bar PLC 42,362 134 158 Henderson Land Development Co., Ltd. 438,000 2,696 3,075 Hersha Hospitality Trust-REIT 73,576 355 366 Highwoods Properties, Inc. REIT 22,382 744 745 Home Properties, Inc. REIT 18,683 1,182 1,141 Financials (continued) Hongkong Land, Ltd. 642,000 3,913 4,462 Hospitality Properties Trust-REIT 45,079 1,072 1,050 Host Hotels & Resorts, Inc. REIT 261,933 3,914 4,087 Hudson Pacific Properties, Inc. REIT 13,446 245 282 Hufvudstaden AB 55,468 674 696 Hysan Development Co., Ltd. 290,000 1,254 1,390 ICADE 7,589 600 667 Immobiliare Grande Distribuzione REIT 52,541 50 57 Industrial & Infrastructure Fund Investment Corp. REIT 52 397 387 Inland Real Estate Corp. REIT 33,480 268 279 Innvest Real Estate Investment Trust-REIT 36,709 181 152 Intervest Offices & Warehouses REIT 2,988 73 78 Investa Office Fund REIT 223,638 681 687 Investors Real Estate Trust-REIT 33,558 267 292 IRP Property Investments, Ltd. 46,081 48 45 IVG Immobilien AG 61,116 145 153 Japan Excellent, Inc. REIT 66 389 369 Japan Prime Realty Investment Corp. REIT 308 829 882 Japan Real Estate Investment Corp. REIT 215 2,054 2,097 Japan Retail Fund Investment Corp. REIT 768 1,310 1,403 Kenedix Realty Investment Corp. REIT 105 345 364 Keppel Land, Ltd. 282,000 788 926 Kerry Properties, Ltd. 260,500 1,239 1,345 Killam Properties, Inc. 18,983 247 236 Kilroy Realty Corp. REIT 27,269 1,260 1,287 Kimco Realty Corp. REIT 147,881 2,880 2,845 Kite Realty Group Trust-REIT 29,630 151 165 Kiwi Income Property Trust-REIT 365,167 325 342 Klepierre 35,334 1,180 1,385 Klovern AB 48,238 177 189 Kungsleden AB 51,411 295 279 Land Securities Group PLC 283,620 3,555 3,732 LaSalle Hotel Properties REIT 31,133 808 787 Leasinvest Real Estate SCA REIT 618 51 54 Lexington Realty Trust-REIT 62,483 561 650 Liberty International PLC 237,729 1,229 1,347 Liberty Property Trust-REIT 42,812 1,536 1,525 Link REIT 832,000 3,716 4,142 London & Stamford Property PLC REIT 202,099 366 353 LTC Properties, Inc. REIT 11,072 381 387 Macerich Co., REIT 49,868 2,859 2,893 Mack-Cali Realty Corp. REIT 32,113 854 835 Mapletree Commercial Trust-REIT 519,000 459 514 Mapletree Industrial Trust-REIT 454,000 481 501 Mapletree Logistics Trust-REIT 667,000 557 617 Medical Properties Trust, Inc.-REIT 49,254 486 587 Mercialys SA REIT 17,020 341 383 Mid-America Apartment Communities, Inc. REIT 15,394 1,035 992 Mirvac Group 1,241,405 1,798 1,899 The accompanying notes are an integral part of the financial statements. 305
BlackRock CDN Global Developed Real Estate Index Fund Financials (continued) Mitsubishi Estate Co., Ltd. 385,000 7,035 9,080 Mitsui Fudosan Co., Ltd. 325,000 6,393 7,815 Mobimo Holding AG 2,341 539 553 Morguard Real Estate Investment Trust-REIT 16,199 290 294 Mori Hills REIT Investment Corp. 81 434 432 Mori Trust Sogo, Inc. REIT 64 542 535 Mucklow A & J Group PLC REIT 22,326 129 128 National Health Investors, Inc. REIT 10,178 537 572 National Retail Properties, Inc. REIT 40,025 1,187 1,243 New World China Land, Ltd. 936,000 374 446 New World Development, Ltd. 1,668,000 2,249 2,567 Nieuwe Steen Investments REIT 25,787 218 205 Nippon Accommodations Fund, Inc. REIT 55 372 380 Nippon Building Fund, Inc. REIT 222 2,195 2,278 Nomura Real Estate, Inc. 28,300 518 533 Nomura Real Estate Office Fund, Inc. REIT 112 650 640 Northern Property Real Estate Investment Trust-REIT 11,816 377 365 Northwest Healthcare Properties Real Estate Investment Trust- REIT 13,692 178 171 Norwegian Property ASA 186,404 267 283 NTT Urban Development Corp. 495 402 474 Omega Healthcare Investors, Inc. REIT 40,708 962 967 Orix Jreit, Inc. REIT 80 366 392 Parkway Properties, Inc. REIT 13,229 155 184 Patrizia Immobilien AG 11,290 69 96 Pebblebrook Hotel Trust-REIT 21,938 500 504 Pennsylvania Real Estate Investment Trust-REIT 20,412 298 358 Picton Property Income, Ltd. 128,527 79 75 Piedmont Office Realty Trust, Inc.- REIT 61,677 1,052 1,109 Post Properties, Inc. REIT 19,805 991 985 Premier Investment Corp. REIT 73 257 268 Primaris Retail REIT 35,678 842 958 Primary Health Properties PLC REIT 28,608 151 161 Prime Office REIT-AG 13,523 58 58 ProLogis, Inc. REIT 167,122 5,469 6,072 PS Business Parks, Inc. REIT 6,544 436 423 PSP Swiss Property AG 16,773 1,514 1,579 Public Storage, Inc. REIT 46,467 6,756 6,707 Quintain Estates & Development PLC 186,425 151 161 Ramco-Gershenson Properties Trust-REIT 17,335 219 230 Realty Income Corp. REIT 48,422 1,970 1,939 Regency Centers Corp. REIT 32,801 1,554 1,537 Retail Opportunity Investments Corp. REIT 19,583 240 251 RioCan REIT 108,187 3,030 2,975 RLJ Lodging Trust-REIT 38,692 683 746 Rouse Properties, Inc. REIT 9,460 132 159 Sabra Healthcare, Inc. REIT 13,738 260 297 Safestore PLC 66,408 109 116 Financials (continued) Saul Centers, Inc. REIT 5,331 222 227 Schroder Real Estate Investment Trust, Ltd.-REIT 130,082 77 81 Segro PLC REIT 270,926 1,017 1,078 Senior Housing Properties Trust- REIT 64,393 1,434 1,516 Shaftesbury PLC REIT 91,428 783 832 Shimao Property, Ltd. 506,500 768 950 Shui On Land, Ltd. 1,106,000 453 533 Simon Property Group, Inc. REIT 111,756 17,646 17,592 Sino Land Co. 1,072,000 1,875 1,909 SL Green Realty Corp. REIT 32,676 2,578 2,494 Societe De La Tour Eiffel REIT 2,215 118 129 Societe Immobiliere de Location pour l industrie et le Commerce REIT 4,771 479 517 Soho China, Ltd. 744,000 550 593 Sovran Self Storage, Inc. REIT 11,037 629 682 Spirit Realty Capital, Inc. REIT 10,976 187 194 Sponda OYJ 106,834 437 505 St. Modwen Properties PLC 57,455 172 210 STAG Industrial, Inc. REIT 13,181 212 236 Standard Life Investment Property Income Trust PLC 52,290 52 49 Stockland 802,597 2,811 2,929 Strategic Hotels & Resorts, Inc. REIT 73,917 444 470 Sumitomo Realty & Development Co., Ltd. 176,000 4,488 5,770 Sun Communities, Inc. REIT 11,055 484 439 Sun Hung Kai Properties, Ltd. 714,000 9,285 10,658 Sunstone Hotel Investors, Inc. REIT 50,215 510 535 Suntec Real Estate Investment Trust-REIT 815,000 959 1,113 Swire Properties, Ltd. 427,000 1,278 1,415 Swiss Prime Site AG 21,719 1,794 1,804 TAG Immobilien AG 45,963 479 570 Tanger Factory Outlet Centers REIT 34,267 1,112 1,166 Taubman Centers, Inc. REIT 17,794 1,383 1,394 Technopolis OYJ 29,520 125 146 Tokyo Tatemono Co., Ltd. 121,000 455 610 Tokyu Land Corp. 143,000 737 1,029 Tokyu, Inc. REIT 47 231 254 Top, Inc. REIT 58 269 248 UDR, Inc. REIT 91,034 2,333 2,155 UK Commercial Property Trust, Ltd. 182,965 198 195 Unibail 33,577 6,693 8,020 Unite Group PLC 60,186 214 268 United Urban Investment Corp. REIT 778 854 888 Universal Health Realty Income Trust-REIT 4,722 206 238 UOL Group, Ltd. 209,000 898 1,017 Urstadt Biddle Properties, Inc., REIT-Class A 8,427 160 165 Vastned Retail REIT 7,001 276 301 Ventas, Inc. REIT 107,119 7,012 6,901 Vornado Realty Trust-REIT 67,780 5,539 5,404 Wallenstam AB 43,152 469 523 Warehouses De Pauw SCA REIT 3,846 196 238 The accompanying notes are an integral part of the financial statements. 306
BlackRock CDN Global Developed Real Estate Index Fund Financials (continued) Washington Real Estate Investment Trust-REIT 24,137 635 629 Weingarten Realty Investors REIT 44,124 1,194 1,177 Wereldhave Belgium REIT 956 93 101 Wereldhave REIT 8,062 430 508 Westfield Group 840,049 8,821 9,161 Westfield Retail Trust-REIT 1,112,604 3,528 3,473 Wharf, Ltd. 552,000 3,350 4,269 Wihlborgs Fastigheter AB 29,139 425 450 Wing Tai, Ltd. 219,000 256 333 Winthrop Realty Trust-REIT 9,171 106 101 Workspace Group PLC REIT 54,613 220 267 Yanlord Land Group, Ltd. 218,000 216 269 346,802 366,428 Total Common Stocks and Income Trusts 346,802 366,428 Transaction Costs (Note 2) (163) Total Investments 346,639 366,428 Other Assets and Liabilities 0.4% 1,406 Net Assets 367,834 Portfolio Concentration (as a percentage of Net Assets) As at Portfolio by Category December 31, 2012 (%) Financials 99.6 Other Assets and Liabilities 0.4 The accompanying notes are an integral part of the financial statements. 307
BlackRock CDN Global Infrastructure Equity Index Fund (Note 1) Statement of Net Assets As at December 31 Assets Investments - at fair (Note 2) $ 208,416,275 Cash 1,048,100 Dividends receivable 873,185 Tax reclaim on dividends receivable 29,618 Accounts receivable from issue of units 13,594 2012 210,380,772 Liabilities Operating expenses payable 43,471 Payables for redemption of units 908,800 952,271 Net Assets $ 209,428,501 Net Assets per Class Class D $ 209,428,501 $ 209,428,501 Number of Units Issued and Outstanding (Note 8) Class D 20,028,954 Net Assets per Unit Class D $ 10.46 Investments at Cost $ 202,557,101 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 308
BlackRock CDN Global Infrastructure Equity Index Fund (Note 1) Statement of Operations For the Period Ended December 31 Revenue Dividend income $ 2,845,520 Interest income 2,029 Foreign exchange loss (4,578) Withholding taxes (334,813) 2012 2,508,158 Expenses Custodian fees 38,065 Fund accounting expenses 25,841 Unitholder communication s 147 Audit fees 11,246 Securities filing fees 1,796 Independent review committee fees 14 Other operating expenses 20,806 Net Investment Income for the Period 2,410,243 Gain on Investments Net realized gain on sale of investments 30,154 Transaction s (Note 2,13) (80,022) Net change in unrealized appreciation in of investments 5,859,174 Net Gain on Investments 5,809,306 Increase in Net Assets from Operations $ 8,219,549 Increase in Net Assets from Operations per Class Class D $ 8,219,549 97,915 $ 8,219,549 Increase in Net Assets from Operations per Unit Class D $ 0.53 Statement of Changes in Net Assets For the Period Ended December 31 2012 2012 Fund Class D Net Assets - Beginning of Period $ - $ - Increase in Net Assets from Operations 8,219,549 8,219,549 Capital Transactions Proceeds from issue of units 219,097,431 219,097,431 Reinvestment of distributions 1,751,526 1,751,526 Redemption of units (17,888,479) (17,888,479) Net capital transactions 202,960,478 202,960,478 Distributions From net investment income (1,624,026) (1,624,026) From capital gains (127,500) (127,500) Total distributions (1,751,526) (1,751,526) Increase in Net Assets for the Period 209,428,501 209,428,501 Net Assets - End of Period $ 209,428,501 $ 209,428,501 The accompanying notes are an integral part of the financial statements. 309
BlackRock CDN Global Infrastructure Equity Index Fund Common Stocks Energy 27.6% Atmos Energy Corp. 31,885 1,137 1,115 Cheniere Energy, Inc. 79,174 1,146 1,474 Enbridge Energy Management, LLC 11,986 373 344 Enbridge, Inc. 283,526 11,451 12,192 Keyera Corp. 27,271 1,254 1,338 Kinder Morgan Management, LLC 34,132 2,591 2,564 Kinder Morgan, Inc. 224,409 7,882 7,894 Pembina Pipeline Corp. 103,307 2,805 2,937 SemGroup Corp.-Class A 14,934 525 581 Spectra Energy Corp. 236,016 7,044 6,432 Targa Resources Corp. 10,354 475 545 TransCanada Corp. 249,885 11,354 11,737 Veresen, Inc. 70,081 898 824 Williams Cos., Inc. 238,854 7,731 7,784 56,666 57,761 Financials 6.5% 3i Infrastructure PLC 311,481 611 614 American Tower Corp. REIT 140,142 10,157 10,778 Groupe Bruxelles Lambert SA 198,244 1,427 1,519 HICL Infrastructure Co., Ltd. 312,766 603 626 12,798 13,537 Industrials 11.4% Abertis Infraestructuras SA 121,035 1,596 1,970 Aeroports de Paris 13,997 1,099 1,070 Atlantia SpA 114,700 1,621 2,058 Auckland International Airport, Ltd. 362,035 749 794 Beijing Capital International Airport Co., Ltd. 516,000 352 367 Beijing Ent., Ltd. 164,000 1,065 1,063 China Merchants International Co., Ltd. 406,000 1,249 1,293 DP World, Ltd. 58,842 624 685 Ferrovial SA 142,689 1,679 2,094 Flughafen Zuerich AG 1,351 516 621 Fraport AG 12,554 714 722 Global Ports Investments PLC-GDR 14,516 183 187 Grupo Aeroportuario del Pacifico SAB de CV-ADR 13,326 585 757 Grupo Aeroportuario del Sureste SAB de CV-ADR 6,580 603 746 Hamburger Hafen Und Logistik AG 9,018 209 211 Hutchison Port Trust-UNIT 1,818,000 1,382 1,421 Japan Airport Terminal Co., Ltd. 25,800 295 263 Jiangsu Expressway Co., Ltd. 428,000 392 436 Koninklijke Vopak NV 23,510 1,551 1,639 Macquarie Atlas Roads Group 142,362 205 244 Societa Iniziative Autostradali E Servizi SpA 21,639 155 201 Industrials (continued) Sydney Airport 262,501 881 917 Transurban Group 515,862 3,288 3,248 Westshore Terminals Investment Corp. 22,569 583 620 Zhejiang Expressway Co., Ltd. 502,000 366 393 21,942 24,020 Telecommunication Services 8.0% Crown Castle International Corp. 103,957 6,567 7,468 Eutelsat Communications 51,379 1,592 1,692 SBA Communications Corp.-Class A 44,813 2,755 3,169 SES 157,257 4,028 4,468 14,942 16,797 Utilities 45.4% AGL Resources, Inc. 41,561 1,670 1,653 American States Water Co. 6,686 279 319 American Water Works Co., Inc. 62,405 2,274 2,306 APA Group 288,641 1,499 1,644 Aqua America, Inc. 49,412 1,255 1,251 Brookfield Infrastructure Partners, LP 50,778 1,704 1,776 California Water Service Group 14,969 275 273 Centerpoint Energy, Inc. 151,179 3,149 2,896 CH Energy Group, Inc. 5,249 340 341 China Gas, Ltd. 864,000 479 676 China Resources Gas Group, Ltd. 254,000 502 521 Cia De Saneamento Basico Do Estado De Sao Paulo-ADR 20,145 1,686 1,676 Consolidated Edison, Inc. 103,976 6,466 5,748 Duet Group 369,774 802 795 Elia System Operator SA 9,660 385 431 Enagas 67,541 1,227 1,417 ENN Energy, Ltd. 262,000 1,031 1,134 Fortis, Inc. 67,790 2,269 2,314 Hong Kong & China Gas 1,856,000 4,479 5,019 ITC Corp. 18,213 1,362 1,395 Laclede Group, Inc. 7,423 305 286 National Grid PLC 1,289,548 13,820 14,662 New Jersey Resources Corp. 14,743 662 581 NiSource, Inc. 109,566 2,756 2,714 Northeast Utilities 111,010 4,368 4,319 Northwest Natural Gas Co. 9,329 446 411 NorthWestern Corp. 13,458 488 465 ONEOK, Inc. 72,535 3,267 3,087 Pennon Group PLC 128,306 1,500 1,298 Pepco, Inc. 80,947 1,597 1,581 PG&E Corp. 152,419 6,802 6,098 Piedmont Natural Gas Co., Inc. 25,753 813 802 Red Electrica de Espana 38,274 1,614 1,862 Sempra Energy 79,802 5,526 5,634 The accompanying notes are an integral part of the financial statements. 310
BlackRock CDN Global Infrastructure Equity Index Fund Utilities (continued) Severn Trent PLC 84,288 2,264 2,147 Snam SpA 598,076 2,496 2,759 Southwest Gas Corp. 16,306 719 688 SP Ausnet 567,989 626 652 Spark Infrastructure Group 418,382 715 722 Terna SpA 459,985 1,595 1,825 Toho Gas Co., Ltd. 183,000 1,110 974 Tokyo Gas Co., Ltd. 858,000 4,423 3,893 UIL Corp. 17,907 654 638 United Utilities Group PLC 241,197 2,635 2,625 WGL, Inc. 18,230 729 711 95,063 95,019 Total Common Stocks 201,411 207,134 Foreign Index Equivalents 0.6% Australian Infrastructure Fund 217,437 622 699 ishares S&P Global Infrastructure Index Fund 17,000 600 583 Total Foreign Index Equivalents 1,222 1,282 Transaction Costs (Note 2) (76) Total Investments 202,557 208,416 Other Assets and Liabilities 0.5% 1,013 Net Assets 209,429 Portfolio Concentration (as a percentage of Net Assets) As at Portfolio by Category December 31, 2012 (%) Energy 27.6 Financials 6.5 Industrials 11.4 Telecommunication Services 8.0 Utilities 45.4 Foreign Index Equivalents 0.6 Other Assets and Liabilities 0.5 The accompanying notes are an integral part of the financial statements. 311
BlackRock CDN Emerging Markets Fundamental Index Fund Statement of Net Assets As at December 31 2012 2011 Assets Investments - at fair (Note 2) $ 95,623,895 $ 24,916,919 Cash 2,308,225 329,263 Dividends receivable 103,518 29,569 98,035,638 25,275,751 Liabilities Payables for investment purchases 1,149,977 - Distributions payable 2,433,743 1,018,446 3,583,720 1,018,446 Net Assets $ 94,451,918 $ 24,257,305 Number of Units Issued and Outstanding (Note 8) 4,882,700 1,368,828 Net Assets per Unit $ 19.34 $ 17.72 Investments at Cost $ 94,962,506 $ 28,701,104 Approved by BlackRock Asset Management Canada Limited, Manager of the Funds Eric Léveillé, Director Noel Archard, Director The accompanying notes are an integral part of the financial statements. 312
BlackRock CDN Emerging Markets Fundamental Index Fund Statement of Operations For the Years Ended December 31 2012 2011 Revenue Dividend income $ 2,827,896 $ 1,111,055 Interest income - 154 Securities lending income 14,788 - Foreign exchange loss (97,961) (58,244) Other income - 1,024 Withholding taxes (346,282) (110,659) 2,398,441 943,330 Expenses Interest and bank charges 1,402 613 Other operating expenses - 87 1,402 700 Net Investment Income for the Year 2,397,039 942,630 Gain (Loss) on Investments Net realized gain (loss) on sale of investments 296,899 382,220 Transaction s (Note 2,13) (112,647) (125,514) Net change in unrealized appreciation (depreciation) in of investments 4,445,574 (6,331,662) Net change in unrealized appreciation/depreciation on foreign exchange transactions 9,374 (3,946) Net Gain (Loss) on Investments 4,639,200 (6,078,902) Increase in Net Assets from Operations $ 7,036,239 $ (5,136,272) Increase (Decrease) in Net Assets from Operations per Unit $ 2.04 $ (3.75) Statement of Changes in Net Assets For the Years Ended December 31 2012 2011 Net Assets - Beginning of Year $ 24,257,305 $ 30,395,882 Increase (Decrease) in Net Assets from Operations 7,036,239 (5,136,272) Capital Transactions Proceeds from issue of units 66,360,665 - Reinvestment of distributions 95,245 249,417 Redemption of units (768,548) (794) Net capital transactions 65,687,362 248,623 Distributions From net investment income (2,433,743) (1,018,446) From capital gains (95,245) (232,482) Total distributions (2,528,988) (1,250,928) Increase (Decrease) in Net Assets for the Year 70,194,613 (6,138,577) Net Assets - End of Year $ 94,451,918 $ 24,257,305 The accompanying notes are an integral part of the financial statements. 313
BlackRock CDN Emerging Markets Fundamental Index Fund Common Stocks Consumer Discretionary 2.7% Bajaj Auto Ltd. 1,130 34 44 Cheng Shin Rubber Industry Co. Ltd. 42,180 104 109 Cyrela Brazil Realty SA Empreendimentos e Participações 8,000 62 70 Dongfeng Motor Corp., Class H 55,500 96 85 Far Eastern Department Stores Ltd. 51,833 60 53 Formosa Taffeta Co. Ltd. 95,000 87 91 Foschini Ltd. 4,454 65 74 Gafisa SA 24,600 50 56 Genting BHD 29,100 95 87 Genting Malaysia BHD 28,400 34 33 Guangzhou Automobile Group Co. Ltd., Class H 78,000 81 69 Hero MotoCorp Ltd. 816 31 28 Imperial Ltd. 8,855 163 206 JD Group Ltd. 13,023 76 69 Lojas Americanas SA 1,406 12 12 Lojas Americanas SA, Preferred 6,802 54 60 Mahindra & Mahindra Ltd. 1,512 20 25 Mercuries & Associates Ltd. 68,640 60 62 Naspers Ltd., Series N 4,496 238 287 PDG Realty SA Empreendimentos e Participações 29,100 59 47 Pou Chen Corp. 225,080 189 235 PT Astra International TBK 135,000 62 105 Steinhoff International Ltd. 54,578 169 176 Tata Motors Ltd. 7,372 29 42 Tatung Co. Ltd. 440,267 138 111 Truworths International Ltd. 6,282 66 80 UMW BHD 32,300 88 126 Woolworths Ltd. 16,407 91 137 2,313 2,579 Consumer Staples 3.7% Anadolu Efes Biracilik ve Malt Sanayii AS 3,982 54 57 Balrampur Chini Mills Ltd. 77,494 94 70 BRF - Brasil Foods SA 13,500 229 277 British American Tobacco Malaysia Berhad 1,700 30 34 China Resources Enterprise Ltd. 42,000 144 151 Coca-Cola FEMSA SAB de CV 12,989 127 191 Companhia Brasileira de Distribuicao Grupo Pao de Acucar, Perference A Shares 2,500 104 110 Companhia de Bebidas das Americas 1,900 57 77 Companhia de Bebidas das Américas, Preferred 11,100 402 462 Grupo Bimbo SAB de CV, Series A 58,000 130 149 Consumer Staples (continued) Hindustan Unilever Ltd. 3,380 19 32 IOI Corp. BHD 44,100 75 72 ITC Ltd. 23,991 82 125 JBS SA 28,000 105 82 Kimberly-Clark de Mexico SAB de CV, Series A 41,693 81 106 Kuala Lumpur Kepong Berhad 2,600 20 20 Marfrig Frigorificos e Comercio de Alimentos SA 10,600 58 44 Natura Cosmeticos SA 4,400 106 125 Pick n Pay Stores Ltd. 10,708 62 56 PPB Group Berhad 6,000 32 23 President Chain Store Corp. 18,000 92 96 Shoprite Ltd. 9,116 149 219 Souza Cruz SA 7,000 91 105 Spar Group Ltd. (The) 4,545 68 69 Tiger Brands Ltd. 2,534 81 97 Uni-President Enterprises Corp. 178,596 263 326 Wal-Mart de Mexico SA de CV, Series V 102,700 271 332 3,026 3,507 Energy 19.1% Bharat Petroleum Corp. Ltd. 21,088 137 135 China Coal Energy Co., Class H 129,000 146 139 China Petroleum and Chemical Corp. (Sinopec), Series H 1,026,000 1,016 1,157 China Shenhua Energy Co. Ltd. 91,500 384 398 CNOOC Ltd. 419,000 825 903 Cosan SA Industria e Comercio 4,000 69 81 Formosa Petrochemical Corp. 70,000 204 206 Grupa Lotos SA 11,345 110 150 Hindustan Petroleum Corp. Ltd. 33,742 215 178 Indian Oil Corp. Ltd. 22,837 116 112 IRPC Public Co. Ltd. 695,500 88 93 MOL Hungarian Oil and Gas Co. PLC 4,817 387 386 Novatek OAO, GDR 1,579 173 188 OAO Gazprom, ADR 202,546 2,365 1,907 OAO LUKOIL, ADR 29,564 1,797 1,946 OAO Tatneft, GDR 10,497 361 455 Oil and Natural Gas Corp. Ltd. 36,229 192 176 OJSC Rosneft Oil Co., GDR 58,732 425 521 PetroChina Co. Ltd., Series H 844,000 1,166 1,186 Petróleo Brasileiro SA 161,600 2,054 1,533 Petróleo Brasileiro SA, Preferred 235,900 2,839 2,237 Polish Oil & Gas 95,341 121 160 Polski Koncern Naftowy Orlen SA 38,725 446 617 PT Bumi Resources TBK 300,000 77 18 PTT Exploration and Production Public Co. Ltd. 41,732 217 222 The accompanying notes are an integral part of the financial statements. 314
