Annual Report and Audited Accounts BlackRock …...The weak coalition pulled together by the German Chancellor Angela Merkel and messy elections in Italy continued to weigh on the

31 March 2018

Annual Report and Audited AccountsBlackRock Global Index FundsR.C.S. Luxembourg: B 171278

Annual Report and Audited Accounts [1]

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

and unaudited interim report and accounts, if published after such annual report and audited accounts. Copies are available at the registered office of the Company from the Local Investor

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

ContentsGeneral Information 2

Chairman’s Letter to Shareholders 4

Investment Advisers’ Report 7

Directors’ Report 12

Report on Remuneration 16

Statement of Net Assets 20

Three Year Summary of Net Asset Values 22

Statement of Operations and Changes in Net Assets 24

Statement of Changes in Shares Outstanding 27

Portfolio of Investments 29iShares Emerging Markets Equity Index Fund (LU) (formerly known as BlackRock Emerging Markets Equity Index Fund) 29iShares Emerging Markets Government Bond Index Fund (LU) (formerly known as BlackRock Emerging Markets Government Bond Index Fund) 37iShares Europe Equity Index Fund (LU) (formerly known as BlackRock Europe Equity Index Fund) 51iShares Euro Aggregate Bond Index Fund (LU) (formerly known as BlackRock Euro Aggregate Bond Index Fund) 56iShares Euro Government Bond Index Fund (LU) (formerly known as BlackRock Euro Government Bond Index Fund) 86iShares Global Government Bond Index Fund (LU) (formerly known as BlackRock Global Government Bond Index Fund) 92iShares Japan Equity Index Fund (LU) (formerly known as BlackRock Japan Equity Index Fund) 106iShares North America Equity Index Fund (LU) (formerly known as BlackRock North America Equity Index Fund) 110iShares Pacific ex Japan Equity Index Fund (LU) (formerly known as BlackRock Pacific ex Japan Equity Index Fund) 117iShares World Equity Index Fund (LU) (formerly known as BlackRock World Equity Index Fund) 120

Notes to the Financial Statements 135

Audit Report 142

Appendix I – Share Classes (Unaudited) 143

Appendix II – Global Market Risk Exposure (Unaudited) 144

Supplementary Information (Unaudited) 145

[2] BlackRock Global Index Funds (BGIF)

General Information

General Information

Board of Directors Paul Freeman, Chairman (appointed effective 17 July 2017) Francine KeiserGeoffrey D. RadcliffeRobert HayesBarry O’DwyerMichael Gruener (appointed effective 21 December 2017)Nicholas C. D. Hall, ex-Chairman (resigned effective 31 May 2017)Frank Le Feuvre (resigned effective 29 September 2017)

All Directors are non-executive.Robert Hayes, Geoffrey D. Radcliffe, Barry O’Dwyer and Michael Gruener are employees of the BlackRock Group (the BlackRock Group of companies, the ultimate holding company of which is BlackRock, Inc., of which the Management Company and Investment Advisers are part of). Paul Freeman is a former employee of the BlackRock Group. Francine Keiser is independent Director.Geoffrey D. Radcliffe fulfilled Chairman duties from 31 May 2017 to 16 July 2017

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

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

BlackRock Institutional Trust Company N.A.400 Howard Street,San Francisco CA 94105,USA

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

Depositary and Fund Accountant State Street Bank Luxembourg S.C.A.49, avenue J.F. Kennedy,L-1855 Luxembourg,Grand Duchy of Luxembourg

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

AuditorDeloitte Audit, S.à.r.l.560, rue de Neudorf,L-2220 Luxembourg,Grand Duchy of Luxembourg

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

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

Paying AgentsAustria:Raiffeisen Bank International AGAm Stadtpark 9,1030 Vienna,Austria

Belgium:J.P. Morgan Chase Bank N.A.Brussels Branch1 Boulevard du Roi Albert II,B1210 Brussels,Belgium

Denmark:BlackRock Copenhagen BranchHarbour House,Sundkrogsgade 21,DK-2100 Copenhagen,Denmark

France:CACEIS Bank1-3 Place Valhubert,75013 Paris,France

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

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


General Information continued

Sweden:BlackRock Investment Management (UK) Limited-Stockholm FilialNorrlandsgatan 16,111 43 Stockholm,Sweden

Switzerland:State Street Bank International GmbH MunichZurich BranchBeethovenstrasse 19,CH-8027 Zurich,Switzerland

United Kingdom:J.P. Morgan Europe Limited3 Lochside View,Edinburgh EH12 9DH,United Kingdom

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

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

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

Current ProspectusBlackRock Global Index Funds (the “Company”) Prospectus dated 20 April 2018, and the relevant KIID along with copies of the Application Form may be obtained from the Local Investor Servicing team, the Management Company or any of the Representatives or Distributors. Copies of the Company’s Articles of Incorporation, the Annual Report and Audited Accounts and Unaudited Interim Report and Accounts may also be obtained free of charge from any of these offices and from the Paying Agents. All these documents are also available from www.blackrockinternational.com.

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

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

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

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

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

Authorised StatusThe Company is an undertaking for collective investment in transferable securities (“UCITS”) under the part I of Luxembourg Law of 17 December 2010, as amended. Regulatory consents have been obtained or appropriate notifications have been made for the distribution of shares of all the Company’s Funds in the umbrella in the following countries:

Austria, Chile, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, South Africa, Spain, Sweden, Switzerland and United Kingdom.

The Company is duly registered with the Comisión Nacional de Mercado de Valores in Spain under number 1239.


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

Chairman’s Letter to Shareholders1 April 2017 to 31 March 2018

Chairman’s Letter to Shareholders

Dear Shareholder,

I am writing to update you on the activities of BlackRock Global Index Funds (the “Company” or “BGIF”) over the twelve months to 31 March 2018. The BGIF range comprised 10 funds (each a “Fund”, together the “Funds”) as at 31 March 2018.

The Funds’ performance is covered in more detail in the separate Investment Adviser’s Report. The period under review saw volatility return as geopolitical tensions started to weigh on investors.

In particular, the US administration’s position on trade tariffs has left investors fearful of a full-scale trade war between the US and China. China’s response to tariffs on steel and aluminum was initially relatively measured, imposing tariffs worth just £3 billion on 128 US imports. However, this was followed with more robust moves later on.

At the same time, while the North Korean situation decreased in intensity, Russia/US tensions accelerated over Syria. The move prompted United Nation’s General Secretary Antonio Guterres to say the Cold War was ‘back with a vengeance’. US President Donald Trump admitted that the US/Russian relations are as bad as they have ever been. However, the forthcoming meeting in Helsinki is an attempt to improve relations.

On the opposing side, markets were buoyed by significant tax cuts in the US, as President Donald Trump finally got his tax reform legislation through Congress. Corporations were a notable beneficiary, with their rate of tax reduced significantly.

This activity was reflected in growing volatility in markets. The S&P ended the period under review higher than where it had started, but after a strong bounce in December 2017, there was a significant sell-off towards the end of January 2018. The sell-off was prompted by the US wage data, which seemed to suggest a resurgence in inflation, and therefore that higher interest rates were imminent. Global stock markets followed the US lead.

The global economy, in contrast, continued to drift higher. While there remain fears that fiscal stimulus and a trade war will trigger inflation in the US, force rate rises and therefore hasten a recession, there was only isolated evidence for this scenario over the period. Emerging markets, notably in Asia, continued to show strength.

The Federal Reserve (the “Fed”) responded to improving growth and employment figures, with a further quarter point rise in March 2018, bringing the Fed funds rate to 1.5-1.75 %. Debate continues over whether there will be three or four rate rises in 2018. Recent comments from new Fed Chair Jay Powell suggest a more hawkish stance.

Stock markets continued their rotation away from more defensive companies, with stable, predictable earnings, cashflow and dividends, and towards more economically-sensitive areas, such as financials or resources, which looked likely to benefit from an inflationary environment. In particular, equity income areas performed poorly, as investors anticipated higher bond yields.

For the most part, the US markets continued their leadership, in spite of higher valuations. Performance broadened out from the large technology companies that had led markets higher for much of 2017, particularly when they became embroiled in a difficult row about how they use, store and distribute user data.

Elsewhere, Japanese markets also showed strength, buoyed by the supportive policies of the Japanese central bank and an improving economy. Performance continued to be good among domestically-focused small and mid-cap stocks.

Although Europe had put many of its political problems behind it with the election of centrist, pro-European Emmanuel Macron as President in 2017, its stock markets were lackluster. The Eurozone economy continued to show strength, although it lost a little momentum in the early months of 2018. The weak coalition pulled together by the German Chancellor Angela Merkel and messy elections in Italy continued to weigh on the region.

The UK started to see some light at the end of the Brexit tunnel and marginally more political stability than seen for much of 2017. Nevertheless, global investors continued to shun UK assets and its stock market performed poorly relative to its peer group.



Chairman’s Letter to Shareholders1 April 2017 to 31 March 2018 continued

Emerging markets were a key area of strength, although Asia saw some turbulence in the wake of the wrangling over trade tariffs. Investors were encouraged by continued strong economic performance and growing corporate earnings.

Bond yields continue to move higher, particularly shorter-dated bonds. A notable phenomenon has been the flattening of the US yield curve – traditionally a precursor to recession. However, while inflation has remained relatively benign, it has kept a lid on yields. There are still significant deflationary forces at work – high debt, an ageing population and low business investment. Corporate bonds remain at historically tight spreads over government bonds, but with the global economy still strong, there is no immediate catalyst for a shift in direction.

Regulatory change continued throughout Europe and a number of these future changes could have implications for investors. Key changes included:

� Revisions to the Markets in Financial Instruments Directive (“MiFID II”) and the new Markets in Financial Instruments Regulation (“MiFIR”) came into effect at the beginning of 2018. New requirements include restrictions on how financial advisers may be remunerated, plus disclosure on fees.

� European Market Infrastructure Regulation (“EMIR”): the Joint Committee of the European Supervisory Authorities published the final draft of the Regulatory Technical Standards in March 2016, which provide the framework for EMIR. This aims to increase the transparency and reduce the risk relating to over-the-counter derivatives. In May 2017, the European Commission published a legislative proposal to amend EMIR, reflecting the outcome of its review into how the regulation has worked since its adoption in 2012.

� Packaged Retail Investment and Insurance-based Investment Products (“PRIIPs”): The new legislation – which governs the marketing and distribution of financial products – came into effect at the start of 2018. Although the Funds are not directly impacted by PRIIPs, investment in underlying securities and investors to Fund may be affected.

� The Benchmarks Regulation also applies from 1 January 2018, subject to certain transitional provisions. This brings in guidance on the structure and use of benchmarks in measuring the performance of investment funds.

There were no new fund launches or closures during the twelve month period. Assets Under Management (“AUM”) in the BGIF range increased by 15.3 %. They now stand at USD 7.17 billion, up from USD 6.22 billion at the start of the period. The strongest inflows were seen into the iShares Global Government Bond Index Fund, which rose 282 % to USD 363.16 million. The iShares Euro Aggregate Bond Index Fund also saw strong growth, with AUM rising by 35.0 % to EUR 623.97 million. The iShares Emerging Markets Government Bond Index Fund saw assets rise 30.2 % to USD 2,441 million.

Within equity funds, the iShares Emerging Markets Equity Index Fund saw the strongest flows, with AUM rising 19.7 % to USD 522.96 million. The iShares Japan Index Fund was also strong, with assets up 22.7 % to USD 185.08 million. The iShares Pacific ex Japan Equity Index Fund rose 14.4 % to USD 353.80 million.

Flows into the iShares North America Equity Index Fund were weak in spite of the strength of the US markets, falling 23.8 % to USD 597.07 million. The iShares Europe Equity Index Fund saw net assets falling 11.0 % to EUR 381.37 million. The iShares Euro Government Bond Index Fund saw assets fall, dropping 2.6 % to EUR 425.04 million. The iShares World Equity Index Fund was also weak, with assets falling 18.1 % to USD 939.92 million.

As notified to shareholders on 26 July 2017, with effect from 29 August 2017, the use of the iShares brand was extended to cover BlackRock’s index mutual funds range. As a result, the names of the following Funds have been rebranded as set out in the table overleaf.



Chairman’s Letter to Shareholders1 April 2017 to 31 March 2018 continued

Former Fund Name New Fund NameBlackRock Emerging Markets Equity Index Fund iShares Emerging Markets Equity Index Fund (LU)BlackRock Emerging Markets Government Bond Index Fund iShares Emerging Markets Government Bond Index Fund (LU)BlackRock Euro Aggregate Bond Index Fund iShares Euro Aggregate Bond Index Fund (LU)BlackRock Euro Government Bond Index Fund iShares Euro Government Bond Index Fund (LU)BlackRock Europe Equity Index Fund iShares Europe Equity Index Fund (LU)BlackRock Global Government Bond Index Fund iShares Global Government Bond Index Fund (LU)BlackRock Japan Equity Index Fund iShares Japan Equity Index Fund (LU)BlackRock North America Equity Index Fund iShares North America Equity Index Fund (LU)BlackRock Pacific ex Japan Equity Index Fund iShares Pacific ex Japan Equity Index Fund (LU)BlackRock World Equity Index Fund iShares World Equity Index Fund (LU)

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

Yours faithfully,

Paul FreemanChairman



(1) The local BlackRock Group companies or branches or their administrators.

Investment Advisersʼ Report Performance Overview1 April 2017 to 31 March 2018

Investment Advisers’ Report

Disclosed in the table below are the performance returns for the primary share class for each Fund, which has been selected as a representative share class. The primary share class for each Fund is the A class non-distributing share. Performance figures for any other share class can be made available upon request.

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. The Funds invest a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rates will affect the value of the investment. The performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of shares. Levels and bases of taxation may change from time to time. Subscriptions can only be made on the basis of the current Prospectus, the KIID, supplemented by the most recent annual report and audited accounts and unaudited interim report and accounts, if published after such annual report and audited accounts. Copies are available at the registered office of the company from the Local Investor Servicing team(1), the Transfer Agent, the Management Company or any of the Distributors. BGIF is only available for investment by non-US citizens who are not residents of the US. The Funds are not offered for sale or sold in the US, its territories or possessions.

Financial Year Performance to 31 March 2018 Calendar Year Performance

1 year 2017 2016 2015 Launch Date

iShares Emerging Markets Equity Index Fund (LU) b1 ʼAʼ Non Dist (USD) 24.09% 37.32% 10.60% (15.41)% 16 November 2012MSCI Emerging Markets Index (USD) 25.03% 37.39% 11.26% (15.12)% iShares Emerging Markets Government Bond Index Fund (LU) ʻAʼ Non Dist (USD) 3.80% 9.70% 9.65% 0.82% 28 May 2013J.P. Morgan Emerging Markets Bond Index Global Diversified (USD) 4.30% 10.26% 10.15% 1.18% iShares Europe Equity Index Fund (LU) ʻAʼ Non Dist (EUR) 0.06% 10.66% 1.73% 8.79% 23 October 2012MSCI Europe Index (EUR) (0.24)% 10.52% 2.36% 8.41% iShares Euro Aggregate Bond Index Fund (LU) ʻAʼ Non Dist (EUR) 1.69% 0.08% 2.89% 0.44% 28 May 2013Bloomberg Barclays Euro Aggregate Bond Index (EUR) 2.37% 0.68% 3.32% 1.00% iShares Euro Government Bond Index Fund (LU) ʻAʼ Non Dist (EUR) b1 2.52% (0.40)% 2.81% 1.05% 23 October 2012FTSE EMU Government Bond Index (EUR) b3 3.13% 0.15% 3.20% 1.65% iShares Global Government Bond Index Fund (LU) b1 ʻAʼ Non Dist (USD) 7.91% 6.85% 0.90% (4.34)% 23 October 2012FTSE World Government Bond Index (USD) b4 8.49% 7.49% 1.60% (3.57)% iShares Japan Equity Index Fund (LU) ʻAʼ Non Dist (USD) b1 18.88% 23.31% 2.01% 7.86% 23 October 2012MSCI Japan Index (USD) 20.04% 24.25% 2.29% 9.20% iShares North America Equity Index Fund (LU) ʻAʼ Non Dist (USD) 10.84% 20.47% 10.79% (2.00)% 23 October 2012MSCI North America Index (USD) 11.49% 21.16% 11.37% (1.46)% iShares Pacific ex Japan Equity Index Fund (LU) ʻAʼ Non Dist (USD) b2 7.94% 25.46% 6.56% (9.07)% 24 October 2012MSCI Pacific ex Japan Index (USD) 8.41% 25.96% 7.32% (8.06)%iShares World Equity Index Fund (LU) ʻAʼ Non Dist (USD) b1 13.08% 22.09% 6.80% (1.71)% 23 October 2012MSCI World Index (USD) 13.67% 22.62% 7.27% (1.21)%b1 Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the NAV reported in the financial statements which is the dealing price at 29 March 2018.b2 Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the NAV reported in the financial statements which is the dealing price at 28 March 2018.b3 The benchmark changed its name from the Citi EMU Government Bond Index on 9 March 2018.b4 The benchmark changed its name from the Citi World Government Bond Index on 9 March 2018.Fund performance returns are based on dealing prices with net dividends (after deduction of witholding tax) reinvested and are shown net of fees. Index Sources: Info Research & Datastream



Investment Advisersʼ ReportPerformance Overview1 April 2017 to 31 March 2018 continued

Investment ObjectiveThe investment objective of each Fund is to match the performance of the Benchmark Index of that Fund as listed in the table below.

Fund Benchmark Index Investment Management

Approach

iShares Emerging Markets Equity Index Fund (LU)

MSCI Emerging Markets Index

Optimising

iShares Emerging Markets Government Bond Index Fund (LU)

J.P. Morgan Emerging Markets Bond Index Global

Diversified

Optimising

iShares Europe Equity Index Fund (LU)

MSCI Europe Index Replicating

iShares Euro Aggregate Bond Index Fund (LU)

Bloomberg Barclays Euro Aggregate

Bond Index

Optimising

iShares Euro Government Bond Index Fund (LU)

FTSE EMU Government Bond

Index

Optimising

iShares Global Government Bond Index Fund (LU)

FTSE World Government Bond

Index

Optimising

iShares Japan Equity Index Fund (LU)

MSCI Japan Index Replicating

iShares North America Equity Index Fund (LU)

MSCI North America Index

Replicating

iShares Pacific ex Japan Equity Index Fund (LU)

MSCI Pacific ex Japan Index

Replicating

iShares World Equity Index Fund (LU)

MSCI World Index Replicating

Market ReviewThere were two clear periods in the period under review. Stock markets rallied for much of 2017 as the US tax reform buoyed expectations of global growth and benign economic conditions supported corporate earnings. There were then sharp sell-offs in 2018, as investors started to fear inflation and higher interest rates.

Within this, there was plenty of disparity between the performance of individual countries, sectors and companies. In general, investors favoured areas delivering clear growth – technology, smaller companies, Asia, the US – and shunned

more solid, old-fashioned areas – equity income was weak in relative terms, for example. The ‘bond proxies’ that had found favour in a weaker growth environment began to lose favour as the prospect of interest rates rose.

Bond markets were volatile for much of the period, with yields moving higher as inflationary pressures mounted. The US Fed raised rates three times in 2017 and once to date in 2018. The market currently expects two or even three more in 2018. Elsewhere, the Bank of England raised rates in November 2017, moving it off the emergency low rate introduced in the wake of the vote to leave the European Union. The European Central Bank also started to discuss paring back quantitative easing, though the Bank of Japan remained resolute in its support of loose monetary policy.

Equity Fund PerformanceThe iShares Emerging Markets Equity Index Fund (LU) was the strongest over the period, rising 24.1 %. Japanese equities were also strong, with the iShares Japan Equity Index Fund (LU) rising 18.9 %. The iShares World Equity Index Fund (LU) also performed well over the period, rising 13.1 %. The iShares North America Equity Index Fund (LU) rose 10.9 % over the period, while the iShares Europe Equity Index Fund (LU) rose 0.1 % over the period and the iShares Pacific ex Japan Equity Index Fund (LU) rose 7.9 %.

Fixed Income Fund PerformanceGovernment bond yields rose as interest rate rises became a reality. Within BGIF Funds, the weakest performance came from the iShares Euro Aggregate Bond Index Fund (LU), which rose just 1.7 %, while the iShares Euro Government Bond Index Fund (LU) rose 2.5 %. The iShares Emerging Markets Government Bond Index Fund (LU) rose 3.8 %. The iShares Global Government Bond Index Fund (LU) was the strongest performer, rising 7.9 %.

Tracking DifferenceTracking difference is defined as the difference in returns between a Fund and its Benchmark Index. For physically replicating funds, the investment management approach is to buy a portfolio of securities that as far as practicable consist of the securities that make up the Benchmark Index, in similar proportion to the weights represented in the Benchmark Index.

For optimising funds, the investment management approach aims to match the performance of a Benchmark Index by investing in a portfolio that is primarily made up of securities that represent the Benchmark Index. The objective is to generate a return which is as close as practicable to the total return of the index net of transaction costs and gross of fees and other costs.




Fund Tracking perfor

mance of Fund*

Performance

of Benchmark Index

Tracking difference

Explanation of the tracking difference


24.09% 25.03% (0.94)% Before costs and after adjusting for the difference in the valuation point of the Fund and the pricing point of the Benchmark Index, the performance of the Fund relative to the Benchmark Index is in line with the expectation.


3.80% 4.30% (0.50)% Before costs, the Fund performed in line with the Benchmark Index.


0.06% (0.24)% 0.30% Before costs and after adjusting for the difference in the valuation point of the Fund and the pricing point of the Benchmark Index, the Fund outperformed the Benchmark Index primarily due to the receipt of the historical tax reclaims and due to differences in tax rates applied to the dividends received in the Fund versus the tax rates assumed in the total return calculation of the Benchmark Index.


1.69% 2.37% (0.68)% Before costs and after adjusting for the difference in the valuation point of the Fund and the pricing point of the Benchmark Index, the Fund underperformed the Benchmark Index due to the sampling technique applied.


2.52% 3.13% (0.61)% Before costs and after adjusting for the difference in the valuation point of the Fund and the pricing point of the Benchmark Index, the Fund underperformed the Benchmark Index due to the sampling technique applied.



* Performance is reported for each Fund’s A class shares.

Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency hedging can have an impact on tracking difference. Importantly, these impacts can be either positive or negative depending on the underlying circumstances.

In addition to the above, the Funds may also have a tracking difference due to withholding tax suffered by the Funds on any income received from its investments. The level and quantum of tracking difference arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Funds with various tax authorities, any benefits obtained by the Funds under a tax treaty or any securities lending activities carried out by the Funds.

The table below compares the realised Fund performance against the performance of the relevant Benchmark Index during the twelve months ended 31 March 2018. An explanation for the difference is provided.

Tracking ErrorRealised tracking error is the annualised standard deviation of the difference in monthly returns between a Fund and its Benchmark Index. Tracking error shows the consistency of the returns relative to the Benchmark Index over a defined period of time. Tracking error is based on the Net Assets Value (“NAV”) calculated in accordance with the prospectus.

Anticipated tracking error is based on the expected volatility of differences between the returns of a Fund and the returns of its Benchmark Index. For physically replicating funds, the investment management approach is to buy a portfolio of securities that, as far as practicable, consist of the securities that make up the Benchmark Index, in similar proportion to the weights represented in the Benchmark Index.

For optimising Funds, the investment management approach aims to match the main risk characteristics of the Benchmark Index by investing in a portfolio that is primarily made up of securities that represent the Benchmark Index. The objective is to generate a total return as close as reasonably possible to that of the index, net of transaction costs and gross of fees.




Cash management, efficient portfolio management techniques (including securities lending), transaction costs from rebalancing and currency hedging collectively can have an impact on tracking error, as well as the return differential between a Fund and its Benchmark Index. Importantly, these impacts can be either positive or negative, depending on the underlying circumstances.

Explanation of Divergence Between Anticipated and Realised Tracking Error

The Funds may have a tracking error due to a number of sources.

Funds may have a tracking error due to withholding tax suffered by the Funds on any income received from its investments. The level and quantum of tracking error arising due to withholding taxes depends on various factors, such as any reclaims filed by the Funds with various tax authorities, any benefits obtained by the Funds under a tax treaty or any securities lending activities carried out by the Funds.

A Fund’s tracking error may be affected if the times at which a Fund and its Benchmark Index are priced are different. Where the Benchmark Index is valued at the time the relevant markets close for business and a Fund is valued at an earlier time, the tracking error of that Fund may appear to be higher than if the Fund and the Benchmark Index were priced at the same time. This is particularly relevant for the fixed income Funds, although, less so for the equity Funds for which the relevant index provider issues a price of the relevant Benchmark Index at the same time as the equity Fund’s valuation point.

In addition, as the NAV of a Fund taken at its valuation point includes the effect of any swing pricing, the tracking error figures set out below may be impacted depending on the significance of any adjustment in the NAV in order to reduce the effect of “dilution” on that Fund resulting from the sale or purchase of shares in the Fund.

A Fund’s tracking error figures set out below may also be affected by non-dealing days, which occur at times when the local stock exchanges or regulated markets in respect of a particular Fund are closed for trading and settlement due to public holidays. During such times, the relevant Funds will not be able to obtain access to such market(s) directly and will, for example, either hold the cash received from any subscriptions until the relevant market(s) are open or will obtain exposure to the relevant market(s) indirectly using proxy instruments. Both approaches may increase a Fund’s tracking error. Alternatively, the tracking error of a Fund may be affected if there is a public holiday in Luxembourg, as the NAV of the Funds will remain the same, despite movements in the underlying markets.

The table overleaf compares the anticipated tracking error of the Funds (disclosed in the prospectus on an ex ante basis) against the actual realised tracking error of the Funds as at 31 March 2018. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period.

Fund Tracking perfor

mance of Fund*

Performance

of Benchmark Index

Tracking difference

Explanation of the tracking difference









* Performance is reported for each Fund’s A class shares.



Fund Anticipated tracking error

Realised tracking error of Fund

Explanation

iShares Emerging Markets Equity Index Fund (LU) Up to 1.00% 1.51% The tracking error of the Fund is higher than anticipated primarily due to public holidays in Luxembourg that coincided with a month-end valuation point.


Up to 1.20% 0.82% The Fund tracked its Benchmark Index within its anticipated tracking error.

iShares Europe Equity Index Fund (LU) Up to 0.60% 0.59% The Fund tracked its Benchmark Index within its anticipated tracking error.

iShares Euro Aggregate Bond Index Fund (LU) Up to 0.60% 0.36% The Fund tracked its Benchmark Index within its anticipated tracking error.

iShares Euro Government Bond Index Fund (LU) Up to 0.25% 0.29% The tracking error of the Fund is higher than anticipated primarily due to swing pricing and public holidays in Luxembourg that coincided with a month-end valuation point.

iShares Global Government Bond Index Fund (LU) Up to 0.45% 0.51% The tracking error of the Fund is higher than anticipated primarily due to swing pricing and public holidays in Luxembourg that coincided with a month-end valuation point.

iShares Japan Equity Index Fund (LU) Up to 1.50% 1.44% The Fund tracked its Benchmark Index within its anticipated tracking error.

iShares North America Equity Index Fund (LU) Up to 0.45% 0.22% The Fund tracked its Benchmark Index within its anticipated tracking error.

iShares Pacific ex Japan Equity Index Fund (LU) Up to 2.00% 1.54% The Fund tracked its Benchmark Index within its anticipated tracking error.

iShares World Equity Index Fund (LU) Up to 0.45% 0.13% The Fund tracked its Benchmark Index within its anticipated tracking error.

April 2018



Directors’ Report

Corporate Governance Statement

IntroductionBlackRock Global Index Funds (the “Company”) is a public limited company (société anonyme) established under the laws of the Grand Duchy of Luxembourg as an open ended variable capital investment company (société d’investissement à capital variable). The Company has been authorised by the Commission de Surveillance du Secteur Financier (the “CSSF”) as UCITS pursuant to the provisions of Part I of the law of 17 December 2010, as amended and is regulated pursuant to such law. The Company complies with the principles set out in the Association of the Luxembourg Fund Industry (“ALFI”) Code of Conduct Revision 2013 (the “Code”) issued by ALFI in June 2013.

The Board of Directors of the Company (the “Board”) is committed to maintaining the highest standards of corporate governance and is accountable to shareholders for the governance of the Company’s affairs. The Board has considered the principles and recommendations of the Code and has put in place a framework for corporate governance which it believes is appropriate for adherence to the principles of the Code given the nature of its structure as an Investment Company. This statement summarises the corporate governance structure and processes in place for the Company for the period under review from 1 April 2017 to 31 March 2018.

Board CompositionThe Board currently consists of six non-executive Directors, (including one independent Director). The Board is committed to maintaining an appropriate balance of skills, experience, independence and knowledge amongst its members.

The Directors’ biographies, on pages 14 and 15, collectively demonstrate a breadth of investment knowledge and experience, business and financial skills and legal and regulatory familiarity which enables them to provide effective strategic leadership, oversight and proper governance of the Company. The Board of Directors will propose at the 2018 Annual General Meeting of shareholders that the number of directors be increased to seven and will propose the election of Dr Martha Boeckenfeld as an Independent Director. BlackRock considers this compositions to be a suitable and appropriate balance for the Board.

Article 13 of the Company’s Articles of Incorporation in accordance with Luxembourg law, provides that Directors shall be elected by the shareholders at their annual general meeting for a period ending at the next annual general meeting and until their successors are elected. Any Director who resigns his/her position is obliged to confirm to the Board and the CSSF that the resignation is not connected with any issues with or claims against the Company.

The Board supports a planned and progressive renewal of the Board. BlackRock is committed to ensuring that Directors put forward for election by the shareholders possess the skills needed to maintain this balance. The Board is committed to carrying out an annual review of its performance and activities.

The Directors have a continuing obligation to ensure they have sufficient time to discharge their duties. The details of each Director’s (including the Chairman), other appointments and commitments are made available to the Board and BlackRock Investment Management (U.K.) Limited (“BIM UK”) for inspection. All new appointments or significant commitments require the prior approval of BIM UK.

Before a new Director is proposed to the shareholders for appointment he or she will receive a full induction incorporating relevant information regarding the Company and his or her duties and responsibilities as a Director. In addition, a new Director is required to spend some time with representatives of BIM UK so that the new Director will become familiar with the various processes which are considered necessary for the proper performance of his or her duties and responsibilities to the Company.

The Company’s policy is to encourage Directors to keep up to date with developments relevant to the Company. The Directors have attended and will continue to attend updates and briefings run by BIM UK and affiliated entities in the U.S. and elsewhere. The Directors also receive regular briefings from, amongst others, the auditors, investment strategists, risk specialists, depositary and legal advisers regarding any proposed product developments or changes in laws or regulations that could affect the Company.

Board’s ResponsibilitiesThe Board meets at least quarterly and also on an ad hoc basis as required. The Board is supplied with information in a timely manner and in a form and of a quality appropriate to enable it to discharge its duties. The Board is responsible for the long-term success of the Company and recognises its responsibility to provide leadership, direction and control to the Company within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board reserves to itself decisions relating to the determination of investment policy and objectives, any change in investment strategy and entering into any material contracts. The Board also approves the prospectus and any addenda to it, circulars to shareholders, financial statements and other relevant legal documentation.

The Chairmanʼs main responsibility is to lead and manage the Board, encourage critical discussions and promote effective communication within the Board. In addition, he is responsible for promoting best practice corporate governance and effective communication with shareholders.


Directors’ Report continued

The Directors have access to the advice and services of external counsel and the resources of BIM UK and BlackRock (Luxembourg) S.A. (the “Management Company”) should they be needed. Where necessary, in the furtherance of their duties, the Board and individual Directors may seek independent professional advice. The Board has responsibility for ensuring that the Company keeps proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and which enable it to ensure that the financial statements comply with relevant accounting standards. It is the Board’s responsibility to present a balanced and understandable assessment of the Company’s financial position, which extends to interim financial statements and other reports made available to shareholders and the public. The Board is responsible for taking reasonable steps for safeguarding the assets of the Company and for taking reasonable steps in the prevention and detection of fraud and other irregularities.

InsuranceThe Company maintains appropriate Directors’ and Officers’ liability insurance cover.

Delegation of ResponsibilitiesAs an open ended variable capital investment company most of the Company’s day-to-day management and administration is delegated to BlackRock Group companies such as the Management Company which employs dedicated compliance and risk professionals, the Investment Advisers and other third party service providers. The Board has delegated the following areas of responsibility :

Management and Administration

The Board has delegated the investment management, distribution and administration of the Company and its Funds to the Management Company. The Management Company has delegated the management of the investment portfolio to the Investment Advisers. The Investment Advisers operate under guidelines determined by the Board and as detailed in the Company’s prospectus relating to the Company’s Funds. The relevant Investment Advisers have direct responsibility for the decisions relating to the day-to-day running of the Company’s Funds and are accountable to both the Management Company and the Company for the investment performance of the Funds. The Board has also delegated the exercise of voting rights attaching to the securities held in the portfolio to the respective Investment Advisers who may in turn delegate to BIM UK. Voting on behalf of shareholders is done in a manner which is believed to be in the best economic interest of shareholders as long-term investors.

The Management Company has delegated its responsibilities for administrative services of the Company and its Funds to State Street Bank Luxembourg S.C.A (“the Administrator”). The Administrator has responsibility for the administration of the Company’s affairs including the calculation of the net

asset value and preparation of the financial statements of the Company, subject to the overall supervision of the Directors and the Management Company. The Administrator is a subsidiary of State Street Bank & Trust Co. The Company has appointed State Street Bank Luxembourg S.C.A. as Depositary of its assets, which has responsibility for safe-keeping of such assets, pursuant to the regulations. The Depositary is a subsidiary of State Street Bank & Trust Co. The Management Company has delegated transfer agent and share registration services to J.P. Morgan Bank Luxembourg S.A.

The Management Company reports to the Board on a quarterly basis and by exception where necessary. Reporting is in place to ensure that the Board can effectively oversee the actions of its delegates.

The Management Company is responsible for the risk management and internal controls of the Company and for reviewing their effectiveness, for ensuring that financial information published or used within the business is reliable, and for regularly monitoring compliance with regulations governing the operation of the Company. The Management Company reviews the effectiveness of the internal control and risk management systems on an ongoing basis to identify, evaluate and manage the Company’s significant risks. As part of that process, there are procedures designed to capture and evaluate any failings or weaknesses. Should a case be categorised by the Board as significant, procedures exist to ensure that necessary action is taken to remedy the failings.

The Board is also responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company’s financial reporting objectives. The Company has procedures in place to ensure all relevant accounting records are properly maintained and are readily available, including production of annual and interim financial statements. These procedures include appointing the Administrator to maintain the accounting records of the Company independently of the Investment Adviser and the Depositary. The financial statements are prepared in accordance with applicable law and Generally Accepted Accounting Principles (“GAAP”) and are approved by the Board of Directors of the Company. The accounting information given in the annual report is required to be audited and the Audit report, including any qualifications, is reproduced in full in the annual report of the Company.

The control processes over the risks identified, covering financial, operational, compliance and risk management, is embedded in the operations of the Management Company, BIM UK and other parties including the Administrator and the Depositary. There is a monitoring and reporting process to review these controls, which has been in place throughout the period under review and up to the date of this report, carried out by BIM UK’s corporate audit department.



BIM UK’s internal audit and operational risk units report to the Board through the Management Company on a quarterly basis. The Management Company also receives a report from the Administrator and the Depositary on the internal controls of the administrative and custodial operations of the Company. The Board recognises that these control systems can only be designed to manage rather than eliminate the risk of failure to achieve fund objectives, and to provide reasonable, but not absolute, assurance against material misstatement or loss, and relies on the operating controls established by the service providers.

Financial ReportingThe Company prepares its financial statements under Luxembourg GAAP and on a going concern basis.

RemunerationThe Company is an investment company and has no employees or executive Directors. No Director (past or present) has any entitlement to a pension from the Company, and the Company has not awarded any share options or long-term performance incentives. No element of Directors’ remuneration is performance-related. Those Directors who are also employees of the BlackRock Group are not entitled to receive a Director’s fee. All other Directors are paid fees which are submitted for approval by the shareholders at the annual general meeting and are disclosed on page 138. The Board believes that the level of remuneration for those Directors who take a fee properly reflects the time commitment and responsibilities of their roles. The maximum amount of remuneration payable to the Directors is approved by the Board.

Communication with ShareholdersThe Board is responsible for convening the annual general meeting and all other general meetings of the Company. Shareholders have the opportunity to, and are encouraged to attend and vote at general meetings. Notice of general meetings is issued in accordance with the Articles of Incorporation of the Company and notice of the annual general meeting is sent out at least 8 days in advance of the meeting. All substantive matters put before a general meeting are dealt with by way of separate resolution. Proxy voting figures are noted by the Chairman of the general meeting.

The proceedings of general meetings are governed by the Articles of Incorporation of the Company.

The Board has reporting procedures in place such that client communication with BIM UK is reported to the Board, including shareholder complaints. In addition to this BIM UK has been appointed as Principal Distributor and is tasked with actively managing the relationship between the Company and its shareholders.

Directors’ Biographies

Paul Freeman (Chairman) (British) (appointed 17 July 2017) : Mr Freeman currently serves as a Director on the boards of a number of BlackRock Group companies and investment funds. He was until December 2015 a Managing Director of BlackRock, which he had joined in August 2005 (which then was Merrill Lynch Investment Managers). Up until July 2011 Mr Freeman was the Head of Product Development and Range Management for the EMEA region with responsibility for the development and ongoing product management of all funds domiciled in EMEA and distributed on a cross-border basis by BlackRock. Between July 2011 and December 2015 Mr Freeman worked closely with BlackRock’s Government affairs team and served on various internal governance committees and on the boards of a number of group subsidiaries and managed funds. Mr Freeman has worked in the financial services industry for over 35 years and, prior to BlackRock, has held senior management positions at Schroders, Rothschild Asset Management, Henderson Investors and GT Management (now part of Invesco). Mr Freeman is a Chartered Accountant.

Francine Keiser (Luxembourger) : Ms Keiser is a former Partner of Linklaters LLP and is now a consultant to the firm. She has been a member of the Luxembourg Bar since 1989. Ms Keiser is an experienced investment funds lawyer with wide expertise in all legal aspects of investment management, in particular in the UCITS area. She serves as a Director on the Boards of flagship funds of several major fund promoters, including BlackRock Global Funds and BlackRock Strategic Funds.

Geoffrey D. Radcliffe (British & Luxembourger dual nationality, Luxembourg resident) : Mr Radcliffe is a Managing Director of BlackRock and is based in Luxembourg. He is a member of the BlackRock Business Operations & Technology, Global Accounting and Product Services team and heads Product Oversight and Governance International and Alternatives International for BlackRock EMEA & Asia Pacific. Mr Radcliffe is a Fellow of The Institute of Chartered Accountants in England and Wales and an Associate of The Chartered Institute of Bankers. He has 30+ years of mutual fund, accounting and banking experience in Luxembourg, Bermuda, London and the Isle of Man. Mr Radcliffe joined the BlackRock Group in 1998. He serves as a Director on the Board of the Management Company and also on the Boards of a number of BlackRock investment funds. He has been a Member of the Board of Directors of ALFI (Luxembourg Fund Industry Association) since 2013.



Barry O’Dwyer (Irish) : Mr O’Dwyer is a Managing Director at BlackRock. He is the Head of Fund Governance for BlackRock’s European open-ended fund ranges and is the Chief Operating Officer for BlackRock’s Irish business. He serves as a Director on the boards of a number of BlackRock corporate, fund, and management companies domiciled in Ireland, Luxembourg, Switzerland and Germany and on the board of BlackRock’s UK Life company. He was the Chairman of the Irish Funds Industry Association 2014-2015, is a board Director of Financial Services Ireland and is a member of An Taoiseach’s Financial Services Industry Advisory Committee. He joined BlackRock Advisors (UK) Limited in 1999 as head of risk management and moved to his present role in 2006. Prior to joining BlackRock Advisors (UK) Limited, Mr O’Dwyer worked as risk manager at Gartmore Investment Management and at HypoVereinsbank and National Westminster Bank. Mr O’Dwyer graduated from Trinity College Dublin with a degree in Business Studies and Economics in 1991. He holds a Chartered Association of Certified Accountants qualification and an MBA from London City University Business School.

Robert Hayes (British) : Mr Hayes is a Managing Director, is Head of Investment Oversight for the BlackRock EMEA business and CEO of BlackRock Fund Managers Limited. The Investment Oversight team, which is part of Strategic Product Management, is responsible for establishing and reviewing investment expectations for all BlackRockʼs Retail Funds in the EMEA region. He also chairs the Investment Committee and serves as a Director of BlackRock Life Limited, BlackRock Global Funds SICAV and BlackRock Strategic Funds SICAV. Mr. Hayesʼ service with the firm dates back to 2001, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM he was Head of Strategic Advice and immediately before his current role he was Head of Client Strategy in our Client Solutions business. Prior to joining the firm, Mr. Hayes was a Partner with Watson Wyatt Partners, as an investment consultant for large pension funds and institutional investors. Earlier in his career, Mr Hayes was a UK Equity Investment Manager at ICI Pension Fund and Head of Institutional Investment at M&G Investment Management. Mr. Hayes earned a BSc degree in Mathematics from Southampton University in 1983.

Michael Gruener (German) (appointed 21 December 2017) : Mr Gruener is a Managing Director of BlackRock and is Head of Europe, Middle East and Africa Retail business. He is a member of BlackRockʼs European Executive Committee and the BlackRock European Steer Co. Mr. Gruener joined BlackRock in January 2012 as the Head of BlackRockʼs German, Austria & Eastern Europe iShares sales team and became Head of the iShares Wealth and Retail client segment in EMEA in January 2014. In 2015 he became the Co-Head of the EMEA Sales for iShares. Michael began his current role in July 2017. Mr. Gruener has more than 20 years of experience in the financial services industry. Prior to joining BlackRock, Michael worked for 10 years at Goldman Sachs

Asset Management in multiple distribution roles in Chicago, London and Frankfurt. Mr. Gruener holds a German Banker qualification and a BA honors degree from the Cambridge Polytechnic University in Finance and Controlling. He also holds a degree from the Berlin School of Economics in Business Administration and Finance

Frank Le Feuvre (British nationality, Jersey resident) (resigned 29 September 2017) : Until September 2017, Mr Le Feuvre was the Country Manager for the Channel Islands and was a member of BlackRock's Global Client Group. He was also the Managing Director of BlackRock (Channel Islands) Limited. Mr Le Feuvre’s service with the firm dated back to 1972, including his years with MLIM, which merged with BlackRock in 2006. At MLIM, he was the Head of the Jersey business and was the Managing Director of Merrill Lynch Investment Management (Channel Islands) Limited. Mr Le Feuvre also served as the Director on the Boards of BlackRock Global Funds and BlackRock Strategic Funds.

Nicholas C.D. Hall (exChairman) (British) (resigned 31 May 2017) : Mr Hall was, until he retired in May 2009, General Counsel of BlackRock International (previously known as Merrill Lynch Investment Managers International) based in London which position he held from his appointment in August 1998. He joined the Group in 1983. He was educated at St. Catharine’s College, Cambridge graduating with a MA (Law) degree in 1975. He qualified as a solicitor in England and Wales in 1978 and in Hong Kong in 1987. He was a non-executive Director of BlackRock Investment Management (UK) Limited, BlackRock Advisors (UK) Limited, BlackRock Group Limited, Chairman of BlackRock Life Limited, BlackRock Global Funds and BlackRock Strategic Funds and served on the Boards of a number of other BlackRock entities and sponsored funds. Mr Hall chaired the BlackRock Group Limited EMEA Conflicts Management Committee and is a member of the BlackRock Group Limited EMEA Audit Committee, Nominations Committee and Risk Committee.


Report on Remuneration

The below disclosures are made in respect of the remuneration policies of the BlackRock Group (“BlackRock”), as they apply to BlackRock (Luxembourg) S.A. (the “Management Company”). The disclosures are made in accordance with the Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS, as amended, including in particular by Directive 2014/91/EU of the European Parliament and of the council of 23 July 2014, (the “Directive”), and the “Guidelines on sound remuneration policies under the UCITS Directive and AIFMD” issued by the European Securities and Markets Authority.

BlackRock’s UCITS Remuneration Policy (the “UCITS Remuneration Policy”) will apply to the European Economic Area (“EEA”) entities within the BlackRock Group authorised as a management company of UCITS funds in accordance with the Directive, and will ensure compliance with the requirements of Article 14b of the Directive.

The Management Company has adopted the UCITS Remuneration Policy, a summary of which is set out below.

Remuneration Governance BlackRock’s remuneration governance in EMEA operates as a tiered structure which includes: (a) the Management Development and Compensation Committee (“MDCC”) (which is the global, independent remuneration committee for BlackRock, Inc. and all of its subsidiaries, including the Management Company); and (b) the Management Company’s Board of Directors (the “Management Company’s Board”). The MDCC is responsible for the determination of BlackRock’s remuneration policies.

(a) MDCC The MDCC’s purposes include:

� providing oversight of: � BlackRock’s executive compensation programmes; � BlackRock’s employee benefit plans; and � such other compensation plans as may be established by BlackRock from time to time for which the MDCC is deemed as administrator;

� reviewing and discussing the compensation discussion and analysis included in the BlackRock, Inc. annual proxy statement with management and approving the MDCC’s report for inclusion in the proxy statement;

� reviewing, assessing and making reports and recommendations to the BlackRock, Inc. Board of Directors (the “BlackRock, Inc. Board”) as appropriate on BlackRock’s talent development and succession planning, with the emphasis on performance and succession at the highest management levels; and

� in accordance with applicable UK and European regulations and guidance, to act as the Remuneration Committee for BlackRock’s EMEA regulated entities.

The MDCC directly retains an independent compensation consultant, Semler Brossy Consulting Group LLC, which has no relationship with BlackRock, Inc. or the BlackRock, Inc. Board that would interfere with its ability to provide independent advice to the MDCC on compensation matters.

The BlackRock, Inc. Board has determined that all of the members of the MDCC are “independent” within the meaning of the listing standards of the New York Stock Exchange (“NYSE”), which requires each meet a “non-employee director” standard.

The MDCC held 10 meetings during 2017. The MDCC charter is available on BlackRock, Inc.’s website (www.blackrock.com).

Through its regular reviews, the MDCC continues to be satisfied with the principles of BlackRock’s compensation policy and approach.

(b) The Management Company’s BoardThe Management Company’s Board has the task of supervising and providing oversight of the UCITS Remuneration Policy as it applies to the Management Company and its Identified Staff.

The Management Company’s Board (through independent review by the relevant control functions) remains satisfied with the implementation of the UCITS Remuneration Policy as it applies to the Management Company and its Identified Staff.

Decisionmaking processRemuneration decisions for employees are made once annually in January following the end of the performance year. This timing allows full-year financial results to be considered along with other non-financial goals and objectives. Although the framework for remuneration decision-making is tied to financial performance, significant discretion is used to determine individual variable remuneration based on achievement of strategic and operating results and other considerations such as management and leadership capabilities.

No set formulas are established and no fixed benchmarks are used in determining annual incentive awards. In determining specific individual remuneration amounts, a number of factors are considered including non-financial goals and objectives and overall financial and investment performance. These results are viewed in the aggregate without any specific weighting, and there is no direct correlation between any particular performance measure and the resulting annual incentive award. The variable remuneration awarded to any individual(s) for a particular performance year may also be zero.


Report on Remuneration continued

Annual incentive awards are paid from a bonus pool.

The size of the projected bonus pool, including cash and equity awards, is reviewed throughout the year by the MDCC and the final total bonus pool is approved after year-end. As part of this review, the MDCC receives actual and projected financial information over the course of the year as well as final year-end information. The financial information that the MDCC receives and considers includes the current year projected income statement and other financial measures compared with prior year results and the current year budget. The MDCC additionally reviews other metrics of BlackRock’s financial performance (e.g., net inflows of Assets Under Management (“AUM”) and investment performance) as well as information regarding market conditions and competitive compensation levels.

The MDCC regularly considers management’s recommendation as to the percentage of preincentive operating income that will be accrued and reflected as a compensation expense throughout the year for the cash portion of the total annual bonus pool (the “accrual rate”). The accrual rate of the cash portion of the total annual bonus pool may be modified by the MDCC during the year based on its review of the financial information described above. The MDCC does not apply any particular weighting or formula to the information it considers when determining the size of the total bonus pool or the accruals made for the cash portion of the total bonus pool.

Following the end of the performance year, the MDCC approves the final bonus pool amount.

As part of the year-end review process the Enterprise Risk and Regulatory Compliance departments report to the MDCC on any activities, incidents or events that warrant consideration in making compensation decisions.

Individuals are not involved in setting their own remuneration.

Control functionsEach of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) has its own organisational structure which is independent of the business units. The head of each control function is either a member of the Global Executive Committee (“GEC”), BlackRock’s global management committee, or has a reporting obligation to the Manager’s Board.

Functional bonus pools are determined with reference to the performance of each individual function. The remuneration of the senior members of control functions is directly overseen by the Committee.

Link between pay and performanceThere is a clear and well-defined pay-for-performance philosophy and compensation programmes which are designed to meet the following key objectives as detailed below:

� appropriately balance BlackRock’s financial results between shareholders and employees;

� attract, retain and motivate employees capable of making significant contributions to the long-term success of the business;

� align the interests of senior employees with those of shareholders by awarding BlackRock Inc.’s stock as a significant part of both annual and long-term incentive awards;

� control fixed costs by ensuring that compensation expense varies with profitability;

� link a significant portion of an employee’s total compensation to the financial and operational performance of the business as well as its common stock performance;

� discourage excessive risk-taking; and

� ensure that client interests are not negatively impacted by remuneration awarded on a short-term, mid-term and/or long-term basis.

Driving a high-performance culture is dependent on the ability to measure performance against objectives, values and behaviours in a clear and consistent way. Line Management Companies use a 5-point rating scale to provide an overall assessment of an employee’s performance, and employees also provide a self-evaluation. The overall, final rating is reconciled during each employee’s performance appraisal. Employees are assessed on the manner in which performance is attained as well as the absolute performance itself.

In keeping with the pay-for-performance philosophy, ratings are used to differentiate and reward individual performance – but do not pre-determine compensation outcomes. Compensation decisions remain discretionary and are made as part of the year-end compensation process.

When setting remuneration levels other factors are considered, as well as individual performance, which may include:

� the performance of the Management Company, the funds managed by the Management Company and/or the relevant functional department;



� factors relevant to an employee individually; relationships with clients and colleagues; teamwork; skills; any conduct issues; and, subject to any applicable policy, the impact that any relevant leave of absence may have on contribution to the business);

� the management of risk within the risk profiles appropriate for BlackRockʼs clients;

� strategic business needs, including intentions regarding retention;

� market intelligence; and

� criticality to business.

A primary product tool is risk management and, while employees are compensated for strong performance in their management of client assets, they are required to manage risk within the risk profiles appropriate for their clients. Therefore, employees are not rewarded for engaging in high-risk transactions outside of established parameters. Remuneration practices do not provide undue incentives for short-term planning or short-term financial rewards, do not reward unreasonable risk and provide a reasonable balance between the many and substantial risks inherent within the business of investment management, risk management and advisory services.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme.

BlackRock operates an annual discretionary bonus scheme. Although all employees are eligible to be considered for a discretionary bonus, there is no contractual obligation to make any award to an employee under its discretionary bonus scheme. In exercising discretion to award a discretionary bonus, the factors listed above (under the heading “Link between pay and performance”) may be taken into account in addition to any other matters which become relevant to the exercise of discretion in the course of the performance year.

Discretionary bonus awards for all employees, including executive officers, are subject to a guideline that determines the portion paid in cash and the portion paid in BlackRock, Inc. stock and subject to additional vesting/clawback conditions. Stock awards are subject to further performance adjustment through variation in BlackRock, Inc.’s share price over the vesting period. As total annual compensation increases, a greater portion is deferred into stock. The MDCC adopted this approach in 2006 to substantially increase the retention value and shareholder alignment of the compensation package for eligible employees, including the executive officers.

The portion deferred into stock vests in three equal instalments over the three years following grant.

Supplementary to the annual discretionary bonus as described above, equity awards from the “Partner Plan” and “Targeted Equity Award Plan” are made to select senior leaders to provide greater linkage with future business results. The long-term incentive awards have been established individually to provide meaningful incentive for continued performance over a multi-year period recognising the scope of the individual’s role, business expertise and leadership skills.

Selected senior leaders are eligible to receive performance-adjusted equity-based awards from the “BlackRock Performance Incentive Plan” (“BPIP”). Awards made from the BPIP have a three-year performance period based on a measurement of As Adjusted Operating Margin(1) and Organic Revenue Growth(2). Determination of pay-out will be made based on the firm’s achievement relative to target financial results at the conclusion of the performance period. The maximum number of shares that can be earned is 165% of the award in those situations where both metrics achieve pre-determined financial targets. No shares will be earned where the firm’s financial performance in both of the above metrics is below a pre-determined performance threshold. These metrics have been selected as key measures of shareholder value which endure across market cycles.

A limited number of investment professionals have a portion of their annual discretionary bonus (as described above) awarded as deferred cash that notionally tracks investment in selected products managed by the employee. The intention of these awards is to align investment professionals with the investment returns of the products they manage through the deferral of compensation into those products. Clients and external evaluators have increasingly viewed more favourably those products where key investors have “skin in the game” through significant personal investments. These awards vest in equal instalments over the three years following grant.

Identified StaffThe UCITS Remuneration Policy sets out the process that will be applied to identify staff as Identified Staff, being categories of staff of the Management Company, including senior management, risk takers, control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profiles of the Management Company or of the funds it manages.

The list of Identified Staff will be subject to regular review, being formally reviewed in the event of, but not limited to:

� organisational changes;

(1) As Adjusted Operating Margin: As reported in BlackRockʼs external filings, reflects adjusted Operating Income divided by Total Revenue net of distribution and servicing expenses and

amortisation of deferred sales commissions.(2) Organic Revenue Growth: Equal to net new base fees plus net new Aladdin revenue generated in the year (in US dollars).



� new business initiatives;

� changes in significant influence function lists;

� changes in role responsibilities; and

� revised regulatory direction.

Quantitative Remuneration DisclosureThe Management Company is required under the UCITS to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Management Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Company.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Company is included in the aggregate figures disclosed.

Members of staff and senior management of the Management Company typically provide both UCITS and non-UCITS related services in respect of multiple funds, clients and functions of the Management Company and across the broader BlackRock Group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Management Company’s UCITS-related business according to an objective apportionment methodology which acknowledges the multiple-service nature of the Management Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Management Company to its staff which has been attributed to the Management Company’s UCITS-related business in respect of the Management Company’s financial year ending 31 December 2017 is USD 89.7 million. This figure is comprised of fixed remuneration of USD 5.3 million and variable remuneration of USD 84.4 million. There were a total of 104 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Management Company, which has been attributed to the Management Company’s UCITS-related business in respect of the Management Company’s financial year ending 31 December 2017, to its senior management was USD 0.2 million, and to members of its staff whose actions have a material impact on the risk profile of the Management Company’s UCITS-related business was USD 89.5 million.

The notes on pages 135 to 141 form an integral part of these financial statements.


Statement of Net Assets as at 31 March 2018

Statement of Net Assets

BlackRock Global Index

Funds Combined

iShares Emerging

Markets Equity Index

Fund (LU)

iShares Emerging

Markets Government Bond Index

Fund (LU)

iShares Europe Equity

Index Fund (LU)

iShares Euro

Aggregate Bond Index

Fund (LU)

iShares Euro

Government Bond Index

Fund (LU)Note USD USD USD EUR EUR EUR

Assets Securities portfolio at cost 6,474,648,740 429,681,121 2,383,108,911 339,874,660 590,157,157 401,275,360 Unrealised appreciation 555,976,410 84,329,121 6,313,398 35,612,172 24,782,642 17,665,888

Securities portfolio at market value 2(a) 7,030,625,150 514,010,242 2,389,422,309 375,486,832 614,939,799 418,941,248 Cash at bank 2(a) 75,838,833 7,840,792 32,756,178 1,599,544 2,173,360 1,340,753 Cash collateral 2(a) 5,751,187 – 5,631,176 – 97,389 –Due from broker 13 4,009,523 661,593 – 207,320 – – Interest and dividends receivable 2(a) 55,076,803 1,479,695 30,097,279 1,675,052 5,730,235 4,483,092 Receivable for investments sold 2(a) 1,783,170 – 1,056,478 – – – Receivable for Fund shares subscribed 2(a) 33,169,350 1,141,855 1,899,413 3,380,666 3,596,586 3,576,288 Net unrealised appreciation on:

Futures contracts 2(d) 59,984 – – 12,292 – – Other assets 433,505 11,694 45,286 15,793 104,804 3,341

Total assets 7,206,747,505 525,145,871 2,460,908,119 382,377,499 626,642,173 428,344,722

Liabilities Cash collateral payable 2(a) 5,751,187 – 5,631,176 – 97,389 –Income distribution payable 2(a) 8,934,052 135,199 2,185,752 243,843 2,128,474 22,704 Payable for investments purchased 2(a) 10,057,155 825,305 4,302,540 – – 2,538,194 Payable for Fund shares redeemed 2(a) 9,393,871 315,707 5,062,822 516,773 288,294 583,910 Net unrealised depreciation on:

Futures contracts 2(d) 1,379,721 241,965 – – – – Open forward foreign exchange transactions 2(d) 2,036,159 – 2,032,480 – – –

Accrued expenses and other liabilities 4,5,6 3,526,489 662,788 656,014 246,381 157,457 157,703

Total liabilities 41,078,634 2,180,964 19,870,784 1,006,997 2,671,614 3,302,511

Total net assets 7,165,668,871 522,964,907 2,441,037,335 381,370,502 623,970,559 425,042,211

Approved on behalf of the Board of Directors

Director Director

Date 26 July 2018 Date 26 July 2018



Statement of Net Assetsas at 31 March 2018 continued

iShares Global Government Bond Index

Fund (LU)

iShares Japan Equity Index

Fund (LU)

iShares North America

Equity Index Fund (LU)

iShares Pacific

ex Japan Equity Index

Fund (LU)

iShares World Equity Index

Fund (LU)Note USD USD USD USD USD

Assets Securities portfolio at cost 345,211,630 156,380,815 428,759,349 327,765,105 763,190,759 Unrealised appreciation 13,524,192 25,861,106 158,054,530 19,918,138 151,782,823

Securities portfolio at market value 2(a) 358,735,822 182,241,921 586,813,879 347,683,243 914,973,582 Cash at bank 2(a) 2,283,336 1,393,607 5,014,809 3,747,815 16,500,809 Cash collateral 2(a) – – – – –Due from broker 13 – 56,046 550,113 447,212 2,039,081 Interest and dividends receivable 2(a) 2,438,514 1,506,257 555,744 2,036,939 2,312,493 Receivable for investments sold 2(a) 53,927 203,847 157,667 – 311,251 Receivable for Fund shares subscribed 2(a) 154,989 298,070 5,782,061 854,124 10,033,860 Net unrealised appreciation on:

Futures contracts 2(d) – 44,837 – – – Other assets 1,003 1,530 3,617 8,050 209,598

Total assets 363,667,591 185,746,115 598,877,890 354,777,383 946,380,674

Liabilities Cash collateral payable 2(a) – – – – –Income distribution payable 2(a) 14,003 38,643 90,812 32,993 3,485,299 Payable for investments purchased 2(a) 272,500 203,847 157,667 – 1,167,515 Payable for Fund shares redeemed 2(a) 74,575 296,641 1,062,498 474,283 395,728 Net unrealised depreciation on:

Futures contracts 2(d) – – 247,648 142,814 747,294 Open forward foreign exchange transactions 2(d) 3,679 – – – –

Accrued expenses and other liabilities 4,5,6 147,649 124,646 250,045 324,500 668,869

Total liabilities 512,406 663,777 1,808,670 974,590 6,464,705

Total net assets 363,155,185 185,082,338 597,069,220 353,802,793 939,915,969



Three Year Summary of Net Asset Valuesas at 31 March 2018

Three Year Summary of Net Asset Values

Currency 31 March 2018 31 March 2017 31 March 2016

iShares Emerging Markets Equity Index Fund (LU)Total net assets USD 522,964,907 436,821,114 401,552,214Net asset value per:

A Class non-distributing share USD 132.21 107.00 91.48F Class non-distributing share USD 136.91 110.47 94.17F Class non-distributing share EUR EUR 111.07 103.41 82.58N Class distributing share USD 156.41 128.45 111.46N Class distributing share EUR EUR 125.08 118.49 96.34N Class non-distributing share USD 134.63 108.59 92.54X Class non-distributing share USD 136.17 109.62 93.23X Class non-distributing share EUR EUR 110.26 102.39 81.58

iShares Emerging Markets Government Bond Index Fund (LU)Total net assets USD 2,441,037,335 1,875,238,033 1,088,653,643Net asset value per:

A Class non-distributing share USD 122.80 118.31 108.98A Class non-distributing share EUR hedged EUR 107.42 105.83 –F Class non-distributing share(1) USD 102.09 – –I Class distributing share USD 106.05 106.91 103.59I Class non-distributing share USD 121.64 116.87 107.35I Class non-distributing share EUR hedged EUR 107.96 106.07 –I Class non-distributing share GBP hedged GBP 108.89 106.17 –N Class distributing share EUR EUR 102.88 119.65 108.64X Class non-distributing share USD 125.70 120.53 110.49X Class non-distributing share EUR EUR 100.89 111.58 –X Class non-distributing share EUR hedged EUR 108.46 106.34 –X Class non-distributing share SEK hedged SEK 1,013.53 995.17 –

iShares Europe Equity Index Fund (LU)Total net assets EUR 381,370,502 428,391,758 378,459,527Net asset value per:

A Class non-distributing share EUR 154.53 154.43 132.71D Class non-distributing share EUR 147.17 146.64 125.64D Class non-distributing share USD(1) USD 100.29 – –F Class non-distributing share EUR 157.19 156.63 134.20N Class distributing share EUR 135.31 139.17 122.72N Class distributing share USD USD 169.38 151.04 142.17N Class non-distributing share EUR 157.46 156.84 134.33X Class non-distributing share EUR 158.77 157.92 135.06X Class non-distributing share USD USD 122.68 105.80 –

iShares Euro Aggregate Bond Index Fund (LU)Total net assets EUR 623,970,559 462,209,234 368,577,325Net asset value per:

A Class non-distributing share EUR 115.20 113.28 114.42N Class distributing share EUR 109.28 108.21 110.29X Class non-distributing share EUR 117.91 115.40 116.01

iShares Euro Government Bond Index Fund (LU)Total net assets EUR 425,042,211 436,468,280 788,111,812Net asset value per:

A Class non-distributing share EUR 123.39 120.41 123.03D Class non-distributing share EUR 122.40 119.09 121.32F Class non-distributing share EUR 125.40 122.01 124.29N Class distributing share EUR 116.29 114.15 117.40N Class non-distributing share EUR 125.62 122.19 124.43X Class non-distributing share EUR 126.67 123.03 125.10

(1) New Class launch, see Appendix I for further details.



Three Year Summary of Net Asset Valuesas at 31 March 2018 continued

Currency 31 March 2018 31 March 2017 31 March 2016

iShares Global Government Bond Index Fund (LU)Total net assets USD 363,155,185 95,013,157 81,444,953Net asset value per:

A Class non-distributing share USD 99.27 91.96 96.15D Class non-distributing share EUR EUR 109.95 117.16 114.46F Class non-distributing share USD 100.95 93.23 97.19N Class distributing share EUR EUR 98.05 105.34 103.74N Class non-distributing share USD 101.14 93.36 97.30N Class non-distributing share EUR EUR 82.01 87.29 85.23X Class non-distributing share USD 101.90 93.94 97.75X Class non-distributing share EUR EUR 94.28 100.26 –

iShares Japan Equity Index Fund (LU)Total net assets USD 185,082,338 150,842,636 135,168,420Net asset value per:

A Class non-distributing share USD 172.49 146.01 128.78F Class non-distributing share USD 175.46 148.09 130.22N Class distributing share USD 209.44 179.49 160.37N Class distributing share EUR EUR 169.85 167.89 140.55N Class non-distributing share USD 175.75 148.28 130.35X Class non-distributing share USD 177.16 149.25 131.01X Class non-distributing share EUR EUR 143.64 139.60 114.81

iShares North America Equity Index Fund (LU)Total net assets USD 597,069,220 783,949,640 609,949,244Net asset value per:

A Class non-distributing share USD 186.04 167.85 144.86D Class non-distributing share(1) USD 100.44 – –F Class non-distributing share USD 189.24 170.23 146.47N Class distributing share USD 230.71 209.97 182.94N Class distributing share EUR EUR 185.90 195.39 159.54N Class non-distributing share USD 189.56 170.47 146.63X Class non-distributing share USD 191.09 171.59 147.38X Class non-distributing share EUR EUR 154.93 160.47 129.14

iShares Pacific ex Japan Equity Index Fund (LU)Total net assets USD 353,802,793 309,193,252 263,071,813Net asset value per:

A Class non-distributing UK reporting fund share USD 126.40 117.32 99.60F Class non-distributing UK reporting fund share USD 128.62 119.03 100.74N Class distributing share USD 135.95 130.50 114.58N Class distributing share EUR EUR 108.99 120.84 99.44N Class non-distributing share USD 128.80 119.16 100.83X Class non-distributing share USD 129.84 119.94 101.34X Class non-distributing share EUR EUR 105.12 112.18 88.80

iShares World Equity Index Fund (LU)Total net assets USD 939,915,969 1,147,314,195 717,392,136Net asset value per:

A Class non-distributing share USD 170.17 151.55 132.89D Class non-distributing share EUR EUR 175.30 179.59 147.12F Class non-distributing share USD 173.07 153.68 134.35F Class non-distributing share EUR EUR 140.39 143.86 117.86F Class non-distributing share GBP GBP 123.11 123.27 –N Class distributing share EUR EUR 162.54 169.37 141.23N Class non-distributing share USD 173.61 153.94 134.52N Class non-distributing share EUR EUR 179.02 183.21 150.00X Class non-distributing share USD 174.82 154.96 135.22X Class non-distributing share EUR EUR 141.71 144.92 118.49

(1) New Class launch, see Appendix I for further details.



Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2018

Statement of Operations and Changes in Net Assets

Note

BlackRock Global

Index Funds Combined

iShares Emerging

Markets Equity Index

Fund (LU)

iShares Emerging

Markets Government Bond Index

Fund (LU)

iShares Europe Equity Index

Fund (LU)USD USD USD EUR

Net assets at the beginning of the year 6,216,332,570 436,821,114 1,875,238,033 428,391,758 Income Bank interest 2(c) 447,899 – 18,050 268,847 Bond interest 2(c) 125,554,377 – 109,033,997 – Dividends, net of withholding taxes 2(c) 79,357,360 11,418,576 – 14,440,993 Securities lending 2(c) 1,580,867 146,326 718,195 139,500

Total income 206,940,503 11,564,902 109,770,242 14,849,340

Expenses Bank interest 2(c) 52,458 16,431 – – Administration fees 5 2,548,879 236,697 668,581 170,868 Depositary fees 2(i),6 2,162,851 470,969 298,575 198,018 Management fees 4 6,200,970 1,206,857 1,461,928 400,023

Total expenses before reimbursement 10,965,158 1,930,954 2,429,084 768,909

Reimbursement of expenses 255,531 – – –

Total expenses after reimbursement 10,709,627 1,930,954 2,429,084 768,909

Net investment income/(deficit) 196,230,876 9,633,948 107,341,158 14,080,431 Net realised gain/(loss) on:

Investments 2(a),2(b) 244,960,576 21,043,227 3,584,715 14,543,377 Futures contracts 2(d) 9,801,540 6,114,568 – 339,199 Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) 48,733,667 (2,793,241) 56,230,658 (2,267,720)

Net realised gain for the year 303,495,783 24,364,554 59,815,373 12,614,856

Net change in unrealised appreciation/(depreciation) on:Investments 115,154,494 83,447,889 (29,703,082) (21,681,356) Futures contracts 2(d) (2,020,017) (904,482) – (32,975) Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) (6,792,350) (611,932) (6,133,127) (47,104)

Net change in unrealised appreciation/(depreciation) for the year 106,342,127 81,931,475 (35,836,209) (21,761,435)

Increase/(decrease) in net assets as a result of operations 606,068,786 115,929,977 131,320,322 4,933,852

Movements in share capital Net receipts as a result of issue of shares 2,993,999,647 251,323,408 882,730,986 130,812,167 Net payments as a result of repurchase of shares (2,856,897,171) (280,668,324) (444,199,019) (181,871,612)

Increase/(decrease) in net assets as a result of movements in share capital 137,102,476 (29,344,916) 438,531,967 (51,059,445)

Dividends declared 10 (17,841,210) (441,268) (4,052,987) (895,663) Foreign exchange adjustment 2(f) 224,006,249* – – –

Net assets at the end of the year 7,165,668,871 522,964,907 2,441,037,335 381,370,502

* The combined figures have been calculated using the average exchange rates throughout the year. The resulting Foreign exchange adjustment of USD 224,006,249 represents the movement in exchange rates between 31 March 2017 and 31 March 2018. This is a notional amount, which has no impact on the Net Assets of the individual Funds.



Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2018 continued

Note

iShares Euro Aggregate

Bond Index Fund (LU)

iShares Euro


Fund (LU)

iShares Global


Fund (LU)

iShares Japan Equity Index

Fund (LU)EUR EUR USD USD

Net assets at the beginning of the year 462,209,234 436,468,280 95,013,157 150,842,636 Income Bank interest 2(c) – – 98,795 – Bond interest 2(c) 6,753,084 4,722,804 3,116,145 – Dividends, net of withholding taxes 2(c) – – – 3,204,681 Securities lending 2(c) 51,893 63,996 7,942 38,539

Total income 6,804,977 4,786,800 3,222,882 3,243,220

Expenses Bank interest 2(c) 15,003 4,719 – 12,991 Administration fees 5 167,269 140,046 108,799 69,965 Depositary fees 2(i),6 105,871 95,863 108,698 105,233 Management fees 4 160,557 335,135 131,278 141,900

Total expenses before reimbursement 448,700 575,763 348,775 330,089

Reimbursement of expenses 71,366 – – –

Total expenses after reimbursement 377,334 575,763 348,775 330,089

Net investment income/(deficit) 6,427,643 4,211,037 2,874,107 2,913,131 Net realised gain/(loss) on:

Investments 2(a),2(b) 313,811 4,869,947 (54,939) 12,815,639 Futures contracts 2(d) – – – 326,761 Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) (884) (689) 1,467,444 (747,671)

Net realised gain for the year 312,927 4,869,258 1,412,505 12,394,729

Net change in unrealised appreciation/(depreciation) on: Investments 4,776,777 3,165,915 16,899,466 12,438,030 Futures contracts 2(d) – – – 105,893 Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) 7 (35) 38,201 (14,926)

Net change in unrealised appreciation/(depreciation) for the year 4,776,784 3,165,880 16,937,667 12,528,997

Increase/(decrease) in net assets as a result of operations 11,517,354 12,246,175 21,224,279 27,836,857

Movements in share capital Net receipts as a result of issue of shares 256,498,929 154,440,123 383,224,528 157,639,006 Net payments as a result of repurchase of shares (102,359,896) (178,067,271) (136,278,241) (151,166,281)

Increase/(decrease) in net assets as a result of movements in share capital 154,139,033 (23,627,148) 246,946,287 6,472,725

Dividends declared 10 (3,895,062) (45,096) (28,538) (69,880) Foreign exchange adjustment 2(f) – – – –

Net assets at the end of the year 623,970,559 425,042,211 363,155,185 185,082,338



Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2018 continued

Note

iShares North

America Equity Index

Fund (LU)

iShares Pacific

ex Japan Equity Index

Fund (LU)

iShares World Equity

Index Fund (LU)

USD USD USD

Net assets at the beginning of the year 783,949,640 309,193,252 1,147,314,195 Income Bank interest 2(c) 8,917 4,607 3,507 Bond interest 2(c) – – – Dividends, net of withholding taxes 2(c) 11,109,025 13,376,262 23,381,236 Securities lending 2(c) 56,169 80,129 235,264

Total income 11,174,111 13,460,998 23,620,007

ExpensesBank interest 2(c) – – – Administration fees 5 317,321 180,175 408,807 Depositary fees 2(i),6 146,212 238,383 327,857 Management fees 4 599,069 788,871 824,841

Total expenses before reimbursement 1,062,602 1,207,429 1,561,505

Reimbursement of expenses – – 172,173

Total expenses after reimbursement 1,062,602 1,207,429 1,389,332

Net investment income/(deficit) 10,111,509 12,253,569 22,230,675 Net realised gain/(loss) on:

Investments 2(a),2(b) 83,833,067 5,231,386 95,465,504 Futures contracts 2(d) 779,047 409,828 1,775,140 Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) (1,140,927) (2,412,559) 780,576

Net realised gain for the year 83,471,187 3,228,655 98,021,220

Net change in unrealised appreciation/(depreciation) on:Investments 2,587,026 9,895,531 35,636,869 Futures contracts 2(d) (252,504) (173,386) (757,022) Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) 6,232 (46,696) 24,950

Net change in unrealised appreciation/(depreciation) for the year 2,340,754 9,675,449 34,904,797

Increase/(decrease) in net assets as a result of operations 95,923,450 25,157,673 155,156,692

Movements in share capitalNet receipts as a result of issue of shares 116,192,928 189,438,320 380,666,286 Net payments as a result of repurchase of shares (398,685,513) (169,894,679) (736,024,131)

Increase/(decrease) in net assets as a result of movements in share capital (282,492,585) 19,543,641 (355,357,845)

Dividends declared 10 (311,285) (91,773) (7,197,073) Foreign exchange adjustment 2(f) – – –

Net assets at the end of the year 597,069,220 353,802,793 939,915,969



Statement of Changes in Shares Outstandingfor the year ended 31 March 2018

Shares outstanding at the beginning

of the yearShares issued

Shares repurchased

Shares outstanding at the end of the

year

iShares Emerging Markets Equity Index Fund (LU)A Class non-distributing share 1,178,972 803,539 820,801 1,161,710F Class non-distributing share 262,025 327,333 181,530 407,828F Class non-distributing share EUR 43,645 761,691 59,082 746,254N Class distributing share 39 – – 39N Class distributing share EUR 185,983 27,852 43,316 170,519N Class non-distributing share 725,591 45,996 542,430 229,157X Class non-distributing share 30,950 904 2,797 29,057X Class non-distributing share EUR 1,564,669 41,091 499,605 1,106,155

iShares Emerging Markets Government Bond Index Fund (LU)A Class non-distributing share 102,051 514,434 274,307 342,178A Class non-distributing share EUR hedged 136,215 261,929 334,357 63,787F Class non-distributing share(1) – 50 – 50I Class distributing share 99,472 67,933 4,623 162,782I Class non-distributing share 1,658,276 928,456 1,787,298 799,434I Class non-distributing share EUR hedged 2,452,047 1,974,741 482,657 3,944,131I Class non-distributing share GBP hedged 28,093 29,165 10,753 46,505N Class distributing share EUR 200,733 411,730 13,244 599,219X Class non-distributing share 9,317,930 2,168,162 602,867 10,883,225X Class non-distributing share EUR 829,086 160,412 15,144 974,354X Class non-distributing share EUR hedged 45 330,495 – 330,540X Class non-distributing share SEK hedged 1,024,211 115,025 24,910 1,114,326

iShares Europe Equity Index Fund (LU)A Class non-distributing share 220,214 187,295 168,938 238,571D Class non-distributing share 120,348 64,291 4,722 179,917D Class non-distributing share USD(1) – 85,700 – 85,700F Class non-distributing share 454,199 332,051 420,950 365,300N Class distributing share 197,624 68,861 87,713 178,772N Class distributing share USD 33 – – 33N Class non-distributing share 163,568 73,647 159,243 77,972X Class non-distributing share 1,433,305 40,955 262,137 1,212,123X Class non-distributing share USD 263,406 12,878 28,096 248,188

iShares Euro Aggregate Bond Index Fund (LU)A Class non-distributing share 8,057 250,287 179,190 79,154N Class distributing share 1,733,019 1,943,461 203,251 3,473,229X Class non-distributing share 2,372,333 132,996 509,607 1,995,722

iShares Euro Government Bond Index Fund (LU)A Class non-distributing share 384,251 26,172 392,356 18,067D Class non-distributing share 52,939 290,899 182,900 160,938F Class non-distributing share 93,669 58,059 11,617 140,111N Class distributing share 49,721 12,217 19,390 42,548N Class non-distributing share 909,286 553,614 282,399 1,180,501X Class non-distributing share 2,078,329 312,937 557,385 1,833,881

iShares Global Government Bond Index Fund (LU)A Class non-distributing share 3,654 9,229 1,907 10,976D Class non-distributing share EUR 57,107 334,752 136,610 255,249F Class non-distributing share 335,666 759,754 187,713 907,707N Class distributing share EUR 27,954 5,228 7,992 25,190N Class non-distributing share 50 – – 50N Class non-distributing share EUR 75,364 179,711 110,357 144,718X Class non-distributing share 490,196 117,386 81,670 525,912X Class non-distributing share EUR 46 2,141,377 724,856 1,416,567

(1) New Class launch, see Appendix 1 for further details.

