Interim report and unaudited financial statements BlackRock ...

For the six months ended 30 November 2018

Interim report and unaudited financial statements BlackRock Index Selection Fund

BLACKROCK INDEX SELECTION FUND

CONTENTS Page

Overview

General information 1

Background 2

Performance

Half-yearly management report 6

Financial Statements

Condensed income statement 17

Condensed statement of changes in net assets attributable to redeemable participating unitholders 21

Condensed balance sheet 25

Notes to the financial statements 29

Schedules of investments 61

Additional Information and Regulatory Disclosures

Schedules of material purchases and sales 243

Calendar year performance 263

Supplementary information 264

Benchmark indices disclaimers 281

This interim report and unaudited 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 period may be obtained 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. Please note that a notification regarding the distribution of units in the Federal Republic of Germany pursuant to Sec. 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch) has been filed in respect of all the Sub-Funds. 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

Barry O’Dwyer (Irish) United States

Adele Spillane (Irish)

Catherine Woods (Irish) Manager BlackRock Asset Management Ireland Limited 1All Directors are non-executive 1st Floor 2 Ballsbridge Park Administrator, Registrar and Transfer Agent Ballsbridge

J.P. Morgan Administration Services (Ireland) Limited Dublin 4, D04 YW83

200 Capital Dock Ireland

79 Sir John Rogerson’s Quay

Dublin 2, D02 RK57 Trustee

Ireland J.P. Morgan Bank (Ireland) plc

200 Capital Dock

Secretary of the Manager 79 Sir John Rogerson’s Quay

Sanne Corporate Administration Services Ireland Limited Dublin 2, D02 RK57

Fourth Floor Ireland

76 Baggot Street Lower

Dublin 2 Independent Auditors

Ireland Deloitte Ireland LLP

Chartered Accountants and Statutory Audit Firm Irish Legal Advisers Deloitte & Touche House

William Fry Earlsfort Terrace

2 Grand Canal Square Dublin 2, D02 AY28

Dublin 2 Ireland

Ireland Representative in Switzerland Investment Manager, Promoter, Distributor and Securities BlackRock Asset Management Switzerland Limited

Lending Agent Bahnhofstrasse 39

BlackRock Advisors (UK) Limited 8001 Zürich

12 Throgmorton Avenue Switzerland

London EC2N 2DL United Kingdom Paying Agent in Switzerland

State Street Bank International GmbH

Information Agent in Germany Munich, Zürich branch

Commerzbank AG Beethovenstrasse 19

Theodor-Heuss-Allee 50 CH-8027 Zürich

60486 Frankfurt am Main Switzerland

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 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-Fund” shall be deemed to mean either a Sub-Fund 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 30 November 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 1The 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 period On 6 June 2018, the JPY Flexible Accumulating Class was launched for the iShares Japan Index Fund (IE). The Manager declared a special distribution from iShares Europe ex-UK Index Fund (IE) for ex-date 7 June 2018. The pay date for the distribution occurred 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 was EUR 12,507,000. On 8 June 2018, the US Dollar Institutional Distributing Class was launched for the iShares Developed Real Estate Index Fund (IE). On 13 June 2018, the US Dollar (Hedged) Institutional Accumulating Class was launched for the iShares Emerging Markets Index Fund (IE). On 26 June 2018, the Sterling (Hedged) Flexible Accumulating Class was launched for the iShares Developed World Index Fund (IE). On 3 July 2018, the Sterling Flexible Accumulating Class was launched for the iShares North America Index Fund (IE).

2


BACKGROUND (continued) Changes to the Fund during the period (continued) On 22 October 2018, the Euro (Hedged) Flexible Accumulating Class was launched for the iShares Developed World Index Fund (IE). On 21 November 2018, Deloitte Ireland LLP were appointed as statutory auditors of the Fund and PricewaterhouseCoopers resigned. On 23 November 2018, the Sterling (Hedged) D Distributing Class was launched for the iShares Developed World Index Fund (IE). Changes to the Board of Directors of the Manager 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. With effect from 31 October 2018, Desmond Murray resigned 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 European Union (“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 finalises the terms of its exit from the EU. The extent of the impact will depend in part on the nature of the arrangements that are put in place between the UK and the EU following the eventual Brexit deal and the extent to which the UK continues to apply laws that are based on EU legislation. The longer term process to implement the political, economic and legal framework that is agreed 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. The UK’s exit from the EU, the anticipation of the exit, or the terms of the exit could also create significant uncertainty in the UK (and potentially global) financial markets, which may materially and adversely affect the performance of the Sub-Funds, the Sub-Funds’ Net Asset Value (“NAV”), the Sub-Funds’ earning and returns to Unitholders. It could also potentially make it more difficult to raise capital in the EU and/or increase the regulatory compliance burden which could restrict the Sub-Funds’ future activities and thereby negatively affect returns. Currency volatility resulting from this uncertainty may mean that the returns of the Sub-Fund and its investments are adversely affected by market movements, potential decline in the value of the British Pound and/or Euro, and any downgrading of UK sovereign credit rating. This may also make it more difficult, or more expensive, for the Fund to execute prudent currency hedging policies. This mid to long term uncertainty may have an adverse effect on the economy generally and on the ability of the Fund and its investments to execute their respective strategies and to receive attractive returns, and may also result in increased costs to the Fund. 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 30 November 2018:

Sub-Fund name Class of the Sub-Fund 30 November 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

0.06 0.06 0.36 0.36 0.46 0.462 0.46

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 US Dollar Institutional Distributing Class

0.20 0.02 0.22 0.22 0.02 0.03 0.22 0.222

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

3


BACKGROUND (continued) Total expense ratio (continued)


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

0.23 0.15 0.07 0.23 0.15 0.07 0.231

iShares Developed World Index Fund (IE)

Euro (Hedged) Flexible Accumulating Class Euro D Accumulating Class Euro Flexible Accumulating Class Euro Flexible Distributing Class Euro Institutional Accumulating Class Euro Institutional Distributing Class Sterling (Hedged) D Distributing Class Sterling (Hedged) Flexible Accumulating 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

0.011 0.12 0.01 0.01 0.16 0.17 0.121 0.021 0.12 0.01 0.01 0.17 0.16 0.12 0.02 0.16 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

0.42 0.14 0.13 0.42

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 (Hedged) Institutional Accumulating Class US Dollar D Accumulating Class US Dollar Flexible Accumulating Class US Dollar Institutional Accumulating Class US Dollar Institutional Distributing Class

0.20 0.06 0.06 0.31 0.31 0.20 0.06 0.06 0.31 0.31 0.351 0.20 0.06 0.31 0.31

iShares EMU Index Fund (IE) Euro Flexible Accumulating Class Euro Institutional Accumulating Class Euro Institutional Distributing Class

0.14 0.28 0.29

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

0.10 0.12 0.12 0.27 0.27

iShares Japan Index Fund (IE)

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

0.15 0.03 0.03 0.18 0.041 0.15 0.03 0.03 0.18 0.18

1TER is annualised.

4


BACKGROUND (continued) Total expense ratio (continued)


iShares North America Index Fund (IE)

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

0.08 0.01 0.02 0.17 0.021 0.08 0.02 0.02 0.17 0.17

iShares Pacific 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

0.15 0.04 0.04 0.19 0.15 0.04 0.04 0.19 0.19

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

0.03 0.18 0.07 0.03 0.03 0.18

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

0.08 0.16 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 period complied with this obligation.

5


HALF-YEARLY MANAGEMENT REPORT For the six months ended 30 November 2018 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.

6


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2018 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 AND TRACKING ERROR Sub-Fund Performance Disclosed in the table on pages 8 and 9 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 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. Tracking Error 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.

7


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2017 INVESTMENT MANAGER’S REPORT (continued) SUB-FUND PERFORMANCE AND TRACKING ERROR (continued) 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. Each Sub-Fund’s TER is accrued on a daily basis throughout the financial year, which can impact the measurement of a tracking error in a positive or negative manner depending on the performance in the market and the TER rate applied. The extent and magnitude of this effect on performance measurement is subject to the timing of the market performance relative to the performance period and can be greater than the headline TER in a positive market and lower than the TER in a negative market. In addition to the above, the Sub-Funds may also have a 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-Fund for the period under review is shown below:

Sub-Fund name

Return for the six months ended 30 November 2018

% BlackRock Market Advantage Strategy Fund1

- Class A GBP Acc Units (3.57)

1The Sub-Fund does not track a benchmark.

8


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2018 INVESTMENT MANAGER’S REPORT (continued) SUB-FUND PERFORMANCE AND TRACKING ERROR (continued) The table below compares the realised Sub-Fund performance against the performance of the relevant benchmark index during the six months ended 30 November 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 30 November 2018. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period.

Sub-Fund name

Sub-Fund return for the six months ended 30 November 2018

%

Benchmark return for the six months ended 30 November 2018

%

Anticipated tracking error

%

Realised tracking error

%

iShares Developed Real Estate Index Fund (IE)1 - Euro Institutional Distributing Class 4.00 4.12 Up to 0.20 0.26

iShares Developed World ex Tobacco Index Fund (IE)1 - Sterling Flexible Distributing Class 2.59 2.63 Up to 0.25 0.08

iShares Developed World Index Fund (IE) - US Dollar Flexible Accumulating Class (1.62) (1.67) Up to 0.10 0.06

iShares Edge EM Fundamental Weighted Index Fund (IE) - Sterling Flexible Accumulating Class 0.76 0.99 Up to 0.70 0.25

iShares Emerging Markets Index Fund (IE) - Sterling Flexible Accumulating Class (5.91) (6.03) Up to 0.60 0.14

iShares EMU Index Fund (IE) - Euro Flexible Accumulating Class (7.17) (7.67) Up to 0.20 0.37

iShares Europe ex-UK Index Fund (IE) - Euro Flexible Accumulating Class (4.37) (4.60) Up to 0.25 0.24

iShares Europe Index Fund (IE) - Euro Flexible Accumulating Class (5.42) (5.54) Up to 0.25 0.16

iShares Japan Index Fund (IE) - US Dollar Flexible Accumulating Class (7.08) (7.11) Up to 0.10 0.06

iShares North America Index Fund (IE) - US Dollar Flexible Accumulating Class 1.93 1.91 Up to 0.05 0.02

iShares Pacific Index Fund (IE) - US Dollar Flexible Accumulating Class (8.16) (8.14) Up to 0.30 0.05

iShares UK Index Fund (IE) - Sterling Flexible Accumulating Class (6.88) (6.87) Up to 0.10 0.13

iShares US Index Fund (IE) - US Dollar Flexible Accumulating Class 2.81 2.72 Up to 0.25 0.26

1The Sub-Fund return is gross of dividends.

9


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2018 INVESTMENT MANAGER’S REPORT (continued) PERFORMANCE AND ACTIVITY BlackRock Market Advantage Strategy Fund The Fund posted negative returns over the semi-annual period ended 30 November 2018 as October’s market turbulence was the primary catalyst of performance for an otherwise muted time period. Factor returns were broadly mixed, but risk assets suffered the majority of losses as investors flocked to traditional safe-haven assets in the face of global geopolitical uncertainty. The economic growth factor was among the largest detractors from portfolio returns, driven by a broad sell-off within commodities and developed equities. Commodities continued their recent decline as a global supply glut pushed down oil and oil derivative prices as Saudi Arabia, Russia, and the US posted record output. Within equities, the US was the lone positive contributing market while broader Europe led the way down on the back of uncertainty surrounding Brexit negotiations, slowing Purchasing Managers Index’s (“PMI”), and trade concerns. Inflation was the top performing factor over the period as investors flocked to higher quality debt as risk-off sentiment took hold. Exposure to UK and Australian sovereign bonds were the primary contributors, with inflation undershooting expectations in the UK and softer consumer spending in Australia in the third quarter dragging growth down to its slowest pace in two years. Real rates underperformed over the period as US and Canadian linkers drove the factor lower. Increases in US bond yields throughout the majority of the period were primarily driven by higher real rates rather than inflation expectations, causing the factor to underperform its inflation counterpart. The market has been adjusting to the Federal Reserve’s (the “Fed”) rhetoric suggesting a potentially higher terminal federal funds rate and is now pricing about three Fed rate increases over the next twelve months. After a prolonged sell-off spanning much of the year, the emerging markets factor stabilised somewhat towards the end of the period, recouping some earlier losses and outperforming their developed counterparts over the course of the last two months. This recovery was fueled by reduced political risk in countries such as Brazil, where the election outcome ultimately supported domestic assets and the softening US dollar rally. Credit was a positive contributor over the period; performance was up in both Europe and North America across investment grade and high yield instruments. Although worries around a cooling global economy began to climb towards the end of the period, risk appetite remained healthy and investors shifted to higher quality names with attractive yields. The liquidity factor detracted over the period as gains from the short volatility position were offset by the underperformance of developed small cap stocks versus their large cap counterparts. Whereas in the early part of the year small caps were viewed as relative safe-havens, given their domestically focused revenue streams in the context of global trade tariff concerns, the bullish sentiment began to unwind in mid-summer and investors began to rotate back into high-liquidity names. MARKET REVIEW Following the global pullback in October driven by tighter financial conditions and elevated worries about the impact of heightened US – China trade tensions, global equities modestly rebounded in November as tensions eased and dovish rhetoric from the Fed boosted market sentiment. US bond markets led a rally towards the end of the period as markets interpreted Fed Chair Jerome Powell’s comments as a sign that the pace of future policy tightening may be slower than previously anticipated. Recent economic data broadly underwhelmed across regions, as US PMI and durable goods orders disappointed while the Eurozone composite PMI slid to its lowest since late 2014. Meanwhile, oil prices tumbled amid concerns about demand weakness and an increase in global oil inventories, supporting some emerging market economies. Prior to the inflation and tariff-driven bouts of market volatility, the most recent earnings season kicked-off with strong third-quarter earnings reports, however investors were more focused on companies’ weakening forward guidance. Thus far, 71% of S&P 500 companies have beat earnings expectations, but approximately two-thirds of companies are lowering guidance for the fourth quarter. A number of companies cited concerns around trade relations with China and the impact on global supply chains, which fueled investor uncertainty about the sustainability of earnings growth into 2019. 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.

10


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2018 INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW Global Market Review iShares Developed Real Estate Index Fund (IE), the iShares Developed World ex Tobacco Index Fund (IE) and the iShares Developed World Index Fund (IE) In global equity markets, June was a muted month. In the US, equities gained – once again, the dominant issues were the beginning of the end for monetary easing and President Trump’s efforts to restrict global trade in order to protect the US domestic economy, firstly with Asia, and later on in the month, with the European Union (“EU”). In a widely anticipated move, the Fed raised interest rates by 25 basis points: the US dollar strengthened on this news, and the 10-year treasury yield moved briefly back above 3%. Elsewhere, the European Central Bank (“ECB”) stated that, based on the improved health of the European economy, the bank’s bond-buying programme would taper in September from €30 billion per month to €15 billion, and would be discontinued at the close of 2018. The third quarter of the year was strongly positive for global equity markets led by US equities which were powered by bullish company earnings and strong economic data. So far, the trade war initiated by the Trump administration has not dampened markets in the US. Tariffs have been imposed by the US on Chinese, Mexican, EU and Canadian imports in a bid to make domestic products more attractive. Every region has responded to these tariffs with retaliation in kind but, nevertheless, in September a further round of tariffs was introduced by the US on Chinese goods. Elsewhere during the third quarter, emerging markets lagged, China being particularly weak. Further, the Turkish lira crisis escalated, causing other emerging currencies to weaken. Some stability was restored when the Turkish central bank hiked rates to 24% in September. Europe also trailed the global average. October was a volatile month for equities, due to mounting US rate-hike fears, a slowdown in Chinese gross domestic product (“GDP”) and political uncertainty as the US midterm elections approached. In Europe, much of the focus was on Italy as, in an unprecedented move, the European Commission rejected the 2019 budget proposed by the new coalition government – and the Italian government has no plans to draw up an alternative budget. This standoff, together with weaker GDP data for the European region, put pressure on European equities. In Asia, the prime minister of Japan made an official visit to the president of China in Beijing, where, in response to the protectionist moves by the US, the two superpowers agreed to collaborate more closely. November continued to be a volatile month for world markets, but equities did recover some ground. A range of concerns continued to weigh on investors – the ongoing trade tensions, fears that growth in both the US and China was weakening, and political turmoil in Europe. In addition, both Germany and Japan reported a contraction in GDP growth over the third quarter. Brexit continues to weigh on European sentiment. In November, a draft Brexit agreement was reached between EU and UK negotiators, and this received backing from Bank of England governor Mark Carney. However, the prime minister faces considerable opposition in getting the draft through parliament. Japan Market Review iShares Japan Index Fund (IE). Japanese equities moved downwards over June, in both local and sterling terms. Mid-month, when President Trump announced his intention to bring in further tariffs against foreign imports, there were steep falls on Asian markets, including Japan’s, which were led by a sell-off in Chinese stocks. Consequently, a survey of business confidence, the Bank of Japan’s tankan report, indicated a drop in confidence among the leading manufacturers. The central bank’s inflation assessment for the current fiscal year was brought down to 0.5–1%, from 1% previously. There was also a drop in the jobless rate, which had not been anticipated. The third quarter was generally a positive one for Japanese equities with the MSCI Japan index moving up 6.46% in yen terms and 5.10% in sterling terms. Markets were boosted by a weaker yen and the anticipation of Prime Minister Shinzo Abe’s re-election as leader of the ruling Liberal Democratic Party. This sets him up to be Japan’s longest-ever serving prime minister, as he is now due to hold office for a further three years. Throughout the period, the Bank of Japan affirmed its commitment to accommodative monetary policy and has intervened in bond markets several times to lower the yield on the 10-year government bond, which it continues to maintain at a target of around 0%. In August, inflation increased to 1.3% year on year. This was up from the figure of 0.9% recorded in July and ahead of the 1.1% rate that had been anticipated. Increased costs for food and transport were among the main contributors to the rise. However, as this is still well short of the target 2% rate, interest rates look set to remain low for the foreseeable future. GDP for the second quarter was revised upwards in September, as growth advanced by 0.7% on the quarter, ahead of the initial estimate of 0.5%. This was a marked improvement on the (0.2)% contraction experienced in the opening quarter of the year.