BlackRock CDN Emerging Markets Fundamental Index Fund Energy (continued) PTT Public Co. Ltd. 43,100 438 466 Reliance Industries Ltd. 37,357 610 568 Sasol Ltd. 19,935 882 849 Surgutneftegaz, ADR 35,221 327 309 Thai Oil Public Co. Ltd. 55,400 114 122 Tupras-Turkiye Petrol Rafinerileri AS 9,216 200 264 Ultrapar Participações SA 10,900 220 244 Yanzhou Coal Mining Co. Ltd., Class H 48,700 90 80 18,811 18,006 Financials 34.5% ABSA Group Ltd. 15,301 282 294 African Bank Investments Ltd. 30,005 145 113 Agricultural Bank of China Ltd. 685,000 316 338 Akbank T.A.S. 50,073 192 245 AMMB BHD 30,400 61 66 Axis Bank Ltd. 3,057 71 75 Banco Bradesco SA, Preferred 70,270 1,136 1,202 Banco de Chile, ADR 1,110 95 107 Banco do Brasil SA 62,600 798 779 Banco do Estado do Rio Grande do Sul SA, Preferred, Class B 6,200 56 47 Banco Santander (Brasil) SA 42,600 379 309 Banco Santander Chile SA, ADR 3,865 122 110 Bangkok Bank Public Co. Ltd., Registered 9,000 51 61 Bank of China Ltd., Class H 3,579,000 1,551 1,595 Bank of Communications Co. Ltd., Class H 313,900 261 235 Bank Pekao SA 3,769 185 203 BM&F BOVESPA SA 56,600 324 385 BR Malls Participações SA 5,900 74 77 Cathay Financial Holding Co. Ltd. 301,382 350 325 Chang Hwa Commercial Bank 151,907 75 83 China Citic Bank, Class H 285,000 181 168 China Construction Bank Corp., Class H 2,495,000 1,911 1,993 China Development Financial Holding Corp. 528,372 139 138 China Life Insurance Co. Ltd., Series H 179,000 569 583 China Merchants Bank Co. Ltd. 86,500 189 190 China Minsheng Banking Corp. Ltd., Series H 99,900 95 115 China Overseas Land & Investment Ltd. 76,000 162 226 China Pacific Insurance (Group) Co. Ltd., Class H 34,400 120 127 China Resources Land Ltd. 42,000 79 113 Chinatrust Financial Holding Co. Ltd. 392,309 235 230 Financials (continued) CIMB Group BHD 62,300 154 155 Commercial International Bank, GDR 6,000 28 33 DLF Ltd. 7,211 36 30 First Financial Holding Co. Ltd. 224,820 131 136 FirstRand Ltd. 151,940 456 553 Fubon Financial Holding Co. Ltd. 281,640 305 339 Growthpoint Properties Ltd. 43,761 117 126 Haci Omer Sabanci Holding AS 23,113 100 125 HDFC Bank Ltd. 3,642 35 45 Housing Development Finance Corp. Ltd. 4,138 52 63 Hua Nan Financial Co. Ltd. 225,174 128 129 ICICI Bank Ltd. 6,576 132 136 Industrial and Commercial Bank of China, Class H 2,128,000 1,428 1,504 ishares MSCI Chile Investable Market Index Fund 15,171 997 955 ishares MSCI Indonesia Investable Market Index Fund 38,483 1,153 1,159 ishares MSCI Malaysia Index Fund 105,314 1,515 1,586 ishares S&P India Nifty 50 Index Fund 106,926 2,403 2,651 Itau Unibanco Holding SA 6,900 103 104 Itau Unibanco Holding SA, Preferred 74,400 1,244 1,208 Itausa-Investimentos Itau SA, Preferred, Registered 52,390 264 247 Kasikornbank Public Co. Ltd. 26,500 134 167 Komercni Banka AS 795 143 167 Liberty Ltd. 8,691 92 113 Malayan Banking BHD 89,200 252 264 Market Vectors Egypt Index ETF 30,800 404 401 Market Vectors Russia ETF 90,865 2,601 2,710 Mega Financial Holding Co. Ltd. 356,516 253 276 MMI Ltd. 42,981 96 112 Nedbank Group Ltd. 10,561 212 233 OTP Bank Nyrt. 25,178 471 470 PICC Property and Casualty Co. Ltd., Series H 58,000 65 81 Ping An Insurance (Group) Co. of China Ltd. 36,500 300 304 Powszechna Kasa Oszczednosci Bank Polski SA 21,735 230 257 Powszechny Zaklad Ubezpieczen SA 2,315 245 325 PT Bank Central Asia TBK 46,500 27 43 PT Bank Mandiri 51,000 38 42 PT Bank Rakyat Indonesia (Persero) TBK 58,500 30 42 Public Bank BHD 68,200 302 361 Punjab National Bank Ltd. 5,218 94 83 The accompanying notes are an integral part of the financial statements. 315
BlackRock CDN Emerging Markets Fundamental Index Fund Financials (continued) Remgro Ltd. 12,805 197 239 Sanlam Ltd. 96,943 388 509 Sberbank of Russia, ADR 18,280 234 229 Sberbank of Russia, ADR 14,000 192 171 Shin Kong Financial Holding Co. Ltd. 334,000 106 94 Siam Commercial Bank Public Co. Ltd. 27,200 118 160 Sino-Ocean Land Ltd. 186,000 91 138 SinoPac Co. 308,461 108 132 Standard Bank Group Ltd. 66,622 929 929 State Bank of India 2,308 101 100 Sul America SA 7,034 59 61 Taishin Financial Co. Ltd. 420,620 152 166 Taiwan Cooperative Financial Holding 197,739 112 111 Turkiye Garanti Bankasi AS 43,500 166 224 Turkiye Halk Bankasi AS 15,480 119 151 Turkiye Is Bankasi, Series C 89,490 222 308 Turkiye Vakiflar Bankasi T.A.O., Class D 46,901 88 121 VTB Bank, GDR 56,361 227 194 Yapi ve Kredi Bankasi AS 56,625 119 164 Yuanta Financial Holding Co. Ltd. 240,678 124 123 30,826 32,591 Health Care 0.3% Aspen Pharmacare Ltd. 8,813 137 175 Gedeon Richter Rt. 422 73 69 Network Healthcare Ltd. 50,320 96 116 306 360 Industrials 5.0% Alfa SA, Series A 100,220 126 211 All America Latina Logistica 18,200 94 74 Aveng Ltd. 28,039 133 100 Barloworld Ltd. 15,792 163 162 Beijing Enterprises Ltd. 15,000 89 97 Bharat Heavy Electricals Ltd. 7,820 55 32 Bidvest Group Ltd. 13,568 288 343 CCR SA 31,700 247 299 China Communications Construction Co. Ltd., Class H 211,000 201 202 China COSCO Co. Ltd., Class H 147,500 99 72 China International Marine Containers (Group) Co.Ltd 50,500 76 77 China Merchants International Co. Ltd. 28,241 94 90 China Railway Construction Corp., Class H 170,000 151 192 China Railway Group Ltd., Class H 336,000 156 196 Citic Pacific Ltd. 73,000 130 108 Industrials (continued) Dogan Sirketler Grubu AS 179,162 80 91 Embraer SA 28,700 208 201 Empresas ICA SAB de CV 52,700 98 130 Far Eastern New Century Corp. 173,076 192 196 Grindrod Ltd. 43,494 80 79 Grupo Aeroportuario del Pacifico SA de CV 24,900 97 140 IJM Corp. BHD 19,300 34 31 Koc Holding AS 89,227 339 460 Larsen & Toubro Ltd. 4,389 132 128 Latam Airlines Group SA, ADR 1,888 52 44 Murray & Roberts Ltd. 28,611 97 82 Orascom Construction Industries, GDR 800 36 32 PT United Tractors TBK 10,000 25 20 Reunert Ltd. 9,677 82 85 Shanghai Industrial Ltd. 24,000 80 83 Sime Darby Berhad 66,700 212 206 Turk Hava Yollari Anonim Ortakligi 96,284 155 335 Walsin Lihwa Corp. 330,000 111 112 4,212 4,710 Information Technology 10.5% Acer Inc. 248,025 355 214 Advanced Semiconductor Engineering Inc. 295,269 268 254 Asustek Computer Inc. 48,080 460 537 AU Optronics Corp. 1,146,000 615 511 Chimei Innolux Corp. 556,443 285 298 Cielo SA 3,040 92 84 Compal Electronics Inc. 387,025 426 259 Coretronic Corp. 92,000 91 71 Delta Electronics Inc. 100,000 303 363 Foxconn Technology Co. Ltd. 27,825 94 87 HannStar Display Corp. 275,000 60 30 Hon Hai Precision Industry Co. Ltd. 493,682 1,605 1,503 HTC Corp. 20,567 349 212 Infosys Technologies Ltd. 2,349 137 99 Inventec Co. Ltd. 240,534 95 92 Lenovo Group Ltd. 260,000 235 234 Lite-On Technology Corp. 180,387 227 238 Macronix International Co. Ltd. 254,305 91 76 MediaTek Inc. 45,000 440 498 Mstar Semiconductor Inc. 14,000 90 104 Pegatron Corp. 118,608 169 153 Powertech Technology Inc. 51,800 105 83 Quanta Computer Inc. 179,000 436 419 Siliconware Precision Industries Co. 193,000 225 205 Synnex Technology International Corp. 55,000 130 101 The accompanying notes are an integral part of the financial statements. 316
BlackRock CDN Emerging Markets Fundamental Index Fund Information Technology (continued) Taiwan Semiconductor Manufacturing Co. Ltd. 754,000 2,013 2,504 Unimicron Technology Corp. 74,000 92 78 United Microelectronics Corp. 782,000 380 314 Wistron Corp. 178,349 251 184 WPG Co. Ltd. 85,260 115 111 10,234 9,916 Materials 11.5% Aluminum Corp. of China Ltd., Series H 130,000 82 59 Angang New Steel Co. Ltd., Class H 98,000 83 71 Anglo American Platinum Ltd. 2,751 195 144 AngloGold Ashanti Ltd. 4,600 166 141 Asia Cement Corp. 102,781 116 131 Braskem SA, Preferred, Series A 11,300 81 70 China National Building Material Co. Ltd., Class H 60,000 77 87 China Steel Corp. 581,122 575 544 Companhia Siderurgica Nacional SA 58,100 499 335 Eregli Demir ve Celik Fabrikalari TAS 77,625 116 106 Fibria Celulose SA 12,800 115 140 Formosa Chemicals & Fibre Corp. 177,000 480 455 Formosa Plastics Corp. 222,000 598 598 Gerdau SA 7,300 61 55 Gerdau SA, Preferred 43,800 442 382 Gold Fields Ltd. 18,978 246 231 Grasim Industries Ltd. 1,758 95 101 Harmony Gold Mining Co. Ltd. 7,414 77 64 Hindalco Industries Ltd. 72,958 201 172 Impala Platinum Ltd. 27,027 533 532 Jiangxi Copper Co. Ltd., Series H 32,000 78 84 JSW Steel Ltd. 3,591 55 53 KGHM Polska Miedz SA 8,654 372 528 Klabin SA, Preferred 16,800 72 104 Kumba Iron Ore Ltd. 1,621 107 107 Magnitogorsk Iron & Steel Works, GDR, Registered 36,722 162 160 Metalurgica Gerdau SA, Preferred 23,200 316 257 Mittal Steel South Africa Ltd. 11,987 110 51 Mondi Ltd. 9,866 91 107 Nampak Ltd. 22,918 67 85 Nan Ya Plastics Corp. 333,000 684 639 National Aluminium Co. Ltd. 10,323 12 9 Novolipetsk Steel, GDR 10,740 201 216 OJSC MMC Norilsk Nickel, ADR 12,460 207 229 Petronas Chemicals Group BHD 20,800 45 43 PPC Ltd. 20,892 76 84 PTT Global Chemical PCL 57,400 123 131 Sappi Ltd. 46,888 167 169 Materials (continued) Severstal, GDR, Registered 11,327 133 137 Siam Cement Public Co. Ltd. (The) 6,700 82 102 Sociedad Quimica y Minera de Chile SA, ADR 300 18 17 Steel Authority of India Ltd. 17,242 48 28 Sterlite Industries (India) Ltd. 10,700 45 23 Suzano Bahia Sul Papel e Celulose SA 22,200 91 75 Taiwan Cement Corp. 170,000 194 226 Tata Chemicals Ltd. 5,318 33 34 Tata Steel Ltd. 9,824 113 77 Usinas Siderurgicas de Minas Gerais SA 20,300 181 135 Usinas Siderurgicas de Minas Gerais SA, Preferred, Series A 54,700 355 340 Vale SA 46,900 1,082 964 Vale SA, Preferred, Series A 60,800 1,338 1,208 11,496 10,840 Telecommunication Services 10.6% Advanced Info Service Public Co. Ltd. 40,100 203 273 America Movil SA de CV, Series L, BHD 1,309,428 1,665 1,495 Axiata Group BHD 83,500 143 179 Bharti Airtel Ltd. 16,503 103 95 China Mobile Ltd. 215,100 2,284 2,493 China Telecom Corp. Ltd., Series H 728,000 362 402 China Unicom Ltd. 281,000 434 448 Chunghwa Telecom Co. Ltd. 184,000 546 595 DiGi.Com Berhad 83,100 113 142 Far EasTone Telecommunications Co. Ltd. 61,000 118 154 Magyar Telekom Telecommunications PLC, Registered 57,949 149 97 Maxis Berhad 21,200 42 46 Mobile TeleSystems OJSC, ADR 16,900 330 314 MTN Group Ltd. 50,905 870 1,061 Oi SA 4,400 28 19 Oi SA, Preferred 22,800 124 91 Orascom Telecom Holding S.A.E., GDR 23,298 80 73 Orascom Telecom Media and Technology Holding SAE, GDR 16,136 18 7 PT Telekomunikasi Indonesia 126,500 105 116 Reliance Communications Ltd. 42,007 76 56 Rostelekom ADR 13,800 337 328 Taiwan Mobile Co. Ltd. 48,900 148 178 Telefonica Brasil SA, Preferred 9,850 277 235 Telefonica Czech Republic AS 11,983 246 219 Telekom Malaysia BHD 31,600 56 62 The accompanying notes are an integral part of the financial statements. 317
BlackRock CDN Emerging Markets Fundamental Index Fund Telecommunication Services (continued) Telekomunikacja Polska SA 60,137 317 237 Telkom SA SOC Ltd. 70,969 236 140 Tim Participações SA 23,740 119 95 Turk Telekomunikasyon AS 25,377 107 98 Turkcell Iletisim Hizmetleri AS 13,469 70 86 Vodacom Group Ltd. 12,177 141 177 9,847 10,011 Utilities 3.3% AES Tiete SA 2,100 26 21 AES Tiete SA, Preferred 4,100 58 47 Centrais Elétricas Brasileiras SA 52,700 492 162 Centrais Elétricas Brasileiras SA, Preferred, Class B 22,500 288 114 CEZ AS 9,784 408 348 China Resources Power Co. Ltd. 58,000 111 147 Cia Saneamento Basico de Sao Paulo NPV 2,400 81 101 Companhia de Saneamento de Minas Gerais - Copasa MG 2,700 61 57 Companhia Energetica de Minas Gerais 3,100 47 33 Companhia Energetica de Minas Gerais, Preferred 19,275 352 211 Companhia Energética de São Paulo, Preferred, Class B 3,600 61 34 Companhia Paranaense de Energia- Copel, Preferred, Series B 6,200 143 95 EDP - Energias do Brasil SA 12,700 86 77 Eletropaulo Metropolitana SA, Preferred 9,200 145 75 Empresa Nacional de Electricidad SA, ADR 3,232 168 157 Enersis SA, ADR 10,842 216 198 Federal Hydrogenerating Co. JSC ADR 92,223 272 212 Gail (India) Ltd. 5,168 42 34 Huaneng Power International Inc., Series H 182,000 116 167 Light SA 6,700 92 72 NTPC Ltd. 29,893 84 85 Petronas Gas Berhad 4,400 23 28 Polska Grupa Energetyczna SA 29,382 187 172 PT Perusahaan Gas Negara 51,500 21 24 Reliance Energy Ltd. 3,095 36 29 Tauron Polska Energia SA 114,338 174 174 Tenaga Nasional BHD 27,300 57 61 Tractebel Energia SA 7,700 127 124 Utilities (continued) YTL Power International BHD 88,200 50 45 4,024 3,104 Total Common Stocks 95,095 95,624 Transaction Costs (Note 2) (132) Total Investments 94,963 95,624 Other Assets and Liabilities (1.2)% (1,172) Net Assets 94,452 Portfolio Concentration (as percentage of Net Assets) As at December 31, 2012 As at December 31, 2011 Portfolio Category (%) (%) Consumer Discretionary 2.7 3.1 Consumer Staples 3.7 5.2 Energy 19.1 22.1 Financials 34.5 28.8 Health Care 0.3 0.3 Industrials 5.0 3.7 Information Technology 10.5 10.4 Materials 11.5 13.2 Telecommunication Services 10.6 11.9 Utilities 3.3 4.0 Other Assets and Liabilities (1.2) (2.7) The accompanying notes are an integral part of the financial statements. 318
Notes to Financial Statements December 31, 2012 1. Trust agreements The following BlackRock Asset Management Canada Limited ( BlackRock Canada ) funds (each, a Fund, collectively, the Funds ) are open-ended unit trusts, each formed under the laws of the Province of Ontario. The Funds are governed by a master declaration of trust and supplemental declarations which are amended from time to time except for the BlackRock CDN Emerging Markets Fundamental Index Fund, which was governed by a separate declaration of trust during the period. Each of the Funds, except for the BlackRock CDN Emerging Markets Fundamental Index Fund, was established on the dates noted below: BlackRock Canadian Equity Index Fund October 26, 1999 BlackRock Canadian Equity Ex-Trusts Index Fund November 11, 2005 BlackRock CDN MSCI Canada IMI Index Fund October 30, 2009 BlackRock CDN US Equity Index Non-Taxable Fund December 15, 1998 BlackRock CDN US Equity Index Plus Non-Taxable Fund May 14, 2010 BlackRock CDN US Equity Index Hedged Non-Taxable Fund July 22, 2005 BlackRock CDN US Equity Index Fund January 17, 2000 BlackRock CDN US Alpha Tilts Non-Taxable Fund February 22, 2001 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund July 22, 2005 BlackRock CDN Russell 3000 Index Non-Taxable Fund November 1, 2010 BlackRock Active Canadian Equity Fund September 1, 1997 BlackRock Active Canadian Equity Ex-Income Trusts Fund November 11, 2005 BlackRock Active Canadian Equity DC Fund December 31, 2001 BlackRock Active Canadian Equity Small Cap Fund November 3, 1998 BlackRock Canada Alpha Advantage Fund September 30, 2011 BlackRock Canada Universe Bond Index Fund October 26, 1999 BlackRock Canada ex-bbb Universe Bond Index Fund April 1, 2002 BlackRock Canada Real Return Bond Index Fund July 6, 1998 BlackRock Canada Long Bond Index Fund July 6, 1998 BlackRock Canada Long Government Bond Index Fund November 30, 2011 BlackRock Canada All Government Bond Index Fund May 10, 2009 BlackRock Canada Credit-Screened Bond Index Fund May 10, 2009 BlackRock Canada CoreActive Universe Bond Fund January 31, 2001 BlackRock Canada CorePlus Long Bond Fund December 21, 2006 BlackRock Canada CorePlus Universe Bond Fund December 21, 2006 BlackRock Canada Levered Long Bond Index Fund August 31, 2011 BlackRock Canada Levered Real Return Bond Index Fund August 31, 2011 BlackRock Balanced Moderate Index DC Fund June 30, 1999 BlackRock Balanced Conservative Index DC Fund August 1, 1999 BlackRock Balanced Aggressive Index DC Fund August 1, 1999 BlackRock CDN LifePath Retirement Index Fund I March 9, 2007 BlackRock CDN LifePath Index 2010 Retirement Fund March 9, 2007 BlackRock CDN LifePath 2015 Index Fund August 17, 2007 BlackRock CDN LifePath 2020 Index Fund March 9, 2007 BlackRock CDN LifePath 2025 Index Fund August 17, 2007 BlackRock CDN LifePath 2030 Index Fund March 9, 2007 BlackRock CDN LifePath 2035 Index Fund August 17, 2007 BlackRock CDN LifePath 2040 Index Fund March 9, 2007 BlackRock CDN LifePath 2045 Index Fund April 30, 2008 BlackRock CDN LifePath 2050 Index Fund July 31, 2012 BlackRock Balanced Active Fund January 31, 1997 BlackRock CDN Global Market Selection Fund October 1, 2001 BlackRock CDN Short Term Index Fund September 30, 1997 BlackRock CDN MSCI EAFE Equity Index Fund April 15, 1999 BlackRock CDN MSCI EAFE Index Hedged Fund July 22, 2005 BlackRock CDN MSCI ACWI ex-canada Index Fund August 17, 2007 BlackRock CDN MSCI Emerging Markets Index Fund April 5, 2010 BlackRock CDN MSCI EAFE Index Plus Fund March 23, 2010 319
Notes to Financial Statements December 31, 2012 BlackRock CDN Global Equity Focus Fund September 10, 2010 BlackRock CDN Global Developed Real Estate Index Fund July 31, 2012 BlackRock CDN Global Infrastructure Equity Index Fund July 31, 2012 BlackRock CDN Emerging Markets Fundamental Index Fund January 4, 2013 (see 1a below) The Statements of Investment Portfolio are as at December 31, 2012. The Statements of Net Assets are as at December 31, 2012 and December 31, 2011, except for Funds that commenced operations during the reporting period, in which case the Statements of Net Assets are as at December 31, 2012. The Statements of Operations and the Statements of Changes in Net Assets and, where applicable, the Statements of Cash Flows are for the years then ended, except for the Funds established during either year, in which case the information provided for the year of inception relates to the period from commencement of operations to December 31 of the applicable year. a. Manager and Trustee: BlackRock Canada is the manager and trustee of the Funds. BlackRock Canada is responsible for the day-to-day administration of the Funds. State Street Trust Company Canada is the custodian and record-keeper of the Funds, except for BlackRock CDN Emerging Markets Fundamental Index Fund. CIBC Mellon Trust Company was the custodian and record-keeper of the BlackRock CDN Emerging Markets Fundamental Index Fund during the period. Prior to January 4, 2013, the name of the BlackRock CDN Emerging Markets Fundamental Index Fund was Claymore Emerging Markets Fundamental Index Fund and the fund was governed by a declaration of trust established on October 15, 2009. On January 4, 2013, that declaration of trust was amended, restated and incorporated into the master declaration of trust governing the Funds, the fund changed its name to BlackRock CDN Emerging Markets Fundamental Index Fund and State Street Trust Company Canada became the custodian and record-keeper of the fund. b. Funds that issued units for the first time during the year 2011 and 2012: Fund Commencement Date BlackRock Canada Levered Long Bond Index Fund September 30, 2011 BlackRock Canada Levered Real Return Bond Index Fund September 30, 2011 BlackRock Canada Alpha Advantage Fund October 31, 2011 BlackRock Canada Long Government Bond Index Fund December 30, 2011 BlackRock CDN LifePath 2050 Index Fund July 31, 2012 BlackRock CDN Global Developed Real Estate Index Fund July 31, 2012 BlackRock CDN Global Infrastructure Equity Index Fund July 31, 2012 c. Funds that redeemed all units during the period 2012: Fund Redemption Date BlackRock CDN Russell 3000 Index Hedged Non-Taxable Fund May 31, 2012 BlackRock Canadian Equity Ex-Trusts Index Fund December 31, 2012 d. Fund that redeemed all units as at April 30, 2010 and re-issued units during the year 2011: Fund Recommencement Date BlackRock Canada CorePlus Universe Bond Fund October 27, 2011 e. Currency codes that are used throughout this report are as follows: AUD Australian Dollar EGP Egyptian Pound KRW South Korean Won RUB New Russian Ruble BRL Brazilian Real EUR Euro MAD Moroccan Dirham SEK Swedish Krona CAD Canadian Dollar GBP British Pound Sterling MXN Mexican Peso SGD Singapore Dollar CHF Swiss Franc HKD Hong Kong Dollar MYR Malaysian Ringgit THB Thailand Baht CLP Chilean Peso HUF Hungarian Forint NOK Norwegian Krona TRY Turkish Lira CNY Yuan Renminbi IDR Indonesian Rupiah NZD New Zealand Dollar TWD Taiwan Dollar COP Colombian Peso ILS Israeli Shekel PEN Peruvian Sol USD United States Dollar CZK Czech Koruna INR Indian Rupee PHP Philippine Peso ZAR South African Rand DKK Danish Krone JPY Japanese Yen PLN Polish Zloty 320
