Annual report and audited financial statements BlackRock ...

For the year ended 31 May 2018

Annual report and audited financial statements BlackRock Index Selection Fund

BLACKROCK INDEX SELECTION FUND

CONTENTS Page

Overview General information 1 Background 2 Performance Investment Manager’s report 7 Governance Statement of the Manager’s responsibilities 20 Report of the Trustee to the unitholders 21 Independent Auditors’ report 22

Financial Statements Income statement 24 Statement of changes in net assets attributable to redeemable participating unitholders 28 Balance sheet 32 Notes to the financial statements 36 Schedules of investments 106 Additional Information and Regulatory Disclosures (unaudited) Schedules of material purchases and sales 284 Calendar year performance 311 Regulatory disclosures 312 Report on remuneration 313 Supplementary information 317 Glossary 334 Benchmark indices disclaimers 336

This annual report and audited financial statements (the “Report and Accounts”) may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the extent that there is any inconsistency between the English language Report and Accounts and the Report and Accounts in another language, the English language Report and Accounts will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the units are sold, that in an action based upon disclosure in a Report and Accounts in a language other than English, the language of the Report and Accounts on which such action is based shall prevail. Any disputes as to the terms of the Report and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws of Ireland. For Swiss Investors: The prospectus, Trust Deed, the Key Investor Information Documents (“KIIDs”), the Fund’s latest published audited Annual Report and Accounts and latest unaudited Semi-annual Report and Accounts, as applicable and a detailed list of investments purchased and sold for each Sub-Fund during the year may be obtained on request and free of charge from the Representative in Switzerland. For German Investors: The prospectus, KIIDs and a full statement of portfolio changes are available, free of charge, from the German Information Agent. The Fund is duly registered with the Comisión Nacional de Mercado de Valores in Spain under number 1504.


GENERAL INFORMATION Directors of the Manager1 Sub-Investment Manager William Roberts (Chairman) (British but Irish resident) In respect to the BlackRock Market Advantage Strategy Fund Graham Bamping (British) BlackRock Institutional Trust Company N.A. Patrick Boylan (Irish) 400 Howard Street

Paul Freeman (British) San Francisco

Justin Mealy (Irish) California 94105

Desmond Murray (Irish) United States

Barry O’Dwyer (Irish)

Adele Spillane (Irish) Manager Catherine Woods (Irish) BlackRock Asset Management Ireland Limited J.P. Morgan House 1All Directors are non-executive International Financial Services Centre Dublin 1

Administrator, Registrar and Transfer Agent Ireland

J.P. Morgan Administration Services (Ireland) Limited J.P. Morgan House Trustee

International Financial Services Centre J.P. Morgan Bank (Ireland) plc

Dublin 1 J.P. Morgan House

Ireland International Financial Services Centre

Dublin 1

Secretary of the Manager Ireland

Sanne Corporate Administration Services Ireland Limited

Fourth Floor Independent Auditors

76 Baggot Street Lower PricewaterhouseCoopers

Dublin 2 Chartered Accountants and Registered Auditors

Ireland One Spencer Dock North Wall Quay

Irish Legal Advisers Dublin 1

William Fry Ireland

2 Grand Canal Square

Dublin 2 Representative in Switzerland Ireland BlackRock Asset Management Switzerland Limited Bahnhofstrasse 39

Investment Manager, Promoter, Distributor and Securities 8001 Zürich

Lending Agent Switzerland

BlackRock Advisors (UK) Limited

12 Throgmorton Avenue Paying Agent in Switzerland London EC2N 2DL State Street Bank International GmbH

United Kingdom Munich, Zürich branch

Beethovenstrasse 19

Information Agent in Germany CH-8027 Zürich

Commerzbank AG Switzerland

Theodor-Heuss-Allee 50

60486 Frankfurt am Main

Germany

1


BACKGROUND BlackRock Index Selection Fund (the “Fund”) is an open-ended unit trust established on 27 February 1996 as an umbrella fund under the laws of Ireland. The Fund is constituted by the Trust Deed dated 27 February 1996 between BlackRock Asset Management Ireland Limited (the “Manager”) and J.P. Morgan Bank (Ireland) plc (the “Trustee”) and subsequently by an amended and restated Trust Deed between the Manager and the Trustee dated 4 December 2009 and any deeds supplemental thereto. The Fund is authorised and supervised by the Central Bank of Ireland (“CBI”) pursuant to the provisions of the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”). The Fund is structured as an umbrella fund in that it may be divided into different classes of units (“unit class”) with one or more classes representing a separate Sub-Fund (“Sub-Fund”) of the Fund. Each Sub-Fund will represent a separate portfolio of assets and may consist of one or more unit classes. Each unit class may apply different subscription and redemption provisions, charges, fees or brokerage arrangements. The creation of an additional class of units will be notified to the CBI in advance. The portfolio of assets maintained for each Sub-Fund will be invested in accordance with the investment objectives and policies applicable to each Sub-Fund as set out in the prospectus and supplement. The assets of each Sub-Fund shall belong exclusively to that Sub-Fund, shall be segregated from the assets of other Sub-Funds, shall not be used to discharge directly or indirectly the liabilities of or claims against any other Sub-Fund and shall not be available for any such purpose. The term “Sub-Funds” shall be deemed to mean either the Sub-Funds of the Fund, or if the context so requires, the Manager or its delegate acting for the accounts of the relevant Sub-Funds. The term “BlackRock” and “Investment Manager” are used to represent BlackRock Advisors (UK) Limited as appropriate. The term “Group Company” is used to represent BlackRock, Inc. group companies and any of their affiliates and connected persons. The Fund had 14 Sub-Funds in operation as at 31 May 2018.

Sub-Fund name Benchmark index Investment management approach

BlackRock Market Advantage Strategy Fund1 N/A Active

iShares Developed Real Estate Index Fund (IE)2 FTSE EPRA/NAREIT Developed Index Replicating

iShares Developed World ex Tobacco Index Fund (IE)2

MSCI World ex Tobacco ex Controversial Weapons Index Non-replicating

iShares Developed World Index Fund (IE)2 MSCI World Index Replicating iShares Edge EM Fundamental Weighted Index Fund (IE)2 FTSE RAFI Emerging Index - QSR Non-replicating

iShares Emerging Markets Index Fund (IE)2 MSCI Emerging Markets Index Non-replicating

iShares EMU Index Fund (IE)2 MSCI EMU Index Replicating

iShares Europe ex-UK Index Fund (IE)2 MSCI Europe ex-UK Index Replicating

iShares Europe Index Fund (IE)2 MSCI Europe Index Replicating

iShares Japan Index Fund (IE)2 MSCI Japan Index Replicating

iShares North America Index Fund (IE)2 MSCI North America Index Replicating

iShares Pacific Index Fund (IE)2 MSCI Pacific ex-Japan Index Replicating

iShares UK Index Fund (IE)2 MSCI UK Index Replicating

iShares US Index Fund (IE)2 S&P 500 Index Non-replicating

1This Sub-Fund does not track a benchmark. 2Where a benchmark is noted in the table above, the investment objective of the Sub-Fund is to track the benchmark. Changes to the Fund during the year On 6 June 2017, the Euro D Accumulating Class was launched for the iShares Developed Real Estate Index Fund (IE), iShares Europe Index Fund (IE), iShares Japan Index Fund (IE) and iShares Pacific Index Fund (IE). On 23 June 2017, the Sterling D Distributing Class and the US Dollar D Accumulating Class were launched for the iShares Developed World ex Tobacco Index Fund (IE).

2


BACKGROUND (continued) Changes to the Fund during the year (continued) On 11 July 2017, an updated prospectus was issued for the Fund to incorporate the following changes: • The duties, retirement, indemnity and liability of the Trustee as the depositary to the Fund are updated. • The section entitled ‘Securities Lending Fee’ is updated to incorporate conflicts of interest in managing the securities lending

program and indemnities provided by BlackRock Group. • Inclusion of an additional appendix, Appendix VIII, in the prospectus which specifies the maximum and expected proportion of

the net asset value (“NAV”) of each Sub-Fund that can be subject to total return swaps (“TRS”), contracts for difference (“CFDs”), repurchase and reverse repurchase agreements and securities lending.

• As notified to the unitholders on 8 June 2017, with effect from 11 July 2017, the Manager extended the use of its iShares brand to also cover its range of index mutual funds. As a result, the names of the following Sub-Funds in the Fund are rebranded as set out in the table below:

Previous Sub-Fund name New Sub-Fund name BlackRock Developed Real Estate Index Sub-Fund iShares Developed Real Estate Index Fund (IE) BlackRock Developed World ex Tobacco Index Sub-Fund iShares Developed World ex Tobacco Index Fund (IE) BlackRock Developed World Index Sub-Fund iShares Developed World Index Fund (IE) BlackRock EM Fundamental Weighted Index Sub-Fund iShares Edge EM Fundamental Weighted Index Fund (IE) BlackRock Emerging Markets Index Sub-Fund iShares Emerging Markets Index Fund (IE) BlackRock EMU Index Sub-Fund iShares EMU Index Fund (IE) BlackRock Europe ex-UK Index Sub-Fund iShares Europe ex-UK Index Fund (IE) BlackRock Europe Index Sub-Fund iShares Europe Index Fund (IE) BlackRock Japan Index Sub-Fund iShares Japan Index Fund (IE) BlackRock North America Index Sub-Fund iShares North America Index Fund (IE) BlackRock Pacific Index Sub-Fund iShares Pacific Index Fund (IE) BlackRock UK Index Sub-Fund iShares UK Index Fund (IE) BlackRock US Index Sub-Fund iShares US Index Fund (IE)

On 14 July 2017, the Euro Institutional Accumulating Class was re-launched for the iShares US Index Fund (IE). On 16 August 2017, an updated prospectus and supplement was issued for the Fund. The prospectus incorporates the inclusion of the Euro D Accumulating Class for iShares US Index Fund (IE). On 15 September 2017, Castlewood Corporate Services Limited trading as Chartered Corporate Services (“CCS”), the Secretary of the Manager, changed its name from CCS to Sanne Corporate Administration Services Ireland Limited. On 27 September 2017, the Euro D Accumulating Class was launched for the iShares US Index Fund (IE). On 16 October 2017, the US Dollar Flexible Distributing Class was fully redeemed for the iShares Developed World Index Fund (IE). On 24 October 2017, the Euro Flexible Distributing Class was fully redeemed for the iShares EMU Index Fund (IE). On 8 December 2017, the Class E GBP Acc Units was launched for the BlackRock Market Advantage Strategy Fund. On 29 December 2017, an updated prospectus and supplement was issued for the Fund. The prospectus incorporates the following changes: • Inclusion of Regulation (EU) 2016/1011 of the European Parliament and of the Council, the “Benchmark Regulation” and

European Union (“EU”) Directive 2014/65/EU on markets in financial instruments (“MiFID II”). • D Classes are intended for providers of independent advisory services or discretionary investment management, or other

distributors as defined in the prospectus. • Revision of the disclosures in relation to Conflicts of Interest. • Inclusion of German taxation disclosure.

3


BACKGROUND (continued) Changes to the Fund during the year (continued) On 20 April 2018, the US Dollar Institutional Accumulating Class was launched for the iShares Developed World ex Tobacco Index Fund (IE). On 30 May 2018, an updated prospectus and supplement was issued for the Fund. The prospectus incorporates the following changes: • Inclusion of information relating to data protection under the “Important Information” section, as a result of Regulation (EU)

2016/679 (General Data Protection Regulation) of the European Parliament and of the Council of 27 April 2016. • Updating of 'Introduction' section with respect to hedging, NAV level hedging and Portfolio level hedging, and the inclusion of

multiple new hedged unit classes. • Revision of Securities Lending Risk and Appendix VIII with respect to the maximum and expected proportion of the NAV of

each Sub-Fund that can be subject to securities lending. • Revision of the 'Risk Factors' section with respect to currency hedged classes and the addition of MiFID II Risk. • Inclusion of risks related to investment in the Peoples Republic of China via the Stock Connect. The prospectus defines Stock

Connect as each of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect. iShares Emerging Markets Index Fund (IE) is defined as a "Stock Connect Fund" as it may invest in China A-Shares via the Stock Connect. A number of risks are included in the prospectus relating to Stock Connect Funds. Please refer to the prospectus for further details.

Changes to the Board of Directors of the Manager With effect from 1 June 2017, Linda Silcock was appointed as a non-executive Director of the Manager. With effect from 6 June 2017, Patrick Boylan was appointed as a non-executive Director of the Manager. Potential implications of Brexit In a referendum held on 23 June 2016, the electorate of the United Kingdom (“UK”) resolved to leave the EU. The result has led to political and economic instability and volatility in the financial markets of the UK and more broadly across Europe. It may also lead to weakening in consumer, corporate and financial confidence in such markets as the UK negotiates its exit from the EU. The longer term process to implement the political, economic and legal framework between the UK and the EU is likely to lead to continuing uncertainty and periods of exacerbated volatility in both the UK and in wider European markets. This mid to long-term uncertainty may have an adverse effect on the economy generally and on the ability of the Sub-Fund and its investments to execute their respective strategies and to receive attractive returns, and may also result in increased costs to the Sub-Fund.

4


BACKGROUND (continued) Total expense ratio

The total expense ratio ("TER") shown below and overleaf expresses the sum of all fees, operating costs and expenses, with the exception of direct trading costs, charged to each Sub-Fund’s assets as a percentage of the average Sub-Fund assets based on a twelve-month year ended 31 May 2018:

Sub-Fund name Class of the Sub-Fund 31 May 2018 TER

(%)

BlackRock Market Advantage Strategy Fund1

Class A GBP Acc Units Class A GBP Dis Units Class B EUR Acc Units Class B GBP Acc Units Class E EUR Acc Units Class E GBP Acc Units Class E GBP Dis Units

0.05 0.05 0.35 0.35 0.45 0.452

0.45

iShares Developed Real Estate Index Fund (IE)

Euro D Accumulating Class Euro Flexible Accumulating Class Euro Institutional Accumulating Class Euro Institutional Distributing Class Sterling Flexible Accumulating Class US Dollar Flexible Accumulating Class US Dollar Institutional Accumulating Class

0.202

0.03 0.23 0.23 0.03 0.03 0.23

iShares Developed World ex Tobacco Index Fund (IE)

Euro Institutional Accumulating Class Sterling D Distributing Class Sterling Flexible Distributing Class Sterling Institutional Distributing Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class US Dollar Institutional Accumulating Class

0.21 0.152 0.06 0.21 0.152 0.06 0.212

iShares Developed World Index Fund (IE)

Euro D Accumulating Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class Euro Institutional Distributing Class Sterling D Accumulating Class Sterling Flexible Accumulating Class Sterling Flexible Distributing Class Sterling Institutional Accumulating Class Sterling Institutional Distributing Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class US Dollar Flexible Distributing Class US Dollar Institutional Accumulating Class US Dollar Institutional Distributing Class

0.12 0.02 0.02 0.17 0.17 0.12 0.02 0.02 0.17 0.17 0.12 0.02 0.022

0.17 0.17

iShares Edge EM Fundamental Weighted Index Fund (IE)

Euro Institutional Accumulating Class Sterling Flexible Accumulating Class Sterling Flexible Distributing Class Sterling Institutional Accumulating Class

0.43 0.15 0.15 0.43

iShares Emerging Markets Index Fund (IE)

Euro D Accumulating Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class Euro Institutional Distributing Class Sterling D Accumulating Class Sterling Flexible Accumulating Class Sterling Flexible Distributing Class Sterling Institutional Accumulating Class Sterling Institutional Distributing Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class US Dollar Institutional Accumulating Class US Dollar Institutional Distributing Class

0.20 0.07 0.06 0.31 0.31 0.20 0.06 0.06 0.31 0.31 0.20 0.06 0.31 0.31

iShares EMU Index Fund (IE)

Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class Euro Institutional Distributing Class

0.13 0.132

0.28 0.28

1Includes operating costs and expenses of the underlying fund investments. 2TER is annualised.

5


BACKGROUND (continued) Total expense ratio (continued)

Sub-Fund name Class of the Sub-Fund 31 May 2018 TER

(%)

iShares Europe ex-UK Index Fund (IE)

Euro D Accumulating Class Euro D Distributing Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class Euro Institutional Distributing Class

0.10 0.10 0.03 0.03 0.18 0.18

iShares Europe Index Fund (IE)

Euro D Accumulating Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class US Dollar Institutional Distributing Class

0.101

0.12 0.12 0.28 0.27

iShares Japan Index Fund (IE)

Euro D Accumulating Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class US Dollar Flexible Distributing Class US Dollar Institutional Accumulating Class US Dollar Institutional Distributing Class

0.151

0.03 0.03 0.18 0.15 0.03 0.03 0.18 0.18

iShares North America Index Fund (IE)


0.08 0.02 0.02 0.17 0.08 0.02 0.02 0.17 0.17

iShares Pacific Index Fund (IE)


0.151

0.05 0.05 0.20 0.15 0.05 0.05 0.20 0.20

iShares UK Index Fund (IE)

Euro Flexible Distributing Class Euro Institutional Accumulating Class Sterling D Accumulating Class Sterling Flexible Accumulating Class Sterling Flexible Distributing Class Sterling Institutional Accumulating Class

0.05 0.19 0.07 0.04 0.04 0.19

iShares US Index Fund (IE)

Euro D Accumulating Class Euro Institutional Accumulating Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class US Dollar Flexible Distributing Class US Dollar Institutional Accumulating Class

0.081

0.171

0.08 0.02 0.02 0.17

1TER is annualised. Transactions with Connected Parties In accordance with the requirements of the CBI, the Manager shall ensure that any transactions carried out between the Sub-Funds and the Manager or Depositary to the Sub-Funds, the delegates or sub-delegates of the Manager or Depositary (excluding any non-group company sub-custodian appointed by a Depositary) and any associated or Group company of the Manager, Depositary, delegate or sub-delegate (“Connected Parties”) must be conducted at arm’s length and in the best interests of the unitholders. The Board of Directors of the Manager are satisfied that there are arrangements in place, evidenced by written procedures, to ensure that the obligations set out above are applied to all transactions with Connected Parties and that transactions with Connected Parties entered into during the year complied with this obligation.

6


INVESTMENT MANAGER’S REPORT INVESTMENT OBJECTIVE BlackRock Market Advantage Strategy Fund The investment objective of the BlackRock Market Advantage Strategy Fund is to seek to provide a total return, taking into account both capital and income returns over the long-term. This objective will be effected through strategic exposure to multiple asset classes which, through diversification, is expected to generate growth with comparatively lower risk than exposure to worldwide equities alone.

iShares Developed Real Estate Index Fund (IE) The investment objective of the iShares Developed Real Estate Index Fund (IE) is to provide unitholders with a total return, taking into account both capital and income returns, which reflects the total return of the FTSE EPRA/NAREIT Developed Index, the Sub-Fund’s Benchmark Index. iShares Developed World ex Tobacco Index Fund (IE) The investment objective of the iShares Developed World ex Tobacco Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the developed world equity markets excluding companies that generate a majority of their revenue and income from tobacco, and those companies that are involved in the production of controversial weapons. iShares Developed World Index Fund (IE) The investment objective of the iShares Developed World Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the developed world equity markets. iShares Edge EM Fundamental Weighted Index Fund (IE) The investment objective of the iShares Edge EM Fundamental Weighted Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the global emerging equity market. iShares Emerging Markets Index Fund (IE) The investment objective of the iShares Emerging Markets Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the global emerging equity market. iShares EMU Index Fund (IE) The investment objective of the iShares EMU Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in the European Economic and Monetary Union (the "EMU"). iShares Europe ex-UK Index Fund (IE) The investment objective of the iShares Europe ex-UK Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in Europe apart from the UK. iShares Europe Index Fund (IE) The investment objective of the iShares Europe Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the European equity market. iShares Japan Index Fund (IE) The investment objective of the iShares Japan Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in Japan. iShares North America Index Fund (IE) The investment objective of the iShares North America Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in the United States and Canada.

7


INVESTMENT MANAGER’S REPORT (continued) INVESTMENT OBJECTIVE (continued) iShares Pacific Index Fund (IE) The investment objective of the iShares Pacific Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in the Pacific Rim, excluding Japan. iShares UK Index Fund (IE) The investment objective of the iShares UK Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in the UK. iShares US Index Fund (IE) The investment objective of the iShares US Index Fund (IE) is to provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in the United States. SUB-FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR Sub-Fund Performance Disclosed in the table on pages 9 to 13 are the performance returns for the primary unit class for each Sub-Fund, net of fees, which has been selected as a representative unit class. Performance returns for any other unit class can be made available on request. Calculation methodology is based on industry standards. 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 Sub-Fund may invest a large portion of assets which are denominated in currencies other than base currency; hence changes in the relevant exchange rate 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 units. Levels and bases of taxation may change from time to time. Subscriptions may be made only on the basis of the current prospectus, of which the most recent annual report and audited accounts and interim report and unaudited accounts as well as KIIDs form an integral part. Copies are available from Investor Services, the Transfer Agent, the Management Company or any of the Representatives or Distributors. The returns are net of management fees and expenses. Due to the accounting policy requirements under FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” which apply to the financial statements, there may be differences between the NAV per unit as recorded in the financial statements and the NAV per unit as calculated in accordance with the valuation methodology as set out in the prospectus. Details of the difference between the NAV as calculated in accordance with the valuation methodology as set out in the prospectus and supplement and the NAV as per the financial statements are set out in the notes to the financial statements. Tracking Difference and Tracking Error Tracking difference is defined as the difference in returns between a Sub-Fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a Sub-Fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark index over a defined period of time. Anticipated tracking error is based on the expected volatility of differences between the returns of a Sub-Fund and the returns of its benchmark index. For physically replicating Sub-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 non-replicating Sub-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 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.

8


INVESTMENT MANAGER’S REPORT (continued) SUB-FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued) Tracking Difference and Tracking Error (continued) Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency hedging can have an impact on tracking error. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. In addition to the above, the Sub-Funds may also have a tracking difference and tracking error due to withholding tax suffered by the Sub-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 on behalf of the Sub-Funds with various tax authorities, any benefits obtained by the Sub-Funds under a tax treaty or any securities lending activities carried out by the Sub-Funds. The performance of the Sub-Funds for the year under review is shown below:

Sub-Fund name

Return for the year ended

31 May 2018 %

BlackRock Market Advantage Strategy Fund1

- Class A GBP Acc Units 5.87

1BlackRock Market Advantage Strategy Fund does not track an index and as a result no tracking difference is presented.

9


INVESTMENT MANAGER’S REPORT (continued) SUB-FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued) The table below and overleaf compares the realised Sub-Fund performance against the performance of the relevant benchmark index during the year ended 31 May 2018 and anticipated tracking error of the Sub-Funds (disclosed in the prospectus on an ex-ante basis) against the actual realised tracking error of the Sub-Funds as at 31 May 2018 and an explanation of the tracking difference gross of TER. An explanation of the difference in tracking error is also provided where the realised tracking error is greater than the anticipated tracking error. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. Where a Sub-Fund has not been trading for 36 months, the annualised tracking error since inception has been presented.

Sub-Fund name

Sub-Fund return for the year ended

31 May 2018 %

Benchmark return for the year ended

31 May 2018 %

Tracking difference net of TER

% TER %

Tracking difference gross of

TER %

Anticipated tracking

error %

Realised tracking

error %

Tracking difference explanation

Tracking error explanation

iShares Developed Real Estate Index Fund (IE)1 - Euro Institutional Distributing Class

1.14 1.09 0.05 0.23 0.28 Up to 0.20 0.13

The outperformance of the Sub-Fund is due to the

differing tax rates applied to dividends received in the Sub-Fund versus the tax

rates assumed in the total return calculation of the

index, to the use of futures to equitise cash for efficient

portfolio management and to securities lending revenue.

The Sub-Fund has tracked its benchmark index within

its anticipated tracking error.

iShares Developed World ex Tobacco Index Fund (IE)1 - Sterling Flexible Distributing Class

8.73 8.61 0.12 0.06 0.18 Up to 0.25 0.09

The outperformance of the Sub-Fund is due to securities lending revenue and differing tax rates applied to dividends

received in the Sub-Fund versus the tax rates

assumed in the total return calculation of the index.



iShares Developed World Index Fund (IE) - US Dollar Flexible Accumulating Class 11.72 11.57 0.15 0.02 0.17 Up to 0.10 0.06

The outperformance of the Sub-Fund is due to securities lending revenue and differing tax rates applied to dividends

received in the Sub-Fund versus the tax rates

assumed in the total return calculation of the index.



1iShares Developed Real Estate Index Fund (IE) and iShares Developed World ex Tobacco Index Fund (IE) returns are gross of dividends.

10


INVESTMENT MANAGER’S REPORT (continued) SUB-FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued)

Sub-Fund name


31 May 2018 %


31 May 2018 %


% TER %


TER %


error %

Realised tracking

error %



iShares Edge EM Fundamental Weighted Index Fund (IE) - Sterling Flexible Accumulating Class

10.04 10.34 (0.30) 0.15 (0.15) Up to 0.70 0.28

The underperformance of the Sub-Fund is due to securities

detractors including use of futures to equitise cash for

efficient portfolio management, optimisation in the Sub-Fund and deviations from the index around index

change trades due to liquidity concerns.



iShares Emerging Markets Index Fund (IE) - Sterling Flexible Accumulating Class

10.73 10.63 0.10 0.06 0.16 Up to 0.60 0.21


differing tax rates applied to the dividends received in the

Sub-Fund versus the tax rates assumed in the total return calculation of the

index.



iShares EMU Index Fund (IE) - Euro Flexible Accumulating Class 2.25 1.58 0.67 0.13 0.80 Up to 0.20 0.31



rates assumed in the total return calculation of the

index, to securities lending revenue and to the use of futures to equitise cash for

efficient portfolio management purposes.

The tracking error of the Sub-Fund was due to the differing tax rates applied to dividends received in the Sub-Fund versus the tax rates assumed in the total return calculation of the index, to securities lending revenue, to the

use of futures to equitise cash for efficient portfolio management purposes

and mis-weights.

iShares Europe ex-UK Index Fund (IE) - Euro Flexible Accumulating Class 0.14 (0.50) 0.64 0.03 0.67 Up to 0.25 0.24



rates assumed in the total return calculation of the index and to securities

lending revenue.



11



Sub-Fund name


31 May 2018 %


31 May 2018 %


% TER %


TER %


error %

Realised tracking

error %



iShares Europe Index Fund (IE) - Euro Flexible Accumulating Class 1.48 0.99 0.49 0.12 0.61 Up to 0.25 0.16




lending revenue.



iShares Japan Index Fund (IE) - US Dollar Flexible Accumulating Class 14.62 14.57 0.05 0.03 0.08 Up to 0.10 0.06




lending revenue.



iShares North America Index Fund (IE) - US Dollar Flexible Accumulating Class 13.79 13.72 0.07 0.02 0.09 Up to 0.05 0.03




lending revenue.



iShares Pacific Index Fund (IE) - US Dollar Flexible Accumulating Class 12.86 12.75 0.11 0.05 0.16 Up to 0.30 0.07




lending revenue.



12



Sub-Fund name


31 May 2018 %


31 May 2018 %


% TER %


TER %


error %

Realised tracking

error %



iShares UK Index Fund (IE) - Sterling Flexible Accumulating Class 5.73 5.68 0.05 0.04 0.09 Up to 0.10 0.13




lending revenue.

The tracking error of the Sub-Fund was due to the differing tax rates applied to dividends received in the Sub-Fund versus the tax rates assumed in the total return calculation of

the index and to securities lending revenue.

iShares US Index Fund (IE) - US Dollar Flexible Accumulating Class 13.66 13.71 (0.05) 0.02 (0.03) Up to 0.25 0.31

The Sub-Fund performed in line with the index before

costs (TER).

The tracking error of the Sub-Fund was due to tax advantage due to the fact that the index is gross of

tax and the Sub-Fund returns are net of

withholding tax rates.

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INVESTMENT MANAGER’S REPORT (continued) PERFORMANCE AND ACTIVITY BlackRock Market Advantage Strategy Fund Factor returns were predominately positive over the past year ended 31 May 2018, with the inflation factor finishing the period as the only detractor, while more pro-cyclical factors such as economic growth and liquidity were the standout performers. Continued robust growth in developed equities weathered upticks in geopolitical unrest over the period and led the economic growth factor higher, as record earnings and low volatility propped up the asset class globally. Commodities were also key contributors as trade tensions, sanctions, and output cuts caused the asset class to soar, largely driven by energy and metals sectors. The liquidity factor posted strong returns over the period as small-cap equities rallied sharply on the back of tax reform and a “flight-to-quality” nuance that contended less exposure to trade and tariff risk for smaller, more domestically-oriented companies. The portfolio’s short VIX position also contributed as record low market volatility in 2017 and low current levels drove returns. The credit factor was positive over the period as allocations to both investment grade and high yield credit contributed on the back of spreads tightening throughout the predominantly low volatility regime. US spreads touched multi-year lows as unusual market quiet through February propelled the asset class higher. Emerging markets performed strongly through the end of 2017 on the back of surging commodity prices, healthy optimism over global growth expectations, and positive manufacturing data from China. Gains over the period were slightly muted in 2018 as the asset class reeled on the back of increasing US dollar strength and slight geopolitical tensions. Real rates also contributed positively over the period led by European inflation-linked bonds, while the US, Canada and Australia detracted slightly. The real rates factor continues to hold a balanced exposure across the aforementioned markets. The inflation factor was the only detractor over the period as yields climbed on the back of heightened inflation expectations, causing nominal bonds to underperform their inflation-linked counterparts. Taking into account an abrupt uptick in market volatility in early February, investor sentiment continued to push risk assets higher and our Risk Tolerance Indicator ended the period at +58%. Continued strong performance from higher risk assets, particularly commodities and global equities, supported the risk-on environment. MARKET REVIEW Global markets reached new highs over the third quarter of 2017 amidst stable global growth. Despite a moderation in US economic growth forecasts, a clearer Brexit path for the UK and an expected election outcome in Germany supported a global risk-on environment. Continued policy uncertainties and multiple natural disasters drove US equity markets to underperform international developed and emerging markets, while easing tensions with North Korea and a more hawkish US Federal Reserve (the “Fed”) boosted yields and the US dollar. The fourth quarter of 2017 saw strong returns from most asset classes, ending the year on a bullish note. Global risk assets experienced a near-perfect year in 2017, with many delivering double-digit returns amidst strengthening economic growth, a pick-up in global earnings, and sustained low levels of volatility. Energy commodities led asset class returns in the fourth quarter as record cold temperatures throughout the US drove oil prices higher. Emerging and developed small-cap and large-cap equities were among the top performers for both the quarter and year. As widely expected, the Fed raised rates in December while most major developed market central banks raised their growth forecasts for 2018. Despite these moves, real yields declined in the fourth quarter and both inflation-linked and nominal bonds ended the year positive. After an exceptional start to 2018 that saw continued momentum across risk assets in January, volatility returned to markets in February and dominated headlines throughout the remainder of the first quarter. The US tax overhaul and public spending plans have supercharged global growth and earnings estimates, driving continued outperformance from last year’s winners with emerging equities leading asset returns in quarter one, before paring gains recently on the back of the US dollar strengthening. However, rising inflation and interest rates, higher equity market volatility, and increased economic and political uncertainty caused investors to pause in the latter half of the first quarter and sit on the sidelines before jumping back into a risk-favoring stance after a strong earnings season and increasing consumer confidence as of late. Outlook We remain underweight in real rates relative to economic growth risk as our central scenario remains that the real rates factor will experience low returns and higher volatility going forward.

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INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Global Market Review iShares Developed Real Estate Index Fund (IE), the iShares Developed World Index Fund (IE) and the iShares Developed World ex Tobacco Index Fund (IE) Global equities recorded solid gains for the third quarter of 2017. The period began with Japan and the European Union (“EU”) announcing a major trade agreement that would lower tariffs on most products between the two regions. Both US President Donald Trump and UK Prime Minister Theresa May courted controversy for much of the summer; President Trump’s approval rating fell after his promised healthcare reform failed to pass in a dramatic last-minute vote, while Prime Minister May faced a possible leadership challenge amid stalled Brexit negotiations. In August, investors become less risk tolerant, as geopolitical concerns took centre stage − particularly an escalation in North Korea-US tensions. Most of the world’s major central banks kept their interest rates unchanged during the quarter, but sentiment was generally perceived to be turning more hawkish (in favour of higher rates and policy normalisation). The Fed, the Bank of England (“BoE”) and the European Central Bank (“ECB”) all indicated that they will be tightening their monetary policy. The fourth quarter of 2017 was positive for equities across the globe, with indices moving upwards to new highs. Towards the end of the quarter, equities in the US rose in anticipation of President Trump’s tax reform bill – which would see tax cuts for corporations and the highest-rate payers – being signed into law. Encouraged by the signs of growth in the US economy, the Fed made its third rate rise of the year, nudging the interest rate up by 25 basis points (“bps”). There was positive economic news in Europe, enough for the ECB to announce that its asset-buying programme would be tapered from January onwards. Politically, turbulence came in the form of Catalonia’s demands for independence, Britain’s troubled Brexit negotiations and German Chancellor Angela Merkel’s failing to form a minority government. European stocks made a small gain over the quarter, with UK equities faring better, boosted by rising commodities prices. Inflation grew over the period and employment figures remained buoyant. Gross domestic product (“GDP”) expansion accelerated, but remained subdued compared with growth in the US and the Eurozone. The new year began with a positive January, as markets across the globe made gains, but February and March proved to be volatile. In January, the International Monetary Fund raised its global economic growth forecast for 2018 and 2019, and equities in the US continued to respond positively to the tax cuts introduced by President Trump’s administration. By the end of January, fears that US inflation and interest rates would rise more quickly than expected contributed to an equities sell-off. This began in the US, but, in early February, quickly spread to markets around the globe. March saw the Fed make its anticipated rate rise of 25bps. One notable source of geopolitical tension appeared to lessen during the quarter, when the US administration agreed to a future meeting with the North Korean leader, in return for a pause in the latter’s missile testing programme. However, further political and market turbulence followed in March when Russian and UK relations were strained by the poisoning of a former Russian spy on UK soil, and when President Trump announced tariffs on US imports of steel, aluminium, and, later, on some $60 billion worth of unspecified products from China. Developed markets gained in April as a robust start to earnings season, coupled with a continuation of fiscal support acted as a tailwind. US returns lagged other developed market returns, with UK, Europe and Japan posting better performance for the month, as weaker domestic currencies versus US dollar buoyed equity markets. Developed markets gained further in May. The synchronised global economic expansion continues to be in focus, albeit with benign inflation. The economic rhetoric shifted from divergence in monetary policy to gradual normalisation, especially in the US and Eurozone. The Eurozone experienced political instability with both Italian and broader global equities selling off within the month and Italy losing 8.1% to the close of the month, although contagion was contained. US equities outperformed in May as a strong earnings season, increased buybacks and expansionary growth fuelled sentiment. Japan Market Review iShares Japan Index Fund (IE) Despite a lacklustre showing in August, Japanese equities had solid gains for the third quarter of 2017, amid improving economic data and a relatively weaker yen, which bolstered sentiment on Japan’s export-reliant industries. Earnings reports from Japanese companies exceeded estimates by 16% on average, lending further support to share-price performance. After Abe’s party had suffered a setback in the metropolitan elections in July, his handling of North Korea’s aggression restored Abe’s popularity enough for him to call a snap general election, to be held in October. At the same time, Abe announced an $18 billion economic stimulus package. As of the second quarter of 2017, the Japanese economy had posted six consecutive quarters of GDP growth as a result of ‘Abenomics’. The Bank of Japan (“BoJ”) kept its benchmark interest rate negative at -0.1%, maintained a 0% yield target for the 10-year government bond, and revised its inflation forecast downwards in the short-term, while expressing the belief that rising labour costs would push inflation higher in 2018. Japanese equities had a strong fourth quarter, in response to strong corporate earnings and Abe’s coalition preserving its majority in Japan’s parliamentary elections. In economic news, data released over the quarter was relatively upbeat, with third-quarter GDP revised upwards to 2.5% (annualised); this was ahead of estimates and represented the seventh consecutive quarter of growth for Japan. Additionally, figures for November showed that year-on-year growth in industrial production and retail sales both beat the market consensus, coming in at 3.7% and 2.2%, respectively.

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INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Japan Market Review (continued) Despite a positive start to the year, global market turbulence affected Japanese stock markets over February and March. For the quarter as a whole, Japanese equities were down, however, the Nikkei reached its highest levels since 1991, as positive economic news emerged. In February, Japanese equities joined in with the global market falls and, to underpin the market, the BoJ stepped in to buy exchange-traded funds. Figures released in February showed that fourth-quarter growth, at 0.5% annualised, was below expectations; however, in March, this figure was revised up to 1.6%, a much higher figure than expected. February proved to be the 15th consecutive month of export growth. Investors also reacted positively to the reappointment of the BoJ’s governor, Haruhiko Kuroda, who is a staunch supporter of quantitative easing. In January, at the World Economic Forum, Mr Kuroda had said that he expected Japan’s inflation to rise in response to near full employment and rising wage growth. Japanese equities gained in April with a more benign geopolitical backdrop contributing to yen weakness. A weaker yen buoys Japanese corporate profitability as index constituents have a concentration of exporters and are global companies. Improving global growth, more shareholder friendly corporate behaviour and solid earnings contributed to performance. Japanese equities lost in May with a volatile geopolitical backdrop contributing to yen appreciation. Japanese corporate profitability was weighed by the stronger yen even as a strong earnings season contributed to performance. Growth data was weaker, albeit still positive. Japanese companies have strong capex intentions, fuelling expectations for longer term growth. US Market Review iShares North America Index Fund (IE) and the iShares US Index Fund (IE) The effects of major hurricanes and the return of geopolitical risk, particularly in the form of hostilities with North Korea, did not deter US equities, which continued to post record highs over the third quarter of 2017. For much of the period, a series of setbacks for President Trump’s administration furthered the reversal of the so-called 'Trump trade', as his party failed to repeal the Affordable Care Act, investigations into his administration intensified and talks with China to resolve the trade imbalance were largely ineffectual. However, strong corporate earnings and improving economic data drove US equities higher, and at the end of the quarter, renewed hopes for a sweeping reform of the corporate tax structure in the US encouraged investors. The US dollar was trading lower through much of the quarter, before regaining strength in September. US 10-year Treasury yields rose in anticipation of the new tax reform package, as well as reports that President Trump had been meeting with candidates for the position of Fed chair. US equities had a solid last quarter of 2017, with robust corporate earnings reports, followed by investor enthusiasm for the Republican tax-reform bill making its way through Congress. The quarter also witnessed the first indictments resulting from investigations into alleged collusion between the Trump team and Russian authorities to interfere with the 2016 presidential election. In December, the Fed raised its target interest rate to 1.5%, as expected, and signalled three additional hikes for 2018. Additionally, the central bank upwardly revised its forecasts for September GDP growth (to 2.5%) and the (personal consumption expenditure) inflation rate for 2018, to 1.7%. Equities in the US were down overall during the first quarter of 2018. US markets made gains in January, as investors responded positively to corporate tax cuts by the Trump administration, but market volatility set in at the end of January. In February came evidence that the US trade deficit had grown by 12.1% in 2017. In March, the Fed raised base rates by 25bps, to a target range of 1.5% to 1.75%, indicating that the Fed’s preference was for several further gradual rate rises in the year ahead. Trade tariffs against steel and aluminium were introduced at the start of March, but exemptions for EU countries and others were quickly introduced after an international outcry. US equities gained over April and May thanks to higher earnings and profit margins driven by fiscal stimulus and robust growth, supported to a large extent by US tax reform, spending plans and higher domestic and international earnings. On the monetary policy front, Fed committee members unanimously voted to keep federal funds target rate at 1.5 -1.75%, as expected in May, while investors interpreted the use of the word ‘symmetric’ twice during the meeting dovishly despite inflation hitting and possibly exceeding the 2% target. Unemployment came in at historic lows with benign wages. A soft core Consumer Price Index (“CPI”) print in a bear flattening yield curve environment also supported the Fed case for normalising in a more measured way. The core CPI gauge which excludes volatile food and energy prices, rose 0.1% from March versus the expected 0.2%. Market Purchasing Managers Index (“PMI”) preliminary data came in a little higher than expected, both on the services and manufacturing front. The US economy continues to show robust growth momentum, even as global trade risks weigh on overall sentiment.

16


INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Europe Market Review iShares EMU Index Fund (IE), the iShares Europe ex-UK Index Fund (IE) and the iShares Europe Index Fund (IE). European markets generally had a solid third quarter of 2017 in local-currency terms, with Norway, Italy and Austria leading the gainers, while Spain, Finland and Ireland were the worst performers among developed markets. The Euro started the quarter as the strongest-performing G10 currency year to date, but in mid-August began to decline on the back of comments from ECB president Mario Draghi. It suffered a further setback after the German elections in September, but was still up over the quarter against a basket of its peers. Meanwhile, the negotiations between EU officials and representatives from the UK wore on, without much significant progress as the two sides remain deadlocked. European stocks were little changed over the final quarter of 2017 – the MSCI Europe (ex UK) Index was fractionally down in local-currency terms, and up slightly in sterling, with a robust first month of the period offsetting flat-to-negative performance in November and December. The quarter began with stocks rallying on synchronised economic growth and as the tensions between Catalan secessionists and Madrid appeared to recede. However, by December, the element of political risk in Spain had re-emerged, with that country’s shares underperforming the broader region, while the dissolution of parliament and a renewed right-wing presence also hampered the performance of equities in Italy, which faced an election in March. German Chancellor Angela Merkel struggled to form a new government after September’s disappointing election results; despite this, German stocks performed relatively well over the quarter, though Norway and Austria fared much better (in local-currency terms). The ECB made no changes to interest rates but announced it would scale back, and ultimately wind down, its quantitative-easing programme, reducing its monthly asset purchases by half (from €60 billion to €30 billion) through September of 2018. It is then expected to taper purchases to zero by year-end. After initially making gains in January, European equity markets followed US and global markets downwards in the volatility that took hold in February and March. Overall, this was a negative quarter for Europe. Germany, Ireland and Switzerland were among the countries to detract, but it was a more positive period for Italy and Finland. After five months of negotiations, Chancellor Angela Merkel formed a coalition government between the Social Democratic Party of Germany and the Christian Democratic Party, securing her fourth term in office. There was an election in Italy in March, which saw two anti-establishment parties make significant gains, but neither won an overall majority and weeks of coalition negotiations were expected. In March, Mario Draghi unexpectedly announced that the bank’s commitment to increase bond buying in the event of an economic pullback was to be withdrawn. European equities gained in April as pressure from recent Euro strength subsided. Earnings momentum was positive, though it lagged other regions, with bad weather and a stronger Euro for the quarter key contributors. Gains were led by energy companies amidst rising oil prices. The month saw moderation in forward looking data prints pointing to slower economic activity, though still strong. On the other hand, European equities lost in May. Global trade tensions and a higher Euro weighed on sentiment, even as earnings momentum remained strong on back of positive growth prints. In terms of data, forward looking indicators pointed to a strong, albeit moderating economic outlook and a strong labour market with lower unemployment in the region. Inflation data for May surprised to the upside, buoyed by higher energy prices. Core inflation was also up against expectations at 1.1%, above the recent 0.7% print. The ECB continued to drive accommodative expectations, as political uncertainties took centre stage. Political developments in Italy dominated the market narrative at month-end, which eventually saw the election of Giuseppe Conte as Prime Minister. In Spain, the prime minister was ousted with a no-confidence vote, to be replaced by the head of the Social party, Pedro Sanchez. Pacific-Rim Market Review iShares Pacific Index Fund (IE) Asian equities had a strong third quarter of 2017, despite geopolitical tensions between North Korea and the US, which culminated in North Korea firing a nuclear-capable missile over the Japanese mainland in August. In Australia, equities were slightly up over the quarter in local-currency terms, but performed poorly relative to other global indices. The Reserve Bank of Australia maintained the benchmark interest rate at 1.50% over the quarter and cut the 2017 growth forecast range to 2.0–3.0%, citing a stronger Australian dollar and its potential for negatively impacting growth. However, GDP growth in the second quarter was at 0.8% quarter on quarter, matching the market consensus and stronger than in the previous period, and unemployment remained at 5.6% throughout the period. Stocks in Asia were up strongly over the fourth quarter, reaching 10-year highs during the period. Geopolitical tensions in the Korean Peninsula persisted throughout the quarter, with North Korea conducting further missile tests and relations between China and South Korea appearing to deteriorate. Australian equities were up over the quarter, with the benchmark S&P/ASX 200 Index ending the year close to its highest level since 2008. In economic news, GDP growth in the third quarter was a little lower than forecast, but unemployment remained at 5.4% in October and November, the lowest in almost five years. Stocks in Singapore enjoyed very strong returns over the period against a backdrop of economic strength: third-quarter GDP, for example, was shown to have increased by 5.2% year on year – ahead of expectations.

17


INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Pacific-Rim Market Review (continued) Equities in Asia outside Japan had a lacklustre first quarter of 2018. They reached record highs in January but were caught up in the global sell-offs in February, on worries about the outlook for US monetary policy, and March, following the US-China trade disagreements. In Hong Kong, the Hang Seng Index was marginally up in local-currency terms. In Singapore, stock markets were marginally up in local-currency terms over the period, helped by the benchmark Strait Times Index touching a decade high in January. In economic news, GDP growth in the final quarter of 2017 expanded by a better-than-forecast 3.6% year on year and unemployment in the same period remained at 2.1%. Australian stock markets were down over the period, with the benchmark S&P/ASX 200 Index witnessing its worst quarterly performance since 2008. Economic news was also downbeat; unemployment in February unexpectedly rose and fourth quarter of 2017 GDP growth slowed more than expected. Following a rise in Asian equities outside Japan in April, they were marginally down in local currency terms over May. The market receded to two-month lows over concerns about the Italian political situation, but recovered somewhat by the end of the month. Australian equities had a solid May, touching a four-month high before retreating slightly by the end of the period. In the economy, unemployment in April unexpectedly rose to 5.6%, the highest rate since July 2017, after a larger-than-expected increase in those entering the workforce. Singaporean stocks performed poorly in May, as the political angst in Italy was felt by the markets. However, economic data releases were positive, with first-quarter GDP growth surpassing the estimate. Emerging Markets Market Review iShares Edge EM Fundamental Weighted Index Fund (IE) and the iShares Emerging Markets Index Fund (IE) Emerging market equities performed well over the third quarter of 2017, although the strength of the US dollar over September led to a lowering in values as many emerging currencies weakened. In China, stock markets were up strongly over the quarter in both local-currency and sterling terms. The economic picture was more mixed, with signs of the economy slowing. Equities in South Korea were up over the quarter in won terms, even as the uncertainty surrounding North Korea persisted and Samsung heir Lee Jae-yong was sentenced to five years in jail for corruption. One of the strongest equity markets in the period was Brazil, which surged to new heights in anticipation of the economic reforms set to go ahead under beleaguered president Michel Temer. Elsewhere, despite the earthquakes that struck Mexico City in September, this was a positive period for the country’s equity market in local-currency terms. Mexican stocks edged up over the quarter in aggregate, buoyed by falling employment levels and signs of growing economic activity. Emerging market equities were strongly positive over quarter four. Beijing authorities announced that foreign ownership limits in the financial industry will be eased over the next five years and the People’s Bank of China raised its short- and medium-term interest rates by 5bps in December. China’s stock markets were up over the quarter. In South Korea, stocks made solid gains for the quarter, coinciding with positive economic news, with third-quarter GDP rising by 3.6% year on year, which was driven by strong exports growth and government spending. The Bank of Korea also raised its benchmark interest rate for the first time in six years during the quarter, up 25bps to 1.5%, and inflation in November was at the lowest since December 2016. Russian equities performed well, as they responded to rises in both oil and other commodity prices. With inflation dropping further below the target rate of 4%, the central bank took the decision to further lower the one-week repo rate by 50bps to 7.75%. The bank expects to reduce rates again in 2018. Indian equities gained over the period, as company profits were high, third-quarter GDP was shown to have risen significantly and Moody’s upgraded the country’s sovereign-debt rating. In South Africa, equities soared to new highs as companies delivered strong earnings and, in December, the pro-business Cyril Ramaphosa was elected to the African National Congress leadership. Emerging market equities were marginally up in local currency terms over the first quarter of 2018. Despite the benchmark Kospi Index reaching a record high at the end of January, equities in South Korea were down over the first quarter. Brazil was among the best-performing emerging markets, as full-year GDP growth was positive after two years of contraction. In policy news, the Central Bank of Brazil cut the interest rate in March to its lowest-ever level of 6.5%. Elsewhere, in emerging Europe, Russian stocks witnessed strong performance, helped by an increasing oil price, a credit upgrade by S&P and interest-rate cuts throughout the quarter. Economic figures were also positive, with fourth quarter of 2017 GDP growth at 0.9% year on year and unemployment in February falling more than predicted. In Greece, local equities were markedly down over the period, although GDP growth for 2017 was at 1.4% and unemployment in December 2017 decreased. Emerging markets gained in April, supported by economic reforms and improving corporate fundamentals. Cheaper relative valuations also attracted flows although a stronger dollar and trade policy risks weighed on returns. China continued to be in focus with directed trade retaliation to the US and reform announcements. It closed the month flat on the back of underperformance from internet and e-commerce stocks. There are also a number of close-run emerging market elections to come which dominated headlines. Trade tensions and the associated turmoil in the Middle East lent to higher oil prices, which was supportive for oil exporting markets. Despite this, emerging market equities fell in May, weighed by a dollar resurgence and rising interest rates. Sovereign idiosyncratic risks dominated emerging markets, even though underperformance was largely broad based. With the exception of China, total return was negative across all other major emerging market countries. The worst performer was emerging markets in Latin America, which was down by 8.9% in May. A stronger US dollar underscored the weakness in sovereigns operating with twin deficits and inflationary pressures, namely Argentina and Turkey.

18


INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) UK Market Review iShares UK Index Fund (IE) UK equities gained over the third quarter of 2017, although there was a pullback in September when markets reacted in anticipation of a possible increase in the UK’s base interest rate. The BoE suggested that the impact of Brexit could put additional upward pressure on prices. The inflation rate was 2.9% in August, due in part to the steep drop in sterling after the Brexit referendum. However, the hint of rising interest rates boosted the UK’s currency in September, resulting in one of its best months in two years. The nation’s economic growth, as measured by GDP, was sluggish at 1.7% year over year for the third quarter, and the Office of Budget Responsibility revised its growth forecasts for 2017 to 1.5%, down from March’s estimate of 2.0%, because of lower productivity. Against a mixed economic backdrop, equities in the UK enjoyed a positive fourth quarter of 2017, as investors were encouraged by a long-awaited breakthrough in the Brexit negotiations between the UK and the EU. The two sides reached consensus on a financial arrangement, which set the stage for trade talks to begin in earnest in the new year. Inflation rose to 3.1%, the highest level in six years and far exceeding the BoE’s target level of 2.0%. Much of this, however, was attributable to the relative value of the pound. For the first time since the global financial crisis, the BoE voted to increase the cost of borrowing, raising the benchmark lending rate to 0.5%. Citing the combination of low unemployment and high inflation, BoE Governor Mark Carney signalled that rates would rise only gradually as the inflation rate starts to move lower towards the 2% target. UK equities reached record highs in January, but fell thereafter to end the period down. The global sell-off in February, and announcement of trade tariffs by the US in March, kept markets down. In other news, Brexit dominated headlines throughout the period, which culminated in a transition deal finally being agreed with the EU. This will see the UK remain a member of the bloc until the end of 2020. Inflation in February fell to 2.7%, below the expected rate and the lowest since July 2017, but still above the central bank’s 2% target. On the policy front, the BoE’s monetary policy committee voted 7:2 in support of maintaining interest rates at 0.5% at its March meeting. Meanwhile, sterling posted its best quarterly performance against the US dollar in almost three years and was up against the Euro. In terms of macro-economic data, GDP numbers came in below expectations and economic data releases were generally weak. The soft GDP outcome reflects pockets of weakness more broadly across the economy as well as poor weather. Releases also highlighted rising wages and falling inflation. The UK Services PMI data was the lowest since July 2016 coming in at 51.7 for March compared to 54.5 for February. For UK equities, April saw a rebound in performance as equities gained over the month, outperforming most other markets. The weakening currency as well as greater corporate activity buoyed markets with higher international earnings. Gains were led by the oil and gas sector with domestically focused sectors also accruing performance on the back of M&A activity. May saw a continued rebound in performance from last month as equities gained 2.7%, outperforming most other markets. Earnings were positive, particularly on the back of higher oil prices and a weaker currency. The region saw strong employment data, albeit with weaker economic growth. Inflation continued to steadily slide, as the annual rate of headline CPI fell to 2.4% translating to higher real wages for consumers. The BoE meeting in May saw rates held constant as expected after a reported slowdown in economic growth and an uncertain Brexit trajectory. BlackRock Advisors (UK) Limited June 2018

19


STATEMENT OF THE MANAGER’S RESPONSIBILITIES BlackRock Asset Management Ireland Limited (the “Manager”), is responsible for preparing the annual report and financial statements in accordance with applicable Irish law and Financial Reporting Standard 102 (“FRS 102”), the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland issued by the Financial Reporting Council. In preparing these financial statements, the Manager is required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; and • prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Fund will continue in

business. The Manager is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the financial position of the Fund and to enable them to ensure that the financial statements are prepared in accordance with FRS 102 and comply with the provisions of the Trust Deed and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, (as amended). In this regard, the Directors of the Manager have appointed J.P. Morgan Administration Services (Ireland) Limited for the purpose of maintaining proper accounting records and for preparing the financial statements. Accordingly, the accounting records are kept at the following address: J.P. Morgan House International Financial Services Centre Dublin 1 Ireland The Manager is also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities. The assets of the Fund have been entrusted to the Trustee for safekeeping. The Trustee is J.P. Morgan Bank (Ireland) plc. The address at which this business is conducted is as follows: J.P. Morgan House International Financial Services Centre Dublin 1 Ireland The financial statements are published on the www.blackrock.com website. The Directors of the Manager, together with the Manager and the Investment Manager are responsible for the maintenance and integrity of the financial information included in this website. Legislation in the Republic of Ireland governing the presentation and dissemination of the financial statements may differ from legislation in other jurisdictions. The financial statements for the Fund, the accompanying notes and unaudited information, are approved by the Directors of the Manager. On behalf of the Manager

Director Director 25 September 2018 25 September 2018

20


REPORT OF THE TRUSTEE TO THE UNITHOLDERS We have enquired into the conduct of BlackRock Asset Management Ireland Limited (“the Manager”) in respect of the BlackRock Index Selection Fund (“the Fund”) for the year ended 31 May 2018 in our capacity as Trustee to the Fund. This report, including the opinion, has been prepared for and solely for the unitholders in the Trust as a body, in accordance with Regulations 34 and 47 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Trustee Our duties and responsibilities are outlined in Regulation 34 and 47 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Fund in each annual accounting period and report thereon to the unitholders. Our report shall state whether, in our opinion, the Fund has been managed in that year, in accordance with the provisions of the Trust Deed, the UCITS Regulations and the Central Bank UCITS Regulations. It is the overall responsibility of the Manager to comply with these provisions. If the Manager has not so complied, we as Trustee must state why this is the case and outline the steps which we have taken to rectify the situation. Basis of Trustee Opinion The Trustee conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in the UCITS Regulations and to ensure that, in all material respects, the Fund has been managed: (i) In accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Trustee by the

Trust Deed, the UCITS Regulations and the Central Bank UCITS Regulations; and (ii) Otherwise in accordance with the provisions of the Trust Deed, the UCITS Regulations and the Central Bank UCITS

Regulations. Opinion

In our opinion, the Fund has been managed during the year, in all material respects:

(i) In accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Trustee by the

Trust Deed, the UCITS Regulations and the Central Bank UCITS Regulations; and

(ii) Otherwise in accordance with the provisions of the Trust Deed, the UCITS Regulations and the Central Bank UCITS Regulations.

For and on behalf of

J.P. Morgan Bank (Ireland) plc J.P. Morgan House International Financial Services Centre Dublin 1 Ireland

25 September 2018

21

Independent auditors’ report to the unitholders of the Sub-Funds of BlackRock Index Selection Fund

Report on the audit of the financial statements

Opinion

In our opinion, BlackRock Index Selection Fund’s financial statements:

give a true and fair view of the Sub-Funds’ assets, liabilities and financial position as at 31 May 2018 and of their results for the year then ended;

have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and

have been properly prepared in accordance with the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

We have audited the financial statements, included within the Annual report and audited financial statements, which comprise:

the Balance Sheet as at 31 May 2018;

the Income Statement for the year then ended;

the Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders for the year then ended;

the Schedule of Investments for each of the Sub-Funds as at 31 May 2018; and

the notes to the financial statements for each of the Sub-Funds, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

the manager’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the manager has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Sub-Funds’ ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Sub-Funds’ ability to continue as going concerns.

22

Reporting on other information

The other information comprises all of the information in the Annual report and audited financial statements other than the financial statements and our auditors’ report thereon. The manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In 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 we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

Responsibilities for the financial statements and the audit

Responsibilities of the manager for the financial statements

As explained more fully in the Statement of the Manager's Responsibilities the manager is responsible for the preparation of the financial statements in accordance with the applicable framework giving a true and fair view.

The manager is also responsible for such internal control as the manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the manager is responsible for assessing the Sub-Funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the manager intends to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities 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 an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error 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.

A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf.

This description forms part of our auditors’ report.

Use of this report

This report, including the opinion, has been prepared for and only for the unitholders of each of the Sub-Funds as a body in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers Chartered Accountants and Registered Auditors Dublin 25 September 2018

23

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf


INCOME STATEMENT

BlackRock Market Advantage

Strategy Fund iShares Developed Real Estate

Index Fund (IE) iShares Developed World ex

Tobacco Index Fund (IE) iShares Developed World Index

Fund (IE)

Note

Year ended 31 May 2018

EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000

Operating income 4 14,718 13,248 80,997 56,010 8,185 5,780 310,739 278,603 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 5 12,435 (19,890) 35,432 3,311 26,877 30,674 1,119,832 1,419,822 Total investment income/(expense) 27,153 (6,642) 116,429 59,321 35,062 36,454 1,430,571 1,698,425 Operating expenses 6 (724) (572) (2,201) (1,756) (445) (461) (10,060) (8,046) Negative yield expense (242) – – – – – – – Net profit/(loss) for the financial year 26,187 (7,214) 114,228 57,565 34,617 35,993 1,420,511 1,690,379 Finance costs: Swap interest expense (74) (370) – – – – – – Interest expense (66) (53) (25) (10) (1) (1) (358) (147) Distributions to redeemable participating unitholders 7 (280) (248) (10,751) (9,154) (3,471) (1,758) (37,540) (32,374) Total finance costs (420) (671) (10,776) (9,164) (3,472) (1,759) (37,898) (32,521) Net profit/(loss) for the financial year before tax 25,767 (7,885) 103,452 48,401 31,145 34,234 1,382,613 1,657,858 Taxation 8 (101) – (15,852) (12,356) (1,382) (1,025) (51,578) (43,448) Net profit/(loss) for the financial year after tax 25,666 (7,885) 87,600 36,045 29,763 33,209 1,331,035 1,614,410 Adjustment to align to the valuation methodology as set out in the prospectus 11 – (359) – (833) (1) (88) – (4,600) Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations 25,666 (8,244) 87,600 35,212 29,762 33,121 1,331,035 1,609,810 There are no recognised gains or losses arising in the year other than those dealt with in the income statement. The accompanying notes form an integral part of these financial statements.

24


INCOME STATEMENT (continued)

iShares Edge EM Fundamental

Weighted Index Fund (IE) iShares Emerging Markets Index

Fund (IE) iShares EMU Index Fund (IE) iShares Europe ex-UK Index Fund

(IE)

Note


USD '000


USD '000


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000

Operating income 4 32,011 32,647 289,703 236,253 3,442 6,212 76,701 67,843 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 5 99,312 231,080 1,141,646 1,943,847 (654) 29,935 (68,253) 285,271 Total investment income 131,323 263,727 1,431,349 2,180,100 2,788 36,147 8,448 353,114 Operating expenses 6 (2,772) (2,985) (15,679) (11,991) (206) (306) (1,592) (992) Net profit for the financial year 128,551 260,742 1,415,670 2,168,109 2,582 35,841 6,856 352,122 Finance costs: Interest expense (11) (8) (28) (5) (7) (6) (206) (80) Distributions to redeemable participating unitholders 7 (3,131) (3,094) (13,784) (13,056) (400) (814) (1,360) (8,004) Total finance costs (3,142) (3,102) (13,812) (13,061) (407) (820) (1,566) (8,084) Net profit for the financial year before tax 125,409 257,640 1,401,858 2,155,048 2,175 35,021 5,290 344,038 Taxation 8 (8,490) (3,756) (32,298) (28,153) (91) (171) (5,314) (2,279) Net profit/(loss) for the financial year after tax 116,919 253,884 1,369,560 2,126,895 2,084 34,850 (24) 341,759 Adjustment to align to the valuation methodology as set out in the prospectus 11 – (821) – (9,083) – (101) – (993) Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations 116,919 253,063 1,369,560 2,117,812 2,084 34,749 (24) 340,766 There are no recognised gains or losses arising in the year other than those dealt with in the income statement. The accompanying notes form an integral part of these financial statements.

25



iShares Europe Index Fund (IE) iShares Japan Index Fund (IE) iShares North America Index Fund

(IE) iShares Pacific Index Fund (IE)

Note


EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000

Operating income 4 5,139 5,003 24,039 20,477 56,219 53,514 27,709 17,259 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 5 (2,496) 16,275 118,320 114,092 348,343 349,946 56,034 57,872 Total investment income 2,643 21,278 142,359 134,569 404,562 403,460 83,743 75,131 Operating expenses 6 (268) (270) (1,348) (1,038) (2,387) (1,747) (1,144) (630) Net profit for the financial year 2,375 21,008 141,011 133,531 402,175 401,713 82,599 74,501 Finance costs: Interest expense (13) (21) (25) (12) (4) (3) (4) (2) Distributions to redeemable participating unitholders 7 (324) (594) (6,911) (5,716) (8,475) (8,289) (6,272) (4,737) Total finance costs (337) (615) (6,936) (5,728) (8,479) (8,292) (6,276) (4,739) Net profit for the financial year before tax 2,038 20,393 134,075 127,803 393,696 393,421 76,323 69,762 Taxation 8 (228) (232) (3,082) (3,103) (15,627) (14,903) (288) (258) Net profit for the financial year after tax 1,810 20,161 130,993 124,700 378,069 378,518 76,035 69,504 Adjustment to align to the valuation methodology as set out in the prospectus 11 – (61) – (1,228) – (638) – (291) Increase in net assets attributable to redeemable participating unitholders from operations 1,810 20,100 130,993 123,472 378,069 377,880 76,035 69,213 There are no recognised gains or losses arising in the year other than those dealt with in the income statement. The accompanying notes form an integral part of these financial statements.

26



iShares UK Index Fund (IE) iShares US Index Fund (IE)

Note


GBP '000


GBP '000


USD '000


USD '000

Operating income 4 20,658 20,673 31,270 14,156 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 5 7,737 91,154 245,242 268,574 Total investment income 28,395 111,827 276,512 282,730 Operating expenses 6 (376) (293) (1,981) (968) Net profit for the financial year 28,019 111,534 274,531 281,762 Finance costs: Interest expense (4) (2) (4) (45) Distributions to redeemable participating unitholders 7 (1,722) (1,177) (131) (39) Total finance costs (1,726) (1,179) (135) (84) Net profit for the financial year before tax 26,293 110,355 274,396 281,678 Taxation 8 (154) (52) – – Net profit for the financial year after tax 26,139 110,303 274,396 281,678 Adjustment to align to the valuation methodology as set out in the prospectus 11 – (93) – (7) Increase in net assets attributable to redeemable participating unitholders from operations 26,139 110,210 274,396 281,671 There are no recognised gains or losses arising in the year other than those dealt with in the income statement. The accompanying notes form an integral part of these financial statements.

27


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS





Fund (IE)


EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Total net assets attributable to redeemable participating unitholders at the beginning of the year 606,488 636,835 1,809,783 1,163,400 282,933 206,270 11,727,377 11,032,337 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations 25,666 (8,244) 87,600 35,212 29,762 33,121 1,331,035 1,609,810 Unit transactions:

Proceeds from issue of redeemable participating units 67,315 37,482 587,938 992,518 142,200 98,935 4,069,704 3,958,356 Payments on redemption of redeemable participating units (257,117) (59,585) (392,284) (381,347) (32,182) (55,393) (3,504,023) (4,873,126)

Increase/(decrease) in net assets resulting from unit transactions (189,802) (22,103) 195,654 611,171 110,018 43,542 565,681 (914,770) Total net assets attributable to redeemable participating unitholders at the end of the year 442,352 606,488 2,093,037 1,809,783 422,713 282,933 13,624,093 11,727,377 The accompanying notes form an integral part of these financial statements.

28


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS (continued)




(IE)


USD '000


USD '000


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000 Total net assets attributable to redeemable participating unitholders at the beginning of the year 905,666 794,122 10,104,798 7,946,718 195,695 163,627 2,181,929 1,867,428 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations 116,919 253,063 1,369,560 2,117,812 2,084 34,749 (24) 340,766 Unit transactions:

Proceeds from issue of redeemable participating units 8,732 65,922 2,246,539 1,906,203 15,749 54,119 776,490 393,415 Payments on redemption of redeemable participating units (415,958) (207,441) (2,295,184) (1,865,935) (112,090) (56,800) (431,100) (419,680)

Increase/(decrease) in net assets resulting from unit transactions (407,226) (141,519) (48,645) 40,268 (96,341) (2,681) 345,390 (26,265) Total net assets attributable to redeemable participating unitholders at the end of the year 615,359 905,666 11,425,713 10,104,798 101,438 195,695 2,527,295 2,181,929 The accompanying notes form an integral part of these financial statements.

29






EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Total net assets attributable to redeemable participating unitholders at the beginning of the year 146,938 141,148 882,440 886,545 2,660,988 2,484,762 612,557 354,675 Increase in net assets attributable to redeemable participating unitholders from operations 1,810 20,100 130,993 123,472 378,069 377,880 76,035 69,213 Unit transactions:

Proceeds from issue of redeemable participating units 70,295 101,635 523,854 159,923 485,905 796,189 136,300 317,960 Payments on redemption of redeemable participating units (64,795) (115,945) (165,396) (287,500) (743,836) (997,843) (139,985) (129,291)

Increase/(decrease) in net assets resulting from unit transactions 5,500 (14,310) 358,458 (127,577) (257,931) (201,654) (3,685) 188,669 Total net assets attributable to redeemable participating unitholders at the end of the year 154,248 146,938 1,371,891 882,440 2,781,126 2,660,988 684,907 612,557 The accompanying notes form an integral part of these financial statements.

30





GBP '000


GBP '000


USD '000


USD '000 Total net assets attributable to redeemable participating unitholders at the beginning of the year 544,160 427,982 1,846,151 1,362,113 Increase in net assets attributable to redeemable participating unitholders from operations 26,139 110,210 274,396 281,671 Unit transactions:

Proceeds from issue of redeemable participating units 145,566 79,257 774,983 737,692 Payments on redemption of redeemable participating units (167,143) (73,289) (604,526) (535,325)

Increase/(decrease) in net assets resulting from unit transactions (21,577) 5,968 170,457 202,367 Total net assets attributable to redeemable participating unitholders at the end of the year 548,722 544,160 2,291,004 1,846,151 The accompanying notes form an integral part of these financial statements.

31


BALANCE SHEET





Fund (IE)

Note 31 May 2018

EUR '000 31 May 2017

EUR '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000

CURRENT ASSETS Cash 12,828 24,488 12,667 33,119 6,359 3,904 96,912 153,107 Cash equivalents 50,837 49,278 – – – – – – Margin cash 4,851 6,434 444 1,077 386 72 6,638 5,513 Receivables 9 3,157 4,020 3,907 3,020 1,183 755 46,535 39,782 Financial assets at fair value through profit or loss 3(d) 402,144 551,853 2,081,203 1,776,102 416,839 279,465 13,497,330 11,548,819 Pledged investments at fair value through profit or loss 3(d) 1,687 2,737 – – – – – – Total current assets 475,504 638,810 2,098,221 1,813,318 424,767 284,196 13,647,415 11,747,221 CURRENT LIABILITIES Margin cash payable 553 1,156 – – – – – 56 Cash collateral payable 7,761 14,275 – – – – – – Payables 10 256 473 5,153 3,496 1,997 1,264 22,377 19,535 Financial liabilities at fair value through profit or loss 3(d) 24,582 16,418 31 39 57 – 945 253 Total current liabilities 33,152 32,322 5,184 3,535 2,054 1,264 23,322 19,844 Net assets attributable to redeemable participating unitholders at the end of the year 442,352 606,488 2,093,037 1,809,783 422,713 282,932 13,624,093 11,727,377 Adjustment to align to the valuation methodology as set out in the prospectus 11 – – – – – 1 – – Net asset value attributable to redeemable participating unitholders at the end of the year 442,352 606,488 2,093,037 1,809,783 422,713 282,933 13,624,093 11,727,377 The accompanying notes form an integral part of these financial statements.

32


BALANCE SHEET (continued)




(IE)

Note 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

EUR '000 31 May 2017

EUR '000 31 May 2018

EUR '000 31 May 2017

EUR '000

CURRENT ASSETS Cash 732 1,731 363,690 327,050 1,364 3,316 20,751 42,485 Margin cash 162 – 36,243 – 179 310 2,987 2,006 Receivables 9 2,125 1,359 31,667 17,347 858 1,064 15,035 29,747 Financial assets at fair value through profit or loss 3(d) 618,892 903,707 11,033,649 9,783,059 99,554 191,688 2,493,798 2,134,325 Total current assets 621,911 906,797 11,465,249 10,127,456 101,955 196,378 2,532,571 2,208,563 CURRENT LIABILITIES Bank overdraft 118 29 964 82 – – – – Margin cash payable – – – 4,795 – – – 67 Payables 10 1,069 1,102 23,807 17,781 482 628 4,312 26,567 Provision for deferred capital gains tax 8 5,331 – – – – – – – Financial liabilities at fair value through profit or loss 3(d) 34 – 14,765 – 35 55 964 – Total current liabilities 6,552 1,131 39,536 22,658 517 683 5,276 26,634 Net assets attributable to redeemable participating unitholders at the end of the year 615,359 905,666 11,425,713 10,104,798 101,438 195,695 2,527,295 2,181,929 Adjustment to align to the valuation methodology as set out in the prospectus 11 – – – – – – – – Net asset value attributable to redeemable participating unitholders at the end of the year 615,359 905,666 11,425,713 10,104,798 101,438 195,695 2,527,295 2,181,929 The accompanying notes form an integral part of these financial statements.

33





Note 31 May 2018

EUR '000 31 May 2017

EUR '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000

CURRENT ASSETS Cash 2,943 1,787 5,406 2,645 40,920 13,529 6,927 15,413 Margin cash 205 84 322 338 1,808 507 591 1,071 Receivables 9 916 762 9,079 9,792 9,220 9,278 9,496 9,353 Financial assets at fair value through profit or loss 3(d) 150,892 144,628 1,361,871 877,006 2,734,804 2,642,533 672,787 595,521 Total current assets 154,956 147,261 1,376,678 889,781 2,786,752 2,665,847 689,801 621,358 CURRENT LIABILITIES Margin cash payable – – – – 48 – – – Payables 10 676 318 4,711 7,297 5,578 4,843 4,794 8,645 Financial liabilities at fair value through profit or loss 3(d) 32 5 76 44 – 16 100 156 Total current liabilities 708 323 4,787 7,341 5,626 4,859 4,894 8,801 Net asset value attributable to redeemable participating unitholders at the end of the year 154,248 146,938 1,371,891 882,440 2,781,126 2,660,988 684,907 612,557 The accompanying notes form an integral part of these financial statements.

34




Note 31 May 2018

GBP '000 31 May 2017

GBP '000 31 May 2018

USD '000 31 May 2017

USD '000

CURRENT ASSETS Cash 7,914 11,294 240,170 162,106 Cash equivalents – – 200,650 – Margin cash – 317 128,626 36,450 Receivables 9 3,560 3,965 1,272 6,447 Financial assets at fair value through profit or loss 3(d) 539,000 529,121 1,775,128 1,654,199 Total current assets 550,474 544,697 2,345,846 1,859,202 CURRENT LIABILITIES Margin cash payable 53 – – – Payables 10 1,678 529 32,844 13,051 Financial liabilities at fair value through profit or loss 3(d) 21 8 21,998 – Total current liabilities 1,752 537 54,842 13,051 Net asset value attributable to redeemable participating unitholders at the end of the year 548,722 544,160 2,291,004 1,846,151 The accompanying notes form an integral part of these financial statements.

35

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 May 2018 1. BASIS OF PREPARATION The financial statements have been prepared for the year ended 31 May 2018. All amounts have been rounded to the nearest thousand, unless otherwise indicated. Statement of compliance The financial statements of the Fund are prepared in accordance with Financial Reporting Standard 102 (“FRS 102”), the financial reporting standard applicable in the United Kingdom and Republic of Ireland issued by the Financial Reporting Council, Irish statute comprising the Unit Trusts Act, 1990 and the CBI’s UCITS Regulations. The Fund has availed of the exemption available to open ended investment funds that hold a substantial proportion of highly liquid and fair valued investments under Section 7 of FRS 102 and is not presenting cash flow statements. The information required by FRS 102 to be included in a Statement of Comprehensive Income is contained in the Income Statement of each Sub-Fund. Basis of measurement The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The financial statements for the Sub-Funds are prepared on a going concern basis. All references to net assets throughout this document refer to Net Assets Attributable to Redeemable Participating Unitholders unless otherwise stated. Functional and presentation currency Foreign currency items included in the Sub-Funds’ financial statements are measured in the Sub-Funds’ functional currency which is shown in the table below:

Sub-Fund name Currency BlackRock Market Advantage Strategy Fund EUR iShares Developed Real Estate Index Fund (IE) USD iShares Developed World ex Tobacco Index Fund (IE) USD iShares Developed World Index Fund (IE) USD iShares Edge EM Fundamental Weighted Index Fund (IE) USD iShares Emerging Markets Index Fund (IE) USD iShares EMU Index Fund (IE) EUR iShares Europe ex-UK Index Fund (IE) EUR iShares Europe Index Fund (IE) EUR iShares Japan Index Fund (IE) USD iShares North America Index Fund (IE) USD iShares Pacific Index Fund (IE) USD iShares UK Index Fund (IE) GBP iShares US Index Fund (IE) USD

The presentation currency of the Sub-Funds' financial statements is the same as the functional currency.

36

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 1. BASIS OF PREPARATION (continued) Critical accounting estimates and judgements The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Sub-Funds’ accounting policies. The estimates and associated judgements are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. Actual results may differ from these estimates and these differences could be material. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities predominantly relate to the fair value of financial instruments, as discussed in the significant accounting policies. Swap positions are valued using models which utilise observable data to the extent practicable and contain assumptions on the application of this data. Changes in data inputs and assumptions about these factors could affect the reported fair value of Financial Derivative Instruments (“FDIs”) and the differences could be material. 2. SIGNIFICANT ACCOUNTING POLICIES a) Investments To achieve their investment objectives as outlined in the prospectus, the Sub-Funds may invest in listed and unlisted investments, collective investment schemes (“CIS”), exchange traded funds (“ETFs”), liquidity instruments, equities, warrants, bonds and FDIs. Classification of investments The Sub-Funds classify their investments as financial assets and financial liabilities at fair value through profit or loss. The category of financial assets and financial liabilities through profit or loss comprises financial instruments designated by the Directors of the Manager, at inception, as being at fair value through profit or loss and/or held for trading. Financial assets and financial liabilities designated at fair value through profit or loss, at inception, are those that are managed and their performance evaluated on a fair value basis in accordance with the documented investment strategy. Recognition/derecognition of investments Purchases and sales of investments are accounted for on the day the transaction takes place. Investments are derecognised when the rights to receive cashflows from the investments have expired or the risks and rewards of ownership have all been substantially transferred. Realised gains and losses on disposals are calculated using the average cost method and are reflected as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Initial measurement of investments Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities are presented in the Income Statement, in the period in which they arise. Transaction costs on purchases and sales of investments are included in the net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Valuation of investments The estimation of fair values, after initial recognition, is determined as follows: (i) Listed investments As at year end, investments which are quoted, listed, traded or dealt on a market or exchange are based on quoted prices which, for the purposes of the financial statements, is in line with the valuation methodology prescribed in the prospectus.

37

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 2. SIGNIFICANT ACCOUNTING POLICIES (continued) a) Investments (continued) Valuation of investments (continued) (ii) Unlisted investments In the case of an investment which is not quoted, listed or dealt in on a recognised market, or in respect of which a listed, traded or dealt price or quotation is not available at the time of valuation, the fair value of such investment shall be estimated with care and in good faith by a competent professional person, body, firm or corporation (appointed for such purpose by the Manager in consultation with the Investment Manager and approved for the purpose by the Trustee), and such fair value shall be determined on the basis of the probable realisation value of the investment. The Manager shall be entitled to adopt an alternative method of valuing any particular asset if they consider that the methods of valuation set out above do not provide a fair valuation of a particular asset and provided that the alternative method of valuation is approved by the Trustee. (iii) Collective investment schemes (“CIS”) The Investment Manager may also pursue the Sub-Funds’ investment objectives by allocating the Sub-Funds’ assets to other collective investment vehicles including those that are managed by the Investment Manager or one of its affiliates. The fair value of any investment which is a unit of participation in an unlisted or money market CIS shall be calculated by reference to the unaudited NAV, on the valuation date of such unit of participation as calculated by the administrator of the CIS and in accordance with the requirements of the scheme of which the relevant investment is a unit/share of participation. The unaudited NAV of the underlying CIS is reflected gross of any redemption costs which may potentially arise upon redemption from the underlying CIS. Any potential subscription or redemption costs are at the discretion of the manager or board of the underlying CIS, in both the value applied and any partial or full waiver thereof. The underlying CIS may be subject to various fees and expenses, which may include management fees, performance fees, administration fees or depositary/trustee fees, or a combination of those fees, attributable to the relevant unit class/share class in which the Sub-Fund is invested. (iv) Warrants Warrants are financial instruments that convey the right, but not the obligation, to engage in a future transaction on an underlying security within a certain timeframe. Warrants which are quoted, listed, traded or dealt on a market or exchange are valued based on quoted prices which, for the purpose of the financial statements is in line with the valuation methodology prescribed in the prospectus. (v) Liquidity instruments Commercial papers and certificates of deposit held are valued based on the mid-market price at the year end date. The liquidity instruments are disclosed at fair value through profit or loss in the Schedules of Investments. (vi) Financial derivative instruments (“FDIs”) The Sub-Funds’ derivatives comprise of futures contracts, forward currency contracts, credit default swaps, total return swaps and swaptions which are recognised initially at fair value. Transaction costs are expensed in the Income Statement. Subsequent to initial recognition they are measured at fair value with changes in fair value recognised in the Income Statement.

38

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 2. SIGNIFICANT ACCOUNTING POLICIES (continued) b) Income recognition (i) CIS and ETF income CIS and ETF income is recognised when the distributions are declared by the underlying CIS and ETF. (ii) Dividend income Dividend income is recognised when the securities are declared ex-dividend. Dividend income is shown gross of any non-recoverable withholding tax, which is disclosed separately in the Income Statement. (iii) Bond interest income Bond interest income is recognised as income using the effective interest method. (iv) Other interest income Other interest income is recognised as income using the effective interest method. (v) Amortisation/accretion of premiums/discounts on purchase of interest-bearing investments Premiums or discounts on the purchase of bonds are being amortised over the life of the investment using the effective interest method. (vi) Securities lending income Securities lending income is earned from lending securities owned by the Sub-Funds to a number of third party borrowers. Securities lending income is accounted for on an accruals basis. c) Fees and expenses Expenses are accounted for on an accruals basis with the exception of transaction charges relating to the acquisition and realisation of investments which are charged as incurred. Expenses directly attributable to a class of units are paid out of the assets of the Sub-Fund attributable to the relevant class and debited as an expense against the NAV of each class of units. Other interest expense is accrued on a daily basis using the effective interest method. d) Negative yield on financial assets Negative yield on financial assets relating to interest from a negative effective interest rate on a financial asset is accreted daily and is recognised in the Income Statement over the life of the underlying instrument. e) Distributions Distributions are accounted for as finance costs in the Income Statement. The Manager may declare distributions on the units of the distributing classes in respect of each quarterly period. Distributions may be paid out of the net income of a Sub-Fund. Distributions will not be made to the unitholders of the accumulating unit classes. The income and other profits will be accumulated and reinvested in the Sub-Fund on behalf of these unitholders. f) Redeemable participating units The Sub-Fund classifies financial instruments issued as financial liabilities or equity in accordance with the substance of the contractual terms of the instruments.

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BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 2. SIGNIFICANT ACCOUNTING POLICIES (continued) f) Redeemable participating units (continued) The redeemable participating units provide investors with the right to require redemption for cash at a value proportionate to the investor's share in the Sub-Fund’s Net Assets Attributable to Redeemable Participating Unitholders at each redemption date and also in the event of the Sub-Fund’s liquidation, subject to any requirements set out in the prospectus and supplement. Subscriptions and redemptions are accounted for on the day the trade transaction takes place. Redeemable participating units are redeemable at the option of the unitholders. The redeemable participating units can be redeemed equal to a proportionate share of the Sub-Fund’s trading NAV calculated in accordance with the Fund’s prospectus and supplement. Should the redeemable participating units’ terms or conditions change such that they do not comply with the strict criteria contained in FRS 102, the redeemable participating units would be reclassified to a financial liability from the date the instrument ceases to meet the criteria. The financial liability is measured at the instrument’s fair value at the date of reclassification. Any difference between the carrying value of the equity instrument and fair value of the liability on the date of reclassification would be recognised in equity less any associated duties and charges and any redemption fee which is payable on the units redeemed. The Sub-Funds redeemable participating units do not meet the conditions set out in section 22.40 of FRS 102 to be classified as equity and as a result are classified as financial liabilities. g) Transaction costs Transaction costs on purchases or sales of financial assets or financial liabilities are included in net gains/(losses) on financial assets at fair value through profit or loss within the Income Statement of each Sub-Fund. Separately identifiable transaction costs are disclosed in the notes to the financial statements. Depositary transaction costs are not separately identifiable as they form part of the management fee of the Sub-Fund, see notes to the financial statements for more details. h) Foreign currency Transactions and balances Transactions in foreign currencies are translated into the functional currency of each Sub-Fund at the foreign currency exchange rate in effect at the date of the transaction. Subscriptions and redemptions of units in foreign currencies are translated at the foreign currency exchange rate in effect at the date of the transaction. Foreign currency assets and liabilities, including investments, are translated at the exchange rate prevailing at the year end. The foreign exchange gain or loss based on the translation of the investments, as well as the gain or loss arising on the translation of other assets and liabilities, is included in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. i) Receivables Receivables are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. j) Payables Payables are recognised initially at fair value and subsequently stated at amortised cost. The difference between proceeds and the amount payable is recognised over the period of the payable using the effective interest method. k) Cash Cash in the Balance Sheet may include deposits held on call with banks which are subject to an insignificant risk of changes in value. Bank overdrafts are classified as liabilities in the Balance Sheet. l) Cash equivalents Cash equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

40

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 2. SIGNIFICANT ACCOUNTING POLICIES (continued) m) Margin cash Initial margin deposits are made to the relevant brokers upon entering into futures contracts and are generally made in margin cash. Cash balances held as margin with relevant brokers relating to investments in derivatives at the reporting date are included in current assets/liabilities in the Balance Sheet. n) Duties and charges In certain market conditions, the difference between the price at which assets are valued for the purpose of calculating the NAV and the market price at which such assets were bought, as a result of a subscription, or sold, as a result of a redemption, may be significant. This may result in an adjustment to the subscription/redemption price for duties and charges, in order to protect the interests of the other unitholders in the Sub-Fund by mitigating the effects of dilution. This adjustment is calculated by reference to the costs of dealing in the underlying investments of the Sub-Funds, including any dealing spreads, which can vary with market conditions and thus vary over time. Where duties and charges are applied in the context of a subscription or redemption, they will have an impact on the value of an investment of a subscribing or redeeming investor and as a result are reflected as part of the proceeds from issue of redeemable participating units/payments on redemption of redeemable participating units in the Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders. o) Collateral Cash collateral provided by the Sub-Funds is identified on the Balance Sheet as pledged cash collateral and is not included as a component of cash and cash equivalents. For collateral other than cash provided by the Sub-Funds, the party to whom the collateral is provided has the right by contract to sell or re-pledge the collateral but has an obligation to return equivalent securities to the Sub-Funds on maturity or sale of the contract. The Sub-Funds classify these assets on their Balance Sheets separately from other assets and identifies the asset as pledged investments at fair value through profit or loss. Such assets are valued consistently with the accounting policies listed above. Cash collateral provided to the Sub-Funds by counterparties is identified on the Balance Sheet as cash collateral payable. The Sub-Funds 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. For collateral received from counterparties other than cash, a disclosure of the collateral provided is made in the notes to the financial statements. p) Adjustment to align to the valuation methodology as set out in the prospectus The difference between the NAV stated in the financial statements and the valuation methodology indicated in the prospectus and supplement, results in an adjustment between the net assets as per the financial statements and the dealing NAV. Establishment costs are amortised over a period of 60 months for the purposes of calculating the dealing NAV as detailed in the prospectus and supplement. FRS 102 requires such costs to be expensed when incurred therefore, for the purposes of the financial statements, any unamortised establishment costs have been recognised in full in the Income Statement in the year which they were incurred. Consequently, the differences described above adjust the carrying amount of the net assets attributable to redeemable participating unitholders and the cumulative differences are included in “Adjustment to align to the valuation methodology set out in the prospectus” in the notes to the financial statements. q) Equalisation on distributions For tax and accounting purposes, the Manager implements income equalisation arrangements to ensure that the level of income derived from investments is not affected by the issue, conversion or redemption of units during the accounting year. r) Taxation Current tax Current tax is recognised for the amount of income tax payable in respect of the overseas taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

41

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 2. SIGNIFICANT ACCOUNTING POLICIES (continued) r) Taxation (continued) Deferred tax A provision for deferred tax payable is recognised in respect of material timing differences that have originated but not reversed at the balance sheet date. A deferred tax asset is not recognised to the extent that the transfer of economic benefits in the future is uncertain. Timing differences are differences between the Trust’s overseas taxable profits and its results as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. s) Comparatives Certain prior year figures have been reclassified to correspond to current year presentation. 3. FINANCIAL INSTRUMENTS AND RISKS Introduction and overview The Sub-Funds’ investment activities expose them to the various types of risk which are associated with the financial instruments and markets in which they invest. The following information is not intended to be a comprehensive summary of all risks and investors should refer to the prospectus and supplement for a more detailed discussion of the risks inherent in investing in the Sub-Funds. Risk management framework The Directors of the Manager review quarterly investment performance reports and receive semi-annual presentations covering the Sub-Funds’ performance and risk profile during the year. The Manager has delegated the day-to-day administration of the investment programme to the Investment Manager. The Investment Manager is also responsible for ensuring that the Sub-Funds are managed within the terms of their investment guidelines and limits set out in the prospectus and supplement. The Directors of the Manager reserve to themselves the investment performance, product risk monitoring and oversight and the responsibility for the monitoring and oversight of regulatory and operational risk for the Sub-Funds. The Directors of the Manager have appointed a Risk Manager who has responsibility for the daily risk management process with assistance from key risk management personnel of the Investment Manager, including members of the BlackRock Risk and Quantitative Analysis Group (“RQA Group”) which is a centralised group which performs an independent risk management function. The RQA Group independently identifies, measures and monitors investment risk. The RQA Group tracks the actual risk management practices being deployed across the different Sub-Funds. By breaking down the components of the process, the RQA Group has the ability to determine if the appropriate risk management processes are in place across the Sub-Funds. This captures the risk management tools employed, how the levels of risk are controlled, ensuring risk/return is considered in portfolio construction and reviewing outcomes. a) Market risk Market risk arises mainly from uncertainty about future values of financial instruments influenced by other price, currency and interest rate movements. It represents the potential loss the Sub-Funds may suffer through holding market positions in the face of market movements. The Sub-Funds are exposed to market risk by virtue of their investment in CIS, ETFs, liquidity instruments, equities, warrants, bonds and FDIs. A key metric the RQA Group uses to measure market risk is Value at Risk (“VaR”) which encompasses price, currency and interest rate risk. The RQA Group is a centralised group which performs an independent risk management function. The group independently identifies, measures and monitors investment risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market movements in an ordinary market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis. The VaR calculations are based on a confidence level of 99% with a holding period of 1 day and a historical observation period of not less than 1 year (250 days). A VaR number is defined at a specified probability and a specified time horizon. A 99% 1 day VaR means that the expectation is that 99% of the time over a 1 day period the Sub-Fund will lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk. It is noted that the use of VaR methodology has limitations, namely that the use of historical market data as a basis for estimating future events does not encompass all possible scenarios, particularly those that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take into account losses that occur beyond this level. There is some probability that the loss could be greater than the VaR amounts. These limitations and the nature of the VaR measure mean that the Sub-Funds can neither guarantee that losses will not exceed the VaR amounts indicated, nor that losses in excess of the VaR amounts will not occur more frequently.

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BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) a) Market risk (continued) The 1 day VaR as of 31 May 2018 and 31 May 2017 based on a 99% confidence level is outlined in the table below: Sub-Fund name 31 May 2018 31 May 2017

BlackRock Market Advantage Strategy Fund 1.13% 0.74%

iShares Developed Real Estate Index Fund (IE) 1.70% 1.46%

iShares Developed World ex Tobacco Index Fund (IE) 2.02% 1.22%

iShares Developed World Index Fund (IE) 2.03% 1.22%

iShares Edge EM Fundamental Weighted Index Fund (IE) 2.11% 2.36%

iShares Emerging Markets Index Fund (IE) 2.25% 1.83%

iShares EMU Index Fund (IE) 1.90% 1.78%

iShares Europe ex-UK Index Fund (IE) 1.89% 1.56%

iShares Europe Index Fund (IE) 1.90% 1.41%

iShares Japan Index Fund (IE) 2.22% 2.18%

iShares North America Index Fund (IE) 2.94% 1.46%

iShares Pacific Index Fund (IE) 1.73% 1.56%

iShares UK Index Fund (IE) 1.94% 1.63%

iShares US Index Fund (IE) 3.09% 1.47% (i) Market risk arising from foreign currency risk

Exposure to foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Sub-Funds may invest in securities denominated in currencies other than their functional currency. Consequently, the Sub-Funds are exposed to risks that the exchange rate of their functional currency relative to other currencies may change in a manner which has an adverse effect on the value of the portion of the Sub-Funds’ assets which are denominated in currencies other than their own currency. The Sub-Funds may also invest in CIS, ETFs and FDIs with foreign currency exposures and thus gain further exposure to foreign currency risk. Where the Sub-Funds invest in CIS and ETFs, they may have indirect exposure to foreign currency risk whereby the value of an underlying asset may fluctuate as a result of a change in foreign exchange rates of investments held which are denominated in currencies other than the underlying CIS’s own currency. Management of foreign currency risk The Sub-Funds, in line with their benchmarks, are unhedged except for the BlackRock Market Advantage Strategy Fund which uses forward currency contracts to hedge the foreign currency exposure of the hedged unit classes. The Sub-Funds may also invest in forward currency contracts and thus gain further exposure to foreign currency risk. Exchange rate exposures are managed within parameters utilising forward currency contracts where required. The realised and unrealised gains or losses relating to these forward currency contracts are allocated to the relevant unit class. The details of the open forward currency contracts in place at the year end date are disclosed in the Schedules of Investments.

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BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) a) Market risk (continued) (ii) Market risk arising from interest rate risk Exposure to interest rate risk Interest rate risk is defined as the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The BlackRock Market Advantage Strategy Fund and the iShares US Index Fund (IE) are exposed to interest rate risk specifically through their investments in liquidity instruments, bonds, and FDIs. These securities are disclosed in the Schedules of Investments. The Sub-Funds are also exposed to interest rate risk on their cash balances held at J.P. Morgan Bank (Ireland) plc and margin cash held at Barclays. Cash held on deposit at J.P. Morgan Bank (Ireland) plc receives/incurs interest at the prevailing daily rates, which may be negative depending on the currency in which the cash is held (e.g. Euro). The Sub-Funds also have indirect exposure to interest rate risk through their investments into CIS and ETFs, whereby the value of an underlying asset may fluctuate as a result of a change in interest rates through its investments in interest-bearing securities. The Sub-Funds also have indirect exposure to interest rate risk through their investments into FDIs, whereby the value of an underlying asset may fluctuate as a result of a change in interest rates. Management of interest rate risk Interest rate risk exposure is managed by constantly monitoring the position for deviations outside of a pre-determined tolerance level and, when necessary, rebalancing back to the original desired parameters. Cash and cash collateral is invested into CIS to generate a return to help offset any losses arising as a result of unfavourable movements in interest rates. (iii) Market risk arising from other price risk Exposure to other price risk Other price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. The Sub-Funds are exposed to other price risk arising from their investments in CIS, ETFs, liquidity instruments, equities, warrants, bonds and FDIs. The exposure of the Sub-Funds to other price risk is the fair value of the investments held as shown in the Schedules of Investments of the Sub-Funds. The investment concentrations within the portfolios are disclosed in the Sub-Funds’ Schedules of Investments by investment type. Management of other price risk By diversifying the portfolio, where this is appropriate and consistent with the Sub-Funds’ objectives, the risk that a price change of a particular investment will have a material impact on the NAV of the Sub-Funds is minimised. The other price risk inherent in the CIS holdings is monitored by the Investment Manager, by understanding the investment objectives of the underlying fund as well as their internal control policies and regular risk and performance reporting. The investments into CIS are all investments into related party funds. Such CIS are subject to the same control procedures the Investment Manager employs for the Sub-Funds. There is a risk that the valuation of the Sub-Funds may not fairly reflect the value of the investments held at a specific time due to events outside the control of the Manager, which could result in significant losses or inaccurate pricing for the Sub-Funds. To mitigate this risk the Manager may temporarily suspend the determination of the NAV of any Sub-Fund until a fair or reasonable valuation of the investments held can be realised.

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BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) b) Liquidity risk Exposure to liquidity risk Liquidity risk is the risk that the Sub-Funds will encounter difficulties in meeting obligations associated with financial liabilities. Liquidity risk to the Sub-Funds arises from the redemption requests of investors and the liquidity of the underlying investments the Sub-Funds have invested in. The Sub-Funds’ unitholders may redeem their units on the close of any daily dealing deadline for cash equal to a proportionate share of the Sub-Funds’ NAV, excluding any duties and charges where applicable. The Sub-Funds are therefore potentially exposed to the liquidity risk of meeting the unitholders’ redemptions and may need to sell assets at prevailing market prices to meet liquidity demands. The Sub-Funds may invest in CIS which can impose notice periods or other restrictions on redemptions and this may increase the liquidity risk of the Sub-Fund. The Sub-Funds are also exposed to the liquidity risk of daily margin calls on FDIs. The tables below and overleaf detail the Sub-Funds’ liquidity analysis of its financial liabilities as at 31 May 2018. The tables have been drawn up based on the undiscounted gross cash outflows relating to the contractual maturities of the financial liabilities:

Liquidity Analysis Less than 1

month 1-3 months 3 months to

1 year Greater than

1 year Total BlackRock Market Advantage Strategy Fund EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 Margin cash payable 553 – – – 553 Cash collateral payable 7,761 – – – 7,761 Payables 256 – – – 256 Unrealised losses on swaps – – 2,843 2,564 5,407 Gross cash outflows on forward currency contracts1 1,196,392 – – – 1,196,392 Unrealised losses on futures 693 – – – 693 Net asset value attributable to redeemable participating unitholders 442,352 – – – 442,352 iShares Developed Real Estate Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 Payables 5,153 – – – 5,153 Unrealised losses on futures 31 – – – 31 Net asset value attributable to redeemable participating unitholders 2,093,037 – – – 2,093,037 iShares Developed World ex Tobacco Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 Payables 1,997 – – – 1,997 Unrealised losses on futures 57 – – – 57 Net asset value attributable to redeemable participating unitholders 422,713 – – – 422,713 iShares Developed World Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 Payables 22,377 – – – 22,377 Unrealised losses on futures 945 – – – 945 Net asset value attributable to redeemable participating unitholders 13,624,093 – – – 13,624,093 iShares Edge EM Fundamental Weighted Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 Bank overdraft 118 – – – 118 Payables 1,069 – – – 1,069 Unrealised losses on futures 34 – – – 34 Net asset value attributable to redeemable participating unitholders 615,359 – – – 615,359

1The outflows are off-set by inflows of EUR 1,191,379,000 as at year ended 31 May 2018.

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BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) b) Liquidity risk (continued) Exposure to liquidity risk (continued)



1 year Greater than

1 year Total iShares Emerging Markets Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 Bank overdraft 964 – – – 964 Payables 23,807 – – – 23,807 Gross cash outflows on forward currency contracts1 1,663 – – – 1,663 Unrealised losses on futures 14,758 – – – 14,758 Net asset value attributable to redeemable participating unitholders 11,425,713 – – – 11,425,713 iShares EMU Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 Payables 482 – – – 482 Unrealised losses on futures 35 – – – 35 Net asset value attributable to redeemable participating unitholders 101,438 – – – 101,438 iShares Europe ex-UK Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 Payables 4,312 – – – 4,312 Unrealised losses on futures 964 – – – 964 Net asset value attributable to redeemable participating unitholders 2,527,295 – – – 2,527,295 iShares Europe Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 Payables 676 – – – 676 Unrealised losses on futures 32 – – – 32 Net asset value attributable to redeemable participating unitholders 154,248 – – – 154,248 iShares Japan Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 Payables 4,711 – – – 4,711 Unrealised losses on futures 76 – – – 76 Net asset value attributable to redeemable participating unitholders 1,371,891 – – – 1,371,891 iShares North America Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 Margin cash payable 48 – – – 48 Payables 5,578 – – – 5,578 Net asset value attributable to redeemable participating unitholders 2,781,126 – – – 2,781,126 iShares Pacific Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 Payables 4,794 – – – 4,794 Gross cash outflows on forward currency contracts2 159 – – – 159 Unrealised losses on futures 100 – – – 100 Net asset value attributable to redeemable participating unitholders 684,907 – – – 684,907 iShares UK Index Fund (IE) GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 Margin cash payable 53 – – – 53 Payables 1,678 – – – 1,678 Gross cash outflows on forward currency contracts3 1,134 405 – – 1,539 Net asset value attributable to redeemable participating unitholders 548,722 – – – 548,722

1The outflows are off-set by inflows of USD 1,658,000 as at year ended 31 May 2018. 2The outflows are off-set by inflows of USD 159,000 as at year ended 31 May 2018. 3The outflows are off-set by inflows of GBP 1,518,000 as at year ended 31 May 2018.

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1 year Greater than

1 year Total iShares US Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 Payables 32,844 – – – 32,844 Unrealised losses on futures 21,998 – – – 21,998 Net asset value attributable to redeemable participating unitholders 2,291,004 – – – 2,291,004

The tables below and overleaf detail the Sub-Funds’ liquidity analysis of its financial liabilities as at 31 May 2017. The tables have been drawn up based on the undiscounted gross cash outflows relating to the contractual maturities of the financial liabilities:

1The outflows are off-set by inflows of EUR 1,116,052,000 as at year ended 31 May 2017. 2The outflows are off-set by inflows of USD 210,000 as at year ended 31 May 2017.

Liquidity analysis Less than 1

month 1-3

months 3 months to

1 year Greater than

1 year

Total BlackRock Market Advantage Strategy Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Cash collateral payable 14,275 – – – 14,275 Margin cash payable 1,156 – – – 1,156 Payables 473 – – – 473 Credit default swaps – – – 3,782 3,782 Total return swaps 629 – 865 – 1,494 Gross cash outflows on forward currency contracts1 1,105,222 – – – 1,105,222 Futures contracts 7 – – – 7 Net asset value attributable to redeemable participating unitholders 606,488 – – – 606,488 iShares Developed Real Estate Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Payables 3,496 – – – 3,496 Futures contracts 39 – – – 39 Net asset value attributable to redeemable participating unitholders 1,809,783 – – – 1,809,783 iShares Developed World ex Tobacco Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Payables 1,264 – – – 1,264 Gross cash outflows on forward currency contracts2 – 208 – – 208 Net asset value attributable to redeemable participating unitholders 282,933 – – – 282,933 iShares Developed World Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Margin cash payable 56 – – – 56 Payables 19,535 – – – 19,535 Futures contracts 253 – – – 253 Net asset value attributable to redeemable participating unitholders 11,727,377 – – – 11,727,377 iShares Edge EM Fundamental Weighted Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Bank overdraft 29 – – – 29 Payables 1,102 – – – 1,102 Net asset value attributable to redeemable participating unitholders 905,666 – – – 905,666 iShares Emerging Markets Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Bank overdraft 82 – – – 82 Margin cash payable 4,795 – – – 4,795 Payables 17,781 – – – 17,781 Net asset value attributable to redeemable participating unitholders 10,104,798 – – – 10,104,798

47


1The outflows are off-set by inflows of GBP 1,710,000 as at year ended 31 May 2017.

Management of liquidity risk Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidity demands. Asset disposals may also be required to meet redemption requests. However, timely sale of trading positions can be impaired by many factors including decreased trading volume and increased price volatility. As a result, the Sub-Funds may experience difficulties in disposing of assets to satisfy liquidity demands. The Sub-Funds’ liquidity risk is managed by the Investment Manager in accordance with established policies and procedures in place. The portfolio managers review forward-looking cash reports which project cash obligations. These reports allow them to manage their obligations. If redemption requests from all holders of units in a Sub-Fund exceed more than 10% of the units of the Sub-Fund in issue on any particular dealing day, the Manager shall be entitled, at its discretion, to refuse to redeem such excess numbers of units in issue from the Sub-Fund. The units which are not redeemed at any given dealing day shall be redeemed on each subsequent dealing day on a pro-rata basis in priority to any requests received thereafter. Duties and charges may also be charged as detailed in the Significant Accounting Policies note 2(n). For the avoidance of doubt, none of the assets of the Sub-Funds are subject to special liquidity arrangements.