11


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2018 INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Japan Market Review (continued) Japanese equities, buoyed by a weak yen, peaked early in October, however, Japanese equities soon joined in with the falls on global markets. Early in October, the International Monetary Fund (“IMF”) warned that Japan’s monetary and fiscal policy were ‘stretched’, and that its economy was vulnerable to economic shocks like the global trade war, or the impact of the country’s sales tax, which is set to be introduced next year. In addition, the IMF also warned that Japanese public debt was not yet on a sustainable footing. Japanese Prime Minister Shinzo Abe travelled to Beijing at the end of the month for a meeting with Chinese President Xi Jinping in a bid to strengthen links between the two Asian powerhouses. Multibillion-dollar trading deals were forged during the visit, as both countries seek to mitigate the effect of heavy import tariffs imposed by the US. The two leaders underlined commitment to a new era in Chinese and Japanese relations. Equity markets in Japan recovered some momentum in November. Figures released in November revealed that Japanese GDP shrank by 0.3% (quarter-on-quarter) in the three months to September. This was after a quarter of 0.8% growth previously. Widespread flooding muted consumer spending and business investment over the period. The trade deficit grew over October as oil imports increased. There was also a slight rise in unemployment over October. Prime Minister Shinzo Abe attended the G20 summit in Argentina, where there was a unanimous call for reform of the World Trade Organisation (“WTO”). The issue will next be debated at the next summit in Osaka in June. US Market Review iShares North America Index Fund (IE) and the iShares US Index Fund (IE). June was another encouraging month for US equities. At the start of the month, technology and consumer shares helped lift the Nasdaq to new highs, with headline performances from Amazon, Apple and Netflix. In a move that had been widely expected, the Fed raised rates by 25 basis points, which strengthened the US dollar and increased Treasuries rates. A strengthened US economy, highlighted by a jump in the services PMI and a drop in the unemployment level, alongside an upward creep in US inflation, were cited as factors behind the tightening decision. President Trump’s announcement of new sanctions on Iran helped to boost oil prices, which consequently was good for US energy stocks. The quarter was a highly positive one for equity markets in the US. Despite the trade tensions that have been generated by the Trump administration’s imposition of import taxes on goods from most of its major trading partners, strong company earnings and the benefits of significant corporation tax cuts have been beneficial for stock markets. In September, GDP in the US was confirmed to have expanded over the second quarter at an annual rate of 4.2%; although this was a significant jump on the 2.2% rate of the previous quarter, it matched expectations. With clear positive signals of health from the US economy, plus inflation sitting well above the 2% target (2.7% in August), the Fed raised interest rates in September. As had been widely anticipated, the target range for the federal funds rate was increased by 25 basis points. Over the quarter, the yield on the benchmark 10-year treasury yield rose by around 20 basis points and stood above 3% at quarter-end. Both the number of new jobs and wages increased over August. After a slowdown in July, the US services sector accelerated again in August, at the same time clocking its 103rd consecutive growth (according to the Institute of Supply Management). In the same month, however, retail sales were muted, and the budget deficit increased by more than had been anticipated. October proved to be a turbulent month for US equity markets. The inevitable political uncertainty in the run-up to November’s midterm elections, the threat of an escalating global trade war, and the prospect of further interest rate rises all weighed on US equity markets. Meanwhile, economic data from the US over the month was generally positive. The unemployment rate was shown to have dropped to 3.7% in September; this was below market expectations and brings the rate down to its lowest level since 1969. Wages were also shown to have risen over the third quarter, at rate of 3.3% annually. This puts wage increases marginally ahead of inflation over the period, which was shown to have increased at an annual rate of 2.6%. The third-quarter earnings season has proved reasonably robust, with US companies so far showing double-digit year-on-year growth. Earnings guidance was more cautious for the technology giants than the market had anticipated, however, and this caused technology stocks, in particular, to slide. The latest GDP growth figures showed that the economy grew by 3.5%, annualised, in the third quarter. The threat persists of an all-out trade war with China. If the next round of talks between Presidents Trump and Xi Jinping are not successful, the US is expected to introduce another level of tariffs on Chinese imports, which could result in most imported Chinese goods being taxed. Although November was still a volatile month for US equity markets, share prices did make a recovery after the market rout of October. Equity markets also made their strongest rally on the back of midterm elections since 1982. The midterm result was in line with forecasts, as the Democrats took control of the House and Republicans retained control of the Senate.

12


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2018 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). Markets in Europe made a negative return in June. The ECB announced the end of its bond-buying programme. According to the ECB’s policymakers, the health of the European economy is now resilient enough to withdraw the financial stimulus. In March, they had forecast a rate of 2.4%, but this was lowered to 2.1% due to increased uncertainty, weaker trade impetus and a ‘temporary supply-side shock’. Figures released in June showed that growth slowed in the eurozone over the first quarter of the year. Output increased by 0.4%, down from the 0.7% during the previous quarter. EU leaders made it clear that there would be retaliation in kind for any protectionist measures introduced by President Trump, when he took aim at US imports of European cars. Global trade tensions, the ongoing stalemate in Brexit negotiations and concern over the Italian government’s budget deficit all served to dampen sentiment around Europe over the period. In Italy, the coalition government has declared that it will increase government spending over the year ahead, as its electoral promises included lowered taxes and a universal income for those on lower incomes. However, Italy is already under a substantial debt burden, and both the EU and investors would like to see the deficit reduced. Italian bonds had rallied when economy Minister Giovanni Tria assured markets that the new budget would be sustainable, but then tumbled when the government set next year’s deficit target at 2.4% of GDP. For the eurozone overall, in August the annual inflation rate was recorded at 2%, a slight drop on July’s 2.1%. As had been anticipated, the ECB held its refinancing rate at 0% and confirmed that asset purchasing will drop to €15 billion per month from September to December, before halting altogether. The eurozone economy expanded by 0.4% on quarter in the second quarter of the year. This pace of growth matched the rate seen in the first quarter. However, consumer confidence in the region dropped in September to a level not seen since May 2017. European equity markets suffered during October. Weaker-than-expected economic data was released over the month, and markets were additionally pressured when the European Commission rejected the Italian draft budget for 2019. The commission has asked the Italian coalition government to prepare a new budget or face disciplinary consequences. However, Prime Minister Giuseppe Conte has insisted that he has no intention of creating a back-up plan. Towards the end of the month, Italy was downgraded by Moody’s to Baa3, one level above non-investment grade. The uncertainty surrounding the budget and the country’s re-rating took its toll on Italian banking shares, which fell during the month. There was mixed news on the European economy. New figures showed that unemployment in the region remained at its lowest level the region has seen since 2008. However, according to early estimates, GDP growth over the third quarter was tepid at 0.2%. Retail sales in Spain suffered their largest year-on-year fall since 2013 during September, and the Italian economy appeared to make made no progress over the third quarter. Meanwhile, first estimates indicated that France saw growth of 0.4% over the same period, its strongest quarter of the year. November was another turbulent month on European stock markets, although markets did not suffer as badly as during October. Italy’s populist coalition government initially resisted pressure from the European Commission (“EC”) over its high-spending budget plans, which the EC ruled would bring the country above agreed deficit levels and make it liable to fines. Italy’s stance weighed on the Euro, Italian bank shares and Italian bonds. But, towards the end of the month, there were some signs of conciliation from the Italian government, sparking a rally in Italian stocks and bonds. Brexit continued to dominate European headlines, as EU leaders offered an agreement on the UK’s exit from the EU, which still needs the approval of the UK parliament. Pacific-Rim Market Review iShares Pacific Index Fund (IE). Stocks in Asia outside Japan were down over the month. In China, stocks suffered over the month, after the Beijing government threatened to counteract any additional US tariffs on Chinese imports. Some key economic figures were lacklustre, with industrial output, retail sales and investment growth in May below expectations, and the official PMI in June down on the previous month. South Korean stocks fell in June, but recovered slightly after China announced that it would allow foreign investors greater access to its markets. In Australia, equities made strong gains for the month, spurred on by strong performance from financials. In Singapore, equities finished close to nine-month lows. However, economic news was uplifting, as unemployment in the first quarter decreased to a two-year low and industrial output in May surged past estimates. Stock markets in Asia Pacific ex Japan were little changed over the quarter in sterling terms. Persistent fears over global trade relations, a potential slowdown in Chinese economic activity and contagion from emerging-market currency crises weighed on sentiment. China was a particularly poor performer; the People’s Bank of China stepped in to prop up the renminbi in August. However, stimulus plans announced by the government and the fact that additional Chinese equities will be added to world benchmarks helped sentiment towards quarter-end. Disappointing Chinese economic figures included second-quarter GDP growth coming in at 6.7% (annualised), the weakest since 2016, and manufacturing witnessing its slowest growth in 14 months in August.

13


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2018 INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Pacific-Rim Market Review (continued) South Korea’s Kospi index retreated to a 15-month low in August, after an emerging-market currency sell-off, but still managed to post slight gains for the third quarter. The market rallied as US indices reached all-time highs and as fears over the effects of global trade tariffs subsided somewhat. In the economy, GDP growth in the second quarter came in a little below expectations and manufacturing activity contracted in August. Australian equities had a rather volatile third quarter: the S&P/ASX 200 index surged to an over 10-year high in August before weakness in the Australian dollar and concerns over the local financial sector and world trade dented performance in September. Second-quarter GDP growth was stronger than expected and unemployment in August was at a near six-year low of 5.3%.In Singapore, bourses were up over the period. The economy remained strong but growth nevertheless undershot market forecasts: GDP was shown to have expanded by 3.8% year on year in the second quarter versus expectations of 4.1%. Over October, markets were down in Asia Pacific (ex Japan), as trepidation around US interest rates, trade tensions and global growth negatively affected returns. Chinese stocks performed particularly poorly, dragged down by US trade tariffs, underwhelming economic data releases at month-end and a weakening yuan. Korean markets fared even worse, due to selling from both foreign and domestic investors amidst underwhelming GDP growth figures. In Australia, bourses struggled as a weakening oil price and flagging financial sector weighed on returns. Unemployment data, however, was positive with the rate for September receding more than was predicted. Singaporean markets ended the period down, briefly touching 21-month lows before a mild recovery by month-end. In economic news, unemployment in the third quarter marginally increased; GDP growth for the same period slowed compared with the prior quarter but came in stronger than expected, according to the initial reading. Asian Pacific markets outside of Japan staged a recovery in November. Performance was driven by a global rally in stocks following US midterm elections and relatively accommodative comments from the Fed towards month-end. In China, bourses overall ramped up towards the end of the period, as government measures to boost growth helped markets. South Korean stocks recovered from a technology sell-off in the middle of the month. The Kospi index finished up with its best monthly performance since January, helped by improving investor sentiment towards emerging markets. Moreover, the Korean won appreciated in expectation of tighter monetary policy from the central bank. Australian equities retreated with performance dented by uncertainty over the domestic financial-sector inquiry and weaker Chinese economic data. In Singapore, stocks rallied at the end of the month to post gains. Emerging Markets Market Review iShares Edge EM Fundamental Weighted Index Fund (IE) and the iShares Emerging Markets Index Fund (IE). Equities in emerging markets suffered over June, with the MSCI Emerging Markets index down over the period, as a stronger US dollar and continuing trade problems between the US and China had a negative impact; however, some losses were clawed back when the index posted its biggest daily gain in over a year on the final day of trading. In Brazil, stocks were down to yearly lows at one point, as concerns over upcoming presidential elections and fiscal management by the government weighed on markets. In Mexico, bourses had a strong month, reaching the highest levels in eight weeks at the end of the month. In emerging Europe, Russian stocks markets were up, aided by rising oil prices. Greek stocks posted gains over the month, helped by the debt-relief deal that was reached with the EU. In emerging markets, equities were slightly up over the period, shaking off the negative impact of the Turkish and Argentine currency crises, as well as the Fed’s hiking of rates in September. Brazilian stocks were a notable outperformer. The market surged towards quarter-end after concerns over the upcoming election in October abated somewhat as business-friendly Jair Bolsonaro moved ahead in opinion polls. Mexican stocks performed well, buoyed towards quarter-end by the announcement of a revamped trade deal with the US. Economic news, however, was downbeat, with GDP growth in the second quarter suffering a contraction. South African markets were dragged down over the quarter by general emerging-market uncertainty and negative economic data releases.

14


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2018 INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Emerging Markets Market Review (continued) Indian bourses had a mixed quarter, surpassing all-time highs in August, but then falling in September over concerns of higher oil prices and liquidity in the local non-banking financial sector. Emerging Europe saw varied performance over the third quarter. Russia surged in September after an oil rally helped the country’s commodity-heavy indices. Economic figures were also encouraging, with second-quarter GDP growth beating estimates and unemployment in August at a record low. By contrast, Greece performed poorly, with equities kept down by trepidation over the Italian budget at the end of the period. In emerging markets, equities suffered over October, as the strong US dollar, fears over global growth and US interest rates, and the ongoing US-China trade dispute all dented sentiment. Brazil was a notable outperformer, up for the month as market-friendly candidate Jair Bolsonaro won the presidential election. The result boosted investors’ optimism towards the country as Bolsonaro has pledged to improve the economic environment. In South Africa, bourses struggled over the period, underperforming other emerging-market equities, but recovered some losses at month-end after a global rally. Indian equities were also down, despite a late recovery at the end of the month after financial stocks surged. Despite hitting record highs at the beginning of the month, Russian stocks were down as the oil price struggled and a strong US dollar weighed on the Russian rouble. In emerging markets, stocks had a positive month aided by supportive comments from the Fed. Brazil was a notably strong performer, as investors continue to be emboldened by Jair Bolsonaro’s election victory. In the economy, unemployment fell in the three months to October and GDP growth in the third quarter accelerated to 0.8% quarter on quarter. Mexican markets, however, were unnerved by uncertainty around the policies of incoming president Andrés Manuel López Obrador. The IPC index fell to a three-year low and the Mexican peso depreciated against the US dollar. In light of the weakening local currency, as well as inflationary pressures, the Bank of Mexico hiked interest rates to an almost 10-year high of 8.0%. In emerging Europe, Russian equities were down overall in sterling but marginally up in Russian rouble terms over the period, as geopolitical tensions with Ukraine and the oil-price rout took their toll on returns. UK Market Review iShares UK Index Fund (IE). After hitting record highs in May, UK stocks were marginally down over the month, as a further escalation in tensions between the US and its global trading partners occurred, leading to a sell-off in markets. In the geopolitical sphere, EU leaders called into doubt the UK’s ability to maintain access to the single market for goods unless contentious issues, such as the Irish border, are resolved. In economic news, GDP figures for the first quarter showed that although the year-on-year figure was the lowest since 2012 – and lagged the eurozone significantly – the upwardly revised quarterly figure outmatched expectations, at 0.2%. Moreover, unemployment in the three months to April continued at the over 42-year low of 4.2%, buoyed by a positive job creation figure. Stock markets in the UK were down marginally over the third quarter, dragged on a downward trend by uncertainty around Brexit, US-China trade tensions and concerns over the Turkish currency crisis. A rally in the second half of September helped the index to recover some losses. Brexit developments continued over the quarter: Prime Minister Theresa May gained Cabinet approval for her Brexit withdrawal plan at the Chequers summit in July, but several high-profile ministers quit in response. Moreover, in August, EU leaders deemed that the plan was not viable, heightening fears of a ‘no deal’ outcome. Figures released over the quarter suggested that the UK economy was witnessing a slight pickup in activity. In news for August, growth in the manufacturing sector was at a 25-month low, although growth in retail sales and services-sector activity both surpassed expectations. As widely predicted, the Bank of England raised interest rates at its August meeting to 0.75%, owing to improving economic fundamentals and as inflation remained consistently above the 2% target; consumer prices rose by 2.5% (annualised) in July. UK equities had a poor October due in part to fears of a moderation in earnings growth, uncertainty around Brexit and dropping oil prices affecting energy majors. As Brexit negotiations continued, the EU’s chief negotiator announced that a deal was close to being completed; however, the sticking point of the Irish border remains and, with no advances made thereafter, EU diplomats stated that they would ramp up preparations for a ‘no deal’ scenario. Economic data released over the period was mostly positive. Figures for the three months to August showing that GDP growth rose by a higher-than-expected 0.7%, wage growth rose at its quickest rate in 10 years and unemployment remained at 4%, a 43-year low. Additionally, productivity in the second quarter was the strongest since 2016. In more downbeat news, retail sales in September disappointed, falling 0.8% month on month.