Notes to Financial Statements December 31, 2012 2. Summary of significant accounting policies These financial statements, prepared in accordance with Canadian generally accepted accounting principles ( GAAP ), include estimates and assumptions made by BlackRock Canada that may affect the reported amounts of assets, liabilities, income, expenses and changes in net assets during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds: a. Valuation of investments Investments held by the Funds have been categorized as held for trading and are stated at fair. Investments at fair on the valuation date are determined as follows: Securities listed upon a recognized public stock exchange are d at their bid prices for long positions and at their ask prices for the short positions. Fixed income securities are d at their bid quotations for long positions and at their ask quotations for short positions by sources independent of BlackRock Canada. Money market securities are d using plus accrued interest, which approximates fair. Funds invested in other funds that are not listed on a public exchange are d using the net asset per unit of the underlying fund. Investments in securities having no quoted market prices or where, in the opinion of BlackRock Canada, a market quotation for a security is inaccurate, unreliable or not readily available, will be priced at fair using a valuation technique. Valuation techniques may include valuation of similar instruments using arm s length market transactions, discounted cash flow analysis, and/ or models, as may be determined by BlackRock Canada from time to time. The Funds are required to calculate the net assets per unit for the purposes of the financial statements in accordance with Canadian GAAP, which may be different from the method by which net asset per unit is calculated for the purpose of purchase and redemption of units of the Funds. Under Canadian GAAP, financial instruments that are quoted in active markets shall be d based on the bid price for long positions and the ask price for short positions, as compared to the net asset per unit method for unitholder transactions in which such securities would be d using the closing price. As a result, the net assets per unit presented in the financial statements (the Net Assets per unit ) may differ from the Net Asset Value per unit (the Net Asset Value per unit ). The comparison between the Net Assets per unit and the Net Asset Value per unit as at December 31, 2012 and December 31, 2011 is detailed in Note 11. b. Cash and bank overdraft Cash represents cash held by the Funds, and bank overdrafts are short-term borrowings. All are carried at fair. c. Other assets and liabilities Cash, interest receivable, securities lending income receivable, dividends receivable, tax reclaim receivable, receivables from issue of units, receivable for investment sales, margin due from/to brokers, unrealized gain (loss) on forward currency contracts, operating expenses payable, payables for redemption of units, payables for investment purchases and payables for repurchase agreements are recorded at in the financial statements. Due to their short-term duration, approximate fair for these assets and liabilities. d. Investment transactions and income recognition Investment transactions are accounted for on a trade date basis. Realized gains and losses and unrealized appreciation and depreciation from investment transactions are calculated on an average basis. Interest income is recorded as revenue on an accrual basis. Dividend income is recorded on the ex-dividend date. Distributions from underlying funds and income trusts are recorded on the ex-dividend date. e. Futures contracts Certain Funds may invest in futures contracts for the purpose of acting as a substitute for other investments such as equities or bonds. A futures contract obligates the buyer to purchase an asset (or the seller to sell an asset), at a predetermined future date and price. The futures contracts held by the Funds are standardized contracts and are traded on a recognized exchange. On entering into such a contract, the Fund is required to maintain with the broker an amount of cash and/or cash equivalents equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from, or pay to, the broker an amount of cash equal to the daily fluctuation in the of the contracts held. Such receipts or payments are known as variation margin and recorded by the Fund as investment income (or loss) in the Statement of Operations and in the Statements of Net Assets as margin due to or from brokers. Long futures contracts are d at their bid prices and short futures contracts are d at their ask prices as reported by the exchange on which they are traded. 321
Notes to Financial Statements December 31, 2012 f. Forward currency contracts Certain Funds may enter into forward currency contracts to hedge or gain foreign currency exposure. A forward currency contract is an obligation to purchase or sell one currency against another currency, at a future date and price, which has been agreed on by two parties (the Fund and the counterparty). The contracts are traded over-the-counter and not on a recognized exchange. The forward currency contracts are marked-to-market daily using the relevant exchange rates of the underlying currencies and any gains or losses are recorded for financial statement purposes as unrealized appreciation or depreciation until the contract settlement date. When the contracts are closed or delivered on the settlement date, any gains or losses realized are included in the net realized gains (losses) from forward currency contacts in the Statement of Operations. g. Repurchase agreements Certain Funds have financed the acquisition of some investments through the use of repurchase agreements. In a repurchase agreement, the Fund delivers a financial instrument to a counterparty with an agreement to purchase the same financial instrument back from the purchaser at an agreed upon price and date. Repurchase agreements are d daily at par and the of financing is accrued daily and posted as interest expense. h. Translation of foreign currency Foreign currency amounts are expressed in Canadian dollars as follows: (i) market s of investments and other assets at the rate of exchange on each valuation date; and (ii) Purchase and sale of investments, investment income and expenses at the rate of exchange prevailing on the respective dates of such transactions. (iii) Realized and unrealized foreign currency gains or losses on investments are included in the Statements of Operations in net realized gain (loss) on sale of investments and net change in unrealized appreciation (depreciation) in of investments, respectively. Realized and unrealized foreign currency gains or losses on monetary assets and liabilities other than investments denominated in foreign currencies are included in the Statement of Operations in net realized and unrealized gain (loss) on foreign exchange transactions. i. Securities lending income The Funds may lend securities to investment dealers and banks on a collateralized basis. Income is recognized on an accrual basis. j. Real return bonds The par and the base of the real return bonds are adjusted daily by an inflation adjustment. Interest income is accrued on each valuation date based on the inflation adjusted par at that time. The daily change in the inflation adjusted par is recognized as income. At maturity, the bonds will pay their final coupon interest payment plus the cumulative inflation compensation accrued from the original issue date. k. Total return swaps Certain Funds may enter into total return swap contracts for the purpose of gaining exposure to, or managing exposure to index markets. Total return swaps are contracts between parties where, for a fixed period of time, one party pays the total return of a reference asset in exchange for a specific fixed or floating rate payment by the counterparty based on the notional principal equal to the of the reference asset. The periodic payments received or made by the Fund are reported on the Statements of Operations as net realized gain (loss) on total return swaps. Swaps are marked-to-market daily and changes in are recorded as unrealized gains (losses) in of investments. Gains or losses realized upon early termination or settlement of the swap contracts are recorded as net realized gain (loss) on total return swaps. l. Short sales Certain Funds engage in selling securities short. When a Fund sells a security short, an amount equal to the proceeds received is recorded as a liability and is subsequently adjusted to the current market of the securities sold short resulting in an unrealized appreciation or depreciation on securities sold short. Upon closing the position, the differences between the proceeds originally received and the of the securities purchased to close the short position are recognized as a net realized gain (loss) on sale of investments. Dividends for securities sold short are paid to the broker and reflected as an expense on the Statements of Operations. m. Increase (decrease) in net assets from operations per unit The increase (decrease) in net assets from operations per unit is based on the increase (decrease) in net assets from operations, divided by the weighted average number of units outstanding during the year. 322
Notes to Financial Statements December 31, 2012 n. Allocation of income and expenses amongst classes Certain Funds are structured with more than one class. Expenses directly attributable to a class are charged to that class. Other income, expenses, gains and losses are allocated to each class proportionately based upon the relative net asset of each class. o. National Instrument 81-106 Investment Fund Continuous Disclosure ( NI 81-106 ) Pursuant to NI 81-106, as mutual funds that are not reporting issuers, the Funds rely on Part 2.11 Filing Exemption for Mutual Funds that are Non-Reporting Issuers of NI 81-106, for the exemption from filing the financial statements with the securities regulators. p. Transaction s Transaction s, such as commissions incurred in the purchase and sale of securities by the Fund are expensed and are included in the Statements of Operations. 3. Taxation The Funds qualify as unit trusts as defined in the Income Tax Act (Canada) (the Act ) and accordingly, are not taxed on that portion of taxable income that is paid to or allocated to unitholders. In accordance with the master declaration of trust, the Funds pay sufficient income and net capital gains in order to minimize income taxes. Accordingly, no provisions for income taxes have been made in the financial statements. Net income is paid to unitholders as specified in the Funds master declaration of trust. Net capital gains, when distributed, are paid to unitholders at least annually and, typically, on the last valuation date of the year. a. Suspended losses All Funds are subject to suspended loss rules contained in subsections 40(3.3) and 40(3.4) of the Act. A loss on a disposition of capital property is considered a suspended loss when a Fund acquires a property that is the same or identical to the property sold ( substituted property ), within 30 days before and 30 days after the disposition and the Fund still owns the substituted property 30 days after the original disposition. If a loss is suspended, the loss cannot be deducted against other capital gains. Instead it is deferred until the substituted property is sold and is not acquired within 30 days before and after the sale. The suspended losses for the Funds as at December 31, 2012 are listed below: Fund December 31, 2012 BlackRock Canadian Equity Index Fund $95,538,722 BlackRock CDN MSCI Canada IMI Index Fund 11,861,187 BlackRock CDN US Equity Index Non-Taxable Fund 443,461,102 BlackRock CDN US Equity Index Plus Non-Taxable Fund 3,427,776 BlackRock CDN US Equity Index Hedged Non-Taxable Fund 47,811,485 BlackRock CDN US Equity Index Fund 74,965,443 BlackRock CDN US Alpha Tilts Non-Taxable Fund 157,252,425 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund 15,541,407 BlackRock CDN Russell 3000 Index Non-Taxable Fund 3,566,856 BlackRock Active Canadian Equity Fund 96,976,348 BlackRock Active Canadian Equity Ex-Income Trusts Fund 91,627,741 BlackRock Active Canadian Equity DC Fund 24,969,148 BlackRock Active Canadian Equity Small Cap Fund 9,506,884 BlackRock Canada Alpha Advantage Fund 3,897,652 BlackRock Canada Universe Bond Index Fund 10,134,214 BlackRock Canada ex-bbb Universe Bond Index Fund 815,421 BlackRock Canada Real Return Bond Index Fund 1,559,427 BlackRock Canada Long Bond Index Fund 23,694,507 BlackRock Canada Long Government Bond Index Fund 843,549 BlackRock Canada All Government Bond Index Fund 215,415 BlackRock Canada Credit-Screened Bond Index Fund 122,660 BlackRock Canada CoreActive Universe Bond Fund 1,746,372 BlackRock Canada CorePlus Long Bond Fund 323,146 BlackRock Canada CorePlus Universe Bond Fund 33,896 BlackRock Canada Levered Long Bond Index Fund 967 323
Notes to Financial Statements December 31, 2012 Fund December 31, 2012 BlackRock Balanced Moderate Index DC Fund $7,501,351 BlackRock Balanced Conservative Index DC Fund 3,448,143 BlackRock Balanced Aggressive Index DC Fund 1,203,736 BlackRock CDN LifePath Retirement Index Fund I 723,325 BlackRock CDN LifePath Index 2010 Retirement Fund 3,226,421 BlackRock CDN LifePath 2015 Index Fund 1,492,181 BlackRock CDN LifePath 2020 Index Fund 10,723,073 BlackRock CDN LifePath 2025 Index Fund 1,334,914 BlackRock CDN LifePath 2030 Index Fund 8,573,176 BlackRock CDN LifePath 2035 Index Fund 838,180 BlackRock CDN LifePath 2040 Index Fund 5,598,424 BlackRock CDN LifePath 2045 Index Fund 143,351 BlackRock Balanced Active Fund 2,405,005 BlackRock CDN Global Market Selection Fund 94,077 BlackRock CDN MSCI EAFE Equity Index Fund 262,966,757 BlackRock CDN MSCI EAFE Index Hedged Fund 19,498,361 BlackRock CDN MSCI ACWI ex-canada Index Fund 29,068,876 BlackRock CDN MSCI Emerging Markets Index Fund 411,118 BlackRock CDN MSCI EAFE Index Plus Fund 8,085,427 BlackRock CDN Global Equity Focus Fund 84,299 BlackRock CDN Global Developed Real Estate Index Fund 46,867 BlackRock CDN Global Infrastructure Equity Index Fund 101,019 BlackRock CDN Emerging Markets Fundamental Index Fund 50,075 b. Capital loss carry-forwards The capital losses for income tax purposes may be carried forward indefinitely and applied against future capital gains. The following Funds had capital loss carry-forwards as at December 31, 2012: Fund December 31, 2012 BlackRock Canadian Equity Index Fund $6,498,408 BlackRock Canadian Equity Ex-Trusts Index Fund 7,212,354 BlackRock CDN US Equity Index Non-Taxable Fund 1,012,635,016 BlackRock CDN US Equity Index Hedged Non-Taxable Fund 34,550,263 BlackRock CDN US Equity Index Fund 60,506,225 BlackRock CDN US Alpha Tilts Non-Taxable Fund 372,244,788 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund 96,122,057 BlackRock Canada Long Government Bond Index Fund 824,237 BlackRock Canada CoreActive Universe Bond Fund 17,908,548 BlackRock Canada CorePlus Universe Bond Fund 281,777 BlackRock Balanced Moderate Index DC Fund 38,664,644 BlackRock Balanced Aggressive Index DC Fund 10,043,831 BlackRock Balanced Active Fund 3,208,343 BlackRock CDN Short Term Index Fund 3,664 BlackRock CDN MSCI EAFE Equity Index Fund 74,921,448 BlackRock CDN MSCI EAFE Index Hedged Fund 41,535,629 BlackRock CDN MSCI ACWI ex-canada Index Fund 64,853,070 BlackRock CDN MSCI Emerging Markets Index Fund 10,226,941 BlackRock CDN MSCI EAFE Index Plus Fund 753,701 324
Notes to Financial Statements December 31, 2012 c. Non-capital loss carry-forwards BlackRock CDN Global Market Selection Fund reported non-capital loss carry-forwards as at December 31, 2012 which may be applied against future taxable income. These losses will expire on December 31 of the year indicated below unless they are applied against taxable income. Fund 2031 2030 2029 BlackRock CDN Global Market Selection Fund $40,756 $73,806,585 $35,258 4. Futures contracts The table below is a summary of the open futures contracts held by the Funds as at December 31, 2012: Currency No. of Contracts Current Price (CAD) Delivery Date Initial Contract Value Local Currency Initial Contract Value (CAD) Current Contract Market Value (CAD) Total Gain (Loss) on Open Contracts (CAD) BlackRock Canadian Equity Index Fund S&P/TSX 60 INDEX CAD 396 715 Mar-13 55,835,712 55,835,712 56,596,320 760,608 Total: BlackRock Canadian Equity Index Fund 56,596,320 760,608 BlackRock CDN MSCI Canada IMI Index Fund S&P/TSX 60 INDEX CAD 70 715 Mar-13 9,852,103 9,852,103 10,004,400 152,297 Total: BlackRock CDN MSCI Canada IMI Index Fund 10,004,400 152,297 BlackRock CDN US Equity Index Non-Taxable Fund US S&P 500 EMINI USD 1,130 1,416 Mar-13 80,543,873 80,197,534 80,031,279 (166,255) Total: BlackRock CDN US Equity Index Non-Taxable Fund 80,031,279 (166,255) BlackRock CDN US Equity Index Plus Non-Taxable Fund US S&P 500 EMINI USD 34 1,416 Mar-13 2,415,963 2,405,575 2,408,021 2,446 Total: BlackRock CDN US Equity Index Plus Non-Taxable Fund 2,408,021 2,446 BlackRock CDN US Equity Index Fund US S&P 500 EMINI USD 782 1,416 Mar-13 55,750,983 55,511,253 55,384,478 (126,775) Total: BlackRock CDN US Equity Index Fund 55,384,478 (126,775) BlackRock CDN US Alpha Tilts Non- Taxable Fund US S&P 500 EMINI USD 36 1,416 Mar-13 2,572,439 2,561,377 2,549,669 (11,708) Total: BlackRock CDN US Alpha Tilts Non-Taxable Fund 2,549,669 (11,708) BlackRock CDN Russell 3000 Index Non-Taxable Fund RUSSELL 2000 MINI INDEX USD 11 844 Mar-13 906,668 902,769 927,913 25,144 US S&P 500 EMINI USD 72 1,416 Mar-13 5,116,743 5,094,741 5,099,338 4,597 Total: BlackRock CDN Russell 3000 Index Non-Taxable Fund 6,027,251 29,741 325
Notes to Financial Statements December 31, 2012 Currency No. of Contracts Current Price (CAD) Delivery Date Initial Contract Value Local Currency Initial Contract Value (CAD) Current Contract Market Value (CAD) Total Gain (Loss) on Open Contracts (CAD) BlackRock Active Canadian Equity Fund S&P/TSX 60 INDEX CAD 132 715 Mar-13 18,625,224 18,625,224 18,865,440 240,216 Total: BlackRock Active Canadian Equity Fund 18,865,440 240,216 BlackRock Active Canadian Equity DC Fund S&P/TSX 60 INDEX CAD 56 715 Mar-13 7,921,056 7,921,056 8,003,520 82,464 Total: BlackRock Active Canadian Equity DC Fund 8,003,520 82,464 BlackRock Active Canadian Equity Small Cap Fund S&P/TSX 60 INDEX CAD 19 715 Mar-13 2,690,889 2,690,889 2,715,480 24,591 Total: BlackRock Active Canadian Equity Small Cap Fund 2,715,480 24,591 BlackRock Canada Alpha Advantage Fund S&P/TSX 60 INDEX CAD 35 715 Mar-13 4,936,570 4,936,570 5,002,200 65,630 Total: BlackRock Canada Alpha Advantage Fund 5,002,200 65,630 BlackRock Canada CoreActive Universe Bond Fund Canada 10Y Bond CAD 2 135 Mar-13 271,740 271,740 270,840 (900) EURO-BUND EUR 4 191 Mar-13 579,839 761,173 764,430 3,257 Long Gilt Future GBP (4) 193 Mar-13 (472,459) (764,680) (770,023) (5,343) US 10YR Note USD (3) 132 Mar-13 (398,621) (396,906) (395,884) 1,022 Total: BlackRock Canada CoreActive Universe Bond Fund (130,637) (1,964) BlackRock Canada CorePlus Universe Bond Fund Canada 10Y Bond CAD 2 135 Mar-13 271,740 271,740 270,840 (900) EURO-BUND EUR 4 191 Mar-13 579,839 761,173 764,430 3,257 Long Gilt Future GBP (4) 193 Mar-13 (472,459) (764,680) (770,023) (5,343) US 10YR Note USD (3) 132 Mar-13 (398,621) (396,906) (395,884) 1,022 Total: BlackRock Canada CorePlus Universe Bond Fund (130,637) (1,964) BlackRock CDN MSCI EAFE Equity Index Fund Australia SPI 200 Futures AUD 17 4,771 Mar-13 1,948,688 2,014,427 2,027,542 13,115 Germany DJ EURO STOXX 50 EUR 281 3,420 Mar-13 7,384,301 9,693,601 9,609,258 (84,343) United Kingdom FTSE 100 GBP 57 9,461 Mar-13 3,358,070 5,435,073 5,392,774 (42,299) Nikkei 225 Index JPY 110 119 Mar-13 533,685,045 6,145,727 6,552,113 406,386 Total: BlackRock CDN MSCI EAFE Equity Index Fund 23,581,687 292,859 BlackRock CDN MSCI Emerging Markets Index Fund US EMINI MSCI EMERGING MKT USD 36 1,050 Mar-13 1,893,630 1,885,487 1,890,834 5,347 Total: BlackRock CDN MSCI Emerging Markets Index Fund 1,890,834 5,347 326