Liquidity analysis Less than 1

month 1-3

months 3 months to

1 year Greater than

1 year

Total iShares EMU Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Payables 628 – – – 628 Futures contracts 55 – – – 55 Net asset value attributable to redeemable participating unitholders 195,695 – – – 195,695 iShares Europe ex-UK Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Margin cash payable 67 – – – 67 Payables 26,567 – – – 26,567 Net asset value attributable to redeemable participating unitholders 2,181,929 – – – 2,181,929 iShares Europe Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Payables 318 – – – 318 Futures contracts 5 – – – 5 Net asset value attributable to redeemable participating unitholders 146,938 – – – 146,938 iShares Japan Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Payables 7,297 – – – 7,297 Futures contracts 44 – – – 44 Net asset value attributable to redeemable participating unitholders 882,440 – – – 882,440 iShares North America Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Payables 4,843 – – – 4,843 Futures contracts 16 – – – 16 Net asset value attributable to redeemable participating unitholders 2,660,988 – – – 2,660,988 iShares Pacific Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Payables 8,645 – – – 8,645 Futures contracts 156 – – – 156 Net asset value attributable to redeemable participating unitholders 612,557 – – – 612,557 iShares UK Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 Payables 529 – – – 529 Gross cash outflows on forward currency contracts1 1,717 – – – 1,717 Net asset value attributable to redeemable participating unitholders 544,160 – – – 544,160 iShares US Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Payables 13,051 – – – 13,051 Net asset value attributable to redeemable participating unitholders 1,846,151 – – – 1,846,151

48

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk Exposure to credit / counterparty risk Counterparty credit risk arises from the failure of the counterparty to perform according to the terms of the contract. The Sub-Funds’ exposure to counterparty credit risk is limited to the contracts in which they currently have a financial asset position reduced by any collateral received from the counterparty, or to counterparties who have received collateral from the Sub-Funds. The investment concentrations within the portfolios are disclosed in the Schedules of Investments by investment type. CIS are classified by the country of incorporation of the CIS and investments in Institutional Cash Series plc are classified as cash equivalents. ETFs and bonds are primarily classified by the country of incorporation of the issuer. Liquidity instruments are primarily classified by the country of issuer of the liquidity instruments. Equities and warrants are primarily classified by the country of incorporation of the entity in which the Sub-Fund holds shares. All OTC FDIs are entered into by the Sub-Funds under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Sub-Funds and a counterparty that governs OTC FDIs (including TRS and CFDs) entered into by the parties. The parties’ exposures under the ISDA Master Agreement are netted and collateralised together, therefore any collateral disclosures provided are in respect of all OTC FDIs entered into by the Sub-Funds under the ISDA Master Agreement, not just TRS and CFDs. All non-cash collateral received/posted by the Sub-Funds under the ISDA Master Agreement is transferred bilaterally under a title transfer arrangement. The Sub-Funds’ maximum exposure to counterparty credit risk from holding forward currency contracts will be equal to the notional amount of the currency and any net unrealised gains as disclosed in the Schedules of Investments. The carrying value of financial assets together with cash held with counterparties best represents the Sub-Funds’ gross maximum exposure to counterparty credit risk at the reporting date, before including the effect of the ISDA Master Agreement and netting, which would reduce the overall counterparty credit risk exposure. Cash held as security by the counterparty to derivative contracts is subject to the credit risk of the counterparty. Management of credit / counterparty risk Credit risk is monitored and managed by BlackRock’s Risk & Quantitative Analysis (“RQA”) Counterparty & Concentration Risk Team. The BlackRock RQA Counterparty & Concentration Risk Team is headed by BlackRock’s Chief Counterparty Credit Officer who reports to the Global Head of RQA. Credit authority resides with the Chief Counterparty Credit Officer and selected team members to whom specific credit authority has been delegated. As such, counterparty approvals may be granted by the Chief Counterparty Credit Officer or by identified RQA Counterparty Credit Risk Officers who have been formally delegated authority by the Chief Counterparty Credit Officer. The BlackRock RQA Counterparty & Concentration Risk Team completes a formal review of each new counterparty, monitors and reviews all approved counterparties on an ongoing basis and maintains an active oversight of counterparty exposures and the collateral management processes. All prospective and existing counterparties require the approval of the BlackRock RQA Counterparty & Concentration Risk Team. There were no past due or impaired assets as of 31 May 2018 (31 May 2017: Nil). (i) Depositary Exposure to credit / counterparty risk from Depositary The Depositary is J.P. Morgan Bank (Ireland) plc. Substantially all of the assets and cash other than the FDIs of the Sub-Funds are held by J.P. Morgan Bank (Ireland) plc at year end. The Sub-Funds are exposed to credit risk through the use of J.P. Morgan Bank (Ireland) plc as the Depositary for its investments. Bankruptcy or insolvency of the Depositary may cause the Sub-Funds’ rights with respect to its cash and investments held by the Depositary to be delayed or limited. The maximum exposure to this risk is the amount of long investments disclosed in the Schedules of Investments as well as cash and cash equivalents, as disclosed on the Balance Sheet of each Sub-Fund.

49

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) (i) Depositary (continued) Exposure to credit / counterparty risk from Depositary (continued) The Sub-Funds will be exposed to the credit risk of the Depositary or any sub-custodian or other delegate used by the Depositary regarding cash balances held in accounts with same. In the event of insolvency or bankruptcy of the Depositary or any sub-custodian or other delegate used by the Depositary, the Sub-Funds will be treated as a general creditor of the Depositary, sub-custodian or other delegate used by the Depositary. The Depositary does not have a credit rating, however, its parent company JPMorgan Chase Bank N.A. has a long-term credit rating from Standard & Poor’s of A+ (31 May 2017: A+). Management of credit / counterparty risk from Depositary To mitigate the Sub-Funds’ credit risk with respect to the Depositary, the Investment Manager employs specific procedures to ensure that the Depositary employed is a reputable institution and that the associated credit risk is acceptable to the Sub-Funds. (ii) Counterparties

All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered to be minimal as delivery of securities and payment is made simultaneously. The trade will fail if either party fails to meet its obligation.

Credit risk arising on transactions with counterparties relates to transactions awaiting settlement. Risk relating to unsettled transactions is considered small due to the short settlement period involved and the high credit quality of the counterparties used.

Management of counterparties The Sub-Funds only transact with counterparties that are regulated entities subject to prudential supervision, or with high credit-ratings assigned by international credit-rating agencies. Cash held as security by counterparties to FDIs, as disclosed on the Balance Sheets and Schedules of Investments, is subject to the credit risk of the counterparty. The tables below and overleaf detail the total number of derivative counterparties the Sub-Funds are exposed to, the maximum exposure to any one counterparty which is calculated on a net basis, the collateral held by the Sub-Fund against that counterparty and the lowest long-term credit rating of any one counterparty (or its ultimate parent, if it is unrated):

As at 31 May 2018 Currency

Total number of

counterparties

Maximum exposure to any

one counterparty ‘000

Collateral held ‘000

Lowest credit rating of any

one counterparty

BlackRock Market Advantage Strategy Fund EUR 9 5,184 – BBB+ iShares Developed Real Estate Index Fund (IE) USD 1 601 – A iShares Developed World ex Tobacco Index Fund (IE) USD 1 357 – A iShares Developed World Index Fund (IE) USD 1 6,133 – A iShares Edge EM Fundamental Weighted Index Fund (IE) USD 1 128 – A

iShares Emerging Markets Index Fund (IE) USD 3 21,485 – A iShares EMU Index Fund (IE) EUR 1 144 – A iShares Europe ex-UK Index Fund (IE) EUR 1 2,023 – A iShares Europe Index Fund (IE) EUR 1 214 – A iShares Japan Index Fund (IE) USD 1 246 – A iShares North America Index Fund (IE) USD 1 2,416 – A iShares Pacific Index Fund (IE) USD 2 537 – A iShares UK Index Fund (IE) GBP 3 515 – BBB+ iShares US Index Fund (IE) USD 1 106,628 – A

50

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) (ii) Counterparties (continued) Management of counterparties (continued)


Total number of

counterparties

Maximum exposure to any

one counterparty ‘000

Collateral held ‘000

Lowest credit rating of any

one counterparty

BlackRock Market Advantage Strategy Fund EUR 10 19,437 793 BBB+ iShares Developed Real Estate Index Fund (IE) USD 1 1,455 – A- iShares Developed World ex Tobacco Index Fund (IE) USD 2 153 – A- iShares Developed World Index Fund (IE) USD 1 7,119 – A- iShares Edge EM Fundamental Weighted Index Fund (IE) USD 1 54 – A-

iShares Emerging Markets Index Fund (IE) USD 1 8,778 – A- iShares EMU Index Fund (IE) EUR 1 255 – A- iShares Europe ex-UK Index Fund (IE) EUR 1 2,005 – A- iShares Europe Index Fund (IE) EUR 1 89 – A-

iShares Japan Index Fund (IE) USD 1 294 – A- iShares North America Index Fund (IE) USD 1 608 – A- iShares Pacific Index Fund (IE) USD 1 933 – A- iShares UK Index Fund (IE) GBP 3 690 – A- iShares US Index Fund (IE) USD 1 68,797 – A-

(iii) Securities lending Certain Sub-Funds engage in securities lending activities which expose the Sub-Funds to counterparty credit risk. The maximum exposure to each Sub-Fund is equal to the value of the securities loaned disclosed in the notes to the financial statements. All securities lending transactions entered into by the Sub-Funds are subject to a written legal agreement between the Sub-Funds and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Fund, 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 on behalf of the Sub-Funds. Collateral received is segregated from the assets belonging to the Sub-Funds’ Depositary or the Lending Agent. The collateral is registered and held in the name of J.P. Morgan Bank (Ireland) plc on behalf of the Sub-Funds in any or all of the following central securities depositories; J.P. Morgan Chase, Euroclear or Bank of New York Mellon, depending on the type of collateral the counterparty has to give in order to cover the required value of exposure. The collateral provided by these counterparties consists of shares admitted to dealing on a regulated market. With the exception of iShares US Index Fund (IE), all of the Sub-Funds outlined below and overleaf engaged in securities lending activities during the year. The value of the securities on loan at the year end and the value of collateral held at the year end are shown below:

31 May 2018 31 May 2017

BlackRock Market Advantage Strategy Fund EUR ‘000 EUR ‘000

Value of securities on loan 3,446 4,803

Value of collateral held 3,808 5,274

iShares Developed Real Estate Index Fund (IE) USD ‘000 USD ‘000



iShares Developed World ex Tobacco Index Fund (IE) USD ‘000 USD ‘000



51

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) (iii) Securities lending (continued)

31 May 2018 31 May 2017

iShares Developed World Index Fund (IE) USD ‘000 USD ‘000

Value of securities on loan 2,019,812 1,569,953

Value of collateral held 2,211,247 1,742,934

iShares Edge EM Fundamental Weighted Index Fund (IE) USD ‘000 USD ‘000



iShares Emerging Markets Index Fund (IE) USD ‘000 USD ‘000

Value of securities on loan 1,518,919 1,042,002

Value of collateral held 1,677,229 1,150,523

iShares EMU Index Fund (IE) EUR ‘000 EUR ‘000



iShares Europe ex-UK Index Fund (IE) EUR ‘000 EUR ‘000



iShares Europe Index Fund (IE) EUR ‘000 EUR ‘000



iShares Japan Index Fund (IE) USD ‘000 USD ‘000



iShares North America Index Fund (IE) USD ‘000 USD ‘000



iShares Pacific Index Fund (IE) USD ‘000 USD ‘000



iShares UK Index Fund (IE) GBP ‘000 GBP ‘000


Value of collateral held 40,516 32,144 Management of credit / counterparty risk related to securities lending To mitigate this risk, the Sub-Funds receive either cash or securities as collateral equal to a certain percentage in excess of the fair value of the securities loaned. The Investment Manager monitors the fair value of the securities loaned and additional collateral is obtained, if necessary. As at 31 May 2018 and 31 May 2017, all non-cash collateral received consists of securities admitted to or dealt on a regulated market. The Sub-Funds also benefit from a borrower default indemnity provided by BlackRock, Inc. The indemnity allows for full replacement of securities lent. BlackRock, Inc. bears the cost of indemnification against borrower default.

52

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) (iv) Debt securities

Issuer credit risk is the default risk of one of the issuers of any securities held by the Sub-Funds. Bonds or other debt securities involve credit risk to the issuer which may be evidenced by the issuer’s credit rating. Securities which are subordinated and/or have a lower credit rating are generally considered to have a higher credit risk and a greater possibility of default than more highly rated securities. The Sub-Funds’ investments in bonds expose them to the default risk of the issuer with regards to interest or principal payments. Management of credit / counterparty risk related to debt securities To manage this risk, the Investment Manager, where appropriate and consistent with the Sub-Funds’ objectives, invests in a wide range of securities and monitors the credit ratings of the investments as disclosed in the credit rating profile table. The ratings of the debt securities are continually monitored by the BlackRock Portfolio Management Group (“PMG”) and for nonrated or securities with subordinated or lower credit ratings, additional specific procedures are employed to ensure the associated credit risk is acceptable to the Sub-Funds. 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. The table below details the credit rating profile of the bonds and liquidity instruments held by the Sub-Funds as at 31 May 2018:


Investment grade

% of Debt Securities

Non-investment grade


Not rated % of Debt Securities

Total % of Debt Securities

BlackRock Market Advantage Strategy Fund EUR 100.00 - - 100.00

iShares US Index Fund (IE) USD 100.00 - - 100.00 The table below details the credit rating profile of the bonds and liquidity instruments held by the Sub-Funds as at 31 May 2017:


Investment grade


Non-investment grade


Not rated % of Debt Securities

Total % of Debt Securities

BlackRock Market Advantage Strategy Fund EUR 100.00 - - 100.00

iShares US Index Fund (IE) USD 100.00 - - 100.00 (v) Other securities The Sub-Funds are indirectly exposed to the counterparty and credit risks from their investments in CIS and ETFs. Those investments in CIS and ETFs managed by the BlackRock Group are subject to the same control procedures the Investment Manager employs for the Sub-Funds. Management of credit / counterparty risk related to other securities The Sub-Funds monitor collateral fair value relative to the amounts payable under the agreements, including accrued interest, throughout the lives of the agreements and, when necessary, requires the transfer of collateral in order to manage exposure and liquidity. This collateral is used to reduce counterparty risk exposure. (vi) Exchange traded financial derivative instruments The Sub-Funds’ holdings in futures contracts expose the Sub-Funds to credit risk.

53

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) (vi) Exchange traded financial derivative instruments (continued) Management of credit / counterparty risk related to exchange traded financial derivative instruments The exposure is limited by trading the contracts through a clearing house. The Sub-Funds’ exposure to credit risk on contracts in which it currently has a gain position is reduced by such gains received in cash from the counterparty under the daily mark-to-market mechanism on exchange traded futures contracts (variation margin). The Sub-Fund’s exposure to credit risk on contracts in which it currently has a loss position is equal to the amount of margin posted to the counterparty which has not been transferred to the exchange under the daily mark-to-market mechanism. Margin is paid or received on futures contracts to cover any exposure by the counterparty or the Sub-Funds to each other. ‘‘Margin cash'' on the Balance Sheets consists of margin receivable from or payable to the Sub-Funds’ clearing brokers and various counterparties. (vii) Over-the-Counter (“OTC”) financial derivative instruments The Sub-Funds’ holdings in forward currency contracts present credit risk. The Sub-Funds’ maximum exposure to credit risk is equal to the notional amount of the currency contract and any unrealised gains as disclosed in their Schedules of Investments. Forward currency contracts do not generally require variation margins and thus the counterparty credit risk is monitored through the BlackRock RQA Counterparty & Concentration Risk Team who monitor the creditworthiness of the counterparty. The counterparties for forward currency contracts are disclosed in the Schedules of Investments. The Sub-Funds' holdings in swaptions, credit default swap agreements and total return swap agreements also expose the Sub-Funds to credit risk. Trading in OTC FDIs which have not been collateralised gives rise to counterparty exposure. Credit risk arises from the failure of the counterparty to perform according to the terms of the contract as these derivative transactions are traded bilaterally and not through a central clearing counterparty. The exposure of the Sub-Funds to credit risk on OTC FDIs is set out in the Schedules of Investments. Management of credit / counterparty risk related to OTC financial derivative instruments The Sub-Funds mitigate the risk exposure to each counterparty by obtaining collateral from the counterparty in a form which complies with the terms of the collateral agreements. This collateral is used to reduce counterparty risk exposure. The portfolio manager regularly compares the net positions in the Sub-Funds to the limits set by the BlackRock RQA Counterparty & Concentration Risk Team for compliance. The Sub-Funds engage in activities which may require collateral to be paid to counterparty (“pledged collateral”) or may hold collateral received (“inbound collateral”) from a counterparty. The Sub-Funds use inbound collateral received from a counterparty to reduce the credit risk associated with any trading activity the Sub-Funds have engaged in. Collateral received in the form of securities is not reflected on the Balance Sheet but is reflected in the notes to the financial statements. Please refer to note 20 for collateral pledged to the Sub-Funds. The Sub-Funds have the right to reinvest cash collateral received. Securities pledged as collateral have been annotated on the Schedules of Investments and separately disclosed on the Balance Sheets. Inbound cash collateral received by the Sub-Funds is reflected on the Balance Sheets as cash collateral payable. The Sub-Funds are also exposed to counterparty risk of rehypothecation of pledged collateral. The fair value of inbound cash collateral is reflected on the Balance Sheets of the Sub-Funds.

54

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) (viii) Other receivables Receivables are disclosed in the notes to the financial statements of each Sub-Fund. The counterparties to positions included in receivables are the same counterparties discussed previously under credit risk and subject to the same scrutiny by the BlackRock RQA Counterparty & Concentration Risk Team. The Sub-Funds monitor the ageing of receivables to mitigate this risk. d) Valuation of financial instruments The Sub-Funds classify their financial instruments measured at fair value using a fair value hierarchy. The fair value hierarchy has the following categories: Level 1 – Quoted prices for identical instruments in active markets A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The Sub-Fund does not adjust the quoted price for these instruments. Level 2 - Valuation techniques using observable inputs This category includes instruments valued using: quoted prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data. Valuation techniques used for non-standardised financial instruments such as OTC derivatives, include the use of comparable recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity determined inputs. Level 3 - Valuation techniques using significant unobservable inputs This category includes all instruments where the valuation techniques used include inputs not based on market data and these inputs could have a significant impact on the instrument’s valuation. This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ inputs requires significant judgement by the Investment Manager. The Investment Manager considers observable inputs to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

55

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued) The tables below and overleaf are an analysis of the Sub-Funds’ financial assets and financial liabilities measured at fair value at 31 May 2018:

Level 1 Level 2 Level 3 Total BlackRock Market Advantage Strategy Fund EUR '000 EUR '000 EUR '000 EUR '000 Financial assets at fair value through profit or loss: Collective investment schemes – 144,937 – 144,937 Bonds – 228,078 – 228,078 Unrealised gains on swaps – 10,326 – 10,326 Unrealised gains on swaptions – 639 – 639 Unrealised gains on forward currency contracts – 13,469 – 13,469 Unrealised gains on futures contracts 6,382 – – 6,382 Total 6,382 397,449 – 403,831 Financial liabilities at fair value through profit or loss: Unrealised losses on swaps – (5,407) – (5,407) Unrealised losses on forward currency contracts – (18,482) – (18,482) Unrealised losses on futures contracts (693) – – (693) Total (693) (23,889) – (24,582) iShares Developed Real Estate Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Collective investment schemes – 4,026 – 4,026 Equities 2,058,620 – 18,369 2,076,989 Unrealised gains on futures contracts 188 – – 188 Total 2,058,808 4,026 18,369 2,081,203 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (31) – – (31) Total (31) – – (31) iShares Developed World ex Tobacco Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Equities 416,651 – 160 416,811 Unrealised gains on futures contracts 28 – – 28 Total 416,679 – 160 416,839 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (57) – – (57) Total (57) – – (57) iShares Developed World Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Exchange traded funds 83,167 – – 83,167 Equities 13,409,671 – 4,052 13,413,723 Unrealised gains on futures contracts 440 – – 440 Total 13,493,278 – 4,052 13,497,330 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (945) – – (945) Total (945) – – (945)

56

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued)

Level 1 Level 2 Level 3 Total iShares Edge EM Fundamental Weighted Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Equities 618,892 – –1 618,892 Total 618,892 – – 618,892 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (34) – – (34) Total (34) – – (34) iShares Emerging Markets Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Equities 11,022,742 – 10,9051 11,033,647 Warrants –2 – – – Unrealised gains on forward currency contracts – 2 – 2 Total 11,022,742 2 10,905 11,033,649 Financial liabilities at fair value through profit or loss: Unrealised losses on forward currency contracts – (7) – (7) Unrealised losses on futures contracts (14,758) – – (14,758) Total (14,758) (7) – (14,765) iShares EMU Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 Financial assets at fair value through profit or loss: Equities 99,554 – – 99,554 Total 99,554 – – 99,554 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (35) – – (35) Total (35) – – (35) iShares Europe ex-UK Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 Financial assets at fair value through profit or loss: Equities 2,493,798 – – 2,493,798 Total 2,493,798 – – 2,493,798 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (964) – – (964) Total (964) – – (964) iShares Europe Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 Financial assets at fair value through profit or loss: Equities 150,851 – – 150,851 Unrealised gains on futures contracts 41 – – 41 Total 150,892 – – 150,892 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (32) – – (32) Total (32) – – (32)

1Includes Level 3 securities which are less than USD 500 and are rounded to zero. 2Investments which are less than USD 500 have been rounded down to zero as per the adopted policy.

57

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued)

Level 1 Level 2 Level 3 Total iShares Japan Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Equities 1,361,871 – – 1,361,871 Total 1,361,871 – – 1,361,871 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (76) – – (76) Total (76) – – (76) iShares North America Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Equities 2,734,148 – – 2,734,148 Unrealised gains on futures contracts 656 – – 656 Total 2,734,804 – – 2,734,804 iShares Pacific Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Exchange traded funds 4,590 – – 4,590 Equities 668,151 – –1 668,151 Unrealised gains on forward currency contracts – –2 – – Unrealised gains on futures contracts 46 – – 46 Total 672,787 – – 672,787 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (100) – – (100) Total (100) – – (100) iShares UK Index Fund (IE) GBP '000 GBP '000 GBP '000 GBP '000 Financial assets at fair value through profit or loss: Equities 538,432 – – 538,432 Unrealised gains on futures contracts 568 – – 568 Total 539,000 – – 539,000 Financial liabilities at fair value through profit or loss: Unrealised losses on forward currency contracts – (21) – (21) Total – (21) – (21) iShares US Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: Liquidity instruments – 1,775,128 – 1,775,128 Total – 1,775,128 – 1,775,128 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (21,998) – – (21,998) Total (21,998) – – (21,998)


58


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued) The tables below and overleaf are an analysis of the Sub-Funds’ financial assets and financials liabilities measured at fair value at 31 May 2017:

Level 1 Level 2 Level 3 Total BlackRock Market Advantage Strategy Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Financial assets at fair value through profit or loss: Collective investment schemes – 225,950 – 225,950 Bonds – 283,729 – 283,729 Unrealised gains on swaps – 15,720 – 15,720 Unrealised gains on swaptions – 214 – 214 Unrealised gains on forward currency contracts – 21,965 – 21,965 Unrealised gains on futures contracts 7,012 – – 7,012 Total 7,012 547,578 – 554,590 Financial liabilities at fair value through profit or loss: Unrealised losses on swaps – (5,276) – (5,276)

Unrealised losses on forward currency contracts – (11,135) – (11,135)

Unrealised losses on futures contracts (7) - – (7) Total (7) (16,411) – (16,418) iShares Developed Real Estate Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial assets at fair value through profit or loss: Collective investment schemes – 4,006 – 4,006 Equities 1,771,679 – – 1,771,679 Unrealised gains on futures contracts 417 – – 417 Total 1,772,096 4,006 – 1,776,102 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (39) – – (39) Total (39) – – (39) iShares Developed World ex Tobacco Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial assets at fair value through profit or loss: Equities 279,382 – – 279,382 Unrealised gains on forward currency contracts – 2 – 2 Unrealised gains on futures contracts 81 – – 81 Total 279,463 2 – 279,465 iShares Developed World Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial assets at fair value through profit or loss: Exchange traded funds 22,165 – – 22,165 Equities 11,524,739 – – 11,524,739 Unrealised gains on futures contracts 1,915 – – 1,915 Total 11,548,819 – – 11,548,819 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (253) – – (253) Total (253) – – (253)

59


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued)

Level 1 Level 2 Level 3 Total iShares Edge EM Fundamental Weighted Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial assets at fair value through profit or loss: Equities 903,540 – 1131 903,653 Unrealised gains on futures contracts 54 – – 54 Total 903,594 – 113 903,707 iShares Emerging Markets Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial assets at fair value through profit or loss: Equities 9,763,659 – 5,8271 9,769,486 Warrants –2 – – – Unrealised gains on futures contracts 13,573 – – 13,573 Total 9,777,232 – 5,827 9,783,059 iShares EMU Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Financial assets at fair value through profit or loss: Equities 191,679 – 9 191,688 Total 191,679 – 9 191,688 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (55) – – (55) Total (55) – – (55) iShares Europe ex-UK Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Financial assets at fair value through profit or loss: Equities 2,134,210 – 49 2,134,259 Unrealised gains on futures contracts 66 – – 66 Total 2,134,276 – 49 2,134,325 iShares Europe Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Financial assets at fair value through profit or loss: Equities 144,618 – – 144,618 Unrealised gains on futures contracts 10 – – 10 Total 144,628 – – 144,628 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (5) – – (5) Total (5) – – (5) iShares Japan Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial assets at fair value through profit or loss: Equities 877,006 – – 877,006 Total 877,006 – – 877,006 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (44) – – (44) Total (44) – – (44)


60


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 3. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued)

Level 1 Level 2 Level 3 Total iShares North America Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial assets at fair value through profit or loss: Equities 2,642,416 – – 2,642,416 Unrealised gains on futures contracts 117 – – 117 Total 2,642,533 – – 2,642,533 Financial liabilities at fair value through profit or loss: Unrealised losses on forward currency contracts – –1 – – Unrealised losses on futures contracts (16) – – (16) Total (16) – – (16) iShares Pacific Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial assets at fair value through profit or loss: Equities 595,503 – –2 595,503 Unrealised gains on futures contracts 18 – – 18 Total 595,521 – – 595,521 Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (156) – – (156) Total (156) – – (156) iShares UK Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 Financial assets at fair value through profit or loss:

Equities 528,747 – – 528,747 Unrealised gains on forward currency contracts – 1 – 1 Unrealised gains on futures contracts 373 – – 373 Total 529,120 1 – 529,121 Financial liabilities at fair value through profit or loss: Unrealised losses on forward currency contracts – (8) – (8) Total – (8) – (8) iShares US Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 Financial assets at fair value through profit or loss: Liquidity instruments – 1,621,852 – 1,621,852 Unrealised gains on futures contracts 32,347 – – 32,347 Total 32,347 1,621,852 – 1,654,199

1Investments which are less than USD 500 have been rounded down to zero as per the adopted policy. 2Level 3 securities which are less than USD 500 are rounded to zero. Financial instruments valued based on quoted market prices in active markets, and therefore classified within level 1, include ETFs, equities, warrants and futures contracts. The Sub-Funds do not adjust the quoted price for these instruments. Financial instruments valued based on dealer quotations or alternative pricing sources, such as model valuations, supported by either directly or indirectly observable inputs are classified within level 2. These include CIS, liquidity instruments, bonds and FDIs. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. The fair value for CIS are calculated based on valuation inputs which are either directly or indirectly observable from market data. Investments in CIS have been classified as level 2. There were no transfers between level 1 and level 2 for financial assets and liabilities which are recorded at fair value as at 31 May 2018 and 31 May 2017. Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 instruments include equities. The total market value of level 3 securities is deemed immaterial for the purposes of presenting a level 3 roll forward table.

61

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued)


4. OPERATING INCOME





Fund (IE)


EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Bond interest income 3,940 2,056 – – – – – – Dividend income – – 80,385 55,634 8,139 5,749 304,387 275,426 Income from CIS 2,271 1,222 184 155 – – – – Income from exchange traded funds – – – – – – 2,133 – Securities lending income 9 3 419 217 44 31 3,796 3,156 Swap income 8,387 9,874 – – – – – – Other interest income 111 93 9 4 2 – 217 21 Management fee rebate – – – – – – 206 – Total 14,718 13,248 80,997 56,010 8,185 5,780 310,739 278,603




(IE)


USD '000


USD '000


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000 Dividend income 31,820 32,536 284,715 231,778 3,395 6,157 75,648 67,314 Securities lending income 163 107 4,863 4,434 47 55 1,052 526 Other interest income 8 4 125 41 – – 1 3 Other income 20 – – – – – – – Total 32,011 32,647 289,703 236,253 3,442 6,212 76,701 67,843

62



4. OPERATING INCOME (continued)




EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Dividend income 5,086 4,957 23,493 20,016 55,612 52,832 27,414 17,114 Income from exchange traded funds – – – – – – 60 – Securities lending income 49 34 546 461 597 678 209 141 Other interest income 4 12 – – 10 4 9 4 Management fee rebate – – – – – – 17 – Total 5,139 5,003 24,039 20,477 56,219 53,514 27,709 17,259



GBP '000


GBP '000


USD '000


USD '000 Dividend income 20,547 20,029 – – Income from CIS – – 2,432 606 Income from liquidity instruments – – 27,831 13,217 Securities lending income 110 78 – – Other interest income 1 566 1,007 333 Total 20,658 20,673 31,270 14,156

63



5. NET GAINS/(LOSSES) ON FINANCIAL ASSETS/(LIABILITIES) AT FAIR VALUE THROUGH PROFIT OR LOSS





Fund (IE)


EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Net realised gains/(losses) on investments in securities 990 2,442 10,477 9,766 2,582 5,820 353,859 439,052 Net realised gains/(losses) on financial derivative instruments 51,051 (48,414) 4,205 2,130 452 543 12,306 19,409 Net change in unrealised gains/(losses) on investments in securities (4,272) 6,360 7,117 (5,641) 22,551 25,800 681,508 1,040,477 Net change in unrealised gains/(losses) on financial derivative instruments (22,251) 43,761 (222) 368 (112) 15 (2,161) (2,008) Net gains/(losses) on foreign exchange (13,083) (24,039) 13,855 (3,312) 1,404 (1,504) 74,320 (77,108) Total 12,435 (19,890) 35,432 3,311 26,877 30,674 1,119,832 1,419,822

64



5. NET GAINS/(LOSSES) ON FINANCIAL ASSETS/(LIABILITIES) AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)




(IE)


USD '000


USD '000


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000 Net realised gains/(losses) on investments in securities 96,900 2,780 87,549 (59,516) 26,907 4,730 49,799 33,020 Net realised gains/(losses) on financial derivative instruments 323 439 34,732 19,470 25 212 736 2,638 Net change in unrealised gains/(losses) on investments in securities 12,033 180,208 1,117,651 1,673,622 (27,566) 25,169 (96,777) 249,943 Net change in unrealised gains/(losses) on financial derivative instruments (87) 12 (28,336) 10,262 20 (162) (1,031) (574) Net gains/(losses) on foreign exchange (9,857) 47,641 (69,950) 300,009 (40) (14) (20,980) 244 Total 99,312 231,080 1,141,646 1,943,847 (654) 29,935 (68,253) 285,271

65







EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Net realised gains/(losses) on investments in securities 3,314 5,446 16,973 47,164 191,193 165,843 12,696 7,598 Net realised gains/(losses) on financial derivative instruments (27) 143 4,092 2,470 1,303 3,882 1,467 873 Net change in unrealised gains/(losses) on investments in securities (4,501) 15,816 78,122 62,438 150,133 184,692 35,514 44,332 Net change in unrealised gains/(losses) on financial derivative instruments 4 (109) (30) (208) 557 (786) 80 (370) Net gains/(losses) on foreign exchange (1,286) (5,021) 19,163 2,228 5,157 (3,685) 6,277 5,439 Total (2,496) 16,275 118,320 114,092 348,343 349,946 56,034 57,872

66






GBP '000


GBP '000


USD '000


USD '000 Net realised gains/(losses) on investments in securities 22,168 11,183 21,827 10,941 Net realised gains/(losses) on financial derivative instruments 446 1,834 299,279 290,123 Net change in unrealised gains/(losses) on investments in securities (15,323) 75,238 (21,565) (11,061) Net change in unrealised gains/(losses) on financial derivative instruments 182 246 (54,345) (21,438) Net gains/(losses) on foreign exchange 264 2,653 46 9 Total 7,737 91,154 245,242 268,574

67



6. OPERATING EXPENSES





Fund (IE)


EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Audit fees (22) (25) (13) (10) (16) (16) (16) (6) Deferred organisation costs – – – – (1) – – – Investment management fees (471) (318) – – – – – – Management fees (200) (198) (2,158) (1,717) (400) (430) (9,917) (7,992) Other operating expenses (31) (31) (30) (29) (28) (15) (127) (48) Total (724) (572) (2,201) (1,756) (445) (461) (10,060) (8,046)




(IE)


USD '000


USD '000


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000 Audit fees (15) (13) (16) (6) (11) (12) (11) (12) Management fees (2,720) (2,816) (15,595) (11,217) (160) (271) (1,462) (948) Other operating expenses (37) (156) (68) (768) (35) (23) (119) (32) Total (2,772) (2,985) (15,679) (11,991) (206) (306) (1,592) (992)

68



6. OPERATING EXPENSES (continued)




EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Audit fees (11) (12) (13) (11) (16) (10) (13) (10) Management fees (230) (248) (1,292) (995) (2,321) (1,701) (1,088) (587) Other operating expenses (27) (10) (43) (32) (50) (36) (43) (33) Total (268) (270) (1,348) (1,038) (2,387) (1,747) (1,144) (630)



GBP '000


GBP '000


USD '000


USD '000 Audit fees (10) (11) (13) (10) Management fees (336) (256) (1,919) (938) Other operating expenses (30) (26) (49) (20) Total (376) (293) (1,981) (968)

69

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 6. OPERATING EXPENSES (continued) Management Fees Fees earned by the Manager during the years ended 31 May 2018 and 31 May 2017 are disclosed on pages 68 to 69 and balances outstanding as at 31 May 2018 and 31 May 2017 are disclosed in note 10. The Manager is entitled to an annual fee at rates not exceeding, in aggregate, those set out below and overleaf: Table of fees and expenses

Sub-Fund name Unit class Maximum fee rate (% of NAV)

iShares Developed Real Estate Index Fund (IE)

Euro D Accumulating Class Euro Flexible Accumulating Class Euro Institutional Accumulating Class Euro Institutional Distributing Class Sterling Flexible Accumulating Class US Dollar Flexible Accumulating Class US Dollar Institutional Accumulating Class

1.00% 0.30% 1.00% 1.00% 0.30% 0.30% 1.00%

iShares Developed World ex Tobacco Index Fund (IE)

Euro Institutional Accumulating Class Sterling D Distributing Class Sterling Flexible Distributing Class Sterling Institutional Distributing Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class

1.00% 1.00% 0.30% 1.00% 1.00% 0.30%

iShares Developed World Index Fund (IE)

Euro D Accumulating Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class Euro Institutional Distributing Class Sterling D Accumulating Class Sterling Flexible Accumulating Class Sterling Flexible Distributing Class Sterling Institutional Accumulating Class Sterling Institutional Distributing Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class US Dollar Flexible Distributing Class US Dollar Institutional Accumulating Class US Dollar Institutional Distributing Class

1.00% 0.30% 0.30% 1.00% 1.00% 1.00% 0.30% 0.30% 1.00% 1.00% 1.00% 0.30% 0.30% 1.00% 1.00%


Euro Institutional Accumulating Class Sterling Flexible Accumulating Class Sterling Flexible Distributing Class Sterling Institutional Accumulating Class

2.00% 0.30% 0.30% 2.00%

iShares Emerging Markets Index Fund (IE)

Euro D Accumulating Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class Euro Institutional Distributing Class Sterling D Accumulating Class Sterling Flexible Accumulating Class Sterling Flexible Distributing Class Sterling Institutional Accumulating Class Sterling Institutional Distributing Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class US Dollar Institutional Accumulating Class US Dollar Institutional Distributing Class

1.00% 0.30% 0.30% 2.00% 2.00% 1.00% 0.30% 0.30% 2.00% 2.00% 1.00% 0.30% 2.00% 2.00%

iShares EMU Index Fund (IE)

Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class Euro Institutional Distributing Class

0.30% 0.30% 1.00% 1.00%

iShares Europe ex-UK Index Fund (IE)

Euro D Accumulating Class Euro D Distributing Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class Euro Institutional Distributing Class

1.00% 1.00% 0.30% 0.30% 1.00% 1.00%

70

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 6. OPERATING EXPENSES (continued) Management Fees (continued) Table of fees and expenses (continued)


iShares Europe Index Fund (IE)

Euro D Accumulating Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class US Dollar Institutional Distributing Class

1.00% 0.30% 0.30% 1.00% 1.00%

iShares Japan Index Fund (IE)


1.00% 0.30% 0.30% 1.00% 1.00% 0.30% 0.30% 1.00% 1.00%

iShares North America Index Fund (IE)


1.00% 0.30% 0.30% 1.00% 1.00% 0.30% 0.30% 1.00% 1.00%

iShares Pacific Index Fund (IE)


1.00% 0.30% 0.30% 1.00% 1.00% 0.30% 0.30% 1.00% 1.00%

iShares UK Index Fund (IE)

Euro Flexible Distributing Class Euro Institutional Accumulating Class Sterling D Accumulating Class Sterling Flexible Accumulating Class Sterling Flexible Distributing Class Sterling Institutional Accumulating Class

0.30% 1.00% 1.00% 0.30% 0.30% 1.00%

iShares US Index Fund (IE)

Euro D Accumulating Class Euro Institutional Accumulating Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class US Dollar Flexible Distributing Class US Dollar Institutional Accumulating Class

1.00% 1.00% 1.00% 0.30% 1.00% 1.00%

This fee will accrue on a daily basis and will be paid monthly in arrears. The Manager will also be entitled to receive reasonable out-of-pocket expenses. D Classes The Manager shall discharge from the management fees payable to it the fees and expenses of the Administrator, the Trustee and the Investment Manager. The Manager has imposed a cap on such management fee (which includes the fees and expenses of the Manager, the Administrator, the Trustee and the Investment Manager) of 1% of the NAV of each unit class. Institutional Classes The Manager shall discharge from the management fees payable to it the fees and expenses of the Administrator, the Trustee and the Investment Manager. The Manager has imposed a cap on such management fee (which includes the fees and expenses of the Manager, the Administrator, the Trustee and the Investment Manager) of 1% of the NAV of each unit class (with the exception of the unit classes of the iShares Emerging Markets Index Fund (IE) and the iShares Edge EM Fundamental Weighted Index Fund (IE)).

71


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 6. OPERATING EXPENSES (continued) Management Fees (continued) Flexible Classes The Manager shall only discharge from the management fees payable to it the fees and expenses of the Administrator and the Trustee. As Client Agreements exist in respect of the Flexible Classes, no investment management fees/expenses will be charged to the assets attributable to those unit classes with the exception of the FTSE RAFI licence fee which will be paid by the Manager and will be reclaimed from the assets of the Sub-Fund as a management expense. Unitholders in the Flexible Classes will also be subject to investment management fees/expenses with regard to their investment in the Flexible Classes based on the Client Agreement between themselves and the Investment Manager or an Affiliate. BlackRock Market Advantage Strategy Fund Management Fees (inclusive of administrator and trustee fees) The aggregate fees and expenses of the Manager, Administrator and Trustee will not exceed 0.15% per annum of the NAV of the Sub-Fund. Investment Management Fees Fees earned by the Investment Manager during the years ended 31 May 2018 and 31 May 2017 are disclosed on page 68 and balances outstanding as at 31 May 2018 and 31 May 2017 are disclosed in note 10. The Investment Manager is entitled to an annual fee at rates not exceeding, in aggregate, those set out below. Table of fees and expenses


BlackRock Market Advantage Strategy Fund

Class A GBP Acc Units Class A GBP Dis Units Class B EUR Acc Units Class B GBP Acc Units Class E EUR Acc Units Class E GBP Acc Units Class E GBP Dis Units

No Investment Management Fees charged No Investment Management Fees charged

0.30% 0.30% 0.40% 0.40% 0.40%

This fee will accrue on a daily basis and will be paid monthly in arrears. The Investment Manager will also be entitled to receive reasonable out-of-pocket expenses. The Investment Manager will arrange for the fees and expenses of any Sub-Investment Manager to be paid out of the Investment Manager’s fees. Class A There will be no investment management fees/expenses charged to the assets of Class A. Unitholders will be subject to a fee with regard to their investment in the Sub-Fund based on the Client Agreement between themselves and the Investment Manager or an Affiliate. Class B and Class E Investment management fees and expenses will be charged to the assets of the Sub-Fund referable to Class B and Class E and any reference in the prospectus to such fees being charged outside the Sub-Fund shall not apply to these Classes of the Sub-Fund. The Investment Manager is entitled to increase such fees up to a maximum of 2% per annum of the NAV of the respective classes. Unitholders will be notified in writing in advance of any proposed increase of such fees up to such maximum.

72


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 7. DISTRIBUTIONS TO REDEEMABLE PARTICIPATING UNITHOLDERS





Fund (IE)


EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Distribution - August 66 67 2,433 2,905 547 269 7,978 5,981 Distribution - November 77 63 2,155 1,443 622 257 7,989 7,629 Distribution - February 68 61 2,245 1,668 690 347 6,309 5,128 Distribution - May 69 65 4,093 2,933 1,876 1,119 15,274 14,450 280 256 10,926 8,949 3,735 1,992 37,550 33,188 Equalisation – (8) (175) 205 (264) (234) (10) (814) 280 248 10,751 9,154 3,471 1,758 37,540 32,374




(IE)


USD '000


USD '000


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000 Distribution - August 1,411 1,764 7,019 6,724 115 58 562 328 Distribution - November 305 469 1,391 1,887 31 180 595 640 Distribution - February 287 296 2,231 1,712 21 54 356 208 Distribution - May 620 656 2,787 2,556 233 535 – 7,766 2,623 3,185 13,428 12,879 400 827 1,513 8,942 Equalisation 508 (91) 356 177 – (13) (153) (938) 3,131 3,094 13,784 13,056 400 814 1,360 8,004

73


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 7. DISTRIBUTIONS TO REDEEMABLE PARTICIPATING UNITHOLDERS (continued)




EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Distribution - August 56 558 357 393 1,287 1,328 875 713 Distribution - November 45 39 1,978 1,771 1,176 1,254 1,116 788 Distribution - February 34 29 470 356 1,140 1,222 694 577 Distribution - May 197 157 4,223 3,120 4,786 4,501 3,727 2,633 332 783 7,028 5,640 8,389 8,305 6,412 4,711 Equalisation (8) (189) (117) 76 86 (16) (140) 26 324 594 6,911 5,716 8,475 8,289 6,272 4,737



GBP '000


GBP '000


USD '000


USD '000 Distribution - August 346 319 25 4 Distribution - November 536 231 21 8 Distribution - February 192 211 36 13 Distribution - May 1,173 334 46 14 2,247 1,095 128 39 Equalisation (525) 82 3 – 1,722 1,177 131 39

74

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 8. Taxation Under current law and practice the Sub-Funds qualify as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis they are not chargeable to Irish tax on their income or gains. However, Irish tax may arise on the occurrence of a “chargeable event”. A chargeable event includes any distribution payments to unitholders or any encashment, redemption, cancellation or transfer of units and the holding of units at the end of each eight years period beginning with the acquisition of such units. No Irish tax will arise on the Sub-Funds on chargeable events in respect of:

a) A unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event,

provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Sub-Funds; or the Sub-Funds have been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and

b) Certain exempted Irish tax resident unitholders who have provided the Sub-Funds with the necessary signed statutory declarations.

Overseas tax Dividends, interest and capital gains (if any) received on investments made by the Sub-Funds may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Sub-Funds or its unitholders. For financial reporting purposes, and in accordance with FRS 102, the Sub-Funds must recognise a provision for deferred tax payable arising from material timing differences between the taxation of unrealised gains in the financial statements and actual realisable taxable profits.

75



9. RECEIVABLES





Fund (IE)

31 May 2018

EUR '000 31 May 2017

EUR '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 Income receivable from CIS 190 137 12 10 – – – – Bond income receivable 1,156 1,590 – – – – – – Dividends receivable – – 3,052 2,340 972 658 32,634 28,059 Swap income receivable 1,644 2,118 – – – – – – Other interest receivable 4 8 1 1 – – 4 4 Sale of securities awaiting settlement – – 2 3 – 24 511 1 Securities lending income receivable – – 44 23 6 5 463 345 Subscription of units awaiting settlement 160 165 338 353 33 – 4,163 6,873 Management fee rebate receivable – – – – – – 24 – Other receivables 3 2 458 290 172 68 8,736 4,500 Total 3,157 4,020 3,907 3,020 1,183 755 46,535 39,782

76



9. RECEIVABLES (continued)




(IE)

31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

EUR '000 31 May 2017

EUR '000 31 May 2018

EUR '000 31 May 2017

EUR '000 Dividends receivable 1,947 1,334 17,729 10,912 252 495 4,504 3,887 Other interest receivable – – 20 9 – – – – Sale of securities awaiting settlement – – 11,322 1,963 – – – – Securities lending income receivable 13 13 460 306 16 15 303 150 Subscription of units awaiting settlement 122 – 1,810 4,093 – 214 2,030 21,601 Other receivables 43 12 326 64 590 340 8,198 4,109 Total 2,125 1,359 31,667 17,347 858 1,064 15,035 29,747



31 May 2018

EUR '000 31 May 2017

EUR '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 Dividends receivable 453 407 8,825 6,043 3,820 3,839 4,200 2,922 Other interest receivable – – – – 2 – 1 1 Sale of securities awaiting settlement – – 108 3,567 – 402 5,047 1 Securities lending income receivable 14 6 32 26 50 51 20 12 Subscription of units awaiting settlement 53 160 113 156 5,348 4,986 187 6,378 Management fee rebate receivable – – – – – – 2 – Other receivables 396 189 1 – – – 39 39 Total 916 762 9,079 9,792 9,220 9,278 9,496 9,353

77



9. RECEIVABLES (continued)


31 May 2018

GBP '000 31 May 2017

GBP '000 31 May 2018

USD '000 31 May 2017

USD '000 Income receivable from CIS – – 340 – Income receivable from liquidity instruments – – 98 177 Dividends receivable 3,197 2,931 – – Other interest receivable – – 127 48 Securities lending income receivable 16 13 – – Subscription of units awaiting settlement 322 1,012 707 6,222 Other receivables 25 9 – – Total 3,560 3,965 1,272 6,447

78



10. PAYABLES





Fund (IE)

31 May 2018

EUR '000 31 May 2017

EUR '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 Other interest payable 4 5 2 2 – – 14 17 Purchase of securities awaiting settlement – – – 21 – – – – Distribution to redeemable participating unitholders 69 65 4,093 2,933 1,876 1,119 15,274 14,450 Redemption of units awaiting settlement – 225 666 245 – – 5,145 3,840 Audit fees payable 22 22 14 14 15 14 15 14 Investment management fees payable 48 39 – – – – – – Management fees payable 90 92 361 262 95 127 1,883 1,213 Other payables 23 25 17 19 11 4 46 1 Total 256 473 5,153 3,496 1,997 1,264 22,377 19,535

79



10. PAYABLES (continued)




(IE)

31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

EUR '000 31 May 2017

EUR '000 31 May 2018

EUR '000 31 May 2017

EUR '000 Other interest payable – – – – – – 20 16 Purchase of securities awaiting settlement – – 8,617 296 170 – 3,328 – Distribution to redeemable participating unitholders 620 656 2,787 2,556 233 535 – 7,766 Redemption of units awaiting settlement – – 8,465 12,000 – – 562 18,539 Audit fees payable 14 12 15 13 11 11 11 11 Management fees payable 429 413 3,886 2,884 52 72 373 234 Other payables 6 21 37 32 16 10 18 1 Total 1,069 1,102 23,807 17,781 482 628 4,312 26,567

80



10. PAYABLES (continued)



31 May 2018

EUR '000 31 May 2017

EUR '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 31 May 2018

USD '000 31 May 2017

USD '000 Other interest payable 1 1 1 1 – – – – Purchase of securities awaiting settlement 133 – – – – – – – Distribution to redeemable participating unitholders 197 157 4,223 3,120 4,786 4,501 3,727 2,633 Redemption of units awaiting settlement 242 49 197 3,920 327 42 825 5,849 Audit fees payable 11 11 14 14 15 14 14 14 Management fees payable 78 86 252 210 418 263 204 125 Other payables 14 14 24 32 32 23 24 24 Total 676 318 4,711 7,297 5,578 4,843 4,794 8,645


31 May 2018

GBP '000 31 May 2017

GBP '000 31 May 2018

USD '000 31 May 2017

USD '000 Distribution to redeemable participating unitholders 1,173 334 46 14 Redemption of units awaiting settlement 392 120 32,419 12,898 Audit fees payable 10 10 12 11 Management fees payable 86 49 347 127 Other payables 17 16 20 1 Total 1,678 529 32,844 13,051

81



11. ADJUSTMENT TO ALIGN TO THE VALUATION METHODOLOGY AS SET OUT IN THE PROSPECTUS





Fund (IE)


EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Balance brought forward – 359 – 833 1 89 – 4,600 Adjustment to the valuation methodology as set out in the prospectus – (359) – (831) (1) (88) – (4,600) Adjustment to establishment costs – – – (2) – – – – Total adjustment for the year – (359) – (833) (1) (88) – (4,600) Balance carried forward – – – – – 1 – –




(IE)


USD '000


USD '000


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000 Balance brought forward – 821 – 9,083 – 101 – 993 Adjustment to the valuation methodology as set out in the prospectus – (820) – (9,083) – (101) – (993) Adjustment to establishment costs – (1) – – – – – – Total adjustment for the year – (821) – (9,083) – (101) – (993) Balance carried forward – – – – – – – –

Please refer to significant accounting policy note 2(p) for further details.

82



11. ADJUSTMENT TO ALIGN TO THE VALUATION METHODOLOGY AS SET OUT IN THE PROSPECTUS (continued)




EUR '000


EUR '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Balance brought forward – 61 – 1,228 – 638 – 291 Adjustment to the valuation methodology as set out in the prospectus – (60) – (1,228) – (638) – (291) Adjustment to establishment costs –

(1) – – – – – –

Total adjustment for the year – (61) – (1,228) – (638) – (291) Balance carried forward – – – – – – – –



GBP '000


GBP '000


USD '000


USD '000 Balance brought forward – 93 – 7 Adjustment to the valuation methodology as set out in the prospectus – (93) – (7) Adjustment to establishment costs – – – – Total adjustment for the year – (93) – (7) Balance carried forward – – – –

Please refer to significant accounting policy note 2(p) for further details.

83

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 12. UNITS IN ISSUE The issued and fully paid redeemable participating units are redeemable on demand at the unitholders’ option. Details of the unit classes are contained within the Fund’s prospectus and supplement. Unit transactions in the classes in existence during the year ended 31 May 2018 were as follows:

Balance at the beginning of

the year Issued during

the year

Redeemed during the

year Balance at the

end of the year BlackRock Market Advantage Strategy Fund Class A GBP Acc Units 32,734,531 2,341,613 (16,476,113) 18,600,031 Class A GBP Dis Units 500,410 39,848 (29,785) 510,473 Class B EUR Acc Units 482,184 – – 482,184 Class B GBP Acc Units 1,862,444 – – 1,862,444 Class E EUR Acc Units 5,549,935 2,485,300 (205,660) 7,829,575 Class E GBP Acc Units – 10 – 10 Class E GBP Dis Units 409,878 6,514 (14,167) 402,225 iShares Developed Real Estate Index Fund (IE) Euro D Accumulating Class – 13 (3) 10 Euro Flexible Accumulating Class 6,123,921 2,260,213 (493,632) 7,890,502 Euro Institutional Accumulating Class 18,570,151 5,989,826 (8,977,084) 15,582,893 Euro Institutional Distributing Class 21,347,204 7,934,324 (3,902,122) 25,379,406 Sterling Flexible Accumulating Class 7,642,938 2,661,070 (702,262) 9,601,746 US Dollar Flexible Accumulating Class 56,897,443 17,819,734 (575,586) 74,141,591 US Dollar Institutional Accumulating Class 17,659,697 3,438,882 (13,158,928) 7,939,651 iShares Developed World ex Tobacco Index Fund (IE) Euro Institutional Accumulating Class 8,377,461 1,980,289 (535,616) 9,822,134 Sterling D Distributing Class – 1,798,222 (51,970) 1,746,252 Sterling Flexible Distributing Class 6,135,956 2,998,906 (850,987) 8,283,875 Sterling Institutional Distributing Class 1,843,465 83,234 (300,623) 1,626,076 US Dollar D Accumulating Class – 10 – 10 US Dollar Flexible Accumulating Class 698,376 14 – 698,390 US Dollar Institutional Accumulating Class – 2,072,481 – 2,072,481 iShares Developed World Index Fund (IE) Euro D Accumulating Class 35,747 5,936 (22) 41,661 Euro Flexible Accumulating Class 31,267,472 39,436,746 (15,864,698) 54,839,520 Euro Flexible Distributing Class 73,633,367 9,715,055 (7,596,594) 75,751,828 Euro Institutional Accumulating Class 77,296,507 17,029,785 (20,352,516) 73,973,776 Euro Institutional Distributing Class 23,853,534 809,495 (110,000) 24,553,029 Sterling D Accumulating Class 964,450 199,535 (67,671) 1,096,314 Sterling Flexible Accumulating Class 30,404,490 22,315,840 (11,970,154) 40,750,176 Sterling Flexible Distributing Class 3,874,867 189,039 (813,143) 3,250,763 Sterling Institutional Accumulating Class 8,188,887 718,953 (1,342,826) 7,565,014 Sterling Institutional Distributing Class 1,645,906 239,348 (1,095,883) 789,371 US Dollar D Accumulating Class 2,268,509 35,647,854 (235,824) 37,680,539 US Dollar Flexible Accumulating Class 216,524,274 38,858,051 (64,914,755) 190,467,570 US Dollar Flexible Distributing Class 10,988,777 – (10,988,777) – US Dollar Institutional Accumulating Class 110,714,369 24,212,233 (25,288,787) 109,637,815 US Dollar Institutional Distributing Class 2,789,389 2,572,661 (782,036) 4,580,014

84

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 12. UNITS IN ISSUE (continued)



the year

Redeemed during the

year Balance at the

end of the year iShares Edge EM Fundamental Weighted Index Fund (IE) Euro Institutional Accumulating Class 946,388 564,099 (475,051) 1,035,436 Sterling Flexible Accumulating Class 16,983,097 1,578 (14,191,027) 2,793,648 Sterling Flexible Distributing Class 7,121,941 – (2,094,553) 5,027,388 Sterling Institutional Accumulating Class 34,577,217 1,475 (7,048,414) 27,530,278 iShares Emerging Markets Index Fund (IE) Euro D Accumulating Class 664 2,337,901 (93,712) 2,244,853 Euro Flexible Accumulating Class 17,088,008 34,125,631 (6,417,177) 44,796,462 Euro Flexible Distributing Class 6,208,216 1,367,044 (1,683,335) 5,891,925 Euro Institutional Accumulating Class 30,679,822 10,098,632 (5,900,095) 34,878,359 Euro Institutional Distributing Class 20,742,562 1,183,670 (287,258) 21,638,974 Sterling D Accumulating Class 26,469 29,441 (20,281) 35,629 Sterling Flexible Accumulating Class 150,486,520 25,001,605 (35,774,820) 139,713,305 Sterling Flexible Distributing Class 10,838,362 1,032,606 (5,192,731) 6,678,237 Sterling Institutional Accumulating Class 20,875,378 378,270 (3,397,917) 17,855,731 Sterling Institutional Distributing Class 1,572,317 37,785 (1,450,409) 159,693 US Dollar D Accumulating Class 2,311,348 716,974 (377,880) 2,650,442 US Dollar Flexible Accumulating Class 134,126,457 8,447,228 (26,303,056) 116,270,629 US Dollar Institutional Accumulating Class 99,269,559 12,993,999 (3,800,874) 108,462,684 US Dollar Institutional Distributing Class 5,933,140 1,011,602 (1,272,914) 5,671,828 iShares EMU Index Fund (IE) Euro Flexible Accumulating Class 4,010,982 213,987 (358,116) 3,866,853 Euro Flexible Distributing Class 1,470,572 – (1,470,572) – Euro Institutional Accumulating Class 6,207,523 748,194 (5,356,189) 1,599,528 Euro Institutional Distributing Class 665,862 – – 665,862 iShares Europe ex-UK Index Fund (IE) Euro D Accumulating Class 8,311,740 1,888,982 (1,149,456) 9,051,266 Euro D Distributing Class 100 13,608,630 (220,425) 13,388,305 Euro Flexible Accumulating Class 58,124,268 13,894,221 (11,531,620) 60,486,869 Euro Flexible Distributing Class 7,886,740 395,657 (417,459) 7,864,938 Euro Institutional Accumulating Class 16,639,478 7,870,392 (3,155,640) 21,354,230 Euro Institutional Distributing Class 8,816,377 6,460,801 (2,983,692) 12,293,486 iShares Europe Index Fund (IE) Euro D Accumulating Class – 206,283 (81,047) 125,236 Euro Flexible Accumulating Class 4,341,144 1,637,645 (2,523,102) 3,455,687 Euro Flexible Distributing Class 551,416 – – 551,416 Euro Institutional Accumulating Class 3,730,894 2,232,270 (1,203,440) 4,759,724 US Dollar Institutional Distributing Class 148,574 162,267 – 310,841 iShares Japan Index Fund (IE) Euro D Accumulating Class – 176,970 (30,429) 146,541 Euro Flexible Accumulating Class 943,548 7,139,580 (583,239) 7,499,889 Euro Flexible Distributing Class 8,996,368 2,929,399 (140,423) 11,785,344 Euro Institutional Accumulating Class 1,371,429 11,560,722 (1,000,029) 11,932,122 US Dollar D Accumulating Class 693,083 605,399 (112,561) 1,185,921 US Dollar Flexible Accumulating Class 6,630,997 339,896 (719,939) 6,250,954 US Dollar Flexible Distributing Class 4,088,991 213,046 (287,685) 4,014,352 US Dollar Institutional Accumulating Class 28,625,674 2,006,282 (6,005,212) 24,626,744 US Dollar Institutional Distributing Class 4,955,271 626,636 (283,072) 5,298,835

85




the year

Redeemed during the

year Balance at the

end of the year iShares North America Index Fund (IE) Euro D Accumulating Class 3,659,000 2,241,031 (527,011) 5,373,020 Euro Flexible Accumulating Class 2,490,142 93,015 (1,093,785) 1,489,372 Euro Flexible Distributing Class 7,668,712 122,817 (1,682,990) 6,108,539 Euro Institutional Accumulating Class 3,451,352 1,284,989 (57,261) 4,679,080 US Dollar D Accumulating Class 3,510,217 422,370 (313,837) 3,618,750 US Dollar Flexible Accumulating Class 42,848,445 2,829,942 (3,485,830) 42,192,557 US Dollar Flexible Distributing Class 7,420,302 194,266 (133,996) 7,480,572 US Dollar Institutional Accumulating Class 37,427,658 14,901,318 (25,184,161) 27,144,815 US Dollar Institutional Distributing Class 9,556,942 1,024,631 (859,176) 9,722,397 iShares Pacific Index Fund (IE) Euro D Accumulating Class – 10 – 10 Euro Flexible Accumulating Class 754,124 37,169 (86,729) 704,564 Euro Flexible Distributing Class 3,718,231 1,440,424 (36,692) 5,121,963 Euro Institutional Accumulating Class 7,677,291 2,085,660 (414,682) 9,348,269 US Dollar D Accumulating Class 1,898,213 202,491 (131,524) 1,969,180 US Dollar Flexible Accumulating Class 1,337,932 44,379 (401,783) 980,528 US Dollar Flexible Distributing Class 513,740 4,105 (9,591) 508,254 US Dollar Institutional Accumulating Class 16,498,964 3,105,600 (5,972,706) 13,631,858 US Dollar Institutional Distributing Class 2,590,327 378,814 (52,023) 2,917,118 iShares UK Index Fund (IE) Euro Flexible Distributing Class 1,117,578 7,428,805 (3,226,325) 5,320,058 Euro Institutional Accumulating Class 4,103,078 763,153 (158) 4,866,073 Sterling D Accumulating Class 2,791,237 413,871 (295,052) 2,910,056 Sterling Flexible Accumulating Class 9,103,342 288,101 (2,458,888) 6,932,555 Sterling Flexible Distributing Class 844,011 788 (69,332) 775,467 Sterling Institutional Accumulating Class 3,115,796 525,587 (723,313) 2,918,070 iShares US Index Fund (IE) Euro D Accumulating Class – 10 – 10 Euro Institutional Accumulating Class – 319,014 (58,286) 260,728 US Dollar D Accumulating Class 3,103,224 1,222,277 (558,145) 3,767,356 US Dollar Flexible Accumulating Class 21,281,504 1,748,362 (6,498,546) 16,531,320 US Dollar Flexible Distributing Class 4,857,988 – (852,968) 4,005,020 US Dollar Institutional Accumulating Class 34,145,178 32,859,234 (10,351,647) 56,652,765

Unit transactions in the classes in existence during the year ended 31 May 2017 were as follows:

Balance at the

beginning of the year

Issued during the year

Redeemed during the

year Balance at the

end of the year BlackRock Market Advantage Strategy Fund Class A GBP Acc Units 35,619,462 1,218,732 (4,103,663) 32,734,531 Class A GBP Dis Units 466,291 34,119 – 500,410 Class B EUR Acc Units 482,184 – – 482,184 Class B GBP Acc Units 1,862,444 – – 1,862,444 Class E EUR Acc Units 3,951,017 1,630,621 (31,703) 5,549,935 Class E GBP Dis Units 424,811 – (14,933) 409,878

86


Balance at the



Redeemed during the

year Balance at the

end of the year iShares Developed Real Estate Index Fund (IE) Euro Flexible Accumulating Class 2,268,786 3,993,457 (138,322) 6,123,921 Euro Institutional Accumulating Class 12,045,203 10,222,735 (3,697,787) 18,570,151 Euro Institutional Distributing Class 25,715,541 9,158,721 (13,527,058) 21,347,204 Sterling Flexible Accumulating Class 4,609,182 3,033,756 – 7,642,938 US Dollar Flexible Accumulating Class 32,760,486 32,517,577 (8,380,620) 56,897,443 US Dollar Institutional Accumulating Class 5,083,208 13,972,321 (1,395,832) 17,659,697 iShares Developed World ex Tobacco Index Fund (IE) Euro Institutional Accumulating Class 10,390,874 1,402,457 (3,415,870) 8,377,461 Sterling Flexible Distributing Class 1,997,614 4,138,342 – 6,135,956 Sterling Institutional Distributing Class 2,118,999 174,117 (449,651) 1,843,465 US Dollar Flexible Accumulating Class 642,701 55,675 – 698,376 iShares Developed World Index Fund (IE) Euro D Accumulating Class – 35,747 – 35,747 Euro Flexible Accumulating Class 32,238,987 12,669,310 (13,640,825) 31,267,472 Euro Flexible Distributing Class 17,756,974 65,119,166 (9,242,773) 73,633,367 Euro Institutional Accumulating Class 104,474,797 14,995,195 (42,173,485) 77,296,507 Euro Institutional Distributing Class 28,188,073 2,773,014 (7,107,553) 23,853,534 Sterling D Accumulating Class – 970,435 (5,985) 964,450 Sterling Flexible Accumulating Class 30,571,281 10,186,933 (10,353,724) 30,404,490 Sterling Flexible Distributing Class 3,762,016 1,038,068 (925,217) 3,874,867 Sterling Institutional Accumulating Class 10,209,134 2,792,431 (4,812,678) 8,188,887 Sterling Institutional Distributing Class 2,015,931 414,365 (784,390) 1,645,906 US Dollar D Accumulating Class – 2,384,713 (116,204) 2,268,509 US Dollar Flexible Accumulating Class 264,560,800 72,935,727 (120,972,253) 216,524,274 US Dollar Flexible Distributing Class – 10,988,777 – 10,988,777 US Dollar Institutional Accumulating Class 104,515,154 39,650,660 (33,451,445) 110,714,369 US Dollar Institutional Distributing Class 26,184,903 410,803 (23,806,317) 2,789,389 iShares Edge EM Fundamental Weighted Index Fund (IE) Euro Institutional Accumulating Class 1,211,014 506,195 (770,821) 946,388 Sterling Flexible Accumulating Class 18,347,495 3,694,906 (5,059,304) 16,983,097 Sterling Flexible Distributing Class 7,121,941 559,791 (559,791) 7,121,941 Sterling Institutional Accumulating Class 42,541,106 3,860 (7,967,749) 34,577,217 iShares Emerging Markets Index Fund (IE) Euro D Accumulating Class – 664 – 664 Euro Flexible Accumulating Class 13,189,322 10,750,014 (6,851,328) 17,088,008 Euro Flexible Distributing Class 5,635,808 759,408 (187,000) 6,208,216 Euro Institutional Accumulating Class 30,961,340 9,636,492 (9,918,010) 30,679,822 Euro Institutional Distributing Class 19,690,668 1,645,464 (593,570) 20,742,562 Sterling D Accumulating Class – 26,469 – 26,469 Sterling Flexible Accumulating Class 155,708,624 25,860,249 (31,082,353) 150,486,520 Sterling Flexible Distributing Class 16,253,384 5,679,826 (11,094,848) 10,838,362 Sterling Institutional Accumulating Class 21,110,294 2,871,603 (3,106,519) 20,875,378 Sterling Institutional Distributing Class 4,483,825 1,572,317 (4,483,825) 1,572,317 US Dollar D Accumulating Class – 2,342,634 (31,286) 2,311,348 US Dollar Flexible Accumulating Class 136,251,321 15,032,540 (17,157,404) 134,126,457 US Dollar Institutional Accumulating Class 83,896,600 33,658,657 (18,285,698) 99,269,559 US Dollar Institutional Distributing Class 3,902,495 2,545,578 (514,933) 5,933,140

87


Balance at the



Redeemed during the

year Balance at the

end of the year iShares EMU Index Fund (IE) Euro Flexible Accumulating Class 5,295,861 1,139,541 (2,424,420) 4,010,982 Euro Flexible Distributing Class – 2,941,144 (1,470,572) 1,470,572 Euro Institutional Accumulating Class 6,243,095 367,639 (403,211) 6,207,523 Euro Institutional Distributing Class 665,862 – – 665,862 iShares Europe ex-UK Index Fund (IE) Euro D Accumulating Class – 8,372,670 (60,930) 8,311,740 Euro D Distributing Class – 100 – 100 Euro Flexible Accumulating Class 61,714,654 2,083,285 (5,673,671) 58,124,268 Euro Flexible Distributing Class 5,342,875 6,629,733 (4,085,868) 7,886,740 Euro Institutional Accumulating Class 26,216,915 6,937,592 (16,515,029) 16,639,478 Euro Institutional Distributing Class 5,292,702 4,019,914 (496,239) 8,816,377 iShares Europe Index Fund (IE) Euro Flexible Accumulating Class 4,622,242 582,250 (863,348) 4,341,144 Euro Flexible Distributing Class 551,416 4,055,208 (4,055,208) 551,416 Euro Institutional Accumulating Class 2,317,536 2,503,442 (1,090,084) 3,730,894 US Dollar Institutional Distributing Class 3,292,147 702,975 (3,846,548) 148,574 iShares Japan Index Fund (IE) Euro Flexible Accumulating Class 1,044,140 30,574 (131,166) 943,548 Euro Flexible Distributing Class 7,643,216 1,559,925 (206,773) 8,996,368 Euro Institutional Accumulating Class 1,564,264 153,633 (346,468) 1,371,429 US Dollar D Accumulating Class – 693,148 (65) 693,083 US Dollar Flexible Accumulating Class 18,603,457 655,165 (12,627,625) 6,630,997 US Dollar Flexible Distributing Class 6,882,958 2,629,156 (5,423,123) 4,088,991 US Dollar Institutional Accumulating Class 27,037,843 4,736,865 (3,149,034) 28,625,674 US Dollar Institutional Distributing Class 4,166,409 860,440 (71,578) 4,955,271 iShares North America Index Fund (IE) Euro D Accumulating Class – 4,060,039 (401,039) 3,659,000 Euro Flexible Accumulating Class 4,175,662 119,346 (1,804,866) 2,490,142 Euro Flexible Distributing Class 7,756,935 111,477 (199,700) 7,668,712 Euro Institutional Accumulating Class 5,277,692 197,500 (2,023,840) 3,451,352 US Dollar D Accumulating Class – 3,517,220 (7,003) 3,510,217 US Dollar Flexible Accumulating Class 53,033,417 5,294,605 (15,479,577) 42,848,445 US Dollar Flexible Distributing Class 3,966,600 5,103,276 (1,649,574) 7,420,302 US Dollar Institutional Accumulating Class 35,177,002 25,973,873 (23,723,217) 37,427,658 US Dollar Institutional Distributing Class 11,920,013 1,691,630 (4,054,701) 9,556,942 iShares Pacific Index Fund (IE) Euro Flexible Accumulating Class 841,606 32,332 (119,814) 754,124 Euro Flexible Distributing Class 2,442,680 1,327,611 (52,060) 3,718,231 Euro Institutional Accumulating Class 796,070 6,893,699 (12,478) 7,677,291 US Dollar D Accumulating Class – 1,924,029 (25,816) 1,898,213 US Dollar Flexible Accumulating Class 1,776,500 85,706 (524,274) 1,337,932 US Dollar Flexible Distributing Class 1,221,498 310,485 (1,018,243) 513,740 US Dollar Institutional Accumulating Class 10,635,810 9,579,997 (3,716,843) 16,498,964 US Dollar Institutional Distributing Class 3,964,016 810,366 (2,184,055) 2,590,327

88


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 12. UNITS IN ISSUE (continued)



the year

Redeemed during the

year Balance at the

end of the year iShares UK Index Fund (IE) Euro Flexible Distributing Class 1,170,141 270,534 (323,097) 1,117,578 Euro Institutional Accumulating Class 3,486,933 620,162 (4,017) 4,103,078 Sterling D Accumulating Class – 2,801,366 (10,129) 2,791,237 Sterling Flexible Accumulating Class 9,442,455 193,315 (532,428) 9,103,342 Sterling Flexible Distributing Class – 1,669,861 (825,850) 844,011 Sterling Institutional Accumulating Class 4,675,094 961,578 (2,520,876) 3,115,796 iShares US Index Fund (IE) Euro Institutional Accumulating Class – 22,441 (22,441) – US Dollar D Accumulating Class – 3,109,048 (5,824) 3,103,224 US Dollar Flexible Accumulating Class 22,747,418 5,129,519 (6,595,433) 21,281,504 US Dollar Flexible Distributing Class – 6,309,623 (1,451,635) 4,857,988 US Dollar Institutional Accumulating Class 21,339,141 23,134,619 (10,328,582) 34,145,178 13. NET ASSET VALUE ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS

31 May 2018 31 May 2017 31 May 2016 BlackRock Market Advantage Strategy Fund Class A GBP Acc Units Net asset value attributable to redeemable participating unitholders GBP '000 257,625 428,251 417,175 Units in issue 18,600,031 32,734,531 35,619,462 Net asset value per unit GBP 13.85 13.08 11.71 Class A GBP Dis Units Net asset value attributable to redeemable participating unitholders GBP '000 5,996 5,695 4,868 Units in issue 510,473 500,410 466,291 Net asset value per unit GBP 11.75 11.38 10.44 Class B EUR Acc Units Net asset value attributable to redeemable participating unitholders EUR '000 6,235 5,964 5,400 Units in issue 482,184 482,184 482,184 Net asset value per unit EUR 12.93 12.37 11.20 Class B GBP Acc Units Net asset value attributable to redeemable participating unitholders GBP '000 27,661 26,204 23,529 Units in issue 1,862,444 1,862,444 1,862,444 Net asset value per unit GBP 14.85 14.07 12.63 Class E EUR Acc Units Net asset value attributable to redeemable participating unitholders EUR '000 98,913 67,132 43,321 Units in issue 7,829,575 5,549,935 3,951,017 Net asset value per unit EUR 12.63 12.10 10.96 Class E GBP Acc Units Net asset value attributable to redeemable participating unitholders GBP '000 – – – Units in issue 10 – – Net asset value per unit GBP 10.16 – – Class E GBP Dis Units Net asset value attributable to redeemable participating unitholders GBP '000 4,527 4,469 4,250 Units in issue 402,225 409,878 424,811 Net asset value per unit GBP 11.25 10.90 10.00

89


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 13. NET ASSET VALUE ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS (continued)

31 May 2018 31 May 2017 31 May 2016 iShares Developed Real Estate Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 – – – Units in issue 10 – – Net asset value per unit EUR 10.03 – – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 120,393 92,192 33,370 Units in issue 7,890,502 6,123,921 2,268,786 Net asset value per unit EUR 15.26 15.05 14.71 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 232,238 273,664 173,876 Units in issue 15,582,893 18,570,151 12,045,203 Net asset value per unit EUR 14.90 14.74 14.44 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 330,246 283,045 342,986 Units in issue 25,379,406 21,347,204 25,715,541 Net asset value per unit EUR 13.01 13.26 13.34 Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 149,506 116,596 60,350 Units in issue 9,601,746 7,642,938 4,609,182 Net asset value per unit GBP 15.57 15.26 13.09 US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,003,785 732,169 407,924 Units in issue 74,141,591 56,897,443 32,760,486 Net asset value per unit USD 13.54 12.87 12.45 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 93,190 197,407 55,089 Units in issue 7,939,651 17,659,697 5,083,208 Net asset value per unit USD 11.74 11.18 10.84 iShares Developed World ex Tobacco Index Fund (IE) Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 137,754 108,988 117,565 Units in issue 9,822,134 8,377,461 10,390,874 Net asset value per unit EUR 14.02 13.01 11.31 Sterling D Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 18,237 – – Units in issue 1,746,252 – – Net asset value per unit GBP 10.44 – – Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 130,245 90,447 22,884 Units in issue 8,283,875 6,135,956 1,997,614 Net asset value per unit GBP 15.72 14.74 11.46 Sterling Institutional Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 25,565 27,172 24,274 Units in issue 1,626,076 1,843,465 2,118,999 Net asset value per unit GBP 15.72 14.74 11.46

90



31 May 2018 31 May 2017 31 May 2016 iShares Developed World ex Tobacco Index Fund (IE) (continued) US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 – – – Units in issue 10 – – Net asset value per unit USD 11.10 – – US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 9,567 8,536 6,753 Units in issue 698,390 698,376 642,701 Net asset value per unit USD 13.70 12.22 10.51 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 20,751 – – Units in issue 2,072,481 – – Net asset value per unit USD 10.01 – – iShares Developed World Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 439 350 – Units in issue 41,661 35,747 – Net asset value per unit EUR 10.53 9.79 – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 1,331,296 705,347 629,468 Units in issue 54,839,520 31,267,472 32,238,987 Net asset value per unit EUR 24.28 22.56 19.53 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 975,402 898,662 191,583 Units in issue 75,751,828 73,633,367 17,756,974 Net asset value per unit EUR 12.88 12.20 10.79 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 1,654,969 1,609,321 1,885,549 Units in issue 73,973,776 77,296,507 104,474,797 Net asset value per unit EUR 22.37 20.82 18.05 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 499,260 459,737 480,267 Units in issue 24,553,029 23,853,534 28,188,073 Net asset value per unit EUR 20.33 19.27 17.04 Sterling D Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 11,994 9,744 – Units in issue 1,096,314 964,450 – Net asset value per unit GBP 10.94 10.10 – Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 916,007 630,573 481,893 Units in issue 40,750,176 30,404,490 30,571,281 Net asset value per unit GBP 22.48 20.74 15.76 Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 67,201 75,389 56,813 Units in issue 3,250,763 3,874,867 3,762,016 Net asset value per unit GBP 20.67 19.46 15.10

91



31 May 2018 31 May 2017 31 May 2016 iShares Developed World Index Fund (IE) (continued) Sterling Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 166,288 166,306 157,783 Units in issue 7,565,014 8,188,887 10,209,134 Net asset value per unit GBP 21.98 20.31 15.46 Sterling Institutional Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 12,944 25,402 24,150 Units in issue 789,371 1,645,906 2,015,931 Net asset value per unit GBP 16.40 15.43 11.98 US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 425,987 22,977 – Units in issue 37,680,539 2,268,509 – Net asset value per unit USD 11.31 10.13 – US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 4,335,992 4,411,944 4,619,566 Units in issue 190,467,570 216,524,274 264,560,800 Net asset value per unit USD 22.77 20.38 17.46 US Dollar Flexible Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 – 122,541 – Units in issue – 10,988,777 – Net asset value per unit USD – 11.15 – US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 2,017,972 1,826,784 1,479,740 Units in issue 109,637,815 110,714,369 104,515,154 Net asset value per unit USD 18.41 16.50 14.16 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 73,630 40,946 336,361 Units in issue 4,580,014 2,789,389 26,184,903 Net asset value per unit USD 16.08 14.68 12.85 iShares Edge EM Fundamental Weighted Index Fund (IE) Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 13,417 11,352 10,971 Units in issue 1,035,436 946,388 1,211,014 Net asset value per unit EUR 12.96 12.00 9.06 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 – – 5,891 Units in issue – – 692,421 Net asset value per unit EUR – – 8.51 Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 36,229 201,879 144,171 Units in issue 2,793,648 16,983,097 18,347,495 Net asset value per unit GBP 12.97 11.89 7.86 Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 60,981 81,709 55,637 Units in issue 5,027,388 7,121,941 7,121,941 Net asset value per unit GBP 12.13 11.47 7.81

92



31 May 2018 31 May 2017 31 May 2016 iShares Edge EM Fundamental Weighted Index Fund (IE) (continued) Sterling Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 353,470 408,074 332,896 Units in issue 27,530,278 34,577,217 42,541,106 Net asset value per unit GBP 12.84 11.80 7.83 iShares Emerging Markets Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 23,948 6 – Units in issue 2,244,853 664 – Net asset value per unit EUR 10.67 9.72 – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 716,815 248,733 151,974 Units in issue 44,796,462 17,088,008 13,189,322 Net asset value per unit EUR 16.00 14.56 11.52 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 76,220 74,694 54,912 Units in issue 5,891,925 6,208,216 5,635,808 Net asset value per unit EUR 12.94 12.03 9.74 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 714,670 573,178 459,114 Units in issue 34,878,359 30,679,822 30,961,340 Net asset value per unit EUR 20.49 18.68 14.83 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 268,120 239,042 183,774 Units in issue 21,638,974 20,742,562 19,690,668 Net asset value per unit EUR 12.39 11.52 9.33 Sterling D Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 395 265 – Units in issue 35,629 26,469 – Net asset value per unit GBP 11.09 10.03 – Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 3,738,147 3,636,383 2,615,595 Units in issue 139,713,305 150,486,520 155,708,624 Net asset value per unit GBP 26.76 24.16 16.80 Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 87,349 130,920 139,606 Units in issue 6,678,237 10,838,362 16,253,384 Net asset value per unit GBP 13.08 12.08 8.59 Sterling Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 408,297 432,183 304,650 Units in issue 17,855,731 20,875,378 21,110,294 Net asset value per unit GBP 22.87 20.70 14.43 Sterling Institutional Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 2,421 22,011 44,639 Units in issue 159,693 1,572,317 4,483,825 Net asset value per unit GBP 15.16 14.00 9.96

93



31 May 2018 31 May 2017 31 May 2016 iShares Emerging Markets Index Fund (IE) (continued) US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 30,376 23,242 – Units in issue 2,650,442 2,311,348 – Net asset value per unit USD 11.46 10.06 – US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,963,763 1,984,849 1,580,595 Units in issue 116,270,629 134,126,457 136,251,321 Net asset value per unit USD 16.89 14.80 11.60 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,630,957 1,311,192 870,735 Units in issue 108,462,684 99,269,559 83,896,600 Net asset value per unit USD 15.04 13.21 10.38 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 62,298 58,389 30,792 Units in issue 5,671,828 5,933,140 3,902,495 Net asset value per unit USD 10.98 9.84 7.89 iShares EMU Index Fund (IE) Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 62,795 63,697 69,155 Units in issue 3,866,853 4,010,982 5,295,861 Net asset value per unit EUR 16.24 15.88 13.06 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 – 18,228 – Units in issue – 1,470,572 – Net asset value per unit EUR – 12.40 – Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 26,810 101,859 84,359 Units in issue 1,599,528 6,207,523 6,243,095 Net asset value per unit EUR 16.76 16.41 13.51 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 11,833 11,911 10,113 Units in issue 665,862 665,862 665,862 Net asset value per unit EUR 17.77 17.89 15.19 iShares Europe ex-UK Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 92,143 84,555 – Units in issue 9,051,266 8,311,740 – Net asset value per unit EUR 10.18 10.17 – Euro D Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 137,814 1 – Units in issue 13,388,305 100 – Net asset value per unit EUR 10.29 10.37 – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 1,618,795 1,553,369 1,383,280 Units in issue 60,486,869 58,124,268 61,714,654 Net asset value per unit EUR 26.76 26.73 22.41

94



31 May 2018 31 May 2017 31 May 2016 iShares Europe ex-UK Index Fund (IE) (continued) Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 130,604 131,871 77,335 Units in issue 7,864,938 7,886,740 5,342,875 Net asset value per unit EUR 16.61 16.72 14.47 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 307,834 239,913 317,425 Units in issue 21,354,230 16,639,478 26,216,915 Net asset value per unit EUR 14.42 14.42 12.11 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 240,106 172,220 89,389 Units in issue 12,293,486 8,816,377 5,292,702 Net asset value per unit EUR 19.53 19.53 16.89 iShares Europe Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 1,271 – – Units in issue 125,236 – – Net asset value per unit EUR 10.15 – – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 59,933 74,192 67,810 Units in issue 3,455,687 4,341,144 4,622,242 Net asset value per unit EUR 17.34 17.09 14.67 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 7,214 7,338 6,504 Units in issue 551,416 551,416 551,416 Net asset value per unit EUR 13.08 13.31 11.79 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 82,395 63,738 34,035 Units in issue 4,759,724 3,730,894 2,317,536 Net asset value per unit EUR 17.31 17.08 14.69 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 4,010 1,878 36,513 Units in issue 310,841 148,574 3,292,147 Net asset value per unit USD 12.90 12.64 11.09 iShares Japan Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 1,573 – – Units in issue 146,541 – – Net asset value per unit EUR 10.73 – – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 126,949 14,463 14,043 Units in issue 7,499,889 943,548 1,044,140 Net asset value per unit EUR 16.93 15.33 13.45 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 230,761 162,395 123,369 Units in issue 11,785,344 8,996,368 7,643,216 Net asset value per unit EUR 19.58 18.05 16.14

95



31 May 2018 31 May 2017 31 May 2016 iShares Japan Index Fund (IE) (continued) Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 229,669 23,936 23,993 Units in issue 11,932,122 1,371,429 1,564,264 Net asset value per unit EUR 19.25 17.45 15.34 US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 13,779 7,034 – Units in issue 1,185,921 693,083 – Net asset value per unit USD 11.62 10.15 – US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 95,448 88,333 215,271 Units in issue 6,250,954 6,630,997 18,603,457 Net asset value per unit USD 15.27 13.32 11.57 US Dollar Flexible Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 59,634 53,946 80,385 Units in issue 4,014,352 4,088,991 6,882,958 Net asset value per unit USD 14.86 13.19 11.68 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 427,510 434,223 356,825 Units in issue 24,626,744 28,625,674 27,037,843 Net asset value per unit USD 17.36 15.17 13.20 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 88,036 73,112 54,380 Units in issue 5,298,835 4,955,271 4,166,409 Net asset value per unit USD 16.61 14.75 13.05 iShares North America Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 69,232 43,035 – Units in issue 5,373,020 3,659,000 – Net asset value per unit EUR 12.89 11.76 – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 29,404 44,852 65,243 Units in issue 1,489,372 2,490,142 4,175,662 Net asset value per unit EUR 19.74 18.01 15.62 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 152,498 177,120 157,744 Units in issue 6,108,539 7,668,712 7,756,935 Net asset value per unit EUR 24.96 23.10 20.34 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 110,960 74,790 99,357 Units in issue 4,679,080 3,451,352 5,277,692 Net asset value per unit EUR 23.71 21.67 18.83 US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 41,484 35,385 – Units in issue 3,618,750 3,510,217 – Net asset value per unit USD 11.46 10.08 –

96



31 May 2018 31 May 2017 31 May 2016 iShares North America Index Fund (IE) (continued) US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,294,777 1,155,590 1,228,277 Units in issue 42,192,557 42,848,445 53,033,417 Net asset value per unit USD 30.69 26.97 23.16 US Dollar Flexible Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 170,121 150,398 70,080 Units in issue 7,480,572 7,420,302 3,966,600 Net asset value per unit USD 22.74 20.27 17.67 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 566,330 687,260 555,661 Units in issue 27,144,815 37,427,658 35,177,002 Net asset value per unit USD 20.86 18.36 15.80 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 285,743 250,253 271,895 Units in issue 9,722,397 9,556,942 11,920,013 Net asset value per unit USD 29.39 26.19 22.81 iShares Pacific Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 – – – Units in issue 10 – – Net asset value per unit EUR 10.83 – – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 10,688 10,523 10,041 Units in issue 704,564 754,124 841,606 Net asset value per unit EUR 15.17 13.95 11.93 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 102,529 71,176 41,552 Units in issue 5,121,963 3,718,231 2,442,680 Net asset value per unit EUR 20.02 19.14 17.01 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 153,221 115,936 10,296 Units in issue 9,348,269 7,677,291 796,070 Net asset value per unit EUR 16.39 15.10 12.93 US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 22,033 18,840 – Units in issue 1,969,180 1,898,213 – Net asset value per unit USD 11.19 9.93 – US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 54,535 65,935 74,109 Units in issue 980,528 1,337,932 1,776,500 Net asset value per unit USD 55.62 49.28 41.72 US Dollar Flexible Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 8,814 8,207 17,167 Units in issue 508,254 513,740 1,221,498 Net asset value per unit USD 17.34 15.98 14.05

97



31 May 2018 31 May 2017 31 May 2016 iShares Pacific Index Fund (IE) (continued) US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 239,465 257,221 140,574 Units in issue 13,631,858 16,498,964 10,635,810 Net asset value per unit USD 17.57 15.59 13.22 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 49,047 40,114 53,926 Units in issue 2,917,118 2,590,327 3,964,016 Net asset value per unit USD 16.81 15.49 13.60 iShares UK Index Fund (IE) Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 92,510 19,282 19,034 Units in issue 5,320,058 1,117,578 1,170,141 Net asset value per unit EUR 17.39 17.25 16.27 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 75,720 60,905 46,939 Units in issue 4,866,073 4,103,078 3,486,933 Net asset value per unit EUR 15.56 14.84 13.46 Sterling D Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 32,127 29,153 – Units in issue 2,910,056 2,791,237 – Net asset value per unit GBP 11.04 10.44 – Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 309,579 384,480 317,034 Units in issue 6,932,555 9,103,342 9,442,455 Net asset value per unit GBP 44.66 42.24 33.58 Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 9,366 10,043 – Units in issue 775,467 844,011 – Net asset value per unit GBP 12.08 11.90 – Sterling Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 50,072 50,636 60,489 Units in issue 2,918,070 3,115,796 4,675,094 Net asset value per unit GBP 17.16 16.25 12.94 iShares US Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 – – – Units in issue 10 – – Net asset value per unit EUR 10.91 – – Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 2,843 – – Units in issue 260,728 – – Net asset value per unit EUR 10.90 – – US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 43,288 31,389 – Units in issue 3,767,356 3,103,224 – Net asset value per unit USD 11.49 10.12 –

98

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 13. NET ASSET VALUE ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS (continued)

31 May 2018 31 May 2017 31 May 2016 iShares US Index Fund (IE) (continued) US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 989,420 1,120,646 1,021,051 Units in issue 16,531,320 21,281,504 22,747,418 Net asset value per unit USD 59.85 52.66 44.89 US Dollar Flexible Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 51,294 54,872 – Units in issue 4,005,020 4,857,988 – Net asset value per unit USD 12.81 11.30 – US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,203,684 639,244 341,062 Units in issue 56,652,765 34,145,178 21,339,141 Net asset value per unit USD 21.25 18.72 15.98


31 May 2018 USD ‘000 Net asset value attributable to redeemable participating unitholders in accordance with FRS 102 615,359 Add: Provision for deferred tax payable 5,133 Net asset value attributable to redeemable participating unitholders in accordance with the prospectus 620,690

Units in issue No. of Units Euro Institutional Accumulating Class 1,035,436 Sterling Flexible Accumulating Class 2,793,648 Sterling Flexible Distributing Class 5,027,388 Sterling Institutional Accumulating Class 27,530,278 Net asset value per unit attributable to redeemable participating unitholders in accordance with FRS 102 Euro Institutional Accumulating Class EUR 12.96 Sterling Flexible Accumulating Class GBP 12.97 Sterling Flexible Distributing Class GBP 12.13 Sterling Institutional Accumulating Class GBP 12.84 Net asset value per unit attributable to redeemable participating unitholders in accordance with the prospectus Euro Institutional Accumulating Class EUR 13.07 Sterling Flexible Accumulating Class GBP 13.08 Sterling Flexible Distributing Class GBP 12.23 Sterling Institutional Accumulating Class GBP 12.95

99

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 14. TRANSACTION COSTS Disclosed in the table below are separately identifiable transaction costs incurred by the Sub-Funds for the years ended 31 May 2018 and 31 May 2017. These are brokerage commissions and broker fees on futures contracts.

Sub-Fund name Currency


‘000


‘000 BlackRock Market Advantage Strategy Fund EUR 84 77 iShares Developed Real Estate Index Fund (IE) USD 120 104 iShares Developed World ex Tobacco Index Fund (IE) USD 18 15 iShares Developed World Index Fund (IE) USD 391 398 iShares Edge EM Fundamental Weighted Index Fund (IE) USD 266 138 iShares Emerging Markets Index Fund (IE) USD 635 501 iShares EMU Index Fund (IE) EUR 19 10 iShares Europe ex-UK Index Fund (IE) EUR 154 54 iShares Europe Index Fund (IE) EUR 12 27 iShares Japan Index Fund (IE) USD 84 42 iShares North America Index Fund (IE) USD 58 71 iShares Pacific Index Fund (IE) USD 46 54 iShares UK Index Fund (IE) GBP 50 10 iShares US Index Fund (IE) USD 311 344

Not all transaction costs are separately identifiable. For fixed income investments and forward currency contracts, transaction costs will be included in the purchase and sales price of the investment, and are not separately disclosed as transaction costs. 15. SOFT COMMISSIONS There were no soft commission arrangements entered into by the Investment Manager on behalf of the Sub-Funds during the years ended 31 May 2018 and 31 May 2017. 16. COMMITMENTS AND CONTINGENT LIABILITIES There were no significant commitments or contingent liabilities for the years ended 31 May 2018 and 31 May 2017. 17. EXCHANGE RATES The rates of exchange ruling as at 31 May 2018 and 31 May 2017 were: 31 May 2018 31 May 2017 USD = 1 AED 3.6732 3.6730 AUD 1.3216 1.3433 BRL 3.7241 3.2428 CAD 1.2972 1.3507 CHF 0.9831 0.9676 CLP 631.6650 671.5100 CNY 6.4010 6.8210 COP 2,888.0050 2,922.8450 CZK 22.1173 23.4353 DKK 6.3766 6.6159 EGP 17.8950 18.1000 EUR 0.8567 0.8893 GBP 0.7515 0.7746 HKD 7.8442 7.7925 HUF 273.8671 274.1530

100

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 17. EXCHANGE RATES (continued) 31 May 2018 31 May 2017 USD = 1 (continued) IDR 13,895.0000 13,320.0000 ILS 3.5669 3.5393 INR 67.4825 64.5200 JPY 108.6450 110.5850 KRW 1,077.9500 1,119.6000 MXN 20.0124 18.6998 MYR 3.9800 4.2800 NOK 8.1826 8.4224 NZD 1.4252 1.4089 PHP 52.5355 49.7750 PKR 115.5850 104.8350 PLN 3.6998 3.7215 QAR 3.6410 3.6412 RUB 62.3275 56.7625 SEK 8.8317 8.6750 SGD 1.3375 1.3834 THB 31.9900 34.0600 TRY 4.5375 3.5365 TWD 29.9615 30.0790 ZAR 12.6650 13.1863 EUR = 1 AUD 1.5427 1.5105 BRL 4.3471 3.6465 CAD 1.5142 1.5189 CHF 1.1476 1.0880 CLP 737.3425 755.1130 DKK 7.4433 7.4396 GBP 0.8772 0.8711 HKD 9.1565 8.7626 IDR 16,219.6334 14,978.3399 INR 78.7723 72.5527 JPY 126.8213 124.3528 KRW 1,258.2910 1,258.9902 MXN 23.3605 21.0279 MYR 4.6459 4.8129 NOK 9.5515 9.4710 PHP 61.3247 55.9720 PLN 4.3187 4.1848 RUB 72.7549 63.8294 SEK 10.3092 9.7550 SGD 1.5612 1.5556 THB 37.3419 38.3005 TRY 5.2966 3.9768 TWD 34.9741 33.8238 USD 1.1673 1.1245 ZAR 14.7839 14.8279

101


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 17. EXCHANGE RATES (continued) 31 May 2018 31 May 2017 GBP = 1 EUR 1.1399 1.1480 USD 1.3306 1.2909 18. RELATED PARTIES Parties are considered to be related if one party has the ability to control the other party or is able to exercise significant influence over the other party, in making financial or operational decisions. The following entities are related parties to the Fund as at 31 May 2018:

Related Parties Entities Manager BlackRock Asset Management Ireland Limited Investment Manager, Promoter, Distributor and Securities Lending Agent BlackRock Advisors (UK) Limited Sub-Investment Manager BlackRock Institutional Trust Company N.A. Representative in Switzerland BlackRock Asset Management Switzerland Limited

The ultimate holding company of the Manager, Investment Manager, Promoter, Distributor, Securities Lending Agent, the Sub-Investment Manager and Representative in Switzerland is BlackRock, Inc., a company incorporated in Delaware, USA. PNC Financial Services Group, Inc. (“PNC”) is a substantial shareholder in BlackRock, Inc. The Investment Manager has sub-delegated certain portfolio management functions to the Sub-Investment Manager presented in the table below.

Sub-Fund Sub-Investment Manager BlackRock Market Advantage Strategy Fund BlackRock Institutional Trust Company N.A.

The Investment Manager will arrange for the fees and expenses of any Sub-Investment Manager to be paid out of the Investment Manager’s own fees. Fees paid to the Manager and Investment Manager during the year, the nature of these transactions and the balances outstanding at the year end are disclosed in notes 6 and 10 respectively. The non-executive Directors of the Manager as at 31 May 2018 are presented in the table below:

Directors of the Manager Employee of the BlackRock Group Director of BlackRock affiliates and/or other funds managed by BlackRock

Adele Spillane Yes No Barry O’Dwyer Yes Yes Desmond Murray No Yes Graham Bamping No Yes Justin Mealy Yes No Linda Silcock Yes No Patrick Boylan Yes No Paul Freeman No Yes William Roberts No Yes

The Directors of the Manager who are also employees of the BlackRock Group are not entitled to receive Directors’ fees. Holdings in other funds managed by BlackRock Investments in funds managed by BlackRock, Inc. and BlackRock affiliates are listed below and marked on the relevant Sub-Funds’ Schedule of Investments. For income earned on these related party funds please refer to note 4. Further information on the fees incurred from investing in these underlying funds is presented in the table overleaf. These disclosed fees are the maximum charges capped as per the prospectus of the underlying funds and actual fees charged may be lower:

102


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 18. RELATED PARTIES (continued) Holdings in other funds managed by BlackRock (continued) Investments Fee paid by Sub-Fund Investment Company - UCITS authorised in Ireland by CBI

Institutional Euro Assets Liquidity Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV1 Institutional Sterling Government Liquidity Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV1 Institutional Sterling Liquidity Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV1

Institutional US Dollar Liquidity Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV1

Institutional US Treasury Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV1 1The manager of Institutional Euro Assets Liquidity Fund, Institutional Sterling Government Liquidity Fund, Institutional Sterling Liquidity Fund, Institutional US Dollar Liquidity Fund and Institutional US Treasury Fund will be responsible for discharging from its fee the annual expenses of the fund. Where actual fees and costs incurred exceed the amount paid to the manager, the excess will be discharged by the manager from its own assets. The table below discloses the amount of the management fee rebate received during the reporting year on the Sub-Funds in the Fund that have invested into funds which are also managed by the Manager or an affiliate of the Manager:

Sub-Fund name Currency

Management fee rebate for the year ended

Management fee rebate for the year ended

31 May 2018 (‘000) 31 May 2017 (‘000) iShares Developed World Index Fund (IE) iShares EURO STOXX 50 UCITS ETF USD 11 - iShares MSCI Europe UCITS ETF USD 195 - iShares Pacific Index Fund (IE) iShares MSCI Pacific ex-Japan UCITS ETF USD 17 -

The following investors

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock, Inc. or (ii) are investors (other than those included in (i) above) who held 51% or more of the voting shares in issue in the Sub-Fund

and are as a result, considered to be related parties to the Sub-Funds. As at 31 May 2018:

Sub-Fund name

Total % of units held by funds managed by the

BlackRock Group or held by affiliates of

BlackRock, Inc.

Number of investors holding 51% or more of the

voting units in issue who are not affiliates of

BlackRock Group or BlackRock, Inc.

Total % of units held by unitholders holding 51% or more of the voting units in

issue who are not affiliates of BlackRock Group or

BlackRock, Inc. BlackRock Market Advantage Strategy Fund 1.19 Nil Nil

iShares Developed Real Estate Index Fund (IE) 2.57 Nil Nil iShares Developed World ex Tobacco Index Fund (IE) -1 Nil Nil

iShares Developed World Index Fund (IE) 9.40 Nil Nil iShares Edge EM Fundamental Weighted Index Fund (IE) Nil 1 75.48

iShares Emerging Markets Index Fund (IE) 12.83 Nil Nil

iShares Europe ex-UK Index Fund (IE) 14.09 Nil Nil

iShares Europe Index Fund (IE) 10.37 Nil Nil

iShares Japan Index Fund (IE) 8.84 Nil Nil

iShares North America Index Fund (IE) 4.99 Nil Nil

iShares Pacific Index Fund (IE) 0.67 Nil Nil

iShares UK Index Fund (IE) 21.55 Nil Nil

iShares US Index Fund (IE) -1 Nil Nil 1The percentage held by this unitholder is less than 0.005%.

103


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 18. RELATED PARTIES (continued) As at 31 May 2017:

Sub-Fund name

Total % of units held by funds managed by the

BlackRock Group or held by affiliates of

BlackRock, Inc.

Number of investors holding 51% or more of the

voting units in issue who are not affiliates of

BlackRock Group or BlackRock, Inc.

Total % of units held by unitholders holding 51% or more of the voting units in

issue who are not affiliates of BlackRock Group or

BlackRock, Inc. BlackRock Market Advantage Strategy Fund 0.11 Nil Nil

iShares Developed World Index Fund (IE) 11.27 Nil Nil iShares Edge EM Fundamental Weighted Index Fund (IE) Nil 1 55.84

iShares Emerging Markets Index Fund (IE) 13.95 Nil Nil

iShares Europe ex-UK Index Fund (IE) 5.22 Nil Nil

iShares Europe Index Fund (IE) 13.55 Nil Nil

iShares Japan Index Fund (IE) 2.92 Nil Nil

iShares North America Index Fund (IE) 5.62 Nil Nil

iShares Pacific Index Fund (IE) 0.82 Nil Nil

iShares UK Index Fund (IE) 5.23 Nil Nil With the exception of those Sub-Funds outlined above, the Sub-Funds have no units, held by any subsidiaries or other related parties of the BlackRock Group and/or funds managed by BlackRock Asset Management Ireland Limited and did not have any unitholders with voting rights of 51% or more as at 31 May 2018 and 31 May 2017. All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no more favourable than those received by other investors investing into the same unit/share classes. No provisions have been recognised by the Sub-Funds against amounts due from related parties at the year end date (31 May 2017: Nil). No amounts have been written off in the year in respect of amounts due to or from related parties (31 May 2017: Nil). No commitments secured or unsecured or guarantees have been entered into with related parties during the year (31 May 2017: Nil). Securities lending The Securities Lending Agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited which is a related party to the Fund. During the year the Sub-Funds engaged in securities lending, subject to the conditions and within the limits, laid out by the CBI. Securities lending income is split between the Securities Lending Agent and the Sub-Fund. During the year, the securities income split was 62.50:37.50 in favour of the Sub-Fund, with all operational costs borne out of the Securities Lending Agent’s share. The Sub-Funds also benefit from a borrower default indemnity provided by BlackRock, Inc. as detailed in note 3 (c) (iii) to the financial statements. For income earned on securities lending please refer to note 4. 19. EFFICIENT PORTFOLIO MANAGEMENT The Sub-Funds may engage in derivative transactions for the purpose of efficient portfolio management. Please see further disclosures in credit / counterparty risk note and the Schedules of Investments.

104


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 May 2018 20. COLLATERAL PLEDGED TO THE FUND The Sub-Fund is the legal owner of inbound collateral and can sell the assets and withhold the cash in the case of default. If the counterparty fulfils its obligations in relation to the investment, the Sub-Fund will return an equal amount of cash to the counterparty on maturity or sale of the investment. All cash collateral has been reinvested into the assets of the Sub-Funds. When the Sub-Fund returns securities collateral to the counterparty, it must be of the same type, nominal value, description and amount as the securities that were transferred to the Sub-Fund. Cash collateral pledged to the Sub-Funds as at 31 May 2018 and 31 May 2017 is disclosed on the Balance Sheet of each Sub-Fund. The table below details the total value of securities collateral pledged to the Fund as at 31 May 2018 and 31 May 2017: As at 31 May 2018 As at 31 May 2017 Sub-Fund name Currency Securities collateral

‘000 Securities collateral

‘000 BlackRock Market Advantage Strategy Fund EUR - 2,069

21. SIGNIFICANT SUBSEQUENT EVENTS

The Manager has declared a special distribution from iShares Europe ex-UK Index Fund (IE) for ex-date 7 June 2018. The pay date for the distribution occurs on 29 June 2018 for Euro Institutional Distributing Class and on 31 July 2018 for Euro Flexible Distributing Class and Euro D Distributing Class. The distribution amount for the Sub-Fund is EUR 12,507,000. With effect from 5 August 2018, Catherine Woods was appointed as a non-executive Director of the Manager. With effect from 22 August 2018, Linda Silcock resigned as a non-executive Director of the Manager. 22. APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the Board of Directors of the Manager on 25 September 2018.