Statement of Changes in Shares Outstanding



Statement of Changes in Shares Outstandingfor the year ended 31 March 2018 continued

Shares outstanding at the beginning

of the yearShares issued

Shares repurchased

Shares outstanding at the end of the

year

iShares Japan Equity Index Fund (LU)A Class non-distributing share 100,473 454,542 508,566 46,449F Class non-distributing share 203,426 132,282 66,598 269,110N Class distributing share 30 – – 30N Class distributing share EUR 25,426 4,072 6,985 22,513N Class non-distributing share 42,481 – 4,966 37,515X Class non-distributing share 82,116 5,598 5,180 82,534X Class non-distributing share EUR 555,976 337,754 306,687 587,043

iShares North America Equity Index Fund (LU)A Class non-distributing share 60,550 31,254 25,443 66,361D Class non-distributing share(1) – 86,824 – 86,824F Class non-distributing share 1,801,361 386,382 1,229,913 957,830N Class distributing share 4,156 – 4,155 1N Class distributing share EUR 176,949 41,370 156,529 61,790N Class non-distributing share 271,039 45,898 40,634 276,303X Class non-distributing share 570,830 43,650 49,351 565,129X Class non-distributing share EUR 1,663,206 27,063 536,825 1,153,444

iShares Pacific ex Japan Equity Index Fund (LU)A Class non-distributing UK reporting fund share 1,093,025 357,495 691,387 759,133F Class non-distributing UK reporting fund share 865,772 839,347 244,796 1,460,323N Class distributing share 38 – – 38N Class distributing share EUR 18,426 5,012 7,175 16,263N Class non-distributing share 89,993 32,301 63,906 58,388X Class non-distributing share 99,016 8,162 2,824 104,354X Class non-distributing share EUR 441,545 243,675 324,727 360,493

iShares World Equity Index Fund (LU)A Class non-distributing share 48,206 207,713 49,884 206,035D Class non-distributing share EUR 18,421 140,531 77,154 81,798F Class non-distributing share 600,506 224,053 387,970 436,589F Class non-distributing share EUR 306 20,947 28 21,225F Class non-distributing share GBP 122,052 8,816 7,950 122,918N Class distributing share EUR 1,337,455 1,076,124 220,139 2,193,440N Class non-distributing share 446,695 – 446,693 2N Class non-distributing share EUR 22,291 4,913 3,860 23,344X Class non-distributing share 3,872,742 262,602 2,597,099 1,538,245X Class non-distributing share EUR 711,074 113,041 404,624 419,491

(1) New Class launch, see Appendix 1 for further details.

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


Holding Description

Market Value USD

% of Net

Assets Holding Description

Market Value USD

% of Net

Assets

* All or a portion of this security represents a security on loan.** Security subject to a fair value adjustment as detailed in Note 2(a).

Portfolio of Investments




iShares Emerging Markets Equity Index Fund (LU) (formerly known as BlackRock Emerging Markets Equity Index Fund)

COMMON / PREFERRED STOCKS (SHARES) & RIGHTS

Bermuda 382,000 Alibaba Health Information

Technology Ltd* 189,817 0.04 1,120,000 Alibaba Pictures Group Ltd* 145,555 0.03 496,000 Beijing Enterprises Water Group Ltd 276,799 0.05 236,000 Brilliance China Automotive

Holdings Ltd 492,531 0.09 178,000 China Gas Holdings Ltd* 647,491 0.12 86,000 China Resources Gas Group Ltd* 298,588 0.06 200,371 COSCO SHIPPING Ports Ltd 168,495 0.03 6,429 Credicorp Ltd 1,448,068 0.28 1,798,000 GOME Retail Holdings Ltd* 194,723 0.04 126,000 Haier Electronics Group Co Ltd 448,704 0.09 790,000 Hanergy Thin Film Power

Group Ltd** 1 0.00 388,000 Kunlun Energy Co Ltd* 334,679 0.06 157,000 Nine Dragons Paper Holdings Ltd 234,842 0.05 411,000 Sihuan Pharmaceutical Holdings

Group Ltd 121,489 0.02 5,001,782 0.96

Brazil 435,652 Ambev SA 3,146,387 0.60 185,003 B3 SA - Brasil Bolsa Balcao 1,454,114 0.28 80,311 Banco Bradesco SA 912,194 0.17 287,069 Banco Bradesco SA (Pref) 3,360,774 0.64 82,999 Banco do Brasil SA 1,014,378 0.19 43,114 Banco Santander Brasil SA (Unit) 506,301 0.10 70,912 BB Seguridade Participacoes SA 623,489 0.12 64,947 BR Malls Participacoes SA 229,745 0.04 15,727 Braskem SA 'A' (Pref) 224,519 0.04 45,616 BRF SA 310,515 0.06 122,778 CCR SA 447,244 0.09 16,492 Centrais Eletricas Brasileiras SA 103,929 0.02 14,925 Centrais Eletricas Brasileiras SA 'B'

(Pref) 108,286 0.02 17,805 Cia Brasileira de Distribuicao (Pref) 350,160 0.07 28,377 Cia de Saneamento Basico do

Estado de Sao Paulo 293,975 0.06 12,573 Cia Energetica de Minas Gerais 31,580 0.01 79,141 Cia Energetica de Minas Gerais

(Pref) 200,921 0.04 40,056 Cia Siderurgica Nacional SA 102,657 0.02 123,848 Cielo SA 771,151 0.15 12,378 Cosan SA Industria e Comercio 153,438 0.03 30,479 EDP - Energias do Brasil SA 121,386 0.02 73,800 Embraer SA 474,396 0.09 24,500 Engie Brasil Energia SA 286,826 0.06 21,000 Equatorial Energia SA 452,980 0.09 23,214 Fibria Celulose SA 448,785 0.09 96,711 Gerdau SA (Pref) 443,926 0.09 38,392 Hypera SA 414,009 0.08 306,600 Itau Unibanco Holding SA (Pref) 4,728,416 0.90 8,153 Itausa - Investimentos Itau SA 33,451 0.01 346,939 Itausa - Investimentos Itau SA (Pref) 1,424,512 0.27 79,100 JBS SA 222,230 0.04 53,303 Klabin SA (Unit) 324,681 0.06 143,971 Kroton Educacional SA 567,751 0.11 55,755 Localiza Rent a Car SA 470,432 0.09 81,567 Lojas Americanas SA (Pref) 454,888 0.09 68,252 Lojas Renner SA 690,229 0.13 13,800 M Dias Branco SA 210,376 0.04 6,987 Multiplan Empreendimentos

Imobiliarios SA 143,294 0.03 11,561 Natura Cosmeticos SA 109,022 0.02 27,671 Odontoprev SA 124,186 0.02 271,648 Petroleo Brasileiro SA 1,896,539 0.36

370,787 Petroleo Brasileiro SA (Pref) 2,375,660 0.45 11,463 Porto Seguro SA 169,301 0.03 22,594 Qualicorp SA 150,878 0.03 19,694 Raia Drogasil SA 439,027 0.08 81,387 Rumo SA 315,075 0.06 22,722 Sul America SA (Unit) 150,913 0.03 32,962 Suzano Papel e Celulose SA 328,187 0.06 45,441 Telefonica Brasil SA (Pref) 678,516 0.13 55,331 Tim Participacoes SA 233,843 0.05 20,027 Transmissora Alianca de Energia

Eletrica SA (Unit) 129,218 0.02 36,549 Ultrapar Participacoes SA 777,276 0.15 300,537 Vale SA 3,812,253 0.73 47,534 WEG SA 321,569 0.06 38,269,788 7.32

Cayman Islands 102,500 3SBio Inc '144A'* 230,895 0.04 5,961 58.com Inc ADR 466,567 0.09 66,000 AAC Technologies Holdings Inc 1,190,735 0.23 150,000 Agile Group Holdings Ltd 309,992 0.06 107,887 Alibaba Group Holding Ltd ADR* 19,318,246 3.69 96,000 ANTA Sports Products Ltd 484,367 0.09 1,702 Autohome Inc ADR 142,338 0.03 25,224 Baidu Inc ADR 5,653,203 1.08 121,878 Chailease Holding Co Ltd 418,006 0.08 159,000 China Conch Venture Holdings Ltd 485,188 0.09 306,000 China Evergrande Group 963,000 0.18 444,000 China Huishan Dairy Holdings

Co Ltd*,** 1 0.00 126,000 China Medical System Holdings Ltd 286,079 0.05 246,000 China Mengniu Dairy Co Ltd 843,131 0.16 248,483 China Resources Land Ltd* 903,880 0.17 258,750 China State Construction

International Holdings Ltd* 315,830 0.06 296,000 CIFI Holdings Group Co Ltd 258,339 0.05 524,200 Country Garden Holdings Co Ltd 1,079,310 0.21 33,705 Ctrip.com International Ltd ADR 1,553,126 0.30 82,000 ENN Energy Holdings Ltd 732,385 0.14 435,000 Fullshare Holdings Ltd 241,094 0.05 1,337,000 GCL-Poly Energy Holdings Ltd* 165,238 0.03 468,000 Geely Automobile Holdings Ltd 1,347,603 0.26 13,000 General Interface Solution

Holding Ltd 78,695 0.02 69,000 Haitian International Holdings Ltd 209,235 0.04 75,500 Hengan International Group Co Ltd 699,341 0.13 57,176 JD.com Inc ADR 2,315,628 0.44 66,500 Kingboard Chemical Holdings Ltd 303,752 0.06 103,000 Kingsoft Corp Ltd 326,772 0.06 149,000 Lee & Man Paper Manufacturing Ltd 157,380 0.03 139,000 Longfor Properties Co Ltd 425,044 0.08 6,658 Momo Inc ADR 240,154 0.05 6,739 NetEase Inc ADR 1,861,110 0.36 10,924 New Oriental Education &

Technology Group Inc ADR 937,170 0.18 280,100 Semiconductor Manufacturing

International Corp* 366,158 0.07 58,000 Shenzhou International Group

Holdings Ltd 610,771 0.12 86,500 Shimao Property Holdings Ltd 244,668 0.05 3,255 SINA Corp/China 328,722 0.06 451,000 Sino Biopharmaceutical Ltd 884,922 0.17 176,000 SOHO China Ltd 92,164 0.02 215,000 Sunac China Holdings Ltd 830,021 0.16 65,500 Sunny Optical Technology Group

Co Ltd 1,209,254 0.23 25,247 TAL Education Group ADR 921,010 0.18

Portfolio of Investments as at 31 March 2018

Brazil continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets

* All or a portion of this security represents a security on loan.



iShares Emerging Markets Equity Index Fund (LU) continued

531,979 Tencent Holdings Ltd 27,762,734 5.31 224,000 Tingyi Cayman Islands Holding

Corp* 464,633 0.09 28,774 Vipshop Holdings Ltd ADR 471,318 0.09 546,000 Want Want China Holdings Ltd* 437,574 0.08 3,361 Weibo Corp ADR 391,893 0.07 2,588 YY Inc ADR 262,604 0.05 80,221,280 15.34

Chile 238,117 Aguas Andinas SA 155,578 0.03 5,437 Banco de Chile ADR 535,680 0.10 3,106 Banco de Credito e Inversiones SA 223,596 0.04 17,277 Banco Santander Chile ADR* 573,942 0.11 93,975 Cencosud SA 281,640 0.05 8,976 Cia Cervecerias Unidas SA ADR 262,728 0.05 662,536 Colbun SA 153,964 0.03 14,317 Empresa Nacional de

Telecomunicaciones SA 161,486 0.03 97,949 Empresas CMPC SA 371,910 0.07 39,998 Empresas COPEC SA 624,324 0.12 62,922 Enel Americas SA ADR 721,086 0.14 63,049 Enel Chile SA ADR 410,449 0.08 9,731 Enel Generacion Chile SA ADR 235,490 0.05 21,860 Latam Airlines Group SA 331,775 0.06 62,292 SACI Falabella 601,237 0.12 11,843 Sociedad Quimica y Minera de

Chile SA ADR 566,688 0.11 6,211,573 1.19

China 2,481,000 Agricultural Bank of China Ltd 'H' 1,409,839 0.27 222,000 Air China Ltd 'H'* 282,853 0.05 378,000 Aluminum Corp of China Ltd 'H' 209,502 0.04 134,000 Anhui Conch Cement Co Ltd 'H'* 729,875 0.14 337,000 AviChina Industry & Technology

Co Ltd 'H'* 237,445 0.05 7,531,000 Bank of China Ltd 'H' 4,049,234 0.77 757,000 Bank of Communications Co Ltd 'H' 593,170 0.11 186,000 Beijing Capital International Airport

Co Ltd 'H' 249,782 0.05 66,500 Byd Co Ltd 'H'* 518,538 0.10 1,117,000 CGN Power Co Ltd 'H' '144A' 288,906 0.05 989,000 China Cinda Asset Management

Co Ltd 'H' 359,128 0.07 961,000 China CITIC Bank Corp Ltd 'H' 656,290 0.13 489,000 China Communications Construction

Co Ltd 'H' 502,171 0.10 242,000 China Communications Services

Corp Ltd 'H' 144,609 0.03 7,892,000 China Construction Bank Corp 'H' 8,104,569 1.55 327,000 China Everbright Bank Co Ltd 'H' 157,071 0.03 360,500 China Galaxy Securities Co Ltd 'H'* 239,764 0.05 622,000 China Huarong Asset Management

Co Ltd 'H' '144A' 261,524 0.05 723,000 China Life Insurance Co Ltd 'H' 1,989,756 0.38 378,000 China Longyuan Power Group

Corp Ltd 'H' 289,932 0.06 359,792 China Merchants Bank Co Ltd 'H'* 1,473,806 0.28 469,500 China Minsheng Banking

Corp Ltd 'H'* 456,424 0.09 381,000 China Molybdenum Co Ltd 'H' 287,379 0.05 326,000 China National Building Material

Co Ltd 'H' 353,887 0.07 230,000 China Oilfield Services Ltd 'H' 237,074 0.05 232,000 China Pacific Insurance Group

Co Ltd 'H' 1,039,013 0.20

2,357,200 China Petroleum & Chemical Corp 'H'* 2,069,300 0.40

189,500 China Railway Construction Corp Ltd 'H' 189,775 0.04

384,000 China Railway Group Ltd 'H' 266,157 0.05 310,000 China Shenhua Energy Co Ltd 'H' 770,201 0.15 195,722 China Southern Airlines Co Ltd 'H' 201,991 0.04 1,506,000 China Telecom Corp Ltd 'H' 663,910 0.13 118,200 China Vanke Co Ltd 'H' 539,148 0.10 302,000 Chongqing Rural Commercial Bank

Co Ltd 'H' 231,254 0.04 248,500 CITIC Securities Co Ltd 'H'* 568,644 0.11 434,250 CRRC Corp Ltd 'H' 370,147 0.07 310,000 Dongfeng Motor Group Co Ltd 'H' 359,822 0.07 51,200 Fuyao Glass Industry Group

Co Ltd 'H' '144A' 197,335 0.04 138,000 GF Securities Co Ltd 'H' 253,543 0.05 301,500 Great Wall Motor Co Ltd 'H'* 302,322 0.06 234,000 Guangzhou Automobile Group

Co Ltd 'H' 431,114 0.08 73,200 Guangzhou R&F Properties

Co Ltd 'H' 182,613 0.03 351,600 Haitong Securities Co Ltd 'H' 465,001 0.09 446,000 Huaneng Power International Inc 'H' 299,470 0.06 518,000 Huaneng Renewables Corp Ltd 'H' 193,377 0.04 177,200 Huatai Securities Co Ltd 'H' '144A'* 340,917 0.06 7,016,000 Industrial & Commercial Bank of

China Ltd 'H' 6,016,064 1.15 138,000 Jiangsu Expressway Co Ltd 'H' 195,169 0.04 89,000 Jiangxi Copper Co Ltd 'H' 127,004 0.02 84,200 New China Life Insurance Co Ltd 'H' 392,110 0.07 758,000 People's Insurance Co Group of

China Ltd/The 'H' 354,440 0.07 1,928,000 PetroChina Co Ltd 'H' 1,324,048 0.25 439,872 PICC Property & Casualty Co Ltd 'H' 770,054 0.15 498,000 Ping An Insurance Group Co of

China Ltd 'H'* 5,063,374 0.97 264,000 Shandong Weigao Group Medical

Polymer Co Ltd 'H' 175,919 0.03 360,000 Shanghai Electric Group Co Ltd 'H'* 124,761 0.02 63,000 Shanghai Fosun Pharmaceutical

Group Co Ltd 'H'* 386,897 0.07 101,700 Shanghai Pharmaceuticals Holding

Co Ltd 'H' 272,112 0.05 354,000 Sinopec Shanghai Petrochemical

Co Ltd 'H' 215,144 0.04 134,400 Sinopharm Group Co Ltd 'H'* 672,976 0.13 116,000 TravelSky Technology Ltd 'H' 336,238 0.06 50,000 Tsingtao Brewery Co Ltd 'H' 261,193 0.05 196,000 Weichai Power Co Ltd 'H' 219,759 0.04 194,000 Yanzhou Coal Mining Co Ltd 'H' 247,178 0.05 156,000 Zhejiang Expressway Co Ltd 'H' 159,208 0.03 59,400 Zhuzhou CRRC Times Electric

Co Ltd 'H'* 287,593 0.05 722,000 Zijin Mining Group Co Ltd 'H'* 322,888 0.06 88,800 ZTE Corp 'H'* 289,076 0.06 52,230,787 9.99

Colombia 24,889 Bancolombia SA 269,287 0.05 11,718 Bancolombia SA (Pref) 122,839 0.03 8,012 Bancolombia SA ADR 334,982 0.07 24,727 Ecopetrol SA ADR 468,824 0.09 25,291 Grupo Argos SA/Colombia 170,412 0.03 32,068 Grupo Aval Acciones y Valores

SA ADR 266,164 0.05


China continued Cayman Islands continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





24,742 Grupo de Inversiones Suramericana SA 330,236 0.06

33,156 Interconexion Electrica SA ESP 158,117 0.03 2,120,861 0.41

Czech Republic 16,854 CEZ AS 419,497 0.08 7,106 Komercni banka AS 324,087 0.06 17,676 Moneta Money Bank AS '144A' 73,154 0.01 6,732 O2 Czech Republic AS 93,089 0.02 909,827 0.17

Egypt 75,891 Commercial International Bank

Egypt SAE GDR Reg 386,285 0.07 3,600 Eastern Tobacco 121,311 0.02 229,295 Global Telecom Holding SAE 84,443 0.02 592,039 0.11

Greece 188,548 Alpha Bank AE* 397,098 0.08 97,978 Eurobank Ergasias SA* 92,067 0.02 8,203 FF Group* 162,148 0.03 29,193 Hellenic Telecommunications

Organization SA 395,736 0.07 10,685 JUMBO SA 194,618 0.04 414,788 National Bank of Greece SA* 132,902 0.02 23,328 OPAP SA 268,221 0.05 1,642,790 0.31

Hong Kong 58,500 Beijing Enterprises Holdings Ltd* 305,596 0.06 277,000 China Everbright International Ltd* 388,222 0.07 94,000 China Everbright Ltd 196,896 0.04 406,000 China Jinmao Holdings Group Ltd 231,228 0.04 136,578 China Merchants Port Holdings

Co Ltd 301,047 0.06 582,500 China Mobile Ltd 5,339,917 1.02 346,000 China Overseas Land &

Investment Ltd 1,201,297 0.23 176,174 China Resources Beer Holdings

Co Ltd 763,183 0.15 177,000 China Resources Pharmaceutical

Group Ltd '144A' 248,070 0.05 207,146 China Resources Power Holdings

Co Ltd 377,944 0.07 137,000 China Taiping Insurance Holdings

Co Ltd 452,966 0.09 554,000 China Unicom Hong Kong Ltd* 698,800 0.13 526,000 CITIC Ltd 735,861 0.14 1,656,000 CNOOC Ltd 2,439,080 0.47 468,000 CSPC Pharmaceutical Group Ltd 1,243,254 0.24 229,000 Far East Horizon Ltd 242,171 0.05 279,620 Fosun International Ltd* 605,654 0.11 306,000 Guangdong Investment Ltd* 481,110 0.09 824,000 Lenovo Group Ltd* 420,997 0.08 47,000 Shanghai Industrial Holdings Ltd 122,461 0.02 223,500 Sino-Ocean Group Holding Ltd 162,031 0.03 229,000 Sun Art Retail Group Ltd* 266,388 0.05 17,224,173 3.29

Hungary 38,637 MOL Hungarian Oil & Gas Plc 426,777 0.08 21,734 OTP Bank Plc 972,977 0.19 8,741 Richter Gedeon Nyrt 184,097 0.03 1,583,851 0.30

India 6,306 ACC Ltd 145,222 0.03 86,521 Adani Ports & Special Economic

Zone Ltd 472,258 0.09 65,419 Ambuja Cements Ltd 235,711 0.04 116,997 Ashok Leyland Ltd 260,824 0.05 33,146 Asian Paints Ltd 568,809 0.11 29,753 Aurobindo Pharma Ltd 256,511 0.05 102,308 Axis Bank Ltd 800,858 0.15 9,623 Axis Bank Ltd GDR RegS 379,146 0.07 9,716 Bajaj Auto Ltd 409,627 0.08 17,988 Bajaj Finance Ltd 488,934 0.09 3,863 Bajaj Finserv Ltd 300,586 0.06 25,845 Bharat Forge Ltd 277,008 0.05 126,546 Bharat Heavy Electricals Ltd 157,742 0.03 85,383 Bharat Petroleum Corp Ltd 559,845 0.11 130,366 Bharti Airtel Ltd 795,228 0.15 56,244 Bharti Infratel Ltd 289,103 0.06 880 Bosch Ltd 245,562 0.05 593 Britannia Industries Ltd 45,193 0.01 24,873 Cadila Healthcare Ltd 144,193 0.03 42,547 Cipla Ltd/India 356,213 0.07 76,642 Coal India Ltd 330,614 0.06 42,957 Dabur India Ltd 214,681 0.04 4,320 Dr Reddy's Laboratories Ltd 137,346 0.03 1,607 Dr Reddy's Laboratories Ltd ADR 52,629 0.01 1,521 Eicher Motors Ltd 663,467 0.13 4,356 GAIL India Ltd GDR RegS 176,854 0.03 19,078 Glenmark Pharmaceuticals Ltd 153,860 0.03 27,990 Godrej Consumer Products Ltd 469,063 0.09 26,100 Grasim Industries Ltd 417,781 0.08 32,687 Havells India Ltd 244,369 0.05 61,503 HCL Technologies Ltd 911,205 0.17 5,460 Hero MotoCorp Ltd 295,847 0.06 128,575 Hindalco Industries Ltd 424,432 0.08 72,750 Hindustan Petroleum Corp Ltd 382,368 0.07 62,465 Hindustan Unilever Ltd 1,278,957 0.24 142,719 Housing Development Finance

Corp Ltd 3,984,737 0.76 162,086 ICICI Bank Ltd 693,110 0.13 10,031 ICICI Bank Ltd ADR* 87,370 0.02 156,122 Idea Cellular Ltd 182,521 0.03 202,312 IDFC Bank Ltd 146,876 0.03 34,776 Indiabulls Housing Finance Ltd 660,338 0.13 135,488 Indian Oil Corp Ltd 367,586 0.07 42,685 Infosys Ltd 746,084 0.14 110,696 Infosys Ltd ADR* 1,958,212 0.37 317,469 ITC Ltd 1,241,222 0.24 81,423 JSW Steel Ltd 358,791 0.07 7,015 Larsen & Toubro Ltd 140,888 0.03 29,950 Larsen & Toubro Ltd GDR RegS* 601,995 0.11 26,572 LIC Housing Finance Ltd 218,739 0.04 24,297 Lupin Ltd 274,331 0.05 28,293 Mahindra & Mahindra Financial

Services Ltd 198,679 0.04 12,499 Mahindra & Mahindra Ltd 141,238 0.03 43,792 Mahindra & Mahindra Ltd GDR* 503,608 0.10 29,933 Marico Ltd 149,042 0.03 10,032 Maruti Suzuki India Ltd 1,361,868 0.26 50,596 Motherson Sumi Systems Ltd 241,182 0.05 1,877 Nestle India Ltd 236,245 0.05 194,154 NTPC Ltd 506,061 0.10 137,147 Oil & Natural Gas Corp Ltd 373,875 0.07 13,212 Petronet LNG Ltd 46,601 0.01 5,748 Piramal Enterprises Ltd 215,359 0.04 88,021 Power Finance Corp Ltd 115,051 0.02 10,771 Reliance Industries Ltd 145,591 0.03 123,609 Reliance Industries Ltd GDR '144A'* 3,349,804 0.64 61,826 Rural Electrification Corp Ltd 117,781 0.02 976 Shree Cement Ltd 240,926 0.05


Colombia continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





12,863 Shriram Transport Finance Co Ltd 284,410 0.05 9,320 Siemens Ltd 153,186 0.03 13,124 State Bank of India GDR RegS* 503,305 0.10 103,040 Sun Pharmaceutical Industries Ltd 785,340 0.15 44,965 Tata Consultancy Services Ltd 1,964,393 0.38 37,287 Tata Motors Ltd 187,116 0.04 46,186 Tata Motors Ltd 129,696 0.02 16,049 Tata Motors Ltd ADR 412,299 0.08 124,981 Tata Power Co Ltd/The 150,713 0.03 20,756 Tata Steel Ltd GDR RegS* 180,162 0.03 54,974 Tech Mahindra Ltd 536,998 0.10 30,209 Titan Co Ltd 429,038 0.08 9,735 UltraTech Cement Ltd 590,324 0.11 4,163 United Spirits Ltd 199,419 0.04 33,955 UPL Ltd 379,420 0.07 28,110 Vedanta Ltd 120,268 0.02 20,037 Vedanta Ltd ADR 347,742 0.07 47,552 Wipro Ltd 206,622 0.04 20,795 Wipro Ltd ADR 106,262 0.02 182,009 Yes Bank Ltd 854,069 0.16 62,887 Zee Entertainment Enterprises Ltd 558,370 0.11 42,026,909 8.04

Indonesia 1,561,900 Adaro Energy Tbk PT 241,645 0.05 1,879,800 Astra International Tbk PT 996,734 0.19 911,700 Bank Central Asia Tbk PT 1,542,953 0.30 364,000 Bank Danamon Indonesia Tbk PT 181,769 0.03 1,784,400 Bank Mandiri Persero Tbk PT 994,754 0.19 777,000 Bank Negara Indonesia

Persero Tbk PT 489,593 0.09 5,247,200 Bank Rakyat Indonesia

Persero Tbk PT 1,372,066 0.26 823,200 Charoen Pokphand Indonesia

Tbk PT 206,286 0.04 57,300 Gudang Garam Tbk PT 301,639 0.06 920,100 Hanjaya Mandala Sampoerna

Tbk PT 265,989 0.05 197,738 Indocement Tunggal Prakarsa

Tbk PT 229,803 0.04 459,200 Indofood Sukses Makmur Tbk PT 240,148 0.05 236,300 Jasa Marga Persero Tbk PT 78,609 0.02 2,173,700 Kalbe Farma Tbk PT 236,829 0.05 232,800 Matahari Department Store Tbk PT 185,158 0.04 4,798,400 Pakuwon Jati Tbk PT 219,575 0.04 1,372,400 Perusahaan Gas Negara

Persero Tbk 229,273 0.04 308,882 Semen Indonesia Persero Tbk PT 232,208 0.04 4,810,000 Telekomunikasi Indonesia Persero

Tbk PT 1,257,745 0.24 134,800 Unilever Indonesia Tbk PT 484,908 0.09 191,300 United Tractors Tbk PT 444,641 0.09 10,432,325 2.00

Isle of Man 33,101 NEPI Rockcastle Plc* 314,900 0.06 314,900 0.06

Malaysia 152,300 AirAsia Bhd 155,923 0.03 109,200 Alliance Bank Malaysia Bhd 120,549 0.02 222,200 AMMB Holdings Bhd 222,889 0.04 223,000 Astro Malaysia Holdings Bhd 117,611 0.02 199,706 Axiata Group Bhd 281,902 0.05 14,300 British American Tobacco

Malaysia Bhd 97,231 0.02 404,689 CIMB Group Holdings Bhd 749,114 0.14 152,032 Dialog Group Bhd 116,343 0.02

246,600 DiGi.Com Bhd 295,181 0.06 128,500 Felda Global Ventures Holdings Bhd 55,147 0.01 185,800 Gamuda Bhd 247,381 0.05 159,592 Genting Bhd 358,958 0.07 329,800 Genting Malaysia Bhd 413,529 0.08 75,900 HAP Seng Consolidated Bhd 190,731 0.04 62,500 Hong Leong Bank Bhd 302,159 0.06 24,900 Hong Leong Financial Group Bhd 123,470 0.02 241,300 IHH Healthcare Bhd 374,302 0.07 357,300 IJM Corp Bhd 248,484 0.05 217,200 IOI Corp Bhd 268,412 0.05 96,427 IOI Properties Group Bhd 40,136 0.01 57,200 Kuala Lumpur Kepong Bhd 378,277 0.07 360,586 Malayan Banking Bhd 980,704 0.19 102,000 Malaysia Airports Holdings Bhd 233,376 0.04 206,300 Maxis Bhd 302,943 0.06 148,800 MISC Bhd 271,210 0.05 259,900 Petronas Chemicals Group Bhd 547,618 0.11 18,700 Petronas Dagangan Bhd 119,413 0.02 82,500 Petronas Gas Bhd 380,080 0.07 40,700 PPB Group Bhd 201,396 0.04 152,600 Press Metal Aluminium Holdings Bhd 179,112 0.03 288,500 Public Bank Bhd 1,790,072 0.34 87,037 RHB Bank Bhd 116,334 0.02 442,600 Sapura Energy Bhd 57,785 0.01 254,486 Sime Darby Bhd 172,377 0.03 254,486 Sime Darby Plantation Bhd 361,860 0.07 254,486 Sime Darby Property Bhd 93,426 0.02 109,206 Telekom Malaysia Bhd 147,095 0.03 325,200 Tenaga Nasional Bhd 1,358,643 0.26 50,700 UMW Holdings Bhd 78,908 0.02 103,600 Westports Holdings Bhd 94,547 0.02 239,920 YTL Corp Bhd 83,116 0.02 12,727,744 2.43

Malta 37,415 Brait SE* 113,178 0.02 113,178 0.02

Mexico 324,800 Alfa SAB de CV 'A' 414,642 0.08 3,128,909 America Movil SAB de CV 'L' 2,957,219 0.57 49,200 Arca Continental SAB de CV 338,899 0.07 198,300 Banco Santander Mexico SA

Institucion de Banca Multiple Grupo Financiero Santand 'B' 284,116 0.05

1,185,558 Cemex SAB de CV 'CPO' (Unit) 780,131 0.15 54,700 Coca-Cola Femsa SAB de CV 'L' 359,642 0.07 21,100 El Puerto de Liverpool SAB

de CV 'C1' 155,780 0.03 274,550 Fibra Uno Administracion SA

de CV (Reit) 412,167 0.08 178,578 Fomento Economico Mexicano SAB

de CV (Unit) 1,628,204 0.31 102,897 Gentera SAB de CV 74,644 0.01 24,300 Gruma SAB de CV 'B' 277,197 0.05 39,194 Grupo Aeroportuario del Pacifico

SAB de CV 'B' 385,745 0.07 23,000 Grupo Aeroportuario del Sureste

SAB de CV 'B' 385,474 0.07 114,916 Grupo Bimbo SAB de CV 'A' 251,913 0.05 8,353 Grupo Carso SAB de CV 'A1' 29,295 0.01 241,190 Grupo Financiero Banorte SAB

de CV 'O' 1,457,064 0.28 166,191 Grupo Financiero Inbursa SAB

de CV 'O' 274,898 0.05 67,166 Grupo Lala SAB de CV 91,191 0.02 375,577 Grupo Mexico SAB de CV 'B' 1,248,254 0.24


India continued Malaysia continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





190,820 Grupo Televisa SAB 'CPO' (Unit) 606,810 0.12 15,540 Industrias Penoles SAB de CV 312,554 0.06 58,260 Infraestructura Energetica Nova

SAB de CV 283,168 0.05 117,274 Kimberly-Clark de Mexico SAB

de CV 'A' 219,108 0.04 118,593 Mexichem SAB de CV 362,247 0.07 27,200 Promotora y Operadora de

Infraestructura SAB de CV 269,399 0.05 456,194 Wal-Mart de Mexico SAB de CV 1,149,764 0.22 15,009,525 2.87

Netherlands 323,088 Steinhoff International Holdings NV 88,650 0.02 88,650 0.02

Pakistan 60,000 Habib Bank Ltd 108,406 0.02 13,700 Lucky Cement Ltd 81,559 0.01 45,000 MCB Bank Ltd 86,841 0.02 65,600 Oil & Gas Development Co Ltd 99,031 0.02 50,400 United Bank Ltd/Pakistan 90,165 0.02 466,002 0.09

Peru 19,276 Cia de Minas Buenaventura

SAA ADR 289,140 0.06 289,140 0.06

Philippines 214,070 Aboitiz Equity Ventures Inc 276,934 0.05 235,700 Aboitiz Power Corp 174,818 0.03 445,800 Alliance Global Group Inc 112,780 0.02 20,055 Ayala Corp 364,374 0.07 762,500 Ayala Land Inc 600,618 0.11 92,266 Bank of the Philippine Islands 206,892 0.04 136,493 BDO Unibank Inc 363,615 0.07 432,200 DMCI Holdings Inc 100,725 0.02 2,785 Globe Telecom Inc 86,575 0.02 8,225 GT Capital Holdings Inc 184,275 0.04 55,020 International Container Terminal

Services Inc 105,448 0.02 340,540 JG Summit Holdings Inc 409,216 0.08 43,000 Jollibee Foods Corp 246,409 0.05 1,346,000 Megaworld Corp 120,986 0.02 1,468,000 Metro Pacific Investments Corp 147,426 0.03 86,379 Metropolitan Bank & Trust Co 142,041 0.03 7,800 PLDT Inc 219,750 0.04 24,967 SM Investments Corp 438,786 0.08 879,300 SM Prime Holdings Inc 567,915 0.11 57,270 Universal Robina Corp 166,835 0.03 5,036,418 0.96

Poland 9,166 Alior Bank SA 198,511 0.04 61,446 Bank Millennium SA* 148,182 0.03 15,373 Bank Pekao SA 556,323 0.11 3,899 Bank Zachodni WBK SA 414,679 0.08 2,775 CCC SA 190,043 0.03 7,227 CD Projekt SA 230,547 0.04 25,268 Cyfrowy Polsat SA 183,103 0.03 1,793 Grupa Azoty SA 29,307 0.01 10,030 Grupa Lotos SA 154,053 0.03 11,678 KGHM Polska Miedz SA 296,936 0.06 157 LPP SA 402,741 0.08 839 mBank SA 103,670 0.02 72,655 Orange Polska SA 122,692 0.02

93,163 PGE Polska Grupa Energetyczna SA 270,749 0.05 28,838 Polski Koncern Naftowy ORLEN SA 715,875 0.14 223,399 Polskie Gornictwo Naftowe i

Gazownictwo SA 378,559 0.07 88,474 Powszechna Kasa Oszczednosci

Bank Polski SA 1,044,024 0.20 65,591 Powszechny Zaklad

Ubezpieczen SA 796,456 0.15 6,236,450 1.19

Qatar 5,629 Barwa Real Estate Co 51,607 0.01 23,285 Commercial Bank PQSC/The 191,174 0.04 93,926 Ezdan Holding Group QSC 269,902 0.05 15,362 Industries Qatar QSC 441,857 0.08 34,348 Masraf Al Rayan QSC 332,200 0.06 10,465 Ooredoo QPSC 236,336 0.05 2,850 Qatar Electricity & Water Co QSC 146,634 0.03 17,685 Qatar Insurance Co SAQ 181,496 0.03 7,215 Qatar Islamic Bank SAQ 192,519 0.04 19,434 Qatar National Bank QPSC 691,412 0.13 2,735,137 0.52

Russia 236,300 Alrosa PJSC 372,086 0.07 529,322 Gazprom PJSC ADR 2,588,914 0.49 41,651 Lukoil PJSC ADR 2,868,088 0.55 25,314 Magnit PJSC GDR RegS 468,309 0.09 69,987 MMC Norilsk Nickel PJSC ADR 1,300,008 0.25 40,913 Mobile TeleSystems PJSC ADR 462,317 0.09 8,309 Novatek PJSC GDR RegS 1,130,024 0.22 10,239 Novolipetsk Steel PJSC GDR 254,849 0.05 136,924 Rosneft Oil Co PJSC GDR RegS 746,236 0.14 129,871 RusHydro PJSC ADR 162,858 0.03 245,666 Sberbank of Russia PJSC ADR 4,564,474 0.87 35,517 Severstal PJSC GDR RegS 534,886 0.10 676,518 Surgutneftegas OJSC (Pref) 347,764 0.07 30,980 Surgutneftegas OJSC ADR

(traded in United Kingdom) 150,873 0.03 62,735 Surgutneftegas OJSC ADR

(traded in United States) 306,147 0.06 26,328 Tatneft PJSC ADR 1,657,611 0.32 303,447 VTB Bank PJSC GDR RegS 595,363 0.11 18,510,807 3.54

South Africa 5,823 Anglo American Platinum Ltd 158,939 0.03 45,922 AngloGold Ashanti Ltd* 433,508 0.08 33,994 Aspen Pharmacare Holdings Ltd 743,011 0.14 63,002 Barclays Africa Group Ltd 1,002,093 0.19 35,588 Bid Corp Ltd* 776,983 0.15 35,588 Bidvest Group Ltd/The 673,914 0.13 4,073 Capitec Bank Holdings Ltd 299,451 0.06 24,672 Coronation Fund Managers Ltd 168,221 0.03 29,138 Discovery Ltd 418,680 0.08 22,993 Exxaro Resources Ltd 209,218 0.04 308,225 FirstRand Ltd* 1,734,491 0.33 49,000 Fortress Income Fund Ltd (Reit) 'A' 64,749 0.01 80,520 Fortress Income Fund Ltd (Reit) 'B' 80,850 0.02 25,172 Foschini Group Ltd/The 473,472 0.09 60,396 Gold Fields Ltd 240,999 0.05 200,699 Growthpoint Properties Ltd (Reit) 483,113 0.09 30,910 Hyprop Investments Ltd (Reit) 282,271 0.05 16,302 Imperial Holdings Ltd* 320,449 0.06 32,696 Investec Ltd 252,652 0.05 11,597 Liberty Holdings Ltd 122,712 0.02 148,372 Life Healthcare Group Holdings Ltd 345,041 0.07 13,100 Mondi Ltd 352,560 0.07


Mexico continued Poland continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





19,870 Mr Price Group Ltd 475,425 0.09 157,497 MTN Group Ltd* 1,576,262 0.30 41,538 Naspers Ltd 'N' 10,147,875 1.94 24,213 Nedbank Group Ltd* 580,338 0.11 112,832 Netcare Ltd 263,532 0.05 46,433 Pick n Pay Stores Ltd 266,415 0.05 16,203 Pioneer Foods Group Ltd 170,277 0.03 12,492 PSG Group Ltd 237,271 0.05 69,305 Rand Merchant Investment

Holdings Ltd 234,317 0.04 492,118 Redefine Properties Ltd (Reit) 479,640 0.09 46,120 Remgro Ltd 864,659 0.17 35,686 Resilient Ltd (Reit)* 149,577 0.03 58,552 RMB Holdings Ltd 382,224 0.07 129,614 Sanlam Ltd 931,094 0.18 59,411 Sappi Ltd 381,281 0.07 50,367 Sasol Ltd 1,699,750 0.33 43,645 Shoprite Holdings Ltd 931,179 0.18 141,848 Sibanye Gold Ltd 139,684 0.03 18,226 SPAR Group Ltd/The 310,530 0.06 121,500 Standard Bank Group Ltd 2,243,014 0.43 26,256 Telkom SA SOC Ltd 116,018 0.02 13,726 Tiger Brands Ltd 429,586 0.08 45,315 Truworths International Ltd 409,661 0.08 53,305 Vodacom Group Ltd 687,105 0.13 81,873 Woolworths Holdings Ltd/South

Africa 415,662 0.08 34,159,753 6.53

South Korea 2,779 Amorepacific Corp 800,406 0.15 1,342 Amorepacific Corp (Pref) 201,445 0.04 3,254 Amorepacific Group 418,236 0.08 526 BGF retail Co Ltd 75,256 0.01 22,635 BNK Financial Group Inc 226,159 0.04 2,027 Celltrion Healthcare Co Ltd 204,621 0.04 8,015 Celltrion Inc 2,383,671 0.46 9,474 Cheil Worldwide Inc 161,766 0.03 924 CJ CheilJedang Corp 277,399 0.05 1,337 CJ Corp 197,558 0.04 1,923 CJ E&M Corp 166,519 0.03 561 CJ Logistics Corp 72,368 0.01 3,788 Coway Co Ltd 312,024 0.06 3,247 Daelim Industrial Co Ltd 224,204 0.04 13,530 Daewoo Engineering &

Construction Co Ltd 66,133 0.01 4,987 DB Insurance Co Ltd 308,793 0.06 13,041 DGB Financial Group Inc 142,535 0.03 3,807 Doosan Bobcat Inc 112,685 0.02 4,839 Doosan Heavy Industries &

Construction Co Ltd 72,183 0.01 1,508 E-Mart Inc 382,694 0.07 7,875 GS Engineering & Construction Corp 220,166 0.04 6,153 GS Holdings Corp 355,591 0.07 2,730 GS Retail Co Ltd 78,629 0.02 29,739 Hana Financial Group Inc 1,272,257 0.24 8,742 Hankook Tire Co Ltd 431,400 0.08 739 Hanmi Pharm Co Ltd 358,442 0.07 1,836 Hanmi Science Co Ltd 162,603 0.03 22,250 Hanon Systems 241,099 0.05 1,086 Hanssem Co Ltd 152,829 0.03 11,720 Hanwha Chemical Corp 324,914 0.06 23,568 Hanwha Life Insurance Co Ltd 138,856 0.03 3,768 Hanwha Techwin Co Ltd 102,163 0.02 3,803 Hotel Shilla Co Ltd 328,245 0.06 1,403 Hyosung Corp 157,293 0.03 1,651 Hyundai Department Store Co Ltd 140,178 0.03 6,442 Hyundai Development

Co-Engineering & Construction 229,057 0.04

8,251 Hyundai Engineering & Construction Co Ltd 329,761 0.06

2,218 Hyundai Glovis Co Ltd 378,718 0.07 3,819 Hyundai Heavy Industries Co Ltd 492,647 0.09 6,290 Hyundai Marine & Fire Insurance

Co Ltd 231,619 0.04 5,704 Hyundai Mobis Co Ltd 1,359,242 0.26 13,562 Hyundai Motor Co 1,825,825 0.35 4,481 Hyundai Motor Co (2nd Pref) 391,809 0.08 2,588 Hyundai Motor Co (Pref) 209,536 0.04 945 Hyundai Robotics Co Ltd 377,681 0.07 8,800 Hyundai Steel Co 426,006 0.08 1,702 Hyundai Wia Corp 87,822 0.02 18,315 Industrial Bank of Korea 268,050 0.05 3,659 Kakao Corp 444,545 0.09 12,279 Kangwon Land Inc 313,916 0.06 39,465 KB Financial Group Inc 2,280,743 0.44 724 KCC Corp 225,167 0.04 2,706 KEPCO Plant Service &

Engineering Co Ltd 115,257 0.02 21,504 Kia Motors Corp 642,558 0.12 7,587 Korea Aerospace Industries Ltd 355,541 0.07 25,971 Korea Electric Power Corp 801,619 0.15 3,005 Korea Gas Corp 136,873 0.03 4,240 Korea Investment Holdings Co Ltd 328,571 0.06 979 Korea Zinc Co Ltd 442,704 0.08 4,568 Korean Air Lines Co Ltd 140,138 0.03 3 KT Corp 77 0.00 10,435 KT&G Corp 978,985 0.19 3,987 LG Chem Ltd 1,443,833 0.28 771 LG Chem Ltd (Pref) 155,878 0.03 7,744 LG Corp 631,348 0.12 21,762 LG Display Co Ltd 527,768 0.10 10,776 LG Electronics Inc 1,101,965 0.21 767 LG Household & Health Care Ltd 857,739 0.16 265 LG Household & Health Care Ltd

(Pref) 174,529 0.03 1,801 LG Innotek Co Ltd 208,672 0.04 1,474 Lotte Chemical Corp 598,782 0.11 3,127 Lotte Corp 185,995 0.04 1,220 Lotte Shopping Co Ltd 267,830 0.05 460 Medy-Tox Inc 322,246 0.06 36,816 Mirae Asset Daewoo Co Ltd 318,112 0.06 2,568 NAVER Corp 1,893,656 0.36 1,722 NCSoft Corp 662,370 0.13 1,735 Netmarble Games Corp '144A' 239,277 0.05 15,287 NH Investment & Securities Co Ltd 200,069 0.04 1,443 OCI Co Ltd 213,898 0.04 2,513 Orion Corp/Republic of Korea 301,777 0.06 23,195 Pan Ocean Co Ltd 114,898 0.02 6,854 POSCO 2,166,993 0.41 4,016 Posco Daewoo Corp 86,469 0.02 2,404 S-1 Corp 216,516 0.04 4,887 S-Oil Corp 547,890 0.11 1,676 Samsung Biologics Co Ltd 764,177 0.15 6,415 Samsung C&T Corp 824,519 0.16 4,688 Samsung Electro-Mechanics Co Ltd 470,603 0.09 9,026 Samsung Electronics Co Ltd 20,763,441 3.97 1,616 Samsung Electronics Co Ltd (Pref) 3,070,082 0.59 2,588 Samsung Fire & Marine Insurance

Co Ltd 650,703 0.12 25,892 Samsung Heavy Industries Co Ltd 191,415 0.04 13,651 Samsung Heavy Industries Co Ltd

(Right) 26,575 0.01 7,086 Samsung Life Insurance Co Ltd 767,833 0.15 5,284 Samsung SDI Co Ltd 946,847 0.18 2,558 Samsung SDS Co Ltd 605,962 0.12 7,881 Samsung Securities Co Ltd 290,574 0.06 42,835 Shinhan Financial Group Co Ltd 1,814,429 0.35


South Africa continued South Korea continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





856 Shinsegae Inc 279,872 0.05 3,873 SillaJen Inc 389,153 0.07 2,837 SK Holdings Co Ltd 794,488 0.15 54,565 SK Hynix Inc 4,110,676 0.79 5,895 SK Innovation Co Ltd 1,161,413 0.22 14,812 SK Networks Co Ltd 80,459 0.02 2,045 SK Telecom Co Ltd 441,270 0.08 34,751 Woori Bank 469,476 0.09 877 Yuhan Corp 181,834 0.04 77,620,098 14.84

Taiwan 135,000 Acer Inc 112,049 0.02 588,083 Advanced Semiconductor

Engineering Inc 850,146 0.16 28,134 Advantech Co Ltd 201,667 0.04 304,689 Asia Cement Corp 293,643 0.06 77,000 Asustek Computer Inc 716,998 0.14 690,000 AU Optronics Corp 319,477 0.06 57,000 Catcher Technology Co Ltd 706,708 0.14 704,611 Cathay Financial Holding Co Ltd 1,251,804 0.24 422,105 Chang Hwa Commercial Bank Ltd 243,937 0.05 210,600 Cheng Shin Rubber Industry Co Ltd 342,007 0.07 58,000 Chicony Electronics Co Ltd 147,402 0.03 487,423 China Airlines Ltd 178,038 0.03 1,247,000 China Development Financial

Holding Corp 440,515 0.08 295,507 China Life Insurance Co Ltd/Taiwan 306,585 0.06 1,095,973 China Steel Corp 872,057 0.17 348,000 Chunghwa Telecom Co Ltd 1,330,795 0.25 402,000 Compal Electronics Inc 273,680 0.05 1,625,193 CTBC Financial Holding Co Ltd 1,164,953 0.22 202,290 Delta Electronics Inc 901,934 0.17 972,310 E.Sun Financial Holding Co Ltd 653,609 0.12 24,958 Eclat Textile Co Ltd 291,035 0.06 226,000 Eva Airways Corp 115,880 0.02 212,751 Evergreen Marine Corp Taiwan Ltd 109,816 0.02 308,830 Far Eastern New Century Corp 278,039 0.05 166,000 Far EasTone Telecommunications

Co Ltd 438,385 0.08 48,081 Feng TAY Enterprise Co Ltd 218,498 0.04 931,456 First Financial Holding Co Ltd 646,911 0.12 247,680 Formosa Chemicals & Fibre Corp 925,922 0.18 146,000 Formosa Petrochemical Corp 593,374 0.11 366,840 Formosa Plastics Corp 1,295,899 0.25 111,875 Foxconn Technology Co Ltd 299,669 0.06 614,000 Fubon Financial Holding Co Ltd 1,055,026 0.20 39,000 Giant Manufacturing Co Ltd 204,651 0.04 16,000 Globalwafers Co Ltd 254,347 0.05 59,000 Highwealth Construction Corp 90,856 0.02 23,000 Hiwin Technologies Corp 327,366 0.06 1,495,973 Hon Hai Precision Industry Co Ltd 4,617,676 0.88 31,000 Hotai Motor Co Ltd 308,862 0.06 79,000 HTC Corp 179,638 0.03 739,003 Hua Nan Financial Holdings Co Ltd 443,549 0.08 914,331 Innolux Corp 399,826 0.08 293,000 Inventec Corp 232,133 0.04 8,000 Largan Precision Co Ltd 909,559 0.17 201,887 Lite-On Technology Corp 281,812 0.05 134,000 Macronix International 225,654 0.04 133,086 MediaTek Inc 1,510,837 0.29 959,585 Mega Financial Holding Co Ltd 824,420 0.16 73,000 Micro-Star International Co Ltd 244,610 0.05 438,320 Nan Ya Plastics Corp 1,229,707 0.24 75,000 Nanya Technology Corp 237,422 0.05 16,000 Nien Made Enterprise Co Ltd 153,102 0.03 64,000 Novatek Microelectronics Corp 289,742 0.06 166,000 Pegatron Corp 413,335 0.08 16,000 Phison Electronics Corp 166,547 0.03

274,000 Pou Chen Corp 363,679 0.07 79,000 Powertech Technology Inc 246,291 0.05 63,000 President Chain Store Corp 633,090 0.12 297,000 Quanta Computer Inc 598,950 0.11 50,000 Realtek Semiconductor Corp 215,214 0.04 30,447 Ruentex Development Co Ltd 35,818 0.01 933,331 Shin Kong Financial Holding Co Ltd 353,716 0.07 235,660 Siliconware Precision Industries

Co Ltd 411,397 0.08 1,208,310 SinoPac Financial Holdings Co Ltd 426,848 0.08 56,160 Standard Foods Corp 131,554 0.03 164,850 Synnex Technology International

Corp 245,943 0.05 1,067,189 Taishin Financial Holding Co Ltd 523,401 0.10 400,000 Taiwan Business Bank 119,354 0.02 319,000 Taiwan Cement Corp 399,885 0.08 568,549 Taiwan Cooperative Financial

Holding Co Ltd 334,418 0.06 183,000 Taiwan High Speed Rail Corp 139,963 0.03 177,000 Taiwan Mobile Co Ltd 661,694 0.13 2,312,177 Taiwan Semiconductor

Manufacturing Co Ltd 19,349,425 3.70 179,000 Teco Electric and Machinery Co Ltd 147,647 0.03 433,028 Uni-President Enterprises Corp 1,014,364 0.19 1,023,000 United Microelectronics Corp 536,814 0.10 90,000 Vanguard International

Semiconductor Corp 196,008 0.04 36,000 Win Semiconductors Corp 386,459 0.07 275,935 Wistron Corp 236,121 0.05 160,000 WPG Holdings Ltd 206,880 0.04 1,135,577 Yuanta Financial Holding Co Ltd 519,942 0.10 59,556,984 11.39

Thailand 120,300 Advanced Info Service PCL 792,510 0.15 471,000 Airports of Thailand PCL 994,116 0.19 82,000 Bangkok Dusit Medical Services PCL 61,625 0.01 812,700 Bangkok Expressway & Metro PCL 187,126 0.04 129,900 Berli Jucker PCL* 234,709 0.04 1,093,400 BTS Group Holdings PCL 290,221 0.06 45,300 Bumrungrad Hospital PCL* 299,875 0.06 118,100 Central Pattana PCL 296,477 0.06 375,900 Charoen Pokphand Foods PCL* 303,533 0.06 491,300 CP ALL PCL 1,370,832 0.26 70,000 Delta Electronics Thailand PCL 148,305 0.03 80,000 Glow Energy PCL 217,461 0.04 151,500 Indorama Ventures PCL NVDR* 274,948 0.05 196,600 IRPC PCL 45,582 0.01 1,187,900 IRPC PCL NVDR 275,417 0.05 128,860 Kasikornbank PCL 877,748 0.17 33,200 Kasikornbank PCL NVDR 225,085 0.04 327,700 Krung Thai Bank PCL 199,114 0.04 205,800 Minor International PCL NVDR 250,093 0.05 144,900 PTT Exploration & Production PCL 530,574 0.10 214,800 PTT Global Chemical PCL 650,857 0.12 103,800 PTT PCL 1,819,073 0.35 37,700 Siam Cement PCL/The Reg 595,580 0.11 191,200 Siam Commercial Bank PCL/The 877,429 0.17 113,400 Thai Oil PCL* 329,103 0.06 394,400 Thai Union Group PCL 235,858 0.04 1,067,678 True Corp PCL 237,300 0.05 12,620,551 2.41

Turkey 229,463 Akbank Turk AS* 552,965 0.11 29,624 Arcelik AS 133,741 0.03 20,680 Aselsan Elektronik Sanayi Ve

Ticaret AS 159,723 0.03


South Korea continued Taiwan continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets


Futures contracts as at 31 March 2018

Number of contracts

Currency of contract

Contract/ Description

Expiration date

Gross underlying

exposure USD

Unrealised (depreciation)

USD

155 USD MSCI Emerging Markets Index June 2018 9,072,150 (241,965)

Total 9,072,150 (241,965)

Sector Breakdown as at 31 March 2018

% of Net Assets

Financial 26.03Communications 18.86Technology 13.10Consumer, Non-cyclical 9.60Consumer, Cyclical 7.57Energy 7.55Industrial 6.03Basic Materials 5.91Utilities 2.48Diversified 1.16

Securities portfolio at market value 98.29Other Net Assets 1.71

100.00




25,567 BIM Birlesik Magazalar AS 460,800 0.09 8,450 Coca-Cola Icecek AS 76,681 0.01 157,975 Emlak Konut Gayrimenkul Yatirim

Ortakligi AS (Reit)* 100,748 0.02 161,040 Eregli Demir ve Celik Fabrikalari TAS 421,770 0.08 95,166 Haci Omer Sabanci Holding AS 251,643 0.05 82,890 KOC Holding AS 339,951 0.07 85,141 Petkim Petrokimya Holding AS* 173,196 0.03 21,296 TAV Havalimanlari Holding AS 127,225 0.02 17,787 Tofas Turk Otomobil Fabrikasi AS* 119,354 0.02 11,969 Tupras Turkiye Petrol Rafinerileri AS* 333,386 0.06 21,469 Turk Hava Yollari AO 104,339 0.02 121,763 Turkcell Iletisim Hizmetleri AS 459,784 0.09 241,358 Turkiye Garanti Bankasi AS 662,547 0.13 77,575 Turkiye Halk Bankasi AS 176,969 0.03 209,663 Turkiye Is Bankasi AS 'C' 374,710 0.07 17,041 Ulker Biskuvi Sanayi AS* 95,104 0.02 5,124,636 0.98

United Arab Emirates 225,625 Abu Dhabi Commercial Bank PJSC 405,425 0.08 302,076 Aldar Properties PJSC 175,176 0.04 11,413 DP World Ltd 256,792 0.05

155,717 Dubai Islamic Bank PJSC 225,118 0.04 347,229 DXB Entertainments PJSC 45,944 0.01 170,867 Emaar Malls PJSC 100,017 0.02 365,994 Emaar Properties PJSC 577,938 0.11 188,738 Emirates Telecommunications

Group Co PJSC 906,950 0.17 148,938 First Abu Dhabi Bank PJSC 474,428 0.09 3,167,788 0.61

United States 7,726 Southern Copper Corp 407,160 0.08 32,699 Yum China Holdings Inc 1,357,336 0.26 1,764,496 0.34 Total Common / Preferred Stocks (Shares) & Rights 514,010,242 98.29 Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 514,010,242 98.29 Securities portfolio at market value 514,010,242 98.29 Other Net Assets 8,954,665 1.71Total Net Assets (USD) 522,964,907 100.00


Turkey continued United Arab Emirates continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





iShares Emerging Markets Government Bond Index Fund (LU) (formerly known as BlackRock Emerging Markets Government Bond Index Fund)

BONDS

Angola USD 6,550,000 Angolan Government International

Bond RegS 9.50% 12/11/2025* 7,306,918 0.30 7,306,918 0.30

Argentina USD 1,500,000 Argentine Republic Government

International Bond 6.25% 22/4/2019 1,544,250 0.06

USD 8,100,000 Argentine Republic Government International Bond 6.875% 22/4/2021 8,588,025 0.35

USD 5,450,000 Argentine Republic Government International Bond 5.625% 26/1/2022* 5,534,475 0.23






USD 3,385,922 Argentine Republic Government International Bond 8.28% 31/12/2033 (traded in Argentina) 3,610,234 0.15

USD 7,318,639 Argentine Republic Government International Bond 8.28% 31/12/2033 (traded in United States) 8,023,058 0.33




USD 9,465,000 Argentine Republic Government International Bond (Step-up coupon) 2.50% 31/12/2038 6,365,212 0.26

USD 4,900,000 Argentine Republic Government International Bond RegS 7.125% 28/6/2117 4,537,400 0.19

80,219,466 3.29

Armenia USD 1,450,000 Republic of Armenia International

Bond RegS 6.00% 30/9/2020* 1,505,513 0.06 USD 2,250,000 Republic of Armenia International

Bond RegS 7.15% 26/3/2025* 2,491,403 0.10 3,996,916 0.16

Australia USD 950,000 Baosteel Financing 2015 Pty Ltd

RegS 3.875% 28/1/2020 953,985 0.04 USD 2,000,000 CNOOC Curtis Funding No 1 Pty Ltd

RegS 4.50% 3/10/2023* 2,055,761 0.08 3,009,746 0.12

Azerbaijan USD 5,100,000 Republic of Azerbaijan International

Bond RegS 4.75% 18/3/2024 5,143,350 0.21 USD 4,800,000 Republic of Azerbaijan International

Bond RegS 3.50% 1/9/2032 4,038,000 0.17 USD 9,100,000 Southern Gas Corridor CJSC RegS

6.875% 24/3/2026 10,055,500 0.41 USD 3,900,000 State Oil Co of the Azerbaijan

Republic RegS 4.75% 13/3/2023 3,888,300 0.16 USD 3,700,000 State Oil Co of the Azerbaijan

Republic RegS 6.95% 18/3/2030 4,028,375 0.16 27,153,525 1.11

Belarus USD 1,425,000 Republic of Belarus International

Bond ‘144A’ 7.625% 29/6/2027 1,576,050 0.07 USD 3,000,000 Republic of Belarus International

Bond RegS 6.875% 28/2/2023 3,192,375 0.13 USD 1,750,000 Republic of Belarus International

Bond RegS 7.625% 29/6/2027 1,935,500 0.08 USD 2,250,000 Republic of Belarus International

Bond RegS 6.20% 28/2/2030 2,228,625 0.09 8,932,550 0.37

Belize USD 1,950,000 Belize Government International

Bond RegS (Step-up coupon) 4.938% 20/2/2034 1,187,414 0.05

1,187,414 0.05

Bolivia USD 2,150,000 Bolivian Government International

Bond RegS 4.875% 29/10/2022 2,217,725 0.09 USD 1,650,000 Bolivian Government International

Bond RegS 5.95% 22/8/2023 1,783,782 0.07 USD 4,650,000 Bolivian Government International

Bond RegS 4.50% 20/3/2028 4,405,875 0.18 8,407,382 0.34

Brazil USD 1,250,000 Banco Nacional de Desenvolvimento

Economico e Social RegS 4.00% 14/4/2019* 1,259,619 0.05

USD 1,900,000 Banco Nacional de Desenvolvimento Economico e Social RegS 6.50% 10/6/2019 1,970,319 0.08

USD 1,900,000 Banco Nacional de Desenvolvimento Economico e Social RegS 5.50% 12/7/2020* 1,971,298 0.08



USD 700,000 Brazilian Government International Bond 8.875% 14/10/2019* 769,561 0.03

USD 5,450,000 Brazilian Government International Bond 4.875% 22/1/2021 5,668,000 0.23

USD 4,100,000 Brazilian Government International Bond 2.625% 5/1/2023* 3,899,100 0.16








Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




iShares Emerging Markets Government Bond Index Fund (LU) continued








USD 2,600,000 Caixa Economica Federal RegS 4.25% 13/5/2019 2,616,250 0.11

USD 700,000 Caixa Economica Federal RegS 3.50% 7/11/2022* 670,600 0.03

USD 600,000 Caixa Economica Federal RegS FRN 23/7/2024* 619,500 0.03

77,644,871 3.18

British Virgin Islands USD 11,100,000 1MDB Global Investments Ltd RegS

4.40% 9/3/2023* 10,626,474 0.44 USD 600,000 CCTI 2017 Ltd RegS 3.625%

8/8/2022 580,525 0.02 USD 500,000 CDBI Treasure I Ltd RegS 2.25%

2/8/2021 480,393 0.02 USD 200,000 Century Master Investment Co Ltd

RegS 4.75% 19/9/2018 201,373 0.01 USD 2,050,000 Charming Light Investments

Ltd RegS 3.75% 3/9/2019* 2,056,621 0.08 USD 500,000 Charming Light Investments

Ltd RegS FRN 21/12/2020 502,133 0.02 USD 1,500,000 Charming Light Investments

Ltd RegS 4.375% 21/12/2027* 1,432,387 0.06 USD 1,250,000 China Great Wall International

Holdings III Ltd RegS 2.625% 27/10/2021 1,203,475 0.05

USD 2,000,000 China Great Wall International Holdings III Ltd RegS 3.125% 31/8/2022 1,933,220 0.08

USD 750,000 China Great Wall International Holdings III Ltd RegS 3.875% 31/8/2027* 701,501 0.03

USD 800,000 Chinalco Capital Holdings Ltd RegS 4.00% 25/8/2021 780,652 0.03

USD 900,000 CNPC General Capital Ltd RegS 2.70% 25/11/2019 894,663 0.04

USD 750,000 CNRC Capitale Ltd RegS FRN (Perpetual) 721,631 0.03

USD 600,000 Dianjian Haixing Ltd RegS FRN (Perpetual) 599,250 0.02

USD 500,000 Dianjian Haiyu Ltd RegS FRN (Perpetual) 478,003 0.02

USD 600,000 JIC Zhixin Ltd RegS 3.00% 24/11/2022 581,196 0.02

USD 900,000 King Power Capital Ltd RegS 5.625% 3/11/2024 977,234 0.04

USD 500,000 Leader Goal International Ltd RegS FRN (Perpetual) 490,000 0.02

USD 500,000 Minmetals Bounteous Finance BVI Ltd RegS 3.50% 30/7/2020* 499,035 0.02

USD 700,000 Minmetals Bounteous Finance BVI Ltd RegS 4.75% 30/7/2025 714,448 0.03

USD 1,000,000 Minmetals Bounteous Finance BVI Ltd RegS 4.20% 27/7/2026 978,810 0.04

USD 400,000 Prosperous Ray Ltd RegS 3.00% 12/11/2018 399,886 0.02

USD 550,000 Prosperous Ray Ltd RegS 4.625% 12/11/2023 573,760 0.02

USD 600,000 Rongshi International Finance Ltd RegS 2.875% 4/5/2022 584,268 0.02

USD 600,000 Rongshi International Finance Ltd RegS 3.625% 4/5/2027 578,481 0.02

USD 500,000 Sinochem Global Capital Co Ltd RegS FRN (Perpetual) 503,310 0.02

USD 2,350,000 Sinochem Overseas Capital Co Ltd RegS 4.50% 12/11/2020 2,413,203 0.10

USD 600,000 Sinochem Overseas Capital Co Ltd RegS 6.30% 12/11/2040 758,128 0.03

USD 2,400,000 Sinopec Group Overseas Development 2012 Ltd RegS 3.90% 17/5/2022 2,427,809 0.10


USD 1,950,000 Sinopec Group Overseas Development 2013 Ltd RegS 4.375% 17/10/2023* 2,003,212 0.08

USD 600,000 Sinopec Group Overseas Development 2013 Ltd RegS 5.375% 17/10/2043 687,142 0.03












USD 1,000,000 Sinopec Group Overseas Development 2017 Ltd RegS 3.00% 12/4/2022* 977,413 0.04




Brazil continued British Virgin Islands continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





USD 1,000,000 Sinopec Group Overseas Development 2017 Ltd RegS 3.25% 13/9/2027* 938,645 0.04

USD 1,000,000 SPIC 2016 US dollar Bond Co Ltd RegS 3.00% 6/12/2021 986,170 0.04

USD 1,400,000 State Grid Overseas Investment 2013 Ltd RegS 3.125% 22/5/2023 1,373,872 0.06

USD 750,000 State Grid Overseas Investment 2013 Ltd RegS 4.375% 22/5/2043* 783,203 0.03

USD 1,600,000 State Grid Overseas Investment 2014 Ltd RegS 2.75% 7/5/2019* 1,596,907 0.07


USD 800,000 State Grid Overseas Investment 2014 Ltd RegS 4.85% 7/5/2044 891,673 0.04

USD 500,000 State Grid Overseas Investment 2016 Ltd RegS 2.25% 4/5/2020 491,465 0.02






75,504,200 3.09

Cayman Islands USD 1,200,000 Amber Circle Funding Ltd RegS

3.25% 4/12/2022 1,188,594 0.05 USD 900,000 Avi Funding Co Ltd RegS 2.85%

16/9/2020* 888,746 0.04 USD 400,000 Avi Funding Co Ltd RegS 3.80%

16/9/2025 397,278 0.02 USD 2,100,000 Brazil Minas SPE via State of Minas

Gerais RegS 5.333% 15/2/2028 2,102,100 0.09 USD 3,100,000 Lamar Funding Ltd RegS 3.958%

7/5/2025 2,796,231 0.11 USD 2,000,000 OmGrid Funding Ltd RegS 5.196%

16/5/2027 1,912,700 0.08 USD 2,500,000 SPARC EM SPC Panama Metro

Line 2 SP RegS 5/12/2022 (Zero Coupon) 2,261,250 0.09

USD 500,000 Three Gorges Finance I Cayman Islands Ltd RegS 2.30% 2/6/2021* 486,335 0.02

USD 800,000 Three Gorges Finance I Cayman Islands Ltd RegS 3.70% 10/6/2025* 796,298 0.03

USD 1,300,000 Three Gorges Finance I Cayman Islands Ltd RegS 3.15% 2/6/2026 1,228,123 0.05

14,057,655 0.58

Chile USD 1,000,000 Banco del Estado de Chile RegS

4.125% 7/10/2020 1,020,585 0.04 USD 1,500,000 Banco del Estado de Chile RegS

2.668% 8/1/2021 1,471,875 0.06 USD 1,750,000 Banco del Estado de Chile RegS

3.875% 8/2/2022 1,760,938 0.07 USD 1,550,000 Chile Government International Bond



2.25% 30/10/2022* 1,902,912 0.08

USD 3,696,000 Chile Government International Bond 3.125% 21/1/2026 3,646,104 0.15

USD 6,000,000 Chile Government International Bond 3.24% 6/2/2028 5,889,000 0.24

USD 4,850,000 Chile Government International Bond 3.86% 21/6/2047* 4,771,187 0.20

USD 3,200,000 Corp Nacional del Cobre de Chile RegS 3.00% 17/7/2022 3,133,008 0.13



USD 5,800,000 Corp Nacional del Cobre de Chile RegS 3.625% 1/8/2027* 5,626,029 0.23

USD 850,000 Corp Nacional del Cobre de Chile RegS 5.625% 21/9/2035 971,176 0.04

USD 850,000 Corp Nacional del Cobre de Chile RegS 6.15% 24/10/2036 1,023,630 0.04




USD 3,950,000 Corp Nacional del Cobre de Chile RegS 4.50% 1/8/2047* 3,967,005 0.16

USD 1,800,000 Empresa de Transporte de Pasajeros Metro SA RegS 4.75% 4/2/2024* 1,880,820 0.08

USD 1,500,000 Empresa de Transporte de Pasajeros Metro SA RegS 5.00% 25/1/2047* 1,548,750 0.06

USD 1,400,000 Empresa Nacional del Petroleo RegS 4.375% 30/10/2024 1,419,740 0.06



66,431,030 2.72

China USD 500,000 China Development Bank

Corp/Hong Kong RegS FRN 6/3/2020 499,553 0.02

USD 1,000,000 China Development Bank Corp/Hong Kong RegS FRN 6/3/2022 1,000,144 0.04

USD 1,000,000 China Development Bank RegS 1.625% 22/6/2019 984,475 0.04

USD 3,200,000 China Development Bank RegS 2.50% 9/10/2020* 3,155,623 0.13

USD 1,750,000 China Development Bank RegS 2.125% 1/6/2021* 1,692,952 0.07

USD 1,250,000 China Development Bank RegS 2.625% 24/1/2022 1,218,320 0.05

USD 500,000 China Development Bank RegS 3.00% 1/6/2026* 475,108 0.02



USD 1,000,000 China Government International Bond RegS 2.125% 2/11/2022 976,922 0.04

USD 1,750,000 China Government International Bond RegS 2.625% 2/11/2027 1,709,669 0.07

USD 1,700,000 China Minmetals Corp RegS FRN (Perpetual) 1,617,125 0.07


British Virgin Islands continued Chile continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




USD 1,200,000 Export-Import Bank of China/The RegS 2.50% 31/7/2019 1,193,363 0.05