Notes to Financial Statements December 31, 2012 Currency No. of Contracts Current Price (CAD) Delivery Date Initial Contract Value Local Currency Initial Contract Value (CAD) Current Contract Market Value (CAD) Total Gain (Loss) on Open Contracts (CAD) BlackRock CDN MSCI EAFE Index Plus Fund Australia SPI 200 Futures AUD 10 4,771 Mar-13 1,151,022 1,189,852 1,192,672 2,820 Germany DJ EURO STOXX 50 EUR 79 3,420 Mar-13 2,084,155 2,735,935 2,701,535 (34,400) United Kingdom FTSE 100 GBP 31 9,461 Mar-13 1,830,848 2,963,247 2,932,912 (30,335) Japan Topix Index JPY 18 10 Mar-13 141,714,776 1,631,937 1,784,694 152,757 US EMINI MSCI EAFE USD (9) 1,594 Mar-13 (724,465) (721,350) (717,128) 4,222 Total: BlackRock CDN MSCI EAFE Index Plus Fund 7,894,685 95,064 The schedule below is a summary of gain (loss) on open futures contracts held by the Funds as at December 31, 2011: Fund Contract Market Value (CAD) Total Gain (Loss) on Open Contracts (CAD) BlackRock Canadian Equity Index Fund 24,165,280 608,663 BlackRock Canadian Equity Ex-Trusts Index Fund 678,800 3,064 BlackRock CDN MSCI Canada IMI Index Fund 6,788,000 94,208 BlackRock CDN US Equity Index Non-Taxable Fund 99,497,790 476,204 BlackRock CDN US Equity Index Plus Non-Taxable Fund 3,316,593 (15,123) BlackRock CDN US Equity Index Fund 45,603,154 190,465 BlackRock CDN US Alpha Tilts Non-Taxable Fund 2,997,690 21,546 BlackRock CDN Russell 3000 Index Non-Taxable Fund 3,588,068 18,968 BlackRock Active Canadian Equity Fund 15,340,880 154,577 BlackRock Active Canadian Equity DC Fund 5,430,400 140,354 BlackRock Active Canadian Equity Small Cap Fund 1,086,080 25,004 BlackRock Canada Alpha Advantage Fund 1,493,360 33,844 BlackRock Canada CoreActive Universe Bond Fund 112,207 1,698 BlackRock CDN MSCI EAFE Equity Index Fund 17,092,750 182,528 BlackRock CDN MSCI Emerging Markets Index Fund 506,834 (2,871) BlackRock CDN MSCI EAFE Index Plus Fund 5,081,981 25,206 5. Forward currency contracts The table below is a summary of net unrealized gain (loss) on open forward currency contracts held by the Funds as at December 31, 2012: Contract Face Value Local Currency Counterparty Rating* Settlement Date Cost (CAD) Market Value (CAD) Net Unrealized Gain (Loss) (CAD) BlackRock CDN US Equity Index Hedged Non-Taxable Fund BUY 784,260,452 USD P-1 4-Jan-13 778,064,794 780,919,008 2,854,214 Total Unrealized Gain 2,854,214 SELL (3,670,000) USD P-1 4-Jan-13 (3,654,246) (3,654,365) (119) SELL (20,283,000) USD P-1 5-Feb-13 (20,208,561) (20,209,401) (840) SELL (3,183,000) USD P-1 4-Jan-13 (3,163,752) (3,169,438) (5,686) SELL (777,407,452) USD P-1 4-Jan-13 (772,723,572) (774,095,206) (1,371,634) SELL (784,260,452) USD P-1 5-Feb-13 (778,570,642) (781,414,697) (2,844,055) Total Unrealized Loss (4,222,334) Total: BlackRock CDN US Equity Index Hedged Non-Taxable Fund (800,255,979) (801,624,099) (1,368,120) 327
Notes to Financial Statements December 31, 2012 Contract Face Value Local Currency Counterparty Rating* Settlement Date Cost (CAD) Market Value (CAD) Net Unrealized Gain (Loss) (CAD) BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund BUY 28,406,200 USD P-1 4-Jan-13 28,259,822 28,285,171 25,349 Total Unrealized Gain 25,349 SELL (139,000) USD P-1 4-Jan-13 (138,404) (138,408) (4) SELL (294,000.00) USD P-1 4-Jan-13 (292,222) (292,747) (525) SELL (28,406,200.00) USD P-1 5-Feb-13 (28,277,519) (28,303,125) (25,606) SELL (27,973,200.00) USD P-1 4-Jan-13 (27,825,193) (27,854,016) (28,823) Total Unrealized Loss (54,958) Total: BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund (28,273,516) (28,303,125) (29,609) BlackRock Canada CorePlus Long Bond Fund BUY 520,678,081 USD P-1 4-Jan-13 517,996,589 518,459,664 463,075 BUY 1,070,037 USD P-1 4-Jan-13 1,063,617 1,065,478 1,861 Total Unrealized Gain 464,936 SELL (520,678,081) USD P-1 5-Feb-13 (518,228,291) (518,788,757) (560,466) SELL (521,748,118) USD P-1 4-Jan-13 (518,373,451) (519,525,142) (1,151,691) Total Unrealized Loss (1,712,157) Total: BlackRock Canada CorePlus Long Bond Fund (517,541,536) (518,788,757) (1,247,221) BlackRock Canada CorePlus Universe Bond Fund BUY 51,202,177 USD P-1 4-Jan-13 50,938,486 50,984,024 45,538 Total Unrealized Gain 45,538 SELL (103,156) USD P-1 4-Jan-13 (102,537) (102,716) (179) SELL (800,000) USD P-1 4-Jan-13 (796,008) (796,592) (584) SELL (51,202,177) USD P-1 5-Feb-13 (50,961,271) (51,016,386) (55,115) SELL (50,299,021) USD P-1 4-Jan-13 (49,973,687) (50,084,715) (111,028) Total Unrealized Loss (166,906) Total: BlackRock Canada CorePlus Universe Bond Fund (50,895,017) (51,016,385) (121,368) BlackRock CDN Global Market Selection Fund BUY 716,618,102 USD P-1 7-Jan-13 712,963,349 713,607,181 643,832 Total Unrealized Gain 643,832 BUY 3,313,000 USD P-1 7-Feb-13 3,301,206 3,301,121 (85) SELL (8,618,417) USD P-1 7-Jan-13 (8,567,000) (8,582,207) (15,207) SELL (707,999,684) USD P-1 7-Jan-13 (704,417,206) (705,024,974) (607,768) SELL (716,618,102) USD P-1 7-Feb-13 (713,418,402) (714,048,490) (630,088) Total Unrealized Loss (1,253,148) Total: BlackRock CDN Global Market Selection Fund (710,138,053) (710,747,369) (609,316) BlackRock CDN MSCI EAFE Index Hedged Fund BUY 24,352,000 GBP** P-1 4-Jan-13 39,042,588 39,414,683 372,095 BUY 14,593,000 AUD** P-1 4-Jan-13 15,031,593 15,084,483 52,890 BUY 35,455,000 SEK** P-1 4-Jan-13 5,416,950 5,426,594 9,644 328
Notes to Financial Statements December 31, 2012 Contract Face Value Local Currency Counterparty Rating* Settlement Date Cost (CAD) Market Value (CAD) Net Unrealized Gain (Loss) (CAD) BUY 9,101,000 NOK** P-1 4-Jan-13 1,619,294 1,628,269 8,975 BUY 3,798,000 SGD** P-2 4-Jan-13 3,089,475 3,095,979 6,504 BUY 42,573,000 HKD** P-1 4-Jan-13 5,465,785 5,469,205 3,420 BUY 262,000 NZD** P-1 4-Jan-13 212,971 215,220 2,249 BUY 414,000 EUR** P-2 5-Feb-13 543,029 543,991 962 BUY 129,000 GBP** P-2 5-Feb-13 208,105 208,910 805 BUY 52,000 ILS** P-1 4-Jan-13 13,543 13,877 334 BUY 85,000 CHF** P-2 5-Feb-13 92,401 92,584 183 BUY 3,900,000 ILS** P-1 4-Jan-13 1,040,666 1,040,758 92 BUY 64,000 USD P-1 4-Jan-13 63,670 63,727 57 BUY 189,000 SEK** P-2 5-Feb-13 28,877 28,925 48 BUY 82,000 NOK** P-2 5-Feb-13 14,638 14,663 25 BUY 32,000 DKK** P-2 5-Feb-13 5,628 5,637 9 BUY 1,000 NZD** P-2 4-Jan-13 814 821 7 BUY 1,000 USD P-1 4-Jan-13 995 996 1 SELL (2,264,804,000) JPY** P-1 4-Jan-13 (27,431,886) (26,080,672) 1,351,214 SELL (2,747,610,000) JPY** P-1 5-Feb-13 (31,954,527) (31,667,318) 287,209 SELL (458,743,000) JPY** P-1 4-Jan-13 (5,531,236) (5,282,720) 248,516 SELL (37,726,000) EUR** P-1 5-Feb-13 (49,675,069) (49,571,464) 103,605 SELL (12,812,000) AUD** P-2 4-Jan-13 (13,287,313) (13,243,500) 43,813 SELL (24,063,000) JPY** P-1 4-Jan-13 (290,374) (277,101) 13,273 SELL (14,001,000) CHF** P-2 5-Feb-13 (15,262,491) (15,250,235) 12,256 SELL (505,000) ILS** P-1 4-Jan-13 (142,777) (134,765) 8,012 SELL (11,394,000) DKK** P-1 5-Feb-13 (2,008,726) (2,007,054) 1,672 SELL (1,694,000) AUD** P-1 4-Jan-13 (1,752,353) (1,751,053) 1,300 SELL (553,846,000) JPY** P-1 5-Feb-13 (6,383,494) (6,383,300) 194 SELL (87,000) AUD** P-1 4-Jan-13 (89,971) (89,930) 41 SELL (2,000) NZD** P-2 5-Feb-13 (1,643) (1,641) 2 SELL (3,000) ILS** P-1 5-Feb-13 (800) (800) - Total Unrealized Gain 2,529,407 BUY 11,394,000 DKK** P-1 4-Jan-13 2,006,403 2,004,806 (1,597) BUY 14,001,000 CHF** P-2 4-Jan-13 15,243,232 15,230,017 (13,215) BUY 37,726,000 EUR** P-1 4-Jan-13 49,628,553 49,525,527 (103,026) BUY 2,747,610,000 JPY** P-1 4-Jan-13 31,926,605 31,640,494 (286,111) SELL (7,971) USD P-1 5-Feb-13 (7,971) (7,971) - SELL (30,000) NZD** P-1 5-Feb-13 (24,608) (24,609) (1) SELL (1,000) ILS** P-1 5-Feb-13 (265) (267) (2) SELL (1,000) USD P-2 5-Feb-13 (993) (996) (3) SELL (862,000) NOK** P-1 5-Feb-13 (154,133) (154,143) (10) SELL (44,000) HKD** P-1 5-Feb-13 (5,643) (5,657) (14) SELL (1,207,000) DKK** P-1 5-Feb-13 (212,593) (212,613) (20) SELL (505,000) SGD** P-1 5-Feb-13 (411,882) (411,902) (20) SELL (4,227,000) HKD** P-1 5-Feb-13 (543,437) (543,458) (21) SELL (43,000) SGD** P-2 4-Jan-13 (35,023) (35,052) (29) SELL (4,187,000) SEK** P-1 5-Feb-13 (640,753) (640,783) (30) SELL (13,000) SGD** P-2 5-Feb-13 (10,572) (10,603) (31) SELL (279,000) HKD** P-1 4-Jan-13 (35,809) (35,842) (33) SELL (64,000) USD P-1 5-Feb-13 (63,710) (63,768) (58) SELL (86,000) AUD** P-2 5-Feb-13 (88,677) (88,743) (66) SELL (1,969,000) AUD** P-1 5-Feb-13 (2,031,733) (2,031,801) (68) 329
Notes to Financial Statements December 31, 2012 Contract Face Value Local Currency Counterparty Rating* Settlement Date Cost (CAD) Market Value (CAD) Net Unrealized Gain (Loss) (CAD) SELL (1,379,000) CHF** P-1 5-Feb-13 (1,501,933) (1,502,041) (108) SELL (65,000) USD P-1 4-Jan-13 (64,607) (64,723) (116) SELL (2,622,000) GBP** P-1 5-Feb-13 (4,246,014) (4,246,217) (203) SELL (77,000) DKK** P-1 4-Jan-13 (13,341) (13,548) (207) SELL (35,000) NZD** P-1 4-Jan-13 (28,491) (28,751) (260) SELL (401,000) SGD** P-1 4-Jan-13 (326,578) (326,880) (302) SELL (3,900,000) ILS** P-1 5-Feb-13 (1,039,834) (1,040,270) (436) SELL (4,669,000) EUR** P-1 5-Feb-13 (6,134,552) (6,135,004) (452) SELL (146,000) NOK** P-1 4-Jan-13 (25,565) (26,121) (556) SELL (228,000) NZD** P-1 4-Jan-13 (185,939) (187,292) (1,353) SELL (6,574,000) HKD** P-1 4-Jan-13 (843,158) (844,539) (1,381) SELL (25,191,000) JPY** P-2 5-Feb-13 (288,620) (290,336) (1,716) SELL (456,000) SEK** P-1 4-Jan-13 (68,021) (69,794) (1,773) SELL (120,000) CHF** P-1 4-Jan-13 (128,638) (130,534) (1,896) SELL (262,000) NZD** P-1 5-Feb-13 (212,671) (214,919) (2,248) SELL (3,354,000) SGD** P-2 4-Jan-13 (2,731,497) (2,734,048) (2,551) SELL (844,000) NOK** P-1 4-Jan-13 (147,958) (151,001) (3,043) SELL (1,341,000) DKK** P-1 4-Jan-13 (232,552) (235,952) (3,400) SELL (42,573,000) HKD** P-1 5-Feb-13 (5,469,999) (5,473,533) (3,534) SELL (35,720,000) HKD** P-1 4-Jan-13 (4,584,831) (4,588,823) (3,992) SELL (256,000) GBP** P-2 4-Jan-13 (407,588) (414,347) (6,759) SELL (3,798,000) SGD** P-2 5-Feb-13 (3,090,956) (3,097,831) (6,875) SELL (9,101,000) NOK** P-1 5-Feb-13 (1,618,448) (1,627,445) (8,997) SELL (437,000) EUR** P-1 4-Jan-13 (564,538) (573,680) (9,142) SELL (35,455,000) SEK** P-1 5-Feb-13 (5,416,273) (5,426,072) (9,799) SELL (4,259,000) SEK** P-1 4-Jan-13 (635,179) (651,865) (16,686) SELL (8,111,000) NOK** P-1 4-Jan-13 (1,425,460) (1,451,147) (25,687) SELL (1,831,000) CHF** P-1 4-Jan-13 (1,965,444) (1,991,726) (26,282) SELL (9,976,000) DKK** P-1 4-Jan-13 (1,725,414) (1,755,305) (29,891) SELL (3,447,000) ILS** P-1 4-Jan-13 (888,660) (919,870) (31,210) SELL (14,593,000) AUD** P-1 5-Feb-13 (15,005,252) (15,058,439) (53,187) SELL (2,738,000) GBP** P-1 4-Jan-13 (4,361,415) (4,431,562) (70,147) SELL (30,740,000) SEK** P-1 4-Jan-13 (4,619,953) (4,704,936) (84,983) SELL (4,985,000) EUR** P-1 4-Jan-13 (6,446,730) (6,544,154) (97,424) SELL (12,050,000) CHF** P-2 4-Jan-13 (12,920,811) (13,107,757) (186,946) SELL (24,352,000) GBP** P-1 5-Feb-13 (39,064,139) (39,437,027) (372,888) SELL (21,358,000) GBP** P-1 4-Jan-13 (34,032,969) (34,568,774) (535,805) SELL (32,304,000) EUR** P-2 4-Jan-13 (41,669,802) (42,407,693) (737,891) Total Unrealized Loss (2,744,481) Total: BlackRock CDN MSCI EAFE Index Hedged Fund (191,518,477) (191,733,551) (215,074) * Source: Moody s Investors Service, Inc. ** Forward currency contracts against USD 330
Notes to Financial Statements December 31, 2012 The table below is a summary of gain (loss) on forward currency contracts held by the Funds as at December 31, 2011: Fund Cost (CAD) Market Value (CAD) Net Unrealized Gain (Loss) (CAD) BlackRock CDN US Equity Index Hedged Non-Taxable Fund Total Unrealized Gain (1,472,923,368) (1,456,061,231) 16,862,137 Total Unrealized Loss 710,091,260 706,089,582 (4,001,678) Total: BlackRock CDN US Equity Index Hedged Non-Taxable Fund (762,832,108) (749,971,649) 12,860,459 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund Total Unrealized Gain (63,519,123) (62,449,139) 1,069,984 Total Unrealized Loss 38,996,545 38,854,279 (142,266) Total: BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund (24,522,578) (23,594,860) 927,718 BlackRock Canada CorePlus Long Bond Fund Total Unrealized Gain (732,430,381) (721,922,495) 10,507,886 Total Unrealized Loss 361,557,919 357,419,997 (4,137,922) Total: BlackRock Canada CorePlus Long Bond Fund (370,872,462) (364,502,498) 6,369,964 BlackRock Canada CorePlus Universe Bond Fund Total Unrealized Gain (20,736,610) (20,438,702) 297,908 Total Unrealized Loss 10,299,293 10,182,945 (116,348) Total: BlackRock Canada CorePlus Universe Bond Fund (10,437,317) (10,255,757) 181,560 BlackRock CDN Global Market Selection Fund Total Unrealized Gain (1,734,392,915) (1,704,186,633) 30,206,282 Total Unrealized Loss 839,557,944 836,335,795 (3,222,149) Total: BlackRock CDN Global Market Selection Fund (894,834,971) (867,850,838) 26,984,133 BlackRock CDN MSCI EAFE Index Hedged Fund Total Unrealized Gain (1,557,578,960) (1,528,720,309) 28,858,651 Total Unrealized Loss 1,153,210,249 1,135,740,658 (17,469,591) Total: BlackRock CDN MSCI EAFE Index Hedged Fund (404,368,711) (392,979,651) 11,389,060 BlackRock CDN Global Equity Focus Fund Total Unrealized Gain (1,236,129) (1,140,786) 95,343 Total Unrealized Loss 1,236,129 1,161,856 (74,273) Total: BlackRock CDN Global Equity Focus Fund - 21,070 21,070 6. Swap agreements The table below is a summary of the swap contracts held by the Funds as at December 31, 2012: Notional Amount (CAD) Currency Expiration Date Counterparty Index Level/Variable Rate Unrealized Gain/(Loss) (CAD) BlackRock Canada Levered Long Bond Index Fund 67,657,196 CAD 12/17/2013 Canadian Bank BlackRock Canada Levered Real Return Bond Index Fund 49,274,024 CAD 12/17/2013 Canadian Bank BlackRock Canada Long Bond Index Fund/CDOR03 +0.425% 553,246 BlackRock Canada Real Return Bond Index Fund/CDOR03 +0.425% 231,778 331
Notes to Financial Statements December 31, 2012 The table below is a summary of the swap contracts held by the Funds as at December 31, 2011: Notional Amount (CAD) Currency Expiration Date Counterparty Index Level/Variable Rate Unrealized Gain/(Loss) (CAD) BlackRock Canada Levered Long Bond Index Fund 46,219,651 CAD 12/20/2012 Canadian Bank BlackRock Canada Levered Real Return Bond Index Fund 46,216,764 CAD 12/20/2012 Canadian Bank The swap agreements are subject to termination if the leverage ratio exceeds a certain limit. 7. Repurchase agreements The table below is a summary of the repurchase agreements held by the Funds as at December 31, 2012: BlackRock Canada CorePlus Long Bond Fund BlackRock Canada Long Bond Index Fund/CDOR03 +0.425% 2,257,978 BlackRock Canada Real Return Bond Index Fund/CDOR03 +0.425% 3,517,931 Sold Trade Date Currency Expiration Date Counterparty Amount of Cash Received (CAD) Repurchase Price (CAD) Value of Securities Sold At December 31, 2012 (CAD) Province of British Columbia 6.35%, June 2031 1-Nov-12 CAD Open SCC 5,441,250 145.10 5,358,277 Province of British Columbia 4.3%, June 2042 1-Nov-12 CAD Open SCC 12,234,900 119.95 12,095,159 Province of Quebec 5.35%, June 2025 1-Nov-12 CAD Open SCC 2,471,000 123.55 2,432,491 Province of Quebec 5.75%, December 2036 1-Nov-12 CAD Open SCC 14,332,500 136.50 14,137,147 Province of Ontario 4.65%, June 2041 1-Nov-12 CAD Open SCC 35,239,050 124.30 34,736,890 Province of Ontario 6.5%, March 2029 6-Nov-12 CAD Open CWM 20,590,000 142.00 20,440,562 Province of Ontario 6.2%, June 2031 15-Nov-12 CAD 11-Jan-13 CWM 9,252,750 142.35 9,037,352 Government of Canada 8%, June 2027 30-Nov-12 CAD Open TD 16,507,562 178.75 15,962,676 Province of Ontario 8.1%, September 2023 30-Nov-12 CAD Open TD 9,876,240 149.64 9,722,267 Province of Quebec 6.25%, June 2032 30-Nov-12 CAD Open TD 15,847,200 142.00 15,467,156 Province of Quebec 5%, December 2038 30-Nov-12 CAD Open TD 16,617,655 126.37 16,274,808 Hydro Quebec 5%, February 2050 4-Dec-12 CAD Open SCC 9,683,450 132.65 9,589,880 Province of Ontario 8.5%, December 2025 4-Dec-12 CAD Open CWM 6,300,000 157.50 6,289,536 Province of Ontario 2.85%, June 2023 6-Dec-12 CAD 11-Jan-13 CWM 7,017,500 100.25 6,992,300 Government of Canada 3.5%, December 2045 10-Dec-12 CAD Open RBC 24,048,585 127.85 23,700,459 Province of Quebec 6%, October 2029 10-Dec-12 CAD Open TD 2,685,000 134.25 2,667,727 Government of Canada 8%, June 2023 18-Dec-12 CAD Open TD 12,216,723 157.90 12,213,111 Government of Canada 9%, June 2025 18-Dec-12 CAD Open RBC 11,187,009 176.73 11,190,985 Government of Canada 5.75%, June 2029 18-Dec-12 CAD Open RBC 44,061,292 148.15 44,189,251 Government of Canada 5.75%, June 2033 18-Dec-12 CAD Open RBC 49,457,487 154.69 49,648,349 Government of Canada 5%, June 2037 18-Dec-12 CAD Open RBC 52,480,021 147.11 52,789,130 Government of Canada 4%, June 2041 18-Dec-12 CAD Open SCC 56,963,232 132.80 57,338,316 Hydro Quebec 6.5%, February 2035 18-Dec-12 CAD Open SCC 9,866,800 145.10 9,809,813 Province of Ontario 5.85%, March 2033 18-Dec-12 CAD Open RBC 17,576,559 136.57 17,480,665 Province of Ontario 3.5%, June 2043 18-Dec-12 CAD 11-Jan-13 CWM 24,969,000 101.50 25,164,136 Province of Quebec 4.25%, December 2043 18-Dec-12 CAD 11-Jan-13 SCC 18,370,100 112.70 18,548,362 Government of Canada 1.5%, June 2023 20-Dec-12 CAD 11-Jan-13 SCC 11,359,322 100.90 10,834,059 Total: BlackRock Canada CorePlus Long Bond Fund 516,652,187 514,110,864 BlackRock Canada CorePlus Universe Bond Fund Province of Ontario 4.3%, March 2017 5-Jun-12 CAD Open RBC 512,726 112.44 501,897 Province of Quebec 5%, December 2041 5-Jun-12 CAD Open RBC 745,775 128.14 734,781 Hydro Quebec 9.625%, July 2022 18-Jun-12 CAD Open RBC 123,272 162.20 118,404 332
Notes to Financial Statements December 31, 2012 Sold Trade Date Currency Expiration Date Counterparty Amount of Cash Received (CAD) Repurchase Price (CAD) Value of Securities Sold At December 31, 2012 (CAD) Canada Housing Trust 2.2%, March 2014 27-Jun-12 CAD Open RBC 598,425 102.47 591,201 Canada Housing Trust No. 1 3.8%, June 2021 27-Jun-12 CAD Open RBC 690,484 113.38 685,196 Government of Canada 2%, December 2014 27-Jun-12 CAD Open RBC 1,244,403 102.42 1,234,498 Government of Canada 3%, December 2015 27-Jun-12 CAD 16-Jan-13 RBC 974,807 106.42 961,804 Government of Canada 2%, June 2016 27-Jun-12 CAD Open RBC 808,931 103.18 802,312 Government of Canada 2.75%, September 2016 27-Jun-12 CAD Open RBC 812,813 107.09 797,369 Government of Canada 1.5%, March 2017 27-Jun-12 CAD Open RBC 727,886 101.66 720,061 Canada Housing Trust 2.75%, December 2014 26-Jul-12 CAD Open RBC 565,651 103.98 559,949 Canada Housing Trust 2.95%, March 2015 26-Jul-12 CAD Open RBC 536,194 105.55 526,520 Government of Canada 2.25%, August 2014 26-Jul-12 CAD Open RBC 1,120,736 103.58 1,100,856 Canada Housing Trust No. 1 2.05%, June 2017 22-Aug-12 CAD Open RBC 915,660 101.74 915,961 Government of Canada 1%, February 2014 27-Aug-12 CAD Open RBC 806,788 99.85 807,073 Government of Canada 0.75%, May 2014 27-Aug-12 CAD Open RBC 796,560 99.57 796,109 Government of Canada 2.5%, June 2015 27-Aug-12 CAD Open RBC 917,121 104.10 908,932 Province of Ontario 4.65%, June 2041 27-Aug-12 CAD Open RBC 943,559 123.18 938,570 Canada Housing Trust 2.75%, December 2015 7-Sep-12 CAD Open RBC 528,079 104.57 524,735 Canada Housing Trust No. 1 2.65%, March 2022 7-Sep-12 CAD Open RBC 574,456 103.88 570,446 Government of Canada 3.5%, June 2020 24-Sep-12 CAD Open RBC 1,187,469 114.51 1,171,883 Government of Canada 5.75%, June 2033 24-Sep-12 CAD Open RBC 1,472,438 157.48 1,451,933 Canada Housing Trust No. 1 3.75%, March 2020 26-Sep-12 CAD Open RBC 484,877 112.24 482,205 Province of Ontario 5.85%, March 2033 2-Oct-12 CAD Open RBC 452,410 137.93 445,506 Government of Canada 2.75%, June 2022 4-Oct-12 CAD Open RBC 878,960 109.87 865,580 Government of Canada 1%, November 2014 5-Oct-12 CAD Open RBC 600,600 100.10 598,505 Government of Canada 1.5%, August 2015 5-Oct-12 CAD Open RBC 495,733 101.17 493,522 Canada Housing Trust No. 1 1.7%, December 2017 10-Oct-12 CAD Open RBC 499,050 99.81 500,023 Canada Housing Trust No. 1 3.15%, June 2015 16-Oct-12 CAD Open RBC 563,601 105.94 555,741 Canada Housing Trust No. 1 2.45%, December 2015 16-Oct-12 CAD Open RBC 553,865 104.11 548,198 Canada Housing Trust No. 1 2.75%, June 2016 16-Oct-12 CAD Open RBC 1,201,076 105.45 1,187,129 Canada Housing Trust No. 1 4.1%, December 2018 16-Oct-12 CAD Open RBC 696,099 114.49 685,295 Government of Canada 2%, March 2014 16-Oct-12 CAD Open RBC 694,260 101.50 690,969 Government of Canada 3%, June 2014 16-Oct-12 CAD Open RBC 1,107,752 104.21 1,090,770 Government of Canada 5%, June 2014 16-Oct-12 CAD Open RBC 657,734 108.18 640,837 Government of Canada 4.5%, June 2015 16-Oct-12 CAD Open RBC 755,136 110.40 738,140 Government of Canada 4%, June 2016 16-Oct-12 CAD Open RBC 761,224 111.29 745,506 Government of Canada 9.75%, June 2021 16-Oct-12 CAD Open RBC 127,969 168.38 124,006 Government of Canada 8%, June 2023 16-Oct-12 CAD Open RBC 368,653 161.69 359,906 Government of Canada 9%, June 2025 16-Oct-12 CAD Open RBC 275,226 181.07 268,725 Government of Canada 8%, June 2027 16-Oct-12 CAD Open RBC 534,918 175.96 525,463 Province of Ontario 4.2%, June 2020 16-Oct-12 CAD Open RBC 605,629 113.84 596,287 Province of Ontario 4%, June 2021 16-Oct-12 CAD Open RBC 909,549 112.29 896,333 Province of Ontario 6.5%, March 2029 16-Oct-12 CAD Open RBC 537,586 141.47 535,684 Province of Quebec 4.5%, December 2020 16-Oct-12 CAD Open RBC 527,318 115.64 518,957 Province of Quebec 5%, December 2038 16-Oct-12 CAD Open RBC 474,658 124.91 470,299 Canada Housing Trust No. 1 1.85%, December 2016 23-Oct-12 CAD Open RBC 905,624 101.87 898,511 Province of Ontario 5%, March 2014 23-Oct-12 CAD Open RBC 431,664 105.80 425,898 Province of Ontario 3.15%, June 2022 23-Oct-12 CAD Open RBC 942,551 104.38 934,327 Province of Ontario 7.6%, June 2027 23-Oct-12 CAD Open RBC 391,287 154.05 383,561 Province of Ontario 4.6%, June 2039 23-Oct-12 CAD Open RBC 641,203 121.44 633,133 Canada Housing Trust 3.15%, June 2014 1-Nov-12 CAD Open SCC 680,688 104.40 670,388 Canada Housing Trust No. 1 2.75%, September 2014 1-Nov-12 CAD Open SCC 598,850 103.25 595,027 333