105

BLACKROCK MARKET ADVANTAGE STRATEGY FUND

SCHEDULE OF INVESTMENTS

As at 31 May 2018

Holding Currency Investments Fair Value EUR '000

% of Net Asset Value

COLLECTIVE INVESTMENT SCHEMES

Undertaking for collective investment schemes (31 May 2017: 37.26%)

Ireland (31 May 2017: 37.26%) 325,005 GBP Institutional Sterling Government Liquidity Fund - Agency (Dis) Shares1 371 0.09 34,777,274 GBP Institutional Sterling Liquidity Fund - Agency (Dis) Shares1 39,644 8.96 87,607,506 USD Institutional US Dollar Liquidity Fund - Agency (Dis) Shares1 75,051 16.97 34,868,964 USD Institutional US Treasury Fund - Agency (Dis) Shares1 29,871 6.75 Total Ireland 144,937 32.77

Total investments in undertaking for collective investment schemes 144,937 32.77

Total investments in collective investment schemes 144,937 32.77



BONDS Government debt securities (31 May 2017: 46.78%) Australia (31 May 2017: 8.81%) 5,442,000 AUD Australia Government Bond, FRN, 4.00%, 20/08/2020 6,472 1.46 6,350,000 AUD Australia Government Bond, FRN, 1.25%, 21/02/2022 4,769 1.08 7,868,000 AUD Australia Government Bond, FRN, 3.00%, 20/09/2025 7,181 1.62 3,820,000 AUD Australia Government Bond, FRN, 0.75%, 21/11/2027 2,513 0.57 4,720,000 AUD Australia Government Bond, FRN, 2.50%, 20/09/2030 4,321 0.98 4,115,000 AUD Australia Government Bond, FRN, 2.00%, 21/08/2035 3,402 0.77 3,685,000 AUD Australia Government Bond, FRN, 1.25%, 21/08/2040 2,617 0.59 Total Australia 31,275 7.07

Canada (31 May 2017: 5.00%) 2,515,000 CAD Canada Government Real Return Bond, FRN, 4.25%, 01/12/2021 3,023 0.68 2,662,000 CAD Canada Government Real Return Bond, FRN, 4.25%, 01/12/2026 3,500 0.79 2,956,000 CAD Canada Government Real Return Bond, FRN, 4.00%, 01/12/2031 4,135 0.94 2,867,000 CAD Canada Government Real Return Bond, FRN, 3.00%, 01/12/2036 3,511 0.79 3,432,000 CAD Canada Government Real Return Bond, FRN, 2.00%, 01/12/2041 3,588 0.81 3,510,000 CAD Canada Government Real Return Bond, FRN, 1.50%, 01/12/2044 3,303 0.75 4,104,000 CAD Canada Government Real Return Bond, FRN, 1.25%, 01/12/2047 3,511 0.79 1,105,000 CAD Canada Government Real Return Bond, FRN, 0.50%, 01/12/2050 733 0.17 Total Canada 25,304 5.72

France (31 May 2017: 7.61%) 2,212,000 EUR France Government Bond OAT, FRN, 1.30%, 25/07/2019 2,502 0.57 3,695,000 EUR France Government Bond OAT, FRN, 2.25%, 25/07/2020 5,058 1.14 1,275,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/2021 1,379 0.31 1,505,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/2021 1,645 0.37 3,472,214 EUR France Government Bond OAT, FRN, 1.10%, 25/07/2022 4,327 0.98 3,095,000 EUR France Government Bond OAT, FRN, 2.10%, 25/07/2023 4,137 0.93 2,834,000 EUR France Government Bond OAT, FRN, 0.25%, 25/07/2024 3,256 0.74 1,770,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/2025 1,972 0.45 3,273,000 EUR France Government Bond OAT, FRN, 1.85%, 25/07/2027 4,564 1.03 1,140,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/2028 1,274 0.29 1,602,000 EUR France Government Bond OAT, FRN, 3.40%, 25/07/2029 3,069 0.69 2,100,000 EUR France Government Bond OAT, FRN, 0.70%, 25/07/2030 2,538 0.57

106


SCHEDULE OF INVESTMENTS (continued)

As at 31 May 2018



BONDS (continued) Government debt securities (continued) France (continued) 1,966,000 EUR France Government Bond OAT, FRN, 3.15%, 25/07/20322 3,896 0.88 640,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/2036 710 0.16 2,228,000 EUR France Government Bond OAT, FRN, 1.80%, 25/07/20402 3,930 0.89 1,340,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/2047 1,496 0.34 Total France 45,753 10.34

Germany (31 May 2017: 2.19%) 2,960,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 1.75%, 15/04/2020 3,542 0.80 2,912,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2023 3,355 0.76 2,650,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2026 3,048 0.69 1,815,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.50%, 15/04/2030 2,219 0.50 1,305,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2046 1,668 0.38 Total Germany 13,832 3.13

Sweden (31 May 2017: 10.68%) 16,450,000 SEK Sweden Government Inflation Linked Bond, 0.13%, 01/06/2019 1,704 0.39 37,080,000 SEK Sweden Government Inflation Linked Bond, 4.00%, 01/12/2020 5,593 1.26 33,075,000 SEK Sweden Government Inflation Linked Bond, 0.25%, 01/06/2022 3,709 0.84 24,970,000 SEK Sweden Government Inflation Linked Bond, 1.00%, 01/06/2025 3,042 0.69 14,470,000 SEK Sweden Government Inflation Linked Bond, 0.13%, 01/06/2026 1,685 0.38 10,090,000 SEK Sweden Government Inflation Linked Bond, 0.13%, 01/12/2027 1,172 0.26 28,295,000 SEK Sweden Government Inflation Linked Bond, 3.50%, 01/12/2028 5,476 1.24 14,325,000 SEK Sweden Government Inflation Linked Bond, 0.13%, 01/06/2032 1,721 0.39 Total Sweden 24,102 5.45

United Kingdom (31 May 2017: 4.64%) 370,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2019 489 0.11 296,000 GBP UK Treasury Inflation Linked, 2.50%, 16/04/2020 1,223 0.28 690,000 GBP UK Treasury Inflation Linked, 1.88%, 22/11/2022 1,268 0.29 744,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2024 1,100 0.25 344,000 GBP UK Treasury Inflation Linked, 2.50%, 17/07/2024 1,423 0.32 580,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2026 830 0.19 639,000 GBP UK Treasury Inflation Linked, 1.25%, 22/11/2027 1,376 0.31 681,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2029 1,108 0.25 255,000 GBP UK Treasury Inflation Linked, 4.13%, 22/07/2030 1,059 0.24 655,000 GBP UK Treasury Inflation Linked, 1.25%, 22/11/2032 1,424 0.32 695,000 GBP UK Treasury Inflation Linked, 0.75%, 22/03/2034 1,368 0.31 367,000 GBP UK Treasury Inflation Linked, 2.00%, 26/01/2035 1,123 0.25 360,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2036 609 0.14 642,000 GBP UK Treasury Inflation Linked, 1.13%, 22/11/2037 1,656 0.37 686,000 GBP UK Treasury Inflation Linked, 0.63%, 22/03/2040 1,612 0.36 613,000 GBP UK Treasury Inflation Linked, 0.63%, 22/11/2042 1,548 0.35 682,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2044 1,395 0.31 660,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2046 1,307 0.29 550,000 GBP UK Treasury Inflation Linked, 0.75%, 22/11/2047 1,585 0.36 250,000 GBP UK Treasury Inflation Linked, 0.13%, 10/08/2048 482 0.11 605,000 GBP UK Treasury Inflation Linked, 0.50%, 22/03/2050 1,687 0.38 600,000 GBP UK Treasury Inflation Linked, 0.25%, 22/03/2052 1,441 0.33 409,000 GBP UK Treasury Inflation Linked, 1.25%, 22/11/2055 1,662 0.38 265,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2056 606 0.14 535,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2058 1,295 0.29 600,000 GBP UK Treasury Inflation Linked, 0.38%, 22/03/2062 1,822 0.41 350,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2065 960 0.22

107



As at 31 May 2018



BONDS (continued) Government debt securities (continued) United Kingdom (continued) 572,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2068 1,716 0.39 Total United Kingdom 35,174 7.95

United States (31 May 2017: 7.85%) 240,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/2019 218 0.05 810,000 USD US Treasury Inflation Indexed, 1.88%, 15/07/2019 827 0.19 418,000 USD US Treasury Inflation Indexed, 1.38%, 15/01/2020 420 0.09 2,440,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/2020 2,209 0.50 1,539,000 USD US Treasury Inflation Indexed, 1.25%, 15/07/2020 1,539 0.35 2,052,000 USD US Treasury Inflation Indexed, 1.13%, 15/01/2021 2,037 0.46 2,010,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/2021 1,788 0.40 2,132,000 USD US Treasury Inflation Indexed, 0.63%, 15/07/2021 2,034 0.46 1,770,000 USD US Treasury Inflation Indexed, 0.13%, 15/01/2022 1,645 0.37 2,320,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/2022 2,000 0.45 1,715,000 USD US Treasury Inflation Indexed, 0.13%, 15/07/2022 1,570 0.35 2,025,000 USD US Treasury Inflation Indexed, 0.13%, 15/01/2023 1,835 0.41 920,000 USD US Treasury Inflation Indexed, 0.63%, 15/04/2023 791 0.18 1,950,000 USD US Treasury Inflation Indexed, 0.38%, 15/07/2023 1,776 0.40 2,126,000 USD US Treasury Inflation Indexed, 0.63%, 15/01/2024 1,945 0.44 2,025,000 USD US Treasury Inflation Indexed, 0.13%, 15/07/2024 1,770 0.40 2,075,000 USD US Treasury Inflation Indexed, 0.25%, 15/01/20253 1,819 0.41 1,354,000 USD US Treasury Inflation Indexed, 2.38%, 15/01/2025 1,703 0.39 1,710,000 USD US Treasury Inflation Indexed, 0.38%, 15/07/2025 1,511 0.34 2,020,000 USD US Treasury Inflation Indexed, 0.63%, 15/01/2026 1,804 0.41 683,000 USD US Treasury Inflation Indexed, 2.00%, 15/01/2026 805 0.18 2,160,000 USD US Treasury Inflation Indexed, 0.13%, 15/07/2026 1,839 0.42 2,290,000 USD US Treasury Inflation Indexed, 0.38%, 15/01/20273 1,962 0.44 795,000 USD US Treasury Inflation Indexed, 2.38%, 15/01/2027 957 0.22 2,080,000 USD US Treasury Inflation Indexed, 0.38%, 15/07/2027 1,761 0.40 1,110,000 USD US Treasury Inflation Indexed, 0.50%, 15/01/2028 937 0.21 739,000 USD US Treasury Inflation Indexed, 1.75%, 15/01/2028 822 0.19 801,000 USD US Treasury Inflation Indexed, 3.63%, 15/04/2028 1,343 0.30 607,000 USD US Treasury Inflation Indexed, 2.50%, 15/01/2029 709 0.16 814,000 USD US Treasury Inflation Indexed, 3.88%, 15/04/2029 1,394 0.32 206,000 USD US Treasury Inflation Indexed, 3.38%, 15/04/2032 330 0.07 785,000 USD US Treasury Inflation Indexed, 2.13%, 15/02/2040 967 0.22 1,141,000 USD US Treasury Inflation Indexed, 2.13%, 15/02/2041 1,396 0.32 1,200,000 USD US Treasury Inflation Indexed, 0.75%, 15/02/2042 1,094 0.25 1,225,000 USD US Treasury Inflation Indexed, 0.63%, 15/02/2043 1,062 0.24 1,005,000 USD US Treasury Inflation Indexed, 1.38%, 15/02/2044 1,015 0.23 985,000 USD US Treasury Inflation Indexed, 0.75%, 15/02/2045 853 0.19 1,055,000 USD US Treasury Inflation Indexed, 1.00%, 15/02/2046 964 0.22 910,000 USD US Treasury Inflation Indexed, 0.88%, 15/02/2047 791 0.18 450,000 USD US Treasury Inflation Indexed, 1.00%, 15/02/2048 396 0.09 Total United States 52,638 11.90

Total investments in government debt securities 228,078 51.56

Total investments in bonds 228,078 51.56

108



As at 31 May 2018

Notional Maturity Fair Value % of Net Amount Currency Counterparty Description Date EUR '000 Asset Value Credit default swaps 99,650,000 EUR J.P. Morgan Sell Protection on iTraxx Europe Series 29

Version 1 Receive EUR Fixed 1.00%

20/06/2023 1,510

0.34

18,600,000 EUR Merrill Lynch Sell Protection on iTraxx Europe Crossover Series 29 Version 1 Receive EUR Fixed 5.00%

20/06/2023 1,613

0.37

128,500,000 USD Goldman Sachs Sell Protection on CDX.NA.IG.30-V1 Receive USD Fixed 1.00%

20/06/2023 1,695

0.38

50,740,000 USD J.P. Morgan Sell Protection on CDX.NA.HY.30-V1 Receive USD Fixed 5.00%

20/06/2023 2,702

0.61

Total unrealised gain on credit default swaps (31 May 2017: 2.04%) 7,520 1.70 38,900,000 USD Barclays Sell Protection on CDX.EM.29-V1

Receive USD Fixed 1.00% 20/06/2023 (1,087)

(0.25)

9,500,000 USD Citibank Sell Protection on CDX.EM.29-V1 Receive USD Fixed 1.00%

20/06/2023 (265)

(0.06)

26,763,000 USD Goldman Sachs Sell Protection on CDX.EM.29-V1 Receive USD Fixed 1.00%

20/06/2023 (748)

(0.17)

2,000,000 USD HSBC Sell Protection on CDX.EM.29-V1 Receive USD Fixed 1.00%

20/06/2023 (56)

(0.01)

14,600,000 USD Morgan Stanley Sell Protection on CDX.EM.29-V1 Receive USD Fixed 1.00%

20/06/2023 (408)

(0.09)

Total unrealised loss on credit default swaps (31 May 2017: (0.63)%) (2,564) (0.58)

Notional Maturity Fair Value % of Net Amount Currency Counterparty Description Date EUR '000 Asset Value Total return swaps 9,569,780 USD J.P. Morgan Receive FTSE EPRA/NAREIT Developed

Index Net TRI USD Pay Spread of 1.84% on Notional

21/09/2018 127

0.03

1,710,992 USD J.P. Morgan Receive FTSE EPRA/NAREIT Developed Index Net TRI USD Pay Spread of 1.90% on Notional

21/09/2018

46

0.01

56,393,053 USD J.P. Morgan Receive S&P GSCI Light Energy Official Close Index Pay Spread of 0.00% on Notional

20/03/2019 2,137

0.48

48,299,778 USD Merrill Lynch Receive MSCI World Small Cap Net Total Return USD Index Pay Spread of 2.22% on Notional

20/03/2019 496

0.11

Total unrealised gain on total return swaps (31 May 2017: 0.54%) 2,806 0.63 28,943,316 USD J.P. Morgan Receive MSCI Emerging Net Total Return

USD Index Pay Spread of 2.77% on Notional

21/09/2018

(2,040)

(0.46)

12,499,652 USD J.P. Morgan Receive MSCI Emerging Net Total Return USD Index Pay Spread of 2.74% on Notional

20/03/2019 (803)

(0.18)

Total unrealised loss on total return swaps (31 May 2017: (0.23)%) (2,843) (0.64)

109



As at 31 May 2018

Maturity Fair Value % of Net Quantity Currency Counterparty Description Date EUR '000 Asset Value

Swaptions purchased

100,000,000 EUR J.P. Morgan Pay fixed 1.19% Receive floating EURIBOR 6 month, Call, 1.19%

07/09/2028 291

0.06

143,000,000 EUR Barclays Pay fixed 1.39% Receive floating EURIBOR 6 month, Call, 1.39%4

08/06/2028 –

–

100,000,000 USD J.P. Morgan Pay fixed 3.16% Receive floating LIBOR 3 month, Call, 3.16%

07/09/2028 348

0.08

143,000,000 USD Citibank Pay fixed 3.27% Receive floating LIBOR 3 month, Call, 3.27%4

08/06/2028 –

–

Total unrealised gain on swaptions purchased (31 May 2017: 0.04%) 639 0.14 Maturity Fair Value % of Net Description Counterparty Date EUR '000 Asset Value

Forward currency contracts5

Buy AUD 11,851,000; Sell EUR 7,389,210 J.P. Morgan 20/06/2018 285 0.07 Buy AUD 2,589,000; Sell EUR 1,630,211 Deutsche Bank 20/06/2018 46 0.01 Buy CAD 9,565,000; Sell EUR 6,119,699 J.P. Morgan 20/06/2018 192 0.04 Buy CAD 3,204,000; Sell EUR 2,101,210 Deutsche Bank 20/06/2018 13 – Buy EUR 10,332,595; Sell GBP 9,000,000 Deutsche Bank 20/06/2018 77 0.02 Buy EUR 1,559,855; Sell GBP 1,361,000 J.P. Morgan 20/06/2018 9 – Buy EUR 1,725,138; Sell GBP 1,508,000 Goldman Sachs 20/06/2018 7 – Buy EUR 14,239,120; Sell SEK 144,590,000 UBS 20/06/2018 213 0.05 Buy EUR 14,238,634; Sell SEK 144,592,673 Morgan Stanley 20/06/2018 213 0.05 Buy EUR 1,532,327; Sell SEK 15,770,000 J.P. Morgan 20/06/2018 3 – Buy GBP 2,361,000; Sell EUR 2,674,460 Deutsche Bank 20/06/2018 16 – Buy HKD 13,417,000; Sell EUR 1,400,813 J.P. Morgan 20/06/2018 63 0.02 Buy JPY 118,008,000; Sell EUR 905,618 Barclays 20/06/2018 25 0.01 Buy SEK 51,073,000; Sell EUR 4,909,332 J.P. Morgan 20/06/2018 45 0.01 Buy USD 81,339,000; Sell EUR 65,478,109 Morgan Stanley 20/06/2018 4,124 0.93 Buy USD 15,693,000; Sell EUR 12,714,951 Goldman Sachs 20/06/2018 714 0.16 Buy USD 7,562,000; Sell EUR 6,165,316 J.P. Morgan 20/06/2018 305 0.07 Buy USD 2,839,000; Sell EUR 2,383,795 Deutsche Bank 20/06/2018 46 0.01 Total unrealised gain (31 May 2017: 3.62%) 6,396 1.45

GBP hedged share class

Buy EUR 63,000,000; Sell GBP 54,477,360 Barclays 20/06/2018 924 0.21 Buy EUR 26,825,000; Sell GBP 23,500,712 UBS 20/06/2018 46 0.01 Buy EUR 11,400,000; Sell GBP 9,983,144 Goldman Sachs 20/06/2018 24 – Buy GBP 405,451,051; Sell EUR 455,957,877 Deutsche Bank 20/06/2018 6,046 1.37 Buy GBP 5,291,816; Sell EUR 6,000,000 Goldman Sachs 20/06/2018 30 0.01 Buy GBP 967,657; Sell EUR 1,100,000 UBS 20/06/2018 3 – Total unrealised gain (31 May 2017: 0.00%)6 7,073 1.60

Total unrealised gain on forward currency contracts (31 May 2017: 3.62%) 13,469 3.05 Forward currency contracts5

Buy EUR 3,648,608; Sell AUD 5,878,000 J.P. Morgan 20/06/2018 (158) (0.04) Buy EUR 39,827,075; Sell AUD 62,892,009 Barclays 20/06/2018 (897) (0.20) Buy EUR 2,399,566; Sell CAD 3,823,000 J.P. Morgan 20/06/2018 (123) (0.03) Buy EUR 33,365,517; Sell CAD 53,204,821 Goldman Sachs 20/06/2018 (1,745) (0.39)

110



As at 31 May 2018

Maturity Fair Value % of Net Description Counterparty Date EUR '000 Asset Value

Forward currency contracts5 (continued)

Buy EUR 1,084,407; Sell CHF 1,265,690 Morgan Stanley 20/06/2018 (19) – Buy EUR 2,337,187; Sell GBP 2,053,000 Morgan Stanley 20/06/2018 (2) – Buy EUR 1,404,884; Sell GBP 1,237,000 Goldman Sachs 20/06/2018 (5) – Buy EUR 78,437,179; Sell GBP 69,764,772 Deutsche Bank 20/06/2018 (1,059) (0.24) Buy EUR 9,728,836; Sell HKD 94,487,075 J.P. Morgan 20/06/2018 (583) (0.13) Buy EUR 9,227,955; Sell JPY 1,219,085,125 Morgan Stanley 20/06/2018 (383) (0.09) Buy EUR 179,669; Sell NOK 1,725,000 Deutsche Bank 20/06/2018 (1) – Buy EUR 1,558,862; Sell SEK 16,116,000 Morgan Stanley 20/06/2018 (5) – Buy EUR 571,893; Sell SGD 931,400 Morgan Stanley 20/06/2018 (24) (0.01) Buy EUR 8,782,394; Sell USD 10,722,000 J.P. Morgan 20/06/2018 (392) (0.09) Buy EUR 7,024,788; Sell USD 8,704,000 Goldman Sachs 20/06/2018 (423) (0.10) Buy EUR 198,906,420; Sell USD 247,081,259 Barclays 20/06/2018 (12,522) (2.83) Buy GBP 3,208,000; Sell EUR 3,662,901 Goldman Sachs 20/06/2018 (7) – Buy GBP 7,849,000; Sell EUR 9,041,078 J.P. Morgan 20/06/2018 (97) (0.02) Buy SEK 10,504,000; Sell EUR 1,019,3114 Deutsche Bank 20/06/2018 – – Buy USD 2,155,000; Sell EUR 1,855,910 J.P. Morgan 20/06/2018 (12) – Total unrealised loss (31 May 2017: (0.18)%) (18,457) (4.17)

GBP hedged share class

Buy EUR 5,500,000; Sell GBP 4,833,781 Morgan Stanley 20/06/2018 (8) – Buy EUR 32,700,000; Sell GBP 28,708,670 Goldman Sachs 20/06/2018 (13) (0.01) Buy GBP 4,823,251; Sell EUR 5,500,000 Morgan Stanley 20/06/2018 (4) – Total unrealised loss (31 May 2017: (1.65)%) (25) (0.01)

Total unrealised loss on forward currency contracts (31 May 2017: (1.83)%) (18,482) (4.18)

Number of Maturity Fair Value % of Net Contracts Currency Notional Description Date EUR '000 Asset Value

Futures contracts

Australia (31 May 2017: 0.44%)

463 AUD 46,300,000 Australia 10 Year Bond 15/06/2018 507 0.12 24 AUD 600 SPI 200 Index 21/06/2018 16 – Total Australia 523 0.12

Canada (31 May 2017: 0.09%)

466 CAD 46,600,000 Canada 10 Year Bond 19/09/2018 797 0.18 Total Canada 797 0.18

Germany (31 May 2017: 0.20%)

296 EUR 2,960 EURO STOXX 50 Index 15/06/2018 216 0.05 380 EUR 38,000,000 Euro-Bund 07/06/2018 1,982 0.45 Total Germany 2,198 0.50

111



As at 31 May 2018


Futures contracts (continued)

Japan (31 May 2017: 0.07%)

56 JPY 5,600,000,000 Japan 10 Year Bond 13/06/2018 117 0.02 38 JPY 380,000 TOPIX Index 07/06/2018 122 0.03 Total Japan 239 0.05

United Kingdom (31 May 2017: 0.05%)

61 GBP 610 FTSE 100 Index 15/06/2018 388 0.08 361 GBP 36,100,000 Long Gilt 26/09/2018 920 0.21 Total United Kingdom 1,308 0.29

United States (31 May 2017: 0.30%)

(519) USD (519,000) CBOE Volatility Index 20/06/2018 607 0.14 (58) USD (2,900) MSCI Emerging Markets Index 15/06/2018 106 0.02 613 USD 61,300,000 US 10 Year Note 19/09/2018 604 0.14 Total United States 1,317 0.30

Total unrealised gain on futures contracts (31 May 2017: 1.15%) 6,382 1.44

Australia (31 May 2017: 0.00%)6 – –

Japan (31 May 2017: 0.00%)6 – –


(13) USD (650) E-mini Russell 2000 Index 15/06/2018 (3) – 225 USD 11,250 S&P 500 E-mini Index 15/06/2018 (690) (0.15) Total United States (693) (0.15)

Total unrealised loss on futures contracts (31 May 2017: 0.00%)6 (693) (0.15)

Fair Value EUR '000


Total financial assets at fair value through profit or loss 403,831 91.29 Total financial liabilities at fair value through profit or loss (24,582) (5.55) Cash 9,365 2.12 Cash equivalents Holding Currency Undertaking for collective investment schemes (31 May 2017: 8.12%) 50,836,462 EUR Institutional Euro Assets Liquidity Fund - Agency (Dis) Shares1 50,837 11.49 Total cash equivalents 50,837 11.49 Other assets and liabilities 2,901 0.65 Net asset value attributable to redeemable participating unitholders 442,352 100.00

112



As at 31 May 2018

Analysis of total assets % of Total

Assets Transferable securities and money market Instruments admitted to an official exchange listing 45.62 Transferable securities and money market instruments dealt in on another regulated market 2.35 Collective investment schemes 41.17 Financial derivative instruments dealt in on a regulated market 1.34 OTC financial derivative instruments 5.14 Other assets 4.38 Total assets 100.00

1 A related party to the Sub-Fund. 2 Security partially or totally pledged as collateral. 3 Security fully or partially on loan. 4 Investments which are less than EUR 500 have been rounded down to zero. 5 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.

6 Prior year percentage of net asset value rounds to 0.00%.

Underlying exposure On gains EUR '000

On losses EUR '000

Credit default swaps 280,366 76,204 Total return swaps 102,571 33,029 Swaptions purchased 36,867 – Forward currency contracts 732,575 476,666 Futures contracts 355,511 26,985

113

iSHARES DEVELOPED REAL ESTATE INDEX FUND (IE)


As at 31 May 2018

Holding Currency Investments Fair Value USD '000


COLLECTIVE INVESTMENT SCHEMES

Alternative investment funds (31 May 2017: 0.22%)

Guernsey (31 May 2017: 0.22%) 743,424 GBP F&C Commercial Property Trust Ltd. 1,429 0.07 613,639 GBP MedicX Fund Ltd.1 643 0.03 724,971 GBP Picton Property Income Ltd. (The) 864 0.04 941,523 GBP UK Commercial Property Trust Ltd.1 1,090 0.05 Total Guernsey 4,026 0.19

Total investments in alternative investment funds 4,026 0.19

Total investments in collective investment schemes 4,026 0.19



Equities (31 May 2017: 97.90%)

Australia (31 May 2017: 5.76%) 726,440 AUD BWP Trust, REIT1 1,759 0.08 472,588 AUD Charter Hall Retail REIT1 1,509 0.07 2,053,863 AUD Cromwell Property Group, REIT1 1,686 0.08 1,458,740 AUD Dexus, REIT1 10,916 0.52 2,517,303 AUD Goodman Group, REIT1 17,790 0.85 2,584,260 AUD GPT Group (The), REIT 9,835 0.47 790,828 AUD Investa Office Fund, REIT 3,022 0.15 5,309,419 AUD Mirvac Group, REIT1 9,240 0.44 7,331,697 AUD Scentre Group, REIT1 23,189 1.11 1,041,468 AUD Shopping Centres Australasia Property Group, REIT1 1,938 0.09 3,533,839 AUD Stockland, REIT 11,097 0.53 4,629,132 AUD Vicinity Centres, REIT1 9,352 0.45 2,746,227 AUD Westfield Corp., REIT1/2 18,369 0.88 Total Australia 119,702 5.72

Austria (31 May 2017: 0.31%) 105,514 EUR CA Immobilien Anlagen AG1 3,700 0.18 Total Austria 3,700 0.18

Belgium (31 May 2017: 0.55%) 25,931 EUR Aedifica SA, REIT 2,455 0.12 28,746 EUR Befimmo SA, REIT 1,792 0.09 28,920 EUR Cofinimmo SA, REIT 3,582 0.17 21,338 EUR Intervest Offices & Warehouses NV, REIT 529 0.02 2,505 EUR Leasinvest Real Estate SCA, REIT 279 0.01 9,870 EUR Retail Estates NV, REIT 895 0.04 25,497 EUR Warehouses De Pauw CVA, REIT 3,167 0.15 2,518 EUR Wereldhave Belgium NV, REIT 276 0.01 8,283 EUR Xior Student Housing NV, REIT 327 0.02 8,283 EUR Xior Student Housing NV, REIT Rights 11 – Total Belgium 13,313 0.63

114



As at 31 May 2018



Equities (continued)

Bermuda (31 May 2017: 0.77%) 1,670,584 USD Hongkong Land Holdings Ltd. 12,128 0.58 Total Bermuda 12,128 0.58

Canada (31 May 2017: 2.67%) 135,006 CAD Allied Properties Real Estate Investment Trust 4,424 0.21 219,272 CAD Artis Real Estate Investment Trust1 2,277 0.11 52,309 CAD Boardwalk Real Estate Investment Trust1 1,915 0.09 196,002 CAD Canadian Apartment Properties REIT1 6,159 0.29 296,883 CAD Chartwell Retirement Residences 3,323 0.16 259,225 CAD Choice Properties Real Estate Investment Trust1 2,308 0.11 259,729 CAD Cominar Real Estate Investment Trust 2,433 0.12 122,942 CAD Crombie Real Estate Investment Trust1 1,205 0.06 227,931 CAD Dream Global Real Estate Investment Trust1 2,614 0.12 105,593 CAD Dream Office Real Estate Investment Trust 2,015 0.10 213,870 CAD First Capital Realty, Inc. 3,466 0.16 69,255 CAD Granite Real Estate Investment Trust 2,749 0.13 417,614 CAD H&R Real Estate Investment Trust1 6,506 0.31 119,649 CAD Killam Apartment Real Estate Investment Trust 1,404 0.07 75,240 CAD Northview Apartment Real Estate Investment Trust 1,588 0.08 123,916 CAD NorthWest Healthcare Properties Real Estate Investment Trust 1,071 0.05 465,083 CAD RioCan Real Estate Investment Trust1 8,443 0.40 164,145 CAD SmartCentres Real Estate Investment Trust 3,723 0.18 Total Canada 57,623 2.75

Cayman Islands (31 May 2017: 1.46%) 3,858,000 HKD CK Asset Holdings Ltd. 32,215 1.54 1,741,000 HKD Wharf Real Estate Investment Co. Ltd. 13,439 0.64 Total Cayman Islands 45,654 2.18

Finland (31 May 2017: 0.19%) 539,610 EUR Citycon OYJ1 1,192 0.05 214,803 EUR Technopolis OYJ 1,001 0.05 Total Finland 2,193 0.10

France (31 May 2017: 3.36%) 34,215 EUR Carmila SA, REIT1 975 0.05 56,683 EUR Fonciere Des Regions, REIT 5,905 0.28 66,272 EUR Gecina SA, REIT 11,449 0.55 49,430 EUR ICADE, REIT 4,587 0.22 288,095 EUR Klepierre SA, REIT 11,205 0.54 60,367 EUR Mercialys SA, REIT1 1,102 0.05 142,040 EUR Unibail-Rodamco SE, REIT 31,926 1.52 Total France 67,149 3.21

Germany (31 May 2017: 3.26%) 40,812 EUR ADLER Real Estate AG 692 0.03 206,939 EUR alstria office REIT-AG1 3,051 0.15 71,572 EUR Deutsche EuroShop AG1 2,615 0.12 508,726 EUR Deutsche Wohnen SE 23,831 1.14 57,654 EUR DIC Asset AG1 639 0.03 111,567 EUR Hamborner REIT AG1 1,193 0.06 90,637 EUR LEG Immobilien AG1 9,920 0.47

115



As at 31 May 2018




Germany (continued) 205,333 EUR TAG Immobilien AG 4,321 0.21 124,097 EUR TLG Immobilien AG1 3,508 0.17 733,124 EUR Vonovia SE 34,539 1.65 Total Germany 84,309 4.03

Guernsey (31 May 2017: 0.07%) 342,887 GBP F&C UK Real Estate Investment Ltd., REIT1 461 0.02 447,450 GBP Regional REIT Ltd. 563 0.03 806,717 GBP Schroder Real Estate Investment Trust Ltd. 650 0.03 1,158,931 GBP Sirius Real Estate Ltd. 1,024 0.05 544,140 GBP Standard Life Investment Property Income Trust Ltd., REIT 682 0.03 Total Guernsey 3,380 0.16

Hong Kong (31 May 2017: 5.72%) 2,670,000 HKD Champion REIT1 1,865 0.09 2,909,000 HKD Hang Lung Properties Ltd. 6,601 0.32 1,534,415 HKD Henderson Land Development Co. Ltd. 10,094 0.48 891,000 HKD Hysan Development Co. Ltd. 5,151 0.25 3,116,000 HKD Link REIT1 27,568 1.32 8,103,771 HKD New World Development Co. Ltd. 12,439 0.59 4,347,742 HKD Sino Land Co. Ltd.1 7,527 0.36 2,035,000 HKD Sun Hung Kai Properties Ltd. 32,844 1.57 1,521,800 HKD Swire Properties Ltd.1 5,966 0.28 1,753,000 HKD Wharf Holdings Ltd. (The) 5,665 0.27 Total Hong Kong 115,720 5.53

Ireland (31 May 2017: 0.18%) 1,008,865 EUR Green REIT plc 1,759 0.08 1,028,768 EUR Hibernia REIT plc 1,780 0.09 507,029 EUR Irish Residential Properties REIT plc 804 0.04 Total Ireland 4,343 0.21

Isle of Man (31 May 2017: 0.05%) 1,973,513 GBP RDI REIT plc1 985 0.05 Total Isle of Man 985 0.05

Israel (31 May 2017: 0.16%) 41,644 ILS Azrieli Group Ltd. 2,029 0.10 Total Israel 2,029 0.10

Italy (31 May 2017: 0.08%) 1,483,231 EUR Beni Stabili SpA SIIQ, REIT1 1,325 0.06 71,147 EUR Immobiliare Grande Distribuzione SIIQ SpA, REIT1 604 0.03 Total Italy 1,929 0.09

Japan (31 May 2017: 10.68%) 897 JPY Activia Properties, Inc., REIT1 4,000 0.19 1,760 JPY Advance Residence Investment Corp., REIT1 4,615 0.22 165,860 JPY Aeon Mall Co. Ltd. 3,210 0.15 2,068 JPY AEON REIT Investment Corp.1 2,341 0.11 2,463 JPY Daiwa House REIT Investment Corp. 5,817 0.28

116



As at 31 May 2018




Japan (continued) 403 JPY Daiwa Office Investment Corp., REIT1 2,363 0.11 620 JPY Frontier Real Estate Investment Corp., REIT1 2,562 0.12 873 JPY Fukuoka REIT Corp.1 1,402 0.07 4,229 JPY GLP J-Reit1 4,733 0.23 512,900 JPY Hulic Co. Ltd.1 5,273 0.25 1,425 JPY Hulic Reit, Inc.1 2,244 0.11 2,162 JPY Industrial & Infrastructure Fund Investment Corp., REIT 2,420 0.11 5,622 JPY Invincible Investment Corp., REIT1 2,587 0.12 1,678 JPY Japan Excellent, Inc., REIT1 2,240 0.11 5,852 JPY Japan Hotel REIT Investment Corp.1 4,374 0.21 1,232 JPY Japan Logistics Fund, Inc., REIT1 2,547 0.12 1,186 JPY Japan Prime Realty Investment Corp., REIT 4,317 0.21 1,759 JPY Japan Real Estate Investment Corp., REIT 9,245 0.44 2,250 JPY Japan Rental Housing Investments, Inc., REIT 1,810 0.09 3,847 JPY Japan Retail Fund Investment Corp., REIT 6,990 0.33 522 JPY Kenedix Office Investment Corp., REIT1 3,243 0.15 713 JPY Kenedix Retail REIT Corp.1 1,589 0.08 1,691,900 JPY Mitsubishi Estate Co. Ltd.1 30,772 1.47 1,354,200 JPY Mitsui Fudosan Co. Ltd. 34,090 1.63 2,020 JPY Mori Hills REIT Investment Corp.1 2,603 0.12 1,373 JPY Mori Trust Sogo Reit, Inc. 2,043 0.10 623 JPY Nippon Accommodations Fund, Inc., REIT 2,813 0.13 1,814 JPY Nippon Building Fund, Inc., REIT1 10,185 0.49 2,624 JPY Nippon Prologis REIT, Inc. 5,483 0.26 167,100 JPY Nomura Real Estate Holdings, Inc. 3,927 0.19 5,687 JPY Nomura Real Estate Master Fund, Inc., REIT 7,977 0.38 150,200 JPY NTT Urban Development Corp.1 1,575 0.07 3,685 JPY Orix JREIT, Inc.1 5,830 0.28 1,819 JPY Premier Investment Corp., REIT1 1,803 0.09 5,055 JPY Sekisui House Reit, Inc.1 3,322 0.16 619,000 JPY Sumitomo Realty & Development Co. Ltd.1 23,434 1.12 299,400 JPY Tokyo Tatemono Co. Ltd. 4,156 0.20 1,204 JPY Tokyu REIT, Inc.1 1,655 0.08 4,176 JPY United Urban Investment Corp., REIT1 6,411 0.31 Total Japan 228,001 10.89

Jersey (31 May 2017: 0.12%) 99,983 GBP Phoenix Spree Deutschland Ltd.1 465 0.02 397,527 GBP Target Healthcare REIT Ltd. 582 0.03 Total Jersey 1,047 0.05

Luxembourg (31 May 2017: 0.24%) 40,336 EUR ADO Properties SA 2,112 0.10 799,783 EUR Aroundtown SA 6,642 0.32 159,408 EUR Grand City Properties SA1 3,908 0.18 Total Luxembourg 12,662 0.60

Netherlands (31 May 2017: 0.37%) 69,864 EUR Eurocommercial Properties NV, REIT CVA1 2,882 0.14 26,333 EUR NSI NV, REIT1 1,076 0.05 26,035 EUR Vastned Retail NV, REIT1 1,277 0.06

117



As at 31 May 2018




Netherlands (continued) 58,940 EUR Wereldhave NV, REIT1 2,226 0.11 Total Netherlands 7,461 0.36

New Zealand (31 May 2017: 0.09%) 2,109,166 NZD Kiwi Property Group Ltd., REIT 2,087 0.10 Total New Zealand 2,087 0.10

Norway (31 May 2017: 0.10%) 163,547 NOK Entra ASA 2,323 0.11 Total Norway 2,323 0.11

Singapore (31 May 2017: 2.54%) 3,412,700 SGD Ascendas Real Estate Investment Trust 6,762 0.32 3,408,683 SGD CapitaLand Commercial Trust, REIT 4,358 0.21 3,600,400 SGD CapitaLand Ltd.1 9,314 0.44 3,334,900 SGD CapitaLand Mall Trust, REIT1 5,161 0.25 1,133,640 SGD CDL Hospitality Trusts, REIT1 1,415 0.07 675,500 SGD City Developments Ltd.1 5,662 0.27 1,821,000 HKD Fortune Real Estate Investment Trust1 2,201 0.11 2,826,878 SGD Keppel REIT1 2,473 0.12 2,753,271 SGD Mapletree Commercial Trust, REIT1 3,232 0.15 1,839,058 SGD Mapletree Industrial Trust, REIT 2,709 0.13 2,833,786 SGD Mapletree Logistics Trust, REIT1 2,606 0.12 3,661,500 SGD Suntec Real Estate Investment Trust1 4,928 0.24 687,782 SGD UOL Group Ltd. 4,176 0.20 Total Singapore 54,997 2.63

Spain (31 May 2017: 0.65%) 130,247 EUR Hispania Activos Inmobiliarios SOCIMI SA, REIT 2,690 0.13 402,273 EUR Inmobiliaria Colonial Socimi SA, REIT1 4,268 0.20 131,191 EUR Lar Espana Real Estate Socimi SA, REIT 1,354 0.06 480,442 EUR Merlin Properties Socimi SA, REIT 6,609 0.32 Total Spain 14,921 0.71

Sweden (31 May 2017: 1.28%) 387,615 SEK Castellum AB 6,215 0.30 20,604 SEK Catena AB 409 0.02 120,740 SEK Dios Fastigheter AB 746 0.03 383,807 SEK Fabege AB1 4,520 0.22 142,068 SEK Fastighets AB Balder1 3,681 0.18 218,690 SEK Hemfosa Fastigheter AB 2,825 0.13 153,328 SEK Hufvudstaden AB 'A'1 2,214 0.11 915,600 SEK Klovern AB 'B'1 1,154 0.05 284,207 SEK Kungsleden AB1 1,969 0.09 111,056 SEK Pandox AB 1,886 0.09 277,061 SEK Wallenstam AB 'B'1 2,427 0.12 192,806 SEK Wihlborgs Fastigheter AB1 2,092 0.10 Total Sweden 30,138 1.44

Switzerland (31 May 2017: 0.92%) 19,698 CHF Allreal Holding AG 3,160 0.15 8,835 CHF Mobimo Holding AG1 2,247 0.11

118



As at 31 May 2018




Switzerland (continued) 56,730 CHF PSP Swiss Property AG 5,211 0.25 101,254 CHF Swiss Prime Site AG 9,470 0.45 Total Switzerland 20,088 0.96

United Kingdom (31 May 2017: 4.59%) 3,355,837 GBP Assura plc, REIT 2,527 0.12 212,058 GBP Big Yellow Group plc, REIT 2,624 0.13 1,413,590 GBP British Land Co. plc (The), REIT 12,753 0.61 1,023,802 GBP Capital & Counties Properties plc 4,146 0.20 716,982 GBP Capital & Regional plc, REIT 507 0.02 537,152 GBP Custodian Reit plc 855 0.04 6,848 GBP Daejan Holdings plc 532 0.03 144,108 GBP Derwent London plc, REIT 5,770 0.28 791,421 GBP Empiric Student Property plc, REIT 900 0.04 606,760 GBP GCP Student Living plc, REIT 1,155 0.05 573,796 GBP Grainger plc 2,333 0.11 393,778 GBP Great Portland Estates plc, REIT 3,615 0.17 1,136,744 GBP Hammerson plc, REIT 8,274 0.40 563,478 GBP Hansteen Holdings plc, REIT 796 0.04 161,222 GBP Helical plc 804 0.04 1,241,176 GBP Intu Properties plc, REIT1 3,288 0.16 1,021,021 GBP Land Securities Group plc, REIT 12,630 0.60 941,365 GBP LondonMetric Property plc, REIT 2,411 0.11 421,913 GBP NewRiver REIT plc 1,617 0.08 873,564 GBP Primary Health Properties plc, REIT1 1,309 0.06 309,597 GBP Safestore Holdings plc, REIT 2,311 0.11 1,428,842 GBP Segro plc, REIT 12,446 0.59 320,989 GBP Shaftesbury plc, REIT 3,940 0.19 1,990,286 GBP Tritax Big Box REIT plc 3,973 0.19 332,947 GBP UNITE Group plc (The), REIT 3,764 0.18 175,193 GBP Workspace Group plc, REIT 2,651 0.13 Total United Kingdom 97,931 4.68

United States (31 May 2017: 51.73%) 115,144 USD Acadia Realty Trust, REIT1 2,965 0.14 40,661 USD Agree Realty Corp., REIT 2,153 0.10 3,441 USD Alexander's, Inc., REIT 1,333 0.06 143,030 USD Alexandria Real Estate Equities, Inc., REIT 17,867 0.85 56,060 USD American Assets Trust, Inc., REIT 2,038 0.10 195,389 USD American Campus Communities, Inc., REIT 7,835 0.37 345,472 USD American Homes 4 Rent, REIT 'A'1 6,882 0.33 223,015 USD Apartment Investment & Management Co., REIT 'A'1 9,106 0.44 302,139 USD Apple Hospitality REIT, Inc. 5,750 0.27 109,714 USD Ashford Hospitality Trust, Inc., REIT 809 0.04 196,918 USD AvalonBay Communities, Inc., REIT 32,598 1.56 220,250 USD Boston Properties, Inc., REIT 26,820 1.28 251,148 USD Brandywine Realty Trust, REIT 4,084 0.20 437,692 USD Brixmor Property Group, Inc., REIT 6,951 0.33 129,825 USD Camden Property Trust, REIT 11,425 0.55 104,682 USD CareTrust REIT, Inc. 1,726 0.08 243,325 USD CBL & Associates Properties, Inc., REIT1 1,231 0.06 61,998 USD Chatham Lodging Trust, REIT 1,289 0.06 87,045 USD Chesapeake Lodging Trust, REIT 2,805 0.13

119



As at 31 May 2018




United States (continued) 174,567 USD Columbia Property Trust, Inc., REIT 3,861 0.18 142,815 USD Corporate Office Properties Trust, REIT 3,985 0.19 598,579 USD Cousins Properties, Inc., REIT1 5,639 0.27 258,489 USD CubeSmart, REIT 7,884 0.38 133,122 USD DCT Industrial Trust, Inc., REIT 8,670 0.41 215,918 USD DDR Corp., REIT1 3,280 0.16 277,680 USD DiamondRock Hospitality Co., REIT1 3,535 0.17 292,018 USD Digital Realty Trust, Inc., REIT1 31,386 1.50 234,817 USD Douglas Emmett, Inc., REIT 9,038 0.43 508,854 USD Duke Realty Corp., REIT 14,309 0.68 66,023 USD Easterly Government Properties, Inc., REIT1 1,337 0.06 48,448 USD EastGroup Properties, Inc., REIT 4,517 0.22 110,493 USD Education Realty Trust, Inc., REIT1 4,037 0.19 179,727 USD Empire State Realty Trust, Inc., REIT 'A' 3,048 0.15 90,423 USD EPR Properties, REIT1 5,551 0.27 118,552 USD Equity LifeStyle Properties, Inc., REIT 10,776 0.52 509,867 USD Equity Residential, REIT 32,626 1.56 93,432 USD Essex Property Trust, Inc., REIT 22,333 1.07 173,941 USD Extra Space Storage, Inc., REIT1 16,742 0.80 104,167 USD Federal Realty Investment Trust, REIT 12,384 0.59 170,351 USD First Industrial Realty Trust, Inc., REIT 5,610 0.27 348,507 USD Forest City Realty Trust, Inc., REIT 'A' 7,099 0.34 90,954 USD Four Corners Property Trust, Inc., REIT 2,082 0.10 150,021 USD Franklin Street Properties Corp., REIT 1,161 0.06 286,915 USD Gaming and Leisure Properties, Inc., REIT 10,071 0.48 48,031 USD Getty Realty Corp., REIT 1,254 0.06 880,952 USD GGP, Inc., REIT 17,866 0.85 91,946 USD Government Properties Income Trust, REIT1 1,336 0.06 228,267 USD Gramercy Property Trust, REIT 6,293 0.30 671,254 USD HCP, Inc., REIT 16,090 0.77 176,323 USD Healthcare Realty Trust, Inc., REIT 4,803 0.23 290,757 USD Healthcare Trust of America, Inc., REIT 'A' 7,461 0.36 58,172 USD Hersha Hospitality Trust, REIT1 1,237 0.06 145,603 USD Highwoods Properties, Inc., REIT 6,964 0.33 231,623 USD Hospitality Properties Trust, REIT 6,705 0.32 1,043,708 USD Host Hotels & Resorts, Inc., REIT1 22,575 1.08 224,241 USD Hudson Pacific Properties, Inc., REIT 7,938 0.38 158,281 USD Investors Real Estate Trust, REIT 882 0.04 418,682 USD Invitation Homes, Inc., REIT1 9,215 0.44 120,180 USD JBG SMITH Properties, REIT 4,433 0.21 168,031 USD Kennedy-Wilson Holdings, Inc.1 3,428 0.16 137,827 USD Kilroy Realty Corp., REIT 10,496 0.50 590,179 USD Kimco Realty Corp., REIT 9,124 0.44 114,964 USD Kite Realty Group Trust, REIT 1,804 0.09 163,438 USD LaSalle Hotel Properties, REIT 5,606 0.27 340,120 USD Lexington Realty Trust, REIT 2,935 0.14 210,167 USD Liberty Property Trust, REIT 9,291 0.44 65,752 USD Life Storage, Inc., REIT 6,083 0.29 57,885 USD LTC Properties, Inc., REIT 2,381 0.11 195,481 USD Macerich Co. (The), REIT 10,875 0.52 131,783 USD Mack-Cali Realty Corp., REIT 2,605 0.12 518,075 USD Medical Properties Trust, Inc., REIT1 7,030 0.34 161,951 USD Mid-America Apartment Communities, Inc., REIT 15,152 0.72 107,878 USD Monmouth Real Estate Investment Corp., REIT 1,667 0.08

120



As at 31 May 2018




United States (continued) 58,244 USD National Health Investors, Inc., REIT1 4,300 0.21 219,887 USD National Retail Properties, Inc., REIT 9,110 0.44 73,291 USD National Storage Affiliates Trust, REIT 2,061 0.10 98,425 USD New Senior Investment Group, Inc., REIT 736 0.04 277,562 USD Omega Healthcare Investors, Inc., REIT 8,507 0.41 287,372 USD Paramount Group, Inc., REIT 4,316 0.21 255,811 USD Park Hotels & Resorts, Inc., REIT 8,242 0.39 100,047 USD Pebblebrook Hotel Trust, REIT 4,084 0.20 102,881 USD Pennsylvania Real Estate Investment Trust 1,133 0.05 260,857 USD Physicians Realty Trust, REIT 3,970 0.19 202,268 USD Piedmont Office Realty Trust, Inc., REIT 'A' 3,888 0.19 754,001 USD Prologis, Inc., REIT 48,520 2.32 27,445 USD PS Business Parks, Inc., REIT 3,364 0.16 211,646 USD Public Storage, REIT 44,835 2.14 72,576 USD QTS Realty Trust, Inc., REIT 'A' 2,738 0.13 135,334 USD Quality Care Properties, Inc., REIT 2,835 0.14 114,338 USD Ramco-Gershenson Properties Trust, REIT1 1,406 0.07 402,981 USD Realty Income Corp., REIT 21,479 1.03 213,796 USD Regency Centers Corp., REIT 12,417 0.59 156,679 USD Retail Opportunity Investments Corp., REIT1 2,839 0.14 331,377 USD Retail Properties of America, Inc., REIT 'A' 4,063 0.19 112,452 USD Rexford Industrial Realty, Inc., REIT 3,516 0.17 243,277 USD RLJ Lodging Trust, REIT 5,693 0.27 63,411 USD Ryman Hospitality Properties, Inc., REIT 5,319 0.25 254,750 USD Sabra Health Care REIT, Inc.1 5,281 0.25 17,659 USD Saul Centers, Inc., REIT 875 0.04 93,035 USD Select Income REIT 2,010 0.10 335,822 USD Senior Housing Properties Trust, REIT 5,931 0.28 35,427 USD Seritage Growth Properties, REIT 'A'1 1,476 0.07 444,810 USD Simon Property Group, Inc., REIT 71,267 3.41 129,259 USD SL Green Realty Corp., REIT 12,605 0.60 656,107 USD Spirit Realty Capital, Inc., REIT 5,747 0.27 131,528 USD STAG Industrial, Inc., REIT 3,504 0.17 244,500 USD STORE Capital Corp., REIT 6,553 0.31 143,922 USD Summit Hotel Properties, Inc., REIT 2,201 0.11 108,528 USD Sun Communities, Inc., REIT 10,492 0.50 323,322 USD Sunstone Hotel Investors, Inc., REIT1 5,623 0.27 128,597 USD Tanger Factory Outlet Centers, Inc., REIT1 2,764 0.13 85,332 USD Taubman Centers, Inc., REIT1 4,658 0.22 78,536 USD Terreno Realty Corp., REIT 2,993 0.14 67,541 USD Tier REIT, Inc. 1,483 0.07 379,977 USD UDR, Inc., REIT 13,858 0.66 20,228 USD Universal Health Realty Income Trust, REIT 1,258 0.06 143,553 USD Urban Edge Properties, REIT1 3,140 0.15 41,832 USD Urstadt Biddle Properties, Inc., REIT 'A' 914 0.04 507,190 USD Ventas, Inc., REIT 27,723 1.32 1,396,168 USD VEREIT, Inc. 9,997 0.48 386,829 USD VICI Properties, Inc., REIT 7,493 0.36 245,885 USD Vornado Realty Trust, REIT 17,141 0.82 267,656 USD Washington Prime Group, Inc., REIT1 1,946 0.09 116,287 USD Washington Real Estate Investment Trust1 3,335 0.16 167,616 USD Weingarten Realty Investors, REIT1 4,914 0.24 530,311 USD Welltower, Inc., REIT 30,572 1.46 150,759 USD WP Carey, Inc., REIT 10,133 0.48

121



As at 31 May 2018




United States (continued) 149,429 USD Xenia Hotels & Resorts, Inc., REIT 3,761 0.18 Total United States 1,071,176 51.18

Total investments in equities 2,076,989 99.23

Number of Maturity Fair Value % of Net Contracts Currency Notional Description Date USD '000 Asset Value

Futures contracts

Hong Kong (31 May 2017: 0.00%)3

6 HKD 300 Hang Seng Index 28/06/2018 2 – Total Hong Kong 2 –

Japan (31 May 2017: 0.00%)3 – –


8 GBP 80 FTSE 100 Index 15/06/2018 15 – Total United Kingdom 15 –


70 USD 7,000 DJ US Real Estate Index 15/06/2018 117 0.01 54 USD 2,700 S&P 500 E-mini Index 15/06/2018 54 – Total United States 171 0.01

Total unrealised gain on futures contracts (31 May 2017: 0.02%) 188 0.01

Australia (31 May 2017: 0.00%)3

7 AUD 175 SPI 200 Index 21/06/2018 (1) – Total Australia (1) –

Japan (31 May 2017: 0.00%)

9 JPY 90,000 TOPIX Index 07/06/2018 (30) – Total Japan (30) –

Total unrealised loss on futures contracts (31 May 2017: 0.00%)3 (31) –

122



As at 31 May 2018

Fair Value USD '000


Total financial assets at fair value through profit or loss 2,081,203 99.43 Total financial liabilities at fair value through profit or loss (31) – Cash 13,111 0.63 Other assets and liabilities (1,246) (0.06) Net asset value attributable to redeemable participating unitholders 2,093,037 100.00


Assets Transferable securities admitted to official stock exchange listing 98.99 Collective investment schemes 0.19 Financial derivative instruments dealt in on a regulated market 0.01 Other assets 0.81 Total assets 100.00

1 Security fully or partially on loan. 2 These securities were valued in consultation with the Manager. These securities were fair valued, priced per corporate action terms or suspended at period end and valued using the last traded price.


Underlying exposure On gains USD '000

On losses USD '000

Futures contracts 11,471 2,227

123

iSHARES DEVELOPED WORLD EX TOBACCO INDEX FUND (IE)


As at 31 May 2018



Equities (31 May 2017: 98.74%)

Australia (31 May 2017: 2.53%) 8,482 AUD AGL Energy Ltd. 142 0.03 18,994 AUD Alumina Ltd. 39 0.01 10,527 AUD Amcor Ltd. 112 0.03 25,197 AUD AMP Ltd. 74 0.02 11,617 AUD APA Group 76 0.02 5,746 AUD Aristocrat Leisure Ltd. 131 0.03 1,913 AUD ASX Ltd. 88 0.02 30,042 AUD Aurizon Holdings Ltd. 98 0.02 18,999 AUD AusNet Services 23 0.01 30,330 AUD Australia & New Zealand Banking Group Ltd. 624 0.15 2,454 AUD Bank of Queensland Ltd. 19 – 2,936 AUD Bendigo & Adelaide Bank Ltd. 24 0.01 33,872 AUD BHP Billiton Ltd. 840 0.20 4,544 AUD BlueScope Steel Ltd. 60 0.01 10,397 AUD Boral Ltd. 49 0.01 14,060 AUD Brambles Ltd. 96 0.02 3,286 AUD Caltex Australia Ltd. 73 0.02 8,755 AUD Challenger Ltd. 85 0.02 893 AUD CIMIC Group Ltd. 28 0.01 4,703 AUD Coca-Cola Amatil Ltd. 32 0.01 685 AUD Cochlear Ltd. 102 0.02 18,941 AUD Commonwealth Bank of Australia 993 0.23 5,152 AUD Computershare Ltd. 68 0.02 3,295 AUD Crown Resorts Ltd. 33 0.01 4,700 AUD CSL Ltd. 661 0.16 10,650 AUD Dexus, REIT 80 0.02 414 AUD Domino's Pizza Enterprises Ltd. 15 – 947 AUD Flight Centre Travel Group Ltd. 44 0.01 22,588 AUD Fortescue Metals Group Ltd. 80 0.02 18,579 AUD Goodman Group, REIT 131 0.03 17,625 AUD GPT Group (The), REIT 67 0.02 12,941 AUD Healthscope Ltd. 23 0.01 12,062 AUD Incitec Pivot Ltd. 31 0.01 23,120 AUD Insurance Australia Group Ltd. 142 0.03 7,729 AUD LendLease Group 110 0.03 3,575 AUD Macquarie Group Ltd. 309 0.07 39,434 AUD Medibank Pvt Ltd. 87 0.02 52,636 AUD Mirvac Group, REIT 92 0.02 27,754 AUD National Australia Bank Ltd. 563 0.13 9,194 AUD Newcrest Mining Ltd. 144 0.03 4,813 AUD Orica Ltd. 64 0.01 21,920 AUD Origin Energy Ltd. 159 0.04 15,146 AUD QBE Insurance Group Ltd. 109 0.03 1,710 AUD Ramsay Health Care Ltd. 79 0.02 715 AUD REA Group Ltd. 46 0.01 4,120 AUD Rio Tinto Ltd. 259 0.06 20,860 AUD Santos Ltd. 93 0.02 54,216 AUD Scentre Group, REIT 171 0.04 3,377 AUD SEEK Ltd. 52 0.01 3,898 AUD Sonic Healthcare Ltd. 70 0.02 53,814 AUD South32 Ltd. 151 0.04 18,958 AUD Stockland, REIT 60 0.01 14,941 AUD Suncorp Group Ltd. 152 0.04 8,737 AUD Sydney Airport 48 0.01

124



As at 31 May 2018




Australia (continued) 21,199 AUD Tabcorp Holdings Ltd. 70 0.02 36,130 AUD Telstra Corp. Ltd. 77 0.02 2,077 AUD TPG Telecom Ltd. 9 – 22,258 AUD Transurban Group1 200 0.05 8,268 AUD Treasury Wine Estates Ltd. 104 0.02 50,055 AUD Vicinity Centres, REIT 101 0.02 12,132 AUD Wesfarmers Ltd. 418 0.10 23,867 AUD Westfield Corp., REIT2 160 0.04 36,058 AUD Westpac Banking Corp. 760 0.18 10,226 AUD Woodside Petroleum Ltd. 251 0.06 14,626 AUD Woolworths Group Ltd. 315 0.07 Total Australia 10,466 2.48

Austria (31 May 2017: 0.09%) 623 EUR ANDRITZ AG 31 0.01 2,804 EUR Erste Group Bank AG 117 0.03 1,966 EUR OMV AG 113 0.03 1,251 EUR Raiffeisen Bank International AG 40 0.01 1,234 EUR voestalpine AG 66 0.01 Total Austria 367 0.09

Belgium (31 May 2017: 0.44%) 2,004 EUR Ageas 101 0.02 8,101 EUR Anheuser-Busch InBev SA/NV 759 0.18 429 EUR Colruyt SA 23 0.01 852 EUR Groupe Bruxelles Lambert SA 90 0.02 2,516 EUR KBC Group NV 194 0.05 2,535 EUR Proximus SADP 68 0.02 698 EUR Solvay SA1 94 0.02 350 EUR Telenet Group Holding NV 18 – 1,337 EUR UCB SA 105 0.02 1,946 EUR Umicore SA 110 0.03 Total Belgium 1,562 0.37

Bermuda (31 May 2017: 0.47%) 1,735 USD Arch Capital Group Ltd. 136 0.03 1,579 USD Athene Holding Ltd. 'A' 71 0.02 2,653 USD Axalta Coating Systems Ltd. 83 0.02 1,311 USD Axis Capital Holdings Ltd. 75 0.02 1,462 USD Bunge Ltd. 102 0.02 8,500 HKD CK Infrastructure Holdings Ltd. 64 0.02 462 USD Everest Re Group Ltd. 104 0.02 44,000 HKD First Pacific Co. Ltd. 22 0.01 12,900 USD Hongkong Land Holdings Ltd. 94 0.02 4,034 USD IHS Markit Ltd. 199 0.05 3,703 USD Invesco Ltd. 101 0.02 2,100 USD Jardine Matheson Holdings Ltd. 131 0.03 3,000 USD Jardine Strategic Holdings Ltd. 107 0.03 8,500 HKD Kerry Properties Ltd. 45 0.01 32,000 HKD Kingston Financial Group Ltd. 11 – 50,000 HKD Li & Fung Ltd. 19 – 4,525 USD Marvell Technology Group Ltd.1 97 0.02 2,424 USD Norwegian Cruise Line Holdings Ltd. 127 0.03 11,583 HKD NWS Holdings Ltd. 22 0.01 318 USD RenaissanceRe Holdings Ltd. 39 0.01 24,000 HKD Shangri-La Asia Ltd. 48 0.01

125



As at 31 May 2018




Bermuda (continued) 2,946 USD XL Group Ltd. 164 0.04 5,000 HKD Yue Yuen Industrial Holdings Ltd. 15 – Total Bermuda 1,876 0.44

British Virgin Islands (31 May 2017: 0.01%) 1,323 USD Michael Kors Holdings Ltd. 76 0.02 Total British Virgin Islands 76 0.02

Canada (31 May 2017: 3.55%) 2,565 CAD Agnico Eagle Mines Ltd. 115 0.03 4,175 CAD Alimentation Couche-Tard, Inc. 'B' 174 0.04 1,123 CAD AltaGas Ltd. 22 0.01 2,827 CAD ARC Resources Ltd.1 29 0.01 497 CAD Atco Ltd. 'I' 15 – 7,160 CAD Bank of Montreal 554 0.13 12,841 CAD Bank of Nova Scotia (The) 774 0.18 12,060 CAD Barrick Gold Corp. 159 0.04 1,881 CAD BCE, Inc. 78 0.02 6,023 CAD BlackBerry Ltd. 71 0.02 27,551 CAD Bombardier, Inc. 'B' 104 0.02 9,129 CAD Brookfield Asset Management, Inc. 'A'1 364 0.09 1,897 CAD CAE, Inc. 40 0.01 5,990 CAD Cameco Corp. 62 0.01 4,951 CAD Canadian Imperial Bank of Commerce 432 0.10 8,102 CAD Canadian National Railway Co. 676 0.16 13,181 CAD Canadian Natural Resources Ltd. 456 0.11 1,607 CAD Canadian Pacific Railway Ltd. 310 0.07 685 CAD Canadian Tire Corp. Ltd. 'A' 87 0.02 910 CAD Canadian Utilities Ltd. 'A' 22 0.01 1,470 CAD CCL Industries, Inc. 'B'1 73 0.02 13,629 CAD Cenovus Energy, Inc. 144 0.03 3,034 CAD CGI Group, Inc. 'A' 186 0.04 3,050 CAD CI Financial Corp. 59 0.01 202 CAD Constellation Software, Inc. 159 0.04 8,636 CAD Crescent Point Energy Corp.1 70 0.02 1,077 CAD Dollarama, Inc. 124 0.03 2,261 CAD Element Fleet Management Corp. 9 – 904 CAD Emera, Inc. 28 0.01 2,389 CAD Empire Co. Ltd. 'A' 46 0.01 17,076 CAD Enbridge, Inc. 530 0.13 10,749 CAD Encana Corp. 137 0.03 332 CAD Fairfax Financial Holdings Ltd. 186 0.04 1,091 CAD Finning International, Inc. 27 0.01 2,110 CAD First Capital Realty, Inc. 34 0.01 6,641 CAD First Quantum Minerals Ltd. 104 0.02 5,124 CAD Fortis, Inc. 164 0.04 2,219 CAD Franco-Nevada Corp. 156 0.04 592 CAD George Weston Ltd. 48 0.01 1,840 CAD Gildan Activewear, Inc. 53 0.01 9,248 CAD Goldcorp, Inc. 132 0.03 3,006 CAD Great-West Lifeco, Inc. 76 0.02 1,572 CAD H&R Real Estate Investment Trust 24 0.01 2,809 CAD Husky Energy, Inc. 41 0.01 3,324 CAD Hydro One Ltd. 50 0.01 635 CAD IGM Financial, Inc. 19 – 3,266 CAD Imperial Oil Ltd. 107 0.03

126



As at 31 May 2018




Canada (continued) 1,759 CAD Industrial Alliance Insurance & Financial Services, Inc. 72 0.02 1,778 CAD Intact Financial Corp. 134 0.03 5,384 CAD Inter Pipeline Ltd. 102 0.02 2,576 CAD Keyera Corp. 72 0.02 9,781 CAD Kinross Gold Corp. 35 0.01 255 CAD Linamar Corp. 13 – 2,141 CAD Loblaw Cos. Ltd. 111 0.03 5,282 CAD Lundin Mining Corp. 33 0.01 3,482 CAD Magna International, Inc. 223 0.05 21,206 CAD Manulife Financial Corp. 400 0.09 845 CAD Methanex Corp. 58 0.01 3,297 CAD Metro, Inc. 109 0.03 3,953 CAD National Bank of Canada 189 0.04 6,533 CAD Nutrien Ltd. 330 0.08 637 CAD Onex Corp. 46 0.01 2,811 CAD Open Text Corp. 98 0.02 5,035 CAD Pembina Pipeline Corp. 175 0.04 3,110 CAD Power Corp. of Canada 72 0.02 2,570 CAD Power Financial Corp. 64 0.02 1,994 CAD PrairieSky Royalty Ltd.1 41 0.01 2,045 CAD Restaurant Brands International, Inc. 121 0.03 1,053 CAD RioCan Real Estate Investment Trust 19 – 4,216 CAD Rogers Communications, Inc. 'B' 198 0.05 15,771 CAD Royal Bank of Canada 1,191 0.28 2,496 CAD Saputo, Inc.1 87 0.02 1,469 CAD Seven Generations Energy Ltd. 19 – 4,136 CAD Shaw Communications, Inc. 'B' 83 0.02 937 CAD Shopify, Inc. 'A' 139 0.03 1,807 CAD SNC-Lavalin Group, Inc. 79 0.02 6,935 CAD Sun Life Financial, Inc.1 287 0.07 18,377 CAD Suncor Energy, Inc. 732 0.17 6,844 CAD Teck Resources Ltd. 'B' 186 0.04 1,247 CAD TELUS Corp. 44 0.01 1,025 CAD TELUS Corp. 36 0.01 2,612 CAD Thomson Reuters Corp. 102 0.02 20,040 CAD Toronto-Dominion Bank (The) 1,169 0.28 2,620 CAD Tourmaline Oil Corp. 52 0.01 9,621 CAD TransCanada Corp. 403 0.10 8,148 CAD Turquoise Hill Resources Ltd. 23 0.01 4,252 CAD Valeant Pharmaceuticals International, Inc. 94 0.02 836 CAD Vermilion Energy, Inc. 29 0.01 2,923 USD Waste Connections, Inc. 225 0.05 889 CAD West Fraser Timber Co. Ltd. 65 0.02 3,816 CAD Wheaton Precious Metals Corp. 83 0.02 Total Canada 15,173 3.59

Cayman Islands (31 May 2017: 0.24%) 2,600 HKD ASM Pacific Technology Ltd. 34 0.01 27,500 HKD CK Asset Holdings Ltd. 230 0.05 28,024 HKD CK Hutchison Holdings Ltd. 316 0.08 3,283 USD Melco Resorts & Entertainment Ltd. ADR 107 0.03 3,200 HKD MGM China Holdings Ltd. 9 – 8,000 HKD Minth Group Ltd. 37 0.01 22,000 HKD Sands China Ltd. 132 0.03 93,000 HKD WH Group Ltd. 96 0.02 11,000 HKD Wharf Real Estate Investment Co. Ltd. 85 0.02

127



As at 31 May 2018




Cayman Islands (continued) 22,000 HKD Wynn Macau Ltd. 84 0.02 Total Cayman Islands 1,130 0.27

Curacao (31 May 2017: 0.27%) 14,462 USD Schlumberger Ltd. 993 0.23 Total Curacao 993 0.23

Denmark (31 May 2017: 0.68%) 46 DKK AP Moller - Maersk A/S 'A' 65 0.02 61 DKK AP Moller - Maersk A/S 'B' 91 0.02 976 DKK Carlsberg A/S 'B' 108 0.03 1,059 DKK Chr. Hansen Holding A/S 102 0.02 1,552 DKK Coloplast A/S 'B' 147 0.03 7,486 DKK Danske Bank A/S 248 0.06 1,798 DKK DSV A/S 149 0.04 746 DKK Genmab A/S 112 0.03 663 DKK H Lundbeck A/S 47 0.01 1,991 DKK ISS A/S 68 0.02 19,115 DKK Novo Nordisk A/S 'B' 907 0.21 2,246 DKK Novozymes A/S 'B' 114 0.03 2,198 DKK Orsted A/S 132 0.03 1,234 DKK Pandora A/S1 97 0.02 1,451 DKK Tryg A/S 33 0.01 2,136 DKK Vestas Wind Systems A/S 140 0.03 1,283 DKK William Demant Holding A/S 47 0.01 Total Denmark 2,607 0.62

Finland (31 May 2017: 0.39%) 1,672 EUR Elisa OYJ 75 0.02 4,704 EUR Fortum OYJ 110 0.03 3,209 EUR Kone OYJ 'B' 159 0.04 998 EUR Metso OYJ 34 0.01 1,260 EUR Neste OYJ 102 0.02 62,605 EUR Nokia OYJ 361 0.08 801 EUR Nokian Renkaat OYJ 31 0.01 831 EUR Orion OYJ 'B' 25 0.01 4,248 EUR Sampo OYJ 'A' 209 0.05 5,894 EUR Stora Enso OYJ 'R' 120 0.03 5,939 EUR UPM-Kymmene OYJ 218 0.05 4,857 EUR Wartsila OYJ Abp 103 0.02 Total Finland 1,547 0.37

France (31 May 2017: 3.78%) 2,055 EUR Accor SA 112 0.03 368 EUR Aeroports de Paris 77 0.02 4,575 EUR Air Liquide SA 563 0.13 1,229 EUR Alstom SA 58 0.01 488 EUR Amundi SA 36 0.01 831 EUR Arkema SA 101 0.02 1,184 EUR Atos SE 161 0.04 20,300 EUR AXA SA 505 0.12 465 EUR BioMerieux 41 0.01 11,519 EUR BNP Paribas SA 713 0.17 11,272 EUR Bollore SA 55 0.01 2,178 EUR Bouygues SA 101 0.02 3,108 EUR Bureau Veritas SA 77 0.02

128



As at 31 May 2018




France (continued) 1,767 EUR Capgemini SE 232 0.05 6,025 EUR Carrefour SA 109 0.03 562 EUR Casino Guichard Perrachon SA 24 0.01 5,617 EUR Cie de Saint-Gobain 281 0.07 1,780 EUR Cie Generale des Etablissements Michelin SCA 'B' 230 0.05 1,069 EUR CNP Assurances 25 0.01 12,969 EUR Credit Agricole SA 178 0.04 6,425 EUR Danone SA 490 0.12 27 EUR Dassault Aviation SA 52 0.01 1,306 EUR Dassault Systemes SE 183 0.04 2,597 EUR Edenred 83 0.02 758 EUR Eiffage SA 85 0.02 5,990 EUR Electricite de France SA 80 0.02 19,421 EUR Engie SA 307 0.07 2,338 EUR Essilor International Cie Generale d'Optique SA 319 0.08 294 EUR Eurazeo SA 23 0.01 1,065 EUR Eutelsat Communications SA 20 – 612 EUR Faurecia SA 52 0.01 304 EUR Fonciere Des Regions, REIT 32 0.01 511 EUR Gecina SA, REIT 88 0.02 5,704 EUR Getlink 77 0.02 323 EUR Hermes International 230 0.05 336 EUR ICADE, REIT 31 0.01 316 EUR Iliad SA 54 0.01 235 EUR Imerys SA 20 – 624 EUR Ingenico Group SA 50 0.01 298 EUR Ipsen SA 47 0.01 1,044 EUR JCDecaux SA 32 0.01 780 EUR Kering SA 446 0.11 2,061 EUR Klepierre SA, REIT 80 0.02 745 EUR Lagardere SCA 20 – 2,985 EUR Legrand SA 225 0.05 2,741 EUR L'Oreal SA 658 0.16 2,990 EUR LVMH Moet Hennessy Louis Vuitton SE 1,037 0.25 10,612 EUR Natixis SA 77 0.02 21,997 EUR Orange SA 378 0.09 2,199 EUR Pernod Ricard SA1 369 0.09 5,895 EUR Peugeot SA 137 0.03 2,425 EUR Publicis Groupe SA 169 0.04 323 EUR Remy Cointreau SA 48 0.01 2,223 EUR Renault SA 214 0.05 2,062 EUR Rexel SA 30 0.01 3,594 EUR Safran SA 429 0.10 12,262 EUR Sanofi 939 0.22 5,793 EUR Schneider Electric SE 499 0.12 1,351 EUR SCOR SE 50 0.01 159 EUR SEB SA 29 0.01 182 EUR Societe BIC SA 18 – 8,348 EUR Societe Generale SA 359 0.08 725 EUR Sodexo SA 70 0.02 2,770 EUR Suez 38 0.01 751 EUR Teleperformance 119 0.03 1,108 EUR Thales SA 141 0.03 25,439 EUR TOTAL SA 1,546 0.37 1,063 EUR Ubisoft Entertainment SA 115 0.03 969 EUR Unibail-Rodamco SE, REIT 218 0.05 2,668 EUR Valeo SA 169 0.04

129



As at 31 May 2018




France (continued) 4,253 EUR Veolia Environnement SA 96 0.02 5,151 EUR Vinci SA 503 0.12 11,278 EUR Vivendi SA 283 0.07 457 EUR Wendel SA 60 0.01 Total France 15,603 3.69

Germany (31 May 2017: 3.62%) 513 EUR 1&1 Drillisch AG 35 0.01 2,014 EUR adidas AG 455 0.11 4,651 EUR Allianz SE 958 0.23 655 EUR Axel Springer SE 47 0.01 9,866 EUR BASF SE 970 0.23 8,862 EUR Bayer AG 1,054 0.25 3,741 EUR Bayerische Motoren Werke AG 373 0.09 422 EUR Bayerische Motoren Werke AG, Preference 37 0.01 1,018 EUR Beiersdorf AG 117 0.03 1,372 EUR Brenntag AG 79 0.02 13,600 EUR Commerzbank AG 139 0.03 1,138 EUR Continental AG 288 0.07 2,154 EUR Covestro AG 196 0.05 10,197 EUR Daimler AG 734 0.17 21,443 EUR Deutsche Bank AG 229 0.05 1,885 EUR Deutsche Boerse AG 252 0.06 2,786 EUR Deutsche Lufthansa AG 76 0.02 10,336 EUR Deutsche Post AG 392 0.09 34,512 EUR Deutsche Telekom AG 533 0.13 4,110 EUR Deutsche Wohnen SE 193 0.05 21,353 EUR E.ON SE 226 0.05 1,918 EUR Evonik Industries AG 67 0.02 274 EUR Fraport AG Frankfurt Airport Services Worldwide 26 0.01 2,076 EUR Fresenius Medical Care AG & Co. KGaA 207 0.05 4,600 EUR Fresenius SE & Co. KGaA 353 0.08 454 EUR FUCHS PETROLUB SE, Preference 24 0.01 1,660 EUR GEA Group AG 61 0.01 631 EUR Hannover Rueck SE 80 0.02 1,834 EUR HeidelbergCement AG 162 0.04 1,687 EUR Henkel AG & Co. KGaA, Preference 208 0.05 949 EUR Henkel AG & Co. KGaA 107 0.02 196 EUR HOCHTIEF AG 36 0.01 490 EUR HUGO BOSS AG 44 0.01 12,257 EUR Infineon Technologies AG 336 0.08 1,126 EUR Innogy SE 47 0.01 2,427 EUR K+S AG 65 0.02 977 EUR KION Group AG 79 0.02 760 EUR LANXESS AG1 60 0.01 1,982 EUR Linde AG 453 0.11 589 EUR MAN SE 64 0.01 1,588 EUR Merck KGaA 162 0.04 1,137 EUR METRO AG 15 – 671 EUR MTU Aero Engines AG 127 0.03 1,620 EUR Muenchener Rueckversicherungs-Gesellschaft AG 333 0.08 866 EUR OSRAM Licht AG 51 0.01 1,457 EUR Porsche Automobil Holding SE, Preference 107 0.02 2,543 EUR ProSiebenSat.1 Media SE1 75 0.02 65 EUR Puma SE 39 0.01 4,709 EUR RWE AG 107 0.02 10,496 EUR SAP SE 1,180 0.28

130



As at 31 May 2018




Germany (continued) 1,860 EUR Schaeffler AG, Preference 28 0.01 8,185 EUR Siemens AG 1,065 0.25 1,139 EUR Symrise AG 92 0.02 11,601 EUR Telefonica Deutschland Holding AG 49 0.01 4,432 EUR thyssenkrupp AG1 117 0.03 4,085 GBP TUI AG 95 0.02 2,582 EUR Uniper SE 82 0.02 1,356 EUR United Internet AG 86 0.02 2,021 EUR Volkswagen AG, Preference 380 0.09 486 EUR Volkswagen AG 90 0.02 5,195 EUR Vonovia SE 245 0.06 1,211 EUR Wirecard AG 187 0.04 815 EUR Zalando SE 43 0.01 Total Germany 14,617 3.46

Hong Kong (31 May 2017: 0.92%) 129,000 HKD AIA Group Ltd. 1,184 0.28 16,000 HKD Bank of East Asia Ltd. (The) 66 0.02 41,500 HKD BOC Hong Kong Holdings Ltd. 209 0.05 19,000 HKD CLP Holdings Ltd. 200 0.05 27,000 HKD Galaxy Entertainment Group Ltd. 238 0.06 6,000 HKD Hang Lung Group Ltd. 19 – 26,000 HKD Hang Lung Properties Ltd. 59 0.01 8,800 HKD Hang Seng Bank Ltd. 220 0.05 9,849 HKD Henderson Land Development Co. Ltd. 65 0.02 18,500 HKD HK Electric Investments & HK Electric Investments Ltd. 18 – 43,000 HKD HKT Trust & HKT Ltd. 54 0.01 95,700 HKD Hong Kong & China Gas Co. Ltd. 207 0.05 10,995 HKD Hong Kong Exchanges & Clearing Ltd. 356 0.08 4,000 HKD Hysan Development Co. Ltd. 23 0.01 21,000 HKD Link REIT 186 0.04 16,500 HKD MTR Corp. Ltd. 93 0.02 62,725 HKD New World Development Co. Ltd. 96 0.02 26,000 HKD PCCW Ltd. 15 – 12,000 HKD Power Assets Holdings Ltd. 83 0.02 40,000 HKD Sino Land Co. Ltd. 69 0.02 16,000 HKD SJM Holdings Ltd. 23 0.01 16,000 HKD Sun Hung Kai Properties Ltd. 258 0.06 6,000 HKD Swire Pacific Ltd. 'A' 62 0.02 20,000 HKD Swire Properties Ltd. 78 0.02 12,000 HKD Techtronic Industries Co. Ltd. 72 0.02 11,000 HKD Wharf Holdings Ltd. (The) 35 0.01 7,000 HKD Wheelock & Co. Ltd. 53 0.01 Total Hong Kong 4,041 0.96

Ireland (31 May 2017: 1.47%) 6,514 USD Accenture plc 'A' 1,014 0.24 6,570 EUR AIB Group plc 36 0.01 1,776 USD Alkermes plc 84 0.02 1,356 USD Allegion plc 104 0.02 3,624 USD Allergan plc 546 0.13 10,289 EUR Bank of Ireland Group plc 85 0.02 8,915 EUR CRH plc 329 0.08 855 GBP DCC plc 82 0.02 4,561 USD Eaton Corp. plc 349 0.08 2,431 USD Ingersoll-Rand plc 213 0.05

131



As at 31 May 2018




Ireland (continued) 5,936 AUD James Hardie Industries plc 99 0.02 529 USD Jazz Pharmaceuticals plc 89 0.02 10,346 USD Johnson Controls International plc 347 0.08 1,870 EUR Kerry Group plc 'A' 197 0.05 14,036 USD Medtronic plc 1,212 0.29 793 EUR Paddy Power Betfair plc 96 0.02 1,826 USD Pentair plc 80 0.02 1,649 USD Perrigo Co. plc 121 0.03 3,157 USD Seagate Technology plc 178 0.04 1,388 USD Willis Towers Watson plc 210 0.05 Total Ireland 5,471 1.29

Isle of Man (31 May 2017: 0.02%) 59,000 SGD Genting Singapore plc 56 0.01 Total Isle of Man 56 0.01

Israel (31 May 2017: 0.21%) 589 ILS Azrieli Group Ltd. 29 0.01 13,374 ILS Bank Hapoalim BM 92 0.02 16,200 ILS Bank Leumi Le-Israel BM 101 0.02 18,417 ILS Bezeq The Israeli Telecommunication Corp. Ltd. 22 0.01 1,165 USD Check Point Software Technologies Ltd. 113 0.03 256 ILS Elbit Systems Ltd. 31 0.01 405 ILS Frutarom Industries Ltd. 40 0.01 2,714 ILS Israel Chemicals Ltd. 13 – 2,727 ILS Mizrahi Tefahot Bank Ltd. 52 0.01 536 ILS Nice Ltd. 56 0.01 5,410 ILS Teva Pharmaceutical Industries Ltd. 117 0.03 3,607 USD Teva Pharmaceutical Industries Ltd. ADR 78 0.02 Total Israel 744 0.18

Italy (31 May 2017: 0.67%) 14,226 EUR Assicurazioni Generali SpA1 242 0.06 5,327 EUR Atlantia SpA 154 0.04 4,924 EUR Davide Campari-Milano SpA 37 0.01 85,395 EUR Enel SpA1 469 0.11 26,254 EUR Eni SpA 475 0.11 142,239 EUR Intesa Sanpaolo SpA1 417 0.10 6,222 EUR Intesa Sanpaolo SpA, Savings Share 19 – 1,001 EUR Leonardo SpA 10 – 1,682 EUR Luxottica Group SpA 104 0.03 8,342 EUR Mediobanca Banca di Credito Finanziario SpA 78 0.02 3,495 EUR Poste Italiane SpA 30 0.01 2,409 EUR Prysmian SpA 67 0.02 871 EUR Recordati SpA 32 0.01 23,286 EUR Snam SpA 95 0.02 123,025 EUR Telecom Italia SpA 99 0.02 83,936 EUR Telecom Italia SpA, Savings Share 59 0.01 18,090 EUR Terna Rete Elettrica Nazionale SpA 96 0.02 20,997 EUR UniCredit SpA 346 0.08 7,585 EUR UnipolSai Assicurazioni SpA 17 – Total Italy 2,846 0.67

Japan (31 May 2017: 8.62%) 600 JPY ABC-Mart, Inc. 37 0.01 6,200 JPY Aeon Co. Ltd.1 123 0.03

132



As at 31 May 2018




Japan (continued) 800 JPY AEON Financial Service Co. Ltd. 19 – 1,600 JPY Aeon Mall Co. Ltd. 31 0.01 2,900 JPY Air Water, Inc. 57 0.01 2,000 JPY Aisin Seiki Co. Ltd. 101 0.02 6,100 JPY Ajinomoto Co., Inc. 117 0.03 1,200 JPY Alfresa Holdings Corp. 30 0.01 1,600 JPY Alps Electric Co. Ltd. 38 0.01 2,600 JPY Amada Holdings Co. Ltd. 28 0.01 2,000 JPY ANA Holdings, Inc. 81 0.02 900 JPY Aozora Bank Ltd. 36 0.01 1,800 JPY Asahi Glass Co. Ltd. 74 0.02 4,600 JPY Asahi Group Holdings Ltd. 241 0.06 12,300 JPY Asahi Kasei Corp. 169 0.04 1,300 JPY Asics Corp. 22 0.01 19,400 JPY Astellas Pharma, Inc. 297 0.07 1,900 JPY Bandai Namco Holdings, Inc. 81 0.02 400 JPY Bank of Kyoto Ltd. (The) 21 – 400 JPY Benesse Holdings, Inc. 15 – 7,000 JPY Bridgestone Corp. 281 0.07 2,800 JPY Brother Industries Ltd. 59 0.01 600 JPY Calbee, Inc. 22 0.01 11,600 JPY Canon, Inc. 397 0.09 1,100 JPY Casio Computer Co. Ltd. 17 – 1,600 JPY Central Japan Railway Co. 331 0.08 6,000 JPY Chiba Bank Ltd. (The) 46 0.01 8,200 JPY Chubu Electric Power Co., Inc. 127 0.03 2,200 JPY Chugai Pharmaceutical Co. Ltd. 125 0.03 2,300 JPY Chugoku Electric Power Co., Inc. (The) 30 0.01 1,200 JPY Coca-Cola Bottlers Japan Holdings, Inc. 51 0.01 12,300 JPY Concordia Financial Group Ltd. 69 0.02 2,500 JPY Credit Saison Co. Ltd. 42 0.01 3,300 JPY Dai Nippon Printing Co. Ltd. 71 0.02 2,000 JPY Daicel Corp. 23 0.01 800 JPY Daifuku Co. Ltd. 42 0.01 10,900 JPY Dai-ichi Life Holdings, Inc. 204 0.05 5,600 JPY Daiichi Sankyo Co. Ltd. 180 0.04 2,700 JPY Daikin Industries Ltd. 313 0.07 800 JPY Daito Trust Construction Co. Ltd. 131 0.03 6,600 JPY Daiwa House Industry Co. Ltd. 240 0.06 29 JPY Daiwa House REIT Investment Corp. 68 0.02 18,000 JPY Daiwa Securities Group, Inc. 105 0.02 700 JPY DeNA Co. Ltd. 13 – 5,600 JPY Denso Corp. 273 0.06 2,000 JPY Dentsu, Inc. 96 0.02 300 JPY Disco Corp. 57 0.01 1,700 JPY Don Quijote Holdings Co. Ltd. 91 0.02 3,400 JPY East Japan Railway Co.1 337 0.08 3,200 JPY Eisai Co. Ltd. 232 0.05 1,100 JPY Electric Power Development Co. Ltd. 29 0.01 1,100 JPY FamilyMart UNY Holdings Co. Ltd. 114 0.03 2,200 JPY FANUC Corp. 471 0.11 700 JPY Fast Retailing Co. Ltd. 308 0.07 7,000 JPY Fuji Electric Co. Ltd. 50 0.01 4,100 JPY FUJIFILM Holdings Corp. 158 0.04 25,000 JPY Fujitsu Ltd. 153 0.04 6,000 JPY Fukuoka Financial Group, Inc. 32 0.01 3,000 JPY Hachijuni Bank Ltd. (The) 13 –

133



As at 31 May 2018




Japan (continued) 2,600 JPY Hakuhodo DY Holdings, Inc. 40 0.01 1,100 JPY Hamamatsu Photonics KK 48 0.01 3,200 JPY Hankyu Hanshin Holdings, Inc. 132 0.03 400 JPY Hikari Tsushin, Inc. 71 0.02 3,700 JPY Hino Motors Ltd. 42 0.01 315 JPY Hirose Electric Co. Ltd. 41 0.01 400 JPY Hisamitsu Pharmaceutical Co., Inc. 33 0.01 1,100 JPY Hitachi Chemical Co. Ltd. 24 0.01 1,500 JPY Hitachi Construction Machinery Co. Ltd. 56 0.01 700 JPY Hitachi High-Technologies Corp. 32 0.01 51,000 JPY Hitachi Ltd. 374 0.09 1,400 JPY Hitachi Metals Ltd. 15 – 17,800 JPY Honda Motor Co. Ltd. 565 0.13 800 JPY Hoshizaki Corp. 80 0.02 4,000 JPY Hoya Corp. 238 0.06 2,000 JPY Hulic Co. Ltd. 21 – 1,000 JPY Idemitsu Kosan Co. Ltd. 34 0.01 2,300 JPY IHI Corp. 87 0.02 1,000 JPY Iida Group Holdings Co. Ltd. 19 – 8,800 JPY Inpex Corp. 98 0.02 3,400 JPY Isetan Mitsukoshi Holdings Ltd. 42 0.01 6,200 JPY Isuzu Motors Ltd. 83 0.02 16,700 JPY ITOCHU Corp. 314 0.07 2,000 JPY J Front Retailing Co. Ltd. 32 0.01 1,400 JPY Japan Airlines Co. Ltd. 54 0.01 1,100 JPY Japan Airport Terminal Co. Ltd. 51 0.01 5,500 JPY Japan Exchange Group, Inc. 105 0.02 5,100 JPY Japan Post Bank Co. Ltd. 64 0.02 15,500 JPY Japan Post Holdings Co. Ltd. 178 0.04 5 JPY Japan Prime Realty Investment Corp., REIT 18 – 18 JPY Japan Real Estate Investment Corp., REIT 95 0.02 23 JPY Japan Retail Fund Investment Corp., REIT 42 0.01 5,100 JPY JFE Holdings, Inc. 106 0.02 2,000 JPY JGC Corp. 42 0.01 1,700 JPY JSR Corp. 33 0.01 2,000 JPY JTEKT Corp. 29 0.01 31,600 JPY JXTG Holdings, Inc. 204 0.05 12,000 JPY Kajima Corp. 98 0.02 900 JPY Kakaku.com, Inc. 20 – 1,000 JPY Kamigumi Co. Ltd. 22 0.01 5,000 JPY Kaneka Corp. 52 0.01 7,800 JPY Kansai Electric Power Co., Inc. (The) 112 0.03 2,000 JPY Kansai Paint Co. Ltd.1 43 0.01 5,300 JPY Kao Corp.1 412 0.10 1,100 JPY Kawasaki Heavy Industries Ltd. 33 0.01 18,900 JPY KDDI Corp. 512 0.12 800 JPY Keihan Holdings Co. Ltd. 27 0.01 1,500 JPY Keikyu Corp. 25 0.01 1,000 JPY Keio Corp. 47 0.01 1,000 JPY Keisei Electric Railway Co. Ltd. 34 0.01 1,100 JPY Keyence Corp. 677 0.16 2,100 JPY Kikkoman Corp. 99 0.02 1,800 JPY Kintetsu Group Holdings Co. Ltd. 75 0.02 8,700 JPY Kirin Holdings Co. Ltd. 248 0.06 5,000 JPY Kobe Steel Ltd. 50 0.01 1,200 JPY Koito Manufacturing Co. Ltd. 88 0.02 10,200 JPY Komatsu Ltd. 337 0.08

134



As at 31 May 2018




Japan (continued) 800 JPY Konami Holdings Corp. 38 0.01 7,900 JPY Konica Minolta, Inc. 72 0.02 400 JPY Kose Corp. 87 0.02 9,800 JPY Kubota Corp. 165 0.04 2,700 JPY Kuraray Co. Ltd. 41 0.01 1,400 JPY Kurita Water Industries Ltd. 40 0.01 3,500 JPY Kyocera Corp. 208 0.05 2,000 JPY Kyowa Hakko Kirin Co. Ltd. 41 0.01 2,900 JPY Kyushu Electric Power Co., Inc. 34 0.01 3,900 JPY Kyushu Financial Group, Inc.1 19 – 1,300 JPY Kyushu Railway Co. 41 0.01 300 JPY Lawson, Inc. 20 – 2,000 JPY Lion Corp. 37 0.01 1,900 JPY LIXIL Group Corp. 42 0.01 2,000 JPY M3, Inc. 84 0.02 400 JPY Mabuchi Motor Co. Ltd. 19 – 2,500 JPY Makita Corp. 112 0.03 17,800 JPY Marubeni Corp. 139 0.03 1,700 JPY Marui Group Co. Ltd. 35 0.01 1,300 JPY Maruichi Steel Tube Ltd. 43 0.01 6,000 JPY Mazda Motor Corp. 76 0.02 1,100 JPY McDonald's Holdings Co. Japan Ltd. 55 0.01 14,280 JPY Mebuki Financial Group, Inc. 52 0.01 1,600 JPY Medipal Holdings Corp. 37 0.01 1,400 JPY MEIJI Holdings Co. Ltd. 119 0.03 4,200 JPY MINEBEA MITSUMI, Inc. 80 0.02 3,200 JPY MISUMI Group, Inc. 93 0.02 16,700 JPY Mitsubishi Chemical Holdings Corp. 155 0.04 15,800 JPY Mitsubishi Corp. 441 0.10 20,100 JPY Mitsubishi Electric Corp. 286 0.07 12,000 JPY Mitsubishi Estate Co. Ltd. 218 0.05 2,200 JPY Mitsubishi Gas Chemical Co., Inc. 56 0.01 3,200 JPY Mitsubishi Heavy Industries Ltd. 121 0.03 900 JPY Mitsubishi Materials Corp. 25 0.01 8,900 JPY Mitsubishi Motors Corp. 67 0.02 3,100 JPY Mitsubishi Tanabe Pharma Corp. 56 0.01 126,300 JPY Mitsubishi UFJ Financial Group, Inc. 762 0.18 6,600 JPY Mitsubishi UFJ Lease & Finance Co. Ltd. 40 0.01 18,700 JPY Mitsui & Co. Ltd. 330 0.08 2,700 JPY Mitsui Chemicals, Inc. 78 0.02 9,500 JPY Mitsui Fudosan Co. Ltd. 239 0.06 1,000 JPY Mitsui OSK Lines Ltd. 26 0.01 700 JPY Mixi, Inc. 22 0.01 255,800 JPY Mizuho Financial Group, Inc. 447 0.11 5,900 JPY MS&AD Insurance Group Holdings, Inc. 188 0.04 2,200 JPY Murata Manufacturing Co. Ltd. 328 0.08 1,100 JPY Nabtesco Corp. 36 0.01 1,400 JPY Nagoya Railroad Co. Ltd. 36 0.01 3,800 JPY NEC Corp. 107 0.03 3,000 JPY Nexon Co. Ltd. 50 0.01 2,000 JPY NGK Insulators Ltd. 37 0.01 1,200 JPY NGK Spark Plug Co. Ltd. 33 0.01 500 JPY NH Foods Ltd. 21 – 2,600 JPY Nidec Corp. 404 0.10 2,900 JPY Nikon Corp. 47 0.01 1,300 JPY Nintendo Co. Ltd. 538 0.13 19 JPY Nippon Building Fund, Inc., REIT 107 0.03

135



As at 31 May 2018




Japan (continued) 1,000 JPY Nippon Electric Glass Co. Ltd. 27 0.01 600 JPY Nippon Express Co. Ltd. 45 0.01 2,300 JPY Nippon Paint Holdings Co. Ltd. 96 0.02 17 JPY Nippon Prologis REIT, Inc. 36 0.01 8,600 JPY Nippon Steel & Sumitomo Metal Corp. 181 0.04 7,000 JPY Nippon Telegraph & Telephone Corp. 329 0.08 1,200 JPY Nippon Yusen KK 25 0.01 1,900 JPY Nissan Chemical Industries Ltd. 90 0.02 22,400 JPY Nissan Motor Co. Ltd. 223 0.05 1,400 JPY Nisshin Seifun Group, Inc. 30 0.01 500 JPY Nissin Foods Holdings Co. Ltd. 37 0.01 800 JPY Nitori Holdings Co. Ltd. 138 0.03 1,500 JPY Nitto Denko Corp. 118 0.03 300 JPY NOK Corp. 6 – 36,200 JPY Nomura Holdings, Inc. 188 0.04 700 JPY Nomura Real Estate Holdings, Inc. 16 – 42 JPY Nomura Real Estate Master Fund, Inc., REIT 59 0.01 1,089 JPY Nomura Research Institute Ltd. 55 0.01 4,300 JPY NSK Ltd. 49 0.01 5,500 JPY NTT Data Corp. 62 0.01 14,300 JPY NTT DOCOMO, Inc. 371 0.09 7,500 JPY Obayashi Corp. 76 0.02 500 JPY Obic Co. Ltd. 43 0.01 4,100 JPY Odakyu Electric Railway Co. Ltd. 89 0.02 11,000 JPY Oji Holdings Corp. 72 0.02 3,900 JPY Olympus Corp. 139 0.03 1,700 JPY Omron Corp. 90 0.02 4,600 JPY Ono Pharmaceutical Co. Ltd. 114 0.03 600 JPY Oracle Corp. Japan 46 0.01 2,500 JPY Oriental Land Co. Ltd. 257 0.06 12,900 JPY ORIX Corp. 217 0.05 5,000 JPY Osaka Gas Co. Ltd. 109 0.03 800 JPY Otsuka Corp. 33 0.01 4,000 JPY Otsuka Holdings Co. Ltd. 200 0.05 23,300 JPY Panasonic Corp. 319 0.08 900 JPY Park24 Co. Ltd. 24 0.01 1,600 JPY Persol Holdings Co. Ltd. 34 0.01 1,600 JPY Pola Orbis Holdings, Inc. 79 0.02 13,400 JPY Rakuten, Inc. 90 0.02 10,900 JPY Recruit Holdings Co. Ltd. 304 0.07 7,500 JPY Renesas Electronics Corp. 75 0.02 22,500 JPY Resona Holdings, Inc. 126 0.03 10,100 JPY Ricoh Co. Ltd. 92 0.02 400 JPY Rinnai Corp. 38 0.01 1,000 JPY Rohm Co. Ltd. 93 0.02 200 JPY Ryohin Keikaku Co. Ltd. 68 0.02 5,300 JPY Santen Pharmaceutical Co. Ltd. 93 0.02 3,200 JPY SBI Holdings, Inc. 88 0.02 2,100 JPY Secom Co. Ltd. 157 0.04 2,000 JPY Sega Sammy Holdings, Inc. 35 0.01 1,600 JPY Seibu Holdings, Inc. 26 0.01 3,400 JPY Seiko Epson Corp. 60 0.01 4,800 JPY Sekisui Chemical Co. Ltd. 79 0.02 5,300 JPY Sekisui House Ltd. 95 0.02 8,300 JPY Seven & i Holdings Co. Ltd.1 368 0.09 3,700 JPY Seven Bank Ltd. 12 – 1,100 JPY Sharp Corp. 29 0.01

136



As at 31 May 2018




Japan (continued) 2,000 JPY Shimadzu Corp. 55 0.01 200 JPY Shimamura Co. Ltd. 20 – 900 JPY Shimano, Inc. 127 0.03 6,000 JPY Shimizu Corp. 59 0.01 4,300 JPY Shin-Etsu Chemical Co. Ltd. 431 0.10 1,000 JPY Shinsei Bank Ltd. 16 – 3,700 JPY Shionogi & Co. Ltd. 195 0.05 4,300 JPY Shiseido Co. Ltd. 341 0.08 7,000 JPY Shizuoka Bank Ltd. (The)1 68 0.02 2,400 JPY Showa Shell Sekiyu KK 32 0.01 600 JPY SMC Corp. 229 0.05 8,600 JPY SoftBank Group Corp. 615 0.15 700 JPY Sohgo Security Services Co. Ltd. 32 0.01 4,400 JPY Sompo Holdings, Inc. 192 0.05 13,300 JPY Sony Corp. 632 0.15 1,800 JPY Sony Financial Holdings, Inc. 33 0.01 1,700 JPY Stanley Electric Co. Ltd. 58 0.01 1,600 JPY Start Today Co. Ltd. 56 0.01 6,000 JPY Subaru Corp. 184 0.04 1,900 JPY SUMCO Corp. 46 0.01 15,000 JPY Sumitomo Chemical Co. Ltd. 91 0.02 13,400 JPY Sumitomo Corp. 225 0.05 1,300 JPY Sumitomo Dainippon Pharma Co. Ltd. 27 0.01 9,600 JPY Sumitomo Electric Industries Ltd. 145 0.03 1,000 JPY Sumitomo Heavy Industries Ltd. 35 0.01 2,200 JPY Sumitomo Metal Mining Co. Ltd. 84 0.02 13,700 JPY Sumitomo Mitsui Financial Group, Inc. 568 0.13 3,200 JPY Sumitomo Mitsui Trust Holdings, Inc. 134 0.03 4,000 JPY Sumitomo Realty & Development Co. Ltd. 151 0.04 1,200 JPY Sumitomo Rubber Industries Ltd. 20 – 600 JPY Sundrug Co. Ltd. 27 0.01 1,000 JPY Suntory Beverage & Food Ltd. 45 0.01 1,400 JPY Suruga Bank Ltd. 16 – 900 JPY Suzuken Co. Ltd. 40 0.01 3,800 JPY Suzuki Motor Corp. 219 0.05 1,600 JPY Sysmex Corp. 144 0.03 5,500 JPY T&D Holdings, Inc. 87 0.02 1,100 JPY Taiheiyo Cement Corp. 41 0.01 2,300 JPY Taisei Corp. 127 0.03 200 JPY Taisho Pharmaceutical Holdings Co. Ltd. 21 – 3,000 JPY Taiyo Nippon Sanso Corp. 45 0.01 4,000 JPY Takashimaya Co. Ltd. 33 0.01 7,800 JPY Takeda Pharmaceutical Co. Ltd. 320 0.08 1,200 JPY TDK Corp. 108 0.03 2,200 JPY Teijin Ltd. 43 0.01 3,400 JPY Terumo Corp. 202 0.05 1,200 JPY THK Co. Ltd. 43 0.01 1,600 JPY Tobu Railway Co. Ltd. 50 0.01 1,400 JPY Toho Co. Ltd. 49 0.01 600 JPY Toho Gas Co. Ltd. 19 – 5,800 JPY Tohoku Electric Power Co., Inc. 74 0.02 7,400 JPY Tokio Marine Holdings, Inc. 357 0.08 18,300 JPY Tokyo Electric Power Co. Holdings, Inc. 87 0.02 1,600 JPY Tokyo Electron Ltd. 300 0.07 3,700 JPY Tokyo Gas Co. Ltd. 101 0.02 2,100 JPY Tokyo Tatemono Co. Ltd. 29 0.01 6,200 JPY Tokyu Corp. 110 0.03

137



As at 31 May 2018




Japan (continued) 4,000 JPY Tokyu Fudosan Holdings Corp. 30 0.01 3,000 JPY Toppan Printing Co. Ltd. 25 0.01 13,500 JPY Toray Industries, Inc. 111 0.03 63,000 JPY Toshiba Corp.1 177 0.04 2,500 JPY Tosoh Corp. 44 0.01 1,200 JPY TOTO Ltd. 63 0.01 800 JPY Toyo Seikan Group Holdings Ltd. 13 – 600 JPY Toyo Suisan Kaisha Ltd. 21 – 2,100 JPY Toyota Industries Corp. 123 0.03 26,768 JPY Toyota Motor Corp.1 1,705 0.40 1,900 JPY Toyota Tsusho Corp. 66 0.02 1,400 JPY Trend Micro, Inc. 80 0.02 300 JPY Tsuruha Holdings, Inc. 45 0.01 4,400 JPY Unicharm Corp. 137 0.03 23 JPY United Urban Investment Corp., REIT 35 0.01 1,800 JPY USS Co. Ltd. 34 0.01 2,000 JPY West Japan Railway Co. 144 0.03 10,600 JPY Yahoo Japan Corp. 39 0.01 900 JPY Yakult Honsha Co. Ltd. 59 0.01 4,100 JPY Yamada Denki Co. Ltd. 21 – 3,000 JPY Yamaguchi Financial Group, Inc. 36 0.01 1,800 JPY Yamaha Corp. 94 0.02 3,700 JPY Yamaha Motor Co. Ltd. 107 0.03 4,500 JPY Yamato Holdings Co. Ltd. 129 0.03 1,000 JPY Yamazaki Baking Co. Ltd. 22 0.01 3,400 JPY Yaskawa Electric Corp. 138 0.03 1,500 JPY Yokogawa Electric Corp. 27 0.01 2,000 JPY Yokohama Rubber Co. Ltd. (The) 44 0.01 Total Japan 37,959 8.98

Jersey (31 May 2017: 0.53%) 2,878 USD Aptiv plc 280 0.07 9,779 GBP Experian plc 240 0.06 2,848 GBP Ferguson plc 221 0.05 125,964 GBP Glencore plc 624 0.15 756 GBP Randgold Resources Ltd. 60 0.01 9,421 GBP Shire plc 514 0.12 12,171 GBP WPP plc 200 0.05 Total Jersey 2,139 0.51

Liberia (31 May 2017: 0.05%) 1,956 USD Royal Caribbean Cruises Ltd. 205 0.05 Total Liberia 205 0.05

Luxembourg (31 May 2017: 0.10%) 6,621 EUR ArcelorMittal 214 0.05 147 EUR Eurofins Scientific SE 75 0.02 842 SEK Millicom International Cellular SA SDR 53 0.01 279 EUR RTL Group SA 21 – 4,791 EUR SES SA FDR 83 0.02 4,815 EUR Tenaris SA 86 0.02 Total Luxembourg 532 0.12

138



As at 31 May 2018




Mauritius (31 May 2017: 0.00%) 177,000 SGD Golden Agri-Resources Ltd. 42 0.01 Total Mauritius 42 0.01

Netherlands (31 May 2017: 1.80%) 4,256 EUR ABN AMRO Group NV CVA 110 0.03 18,738 EUR Aegon NV 117 0.03 1,268 USD AerCap Holdings NV 70 0.02 5,963 EUR Airbus SE 677 0.16 2,896 EUR Akzo Nobel NV 254 0.06 4,216 EUR ASML Holding NV 824 0.20 1,933 EUR Boskalis Westminster 53 0.01 9,665 EUR CNH Industrial NV 113 0.03 1,399 EUR EXOR NV 101 0.02 1,237 EUR Ferrari NV 161 0.04 12,058 EUR Fiat Chrysler Automobiles NV 273 0.06 1,069 EUR Heineken Holding NV 104 0.03 2,518 EUR Heineken NV 252 0.06 41,763 EUR ING Groep NV 607 0.14 13,390 EUR Koninklijke Ahold Delhaize NV1 307 0.07 2,114 EUR Koninklijke DSM NV 210 0.05 33,425 EUR Koninklijke KPN NV 91 0.02 9,669 EUR Koninklijke Philips NV 395 0.09 787 EUR Koninklijke Vopak NV1 39 0.01 3,472 USD LyondellBasell Industries NV 'A' 389 0.09 4,945 USD Mylan NV 190 0.05 3,028 EUR NN Group NV 130 0.03 3,498 USD NXP Semiconductors NV 399 0.09 3,013 EUR QIAGEN NV 109 0.03 975 EUR Randstad NV 58 0.01 9,997 EUR RELX NV 218 0.05 7,676 EUR STMicroelectronics NV 183 0.04 16,701 EUR Unilever NV CVA 931 0.22 3,380 EUR Wolters Kluwer NV 190 0.05 Total Netherlands 7,555 1.79