15


HALF-YEARLY MANAGEMENT REPORT (continued) For the six months ended 30 November 2018 INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) UK Market Review (continued) Markets continued to wane in November, unnerved by the uncertainty around Brexit, a possible slowing of corporate-earnings growth and fears about dwindling demand from China. Brexit developments during the month were initially upbeat, with Prime Minister Theresa May signing a deal that would set out the terms of UK-EU relations after the official withdrawal. However, the deal faced a significant amount of criticism from across the political divide, which called into question the likelihood of it being approved by Parliament. Additionally, a number of senior and junior ministers from May’s own government resigned in protest. The Bank of England unanimously decided to hold its benchmark interest rate at 0.75% at its November Monetary Policy Committee meeting, but stated that a faster pace of interest-rate rises was possible, depending on the Brexit outcome and with inflation above target – 2.4% for October. Sterling depreciated slightly versus the US dollar and the Euro over the month. BlackRock Advisors (UK) Limited December 2018

16


CONDENSED 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)

Period ended 30 November

2018 EUR '000


2017 EUR '000


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000

Operating income 7,778 7,598 40,550 36,406 4,548 3,027 143,737 128,022 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss (29,253) 10,513 (1,475) 63,945 (10,362) 25,255 (346,477) 1,013,685 Total investment income/(expense) (21,475) 18,111 39,075 100,351 (5,814) 28,282 (202,740) 1,141,707 Operating expenses (407) (331) (1,570) (1,127) (362) (195) (4,453) (4,446) Negative yield expense (117) (120) – – – – – – Net profit/(loss) for the financial period (21,999) 17,660 37,505 99,224 (6,176) 28,087 (207,193) 1,137,261 Finance costs: Swap interest expense (64) (68) – – – – – – Interest expense (42) (27) (8) (18) (1) – (147) (126) Distributions to redeemable participating unitholders (146) (143) (11,494) (4,591) (1,621) (1,191) (16,119) (16,039) Total finance costs (252) (238) (11,502) (4,609) (1,622) (1,191) (16,266) (16,165) Net profit/(loss) for the financial period before tax (22,251) 17,422 26,003 94,615 (7,798) 26,896 (223,459) 1,121,096 Taxation (30) – (15,128) (7,731) (897) (547) (25,717) (21,124) Net profit/(loss) for the financial period after tax (22,281) 17,422 10,875 86,884 (8,695) 26,349 (249,176) 1,099,972 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations (22,281) 17,422 10,875 86,884 (8,695) 26,349 (249,176) 1,099,972 There are no recognised gains or losses arising in the period other than those dealt with in the condensed income statement. The accompanying notes form an integral part of these financial statements.

17


CONDENSED 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)


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000


2018 EUR '000


2017 EUR '000


2018 EUR '000


2017 EUR '000

Operating income 16,716 23,157 194,220 171,229 673 897 13,337 12,291 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss (37,523) 73,807 (1,309,360) 1,174,572 (8,146) 1,577 (113,010) 9,193 Total investment income/(expense) (20,807) 96,964 (1,115,140) 1,345,801 (7,473) 2,474 (99,673) 21,484 Operating expenses (1,073) (1,513) (7,019) (8,093) (97) (107) (712) (664) Net profit/(loss) for the financial period (21,880) 95,451 (1,122,159) 1,337,708 (7,570) 2,367 (100,385) 20,820 Finance costs: Interest expense (2) (7) (21) (16) (3) (5) (69) (111) Distributions to redeemable participating unitholders (1,900) (2,220) (8,016) (8,562) (105) (145) (13,598) (1,006) Total finance costs (1,902) (2,227) (8,037) (8,578) (108) (150) (13,667) (1,117) Net profit/(loss) for the financial period before tax (23,782) 93,224 (1,130,196) 1,329,130 (7,678) 2,217 (114,052) 19,703 Taxation (1,865) (7,182) (77,512) (18,460) 359 109 2,261 2,278 Net profit/(loss) for the financial period after tax (25,647) 86,042 (1,207,708) 1,310,670 (7,319) 2,326 (111,791) 21,981 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations (25,647) 86,042 (1,207,708) 1,310,670 (7,319) 2,326 (111,791) 21,981 There are no recognised gains or losses arising in the period other than those dealt with in the condensed income statement. The accompanying notes form an integral part of these financial statements.

18



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

(IE) iShares Pacific Index Fund (IE)


2018 EUR '000


2017 EUR '000


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000

Operating income 1,501 1,384 15,512 9,821 28,340 28,575 13,071 12,933 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss (9,780) (1,138) (115,787) 114,457 29,923 266,381 (67,512) 44,748 Total investment income/(expense) (8,279) 246 (100,275) 124,278 58,263 294,956 (54,441) 57,681 Operating expenses (138) (122) (753) (576) (849) (1,146) (470) (542) Net profit/(loss) for the financial period (8,417) 124 (101,028) 123,702 57,414 293,810 (54,911) 57,139 Finance costs: Interest expense (6) (6) (15) (12) (3) (2) (2) (2) Distributions to redeemable participating unitholders (97) (93) (2,994) (2,243) (2,519) (2,489) (2,627) (1,922) Total finance costs (103) (99) (3,009) (2,255) (2,522) (2,491) (2,629) (1,924) Net profit/(loss) for the financial period before tax (8,520) 25 (104,037) 121,447 54,892 291,319 (57,540) 55,215 Taxation 74 114 (2,467) (1,659) (8,115) (7,987) (289) (147) Net profit/(loss) for the financial period after tax (8,446) 139 (106,504) 119,788 46,777 283,332 (57,829) 55,068 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations (8,446) 139 (106,504) 119,788 46,777 283,332 (57,829) 55,068 There are no recognised gains or losses arising in the period other than those dealt with in the condensed income statement. The accompanying notes form an integral part of these financial statements.

19



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


2018 GBP '000


2017 GBP '000


2018 USD '000


2017 USD '000

Operating income 11,076 10,312 23,027 12,042 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss (48,500) (15,417) 43,973 199,714 Total investment income/(expense) (37,424) (5,105) 67,000 211,756 Operating expenses (149) (178) (743) (843) Net profit/(loss) for the financial period (37,573) (5,283) 66,257 210,913 Finance costs: Interest expense (3) – (36) (3) Distributions to redeemable participating unitholders (1,637) (827) (89) (46) Total finance costs (1,640) (827) (125) (49) Net profit/(loss) for the financial period before tax (39,213) (6,110) 66,132 210,864 Taxation (155) (15) – – Net profit/(loss) for the financial period after tax (39,368) (6,125) 66,132 210,864 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations (39,368) (6,125) 66,132 210,864 There are no recognised gains or losses arising in the period other than those dealt with in the condensed income statement. The accompanying notes form an integral part of these financial statements.

20


CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS





Fund (IE)


2018 EUR '000


2017 EUR '000


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000

Total net assets attributable to redeemable participating unitholders at the beginning of the period 442,352 606,488 2,093,037 1,809,783 422,713 282,933 13,624,093 11,727,377 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations (22,281) 17,422 10,875 86,884 (8,695) 26,349 (249,176) 1,099,972 Unit transactions:

Proceeds from issue of redeemable participating units 168,867 30,828 1,532,639 350,806 56,728 22,140 1,900,603 1,617,563 Payments on redemption of redeemable participating units (57,852) (52,725) (1,488,238) (210,545) (33,603) (16,154) (1,926,594) (1,652,844)

Increase/(decrease) in net assets resulting from unit transactions 111,015 (21,897) 44,401 140,261 23,125 5,986 (25,991) (35,281) Total net assets attributable to redeemable participating unitholders at the end of the period 531,086 602,013 2,148,313 2,036,928 437,143 315,268 13,348,926 12,792,068 The accompanying notes form an integral part of these financial statements.

21


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




(IE)


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000


2018 EUR '000


2017 EUR '000


2018 EUR '000


2017 EUR '000

Total net assets attributable to redeemable participating unitholders at the beginning of the period 615,359 905,666 11,425,713 10,104,798 101,438 195,695 2,527,295 2,181,929 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations (25,647) 86,042 (1,207,708) 1,310,670 (7,319) 2,326 (111,791) 21,981 Unit transactions:

Proceeds from issue of redeemable participating units 5,797 4,239 1,059,760 765,899 6,798 10,939 182,467 349,163 Payments on redemption of redeemable participating units (124,673) (171,346) (1,042,989) (1,313,301) (7,626) (105,935) (549,020) (130,777)

Increase/(decrease) in net assets resulting from unit transactions (118,876) (167,107) 16,771 (547,402) (828) (94,996) (366,553) 218,386 Total net assets attributable to redeemable participating unitholders at the end of the period 470,836 824,601 10,234,776 10,868,066 93,291 103,025 2,048,951 2,422,296 The accompanying notes form an integral part of these financial statements.

22






2018 EUR '000


2017 EUR '000


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000


2018 USD '000


2017 USD '000

Total net assets attributable to redeemable participating unitholders at the beginning of the period 154,248 146,938 1,371,891 882,440 2,781,126 2,660,988 684,907 612,557 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations (8,446) 139 (106,504) 119,788 46,777 283,332 (57,829) 55,068 Unit transactions:

Proceeds from issue of redeemable participating units 16,338 31,499 215,793 205,021 322,372 265,111 68,103 86,449 Payments on redemption of redeemable participating units (13,811) (22,969) (107,016) (30,249) (365,327) (172,702) (65,161) (27,484)

Increase/(decrease) in net assets resulting from unit transactions 2,527 8,530 108,777 174,772 (42,955) 92,409 2,942 58,965 Total net assets attributable to redeemable participating unitholders at the end of the period 148,329 155,607 1,374,164 1,177,000 2,784,948 3,036,729 630,020 726,590 The accompanying notes form an integral part of these financial statements.

23





2018 GBP '000


2017 GBP '000


2018 USD '000


2017 USD '000

Total net assets attributable to redeemable participating unitholders at the beginning of the period 548,722 544,160 2,291,004 1,846,151 Increase/(decrease) in net assets attributable to redeemable participating unitholders from operations (39,368) (6,125) 66,132 210,864 Unit transactions:

Proceeds from issue of redeemable participating units 26,818 62,484 304,591 440,511 Payments on redemption of redeemable participating units (67,475) (75,767) (989,677) (237,917)

Increase/(decrease) in net assets resulting from unit transactions (40,657) (13,283) (685,086) 202,594 Total net assets attributable to redeemable participating unitholders at the end of the period 468,697 524,752 1,672,050 2,259,609 The accompanying notes form an integral part of these financial statements.

24


CONDENSED BALANCE SHEET





Fund (IE)

30 November 2018

EUR '000 31 May 2018

EUR '000

30 November 2018

USD '000 31 May 2018

USD '000

30 November 2018

USD '000 31 May 2018

USD '000

30 November 2018

USD '000 31 May 2018

USD '000

CURRENT ASSETS Cash 13,863 12,828 15,330 12,667 6,574 6,359 172,714 96,912 Cash equivalents 65,519 50,837 – – – – – – Margin cash 14,394 4,851 537 444 580 386 9,292 6,638 Receivables 3,277 3,157 3,710 3,907 1,131 1,183 43,260 46,535 Financial assets at fair value through profit or loss 460,883 402,144 2,141,387 2,081,203 430,076 416,839 13,148,515 13,497,330 Pledged investments at fair value through profit or loss 14,608 1,687 – – – – – – Total current assets 572,544 475,504 2,160,964 2,098,221 438,361 424,767 13,373,781 13,647,415 CURRENT LIABILITIES Margin cash payable – 553 – – – – – – Cash collateral payable 7,220 7,761 – – – – – – Payables 316 256 12,611 5,153 986 1,997 22,309 22,377 Financial liabilities at fair value through profit or loss 33,922 24,582 40 31 232 57 2,546 945 Total current liabilities 41,458 33,152 12,651 5,184 1,218 2,054 24,855 23,322 Net asset value attributable to redeemable participating unitholders at the end of the period 531,086 442,352 2,148,313 2,093,037 437,143 422,713 13,348,926 13,624,093 The accompanying notes form an integral part of these financial statements.

25


CONDENSED BALANCE SHEET (continued)




(IE)

30 November 2018

USD '000 31 May 2018

USD '000

30 November 2018

USD '000 31 May 2018

USD '000

30 November 2018

EUR '000 31 May 2018

EUR '000

30 November 2018

EUR '000 31 May 2018

EUR '000

CURRENT ASSETS Cash 7,980 732 16,750 363,690 1,421 1,364 2,580 20,751 Cash equivalents – – 2,011 – – – – – Margin cash 415 162 234 36,243 229 179 822 2,987 Receivables 421 2,125 16,348 31,667 569 858 9,832 15,035 Financial assets at fair value through profit or loss 499,946 618,892 10,267,858 11,033,649 91,305 99,554 2,038,406 2,493,798 Total current assets 508,762 621,911 10,303,201 11,465,249 93,524 101,955 2,051,640 2,532,571 CURRENT LIABILITIES Bank overdraft – 118 – 964 – – – – Margin cash payable – – – – – – 33 – Payables 32,716 1,069 12,905 23,807 157 482 2,598 4,312 Provision for deferred capital gains tax 5,140 5,331 53,685 – – – – – Financial liabilities at fair value through profit or loss 70 34 1,835 14,765 76 35 58 964 Total current liabilities 37,926 6,552 68,425 39,536 233 517 2,689 5,276 Net asset value attributable to redeemable participating unitholders at the end of the period 470,836 615,359 10,234,776 11,425,713 93,291 101,438 2,048,951 2,527,295 The accompanying notes form an integral part of these financial statements.

26





30 November 2018

EUR '000 31 May 2018

EUR '000

30 November 2018

USD '000 31 May 2018

USD '000

30 November 2018

USD '000 31 May 2018

USD '000

30 November 2018

USD '000 31 May 2018

USD '000

CURRENT ASSETS Cash 1,870 2,943 20,352 5,406 18,128 40,920 17,924 6,927 Margin cash 220 205 1,970 322 1,034 1,808 2,108 591 Receivables 667 916 7,506 9,079 5,590 9,220 2,947 9,496 Financial assets at fair value through profit or loss 145,850 150,892 1,348,268 1,361,871 2,762,647 2,734,804 610,016 672,787 Total current assets 148,607 154,956 1,378,096 1,376,678 2,787,399 2,786,752 632,995 689,801 CURRENT LIABILITIES Margin cash payable 4 – – – – 48 – – Payables 206 676 3,146 4,711 2,434 5,578 1,871 4,794 Financial liabilities at fair value through profit or loss 68 32 786 76 17 – 1,104 100 Total current liabilities 278 708 3,932 4,787 2,451 5,626 2,975 4,894 Net asset value attributable to redeemable participating unitholders at the end of the period 148,329 154,248 1,374,164 1,371,891 2,784,948 2,781,126 630,020 684,907 The accompanying notes form an integral part of these financial statements.

27




30 November 2018

GBP '000 31 May 2018

GBP '000

30 November 2018

USD '000 31 May 2018

USD '000

CURRENT ASSETS Cash 3,423 7,914 2,796 240,170 Cash equivalents – – – 200,650 Margin cash 248 – 165,703 128,626 Receivables 3,222 3,560 4,307 1,272 Financial assets at fair value through profit or loss 462,853 539,000 1,583,339 1,775,128 Total current assets 469,746 550,474 1,756,145 2,345,846 CURRENT LIABILITIES Bank overdraft 414 – – – Margin cash payable – 53 – – Payables 571 1,678 1,518 32,844 Financial liabilities at fair value through profit or loss 64 21 82,577 21,998 Total current liabilities 1,049 1,752 84,095 54,842 Net asset value attributable to redeemable participating unitholders at the end of the period 468,697 548,722 1,672,050 2,291,004 The accompanying notes form an integral part of these financial statements.

28

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS For the six months ended 30 November 2018 1. ACCOUNTING POLICIES The principal accounting policies and techniques are consistent with those applied to the previous annual financial statements. Statement of compliance The financial statements of the Fund are prepared in accordance with Financial Reporting Standard 104 Interim Financial Reporting (“FRS 104”), 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. 2. 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 collective investment schemes (“CIS”), exchange traded funds (“ETFs”), liquidity instruments, equities, warrants, bonds and financial derivative instruments (”FDIs”). (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.

29

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. FINANCIAL INSTRUMENTS AND RISKS (continued) a) Market risk (continued) (i) Market risk arising from foreign currency risk (continued) Exposure to foreign currency risk (continued) 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 BlackRock Market Advantage Strategy Fund, iShares Developed World Index Fund (IE) and iShares Emerging Markets Index Fund (IE) use forward currency contracts to hedge the foreign currency exposure of the hedged unit classes. Other Sub-Funds, in line with their benchmarks, are unhedged. 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 period end date are disclosed in the Schedules of Investments. (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. 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.

30

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. FINANCIAL INSTRUMENTS AND RISKS (continued) a) Market risk (continued) (iii) Market risk arising from other price risk (continued) 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 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 include investments into related party funds. These 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 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. 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 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. 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. For the avoidance of doubt, none of the assets of the Sub-Funds are subject to special liquidity arrangements.

31

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. 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 certain 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 over-the-counter (“OTC”) FDIs are entered into by the Sub-Funds under an International Swaps and Derivatives Associations, 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 total return swaps (“TRS”) and contracts for difference (“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 Schedule of Investments. The carrying value of financial assets together with cash held with counterparties best represents the Sub-Fund’s 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 30 November 2018 (31 May 2018: 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 period 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 Condensed Balance Sheet of each Sub-Fund. 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.