Notes to Financial Statements December 31, 2012 Sold Trade Date Currency Expiration Date Counterparty Amount of Cash Received (CAD) Repurchase Price (CAD) Value of Securities Sold At December 31, 2012 (CAD) Government of Canada 4%, June 2017 1-Nov-12 CAD Open SCC 894,380 113.50 876,478 Government of Canada 5.75%, June 2029 1-Nov-12 CAD Open SCC 1,147,220 150.95 1,129,210 Government of Canada 5%, June 2037 1-Nov-12 CAD Open SCC 1,480,007 149.95 1,460,528 Hydro Quebec 11%, August 2020 5-Nov-12 CAD Open RBC 248,273 162.27 242,123 Hydro Quebec 6.5%, February 2035 5-Nov-12 CAD Open RBC 222,057 146.09 219,278 Hydro Quebec 5%, February 2045 5-Nov-12 CAD Open RBC 197,007 129.61 195,270 Government of Canada 4%, June 2041 6-Nov-12 CAD Open RBC 1,592,582 135.77 1,568,001 Province of Ontario 6.2%, Juen 2031 6-Nov-12 CAD Open CWM 356,580 141.50 350,371 Government of Canada 3.25%, June 2021 14-Nov-12 CAD Open CWM 1,019,750 114.45 998,514 Province of Ontario 2.85%, June 2023 28-Nov-12 CAD 11-Jan-13 CWM 152,400 101.60 149,835 Canada Housing Trust No. 1 2.4%, December 2022 4-Dec-12 CAD Open CWM 381,938 101.85 376,984 Province of Ontario 3.5%, June 2043 4-Dec-12 CAD Open RBC 664,430 102.22 664,906 Government of Canada 1.5%, June 2023 6-Dec-12 CAD Open SCC 353,018 97.25 349,331 Government of Canada 3.5%, December 2045 6-Dec-12 CAD Open RBC 675,983 128.27 664,016 Hydro Quebec 5%, February 2050 6-Dec-12 CAD Open RBC 268,337 132.84 265,364 Canada Housing Trust No. 1 3.35%, December 2020 18-Dec-12 CAD Open RBC 411,897 108.68 413,306 Government of Canada 1%, February 2015 18-Dec-12 CAD Open RBC 830,415 100.05 827,567 Government of Canada 1.5%, September 2017 18-Dec-12 CAD Open RBC 689,882 100.86 687,618 Government of Canada 4.25%, June 2018 18-Dec-12 CAD Open CWM 889,665 114.50 890,395 Government of Canada 3.75%, June 2019 18-Dec-12 CAD Open RBC 1,566,883 113.46 1,565,607 Province of Ontario 4.4%, June 2019 18-Dec-12 CAD Open RBC 740,099 112.82 740,265 Government of Canada 1.25%, February 2016 27-Dec-12 CAD Open RBC 350,735 100.21 349,723 Government of Canada 1.25%, March 2018 27-Dec-12 CAD 15-Jan-13 RBC 223,560 99.36 223,013 Total: BlackRock Canada CorePlus Universe Bond Fund 52,317,081 51,732,624 8. Unitholders equity The authorized capital of the Funds consists of an unlimited number of units without nominal or par. Unitholders have the right, under the Funds master declaration of trust, to request the redemption of their units at the current net asset per unit. For certain funds the authorized capital consists of multiple classes of units. Unitholders in Class D units are primarily defined contribution pension plans and unitholders in Class A are primarily defined benefit pension plans. In accordance with the Funds master declaration of trust, the number of units issued as a result of distributions will be consolidated so that the number of units then outstanding will be equal to the number of units outstanding immediately prior to the issuance of such additional units, except for the BlackRock CDN Emerging Markets Fundamental Index Fund, for which the number of units outstanding includes units issued as a result of income distributions, in accordance with its declaration of trust. Changes in issued units, for the periods ended December 31, 2012 and December 31, 2011 respectively, are summarized below: 2012 2011 Fund/Class Units Issued Units Redeemed Units Issued Units Redeemed BlackRock Canadian Equity Index Class A 13,876,600 (8,213,948) 10,751,778 (5,254,340) BlackRock Canadian Equity Index Class D 26,863,374 (10,889,053) 26,298,400 (11,664,778) BlackRock Canadian Equity Ex-Trusts Index Fund 96,504 (1,704,898) 160,947 (1,067,320) BlackRock CDN MSCI Canada IMI Index Fund 18,896,194 (8,863,374) 16,132,696 (38,691,473) BlackRock CDN US Equity Index Non-Taxable Class A 20,046,343 (31,275,409) 79,953,758 (105,240,588) BlackRock CDN US Equity Index Non-Taxable Class D 17,889,861 (3,791,347) 11,684,242 (5,477,855) BlackRock CDN US Equity Index Plus Non-Taxable Fund 4,193,593-1,415,384 (11,182,164) BlackRock CDN US Equity Index Hedged Non-Taxable Fund 2,716,679 (9,090,109) 4,572,733 (16,321,878) BlackRock CDN US Equity Index Class A 1,051,703 (40,907) 21,341 (81,998) BlackRock CDN US Equity Index Class D 95,849,101 (11,816,533) 32,488,487 (9,699,383) BlackRock CDN US Alpha Tilts Non-Taxable Fund 1,795,304 (11,321,241) 1,473,790 (31,593,616) 334
Notes to Financial Statements December 31, 2012 2012 2011 Fund/Class Units Issued Units Redeemed Units Issued Units Redeemed BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund - (9,786) 102,950 (1,495,799) BlackRock CDN Russell 3000 Index Non-Taxable Fund 38,991,555 (41,500,187) 17,834,669 (41,256,712) BlackRock Active Canadian Equity Fund 15,954,667 (6,126,760) 4,515,073 (9,301,491) BlackRock Active Canadian Equity Ex-Income Trusts Fund 303,979 (23,813,339) 7,284,753 (20,056,462) BlackRock Active Canadian Equity DC Fund 6,796,041 (2,133,779) 2,579,872 (2,661,662) BlackRock Active Canadian Equity Small Cap Fund - (1,351,327) - (700,513) BlackRock Canada Alpha Advantage Fund 22,199,198-9,999,962 - BlackRock Canada Universe Bond Index Class A 8,546,115 (62,646,845) 32,137,783 (67,604,792) BlackRock Canada Universe Bond Index Class D 44,766,854 (18,004,164) 33,009,520 (23,906,275) BlackRock Canada ex-bbb Universe Bond Index Fund 3,218 (19,128,454) 438,036 (4,576,455) BlackRock Canada Real Return Bond Index Class A 153,581 (1,554,438) 4,060,932 (3,055,209) BlackRock Canada Real Return Bond Index Class D 10,666,291 (1,388,351) 5,352,303 (2,289,068) BlackRock Canada Long Bond Index Class A 65,258,255 (22,187,158) 68,362,973 (88,373,654) BlackRock Canada Long Bond Index Class D 28,151,215 (3,202,417) 14,972,710 (5,914,269) BlackRock Canada Long Government Bond Index Fund - (17,104,175) 57,908,766 - BlackRock Canada All Government Bond Index Fund 1,306,978 (2,227,084) 556,167 (1,448,245) BlackRock Canada Credit -Screened Bond Index Fund 18,329,414 (8,742,829) 266,482 (1,248,427) BlackRock Canada CoreActive Universe Bond Class A 197,867 (149,247) 327,916 (840,539) BlackRock Canada CorePlus Long Bond Fund 14,772,110-3,317,192 - BlackRock Canada CorePlus Universe Bond Fund 200,748 (36,394) 9,127,817 - BlackRock Canada Levered Long Bond Index Fund 1,230,913 (241,308) 3,848,139 - BlackRock Canada Levered Real Return Bond Index Fund - (395,444) 3,847,558 - BlackRock Balanced Moderate Index DC Fund 10,156,759 (5,702,060) 8,985,386 (5,448,846) BlackRock Balanced Conservative Index DC Fund 7,009,673 (3,313,390) 5,828,503 (2,000,577) BlackRock Balanced Aggressive Index DC Fund 2,200,801 (1,148,145) 2,134,677 (947,849) BlackRock CDN LifePath Retirement Index Fund I 6,680,993 (1,533,967) 6,982,639 (1,274,542) BlackRock CDN LifePath Index 2010 Retirement Fund 1,418,620 (2,027,019) 1,598,389 (2,855,945) BlackRock CDN LifePath 2015 Index Fund 13,375,612 (2,626,295) 15,129,050 (1,789,909) BlackRock CDN LifePath 2020 Index Fund 26,400,915 (3,626,945) 23,060,218 (3,229,372) BlackRock CDN LifePath 2025 Index Fund 29,106,542 (3,320,193) 21,373,991 (912,412) BlackRock CDN LifePath 2030 Index Fund 26,334,854 (3,893,698) 19,963,058 (1,721,164) BlackRock CDN LifePath 2035 Index Fund 19,390,386 (1,811,748) 14,653,598 (568,923) BlackRock CDN LifePath 2040 Index Fund 14,808,185 (1,762,624) 11,815,809 (1,258,640) BlackRock CDN LifePath 2045 Index Fund 12,802,088 (833,865) 7,408,419 (403,495) BlackRock CDN LifePath 2050 Index Fund 650,003 (3,012) - - BlackRock Balanced Active Fund - - - (494,287) BlackRock CDN Global Market Selection Class A 240,333 (3,874,606) 1,493,754 (47,385) BlackRock CDN Short Term Index Class A 12,314,491 (4,185,297) 1,154,945 (394,567) BlackRock CDN Short Term Index Class D 1,034,236 (1,214,113) 1,581,042 (1,577,172) BlackRock CDN MSCI EAFE Equity Index Class A 51,047,149 (47,791,370) 53,145,277 (40,157,789) BlackRock CDN MSCI EAFE Equity Index Class D 56,050,754 (15,645,648) 46,527,828 (23,314,662) BlackRock CDN MSCI EAFE Index Hedged Fund 5,150,200 (30,076,164) 15,666,976 (9,549,706) BlackRock CDN MSCI ACWI ex-canada Index Fund 26,960,524 (3,207,716) 6,246,815 (3,765,950) BlackRock CDN MSCI Emerging Markets Index Class A 6,348,750 (36,613) 6,351,972 (274,359) BlackRock CDN MSCI EAFE Index Plus Fund 1,931,784 (2,148,279) 10,943,537 - BlackRock CDN Global Equity Focus Fund 1,552,996 (60,581) 4,363,908 - BlackRock CDN Global Developed Real Estate Index Class D 36,195,127 (1,646,446) - - BlackRock CDN Global Infrastructure Equity Index Class D 21,788,668 (1,759,714) - - BlackRock CDN Emerging Markets Fundamental Index Fund 3,555,621* (41,749) 760 (36) * BlackRock CDN Emerging Markets Fundamental Index Fund includes units reinvested. 335
Notes to Financial Statements December 31, 2012 9. Redemptions In determining the amount of distributions payable to unitholders at the end of the year, net realized capital gains may be allocated to redeeming unitholders. Any such redeeming unitholders will receive a T3 supplementary slip for the allocated gain. Any net capital gains that remain after allocations to redeeming unitholders will be distributed to remaining unitholders. 10. Related parties BlackRock Canada has appointed 1) BlackRock Institutional Trust Company, N.A. ( BTC ), a national banking association organized under the laws of the United States of America that operates as a limited purpose trust company as the sub-adviser of the Funds, except for the BlackRock CDN Global Equity Focus Fund, and 2) BlackRock Investment Management (UK) Limited, ( BIM UK ), a corporation incorporated under the laws of England and Wales that is authorized and regulated by the Financial Services Authority of the United Kingdom ( FSA ), as sub-adviser of the BlackRock CDN Global Equity Focus Fund. As subadvisers, BTC and BIM UK are responsible for the investment management activities of the Funds, subject to the policies, control and supervision of BlackRock Canada. BTC and BIM UK, each, an affiliate of BlackRock Canada, are wholly-owned, indirect subsidiaries of BlackRock, Inc., an asset management company. BlackRock Canada remains responsible for the management of the Funds, including the management of investment portfolios and the investment advice provided by BTC and BIM UK. The Funds are responsible for all operating expenses incurred by or on behalf of the Funds. If BlackRock Canada provides any of these services, it will be entitled to fees for such services. The Funds are responsible for all commissions payable to brokers or dealers on behalf of the Funds. a. Investments in other funds The Funds may invest in other investment funds managed by BlackRock Canada or its affiliates, in accordance with their respective investment objectives. Disclosure of such investments held as at December 31, 2012 is provided in the Statements of Investment Portfolio in the financial statements. b. Securities lending The Funds may lend securities, either directly, or through an agent, to brokers, dealers and other financial institutions. Securities lending enables the Funds to earn additional income. By using such income to offset the Funds expenses, the Funds will be able to reduce the effect such expenses have on the Funds ability to provide investment results that more closely correspond to the investment objectives of the Funds. The Funds have entered into a securities lending authorization agreement with each of BTC and BlackRock Advisors (UK) Limited ( BRAL ), as lending agents, subject to the overriding authority of BlackRock Canada. BRAL is a corporation incorporated under the laws of England and Wales and is authorized and regulated by the FSA. BRAL is also an affiliate of BlackRock Canada and a wholly-owned, indirect subsidiary of BlackRock, Inc. Both BTC and BRAL have considerable experience and expertise in securities lending. The net income earned in connection with securities lending is allocated 50% to the applicable lending agent and 50% to the relevant Fund. The lending agents bear all operational s with respect to the lending of securities. The Funds require collateral in the form of cash or obligations of, or guaranteed by, the Government of Canada or a province thereof or of the United States Government or its agencies or instrumentalities or other acceptable collateral that has an aggregate of not less than 102% of the fair of the loaned securities. BlackRock Canada assesses the credit-worthiness of each borrower, and acts promptly to demand payment from any borrower in realizing any collateral. During the period, the Funds received sovereign, Canadian agencies and US Government-backed instruments bonds as collateral which is held by the lending agent on behalf of the Funds. The market of securities on loan and the market of the associated collateral as at December 31, 2012 are provided below: Fund Market Value of Securities on Loan as at December 31, 2012* Market Value of Collateral as at December 31, 2012* % BlackRock Canadian Equity Index Fund $294,005,405 $312,049,215 1.06 BlackRock Canadian Equity Ex-Trusts Index Fund 51,676 54,575 1.06 BlackRock CDN MSCI Canada IMI Index Fund 77,193,846 81,915,741 1.06 BlackRock CDN US Equity Index Non-Taxable Fund 4,131,181 4,540,359 1.10 BlackRock CDN Russell 3000 Index Non-Taxable Fund 117,651 129,304 1.10 BlackRock Active Canadian Equity Fund 92,073,974 97,472,935 1.06 BlackRock Active Canadian Equity Ex-Income Trusts Fund 19,482,992 20,811,486 1.07 BlackRock Active Canadian Equity DC Fund 27,302,960 29,167,724 1.07 BlackRock Active Canadian Equity Small Cap Fund 5,009,110 5,293,118 1.06 336
Notes to Financial Statements December 31, 2012 Fund Market Value of Securities on Loan as at December 31, 2012* Market Value of Collateral as at December 31, 2012* % BlackRock Canada Universe Bond Index Fund $826,247,459 $861,412,718 1.04 BlackRock Canada ex-bbb Universe Bond Index Fund 34,173,987 35,625,024 1.04 BlackRock Canada Long Bond Index Fund 85,943,880 89,385,594 1.04 BlackRock Canada All Government Bond Index Fund 26,604,750 27,733,387 1.04 BlackRock Canada Credit-Screened Bond Index Fund 4,032,129 4,194,744 1.04 BlackRock Canada CoreActive Universe Bond Fund 10,471,798 10,921,972 1.04 BlackRock Balanced Moderate Index DC Fund 102,420 107,788 1.05 BlackRock Balanced Conservative Index DC Fund 341,400 359,294 1.05 BlackRock Balanced Aggressive Index DC Fund 170,700 179,647 1.05 BlackRock CDN MSCI EAFE Equity Index Fund 49,625,811 53,098,452 1.07 BlackRock CDN MSCI EAFE Index Plus Fund 4,288,378 4,708,099 1.10 * at market close prices c. Inter-fund trading Certain funds executed inter-fund trades for the periods ended December 31, 2012 and December 31, 2011, respectively. Interfund trading is the buying and selling of portfolio securities between funds to which BlackRock Canada serves as trustee and manager, or between funds to which BlackRock Canada serves as manager and trustee and managed accounts to which BlackRock Canada serves as manager. At certain regularly scheduled meetings, the IRC (as defined hereinafter) reviews such transactions for compliance with certain requirements and restrictions, including the price at which the inter-fund trades are executed. d. Indirect expenses Funds investing in exchange traded funds may incur indirect expenses for investment management fees. The indirect expenses based on the average holdings of exchange traded funds for the year ended December 31, 2012 and December 31, 2011 are summarized below: Indirect Expenses as a Percentage of Net Assets Fund December 31, 2012 December 31, 2011 BlackRock Balanced Moderate Index DC Fund 0.07% 0.06% BlackRock Balanced Conservative Index DC Fund 0.06% 0.05% BlackRock Balanced Aggressive Index DC Fund 0.08% 0.07% BlackRock CDN LifePath Retirement Index Fund I 0.11% 0.13% BlackRock CDN LifePath Index 2010 Retirement Fund 0.11% 0.13% BlackRock CDN LifePath 2015 Index Fund 0.12% 0.15% BlackRock CDN LifePath 2020 Index Fund 0.13% 0.16% BlackRock CDN LifePath 2025 Index Fund 0.14% 0.17% BlackRock CDN LifePath 2030 Index Fund 0.13% 0.17% BlackRock CDN LifePath 2035 Index Fund 0.13% 0.17% BlackRock CDN LifePath 2040 Index Fund 0.12% 0.16% BlackRock CDN LifePath 2045 Index Fund 0.11% 0.13% BlackRock CDN LifePath 2050 Index Fund 0.03% - BlackRock Balanced Active Fund 0.09% 0.06% BlackRock CDN MSCI ACWI ex-canada Index Fund 0.11% 0.09% 11. Comparison of Net Asset Value per Unit and Net Assets per Unit The primary reason for the difference between the Net Asset Value per Unit and Net Assets per Unit is described in Note 2. As at December 31, 2012 As at December 31, 2011 Fund/Class Net Asset Value Per Unit Net Assets Per Unit Net Asset Value Per Unit Net Assets Per Unit BlackRock Canadian Equity Index Class A $57.13 $57.03 $53.29 $53.19 BlackRock Canadian Equity Index Class D 23.86 23.82 22.26 22.22 337
Notes to Financial Statements December 31, 2012 Fund/Class As at December 31, 2012 As at December 31, 2011 Net Asset Value Per Unit Net Assets Per Unit Net Asset Value Per Unit Net Assets Per Unit BlackRock Canadian Equity Ex-Trusts Index Fund $56.68 $-* $53.03 $52.94 BlackRock CDN MSCI Canada IMI Index Fund 11.24 11.21 10.55 10.53 BlackRock CDN US Equity Index Non-Taxable Class A 10.04 10.04 8.85 8.85 BlackRock CDN US Equity Index Non-Taxable Class D 17.49 17.49 15.42 15.41 BlackRock CDN US Equity Index Plus Non-Taxable Fund 13.11 13.11 11.56 11.56 BlackRock CDN US Equity Index Hedged Non-Taxable Fund 12.49 12.49 10.75 10.75 BlackRock CDN US Equity Index Class A 8.61 8.62 7.62 7.62 BlackRock CDN US Equity Index Class D 8.61 8.62 7.62 7.62 BlackRock CDN US Alpha Tilts Non-Taxable Fund 9.79 9.79 8.40 8.40 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund 12.18 12.18 10.22 10.22 BlackRock CDN Russell 3000 Index Non-Taxable Fund 12.00 12.00 10.54 10.54 BlackRock Active Canadian Equity Fund 33.34 33.27 30.91 30.86 BlackRock Active Canadian Equity Ex-Income Trusts Fund 32.95 32.88 30.75 30.70 BlackRock Active Canadian Equity DC Fund 24.13 24.09 22.52 22.48 BlackRock Active Canadian Equity Small Cap Fund 48.82 48.66 44.59 44.46 BlackRock Canada Alpha Advantage Fund 11.16 11.12 10.00 9.97 BlackRock Canada Universe Bond Index Class A 27.54 27.51 26.56 26.54 BlackRock Canada Universe Bond Index Class D 23.55 23.52 22.72 22.70 BlackRock Canada ex-bbb Universe Bond Index Fund 18.85 18.83 18.24 18.23 BlackRock Canada Real Return Bond Index Class A 33.76 33.72 32.82 32.78 BlackRock Canada Real Return Bond Index Class D 15.65 15.63 15.22 15.20 BlackRock Canada Long Bond Index Class A 29.05 29.02 27.72 27.69 BlackRock Canada Long Bond Index Class D 15.44 15.43 14.74 14.73 BlackRock Canada Long Government Bond Index Fund 10.40 10.39 10.00 9.99 BlackRock Canada All Government Bond Index Fund 12.24 12.24 11.93 11.92 BlackRock Canada Credit-Screened Bond Index Fund 12.76 12.73 12.01 11.98 BlackRock Canada CoreActive Universe Bond Class A 20.91 20.89 20.16 20.13 BlackRock Canada CorePlus Long Bond Fund 16.77 16.76 15.53 15.52 BlackRock Canada CorePlus Universe Bond Fund 11.09 11.08 10.43 10.44 BlackRock Canada Levered Long Bond Index Fund 11.79 11.79 10.94 10.94 BlackRock Canada Levered Real Return Bond Index Fund 11.93 11.93 11.49 11.49 BlackRock Balanced Moderate Index DC Fund 20.09 20.09 18.50 18.50 BlackRock Balanced Conservative Index DC Fund 19.22 19.22 17.93 17.93 BlackRock Balanced Aggressive Index DC Fund 19.81 19.81 18.00 18.00 BlackRock CDN LifePath Retirement Index Fund I 12.44 12.44 11.64 11.63 BlackRock CDN LifePath Index 2010 Retirement Fund 12.19 12.19 11.40 11.39 BlackRock CDN LifePath 2015 Index Fund 11.88 11.88 11.04 11.02 BlackRock CDN LifePath 2020 Index Fund 11.47 11.47 10.53 10.51 BlackRock CDN LifePath 2025 Index Fund 11.31 11.31 10.30 10.28 BlackRock CDN LifePath 2030 Index Fund 10.75 10.75 9.74 9.72 BlackRock CDN LifePath 2035 Index Fund 10.45 10.45 9.43 9.41 BlackRock CDN LifePath 2040 Index Fund 10.20 10.20 9.17 9.15 BlackRock CDN LifePath 2045 Index Fund 10.53 10.53 9.44 9.41 BlackRock CDN LifePath 2050 Index Fund 10.74 10.74 - - BlackRock Balanced Active Fund 26.96 26.96 24.65 24.65 BlackRock CDN Global Market Selection Class A 50.72 50.72 49.46 49.46 BlackRock CDN Short Term Index Class A 15.80 15.80 15.65 15.64 BlackRock CDN Short Term Index Class D 13.26 13.26 13.13 13.12 BlackRock CDN MSCI EAFE Equity Index Class A 10.13 10.11 8.81 8.80 BlackRock CDN MSCI EAFE Equity Index Class D 10.12 10.11 8.81 8.79 338