New Zealand (31 May 2017: 0.07%) 16,535 NZD Auckland International Airport Ltd. 77 0.02 4,603 NZD Fisher & Paykel Healthcare Corp. Ltd. 43 0.01 8,139 NZD Fletcher Building Ltd. 38 0.01 14,964 NZD Meridian Energy Ltd. 31 0.01 6,429 NZD Ryman Healthcare Ltd. 51 0.01 17,689 NZD Spark New Zealand Ltd. 45 0.01 Total New Zealand 285 0.07

Norway (31 May 2017: 0.23%) 9,446 NOK DNB ASA 169 0.04 12,555 NOK Equinor ASA 330 0.08 1,521 NOK Gjensidige Forsikring ASA 23 – 3,905 NOK Marine Harvest ASA 78 0.02 13,123 NOK Norsk Hydro ASA 82 0.02 9,374 NOK Orkla ASA 85 0.02 1,092 NOK Schibsted ASA 'B' 30 0.01 9,063 NOK Telenor ASA 187 0.04 1,959 NOK Yara International ASA 81 0.02 Total Norway 1,065 0.25

139



As at 31 May 2018




Panama (31 May 2017: 0.06%) 3,350 USD Carnival Corp. 209 0.05 Total Panama 209 0.05

Papua New Guinea (31 May 2017: 0.03%) 13,711 AUD Oil Search Ltd. 86 0.02 Total Papua New Guinea 86 0.02

Portugal (31 May 2017: 0.05%) 29,628 EUR EDP - Energias de Portugal SA 116 0.03 5,351 EUR Galp Energia SGPS SA 99 0.02 1,802 EUR Jeronimo Martins SGPS SA 28 0.01 Total Portugal 243 0.06

Singapore (31 May 2017: 0.74%) 31,100 SGD Ascendas Real Estate Investment Trust 62 0.01 31,948 SGD CapitaLand Commercial Trust, REIT 41 0.01 35,300 SGD CapitaLand Ltd. 91 0.02 21,800 SGD CapitaLand Mall Trust, REIT 34 0.01 4,400 SGD City Developments Ltd. 37 0.01 25,200 SGD ComfortDelGro Corp. Ltd. 46 0.01 18,787 SGD DBS Group Holdings Ltd. 399 0.09 5,271 USD Flex Ltd. 73 0.02 36,100 USD Hutchison Port Holdings Trust 10 – 1,100 SGD Jardine Cycle & Carriage Ltd. 28 0.01 16,000 SGD Keppel Corp. Ltd. 92 0.02 29,070 SGD Oversea-Chinese Banking Corp. Ltd. 273 0.06 8,400 SGD SATS Ltd. 32 0.01 12,000 SGD Sembcorp Industries Ltd. 26 0.01 6,500 SGD Singapore Airlines Ltd. 55 0.01 9,000 SGD Singapore Exchange Ltd. 49 0.01 4,200 SGD Singapore Press Holdings Ltd. 8 – 9,700 SGD Singapore Technologies Engineering Ltd. 25 0.01 81,300 SGD Singapore Telecommunications Ltd. 199 0.05 19,500 SGD Suntec Real Estate Investment Trust 26 0.01 12,521 SGD United Overseas Bank Ltd. 264 0.06 9,379 SGD UOL Group Ltd. 57 0.01 11,000 SGD Wilmar International Ltd. 27 0.01 38,800 SGD Yangzijiang Shipbuilding Holdings Ltd. 28 0.01 Total Singapore 1,982 0.47

Spain (31 May 2017: 1.32%) 2,204 EUR ACS Actividades de Construccion y Servicios SA 91 0.02 651 EUR Aena SME SA 125 0.03 4,795 EUR Amadeus IT Group SA 380 0.09 70,946 EUR Banco Bilbao Vizcaya Argentaria SA 484 0.11 52,672 EUR Banco de Sabadell SA 88 0.02 173,095 EUR Banco Santander SA 929 0.22 18,610 EUR Bankia SA 70 0.02 9,391 EUR Bankinter SA 90 0.02 37,094 EUR CaixaBank SA 157 0.04 1,103 EUR Enagas SA 29 0.01 4,450 EUR Endesa SA 98 0.02 5,088 EUR Ferrovial SA 104 0.02 5,088 EUR Ferrovial SA, Rights 2 – 3,349 EUR Gas Natural SDG SA 82 0.02 2,963 EUR Grifols SA 87 0.02

140



As at 31 May 2018




Spain (continued) 60,626 EUR Iberdrola SA 430 0.10 10,931 EUR Industria de Diseno Textil SA 345 0.08 5,166 EUR International Consolidated Airlines Group SA 47 0.01 10,570 EUR Mapfre SA 32 0.01 3,326 EUR Red Electrica Corp. SA 65 0.02 14,325 EUR Repsol SA 273 0.06 1,892 EUR Siemens Gamesa Renewable Energy SA 29 0.01 51,832 EUR Telefonica SA 457 0.11 Total Spain 4,494 1.06

Sweden (31 May 2017: 1.08%) 2,500 SEK Alfa Laval AB 62 0.01 11,279 SEK Assa Abloy AB 'B' 242 0.06 6,457 SEK Atlas Copco AB 6 – 3,598 SEK Atlas Copco AB 3 – 7,585 SEK Atlas Copco AB 'A' 301 0.07 3,598 SEK Atlas Copco AB 'B' 130 0.03 3,127 SEK Boliden AB 110 0.03 3,127 SEK Boliden AB 2 – 2,384 SEK Electrolux AB 'B' 59 0.01 6,024 SEK Essity AB 'B' 153 0.04 1,699 SEK Getinge AB 16 – 9,569 SEK Hennes & Mauritz AB 'B' 144 0.03 2,420 SEK Hexagon AB 'B' 136 0.03 7,451 SEK Husqvarna AB 'B' 73 0.02 1,097 SEK ICA Gruppen AB1 34 0.01 1,591 SEK Industrivarden AB 'C' 33 0.01 4,409 SEK Investor AB 'B' 183 0.04 2,599 SEK Kinnevik AB 'B' 90 0.02 558 SEK L E Lundbergforetagen AB 'B' 18 – 1,935 SEK Lundin Petroleum AB 61 0.01 33,638 SEK Nordea Bank AB 323 0.08 12,030 SEK Sandvik AB 208 0.05 3,871 SEK Securitas AB 'B' 62 0.02 18,068 SEK Skandinaviska Enskilda Banken AB 'A' 163 0.04 3,208 SEK Skanska AB 'B' 59 0.01 3,764 SEK SKF AB 'B' 73 0.02 14,686 SEK Svenska Handelsbanken AB 'A' 161 0.04 9,718 SEK Swedbank AB 'A' 202 0.05 2,327 SEK Tele2 AB 'B' 28 0.01 30,633 SEK Telefonaktiebolaget LM Ericsson 'B' 222 0.05 32,724 SEK Telia Co. AB 153 0.04 16,966 SEK Volvo AB 'B' 292 0.07 Total Sweden 3,802 0.90

Switzerland (31 May 2017: 3.56%) 19,384 CHF ABB Ltd. 440 0.10 1,928 CHF Adecco Group AG 116 0.03 559 CHF Baloise Holding AG 82 0.02 20 CHF Barry Callebaut AG 35 0.01 1 CHF Chocoladefabriken Lindt & Spruengli AG, Registered 76 0.02 11 CHF Chocoladefabriken Lindt & Spruengli AG 71 0.02 5,036 USD Chubb Ltd. 658 0.16 5,419 CHF Cie Financiere Richemont SA 498 0.12 1,875 CHF Clariant AG 45 0.01 2,083 GBP Coca-Cola HBC AG 71 0.02

141



As at 31 May 2018




Switzerland (continued) 25,717 CHF Credit Suisse Group AG 393 0.09 295 CHF Dufry AG 40 0.01 107 CHF EMS-Chemie Holding AG 67 0.02 1,316 USD Garmin Ltd. 79 0.02 413 CHF Geberit AG 179 0.04 100 CHF Givaudan SA 223 0.05 2,264 CHF Julius Baer Group Ltd. 132 0.03 714 CHF Kuehne + Nagel International AG 108 0.02 5,098 CHF LafargeHolcim Ltd.1 262 0.06 815 CHF Lonza Group AG 219 0.05 32,959 CHF Nestle SA 2,494 0.59 23,556 CHF Novartis AG 1,748 0.41 382 CHF Pargesa Holding SA 33 0.01 181 CHF Partners Group Holding AG 131 0.03 7,440 CHF Roche Holding AG 1,597 0.38 323 CHF Schindler Holding AG 68 0.02 137 CHF Schindler Holding AG, Registered 28 0.01 57 CHF SGS SA 148 0.03 25 CHF Sika AG 200 0.05 701 CHF Sonova Holding AG 123 0.03 143 CHF Straumann Holding AG 94 0.02 310 CHF Swatch Group AG (The)1 151 0.04 726 CHF Swatch Group AG (The), Registered1 65 0.01 307 CHF Swiss Life Holding AG 105 0.02 563 CHF Swiss Prime Site AG 53 0.01 3,021 CHF Swiss Re AG1 262 0.06 259 CHF Swisscom AG1 116 0.03 3,672 USD TE Connectivity Ltd. 342 0.08 39,737 CHF UBS Group AG 600 0.14 504 CHF Vifor Pharma AG1 78 0.02 1,583 CHF Zurich Insurance Group AG 471 0.11 Total Switzerland 12,701 3.00

United Kingdom (31 May 2017: 6.04%) 9,844 GBP 3i Group plc 125 0.03 1,398 GBP Admiral Group plc 36 0.01 12,752 GBP Anglo American plc 305 0.07 4,628 GBP Antofagasta plc 65 0.02 2,511 USD Aon plc 351 0.08 6,020 GBP Ashtead Group plc 187 0.04 3,252 GBP Associated British Foods plc 115 0.03 12,979 GBP AstraZeneca plc 944 0.22 6,977 GBP Auto Trader Group plc 33 0.01 43,621 GBP Aviva plc 296 0.07 2,566 GBP Babcock International Group plc 28 0.01 35,588 GBP BAE Systems plc 303 0.07 176,779 GBP Barclays plc 464 0.11 9,878 GBP Barratt Developments plc 72 0.02 1,501 GBP Berkeley Group Holdings plc 85 0.02 22,188 GBP BHP Billiton plc 510 0.12 209,527 GBP BP plc 1,607 0.38 12,462 GBP British Land Co. plc (The), REIT 112 0.03 92,160 GBP BT Group plc 251 0.06 3,533 GBP Bunzl plc 108 0.03 5,251 GBP Burberry Group plc 145 0.03 1,782 GBP Carnival plc 115 0.03 48,889 GBP Centrica plc 95 0.02

142



As at 31 May 2018




United Kingdom (continued) 27,869 GBP Cobham plc 46 0.01 1,770 USD Coca-Cola European Partners plc 67 0.02 15,499 GBP Compass Group plc 334 0.08 9,293 GBP ConvaTec Group plc 29 0.01 1,181 GBP Croda International plc 73 0.02 26,153 GBP Diageo plc 961 0.23 15,787 GBP Direct Line Insurance Group plc 75 0.02 2,177 GBP easyJet plc 49 0.01 2,390 GBP Fresnillo plc 42 0.01 22,565 GBP G4S plc 81 0.02 52,770 GBP GlaxoSmithKline plc 1,070 0.25 8,065 GBP Hammerson plc, REIT 59 0.01 3,633 GBP Hargreaves Lansdown plc 92 0.02 211,752 GBP HSBC Holdings plc1 2,030 0.48 4,574 GBP IMI plc 71 0.02 1,894 GBP InterContinental Hotels Group plc 121 0.03 1,524 GBP Intertek Group plc 111 0.03 8,080 GBP Investec plc 60 0.01 41,099 GBP ITV plc 89 0.02 13,505 GBP J Sainsbury plc 57 0.01 5,432 GBP John Wood Group plc 48 0.01 2,573 GBP Johnson Matthey plc 120 0.03 30,073 GBP Kingfisher plc 122 0.03 8,199 GBP Land Securities Group plc, REIT 101 0.02 58,896 GBP Legal & General Group plc1 211 0.05 1,859 USD Liberty Global plc 'A' 53 0.01 6,705 USD Liberty Global plc 'C' 186 0.04 771,541 GBP Lloyds Banking Group plc 649 0.15 3,686 GBP London Stock Exchange Group plc 220 0.05 16,615 GBP Marks & Spencer Group plc 63 0.01 2,319 GBP Mediclinic International plc 19 – 10,425 GBP Meggitt plc 68 0.02 4,574 GBP Merlin Entertainments plc 22 – 3,498 GBP Micro Focus International plc 62 0.01 3,285 GBP Mondi plc 91 0.02 34,305 GBP National Grid plc1 380 0.09 1,543 GBP Next plc 119 0.03 4,573 USD Nielsen Holdings plc 138 0.03 58,128 GBP Old Mutual plc 185 0.04 8,577 GBP Pearson plc 103 0.02 3,046 GBP Persimmon plc 115 0.03 27,930 GBP Prudential plc 673 0.16 7,170 GBP Reckitt Benckiser Group plc 550 0.13 11,598 GBP RELX plc 255 0.06 12,620 GBP Rio Tinto plc 712 0.17 18,050 GBP Rolls-Royce Holdings plc 198 0.05 1,281,550 GBP Rolls-Royce plc, Preference 2 – 44,801 GBP Royal Bank of Scotland Group plc1 164 0.04 48,127 GBP Royal Dutch Shell plc 'A' 1,670 0.39 39,917 GBP Royal Dutch Shell plc 'B' 1,422 0.34 10,240 GBP Royal Mail plc 69 0.02 13,225 GBP RSA Insurance Group plc 115 0.03 10,566 GBP Sage Group plc (The) 93 0.02 1,791 GBP Schroders plc 77 0.02 13,974 GBP Segro plc, REIT 122 0.03 1,923 USD Sensata Technologies Holding plc 98 0.02 2,842 GBP Severn Trent plc 75 0.02

143



As at 31 May 2018




United Kingdom (continued) 9,671 GBP Sky plc 173 0.04 8,218 GBP Smith & Nephew plc 150 0.04 4,382 GBP Smiths Group plc 103 0.02 10,726 GBP SSE plc 195 0.05 5,173 GBP St James's Place plc 82 0.02 35,936 GBP Standard Chartered plc 361 0.09 25,701 GBP Standard Life Aberdeen plc 120 0.03 30,873 GBP Taylor Wimpey plc 78 0.02 5,424 USD TechnipFMC plc 169 0.04 106,047 GBP Tesco plc 347 0.08 2,826 GBP Travis Perkins plc 51 0.01 12,696 GBP Unilever plc 701 0.17 5,687 GBP United Utilities Group plc 59 0.01 291,218 GBP Vodafone Group plc 743 0.18 1,978 GBP Weir Group plc (The) 58 0.01 2,002 GBP Whitbread plc 112 0.03 26,080 GBP Wm Morrison Supermarkets plc 85 0.02 Total United Kingdom 24,826 5.87

United States (31 May 2017: 55.10%) 6,348 USD 3M Co.1 1,252 0.30 18,108 USD Abbott Laboratories 1,114 0.26 16,918 USD AbbVie, Inc. 1,674 0.40 7,433 USD Activision Blizzard, Inc. 527 0.12 295 USD Acuity Brands, Inc. 35 0.01 5,255 USD Adobe Systems, Inc. 1,310 0.31 845 USD Advance Auto Parts, Inc. 109 0.03 8,924 USD Advanced Micro Devices, Inc. 123 0.03 7,866 USD AES Corp. 100 0.02 3,381 USD Aetna, Inc. 595 0.14 601 USD Affiliated Managers Group, Inc. 96 0.02 8,448 USD Aflac, Inc. 381 0.09 861 USD AGCO Corp. 55 0.01 3,305 USD Agilent Technologies, Inc. 205 0.05 3,577 USD AGNC Investment Corp., REIT 67 0.02 2,321 USD Air Products & Chemicals, Inc. 375 0.09 1,597 USD Akamai Technologies, Inc. 120 0.03 1,011 USD Albemarle Corp. 94 0.02 1,002 USD Alexandria Real Estate Equities, Inc., REIT 125 0.03 2,469 USD Alexion Pharmaceuticals, Inc. 287 0.07 862 USD Align Technology, Inc. 286 0.07 85 USD Alleghany Corp. 48 0.01 634 USD Alliance Data Systems Corp. 134 0.03 2,300 USD Alliant Energy Corp. 95 0.02 3,744 USD Allstate Corp. (The) 350 0.08 4,142 USD Ally Financial, Inc. 106 0.02 1,073 USD Alnylam Pharmaceuticals, Inc. 107 0.03 3,161 USD Alphabet, Inc. 'A' 3,477 0.82 3,335 USD Alphabet, Inc. 'C' 3,618 0.86 4,342 USD Amazon.com, Inc. 7,076 1.67 62 USD AMERCO 20 – 2,973 USD Ameren Corp. 176 0.04 940 USD American Airlines Group, Inc. 41 0.01 5,484 USD American Electric Power Co., Inc. 373 0.09 8,034 USD American Express Co. 790 0.19 1,007 USD American Financial Group, Inc. 111 0.03 9,463 USD American International Group, Inc. 500 0.12

144



As at 31 May 2018




United States (continued) 4,453 USD American Tower Corp., REIT 616 0.15 2,205 USD American Water Works Co., Inc. 183 0.04 1,594 USD Ameriprise Financial, Inc. 221 0.05 1,872 USD AmerisourceBergen Corp. 154 0.04 2,342 USD AMETEK, Inc. 171 0.04 7,178 USD Amgen, Inc. 1,289 0.30 3,435 USD Amphenol Corp. 'A' 299 0.07 5,810 USD Anadarko Petroleum Corp. 406 0.10 4,120 USD Analog Devices, Inc. 400 0.09 1,565 USD Andeavor 226 0.05 10,757 USD Annaly Capital Management, Inc., REIT 112 0.03 852 USD ANSYS, Inc. 139 0.03 2,545 USD Antero Resources Corp.1 49 0.01 2,715 USD Anthem, Inc. 601 0.14 1,449 USD AO Smith Corp. 91 0.02 4,372 USD Apache Corp.1 175 0.04 53,666 USD Apple, Inc. 10,029 2.37 11,702 USD Applied Materials, Inc. 594 0.14 3,202 USD Aramark 124 0.03 5,340 USD Archer-Daniels-Midland Co. 233 0.05 4,868 USD Arconic, Inc. 86 0.02 498 USD Arista Networks, Inc. 125 0.03 1,067 USD Arrow Electronics, Inc. 79 0.02 1,722 USD Arthur J Gallagher & Co. 114 0.03 857 USD Assurant, Inc. 80 0.02 65,055 USD AT&T, Inc. 2,103 0.50 1,183 USD Atmos Energy Corp. 106 0.02 2,033 USD Autodesk, Inc. 262 0.06 916 USD Autoliv, Inc. 136 0.03 4,566 USD Automatic Data Processing, Inc. 594 0.14 269 USD AutoNation, Inc. 12 – 307 USD AutoZone, Inc. 199 0.05 1,306 USD AvalonBay Communities, Inc., REIT 216 0.05 924 USD Avery Dennison Corp. 97 0.02 825 USD Avnet, Inc. 31 0.01 4,671 USD Baker Hughes a GE Co. 162 0.04 3,451 USD Ball Corp. 128 0.03 103,214 USD Bank of America Corp. 2,997 0.71 11,377 USD Bank of New York Mellon Corp. (The) 623 0.15 5,163 USD Baxter International, Inc. 366 0.09 8,381 USD BB&T Corp. 440 0.10 2,722 USD Becton Dickinson and Co. 603 0.14 13,347 USD Berkshire Hathaway, Inc. 'B' 2,556 0.60 2,681 USD Best Buy Co., Inc. 183 0.04 2,303 USD Biogen, Inc. 677 0.16 2,140 USD BioMarin Pharmaceutical, Inc. 193 0.05 1,231 USD BlackRock, Inc.3 658 0.16 523 USD Booking Holdings, Inc. 1,103 0.26 2,258 USD BorgWarner, Inc. 110 0.03 1,821 USD Boston Properties, Inc., REIT 222 0.05 14,599 USD Boston Scientific Corp. 444 0.10 648 USD Brighthouse Financial, Inc. 31 0.01 17,694 USD Bristol-Myers Squibb Co. 931 0.22 2,405 USD Brixmor Property Group, Inc., REIT 38 0.01 4,383 USD Broadcom, Inc. 1,105 0.26 1,138 USD Broadridge Financial Solutions, Inc. 131 0.03 3,154 USD Brown-Forman Corp. 'B' 178 0.04

145



As at 31 May 2018




United States (continued) 3,367 USD CA, Inc. 120 0.03 5,098 USD Cabot Oil & Gas Corp. 116 0.03 2,662 USD Cadence Design Systems, Inc. 113 0.03 957 USD Camden Property Trust, REIT 84 0.02 1,751 USD Campbell Soup Co. 59 0.01 5,073 USD Capital One Financial Corp. 477 0.11 3,091 USD Cardinal Health, Inc. 161 0.04 1,950 USD CarMax, Inc. 134 0.03 6,405 USD Caterpillar, Inc. 973 0.23 1,213 USD Cboe Global Markets, Inc. 118 0.03 2,840 USD CBRE Group, Inc. 'A' 131 0.03 3,173 USD CBS Corp. (Non-Voting) 'B' 160 0.04 1,257 USD CDK Global, Inc. 81 0.02 1,503 USD CDW Corp. 120 0.03 1,411 USD Celanese Corp. 'A' 159 0.04 8,476 USD Celgene Corp. 667 0.16 2,080 USD Centene Corp. 244 0.06 4,494 USD CenterPoint Energy, Inc. 117 0.03 10,684 USD CenturyLink, Inc.1 195 0.05 2,917 USD Cerner Corp. 174 0.04 2,589 USD CF Industries Holdings, Inc. 107 0.03 1,437 USD CH Robinson Worldwide, Inc. 125 0.03 13,171 USD Charles Schwab Corp. (The) 733 0.17 1,963 USD Charter Communications, Inc. 'A' 512 0.12 2,397 USD Chemours Co. (The) 117 0.03 1,967 USD Cheniere Energy, Inc. 131 0.03 20,126 USD Chevron Corp. 2,502 0.59 306 USD Chipotle Mexican Grill, Inc. 132 0.03 2,690 USD Church & Dwight Co., Inc. 126 0.03 2,601 USD Cigna Corp. 441 0.10 895 USD Cimarex Energy Co. 83 0.02 1,398 USD Cincinnati Financial Corp. 97 0.02 822 USD Cintas Corp. 150 0.04 50,721 USD Cisco Systems, Inc. 2,166 0.51 1,629 USD CIT Group, Inc. 81 0.02 27,128 USD Citigroup, Inc. 1,809 0.43 5,525 USD Citizens Financial Group, Inc. 226 0.05 1,843 USD Citrix Systems, Inc. 195 0.05 1,520 USD Clorox Co. (The) 184 0.04 3,741 USD CME Group, Inc. 609 0.14 3,601 USD CMS Energy Corp. 166 0.04 42,928 USD Coca-Cola Co. (The) 1,846 0.44 2,346 USD Cognex Corp. 107 0.03 6,306 USD Cognizant Technology Solutions Corp. 'A' 475 0.11 9,176 USD Colgate-Palmolive Co. 579 0.14 3,950 USD Colony NorthStar, Inc., REIT 'A' 23 0.01 49,433 USD Comcast Corp. 'A' 1,541 0.36 2,065 USD Comerica, Inc. 195 0.05 1,545 USD CommScope Holding Co., Inc. 45 0.01 5,009 USD Conagra Brands, Inc. 186 0.04 1,452 USD Concho Resources, Inc. 199 0.05 12,264 USD ConocoPhillips 826 0.20 2,952 USD Consolidated Edison, Inc. 227 0.05 1,770 USD Constellation Brands, Inc. 'A' 395 0.09 769 USD Continental Resources, Inc. 52 0.01 512 USD Cooper Cos., Inc. (The) 116 0.03 8,621 USD Corning, Inc. 234 0.06

146



As at 31 May 2018




United States (continued) 354 USD CoStar Group, Inc. 135 0.03 4,630 USD Costco Wholesale Corp. 918 0.22 5,420 USD Coty, Inc. 'A' 72 0.02 4,459 USD Crown Castle International Corp., REIT 464 0.11 1,091 USD Crown Holdings, Inc. 47 0.01 8,675 USD CSX Corp. 561 0.13 1,816 USD Cummins, Inc. 259 0.06 10,896 USD CVS Health Corp. 691 0.16 6,459 USD Danaher Corp. 641 0.15 1,624 USD Darden Restaurants, Inc. 142 0.03 1,632 USD DaVita, Inc. 109 0.03 2,910 USD Deere & Co. 435 0.10 1,878 USD Dell Technologies, Inc. Class V 'V' 151 0.04 1,471 USD Delta Air Lines, Inc. 80 0.02 2,401 USD DENTSPLY SIRONA, Inc. 105 0.02 4,833 USD Devon Energy Corp. 201 0.05 903 USD Diamondback Energy, Inc. 109 0.03 2,032 USD Digital Realty Trust, Inc., REIT 218 0.05 3,534 USD Discover Financial Services 261 0.06 1,093 USD Discovery, Inc. 'A' 23 0.01 3,670 USD Discovery, Inc. 'C' 73 0.02 2,018 USD DISH Network Corp. 'A' 60 0.01 2,653 USD Dollar General Corp. 232 0.05 2,287 USD Dollar Tree, Inc. 189 0.04 6,559 USD Dominion Energy, Inc. 421 0.10 525 USD Domino's Pizza, Inc. 132 0.03 1,523 USD Dover Corp. 118 0.03 24,797 USD DowDuPont, Inc. 1,590 0.38 4,189 USD DR Horton, Inc. 177 0.04 2,030 USD Dr Pepper Snapple Group, Inc. 242 0.06 1,905 USD DTE Energy Co. 195 0.05 7,519 USD Duke Energy Corp. 580 0.14 3,899 USD Duke Realty Corp., REIT 110 0.03 3,137 USD DXC Technology Co. 289 0.07 2,488 USD E*TRADE Financial Corp. 158 0.04 1,935 USD East West Bancorp, Inc. 134 0.03 1,437 USD Eastman Chemical Co. 150 0.04 1,444 USD Eaton Vance Corp. 78 0.02 10,628 USD eBay, Inc. 401 0.09 2,847 USD Ecolab, Inc. 406 0.10 3,203 USD Edison International 199 0.05 2,331 USD Edwards Lifesciences Corp. 320 0.08 3,270 USD Electronic Arts, Inc. 428 0.10 10,506 USD Eli Lilly & Co. 893 0.21 6,697 USD Emerson Electric Co. 474 0.11 2,171 USD Entergy Corp. 176 0.04 836 USD Envision Healthcare Corp. 36 0.01 5,967 USD EOG Resources, Inc. 703 0.17 2,742 USD EQT Corp. 141 0.03 1,487 USD Equifax, Inc. 169 0.04 864 USD Equinix, Inc., REIT 343 0.08 3,529 USD Equity Residential, REIT 226 0.05 786 USD Essex Property Trust, Inc., REIT 188 0.04 2,410 USD Estee Lauder Cos., Inc. (The) 'A' 360 0.08 3,255 USD Eversource Energy 185 0.05 10,118 USD Exelon Corp. 419 0.10 1,541 USD Expedia Group, Inc. 187 0.04

147



As at 31 May 2018




United States (continued) 1,706 USD Expeditors International of Washington, Inc. 127 0.03 5,999 USD Express Scripts Holding Co. 455 0.11 1,193 USD Extra Space Storage, Inc., REIT 115 0.03 44,901 USD Exxon Mobil Corp. 3,648 0.86 811 USD F5 Networks, Inc. 140 0.03 25,270 USD Facebook, Inc. 'A' 4,846 1.15 3,466 USD Fastenal Co.1 184 0.04 629 USD Federal Realty Investment Trust, REIT 75 0.02 2,645 USD FedEx Corp. 659 0.16 3,688 USD Fidelity National Information Services, Inc. 377 0.09 7,348 USD Fifth Third Bancorp 225 0.05 4,218 USD First Data Corp. 'A' 80 0.02 1,911 USD First Republic Bank 190 0.04 5,465 USD FirstEnergy Corp. 188 0.04 4,578 USD Fiserv, Inc. 332 0.08 1,022 USD FleetCor Technologies, Inc. 204 0.05 1,351 USD FLIR Systems, Inc. 73 0.02 1,660 USD Flowserve Corp. 69 0.02 1,589 USD Fluor Corp. 77 0.02 1,299 USD FMC Corp. 113 0.03 2,409 USD FNF Group 89 0.02 39,266 USD Ford Motor Co. 454 0.11 1,827 USD Fortinet, Inc. 112 0.03 3,066 USD Fortive Corp. 223 0.05 1,411 USD Fortune Brands Home & Security, Inc. 79 0.02 3,472 USD Franklin Resources, Inc. 117 0.03 15,513 USD Freeport-McMoRan, Inc. 262 0.06 2,324 USD Gap, Inc. (The) 65 0.02 1,117 USD Gartner, Inc.1 148 0.03 92,042 USD General Electric Co. 1,296 0.31 6,335 USD General Mills, Inc.1 268 0.06 13,638 USD General Motors Co. 582 0.14 1,356 USD Genuine Parts Co. 123 0.03 7,377 USD GGP, Inc., REIT 150 0.04 13,842 USD Gilead Sciences, Inc. 933 0.22 1,811 USD Global Payments, Inc. 201 0.05 3,876 USD Goldman Sachs Group, Inc. (The) 876 0.21 2,408 USD Goodyear Tire & Rubber Co. (The) 59 0.01 1,692 USD H&R Block, Inc. 46 0.01 9,155 USD Halliburton Co. 455 0.11 5,393 USD Hanesbrands, Inc. 98 0.02 1,315 USD Harley-Davidson, Inc. 54 0.01 1,103 USD Harris Corp. 166 0.04 4,053 USD Hartford Financial Services Group, Inc. (The) 212 0.05 1,228 USD Hasbro, Inc. 107 0.02 3,170 USD HCA Healthcare, Inc. 327 0.08 4,972 USD HCP, Inc., REIT 119 0.03 1,601 USD HD Supply Holdings, Inc. 65 0.02 913 USD Helmerich & Payne, Inc. 61 0.01 1,660 USD Henry Schein, Inc.1 115 0.03 1,751 USD Hershey Co. (The) 158 0.04 3,267 USD Hess Corp. 197 0.05 15,384 USD Hewlett Packard Enterprise Co. 234 0.06 3,236 USD Hilton Worldwide Holdings, Inc. 261 0.06 1,963 USD HollyFrontier Corp. 152 0.04 3,587 USD Hologic, Inc.1 136 0.03 12,375 USD Home Depot, Inc. (The) 2,309 0.55

148



As at 31 May 2018




United States (continued) 7,733 USD Honeywell International, Inc. 1,144 0.27 3,235 USD Hormel Foods Corp. 116 0.03 8,864 USD Host Hotels & Resorts, Inc., REIT 192 0.05 17,077 USD HP, Inc. 376 0.09 1,471 USD Humana, Inc. 428 0.10 12,755 USD Huntington Bancshares, Inc. 190 0.04 477 USD Huntington Ingalls Industries, Inc. 105 0.02 880 USD IAC/InterActiveCorp 137 0.03 1,004 USD IDEX Corp. 139 0.03 1,008 USD IDEXX Laboratories, Inc. 210 0.05 3,244 USD Illinois Tool Works, Inc. 466 0.11 1,513 USD Illumina, Inc. 412 0.10 1,793 USD Incyte Corp. 122 0.03 986 USD Ingredion, Inc. 110 0.03 49,594 USD Intel Corp. 2,738 0.65 6,324 USD Intercontinental Exchange, Inc. 448 0.11 9,351 USD International Business Machines Corp. 1,321 0.31 681 USD International Flavors & Fragrances, Inc. 83 0.02 4,232 USD International Paper Co. 226 0.05 5,250 USD Interpublic Group of Cos., Inc. (The) 119 0.03 2,592 USD Intuit, Inc. 523 0.12 1,193 USD Intuitive Surgical, Inc. 548 0.13 2,512 USD Invitation Homes, Inc., REIT 55 0.01 487 USD IPG Photonics Corp. 118 0.03 1,269 USD IQVIA Holdings, Inc. 126 0.03 2,475 USD Iron Mountain, Inc., REIT 82 0.02 689 USD Jack Henry & Associates, Inc. 86 0.02 1,416 USD Jacobs Engineering Group, Inc. 92 0.02 858 USD JB Hunt Transport Services, Inc. 110 0.03 3,188 USD Jefferies Financial Group, Inc. 70 0.02 1,155 USD JM Smucker Co. (The) 124 0.03 28,470 USD Johnson & Johnson 3,406 0.81 492 USD Jones Lang LaSalle, Inc. 81 0.02 36,201 USD JPMorgan Chase & Co. 3,874 0.92 3,270 USD Juniper Networks, Inc. 87 0.02 1,139 USD Kansas City Southern 122 0.03 3,091 USD Kellogg Co. 199 0.05 10,306 USD KeyCorp 200 0.05 3,525 USD Kimberly-Clark Corp. 355 0.08 3,793 USD Kimco Realty Corp., REIT 59 0.01 21,966 USD Kinder Morgan, Inc.1 366 0.09 1,575 USD KLA-Tencor Corp. 178 0.04 1,075 USD Knight-Swift Transportation Holdings, Inc. 44 0.01 1,459 USD Kohl's Corp. 97 0.02 6,427 USD Kraft Heinz Co. (The) 369 0.09 8,434 USD Kroger Co. (The) 205 0.05 2,269 USD L Brands, Inc. 77 0.02 933 USD L3 Technologies, Inc. 185 0.04 1,198 USD Laboratory Corp. of America Holdings 216 0.05 1,726 USD Lam Research Corp. 342 0.08 4,515 USD Las Vegas Sands Corp. 364 0.09 654 USD Lear Corp. 129 0.03 1,387 USD Leggett & Platt, Inc. 57 0.01 1,277 USD Leidos Holdings, Inc. 77 0.02 2,822 USD Lennar Corp. 'A' 146 0.03 307 USD Lennox International, Inc. 62 0.01 1,183 USD Liberty Broadband Corp. 'C' 81 0.02

149



As at 31 May 2018




United States (continued) 1,625 USD Liberty Media Corp-Liberty Formula One 'C' 51 0.01 825 USD Liberty Media Corp-Liberty SiriusXM 'A' 38 0.01 2,403 USD Liberty Media Corp-Liberty SiriusXM 'C' 111 0.03 1,804 USD Liberty Property Trust, REIT 80 0.02 2,108 USD Lincoln National Corp.1 140 0.03 1,164 USD Live Nation Entertainment, Inc.1 50 0.01 3,174 USD LKQ Corp. 101 0.02 3,447 USD Loews Corp. 168 0.04 8,860 USD Lowe's Cos., Inc. 842 0.20 1,282 USD Lululemon Athletica, Inc. 135 0.03 1,317 USD M&T Bank Corp. 227 0.05 1,415 USD Macerich Co. (The), REIT 79 0.02 528 USD Macquarie Infrastructure Corp. 20 – 3,491 USD Macy's, Inc. 122 0.03 758 USD ManpowerGroup, Inc. 68 0.02 9,835 USD Marathon Oil Corp. 211 0.05 5,300 USD Marathon Petroleum Corp. 419 0.10 167 USD Markel Corp. 183 0.04 3,189 USD Marriott International, Inc. 'A' 432 0.10 5,443 USD Marsh & McLennan Cos., Inc.1 437 0.10 672 USD Martin Marietta Materials, Inc.1 150 0.04 3,304 USD Masco Corp. 123 0.03 9,956 USD Mastercard, Inc. 'A' 1,893 0.45 5,374 USD Mattel, Inc. 83 0.02 2,804 USD Maxim Integrated Products, Inc. 164 0.04 1,107 USD McCormick & Co., Inc. (Non-Voting) 112 0.03 8,474 USD McDonald's Corp. 1,356 0.32 2,286 USD McKesson Corp. 324 0.08 391 USD MercadoLibre, Inc. 114 0.03 28,876 USD Merck & Co., Inc. 1,719 0.41 9,916 USD MetLife, Inc. 456 0.11 237 USD Mettler-Toledo International, Inc. 131 0.03 5,620 USD MGM Resorts International 177 0.04 2,288 USD Microchip Technology, Inc.1 223 0.05 11,839 USD Micron Technology, Inc. 682 0.16 77,601 USD Microsoft Corp. 7,670 1.81 1,065 USD Mid-America Apartment Communities, Inc., REIT 100 0.02 671 USD Middleby Corp. (The) 67 0.02 629 USD Mohawk Industries, Inc. 128 0.03 2,147 USD Molson Coors Brewing Co. 'B' 132 0.03 15,821 USD Mondelez International, Inc. 'A' 621 0.15 4,475 USD Monsanto Co. 570 0.13 3,876 USD Monster Beverage Corp. 198 0.05 1,896 USD Moody's Corp. 323 0.08 14,777 USD Morgan Stanley 741 0.17 2,976 USD Mosaic Co. (The) 82 0.02 1,713 USD Motorola Solutions, Inc. 184 0.04 931 USD MSCI, Inc. 151 0.04 1,287 USD Nasdaq, Inc. 118 0.03 4,417 USD National Oilwell Varco, Inc.1 183 0.04 1,218 USD National Retail Properties, Inc., REIT 50 0.01 2,652 USD NetApp, Inc. 181 0.04 4,585 USD Netflix, Inc. 1,612 0.38 5,963 USD New York Community Bancorp, Inc.1 69 0.02 4,920 USD Newell Brands, Inc. 116 0.03 1,618 USD Newfield Exploration Co. 47 0.01 5,275 USD Newmont Mining Corp. 205 0.05

150



As at 31 May 2018




United States (continued) 4,768 USD News Corp. 'A' 72 0.02 4,989 USD NextEra Energy, Inc. 827 0.20 13,907 USD NIKE, Inc. 'B' 999 0.24 3,163 USD NiSource, Inc. 80 0.02 5,321 USD Noble Energy, Inc. 190 0.04 1,181 USD Nordstrom, Inc. 58 0.01 3,095 USD Norfolk Southern Corp. 469 0.11 2,420 USD Northern Trust Corp. 248 0.06 1,817 USD Northrop Grumman Corp. 595 0.14 3,075 USD Nucor Corp. 197 0.05 6,215 USD NVIDIA Corp. 1,567 0.37 47 USD NVR, Inc. 141 0.03 7,830 USD Occidental Petroleum Corp. 659 0.16 2,443 USD OGE Energy Corp. 86 0.02 811 USD Old Dominion Freight Line, Inc.1 126 0.03 2,559 USD Omnicom Group, Inc.1 184 0.04 4,316 USD ONEOK, Inc. 294 0.07 33,188 USD Oracle Corp. 1,551 0.37 930 USD O'Reilly Automotive, Inc. 251 0.06 897 USD Owens Corning 57 0.01 4,030 USD PACCAR, Inc. 251 0.06 879 USD Packaging Corp. of America 103 0.02 965 USD Palo Alto Networks, Inc. 201 0.05 1,533 USD Parker-Hannifin Corp. 262 0.06 2,133 USD Parsley Energy, Inc. 'A' 63 0.01 3,209 USD Paychex, Inc. 210 0.05 12,102 USD PayPal Holdings, Inc. 993 0.23 3,681 USD People's United Financial, Inc. 68 0.02 15,071 USD PepsiCo, Inc. 1,511 0.36 63,167 USD Pfizer, Inc. 2,270 0.54 5,550 USD PG&E Corp. 240 0.06 4,487 USD Phillips 66 523 0.12 1,089 USD Pinnacle West Capital Corp. 87 0.02 1,815 USD Pioneer Natural Resources Co. 350 0.08 960 USD Plains GP Holdings LP 'A' 24 0.01 4,730 USD PNC Financial Services Group, Inc. (The) 678 0.16 862 USD Polaris Industries, Inc.1 96 0.02 2,863 USD PPG Industries, Inc. 289 0.07 6,672 USD PPL Corp. 182 0.04 3,026 USD Praxair, Inc. 473 0.11 2,963 USD Principal Financial Group, Inc. 165 0.04 26,887 USD Procter & Gamble Co. (The)1 1,967 0.47 6,245 USD Progressive Corp. (The) 388 0.09 5,891 USD Prologis, Inc., REIT 379 0.09 4,499 USD Prudential Financial, Inc. 436 0.10 4,830 USD Public Service Enterprise Group, Inc. 256 0.06 1,698 USD Public Storage, REIT 360 0.08 2,938 USD PulteGroup, Inc. 89 0.02 810 USD PVH Corp. 130 0.03 1,307 USD Qorvo, Inc. 105 0.02 15,621 USD QUALCOMM, Inc. 908 0.21 1,353 USD Quest Diagnostics, Inc. 144 0.03 4,116 USD Qurate Retail, Inc. QVC Group 'A' 84 0.02 436 USD Ralph Lauren Corp. 59 0.01 2,520 USD Range Resources Corp. 40 0.01 1,231 USD Raymond James Financial, Inc. 119 0.03 3,142 USD Raytheon Co. 658 0.16

151



As at 31 May 2018




United States (continued) 2,885 USD Realty Income Corp., REIT 154 0.04 1,875 USD Red Hat, Inc. 305 0.07 1,428 USD Regency Centers Corp., REIT 83 0.02 806 USD Regeneron Pharmaceuticals, Inc. 242 0.06 11,402 USD Regions Financial Corp. 208 0.05 604 USD Reinsurance Group of America, Inc. 90 0.02 2,667 USD Republic Services, Inc. 180 0.04 1,327 USD ResMed, Inc. 136 0.03 1,362 USD Robert Half International, Inc. 87 0.02 1,455 USD Rockwell Automation, Inc. 255 0.06 1,711 USD Rockwell Collins, Inc. 235 0.06 795 USD Rollins, Inc. 40 0.01 1,119 USD Roper Technologies, Inc. 309 0.07 4,165 USD Ross Stores, Inc. 329 0.08 2,660 USD S&P Global, Inc. 525 0.12 2,426 USD Sabre Corp. 59 0.01 7,271 USD salesforce.com, Inc. 940 0.22 1,085 USD SBA Communications Corp., REIT 'A' 172 0.04 1,065 USD SCANA Corp. 39 0.01 2,181 USD Sealed Air Corp. 95 0.02 1,389 USD Seattle Genetics, Inc. 84 0.02 1,260 USD SEI Investments Co. 80 0.02 2,710 USD Sempra Energy 289 0.07 1,868 USD ServiceNow, Inc. 332 0.08 938 USD Sherwin-Williams Co. (The) 356 0.08 544 USD Signature Bank 69 0.02 3,182 USD Simon Property Group, Inc., REIT 510 0.12 20,963 USD Sirius XM Holdings, Inc. 149 0.03 1,998 USD Skyworks Solutions, Inc. 197 0.05 1,152 USD SL Green Realty Corp., REIT 112 0.03 620 USD Snap-on, Inc. 92 0.02 10,249 USD Southern Co. (The) 460 0.11 1,655 USD Southwest Airlines Co. 85 0.02 219 USD Spectrum Brands Holdings, Inc. 17 – 1,501 USD Spirit AeroSystems Holdings, Inc. 'A' 127 0.03 1,717 USD Splunk, Inc. 190 0.04 5,254 USD Sprint Corp. 27 0.01 2,962 USD Square, Inc. 'A'1 173 0.04 2,485 USD SS&C Technologies Holdings, Inc. 127 0.03 1,457 USD Stanley Black & Decker, Inc. 203 0.05 15,080 USD Starbucks Corp. 855 0.20 3,819 USD State Street Corp. 367 0.09 3,073 USD Steel Dynamics, Inc. 152 0.04 625 USD Stericycle, Inc.1 40 0.01 3,695 USD Stryker Corp. 643 0.15 5,198 USD SunTrust Banks, Inc. 351 0.08 570 USD SVB Financial Group 178 0.04 6,280 USD Symantec Corp. 131 0.03 8,755 USD Synchrony Financial 303 0.07 1,417 USD Synopsys, Inc. 125 0.03 5,429 USD Sysco Corp. 353 0.08 2,400 USD T Rowe Price Group, Inc. 291 0.07 1,228 USD Take-Two Interactive Software, Inc. 138 0.03 2,672 USD Tapestry, Inc. 117 0.03 2,743 USD Targa Resources Corp. 133 0.03 5,317 USD Target Corp. 388 0.09 3,199 USD TD Ameritrade Holding Corp. 189 0.04

152



As at 31 May 2018




United States (continued) 429 USD Teleflex, Inc. 115 0.03 299 USD TESARO, Inc. 14 – 1,435 USD Tesla, Inc. 409 0.10 10,536 USD Texas Instruments, Inc. 1,179 0.28 4,212 USD Thermo Fisher Scientific, Inc. 877 0.21 1,309 USD Tiffany & Co. 171 0.04 8,267 USD Time Warner, Inc. 778 0.18 6,588 USD TJX Cos., Inc. (The) 595 0.14 2,979 USD T-Mobile US, Inc. 166 0.04 1,787 USD Toll Brothers, Inc. 71 0.02 944 USD Torchmark Corp. 80 0.02 1,578 USD Total System Services, Inc. 134 0.03 1,405 USD Tractor Supply Co. 104 0.02 523 USD TransDigm Group, Inc.1 175 0.04 2,044 USD TransUnion 140 0.03 2,809 USD Travelers Cos., Inc. (The) 361 0.09 2,662 USD Trimble, Inc. 88 0.02 1,616 USD TripAdvisor, Inc. 84 0.02 11,711 USD Twenty-First Century Fox, Inc. 'A' 451 0.11 5,154 USD Twenty-First Century Fox, Inc. 'B' 197 0.05 6,772 USD Twitter, Inc. 235 0.06 2,889 USD Tyson Foods, Inc. 'A' 195 0.05 2,311 USD UDR, Inc., REIT 84 0.02 1,638 USD UGI Corp. 83 0.02 622 USD Ulta Beauty, Inc. 154 0.04 1,000 USD Under Armour, Inc. 'A' 21 – 1,052 USD Under Armour, Inc. 'C' 20 – 8,173 USD Union Pacific Corp. 1,167 0.28 599 USD United Continental Holdings, Inc. 42 0.01 7,281 USD United Parcel Service, Inc. 'B' 845 0.20 842 USD United Rentals, Inc. 134 0.03 7,937 USD United Technologies Corp. 991 0.23 279 USD United Therapeutics Corp. 30 0.01 10,270 USD UnitedHealth Group, Inc.1 2,480 0.59 855 USD Universal Health Services, Inc. 'B' 98 0.02 2,118 USD Unum Group 82 0.02 17,454 USD US Bancorp 873 0.21 353 USD Vail Resorts, Inc.1 85 0.02 4,783 USD Valero Energy Corp. 580 0.14 1,099 USD Varian Medical Systems, Inc. 130 0.03 969 USD Veeva Systems, Inc. 'A' 75 0.02 3,497 USD Ventas, Inc., REIT 191 0.04 9,058 USD VEREIT, Inc. 65 0.02 975 USD VeriSign, Inc. 127 0.03 1,428 USD Verisk Analytics, Inc. 152 0.04 43,712 USD Verizon Communications, Inc. 2,084 0.49 2,685 USD Vertex Pharmaceuticals, Inc. 413 0.10 3,774 USD VF Corp. 306 0.07 3,732 USD Viacom, Inc. 'B' 101 0.02 19,219 USD Visa, Inc. 'A'1 2,512 0.60 4,073 USD Vistra Energy Corp.1 100 0.02 832 USD VMware, Inc. 'A' 114 0.03 1,816 USD Vornado Realty Trust, REIT 127 0.03 1,811 USD Voya Financial, Inc. 94 0.02 1,280 USD Vulcan Materials Co. 164 0.04 598 USD WABCO Holdings, Inc. 72 0.02 735 USD Wabtec Corp.1 72 0.02

153



As at 31 May 2018




United States (continued) 8,754 USD Walgreens Boots Alliance, Inc. 546 0.13 15,894 USD Walmart, Inc. 1,312 0.31 16,006 USD Walt Disney Co. (The) 1,592 0.38 4,788 USD Waste Management, Inc. 396 0.09 786 USD Waters Corp. 151 0.04 3,210 USD WEC Energy Group, Inc. 203 0.05 49,623 USD Wells Fargo & Co. 2,679 0.63 3,505 USD Welltower, Inc., REIT 202 0.05 1,495 USD Westar Energy, Inc. 85 0.02 3,330 USD Western Digital Corp. 278 0.07 5,792 USD Western Union Co. (The)1 115 0.03 2,933 USD WestRock Co. 173 0.04 8,262 USD Weyerhaeuser Co., REIT 308 0.07 675 USD Whirlpool Corp. 98 0.02 9,263 USD Williams Cos., Inc. (The) 249 0.06 1,574 USD Workday, Inc. 'A' 206 0.05 2,511 USD Worldpay, Inc. 'A' 200 0.05 922 GBP Worldpay, Inc. 'A' 70 0.01 1,188 USD WR Berkley Corp. 91 0.02 1,084 USD WR Grace & Co. 78 0.02 570 USD WW Grainger, Inc. 176 0.04 1,323 USD Wyndham Worldwide Corp. 143 0.03 1,038 USD Wynn Resorts Ltd. 203 0.05 4,898 USD Xcel Energy, Inc. 223 0.05 1,719 USD Xerox Corp. 47 0.01 2,941 USD Xilinx, Inc. 200 0.05 1,659 USD Xylem, Inc. 117 0.03 3,225 USD YUM! BRANDS, Inc. 262 0.06 1,949 USD Zayo Group Holdings, Inc. 68 0.02 850 USD Zillow Group, Inc. 'C' 50 0.01 1,925 USD Zimmer Biomet Holdings, Inc. 215 0.05 2,549 USD Zions Bancorp 140 0.03 5,294 USD Zoetis, Inc. 443 0.10 Total United States 239,511 56.66

Total investments in equities 416,811 98.61

Maturity Fair Value % of Net Description Counterparty Date USD '000 Asset Value


Total unrealised gain on forward currency contracts (31 May 2017: 0.00%)5 – –

154



As at 31 May 2018


Futures contracts


33 USD 1,650 S&P 500 E-mini Index 15/06/2018 28 0.01 Total United States 28 0.01



30 USD 1,500 MSCI EAFE Index 15/06/2018 (57) (0.02) Total United States (57) (0.02)

Total unrealised loss on futures contracts (31 May 2017: 0.00%) (57) (0.02)

Fair Value USD '000


Total financial assets at fair value through profit or loss 416,839 98.62 Total financial liabilities at fair value through profit or loss (57) (0.02) Cash 6,745 1.60 Other assets and liabilities (814) (0.20) Net asset value attributable to redeemable participating unitholders 422,713 100.00


Assets Transferable securities admitted to official stock exchange listing 98.13 Financial derivative instruments dealt in on a regulated market 0.01 Other assets 1.86 Total assets 100.00 1 Security fully or partially on loan. 2 These securities were valued in consultation with the Manager. These securities were fair valued, priced per corporate action terms or suspended at period end and valued using the last traded price.

3 A related party to the Sub-Fund. 4 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.



On losses USD '000


155

iSHARES DEVELOPED WORLD INDEX FUND (IE)


As at 31 May 2018



Exchange traded funds (31 May 2017: 0.19%)

Ireland (31 May 2017: 0.19%) 313,272 EUR iShares EURO STOXX 50 UCITS ETF1/2 12,788 0.09 2,512,170 EUR iShares MSCI Europe UCITS ETF1 70,379 0.52 Total Ireland 83,167 0.61

Total investments in exchange traded funds 83,167 0.61



Equities (31 May 2017: 98.27%)

Australia (31 May 2017: 2.39%) 247,694 AUD AGL Energy Ltd.2 4,142 0.03 899,093 AUD Alumina Ltd. 1,823 0.01 431,931 AUD Amcor Ltd. 4,595 0.03 1,016,724 AUD AMP Ltd.2 3,000 0.02 326,384 AUD APA Group2 2,146 0.02 180,755 AUD Aristocrat Leisure Ltd. 4,109 0.03 54,306 AUD ASX Ltd. 2,491 0.02 756,425 AUD Aurizon Holdings Ltd. 2,467 0.02 532,369 AUD AusNet Services 655 – 940,809 AUD Australia & New Zealand Banking Group Ltd.2 19,370 0.14 129,976 AUD Bank of Queensland Ltd.2 996 0.01 144,850 AUD Bendigo & Adelaide Bank Ltd.2 1,179 0.01 1,024,513 AUD BHP Billiton Ltd.2 25,419 0.19 187,653 AUD BlueScope Steel Ltd. 2,468 0.02 397,639 AUD Boral Ltd.2 1,886 0.01 489,437 AUD Brambles Ltd. 3,344 0.02 89,966 AUD Caltex Australia Ltd. 2,003 0.01 182,994 AUD Challenger Ltd.2 1,785 0.01 26,427 AUD CIMIC Group Ltd. 824 0.01 177,612 AUD Coca-Cola Amatil Ltd.2 1,193 0.01 21,946 AUD Cochlear Ltd.2 3,257 0.02 585,709 AUD Commonwealth Bank of Australia 30,712 0.22 166,687 AUD Computershare Ltd. 2,187 0.02 121,622 AUD Crown Resorts Ltd. 1,224 0.01 147,232 AUD CSL Ltd.2 20,704 0.15 317,324 AUD Dexus, REIT2 2,375 0.02 20,864 AUD Domino's Pizza Enterprises Ltd.2 777 0.01 20,237 AUD Flight Centre Travel Group Ltd.2 944 0.01 371,763 AUD Fortescue Metals Group Ltd.2 1,319 0.01 517,919 AUD Goodman Group, REIT2 3,660 0.03 584,911 AUD GPT Group (The), REIT 2,226 0.02 153,392 AUD Harvey Norman Holdings Ltd.2 418 – 460,886 AUD Healthscope Ltd. 820 0.01 579,593 AUD Incitec Pivot Ltd. 1,509 0.01 718,327 AUD Insurance Australia Group Ltd.2 4,419 0.03 174,201 AUD LendLease Group2 2,475 0.02 99,302 AUD Macquarie Group Ltd. 8,590 0.06 947,337 AUD Medibank Pvt Ltd.2 2,100 0.01 1,008,697 AUD Mirvac Group, REIT2 1,755 0.01 857,219 AUD National Australia Bank Ltd.2 17,383 0.13

156



As at 31 May 2018




Australia (continued) 224,982 AUD Newcrest Mining Ltd.2 3,534 0.03 123,367 AUD Orica Ltd.2 1,649 0.01 571,502 AUD Origin Energy Ltd. 4,151 0.03 471,292 AUD QBE Insurance Group Ltd.2 3,381 0.02 40,033 AUD Ramsay Health Care Ltd.2 1,858 0.01 14,889 AUD REA Group Ltd.2 967 0.01 126,224 AUD Rio Tinto Ltd.2 7,924 0.06 520,386 AUD Santos Ltd. 2,307 0.02 1,627,722 AUD Scentre Group, REIT 5,148 0.04 106,957 AUD SEEK Ltd.2 1,635 0.01 128,490 AUD Sonic Healthcare Ltd. 2,291 0.02 1,514,363 AUD South32 Ltd.2 4,263 0.03 765,944 AUD Stockland, REIT 2,405 0.02 389,406 AUD Suncorp Group Ltd. 3,957 0.03 345,358 AUD Sydney Airport 1,902 0.01 666,252 AUD Tabcorp Holdings Ltd.2 2,203 0.02 1,164,691 AUD Telstra Corp. Ltd. 2,468 0.02 92,779 AUD TPG Telecom Ltd. 391 – 703,303 AUD Transurban Group 6,317 0.05 207,099 AUD Treasury Wine Estates Ltd. 2,598 0.02 1,076,130 AUD Vicinity Centres, REIT2 2,174 0.02 362,294 AUD Wesfarmers Ltd.2 12,489 0.09 605,811 AUD Westfield Corp., REIT3 4,052 0.03 1,138,965 AUD Westpac Banking Corp.2 24,001 0.18 339,132 AUD Woodside Petroleum Ltd.2 8,317 0.06 405,856 AUD Woolworths Group Ltd.2 8,740 0.06 Total Australia 315,871 2.32

Austria (31 May 2017: 0.08%) 17,552 EUR ANDRITZ AG2 875 0.01 91,646 EUR Erste Group Bank AG 3,817 0.03 48,596 EUR OMV AG 2,791 0.02 38,458 EUR Raiffeisen Bank International AG 1,216 0.01 40,130 EUR voestalpine AG 2,153 0.01 Total Austria 10,852 0.08

Belgium (31 May 2017: 0.44%) 66,466 EUR Ageas 3,367 0.02 245,657 EUR Anheuser-Busch InBev SA/NV2 23,004 0.17 22,493 EUR Colruyt SA2 1,194 0.01 27,409 EUR Groupe Bruxelles Lambert SA 2,903 0.02 75,690 EUR KBC Group NV 5,849 0.04 53,848 EUR Proximus SADP 1,440 0.01 24,166 EUR Solvay SA2 3,244 0.02 18,740 EUR Telenet Group Holding NV 946 0.01 45,171 EUR UCB SA 3,559 0.03 70,859 EUR Umicore SA2 4,003 0.03 Total Belgium 49,509 0.36

Bermuda (31 May 2017: 0.45%) 44,756 USD Arch Capital Group Ltd. 3,511 0.03 52,760 USD Athene Holding Ltd. 'A' 2,357 0.02 74,829 USD Axalta Coating Systems Ltd. 2,328 0.02

157



As at 31 May 2018




Bermuda (continued) 36,096 USD Axis Capital Holdings Ltd. 2,052 0.01 49,396 USD Bunge Ltd. 3,435 0.02 200,896 HKD CK Infrastructure Holdings Ltd.2 1,516 0.01 13,327 USD Everest Re Group Ltd. 3,002 0.02 823,500 HKD First Pacific Co. Ltd. 416 – 446,000 USD Hongkong Land Holdings Ltd. 3,238 0.02 137,431 USD IHS Markit Ltd.2 6,773 0.05 136,211 USD Invesco Ltd. 3,721 0.03 73,700 USD Jardine Matheson Holdings Ltd. 4,602 0.03 67,800 USD Jardine Strategic Holdings Ltd. 2,427 0.02 209,970 HKD Kerry Properties Ltd. 1,123 0.01 738,000 HKD Kingston Financial Group Ltd.2 260 – 2,017,556 HKD Li & Fung Ltd.2 784 0.01 127,905 USD Marvell Technology Group Ltd.2 2,755 0.02 75,366 USD Norwegian Cruise Line Holdings Ltd. 3,945 0.03 525,755 HKD NWS Holdings Ltd. 979 0.01 10,358 USD RenaissanceRe Holdings Ltd. 1,272 0.01 512,031 HKD Shangri-La Asia Ltd.2 1,023 0.01 85,138 USD XL Group Ltd. 4,732 0.03 235,400 HKD Yue Yuen Industrial Holdings Ltd.2 728 0.01 Total Bermuda 56,979 0.42

British Virgin Islands (31 May 2017: 0.01%) 51,174 USD Michael Kors Holdings Ltd. 2,937 0.02 Total British Virgin Islands 2,937 0.02

Canada (31 May 2017: 3.45%) 74,470 CAD Agnico Eagle Mines Ltd. 3,341 0.02 146,228 CAD Alimentation Couche-Tard, Inc. 'B'2 6,103 0.05 44,963 CAD AltaGas Ltd.2 882 0.01 120,230 CAD ARC Resources Ltd.2 1,238 0.01 27,860 CAD Atco Ltd. 'I' 846 0.01 223,448 CAD Bank of Montreal2 17,301 0.13 402,691 CAD Bank of Nova Scotia (The) 24,288 0.18 390,774 CAD Barrick Gold Corp.2 5,142 0.04 48,053 CAD BCE, Inc. 2,001 0.01 167,955 CAD BlackBerry Ltd.2 1,987 0.01 832,053 CAD Bombardier, Inc. 'B' 3,130 0.02 283,756 CAD Brookfield Asset Management, Inc. 'A'2 11,311 0.08 74,642 CAD CAE, Inc. 1,571 0.01 133,563 CAD Cameco Corp.2 1,381 0.01 144,524 CAD Canadian Imperial Bank of Commerce 12,612 0.09 251,739 CAD Canadian National Railway Co. 21,007 0.15 410,409 CAD Canadian Natural Resources Ltd. 14,202 0.10 47,907 CAD Canadian Pacific Railway Ltd. 9,233 0.07 19,003 CAD Canadian Tire Corp. Ltd. 'A'2 2,418 0.02 43,706 CAD Canadian Utilities Ltd. 'A' 1,060 0.01 50,365 CAD CCL Industries, Inc. 'B' 2,492 0.02 317,802 CAD Cenovus Energy, Inc. 3,352 0.02 97,835 CAD CGI Group, Inc. 'A' 6,012 0.04 82,924 CAD CI Financial Corp. 1,607 0.01 6,499 CAD Constellation Software, Inc.2 5,116 0.04 180,473 CAD Crescent Point Energy Corp.2 1,453 0.01

158



As at 31 May 2018




Canada (continued) 31,619 CAD Dollarama, Inc. 3,648 0.03 141,312 CAD Element Fleet Management Corp. 592 – 5,553 CAD Emera, Inc. 173 – 58,142 CAD Empire Co. Ltd. 'A' 1,119 0.01 586,959 CAD Enbridge, Inc.2 18,231 0.13 304,896 CAD Encana Corp. 3,878 0.03 10,248 CAD Fairfax Financial Holdings Ltd. 5,751 0.04 58,829 CAD Finning International, Inc. 1,463 0.01 110,709 CAD First Capital Realty, Inc. 1,794 0.01 259,964 CAD First Quantum Minerals Ltd. 4,078 0.03 151,868 CAD Fortis, Inc.2 4,850 0.04 73,767 CAD Franco-Nevada Corp. 5,199 0.04 18,550 CAD George Weston Ltd. 1,505 0.01 76,129 CAD Gildan Activewear, Inc. 2,204 0.02 280,310 CAD Goldcorp, Inc. 4,004 0.03 89,534 CAD Great-West Lifeco, Inc. 2,272 0.02 48,978 CAD H&R Real Estate Investment Trust 763 0.01 107,061 CAD Husky Energy, Inc.2 1,544 0.01 139,051 CAD Hydro One Ltd. 2,086 0.02 30,847 CAD IGM Financial, Inc. 911 0.01 101,602 CAD Imperial Oil Ltd.2 3,323 0.02 35,818 CAD Industrial Alliance Insurance & Financial Services, Inc. 1,463 0.01 44,752 CAD Intact Financial Corp. 3,383 0.03 112,027 CAD Inter Pipeline Ltd. 2,115 0.02 58,230 CAD Keyera Corp.2 1,632 0.01 364,248 CAD Kinross Gold Corp. 1,314 0.01 10,759 CAD Linamar Corp. 538 – 72,118 CAD Loblaw Cos. Ltd. 3,728 0.03 179,952 CAD Lundin Mining Corp. 1,128 0.01 115,884 CAD Magna International, Inc. 7,427 0.05 648,938 CAD Manulife Financial Corp. 12,236 0.09 31,400 CAD Methanex Corp. 2,144 0.02 91,441 CAD Metro, Inc.2 3,016 0.02 124,752 CAD National Bank of Canada 5,965 0.04 208,748 CAD Nutrien Ltd. 10,558 0.08 27,474 CAD Onex Corp. 1,971 0.01 80,303 CAD Open Text Corp. 2,800 0.02 171,472 CAD Pembina Pipeline Corp. 5,962 0.04 141,339 CAD Power Corp. of Canada 3,292 0.02 81,579 CAD Power Financial Corp. 2,032 0.02 54,881 CAD PrairieSky Royalty Ltd.2 1,131 0.01 79,781 CAD Restaurant Brands International, Inc. 4,709 0.03 55,230 CAD RioCan Real Estate Investment Trust 1,003 0.01 117,468 CAD Rogers Communications, Inc. 'B' 5,510 0.04 492,717 CAD Royal Bank of Canada 37,223 0.27 69,755 CAD Saputo, Inc. 2,423 0.02 72,318 CAD Seven Generations Energy Ltd. 936 0.01 165,501 CAD Shaw Communications, Inc. 'B' 3,330 0.02 26,654 CAD Shopify, Inc. 'A' 3,952 0.03 60,883 CAD SmartCentres Real Estate Investment Trust 1,381 0.01 51,071 CAD SNC-Lavalin Group, Inc.2 2,227 0.02 194,575 CAD Sun Life Financial, Inc.2 8,038 0.06 578,978 CAD Suncor Energy, Inc. 23,048 0.17 217,083 CAD Teck Resources Ltd. 'B' 5,886 0.04

159



As at 31 May 2018




Canada (continued) 57,875 CAD TELUS Corp. 2,034 0.02 102,650 CAD Thomson Reuters Corp. 3,989 0.03 624,858 CAD Toronto-Dominion Bank (The) 36,465 0.27 71,810 CAD Tourmaline Oil Corp.2 1,432 0.01 284,280 CAD TransCanada Corp.2 11,895 0.09 382,113 CAD Turquoise Hill Resources Ltd. 1,075 0.01 117,683 CAD Valeant Pharmaceuticals International, Inc. 2,588 0.02 39,270 CAD Vermilion Energy, Inc.2 1,376 0.01 89,520 USD Waste Connections, Inc. 6,882 0.05 23,628 CAD West Fraser Timber Co. Ltd. 1,716 0.01 146,945 CAD Wheaton Precious Metals Corp. 3,210 0.02 Total Canada 476,637 3.50

Cayman Islands (31 May 2017: 0.23%) 70,135 HKD ASM Pacific Technology Ltd.2 921 0.01 860,843 HKD CK Asset Holdings Ltd. 7,188 0.05 876,843 HKD CK Hutchison Holdings Ltd.2 9,898 0.07 105,992 USD Melco Resorts & Entertainment Ltd. ADR 3,462 0.03 315,200 HKD MGM China Holdings Ltd.2 916 0.01 230,000 HKD Minth Group Ltd.2 1,059 0.01 802,682 HKD Sands China Ltd.2 4,804 0.03 2,613,000 HKD WH Group Ltd. 2,682 0.02 395,031 HKD Wharf Real Estate Investment Co. Ltd. 3,049 0.02 542,000 HKD Wynn Macau Ltd. 2,080 0.01 Total Cayman Islands 36,059 0.26

Curacao (31 May 2017: 0.26%) 458,590 USD Schlumberger Ltd.2 31,491 0.23 Total Curacao 31,491 0.23

Denmark (31 May 2017: 0.67%) 1,400 DKK AP Moller - Maersk A/S 'A' 1,965 0.01 2,131 DKK AP Moller - Maersk A/S 'B'2 3,184 0.02 39,301 DKK Carlsberg A/S 'B' 4,364 0.03 36,032 DKK Chr. Hansen Holding A/S2 3,455 0.03 40,185 DKK Coloplast A/S 'B'2 3,814 0.03 233,134 DKK Danske Bank A/S 7,729 0.06 65,787 DKK DSV A/S 5,462 0.04 19,475 DKK Genmab A/S 2,926 0.02 22,668 DKK H Lundbeck A/S2 1,596 0.01 49,621 DKK ISS A/S 1,693 0.01 617,080 DKK Novo Nordisk A/S 'B' 29,269 0.21 73,856 DKK Novozymes A/S 'B' 3,760 0.03 61,754 DKK Orsted A/S 3,695 0.03 30,953 DKK Pandora A/S2 2,433 0.02 36,536 DKK Tryg A/S 840 0.01 75,310 DKK Vestas Wind Systems A/S 4,931 0.04 42,617 DKK William Demant Holding A/S2 1,549 0.01 Total Denmark 82,665 0.61

Finland (31 May 2017: 0.38%) 44,748 EUR Elisa OYJ 1,998 0.02

160



As at 31 May 2018




Finland (continued) 151,370 EUR Fortum OYJ 3,553 0.03 108,782 EUR Kone OYJ 'B'2 5,378 0.04 34,689 EUR Metso OYJ 1,199 0.01 41,288 EUR Neste OYJ 3,355 0.02 1,927,921 EUR Nokia OYJ 11,117 0.08 41,040 EUR Nokian Renkaat OYJ 1,591 0.01 35,401 EUR Orion OYJ 'B'2 1,045 0.01 139,366 EUR Sampo OYJ 'A' 6,846 0.05 180,980 EUR Stora Enso OYJ 'R' 3,698 0.03 163,863 EUR UPM-Kymmene OYJ 6,008 0.04 154,647 EUR Wartsila OYJ Abp2 3,265 0.02 Total Finland 49,053 0.36

France (31 May 2017: 3.64%) 60,732 EUR Accor SA2 3,319 0.02 9,836 EUR Aeroports de Paris2 2,052 0.01 137,670 EUR Air Liquide SA 16,938 0.12 49,131 EUR Alstom SA2 2,323 0.02 15,639 EUR Amundi SA 1,142 0.01 21,962 EUR Arkema SA 2,673 0.02 26,934 EUR Atos SE2 3,653 0.03 634,442 EUR AXA SA 15,793 0.12 16,326 EUR BioMerieux 1,435 0.01 376,998 EUR BNP Paribas SA 23,350 0.17 278,055 EUR Bollore SA2 1,367 0.01 67,127 EUR Bouygues SA2 3,098 0.02 92,206 EUR Bureau Veritas SA 2,283 0.02 48,384 EUR Capgemini SE 6,362 0.05 174,016 EUR Carrefour SA2 3,133 0.02 18,059 EUR Casino Guichard Perrachon SA2 780 – 164,083 EUR Cie de Saint-Gobain2 8,212 0.06 59,707 EUR Cie Generale des Etablissements Michelin SCA 'B' 7,715 0.06 57,555 EUR CNP Assurances 1,345 0.01 383,756 EUR Credit Agricole SA 5,259 0.04 198,571 EUR Danone SA2 15,157 0.11 643 EUR Dassault Aviation SA 1,244 0.01 46,275 EUR Dassault Systemes SE 6,490 0.05 70,689 EUR Edenred 2,263 0.02 20,061 EUR Eiffage SA 2,257 0.02 200,953 EUR Electricite de France SA 2,674 0.02 577,687 EUR Engie SA 9,127 0.07 68,692 EUR Essilor International Cie Generale d'Optique SA2 9,374 0.07 13,899 EUR Eurazeo SA 1,087 0.01 53,913 EUR Eutelsat Communications SA2 1,034 0.01 18,633 EUR Faurecia SA 1,577 0.01 10,765 EUR Fonciere Des Regions, REIT 1,122 0.01 19,278 EUR Gecina SA, REIT 3,330 0.02 199,222 EUR Getlink 2,695 0.02 11,726 EUR Hermes International 8,333 0.06 13,743 EUR ICADE, REIT2 1,275 0.01 8,606 EUR Iliad SA2 1,456 0.01 13,804 EUR Imerys SA 1,175 0.01 16,236 EUR Ingenico Group SA 1,296 0.01

161



As at 31 May 2018




France (continued) 12,327 EUR Ipsen SA 1,953 0.01 33,259 EUR JCDecaux SA2 1,033 0.01 24,172 EUR Kering SA 13,817 0.10 86,914 EUR Klepierre SA, REIT2 3,380 0.02 34,617 EUR Lagardere SCA 933 0.01 93,116 EUR Legrand SA 7,015 0.05 82,737 EUR L'Oreal SA2 19,857 0.15 89,826 EUR LVMH Moet Hennessy Louis Vuitton SE2 31,147 0.23 311,067 EUR Natixis SA2 2,251 0.02 694,476 EUR Orange SA 11,937 0.09 71,770 EUR Pernod Ricard SA 12,039 0.09 219,124 EUR Peugeot SA 5,102 0.04 73,103 EUR Publicis Groupe SA2 5,081 0.04 7,909 EUR Remy Cointreau SA2 1,170 0.01 58,506 EUR Renault SA 5,643 0.04 108,840 EUR Rexel SA2 1,599 0.01 108,818 EUR Safran SA 12,975 0.09 369,482 EUR Sanofi 28,306 0.21 179,754 EUR Schneider Electric SE 15,481 0.11 55,006 EUR SCOR SE 2,028 0.01 4,962 EUR SEB SA 895 0.01 10,118 EUR Societe BIC SA 983 0.01 258,200 EUR Societe Generale SA 11,108 0.08 30,216 EUR Sodexo SA2 2,928 0.02 107,151 EUR Suez2 1,473 0.01 18,548 EUR Teleperformance 2,927 0.02 33,066 EUR Thales SA 4,203 0.03 791,895 EUR TOTAL SA 48,114 0.35 30,574 EUR Ubisoft Entertainment SA 3,306 0.02 32,706 EUR Unibail-Rodamco SE, REIT 7,352 0.05 73,066 EUR Valeo SA2 4,633 0.03 171,146 EUR Veolia Environnement SA2 3,880 0.03 161,797 EUR Vinci SA 15,812 0.12 318,383 EUR Vivendi SA 7,998 0.06 10,315 EUR Wendel SA 1,361 0.01 Total France 484,918 3.56

Germany (31 May 2017: 3.51%) 18,147 EUR 1&1 Drillisch AG2 1,254 0.01 59,368 EUR adidas AG2 13,417 0.10 147,461 EUR Allianz SE2 30,361 0.22 16,967 EUR Axel Springer SE2 1,230 0.01 298,119 EUR BASF SE 29,319 0.22 266,019 EUR Bayer AG 31,630 0.23 112,993 EUR Bayerische Motoren Werke AG 11,261 0.08 14,187 EUR Bayerische Motoren Werke AG, Preference 1,241 0.01 38,816 EUR Beiersdorf AG 4,452 0.03 55,931 EUR Brenntag AG2 3,221 0.02 356,707 EUR Commerzbank AG 3,640 0.03 39,043 EUR Continental AG 9,894 0.07 68,657 EUR Covestro AG2 6,246 0.05 315,034 EUR Daimler AG2 22,682 0.17 673,320 EUR Deutsche Bank AG2 7,197 0.05

162



As at 31 May 2018




Germany (continued) 64,787 EUR Deutsche Boerse AG 8,652 0.06 87,566 EUR Deutsche Lufthansa AG 2,377 0.02 322,287 EUR Deutsche Post AG2 12,215 0.09 1,113,054 EUR Deutsche Telekom AG2 17,176 0.13 119,191 EUR Deutsche Wohnen SE2 5,583 0.04 703,414 EUR E.ON SE2 7,449 0.05 50,739 EUR Evonik Industries AG 1,776 0.01 13,981 EUR Fraport AG Frankfurt Airport Services Worldwide 1,306 0.01 67,541 EUR Fresenius Medical Care AG & Co. KGaA 6,735 0.05 129,850 EUR Fresenius SE & Co. KGaA2 9,968 0.07 27,286 EUR FUCHS PETROLUB SE, Preference 1,429 0.01 61,511 EUR GEA Group AG2 2,262 0.02 20,640 EUR Hannover Rueck SE2 2,602 0.02 48,023 EUR HeidelbergCement AG2 4,249 0.03 93,929 EUR Henkel AG & Co. KGaA, Preference2 11,584 0.09 7,285 EUR HOCHTIEF AG 1,337 0.01 23,214 EUR HUGO BOSS AG2 2,083 0.02 360,633 EUR Infineon Technologies AG2 9,889 0.07 47,744 EUR Innogy SE 2,012 0.01 77,552 EUR K+S AG2 2,073 0.02 27,302 EUR KION Group AG2 2,216 0.02 28,272 EUR LANXESS AG2 2,234 0.02 61,426 EUR Linde AG2 14,054 0.10 12,256 EUR MAN SE2 1,332 0.01 40,857 EUR Merck KGaA 4,165 0.03 42,487 EUR METRO AG2 571 – 14,923 EUR MTU Aero Engines AG2 2,817 0.02 49,077 EUR Muenchener Rueckversicherungs-Gesellschaft AG2 10,100 0.07 27,900 EUR OSRAM Licht AG2 1,644 0.01 44,204 EUR Porsche Automobil Holding SE, Preference 3,255 0.02 69,859 EUR ProSiebenSat.1 Media SE 2,053 0.02 2,014 EUR Puma SE 1,220 0.01 173,150 EUR RWE AG2 3,920 0.03 316,132 EUR SAP SE 35,552 0.26 58,898 EUR Schaeffler AG, Preference2 881 0.01 255,500 EUR Siemens AG 33,254 0.24 60,398 EUR Siemens Healthineers AG2 2,397 0.02 40,841 EUR Symrise AG 3,311 0.02 218,390 EUR Telefonica Deutschland Holding AG 922 0.01 138,043 EUR thyssenkrupp AG2 3,637 0.03 162,223 GBP TUI AG 3,771 0.03 47,207 EUR Uniper SE2 1,495 0.01 41,097 EUR United Internet AG 2,619 0.02 62,339 EUR Volkswagen AG, Preference2 11,711 0.09 9,589 EUR Volkswagen AG 1,781 0.01 151,495 EUR Vonovia SE2 7,137 0.05 38,124 EUR Wirecard AG 5,881 0.04 31,443 EUR Zalando SE2 1,672 0.01 Total Germany 455,404 3.34

Hong Kong (31 May 2017: 0.91%) 4,098,400 HKD AIA Group Ltd. 37,618 0.28 599,133 HKD Bank of East Asia Ltd. (The) 2,486 0.02

163



As at 31 May 2018




Hong Kong (continued) 1,210,266 HKD BOC Hong Kong Holdings Ltd. 6,087 0.04 585,977 HKD CLP Holdings Ltd. 6,155 0.04 781,000 HKD Galaxy Entertainment Group Ltd.2 6,875 0.05 299,000 HKD Hang Lung Group Ltd. 926 0.01 722,408 HKD Hang Lung Properties Ltd.2 1,639 0.01 238,992 HKD Hang Seng Bank Ltd. 5,981 0.04 404,031 HKD Henderson Land Development Co. Ltd. 2,658 0.02 1,176,500 HKD HK Electric Investments & HK Electric Investments Ltd.2 1,137 0.01 976,520 HKD HKT Trust & HKT Ltd. 1,226 0.01 2,647,274 HKD Hong Kong & China Gas Co. Ltd.2 5,724 0.04 394,501 HKD Hong Kong Exchanges & Clearing Ltd.2 12,764 0.09 209,021 HKD Hysan Development Co. Ltd. 1,208 0.01 697,849 HKD Link REIT 6,174 0.05 481,250 HKD MTR Corp. Ltd.2 2,709 0.02 1,941,859 HKD New World Development Co. Ltd.2 2,981 0.02 1,515,745 HKD PCCW Ltd. 893 0.01 493,764 HKD Power Assets Holdings Ltd. 3,434 0.02 1,307,863 HKD Sino Land Co. Ltd. 2,264 0.02 716,168 HKD SJM Holdings Ltd. 1,028 0.01 509,788 HKD Sun Hung Kai Properties Ltd. 8,228 0.06 238,000 HKD Swire Pacific Ltd. 'A'2 2,455 0.02 398,200 HKD Swire Properties Ltd.2 1,561 0.01 445,000 HKD Techtronic Industries Co. Ltd.2 2,669 0.02 395,031 HKD Wharf Holdings Ltd. (The) 1,277 0.01 294,709 HKD Wheelock & Co. Ltd. 2,220 0.02 Total Hong Kong 130,377 0.96

Ireland (31 May 2017: 1.43%) 203,057 USD Accenture plc 'A' 31,624 0.23 219,978 EUR AIB Group plc 1,200 0.01 49,419 USD Alkermes plc 2,333 0.02 31,288 USD Allegion plc 2,391 0.02 110,504 USD Allergan plc 16,664 0.12 296,641 EUR Bank of Ireland Group plc 2,448 0.02 285,205 EUR CRH plc 10,520 0.08 30,741 GBP DCC plc 2,951 0.02 143,957 USD Eaton Corp. plc 11,024 0.08 89,241 USD Ingersoll-Rand plc 7,812 0.06 158,604 AUD James Hardie Industries plc 2,661 0.02 20,389 USD Jazz Pharmaceuticals plc 3,446 0.02 298,347 USD Johnson Controls International plc 10,013 0.07 51,733 EUR Kerry Group plc 'A' 5,444 0.04 461,409 USD Medtronic plc 39,829 0.29 21,968 EUR Paddy Power Betfair plc 2,667 0.02 61,898 USD Pentair plc 2,701 0.02 41,144 USD Perrigo Co. plc 3,010 0.02 33,633 EUR Ryanair Holdings plc 642 – 89,535 USD Seagate Technology plc 5,045 0.04 42,205 USD Willis Towers Watson plc 6,379 0.05 Total Ireland 170,804 1.25

Isle of Man (31 May 2017: 0.01%) 1,962,699 SGD Genting Singapore plc 1,849 0.01

164



As at 31 May 2018




Isle of Man (continued) 180,842 GBP GVC Holdings plc2 2,447 0.02 Total Isle of Man 4,296 0.03

Israel (31 May 2017: 0.21%) 12,647 ILS Azrieli Group Ltd. 616 – 362,256 ILS Bank Hapoalim BM 2,499 0.02 500,505 ILS Bank Leumi Le-Israel BM 3,119 0.02 638,891 ILS Bezeq The Israeli Telecommunication Corp. Ltd. 781 0.01 46,671 USD Check Point Software Technologies Ltd. 4,544 0.03 5,424 ILS Elbit Systems Ltd. 651 – 10,539 ILS Frutarom Industries Ltd. 1,031 0.01 166,009 ILS Israel Chemicals Ltd. 769 0.01 33,342 ILS Mizrahi Tefahot Bank Ltd. 637 – 20,959 ILS Nice Ltd. 2,198 0.02 255,052 ILS Teva Pharmaceutical Industries Ltd. 5,535 0.04 34,905 USD Teva Pharmaceutical Industries Ltd. ADR2 751 0.01 Total Israel 23,131 0.17

Italy (31 May 2017: 0.68%) 385,934 EUR Assicurazioni Generali SpA2 6,555 0.05 154,091 EUR Atlantia SpA2 4,459 0.03 173,878 EUR Davide Campari-Milano SpA 1,297 0.01 2,679,449 EUR Enel SpA 14,710 0.11 846,732 EUR Eni SpA 15,310 0.11 4,355,238 EUR Intesa Sanpaolo SpA2 12,783 0.09 285,732 EUR Intesa Sanpaolo SpA, Savings Share 859 0.01 136,075 EUR Leonardo SpA2 1,386 0.01 49,461 EUR Luxottica Group SpA 3,076 0.02 200,441 EUR Mediobanca Banca di Credito Finanziario SpA2 1,888 0.01 183,040 EUR Poste Italiane SpA 1,565 0.01 70,491 EUR Prysmian SpA2 1,958 0.02 34,266 EUR Recordati SpA 1,268 0.01 780,823 EUR Snam SpA 3,197 0.02 4,087,141 EUR Telecom Italia SpA 3,278 0.02 1,598,867 EUR Telecom Italia SpA, Savings Share 1,118 0.01 514,010 EUR Terna Rete Elettrica Nazionale SpA2 2,719 0.02 645,925 EUR UniCredit SpA 10,657 0.08 275,802 EUR UnipolSai Assicurazioni SpA2 606 0.01 Total Italy 88,689 0.65

Japan (31 May 2017: 8.47%) 6,130 JPY ABC-Mart, Inc. 378 – 93,200 JPY Acom Co. Ltd.2 392 – 218,730 JPY Aeon Co. Ltd.2 4,347 0.03 36,626 JPY AEON Financial Service Co. Ltd.2 856 0.01 37,389 JPY Aeon Mall Co. Ltd. 724 0.01 58,720 JPY Air Water, Inc. 1,145 0.01 64,848 JPY Aisin Seiki Co. Ltd. 3,271 0.02 175,774 JPY Ajinomoto Co., Inc.2 3,364 0.02 55,248 JPY Alfresa Holdings Corp. 1,400 0.01 48,400 JPY Alps Electric Co. Ltd.2 1,151 0.01 156,421 JPY Amada Holdings Co. Ltd.2 1,705 0.01 32,761 JPY ANA Holdings, Inc. 1,321 0.01

165



As at 31 May 2018




Japan (continued) 40,834 JPY Aozora Bank Ltd. 1,620 0.01 65,820 JPY Asahi Glass Co. Ltd.2 2,702 0.02 141,280 JPY Asahi Group Holdings Ltd.2 7,407 0.05 461,299 JPY Asahi Kasei Corp. 6,350 0.05 54,476 JPY Asics Corp.2 911 0.01 669,665 JPY Astellas Pharma, Inc. 10,260 0.08 59,094 JPY Bandai Namco Holdings, Inc. 2,518 0.02 20,503 JPY Bank of Kyoto Ltd. (The)2 1,076 0.01 21,924 JPY Benesse Holdings, Inc.2 799 0.01 220,427 JPY Bridgestone Corp. 8,856 0.06 74,483 JPY Brother Industries Ltd. 1,563 0.01 27,700 JPY Calbee, Inc. 1,012 0.01 353,847 JPY Canon, Inc.2 12,096 0.09 51,207 JPY Casio Computer Co. Ltd.2 785 0.01 47,000 JPY Central Japan Railway Co.2 9,738 0.07 258,450 JPY Chiba Bank Ltd. (The)2 1,998 0.01 186,840 JPY Chubu Electric Power Co., Inc. 2,899 0.02 73,657 JPY Chugai Pharmaceutical Co. Ltd. 4,169 0.03 96,031 JPY Chugoku Electric Power Co., Inc. (The)2 1,258 0.01 39,600 JPY Coca-Cola Bottlers Japan Holdings, Inc.2 1,671 0.01 404,948 JPY Concordia Financial Group Ltd. 2,285 0.02 46,838 JPY Credit Saison Co. Ltd. 779 0.01 41,600 JPY CYBERDYNE, Inc.2 535 – 92,377 JPY Dai Nippon Printing Co. Ltd.2 1,991 0.01 95,105 JPY Daicel Corp.2 1,078 0.01 24,600 JPY Daifuku Co. Ltd.2 1,279 0.01 337,900 JPY Dai-ichi Life Holdings, Inc. 6,315 0.05 198,552 JPY Daiichi Sankyo Co. Ltd. 6,387 0.05 78,653 JPY Daikin Industries Ltd. 9,107 0.07 22,811 JPY Daito Trust Construction Co. Ltd. 3,731 0.03 200,806 JPY Daiwa House Industry Co. Ltd. 7,295 0.05 474 JPY Daiwa House REIT Investment Corp. 1,119 0.01 593,568 JPY Daiwa Securities Group, Inc. 3,451 0.03 36,200 JPY DeNA Co. Ltd.2 698 0.01 166,717 JPY Denso Corp. 8,118 0.06 63,663 JPY Dentsu, Inc. 3,047 0.02 9,400 JPY Disco Corp. 1,778 0.01 46,400 JPY Don Quijote Holdings Co. Ltd.2 2,477 0.02 115,109 JPY East Japan Railway Co.2 11,395 0.08 96,461 JPY Eisai Co. Ltd. 6,994 0.05 50,371 JPY Electric Power Development Co. Ltd. 1,340 0.01 36,710 JPY FamilyMart UNY Holdings Co. Ltd.2 3,818 0.03 68,060 JPY FANUC Corp.2 14,577 0.11 17,863 JPY Fast Retailing Co. Ltd.2 7,848 0.06 154,648 JPY Fuji Electric Co. Ltd.2 1,106 0.01 129,362 JPY FUJIFILM Holdings Corp. 4,979 0.04 661,632 JPY Fujitsu Ltd. 4,060 0.03 271,006 JPY Fukuoka Financial Group, Inc. 1,452 0.01 134,894 JPY Hachijuni Bank Ltd. (The) 600 – 89,050 JPY Hakuhodo DY Holdings, Inc. 1,354 0.01 43,700 JPY Hamamatsu Photonics KK2 1,901 0.01 74,200 JPY Hankyu Hanshin Holdings, Inc.2 3,066 0.02 5,000 JPY Hikari Tsushin, Inc. 890 0.01 75,252 JPY Hino Motors Ltd. 846 0.01

166



As at 31 May 2018




Japan (continued) 10,231 JPY Hirose Electric Co. Ltd.2 1,334 0.01 19,609 JPY Hisamitsu Pharmaceutical Co., Inc.2 1,635 0.01 43,090 JPY Hitachi Chemical Co. Ltd.2 930 0.01 41,156 JPY Hitachi Construction Machinery Co. Ltd.2 1,523 0.01 23,764 JPY Hitachi High-Technologies Corp.2 1,086 0.01 1,571,020 JPY Hitachi Ltd. 11,519 0.08 66,826 JPY Hitachi Metals Ltd.2 737 0.01 563,482 JPY Honda Motor Co. Ltd. 17,878 0.13 14,200 JPY Hoshizaki Corp.2 1,429 0.01 121,410 JPY Hoya Corp. 7,234 0.05 92,500 JPY Hulic Co. Ltd.2 951 0.01 36,976 JPY Idemitsu Kosan Co. Ltd. 1,244 0.01 46,564 JPY IHI Corp. 1,755 0.01 84,500 JPY Iida Group Holdings Co. Ltd.2 1,617 0.01 283,500 JPY Inpex Corp.2 3,168 0.02 122,544 JPY Isetan Mitsukoshi Holdings Ltd.2 1,516 0.01 197,429 JPY Isuzu Motors Ltd.2 2,651 0.02 533,055 JPY ITOCHU Corp.2 10,038 0.07 125,080 JPY J Front Retailing Co. Ltd. 1,974 0.01 37,600 JPY Japan Airlines Co. Ltd. 1,460 0.01 14,200 JPY Japan Airport Terminal Co. Ltd.2 656 – 172,580 JPY Japan Exchange Group, Inc. 3,287 0.02 147,361 JPY Japan Post Bank Co. Ltd.2 1,846 0.01 480,600 JPY Japan Post Holdings Co. Ltd. 5,516 0.04 286 JPY Japan Prime Realty Investment Corp., REIT 1,041 0.01 448 JPY Japan Real Estate Investment Corp., REIT 2,355 0.02 711 JPY Japan Retail Fund Investment Corp., REIT 1,292 0.01 354,745 JPY Japan Tobacco, Inc.2 9,587 0.07 150,674 JPY JFE Holdings, Inc. 3,123 0.02 73,495 JPY JGC Corp.2 1,538 0.01 62,634 JPY JSR Corp. 1,224 0.01 70,235 JPY JTEKT Corp. 1,026 0.01 997,962 JPY JXTG Holdings, Inc. 6,456 0.05 261,791 JPY Kajima Corp. 2,140 0.02 41,500 JPY Kakaku.com, Inc.2 905 0.01 58,817 JPY Kamigumi Co. Ltd. 1,290 0.01 93,551 JPY Kaneka Corp.2 964 0.01 236,173 JPY Kansai Electric Power Co., Inc. (The) 3,404 0.02 74,785 JPY Kansai Paint Co. Ltd.2 1,608 0.01 169,636 JPY Kao Corp.2 13,181 0.10 48,441 JPY Kawasaki Heavy Industries Ltd. 1,474 0.01 593,800 JPY KDDI Corp. 16,099 0.12 34,000 JPY Keihan Holdings Co. Ltd.2 1,153 0.01 76,879 JPY Keikyu Corp.2 1,297 0.01 40,626 JPY Keio Corp.2 1,892 0.01 44,484 JPY Keisei Electric Railway Co. Ltd. 1,513 0.01 31,836 JPY Keyence Corp. 19,583 0.14 48,131 JPY Kikkoman Corp.2 2,277 0.02 62,413 JPY Kintetsu Group Holdings Co. Ltd.2 2,617 0.02 287,824 JPY Kirin Holdings Co. Ltd. 8,199 0.06 99,369 JPY Kobe Steel Ltd. 1,000 0.01 32,653 JPY Koito Manufacturing Co. Ltd.2 2,407 0.02 310,588 JPY Komatsu Ltd.2 10,254 0.08 28,101 JPY Konami Holdings Corp. 1,322 0.01

167



As at 31 May 2018




Japan (continued) 165,101 JPY Konica Minolta, Inc.2 1,511 0.01 11,100 JPY Kose Corp.2 2,418 0.02 364,576 JPY Kubota Corp. 6,151 0.05 103,312 JPY Kuraray Co. Ltd. 1,586 0.01 32,693 JPY Kurita Water Industries Ltd. 942 0.01 110,158 JPY Kyocera Corp. 6,546 0.05 86,254 JPY Kyowa Hakko Kirin Co. Ltd. 1,769 0.01 149,899 JPY Kyushu Electric Power Co., Inc.2 1,774 0.01 126,300 JPY Kyushu Financial Group, Inc. 606 – 52,500 JPY Kyushu Railway Co. 1,674 0.01 9,413 JPY Lawson, Inc.2 614 – 31,600 JPY LINE Corp.2 1,149 0.01 81,400 JPY Lion Corp.2 1,493 0.01 91,533 JPY LIXIL Group Corp.2 2,027 0.01 68,100 JPY M3, Inc.2 2,855 0.02 18,638 JPY Mabuchi Motor Co. Ltd.2 866 0.01 76,278 JPY Makita Corp.2 3,412 0.03 494,354 JPY Marubeni Corp. 3,860 0.03 74,699 JPY Marui Group Co. Ltd.2 1,520 0.01 22,055 JPY Maruichi Steel Tube Ltd.2 732 0.01 162,257 JPY Mazda Motor Corp.2 2,046 0.02 16,056 JPY McDonald's Holdings Co. Japan Ltd. 810 0.01 280,193 JPY Mebuki Financial Group, Inc.2 1,021 0.01 33,828 JPY Medipal Holdings Corp. 782 0.01 38,206 JPY MEIJI Holdings Co. Ltd.2 3,260 0.02 105,100 JPY MINEBEA MITSUMI, Inc. 2,001 0.01 93,000 JPY MISUMI Group, Inc.2 2,696 0.02 427,371 JPY Mitsubishi Chemical Holdings Corp.2 3,965 0.03 493,307 JPY Mitsubishi Corp. 13,762 0.10 612,298 JPY Mitsubishi Electric Corp. 8,707 0.06 423,436 JPY Mitsubishi Estate Co. Ltd. 7,701 0.06 61,370 JPY Mitsubishi Gas Chemical Co., Inc. 1,571 0.01 113,432 JPY Mitsubishi Heavy Industries Ltd.2 4,302 0.03 49,033 JPY Mitsubishi Materials Corp.2 1,365 0.01 212,095 JPY Mitsubishi Motors Corp.2 1,609 0.01 79,657 JPY Mitsubishi Tanabe Pharma Corp. 1,430 0.01 4,111,031 JPY Mitsubishi UFJ Financial Group, Inc.2 24,815 0.18 195,860 JPY Mitsubishi UFJ Lease & Finance Co. Ltd. 1,174 0.01 612,312 JPY Mitsui & Co. Ltd. 10,804 0.08 81,182 JPY Mitsui Chemicals, Inc.2 2,354 0.02 321,286 JPY Mitsui Fudosan Co. Ltd. 8,088 0.06 39,825 JPY Mitsui OSK Lines Ltd.2 1,055 0.01 12,500 JPY Mixi, Inc. 392 – 7,936,041 JPY Mizuho Financial Group, Inc.2 13,857 0.10 158,842 JPY MS&AD Insurance Group Holdings, Inc. 5,064 0.04 66,169 JPY Murata Manufacturing Co. Ltd.2 9,857 0.07 35,300 JPY Nabtesco Corp.2 1,157 0.01 45,900 JPY Nagoya Railroad Co. Ltd.2 1,182 0.01 90,012 JPY NEC Corp. 2,543 0.02 159,200 JPY Nexon Co. Ltd. 2,639 0.02 86,966 JPY NGK Insulators Ltd.2 1,591 0.01 38,579 JPY NGK Spark Plug Co. Ltd.2 1,058 0.01 28,100 JPY NH Foods Ltd.2 1,157 0.01 81,296 JPY Nidec Corp.2 12,635 0.09

168



As at 31 May 2018




Japan (continued) 101,169 JPY Nikon Corp.2 1,644 0.01 37,608 JPY Nintendo Co. Ltd.2 15,577 0.11 544 JPY Nippon Building Fund, Inc., REIT 3,054 0.02 32,999 JPY Nippon Electric Glass Co. Ltd. 897 0.01 25,442 JPY Nippon Express Co. Ltd. 1,918 0.01 46,500 JPY Nippon Paint Holdings Co. Ltd.2 1,950 0.01 525 JPY Nippon Prologis REIT, Inc. 1,097 0.01 286,863 JPY Nippon Steel & Sumitomo Metal Corp. 6,027 0.04 228,020 JPY Nippon Telegraph & Telephone Corp. 10,716 0.08 58,248 JPY Nippon Yusen KK2 1,190 0.01 41,800 JPY Nissan Chemical Industries Ltd.2 1,970 0.01 811,048 JPY Nissan Motor Co. Ltd.2 8,066 0.06 66,838 JPY Nisshin Seifun Group, Inc.2 1,415 0.01 18,861 JPY Nissin Foods Holdings Co. Ltd.2 1,406 0.01 31,138 JPY Nitori Holdings Co. Ltd.2 5,364 0.04 48,866 JPY Nitto Denko Corp. 3,850 0.03 27,998 JPY NOK Corp.2 527 – 1,130,253 JPY Nomura Holdings, Inc. 5,868 0.04 36,546 JPY Nomura Real Estate Holdings, Inc. 859 0.01 988 JPY Nomura Real Estate Master Fund, Inc., REIT 1,386 0.01 57,871 JPY Nomura Research Institute Ltd.2 2,919 0.02 154,793 JPY NSK Ltd.2 1,765 0.01 217,000 JPY NTT Data Corp.2 2,431 0.02 441,500 JPY NTT DOCOMO, Inc.2 11,451 0.08 225,470 JPY Obayashi Corp. 2,281 0.02 28,300 JPY Obic Co. Ltd. 2,454 0.02 104,641 JPY Odakyu Electric Railway Co. Ltd.2 2,268 0.02 359,318 JPY Oji Holdings Corp. 2,365 0.02 105,125 JPY Olympus Corp.2 3,735 0.03 64,027 JPY Omron Corp.2 3,377 0.02 134,690 JPY Ono Pharmaceutical Co. Ltd.2 3,347 0.02 9,106 JPY Oracle Corp. Japan 695 0.01 80,768 JPY Oriental Land Co. Ltd.2 8,289 0.06 461,790 JPY ORIX Corp.2 7,763 0.06 105,174 JPY Osaka Gas Co. Ltd.2 2,299 0.02 33,506 JPY Otsuka Corp. 1,386 0.01 132,700 JPY Otsuka Holdings Co. Ltd. 6,619 0.05 735,613 JPY Panasonic Corp. 10,085 0.07 20,800 JPY Park24 Co. Ltd.2 562 – 54,800 JPY Persol Holdings Co. Ltd. 1,177 0.01 44,300 JPY Pola Orbis Holdings, Inc. 2,198 0.02 322,200 JPY Rakuten, Inc.2 2,170 0.02 379,500 JPY Recruit Holdings Co. Ltd.2 10,584 0.08 248,500 JPY Renesas Electronics Corp.2 2,475 0.02 668,168 JPY Resona Holdings, Inc. 3,732 0.03 235,483 JPY Ricoh Co. Ltd.2 2,137 0.02 12,690 JPY Rinnai Corp.2 1,215 0.01 34,080 JPY Rohm Co. Ltd. 3,165 0.02 10,300 JPY Ryohin Keikaku Co. Ltd. 3,508 0.03 17,082 JPY Sankyo Co. Ltd. 678 – 149,670 JPY Santen Pharmaceutical Co. Ltd. 2,613 0.02 85,370 JPY SBI Holdings, Inc. 2,337 0.02 68,257 JPY Secom Co. Ltd.2 5,101 0.04 57,063 JPY Sega Sammy Holdings, Inc.2 1,011 0.01

169



As at 31 May 2018




Japan (continued) 123,200 JPY Seibu Holdings, Inc.2 2,031 0.01 89,900 JPY Seiko Epson Corp. 1,580 0.01 162,513 JPY Sekisui Chemical Co. Ltd.2 2,675 0.02 225,568 JPY Sekisui House Ltd. 4,032 0.03 265,226 JPY Seven & i Holdings Co. Ltd. 11,769 0.09 192,100 JPY Seven Bank Ltd.2 608 – 50,200 JPY Sharp Corp.2 1,338 0.01 91,577 JPY Shimadzu Corp. 2,533 0.02 7,434 JPY Shimamura Co. Ltd.2 761 0.01 24,956 JPY Shimano, Inc.2 3,535 0.03 203,258 JPY Shimizu Corp. 1,992 0.01 127,778 JPY Shin-Etsu Chemical Co. Ltd. 12,808 0.09 94,131 JPY Shinsei Bank Ltd.2 1,490 0.01 96,012 JPY Shionogi & Co. Ltd.2 5,050 0.04 124,121 JPY Shiseido Co. Ltd.2 9,855 0.07 126,565 JPY Shizuoka Bank Ltd. (The)2 1,224 0.01 65,516 JPY Showa Shell Sekiyu KK2 873 0.01 18,332 JPY SMC Corp.2 6,991 0.05 274,554 JPY SoftBank Group Corp.2 19,623 0.14 22,100 JPY Sohgo Security Services Co. Ltd. 1,014 0.01 123,996 JPY Sompo Holdings, Inc.2 5,401 0.04 429,261 JPY Sony Corp.2 20,387 0.15 56,100 JPY Sony Financial Holdings, Inc.2 1,033 0.01 49,252 JPY Stanley Electric Co. Ltd. 1,684 0.01 61,600 JPY Start Today Co. Ltd.2 2,146 0.02 226,660 JPY Subaru Corp. 6,947 0.05 111,400 JPY SUMCO Corp.2 2,716 0.02 496,160 JPY Sumitomo Chemical Co. Ltd. 3,010 0.02 440,266 JPY Sumitomo Corp.2 7,406 0.05 50,938 JPY Sumitomo Dainippon Pharma Co. Ltd. 1,061 0.01 266,118 JPY Sumitomo Electric Industries Ltd.2 4,028 0.03 31,421 JPY Sumitomo Heavy Industries Ltd. 1,113 0.01 93,605 JPY Sumitomo Metal Mining Co. Ltd.2 3,589 0.03 460,855 JPY Sumitomo Mitsui Financial Group, Inc. 19,101 0.14 102,009 JPY Sumitomo Mitsui Trust Holdings, Inc. 4,265 0.03 119,894 JPY Sumitomo Realty & Development Co. Ltd. 4,539 0.03 49,154 JPY Sumitomo Rubber Industries Ltd. 826 0.01 26,100 JPY Sundrug Co. Ltd. 1,189 0.01 45,100 JPY Suntory Beverage & Food Ltd. 2,009 0.01 57,646 JPY Suruga Bank Ltd. 666 – 13,156 JPY Suzuken Co. Ltd. 591 – 107,470 JPY Suzuki Motor Corp.2 6,194 0.05 50,072 JPY Sysmex Corp.2 4,521 0.03 157,262 JPY T&D Holdings, Inc. 2,485 0.02 42,300 JPY Taiheiyo Cement Corp. 1,569 0.01 71,869 JPY Taisei Corp. 3,962 0.03 8,787 JPY Taisho Pharmaceutical Holdings Co. Ltd.2 936 0.01 11,600 JPY Taiyo Nippon Sanso Corp.2 172 – 79,324 JPY Takashimaya Co. Ltd. 664 – 241,599 JPY Takeda Pharmaceutical Co. Ltd.2 9,900 0.07 47,608 JPY TDK Corp.2 4,286 0.03 55,868 JPY Teijin Ltd.2 1,086 0.01 122,172 JPY Terumo Corp.2 7,264 0.05 37,714 JPY THK Co. Ltd.2 1,343 0.01

