The BlackRock European Diversified Equity Absolute Return Fund seeks to achieve a positive absolute return for investors regardless of market movements. The Fund will seek to achieve this investment objective through an investment of at least 70% of it stotal assets in equities and equity-related securities (including derivatives) of companies domiciled in, or exercising the predominant part of their economic activity in Europe and, when determined appropriate, cash and near-cash instruments. The Fund will be highly diversified across the universe of European equities, whilst seeking to minimise net exposure to underlying European equity markets. In order to achieve the investment objective and policy the Fund will invest in a variety of investment strategies and instruments. It intends to take full advantage of the ability to invest in derivatives providing long, synthetic long and/or synthetic short positions with the aim of maximising positive returns.