Notes to Financial Statements December 31, 2012 Fund/Class As at December 31, 2012 As at December 31, 2011 Net Asset Value Per Unit Net Assets Per Unit Net Asset Value Per Unit Net Assets Per Unit BlackRock CDN MSCI EAFE Index Hedged Fund $11.02 $11.02 $9.36 $9.36 BlackRock CDN MSCI ACWI ex-canada Index Fund 9.33 9.34 8.18 8.18 BlackRock CDN MSCI Emerging Markets Index Class A 10.38 10.35 8.99 8.97 BlackRock CDN MSCI EAFE Index Plus Fund 10.68 10.67 9.30 9.28 BlackRock CDN Global Equity Focus Fund 10.88 10.88 9.51 9.50 BlackRock CDN Global Developed Real Estate Index Class D 10.66 10.65 - - BlackRock CDN Global Infrastructure Equity Index Class D 10.47 10.46 - - BlackRock CDN Emerging Markets Fundamental Index Fund 19.37 19.34 17.76 17.72 * For additional information, refer to Note 1 (c) 12. Financial instrument risk a. Valuation of financial instruments The Funds are required to classify fair measurement using a fair hierarchy that reflects the significance of inputs used in making the measurements. The fair hierarchy has the following levels: Level 1: Quoted market price in an active market for an identical instrument. Example of securities that are priced at Level 1 include listed equities, exchange traded derivatives and exchange-traded funds. The Fund does not adjust the quoted price for these instruments. A financial instrument is regarded as quoted in an active market if quoted prices are readily or regularly available from an exchange or prices that represent actual and regularly occurring market transactions on an arm s length basis. Level 2: Valuation techniques used to price securities are based on observable inputs. This category includes instruments d using quoted prices in active markets for similar instruments, quoted prices for similar instruments in markets that are considered less than active or other valuation techniques where all significant inputs are directly or indirectly observable from market data. Examples of securities that are priced at Level 2 include money market, bonds and forward contracts. Valuation techniques used for non-standardized financial instruments such as options, currency swaps or other over-the-counter derivatives, include the use of comparable recent arm s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, options pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity-specific inputs. Level 3: Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs can have a significant impact on the instrument s valuation. This also includes instruments that are d based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments, and instruments for which there is no active market. The determination of what constitutes observable requires significant judgment by BlackRock Canada. BlackRock Canada considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Tables below present the hierarchical classification of the financial instruments measured at fair as at December 31, 2012 and December 31, 2011. The Funds held no financial instruments that are categorized as Level 3. There were no significant transfers between the levels during the period. i) Equity funds As at December 31, 2012 Level 1 Level 2 Fund Equities (000 s CAD) Net Futures (000 s CAD) Equities (000 s CAD) Money Market Investments (000 s CAD) Net Forward Currency Contracts (000 s CAD) Other Financial Instruments (000 s CAD) Total ($) (000 s CAD) BlackRock Canadian Equity Index Fund 4,096,874 761 - - - - 4,097,635 BlackRock CDN MSCI Canada IMI Index Fund 1,126,581 152 - - - - 1,126,733 BlackRock CDN US Equity Index Non-Taxable Fund 4,236,191 (166) - 8,627 - - 4,244,652 BlackRock CDN US Equity Index Plus Non-Taxable Fund 263,232 2-298 - - 263,532 339
Notes to Financial Statements December 31, 2012 As at December 31, 2012 Level 1 Level 2 Fund Equities (000 s CAD) Net Futures (000 s CAD) Equities (000 s CAD) Money Market Investments (000 s CAD) Net Forward Currency Contracts (000 s CAD) Other Financial Instruments (000 s CAD) Total ($) (000 s CAD) BlackRock CDN US Equity Index Fund 2,684,092 (127) - 4,838 - - 2,688,803 BlackRock CDN US Alpha Tilts Non-Taxable Fund 434,000 (12) - - - - 433,988 BlackRock CDN Russell 3000 Index Non-Taxable Fund 393,580 30-787 - - 394,397 BlackRock Active Canadian Equity Fund 2,080,522 240 - - - - 2,080,762 BlackRock Active Canadian Equity Ex-Income Trusts Fund 532,484 - - - - - 532,484 BlackRock Active Canadian Equity DC Fund 666,989 82 - - - - 667,071 BlackRock Active Canadian Equity Small Cap Fund 78,787 25 - - - - 78,812 BlackRock Canada Alpha Advantage Fund* 351,568 66 - - - - 351,634 BlackRock CDN MSCI EAFE Equity Index Fund 2,844,716 293 - - - - 2,845,009 BlackRock CDN MSCI Emerging Markets Index Fund 370,628 5 - - - - 370,633 BlackRock CDN MSCI EAFE Index Plus Fund 628,419 95 - - - - 628,514 BlackRock CDN Global Equity Focus Fund 74,714 - - - - - 74,714 BlackRock CDN Global Developed Real Estate Index Fund 366,428 - - - - - 366,428 BlackRock CDN Global Infrastructure Equity Index Fund 208,416 - - - - - 208,416 BlackRock CDN Emerging Markets Fundamental Index Fund 95,608-16 - - - 95,624 * The fair for equities is comprised of 458,253 from Long positions and (106,685) from Short positions As at December 31, 2011 Level 1 Level 2 Fund Equities (000 s CAD) Net Futures (000 s CAD) Equities (000 s CAD) Money Market Investments (000 s CAD) Net Forward Currency Contracts (000 s CAD) Other Financial Instruments (000 s CAD) Total ($) (000 s CAD) BlackRock Canadian Equity Index Fund 3,194,067 609 - - - - 3,194,676 BlackRock Canadian Equity Ex-Trusts Index Fund 84,376 3 - - - - 84,379 BlackRock CDN MSCI Canada IMI Index Fund 955,247 94 - - - - 955,341 BlackRock CDN US Equity Index Non-Taxable Fund 3,585,298 476-6,787 - - 3,592,561 BlackRock CDN US Equity Index Plus Non-Taxable Fund 182,577 (15) - 306 - - 182,868 BlackRock CDN US Equity Index Fund 1,729,388 190-2,708 - - 1,732,286 BlackRock CDN US Alpha Tilts Non-Taxable Fund 451,427 22-250 - - 451,699 BlackRock CDN Russell 3000 Index Non-Taxable Fund 373,940 19-1,003 - - 374,962 BlackRock Active Canadian Equity Fund 1,630,728 155 - - - - 1,630,883 BlackRock Active Canadian Equity Ex-Income Trusts Fund 1,213,362 - - - - - 1,213,362 BlackRock Active Canadian Equity DC Fund 520,538 140 - - - - 520,678 BlackRock Active Canadian Equity Small Cap Fund 132,594 25 - - - - 132,619 BlackRock Canada Alpha Advantage Fund* 98,229 34 - - - - 98,263 BlackRock CDN MSCI EAFE Equity Index Fund 2,096,123 183 - - - - 2,096,306 BlackRock CDN MSCI Emerging Markets Index Fund 265,713 (3) - - - - 265,710 BlackRock CDN MSCI EAFE Index Plus Fund 549,597 25 - - - - 549,622 BlackRock CDN Global Equity Focus Fund 50,080 - - - 21-50,101 BlackRock CDN Emerging Markets Fundamental Index Fund 24,572-345 - - - 24,917 * The fair for equities is comprised of 126,698 from Long positions and (28,469) from Short positions 340
Notes to Financial Statements December 31, 2012 ii) Fixed income funds As at December 31, 2012 Level 1 Level 2 Fund Net Futures (000 s CAD) Money Market Investments/ Debt Securities (000 s CAD) Other Funds (000 s CAD) Net Forward Currency Contracts (000 s CAD) Other Financial Instruments* (000 s CAD) Total ($) (000 s CAD) BlackRock Canada Universe Bond Index Fund - 6,631,030 - - - 6,631,030 BlackRock Canada ex-bbb Universe Bond Index Fund 246,387 - - - 246,387 BlackRock Canada Real Return Bond Index Fund - 912,629 - - - 912,629 BlackRock Canada Long Bond Index Fund - 9,273,510 - - - 9,273,510 BlackRock Canada Long Government Bond Index Fund - 420,300 - - - 420,300 BlackRock Canada All Government Bond Index Fund - 157,484 - - - 157,484 BlackRock Canada Credit-Screened Bond Index Fund - 287,495 - - - 287,495 BlackRock Canada CoreActive Universe Bond Fund (2) 95,520 - - - 95,518 BlackRock Canada CorePlus Long Bond Fund - 1,062,349 524,168 (1,247) (516,652) 1,068,618 BlackRock Canada CorePlus Universe Bond Fund (2) 102,223 51,331 (121) (52,317) 101,114 BlackRock CDN Short Term Index Fund - 177,540 - - - 177,540 As at December 31, 2011 Level 1 Level 2 Fund Net Futures (000 s CAD) Money Market Investments/ Debt Securities (000 s CAD) Other Funds (000 s CAD) Net Forward Currency Contracts (000 s CAD) Other Financial Instruments* (000 s CAD) Total ($) (000 s CAD) BlackRock Canada Universe Bond Index Fund - 7,221,058 - - - 7,221,058 BlackRock Canada ex-bbb Universe Bond Index Fund - 584,948 - - - 584,948 BlackRock Canada Real Return Bond Index Fund - 792,498 - - - 792,498 BlackRock Canada Long Bond Index Fund - 7,356,149 - - - 7,356,149 BlackRock Canada Long Government Bond Index Fund - 574,171 - - - 574,171 BlackRock Canada All Government Bond Index Fund - 164,473 - - - 164,473 BlackRock Canada Credit-Screened Bond Index Fund - 159,333 - - - 159,333 BlackRock Canada CoreActive Universe Bond Fund 2 90,791 - - - 90,793 BlackRock Canada CorePlus Long Bond Fund - 753,711 390,939 6,370 (392,091) 758,929 BlackRock Canada CorePlus Universe Bond Fund - 93,857 48,806 182 (10,820) 132,025 BlackRock CDN Short Term Index Fund - 51,898 - - - 51,898 * Repurchase Agreement iii) Funds holding investment funds (Fund of Funds) As at December 31, 2012 Level 1 Level 2 Fund Exchange Traded Funds (000 s CAD) Net Futures (000 s CAD) Other Funds (000 s CAD) Net Forward Currency Contracts (000 s CAD) Other Financial Instruments** (000 s CAD) Total ($) (000 s CAD) BlackRock CDN US Equity Index Hedged Non-Taxable Fund - - 804,656 (1,368) - 803,288 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund - - 28,516 (30) - 28,486 BlackRock Canada Levered Long Bond Index Fund - - 44,940-553 45,493 BlackRock Canada Levered Real Return Bond Index Fund - - 32,576-232 32,808 BlackRock Balanced Moderate Index DC Fund 106,954-978,442 - - 1,085,396 BlackRock Balanced Conservative Index DC Fund 50,609-545,404 - - 596,013 BlackRock Balanced Aggressive Index DC Fund 29,575-237,495 - - 267,070 BlackRock CDN LifePath Retirement Index Fund I 17,800-184,798 - - 202,598 BlackRock CDN LifePath Index 2010 Retirement Fund 10,742-106,531 - - 117,273 341
Notes to Financial Statements December 31, 2012 As at December 31, 2012 Level 1 Level 2 Fund Exchange Traded Funds (000 s CAD) Net Futures (000 s CAD) Other Funds (000 s CAD) Net Forward Currency Contracts (000 s CAD) Other Financial Instruments** (000 s CAD) Total ($) (000 s CAD) BlackRock CDN LifePath 2015 Index Fund 47,039-468,672 - - 515,711 BlackRock CDN LifePath 2020 Index Fund 101,502-943,875 - - 1,045,377 BlackRock CDN LifePath 2025 Index Fund 86,641-723,215 - - 809,856 BlackRock CDN LifePath 2030 Index Fund 87,680-721,583 - - 809,263 BlackRock CDN LifePath 2035 Index Fund 50,382-440,544 - - 490,926 BlackRock CDN LifePath 2040 Index Fund 40,600-388,032 - - 428,632 BlackRock CDN LifePath 2045 Index Fund 22,815-240,836 - - 263,651 BlackRock CDN LifePath 2050 Index Fund 579-6,366 - - 6,945 BlackRock Balanced Active Fund 3,484-31,566 - - 35,050 BlackRock CDN Global Market Selection Fund - - 711,907 (609) - 711,298 BlackRock CDN MSCI EAFE Index Hedged Fund - - 191,585 (215) - 191,370 BlackRock CDN MSCI ACWI ex-canada Index Fund 51,399-318,599 - - 369,998 As at December 31, 2011 Level 1 Level 2 Fund Exchange Traded Funds (000 s CAD) Net Futures (000 s CAD) Other Funds (000 s CAD) Net Forward Currency Contracts (000 s CAD) Other Financial Instruments** (000 s CAD) Total ($) (000 s CAD) BlackRock CDN US Equity Index Hedged Non-Taxable Fund - - 754,925 12,860-767,785 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund - - 23,857 928-24,785 BlackRock Canada Levered Long Bond Index Fund - - 32,094-2,258 34,352 BlackRock Canada Levered Real Return Bond Index Fund - - 33,624-3,518 37,142 BlackRock Balanced Moderate Index DC Fund 88,787-827,960 - - 916,747 BlackRock Balanced Conservative Index DC Fund 40,019-449,234 - - 489,253 BlackRock Balanced Aggressive Index DC Fund 24,062-199,683 - - 223,745 BlackRock CDN LifePath Retirement Index Fund I 35,510-94,001 - - 129,511 BlackRock CDN LifePath Index 2010 Retirement Fund 31,868-84,665 - - 116,533 BlackRock CDN LifePath 2015 Index Fund 109,592-250,482 - - 360,074 BlackRock CDN LifePath 2020 Index Fund 232,218-486,873 - - 719,091 BlackRock CDN LifePath 2025 Index Fund 159,335-312,567 - - 471,902 BlackRock CDN LifePath 2030 Index Fund 168,700-345,530 - - 514,230 BlackRock CDN LifePath 2035 Index Fund 87,257-189,750 - - 277,007 BlackRock CDN LifePath 2040 Index Fund 76,522-188,907 - - 265,429 BlackRock CDN LifePath 2045 Index Fund 32,689-90,355 - - 123,044 BlackRock Balanced Active Fund 3,038-28,977 - - 32,015 BlackRock CDN Global Market Selection Fund - - 869,520 26,984-896,504 BlackRock CDN MSCI EAFE Index Hedged Fund - - 395,006 11,389-406,395 BlackRock CDN MSCI ACWI ex-canada Index Fund 17,361-112,754 - - 130,115 ** Total Return Swaps b. Strategy in using financial instruments The Funds activities expose them to a variety of financial risks: market risk (including currency risk, interest rate risk, and other market risk), credit risk and liquidity risk. The Funds overall risk management program focuses on the processes, strategies, and the objectives of each Fund. a) Index funds the overall risk management program focuses on processes and strategies to minimize tracking between each Fund s performance and the performance of the relevant index. b) Active funds the overall risk management program seeks to minimize the potentially adverse effect of risk on each Fund s performance in a manner consistent with their investment objective. 342
Notes to Financial Statements December 31, 2012 c) Funds invested in other funds the level of risk depends on the investment objective of the Fund, and the type of securities in which the Fund invests. The focus is on the overall asset allocation strategy of the Funds rather than the exposure of the underlying funds. c. Currency risk Currency risk arises from financial instruments that are denominated in a currency other than the Canadian dollar, which is the Funds reporting currency. To the extent that they have not mitigated this risk through the use of currency forward contracts, these Funds are exposed to the risk that the of the financial instruments denominated in other currencies will fluctuate due to changes in foreign exchange rates. The tables below indicate the currencies, other than the Canadian dollar, to which the Funds had net direct exposure of at least 2% of net assets on its trading of financial instruments and cash, as applicable, after taking into account the underlying principal amount of forward currency contracts used to hedge such currency exposures, as applicable. The tables also indicate the effect on net assets, had the Canadian dollar strengthened or weakened by 5% in relation to each currency as at December 31, 2012 and 5% as at December 31, 2011. In practice, the actual results may differ from this sensitivity analysis and the difference could be material. As at December 31, 2012 Fund Currency Financial Instruments (CAD) Forward Currency Contracts (CAD) Net Exposure (CAD) Net Exposure as a Percentage of Net Assets (%) Change in CAD Currency (%) Effect on Net Assets (000 s CAD) BlackRock CDN US Equity Index Non-Taxable Fund USD 4,316,329,698-4,316,329,698 100.00 +/- 5 -/+ 205,540 BlackRock CDN US Equity Index Plus Non-Taxable Fund USD 265,749,690-265,749,690 100.00 +/- 5 -/+ 12,655 BlackRock CDN US Equity Index Fund USD 2,740,160,972-2,740,160,972 100.00 +/- 5 -/+ 130,484 BlackRock CDN US Alpha Tilts Non-Taxable Fund USD 436,677,773-436,677,773 100.01 +/- 5 -/+ 20,794 BlackRock CDN Russell 3000 Index Non Taxable Fund USD 399,740,762-399,740,762 100.00 +/- 5 -/+ 19,035 BlackRock Balanced Moderate Index DC Fund USD 80,287,392-80,287,392 7.38 +/- 5 -/+ 3,823 BlackRock Balanced Conservative Index DC Fund USD 35,740,522-35,740,522 5.99 +/- 5 -/+ 1,702 BlackRock Balanced Aggressive Index DC Fund USD 22,931,152-22,931,152 8.57 +/- 5 -/+ 1,092 BlackRock CDN LifePath Retirement Index Fund I USD 17,831,667-17,831,667 8.78 +/- 5 -/+ 849 BlackRock CDN LifePath Index 2010 Retirement Fund USD 10,761,705-10,761,705 9.16 +/- 5 -/+ 512 BlackRock CDN LifePath 2015 Index Fund USD 47,122,251-47,122,251 9.12 +/- 5 -/+ 2,244 BlackRock CDN LifePath 2020 Index Fund USD 101,671,948-101,671,948 9.71 +/- 5 -/+ 4,842 BlackRock CDN LifePath 2025 Index Fund USD 86,751,334-86,751,334 10.69 +/- 5 -/+ 4,131 BlackRock CDN LifePath 2030 Index Fund USD 87,782,581-87,782,581 10.83 +/- 5 -/+ 4,180 BlackRock CDN LifePath 2035 Index Fund USD 50,440,344-50,440,344 10.25 +/- 5 -/+ 2,402 BlackRock CDN LifePath 2040 Index Fund USD 40,707,517-40,707,517 9.48 +/- 5 -/+ 1,938 BlackRock CDN LifePath 2045 Index Fund USD 22,796,230-22,796,230 8.63 +/- 5 -/+ 1,086 BlackRock CDN LifePath 2050 Index Fund USD 580,851-580,851 8.36 +/- 5 -/+ 28 BlackRock Balanced Active Fund USD 12,710,111-12,710,111 36.26 +/- 5 -/+ 605 BlackRock CDN MSCI EAFE Equity Index Fund AUD 255,824,947-255,824,947 8.91 +/- 5 -/+ 12,182 CHF 250,117,225-250,117,225 8.71 +/- 5 -/+ 11,910 DKK 32,885,461-32,885,461 1.15 +/- 5 -/+ 1,566 EUR 826,791,146-826,791,146 28.81 +/- 5 -/+ 39,371 GBP 648,720,505-648,720,505 22.60 +/- 5 -/+ 30,891 ILS 15,781,881-15,781,881 0.55 +/- 5 -/+ 752 HKD 90,191,791-90,191,791 3.14 +/- 5 -/+ 4,295 JPY 573,680,069-573,680,069 19.99 +/- 5 -/+ 27,318 NOK 26,297,380-26,297,380 0.92 +/- 5 -/+ 1,252 NZD 3,493,394-3,493,394 0.12 +/- 5 -/+ 166 SEK 89,771,867-89,771,867 3.13 +/- 5 -/+ 4,275 SGD 52,185,516-52,185,516 1.82 +/- 5 -/+ 2,485 343
Notes to Financial Statements December 31, 2012 As at December 31, 2012 Fund Currency Financial Instruments (CAD) Forward Currency Contracts (CAD) Net Exposure (CAD) Net Exposure as a Percentage of Net Assets (%) Change in CAD Currency (%) Effect on Net Assets (000 s CAD) USD 1,762,648-1,762,648 0.06 +/- 5 -/+ 84 Total: BlackRock CDN MSCI EAFE Equity Index Fund 2,867,503,830-2,867,503,830 99.91 -/+ 136,547 BlackRock CDN MSCI ACWI ex-canada Index Fund USD 51,437,389-51,437,389 13.88 +/- 5 -/+ 2,449 BlackRock CDN MSCI Emerging Markets Index Fund BRL 47,258,480-47,258,480 12.67 +/- 5 -/+ 2,250 CLP 6,489,578-6,489,578 1.74 +/- 5 -/+ 309 CNY 27,505-27,505 0.01 +/- 5 -/+ 1 COP 4,717,623-4,717,623 1.27 +/- 5 -/+ 225 CZK 1,060,984-1,060,984 0.28 +/- 5 -/+ 51 EGP 1,077,525-1,077,525 0.29 +/- 5 -/+ 51 HKD 67,877,474-67,877,474 18.20 +/- 5 -/+ 3,232 HUF 814,390-814,390 0.22 +/- 5 -/+ 39 IDR 9,720,297-9,720,297 2.61 +/- 5 -/+ 463 INR 24,729,411-24,729,411 6.63 +/- 5 -/+ 1,178 KRW 56,403,385-56,403,385 15.13 +/- 5 -/+ 2,686 MAD 409,640-409,640 0.11 +/- 5 -/+ 20 MXN 19,243,139-19,243,139 5.16 +/- 5 -/+ 916 MYR 12,947,863-12,947,863 3.47 +/- 5 -/+ 617 PHP 3,374,498-3,374,498 0.91 +/- 5 -/+ 161 PLN 5,785,791-5,785,791 1.55 +/- 5 -/+ 276 RUB 18,588,530-18,588,530 4.99 +/- 5 -/+ 885 THB 9,019,540-9,019,540 2.42 +/- 5 -/+ 430 TRY 7,342,606-7,342,606 1.97 +/- 5 -/+ 350 TWD 39,586,902-39,586,902 10.62 +/- 5 -/+ 1,885 USD 7,626,702-7,626,702 2.05 +/- 5 -/+ 363 ZAR 28,694,884-28,694,884 7.70 +/- 5 -/+ 1,366 Total: BlackRock CDN MSCI Emerging Markets Index Fund 372,796,747-372,796,747 100.00 -/+ 17,754 BlackRock CDN MSCI EAFE Index Plus Fund AUD 56,914,323-56,914,323 8.95 +/- 5 -/+ 2,710 CHF 55,417,638-55,417,638 8.71 +/- 5 -/+ 2,639 DKK 7,263,031-7,263,031 1.14 +/- 5 -/+ 346 EUR 184,423,127-184,423,127 29.00 +/- 5 -/+ 8,782 GBP 142,419,733-142,419,733 22.40 +/- 5 -/+ 6,782 ILS 3,454,802-3,454,802 0.54 +/- 5 -/+ 165 HKD 19,866,849-19,866,849 3.12 +/- 5 -/+ 946 JPY 127,011,277-127,011,277 19.97 +/- 5 -/+ 6,048 NOK 5,857,694-5,857,694 0.92 +/- 5 -/+ 279 NZD 793,145-793,145 0.12 +/- 5 -/+ 38 SEK 19,857,097-19,857,097 3.12 +/- 5 -/+ 946 SGD 11,514,331-11,514,331 1.81 +/- 5 -/+ 548 USD 1,133,151-1,133,151 0.18 +/- 5 -/+ 54 Total: BlackRock CDN MSCI EAFE Index Plus Fund 635,926,198-635,926,198 99.98 -/+ 30,283 BlackRock CDN Global Equity Focus Fund CHF 3,950,499-3,950,499 5.27 +/- 5 -/+ 188 EUR 6,844,366-6,844,366 9.13 +/- 5 -/+ 326 GBP 12,492,430-12,492,430 16.66 +/- 5 -/+ 595 344