170



As at 31 May 2018




Japan (continued) 67,772 JPY Tobu Railway Co. Ltd. 2,105 0.02 36,159 JPY Toho Co. Ltd. 1,258 0.01 26,392 JPY Toho Gas Co. Ltd.2 834 0.01 153,274 JPY Tohoku Electric Power Co., Inc. 1,960 0.01 241,454 JPY Tokio Marine Holdings, Inc.2 11,645 0.09 502,657 JPY Tokyo Electric Power Co. Holdings, Inc. 2,392 0.02 51,007 JPY Tokyo Electron Ltd. 9,577 0.07 122,110 JPY Tokyo Gas Co. Ltd. 3,332 0.02 76,200 JPY Tokyo Tatemono Co. Ltd. 1,058 0.01 212,904 JPY Tokyu Corp.2 3,790 0.03 162,930 JPY Tokyu Fudosan Holdings Corp.2 1,206 0.01 173,072 JPY Toppan Printing Co. Ltd.2 1,415 0.01 526,093 JPY Toray Industries, Inc.2 4,314 0.03 1,987,212 JPY Toshiba Corp. 5,597 0.04 96,100 JPY Tosoh Corp.2 1,689 0.01 46,682 JPY TOTO Ltd.2 2,449 0.02 37,200 JPY Toyo Seikan Group Holdings Ltd.2 626 – 27,545 JPY Toyo Suisan Kaisha Ltd. 985 0.01 16,652 JPY Toyoda Gosei Co. Ltd.2 440 – 52,683 JPY Toyota Industries Corp.2 3,084 0.02 858,025 JPY Toyota Motor Corp.2 54,659 0.40 72,388 JPY Toyota Tsusho Corp.2 2,505 0.02 33,445 JPY Trend Micro, Inc. 1,902 0.01 12,600 JPY Tsuruha Holdings, Inc.2 1,878 0.01 121,627 JPY Unicharm Corp.2 3,785 0.03 871 JPY United Urban Investment Corp., REIT 1,337 0.01 70,620 JPY USS Co. Ltd.2 1,340 0.01 54,600 JPY West Japan Railway Co.2 3,934 0.03 497,300 JPY Yahoo Japan Corp.2 1,813 0.01 46,362 JPY Yakult Honsha Co. Ltd. 3,055 0.02 297,510 JPY Yamada Denki Co. Ltd.2 1,544 0.01 80,114 JPY Yamaguchi Financial Group, Inc.2 968 0.01 53,165 JPY Yamaha Corp.2 2,779 0.02 118,829 JPY Yamaha Motor Co. Ltd. 3,445 0.03 115,306 JPY Yamato Holdings Co. Ltd.2 3,316 0.02 46,404 JPY Yamazaki Baking Co. Ltd.2 1,008 0.01 82,736 JPY Yaskawa Electric Corp.2 3,351 0.02 71,394 JPY Yokogawa Electric Corp. 1,307 0.01 27,100 JPY Yokohama Rubber Co. Ltd. (The) 591 – Total Japan 1,213,715 8.91

Jersey (31 May 2017: 0.51%) 92,277 USD Aptiv plc 8,997 0.07 282,042 GBP Experian plc 6,911 0.05 74,721 GBP Ferguson plc 5,809 0.04 3,945,469 GBP Glencore plc 19,533 0.14 27,961 GBP Randgold Resources Ltd. 2,220 0.02 312,778 GBP Shire plc 17,064 0.12 398,916 GBP WPP plc 6,542 0.05 Total Jersey 67,076 0.49

171



As at 31 May 2018




Liberia (31 May 2017: 0.06%) 61,648 USD Royal Caribbean Cruises Ltd. 6,472 0.05 Total Liberia 6,472 0.05

Luxembourg (31 May 2017: 0.11%) 200,848 EUR ArcelorMittal 6,494 0.05 3,711 EUR Eurofins Scientific SE2 1,903 0.01 20,707 SEK Millicom International Cellular SA SDR2 1,304 0.01 11,677 EUR RTL Group SA 880 0.01 114,900 EUR SES SA FDR2 1,982 0.02 186,017 EUR Tenaris SA2 3,333 0.02 Total Luxembourg 15,896 0.12

Mauritius (31 May 2017: 0.01%) 2,391,861 SGD Golden Agri-Resources Ltd.2 563 – Total Mauritius 563 –

Netherlands (31 May 2017: 1.73%) 128,086 EUR ABN AMRO Group NV CVA2 3,322 0.02 545,974 EUR Aegon NV2 3,394 0.02 40,243 USD AerCap Holdings NV 2,226 0.02 185,285 EUR Airbus SE 21,047 0.15 78,954 EUR Akzo Nobel NV 6,921 0.05 126,004 EUR ASML Holding NV2 24,622 0.18 35,543 EUR Boskalis Westminster2 981 0.01 304,895 EUR CNH Industrial NV 3,566 0.03 29,962 EUR EXOR NV 2,168 0.02 47,914 EUR Ferrari NV 6,236 0.05 336,697 EUR Fiat Chrysler Automobiles NV 7,625 0.06 34,452 EUR Heineken Holding NV2 3,350 0.02 90,327 EUR Heineken NV 9,030 0.07 1,258,726 EUR ING Groep NV 18,305 0.13 422,979 EUR Koninklijke Ahold Delhaize NV2 9,704 0.07 56,445 EUR Koninklijke DSM NV 5,612 0.04 1,127,479 EUR Koninklijke KPN NV2 3,063 0.02 302,827 EUR Koninklijke Philips NV 12,379 0.09 23,999 EUR Koninklijke Vopak NV2 1,177 0.01 108,265 USD LyondellBasell Industries NV 'A' 12,139 0.09 157,348 USD Mylan NV2 6,052 0.04 112,030 EUR NN Group NV 4,807 0.04 108,448 USD NXP Semiconductors NV 12,363 0.09 72,465 EUR QIAGEN NV 2,627 0.02 44,720 EUR Randstad NV 2,665 0.02 300,273 EUR RELX NV 6,548 0.05 219,394 EUR STMicroelectronics NV 5,214 0.04 524,926 EUR Unilever NV CVA 29,252 0.21 99,719 EUR Wolters Kluwer NV 5,592 0.04 Total Netherlands 231,987 1.70

New Zealand (31 May 2017: 0.06%) 307,506 NZD Auckland International Airport Ltd.2 1,424 0.01 145,783 NZD Fisher & Paykel Healthcare Corp. Ltd.2 1,358 0.01 261,895 NZD Fletcher Building Ltd.2 1,211 0.01

172



As at 31 May 2018




New Zealand (continued) 234,783 NZD Mercury NZ Ltd. 532 – 421,051 NZD Meridian Energy Ltd.2 882 0.01 126,329 NZD Ryman Healthcare Ltd.2 1,011 0.01 713,833 NZD Spark New Zealand Ltd.2 1,833 0.01 Total New Zealand 8,251 0.06

Norway (31 May 2017: 0.23%) 312,135 NOK DNB ASA 5,588 0.04 386,921 NOK Equinor ASA 10,181 0.07 62,041 NOK Gjensidige Forsikring ASA 958 0.01 134,035 NOK Marine Harvest ASA 2,682 0.02 495,546 NOK Norsk Hydro ASA 3,109 0.02 282,341 NOK Orkla ASA 2,546 0.02 32,879 NOK Schibsted ASA 'B' 892 0.01 248,211 NOK Telenor ASA 5,113 0.04 44,524 NOK Yara International ASA2 1,835 0.01 Total Norway 32,904 0.24

Panama (31 May 2017: 0.06%) 113,664 USD Carnival Corp. 7,079 0.05 Total Panama 7,079 0.05

Papua New Guinea (31 May 2017: 0.02%) 541,602 AUD Oil Search Ltd.2 3,389 0.03 Total Papua New Guinea 3,389 0.03

Portugal (31 May 2017: 0.05%) 777,704 EUR EDP - Energias de Portugal SA2 3,041 0.02 183,035 EUR Galp Energia SGPS SA 3,396 0.02 63,714 EUR Jeronimo Martins SGPS SA 1,001 0.01 Total Portugal 7,438 0.05

Singapore (31 May 2017: 0.75%) 702,810 SGD Ascendas Real Estate Investment Trust 1,392 0.01 830,312 SGD CapitaLand Commercial Trust, REIT 1,062 0.01 891,676 SGD CapitaLand Ltd. 2,307 0.02 870,334 SGD CapitaLand Mall Trust, REIT2 1,347 0.01 154,103 SGD City Developments Ltd. 1,292 0.01 549,582 SGD ComfortDelGro Corp. Ltd. 1,011 0.01 610,390 SGD DBS Group Holdings Ltd. 12,948 0.09 189,705 USD Flex Ltd. 2,635 0.02 2,103,800 USD Hutchison Port Holdings Trust 579 – 39,168 SGD Jardine Cycle & Carriage Ltd.2 1,006 0.01 492,553 SGD Keppel Corp. Ltd. 2,839 0.02 1,059,067 SGD Oversea-Chinese Banking Corp. Ltd.2 9,930 0.07 172,900 SGD SATS Ltd. 667 – 413,608 SGD Sembcorp Industries Ltd.2 906 0.01 114,222 SGD Singapore Airlines Ltd. 963 0.01 264,274 SGD Singapore Exchange Ltd. 1,431 0.01 470,476 SGD Singapore Press Holdings Ltd.2 925 0.01 723,574 SGD Singapore Technologies Engineering Ltd. 1,883 0.01 2,800,447 SGD Singapore Telecommunications Ltd. 6,868 0.05

173



As at 31 May 2018




Singapore (continued) 268,644 SGD StarHub Ltd. 388 – 795,069 SGD Suntec Real Estate Investment Trust2 1,070 0.01 430,812 SGD United Overseas Bank Ltd. 9,064 0.07 186,139 SGD UOL Group Ltd. 1,130 0.01 660,665 SGD Wilmar International Ltd.2 1,600 0.01 505,840 SGD Yangzijiang Shipbuilding Holdings Ltd. 365 – Total Singapore 65,608 0.48

Spain (31 May 2017: 1.27%) 69,457 EUR ACS Actividades de Construccion y Servicios SA 2,879 0.02 20,800 EUR Aena SME SA 3,989 0.03 152,364 EUR Amadeus IT Group SA 12,076 0.09 2,131,805 EUR Banco Bilbao Vizcaya Argentaria SA 14,530 0.11 1,865,587 EUR Banco de Sabadell SA 3,132 0.02 5,198,559 EUR Banco Santander SA 27,914 0.20 382,398 EUR Bankia SA2 1,449 0.01 223,265 EUR Bankinter SA 2,148 0.01 1,174,127 EUR CaixaBank SA 4,983 0.04 51,717 EUR Enagas SA 1,377 0.01 104,857 EUR Endesa SA 2,307 0.02 183,384 EUR Ferrovial SA 3,731 0.03 183,384 EUR Ferrovial SA, Rights 67 – 99,501 EUR Gas Natural SDG SA 2,438 0.02 119,882 EUR Grifols SA 3,526 0.02 2,001,919 EUR Iberdrola SA 14,189 0.10 376,372 EUR Industria de Diseno Textil SA 11,867 0.09 143,455 EUR International Consolidated Airlines Group SA 1,301 0.01 457,359 EUR Mapfre SA 1,384 0.01 113,793 EUR Red Electrica Corp. SA 2,212 0.02 438,829 EUR Repsol SA 8,352 0.06 78,126 EUR Siemens Gamesa Renewable Energy SA2 1,200 0.01 1,567,434 EUR Telefonica SA2 13,808 0.10 Total Spain 140,859 1.03

Sweden (31 May 2017: 1.08%) 105,834 SEK Alfa Laval AB 2,639 0.02 316,021 SEK Assa Abloy AB 'B' 6,784 0.05 212,719 SEK Atlas Copco AB 193 – 113,844 SEK Atlas Copco AB 103 – 212,719 SEK Atlas Copco AB 'A'2 8,430 0.06 151,522 SEK Atlas Copco AB 'B' 5,473 0.04 102,814 SEK Boliden AB2 3,619 0.03 102,814 SEK Boliden AB 67 – 79,060 SEK Electrolux AB 'B' 1,948 0.01 188,933 SEK Essity AB 'B' 4,792 0.04 79,278 SEK Getinge AB2 767 0.01 293,487 SEK Hennes & Mauritz AB 'B'2 4,416 0.03 81,368 SEK Hexagon AB 'B' 4,576 0.03 137,144 SEK Husqvarna AB 'B' 1,346 0.01 25,961 SEK ICA Gruppen AB2 800 0.01 58,284 SEK Industrivarden AB 'C'2 1,222 0.01 140,175 SEK Investor AB 'B' 5,803 0.04 80,934 SEK Kinnevik AB 'B' 2,815 0.02

174



As at 31 May 2018




Sweden (continued) 18,500 SEK L E Lundbergforetagen AB 'B' 597 – 63,785 SEK Lundin Petroleum AB 2,019 0.02 1,035,343 SEK Nordea Bank AB2 9,941 0.07 373,441 SEK Sandvik AB 6,469 0.05 101,107 SEK Securitas AB 'B'2 1,627 0.01 488,036 SEK Skandinaviska Enskilda Banken AB 'A' 4,390 0.03 87,345 SEK Skanska AB 'B'2 1,606 0.01 112,395 SEK SKF AB 'B'2 2,179 0.02 544,409 SEK Svenska Handelsbanken AB 'A'2 5,958 0.04 309,213 SEK Swedbank AB 'A'2 6,418 0.05 63,655 SEK Swedish Match AB 3,013 0.02 128,925 SEK Tele2 AB 'B' 1,575 0.01 1,036,710 SEK Telefonaktiebolaget LM Ericsson 'B' 7,508 0.06 877,876 SEK Telia Co. AB 4,109 0.03 520,037 SEK Volvo AB 'B'2 8,935 0.07 Total Sweden 122,137 0.90

Switzerland (31 May 2017: 3.46%) 595,695 CHF ABB Ltd. 13,506 0.10 47,061 CHF Adecco Group AG 2,830 0.02 16,374 CHF Baloise Holding AG 2,408 0.02 774 CHF Barry Callebaut AG 1,357 0.01 289 CHF Chocoladefabriken Lindt & Spruengli AG 1,853 0.01 33 CHF Chocoladefabriken Lindt & Spruengli AG, Registered 2,501 0.02 152,058 USD Chubb Ltd. 19,872 0.15 168,399 CHF Cie Financiere Richemont SA 15,475 0.11 108,081 CHF Clariant AG2 2,614 0.02 63,987 GBP Coca-Cola HBC AG 2,188 0.02 781,913 CHF Credit Suisse Group AG2 11,946 0.09 13,022 CHF Dufry AG2 1,781 0.01 2,606 CHF EMS-Chemie Holding AG2 1,634 0.01 38,096 USD Garmin Ltd. 2,289 0.02 13,132 CHF Geberit AG 5,688 0.04 3,145 CHF Givaudan SA 7,022 0.05 75,119 CHF Julius Baer Group Ltd.2 4,394 0.03 15,783 CHF Kuehne + Nagel International AG2 2,386 0.02 140,759 CHF LafargeHolcim Ltd.2 7,222 0.05 22,972 CHF Lonza Group AG 6,162 0.05 1,024,812 CHF Nestle SA 77,536 0.57 729,513 CHF Novartis AG 54,140 0.40 12,206 CHF Pargesa Holding SA2 1,070 0.01 6,068 CHF Partners Group Holding AG 4,395 0.03 228,441 CHF Roche Holding AG2 49,041 0.36 11,503 CHF Schindler Holding AG 2,436 0.02 7,524 CHF Schindler Holding AG, Registered 1,547 0.01 1,787 CHF SGS SA 4,633 0.03 756 CHF Sika AG 6,052 0.04 17,918 CHF Sonova Holding AG2 3,135 0.02 3,122 CHF Straumann Holding AG 2,063 0.01 10,147 CHF Swatch Group AG (The) 4,936 0.04 16,719 CHF Swatch Group AG (The), Registered2 1,489 0.01 9,764 CHF Swiss Life Holding AG 3,337 0.02 22,336 CHF Swiss Prime Site AG 2,089 0.02

175



As at 31 May 2018




Switzerland (continued) 102,636 CHF Swiss Re AG2 8,893 0.07 9,260 CHF Swisscom AG2 4,141 0.03 119,731 USD TE Connectivity Ltd. 11,145 0.08 1,179,644 CHF UBS Group AG2 17,819 0.13 17,697 CHF Vifor Pharma AG2 2,753 0.02 48,469 CHF Zurich Insurance Group AG 14,406 0.11 Total Switzerland 392,184 2.88

United Kingdom (31 May 2017: 6.33%) 278,612 GBP 3i Group plc 3,533 0.03 69,393 GBP Admiral Group plc2 1,778 0.01 436,289 GBP Anglo American plc 10,434 0.08 164,262 GBP Antofagasta plc 2,305 0.02 84,364 USD Aon plc 11,800 0.09 165,063 GBP Ashtead Group plc 5,120 0.04 116,610 GBP Associated British Foods plc2 4,112 0.03 421,720 GBP AstraZeneca plc 30,673 0.23 331,437 GBP Auto Trader Group plc 1,555 0.01 1,355,373 GBP Aviva plc 9,212 0.07 82,168 GBP Babcock International Group plc2 911 0.01 1,095,007 GBP BAE Systems plc 9,316 0.07 5,452,816 GBP Barclays plc 14,311 0.11 334,840 GBP Barratt Developments plc2 2,431 0.02 46,259 GBP Berkeley Group Holdings plc 2,614 0.02 724,892 GBP BHP Billiton plc 16,678 0.12 6,439,209 GBP BP plc 49,379 0.36 765,013 GBP British American Tobacco plc 39,385 0.29 324,353 GBP British Land Co. plc (The), REIT 2,926 0.02 2,727,356 GBP BT Group plc 7,436 0.05 103,011 GBP Bunzl plc2 3,139 0.02 124,795 GBP Burberry Group plc 3,436 0.03 66,053 GBP Carnival plc 4,251 0.03 1,701,508 GBP Centrica plc 3,303 0.02 868,803 GBP Cobham plc2 1,439 0.01 78,238 USD Coca-Cola European Partners plc 2,971 0.02 487,884 GBP Compass Group plc 10,501 0.08 383,717 GBP ConvaTec Group plc 1,183 0.01 50,890 GBP Croda International plc 3,157 0.02 800,938 GBP Diageo plc 29,442 0.22 460,109 GBP Direct Line Insurance Group plc 2,189 0.02 61,157 GBP easyJet plc 1,391 0.01 74,871 GBP Fresnillo plc 1,324 0.01 568,550 GBP G4S plc 2,042 0.01 1,582,900 GBP GlaxoSmithKline plc 32,100 0.24 260,341 GBP Hammerson plc, REIT 1,895 0.01 86,234 GBP Hargreaves Lansdown plc 2,188 0.02 6,567,624 GBP HSBC Holdings plc 62,975 0.46 87,613 GBP IMI plc 1,352 0.01 307,622 GBP Imperial Brands plc 11,093 0.08 62,490 GBP InterContinental Hotels Group plc 4,003 0.03 61,147 GBP Intertek Group plc 4,447 0.03 201,368 GBP Investec plc2 1,489 0.01 1,335,888 GBP ITV plc 2,890 0.02

176



As at 31 May 2018




United Kingdom (continued) 571,142 GBP J Sainsbury plc2 2,419 0.02 278,521 GBP John Wood Group plc2 2,485 0.02 67,217 GBP Johnson Matthey plc2 3,142 0.02 728,309 GBP Kingfisher plc2 2,958 0.02 259,257 GBP Land Securities Group plc, REIT 3,207 0.02 2,074,440 GBP Legal & General Group plc2 7,447 0.05 68,910 USD Liberty Global plc 'A'2 1,965 0.01 192,630 USD Liberty Global plc 'C'2 5,332 0.04 23,107,272 GBP Lloyds Banking Group plc 19,436 0.14 99,868 GBP London Stock Exchange Group plc 5,949 0.04 559,306 GBP Marks & Spencer Group plc2 2,114 0.02 132,236 GBP Mediclinic International plc 1,075 0.01 198,119 GBP Meggitt plc 1,296 0.01 1,641,525 GBP Melrose Industries plc 5,155 0.04 248,707 GBP Merlin Entertainments plc2 1,214 0.01 49,911 GBP Micro Focus International plc 885 0.01 74,420 USD Micro Focus International plc ADR 1,317 0.01 123,948 GBP Mondi plc 3,445 0.03 1,110,804 GBP National Grid plc2 12,317 0.09 39,115 GBP Next plc 3,019 0.02 109,001 USD Nielsen Holdings plc2 3,289 0.02 1,616,389 GBP Old Mutual plc 5,158 0.04 323,217 GBP Pearson plc2 3,878 0.03 87,722 GBP Persimmon plc 3,306 0.02 826,399 GBP Prudential plc 19,915 0.15 220,650 GBP Reckitt Benckiser Group plc2 16,915 0.12 365,543 GBP RELX plc 8,038 0.06 398,703 GBP Rio Tinto plc 22,495 0.17 499,723 GBP Rolls-Royce Holdings plc2 5,483 0.04 35,480,333 GBP Rolls-Royce plc, Preference2 47 – 1,201,339 GBP Royal Bank of Scotland Group plc2 4,398 0.03 1,471,867 EUR Royal Dutch Shell plc 'A' 51,002 0.37 1,228,898 GBP Royal Dutch Shell plc 'B' 43,775 0.32 293,436 GBP Royal Mail plc2 1,987 0.01 419,829 GBP RSA Insurance Group plc 3,641 0.03 327,211 GBP Sage Group plc (The) 2,884 0.02 45,820 GBP Schroders plc2 1,974 0.01 301,750 GBP Segro plc, REIT 2,628 0.02 51,063 USD Sensata Technologies Holding plc 2,609 0.02 79,604 GBP Severn Trent plc 2,107 0.02 357,731 GBP Sky plc 6,412 0.05 288,063 GBP Smith & Nephew plc 5,246 0.04 130,551 GBP Smiths Group plc 3,058 0.02 317,203 GBP SSE plc 5,772 0.04 155,519 GBP St James's Place plc 2,467 0.02 1,053,802 GBP Standard Chartered plc 10,581 0.08 991,953 GBP Standard Life Aberdeen plc 4,626 0.03 1,098,175 GBP Taylor Wimpey plc2 2,779 0.02 154,531 USD TechnipFMC plc2 4,814 0.04 3,014,199 GBP Tesco plc 9,855 0.07 83,433 GBP Travis Perkins plc2 1,494 0.01 399,933 GBP Unilever plc 22,066 0.16 225,760 GBP United Utilities Group plc2 2,331 0.02 9,008,675 GBP Vodafone Group plc 22,994 0.17

177



As at 31 May 2018




United Kingdom (continued) 65,806 GBP Weir Group plc (The) 1,918 0.01 52,064 GBP Whitbread plc 2,920 0.02 739,372 GBP Wm Morrison Supermarkets plc2 2,418 0.02 Total United Kingdom 823,566 6.05

United States (31 May 2017: 55.32%) 203,364 USD 3M Co. 40,109 0.29 596,563 USD Abbott Laboratories 36,707 0.27 535,476 USD AbbVie, Inc. 52,980 0.39 238,066 USD Activision Blizzard, Inc. 16,881 0.12 14,909 USD Acuity Brands, Inc. 1,763 0.01 163,970 USD Adobe Systems, Inc. 40,874 0.30 24,249 USD Advance Auto Parts, Inc.2 3,119 0.02 249,451 USD Advanced Micro Devices, Inc.2 3,425 0.03 237,162 USD AES Corp. 3,024 0.02 113,604 USD Aetna, Inc. 20,009 0.15 16,920 USD Affiliated Managers Group, Inc. 2,695 0.02 267,149 USD Aflac, Inc. 12,038 0.09 20,036 USD AGCO Corp.2 1,274 0.01 104,552 USD Agilent Technologies, Inc. 6,474 0.05 115,074 USD AGNC Investment Corp., REIT 2,166 0.02 74,479 USD Air Products & Chemicals, Inc. 12,022 0.09 52,216 USD Akamai Technologies, Inc. 3,936 0.03 36,950 USD Albemarle Corp.2 3,454 0.03 34,108 USD Alexandria Real Estate Equities, Inc., REIT 4,261 0.03 71,213 USD Alexion Pharmaceuticals, Inc. 8,270 0.06 24,392 USD Align Technology, Inc.2 8,097 0.06 3,892 USD Alleghany Corp. 2,221 0.02 16,482 USD Alliance Data Systems Corp. 3,475 0.03 73,921 USD Alliant Energy Corp. 3,062 0.02 123,804 USD Allstate Corp. (The) 11,573 0.09 147,717 USD Ally Financial, Inc.2 3,789 0.03 24,869 USD Alnylam Pharmaceuticals, Inc. 2,474 0.02 100,095 USD Alphabet, Inc. 'A' 110,105 0.81 105,562 USD Alphabet, Inc. 'C' 114,534 0.84 640,391 USD Altria Group, Inc. 35,695 0.26 137,273 USD Amazon.com, Inc. 223,703 1.64 2,375 USD AMERCO2 767 0.01 78,686 USD Ameren Corp. 4,657 0.03 37,873 USD American Airlines Group, Inc.2 1,649 0.01 156,917 USD American Electric Power Co., Inc. 10,663 0.08 250,526 USD American Express Co. 24,627 0.18 29,340 USD American Financial Group, Inc. 3,224 0.02 308,259 USD American International Group, Inc. 16,273 0.12 148,760 USD American Tower Corp., REIT 20,584 0.15 53,525 USD American Water Works Co., Inc.2 4,450 0.03 49,953 USD Ameriprise Financial, Inc. 6,925 0.05 54,158 USD AmerisourceBergen Corp. 4,449 0.03 83,520 USD AMETEK, Inc. 6,099 0.04 229,366 USD Amgen, Inc. 41,199 0.30 103,266 USD Amphenol Corp. 'A' 8,977 0.07 177,736 USD Anadarko Petroleum Corp. 12,406 0.09 125,717 USD Analog Devices, Inc. 12,217 0.09

178



As at 31 May 2018




United States (continued) 53,462 USD Andeavor 7,722 0.06 426,247 USD Annaly Capital Management, Inc., REIT 4,446 0.03 30,091 USD ANSYS, Inc.2 4,899 0.04 52,891 USD Antero Resources Corp.2 1,011 0.01 84,025 USD Anthem, Inc. 18,605 0.14 58,044 USD AO Smith Corp.2 3,661 0.03 116,339 USD Apache Corp.2 4,654 0.03 1,728,056 USD Apple, Inc. 322,922 2.37 357,531 USD Applied Materials, Inc. 18,155 0.13 80,099 USD Aramark 3,109 0.02 183,093 USD Archer-Daniels-Midland Co. 8,005 0.06 133,763 USD Arconic, Inc. 2,361 0.02 15,126 USD Arista Networks, Inc.2 3,805 0.03 31,123 USD Arrow Electronics, Inc. 2,307 0.02 56,547 USD Arthur J Gallagher & Co.2 3,748 0.03 21,194 USD Assurant, Inc. 1,978 0.01 2,080,490 USD AT&T, Inc.2 67,241 0.49 35,996 USD Atmos Energy Corp. 3,211 0.02 68,707 USD Autodesk, Inc.2 8,870 0.07 32,819 USD Autoliv, Inc.2 4,856 0.04 144,708 USD Automatic Data Processing, Inc. 18,815 0.14 23,632 USD AutoNation, Inc. 1,079 0.01 9,370 USD AutoZone, Inc.2 6,084 0.04 47,085 USD AvalonBay Communities, Inc., REIT 7,794 0.06 29,682 USD Avery Dennison Corp. 3,118 0.02 46,279 USD Avnet, Inc.2 1,764 0.01 129,389 USD Baker Hughes a GE Co. 4,476 0.03 101,114 USD Ball Corp.2 3,736 0.03 3,330,647 USD Bank of America Corp. 96,722 0.71 346,613 USD Bank of New York Mellon Corp. (The) 18,977 0.14 165,855 USD Baxter International, Inc. 11,749 0.09 266,072 USD BB&T Corp. 13,969 0.10 87,289 USD Becton Dickinson and Co. 19,342 0.14 426,092 USD Berkshire Hathaway, Inc. 'B'2 81,609 0.60 83,306 USD Best Buy Co., Inc.2 5,686 0.04 70,095 USD Biogen, Inc. 20,605 0.15 58,239 USD BioMarin Pharmaceutical, Inc.2 5,261 0.04 40,286 USD BlackRock, Inc. 21,522 0.16 188,829 USD Boeing Co. (The) 66,498 0.49 16,359 USD Booking Holdings, Inc. 34,500 0.25 71,425 USD BorgWarner, Inc.2 3,484 0.03 47,589 USD Boston Properties, Inc., REIT 5,795 0.04 448,183 USD Boston Scientific Corp. 13,620 0.10 27,591 USD Brighthouse Financial, Inc. 1,300 0.01 540,189 USD Bristol-Myers Squibb Co. 28,425 0.21 94,930 USD Brixmor Property Group, Inc., REIT 1,507 0.01 134,631 USD Broadcom, Inc. 33,936 0.25 43,684 USD Broadridge Financial Solutions, Inc.2 5,043 0.04 94,420 USD Brown-Forman Corp. 'B'2 5,340 0.04 118,003 USD CA, Inc. 4,217 0.03 139,262 USD Cabot Oil & Gas Corp. 3,182 0.02 101,984 USD Cadence Design Systems, Inc. 4,329 0.03 29,449 USD Camden Property Trust, REIT 2,592 0.02 64,271 USD Campbell Soup Co.2 2,162 0.02

179



As at 31 May 2018




United States (continued) 160,635 USD Capital One Financial Corp. 15,100 0.11 99,926 USD Cardinal Health, Inc. 5,205 0.04 56,118 USD CarMax, Inc.2 3,868 0.03 203,613 USD Caterpillar, Inc. 30,931 0.23 33,028 USD Cboe Global Markets, Inc.2 3,222 0.02 98,287 USD CBRE Group, Inc. 'A' 4,540 0.03 122,081 USD CBS Corp. (Non-Voting) 'B'2 6,149 0.05 49,560 USD CDK Global, Inc. 3,189 0.02 59,880 USD CDW Corp. 4,793 0.04 42,651 USD Celanese Corp. 'A' 4,816 0.04 259,260 USD Celgene Corp. 20,399 0.15 73,556 USD Centene Corp. 8,618 0.06 125,108 USD CenterPoint Energy, Inc. 3,269 0.02 334,106 USD CenturyLink, Inc.2 6,087 0.04 91,077 USD Cerner Corp. 5,435 0.04 87,548 USD CF Industries Holdings, Inc.2 3,602 0.03 51,512 USD CH Robinson Worldwide, Inc.2 4,482 0.03 408,706 USD Charles Schwab Corp. (The) 22,732 0.17 63,490 USD Charter Communications, Inc. 'A'2 16,573 0.12 54,791 USD Chemours Co. (The) 2,684 0.02 68,442 USD Cheniere Energy, Inc.2 4,560 0.03 642,733 USD Chevron Corp. 79,892 0.59 7,505 USD Chipotle Mexican Grill, Inc.2 3,229 0.02 91,527 USD Church & Dwight Co., Inc.2 4,297 0.03 81,135 USD Cigna Corp. 13,742 0.10 33,902 USD Cimarex Energy Co. 3,150 0.02 48,833 USD Cincinnati Financial Corp. 3,388 0.02 34,752 USD Cintas Corp. 6,334 0.05 1,670,982 USD Cisco Systems, Inc. 71,368 0.52 39,584 USD CIT Group, Inc. 1,976 0.01 882,179 USD Citigroup, Inc. 58,833 0.43 164,991 USD Citizens Financial Group, Inc. 6,740 0.05 47,361 USD Citrix Systems, Inc.2 5,002 0.04 44,916 USD Clorox Co. (The) 5,427 0.04 116,982 USD CME Group, Inc. 19,056 0.14 101,327 USD CMS Energy Corp. 4,674 0.03 1,351,750 USD Coca-Cola Co. (The) 58,125 0.43 54,457 USD Cognex Corp.2 2,489 0.02 195,843 USD Cognizant Technology Solutions Corp. 'A' 14,757 0.11 270,982 USD Colgate-Palmolive Co. 17,096 0.13 146,701 USD Colony NorthStar, Inc., REIT 'A' 864 0.01 1,587,638 USD Comcast Corp. 'A' 49,503 0.36 63,039 USD Comerica, Inc. 5,944 0.04 63,802 USD CommScope Holding Co., Inc.2 1,871 0.01 146,770 USD Conagra Brands, Inc. 5,439 0.04 54,528 USD Concho Resources, Inc.2 7,487 0.06 401,735 USD ConocoPhillips 27,073 0.20 101,677 USD Consolidated Edison, Inc. 7,802 0.06 60,909 USD Constellation Brands, Inc. 'A' 13,588 0.10 32,562 USD Continental Resources, Inc.2 2,193 0.02 16,488 USD Cooper Cos., Inc. (The)2 3,731 0.03 275,605 USD Corning, Inc.2 7,488 0.06 11,040 USD CoStar Group, Inc. 4,209 0.03 150,528 USD Costco Wholesale Corp. 29,841 0.22

180



As at 31 May 2018




United States (continued) 164,952 USD Coty, Inc. 'A' 2,186 0.02 137,898 USD Crown Castle International Corp., REIT 14,362 0.11 48,649 USD Crown Holdings, Inc. 2,108 0.02 275,464 USD CSX Corp. 17,809 0.13 55,304 USD Cummins, Inc. 7,875 0.06 331,838 USD CVS Health Corp. 21,035 0.15 211,777 USD Danaher Corp. 21,025 0.15 46,040 USD Darden Restaurants, Inc.2 4,024 0.03 57,937 USD DaVita, Inc. 3,873 0.03 93,089 USD Deere & Co. 13,918 0.10 73,559 USD Dell Technologies, Inc. Class V 'V' 5,933 0.04 51,017 USD Delta Air Lines, Inc. 2,757 0.02 79,965 USD DENTSPLY SIRONA, Inc.2 3,503 0.03 157,272 USD Devon Energy Corp. 6,538 0.05 26,421 USD Diamondback Energy, Inc.2 3,191 0.02 67,556 USD Digital Realty Trust, Inc., REIT2 7,261 0.05 128,804 USD Discover Financial Services 9,513 0.07 51,532 USD Discovery, Inc. 'A'2 1,087 0.01 125,153 USD Discovery, Inc. 'C' 2,474 0.02 68,204 USD DISH Network Corp. 'A' 2,015 0.01 87,895 USD Dollar General Corp. 7,689 0.06 82,504 USD Dollar Tree, Inc. 6,814 0.05 208,398 USD Dominion Energy, Inc.2 13,377 0.10 15,733 USD Domino's Pizza, Inc. 3,957 0.03 54,940 USD Dover Corp.2 4,242 0.03 776,630 USD DowDuPont, Inc. 49,790 0.37 111,193 USD DR Horton, Inc.2 4,693 0.03 63,787 USD Dr Pepper Snapple Group, Inc. 7,610 0.06 63,058 USD DTE Energy Co. 6,459 0.05 238,496 USD Duke Energy Corp. 18,402 0.14 114,733 USD Duke Realty Corp., REIT 3,226 0.02 94,100 USD DXC Technology Co. 8,668 0.06 97,270 USD E*TRADE Financial Corp. 6,162 0.05 47,246 USD East West Bancorp, Inc.2 3,283 0.02 51,935 USD Eastman Chemical Co. 5,417 0.04 47,368 USD Eaton Vance Corp. 2,548 0.02 350,898 USD eBay, Inc. 13,236 0.10 91,901 USD Ecolab, Inc. 13,106 0.10 110,244 USD Edison International 6,853 0.05 68,602 USD Edwards Lifesciences Corp. 9,420 0.07 105,716 USD Electronic Arts, Inc. 13,839 0.10 334,662 USD Eli Lilly & Co. 28,460 0.21 210,870 USD Emerson Electric Co. 14,938 0.11 65,078 USD Entergy Corp. 5,265 0.04 35,515 USD Envision Healthcare Corp. 1,523 0.01 198,854 USD EOG Resources, Inc. 23,427 0.17 80,805 USD EQT Corp.2 4,165 0.03 38,332 USD Equifax, Inc. 4,368 0.03 25,051 USD Equinix, Inc., REIT 9,941 0.07 128,586 USD Equity Residential, REIT 8,228 0.06 22,688 USD Essex Property Trust, Inc., REIT 5,423 0.04 76,459 USD Estee Lauder Cos., Inc. (The) 'A'2 11,426 0.08 96,949 USD Eversource Energy 5,534 0.04 321,152 USD Exelon Corp. 13,292 0.10

181



As at 31 May 2018




United States (continued) 37,628 USD Expedia Group, Inc.2 4,554 0.03 66,325 USD Expeditors International of Washington, Inc.2 4,940 0.04 184,225 USD Express Scripts Holding Co. 13,966 0.10 39,091 USD Extra Space Storage, Inc., REIT 3,763 0.03 1,420,561 USD Exxon Mobil Corp.2 115,406 0.85 18,692 USD F5 Networks, Inc. 3,236 0.02 799,200 USD Facebook, Inc. 'A' 153,271 1.13 90,849 USD Fastenal Co.2 4,836 0.04 23,119 USD Federal Realty Investment Trust, REIT 2,749 0.02 84,445 USD FedEx Corp. 21,037 0.15 110,109 USD Fidelity National Information Services, Inc. 11,255 0.08 241,833 USD Fifth Third Bancorp2 7,395 0.05 174,016 USD First Data Corp. 'A' 3,306 0.02 62,588 USD First Republic Bank2 6,234 0.05 159,850 USD FirstEnergy Corp.2 5,502 0.04 135,960 USD Fiserv, Inc. 9,871 0.07 27,862 USD FleetCor Technologies, Inc. 5,554 0.04 47,596 USD FLIR Systems, Inc. 2,565 0.02 54,146 USD Flowserve Corp.2 2,238 0.02 57,269 USD Fluor Corp. 2,791 0.02 43,460 USD FMC Corp.2 3,785 0.03 95,613 USD FNF Group 3,534 0.03 1,207,659 USD Ford Motor Co. 13,948 0.10 52,868 USD Fortinet, Inc.2 3,234 0.02 106,644 USD Fortive Corp.2 7,752 0.06 53,866 USD Fortune Brands Home & Security, Inc.2 3,026 0.02 102,102 USD Franklin Resources, Inc.2 3,428 0.03 458,057 USD Freeport-McMoRan, Inc. 7,741 0.06 60,397 USD Gap, Inc. (The) 1,690 0.01 32,414 USD Gartner, Inc.2 4,303 0.03 86,374 USD General Dynamics Corp. 17,423 0.13 2,948,568 USD General Electric Co.2 41,516 0.30 193,315 USD General Mills, Inc. 8,175 0.06 416,791 USD General Motors Co. 17,797 0.13 49,339 USD Genuine Parts Co.2 4,479 0.03 174,012 USD GGP, Inc., REIT 3,529 0.03 431,597 USD Gilead Sciences, Inc. 29,090 0.21 55,148 USD Global Payments, Inc.2 6,130 0.05 120,946 USD Goldman Sachs Group, Inc. (The) 27,319 0.20 91,245 USD Goodyear Tire & Rubber Co. (The) 2,229 0.02 55,183 USD H&R Block, Inc. 1,515 0.01 301,652 USD Halliburton Co. 15,004 0.11 121,128 USD Hanesbrands, Inc.2 2,208 0.02 53,272 USD Harley-Davidson, Inc.2 2,188 0.02 36,603 USD Harris Corp. 5,508 0.04 117,073 USD Hartford Financial Services Group, Inc. (The) 6,126 0.05 42,119 USD Hasbro, Inc.2 3,654 0.03 89,338 USD HCA Healthcare, Inc.2 9,214 0.07 149,814 USD HCP, Inc., REIT 3,591 0.03 66,108 USD HD Supply Holdings, Inc. 2,693 0.02 47,301 USD Helmerich & Payne, Inc.2 3,140 0.02 57,245 USD Henry Schein, Inc.2 3,961 0.03 49,030 USD Hershey Co. (The)2 4,415 0.03 93,117 USD Hess Corp.2 5,626 0.04

182



As at 31 May 2018




United States (continued) 541,928 USD Hewlett Packard Enterprise Co. 8,259 0.06 104,995 USD Hilton Worldwide Holdings, Inc. 8,474 0.06 52,270 USD HollyFrontier Corp.2 4,034 0.03 89,798 USD Hologic, Inc.2 3,402 0.03 394,949 USD Home Depot, Inc. (The) 73,678 0.54 243,257 USD Honeywell International, Inc. 35,980 0.26 96,990 USD Hormel Foods Corp.2 3,481 0.03 286,889 USD Host Hotels & Resorts, Inc., REIT 6,205 0.05 594,967 USD HP, Inc. 13,107 0.10 47,188 USD Humana, Inc. 13,731 0.10 391,265 USD Huntington Bancshares, Inc. 5,818 0.04 15,912 USD Huntington Ingalls Industries, Inc. 3,518 0.03 28,308 USD IAC/InterActiveCorp2 4,392 0.03 22,386 USD IDEX Corp. 3,104 0.02 30,033 USD IDEXX Laboratories, Inc. 6,253 0.05 100,097 USD Illinois Tool Works, Inc. 14,384 0.11 50,637 USD Illumina, Inc. 13,796 0.10 57,343 USD Incyte Corp. 3,915 0.03 25,864 USD Ingredion, Inc. 2,881 0.02 1,562,103 USD Intel Corp. 86,228 0.63 199,725 USD Intercontinental Exchange, Inc. 14,159 0.10 300,522 USD International Business Machines Corp. 42,467 0.31 24,581 USD International Flavors & Fragrances, Inc.2 3,002 0.02 128,410 USD International Paper Co. 6,870 0.05 126,295 USD Interpublic Group of Cos., Inc. (The)2 2,854 0.02 82,676 USD Intuit, Inc. 16,667 0.12 37,935 USD Intuitive Surgical, Inc. 17,438 0.13 84,624 USD Invitation Homes, Inc., REIT2 1,863 0.01 10,697 USD IPG Photonics Corp. 2,581 0.02 42,089 USD IQVIA Holdings, Inc.2 4,164 0.03 72,517 USD Iron Mountain, Inc., REIT2 2,414 0.02 23,357 USD Jack Henry & Associates, Inc.2 2,921 0.02 46,425 USD Jacobs Engineering Group, Inc. 3,008 0.02 27,376 USD JB Hunt Transport Services, Inc.2 3,507 0.03 88,451 USD Jefferies Financial Group, Inc. 1,935 0.01 35,483 USD JM Smucker Co. (The) 3,814 0.03 900,329 USD Johnson & Johnson 107,697 0.79 15,390 USD Jones Lang LaSalle, Inc. 2,520 0.02 1,162,835 USD JPMorgan Chase & Co. 124,435 0.91 139,662 USD Juniper Networks, Inc. 3,721 0.03 33,618 USD Kansas City Southern 3,602 0.03 79,872 USD Kellogg Co.2 5,143 0.04 371,494 USD KeyCorp 7,222 0.05 116,261 USD Kimberly-Clark Corp. 11,725 0.09 131,645 USD Kimco Realty Corp., REIT 2,035 0.02 699,640 USD Kinder Morgan, Inc. 11,670 0.09 53,891 USD KLA-Tencor Corp.2 6,102 0.04 44,073 USD Knight-Swift Transportation Holdings, Inc.2 1,793 0.01 54,280 USD Kohl's Corp. 3,623 0.03 196,605 USD Kraft Heinz Co. (The)2 11,301 0.08 275,828 USD Kroger Co. (The) 6,711 0.05 76,292 USD L Brands, Inc. 2,587 0.02 29,950 USD L3 Technologies, Inc. 5,940 0.04 32,437 USD Laboratory Corp. of America Holdings 5,858 0.04

183



As at 31 May 2018




United States (continued) 56,082 USD Lam Research Corp. 11,114 0.08 128,291 USD Las Vegas Sands Corp.2 10,342 0.08 22,172 USD Lear Corp. 4,390 0.03 47,166 USD Leggett & Platt, Inc.2 1,948 0.01 55,213 USD Leidos Holdings, Inc. 3,316 0.02 90,226 USD Lennar Corp. 'A' 4,668 0.03 12,679 USD Lennox International, Inc.2 2,578 0.02 32,394 USD Liberty Broadband Corp. 'C' 2,231 0.02 50,906 USD Liberty Media Corp-Liberty Formula One 'C'2 1,608 0.01 29,139 USD Liberty Media Corp-Liberty SiriusXM 'A' 1,348 0.01 67,489 USD Liberty Media Corp-Liberty SiriusXM 'C' 3,117 0.02 51,454 USD Liberty Property Trust, REIT 2,275 0.02 76,157 USD Lincoln National Corp. 5,048 0.04 66,914 USD Live Nation Entertainment, Inc.2 2,853 0.02 94,857 USD LKQ Corp. 3,014 0.02 84,978 USD Lockheed Martin Corp. 26,729 0.20 88,977 USD Loews Corp. 4,348 0.03 274,268 USD Lowe's Cos., Inc. 26,058 0.19 31,225 USD Lululemon Athletica, Inc. 3,280 0.02 49,539 USD M&T Bank Corp. 8,525 0.06 50,810 USD Macerich Co. (The), REIT2 2,827 0.02 26,223 USD Macquarie Infrastructure Corp. 1,015 0.01 93,992 USD Macy's, Inc. 3,281 0.02 18,822 USD ManpowerGroup, Inc. 1,694 0.01 307,646 USD Marathon Oil Corp. 6,593 0.05 157,473 USD Marathon Petroleum Corp. 12,445 0.09 4,425 USD Markel Corp. 4,855 0.04 109,107 USD Marriott International, Inc. 'A' 14,769 0.11 166,138 USD Marsh & McLennan Cos., Inc. 13,353 0.10 19,119 USD Martin Marietta Materials, Inc.2 4,261 0.03 94,802 USD Masco Corp. 3,533 0.03 314,272 USD Mastercard, Inc. 'A' 59,749 0.44 117,003 USD Mattel, Inc.2 1,816 0.01 97,260 USD Maxim Integrated Products, Inc. 5,704 0.04 37,174 USD McCormick & Co., Inc. (Non-Voting)2 3,755 0.03 264,623 USD McDonald's Corp. 42,342 0.31 71,874 USD McKesson Corp.2 10,202 0.07 13,457 USD MercadoLibre, Inc.2 3,914 0.03 919,375 USD Merck & Co., Inc. 54,730 0.40 303,502 USD MetLife, Inc. 13,958 0.10 8,331 USD Mettler-Toledo International, Inc. 4,588 0.03 165,447 USD MGM Resorts International2 5,203 0.04 79,429 USD Microchip Technology, Inc.2 7,735 0.06 390,294 USD Micron Technology, Inc.2 22,477 0.17 2,455,750 USD Microsoft Corp. 242,726 1.78 34,828 USD Mid-America Apartment Communities, Inc., REIT 3,259 0.02 19,481 USD Middleby Corp. (The)2 1,941 0.01 22,024 USD Mohawk Industries, Inc. 4,494 0.03 59,341 USD Molson Coors Brewing Co. 'B' 3,658 0.03 496,032 USD Mondelez International, Inc. 'A' 19,479 0.14 149,897 USD Monsanto Co. 19,106 0.14 123,676 USD Monster Beverage Corp. 6,327 0.05 58,652 USD Moody's Corp. 10,004 0.07 457,214 USD Morgan Stanley 22,925 0.17

184



As at 31 May 2018




United States (continued) 97,026 USD Mosaic Co. (The)2 2,667 0.02 54,243 USD Motorola Solutions, Inc.2 5,822 0.04 33,414 USD MSCI, Inc. 5,432 0.04 39,175 USD Nasdaq, Inc.2 3,599 0.03 134,335 USD National Oilwell Varco, Inc.2 5,564 0.04 49,814 USD National Retail Properties, Inc., REIT2 2,064 0.02 91,743 USD NetApp, Inc.2 6,268 0.05 147,357 USD Netflix, Inc.2 51,811 0.38 156,285 USD New York Community Bancorp, Inc.2 1,811 0.01 172,391 USD Newell Brands, Inc.2 4,065 0.03 68,790 USD Newfield Exploration Co.2 2,011 0.01 182,277 USD Newmont Mining Corp. 7,096 0.05 121,797 USD News Corp. 'A' 1,831 0.01 162,014 USD NextEra Energy, Inc. 26,864 0.20 449,718 USD NIKE, Inc. 'B' 32,290 0.24 111,357 USD NiSource, Inc. 2,817 0.02 150,037 USD Noble Energy, Inc.2 5,356 0.04 41,628 USD Nordstrom, Inc.2 2,041 0.02 96,806 USD Norfolk Southern Corp. 14,681 0.11 73,854 USD Northern Trust Corp. 7,572 0.06 55,193 USD Northrop Grumman Corp. 18,062 0.13 105,447 USD Nucor Corp. 6,769 0.05 206,130 USD NVIDIA Corp. 51,984 0.38 1,160 USD NVR, Inc. 3,469 0.03 256,804 USD Occidental Petroleum Corp. 21,623 0.16 65,502 USD OGE Energy Corp. 2,294 0.02 21,210 USD Old Dominion Freight Line, Inc. 3,308 0.02 71,641 USD Omnicom Group, Inc.2 5,164 0.04 121,112 USD ONEOK, Inc.2 8,255 0.06 1,038,842 USD Oracle Corp. 48,535 0.36 26,687 USD O'Reilly Automotive, Inc.2 7,190 0.05 30,021 USD Owens Corning 1,898 0.01 119,271 USD PACCAR, Inc. 7,422 0.05 35,546 USD Packaging Corp. of America 4,177 0.03 28,236 USD Palo Alto Networks, Inc. 5,876 0.04 46,247 USD Parker-Hannifin Corp. 7,904 0.06 80,048 USD Parsley Energy, Inc. 'A' 2,360 0.02 112,551 USD Paychex, Inc. 7,381 0.05 391,379 USD PayPal Holdings, Inc. 32,120 0.24 101,008 USD People's United Financial, Inc. 1,860 0.01 475,764 USD PepsiCo, Inc. 47,695 0.35 2,022,400 USD Pfizer, Inc. 72,665 0.53 166,540 USD PG&E Corp.2 7,216 0.05 516,433 USD Philip Morris International, Inc. 41,077 0.30 152,511 USD Phillips 662 17,766 0.13 40,940 USD Pinnacle West Capital Corp. 3,259 0.02 56,691 USD Pioneer Natural Resources Co. 10,947 0.08 31,305 USD Plains GP Holdings LP 'A'2 769 0.01 157,323 USD PNC Financial Services Group, Inc. (The) 22,562 0.17 21,251 USD Polaris Industries, Inc.2 2,378 0.02 82,969 USD PPG Industries, Inc. 8,373 0.06 212,441 USD PPL Corp.2 5,804 0.04 92,233 USD Praxair, Inc. 14,412 0.11 101,736 USD Principal Financial Group, Inc. 5,677 0.04

185



As at 31 May 2018




United States (continued) 854,544 USD Procter & Gamble Co. (The) 62,527 0.46 206,339 USD Progressive Corp. (The) 12,812 0.09 176,229 USD Prologis, Inc., REIT 11,340 0.08 139,674 USD Prudential Financial, Inc. 13,526 0.10 182,725 USD Public Service Enterprise Group, Inc. 9,681 0.07 53,666 USD Public Storage, REIT 11,369 0.08 114,300 USD PulteGroup, Inc.2 3,458 0.03 27,383 USD PVH Corp. 4,381 0.03 47,048 USD Qorvo, Inc. 3,776 0.03 507,353 USD QUALCOMM, Inc. 29,487 0.22 45,095 USD Quest Diagnostics, Inc. 4,804 0.04 177,176 USD Qurate Retail, Inc. QVC Group 'A' 3,602 0.03 13,853 USD Ralph Lauren Corp. 1,864 0.01 111,502 USD Range Resources Corp. 1,766 0.01 42,176 USD Raymond James Financial, Inc. 4,073 0.03 95,759 USD Raytheon Co. 20,062 0.15 97,772 USD Realty Income Corp., REIT2 5,211 0.04 62,027 USD Red Hat, Inc.2 10,074 0.07 49,234 USD Regency Centers Corp., REIT2 2,860 0.02 25,903 USD Regeneron Pharmaceuticals, Inc. 7,779 0.06 389,202 USD Regions Financial Corp. 7,099 0.05 21,691 USD Reinsurance Group of America, Inc. 3,242 0.02 85,058 USD Republic Services, Inc. 5,735 0.04 50,781 USD ResMed, Inc. 5,221 0.04 46,485 USD Robert Half International, Inc.2 2,960 0.02 44,431 USD Rockwell Automation, Inc.2 7,794 0.06 60,266 USD Rockwell Collins, Inc. 8,287 0.06 32,153 USD Rollins, Inc. 1,600 0.01 35,423 USD Roper Technologies, Inc. 9,769 0.07 137,619 USD Ross Stores, Inc.2 10,855 0.08 86,115 USD S&P Global, Inc. 17,008 0.12 64,714 USD Sabre Corp. 1,586 0.01 227,235 USD salesforce.com, Inc.2 29,388 0.22 40,324 USD SBA Communications Corp., REIT 'A' 6,374 0.05 43,322 USD SCANA Corp. 1,573 0.01 62,477 USD Sealed Air Corp.2 2,722 0.02 33,538 USD Seattle Genetics, Inc. 2,029 0.01 48,586 USD SEI Investments Co. 3,099 0.02 80,495 USD Sempra Energy2 8,575 0.06 55,031 USD ServiceNow, Inc. 9,774 0.07 28,017 USD Sherwin-Williams Co. (The) 10,625 0.08 15,343 USD Signature Bank 1,956 0.01 102,292 USD Simon Property Group, Inc., REIT 16,389 0.12 502,348 USD Sirius XM Holdings, Inc.2 3,567 0.03 57,791 USD Skyworks Solutions, Inc.2 5,699 0.04 29,777 USD SL Green Realty Corp., REIT 2,904 0.02 17,695 USD Snap-on, Inc. 2,616 0.02 326,972 USD Southern Co. (The) 14,681 0.11 55,061 USD Southwest Airlines Co. 2,813 0.02 9,166 USD Spectrum Brands Holdings, Inc. 730 0.01 48,880 USD Spirit AeroSystems Holdings, Inc. 'A'2 4,141 0.03 42,914 USD Splunk, Inc. 4,755 0.04 263,890 USD Sprint Corp. 1,356 0.01 97,244 USD Square, Inc. 'A'2 5,664 0.04

186



As at 31 May 2018




United States (continued) 76,297 USD SS&C Technologies Holdings, Inc. 3,884 0.03 50,725 USD Stanley Black & Decker, Inc. 7,063 0.05 473,761 USD Starbucks Corp.2 26,848 0.20 126,959 USD State Street Corp. 12,202 0.09 79,431 USD Steel Dynamics, Inc. 3,926 0.03 27,247 USD Stericycle, Inc.2 1,730 0.01 116,716 USD Stryker Corp.2 20,311 0.15 165,007 USD SunTrust Banks, Inc. 11,140 0.08 17,160 USD SVB Financial Group2 5,356 0.04 216,083 USD Symantec Corp.2 4,490 0.03 256,703 USD Synchrony Financial 8,890 0.07 55,318 USD Synopsys, Inc. 4,872 0.04 167,905 USD Sysco Corp.2 10,919 0.08 83,870 USD T Rowe Price Group, Inc. 10,183 0.07 33,151 USD Take-Two Interactive Software, Inc. 3,716 0.03 94,147 USD Tapestry, Inc.2 4,116 0.03 64,118 USD Targa Resources Corp.2 3,118 0.02 176,612 USD Target Corp. 12,873 0.09 94,230 USD TD Ameritrade Holding Corp. 5,578 0.04 14,910 USD Teleflex, Inc. 3,983 0.03 12,344 USD TESARO, Inc. 565 – 43,980 USD Tesla, Inc.2 12,522 0.09 326,292 USD Texas Instruments, Inc.2 36,515 0.27 84,389 USD Textron, Inc. 5,619 0.04 133,701 USD Thermo Fisher Scientific, Inc.2 27,846 0.20 41,892 USD Tiffany & Co. 5,479 0.04 267,158 USD Time Warner, Inc. 25,156 0.18 212,354 USD TJX Cos., Inc. (The) 19,180 0.14 96,290 USD T-Mobile US, Inc.2 5,363 0.04 54,189 USD Toll Brothers, Inc.2 2,140 0.02 36,536 USD Torchmark Corp. 3,099 0.02 60,305 USD Total System Services, Inc.2 5,137 0.04 42,533 USD Tractor Supply Co. 3,161 0.02 17,003 USD TransDigm Group, Inc.2 5,681 0.04 54,075 USD TransUnion 3,710 0.03 94,177 USD Travelers Cos., Inc. (The) 12,104 0.09 93,688 USD Trimble, Inc. 3,097 0.02 33,504 USD TripAdvisor, Inc.2 1,747 0.01 362,214 USD Twenty-First Century Fox, Inc. 'A' 13,963 0.10 148,466 USD Twenty-First Century Fox, Inc. 'B' 5,667 0.04 197,786 USD Twitter, Inc. 6,863 0.05 101,261 USD Tyson Foods, Inc. 'A' 6,832 0.05 84,025 USD UDR, Inc., REIT 3,064 0.02 60,230 USD UGI Corp. 3,040 0.02 19,879 USD Ulta Beauty, Inc.2 4,908 0.04 67,111 USD Under Armour, Inc. 'A' 1,403 0.01 68,445 USD Under Armour, Inc. 'C'2 1,295 0.01 259,738 USD Union Pacific Corp. 37,080 0.27 19,317 USD United Continental Holdings, Inc. 1,344 0.01 236,265 USD United Parcel Service, Inc. 'B'2 27,435 0.20 31,655 USD United Rentals, Inc. 5,051 0.04 255,998 USD United Technologies Corp. 31,954 0.23 12,076 USD United Therapeutics Corp. 1,287 0.01 328,151 USD UnitedHealth Group, Inc. 79,252 0.58

187



As at 31 May 2018




United States (continued) 30,132 USD Universal Health Services, Inc. 'B' 3,465 0.03 84,411 USD Unum Group 3,276 0.02 552,351 USD US Bancorp 27,612 0.20 13,104 USD Vail Resorts, Inc.2 3,155 0.02 144,178 USD Valero Energy Corp. 17,474 0.13 37,876 USD Varian Medical Systems, Inc. 4,464 0.03 34,942 USD Veeva Systems, Inc. 'A' 2,703 0.02 112,569 USD Ventas, Inc., REIT 6,153 0.05 302,960 USD VEREIT, Inc. 2,169 0.02 30,451 USD VeriSign, Inc. 3,972 0.03 56,344 USD Verisk Analytics, Inc. 5,986 0.04 1,397,891 USD Verizon Communications, Inc. 66,637 0.49 85,844 USD Vertex Pharmaceuticals, Inc. 13,220 0.10 120,670 USD VF Corp. 9,794 0.07 120,487 USD Viacom, Inc. 'B'2 3,265 0.02 612,187 USD Visa, Inc. 'A' 80,025 0.59 132,046 USD Vistra Energy Corp. 3,239 0.02 25,342 USD VMware, Inc. 'A' 3,484 0.03 55,178 USD Vornado Realty Trust, REIT 3,846 0.03 55,243 USD Voya Financial, Inc. 2,869 0.02 50,695 USD Vulcan Materials Co.2 6,476 0.05 19,121 USD WABCO Holdings, Inc. 2,312 0.02 31,419 USD Wabtec Corp.2 3,064 0.02 275,175 USD Walgreens Boots Alliance, Inc. 17,168 0.13 501,571 USD Walmart, Inc. 41,400 0.30 504,648 USD Walt Disney Co. (The) 50,197 0.37 140,100 USD Waste Management, Inc. 11,588 0.09 25,261 USD Waters Corp. 4,866 0.04 108,909 USD WEC Energy Group, Inc. 6,878 0.05 1,578,007 USD Wells Fargo & Co. 85,197 0.63 124,159 USD Welltower, Inc., REIT 7,158 0.05 49,619 USD Westar Energy, Inc. 2,813 0.02 95,067 USD Western Digital Corp.2 7,939 0.06 133,427 USD Western Union Co. (The) 2,654 0.02 89,781 USD WestRock Co. 5,286 0.04 255,045 USD Weyerhaeuser Co., REIT 9,521 0.07 21,770 USD Whirlpool Corp.2 3,151 0.02 262,280 USD Williams Cos., Inc. (The) 7,045 0.05 49,233 USD Workday, Inc. 'A'2 6,448 0.05 69,811 USD Worldpay, Inc. 'A' 5,548 0.04 35,055 GBP Worldpay, Inc. 'A' 2,662 0.02 33,139 USD WR Berkley Corp. 2,534 0.02 24,714 USD WR Grace & Co. 1,769 0.01 19,053 USD WW Grainger, Inc. 5,887 0.04 30,356 USD Wyndham Worldwide Corp.2 3,292 0.02 31,362 USD Wynn Resorts Ltd. 6,147 0.05 171,001 USD Xcel Energy, Inc. 7,784 0.06 69,460 USD Xerox Corp.2 1,888 0.01 88,063 USD Xilinx, Inc. 5,998 0.04 60,000 USD Xylem, Inc. 4,224 0.03 112,077 USD YUM! BRANDS, Inc. 9,115 0.07 53,402 USD Zayo Group Holdings, Inc.2 1,858 0.01 32,563 USD Zillow Group, Inc. 'C'2 1,899 0.01 64,808 USD Zimmer Biomet Holdings, Inc. 7,227 0.05

188



As at 31 May 2018




United States (continued) 66,335 USD Zions Bancorp2 3,636 0.03 173,665 USD Zoetis, Inc. 14,536 0.11 Total United States 7,804,927 57.29



Futures contracts


175 AUD 4,375 SPI 200 Index 21/06/2018 157 0.01 Total Australia 157 0.01

Hong Kong (31 May 2017: 0.00%)4 – –

Japan (31 May 2017: 0.01%) – –

Switzerland (31 May 2017: 0.00%)4 – –

United Kingdom (31 May 2017: 0.00%)4

87 GBP 870 FTSE 100 Index 15/06/2018 132 – Total United Kingdom 132 –


536 USD 26,800 S&P 500 E-mini Index 15/06/2018 151 – Total United States 151 –


Australia (31 May 2017: 0.00%)4 – –

Germany (31 May 2017: 0.00%)4

377 EUR 3,770 EURO STOXX 50 Index 15/06/2018 (462) (0.01) Total Germany (462) (0.01)

Japan (31 May 2017: 0.00%)

67 JPY 670,000 TOPIX Index 07/06/2018 (231) – Total Japan (231) –

189



As at 31 May 2018



Switzerland (31 May 2017: 0.00%)

49 CHF 490 Swiss Market Index 15/06/2018 (252) – Total Switzerland (252) –


Fair Value USD '000


Total financial assets at fair value through profit or loss 13,497,330 99.07 Total financial liabilities at fair value through profit or loss (945) (0.01) Cash 103,550 0.76 Other assets and liabilities 24,158 0.18 Net asset value attributable to redeemable participating unitholders 13,624,093 100.00


Assets Transferable securities admitted to official stock exchange listing 98.90 Financial derivative instruments dealt in on a regulated market5 - Other assets 1.10 Total assets 100.00

1 A related party to the Sub-Fund. 2 Security fully or partially on loan. 3 These securities were valued in consultation with the Manager. These securities were fair valued, priced per corporate action terms or suspended at period end and valued using the last traded price.

4 Prior year percentage of net asset value rounds to 0.00%. 5 Investments which are less than 0.005% of total assets are rounded down to zero.


On losses USD '000


190

iSHARES EDGE EM FUNDAMENTAL WEIGHTED INDEX FUND (IE)


As at 31 May 2018



Equities (31 May 2017: 99.78%)

Bermuda (31 May 2017: 0.38%) 4,679,000 HKD GOME Retail Holdings Ltd.1 525 0.09 179,000 HKD Haier Electronics Group Co. Ltd. 644 0.10 831,974 HKD Kunlun Energy Co. Ltd.1 757 0.12 1,052,000 HKD Skyworth Digital Holdings Ltd.1 500 0.08 Total Bermuda 2,426 0.39

Brazil (31 May 2017: 20.16%) 597,220 BRL Ambev SA 3,158 0.51 175,981 BRL B3 SA - Brasil Bolsa Balcao 1,029 0.17 767,521 BRL Banco Bradesco SA, Preference 6,012 0.98 192,720 BRL Banco Bradesco SA 1,350 0.22 39,905 BRL Banco BTG Pactual SA 208 0.03 510,587 BRL Banco do Brasil SA 4,164 0.68 119,637 BRL Banco Santander Brasil SA 1,085 0.18 146,025 BRL BR Malls Participacoes SA 404 0.07 42,938 BRL Braskem SA, Preference 'A' 523 0.08 139,197 BRL BRF SA 801 0.13 152,305 BRL CCR SA 421 0.07 102,307 BRL Centrais Eletricas Brasileiras SA 402 0.07 76,414 BRL Centrais Eletricas Brasileiras SA, Preference 'B' 344 0.06 71,171 BRL Cia Brasileira de Distribuicao, Preference 1,519 0.25 87,407 BRL Cia de Saneamento Basico do Estado de Sao Paulo 614 0.10 788,054 BRL Cia Energetica de Minas Gerais, Preference 1,623 0.26 76,149 BRL Cia Energetica de Minas Gerais 143 0.02 88,643 BRL Cia Energetica de Sao Paulo, Preference 'B' 393 0.06 81,016 BRL Cia Paranaense de Energia, Preference 'B' 511 0.08 327,814 BRL Cia Siderurgica Nacional SA 678 0.11 142,593 BRL Cielo SA 649 0.11 36,342 BRL Cosan SA Industria e Comercio 379 0.06 150,431 BRL Embraer SA 908 0.15 12,535 USD Embraer SA ADR1 302 0.05 58,344 BRL Engie Brasil Energia SA 579 0.09 24,648 BRL Equatorial Energia SA 402 0.07 45,129 BRL Fibria Celulose SA 858 0.14 413,475 BRL Gerdau SA, Preference 1,643 0.27 22,798 BRL Gerdau SA 70 0.01 761,026 BRL Itau Unibanco Holding SA, Preference 8,783 1.43 446,241 BRL Itausa - Investimentos Itau SA, Preference 1,346 0.22 1 BRL Itausa - Investimentos Itau SA2 – – 502,555 BRL JBS SA 1,205 0.20 70,082 BRL Klabin SA 395 0.06 140,966 BRL Kroton Educacional SA 409 0.07 83,730 BRL Lojas Americanas SA, Preference 400 0.07 40,112 BRL Lojas Americanas SA 145 0.02 57,139 BRL Lojas Renner SA 455 0.07 171,652 BRL Marfrig Global Foods SA 365 0.06 984,684 BRL Metalurgica Gerdau SA, Preference 1,801 0.29 63,120 BRL Natura Cosmeticos SA 572 0.09 26,069 BRL Petrobras Distribuidora SA 127 0.02 1,390,293 BRL Petroleo Brasileiro SA 8,284 1.35 1,623,439 BRL Petroleo Brasileiro SA, Preference 8,274 1.34 195,704 BRL Suzano Papel e Celulose SA 2,265 0.37 112,475 BRL Telefonica Brasil SA, Preference 1,374 0.22

191



As at 31 May 2018




Brazil (continued) 258,749 BRL TIM Participacoes SA 932 0.15 88,605 BRL Ultrapar Participacoes SA 1,190 0.19 848,577 BRL Vale SA 11,537 1.87 1 USD Vale SA ADR2 – – Total Brazil 81,031 13.17

Cayman Islands (31 May 2017: 2.53%) 720,000 HKD Agile Group Holdings Ltd.1 1,373 0.22 2,677 USD Alibaba Group Holding Ltd. ADR 530 0.09 1,508 USD Baidu, Inc. ADR 366 0.06 23,000 TWD Chailease Holding Co. Ltd. 82 0.01 667,000 HKD China Evergrande Group1 1,956 0.32 525,555 HKD China Resources Land Ltd.1 1,930 0.31 979,866 HKD Country Garden Holdings Co. Ltd.1 1,921 0.31 103,000 HKD ENN Energy Holdings Ltd. 1,060 0.17 4,660,000 HKD GCL-Poly Energy Holdings Ltd.1 511 0.08 234,000 HKD Geely Automobile Holdings Ltd. 664 0.11 90,500 HKD Hengan International Group Co. Ltd.1 862 0.14 2,613 USD JD.com, Inc. ADR 92 0.02 145,000 HKD Kingboard Chemical Holdings Ltd. 577 0.09 301,500 HKD Longfor Properties Co. Ltd.1 903 0.15 352,500 HKD Shimao Property Holdings Ltd. 1,043 0.17 631,500 HKD SOHO China Ltd.1 330 0.05 239,000 HKD Sunac China Holdings Ltd.1 909 0.15 73,500 HKD Tencent Holdings Ltd. 3,740 0.61 232,000 TWD TPK Holding Co. Ltd. 498 0.08 Total Cayman Islands 19,347 3.14

Chile (31 May 2017: 0.95%) 2,914,208 CLP Banco de Chile 452 0.07 2,537 USD Banco de Chile ADR 238 0.04 12,488,511 CLP Banco Santander Chile 1,001 0.16 272,112 CLP Cencosud SA 721 0.12 100,937 CLP Empresas CMPC SA 382 0.06 40,562 CLP Empresas COPEC SA 619 0.10 4,981,547 CLP Enel Americas SA 962 0.16 8,124 USD Enel Americas SA ADR 79 0.01 2,635,187 CLP Enel Chile SA 284 0.05 56,088 USD Enel Chile SA ADR 300 0.05 72,588 CLP Latam Airlines Group SA 874 0.14 39,330 CLP SACI Falabella 368 0.06 10,051 CLP Sociedad Quimica y Minera de Chile SA, Preference 'B' 523 0.09 Total Chile 6,803 1.11

China (31 May 2017: 16.76%) 8,219,000 HKD Agricultural Bank of China Ltd. 'H' 4,254 0.69 962,000 HKD Aluminum Corp. of China Ltd. 'H' 507 0.08 206,000 HKD Anhui Conch Cement Co. Ltd. 'H'1 1,263 0.21 24,614,000 HKD Bank of China Ltd. 'H' 12,865 2.09 2,933,000 HKD Bank of Communications Co. Ltd. 'H' 2,322 0.38 15,000 HKD BYD Co. Ltd. 'H' 97 0.02 332,000 HKD CGN Power Co. Ltd. 'H' 94 0.02 2,643,000 HKD China Cinda Asset Management Co. Ltd. 'H'1 957 0.16

192



As at 31 May 2018




China (continued) 2,630,000 HKD China CITIC Bank Corp. Ltd. 'H' 1,787 0.29 1,173,000 HKD China Communications Construction Co. Ltd. 'H' 1,259 0.20 706,000 HKD China Communications Services Corp. Ltd. 'H' 455 0.07 26,430,000 HKD China Construction Bank Corp. 'H'1 26,686 4.34 1,036,000 HKD China Everbright Bank Co. Ltd. 'H'1 516 0.08 531,000 HKD China Huarong Asset Management Co. Ltd. 'H' 179 0.03 959,000 HKD China Life Insurance Co. Ltd. 'H' 2,677 0.44 815,000 HKD China Longyuan Power Group Corp. Ltd. 'H'1 752 0.12 757,715 HKD China Merchants Bank Co. Ltd. 'H' 3,120 0.51 1,899,100 HKD China Minsheng Banking Corp. Ltd. 'H'1 1,811 0.29 1,912,000 HKD China National Building Material Co. Ltd. 'H' 2,189 0.36 438,000 HKD China Oilfield Services Ltd. 'H'1 458 0.07 395,200 HKD China Pacific Insurance Group Co. Ltd. 'H'1 1,708 0.28 10,957,800 HKD China Petroleum & Chemical Corp. 'H' 10,715 1.74 844,500 HKD China Railway Construction Corp. Ltd. 'H'1 957 0.16 1,322,000 HKD China Railway Group Ltd. 'H' 1,067 0.17 1,047,500 HKD China Shenhua Energy Co. Ltd. 'H' 2,738 0.45 5,710,000 HKD China Telecom Corp. Ltd. 'H' 2,664 0.43 213,100 HKD China Vanke Co. Ltd. 'H' 762 0.12 765,000 HKD Chongqing Rural Commercial Bank Co. Ltd. 'H'1 511 0.08 322,500 HKD CITIC Securities Co. Ltd. 'H'1 813 0.13 351,000 HKD CRRC Corp. Ltd. 'H'1 314 0.05 794,000 HKD Dongfeng Motor Group Co. Ltd. 'H' 906 0.15 139,600 HKD GF Securities Co. Ltd. 'H' 236 0.04 500,000 HKD Great Wall Motor Co. Ltd. 'H' 488 0.08 430,800 HKD Guangzhou R&F Properties Co. Ltd. 'H'1 1,011 0.16 459,600 HKD Haitong Securities Co. Ltd. 'H' 575 0.09 1,896,000 HKD Huaneng Power International, Inc. 'H'1 1,465 0.24 30,800 HKD Huatai Securities Co. Ltd. 'H' 61 0.01 21,185,000 HKD Industrial & Commercial Bank of China Ltd. 'H' 17,555 2.85 386,500 USD Inner Mongolia Yitai Coal Co. Ltd. 'B' 517 0.08 488,000 HKD Jiangxi Copper Co. Ltd. 'H' 709 0.12 40,600 HKD Legend Holdings Corp. 'H' 129 0.02 112,700 HKD New China Life Insurance Co. Ltd. 'H' 511 0.08 2,407,000 HKD People's Insurance Co. Group of China Ltd. (The) 'H' 1,138 0.19 7,732,000 HKD PetroChina Co. Ltd. 'H' 6,397 1.04 1,143,347 HKD PICC Property & Casualty Co. Ltd. 'H' 2,014 0.33 542,000 HKD Ping An Insurance Group Co. of China Ltd. 'H'1 5,314 0.86 1,291,000 HKD Postal Savings Bank of China Co. Ltd. 'H'1 864 0.14 261,600 HKD Sinopharm Group Co. Ltd. 'H' 1,162 0.19 385,000 HKD Weichai Power Co. Ltd. 'H'1 516 0.08 438,000 HKD Yanzhou Coal Mining Co. Ltd. 'H'1 632 0.10 Total China 128,697 20.91

Hong Kong (31 May 2017: 5.46%) 130,500 HKD Beijing Enterprises Holdings Ltd.1 721 0.12 140,000 HKD China Jinmao Holdings Group Ltd. 80 0.01 248,003 HKD China Merchants Port Holdings Co. Ltd.1 566 0.09 1,317,000 HKD China Mobile Ltd. 11,753 1.91 726,000 HKD China Overseas Land & Investment Ltd. 2,429 0.39 1,783,332 HKD China Power International Development Ltd.1 496 0.08 412,836 HKD China Resources Beer Holdings Co. Ltd. 2,005 0.33 124,000 HKD China Resources Pharmaceutical Group Ltd. 190 0.03

193



As at 31 May 2018




Hong Kong (continued) 619,839 HKD China Resources Power Holdings Co. Ltd.1 1,269 0.21 303,600 HKD China Taiping Insurance Holdings Co. Ltd. 1,090 0.18 2,158,000 HKD China Unicom Hong Kong Ltd.1 2,933 0.48 917,000 HKD CITIC Ltd. 1,363 0.22 5,970,000 HKD CNOOC Ltd. 10,046 1.63 409,500 HKD Fosun International Ltd. 900 0.15 414,000 HKD Guangdong Investment Ltd. 698 0.11 4,354,000 HKD Lenovo Group Ltd.1 2,309 0.37 141,000 HKD Shanghai Industrial Holdings Ltd. 375 0.06 873,000 HKD Sino-Ocean Group Holding Ltd.1 590 0.10 1,822,000 HKD Yuexiu Property Co. Ltd. 411 0.07 Total Hong Kong 40,224 6.54

India (31 May 2017: 7.32%) 106,656 INR Axis Bank Ltd. 863 0.14 13,492 USD Axis Bank Ltd. GDR1 533 0.09 236,450 INR Bharat Petroleum Corp. Ltd. 1,415 0.23 194,067 INR Bharti Airtel Ltd. 1,074 0.17 314,389 INR Coal India Ltd. 1,380 0.22 12,086 INR GAIL India Ltd. 63 0.01 13,587 USD GAIL India Ltd. GDR1 424 0.07 52,579 INR HCL Technologies Ltd. 709 0.12 10,615 INR Hero MotoCorp Ltd. 558 0.09 2,844 INR Hindalco Industries Ltd. 10 – 304,618 USD Hindalco Industries Ltd. GDR 1,057 0.17 201,169 INR Hindustan Petroleum Corp. Ltd. 930 0.15 37,696 INR Hindustan Unilever Ltd. 900 0.15 110,729 INR Housing Development Finance Corp. Ltd. 3,008 0.49 121,284 INR ICICI Bank Ltd. 514 0.08 93,916 USD ICICI Bank Ltd. ADR1 788 0.13 377,308 INR Idea Cellular Ltd. 344 0.06 38,258 INR Indiabulls Housing Finance Ltd. 704 0.11 555,219 INR Indian Oil Corp. Ltd. 1,432 0.23 71,610 INR Infosys Ltd. 1,307 0.21 137,177 USD Infosys Ltd. ADR1 2,495 0.41 213,780 INR ITC Ltd. 861 0.14 194,906 INR JSW Steel Ltd. 959 0.16 40,510 USD Larsen & Toubro Ltd. GDR 812 0.13 78,256 USD Mahindra & Mahindra Ltd. GDR1 1,013 0.16 3,828 INR Maruti Suzuki India Ltd. 484 0.08 162,916 INR NMDC Ltd. 284 0.05 448,513 INR NTPC Ltd. 1,114 0.18 957,126 INR Oil & Natural Gas Corp. Ltd. 2,523 0.41 1,648,923 INR Reliance Communications Ltd. 456 0.07 117,152 INR Reliance Industries Ltd. 1,599 0.26 210,360 USD Reliance Industries Ltd. GDR 5,575 0.91 264,912 INR Rural Electrification Corp. Ltd. 464 0.08 61,304 INR State Bank of India 245 0.04 37,514 USD State Bank of India GDR1 1,471 0.24 55,989 INR Sun Pharmaceutical Industries Ltd. 399 0.06 78,764 INR Tata Consultancy Services Ltd. 2,032 0.33 194,199 INR Tata Motors Ltd. 813 0.13 121,449 INR Tata Motors Ltd. 'A' 304 0.05

194



As at 31 May 2018




India (continued) 19,171 USD Tata Motors Ltd. ADR1 400 0.07 95,222 USD Tata Steel Ltd. GDR1 807 0.13 244,142 INR Vedanta Ltd. 898 0.15 149,777 INR Wipro Ltd. 581 0.09 Total India 44,602 7.25

Indonesia (31 May 2017: 1.85%) 2,960,800 IDR Adaro Energy Tbk. PT 401 0.07 2,913,400 IDR Astra International Tbk. PT 1,447 0.23 761,500 IDR Bank Central Asia Tbk. PT 1,244 0.20 2,608,900 IDR Bank Mandiri Persero Tbk. PT 1,324 0.22 1,327,700 IDR Bank Negara Indonesia Persero Tbk. PT 810 0.13 7,690,400 IDR Bank Rakyat Indonesia Persero Tbk. PT 1,704 0.28 885,200 IDR Indofood Sukses Makmur Tbk. PT 451 0.07 4,321,400 IDR Perusahaan Gas Negara Persero Tbk. 644 0.10 7,132,700 IDR Telekomunikasi Indonesia Persero Tbk. PT 1,807 0.29 282,800 IDR United Tractors Tbk. PT 713 0.12 Total Indonesia 10,545 1.71

Malaysia (31 May 2017: 2.33%) 515,225 MYR Axiata Group Bhd. 564 0.09 1,262,171 MYR CIMB Group Holdings Bhd. 1,871 0.30 574,100 MYR DiGi.Com Bhd. 637 0.10 255,000 MYR Genting Bhd. 563 0.09 365,700 MYR Genting Malaysia Bhd. 457 0.07 394,300 MYR IOI Corp. Bhd. 459 0.07 78,600 MYR Kuala Lumpur Kepong Bhd. 492 0.08 857,636 MYR Malayan Banking Bhd. 2,082 0.34 498,900 MYR Petronas Chemicals Group Bhd. 1,009 0.16 90,500 MYR Petronas Gas Bhd. 400 0.07 463,670 MYR Public Bank Bhd. 2,780 0.45 1,220,900 MYR Sapura Energy Bhd. 169 0.03 1,590,116 MYR Sime Darby Bhd. 975 0.16 689,916 MYR Sime Darby Plantation Bhd. 960 0.16 786,616 MYR Sime Darby Property Bhd. 227 0.04 723,300 MYR Tenaga Nasional Bhd. 2,617 0.43 Total Malaysia 16,262 2.64

Malta (31 May 2017: 0.02%) 82,709 ZAR Brait SE1 238 0.04 Total Malta 238 0.04

Mexico (31 May 2017: 4.20%) 1,040,456 MXN Alfa SAB de CV 'A' 1,065 0.17 8,501,285 MXN America Movil SAB de CV 'L' 6,584 1.07

365,927 MXN Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 'B' 477 0.08

4,261,884 MXN Cemex SAB de CV 2,526 0.41 99,176 MXN Coca-Cola Femsa SAB de CV 'L' 579 0.09 517,257 MXN Fibra Uno Administracion SA de CV, REIT 712 0.12 315,551 MXN Fomento Economico Mexicano SAB de CV 2,621 0.43 213,004 MXN Grupo Bimbo SAB de CV 'A' 405 0.07

195



As at 31 May 2018




Mexico (continued) 352,677 MXN Grupo Financiero Banorte SAB de CV 'O' 1,871 0.30 279,658 MXN Grupo Financiero Inbursa SAB de CV 'O' 394 0.06 705,566 MXN Grupo Mexico SAB de CV 'B' 1,746 0.28 392,024 MXN Grupo Televisa SAB 1,305 0.21 17,391 MXN Industrias Penoles SAB de CV 293 0.05 251,007 MXN Mexichem SAB de CV 705 0.12 816,337 MXN Wal-Mart de Mexico SAB de CV 2,042 0.33 Total Mexico 23,325 3.79

Netherlands (31 May 2017: 0.21%) 1,232,965 ZAR Steinhoff International Holdings NV1 109 0.02 Total Netherlands 109 0.02

Poland (31 May 2017: 2.14%) 45,120 PLN Bank Polska Kasa Opieki SA 1,364 0.22 144,555 PLN Energa SA1 368 0.06 61,287 PLN KGHM Polska Miedz SA1 1,403 0.23 258,528 PLN PGE Polska Grupa Energetyczna SA 688 0.11 88,774 PLN Polski Koncern Naftowy ORLEN SA1 1,956 0.32 315,110 PLN Polskie Gornictwo Naftowe i Gazownictwo SA 487 0.08 156,823 PLN Powszechna Kasa Oszczednosci Bank Polski SA 1,591 0.26 163,975 PLN Powszechny Zaklad Ubezpieczen SA1 1,609 0.26 411,136 PLN Tauron Polska Energia SA1 249 0.04 Total Poland 9,715 1.58

Russia (31 May 2017: 9.35%) 331,200 RUB Alrosa PJSC 469 0.08 7,156,547 RUB Gazprom PJSC 16,649 2.71 6,054,336 RUB Inter RAO UES PJSC 396 0.06 142,763 RUB LUKOIL PJSC 9,641 1.57 75,514 USD LUKOIL PJSC ADR 5,050 0.82 25,693 USD Magnit PJSC GDR 517 0.08 21,856 USD MegaFon PJSC GDR 193 0.03 4,131 RUB MMC Norilsk Nickel PJSC 736 0.12 66,550 USD MMC Norilsk Nickel PJSC ADR 1,180 0.19 535,794 RUB Mobile TeleSystems PJSC 2,428 0.39 115,564 RUB Moscow Exchange MICEX-RTS PJSC 209 0.03 131,199 RUB Novatek PJSC 1,764 0.29 263,925 RUB Rosneft Oil Co. PJSC 1,632 0.27 221,969 USD Rosneft Oil Co. PJSC GDR 1,354 0.22 32,271,187 RUB ROSSETI PJSC 413 0.07 29,569,032 RUB RusHydro PJSC 343 0.06 66,753 USD RusHydro PJSC ADR 72 0.01 2,311,774 RUB Sberbank of Russia PJSC 8,248 1.34 8,695 RUB Severstal PJSC 140 0.02 40,443 USD Severstal PJSC GDR 643 0.10 2,443,526 RUB Sistema PJSFC 408 0.07 3,163,688 RUB Surgutneftegas OJSC, Preference 1,547 0.25 1,027,502 RUB Surgutneftegas OJSC 472 0.08 181,346 USD Surgutneftegas OJSC ADR 807 0.13 101,464 RUB Tatneft PJSC 1,085 0.18 28,573 RUB Tatneft PJSC, Preference 210 0.03 33,234 USD Tatneft PJSC ADR 2,127 0.35

196



As at 31 May 2018




Russia (continued) 274 RUB Transneft PJSC, Preference 750 0.12 477,271,994 RUB VTB Bank PJSC 382 0.06 110,118,006 USD VTB Bank PJSC 88 0.01 650,449 USD VTB Bank PJSC GDR 1,032 0.17 Total Russia 60,985 9.91

South Africa (31 May 2017: 7.98%) 93,820 ZAR AngloGold Ashanti Ltd. 800 0.13 24,314 ZAR Aspen Pharmacare Holdings Ltd. 480 0.08 172,396 ZAR Barclays Africa Group Ltd. 2,201 0.36 85,989 ZAR Barloworld Ltd.1 903 0.15 57,404 ZAR Bid Corp. Ltd. 1,151 0.19 47,049 ZAR Bidvest Group Ltd. (The) 750 0.12 46,119 ZAR Exxaro Resources Ltd. 456 0.07 552,099 ZAR FirstRand Ltd. 2,615 0.42 36,755 ZAR Foschini Group Ltd. (The) 535 0.09 337,486 ZAR Gold Fields Ltd. 1,204 0.20 508,443 ZAR Growthpoint Properties Ltd., REIT 1,092 0.18 327,813 ZAR Impala Platinum Holdings Ltd.1 524 0.08 64,881 ZAR Imperial Holdings Ltd. 1,046 0.17 72,157 ZAR Investec Ltd. 525 0.08 32,631 ZAR Kumba Iron Ore Ltd.1 748 0.12 244,661 ZAR Life Healthcare Group Holdings Ltd. 551 0.09 323,292 ZAR MMI Holdings Ltd. 477 0.08 17,782 ZAR Mondi Ltd. 492 0.08 30,235 ZAR Mr Price Group Ltd. 599 0.10 676,472 ZAR MTN Group Ltd. 6,116 0.99 14,632 ZAR Naspers Ltd. 'N' 3,496 0.57 62,763 ZAR Nedbank Group Ltd. 1,356 0.22 263,643 ZAR Netcare Ltd. 616 0.10 75,031 ZAR Pick n Pay Stores Ltd. 445 0.07 780,266 ZAR Redefine Properties Ltd., REIT 676 0.11 57,092 ZAR Remgro Ltd. 920 0.15 316,746 ZAR Sanlam Ltd. 1,902 0.31 131,692 ZAR Sappi Ltd. 865 0.14 197,344 ZAR Sasol Ltd. 7,129 1.16 69,579 ZAR Shoprite Holdings Ltd. 1,286 0.21 372,016 ZAR Sibanye Gold Ltd.1 232 0.04 45,053 ZAR SPAR Group Ltd. (The) 686 0.11 329,879 ZAR Standard Bank Group Ltd. 5,402 0.88 117,991 ZAR Telkom SA SOC Ltd. 483 0.08 22,216 ZAR Tiger Brands Ltd. 589 0.10 94,235 ZAR Truworths International Ltd. 626 0.10 118,929 ZAR Vodacom Group Ltd. 1,347 0.22 179,713 ZAR Woolworths Holdings Ltd. 828 0.13 Total South Africa 52,149 8.48

Taiwan (31 May 2017: 12.90%) 1,482,000 TWD Acer, Inc. 1,214 0.20 758,880 TWD ASE Industrial Holding Co. Ltd. 1,925 0.31 364,000 TWD Asia Cement Corp. 402 0.07 103,000 TWD Asustek Computer, Inc. 933 0.15 5,046,000 TWD AU Optronics Corp. 2,215 0.36

197



As at 31 May 2018




Taiwan (continued) 106,000 TWD Catcher Technology Co. Ltd. 1,233 0.20 1,728,552 TWD Cathay Financial Holding Co. Ltd. 3,092 0.50 431,120 TWD Cheng Shin Rubber Industry Co. Ltd. 656 0.11 2,187,000 TWD China Development Financial Holding Corp. 821 0.13 814,495 TWD China Life Insurance Co. Ltd. 855 0.14 1,632,980 TWD China Steel Corp. 1,286 0.21 746,000 TWD Chunghwa Telecom Co. Ltd. 2,714 0.44 1,005,000 TWD Compal Electronics, Inc. 661 0.11 3,385,068 TWD CTBC Financial Holding Co. Ltd. 2,440 0.40 335,735 TWD Delta Electronics, Inc. 1,244 0.20 1,067,721 TWD E.Sun Financial Holding Co. Ltd. 745 0.12 424,000 TWD Far Eastern New Century Corp. 404 0.07 290,000 TWD Far EasTone Telecommunications Co. Ltd. 739 0.12 1,392,344 TWD First Financial Holding Co. Ltd. 946 0.15 620,210 TWD Formosa Chemicals & Fibre Corp. 2,381 0.39 201,000 TWD Formosa Petrochemical Corp. 815 0.13 625,400 TWD Formosa Plastics Corp. 2,244 0.36 214,784 TWD Foxconn Technology Co. Ltd. 529 0.09 1,671,929 TWD Fubon Financial Holding Co. Ltd. 2,907 0.47 3,172,822 TWD Hon Hai Precision Industry Co. Ltd. 9,075 1.47 442,000 TWD HTC Corp. 864 0.14 5,394,337 TWD Innolux Corp. 2,089 0.34 952,000 TWD Inventec Corp. 771 0.13 4,000 TWD Largan Precision Co. Ltd. 547 0.09 579,118 TWD Lite-On Technology Corp. 756 0.12 299,760 TWD MediaTek, Inc. 3,117 0.51 1,649,295 TWD Mega Financial Holding Co. Ltd. 1,445 0.23 743,480 TWD Nan Ya Plastics Corp. 2,077 0.34 142,000 TWD Novatek Microelectronics Corp. 642 0.10 814,000 TWD Pegatron Corp. 1,720 0.28 394,000 TWD Pou Chen Corp. 483 0.08 175,000 TWD Powertech Technology, Inc. 522 0.08 69,000 TWD President Chain Store Corp. 707 0.12 587,000 TWD Quanta Computer, Inc. 1,038 0.17 170,000 TWD Radiant Opto-Electronics Corp. 356 0.06 2,482,099 TWD Shin Kong Financial Holding Co. Ltd. 994 0.16 1,293,000 TWD SinoPac Financial Holdings Co. Ltd. 479 0.08 1,521,790 TWD Taishin Financial Holding Co. Ltd. 749 0.12 667,000 TWD Taiwan Cement Corp. 971 0.16 1,168,000 TWD Taiwan Cooperative Financial Holding Co. Ltd. 688 0.11 248,800 TWD Taiwan Mobile Co. Ltd. 913 0.15 2,179,000 TWD Taiwan Semiconductor Manufacturing Co. Ltd. 16,291 2.65 864,000 TWD Tatung Co. Ltd. 650 0.11 861,164 TWD Uni-President Enterprises Corp. 2,101 0.34 2,673,000 TWD United Microelectronics Corp. 1,485 0.24 887,000 TWD Walsin Lihwa Corp. 742 0.12 861,000 TWD Wintek Corp.2/3 – – 1,478,888 TWD Wistron Corp. 1,113 0.18 303,000 TWD WPG Holdings Ltd. 440 0.07 1,873,379 TWD Yuanta Financial Holding Co. Ltd. 882 0.14 Total Taiwan 88,108 14.32

198



As at 31 May 2018




Thailand (31 May 2017: 2.85%) 269,400 THB Advanced Info Service PCL NVDR 1,604 0.26 420,100 THB Bangchak Corp. PCL NVDR 476 0.08 119,800 THB Bangkok Bank PCL 723 0.12 1,298,350 THB Banpu PCL NVDR 852 0.14 1,207,500 THB Charoen Pokphand Foods PCL NVDR 944 0.15 428,500 THB CP ALL PCL NVDR 1,082 0.18 3,422,800 THB IRPC PCL NVDR 706 0.11 58,300 THB Kasikornbank PCL NVDR 349 0.06 108,400 THB Kasikornbank PCL 661 0.11 1,606,800 THB Krung Thai Bank PCL NVDR 879 0.14 437,464 THB PTT Exploration & Production PCL NVDR 1,839 0.30 38,215 THB PTT Exploration & Production PCL 161 0.03 526,900 THB PTT Global Chemical PCL NVDR 1,470 0.24 62,900 THB PTT Global Chemical PCL 175 0.03 4,729,800 THB PTT PCL NVDR 7,725 1.25 43,000 THB Siam Cement PCL (The) NVDR 600 0.10 479,600 THB Siam Commercial Bank PCL (The) NVDR 1,994 0.32 32,900 THB Siam Commercial Bank PCL (The) 137 0.02 308,600 THB Thai Oil PCL NVDR 888 0.14 325,500 THB Thanachart Capital PCL NVDR 524 0.08 301,000 THB Total Access Communication PCL NVDR 421 0.07 Total Thailand 24,210 3.93

Turkey (31 May 2017: 2.39%) 584,628 TRY Akbank Turk A/S1 1,035 0.17 32,672 TRY BIM Birlesik Magazalar A/S 499 0.08 316,874 TRY Eregli Demir ve Celik Fabrikalari TAS 784 0.13 361,812 TRY Haci Omer Sabanci Holding A/S 744 0.12 245,995 TRY KOC Holding A/S 757 0.12 47,431 TRY Tupras Turkiye Petrol Rafinerileri A/S 1,109 0.18 257,300 TRY Turk Hava Yollari AO 944 0.15 210,431 TRY Turk Telekomunikasyon A/S 275 0.05 235,081 TRY Turkcell Iletisim Hizmetleri A/S 622 0.10 608,381 TRY Turkiye Garanti Bankasi A/S 1,195 0.19 353,444 TRY Turkiye Halk Bankasi A/S 598 0.10 603,898 TRY Turkiye Is Bankasi A/S 'C' 793 0.13 426,583 TRY Turkiye Vakiflar Bankasi TAO 'D' 514 0.08 278,867 TRY Yapi ve Kredi Bankasi A/S 247 0.04 Total Turkey 10,116 1.64



Futures contracts

United States (31 May 2017: 0.00%)4 – –

Total unrealised gain on futures contracts (31 May 2017: 0.00%)4 – –

199



As at 31 May 2018




41 USD 2,050 MSCI Emerging Markets Index 15/06/2018 (34) – Total United States (34) –

Total unrealised loss on futures contracts (31 May 2017: 0.00%) (34) –

Fair Value USD '000


Total financial assets at fair value through profit or loss 618,892 100.57 Total financial liabilities at fair value through profit or loss (34) – Cash 776 0.13 Other assets and liabilities (4,275) (0.70) Net asset value attributable to redeemable participating unitholders 615,359 100.00


Assets Transferable securities admitted to official stock exchange listing 99.51 Other assets 0.49 Total assets 100.00

1 Security fully or partially on loan. 2 Investments which are less than USD 500 have been rounded down to zero. 3 These securities were valued in consultation with the Manager. These securities were fair valued, priced per corporate action terms or suspended at period end and valued using the last traded price.