32

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) (i) Depositary (continued) Exposure to credit / counterparty risk from Depositary (continued) The Depositary does not have a credit rating, however its parent company J.P. Morgan Chase Bank N.A. has a long-term credit rating from Standard & Poor’s of A+ (31 May 2018: 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 Condensed Balance Sheets and Schedules of Investments, is subject to the credit risk of the counterparty. (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. 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 Bank N.A., 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 have engaged in securities lending activities during the period. 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. 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.

33

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. 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. The ratings of the debt securities are continually monitored by the BlackRock Portfolio Management Group (“PMG”) and for non-rated 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. (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. 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 Condensed 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 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.

34

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) (vii) Over-the-Counter (“OTC”) financial derivative instruments (continued) 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. 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 Condensed Balance Sheets. Inbound cash collateral received by the Sub-Funds is reflected on the Condensed 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 Condensed Balance Sheets of the Sub-Funds. (viii) Other receivables Receivables are disclosed in the Condensed Balance Sheet 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-Funds do 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.

35

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued) 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. The tables below and overleaf are an analysis of the Sub-Funds’ financial assets and financials liabilities measured at fair value at 30 November 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 – 184,683 – 184,683 Bonds – 274,097 – 274,097 Unrealised gains on swaps – 6,836 – 6,836 Unrealised gains on swaptions – 4 – 4 Unrealised gains on forward currency contracts – 7,057 – 7,057 Unrealised gains on futures contracts 2,814 – – 2,814

Total 2,814 472,677 – 475,491 Financial liabilities at fair value through profit or loss:

Unrealised losses on swaps – (15,889) – (15,889) Unrealised losses on forward currency contracts – (15,263) – (15,263) Unrealised losses on futures contracts (2,770) – – (2,770)

Total (2,770) (31,152) – (33,922) 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 – 3,637 – 3,637 Equities 2,137,621 – –1 2,137,621 Unrealised gains on futures contracts 129 – – 129

Total 2,137,750 3,637 – 2,141,387 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (40) – – (40) Total (40) – – (40) 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 430,075 – 1 430,076 Total 430,075 – 1 430,076 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (232) – – (232) Total (232) – – (232) 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 74,978 – – 74,978 Equities 13,070,779 – 30 13,070,809 Unrealised gains on forward currency contracts – 137 – 137 Unrealised gains on futures contracts 2,591 – – 2,591

Total 13,148,348 137 30 13,148,515 Financial liabilities at fair value through profit or loss:

Unrealised losses on forward currency contracts – (442) – (442) Unrealised losses on futures contracts (2,104) – – (2,104)

Total (2,104) (442) – (2,546) 1Includes Level 3 securities which are less than USD 500 and are rounded to zero.

36

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. 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 499,946 – –1 499,946 Total 499,946 – – 499,946 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (70) – – (70) Total (70) – – (70) iShares Emerging Markets Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss:

Exchange traded funds 853 – – 853 Equities 10,265,937 – 1121 10,266,049 Unrealised gains on forward currency contracts – 444 – 444 Unrealised gains on futures contracts 512 – – 512

Total 10,267,302 444 112 10,267,858 Financial liabilities at fair value through profit or loss:

Unrealised losses on forward currency contracts – (1,835) – (1,835) Total – (1,835) – (1,835) iShares EMU Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 Financial assets at fair value through profit or loss:

Equities 91,305 – – 91,305 Total 91,305 – – 91,305 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (76) – – (76) Total (76) – – (76) 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 2,038,325 – – 2,038,325 Unrealised gains on futures contracts 81 – – 81

Total 2,038,406 – – 2,038,406 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (58) – – (58) Total (58) – – (58) iShares Europe Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 Financial assets at fair value through profit or loss:

Equities 145,838 – 2 145,840 Unrealised gains on futures contracts 10 – – 10

Total 145,848 – 2 145,850 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (68) – – (68) Total (68) – – (68) iShares Japan Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss:

Equities 1,348,268 – – 1,348,268 Total 1,348,268 – – 1,348,268 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (786) – – (786) Total (786) – – (786) iShares North America Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss:

Equities 2,762,594 – – 2,762,594 Unrealised gains on futures contracts 53 – – 53

Total 2,762,647 – – 2,762,647 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (17) – – (17) Total (17) – – (17) 1Includes Level 3 securities which are less than USD 500 and are rounded to zero.

37

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued) Level 1 Level 2 Level 3 Total 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 4,118 – – 4,118 Equities 605,861 – –1 605,861 Unrealised gains on futures contracts 37 – – 37

Total 610,016 – – 610,016 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (1,104) – – (1,104) Total (1,104) – – (1,104) iShares UK Index Fund (IE) GBP '000 GBP '000 GBP '000 GBP '000 Financial assets at fair value through profit or loss:

Equities 462,831 – 22 462,853 Total 462,831 – 22 462,853 Financial liabilities at fair value through profit or loss:

Unrealised losses on forward currency contracts – (13) – (13) Unrealised losses on futures contracts (51) – – (51)

Total (51) (13) – (64) iShares US Index Fund (IE) USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss:

Liquidity instruments – 1,583,339 – 1,583,339 Total – 1,583,339 – 1,583,339 Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (82,577) – – (82,577) Total (82,577) – – (82,577)

The tables below and overleaf are an analysis of the Sub-Funds’ financial assets and financials 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) 1Includes Level 3 securities which are less than USD 500 and are rounded to zero.

38


NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued)

Level 1 Level 2 Level 3 Total 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) 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 (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) 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.

39


NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued)

Level 1 Level 2 Level 3 Total 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 (32) – – (32) 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 (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) 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.

40


NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 2. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued) 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 is 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 30 November 2018 and 31 May 2018. 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. 3. SOFT COMMISSIONS There were no soft commission arrangements entered into by the Investment Manager on behalf of the Sub-Funds during the period ended 30 November 2018 (30 November 2017: Nil). 4. 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.

41

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 5. UNITS IN ISSUE The issued and fully paid redeemable participating units are redeemable on demand at the unitholders’ option. Unit transactions in the class in existence during the period ended 30 November 2018 were as follows:

Balance at the beginning of the

period Issued during

the period Redeemed during the

period Balance at the

end of the period

BlackRock Market Advantage Strategy Fund Class A GBP Acc Units 18,600,031 6,920,315 (3,459,948) 22,060,398 Class A GBP Dis Units 510,473 31,016 – 541,489 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 7,829,575 5,046,563 (360,467) 12,515,671 Class E GBP Acc Units 10 11,901 – 11,911 Class E GBP Dis Units 402,225 2,019 – 404,244 iShares Developed Real Estate Index Fund (IE) Euro D Accumulating Class 10 2,415 (2,415) 10 Euro Flexible Accumulating Class 7,890,502 465,191 (606,860) 7,748,833 Euro Institutional Accumulating Class 15,582,893 227,099 (707,829) 15,102,163 Euro Institutional Distributing Class 25,379,406 1,281,840 (2,723,751) 23,937,495 Sterling Flexible Accumulating Class 9,601,746 301,344 (3,989,834) 5,913,256 US Dollar Flexible Accumulating Class 74,141,591 439,993 (46,711,991) 27,869,593 US Dollar Institutional Accumulating Class 7,939,651 13,500,473 (1,735,589) 19,704,535 US Dollar Institutional Distributing Class – 81,203,206 (64,878,329) 16,324,877 iShares Developed World ex Tobacco Index Fund (IE) Euro Institutional Accumulating Class 9,822,134 661,656 – 10,483,790 Sterling D Distributing Class 1,746,252 – (189,323) 1,556,929 Sterling Flexible Distributing Class 8,283,875 – (1,351,595) 6,932,280 Sterling Institutional Distributing Class 1,626,076 89,680 (87,131) 1,628,625 US Dollar D Accumulating Class 10 – – 10 US Dollar Flexible Accumulating Class 698,390 6 – 698,396 US Dollar Institutional Accumulating Class 2,072,481 4,339,861 – 6,412,342 iShares Developed World Index Fund (IE) Euro (Hedged) Flexible Accumulating Class – 1,600,824 – 1,600,824 Euro D Accumulating Class 41,661 7,481 (22) 49,120 Euro Flexible Accumulating Class 54,839,520 16,064,166 (2,536,472) 68,367,214 Euro Flexible Distributing Class 75,751,828 22,859,397 (19,585,141) 79,026,084 Euro Institutional Accumulating Class 73,973,776 11,309,043 (8,493,133) 76,789,686 Euro Institutional Distributing Class 24,553,029 793,000 (93,540) 25,252,489 Sterling (Hedged) D Distributing Class – 779 – 779 Sterling (Hedged) Flexible Accumulating Class – 6,744,906 (749) 6,744,157 Sterling D Accumulating Class 1,096,314 155,007 (85,134) 1,166,187 Sterling Flexible Accumulating Class 40,750,176 1,662,311 (12,702,827) 29,709,660 Sterling Flexible Distributing Class 3,250,763 283,931 (146,259) 3,388,435 Sterling Institutional Accumulating Class 7,565,014 89,647 (227,919) 7,426,742 Sterling Institutional Distributing Class 789,371 470,084 (148,175) 1,111,280 US Dollar D Accumulating Class 37,680,539 218,076 (79,622) 37,818,993 US Dollar Flexible Accumulating Class 190,467,570 15,948,067 (30,216,075) 176,199,562 US Dollar Institutional Accumulating Class 109,637,815 10,832,152 (11,599,953) 108,870,014 US Dollar Institutional Distributing Class 4,580,014 1,197,957 (1,468,116) 4,309,855 iShares Edge EM Fundamental Weighted Index Fund (IE) Euro Institutional Accumulating Class 1,035,436 389,240 (259,962) 1,164,714 Sterling Flexible Accumulating Class 2,793,648 – (828,394) 1,965,254 Sterling Flexible Distributing Class 5,027,388 – (748,043) 4,279,345 Sterling Institutional Accumulating Class 27,530,278 99 (5,900,357) 21,630,020 iShares Emerging Markets Index Fund (IE) Euro D Accumulating Class 2,244,853 364,690 (1,189,061) 1,420,482 Euro Flexible Accumulating Class 44,796,462 8,582,436 (7,867,759) 45,511,139 Euro Flexible Distributing Class 5,891,925 232,519 – 6,124,444 Euro Institutional Accumulating Class 34,878,359 1,580,388 (1,192,836) 35,265,911 Euro Institutional Distributing Class 21,638,974 1,162,534 (1,507,689) 21,293,819 Sterling D Accumulating Class 35,629 2,901 (694) 37,836 Sterling Flexible Accumulating Class 139,713,305 13,620,071 (12,490,048) 140,843,328 Sterling Flexible Distributing Class 6,678,237 966,631 (204,078) 7,440,790 Sterling Institutional Accumulating Class 17,855,731 1,246,452 (3,013,729) 16,088,454 Sterling Institutional Distributing Class 159,693 – – 159,693

42

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 5. UNITS IN ISSUE (continued)





end of the period

iShares Emerging Markets Index Fund (IE) (continued) US Dollar (Hedged) Institutional Accumulating Class – 13,278,828 – 13,278,828 US Dollar D Accumulating Class 2,650,442 459,617 (172,185) 2,937,874 US Dollar Flexible Accumulating Class 116,270,629 7,171,655 (20,971,319) 102,470,965 US Dollar Institutional Accumulating Class 108,462,684 6,200,523 (2,236,992) 112,426,215 US Dollar Institutional Distributing Class 5,671,828 1,412,292 – 7,084,120 iShares EMU Index Fund (IE) Euro Flexible Accumulating Class 3,866,853 190,624 (281,511) 3,775,966 Euro Institutional Accumulating Class 1,599,528 225,391 (184,649) 1,640,270 Euro Institutional Distributing Class 665,862 – – 665,862 iShares Europe ex-UK Index Fund (IE) Euro D Accumulating Class 9,051,266 346,275 (401,198) 8,996,343 Euro D Distributing Class 13,388,305 1,745,013 (10,516,482) 4,616,836 Euro Flexible Accumulating Class 60,486,869 2,725,679 (12,930,608) 50,281,940 Euro Flexible Distributing Class 7,864,938 150,824 (179,937) 7,835,825 Euro Institutional Accumulating Class 21,354,230 1,391,571 (4,394,002) 18,351,799 Euro Institutional Distributing Class 12,293,486 3,526,008 (1,694,615) 14,124,879 iShares Europe Index Fund (IE) Euro D Accumulating Class 125,236 26,528 (125,659) 26,105 Euro Flexible Accumulating Class 3,455,687 417,497 (456,301) 3,416,883 Euro Flexible Distributing Class 551,416 – – 551,416 Euro Institutional Accumulating Class 4,759,724 529,832 (223,200) 5,066,356 US Dollar Institutional Distributing Class 310,841 – (80,554) 230,287 iShares Japan Index Fund (IE) Euro D Accumulating Class 146,541 57,714 (92,518) 111,737 Euro Flexible Accumulating Class 7,499,889 3,679,973 (91,247) 11,088,615 Euro Flexible Distributing Class 11,785,344 1,594,628 (425,478) 12,954,494 Euro Institutional Accumulating Class 11,932,122 318,745 (2,542,046) 9,708,821 JPY Flexible Accumulating Class – 3,317,367 – 3,317,367 US Dollar D Accumulating Class 1,185,921 140,891 (334,609) 992,203 US Dollar Flexible Accumulating Class 6,250,954 314,221 (396,003) 6,169,172 US Dollar Flexible Distributing Class 4,014,352 196,452 (273,449) 3,937,355 US Dollar Institutional Accumulating Class 24,626,744 785,627 (1,522,611) 23,889,760 US Dollar Institutional Distributing Class 5,298,835 1,300,355 (19,990) 6,579,200 iShares North America Index Fund (IE) Euro D Accumulating Class 5,373,020 2,615,746 (3,638,292) 4,350,474 Euro Flexible Accumulating Class 1,489,372 7,632,337 (107,197) 9,014,512 Euro Flexible Distributing Class 6,108,539 7,781 (6,501) 6,109,819 Euro Institutional Accumulating Class 4,679,080 90,390 (628,618) 4,140,852 Sterling Flexible Accumulating Class – 81,396 (2,183) 79,213 US Dollar D Accumulating Class 3,618,750 97,511 (515,236) 3,201,025 US Dollar Flexible Accumulating Class 42,192,557 1,531,384 (5,797,053) 37,926,888 US Dollar Flexible Distributing Class 7,480,572 153,210 (451,288) 7,182,494 US Dollar Institutional Accumulating Class 27,144,815 1,739,567 (3,748,305) 25,136,077 US Dollar Institutional Distributing Class 9,722,397 74,075 (277,030) 9,519,442 iShares Pacific Index Fund (IE) Euro D Accumulating Class 10 – – 10 Euro Flexible Accumulating Class 704,564 461,278 (27,272) 1,138,570 Euro Flexible Distributing Class 5,121,963 1,335,262 (42,234) 6,414,991 Euro Institutional Accumulating Class 9,348,269 488,982 (2,110,528) 7,726,723 US Dollar D Accumulating Class 1,969,180 62,688 (78,464) 1,953,404 US Dollar Flexible Accumulating Class 980,528 23,901 (55,991) 948,438 US Dollar Flexible Distributing Class 508,254 5,900 (9,936) 504,218 US Dollar Institutional Accumulating Class 13,631,858 815,102 (1,168,457) 13,278,503 US Dollar Institutional Distributing Class 2,917,118 392,964 (41,296) 3,268,786 iShares UK Index Fund (IE) Euro Flexible Distributing Class 5,320,058 67,052 (2,592,101) 2,795,009 Euro Institutional Accumulating Class 4,866,073 186,170 (234,339) 4,817,904 Sterling D Accumulating Class 2,910,056 198,786 (83,507) 3,025,335 Sterling Flexible Accumulating Class 6,932,555 389,598 (546,651) 6,775,502 Sterling Flexible Distributing Class 775,467 5,414 (55,397) 725,484 Sterling Institutional Accumulating Class 2,918,070 229,206 (154,830) 2,992,446

43






end of the period

iShares US Index Fund (IE) Euro D Accumulating Class 10 – – 10 Euro Institutional Accumulating Class 260,728 163,146 – 423,874 US Dollar D Accumulating Class 3,767,356 421,215 (382,612) 3,805,959 US Dollar Flexible Accumulating Class 16,531,320 537,804 (683,003) 16,386,121 US Dollar Flexible Distributing Class 4,005,020 120,490 (376,234) 3,749,276 US Dollar Institutional Accumulating Class 56,652,765 11,842,065 (42,656,331) 25,838,499

Unit transactions in the class 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 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

44




the year

Redeemed during the

year

Balance at the end of the

year 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 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