Notes to Financial Statements December 31, 2012 As at December 31, 2012 Fund Currency Financial Instruments (CAD) Forward Currency Contracts (CAD) Net Exposure (CAD) Net Exposure as a Percentage of Net Assets (%) Change in CAD Currency (%) Effect on Net Assets (000 s CAD) IDR 1,100,322-1,100,322 1.47 +/- 5 -/+ 52 JPY 2,279,839-2,279,839 3.04 +/- 5 -/+ 109 KRW 742,677-742,677 0.99 +/- 5 -/+ 35 SEK 2,760,719-2,760,719 3.68 +/- 5 -/+ 131 USD 43,728,510-43,728,510 58.31 +/- 5 -/+ 2,082 Total: BlackRock CDN Global Equity Focus Fund 73,899,362-73,899,362 98.55 -/+ 3,518 BlackRock CDN Global Developed Real Estate Index Fund AUD 29,853,318-29,853,318 8.12 +/- 5 -/+ 1,422 CHF 4,398,351-4,398,351 1.20 +/- 5 -/+ 209 EUR 23,806,158-23,806,158 6.47 +/- 5 -/+ 1,134 GBP 18,997,800-18,997,800 5.16 +/- 5 -/+ 905 HKD 38,563,952-38,563,952 10.48 +/- 5 -/+ 1,836 ILS 347,981-347,981 0.09 +/- 5 -/+ 17 JPY 40,354,505-40,354,505 10.97 +/- 5 -/+ 1,922 NOK 283,272-283,272 0.08 +/- 5 -/+ 13 NZD 342,751-342,751 0.09 +/- 5 -/+ 16 SEK 3,862,416-3,862,416 1.05 +/-5 -/+ 184 SGD 18,864,564-18,864,564 5.13 +/-5 -/+ 898 USD 168,384,849-168,384,849 45.78 +/-5 -/+ 8,018 Total: BlackRock CDN Global Developed Real Estate Index Fund 348,059,917-348,059,917 94.62 16,574 BlackRock CDN Global Infrastructure Equity Index Fund AUD 9,037,833-9,037,833 4.32 +/- 5 -/+ 430 CHF 621,674-621,674 0.30 +/-5 -/+ 30 EUR 25,978,459-25,978,459 12.40 +/- 5 -/+ 1,237 GBP 22,381,579-22,381,579 10.69 +/- 5 -/+ 1,066 HKD 10,938,273-10,938,273 5.22 +/- 5 -/+ 521 JPY 5,131,850-5,131,850 2.45 +/- 5 -/+ 244 NZD 794,440-794,440 0.38 +/- 5 -/+ 38 USD 102,440,183-102,440,183 48.91 +/- 5 -/+ 4,878 Total: BlackRock CDN Global Infrastructure Equity Index Fund 177,324,291-177,324,291 84.67 8,444 BlackRock Emerging Markets Fundamental Index Fund BRL 16,593,156-16,593,156 17.57 +/- 5 -/+ 790,150 CZK 739,681-739,681 0.78 +/- 5 -/+ 35,223 HKD 16,869,884-16,869,884 17.86 +/- 5 -/+ 803,328 HUF 1,025,808-1,025,808 1.09 +/- 5 -/+ 48,848 IDR 425,408-425,408 0.45 +/- 5 -/+ 20,258 INR 3,175,786-3,175,786 3.36 +/- 5 -/+ 151,228 MXN 2,778,326-2,778,326 2.94 +/- 5 -/+ 132,301 MYR 2,127,892-2,127,892 2.25 +/- 5 -/+ 101,328 PLN 2,850,268-2,850,268 3.02 +/- 5 -/+ 135,727 THB 1,824,825-1,824,825 1.93 +/- 5 -/+ 86,896 TRY 2,864,141-2,864,141 3.03 +/- 5 -/+ 136,388 TWD 16,952,171-16,952,171 17.95 +/- 5 -/+ 807,246 USD 18,359,927-18,359,927 19.44 +/- 5 -/+ 874,282 ZAR 9,809,785-9,809,785 10.39 +/- 5 -/+ 467,133 Total: BlackRock Emerging Markets Fundamental Index Fund 96,397,058-96,397,058 102.06 -/+ 4,590,336 345
Notes to Financial Statements December 31, 2012 As at December 31, 2011 Fund Currency Financial Instruments (CAD) Forward Currency Contracts (CAD) Net Exposure (CAD) Net Exposure as a Percentage of Net Assets (%) Change in CAD Currency (%) Effect on Net Assets (000 s CAD) BlackRock CDN US Equity Index Non- Taxable Fund USD 3,685,899,868-3,685,899,868 100.00 +/-5 -/+ 175,519 BlackRock CDN US Equity Index Plus Non- Taxable Fund USD 185,635,793-185,635,793 99.84 +/-5 -/+ 8,840 BlackRock CDN US Equity Index Fund USD 1,775,509,135-1,775,509,135 100.00 +/-5 -/+ 84,548 BlackRock CDN US Alpha Tilts Non-Taxable Fund USD 454,355,997-454,355,997 99.98 +/-5 -/+ 21,636 BlackRock CDN Russell 3000 Index Non- Taxable Fund USD 376,426,852-376,426,852 99.70 +/-5 -/+ 17,925 BlackRock Canada CorePlus Long Bond Fund USD 391,054,033 (364,502,498) 26,551,535 3.45 +/-5 -/+ 1,264 BlackRock Balanced Moderate Index DC Fund USD 64,842,717-64,842,717 7.06 +/-5 -/+ 3,088 BlackRock Balanced Conservative Index DC Fund USD 27,837,715-27,837,715 5.68 +/-5 -/+ 1,326 BlackRock Balanced Aggressive Index DC Fund USD 18,702,872-18,702,872 8.34 +/-5 -/+ 891 BlackRock CDN LifePath Retirement Index Fund I USD 15,619,031-15,619,031 12.03 +/-5 -/+ 744 BlackRock CDN LifePath Index 2010 Retirement Fund USD 13,781,918-13,781,918 11.80 +/-5 -/+ 656 BlackRock CDN LifePath 2015 Index Fund USD 50,218,871-50,218,871 13.92 +/-5 -/+ 2,391 BlackRock CDN LifePath 2020 Index Fund USD 113,800,351-113,800,351 15.79 +/-5 -/+ 5,419 BlackRock CDN LifePath 2025 Index Fund USD 85,549,289-85,549,289 18.10 +/-5 -/+ 4,074 BlackRock CDN LifePath 2030 Index Fund USD 96,474,863-96,474,863 18.72 +/-5 -/+ 4,594 BlackRock CDN LifePath 2035 Index Fund USD 54,156,697-54,156,697 19.51 +/-5 -/+ 2,579 BlackRock CDN LifePath 2040 Index Fund USD 50,895,442-50,895,442 19.14 +/-5 -/+ 2,424 BlackRock CDN LifePath 2045 Index Fund USD 23,386,672-23,386,672 18.95 +/-5 -/+ 1,114 BlackRock Balanced Active Fund USD 11,280,119-11,280,119 35.20 +/-5 -/+ 537 BlackRock CDN MSCI EAFE Equity Index Fund AUD 181,291,508-181,291,508 8.58 +/-5 -/+ 8,633 CHF 183,666,055-183,666,055 8.70 +/-5 -/+ 8,746 DKK 22,106,792-22,106,792 1.05 +/-5 -/+ 1,053 EUR 581,812,579-581,812,579 27.55 +/-5 -/+ 27,705 GBP 492,462,692-492,462,692 23.32 +/-5 -/+ 23,451 HKD 58,979,179-58,979,179 2.79 +/-5 -/+ 2,809 ILS 13,696,950-13,696,950 0.65 +/-5 -/+ 652 JPY 455,421,076-455,421,076 21.57 +/-5 -/+ 21,687 NOK 19,556,803-19,556,803 0.93 +/-5 -/+ 931 NZD 2,452,036-2,452,036 0.12 +/-5 -/+ 117 SEK 64,935,394-64,935,394 3.07 +/-5 -/+ 3,092 SGD 34,359,109-34,359,109 1.63 +/-5 -/+ 1,636 USD 550,066-550,066 0.03 +/-5 -/+ 26 Total: BlackRock CDN MSCI EAFE Equity Index Fund 2,111,290,239-2,111,290,239 99.97 -/+ 100,538 BlackRock CDN MSCI ACWI ex-canada Index Fund USD 17,390,124.03-17,390,124.03 13.35 +/-5 -/+ 828 BlackRock CDN MSCI Emerging Markets Index Fund BRL 39,801,015-39,801,015 14.94 +/-5 -/+ 1,895 CLP 4,726,264-4,726,264 1.77 +/-5 -/+ 225 CNY 28,975-28,975 0.01 +/-5 -/+ 1 346
Notes to Financial Statements December 31, 2012 As at December 31, 2011 Fund Currency Financial Instruments (CAD) Forward Currency Contracts (CAD) Net Exposure (CAD) Net Exposure as a Percentage of Net Assets (%) Change in CAD Currency (%) Effect on Net Assets (000 s CAD) COP 2,552,837-2,552,837 0.96 +/-5 -/+ 122 CZK 931,658-931,658 0.35 +/-5 -/+ 44 EGP 697,994-697,994 0.26 +/-5 -/+ 33 HKD 47,130,560-47,130,560 17.69 +/-5 -/+ 2,244 HUF 759,590-759,590 0.29 +/-5 -/+ 36 IDR 7,884,024-7,884,024 2.96 +/-5 -/+ 375 INR 15,282,908-15,282,908 5.74 +/-5 -/+ 728 KRW 39,766,625-39,766,625 14.93 +/-5 -/+ 1,894 MAD 424,543-424,543 0.16 +/-5 -/+ 20 MXN 12,445,208-12,445,208 4.67 +/-5 -/+ 593 MYR 9,424,277-9,424,277 3.54 +/-5 -/+ 449 PEN 113,341-113,341 0.04 +/-5 -/+ 5 PHP 1,958,690-1,958,690 0.74 +/-5 -/+ 93 PLN 3,620,929-3,620,929 1.36 +/-5 -/+ 172 RUB 14,445,084-14,445,084 5.42 +/-5 -/+ 688 THB 5,079,874-5,079,874 1.91 +/-5 -/+ 242 TRY 3,310,762-3,310,762 1.24 +/-5 -/+ 158 TWD 9,645-9,645 0.00 +/-5 -/+ - USD 6,049,691-6,049,691 2.27 +/-5 -/+ 288 ZAR 20,862,466-20,862,466 7.83 +/-5 -/+ 993 Total: BlackRock CDN MSCI Emerging Markets Index Fund 237,306,960-237,306,960 89.09 -/+ 11,298 BlackRock CDN MSCI EAFE Index Plus Fund AUD 47,592,720-47,592,720 8.57 +/-5 -/+ 2,266 CHF 47,542,925-47,542,925 8.56 +/-5 -/+ 2,264 DKK 5,743,342-5,743,342 1.03 +/-5 -/+ 273 EUR 152,448,068-152,448,068 27.46 +/-5 -/+ 7,259 GBP 129,730,302-129,730,302 23.36 +/-5 -/+ 6,178 HKD 15,293,189-15,293,189 2.75 +/-5 -/+ 728 ILS 3,609,073-3,609,073 0.65 +/-5 -/+ 172 JPY 118,569,065-118,569,065 21.35 +/-5 -/+ 5,646 NOK 5,178,702-5,178,702 0.93 +/-5 -/+ 247 NZD 735,606-735,606 0.13 +/-5 -/+ 35 SEK 17,002,455-17,002,455 3.06 +/-5 -/+ 810 SGD 8,948,531-8,948,531 1.61 +/-5 -/+ 426 USD 2,835,585-2,835,585 0.51 +/-5 -/+ 135 Total: BlackRock CDN MSCI EAFE Index Plus Fund 555,229,563-555,229,563 100.00 -/+ 26,439 BlackRock CDN Global Equity Focus Fund BRL 789,947-789,947 1.54 +/-5 -/+ 38 CHF 5,123,033 (1,774,120) 3,348,913 6.52 +/-5 -/+ 159 EUR 8,409,084 (642,994) 7,766,090 15.13 +/-5 -/+ 370 GBP 5,126,103-5,126,103 9.99 +/-5 -/+ 244 HKD 1,104,656-1,104,656 2.15 +/-5 -/+ 53 JPY 3,275,467 652,345 3,927,812 7.65 +/-5 -/+ 187 USD 24,765,602 1,785,840 26,551,442 51.72 +/-5 -/+ 1,264 ZAR 603,143-603,143 1.17 +/-5 -/+ 29 Total: BlackRock CDN Global Equity Focus Fund 49,197,035 21,071 49,218,106 95.88 -/+ 2,344 347
Notes to Financial Statements December 31, 2012 As at December 31, 2011 Fund Currency Financial Instruments (CAD) Forward Currency Contracts (CAD) Net Exposure (CAD) Net Exposure as a Percentage of Net Assets (%) Change in CAD Currency (%) Effect on Net Assets (000 s CAD) BlackRock Emerging Markets Fundamental Index Fund BRL 4,348,772-4,348,772 17.93 +/-5 -/+ 207,084 CZK 204,912-204,912 0.84 +/-5 -/+ 9,758 HKD 3,881,175-3,881,175 16.00 +/-5 -/+ 184,818 HUF 160,269-160,269 0.66 +/-5 -/+ 7,632 IDR 423,336-423,336 1.75 +/-5 -/+ 20,159 INR 1,378,431-1,378,431 5.68 +/-5 -/+ 65,640 MXN 1,345,263-1,345,263 5.55 +/-5 -/+ 64,060 PLN 449,368-449,368 1.85 +/-5 -/+ 21,398 THB 446,064-446,064 1.84 +/-5 -/+ 21,241 TWD 4,475,451-4,475,451 18.45 +/-5 -/+ 213,117 USD 5,105,362-5,105,362 21.05 +/-5 -/+ 243,112 ZAR 2,924,111-2,924,111 12.05 +/-5 -/+ 139,243 Total: BlackRock Emerging Markets Fundamental Index Fund 25,142,514-25,142,514 103.65 -/+ 1,197,263 The direct exposure to currency risk for the Funds that are invested in other funds d in Canadian dollars is minimal. If the underlying funds are d in currencies other than Canadian dollars, the direct exposure to currency risk can be material. The Funds invested in other funds that are d in Canadian dollars may have indirect exposure to currency risk if underlying funds are invested in financial instruments that are denominated in currencies other than Canadian dollars. d. Interest rate risk Interest rate risk arises on interest bearing financial instruments, such as bonds and fixed income derivatives held in an investment portfolio. The Funds are exposed to the risk that the of interest bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. Tables below summarize the fixed income Funds fair market exposure, categorized by maturity date or repricing date, whichever is earlier, and not including notional exposure, to interest rate risk as well as management s estimate of the interest rate sensitivity of the net assets due to a 1% change in interest rates, assuming a parallel shift in the yield curve, with all other factors remaining constant, as at December 31, 2012 and December 31, 2011. Interest rate sensitivity for each Fund is determined based on the weighted average of modified duration of the portfolio. In practice, actual results may differ from this sensitivity analysis and the differences can be material. As at December 31, 2012 Fund <1 year (CAD) 1-3 years (CAD) 3-5 years (CAD) >5 years (CAD) Total (CAD)* Change in Rate (%) Effect on Net Assets (000 s CAD) BlackRock Canada Universe Bond Index Fund - 1,560,800,758 1,275,323,287 3,794,905,804 6,631,029,849 +/-1 -/+ 465,831 BlackRock Canada ex-bbb Universe Bond Index Fund - 59,324,051 48,272,220 138,791,160 246,387,431 +/-1 -/+ 17,374 BlackRock Canada Real Return Bond Index Fund - - - 912,628,751 912,628,751 +/- 1 -/+ 148,581 BlackRock Canada Long Bond Index Fund - - - 9,273,510,310 9,273,510,310 +/- 1 -/+ 1,322,349 BlackRock Canada Long Government Bond Index Fund - - - 420,300,009 420,300,009 +/- 1 -/+ 60,800 BlackRock Canada All Government Bond Index Fund - 40,442,037 26,151,538 90,890,789 157,484,364 +/- 1 -/+ 11,627 BlackRock Canada Credit-Screened Bond Index Fund - 50,879,369 69,626,930 166,989,195 287,495,494 +/-1 -/+ 17,417 BlackRock Canada CoreActive Universe Bond Fund - 21,940,728 19,674,304 53,905,157 95,520,189 +/-1 -/+ 6,696 348
Notes to Financial Statements December 31, 2012 As at December 31, 2012 Fund <1 year (CAD) 1-3 years (CAD) 3-5 years (CAD) >5 years (CAD) Total (CAD)* Change in Rate (%) Effect on Net Assets (000 s CAD) BlackRock Canada CorePlus Long Bond Fund (516,652,187) - - 1,062,348,704 545,696,517 +/-1 -/+ 157,181 BlackRock Canada CorePlus Universe Bond Fund (52,317,081) 24,460,390 19,524,807 58,237,926 49,906,042 +/- 1 -/+ 7,754 BlackRock CDN Short Term Index Fund 177,540,253 - - - 177,540,253 +/- 1 -/+ 214 As at December 31, 2011 Fund <1 year (CAD) 1-3 years (CAD) 3-5 years (CAD) >5 years (CAD) Total (CAD)* Change in Rate (%) Effect on Net Assets (000 s CAD) BlackRock Canada Universe Bond Index Fund - 1,698,768,234 1,457,732,786 4,064,556,818 7,221,057,838 +/- 1 -/+ 498,506 BlackRock Canada ex-bbb Universe Bond Index Fund - 141,227,637 117,769,373 325,951,084 584,948,094 +/- 1 -/+ 40,257 BlackRock Canada Real Return Bond Index Fund - 5,068,153-787,429,394 792,497,547 +/- 1 -/+ 129,566 BlackRock Canada Long Bond Index Fund - - - 7,356,149,212 7,356,149,212 +/- 1 -/+ 1,027,916 BlackRock Canada Long Government Bond Index Fund - - - 574,171,451 574,171,451 +/- 1 -/+ 81,884 BlackRock Canada All Government Bond Index Fund - 44,623,003 29,304,037 90,545,579 164,472,619 +/- 1 -/+ 11,803 BlackRock Canada Credit-Screened Bond Index Fund - 22,418,646 36,972,483 99,942,311 159,333,440 +/- 1 -/+ 9,536 BlackRock Canada CoreActive Universe Bond Fund - 18,713,581 19,171,301 52,906,096 90,790,978 +/- 1 -/+ 6,550 BlackRock Canada CorePlus Long Bond Fund (392,091,386) - - 753,710,808 361,619,422 +/- 1 -/+ 107,701 BlackRock Canada CorePlus Universe Bond Fund (10,820,178) 22,300,586 18,282,127 53,274,534 83,037,069 +/- 1 -/+ 6,835 BlackRock CDN Short Term Index Fund 51,897,513 - - - 51,897,513 +/- 1 -/+ 41 * Excludes cash, cash equivalents and investments in other funds The tables below summarize net notional derivatives futures exposure of fixed income Funds to interest rate risk as at December 31, 2012 and December 31, 2011, respectively, categorized by maturity date. As at December 31, 2012 Fund <1 year (CAD) 1-3 years (CAD) 3-5 years (CAD) >5 years (CAD) Total (CAD) BlackRock Canada CoreActive Universe Bond Fund - - - (130,699) (130,699) BlackRock Canada CorePlus Universe Bond Fund - - - (130,699) (130,699) As at December 31, 2011 Fund <1 year (CAD) 1-3 years (CAD) 3-5 years (CAD) >5 years (CAD) Total (CAD) BlackRock Canada CoreActive Universe Bond Fund - - - 112,207 112,207 Funds invested in other funds may be exposed to indirect interest rate risk in the event the underlying funds are invested in interest bearing financial instruments. Certain funds are exposed to underlying funds through swap contracts see Note 6. e. Other market risk Other market risk is the risk that the of financial instruments may fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk). All securities present the risk of loss of capital due to market risk. The Funds moderate this risk through the use of various investment strategies within the parameters of the Funds investment guidelines. 349
Notes to Financial Statements December 31, 2012 Management s estimate of the effect on net assets due to a reasonable possible change in indices, with all other variables held constant, is shown in the tables below presenting the data as at December 31, 2012 and as at December 31, 2011. The estimate is calculated based on the percentage of a Fund s total net assets that are invested in financial instruments constituting the primary index. In practice the actual results may differ from the sensitivity analysis below and the differences can be material. Certain Funds engage in short selling activities, wherein it borrows securities and sells them to third parties. Until the Fund covers its short sales, it is exposed to market risk to the extent that subsequent market fluctuations may require purchasing securities sold, not yet purchased, at prices which may be significantly higher than the fair reflected in the financial statements. The Fund s collateral pledged to brokers is partially restricted until the Fund satisfies the obligation to deliver the securities sold, not yet purchased. As at December 31, 2012 Fund Market Indices Change in Market Prices (%) Effect on Net Assets (000 s CAD) BlackRock Canadian Equity Index Fund S&P/TSX Capped Composite Index +/- 10 +/- 409,663 BlackRock CDN MSCI Canada IMI Index Fund MSCI Canada IMI Index +/- 10 +/- 112,628 BlackRock CDN US Equity Index Non-Taxable Fund S&P 500 Index +/- 10 +/- 424,310 BlackRock CDN US Equity Index Plus Non-Taxable Fund S&P 500 Index +/- 10 +/- 26,362 BlackRock CDN US Equity Index Hedged Non-Taxable Fund S&P 500 Index +/- 10 +/- 80,501 BlackRock CDN US Equity Index Fund S&P 500 Index +/- 10 +/- 268,817 BlackRock CDN US Alpha Tilts Non-Taxable Fund S&P 500 Index +/- 10 +/- 43,403 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund S&P 500 Index +/- 10 +/- 2,852 BlackRock CDN Russell 3000 Index Non-Taxable Fund Russell 3000 Index +/- 10 +/- 39,453 BlackRock Active Canadian Equity Fund S&P/TSX Capped Composite Index +/- 10 +/- 207,954 BlackRock Active Canadian Equity Ex-Income Trusts Fund S&P/TSX Capped Composite Index +/- 10 +/- 53,238 BlackRock Active Canadian Equity DC Fund S&P/TSX Capped Composite Index +/- 10 +/- 66,728 BlackRock Active Canadian Equity Small Cap Fund S&P/TSX Capped Composite Index +/- 10 +/- 7,876 BlackRock Canada Alpha Advantage Fund S&P/TSX Capped Composite Index +/- 10 +/- 35,139 BlackRock Canada Universe Bond Index Fund DEX Universe Bond Index +/- 10 +/- 662,707 BlackRock Canada ex-bbb Universe Bond Index Fund DEX Universe Bond Index +/- 10 +/- 24,635 BlackRock Canada Real Return Bond Index Fund DEX Real Return Bond Index +/- 10 +/- 91,308 BlackRock Canada Long Bond Index Fund DEX Long Term Bond Index +/- 10 +/- 927,717 BlackRock Canada Long Government Bond Index Fund DEX Long Term Government Bond Index +/- 10 +/- 42,017 BlackRock Canada All Government Bond Index Fund DEX Universe All Government Bond Index +/- 10 +/- 15,746 BlackRock Canada Credit-Screened Bond Index Fund DEX Universe All Corporate Bond Index +/- 10 +/- 28,735 BlackRock Canada CoreActive Universe Bond Fund DEX Universe Bond Index +/- 10 +/- 9,552 BlackRock Canada CorePlus Long Bond Fund DEX Long Term Bond Index +/- 10 +/- 158,692 BlackRock Canada CorePlus Universe Bond Fund DEX Universe Bond Index +/- 10 +/- 15,354 BlackRock Canada Levered Long Bond Index Fund DEX Long Term Bond Index +/- 10 +/- 11,260 BlackRock Canada Levered Real Return Bond Index Fund DEX Real Return Bond Index +/- 10 +/- 8,184 BlackRock CDN Short Term Index Fund DEX 91 Day T-Bill Index +/- 10 +/- 17,755 BlackRock CDN MSCI EAFE Equity Index Fund MSCI EAFE Index +/- 10 +/- 284,418 BlackRock CDN MSCI EAFE Index Hedged Fund MSCI EAFE Index +/- 10 +/- 19,152 BlackRock CDN MSCI Emerging Markets Index Fund MSCI Emerging Markets Index +/- 10 +/- 37,061 BlackRock CDN MSCI EAFE Index Plus Fund MSCI EAFE Index +/- 10 +/- 62,829 BlackRock CDN Global Equity Focus Fund MSCI World Index +/- 10 +/- 7,470 BlackRock CDN Global Developed Real Estate Index Fund FTSE EPRA/NAREIT Developed Index +/- 10 +/- 36,636 BlackRock CDN Global Infrastructure Equity Index Fund Dow Jones Brookfield Global Infrastructure Index +/- 10 +/- 20,838 BlackRock CDN Emerging Markets Fundamental Index Fund FTSE RAFI Emerging Index +/- 10 +/- 9,562 350
Notes to Financial Statements December 31, 2012 The table below summarizes the other market risk impact for Funds invested in other funds as at December 31, 2012. Had the indices of the underlying funds in which the Funds invested increased or decreased by 10%, the net assets of the Funds invested in other funds would have increased or decreased by approximately 10% in proportion to the amount of such investment in underlying funds. As at December 31, 2012 Fund Change in Market Prices (%) Effect on Net Assets (000 s CAD) BlackRock Balanced Moderate Index DC Fund +/- 10 +/- 108,527 BlackRock Balanced Conservative Index DC Fund +/- 10 +/- 59,576 BlackRock Balanced Aggressive Index DC Fund +/- 10 +/- 26,703 BlackRock CDN LifePath Retirement Index Fund I +/- 10 +/- 20,258 BlackRock CDN LifePath Index 2010 Retirement Fund +/- 10 +/- 11,726 BlackRock CDN LifePath 2015 Index Fund +/- 10 +/- 51,567 BlackRock CDN LifePath 2020 Index Fund +/- 10 +/- 104,529 BlackRock CDN LifePath 2025 Index Fund +/- 10 +/- 80,978 BlackRock CDN LifePath 2030 Index Fund +/- 10 +/- 80,918 BlackRock CDN LifePath 2035 Index Fund +/- 10 +/- 49,090 BlackRock CDN LifePath 2040 Index Fund +/- 10 +/- 42,858 BlackRock CDN LifePath 2045 Index Fund +/- 10 +/- 26,361 BlackRock CDN LifePath 2050 Index Fund +/- 10 +/- 695 BlackRock Balanced Active Fund +/- 10 +/- 3,506 BlackRock CDN Global Market Selection Fund +/- 10 +/- 71,161 BlackRock CDN MSCI ACWI ex-canada Index Fund +/- 10 +/- 36,982 As at December 31, 2011 Fund Market Indices Change in Market Prices (%) Effect on Net Assets (000 s CAD) BlackRock Canadian Equity Index Fund S&P/TSX Capped Composite Index +/- 10 +/- 319,348 BlackRock Canadian Equity Ex-Trusts Index Fund S&P/TSX Equity Index +/- 10 +/- 8,438 BlackRock CDN MSCI Canada IMI Index Fund MSCI Canada IMI Index +/- 10 +/- 95,502 BlackRock CDN US Equity Index Non-Taxable Fund S&P 500 Index +/- 10 +/- 359,386 BlackRock CDN US Equity Index Plus Non-Taxable Fund S&P 500 Index +/- 10 +/- 18,295 BlackRock CDN US Equity Index Hedged Non-Taxable Fund S&P 500 Index +/- 10 +/- 75,501 BlackRock CDN US Equity Index Fund S&P 500 Index +/- 10 +/- 173,290 BlackRock CDN US Alpha Tilts Non-Taxable Fund S&P 500 Index +/- 10 +/- 45,170 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund S&P 500 Index +/- 10 +/- 2,387 BlackRock CDN Russell 3000 Index Non-Taxable Fund Russell 3000 Index +/- 10 +/- 37,491 BlackRock Active Canadian Equity Fund S&P/TSX Index +/- 10 +/- 163,046 BlackRock Active Canadian Equity Ex-Income Trusts Fund S&P/TSX Equity Index +/- 10 +/- 121,344 BlackRock Active Canadian Equity DC Fund S&P/TSX Equity Index +/- 10 +/- 52,043 BlackRock Active Canadian Equity Small Cap Fund S&P/TSX Equity Completion Index +/- 10 +/- 13,258 BlackRock Canada Alpha Advantage Fund S&P/TSX Capped Composite Index +/- 10 +/- 12,669 BlackRock Canada Universe Bond Index Fund DEX Universe Bond Index +/- 10 +/- 722,325 BlackRock Canada ex-bbb Universe Bond Index Fund DEX Universe Bond Index +/- 10 +/- 58,502 BlackRock Canada Real Return Bond Index Fund DEX Real Return Bond Index +/- 10 +/- 79,281 BlackRock Canada Long Bond Index Fund DEX Long Term Bond Index +/- 10 +/- 735,287 BlackRock Canada Long Government Bond Index Fund DEX Long Term Government Bond Index +/- 10 +/- 57,406 BlackRock Canada All Government Bond Index Fund DEX Universe All Government Bond Index +/- 10 +/- 16,447 BlackRock Canada Credit-Screened Bond Index Fund DEX Universe All Corporate Bond Index +/- 10 +/- 15,931 BlackRock Canada CoreActive Universe Bond Fund DEX Universe Bond Index +/- 10 +/- 9,080 BlackRock Canada CorePlus Long Bond Fund DEX Long Term Bond Index +/- 10 +/- 114,480 BlackRock Canada CorePlus Universe Bond Fund DEX Universe Bond Index +/- 10 +/- 14,270 351