USD 1,000,000 Export-Import Bank of China/The RegS 3.375% 14/3/2027 955,383 0.04


USD 1,000,000 Export-Import Bank of China/The RegS 4.00% 28/11/2047 951,004 0.04

25,084,290 1.03

Colombia USD 2,700,000 Colombia Government International

Bond 7.375% 18/3/2019 2,823,507 0.12 USD 2,200,000 Colombia Government International



Bond 2.625% 15/3/2023* 3,243,600 0.13 USD 6,300,000 Colombia Government International








Bond 5.00% 15/6/2045* 12,684,375 0.52 72,244,653 2.96

Costa Rica USD 2,500,000 Banco Nacional de Costa Rica

RegS 5.875% 25/4/2021* 2,604,700 0.11 USD 1,900,000 Banco Nacional de Costa Rica

RegS 6.25% 1/11/2023* 1,971,250 0.08 USD 3,750,000 Costa Rica Government International

Bond RegS 4.25% 26/1/2023 3,632,807 0.15 USD 2,400,000 Costa Rica Government International

Bond RegS 4.375% 30/4/2025* 2,280,912 0.09 USD 2,800,000 Costa Rica Government International



Bond RegS 7.158% 12/3/2045 4,619,993 0.19 USD 2,000,000 Instituto Costarricense de Electricidad

RegS 6.95% 10/11/2021* 2,140,000 0.09 USD 1,950,000 Instituto Costarricense de Electricidad

RegS 6.375% 15/5/2043 1,742,325 0.07 25,981,851 1.06

Croatia USD 6,250,000 Croatia Government International

Bond RegS 6.75% 5/11/2019 6,625,000 0.27 USD 6,150,000 Croatia Government International



Bond RegS 5.50% 4/4/2023* 7,359,469 0.30 USD 7,800,000 Croatia Government International

Bond RegS 6.00% 26/1/2024 8,623,875 0.35 USD 2,250,000 Hrvatska Elektroprivreda RegS

5.875% 23/10/2022 2,425,781 0.10 38,403,250 1.57

Dominican Republic USD 2,300,000 Dominican Republic International

Bond ‘144A’ 6.50% 15/2/2048 2,389,758 0.10 USD 6,800,000 Dominican Republic International

Bond RegS 7.50% 6/5/2021 7,265,222 0.30 USD 1,400,000 Dominican Republic International


Bond RegS 5.875% 18/4/2024* 5,045,992 0.21 USD 7,200,000 Dominican Republic International





Bond RegS 6.85% 27/1/2045* 9,710,190 0.40 USD 1,750,000 Dominican Republic International

Bond RegS 6.50% 15/2/2048 1,818,294 0.07 57,481,184 2.36

Ecuador USD 6,150,000 Ecuador Government International

Bond RegS 10.50% 24/3/2020 6,665,063 0.27 USD 10,250,000 Ecuador Government International







Bond RegS 7.875% 23/1/2028 9,399,474 0.39 64,600,761 2.65

Egypt USD 3,700,000 Egypt Government International

Bond RegS 5.75% 29/4/2020 3,806,375 0.15 USD 11,610,000 Egypt Government International



Bond RegS 5.875% 11/6/2025* 6,304,688 0.26 USD 8,750,000 Egypt Government International

Bond RegS 7.50% 31/1/2027 9,504,687 0.39



China continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




USD 5,085,000 Egypt Government International Bond RegS 6.588% 21/2/2028 5,185,429 0.21




61,137,616 2.50

El Salvador USD 2,600,000 El Salvador Government

International Bond RegS 7.375% 1/12/2019 2,728,076 0.11

USD 3,075,000 El Salvador Government International Bond RegS 7.75% 24/1/2023 3,355,589 0.14

USD 4,650,000 El Salvador Government International Bond RegS 5.875% 30/1/2025* 4,574,430 0.19

USD 3,850,000 El Salvador Government International Bond RegS 6.375% 18/1/2027 3,821,119 0.16





27,544,797 1.13

Ethiopia USD 4,400,000 Ethiopia International Bond RegS

6.625% 11/12/2024 4,519,438 0.19 4,519,438 0.19

Gabon USD 6,350,000 Gabon Government International

Bond RegS 6.375% 12/12/2024 6,287,135 0.26 USD 3,200,000 Gabon Government International

Bond RegS 6.95% 16/6/2025* 3,236,000 0.13 9,523,135 0.39

Georgia USD 2,300,000 Georgia Government International

Bond RegS 6.875% 12/4/2021 2,486,875 0.10 USD 2,050,000 Georgian Railway JSC RegS 7.75%

11/7/2022 2,249,875 0.09 4,736,750 0.19

Ghana USD 3,050,000 Ghana Government International

Bond RegS 9.25% 15/9/2022 3,473,493 0.14 USD 4,200,000 Ghana Government International

Bond RegS 7.875% 7/8/2023 4,567,500 0.19 USD 4,300,000 Ghana Government International

Bond RegS 8.125% 18/1/2026* 4,625,187 0.19 12,666,180 0.52

Guatemala USD 3,050,000 Guatemala Government Bond RegS

5.75% 6/6/2022 3,221,557 0.13 USD 3,400,000 Guatemala Government Bond RegS



4.875% 13/2/2028 2,546,809 0.10 11,580,326 0.47

Honduras USD 2,200,000 Honduras Government International

Bond RegS 8.75% 16/12/2020 2,440,097 0.10 USD 1,650,000 Honduras Government International

Bond RegS 7.50% 15/3/2024 1,823,250 0.08 USD 3,000,000 Honduras Government International

Bond RegS 6.25% 19/1/2027 3,185,250 0.13 7,448,597 0.31

Hong Kong USD 500,000 CNAC HK Finbridge Co Ltd RegS

3.00% 19/7/2020 490,443 0.02 USD 2,000,000 CNAC HK Finbridge Co Ltd RegS

3.50% 19/7/2022 1,937,511 0.08 USD 745,000 CNAC HK Finbridge Co Ltd RegS

4.625% 14/3/2023 749,304 0.03 USD 600,000 CNAC HK Finbridge Co Ltd RegS

4.875% 14/3/2025 600,788 0.02 USD 1,200,000 CNAC HK Finbridge Co Ltd RegS

4.125% 19/7/2027 1,130,965 0.05 USD 1,200,000 CNAC HK Finbridge Co Ltd RegS

5.125% 14/3/2028 1,206,278 0.05 6,115,289 0.25

Hungary USD 1,000,000 Hungary Government International

Bond 4.00% 25/3/2019 1,013,950 0.04 USD 8,700,000 Hungary Government International



Bond 5.375% 21/2/2023* 9,298,062 0.38 USD 8,750,000 Hungary Government International


Bond 5.375% 25/3/2024* 10,361,650 0.42 USD 5,200,000 Hungary Government International

Bond 7.625% 29/3/2041* 7,528,768 0.31 USD 2,200,000 Magyar Export-Import Bank Zrt RegS

4.00% 30/1/2020 2,231,856 0.09 USD 2,900,000 MFB Magyar Fejlesztesi Bank Zrt

RegS 6.25% 21/10/2020 3,106,538 0.13 65,143,622 2.67

India USD 1,650,000 Export-Import Bank of India RegS

3.875% 2/10/2019* 1,666,762 0.07 USD 1,700,000 Export-Import Bank of India RegS

2.75% 1/4/2020* 1,684,464 0.07 USD 1,600,000 Export-Import Bank of India RegS

2.75% 12/8/2020 1,582,779 0.06 USD 3,000,000 Export-Import Bank of India RegS

3.125% 20/7/2021 2,965,024 0.12 USD 3,550,000 Export-Import Bank of India RegS

4.00% 14/1/2023 3,567,808 0.14



Egypt continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




USD 5,150,000 Export-Import Bank of India RegS 3.375% 5/8/2026 4,866,603 0.20

USD 4,700,000 Export-Import Bank of India RegS 3.875% 1/2/2028* 4,562,288 0.19

USD 1,750,000 Indian Railway Finance Corp Ltd RegS 3.835% 13/12/2027 1,678,290 0.07

22,574,018 0.92

Indonesia USD 1,750,000 Indonesia Government International

Bond 2.95% 11/1/2023* 1,691,874 0.07 USD 1,750,000 Indonesia Government International

Bond 3.50% 11/1/2028* 1,675,345 0.07 USD 2,450,000 Indonesia Government International

Bond 4.35% 11/1/2048* 2,338,121 0.10 USD 550,000 Indonesia Government International

Bond RegS 11.625% 4/3/2019 595,282 0.02 USD 2,350,000 Indonesia Government International

Bond RegS 5.875% 13/3/2020* 2,482,070 0.10 USD 3,400,000 Indonesia Government International

Bond RegS 4.875% 5/5/2021* 3,549,889 0.15 USD 750,000 Indonesia Government International

Bond RegS 3.70% 8/1/2022 753,304 0.03 USD 2,400,000 Indonesia Government International


Bond RegS 3.375% 15/4/2023 2,257,128 0.09 USD 1,700,000 Indonesia Government International
















Bond RegS 4.75% 18/7/2047* 1,191,510 0.05 USD 650,000 Lembaga Pembiayaan Ekspor

Indonesia RegS 3.875% 6/4/2024 639,438 0.03 USD 1,350,000 Pelabuhan Indonesia II PT RegS

4.25% 5/5/2025* 1,322,730 0.05 USD 650,000 Pelabuhan Indonesia II PT RegS

5.375% 5/5/2045 635,655 0.03 USD 400,000 Pelabuhan Indonesia III Persero PT

RegS 4.875% 1/10/2024* 404,850 0.02

USD 1,100,000 Pertamina Persero PT RegS 5.25% 23/5/2021 1,147,294 0.05



USD 450,000 Pertamina Persero PT RegS 6.50% 27/5/2041 510,631 0.02

USD 1,700,000 Pertamina Persero PT RegS 6.00% 3/5/2042* 1,824,984 0.07



USD 1,300,000 Perusahaan Listrik Negara PT RegS 5.50% 22/11/2021 1,374,751 0.06



USD 1,000,000 Perusahaan Listrik Negara PT RegS 5.25% 15/5/2047* 980,825 0.04

USD 900,000 Perusahaan Penerbit SBSN Indonesia III RegS 3.40% 29/3/2021* 897,430 0.04

USD 2,000,000 Perusahaan Penerbit SBSN Indonesia III RegS 3.40% 29/3/2022 1,980,100 0.08

USD 1,500,000 Perusahaan Penerbit SBSN Indonesia III RegS 3.30% 21/11/2022* 1,471,860 0.06



USD 2,750,000 Perusahaan Penerbit SBSN Indonesia III RegS 4.325% 28/5/2025* 2,771,711 0.11




97,658,478 4.00

Iraq USD 4,500,000 Iraq International Bond RegS

6.752% 9/3/2023 4,584,375 0.19 USD 11,375,000 Iraq International Bond RegS

5.80% 15/1/2028 10,920,000 0.45 15,504,375 0.64

Ireland USD 700,000 GTLK Europe DAC RegS

5.95% 19/7/2021 719,849 0.03 USD 1,150,000 GTLK Europe DAC RegS

5.125% 31/5/2024 1,127,127 0.05 USD 1,000,000 Russian Railways Via RZD Capital

Plc RegS 3.45% 6/10/2020 993,870 0.04 USD 2,500,000 Russian Railways Via RZD Capital

Plc RegS 5.70% 5/4/2022 2,648,475 0.11



India continued Indonesia continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




USD 750,000 Russian Railways Via RZD Capital Plc RegS 4.375% 1/3/2024 748,815 0.03

USD 1,100,000 SCF Capital Designated Activity Co RegS 5.375% 16/6/2023 1,120,378 0.05

USD 2,650,000 Vnesheconombank Via VEB Finance Plc RegS 6.902% 9/7/2020 2,818,672 0.11




16,901,863 0.69

Ivory Coast USD 2,350,000 Ivory Coast Government International

Bond RegS 5.375% 23/7/2024 2,300,062 0.09 USD 4,200,000 Ivory Coast Government International



Bond RegS (Step-up coupon) 5.75% 31/12/2032* 8,782,978 0.36

20,357,940 0.83

Jamaica USD 2,550,000 Jamaica Government International

Bond 7.625% 9/7/2025 2,993,058 0.12 USD 9,900,000 Jamaica Government International



Bond 7.875% 28/7/2045* 5,257,992 0.22 25,353,613 1.04

Jordan USD 4,750,000 Jordan Government International

Bond RegS 6.125% 29/1/2026 4,783,844 0.20 USD 3,900,000 Jordan Government International

Bond RegS 5.75% 31/1/2027 3,802,500 0.16 USD 4,650,000 Jordan Government International

Bond RegS 7.375% 10/10/2047 4,719,750 0.19 13,306,094 0.55

Kazakhstan USD 4,100,000 Development Bank of Kazakhstan

JSC RegS 4.125% 10/12/2022 4,089,750 0.17 USD 3,450,000 KazAgro National Management

Holding JSC RegS 4.625% 24/5/2023 3,434,475 0.14

USD 5,150,000 Kazakhstan Government International Bond RegS 3.875% 14/10/2024 5,229,825 0.21

USD 10,150,000 Kazakhstan Government International Bond RegS 5.125% 21/7/2025* 10,997,525 0.45



USD 3,000,000 Kazakhstan Temir Zholy National Co JSC RegS 4.85% 17/11/2027 3,000,000 0.12

USD 4,500,000 KazMunayGas National Co JSC RegS 7.00% 5/5/2020 4,837,500 0.20


USD 2,000,000 KazMunayGas National Co JSC RegS 3.875% 19/4/2022* 1,995,000 0.08



USD 4,550,000 KazMunayGas National Co JSC RegS 5.75% 19/4/2047* 4,502,544 0.19

USD 2,760,000 KazTransGas JSC RegS 4.375% 26/9/2027 2,656,500 0.11

61,648,936 2.53

Kenya USD 2,950,000 Kenya Government International

Bond RegS 5.875% 24/6/2019* 3,031,346 0.12 USD 8,450,000 Kenya Government International

Bond RegS 6.875% 24/6/2024 8,830,250 0.36 USD 4,465,000 Kenya Government International

Bond RegS 7.25% 28/2/2028* 4,704,994 0.19 USD 4,000,000 Kenya Government International

Bond RegS 8.25% 28/2/2048* 4,285,000 0.18 20,851,590 0.85

Latvia USD 2,350,000 Latvia Government International

Bond RegS 2.75% 12/1/2020 2,343,056 0.10 2,343,056 0.10

Lebanon USD 3,450,000 Lebanon Government International

Bond 6.375% 9/3/2020 3,478,031 0.14 USD 1,400,000 Lebanon Government International

Bond RegS 5.15% 12/11/2018 1,403,500 0.06 USD 1,350,000 Lebanon Government International

Bond RegS 6.00% 20/5/2019* 1,353,375 0.05 USD 4,350,000 Lebanon Government International













Bond RegS 7.00% 23/3/2032 3,063,125 0.13



Ireland continued Kazakhstan continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




USD 1,300,000 Lebanon Government International Bond RegS 7.05% 2/11/2035 1,210,950 0.05

USD 3,250,000 Lebanon Government International Bond RegS 7.25% 23/3/2037* 3,077,344 0.13

62,611,856 2.57

Lithuania USD 7,500,000 Lithuania Government International

Bond RegS 7.375% 11/2/2020 8,124,450 0.33 USD 7,350,000 Lithuania Government International

Bond RegS 6.125% 9/3/2021 7,997,168 0.33 USD 6,300,000 Lithuania Government International

Bond RegS 6.625% 1/2/2022 7,096,320 0.29 23,217,938 0.95

Luxembourg USD 1,100,000 Russian Agricultural Bank OJSC Via

RSHB Capital SA RegS 8.50% 16/10/2023 1,230,570 0.05

1,230,570 0.05

Malaysia USD 1,500,000 Export-Import Bank of Malaysia Bhd

RegS 2.48% 20/10/2021* 1,461,991 0.06 USD 3,750,000 Malaysia Sovereign Sukuk Bhd RegS

3.043% 22/4/2025 3,677,669 0.15 USD 1,500,000 Malaysia Sovereign Sukuk Bhd RegS

4.236% 22/4/2045 1,540,968 0.06 USD 4,650,000 Malaysia Sukuk Global Bhd RegS

3.179% 27/4/2026* 4,554,739 0.19 USD 1,600,000 Malaysia Sukuk Global Bhd RegS

4.08% 27/4/2046* 1,596,398 0.07 USD 1,800,000 Petroliam Nasional Bhd RegS

7.625% 15/10/2026* 2,294,549 0.09 USD 8,950,000 Petronas Capital Ltd RegS 5.25%

12/8/2019 9,231,280 0.38 USD 3,700,000 Petronas Capital Ltd RegS 3.125%

18/3/2022* 3,668,923 0.15 USD 3,950,000 Petronas Capital Ltd RegS 7.875%



18/3/2045* 5,947,901 0.24 USD 4,750,000 Petronas Global Sukuk Ltd RegS

2.707% 18/3/2020 4,717,288 0.19 USD 3,000,000 Wakala Global Sukuk Bhd RegS

4.646% 6/7/2021 3,160,204 0.13 52,429,039 2.15

Mexico USD 1,350,000 Banco Nacional de Comercio Exterior

SNC/Cayman Islands RegS 4.375% 14/10/2025 1,363,500 0.06

USD 650,000 Banco Nacional de Comercio Exterior SNC/Cayman Islands RegS FRN 11/8/2026* 641,875 0.03

USD 900,000 Comision Federal de Electricidad RegS 4.875% 26/5/2021 928,449 0.04

USD 1,250,000 Comision Federal de Electricidad RegS 4.875% 15/1/2024 1,284,900 0.05

USD 2,200,000 Comision Federal de Electricidad RegS 4.75% 23/2/2027 2,208,657 0.09

USD 600,000 Comision Federal de Electricidad RegS 5.75% 14/2/2042* 619,296 0.03

USD 450,000 Comision Federal de Electricidad RegS 6.125% 16/6/2045* 489,375 0.02

USD 1,000,000 Mexico City Airport Trust RegS 4.25% 31/10/2026 967,500 0.04

USD 1,000,000 Mexico City Airport Trust RegS 3.875% 30/4/2028 922,045 0.04

USD 1,400,000 Mexico City Airport Trust RegS 5.50% 31/10/2046 1,284,073 0.05

USD 2,950,000 Mexico City Airport Trust RegS 5.50% 31/7/2047 2,705,150 0.11

USD 3,100,000 Mexico Government International Bond 3.625% 15/3/2022* 3,155,025 0.13


USD 3,600,000 Mexico Government International Bond 3.60% 30/1/2025 3,559,500 0.15





USD 840,000 Mexico Government International Bond 7.50% 8/4/2033 1,105,860 0.05









USD 250,000 Nacional Financiera SNC RegS 3.375% 5/11/2020 252,500 0.01

USD 150,000 Petroleos Mexicanos FRN 18/7/2018 150,000 0.01 USD 1,225,000 Petroleos Mexicanos

8.00% 3/5/2019 1,288,394 0.05 USD 446,000 Petroleos Mexicanos

6.00% 5/3/2020 466,070 0.02 USD 3,650,000 Petroleos Mexicanos

5.50% 21/1/2021 3,801,475 0.16 USD 1,750,000 Petroleos Mexicanos



FRN 11/3/2022 1,097,115 0.04 USD 3,100,000 Petroleos Mexicanos



4.625% 21/9/2023* 1,754,533 0.07 USD 1,550,000 Petroleos Mexicanos

4.875% 18/1/2024* 1,572,863 0.06 USD 1,250,000 Petroleos Mexicanos



6.875% 4/8/2026 4,121,006 0.17



Lebanon continued Mexico continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




USD 5,800,000 Petroleos Mexicanos 6.50% 13/3/2027 6,187,382 0.25







USD 2,825,000 Petroleos Mexicanos RegS 5.35% 12/2/2028 2,784,037 0.11

USD 2,750,000 Petroleos Mexicanos RegS 6.35% 12/2/2048 2,667,500 0.11

USD 650,000 Petroleos Mexicanos RegS 6.625% (Perpetual) 649,838 0.03

123,145,811 5.05

Mongolia USD 1,900,000 Mongolia Government International

Bond RegS 10.875% 6/4/2021* 2,188,316 0.09 USD 4,525,000 Mongolia Government International

Bond RegS 5.125% 5/12/2022 4,423,957 0.18 USD 3,700,000 Mongolia Government International

Bond RegS 5.625% 1/5/2023 3,647,608 0.15 USD 2,325,000 Mongolia Government International

Bond RegS 8.75% 9/3/2024* 2,614,300 0.11 USD 2,150,000 Trade & Development Bank of

Mongolia LLC RegS 9.375% 19/5/2020 2,318,624 0.09

15,192,805 0.62

Morocco USD 6,650,000 Morocco Government International

Bond RegS 4.25% 11/12/2022 6,791,312 0.28 USD 3,150,000 Morocco Government International

Bond RegS 5.50% 11/12/2042 3,350,813 0.14 10,142,125 0.42

Mozambique USD 2,792,000 Mozambique International Bond

RegS (Flat Trading) 10.50% 18/1/2023* 2,275,578 0.09

2,275,578 0.09

Namibia USD 1,800,000 Namibia International Bonds RegS

5.50% 3/11/2021 1,859,625 0.08 USD 3,300,000 Namibia International Bonds RegS

5.25% 29/10/2025 3,278,204 0.13 5,137,829 0.21

Netherlands USD 4,150,000 Kazakhstan Temir Zholy Finance BV

RegS 6.95% 10/7/2042* 4,627,250 0.19 USD 700,000 Majapahit Holding BV RegS 8.00%

7/8/2019* 744,177 0.03 USD 2,050,000 Majapahit Holding BV RegS 7.75%

20/1/2020 2,204,160 0.09 USD 500,000 Majapahit Holding BV RegS 7.875%

29/6/2037* 646,643 0.03 8,222,230 0.34

Nigeria USD 2,150,000 Nigeria Government International

Bond RegS 6.75% 28/1/2021* 2,269,540 0.09 USD 1,650,000 Nigeria Government International

Bond RegS 6.375% 12/7/2023* 1,734,315 0.07 USD 7,325,000 Nigeria Government International

Bond RegS 6.50% 28/11/2027 7,444,764 0.30 USD 4,930,000 Nigeria Government International




Bond RegS 7.625% 28/11/2047 6,898,275 0.28 34,511,461 1.41

Oman USD 2,000,000 Mazoon Assets Co SAOC RegS

5.20% 8/11/2027* 1,961,250 0.08 USD 5,300,000 Oman Government International

Bond RegS 3.625% 15/6/2021 5,177,438 0.21 USD 4,000,000 Oman Government International



Bond RegS 4.75% 15/6/2026* 10,373,187 0.43 USD 8,800,000 Oman Government International




Bond RegS 6.75% 17/1/2048 6,711,250 0.27 USD 7,150,000 Oman Sovereign Sukuk SAOC

RegS 4.397% 1/6/2024 6,832,897 0.28 57,902,916 2.37

Pakistan USD 4,550,000 Pakistan Government International

Bond RegS 8.25% 15/4/2024 4,745,832 0.19 USD 2,100,000 Pakistan Government International

Bond RegS 8.25% 30/9/2025* 2,179,810 0.09 USD 7,000,000 Pakistan Government International

Bond RegS 6.875% 5/12/2027 6,611,500 0.27 USD 4,650,000 Second Pakistan International Sukuk

Co Ltd/The RegS 6.75% 3/12/2019 4,748,185 0.20 USD 4,500,000 Third Pakistan International Sukuk

Co Ltd/The RegS 5.50% 13/10/2021 4,428,000 0.18

USD 5,000,000 Third Pakistan International Sukuk Co Ltd/The RegS 5.625% 5/12/2022 4,827,750 0.20

27,541,077 1.13

Panama USD 2,750,000 Aeropuerto Internacional de

Tocumen SA RegS 5.625% 18/5/2036 2,951,685 0.12

USD 5,250,000 Panama Government International Bond 5.20% 30/1/2020 5,486,242 0.22






Mexico continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets








USD 5,150,000 Panama Government International Bond 4.50% 15/5/2047* 5,263,300 0.22

USD 3,500,000 Panama Government International Bond 4.30% 29/4/2053* 3,408,120 0.14

62,354,453 2.55

Paraguay USD 700,000 Paraguay Government International

Bond ‘144A’ 4.625% 25/1/2023 723,624 0.03 USD 3,300,000 Paraguay Government International

Bond RegS 4.625% 25/1/2023* 3,411,370 0.14 USD 2,600,000 Paraguay Government International

Bond RegS 5.00% 15/4/2026 2,717,390 0.11 USD 1,950,000 Paraguay Government International



Bond RegS 5.60% 13/3/2048* 1,764,000 0.08 15,290,211 0.63

Peru USD 1,900,000 Corp Financiera de Desarrollo SA

RegS 3.25% 15/7/2019 1,902,375 0.08 USD 2,750,000 Corp Financiera de Desarrollo SA

RegS 4.75% 8/2/2022 2,813,594 0.12 USD 2,050,000 Corp Financiera de Desarrollo SA

RegS 4.75% 15/7/2025 2,091,000 0.09 USD 2,950,000 Fondo MIVIVIENDA SA RegS 3.50%

31/1/2023 2,887,312 0.12 USD 7,900,000 Peruvian Government International

Bond 7.35% 21/7/2025* 9,825,610 0.40 USD 5,700,000 Peruvian Government International

Bond 4.125% 25/8/2027 5,976,450 0.24 USD 9,820,000 Peruvian Government International

Bond 8.75% 21/11/2033 14,764,370 0.60 USD 5,350,000 Peruvian Government International

Bond 6.55% 14/3/2037* 6,888,125 0.28 USD 11,300,000 Peruvian Government International

Bond 5.625% 18/11/2050* 13,633,450 0.56 USD 4,200,000 Petroleos del Peru SA RegS 4.75%

19/6/2032 4,088,700 0.17 USD 4,500,000 Petroleos del Peru SA RegS 5.625%

19/6/2047 4,477,500 0.18 69,348,486 2.84

Philippines USD 200,000 Philippine Government International

Bond 9.875% 15/1/2019 211,687 0.01 USD 2,800,000 Philippine Government International

Bond 8.375% 17/6/2019* 3,000,116 0.12 USD 700,000 Philippine Government International

Bond 6.50% 20/1/2020* 744,888 0.03 USD 5,100,000 Philippine Government International

Bond 4.00% 15/1/2021 5,224,695 0.22 USD 4,300,000 Philippine Government International

Bond 4.20% 21/1/2024 4,481,288 0.18 USD 4,150,000 Philippine Government International

Bond 10.625% 16/3/2025* 6,006,461 0.25

USD 3,450,000 Philippine Government International Bond 5.50% 30/3/2026* 3,914,508 0.16


USD 5,650,000 Philippine Government International Bond 9.50% 2/2/2030 8,606,052 0.35








USD 2,650,000 Power Sector Assets & Liabilities Management Corp RegS 7.25% 27/5/2019 2,782,540 0.11

USD 3,320,000 Power Sector Assets & Liabilities Management Corp RegS 7.39% 2/12/2024 4,031,692 0.17

79,053,573 3.24

Poland USD 10,700,000 Republic of Poland Government


USD 9,100,000 Republic of Poland Government International Bond 5.125% 21/4/2021* 9,676,030 0.40




USD 7,550,000 Republic of Poland Government International Bond 3.25% 6/4/2026 7,505,077 0.31

61,342,234 2.51

Republic of Cameroon USD 3,250,000 Republic of Cameroon International

Bond RegS 9.50% 19/11/2025 3,734,981 0.15 3,734,981 0.15

Romania USD 9,950,000 Romanian Government International

Bond RegS 6.75% 7/2/2022 11,063,156 0.45 USD 6,900,000 Romanian Government International

Bond RegS 4.375% 22/8/2023* 7,098,375 0.29 USD 4,150,000 Romanian Government International

Bond RegS 4.875% 22/1/2024* 4,383,438 0.18 USD 4,250,000 Romanian Government International

Bond RegS 6.125% 22/1/2044 5,115,937 0.21 27,660,906 1.13



Philippines continued Panama continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




Russia USD 5,600,000 Russian Foreign Bond - Eurobond

RegS 5.00% 29/4/2020 5,787,600 0.23 USD 4,200,000 Russian Foreign Bond - Eurobond









RegS (Step-up coupon) 7.50% 31/3/2030 10,435,987 0.43

65,751,933 2.69

Senegal USD 679,000 Senegal Government International

Bond RegS 8.75% 13/5/2021 764,724 0.03 USD 2,000,000 Senegal Government International

Bond RegS 6.25% 30/7/2024* 2,085,000 0.08 USD 4,850,000 Senegal Government International

Bond RegS 6.25% 23/5/2033 4,783,312 0.20 USD 4,455,000 Senegal Government International

Bond RegS 6.75% 13/3/2048 4,371,469 0.18 12,004,505 0.49

Serbia USD 6,600,000 Serbia International Bond RegS

4.875% 25/2/2020 6,773,250 0.28 USD 8,800,000 Serbia International Bond RegS

7.25% 28/9/2021 9,798,800 0.40 16,572,050 0.68

Slovakia USD 6,450,000 Slovakia Government International

Bond RegS 4.375% 21/5/2022* 6,793,398 0.28 6,793,398 0.28

South Africa USD 5,600,000 Eskom Holdings SOC Ltd RegS

5.75% 26/1/2021* 5,566,400 0.23 USD 2,750,000 Eskom Holdings SOC Ltd RegS

6.75% 6/8/2023* 2,787,125 0.11 USD 3,700,000 Eskom Holdings SOC Ltd RegS

7.125% 11/2/2025* 3,788,800 0.16 USD 4,750,000 Republic of South Africa Government


USD 5,350,000 Republic of South Africa Government International Bond 5.50% 9/3/2020 5,564,000 0.23







USD 2,200,000 Republic of South Africa Government International Bond 6.25% 8/3/2041* 2,360,875 0.10




USD 2,550,000 Transnet SOC Ltd RegS 4.00% 26/7/2022 2,492,625 0.10

USD 1,500,000 ZAR Sovereign Capital Fund Pty Ltd RegS 3.903% 24/6/2020 1,508,437 0.06

66,721,731 2.73

Sri Lanka USD 1,300,000 Sri Lanka Government International

Bond RegS 6.00% 14/1/2019 1,329,250 0.05 USD 1,200,000 Sri Lanka Government International


Bond RegS 6.25% 4/10/2020* 4,471,570 0.18 USD 4,850,000 Sri Lanka Government International







Bond RegS 6.20% 11/5/2027* 6,554,872 0.27 38,996,527 1.60

Suriname USD 2,150,000 Republic of Suriname RegS 9.25%

26/10/2026 2,230,625 0.09 2,230,625 0.09

Tajikistan USD 2,375,000 Republic of Tajikistan International

Bond RegS 7.125% 14/9/2027* 2,207,753 0.09 2,207,753 0.09

Trinidad And Tobago USD 3,600,000 Petroleum Co of Trinidad & Tobago

Ltd RegS 9.75% 14/8/2019 3,806,994 0.16



South Africa continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




USD 2,150,000 Trinidad & Tobago Government International Bond RegS 4.375% 16/1/2024* 2,214,497 0.09

USD 4,600,000 Trinidad & Tobago Government International Bond RegS 4.50% 4/8/2026* 4,665,711 0.19

USD 2,200,000 Trinidad Generation UnLtd RegS 5.25% 4/11/2027* 2,206,105 0.09

12,893,307 0.53

Tunisia USD 4,100,000 Banque Centrale de Tunisie

International Bond RegS 5.75% 30/1/2025 3,923,188 0.16

3,923,188 0.16

Turkey USD 1,000,000 Export Credit Bank of Turkey ‘144A’

4.25% 18/9/2022* 951,150 0.04 USD 700,000 Export Credit Bank of Turkey RegS

5.875% 24/4/2019 713,125 0.03 USD 1,000,000 Export Credit Bank of Turkey RegS

5.375% 8/2/2021 1,008,750 0.04 USD 400,000 Export Credit Bank of Turkey RegS

5.00% 23/9/2021 396,000 0.02 USD 1,000,000 Export Credit Bank of Turkey RegS

5.375% 24/10/2023* 982,400 0.04 USD 1,400,000 Hazine Mustesarligi Varlik Kiralama

AS RegS 4.251% 8/6/2021 1,398,425 0.06 USD 1,900,000 Hazine Mustesarligi Varlik Kiralama

AS RegS 5.004% 6/4/2023 1,919,000 0.08 USD 1,400,000 Hazine Mustesarligi Varlik Kiralama

AS RegS 4.489% 25/11/2024* 1,365,280 0.06 USD 800,000 TC Ziraat Bankasi AS RegS 4.25%

3/7/2019 799,000 0.03 USD 900,000 TC Ziraat Bankasi AS RegS 4.75%

29/4/2021 885,285 0.04 USD 1,250,000 TC Ziraat Bankasi AS RegS 5.125%

3/5/2022 1,226,438 0.05 USD 850,000 TC Ziraat Bankasi AS RegS 5.125%

29/9/2023 821,759 0.03 USD 1,900,000 Turkey Government International

Bond 7.50% 7/11/2019 2,015,187 0.08 USD 2,950,000 Turkey Government International




Bond 6.25% 26/9/2022* 4,937,719 0.20 USD 2,100,000 Turkey Government International








Bond 11.875% 15/1/2030 2,539,375 0.10

USD 2,950,000 Turkey Government International Bond 8.00% 14/2/2034 3,407,250 0.14






USD 4,800,000 Turkey Government International Bond 6.625% 17/2/2045* 4,758,000 0.19


87,870,861 3.60

Ukraine USD 6,663,000 Ukraine Government International

Bond RegS 7.75% 1/9/2020 7,006,144 0.29 USD 5,683,000 Ukraine Government International








Bond RegS 7.375% 25/9/2032 10,255,500 0.42 54,447,876 2.23

United Kingdom USD 2,600,000 State Savings Bank of Ukraine

Via SSB #1 Plc RegS (Step-up coupon) 9.375% 10/3/2023* 2,735,980 0.11

USD 2,150,000 State Savings Bank of Ukraine Via SSB #1 Plc RegS (Step-up coupon) 9.625% 20/3/2025* 2,283,896 0.09

USD 600,000 Ukreximbank Via Biz Finance Plc ‘144A’ 9.75% 22/1/2025 640,410 0.03

USD 2,750,000 Ukreximbank Via Biz Finance Plc RegS 9.625% 27/4/2022 2,901,662 0.12

USD 1,700,000 Ukreximbank Via Biz Finance Plc RegS 9.75% 22/1/2025 1,814,657 0.08

10,376,605 0.43

Uruguay USD 600,000 Uruguay Government International

Bond 8.00% 18/11/2022 697,500 0.03 USD 8,875,000 Uruguay Government International

Bond 4.50% 14/8/2024 9,363,125 0.38 USD 9,850,000 Uruguay Government International



Bond 7.625% 21/3/2036 6,664,000 0.27



Turkey continued Trinidad And Tobago continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




USD 3,880,000 Uruguay Government International Bond 4.125% 20/11/2045 3,653,990 0.15

USD 16,819,190 Uruguay Government International Bond 5.10% 18/6/2050* 17,449,909 0.72

52,375,893 2.15

Venezuela USD 4,100,000 Petroleos de Venezuela SA RegS

(Defaulted) 9.00% 17/11/2021 1,388,911 0.06 USD 4,550,000 Petroleos de Venezuela SA RegS






(Defaulted) 5.50% 12/4/2037 662,994 0.03 USD 3,961,500 Petroleos de Venezuela SA RegS

(Flat Trading) 8.50% 27/10/2020 3,417,784 0.14 USD 2,400,000 Venezuela Government International

Bond (Defaulted) 9.375% 13/1/2034 830,917 0.03

USD 5,950,000 Venezuela Government International Bond (Flat Trading) 9.25% 15/9/2027 1,941,195 0.08

USD 3,850,000 Venezuela Government International Bond RegS (Defaulted) 7.75% 13/10/2019 1,159,773 0.05

USD 2,125,000 Venezuela Government International Bond RegS (Defaulted) 6.00% 9/12/2020 634,782 0.03








USD 1,900,000 Venezuela Government International Bond RegS (Flat Trading) 7.00% 31/3/2038 588,050 0.03

28,519,932 1.17

Vietnam USD 2,225,000 Vietnam Government International

Bond RegS 6.75% 29/1/2020* 2,354,495 0.10 USD 4,872,000 Vietnam Government International

Bond RegS 4.80% 19/11/2024 4,989,671 0.20 7,344,166 0.30

Zambia USD 3,000,000 Zambia Government International

Bond RegS 5.375% 20/9/2022* 2,859,150 0.12 USD 4,550,000 Zambia Government International

Bond RegS 8.50% 14/4/2024 4,759,391 0.19 USD 5,550,000 Zambia Government International

Bond RegS 8.97% 30/7/2027 5,863,964 0.24 13,482,505 0.55 Total Bonds 2,389,422,309 97.89 Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 2,389,422,309 97.89Securities portfolio at market value 2,389,422,309 97.89 Other Net Assets 51,615,026 2.11Total Net Assets (USD) 2,441,037,335 100.00



Venezuela continued Uruguay continued




Open forward foreign exchange transactions as at 31 March 2018

Currency

Purchases Currency

Sales Counterparty

Maturity date

Unrealised appreciation/

(depreciation) USD

EUR Hedged Share Class

EUR 474,273,648 USD 584,923,446 State Street Bank & Trust Company 13/4/2018 (84,314)USD 9,941,288 EUR 8,056,095 State Street Bank & Trust Company 13/4/2018 7,109 (77,205)

GBP Hedged Share Class

GBP 5,048,223 USD 6,996,874 State Street Bank & Trust Company 13/4/2018 102,595 USD 10,634 GBP 7,660 State Street Bank & Trust Company 13/4/2018 (139) 102,456

SEK Hedged Share Class

SEK 1,142,797,649 USD 138,672,812 State Street Bank & Trust Company 13/4/2018 (2,100,830)USD 2,384,699 SEK 19,593,881 State Street Bank & Trust Company 13/4/2018 43,099 (2,057,731)

Total (Gross underlying exposure - USD 740,797,134) (2,032,480)


% of Net Assets

Government 79.23Energy 8.67Financial 4.14Utilities 2.37Basic Materials 1.88Industrial 1.39Diversified 0.13Consumer, Cyclical 0.04Consumer, Non-cyclical 0.04


100.00



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets





iShares Europe Equity Index Fund (LU) (formerly known as BlackRock Europe Equity Index Fund)

COMMON / PREFERRED STOCKS (SHARES)

Austria 3,928 Andritz AG* 181,395 0.05 14,815 Erste Group Bank AG 607,859 0.16 7,766 OMV AG 362,284 0.10 7,511 Raiffeisen Bank International AG 236,597 0.06 5,461 voestalpine AG 232,147 0.06 1,620,282 0.43

Belgium 9,192 Ageas* 387,811 0.10 37,547 Anheuser-Busch InBev SA/NV 3,361,958 0.88 3,399 Colruyt SA 153,329 0.04 4,254 Groupe Bruxelles Lambert SA 397,239 0.10 12,497 KBC Group NV 886,037 0.23 7,501 Proximus SADP 189,250 0.05 3,548 Solvay SA 398,973 0.11 2,586 Telenet Group Holding NV 139,385 0.04 6,250 UCB SA 413,875 0.11 10,019 Umicore SA 429,915 0.11 6,757,772 1.77

Denmark 204 AP Moller - Maersk A/S ‘A’ 242,329 0.06 336 AP Moller - Maersk A/S ‘B’* 421,171 0.11 5,221 Carlsberg A/S ‘B’* 504,841 0.13 5,202 Chr Hansen Holding A/S 363,575 0.09 5,575 Coloplast A/S ‘B’ 381,867 0.10 37,337 Danske Bank A/S 1,128,962 0.30 9,360 DSV A/S 595,546 0.16 2,996 Genmab A/S 521,678 0.14 4,025 H Lundbeck A/S* 182,394 0.05 8,574 ISS A/S 257,182 0.07 92,884 Novo Nordisk A/S ‘B’ 3,706,926 0.97 10,849 Novozymes A/S ‘B’ 454,660 0.12 9,056 Orsted A/S’144A’ 476,221 0.12 5,197 Pandora A/S* 453,021 0.12 41,299 TDC A/S 277,675 0.07 5,715 Tryg A/S 107,716 0.03 10,568 Vestas Wind Systems A/S 609,320 0.16 6,587 William Demant Holding A/S* 198,111 0.05 10,883,195 2.85

Finland 6,496 Elisa OYJ 238,533 0.06 21,116 Fortum OYJ* 370,269 0.10 16,846 Kone OYJ ‘B’ 684,285 0.18 6,122 Metso OYJ* 157,213 0.04 6,720 Neste OYJ* 379,008 0.10 286,049 Nokia OYJ 1,276,351 0.34 5,357 Nokian Renkaat OYJ 198,798 0.05 4,999 Orion OYJ ‘B’ 124,325 0.03 22,271 Sampo OYJ ‘A’ 1,004,867 0.26 28,665 Stora Enso OYJ ‘R’* 424,242 0.11 26,462 UPM-Kymmene OYJ 793,331 0.21 21,102 Wartsila OYJ Abp 378,359 0.10 6,029,581 1.58

France 9,079 Accor SA 397,660 0.10 1,493 Aeroports de Paris 266,799 0.07 21,036 Air Liquide SA* 2,096,448 0.55 8,236 Alstom SA 302,755 0.08 2,731 Amundi SA’144A’ 178,607 0.05 3,521 Arkema SA 370,409 0.10 4,596 Atos SE 507,628 0.13

95,458 AXA SA 2,066,188 0.54 2,327 BioMerieux 154,978 0.04 55,334 BNP Paribas SA 3,347,154 0.88 47,753 Bollore SA* 206,962 0.05 10,274 Bouygues SA* 420,618 0.11 14,003 Bureau Veritas SA 295,043 0.08 8,062 Capgemini SE 813,456 0.21 28,806 Carrefour SA* 488,262 0.13 2,963 Casino Guichard Perrachon SA* 118,757 0.03 24,476 Cie de Saint-Gobain 1,048,307 0.27 8,533 Cie Generale des Etablissements

Michelin SCA 1,022,680 0.27 9,298 CNP Assurances 190,423 0.05 56,716 Credit Agricole SA 751,487 0.20 29,718 Danone SA 1,953,364 0.51 117 Dassault Aviation SA 183,222 0.05 6,404 Dassault Systemes SE 706,681 0.19 10,009 Edenred* 281,253 0.07 3,918 Eiffage SA 363,355 0.10 28,996 Electricite de France SA 339,108 0.09 89,697 Engie SA* 1,223,916 0.32 10,099 Essilor International Cie Generale

d’Optique SA 1,101,296 0.29 2,255 Eurazeo SA 169,802 0.04 9,951 Eutelsat Communications SA* 160,161 0.04 3,570 Faurecia SA 233,050 0.06 1,664 Fonciere Des Regions (Reit) 149,427 0.04 2,273 Gecina SA (Reit) 321,629 0.08 23,008 Getlink SE* 268,158 0.07 1,571 Hermes International 754,237 0.20 1,651 ICADE (Reit) 130,677 0.03 1,227 Iliad SA* 207,731 0.05 1,715 Imerys SA 135,056 0.04 3,077 Ingenico Group SA* 201,359 0.05 2,114 Ipsen SA 266,575 0.07 3,804 JCDecaux SA 107,501 0.03 3,774 Kering SA 1,463,935 0.38 10,314 Klepierre SA (Reit) 339,743 0.09 12,416 L’Oreal SA* 2,280,198 0.60 6,078 Lagardere SCA* 141,557 0.04 13,546 Legrand SA 866,402 0.23 13,741 LVMH Moet Hennessy

Louis Vuitton SE* 3,435,937 0.90 48,408 Natixis SA 322,204 0.08 98,249 Orange SA* 1,354,362 0.36 10,469 Pernod Ricard SA 1,412,268 0.37 28,694 Peugeot SA 560,537 0.15 10,132 Publicis Groupe SA* 573,471 0.15 1,265 Remy Cointreau SA 146,108 0.04 9,732 Renault SA 963,468 0.25 15,959 Rexel SA* 221,910 0.06 16,421 Safran SA 1,410,564 0.37 55,967 Sanofi* 3,642,332 0.96 27,927 Schneider Electric SE 1,998,456 0.52 8,781 SCOR SE 290,915 0.08 1,205 SEB SA 187,860 0.05 1,464 Societe BIC SA 117,486 0.03 37,777 Societe Generale SA* 1,675,032 0.44 4,722 Sodexo SA* 395,043 0.10 18,977 Suez 225,162 0.06 2,837 Teleperformance* 357,178 0.09 5,151 Thales SA 510,773 0.13 118,211 Total SA 5,456,620 1.43 3,834 Ubisoft Entertainment SA 262,016 0.07 4,871 Unibail-Rodamco SE (Reit) 907,224 0.24 11,939 Valeo SA 640,647 0.17 23,744 Veolia Environnement SA 458,022 0.12 24,826 Vinci SA 1,981,115 0.52


France continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




iShares Europe Equity Index Fund (LU) continued

50,222 Vivendi SA 1,055,164 0.28 1,539 Wendel SA 197,608 0.05 60,153,496 15.77

Germany 2,939 1&1 Drillisch AG 161,792 0.04 9,279 adidas AG 1,817,756 0.48 22,146 Allianz SE Reg 4,061,576 1.06 2,116 Axel Springer SE* 142,936 0.04 45,246 BASF SE 3,709,267 0.97 40,737 Bayer AG Reg 3,729,065 0.98 16,316 Bayerische Motoren Werke AG* 1,445,761 0.38 3,122 Bayerische Motoren Werke AG

(Pref)* 239,301 0.06 4,826 Beiersdorf AG 441,869 0.12 8,063 Brenntag AG* 389,524 0.10 52,651 Commerzbank AG 556,311 0.15 5,480 Continental AG 1,222,040 0.32 8,036 Covestro AG’144A’ 637,737 0.17 47,413 Daimler AG Reg 3,252,532 0.85 101,927 Deutsche Bank AG Reg* 1,153,406 0.30 9,615 Deutsche Boerse AG 1,059,092 0.28 10,950 Deutsche Lufthansa AG Reg 283,715 0.07 47,835 Deutsche Post AG Reg 1,698,621 0.44 164,241 Deutsche Telekom AG Reg* 2,172,908 0.57 17,433 Deutsche Wohnen SE* 657,921 0.17 106,106 E.ON SE 950,816 0.25 8,766 Evonik Industries AG* 250,532 0.07 2,112 Fraport AG Frankfurt Airport Services

Worldwide 171,030 0.04 10,939 Fresenius Medical Care AG &

Co KGaA 906,187 0.24 20,483 Fresenius SE & Co KGaA 1,266,669 0.33 3,019 Fuchs Petrolub SE (Pref) 132,232 0.03 8,612 GEA Group AG 298,750 0.08 3,107 Hannover Rueck SE 343,634 0.09 7,354 HeidelbergCement AG 586,261 0.15 5,029 Henkel AG & Co KGaA* 517,484 0.14 8,876 Henkel AG & Co KGaA (Pref) 954,170 0.25 1,040 Hochtief AG 156,832 0.04 3,460 Hugo Boss AG* 245,176 0.06 56,233 Infineon Technologies AG 1,217,444 0.32 7,604 Innogy SE 292,374 0.08 9,896 K+S AG Reg* 230,082 0.06 3,300 KION Group AG* 249,612 0.06 4,689 Lanxess AG 291,374 0.08 9,253 Linde AG 1,537,386 0.40 1,799 MAN SE 170,815 0.04 6,190 Merck KGaA* 482,077 0.13 9,665 Metro AG* 138,403 0.04 2,697 MTU Aero Engines AG 366,522 0.10 7,649 Muenchener Rueckversicherungs-

Gesellschaft AG in Muenchen Reg 1,440,689 0.38 5,171 OSRAM Licht AG 307,364 0.08 7,460 Porsche Automobil Holding SE (Pref) 503,848 0.13 12,375 ProSiebenSat.1 Media SE 346,624 0.09 24,487 RWE AG 490,475 0.13 48,405 SAP SE* 4,102,324 1.08 7,951 Schaeffler AG (Pref) 99,268 0.03 37,638 Siemens AG Reg 3,883,489 1.02 6,098 Symrise AG* 396,736 0.10 39,781 Telefonica Deutschland Holding AG 151,247 0.04 21,481 thyssenkrupp AG 454,968 0.12 20,569 TUI AG 357,357 0.09 10,325 Uniper SE 256,680 0.07 6,457 United Internet AG Reg 328,403 0.09 1,629 Volkswagen AG 264,875 0.07 9,144 Volkswagen AG (Pref) 1,474,744 0.39

24,756 Vonovia SE 994,944 0.26 5,785 Wirecard AG* 549,575 0.14 5,684 Zalando SE 251,005 0.07 57,243,607 15.01

Ireland 36,145 AIB Group Plc 175,809 0.04 47,807 Bank of Ireland Group Plc 340,864 0.09 40,428 CRH Plc 1,118,238 0.29 4,409 DCC Plc 330,945 0.09 7,805 Kerry Group Plc ‘A’ 641,571 0.17 4,234 Paddy Power Betfair Plc 349,940 0.09 9,053 Ryanair Holdings Plc 145,165 0.04 3,102,532 0.81

Isle of Man 26,468 GVC Holdings Plc 276,269 0.07 276,269 0.07

Italy 62,246 Assicurazioni Generali SpA 976,640 0.26 22,241 Atlantia SpA 561,585 0.15 26,079 Davide Campari-Milano SpA 160,777 0.04 400,867 Enel SpA 2,002,732 0.52 125,321 Eni SpA 1,792,090 0.47 663,494 Intesa Sanpaolo SpA 1,969,250 0.52 45,838 Intesa Sanpaolo SpA - RSP 141,731 0.04 20,459 Leonardo SpA 193,869 0.05 8,086 Luxottica Group SpA 406,079 0.11 29,438 Mediobanca Banca di Credito

Finanziario SpA 281,074 0.07 23,429 Poste Italiane SpA’144A’ 173,000 0.05 10,344 Prysmian SpA 264,289 0.07 4,731 Recordati SpA 140,511 0.04 117,699 Snam SpA* 438,782 0.11 602,071 Telecom Italia SpA 463,956 0.12 340,551 Telecom Italia SpA - RSP 230,689 0.06 73,854 Terna Rete Elettrica Nazionale SpA* 351,471 0.09 99,793 UniCredit SpA 1,697,080 0.44 58,631 UnipolSai Assicurazioni SpA 113,334 0.03 12,358,939 3.24

Jersey 45,946 Experian Plc 809,253 0.21 12,754 Ferguson Plc 787,979 0.21 604,155 Glencore Plc 2,449,030 0.64 4,761 Randgold Resources Ltd* 319,023 0.09 44,828 Shire Plc 1,802,594 0.47 61,600 WPP Plc 798,267 0.21 6,966,146 1.83

Luxembourg 33,651 ArcelorMittal 852,548 0.22 593 Eurofins Scientific SE 256,295 0.07 3,550 Millicom International Cellular

SA - SDR* 195,933 0.05 1,671 RTL Group SA 112,040 0.03 19,163 SES SA* 206,577 0.05 23,868 Tenaris SA 329,378 0.09 1,952,771 0.51

Netherlands 21,390 ABN AMRO Group NV - CVA’144A’ 524,269 0.14 84,979 Aegon NV* 465,855 0.12 6,434 AerCap Holdings NV* 263,970 0.07 28,620 Airbus SE 2,685,987 0.70


France continued Germany continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




12,563 Akzo Nobel NV 970,869 0.25 26,651 Altice NV ‘A’* 180,161 0.05 19,129 ASML Holding NV* 3,030,034 0.79 4,952 Boskalis Westminster* 117,461 0.03 50,092 CNH Industrial NV* 503,425 0.13 5,723 EXOR NV 328,844 0.09 5,978 Ferrari NV 584,290 0.15 55,191 Fiat Chrysler Automobiles NV 911,203 0.24 6,028 Heineken Holding NV 507,558 0.13 12,913 Heineken NV 1,130,920 0.30 191,401 ING Groep NV 2,614,155 0.69 61,897 Koninklijke Ahold Delhaize NV* 1,190,279 0.31 8,915 Koninklijke DSM NV* 716,409 0.19 171,351 Koninklijke KPN NV 417,240 0.11 46,351 Koninklijke Philips NV* 1,436,649 0.38 4,019 Koninklijke Vopak NV 160,197 0.04 14,651 NN Group NV 528,022 0.14 17,237 NXP Semiconductors NV 1,630,896 0.43 10,874 QIAGEN NV* 284,138 0.07 6,161 Randstad Holding NV* 328,258 0.09 48,047 RELX NV 808,631 0.21 33,161 STMicroelectronics NV* 592,587 0.16 80,278 Unilever NV - CVA 3,687,971 0.97 15,040 Wolters Kluwer NV 645,667 0.17 27,245,945 7.15

Norway 49,607 DNB ASA 779,842 0.20 10,315 Gjensidige Forsikring ASA 153,044 0.04 19,710 Marine Harvest ASA 320,133 0.08 65,604 Norsk Hydro ASA 311,464 0.08 43,266 Orkla ASA 376,133 0.10 4,750 Schibsted ASA ‘B’ 97,468 0.03 57,311 Statoil ASA 1,093,400 0.29 37,292 Telenor ASA 681,994 0.18 9,083 Yara International ASA 310,728 0.08 4,124,206 1.08

Portugal 114,325 EDP - Energias de Portugal SA* 352,007 0.09 24,970 Galp Energia SGPS SA 383,789 0.10 12,637 Jeronimo Martins SGPS SA 186,838 0.05 922,634 0.24

Spain 36,007 Abertis Infraestructuras SA 654,967 0.17 11,423 ACS Actividades de Construccion y

Servicios SA 363,822 0.10 3,305 Aena SME SA’144A’ 543,672 0.14 22,484 Amadeus IT Group SA 1,350,839 0.35 328,472 Banco Bilbao Vizcaya Argentaria SA 2,117,659 0.56 258,108 Banco de Sabadell SA 430,266 0.11 795,762 Banco Santander SA 4,216,743 1.11 63,104 Bankia SA 231,592 0.06 35,060 Bankinter SA 293,873 0.08 178,792 CaixaBank SA 696,395 0.18 10,386 Enagas SA 231,192 0.06 16,889 Endesa SA 303,664 0.08 24,293 Ferrovial SA 411,523 0.11 17,728 Gas Natural SDG SA 346,582 0.09 14,143 Grifols SA* 323,875 0.09 286,196 Iberdrola SA 1,717,176 0.45 53,725 Industria de Diseno Textil SA* 1,370,525 0.36 28,498 International Consolidated Airlines

Group SA - CDI 200,056 0.05 46,913 Mapfre SA 127,369 0.03 22,706 Red Electrica Corp SA 382,710 0.10

62,435 Repsol SA 902,810 0.24 10,213 Siemens Gamesa Renewable

Energy SA* 132,054 0.03 230,198 Telefonica SA* 1,851,713 0.49 19,201,077 5.04

Sweden 13,945 Alfa Laval AB 266,441 0.07 49,933 Assa Abloy AB ‘B’ 872,748 0.23 34,328 Atlas Copco AB ‘A’* 1,201,659 0.32 19,238 Atlas Copco AB ‘B’* 605,006 0.16 13,105 Boliden AB 371,491 0.10 12,770 Electrolux AB ‘B’ 324,867 0.09 30,183 Essity AB ‘B’* 674,538 0.18 9,222 Getinge AB ‘B’ 84,851 0.02 47,121 Hennes & Mauritz AB ‘B’ 571,656 0.15 12,879 Hexagon AB ‘B’ 619,083 0.16 20,800 Husqvarna AB ‘B’ 162,232 0.04 3,876 ICA Gruppen AB* 110,963 0.03 9,043 Industrivarden AB ‘C’ 169,976 0.05 22,692 Investor AB ‘B’ 811,932 0.21 11,889 Kinnevik AB ‘B’* 346,123 0.09 2,028 L E Lundbergforetagen AB ‘B’ 117,531 0.03 8,000 Lundin Petroleum AB 162,505 0.04 151,322 Nordea Bank AB 1,306,666 0.34 57,698 Sandvik AB* 852,458 0.22 16,504 Securitas AB ‘B’ 226,724 0.06 75,675 Skandinaviska Enskilda

Banken AB ‘A’ 641,280 0.17 17,649 Skanska AB ‘B’* 291,885 0.08 19,266 SKF AB ‘B’ 318,347 0.08 76,080 Svenska Handelsbanken AB ‘A’ 768,286 0.20 45,089 Swedbank AB ‘A’ 817,141 0.21 8,592 Swedish Match AB 314,337 0.08 19,255 Tele2 AB ‘B’ 186,887 0.05 156,574 Telefonaktiebolaget LM Ericsson ‘B’ 803,016 0.21 138,785 Telia Co AB 527,381 0.14 77,646 Volvo AB ‘B’ 1,145,675 0.30 15,673,685 4.11

Switzerland 90,563 ABB Ltd Reg 1,745,467 0.46 8,182 Adecco Group AG Reg 471,767 0.12 2,355 Baloise Holding AG Reg 292,659 0.08 120 Barry Callebaut AG Reg 189,083 0.05 57 Chocoladefabriken Lindt

& Spruengli AG - PC 284,694 0.07 5 Chocoladefabriken Lindt

& Spruengli AG Reg 295,176 0.08 25,647 Cie Financiere Richemont SA Reg* 1,863,512 0.49 11,936 Clariant AG Reg 230,049 0.06 9,348 Coca-Cola HBC AG - CDI 280,242 0.07 119,305 Credit Suisse Group AG Reg 1,615,375 0.42 1,814 Dufry AG Reg 192,531 0.05 425 EMS-Chemie Holding AG Reg* 216,423 0.06 1,834 Geberit AG Reg 657,724 0.17 468 Givaudan SA Reg* 859,464 0.23 10,986 Julius Baer Group Ltd 545,351 0.14 2,657 Kuehne + Nagel International

AG Reg 339,668 0.09 22,125 LafargeHolcim Ltd Reg* 984,408 0.26 3,659 Lonza Group AG Reg 699,623 0.18 152,907 Nestle SA Reg 9,839,966 2.58 109,798 Novartis AG Reg 7,190,765 1.89 1,609 Pargesa Holding SA - BR 116,172 0.03 899 Partners Group Holding AG 539,126 0.14 34,518 Roche Holding AG 6,419,731 1.68 2,116 Schindler Holding AG 368,824 0.10



Netherlands continued Spain continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets





1,085 Schindler Holding AG Reg 183,404 0.05 267 SGS SA Reg 532,066 0.14 107 Sika AG - BR 674,394 0.18 2,744 Sonova Holding AG Reg 354,519 0.09 471 Straumann Holding AG Reg 240,648 0.06 1,485 Swatch Group AG/The - BR 531,175 0.14 2,706 Swatch Group AG/The Reg 182,390 0.05 1,555 Swiss Life Holding AG Reg 449,753 0.12 3,661 Swiss Prime Site AG Reg 287,186 0.08 15,825 Swiss Re AG 1,298,515 0.34 1,266 Swisscom AG Reg 507,469 0.13 179,666 UBS Group AG Reg 2,550,930 0.67 2,538 Vifor Pharma AG* 316,802 0.08 7,435 Zurich Insurance Group AG* 1,971,065 0.52 46,318,116 12.15

United Kingdom 46,267 3i Group Plc 458,227 0.12 10,822 Admiral Group Plc 229,373 0.06 65,694 Anglo American Plc* 1,241,760 0.33 21,103 Antofagasta Plc 220,992 0.06 24,416 Ashtead Group Plc 542,149 0.14 17,319 Associated British Foods Plc 493,717 0.13 62,473 AstraZeneca Plc* 3,480,270 0.91 52,489 Auto Trader Group Plc’144A’ 210,766 0.06 203,916 Aviva Plc 1,157,268 0.30 12,415 Babcock International Group Plc 94,321 0.02 153,913 BAE Systems Plc 1,021,851 0.27 840,801 Barclays Plc 1,979,188 0.52 52,270 Barratt Developments Plc 315,307 0.08 6,022 Berkeley Group Holdings Plc* 260,769 0.07 104,257 BHP Billiton Plc 1,671,930 0.44 975,118 BP Plc 5,328,220 1.40 113,199 British American Tobacco Plc 5,338,940 1.40 50,826 British Land Co Plc/The (Reit)* 373,389 0.10 412,907 BT Group Plc 1,084,529 0.28 15,734 Bunzl Plc* 374,944 0.10 20,855 Burberry Group Plc 404,316 0.11 33,114 Capita Plc 53,810 0.01 9,171 Carnival Plc 477,999 0.13 263,613 Centrica Plc 429,873 0.11 126,676 Cobham Plc* 176,080 0.05 11,334 Coca-Cola European Partners Plc 381,956 0.10 78,052 Compass Group Plc 1,293,271 0.34 71,213 ConvaTec Group Plc’144A’ 161,335 0.04 6,840 Croda International Plc 354,789 0.09 124,344 Diageo Plc* 3,430,523 0.90 70,898 Direct Line Insurance Group Plc 307,817 0.08 6,940 easyJet Plc 126,985 0.03 9,428 Fresnillo Plc 135,244 0.04 77,400 G4S Plc* 218,174 0.06 89,934 GKN Plc 441,864 0.12 242,792 GlaxoSmithKline Plc 3,871,961 1.01 42,508 Hammerson Plc (Reit) 260,299 0.07 12,093 Hargreaves Lansdown Plc 225,273 0.06 992,041 HSBC Holdings Plc 7,542,567 1.98 14,111 IMI Plc 173,366 0.05 47,319 Imperial Brands Plc 1,315,199 0.34 8,659 InterContinental Hotels Group Plc 421,878 0.11 7,706 Intertek Group Plc 412,894 0.11 32,413 Investec Plc 204,176 0.05

191,864 ITV Plc 318,563 0.08 72,715 J Sainsbury Plc* 198,913 0.05 32,308 John Wood Group Plc 197,323 0.05 10,160 Johnson Matthey Plc* 352,220 0.09 105,929 Kingfisher Plc* 353,935 0.09 38,203 Land Securities Group Plc (Reit) 409,042 0.11 287,977 Legal & General Group Plc 848,867 0.22 3,551,392 Lloyds Banking Group Plc 2,636,547 0.69 15,462 London Stock Exchange Group Plc 727,048 0.19 73,934 Marks & Spencer Group Plc 229,067 0.06 18,519 Mediclinic International Plc* 126,457 0.03 40,213 Meggitt Plc 198,630 0.05 33,103 Merlin Entertainments Plc’144A’* 130,695 0.03 21,052 Micro Focus International Plc* 237,701 0.06 17,364 Mondi Plc 380,015 0.10 168,750 National Grid Plc 1,550,789 0.41 7,102 Next Plc* 389,686 0.10 241,953 Old Mutual Plc 659,933 0.17 42,470 Pearson Plc 363,356 0.10 14,507 Persimmon Plc 417,858 0.11 127,626 Prudential Plc* 2,601,676 0.68 33,006 Reckitt Benckiser Group Plc 2,268,503 0.59 53,778 RELX Plc 901,802 0.24 60,955 Rio Tinto Plc 2,506,710 0.66 82,755 Rolls-Royce Holdings Plc* 825,456 0.22 170,568 Royal Bank of Scotland Group Plc 505,506 0.13 224,740 Royal Dutch Shell Plc ‘A’ 5,741,440 1.51 184,857 Royal Dutch Shell Plc ‘B’ 4,812,170 1.26 46,609 Royal Mail Plc* 288,495 0.08 52,714 RSA Insurance Group Plc 379,682 0.10 50,918 Sage Group Plc/The 371,741 0.10 6,518 Schroders Plc* 237,561 0.06 51,209 Segro Plc (Reit)* 352,018 0.09 11,987 Severn Trent Plc 254,271 0.07 50,757 Sky Plc 757,344 0.20 43,020 Smith & Nephew Plc 648,771 0.17 18,203 Smiths Group Plc 314,590 0.08 49,487 SSE Plc 730,773 0.19 24,827 St James’s Place Plc 307,428 0.08 162,735 Standard Chartered Plc 1,326,394 0.35 135,449 Standard Life Aberdeen Plc 558,565 0.15 169,896 Taylor Wimpey Plc 358,352 0.09 480,755 Tesco Plc* 1,131,939 0.30 12,476 Travis Perkins Plc 175,694 0.05 61,101 Unilever Plc 2,763,288 0.72 32,972 United Utilities Group Plc 270,210 0.07 1,316,200 Vodafone Group Plc 2,932,335 0.77 11,780 Weir Group Plc/The 268,760 0.07 8,637 Whitbread Plc 364,942 0.10 112,223 Wm Morrison Supermarkets Plc 273,959 0.07 94,656,579 24.82 Total Common / Preferred Stocks (Shares) 375,486,832 98.46 Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 375,486,832 98.46 Securities portfolio at market value 375,486,832 98.46 Other Net Assets 5,883,670 1.54Total Net Assets (EUR) 381,370,502 100.00


United Kingdom continued Switzerland continued




% of Net Assets

Consumer, Non-cyclical 26.91Financial 22.01Industrial 10.87Consumer, Cyclical 10.21Energy 7.31Basic Materials 7.28Communications 5.91Technology 4.03Utilities 3.78Diversified 0.15


100.00


Number of contracts



Expiration date

Gross underlying

exposure EUR

Unrealised appreciation/

(depreciation) EUR

85 EUR EURO STOXX 50 Index June 2018 2,782,050 12,040 22 GBP FTSE 100 Index June 2018 1,752,484 337 12 CHF Swiss Market Index June 2018 872,940 (85)

Total 5,407,474 12,292




Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets





iShares Euro Aggregate Bond Index Fund (LU) (formerly known as BlackRock Euro Aggregate Bond Index Fund)

BONDS

Australia EUR 100,000 APT Pipelines Ltd RegS 2.00%

22/3/2027 102,750 0.02 EUR 100,000 AusNet Services Holdings Pty Ltd

RegS 1.50% 26/2/2027 103,253 0.02 EUR 150,000 Australia & New Zealand Banking

Group Ltd RegS 3.625% 18/7/2022 172,060 0.03

EUR 100,000 Australia & New Zealand Banking Group Ltd RegS 0.45% 22/11/2023 100,094 0.01

EUR 100,000 Australia & New Zealand Banking Group Ltd RegS 0.75% 29/9/2026 97,441 0.01

EUR 100,000 Australia Pacific Airports Melbourne Pty Ltd RegS 3.125% 26/9/2023 113,192 0.02

EUR 100,000 Bank of Queensland Ltd RegS 0.50% 10/7/2022 100,885 0.02

EUR 150,000 BHP Billiton Finance Ltd RegS 3.00% 29/5/2024* 171,439 0.03

EUR 150,000 BHP Billiton Finance Ltd RegS 3.25% 24/9/2027 178,320 0.03

EUR 100,000 BHP Billiton Finance Ltd RegS FRN 22/10/2079 121,017 0.02

EUR 50,000 Commonwealth Bank of Australia 5.50% 6/8/2019 53,608 0.01

EUR 150,000 Commonwealth Bank of Australia 4.375% 25/2/2020 162,620 0.02

EUR 250,000 Commonwealth Bank of Australia RegS 0.375% 10/2/2021 253,300 0.04

EUR 200,000 Commonwealth Bank of Australia RegS FRN 3/10/2029 200,835 0.03

EUR 100,000 Commonwealth Bank of Australia RegS 1.625% 10/2/2031 104,820 0.02

EUR 100,000 Macquarie Bank Ltd RegS 1.125% 20/1/2022 102,712 0.02

EUR 50,000 National Australia Bank Ltd RegS 4.625% 10/2/2020 54,119 0.01







EUR 150,000 Origin Energy Finance Ltd RegS 2.50% 23/10/2020 159,025 0.02

EUR 100,000 Scentre Group Trust 1 RegS 2.25% 16/7/2024 108,353 0.02

EUR 150,000 Telstra Corp Ltd 2.50% 15/9/2023 165,198 0.03 EUR 50,000 Telstra Corp Ltd RegS 4.25%

23/3/2020 54,289 0.01 EUR 100,000 Transurban Finance Co Pty Ltd RegS

2.00% 28/8/2025 105,634 0.02 EUR 100,000 Westpac Banking Corp RegS




0.50% 17/5/2024 174,786 0.03

EUR 100,000 Westpac Banking Corp RegS 0.875% 17/4/2027 98,306 0.01

4,376,151 0.70

Austria EUR 200,000 Autobahnen- und Schnell- strassen-

Finanzierungs AG RegS 1.375% 9/4/2021 209,732 0.03

EUR 150,000 Autobahnen- und Schnell- strassen-Finanzierungs AG RegS 3.375% 22/9/2025 181,414 0.03

EUR 100,000 Autobahnen- und Schnell- strassen-Finanzierungs AG RegS 2.75% 11/6/2032 118,808 0.02

EUR 100,000 BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG 0.375% 23/2/2022 101,066 0.02

EUR 150,000 Erste Group Bank AG 3.50% 8/2/2022 169,852 0.03

EUR 100,000 Erste Group Bank AG RegS 0.625% 19/1/2023 101,945 0.02

EUR 100,000 Hypo Tirol Bank AG RegS 0.50% 11/2/2021 101,323 0.02

EUR 200,000 Hypo Vorarlberg Bank AG RegS 0.375% 17/5/2024 198,283 0.03

EUR 150,000 Hypoe NOE Landesbank fuer Niederoesterreich und Wien AG RegS 0.75% 22/9/2021 153,440 0.02

EUR 100,000 KA Finanz AG 1.625% 19/2/2021 104,609 0.02 EUR 500,000 KAF Kaerntner Ausgleichszahlungs-

Fonds RegS 14/1/2032 (Zero Coupon) 420,015 0.07

EUR 50,000 Novomatic AG 1.625% 20/9/2023 51,432 0.01 EUR 100,000 OeBB-Infrastruktur AG 3.00%

24/10/2033 122,614 0.02 EUR 200,000 OeBB-Infrastruktur AG RegS

3.625% 13/7/2021 225,018 0.03 EUR 200,000 OeBB-Infrastruktur AG RegS

1.00% 18/11/2024 207,450 0.03 EUR 100,000 OeBB-Infrastruktur AG RegS

3.375% 18/5/2032 126,665 0.02 EUR 100,000 OMV AG RegS 1.75% 25/11/2019 103,039 0.02 EUR 150,000 OMV AG RegS FRN (Perpetual) 169,738 0.03 EUR 50,000 OMV AG RegS FRN (Perpetual) 61,929 0.01 EUR 100,000 Raiffeisen Bank International AG

6.625% 18/5/2021 116,657 0.02 EUR 100,000 Raiffeisenlandesbank

Niederoesterreich-Wien AG RegS 0.625% 3/3/2025 100,335 0.02

EUR 100,000 Raiffeisenlandesbank Oberoesterreich AG 0.375% 28/9/2026 96,464 0.01

EUR 400,000 Republic of Austria Government Bond RegS ‘144A’ 1.15% 19/10/2018 403,820 0.06




EUR 1,000,000 Republic of Austria Government Bond RegS ‘144A’ 3.50% 15/9/2021 1,131,425 0.18


Australia continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets



iShares Euro Aggregate Bond Index Fund (LU) continued


EUR 500,000 Republic of Austria Government Bond RegS ‘144A’ 20/9/2022 (Zero Coupon) 502,412 0.08

















EUR 100,000 Telekom Finanzmanagement GmbH RegS 3.50% 4/7/2023 114,792 0.02

EUR 100,000 UniCredit Bank Austria AG 1.875% 29/10/2020 105,189 0.02

EUR 100,000 UniCredit Bank Austria AG RegS 1.25% 30/7/2018 100,534 0.01



EUR 100,000 Verbund AG RegS 1.50% 20/11/2024 104,427 0.02

17,365,354 2.78

Belgium EUR 50,000 Anheuser-Busch InBev SA/NV RegS

2.00% 16/12/2019 51,769 0.01 EUR 150,000 Anheuser-Busch InBev SA/NV RegS







2.75% 17/3/2036 159,517 0.02 EUR 100,000 Belfius Bank SA/NV RegS




3.125% 11/5/2026 108,483 0.02 EUR 100,000 BNP Paribas Fortis SA RegS

0.50% 23/9/2024 100,075 0.02 EUR 100,000 BNP Paribas Fortis SA RegS

0.875% 22/3/2028 99,426 0.02 EUR 100,000 Brussels Airport Co NV/SA RegS

1.00% 3/5/2024 101,091 0.02 EUR 100,000 Eandis System Operator SCRL

RegS 2.875% 9/10/2023 112,030 0.02 EUR 100,000 Elia System Operator SA/NV RegS

3.00% 7/4/2029 114,863 0.02 EUR 100,000 Flemish Community/The RegS

1.00% 13/10/2036 93,675 0.01 EUR 100,000 KBC Bank NV RegS



0.375% 1/9/2022 303,757 0.05 EUR 100,000 KBC Group NV RegS

1.00% 26/4/2021 102,170 0.02 EUR 100,000 KBC Group NV RegS

FRN 25/11/2024 103,525 0.02 EUR 600,000 Kingdom of Belgium Government

Bond 4.00% 28/3/2022 701,736 0.11 EUR 200,000 Kingdom of Belgium Government


Bond RegS 3.00% 28/9/2019 421,364 0.07 EUR 1,950,000 Kingdom of Belgium Government

Bond RegS ‘144A’ 3.75% 28/9/2020 2,154,847 0.34

EUR 1,150,000 Kingdom of Belgium Government Bond RegS ‘144A’ 4.25% 28/9/2021 1,334,000 0.21

EUR 900,000 Kingdom of Belgium Government Bond RegS 4.25% 28/9/2022 1,077,592 0.17

EUR 550,000 Kingdom of Belgium Government Bond RegS 2.25% 22/6/2023 614,075 0.10




iShares Euro Aggregate Bond Index Fund (LU) (formerly known as BlackRock Euro Aggregate Bond Index Fund)