45




the year

Redeemed during the

year

Balance at the end of the

year 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

6. NET ASSET VALUE ATTRIBUTABLE TO REEDEMABLE PARTICIPATING UNITHOLDERS

30 November

2018 31 May 2018 31 May 2017 BlackRock Market Advantage Strategy Fund Class A GBP Acc Units Net asset value attributable to redeemable participating unitholders GBP '000 294,653 257,625 428,251 Units in issue 22,060,398 18,600,031 32,734,531 Net asset value per unit GBP 13.36 13.85 13.08 Class A GBP Dis Units Net asset value attributable to redeemable participating unitholders GBP '000 6,053 5,996 5,695 Units in issue 541,489 510,473 500,410 Net asset value per unit GBP 11.18 11.75 11.38 Class B EUR Acc Units Net asset value attributable to redeemable participating unitholders EUR '000 5,967 6,235 5,964 Units in issue 482,184 482,184 482,184 Net asset value per unit EUR 12.37 12.93 12.37 Class B GBP Acc Units Net asset value attributable to redeemable participating unitholders GBP '000 26,634 27,661 26,204 Units in issue 1,862,444 1,862,444 1,862,444 Net asset value per unit GBP 14.30 14.85 14.07 Class E EUR Acc Units Net asset value attributable to redeemable participating unitholders EUR '000 151,237 98,913 67,132 Units in issue 12,515,671 7,829,575 5,549,935 Net asset value per unit EUR 12.08 12.63 12.10 Class E GBP Acc Units Net asset value attributable to redeemable participating unitholders GBP '000 117 – – Units in issue 11,911 10 – Net asset value per unit GBP 9.82 10.16 – Class E GBP Dis Units Net asset value attributable to redeemable participating unitholders GBP '000 4,330 4,527 4,469 Units in issue 404,244 402,225 409,878 Net asset value per unit GBP 10.71 11.25 10.90

46

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 6. NET ASSET VALUE ATTRIBUTABLE TO REEDEMABLE PARTICIPATING UNITHOLDERS (continued)

30 November

2018 31 May 2018 31 May 2017 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 10 – Net asset value per unit EUR 10.43 10.03 – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 123,079 120,393 92,192 Units in issue 7,748,833 7,890,502 6,123,921 Net asset value per unit EUR 15.88 15.26 15.05 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 234,068 232,238 273,664 Units in issue 15,102,163 15,582,893 18,570,151 Net asset value per unit EUR 15.50 14.90 14.74 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 320,267 330,246 283,045 Units in issue 23,937,495 25,379,406 21,347,204 Net asset value per unit EUR 13.38 13.01 13.26 Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 96,980 149,506 116,596 Units in issue 5,913,256 9,601,746 7,642,938 Net asset value per unit GBP 16.40 15.57 15.26 US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 381,018 1,003,785 732,169 Units in issue 27,869,593 74,141,591 56,897,443 Net asset value per unit USD 13.67 13.54 12.87 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 233,347 93,190 197,407 Units in issue 19,704,535 7,939,651 17,659,697 Net asset value per unit USD 11.84 11.74 11.18 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 643,209 – – Units in issue 16,324,877 – – Net asset value per unit USD 39.40 – – iShares Developed World ex Tobacco Index Fund (IE) Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 148,996 137,754 108,988 Units in issue 10,483,790 9,822,134 8,377,461 Net asset value per unit EUR 14.21 14.02 13.01 Sterling D Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 16,551 18,237 – Units in issue 1,556,929 1,746,252 – Net asset value per unit GBP 10.63 10.44 – Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 110,944 130,245 90,447 Units in issue 6,932,280 8,283,875 6,135,956 Net asset value per unit GBP 16.00 15.72 14.74 Sterling Institutional Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 26,063 25,565 27,172 Units in issue 1,628,625 1,626,076 1,843,465 Net asset value per unit GBP 16.00 15.72 14.74 US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 – – – Units in issue 10 10 – Net asset value per unit USD 10.92 11.10 – US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 9,411 9,567 8,536 Units in issue 698,396 698,390 698,376 Net asset value per unit USD 13.47 13.70 12.22 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 63,107 20,751 – Units in issue 6,412,342 2,072,481 – Net asset value per unit USD 9.84 10.01 –

47


30 November

2018 31 May 2018 31 May 2017 iShares Developed World Index Fund (IE) Euro (Hedged) Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 15,959 – – Units in issue 1,600,824 – – Net asset value per unit EUR 9.97 – – Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 524 439 350 Units in issue 49,120 41,661 35,747 Net asset value per unit EUR 10.67 10.53 9.79 Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 1,683,570 1,331,296 705,347 Units in issue 68,367,214 54,839,520 31,267,472 Net asset value per unit EUR 24.63 24.28 22.56 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 1,023,354 975,402 898,662 Units in issue 79,026,084 75,751,828 73,633,367 Net asset value per unit EUR 12.95 12.88 12.20 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 1,741,342 1,654,969 1,609,321 Units in issue 76,789,686 73,973,776 77,296,507 Net asset value per unit EUR 22.68 22.37 20.82 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 516,406 499,260 459,737 Units in issue 25,252,489 24,553,029 23,853,534 Net asset value per unit EUR 20.45 20.33 19.27 Sterling (Hedged) D Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 8 – – Units in issue 779 – – Net asset value per unit GBP 10.35 – – Sterling (Hedged) Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 66,818 – – Units in issue 6,744,157 – – Net asset value per unit GBP 9.91 – – Sterling D Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 13,084 11,994 9,744 Units in issue 1,166,187 1,096,314 964,450 Net asset value per unit GBP 11.22 10.94 10.10 Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 685,305 916,007 630,573 Units in issue 29,709,660 40,750,176 30,404,490 Net asset value per unit GBP 23.07 22.48 20.74 Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 71,262 67,201 75,389 Units in issue 3,388,435 3,250,763 3,874,867 Net asset value per unit GBP 21.03 20.67 19.46 Sterling Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 167,385 166,288 166,306 Units in issue 7,426,742 7,565,014 8,188,887 Net asset value per unit GBP 22.54 21.98 20.31 Sterling Institutional Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 18,546 12,944 25,402 Units in issue 1,111,280 789,371 1,645,906 Net asset value per unit GBP 16.69 16.40 15.43 US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 420,426 425,987 22,977 Units in issue 37,818,993 37,680,539 2,268,509 Net asset value per unit USD 11.12 11.31 10.13 US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 3,946,407 4,335,992 4,411,944 Units in issue 176,199,562 190,467,570 216,524,274 Net asset value per unit USD 22.40 22.77 20.38 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,970,101 2,017,972 1,826,784 Units in issue 108,870,014 109,637,815 110,714,369 Net asset value per unit USD 18.10 18.41 16.50

48


30 November

2018 31 May 2018 31 May 2017 iShares Developed World Index Fund (IE) (continued) US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 67,589 73,630 40,946 Units in issue 4,309,855 4,580,014 2,789,389 Net asset value per unit USD 15.68 16.08 14.68 iShares Edge EM Fundamental Weighted Index Fund (IE) Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 14,988 13,417 11,352 Units in issue 1,164,714 1,035,436 946,388 Net asset value per unit EUR 12.87 12.96 12.00 Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 25,642 36,229 201,879 Units in issue 1,965,254 2,793,648 16,983,097 Net asset value per unit GBP 13.05 12.97 11.89 Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 50,958 60,981 81,709 Units in issue 4,279,345 5,027,388 7,121,941 Net asset value per unit GBP 11.91 12.13 11.47 Sterling Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 279,122 353,470 408,074 Units in issue 21,630,020 27,530,278 34,577,217 Net asset value per unit GBP 12.90 12.84 11.80 iShares Emerging Markets Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 14,013 23,948 6 Units in issue 1,420,482 2,244,853 664 Net asset value per unit EUR 9.86 10.67 9.72 Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 674,198 716,815 248,733 Units in issue 45,511,139 44,796,462 17,088,008 Net asset value per unit EUR 14.81 16.00 14.56 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 72,192 76,220 74,694 Units in issue 6,124,444 5,891,925 6,208,216 Net asset value per unit EUR 11.79 12.94 12.03 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 667,867 714,670 573,178 Units in issue 35,265,911 34,878,359 30,679,822 Net asset value per unit EUR 18.94 20.49 18.68 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 240,418 268,120 239,042 Units in issue 21,293,819 21,638,974 20,742,562 Net asset value per unit EUR 11.29 12.39 11.52 Sterling D Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 393 395 265 Units in issue 37,836 35,629 26,469 Net asset value per unit GBP 10.37 11.09 10.03 Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 3,527,438 3,738,147 3,636,383 Units in issue 140,843,328 139,713,305 150,486,520 Net asset value per unit GBP 25.05 26.76 24.16 Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 89,709 87,349 130,920 Units in issue 7,440,790 6,678,237 10,838,362 Net asset value per unit GBP 12.06 13.08 12.08 Sterling Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 343,998 408,297 432,183 Units in issue 16,088,454 17,855,731 20,875,378 Net asset value per unit GBP 21.38 22.87 20.70 Sterling Institutional Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 2,231 2,421 22,011 Units in issue 159,693 159,693 1,572,317 Net asset value per unit GBP 13.97 15.16 14.00

49


30 November

2018 31 May 2018 31 May 2017 iShares Emerging Markets Index Fund (IE) (continued) US Dollar (Hedged) Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 119,856 – – Units in issue 13,278,828 – – Net asset value per unit USD 9.03 – – US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 30,202 30,376 23,242 Units in issue 2,937,874 2,650,442 2,311,348 Net asset value per unit USD 10.28 11.46 10.06 US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,553,620 1,963,763 1,984,849 Units in issue 102,470,965 116,270,629 134,126,457 Net asset value per unit USD 15.16 16.89 14.80 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,515,582 1,630,957 1,311,192 Units in issue 112,426,215 108,462,684 99,269,559 Net asset value per unit USD 13.48 15.04 13.21 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 68,773 62,298 58,389 Units in issue 7,084,120 5,671,828 5,933,140 Net asset value per unit USD 9.71 10.98 9.84 iShares EMU Index Fund (IE) Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 56,917 62,795 63,697 Units in issue 3,775,966 3,866,853 4,010,982 Net asset value per unit EUR 15.07 16.24 15.88 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 25,500 26,810 101,859 Units in issue 1,640,270 1,599,528 6,207,523 Net asset value per unit EUR 15.55 16.76 16.41 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 10,873 11,833 11,911 Units in issue 665,862 665,862 665,862 Net asset value per unit EUR 16.33 17.77 17.89 iShares Europe ex-UK Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 87,555 92,143 84,555 Units in issue 8,996,343 9,051,266 8,311,740 Net asset value per unit EUR 9.73 10.18 10.17 Euro D Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 44,232 137,814 1 Units in issue 4,616,836 13,388,305 100 Net asset value per unit EUR 9.58 10.29 10.37 Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 1,286,890 1,618,795 1,553,369 Units in issue 50,281,940 60,486,869 58,124,268 Net asset value per unit EUR 25.59 26.76 26.73 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 121,088 130,604 131,871 Units in issue 7,835,825 7,864,938 7,886,740 Net asset value per unit EUR 15.45 16.61 16.72 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 252,835 307,834 239,913 Units in issue 18,351,799 21,354,230 16,639,478 Net asset value per unit EUR 13.78 14.42 14.42 Euro Institutional Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 256,350 240,106 172,220 Units in issue 14,124,879 12,293,486 8,816,377 Net asset value per unit EUR 18.15 19.53 19.53 iShares Europe Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 250 1,271 – Units in issue 26,105 125,236 – Net asset value per unit EUR 9.59 10.15 –

50


30 November

2018 31 May 2018 31 May 2017 iShares Europe Index Fund (IE) (continued) Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 56,046 59,933 74,192 Units in issue 3,416,883 3,455,687 4,341,144 Net asset value per unit EUR 16.40 17.34 17.09 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 6,755 7,214 7,338 Units in issue 551,416 551,416 551,416 Net asset value per unit EUR 12.25 13.08 13.31 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 82,894 82,395 63,738 Units in issue 5,066,356 4,759,724 3,730,894 Net asset value per unit EUR 16.36 17.31 17.08 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 2,698 4,010 1,878 Units in issue 230,287 310,841 148,574 Net asset value per unit USD 11.72 12.90 12.64 iShares Japan Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 1,148 1,573 – Units in issue 111,737 146,541 – Net asset value per unit EUR 10.28 10.73 – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 179,782 126,949 14,463 Units in issue 11,088,615 7,499,889 943,548 Net asset value per unit EUR 16.21 16.93 15.33 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 240,658 230,761 162,395 Units in issue 12,954,494 11,785,344 8,996,368 Net asset value per unit EUR 18.58 19.58 18.05 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 178,865 229,669 23,936 Units in issue 9,708,821 11,932,122 1,371,429 Net asset value per unit EUR 18.42 19.25 17.45 JPY Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders JPY '000 6,329,472 – – Units in issue 3,317,367 – – Net asset value per unit JPY 1,907.98 – – US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 10,705 13,779 7,034 Units in issue 992,203 1,185,921 693,083 Net asset value per unit USD 10.79 11.62 10.15 US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 87,527 95,448 88,333 Units in issue 6,169,172 6,250,954 6,630,997 Net asset value per unit USD 14.19 15.27 13.32 US Dollar Flexible Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 53,827 59,634 53,946 Units in issue 3,937,355 4,014,352 4,088,991 Net asset value per unit USD 13.67 14.86 13.19 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 385,015 427,510 434,223 Units in issue 23,889,760 24,626,744 28,625,674 Net asset value per unit USD 16.12 17.36 15.17 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 101,486 88,036 73,112 Units in issue 6,579,200 5,298,835 4,955,271 Net asset value per unit USD 15.43 16.61 14.75 iShares North America Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 58,887 69,232 43,035 Units in issue 4,350,474 5,373,020 3,659,000 Net asset value per unit EUR 13.54 12.89 11.76

51


30 November

2018 31 May 2018 31 May 2017 iShares North America Index Fund (IE) (continued) Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 187,013 29,404 44,852 Units in issue 9,014,512 1,489,372 2,490,142 Net asset value per unit EUR 20.75 19.74 18.01 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 159,168 152,498 177,120 Units in issue 6,109,819 6,108,539 7,668,712 Net asset value per unit EUR 26.05 24.96 23.10 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 103,106 110,960 74,790 Units in issue 4,140,852 4,679,080 3,451,352 Net asset value per unit EUR 24.90 23.71 21.67 Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 1,066 – – Units in issue 79,213 – – Net asset value per unit GBP 13.46 – – US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 37,390 41,484 35,385 Units in issue 3,201,025 3,618,750 3,510,217 Net asset value per unit USD 11.68 11.46 10.08 US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,186,336 1,294,777 1,155,590 Units in issue 37,926,888 42,192,557 42,848,445 Net asset value per unit USD 31.28 30.69 26.97 US Dollar Flexible Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 165,334 170,121 150,398 Units in issue 7,182,494 7,480,572 7,420,302 Net asset value per unit USD 23.02 22.74 20.27 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 534,182 566,330 687,260 Units in issue 25,136,077 27,144,815 37,427,658 Net asset value per unit USD 21.25 20.86 18.36 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 284,966 285,743 250,253 Units in issue 9,519,442 9,722,397 9,556,942 Net asset value per unit USD 29.94 29.39 26.19 iShares Pacific Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 – – – Units in issue 10 10 – Net asset value per unit EUR 10.25 10.83 – Euro Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 16,354 10,688 10,523 Units in issue 1,138,570 704,564 754,124 Net asset value per unit EUR 14.36 15.17 13.95 Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 119,189 102,529 71,176 Units in issue 6,414,991 5,121,963 3,718,231 Net asset value per unit EUR 18.58 20.02 19.14 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 119,804 153,221 115,936 Units in issue 7,726,723 9,348,269 7,677,291 Net asset value per unit EUR 15.51 16.39 15.10 US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 20,063 22,033 18,840 Units in issue 1,953,404 1,969,180 1,898,213 Net asset value per unit USD 10.27 11.19 9.93 US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 48,444 54,535 65,935 Units in issue 948,438 980,528 1,337,932 Net asset value per unit USD 51.08 55.62 49.28

52


30 November

2018 31 May 2018 31 May 2017 iShares Pacific Index Fund (IE) (continued) US Dollar Flexible Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 7,872 8,814 8,207 Units in issue 504,218 508,254 513,740 Net asset value per unit USD 15.61 17.34 15.98 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 214,086 239,465 257,221 Units in issue 13,278,503 13,631,858 16,498,964 Net asset value per unit USD 16.12 17.57 15.59 US Dollar Institutional Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 50,438 49,047 40,114 Units in issue 3,268,786 2,917,118 2,590,327 Net asset value per unit USD 15.43 16.81 15.49 iShares UK Index Fund (IE) Euro Flexible Distributing Class Net asset value attributable to redeemable participating unitholders EUR '000 43,806 92,510 19,282 Units in issue 2,795,009 5,320,058 1,117,578 Net asset value per unit EUR 15.67 17.39 17.25 Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 68,963 75,720 60,905 Units in issue 4,817,904 4,866,073 4,103,078 Net asset value per unit EUR 14.31 15.56 14.84 Sterling D Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 31,093 32,127 29,153 Units in issue 3,025,335 2,910,056 2,791,237 Net asset value per unit GBP 10.28 11.04 10.44 Sterling Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 281,759 309,579 384,480 Units in issue 6,775,502 6,932,555 9,103,342 Net asset value per unit GBP 41.58 44.66 42.24 Sterling Flexible Distributing Class Net asset value attributable to redeemable participating unitholders GBP '000 7,989 9,366 10,043 Units in issue 725,484 775,467 844,011 Net asset value per unit GBP 11.01 12.08 11.90 Sterling Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders GBP '000 47,784 50,072 50,636 Units in issue 2,992,446 2,918,070 3,115,796 Net asset value per unit GBP 15.97 17.16 16.25 iShares US Index Fund (IE) Euro D Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 – – – Units in issue 10 10 – Net asset value per unit EUR 11.55 10.90 – Euro Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders EUR '000 4,895 2,843 – Units in issue 423,874 260,728 – Net asset value per unit EUR 11.55 10.90 – US Dollar D Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 44,944 43,288 31,389 Units in issue 3,805,959 3,767,356 3,103,224 Net asset value per unit USD 11.81 11.49 10.12 US Dollar Flexible Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 1,008,291 989,420 1,120,646 Units in issue 16,386,121 16,531,320 21,281,504 Net asset value per unit USD 61.53 59.85 52.66 US Dollar Flexible Distributing Class Net asset value attributable to redeemable participating unitholders USD '000 49,286 51,294 54,872 Units in issue 3,749,276 4,005,020 4,857,988 Net asset value per unit USD 13.15 12.81 11.30 US Dollar Institutional Accumulating Class Net asset value attributable to redeemable participating unitholders USD '000 563,986 1,203,684 639,244 Units in issue 25,838,499 56,652,765 34,145,178 Net asset value per unit USD 21.83 21.25 18.72