On losses USD '000

Futures contracts – 2,299

200

iSHARES EMERGING MARKETS INDEX FUND (IE)


As at 31 May 2018



Equities (31 May 2017: 96.68%)

Bermuda (31 May 2017: 0.89%) 6,202,000 HKD Alibaba Health Information Technology Ltd.1 5,685 0.05 27,400,000 HKD Alibaba Pictures Group Ltd.1 3,563 0.03 11,816,000 HKD Beijing Enterprises Water Group Ltd.1 7,125 0.06 6,222,000 HKD Brilliance China Automotive Holdings Ltd.1 11,628 0.10 3,522,000 HKD China Gas Holdings Ltd.1 14,615 0.13 1,860,000 HKD China Resources Gas Group Ltd.1 7,066 0.06 4,110,660 HKD COSCO SHIPPING Ports Ltd.1 3,956 0.04 138,513 USD Credicorp Ltd. 30,670 0.27 26,958,000 HKD GOME Retail Holdings Ltd.1 3,024 0.03 2,479,000 HKD Haier Electronics Group Co. Ltd.1 8,912 0.08 1,699,000 HKD Hanergy Thin Film Power Group Ltd.2/3 – – 6,812,038 HKD Kunlun Energy Co. Ltd.1 6,201 0.05 3,749,000 HKD Nine Dragons Paper Holdings Ltd.1 5,965 0.05 8,123,000 HKD Sihuan Pharmaceutical Holdings Group Ltd.1 2,102 0.02 Total Bermuda 110,512 0.97

Brazil (31 May 2017: 6.64%) 9,705,959 BRL Ambev SA 51,318 0.45 216,841 USD Ambev SA ADR 1,141 0.01 586,400 BRL Atacadao Distribuicao Comercio e Industria Ltda 2,512 0.02 4,399,039 BRL B3 SA - Brasil Bolsa Balcao 25,716 0.23 6,830,853 BRL Banco Bradesco SA, Preference 53,505 0.47 2,125,384 BRL Banco Bradesco SA 14,884 0.13 86,234 USD Banco Bradesco SA, Preference ADR 677 0.01 1,782,241 BRL Banco do Brasil SA 14,534 0.13 834,900 BRL Banco Santander Brasil SA 7,573 0.07 1,493,662 BRL BB Seguridade Participacoes SA 10,452 0.09 1,706,022 BRL BR Malls Participacoes SA 4,719 0.04 345,000 BRL Braskem SA, Preference 'A' 4,206 0.04 933,029 BRL BRF SA 5,367 0.05 2,565,023 BRL CCR SA 7,094 0.06 440,332 BRL Centrais Eletricas Brasileiras SA 1,730 0.02 509,600 BRL Centrais Eletricas Brasileiras SA, Preference 'B' 2,292 0.02 353,442 BRL Cia Brasileira de Distribuicao, Preference 7,545 0.07 727,275 BRL Cia de Saneamento Basico do Estado de Sao Paulo 5,107 0.04 1,878,655 BRL Cia Energetica de Minas Gerais, Preference 3,869 0.03 1,242,826 BRL Cia Siderurgica Nacional SA 2,570 0.02 2,588,851 BRL Cielo SA 11,783 0.10 252,643 BRL Cosan SA Industria e Comercio 2,632 0.02 679,123 BRL EDP - Energias do Brasil SA 2,411 0.02 1,494,000 BRL Embraer SA 9,022 0.08 381,600 BRL Engie Brasil Energia SA 3,790 0.03 452,198 BRL Equatorial Energia SA 7,381 0.06 538,936 BRL Fibria Celulose SA 10,243 0.09 2,127,770 BRL Gerdau SA, Preference 8,456 0.07 705,961 BRL Hypera SA 5,346 0.05 6,630,094 BRL Itau Unibanco Holding SA, Preference 76,519 0.67 8,391,276 BRL Itausa - Investimentos Itau SA, Preference 25,304 0.22 14 BRL Itausa - Investimentos Itau SA2 – – 1,747,219 BRL JBS SA 4,190 0.04 1,173,569 BRL Klabin SA 6,615 0.06 2,914,000 BRL Kroton Educacional SA 8,459 0.07 993,847 BRL Localiza Rent a Car SA 6,600 0.06

201



As at 31 May 2018




Brazil (continued) 1,505,033 BRL Lojas Americanas SA, Preference 7,182 0.06 1,536,700 BRL Lojas Renner SA 12,243 0.11 232,965 BRL M Dias Branco SA 2,627 0.02 103,071 BRL Magazine Luiza SA 3,001 0.03 199,589 BRL Multiplan Empreendimentos Imobiliarios SA 3,144 0.03 369,514 BRL Natura Cosmeticos SA 3,346 0.03 716,000 BRL Odontoprev SA 2,684 0.02 516,861 BRL Petrobras Distribuidora SA 2,526 0.02 7,955,976 BRL Petroleo Brasileiro SA, Preference 40,548 0.35 5,727,047 BRL Petroleo Brasileiro SA 34,125 0.30 215,948 USD Petroleo Brasileiro SA ADR1 2,561 0.02 271,800 BRL Porto Seguro SA 3,103 0.03 473,253 BRL Raia Drogasil SA 7,913 0.07 2,134,806 BRL Rumo SA 7,917 0.07 500,964 BRL Sul America SA 2,634 0.02 884,000 BRL Suzano Papel e Celulose SA 10,231 0.09 945,123 BRL Telefonica Brasil SA, Preference 11,547 0.10 1,849,152 BRL TIM Participacoes SA 6,659 0.06 771,104 BRL Ultrapar Participacoes SA 10,353 0.09 6,392,660 BRL Vale SA 86,911 0.76 227,426 USD Vale SA ADR1 3,093 0.03 1,649,772 BRL WEG SA 7,611 0.07 Total Brazil 687,521 6.02

Cayman Islands (31 May 2017: 12.69%) 2,043,000 HKD 3SBio, Inc.1 5,847 0.05 197,421 USD 58.com, Inc. ADR1 16,035 0.14 1,512,500 HKD AAC Technologies Holdings, Inc.1 22,772 0.20 3,254,000 HKD Agile Group Holdings Ltd.1 6,206 0.05 250,000 TWD Airtac International Group 4,297 0.04 2,417,563 USD Alibaba Group Holding Ltd. ADR1 478,702 4.19 2,244,000 HKD ANTA Sports Products Ltd. 12,930 0.11 116,763 USD Autohome, Inc. ADR1 13,161 0.12 576,991 USD Baidu, Inc. ADR 139,955 1.23 2,414,183 TWD Chailease Holding Co. Ltd. 8,622 0.08 3,212,000 HKD China Conch Venture Holdings Ltd. 11,138 0.10 6,626,000 HKD China Evergrande Group1 19,428 0.17 9,316,000 HKD China Huishan Dairy Holdings Co. Ltd.1/2/3 – – 2,805,000 HKD China Medical System Holdings Ltd. 6,758 0.06 5,779,000 HKD China Mengniu Dairy Co. Ltd. 20,997 0.18 5,909,554 HKD China Resources Land Ltd. 21,697 0.19 4,673,250 HKD China State Construction International Holdings Ltd.1 5,773 0.05 6,534,000 HKD CIFI Holdings Group Co. Ltd.1 5,056 0.04 11,255,375 HKD Country Garden Holdings Co. Ltd.1 22,068 0.19 846,010 USD Ctrip.com International Ltd. ADR1 38,147 0.33 1,688,000 HKD ENN Energy Holdings Ltd. 17,377 0.15 8,715,000 HKD Fullshare Holdings Ltd.1 4,111 0.04 28,145,494 HKD GCL-Poly Energy Holdings Ltd.1 3,086 0.03 10,490,000 HKD Geely Automobile Holdings Ltd. 29,755 0.26 346,000 TWD General Interface Solution Holding Ltd. 2,211 0.02 702,000 HKD Haitian International Holdings Ltd. 1,991 0.02 1,472,000 HKD Hengan International Group Co. Ltd.1 14,018 0.12 1,395,752 USD JD.com, Inc. ADR1 49,103 0.43

202



As at 31 May 2018




Cayman Islands (continued) 1,153,500 HKD Kingboard Chemical Holdings Ltd. 4,588 0.04 1,734,000 HKD Kingsoft Corp. Ltd.1 5,471 0.05 2,700,000 HKD Lee & Man Paper Manufacturing Ltd. 3,167 0.03 3,255,500 HKD Longfor Properties Co. Ltd. 9,753 0.09 2,497,000 HKD Meitu, Inc.1 2,645 0.02 241,549 USD Momo, Inc. ADR 11,092 0.10 167,606 USD NetEase, Inc. ADR 38,268 0.34 289,444 USD New Oriental Education & Technology Group, Inc. ADR 28,791 0.25 1,624,000 HKD Nexteer Automotive Group Ltd.1 2,679 0.02 5,970,500 HKD Semiconductor Manufacturing International Corp.1 7,809 0.07 1,599,000 HKD Shenzhou International Group Holdings Ltd. 18,713 0.16 2,455,500 HKD Shimao Property Holdings Ltd. 7,262 0.06 115,873 USD SINA Corp. 10,524 0.09 9,476,000 HKD Sino Biopharmaceutical Ltd.1 23,967 0.21 5,322,500 HKD SOHO China Ltd.1 2,782 0.02 5,090,000 HKD Sunac China Holdings Ltd.1 19,369 0.17 1,471,900 HKD Sunny Optical Technology Group Co. Ltd.1 29,948 0.26 669,382 USD TAL Education Group ADR1 28,422 0.25 11,950,600 HKD Tencent Holdings Ltd.1 608,183 5.32 3,888,000 HKD Tingyi Cayman Islands Holding Corp.1 8,704 0.08 862,235 USD Vipshop Holdings Ltd. ADR1 10,071 0.09 9,557,000 HKD Want Want China Holdings Ltd.1 9,479 0.08 97,007 USD Weibo Corp. ADR1 9,886 0.09 252,000 HKD Wuxi Biologics Cayman, Inc. 2,825 0.03 90,046 USD YY, Inc. ADR 'A'1 10,493 0.09 1,066,850 TWD Zhen Ding Technology Holding Ltd. 2,411 0.02 Total Cayman Islands 1,898,543 16.62

Chile (31 May 2017: 1.12%) 3,121,175 CLP Aguas Andinas SA 'A' 1,811 0.02 51,465,824 CLP Banco de Chile 7,980 0.07 80,521 CLP Banco de Credito e Inversiones SA 5,664 0.05 21,711,874 CLP Banco Santander Chile 1,741 0.01 321,386 USD Banco Santander Chile ADR 10,336 0.09 2,939,359 CLP Cencosud SA 7,787 0.07 152,296 USD Cia Cervecerias Unidas SA ADR 3,862 0.03 6,025,990 CLP Colbun SA 1,358 0.01 463,068 CLP Empresa Nacional de Telecomunicaciones SA 4,948 0.04 2,822,088 CLP Empresas CMPC SA 10,678 0.09 991,945 CLP Empresas COPEC SA 15,127 0.13 21,569,557 CLP Enel Americas SA 4,167 0.04 883,765 USD Enel Americas SA ADR 8,555 0.07 27,803,935 CLP Enel Chile SA 3,001 0.03 629,799 USD Enel Chile SA ADR 3,363 0.03 402,698,621 CLP Itau CorpBanca 4,149 0.04 359,548 CLP Latam Airlines Group SA 4,330 0.04 301,834 USD Latam Airlines Group SA ADR1 3,622 0.03 1,460,151 CLP SACI Falabella 13,653 0.12 22,124 CLP Sociedad Quimica y Minera de Chile SA, Preference 'B' 1,152 0.01 143,500 USD Sociedad Quimica y Minera de Chile SA, Preference ADR1 7,481 0.07 Total Chile 124,765 1.09

203



As at 31 May 2018




China (31 May 2017: 9.72%) 55,342,000 HKD Agricultural Bank of China Ltd. 'H' 28,644 0.25 3,932,000 HKD Air China Ltd. 'H'1 4,557 0.04 8,548,000 HKD Aluminum Corp. of China Ltd. 'H'1 4,501 0.04 2,532,500 HKD Anhui Conch Cement Co. Ltd. 'H'1 15,529 0.14 4,668,000 HKD AviChina Industry & Technology Co. Ltd. 'H'1 3,118 0.03 167,157,100 HKD Bank of China Ltd. 'H' 87,370 0.76 17,186,985 HKD Bank of Communications Co. Ltd. 'H' 13,606 0.12 3,360,000 HKD Beijing Capital International Airport Co. Ltd. 'H'1 4,969 0.04 1,343,500 HKD BYD Co. Ltd. 'H'1 8,718 0.08 23,245,000 HKD CGN Power Co. Ltd. 'H'1 6,608 0.06 18,433,000 HKD China Cinda Asset Management Co. Ltd. 'H'1 6,674 0.06 18,419,600 HKD China CITIC Bank Corp. Ltd. 'H' 12,516 0.11 8,867,000 HKD China Communications Construction Co. Ltd. 'H' 9,518 0.08 5,188,800 HKD China Communications Services Corp. Ltd. 'H' 3,341 0.03 176,380,830 HKD China Construction Bank Corp. 'H' 178,086 1.56 6,706,000 HKD China Everbright Bank Co. Ltd. 'H'1 3,343 0.03 6,960,500 HKD China Galaxy Securities Co. Ltd. 'H'1 4,357 0.04 18,509,000 HKD China Huarong Asset Management Co. Ltd. 'H'1 6,229 0.05 15,724,000 HKD China Life Insurance Co. Ltd. 'H' 43,900 0.38 6,978,000 HKD China Longyuan Power Group Corp. Ltd. 'H' 6,441 0.06 8,019,364 HKD China Merchants Bank Co. Ltd. 'H'1 33,022 0.29 10,873,560 HKD China Minsheng Banking Corp. Ltd. 'H'1 10,369 0.09 7,776,000 HKD China Molybdenum Co. Ltd. 'H'1 4,927 0.04 6,242,000 HKD China National Building Material Co. Ltd. 'H'1 7,146 0.06 3,866,000 HKD China Oilfield Services Ltd. 'H' 4,041 0.04 5,424,000 HKD China Pacific Insurance Group Co. Ltd. 'H'1 23,441 0.20 53,134,800 HKD China Petroleum & Chemical Corp. 'H' 51,955 0.45 4,591,000 HKD China Railway Construction Corp. Ltd. 'H'1 5,203 0.05 8,727,000 HKD China Railway Group Ltd. 'H' 7,042 0.06 711,000 HKD China Railway Signal & Communication Corp. Ltd. 'H' 556 – 2,974,000 HKD China Reinsurance Group Corp. 'H' 667 0.01 7,001,500 HKD China Shenhua Energy Co. Ltd. 'H' 18,298 0.16 4,155,945 HKD China Southern Airlines Co. Ltd. 'H'1 4,111 0.04 29,320,000 HKD China Telecom Corp. Ltd. 'H' 13,680 0.12 2,520,217 HKD China Vanke Co. Ltd. 'H' 9,012 0.08 5,669,000 HKD Chongqing Rural Commercial Bank Co. Ltd. 'H' 3,787 0.03 4,924,000 HKD CITIC Securities Co. Ltd. 'H'1 12,416 0.11 650,000 HKD COSCO SHIPPING Energy Transportation Co. Ltd. 'H' 368 – 8,640,500 HKD CRRC Corp. Ltd. 'H'1 7,722 0.07 5,900,000 HKD Dongfeng Motor Group Co. Ltd. 'H' 6,732 0.06 1,096,000 HKD Fuyao Glass Industry Group Co. Ltd. 'H'1 4,059 0.04 2,897,000 HKD GF Securities Co. Ltd. 'H' 4,890 0.04 6,745,750 HKD Great Wall Motor Co. Ltd. 'H'1 6,579 0.06 4,697,155 HKD Guangzhou Automobile Group Co. Ltd. 'H'1 7,964 0.07 2,006,800 HKD Guangzhou R&F Properties Co. Ltd. 'H'1 4,707 0.04 6,700,000 HKD Haitong Securities Co. Ltd. 'H'1 8,388 0.07 9,074,000 HKD Huaneng Power International, Inc. 'H'1 7,010 0.06 10,262,000 HKD Huaneng Renewables Corp. Ltd. 'H' 4,409 0.04 3,655,600 HKD Huatai Securities Co. Ltd. 'H'1 7,205 0.06 154,190,950 HKD Industrial & Commercial Bank of China Ltd. 'H' 127,769 1.12 2,662,000 HKD Jiangsu Expressway Co. Ltd. 'H' 4,018 0.03 2,782,000 HKD Jiangxi Copper Co. Ltd. 'H'1 4,043 0.04 1,663,500 HKD New China Life Insurance Co. Ltd. 'H'1 7,550 0.07 14,771,000 HKD People's Insurance Co. Group of China Ltd. (The) 'H' 6,986 0.06

204



As at 31 May 2018




China (continued) 43,680,000 HKD PetroChina Co. Ltd. 'H' 36,139 0.32 9,734,346 HKD PICC Property & Casualty Co. Ltd. 'H'1 17,150 0.15 10,949,500 HKD Ping An Insurance Group Co. of China Ltd. 'H'1 107,343 0.94 4,592,000 HKD Shandong Weigao Group Medical Polymer Co. Ltd. 'H' 3,952 0.03 6,108,000 HKD Shanghai Electric Group Co. Ltd. 'H'1 2,336 0.02 1,069,000 HKD Shanghai Fosun Pharmaceutical Group Co. Ltd. 'H'1 6,848 0.06 2,047,905 USD Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. 'B' 3,051 0.03 1,534,700 HKD Shanghai Pharmaceuticals Holding Co. Ltd. 'H' 4,745 0.04 7,130,000 HKD Sinopec Shanghai Petrochemical Co. Ltd. 'H' 5,263 0.05 2,363,200 HKD Sinopharm Group Co. Ltd. 'H'1 10,499 0.09 2,132,000 HKD TravelSky Technology Ltd. 'H'1 6,238 0.05 804,000 HKD Tsingtao Brewery Co. Ltd. 'H'1 5,094 0.04 4,010,400 HKD Weichai Power Co. Ltd. 'H'1 5,378 0.05 4,322,000 HKD Yanzhou Coal Mining Co. Ltd. 'H'1 6,237 0.05 2,814,000 HKD Zhejiang Expressway Co. Ltd. 'H'1 2,816 0.02 1,101,000 HKD Zhuzhou CRRC Times Electric Co. Ltd. 'H'1 5,544 0.05 12,707,000 HKD Zijin Mining Group Co. Ltd. 'H' 5,297 0.05 1,720,368 HKD ZTE Corp. 'H'1 4,167 0.04 Total China 1,120,194 9.80

Colombia (31 May 2017: 0.40%) 592,593 COP Bancolombia SA, Preference 6,874 0.06 430,096 COP Bancolombia SA 4,932 0.04 122,254 USD Bancolombia SA, Preference ADR 5,670 0.05 960,602 COP Cementos Argos SA 3,060 0.03 6,466,439 COP Ecopetrol SA 6,919 0.06 233,717 USD Ecopetrol SA ADR 5,023 0.05 403,647 COP Grupo Argos SA 2,714 0.02 6,216,858 COP Grupo Aval Acciones y Valores SA, Preference 2,680 0.02 595,517 COP Grupo de Inversiones Suramericana SA 7,654 0.07 184,713 COP Grupo de Inversiones Suramericana SA, Preference 2,258 0.02 209,989 COP Interconexion Electrica SA ESP 1,030 0.01 Total Colombia 48,814 0.43

Czech Republic (31 May 2017: 0.18%) 363,770 CZK CEZ A/S 9,087 0.08 175,612 CZK Komercni banka A/S 7,106 0.06 1,116,622 CZK Moneta Money Bank A/S1 3,898 0.03 70,000 CZK O2 Czech Republic A/S 886 0.01 Total Czech Republic 20,977 0.18

Egypt (31 May 2017: 0.14%) 2,338,886 EGP Commercial International Bank Egypt SAE 11,010 0.10 5,914,706 EGP Global Telecom Holding SAE 1,610 0.01 Total Egypt 12,620 0.11

Greece (31 May 2017: 0.39%) 2,980,512 EUR Alpha Bank AE1 6,370 0.05 4,525,024 EUR Eurobank Ergasias SA1 4,754 0.04 32,000 EUR FF Group 179 – 446,011 EUR Hellenic Telecommunications Organization SA1 5,337 0.05 268,029 EUR JUMBO SA1 4,299 0.04

205



As at 31 May 2018




Greece (continued) 10,655,865 EUR National Bank of Greece SA 3,351 0.03 494,304 EUR OPAP SA 5,308 0.05 787,821 EUR Piraeus Bank SA1 2,330 0.02 57,100 EUR Titan Cement Co. SA1 1,400 0.01 Total Greece 33,328 0.29

Hong Kong (31 May 2017: 3.52%) 1,092,500 HKD Beijing Enterprises Holdings Ltd. 6,038 0.05 971,000 HKD BYD Electronic International Co. Ltd.1 1,542 0.01 5,468,000 HKD China Everbright International Ltd. 8,170 0.07 2,038,000 HKD China Everbright Ltd. 4,479 0.04 10,728,000 HKD China Jinmao Holdings Group Ltd.1 6,127 0.05 2,501,162 HKD China Merchants Port Holdings Co. Ltd.1 5,708 0.05 12,909,500 HKD China Mobile Ltd. 115,202 1.01 8,136,000 HKD China Overseas Land & Investment Ltd. 27,227 0.24 3,468,710 HKD China Resources Beer Holdings Co. Ltd. 16,848 0.15 3,052,000 HKD China Resources Pharmaceutical Group Ltd. 4,685 0.04 4,095,366 HKD China Resources Power Holdings Co. Ltd. 8,385 0.07 3,346,674 HKD China Taiping Insurance Holdings Co. Ltd. 12,010 0.11 12,986,000 HKD China Unicom Hong Kong Ltd.1 17,648 0.16 12,516,000 HKD CITIC Ltd. 18,604 0.16 37,489,000 HKD CNOOC Ltd. 63,086 0.55 9,624,000 HKD CSPC Pharmaceutical Group Ltd. 30,120 0.26 2,197,000 HKD Far East Horizon Ltd.1 2,333 0.02 5,436,040 HKD Fosun International Ltd. 11,947 0.11 6,190,000 HKD Guangdong Investment Ltd. 10,432 0.09 15,580,000 HKD Lenovo Group Ltd.1 8,263 0.07 1,187,000 HKD Shanghai Industrial Holdings Ltd. 3,155 0.03 5,678,452 HKD Sino-Ocean Group Holding Ltd.1 3,837 0.03 5,553,000 HKD Sun Art Retail Group Ltd.1 6,541 0.06 Total Hong Kong 392,387 3.43

Hungary (31 May 2017: 0.31%) 779,808 HUF MOL Hungarian Oil & Gas plc 7,341 0.07 502,225 HUF OTP Bank Nyrt 17,971 0.16 315,952 HUF Richter Gedeon Nyrt. 6,172 0.05 Total Hungary 31,484 0.28

India (31 May 2017: 8.47%) 47,050 INR ACC Ltd. 944 0.01 1,636,354 INR Adani Ports & Special Economic Zone Ltd. 9,509 0.08 1,475,826 INR Ambuja Cements Ltd. 4,492 0.04 3,028,170 INR Ashok Leyland Ltd. 6,644 0.06 621,128 INR Asian Paints Ltd. 12,008 0.10 570,324 INR Aurobindo Pharma Ltd. 4,702 0.04 3,647,205 INR Axis Bank Ltd. 29,504 0.26 171,741 INR Bajaj Auto Ltd. 6,999 0.06 352,668 INR Bajaj Finance Ltd. 11,026 0.10 75,397 INR Bajaj Finserv Ltd. 6,751 0.06 514,780 INR Bharat Forge Ltd. 4,964 0.04 2,095,986 INR Bharat Heavy Electricals Ltd. 2,598 0.02 1,559,415 INR Bharat Petroleum Corp. Ltd. 9,335 0.08 2,878,781 INR Bharti Airtel Ltd. 15,938 0.14

206



As at 31 May 2018




India (continued) 914,909 INR Bharti Infratel Ltd. 4,049 0.04 16,397 INR Bosch Ltd. 4,463 0.04 48,089 INR Britannia Industries Ltd. 4,221 0.04 577,968 INR Cadila Healthcare Ltd. 3,094 0.03 721,139 INR Cipla Ltd. 5,608 0.05 1,409,482 INR Coal India Ltd. 6,188 0.05 83,168 INR Container Corp. of India Ltd. 1,700 0.01 1,153,155 INR Dabur India Ltd. 6,550 0.06 50,802 INR Dr Reddy's Laboratories Ltd. 1,458 0.01 188,775 USD Dr Reddy's Laboratories Ltd. ADR 5,378 0.05 29,294 INR Eicher Motors Ltd. 13,362 0.12 837,904 INR GAIL India Ltd. 4,357 0.04 92,944 USD GAIL India Ltd. GDR1 2,900 0.03 303,127 INR Glenmark Pharmaceuticals Ltd. 2,407 0.02 440,838 INR Godrej Consumer Products Ltd. 7,442 0.07 655,446 INR Grasim Industries Ltd. 10,099 0.09 470,091 INR Havells India Ltd. 3,791 0.03 1,170,292 INR HCL Technologies Ltd. 15,787 0.14 93,200 INR Hero MotoCorp Ltd. 4,896 0.04 1,147,669 INR Hindalco Industries Ltd. 3,983 0.03 1,251,361 USD Hindalco Industries Ltd. GDR 4,343 0.04 1,283,023 INR Hindustan Petroleum Corp. Ltd. 5,929 0.05 1,416,319 INR Hindustan Unilever Ltd. 33,821 0.30 3,182,321 INR Housing Development Finance Corp. Ltd. 86,440 0.76 4,147,547 INR ICICI Bank Ltd. 17,566 0.15 480,223 USD ICICI Bank Ltd. ADR1 4,029 0.04 3,618,538 INR Idea Cellular Ltd. 3,298 0.03 2,186,665 INR IDFC Bank Ltd. 1,319 0.01 657,681 INR Indiabulls Housing Finance Ltd. 12,111 0.11 2,392,060 INR Indian Oil Corp. Ltd. 6,171 0.05 1,071,373 INR Infosys Ltd. 19,556 0.17 2,589,242 USD Infosys Ltd. ADR1 47,098 0.41 6,957,379 INR ITC Ltd. 28,007 0.24 2,266,670 INR JSW Steel Ltd. 11,148 0.10 930,829 USD Larsen & Toubro Ltd. GDR1 18,663 0.16 664,890 INR LIC Housing Finance Ltd. 4,682 0.04 458,548 INR Lupin Ltd. 5,235 0.05 555,405 INR Mahindra & Mahindra Financial Services Ltd. 4,014 0.04 836,569 INR Mahindra & Mahindra Ltd. 11,442 0.10 654,736 USD Mahindra & Mahindra Ltd. GDR 8,479 0.07 777,809 INR Marico Ltd. 3,710 0.03 219,657 INR Maruti Suzuki India Ltd. 27,789 0.24 1,673,739 INR Motherson Sumi Systems Ltd. 7,693 0.07 51,915 INR Nestle India Ltd. 7,427 0.06 3,450,222 INR NTPC Ltd. 8,566 0.07 2,838,514 INR Oil & Natural Gas Corp. Ltd. 7,483 0.07 886,249 INR Petronet LNG Ltd. 2,885 0.03 156,342 INR Piramal Enterprises Ltd. 5,494 0.05 1,573,710 INR Power Finance Corp. Ltd. 1,878 0.02 815,807 INR Power Grid Corp. of India Ltd. 2,532 0.02 1,102,684 INR Reliance Industries Ltd. 15,055 0.13 2,470,507 USD Reliance Industries Ltd. GDR 65,468 0.57 1,374,424 INR Rural Electrification Corp. Ltd. 2,406 0.02 15,181 INR Shree Cement Ltd. 3,797 0.03

207



As at 31 May 2018




India (continued) 349,009 INR Shriram Transport Finance Co. Ltd. 7,521 0.07 126,945 INR Siemens Ltd. 1,967 0.02 352,349 USD State Bank of India GDR 13,812 0.12 2,029,170 INR Sun Pharmaceutical Industries Ltd. 14,444 0.13 1,972,080 INR Tata Consultancy Services Ltd. 50,880 0.45 2,475,866 INR Tata Motors Ltd. 10,365 0.09 515,625 INR Tata Motors Ltd. 'A' 1,289 0.01 169,319 USD Tata Motors Ltd. ADR1 3,535 0.03 2,225,499 INR Tata Power Co. Ltd. (The) 2,681 0.02 293,875 INR Tata Steel Ltd. 2,507 0.02 432,665 USD Tata Steel Ltd. GDR1 3,669 0.03 993,075 INR Tech Mahindra Ltd. 10,483 0.09 609,898 INR Titan Co. Ltd. 8,135 0.07 175,253 INR UltraTech Cement Ltd. 9,726 0.08 130,792 INR United Spirits Ltd. 6,480 0.06 761,407 INR UPL Ltd. 7,984 0.07 598,218 INR Vakrangee Ltd. 289 – 799,808 INR Vedanta Ltd. 2,943 0.03 565,851 USD Vedanta Ltd. ADR 8,318 0.07 759,183 INR Wipro Ltd. 2,946 0.03 1,348,397 USD Wipro Ltd. ADR1 6,203 0.05 3,526,520 INR Yes Bank Ltd. 18,092 0.16 1,260,045 INR Zee Entertainment Enterprises Ltd. 10,383 0.09 Total India 937,333 8.20

Indonesia (31 May 2017: 2.41%) 31,303,500 IDR Adaro Energy Tbk. PT 4,247 0.04 3,746,600 IDR AKR Corporindo Tbk. PT 1,327 0.01 42,441,000 IDR Astra International Tbk. PT 21,075 0.18 21,149,100 IDR Bank Central Asia Tbk. PT 34,551 0.30 7,228,228 IDR Bank Danamon Indonesia Tbk. PT 3,030 0.03 39,557,756 IDR Bank Mandiri Persero Tbk. PT 20,071 0.18 16,157,348 IDR Bank Negara Indonesia Persero Tbk. PT 9,855 0.09 114,876,200 IDR Bank Rakyat Indonesia Persero Tbk. PT 25,464 0.22 17,458,000 IDR Bumi Serpong Damai Tbk. PT 2,142 0.02 17,215,500 IDR Charoen Pokphand Indonesia Tbk. PT 4,559 0.04 1,025,300 IDR Gudang Garam Tbk. PT 5,054 0.04 20,980,000 IDR Hanjaya Mandala Sampoerna Tbk. PT 5,722 0.05 3,342,100 IDR Indocement Tunggal Prakarsa Tbk. PT 4,239 0.04 5,062,200 IDR Indofood CBP Sukses Makmur Tbk. PT 3,170 0.03 9,128,000 IDR Indofood Sukses Makmur Tbk. PT 4,648 0.04 4,006,053 IDR Jasa Marga Persero Tbk. PT 1,283 0.01 51,721,500 IDR Kalbe Farma Tbk. PT 5,100 0.04 5,091,600 IDR Matahari Department Store Tbk. PT 3,353 0.03 29,634,300 IDR Pakuwon Jati Tbk. PT 1,194 0.01 26,199,000 IDR Perusahaan Gas Negara Persero Tbk. 3,903 0.03 6,849,600 IDR Semen Indonesia Persero Tbk. PT 4,141 0.04 11,012,600 IDR Surya Citra Media Tbk. PT 1,950 0.02 104,145,000 IDR Telekomunikasi Indonesia Persero Tbk. PT 26,383 0.23 3,085,900 IDR Tower Bersama Infrastructure Tbk. PT 1,127 0.01 3,185,100 IDR Unilever Indonesia Tbk. PT 10,453 0.09 3,659,881 IDR United Tractors Tbk. PT 9,232 0.08 8,585,200 IDR Waskita Karya Persero Tbk. PT 1,433 0.01

208



As at 31 May 2018




Indonesia (continued) 6,414,375 IDR XL Axiata Tbk. PT 969 0.01 Total Indonesia 219,675 1.92

Isle of Man (31 May 2017: 0.05%) 787,769 ZAR NEPI Rockcastle plc1 7,713 0.07 557,578 EUR New Europe Property Investments plc2/3 – – Total Isle of Man 7,713 0.07

Luxembourg (31 May 2017: 0.00%) 109,546 PLN PLAY Communications SA1 737 0.01 Total Luxembourg 737 0.01

Malaysia (31 May 2017: 2.35%) 2,658,900 MYR AirAsia Bhd. 2,051 0.02 4,733,000 MYR AMMB Holdings Bhd. 4,222 0.04 2,103,900 MYR Astro Malaysia Holdings Bhd. 740 0.01 5,837,886 MYR Axiata Group Bhd. 6,395 0.05 291,500 MYR British American Tobacco Malaysia Bhd. 2,369 0.02 9,521,571 MYR CIMB Group Holdings Bhd. 14,115 0.12 6,565,234 MYR Dialog Group Bhd. 5,361 0.05 5,802,400 MYR DiGi.Com Bhd. 6,444 0.06 3,096,400 MYR Felda Global Ventures Holdings Bhd. 1,221 0.01 66,900 MYR Fraser & Neave Holdings Bhd. 636 – 3,728,700 MYR Gamuda Bhd. 3,129 0.03 5,023,300 MYR Genting Bhd. 11,094 0.10 6,938,200 MYR Genting Malaysia Bhd. 8,681 0.08 2,292,600 MYR Hartalega Holdings Bhd. 3,514 0.03 1,588,431 MYR Hong Leong Bank Bhd. 7,655 0.07 4,403,600 MYR IHH Healthcare Bhd. 6,639 0.06 6,515,080 MYR IJM Corp. Bhd. 2,766 0.02 4,987,080 MYR IOI Corp. Bhd. 5,802 0.05 5,364,318 MYR IOI Properties Group Bhd. 2,130 0.02 920,800 MYR Kuala Lumpur Kepong Bhd. 5,761 0.05 9,415,503 MYR Malayan Banking Bhd. 22,853 0.20 1,737,540 MYR Malaysia Airports Holdings Bhd. 3,637 0.03 4,430,400 MYR Maxis Bhd. 6,445 0.06 2,827,800 MYR MISC Bhd. 4,171 0.04 124,600 MYR Nestle Malaysia Bhd. 4,633 0.04 5,736,500 MYR Petronas Chemicals Group Bhd. 11,603 0.10 380,400 MYR Petronas Dagangan Bhd. 2,393 0.02 1,601,000 MYR Petronas Gas Bhd. 7,072 0.06 960,300 MYR PPB Group Bhd. 4,806 0.04 2,300,000 MYR Press Metal Aluminium Holdings Bhd. 2,733 0.02 6,277,990 MYR Public Bank Bhd. 37,636 0.33 2,502,100 MYR RHB Bank Bhd. 3,357 0.03 1,918,440 MYR RHB Capital Bhd.2/3 – – 8,208,800 MYR Sapura Energy Bhd. 1,134 0.01 5,555,543 MYR Sime Darby Bhd. 3,406 0.03 5,555,543 MYR Sime Darby Plantation Bhd. 7,733 0.07 5,555,543 MYR Sime Darby Property Bhd. 1,605 0.01 2,587,383 MYR Telekom Malaysia Bhd. 2,386 0.02 7,258,400 MYR Tenaga Nasional Bhd. 26,262 0.23 1,154,400 MYR UMW Holdings Bhd. 1,856 0.02

209



As at 31 May 2018




Malaysia (continued) 1,195,600 MYR Westports Holdings Bhd. 1,036 0.01 11,060,171 MYR YTL Corp. Bhd. 2,640 0.02 3,110,202 MYR YTL Power International Bhd. 641 – Total Malaysia 260,763 2.28

Malta (31 May 2017: 0.05%) 777,703 ZAR Brait SE 2,242 0.02 Total Malta 2,242 0.02

Mexico (31 May 2017: 3.42%) 6,451,309 MXN Alfa SAB de CV 'A' 6,602 0.06 70,949,268 MXN America Movil SAB de CV 'L' 54,952 0.48 912,804 MXN Arca Continental SAB de CV 5,459 0.05

3,894,185 MXN Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 'B' 5,079 0.04

30,375,845 MXN Cemex SAB de CV 18,002 0.16 1,000,530 MXN Coca-Cola Femsa SAB de CV 'L' 5,843 0.05 420,700 MXN El Puerto de Liverpool SAB de CV 'C1' 2,378 0.02 6,742,451 MXN Fibra Uno Administracion SA de CV, REIT 9,275 0.08 4,071,921 MXN Fomento Economico Mexicano SAB de CV 33,827 0.30 2,197,160 MXN Gentera SAB de CV 1,654 0.01 447,100 MXN Gruma SAB de CV 'B' 4,673 0.04 759,757 MXN Grupo Aeroportuario del Pacifico SAB de CV 'B' 6,452 0.06 446,300 MXN Grupo Aeroportuario del Sureste SAB de CV 'B' 7,062 0.06 3,502,322 MXN Grupo Bimbo SAB de CV 'A' 6,661 0.06 920,388 MXN Grupo Carso SAB de CV 2,859 0.03 5,338,721 MXN Grupo Financiero Banorte SAB de CV 'O' 28,331 0.25 5,064,967 MXN Grupo Financiero Inbursa SAB de CV 'O' 7,130 0.06 1,371,700 MXN Grupo Lala SAB de CV 1,489 0.01 7,930,561 MXN Grupo Mexico SAB de CV 'B' 19,624 0.17 5,020,347 MXN Grupo Televisa SAB 16,707 0.15 297,711 MXN Industrias Penoles SAB de CV 5,011 0.04 1,091,809 MXN Infraestructura Energetica Nova SAB de CV 4,547 0.04 3,329,282 MXN Kimberly-Clark de Mexico SAB de CV 'A' 5,521 0.05 2,159,221 MXN Mexichem SAB de CV 6,062 0.05 440,240 MXN Promotora y Operadora de Infraestructura SAB de CV 3,944 0.04 11,472,477 MXN Wal-Mart de Mexico SAB de CV 28,698 0.25 Total Mexico 297,842 2.61

Netherlands (31 May 2017: 0.33%) 6,160,202 ZAR Steinhoff International Holdings NV 545 0.01 Total Netherlands 545 0.01

Pakistan (31 May 2017: 0.01%) 1,255,000 PKR Habib Bank Ltd. 1,859 0.02 276,700 PKR Lucky Cement Ltd. 1,308 0.01 833,300 PKR MCB Bank Ltd. 1,472 0.01 1,379,900 PKR Oil & Gas Development Co. Ltd. 1,939 0.02 1,047,400 PKR United Bank Ltd. 1,532 0.01 Total Pakistan 8,110 0.07

210



As at 31 May 2018




Peru (31 May 2017: 0.05%) 381,163 USD Cia de Minas Buenaventura SAA ADR 5,897 0.05 Total Peru 5,897 0.05

Philippines (31 May 2017: 1.16%) 4,709,700 PHP Aboitiz Equity Ventures, Inc. 5,182 0.05 2,948,900 PHP Aboitiz Power Corp. 2,206 0.02 8,151,100 PHP Alliance Global Group, Inc. 2,064 0.02 515,696 PHP Ayala Corp. 9,227 0.08 15,718,500 PHP Ayala Land, Inc. 11,908 0.11 2,081,764 PHP Bank of the Philippine Islands 3,764 0.03 4,502,800 PHP BDO Unibank, Inc. 11,185 0.10 4,055,100 PHP DMCI Holdings, Inc. 834 0.01 104,710 PHP Globe Telecom, Inc. 3,221 0.03 203,450 PHP GT Capital Holdings, Inc. 3,756 0.03 934,130 PHP International Container Terminal Services, Inc. 1,502 0.01 5,626,270 PHP JG Summit Holdings, Inc. 6,115 0.05 535,350 PHP Jollibee Foods Corp. 2,792 0.03 15,516,400 PHP Megaworld Corp. 1,435 0.01 24,197,600 PHP Metro Pacific Investments Corp. 2,142 0.02 1,800,930 PHP Metropolitan Bank & Trust Co. 2,722 0.02 217,149 PHP PLDT, Inc. 5,353 0.05 3,394,011 PHP Robinsons Land Corp. 1,425 0.01 433,470 PHP Security Bank Corp. 1,609 0.01 556,615 PHP SM Investments Corp. 9,196 0.08 18,512,000 PHP SM Prime Holdings, Inc. 13,038 0.11 1,940,940 PHP Universal Robina Corp. 4,729 0.04 Total Philippines 105,405 0.92

Poland (31 May 2017: 1.23%) 177,288 PLN Alior Bank SA 3,318 0.03 74,305 PLN Bank Handlowy w Warszawie SA 1,601 0.01 398,300 PLN Bank Millennium SA 863 0.01 331,384 PLN Bank Polska Kasa Opieki SA1 10,014 0.09 77,800 PLN Bank Zachodni WBK SA 7,297 0.06 65,364 PLN CCC SA 4,820 0.04 126,256 PLN CD Projekt SA 5,023 0.04 462,744 PLN Cyfrowy Polsat SA 3,114 0.03 45,487 PLN Dino Polska SA 1,370 0.01 235,134 PLN Grupa Lotos SA 3,469 0.03 98,000 PLN Jastrzebska Spolka Weglowa SA 2,210 0.02 308,099 PLN KGHM Polska Miedz SA1 7,055 0.06 2,942 PLN LPP SA1 7,491 0.07 37,854 PLN mBank SA 4,311 0.04 1,596,304 PLN Orange Polska SA1 2,162 0.02 2,124,856 PLN PGE Polska Grupa Energetyczna SA 5,651 0.05 626,513 PLN Polski Koncern Naftowy ORLEN SA 13,801 0.12 3,596,644 PLN Polskie Gornictwo Naftowe i Gazownictwo SA 5,560 0.05 1,848,859 PLN Powszechna Kasa Oszczednosci Bank Polski SA 18,760 0.16 1,280,995 PLN Powszechny Zaklad Ubezpieczen SA 12,572 0.11 Total Poland 120,462 1.05

Qatar (31 May 2017: 0.71%) 278,519 QAR Barwa Real Estate Co. 2,623 0.02

211



As at 31 May 2018




Qatar (continued) 434,805 QAR Commercial Bank PQSC (The) 4,508 0.04 285,951 QAR Doha Bank QPSC 2,046 0.02 1,608,914 QAR Ezdan Holding Group QSC 3,747 0.03 325,364 QAR Industries Qatar QSC 9,160 0.08 802,072 QAR Masraf Al Rayan QSC 7,373 0.06 172,105 QAR Ooredoo QPSC 3,172 0.03 59,102 QAR Qatar Electricity & Water Co. QSC 3,084 0.03 720,946 QAR Qatar Gas Transport Co. Ltd. 2,911 0.03 272,744 QAR Qatar Insurance Co. SAQ 2,468 0.02 150,473 QAR Qatar Islamic Bank SAQ 4,744 0.04 489,324 QAR Qatar National Bank QPSC 21,317 0.19 Total Qatar 67,153 0.59

Russia (31 May 2017: 3.23%) 5,426,525 RUB Alrosa PJSC 7,688 0.07 13,346,910 RUB Gazprom PJSC 31,051 0.27 4,472,141 USD Gazprom PJSC ADR 20,312 0.18 67,603,022 RUB Inter RAO UES PJSC 4,425 0.04 352,094 RUB LUKOIL PJSC 23,777 0.21 558,088 USD LUKOIL PJSC ADR 37,319 0.33 730,693 USD Magnit PJSC GDR 14,694 0.13 4,349,691 RUB Magnitogorsk Iron & Steel Works PJSC 3,426 0.03 69,824 RUB MMC Norilsk Nickel PJSC 12,447 0.11 632,522 USD MMC Norilsk Nickel PJSC ADR 11,215 0.10 1,041,826 USD Mobile TeleSystems PJSC ADR 9,981 0.09 2,942,019 RUB Moscow Exchange MICEX-RTS PJSC 5,315 0.05 190,415 USD Novatek PJSC GDR 27,439 0.24 2,184,751 RUB Novolipetsk Steel PJSC 5,719 0.05 225,441 USD PhosAgro PJSC GDR 2,998 0.03 49,051 RUB Polyus PJSC 2,951 0.03 652,110 RUB Rosneft Oil Co. PJSC 4,031 0.03 1,703,867 USD Rosneft Oil Co. PJSC GDR 10,394 0.09 52,480,000 RUB RusHydro PJSC 609 – 2,234,539 USD RusHydro PJSC ADR 2,418 0.02 5,470,070 RUB Sberbank of Russia PJSC 19,515 0.17 3,870,484 USD Sberbank of Russia PJSC ADR 55,658 0.49 252,153 RUB Severstal PJSC 4,057 0.03 216,952 USD Severstal PJSC GDR 3,450 0.03 15,805,700 RUB Surgutneftegas OJSC, Preference 7,729 0.07 2,304,900 RUB Surgutneftegas OJSC 1,059 0.01 1,039,209 USD Surgutneftegas OJSC ADR 4,624 0.04 575,378 RUB Tatneft PJSC 6,153 0.05 432,231 USD Tatneft PJSC ADR 27,663 0.24 1,746 RUB Transneft PJSC, Preference 4,779 0.04 10,314,313,014 USD VTB Bank PJSC 8,256 0.07 Total Russia 381,152 3.34

South Africa (31 May 2017: 6.12%) 118,935 ZAR Anglo American Platinum Ltd. 3,155 0.03 876,905 ZAR AngloGold Ashanti Ltd. 7,476 0.07 829,863 ZAR Aspen Pharmacare Holdings Ltd. 16,381 0.14 1,500,006 ZAR Barclays Africa Group Ltd. 19,149 0.17 687,178 ZAR Bid Corp. Ltd. 13,777 0.12

212



As at 31 May 2018




South Africa (continued) 702,420 ZAR Bidvest Group Ltd. (The) 11,203 0.10 84,546 ZAR Capitec Bank Holdings Ltd. 5,837 0.05 460,572 ZAR Coronation Fund Managers Ltd. 2,273 0.02 762,140 ZAR Discovery Ltd. 9,276 0.08 506,346 ZAR Exxaro Resources Ltd. 5,012 0.04 7,075,248 ZAR FirstRand Ltd. 33,519 0.29 2,139,779 ZAR Fortress REIT Ltd. 'A' 2,825 0.02 1,545,396 ZAR Fortress REIT Ltd. 'B'1 1,806 0.02 437,060 ZAR Foschini Group Ltd. (The) 6,358 0.06 1,646,937 ZAR Gold Fields Ltd. 5,875 0.05 6,452,853 ZAR Growthpoint Properties Ltd., REIT1 13,859 0.12 503,604 ZAR Hyprop Investments Ltd., REIT 4,116 0.04 305,479 ZAR Imperial Holdings Ltd. 4,923 0.04 591,717 ZAR Investec Ltd. 4,304 0.04 126,018 ZAR Kumba Iron Ore Ltd.1 2,887 0.02 298,494 ZAR Liberty Holdings Ltd. 2,863 0.02 2,946,399 ZAR Life Healthcare Group Holdings Ltd.1 6,630 0.06 2,294,743 ZAR MMI Holdings Ltd. 3,388 0.03 249,770 ZAR Mondi Ltd. 6,917 0.06 527,230 ZAR Mr Price Group Ltd. 10,449 0.09 3,575,842 ZAR MTN Group Ltd. 32,328 0.28 920,524 ZAR Naspers Ltd. 'N' 219,937 1.92 477,293 ZAR Nedbank Group Ltd. 10,311 0.09 2,116,069 ZAR Netcare Ltd. 4,947 0.04 832,054 ZAR Pick n Pay Stores Ltd. 4,941 0.04 296,619 ZAR Pioneer Foods Group Ltd. 2,518 0.02 266,763 ZAR PSG Group Ltd. 4,587 0.04 1,447,930 ZAR Rand Merchant Investment Holdings Ltd. 4,390 0.04 10,727,331 ZAR Redefine Properties Ltd., REIT 9,292 0.08 1,039,602 ZAR Remgro Ltd. 16,745 0.15 658,639 ZAR Resilient REIT Ltd.1 2,973 0.03 1,544,785 ZAR RMB Holdings Ltd. 8,859 0.08 2,989,477 ZAR Sanlam Ltd. 17,951 0.16 1,151,957 ZAR Sappi Ltd. 7,570 0.07 1,165,273 ZAR Sasol Ltd. 42,093 0.37 925,997 ZAR Shoprite Holdings Ltd. 17,114 0.15 4,021,021 ZAR Sibanye Gold Ltd. 2,505 0.02 419,091 ZAR SPAR Group Ltd. (The) 6,378 0.06 2,712,600 ZAR Standard Bank Group Ltd. 44,421 0.39 538,862 ZAR Telkom SA SOC Ltd. 2,206 0.02 353,891 ZAR Tiger Brands Ltd. 9,386 0.08 989,961 ZAR Truworths International Ltd. 6,572 0.06 1,223,933 ZAR Vodacom Group Ltd. 13,868 0.12 2,119,955 ZAR Woolworths Holdings Ltd. 9,765 0.09 Total South Africa 705,915 6.18

South Korea (31 May 2017: 15.15%) 68,735 KRW Amorepacific Corp.1 21,202 0.19 19,196 KRW Amorepacific Corp., Preference 2,894 0.03 61,061 KRW AMOREPACIFIC Group 7,137 0.06 16,969 KRW BGF retail Co. Ltd. 2,873 0.03 566,142 KRW BNK Financial Group, Inc.1 5,005 0.04 70,666 KRW Celltrion Healthcare Co. Ltd.1 6,542 0.06

213



As at 31 May 2018




South Korea (continued) 171,591 KRW Celltrion, Inc.1 42,263 0.37 133,065 KRW Cheil Worldwide, Inc. 2,444 0.02 16,417 KRW CJ CheilJedang Corp.1 5,338 0.05 29,694 KRW CJ Corp.1 4,077 0.04 39,277 KRW CJ E&M Corp. 3,301 0.03 15,452 KRW CJ Logistics Corp.1 2,143 0.02 109,357 KRW Coway Co. Ltd. 8,856 0.08 57,627 KRW Daelim Industrial Co. Ltd. 4,491 0.04 220,660 KRW Daewoo Engineering & Construction Co. Ltd.1 1,320 0.01 106,006 KRW DB Insurance Co. Ltd. 5,753 0.05 359,893 KRW DGB Financial Group, Inc. 3,456 0.03 76,507 KRW Dongsuh Cos., Inc.1 1,842 0.02 75,222 KRW Doosan Bobcat, Inc. 2,366 0.02 109,494 KRW Doosan Heavy Industries & Construction Co. Ltd.1 1,940 0.02 44,247 KRW E-MART, Inc. 10,262 0.09 115,126 KRW GS Engineering & Construction Corp.1 5,239 0.05 107,805 KRW GS Holdings Corp. 5,831 0.05 63,147 KRW GS Retail Co. Ltd.1 2,211 0.02 615,207 KRW Hana Financial Group, Inc. 23,742 0.21 158,070 KRW Hankook Tire Co. Ltd. 6,283 0.05 12,864 KRW Hanmi Pharm Co. Ltd. 5,764 0.05 26,555 KRW Hanmi Science Co. Ltd. 1,749 0.02 392,620 KRW Hanon Systems1 3,679 0.03 20,705 KRW Hanssem Co. Ltd.1 2,170 0.02 77,980 KRW Hanwha Aerospace Co. Ltd. 2,398 0.02 226,224 KRW Hanwha Chemical Corp. 5,425 0.05 105,394 KRW Hanwha Corp. 3,520 0.03 501,980 KRW Hanwha Life Insurance Co. Ltd.1 2,594 0.02 67,021 KRW Hotel Shilla Co. Ltd.1 7,710 0.07 44,016 KRW Hyosung Corp.3 5,472 0.05 33,589 KRW Hyundai Department Store Co. Ltd. 3,505 0.03 126,218 KRW Hyundai Development Co-Engineering & Construction3 5,433 0.05 166,880 KRW Hyundai Engineering & Construction Co. Ltd.1 11,425 0.10 40,937 KRW Hyundai Glovis Co. Ltd. 5,108 0.04 79,734 KRW Hyundai Heavy Industries Co. Ltd.1 8,469 0.07 19,791 KRW Hyundai Heavy Industries Holdings Co. Ltd. 7,124 0.06 139,140 KRW Hyundai Marine & Fire Insurance Co. Ltd. 4,395 0.04 141,769 KRW Hyundai Mobis Co. Ltd. 28,671 0.25 324,525 KRW Hyundai Motor Co.1 41,847 0.37 77,343 KRW Hyundai Motor Co., Preference1 6,780 0.06 50,493 KRW Hyundai Motor Co., Preference 4,188 0.04 169,064 KRW Hyundai Steel Co.1 9,693 0.08 35,636 KRW Hyundai Wia Corp. 1,669 0.01 540,618 KRW Industrial Bank of Korea1 7,824 0.07 43,883 KRW ING Life Insurance Korea Ltd. 1,637 0.01 98,231 KRW Kakao Corp.1 9,432 0.08 250,196 KRW Kangwon Land, Inc. 6,232 0.05 820,734 KRW KB Financial Group, Inc. 39,440 0.35 12,513 KRW KCC Corp.1 3,999 0.03 43,624 KRW KEPCO Plant Service & Engineering Co. Ltd. 1,637 0.01 552,870 KRW Kia Motors Corp. 15,977 0.14 143,779 KRW Korea Aerospace Industries Ltd.1 5,869 0.05 540,782 KRW Korea Electric Power Corp. 16,631 0.15 63,166 KRW Korea Gas Corp. 3,533 0.03

214



As at 31 May 2018




South Korea (continued) 80,436 KRW Korea Investment Holdings Co. Ltd. 7,007 0.06 17,593 KRW Korea Zinc Co. Ltd. 6,618 0.06 76,970 KRW Korean Air Lines Co. Ltd. 2,281 0.02 42,750 KRW KT Corp. 1,093 0.01 242,864 KRW KT&G Corp.1 21,629 0.19 46,391 KRW Kumho Petrochemical Co. Ltd. 4,519 0.04 96,270 KRW LG Chem Ltd.1 30,231 0.26 16,355 KRW LG Chem Ltd., Preference1 2,981 0.03 193,284 KRW LG Corp. 13,161 0.12 482,676 KRW LG Display Co. Ltd.1 9,941 0.09 215,707 KRW LG Electronics, Inc. 18,530 0.16 19,987 KRW LG Household & Health Care Ltd. 24,901 0.22 4,491 KRW LG Household & Health Care Ltd., Preference 3,054 0.03 30,240 KRW LG Innotek Co. Ltd.1 4,040 0.04 32,292 KRW Lotte Chemical Corp.1 11,039 0.10 15 KRW Lotte Chilsung Beverage Co. Ltd. 22 – 62,871 KRW Lotte Corp.1 3,418 0.03 23,327 KRW Lotte Shopping Co. Ltd. 4,847 0.04 9,074 KRW Medy-Tox, Inc. 6,344 0.06 780,430 KRW Mirae Asset Daewoo Co. Ltd.1 6,806 0.06 59,182 KRW NAVER Corp.1 36,730 0.32 36,545 KRW NCSoft Corp. 11,967 0.10 53,967 KRW Netmarble Corp.1 7,860 0.07 293,360 KRW NH Investment & Securities Co. Ltd. 4,314 0.04 36,779 KRW OCI Co. Ltd.1 4,521 0.04 50,136 KRW Orion Corp. 6,023 0.05 3,070 KRW Ottogi Corp.1 2,307 0.02 457,228 KRW Pan Ocean Co. Ltd. 2,146 0.02 155,227 KRW POSCO 48,889 0.43 102,497 KRW Posco Daewoo Corp. 2,177 0.02 32,550 KRW S-1 Corp. 2,669 0.02 35,070 KRW Samsung Biologics Co. Ltd.1 14,152 0.12 154,712 KRW Samsung C&T Corp. 18,012 0.16 67,945 KRW Samsung Card Co. Ltd. 2,338 0.02 121,260 KRW Samsung Electro-Mechanics Co. Ltd. 15,074 0.13 10,187,100 KRW Samsung Electronics Co. Ltd. 479,137 4.19 1,808,000 KRW Samsung Electronics Co. Ltd., Preference 67,929 0.59 65,726 KRW Samsung Fire & Marine Insurance Co. Ltd. 15,274 0.13 819,623 KRW Samsung Heavy Industries Co. Ltd. 5,695 0.05 143,805 KRW Samsung Life Insurance Co. Ltd. 13,741 0.12 113,906 KRW Samsung SDI Co. Ltd.1 21,187 0.19 73,041 KRW Samsung SDS Co. Ltd. 14,297 0.13 133,550 KRW Samsung Securities Co. Ltd. 4,572 0.04 895,107 KRW Shinhan Financial Group Co. Ltd. 36,329 0.32 16,428 KRW Shinsegae, Inc. 6,690 0.06 112,786 KRW SillaJen, Inc.1 8,423 0.07 63,955 KRW SK Holdings Co. Ltd. 16,434 0.14 1,224,416 KRW SK Hynix, Inc. 106,091 0.93 134,536 KRW SK Innovation Co. Ltd. 25,710 0.22 269,060 KRW SK Networks Co. Ltd. 1,239 0.01 30,344 KRW SK Telecom Co. Ltd. 6,249 0.05 80,780 USD SK Telecom Co. Ltd. ADR 1,843 0.02 96,785 KRW S-Oil Corp. 9,652 0.08 989,337 KRW Woori Bank 14,042 0.12

215



As at 31 May 2018




South Korea (continued) 17,680 KRW Yuhan Corp. 3,904 0.03 Total South Korea 1,699,889 14.88

Taiwan (31 May 2017: 11.72%) 5,967,096 TWD Acer, Inc. 4,889 0.04 743,025 TWD Advantech Co. Ltd. 5,034 0.04 7,027,458 TWD ASE Industrial Holding Co. Ltd. 17,826 0.16 4,822,697 TWD Asia Cement Corp. 5,320 0.05 4,508,000 TWD Asia Pacific Telecom Co. Ltd. 1,210 0.01 1,466,172 TWD Asustek Computer, Inc. 13,286 0.12 18,791,790 TWD AU Optronics Corp. 8,248 0.07 1,385,700 TWD Catcher Technology Co. Ltd. 16,118 0.14 16,773,743 TWD Cathay Financial Holding Co. Ltd. 30,008 0.26 9,915,076 TWD Chang Hwa Commercial Bank Ltd. 5,808 0.05 3,930,063 TWD Cheng Shin Rubber Industry Co. Ltd. 5,981 0.05 1,439,810 TWD Chicony Electronics Co. Ltd. 3,402 0.03 4,042,513 TWD China Airlines Ltd. 1,369 0.01 27,681,900 TWD China Development Financial Holding Corp. 10,394 0.09 5,048,218 TWD China Life Insurance Co. Ltd. 5,299 0.05 26,325,567 TWD China Steel Corp. 20,736 0.18 7,222,400 TWD Chunghwa Telecom Co. Ltd. 26,275 0.23 50,450 USD Chunghwa Telecom Co. Ltd. ADR 1,828 0.02 9,398,405 TWD Compal Electronics, Inc. 6,180 0.05 37,505,605 TWD CTBC Financial Holding Co. Ltd. 27,039 0.24 3,847,984 TWD Delta Electronics, Inc. 14,256 0.12 18,780,295 TWD E.Sun Financial Holding Co. Ltd. 13,100 0.11 352,811 TWD Eclat Textile Co. Ltd. 4,310 0.04 4,739,181 TWD Eva Airways Corp. 2,396 0.02 4,396,467 TWD Evergreen Marine Corp. Taiwan Ltd. 2,179 0.02 7,101,804 TWD Far Eastern New Century Corp. 6,767 0.06 3,568,000 TWD Far EasTone Telecommunications Co. Ltd. 9,098 0.08 875,582 TWD Feng TAY Enterprise Co. Ltd. 3,887 0.03 18,905,548 TWD First Financial Holding Co. Ltd. 12,841 0.11 6,233,288 TWD Formosa Chemicals & Fibre Corp. 23,925 0.21 2,853,000 TWD Formosa Petrochemical Corp. 11,569 0.10 8,761,655 TWD Formosa Plastics Corp. 31,436 0.28 1,322,000 TWD Formosa Taffeta Co. Ltd. 1,472 0.01 1,882,744 TWD Foxconn Technology Co. Ltd. 4,638 0.04 14,181,484 TWD Fubon Financial Holding Co. Ltd. 24,660 0.22 629,000 TWD Giant Manufacturing Co. Ltd. 2,729 0.02 465,000 TWD Globalwafers Co. Ltd. 9,203 0.08 1,747,300 TWD Highwealth Construction Corp. 2,648 0.02 413,770 TWD Hiwin Technologies Corp. 5,869 0.05 32,785,467 TWD Hon Hai Precision Industry Co. Ltd. 93,777 0.82 325,444 USD Hon Hai Precision Industry Co. Ltd. GDR 1,862 0.02 520,000 TWD Hotai Motor Co. Ltd. 4,747 0.04 1,462,116 TWD HTC Corp. 2,860 0.03 14,807,744 TWD Hua Nan Financial Holdings Co. Ltd. 8,847 0.08 18,854,625 TWD Innolux Corp. 7,300 0.06 5,311,420 TWD Inventec Corp. 4,299 0.04 206,260 TWD Largan Precision Co. Ltd. 28,225 0.25 4,489,886 TWD Lite-On Technology Corp. 5,859 0.05 3,656,000 TWD Macronix International 6,040 0.05

216



As at 31 May 2018




Taiwan (continued) 3,163,728 TWD MediaTek, Inc. 32,892 0.29 22,784,577 TWD Mega Financial Holding Co. Ltd. 19,962 0.17 1,372,000 TWD Micro-Star International Co. Ltd. 5,724 0.05 9,998,037 TWD Nan Ya Plastics Corp. 27,930 0.24 1,931,000 TWD Nanya Technology Corp. 6,419 0.06 283,000 TWD Nien Made Enterprise Co. Ltd. 2,243 0.02 1,266,000 TWD Novatek Microelectronics Corp. 5,725 0.05 4,127,692 TWD Pegatron Corp. 8,721 0.08 272,797 TWD Phison Electronics Corp. 2,508 0.02 5,073,003 TWD Pou Chen Corp. 6,214 0.05 1,638,100 TWD Powertech Technology, Inc. 4,888 0.04 1,216,000 TWD President Chain Store Corp. 12,460 0.11 5,781,800 TWD Quanta Computer, Inc. 10,228 0.09 1,072,305 TWD Realtek Semiconductor Corp. 4,098 0.04 2,073,126 TWD Ruentex Development Co. Ltd. 2,501 0.02 1,470,137 TWD Ruentex Industries Ltd. 3,008 0.03 17,678,258 TWD Shin Kong Financial Holding Co. Ltd. 7,080 0.06 21,992,310 TWD SinoPac Financial Holdings Co. Ltd. 8,148 0.07 1,272,667 TWD Standard Foods Corp. 2,600 0.02 3,224,187 TWD Synnex Technology International Corp. 5,165 0.05 373,000 TWD TaiMed Biologics, Inc. 3,922 0.03 19,054,313 TWD Taishin Financial Holding Co. Ltd. 9,380 0.08 6,241,800 TWD Taiwan Business Bank 1,906 0.02 6,833,326 TWD Taiwan Cement Corp. 9,944 0.09 16,745,230 TWD Taiwan Cooperative Financial Holding Co. Ltd. 9,864 0.09 3,763,000 TWD Taiwan High Speed Rail Corp. 2,908 0.03 3,291,200 TWD Taiwan Mobile Co. Ltd. 12,083 0.11 51,634,864 TWD Taiwan Semiconductor Manufacturing Co. Ltd. 386,036 3.38 4,896,000 TWD Teco Electric and Machinery Co. Ltd. 3,946 0.03 10,339,570 TWD Uni-President Enterprises Corp. 25,226 0.22 25,854,000 TWD United Microelectronics Corp. 14,367 0.13 1,814,000 TWD Vanguard International Semiconductor Corp. 3,972 0.03 677,000 TWD Win Semiconductors Corp. 5,502 0.05 5,506,000 TWD Winbond Electronics Corp. 3,685 0.03 5,603,927 TWD Wistron Corp. 4,218 0.04 3,042,350 TWD WPG Holdings Ltd. 4,417 0.04 418,000 TWD Yageo Corp. 13,268 0.12 21,314,743 TWD Yuanta Financial Holding Co. Ltd. 10,031 0.09 Total Taiwan 1,270,238 11.12

Thailand (31 May 2017: 2.10%) 1,773,200 THB Advanced Info Service PCL NVDR 10,559 0.09 482,900 THB Advanced Info Service PCL 2,876 0.02 9,531,500 THB Airports of Thailand PCL 20,410 0.18 534,300 THB Bangkok Bank PCL 3,223 0.03 9,776,200 THB Bangkok Dusit Medical Services PCL NVDR 8,175 0.07 16,797,500 THB Bangkok Expressway & Metro PCL 4,306 0.04 1,609,000 THB Banpu PCL NVDR 1,056 0.01 3,422,000 THB Banpu PCL 2,246 0.02 2,733,900 THB Berli Jucker PCL NVDR 4,871 0.04 12,316,500 THB BTS Group Holdings PCL NVDR 3,735 0.03 758,400 THB Bumrungrad Hospital PCL NVDR 4,564 0.04 3,016,300 THB Central Pattana PCL NVDR 7,189 0.06

217



As at 31 May 2018




Thailand (continued) 5,797,800 THB Charoen Pokphand Foods PCL NVDR 4,531 0.04 1,249,500 THB Charoen Pokphand Foods PCL 976 0.01 8,352,900 THB CP ALL PCL NVDR 21,085 0.18 2,427,700 THB CP ALL PCL 6,128 0.05 1,035,000 THB Delta Electronics Thailand PCL NVDR 2,087 0.02 2,398,200 THB Energy Absolute PCL NVDR 2,905 0.03 667,000 THB Glow Energy PCL NVDR 1,772 0.02 983,300 THB Glow Energy PCL 2,613 0.02 2,744,580 THB Home Product Center PCL NVDR 1,253 0.01 4,754,400 THB Home Product Center PCL 2,170 0.02 1,630,800 THB Indorama Ventures PCL NVDR 2,969 0.03 1,466,133 THB Indorama Ventures PCL 2,670 0.02 11,432,700 THB IRPC PCL NVDR 2,359 0.02 10,162,200 THB IRPC PCL 2,097 0.02 1,369,600 THB Kasikornbank PCL NVDR 8,199 0.07 2,433,300 THB Kasikornbank PCL 14,832 0.13 1,107,600 THB KCE Electronics PCL NVDR 1,125 0.01 5,936,700 THB Krung Thai Bank PCL NVDR 3,248 0.03 2,242,275 THB Krung Thai Bank PCL 1,227 0.01 2,857,870 THB Minor International PCL NVDR 2,903 0.03 1,430,000 THB Minor International PCL 1,453 0.01 2,275,320 THB PTT Exploration & Production PCL NVDR 9,566 0.08 495,607 THB PTT Exploration & Production PCL 2,084 0.02 3,205,100 THB PTT Global Chemical PCL NVDR 8,942 0.08 1,311,457 THB PTT Global Chemical PCL 3,659 0.03 16,783,000 THB PTT PCL NVDR 27,412 0.24 5,216,000 THB PTT PCL 8,519 0.07 327,350 THB Siam Cement PCL (The) NVDR 4,564 0.04 577,200 THB Siam Cement PCL (The) 8,047 0.07 2,927,000 THB Siam Commercial Bank PCL (The) NVDR 12,169 0.11 866,800 THB Siam Commercial Bank PCL (The) 3,617 0.03 719,100 THB Thai Oil PCL NVDR 2,068 0.02 1,104,900 THB Thai Oil PCL 3,178 0.03 3,959,800 THB Thai Union Group PCL NVDR 2,141 0.02 25,617,700 THB TMB Bank PCL NVDR 1,986 0.02 18,311,403 THB True Corp. PCL NVDR 4,093 0.04 Total Thailand 263,857 2.31

Turkey (31 May 2017: 1.08%) 4,723,560 TRY Akbank Turk A/S 8,359 0.07 509,378 TRY Anadolu Efes Biracilik ve Malt Sanayii A/S 2,829 0.02 535,859 TRY Arcelik A/S1 1,963 0.02 330,554 TRY Aselsan Elektronik Sanayi ve Ticaret A/S1 1,719 0.01 451,667 TRY BIM Birlesik Magazalar A/S1 6,893 0.06 180,012 TRY Coca-Cola Icecek A/S1 1,414 0.01 4,100,478 TRY Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT1 1,871 0.02 3,029,252 TRY Eregli Demir ve Celik Fabrikalari TAS 7,497 0.07 125,656 TRY Ford Otomotiv Sanayi A/S1 1,772 0.02 2,134,423 TRY Haci Omer Sabanci Holding A/S1 4,389 0.04 1,562,190 TRY KOC Holding A/S1 4,810 0.04 1,327,459 TRY Petkim Petrokimya Holding A/S1 1,378 0.01 362,590 TRY TAV Havalimanlari Holding A/S1 1,753 0.02

218



As at 31 May 2018




Turkey (continued) 234,974 TRY Tofas Turk Otomobil Fabrikasi A/S 1,295 0.01 277,543 TRY Tupras Turkiye Petrol Rafinerileri A/S1 6,490 0.06 1,192,614 TRY Turk Hava Yollari AO 4,376 0.04 500,355 TRY Turk Telekomunikasyon A/S 654 0.01 2,288,555 TRY Turkcell Iletisim Hizmetleri A/S 6,052 0.05 4,599,915 TRY Turkiye Garanti Bankasi A/S1 9,033 0.08 917,067 TRY Turkiye Halk Bankasi A/S 1,552 0.01 3,549,702 TRY Turkiye Is Bankasi A/S 'C'1 4,662 0.04 1,861,372 TRY Turkiye Sise ve Cam Fabrikalari A/S 1,633 0.01 1,387,499 TRY Turkiye Vakiflar Bankasi TAO 'D'1 1,673 0.01 317,572 TRY Ulker Biskuvi Sanayi A/S 1,225 0.01 1,984,111 TRY Yapi ve Kredi Bankasi A/S1 1,758 0.02 Total Turkey 87,050 0.76

United Arab Emirates (31 May 2017: 0.68%) 4,227,841 AED Abu Dhabi Commercial Bank PJSC 8,092 0.07 7,262,550 AED Aldar Properties PJSC 4,053 0.04 1,810,414 AED DAMAC Properties Dubai Co. PJSC 1,178 0.01 375,837 USD DP World Ltd. 8,456 0.07 1,473,159 AED Dubai Investments PJSC 826 0.01 3,523,180 AED Dubai Islamic Bank PJSC 4,863 0.04 7,129,301 AED DXB Entertainments PJSC 813 0.01 3,790,399 AED Emaar Malls PJSC 2,116 0.02 7,386,786 AED Emaar Properties PJSC 10,457 0.09 3,756,133 AED Emirates Telecommunications Group Co. PJSC 16,566 0.14 3,130,868 AED First Abu Dhabi Bank PJSC 10,484 0.09 Total United Arab Emirates 67,904 0.59

United States (31 May 2017: 0.36%) 202,535 USD Southern Copper Corp.1 9,902 0.09 832,525 USD Yum China Holdings, Inc. 32,718 0.28 Total United States 42,620 0.37




Warrants (31 May 2017: 0.00%)4

Thailand (31 May 2017: 0.00%)4 1 THB Indorama Ventures PCL, 24/08/20182 – – Total Thailand – –

Total investments in warrants – –

219



As at 31 May 2018



Buy EUR 559,525; Sell GBP 489,543 Citibank 05/06/2018 2 – Total unrealised gain on forward currency contracts (31 May 2017: 0.00%) 2 – Forward currency contracts5

Buy USD 1,004,433; Sell BRL 3,764,515 J.P. Morgan 05/06/2018 (7) – Total unrealised loss on forward currency contracts (31 May 2017: 0.00%) (7) –


Futures contracts

United States (31 May 2017: 0.14%) – –

Total unrealised gain on futures contracts (31 May 2017: 0.14%) – –


6,917 USD 345,850 MSCI Emerging Markets Index 15/06/2018 (14,758) (0.13) Total United States (14,758) (0.13)

Total unrealised loss on futures contracts (31 May 2017: 0.00%) (14,758) (0.13)

Fair Value USD '000


Total financial assets at fair value through profit or loss 11,033,649 96.57 Total financial liabilities at fair value through profit or loss (14,765) (0.13) Cash 398,969 3.49 Other assets and liabilities 7,860 0.07 Net asset value attributable to redeemable participating unitholders 11,425,713 100.00


Assets Transferable securities admitted to an official stock exchange listing 96.24 OTC financial derivative instruments6 – Other assets 3.76 Total assets 100.00

1 Security fully or partially on loan. 2 Investments which are less than USD 500 have been rounded down to zero. 3 These securities were valued in consultation with the Manager. These securities were fair valued, priced per corporate action terms or suspended at period end and valued using the last traded price.

4 Prior year percentage of net asset value rounds to 0.00%. 5 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.

6 Investments which are less than 0.005% of total assets are rounded down to zero.

220



As at 31 May 2018


On losses USD '000

Forward currency contracts 1,305 1,011 Futures contracts – 387,940

221

iSHARES EMU INDEX FUND (IE)


As at 31 May 2018



Equities (31 May 2017: 97.95%)

Austria (31 May 2017: 0.70%) 1,860 EUR ANDRITZ AG 79 0.08 7,393 EUR Erste Group Bank AG 264 0.26 3,573 EUR OMV AG 176 0.17 3,783 EUR Raiffeisen Bank International AG 102 0.10 2,929 EUR voestalpine AG 135 0.13 Total Austria 756 0.74

Belgium (31 May 2017: 3.55%) 4,589 EUR Ageas1 199 0.20 18,797 EUR Anheuser-Busch InBev SA/NV 1,508 1.49 1,459 EUR Colruyt SA 66 0.06 1,973 EUR Groupe Bruxelles Lambert SA 179 0.18 6,273 EUR KBC Group NV 415 0.41 3,887 EUR Proximus SADP 89 0.09 1,814 EUR Solvay SA1 209 0.20 1,348 EUR Telenet Group Holding NV 58 0.06 3,066 EUR UCB SA 207 0.20 5,178 EUR Umicore SA1 251 0.25 Total Belgium 3,181 3.14

Finland (31 May 2017: 3.11%) 3,359 EUR Elisa OYJ 129 0.13 11,017 EUR Fortum OYJ 222 0.22 8,344 EUR Kone OYJ 'B' 353 0.35 2,882 EUR Metso OYJ 85 0.08 3,129 EUR Neste OYJ 218 0.21 140,453 EUR Nokia OYJ 694 0.68 2,961 EUR Nokian Renkaat OYJ 98 0.10 2,646 EUR Orion OYJ 'B' 67 0.07 11,028 EUR Sampo OYJ 'A' 464 0.46 13,491 EUR Stora Enso OYJ 'R' 236 0.23 13,318 EUR UPM-Kymmene OYJ 418 0.41 11,397 EUR Wartsila OYJ Abp 206 0.20 Total Finland 3,190 3.14

France (31 May 2017: 30.05%) 4,731 EUR Accor SA 221 0.22 701 EUR Aeroports de Paris 125 0.12 10,565 EUR Air Liquide SA 1,114 1.10 3,931 EUR Alstom SA 159 0.16 1,514 EUR Amundi SA 95 0.09 1,670 EUR Arkema SA 174 0.17 2,330 EUR Atos SE1 271 0.27 47,889 EUR AXA SA 1,021 1.01 1,000 EUR BioMerieux 75 0.07 27,718 EUR BNP Paribas SA 1,471 1.45 22,281 EUR Bollore SA 94 0.09 5,242 EUR Bouygues SA 207 0.20 6,290 EUR Bureau Veritas SA 133 0.13 3,932 EUR Capgemini SE 443 0.44 14,442 EUR Carrefour SA1 223 0.22 1,418 EUR Casino Guichard Perrachon SA 52 0.05 12,332 EUR Cie de Saint-Gobain 529 0.52

222



As at 31 May 2018




France (continued) 4,207 EUR Cie Generale des Etablissements Michelin SCA 'B'1 466 0.46 4,387 EUR CNP Assurances 88 0.09 28,085 EUR Credit Agricole SA 330 0.32 14,891 EUR Danone SA 974 0.96 57 EUR Dassault Aviation SA 95 0.09 3,232 EUR Dassault Systemes SE 388 0.38 5,673 EUR Edenred1 156 0.15 1,878 EUR Eiffage SA 181 0.18 14,980 EUR Electricite de France SA 171 0.17 45,009 EUR Engie SA 609 0.60 5,104 EUR Essilor International Cie Generale d'Optique SA1 597 0.59 1,178 EUR Eurazeo SA 79 0.08 4,461 EUR Eutelsat Communications SA 73 0.07 1,901 EUR Faurecia SA 138 0.14 849 EUR Fonciere Des Regions, REIT 76 0.07 1,110 EUR Gecina SA, REIT 164 0.16 11,054 EUR Getlink 128 0.13 781 EUR Hermes International 475 0.47 800 EUR ICADE, REIT 64 0.06 675 EUR Iliad SA 98 0.10 915 EUR Imerys SA 67 0.07 1,493 EUR Ingenico Group SA 102 0.10 961 EUR Ipsen SA 130 0.13 2,079 EUR JCDecaux SA 55 0.05 1,869 EUR Kering SA 915 0.90 5,675 EUR Klepierre SA, REIT 189 0.19 2,066 EUR Lagardere SCA 48 0.05 6,563 EUR Legrand SA 424 0.42 6,215 EUR L'Oreal SA1 1,278 1.26 6,879 EUR LVMH Moet Hennessy Louis Vuitton SE1 2,043 2.01 24,070 EUR Natixis SA 149 0.15 49,939 EUR Orange SA 735 0.72 5,238 EUR Pernod Ricard SA1 753 0.74 14,792 EUR Peugeot SA 295 0.29 5,077 EUR Publicis Groupe SA 302 0.30 571 EUR Remy Cointreau SA 72 0.07 4,742 EUR Renault SA 392 0.39 7,749 EUR Rexel SA 98 0.10 8,230 EUR Safran SA 841 0.83 27,752 EUR Sanofi1 1,821 1.79 13,769 EUR Schneider Electric SE1 1,016 1.00 4,415 EUR SCOR SE 139 0.14 577 EUR SEB SA 89 0.09 691 EUR Societe BIC SA 57 0.06 18,930 EUR Societe Generale SA 698 0.69 2,243 EUR Sodexo SA 186 0.18 9,405 EUR Suez 111 0.11 1,447 EUR Teleperformance 196 0.19 2,611 EUR Thales SA 284 0.28 59,259 EUR TOTAL SA 3,084 3.04 1,949 EUR Ubisoft Entertainment SA 181 0.18 3,352 EUR Unibail-Rodamco SE, REIT 645 0.64 5,912 EUR Valeo SA 321 0.32 12,286 EUR Veolia Environnement SA 239 0.23

223



As at 31 May 2018




France (continued) 12,349 EUR Vinci SA 1,034 1.02 25,427 EUR Vivendi SA 547 0.54 722 EUR Wendel SA 82 0.08 Total France 31,375 30.93

Germany (31 May 2017: 28.66%) 1,328 EUR 1&1 Drillisch AG 79 0.08 4,645 EUR adidas AG1 899 0.89 10,907 EUR Allianz SE 1,924 1.90 1,241 EUR Axel Springer SE 77 0.08 22,586 EUR BASF SE 1,903 1.88 20,400 EUR Bayer AG 2,078 2.05 8,168 EUR Bayerische Motoren Werke AG1 697 0.69 1,401 EUR Bayerische Motoren Werke AG, Preference 105 0.10 2,474 EUR Beiersdorf AG1 243 0.24 3,956 EUR Brenntag AG1 195 0.19 25,361 EUR Commerzbank AG 222 0.22 2,714 EUR Continental AG 589 0.58 4,860 EUR Covestro AG 379 0.37 23,490 EUR Daimler AG 1,449 1.43 49,224 EUR Deutsche Bank AG1 451 0.44 4,757 EUR Deutsche Boerse AG1 544 0.54 5,990 EUR Deutsche Lufthansa AG 139 0.14 23,952 EUR Deutsche Post AG 778 0.77 82,224 EUR Deutsche Telekom AG1 1,087 1.07 8,749 EUR Deutsche Wohnen SE 351 0.35 54,752 EUR E.ON SE 497 0.49 4,168 EUR Evonik Industries AG 125 0.12 1,063 EUR Fraport AG Frankfurt Airport Services Worldwide 85 0.08 5,318 EUR Fresenius Medical Care AG & Co. KGaA 454 0.45 10,261 EUR Fresenius SE & Co. KGaA1 675 0.66 1,776 EUR FUCHS PETROLUB SE, Preference 80 0.08 4,688 EUR GEA Group AG 148 0.14 1,546 EUR Hannover Rueck SE 167 0.16 3,618 EUR HeidelbergCement AG 274 0.27 4,395 EUR Henkel AG & Co. KGaA, Preference 464 0.46 2,559 EUR Henkel AG & Co. KGaA 247 0.24 493 EUR HOCHTIEF AG 77 0.08 1,619 EUR HUGO BOSS AG 124 0.12 28,029 EUR Infineon Technologies AG1 658 0.65 3,549 EUR Innogy SE 128 0.13 4,891 EUR K+S AG1 112 0.11 1,811 EUR KION Group AG 126 0.12 2,191 EUR LANXESS AG1 148 0.15 4,582 EUR Linde AG1 898 0.88 901 EUR MAN SE 84 0.08 3,188 EUR Merck KGaA1 278 0.27 4,601 EUR METRO AG 53 0.05 1,302 EUR MTU Aero Engines AG1 211 0.21 3,889 EUR Muenchener Rueckversicherungs-Gesellschaft AG 686 0.68 2,560 EUR OSRAM Licht AG 129 0.13 3,756 EUR Porsche Automobil Holding SE, Preference 237 0.23 5,954 EUR ProSiebenSat.1 Media SE1 150 0.15

224



As at 31 May 2018




Germany (continued) 161 EUR Puma SE 84 0.08 12,916 EUR RWE AG1 251 0.25 24,245 EUR SAP SE1 2,336 2.30 3,419 EUR Schaeffler AG, Preference 44 0.04 18,872 EUR Siemens AG 2,104 2.07 3,712 EUR Siemens Healthineers AG 126 0.12 3,044 EUR Symrise AG 211 0.21 19,004 EUR Telefonica Deutschland Holding AG 69 0.07 11,184 EUR thyssenkrupp AG1 252 0.25 5,080 EUR Uniper SE1 138 0.14 2,959 EUR United Internet AG 162 0.16 4,578 EUR Volkswagen AG, Preference 737 0.73 769 EUR Volkswagen AG 122 0.12 12,193 EUR Vonovia SE 492 0.48 2,892 EUR Wirecard AG 382 0.38 2,845 EUR Zalando SE1 130 0.13 Total Germany 29,144 28.73

Ireland (31 May 2017: 1.40%) 20,389 EUR AIB Group plc 95 0.10 23,433 EUR Bank of Ireland Group plc 166 0.16 20,947 EUR CRH plc 662 0.65 3,911 EUR Kerry Group plc 'A' 353 0.35 1,941 EUR Paddy Power Betfair plc 202 0.20 3,873 EUR Ryanair Holdings plc 63 0.06 Total Ireland 1,541 1.52

Italy (31 May 2017: 5.64%) 29,606 EUR Assicurazioni Generali SpA1 431 0.43 11,638 EUR Atlantia SpA 289 0.29 14,542 EUR Davide Campari-Milano SpA 93 0.09 200,645 EUR Enel SpA1 944 0.93 62,757 EUR Eni SpA 972 0.96 332,564 EUR Intesa Sanpaolo SpA1 836 0.82 23,830 EUR Intesa Sanpaolo SpA, Savings Share 61 0.06 11,013 EUR Leonardo SpA1 96 0.09 4,176 EUR Luxottica Group SpA 222 0.22 14,089 EUR Mediobanca Banca di Credito Finanziario SpA1 114 0.11 13,351 EUR Poste Italiane SpA 98 0.10 5,261 EUR Prysmian SpA 125 0.12 2,672 EUR Recordati SpA 85 0.08 58,482 EUR Snam SpA 205 0.20 291,385 EUR Telecom Italia SpA 200 0.20 154,039 EUR Telecom Italia SpA, Savings Share 92 0.09 36,159 EUR Terna Rete Elettrica Nazionale SpA 164 0.16 49,416 EUR UniCredit SpA 698 0.69 14,919 EUR UnipolSai Assicurazioni SpA 28 0.03 Total Italy 5,753 5.67

Luxembourg (31 May 2017: 0.85%) 16,243 EUR ArcelorMittal 450 0.44 280 EUR Eurofins Scientific SE1 123 0.12 928 EUR RTL Group SA 60 0.06

225



As at 31 May 2018




Luxembourg (continued) 9,309 EUR SES SA FDR 138 0.14 12,067 EUR Tenaris SA1 185 0.18 Total Luxembourg 956 0.94

Netherlands (31 May 2017: 12.79%) 10,861 EUR ABN AMRO Group NV CVA1 241 0.24 45,011 EUR Aegon NV1 240 0.24 3,452 USD AerCap Holdings NV 164 0.16 14,331 EUR Airbus SE1 1,395 1.37 6,319 EUR Akzo Nobel NV 475 0.47 9,726 EUR ASML Holding NV1 1,628 1.60 1,427 EUR Boskalis Westminster1 34 0.03 25,231 EUR CNH Industrial NV1 253 0.25 2,771 EUR EXOR NV 172 0.17 3,070 EUR Ferrari NV 342 0.34 26,547 EUR Fiat Chrysler Automobiles NV1 515 0.51 2,842 EUR Heineken Holding NV1 237 0.23 6,393 EUR Heineken NV 548 0.54 95,856 EUR ING Groep NV 1,194 1.18 30,790 EUR Koninklijke Ahold Delhaize NV 605 0.60 4,476 EUR Koninklijke DSM NV 381 0.38 81,698 EUR Koninklijke KPN NV1 190 0.19 23,212 EUR Koninklijke Philips NV 813 0.80 1,797 EUR Koninklijke Vopak NV 75 0.07 7,730 EUR NN Group NV 284 0.28 8,364 USD NXP Semiconductors NV 817 0.80 5,484 EUR QIAGEN NV 170 0.17 3,044 EUR Randstad NV1 155 0.15 23,830 EUR RELX NV1 445 0.44 16,312 EUR STMicroelectronics NV 332 0.33 39,800 EUR Unilever NV CVA 1,900 1.87 7,162 EUR Wolters Kluwer NV 344 0.34 Total Netherlands 13,949 13.75

Portugal (31 May 2017: 0.47%) 60,737 EUR EDP - Energias de Portugal SA 203 0.20 12,243 EUR Galp Energia SGPS SA 195 0.19 6,433 EUR Jeronimo Martins SGPS SA 86 0.09 Total Portugal 484 0.48

Spain (31 May 2017: 10.53%) 5,705 EUR ACS Actividades de Construccion y Servicios SA 203 0.20 1,665 EUR Aena SME SA 273 0.27 10,825 EUR Amadeus IT Group SA 735 0.72 164,493 EUR Banco Bilbao Vizcaya Argentaria SA 960 0.95 129,373 EUR Banco de Sabadell SA 186 0.18 398,070 EUR Banco Santander SA 1,831 1.80 31,743 EUR Bankia SA1 103 0.10 17,228 EUR Bankinter SA 142 0.14 88,535 EUR CaixaBank SA 322 0.32 6,245 EUR Enagas SA 142 0.14 7,548 EUR Endesa SA 142 0.14 11,795 EUR Ferrovial SA 206 0.20

226



As at 31 May 2018




Spain (continued) 11,795 EUR Ferrovial SA, Rights1 4 – 8,485 EUR Gas Natural SDG SA 178 0.18 7,630 EUR Grifols SA 192 0.19 141,728 EUR Iberdrola SA 861 0.85 26,910 EUR Industria de Diseno Textil SA 727 0.72 15,009 EUR International Consolidated Airlines Group SA 117 0.12 27,544 EUR Mapfre SA 71 0.07 11,058 EUR Red Electrica Corp. SA 184 0.18 31,629 EUR Repsol SA 516 0.51 6,092 EUR Siemens Gamesa Renewable Energy SA1 80 0.08 115,103 EUR Telefonica SA1 869 0.86 Total Spain 9,044 8.92

United Kingdom (31 May 2017: 0.20%) 5,557 EUR Coca-Cola European Partners plc 181 0.18 Total United Kingdom 181 0.18



Futures contracts

Germany (31 May 2017: (0.03)%)

60 EUR 600 EURO STOXX 50 Index 15/06/2018 (35) (0.03) Total Germany (35) (0.03)

Total unrealised loss on futures contracts (31 May 2017: (0.03)%) (35) (0.03)

Fair Value EUR '000


Total financial assets at fair value through profit or loss 99,554 98.14 Total financial liabilities at fair value through profit or loss (35) (0.03) Cash 1,543 1.52 Other assets and liabilities 376 0.37 Net asset value attributable to redeemable participating unitholders 101,438 100.00


Assets Transferable securities admitted to official stock exchange listing 97.65 Other assets 2.35 Total assets 100.00

1 Security fully or partially on loan.


On losses EUR '000


227

iSHARES EUROPE EX-UK INDEX FUND (IE)


As at 31 May 2018



Equities (31 May 2017: 97.82%)

Austria (31 May 2017: 0.49%) 31,484 EUR ANDRITZ AG1 1,345 0.06 136,712 EUR Erste Group Bank AG1 4,878 0.19 68,255 EUR OMV AG 3,358 0.13 66,775 EUR Raiffeisen Bank International AG 1,809 0.07 49,808 EUR voestalpine AG 2,289 0.09 Total Austria 13,679 0.54

Belgium (31 May 2017: 2.48%) 86,734 EUR Ageas 3,764 0.15 335,756 EUR Anheuser-Busch InBev SA/NV1 26,934 1.06 26,960 EUR Colruyt SA1 1,226 0.05 36,700 EUR Groupe Bruxelles Lambert SA 3,330 0.13 113,988 EUR KBC Group NV1 7,546 0.30 67,277 EUR Proximus SADP 1,541 0.06 33,016 EUR Solvay SA1 3,797 0.15 25,586 EUR Telenet Group Holding NV1 1,107 0.04 58,365 EUR UCB SA 3,940 0.16 93,160 EUR Umicore SA1 4,509 0.18 Total Belgium 57,694 2.28

Denmark (31 May 2017: 3.78%) 1,661 DKK AP Moller - Maersk A/S 'A' 1,997 0.08 2,971 DKK AP Moller - Maersk A/S 'B'1 3,803 0.15 48,799 DKK Carlsberg A/S 'B' 4,642 0.18 45,222 DKK Chr. Hansen Holding A/S1 3,715 0.15 53,480 DKK Coloplast A/S 'B'1 4,348 0.17 340,559 DKK Danske Bank A/S 9,672 0.38 86,337 DKK DSV A/S 6,141 0.24 26,639 DKK Genmab A/S 3,429 0.14 33,272 DKK H Lundbeck A/S 2,008 0.08 72,705 DKK ISS A/S 2,125 0.08 837,208 DKK Novo Nordisk A/S 'B' 34,019 1.35 97,478 DKK Novozymes A/S 'B' 4,251 0.17 87,200 DKK Orsted A/S 4,469 0.18 48,748 DKK Pandora A/S1 3,282 0.13 49,514 DKK Tryg A/S 976 0.04 97,923 DKK Vestas Wind Systems A/S 5,493 0.22 51,103 DKK William Demant Holding A/S1 1,591 0.06 Total Denmark 95,961 3.80

Finland (31 May 2017: 2.17%) 67,980 EUR Elisa OYJ 2,600 0.10 198,260 EUR Fortum OYJ 3,987 0.16 153,689 EUR Kone OYJ 'B'1 6,509 0.26 49,072 EUR Metso OYJ 1,453 0.06 58,255 EUR Neste OYJ 4,056 0.16 2,573,848 EUR Nokia OYJ 12,715 0.50 51,889 EUR Nokian Renkaat OYJ 1,723 0.07 45,953 EUR Orion OYJ 'B' 1,162 0.05 203,137 EUR Sampo OYJ 'A' 8,548 0.34 250,371 EUR Stora Enso OYJ 'R' 4,383 0.17 242,532 EUR UPM-Kymmene OYJ 7,618 0.30

228



As at 31 May 2018




Finland (continued) 199,134 EUR Wartsila OYJ Abp1 3,601 0.14 Total Finland 58,355 2.31

France (31 May 2017: 20.96%) 86,355 EUR Accor SA 4,042 0.16 13,044 EUR Aeroports de Paris 2,331 0.09 188,529 EUR Air Liquide SA 19,871 0.79 72,818 EUR Alstom SA 2,949 0.12 26,878 EUR Amundi SA 1,681 0.07 31,056 EUR Arkema SA 3,238 0.13 43,045 EUR Atos SE1 5,002 0.20 852,663 EUR AXA SA 18,183 0.72 19,404 EUR BioMerieux1 1,461 0.06 494,279 EUR BNP Paribas SA 26,226 1.04 403,611 EUR Bollore SA1 1,700 0.07 98,414 EUR Bouygues SA1 3,891 0.15 119,411 EUR Bureau Veritas SA 2,533 0.10 73,019 EUR Capgemini SE 8,226 0.33 268,902 EUR Carrefour SA1 4,148 0.16 24,572 EUR Casino Guichard Perrachon SA 909 0.04 219,336 EUR Cie de Saint-Gobain 9,404 0.37 77,829 EUR Cie Generale des Etablissements Michelin SCA 'B' 8,616 0.34 74,875 EUR CNP Assurances 1,499 0.06 517,313 EUR Credit Agricole SA 6,073 0.24 265,300 EUR Danone SA 17,348 0.69 1,178 EUR Dassault Aviation SA 1,953 0.08 58,888 EUR Dassault Systemes SE 7,075 0.28 98,112 EUR Edenred1 2,691 0.11 33,400 EUR Eiffage SA 3,220 0.13 263,848 EUR Electricite de France SA 3,008 0.12 803,829 EUR Engie SA 10,880 0.43 91,270 EUR Essilor International Cie Generale d'Optique SA 10,669 0.42 19,352 EUR Eurazeo SA 1,297 0.05 80,948 EUR Eutelsat Communications SA1 1,330 0.05 32,977 EUR Faurecia SA 2,391 0.09 15,147 EUR Fonciere Des Regions, REIT 1,352 0.05 22,671 EUR Gecina SA, REIT1 3,355 0.13 215,093 EUR Getlink 2,493 0.10 14,391 EUR Hermes International 8,761 0.35 15,973 EUR ICADE, REIT1 1,270 0.05 11,584 EUR Iliad SA 1,679 0.07 16,715 EUR Imerys SA 1,218 0.05 26,552 EUR Ingenico Group SA1 1,816 0.07 16,794 EUR Ipsen SA 2,280 0.09 34,673 EUR JCDecaux SA1 923 0.04 34,429 EUR Kering SA 16,860 0.67 100,980 EUR Klepierre SA, REIT1 3,365 0.13 54,539 EUR Lagardere SCA 1,260 0.05 120,884 EUR Legrand SA 7,802 0.31 111,030 EUR L'Oreal SA 22,828 0.90 122,892 EUR LVMH Moet Hennessy Louis Vuitton SE 36,505 1.44 428,657 EUR Natixis SA 2,657 0.10 877,588 EUR Orange SA 12,922 0.51

229



As at 31 May 2018




France (continued) 96,487 EUR Pernod Ricard SA 13,865 0.55 268,131 EUR Peugeot SA 5,348 0.21 94,332 EUR Publicis Groupe SA1 5,616 0.22 10,464 EUR Remy Cointreau SA1 1,326 0.05 87,345 EUR Renault SA 7,217 0.29 132,192 EUR Rexel SA1 1,664 0.07 146,531 EUR Safran SA1 14,968 0.59 500,407 EUR Sanofi1 32,842 1.30 249,665 EUR Schneider Electric SE 18,420 0.73 80,360 EUR SCOR SE 2,538 0.10 10,609 EUR SEB SA1 1,639 0.06 12,415 EUR Societe BIC SA1 1,033 0.04 337,258 EUR Societe Generale SA 12,430 0.49 41,123 EUR Sodexo SA1 3,414 0.13 161,400 EUR Suez1 1,901 0.07 26,255 EUR Teleperformance 3,550 0.14 48,581 EUR Thales SA 5,290 0.21 1,055,688 EUR TOTAL SA 54,949 2.17 35,650 EUR Ubisoft Entertainment SA 3,302 0.13 61,338 EUR Unibail-Rodamco SE, REIT 11,811 0.47 108,899 EUR Valeo SA 5,915 0.23 219,633 EUR Veolia Environnement SA 4,265 0.17 222,651 EUR Vinci SA 18,640 0.74 455,995 EUR Vivendi SA1 9,813 0.39 12,947 EUR Wendel SA 1,463 0.06 Total France 566,410 22.41

Germany (31 May 2017: 19.98%) 24,706 EUR 1&1 Drillisch AG1 1,463 0.06 82,984 EUR adidas AG1 16,066 0.64 196,488 EUR Allianz SE1 34,657 1.37 20,877 EUR Axel Springer SE 1,296 0.05 404,379 EUR BASF SE 34,069 1.35 364,081 EUR Bayer AG 37,085 1.47 145,909 EUR Bayerische Motoren Werke AG 12,458 0.49 25,044 EUR Bayerische Motoren Werke AG, Preference1 1,877 0.07 46,809 EUR Beiersdorf AG1 4,599 0.18 69,246 EUR Brenntag AG1 3,417 0.13 483,715 EUR Commerzbank AG 4,229 0.17 49,986 EUR Continental AG1 10,852 0.43 87,529 EUR Covestro AG 6,822 0.27 423,439 EUR Daimler AG1 26,118 1.03 912,540 EUR Deutsche Bank AG1 8,356 0.33 87,700 EUR Deutsche Boerse AG1 10,033 0.40 105,535 EUR Deutsche Lufthansa AG 2,454 0.10 427,401 EUR Deutsche Post AG1 13,878 0.55 1,468,704 EUR Deutsche Telekom AG 19,416 0.77 161,162 EUR Deutsche Wohnen SE1 6,467 0.26 969,080 EUR E.ON SE 8,792 0.35 74,904 EUR Evonik Industries AG 2,246 0.09 18,688 EUR Fraport AG Frankfurt Airport Services Worldwide 1,495 0.06 97,957 EUR Fresenius Medical Care AG & Co. KGaA 8,367 0.33 183,215 EUR Fresenius SE & Co. KGaA 12,048 0.48

230



As at 31 May 2018




Germany (continued) 32,765 EUR FUCHS PETROLUB SE, Preference 1,470 0.06 82,425 EUR GEA Group AG1 2,596 0.10 27,400 EUR Hannover Rueck SE1 2,959 0.12 67,781 EUR HeidelbergCement AG 5,138 0.20 80,958 EUR Henkel AG & Co. KGaA, Preference1 8,553 0.34 47,829 EUR Henkel AG & Co. KGaA 4,613 0.18 8,874 EUR HOCHTIEF AG 1,395 0.05 28,949 EUR HUGO BOSS AG1 2,226 0.09 516,295 EUR Infineon Technologies AG1 12,128 0.48 61,280 EUR Innogy SE1 2,213 0.09 85,296 EUR K+S AG1 1,953 0.08 31,249 EUR KION Group AG1 2,173 0.09 41,078 EUR LANXESS AG1 2,780 0.11 84,398 EUR Linde AG1 16,542 0.65 16,864 EUR MAN SE1 1,570 0.06 59,516 EUR Merck KGaA 5,198 0.21 91,090 EUR METRO AG1 1,049 0.04 23,629 EUR MTU Aero Engines AG1 3,821 0.15 68,254 EUR Muenchener Rueckversicherungs-Gesellschaft AG1 12,033 0.48 46,958 EUR OSRAM Licht AG1 2,370 0.09 70,396 EUR Porsche Automobil Holding SE, Preference 4,441 0.18 106,258 EUR ProSiebenSat.1 Media SE1 2,675 0.11 2,869 EUR Puma SE 1,489 0.06 238,649 EUR RWE AG 4,629 0.18 431,293 EUR SAP SE 41,551 1.64 74,797 EUR Schaeffler AG, Preference 958 0.04 335,606 EUR Siemens AG1 37,420 1.48 69,993 EUR Siemens Healthineers AG1 2,380 0.09 55,054 EUR Symrise AG 3,824 0.15 315,397 EUR Telefonica Deutschland Holding AG 1,140 0.04 199,067 EUR thyssenkrupp AG1 4,493 0.18 87,949 EUR Uniper SE1 2,386 0.09 56,194 EUR United Internet AG1 3,068 0.12 81,743 EUR Volkswagen AG, Preference 13,156 0.52 14,120 EUR Volkswagen AG 2,246 0.09 220,432 EUR Vonovia SE1 8,897 0.35 53,432 EUR Wirecard AG1 7,061 0.28 49,054 EUR Zalando SE1 2,234 0.09 Total Germany 525,388 20.79

Ireland (31 May 2017: 0.98%) 362,468 EUR AIB Group plc 1,694 0.07 431,583 EUR Bank of Ireland Group plc 3,051 0.12 369,319 EUR CRH plc 11,670 0.46 72,045 EUR Kerry Group plc 'A' 6,495 0.26 36,536 EUR Paddy Power Betfair plc 3,800 0.15 61,042 EUR Ryanair Holdings plc 998 0.04 Total Ireland 27,708 1.10

Italy (31 May 2017: 3.92%) 567,754 EUR Assicurazioni Generali SpA1 8,261 0.33 206,382 EUR Atlantia SpA 5,116 0.20 261,715 EUR Davide Campari-Milano SpA 1,672 0.07

231



As at 31 May 2018




Italy (continued) 3,586,033 EUR Enel SpA 16,865 0.67 1,120,070 EUR Eni SpA 17,350 0.69 5,920,081 EUR Intesa Sanpaolo SpA1 14,886 0.59 389,262 EUR Intesa Sanpaolo SpA, Savings Share 1,002 0.04 144,598 EUR Leonardo SpA1 1,262 0.05 75,397 EUR Luxottica Group SpA 4,017 0.16 289,688 EUR Mediobanca Banca di Credito Finanziario SpA1 2,337 0.09 228,214 EUR Poste Italiane SpA 1,672 0.06 97,828 EUR Prysmian SpA 2,328 0.09 49,062 EUR Recordati SpA 1,555 0.06 1,063,119 EUR Snam SpA 3,730 0.15 5,181,275 EUR Telecom Italia SpA 3,561 0.14 2,705,192 EUR Telecom Italia SpA, Savings Share 1,620 0.06 647,806 EUR Terna Rete Elettrica Nazionale SpA1 2,935 0.11 910,228 EUR UniCredit SpA 12,865 0.51 485,651 EUR UnipolSai Assicurazioni SpA1 914 0.04 Total Italy 103,948 4.11

Luxembourg (31 May 2017: 0.66%) 301,832 EUR ArcelorMittal 8,361 0.33 5,198 EUR Eurofins Scientific SE1 2,284 0.09 28,707 SEK Millicom International Cellular SA SDR 1,548 0.06 16,894 EUR RTL Group SA 1,091 0.04 159,599 EUR SES SA FDR1 2,358 0.10 215,840 EUR Tenaris SA1 3,313 0.13 Total Luxembourg 18,955 0.75

Netherlands (31 May 2017: 8.96%) 194,294 EUR ABN AMRO Group NV CVA1 4,317 0.17 809,431 EUR Aegon NV1 4,311 0.17 60,545 USD AerCap Holdings NV 2,869 0.11 255,914 EUR Airbus SE1 24,903 0.99 114,463 EUR Akzo Nobel NV 8,596 0.34 170,355 EUR ASML Holding NV 28,517 1.13 38,992 EUR Boskalis Westminster1 922 0.04 465,617 EUR CNH Industrial NV 4,666 0.18 50,518 EUR EXOR NV 3,132 0.12 56,331 EUR Ferrari NV1 6,281 0.25 488,987 EUR Fiat Chrysler Automobiles NV 9,486 0.38 53,319 EUR Heineken Holding NV1 4,442 0.18 117,782 EUR Heineken NV 10,087 0.40 1,710,728 EUR ING Groep NV 21,312 0.84 565,490 EUR Koninklijke Ahold Delhaize NV 11,114 0.44 82,440 EUR Koninklijke DSM NV1 7,022 0.28 1,527,833 EUR Koninklijke KPN NV1 3,555 0.14 414,255 EUR Koninklijke Philips NV 14,507 0.57 33,216 EUR Koninklijke Vopak NV1 1,395 0.06 139,940 EUR NN Group NV 5,144 0.20 154,056 USD NXP Semiconductors NV 15,045 0.60 100,741 EUR QIAGEN NV1 3,129 0.12 54,983 EUR Randstad NV 2,807 0.11 438,942 EUR RELX NV 8,200 0.32 291,575 EUR STMicroelectronics NV 5,937 0.23

232



As at 31 May 2018




Netherlands (continued) 718,133 EUR Unilever NV CVA 34,284 1.36 131,921 EUR Wolters Kluwer NV 6,338 0.25 Total Netherlands 252,318 9.98

Norway (31 May 2017: 1.32%) 444,080 NOK DNB ASA 6,811 0.27 525,737 NOK Equinor ASA 11,851 0.47 83,651 NOK Gjensidige Forsikring ASA 1,106 0.04 189,324 NOK Marine Harvest ASA 3,245 0.13 611,327 NOK Norsk Hydro ASA 3,286 0.13 352,913 NOK Orkla ASA 2,727 0.11 40,980 NOK Schibsted ASA 'B' 952 0.04 341,135 NOK Telenor ASA 6,020 0.24 81,890 NOK Yara International ASA1 2,891 0.11 Total Norway 38,889 1.54

Portugal (31 May 2017: 0.33%) 1,080,006 EUR EDP - Energias de Portugal SA 3,618 0.15 223,950 EUR Galp Energia SGPS SA 3,560 0.14 113,773 EUR Jeronimo Martins SGPS SA 1,530 0.06 Total Portugal 8,708 0.35

Spain (31 May 2017: 7.33%) 110,076 EUR ACS Actividades de Construccion y Servicios SA 3,909 0.16 30,849 EUR Aena SME SA 5,069 0.20 199,403 EUR Amadeus IT Group SA 13,540 0.54 2,935,676 EUR Banco Bilbao Vizcaya Argentaria SA 17,141 0.68 2,372,425 EUR Banco de Sabadell SA 3,412 0.14 7,104,279 EUR Banco Santander SA 32,680 1.29 548,710 EUR Bankia SA1 1,781 0.07 317,193 EUR Bankinter SA 2,615 0.10 1,630,795 EUR CaixaBank SA 5,930 0.23 82,084 EUR Enagas SA 1,872 0.07 148,172 EUR Endesa SA 2,792 0.11 221,305 EUR Ferrovial SA 3,857 0.15 221,305 EUR Ferrovial SA, Rights 69 – 159,151 EUR Gas Natural SDG SA1 3,341 0.13 136,066 EUR Grifols SA 3,429 0.14 2,556,549 EUR Iberdrola SA 15,523 0.61 479,969 EUR Industria de Diseno Textil SA 12,964 0.51 283,117 EUR International Consolidated Airlines Group SA 2,199 0.09 509,808 EUR Mapfre SA 1,321 0.05 196,695 EUR Red Electrica Corp. SA 3,275 0.13 569,482 EUR Repsol SA 9,285 0.37 110,770 EUR Siemens Gamesa Renewable Energy SA1 1,457 0.06 2,058,436 EUR Telefonica SA1 15,535 0.62 Total Spain 162,996 6.45

Sweden (31 May 2017: 6.17%) 123,688 SEK Alfa Laval AB 2,642 0.10 455,449 SEK Assa Abloy AB 'B'1 8,376 0.33 305,140 SEK Atlas Copco AB 237 0.01

233



As at 31 May 2018




Sweden (continued) 178,116 SEK Atlas Copco AB 138 0.01 305,140 SEK Atlas Copco AB 'A'1 10,360 0.41 178,116 SEK Atlas Copco AB 'B' 5,511 0.22 126,171 SEK Boliden AB1 3,804 0.15 126,171 SEK Boliden AB 70 – 111,765 SEK Electrolux AB 'B'1 2,359 0.09 275,411 SEK Essity AB 'B' 5,984 0.24 94,907 SEK Getinge AB 787 0.03 431,428 SEK Hennes & Mauritz AB 'B'1 5,561 0.22 117,473 SEK Hexagon AB 'B'1 5,660 0.22 197,757 SEK Husqvarna AB 'B'1 1,663 0.07 33,589 SEK ICA Gruppen AB1 887 0.04 78,036 SEK Industrivarden AB 'C'1 1,402 0.06 206,974 SEK Investor AB 'B' 7,340 0.29 107,654 SEK Kinnevik AB 'B' 3,208 0.13 33,826 SEK L E Lundbergforetagen AB 'B' 934 0.04 85,445 SEK Lundin Petroleum AB 2,317 0.09 1,380,237 SEK Nordea Bank AB 11,353 0.45 512,999 SEK Sandvik AB 7,613 0.30 147,067 SEK Securitas AB 'B'1 2,027 0.08 690,247 SEK Skandinaviska Enskilda Banken AB 'A' 5,319 0.21 141,049 SEK Skanska AB 'B'1 2,221 0.09 172,514 SEK SKF AB 'B'1 2,866 0.11 693,938 SEK Svenska Handelsbanken AB 'A'1 6,506 0.26 411,511 SEK Swedbank AB 'A' 7,317 0.29 76,764 SEK Swedish Match AB 3,113 0.12 167,792 SEK Tele2 AB 'B'1 1,756 0.07 1,396,110 SEK Telefonaktiebolaget LM Ericsson 'B' 8,662 0.34 1,288,437 SEK Telia Co. AB 5,167 0.20 710,344 SEK Volvo AB 'B' 10,456 0.41 Total Sweden 143,616 5.68

Switzerland (31 May 2017: 18.15%) 819,203 CHF ABB Ltd. 15,912 0.63 73,632 CHF Adecco Group AG 3,793 0.15 21,476 CHF Baloise Holding AG 2,706 0.11 1,032 CHF Barry Callebaut AG1 1,549 0.06 454 CHF Chocoladefabriken Lindt & Spruengli AG1 2,494 0.10 45 CHF Chocoladefabriken Lindt & Spruengli AG, Registered1 2,921 0.12 231,971 CHF Cie Financiere Richemont SA 18,261 0.72 102,454 CHF Clariant AG1 2,123 0.08 1,077,788 CHF Credit Suisse Group AG1 14,107 0.56 15,821 CHF Dufry AG1 1,854 0.07 3,889 CHF EMS-Chemie Holding AG1 2,089 0.08 16,508 CHF Geberit AG 6,125 0.24 4,116 CHF Givaudan SA 7,873 0.31 100,426 CHF Julius Baer Group Ltd.1 5,032 0.20 24,551 CHF Kuehne + Nagel International AG1 3,179 0.13 202,024 CHF LafargeHolcim Ltd.1 8,880 0.35 33,093 CHF Lonza Group AG 7,604 0.30 1,383,007 CHF Nestle SA 89,640 3.55 986,057 CHF Novartis AG 62,691 2.48 18,238 CHF Pargesa Holding SA1 1,369 0.05

234



As at 31 May 2018




Switzerland (continued) 7,896 CHF Partners Group Holding AG 4,899 0.19 312,211 CHF Roche Holding AG 57,419 2.27 18,343 CHF Schindler Holding AG 3,328 0.13 8,620 CHF Schindler Holding AG, Registered 1,519 0.06 2,323 CHF SGS SA 5,160 0.21 959 CHF Sika AG 6,577 0.26 24,039 CHF Sonova Holding AG1 3,603 0.14 4,843 CHF Straumann Holding AG 2,741 0.11 13,705 CHF Swatch Group AG (The)1 5,711 0.23 23,288 CHF Swatch Group AG (The), Registered1 1,777 0.07 14,688 CHF Swiss Life Holding AG 4,301 0.17 33,485 CHF Swiss Prime Site AG 2,683 0.11 139,764 CHF Swiss Re AG1 10,374 0.41 11,687 CHF Swisscom AG 4,477 0.18 1,624,476 CHF UBS Group AG1 21,021 0.83 22,708 CHF Vifor Pharma AG1 3,027 0.12 67,253 CHF Zurich Insurance Group AG 17,124 0.68 Total Switzerland 415,943 16.46

United Kingdom (31 May 2017: 0.14%) 87,321 EUR Coca-Cola European Partners plc 2,840 0.11 11,993 USD Coca-Cola European Partners plc 390 0.02 Total United Kingdom 3,230 0.13



Futures contracts

Germany (31 May 2017: 0.00%)2 – –

Switzerland (31 May 2017: 0.00%)2 – –

Total unrealised gain on futures contracts (31 May 2017: 0.00%)2 – –

Germany (31 May 2017: 0.00%)

738 EUR 7,380 EURO STOXX 50 Index 15/06/2018 (681) (0.03) Total Germany (681) (0.03)

Switzerland (31 May 2017: 0.00%)

91 CHF 910 Swiss Market Index 15/06/2018 (283) (0.01) Total Switzerland (283) (0.01)

Total unrealised loss on futures contracts (31 May 2017: 0.00%) (964) (0.04)

235



As at 31 May 2018

Fair Value EUR '000




Assets Transferable securities admitted to official stock exchange listing 98.47 Other assets 1.53 Total assets 100.00 1 Security fully or partially on loan. 2 Prior year percentage of net asset value rounds to 0.00%.