Austria continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 200,000 Kingdom of Belgium Government Bond RegS ‘144A’ 0.50% 22/10/2024 202,942 0.03

















EUR 100,000 Proximus SADP RegS 1.875% 1/10/2025 106,614 0.02

EUR 100,000 Solvay SA RegS 2.75% 2/12/2027 111,395 0.02 24,789,382 3.97

Brazil EUR 100,000 Vale SA 3.75% 10/1/2023 112,125 0.02 112,125 0.02

British Virgin Islands EUR 100,000 Global Switch Holdings Ltd RegS

2.25% 31/5/2027 101,675 0.02 EUR 100,000 Sinopec Group Overseas

Development 2015 Ltd RegS 1.00% 28/4/2022 101,333 0.01

203,008 0.03

Bulgaria EUR 100,000 Bulgaria Government International

Bond RegS 2.95% 3/9/2024 113,687 0.02 EUR 100,000 Bulgaria Government International

Bond RegS 2.625% 26/3/2027 110,563 0.01 EUR 100,000 Bulgaria Government International

Bond RegS 3.00% 21/3/2028 112,125 0.02 336,375 0.05

Canada EUR 100,000 Alimentation Couche-Tard Inc RegS

1.875% 6/5/2026 102,886 0.02 EUR 150,000 Bank of Montreal RegS 0.25%

22/1/2020* 151,411 0.02 EUR 100,000 Bank of Montreal RegS 0.125%

19/4/2021 100,535 0.01 EUR 300,000 Bank of Montreal RegS 0.10%

20/10/2023 295,252 0.05 EUR 100,000 Bank of Nova Scotia/The RegS

0.50% 23/7/2020 101,581 0.02 EUR 150,000 Bank of Nova Scotia/The RegS




0.50% 22/1/2025 298,008 0.05 EUR 100,000 Caisse Centrale Desjardins RegS

1.125% 11/3/2019 101,391 0.02 EUR 150,000 Canadian Imperial Bank of

Commerce RegS 1.25% 7/8/2018 150,866 0.02

EUR 200,000 Canadian Imperial Bank of Commerce RegS 0.25% 28/1/2020 201,924 0.03

EUR 150,000 Great-West Lifeco Inc RegS 1.75% 7/12/2026 154,621 0.02

EUR 200,000 National Bank of Canada RegS 0.50% 26/1/2022 203,057 0.03

EUR 100,000 Province of British Columbia Canada RegS 0.875% 8/10/2025 101,894 0.02

EUR 50,000 Province of Ontario Canada 4.00% 3/12/2019 53,685 0.01

EUR 150,000 Province of Ontario Canada 3.00% 28/9/2020 162,213 0.02

EUR 200,000 Province of Ontario Canada RegS 0.375% 14/6/2024 198,498 0.03

EUR 100,000 Province of Ontario Canada RegS 0.875% 21/1/2025 101,925 0.02

EUR 50,000 Province of Quebec Canada 4.75% 29/4/2018 50,180 0.01

EUR 150,000 Province of Quebec Canada RegS 5.00% 29/4/2019 158,715 0.02




EUR 100,000 Royal Bank of Canada RegS 1.25% 29/10/2018 100,960 0.02



EUR 100,000 Toronto-Dominion Bank/The RegS 0.625% 29/7/2019 100,915 0.02




Belgium continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets







EUR 200,000 Total Capital Canada Ltd RegS 1.125% 18/3/2022 206,848 0.03

4,565,321 0.73

Cayman Islands EUR 100,000 China Overseas Land International

Cayman Ltd RegS 1.75% 15/7/2019 101,826 0.02

EUR 200,000 Hutchison Whampoa Finance 14 Ltd RegS 1.375% 31/10/2021 207,100 0.03

EUR 100,000 IPIC GMTN Ltd RegS 5.875% 14/3/2021 116,088 0.02

EUR 100,000 Three Gorges Finance II Cayman Islands Ltd RegS 1.70% 10/6/2022 103,916 0.02

528,930 0.09

Chile EUR 100,000 Chile Government International Bond

1.625% 30/1/2025 103,937 0.02 EUR 100,000 Chile Government International Bond

1.875% 27/5/2030 102,563 0.01 206,500 0.03

China EUR 100,000 China Development Bank RegS

0.50% 1/6/2021 100,057 0.01 EUR 300,000 China Development Bank RegS

0.875% 24/1/2024 295,094 0.05 EUR 300,000 Export-Import Bank of China/The

RegS 0.625% 2/12/2021 300,235 0.05 695,386 0.11

Colombia EUR 100,000 Colombia Government International

Bond 3.875% 22/3/2026 114,625 0.02 114,625 0.02

Czech Republic EUR 50,000 CEZ AS RegS 5.00% 19/10/2021 58,090 0.01 EUR 100,000 CEZ AS RegS 4.875% 16/4/2025 125,273 0.02 EUR 200,000 Czech Republic International RegS

5.00% 11/6/2018 202,094 0.03 EUR 200,000 Czech Republic International RegS

3.875% 24/5/2022 231,508 0.04 EUR 100,000 EP Energy AS RegS 5.875%

1/11/2019 108,751 0.02 725,716 0.12

Denmark EUR 200,000 AP Moller - Maersk A/S RegS 1.75%

18/3/2021* 208,478 0.03 EUR 150,000 AP Moller - Maersk A/S RegS 1.75%

16/3/2026 149,302 0.02 EUR 200,000 BRFkredit A/S RegS 0.25% 1/4/2021 201,882 0.03 EUR 150,000 Carlsberg Breweries A/S RegS

2.625% 3/7/2019 155,285 0.02 EUR 100,000 Danfoss A/S RegS 1.375%

23/2/2022 103,740 0.02 EUR 100,000 Danske Bank A/S 4.125%

26/11/2019 107,350 0.02

EUR 150,000 Danske Bank A/S RegS 0.375% 26/8/2019 151,531 0.02



EUR 100,000 Danske Bank A/S RegS FRN 19/5/2026 105,951 0.02


EUR 100,000 ISS Global A/S RegS 1.125% 9/1/2020 101,796 0.02

EUR 100,000 Kommunekredit RegS 0.25% 29/3/2023 100,185 0.02



EUR 100,000 Nykredit Realkredit A/S RegS 0.375% 16/6/2020 100,720 0.02

EUR 100,000 Nykredit Realkredit A/S RegS 0.75% 14/7/2021 101,449 0.02

EUR 100,000 Nykredit Realkredit A/S RegS FRN 17/11/2027 107,186 0.02

EUR 50,000 Orsted A/S RegS FRN 26/6/3013 60,315 0.01 EUR 150,000 TDC A/S RegS 1.75% 27/2/2027 150,028 0.02 2,700,854 0.43

Finland EUR 100,000 Aktia Bank OYJ RegS 0.25%

31/3/2022 100,714 0.02 EUR 100,000 Citycon OYJ RegS 3.75% 24/6/2020 107,636 0.02 EUR 150,000 Danske Kiinnitysluottopankki OYJ

RegS 1.625% 27/9/2019 154,438 0.02 EUR 150,000 Elisa OYJ RegS 0.875% 17/3/2024 148,875 0.02 EUR 200,000 Finland Government Bond RegS

‘144A’ 1.125% 15/9/2018 201,568 0.03 EUR 400,000 Finland Government Bond RegS





‘144A’ 15/4/2022 (Zero Coupon) 704,326 0.11 EUR 200,000 Finland Government Bond RegS










‘144A’ 0.75% 15/4/2031 295,770 0.05


Denmark continued Canada continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 200,000 Finland Government Bond RegS ‘144A’ 1.125% 15/4/2034 202,806 0.03



EUR 150,000 Finnvera OYJ RegS 0.50% 13/4/2026 148,564 0.02

EUR 100,000 Fortum OYJ RegS 4.00% 24/5/2021 111,787 0.02

EUR 100,000 Kojamo OYJ RegS 1.625% 7/3/2025 100,033 0.02

EUR 100,000 Municipality Finance Plc RegS 0.10% 15/10/2021 100,763 0.02

EUR 100,000 Municipality Finance Plc RegS 0.625% 26/11/2026 99,823 0.02

EUR 150,000 Nordea Mortgage Bank Plc RegS 2.25% 3/5/2019 154,297 0.02

EUR 400,000 Nordea Mortgage Bank Plc RegS 0.125% 17/6/2020* 403,372 0.06




EUR 100,000 OP Corporate Bank Plc RegS 2.00% 3/3/2021 105,604 0.02

EUR 100,000 OP Corporate Bank Plc RegS 0.375% 11/10/2022 99,818 0.02

EUR 100,000 OP Mortgage Bank RegS 1.50% 17/3/2021 104,807 0.02



EUR 100,000 Sampo OYJ RegS 1.50% 16/9/2021 104,152 0.02 EUR 125,000 Sampo OYJ RegS 1.625% 21/2/2028 124,161 0.02 EUR 100,000 Tyottomyysvakuutusrahasto

0.375% 23/9/2019 101,111 0.02 8,672,533 1.39

France EUR 100,000 Accor SA RegS 2.375% 17/9/2023 107,554 0.02 EUR 100,000 Aeroports de Paris 3.875%

15/2/2022 113,889 0.02 EUR 100,000 Aeroports de Paris RegS 1.50%

24/7/2023 104,903 0.02 EUR 250,000 Agence Francaise de

Developpement RegS 3.625% 21/4/2020 270,262 0.04

EUR 300,000 Agence Francaise de Developpement RegS 0.125% 30/4/2022 300,783 0.05



EUR 200,000 Agence Francaise de Developpement RegS 1.375% 17/9/2024* 212,204 0.03



EUR 200,000 Agence France Locale RegS 0.50% 20/6/2024 200,946 0.03

EUR 100,000 Air Liquide Finance SA 3.889% 9/6/2020 108,845 0.02

EUR 100,000 Air Liquide Finance SA RegS 1.25% 3/6/2025 103,411 0.02

EUR 100,000 Air Liquide Finance SA RegS 1.25% 13/6/2028 101,899 0.02

EUR 100,000 ALD SA RegS 0.875% 18/7/2022 100,308 0.02 EUR 200,000 APRR SA RegS 1.125% 15/1/2021 205,400 0.03 EUR 100,000 APRR SA RegS 1.875% 6/1/2031 104,272 0.02 EUR 100,000 APRR SA RegS 1.50% 17/1/2033 97,616 0.01 EUR 200,000 Arkea Home Loans SFH SA RegS

4.50% 13/4/2021 228,426 0.04 EUR 100,000 Arkea Home Loans SFH SA RegS

2.375% 11/7/2023 110,968 0.02 EUR 100,000 Arkema SA 3.85% 30/4/2020 108,122 0.02 EUR 100,000 Auchan Holding SADIR RegS

0.625% 7/2/2022 100,474 0.02 EUR 100,000 Auchan Holding SADIR RegS

2.375% 12/12/2022 108,124 0.02 EUR 100,000 Autoroutes du Sud de la France SA

RegS 7.375% 20/3/2019 107,235 0.02 EUR 100,000 Autoroutes du Sud de la France SA

RegS 2.875% 18/1/2023 111,526 0.02 EUR 100,000 AXA Bank Europe SCF RegS

0.375% 23/3/2023 100,731 0.02 EUR 100,000 AXA SA RegS FRN 16/4/2040 109,446 0.02 EUR 100,000 AXA SA RegS FRN 6/7/2047 105,131 0.02 EUR 150,000 AXA SA RegS FRN 28/5/2049 152,299 0.02 EUR 100,000 AXA SA RegS FRN (Perpetual) 107,602 0.02 EUR 350,000 Banque Federative du Credit Mutuel

SA RegS 4.125% 20/7/2020 382,970 0.06 EUR 100,000 Banque Federative du Credit Mutuel






SA RegS 1.25% 26/5/2027 199,706 0.03 EUR 100,000 BNP Paribas Cardif SA RegS FRN

(Perpetual) 108,647 0.02 EUR 300,000 BNP Paribas Home Loan SFH SA

RegS 1.375% 17/6/2020 311,214 0.05 EUR 200,000 BNP Paribas Home Loan SFH SA

RegS 0.375% 22/7/2024 199,669 0.03 EUR 100,000 BNP Paribas Home Loan SFH SA

RegS 0.375% 7/5/2025 99,246 0.01 EUR 100,000 BNP Paribas SA RegS 2.50%

23/8/2019 103,695 0.02 EUR 400,000 BNP Paribas SA RegS 4.125%





10/10/2023 126,321 0.02



Finland continued France continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 125,000 BNP Paribas SA RegS 1.00% 27/6/2024 124,446 0.02



EUR 150,000 BNP Paribas SA RegS FRN 20/3/2026 159,018 0.02



EUR 50,000 Bouygues SA RegS 3.641% 29/10/2019 52,906 0.01

EUR 100,000 Bouygues SA RegS 4.50% 9/2/2022 116,134 0.02

EUR 100,000 BPCE SA RegS 0.625% 20/4/2020 101,285 0.02 EUR 100,000 BPCE SA RegS 4.50% 10/2/2022 116,459 0.02 EUR 100,000 BPCE SA RegS 1.125% 18/1/2023 101,335 0.02 EUR 100,000 BPCE SA RegS 4.625% 18/7/2023 117,699 0.02 EUR 100,000 BPCE SA RegS 0.375% 5/10/2023 98,449 0.01 EUR 400,000 BPCE SA RegS 0.875% 31/1/2024 396,452 0.06 EUR 100,000 BPCE SA RegS 2.875% 22/4/2026 107,677 0.02 EUR 300,000 BPCE SFH SA RegS 3.75%

13/9/2021 339,637 0.05 EUR 300,000 BPCE SFH SA RegS 0.375%




8/6/2029 99,578 0.02 EUR 100,000 Bpifrance Financement SA RegS

0.10% 19/2/2021 100,742 0.02 EUR 300,000 Bpifrance Financement SA RegS






1.00% 25/5/2027 203,800 0.03 EUR 200,000 Caisse Centrale du Credit Immobilier

de France SA RegS 1.125% 22/4/2019 203,165 0.03

EUR 200,000 Caisse Centrale du Credit Immobilier de France SA RegS 0.125% 1/3/2021 201,378 0.03

EUR 200,000 Caisse d’Amortissement de la Dette Sociale 2.50% 25/10/2022 222,968 0.03

EUR 500,000 Caisse d’Amortissement de la Dette Sociale RegS 1.00% 25/5/2018* 501,090 0.08

EUR 700,000 Caisse d’Amortissement de la Dette Sociale RegS 4.25% 25/4/2020 767,571 0.12









EUR 300,000 Caisse de Refinancement de l’Habitat SA 3.75% 19/2/2020 323,259 0.05





EUR 150,000 Caisse des Depots et Consignations 4.125% 20/2/2019 156,124 0.02

EUR 100,000 Caisse Francaise de Financement Local 5.375% 8/7/2024 130,635 0.02

EUR 200,000 Caisse Francaise de Financement Local RegS 0.375% 16/9/2019 202,327 0.03











EUR 100,000 Capgemini SE RegS 2.50% 1/7/2023 109,443 0.02

EUR 100,000 Carmila SA RegS 2.375% 16/9/2024 106,227 0.02

EUR 200,000 Carrefour SA RegS 1.75% 22/5/2019 204,136 0.03



EUR 300,000 Cie de Financement Foncier SA 0.375% 17/9/2019 303,445 0.05

EUR 300,000 Cie de Financement Foncier SA RegS 4.875% 25/5/2021 347,310 0.05









France continued France continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets






EUR 150,000 Cie de Saint-Gobain RegS 4.50% 30/9/2019 160,282 0.02



EUR 50,000 Cie Financiere et Industrielle des Autoroutes SA RegS 5.00% 24/5/2021 57,608 0.01



EUR 100,000 CIF Euromortgage SA RegS 3.75% 23/10/2019 106,375 0.02

EUR 150,000 CNP Assurances RegS FRN 14/9/2040 168,442 0.03

EUR 100,000 CNP Assurances RegS FRN 10/6/2047 113,959 0.02

EUR 200,000 Coentreprise de Transport d’Electricite SA RegS 2.125% 29/7/2032 207,063 0.03

EUR 100,000 Coface SA RegS 4.125% 27/3/2024 113,152 0.02 EUR 100,000 Credit Agricole Assurances SA RegS

FRN (Perpetual) 110,417 0.02 EUR 100,000 Credit Agricole Assurances SA RegS

FRN (Perpetual) 108,474 0.02 EUR 200,000 Credit Agricole Home Loan SFH SA

0.50% 19/2/2026 197,456 0.03 EUR 300,000 Credit Agricole Home Loan SFH SA

RegS 1.625% 11/3/2020 311,721 0.05 EUR 200,000 Credit Agricole Home Loan SFH SA






RegS 1.25% 24/3/2031 101,716 0.02 EUR 150,000 Credit Agricole Public Sector SCF SA

RegS 0.25% 31/10/2026 143,956 0.02 EUR 50,000 Credit Agricole SA RegS 3.90%

19/4/2021 55,463 0.01 EUR 100,000 Credit Agricole SA RegS 2.625%

17/3/2027 105,786 0.02 EUR 100,000 Credit Agricole SA/London RegS

2.375% 27/11/2020 106,140 0.02 EUR 300,000 Credit Agricole SA/London RegS





1.25% 14/4/2026 100,696 0.02

EUR 100,000 Credit Agricole SA/London RegS 1.875% 20/12/2026 103,374 0.02

EUR 100,000 Credit Logement SA RegS FRN 28/11/2029 97,898 0.01

EUR 200,000 Credit Mutuel - CIC Home Loan SFH SA RegS 1.125% 6/2/2019 202,623 0.03







EUR 100,000 Credit Mutuel Arkea SA RegS 1.00% 26/1/2023 102,257 0.02

EUR 100,000 Danone SA RegS 0.424% 3/11/2022 99,947 0.01 EUR 100,000 Danone SA RegS 2.60% 28/6/2023 110,446 0.02 EUR 100,000 Danone SA RegS 1.125% 14/1/2025 101,378 0.02 EUR 100,000 Danone SA RegS 1.208% 3/11/2028 97,943 0.01 EUR 100,000 Danone SA RegS FRN (Perpetual) 98,595 0.01 EUR 100,000 Dexia Credit Local SA RegS 1.625%

29/10/2018 101,157 0.02 EUR 150,000 Dexia Credit Local SA RegS 1.375%







27/10/2025 208,198 0.03 EUR 100,000 Edenred RegS 1.375% 10/3/2025 102,154 0.02 EUR 150,000 Electricite de France SA RegS 6.25%

25/1/2021 176,158 0.03 EUR 200,000 Electricite de France SA RegS

3.875% 18/1/2022 226,964 0.04 EUR 150,000 Electricite de France SA RegS

4.625% 11/9/2024 184,125 0.03 EUR 100,000 Electricite de France SA RegS 4.00%

12/11/2025 120,428 0.02 EUR 200,000 Electricite de France SA RegS 1.00%

13/10/2026 194,846 0.03 EUR 50,000 Electricite de France SA RegS

5.625% 21/2/2033 71,556 0.01 EUR 100,000 Electricite de France SA RegS

1.875% 13/10/2036 90,913 0.01 EUR 50,000 Electricite de France SA RegS 4.50%

12/11/2040 65,526 0.01 EUR 100,000 Electricite de France SA RegS FRN

(Perpetual) 107,300 0.02 EUR 100,000 Electricite de France SA RegS FRN

(Perpetual) 106,180 0.02 EUR 100,000 Engie SA 3.125% 21/1/2020 105,818 0.02 EUR 50,000 Engie SA 3.50% 18/10/2022 57,176 0.01 EUR 100,000 Engie SA RegS 0.875% 27/3/2024 100,763 0.02 EUR 200,000 Engie SA RegS 2.375% 19/5/2026 219,450 0.03 EUR 100,000 Engie SA RegS 2.00% 28/9/2037 99,996 0.01 EUR 100,000 Engie SA RegS FRN (Perpetual) 108,797 0.02 EUR 100,000 Engie SA RegS FRN (Perpetual) 111,863 0.02






Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 200,000 Engie SA RegS FRN (Perpetual) 193,024 0.03 EUR 100,000 Essilor International Cie Generale

d’Optique SA RegS 1.75% 9/4/2021 104,538 0.02

EUR 100,000 Fonciere Des Regions RegS 1.50% 21/6/2027 97,961 0.01

EUR 1,300,000 French Republic Government Bond OAT RegS 4.25% 25/4/2019 1,366,755 0.22



EUR 300,000 French Republic Government Bond OAT RegS 8.50% 25/10/2019 342,975 0.05

EUR 2,000,000 French Republic Government Bond OAT RegS 0.50% 25/11/2019* 2,035,640 0.33

EUR 2,400,000 French Republic Government Bond OAT RegS 25/2/2020 (Zero Coupon) 2,423,376 0.39











EUR 1,000,000 French Republic Government Bond OAT RegS 25/3/2023 (Zero Coupon) 999,375 0.16




















EUR 1,900,000 French Republic Government Bond OAT RegS ‘144A’ 1.25% 25/5/2036 1,908,531 0.30


EUR 800,000 French Republic Government Bond OAT RegS ‘144A’ 1.75% 25/6/2039 862,704 0.14




EUR 700,000 French Republic Government Bond OAT RegS 4.00% 25/4/2055 1,161,195 0.19



EUR 200,000 Gecina SA RegS 1.375% 26/1/2028 196,284 0.03 EUR 100,000 Gecina SA RegS 2.00% 30/6/2032 99,476 0.01 EUR 100,000 Groupama SA RegS FRN

(Perpetual) 117,047 0.02 EUR 50,000 Holding d’Infrastructures de

Transport SAS RegS 4.875% 27/10/2021 58,365 0.01

EUR 100,000 Holding d’Infrastructures de Transport SAS RegS 0.625% 27/3/2023 99,003 0.01

EUR 100,000 Holding d’Infrastructures de Transport SAS RegS 2.25% 24/3/2025 107,068 0.02

EUR 300,000 HSBC France SA RegS 1.875% 16/1/2020 310,617 0.05

EUR 200,000 ICADE RegS 1.875% 14/9/2022 211,262 0.03 EUR 100,000 Imerys SA RegS 1.50% 15/1/2027 100,198 0.02 EUR 100,000 Imerys SA RegS 1.875% 31/3/2028 102,419 0.02 EUR 100,000 Infra Park SAS RegS 1.25%

16/10/2020 102,681 0.02 EUR 50,000 Italcementi Finance SA RegS

5.375% 19/3/2020 55,158 0.01 EUR 100,000 Kering SA RegS 1.375% 1/10/2021 104,060 0.02 EUR 100,000 Kering SA RegS 1.50% 5/4/2027 102,618 0.02 EUR 100,000 Klepierre SA RegS 4.75% 14/3/2021 113,612 0.02 EUR 100,000 Klepierre SA RegS 1.00% 17/4/2023 101,432 0.02 EUR 200,000 La Banque Postale Home Loan

SFH SA RegS 0.50% 18/1/2023 203,170 0.03 EUR 100,000 La Banque Postale SA RegS FRN

23/4/2026 105,328 0.02 EUR 100,000 La Banque Postale SA RegS FRN

19/11/2027 106,197 0.02 EUR 100,000 La Poste SA 4.75% 8/7/2019 106,241 0.02






Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 100,000 La Poste SA RegS 2.75% 26/11/2024 113,346 0.02

EUR 150,000 Lafarge SA RegS 5.375% 29/11/2018* 155,445 0.02

EUR 100,000 Legrand SA RegS 1.875% 6/7/2032 104,864 0.02

EUR 100,000 LVMH Moet Hennessy Louis Vuitton SE 4.00% 6/4/2018 100,021 0.01

EUR 50,000 LVMH Moet Hennessy Louis Vuitton SE RegS 0.375% 26/5/2022 50,159 0.01

EUR 100,000 LVMH Moet Hennessy Louis Vuitton SE RegS 0.75% 26/5/2024 100,602 0.02

EUR 100,000 Mercialys SA RegS 1.787% 31/3/2023 103,305 0.02

EUR 50,000 mFinance France SA RegS 1.398% 26/9/2020 51,375 0.01

EUR 50,000 Orange SA 8.125% 28/1/2033 91,304 0.01 EUR 50,000 Orange SA RegS 3.875% 9/4/2020 53,951 0.01 EUR 150,000 Orange SA RegS 3.875% 14/1/2021 165,742 0.03 EUR 100,000 Orange SA RegS 3.375% 16/9/2022 113,184 0.02 EUR 100,000 Orange SA RegS 3.125% 9/1/2024 113,384 0.02 EUR 200,000 Orange SA RegS 0.875% 3/2/2027 194,466 0.03 EUR 200,000 Orange SA RegS 1.375% 16/1/2030 194,836 0.03 EUR 100,000 Orange SA RegS FRN (Perpetual) 109,646 0.02 EUR 100,000 Orange SA RegS FRN (Perpetual) 115,625 0.02 EUR 100,000 Pernod Ricard SA RegS 1.50%

18/5/2026 103,196 0.02 EUR 100,000 Publicis Groupe SA RegS 1.125%

16/12/2021 102,727 0.02 EUR 150,000 RCI Banque SA RegS 1.125%





11/4/2025 154,283 0.02 EUR 200,000 Regie Autonome des Transports

Parisiens RegS 4.50% 28/5/2018 201,469 0.03 EUR 100,000 Regie Autonome des Transports

Parisiens RegS 0.375% 15/6/2024 99,747 0.02

EUR 100,000 Region of Ile de France RegS 2.25% 10/6/2023 110,712 0.02

EUR 100,000 Region of Ile de France RegS 0.625% 23/4/2027 99,020 0.01

EUR 100,000 RTE Reseau de Transport d’Electricite SADIR RegS 2.125% 20/9/2019 103,307 0.02




EUR 200,000 SA de Gestion de Stocks de Securite RegS 0.625% 25/5/2023 204,246 0.03

EUR 200,000 Sanofi RegS 13/9/2022 (Zero Coupon) 196,978 0.03

EUR 100,000 Sanofi RegS 0.50% 21/3/2023 100,319 0.02 EUR 100,000 Sanofi RegS 1.75% 10/9/2026 106,092 0.02 EUR 200,000 Sanofi RegS 0.50% 13/1/2027 190,626 0.03 EUR 200,000 Sanofi RegS 1.875% 21/3/2038 200,978 0.03

EUR 100,000 Schneider Electric SE RegS 3.625% 20/7/2020 108,385 0.02

EUR 100,000 Schneider Electric SE RegS 0.875% 11/3/2025 100,568 0.02

EUR 100,000 SCOR SE RegS FRN 27/5/2048 109,043 0.02 EUR 200,000 SFIL SA RegS 0.75% 6/2/2026 201,967 0.03 EUR 100,000 SNCF Mobilites RegS 3.625%

3/6/2020 108,537 0.02 EUR 150,000 SNCF Mobilites RegS 4.125%

19/2/2025 187,231 0.03 EUR 100,000 SNCF Mobilites RegS 1.50%

2/2/2029 105,314 0.02 EUR 100,000 SNCF Reseau 4.375% 2/6/2022 118,078 0.02 EUR 200,000 SNCF Reseau 3.125% 25/10/2028 245,054 0.04 EUR 200,000 SNCF Reseau 5.00% 10/10/2033 305,280 0.05 EUR 200,000 SNCF Reseau EPIC RegS

0.10% 27/5/2021 201,210 0.03 EUR 250,000 SNCF Reseau EPIC RegS

4.50% 30/1/2024 310,679 0.05 EUR 200,000 SNCF Reseau EPIC RegS 2.625%

29/12/2025 230,568 0.04 EUR 100,000 SNCF Reseau EPIC RegS



2.25% 20/12/2047 110,579 0.02 EUR 100,000 Societe Fonciere Lyonnaise SA

RegS 1.875% 26/11/2021 104,964 0.02 EUR 50,000 Societe Generale SA RegS

6.125% 20/8/2018 51,172 0.01 EUR 100,000 Societe Generale SA RegS






2.625% 27/2/2025 105,390 0.02 EUR 150,000 Societe Generale SCF SA RegS

4.125% 15/2/2022 174,159 0.03 EUR 100,000 Societe Generale SCF SA RegS

4.25% 3/2/2023 119,757 0.02 EUR 200,000 Societe Generale SFH SA RegS



0.50% 2/6/2025 200,024 0.03 EUR 100,000 Sodexo SA RegS 0.75% 14/4/2027 95,269 0.01 EUR 50,000 Suez RegS 4.125% 24/6/2022 58,183 0.01 EUR 100,000 Suez RegS 5.50% 22/7/2024 129,658 0.02 EUR 100,000 Suez RegS 1.00% 3/4/2025 100,836 0.02 EUR 100,000 Suez RegS 1.625% 21/9/2032 99,542 0.02 EUR 100,000 Suez RegS FRN (Perpetual) 102,776 0.02 EUR 100,000 TDF Infrastructure SAS RegS

2.50% 7/4/2026 105,462 0.02 EUR 100,000 Teleperformance RegS 1.50%

3/4/2024 101,763 0.02 EUR 200,000 Thales SA RegS 0.75% 23/1/2025 197,649 0.03 EUR 100,000 Total Capital International SA RegS

0.25% 12/7/2023 98,885 0.01 EUR 100,000 Total Capital International SA RegS

1.375% 19/3/2025 103,822 0.02






Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 200,000 Total Capital International SA RegS 2.875% 19/11/2025 229,232 0.04



EUR 200,000 Total SA RegS FRN (Perpetual) 206,912 0.03 EUR 100,000 Total SA RegS FRN (Perpetual) 106,407 0.02 EUR 150,000 Total SA RegS FRN (Perpetual) 164,632 0.03 EUR 100,000 Transport et Infrastructures Gaz

France SA RegS 4.339% 7/7/2021 113,078 0.02

EUR 200,000 UNEDIC ASSEO 1.25% 29/5/2020 206,936 0.03 EUR 200,000 UNEDIC ASSEO 0.125%

25/11/2024 196,698 0.03 EUR 250,000 UNEDIC ASSEO RegS 0.125%








20/4/2032 105,627 0.02 EUR 100,000 Unibail-Rodamco SE RegS

2.375% 25/2/2021 106,697 0.02 EUR 100,000 Unibail-Rodamco SE RegS




2.00% 28/4/2036 100,948 0.02 EUR 200,000 Valeo SA RegS 0.375%

12/9/2022 199,072 0.03 EUR 100,000 Veolia Environnement SA

5.125% 24/5/2022 119,797 0.02 EUR 50,000 Veolia Environnement SA RegS



1.59% 10/1/2028 102,914 0.02 EUR 100,000 Vivendi SA RegS 1.125%

24/11/2023 101,817 0.02 EUR 100,000 Wendel SA RegS 1.00%

20/4/2023 99,917 0.01 EUR 100,000 WPP Finance SA RegS

2.25% 22/9/2026 104,917 0.02 137,503,319 22.04

Germany EUR 150,000 Aareal Bank AG 1.00% 28/6/2018 150,508 0.02 EUR 100,000 Allianz SE RegS FRN 17/10/2042 119,658 0.02 EUR 200,000 Allianz SE RegS FRN 7/7/2045 203,767 0.03 EUR 100,000 Allianz SE RegS FRN (Perpetual) 107,750 0.02 EUR 100,000 Allianz SE RegS FRN (Perpetual) 115,037 0.02 EUR 100,000 BASF SE RegS 2.50% 22/1/2024 111,327 0.02 EUR 100,000 BASF SE RegS 1.625% 15/11/2037 98,009 0.01 EUR 125,000 Bayer AG RegS FRN 1/7/2074* 133,802 0.02 EUR 150,000 Bayer AG RegS FRN 2/4/2075 153,055 0.02

EUR 100,000 Bayerische Landesbank 1.00% 9/7/2021 103,711 0.02

EUR 50,000 Bayerische Landesbank 1.625% 18/4/2023 53,638 0.01

EUR 100,000 Bayerische Landesbank RegS 0.75% 19/1/2028 99,731 0.02

EUR 100,000 Bayerische Landesbodenkreditanstalt 1.75% 24/4/2024 108,067 0.02

EUR 150,000 Bayerische Landesbodenkreditanstalt 0.625% 23/11/2026 148,834 0.02

EUR 75,000 Berlin Hyp AG 0.25% 22/2/2023 75,333 0.01 EUR 200,000 Berlin Hyp AG RegS 0.625%

24/6/2019 202,546 0.03 EUR 100,000 Berlin Hyp AG RegS 0.375%

21/2/2025 99,470 0.02 EUR 200,000 Berlin Hyp AG RegS 0.75%

26/2/2026 202,128 0.03 EUR 100,000 Bertelsmann SE & Co KGaA RegS

FRN 23/4/2075 102,447 0.02 EUR 200,000 Bund Laender Anleihe RegS

1.50% 15/7/2020 208,809 0.03 EUR 950,000 Bundesobligation RegS 0.50%

12/4/2019 961,647 0.15 EUR 1,900,000 Bundesobligation RegS 0.25%

11/10/2019* 1,926,239 0.31 EUR 1,100,000 Bundesobligation RegS 17/4/2020

(Zero Coupon)* 1,113,563 0.18 EUR 750,000 Bundesobligation RegS 0.25%

16/10/2020 765,341 0.12 EUR 1,950,000 Bundesobligation RegS 9/4/2021

(Zero Coupon)* 1,977,495 0.32 EUR 1,400,000 Bundesobligation RegS 8/10/2021

(Zero Coupon)* 1,418,536 0.23 EUR 600,000 Bundesobligation RegS 8/4/2022

(Zero Coupon) 607,026 0.10 EUR 600,000 Bundesobligation RegS 7/10/2022

(Zero Coupon) 605,520 0.10 EUR 2,300,000 Bundesrepublik Deutschland

Bundesanleihe RegS 3.50% 4/7/2019 2,420,727 0.39

EUR 1,250,000 Bundesrepublik Deutschland Bundesanleihe RegS 3.25% 4/1/2020* 1,336,350 0.21

EUR 900,000 Bundesrepublik Deutschland Bundesanleihe RegS 3.00% 4/7/2020 973,075 0.16


EUR 1,000,000 Bundesrepublik Deutschland Bundesanleihe RegS 2.50% 4/1/2021 1,083,750 0.17




EUR 800,000 Bundesrepublik Deutschland Bundesanleihe RegS 1.75% 4/7/2022* 869,200 0.14








Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets













EUR 1,100,000 Bundesrepublik Deutschland Bundesanleihe RegS 15/8/2026 (Zero Coupon)* 1,071,004 0.17










EUR 750,000 Bundesrepublik Deutschland Bundesanleihe RegS 4.25% 4/7/2039 1,222,507 0.20

EUR 850,000 Bundesrepublik Deutschland Bundesanleihe RegS 4.75% 4/7/2040 (traded in Germany) 1,488,996 0.24

EUR 150,000 Bundesrepublik Deutschland Bundesanleihe RegS 4.75% 4/7/2040 (traded in United States) 262,764 0.04





EUR 900,000 Bundesschatzanweisungen RegS 14/6/2019 (Zero Coupon)* 907,218 0.14

EUR 500,000 Bundesschatzanweisungen RegS 13/9/2019 (Zero Coupon) 504,815 0.08

EUR 1,000,000 Bundesschatzanweisungen RegS 13/3/2020 (Zero Coupon) 1,012,000 0.16

EUR 100,000 Commerzbank AG 7.75% 16/3/2021 119,692 0.02 EUR 125,000 Commerzbank AG 0.50% 9/6/2026 123,709 0.02 EUR 300,000 Commerzbank AG RegS 4.375%

2/7/2019 318,057 0.05 EUR 200,000 Commerzbank AG RegS 0.25%



23/3/2026 55,797 0.01 EUR 50,000 Continental AG RegS 3.00%

16/7/2018 50,468 0.01 EUR 150,000 Covestro AG RegS 1.75% 25/9/2024 158,334 0.02 EUR 200,000 CRH Finance Germany GmbH RegS

1.75% 16/7/2021 209,000 0.03 EUR 200,000 Daimler AG RegS 0.50% 9/9/2019 201,722 0.03 EUR 300,000 Daimler AG RegS 0.625% 5/3/2020 303,862 0.05 EUR 100,000 Daimler AG RegS 2.25% 24/1/2022 107,527 0.02 EUR 50,000 Daimler AG RegS 2.375%

8/3/2023* 54,868 0.01 EUR 100,000 Daimler AG RegS 1.875% 8/7/2024 106,699 0.02 EUR 100,000 Daimler AG RegS 1.00% 15/11/2027 96,433 0.01 EUR 125,000 Daimler AG RegS 1.375%

11/5/2028* 123,157 0.02 EUR 100,000 Daimler AG RegS 1.50% 3/7/2029 98,345 0.02 EUR 125,000 Daimler AG RegS 2.125% 3/7/2037 123,763 0.02 EUR 100,000 Deutsche Apotheker-und Aerztebank

eG 0.50% 14/2/2025 100,139 0.02 EUR 200,000 Deutsche Bahn Finance GMBH

RegS 19/7/2021 (Zero Coupon) 200,154 0.03 EUR 100,000 Deutsche Bahn Finance GMBH

RegS 3.00% 8/3/2024 115,120 0.02 EUR 50,000 Deutsche Bahn Finance GMBH




RegS 1.625% 16/8/2033 102,145 0.02 EUR 200,000 Deutsche Bank AG RegS 1.25%

8/9/2021 202,721 0.03 EUR 200,000 Deutsche Bank AG RegS 1.50%





21/8/2025 301,056 0.05 EUR 100,000 Deutsche Boerse AG RegS FRN

5/2/2041 106,202 0.02



Germany continued Germany continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 100,000 Deutsche Genossenschafts-Hypothekenbank AG RegS 0.25% 21/1/2021 101,305 0.02

EUR 100,000 Deutsche Genossenschafts-Hypothekenbank AG RegS 0.125% 30/9/2022 100,158 0.02

EUR 200,000 Deutsche Hypothekenbank AG RegS 0.125% 20/4/2022 200,700 0.03

EUR 100,000 Deutsche Kreditbank AG RegS 0.75% 26/9/2024 99,352 0.02

EUR 100,000 Deutsche Kreditbank AG RegS 0.50% 19/3/2027 97,701 0.01

EUR 50,000 Deutsche Pfandbriefbank AG RegS 1.50% 18/3/2020 51,788 0.01



EUR 50,000 Deutsche Post AG RegS 0.375% 1/4/2021 50,487 0.01

EUR 100,000 Deutsche Post AG RegS 1.25% 1/4/2026 102,350 0.02

EUR 50,000 Dexia Kommunalbank Deutschland AG 4.75% 23/5/2018 50,346 0.01

EUR 100,000 Dexia Kommunalbank Deutschland AG 0.375% 3/3/2022 100,863 0.02

EUR 100,000 DVB Bank SE RegS 2.375% 2/12/2020 104,425 0.02

EUR 100,000 DVB Bank SE RegS 1.00% 25/4/2022 99,958 0.02

EUR 100,000 E.ON SE RegS 1.625% 22/5/2029 100,441 0.02 EUR 50,000 ENTEGA Netz AG 6.125%

23/4/2041 74,566 0.01 EUR 200,000 Erste Abwicklungsanstalt RegS

12/6/2020 (Zero Coupon) 201,438 0.03 EUR 100,000 Eurogrid GmbH RegS 1.625%

3/11/2023 105,109 0.02 EUR 300,000 FMS Wertmanagement RegS

3.00% 3/8/2018 303,531 0.05 EUR 200,000 FMS Wertmanagement RegS

26/2/2019 (Zero Coupon) 200,902 0.03 EUR 300,000 FMS Wertmanagement RegS

1.375% 15/1/2020* 309,795 0.05 EUR 300,000 FMS Wertmanagement RegS



3.375% 17/6/2021 223,055 0.03 EUR 200,000 Free and Hanseatic City of Hamburg

RegS 1.50% 4/9/2020 208,974 0.03 EUR 100,000 Free and Hanseatic City of Hamburg

RegS 0.375% 1/4/2025 99,455 0.02 EUR 50,000 Free State of Bavaria RegS 1.875%

7/2/2019 51,023 0.01 EUR 100,000 Gemeinsame Deutsche

Bundeslaender 2.375% 21/9/2018 101,325 0.02 EUR 100,000 Gemeinsame Deutsche





Bundeslaender RegS 0.375% 23/6/2020 152,521 0.02

EUR 100,000 Gemeinsame Deutsche Bundeslaender RegS 0.125% 14/4/2023 99,944 0.02

EUR 100,000 Gemeinsame Deutsche Bundeslaender RegS 0.50% 5/2/2025 100,529 0.02

EUR 100,000 Hamburger Sparkasse AG RegS 0.375% 23/5/2024 99,826 0.02

EUR 100,000 HeidelbergCement AG RegS 2.25% 3/6/2024 106,909 0.02

EUR 50,000 HeidelbergCement AG RegS 1.50% 7/2/2025 51,014 0.01

EUR 75,000 Henkel AG & Co KGaA RegS 13/9/2021 (Zero Coupon) 74,900 0.01

EUR 100,000 HSH Finanzfonds AoeR RegS 0.50% 9/6/2025 99,091 0.02

EUR 150,000 HSH Nordbank AG 0.10% 20/7/2020 150,585 0.02 EUR 100,000 HSH Nordbank AG RegS 1.375%

2/10/2018 100,813 0.02 EUR 100,000 HSH Nordbank AG RegS 0.75%

7/10/2021 101,947 0.02 EUR 50,000 Knorr-Bremse AG RegS 0.50%

8/12/2021 50,529 0.01 EUR 200,000 Kreditanstalt fuer Wiederaufbau

1.125% 16/10/2018 201,822 0.03 EUR 400,000 Kreditanstalt fuer Wiederaufbau





30/6/2021 (Zero Coupon) 251,957 0.04 EUR 400,000 Kreditanstalt fuer Wiederaufbau

















RegS 0.375% 22/7/2019 252,962 0.04






Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 400,000 Kreditanstalt fuer Wiederaufbau RegS 0.125% 27/10/2020 405,176 0.06


EUR 400,000 Kreditanstalt fuer Wiederaufbau RegS 1.125% 15/9/2032* 403,644 0.06



EUR 200,000 Kreditanstalt fuer Wiederaufbau RegS 1.125% 15/6/2037* 196,078 0.03

EUR 100,000 Land Baden-Wuerttemberg RegS 1.00% 18/7/2022 104,336 0.02



EUR 100,000 Land Thueringen RegS 0.50% 12/5/2025 100,244 0.02

EUR 150,000 Land Thueringen RegS 0.50% 2/3/2027 147,510 0.02

EUR 75,000 Landesbank Baden-Wuerttemberg RegS 0.25% 21/7/2020 75,963 0.01






EUR 100,000 Landesbank Baden-Wuerttemberg RegS FRN 27/5/2026 104,511 0.02

EUR 200,000 Landesbank Hessen-Thueringen Girozentrale RegS 0.125% 27/11/2018 200,734 0.03



EUR 150,000 Landeskreditbank Baden-Wuerttemberg Foerderbank RegS 0.125% 5/11/2020 151,576 0.02

EUR 150,000 Landeskreditbank Baden-Wuerttemberg Foerderbank RegS 0.375% 13/4/2026 147,577 0.02

EUR 300,000 Landwirtschaftliche Rentenbank RegS 1.375% 19/11/2020 313,965 0.05

EUR 200,000 Landwirtschaftliche Rentenbank RegS 0.25% 15/7/2024* 199,320 0.03




EUR 200,000 Lanxess AG RegS 0.25% 7/10/2021 200,067 0.03 EUR 150,000 Linde AG 1.75% 17/9/2020 156,889 0.02 EUR 100,000 Merck Financial Services GmbH

RegS 1.375% 1/9/2022 104,613 0.02 EUR 75,000 Merck KGaA RegS FRN 12/12/2074 79,247 0.01 EUR 100,000 Muenchener Hypothekenbank eG

0.375% 10/11/2021 101,620 0.02

EUR 100,000 Muenchener Hypothekenbank eG 0.50% 22/4/2026 99,180 0.02

EUR 100,000 Muenchener Hypothekenbank eG RegS 0.50% 7/6/2023 101,577 0.02

EUR 100,000 Muenchener Hypothekenbank eG RegS 2.50% 4/7/2028 115,642 0.02

EUR 100,000 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen RegS FRN 26/5/2041 116,404 0.02

EUR 150,000 Norddeutsche Landesbank Girozentrale 0.25% 28/10/2026 144,415 0.02

EUR 100,000 Norddeutsche Landesbank Girozentrale RegS 0.625% 24/9/2018 100,357 0.02

EUR 100,000 Norddeutsche Landesbank Girozentrale RegS 0.025% 31/1/2019 100,357 0.02

EUR 300,000 NRW Bank 0.25% 20/1/2022 303,502 0.05 EUR 300,000 NRW Bank 1/2/2022 (Zero Coupon) 300,756 0.05 EUR 200,000 NRW Bank RegS 0.50% 23/7/2018 200,617 0.03 EUR 200,000 NRW Bank RegS 4.25% 29/4/2019 210,106 0.03 EUR 150,000 NRW Bank RegS 0.25% 10/3/2025 147,826 0.02 EUR 200,000 NRW Bank RegS 0.50% 11/5/2026 198,350 0.03 EUR 100,000 NRW Bank RegS 0.50% 13/9/2027 97,782 0.01 EUR 100,000 Robert Bosch GmbH RegS 1.75%

8/7/2024 107,595 0.02 EUR 50,000 SAP SE RegS 1.125% 20/2/2023 51,966 0.01 EUR 50,000 SAP SE RegS 1.75% 22/2/2027 53,484 0.01 EUR 100,000 SAP SE RegS 1.375% 13/3/2030 100,774 0.02 EUR 100,000 Sparkasse KoelnBonn RegS

1.125% 14/10/2024 104,448 0.02 EUR 200,000 State of Berlin Germany RegS







0.625% 25/8/2036 87,352 0.01 EUR 300,000 State of Brandenburg RegS

0.25% 19/10/2026 290,166 0.05 EUR 100,000 State of Bremen RegS 0.125%

30/5/2023 99,733 0.02 EUR 100,000 State of Bremen RegS 1.125%

30/10/2024 104,651 0.02 EUR 100,000 State of Bremen RegS 0.50%

3/3/2025 100,127 0.02 EUR 200,000 State of Hesse 0.375% 6/7/2026 196,231 0.03 EUR 100,000 State of Hesse RegS 1.00%

27/4/2018 100,096 0.02 EUR 300,000 State of Hesse RegS 1.375%

5/2/2020 309,952 0.05 EUR 100,000 State of Hesse RegS 15/9/2021

(Zero Coupon) 100,400 0.02 EUR 200,000 State of Hesse RegS 1.75%




17/2/2025 100,533 0.02






Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 100,000 State of Hesse RegS 0.625% 7/4/2027 99,469 0.02

EUR 50,000 State of Lower Saxony RegS 1.375% 26/9/2019 51,375 0.01

EUR 300,000 State of Lower Saxony RegS 1/3/2021 (Zero Coupon) 302,175 0.05




EUR 450,000 State of Lower Saxony RegS 2/8/2024 (Zero Coupon) 440,611 0.07



EUR 300,000 State of North Rhine-Westphalia Germany 0.50% 15/12/2021 306,829 0.05

EUR 400,000 State of North Rhine-Westphalia Germany RegS 1.75% 17/5/2019* 410,072 0.06

EUR 200,000 State of North Rhine-Westphalia Germany RegS 0.875% 16/12/2019 204,665 0.03

















EUR 150,000 State of Rhineland-Palatinate 0.125% 1/3/2023 150,061 0.02

EUR 200,000 State of Rhineland-Palatinate RegS 16/9/2019 (Zero Coupon) 201,322 0.03

EUR 200,000 State of Rhineland-Palatinate RegS 23/3/2020 (Zero Coupon) 201,626 0.03

EUR 250,000 State of Rhineland-Palatinate RegS 2.375% 23/2/2022 273,912 0.04

EUR 100,000 State of Rhineland-Palatinate RegS 0.50% 21/1/2025 100,591 0.02

EUR 200,000 State of Saxony-Anhalt RegS 0.50% 25/6/2027 196,185 0.03

EUR 200,000 State of Schleswig-Holstein Germany RegS 0.50% 19/5/2026 198,320 0.03

EUR 100,000 Talanx AG 3.125% 13/2/2023 113,102 0.02 EUR 100,000 TLG Immobilien AG RegS 1.375%

27/11/2024 99,165 0.02 EUR 150,000 UniCredit Bank AG RegS 0.125%

1/3/2022 150,778 0.02 EUR 400,000 UniCredit Bank AG RegS 0.50%

4/5/2026 395,886 0.06 EUR 100,000 Vier Gas Transport GmbH RegS

2.00% 12/6/2020 104,282 0.02 EUR 100,000 Volkswagen Bank GmbH RegS

0.75% 15/6/2023 99,409 0.02 EUR 100,000 Volkswagen Leasing GmbH RegS

3.25% 10/5/2018 100,352 0.02 EUR 150,000 Volkswagen Leasing GmbH RegS

1.125% 4/4/2024 150,220 0.02 EUR 100,000 Wirtschafts- und Infrastrukturbank

Hessen 1.75% 15/4/2024 107,659 0.02 EUR 100,000 WL BANK AG Westfaelische

Landschaft Bodenkreditbank 0.50% 29/7/2022 101,927 0.02

EUR 200,000 WL BANK AG Westfaelische Landschaft Bodenkreditbank RegS 1.125% 18/9/2024 209,454 0.03



98,711,873 15.82

Hong Kong EUR 250,000 CNAC HK Finbridge Co Ltd RegS

1.75% 14/6/2022 249,688 0.04 249,688 0.04

Hungary EUR 200,000 Hungary Government International

Bond RegS 6.00% 11/1/2019 209,762 0.03 209,762 0.03

Iceland EUR 100,000 Arion Banki HF RegS 0.75%

29/6/2020 101,084 0.01 EUR 100,000 Landsbankinn HF RegS 1.375%

14/3/2022 102,701 0.02 203,785 0.03

Indonesia EUR 200,000 Indonesia Government International

Bond RegS 2.625% 14/6/2023 212,730 0.03 EUR 100,000 Indonesia Government International

Bond RegS 3.375% 30/7/2025 110,000 0.02 EUR 100,000 Indonesia Government International

Bond RegS 3.75% 14/6/2028 113,200 0.02 435,930 0.07

Ireland EUR 150,000 AIB Mortgage Bank RegS 3.125%

10/9/2018 152,302 0.02 EUR 100,000 Bank of Ireland Mortgage Bank

RegS 3.625% 2/10/2020 109,634 0.02






Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 100,000 Bank of Ireland Mortgage Bank RegS 0.625% 14/3/2025 100,371 0.02

EUR 100,000 Bank of Ireland RegS 1.25% 9/4/2020 102,441 0.02

EUR 50,000 Cloverie Plc for Zurich Insurance Co Ltd FRN 24/7/2039 54,633 0.01

EUR 100,000 CRH Finance DAC RegS 3.125% 3/4/2023 111,969 0.02

EUR 100,000 ESB Finance DAC RegS 1.75% 7/2/2029 103,399 0.02

EUR 150,000 ESB Finance DAC RegS 1.875% 14/6/2031 154,678 0.02

EUR 100,000 Fresenius Finance Ireland Plc RegS 1.50% 30/1/2024 103,297 0.02

EUR 100,000 Fresenius Finance Ireland Plc RegS 3.00% 30/1/2032 107,754 0.02

EUR 150,000 GE Capital European Funding Unlimited Co 4.35% 3/11/2021 171,754 0.03

EUR 100,000 GE Capital European Funding Unlimited Co 4.625% 22/2/2027 126,997 0.02

EUR 100,000 GE Capital European Funding Unlimited Co RegS 0.80% 21/1/2022 101,455 0.02

EUR 200,000 German Postal Pensions Securitisation Plc 3.75% 18/1/2021 221,460 0.03

EUR 200,000 Ireland Government Bond 4.50% 18/10/2018 205,418 0.03






EUR 450,000 Ireland Government Bond RegS 0.80% 15/3/2022 467,091 0.07








EUR 100,000 Johnson Controls International Plc 1.00% 15/9/2023 100,647 0.02

EUR 100,000 Kerry Group Financial Services RegS 2.375% 10/9/2025 108,245 0.02

EUR 100,000 Lunar Funding V for Swisscom AG RegS 2.00% 30/9/2020 104,899 0.02

EUR 100,000 Roadster Finance Designated Activity Co RegS 2.375% 8/12/2027 98,494 0.01

EUR 100,000 Ryanair DAC RegS 1.125% 10/3/2023 101,934 0.02

9,102,981 1.46

Israel EUR 100,000 Israel Government International

Bond RegS 2.875% 29/1/2024 111,187 0.02 EUR 100,000 Israel Government International

Bond RegS 2.375% 18/1/2037 106,313 0.02 217,500 0.04

Italy EUR 150,000 2i Rete Gas SpA RegS 1.608%

31/10/2027 148,734 0.02 EUR 100,000 A2A SpA RegS 1.75% 25/2/2025 102,502 0.02 EUR 100,000 ACEA SpA RegS 2.625% 15/7/2024 109,052 0.02 EUR 250,000 ACEA SpA RegS 1.50% 8/6/2027 245,903 0.04 EUR 100,000 Aeroporti di Roma SpA RegS

1.625% 8/6/2027 101,427 0.02 EUR 100,000 Assicurazioni Generali SpA RegS



FRN 10/7/2042 134,490 0.02 EUR 100,000 Assicurazioni Generali SpA RegS

FRN 12/12/2042 125,766 0.02 EUR 100,000 Assicurazioni Generali SpA RegS

FRN 8/6/2048 110,959 0.02 EUR 100,000 Atlantia SpA RegS 1.625% 3/2/2025 101,429 0.02 EUR 125,000 Atlantia SpA RegS 1.875%

13/7/2027 125,779 0.02 EUR 100,000 Autostrade per l’Italia SpA RegS

4.375% 16/3/2020 108,661 0.02 EUR 100,000 Autostrade per l’Italia SpA RegS

1.875% 4/11/2025 103,951 0.02 EUR 200,000 Banca Monte dei Paschi di Siena

SpA RegS 2.875% 16/7/2024 223,288 0.04 EUR 100,000 Banca Popolare di Milano Scarl

RegS 0.875% 14/9/2022 101,568 0.02 EUR 100,000 Banca Popolare di Sondrio SCPA

RegS 1.375% 5/8/2019 102,140 0.02 EUR 100,000 Beni Stabili SpA SIIQ RegS 1.625%

17/10/2024 99,975 0.02 EUR 150,000 BPER Banca RegS 0.50%

22/7/2020 152,100 0.02 EUR 100,000 BPER Banca RegS 0.875%

22/1/2022 102,152 0.02 EUR 200,000 Cassa Depositi e Prestiti SpA

RegS 1.875% 7/2/2026 203,846 0.03 EUR 100,000 CDP Reti SpA RegS 1.875%

29/5/2022 104,599 0.02 EUR 100,000 Credit Agricole Cariparma SpA

RegS 0.875% 31/1/2022 102,506 0.02 EUR 100,000 Credit Agricole Cariparma SpA

RegS 0.875% 16/6/2023 102,164 0.02 EUR 100,000 Credit Agricole Cariparma SpA

RegS 0.25% 30/9/2024 97,166 0.01 EUR 100,000 Credito Emiliano SpA RegS

0.875% 5/11/2021 102,413 0.02 EUR 150,000 Eni SpA RegS 4.125% 16/9/2019 159,084 0.02 EUR 100,000 Eni SpA RegS 0.75% 17/5/2022 101,694 0.02 EUR 100,000 Eni SpA RegS 3.25% 10/7/2023 113,877 0.02 EUR 200,000 Eni SpA RegS 1.00% 14/3/2025 199,742 0.03 EUR 100,000 Eni SpA RegS 1.50% 2/2/2026 101,974 0.02 EUR 100,000 Eni SpA RegS 1.50% 17/1/2027 100,743 0.02 EUR 100,000 Eni SpA RegS 1.625% 17/5/2028 100,388 0.02 EUR 100,000 Esselunga SpA RegS 0.875%

25/10/2023 99,994 0.02 EUR 150,000 FCA Bank SpA/Ireland RegS

2.00% 23/10/2019 154,731 0.02 EUR 200,000 FCA Bank SpA/Ireland RegS

1.00% 15/11/2021 203,652 0.03


Ireland continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets





EUR 100,000 Ferrovie dello Stato Italiane SpA RegS 4.00% 22/7/2020 109,085 0.02

EUR 200,000 Ferrovie dello Stato Italiane SpA RegS 1.50% 27/6/2025 201,982 0.03

EUR 100,000 Hera SpA RegS 5.20% 29/1/2028 131,630 0.02 EUR 200,000 Intesa Sanpaolo SpA RegS

3.75% 25/9/2019 211,995 0.03 EUR 100,000 Intesa Sanpaolo SpA RegS






0.625% 20/1/2022* 204,018 0.03 EUR 100,000 Intesa Sanpaolo SpA RegS


0.625% 23/3/2023 101,518 0.02 EUR 200,000 Intesa Sanpaolo SpA RegS 1.375%

18/1/2024 203,104 0.03 EUR 200,000 Intesa Sanpaolo SpA RegS 1.125%

16/6/2027 201,685 0.03 EUR 100,000 Iren SpA RegS 1.50% 24/10/2027 97,625 0.01 EUR 100,000 Italgas SpA RegS 0.50% 19/1/2022 100,444 0.02 EUR 1,400,000 Italy Buoni Poliennali Del Tesoro

4.50% 1/3/2019 1,462,412 0.23 EUR 700,000 Italy Buoni Poliennali Del Tesoro

0.10% 15/4/2019 703,668 0.11 EUR 950,000 Italy Buoni Poliennali Del Tesoro


1.50% 1/8/2019 410,112 0.06 EUR 1,900,000 Italy Buoni Poliennali Del Tesoro

4.25% 1/9/2019 2,024,393 0.32 EUR 1,100,000 Italy Buoni Poliennali Del Tesoro















5.00% 1/3/2022 1,240,780 0.20

EUR 2,000,000 Italy Buoni Poliennali Del Tesoro 1.20% 1/4/2022 2,065,820 0.33


EUR 300,000 Italy Buoni Poliennali Del Tesoro 0.90% 1/8/2022 305,364 0.05












EUR 950,000 Italy Buoni Poliennali Del Tesoro 2.50% 1/12/2024 1,031,434 0.16











EUR 1,800,000 Italy Buoni Poliennali Del Tesoro RegS 4.50% 1/2/2020 1,958,328 0.31


EUR 1,100,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 4.75% 1/8/2023 1,330,978 0.21








Italy continued Italy continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets



EUR 850,000 Italy Buoni Poliennali Del Tesoro RegS 5.00% 1/8/2034 1,155,209 0.18



EUR 850,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 2.95% 1/9/2038 899,139 0.14




EUR 950,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 3.25% 1/9/2046 1,040,696 0.17




EUR 400,000 Italy Certificati di Credito del Tesoro 30/5/2019 (Zero Coupon) 401,672 0.06

EUR 100,000 Luxottica Group SpA RegS 2.625% 10/2/2024 111,383 0.02

EUR 125,000 Mediobanca Banca di Credito Finanziario SpA RegS 0.75% 17/2/2020 126,605 0.02

EUR 100,000 Mediobanca Banca di Credito Finanziario SpA RegS 3.625% 17/10/2023 117,378 0.02

EUR 100,000 RAI-Radiotelevisione Italiana SpA RegS 1.50% 28/5/2020 102,717 0.02

EUR 550,000 Republic of Italy Government International Bond RegS 5.125% 31/7/2024 680,947 0.11

EUR 300,000 Snam SpA RegS 25/10/2020 (Zero Coupon) 299,694 0.05

EUR 125,000 Snam SpA RegS 0.875% 25/10/2026 119,926 0.02

EUR 250,000 Terna Rete Elettrica Nazionale SpA RegS 4.875% 3/10/2019 268,560 0.04



EUR 50,000 UniCredit SpA 4.375% 29/1/2020 54,010 0.01 EUR 200,000 UniCredit SpA RegS 3.625%

24/1/2019 206,166 0.03 EUR 100,000 UniCredit SpA RegS 2.00%





31/10/2026 380,586 0.06 EUR 100,000 Unione di Banche Italiane SpA

RegS 3.125% 14/10/2020 108,276 0.02 EUR 300,000 Unione di Banche Italiane SpA




RegS 1.125% 4/10/2027 100,106 0.02 94,274,931 15.11

Japan EUR 100,000 MUFG Bank Ltd RegS 0.875%

11/3/2022 101,735 0.02 EUR 100,000 Sumitomo Mitsui Banking Corp

RegS 2.25% 16/12/2020 105,951 0.02 EUR 150,000 Sumitomo Mitsui Financial Group

Inc RegS 1.546% 15/6/2026 153,990 0.02 361,676 0.06

Jersey EUR 100,000 Aptiv Plc 1.60% 15/9/2028 98,541 0.01 EUR 100,000 Atrium European Real Estate Ltd

RegS 3.625% 17/10/2022 110,430 0.02 EUR 100,000 Glencore Finance Europe Ltd RegS

4.625% 3/4/2018 100,109 0.02 EUR 150,000 Glencore Finance Europe Ltd RegS

1.25% 17/3/2021 153,378 0.02 EUR 100,000 Glencore Finance Europe Ltd RegS

1.875% 13/9/2023 103,629 0.02 EUR 100,000 Heathrow Funding Ltd RegS

1.875% 23/5/2022 105,838 0.02 671,925 0.11

Latvia EUR 150,000 Latvia Government International

Bond RegS 2.625% 21/1/2021 161,601 0.02 EUR 100,000 Latvia Government International

Bond RegS 2.875% 30/4/2024 115,293 0.02 EUR 100,000 Latvia Government International

Bond RegS 2.25% 15/2/2047 109,791 0.02 386,685 0.06

Lithuania EUR 150,000 Lithuania Government International

Bond RegS 1.25% 22/10/2025 156,267 0.02 EUR 100,000 Lithuania Government International

Bond RegS 2.10% 26/5/2047 104,337 0.02 260,604 0.04

Luxembourg EUR 100,000 ADO Properties SA RegS 1.50%

26/7/2024 99,647 0.02 EUR 100,000 Allergan Funding SCS 1.25%

1/6/2024 98,645 0.02 EUR 100,000 Aroundtown SA RegS 2.125%

13/3/2023 104,730 0.02 EUR 200,000 Aroundtown SA RegS FRN

(Perpetual) 187,710 0.03 EUR 50,000 Ciba Specialty Chemicals Finance

Luxembourg SA RegS 4.875% 20/6/2018 50,545 0.01

EUR 100,000 DH Europe Finance SA 2.50% 8/7/2025 110,511 0.02

EUR 100,000 Dream Global Funding I Sarl RegS 1.375% 21/12/2021 100,006 0.02

EUR 300,000 European Financial Stability Facility RegS 0.125% 4/11/2019 302,724 0.05





EUR 400,000 European Financial Stability Facility RegS 29/3/2021 (Zero Coupon) 402,800 0.06



Italy continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets





EUR 500,000 European Financial Stability Facility RegS 1.375% 7/6/2021* 525,400 0.08


EUR 200,000 European Financial Stability Facility RegS 17/11/2022 (Zero Coupon) 199,890 0.03























EUR 150,000 Gazprom OAO Via Gaz Capital SA RegS 3.60% 26/2/2021 160,199 0.02

EUR 150,000 Gazprom OAO Via Gaz Capital SA RegS 4.364% 21/3/2025 169,184 0.03

EUR 200,000 GELF Bond Issuer I SA RegS 1.625% 20/10/2026 199,934 0.03

EUR 100,000 Grand City Properties SA RegS 1.50% 17/4/2025 100,330 0.02

EUR 200,000 Grand City Properties SA RegS 1.375% 3/8/2026 195,345 0.03

EUR 50,000 Hannover Finance Luxembourg SA FRN 14/9/2040 56,140 0.01

EUR 100,000 Harman Finance International SCA 2.00% 27/5/2022 105,571 0.02

EUR 100,000 HeidelbergCement Finance Luxembourg SA RegS 8.50% 31/10/2019 113,451 0.02



EUR 100,000 Holcim Finance Luxembourg SA RegS 1.375% 26/5/2023 102,699 0.02

EUR 100,000 Holcim Finance Luxembourg SA RegS 1.75% 29/8/2029 96,970 0.01

EUR 150,000 Luxembourg Government Bond RegS 2.25% 21/3/2022 164,552 0.03



EUR 200,000 Nestle Finance International Ltd RegS 1.25% 4/5/2020 205,620 0.03

EUR 75,000 Nestle Finance International Ltd RegS 1.75% 2/11/2037 76,748 0.01

EUR 250,000 Novartis Finance SA RegS 0.125% 20/9/2023 245,245 0.04

EUR 100,000 Novartis Finance SA RegS 1.375% 14/8/2030 100,131 0.02

EUR 150,000 Richemont International Holding SA RegS 1.00% 26/3/2026 149,463 0.02



EUR 100,000 SELP Finance Sarl RegS 1.50% 20/11/2025 98,839 0.02

EUR 100,000 SES SA RegS 4.625% 9/3/2020 108,827 0.02 13,864,229 2.22

Mexico EUR 100,000 America Movil SAB de CV 3.00%

12/7/2021 109,013 0.02 EUR 100,000 America Movil SAB de CV 1.50%

10/3/2024 103,762 0.02 EUR 100,000 Fomento Economico Mexicano SAB

de CV RegS 1.75% 20/3/2023 104,028 0.02 EUR 200,000 Mexico Government International

Bond 2.75% 22/4/2023 215,875 0.03 EUR 100,000 Mexico Government International





Bond 4.00% 15/3/2115 92,875 0.01 EUR 200,000 Petroleos Mexicanos RegS

3.75% 15/3/2019 206,775 0.03 EUR 100,000 Petroleos Mexicanos RegS





4.875% 21/2/2028 107,750 0.02 1,805,328 0.29


Luxembourg continued Luxembourg continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets



Morocco EUR 100,000 Morocco Government International

Bond RegS 4.50% 5/10/2020 110,707 0.02 110,707 0.02

Netherlands EUR 100,000 ABB Finance BV RegS

0.625% 3/5/2023 101,208 0.02 EUR 50,000 ABN AMRO Bank NV

3.625% 22/6/2020 54,385 0.01 EUR 250,000 ABN AMRO Bank NV

3.50% 21/9/2022 287,897 0.05 EUR 150,000 ABN AMRO Bank NV RegS






FRN 30/6/2025 210,046 0.03 EUR 100,000 ABN AMRO Bank NV RegS


FRN 18/1/2028 107,114 0.02 EUR 200,000 ABN AMRO Bank NV RegS





1.375% 12/1/2037 99,470 0.02 EUR 100,000 Achmea BV RegS FRN (Perpetual) 105,399 0.02 EUR 100,000 Adecco International Financial

Services BV RegS 1.50% 22/11/2022 104,648 0.02

EUR 300,000 Aegon Bank NV RegS 0.75% 27/6/2027 295,740 0.05

EUR 100,000 Airbus Finance BV RegS 2.375% 2/4/2024 109,621 0.02

EUR 100,000 Airbus Finance BV RegS 1.375% 13/5/2031 98,211 0.01

EUR 150,000 Alliander NV RegS 2.25% 14/11/2022 163,314 0.03

EUR 100,000 Allianz Finance II BV FRN 8/7/2041 115,610 0.02 EUR 100,000 Allianz Finance II BV RegS 3.00%

13/3/2028 119,060 0.02 EUR 125,000 ASML Holding NV RegS 1.625%

28/5/2027 128,018 0.02 EUR 100,000 ASR Nederland NV RegS FRN

29/9/2045 114,671 0.02 EUR 150,000 Bank Nederlandse Gemeenten NV

3.875% 26/5/2023 178,545 0.03 EUR 300,000 Bank Nederlandse Gemeenten NV

RegS 0.75% 21/5/2018 300,487 0.05 EUR 200,000 Bank Nederlandse Gemeenten NV





RegS 0.25% 7/6/2024 198,849 0.03

EUR 200,000 Bank Nederlandse Gemeenten NV RegS 1.125% 4/9/2024 209,392 0.03




EUR 200,000 BASF Finance Europe NV RegS 10/11/2020 (Zero Coupon) 200,460 0.03

EUR 100,000 Bharti Airtel International Netherlands BV RegS 3.375% 20/5/2021 107,194 0.02

EUR 100,000 BMW Finance NV RegS 3.25% 14/1/2019 102,765 0.02






EUR 100,000 Bunge Finance Europe BV 1.85% 16/6/2023 103,690 0.02

EUR 150,000 Compass Group International BV RegS 0.625% 3/7/2024 148,773 0.02

EUR 100,000 Cooperatieve Rabobank UA 5.875% 20/5/2019 106,566 0.02




EUR 250,000 Cooperatieve Rabobank UA RegS 4.125% 12/1/2021 278,245 0.04







EUR 100,000 de Volksbank NV RegS 1.00% 8/3/2028 100,287 0.02

EUR 100,000 de Volksbank NV RegS 0.75% 24/10/2031 93,417 0.01

EUR 100,000 Delta Lloyd Levensverzekering NV RegS FRN 29/8/2042 130,800 0.02

EUR 100,000 Demeter Investments BV for Zurich Insurance Co Ltd RegS FRN 1/10/2046 108,138 0.02

EUR 100,000 Deutsche Post Finance BV RegS 2.95% 27/6/2022 111,391 0.02

EUR 150,000 Deutsche Telekom International Finance BV 4.25% 16/3/2020 162,718 0.03

EUR 100,000 Deutsche Telekom International Finance BV RegS 6.625% 29/3/2018 100,029 0.02





Netherlands continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets







EUR 50,000 E.ON International Finance BV 5.75% 7/5/2020 56,137 0.01

EUR 200,000 EDP Finance BV RegS 2.625% 18/1/2022 216,284 0.03

EUR 125,000 EDP Finance BV RegS 1.125% 12/2/2024 125,250 0.02

EUR 100,000 ELM BV for Swiss Life Insurance & Pension Group RegS FRN (Perpetual) 110,160 0.02

EUR 150,000 ELM BV for Swiss Reinsurance Co Ltd RegS FRN (Perpetual) 152,385 0.02

EUR 50,000 EnBW International Finance BV 6.125% 7/7/2039 84,305 0.01

EUR 100,000 EnBW International Finance BV RegS 2.50% 4/6/2026 112,060 0.02

EUR 300,000 Enel Finance International NV 1.966% 27/1/2025 316,809 0.05

EUR 50,000 Enel Finance International NV RegS 5.00% 14/9/2022 60,062 0.01



EUR 100,000 Enexis Holding NV RegS 0.875% 28/4/2026 99,028 0.02

EUR 200,000 Evonik Finance BV RegS 8/3/2021 (Zero Coupon) 199,262 0.03

EUR 100,000 Evonik Finance BV RegS 0.75% 7/9/2028 93,038 0.01

EUR 150,000 EXOR NV RegS 2.125% 2/12/2022 159,840 0.02 EUR 100,000 F van Lanschot Bankiers NV RegS

0.275% 28/4/2022 100,614 0.02 EUR 100,000 Gas Natural Fenosa Finance BV

RegS 2.875% 11/3/2024 111,132 0.02 EUR 200,000 Gas Natural Fenosa Finance BV

RegS 0.875% 15/5/2025 195,416 0.03 EUR 100,000 Gas Natural Fenosa Finance BV

RegS 1.375% 19/1/2027 98,852 0.01 EUR 100,000 Heineken NV RegS 3.50%

19/3/2024 116,001 0.02 EUR 100,000 Heineken NV RegS 1.00%

4/5/2026 99,290 0.02 EUR 100,000 Heineken NV RegS 1.50%

3/10/2029 99,900 0.02 EUR 50,000 Hella Finance International BV

1.00% 17/5/2024 50,404 0.01 EUR 100,000 Iberdrola International BV RegS



FRN (Perpetual) 98,394 0.02 EUR 100,000 ING Bank NV RegS 1.25%

13/12/2019 102,362 0.02 EUR 150,000 ING Bank NV RegS 4.00%




21/2/2022 174,575 0.03

EUR 100,000 ING Bank NV RegS FRN 25/2/2026 108,324 0.02

EUR 100,000 ING Groep NV FRN 11/4/2028 108,067 0.02 EUR 300,000 ING Groep NV RegS 1.125%

14/2/2025 298,411 0.05 EUR 100,000 ING Groep NV RegS 1.375%

11/1/2028 98,256 0.01 EUR 150,000 innogy Finance BV RegS 6.625%




14/2/2033 74,135 0.01 EUR 100,000 JAB Holdings BV RegS 1.50%

24/11/2021 104,041 0.02 EUR 100,000 JAB Holdings BV RegS 2.00%

18/5/2028 101,269 0.02 EUR 100,000 Koninklijke Ahold Delhaize NV

RegS 0.875% 19/9/2024 99,806 0.02 EUR 150,000 Koninklijke DSM NV RegS 1.375%

26/9/2022 157,414 0.02 EUR 200,000 Koninklijke KPN NV RegS 7.50%

4/2/2019 212,808 0.03 EUR 100,000 Koninklijke KPN NV RegS 1.125%

11/9/2028 95,458 0.01 EUR 300,000 LeasePlan Corp NV RegS 0.75%

3/10/2022 300,615 0.05 EUR 150,000 Linde Finance BV RegS 1.00%

20/4/2028* 148,644 0.02 EUR 100,000 Madrilena Red de Gas Finance BV

RegS 2.25% 11/4/2029 102,612 0.02 EUR 100,000 Mylan NV RegS 1.25% 23/11/2020 102,332 0.02 EUR 100,000 Mylan NV RegS 2.25% 22/11/2024 102,801 0.02 EUR 150,000 Nederlandse Gasunie NV RegS