Notes to Financial Statements December 31, 2012 As at December 31, 2011 Fund Market Indices Change in Market Prices (%) Effect on Net Assets (000 s CAD) BlackRock Canada Levered Long Bond Index Fund DEX Long Term Bond Index +/- 10 +/- 7,831 BlackRock Canada Levered Real Return Bond Index Fund DEX Real Return Bond Index +/- 10 +/- 7,986 BlackRock CDN Short Term Index Fund DEX 91 Day T-Bill Index +/- 10 +/- 5,189 BlackRock CDN MSCI EAFE Equity Index Fund MSCI EAFE Index +/- 10 +/- 209,707 BlackRock CDN MSCI EAFE Index Hedged Fund MSCI EAFE Index +/- 10 +/- 39,514 BlackRock CDN MSCI Emerging Markets Index Fund MSCI Emerging Markets Index +/- 10 +/- 26,585 BlackRock CDN MSCI EAFE Index Plus Fund MSCI EAFE Index +/- 10 +/- 54,969 BlackRock CDN Global Equity Focus Fund MSCI World Index +/- 10 +/- 5,010 BlackRock CDN Emerging Markets Fundamental Index Fund FTSE RAFI Emerging Index +/- 10 +/- 2,492 As at December 31, 2011 Fund Change in Market Prices (%) Effect on Net Assets (000 s CAD) BlackRock Balanced Moderate Index DC Fund +/- 10 +/- 91,673 BlackRock Balanced Conservative Index DC Fund +/- 10 +/- 48,923 BlackRock Balanced Aggressive Index DC Fund +/- 10 +/- 22,372 BlackRock CDN LifePath Retirement Index Fund I +/- 10 +/- 12,950 BlackRock CDN LifePath Index 2010 Retirement Fund +/- 10 +/- 11,652 BlackRock CDN LifePath 2015 Index Fund +/- 10 +/- 36,006 BlackRock CDN LifePath 2020 Index Fund +/- 10 +/- 71,908 BlackRock CDN LifePath 2025 Index Fund +/- 10 +/- 47,177 BlackRock CDN LifePath 2030 Index Fund +/- 10 +/- 51,423 BlackRock CDN LifePath 2035 Index Fund +/- 10 +/- 27,700 BlackRock CDN LifePath 2040 Index Fund +/- 10 +/- 26,541 BlackRock CDN LifePath 2045 Index Fund +/- 10 +/- 12,304 BlackRock Balanced Active Fund +/- 10 +/- 3,201 BlackRock CDN Global Market Selection Fund +/- 10 +/- 86,974 BlackRock CDN MSCI ACWI ex-canada Index Fund +/- 10 +/- 13,017 f. Credit risk The Funds are exposed to credit risk, which is the risk that the counterparty will be unable to pay amounts to the Funds or deliver securities in full to the Fund when due. All transactions in listed securities are settled (paid for) using approved brokers on delivery. The risk of default is considered minimal, as delivery of securities sold by a Fund is only made when the broker has received payment. Payment from the Fund is made on a purchase when the securities have been received by the broker. A trade will fail if either party fails to meet its obligations. A short seller can be exposed to credit risk for the amount of collateral pledged to the broker if the terms of the agreement with the broker are unable to be met. The Funds seek to control this risk through counterparty credit evaluations, approvals and exposure monitoring procedures undertaken by BlackRock Canada and its affiliates. Credit risk arising on debt instruments is mitigated by investing primarily in instruments that have been rated as investment grade or above by independent third party rating agencies. Similarly, credit risk arising on forward currency contracts is mitigated by investing primarily in instruments issued by counterparties who have been rated as having a superior ability to repay short-term debt by third party rating agencies. Risks may arise as a result of the failure of the counterparty to a swap contract to comply with the terms of the swap contract. The loss incurred by the failure of counterparty is generally limited to the aggregate of the unrealized appreciation on the swap contracts in an unrealized appreciation position as well as any collateral posted with the counterparty. Therefore, the Fund considers the creditworthiness of each counterparty to a swap contract in evaluating potential credit risk. 352
Notes to Financial Statements December 31, 2012 In a repurchase agreement, the Fund delivers a financial instrument to a counterparty with an agreement to purchase the same financial instrument back from the purchaser at an agreed upon price and date. In connection with the agreement, the Fund pledges collateral to the counterparty made up of cash, securities issued by the U.S. government or its agencies or sponsored entities, commercial paper, corporate debt obligations, or other financial instruments. Collateral is marked-to-market daily and additional collateral is pledged as required by the counterparty. In connection with such agreements, if the counterparty defaults or enters an insolvency proceeding, return of the collateral may be delayed or limited. The tables below summarize information on credit ratings of the Funds holdings for those Funds that had direct investments in debt securities and derivatives as at December 31, 2012 and December 31, 2011, respectively: As at December 31, 2012 Fund A/A 3 AA/Aa 3 AAA/Aaa 3 BBB/Bbb 3 P-1/P-2 (Forwards) 4 Total (%) 1 (%) 1 (%) 1 (%) 1 (%) 2 (%) BlackRock Canada Universe Bond Index Fund 22.4 22.6 47.0 8.0-100.0 BlackRock Canada ex-bbb Universe Bond Index Fund 24.7 24.5 50.8 - - 100.0 BlackRock Canada Real Return Bond Index Fund 7.6 6.8 85.6 - - 100.0 BlackRock Canada Long Bond Index Fund 37.8 28.9 33.3 - - 100.0 BlackRock Canada Long Government Bond Index Fund 26.3 33.6 40.1 - - 100.0 BlackRock Canada All Government Bond Index Fund 15.6 19.8 64.6 - - 100.0 BlackRock Canada Credit-Screened Bond Index Fund 40.9 27.6 4.0 27.5-100.0 BlackRock Canada CoreActive Universe Bond Fund 20.1 23.2 47.6 9.1-100.0 BlackRock Canada CorePlus Long Bond Fund 34.9 26.6 30.9 7.6-100.0 BlackRock Canada CorePlus Universe Bond Fund 22.8 22.6 47.2 7.4-100.0 Fund A/A 3 AA/Aa 3 AAA/Aaa 3 BBB/Bbb 3 P-1/P-2 (Forwards) 4 Total (%) 1 (%) 1 (%) 1 (%) 1 (%) 2 (%) BlackRock CDN US Equity Index Hedged Non-Taxable Fund - - - - 100.0 100.0 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund - - - - 100.0 100.0 BlackRock Canada CorePlus Long Bond Fund - - - - 100.0 100.0 BlackRock Canada CorePlus Universe Bond Fund - - - - 100.0 100.0 BlackRock CDN Global Market Selection Fund - - - - 100.0** - BlackRock CDN MSCI EAFE Index Hedged Fund - - - - 100.0 100.0 As at December 31, 2012 Fund Aa1 4 (%) Aa2 4 (%) Aa3 4 (%) Aaa 4 (%) P-1 4 (%) NR (%) Total (%) BlackRock Canada Levered Long Bond Index Fund - 100.0* - - - - 100.0 BlackRock Canada Levered Real Return Bond Index Fund - 100.0* - - - - 100.0 BlackRock CDN Short Term Index Fund - - - 10.1 19.4 70.5 100.0 As at December 31, 2011 Fund A/A 3 AA/Aa 3 AAA/Aaa 3 BBB/Bbb 3 P-1 (Forwards) 4 Total (%) 1 (%) 1 (%) 1 (%) 1 (%) 2 (%) BlackRock Canada Universe Bond Index Fund 19.1 23.0 50.6 7.3-100.0 BlackRock Canada ex-bbb Universe Bond Index Fund 20.5 25.2 54.3 - - 100.0 BlackRock Canada Real Return Bond Index Fund 8.9 7.8 83.3 - - 100.0 BlackRock Canada Long Bond Index Fund 34.5 30.3 35.1 0.1-100.0 BlackRock Canada Long Government Bond Index Fund 23.1 34.4 42.5 - - 100.0 BlackRock Canada All Government Bond Index Fund 12.6 19.8 67.6 - - 100.0 BlackRock Canada Credit-Screened Bond Index Fund 39.0 26.4 1.9 32.7-100.0 BlackRock Canada CoreActive Universe Bond Fund 20.1 23.4 42.6 13.9-100.0 BlackRock Canada CorePlus Long Bond Fund 34.5 29.1 29.1 7.3-100.0 BlackRock Canada CorePlus Universe Bond Fund 19.7 23.7 50.2 6.4-100.0 353
Notes to Financial Statements December 31, 2012 Fund A/A 3 AA/Aa 3 AAA/Aaa 3 BBB/Bbb 3 P-1 (Forwards) 4 Total (%) 1 (%) 1 (%) 1 (%) 1 (%) 2 (%) BlackRock CDN US Equity Index Hedged Non-Taxable Fund - - - - 100.0 100.0 BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund - - - - 100.0 100.0 BlackRock CDN Russell 3000 Index Hedged Non-Taxable Fund - - - - 100.0 100.0 BlackRock Canada CorePlus Long Bond Fund - - - - 100.0 100.0 BlackRock Canada CorePlus Universe Bond Fund - - - - 100.0 100.0 BlackRock CDN Global Market Selection Fund - - - - 100.0 100.0 BlackRock CDN MSCI EAFE Index Hedged Fund - - - - 100.0 100.0 Fund Aa1 4 (%) Aa2 4 (%) Aa3 4 (%) Aaa 4 (%) P-1 4 (%) Total (%) BlackRock Canada Levered Long Bond Index Fund - 100.0* - - - 100.0 BlackRock Canada Levered Real Return Bond Index Fund - 100.0* - - - 100.0 BlackRock CDN Short Term Index Fund 26.3 11.1 2.4 26.6 33.6 100.0 1 Percentage of Fixed Income 2 Percentage of Forward Currency Contracts 3 Source: PC-Bond, a business unit of TSX Inc. 4 Source: Moody s Investors Service - Short Term * Percentage of Total Return Swap Contract ** The P-2 counterparty rating is only applicable to this fund The Funds invested in other funds may be indirectly exposed to credit risk in the event that the underlying funds invest in debt instruments and derivatives. Each Fund may enter into securities lending transactions with a counterparty whereby the Fund temporarily exchanges securities for collateral with a commitment by the counterparty to deliver the same securities on a future date. Credit risk associated with these transactions is considered minimal as the credit risk arising on debt instruments is mitigated by investing primarily in instruments that have been rated as investment grade or above by independent third party rating agencies. Additionally, the of cash or securities held as collateral must be at least 102% of the fair market of securities loaned. Similarly, credit risk arising on forward currency contracts and swap contracts are mitigated by investing primarily in instruments issued by counterparties who have been rated as having a superior ability to repay short-term debt by third party rating agencies. g. Liquidity risk The Funds exposure to liquidity risk is concentrated mainly in the cash redemptions of units. Therefore, a Fund generally invests the majority of its assets in investments that are traded in active markets and can be readily sold. In addition, the Funds generally retain sufficient cash and cash equivalents to maintain anticipated ongoing liquidity. The Funds may, from time to time, enter into over-the-counter derivative contracts that are not traded in an organized market and may be illiquid. The Funds also have the ability to borrow for the purpose of redeeming units. No such borrowing occurred during the year. Maturity dates of derivative contracts and repurchase agreements are disclosed in each relevant note. Short sales are due on demand and trade payables are due within three months. 13. Brokers commissions Commissions paid to brokers for portfolio transactions for periods ended December 31, 2012 and December 31, 2011 are summarized below: Fund 2012 2011 BlackRock Canadian Equity Index Fund $414,924 $410,973 BlackRock Canadian Equity Ex-Trusts Index Fund 13,334 37,886 BlackRock CDN MSCI Canada IMI Index Fund 48,264 115,906 BlackRock CDN US Equity Index Non-Taxable Fund 92,950 85,433 BlackRock CDN US Equity Index Plus Non-Taxable Fund 29,613 47,249 BlackRock CDN US Equity Index Fund 95,359 31,486 BlackRock CDN US Alpha Tilts Non-Taxable Fund 479,117 555,681 BlackRock CDN Russell 3000 Index Non-Taxable Fund 16,016 53,961 BlackRock Active Canadian Equity Fund 2,887,399 2,445,406 BlackRock Active Canadian Equity Ex-Income Trusts Fund 1,465,191 2,219,072 354
Notes to Financial Statements December 31, 2012 Fund 2012 2011 BlackRock Active Canadian Equity DC Fund $1,054,977 $808,844 BlackRock Active Canadian Equity Small Cap Fund 404,839 504,690 BlackRock Canada Alpha Advantage Fund 819,734 75,214 BlackRock Canada CoreActive Universe Bond Fund 13,359 14,061 BlackRock Canada CorePlus Long Bond Fund - 36,085 BlackRock Canada CorePlus Universe Bond Fund 8,789 - BlackRock Balanced Moderate Index DC Fund 5,946 7,379 BlackRock Balanced Conservative Index DC Fund 2,658 4,005 BlackRock Balanced Aggressive Index DC Fund 1,271 1,757 BlackRock CDN LifePath Retirement Index Fund I 35,460 12,217 BlackRock CDN LifePath Index 2010 Retirement Fund 24,721 4,582 BlackRock CDN LifePath 2015 Index Fund 94,659 28,015 BlackRock CDN LifePath 2020 Index Fund 190,584 37,290 BlackRock CDN LifePath 2025 Index Fund 143,104 36,532 BlackRock CDN LifePath 2030 Index Fund 129,641 27,955 BlackRock CDN LifePath 2035 Index Fund 74,206 18,656 BlackRock CDN LifePath 2040 Index Fund 56,455 13,453 BlackRock CDN LifePath 2045 Index Fund 30,310 8,160 BlackRock CDN LifePath 2050 Index Fund 171 - BlackRock Balanced Active Fund 174 784 BlackRock CDN MSCI EAFE Equity Index Fund 263,213 415,239 BlackRock CDN MSCI ACWI ex-canada Index Fund 10,134 3,969 BlackRock CDN MSCI Emerging Markets Index Fund 57,356 135,892 BlackRock CDN MSCI EAFE Index Plus Fund 89,428 129,698 BlackRock CDN Global Equity Focus Fund 180,497 66,066 BlackRock CDN Global Developed Real Estate Index Fund 171,533 - BlackRock CDN Global Infrastructure Equity Index Fund 80,022 - BlackRock CDN Emerging Markets Fundamental Index Fund 112,647 125,514 14. Independent review committee On behalf of the Funds, BlackRock Canada has established an independent review committee ( IRC ) pursuant to the requirements of the regulatory relief obtained by BlackRock Canada. Under the terms of the regulatory relief, BlackRock Canada is required to present conflicts of interest relating to trades in securities of related issuers and inter-fund trading to the IRC for its approval. The IRC is governed by certain provisions of National Instrument 81-107 Independent Review Committee for Investment Funds ( NI 81-107 ) in determining whether to provide its approval. In accordance with the applicable requirements of NI 81-107, the IRC has considered and provided its approval and has provided standing instructions which BlackRock Canada can rely upon in respect of these two conflicts of interest matters. Fees and expenses incurred with respect to the IRC are permitted to be charged to the Funds. 15. Comparative figures Certain comparative figures have been reclassified to conform to the current year s financial statement presentation. 16. Future accounting change transition to International Financial Reporting Standards ( IFRS ) On December 12, 2011, the Canadian Accounting Standards Board ( AcSB ) extended the deferral of the mandatory International Financial Reporting Standards ( IFRS ) changeover date for investment companies to fiscal year beginning on or after January 1, 2014. Management has been monitoring developments in the IFRS conversion program and has been assessing the likely impacts on implementation decisions, internal controls, information systems and training. In May 2011, the IASB issued IFRS 13 Value Measurement, which defines fair, sets out a single IFRS framework for measuring fair and requires disclosure about fair measurements. It only applies when other IFRSs require or permit fair measurement. If an asset or liability measured at fair has a bid price and an ask price, it requires valuation to be based on a price within the bid-ask spread that is most representative of fair. It allows the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair measurements within a bid-ask spread. This may result in elimination of the differences between the net assets per unit and NAV per unit at the financial statement reporting dates. 355
Notes to Financial Statements December 31, 2012 Based on management s current assessment of the differences between Canadian GAAP and IFRS, other than the impact due to IFRS 13 noted above, BlackRock Canada has determined that there will likely be no material impact to the net asset per unit from the changeover to IFRS. This current assessment may change if new standards are issued or if interpretations of existing standards are revised. The impact of IFRS on accounting policies and implementation decisions will mainly be in the additional information disclosures in the notes to financial statements and modified presentation and/or additional schedules which may have to be included. As a result of the IFRS changeover, the Funds will be required to present a statement of cash flows. 356
March 22, 2013 Independent Auditor s Report To the Unitholders and Trustee of BlackRock Canadian Equity Index Fund BlackRock Canadian Equity Ex-Trusts Index Fund BlackRock CDN MSCI Canada IMI Index Fund BlackRock CDN US Equity Index Non-Taxable Fund BlackRock CDN US Equity Index Plus Non-Taxable Fund BlackRock CDN US Equity Index Hedged Non-Taxable Fund BlackRock CDN US Equity Index Fund BlackRock CDN US Alpha Tilts Non-Taxable Fund BlackRock CDN US Alpha Tilts Hedged Non-Taxable Fund BlackRock CDN Russell 3000 Index Non-Taxable Fund BlackRock Active Canadian Equity Fund BlackRock Active Canadian Equity Ex-Income Trusts Fund BlackRock Active Canadian Equity DC Fund BlackRock Active Canadian Equity Small Cap Fund BlackRock Canada Alpha Advantage Fund BlackRock Canada Universe Bond Index Fund BlackRock Canada ex-bbb Universe Bond Index Fund BlackRock Canada Real Return Bond Index Fund BlackRock Canada Long Bond Index Fund BlackRock Canada Long Government Bond Index Fund BlackRock Canada All Government Bond Index Fund BlackRock Canada Credit-Screened Bond Index Fund BlackRock Canada CoreActive Universe Bond Fund BlackRock Canada CorePlus Long Bond Fund BlackRock Canada CorePlus Universe Bond Fund BlackRock Canada Levered Long Bond Index Fund BlackRock Canada Levered Real Return Bond Index Fund BlackRock Balanced Moderate Index DC Fund BlackRock Balanced Conservative Index DC Fund BlackRock Balanced Aggressive Index DC Fund BlackRock CDN LifePath Retirement Index Fund I BlackRock CDN LifePath Index 2010 Retirement Fund BlackRock CDN LifePath 2015 Index Fund BlackRock CDN LifePath 2020 Index Fund BlackRock CDN LifePath 2025 Index Fund PricewaterhouseCoopers LLP PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2 T: +1 416 863 1133, F: +1 416 365 8215, www.pwc.com/ca PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. 357
BlackRock CDN LifePath 2030 Index Fund BlackRock CDN LifePath 2035 Index Fund BlackRock CDN LifePath 2040 Index Fund BlackRock CDN LifePath 2045 Index Fund BlackRock CDN LifePath 2050 Index Fund BlackRock Balanced Active Fund BlackRock CDN Global Market Selection Fund BlackRock CDN Short Term Index Fund BlackRock CDN MSCI EAFE Equity Index Fund BlackRock CDN MSCI EAFE Index Hedged Fund BlackRock CDN MSCI ACWI ex-canada Index Fund BlackRock CDN MSCI Emerging Markets Index Fund BlackRock CDN MSCI EAFE Equity Index Plus Fund BlackRock CDN Global Equity Focus Fund BlackRock CDN Global Developed Real Estate Index Fund Blackrock CDN Global Infrastructure Equity Index Fund BlackRock CDN Emerging Markets Fundamental Index Fund (formerly Claymore Emerging Markets Index Fund) (collectively the Funds) We have audited the accompanying financial statements of each of the Funds, which comprise the statement of investment portfolio as at December 31, 2012, the statements of net assets and the statements of operations, cash flows, where applicable, and changes in net assets as at and for the periods as indicated in note 1, except for the BlackRock CDN Emerging Markets Fundamental Index Fund which is as at and for the year ended December 31, 2012, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on the financial statements of each of the Funds based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. 358
We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial position of each of the Funds and the results of each of their operations and the changes in each of their net assets as at and for the periods indicated in note 1 except for the BlackRock CDN Emerging Markets Fundamental Index Fund which is as at and for the year ended December 31, 2012 in accordance with Canadian generally accepted accounting principles. Other Matters The financial statements of the BlackRock CDN Emerging Markets Fundamental Index Fund for the year ended December 31, 2011, were audited by another auditor who expressed an unmodified opinion on those statements on March 29, 2012. Chartered Accountants, Licensed Public Accountants 359