On losses EUR '000


236

iSHARES EUROPE INDEX FUND (IE)


As at 31 May 2018



Equities (31 May 2017: 98.42%)

Austria (31 May 2017: 0.35%) 1,365 EUR ANDRITZ AG 58 0.04 6,060 EUR Erste Group Bank AG 216 0.14 3,029 EUR OMV AG 149 0.10 2,665 EUR Raiffeisen Bank International AG 72 0.05 2,169 EUR voestalpine AG 100 0.06 Total Austria 595 0.39

Belgium (31 May 2017: 1.79%) 3,723 EUR Ageas 162 0.10 14,451 EUR Anheuser-Busch InBev SA/NV 1,159 0.75 1,433 EUR Colruyt SA 65 0.04 1,681 EUR Groupe Bruxelles Lambert SA 153 0.10 4,795 EUR KBC Group NV 317 0.21 2,778 EUR Proximus SADP 64 0.04 1,489 EUR Solvay SA1 171 0.11 1,007 EUR Telenet Group Holding NV 44 0.03 2,416 EUR UCB SA 163 0.11 4,055 EUR Umicore SA 196 0.13 Total Belgium 2,494 1.62

Denmark (31 May 2017: 2.73%) 69 DKK AP Moller - Maersk A/S 'A' 83 0.05 122 DKK AP Moller - Maersk A/S 'B' 156 0.10 2,096 DKK Carlsberg A/S 'B' 200 0.13 1,869 DKK Chr. Hansen Holding A/S 154 0.10 2,444 DKK Coloplast A/S 'B'1 199 0.13 14,517 DKK Danske Bank A/S 412 0.27 3,614 DKK DSV A/S1 257 0.17 1,198 DKK Genmab A/S 154 0.10 1,279 DKK H Lundbeck A/S 77 0.05 3,173 DKK ISS A/S 93 0.06 36,061 DKK Novo Nordisk A/S 'B' 1,465 0.95 4,632 DKK Novozymes A/S 'B' 202 0.13 3,733 DKK Orsted A/S 191 0.12 2,158 DKK Pandora A/S 145 0.09 2,151 DKK Tryg A/S 43 0.03 4,331 DKK Vestas Wind Systems A/S1 243 0.16 2,482 DKK William Demant Holding A/S1 77 0.05 Total Denmark 4,151 2.69

Finland (31 May 2017: 1.58%) 2,610 EUR Elisa OYJ 100 0.07 9,090 EUR Fortum OYJ 183 0.12 6,734 EUR Kone OYJ 'B' 285 0.18 2,186 EUR Metso OYJ 65 0.04 2,695 EUR Neste OYJ 187 0.12 110,699 EUR Nokia OYJ 547 0.35 2,228 EUR Nokian Renkaat OYJ 74 0.05 1,885 EUR Orion OYJ 'B' 47 0.03 8,934 EUR Sampo OYJ 'A'1 376 0.24 11,360 EUR Stora Enso OYJ 'R' 199 0.13 10,655 EUR UPM-Kymmene OYJ 335 0.22

237



As at 31 May 2018




Finland (continued) 8,514 EUR Wartsila OYJ Abp 154 0.10 Total Finland 2,552 1.65

France (31 May 2017: 15.22%) 3,710 EUR Accor SA 174 0.11 569 EUR Aeroports de Paris 102 0.07 8,100 EUR Air Liquide SA 854 0.55 2,938 EUR Alstom SA 119 0.08 1,161 EUR Amundi SA 73 0.05 1,421 EUR Arkema SA 148 0.10 1,813 EUR Atos SE1 211 0.14 36,752 EUR AXA SA 784 0.51 786 EUR BioMerieux 59 0.04 21,305 EUR BNP Paribas SA 1,130 0.73 16,901 EUR Bollore SA 71 0.05 4,223 EUR Bouygues SA 167 0.11 5,034 EUR Bureau Veritas SA 107 0.07 3,194 EUR Capgemini SE 360 0.23 11,193 EUR Carrefour SA 173 0.11 1,113 EUR Casino Guichard Perrachon SA1 41 0.03 9,391 EUR Cie de Saint-Gobain 403 0.26 3,424 EUR Cie Generale des Etablissements Michelin SCA 'B' 379 0.25 3,313 EUR CNP Assurances 66 0.04 22,899 EUR Credit Agricole SA 269 0.17 11,418 EUR Danone SA 747 0.48 55 EUR Dassault Aviation SA 91 0.06 2,470 EUR Dassault Systemes SE 297 0.19 4,736 EUR Edenred 130 0.08 1,395 EUR Eiffage SA 134 0.09 10,845 EUR Electricite de France SA 124 0.08 34,925 EUR Engie SA 473 0.31 4,024 EUR Essilor International Cie Generale d'Optique SA1 470 0.31 800 EUR Eurazeo SA 54 0.04 3,211 EUR Eutelsat Communications SA 53 0.03 1,440 EUR Faurecia SA 104 0.07 643 EUR Fonciere Des Regions, REIT 57 0.04 1,008 EUR Gecina SA, REIT 149 0.10 9,823 EUR Getlink 114 0.07 626 EUR Hermes International 381 0.25 612 EUR ICADE, REIT 49 0.03 501 EUR Iliad SA 73 0.05 797 EUR Imerys SA 58 0.04 1,108 EUR Ingenico Group SA 76 0.05 696 EUR Ipsen SA 94 0.06 1,301 EUR JCDecaux SA 35 0.02 1,495 EUR Kering SA 732 0.47 4,226 EUR Klepierre SA, REIT1 141 0.09 2,276 EUR Lagardere SCA 52 0.03 5,296 EUR Legrand SA 342 0.22 4,781 EUR L'Oreal SA1 983 0.64 5,288 EUR LVMH Moet Hennessy Louis Vuitton SE 1,571 1.02 17,944 EUR Natixis SA 111 0.07 38,174 EUR Orange SA 562 0.36 4,095 EUR Pernod Ricard SA 588 0.38

238



As at 31 May 2018




France (continued) 11,611 EUR Peugeot SA 231 0.15 4,217 EUR Publicis Groupe SA1 251 0.16 521 EUR Remy Cointreau SA 66 0.04 3,820 EUR Renault SA 316 0.21 5,709 EUR Rexel SA1 72 0.05 6,385 EUR Safran SA 652 0.42 21,549 EUR Sanofi 1,414 0.92 10,667 EUR Schneider Electric SE1 787 0.51 3,198 EUR SCOR SE 101 0.07 404 EUR SEB SA 62 0.04 525 EUR Societe BIC SA 44 0.03 14,386 EUR Societe Generale SA 530 0.34 1,735 EUR Sodexo SA 144 0.09 7,554 EUR Suez 89 0.06 1,108 EUR Teleperformance 150 0.10 2,165 EUR Thales SA 236 0.15 45,026 EUR TOTAL SA 2,344 1.52 1,503 EUR Ubisoft Entertainment SA 139 0.09 2,642 EUR Unibail-Rodamco SE, REIT 509 0.33 4,819 EUR Valeo SA 262 0.17 10,520 EUR Veolia Environnement SA1 204 0.13 9,550 EUR Vinci SA 799 0.52 19,664 EUR Vivendi SA 423 0.27 604 EUR Wendel SA 68 0.04 Total France 24,427 15.84

Germany (31 May 2017: 14.59%) 1,040 EUR 1&1 Drillisch AG 62 0.04 3,610 EUR adidas AG 699 0.45 8,406 EUR Allianz SE1 1,483 0.96 1,050 EUR Axel Springer SE 65 0.04 17,421 EUR BASF SE 1,468 0.95 15,685 EUR Bayer AG 1,598 1.04 6,349 EUR Bayerische Motoren Werke AG 542 0.35 1,004 EUR Bayerische Motoren Werke AG, Preference 75 0.05 1,918 EUR Beiersdorf AG 188 0.12 2,949 EUR Brenntag AG 146 0.10 21,860 EUR Commerzbank AG 191 0.12 2,194 EUR Continental AG 476 0.31 3,736 EUR Covestro AG 291 0.19 18,255 EUR Daimler AG1 1,126 0.73 39,661 EUR Deutsche Bank AG1 363 0.24 3,833 EUR Deutsche Boerse AG 438 0.28 4,857 EUR Deutsche Lufthansa AG 113 0.07 18,213 EUR Deutsche Post AG 591 0.38 63,402 EUR Deutsche Telekom AG 838 0.54 6,758 EUR Deutsche Wohnen SE 271 0.18 41,478 EUR E.ON SE 376 0.24 3,469 EUR Evonik Industries AG 104 0.07 781 EUR Fraport AG Frankfurt Airport Services Worldwide 62 0.04 4,306 EUR Fresenius Medical Care AG & Co. KGaA 368 0.24 7,960 EUR Fresenius SE & Co. KGaA1 523 0.34 1,496 EUR FUCHS PETROLUB SE, Preference 67 0.04

239



As at 31 May 2018




Germany (continued) 3,471 EUR GEA Group AG1 109 0.07 1,156 EUR Hannover Rueck SE 125 0.08 2,815 EUR HeidelbergCement AG 213 0.14 3,415 EUR Henkel AG & Co. KGaA, Preference 361 0.23 1,942 EUR Henkel AG & Co. KGaA1 187 0.12 354 EUR HOCHTIEF AG 56 0.04 1,204 EUR HUGO BOSS AG 93 0.06 22,702 EUR Infineon Technologies AG1 533 0.35 2,786 EUR Innogy SE 101 0.07 4,153 EUR K+S AG1 95 0.06 1,307 EUR KION Group AG 91 0.06 1,740 EUR LANXESS AG1 118 0.08 3,664 EUR Linde AG 718 0.47 645 EUR MAN SE 60 0.04 2,651 EUR Merck KGaA 232 0.15 3,256 EUR METRO AG 38 0.02 997 EUR MTU Aero Engines AG 161 0.10 2,974 EUR Muenchener Rueckversicherungs-Gesellschaft AG 524 0.34 1,963 EUR OSRAM Licht AG 99 0.06 2,936 EUR Porsche Automobil Holding SE, Preference 185 0.12 4,363 EUR ProSiebenSat.1 Media SE1 110 0.07 121 EUR Puma SE 63 0.04 10,511 EUR RWE AG 204 0.13 18,637 EUR SAP SE1 1,795 1.16 2,993 EUR Schaeffler AG, Preference 38 0.03 14,490 EUR Siemens AG1 1,616 1.05 2,818 EUR Siemens Healthineers AG 96 0.06 2,344 EUR Symrise AG 163 0.11 14,312 EUR Telefonica Deutschland Holding AG 52 0.03 8,345 EUR thyssenkrupp AG 188 0.12 8,235 GBP TUI AG 164 0.11 3,818 EUR Uniper SE 104 0.07 2,594 EUR United Internet AG 142 0.09 3,476 EUR Volkswagen AG, Preference 559 0.36 598 EUR Volkswagen AG 95 0.06 9,379 EUR Vonovia SE 379 0.25 2,278 EUR Wirecard AG 301 0.20 2,055 EUR Zalando SE 94 0.06 Total Germany 22,786 14.77

Ireland (31 May 2017: 0.78%) 15,447 EUR AIB Group plc 72 0.05 17,170 EUR Bank of Ireland Group plc 121 0.08 15,753 EUR CRH plc 498 0.32 1,678 GBP DCC plc 138 0.09 3,171 EUR Kerry Group plc 'A' 286 0.18 1,638 EUR Paddy Power Betfair plc 170 0.11 2,659 EUR Ryanair Holdings plc 44 0.03 Total Ireland 1,329 0.86

240



As at 31 May 2018




Isle of Man (31 May 2017: 0.00%) 10,318 GBP GVC Holdings plc 120 0.08 Total Isle of Man 120 0.08

Italy (31 May 2017: 2.86%) 23,930 EUR Assicurazioni Generali SpA1 348 0.23 9,661 EUR Atlantia SpA1 239 0.15 11,149 EUR Davide Campari-Milano SpA 71 0.05 153,995 EUR Enel SpA1 724 0.47 48,806 EUR Eni SpA 756 0.49 254,798 EUR Intesa Sanpaolo SpA1 641 0.42 18,211 EUR Intesa Sanpaolo SpA, Savings Share 47 0.03 6,835 EUR Leonardo SpA1 60 0.04 3,245 EUR Luxottica Group SpA 173 0.11 12,362 EUR Mediobanca Banca di Credito Finanziario SpA1 100 0.06 9,985 EUR Poste Italiane SpA 73 0.05 3,888 EUR Prysmian SpA 93 0.06 1,934 EUR Recordati SpA 61 0.04 47,275 EUR Snam SpA 166 0.11 225,261 EUR Telecom Italia SpA 155 0.10 110,104 EUR Telecom Italia SpA, Savings Share 66 0.04 26,750 EUR Terna Rete Elettrica Nazionale SpA 121 0.08 39,616 EUR UniCredit SpA 560 0.36 17,535 EUR UnipolSai Assicurazioni SpA 33 0.02 Total Italy 4,487 2.91

Jersey (31 May 2017: 1.93%) 17,729 GBP Experian plc 372 0.24 4,760 GBP Ferguson plc 317 0.21 233,745 GBP Glencore plc1 991 0.64 1,700 GBP Randgold Resources Ltd. 116 0.07 17,344 GBP Shire plc 811 0.53 24,086 GBP WPP plc 338 0.22 Total Jersey 2,945 1.91

Luxembourg (31 May 2017: 0.48%) 13,230 EUR ArcelorMittal 366 0.24 221 EUR Eurofins Scientific SE 97 0.06 1,445 SEK Millicom International Cellular SA SDR 78 0.05 758 EUR RTL Group SA 49 0.03 7,831 EUR SES SA FDR 116 0.08 9,030 EUR Tenaris SA 139 0.09 Total Luxembourg 845 0.55

Netherlands (31 May 2017: 6.50%) 8,719 EUR ABN AMRO Group NV CVA1 194 0.13 36,126 EUR Aegon NV 192 0.12 2,649 USD AerCap Holdings NV 126 0.08 10,975 EUR Airbus SE1 1,068 0.69 5,036 EUR Akzo Nobel NV 378 0.24 7,482 EUR ASML Holding NV 1,252 0.81 1,751 EUR Boskalis Westminster1 41 0.03 20,958 EUR CNH Industrial NV1 210 0.14

241



As at 31 May 2018




Netherlands (continued) 2,250 EUR EXOR NV 139 0.09 2,456 EUR Ferrari NV 274 0.18 21,327 EUR Fiat Chrysler Automobiles NV1 414 0.27 2,203 EUR Heineken Holding NV 183 0.12 5,006 EUR Heineken NV 429 0.28 73,538 EUR ING Groep NV 916 0.59 24,350 EUR Koninklijke Ahold Delhaize NV 479 0.31 3,576 EUR Koninklijke DSM NV 305 0.20 65,037 EUR Koninklijke KPN NV 151 0.10 18,035 EUR Koninklijke Philips NV 632 0.41 1,293 EUR Koninklijke Vopak NV1 54 0.03 5,840 EUR NN Group NV 215 0.14 6,564 USD NXP Semiconductors NV 641 0.41 4,567 EUR QIAGEN NV 142 0.09 2,285 EUR Randstad NV 117 0.08 19,238 EUR RELX NV 359 0.23 12,095 EUR STMicroelectronics NV 246 0.16 30,911 EUR Unilever NV CVA1 1,476 0.96 5,678 EUR Wolters Kluwer NV1 273 0.18 Total Netherlands 10,906 7.07

Norway (31 May 2017: 0.95%) 19,533 NOK DNB ASA1 300 0.19 22,861 NOK Equinor ASA 515 0.33 3,854 NOK Gjensidige Forsikring ASA 51 0.03 8,707 NOK Marine Harvest ASA 149 0.10 27,657 NOK Norsk Hydro ASA 149 0.10 15,264 NOK Orkla ASA 118 0.08 1,796 NOK Schibsted ASA 'B' 42 0.03 14,355 NOK Telenor ASA 253 0.16 3,369 NOK Yara International ASA 119 0.08 Total Norway 1,696 1.10

Portugal (31 May 2017: 0.23%) 48,150 EUR EDP - Energias de Portugal SA1 161 0.10 9,584 EUR Galp Energia SGPS SA 152 0.10 4,587 EUR Jeronimo Martins SGPS SA 62 0.04 Total Portugal 375 0.24

Spain (31 May 2017: 5.32%) 4,928 EUR ACS Actividades de Construccion y Servicios SA 175 0.11 1,351 EUR Aena SME SA 222 0.14 8,760 EUR Amadeus IT Group SA 595 0.39 126,977 EUR Banco Bilbao Vizcaya Argentaria SA 741 0.48 101,961 EUR Banco de Sabadell SA 147 0.10 306,398 EUR Banco Santander SA 1,410 0.91 23,889 EUR Bankia SA 78 0.05 13,978 EUR Bankinter SA 115 0.07 68,765 EUR CaixaBank SA 250 0.16 3,518 EUR Enagas SA 80 0.05 6,439 EUR Endesa SA 121 0.08 9,477 EUR Ferrovial SA 165 0.11 9,477 EUR Ferrovial SA, Rights 3 –

242



As at 31 May 2018




Spain (continued) 7,204 EUR Gas Natural SDG SA 151 0.10 6,105 EUR Grifols SA 154 0.10 109,086 EUR Iberdrola SA 662 0.43 20,924 EUR Industria de Diseno Textil SA 565 0.37 11,274 EUR International Consolidated Airlines Group SA 88 0.06 20,218 EUR Mapfre SA 52 0.03 8,300 EUR Red Electrica Corp. SA 138 0.09 25,871 EUR Repsol SA 422 0.27 4,316 EUR Siemens Gamesa Renewable Energy SA1 57 0.04 88,040 EUR Telefonica SA1 665 0.43 Total Spain 7,056 4.57

Sweden (31 May 2017: 4.47%) 6,160 SEK Alfa Laval AB 132 0.09 19,928 SEK Assa Abloy AB 'B' 366 0.24 13,021 SEK Atlas Copco AB 10 0.01 7,399 SEK Atlas Copco AB 6 – 13,021 SEK Atlas Copco AB 'A' 442 0.29 7,399 SEK Atlas Copco AB 'B'1 229 0.15 5,238 SEK Boliden AB 158 0.10 5,238 SEK Boliden AB 3 – 4,507 SEK Electrolux AB 'B' 95 0.06 12,218 SEK Essity AB 'B'1 265 0.17 4,186 SEK Getinge AB 35 0.02 18,083 SEK Hennes & Mauritz AB 'B' 233 0.15 4,920 SEK Hexagon AB 'B' 237 0.15 8,892 SEK Husqvarna AB 'B' 75 0.05 1,417 SEK ICA Gruppen AB1 37 0.02 3,561 SEK Industrivarden AB 'C' 64 0.04 9,134 SEK Investor AB 'B' 324 0.21 4,442 SEK Kinnevik AB 'B' 132 0.09 1,364 SEK L E Lundbergforetagen AB 'B' 38 0.03 4,018 SEK Lundin Petroleum AB 109 0.07 58,924 SEK Nordea Bank AB 485 0.31 22,503 SEK Sandvik AB 334 0.22 6,880 SEK Securitas AB 'B' 95 0.06 28,885 SEK Skandinaviska Enskilda Banken AB 'A' 223 0.14 6,474 SEK Skanska AB 'B' 102 0.07 7,771 SEK SKF AB 'B' 129 0.08 30,791 SEK Svenska Handelsbanken AB 'A' 289 0.19 18,140 SEK Swedbank AB 'A' 322 0.21 3,448 SEK Swedish Match AB 140 0.09 8,023 SEK Tele2 AB 'B' 84 0.05 61,176 SEK Telefonaktiebolaget LM Ericsson 'B'1 379 0.25 54,540 SEK Telia Co. AB 219 0.14 31,140 SEK Volvo AB 'B' 458 0.30 Total Sweden 6,249 4.05

Switzerland (31 May 2017: 13.30%) 34,704 CHF ABB Ltd.1 674 0.44 3,095 CHF Adecco Group AG 159 0.10 1,035 CHF Baloise Holding AG 130 0.08 39 CHF Barry Callebaut AG 59 0.04

243



As at 31 May 2018




Switzerland (continued) 19 CHF Chocoladefabriken Lindt & Spruengli AG 104 0.07 2 CHF Chocoladefabriken Lindt & Spruengli AG, Registered 130 0.08 10,025 CHF Cie Financiere Richemont SA 789 0.51 4,408 CHF Clariant AG1 91 0.06 3,834 GBP Coca-Cola HBC AG 112 0.07 47,898 CHF Credit Suisse Group AG1 627 0.41 744 CHF Dufry AG 87 0.06 150 CHF EMS-Chemie Holding AG 81 0.05 730 CHF Geberit AG 271 0.18 181 CHF Givaudan SA 346 0.22 4,250 CHF Julius Baer Group Ltd.1 213 0.14 1,141 CHF Kuehne + Nagel International AG1 148 0.10 9,157 CHF LafargeHolcim Ltd.1 403 0.26 1,404 CHF Lonza Group AG1 323 0.21 59,276 CHF Nestle SA 3,842 2.49 42,395 CHF Novartis AG 2,695 1.75 747 CHF Pargesa Holding SA 56 0.04 359 CHF Partners Group Holding AG 223 0.14 13,436 CHF Roche Holding AG 2,471 1.60 853 CHF Schindler Holding AG 155 0.10 386 CHF Schindler Holding AG, Registered 68 0.04 101 CHF SGS SA1 224 0.14 40 CHF Sika AG1 274 0.18 1,002 CHF Sonova Holding AG1 150 0.10 207 CHF Straumann Holding AG 117 0.08 575 CHF Swatch Group AG (The)1 240 0.15 1,190 CHF Swatch Group AG (The), Registered1 91 0.06 614 CHF Swiss Life Holding AG1 180 0.12 1,305 CHF Swiss Prime Site AG 105 0.07 6,039 CHF Swiss Re AG1 448 0.29 487 CHF Swisscom AG 187 0.12 71,388 CHF UBS Group AG 924 0.60 1,036 CHF Vifor Pharma AG1 138 0.09 2,907 CHF Zurich Insurance Group AG 740 0.48 Total Switzerland 18,075 11.72

United Kingdom (31 May 2017: 25.34%) 18,425 GBP 3i Group plc 200 0.13 4,209 GBP Admiral Group plc 92 0.06 25,524 GBP Anglo American plc1 523 0.34 7,516 GBP Antofagasta plc 90 0.06 9,578 GBP Ashtead Group plc 255 0.17 7,120 GBP Associated British Foods plc 215 0.14 24,170 GBP AstraZeneca plc 1,506 0.98 18,118 GBP Auto Trader Group plc 73 0.05 77,507 GBP Aviva plc 451 0.29 4,912 GBP Babcock International Group plc 47 0.03 60,369 GBP BAE Systems plc1 440 0.29 327,664 GBP Barclays plc 737 0.48 18,876 GBP Barratt Developments plc 117 0.08 2,389 GBP Berkeley Group Holdings plc 116 0.07 40,599 GBP BHP Billiton plc 800 0.52 379,862 GBP BP plc 2,495 1.62

244



As at 31 May 2018




United Kingdom (continued) 44,167 GBP British American Tobacco plc1 1,948 1.26 20,226 GBP British Land Co. plc (The), REIT 156 0.10 161,517 GBP BT Group plc1 377 0.24 6,270 GBP Bunzl plc 164 0.11 8,143 GBP Burberry Group plc 192 0.12 3,543 GBP Carnival plc1 195 0.13 112,224 GBP Centrica plc 187 0.12 50,556 GBP Cobham plc 72 0.05 4,086 EUR Coca-Cola European Partners plc 133 0.09 30,197 GBP Compass Group plc1 557 0.36 25,311 GBP ConvaTec Group plc 67 0.04 2,461 GBP Croda International plc 131 0.08 47,470 GBP Diageo plc 1,495 0.97 28,421 GBP Direct Line Insurance Group plc 116 0.07 3,530 GBP easyJet plc 69 0.04 4,018 GBP Fresnillo plc 61 0.04 28,341 GBP G4S plc 87 0.06 93,902 GBP GlaxoSmithKline plc1 1,631 1.06 16,879 GBP Hammerson plc, REIT 105 0.07 4,765 GBP Hargreaves Lansdown plc 104 0.07 383,977 GBP HSBC Holdings plc 3,154 2.04 5,653 GBP IMI plc 75 0.05 18,307 GBP Imperial Brands plc 566 0.37 3,411 GBP InterContinental Hotels Group plc1 187 0.12 3,047 GBP Intertek Group plc1 190 0.12 14,076 GBP Investec plc 89 0.06 68,063 GBP ITV plc 126 0.08 34,186 GBP J Sainsbury plc 124 0.08 14,481 GBP John Wood Group plc 111 0.07 3,587 GBP Johnson Matthey plc 144 0.09 40,834 GBP Kingfisher plc 142 0.09 14,059 GBP Land Securities Group plc, REIT 149 0.10 112,643 GBP Legal & General Group plc 346 0.22 1,373,976 GBP Lloyds Banking Group plc 990 0.64 5,921 GBP London Stock Exchange Group plc 302 0.20 30,342 GBP Marks & Spencer Group plc 98 0.06 6,905 GBP Mediclinic International plc 48 0.03 17,080 GBP Meggitt plc 96 0.06 93,341 GBP Melrose Industries plc1 251 0.16 16,575 GBP Merlin Entertainments plc 69 0.04 8,180 GBP Micro Focus International plc 124 0.08 6,908 GBP Mondi plc 164 0.11 65,566 GBP National Grid plc1 623 0.40 2,782 GBP Next plc 184 0.12 93,482 GBP Old Mutual plc 256 0.17 15,293 GBP Pearson plc 157 0.10 5,806 GBP Persimmon plc 187 0.12 49,376 GBP Prudential plc1 1,019 0.66 12,981 GBP Reckitt Benckiser Group plc 852 0.55 20,344 GBP RELX plc 383 0.25 23,389 GBP Rio Tinto plc 1,130 0.73 31,198 GBP Rolls-Royce Holdings plc1 293 0.19 2,215,058 GBP Rolls-Royce plc, Preference 3 – 67,610 GBP Royal Bank of Scotland Group plc1 212 0.14

245



As at 31 May 2018




United Kingdom (continued) 81,393 GBP Royal Dutch Shell plc 'A' 2,419 1.57 6,525 EUR Royal Dutch Shell plc 'A' 194 0.13 72,011 GBP Royal Dutch Shell plc 'B' 2,197 1.42 16,944 GBP Royal Mail plc 98 0.06 19,089 GBP RSA Insurance Group plc 142 0.09 20,329 GBP Sage Group plc (The) 154 0.10 2,320 GBP Schroders plc1 86 0.06 18,692 GBP Segro plc, REIT 139 0.09 4,305 GBP Severn Trent plc 98 0.06 19,501 GBP Sky plc 299 0.19 16,325 GBP Smith & Nephew plc 255 0.17 7,454 GBP Smiths Group plc 150 0.10 19,898 GBP SSE plc 310 0.20 9,995 GBP St James's Place plc 136 0.09 63,241 GBP Standard Chartered plc1 544 0.35 50,197 GBP Standard Life Aberdeen plc 201 0.13 61,627 GBP Taylor Wimpey plc 134 0.09 185,523 GBP Tesco plc1 520 0.34 5,615 GBP Travis Perkins plc 86 0.06 23,797 GBP Unilever plc 1,125 0.73 12,656 GBP United Utilities Group plc 112 0.07 509,214 GBP Vodafone Group plc 1,113 0.72 4,793 GBP Weir Group plc (The) 120 0.08 3,465 GBP Whitbread plc 166 0.11 41,804 GBP Wm Morrison Supermarkets plc 117 0.08 Total United Kingdom 39,763 25.78



Futures contracts


14 GBP 140 FTSE 100 Index 15/06/2018 41 0.02 Total United Kingdom 41 0.02


Germany (31 May 2017: (0.01)%)

55 EUR 550 EURO STOXX 50 Index 15/06/2018 (16) (0.01) Total Germany (16) (0.01)

246



As at 31 May 2018



Switzerland (31 May 2017: 0.00%)2

6 CHF 60 Swiss Market Index 15/06/2018 (16) (0.01) Total Switzerland (16) (0.01)


Fair Value EUR '000


Total financial assets at fair value through profit or loss 150,892 97.82 Total financial liabilities at fair value through profit or loss (32) (0.02) Cash 3,148 2.04 Other assets and liabilities 240 0.16 Net asset value attributable to redeemable participating unitholders 154,248 100.00


Assets Transferable securities admitted to official stock exchange listing 97.35 Financial derivative instruments dealt in on a regulated market 0.03 Other assets 2.62

Total assets 100.00

1 Security fully or partially on loan. 2 Prior year percentage of net asset value rounds to 0.00%.


On losses EUR '000


247

iSHARES JAPAN INDEX FUND (IE)


As at 31 May 2018



Equities (31 May 2017: 99.38%)

Japan (31 May 2017: 99.38%) 11,370 JPY ABC-Mart, Inc.1 701 0.05 136,500 JPY Acom Co. Ltd. 574 0.04 230,270 JPY Aeon Co. Ltd.1 4,576 0.33 42,554 JPY AEON Financial Service Co. Ltd.1 995 0.07 40,590 JPY Aeon Mall Co. Ltd.1 786 0.06 52,580 JPY Air Water, Inc.1 1,025 0.07 66,752 JPY Aisin Seiki Co. Ltd. 3,367 0.25 205,026 JPY Ajinomoto Co., Inc. 3,924 0.29 70,952 JPY Alfresa Holdings Corp. 1,798 0.13 74,800 JPY Alps Electric Co. Ltd.1 1,779 0.13 129,779 JPY Amada Holdings Co. Ltd. 1,414 0.10 43,738 JPY ANA Holdings, Inc. 1,764 0.13 44,665 JPY Aozora Bank Ltd. 1,772 0.13 75,379 JPY Asahi Glass Co. Ltd.1 3,094 0.23 146,020 JPY Asahi Group Holdings Ltd. 7,655 0.56 476,301 JPY Asahi Kasei Corp. 6,556 0.48 60,724 JPY Asics Corp.1 1,015 0.07 779,940 JPY Astellas Pharma, Inc.1 11,949 0.87 75,356 JPY Bandai Namco Holdings, Inc. 3,211 0.23 23,597 JPY Bank of Kyoto Ltd. (The)1 1,238 0.09 27,576 JPY Benesse Holdings, Inc.1 1,005 0.07 245,473 JPY Bridgestone Corp. 9,862 0.72 89,017 JPY Brother Industries Ltd.1 1,868 0.14 28,100 JPY Calbee, Inc. 1,027 0.08 402,553 JPY Canon, Inc.1 13,761 1.00 68,293 JPY Casio Computer Co. Ltd.1 1,047 0.08 54,400 JPY Central Japan Railway Co.1 11,271 0.82 264,250 JPY Chiba Bank Ltd. (The)1 2,043 0.15 243,060 JPY Chubu Electric Power Co., Inc.1 3,771 0.28 84,483 JPY Chugai Pharmaceutical Co. Ltd. 4,782 0.35 98,569 JPY Chugoku Electric Power Co., Inc. (The)1 1,291 0.09 46,700 JPY Coca-Cola Bottlers Japan Holdings, Inc.1 1,971 0.14 461,552 JPY Concordia Financial Group Ltd. 2,604 0.19 56,327 JPY Credit Saison Co. Ltd.1 937 0.07 34,500 JPY CYBERDYNE, Inc.1 444 0.03 97,878 JPY Dai Nippon Printing Co. Ltd.1 2,110 0.15 110,095 JPY Daicel Corp.1 1,248 0.09 37,300 JPY Daifuku Co. Ltd.1 1,940 0.14 406,800 JPY Dai-ichi Life Holdings, Inc. 7,603 0.55 213,966 JPY Daiichi Sankyo Co. Ltd. 6,883 0.50 94,047 JPY Daikin Industries Ltd.1 10,890 0.79 26,089 JPY Daito Trust Construction Co. Ltd. 4,267 0.31 213,694 JPY Daiwa House Industry Co. Ltd. 7,763 0.57 649 JPY Daiwa House REIT Investment Corp. 1,533 0.11 609,432 JPY Daiwa Securities Group, Inc. 3,543 0.26 41,100 JPY DeNA Co. Ltd.1 792 0.06 179,783 JPY Denso Corp. 8,754 0.64 81,637 JPY Dentsu, Inc.1 3,907 0.29 10,800 JPY Disco Corp. 2,043 0.15 44,800 JPY Don Quijote Holdings Co. Ltd.1 2,392 0.17 123,691 JPY East Japan Railway Co.1 12,244 0.89 100,689 JPY Eisai Co. Ltd. 7,300 0.53 55,229 JPY Electric Power Development Co. Ltd. 1,470 0.11 31,040 JPY FamilyMart UNY Holdings Co. Ltd.1 3,228 0.24 73,140 JPY FANUC Corp.1 15,665 1.14 20,537 JPY Fast Retailing Co. Ltd.1 9,022 0.66 211,352 JPY Fuji Electric Co. Ltd.1 1,512 0.11

248



As at 31 May 2018




Japan (continued) 155,358 JPY FUJIFILM Holdings Corp.1 5,980 0.44 742,368 JPY Fujitsu Ltd. 4,556 0.33 291,994 JPY Fukuoka Financial Group, Inc. 1,564 0.11 132,106 JPY Hachijuni Bank Ltd. (The) 587 0.04 88,050 JPY Hakuhodo DY Holdings, Inc. 1,339 0.10 53,700 JPY Hamamatsu Photonics KK1 2,335 0.17 91,100 JPY Hankyu Hanshin Holdings, Inc. 3,765 0.27 8,400 JPY Hikari Tsushin, Inc. 1,495 0.11 91,048 JPY Hino Motors Ltd. 1,023 0.07 11,803 JPY Hirose Electric Co. Ltd.1 1,539 0.11 23,291 JPY Hisamitsu Pharmaceutical Co., Inc.1 1,942 0.14 36,810 JPY Hitachi Chemical Co. Ltd.1 795 0.06 41,044 JPY Hitachi Construction Machinery Co. Ltd.1 1,519 0.11 25,936 JPY Hitachi High-Technologies Corp.1 1,185 0.09 1,823,353 JPY Hitachi Ltd. 13,369 0.97 80,874 JPY Hitachi Metals Ltd.1 892 0.07 649,318 JPY Honda Motor Co. Ltd.1 20,601 1.50 20,500 JPY Hoshizaki Corp.1 2,062 0.15 145,590 JPY Hoya Corp. 8,674 0.63 117,500 JPY Hulic Co. Ltd. 1,208 0.09 46,624 JPY Idemitsu Kosan Co. Ltd.1 1,569 0.11 58,336 JPY IHI Corp. 2,199 0.16 55,500 JPY Iida Group Holdings Co. Ltd.1 1,062 0.08 376,900 JPY Inpex Corp. 4,211 0.31 127,115 JPY Isetan Mitsukoshi Holdings Ltd.1 1,572 0.11 208,071 JPY Isuzu Motors Ltd. 2,794 0.20 564,645 JPY ITOCHU Corp.1 10,633 0.78 91,919 JPY J Front Retailing Co. Ltd. 1,451 0.11 44,000 JPY Japan Airlines Co. Ltd. 1,708 0.12 16,900 JPY Japan Airport Terminal Co. Ltd.1 781 0.06 196,770 JPY Japan Exchange Group, Inc. 3,747 0.27 152,800 JPY Japan Post Bank Co. Ltd.1 1,914 0.14 594,300 JPY Japan Post Holdings Co. Ltd. 6,821 0.50 326 JPY Japan Prime Realty Investment Corp., REIT 1,187 0.09 494 JPY Japan Real Estate Investment Corp., REIT 2,596 0.19 1,006 JPY Japan Retail Fund Investment Corp., REIT 1,828 0.13 415,000 JPY Japan Tobacco, Inc.1 11,215 0.82 197,101 JPY JFE Holdings, Inc. 4,086 0.30 78,205 JPY JGC Corp.1 1,636 0.12 72,566 JPY JSR Corp. 1,419 0.10 84,165 JPY JTEKT Corp. 1,229 0.09 1,196,975 JPY JXTG Holdings, Inc. 7,744 0.56 339,209 JPY Kajima Corp. 2,772 0.20 50,000 JPY Kakaku.com, Inc.1 1,090 0.08 41,882 JPY Kamigumi Co. Ltd. 918 0.07 105,449 JPY Kaneka Corp. 1,087 0.08 265,627 JPY Kansai Electric Power Co., Inc. (The) 3,829 0.28 77,115 JPY Kansai Paint Co. Ltd.1 1,658 0.12 186,764 JPY Kao Corp.1 14,512 1.06 56,758 JPY Kawasaki Heavy Industries Ltd.1 1,727 0.13 683,320 JPY KDDI Corp. 18,526 1.35 36,400 JPY Keihan Holdings Co. Ltd.1 1,235 0.09 90,471 JPY Keikyu Corp.1 1,526 0.11 43,673 JPY Keio Corp.1 2,034 0.15 52,216 JPY Keisei Electric Railway Co. Ltd. 1,776 0.13 36,696 JPY Keyence Corp. 22,573 1.65 55,569 JPY Kikkoman Corp. 2,629 0.19

249



As at 31 May 2018




Japan (continued) 68,352 JPY Kintetsu Group Holdings Co. Ltd.1 2,866 0.21 327,576 JPY Kirin Holdings Co. Ltd. 9,332 0.68 120,230 JPY Kobe Steel Ltd. 1,210 0.09 42,447 JPY Koito Manufacturing Co. Ltd.1 3,129 0.23 348,412 JPY Komatsu Ltd.1 11,503 0.84 35,199 JPY Konami Holdings Corp.1 1,656 0.12 180,199 JPY Konica Minolta, Inc.1 1,649 0.12 11,400 JPY Kose Corp.1 2,484 0.18 398,024 JPY Kubota Corp. 6,715 0.49 133,888 JPY Kuraray Co. Ltd. 2,056 0.15 38,080 JPY Kurita Water Industries Ltd. 1,097 0.08 121,142 JPY Kyocera Corp. 7,199 0.52 97,846 JPY Kyowa Hakko Kirin Co. Ltd. 2,007 0.15 161,001 JPY Kyushu Electric Power Co., Inc.1 1,906 0.14 114,700 JPY Kyushu Financial Group, Inc. 550 0.04 60,400 JPY Kyushu Railway Co. 1,926 0.14 17,587 JPY Lawson, Inc.1 1,148 0.08 23,100 JPY LINE Corp. 840 0.06 84,600 JPY Lion Corp. 1,552 0.11 100,395 JPY LIXIL Group Corp. 2,223 0.16 79,400 JPY M3, Inc.1 3,329 0.24 18,562 JPY Mabuchi Motor Co. Ltd.1 863 0.06 84,522 JPY Makita Corp. 3,781 0.28 622,946 JPY Marubeni Corp. 4,865 0.35 75,701 JPY Marui Group Co. Ltd.1 1,541 0.11 19,945 JPY Maruichi Steel Tube Ltd.1 662 0.05 214,542 JPY Mazda Motor Corp.1 2,705 0.20 25,044 JPY McDonald's Holdings Co. Japan Ltd.1 1,263 0.09 382,437 JPY Mebuki Financial Group, Inc.1 1,394 0.10 65,872 JPY Medipal Holdings Corp. 1,522 0.11 46,114 JPY MEIJI Holdings Co. Ltd.1 3,935 0.29 145,000 JPY MINEBEA MITSUMI, Inc. 2,760 0.20 106,900 JPY MISUMI Group, Inc. 3,099 0.23 539,929 JPY Mitsubishi Chemical Holdings Corp.1 5,009 0.37 569,993 JPY Mitsubishi Corp. 15,902 1.16 729,102 JPY Mitsubishi Electric Corp. 10,368 0.76 472,364 JPY Mitsubishi Estate Co. Ltd.1 8,591 0.63 65,530 JPY Mitsubishi Gas Chemical Co., Inc. 1,677 0.12 120,967 JPY Mitsubishi Heavy Industries Ltd.1 4,587 0.33 42,167 JPY Mitsubishi Materials Corp.1 1,174 0.09 253,004 JPY Mitsubishi Motors Corp.1 1,919 0.14 85,285 JPY Mitsubishi Tanabe Pharma Corp. 1,531 0.11 4,498,889 JPY Mitsubishi UFJ Financial Group, Inc. 27,156 1.98 169,040 JPY Mitsubishi UFJ Lease & Finance Co. Ltd.1 1,013 0.07 643,988 JPY Mitsui & Co. Ltd. 11,363 0.83 69,417 JPY Mitsui Chemicals, Inc.1 2,013 0.15 336,714 JPY Mitsui Fudosan Co. Ltd. 8,476 0.62 43,488 JPY Mitsui OSK Lines Ltd.1 1,152 0.08 14,600 JPY Mixi, Inc. 458 0.03 9,100,817 JPY Mizuho Financial Group, Inc.1 15,891 1.16 179,079 JPY MS&AD Insurance Group Holdings, Inc. 5,710 0.42 72,231 JPY Murata Manufacturing Co. Ltd. 10,760 0.78 43,100 JPY Nabtesco Corp.1 1,412 0.10 69,500 JPY Nagoya Railroad Co. Ltd.1 1,790 0.13 98,287 JPY NEC Corp. 2,777 0.20 149,900 JPY Nexon Co. Ltd.1 2,485 0.18 98,834 JPY NGK Insulators Ltd. 1,808 0.13

250



As at 31 May 2018




Japan (continued) 60,121 JPY NGK Spark Plug Co. Ltd.1 1,649 0.12 34,300 JPY NH Foods Ltd.1 1,413 0.10 90,004 JPY Nidec Corp.1 13,988 1.02 128,531 JPY Nikon Corp.1 2,088 0.15 42,792 JPY Nintendo Co. Ltd.1 17,724 1.29 506 JPY Nippon Building Fund, Inc., REIT 2,841 0.21 29,700 JPY Nippon Electric Glass Co. Ltd. 807 0.06 30,157 JPY Nippon Express Co. Ltd. 2,273 0.17 61,400 JPY Nippon Paint Holdings Co. Ltd.1 2,574 0.19 607 JPY Nippon Prologis REIT, Inc. 1,268 0.09 286,822 JPY Nippon Steel & Sumitomo Metal Corp. 6,026 0.44 260,980 JPY Nippon Telegraph & Telephone Corp. 12,265 0.89 60,951 JPY Nippon Yusen KK 1,245 0.09 45,600 JPY Nissan Chemical Industries Ltd.1 2,149 0.16 875,852 JPY Nissan Motor Co. Ltd.1 8,711 0.64 75,011 JPY Nisshin Seifun Group, Inc.1 1,588 0.12 22,239 JPY Nissin Foods Holdings Co. Ltd.1 1,658 0.12 30,262 JPY Nitori Holdings Co. Ltd.1 5,213 0.38 62,234 JPY Nitto Denko Corp. 4,903 0.36 37,702 JPY NOK Corp.1 710 0.05 1,370,147 JPY Nomura Holdings, Inc. 7,114 0.52 43,854 JPY Nomura Real Estate Holdings, Inc.1 1,031 0.08 1,421 JPY Nomura Real Estate Master Fund, Inc., REIT1 1,993 0.15 49,790 JPY Nomura Research Institute Ltd.1 2,511 0.18 145,607 JPY NSK Ltd. 1,661 0.12 238,100 JPY NTT Data Corp.1 2,667 0.19 515,000 JPY NTT DOCOMO, Inc.1 13,358 0.97 245,030 JPY Obayashi Corp.1 2,479 0.18 24,400 JPY Obic Co. Ltd.1 2,116 0.15 111,259 JPY Odakyu Electric Railway Co. Ltd.1 2,412 0.18 325,015 JPY Oji Holdings Corp. 2,139 0.16 109,875 JPY Olympus Corp.1 3,904 0.28 72,673 JPY Omron Corp.1 3,833 0.28 153,710 JPY Ono Pharmaceutical Co. Ltd.1 3,819 0.28 15,094 JPY Oracle Corp. Japan 1,152 0.08 82,332 JPY Oriental Land Co. Ltd.1 8,450 0.62 499,610 JPY ORIX Corp. 8,399 0.61 141,525 JPY Osaka Gas Co. Ltd.1 3,093 0.23 39,594 JPY Otsuka Corp.1 1,638 0.12 147,300 JPY Otsuka Holdings Co. Ltd. 7,347 0.54 832,985 JPY Panasonic Corp. 11,420 0.83 41,500 JPY Park24 Co. Ltd.1 1,122 0.08 67,600 JPY Persol Holdings Co. Ltd. 1,452 0.11 35,200 JPY Pola Orbis Holdings, Inc. 1,746 0.13 351,800 JPY Rakuten, Inc.1 2,369 0.17 415,900 JPY Recruit Holdings Co. Ltd. 11,599 0.85 314,500 JPY Renesas Electronics Corp.1 3,132 0.23 833,032 JPY Resona Holdings, Inc. 4,653 0.34 267,017 JPY Ricoh Co. Ltd.1 2,423 0.18 11,810 JPY Rinnai Corp. 1,131 0.08 35,620 JPY Rohm Co. Ltd. 3,308 0.24 9,000 JPY Ryohin Keikaku Co. Ltd. 3,065 0.22 16,318 JPY Sankyo Co. Ltd. 648 0.05 138,030 JPY Santen Pharmaceutical Co. Ltd. 2,410 0.18 76,280 JPY SBI Holdings, Inc. 2,088 0.15 79,243 JPY Secom Co. Ltd.1 5,922 0.43 61,673 JPY Sega Sammy Holdings, Inc.1 1,092 0.08

251



As at 31 May 2018




Japan (continued) 83,900 JPY Seibu Holdings, Inc.1 1,383 0.10 105,600 JPY Seiko Epson Corp. 1,855 0.14 151,087 JPY Sekisui Chemical Co. Ltd.1 2,486 0.18 221,532 JPY Sekisui House Ltd. 3,960 0.29 284,334 JPY Seven & i Holdings Co. Ltd. 12,617 0.92 242,000 JPY Seven Bank Ltd.1 766 0.06 64,200 JPY Sharp Corp.1 1,711 0.12 94,923 JPY Shimadzu Corp. 2,625 0.19 8,466 JPY Shimamura Co. Ltd.1 867 0.06 27,944 JPY Shimano, Inc.1 3,958 0.29 208,242 JPY Shimizu Corp. 2,041 0.15 146,722 JPY Shin-Etsu Chemical Co. Ltd. 14,707 1.07 64,368 JPY Shinsei Bank Ltd.1 1,019 0.07 111,788 JPY Shionogi & Co. Ltd. 5,879 0.43 143,379 JPY Shiseido Co. Ltd. 11,384 0.83 194,735 JPY Shizuoka Bank Ltd. (The)1 1,884 0.14 60,884 JPY Showa Shell Sekiyu KK1 811 0.06 21,568 JPY SMC Corp.1 8,225 0.60 311,446 JPY SoftBank Group Corp. 22,259 1.62 27,000 JPY Sohgo Security Services Co. Ltd. 1,239 0.09 133,254 JPY Sompo Holdings, Inc.1 5,804 0.42 477,139 JPY Sony Corp.1 22,661 1.65 68,500 JPY Sony Financial Holdings, Inc.1 1,262 0.09 53,148 JPY Stanley Electric Co. Ltd. 1,817 0.13 70,600 JPY Start Today Co. Ltd. 2,460 0.18 232,140 JPY Subaru Corp. 7,115 0.52 88,500 JPY SUMCO Corp.1 2,158 0.16 593,840 JPY Sumitomo Chemical Co. Ltd.1 3,602 0.26 448,234 JPY Sumitomo Corp. 7,540 0.55 60,062 JPY Sumitomo Dainippon Pharma Co. Ltd.1 1,251 0.09 284,582 JPY Sumitomo Electric Industries Ltd. 4,308 0.31 44,078 JPY Sumitomo Heavy Industries Ltd. 1,562 0.11 93,295 JPY Sumitomo Metal Mining Co. Ltd.1 3,577 0.26 507,045 JPY Sumitomo Mitsui Financial Group, Inc. 21,015 1.53 125,153 JPY Sumitomo Mitsui Trust Holdings, Inc. 5,232 0.38 135,106 JPY Sumitomo Realty & Development Co. Ltd. 5,115 0.37 66,146 JPY Sumitomo Rubber Industries Ltd. 1,111 0.08 27,900 JPY Sundrug Co. Ltd. 1,271 0.09 52,500 JPY Suntory Beverage & Food Ltd. 2,339 0.17 60,254 JPY Suruga Bank Ltd. 697 0.05 27,571 JPY Suzuken Co. Ltd. 1,238 0.09 129,730 JPY Suzuki Motor Corp.1 7,477 0.55 61,528 JPY Sysmex Corp.1 5,556 0.41 197,738 JPY T&D Holdings, Inc.1 3,125 0.23 45,600 JPY Taiheiyo Cement Corp. 1,691 0.12 76,230 JPY Taisei Corp. 4,203 0.31 11,913 JPY Taisho Pharmaceutical Holdings Co. Ltd.1 1,269 0.09 46,200 JPY Taiyo Nippon Sanso Corp.1 686 0.05 106,676 JPY Takashimaya Co. Ltd. 893 0.07 268,601 JPY Takeda Pharmaceutical Co. Ltd. 11,007 0.80 48,892 JPY TDK Corp.1 4,401 0.32 70,631 JPY Teijin Ltd.1 1,373 0.10 121,828 JPY Terumo Corp.1 7,244 0.53 45,686 JPY THK Co. Ltd.1 1,627 0.12 73,027 JPY Tobu Railway Co. Ltd. 2,269 0.17 42,741 JPY Toho Co. Ltd.1 1,487 0.11 29,607 JPY Toho Gas Co. Ltd.1 936 0.07

252



As at 31 May 2018




Japan (continued) 170,726 JPY Tohoku Electric Power Co., Inc. 2,183 0.16 254,046 JPY Tokio Marine Holdings, Inc.1 12,253 0.89 545,743 JPY Tokyo Electric Power Co. Holdings, Inc. 2,597 0.19 59,193 JPY Tokyo Electron Ltd.1 11,115 0.81 146,889 JPY Tokyo Gas Co. Ltd. 4,009 0.29 72,300 JPY Tokyo Tatemono Co. Ltd.1 1,004 0.07 200,396 JPY Tokyu Corp.1 3,567 0.26 193,470 JPY Tokyu Fudosan Holdings Corp.1 1,432 0.10 198,928 JPY Toppan Printing Co. Ltd.1 1,626 0.12 554,007 JPY Toray Industries, Inc.1 4,543 0.33 2,460,788 JPY Toshiba Corp. 6,931 0.51 110,400 JPY Tosoh Corp. 1,941 0.14 53,417 JPY TOTO Ltd. 2,802 0.20 58,100 JPY Toyo Seikan Group Holdings Ltd.1 977 0.07 34,455 JPY Toyo Suisan Kaisha Ltd. 1,232 0.09 22,248 JPY Toyoda Gosei Co. Ltd.1 587 0.04 61,517 JPY Toyota Industries Corp.1 3,601 0.26 981,891 JPY Toyota Motor Corp. 62,549 4.56 80,112 JPY Toyota Tsusho Corp. 2,773 0.20 44,955 JPY Trend Micro, Inc. 2,557 0.19 13,900 JPY Tsuruha Holdings, Inc.1 2,071 0.15 152,273 JPY Unicharm Corp.1 4,739 0.35 1,156 JPY United Urban Investment Corp., REIT1 1,775 0.13 83,380 JPY USS Co. Ltd. 1,582 0.12 62,100 JPY West Japan Railway Co.1 4,474 0.33 537,400 JPY Yahoo Japan Corp.1 1,959 0.14 41,938 JPY Yakult Honsha Co. Ltd. 2,764 0.20 244,790 JPY Yamada Denki Co. Ltd.1 1,271 0.09 76,886 JPY Yamaguchi Financial Group, Inc.1 929 0.07 63,235 JPY Yamaha Corp.1 3,306 0.24 105,671 JPY Yamaha Motor Co. Ltd.1 3,064 0.22 131,894 JPY Yamato Holdings Co. Ltd.1 3,793 0.28 49,896 JPY Yamazaki Baking Co. Ltd.1 1,084 0.08 95,564 JPY Yaskawa Electric Corp.1 3,870 0.28 86,406 JPY Yokogawa Electric Corp.1 1,582 0.12 45,200 JPY Yokohama Rubber Co. Ltd. (The) 986 0.07 Total Japan 1,361,871 99.27



Futures contracts

Japan (31 May 2017: 0.00%)2

85 JPY 850,000 TOPIX Index 07/06/2018 (76) (0.01) Total Japan (76) (0.01)


253



As at 31 May 2018

Fair Value USD '000




Assets Transferable securities admitted to an official stock exchange listing 98.92 Other assets 1.08 Total assets 100.00

1 Security fully or partially on loan. 2 Prior year percentage of net asset value rounds to 0.00%.


On losses USD '000


254

iSHARES NORTH AMERICA INDEX FUND (IE)


As at 31 May 2018



Equities (31 May 2017: 99.30%)

Bermuda (31 May 2017: 0.48%) 13,707 USD Arch Capital Group Ltd. 1,075 0.04 16,694 USD Athene Holding Ltd. 'A' 746 0.03 25,392 USD Axalta Coating Systems Ltd. 790 0.03 9,254 USD Axis Capital Holdings Ltd. 526 0.02 14,740 USD Bunge Ltd. 1,025 0.04 4,518 USD Everest Re Group Ltd. 1,018 0.04 41,806 USD IHS Markit Ltd.1 2,060 0.07 42,607 USD Invesco Ltd. 1,164 0.04 38,165 USD Marvell Technology Group Ltd.1 822 0.03 23,013 USD Norwegian Cruise Line Holdings Ltd. 1,205 0.04 5,289 USD RenaissanceRe Holdings Ltd. 649 0.02 24,905 USD XL Group Ltd. 1,384 0.05 Total Bermuda 12,464 0.45

British Virgin Islands (31 May 2017: 0.03%) 15,876 USD Michael Kors Holdings Ltd. 911 0.03 Total British Virgin Islands 911 0.03

Canada (31 May 2017: 5.44%) 27,736 CAD Agnico Eagle Mines Ltd. 1,244 0.04 44,057 CAD Alimentation Couche-Tard, Inc. 'B' 1,839 0.07 16,459 CAD AltaGas Ltd.1 323 0.01 41,787 CAD ARC Resources Ltd.1 430 0.02 8,686 CAD Atco Ltd. 'I' 264 0.01 70,790 CAD Bank of Montreal 5,481 0.20 125,466 CAD Bank of Nova Scotia (The) 7,567 0.27 120,979 CAD Barrick Gold Corp.1 1,592 0.06 13,674 CAD BCE, Inc. 569 0.02 56,895 CAD BlackBerry Ltd.1 673 0.02 248,754 CAD Bombardier, Inc. 'B' 936 0.03 87,935 CAD Brookfield Asset Management, Inc. 'A'1 3,505 0.13 26,581 CAD CAE, Inc. 560 0.02 47,501 CAD Cameco Corp. 491 0.02 48,170 CAD Canadian Imperial Bank of Commerce 4,204 0.15 78,653 CAD Canadian National Railway Co. 6,564 0.24 130,047 CAD Canadian Natural Resources Ltd. 4,500 0.16 15,299 CAD Canadian Pacific Railway Ltd. 2,949 0.11 6,796 CAD Canadian Tire Corp. Ltd. 'A' 865 0.03 14,212 CAD Canadian Utilities Ltd. 'A' 345 0.01 16,435 CAD CCL Industries, Inc. 'B'. 813 0.03 105,337 CAD Cenovus Energy, Inc. 1,111 0.04 27,409 CAD CGI Group, Inc. 'A' 1,684 0.06 25,592 CAD CI Financial Corp. 496 0.02 2,240 CAD Constellation Software, Inc.1 1,763 0.06 59,574 CAD Crescent Point Energy Corp.1 479 0.02 11,190 CAD Dollarama, Inc. 1,291 0.05 45,644 CAD Element Fleet Management Corp. 191 0.01 5,737 CAD Emera, Inc. 179 0.01 18,981 CAD Empire Co. Ltd. 'A' 365 0.01 178,971 CAD Enbridge, Inc. 5,559 0.20 97,224 CAD Encana Corp. 1,237 0.04 2,944 CAD Fairfax Financial Holdings Ltd. 1,652 0.06 21,012 CAD Finning International, Inc. 522 0.02

255



As at 31 May 2018




Canada (continued) 13,669 CAD First Capital Realty, Inc. 221 0.01 74,528 CAD First Quantum Minerals Ltd. 1,169 0.04 43,766 CAD Fortis, Inc.1 1,398 0.05 18,602 CAD Franco-Nevada Corp. 1,311 0.05 4,054 CAD George Weston Ltd. 329 0.01 20,584 CAD Gildan Activewear, Inc. 596 0.02 85,681 CAD Goldcorp, Inc. 1,224 0.04 27,219 CAD Great-West Lifeco, Inc. 691 0.03 23,815 CAD H&R Real Estate Investment Trust 371 0.01 42,013 CAD Husky Energy, Inc.1 606 0.02 34,251 CAD Hydro One Ltd. 514 0.02 12,343 CAD IGM Financial, Inc. 365 0.01 28,921 CAD Imperial Oil Ltd.1 946 0.03 11,696 CAD Industrial Alliance Insurance & Financial Services, Inc. 478 0.02 15,517 CAD Intact Financial Corp. 1,173 0.04 39,675 CAD Inter Pipeline Ltd. 749 0.03 21,134 CAD Keyera Corp.1 592 0.02 156,481 CAD Kinross Gold Corp. 565 0.02 5,805 CAD Linamar Corp. 291 0.01 22,770 CAD Loblaw Cos. Ltd. 1,177 0.04 79,017 CAD Lundin Mining Corp. 495 0.02 36,804 CAD Magna International, Inc. 2,359 0.08 218,672 CAD Manulife Financial Corp. 4,123 0.15 8,899 CAD Methanex Corp. 608 0.02 27,408 CAD Metro, Inc.1 904 0.03 35,349 CAD National Bank of Canada 1,690 0.06 67,464 CAD Nutrien Ltd. 3,412 0.12 7,306 CAD Onex Corp. 524 0.02 24,326 CAD Open Text Corp. 848 0.03 52,374 CAD Pembina Pipeline Corp. 1,821 0.07 36,937 CAD Power Corp. of Canada 860 0.03 30,482 CAD Power Financial Corp. 759 0.03 20,493 CAD PrairieSky Royalty Ltd.1 422 0.02 23,441 CAD Restaurant Brands International, Inc. 1,384 0.05 20,984 CAD RioCan Real Estate Investment Trust 381 0.01 37,612 CAD Rogers Communications, Inc. 'B' 1,764 0.06 155,464 CAD Royal Bank of Canada 11,745 0.42 19,851 CAD Saputo, Inc.1 690 0.02 27,885 CAD Seven Generations Energy Ltd. 361 0.01 40,274 CAD Shaw Communications, Inc. 'B' 810 0.03 9,161 CAD Shopify, Inc. 'A' 1,358 0.05 7,598 CAD SmartCentres Real Estate Investment Trust1 172 0.01 17,797 CAD SNC-Lavalin Group, Inc.1 776 0.03 64,272 CAD Sun Life Financial, Inc.1 2,655 0.10 173,786 CAD Suncor Energy, Inc. 6,918 0.25 59,041 CAD Teck Resources Ltd. 'B' 1,601 0.06 20,364 CAD TELUS Corp. 716 0.03 31,389 CAD Thomson Reuters Corp. 1,220 0.04 196,869 CAD Toronto-Dominion Bank (The) 11,489 0.41 19,762 CAD Tourmaline Oil Corp.1 394 0.01 91,219 CAD TransCanada Corp. 3,817 0.14 130,524 CAD Turquoise Hill Resources Ltd. 367 0.01 38,957 CAD Valeant Pharmaceuticals International, Inc. 857 0.03 12,712 CAD Vermilion Energy, Inc.1 445 0.02

256



As at 31 May 2018




Canada (continued) 27,618 USD Waste Connections, Inc. 2,123 0.08 8,174 CAD West Fraser Timber Co. Ltd. 594 0.02 50,499 CAD Wheaton Precious Metals Corp. 1,103 0.04 Total Canada 149,574 5.38

Curacao (31 May 2017: 0.42%) 148,848 USD Schlumberger Ltd.1 10,221 0.37 Total Curacao 10,221 0.37

Ireland (31 May 2017: 1.99%) 66,136 USD Accenture plc 'A' 10,300 0.37 17,399 USD Alkermes plc 821 0.03 10,990 USD Allegion plc 840 0.03 35,007 USD Allergan plc 5,279 0.19 46,577 USD Eaton Corp. plc 3,567 0.13 26,563 USD Ingersoll-Rand plc 2,325 0.08 5,867 USD Jazz Pharmaceuticals plc 992 0.03 97,636 USD Johnson Controls International plc 3,277 0.12 144,974 USD Medtronic plc 12,514 0.45 18,054 USD Pentair plc 788 0.03 14,441 USD Perrigo Co. plc 1,056 0.04 29,576 USD Seagate Technology plc 1,667 0.06 13,390 USD Willis Towers Watson plc 2,024 0.07 Total Ireland 45,450 1.63

Jersey (31 May 2017: 0.10%) 27,942 USD Aptiv plc1 2,724 0.10 Total Jersey 2,724 0.10

Liberia (31 May 2017: 0.08%) 18,020 USD Royal Caribbean Cruises Ltd. 1,892 0.07 Total Liberia 1,892 0.07

Netherlands (31 May 2017: 0.25%) 35,231 USD LyondellBasell Industries NV 'A' 3,950 0.14 47,722 USD Mylan NV 1,836 0.07 Total Netherlands 5,786 0.21

Panama (31 May 2017: 0.10%) 36,463 USD Carnival Corp. 2,271 0.08 Total Panama 2,271 0.08

Singapore (31 May 2017: 0.45%) 55,816 USD Flex Ltd. 775 0.03 Total Singapore 775 0.03

Switzerland (31 May 2017: 0.44%) 50,312 USD Chubb Ltd.1 6,575 0.24 11,362 USD Garmin Ltd. 683 0.02

257



As at 31 May 2018




Switzerland (continued) 37,004 USD TE Connectivity Ltd.1 3,444 0.12 Total Switzerland 10,702 0.38

United Kingdom (31 May 2017: 0.39%) 27,444 USD Aon plc 3,839 0.14 24,194 USD Liberty Global plc 'A'1 690 0.02 59,046 USD Liberty Global plc 'C' 1,634 0.06 37,341 USD Nielsen Holdings plc1 1,126 0.04 20,349 USD Sensata Technologies Holding plc 1,040 0.04 46,479 USD TechnipFMC plc 1,448 0.05 Total United Kingdom 9,777 0.35

United States (31 May 2017: 89.13%) 63,406 USD 3M Co. 12,506 0.45 185,627 USD Abbott Laboratories1 11,422 0.41 169,714 USD AbbVie, Inc.1 16,791 0.60 78,366 USD Activision Blizzard, Inc. 5,557 0.20 5,292 USD Acuity Brands, Inc.1 626 0.02 52,720 USD Adobe Systems, Inc. 13,142 0.47 8,722 USD Advance Auto Parts, Inc. 1,122 0.04 92,194 USD Advanced Micro Devices, Inc.1 1,266 0.05 69,084 USD AES Corp. 881 0.03 34,734 USD Aetna, Inc. 6,118 0.22 6,307 USD Affiliated Managers Group, Inc. 1,004 0.04 82,772 USD Aflac, Inc.1 3,730 0.13 6,133 USD AGCO Corp. 390 0.01 33,648 USD Agilent Technologies, Inc. 2,083 0.07 46,632 USD AGNC Investment Corp., REIT 878 0.03 24,128 USD Air Products & Chemicals, Inc. 3,894 0.14 18,979 USD Akamai Technologies, Inc. 1,431 0.05 11,568 USD Albemarle Corp.1 1,081 0.04 10,938 USD Alexandria Real Estate Equities, Inc., REIT 1,366 0.05 23,371 USD Alexion Pharmaceuticals, Inc. 2,714 0.10 7,876 USD Align Technology, Inc.1 2,614 0.09 1,614 USD Alleghany Corp. 921 0.03 5,676 USD Alliance Data Systems Corp.1 1,197 0.04 27,341 USD Alliant Energy Corp. 1,132 0.04 37,840 USD Allstate Corp. (The) 3,537 0.13 44,553 USD Ally Financial, Inc.1 1,143 0.04 8,887 USD Alnylam Pharmaceuticals, Inc. 884 0.03 31,912 USD Alphabet, Inc. 'A' 35,103 1.26 33,645 USD Alphabet, Inc. 'C' 36,504 1.31 204,319 USD Altria Group, Inc. 11,389 0.41 43,767 USD Amazon.com, Inc. 71,324 2.56 932 USD AMERCO 301 0.01 25,407 USD Ameren Corp. 1,504 0.05 10,787 USD American Airlines Group, Inc.1 470 0.02 51,502 USD American Electric Power Co., Inc. 3,500 0.13 78,684 USD American Express Co. 7,735 0.28 8,571 USD American Financial Group, Inc. 942 0.03 94,600 USD American International Group, Inc. 4,994 0.18 46,530 USD American Tower Corp., REIT1 6,438 0.23 18,669 USD American Water Works Co., Inc.1 1,552 0.06

258



As at 31 May 2018




United States (continued) 15,701 USD Ameriprise Financial, Inc. 2,177 0.08 16,535 USD AmerisourceBergen Corp. 1,358 0.05 24,167 USD AMETEK, Inc. 1,765 0.06 74,158 USD Amgen, Inc. 13,320 0.48 31,984 USD Amphenol Corp. 'A' 2,780 0.10 58,679 USD Anadarko Petroleum Corp. 4,096 0.15 38,500 USD Analog Devices, Inc.1 3,741 0.13 15,522 USD Andeavor 2,242 0.08 115,213 USD Annaly Capital Management, Inc., REIT 1,202 0.04 8,876 USD ANSYS, Inc.1 1,445 0.05 18,486 USD Antero Resources Corp.1 353 0.01 27,497 USD Anthem, Inc. 6,088 0.22 14,938 USD AO Smith Corp.1 942 0.03 39,889 USD Apache Corp.1 1,596 0.06 548,610 USD Apple, Inc. 102,519 3.69 115,923 USD Applied Materials, Inc. 5,887 0.21 27,924 USD Aramark 1,084 0.04 58,907 USD Archer-Daniels-Midland Co. 2,575 0.09 48,985 USD Arconic, Inc. 865 0.03 5,314 USD Arista Networks, Inc.1 1,337 0.05 9,574 USD Arrow Electronics, Inc. 710 0.03 20,122 USD Arthur J Gallagher & Co.1 1,334 0.05 6,379 USD Assurant, Inc. 595 0.02 658,885 USD AT&T, Inc.1 21,295 0.77 12,112 USD Atmos Energy Corp. 1,081 0.04 20,768 USD Autodesk, Inc.1 2,681 0.10 8,726 USD Autoliv, Inc.1 1,291 0.05 48,389 USD Automatic Data Processing, Inc. 6,292 0.23 7,858 USD AutoNation, Inc. 359 0.01 2,935 USD AutoZone, Inc. 1,906 0.07 14,459 USD AvalonBay Communities, Inc., REIT 2,394 0.09 9,255 USD Avery Dennison Corp. 972 0.04 12,860 USD Avnet, Inc. 490 0.02 41,195 USD Baker Hughes a GE Co. 1,425 0.05 34,993 USD Ball Corp.1 1,293 0.05 1,056,430 USD Bank of America Corp. 30,679 1.10 108,187 USD Bank of New York Mellon Corp. (The) 5,923 0.21 51,349 USD Baxter International, Inc. 3,638 0.13 84,621 USD BB&T Corp.1 4,443 0.16 28,625 USD Becton Dickinson and Co.1 6,343 0.23 134,790 USD Berkshire Hathaway, Inc. 'B' 25,816 0.93 28,743 USD Best Buy Co., Inc.1 1,962 0.07 22,965 USD Biogen, Inc. 6,751 0.24 18,376 USD BioMarin Pharmaceutical, Inc.1 1,660 0.06 12,643 USD BlackRock, Inc.1/2 6,754 0.24 60,792 USD Boeing Co. (The) 21,409 0.77 5,239 USD Booking Holdings, Inc.1 11,049 0.40 22,103 USD BorgWarner, Inc.1 1,078 0.04 16,159 USD Boston Properties, Inc., REIT 1,968 0.07 151,204 USD Boston Scientific Corp. 4,595 0.17 9,850 USD Brighthouse Financial, Inc. 464 0.02 174,980 USD Bristol-Myers Squibb Co. 9,207 0.33 36,921 USD Brixmor Property Group, Inc., REIT 586 0.02 43,460 USD Broadcom, Inc. 10,955 0.39

259



As at 31 May 2018




United States (continued) 12,212 USD Broadridge Financial Solutions, Inc. 1,410 0.05 26,760 USD Brown-Forman Corp. 'B'1 1,514 0.05 33,085 USD CA, Inc. 1,182 0.04 48,429 USD Cabot Oil & Gas Corp. 1,107 0.04 31,188 USD Cadence Design Systems, Inc. 1,324 0.05 8,727 USD Camden Property Trust, REIT 768 0.03 17,747 USD Campbell Soup Co.1 597 0.02 52,868 USD Capital One Financial Corp. 4,970 0.18 33,137 USD Cardinal Health, Inc. 1,726 0.06 18,917 USD CarMax, Inc.1 1,304 0.05 63,248 USD Caterpillar, Inc. 9,608 0.35 11,899 USD Cboe Global Markets, Inc. 1,161 0.04 31,699 USD CBRE Group, Inc. 'A' 1,464 0.05 36,250 USD CBS Corp. (Non-Voting) 'B'1 1,826 0.07 13,865 USD CDK Global, Inc. 892 0.03 17,294 USD CDW Corp. 1,384 0.05 14,394 USD Celanese Corp. 'A' 1,625 0.06 84,239 USD Celgene Corp.1 6,628 0.24 20,397 USD Centene Corp. 2,390 0.09 46,463 USD CenterPoint Energy, Inc. 1,214 0.04 97,582 USD CenturyLink, Inc.1 1,778 0.06 31,247 USD Cerner Corp. 1,865 0.07 27,306 USD CF Industries Holdings, Inc. 1,123 0.04 15,765 USD CH Robinson Worldwide, Inc. 1,372 0.05 130,363 USD Charles Schwab Corp. (The) 7,251 0.26 20,253 USD Charter Communications, Inc. 'A' 5,287 0.19 17,994 USD Chemours Co. (The) 882 0.03 21,960 USD Cheniere Energy, Inc. 1,463 0.05 203,693 USD Chevron Corp. 25,319 0.91 2,617 USD Chipotle Mexican Grill, Inc. 1,126 0.04 25,557 USD Church & Dwight Co., Inc. 1,200 0.04 26,365 USD Cigna Corp. 4,465 0.16 10,519 USD Cimarex Energy Co. 977 0.04 17,991 USD Cincinnati Financial Corp.1 1,248 0.04 9,385 USD Cintas Corp.1 1,710 0.06 528,504 USD Cisco Systems, Inc. 22,572 0.81 12,330 USD CIT Group, Inc. 616 0.02 284,176 USD Citigroup, Inc. 18,952 0.68 52,428 USD Citizens Financial Group, Inc. 2,142 0.08 15,765 USD Citrix Systems, Inc. 1,665 0.06 13,515 USD Clorox Co. (The) 1,633 0.06 36,933 USD CME Group, Inc. 6,016 0.22 27,894 USD CMS Energy Corp. 1,287 0.05 430,371 USD Coca-Cola Co. (The)1 18,506 0.67 17,639 USD Cognex Corp.1 806 0.03 61,846 USD Cognizant Technology Solutions Corp. 'A' 4,660 0.17 87,619 USD Colgate-Palmolive Co. 5,528 0.20 64,605 USD Colony NorthStar, Inc., REIT 'A' 381 0.01 498,219 USD Comcast Corp. 'A' 15,534 0.56 18,421 USD Comerica, Inc.1 1,737 0.06 22,414 USD CommScope Holding Co., Inc.1 657 0.02 43,526 USD Conagra Brands, Inc. 1,613 0.06 15,572 USD Concho Resources, Inc. 2,138 0.08 127,434 USD ConocoPhillips 8,588 0.31

260



As at 31 May 2018




United States (continued) 32,442 USD Consolidated Edison, Inc. 2,489 0.09 18,961 USD Constellation Brands, Inc. 'A' 4,230 0.15 9,083 USD Continental Resources, Inc.1 612 0.02 5,080 USD Cooper Cos., Inc. (The) 1,150 0.04 94,580 USD Corning, Inc.1 2,570 0.09 3,831 USD CoStar Group, Inc. 1,460 0.05 47,048 USD Costco Wholesale Corp. 9,327 0.34 55,151 USD Coty, Inc. 'A' 731 0.03 42,542 USD Crown Castle International Corp., REIT 4,431 0.16 14,150 USD Crown Holdings, Inc. 613 0.02 95,639 USD CSX Corp. 6,183 0.22 16,675 USD Cummins, Inc. 2,374 0.09 109,781 USD CVS Health Corp.1 6,959 0.25 67,688 USD Danaher Corp. 6,720 0.24 12,925 USD Darden Restaurants, Inc. 1,130 0.04 15,603 USD DaVita, Inc. 1,043 0.04 30,069 USD Deere & Co.1 4,496 0.16 21,298 USD Dell Technologies, Inc. Class V 'V' 1,718 0.06 20,146 USD Delta Air Lines, Inc.1 1,089 0.04 24,032 USD DENTSPLY SIRONA, Inc.1 1,053 0.04 52,282 USD Devon Energy Corp. 2,173 0.08 9,542 USD Diamondback Energy, Inc.1 1,152 0.04 21,475 USD Digital Realty Trust, Inc., REIT1 2,308 0.08 38,992 USD Discover Financial Services 2,880 0.10 18,091 USD Discovery, Inc. 'A' 382 0.01 33,317 USD Discovery, Inc. 'C' 659 0.02 26,478 USD DISH Network Corp. 'A' 782 0.03 28,616 USD Dollar General Corp. 2,503 0.09 24,801 USD Dollar Tree, Inc. 2,048 0.07 70,229 USD Dominion Energy, Inc.1 4,508 0.16 5,059 USD Domino's Pizza, Inc. 1,272 0.05 15,850 USD Dover Corp.1 1,224 0.04 248,760 USD DowDuPont, Inc.1 15,948 0.57 37,235 USD DR Horton, Inc. 1,572 0.06 20,239 USD Dr Pepper Snapple Group, Inc. 2,415 0.09 18,760 USD DTE Energy Co.1 1,922 0.07 76,163 USD Duke Energy Corp. 5,877 0.21 41,969 USD Duke Realty Corp., REIT 1,180 0.04 29,811 USD DXC Technology Co. 2,746 0.10 30,327 USD E*TRADE Financial Corp. 1,921 0.07 16,598 USD East West Bancorp, Inc.1 1,153 0.04 15,171 USD Eastman Chemical Co. 1,582 0.06 11,058 USD Eaton Vance Corp. 595 0.02 106,479 USD eBay, Inc. 4,016 0.14 27,272 USD Ecolab, Inc. 3,889 0.14 34,117 USD Edison International 2,121 0.08 22,111 USD Edwards Lifesciences Corp. 3,036 0.11 32,328 USD Electronic Arts, Inc. 4,232 0.15 106,551 USD Eli Lilly & Co. 9,061 0.33 70,059 USD Emerson Electric Co. 4,963 0.18 18,600 USD Entergy Corp. 1,505 0.05 13,853 USD Envision Healthcare Corp. 594 0.02 62,509 USD EOG Resources, Inc.1 7,364 0.26 26,870 USD EQT Corp.1 1,385 0.05

261



As at 31 May 2018




United States (continued) 13,396 USD Equifax, Inc. 1,527 0.05 8,162 USD Equinix, Inc., REIT 3,239 0.12 38,463 USD Equity Residential, REIT 2,461 0.09 6,910 USD Essex Property Trust, Inc., REIT1 1,652 0.06 24,901 USD Estee Lauder Cos., Inc. (The) 'A'1 3,721 0.13 33,182 USD Eversource Energy 1,894 0.07 100,534 USD Exelon Corp.1 4,161 0.15 13,085 USD Expedia Group, Inc.1 1,584 0.06 18,926 USD Expeditors International of Washington, Inc.1 1,410 0.05 60,479 USD Express Scripts Holding Co. 4,585 0.16 13,194 USD Extra Space Storage, Inc., REIT 1,270 0.05 453,186 USD Exxon Mobil Corp. 36,817 1.32 7,392 USD F5 Networks, Inc. 1,280 0.05 254,829 USD Facebook, Inc. 'A' 48,871 1.76 28,721 USD Fastenal Co.1 1,529 0.06 8,333 USD Federal Realty Investment Trust, REIT 991 0.04 27,565 USD FedEx Corp.1 6,867 0.25 34,808 USD Fidelity National Information Services, Inc. 3,558 0.13 77,149 USD Fifth Third Bancorp1 2,359 0.08 54,521 USD First Data Corp. 'A' 1,036 0.04 16,333 USD First Republic Bank1 1,627 0.06 46,525 USD FirstEnergy Corp. 1,601 0.06 44,078 USD Fiserv, Inc.1 3,200 0.12 9,633 USD FleetCor Technologies, Inc.1 1,920 0.07 14,613 USD FLIR Systems, Inc.1 788 0.03 14,514 USD Flowserve Corp. 600 0.02 15,877 USD Fluor Corp. 774 0.03 13,551 USD FMC Corp.1 1,180 0.04 25,513 USD FNF Group 943 0.03 408,082 USD Ford Motor Co. 4,713 0.17 17,295 USD Fortinet, Inc.1 1,058 0.04 32,713 USD Fortive Corp.1 2,378 0.09 16,127 USD Fortune Brands Home & Security, Inc.1 906 0.03 37,258 USD Franklin Resources, Inc. 1,251 0.05 143,979 USD Freeport-McMoRan, Inc.1 2,433 0.09 22,753 USD Gap, Inc. (The)1 637 0.02 9,405 USD Gartner, Inc.1 1,248 0.04 26,651 USD General Dynamics Corp. 5,376 0.19 921,914 USD General Electric Co.1 12,981 0.47 60,431 USD General Mills, Inc. 2,556 0.09 137,335 USD General Motors Co. 5,864 0.21 15,375 USD Genuine Parts Co. 1,396 0.05 61,760 USD GGP, Inc., REIT 1,252 0.05 139,481 USD Gilead Sciences, Inc. 9,401 0.34 17,916 USD Global Payments, Inc.1 1,992 0.07 38,488 USD Goldman Sachs Group, Inc. (The) 8,694 0.31 26,364 USD Goodyear Tire & Rubber Co. (The) 644 0.02 19,903 USD H&R Block, Inc. 546 0.02 95,444 USD Halliburton Co. 4,747 0.17 41,465 USD Hanesbrands, Inc.1 756 0.03 16,488 USD Harley-Davidson, Inc.1 677 0.02 12,541 USD Harris Corp. 1,887 0.07 38,148 USD Hartford Financial Services Group, Inc. (The) 1,996 0.07 12,987 USD Hasbro, Inc. 1,127 0.04

262



As at 31 May 2018




United States (continued) 30,263 USD HCA Healthcare, Inc.1 3,121 0.11 48,871 USD HCP, Inc., REIT 1,171 0.04 23,225 USD HD Supply Holdings, Inc. 946 0.03 12,949 USD Helmerich & Payne, Inc.1 860 0.03 16,156 USD Henry Schein, Inc.1 1,118 0.04 14,448 USD Hershey Co. (The) 1,301 0.05 32,087 USD Hess Corp.1 1,939 0.07 170,085 USD Hewlett Packard Enterprise Co. 2,592 0.09 30,493 USD Hilton Worldwide Holdings, Inc. 2,461 0.09 19,509 USD HollyFrontier Corp.1 1,506 0.05 29,370 USD Hologic, Inc.1 1,113 0.04 124,626 USD Home Depot, Inc. (The)1 23,249 0.84 77,084 USD Honeywell International, Inc. 11,401 0.41 34,179 USD Hormel Foods Corp.1 1,227 0.04 84,556 USD Host Hotels & Resorts, Inc., REIT1 1,829 0.07 176,270 USD HP, Inc. 3,883 0.14 15,133 USD Humana, Inc. 4,403 0.16 113,534 USD Huntington Bancshares, Inc. 1,688 0.06 4,559 USD Huntington Ingalls Industries, Inc. 1,008 0.04 8,749 USD IAC/InterActiveCorp 1,357 0.05 8,787 USD IDEX Corp. 1,219 0.04 9,139 USD IDEXX Laboratories, Inc. 1,903 0.07 32,434 USD Illinois Tool Works, Inc. 4,661 0.17 15,288 USD Illumina, Inc. 4,165 0.15 18,309 USD Incyte Corp.1 1,250 0.05 7,321 USD Ingredion, Inc. 815 0.03 501,734 USD Intel Corp.1 27,696 1.00 61,624 USD Intercontinental Exchange, Inc. 4,369 0.16 94,121 USD International Business Machines Corp. 13,300 0.48 7,823 USD International Flavors & Fragrances, Inc.1 955 0.03 41,073 USD International Paper Co.1 2,197 0.08 37,747 USD Interpublic Group of Cos., Inc. (The) 853 0.03 25,488 USD Intuit, Inc.1 5,138 0.18 12,230 USD Intuitive Surgical, Inc. 5,622 0.20 37,710 USD Invitation Homes, Inc., REIT1 830 0.03 3,694 USD IPG Photonics Corp.1 891 0.03 14,128 USD IQVIA Holdings, Inc.1 1,398 0.05 25,406 USD Iron Mountain, Inc., REIT1 846 0.03 8,937 USD Jack Henry & Associates, Inc. 1,118 0.04 13,531 USD Jacobs Engineering Group, Inc. 877 0.03 9,663 USD JB Hunt Transport Services, Inc.1 1,238 0.04 32,325 USD Jefferies Financial Group, Inc.1 707 0.03 11,582 USD JM Smucker Co. (The)1 1,245 0.04 287,312 USD Johnson & Johnson 34,368 1.24 5,476 USD Jones Lang LaSalle, Inc. 897 0.03 370,744 USD JPMorgan Chase & Co.1 39,673 1.43 39,824 USD Juniper Networks, Inc. 1,061 0.04 10,969 USD Kansas City Southern 1,175 0.04 27,107 USD Kellogg Co. 1,745 0.06 113,883 USD KeyCorp 2,214 0.08 36,996 USD Kimberly-Clark Corp. 3,731 0.13 49,927 USD Kimco Realty Corp., REIT 772 0.03 210,476 USD Kinder Morgan, Inc. 3,511 0.13 16,423 USD KLA-Tencor Corp.1 1,860 0.07

263



As at 31 May 2018




United States (continued) 15,526 USD Knight-Swift Transportation Holdings, Inc.1 632 0.02 16,572 USD Kohl's Corp. 1,106 0.04 66,990 USD Kraft Heinz Co. (The)1 3,851 0.14 93,966 USD Kroger Co. (The) 2,286 0.08 26,826 USD L Brands, Inc. 910 0.03 8,191 USD L3 Technologies, Inc. 1,625 0.06 10,594 USD Laboratory Corp. of America Holdings1 1,913 0.07 17,011 USD Lam Research Corp. 3,371 0.12 41,482 USD Las Vegas Sands Corp. 3,344 0.12 6,785 USD Lear Corp. 1,343 0.05 13,579 USD Leggett & Platt, Inc.1 561 0.02 16,459 USD Leidos Holdings, Inc. 989 0.04 30,352 USD Lennar Corp. 'A' 1,570 0.06 4,454 USD Lennox International, Inc.1 906 0.03 10,253 USD Liberty Broadband Corp. 'C' 706 0.03 24,314 USD Liberty Media Corp-Liberty Formula One 'C'1 768 0.03 12,522 USD Liberty Media Corp-Liberty SiriusXM 'A' 579 0.02 17,204 USD Liberty Media Corp-Liberty SiriusXM 'C' 795 0.03 18,600 USD Liberty Property Trust, REIT 822 0.03 23,197 USD Lincoln National Corp. 1,538 0.06 17,415 USD Live Nation Entertainment, Inc.1 742 0.03 32,342 USD LKQ Corp. 1,027 0.04 27,759 USD Lockheed Martin Corp. 8,731 0.31 29,961 USD Loews Corp. 1,464 0.05 87,646 USD Lowe's Cos., Inc. 8,327 0.30 10,645 USD Lululemon Athletica, Inc. 1,118 0.04 14,317 USD M&T Bank Corp. 2,464 0.09 14,250 USD Macerich Co. (The), REIT1 793 0.03 9,101 USD Macquarie Infrastructure Corp. 352 0.01 35,492 USD Macy's, Inc. 1,239 0.04 6,835 USD ManpowerGroup, Inc. 615 0.02 86,524 USD Marathon Oil Corp. 1,854 0.07 53,014 USD Marathon Petroleum Corp. 4,190 0.15 1,458 USD Markel Corp.1 1,600 0.06 33,149 USD Marriott International, Inc. 'A' 4,487 0.16 53,669 USD Marsh & McLennan Cos., Inc. 4,313 0.16 6,580 USD Martin Marietta Materials, Inc.1 1,466 0.05 31,419 USD Masco Corp. 1,171 0.04 100,136 USD Mastercard, Inc. 'A' 19,038 0.68 36,364 USD Mattel, Inc.1 564 0.02 29,391 USD Maxim Integrated Products, Inc. 1,724 0.06 12,392 USD McCormick & Co., Inc. (Non-Voting)1 1,252 0.05 84,819 USD McDonald's Corp. 13,572 0.49 22,017 USD McKesson Corp.1 3,125 0.11 4,646 USD MercadoLibre, Inc.1 1,351 0.05 289,626 USD Merck & Co., Inc. 17,241 0.62 94,583 USD MetLife, Inc. 4,350 0.16 2,688 USD Mettler-Toledo International, Inc. 1,480 0.05 48,178 USD MGM Resorts International1 1,515 0.05 24,370 USD Microchip Technology, Inc.1 2,373 0.09 122,601 USD Micron Technology, Inc. 7,061 0.25 782,833 USD Microsoft Corp. 77,375 2.78 10,971 USD Mid-America Apartment Communities, Inc., REIT1 1,026 0.04 6,761 USD Middleby Corp. (The)1 674 0.02

264



As at 31 May 2018




United States (continued) 6,617 USD Mohawk Industries, Inc. 1,350 0.05 19,645 USD Molson Coors Brewing Co. 'B' 1,211 0.04 157,872 USD Mondelez International, Inc. 'A' 6,200 0.22 47,822 USD Monsanto Co. 6,095 0.22 41,645 USD Monster Beverage Corp. 2,131 0.08 18,001 USD Moody's Corp. 3,070 0.11 144,235 USD Morgan Stanley 7,232 0.26 38,700 USD Mosaic Co. (The)1 1,064 0.04 17,032 USD Motorola Solutions, Inc. 1,828 0.07 9,442 USD MSCI, Inc. 1,535 0.06 13,611 USD Nasdaq, Inc. 1,250 0.05 39,795 USD National Oilwell Varco, Inc.1 1,648 0.06 17,288 USD National Retail Properties, Inc., REIT 716 0.03 28,247 USD NetApp, Inc. 1,930 0.07 46,003 USD Netflix, Inc. 16,175 0.58 46,483 USD New York Community Bancorp, Inc.1 539 0.02 50,463 USD Newell Brands, Inc.1 1,190 0.04 24,267 USD Newfield Exploration Co. 710 0.03 55,841 USD Newmont Mining Corp. 2,174 0.08 46,159 USD News Corp. 'A' 694 0.03 50,581 USD NextEra Energy, Inc. 8,387 0.30 140,610 USD NIKE, Inc. 'B'1 10,096 0.36 39,483 USD NiSource, Inc.1 999 0.04 48,397 USD Noble Energy, Inc.1 1,728 0.06 12,761 USD Nordstrom, Inc. 626 0.02 30,177 USD Norfolk Southern Corp. 4,576 0.16 22,730 USD Northern Trust Corp. 2,330 0.08 17,933 USD Northrop Grumman Corp. 5,869 0.21 33,425 USD Nucor Corp. 2,146 0.08 64,423 USD NVIDIA Corp. 16,247 0.58 417 USD NVR, Inc. 1,247 0.04 83,384 USD Occidental Petroleum Corp. 7,021 0.25 22,086 USD OGE Energy Corp.1 773 0.03 5,932 USD Old Dominion Freight Line, Inc.1 925 0.03 23,510 USD Omnicom Group, Inc.1 1,695 0.06 39,792 USD ONEOK, Inc.1 2,712 0.10 332,786 USD Oracle Corp. 15,548 0.56 9,217 USD O'Reilly Automotive, Inc. 2,483 0.09 11,094 USD Owens Corning 701 0.03 36,794 USD PACCAR, Inc. 2,290 0.08 9,880 USD Packaging Corp. of America 1,161 0.04 9,627 USD Palo Alto Networks, Inc. 2,003 0.07 13,941 USD Parker-Hannifin Corp. 2,383 0.09 23,807 USD Parsley Energy, Inc. 'A' 702 0.03 33,871 USD Paychex, Inc.1 2,221 0.08 122,431 USD PayPal Holdings, Inc. 10,048 0.36 34,654 USD People's United Financial, Inc. 638 0.02 151,286 USD PepsiCo, Inc. 15,166 0.55 639,596 USD Pfizer, Inc. 22,981 0.83 53,699 USD PG&E Corp. 2,327 0.08 165,118 USD Philip Morris International, Inc. 13,133 0.47 47,484 USD Phillips 661 5,531 0.20 10,988 USD Pinnacle West Capital Corp. 875 0.03 17,812 USD Pioneer Natural Resources Co. 3,439 0.12

265



As at 31 May 2018




United States (continued) 20,122 USD Plains GP Holdings LP 'A' 494 0.02 50,180 USD PNC Financial Services Group, Inc. (The) 7,196 0.26 7,319 USD Polaris Industries, Inc.1 819 0.03 26,857 USD PPG Industries, Inc. 2,710 0.10 71,819 USD PPL Corp.1 1,962 0.07 31,395 USD Praxair, Inc. 4,906 0.18 30,261 USD Principal Financial Group, Inc.1 1,689 0.06 269,761 USD Procter & Gamble Co. (The) 19,738 0.71 60,933 USD Progressive Corp. (The) 3,783 0.14 55,693 USD Prologis, Inc., REIT 3,584 0.13 44,713 USD Prudential Financial, Inc. 4,330 0.16 52,974 USD Public Service Enterprise Group, Inc. 2,807 0.10 16,399 USD Public Storage, REIT 3,474 0.12 30,460 USD PulteGroup, Inc.1 921 0.03 8,107 USD PVH Corp. 1,297 0.05 14,222 USD Qorvo, Inc. 1,141 0.04 157,931 USD QUALCOMM, Inc. 9,179 0.33 14,284 USD Quest Diagnostics, Inc. 1,522 0.05 46,415 USD Qurate Retail, Inc. QVC Group 'A' 944 0.03 5,357 USD Ralph Lauren Corp. 721 0.03 19,968 USD Range Resources Corp. 316 0.01 13,001 USD Raymond James Financial, Inc. 1,255 0.05 31,348 USD Raytheon Co. 6,567 0.24 30,476 USD Realty Income Corp., REIT1 1,624 0.06 18,583 USD Red Hat, Inc.1 3,018 0.11 17,593 USD Regency Centers Corp., REIT1 1,022 0.04 8,198 USD Regeneron Pharmaceuticals, Inc. 2,462 0.09 125,146 USD Regions Financial Corp. 2,283 0.08 7,528 USD Reinsurance Group of America, Inc. 1,125 0.04 26,593 USD Republic Services, Inc. 1,793 0.06 14,283 USD ResMed, Inc.1 1,468 0.05 13,213 USD Robert Half International, Inc. 841 0.03 13,441 USD Rockwell Automation, Inc. 2,358 0.08 17,013 USD Rockwell Collins, Inc. 2,339 0.08 11,296 USD Rollins, Inc.1 562 0.02 10,704 USD Roper Technologies, Inc. 2,952 0.11 40,753 USD Ross Stores, Inc. 3,215 0.12 26,912 USD S&P Global, Inc. 5,315 0.19 20,605 USD Sabre Corp. 505 0.02 73,411 USD salesforce.com, Inc.1 9,494 0.34 12,603 USD SBA Communications Corp., REIT 'A' 1,992 0.07 13,098 USD SCANA Corp. 475 0.02 21,692 USD Sealed Air Corp.1 945 0.03 11,640 USD Seattle Genetics, Inc. 704 0.03 16,484 USD SEI Investments Co. 1,051 0.04 24,975 USD Sempra Energy 2,661 0.10 19,203 USD ServiceNow, Inc.1 3,411 0.12 8,803 USD Sherwin-Williams Co. (The) 3,339 0.12 6,051 USD Signature Bank 771 0.03 34,023 USD Simon Property Group, Inc., REIT 5,451 0.20 190,328 USD Sirius XM Holdings, Inc.1 1,351 0.05 19,240 USD Skyworks Solutions, Inc. 1,897 0.07 9,769 USD SL Green Realty Corp., REIT 953 0.03 5,562 USD Snap-on, Inc. 822 0.03

266



As at 31 May 2018




United States (continued) 109,735 USD Southern Co. (The)1 4,927 0.18 17,049 USD Southwest Airlines Co. 871 0.03 3,158 USD Spectrum Brands Holdings, Inc. 252 0.01 12,003 USD Spirit AeroSystems Holdings, Inc. 'A'1 1,017 0.04 15,728 USD Splunk, Inc. 1,743 0.06 100,400 USD Sprint Corp. 516 0.02 29,679 USD Square, Inc. 'A'1 1,729 0.06 24,263 USD SS&C Technologies Holdings, Inc. 1,235 0.04 16,037 USD Stanley Black & Decker, Inc. 2,233 0.08 151,199 USD Starbucks Corp.1 8,568 0.31 39,159 USD State Street Corp. 3,764 0.14 27,747 USD Steel Dynamics, Inc. 1,372 0.05 10,160 USD Stericycle, Inc.1 645 0.02 36,604 USD Stryker Corp. 6,370 0.23 50,256 USD SunTrust Banks, Inc. 3,393 0.12 6,040 USD SVB Financial Group 1,885 0.07 64,350 USD Symantec Corp. 1,337 0.05 83,290 USD Synchrony Financial 2,884 0.10 15,137 USD Synopsys, Inc. 1,333 0.05 52,516 USD Sysco Corp. 3,415 0.12 25,169 USD T Rowe Price Group, Inc. 3,056 0.11 12,833 USD Take-Two Interactive Software, Inc. 1,438 0.05 28,942 USD Tapestry, Inc. 1,265 0.05 24,807 USD Targa Resources Corp.1 1,206 0.04 54,335 USD Target Corp. 3,960 0.14 30,679 USD TD Ameritrade Holding Corp. 1,816 0.07 5,239 USD Teleflex, Inc. 1,400 0.05 4,336 USD TESARO, Inc. 198 0.01 14,623 USD Tesla, Inc.1 4,164 0.15 105,710 USD Texas Instruments, Inc.1 11,830 0.43 27,719 USD Textron, Inc.1 1,846 0.07 42,952 USD Thermo Fisher Scientific, Inc. 8,946 0.32 13,041 USD Tiffany & Co. 1,705 0.06 83,792 USD Time Warner, Inc. 7,890 0.28 69,258 USD TJX Cos., Inc. (The) 6,255 0.22 30,495 USD T-Mobile US, Inc.1 1,699 0.06 16,020 USD Toll Brothers, Inc.1 633 0.02 11,370 USD Torchmark Corp. 965 0.03 16,639 USD Total System Services, Inc. 1,417 0.05 14,573 USD Tractor Supply Co.1 1,083 0.04 5,436 USD TransDigm Group, Inc.1 1,816 0.07 19,594 USD TransUnion 1,344 0.05 28,896 USD Travelers Cos., Inc. (The) 3,714 0.13 26,541 USD Trimble, Inc. 877 0.03 14,495 USD TripAdvisor, Inc.1 756 0.03 110,215 USD Twenty-First Century Fox, Inc. 'A' 4,249 0.15 50,279 USD Twenty-First Century Fox, Inc. 'B'1 1,919 0.07 69,438 USD Twitter, Inc. 2,409 0.09 33,425 USD Tyson Foods, Inc. 'A' 2,255 0.08 25,699 USD UDR, Inc., REIT 937 0.03 20,939 USD UGI Corp. 1,057 0.04 6,028 USD Ulta Beauty, Inc. 1,488 0.05 21,580 USD Under Armour, Inc. 'A' 451 0.02 21,733 USD Under Armour, Inc. 'C' 411 0.01

267



As at 31 May 2018




United States (continued) 83,813 USD Union Pacific Corp. 11,965 0.43 8,086 USD United Continental Holdings, Inc. 563 0.02 74,123 USD United Parcel Service, Inc. 'B' 8,607 0.31 8,502 USD United Rentals, Inc.1 1,357 0.05 81,112 USD United Technologies Corp.1 10,124 0.36 3,992 USD United Therapeutics Corp. 425 0.02 103,944 USD UnitedHealth Group, Inc. 25,104 0.90 9,541 USD Universal Health Services, Inc. 'B'1 1,097 0.04 25,650 USD Unum Group 995 0.04 175,174 USD US Bancorp 8,757 0.31 4,603 USD Vail Resorts, Inc.1 1,108 0.04 46,249 USD Valero Energy Corp. 5,605 0.20 9,335 USD Varian Medical Systems, Inc. 1,100 0.04 12,275 USD Veeva Systems, Inc. 'A' 950 0.03 37,294 USD Ventas, Inc., REIT1 2,038 0.07 117,020 USD VEREIT, Inc. 838 0.03 10,312 USD VeriSign, Inc. 1,345 0.05 17,688 USD Verisk Analytics, Inc.1 1,879 0.07 440,726 USD Verizon Communications, Inc.1 21,009 0.76 27,719 USD Vertex Pharmaceuticals, Inc. 4,269 0.15 35,036 USD VF Corp. 2,844 0.10 34,806 USD Viacom, Inc. 'B' 943 0.03 193,356 USD Visa, Inc. 'A'1 25,275 0.91 40,880 USD Vistra Energy Corp. 1,003 0.04 7,416 USD VMware, Inc. 'A' 1,020 0.04 17,855 USD Vornado Realty Trust, REIT 1,245 0.04 18,501 USD Voya Financial, Inc. 961 0.03 13,383 USD Vulcan Materials Co.1 1,710 0.06 5,342 USD WABCO Holdings, Inc. 646 0.02 9,585 USD Wabtec Corp.1 935 0.03 89,480 USD Walgreens Boots Alliance, Inc. 5,583 0.20 158,805 USD Walmart, Inc.1 13,108 0.47 161,628 USD Walt Disney Co. (The) 16,077 0.58 46,083 USD Waste Management, Inc. 3,812 0.14 8,359 USD Waters Corp. 1,610 0.06 33,045 USD WEC Energy Group, Inc. 2,087 0.08 501,696 USD Wells Fargo & Co. 27,087 0.97 38,626 USD Welltower, Inc., REIT1 2,227 0.08 17,423 USD Westar Energy, Inc. 988 0.04 30,877 USD Western Digital Corp. 2,579 0.09 47,875 USD Western Union Co. (The) 952 0.03 26,597 USD WestRock Co. 1,566 0.06 78,843 USD Weyerhaeuser Co., REIT 2,943 0.11 7,141 USD Whirlpool Corp.1 1,034 0.04 86,562 USD Williams Cos., Inc. (The) 2,325 0.08 14,754 USD Workday, Inc. 'A'1 1,932 0.07 35,484 USD Worldpay, Inc. 'A' 2,820 0.10 10,976 USD WR Berkley Corp.1 839 0.03 8,398 USD WR Grace & Co. 601 0.02 5,494 USD WW Grainger, Inc.1 1,698 0.06 10,433 USD Wyndham Worldwide Corp.1 1,131 0.04 10,401 USD Wynn Resorts Ltd. 2,039 0.07 53,170 USD Xcel Energy, Inc. 2,420 0.09 26,749 USD Xerox Corp.1 727 0.03

268



As at 31 May 2018




United States (continued) 26,032 USD Xilinx, Inc. 1,773 0.06 20,163 USD Xylem, Inc. 1,419 0.05 34,296 USD YUM! BRANDS, Inc. 2,789 0.10 18,751 USD Zayo Group Holdings, Inc. 653 0.02 11,603 USD Zillow Group, Inc. 'C' 677 0.02 21,173 USD Zimmer Biomet Holdings, Inc. 2,361 0.08 23,302 USD Zions Bancorp1 1,277 0.05 51,217 USD Zoetis, Inc.1 4,287 0.15 Total United States 2,481,601 89.23



Futures contracts

Canada (31 May 2017: 0.00%)

24 CAD 4,800 S&P/TSX 60 Index 14/06/2018 79 – Total Canada 79 –


351 USD 17,550 S&P 500 E-mini Index 15/06/2018 577 0.02 Total United States 577 0.02


Canada (31 May 2017: 0.00%)3 – –

Total unrealised loss on futures contracts (31 May 2017: 0.00%)3 – –

Fair Value USD '000


Total financial assets at fair value through profit or loss 2,734,804 98.33 Cash 42,680 1.53 Other assets and liabilities 3,642 0.14 Net asset value attributable to redeemable participating unitholders 2,781,126 100.00

269



As at 31 May 2018


Assets Transferable securities admitted to official stock exchange listing 98.11 Financial derivative instruments dealt in on a regulated market 0.02 Other assets 1.87 Total assets 100.00 1 Security fully or partially on loan. 2 A related party to the Sub-Fund. 3 Prior year percentage of net asset value rounds to 0.00%. On gains On losses Underlying exposure USD '000 USD '000 Futures contracts 51,351 –

270

iSHARES PACIFIC INDEX FUND (IE)


As at 31 May 2018



Exchange traded funds (31 May 2017: 0.00%)

Ireland (31 May 2017: 0.00%) 100,000 USD iShares MSCI Pacific ex-Japan UCITS ETF1 4,590 0.67 Total Ireland 4,590 0.67

Total investments in exchange traded funds 4,590 0.67



Equities (31 May 2017: 97.22%)

Australia (31 May 2017: 55.09%) 249,868 AUD AGL Energy Ltd. 4,178 0.61 927,949 AUD Alumina Ltd.2 1,882 0.27 443,249 AUD Amcor Ltd. 4,715 0.69 1,116,932 AUD AMP Ltd.2 3,296 0.48 428,237 AUD APA Group2 2,816 0.41 207,325 AUD Aristocrat Leisure Ltd. 4,712 0.69 73,696 AUD ASX Ltd.2 3,381 0.49 770,941 AUD Aurizon Holdings Ltd. 2,514 0.37 691,173 AUD AusNet Services 850 0.12 1,124,284 AUD Australia & New Zealand Banking Group Ltd. 23,147 3.38 144,845 AUD Bank of Queensland Ltd. 1,110 0.16 184,521 AUD Bendigo & Adelaide Bank Ltd. 1,502 0.22 1,228,079 AUD BHP Billiton Ltd. 30,469 4.45 213,927 AUD BlueScope Steel Ltd. 2,813 0.41 448,680 AUD Boral Ltd. 2,129 0.31 608,938 AUD Brambles Ltd. 4,161 0.61 99,819 AUD Caltex Australia Ltd. 2,222 0.32 222,028 AUD Challenger Ltd.2 2,165 0.32 36,208 AUD CIMIC Group Ltd. 1,129 0.17 202,878 AUD Coca-Cola Amatil Ltd.2 1,363 0.20 22,026 AUD Cochlear Ltd.2 3,269 0.48 670,782 AUD Commonwealth Bank of Australia 35,173 5.14 176,659 AUD Computershare Ltd. 2,318 0.34 144,660 AUD Crown Resorts Ltd. 1,456 0.21 172,953 AUD CSL Ltd. 24,321 3.55 389,421 AUD Dexus, REIT2 2,914 0.43 22,162 AUD Domino's Pizza Enterprises Ltd.2 826 0.12 20,324 AUD Flight Centre Travel Group Ltd.2 948 0.14 595,246 AUD Fortescue Metals Group Ltd.2 2,112 0.31 690,043 AUD Goodman Group, REIT 4,877 0.71 689,561 AUD GPT Group (The), REIT 2,624 0.38 209,221 AUD Harvey Norman Holdings Ltd.2 570 0.08 670,701 AUD Healthscope Ltd. 1,193 0.17 645,771 AUD Incitec Pivot Ltd.2 1,681 0.25 906,110 AUD Insurance Australia Group Ltd.2 5,574 0.81 212,207 AUD LendLease Group 3,015 0.44 123,558 AUD Macquarie Group Ltd.2 10,689 1.56 1,054,025 AUD Medibank Pvt Ltd. 2,337 0.34 1,420,266 AUD Mirvac Group, REIT 2,472 0.36 1,026,809 AUD National Australia Bank Ltd. 20,822 3.04 292,629 AUD Newcrest Mining Ltd.2 4,597 0.67

271



As at 31 May 2018




Australia (continued) 144,225 AUD Orica Ltd.2 1,928 0.28 672,793 AUD Origin Energy Ltd. 4,887 0.71 520,521 AUD QBE Insurance Group Ltd. 3,734 0.55 54,193 AUD Ramsay Health Care Ltd.2 2,515 0.37 19,617 AUD REA Group Ltd. 1,274 0.19 157,547 AUD Rio Tinto Ltd.2 9,891 1.44 718,005 AUD Santos Ltd. 3,184 0.47 2,025,741 AUD Scentre Group, REIT 6,407 0.94 126,164 AUD SEEK Ltd.2 1,928 0.28 153,590 AUD Sonic Healthcare Ltd. 2,738 0.40 1,979,734 AUD South32 Ltd.2 5,572 0.81 931,732 AUD Stockland, REIT 2,926 0.43 496,019 AUD Suncorp Group Ltd. 5,040 0.74 417,320 AUD Sydney Airport 2,299 0.34 730,413 AUD Tabcorp Holdings Ltd.2 2,415 0.35 1,552,393 AUD Telstra Corp. Ltd. 3,289 0.48 137,238 AUD TPG Telecom Ltd.2 578 0.08 846,160 AUD Transurban Group 7,600 1.11 275,506 AUD Treasury Wine Estates Ltd. 3,456 0.50 1,259,827 AUD Vicinity Centres, REIT 2,545 0.37 433,388 AUD Wesfarmers Ltd.2 14,940 2.18 1,299,067 AUD Westpac Banking Corp.2 27,375 4.00 357,513 AUD Woodside Petroleum Ltd. 8,767 1.28 499,323 AUD Woolworths Group Ltd.2 10,753 1.57 Total Australia 370,383 54.08

Bermuda (31 May 2017: 3.28%) 256,104 HKD CK Infrastructure Holdings Ltd.2 1,933 0.28 842,250 HKD First Pacific Co. Ltd. 425 0.06 455,300 USD Hongkong Land Holdings Ltd. 3,305 0.48 84,300 USD Jardine Matheson Holdings Ltd. 5,264 0.77 85,700 USD Jardine Strategic Holdings Ltd.2 3,068 0.45 251,913 HKD Kerry Properties Ltd. 1,347 0.20 906,000 HKD Kingston Financial Group Ltd. 319 0.05 2,329,844 HKD Li & Fung Ltd.2 906 0.13 586,176 HKD NWS Holdings Ltd. 1,091 0.16 9,000 HKD Peregrine Investments Holdings Ltd.3/4 – – 493,037 HKD Shangri-La Asia Ltd. 986 0.15 294,990 HKD Yue Yuen Industrial Holdings Ltd. 912 0.13 Total Bermuda 19,556 2.86

Cayman Islands (31 May 2017: 5.42%) 121,065 HKD ASM Pacific Technology Ltd.2 1,590 0.23 1,001,445 HKD CK Asset Holdings Ltd. 8,362 1.22 1,042,151 HKD CK Hutchison Holdings Ltd. 11,765 1.72 95,359 USD Melco Resorts & Entertainment Ltd. ADR 3,114 0.45 380,000 HKD MGM China Holdings Ltd.2 1,105 0.16 292,000 HKD Minth Group Ltd.2 1,344 0.20 937,318 HKD Sands China Ltd.2 5,610 0.82 3,404,000 HKD WH Group Ltd.2 3,493 0.51 470,298 HKD Wharf Real Estate Investment Co. Ltd. 3,630 0.53

272



As at 31 May 2018




Cayman Islands (continued) 603,200 HKD Wynn Macau Ltd. 2,315 0.34 Total Cayman Islands 42,328 6.18

Hong Kong (31 May 2017: 20.79%) 4,670,800 HKD AIA Group Ltd. 42,872 6.26 481,623 HKD Bank of East Asia Ltd. (The) 1,999 0.29 1,432,234 HKD BOC Hong Kong Holdings Ltd. 7,203 1.05 635,470 HKD CLP Holdings Ltd. 6,675 0.97 916,000 HKD Galaxy Entertainment Group Ltd. 8,063 1.18 333,000 HKD Hang Lung Group Ltd. 1,032 0.15 780,110 HKD Hang Lung Properties Ltd.2 1,770 0.26 295,994 HKD Hang Seng Bank Ltd. 7,407 1.08 464,776 HKD Henderson Land Development Co. Ltd. 3,057 0.45 1,038,000 HKD HK Electric Investments & HK Electric Investments Ltd.2 1,003 0.15 1,452,460 HKD HKT Trust & HKT Ltd. 1,824 0.27 3,247,470 HKD Hong Kong & China Gas Co. Ltd.2 7,021 1.02 459,295 HKD Hong Kong Exchanges & Clearing Ltd.2 14,861 2.17 238,826 HKD Hysan Development Co. Ltd. 1,381 0.20 851,151 HKD Link REIT2 7,530 1.10 578,059 HKD MTR Corp. Ltd.2 3,254 0.47 2,283,821 HKD New World Development Co. Ltd.2 3,506 0.51 1,688,255 HKD PCCW Ltd. 994 0.14 537,015 HKD Power Assets Holdings Ltd. 3,735 0.55 1,220,600 HKD Sino Land Co. Ltd. 2,113 0.31 771,928 HKD SJM Holdings Ltd.2 1,108 0.16 560,467 HKD Sun Hung Kai Properties Ltd. 9,046 1.32 191,892 HKD Swire Pacific Ltd. 'A'2 1,979 0.29 451,000 HKD Swire Properties Ltd.2 1,768 0.26 532,500 HKD Techtronic Industries Co. Ltd.2 3,194 0.47 465,298 HKD Wharf Holdings Ltd. (The) 1,504 0.22 316,291 HKD Wheelock & Co. Ltd.2 2,383 0.35 Total Hong Kong 148,282 21.65

Ireland (31 May 2017: 0.38%) 168,877 AUD James Hardie Industries plc 2,833 0.41 Total Ireland 2,833 0.41

Isle of Man (31 May 2017: 0.31%) 2,208,401 SGD Genting Singapore plc 2,080 0.31 Total Isle of Man 2,080 0.31

Malta (31 May 2017: 0.00%) 5,486,457 EUR BGP Holdings3/4 – – Total Malta – –

Mauritius (31 May 2017: 0.12%) 2,678,077 SGD Golden Agri-Resources Ltd.2 631 0.09 Total Mauritius 631 0.09

New Zealand (31 May 2017: 1.37%) 365,711 NZD Auckland International Airport Ltd.2 1,694 0.25 220,171 NZD Fisher & Paykel Healthcare Corp. Ltd.2 2,052 0.30

273



As at 31 May 2018




New Zealand (continued) 326,164 NZD Fletcher Building Ltd.2 1,508 0.22 240,478 NZD Mercury NZ Ltd. 545 0.08 485,192 NZD Meridian Energy Ltd.2 1,016 0.15 157,157 NZD Ryman Healthcare Ltd.2 1,257 0.18 724,686 NZD Spark New Zealand Ltd.2 1,861 0.27 Total New Zealand 9,933 1.45

Papua New Guinea (31 May 2017: 0.43%) 525,030 AUD Oil Search Ltd.2 3,285 0.48 Total Papua New Guinea 3,285 0.48

Singapore (31 May 2017: 10.03%) 908,456 SGD Ascendas Real Estate Investment Trust2 1,800 0.26 917,817 SGD CapitaLand Commercial Trust, REIT2 1,173 0.17 936,555 SGD CapitaLand Ltd.2 2,423 0.35 931,166 SGD CapitaLand Mall Trust, REIT2 1,441 0.21 153,392 SGD City Developments Ltd. 1,286 0.19 811,452 SGD ComfortDelGro Corp. Ltd. 1,493 0.22 655,474 SGD DBS Group Holdings Ltd. 13,904 2.03 1,983,000 USD Hutchison Port Holdings Trust 545 0.08 36,046 SGD Jardine Cycle & Carriage Ltd. 926 0.14 531,201 SGD Keppel Corp. Ltd. 3,062 0.45 1,162,739 SGD Oversea-Chinese Banking Corp. Ltd. 10,902 1.59 246,300 SGD SATS Ltd.2 950 0.14 372,680 SGD Sembcorp Industries Ltd.2 816 0.12 196,771 SGD Singapore Airlines Ltd. 1,660 0.24 293,526 SGD Singapore Exchange Ltd. 1,589 0.23 417,788 SGD Singapore Press Holdings Ltd.2 822 0.12 585,305 SGD Singapore Technologies Engineering Ltd.2 1,523 0.22 2,974,728 SGD Singapore Telecommunications Ltd. 7,295 1.06 223,956 SGD StarHub Ltd. 323 0.05 948,100 SGD Suntec Real Estate Investment Trust2 1,276 0.19 494,410 SGD United Overseas Bank Ltd. 10,402 1.52 184,395 SGD UOL Group Ltd. 1,120 0.16 600,135 SGD Wilmar International Ltd.2 1,454 0.21 908,060 SGD Yangzijiang Shipbuilding Holdings Ltd. 655 0.10 Total Singapore 68,840 10.05




Buy SGD 213,897; Sell USD 159,4533 State Street 01/06/2018 – – Total unrealised gain on forward currency contracts (31 May 2017: 0.00%)6 – – Total unrealised loss on forward currency contracts (31 May 2017: 0.00%)6 – –

274



As at 31 May 2018


Futures contracts


76 AUD 1,900 SPI 200 Index 21/06/2018 21 – Total Australia 21 –

Hong Kong (31 May 2017: 0.00%)6

11 HKD 550 Hang Seng Index 28/06/2018 25 0.01 Total Hong Kong 25 0.01

Total unrealised gain on futures contracts (31 May 2017: 0.00%)6 46 0.01

Australia (31 May 2017: (0.02)%) – –

Singapore (31 May 2017: (0.01)%)

165 SGD 16,500 MSCI Singapore Index 28/06/2018 (100) (0.02) Total Singapore (100) (0.02)


Fair Value USD '000


Total financial assets at fair value through profit or loss 672,787 98.24 Total financial liabilities at fair value through profit or loss (100) (0.02) Cash 7,518 1.10 Other assets and liabilities 4,702 0.68 Net asset value attributable to redeemable participating unitholders 684,907 100.00


Assets Transferable securities admitted to official stock exchange listing 97.53 Financial derivative instruments dealt in on a regulated market 0.01 OTC financial derivative instruments7 – Other assets 2.46 Total assets 100.00

1 A related party to the Sub-Fund. 2 Security fully or partially on loan. 3 Investments which are less than USD 500 have been rounded down to zero. 4 These securities were valued in consultation with the Manager. These securities were fair valued, priced per corporate action terms or suspended at period end and valued using the last traded price.