3.625% 13/10/2021 168,564 0.03 EUR 200,000 Nederlandse Waterschapsbank NV

RegS 1.125% 28/1/2019 202,688 0.03 EUR 250,000 Nederlandse Waterschapsbank NV







RegS 1.625% 29/1/2048 101,424 0.02 EUR 850,000 Netherlands Government Bond

0.25% 15/1/2020 863,591 0.14 EUR 450,000 Netherlands Government Bond



RegS ‘144A’ 4.00% 15/7/2019 371,087 0.06 EUR 900,000 Netherlands Government Bond

RegS ‘144A’ 3.50% 15/7/2020 984,132 0.16 EUR 1,100,000 Netherlands Government Bond

RegS ‘144A’ 3.25% 15/7/2021 1,232,682 0.20 EUR 900,000 Netherlands Government Bond

RegS ‘144A’ 15/1/2022 (Zero Coupon) 909,450 0.14


Netherlands continued Netherlands continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 800,000 Netherlands Government Bond RegS ‘144A’ 2.25% 15/7/2022 884,960 0.14

EUR 1,000,000 Netherlands Government Bond RegS ‘144A’ 1.75% 15/7/2023 1,094,100 0.17

EUR 500,000 Netherlands Government Bond RegS ‘144A’ 15/1/2024 (Zero Coupon) 497,312 0.08

EUR 950,000 Netherlands Government Bond RegS ‘144A’ 2.00% 15/7/2024 1,060,504 0.17

EUR 1,050,000 Netherlands Government Bond RegS ‘144A’ 0.25% 15/7/2025* 1,047,039 0.17







EUR 100,000 NIBC Bank NV RegS 0.25% 22/4/2022 100,505 0.02

EUR 300,000 NIBC Bank NV RegS 1.00% 24/1/2028 299,721 0.05

EUR 100,000 NN Group NV RegS 0.875% 13/1/2023 101,550 0.02

EUR 100,000 NN Group NV RegS 1.625% 1/6/2027 101,962 0.02

EUR 100,000 NN Group NV RegS FRN 8/4/2044 111,910 0.02 EUR 200,000 NN Group NV RegS FRN (Perpetual) 216,056 0.03 EUR 150,000 Nomura Europe Finance NV RegS

1.125% 3/6/2020 153,241 0.02 EUR 100,000 RELX Finance BV RegS 1.00%

22/3/2024 100,883 0.02 EUR 100,000 RELX Finance BV RegS 1.375%

12/5/2026 101,228 0.02 EUR 100,000 Repsol International Finance BV

RegS 2.625% 28/5/2020 105,641 0.02 EUR 100,000 Repsol International Finance BV

RegS 2.25% 10/12/2026 109,109 0.02 EUR 50,000 Roche Finance Europe BV RegS

2.00% 25/6/2018 50,263 0.01 EUR 150,000 Roche Finance Europe BV RegS

0.875% 25/2/2025 152,310 0.02 EUR 100,000 Royal Schiphol Group NV RegS

2.00% 5/10/2026 107,277 0.02 EUR 150,000 Schaeffler Finance BV RegS 3.25%

15/5/2025 160,182 0.02 EUR 50,000 Shell International Finance BV

4.375% 14/5/2018 50,259 0.01 EUR 100,000 Shell International Finance BV

2.50% 24/3/2026 111,830 0.02 EUR 200,000 Shell International Finance BV

RegS 1.625% 24/3/2021 209,358 0.03 EUR 200,000 Shell International Finance BV

RegS 1.00% 6/4/2022 205,788 0.03 EUR 150,000 Shell International Finance BV

RegS 0.75% 15/8/2028 142,291 0.02 EUR 200,000 Siemens Financieringsmaatschappij

NV RegS 1.50% 10/3/2020 206,338 0.03 EUR 100,000 Stedin Holding NV RegS 0.875%

24/10/2025 100,044 0.02 EUR 100,000 Syngenta Finance NV RegS 1.25%

10/9/2027 85,891 0.01

EUR 100,000 TenneT Holding BV RegS 4.50% 9/2/2022 116,444 0.02



EUR 150,000 Unilever NV RegS 0.50% 3/2/2022 151,323 0.02 EUR 150,000 Unilever NV RegS 1.00% 3/6/2023 153,737 0.02 EUR 100,000 Unilever NV RegS 0.875%

31/7/2025 100,063 0.02 EUR 200,000 Unilever NV RegS 1.625%

12/2/2033 199,418 0.03 EUR 100,000 Urenco Finance NV RegS 2.25%

5/8/2022 107,326 0.02 EUR 250,000 Volkswagen International Finance

NV RegS 2.00% 14/1/2020 259,035 0.04 EUR 100,000 Volkswagen International Finance




NV RegS FRN (Perpetual) 159,613 0.02 EUR 200,000 Volkswagen International Finance




NV RegS FRN (Perpetual) 101,648 0.02 EUR 100,000 Vonovia Finance BV RegS 3.125%

25/7/2019 104,272 0.02 EUR 200,000 Vonovia Finance BV RegS 1.75%



22/3/2030 100,760 0.02 EUR 100,000 Vonovia Finance BV RegS FRN

(Perpetual) 108,317 0.02 EUR 100,000 Wolters Kluwer NV RegS 1.50%

22/3/2027 101,476 0.02 EUR 100,000 WPC Eurobond BV 2.125%

15/4/2027 99,910 0.02 EUR 150,000 Wurth Finance International BV

RegS 1.00% 19/5/2022 154,737 0.02 42,398,271 6.80

New Zealand EUR 200,000 ANZ New Zealand Int’l Ltd RegS

0.40% 1/3/2022 199,478 0.03 EUR 100,000 ASB Finance Ltd/London RegS

0.25% 14/4/2021 100,719 0.01 EUR 100,000 Westpac Securities NZ Ltd/London

RegS 0.25% 6/4/2022 100,274 0.02 400,471 0.06

Norway EUR 100,000 Avinor AS RegS 1.25% 9/2/2027 101,310 0.02 EUR 150,000 DNB Bank ASA RegS 3.875%

29/6/2020 163,042 0.02 EUR 150,000 DNB Bank ASA RegS 4.375%

24/2/2021 168,614 0.03 EUR 100,000 DNB Boligkreditt AS 2.75%

21/3/2022 110,477 0.02



Netherlands continued Netherlands continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets





EUR 100,000 DNB Boligkreditt AS RegS 1.875% 18/6/2019 102,728 0.02




EUR 150,000 Eika Boligkreditt AS RegS 2.125% 30/1/2023 163,375 0.03

EUR 100,000 Kommunalbanken AS RegS 0.875% 24/5/2027 100,157 0.02

EUR 300,000 SpareBank 1 Boligkreditt AS RegS 1.50% 20/1/2020 309,699 0.05



EUR 175,000 Sparebank 1 Oestlandet RegS 0.875% 13/3/2023 176,126 0.03

EUR 125,000 SpareBank 1 SMN RegS 0.75% 8/6/2021 126,789 0.02

EUR 150,000 SpareBank 1 SR-Bank ASA RegS 2.125% 14/4/2021 158,544 0.02

EUR 100,000 Sparebanken Soer Boligkreditt AS RegS 0.25% 22/3/2021 100,897 0.02

EUR 100,000 Sparebanken Soer Boligkreditt AS RegS 0.375% 20/2/2023 100,376 0.02

EUR 100,000 Sparebanken Vest Boligkreditt AS RegS 0.375% 22/9/2020 101,387 0.02

EUR 100,000 Sparebanken Vest Boligkreditt AS RegS 0.25% 29/4/2022 100,479 0.01

EUR 100,000 Statkraft AS RegS 1.50% 21/9/2023 104,426 0.02 EUR 100,000 Statoil ASA RegS 2.00% 10/9/2020 104,994 0.02 EUR 150,000 Statoil ASA RegS 0.75% 9/11/2026* 148,102 0.02 EUR 150,000 Statoil ASA RegS 1.625% 17/2/2035 148,955 0.02 EUR 150,000 Telenor ASA RegS 2.50% 22/5/2025 167,668 0.03 3,776,524 0.61

Panama EUR 125,000 Carnival Corp 1.875% 7/11/2022 132,764 0.02 132,764 0.02

Peru EUR 100,000 Peruvian Government International

Bond 3.75% 1/3/2030 119,250 0.02 119,250 0.02

Poland EUR 200,000 PKO Bank Hipoteczny SA RegS

0.125% 24/6/2022 197,350 0.03 EUR 250,000 Powszechna Kasa Oszczednosci

Bank Polski SA RegS 0.75% 25/7/2021 252,812 0.04

EUR 500,000 Republic of Poland Government International Bond 4.00% 23/3/2021 560,625 0.09

EUR 150,000 Republic of Poland Government International Bond RegS 1.625% 15/1/2019 152,289 0.02




EUR 100,000 Republic of Poland Government International Bond RegS 1.50% 19/1/2026* 103,920 0.02



EUR 150,000 Republic of Poland Government International Bond RegS 2.375% 18/1/2036* 160,895 0.03

EUR 100,000 Tauron Polska Energia SA RegS 2.375% 5/7/2027 102,206 0.02

2,455,609 0.39

Portugal EUR 100,000 Banco Comercial Portugues SA

RegS 0.75% 31/5/2022 101,581 0.02 EUR 100,000 Banco Santander Totta SA RegS

1.25% 26/9/2027 101,436 0.02 EUR 100,000 Brisa Concessao Rodoviaria SA

RegS 2.00% 22/3/2023 106,593 0.02 EUR 100,000 Caixa Economica Montepio Geral

Caixa Economica Bancaria SA RegS 0.875% 17/10/2022 101,037 0.01

EUR 200,000 Caixa Geral de Depositos SA RegS 1.00% 27/1/2022 204,744 0.03

EUR 100,000 Galp Gas Natural Distribuicao SA RegS 1.375% 19/9/2023 102,345 0.02

EUR 1,000,000 Portugal Obrigacoes do Tesouro OT RegS ‘144A’ 4.80% 15/6/2020 1,110,770 0.18

EUR 700,000 Portugal Obrigacoes do Tesouro OT RegS ‘144A’ 3.85% 15/4/2021 782,950 0.12






EUR 900,000 Portugal Obrigacoes do Tesouro OT RegS ‘144A’ 4.10% 15/4/2037 1,148,301 0.18

8,513,276 1.36

Romania EUR 75,000 Romanian Government International

Bond RegS 4.875% 7/11/2019 81,056 0.01 EUR 100,000 Romanian Government International







Bond RegS 3.875% 29/10/2035 161,625 0.02


Norway continued Poland continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets



EUR 100,000 Romanian Government International Bond RegS 3.375% 8/2/2038 100,250 0.02

1,036,157 0.17

Singapore EUR 100,000 Bright Food Singapore Holdings Pte

Ltd RegS 1.125% 18/7/2020 100,845 0.02 EUR 200,000 DBS Bank Ltd RegS 0.375%

21/11/2024 197,020 0.03 EUR 375,000 Oversea-Chinese Banking Corp Ltd

RegS 0.375% 1/3/2023 375,643 0.06 EUR 100,000 United Overseas Bank Ltd RegS

0.125% 2/3/2022 99,918 0.01 773,426 0.12

Slovakia EUR 350,000 Slovakia Government Bond

13/11/2023 (Zero Coupon) 347,602 0.06 EUR 200,000 Slovakia Government Bond 0.625%

22/5/2026 201,008 0.03 EUR 300,000 Slovakia Government Bond RegS

4.00% 27/4/2020 327,561 0.05 EUR 350,000 Slovakia Government Bond RegS







2.00% 17/10/2047 105,021 0.02 EUR 200,000 Zapadoslovenska Energetika AS

RegS 1.75% 2/3/2028 201,122 0.03 2,352,557 0.38

Slovenia EUR 300,000 Slovenia Government Bond RegS

4.125% 26/1/2020 325,269 0.05 EUR 150,000 Slovenia Government Bond RegS









3.125% 7/8/2045 192,069 0.03 1,500,638 0.24

South Korea EUR 250,000 Export-Import Bank of Korea RegS

2.00% 30/4/2020 260,681 0.04 260,681 0.04

Spain EUR 100,000 Abertis Infraestructuras SA RegS

2.50% 27/2/2025 108,298 0.02 EUR 200,000 Adif - Alta Velocidad RegS 0.80%

5/7/2023 203,674 0.03 EUR 100,000 Adif - Alta Velocidad RegS 3.50%

27/5/2024 116,780 0.02 EUR 100,000 Adif - Alta Velocidad RegS 1.875%

28/1/2025 106,745 0.02 EUR 100,000 Amadeus Capital Markets SAU

RegS 0.125% 6/10/2020 100,309 0.02 EUR 100,000 Amadeus Capital Markets SAU

RegS 1.625% 17/11/2021 104,869 0.02 EUR 100,000 Autonomous Community of

Andalusia Spain 4.85% 17/3/2020 109,707 0.02 EUR 100,000 Autonomous Community of Madrid

Spain RegS 2.875% 6/4/2019 103,130 0.02 EUR 100,000 Autonomous Community of Madrid





Spain RegS 2.08% 12/3/2030 105,548 0.02 EUR 300,000 Ayt Cedulas Cajas Global 4.00%

24/3/2021 335,685 0.05 EUR 200,000 Ayt Cedulas Cajas Global 4.25%

25/10/2023 240,886 0.04 EUR 200,000 AyT Cedulas Cajas X Fondo de

Titulizacion de Activos 3.75% 30/6/2025 242,150 0.04

EUR 200,000 Banco Bilbao Vizcaya Argentaria SA 3.875% 30/1/2023 235,398 0.04

EUR 200,000 Banco Bilbao Vizcaya Argentaria SA 0.625% 18/3/2023 203,762 0.03

EUR 100,000 Banco Bilbao Vizcaya Argentaria SA RegS 1.00% 20/1/2021 102,522 0.02



EUR 100,000 Banco Bilbao Vizcaya Argentaria SA RegS FRN 11/4/2024 103,288 0.02



EUR 200,000 Banco de Sabadell SA RegS 0.625% 3/11/2020 203,790 0.03

EUR 100,000 Banco de Sabadell SA RegS 1.00% 26/4/2027 99,794 0.01

EUR 200,000 Banco Popular Espanol SA RegS 0.875% 28/9/2021 205,476 0.03

EUR 100,000 Banco Popular Espanol SA RegS 1.00% 7/4/2025 101,740 0.02

EUR 200,000 Banco Santander SA 3.875% 6/2/2026 249,100 0.04

EUR 200,000 Banco Santander SA RegS 0.75% 9/9/2022 205,328 0.03

EUR 200,000 Banco Santander SA RegS 1.125% 27/11/2024 208,324 0.03

EUR 200,000 Bankia SA 4.25% 25/5/2018 201,280 0.03 EUR 300,000 Bankia SA 4.50% 26/4/2022 351,765 0.06 EUR 100,000 Bankia SA RegS 1.125% 5/8/2022 103,649 0.02 EUR 200,000 Bankia SA RegS 1.00% 25/9/2025 202,188 0.03 EUR 100,000 Bankinter SA RegS 1.00% 5/2/2025 101,655 0.02 EUR 100,000 CaixaBank SA 3.875% 17/2/2025 121,348 0.02



Romania continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets





EUR 100,000 CaixaBank SA RegS 3.125% 14/5/2018 100,377 0.02





EUR 200,000 Caja Rural de Castilla-La Mancha SCC RegS 0.875% 27/5/2024 201,844 0.03

EUR 100,000 Caja Rural de Navarra SCC RegS 0.50% 16/3/2022 100,826 0.02

EUR 100,000 Cajamar Caja Rural SCC RegS 1.25% 26/1/2022 102,787 0.02

EUR 100,000 Canal de Isabel II Gestion SA RegS 1.68% 26/2/2025 102,672 0.02

EUR 100,000 Cedulas TDA 6 Fondo de Titulizacion de Activos 3.875% 23/5/2025 122,190 0.02

EUR 100,000 Comunidad Autonoma de Aragon 2.875% 10/2/2019 102,620 0.02

EUR 100,000 Cores RegS 1.50% 27/11/2022 105,577 0.02 EUR 100,000 Criteria Caixa SAU RegS 1.625%

21/4/2022 103,338 0.02 EUR 100,000 Deutsche Bank SA Espanola RegS

0.625% 25/11/2020 101,859 0.02 EUR 100,000 Distribuidora Internacional de

Alimentacion SA RegS 1.00% 28/4/2021 101,547 0.02

EUR 100,000 Enagas Financiaciones SAU RegS 2.50% 11/4/2022 109,086 0.02

EUR 100,000 Enagas Financiaciones SAU RegS 1.25% 6/2/2025 102,136 0.02

EUR 200,000 FADE - Fondo de Amortizacion del Deficit Electrico RegS 0.031% 17/6/2020 201,028 0.03



EUR 100,000 FCC Aqualia SA RegS 2.629% 8/6/2027 103,067 0.02

EUR 100,000 Ferrovial Emisiones SA RegS 0.375% 14/9/2022 99,435 0.01

EUR 50,000 Gas Natural Capital Markets SA RegS 5.125% 2/11/2021 58,566 0.01

EUR 50,000 Iberdrola Finanzas SA 4.125% 23/3/2020 54,118 0.01

EUR 100,000 Iberdrola Finanzas SA RegS 1.00% 7/3/2024 101,409 0.02

EUR 300,000 Iberdrola Finanzas SA RegS 1.25% 13/9/2027 297,822 0.05

EUR 100,000 IE2 Holdco SAU RegS 2.875% 1/6/2026 107,286 0.02

EUR 200,000 IM Cedulas 5 Fondo de Titulazion de Activos 3.50% 15/6/2020 216,126 0.03

EUR 100,000 Inmobiliaria Colonial Socimi SA RegS 1.45% 28/10/2024 99,979 0.01

EUR 200,000 Inmobiliaria Colonial Socimi SA RegS 2.50% 28/11/2029 199,976 0.03

EUR 300,000 Instituto de Credito Oficial RegS 4.00% 30/4/2018* 300,960 0.05

EUR 200,000 Instituto de Credito Oficial RegS 4.375% 20/5/2019 210,636 0.03

EUR 250,000 Instituto de Credito Oficial RegS 0.10% 30/7/2021 251,997 0.04

EUR 100,000 Junta de Castilla y Leon RegS 4.00% 30/4/2024 120,077 0.02

EUR 100,000 Kutxabank SA RegS 1.75% 27/5/2021 105,463 0.02

EUR 100,000 Mapfre SA RegS 1.625% 19/5/2026 102,333 0.02 EUR 100,000 Merlin Properties Socimi SA RegS

1.75% 26/5/2025 100,408 0.02 EUR 125,000 Merlin Properties Socimi SA RegS

1.875% 2/11/2026 124,234 0.02 EUR 100,000 NorteGas Energia Distribucion SAU

RegS 2.065% 28/9/2027 100,748 0.02 EUR 200,000 Programa Cedulas TDA Fondo de

Titulizacion de Activos 4.125% 10/4/2021 224,954 0.04

EUR 100,000 Programa Cedulas TDA Fondo de Titulizacion de Activos 4.25% 28/3/2027 126,785 0.02

EUR 200,000 Programa Cedulas TDA Fondo de Titulizacion de Activos 4.25% 10/4/2031 259,760 0.04

EUR 100,000 Prosegur Cash SA RegS 1.375% 4/2/2026 97,619 0.01

EUR 100,000 Red Electrica Financiaciones SAU RegS 4.875% 29/4/2020 110,278 0.02

EUR 100,000 Red Electrica Financiaciones SAU RegS 1.00% 21/4/2026 99,547 0.01

EUR 200,000 Santander Consumer Finance SA RegS 0.90% 18/2/2020 203,434 0.03

EUR 200,000 Santander Consumer Finance SA RegS 1.00% 26/5/2021 204,628 0.03

EUR 200,000 Santander International Debt SA RegS 1.375% 3/3/2021* 207,402 0.03

EUR 200,000 Santander International Debt SA RegS 1.375% 14/12/2022 208,171 0.03

EUR 100,000 Santander Issuances SAU RegS 3.25% 4/4/2026 108,934 0.02

EUR 100,000 Santander Issuances SAU RegS 3.125% 19/1/2027 108,159 0.02

EUR 300,000 Spain Government Bond 0.25% 30/4/2018 300,177 0.05


EUR 1,500,000 Spain Government Bond 1.40% 31/1/2020 1,548,465 0.25








EUR 550,000 Spain Government Bond RegS ‘144A’ 4.60% 30/7/2019 586,341 0.09

EUR 1,700,000 Spain Government Bond RegS ‘144A’ 4.30% 31/10/2019 1,825,706 0.29


EUR 950,000 Spain Government Bond RegS ‘144A’ 4.85% 31/10/2020 1,075,633 0.17



Spain continued Spain continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets






























EUR 200,000 Telefonica Emisiones SAU RegS 2.736% 29/5/2019 206,640 0.03









65,589,531 10.51

Supranational EUR 100,000 African Development Bank 0.25%

24/1/2024 99,685 0.02 EUR 200,000 Corp Andina de Fomento RegS

0.50% 25/1/2022 201,129 0.03 EUR 150,000 Council Of Europe Development

Bank RegS 1.125% 22/10/2018 151,380 0.02 EUR 200,000 Council Of Europe Development

Bank RegS 0.125% 10/4/2024 198,508 0.03 EUR 150,000 Council Of Europe Development

Bank RegS 0.75% 9/6/2025 153,159 0.03 EUR 200,000 EUROFIMA RegS 0.25% 25/4/2023 199,378 0.03 EUR 200,000 European Investment Bank 2.50%

15/10/2018 203,250 0.03 EUR 300,000 European Investment Bank

15/1/2019 (Zero Coupon) 301,255 0.05 EUR 600,000 European Investment Bank

4.625% 15/4/2020 661,968 0.11 EUR 250,000 European Investment Bank





1.625% 15/3/2023 107,509 0.02 EUR 1,000,000 European Investment Bank 2.00%

14/4/2023* 1,098,260 0.18 EUR 800,000 European Investment Bank




4.50% 15/10/2025* 260,726 0.04 EUR 200,000 European Investment Bank






1.50% 16/10/2048 152,473 0.02 EUR 250,000 European Investment Bank RegS







0.25% 14/10/2024* 398,330 0.06 EUR 400,000 European Investment Bank RegS



3.50% 15/4/2027* 438,550 0.07


Spain continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets





EUR 500,000 European Investment Bank RegS 0.875% 14/1/2028 506,225 0.08








EUR 300,000 European Stability Mechanism RegS 0.875% 15/10/2019 306,315 0.05


EUR 200,000 European Stability Mechanism RegS 18/10/2022 (Zero Coupon) 200,026 0.03




EUR 250,000 European Stability Mechanism RegS 0.50% 2/3/2026* 249,916 0.04








EUR 150,000 European Union 2.375% 4/10/2018 152,228 0.02 EUR 250,000 European Union 3.50% 4/6/2021 279,807 0.05 EUR 100,000 European Union 2.875% 4/4/2028 121,028 0.02 EUR 100,000 European Union RegS 3.25%

4/4/2018 100,008 0.02 EUR 250,000 European Union RegS 2.75%





4/9/2026* 240,690 0.04 EUR 350,000 European Union RegS 2.50%




4/4/2032* 130,489 0.02

EUR 150,000 European Union RegS 1.50% 4/10/2035 158,077 0.03

EUR 100,000 European Union RegS 3.375% 4/4/2038* 138,298 0.02

EUR 100,000 European Union RegS 3.75% 4/4/2042 149,252 0.02

EUR 100,000 International Bank for Reconstruction & Development 3.875% 20/5/2019 105,001 0.02

EUR 100,000 International Bank for Reconstruction & Development 0.625% 12/1/2033 92,821 0.02

EUR 150,000 Nordic Investment Bank RegS 0.375% 19/9/2022 152,602 0.02

20,957,732 3.36

Sweden EUR 100,000 Akelius Residential Property AB

RegS 1.50% 23/1/2022 102,504 0.02 EUR 100,000 Akzo Nobel Sweden Finance AB

RegS 2.625% 27/7/2022 109,552 0.02 EUR 200,000 Essity AB RegS 0.625% 28/3/2022 201,686 0.03 EUR 100,000 Fastighets AB Balder RegS 1.125%

14/3/2022 100,628 0.01 EUR 100,000 Investor AB RegS 4.50% 12/5/2023 120,160 0.02 EUR 100,000 Lansforsakringar Hypotek AB RegS

0.25% 22/4/2022 100,532 0.02 EUR 100,000 Molnlycke Holding AB RegS 1.50%

28/2/2022 103,716 0.02 EUR 300,000 Nordea Bank AB RegS 4.00%




12/2/2025 102,281 0.02 EUR 250,000 Rikshem AB RegS 1.25%

28/6/2024 249,901 0.04 EUR 150,000 SBAB Bank AB RegS 1.375%

2/5/2018 150,196 0.02 EUR 150,000 Securitas AB RegS 1.125%

20/2/2024 150,786 0.02 EUR 150,000 Skandinaviska Enskilda Banken AB

RegS 1.875% 14/11/2019 154,870 0.02 EUR 150,000 Skandinaviska Enskilda Banken AB




RegS FRN 28/5/2026 105,612 0.02 EUR 100,000 SKF AB RegS 2.375% 29/10/2020 105,723 0.02 EUR 200,000 Stadshypotek AB RegS 1.625%

30/10/2020 209,394 0.03 EUR 100,000 Stadshypotek AB RegS 0.05%

20/6/2022 99,687 0.01 EUR 150,000 Stadshypotek AB RegS 0.375%

21/2/2024 149,661 0.02 EUR 100,000 Stockholms Lans Landsting RegS

0.75% 26/2/2025 100,852 0.02 EUR 100,000 Svenska Handelsbanken AB RegS




FRN 2/3/2028 125,220 0.02


Supranational continued Supranational continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets





EUR 100,000 Sveriges Sakerstallda Obligationer AB RegS 0.75% 17/6/2022 102,625 0.02



EUR 100,000 Swedbank AB RegS 1.00% 1/6/2022 102,754 0.02 EUR 100,000 Swedbank AB RegS FRN 22/11/2027 99,240 0.01 EUR 100,000 Swedbank Hypotek AB RegS 0.375%

29/9/2020 101,425 0.02 EUR 100,000 Swedbank Hypotek AB RegS 1.125%



8/5/2024 99,787 0.01 EUR 100,000 Sweden Government International

Bond RegS 0.75% 2/5/2019 101,365 0.02 EUR 150,000 Sweden Government International

Bond RegS 0.05% 12/2/2020 151,460 0.02 EUR 200,000 Sweden Government International

Bond RegS 0.125% 24/4/2023 200,366 0.03 EUR 50,000 Telia Co AB 4.75% 16/11/2021 58,369 0.01 EUR 150,000 Telia Co AB RegS 4.25%

18/2/2020 162,173 0.02 EUR 100,000 Telia Co AB RegS 3.00%

7/9/2027 115,459 0.02 EUR 150,000 Vattenfall AB RegS 5.375%

29/4/2024 191,437 0.03 EUR 100,000 Volvo Treasury AB RegS 2.375%

26/11/2019 104,029 0.02 6,269,159 1.00

Switzerland EUR 150,000 Credit Suisse AG/Guernsey RegS

1.75% 15/1/2021 157,640 0.02 EUR 100,000 Credit Suisse AG/London RegS






1.50% 10/4/2026 154,912 0.02 EUR 150,000 Credit Suisse Group AG RegS

FRN 17/7/2025 149,330 0.02 EUR 50,000 UBS AG/London RegS 6.00%

18/4/2018 50,124 0.01 EUR 300,000 UBS AG/London RegS 1.375%

16/4/2021 313,134 0.05 EUR 100,000 UBS AG/London RegS 1.25%

3/9/2021 103,449 0.02 EUR 200,000 UBS Group Funding Switzerland

AG RegS 2.125% 4/3/2024 212,608 0.03 1,760,796 0.28

United Arab Emirates EUR 150,000 Emirates Telecommunications Group

Co PJSC RegS 1.75% 18/6/2021 156,656 0.03 156,656 0.03

United Kingdom EUR 100,000 Anglo American Capital Plc RegS

3.50% 28/3/2022 110,692 0.02 EUR 100,000 Annington Funding Plc RegS

1.65% 12/7/2024 100,397 0.02 EUR 200,000 AstraZeneca Plc RegS 0.75%

12/5/2024 199,144 0.03 EUR 100,000 Aviva Plc RegS FRN 4/12/2045 105,675 0.02 EUR 100,000 Babcock International Group Plc

RegS 1.75% 6/10/2022 103,528 0.02 EUR 50,000 Barclays Bank Plc RegS 4.00%

7/10/2019 53,301 0.01 EUR 100,000 Barclays Bank Plc RegS 4.00%

12/1/2021 111,414 0.02 EUR 100,000 Barclays Bank Plc RegS 6.625%

30/3/2022 120,458 0.02 EUR 150,000 Barclays Plc RegS 1.875%

23/3/2021 156,223 0.02 EUR 200,000 Barclays Plc RegS 1.50% 1/4/2022 205,366 0.03 EUR 300,000 Barclays Plc RegS FRN 24/1/2026 294,312 0.05 EUR 100,000 Barclays Plc RegS FRN 7/2/2028 98,984 0.01 EUR 150,000 BAT International Finance Plc RegS

4.875% 24/2/2021 169,786 0.03 EUR 100,000 BAT International Finance Plc

RegS 1.00% 23/5/2022 101,447 0.02 EUR 150,000 BAT International Finance Plc

RegS 1.25% 13/3/2027 143,815 0.02 EUR 150,000 BG Energy Capital Plc RegS

3.00% 16/11/2018 153,059 0.02 EUR 100,000 BG Energy Capital Plc RegS

1.25% 21/11/2022 103,899 0.02 EUR 100,000 BP Capital Markets Plc RegS





1.573% 16/2/2027 102,363 0.02 EUR 100,000 Brambles Finance Plc RegS

1.50% 4/10/2027 100,274 0.02 EUR 250,000 British Telecommunications Plc RegS

1.125% 10/3/2023 254,559 0.04 EUR 150,000 British Telecommunications Plc RegS

1.50% 23/6/2027 147,537 0.02 EUR 200,000 Cadent Finance Plc RegS 0.625%

22/9/2024 195,858 0.03 EUR 100,000 Coca-Cola European Partners Plc

RegS 0.75% 24/2/2022 101,497 0.02 EUR 200,000 Coca-Cola European Partners Plc

RegS 1.125% 26/5/2024* 203,260 0.03 EUR 100,000 Coventry Building Society RegS

0.625% 3/11/2021 101,949 0.02 EUR 125,000 Diageo Finance Plc RegS 0.50%

19/6/2024 123,232 0.02 EUR 100,000 Diageo Finance Plc RegS 1.75%

23/9/2024 106,126 0.02 EUR 100,000 DS Smith Plc RegS 2.25%

16/9/2022 106,385 0.02 EUR 175,000 DS Smith Plc RegS 1.375%

26/7/2024 175,116 0.03 EUR 100,000 FCE Bank Plc RegS 1.875%

24/6/2021 104,550 0.02 EUR 100,000 FCE Bank Plc RegS 1.134%

10/2/2022 101,496 0.02 EUR 100,000 G4S International Finance Plc

RegS 1.50% 2/6/2024 100,949 0.02


Sweden continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




EUR 300,000 GlaxoSmithKline Capital Plc RegS 12/9/2020 (Zero Coupon) 299,587 0.05

EUR 150,000 GlaxoSmithKline Capital Plc RegS 1.375% 2/12/2024 155,193 0.02

EUR 50,000 HSBC Bank Plc RegS 4.00% 15/1/2021 55,403 0.01

EUR 200,000 HSBC Holdings Plc 3.125% 7/6/2028 220,904 0.03

EUR 200,000 HSBC Holdings Plc RegS 6.00% 10/6/2019 214,082 0.03

EUR 200,000 HSBC Holdings Plc RegS 0.875% 6/9/2024 198,828 0.03

EUR 150,000 Imperial Brands Finance Plc RegS 2.25% 26/2/2021 158,094 0.02

EUR 150,000 Imperial Brands Finance Plc RegS 1.375% 27/1/2025 151,022 0.02

EUR 100,000 ITV Plc RegS 2.00% 1/12/2023 103,661 0.02 EUR 100,000 Leeds Building Society RegS

1.375% 5/5/2022 102,654 0.02 EUR 100,000 Lloyds Bank Plc RegS 5.375%

3/9/2019 107,877 0.02 EUR 200,000 Lloyds Bank Plc RegS 6.50%





11/4/2023 302,523 0.05 EUR 211,000 Lloyds Banking Group Plc RegS

1.00% 9/11/2023 210,202 0.03 EUR 125,000 London Stock Exchange Group Plc

RegS 1.75% 19/9/2029 127,947 0.02 EUR 100,000 Motability Operations Group Plc

RegS 0.875% 14/3/2025 99,733 0.02 EUR 100,000 National Grid Plc 4.375% 10/3/2020 108,528 0.02 EUR 150,000 Nationwide Building Society 4.375%

28/2/2022 174,987 0.03 EUR 50,000 Nationwide Building Society RegS

6.75% 22/7/2020 57,347 0.01 EUR 200,000 Nationwide Building Society RegS







FRN 8/3/2026 401,812 0.06 EUR 100,000 Pearson Funding Five Plc RegS

1.375% 6/5/2025 100,410 0.02 EUR 100,000 Rentokil Initial Plc RegS 0.95%

22/11/2024 98,703 0.01 EUR 100,000 Royal Bank of Scotland Group Plc

RegS 2.50% 22/3/2023 106,702 0.02 EUR 150,000 Royal Bank of Scotland Plc/The




RegS 0.50% 15/5/2024 99,813 0.02

EUR 300,000 Santander UK Group Holdings Plc RegS 1.125% 8/9/2023 301,564 0.05

EUR 150,000 Santander UK Plc RegS 2.00% 14/1/2019 152,650 0.02




EUR 100,000 Sky Plc RegS 2.50% 15/9/2026 108,577 0.02 EUR 200,000 SSE Plc RegS 2.00% 17/6/2020 208,633 0.03 EUR 200,000 Standard Chartered Plc RegS

1.625% 13/6/2021 207,918 0.03 EUR 200,000 Standard Chartered Plc RegS

3.625% 23/11/2022 220,416 0.03 EUR 100,000 State Grid Europe Development

2014 Plc RegS 1.50% 26/1/2022 103,107 0.02 EUR 250,000 Trinity Acquisition Plc RegS 2.125%

26/5/2022 262,705 0.04 EUR 150,000 Vodafone Group Plc 4.65%

20/1/2022 173,946 0.03 EUR 100,000 Vodafone Group Plc RegS 0.875%






29/7/2031 92,609 0.01 EUR 100,000 Wellcome Trust Ltd/The RegS

1.125% 21/1/2027 101,762 0.02 EUR 100,000 Yorkshire Building Society RegS

1.25% 11/6/2021 103,974 0.02 EUR 200,000 Yorkshire Building Society RegS

0.375% 11/4/2023 200,066 0.03 14,647,975 2.35

United States EUR 100,000 3M Co 1.50% 2/6/2031 102,476 0.02 EUR 100,000 3M Co RegS 1.875% 15/11/2021 106,300 0.02 EUR 100,000 AbbVie Inc 1.375% 17/5/2024 101,393 0.02 EUR 100,000 AbbVie Inc 2.125% 17/11/2028 103,095 0.02 EUR 100,000 American Express Credit Corp

0.625% 22/11/2021 101,041 0.02 EUR 100,000 American Honda Finance Corp

RegS 1.875% 4/9/2019 102,950 0.02 EUR 150,000 American International Group Inc

1.875% 21/6/2027 149,546 0.02 EUR 100,000 Amgen Inc 1.25% 25/2/2022 103,144 0.02 EUR 100,000 Amgen Inc 2.00% 25/2/2026 106,565 0.02 EUR 250,000 Apple Inc 0.875% 24/5/2025 251,212 0.04 EUR 100,000 Apple Inc 1.625% 10/11/2026 105,163 0.02 EUR 100,000 Apple Inc 1.375% 24/5/2029 100,433 0.02 EUR 200,000 AT&T Inc 1.45% 1/6/2022 207,894 0.03 EUR 100,000 AT&T Inc 2.50% 15/3/2023 108,814 0.02 EUR 150,000 AT&T Inc 3.50% 17/12/2025 173,238 0.03 EUR 100,000 AT&T Inc 2.45% 15/3/2035 94,705 0.01 EUR 100,000 AT&T Inc 3.15% 4/9/2036 101,786 0.02 EUR 250,000 AT&T Inc RegS 1.05% 5/9/2023 253,505 0.04 EUR 175,000 AT&T Inc RegS 1.80% 5/9/2026 178,131 0.03 EUR 100,000 AT&T Inc RegS 2.35% 5/9/2029 101,959 0.02 EUR 100,000 Bank of America Corp RegS 2.50%

27/7/2020 105,572 0.02 EUR 125,000 Bank of America Corp RegS FRN

7/2/2022 126,340 0.02


United Kingdom continued United Kingdom continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets






EUR 100,000 Bank of America Corp RegS 2.375% 19/6/2024 108,128 0.02

EUR 150,000 Bank of America Corp RegS 1.375% 26/3/2025* 152,013 0.02

EUR 100,000 Bank of America Corp RegS FRN 4/5/2027 102,467 0.02

EUR 100,000 BAT Capital Corp RegS 1.125% 16/11/2023 100,545 0.02

EUR 100,000 Baxter International Inc 1.30% 30/5/2025 100,612 0.02

EUR 150,000 Becton Dickinson and Co 1.00% 15/12/2022 150,717 0.02

EUR 200,000 Berkshire Hathaway Inc 0.25% 17/1/2021 200,895 0.03



EUR 100,000 Booking Holdings Inc 1.80% 3/3/2027 101,566 0.02

EUR 100,000 Bristol-Myers Squibb Co 1.00% 15/5/2025 101,360 0.02

EUR 150,000 Celanese US Holdings LLC 1.25% 11/2/2025 148,486 0.02

EUR 200,000 Chubb INA Holdings Inc 2.50% 15/3/2038 203,394 0.03

EUR 100,000 Citigroup Inc 1.75% 28/1/2025 103,869 0.02 EUR 100,000 Citigroup Inc RegS 1.375%

27/10/2021 103,587 0.02 EUR 200,000 Citigroup Inc RegS 0.75%

26/10/2023 198,284 0.03 EUR 100,000 Citigroup Inc RegS 1.50%

26/10/2028 98,924 0.01 EUR 150,000 Coca-Cola Co/The 1.125%

22/9/2022 155,451 0.02 EUR 100,000 Coca-Cola Co/The 0.50% 8/3/2024 99,332 0.01 EUR 100,000 Coca-Cola Co/The 1.875%

22/9/2026 107,492 0.02 EUR 100,000 Coca-Cola Co/The 1.625%

9/3/2035 99,555 0.02 EUR 50,000 Continental Rubber of America

Corp 0.50% 19/2/2019 50,290 0.01 EUR 100,000 Digital Euro Finco LLC RegS

2.625% 15/4/2024 106,626 0.02 EUR 100,000 Dover Corp 1.25% 9/11/2026 99,244 0.01 EUR 200,000 Eli Lilly & Co 1.00% 2/6/2022 205,698 0.03 EUR 100,000 Expedia Inc 2.50% 3/6/2022 105,110 0.02 EUR 100,000 FedEx Corp 1.625% 11/1/2027 101,063 0.02 EUR 250,000 Fidelity National Information

Services Inc 0.40% 15/1/2021 250,735 0.04 EUR 100,000 General Electric Co 1.25%

26/5/2023 102,422 0.02 EUR 100,000 General Electric Co 0.875%

17/5/2025 97,721 0.01 EUR 350,000 General Electric Co 1.50%

17/5/2029 342,030 0.05 EUR 50,000 General Electric Co RegS 4.125%

19/9/2035 62,257 0.01 EUR 100,000 General Motors Financial Co Inc

RegS 0.955% 7/9/2023 98,795 0.01 EUR 50,000 Goldman Sachs Group Inc/The




RegS 1.375% 15/5/2024 202,462 0.03

EUR 275,000 Goldman Sachs Group Inc/The RegS 1.25% 1/5/2025 273,300 0.04



EUR 100,000 Honeywell International Inc 0.65% 21/2/2020 101,260 0.02

EUR 100,000 Honeywell International Inc 2.25% 22/2/2028 109,816 0.02

EUR 100,000 Illinois Tool Works Inc 1.75% 20/5/2022 105,842 0.02

EUR 100,000 International Business Machines Corp 1.875% 6/11/2020 104,788 0.02




EUR 100,000 Johnson & Johnson 0.25% 20/1/2022 100,563 0.02

EUR 100,000 Johnson & Johnson 1.65% 20/5/2035 104,177 0.02

EUR 200,000 JPMorgan Chase & Co RegS 3.875% 23/9/2020 218,962 0.03





EUR 200,000 JPMorgan Chase & Co RegS FRN 18/5/2028 202,661 0.03

EUR 200,000 Kellogg Co 1.75% 24/5/2021 208,899 0.03 EUR 150,000 Kinder Morgan Inc/DE 1.50%

16/3/2022 155,230 0.02 EUR 100,000 Kraft Heinz Foods Co RegS 2.25%

25/5/2028 100,716 0.02 EUR 150,000 Mastercard Inc 1.10% 1/12/2022 154,410 0.02 EUR 100,000 McDonald’s Corp RegS 4.00%

17/2/2021 111,100 0.02 EUR 100,000 McDonald’s Corp RegS 1.75%

3/5/2028 103,224 0.02 EUR 200,000 McDonald’s Corp RegS 1.50%

28/11/2029 197,631 0.03 EUR 100,000 McKesson Corp 1.625%

30/10/2026 101,296 0.02 EUR 200,000 Merck & Co Inc 1.125% 15/10/2021 206,604 0.03 EUR 100,000 Merck & Co Inc 1.875% 15/10/2026 106,414 0.02 EUR 150,000 Metropolitan Life Global Funding I

RegS 1.25% 17/9/2021 154,837 0.02 EUR 200,000 Microsoft Corp 2.125% 6/12/2021 214,005 0.03 EUR 100,000 Microsoft Corp 3.125% 6/12/2028 120,328 0.02 EUR 100,000 Molson Coors Brewing Co 1.25%

15/7/2024 100,220 0.02 EUR 100,000 Mondelez International Inc 1.625%

8/3/2027 101,224 0.02 EUR 200,000 Morgan Stanley 5.375% 10/8/2020 224,871 0.03 EUR 100,000 Morgan Stanley 2.375% 31/3/2021 106,188 0.02 EUR 200,000 Morgan Stanley 1.75% 11/3/2024 206,985 0.03 EUR 200,000 Morgan Stanley 1.375% 27/10/2026 195,794 0.03 EUR 100,000 Morgan Stanley 1.875% 27/4/2027 101,401 0.02 EUR 100,000 Nasdaq Inc 3.875% 7/6/2021 111,196 0.02 EUR 100,000 National Grid North America Inc

RegS 1.00% 12/7/2024 100,696 0.02

United States continued United States continued





Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets


EUR 100,000 Oracle Corp 3.125% 10/7/2025 117,111 0.02 EUR 100,000 PepsiCo Inc 1.75% 28/4/2021 104,909 0.02 EUR 100,000 Pfizer Inc 0.25% 6/3/2022 100,223 0.02 EUR 100,000 Pfizer Inc 1.00% 6/3/2027 100,094 0.01 EUR 200,000 Philip Morris International Inc

2.75% 19/3/2025 221,762 0.03 EUR 150,000 Philip Morris International Inc

2.875% 3/3/2026 167,811 0.03 EUR 100,000 Philip Morris International Inc

1.875% 6/11/2037 93,290 0.01 EUR 200,000 PPG Industries Inc 0.875%

3/11/2025 197,766 0.03 EUR 100,000 Praxair Inc 1.625% 1/12/2025 105,790 0.02 EUR 200,000 Procter & Gamble Co/The 2.00%

5/11/2021 213,326 0.03 EUR 150,000 Procter & Gamble Co/The 1.25%

25/10/2029 150,609 0.02 EUR 50,000 Procter & Gamble Co/The RegS

4.125% 7/12/2020 55,640 0.01 EUR 100,000 Prologis LP 3.00% 2/6/2026 112,258 0.02 EUR 200,000 Southern Power Co 1.00%

20/6/2022 202,476 0.03 EUR 100,000 Thermo Fisher Scientific Inc 0.75%



12/9/2028 120,300 0.02 EUR 150,000 Toyota Motor Credit Corp RegS

2.375% 1/2/2023 163,894 0.03 EUR 200,000 Toyota Motor Credit Corp RegS

0.625% 21/11/2024 198,592 0.03 EUR 100,000 United Parcel Service Inc 1.00%

15/11/2028 97,042 0.01 EUR 100,000 United Technologies Corp 1.125%

15/12/2021 102,854 0.02 EUR 150,000 US Bancorp 0.85% 7/6/2024 149,187 0.02

EUR 100,000 Verizon Communications Inc 0.875% 2/4/2025 98,064 0.01





EUR 100,000 VF Corp 0.625% 20/9/2023 99,800 0.02 EUR 50,000 Wal-Mart Stores Inc 4.875%

21/9/2029 69,024 0.01 EUR 350,000 Wells Fargo & Co RegS 1.125%





24/5/2027 199,811 0.03 EUR 100,000 Whirlpool Corp 0.625% 12/3/2020 101,143 0.02 18,075,143 2.90Total Bonds 614,939,799 98.55Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 614,939,799 98.55Securities portfolio at market value 614,939,799 98.55 Other Net Assets 9,030,760 1.45Total Net Assets (EUR) 623,970,559 100.00




% of Net Assets

Government 68.10Financial 18.06Consumer, Non-cyclical 3.18Utilities 2.30Communications 1.72Industrial 1.50Consumer, Cyclical 1.44Energy 1.10Basic Materials 0.66Technology 0.41Diversified 0.08


100.00



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




BONDS

Austria EUR 700,000 Republic of Austria Government

Bond 6.25% 15/7/2027 1,062,082 0.25 EUR 798,000 Republic of Austria Government

Bond RegS ‘144A’ 4.35% 15/3/2019 835,522 0.20







EUR 940,000 Republic of Austria Government Bond RegS ‘144A’ 1.75% 20/10/2023 1,026,066 0.24








EUR 903,000 Republic of Austria Government Bond RegS ‘144A’ 4.15% 15/3/2037 1,372,876 0.32

EUR 455,000 Republic of Austria Government Bond RegS ‘144A’ 3.15% 20/6/2044* 644,357 0.15





16,574,241 3.90

Belgium EUR 640,000 Kingdom of Belgium Government

Bond 4.00% 28/3/2019 668,902 0.16 EUR 1,165,000 Kingdom of Belgium Government

Bond 4.00% 28/3/2022 1,362,537 0.32 EUR 1,243,000 Kingdom of Belgium Government

Bond 5.50% 28/3/2028 1,828,378 0.43 EUR 1,150,000 Kingdom of Belgium Government

Bond RegS 3.00% 28/9/2019 1,211,422 0.29 EUR 1,310,000 Kingdom of Belgium Government

Bond RegS ‘144A’ 3.75% 28/9/2020 1,447,615 0.34



















EUR 675,000 Kingdom of Belgium Government Bond RegS 3.75% 22/6/2045 1,019,790 0.24



iShares Euro Government Bond Index Fund (LU) (formerly known as BlackRock Euro Government Bond Index Fund)




Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets




iShares Euro Government Bond Index Fund (LU) continued



26,088,759 6.14

Finland EUR 400,000 Finland Government Bond RegS



‘144A’ 3.50% 15/4/2021 245,742 0.06 EUR 1,050,000 Finland Government Bond RegS

‘144A’ 15/4/2022 (Zero Coupon) 1,056,489 0.25 EUR 895,000 Finland Government Bond RegS










‘144A’ 2.625% 4/7/2042 395,898 0.09 6,534,888 1.54

France EUR 590,000 French Republic Government Bond

OAT 25/2/2021 (Zero Coupon) 596,030 0.14 EUR 850,000 French Republic Government Bond

OAT RegS 4.25% 25/4/2019 893,647 0.21 EUR 2,690,000 French Republic Government Bond

OAT RegS 1.00% 25/5/2019 2,739,012 0.64 EUR 2,160,000 French Republic Government Bond



OAT RegS 0.50% 25/11/2019* 1,384,235 0.33 EUR 1,620,000 French Republic Government Bond

OAT RegS 25/2/2020 (Zero Coupon) 1,635,779 0.38











EUR 795,000 French Republic Government Bond OAT RegS 25/3/2023 (Zero Coupon) 794,503 0.19








EUR 1,640,000 French Republic Government Bond OAT RegS 1.00% 25/11/2025 (traded in France) 1,716,686 0.40

EUR 480,000 French Republic Government Bond OAT RegS 1.00% 25/11/2025 (traded in Germany) 502,445 0.12


















iShares Euro Government Bond Index Fund (LU) (formerly known as BlackRock Euro Government Bond Index Fund)

France continued Belgium continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets










105,243,573 24.76

Germany EUR 1,550,000 Bundesobligation RegS 0.50%

12/4/2019 1,569,003 0.37 EUR 2,125,000 Bundesobligation RegS 0.25%

11/10/2019* 2,154,346 0.51 EUR 1,525,000 Bundesobligation RegS 17/4/2020

(Zero Coupon) 1,543,803 0.36 EUR 1,670,000 Bundesobligation RegS 0.25%

16/10/2020 1,704,160 0.40 EUR 1,230,000 Bundesobligation RegS 9/4/2021




(Zero Coupon)* 1,190,856 0.28 EUR 1,940,000 Bundesrepublik Deutschland

Bundesanleihe RegS 3.50% 4/7/2019* 2,041,831 0.48




















EUR 1,780,000 Bundesrepublik Deutschland Bundesanleihe RegS 15/8/2026 (Zero Coupon)* 1,733,079 0.41



















Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets







EUR 500,000 Bundesschatzanweisungen RegS 14/6/2019 (Zero Coupon)* 504,010 0.12

EUR 970,000 Bundesschatzanweisungen RegS 13/9/2019 (Zero Coupon) 979,341 0.23

72,030,234 16.95

Ireland EUR 915,000 Ireland Government Bond 5.90%

18/10/2019 1,006,784 0.24 EUR 815,000 Ireland Government Bond 4.50%

18/4/2020 898,823 0.21 EUR 835,000 Ireland Government Bond 5.40%

13/3/2025 1,118,107 0.26 EUR 1,170,000 Ireland Government Bond RegS

0.80% 15/3/2022 1,214,437 0.29 EUR 375,000 Ireland Government Bond RegS

3.90% 20/3/2023 446,499 0.11 EUR 505,000 Ireland Government Bond RegS






2.00% 18/2/2045 602,582 0.14 8,217,710 1.93

Italy EUR 1,385,000 Italy Buoni Poliennali Del Tesoro















3.75% 1/5/2021 1,525,358 0.36




































Germany continued Italy continued



Holding Description

Market Value EUR

% of Net


Market Value EUR

% of Net

Assets






















100,986,710 23.76

Netherlands EUR 1,340,000 Netherlands Government Bond

0.25% 15/1/2020 1,361,426 0.32 EUR 238,000 Netherlands Government Bond


5.50% 15/1/2028 1,289,028 0.30 EUR 1,093,000 Netherlands Government Bond


RegS ‘144A’ 3.50% 15/7/2020 656,088 0.15 EUR 1,440,000 Netherlands Government Bond


RegS ‘144A’ 15/1/2022 (Zero Coupon) 899,345 0.21






EUR 970,000 Netherlands Government Bond RegS ‘144A’ 0.25% 15/7/2025* 967,265 0.23







21,529,965 5.06

Spain EUR 800,000 Spain Government Bond 2.75%

30/4/2019 827,160 0.19 EUR 2,075,000 Spain Government Bond 1.40%

31/1/2020 2,142,043 0.50 EUR 1,000,000 Spain Government Bond 1.15%

30/7/2020 1,034,070 0.24 EUR 400,000 Spain Government Bond 0.05%



30/4/2022 1,592,630 0.37 EUR 860,000 Spain Government Bond 0.45%



30/7/2032 2,257,978 0.53 EUR 1,905,000 Spain Government Bond RegS

‘144A’ 4.60% 30/7/2019 2,030,873 0.48 EUR 1,610,000 Spain Government Bond RegS


‘144A’ 4.00% 30/4/2020 2,185,671 0.51 EUR 840,000 Spain Government Bond RegS

‘144A’ 4.85% 31/10/2020 951,086 0.22 EUR 1,935,000 Spain Government Bond RegS














‘144A’ 1.50% 30/4/2027 1,300,756 0.31


Italy continued Netherlands continued


Holding Description

Market Value EUR

% of Net

Assets
















61,735,168 14.52Total Bonds 418,941,248 98.56Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 418,941,248 98.56 Securities portfolio at market value 418,941,248 98.56 Other Net Assets 6,100,963 1.44Total Net Assets (EUR) 425,042,211 100.00



% of Net Assets

Government 98.56


100.00

Spain continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




iShares Global Government Bond Index Fund (LU) (formerly known as BlackRock Global Government Bond Index Fund)

BONDS

Australia AUD 260,000 Australia Government Bond 2.25%

21/11/2022 199,381 0.06 AUD 375,000 Australia Government Bond RegS

5.25% 15/3/2019 296,985 0.08 AUD 330,000 Australia Government Bond RegS



















3.00% 21/3/2047 88,805 0.03 6,231,864 1.72

Austria EUR 120,000 Republic of Austria Government

Bond 6.25% 15/7/2027 224,375 0.06 EUR 125,000 Republic of Austria Government

Bond RegS ‘144A’ 4.35% 15/3/2019 161,287 0.04





















4,701,827 1.30

Belgium EUR 120,000 Kingdom of Belgium Government




Bond RegS 3.00% 28/9/2019 402,433 0.11 EUR 230,000 Kingdom of Belgium Government

Bond RegS ‘144A’ 3.75% 28/9/2020 313,216 0.09







Austria continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets



iShares Global Government Bond Index Fund (LU) continued
















7,530,925 2.07

Canada CAD 1,265,000 Canadian Government Bond

1.75% 1/9/2019 980,069 0.27 CAD 430,000 Canadian Government Bond











2.25% 1/6/2025 455,133 0.13

CAD 50,000 Canadian Government Bond 1.50% 1/6/2026 37,097 0.01










5,912,006 1.63

Denmark DKK 725,000 Denmark Government Bond

4.00% 15/11/2019 128,869 0.03 DKK 1,470,000 Denmark Government Bond

3.00% 15/11/2021 272,323 0.07 DKK 550,000 Denmark Government Bond


1.75% 15/11/2025 287,631 0.08 DKK 900,000 Denmark Government Bond


4.50% 15/11/2039 567,119 0.16 1,502,682 0.41

Finland EUR 20,000 Finland Government Bond RegS















‘144A’ 2.625% 4/7/2042 97,577 0.03 1,780,981 0.49


iShares Global Government Bond Index Fund (LU) (formerly known as BlackRock Global Government Bond Index Fund)

Belgium continued Canada continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets






France EUR 610,000 French Republic Government Bond

OAT RegS 4.25% 25/4/2019 790,335 0.22 EUR 410,000 French Republic Government Bond




OAT RegS 25/2/2020 (Zero Coupon) 385,749 0.11


















EUR 380,000 French Republic Government Bond OAT RegS 3.50% 25/4/2026* 583,999 0.16




















29,867,088 8.22

Germany EUR 200,000 Bundesobligation RegS 0.25%

11/10/2019 249,874 0.07 EUR 300,000 Bundesobligation RegS 17/4/2020

(Zero Coupon) 374,263 0.10 EUR 580,000 Bundesobligation RegS 0.25%

16/10/2020 729,383 0.20 EUR 530,000 Bundesobligation RegS 9/4/2021



(Zero Coupon) 261,174 0.07 EUR 730,000 Bundesrepublik Deutschland

Bundesanleihe RegS 3.50% 4/7/2019 946,836 0.26










France continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets















EUR 295,000 Bundesrepublik Deutschland Bundesanleihe RegS 15/8/2026 (Zero Coupon) 353,960 0.10

















EUR 965,000 Bundesschatzanweisungen RegS 14/6/2019 (Zero Coupon)* 1,198,755 0.33

21,210,975 5.84

Ireland EUR 50,000 Ireland Government Bond 4.40%




13/3/2025 229,375 0.06 EUR 215,000 Ireland Government Bond RegS







2.00% 18/2/2045 198,908 0.05 2,178,223 0.60

Italy EUR 425,000 Italy Buoni Poliennali Del Tesoro














0.45% 1/6/2021 573,978 0.16




Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets






























EUR 270,000 Italy Buoni Poliennali Del Tesoro RegS 4.50% 1/2/2020 362,002 0.10




















28,943,864 7.97

Japan JPY 77,000,000 Japan Government Five Year Bond

0.20% 20/3/2019 726,293 0.20 JPY 35,000,000 Japan Government Five Year Bond















0.10% 20/12/2022 438,365 0.12 JPY 12,950,000 Japan Government Forty Year Bond





2.00% 20/3/2052 564,045 0.16


Italy continued Italy continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




JPY 26,000,000 Japan Government Forty Year Bond 1.90% 20/3/2053 324,782 0.09





JPY 23,000,000 Japan Government Ten Year Bond 1.30% 20/3/2019 219,244 0.06


JPY 110,000,000 Japan Government Ten Year Bond 1.40% 20/6/2019 1,053,529 0.29











































JPY 10,000,000 Japan Government Thirty Year Bond 1.80% 22/11/2032 114,967 0.03





















Japan continued Japan continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets






























JPY 10,000,000 Japan Government Twenty Year Bond 1.90% 20/9/2022 102,515 0.03




















JPY 91,000,000 Japan Government Twenty Year Bond 2.30% 20/9/2026 1,023,578 0.28




























Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets











































JPY 70,000,000 Japan Government Two Year Bond 0.10% 15/3/2019 659,631 0.18

JPY 60,000,000 Japan Government Two Year Bond 0.10% 15/6/2019 565,751 0.16

73,666,026 20.29

Malaysia MYR 600,000 Malaysia Government Bond

3.759% 15/3/2019 156,065 0.04 MYR 350,000 Malaysia Government Bond


4.16% 15/7/2021 34,307 0.01 MYR 1,024,000 Malaysia Government Bond









4.935% 30/9/2043 52,626 0.02 1,298,594 0.36

Mexico MXN 2,250,000 Mexican Bonos 5.00% 11/12/2019 118,780 0.03 MXN 4,000,000 Mexican Bonos 8.00% 11/6/2020 222,813 0.06 MXN 6,750,000 Mexican Bonos 6.50% 10/6/2021 362,510 0.10 MXN 6,200,000 Mexican Bonos 6.50% 9/6/2022 331,178 0.09 MXN 5,150,000 Mexican Bonos 10.00% 5/12/2024 323,945 0.09 MXN 4,000,000 Mexican Bonos 5.75% 5/3/2026 199,328 0.06 MXN 3,400,000 Mexican Bonos 7.50% 3/6/2027 188,615 0.05 MXN 300,000 Mexican Bonos 8.50% 31/5/2029 17,867 0.00 MXN 2,350,000 Mexican Bonos 7.75% 29/5/2031 132,033 0.04 MXN 1,500,000 Mexican Bonos 7.75% 23/11/2034 84,025 0.02 MXN 3,200,000 Mexican Bonos 8.50% 18/11/2038 191,779 0.05 MXN 3,000,000 Mexican Bonos 7.75% 13/11/2042 167,062 0.05 2,339,935 0.64

Netherlands EUR 80,000 Netherlands Government Bond




RegS ‘144A’ 4.00% 15/7/2019 52,264 0.02





Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets



















6,070,157 1.67

Norway NOK 1,100,000 Norway Government Bond RegS

‘144A’ 4.50% 22/5/2019 145,917 0.04 NOK 440,000 Norway Government Bond RegS


‘144A’ 2.00% 24/5/2023 97,912 0.03 NOK 1,460,000 Norway Government Bond RegS

‘144A’ 3.00% 14/3/2024* 200,788 0.06 NOK 400,000 Norway Government Bond RegS



‘144A’ 1.75% 17/2/2027 88,484 0.02 652,119 0.18

Poland PLN 1,470,000 Republic of Poland Government

Bond 1.50% 25/4/2020 430,350 0.12 PLN 2,430,000 Republic of Poland Government

Bond 2.25% 25/4/2022 714,879 0.20 PLN 450,000 Republic of Poland Government

Bond 3.25% 25/7/2025 134,861 0.04 PLN 1,750,000 Republic of Poland Government

Bond 2.50% 25/7/2026 493,320 0.13 1,773,410 0.49

Singapore SGD 50,000 Singapore Government Bond

3.25% 1/9/2020 39,329 0.01 SGD 90,000 Singapore Government Bond

2.25% 1/6/2021 69,227 0.02 SGD 70,000 Singapore Government Bond

1.25% 1/10/2021 52,043 0.01

SGD 210,000 Singapore Government Bond 3.125% 1/9/2022 167,720 0.05









878,608 0.24

South Africa ZAR 795,000 Republic of South Africa

Government Bond 7.75% 28/2/2023 67,986 0.02

ZAR 3,300,000 Republic of South Africa Government Bond 10.50% 21/12/2026 320,861 0.09


ZAR 400,000 Republic of South Africa Government Bond 8.25% 31/3/2032 32,837 0.01





1,772,681 0.49

Spain EUR 525,000 Spain Government Bond 1.40%

31/1/2020 667,888 0.18 EUR 300,000 Spain Government Bond 1.15%





30/7/2032 577,488 0.16 EUR 100,000 Spain Government Bond RegS

‘144A’ 4.60% 30/7/2019 131,378 0.04 EUR 535,000 Spain Government Bond RegS



‘144A’ 4.85% 31/10/2020 837,193 0.23


Singapore continued Netherlands continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets






























17,474,594 4.81

Sweden SEK 250,000 Sweden Government Bond 4.25%

12/3/2019 31,276 0.01 SEK 845,000 Sweden Government Bond 5.00%

1/12/2020 115,781 0.03 SEK 2,610,000 Sweden Government Bond 3.50%





30/3/2039 118,571 0.03 SEK 370,000 Sweden Government Bond RegS

‘144A’ 1.50% 13/11/2023 47,670 0.01 1,181,144 0.33

United Kingdom GBP 225,000 United Kingdom Gilt RegS 4.50%

7/3/2019 327,442 0.09 GBP 520,000 United Kingdom Gilt RegS 1.75%





7/9/2020* 865,363 0.24 GBP 380,000 United Kingdom Gilt RegS 1.50%



7/9/2021 1,079,081 0.30 GBP 135,000 United Kingdom Gilt RegS 4.00%








7/9/2025* 602,348 0.17 GBP 580,000 United Kingdom Gilt RegS 1.50%


















7/12/2049 526,719 0.14


Spain continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




GBP 376,000 United Kingdom Gilt RegS 3.75% 22/7/2052 820,537 0.23






21,078,484 5.80

United States USD 430,000 United States Treasury Bond

6.00% 15/2/2026 530,160 0.15 USD 280,000 United States Treasury Bond


























2.75% 15/8/2042 462,291 0.13

USD 320,000 United States Treasury Bond 2.75% 15/11/2042 307,925 0.08









USD 1,337,000 United States Treasury Bond 2.50% 15/2/2045 1,216,670 0.34













USD 990,000 United States Treasury Note 1.125% 28/2/2019 981,318 0.27










USD 1,000,000 United States Treasury Note 3.125% 15/5/2019 1,010,352 0.28




United Kingdom continued United States continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets






USD 1,000,000 United States Treasury Note 1.25% 30/6/2019 988,477 0.27















USD 970,000 United States Treasury Note 1.50% 31/10/2019* 958,595 0.26
























































Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets












USD 1,570,000 United States Treasury Note 2.00% 15/11/2021* 1,544,120 0.43









































USD 775,000 United States Treasury Note 2.50% 15/8/2023* 770,656 0.21























Holding Description

Market Value USD

% of Net

Assets














120,689,635 33.23Total Bonds 358,735,822 98.78Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 358,735,822 98.78Securities portfolio at market value 358,735,822 98.78 Other Net Assets 4,419,363 1.22Total Net Assets (USD) 363,155,185 100.00



Open forward foreign exchange transactions as at 31 March 2018

Currency

Purchases Currency

Sales Counterparty

Maturity date


USD

CHF 420,000 USD 445,533 Bank of America Merrill Lynch 7/6/2018 (3,567)USD 445,574 EUR 360,000 UBS 7/6/2018 (112)

Total (Gross underlying exposure - USD 887,651) (3,679)


% of Net Assets

Government 98.78


100.00

United States continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





iShares Japan Equity Index Fund (LU) (formerly known as BlackRock Japan Equity Index Fund)

COMMON STOCKS (SHARES)

Japan 1,600 ABC-Mart Inc 104,696 0.06 19,800 Acom Co Ltd 87,863 0.05 32,000 Aeon Co Ltd* 565,449 0.31 5,400 AEON Financial Service Co Ltd 123,774 0.07 5,600 Aeon Mall Co Ltd 116,407 0.06 7,400 Air Water Inc 142,831 0.08 8,800 Aisin Seiki Co Ltd 474,893 0.26 27,000 Ajinomoto Co Inc 486,998 0.26 9,300 Alfresa Holdings Corp 207,133 0.11 9,900 Alps Electric Co Ltd* 241,066 0.13 16,900 Amada Holdings Co Ltd 202,581 0.11 5,800 ANA Holdings Inc 222,643 0.12 5,900 Aozora Bank Ltd 234,635 0.13 10,600 Asahi Glass Co Ltd 437,992 0.24 19,700 Asahi Group Holdings Ltd 1,053,852 0.57 62,800 Asahi Kasei Corp 825,702 0.45 7,900 Asics Corp 145,648 0.08 104,900 Astellas Pharma Inc 1,593,742 0.86 9,900 Bandai Namco Holdings Inc 316,457 0.17 3,000 Bank of Kyoto Ltd/The* 167,536 0.09 3,800 Benesse Holdings Inc 136,473 0.07 33,000 Bridgestone Corp 1,435,848 0.78 11,800 Brother Industries Ltd 269,248 0.15 4,000 Calbee Inc 135,007 0.07 54,200 Canon Inc 1,961,830 1.06 10,200 Casio Computer Co Ltd 149,982 0.08 7,300 Central Japan Railway Co 1,380,181 0.75 35,000 Chiba Bank Ltd/The 282,001 0.15 32,200 Chubu Electric Power Co Inc 459,243 0.25 11,700 Chugai Pharmaceutical Co Ltd 586,292 0.32 13,800 Chugoku Electric Power Co Inc/The* 167,627 0.09 6,200 Coca-Cola Bottlers Japan

Holdings Inc 254,727 0.14 65,800 Concordia Financial Group Ltd 366,844 0.20 7,800 Credit Saison Co Ltd 128,625 0.07 5,800 Cyberdyne Inc* 81,903 0.04 12,894 Dai Nippon Printing Co Ltd 264,632 0.14 54,800 Dai-ichi Life Holdings Inc 1,002,078 0.54 13,900 Daicel Corp 150,807 0.08 4,900 Daifuku Co Ltd 285,160 0.15 28,800 Daiichi Sankyo Co Ltd 957,157 0.52 12,700 Daikin Industries Ltd 1,390,415 0.75 3,600 Daito Trust Construction Co Ltd 609,561 0.33 28,800 Daiwa House Industry Co Ltd 1,093,894 0.59 90 Daiwa House Investment Corp

(Reit) 216,951 0.12 80,000 Daiwa Securities Group Inc 508,664 0.27 5,300 DeNA Co Ltd 95,571 0.05 24,200 Denso Corp 1,315,512 0.71 11,400 Dentsu Inc 498,378 0.27 1,500 Disco Corp 314,765 0.17 6,400 Don Quijote Holdings Co Ltd 363,428 0.20 16,700 East Japan Railway Co 1,549,969 0.84 13,300 Eisai Co Ltd* 848,529 0.46 7,300 Electric Power Development Co Ltd 186,678 0.10 4,100 FamilyMart UNY Holdings Co Ltd 339,595 0.18 9,800 FANUC Corp 2,448,042 1.32 2,700 Fast Retailing Co Ltd 1,064,617 0.58 28,000 Fuji Electric Co Ltd 189,273 0.10 20,900 FUJIFILM Holdings Corp 824,486 0.45 103,000 Fujitsu Ltd 618,784 0.33 38,000 Fukuoka Financial Group Inc 205,782 0.11 21,300 Hachijuni Bank Ltd/The 114,545 0.06 11,600 Hakuhodo DY Holdings Inc 158,462 0.09 7,100 Hamamatsu Photonics KK 270,343 0.15 12,000 Hankyu Hanshin Holdings Inc 445,635 0.24 1,100 Hikari Tsushin Inc 175,499 0.09

12,800 Hino Motors Ltd 164,385 0.09 1,680 Hirose Electric Co Ltd 229,654 0.12 3,400 Hisamitsu Pharmaceutical Co Inc 260,198 0.14 5,200 Hitachi Chemical Co Ltd 114,594 0.06 5,300 Hitachi Construction Machinery

Co Ltd 202,303 0.11 3,400 Hitachi High-Technologies Corp 158,548 0.09 246,000 Hitachi Ltd 1,764,891 0.95 10,600 Hitachi Metals Ltd 123,176 0.07 87,400 Honda Motor Co Ltd* 2,991,806 1.62 2,700 Hoshizaki Corp 238,105 0.13 19,300 Hoya Corp 963,322 0.52 14,800 Hulic Co Ltd 159,737 0.09 6,700 Idemitsu Kosan Co Ltd 251,963 0.14 7,700 IHI Corp 237,447 0.13 7,700 Iida Group Holdings Co Ltd 142,178 0.08 49,500 Inpex Corp 603,363 0.33 16,700 Isetan Mitsukoshi Holdings Ltd 182,599 0.10 27,400 Isuzu Motors Ltd 414,484 0.22 76,000 ITOCHU Corp* 1,465,839 0.79 12,100 J Front Retailing Co Ltd 201,468 0.11 6,400 Japan Airlines Co Ltd 258,070 0.14 2,300 Japan Airport Terminal Co Ltd 88,225 0.05 26,000 Japan Exchange Group Inc 480,327 0.26 20,200 Japan Post Bank Co Ltd 272,144 0.15 80,000 Japan Post Holdings Co Ltd 966,483 0.52 41 Japan Prime Realty Investment

Corp (Reit) 148,404 0.08 62 Japan Real Estate Investment

Corp (Reit) 321,177 0.17 133 Japan Retail Fund Investment

Corp (Reit) 257,585 0.14 55,900 Japan Tobacco Inc 1,595,041 0.86 27,200 JFE Holdings Inc* 541,494 0.29 10,300 JGC Corp 220,787 0.12 9,500 JSR Corp 211,052 0.11 11,100 JTEKT Corp 160,502 0.09 156,700 JXTG Holdings Inc* 939,331 0.51 46,000 Kajima Corp 426,851 0.23 6,900 Kakaku.com Inc 120,076 0.06 5,800 Kamigumi Co Ltd 128,362 0.07 16,000 Kaneka Corp 157,796 0.09 35,200 Kansai Electric Power Co Inc/The 456,361 0.25 10,200 Kansai Paint Co Ltd* 236,096 0.13 25,100 Kao Corp 1,871,792 1.01 7,500 Kawasaki Heavy Industries Ltd 238,683 0.13 92,000 KDDI Corp 2,340,112 1.26 4,800 Keihan Holdings Co Ltd 147,793 0.08 11,600 Keikyu Corp* 202,303 0.11 5,700 Keio Corp 243,294 0.13 6,800 Keisei Electric Railway Co Ltd 207,136 0.11 4,940 Keyence Corp 3,042,072 1.64 7,400 Kikkoman Corp 296,376 0.16 9,000 Kintetsu Group Holdings Co Ltd 351,572 0.19 44,100 Kirin Holdings Co Ltd 1,166,505 0.63 15,400 Kobe Steel Ltd 151,010 0.08 5,700 Koito Manufacturing Co Ltd 392,808 0.21 46,900 Komatsu Ltd 1,545,476 0.84 4,600 Konami Holdings Corp 230,076 0.12 23,700 Konica Minolta Inc 198,976 0.11 1,500 Kose Corp* 311,522 0.17 53,600 Kubota Corp 929,742 0.50 17,600 Kuraray Co Ltd 301,152 0.16 4,900 Kurita Water Industries Ltd 155,939 0.08 16,300 Kyocera Corp 908,288 0.49 12,900 Kyowa Hakko Kirin Co Ltd 277,369 0.15 21,200 Kyushu Electric Power Co Inc 254,324 0.14 18,100 Kyushu Financial Group Inc 89,509 0.05 8,000 Kyushu Railway Co* 248,202 0.13


Japan continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




iShares Japan Equity Index Fund (LU) continued


2,600 Lawson Inc 176,976 0.10 2,200 LINE Corp 86,043 0.05 11,100 Lion Corp 225,934 0.12 13,200 LIXIL Group Corp 289,776 0.16 10,500 M3 Inc 475,814 0.26 2,400 Mabuchi Motor Co Ltd 117,783 0.06 11,700 Makita Corp 571,993 0.31 85,700 Marubeni Corp* 617,743 0.33 11,100 Marui Group Co Ltd* 221,238 0.12 2,700 Maruichi Steel Tube Ltd 81,610 0.04 28,400 Mazda Motor Corp 376,344 0.20 3,200 McDonald’s Holdings Co Japan Ltd 150,726 0.08 49,430 Mebuki Financial Group Inc 189,606 0.10 8,500 Medipal Holdings Corp 175,650 0.09 6,100 MEIJI Holdings Co Ltd 466,253 0.25 19,100 MINEBEA MITSUMI Inc 402,776 0.22 14,000 MISUMI Group Inc 381,046 0.21 73,800 Mitsubishi Chemical Holdings Corp 707,714 0.38 76,700 Mitsubishi Corp 2,037,473 1.10 98,200 Mitsubishi Electric Corp* 1,569,040 0.85 63,600 Mitsubishi Estate Co Ltd 1,046,397 0.57 9,000 Mitsubishi Gas Chemical Co Inc 213,313 0.12 16,700 Mitsubishi Heavy Industries Ltd 637,290 0.34 6,300 Mitsubishi Materials Corp 184,501 0.10 33,300 Mitsubishi Motors Corp 235,431 0.13 11,100 Mitsubishi Tanabe Pharma Corp 222,908 0.12 605,800 Mitsubishi UFJ Financial Group Inc* 3,965,765 2.14 22,200 Mitsubishi UFJ Lease & Finance