53

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 6. NET ASSET VALUE ATTRIBUTABLE TO REEDEMABLE PARTICIPATING UNITHOLDERS (continued) iShares Edge EM Fundamental Weighted Index Fund (IE)

30 November 2018 31 May 2018

USD ‘000 USD ‘000 Net asset value attributable to redeemable participating unitholders in accordance with FRS 104 470,836 615,359 Add: Provision for deferred tax payable 5,140 5,331 Net asset value attributable to redeemable participating unitholders in accordance with the prospectus 475,976 620,690

Units in issue 30 November

2018 31 May 2018

Euro Institutional Accumulating Class 1,164,714 1,035,436 Sterling Flexible Accumulating Class 1,965,254 2,793,648 Sterling Flexible Distributing Class 4,279,345 5,027,388 Sterling Institutional Accumulating Class 21,630,020 27,530,278 Net asset value per unit attributable to redeemable participating unitholders in accordance with FRS 104 Euro Institutional Accumulating Class EUR 12.87 EUR 12.96 Sterling Flexible Accumulating Class GBP 13.05 GBP 12.97 Sterling Flexible Distributing Class GBP 11.91 GBP 12.13 Sterling Institutional Accumulating Class GBP 12.90 GBP 12.84 Net asset value per unit attributable to redeemable participating unitholders in accordance with the prospectus Euro Institutional Accumulating Class EUR 13.00 EUR 13.07 Sterling Flexible Accumulating Class GBP 13.18 GBP 13.08 Sterling Flexible Distributing Class GBP 12.03 GBP 12.23 Sterling Institutional Accumulating Class GBP 13.03 GBP 12.95

iShares Emerging Markets Index Fund (IE)

30 November 2018 31 May 2018

USD ‘000 USD ‘000 Net asset value attributable to redeemable participating unitholders in accordance with FRS 104 10,234,776 - Add: Provision for deferred tax payable 53,685 - Net asset value attributable to redeemable participating unitholders in accordance with the prospectus 10,288,460 -

Units in issue 30 November

2018 31 May 2018

Euro D Accumulating Class 1,420,482 - Euro Flexible Accumulating Class 45,511,139 - Euro Flexible Distributing Class 6,124,444 - Euro Institutional Accumulating Class 35,265,911 - Euro Institutional Distributing Class 21,293,819 - Sterling D Accumulating Class 37,836 - Sterling Flexible Accumulating Class 140,843,328 - Sterling Flexible Distributing Class 7,440,790 - Sterling Institutional Accumulating Class 16,088,454 - Sterling Institutional Distributing Class 159,693 - US Dollar (Hedged) Institutional Accumulating Class 13,278,828 - US Dollar D Accumulating Class 2,937,874 - US Dollar Flexible Accumulating Class 102,470,965 - US Dollar Institutional Accumulating Class 112,426,215 - US Dollar Institutional Distributing Class 7,084,120 -

54


Net asset value per unit attributable to redeemable participating unitholders in accordance with FRS 104 30 November

2018 31 May 2018

Euro D Accumulating Class EUR 9.86 - Euro Flexible Accumulating Class EUR 14.81 - Euro Flexible Distributing Class EUR 11.79 - Euro Institutional Accumulating Class EUR 18.94 - Euro Institutional Distributing Class EUR 11.29 - Sterling D Accumulating Class GBP 10.37 - Sterling Flexible Accumulating Class GBP 25.05 - Sterling Flexible Distributing Class GBP 12.06 - Sterling Institutional Accumulating Class GBP 21.38 - Sterling Institutional Distributing Class GBP 13.97 - US Dollar (Hedged) Institutional Accumulating Class USD 9.03 - US Dollar D Accumulating Class USD 10.28 - US Dollar Flexible Accumulating Class USD 15.16 - US Dollar Institutional Accumulating Class USD 13.48 - US Dollar Institutional Distributing Class USD 9.71 - Net asset value per unit attributable to redeemable participating unitholders in accordance with the prospectus Euro D Accumulating Class EUR 9.92 - Euro Flexible Accumulating Class EUR 14.89 - Euro Flexible Distributing Class EUR 11.85 - Euro Institutional Accumulating Class EUR 19.04 - Euro Institutional Distributing Class EUR 11.35 - Sterling D Accumulating Class GBP 10.43 - Sterling Flexible Accumulating Class GBP 25.18 - Sterling Flexible Distributing Class GBP 12.12 - Sterling Institutional Accumulating Class GBP 21.49 - Sterling Institutional Distributing Class GBP 14.05 - US Dollar (Hedged) Institutional Accumulating Class USD 9.07 - US Dollar D Accumulating Class USD 10.33 - US Dollar Flexible Accumulating Class USD 15.24 - US Dollar Institutional Accumulating Class USD 13.55 - US Dollar Institutional Distributing Class USD 9.76 -

7. EXCHANGE RATES The rates of exchange ruling as at 30 November 2018 and 31 May 2018 were: 30 November 2018 31 May 2018 USD = 1

AED 3.6732 3.6732

AUD 1.3694 1.3216

BRL 3.8748 3.7241

CAD 1.3291 1.2972

CHF 0.9994 0.9831

CLP 672.9650 631.6650

CNY 6.9438 6.4010

COP 3,237.8450 2,888.0050

CZK 22.9318 22.1173

DKK 6.5914 6.3766

EGP 17.9100 17.8950

EUR 0.8832 0.8567

GBP 0.7838 0.7515

HKD 7.8258 7.8442

55

BLACKROCK INDEX SELECTION FUND NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 7. EXCHANGE RATES (continued) 30 November 2018 31 May 2018 USD = 1 (continued) HUF 286.1074 273.8671

IDR 14,302.5000 13,895.0000

ILS 3.7290 3.5669

INR 69.6950 67.4825

JPY 113.5500 108.6450

KRW 1,120.9500 1,077.9500

MXN 20.3458 20.0124

MYR 4.1845 3.9800

NOK 8.6033 8.1826

NZD 1.4558 1.4252

PHP 52.4200 52.5355

PKR 136.7500 115.5850

PLN 3.7904 3.6998

QAR 3.6413 3.6410

RUB 66.9525 62.3275

SEK 9.1011 8.8317

SGD 1.3720 1.3375

THB 32.8875 31.9900

TRY 5.2494 4.5375

TWD 30.8015 29.9615

ZAR 13.8663 12.6650

EUR = 1

AUD 1.5505 1.5427 BRL 4.3872 4.3471 CAD 1.5049 1.5142 CHF 1.1315 1.1476 CLP 761.9646 737.3425 DKK 7.4631 7.4433 GBP 0.8874 0.8772 HKD 8.8607 9.1565 IDR 16,194.0055 16,219.6334 INR 78.9122 78.7723 JPY 128.5670 126.8213 KRW 1,269.1956 1,258.2910 MXN 23.0365 23.3605 MYR 4.7379 4.6459 NOK 9.7410 9.5515 PHP 59.3525 61.3247 PLN 4.2917 4.3187 RUB 75.8070 72.7549 SEK 10.3047 10.3092 SGD 1.5534 1.5612 THB 37.2369 37.3419 TRY 5.9436 5.2966 TWD 34.8750 34.9741 USD 1.1322 1.1673 ZAR 15.7001 14.7839

56


NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 7. EXCHANGE RATES (continued) 30 November 2018 31 May 2018 GBP = 1 EUR 1.1269 1.1399 USD 1.2759 1.3306 8. 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 30 November 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, 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 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. The non-executive Directors of the Manager as at 30 November 2018 are presented in the table below:

Director 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 Catherine Woods No No Graham Bamping No Yes Justin Mealy Yes No Patrick Boylan Yes No Paul Freeman No Yes William Roberts No Yes

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. With effect from 31 October 2018, Desmond Murray resigned as a non-executive Director of the Manager. The Directors of the Manager who are also employees of the BlackRock Group are not entitled to receive Directors’ fees.

57


NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 8. RELATED PARTIES (continued) Holdings in other funds managed by BlackRock Investments in funds managed by BlackRock, Inc. and BlackRock affiliates are listed and marked on the relevant Sub-Funds’ Schedule of Investments. Further information on the fees incurred from investing in these underlying funds is presented in the table below. These disclosed fees are the maximum charges capped as per the prospectus of the underlying funds and actual fees charged may be lower: 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 these investments 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 period by 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 received for the period ended

Management fee rebate received for the period ended

30 November 2018 (‘000) 30 November 2017 (‘000) iShares Developed World Index Fund (IE) iShares EURO STOXX 50 UCITS ETF USD 6 - iShares MSCI Europe UCITS ETF USD 41 71 iShares Pacific Index Fund (IE) iShares MSCI Pacific ex-Japan UCITS ETF USD 13 3

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 a Sub-Fund and

are as a result, considered to be related parties to the Sub-Funds.

58


NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 8. RELATED PARTIES (continued) As at 30 November 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 Nil Nil

iShares Developed Real Estate Index Fund (IE) 2.77 Nil Nil iShares Developed World ex Tobacco Index Fund (IE) -1 Nil Nil

iShares Developed World Index Fund (IE) 9.97 Nil Nil iShares Edge EM Fundamental Weighted Index Fund (IE) Nil 1 74.26

iShares Emerging Markets Index Fund (IE) 12.04 Nil Nil

iShares Europe ex-UK Index Fund (IE) 7.14 Nil Nil

iShares Europe Index Fund (IE) 9.43 Nil Nil

iShares Japan Index Fund (IE) 10.09 Nil Nil

iShares North America Index Fund (IE) 5.18 Nil Nil

iShares Pacific Index Fund (IE) 0.64 Nil Nil

iShares UK Index Fund (IE) 12.21 Nil Nil

iShares US Index Fund (IE) -1 Nil Nil 1The percentage held by this unitholder is less than 0.005%. 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%. 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 30 November 2018 and 31 May 2018.

59


NOTES TO THE FINANCIAL STATEMENTS (continued) For the six months ended 30 November 2018 8. RELATED PARTIES (continued) 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 classes. No provisions have been recognised by the Sub-Funds against amounts due from related parties at the period end date (31 May 2018: Nil). No amounts have been written off in the period in respect of amounts due to or from related parties (30 November 2017: Nil). No commitments secured or unsecured or guarantees have been entered into with related parties during the period (30 November 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 period 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 period, 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 2 (c) (iii) to the financial statements. The table below details the securities lending income earned for the period ended 30 November 2018 and 30 November 2017:

Sub-Fund name Currency 30 November 2018 ‘000

30 November 2017 ‘000

BlackRock Market Advantage Strategy Fund EUR 2 2 iShares Developed Real Estate Index Fund (IE) USD 224 194 iShares Developed World ex Tobacco Index Fund (IE) USD 22 19 iShares Developed World Index Fund (IE) USD 1,628 1,720 iShares Edge EM Fundamental Weighted Index Fund (IE) USD 77 89 iShares Emerging Markets Index Fund (IE) USD 3,180 1,993 iShares EMU Index Fund (IE) EUR 17 17 iShares Europe ex-UK Index Fund (IE) EUR 309 287 iShares Europe Index Fund (IE) EUR 19 12 iShares Japan Index Fund (IE) USD 357 242 iShares North America Index Fund (IE) USD 374 320 iShares Pacific Index Fund (IE) USD 100 89 iShares UK Index Fund (IE) GBP 40 84

9. SIGNIFICANT SUBSEQUENT EVENTS

Effective 10 December 2018, the registered address of the Manager was updated to 1st Floor, 2 Ballsbridge Park, Ballsbridge, Dublin 4, D04 YW83, Ireland. Effective 10 December 2018, the registered address of the Trustee, Administrator, Registrar and Transfer Agent was updated to 200 Capital Dock, 79 Sir John Rogerson’s Quay, Dublin 2, D02 RK57, Ireland. On 21 December 2018, the prospectus and supplement were updated to incorporate the above changes. 10. APPROVAL OF FINANCIAL STATEMENTS The Directors of the Manager approved the financial statements on 22 January 2019.

60

BLACKROCK MARKET ADVANTAGE STRATEGY FUND

SCHEDULE OF INVESTMENTS

As at 30 November 2018

Holding Currency Investments Fair Value EUR '000

% of Net Asset Value

COLLECTIVE INVESTMENT SCHEMES

Undertaking for collective investment schemes (31 May 2018: 32.77%)

Ireland (31 May 2018: 32.77%) 325,981 GBP Institutional Sterling Government Liquidity Fund - Agency (Dis) Shares1 367 0.07 68,446,421 GBP Institutional Sterling Liquidity Fund - Agency (Dis) Shares1 77,130 14.52 85,452,482 USD Institutional US Dollar Liquidity Fund - Agency (Dis) Shares1 75,472 14.21 35,908,270 USD Institutional US Treasury Fund - Agency (Dis) Shares1 31,714 5.97 Total Ireland 184,683 34.77

Total investments in undertaking for collective investment schemes 184,683 34.77

Total investments in collective investment schemes 184,683 34.77



BONDS

Government debt securities (31 May 2018: 51.56%)

Australia (31 May 2018: 7.07%) 5,247,000 AUD Australia Government Bond, FRN, 4.00%, 20/08/2020 6,142 1.16 11,940,000 AUD Australia Government Bond, FRN, 1.25%, 21/02/2022 8,937 1.68 12,858,000 AUD Australia Government Bond, FRN, 3.00%, 20/09/2025 11,649 2.19 8,630,000 AUD Australia Government Bond, FRN, 0.75%, 21/11/2027 5,693 1.07 7,620,000 AUD Australia Government Bond, FRN, 2.50%, 20/09/2030 6,959 1.31 7,720,000 AUD Australia Government Bond, FRN, 2.00%, 21/08/2035 6,392 1.20 6,425,000 AUD Australia Government Bond, FRN, 1.25%, 21/08/2040 4,576 0.86 6,990,000 AUD Australia Government Bond, FRN, 1.00%, 21/02/2050 4,436 0.84 Total Australia 54,784 10.31

Canada (31 May 2018: 5.72%) 3,780,000 CAD Canada Government Real Return Bond, FRN, 4.25%, 01/12/2021 4,462 0.84 4,132,000 CAD Canada Government Real Return Bond, FRN, 4.25%, 01/12/2026 5,330 1.00 4,456,000 CAD Canada Government Real Return Bond, FRN, 4.00%, 01/12/2031 6,068 1.14 4,452,000 CAD Canada Government Real Return Bond, FRN, 3.00%, 01/12/2036 5,245 0.99 4,972,000 CAD Canada Government Real Return Bond, FRN, 2.00%, 01/12/2041 4,940 0.93 5,916,000 CAD Canada Government Real Return Bond, FRN, 1.50%, 01/12/2044 5,254 0.99 5,944,000 CAD Canada Government Real Return Bond, FRN, 1.25%, 01/12/2047 4,759 0.90 2,485,000 CAD Canada Government Real Return Bond, FRN, 0.50%, 01/12/2050 1,545 0.29 Total Canada 37,603 7.08

France (31 May 2018: 10.34%) 1,420,000 EUR France Government Bond OAT, FRN, 2.25%, 25/07/20202 1,915 0.36 505,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/2021 543 0.10 760,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/2021 823 0.16 1,132,214 EUR France Government Bond OAT, FRN, 1.10%, 25/07/2022 1,393 0.26 1,155,000 EUR France Government Bond OAT, FRN, 2.10%, 25/07/20232 1,510 0.28 1,649,000 EUR France Government Bond OAT, FRN, 0.25%, 25/07/20242 1,876 0.35 570,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/20252 623 0.12 1,503,000 EUR France Government Bond OAT, FRN, 1.85%, 25/07/20272 2,061 0.39 740,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/20282 809 0.15

61


SCHEDULE OF INVESTMENTS (continued)




BONDS (continued)

Government debt securities (continued)

France (continued) 617,000 EUR France Government Bond OAT, FRN, 3.40%, 25/07/20292 1,145 0.22 1,040,000 EUR France Government Bond OAT, FRN, 0.70%, 25/07/20302 1,240 0.23 716,000 EUR France Government Bond OAT, FRN, 3.15%, 25/07/20322 1,386 0.26 300,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/20362 326 0.06 948,000 EUR France Government Bond OAT, FRN, 1.80%, 25/07/20402 1,627 0.31 590,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/20472 642 0.12 Total France 17,919 3.37

Germany (31 May 2018: 3.13%) 830,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 1.75%, 15/04/2020 979 0.18 1,577,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/20232 1,804 0.34 1,115,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/20262 1,278 0.24 775,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.50%, 15/04/20302 946 0.18 605,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/20462 775 0.15 Total Germany 5,782 1.09