5 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.

6 Prior year percentage of net asset value rounds to 0.00%. 7 Investments which are less than 0.005% of total assets are rounded down to zero.


On losses USD '000

Forward currency contracts 160 – Futures contracts 10,699 4,815

275

iSHARES UK INDEX FUND (IE)


As at 31 May 2018

Holding Currency Investments Fair Value GBP '000


Equities (31 May 2017: 97.16%)

Germany (31 May 2017: 0.30%) 120,371 GBP TUI AG 2,103 0.38 Total Germany 2,103 0.38

Ireland (31 May 2017: 0.33%) 24,373 GBP DCC plc 1,759 0.32 Total Ireland 1,759 0.32

Isle of Man (31 May 2017: 0.00%) 148,431 GBP GVC Holdings plc 1,510 0.28 Total Isle of Man 1,510 0.28

Jersey (31 May 2017: 6.82%) 252,472 GBP Experian plc 4,649 0.85 68,329 GBP Ferguson plc 3,992 0.73 3,343,185 GBP Glencore plc 12,438 2.27 25,721 GBP Randgold Resources Ltd.1 1,535 0.28 248,273 GBP Shire plc 10,179 1.85 345,053 GBP WPP plc 4,253 0.77 Total Jersey 37,046 6.75

Switzerland (31 May 2017: 0.20%) 49,938 GBP Coca-Cola HBC AG 1,283 0.23 Total Switzerland 1,283 0.23

United Kingdom (31 May 2017: 89.51%) 265,823 GBP 3i Group plc 2,533 0.46 54,934 GBP Admiral Group plc1 1,058 0.19 364,600 GBP Anglo American plc1 6,553 1.19 107,749 GBP Antofagasta plc 1,136 0.21 136,406 GBP Ashtead Group plc 3,180 0.58 97,341 GBP Associated British Foods plc 2,580 0.47 345,903 GBP AstraZeneca plc 18,907 3.45 262,696 GBP Auto Trader Group plc 926 0.16 1,096,024 GBP Aviva plc 5,599 1.02 69,074 GBP Babcock International Group plc1 575 0.10 870,512 GBP BAE Systems plc 5,566 1.01 4,657,155 GBP Barclays plc 9,186 1.67 276,628 GBP Barratt Developments plc 1,509 0.27 35,150 GBP Berkeley Group Holdings plc 1,492 0.27 577,094 GBP BHP Billiton plc 9,978 1.82 5,405,843 GBP BP plc 31,154 5.68 626,696 GBP British American Tobacco plc 24,247 4.42 260,666 GBP British Land Co. plc (The), REIT 1,767 0.32 2,303,410 GBP BT Group plc 4,720 0.86 91,783 GBP Bunzl plc1 2,102 0.38 116,594 GBP Burberry Group plc 2,412 0.44 50,539 GBP Carnival plc 2,445 0.45 1,530,104 GBP Centrica plc 2,232 0.41 653,310 GBP Cobham plc1 813 0.15 432,559 GBP Compass Group plc 6,997 1.28 373,321 GBP ConvaTec Group plc 865 0.16 35,901 GBP Croda International plc 1,674 0.30

276



As at 31 May 2018




United Kingdom (continued) 681,745 GBP Diageo plc 18,833 3.43 375,699 GBP Direct Line Insurance Group plc 1,343 0.24 43,413 GBP easyJet plc 742 0.14 60,404 GBP Fresnillo plc 802 0.15 423,951 GBP G4S plc 1,144 0.21 1,343,960 GBP GlaxoSmithKline plc 20,482 3.73 216,738 GBP Hammerson plc, REIT 1,186 0.22 71,281 GBP Hargreaves Lansdown plc1 1,359 0.25 5,463,262 GBP HSBC Holdings plc 39,368 7.17 74,328 GBP IMI plc 862 0.16 260,691 GBP Imperial Brands plc 7,065 1.29 49,317 GBP InterContinental Hotels Group plc 2,374 0.43 44,098 GBP Intertek Group plc 2,410 0.44 183,024 GBP Investec plc1 1,017 0.19 989,898 GBP ITV plc 1,610 0.29 448,821 GBP J Sainsbury plc1 1,429 0.26 185,170 GBP John Wood Group plc 1,242 0.23 52,880 GBP Johnson Matthey plc1 1,858 0.34 592,033 GBP Kingfisher plc1 1,807 0.33 202,558 GBP Land Securities Group plc, REIT 1,883 0.34 1,627,991 GBP Legal & General Group plc1 4,392 0.80 19,664,064 GBP Lloyds Banking Group plc 12,430 2.27 85,263 GBP London Stock Exchange Group plc 3,817 0.70 443,937 GBP Marks & Spencer Group plc1 1,261 0.23 100,721 GBP Mediclinic International plc 615 0.11 212,105 GBP Meggitt plc 1,043 0.19 1,323,483 GBP Melrose Industries plc 3,123 0.57 195,009 GBP Merlin Entertainments plc1 715 0.13 118,940 GBP Micro Focus International plc1 1,585 0.29 100,343 GBP Mondi plc 2,096 0.38 925,008 GBP National Grid plc1 7,708 1.40 39,941 GBP Next plc1 2,317 0.42 1,347,738 GBP Old Mutual plc 3,232 0.59 220,499 GBP Pearson plc1 1,988 0.36 84,329 GBP Persimmon plc 2,388 0.44 706,559 GBP Prudential plc 12,796 2.33 182,630 GBP Reckitt Benckiser Group plc 10,521 1.92 290,642 GBP RELX plc 4,803 0.88 331,261 GBP Rio Tinto plc 14,045 2.56 452,625 GBP Rolls-Royce Holdings plc1 3,732 0.68 28,083,411 GBP Rolls-Royce plc, Preference1 28 0.01 980,559 GBP Royal Bank of Scotland Group plc 2,698 0.49 1,205,907 EUR Royal Dutch Shell plc 'A' 31,403 5.72 35,254 GBP Royal Dutch Shell plc 'A' 919 0.17 1,023,401 GBP Royal Dutch Shell plc 'B' 27,396 4.99 245,912 GBP Royal Mail plc 1,252 0.23 279,450 GBP RSA Insurance Group plc 1,821 0.33 295,451 GBP Sage Group plc (The) 1,957 0.36 33,967 GBP Schroders plc1 1,100 0.20 274,036 GBP Segro plc, REIT1 1,794 0.33 64,556 GBP Severn Trent plc1 1,284 0.23 281,818 GBP Sky plc 3,796 0.69 238,985 GBP Smith & Nephew plc 3,271 0.60 108,128 GBP Smiths Group plc 1,904 0.35

277



As at 31 May 2018




United Kingdom (continued) 277,696 GBP SSE plc 3,798 0.69 144,560 GBP St James's Place plc 1,723 0.31 900,595 GBP Standard Chartered plc 6,796 1.24 732,173 GBP Standard Life Aberdeen plc 2,566 0.47 894,023 GBP Taylor Wimpey plc1 1,700 0.31 2,658,314 GBP Tesco plc 6,532 1.19 68,614 GBP Travis Perkins plc1 923 0.17 336,625 GBP Unilever plc 13,958 2.54 186,316 GBP United Utilities Group plc 1,445 0.26 7,288,240 GBP Vodafone Group plc 13,980 2.55 65,827 GBP Weir Group plc (The)1 1,442 0.26 50,119 GBP Whitbread plc 2,113 0.39 611,351 GBP Wm Morrison Supermarkets plc1 1,503 0.27 Total United Kingdom 494,731 90.16


Maturity Fair Value % of Net Description Counterparty Date GBP '000 Asset Value


Total unrealised gain on forward currency contracts (31 May 2017: 0.00%)3 – –

Buy GBP 719,081; Sell USD 970,000 Morgan Stanley 18/06/2018 (10) – Buy GBP 400,235; Sell USD 540,000 Morgan Stanley 22/06/2018 (5) – Buy GBP 398,759; Sell USD 540,000 Goldman Sachs 20/07/2018 (6) – Total unrealised loss on forward currency contracts (31 May 2017: 0.00%)3 (21) –

Number of Maturity Fair Value % of Net Contracts Currency Notional Description Date GBP '000 Asset Value

Futures contracts


143 GBP 1,430 FTSE 100 Index 15/06/2018 568 0.10 Total United Kingdom 568 0.10


Fair Value GBP '000


Total financial assets at fair value through profit or loss 539,000 98.22 Total financial liabilities at fair value through profit or loss (21) – Cash 7,861 1.43 Other assets and liabilities 1,882 0.35 Net asset value attributable to redeemable participating unitholders 548,722 100.00

278



As at 31 May 2018


Assets Transferable securities admitted to official stock exchange listing 97.81 Financial derivative instruments dealt in on a regulated market 0.10 Other assets 2.09 Total assets 100.00

1 Security fully or partially on loan. 2 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.


Underlying exposure On gains GBP '000

On losses GBP '000

Forward currency contracts – 1,541 Futures contracts 10,946 –

279

iSHARES US INDEX FUND (IE)


As at 31 May 2018



LIQUIDITY INSTRUMENTS

Certificates of deposit (31 May 2017: 6.50%)

Canada (31 May 2017: 2.16%) 50,000,000 USD Bank of Montreal, 2.27%, 09/08/2018 50,009 2.18 Total Canada 50,009 2.18

France (31 May 2017: 0.00%) 50,000,000 USD Natixis SA, 0.00%, 05/06/2018 50,003 2.18 Total France 50,003 2.18

Japan (31 May 2017: 2.17%) 46,000,000 USD Sumitomo Mitsui Trust Bank Ltd., 2.25%, 17/08/2018 46,010 2.01 Total Japan 46,010 2.01

Singapore (31 May 2017: 2.17%) – –

Total investments in certificates of deposit 146,022 6.37

Commercial papers (31 May 2017: 81.35%)

Australia (31 May 2017: 0.00%) 50,000,000 USD Commonwealth Bank of Australia, 0.00%, 18/06/2018 49,954 2.18 25,000,000 USD Macquarie Bank Ltd., 0.00%, 17/07/2018 24,932 1.09 26,000,000 USD National Australia Bank Ltd., 0.00%, 28/06/2018 25,962 1.13 Total Australia 100,848 4.40

Canada (31 May 2017: 5.30%) 25,000,000 USD Bank of Nova Scotia (The), 0.00%, 14/06/2018 24,983 1.09 60,000,000 USD Canadian Imperial Bank of Commerce, 0.00%, 05/06/2018 59,986 2.62 46,500,000 USD Federation des caisses Desjardins du Quebec (The), 0.00%, 07/08/2018 46,317 2.02 21,000,000 USD Rogers Communications, 0.00%, 26/07/2018 20,923 0.92 52,950,000 USD Suncor Energy, Inc., 0.00%, 07/08/2018 52,700 2.30 50,000,000 USD TransCanada PipeLines Ltd., 0.00%, 04/06/2018 49,988 2.18 Total Canada 254,897 11.13

Cayman Islands (31 May 2017: 2.71%) 50,000,000 USD Alpine Securitization Ltd., 0.00%, 09/07/2018 49,890 2.18 Total Cayman Islands 49,890 2.18

France (31 May 2017: 6.17%) 53,750,000 USD BPCE SA, 0.00%, 09/07/2018 53,643 2.34 50,000,000 USD LMA SA, 0.00%, 13/07/2018 49,879 2.18 Total France 103,522 4.52

Germany (31 May 2017: 2.16%) 50,000,000 USD BASF SE, 0.00%, 04/06/2018 49,990 2.18 50,000,000 USD Landesbank Baden-Wurttemberg, 0.00%, 09/07/2018 49,892 2.18 50,000,000 USD Landesbank Hessen-Thueringen Girozentrale, 0.00%, 05/07/2018 49,910 2.18 Total Germany 149,792 6.54

280



As at 31 May 2018



LIQUIDITY INSTRUMENTS (continued)

Commercial papers (continued)

Ireland (31 May 2017: 0.00%) 25,000,000 USD Matchpoint Finance plc, 0.00%, 01/06/2018 24,999 1.09 Total Ireland 24,999 1.09

Japan (31 May 2017: 9.74%) 50,000,000 USD Sumitomo Mitsui Banking Corp., 0.00%, 05/06/2018 49,988 2.18 Total Japan 49,988 2.18

Netherlands (31 May 2017: 2.16%) – –

Norway (31 May 2017: 2.17%) – –

Singapore (31 May 2017: 2.46%) 43,500,000 USD United Overseas Bank Ltd., 0.00%, 05/07/2018 43,416 1.89 Total Singapore 43,416 1.89

South Korea (31 May 2017: 2.16%) – –

Supranational (31 May 2017: 2.17%) – –

Sweden (31 May 2017: 4.33%) – –

United Kingdom (31 May 2017: 4.60%) 46,000,000 USD Nationwide Building Society, 0.00%, 14/08/2018 45,788 2.00 23,930,000 USD Reckitt Benckiser Treasury Services plc, 0.00%, 02/07/2018 23,889 1.04 60,000,000 USD Santander UK plc, 0.00%, 06/08/2018 59,770 2.61 Total United Kingdom 129,447 5.65

United States (31 May 2017: 35.22%) 50,000,000 USD ABN AMRO Funding USA LLC, 0.00%, 07/06/2018 49,983 2.18 60,000,000 USD CAFCO LLC, 0.00%, 19/07/2018 59,838 2.61 13,000,000 USD Celgene Corp., 0.00%, 28/06/2018 12,977 0.57 60,000,000 USD Charta LLC, 0.00%, 09/07/2018 59,871 2.61 46,000,000 USD CRC Funding LLC, 0.00%, 14/08/2018 45,791 2.00 25,000,000 USD Eni Finance USA, Inc., 0.00%, 05/06/2018 24,993 1.09 25,000,000 USD Hyundai Capital America, Inc., 0.00%, 19/06/2018 24,970 1.09 25,000,000 USD Hyundai Capital America, Inc., 0.00%, 25/06/2018 24,960 1.09 25,000,000 USD Liberty Street Funding LLC, 0.00%, 06/07/2018 24,950 1.09 19,500,000 USD Marriott International, Inc., 0.00%, 04/06/2018 19,495 0.85 30,000,000 USD MetLife Short Term Funding LLC, 0.00%, 20/08/2018 29,852 1.30 50,000,000 USD Nestle Capital Corp., 0.00%, 07/06/2018 49,983 2.18 32,550,000 USD Nieuw Amsterdam Receivables Corp., 0.00%, 12/06/2018 32,530 1.42 50,000,000 USD Old Line Funding LLC, 0.00%, 15/06/2018 49,962 2.18 50,000,000 USD Omnicom Capital, Inc., 0.00%, 29/06/2018 49,907 2.18 12,500,000 USD Schlumberger Holdings Corp., 0.00%, 01/08/2018 12,450 0.55 50,000,000 USD Starbird Funding Corp., 0.00%, 02/07/2018 49,913 2.18 50,000,000 USD Toyota Motor Credit Corp., 0.00%, 09/07/2018 49,897 2.18

281



As at 31 May 2018



LIQUIDITY INSTRUMENTS (continued)

Commercial papers (continued)

United States (continued) 50,000,000 USD Victory Receivables Corp., 0.00%, 06/06/2018 49,985 2.18 Total United States 722,307 31.53

Total investments in commercial papers 1,629,106 71.11

Total investments in liquidity instruments 1,775,128 77.48


Futures contracts

United States (31 May 2017: 1.75%) – –

Total unrealised gain on futures contracts (31 May 2017: 1.75%) – –


16,926 USD 846,300 S&P 500 E-mini Index 15/06/2018 (21,998) (0.96) Total United States (21,998) (0.96)

Total unrealised loss on futures contracts (31 May 2017: 0.00%) (21,998) (0.96)

Fair Value USD '000


Total financial assets at fair value through profit or loss 1,775,128 77.48 Total financial liabilities at fair value through profit or loss (21,998) (0.96) Cash 368,796 16.10 Cash equivalents Holding Currency Undertaking for collective investment schemes (31 May 2017: 0.00%) 200,650,451 USD Institutional US Dollar Liquidity Fund - Agency (Dis) Shares1 200,650 8.76 Total cash equivalents 200,650 8.76 Other assets and liabilities (31,572) (1.38) Net asset value attributable to redeemable participating unitholders 2,291,004 100.00


Assets Other transferable securities of the type referred to in Regulation 68 (1) (a), (b) and (c) 75.67 Collective investment schemes 8.55 Other assets 15.78 Total assets 100.00

1 A related party to the Sub-Fund.

282



As at 31 May 2018

On gains On losses Underlying exposure USD '000 USD '000 Futures contracts – 2,289,665

283

BlackRock Market Advantage Strategy Fund SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments EUR ‘000 210,501,363 Institutional Euro Assets Liquidity Fund - Agency (Dis) Shares 210,501

39,026,758 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 44,070

30,074,723 Institutional US Treasury Fund - Agency (Dis) Shares 25,141

11,433,551 Institutional US Dollar Liquidity Fund - Agency (Dis) Shares 9,569

4,070,000 Deutsche Bundesrepublik Inflation Linked Bond, 1.75%, 15/04/2020 4,896

6,900,000 Australia Government Bond, 0.75%, 21/11/2027 4,548

4,200,000 US Treasury Inflation Indexed, 0.13%, 15/04/2020 3,752


2,275,000 France Government Bond OAT, 2.25%, 25/07/2020 3,139


22,220,000 Sweden Government Inflation Linked Bond, 0.25%, 01/06/2022 2,615










Sales Proceeds Holding Investments EUR ‘000 208,943,107 Institutional Euro Assets Liquidity Fund - Agency (Dis) Shares 208,943

56,000,000 Institutional US Treasury Fund - Agency (Dis) Shares 45,291

39,500,000 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 44,588

28,500,112 Institutional Sterling Government Liquidity Fund - Agency (Dis) Shares 32,237





9,830,000 Australia Government Bond, FRN, 1.00%, 21/11/2018 6,968









284

BlackRock Market Advantage Strategy Fund SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments EUR ‘000 4,480,000 Australia Government Bond, 1.25%, 21/02/2022 3,394



The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.

285

iShares Developed Real Estate Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments USD ‘000 92,239 Simon Property Group, Inc. 14,773

167,471 Prologis, Inc. 10,507

49,650 Public Storage 10,181

210,283 Vonovia SE 9,437

410,985 VICI Properties, Inc. 8,494

124,836 Welltower, Inc. 8,093

32,433 Unibail-Rodamco SE 8,000

43,718 AvalonBay Communities, Inc. 7,741

278,561 Park Hotels & Resorts, Inc. 7,710

469,000 Sun Hung Kai Properties Ltd. 7,606

331,559 GGP, Inc. 7,590

64,078 Digital Realty Trust, Inc. 7,273

297,500 Mitsui Fudosan Co. Ltd. 6,995

377,500 Mitsubishi Estate Co. Ltd. 6,789

110,931 Ventas, Inc. 6,701

104,456 Equity Residential 6,677

116,650 Realty Income Corp. 6,392

799,783 Aroundtown SA 6,110

49,521 Boston Properties, Inc. 6,036

138,019 Deutsche Wohnen SE 5,795

668,000 Link REIT 5,607

43,839 Alexandria Real Estate Equities, Inc. 5,436

609,500 CK Asset Holdings Ltd. 5,263

1,671,360 Scentre Group 5,254

Sales Proceeds Holding Investments USD ‘000 46,362 Simon Property Group, Inc. 7,390

186,409 Equity Commonwealth, REIT 5,584

78,791 Prologis, Inc. 5,043

22,116 Public Storage 4,517

89,505 Vonovia SE 4,084

15,413 Unibail-Rodamco SE 3,796


20,577 AvalonBay Communities, Inc. 3,546

147,700 Mitsui Fudosan Co. Ltd. 3,522

406,000 CK Asset Holdings Ltd. 3,479

30,515 Digital Realty Trust, Inc. 3,367

186,000 Mitsubishi Estate Co. Ltd. 3,342

54,789 Welltower, Inc. 3,328

52,082 Equity Residential 3,263

362,000 Link REIT 3,138

53,313 Ventas, Inc. 3,051

286

iShares Developed Real Estate Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments USD ‘000 24,034 Boston Properties, Inc. 2,963

767,000 Kerry Properties Ltd. 2,621

829,105 Scentre Group 2,577

25,751 SL Green Realty Corp. 2,556

68,000 Sumitomo Realty & Development Co. Ltd. 2,412

54,941 Deutsche Wohnen SE 2,358

120,570 Host Hotels & Resorts, Inc. 2,337

9,422 Essex Property Trust, Inc. 2,253


287

iShares Developed World ex Tobacco Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments USD ‘000 15,563 Apple, Inc. 2,659

24,438 Microsoft Corp. 2,210

1,430 Amazon.com, Inc. 1,956

8,423 Facebook, Inc. 1,484

15,700 Exxon Mobil Corp. 1,260

9,014 Johnson & Johnson 1,193

10,961 JPMorgan Chase & Co. 1,189

1,107 Alphabet, Inc. 1,179


29,224 Bank of America Corp. 878

4,456 Berkshire Hathaway, Inc. 876

15,153 Wells Fargo & Co. 855

10,413 Nestle SA 844

6,516 Chevron Corp. 785

21,624 AT&T, Inc. 769

15,542 Intel Corp. 743

20,415 Pfizer, Inc. 727

3,169 UnitedHealth Group, Inc. 726

14,446 Verizon Communications, Inc. 711

3,839 Home Depot, Inc. (The) 706

Sales Proceeds Holding Investments USD ‘000 3,551 Apple, Inc. 582

4,495 Microsoft Corp. 366

6,922 Yahoo!, Inc. 360

243 Amazon.com, Inc. 285

2,707 JPMorgan Chase & Co. 268

3,185 Exxon Mobil Corp. 251

1,434 Facebook, Inc. 240

1,792 Johnson & Johnson 239

199 Alphabet, Inc. 197

4,531 AT&T, Inc. 170

918 Amgen, Inc. 164

984 Home Depot, Inc. (The) 163

4,653 Pfizer, Inc. 158

155 Alphabet, Inc. 151

7,936 General Electric Co. 150

1,820 AbbVie, Inc. 149

2,819 Wells Fargo & Co. 149

1,750 Nestle SA 142

2,524 Level 3 Communications, Inc. 140

288

iShares Developed World ex Tobacco Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments USD ‘000 1,530 Procter & Gamble Co. (The) 134


289

iShares Developed World Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments USD ‘000 1,706,170 iShares MSCI Europe UCITS ETF 48,084

265,311 Apple, Inc. 44,152



136,651 Facebook, Inc. 22,521



18,775 Alphabet, Inc. 18,993


15,347 Alphabet, Inc. 15,791

81,712 Berkshire Hathaway, Inc. 15,616

468,778 Bank of America Corp. 13,531

313,272 iShares EURO STOXX 50 UCITS ETF 13,312

163,168 Nestle SA 13,164

236,335 Wells Fargo & Co. 12,455

62,452 NVIDIA Corp. 12,399

56,840 UnitedHealth Group, Inc. 12,157

338,046 AT&T, Inc. 12,028

102,656 Visa, Inc. 11,753

244,898 Verizon Communications, Inc. 11,656

Sales Proceeds Holding Investments USD ‘000 216,304 Apple, Inc. 35,215



287,441 Yahoo!, Inc. 14,946



71,579 Facebook, Inc. 12,240


10,962 Alphabet, Inc. 11,069

118,487 Nestle SA 9,965

53,392 Home Depot, Inc. (The) 9,404


162,271 Wells Fargo & Co. 9,017

122,864 Citigroup, Inc. 8,777


75,557 Visa, Inc. 8,439


21,165 Charter Communications, Inc. 7,285

195,291 AT&T, Inc. 7,204

290

iShares Developed World Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments USD ‘000 79,860 Procter & Gamble Co. (The) 6,853


291

iShares Edge EM Fundamental Weighted Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments USD ‘000 28,232,000 Industrial & Commercial Bank of China Ltd. 20,188

6,710,000 China Construction Bank Corp. 5,781

518,000 China Mobile Ltd. 5,261

2,260,691 Gazprom PJSC 4,824

6,212,000 Bank of China Ltd. 3,121

3,218,000 China Petroleum & Chemical Corp. 2,450

734,000 Hon Hai Precision Industry Co. Ltd. 2,365

190,700 PTT PCL 2,337

237,422 Banco do Brasil SA 2,281

206,911 Fomento Economico Mexicano SAB de CV 1,977

207,813 Suzano Papel e Celulose SA 1,801

2,930,000 Lenovo Group Ltd. 1,650

1,052,102 Metalurgica Gerdau SA 1,640

1,707,900 Sime Darby Bhd. 1,572

1,210,000 CNOOC Ltd. 1,423

720,000 Agile Group Holdings Ltd. 1,392

1,482,000 Acer, Inc. 1,363

5,829 Naspers Ltd. 1,278

40,607 Sasol Ltd. 1,225

258,100 Siam Commercial Bank PCL (The) 1,195

Sales Proceeds Holding Investments USD ‘000 2,964,979 Vale SA 31,667

39,790,000 Industrial & Commercial Bank of China Ltd. 29,311

4,549,356 Petroleo Brasileiro SA 21,295

3,996,671 Petroleo Brasileiro SA 19,927


1,142,062 Itau Unibanco Holding SA 15,284

4,540,566 Gazprom PJSC 10,344

970,911 Banco Bradesco SA 10,229

1,289,000 Taiwan Semiconductor Manufacturing Co. Ltd. 10,106


140,221 LUKOIL PJSC 7,899


1,702,636 Sberbank of Russia PJSC 6,283

641,488 Banco do Brasil SA 6,282

4,343,000 CNOOC Ltd. 5,988

198,823 Reliance Industries Ltd. 5,756

560,901 MTN Group Ltd. 5,632

5,957,511 America Movil SAB de CV 5,355

1,571,000 Hon Hai Precision Industry Co. Ltd. 5,122

292

iShares Edge EM Fundamental Weighted Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments USD ‘000 6,494,000 China Petroleum & Chemical Corp. 5,096


293

iShares Emerging Markets Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments USD ‘000 124,635 Alibaba Group Holding Ltd. 20,137

420,100 Tencent Holdings Ltd. 19,770

7,734 Samsung Electronics Co. Ltd. 17,470

3,233,525 ICICI Bank Ltd. 15,961



112,786 SillaJen, Inc. 10,800

38,630 Naspers Ltd. 9,134

241,549 Momo, Inc. 9,110

673,121 Barclays Africa Group Ltd. 8,303

2,570,000 Hon Hai Precision Industry Co. Ltd. 8,183

1,196,030 Indian Oil Corp. Ltd. 7,985

626,356 Vodacom Group Ltd. 7,839


53,967 Netmarble Corp. 7,280

677,000 Win Semiconductors Corp. 7,139

1,153,500 Kingboard Chemical Holdings Ltd. 6,472

131,337 Autohome, Inc. 6,405

158,410 TAL Education Group 6,012

69,733 Celltrion Healthcare Co. Ltd. 5,921

Sales Proceeds Holding Investments USD ‘000 13,279 Samsung Electronics Co. Ltd. 32,255

573,700 Tencent Holdings Ltd. 29,234


101,282 Alibaba Group Holding Ltd. 18,716

52,413 Naspers Ltd. 13,571

7,072,900 Bank Central Asia Tbk. PT 9,443


1,452,000 Minth Group Ltd. 8,096

514,798 Infosys Ltd. 7,967

9,448,000 Industrial & Commercial Bank of China Ltd. 7,488

2,339,000 China Evergrande Group 7,475

29,439 SK Holdings Co. Ltd. 7,247

28,388 Baidu, Inc. 6,905




1,216,184 Gazprom PJSC 5,435

69,807 SK Hynix, Inc. 5,195

1,911,429 Turkiye Garanti Bankasi A/S 5,009

294

iShares Emerging Markets Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments USD ‘000 514,500 Ping An Insurance Group Co. of China Ltd. 5,001


295

iShares EMU Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments EUR ‘000 9,607 TOTAL SA 441

3,471 NXP Semiconductors NV 338

3,050 Wirecard AG 273

12,407 Siemens Gamesa Renewable Energy SA 245

3,017 Covestro AG 240

1,924 Ipsen SA 217

1,109 Unibail-Rodamco SE 216

43,584 Enel SpA 214

1,809 Siemens AG 206

2,289 SAP SE 206

1,302 MTU Aero Engines AG 196

34,882 Banco Santander SA 196

1,775 Bayer AG 195

2,992 BNP Paribas SA 194

5,367 Recordati SpA 193

13,728 Engie SA 193

965 Allianz SE 183

10,994 UniCredit SpA 181

1,447 Teleperformance 180

1,915 BASF SE 165

3,319 Unilever NV 162

2,088 KION Group AG 159

2,404 Daimler AG 158

630 LVMH Moet Hennessy Louis Vuitton SE 146

Sales Proceeds Holding Investments EUR ‘000 62,793 TOTAL SA 2,850

29,981 Sanofi 2,531

21,322 Bayer AG 2,507

19,855 Siemens AG 2,446

25,513 SAP SE 2,404

385,388 Banco Santander SA 2,276

12,134 Allianz SE 2,162

42,233 Unilever NV 2,071

23,697 BASF SE 2,014

19,429 Anheuser-Busch InBev SA/NV 1,955

29,444 BNP Paribas SA 1,898

25,412 Daimler AG 1,672

7,225 LVMH Moet Hennessy Louis Vuitton SE 1,650

99,049 ING Groep NV 1,518

89,952 Deutsche Telekom AG 1,476

170,275 Banco Bilbao Vizcaya Argentaria SA 1,257

296

iShares EMU Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments EUR ‘000 6,554 L'Oreal SA 1,221

49,681 AXA SA 1,204

9,214 ASML Holding NV 1,138

14,778 Airbus SE 1,117

116,794 Telefonica SA 1,110

10,107 Air Liquide SA 1,088


297

iShares Europe ex-UK Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments EUR ‘000 313,779 Nestle SA 21,426

219,559 Novartis AG 15,139

69,832 Roche Holding AG 13,971

264,996 TOTAL SA 12,549

220,864 Novo Nordisk A/S 9,036

1,541,256 Banco Santander SA 8,606

93,433 SAP SE 8,458

79,847 Bayer AG 8,240

73,203 Siemens AG 8,158

88,762 BASF SE 7,744

103,573 Sanofi 7,566


39,635 Allianz SE 7,491




93,698 Daimler AG 6,347

41,261 ASML Holding NV 6,266

384,263 ING Groep NV 5,664

369,455 UBS Group AG 5,369

Sales Proceeds Holding Investments EUR ‘000 101,013 Nestle SA 6,911

71,046 Novartis AG 4,918

112,927 Novo Nordisk A/S 4,614

21,800 Roche Holding AG 4,276

85,803 TOTAL SA 3,911

495,908 Banco Santander SA 2,769

14,284 Allianz SE 2,718

30,073 SAP SE 2,606

23,482 Siemens AG 2,601

37,634 Sanofi 2,565

25,440 Bayer AG 2,549

28,333 BASF SE 2,499



104,504 ABB Ltd. 2,196

30,592 Daimler AG 2,160



144,570 Deutsche Telekom AG 2,072

298

iShares Europe ex-UK Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments EUR ‘000 248,294 Altice NV 1,962


299

iShares Europe Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments EUR ‘000 17,358 British American Tobacco plc 1,000

11,477 Nestle SA 821

83,968 HSBC Holdings plc 704

8,006 Novartis AG 564

2,637 Roche Holding AG 541

19,754 Royal Dutch Shell plc 532

90,514 BP plc 505

9,570 TOTAL SA 447

9,850 Novo Nordisk A/S 410



20,780 GlaxoSmithKline plc 326

3,439 SAP SE 323

2,883 Bayer AG 312

3,964 Sanofi 308

1,598 Allianz SE 308


5,841 Unilever NV 285

3,113 BASF SE 284

368,580 Lloyds Banking Group plc 282

Sales Proceeds Holding Investments EUR ‘000 9,579 Nestle SA 687

64,407 HSBC Holdings plc 538

6,714 Novartis AG 483

2,154 Roche Holding AG 453

7,270 British American Tobacco plc 406


7,751 TOTAL SA 358

8,585 Novo Nordisk A/S 352

61,798 BP plc 342


1,561 Allianz SE 301

3,663 Sanofi 290


16,642 GlaxoSmithKline plc 266

2,796 SAP SE 261

2,342 Bayer AG 256


8,336 Diageo plc 237

5,004 Unilever plc 235

300

iShares Europe Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments EUR ‘000 47,501 Worldpay Group plc 232


301

iShares Japan Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments USD ‘000 296,200 Toyota Motor Corp. 18,838

1,311,800 Mitsubishi UFJ Financial Group, Inc. 8,829

93,600 SoftBank Group Corp. 7,563

215,000 Honda Motor Co. Ltd. 6,993

144,700 Sony Corp. 6,654

11,000 Keyence Corp. 6,499

153,200 Sumitomo Mitsui Financial Group, Inc. 6,327

481,300 Japan Post Holdings Co. Ltd. 5,637

201,100 KDDI Corp. 5,403

13,100 Nintendo Co. Ltd. 5,184

21,900 FANUC Corp. 5,151

2,772,800 Mizuho Financial Group, Inc. 4,973

45,200 Shin-Etsu Chemical Co. Ltd. 4,751

172,100 Mitsubishi Corp. 4,522

121,200 Canon, Inc. 4,496

82,900 Takeda Pharmaceutical Co. Ltd. 4,278

553,000 Hitachi Ltd. 4,144

1,441,000 Toshiba Corp. 3,891

26,700 Nidec Corp. 3,854

123,500 Japan Tobacco, Inc. 3,847

Sales Proceeds Holding Investments USD ‘000 39,000 Toyota Motor Corp. 2,639

340,000 Mitsubishi UFJ Financial Group, Inc. 2,325

11,200 SoftBank Group Corp. 945

18,200 Sumitomo Mitsui Financial Group, Inc. 826

17,400 Sony Corp. 820

1,900 Nintendo Co. Ltd. 782

1,200 Keyence Corp. 772

20,500 Honda Motor Co. Ltd. 745

15,800 Miraca Holdings, Inc. 688

26,400 KDDI Corp. 688

6,100 Shin-Etsu Chemical Co. Ltd. 677

349,000 Mizuho Financial Group, Inc. 669

2,400 FANUC Corp. 667

11,000 Takeda Pharmaceutical Co. Ltd. 648

50,100 Astellas Pharma, Inc. 638

46,926 Chugoku Bank Ltd. (The) 613

19,500 Mitsubishi Corp. 564

53,800 Nissan Motor Co. Ltd. 558

13,900 Canon, Inc. 548

302

iShares Japan Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments USD ‘000 69,000 Hiroshima Bank Ltd. (The) 544


303

iShares North America Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments USD ‘000 39,489 Apple, Inc. 6,261









12,377 NVIDIA Corp. 2,258


18,920 Chevron Corp. 2,204

56,816 AT&T, Inc. 2,145

10,470 UnitedHealth Group, Inc. 2,132

57,954 Pfizer, Inc. 2,085

41,331 Verizon Communications, Inc. 2,029

34,681 Wells Fargo & Co. 1,878

20,072 Procter & Gamble Co. (The) 1,841


14,729 Take-Two Interactive Software, Inc. 1,644

Sales Proceeds Holding Investments USD ‘000 107,869 Apple, Inc. 18,787









105,679 Yahoo!, Inc. 5,495


83,641 Wells Fargo & Co. 5,294

68,799 Citigroup, Inc. 5,077

24,035 Home Depot, Inc. (The) 4,650

36,338 Visa, Inc. 4,317

115,043 Pfizer, Inc. 4,181

31,908 Chevron Corp. 4,162

43,940 Procter & Gamble Co. (The) 3,983


304

iShares North America Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments USD ‘000 104,540 AT&T, Inc. 3,870


305

iShares Pacific Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments USD ‘000 742,600 AIA Group Ltd. 5,977

90,167 Commonwealth Bank of Australia 5,453

100,000 iShares MSCI Pacific ex-Japan UCITS ETF 4,474

166,320 Westpac Banking Corp. 4,038

144,313 BHP Billiton Ltd. 3,016

131,191 Australia & New Zealand Banking Group Ltd. 2,929

121,858 National Australia Bank Ltd. 2,846

109,065 Woodside Petroleum Ltd. 2,464

19,551 CSL Ltd. 2,084

162,500 CK Hutchison Holdings Ltd. 2,072

67,900 Hong Kong Exchanges & Clearing Ltd. 2,064

226,971 Fisher & Paykel Healthcare Corp. Ltd. 2,041

1,672,000 Kingston Financial Group Ltd. 2,018

231,437 BlueScope Steel Ltd. 2,004

304,000 Minth Group Ltd. 1,702

51,870 Wesfarmers Ltd. 1,685


19,419 Macquarie Group Ltd. 1,380

65,617 Woolworths Group Ltd. 1,321

64,100 DBS Group Holdings Ltd. 1,076 44,300 Hang Seng Bank Ltd. 1,034 19,374 Rio Tinto Ltd. 1,033 209,000 BOC Hong Kong Holdings Ltd. 1,019 117,000 Link REIT 992 Sales Proceeds Holding Investments USD ‘000 811,544 Westfield Corp. 5,423

604,200 AIA Group Ltd. 5,227

54,012 Commonwealth Bank of Australia 3,156

99,824 BHP Billiton Ltd. 2,426

102,533 Westpac Banking Corp. 2,421

87,616 Australia & New Zealand Banking Group Ltd. 1,925

13,864 CSL Ltd. 1,757

77,675 National Australia Bank Ltd. 1,732

136,000 CK Hutchison Holdings Ltd. 1,698

45,800 Hong Kong Exchanges & Clearing Ltd. 1,619

20,300 Jardine Matheson Holdings Ltd. 1,291

61,501 DBS Group Holdings Ltd. 1,245

305,887 Contact Energy Ltd. 1,134

33,325 Wesfarmers Ltd. 1,119


16,980 Rio Tinto Ltd. 1,054

306

iShares Pacific Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments USD ‘000 116,500 CK Asset Holdings Ltd. 1,026

169,500 BOC Hong Kong Holdings Ltd. 881

35,800 Hang Seng Bank Ltd. 877

96,500 Link REIT 855

85,800 Oversea-Chinese Banking Corp. Ltd. 848

38,784 Woolworths Group Ltd. 831

95,000 Galaxy Entertainment Group Ltd. 809

304,000 Singapore Telecommunications Ltd. 808

9,600 Macquarie Group Ltd. 808

29,127 Woodside Petroleum Ltd. 730


307

iShares UK Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments GBP ‘000 532,595 Royal Dutch Shell plc 12,722

246,411 British American Tobacco plc 11,851

1,322,884 HSBC Holdings plc 9,670

1,786,351 BP plc 9,081

221,251 Royal Dutch Shell plc 5,464

308,449 GlaxoSmithKline plc 4,548

6,399,271 Lloyds Banking Group plc 4,325

78,188 AstraZeneca plc 3,932

152,340 Diageo plc 3,855

1,657,211 Vodafone Group plc 3,515

50,707 Reckitt Benckiser Group plc 3,316

70,510 Unilever plc 2,947

135,235 Micro Focus International plc 2,941

157,756 Prudential plc 2,901

74,206 Rio Tinto plc 2,760

740,557 Glencore plc 2,573

57,316 Shire plc 2,192

1,077,941 Barclays plc 2,169

981,276 Tesco plc 2,062

132,642 BHP Billiton plc 1,915

196,872 National Grid plc 1,738

58,619 Imperial Brands plc 1,723

202,737 Standard Chartered plc 1,532

96,917 Compass Group plc 1,523

210,465 John Wood Group plc 1,514

638,258 Melrose Industries plc 1,445

Sales Proceeds Holding Investments GBP ‘000 547,987 Royal Dutch Shell plc 'A' 12,761

1,345,292 HSBC Holdings plc 10,047

1,650,605 BP plc 7,995

136,455 British American Tobacco plc 6,912

235,967 Royal Dutch Shell plc 5,364

322,448 GlaxoSmithKline plc 4,659

167,975 Diageo plc 4,172

82,926 AstraZeneca plc 4,151

1,746,075 Vodafone Group plc 3,943

90,520 Unilever plc 3,768

44,101 Reckitt Benckiser Group plc 3,133

4,672,861 Lloyds Banking Group plc 3,116

167,188 Prudential plc 3,044

85,045 Rio Tinto plc 2,967

308

iShares UK Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued) For the year ended 31 May 2018 Sales (continued) Proceeds Holding Investments GBP ‘000 628,085 Worldpay Group plc 2,679

799,297 Glencore plc 2,641

59,480 Shire plc 2,338

1,120,058 Barclays plc 2,276

62,843 Imperial Brands plc 2,038

225,391 National Grid plc 2,035

138,914 BHP Billiton plc 1,842

218,760 Standard Chartered plc 1,705

566,871 BT Group plc 1,564

97,292 Compass Group plc 1,507

161,472 Rolls-Royce Holdings plc 1,413


309

iShares US Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) For the year ended 31 May 2018 Purchases Cost Holding Investments USD ‘000 233,091,225 Institutional US Dollar Liquidity Fund - Agency (Dis) Shares 233,091

60,000,000 DG Bank, 1.70%, 10/04/2018 60,000

60,000,000 KBC Bank NV, 1.44%, 25/01/2018 60,000

60,000,000 KBC Bank NV, 1.84%, 14/05/2018 60,000

60,000,000 Oversea-Chinese Banking Corp. Ltd., 1.80%, 07/05/2018 60,000

60,000,000 TransCanada PipeLines Ltd., 0.00%, 05/03/2018 59,904

60,000,000 NRW. Bank, 0.00%, 14/09/2017 59,867

60,000,000 Roger Communications, Inc., 0.00%, 04/01/2018 59,841

60,000,000 NRW. Bank, 0.00%, 08/12/2017 59,814

60,000,000 Crown Point Capital Co. LLC, 0.00%, 03/04/2018 59,743

60,000,000 Gotham Funding Corp., 0.00%, 09/04/2018 59,739

60,000,000 Barton Capital SA, 0.00%, 09/04/2018 59,733

60,000,000 Prudential plc, 0.00%, 09/05/2018 59,733

60,000,000 Sheffield Receivables Corp., 0.00%, 10/04/2018 59,730

60,000,000 Canadian Imperial Bank of Commerce, 0.00%, 05/06/2018 59,678

60,000,000 Santander UK plc, 0.00%, 06/08/2018 59,656

60,000,000 Charta LLC, 0.00%, 09/07/2018 59,623

60,000,000 CAFCO LLC, 0.00%, 19/07/2018 59,619

58,000,000 Barton Capital SA, 0.00%, 08/01/2018 57,786

57,905,000 Atlantic Asset Securitization LLC, 0.00%, 10/10/2017 57,716

Sales1 Proceeds Holding Investments USD ‘000 50,000,000 Mizuho Bank Ltd., 1.60%, 07/03/2018 50,000


25,000,000 Macquarie Bank Ltd., 0.00%, 08/03/2018 24,976

25,000,000 Macquarie Bank Ltd., 0.00%, 14/05/2018 24,966


1There were 4 sales during the year.

310

BLACKROCK INDEX SELECTION FUND CALENDAR YEAR PERFORMANCE (Unaudited) The performance of the Sub-Funds, on a calendar year basis, is shown below:

Sub-Fund name

Return for 1 January 2018 to 31 May 2018

%

Return for 1 January 2017

to 31 December 2017 %





Sub-Fund Benchmark Sub-Fund Benchmark Sub-Fund Benchmark Sub-Fund Benchmark BlackRock Market Advantage Strategy Fund1

- Class A GBP Acc Units 0.26 n/a 12.06 n/a 10.74 n/a (2.78) n/a

iShares Developed Real Estate Index Fund (IE)2 - Euro Institutional Distributing Class 1.85 1.79 (2.98) (3.06) 7.10 7.18 10.30 10.51

iShares Developed World ex Tobacco Index Fund (IE)2 - Sterling Flexible Distributing Class 2.44 2.36 11.85 11.73 28.20 28.20 4.45 4.55

iShares Developed World Index Fund (IE) - US Dollar Flexible Accumulating Class 0.54 0.48 22.66 22.40 7.71 7.51 (0.80) (0.87)

iShares Edge EM Fundamental Weighted Index Fund (IE) - Sterling Flexible Accumulating Class (0.17) (0.19) 14.70 15.20 57.95 58.58 (17.43) (17.10)

iShares Emerging Markets Index Fund (IE) - Sterling Flexible Accumulating Class (1.02) (0.99) 25.68 25.40 32.89 32.63 (10.09) (9.99)

iShares EMU Index Fund (IE) - Euro Flexible Accumulating Class 0.86 0.47 13.26 12.49 5.43 4.37 9.97 9.81

iShares Europe ex-UK Index Fund (IE) - Euro Flexible Accumulating Class (0.39) (0.77) 12.27 11.40 3.25 2.42 11.10 10.67

iShares Europe Index Fund (IE) - Euro Flexible Accumulating Class 0.48 0.22 10.84 10.24 3.09 2.58 8.32 8.22

iShares Japan Index Fund (IE) - US Dollar Flexible Accumulating Class 0.52 0.51 24.07 23.99 2.46 2.38 9.63 9.57

iShares North America Index Fund (IE) - US Dollar Flexible Accumulating Class 1.69 1.67 20.95 20.89 11.63 11.57 (0.82) (0.90)

iShares Pacific Index Fund (IE) - US Dollar Flexible Accumulating Class (0.38) (0.40) 26.06 25.88 7.87 7.85 (8.46) (8.47)

iShares UK Index Fund (IE) - Sterling Flexible Accumulating Class 1.62 1.58 11.93 11.71 19.09 19.16 (2.04) (2.21)

iShares US Index Fund (IE) - US Dollar Flexible Accumulating Class 1.66 1.77 21.19 21.10 12.22 11.23 1.16 0.75

1BlackRock Market Advantage Strategy Fund does not track a benchmark. 2iShares Developed Real Estate Index Fund (IE) and iShares Developed World ex Tobacco Index Fund (IE) returns are gross of dividends.

311

BLACKROCK INDEX SELECTION FUND REGULATORY DISCLOSURES (Unaudited) Global exposure and leverage In accordance with UCITS Regulations issued by CBI, the Manager is required to employ a risk management process which enables it to accurately monitor and manage the global exposure of the Sub-Funds to FDIs. The Manager uses a methodology known as the commitment approach to measure the global exposure of the Sub-Funds and manage the potential loss to the Sub-Funds due to market risk. This approach is used for all Sub-Funds with the exception of BlackRock Market Advantage Strategy Fund where global exposure is measured using VaR. The commitment approach is a methodology that aggregates the underlying market or notional value of FDIs to determine the global exposure of the Sub-Fund. In accordance with the UCITS Regulations, global exposure for a Sub-Fund utilising the commitment approach must not exceed 100% of the Sub-Fund’s NAV. The exposures to FDIs at year end are marked on the relevant Sub-Fund’s Schedule of Investments. Please refer to the market risk section in the financial instruments and risks (note 3) for further details on the measure of VaR. The tables below detail the highest, lowest and average utilisation of the VaR limit, expressed as a percentage of the respective absolute VaR regulatory limit. For absolute VaR, the monthly VaR will not exceed 20% of the NAV. Utilisation refers to the level of risk taken in this context.

For the year ended 31 May 2018 Market Risk Approach

Highest utilisation of the

VaR limit %

Lowest utilisation of the

VaR limit %

Average utilisation of the

VaR limit % BlackRock Market Advantage Strategy Fund Absolute VaR 35.57 12.53 19.91

For the year ended 31 May 2017 Market Risk Approach

Highest utilisation of the

VaR limit %

Lowest utilisation of the

VaR limit %

Average utilisation of the

VaR limit % BlackRock Market Advantage Strategy Fund Absolute VaR 31.32 16.55 23.92

The use of derivatives may expose Sub-Fund to a higher degree of risk. In particular, derivative contracts can be highly volatile, and the amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds. Leveraged derivative positions can therefore increase Sub-Fund volatility. The leverage is calculated on a gross exposure basis, by taking the sum of the notional values of the derivatives used by a Sub-Fund, without netting, and is expressed as a percentage of the NAV. Disclosed in the tables below are the average leverage employed during the year. For the years ended 31 May 2018 and 31 May 2017 global exposure is measured using the commitment approach for all Sub-Funds with the exception of the Sub-Fund detailed in the following tables:

For the year ended 31 May 2018 Average leverage employed

during the year BlackRock Market Advantage Strategy Fund 352%

For the year ended 31 May 2017 Average leverage employed

during the year BlackRock Market Advantage Strategy Fund 352%

312

BLACKROCK INDEX SELECTION FUND REPORT ON REMUNERATION (Unaudited) The below disclosures are made in respect of the remuneration policies of the BlackRock group ("BlackRock"), as they apply to BlackRock Asset Management Ireland Limited (the "Manager"). The disclosures are made in accordance with the Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (“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 EEA entities within the BlackRock group authorised as a manager of UCITS funds in accordance with the Directive, and will ensure compliance with the requirements of Article 14b of the Directive. The Manager 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 Manager); and (b) the Manager’s board of directors (the “Manager’s Board”). These bodies are responsible for the determination of BlackRock’s remuneration policies.

(a) MDCC

The MDCC’s purposes include:

• providing oversight of: o BlackRock’s executive compensation programmes; o BlackRock’s employee benefit plans; and o 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 its own independent compensation consultant, Semler Brossy Consulting Group LLC, who 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 Manager’s Board The Manager’s Board has the task of supervising and providing oversight of the UCITS Remuneration Policy as it applies to the Manager and its Identified Staff. The Manager’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 Manager and its Identified Staff.

313

BLACKROCK INDEX SELECTION FUND REPORT ON REMUNERATION (Unaudited) (continued) Decision-making process Remuneration 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. 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 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 functions Each 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”), the global management committee, or has a reporting obligation to the board of directors of BlackRock Group Limited, the parent company of all of BlackRock’s EMEA regulated entities, including the Manager. 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 MDCC. Link between pay and performance There 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.

314

BLACKROCK INDEX SELECTION FUND REPORT ON REMUNERATION (Unaudited) (continued) Driving a high-performance culture is dependent on the ability to measure performance against objectives, values and behaviours in a clear and consistent way. Managers 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 don’t 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 Manager, the funds managed by the Manager 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 BlackRock's 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 into 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 Margin1 and Organic Revenue Growth2. 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.

1 As Adjusted Operating Margin: As reported in BlackRock’s 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 dollars).

315

BLACKROCK INDEX SELECTION FUND REPORT ON REMUNERATION (Unaudited) (continued) 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. Identified Staff The UCITS Remuneration Policy sets out the process that will be applied to identify staff as Identified Staff, being categories of staff of the Manager, 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 Manager 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; • new business initiatives; • changes in significant influence function lists; • changes in role responsibilities; and • revised regulatory direction.

Quantitative Remuneration Disclosure The Manager is required under 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 Manager; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund. 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 Fund is included in the aggregate figures disclosed. Members of staff and senior management of the Manager typically provide both UCITS and non-UCITS related services in respect of multiple funds, clients and functions of the Manager and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Manager’s UCITS-related business according to an objective apportionment methodology which acknowledges the multiple-service nature of the Manager. 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 Manager to its staff which has been attributed to the Manager’s UCITS-related business in respect of the Manager’s financial year ending 31 December 2017 is USD 5.0 million. This figure is comprised of fixed remuneration of USD 2.0 million and variable remuneration of USD 3.0 million. There were a total of 52 beneficiaries of the remuneration described above. The amount of the aggregate remuneration awarded by the Manager, which has been attributed to the Manager’s UCITS-related business in respect of the Manager’s financial year ending 31 December 2017, to its senior management was USD 0.3 million, and to other members of its staff whose actions have a material impact on the risk profile of the Fund was USD 4.7 million.

316

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION (Unaudited) Efficient Portfolio Management The Manager may, on behalf of each Sub-Fund and subject to the conditions and within the limits laid down by the CBI, employ techniques and instruments relating to transferable securities, including investments in FDIs 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. Such techniques and instruments are set out in the prospectus and may include futures (which may be used to manage cash flows on a short-term basis by holding the future to gain exposure to an asset class pending direct investment) and swaps, (which may be used to manage interest rate and currency risk). Efficient portfolio management means investment techniques involving transactions that are entered into for one or more of the following specific aims: the reduction of risk, the reduction of cost, or the generation of additional capital or income for a Sub-Fund. New techniques and instruments may be developed which may be suitable for use by the Sub-Funds and the Manager may, (subject to the conditions and limits laid down by the CBI) employ such techniques and instruments subject to the investment objectives and policies being updated and Unitholders being notified in advance. Where a Sub-Fund intends to use these instruments for direct investment purposes, full details will be disclosed in the Sub-Fund’s investment policy. Where a Sub-Fund intends to engage in transactions in relation to FDIs under any circumstances, the Manager shall employ a Risk Management Process (“RMP”) in accordance with the requirements of the CBI to enable it to monitor, measure and manage, on a continuous basis, the risk to all open derivative positions and their contribution to the overall risk profile of the Sub-Fund. The Sub-Fund will, on request, provide supplemental information to Unitholders relating to the risk management methods employed including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investment. Potential investors should consider the risk factors associated with investment in FDIs as set out in the prospectus before investing in a Sub-Fund. Securities Lending and Total Return Swaps The table below details the value of securities on loan as a proportion of the Sub-Funds’ total lendable assets and NAV and the value of total return swaps as a proportion of the Sub-Funds’ NAV, as at 31 May 2018 and the returns earned on total return swaps for the year ended 31 May 2018. Total lendable assets represent the aggregate value of assets forming part of the Sub-Funds’ securities lending programme. This excludes any assets held by the Sub-Funds that are not considered lendable due to any market, regulatory, investment or other restriction. The value of total return swaps is based on the underlying exposure value on a gross absolute basis.

Sub-Fund name

Currency

Securities on loan Total return swaps

% of lendable assets % of NAV % of NAV

Total Returns earned

‘000 BlackRock Market Advantage Strategy Fund EUR 1.62 0.78 30.65 21,032

iShares Developed Real Estate Index Fund (IE) USD 9.24 8.73 - -

iShares Developed World ex Tobacco Index Fund (IE) USD 3.21 3.01 - -

iShares Developed World Index Fund (IE) USD 15.76 14.83 - -

iShares Edge EM Fundamental Weighted Index Fund (IE) USD 19.93 9.88 - -

iShares Emerging Markets Index Fund (IE) USD 22.71 13.29 - -

iShares EMU Index Fund (IE) EUR 21.67 20.24 - -

iShares Europe ex-UK Index Fund (IE) EUR 17.82 16.66 - -

iShares Europe Index Fund (IE) EUR 15.94 14.81 - -

iShares Japan Index Fund (IE) USD 30.35 27.82 - -

iShares North America Index Fund (IE) USD 14.79 13.87 - -

iShares Pacific Index Fund (IE) USD 22.80 21.08 - -

iShares UK Index Fund (IE) GBP 7.21 6.68 - - The total income earned from securities lending transactions is split between the relevant Sub-Fund and the Securities Lending Agent. The Sub-Funds receive at least 62.50% while Securities Lending Agent receives up to 37.50% of such income with all operational costs borne out of the Securities Lending Agent’s share. All returns from total return swaps will accrue to the Sub-Funds and are not subject to any returns sharing arrangements with the Sub-Fund’s Manager or any other third parties. Income earned during the year by the Sub-Funds from securities lending transactions is disclosed in the operating income note to the financial statements.

317

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION (Unaudited) (continued) Securities Lending and Total Return Swaps (continued) The tables below and overleaf detail the value of securities on loan and associated collateral received and the underlying exposure value on a gross absolute basis for total return swaps analysed by counterparty as at 31 May 2018.

Counterparty

Securities Lending Total return swaps

Amount on loan

Collateral received

Underlying exposure value

BlackRock Market Advantage Strategy Fund EUR ‘000 EUR ‘000 EUR ‘000 Bank of America Merrill Lynch International Ltd. - - 42,083

Barclays Capital Securities Ltd. 3,446 3,808 -

JPMorgan Chase Bank N.A. - - 93,517

Total 3,446 3,808 135,600 iShares Developed Real Estate Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 11,110 12,117 -

BNP Paribas Arbitrage 614 679 -

Citigroup Global Markets Ltd. 8,206 8,810 -

Credit Suisse Securities (Europe) Ltd. 36,227 38,880 -

Goldman Sachs International 5,288 6,134 -

HSBC Bank plc 6,535 7,075 -

J.P. Morgan Securities plc 9,926 11,125 -

Macquarie Bank Limited 10,687 11,926 -

Merrill Lynch International 45,366 51,341 -

Morgan Stanley & Co. International plc 300 320 -

Nomura International plc 95 103 - Societe Generale SA 24,697 26,254 -

The Bank of Nova Scotia 8,722 9,650 -

UBS AG 14,873 16,524 -

Total 182,646 200,938 - iShares Developed World ex Tobacco Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 BNP Paribas Arbitrage 12 14 -

Citigroup Global Markets Ltd. 312 335 -



Macquarie Bank Limited 8 8 -

Societe Generale SA 702 746 -


UBS AG 3,949 4,387 -

Total 12,731 14,014 - iShares Developed World Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Abbey National Treasury Services plc 6,381 7,031 -

Barclays Capital Securities Ltd. 121,901 132,949 -

BNP Paribas Arbitrage 18,272 20,193 -


Credit Suisse AG 684,364 730,780 -

Credit Suisse International 1,054 1,170 - Credit Suisse Securities (Europe) Ltd. 70,141 75,278 -

Deutsche Bank AG 529,938 591,485 -


HSBC Bank plc 63,397 68,639 -


318

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION (Unaudited) (continued) Securities Lending and Total Return Swaps (continued)

Counterparty


Amount on loan

Collateral received


iShares Developed World Index Fund (IE) (continued) USD ‘000 USD ‘000 USD ‘000 Macquarie Bank Limited 12,886 14,379 -


Morgan Stanley & Co. International plc 10,937 11,654 -

Nomura International plc 154 167 -

Skandinaviska Enskilda Banken AB 356 403 -

Societe Generale SA 55,118 58,593 -


UBS AG 74,026 82,253 -

Total 2,019,812 2,211,247 - iShares Edge EM Fundamental Weighted Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 BNP Paribas Arbitrage 215 237 -



Credit Suisse Securities (Europe) Ltd. 6,514 6,991 - Goldman Sachs International 605 717 -

HSBC Bank plc 678 734 -





Skandinaviska Enskilda Banken AB 1,033 1,170 -


UBS AG 9,230 10,255 -

Total 60,808 67,592 - iShares Emerging Markets Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 41,091 44,815 -






HSBC Bank plc 324,423 351,250 -



Merrill Lynch International 291,476 329,867 - Morgan Stanley & Co. International plc 9,837 10,481 -



UBS AG 142,329 158,130 -

Total 1,518,919 1,677,229 - iShares EMU Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 Barclays Capital Securities Ltd. 2,054 2,240 - BNP Paribas Arbitrage 420 465 - Credit Suisse AG 6,570 7,015 -

319


Counterparty


Amount on loan

Collateral received


iShares EMU Index Fund (IE) (continued) EUR ‘000 EUR ‘000 EUR ‘000 Credit Suisse International 566 628 -


Goldman Sachs International 858 1,018 -

HSBC Bank plc 573 620 -

J.P. Morgan Securities plc 3,525 3,951 - Merrill Lynch International 1,888 2,137 -




UBS AG 499 555 -

Total 20,531 22,588 - iShares Europe ex-UK Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 Barclays Capital Securities Ltd. 37,892 41,326 -




Credit Suisse International 364 404 -









Nomura International plc 781 846 - Societe Generale SA 18,445 19,607 -


UBS AG 15,603 17,335 -

Total 421,027 463,854 - iShares Europe Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 BNP Paribas Arbitrage 217 239 -



Goldman Sachs International 537 637 -







The Bank of Nova Scotia 628 694 -

UBS AG 909 1,010 -

Total 22,843 24,929 -

320


Counterparty


Amount on loan

Collateral received


iShares Japan Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 135,973 148,297 -

BNP Paribas Arbitrage 104 115 -









Morgan Stanley & Co. International plc -1 -1 -


UBS AG 12,179 13,531 -

Total 381,688 418,631 - iShares North America Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 1,055 1,150 -












UBS AG 2,924 3,248 -

Total 385,679 417,752 - iShares Pacific Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Citigroup Global Markets Ltd. 10,568 11,346 -




Macquarie Bank Limited 7,825 8,731 - Merrill Lynch International 36,062 40,812 -


UBS AG 4,301 4,779 -

Total 144,382 159,606 - iShares UK Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 Abbey National Treasury Services plc 5,285 5,823 -


Deutsche Bank AG 622 692 - 1Values which are less than USD 500 are rounded down to zero.

321


Counterparty


Amount on loan

Collateral received


iShares UK Index Fund (IE) (continued) GBP ‘000 GBP ‘000 GBP ‘000 HSBC Bank plc 8,289 8,974 -




UBS AG 1,650 1,892 -

Total 36,658 40,516 - Total Return Swaps

The table below provides an analysis of the maturity tenor of total return swaps as at 31 May 2018:

Maturity Tenor

91 – 365 days Total BlackRock Market Advantage Strategy Fund EUR ‘000 EUR ‘000

Total return swaps 135,600 135,600 The above maturity tenor analysis has been based on the respective transaction contractual maturity date. Collateral The Sub-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 table below and overleaf provides an analysis by currency of the cash and non-cash collateral received and posted by way of title transfer collateral arrangement by the Sub-Funds, in respect of securities lending transactions and OTC FDIs (including total return swaps) as at 31 May 2018:

Currency

Cash collateral received

Non-cash collateral

received

Non-cash collateral

posted BlackRock Market Advantage Strategy Fund EUR ‘000 EUR ‘000 EUR ‘000 Securities lending transactions

CAD - 119 - CHF - 136 - EUR - 353 - GBP - 1,152 - JPY - 1,588 - USD - 460 - Total Securities lending transactions - 3,808 - OTC FDIs

EUR 6,553 - 1,687 USD 1,410 - - Total OTC FDIs 7,963 - 1,687

322

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION (Unaudited) (continued) Collateral (continued)

Currency


Non-cash collateral received

Non-cash collateral

posted iShares Developed Real Estate Index Fund (IE) USD '000 USD '000 USD '000 Securities lending transactions AUD - 2,015 - CAD - 1,595 - CHF - 5,503 - DKK - 2,145 - EUR - 41,288 - GBP - 36,250 - JPY - 43,400 - NOK - 3,702 - SEK - 46 - USD - 64,994 - Total Securities lending transactions - 200,938 - iShares Developed World ex Tobacco Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Securities lending transactions AUD - 24 - CAD - 231 - CHF - 69 - DKK - 44 - EUR - 2,077 - GBP - 3,930 - JPY - 1,723 - NOK - 14 - SEK - 5 - USD - 5,897 - Total Securities lending transactions - 14,014 - iShares Developed World Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Securities lending transactions AUD - 8,842 - CAD - 52,092 - CHF - 45,705 - DKK - 14,578 - EUR - 369,612 - GBP - 331,359 - JPY - 282,534 - NOK - 22,646 - SEK - 6,879 - USD - 1,077,000 - Total Securities lending transactions - 2,211,247 - iShares Edge EM Fundamental Weighted Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Securities lending transactions AUD - 632 - CAD - 220 - CHF - 1,479 - DKK - 721 - EUR - 8,948 - GBP - 12,049 - JPY - 16,842 - NOK - 927 - SEK - 264 - USD - 25,510 - Total Securities lending transactions - 67,592 -

323


Currency



Non-cash collateral

posted iShares Emerging Markets Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Securities lending transactions AUD - 13,603 - CAD - 30,325 - CHF - 35,689 - DKK - 15,883 - EUR - 319,381 - GBP - 386,432 - JPY - 289,977 - NOK - 11,532 - SEK - 1,945 - USD - 572,462 - Total Securities lending transactions - 1,677,229 - iShares EMU Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 Securities lending transactions AUD - 106 - CAD - 402 - CHF - 588 - DKK - 143 - EUR - 3,940 - GBP - 4,198 - JPY - 3,229 - NOK - 132 - SEK - 51 - USD - 9,799 - Total Securities lending transactions - 22,588 - iShares Europe ex-UK Index Fund (IE) EUR ‘000

EUR ‘000

EUR ‘000

Securities lending transactions AUD - 2,708 - CAD - 5,486 - CHF - 9,084 - DKK - 3,658 - EUR - 97,106 - GBP - 84,890 - JPY - 72,889 - NOK - 3,143 - SEK - 1,019 - USD - 183,871 - Total Securities lending transactions - 463,854 - iShares Europe Index Fund (IE) EUR ‘000

EUR ‘000

EUR ‘000

Securities lending transactions AUD - 149 - CAD - 630 - CHF - 679 - DKK - 159 - EUR - 4,610 - GBP - 5,050 - JPY - 3,888 - NOK - 119 - SEK - 32 - USD - 9,613 - Total Securities lending transactions - 24,929 -

324


Currency



Non-cash collateral

posted iShares Japan Index Fund (IE) USD ‘000

USD ‘000

USD ‘000

Securities lending transactions AUD - 3,063 - CAD - 3,546 - CHF - 8,085 - DKK - 3,639 - EUR - 122,021 - GBP - 73,711 - JPY - 61,128 - NOK - 2,813 - SEK - 552 - USD - 140,073 - Total Securities lending transactions - 418,631 - iShares North America Index Fund (IE) USD ‘000

USD ‘000

USD ‘000

Securities lending transactions AUD - 258 - CAD - 15,327 - CHF - 9,580 - DKK - 1,161 - EUR - 59,271 - GBP - 56,780 - JPY - 38,265 - NOK - 4,740 - SEK - 1,462 - USD - 230,908 - Total Securities lending transactions - 417,752 - iShares Pacific Index Fund (IE) USD ‘000

USD ‘000

USD ‘000

Securities lending transactions AUD - 1,713 - CAD - 451 - CHF - 4,116 - DKK - 1,993 - EUR - 29,084 - GBP - 22,336 - JPY - 38,206 - NOK - 3,926 - SEK - 241 - USD - 57,540 - Total Securities lending transactions - 159,606 - iShares UK Index Fund (IE) GBP ‘000

GBP ‘000

GBP ‘000

Securities lending transactions AUD - 557 - CAD - 347 - CHF - 926 - DKK - 570 - EUR - 11,471 - GBP - 8,974 - JPY - 10,585 - SEK - 8 - USD - 7,078 - Total Securities lending transactions - 40,516 -

325

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION (Unaudited) (continued) Collateral (continued) As at 31 May 2018, all cash collateral received by the Sub-Fund was re-invested in money market funds managed by the Manager, as disclosed in the Sub-Fund’s Schedule of Investments. The Sub-Fund is the legal owner of inbound collateral and can sell the assets and withhold the cash in the case of default. All cash received or posted as collateral has an open maturity tenor as it’s not subject to a contractual maturity date. Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions and OTC FDIs, cannot be sold, re-invested or pledged. The returns earned by the Sub-Fund from the reinvestment of cash collateral in money market funds during the year ended 31 May 2018 is summarised below. These returns represent the accumulative total return of the representative money market fund for the year ended 31 May 2018. These returns do not take into account any interest payable to the counterparty under the relevant collateral arrangements.

Money market fund Total return % Institutional Cash Series plc

Institutional Euro Assets Liquidity Fund - Agency (Dis) Shares (0.41) The tables below and overleaf provide an analysis of the type, quality and maturity tenor of non-cash collateral received and posted by the Sub-Funds by way of title transfer collateral arrangement in respect of securities lending transactions and OTC FDIs (including total return swaps), as at 31 May 2018:

Collateral type and quality

Maturity Tenor

8 - 30 days 91 – 365 days More than 365

days Open Total BlackRock Market Advantage Strategy Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Collateral received - securities lending Equities Recognised equity index - - - 3,585 3,585 Exchange traded fund UCITS - - - 78 78 Non-UCITS - - - 145 145 Total - - - 3,808 3,808 Collateral received - OTC FDIs Fixed Income Investment grade - - 1,687 - 1,687 Total - - 1,687 - 1,687 iShares Developed Real Estate Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income

Investment grade - 1,196 32,974 - 34,170

Equities

Recognised equity index - - - 162,347 162,347

Exchange traded fund

UCITS - - - 674 674

Non-UCITS - - - 3,747 3,747

Total - 1,196 32,974 166,768 200,938

326



Maturity Tenor


days Open Total iShares Developed World ex Tobacco Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Collateral received - securities lending Fixed Income Investment grade - 522 1,509 - 2,031 Equities Recognised equity index - - - 11,893 11,893 Exchange traded fund Non-UCITS - - - 90 90 Total - 522 1,509 11,983 14,014 iShares Developed World Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income Investment grade 13,156 14,915 242,283 - 270,354 Equities Recognised equity index - - - 1,883,315 1,883,315 Exchange traded fund UCITS - - - 5,386 5,386 Non-UCITS - - - 52,192 52,192 Total 13,156 14,915 242,283 1,940,893 2,211,247 iShares Edge EM Fundamental Weighted Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Collateral received - securities lending Fixed Income

Investment grade 55 174 6,080 - 6,309

Equities



UCITS - - - 342 342

Non-UCITS - - - 1,097 1,097

Total 55 174 6,080 61,283 67,592 iShares Emerging Markets Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income Investment grade 1,647 48,735 247,155 - 297,537 Equities Recognised equity index - - - 1,341,140 1,341,140 Exchange traded fund UCITS - - - 6,447 6,447 Non-UCITS - - - 32,105 32,105 Total 1,647 48,735 247,155 1,379,692 1,677,229 iShares EMU Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Collateral received - securities lending Fixed Income Investment grade 126 132 3,196 - 3,454 Equities Recognised equity index - - - 18,727 18,727 Exchange traded fund UCITS - - - 49 49 Non-UCITS - - - 358 358 Total 126 132 3,196 19,134 22,588

327



Maturity Tenor


days Open Total iShares Europe ex-UK Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Collateral received - securities lending Fixed Income

Investment grade 1,397 1,440 79,247 - 82,084

Equities



UCITS - - - 3,196 3,196

Non-UCITS - - - 9,158 9,158

Total 1,397 1,440 79,247 381,770 463,854 iShares Europe Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000

Collateral received - securities lending Fixed Income Investment grade 187 622 2,729 - 3,538 Equities Recognised equity index - - - 21,096 21,096 Exchange traded fund UCITS - - - 55 55 Non-UCITS - - - 240 240 Total 187 622 2,729 21,391 24,929 iShares Japan Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income Investment grade 936 1,083 146,758 - 148,777 Equities Recognised equity index - - - 261,961 261,961 Exchange traded fund UCITS - - - 931 931 Non-UCITS - - - 6,962 6,962 Total 936 1,083 146,758 269,854 418,631 iShares North America Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income

Investment grade 4,467 2,184 20,140 - 26,791

Equities



UCITS - - - 643 643 Non-UCITS - - - 7,882 7,882

Total 4,467 2,184 20,140 390,961 417,752

328



Maturity Tenor


days Open Total iShares Pacific Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income

Investment grade - 270 19,205 - 19,475

Equities



UCITS - - - 472 472

Non-UCITS - - - 4,684 4,684

Total - 270 19,205 140,131 159,606 iShares UK Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 Collateral received - securities lending Fixed Income

Investment grade - 1,256 5,112 - 6,368

Equities



UCITS - - - 171 171

Non-UCITS - - - 663 663

Total - 1,256 5,112 34,148 40,516 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 and money market funds received as collateral are presented as open transactions as they are not subject to a contractual maturity date. As at 31 May 2018, the non-cash collateral received by the Sub-Fund in respect of securities lending transactions and OTC FDIs were all held by J.P. Morgan Bank (Ireland) plc (or through its delegates). The tables below and overleaf list the ten largest issuers by value of non-cash collateral received by the Sub-Funds by way of title transfer collateral arrangement across securities lending transactions and OTC FDIs as at 31 May 2018:

BlackRock Market Advantage Strategy Fund Value

EUR '000 % of the

Sub-Fund's NAV Meggitt plc 206 0.05 Auto Trader Group plc 191 0.04 Alibaba Group Holding Ltd. 177 0.04 Wizz Air Holdings plc 162 0.04 Hisamitsu Pharmaceutical Co., Inc. 158 0.04 Dassault Systemes SE 151 0.03 Rinnai Corp. 151 0.03 YY Inc. 122 0.03 Nihon M&A Center Inc. 110 0.02 Tokai Tokyo Financial Holdings Inc. 105 0.02 Other issuer 2,275 0.52 Total 3,808 0.86

329


iShares Developed Real Estate Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV Bundesrepublik Deutschland Bundesanleihe 8,847 0.42 French Republic Government Bond OAT 7,345 0.35 United Kingdom Gilt Inflation Linked 4,837 0.23 Microsoft Corp. 3,686 0.18 United Kingdom Gilt 3,054 0.15 United States Treasury Note/Bond 2,773 0.13 Republic of Austria Government Bond 2,546 0.12 Apple Inc. 2,500 0.12 Mitsubishi UFJ Financial Group, Inc. 2,367 0.11 Netherlands Government Bond 2,202 0.11 Other issuer 160,781 7.68 Total 200,938 9.60

iShares Developed World ex Tobacco Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 767 0.18 United Kingdom Gilt Inflation Linked 647 0.15 Bundesrepublik Deutschland Bundesanleihe 440 0.10 salesforce.com Inc. 435 0.10 Iberdrola SA 400 0.09 E*TRADE Financial Corp. 368 0.09 Time Warner Inc. 328 0.08 Deutsche Bank AG 311 0.07 US Bancorp 288 0.07 Allianz SE 277 0.07 Other issuer 9,753 2.32 Total 14,014 3.32

iShares Developed World Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 77,292 0.57 S&P Global Inc. 52,623 0.39 Bundesrepublik Deutschland Bundesanleihe 44,888 0.33 United Kingdom Gilt Inflation Linked 42,430 0.31 General Motors Co. 36,376 0.27 Fiat Chrysler Automobiles NV 35,885 0.26 Amazon.com Inc. 34,952 0.26 Kingdom of Belgium Government Bond 33,891 0.25 United States Treasury Note/Bond 29,765 0.22 Apple Inc. 23,068 0.17 Other issuer 1,800,077 13.20 Total 2,211,247 16.23

iShares Edge EM Fundamental Weighted Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV Eni SpA 2,434 0.40 Amazon.com Inc. 2,089 0.34 Bundesrepublik Deutschland Bundesanleihe 1,429 0.23 Fiat Chrysler Automobiles NV 1,329 0.22 French Republic Government Bond OAT 1,274 0.21 salesforce.com Inc. 1,017 0.17 Mitsubishi UFJ Financial Group, Inc. 946 0.15 United Kingdom Gilt Inflation Linked 927 0.15

330


iShares Edge EM Fundamental Weighted Index Fund (IE) (continued) Value

USD '000 % of the

Sub-Fund's NAV Time Warner Inc. 804 0.13 Facebook Inc. 741 0.12 Other issuer 54,602 8.87 Total 67,592 10.99

iShares Emerging Markets Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 92,936 0.81 United Kingdom Gilt Inflation Linked 69,956 0.61 Bundesrepublik Deutschland Bundesanleihe 63,768 0.56 E*TRADE Financial Corp. 33,123 0.29 Iberdrola SA 32,797 0.29 Deutsche Bank AG 27,537 0.24 US Bancorp 25,535 0.22 Allianz SE 24,518 0.21 Telefonica SA 20,515 0.18 Royal Dutch Shell plc 19,523 0.17 Other issuer 1,267,021 11.10 Total 1,677,229 14.68

iShares EMU Index Fund (IE) Value

EUR '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 825 0.81 United Kingdom Gilt Inflation Linked 755 0.74 Eni SpA 598 0.59 United States Treasury Note/Bond 570 0.56 Amazon.com Inc. 549 0.54 Kingdom of Belgium Government Bond 456 0.45 Bundesrepublik Deutschland Bundesanleihe 456 0.45 Fiat Chrysler Automobiles NV 421 0.42 S&P Global Inc. 289 0.28 General Motors Co. 200 0.20 Other issuer 17,469 17.23 Total 22,588 22.27

iShares Europe ex-UK Index Fund (IE) Value

EUR '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 18,853 0.75 Bundesrepublik Deutschland Bundesanleihe 14,011 0.55 Eni SpA 11,830 0.47 United Kingdom Gilt Inflation Linked 11,804 0.47 Republic of Austria Government Bond 9,143 0.36 Kingdom of Belgium Government Bond 8,947 0.35 United States Treasury Note/Bond 8,936 0.35 Amazon.com Inc. 7,747 0.31 Fiat Chrysler Automobiles NV 7,698 0.30 S&P Global Inc. 7,612 0.30 Other issuer 357,273 14.14 Total 463,854 18.35

331


iShares Europe Index Fund (IE) Value

EUR '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 1,311 0.85 United Kingdom Gilt Inflation Linked 826 0.54 Amazon.com Inc. 622 0.40 Bundesrepublik Deutschland Bundesanleihe 557 0.36 Iberdrola SA 428 0.28 E*TRADE Financial Corp. 400 0.26 Deutsche Bank AG 334 0.22 US Bancorp 310 0.20 Eni SpA 298 0.19 Allianz SE 297 0.19 Other issuer 19,546 12.67 Total 24,929 16.16

iShares Japan Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 30,824 2.25 Bundesrepublik Deutschland Bundesanleihe 27,869 2.03 United Kingdom Gilt Inflation Linked 27,748 2.02 United States Treasury Note/Bond 22,018 1.60 Kingdom of Belgium Government Bond 21,660 1.58 Eni SpA 14,748 1.08 Republic of Austria Government Bond 10,487 0.76 United States Treasury Inflation Indexed Bonds 5,197 0.38 Apple Inc. 4,402 0.32 S&P Global Inc. 4,081 0.30 Other issuer 249,597 18.19 Total 418,631 30.51

iShares North America Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 11,963 0.44 Amazon.com Inc. 10,298 0.37 S&P Global Inc. 9,303 0.33 General Motors Co. 6,431 0.23 Fiat Chrysler Automobiles NV 5,970 0.21 Apple Inc. 5,943 0.21 GW Pharmaceuticals plc 5,394 0.19 American Express Co. 5,385 0.19 Kingdom of Belgium Government Bond 5,062 0.18 PVH Corp. 4,892 0.18 Other issuer 347,111 12.49 Total 417,752 15.02

iShares Pacific Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV Bundesrepublik Deutschland Bundesanleihe 6,409 0.94 French Republic Government Bond OAT 4,288 0.63 Eni SpA 2,641 0.39 Netherlands Government Bond 2,612 0.38 Fiat Chrysler Automobiles NV 2,545 0.37 United Kingdom Gilt 2,487 0.36 Mitsubishi UFJ Financial Group, Inc. 2,225 0.32 Amazon.com Inc. 2,158 0.32 Republic of Austria Government Bond 2,132 0.31

332


iShares Pacific Index Fund (IE) (continued) Value

USD '000 % of the

Sub-Fund's NAV Vulcan Materials Co. 2,067 0.30 Other issuer 130,042 18.98 Total 159,606 23.30

iShares UK Index Fund (IE) Value

GBP '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 2,197 0.40 Bundesrepublik Deutschland Bundesanleihe 1,476 0.27 United Kingdom Gilt Inflation Linked 1,325 0.24 E*TRADE Financial Corp. 832 0.15 Iberdrola SA 778 0.14 Deutsche Bank AG 704 0.13 US Bancorp 652 0.12 Allianz SE 626 0.11 Mitsubishi UFJ Financial Group, Inc. 619 0.11 Netherlands Government Bond 615 0.11 Other issuer 30,692 5.60 Total 40,516 7.38

No securities collateral received from a single issuer, in relation to efficient portfolio management and OTC FDIs, has exceeded 20% of any of the respective Sub-Funds’ NAV at the year end date. None of the Sub-Funds have been fully collateralised in securities issued or guaranteed by an EU member state at the year end date. Counterparties to securities lending transactions and OTC FDIs:

Counterparty name

Country of establishment

Abbey National Treasury Services plc United Kingdom Bank of America Merrill Lynch International Ltd. United Kingdom Barclays Bank plc United Kingdom Barclays Capital Securities Ltd. United Kingdom BNP Paribas Arbitrage France Citigroup Global Markets Ltd. United Kingdom Credit Suisse AG Switzerland Credit Suisse International United Kingdom Credit Suisse Securities (Europe) Ltd. United Kingdom Deutsche Bank AG Germany Goldman Sachs International United Kingdom HSBC Bank plc United Kingdom J.P. Morgan Securities plc United Kingdom JPMorgan Chase Bank N.A. United States Macquarie Bank Limited Australia Merrill Lynch International United Kingdom Morgan Stanley & Co. International plc United Kingdom Nomura International plc United Kingdom Skandinaviska Enskilda Banken AB Sweden Societe Generale SA France The Bank of Nova Scotia Canada UBS AG Switzerland

333

BLACKROCK INDEX SELECTION FUND GLOSSARY (Unaudited)

Futures contracts A futures contract is a contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. Initial margin deposits are made to the relevant brokers upon entering into futures contracts and are generally made in margin cash. The cash balances held/payable as margin at the reporting date are included in current assets or liabilities on the Balance Sheet. The changes in value of open futures contracts are recognised as unrealised gains/(losses) by marking-to-market the value of the contract at the Balance Sheet date. Changes in the futures contracts’ value are settled daily with the exchange, by paying or receiving a variation margin amount. The unrealised gains/(losses) is recorded in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement.

When the futures contract is closed, the difference between the proceeds from (or cost of) the closing transactions and the original transaction is recorded as realised gains/(losses) in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Forward currency contracts A forward currency contract is an agreement between two parties to buy or sell a certain underlying currency at a certain date in the future, at a specified price. The change in unrealised gain or loss on open forward currency contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract as at the year end date. Change in unrealised gains and losses are included on the Balance Sheet. Forward currency contracts are fair valued and the change, if any, is recorded as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Realised gains or losses are recognised on the maturity of a forward currency contract, as the difference between the rate that the forward currency contract was entered into and the closing spot rate at the settlement date of the forward currency contract. Realised gains or losses and changes in unrealised gains or losses are recognised in the net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Swaps The Sub-Funds may enter into swap agreements (“swaps”), in which the Sub-Funds and a counterparty agree to make periodic net payments on a specified notional amount. Swaps are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). These periodic payments received or made are recorded in the Income Statement as realised gains or losses, respectively. Swaps are valued utilising quotes received daily by the Sub-Funds’ pricing service, central clearing houses or brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. In a centrally cleared swap, immediately following execution of the swap, the swap is novated to a clearing counterparty and the Sub-Funds face the clearing counterparty through a broker. Upon entering into a centrally cleared swap the Sub-Funds are required to deposit initial margin with the broker in the form of cash in an amount that varies depending on the size and risk profile of the particular swap. Any upfront payments made or received upon entering a swap contract are treated as part of the swap’s realised gain or loss. Credit default swaps A credit default swap is a financial contract whereby one party (the protection buyer) pays a fee in return for a payment by the protection seller contingent on the occurrence of a credit event with respect to a referenced entity. The credit events and applicable settlement mechanism used to determine the contingent payment are negotiated between the counterparties at the time of trading. Once the credit event has been declared, the protection buyer has the right to settle the contract. Settlement is usually physical, with the protection buyer having the right to deliver bonds/cash of the reference entity up to the notional amount of the contract. In return, the protection buyer receives the par value of those obligations. Selling protection is the synthetic equivalent of buying a bond or alternative form of debt. Buying protection is the equivalent of synthetically shorting or hedging a bond or other credit exposure. The use of credit default swap contracts is restricted to the extent that the benefits to the Sub-Funds mirror that which could be obtained by direct investment in the underlying instruments and that the swaps do not expose the Sub-Funds to risks which they would not otherwise assume (other than the exposure to the credit default swap counterparty).

334

BLACKROCK INDEX SELECTION FUND GLOSSARY (Unaudited) (continued) Credit default swaps (continued) The upfront payment received by the Sub-Funds, as protection seller, is recorded as a realised gain on the Sub-Funds’ books. An upfront payment made by the Sub-Funds, as protection buyer, is recorded as a realised loss in the Sub-Funds’ books. Periodic payments received or paid by the Sub-Funds are recognised in the net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Contracts are fair valued based upon calculations using valuation models and the change, if any, is recorded as a net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Payments received or paid as a result of a credit event or termination of the contract is recognised, net of a proportional amount of the upfront payment, as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. When the contract is closed, the realised gains and losses are recorded as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Total return swaps A total return swap is a financial contract whereby one party agrees to pay another party the total return of a defined asset in return for receiving a stream of cash flows. The amount of the premium paid or received when the Sub-Fund enters into a total return swap is recognised in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Total return swaps are fair valued daily based upon calculations using a valuation model and the change, if any, is recorded as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement, or as operating income, to the extent that the change relates to the income yield on the underlying asset and as an unrealised gain or loss to the extent that it relates to a capital gain or loss on the underlying asset. Periodic payments received or paid by the Sub-Fund and payments received or paid on maturity or termination of the contract are recorded in the Income Statement as income or realised gains/(losses) on the same basis. Swaptions The Sub-Funds may purchase swaptions for the purpose of hedging against adverse movements in interest rates or for trading purposes. Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon swap agreement at any time before the expiration of the option. In purchasing and writing swaptions, the Sub-Fund bears the market risk of an unfavourable change in the price of the underlying swap or the risk that the Sub-Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written swaption could result in the Sub-Fund purchasing a swap at a price different from the current market value. The Sub-Funds execute transactions in over-the-counter swaptions. The Sub-Funds record an unrealised gain or loss in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement for the amount expected to be received or paid under the agreement, if such agreement was terminated at the year end. Realised gains or losses depend upon the prices at which the underlying financial instruments of the swaps are valued at the swaps’ settlement dates and are recorded in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement for each relevant Sub-Fund. Swaptions are valued using models which utilise observable data to the extent practicable and contain assumptions on the application of this data. Changes in data inputs and assumptions about these factors could affect the reported fair value of financial instruments and the differences could be material. Transaction costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, it is measured at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Equalisation on distributions Equalisation arrangements are applied in the case of non accumulating units in the Sub-Funds. These arrangements are intended to ensure that the income distribution per unit is not affected by changes in the number of units in issue during the year. To ensure that each unitholder receives the same rate of distribution per unit, the buying price of each unit contains an amount called equalisation. This is equivalent to the net of distributable income less expense accrued in the Sub-Fund at the time of purchase/sale. As part of the distribution payment, the average amount of this equalisation is returned to unitholders who subscribed to or redeemed from the Sub-Fund during the year.

335

BLACKROCK INDEX SELECTION FUND BENCHMARK INDICES DISCLAIMERS (Unaudited) Disclaimer for Reference to Benchmark Index and Index Provider Website In accordance with Central Bank requirements, the Manager, on behalf of the Sub-Funds, is required to provide details of the relevant index provider’s website (“Website”) to enable unitholders obtain further details of the relevant Sub-Fund’s Benchmark Index (including the index constituents). The Manager has no responsibility for each Website and is not involved in any way in sponsoring, endorsing or otherwise involved in the establishment or maintenance of each Website or the contents thereof. Furthermore, the Manager has no responsibility for the index provider’s Benchmark Index nor for the quality, accuracy or completeness of data in respect of their Benchmark Indices nor that the published indices will be managed in line with their described index methodologies.

S&P 500 Index

The units in the BlackRock Index Selection Fund (“Units”) are not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw – Hill Companies, Inc. (“S&P”). S&P makes no representation or warranty, express or implied, to the owners of the Units or any member of the public regarding the advisability of investing in securities generally or in the Units particularly or the ability of the S&P 500 Index to track general stock market performance. S&P's only relationship to the Investment Manager is the licensing of certain trademarks and trade names of S&P and of the S&P 500 Index which is determined, composed and calculated by S&P without regard to the Investment Manager or Units.

S&P has no obligation to take the needs of the Investment Manager or the investors in the Units into consideration in determining, composing or calculating the S&P 500 Index. S&P is not responsible for and has not participated in the determination of the prices and amount of the Units or the timing of the issuance or sale of the Units or in the determination or calculation of the equation by which the Units are to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Units.

S&P does not guarantee the accuracy and/or the completeness of the S&P 500 Index or any data included therein and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P makes no warranty, express or implied, as to results to be obtained by the Investment Manager, investors in the Units or any other person or entity from the use of the S&P 500 Index or any data included therein. S&P makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use with respect to the S&P Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

“Standard & Poor's®”, “S&P®”, “S&P 500®”, “Standard & Poor's 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Investment Manager. The Units are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor’s makes no representation regarding the advisability of investing in the Units.

MSCI Indices (“MSCI Indices”) The Fund/account is not sponsored, endorsed, sold or promoted by MCSI, any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively the “MCSI Parties”). The MCSI Indexes are the exclusive property of MSCI. MSCI and the MCSI Index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by the Investment Manager. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of this Fund/account or any other person or entity regarding the advisability of investing in Funds/accounts generally or in this Fund/account particularly or the ability of any MCSI Index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI Indexes which are determined, composed and calculated by MSCI without regard to this Fund/account or the issuer or owners of this Fund/account or any other person or entity into consideration in determining, composing or calculating the MSCI Indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of this Fund/account to be issued or in the determination or calculation of the equation by or the consideration into which this Fund/account is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of this Fund/account or any other person or entity in connection with the administration, marketing or offering of this Fund/account.

336

BLACKROCK INDEX SELECTION FUND BENCHMARK INDICES DISCLAIMERS (Unaudited) (continued) MSCI Indices (“MSCI Indices”) (continued) Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI Indexes from sources that MSCI considers reliable, none of the MSCI parties warrants or guarantees the originality, accuracy and/or the completeness of any MSCI Index or any data included therein. None of the MSCI parties make any warranty, express or implied, as to the results to be obtained by the issuer of the Fund/account, owners of the Fund/account, or any other person or entity, from the use of the MSCI Index or any data included therein. None of the MSCI parties shall have any liability for any errors, omissions or interruptions of or in connection with any MSCI Index or any data included therein. Further, none of the MSCI parties makes any express or implied warranties of any kind, and the MSCI parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI Index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No purchaser, seller, owner or holder of this security, account, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security, account product or fund without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI. FTSE RAFI Indices The iShares Edge EM Fundamental Weighted Index Fund (IE) is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”), by the London Stock Exchange Plc (the “Exchange”), The Financial Times Limited (“FT”) or by Research Affiliates LLC (“RA”) (collectively the “Licensor Parties”), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the result to be obtained from the use of any FTSE RAFI indices (the “Indices”) and/or the figure which the said Indices stand at any particular time on any particular day or otherwise. The Indices are compiled and calculated by FTSE in conjunction with RAFI. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. FTSE® is a trade mark of the Exchange and the FT. Fundamental Index® and RAFI® trade names and patent-pending concept are the exclusive property of Research Affiliates®, LLC. Patent Pending: US-2005-0171884-A1, US-2006-0015433-A1, US-2006-0149645-A1, US-2007-00555598-A1.

FTSE EPRA/NAREIT Developed Index

The iShares Developed Real Estate Index Fund (IE) is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”), by the London Stock Exchange Plc (the “Exchange”), The Financial Times Limited (“FT”) or by Research Affiliates LLC (“RA”) (collectively the “Licensor Parties”), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the result to be obtained from the use of the Sub-Fund Benchmark Index and/or the figure which the said Sub-Fund Benchmark Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. FTSE® is a trade mark of the Exchange and the FT.

337

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