Co Ltd 130,864 0.07 86,700 Mitsui & Co Ltd* 1,475,363 0.80 9,200 Mitsui Chemicals Inc 288,027 0.16 45,300 Mitsui Fudosan Co Ltd 1,078,358 0.58 6,400 Mitsui OSK Lines Ltd 179,608 0.10 2,100 Mixi Inc 77,789 0.04 1,225,438 Mizuho Financial Group Inc* 2,206,284 1.19 24,500 MS&AD Insurance Group

Holdings Inc* 754,590 0.41 9,700 Murata Manufacturing Co Ltd 1,321,422 0.71 5,600 Nabtesco Corp 214,544 0.12 9,100 Nagoya Railroad Co Ltd 230,484 0.12 12,900 NEC Corp 358,990 0.19 19,600 Nexon Co Ltd 329,661 0.18 13,000 NGK Insulators Ltd 221,953 0.12 7,900 NGK Spark Plug Co Ltd 187,835 0.10 4,500 NH Foods Ltd 183,825 0.10 12,100 Nidec Corp 1,831,524 0.99 18,400 Nikon Corp 328,507 0.18 5,700 Nintendo Co Ltd 2,500,465 1.35 67 Nippon Building Fund Inc (Reit) 370,385 0.20 4,200 Nippon Electric Glass Co Ltd 120,039 0.06 4,000 Nippon Express Co Ltd* 261,364 0.14 8,100 Nippon Paint Holdings Co Ltd 295,092 0.16 92 Nippon Prologis REIT Inc (Reit) 199,024 0.11 38,600 Nippon Steel & Sumitomo Metal

Corp 837,576 0.45 35,100 Nippon Telegraph & Telephone Corp 1,617,639 0.87 8,000 Nippon Yusen KK* 155,013 0.08 6,000 Nissan Chemical Industries Ltd 245,946 0.13 117,900 Nissan Motor Co Ltd* 1,213,196 0.66 9,800 Nisshin Seifun Group Inc 193,300 0.10 2,900 Nissin Foods Holdings Co Ltd 200,122 0.11 4,000 Nitori Holdings Co Ltd 695,153 0.38 8,600 Nitto Denko Corp 639,714 0.35 5,000 NOK Corp 96,413 0.05 184,500 Nomura Holdings Inc* 1,060,183 0.57 6,200 Nomura Real Estate Holdings Inc 143,743 0.08 188 Nomura Real Estate Master Fund

Inc (Reit) 261,060 0.14 6,640 Nomura Research Institute Ltd 309,324 0.17

19,100 NSK Ltd 252,835 0.14 34,100 NTT Data Corp 353,615 0.19 69,300 NTT DOCOMO Inc 1,752,290 0.95 32,200 Obayashi Corp 349,957 0.19 3,200 Obic Co Ltd 265,651 0.14 14,700 Odakyu Electric Railway Co Ltd 297,137 0.16 43,000 Oji Holdings Corp 274,094 0.15 14,500 Olympus Corp 548,019 0.30 10,100 Omron Corp 580,181 0.31 20,500 Ono Pharmaceutical Co Ltd 646,232 0.35 1,900 Oracle Corp Japan 155,230 0.08 11,100 Oriental Land Co Ltd/Japan 1,126,019 0.61 67,300 ORIX Corp 1,188,578 0.64 18,700 Osaka Gas Co Ltd 368,673 0.20 5,200 Otsuka Corp* 262,041 0.14 19,800 Otsuka Holdings Co Ltd 985,300 0.53 112,200 Panasonic Corp 1,585,979 0.86 5,300 Park24 Co Ltd 143,606 0.08 8,900 Persol Holdings Co Ltd 255,206 0.14 4,600 Pola Orbis Holdings Inc 190,072 0.10 46,400 Rakuten Inc 380,745 0.21 56,000 Recruit Holdings Co Ltd 1,381,507 0.75 33,000 Renesas Electronics Corp 326,075 0.18 114,600 Resona Holdings Inc* 608,636 0.33 35,100 Ricoh Co Ltd 342,206 0.18 1,900 Rinnai Corp 179,345 0.10 4,700 Rohm Co Ltd 437,456 0.24 1,200 Ryohin Keikaku Co Ltd 397,123 0.21 2,100 Sankyo Co Ltd 73,050 0.04 18,200 Santen Pharmaceutical Co Ltd 301,152 0.16 10,000 SBI Holdings Inc/Japan 229,587 0.12 10,800 Secom Co Ltd 795,036 0.43 9,100 Sega Sammy Holdings Inc 145,870 0.08 12,500 Seibu Holdings Inc 216,707 0.12 13,900 Seiko Epson Corp 238,103 0.13 19,900 Sekisui Chemical Co Ltd 344,249 0.19 29,200 Sekisui House Ltd 530,385 0.29 38,300 Seven & i Holdings Co Ltd 1,631,886 0.88 28,800 Seven Bank Ltd 91,519 0.05 7,400 Sharp Corp/Japan 219,151 0.12 12,500 Shimadzu Corp 339,162 0.18 1,100 Shimamura Co Ltd 136,304 0.07 3,800 Shimano Inc 544,822 0.29 27,500 Shimizu Corp 242,255 0.13 19,500 Shin-Etsu Chemical Co Ltd 1,993,724 1.08 8,200 Shinsei Bank Ltd 126,201 0.07 15,300 Shionogi & Co Ltd 788,986 0.43 19,300 Shiseido Co Ltd 1,231,687 0.67 26,000 Shizuoka Bank Ltd/The 246,886 0.13 9,400 Showa Shell Sekiyu KK 126,465 0.07 2,900 SMC Corp/Japan 1,161,200 0.63 41,900 SoftBank Group Corp 3,074,991 1.66 3,500 Sohgo Security Services Co Ltd 170,122 0.09 18,300 Sompo Holdings Inc 729,660 0.39 64,300 Sony Corp 3,089,108 1.67 8,600 Sony Financial Holdings Inc* 155,401 0.08 7,000 Stanley Electric Co Ltd 258,967 0.14 9,300 Start Today Co Ltd 238,610 0.13 31,300 Subaru Corp* 1,026,707 0.55 11,700 SUMCO Corp 299,416 0.16 78,000 Sumitomo Chemical Co Ltd 445,861 0.24 60,400 Sumitomo Corp* 998,859 0.54 8,400 Sumitomo Dainippon Pharma Co Ltd 138,835 0.08 39,300 Sumitomo Electric Industries Ltd* 593,574 0.32 5,800 Sumitomo Heavy Industries Ltd 218,117 0.12 12,300 Sumitomo Metal Mining Co Ltd 500,141 0.27 68,300 Sumitomo Mitsui Financial Group Inc 2,858,114 1.54 17,100 Sumitomo Mitsui Trust Holdings Inc 691,781 0.37




Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets






18,000 Sumitomo Realty & Development Co Ltd 664,053 0.36

8,500 Sumitomo Rubber Industries Ltd 154,713 0.08 4,100 Sundrug Co Ltd 190,034 0.10 7,500 Suntory Beverage & Food Ltd 363,136 0.20 8,600 Suruga Bank Ltd 119,340 0.06 3,600 Suzuken Co Ltd/Aichi Japan 149,937 0.08 17,500 Suzuki Motor Corp 938,302 0.51 7,800 Sysmex Corp 699,591 0.38 26,000 T&D Holdings Inc 409,073 0.22 6,000 Taiheiyo Cement Corp 213,228 0.12 10,200 Taisei Corp 515,922 0.28 1,600 Taisho Pharmaceutical Holdings

Co Ltd 157,195 0.08 7,700 Taiyo Nippon Sanso Corp 115,176 0.06 15,000 Takashimaya Co Ltd 142,857 0.08 36,200 Takeda Pharmaceutical Co Ltd 1,742,528 0.94 6,500 TDK Corp 568,937 0.31 9,300 Teijin Ltd 174,870 0.09 16,400 Terumo Corp 844,940 0.46 6,000 THK Co Ltd 243,971 0.13 9,600 Tobu Railway Co Ltd 290,622 0.16 5,600 Toho Co Ltd/Tokyo 184,534 0.10 3,800 Toho Gas Co Ltd 117,717 0.06 22,700 Tohoku Electric Power Co Inc 306,252 0.17 34,200 Tokio Marine Holdings Inc* 1,534,683 0.83 72,300 Tokyo Electric Power Co

Holdings Inc 280,731 0.15 8,000 Tokyo Electron Ltd 1,445,212 0.78 19,500 Tokyo Gas Co Ltd 516,627 0.28 10,200 Tokyo Tatemono Co Ltd 152,954 0.08 26,500 Tokyu Corp 414,323 0.22 25,500 Tokyu Fudosan Holdings Corp 181,484 0.10 26,000 Toppan Printing Co Ltd 211,197 0.11 75,700 Toray Industries Inc* 712,412 0.39 331,000 Toshiba Corp 952,249 0.51 14,600 Tosoh Corp 283,449 0.15

7,000 TOTO Ltd 361,303 0.20 8,500 Toyo Seikan Group Holdings Ltd 125,624 0.07 4,400 Toyo Suisan Kaisha Ltd 172,914 0.09 3,400 Toyoda Gosei Co Ltd 77,644 0.04 8,100 Toyota Industries Corp* 484,332 0.26 132,300 Toyota Motor Corp* 8,510,286 4.60 10,500 Toyota Tsusho Corp 349,951 0.19 5,900 Trend Micro Inc/Japan 342,246 0.18 2,000 Tsuruha Holdings Inc 285,620 0.15 21,000 Unicharm Corp 601,974 0.33 152 United Urban Investment Corp

(Reit) 237,507 0.13 10,900 USS Co Ltd 220,736 0.12 8,300 West Japan Railway Co 583,298 0.32 76,600 Yahoo Japan Corp* 355,760 0.19 5,600 Yakult Honsha Co Ltd 417,506 0.23 31,200 Yamada Denki Co Ltd* 188,024 0.10 10,000 Yamaguchi Financial Group Inc 122,691 0.07 8,300 Yamaha Corp 359,343 0.19 13,900 Yamaha Motor Co Ltd 408,382 0.22 17,400 Yamato Holdings Co Ltd 433,425 0.23 7,700 Yamazaki Baking Co Ltd 160,349 0.09 12,600 Yaskawa Electric Corp* 559,131 0.30 11,300 Yokogawa Electric Corp 225,437 0.12 5,900 Yokohama Rubber Co Ltd/The 135,012 0.07 182,241,921 98.47Total Common Stocks (Shares) 182,241,921 98.47Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 182,241,921 98.47 Securities portfolio at market value 182,241,921 98.47 Other Net Assets 2,840,417 1.53Total Net Assets (USD) 185,082,338 100.00






% of Net Assets

Consumer, Cyclical 25.93Industrial 21.70Consumer, Non-cyclical 15.73Financial 15.32Communications 6.39Basic Materials 5.88Technology 4.78Utilities 1.69Energy 1.05


100.00


Number of contracts



Expiration date

Gross underlying

exposure USD

Unrealised appreciation

USD

18 JPY Topix Index June 2018 2,887,886 44,837

Total 2,887,886 44,837



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





iShares North America Equity Index Fund (LU) (formerly known as BlackRock North America Equity Index Fund)



Bermuda 3,126 Arch Capital Group Ltd 267,398 0.04 3,553 Athene Holding Ltd ‘A’ 169,905 0.03 5,044 Axalta Coating Systems Ltd 152,581 0.03 1,355 Axis Capital Holdings Ltd 77,953 0.01 3,499 Bunge Ltd 257,491 0.04 992 Everest Re Group Ltd* 256,134 0.04 9,221 IHS Markit Ltd 440,764 0.07 8,978 Invesco Ltd 283,615 0.05 10,412 Marvell Technology Group Ltd 214,071 0.04 4,473 Norwegian Cruise Line Holdings Ltd 235,235 0.04 1,147 RenaissanceRe Holdings Ltd 158,286 0.03 6,375 XL Group Ltd 353,111 0.06 2,866,544 0.48

British Virgin Islands 3,903 Michael Kors Holdings Ltd* 240,971 0.04 240,971 0.04

Canada 5,766 Agnico Eagle Mines Ltd 240,775 0.04 9,265 Alimentation Couche-Tard Inc ‘B’ 410,200 0.07 4,690 AltaGas Ltd 85,775 0.01 8,959 ARC Resources Ltd 95,799 0.02 2,015 Atco Ltd/Canada ‘I’ 65,014 0.01 15,476 Bank of Montreal 1,161,209 0.19 29,048 Bank of Nova Scotia/The 1,773,919 0.30 28,842 Barrick Gold Corp 358,208 0.06 3,572 BCE Inc 153,390 0.03 9,533 BlackBerry Ltd 111,975 0.02 54,067 Bombardier Inc ‘B’ 157,408 0.03 19,623 Brookfield Asset Management Inc ‘A’ 762,129 0.13 7,547 CAE Inc 138,844 0.02 8,157 Cameco Corp 72,822 0.01 10,386 Canadian Imperial Bank of

Commerce 910,976 0.15 18,210 Canadian National Railway Co 1,320,031 0.22 27,450 Canadian Natural Resources Ltd 854,213 0.14 3,757 Canadian Pacific Railway Ltd 662,791 0.11 1,292 Canadian Tire Corp Ltd ‘A’ 168,755 0.03 2,666 Canadian Utilities Ltd ‘A’ 72,311 0.01 3,920 CCL Industries Inc ‘B’ 194,862 0.03 25,865 Cenovus Energy Inc 216,894 0.04 6,428 CGI Group Inc ‘A’ 363,233 0.06 6,001 CI Financial Corp 126,990 0.02 516 Constellation Software Inc/Canada 346,725 0.06 8,800 Crescent Point Energy Corp 58,394 0.01 2,671 Dollarama Inc 336,589 0.06 5,968 Element Fleet Management Corp 18,807 0.00 2,074 Emera Inc 65,873 0.01 4,905 Empire Co Ltd ‘A’ 99,277 0.02 39,907 Enbridge Inc 1,224,865 0.21 24,091 Encana Corp 259,097 0.04 626 Fairfax Financial Holdings Ltd 313,984 0.05 5,104 Finning International Inc 122,788 0.02 3,144 First Capital Realty Inc 49,613 0.01 16,506 First Quantum Minerals Ltd 216,629 0.04 9,146 Fortis Inc/Canada 309,753 0.05 3,959 Franco-Nevada Corp 266,049 0.04 1,495 George Weston Ltd 119,866 0.02 4,930 Gildan Activewear Inc 142,537 0.02 23,650 Goldcorp Inc 320,644 0.05 6,962 Great-West Lifeco Inc 176,705 0.03 4,172 H&R Real Estate Investment Trust

(Reit) 67,676 0.01 8,097 Husky Energy Inc 113,289 0.02 5,929 Hydro One Ltd* 96,452 0.02

2,579 IGM Financial Inc 74,964 0.01 7,182 Imperial Oil Ltd* 187,182 0.03 2,863 Industrial Alliance Insurance &

Financial Services Inc 116,626 0.02 3,612 Intact Financial Corp 270,921 0.05 9,758 Inter Pipeline Ltd 167,053 0.03 2,630 Jean Coutu Group PJC Inc/The ‘A’ 49,932 0.01 5,721 Keyera Corp* 145,384 0.02 21,431 Kinross Gold Corp 83,384 0.01 1,511 Linamar Corp 81,137 0.01 5,641 Loblaw Cos Ltd 283,513 0.05 10,543 Lundin Mining Corp 66,532 0.01 8,003 Magna International Inc 442,566 0.07 46,400 Manulife Financial Corp 852,553 0.14 2,614 Methanex Corp 157,042 0.03 5,855 Metro Inc 186,462 0.03 7,488 National Bank of Canada 350,948 0.06 15,042 Nutrien Ltd 694,040 0.12 1,620 Onex Corp 116,316 0.02 6,481 Open Text Corp 220,299 0.04 11,206 Pembina Pipeline Corp 344,553 0.06 8,345 Power Corp of Canada 189,644 0.03 6,634 Power Financial Corp 166,377 0.03 5,206 PrairieSky Royalty Ltd* 112,424 0.02 5,659 Restaurant Brands International Inc 315,703 0.05 4,166 RioCan Real Estate Investment

Trust (Reit) 76,223 0.01 9,468 Rogers Communications Inc ‘B’ 420,507 0.07 34,450 Royal Bank of Canada 2,638,099 0.44 4,355 Saputo Inc 138,928 0.02 3,232 Seven Generations Energy Ltd ‘A’ 39,064 0.01 9,296 Shaw Communications Inc ‘B’ 177,786 0.03 1,971 Shopify Inc ‘A’ 235,940 0.04 2,217 Smart Real Estate Investment Trust

(Reit) 50,297 0.01 4,552 SNC-Lavalin Group Inc 197,800 0.03 14,326 Sun Life Financial Inc 582,801 0.10 38,698 Suncor Energy Inc 1,327,088 0.22 13,580 Teck Resources Ltd ‘B’ 337,529 0.06 5,138 TELUS Corp 178,826 0.03 7,311 Thomson Reuters Corp 283,100 0.05 43,860 Toronto-Dominion Bank/The 2,461,458 0.41 5,570 Tourmaline Oil Corp 92,596 0.02 20,944 TransCanada Corp* 847,814 0.14 21,116 Turquoise Hill Resources Ltd 64,582 0.01 7,757 Valeant Pharmaceuticals

International Inc 120,725 0.02 2,776 Vermilion Energy Inc 87,848 0.01 5,912 Waste Connections Inc 421,939 0.07 1,424 West Fraser Timber Co Ltd 93,467 0.02 10,433 Wheaton Precious Metals Corp* 210,195 0.04 31,964,302 5.35

Curacao 32,880 Schlumberger Ltd 2,096,429 0.35 2,096,429 0.35

Ireland 14,477 Accenture Plc ‘A’ 2,144,044 0.36 3,762 Alkermes Plc 222,635 0.04 2,226 Allegion Plc 185,715 0.03 8,017 Allergan Plc 1,338,518 0.23 10,335 Eaton Corp Plc 823,183 0.14 5,761 Ingersoll-Rand Plc 487,842 0.08 1,527 Jazz Pharmaceuticals Plc 227,416 0.04 22,140 Johnson Controls International Plc 766,708 0.13 31,963 Medtronic Plc 2,523,799 0.42 4,339 Pentair Plc 294,878 0.05

Canada continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




3,104 Perrigo Co Plc 256,546 0.04 7,560 Seagate Technology Plc 430,088 0.07 3,170 Willis Towers Watson Plc 482,506 0.08 10,183,878 1.71

Jersey 6,246 Aptiv Plc 522,353 0.09 522,353 0.09

Liberia 4,361 Royal Caribbean Cruises Ltd 509,626 0.09 509,626 0.09

Netherlands 7,841 LyondellBasell Industries NV ‘A’ 814,994 0.14 10,536 Mylan NV 427,867 0.07 1,242,861 0.21

Panama 8,672 Carnival Corp 561,512 0.09 561,512 0.09

Singapore 9,736 Broadcom Ltd 2,295,846 0.39 12,309 Flex Ltd 200,637 0.03 2,496,483 0.42

Switzerland 10,933 Chubb Ltd 1,497,165 0.25 2,914 Garmin Ltd 169,886 0.03 8,192 TE Connectivity Ltd 803,185 0.13 2,470,236 0.41

United Kingdom 6,118 Aon Plc 853,033 0.14 5,643 Liberty Global Plc ‘A’ 178,206 0.03 13,628 Liberty Global Plc ‘C’ 415,722 0.07 7,646 Nielsen Holdings Plc 248,495 0.04 4,015 Sensata Technologies Holding Plc 204,002 0.04 10,953 TechnipFMC Plc 317,089 0.05 2,216,547 0.37

United States 14,120 3M Co 3,079,007 0.52 41,193 Abbott Laboratories 2,445,628 0.41 38,489 AbbVie Inc 3,632,592 0.61 17,383 Activision Blizzard Inc 1,129,547 0.19 895 Acuity Brands Inc 124,047 0.02 11,681 Adobe Systems Inc 2,459,785 0.41 1,488 Advance Auto Parts Inc 176,640 0.03 20,385 Advanced Micro Devices Inc 200,792 0.03 15,389 AES Corp/VA 174,973 0.03 8,022 Aetna Inc 1,352,429 0.23 1,338 Affiliated Managers Group Inc 249,912 0.04 18,588 Aflac Inc 813,597 0.14 2,016 AGCO Corp 130,435 0.02 7,973 Agilent Technologies Inc 528,530 0.09 10,342 AGNC Investment Corp (Reit) 196,291 0.03 5,132 Air Products & Chemicals Inc 810,086 0.14 4,164 Akamai Technologies Inc 292,521 0.05 2,582 Albemarle Corp 234,885 0.04 2,280 Alexandria Real Estate Equities

Inc (Reit) 282,469 0.05 5,104 Alexion Pharmaceuticals Inc 561,236 0.09 1,948 Align Technology Inc 476,481 0.08

408 Alleghany Corp 247,774 0.04 1,221 Alliance Data Systems Corp 263,187 0.04 5,765 Alliant Energy Corp 236,365 0.04 8,577 Allstate Corp/The 816,530 0.14 11,448 Ally Financial Inc 304,631 0.05 2,229 Alnylam Pharmaceuticals Inc 287,184 0.05 7,116 Alphabet Inc ‘A’ 7,173,640 1.20 7,537 Alphabet Inc ‘C’ 7,589,684 1.27 45,310 Altria Group Inc 2,836,859 0.48 9,814 Amazon.com Inc 13,523,790 2.26 215 AMERCO 74,332 0.01 5,228 Ameren Corp 296,166 0.05 2,127 American Airlines Group Inc 109,009 0.02 11,568 American Electric Power Co Inc 798,770 0.13 17,821 American Express Co 1,653,611 0.28 1,760 American Financial Group Inc/OH 198,088 0.03 21,834 American International Group Inc 1,187,551 0.20 10,379 American Tower Corp (Reit) 1,494,265 0.25 4,373 American Water Works Co Inc 359,329 0.06 3,379 Ameriprise Financial Inc 499,653 0.08 3,654 AmerisourceBergen Corp 311,577 0.05 5,345 AMETEK Inc 404,670 0.07 16,201 Amgen Inc 2,761,298 0.46 7,664 Amphenol Corp ‘A’ 654,122 0.11 13,180 Anadarko Petroleum Corp 782,628 0.13 9,148 Analog Devices Inc 823,594 0.14 3,665 Andeavor 365,547 0.06 28,307 Annaly Capital Management

Inc (Reit) 295,384 0.05 2,098 ANSYS Inc 325,673 0.05 5,217 Antero Resources Corp* 101,836 0.02 7,023 Anthem Inc 1,547,097 0.26 4,043 AO Smith Corp 254,466 0.04 9,532 Apache Corp 358,784 0.06 122,958 Apple Inc 20,564,725 3.44 26,099 Applied Materials Inc 1,418,872 0.24 5,263 Aramark 206,204 0.03 14,187 Archer-Daniels-Midland Co 613,162 0.10 10,555 Arconic Inc 239,704 0.04 1,218 Arista Networks Inc 299,360 0.05 1,746 Arrow Electronics Inc 133,237 0.02 4,356 Arthur J Gallagher & Co 296,905 0.05 1,172 Assurant Inc 106,957 0.02 146,518 AT&T Inc 5,221,902 0.87 2,547 Atmos Energy Corp 214,279 0.04 4,468 Autodesk Inc 554,389 0.09 2,035 Autoliv Inc 295,584 0.05 10,825 Automatic Data Processing Inc 1,205,364 0.20 2,019 AutoNation Inc 94,368 0.02 654 AutoZone Inc 420,385 0.07 3,093 AvalonBay Communities Inc (Reit) 510,314 0.09 2,201 Avery Dennison Corp 230,841 0.04 2,492 Avnet Inc 103,667 0.02 10,696 Baker Hughes a GE Co 298,525 0.05 8,370 Ball Corp 329,192 0.06 236,618 Bank of America Corp 6,947,341 1.16 24,008 Bank of New York Mellon Corp/The 1,223,448 0.20 12,224 Baxter International Inc 782,825 0.13 19,282 BB&T Corp 992,637 0.17 6,173 Becton Dickinson and Co 1,310,651 0.22 30,201 Berkshire Hathaway Inc ‘B’* 5,966,510 1.00 6,345 Best Buy Co Inc 445,863 0.07 5,013 Biogen Inc 1,369,702 0.23 3,917 BioMarin Pharmaceutical Inc 315,475 0.05 3,321 BlackRock Inc 1,758,436 0.29 13,563 Boeing Co/The 4,375,288 0.73 1,186 Booking Holdings Inc 2,425,085 0.41 4,322 BorgWarner Inc 214,414 0.04 3,360 Boston Properties Inc (Reit) 415,464 0.07


iShares North America Equity Index Fund (LU) continued

iShares North America Equity Index Fund (LU) (formerly known as BlackRock North America Equity Index Fund)

Ireland continued United States continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




32,609 Boston Scientific Corp 886,313 0.15 2,072 Brighthouse Financial Inc 106,563 0.02 38,907 Bristol-Myers Squibb Co 2,434,411 0.41 6,565 Brixmor Property Group Inc (Reit) 101,101 0.02 2,807 Broadridge Financial Solutions Inc 300,882 0.05 6,415 Brown-Forman Corp ‘B’ 344,229 0.06 7,420 CA Inc 248,422 0.04 11,586 Cabot Oil & Gas Corp 278,933 0.05 6,904 Cadence Design Systems Inc 252,894 0.04 2,102 Camden Property Trust (Reit) 178,060 0.03 3,665 Campbell Soup Co 159,354 0.03 11,624 Capital One Financial Corp 1,099,630 0.18 7,382 Cardinal Health Inc* 460,342 0.08 3,878 CarMax Inc 239,156 0.04 14,291 Caterpillar Inc 2,095,489 0.35 2,104 Cboe Global Markets Inc 236,931 0.04 7,711 CBRE Group Inc ‘A’ 360,181 0.06 8,793 CBS Corp ‘B non-voting share’ 446,069 0.07 3,008 CDK Global Inc 188,602 0.03 3,747 CDW Corp/DE 262,590 0.04 3,489 Celanese Corp ‘A’ 352,319 0.06 18,519 Celgene Corp 1,651,895 0.28 3,967 Centene Corp 409,117 0.07 10,922 CenterPoint Energy Inc 298,662 0.05 21,397 CenturyLink Inc 348,129 0.06 6,799 Cerner Corp 394,342 0.07 5,626 CF Industries Holdings Inc 208,049 0.03 3,425 CH Robinson Worldwide Inc 317,498 0.05 28,365 Charles Schwab Corp/The 1,441,793 0.24 4,596 Charter Communications Inc ‘A’ 1,408,077 0.24 4,396 Chemours Co/The 206,788 0.03 5,327 Cheniere Energy Inc 278,389 0.05 45,196 Chevron Corp 5,116,639 0.86 503 Chipotle Mexican Grill Inc 162,721 0.03 5,256 Church & Dwight Co Inc 264,324 0.04 5,996 Cigna Corp 1,003,551 0.17 2,485 Cimarex Energy Co 230,111 0.04 3,754 Cincinnati Financial Corp 279,448 0.05 2,317 Cintas Corp 391,897 0.07 119,121 Cisco Systems Inc 4,974,493 0.83 3,022 CIT Group Inc 155,875 0.03 63,634 Citigroup Inc 4,334,112 0.73 12,522 Citizens Financial Group Inc 520,039 0.09 3,745 Citrix Systems Inc 344,952 0.06 3,186 Clorox Co/The 421,890 0.07 8,276 CME Group Inc 1,309,677 0.22 7,042 CMS Energy Corp 319,988 0.05 96,375 Coca-Cola Co/The 4,202,914 0.70 4,388 Cognex Corp 224,490 0.04 14,229 Cognizant Technology Solutions

Corp ‘A’ 1,136,613 0.19 19,806 Colgate-Palmolive Co 1,423,259 0.24 11,627 Colony NorthStar Inc (Reit) ‘A’ 65,344 0.01 111,950 Comcast Corp ‘A’ 3,744,728 0.63 4,397 Comerica Inc 413,890 0.07 4,444 CommScope Holding Co Inc 174,471 0.03 9,331 Conagra Brands Inc 341,048 0.06 3,736 Concho Resources Inc 540,039 0.09 29,431 ConocoPhillips 1,735,252 0.29 7,735 Consolidated Edison Inc 604,877 0.10 4,039 Constellation Brands Inc ‘A’ 914,914 0.15 2,691 Continental Resources Inc/OK* 154,625 0.03 1,185 Cooper Cos Inc/The 267,715 0.04 20,541 Corning Inc* 566,315 0.09 880 CoStar Group Inc 315,542 0.05 10,434 Costco Wholesale Corp 1,926,847 0.32 12,551 Coty Inc ‘A’ 229,934 0.04 9,946 Crown Castle International Corp

(Reit) 1,093,065 0.18

2,625 Crown Holdings Inc 132,694 0.02 20,600 CSX Corp 1,135,678 0.19 3,702 Cummins Inc 600,316 0.10 24,584 CVS Health Corp 1,522,241 0.25 14,620 Danaher Corp 1,414,485 0.24 3,214 Darden Restaurants Inc 273,158 0.05 3,650 DaVita Inc 239,039 0.04 6,601 Deere & Co 1,005,134 0.17 4,542 Dell Technologies Inc ‘V’ 326,524 0.05 4,101 Delta Air Lines Inc 220,962 0.04 5,827 Dentsply Sirona Inc 289,485 0.05 12,591 Devon Energy Corp 394,728 0.07 2,109 Diamondback Energy Inc 265,228 0.04 4,689 Digital Realty Trust Inc (Reit) 493,236 0.08 8,731 Discover Financial Services 614,575 0.10 2,480 Discovery Communications Inc ‘A’ 52,130 0.01 6,878 Discovery Communications Inc ‘C’ 131,920 0.02 5,807 DISH Network Corp ‘A’ 218,111 0.04 6,309 Dollar General Corp 591,658 0.10 5,566 Dollar Tree Inc 528,881 0.09 15,194 Dominion Energy Inc 1,030,457 0.17 1,230 Domino’s Pizza Inc 288,078 0.05 3,838 Dover Corp 370,597 0.06 56,333 DowDuPont Inc 3,543,346 0.59 8,037 DR Horton Inc 348,645 0.06 4,052 Dr Pepper Snapple Group Inc 479,392 0.08 4,088 DTE Energy Co 428,668 0.07 17,097 Duke Energy Corp 1,329,805 0.22 8,171 Duke Realty Corp (Reit) 215,633 0.04 6,590 DXC Technology Co 659,198 0.11 6,808 E*TRADE Financial Corp 365,453 0.06 3,587 East West Bancorp Inc 222,107 0.04 3,097 Eastman Chemical Co 324,194 0.05 3,309 Eaton Vance Corp 182,227 0.03 23,958 eBay Inc 960,237 0.16 6,024 Ecolab Inc 816,613 0.14 7,467 Edison International 474,080 0.08 4,877 Edwards Lifesciences Corp 662,833 0.11 7,190 Electronic Arts Inc 855,682 0.14 23,676 Eli Lilly & Co 1,823,526 0.31 15,160 Emerson Electric Co 1,025,574 0.17 3,934 Entergy Corp 312,950 0.05 2,679 Envision Healthcare Corp* 102,713 0.02 13,597 EOG Resources Inc 1,420,479 0.24 5,609 EQT Corp 264,296 0.04 3,076 Equifax Inc 360,292 0.06 1,836 Equinix Inc (Reit) 763,739 0.13 9,247 Equity Residential (Reit) 572,667 0.10 1,644 Essex Property Trust Inc (Reit) 397,634 0.07 5,293 Estee Lauder Cos Inc/The ‘A’ 780,876 0.13 7,296 Eversource Energy 430,172 0.07 22,490 Exelon Corp 882,058 0.15 3,195 Expedia Group Inc 348,638 0.06 4,550 Expeditors International of

Washington Inc 285,240 0.05 14,091 Express Scripts Holding Co 983,129 0.16 2,969 Extra Space Storage Inc (Reit) 257,026 0.04 101,170 Exxon Mobil Corp 7,464,323 1.25 1,631 F5 Networks Inc 232,564 0.04 57,124 Facebook Inc ‘A’ 8,848,508 1.48 7,489 Fastenal Co 402,534 0.07 1,824 Federal Realty Investment Trust

(Reit) 213,171 0.04 5,995 FedEx Corp 1,429,568 0.24 7,859 Fidelity National Information

Services Inc 746,526 0.13 16,575 Fifth Third Bancorp 521,450 0.09 10,902 First Data Corp ‘A’ 173,124 0.03 3,547 First Republic Bank/CA 325,012 0.05






Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets



11,128 FirstEnergy Corp 385,696 0.06 9,900 Fiserv Inc 698,841 0.12 2,138 FleetCor Technologies Inc 421,592 0.07 4,086 FLIR Systems Inc 202,747 0.03 3,825 Flowserve Corp 162,371 0.03 3,483 Fluor Corp 197,521 0.03 3,381 FMC Corp 256,855 0.04 6,840 FNF Group 274,147 0.05 88,917 Ford Motor Co 977,198 0.16 3,903 Fortinet Inc 204,986 0.03 7,799 Fortive Corp 600,367 0.10 3,932 Fortune Brands Home & Security

Inc 231,044 0.04 8,305 Franklin Resources Inc 287,021 0.05 34,758 Freeport-McMoRan Inc 595,752 0.10 5,887 Gap Inc/The 185,617 0.03 1,971 Gartner Inc 229,109 0.04 206,099 General Electric Co 2,801,916 0.47 14,313 General Mills Inc 637,930 0.11 31,995 General Motors Co 1,146,381 0.19 3,367 Genuine Parts Co 302,592 0.05 16,039 GGP Inc (Reit) 331,205 0.06 30,987 Gilead Sciences Inc 2,325,264 0.39 3,818 Global Payments Inc 418,262 0.07 8,562 Goldman Sachs Group Inc/The 2,138,445 0.36 6,208 Goodyear Tire & Rubber Co/The 165,443 0.03 4,271 H&R Block Inc 108,569 0.02 20,483 Halliburton Co 948,363 0.16 8,326 Hanesbrands Inc 156,113 0.03 4,182 Harley-Davidson Inc 182,252 0.03 2,653 Harris Corp 424,984 0.07 8,337 Hartford Financial Services Group

Inc/The 431,356 0.07 2,861 Hasbro Inc 241,354 0.04 6,723 HCA Healthcare Inc 649,643 0.11 10,639 HCP Inc (Reit) 248,846 0.04 4,746 HD Supply Holdings Inc 179,921 0.03 2,608 Helmerich & Payne Inc 169,963 0.03 3,974 Henry Schein Inc 265,503 0.04 3,592 Hershey Co/The 354,782 0.06 7,316 Hess Corp 362,069 0.06 36,686 Hewlett Packard Enterprise Co 641,638 0.11 4,853 Hilton Worldwide Holdings Inc 382,513 0.06 4,215 HollyFrontier Corp 201,983 0.03 6,939 Hologic Inc 259,935 0.04 28,128 Home Depot Inc/The 4,958,966 0.83 17,152 Honeywell International Inc 2,468,344 0.41 6,909 Hormel Foods Corp 235,321 0.04 17,050 Host Hotels & Resorts Inc (Reit) 318,153 0.05 39,806 HP Inc 869,363 0.15 3,402 Humana Inc 898,502 0.15 24,554 Huntington Bancshares Inc/OH 366,591 0.06 1,158 Huntington Ingalls Industries Inc 297,224 0.05 1,782 IAC Via InterActive Corp 275,176 0.05 1,964 IDEX Corp 278,495 0.05 2,204 IDEXX Laboratories Inc 416,093 0.07 7,375 Illinois Tool Works Inc 1,144,305 0.19 3,612 Illumina Inc 841,849 0.14 4,322 Incyte Corp 367,067 0.06 1,642 Ingredion Inc 209,831 0.04 112,031 Intel Corp 5,600,430 0.94 14,156 Intercontinental Exchange Inc 1,009,040 0.17 20,935 International Business Machines

Corp 3,164,325 0.53 1,939 International Flavors &

Fragrances Inc 263,549 0.04 9,778 International Paper Co 519,603 0.09 8,026 Interpublic Group of Cos Inc/The 183,635 0.03 5,833 Intuit Inc 991,727 0.17

2,641 Intuitive Surgical Inc 1,060,969 0.18 7,274 Invitation Homes Inc (Reit) 164,974 0.03 910 IPG Photonics Corp 208,654 0.03 3,477 IQVIA Holdings Inc 336,591 0.06 6,438 Iron Mountain Inc (Reit) 212,132 0.04 1,920 Jack Henry & Associates Inc 229,920 0.04 3,250 Jacobs Engineering Group Inc 189,735 0.03 2,205 JB Hunt Transport Services Inc 256,067 0.04 2,770 JM Smucker Co/The 345,447 0.06 64,086 Johnson & Johnson 8,146,612 1.36 1,210 Jones Lang LaSalle Inc 210,891 0.04 83,179 JPMorgan Chase & Co 8,983,332 1.50 7,827 Juniper Networks Inc 188,787 0.03 2,566 Kansas City Southern 277,898 0.05 6,023 Kellogg Co 387,279 0.06 27,298 KeyCorp 525,896 0.09 8,486 Kimberly-Clark Corp 945,171 0.16 7,493 Kimco Realty Corp (Reit) 108,349 0.02 47,705 Kinder Morgan Inc/DE 706,273 0.12 3,432 KLA-Tencor Corp 365,474 0.06 2,552 Knight-Swift Transportation

Holdings Inc 117,545 0.02 4,363 Kohl’s Corp 283,770 0.05 14,331 Kraft Heinz Co/The 889,095 0.15 20,305 Kroger Co/The 484,680 0.08 5,876 L Brands Inc 223,817 0.04 2,211 Laboratory Corp of America

Holdings 356,656 0.06 3,785 Lam Research Corp 747,575 0.13 9,091 Las Vegas Sands Corp 644,916 0.11 1,718 Lear Corp 314,119 0.05 2,322 Leggett & Platt Inc 102,005 0.02 3,560 Leidos Holdings Inc 229,015 0.04 6,591 Lennar Corp ‘A’ 387,617 0.06 911 Lennox International Inc 183,794 0.03 8,046 Leucadia National Corp 181,920 0.03 2,594 Liberty Broadband Corp ‘C’ 217,663 0.04 11,034 Liberty Interactive Corp QVC

Group ‘A’ 276,733 0.05 4,399 Liberty Media Corp-Liberty

Formula One ‘C’ 135,797 0.02 2,499 Liberty Media Corp-Liberty

SiriusXM ‘A’ 102,059 0.02 3,907 Liberty Media Corp-Liberty

SiriusXM ‘C’ 158,937 0.03 2,581 Liberty Property Trust (Reit) 102,079 0.02 5,509 Lincoln National Corp 401,055 0.07 3,550 Live Nation Entertainment Inc 148,816 0.02 7,722 LKQ Corp 291,351 0.05 7,260 Loews Corp 361,112 0.06 20,241 Lowe’s Cos Inc 1,745,989 0.29 2,526 Lululemon Athletica Inc 221,657 0.04 3,115 M&T Bank Corp 562,849 0.09 2,870 Macerich Co/The (Reit) 162,815 0.03 1,922 Macquarie Infrastructure Corp 70,787 0.01 6,933 Macy’s Inc 205,494 0.03 1,511 ManpowerGroup Inc 172,118 0.03 20,792 Marathon Oil Corp 323,108 0.05 11,893 Marathon Petroleum Corp 859,388 0.14 352 Markel Corp 408,320 0.07 7,630 Marriott International Inc/MD ‘A’ 1,027,685 0.17 12,329 Marsh & McLennan Cos Inc* 1,016,403 0.17 1,616 Martin Marietta Materials Inc 327,256 0.05 6,753 Masco Corp 270,255 0.05 22,406 Mastercard Inc ‘A’ 3,828,737 0.64 7,649 Mattel Inc 100,202 0.02 6,455 Maxim Integrated Products Inc 380,329 0.06 2,867 McCormick & Co Inc/MD

‘non-voting share’ 305,794 0.05






Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




19,151 McDonald’s Corp 3,038,689 0.51 4,918 McKesson Corp 695,356 0.12 1,100 MercadoLibre Inc* 378,774 0.06 64,656 Merck & Co Inc 3,558,666 0.60 21,094 MetLife Inc 972,012 0.16 574 Mettler-Toledo International Inc 328,041 0.05 9,906 MGM Resorts International 340,965 0.06 5,814 Microchip Technology Inc* 527,214 0.09 27,625 Micron Technology Inc 1,418,268 0.24 175,455 Microsoft Corp 15,534,786 2.60 2,803 Mid-America Apartment Communities

Inc (Reit) 255,578 0.04 1,362 Middleby Corp/The* 169,051 0.03 1,407 Mohawk Industries Inc 324,539 0.05 4,651 Molson Coors Brewing Co ‘B’ 353,616 0.06 35,597 Mondelez International Inc ‘A’ 1,464,817 0.25 10,722 Monsanto Co 1,254,260 0.21 9,918 Monster Beverage Corp 559,871 0.09 3,916 Moody’s Corp 623,466 0.10 31,948 Morgan Stanley 1,699,953 0.28 6,796 Mosaic Co/The 163,172 0.03 4,103 Motorola Solutions Inc 427,451 0.07 2,351 MSCI Inc 345,103 0.06 2,926 Nasdaq Inc 247,042 0.04 9,321 National Oilwell Varco Inc 337,793 0.06 3,117 National Retail Properties Inc (Reit) 121,719 0.02 6,105 NetApp Inc 367,277 0.06 10,166 Netflix Inc 2,820,048 0.47 12,277 New York Community Bancorp Inc 159,294 0.03 12,535 Newell Brands Inc 323,278 0.05 4,627 Newfield Exploration Co 109,891 0.02 13,392 Newmont Mining Corp 516,396 0.09 10,832 News Corp ‘A’ 169,088 0.03 11,113 NextEra Energy Inc 1,809,530 0.30 31,540 NIKE Inc ‘B’* 2,086,371 0.35 8,682 NiSource Inc 207,326 0.03 10,016 Noble Energy Inc 297,175 0.05 3,015 Nordstrom Inc 146,891 0.02 6,932 Norfolk Southern Corp 937,484 0.16 4,809 Northern Trust Corp 488,546 0.08 4,041 Northrop Grumman Corp 1,397,741 0.23 8,006 Nucor Corp 483,082 0.08 14,516 NVIDIA Corp 3,213,697 0.54 95 NVR Inc 284,641 0.05 1,984 O’Reilly Automotive Inc 488,143 0.08 18,698 Occidental Petroleum Corp 1,202,468 0.20 4,996 OGE Energy Corp 163,019 0.03 1,446 Old Dominion Freight Line Inc 208,947 0.03 5,232 Omnicom Group Inc* 381,047 0.06 8,512 ONEOK Inc 473,097 0.08 74,998 Oracle Corp 3,378,285 0.57 2,745 Owens Corning 222,921 0.04 8,235 PACCAR Inc 539,804 0.09 2,359 Packaging Corp of America 264,066 0.04 2,044 Palo Alto Networks Inc 364,077 0.06 3,013 Parker-Hannifin Corp 512,210 0.09 5,416 Parsley Energy Inc ‘A’ 151,594 0.03 7,405 Paychex Inc 448,817 0.08 27,624 PayPal Holdings Inc 2,062,960 0.35 8,903 People’s United Financial Inc 165,151 0.03 33,833 PepsiCo Inc 3,706,067 0.62 143,642 Pfizer Inc 5,061,944 0.85 13,077 PG&E Corp 574,603 0.10 36,827 Philip Morris International Inc 3,688,224 0.62 10,162 Phillips 66 966,406 0.16 2,568 Pinnacle West Capital Corp 205,543 0.03 3,957 Pioneer Natural Resources Co 670,197 0.11 2,607 Plains GP Holdings LP ‘A’ 55,868 0.01

12,727 PNC Financial Services Group Inc/The 1,900,268 0.32

1,606 Polaris Industries Inc 184,401 0.03 5,953 PPG Industries Inc 655,842 0.11 17,334 PPL Corp 493,499 0.08 6,829 Praxair Inc 964,460 0.16 7,234 Principal Financial Group Inc 433,968 0.07 60,780 Procter & Gamble Co/The 4,858,753 0.81 13,711 Progressive Corp/The 832,943 0.14 13,260 Prologis Inc (Reit) 835,380 0.14 10,129 Prudential Financial Inc 1,044,097 0.17 12,460 Public Service Enterprise Group Inc 623,997 0.10 3,610 Public Storage (Reit) 725,935 0.12 6,309 PulteGroup Inc 184,601 0.03 1,883 PVH Corp 288,626 0.05 3,195 Qorvo Inc 218,538 0.04 34,960 Qualcomm Inc 1,915,458 0.32 3,330 Quest Diagnostics Inc 331,268 0.06 1,610 Ralph Lauren Corp 178,758 0.03 5,612 Range Resources Corp 81,093 0.01 3,364 Raymond James Financial Inc 293,913 0.05 6,766 Raytheon Co 1,432,430 0.24 6,868 Realty Income Corp (Reit) 356,724 0.06 4,131 Red Hat Inc 601,432 0.10 3,872 Regency Centers Corp (Reit) 228,990 0.04 1,823 Regeneron Pharmaceuticals Inc 621,570 0.10 29,989 Regions Financial Corp 548,199 0.09 2,273 Reinsurance Group of America Inc 352,201 0.06 5,931 Republic Services Inc 390,378 0.07 3,607 ResMed Inc 343,567 0.06 2,368 Robert Half International Inc 136,492 0.02 2,916 Rockwell Automation Inc 508,871 0.09 4,120 Rockwell Collins Inc 557,889 0.09 2,033 Rollins Inc 102,809 0.02 2,354 Roper Technologies Inc 657,025 0.11 9,120 Ross Stores Inc 704,520 0.12 6,013 S&P Global Inc 1,128,099 0.19 5,712 Sabre Corp 121,894 0.02 16,274 salesforce.com Inc 1,833,266 0.31 3,057 SBA Communications Corp (Reit) 518,039 0.09 2,710 SCANA Corp 96,368 0.02 3,864 Sealed Air Corp 165,070 0.03 1,997 Seattle Genetics Inc 103,604 0.02 3,760 SEI Investments Co 275,683 0.05 5,414 Sempra Energy* 600,792 0.10 4,360 ServiceNow Inc 700,390 0.12 1,928 Sherwin-Williams Co/The* 750,551 0.13 1,113 Signature Bank/New York NY 156,332 0.03 7,378 Simon Property Group Inc (Reit) 1,147,500 0.19 39,635 Sirius XM Holdings Inc 246,133 0.04 4,516 Skyworks Solutions Inc 447,942 0.08 2,284 SL Green Realty Corp (Reit) 222,165 0.04 1,399 Snap-on Inc* 207,234 0.03 23,661 Southern Co/The 1,062,616 0.18 3,689 Southwest Airlines Co 208,945 0.03 619 Spectrum Brands Holdings Inc 62,284 0.01 2,966 Spirit AeroSystems Holdings Inc ‘A’ 249,945 0.04 3,410 Splunk Inc 325,416 0.05 14,109 Sprint Corp 68,288 0.01 6,134 Square Inc ‘A’* 295,781 0.05 4,164 SS&C Technologies Holdings Inc 215,778 0.04 3,502 Stanley Black & Decker Inc 533,425 0.09 34,612 Starbucks Corp 1,972,192 0.33 8,908 State Street Corp 877,260 0.15 6,268 Steel Dynamics Inc 272,345 0.05 2,008 Stericycle Inc 118,673 0.02 8,102 Stryker Corp 1,282,385 0.21 11,291 SunTrust Banks Inc 751,529 0.13 1,120 SVB Financial Group 265,877 0.04






Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




15,443 Symantec Corp 393,333 0.07 18,276 Synchrony Financial 603,291 0.10 3,838 Synopsys Inc 316,980 0.05 11,802 Sysco Corp 703,635 0.12 5,643 T Rowe Price Group Inc 599,117 0.10 6,754 T-Mobile US Inc 411,116 0.07 2,724 Take-Two Interactive Software Inc 263,111 0.04 7,094 Tapestry Inc 373,286 0.06 4,385 Targa Resources Corp 191,230 0.03 12,344 Target Corp 853,834 0.14 7,011 TD Ameritrade Holding Corp 402,221 0.07 1,194 Teleflex Inc 300,470 0.05 1,312 TESARO Inc 76,608 0.01 3,237 Tesla Inc 810,901 0.14 23,230 Texas Instruments Inc 2,378,984 0.40 9,628 Thermo Fisher Scientific Inc 1,976,340 0.33 3,149 Tiffany & Co 310,177 0.05 18,527 Time Warner Inc 1,749,319 0.29 15,324 TJX Cos Inc/The 1,249,672 0.21 2,937 Toll Brothers Inc 126,115 0.02 2,612 Torchmark Corp 219,748 0.04 4,174 Total System Services Inc 352,327 0.06 3,239 Tractor Supply Co 198,777 0.03 1,290 TransDigm Group Inc 392,741 0.07 3,608 TransUnion 202,228 0.03 6,596 Travelers Cos Inc/The 915,921 0.15 5,384 Trimble Inc 189,140 0.03 1,782 TripAdvisor Inc 72,617 0.01 25,058 Twenty-First Century Fox Inc ‘A’ 905,847 0.15 11,489 Twenty-First Century Fox Inc ‘B’ 410,387 0.07 15,613 Twitter Inc 437,164 0.07 7,347 Tyson Foods Inc ‘A’ 542,649 0.09 6,734 UDR Inc (Reit) 241,145 0.04 4,143 UGI Corp 184,405 0.03 1,347 Ulta Salon Cosmetics & Fragrance

Inc 277,024 0.05 5,486 Under Armour Inc ‘A’ 91,122 0.02 5,524 Under Armour Inc ‘C’ 79,767 0.01 18,987 Union Pacific Corp 2,510,841 0.42 1,496 United Continental Holdings Inc 102,536 0.02 16,483 United Parcel Service Inc ‘B’ 1,716,540 0.29 2,199 United Rentals Inc 374,600 0.06 18,352 United Technologies Corp 2,288,861 0.38 1,300 United Therapeutics Corp 143,273 0.02 23,059 UnitedHealth Group Inc 5,041,159 0.84 2,127 Universal Health Services Inc ‘B’ 253,560 0.04 5,632 Unum Group 267,745 0.04 40,459 US Bancorp 2,026,591 0.34 974 Vail Resorts Inc 218,751 0.04 10,568 Valero Energy Corp 965,492 0.16 2,308 Varian Medical Systems Inc 280,191 0.05 2,289 Veeva Systems Inc ‘A’ 163,160 0.03 8,042 Ventas Inc (Reit) 400,411 0.07 23,846 VEREIT Inc (Reit) 166,326 0.03 2,305 VeriSign Inc 268,648 0.04 3,891 Verisk Analytics Inc 395,598 0.07

98,772 Verizon Communications Inc 4,790,442 0.80 5,891 Vertex Pharmaceuticals Inc 942,913 0.16 7,595 VF Corp 566,131 0.09 8,629 Viacom Inc ‘B’ 265,859 0.04 43,634 Visa Inc ‘A’* 5,113,032 0.86 5,681 Vistra Energy Corp 118,733 0.02 1,680 VMware Inc ‘A’ 200,458 0.03 3,621 Vornado Realty Trust (Reit) 245,612 0.04 4,592 Voya Financial Inc 230,518 0.04 3,016 Vulcan Materials Co 337,309 0.06 1,210 WABCO Holdings Inc 162,285 0.03 2,497 Wabtec Corp/DE 204,155 0.03 20,539 Walgreens Boots Alliance Inc 1,355,163 0.23 35,416 Walmart Inc 3,131,129 0.52 36,635 Walt Disney Co/The 3,633,459 0.61 10,477 Waste Management Inc 876,715 0.15 1,792 Waters Corp 356,644 0.06 7,243 WEC Energy Group Inc 455,585 0.08 111,361 Wells Fargo & Co 5,781,863 0.97 9,259 Welltower Inc (Reit) 505,912 0.08 2,798 Westar Energy Inc 146,559 0.02 6,746 Western Digital Corp 613,009 0.10 9,513 Western Union Co/The 183,030 0.03 5,701 WestRock Co 360,873 0.06 17,063 Weyerhaeuser Co (Reit) 598,399 0.10 1,653 Whirlpool Corp 252,463 0.04 19,343 Williams Cos Inc/The 479,320 0.08 3,523 Workday Inc ‘A’* 435,478 0.07 8,358 Worldpay Inc ‘A’ 675,159 0.11 2,319 WR Berkley Corp 169,171 0.03 1,153 WR Grace & Co 70,852 0.01 1,437 WW Grainger Inc 405,105 0.07 2,589 Wyndham Worldwide Corp* 294,939 0.05 2,107 Wynn Resorts Ltd 373,866 0.06 12,808 Xcel Energy Inc 585,454 0.10 5,447 Xerox Corp 157,200 0.03 5,694 Xilinx Inc 406,438 0.07 4,705 Xylem Inc/NY* 359,321 0.06 7,550 Yum! Brands Inc 637,371 0.11 3,548 Zayo Group Holdings Inc 118,361 0.02 3,014 Zillow Group Inc ‘C’ 157,994 0.03 5,060 Zimmer Biomet Holdings Inc 545,670 0.09 5,210 Zions Bancorporation 271,181 0.05 12,115 Zoetis Inc 984,344 0.16 529,442,137 88.67Total Common Stocks (Shares) 586,813,879 98.28Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 586,813,879 98.28Securities portfolio at market value 586,813,879 98.28 Other Net Assets 10,255,341 1.72Total Net Assets (USD) 597,069,220 100.00








% of Net Assets

Consumer, Non-cyclical 20.41Financial 19.88Technology 15.15Communications 13.41Industrial 9.29Consumer, Cyclical 8.20Energy 6.41Basic Materials 2.79Utilities 2.74


100.00


Number of contracts



Expiration date

Gross underlying

exposure USD


USD

72 USD E-Mini S&P 500 Index June 2018 9,420,120 (239,710) 5 CAD S&P/TSX 60 Index June 2018 695,548 (7,938)

Total 10,115,668 (247,648)



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





Australia 130,944 AGL Energy Ltd 2,168,386 0.61 492,450 Alumina Ltd* 890,987 0.25 232,297 Amcor Ltd 2,511,076 0.71 584,334 AMP Ltd* 2,253,338 0.64 239,454 APA Group (Unit) 1,448,426 0.41 109,615 Aristocrat Leisure Ltd 2,061,412 0.58 39,413 ASX Ltd 1,699,951 0.48 404,827 Aurizon Holdings Ltd 1,325,240 0.37 359,815 AusNet Services 462,052 0.13 594,390 Australia & New Zealand Banking

Group Ltd 12,349,176 3.49 78,751 Bank of Queensland Ltd* 667,138 0.19 97,648 Bendigo & Adelaide Bank Ltd* 738,886 0.21 649,872 BHP Billiton Ltd* 14,284,095 4.04 114,235 BlueScope Steel Ltd 1,314,550 0.37 238,671 Boral Ltd 1,363,180 0.39 318,609 Brambles Ltd 2,435,288 0.69 52,615 Caltex Australia Ltd 1,253,280 0.35 116,683 Challenger Ltd* 1,031,417 0.29 19,440 CIMIC Group Ltd 669,324 0.19 110,188 Coca-Cola Amatil Ltd 736,628 0.21 11,710 Cochlear Ltd 1,641,172 0.46 354,655 Commonwealth Bank of Australia* 19,538,468 5.52 94,484 Computershare Ltd 1,261,114 0.36 76,128 Crown Resorts Ltd 744,135 0.21 91,514 CSL Ltd 11,015,699 3.11 207,143 Dexus (Reit) 1,472,133 0.42 12,828 Domino’s Pizza Enterprises Ltd* 415,315 0.12 10,934 Flight Centre Travel Group Ltd 479,817 0.14 308,459 Fortescue Metals Group Ltd 1,033,418 0.29 365,498 Goodman Group (Reit) 2,364,965 0.67 362,205 GPT Group/The (Reit) 1,305,117 0.37 116,751 Harvey Norman Holdings Ltd* 324,016 0.09 347,092 Healthscope Ltd 521,552 0.15 344,469 Incitec Pivot Ltd* 929,587 0.26 475,258 Insurance Australia Group Ltd 2,754,536 0.78 112,801 LendLease Group (Unit) 1,523,758 0.43 65,436 Macquarie Group Ltd 5,157,620 1.46 560,678 Medibank Pvt Ltd 1,250,846 0.35 749,717 Mirvac Group (Reit) 1,235,757 0.35 543,361 National Australia Bank Ltd 11,830,525 3.34 156,196 Newcrest Mining Ltd 2,353,042 0.67 75,916 Orica Ltd* 1,050,528 0.30 351,810 Origin Energy Ltd 2,386,979 0.67 273,539 QBE Insurance Group Ltd 2,021,592 0.57 28,818 Ramsay Health Care Ltd 1,383,263 0.39 10,700 REA Group Ltd 649,198 0.18 83,427 Rio Tinto Ltd* 4,693,974 1.33 381,882 Santos Ltd* 1,501,909 0.42 1,071,644 Scentre Group (Reit) 3,146,636 0.89 67,646 SEEK Ltd* 974,465 0.28 81,467 Sonic Healthcare Ltd 1,432,756 0.40 1,045,716 South32 Ltd 2,597,502 0.73 492,328 Stockland (Reit) 1,509,773 0.43 259,504 Suncorp Group Ltd* 2,673,871 0.76 222,799 Sydney Airport (Unit) 1,144,419 0.32 388,607 Tabcorp Holdings Ltd* 1,319,810 0.37 835,329 Telstra Corp Ltd 2,036,488 0.58 71,456 TPG Telecom Ltd* 304,039 0.09 448,566 Transurban Group (Unit) 3,930,699 1.11 147,023 Treasury Wine Estates Ltd 1,936,447 0.55 652,993 Vicinity Centres (Reit) 1,211,494 0.34 229,427 Wesfarmers Ltd 7,352,212 2.08 398,707 Westfield Corp (Reit) 2,589,014 0.73 686,820 Westpac Banking Corp* 15,048,817 4.25 189,077 Woodside Petroleum Ltd 4,238,511 1.20

264,009 Woolworths Group Ltd* 5,373,787 1.52 193,324,605 54.64

Bermuda 132,000 CK Infrastructure Holdings Ltd 1,081,512 0.31 396,250 First Pacific Co Ltd 211,558 0.06 820,000 Golden Resorts Group Ltd 367,793 0.10 238,800 Hongkong Land Holdings Ltd 1,638,168 0.46 43,900 Jardine Matheson Holdings Ltd* 2,708,630 0.77 44,300 Jardine Strategic Holdings Ltd* 1,710,423 0.48 133,500 Kerry Properties Ltd 602,187 0.17 1,218,000 Li & Fung Ltd* 608,387 0.17 320,006 NWS Holdings Ltd* 580,650 0.17 258,000 Shangri-La Asia Ltd 505,618 0.14 152,000 Yue Yuen Industrial Holdings Ltd 588,794 0.17 10,603,720 3.00

Cayman Islands 62,300 ASM Pacific Technology Ltd* 889,104 0.25 524,543 CK Asset Holdings Ltd 4,367,905 1.23 548,543 CK Hutchison Holdings Ltd 6,556,319 1.85 50,551 Melco Resorts & Entertainment

Ltd ADR 1,434,637 0.41 194,800 MGM China Holdings Ltd 502,644 0.14 150,000 Minth Group Ltd 689,038 0.19 494,400 Sands China Ltd 2,595,507 0.73 1,797,000 WH Group Ltd’144A’ 1,927,999 0.55 248,000 Wharf Real Estate Investment

Co Ltd 1,576,880 0.45 319,600 Wynn Macau Ltd 1,132,135 0.32 21,672,168 6.12

Hong Kong 2,455,000 AIA Group Ltd 20,427,312 5.77 247,332 Bank of East Asia Ltd/The 995,896 0.28 748,500 BOC Hong Kong Holdings Ltd 3,662,432 1.03 335,500 CLP Holdings Ltd* 3,398,648 0.96 480,000 Galaxy Entertainment Group Ltd* 4,275,284 1.21 176,000 Hang Lung Group Ltd 579,722 0.16 403,000 Hang Lung Properties Ltd* 944,864 0.27 154,600 Hang Seng Bank Ltd 3,606,985 1.02 245,462 Henderson Land Development

Co Ltd 1,595,148 0.45 546,500 HK Electric Investments & HK

Electric Investments Ltd (Unit)’144A’* 522,970 0.15

755,760 HKT Trust & HKT Ltd (Unit) 943,749 0.27 1,692,788 Hong Kong & China Gas Co Ltd* 3,498,646 0.99 240,246 Hong Kong Exchanges &

Clearing Ltd 7,812,380 2.21 128,000 Hysan Development Co Ltd* 664,636 0.19 445,500 Link REIT (Reit)* 3,820,404 1.08 303,000 MTR Corp Ltd 1,654,398 0.47 1,204,086 New World Development Co Ltd* 1,693,843 0.48 823,000 PCCW Ltd* 472,958 0.13 282,500 Power Assets Holdings Ltd 2,516,183 0.71 645,928 Sino Land Co Ltd 1,056,807 0.30 409,000 SJM Holdings Ltd* 346,571 0.10 293,217 Sun Hung Kai Properties Ltd 4,662,837 1.32 101,000 Swire Pacific Ltd ‘A’* 1,028,288 0.29 240,000 Swire Properties Ltd 839,460 0.24 282,000 Techtronic Industries Co Ltd 1,613,400 0.45 249,000 Wharf Holdings Ltd/The* 859,835 0.24 167,000 Wheelock & Co Ltd 1,216,128 0.34 74,709,784 21.11



iShares Pacific ex Japan Equity Index Fund (LU) (formerly known as BlackRock Pacific ex Japan Equity Index Fund)

Australia continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




iShares Pacific ex Japan Equity Index Fund (LU) continued

Ireland 89,757 James Hardie Industries Plc - CDI 1,566,166 0.44 1,566,166 0.44

Isle of Man 1,207,700 Genting Singapore Plc 977,335 0.28 977,335 0.28

Mauritius 1,455,200 Golden Agri-Resources Ltd 383,284 0.11 383,284 0.11

New Zealand 195,127 Auckland International Airport Ltd* 879,318 0.25 116,055 Fisher & Paykel Healthcare Corp Ltd 1,118,289 0.32 137,784 Fletcher Building Ltd* 614,919 0.17 134,152 Mercury NZ Ltd 314,420 0.09 268,035 Meridian Energy Ltd* 559,271 0.16 80,027 Ryman Healthcare Ltd 607,626 0.17 375,677 Spark New Zealand Ltd* 919,962 0.26 5,013,805 1.42

Papua New Guinea 279,250 Oil Search Ltd 1,547,849 0.44 1,547,849 0.44

Singapore 507,000 Ascendas Real Estate Investment

Trust (Reit)* 1,006,375 0.29 503,945 CapitaLand Commercial Trust (Reit) 684,828 0.19 517,400 CapitaLand Ltd 1,398,325 0.40 484,300 CapitaLand Mall Trust (Reit) 757,961 0.21 79,900 City Developments Ltd 777,742 0.22

425,000 ComfortDelGro Corp Ltd 648,929 0.18 359,534 DBS Group Holdings Ltd 7,372,663 2.08 1,003,800 Hutchison Port Holdings Trust (Unit)* 301,140 0.09 19,311 Jardine Cycle & Carriage Ltd 500,374 0.14 292,300 Keppel Corp Ltd 1,709,370 0.48 630,240 Oversea-Chinese Banking Corp Ltd 6,067,356 1.72 139,200 SATS Ltd 536,672 0.15 201,500 Sembcorp Industries Ltd* 466,118 0.13 110,600 Singapore Airlines Ltd 901,789 0.26 159,431 Singapore Exchange Ltd* 893,403 0.25 278,800 Singapore Press Holdings Ltd* 532,122 0.15 306,400 Singapore Technologies

Engineering Ltd 821,059 0.23 1,624,100 Singapore Telecommunications Ltd 4,141,309 1.17 130,900 StarHub Ltd 228,851 0.07 512,800 Suntec Real Estate Investment

Trust (Reit) 732,096 0.21 268,152 United Overseas Bank Ltd 5,545,855 1.57 99,180 UOL Group Ltd 637,551 0.18 326,900 Wilmar International Ltd 791,139 0.22 471,000 Yangzijiang Shipbuilding

Holdings Ltd 431,500 0.12 37,884,527 10.71Total Common Stocks (Shares) 347,683,243 98.27Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 347,683,243 98.27 Securities portfolio at market value 347,683,243 98.27 Other Net Assets 6,119,550 1.73Total Net Assets (USD) 353,802,793 100.00


Singapore continued



iShares Pacific ex Japan Equity Index Fund (LU) continued


% of Net Assets

Financial 51.26Consumer, Non-cyclical 12.19Basic Materials 7.94Consumer, Cyclical 6.09Industrial 5.48Utilities 4.60Diversified 4.28Communications 3.00Energy 2.82Technology 0.61


100.00


Number of contracts



Expiration date

Gross underlying

exposure USD


USD

7 HKD Hang Seng Index April 2018 1,335,975 (18,731) 40 SGD MSCI Singapore Index April 2018 1,167,615 (14,338) 34 AUD SPI 200 Index June 2018 3,756,777 (109,745)

Total 6,260,367 (142,814)



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





iShares World Equity Index Fund (LU) (formerly known as BlackRock World Equity Index Fund)

COMMON / PREFERRED STOCKS (SHARES)

Australia 13,762 AGL Energy Ltd 229,200 0.02 38,027 Alumina Ltd 68,941 0.01 24,914 Amcor Ltd/Australia 271,199 0.03 68,743 AMP Ltd 263,514 0.03 27,791 APA Group (Unit) 168,231 0.02 11,535 Aristocrat Leisure Ltd 213,200 0.02 4,560 ASX Ltd 196,378 0.02 48,328 Aurizon Holdings Ltd 157,041 0.02 63,147 AusNet Services 81,253 0.01 68,805 Australia & New Zealand Banking

Group Ltd 1,419,713 0.15 13,093 Bank of Queensland Ltd 110,236 0.01 15,766 Bendigo & Adelaide Bank Ltd* 119,177 0.01 75,650 BHP Billiton Ltd* 1,639,406 0.17 12,418 BlueScope Steel Ltd 143,951 0.02 24,876 Boral Ltd 142,177 0.02 41,719 Brambles Ltd 319,844 0.03 6,143 Caltex Australia Ltd 148,178 0.02 12,741 Challenger Ltd/Australia 112,949 0.01 3,282 CIMIC Group Ltd 112,119 0.01 8,342 Coca-Cola Amatil Ltd 55,560 0.01 1,355 Cochlear Ltd 189,050 0.02 40,486 Commonwealth Bank of Australia 2,248,939 0.24 10,053 Computershare Ltd 133,680 0.01 7,434 Crown Resorts Ltd 72,470 0.01 10,561 CSL Ltd 1,261,241 0.13 23,468 Dexus (Reit) 168,022 0.02 2,342 Domino’s Pizza Enterprises Ltd 75,077 0.01 570 Flight Centre Travel Group Ltd 24,954 0.00 35,918 Fortescue Metals Group Ltd 119,474 0.01 47,718 Goodman Group (Reit) 309,018 0.03 42,437 GPT Group/The (Reit) 154,525 0.02 13,398 Harvey Norman Holdings Ltd 37,979 0.00 53,207 Healthscope Ltd 79,090 0.01 31,921 Incitec Pivot Ltd 86,071 0.01 53,705 Insurance Australia Group Ltd 308,596 0.03 13,056 LendLease Group (Unit) 173,613 0.02 7,531 Macquarie Group Ltd 595,309 0.06 63,759 Medibank Pvt Ltd 142,041 0.02 84,830 Mirvac Group (Reit) 140,108 0.02 62,852 National Australia Bank Ltd 1,375,580 0.15 18,069 Newcrest Mining Ltd 271,505 0.03 7,830 Orica Ltd 106,827 0.01 41,349 Origin Energy Ltd 276,350 0.03 32,318 QBE Insurance Group Ltd 239,081 0.03 3,332 Ramsay Health Care Ltd 159,517 0.02 666 REA Group Ltd 40,526 0.00 9,992 Rio Tinto Ltd 558,035 0.06 34,376 Santos Ltd 133,887 0.01 125,411 Scentre Group (Reit) 368,985 0.04 6,703 SEEK Ltd 95,776 0.01 9,381 Sonic Healthcare Ltd 164,884 0.02 122,906 South32 Ltd 304,021 0.03 53,654 Stockland (Reit)* 166,105 0.02 30,449 Suncorp Group Ltd 312,035 0.03 23,702 Sydney Airport (Unit) 122,175 0.01 46,346 Tabcorp Holdings Ltd 156,297 0.02 92,099 Telstra Corp Ltd 222,157 0.02 7,778 TPG Telecom Ltd 32,803 0.00 52,331 Transurban Group (Unit) 459,092 0.05 17,386 Treasury Wine Estates Ltd 225,181 0.02 79,258 Vicinity Centres (Reit) 146,735 0.02 26,499 Wesfarmers Ltd 846,018 0.09 46,501 Westfield Corp (Reit) 304,352 0.03 79,678 Westpac Banking Corp 1,751,792 0.19

22,047 Woodside Petroleum Ltd* 495,224 0.05 30,188 Woolworths Group Ltd 609,676 0.07 22,236,140 2.37

Austria 2,501 Andritz AG 142,332 0.01 7,117 Erste Group Bank AG 359,859 0.04 3,103 OMV AG 178,389 0.02 3,997 Raiffeisen Bank International AG 155,159 0.02 1,987 voestalpine AG 104,093 0.01 939,832 0.10

Belgium 4,458 Ageas 231,784 0.02 18,000 Anheuser-Busch InBev SA/NV 1,986,203 0.21 816 Colruyt SA 45,362 0.00 1,788 Groupe Bruxelles Lambert SA 205,757 0.02 5,824 KBC Group NV 508,864 0.05 5,286 Proximus SADP* 164,353 0.02 1,722 Solvay SA 238,631 0.03 1,741 Telenet Group Holding NV 115,644 0.01 2,963 UCB SA 241,799 0.03 4,504 Umicore SA 238,172 0.03 3,976,569 0.42

Bermuda 3,067 Arch Capital Group Ltd 262,351 0.03 4,512 Athene Holding Ltd ‘A’ 215,764 0.02 6,366 Axalta Coating Systems Ltd 192,572 0.02 1,542 Axis Capital Holdings Ltd 88,711 0.01 3,326 Bunge Ltd 244,760 0.03 14,000 CK Infrastructure Holdings Ltd 114,428 0.01 946 Everest Re Group Ltd* 244,257 0.03 35,500 First Pacific Co Ltd/Hong Kong 19,314 0.00 136,000 Golden Resorts Group Ltd 60,821 0.01 27,700 Hongkong Land Holdings Ltd 190,853 0.02 9,221 IHS Markit Ltd 440,764 0.05 9,062 Invesco Ltd 286,269 0.03 5,100 Jardine Matheson Holdings Ltd 314,262 0.03 5,200 Jardine Strategic Holdings Ltd 199,368 0.02 8,000 Kerry Properties Ltd 36,032 0.00 132,000 Li & Fung Ltd 64,582 0.01 11,009 Marvell Technology Group Ltd* 226,345 0.02 4,990 Norwegian Cruise Line Holdings Ltd 262,424 0.03 55,400 NWS Holdings Ltd 100,514 0.01 901 RenaissanceRe Holdings Ltd 124,338 0.01 34,000 Shangri-La Asia Ltd 68,445 0.01 5,508 XL Group Ltd 305,088 0.03 25,000 Yue Yuen Industrial Holdings Ltd 99,222 0.01 4,161,484 0.44

British Virgin Islands 4,113 Michael Kors Holdings Ltd* 253,937 0.03 253,937 0.03

Canada 5,300 Agnico Eagle Mines Ltd 221,316 0.02 9,951 Alimentation Couche-Tard Inc ‘B’ 440,572 0.05 5,796 AltaGas Ltd 106,002 0.01 13,195 ARC Resources Ltd 141,094 0.01 850 Atco Ltd ‘I’ 27,425 0.00 15,266 Bank of Montreal 1,145,452 0.12 28,193 Bank of Nova Scotia/The 1,721,705 0.18 27,580 Barrick Gold Corp 342,534 0.04