Sweden (31 May 2018: 5.45%) 50,605,000 SEK Sweden Government Inflation Linked Bond, 4.00%, 01/12/2020 7,493 1.41 46,435,000 SEK Sweden Government Inflation Linked Bond, 0.25%, 01/06/2022 5,207 0.98 25,980,000 SEK Sweden Government Inflation Linked Bond, 1.00%, 01/06/2025 3,147 0.59 26,385,000 SEK Sweden Government Inflation Linked Bond, 0.13%, 01/06/2026 3,072 0.58 10,785,000 SEK Sweden Government Inflation Linked Bond, 0.13%, 01/12/2027 1,254 0.24 38,135,000 SEK Sweden Government Inflation Linked Bond, 3.50%, 01/12/2028 7,306 1.38 21,275,000 SEK Sweden Government Inflation Linked Bond, 0.13%, 01/06/2032 2,569 0.48 Total Sweden 30,048 5.66

United Kingdom (31 May 2018: 7.95%) 810,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2019 1,061 0.20 346,000 GBP UK Treasury Inflation Linked, 2.50%, 16/04/2020 1,402 0.26 925,000 GBP UK Treasury Inflation Linked, 1.88%, 22/11/2022 1,690 0.32 989,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2024 1,473 0.28 359,000 GBP UK Treasury Inflation Linked, 2.50%, 17/07/2024 1,478 0.28 1,005,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2026 1,458 0.27 889,000 GBP UK Treasury Inflation Linked, 1.25%, 22/11/2027 1,941 0.37 130,000 GBP UK Treasury Inflation Linked, 0.13%, 10/08/2028 183 0.03 926,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2029 1,533 0.29 435,000 GBP UK Treasury Inflation Linked, 4.13%, 22/07/2030 1,809 0.34 705,000 GBP UK Treasury Inflation Linked, 1.25%, 22/11/2032 1,538 0.29 1,000,000 GBP UK Treasury Inflation Linked, 0.75%, 22/03/2034 1,963 0.37 477,000 GBP UK Treasury Inflation Linked, 2.00%, 26/01/2035 1,447 0.27 925,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2036 1,552 0.29 797,000 GBP UK Treasury Inflation Linked, 1.13%, 22/11/2037 2,022 0.38 861,000 GBP UK Treasury Inflation Linked, 0.63%, 22/03/2040 1,961 0.37 195,000 GBP UK Treasury Inflation Linked, 0.13%, 10/08/2041 321 0.06 728,000 GBP UK Treasury Inflation Linked, 0.63%, 22/11/2042 1,764 0.33 1,187,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2044 2,305 0.43 785,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2046 1,465 0.28 680,000 GBP UK Treasury Inflation Linked, 0.75%, 22/11/2047 1,850 0.35 400,000 GBP UK Treasury Inflation Linked, 0.13%, 10/08/2048 725 0.14 735,000 GBP UK Treasury Inflation Linked, 0.50%, 22/03/2050 1,919 0.36

62






BONDS (continued)


United Kingdom (continued) 1,040,000 GBP UK Treasury Inflation Linked, 0.25%, 22/03/2052 2,327 0.44 594,000 GBP UK Treasury Inflation Linked, 1.25%, 22/11/2055 2,230 0.42 525,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2056 1,101 0.21 665,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2058 1,469 0.28 680,000 GBP UK Treasury Inflation Linked, 0.38%, 22/03/2062 1,865 0.35 420,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2065 1,027 0.19 872,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2068 2,323 0.44 Total United Kingdom 47,202 8.89

United States (31 May 2018: 11.90%) 1,238,000 USD US Treasury Inflation Indexed, 1.38%, 15/01/2020 1,275 0.24 2,940,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/20203 2,745 0.52 2,694,000 USD US Treasury Inflation Indexed, 1.25%, 15/07/20203 2,760 0.52 2,952,000 USD US Treasury Inflation Indexed, 1.13%, 15/01/2021 3,006 0.57 2,640,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/2021 2,419 0.46 2,917,000 USD US Treasury Inflation Indexed, 0.63%, 15/07/2021 2,858 0.54 2,425,000 USD US Treasury Inflation Indexed, 0.13%, 15/01/2022 2,320 0.44 4,105,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/20223 3,639 0.69 3,240,000 USD US Treasury Inflation Indexed, 0.13%, 15/07/2022 3,049 0.57 2,405,000 USD US Treasury Inflation Indexed, 0.13%, 15/01/2023 2,239 0.42 1,390,000 USD US Treasury Inflation Indexed, 0.63%, 15/04/2023 1,225 0.23 3,035,000 USD US Treasury Inflation Indexed, 0.38%, 15/07/2023 2,835 0.53 4,006,000 USD US Treasury Inflation Indexed, 0.63%, 15/01/2024 3,756 0.71 2,405,000 USD US Treasury Inflation Indexed, 0.13%, 15/07/2024 2,158 0.41 2,405,000 USD US Treasury Inflation Indexed, 0.25%, 15/01/20253 2,164 0.41 2,234,000 USD US Treasury Inflation Indexed, 2.38%, 15/01/20253 2,858 0.54 3,225,000 USD US Treasury Inflation Indexed, 0.38%, 15/07/2025 2,922 0.55 3,870,000 USD US Treasury Inflation Indexed, 0.63%, 15/01/2026 3,532 0.66 1,343,000 USD US Treasury Inflation Indexed, 2.00%, 15/01/2026 1,609 0.30 2,160,000 USD US Treasury Inflation Indexed, 0.13%, 15/07/2026 1,883 0.35 2,545,000 USD US Treasury Inflation Indexed, 0.38%, 15/01/20273 2,226 0.42 795,000 USD US Treasury Inflation Indexed, 2.38%, 15/01/2027 969 0.18 2,365,000 USD US Treasury Inflation Indexed, 0.38%, 15/07/2027 2,042 0.38 2,915,000 USD US Treasury Inflation Indexed, 0.50%, 15/01/2028 2,507 0.47 919,000 USD US Treasury Inflation Indexed, 1.75%, 15/01/2028 1,036 0.20 986,000 USD US Treasury Inflation Indexed, 3.63%, 15/04/2028 1,667 0.31 2,745,000 USD US Treasury Inflation Indexed, 0.75%, 15/07/2028 2,377 0.45 832,000 USD US Treasury Inflation Indexed, 2.50%, 15/01/2029 981 0.18 1,339,000 USD US Treasury Inflation Indexed, 3.88%, 15/04/2029 2,308 0.43 526,000 USD US Treasury Inflation Indexed, 3.38%, 15/04/2032 846 0.16 1,190,000 USD US Treasury Inflation Indexed, 2.13%, 15/02/2040 1,434 0.27 1,511,000 USD US Treasury Inflation Indexed, 2.13%, 15/02/2041 1,807 0.34 1,355,000 USD US Treasury Inflation Indexed, 0.75%, 15/02/2042 1,204 0.23 2,050,000 USD US Treasury Inflation Indexed, 0.63%, 15/02/2043 1,730 0.33 1,350,000 USD US Treasury Inflation Indexed, 1.38%, 15/02/2044 1,326 0.25 1,640,000 USD US Treasury Inflation Indexed, 0.75%, 15/02/2045 1,378 0.26 1,825,000 USD US Treasury Inflation Indexed, 1.00%, 15/02/2046 1,617 0.30 1,315,000 USD US Treasury Inflation Indexed, 0.88%, 15/02/2047 1,106 0.21

63






BONDS (continued)


United States (continued) 1,115,000 USD US Treasury Inflation Indexed, 1.00%, 15/02/2048 946 0.18 Total United States 80,759 15.21

Total investments in government debt securities 274,097 51.61

Total investments in bonds 274,097 51.61

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

Credit default swaps

10,050,000 EUR Deutsche Bank Sell Protection on iTraxx Europe Crossover Series 30 Version 1 Receive EUR Fixed 5.00%

20/12/2023 698

0.13

107,650,000 EUR Deutsche Bank Sell Protection on iTraxx Europe Series 30 Version 1 Receive EUR Fixed 1.00%

20/12/2023 1,037

0.19

10,050,000 EUR Goldman Sachs Sell Protection on iTraxx Europe Crossover Series 30 Version 1 Receive EUR Fixed 5.00%

20/12/2023 698

0.13

5,000,000 EUR Goldman Sachs Sell Protection on iTraxx Europe Series 30 Version 1 Receive EUR Fixed 1.00%

20/12/2023 48

0.01

2,000,000 EUR J.P. Morgan Sell Protection on iTraxx Europe Crossover Series 30 Version 1 Receive EUR Fixed 5.00%

20/12/2023 139

0.02

9,000,000 EUR J.P. Morgan Sell Protection on iTraxx Europe Series 30 Version 1 Receive EUR Fixed 1.00%

20/12/2023 87

0.02

12,000,000 USD BNP Paribas Sell Protection on CDX.NA.IG.31-V1 Receive USD Fixed 1.00%

20/12/2023 121

0.02

6,500,000 USD Goldman Sachs Sell Protection on CDX.NA.HY.31-V1 Receive USD Fixed 5.00%

20/12/2023 257

0.05

1,756,000 USD Goldman Sachs Sell Protection on CDX.NA.HY.31-V1 Receive USD Fixed 5.00%

20/12/2023 69

0.01

54,740,000 USD J.P. Morgan Sell Protection on CDX.NA.HY.31-V1 Receive USD Fixed 5.00%

20/12/2023 2,163

0.41

142,000,000 USD J.P. Morgan Sell Protection on CDX.NA.IG.31-V1 Receive USD Fixed 1.00%

20/12/2023 1,437

0.27

Total unrealised gain on credit default swaps (31 May 2018: 1.70%) 6,754 1.26 3,000,000 USD Barclays Sell Protection on CDX.EM.30-V1

Receive USD Fixed 1.00% 20/12/2023 (126)

(0.02)

11,860,000 USD Barclays Sell Protection on CDX.EM.30-V1 Receive USD Fixed 1.00%

20/12/2023 (497)

(0.09)

5,300,000 USD Citibank Sell Protection on CDX.EM.30-V1 Receive USD Fixed 1.00%

20/12/2023 (222)

(0.04)


20/12/2023 (497)

(0.09)

64





Credit default swaps (continued) 12,580,000 USD Citibank Sell Protection on CDX.EM.30-V1

Receive USD Fixed 1.00% 20/12/2023 (527)

(0.10)


20/12/2023 (545)

(0.10)

40,500,000 USD Goldman Sachs Sell Protection on CDX.EM.30-V1 Receive USD Fixed 1.00%

20/12/2023 (1,698)

(0.32)

6,500,000 USD J.P. Morgan Sell Protection on CDX.EM.30-V1 Receive USD Fixed 1.00%

20/12/2023 (273)

(0.05)

2,000,000 USD Morgan Stanley Sell Protection on CDX.EM.30-V1 Receive USD Fixed 1.00%

20/12/2023 (84)

(0.02)

Total unrealised loss on credit default swaps (31 May 2018: (0.58)%) (4,469) (0.83)


Total return swaps

1,036,065 USD Deutsche Bank Receive FTSE EPRA/NAREIT Developed Index Net TRI USD Pay Spread of 2.04% on Notional

22/03/2019 26

0.01

828,998 USD Deutsche Bank Receive FTSE EPRA/NAREIT Developed Index Net TRI USD Pay Spread of 2.12% on Notional

22/03/2019 21

–

1,705,911 USD Merrill Lynch Receive MSCI World Small Cap Net Total Return USD Index Pay Spread of 2.54% on Notional

27/11/2019 35

0.01

Total unrealised gain on total return swaps (31 May 2018: 0.63%) 82 0.02 1,198,003 USD Goldman Sachs Receive S&P GSCI Light Energy Official

Close Index Pay Spread of 2.47% on Notional

20/03/2019 (85)

(0.02)

2,268,547 USD J.P. Morgan Receive S&P GSCI Light Energy Official Close Index Pay Spread of 0.00% on Notional

20/03/2019 (31)

(0.01)


20/03/2019 (129)

(0.02)


20/03/2019 (354)

(0.07)


20/03/2019 (562)

(0.10)


20/03/2019 (3,253)

(0.61)

13,010,080 USD J.P. Morgan Receive FTSE EPRA/NAREIT Developed Index Net TRI USD Pay Spread of 1.94% on Notional

22/03/2019 (210)

(0.04)

12,499,652 USD J.P. Morgan Receive MSCI Emerging Net Total Return USD Index Pay Spread of 2.88% on Notional

22/03/2019 (411)

(0.08)

25,591,964 USD J.P. Morgan Receive MSCI Emerging Net Total Return USD Index Pay Spread of 2.41% on Notional

22/03/2019 (1,268)

(0.24)

65





Total return swaps (continued)


22/03/2019 (428)

(0.08)


22/03/2019 (4,689)

(0.88)

Total unrealised loss on total return swaps (31 May 2018: (0.64)%) (11,420) (2.15)

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

Swaptions purchased

110,000,000 EUR Citibank Pay fixed 1.10% Receive floating EURIBOR 6 month, Call, 1.10%4

07/12/2028 –

–

110,000,000 USD Barclays Pay fixed 3.18% Receive floating LIBOR 3 month, Call, 3.18%

07/12/2028 4

–

Total unrealised gain on swaptions purchased (31 May 2018: 0.14%) 4 – Maturity Fair Value % of Net Description Counterparty Date EUR '000 Asset Value

Forward currency contracts5

Buy AUD 91,709,009; Sell EUR 58,738,877 Morgan Stanley 19/12/2018 339 0.06 Buy EUR 4,556,921; Sell CAD 6,810,000 UBS 19/12/2018 36 0.01 Buy EUR 41,398,777; Sell CAD 62,730,821 Deutsche Bank 20/03/2019 13 – Buy EUR 1,124,360; Sell CHF 1,265,690 Deutsche Bank 19/12/2018 6 – Buy EUR 1,125,214; Sell CHF 1,265,690 Morgan Stanley 20/03/2019 5 – Buy EUR 10,799,814; Sell GBP 9,530,000 Goldman Sachs 19/12/2018 67 0.01 Buy EUR 131,300,287; Sell GBP 116,638,772 UBS 20/03/2019 379 0.07 Buy EUR 9,475,680; Sell HKD 84,186,075 J.P. Morgan 20/03/2019 38 0.01 Buy EUR 7,398,771; Sell JPY 951,077,125 Goldman Sachs 20/03/2019 3 – Buy EUR 176,857; Sell NOK 1,725,000 Barclays 20/03/2019 1 – Buy EUR 31,635,058; Sell SEK 324,594,673 Morgan Stanley 20/03/2019 134 0.03 Buy EUR 2,295,188; Sell USD 2,601,000 Goldman Sachs 19/12/2018 1 – Buy EUR 148,316,678; Sell USD 168,971,259 Deutsche Bank 20/03/2019 501 0.10 Buy GBP 5,823,000; Sell EUR 6,525,035 Barclays 19/12/2018 33 0.01 Buy SGD 931,400; Sell EUR 598,5974 J.P. Morgan 19/12/2018 – – Buy USD 10,211,000; Sell EUR 8,860,746 Goldman Sachs 19/12/2018 145 0.03 Buy USD 13,011,000; Sell EUR 11,350,012 J.P. Morgan 19/12/2018 125 0.02 Buy USD 5,449,000; Sell EUR 4,685,099 Barclays 19/12/2018 121 0.02 Total unrealised gain (31 May 2018: 1.45%) 1,947 0.37

GBP hedged share class

Buy EUR 364,459,877; Sell GBP 322,620,248 UBS 19/12/2018 1,114 0.21 Buy EUR 20,186,000; Sell GBP 17,776,789 Morgan Stanley 19/12/2018 165 0.03 Buy EUR 6,200,000; Sell GBP 5,443,130 Goldman Sachs 19/12/2018 70 0.01 Buy EUR 875,000; Sell GBP 775,754 Barclays 19/12/2018 1 – Buy GBP 364,555,228; Sell EUR 406,814,877 Goldman Sachs 19/12/2018 3,760 0.71 Total unrealised gain (31 May 2018: 1.60%) 5,110 0.96

Total unrealised gain on forward currency contracts (31 May 2018: 3.05%) 7,057 1.33

66




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

Forward currency contracts5 (continued)