Australia continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets




iShares World Equity Index Fund (LU) continued

2,663 BCE Inc 114,355 0.01 13,650 BlackBerry Ltd 160,333 0.02 55,878 Bombardier Inc ‘B’ 162,680 0.02 21,403 Brookfield Asset Management Inc ‘A’ 831,262 0.09 4,797 CAE Inc 88,251 0.01 13,895 Cameco Corp 124,049 0.01 10,315 Canadian Imperial Bank

of Commerce 904,749 0.10 17,689 Canadian National Railway Co 1,282,264 0.14 26,234 Canadian Natural Resources Ltd 816,372 0.09 3,455 Canadian Pacific Railway Ltd 609,514 0.06 1,659 Canadian Tire Corp Ltd ‘A’ 216,691 0.02 4,355 Canadian Utilities Ltd ‘A’ 118,123 0.01 3,834 CCL Industries Inc ‘B’ 190,587 0.02 17,963 Cenovus Energy Inc 150,630 0.02 6,279 CGI Group Inc ‘A’ 354,813 0.04 4,883 CI Financial Corp 103,331 0.01 476 Constellation Software Inc/Canada* 319,847 0.03 19,210 Crescent Point Energy Corp 127,472 0.01 2,287 Dollarama Inc 288,199 0.03 13,653 Element Fleet Management Corp 43,026 0.00 1,780 Emera Inc 56,535 0.01 5,205 Empire Co Ltd ‘A’ 105,349 0.01 38,852 Enbridge Inc* 1,192,484 0.13 19,652 Encana Corp 211,356 0.02 664 Fairfax Financial Holdings Ltd 333,044 0.04 5,734 Finning International Inc 137,945 0.01 4,471 First Capital Realty Inc 70,553 0.01 17,582 First Quantum Minerals Ltd* 230,751 0.02 8,968 Fortis Inc/Canada 303,725 0.03 4,071 Franco-Nevada Corp 273,575 0.03 1,775 George Weston Ltd 142,316 0.01 4,149 Gildan Activewear Inc 119,956 0.01 19,480 Goldcorp Inc 264,107 0.03 6,304 Great-West Lifeco Inc 160,004 0.02 4,926 H&R Real Estate Investment Trust

(Reit) 79,907 0.01 5,925 Husky Energy Inc 82,900 0.01 9,147 Hydro One Ltd 148,803 0.02 898 IGM Financial Inc 26,102 0.00 6,500 Imperial Oil Ltd* 169,408 0.02 3,541 Industrial Alliance Insurance &

Financial Services Inc 144,245 0.02 3,161 Intact Financial Corp 237,093 0.03 6,332 Inter Pipeline Ltd 108,401 0.01 2,082 Jean Coutu Group PJC Inc/The ‘A’ 39,528 0.00 6,454 Keyera Corp* 164,011 0.02 24,449 Kinross Gold Corp 95,127 0.01 1,320 Linamar Corp 70,880 0.01 4,035 Loblaw Cos Ltd 202,797 0.02 21,844 Lundin Mining Corp 137,846 0.01 8,312 Magna International Inc 459,654 0.05 46,789 Manulife Financial Corp 859,700 0.09 3,019 Methanex Corp 181,374 0.02 4,615 Metro Inc* 146,972 0.02 7,583 National Bank of Canada 355,400 0.04 16,467 Nutrien Ltd 759,790 0.08 1,273 Onex Corp 91,402 0.01 5,307 Open Text Corp 180,393 0.02 11,886 Pembina Pipeline Corp 365,461 0.04 9,217 Power Corp of Canada 209,461 0.02 4,352 Power Financial Corp 109,145 0.01 6,159 PrairieSky Royalty Ltd* 133,004 0.01 5,295 Restaurant Brands International Inc 295,397 0.03 4,055 RioCan Real Estate Investment

Trust (Reit) 74,193 0.01 8,567 Rogers Communications Inc ‘B’ 380,490 0.04 35,244 Royal Bank of Canada 2,698,902 0.29 5,921 Saputo Inc 188,885 0.02

8,380 Seven Generations Energy Ltd ‘A’* 101,287 0.01 10,647 Shaw Communications Inc ‘B’ 203,624 0.02 1,860 Shopify Inc ‘A’ 222,653 0.02 2,362 Smart Real Estate Investment

Trust (Reit) 53,586 0.01 3,404 SNC-Lavalin Group Inc 147,915 0.02 14,820 Sun Life Financial Inc 602,898 0.06 39,773 Suncor Energy Inc 1,363,954 0.14 13,483 Teck Resources Ltd ‘B’ 335,118 0.04 4,602 TELUS Corp 160,170 0.02 6,680 Thomson Reuters Corp 258,666 0.03 43,372 Toronto-Dominion Bank/The 2,434,071 0.26 7,352 Tourmaline Oil Corp 122,220 0.01 20,603 TransCanada Corp* 834,011 0.09 33,803 Turquoise Hill Resources Ltd 103,385 0.01 10,141 Valeant Pharmaceuticals

International Inc 157,827 0.02 4,101 Vermilion Energy Inc 129,778 0.01 6,236 Waste Connections Inc 445,063 0.05 2,371 West Fraser Timber Co Ltd 155,625 0.02 9,752 Wheaton Precious Metals Corp* 196,475 0.02 31,979,345 3.40

Cayman Islands 8,900 ASM Pacific Technology Ltd 124,282 0.01 67,096 CK Asset Holdings Ltd 562,938 0.06 63,096 CK Hutchison Holdings Ltd 754,875 0.08 5,029 Melco Resorts & Entertainment

Ltd ADR 143,779 0.02 38,800 MGM China Holdings Ltd 100,107 0.01 24,000 Minth Group Ltd 109,319 0.01 57,200 Sands China Ltd 307,550 0.03 207,000 WH Group Ltd ‘144A’ 220,488 0.02 24,000 Wharf Real Estate Investment

Co Ltd 156,257 0.02 35,600 Wynn Macau Ltd 129,045 0.02 2,608,640 0.28

Curacao 31,668 Schlumberger Ltd 2,019,152 0.21 2,019,152 0.21

Denmark 114 AP Moller - Maersk A/S ‘A’ 166,883 0.02 155 AP Moller - Maersk A/S ‘B’* 239,433 0.03 2,530 Carlsberg A/S ‘B’ 301,478 0.03 2,071 Chr Hansen Holding A/S 178,377 0.02 2,509 Coloplast A/S ‘B’* 211,788 0.02 17,934 Danske Bank A/S 668,269 0.07 3,922 DSV A/S 307,525 0.03 1,369 Genmab A/S 293,764 0.03 2,426 H Lundbeck A/S* 135,479 0.01 2,746 ISS A/S 101,506 0.01 43,795 Novo Nordisk A/S ‘B’ 2,153,930 0.23 6,217 Novozymes A/S ‘B’ 321,079 0.03 5,074 Orsted A/S ‘144A’ 328,819 0.04 2,307 Pandora A/S* 247,826 0.03 21,031 TDC A/S 174,257 0.02 4,463 Tryg A/S 103,663 0.01 5,669 Vestas Wind Systems A/S 402,803 0.04 4,284 William Demant Holding A/S 158,783 0.02 6,495,662 0.69

Finland 2,301 Elisa OYJ 104,125 0.01 10,014 Fortum OYJ* 216,395 0.02 7,998 Kone OYJ ‘B’* 400,364 0.04


Canada continued Canada continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





3,898 Metso OYJ 123,359 0.02 2,869 Neste OYJ* 199,408 0.02 133,193 Nokia OYJ 732,394 0.08 2,507 Nokian Renkaat OYJ 114,651 0.01 3,580 Orion OYJ ‘B’ 109,722 0.01 10,574 Sampo OYJ ‘A’ 587,953 0.06 11,964 Stora Enso OYJ ‘R’* 218,209 0.03 12,625 UPM-Kymmene OYJ 466,441 0.05 9,243 Wartsila OYJ Abp* 204,234 0.02 3,477,255 0.37

France 4,131 Accor SA 222,979 0.02 577 Aeroports de Paris 127,067 0.01 10,378 Air Liquide SA 1,274,584 0.14 2,603 Alstom SA 117,919 0.01 2,017 Amundi SA ‘144A’ 162,561 0.02 1,417 Arkema SA 183,704 0.02 2,240 Atos SE 304,893 0.03 47,020 AXA SA 1,254,221 0.13 1,382 BioMerieux 113,427 0.01 26,132 BNP Paribas SA 1,948,006 0.21 16,339 Bollore SA 87,267 0.01 5,072 Bouygues SA 255,895 0.03 4,985 Bureau Veritas SA 129,439 0.01 3,801 Capgemini SE 472,632 0.05 16,044 Carrefour SA 335,132 0.04 1,466 Casino Guichard Perrachon SA 72,409 0.01 11,390 Cie de Saint-Gobain 601,182 0.06 4,051 Cie Generale des Etablissements

Michelin SCA 598,321 0.06 5,938 CNP Assurances 149,866 0.02 26,929 Credit Agricole SA 439,714 0.05 13,549 Danone SA 1,097,501 0.12 54 Dassault Aviation SA 104,212 0.01 3,065 Dassault Systemes SE 416,809 0.04 3,710 Edenred 128,474 0.01 1,320 Eiffage SA 150,860 0.02 13,753 Electricite de France SA 198,213 0.02 41,663 Engie SA 700,580 0.07 4,789 Essilor International Cie Generale

d’Optique SA 643,583 0.07 1,285 Eurazeo SA 119,243 0.01 6,419 Eutelsat Communications SA 127,319 0.01 1,559 Faurecia SA 125,418 0.01 1,244 Fonciere Des Regions (Reit) 137,667 0.01 1,079 Gecina SA (Reit) 188,153 0.02 12,720 Getlink SE 182,698 0.02 749 Hermes International 443,147 0.05 991 ICADE (Reit) 96,663 0.01 457 Iliad SA 95,347 0.01 1,213 Imerys SA 117,719 0.01 984 Ingenico Group SA 79,355 0.01 738 Ipsen SA 114,685 0.01 2,142 JCDecaux SA 74,598 0.01 1,813 Kering SA 866,666 0.09 4,970 Klepierre SA (Reit) 201,750 0.02 5,747 L’Oreal SA 1,300,667 0.14 3,198 Lagardere SCA 91,787 0.01 6,293 Legrand SA 496,021 0.05 6,278 LVMH Moet Hennessy

Louis Vuitton SE 1,934,560 0.21 19,995 Natixis SA 164,009 0.02 45,501 Orange SA 772,968 0.08 4,981 Pernod Ricard SA 828,061 0.09 14,971 Peugeot SA 360,411 0.04 4,903 Publicis Groupe SA 341,989 0.04 865 Remy Cointreau SA 123,121 0.01

4,542 Renault SA 554,136 0.06 5,889 Rexel SA 100,913 0.01 7,693 Safran SA 814,372 0.09 26,400 Sanofi 2,117,315 0.23 12,866 Schneider Electric SE 1,134,613 0.12 3,391 SCOR SE 138,447 0.02 798 SEB SA 153,314 0.02 989 Societe BIC SA 97,808 0.01 17,367 Societe Generale SA 948,974 0.10 2,492 Sodexo SA 256,921 0.03 12,691 Suez 185,566 0.02 1,133 Teleperformance 175,788 0.02 2,504 Thales SA 305,988 0.03 54,837 Total SA 3,119,417 0.33 1,118 Ubisoft Entertainment SA 94,157 0.01 2,265 Unibail-Rodamco SE (Reit) 519,874 0.06 5,435 Valeo SA 359,405 0.04 12,710 Veolia Environnement SA 302,142 0.03 12,076 Vinci SA 1,187,572 0.13 23,442 Vivendi SA 606,952 0.06 501 Wendel SA 79,275 0.01 34,928,421 3.72

Germany 1,769 1&1 Drillisch AG 120,010 0.01 4,244 adidas AG 1,024,575 0.11 10,351 Allianz SE Reg 2,339,460 0.25 1,608 Axel Springer SE* 133,858 0.01 21,228 BASF SE 2,144,623 0.23 19,094 Bayer AG Reg 2,153,981 0.23 7,520 Bayerische Motoren Werke AG 821,173 0.09 1,151 Bayerische Motoren Werke AG

(Pref) 108,723 0.01 2,384 Beiersdorf AG 268,996 0.03 4,182 Brenntag AG 248,975 0.03 25,180 Commerzbank AG 327,869 0.04 2,660 Continental AG 731,005 0.08 4,234 Covestro AG ‘144A’ 414,082 0.04 21,964 Daimler AG Reg 1,856,819 0.20 47,655 Deutsche Bank AG Reg 664,562 0.07 4,565 Deutsche Boerse AG* 619,668 0.07 6,237 Deutsche Lufthansa AG Reg 199,148 0.02 22,036 Deutsche Post AG Reg 964,312 0.10 76,855 Deutsche Telekom AG Reg 1,253,043 0.13 8,389 Deutsche Wohnen SE 390,163 0.04 49,931 E.ON SE 551,392 0.06 2,580 Evonik Industries AG 90,869 0.01 1,405 Fraport AG Frankfurt Airport

Services Worldwide 140,213 0.01 5,099 Fresenius Medical Care AG

& Co KGaA 520,546 0.06 9,591 Fresenius SE & Co KGaA 730,916 0.08 2,389 Fuchs Petrolub SE (Pref) 128,951 0.01 3,951 GEA Group AG 168,906 0.02 1,289 Hannover Rueck SE 175,688 0.02 3,520 HeidelbergCement AG 345,815 0.04 2,458 Henkel AG & Co KGaA* 311,696 0.03 4,214 Henkel AG & Co KGaA (Pref) 558,261 0.06 688 Hochtief AG 127,857 0.01 1,046 Hugo Boss AG 91,341 0.01 26,462 Infineon Technologies AG 706,016 0.08 3,946 Innogy SE 186,977 0.02 3,620 K+S AG Reg* 103,721 0.01 1,888 KION Group AG 175,990 0.02 1,796 Lanxess AG 137,534 0.01 4,393 Linde AG 899,488 0.10 1,211 MAN SE 141,701 0.02 2,801 Merck KGaA 268,827 0.03


France continued Finland continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





6,227 Metro AG 109,889 0.01 1,047 MTU Aero Engines AG 175,348 0.02 3,575 Muenchener Rueckversicherungs-

Gesellschaft AG in Muenchen Reg 829,804 0.09

1,697 OSRAM Licht AG 124,307 0.01 3,622 Porsche Automobil Holding SE (Pref) 301,470 0.03 6,259 ProSiebenSat.1 Media SE 216,049 0.02 11,135 RWE AG 274,856 0.03 22,710 SAP SE 2,371,869 0.25 1,577 Schaeffler AG (Pref) 24,264 0.00 17,599 Siemens AG Reg 2,237,780 0.24 2,748 Symrise AG 220,325 0.02 25,429 Telefonica Deutschland Holding AG 119,145 0.01 9,980 thyssenkrupp AG* 260,490 0.03 11,255 TUI AG 240,973 0.03 3,961 Uniper SE 121,350 0.01 2,586 United Internet AG Reg 162,083 0.02 593 Volkswagen AG 118,825 0.01 4,372 Volkswagen AG (Pref) 868,950 0.09 11,475 Vonovia SE 568,335 0.06 2,777 Wirecard AG 325,112 0.03 3,062 Zalando SE 166,636 0.02 33,185,610 3.53

Hong Kong 279,400 AIA Group Ltd 2,363,754 0.25 24,345 Bank of East Asia Ltd/The 97,087 0.01 87,000 BOC Hong Kong Holdings Ltd 423,439 0.05 38,500 CLP Holdings Ltd* 391,936 0.04 54,000 Galaxy Entertainment Group Ltd 490,215 0.05 31,000 Hang Lung Group Ltd 101,311 0.01 40,000 Hang Lung Properties Ltd 93,163 0.01 18,000 Hang Seng Bank Ltd* 416,482 0.05 28,376 Henderson Land Development

Co Ltd 184,748 0.02 31,000 HK Electric Investments & HK

Electric Investments Ltd (Unit) ‘144A’ 30,018 0.00

96,860 HKT Trust & HKT Ltd (Unit) 121,806 0.01 197,606 Hong Kong & China Gas Co Ltd* 405,857 0.04 26,874 Hong Kong Exchanges

& Clearing Ltd 873,818 0.09 7,000 Hysan Development Co Ltd 37,013 0.01 52,000 Link (Reit) 443,901 0.05 35,500 MTR Corp Ltd 190,875 0.02 138,900 New World Development Co Ltd* 196,087 0.02 127,000 PCCW Ltd 73,463 0.01 32,500 Power Assets Holdings Ltd 289,653 0.03 65,448 Sino Land Co Ltd 105,903 0.01 35,000 SJM Holdings Ltd 30,413 0.00 34,000 Sun Hung Kai Properties Ltd 537,166 0.06 10,500 Swire Pacific Ltd ‘A’ 105,888 0.01 18,000 Swire Properties Ltd 63,069 0.01 32,500 Techtronic Industries Co Ltd 189,445 0.02 36,000 Wharf Holdings Ltd/The 123,614 0.01 18,000 Wheelock & Co Ltd 131,527 0.02 8,511,651 0.91

Ireland 14,054 Accenture Plc ‘A’ 2,081,397 0.22 14,676 AIB Group Plc 87,970 0.01 4,098 Alkermes Plc 242,520 0.02 1,799 Allegion Plc 150,091 0.02 7,678 Allergan Plc 1,281,919 0.14 20,488 Bank of Ireland Group Plc 180,021 0.02 20,632 CRH Plc 703,279 0.07 1,966 DCC Plc 181,858 0.02

10,156 Eaton Corp Plc 808,925 0.09 5,848 Ingersoll-Rand Plc 495,209 0.05 10,385 James Hardie Industries Plc - CDI 182,451 0.02 1,320 Jazz Pharmaceuticals Plc 196,588 0.02 21,309 Johnson Controls International Plc 737,931 0.08 3,749 Kerry Group Plc ‘A’ 379,770 0.04 32,024 Medtronic Plc 2,528,615 0.27 1,823 Paddy Power Betfair Plc 185,679 0.02 3,977 Pentair Plc 270,277 0.03 2,706 Perrigo Co Plc 223,651 0.02 7,347 Seagate Technology Plc 417,971 0.04 2,944 Willis Towers Watson Plc 448,106 0.05 11,784,228 1.25

Isle of Man 127,900 Genting Singapore Plc 105,364 0.01 12,910 GVC Holdings Plc 166,062 0.02 271,426 0.03

Israel 1,401 Azrieli Group Ltd 67,188 0.01 20,889 Bank Hapoalim BM 142,141 0.01 30,673 Bank Leumi Le-Israel BM 184,157 0.02 72,482 Bezeq The Israeli

Telecommunication Corp Ltd 92,694 0.01 3,093 Check Point Software

Technologies Ltd 302,000 0.03 678 Elbit Systems Ltd 80,949 0.01 611 Frutarom Industries Ltd 55,922 0.01 12,618 Israel Chemicals Ltd 52,997 0.01 4,160 Mizrahi Tefahot Bank Ltd 79,433 0.01 1,606 Nice Ltd 147,082 0.01 21,612 Teva Pharmaceutical Industries

Ltd ADR 367,836 0.04 1,572,399 0.17

Italy 29,554 Assicurazioni Generali SpA 571,443 0.06 10,743 Atlantia SpA 334,288 0.03 19,378 Davide Campari-Milano SpA 147,223 0.02 199,821 Enel SpA 1,230,262 0.13 58,659 Eni SpA 1,033,724 0.11 303,304 Intesa Sanpaolo SpA 1,109,369 0.12 14,937 Intesa Sanpaolo SpA - RSP 56,916 0.01 8,198 Leonardo SpA 95,734 0.01 4,014 Luxottica Group SpA 248,421 0.03 11,512 Mediobanca Banca di Credito

Finanziario SpA 135,456 0.01 17,490 Poste Italiane SpA ‘144A’ 159,153 0.02 4,249 Prysmian SpA 133,786 0.01 3,480 Recordati SpA 127,371 0.01 46,202 Snam SpA 212,261 0.02 208,119 Telecom Italia SpA - RSP 173,737 0.02 265,192 Telecom Italia SpA/Milano 251,839 0.03 35,269 Terna Rete Elettrica Nazionale SpA* 206,844 0.02 48,906 UniCredit SpA 1,024,940 0.11 6,472 UnipolSai Assicurazioni SpA 15,417 0.00 7,268,184 0.77

Japan 800 ABC-Mart Inc 52,348 0.01 15,800 Acom Co Ltd 70,113 0.01 14,000 Aeon Co Ltd* 247,384 0.03 2,500 AEON Financial Service Co Ltd 57,303 0.01 2,300 Aeon Mall Co Ltd 47,810 0.01 1,800 Air Water Inc 34,743 0.00 4,500 Aisin Seiki Co Ltd 242,843 0.03


Germany continued Ireland continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





12,600 Ajinomoto Co Inc 227,266 0.02 3,000 Alfresa Holdings Corp 66,817 0.01 3,500 Alps Electric Co Ltd 85,225 0.01 9,300 Amada Holdings Co Ltd 111,479 0.01 3,100 ANA Holdings Inc 118,999 0.01 3,300 Aozora Bank Ltd 131,237 0.01 5,000 Asahi Glass Co Ltd 206,600 0.02 8,900 Asahi Group Holdings Ltd 476,106 0.05 29,100 Asahi Kasei Corp 382,610 0.04 3,900 Asics Corp 71,902 0.01 47,800 Astellas Pharma Inc 726,224 0.08 4,600 Bandai Namco Holdings Inc 147,041 0.02 1,400 Bank of Kyoto Ltd/The 78,184 0.01 1,900 Benesse Holdings Inc 68,237 0.01 15,000 Bridgestone Corp 652,658 0.07 5,400 Brother Industries Ltd 123,215 0.01 1,900 Calbee Inc 64,128 0.01 24,600 Canon Inc 890,424 0.09 5,700 Casio Computer Co Ltd 83,813 0.01 3,300 Central Japan Railway Co 623,918 0.07 14,000 Chiba Bank Ltd/The 112,800 0.01 14,900 Chubu Electric Power Co Inc 212,507 0.02 6,000 Chugai Pharmaceutical Co Ltd 300,663 0.03 9,300 Chugoku Electric Power Co Inc/The 112,966 0.01 2,000 Coca-Cola Bottlers Japan

Holdings Inc 82,170 0.01 26,300 Concordia Financial Group Ltd 146,626 0.02 4,900 Credit Saison Co Ltd 80,803 0.01 3,300 Cyberdyne Inc 46,600 0.00 5,300 Dai Nippon Printing Co Ltd 108,775 0.01 24,900 Dai-ichi Life Holdings Inc 455,324 0.05 8,000 Daicel Corp 86,795 0.01 2,000 Daifuku Co Ltd 116,392 0.01 12,900 Daiichi Sankyo Co Ltd 428,727 0.05 5,700 Daikin Industries Ltd 624,045 0.07 1,800 Daito Trust Construction Co Ltd 304,781 0.03 13,000 Daiwa House Industry Co Ltd 493,771 0.05 57 Daiwa House Investment

Corp (Reit) 137,402 0.01 37,000 Daiwa Securities Group Inc 235,257 0.02 3,400 DeNA Co Ltd 61,310 0.01 10,800 Denso Corp 587,088 0.06 5,000 Dentsu Inc 218,587 0.02 500 Disco Corp 104,922 0.01 2,400 Don Quijote Holdings Co Ltd 136,285 0.01 7,600 East Japan Railway Co 705,375 0.07 6,200 Eisai Co Ltd 395,555 0.04 3,900 Electric Power Development Co Ltd 99,732 0.01 2,300 FamilyMart UNY Holdings Co Ltd 190,504 0.02 4,800 FANUC Corp* 1,199,041 0.13 1,200 Fast Retailing Co Ltd 473,163 0.05 18,000 Fuji Electric Co Ltd 121,675 0.01 9,500 FUJIFILM Holdings Corp 374,766 0.04 45,000 Fujitsu Ltd 270,343 0.03 11,000 Fukuoka Financial Group Inc 59,568 0.01 9,000 Hachijuni Bank Ltd/The 48,399 0.01 7,200 Hakuhodo DY Holdings Inc 98,356 0.01 2,900 Hamamatsu Photonics KK 110,422 0.01 5,600 Hankyu Hanshin Holdings Inc 207,963 0.02 800 Hikari Tsushin Inc 127,636 0.01 8,600 Hino Motors Ltd 110,446 0.01 630 Hirose Electric Co Ltd 86,120 0.01 1,100 Hisamitsu Pharmaceutical Co Inc 84,182 0.01 3,600 Hitachi Chemical Co Ltd 79,334 0.01 1,700 Hitachi Construction Machinery

Co Ltd 64,890 0.01 2,100 Hitachi High-Technologies Corp 97,927 0.01 112,000 Hitachi Ltd 803,527 0.09 7,000 Hitachi Metals Ltd 81,343 0.01

39,500 Honda Motor Co Ltd* 1,352,132 0.14 1,100 Hoshizaki Corp 97,006 0.01 9,000 Hoya Corp 449,217 0.05 9,700 Hulic Co Ltd 104,692 0.01 2,900 Idemitsu Kosan Co Ltd 109,058 0.01 2,500 IHI Corp 77,093 0.01 5,200 Iida Group Holdings Co Ltd 96,017 0.01 19,300 Inpex Corp 235,251 0.02 4,900 Isetan Mitsukoshi Holdings Ltd 53,577 0.01 14,100 Isuzu Motors Ltd 213,293 0.02 34,000 ITOCHU Corp* 655,770 0.07 3,800 J Front Retailing Co Ltd 63,271 0.01 1,800 Japan Airlines Co Ltd 72,582 0.01 900 Japan Airport Terminal Co Ltd 34,523 0.00 12,000 Japan Exchange Group Inc 221,689 0.02 8,000 Japan Post Bank Co Ltd 107,780 0.01 36,600 Japan Post Holdings Co Ltd 442,166 0.05 24 Japan Prime Realty Investment

Corp (Reit) 86,871 0.01 29 Japan Real Estate Investment

Corp (Reit) 150,228 0.02 49 Japan Retail Fund Investment

Corp (Reit) 94,900 0.01 25,200 Japan Tobacco Inc 719,052 0.08 12,100 JFE Holdings Inc* 240,885 0.03 3,400 JGC Corp 72,881 0.01 5,600 JSR Corp 124,409 0.01 7,500 JTEKT Corp 108,447 0.01 71,200 JXTG Holdings Inc* 426,805 0.05 22,000 Kajima Corp 204,146 0.02 3,100 Kakaku.com Inc 53,947 0.01 3,000 Kamigumi Co Ltd 66,394 0.01 7,000 Kaneka Corp 69,036 0.01 16,200 Kansai Electric Power Co Inc/The 210,030 0.02 6,200 Kansai Paint Co Ltd 143,510 0.01 11,300 Kao Corp 842,679 0.09 2,700 Kawasaki Heavy Industries Ltd 85,926 0.01 41,500 KDDI Corp 1,055,594 0.11 3,400 Keihan Holdings Co Ltd 104,687 0.01 4,400 Keikyu Corp 76,736 0.01 2,300 Keio Corp 98,171 0.01 3,500 Keisei Electric Railway Co Ltd 106,614 0.01 2,400 Keyence Corp 1,477,930 0.16 4,000 Kikkoman Corp 160,203 0.02 4,100 Kintetsu Group Holdings Co Ltd 160,161 0.02 20,000 Kirin Holdings Co Ltd 529,027 0.06 10,200 Kobe Steel Ltd 100,020 0.01 2,600 Koito Manufacturing Co Ltd 179,175 0.02 21,300 Komatsu Ltd 701,890 0.07 1,700 Konami Holdings Corp 85,028 0.01 15,400 Konica Minolta Inc 129,293 0.01 500 Kose Corp* 103,841 0.01 24,400 Kubota Corp 423,241 0.04 7,600 Kuraray Co Ltd 130,043 0.01 2,200 Kurita Water Industries Ltd 70,014 0.01 7,400 Kyocera Corp 412,352 0.04 6,900 Kyowa Hakko Kirin Co Ltd 148,360 0.02 7,100 Kyushu Electric Power Co Inc 85,175 0.01 9,200 Kyushu Financial Group Inc 45,496 0.00 5,200 Kyushu Railway Co* 161,331 0.02 2,700 Lawson Inc 183,782 0.02 1,300 LINE Corp 50,844 0.01 3,900 Lion Corp 79,382 0.01 6,000 LIXIL Group Corp 131,716 0.01 4,700 M3 Inc 212,984 0.02 1,600 Mabuchi Motor Co Ltd 78,522 0.01 5,200 Makita Corp 254,219 0.03 38,200 Marubeni Corp* 275,353 0.03 6,300 Marui Group Co Ltd 125,568 0.01





Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





1,300 Maruichi Steel Tube Ltd 39,294 0.00 13,100 Mazda Motor Corp* 173,595 0.02 1,500 McDonald’s Holdings Co Japan Ltd 70,653 0.01 31,510 Mebuki Financial Group Inc 120,868 0.01 1,800 Medipal Holdings Corp 37,196 0.00 2,800 MEIJI Holdings Co Ltd 214,018 0.02 7,900 MINEBEA MITSUMI Inc 166,593 0.02 5,900 MISUMI Group Inc 160,584 0.02 33,100 Mitsubishi Chemical Holdings Corp 317,416 0.03 34,700 Mitsubishi Corp 921,777 0.10 44,300 Mitsubishi Electric Corp* 707,825 0.07 28,800 Mitsubishi Estate Co Ltd 473,840 0.05 5,500 Mitsubishi Gas Chemical Co Inc 130,358 0.01 7,400 Mitsubishi Heavy Industries Ltd 282,392 0.03 1,900 Mitsubishi Materials Corp 55,643 0.01 12,600 Mitsubishi Motors Corp 89,082 0.01 3,700 Mitsubishi Tanabe Pharma Corp 74,303 0.01 285,400 Mitsubishi UFJ Financial Group Inc* 1,868,322 0.20 12,200 Mitsubishi UFJ Lease & Finance

Co Ltd 71,916 0.01 38,800 Mitsui & Co Ltd* 660,255 0.07 4,200 Mitsui Chemicals Inc 131,491 0.01 20,600 Mitsui Fudosan Co Ltd 490,379 0.05 1,800 Mitsui OSK Lines Ltd 50,515 0.01 900 Mixi Inc 33,338 0.00 551,500 Mizuho Financial Group Inc* 992,923 0.11 10,900 MS&AD Insurance Group

Holdings Inc 335,716 0.04 4,400 Murata Manufacturing Co Ltd* 599,408 0.06 2,100 Nabtesco Corp 80,454 0.01 3,400 Nagoya Railroad Co Ltd 86,115 0.01 6,000 NEC Corp 166,972 0.02 9,200 Nexon Co Ltd* 154,739 0.02 4,800 NGK Insulators Ltd 81,952 0.01 2,800 NGK Spark Plug Co Ltd 66,575 0.01 3,000 NH Foods Ltd 122,550 0.01 6,000 Nidec Corp 908,193 0.10 7,400 Nikon Corp 132,117 0.01 2,600 Nintendo Co Ltd 1,140,563 0.12 32 Nippon Building Fund Inc (Reit) 176,900 0.02 2,800 Nippon Electric Glass Co Ltd 80,026 0.01 1,500 Nippon Express Co Ltd 98,012 0.01 3,400 Nippon Paint Holdings Co Ltd 123,866 0.01 20 Nippon Prologis REIT Inc (Reit) 43,266 0.00 17,500 Nippon Steel & Sumitomo

Metal Corp* 379,730 0.04 15,500 Nippon Telegraph & Telephone Corp 714,342 0.08 5,400 Nippon Yusen KK 104,634 0.01 3,800 Nissan Chemical Industries Ltd 155,766 0.02 52,800 Nissan Motor Co Ltd* 543,314 0.06 6,100 Nisshin Seifun Group Inc 120,320 0.01 1,800 Nissin Foods Holdings Co Ltd 124,214 0.01 1,900 Nitori Holdings Co Ltd 330,198 0.03 3,800 Nitto Denko Corp 282,664 0.03 2,700 NOK Corp 52,063 0.01 84,000 Nomura Holdings Inc* 482,685 0.05 4,200 Nomura Real Estate Holdings Inc 97,374 0.01 111 Nomura Real Estate Master Fund

Inc (Reit) 154,136 0.02 2,490 Nomura Research Institute Ltd 115,996 0.01 8,500 NSK Ltd 112,518 0.01 14,600 NTT Data Corp 151,401 0.02 31,100 NTT DOCOMO Inc* 786,381 0.08 15,000 Obayashi Corp 163,024 0.02 1,500 Obic Co Ltd 124,524 0.01 6,400 Odakyu Electric Railway Co Ltd 129,366 0.01 15,000 Oji Holdings Corp 95,614 0.01 6,700 Olympus Corp 253,222 0.03 4,400 Omron Corp 252,752 0.03

9,500 Ono Pharmaceutical Co Ltd 299,473 0.03 1,200 Oracle Corp Japan 98,040 0.01 5,000 Oriental Land Co Ltd/Japan 507,216 0.05 30,000 ORIX Corp 529,827 0.06 8,700 Osaka Gas Co Ltd 171,522 0.02 2,000 Otsuka Corp 100,785 0.01 9,000 Otsuka Holdings Co Ltd 447,863 0.05 50,300 Panasonic Corp 711,005 0.08 3,000 Park24 Co Ltd 81,286 0.01 4,100 Persol Holdings Co Ltd 117,567 0.01 2,900 Pola Orbis Holdings Inc 119,828 0.01 21,500 Rakuten Inc 176,423 0.02 24,900 Recruit Holdings Co Ltd 614,277 0.06 16,500 Renesas Electronics Corp 163,038 0.02 51,000 Resona Holdings Inc 270,859 0.03 15,300 Ricoh Co Ltd 149,167 0.02 1,000 Rinnai Corp 94,392 0.01 2,100 Rohm Co Ltd 195,459 0.02 600 Ryohin Keikaku Co Ltd 198,562 0.02 600 Sankyo Co Ltd 20,872 0.00 7,500 Santen Pharmaceutical Co Ltd 124,101 0.01 3,500 SBI Holdings Inc/Japan 80,355 0.01 4,900 Secom Co Ltd 360,711 0.04 6,200 Sega Sammy Holdings Inc 99,384 0.01 5,600 Seibu Holdings Inc 97,085 0.01 5,900 Seiko Epson Corp 101,065 0.01 10,200 Sekisui Chemical Co Ltd 176,449 0.02 11,300 Sekisui House Ltd 205,252 0.02 17,300 Seven & i Holdings Co Ltd 737,118 0.08 19,100 Seven Bank Ltd* 60,695 0.01 2,500 Sharp Corp/Japan 74,037 0.01 5,800 Shimadzu Corp 157,371 0.02 800 Shimamura Co Ltd 99,130 0.01 1,700 Shimano Inc 243,736 0.03 10,800 Shimizu Corp 95,140 0.01 9,000 Shin-Etsu Chemical Co Ltd 920,180 0.10 5,900 Shinsei Bank Ltd 90,803 0.01 6,800 Shionogi & Co Ltd 350,660 0.04 8,800 Shiseido Co Ltd 561,598 0.06 10,000 Shizuoka Bank Ltd/The 94,956 0.01 3,500 Showa Shell Sekiyu KK 47,088 0.01 1,300 SMC Corp/Japan 520,538 0.06 20,000 SoftBank Group Corp 1,467,776 0.16 2,400 Sohgo Security Services Co Ltd 116,655 0.01 8,100 Sompo Holdings Inc 322,964 0.03 29,000 Sony Corp 1,393,221 0.15 2,200 Sony Financial Holdings Inc* 39,754 0.00 2,900 Stanley Electric Co Ltd 107,286 0.01 4,300 Start Today Co Ltd 110,325 0.01 14,200 Subaru Corp* 465,790 0.05 4,700 SUMCO Corp 120,278 0.01 36,000 Sumitomo Chemical Co Ltd 205,782 0.02 27,400 Sumitomo Corp* 453,125 0.05 5,300 Sumitomo Dainippon Pharma Co Ltd 87,598 0.01 17,400 Sumitomo Electric Industries Ltd* 262,804 0.03 1,900 Sumitomo Heavy Industries Ltd 71,452 0.01 5,000 Sumitomo Metal Mining Co Ltd 203,309 0.02 30,900 Sumitomo Mitsui Financial Group Inc 1,293,056 0.14 7,600 Sumitomo Mitsui Trust Holdings Inc 307,458 0.03 8,000 Sumitomo Realty & Development

Co Ltd 295,135 0.03 6,400 Sumitomo Rubber Industries Ltd 116,489 0.01 1,000 Sundrug Co Ltd 46,350 0.00 2,900 Suntory Beverage & Food Ltd 140,413 0.01 5,800 Suruga Bank Ltd 80,485 0.01 2,500 Suzuken Co Ltd/Aichi Japan 104,123 0.01 7,900 Suzuki Motor Corp 423,576 0.04 3,300 Sysmex Corp 295,981 0.03 13,400 T&D Holdings Inc 210,830 0.02





Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





2,100 Taiheiyo Cement Corp 74,630 0.01 4,800 Taisei Corp 242,787 0.03 400 Taisho Pharmaceutical Holdings

Co Ltd 39,299 0.00 2,000 Taiyo Nippon Sanso Corp 29,916 0.00 3,000 Takashimaya Co Ltd 28,571 0.00 16,300 Takeda Pharmaceutical Co Ltd 784,619 0.08 3,000 TDK Corp 262,586 0.03 5,000 Teijin Ltd* 94,016 0.01 7,500 Terumo Corp 386,405 0.04 2,100 THK Co Ltd 85,390 0.01 3,800 Tobu Railway Co Ltd 115,038 0.01 1,600 Toho Co Ltd/Tokyo 52,724 0.01 600 Toho Gas Co Ltd 18,587 0.00 9,200 Tohoku Electric Power Co Inc 124,120 0.01 15,400 Tokio Marine Holdings Inc* 691,056 0.07 28,500 Tokyo Electric Power Co Holdings Inc 110,661 0.01 3,600 Tokyo Electron Ltd 650,345 0.07 9,000 Tokyo Gas Co Ltd 238,443 0.03 5,000 Tokyo Tatemono Co Ltd 74,978 0.01 12,300 Tokyu Corp 192,309 0.02 16,200 Tokyu Fudosan Holdings Corp 115,295 0.01 15,000 Toppan Printing Co Ltd 121,845 0.01 33,900 Toray Industries Inc 319,033 0.03 175,000 Toshiba Corp 503,455 0.05 5,800 Tosoh Corp 112,603 0.01 3,300 TOTO Ltd 170,329 0.02 4,800 Toyo Seikan Group Holdings Ltd 70,941 0.01 2,500 Toyo Suisan Kaisha Ltd 98,247 0.01 2,700 Toyoda Gosei Co Ltd 61,658 0.01 3,800 Toyota Industries Corp* 227,218 0.02 60,300 Toyota Motor Corp* 3,878,838 0.41 4,900 Toyota Tsusho Corp 163,310 0.02 2,500 Trend Micro Inc/Japan 145,019 0.02 1,100 Tsuruha Holdings Inc 157,091 0.02 9,300 Unicharm Corp 266,589 0.03 55 United Urban Investment Corp

(Reit) 85,940 0.01 6,500 USS Co Ltd 131,632 0.01 3,700 West Japan Railway Co 260,024 0.03 32,900 Yahoo Japan Corp* 152,800 0.02 3,200 Yakult Honsha Co Ltd 238,575 0.03 19,500 Yamada Denki Co Ltd* 117,515 0.01 8,000 Yamaguchi Financial Group Inc 98,153 0.01 3,900 Yamaha Corp 168,848 0.02 6,500 Yamaha Motor Co Ltd 190,970 0.02 8,100 Yamato Holdings Co Ltd 201,767 0.02 4,300 Yamazaki Baking Co Ltd 89,545 0.01 5,900 Yaskawa Electric Corp 261,815 0.03 3,700 Yokogawa Electric Corp 73,816 0.01 3,500 Yokohama Rubber Co Ltd/The 80,092 0.01 83,620,114 8.90

Jersey 6,150 Aptiv Plc 514,325 0.05 21,411 Experian Plc 464,737 0.05 5,767 Ferguson Plc 439,088 0.05 280,916 Glencore Plc 1,403,318 0.15 1,942 Randgold Resources Ltd 160,364 0.02 20,897 Shire Plc 1,035,539 0.11 29,261 WPP Plc 467,295 0.05 4,484,666 0.48

Liberia 3,966 Royal Caribbean Cruises Ltd 463,467 0.05 463,467 0.05

Luxembourg 15,712 ArcelorMittal 490,554 0.05 193 Eurofins Scientific SE 102,796 0.01 1,123 Millicom International Cellular SA -

SDR 76,382 0.01 1,455 RTL Group SA 120,225 0.01 9,615 SES SA* 127,733 0.01 9,361 Tenaris SA 159,197 0.02 1,076,887 0.11

Mauritius 54,100 Golden Agri-Resources Ltd 14,443 0.00 14,443 0.00

Netherlands 11,125 ABN AMRO Group NV - CVA ‘144A’ 336,029 0.04 46,750 Aegon NV* 315,831 0.03 3,134 AerCap Holdings NV 158,455 0.02 13,251 Airbus SE 1,532,558 0.16 5,965 Akzo Nobel NV 568,083 0.06 12,913 Altice NV ‘A’* 107,574 0.01 8,858 ASML Holding NV 1,729,119 0.18 1,419 Boskalis Westminster* 41,479 0.00 24,200 CNH Industrial NV 299,720 0.03 1,871 EXOR NV 132,487 0.01 2,691 Ferrari NV 324,131 0.03 25,454 Fiat Chrysler Automobiles NV* 517,890 0.06 2,272 Heineken Holding NV* 235,751 0.03 6,057 Heineken NV 653,727 0.07 87,765 ING Groep NV 1,477,211 0.16 29,545 Koninklijke Ahold Delhaize NV 700,160 0.07 4,101 Koninklijke DSM NV 406,129 0.04 66,582 Koninklijke KPN NV 199,797 0.02 21,695 Koninklijke Philips NV 828,677 0.09 2,836 Koninklijke Vopak NV 139,308 0.01 7,667 LyondellBasell Industries NV ‘A’ 796,908 0.09 10,456 Mylan NV 424,618 0.05 6,562 NN Group NV 291,444 0.03 8,184 NXP Semiconductors NV 954,254 0.10 4,690 QIAGEN NV 151,024 0.02 2,490 Randstad Holding NV* 163,492 0.02 22,849 RELX NV 473,898 0.05 15,077 STMicroelectronics NV 332,027 0.04 38,000 Unilever NV - CVA 2,151,338 0.23 7,141 Wolters Kluwer NV 377,793 0.04 16,820,912 1.79

New Zealand 33,302 Auckland International Airport Ltd 146,885 0.02 11,005 Fisher & Paykel Healthcare Corp Ltd 104,693 0.01 23,709 Fletcher Building Ltd 103,035 0.01 38,302 Meridian Energy Ltd 78,810 0.01 13,575 Ryman Healthcare Ltd 103,607 0.01 35,706 Spark New Zealand Ltd 85,949 0.01 622,979 0.07

Norway 23,117 DNB ASA 447,846 0.05 7,338 Gjensidige Forsikring ASA 134,171 0.01 8,127 Marine Harvest ASA 162,670 0.02 33,207 Norsk Hydro ASA 194,286 0.02 18,103 Orkla ASA 193,945 0.02 1,981 Schibsted ASA ‘B’ 50,094 0.01 27,211 Statoil ASA 639,764 0.07 17,758 Telenor ASA 400,215 0.04 3,545 Yara International ASA 149,452 0.01 2,372,443 0.25


Japan continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





Panama 7,990 Carnival Corp 517,352 0.05 517,352 0.05

Papua New Guinea 32,300 Oil Search Ltd 177,412 0.02 177,412 0.02

Portugal 48,211 EDP - Energias de Portugal SA 182,932 0.02 10,522 Galp Energia SGPS SA 199,300 0.02 5,767 Jeronimo Martins SGPS SA 105,076 0.01 487,308 0.05

Singapore 48,200 Ascendas Real Estate Investment

Trust (Reit) 96,694 0.01 9,543 Broadcom Ltd 2,250,335 0.24 40,860 CapitaLand Commercial Trust (Reit) 57,036 0.01 69,300 CapitaLand Ltd 188,712 0.02 86,000 CapitaLand Mall Trust (Reit) 136,446 0.01 5,400 City Developments Ltd 53,547 0.01 74,700 ComfortDelGro Corp Ltd 116,808 0.01 42,291 DBS Group Holdings Ltd 887,111 0.09 12,518 Flex Ltd 204,043 0.02 156,700 Hutchison Port Holdings Trust (Unit) 46,227 0.01 1,022 Jardine Cycle & Carriage Ltd 26,895 0.00 34,300 Keppel Corp Ltd 203,288 0.02 74,130 Oversea-Chinese Banking Corp Ltd 724,902 0.08 12,300 SATS Ltd 48,130 0.01 11,200 Sembcorp Industries Ltd 26,569 0.00 11,300 Singapore Airlines Ltd 93,434 0.01 27,900 Singapore Exchange Ltd 156,844 0.02 18,000 Singapore Press Holdings Ltd 34,600 0.00 54,400 Singapore Technologies

Engineering Ltd 148,967 0.02 212,200 Singapore Telecommunications Ltd 545,472 0.06 14,000 StarHub Ltd 24,561 0.00 82,600 Suntec Real Estate Investment

Trust (Reit) 119,080 0.01 31,489 United Overseas Bank Ltd* 660,524 0.07 6,539 UOL Group Ltd 42,646 0.00 33,600 Wilmar International Ltd 81,501 0.01 80,000 Yangzijiang Shipbuilding

Holdings Ltd 73,837 0.01 7,048,209 0.75

Spain 16,398 Abertis Infraestructuras SA 367,585 0.04 4,814 ACS Actividades de Construccion y

Servicios SA 188,951 0.02 1,597 Aena SME SA ‘144A’ 323,746 0.03 10,267 Amadeus IT Group SA 760,164 0.08 150,584 Banco Bilbao Vizcaya Argentaria SA 1,196,384 0.13 126,202 Banco de Sabadell SA* 259,260 0.03 371,040 Banco Santander SA 2,422,973 0.26 18,833 Bankia SA 85,176 0.01 14,749 Bankinter SA 152,351 0.02 84,891 CaixaBank SA 407,477 0.04 5,274 Enagas SA 144,677 0.02 7,194 Endesa SA 159,402 0.02 13,698 Ferrovial SA 285,960 0.03 7,461 Gas Natural SDG SA* 179,754 0.02 5,748 Grifols SA 162,213 0.02 131,812 Iberdrola SA 974,631 0.10 25,153 Industria de Diseno Textil SA 790,741 0.08 16,582 International Consolidated Airlines

Group SA - CDI 143,452 0.01

37,169 Mapfre SA 124,361 0.01 8,805 Red Electrica Corp SA 182,891 0.02 29,644 Repsol SA 528,249 0.06 7,935 Siemens Gamesa Renewable

Energy SA 126,439 0.01 113,805 Telefonica SA* 1,128,151 0.12 11,094,988 1.18

Sweden 6,810 Alfa Laval AB 160,348 0.02 23,708 Assa Abloy AB ‘B’ 510,658 0.05 15,884 Atlas Copco AB ‘A’* 685,214 0.07 8,538 Atlas Copco AB ‘B’ 330,895 0.03 7,664 Boliden AB 267,732 0.03 4,905 Electrolux AB ‘B’ 153,775 0.02 14,331 Essity AB ‘B’ 394,689 0.04 8,251 Getinge AB ‘B’ 93,557 0.01 22,458 Hennes & Mauritz AB ‘B’* 335,757 0.04 5,728 Hexagon AB ‘B’ 339,315 0.04 6,781 Husqvarna AB ‘B’ 65,178 0.01 2,876 ICA Gruppen AB* 101,465 0.01 2,875 Industrivarden AB ‘C’ 66,596 0.01 10,774 Investor AB ‘B’ 475,070 0.05 4,988 Kinnevik AB ‘B’ 178,956 0.02 1,227 L E Lundbergforetagen AB ‘B’ 87,632 0.01 5,634 Lundin Petroleum AB 141,035 0.01 72,684 Nordea Bank AB 773,456 0.08 26,704 Sandvik AB 486,209 0.05 10,870 Securitas AB ‘B’* 184,023 0.02 35,931 Skandinaviska Enskilda Banken

AB ‘A’ 375,231 0.04 6,410 Skanska AB ‘B’ 130,642 0.01 7,588 SKF AB ‘B’ 154,515 0.02 36,123 Svenska Handelsbanken AB ‘A’ 449,542 0.05 21,190 Swedbank AB ‘A’ 473,251 0.05 3,685 Swedish Match AB 166,140 0.02 13,195 Tele2 AB ‘B’* 157,826 0.02 72,674 Telefonaktiebolaget LM Ericsson ‘B’ 459,322 0.05 66,152 Telia Co AB 309,784 0.03 36,673 Volvo AB ‘B’ 666,841 0.07 9,174,654 0.98

Switzerland 42,197 ABB Ltd Reg 1,002,251 0.11 3,715 Adecco Group AG Reg* 263,974 0.03 1,000 Baloise Holding AG Reg 153,146 0.02 45 Barry Callebaut AG Reg 87,381 0.01 22 Chocoladefabriken Lindt

& Spruengli AG - PC 135,413 0.01 2 Chocoladefabriken Lindt

& Spruengli AG Reg 145,504 0.02 10,683 Chubb Ltd 1,462,930 0.16 11,947 Cie Financiere Richemont SA Reg 1,069,765 0.11 4,526 Clariant AG Reg 107,500 0.01 5,290 Coca-Cola HBC AG - CDI 195,436 0.02 55,576 Credit Suisse Group AG Reg* 927,333 0.10 969 Dufry AG Reg 126,742 0.01 258 EMS-Chemie Holding AG Reg 161,908 0.02 3,469 Garmin Ltd 202,243 0.02 848 Geberit AG Reg 374,778 0.04 212 Givaudan SA Reg* 479,791 0.05 5,584 Julius Baer Group Ltd 341,598 0.04 1,232 Kuehne + Nagel International

AG Reg 194,092 0.02 10,398 LafargeHolcim Ltd Reg* 570,132 0.06 1,704 Lonza Group AG Reg 401,518 0.04 73,156 Nestle SA Reg 5,801,632 0.62 51,649 Novartis AG Reg* 4,168,468 0.44


Spain continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





1,210 Pargesa Holding SA 107,663 0.01 455 Partners Group Holding AG 336,261 0.04 16,513 Roche Holding AG 3,784,697 0.40 956 Schindler Holding AG 205,350 0.02 640 Schindler Holding AG Reg 133,319 0.01 116 SGS SA Reg 284,870 0.03 49 Sika AG - BR 380,593 0.04 1,139 Sonova Holding AG Reg 181,348 0.02 261 Straumann Holding AG Reg 164,337 0.02 706 Swatch Group AG/The - BR 311,208 0.03 1,275 Swatch Group AG/The Reg 105,905 0.01 743 Swiss Life Holding AG Reg 264,829 0.03 2,006 Swiss Prime Site AG Reg 193,922 0.02 7,941 Swiss Re AG 802,995 0.09 518 Swisscom AG Reg 255,882 0.03 8,049 TE Connectivity Ltd 789,164 0.08 88,298 UBS Group AG Reg 1,544,961 0.16 1,011 Vifor Pharma AG 155,518 0.02 3,669 Zurich Insurance Group AG 1,198,676 0.13 29,575,033 3.15

United Kingdom 25,544 3i Group Plc 311,768 0.03 3,348 Admiral Group Plc 87,449 0.01 30,453 Anglo American Plc* 709,375 0.08 7,191 Antofagasta Plc 92,802 0.01 5,974 Aon Plc 832,955 0.09 12,198 Ashtead Group Plc 333,785 0.04 8,185 Associated British Foods Plc 287,547 0.03 30,387 AstraZeneca Plc 2,086,135 0.22 27,541 Auto Trader Group Plc ‘144A’ 136,284 0.01 92,739 Aviva Plc 648,603 0.07 8,716 Babcock International Group Plc 81,605 0.01 73,254 BAE Systems Plc 599,346 0.06 400,330 Barclays Plc 1,161,304 0.12 20,031 Barratt Developments Plc 148,908 0.02 2,346 Berkeley Group Holdings Plc 125,192 0.01 48,596 BHP Billiton Plc 960,390 0.10 457,248 BP Plc 3,079,007 0.33 52,930 British American Tobacco Plc 3,076,439 0.33 20,904 British Land Co Plc/The (Reit)* 189,251 0.02 193,914 BT Group Plc 627,671 0.07 7,172 Bunzl Plc 210,621 0.02 12,022 Burberry Group Plc* 287,224 0.03 23,257 Capita Plc 46,574 0.01 3,769 Carnival Plc 242,087 0.03 128,617 Centrica Plc 258,467 0.03 60,690 Cobham Plc 103,960 0.01 4,588 Coca-Cola European Partners Plc 190,540 0.02 36,112 Compass Group Plc 737,380 0.08 37,956 ConvaTec Group Plc ‘144A’ 105,970 0.01 2,846 Croda International Plc 181,921 0.02 57,661 Diageo Plc* 1,960,431 0.21 26,616 Direct Line Insurance Group Plc 142,408 0.02 2,651 easyJet Plc 59,777 0.01 4,005 Fresnillo Plc 70,800 0.01 42,281 G4S Plc* 146,873 0.02 39,499 GKN Plc 239,158 0.03 112,247 GlaxoSmithKline Plc 2,205,999 0.23 14,501 Hammerson Plc (Reit) 109,429 0.01 7,234 Hargreaves Lansdown Plc 166,069 0.02 468,401 HSBC Holdings Plc 4,388,755 0.47 9,221 IMI Plc* 139,610 0.02 22,000 Imperial Brands Plc 753,551 0.08 4,145 InterContinental Hotels Group Plc 248,873 0.03 4,162 Intertek Group Plc 274,819 0.03 13,065 Investec Plc 101,421 0.01 75,988 ITV Plc 155,482 0.02

29,055 J Sainsbury Plc* 97,948 0.01 19,072 John Wood Group Plc 143,548 0.02 4,112 Johnson Matthey Plc 175,674 0.02 56,653 Kingfisher Plc* 233,274 0.03 16,989 Land Securities Group Plc (Reit) 224,167 0.02 137,032 Legal & General Group Plc 497,781 0.05 5,792 Liberty Global Plc ‘A’ 182,911 0.02 13,383 Liberty Global Plc ‘C’ 408,248 0.04 1,646,358 Lloyds Banking Group Plc 1,506,244 0.16 6,922 London Stock Exchange Group Plc 401,110 0.04 28,218 Marks & Spencer Group Plc 107,741 0.01 13,705 Mediclinic International Plc* 115,329 0.01 14,875 Meggitt Plc 90,546 0.01 24,750 Merlin Entertainments Plc ‘144A’ * 120,420 0.01 7,349 Micro Focus International Plc 102,258 0.01 2,648 Micro Focus International Plc ADR 36,807 0.00 8,311 Mondi Plc 224,150 0.02 77,530 National Grid Plc 878,037 0.09 3,179 Next Plc* 214,961 0.02 7,251 Nielsen Holdings Plc 235,658 0.03 108,893 Old Mutual Plc 366,018 0.04 15,597 Pearson Plc 164,447 0.02 7,939 Persimmon Plc 281,806 0.03 59,182 Prudential Plc 1,486,749 0.16 15,437 Reckitt Benckiser Group Plc 1,307,505 0.14 24,543 RELX Plc 507,187 0.05 28,442 Rio Tinto Plc 1,441,414 0.15 38,107 Rolls-Royce Holdings Plc 468,423 0.05 82,370 Royal Bank of Scotland Group Plc 300,837 0.03 104,788 Royal Dutch Shell Plc ‘A’ 3,299,028 0.35 85,438 Royal Dutch Shell Plc ‘B’ 2,740,880 0.29 16,037 Royal Mail Plc 122,328 0.01 21,938 RSA Insurance Group Plc 194,726 0.02 28,095 Sage Group Plc/The 252,774 0.03 2,295 Schroders Plc 103,081 0.01 22,599 Segro Plc (Reit) 191,444 0.02 3,909 Sensata Technologies Holding Plc* 198,616 0.02 8,102 Severn Trent Plc 211,793 0.02 23,720 Sky Plc 436,160 0.05 19,198 Smith & Nephew Plc 356,789 0.04 8,501 Smiths Group Plc 181,053 0.02 22,920 SSE Plc 417,100 0.04 14,831 St James’s Place Plc 226,320 0.02 76,002 Standard Chartered Plc* 763,397 0.08 56,645 Standard Life Aberdeen Plc 287,868 0.03 69,536 Taylor Wimpey Plc 180,747 0.02 11,164 TechnipFMC Plc 323,198 0.03 219,849 Tesco Plc 637,907 0.07 4,560 Travis Perkins Plc 79,137 0.01 28,945 Unilever Plc 1,613,189 0.17 21,598 United Utilities Group Plc 218,124 0.02 610,256 Vodafone Group Plc 1,675,474 0.18 6,287 Weir Group Plc/The 176,765 0.02 4,212 Whitbread Plc 219,322 0.02 39,568 Wm Morrison Supermarkets Plc 119,037 0.01 56,651,470 6.03

United States 13,747 3M Co 2,997,671 0.32 40,658 Abbott Laboratories 2,413,865 0.26 37,390 AbbVie Inc 3,528,868 0.38 16,346 Activision Blizzard Inc 1,062,163 0.11 783 Acuity Brands Inc 108,524 0.01 11,552 Adobe Systems Inc 2,432,620 0.26 1,480 Advance Auto Parts Inc 175,691 0.02 15,888 Advanced Micro Devices Inc* 156,497 0.02 19,176 AES Corp/VA 218,031 0.02 7,605 Aetna Inc 1,282,127 0.14


Switzerland continued United Kingdom continued



Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets






1,260 Affiliated Managers Group Inc 235,343 0.03 18,018 Aflac Inc 788,648 0.08 1,121 AGCO Corp 72,529 0.01 7,405 Agilent Technologies Inc 490,877 0.05 11,336 AGNC Investment Corp (Reit) 215,157 0.02 4,969 Air Products & Chemicals Inc 784,357 0.08 3,952 Akamai Technologies Inc 277,628 0.03 2,931 Albemarle Corp 266,633 0.03 2,428 Alexandria Real Estate Equities

Inc (Reit) 300,805 0.03 5,143 Alexion Pharmaceuticals Inc 565,524 0.06 1,757 Align Technology Inc 429,762 0.05 378 Alleghany Corp 229,556 0.02 1,152 Alliance Data Systems Corp 248,314 0.03 5,055 Alliant Energy Corp 207,255 0.02 8,241 Allstate Corp/The 784,543 0.08 10,641 Ally Financial Inc 283,157 0.03 2,427 Alnylam Pharmaceuticals Inc 312,695 0.03 6,960 Alphabet Inc ‘A’ 7,016,376 0.75 7,335 Alphabet Inc ‘C’ 7,386,272 0.79 44,489 Altria Group Inc 2,785,456 0.30 9,554 Amazon.com Inc 13,165,508 1.40 302 AMERCO 104,410 0.01 5,219 Ameren Corp 295,656 0.03 2,329 American Airlines Group Inc 119,361 0.01 11,220 American Electric Power Co Inc 774,741 0.08 17,247 American Express Co 1,600,349 0.17 1,535 American Financial Group Inc/OH 172,764 0.02 20,698 American International Group Inc 1,125,764 0.12 9,822 American Tower Corp (Reit) 1,414,073 0.15 4,521 American Water Works Co Inc* 371,491 0.04 3,457 Ameriprise Financial Inc 511,187 0.05 3,789 AmerisourceBergen Corp 323,088 0.03 5,318 AMETEK Inc 402,626 0.04 15,486 Amgen Inc 2,639,434 0.28 7,039 Amphenol Corp ‘A’ 600,779 0.06 13,353 Anadarko Petroleum Corp 792,901 0.08 8,742 Analog Devices Inc 787,042 0.08 3,438 Andeavor* 342,906 0.04 31,067 Annaly Capital Management

Inc (Reit) 324,184 0.03 1,820 ANSYS Inc 282,519 0.03 5,357 Antero Resources Corp* 104,569 0.01 5,699 Anthem Inc 1,255,433 0.13 3,619 AO Smith Corp 227,780 0.02 8,494 Apache Corp* 319,714 0.03 119,642 Apple Inc 20,010,124 2.13 25,638 Applied Materials Inc 1,393,810 0.15 5,456 Aramark 213,766 0.02 12,966 Archer-Daniels-Midland Co 560,391 0.06 11,038 Arconic Inc 250,673 0.03 1,115 Arista Networks Inc 274,045 0.03 1,721 Arrow Electronics Inc 131,330 0.01 4,151 Arthur J Gallagher & Co 282,932 0.03 1,298 Assurant Inc 118,455 0.01 142,324 AT&T Inc* 5,072,427 0.54 2,273 Atmos Energy Corp 191,227 0.02 4,558 Autodesk Inc 565,557 0.06 2,056 Autoliv Inc 298,634 0.03 10,162 Automatic Data Processing Inc 1,131,539 0.12 1,022 AutoNation Inc 47,768 0.01 646 AutoZone Inc 415,242 0.04 3,182 AvalonBay Communities Inc (Reit) 524,998 0.06 2,037 Avery Dennison Corp 213,641 0.02 3,491 Avnet Inc 145,226 0.02 11,244 Baker Hughes a GE Co 313,820 0.03 6,902 Ball Corp 271,456 0.03 231,397 Bank of America Corp 6,794,047 0.72 23,628 Bank of New York Mellon Corp/The 1,204,083 0.13

11,127 Baxter International Inc 712,573 0.08 19,139 BB&T Corp 985,276 0.10 6,055 Becton Dickinson and Co 1,285,598 0.14 29,285 Berkshire Hathaway Inc ‘B’ 5,785,545 0.62 6,337 Best Buy Co Inc 445,301 0.05 4,846 Biogen Inc 1,324,073 0.14 4,146 BioMarin Pharmaceutical Inc 333,919 0.04 2,772 BlackRock Inc 1,467,746 0.16 13,233 Boeing Co/The 4,268,833 0.45 1,158 Booking Holdings Inc 2,367,832 0.25 4,872 BorgWarner Inc 241,700 0.03 3,556 Boston Properties Inc (Reit) 439,699 0.05 31,283 Boston Scientific Corp 850,272 0.09 1,324 Brighthouse Financial Inc 68,093 0.01 38,283 Bristol-Myers Squibb Co 2,395,367 0.25 5,924 Brixmor Property Group Inc (Reit) 91,230 0.01 3,097 Broadridge Financial Solutions Inc 331,967 0.04 6,625 Brown-Forman Corp ‘B’ 355,498 0.04 8,289 CA Inc 277,516 0.03 9,478 Cabot Oil & Gas Corp 228,183 0.02 7,664 Cadence Design Systems Inc 280,732 0.03 2,622 Camden Property Trust (Reit) 222,110 0.02 5,007 Campbell Soup Co 217,704 0.02 11,056 Capital One Financial Corp 1,045,898 0.11 7,294 Cardinal Health Inc 454,854 0.05 3,905 CarMax Inc 240,821 0.03 13,940 Caterpillar Inc 2,044,022 0.22 2,258 Cboe Global Markets Inc 254,273 0.03 7,010 CBRE Group Inc ‘A’ 327,437 0.03 7,968 CBS Corp ‘B non-voting share’ 404,217 0.04 2,928 CDK Global Inc 183,586 0.02 3,540 CDW Corp/DE 248,083 0.03 2,950 Celanese Corp ‘A’ 297,891 0.03 18,967 Celgene Corp 1,691,856 0.18 3,975 Centene Corp* 409,942 0.04 9,423 CenterPoint Energy Inc 257,672 0.03 22,099 CenturyLink Inc 359,551 0.04 6,867 Cerner Corp 398,286 0.04 5,147 CF Industries Holdings Inc 190,336 0.02 2,917 CH Robinson Worldwide Inc 270,406 0.03 27,522 Charles Schwab Corp/The 1,398,943 0.15 4,494 Charter Communications Inc ‘A’* 1,376,827 0.15 5,285 Chemours Co/The 248,606 0.03 4,782 Cheniere Energy Inc 249,907 0.03 44,263 Chevron Corp 5,011,014 0.53 560 Chipotle Mexican Grill Inc 181,160 0.02 5,750 Church & Dwight Co Inc 289,168 0.03 5,805 Cigna Corp 971,583 0.10 2,580 Cimarex Energy Co 238,908 0.03 4,166 Cincinnati Financial Corp 310,117 0.03 2,067 Cintas Corp 349,612 0.04 115,404 Cisco Systems Inc 4,819,271 0.51 3,671 CIT Group Inc 189,350 0.02 62,056 Citigroup Inc 4,226,634 0.45 11,543 Citizens Financial Group Inc 479,381 0.05 3,497 Citrix Systems Inc 322,109 0.03 2,969 Clorox Co/The 393,155 0.04 7,771 CME Group Inc 1,229,761 0.13 5,845 CMS Energy Corp 265,597 0.03 95,092 Coca-Cola Co/The 4,146,962 0.44 3,590 Cognex Corp 183,664 0.02 13,490 Cognizant Technology Solutions

Corp ‘A’ 1,077,581 0.11 19,150 Colgate-Palmolive Co 1,376,119 0.15 17,390 Colony NorthStar Inc (Reit) ‘A’ 97,732 0.01 107,553 Comcast Corp ‘A’ 3,597,648 0.38 3,974 Comerica Inc 374,073 0.04 3,688 CommScope Holding Co Inc 144,791 0.02 8,891 Conagra Brands Inc 324,966 0.03




Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





3,427 Concho Resources Inc 495,373 0.05 27,929 ConocoPhillips 1,646,694 0.18 7,140 Consolidated Edison Inc 558,348 0.06 3,928 Constellation Brands Inc ‘A’ 889,771 0.09 2,876 Continental Resources Inc/OK 165,255 0.02 1,126 Cooper Cos Inc/The 254,386 0.03 20,835 Corning Inc* 574,421 0.06 825 CoStar Group Inc 295,820 0.03 10,039 Costco Wholesale Corp 1,853,902 0.20 11,224 Coty Inc ‘A’ 205,624 0.02 9,362 Crown Castle International

Corp (Reit) 1,028,884 0.11 3,524 Crown Holdings Inc 178,138 0.02 20,445 CSX Corp 1,127,133 0.12 3,672 Cummins Inc 595,452 0.06 23,361 CVS Health Corp 1,446,513 0.15 14,292 Danaher Corp 1,382,751 0.15 2,890 Darden Restaurants Inc 245,621 0.03 3,127 DaVita Inc 204,787 0.02 6,223 Deere & Co 947,576 0.10 4,654 Dell Technologies Inc ‘V’ 334,576 0.04 3,882 Delta Air Lines Inc 209,162 0.02 6,258 Dentsply Sirona Inc 310,897 0.03 11,491 Devon Energy Corp 360,243 0.04 2,378 Diamondback Energy Inc 299,057 0.03 4,509 Digital Realty Trust Inc (Reit) 474,302 0.05 8,947 Discover Financial Services 629,779 0.07 2,350 Discovery Communications Inc ‘A’ 49,397 0.01 6,903 Discovery Communications Inc ‘C’ 132,400 0.01 5,247 DISH Network Corp ‘A’ 197,077 0.02 6,305 Dollar General Corp 591,283 0.06 5,458 Dollar Tree Inc* 518,619 0.06 14,700 Dominion Energy Inc 996,954 0.11 1,259 Domino’s Pizza Inc 294,870 0.03 3,547 Dover Corp 342,498 0.04 55,073 DowDuPont Inc 3,464,092 0.37 8,096 DR Horton Inc 351,204 0.04 4,189 Dr Pepper Snapple Group Inc 495,601 0.05 4,134 DTE Energy Co 433,491 0.05 16,010 Duke Energy Corp 1,245,258 0.13 7,855 Duke Realty Corp (Reit) 207,293 0.02 6,810 DXC Technology Co 681,204 0.07 6,748 E*TRADE Financial Corp 362,233 0.04 3,042 East West Bancorp Inc 188,361 0.02 3,591 Eastman Chemical Co 375,906 0.04 3,836 Eaton Vance Corp 211,249 0.02 23,214 eBay Inc 930,417 0.10 5,939 Ecolab Inc 805,091 0.09 7,508 Edison International 476,683 0.05 4,866 Edwards Lifesciences Corp* 661,338 0.07 7,115 Electronic Arts Inc 846,756 0.09 23,738 Eli Lilly & Co 1,828,301 0.19 14,630 Emerson Electric Co 989,720 0.11 4,617 Entergy Corp 367,282 0.04 3,694 Envision Healthcare Corp* 141,628 0.02 13,220 EOG Resources Inc 1,381,093 0.15 6,171 EQT Corp 290,778 0.03 2,774 Equifax Inc 324,919 0.03 1,781 Equinix Inc (Reit) 740,860 0.08 8,465 Equity Residential (Reit) 524,237 0.06 1,676 Essex Property Trust Inc (Reit) 405,374 0.04 5,095 Estee Lauder Cos Inc/The ‘A’ 751,665 0.08 7,303 Eversource Energy 430,585 0.05 21,900 Exelon Corp 858,918 0.09 2,881 Expedia Group Inc 314,375 0.03 4,167 Expeditors International

of Washington Inc 261,229 0.03 13,316 Express Scripts Holding Co 929,057 0.10 3,265 Extra Space Storage Inc (Reit)* 282,651 0.03

98,726 Exxon Mobil Corp 7,284,004 0.78 1,465 F5 Networks Inc 208,894 0.02 55,507 Facebook Inc ‘A’ 8,598,034 0.91 6,637 Fastenal Co 356,739 0.04 1,540 Federal Realty Investment Trust

(Reit) 179,980 0.02 5,842 FedEx Corp 1,393,083 0.15 7,562 Fidelity National Information

Services Inc 718,314 0.08 16,997 Fifth Third Bancorp

534,726 0.06 10,914 First Data Corp ‘A’* 173,314 0.02 3,732 First Republic Bank/CA 341,963 0.04 10,238 FirstEnergy Corp 354,849 0.04 10,066 Fiserv Inc 710,559 0.08 2,173 FleetCor Technologies Inc 428,494 0.05 3,938 FLIR Systems Inc 195,404 0.02 4,326 Flowserve Corp 183,639 0.02 2,848 Fluor Corp 161,510 0.02 3,091 FMC Corp 234,823 0.02 5,743 FNF Group 230,179 0.02 85,282 Ford Motor Co 937,249 0.10 4,103 Fortinet Inc 215,490 0.02 7,203 Fortive Corp 554,487 0.06 3,549 Fortune Brands Home & Security Inc 208,539 0.02 7,716 Franklin Resources Inc 266,665 0.03 31,703 Freeport-McMoRan Inc 543,389 0.06 4,665 Gap Inc/The 147,087 0.02 1,950 Gartner Inc* 226,668 0.02 200,667 General Electric Co 2,728,068 0.29 13,271 General Mills Inc 591,488 0.06 30,192 General Motors Co 1,081,779 0.12 3,777 Genuine Parts Co 339,439 0.04 14,224 GGP Inc (Reit) 293,726 0.03 30,573 Gilead Sciences Inc 2,294,198 0.24 4,098 Global Payments Inc 448,936 0.05 8,374 Goldman Sachs Group Inc/The 2,091,490 0.22 5,394 Goodyear Tire & Rubber Co/The 143,750 0.02 4,088 H&R Block Inc 103,917 0.01 20,085 Halliburton Co 929,936 0.10 7,482 Hanesbrands Inc 140,288 0.01 3,931 Harley-Davidson Inc 171,313 0.02 2,760 Harris Corp 442,124 0.05 8,400 Hartford Financial Services Group

Inc/The 434,616 0.05 2,594 Hasbro Inc 218,830 0.02 6,663 HCA Healthcare Inc 643,846 0.07 9,614 HCP Inc (Reit) 224,871 0.02 3,585 HD Supply Holdings Inc 135,907 0.01 2,045 Helmerich & Payne Inc 133,273 0.01 3,541 Henry Schein Inc* 236,574 0.03 3,326 Hershey Co/The 328,509 0.04 7,165 Hess Corp 354,596 0.04 37,448 Hewlett Packard Enterprise Co 654,966 0.07 4,372 Hilton Worldwide Holdings Inc* 344,601 0.04 3,341 HollyFrontier Corp 160,101 0.02 5,494 Hologic Inc 205,805 0.02 27,274 Home Depot Inc/The 4,808,406 0.51 16,839 Honeywell International Inc 2,423,300 0.26 6,712 Hormel Foods Corp 228,611 0.02 20,066 Host Hotels & Resorts Inc (Reit) 374,432 0.04 38,117 HP Inc 832,475 0.09 3,434 Humana Inc 906,954 0.10 25,125 Huntington Bancshares Inc/OH 375,116 0.04 1,194 Huntington Ingalls Industries Inc 306,464 0.03 1,664 IAC Via InterActive Corp 256,955 0.03 1,689 IDEX Corp 239,500 0.03 2,284 IDEXX Laboratories Inc 431,196 0.05 7,078 Illinois Tool Works Inc 1,098,222 0.12





Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets






3,480 Illumina Inc 811,084 0.09 4,029 Incyte Corp 342,183 0.04 1,689 Ingredion Inc 215,837 0.02 108,439 Intel Corp 5,420,866 0.58 13,564 Intercontinental Exchange Inc 966,842 0.10 20,542 International Business

Machines Corp 3,104,923 0.33 1,820 International Flavors

& Fragrances Inc 247,374 0.03 9,027 International Paper Co 479,695 0.05 8,905 Interpublic Group of Cos Inc/The 203,746 0.02 5,610 Intuit Inc 953,812 0.10 2,577 Intuitive Surgical Inc 1,035,258 0.11 8,312 Invitation Homes Inc (Reit) 188,516 0.02 1,079 IPG Photonics Corp 247,404 0.03 2,968 IQVIA Holdings Inc 287,317 0.03 5,430 Iron Mountain Inc (Reit) 178,919 0.02 1,614 Jack Henry & Associates Inc 193,277 0.02 2,447 Jacobs Engineering Group Inc 142,856 0.02 2,019 JB Hunt Transport Services Inc 234,466 0.02 2,613 JM Smucker Co/The 325,867 0.03 62,667 Johnson & Johnson 7,966,229 0.85 1,282 Jones Lang LaSalle Inc 223,440 0.02 80,819 JPMorgan Chase & Co 8,728,452 0.93 7,711 Juniper Networks Inc 185,989 0.02 2,739 Kansas City Southern 296,634 0.03 5,971 Kellogg Co* 383,935 0.04 25,070 KeyCorp 482,974 0.05 8,143 Kimberly-Clark Corp 906,967 0.10 12,595 Kimco Realty Corp (Reit) 182,124 0.02 45,939 Kinder Morgan Inc/DE 680,127 0.07 3,614 KLA-Tencor Corp 384,855 0.04 2,732 Knight-Swift Transportation

Holdings Inc 125,836 0.01 4,477 Kohl’s Corp 291,184 0.03 14,045 Kraft Heinz Co/The 871,352 0.09 20,684 Kroger Co/The 493,727 0.05 4,669 L Brands Inc 177,842 0.02 1,803 L3 Technologies Inc 370,643 0.04 2,346 Laboratory Corp of America Holdings 378,433 0.04 3,880 Lam Research Corp 766,339 0.08 9,753 Las Vegas Sands Corp 691,878 0.07 1,821 Lear Corp 332,952 0.04 3,821 Leggett & Platt Inc* 167,857 0.02 3,176 Leidos Holdings Inc 204,312 0.02 7,565 Lennar Corp ‘A’ 444,898 0.05 775 Lennox International Inc 156,356 0.02 6,759 Leucadia National Corp 152,821 0.02 2,535 Liberty Broadband Corp ‘C’ 212,712 0.02 10,754 Liberty Interactive Corp QVC

Group ‘A’ 269,710 0.03 5,928 Liberty Media Corp-Liberty

Formula One ‘C’ 182,997 0.02 1,794 Liberty Media Corp-Liberty

SiriusXM ‘A’ 73,267 0.01 4,803 Liberty Media Corp-Liberty

SiriusXM ‘C’ 195,386 0.02 4,206 Liberty Property Trust (Reit) 166,347 0.02 5,107 Lincoln National Corp 371,790 0.04 3,036 Live Nation Entertainment Inc 127,269 0.01 7,118 LKQ Corp 268,562 0.03 7,165 Loews Corp 356,387 0.04 19,276 Lowe’s Cos Inc 1,662,748 0.18 2,525 Lululemon Athletica Inc 221,569 0.02 3,143 M&T Bank Corp 567,909 0.06 2,440 Macerich Co/The (Reit) 138,421 0.01 1,476 Macquarie Infrastructure Corp 54,361 0.01 6,177 Macy’s Inc* 183,086 0.02 1,438 ManpowerGroup Inc 163,803 0.02

21,921 Marathon Oil Corp 340,652 0.04 11,534 Marathon Petroleum Corp 833,447 0.09 362 Markel Corp 419,920 0.04 7,301 Marriott International Inc/MD ‘A’ 983,372 0.10 11,812 Marsh & McLennan Cos Inc* 973,781 0.10 1,448 Martin Marietta Materials Inc 293,234 0.03 8,617 Masco Corp 344,852 0.04 21,658 Mastercard Inc ‘A’ 3,700,919 0.39 10,058 Mattel Inc 131,760 0.01 6,389 Maxim Integrated Products Inc 376,440 0.04 2,759 McCormick & Co Inc/MD

‘non-voting share’ 294,275 0.03 18,303 McDonald’s Corp 2,904,137 0.31 5,026 McKesson Corp 710,626 0.08 992 MercadoLibre Inc 341,585 0.04 62,822 Merck & Co Inc 3,457,723 0.37 20,729 MetLife Inc 955,192 0.10 564 Mettler-Toledo International Inc 322,326 0.03 10,347 MGM Resorts International 356,144 0.04 5,362 Microchip Technology Inc* 486,226 0.05 27,341 Micron Technology Inc* 1,403,687 0.15 170,788 Microsoft Corp 15,121,570 1.61 2,618 Mid-America Apartment

Communities Inc (Reit) 238,709 0.03 1,207 Middleby Corp/The* 149,813 0.02 1,456 Mohawk Industries Inc 335,841 0.04 3,931 Molson Coors Brewing Co ‘B’ 298,874 0.03 34,553 Mondelez International Inc ‘A’ 1,421,856 0.15 10,354 Monsanto Co 1,211,211 0.13 9,157 Monster Beverage Corp 516,913 0.06 3,965 Moody’s Corp 631,268 0.07 31,536 Morgan Stanley 1,678,031 0.18 7,330 Mosaic Co/The 175,993 0.02 3,749 Motorola Solutions Inc 390,571 0.04 2,130 MSCI Inc 312,663 0.03 2,601 Nasdaq Inc 219,602 0.02 8,758 National Oilwell Varco Inc 317,390 0.03 4,181 National Retail Properties Inc (Reit) 163,268 0.02 6,063 NetApp Inc 364,750 0.04 10,029 Netflix Inc 2,782,045 0.30 11,655 New York Community Bancorp Inc 151,224 0.02 11,294 Newell Brands Inc 291,272 0.03 5,991 Newfield Exploration Co 142,286 0.02 12,289 Newmont Mining Corp 473,864 0.05 10,596 News Corp ‘A’ 165,404 0.02 11,229 NextEra Energy Inc 1,828,418 0.19 29,933 NIKE Inc ‘B’ 1,980,068 0.21 6,528 NiSource Inc 155,889 0.02 10,637 Noble Energy Inc 315,600 0.03 2,268 Nordstrom Inc 110,497 0.01 6,642 Norfolk Southern Corp 898,264 0.10 5,004 Northern Trust Corp 508,356 0.05 3,785 Northrop Grumman Corp 1,309,194 0.14 7,362 Nucor Corp 444,223 0.05 13,973 NVIDIA Corp 3,093,482 0.33 78 NVR Inc 233,705 0.02 2,030 O’Reilly Automotive Inc 499,461 0.05 17,516 Occidental Petroleum Corp 1,126,454 0.12 5,820 OGE Energy Corp 189,907 0.02 1,586 Old Dominion Freight Line Inc 229,177 0.02 5,318 Omnicom Group Inc* 387,310 0.04 8,739 ONEOK Inc* 485,714 0.05 73,606 Oracle Corp 3,315,582 0.35 3,215 Owens Corning 261,090 0.03 8,097 PACCAR Inc 530,758 0.06 2,048 Packaging Corp of America 229,253 0.02 2,172 Palo Alto Networks Inc 386,877 0.04 3,068 Parker-Hannifin Corp* 521,560 0.06 6,471 Parsley Energy Inc ‘A’ 181,123 0.02




Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





7,456 Paychex Inc 451,908 0.05 27,011 PayPal Holdings Inc 2,017,181 0.21 6,838 People’s United Financial Inc 126,845 0.01 32,714 PepsiCo Inc 3,583,492 0.38 138,361 Pfizer Inc 4,875,842 0.52 11,818 PG&E Corp 519,283 0.06 36,472 Philip Morris International Inc 3,652,671 0.39 10,023 Phillips 66 953,187 0.10 2,428 Pinnacle West Capital Corp 194,337 0.02 4,076 Pioneer Natural Resources Co 690,352 0.07 4,010 Plains GP Holdings LP ‘A’ 85,934 0.01 11,021 PNC Financial Services Group

Inc/The 1,645,546 0.18 1,142 Polaris Industries Inc 131,124 0.01 5,912 PPG Industries Inc 651,325 0.07 15,807 PPL Corp 450,025 0.05 6,592 Praxair Inc 930,988 0.10 6,671 Principal Financial Group Inc 400,193 0.04 59,265 Procter & Gamble Co/The 4,737,644 0.50 13,237 Progressive Corp/The 804,148 0.09 12,141 Prologis Inc (Reit) 764,883 0.08 9,842 Prudential Financial Inc 1,014,513 0.11 11,658 Public Service Enterprise Group Inc 583,833 0.06 3,743 Public Storage (Reit) 752,680 0.08 7,505 PulteGroup Inc 219,596 0.02 2,181 PVH Corp 334,304 0.04 2,933 Qorvo Inc 200,617 0.02 33,637 Qualcomm Inc 1,842,971 0.20 2,974 Quest Diagnostics Inc 295,854 0.03 1,601 Ralph Lauren Corp 177,759 0.02 7,323 Range Resources Corp 105,817 0.01 2,991 Raymond James Financial Inc 261,324 0.03 6,650 Raytheon Co 1,407,872 0.15 6,311 Realty Income Corp (Reit) 327,793 0.03 4,090 Red Hat Inc 595,463 0.06 4,252 Regency Centers Corp (Reit) 251,463 0.03 1,805 Regeneron Pharmaceuticals Inc 615,433 0.07 27,562 Regions Financial Corp 503,833 0.05 1,522 Reinsurance Group of America Inc 235,834 0.03 5,438 Republic Services Inc 357,929 0.04 3,277 ResMed Inc 312,134 0.03 2,380 Robert Half International Inc 137,183 0.01 2,958 Rockwell Automation Inc 516,201 0.05 3,744 Rockwell Collins Inc 506,975 0.05 1,710 Rollins Inc 86,475 0.01 2,356 Roper Technologies Inc 657,583 0.07 8,909 Ross Stores Inc 688,220 0.07 5,872 S&P Global Inc 1,101,646 0.12 4,611 Sabre Corp 98,399 0.01 15,653 salesforce.com Inc 1,763,310 0.19 2,775 SBA Communications Corp (Reit) 470,252 0.05 2,534 SCANA Corp 90,109 0.01 4,784 Sealed Air Corp 204,372 0.02 2,000 Seattle Genetics Inc 103,760 0.01 3,179 SEI Investments Co 233,084 0.02 5,489 Sempra Energy* 609,114 0.06 4,018 ServiceNow Inc 645,452 0.07 1,917 Sherwin-Williams Co/The* 746,269 0.08 1,152 Signature Bank/New York NY 161,810 0.02 7,103 Simon Property Group Inc (Reit) 1,104,730 0.12 33,077 Sirius XM Holdings Inc 205,408 0.02 4,234 Skyworks Solutions Inc 419,970 0.04 1,955 SL Green Realty Corp (Reit) 190,163 0.02 1,327 Snap-on Inc* 196,569 0.02 23,030 Southern Co/The* 1,034,277 0.11 3,207 Southwest Airlines Co 181,644 0.02 949 Spectrum Brands Holdings Inc 95,488 0.01 3,252 Spirit AeroSystems Holdings Inc ‘A’ 274,046 0.03 3,273 Splunk Inc 312,342 0.03

25,589 Sprint Corp 123,851 0.01 6,566 Square Inc ‘A’* 316,613 0.03 3,650 SS&C Technologies Holdings Inc 189,143 0.02 3,529 Stanley Black & Decker Inc 537,537 0.06 33,066 Starbucks Corp* 1,884,101 0.20 8,620 State Street Corp 848,898 0.09 5,544 Steel Dynamics Inc 240,887 0.03 2,832 Stericycle Inc* 167,371 0.02 7,700 Stryker Corp 1,218,756 0.13 11,461 SunTrust Banks Inc 762,844 0.08 1,246 SVB Financial Group 295,788 0.03 14,159 Symantec Corp 360,630 0.04 18,365 Synchrony Financial 606,229 0.06 3,227 Synopsys Inc 266,518 0.03 11,570 Sysco Corp 689,803 0.07 5,538 T Rowe Price Group Inc 587,969 0.06 6,880 T-Mobile US Inc* 418,786 0.04 2,504 Take-Two Interactive Software Inc 241,861 0.03 7,109 Tapestry Inc 374,076 0.04 4,705 Targa Resources Corp 205,185 0.02 11,943 Target Corp 826,097 0.09 7,322 TD Ameritrade Holding Corp 420,063 0.04 1,065 Teleflex Inc 268,007 0.03 1,299 TESARO Inc 75,849 0.01 3,158 Tesla Inc 791,111 0.08 23,338 Texas Instruments Inc 2,390,045 0.25 9,152 Thermo Fisher Scientific Inc 1,878,631 0.20 2,883 Tiffany & Co 283,976 0.03 17,826 Time Warner Inc 1,683,131 0.18 14,663 TJX Cos Inc/The 1,195,768 0.13 3,190 Toll Brothers Inc 136,979 0.01 2,548 Torchmark Corp 214,363 0.02 4,452 Total System Services Inc 375,793 0.04 3,468 Tractor Supply Co 212,831 0.02 1,198 TransDigm Group Inc* 364,731 0.04 4,511 TransUnion 252,842 0.03 6,361 Travelers Cos Inc/The 883,288 0.09 5,285 Trimble Inc* 185,662 0.02 2,153 TripAdvisor Inc 87,735 0.01 24,255 Twenty-First Century Fox Inc ‘A’ 876,818 0.09 10,121 Twenty-First Century Fox Inc ‘B’ 361,522 0.04 14,836 Twitter Inc* 415,408 0.04 6,661 Tyson Foods Inc ‘A’ 491,981 0.05 5,964 UDR Inc (Reit)* 213,571 0.02 3,589 UGI Corp 159,746 0.02 1,358 Ulta Salon Cosmetics

& Fragrance Inc 279,286 0.03 6,415 Under Armour Inc ‘A’ 106,553 0.01 6,521 Under Armour Inc ‘C’ 94,163 0.01 18,170 Union Pacific Corp* 2,402,801 0.26 2,097 United Continental Holdings Inc 143,728 0.02 15,765 United Parcel Service Inc ‘B’ 1,641,767 0.17 2,148 United Rentals Inc 365,912 0.04 17,824 United Technologies Corp 2,223,009 0.24 1,307 United Therapeutics Corp 144,044 0.02 22,487 UnitedHealth Group Inc 4,916,108 0.52 2,037 Universal Health Services Inc ‘B’ 242,831 0.03 4,573 Unum Group 217,400 0.02 38,219 US Bancorp 1,914,390 0.20 1,129 Vail Resorts Inc 253,562 0.03 10,181 Valero Energy Corp 930,136 0.10 2,116 Varian Medical Systems Inc 256,882 0.03 2,903 Veeva Systems Inc ‘A’ 206,926 0.02 8,207 Ventas Inc (Reit) 408,627 0.04 18,350 VEREIT Inc (Reit) 127,991 0.01 2,387 VeriSign Inc 278,205 0.03 3,603 Verisk Analytics Inc 366,317 0.04 95,622 Verizon Communications Inc 4,637,667 0.49 5,810 Vertex Pharmaceuticals Inc 929,949 0.10





Holding Description

Market Value USD

% of Net


Market Value USD

% of Net

Assets





7,714 VF Corp 575,002 0.06 8,128 Viacom Inc ‘B’ 250,424 0.03 42,070 Visa Inc ‘A’ 4,929,763 0.52 8,560 Vistra Energy Corp 178,904 0.02 1,841 VMware Inc ‘A’ 219,668 0.02 4,552 Vornado Realty Trust (Reit) 308,762 0.03 4,952 Voya Financial Inc 248,590 0.03 2,908 Vulcan Materials Co 325,231 0.03 1,081 WABCO Holdings Inc 144,984 0.02 2,565 Wabtec Corp/DE 209,714 0.02 19,809 Walgreens Boots Alliance Inc 1,306,998 0.14 34,523 Walmart Inc 3,052,178 0.32 35,425 Walt Disney Co/The 3,513,452 0.37 10,055 Waste Management Inc 841,402 0.09 1,840 Waters Corp 366,197 0.04 7,272 WEC Energy Group Inc 457,409 0.05 109,551 Wells Fargo & Co 5,687,888 0.61 8,500 Welltower Inc (Reit) 464,440 0.05 2,830 Westar Energy Inc 148,235 0.02 6,795 Western Digital Corp 617,462 0.07 12,149 Western Union Co/The 233,747 0.02 5,853 WestRock Co 370,495 0.04 17,350 Weyerhaeuser Co (Reit) 608,465 0.06 1,682 Whirlpool Corp 256,892 0.03 19,050 Williams Cos Inc/The 472,059 0.05 3,170 Workday Inc ‘A’ 391,844 0.04 4,198 Worldpay Inc ‘A’

(traded in United Kingdom) 338,631 0.04

4,308 Worldpay Inc ‘A’ (traded in United States) 348,000 0.04

2,831 WR Berkley Corp 206,521 0.02 1,234 WR Grace & Co 75,829 0.01 1,265 WW Grainger Inc 356,616 0.04 2,586 Wyndham Worldwide Corp 294,597 0.03 1,892 Wynn Resorts Ltd 335,716 0.04 11,701 Xcel Energy Inc 534,853 0.06 3,821 Xerox Corp 110,274 0.01 5,728 Xilinx Inc 408,865 0.04 4,138 Xylem Inc/NY 316,019 0.03 7,542 Yum! Brands Inc 636,696 0.07 3,365 Zayo Group Holdings Inc 112,256 0.01 3,119 Zillow Group Inc ‘C’ 163,498 0.02 4,659 Zimmer Biomet Holdings Inc* 502,427 0.05 4,402 Zions Bancorporation 229,124 0.02 11,273 Zoetis Inc 915,931 0.10 515,101,310 54.80Total Common / Preferred Stocks (Shares) 914,973,582 97.35Total Transferable Securities and Money Market Instruments Admitted to an Official Stock Exchange Listing or Dealt in on Another Regulated Market 914,973,582 97.35 Securities portfolio at market value 914,973,582 97.35 Other Net Assets 24,942,387 2.65Total Net Assets (USD) 939,915,969 100.00






% of Net Assets

Financial 21.17Consumer, Non-cyclical 21.00Technology 10.76Industrial 10.54Communications 10.40Consumer, Cyclical 10.10Energy 5.90Basic Materials 4.33Utilities 2.94Diversified 0.21


100.00



Number of contracts



Expiration date

Gross underlying

exposure USD


USD

130 USD E-Mini S&P 500 Index June 2018 17,008,550 (630,183) 97 EUR EURO STOXX 50 Index June 2018 3,912,476 (43,206) 26 GBP FTSE 100 Index June 2018 2,552,341 (22,795) 3 HKD Hang Seng Index April 2018 574,306 (3,364) 6 AUD SPI 200 Index June 2018 660,960 (28,385) 5 CHF Swiss Market Index June 2018 448,236 (7,233) 15 JPY Topix Index June 2018 2,406,572 (12,128)

Total 27,563,441 (747,294)


Notes to the Financial Statements

1. OrganisationBlackRock Global Index Funds (the “Company”) is a public limited company (société anonyme) established under the laws of the Grand Duchy of Luxembourg as an open ended variable capital investment company (société d’investissement à capital variable). The Company was established on 30 August 2012 and was authorised by the Commission de Surveillance du Secteur Financier (the “CSSF”) as an UCITS pursuant to the provisions of Part I of the law of 17 December 2010, as amended and is regulated pursuant to such law (the “2010 Law”).

The Company has appointed BlackRock (Luxembourg) S.A. as its Management Company.

As at 31 March 2018, the Company offered shares in 10 Funds (each a “Fund”, together the “Funds”). The Company is an umbrella structure comprising separate Funds with segregated liability. Each Fund shall have segregated liability from the other Funds and the Company shall not be liable as a whole to third parties for the liabilities of each Fund. Each Fund shall be made up of a separate portfolio of investments maintained and invested in accordance with the investment objectives applicable to such Fund. Each Fund is a separate pool of assets and is represented by separate shares of each Fund which are divided into share classes as detailed in Appendix I.

The classes of shares have equivalent rights in the Company but carry different features and charging structures which are more fully described in the Company’s Prospectus.

Share Classes LaunchedShare Classes launched during the year are disclosed in Appendix I.

Significant events during the yearEffective 31 May 2017, Nicholas C.D. Hall resigned as Chairman of the Board of the Directors of the Company.

Effective 17 July 2017, Paul Freeman was appointed as Chairman of the Board of the Directors of the Company.

As notified to shareholders on 26 July 2017, with effect from 29 August 2017, the use of the iShares brand was extended to cover BlackRock’s index mutual funds range. As a result, the names of the Funds have been rebranded as set out in the Chairman’s Letter to the Shareholders.

Effective 25 August 2017, the Fund’s listing and trading on the Luxembourg Stock Exchange changed from being listed on the EU-regulated Bourse de Luxembourg (“BdL”) market to being listed on the exchange-regulated Euro MTF market.

Effective 29 September 2017, Frank Le Feuvre resigned from the Board of Directors of the Company.

Effective 21 December 2017, Michael Gruener was appointed as Director of the Board of the Company.

A new Prospectus was issued on 29 August 2017 and on 21 December 2017.

2. Summary of Significant Accounting Policies:The financial statements have been prepared in accordance with generally accepted accounting principles in Luxembourg and with the legal and regulatory requirements relating to the preparation of the financial statements as prescribed by the Luxembourg authorities for Luxembourg UCITS and include the following significant accounting policies:

(a) Valuation of Investments and Other Assets

The Company’s investments and other assets are valued as follows:

transferable securities which are admitted to an official exchange listing or dealt in on another regulated market, are valued on the basis of the latest available price prevailing on the valuation date. For securities traded on markets closing after the time of the valuation, last known prices as of this time or such other time may be used. Where such securities or other assets are quoted or dealt in, on or by more than one stock exchange or regulated market the Board may in its discretion select one of such stock exchanges or regulated markets for such purposes. Discrepancies in the value of securities may result, for example, where the underlying markets are closed for business at the time of calculating the NAV of certain Funds or where governments chose to impose fiscal or transaction charges on foreign investment. As a result, the Directors have implemented fair value techniques in order to estimate the fair value of these investments. Such securities and derivatives shall be valued at their probable realisation value as determined by the competent persons (the Directors). Because of the inherent uncertainty in the fair value process, these estimated values may significantly differ from the values that would have been used had a ready market for the securities existed, and from the values that may be ultimately recovered;

for non-quoted securities or securities not traded or dealt in on any stock exchange or other regulated market (including securities of closed-ended investment funds), as well as quoted or non-quoted securities on such other markets for which no valuation price is available, or securities for which the quoted prices are, in the opinion of the Board of Directors of the Company, not representative of the fair market value, the value shall be determined prudently and in good faith by the Board of Directors of the Company on the basis of their expected disposal or acquisition price;

if in any case a particular value is not ascertainable by the methods outlined above, or if the Board of Directors of the Company consider that some other method of valuation more accurately reflects the fair value of the relevant security or other asset for the purpose concerned, the method of valuation of the security or asset will be such as the Board of Directors of the Company in their absolute discretion decide. Discrepancies in value of securities may result, for example, where the underlying markets are closed for business at the time of calculating the NAV


Notes to the Financial Statements continued

of certain Funds. In such cases the Board of Directors of the Company may set specific thresholds, that, where exceeded, result in adjustment to the value of these securities to their fair value by applying a specific index adjustment. Additionally, where governments choose to impose fiscal or transaction charges on foreign investment, the Board of Directors of the Company may adjust the NAV to reflect such charges.

As at 31 March 2018, such fair valuation adjustment was applied as per table below:

Fund Currency

Market value of fair valued

securities % of Net

AssetsiShares Emerging Markets Equity Index Fund (LU) USD 2 0.00

securities lending: securities are delivered to a third party broker in accordance with lending agent instructions and continue to be valued as part of the portfolio of the Fund;

liquid assets such as money market instruments may be valued at nominal values plus any accrued interest or at amortised cost basis which approximated their fair value;

cash at bank, bills payable on demand and other debts are valued at their nominal amount, unless it appears unlikely that such nominal amount is obtainable;

cash collateral provided by the Company is identified on the balance sheet as pledged cash collateral and is not included as a component of cash and cash equivalents. Cash collateral provided to the Company by counterparties is identified on the balance sheet as cash collateral payable. The Company may reinvest this cash collateral and the assets purchased are included in financial assets at fair value through profit or loss on the balance sheet;

assets which include, in particular, interest and dividends receivable, receivable for investments sold and receivable for Fund shares subscribed, are valued at nominal value unless it appears unlikely that such nominal amount is obtainable;

liabilities which include, in particular, expenses payable, income distribution payable, payable for investments purchased and payable for fund shares redeemed, are valued at their nominal value.

(b) Net realised gains and losses on Investments

Net realised gains and losses on sales of investments have been determined on the basis of the average cost method.

(c) Income/Expense from Investments

The Company takes credit for income from its investments on the following basis:

interest income is accrued daily and includes the amortisation on a straight line basis of premiums and accretion of discounts;

bank interest income/expense is recognised on an accrual basis;

dividend income is accrued on the ex-dividend date and is shown net of withholding taxes;

securities lending income is accrued on a weekly basis;

negative yield expense on financial assets relating to interest from a negative effective interest rate on assets held is accreted daily and is recognised in the Statement of Operations and Changes in Net Assets over the life of the underlying instrument;

when a bond has been identified as being in default, the interest accrual on the defaulted security is stopped. On confirmation of default from relevant parties, the amount receivable is written off;

the date included in the description of any perpetual bonds in the Portfolio of Investments is the next callable date of the bonds and the interest rate disclosed under the description in the Portfolio of Investments is the interest rate applicable at the period end and is for information only as these bonds are bearing variable interest rates.

(d) Financial Derivative Instruments

During the year, the Funds have entered into a number of forward foreign exchange transactions and futures contracts. Open forward foreign exchange transactions and futures contracts are valued at the fair market value to close the contracts on the valuation date. Surpluses/deficits arising from these and unsettled contracts are taken to net unrealised appreciation/(depreciation) and are included under assets or liabilities (as appropriate) in the Statement of Net Assets. The net change in unrealised appreciation or depreciation and the net realised gains or losses on settlement or closing transactions of forward foreign exchange transactions and futures contracts are presented in the Statement of Operations and Changes in Net Assets.

(e) Foreign Exchange

The cost of investments in currencies other than the currency of denomination of the respective Fund has been translated at the rates of exchange ruling at the time of purchase. Investments and other assets and liabilities in currencies other than the currency of denomination of the respective Fund have been translated at the exchange rate prevailing at the Fund’s recent valuation point in Luxembourg. The net change in unrealised appreciation or depreciation and the net realised gains or losses on disposal or settlement of other assets or liabilities in currencies other than the currency of denomination of the respective Fund are presented in the Statement of Operations and Changes in Net Assets.



Income and expenses in currencies other than the currency of denomination of the respective Fund have been translated at the rates of exchange prevailing on the transaction date.

The following exchange rates were used to translate the investments and other assets and other liabilities denominated in currencies other than the base currency of the Fund at the last valuation point:

All Funds (except the iShares Pacific

ex Japan Equity Index Fund (LU))


CCY EUR USD USD

AED 0.2209 0.2723 0.2723AUD 0.6234 0.7682 0.7667BRL 0.2441 0.3008 0.2994CAD 0.6283 0.7743 0.7743CHF 0.8494 1.0468 1.0461CLP 0.0013 0.0017 0.0017COP 0.0003 0.0004 0.0004CZK 0.0394 0.0485 0.0485DKK 0.1341 0.1653 0.1656EGP 0.0460 0.0567 0.0567EUR 1.0000 1.2323 1.2340GBP 1.1407 1.4058 1.4100HKD 0.1034 0.1274 0.1274HUF 0.0032 0.0039 0.0039IDR 0.0001 0.0001 0.0001ILS 0.2312 0.2849 0.2856INR 0.0124 0.0153 0.0153JPY 0.0076 0.0094 0.0094KRW 0.0008 0.0009 0.0009MXN 0.0445 0.0548 0.0545MYR 0.2098 0.2585 0.2588NOK 0.1033 0.1273 0.1274NZD 0.5848 0.7207 0.7245PHP 0.0156 0.0192 0.0192PKR 0.0070 0.0087 0.0087PLN 0.2375 0.2927 0.2933QAR 0.2229 0.2746 0.2746RUB 0.0141 0.0174 0.0173SEK 0.0969 0.1194 0.1201SGD 0.6190 0.7628 0.7634THB 0.0260 0.0320 0.0320TRY 0.2045 0.2521 0.2492TWD 0.0278 0.0343 0.0343USD 0.8115 1.0000 1.0000ZAR 0.0683 0.0842 0.0848

(f) Combined Financial Statements

The accounts of each Fund are expressed in the Funds’ base currency.

The combined figures of the Company are expressed in USD and include the total of the financial statements of the different Funds, translated if necessary. For the translation of the Statement of Net Assets, the following exchange rate prevailing at the Fund’s valuation point in Luxembourg

as at 31 March 2018 for all Funds expressed in Euros, has been applied:

EURUSD 0.8115

For the translation of the Statement of Operations and Changes in Net Assets, the following exchange rate is the average rate calculated over the year for all Funds expressed in Euros:

EURUSD 0.8561

The combined figures in the Statement of Operations and Changes in Net Assets have been calculated using the average exchange rates throughout the year. The resulting Foreign exchange adjustment of USD 224,006,249 represents the movement in exchange rates between 31 March 2017 and 31 March 2018. This is a notional amount, which has no impact on the Net Assets of the individual Funds.

(g) Income Equalisation

The Company operates Income Equalisation arrangements with a view to ensure that the level of net income accrued within a Fund is not affected by the issue, conversion or redemption of Fund shares during an accounting year.

The Income Equalisation is included in the Movements in share capital in the Statement of Operations and Changes in Net Assets.

(h) Dilution

If on any dealing day the aggregate transactions in shares of all classes of a Fund result in a net increase or decrease of shares which exceeds a threshold set by the Board of Directors of the Company, the NAV of the relevant Fund may be adjusted by an amount which reflects the dealing costs to be incurred by the Fund and the estimated bid/offer spread of the assets in which the Fund invests. In addition, the Board of Directors of the Company may agree to include anticipated fiscal charges in the amount of the adjustment. As at 31 March 2018, no dilution adjustment was applied.

The published/dealing NAV per share is disclosed in the Three Year Summary of Net Asset Values and may include a dilution adjustment. This adjustment is not recognised in the Statement of Net Assets or the Statement of Operations and Changes in Net Assets.

(i) Transaction costs

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of securities. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the security. When a security is recognised initially, it is measured at its market value, plus transaction costs that are directly attributable to the acquisition or issue of the security.



Transaction costs excluding depositary transaction fees on purchases or sales of securities are included within net realised gain/(loss) or net change in unrealised appreciation/ (depreciation) within the Statement of Operations and Changes in Net Assets of each Fund. Depositary transaction fees are included within depositary fees in the Statement of Operations and Changes in Net Assets of each Fund. Refer to Note 6 for further information.

(j) Foreign currencies on other transactions

Foreign currencies on other transactions relate to realised and unrealised appreciation or depreciation on cash balances and spot contracts.

3. Management CompanyBlackRock (Luxembourg) S.A. has been appointed by the Company to act as its Management Company. The Management Company is authorised to act as a fund management company in accordance with Chapter 15 of the 2010 Law.

The Company has signed a management company agreement with the Management Company. Under this agreement, the Management Company is entrusted with the day-to-day management of the Company, with responsibility for performing directly or by way of delegation all operational functions relating to the Company’s investment management, administration, and marketing of the Funds.

In agreement with the Company, the Management Company has decided to delegate several of its functions as is further described in the Prospectus.

BlackRock (Luxembourg) S.A. is a wholly owned subsidiary within the BlackRock Group. It is regulated by the CSSF.

4. Management FeesDuring the year, the Company paid management fees to the Management Company.

The Company pays management fees at an annual rate. The level of management fee varies from 0.05 % to 0.50 % of the NAV, with the exception of Class X shares, which do not pay management fees. The level of management fee varies according to which Fund and share class the investor buys. These fees accrue daily, are based on the NAV of the relevant Fund and are paid monthly. The Management Company pays certain costs and fees out of the management fees, including the fees of the Investment Advisers.

The management fees attributable to each share class of each Fund are disclosed in detail in Appendix E of the Prospectus and KIID of the Company. Management fees payable at 31 March 2018 are included in the Statement of Net Assets under the caption “Accrued expenses and other liabilities”.

5. Administration FeesThe Company pays an administration fee to the Management Company.

The level of administration fee may vary at the Board of Directors of the Company’s discretion, as agreed with the Management Company, and will apply at different rates across the various Funds and share classes issued by the Company. However, it has been agreed between the Board of Directors of the Company and the Management Company that the administration fee currently paid shall not exceed 0.15 % per annum. It is accrued daily, based on the NAV of the relevant share class and paid monthly.

The Board of Directors of the Company and the Management Company set the level of the administration fee at a rate which aims to ensure that the total expense ratio of each Fund remains competitive when compared across a broad market of similar investment products available to investors in the Funds, taking into account a number of criteria such as the market sector of each Fund and the Fund’s performance relative to its peer group.

The administration fee is used by the Management Company to meet all fixed and variable operating and administrative costs and expenses incurred by the Company, with the exception of the Depositary fees, plus any taxes thereon and any taxes at an investment or Company level.

These operating and administrative expenses include all third party expenses and other recoverable costs incurred by or on behalf of the Company from time to time, including but not limited to, fund accounting fees, transfer agency fees (including sub-transfer agency and associated platform dealing charges), all professional costs, such as consultancy, legal, tax advisory and audit fees, Directors’ fees (for those Directors who are not employees of the BlackRock Group), travel expenses, reasonable out-of-pocket expenses, printing, publication, translation and all other costs relating to shareholder reporting, regulatory filing and licence fees, correspondent and other banking charges, software support and maintenance, operational costs and expenses attributed to the Investor Servicing teams and other global administration services provided by various BlackRock Group companies.

The Management Company bears the financial risk of ensuring that the Fund’s total expense ratio remains competitive. Accordingly the Management Company is entitled to retain any amount of the administration fee paid to it which is in excess of the actual expenses incurred by the Company during any year whereas any costs and expenses incurred by the Company in any year which exceed the amount of administration fee that is paid to the Management Company, shall be borne by the Management Company or another BlackRock Group company.

Administration fees payable at 31 March 2018 are included in the Statement of Net Assets under the caption “Accrued expenses and other liabilities”.

From 8 March 2017, any costs relating to withholding tax reclaims (plus any taxes or interest thereon) are no longer be paid by the Management Company and are allocated between the relevant Funds on a fair and equitable basis.



Directors of the Company who are not employees of the BlackRock Group receive a fee of EUR 30,000 per annum gross of taxation in return for their duties performed during the year ended 31 March 2018. The Chairman receives a fee of EUR 33,500 per annum gross of taxation. Directors who are employees of the BlackRock Group are not entitled to receive a Directors fee.

Detailed below are the fees paid to Deloitte Audit for the year ended 31 March 2018.

31 March 2018USD

Audit and audit related services (excluding VAT)

64,696

Non-audit services –

6. Depositary FeesThe Depositary receives a fee in respect of each Fund. These fees are to remunerate the Depositary for safekeeping and transaction costs applicable to each Fund. These fees will vary in respect of each Fund depending on the value of assets under management and the volume of trading in that Fund.

The Depositary receives annual fees, based on the value of securities, which accrue daily, plus transaction fees. The annual depositary safekeeping fees range from 0.005 % to 0.40 % of the NAV per annum and the transaction fees range from USD 5 to USD 75 per transaction. The rates for both categories of fees will vary according to the country of investment and, in some cases, according to asset class. Investments in bonds and developed equity markets will be at the lower end of these ranges, while some investments in emerging or developing markets will be at the upper end. Thus the depositary fee to each Fund will depend on its asset allocation at any time.

Depositary fees payable at 31 March 2018 are included in the Statement of Net Assets under the caption “Accrued expenses and other liabilities”.

7. TaxesLuxembourgThe Company is registered under Luxembourg law as an investment company. Accordingly, no Luxembourg income or capital gains tax is at present payable by the Company. The Funds are exempt from the subscription tax (“taxe d’abonnement ”) because the sole objective of each Fund is to match / replicate the performance of its Benchmark Index and all share classes of the Company are listed on the Euro MTF (since 25 August 2017). Therefore, in accordance with the 2010 Law, which provides an exemption from “taxe d’abonnement ” to funds and classes structured in this manner, it is expected that the share classes should be exempt from this annual subscription tax.

United KingdomReporting FundsThe UK Reporting Funds regime applies to the Company. Under this regime, investors in UK Reporting Funds are subject to tax on the share of the UK Reporting Funds income attributable to their holdings in the Fund, whether or not distributed, but any gains on disposal of their holdings are subject to capital gains tax. A list of the Funds which currently have UK Reporting Fund status is available at: https://www.gov.uk/government/publications/offshore-funds-list-of-reporting-funds.

Other transaction taxesOther jurisdictions may impose taxes, Financial Transactions Taxes (“FTT”) or other transaction taxes on certain assets held by the Funds (for example UK stamp duty, French FTT).

Withholding taxDividends and interest received by the Company on its investments may be subject to withholding taxes in the countries of origin which are generally irrecoverable as the Company itself is exempt from income tax. Recent European Union case law may, however, reduce the amount of such irrecoverable tax. Investors should inform themselves of, and when appropriate consult their professional advisers on, the possible tax consequences of subscribing for, buying, holding, redeeming, converting or selling Shares under the laws of their country of citizenship, residence or domicile. Investors should note that the levels and bases of, and reliefs from, taxation can change. The potential of withholding tax charges is further described in the Prospectus.

8. Investment AdvisersThe Management Company, BlackRock (Luxembourg) S.A., has delegated some management and provision of investment advice to the Investment Advisers: BlackRock Investment Management (UK) Limited (“BIM UK”) and BlackRock Institutional Trust Company N.A., as described in the Prospectus. The Investment Advisers provides advice and management in the areas of stock and sector selection and strategic allocation. Notwithstanding the appointment of the Investment Advisers, the Management Company accepts full responsibility to the Company for all investment transactions.

BlackRock Institutional Trust Company N.A. does not currently provide any investment advice on existing Funds.

9. Transactions with Connected PersonsThe ultimate holding company of the Management Company, the Principal Distributor and the Investment Advisers is BlackRock, Inc., a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC Group”) is a substantial shareholder in BlackRock, Inc.. When arranging transactions in securities for the Company, companies in the PNC Group may have provided securities, brokerage,



foreign exchange, banking and other services or may have acted as principal on their usual terms and may benefit therefrom. Commission has been paid to brokers and agents in accordance with the relevant market practice and the benefit of any bulk or other commission discounts or cash commission rebates provided by brokers or agents have been passed on to the Company. The services of PNC Group companies could have been used by the Investment Advisers where it was considered appropriate to do so provided that their commissions and other terms of business are generally comparable with those available from unassociated brokers and agents in the markets concerned, and that this is consistent with the above policy of obtaining best results.

During the year, there have been no significant transactions which were outside the ordinary course of business or which were not on normal commercial terms. There were no transactions of the Company effected through BlackRock companies.

The securities lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited which is a related party to the Company. BlackRock Advisors (UK) Limited bears all operational costs directly related to securities loan transactions.

The Funds benefit from a borrower default indemnity provided by BlackRock, Inc.. The indemnity allows for full replacement of securities on loan. BlackRock, Inc. bears the cost of indemnification against borrower default.

10. DividendsDistributions will not be made to the shareholders of the Non-Distributing Classes. The investment income and other profits will be accumulated and reinvested on behalf of these shareholders.

For the distributing share classes the policy is to distribute substantially all the investment income for the year after deduction of expenses. The Board of Directors of the Company may also determine if and to what extent dividends may include distribution, from both net realised and net unrealised capital gains. Where distributing share classes pay dividends that include net realised capital gains or net unrealised capital gains, dividends may include initially subscribed capital.

The Board of Directors of the Company intend to declare dividends on the distributing share classes out of the net revenue of the relevant Fund (i.e. all interest, dividends and other income less the Fund’s accrued expenses) for that financial year.

Where a Fund has UK Reporting Fund status and reported income exceeds distributions made then the surplus shall be treated as a deemed dividend and will be taxed as income, subject to the tax status of the investor.

Dividends will normally be declared with a view to being paid semi-annually (March and September).

11. Securities lending

Fund CCY

Value of securities

on loan

Value of collateral received

iShares Emerging Markets Equity Index Fund (LU) USD 48,068,173 52,243,075iShares Emerging Markets Government Bond Index Fund (LU) USD 319,320,687 352,457,112iShares Europe Equity Index Fund (LU) EUR 50,941,191 56,226,280iShares Euro Aggregate Bond Index Fund (LU) EUR 43,991,110 48,453,024iShares Euro Government Bond Index Fund (LU) EUR 48,326,090 53,136,102iShares Global Government Bond Index Fund (LU) USD 11,454,876 13,040,887iShares Japan Equity Index Fund (LU) USD 28,733,348 35,174,317iShares North America Equity Index Fund (LU) USD 14,607,699 16,050,133iShares Pacific ex Japan Equity Index Fund (LU) USD 67,876,969 75,331,382iShares World Equity Index Fund (LU) USD 48,831,998 55,950,562

Income earned during the year by the Funds from securities lending transactions is disclosed in the Funds’ Statement of Operations and Changes in Net Assets under caption “Securities lending”.

12. Transaction CostsIn order to achieve its investment objective, a Fund will incur transactions costs in relation to trading activity on its portfolio. Disclosed in the table below are separately identifiable transaction costs incurred by each Fund for the year ended 31 March 2018. These include commission costs, settlement fees and broker fees.

Fund CCY Transaction CostsiShares Emerging Markets Equity Index Fund (LU) USD 243,342iShares Emerging Markets Government Bond Index Fund (LU) USD 270iShares Europe Equity Index Fund (LU) EUR 127,614iShares Euro Aggregate Bond Index Fund (LU) EUR 550iShares Euro Government Bond Index Fund (LU) EUR 375iShares Global Government Bond Index Fund (LU) USD 306iShares Japan Equity Index Fund (LU) USD 32,472iShares North America Equity Index Fund (LU) USD 36,888iShares Pacific ex Japan Equity Index Fund (LU) USD 65,415iShares World Equity Index Fund (LU) USD 191,839

Not all transaction costs are separately identifiable. For fixed income investments, forward foreign exchange transactions and other derivative contracts, transaction costs are included in the purchase and sales price of the investment. While not separately identifiable these transaction costs are captured



within the performance of each Fund. Market impact costs are not separately identifiable and are therefore also not disclosed in the above table.

13. Due from/to BrokersDue from/to brokers on the Statement of Net Assets consists of margin paid/received from Fund’s clearing brokers and various counterparties.

14. Dealing NAV reported in the financial statementsThe NAV reported in the financial statements refers to the dealing NAV of the Funds at 29 March 2018 (and in the case of iShares Pacific ex Japan Equity Index Fund – 28 March 2018) calculated as described in the Prospectus of the Company. An indicative NAV was calculated with latest available prices as of 31 March 2018 and compared to the dealing NAV reported in these financial statements.

The following table details the impact for Fund for which the difference between the dealing NAV at 29 March 2018 and the indicative NAV calculated with latest available prices as of 31 March 2018 exceeds 1% of dealing NAV:

Sub-fund name

Dealing NAV at 29 March

2018(USD)

Indicative NAV at 31

March 2018 (USD)

Change in NAV due to

Change in Market Prices of

Investments (USD)

Change in NAV as a

percentage of Dealing NAV

iShares North America Equity Index Fund 597,069,220 603,835,702 6,766,482 1.13%

15. Total Expense RatioTotal Expense Ratio (“TER”) is calculated as the total of all expenses (excluding bank interest, negative yield expense on financial assets and including expense reimbursements), divided by the average net assets of the Company, expressed as a percentage. All data is annualised.

The Management Fee may be used in part to pay remuneration for distribution activities concerning the Company. Reimbursement may be made to institutional investors which from a commercial perspective hold shares of the Company for third parties.

The TERs for the year from 1 April 2017 to 31 March 2018 are as follows:

Fund Name Share classes

TER

iShares Emerging Markets Equity Index Fund (LU) Class A 0.630%Class F 0.330%Class N 0.300%Class X 0.099%

Fund Name Share classes

TER


Class A 0.520%Class F 0.265%Class I 0.242%Class N 0.241%Class X 0.041%

iShares Europe Equity Index Fund (LU) Class A 0.532%Class D 0.231%Class F 0.232%Class N 0.202%Class X 0.052%

iShares Euro Aggregate Bond Index Fund (LU) Class A 0.526%Class N 0.111%Class X 0.044%

iShares Euro Government Bond Index Fund (LU) Class A 0.530%Class D 0.224%Class F 0.223%Class N 0.193%Class X 0.044%

iShares Global Government Bond Index Fund (LU) Class A 0.525%Class D 0.224%Class F 0.224%Class N 0.194%Class X 0.044%

iShares Japan Equity Index Fund (LU) Class A 0.523%Class F 0.222%Class N 0.192%Class X 0.042%

iShares North America Equity Index Fund (LU) Class A 0.520%Class D 0.224%Class F 0.219%Class N 0.190%Class X 0.045%

iShares Pacific ex Japan Equity Index Fund (LU) Class A 0.539%Class F 0.239%Class N 0.208%Class X 0.058%

iShares World Equity Index Fund (LU) Class A 0.526%Class D 0.224%Class F 0.227%Class N 0.195%Class X 0.045%

The TER is being calculated in accordance with Swiss Funds & Asset Management Association (“SFAMA”) guideline last amended on 22 May 2014.

16. Subsequent EventsA new Prospectus was issued on 20 April 2018.

Deloitte. Deloitte Audit Société à responsabilité limitée

To the Shareholders of

BlackRock Global Index Funds

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Report on the Audit of the Financial Statements

Opinion

560, rue de Neudorf L-2220 LuxembourgBP. 1173 L-1011 Luxembourg

· Tel: +352 451 451www.deloitte.lu

We have audited the financial statements of BlackRock Global Index Funds {the « Company ») and of each of its

sub-funds, which comprise the statement of net assets and the portfolio of investments as at 31 March 2018 and

the statement of operations and changes in net assets for the year then ended, and notes to the financial

statements, including a summary of significant accounting policies.

ln our opinion, the accompanying financial statements give a true and fair view of the financial position of the

Company as at 31 March 2018, and of the results of its operations and changes in its net assets for the year

then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and

presentation of the financial statements.

Basis for Opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession {Law of 23 July

2016) and with International Standards on Auditing {ISAs) as adopted for Luxembourg by the "Commission de

Surveillance du Secteur Financier" (CSSF). Our responsibilities under those Law and standards are further

described in the "Responsibilities of Réviseur d'entreprises agréé for the Audit of the Financial Statements"

section of our report. We are also independent of the Company in accordance with the International Ethics

Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) as adopted for

Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial

statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe

that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The Board of Directors of the Company is responsible for the other information. The other information comprises the

information included in the annual report but does not include the financial statements and our report of Réviseur

d'entreprises agréé thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of

assurance conclusion thereon.

ln connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we

concluded that there is a material misstatement of this other information, we are required to report this fact. We have

nothing to report in this regards.

Responsibilities of the Board of Directors of the Company and Those Charged with Governance for the Financial

Statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of the financial

statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and

presentation of the financial statements, and for such internai control as the Board of Directors of the Company

determines is necessary to enable the preparation of financial statements that are free from mate rial misstatement,

whether due to fraud or error.

Société à responsabilité limitée au capital de 35.000 € RCS Luxembourg B 67.895

Autorisation d'établissement: 10022179


Deloitte.

ln preparing the financial statements, the Board of Directors of the Company is responsible for assessing the

Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern

and using the going concern basis of accounting unless the Board of Directors of the Company either intends to

liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the Réviseur d'entreprises agréé for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue a report of Réviseur d'entreprises agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the

CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or errar and

are considered material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg

by the CSSF, we exercise professional judgment and maintain prafessional scepticism thraughout the

audit. We also:

• ldentify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and apprapriate

• to pravide a basis for our opinion. The risk of not detecting a material misstatement resulting from

fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of internai contrai.

• Obtain an understanding of internai contrai relevant to the audit in order to design audit procedures

that are apprapriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Company's internai contrai.

• Evaluate the apprapriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the Board of Directors of the Company.

• Conclude on the apprapriateness of Board of Directors of the Company use of the going concem basis

of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related

to events or conditions that may cast significant doubt on the Company's ability to continue as a going

concern. If we conclude that a material uncertainty exists, we are required to draw attention in our

report of the Réviseur d'entreprises agréé to the related disclosures in the financial statements or, if

such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our report of the Réviseur d'entreprises agréé. However, future

events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in

a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, including any significant deficiencies in internai contrai that we

identify during our audit.

For Deloitte Audit, Cabinet de révision agréé

�&Wseu, d'entreprises ag,éé

26 July 2018



Appendix I – Share Classes (Unaudited)

Share Classes In IssueAs at 31 March 2018, the Company offers the following share classes.

A ClassA Class non-distributing share EURA Class non-distributing share EUR hedgedA Class non-distributing share USDA Class non-distributing UK reporting fund share USD

D Class

D Class non-distributing share EURD Class non-distributing share USD

F ClassF Class non-distributing share EURF Class non-distributing share GBPF Class non-distributing share USDF Class non-distributing UK reporting fund share USD

Appendix I – Share Classes (Unaudited)

I Class1

I Class distributing share USDI Class non-distributing share EUR hedgedI Class non-distributing share GBP hedgedI Class non-distributing share USD

N ClassN Class distributing share EURN Class distributing share USDN Class non-distributing share EURN Class non-distributing share USD

X Class1

X Class non-distributing share EURX Class non-distributing share EUR hedgedX Class non-distributing share SEK hedgedX Class non-distributing share USD

1 available to institutional investors.

Share Classes LaunchedThe dates disclosed are the launch dates but the classes may have been seeded at a later date.

Effective date Fund Type5 July 2017 iShares Emerging Markets Government Bond Index Fund (LU) F Class non-distributing share USD

22 November 2017 iShares Europe Equity Index Fund (LU) D Class non-distributing share USD22 November 2017 iShares North America Equity Index Fund (LU) D Class non-distributing share USD

Share Classes ClosedThere were no share classes closed during the financial year.


Appendix II – Global Market Risk Exposure (Unaudited)

The Management Company adopted the Commitment Approach as the global exposure methodology of the Funds.

The Commitment Approach is a methodology that aggregates the underlying market or notional values of financial derivative instruments to determine the degree of global exposure of a Fund to financial derivative instruments.

Pursuant to the 2010 Law, the global exposure for a Fund under the Commitment Approach must not exceed 100% of that Fund’s NAV. As at 31 March 2018 the global exposure of each Fund did not exceed 100% of its NAV.

Appendix II – Global Market Risk Exposure (Unaudited)


Supplementary Information (Unaudited)

Supplementary Information (Unaudited)

Efficient Portfolio Management TechniquesThe Company may, on behalf of each Fund and subject to the conditions and within the limits laid down by the CSSF and the Prospectus, employ techniques and instruments relating to transferable securities provided that such techniques and instruments are used for efficient portfolio management purposes or to provide protection against exchange risk or for direct investment purposes, where applicable.

Securities LendingAll securities lending transactions entered into by the Funds are subject to a written legal agreement between the Funds and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Company, and separately between the Securities Lending Agent and the approved borrowing counterparty. Collateral received in exchange for securities lent is transferred under a title transfer arrangement and is delivered to and held in an account with a tri-party collateral manager in the name of the Depositary, State Street Bank Luxembourg S.C.A. on behalf of the Funds. Collateral received is segregated from the assets belonging to the Funds’ Depositary or the Securities Lending Agent.

The following table details the value of securities on loan as a proportion of the Funds’ total lendable assets and NAV. Total lendable assets represents the aggregate value of assets forming part of the Funds’ securities lending programme.

Securities on loan

Fund Currency% of

lendable assets % of NAViShares Emerging Markets Equity Index Fund (LU) USD 13.62% 9.19%iShares Emerging Markets Government Bond Index Fund (LU) USD 14.57% 13.08%iShares Europe Equity Index Fund (LU) EUR 14.28% 13.36%iShares Euro Aggregate Bond Index Fund (LU) EUR 7.55% 7.05%iShares Euro Government Bond Index Fund (LU) EUR 12.22% 11.37%iShares Global Government Bond Index Fund (LU) USD 3.43% 3.15%iShares Japan Equity Index Fund (LU) USD 16.48% 15.52%iShares North America Equity Index Fund (LU) USD 2.59% 2.45%iShares Pacific ex Japan Equity Index Fund (LU) USD 20.49% 19.18%iShares World Equity Index Fund (LU) USD 5.59% 5.20%

The total income earned from securities lending transactions is split between the relevant Fund and the Securities Lending Agent. The Funds receives at least 62.5 % while Securities Lending Agent receives up to 37.5 % of such income with all operational costs borne out of the Securities Lending Agent’s share.

Income earned during the year by the Funds from securities lending transactions is disclosed in the Funds’ Statement of Operations and Changes in Net Assets under caption “Securities lending”.

The following tables detail the value of securities on loan (individually identified in the relevant Funds’ Portfolio of Investments) and associated collateral received analysed by counterparty as at 31 March 2018.

Securities Lending

Counterparty

Counterparty’s country of

establishmentAmount on loan

Collateral received

iShares Emerging Markets Equity Index Fund (LU) (in USD)Barclays Capital Securities Ltd United Kingdom 818,547 1,232,225 Citigroup Global Markets Ltd United Kingdom 726,489 767,458 Goldman Sachs International United States 4,054,608 4,344,593 HSBC Bank Plc United Kingdom 23,369,361 24,777,235 Macquarie Bank Ltd Australia 627,470 709,508 Merrill Lynch International United States 7,819,350 8,695,108 Morgan Stanley Group Inc United States 741,019 817,194 Skandinaviska Enskilda Banken AB United Kingdom 140,283 183,938 Societe Generale SA France 1,019,375 1,115,785 UBS AG Switzerland 8,751,671 9,600,031 Total 48,068,173 52,243,075


Supplementary Information (Unaudited) continued

Securities Lending

Counterparty



Collateral received

iShares Emerging Markets Government Bond Index Fund (LU) (in USD)Barclays Bank Plc United Kingdom 77,679,865 83,678,228BNP Paribas SA France 54,721,060 57,032,657Citigroup Global Markets Ltd United Kingdom 45,635,011 53,009,579Credit Suisse Securities Ltd United Kingdom 26,111,160 31,579,881JP Morgan Securities Plc United Kingdom 26,343,335 28,131,381Morgan Stanley Group Inc United States 19,511,356 24,708,392Nomura International Plc United Kingdom 64,352,311 68,746,503UBS AG Switzerland 4,966,589 5,570,491Total 319,320,687 352,457,112iShares Europe Equity Index Fund (LU) (in EUR)Barclays Capital Securities Ltd United Kingdom 2,770,288 4,170,334 BNP Paribas Arbitrage SNC France 5,872,452 6,718,994 Citigroup Global Markets Ltd United Kingdom 12,019,141 12,696,927 Credit Suisse International Switzerland 13,161,779 13,894,302 Goldman Sachs International United States 1,213,554 1,300,347 HSBC Bank Plc United Kingdom 1,343,828 1,424,786 Macquarie Bank Ltd Australia 98,820 111,740 Merrill Lynch International United States 2,613,918 2,906,673 Morgan Stanley Group Inc United States 643,779 709,957 Skandinaviska Enskilda Banken AB United Kingdom 173,269 227,189 Societe Generale SA France 8,621,148 9,436,499 The Bank of Nova Scotia Canada 1,596,740 1,737,298 UBS AG Switzerland 812,475 891,234 Total 50,941,191 56,226,280iShares Euro Aggregate Bond Index Fund (LU) (in EUR)Barclays Bank Plc United Kingdom 4,513,018 4,861,510 BNP Paribas Arbitrage SNC France 232,103 354,453 BNP Paribas SA France 2,038,477 2,124,588 Citigroup Global Markets Ltd United Kingdom 1,996,771 2,304,563 Goldman Sachs International United States 267,877 362,209 HSBC Bank Plc United Kingdom 27,409 125,483 JP Morgan Securities Plc United Kingdom 200,772 207,492Morgan Stanley Group Inc United States 2,475,368 2,575,165 Nomura International Plc United Kingdom 289,162 308,907 Societe Generale SA France 24,936,540 27,444,912 The Bank of Nova Scotia Canada 6,036,199 6,596,461 UBS AG Switzerland 977,414 1,187,281 Total 43,991,110 48,453,024iShares Euro Government Bond Index Fund (LU) (in EUR)Barclays Bank Plc United Kingdom 3,048,495 3,283,897 BNP Paribas SA France 577,617 703,044 Nomura International Plc United Kingdom 1,319,281 1,424,009 Societe Generale SA France 39,089,198 43,028,553 The Bank of Nova Scotia Canada 4,235,896 4,629,058 UBS AG Switzerland 55,603 67,541 Total 48,326,090 53,136,102



Securities Lending

Counterparty



Collateral received

iShares Global Government Bond Index Fund (LU) (in USD)Barclays Capital Securities Ltd United Kingdom 3,742,000 4,169,711 Citigroup Global Markets Ltd United Kingdom 253,744 292,407 Royal Bank of Scotland Plc United Kingdom 137,936 144,511 Societe Generale SA France 7,186,576 8,287,143 The Bank of Nova Scotia Canada 134,620 147,115 Total 11,454,876 13,040,887iShares Japan Equity Index Fund (LU) (in USD)Barclays Capital Securities Ltd United Kingdom 9,067,417 13,649,905 BNP Paribas Arbitrage SNC France 4,996,935 5,650,268 Citigroup Global Markets Ltd United Kingdom 1,277,201 1,349,225 Goldman Sachs International United States 9,262,702 9,925,168 HSBC Bank Plc United Kingdom 74,131 78,597 Macquarie Bank Ltd Australia 1,449,669 1,639,206 Merrill Lynch International United States 1,619,706 1,801,110 Societe Generale SA France 122,046 133,588 UBS AG Switzerland 863,541 947,250 Total 28,733,348 35,174,317iShares North America Equity Index Fund (LU) (in USD)Goldman Sachs International United States 104,615 112,097 Merrill Lynch International United States 5,704,874 6,343,810 Morgan Stanley Group Inc United States 91,977 101,432 Societe Generale SA France 129 141 The Bank of Nova Scotia Canada 6,442,378 7,009,489 UBS AG Switzerland 2,263,726 2,483,164 Total 14,607,699 16,050,133iShares Pacific ex Japan Equity Index Fund (LU) (in USD)Barclays Capital Securities Ltd United Kingdom 2,257,307 3,398,104 Citigroup Global Markets Ltd United Kingdom 4,998,728 5,280,618 Goldman Sachs International United States 722,608 774,289 HSBC Bank Plc United Kingdom 3,682,815 3,904,684 Macquarie Bank Ltd Australia 2,770,068 3,132,241 Merrill Lynch International United States 18,726,384 20,823,711 Morgan Stanley Group Inc United States 278,429 307,050 Societe Generale SA France 29,016,015 31,760,224 UBS AG Switzerland 5,424,615 5,950,461Total 67,876,969 75,331,382iShares World Equity Index Fund (LU) (in USD)Barclays Capital Securities Ltd United Kingdom 6,014,711 9,054,424 BNP Paribas Arbitrage SNC France 2,820,599 3,234,395 Citigroup Global Markets Ltd United Kingdom 2,895,743 3,059,041 Goldman Sachs International United States 4,465,724 4,785,111 HSBC Bank Plc United Kingdom 3,397,806 3,602,505 Macquarie Bank Ltd Australia 320,690 362,618 Merrill Lynch International United States 11,301,335 12,567,064 Morgan Stanley Group Inc United States 504,575 556,443 Societe Generale SA France 2,102,040 2,300,841 The Bank of Nova Scotia Canada 3,991,302 4,342,649 UBS AG Switzerland 11,017,473 12,085,471 Total 48,831,998 55,950,562



All securities on loan have an open maturity tenor as they are recallable or terminable on a daily basis.

CollateralThe Funds engage in activities which may require collateral to be provided to a counterparty (“collateral posted”) or may hold collateral received (“collateral received”) from a counterparty.

The following table provides an analysis by currency of the underlying cash and non-cash collateral received by way of title transfer collateral arrangement by the Funds, in respect of securities lending transactions, as at 31 March 2018.

Currency

Cash collateral received

Non-cash collateral received

iShares Emerging Markets Equity Index Fund (LU) (in USD)Securities lending transactionsCAD - 358,162 CHF - 69,495 DKK - 3,295 EUR - 14,483,179 GBP - 12,437,149 JPY - 3,397,051 MXN - 16,717 NOK - 758,799 SEK - 4,455,602 USD - 16,263,626 Total - 52,243,075iShares Emerging Markets Government Bond Index Fund (LU) (in USD)Securities lending transactionsAUD - 415,893 CHF - 3,218,610 DKK - 135,739 EUR - 241,453,972 GBP 5,631,176 28,999,358 JPY - 10,752,430 NOK - 4,510,111 USD - 57,339,823 Total 5,631,176 346,825,936iShares Europe Equity Index Fund (LU) (in EUR)Securities lending transactionsCAD - 140,203 CHF - 381,527 DKK - 54,520 EUR - 28,934,315 GBP - 9,880,754 JPY - 5,535,855 MXN - 20,647 NOK - 253,658 SEK - 295,545 USD - 10,729,256 Total - 56,226,280

Currency



iShares Euro Aggregate Bond Index Fund (LU) (in EUR)Securities lending transactionsCAD - 191,036 CHF - 767,512 DKK - 5,893 EUR - 17,887,212 GBP 97,389 14,085,718 JPY - 3,425,502 NOK - 1,359,413 SEK - 1,624,808 USD - 9,008,541 Total 97,389 48,355,635iShares Euro Government Bond Index Fund (LU) (in EUR)Securities lending transactionsCAD - 88,472 CHF - 1,054,535 EUR - 12,929,078 GBP - 20,230,329 JPY - 5,368,046 NOK - 1,933,301 SEK - 2,568,134 USD - 8,964,207 Total - 53,136,102iShares Global Government Bond Index Fund (LU) (in USD)Securities lending transactionsCAD - 365,854 CHF - 179,268 DKK - 1,069 EUR - 2,319,548 GBP - 3,209,167 JPY - 875,823 NOK - 149,185 SEK - 197,072 USD - 5,743,901 Total - 13,040,887



Currency



iShares Japan Equity Index Fund (LU) (in USD)Securities lending transactionsCAD - 74,190 CHF - 516,581 DKK - 5,794 EUR - 11,875,201 GBP - 5,785,142 JPY - 5,996,253 NOK - 157,178 SEK - 14,028 USD - 10,749,950 Total - 35,174,317iShares North America Equity Index Fund (LU) (in USD)Securities lending transactionsCAD - 343,911 CHF - 3 EUR - 4,743,054 GBP - 3,597,535 JPY - 2,072,152 NOK - 553,607 USD - 4,739,871 Total - 16,050,133

Currency



iShares Pacific ex Japan Equity Index Fund (LU) (in USD)Securities lending transactionsCAD - 857,753 CHF - 785,759 DKK - 22,675 EUR - 21,830,202 GBP - 10,624,068 JPY - 13,459,264 NOK - 1,817,230 SEK - 696,902 USD - 25,237,529 Total - 75,331,382iShares World Equity Index Fund (LU) (in USD)Securities lending transactionsCAD - 568,828 CHF - 388,487 DKK - 13,135 EUR - 16,455,102 GBP - 13,667,411 JPY - 7,957,893 NOK - 1,096,694 SEK - 642,970 USD - 15,160,042 Total - 55,950,562

Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions, cannot be sold, re-invested or pledged.

The following table provides an analysis of the type, quality and maturity tenor of non-cash collateral received by the Funds by way of title transfer collateral arrangement in respect of securities lending transactions, as at 31 March 2018.

Collateral type and quality

Maturity Tenor

Total2 – 7 days

8 – 30 days

31 – 90 days

91 – 365 days

More than 365 days Open

iShares Emerging Markets Equity Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade – 147,843 – 147,525 21,762,708 – 22,058,076EquitiesRecognised equity index – – – – – 30,184,999 30,184,999Total – 147,843 – 147,525 21,762,708 30,184,999 52,243,075iShares Emerging Markets Government Bond Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade 1,944,566 3,915,609 15,350,180 40,855,795 232,753,406 – 294,819,556EquitiesRecognised equity index – – – – – 52,006,380 52,006,380Total 1,944,566 3,915,609 15,350,180 40,855,795 232,753,406 52,006,380 346,825,936



Collateral type and quality

Maturity Tenor

Total2 – 7 days

8 – 30 days

31 – 90 days

91 – 365 days

More than 365 days Open

iShares Europe Equity Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade – 128,442 – 128,165 14,079,436 – 14,336,043EquitiesRecognised equity index – – – – – 41,890,237 41,890,237Total – 128,442 – 128,165 14,079,436 41,890,237 56,226,280iShares Euro Aggregate Bond Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade 84,539 – 880,504 944,319 12,608,585 – 14,517,947EquitiesRecognised equity index – – – – – 33,837,688 33,837,688Total 84,539 – 880,504 944,319 12,608,585 33,837,688 48,355,635iShares Euro Government Bond Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade – 260,071 – 692,390 6,186,393 – 7,138,854EquitiesRecognised equity index – – – – – 45,997,248 45,997,248Total – 260,071 – 692,390 6,186,393 45,997,248 53,136,102iShares Global Government Bond Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade – – – 1,984 1,169,816 – 1,171,800EquitiesRecognised equity index – – – – – 11,869,087 11,869,087Total – – – 1,984 1,169,816 11,869,087 13,040,887iShares Japan Equity Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade – – – – 8,554,305 – 8,554,305EquitiesRecognised equity index – – – – – 26,620,012 26,620,012Total – – – – 8,554,305 26,620,012 35,174,317iShares North America Equity Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade – 18,351 – 18,311 1,446,848 – 1,483,510EquitiesRecognised equity index – – – – – 14,566,623 14,566,623Total – 18,351 – 18,311 1,446,848 14,566,623 16,050,133iShares Pacific ex Japan Equity Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade – 55,550 – 55,431 8,752,155 – 8,863,136EquitiesRecognised equity index – – – – – 66,468,246 66,468,246Total – 55,550 – 55,431 8,752,155 66,468,246 75,331,382iShares World Equity Index Fund (LU)Collateral received – securities lendingFixed IncomeInvestment grade – 100,669 – 100,453 9,866,518 – 10,067,640EquitiesRecognised equity index – – – – – 45,882,922 45,882,922Total – 100,669 – 100,453 9,866,518 45,882,922 55,950,562



Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch.

A recognised equity index contains at least 20 equities where no single equity represents more than 20 % of the total index and no five equities combined represent more than 60 % of the total index.

The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturity date, while for equity securities, ETFs and money market funds received as collateral are presented as open transactions as they are not subject to a contractual maturity date.

Cash collateral received relating to securities lending is not subject to a contractual maturity date.

The following table provides an analysis of the amounts of non-cash collateral received by the Funds in respect of securities lending transactions and held by the Funds’ Depositary (or through its delegates) or through a securities settlement system as at 31 March 2018.


DepositarySecurities

lending

iShares Emerging Markets Equity Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 52,243,075iShares Emerging Markets Government Bond Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 115,159,185Euroclear SA/NV 231,666,751Total 346,825,936iShares Europe Equity Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 56,226,280iShares Euro Aggregate Bond Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 37,761,624Euroclear SA/NV 10,594,011Total 48,355,635iShares Euro Government Bond Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 47,613,738Euroclear SA/NV 5,522,364Total 53,136,102iShares Global Government Bond Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 12,603,969Euroclear SA/NV 436,918Total 13,040,887iShares Japan Equity Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 35,174,317iShares North America Equity Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 16,050,133iShares Pacific ex Japan Equity Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 75,331,382iShares World Equity Index Fund (LU)State Street Bank Luxembourg S.C.A. (or its delegates) 55,950,562

The following table lists the ten largest issuers by value of non-cash collateral received by the Funds by way of title transfer collateral arrangement across securities lending transactions as at 31 March 2018.

Issuers Value% of the

Fund’s NAV

iShares Emerging Markets Equity Index Fund (LU)United States Treasury 5,483,795 1.05%United Kingdom Gilt 5,198,158 0.99%Sweden Government Bond 4,422,204 0.85%Republic of Germany 3,243,164 0.62%Commerzbank AG 2,327,628 0.45%MSCI Inc 2,327,576 0.45%Finland Government Bond 1,915,201 0.37%RELX Plc 1,884,442 0.36%French Republic Government Bond OAT 1,025,841 0.20%Intermediate Capital Group Plc 960,002 0.18%Other issuers 23,455,064 4.47%Total 52,243,075 9.99%iShares Emerging Markets Government Bond Index Fund (LU)Republic of Germany 54,800,847 2.24%Finland Government Bond 43,516,109 1.78%French Republic Government Bond OAT 42,850,091 1.76%Republic of Austria Government Bond 41,083,294 1.68%United States Treasury 32,804,948 1.34%Kingdom of Belgium Government Bond 24,716,956 1.01%United Kingdom Gilt 22,050,618 0.90%Netherlands Government Bond 21,811,980 0.89%Kreditanstalt fuer Wiederaufbau 6,538,860 0.27%Norway Government Bond 4,510,111 0.18%Other issuers 52,142,122 2.16%Total 346,825,936 14.21%iShares Europe Equity Index Fund (LU)United States Treasury 2,894,523 0.76%French Republic Government Bond OAT 2,786,143 0.73%Republic of Germany 2,772,639 0.73%Netherlands Government Bond 2,415,043 0.63%Republic of Austria Government Bond 2,356,429 0.62%Vodafone Group Plc 1,841,523 0.48%E.ON SE 1,766,171 0.46%Fresenius Medical Care AG & Co KGaA 1,759,757 0.46%Cie de Saint-Gobain 1,759,688 0.46%British American Tobacco Plc 1,597,452 0.42%Other issuers 34,276,912 8.99%Total 56,226,280 14.74%




Fund’s NAV

iShares Euro Aggregate Bond Index Fund (LU)French Republic Government Bond OAT 2,519,492 0.40%Republic of Austria Government Bond 2,487,088 0.40%Inmarsat Plc 2,384,527 0.38%Republic of Germany 2,383,857 0.38%Cigna Corp 2,314,638 0.37%Finland Government Bond 1,976,982 0.32%Hiscox Ltd 1,828,345 0.29%Inchcape Plc 1,715,965 0.28%Burberry Group Plc 1,667,054 0.27%Deutsche Bank AG 1,658,850 0.27%Other issuers 27,418,837 4.39%Total 48,355,635 7.75%iShares Euro Government Bond Index Fund (LU)Inmarsat Plc 3,768,961 0.89%Cigna Corp 3,658,495 0.86%Hiscox Ltd 2,889,865 0.68%Inchcape Plc 2,712,238 0.64%Burberry Group Plc 2,634,930 0.62%Deutsche Bank AG 2,621,963 0.62%Atlas Copco AB ‘B’ 2,467,425 0.58%WH Smith Plc 2,290,843 0.54%British American Tobacco Plc 2,112,959 0.50%Gjensidige Forsikring ASA 1,933,301 0.45%Other issuers 26,045,122 6.12%Total 53,136,102 12.50%iShares Global Government Bond Index Fund (LU)United States Treasury 721,085 0.20%Inmarsat Plc 710,960 0.20%Man Group Plc 520,615 0.14%Fielmann AG 512,350 0.14%TJX Cos Inc/The 421,740 0.12%J Front Retailing Co Ltd 421,738 0.12%CRH Plc 421,718 0.12%Associated British Foods Plc 421,698 0.12%Hartford Financial Services Group Inc/The 421,676 0.12%Royal Dutch Shell Plc 421,649 0.12%Other issuers 8,045,658 2.19%Total 13,040,887 3.59%iShares Japan Equity Index Fund (LU)United States Treasury 2,028,231 1.10%Republic of Germany 2,021,807 1.09%French Republic Government Bond OAT 1,932,957 1.04%United Kingdom Gilt 1,785,966 0.96%Liberty Media Corp-Liberty SiriusXM 1,240,895 0.67%Landstar System Inc 1,240,891 0.67%Kenedix Inc 1,240,886 0.67%Ashmore Group Plc 1,138,669 0.62%Chugai Pharmaceutical Co Ltd 1,019,140 0.55%AECOM 932,591 0.50%Other issuers 20,592,284 11.13%Total 35,174,317 19.00%


Fund’s NAV

iShares North America Equity Index Fund (LU)United Kingdom Gilt 719,161 0.12%French Republic Government Bond OAT 641,291 0.11%Liberty Media Corp-Liberty SiriusXM 613,233 0.10%Microsoft Corp 592,580 0.10%Deutsche Lufthansa AG 591,447 0.10%Adobe Systems Inc 583,398 0.10%Kubota Corp 575,064 0.10%Anheuser-Busch InBev SA/NV 574,983 0.10%Akamai Technologies Inc 565,954 0.09%DNO ASA 553,607 0.09%Other issuers 10,039,415 1.68%Total 16,050,133 2.69%iShares Pacific ex Japan Equity Index Fund (LU)British American Tobacco Plc 5,376,510 1.52%TUI AG 3,024,773 0.85%ORIX Corp 2,858,710 0.81%Vodafone Group Plc 2,327,871 0.66%Abercrombie & Fitch Co 2,058,601 0.58%Skylark Co Ltd 2,027,152 0.57%Kubota Corp 1,887,661 0.53%Anheuser-Busch InBev SA/NV 1,887,394 0.53%E.ON SE 1,877,518 0.53%United States Treasury 1,838,822 0.52%Other issuers 50,166,370 14.19%Total 75,331,382 21.29%iShares World Equity Index Fund (LU)United States Treasury 2,147,202 0.23%United Kingdom Gilt 1,930,450 0.21%French Republic Government Bond OAT 1,840,469 0.20%Republic of Germany 1,823,032 0.19%Intermediate Capital Group Plc 1,208,546 0.13%Electrocomponents Plc 1,208,544 0.13%Liberty Media Corp-Liberty SiriusXM 1,203,048 0.13%Kubota Corp 1,139,199 0.12%Anheuser-Busch InBev SA/NV 1,139,038 0.12%DNO ASA 1,096,694 0.12%Other issuers 41,214,340 4.37%Total 55,950,562 5.95%

No securities collateral received from a single issuer, in relation to efficient portfolio management has exceeded 20% of any of the respective Funds’ NAV at the year end date.

None of the Funds have been fully collateralised in securities issued or guaranteed by an EU member state at the year end date.

31 March 2018

© 2018 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

Want to know more? +44 (0)20 7743 3000 www.blackrockinternational.com

Documents

Annual Report and Audited Accounts BlackRock …...The weak coalition pulled together by the German Chancellor Angela Merkel and messy elections in Italy continued to weigh on the