Buy CAD 1,817,000; Sell EUR 1,214,137 J.P. Morgan 19/12/2018 (8) – Buy CAD 62,730,821; Sell EUR 41,662,757 Deutsche Bank 19/12/2018 (21) – Buy CHF 1,265,690; Sell EUR 1,124,015 Morgan Stanley 19/12/2018 (5) – Buy EUR 309,420; Sell AUD 500,000 Morgan Stanley 19/12/2018 (13) – Buy EUR 6,410,876; Sell AUD 10,343,000 UBS 19/12/2018 (252) (0.05) Buy EUR 49,642,060; Sell AUD 80,866,009 J.P. Morgan 19/12/2018 (2,451) (0.46) Buy EUR 58,344,780; Sell AUD 91,709,009 Morgan Stanley 20/03/2019 (348) (0.07) Buy EUR 37,443,318; Sell CAD 57,737,821 Deutsche Bank 19/12/2018 (884) (0.17) Buy EUR 6,001,250; Sell GBP 5,339,000 UBS 19/12/2018 (12) – Buy EUR 3,780,889; Sell GBP 3,378,000 Goldman Sachs 19/12/2018 (24) – Buy EUR 120,863,128; Sell GBP 109,022,772 Deutsche Bank 19/12/2018 (1,922) (0.36) Buy EUR 9,165,669; Sell HKD 84,186,075 Morgan Stanley 19/12/2018 (326) (0.06) Buy EUR 1,053,790; Sell HKD 9,454,000 J.P. Morgan 20/03/2019 (6) – Buy EUR 7,347,859; Sell JPY 951,077,125 Deutsche Bank 19/12/2018 (50) (0.01) Buy EUR 175,682; Sell NOK 1,725,000 Morgan Stanley 19/12/2018 (1) – Buy EUR 3,037,024; Sell SEK 31,500,000 UBS 19/12/2018 (20) – Buy EUR 27,721,838; Sell SEK 293,094,673 Morgan Stanley 19/12/2018 (723) (0.14) Buy EUR 578,661; Sell SGD 931,400 J.P. Morgan 19/12/2018 (20) – Buy EUR 595,022; Sell SGD 931,4004 J.P. Morgan 20/03/2019 – – Buy EUR 1,186,018; Sell USD 1,376,000 Morgan Stanley 19/12/2018 (28) (0.01) Buy EUR 4,364,892; Sell USD 4,994,000 Barclays 19/12/2018 (39) (0.01) Buy EUR 5,658,529; Sell USD 6,465,000 UBS 19/12/2018 (43) (0.01) Buy EUR 10,774,086; Sell USD 12,391,000 Goldman Sachs 19/12/2018 (154) (0.03) Buy EUR 6,253,042; Sell USD 7,328,000 J.P. Morgan 19/12/2018 (210) (0.04) Buy EUR 144,411,491; Sell USD 169,453,259 Deutsche Bank 19/12/2018 (5,033) (0.95) Buy EUR 2,547,031; Sell USD 2,929,000 J.P. Morgan 20/03/2019 (15) – Buy GBP 1,000,000; Sell EUR 1,126,4464 J.P. Morgan 19/12/2018 – – Buy GBP 3,808,000; Sell EUR 4,335,315 Goldman Sachs 19/12/2018 (47) (0.01) Buy GBP 116,638,772; Sell EUR 131,765,296 UBS 19/12/2018 (403) (0.08) Buy HKD 84,186,075; Sell EUR 9,533,136 J.P. Morgan 19/12/2018 (41) (0.01) Buy JPY 951,077,125; Sell EUR 7,400,023 Goldman Sachs 19/12/2018 (2) – Buy NOK 1,725,000; Sell EUR 177,570 Barclays 19/12/2018 (1) – Buy SEK 324,594,673; Sell EUR 31,632,283 Morgan Stanley 19/12/2018 (131) (0.02) Buy USD 6,966,000; Sell EUR 6,172,564 Goldman Sachs 19/12/2018 (29) (0.01) Buy USD 168,971,259; Sell EUR 149,558,558 Deutsche Bank 19/12/2018 (539) (0.10) Total unrealised loss (31 May 2018: (4.17)%) (13,801) (2.60)

GBP hedged share class

Buy EUR 800,000; Sell GBP 715,475 Goldman Sachs 19/12/2018 (6) – Buy EUR 1,500,000; Sell GBP 1,337,252 UBS 19/12/2018 (6) – Buy EUR 5,194,000; Sell GBP 4,624,262 J.P. Morgan 19/12/2018 (14) (0.01) Buy EUR 20,000,000; Sell GBP 17,994,700 Barclays 19/12/2018 (266) (0.05) Buy GBP 10,906,209; Sell EUR 12,400,000 Barclays 19/12/2018 (117) (0.02) Buy GBP 323,762,829; Sell EUR 364,459,877 UBS 20/03/2019 (1,053) (0.20) Total unrealised loss (31 May 2018: (0.01)%) (1,462) (0.28)

Total unrealised loss on forward currency contracts (31 May 2018: (4.18)%) (15,263) (2.88)

67




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

Futures contracts

Australia (31 May 2018: 0.12%)

617 AUD 61,700,000 Australia 10 Year Bond 17/12/2018 49 0.01 Total Australia 49 0.01

Canada (31 May 2018: 0.18%)

628 CAD 62,800,000 Canada 10 Year Bond 20/03/2019 309 0.06 Total Canada 309 0.06

Germany (31 May 2018: 0.50%)

274 EUR 27,400,000 Euro-Bund 06/12/2018 278 0.05 Total Germany 278 0.05

Japan (31 May 2018: 0.05%)

69 JPY 6,900,000,000 Japan 10 Year Bond 13/12/2018 489 0.09 Total Japan 489 0.09

United Kingdom (31 May 2018: 0.29%)

507 GBP 50,700,000 Long Gilt 27/03/2019 283 0.05 Total United Kingdom 283 0.05

United States (31 May 2018: 0.30%)

(641) USD (641,000) CBOE Volatility Index 19/12/2018 986 0.19 189 USD 9,450 MSCI Emerging Markets Index 21/12/2018 98 0.02 804 USD 80,400,000 US 10 Year Note 20/03/2019 322 0.06 Total United States 1,406 0.27

Total unrealised gain on futures contracts (31 May 2018: 1.44%) 2,814 0.53


24 AUD 600 SPI 200 Index 20/12/2018 (190) (0.03) Total Australia (190) (0.03)

Germany (31 May 2018: 0.00%)

404 EUR 4,040 EURO STOXX 50 Index 21/12/2018 (621) (0.12) Total Germany (621) (0.12)

Japan (31 May 2018: 0.00%)

50 JPY 500,000 TOPIX Index 13/12/2018 (27) – Total Japan (27) –

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Futures contracts (continued)


82 GBP 820 FTSE 100 Index 21/12/2018 (247) (0.05) Total United Kingdom (247) (0.05)

United States (31 May 2018: (0.15)%)

158 USD 7,900 E-mini Russell 2000 Index 21/12/2018 (161) (0.03) 280 USD 14,000 S&P 500 Emini Index 21/12/2018 (1,524) (0.29) Total United States (1,685) (0.32)

Total unrealised loss on futures contracts (31 May 2018: (0.15)%) (2,770) (0.52)

Fair Value EUR '000


Total financial assets at fair value through profit or loss 475,491 89.52 Total financial liabilities at fair value through profit or loss (33,922) (6.38) Cash 21,037 3.96 Cash equivalents Holding Currency Undertaking for collective investment schemes (31 May 2018: 11.49%) 65,519,370 EUR Institutional Euro Assets Liquidity Fund - Agency (Dis) Shares1 65,519 12.34 Total cash equivalents 65,519 12.34 Other assets and liabilities 2,961 0.56 Net asset value attributable to redeemable participating unitholders 531,086 100.00

Analysis of total assets % of Total

Assets Transferable securities admitted to official stock exchange listing 47.87 Collective investment schemes 43.70 Financial derivative instruments dealt in on a regulated market 0.49 OTC financial derivative instruments 2.43 Other assets 5.51 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.

Underlying exposure On gains EUR '000

On losses EUR '000

Credit default swaps 343,349 89,860 Total return swaps 3,241 147,045 Swaptions purchased 1,966 - Forward currency contracts 1,283,761 1,310,941 Futures contracts 405,916 72,714

69

iSHARES DEVELOPED REAL ESTATE INDEX FUND (IE)



Holding Currency Investments Fair Value USD '000


COLLECTIVE INVESTMENT SCHEMES

Alternative investment funds (31 May 2018: 0.19%)

Guernsey (31 May 2018: 0.19%) 743,424 GBP F&C Commercial Property Trust Ltd.1 1,282 0.06 613,639 GBP MedicX Fund Ltd.1 597 0.03 724,971 GBP Picton Property Income Ltd. (The) 772 0.04 941,523 GBP UK Commercial Property Trust Ltd. 986 0.04 Total Guernsey 3,637 0.17

Total investments in alternative investment funds 3,637 0.17

Total investments in collective investment schemes 3,637 0.17



Equities (31 May 2018: 99.23%)

Australia (31 May 2018: 5.72%) 724,425 AUD BWP Trust, REIT1 1,846 0.09 472,588 AUD Charter Hall Retail REIT1 1,560 0.07 2,275,766 AUD Cromwell Property Group, REIT1 1,645 0.08 1,478,215 AUD Dexus, REIT1 11,291 0.53 2,589,510 AUD Goodman Group, REIT 19,383 0.90 2,622,910 AUD GPT Group (The), REIT 10,094 0.47 819,687 AUD Investa Office Fund, REIT 3,340 0.16 5,404,788 AUD Mirvac Group, REIT 8,644 0.40 7,487,287 AUD Scentre Group, REIT 21,324 0.99 1,041,468 AUD Shopping Centres Australasia Property Group, Rights 266 0.01 1,135,777 AUD Shopping Centres Australasia Property Group, REIT1 2,190 0.10 3,533,839 AUD Stockland, REIT 9,393 0.44 4,674,474 AUD Vicinity Centres, REIT1 9,114 0.42 Total Australia 100,090 4.66

Austria (31 May 2018: 0.18%) 102,948 EUR CA Immobilien Anlagen AG1 3,310 0.15 Total Austria 3,310 0.15

Belgium (31 May 2018: 0.63%) 27,754 EUR Aedifica SA, REIT 2,310 0.11 28,746 EUR Befimmo SA, REIT 1,683 0.08 32,530 EUR Cofinimmo SA, REIT 3,963 0.19 31,376 EUR Intervest Offices & Warehouses NV, REIT 717 0.03 3,006 EUR Leasinvest Real Estate SCA, REIT 297 0.01 9,870 EUR Retail Estates NV, REIT 824 0.04 25,172 EUR Warehouses De Pauw CVA, REIT 3,306 0.15 3,145 EUR Wereldhave Belgium NV, REIT 300 0.02 14,954 EUR Xior Student Housing NV, REIT 664 0.03 Total Belgium 14,064 0.66

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Equities (continued)

Bermuda (31 May 2018: 0.58%) 1,696,284 USD Hongkong Land Holdings Ltd.1 11,043 0.51 Total Bermuda 11,043 0.51

Canada (31 May 2018: 2.75%) 148,903 CAD Allied Properties Real Estate Investment Trust 5,053 0.24 194,265 CAD Artis Real Estate Investment Trust1 1,450 0.07 56,603 CAD Boardwalk Real Estate Investment Trust1 1,767 0.08 209,391 CAD Canadian Apartment Properties REIT1 7,367 0.34 311,875 CAD Chartwell Retirement Residences 3,536 0.16 333,154 CAD Choice Properties Real Estate Investment Trust 3,068 0.14 259,729 CAD Cominar Real Estate Investment Trust1 2,069 0.10 122,942 CAD Crombie Real Estate Investment Trust1 1,207 0.06 264,002 CAD Dream Global Real Estate Investment Trust 2,676 0.12 105,593 CAD Dream Office Real Estate Investment Trust 1,930 0.09 226,292 CAD First Capital Realty, Inc. 3,361 0.16 69,255 CAD Granite Real Estate Investment Trust 2,857 0.13 414,829 CAD H&R Real Estate Investment Trust1 6,567 0.31 135,339 CAD InterRent Real Estate Investment Trust 1,324 0.06 122,389 CAD Killam Apartment Real Estate Investment Trust 1,517 0.07 69,436 CAD Northview Apartment Real Estate Investment Trust 1,377 0.06 123,916 CAD NorthWest Healthcare Properties Real Estate Investment Trust 978 0.05 451,307 CAD RioCan Real Estate Investment Trust 8,397 0.39 171,115 CAD SmartCentres Real Estate Investment Trust1 4,046 0.19 Total Canada 60,547 2.82

Cayman Islands (31 May 2018: 2.18%) 3,937,500 HKD CK Asset Holdings Ltd.1 28,352 1.32 1,765,000 HKD Wharf Real Estate Investment Co. Ltd.1 10,612 0.49 Total Cayman Islands 38,964 1.81

Finland (31 May 2018: 0.10%) 539,610 EUR Citycon OYJ1 1,095 0.05 122,739 EUR Kojamo OYJ1 1,283 0.06 Total Finland 2,378 0.11

France (31 May 2018: 3.21%) 43,337 EUR Carmila SA, REIT1 919 0.04 52,504 EUR Covivio, REIT 5,115 0.24 76,940 EUR Gecina SA, REIT 10,759 0.50 46,308 EUR ICADE, REIT1 3,670 0.17 290,128 EUR Klepierre SA, REIT1 9,500 0.44 60,367 EUR Mercialys SA, REIT1 872 0.04 196,659 EUR Unibail-Rodamco-Westfield, REIT 33,810 1.58 9 AUD Unibail-Rodamco-Westfield, REIT CDI2 – – Total France 64,645 3.01

Germany (31 May 2018: 4.03%) 40,812 EUR ADLER Real Estate AG 698 0.03 236,756 EUR alstria office REIT-AG1 3,303 0.15 76,815 EUR Deutsche EuroShop AG 2,399 0.11 519,239 EUR Deutsche Wohnen SE 24,892 1.16 72,678 EUR DIC Asset AG 794 0.04 111,567 EUR Hamborner REIT AG 1,117 0.05 91,827 EUR LEG Immobilien AG 10,558 0.49 188,277 EUR TAG Immobilien AG1 4,506 0.21

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Germany (continued) 122,411 EUR TLG Immobilien AG 3,346 0.16 758,475 EUR Vonovia SE 36,730 1.71 Total Germany 88,343 4.11

Guernsey (31 May 2018: 0.16%) 342,887 GBP F&C UK Real Estate Investment Ltd., REIT 386 0.02 447,450 GBP Regional REIT Ltd. 565 0.02 806,717 GBP Schroder Real Estate Investment Trust Ltd. 569 0.03 1,368,219 GBP Sirius Real Estate Ltd. 1,047 0.05 544,140 GBP Standard Life Investment Property Income Trust Ltd., REIT 611 0.03 Total Guernsey 3,178 0.15

Hong Kong (31 May 2018: 5.53%) 2,939,000 HKD Champion REIT1 2,043 0.10 2,978,000 HKD Hang Lung Properties Ltd.1 6,028 0.28 1,720,856 HKD Henderson Land Development Co. Ltd.1 8,840 0.41 895,000 HKD Hysan Development Co. Ltd. 4,277 0.20 3,142,500 HKD Link REIT1 29,916 1.39 8,296,771 HKD New World Development Co. Ltd.1 11,153 0.52 4,557,742 HKD Sino Land Co. Ltd.1 7,839 0.36 2,078,000 HKD Sun Hung Kai Properties Ltd. 29,607 1.38 1,530,200 HKD Swire Properties Ltd. 5,329 0.25 1,812,000 HKD Wharf Holdings Ltd. (The)1 4,851 0.23 Total Hong Kong 109,883 5.12

Ireland (31 May 2018: 0.21%) 1,009,540 EUR Green REIT plc 1,637 0.08 1,033,369 EUR Hibernia REIT plc 1,591 0.07 507,029 EUR Irish Residential Properties REIT plc 822 0.04 Total Ireland 4,050 0.19

Isle of Man (31 May 2018: 0.05%) 1,975,519 GBP RDI REIT plc1 793 0.04 Total Isle of Man 793 0.04

Israel (31 May 2018: 0.10%) 55,332 ILS Azrieli Group Ltd. 2,770 0.13 Total Israel 2,770 0.13

Italy (31 May 2018: 0.09%) 1,483,231 EUR Beni Stabili Development SpA, Rights2/3 – – 1,483,231 EUR Beni Stabili SpA SIIQ, REIT1 1,219 0.06 71,147 EUR Immobiliare Grande Distribuzione SIIQ SpA, REIT1 482 0.02 Total Italy 1,701 0.08

Japan (31 May 2018: 10.89%) 897 JPY Activia Properties, Inc., REIT1 3,768 0.18 1,825 JPY Advance Residence Investment Corp., REIT 5,039 0.23 175,060 JPY Aeon Mall Co. Ltd. 3,147 0.15 2,217 JPY AEON REIT Investment Corp.1 2,478 0.11 755 JPY Comforia Residential REIT, Inc.1 1,893 0.09 2,540 JPY Daiwa House REIT Investment Corp. 5,756 0.27 403 JPY Daiwa Office Investment Corp., REIT1 2,491 0.12 662 JPY Frontier Real Estate Investment Corp., REIT1 2,574 0.12

72







Japan (continued) 1,030 JPY Fukuoka REIT Corp.1 1,529 0.07 4,965 JPY GLP J-Reit1 4,993 0.23 513,800 JPY Hulic Co. Ltd.1 4,697 0.22 1,424 JPY Hulic Reit, Inc. 2,082 0.10 2,316 JPY Industrial & Infrastructure Fund Investment Corp., REIT1 2,264 0.11 12,733 JPY Invesco Office J-Reit, Inc. 1,849 0.09 6,602 JPY Invincible Investment Corp., REIT 2,739 0.13 1,800 JPY Japan Excellent, Inc., REIT1 2,467 0.11 5,861 JPY Japan Hotel REIT Investment Corp. 4,078 0.19 1,315 JPY Japan Logistics Fund, Inc., REIT1 2,624 0.12 1,232 JPY Japan Prime Realty Investment Corp., REIT 4,812 0.22 1,885 JPY Japan Real Estate Investment Corp., REIT 10,409 0.48 2,254 JPY Japan Rental Housing Investments, Inc., REIT1 1,721 0.08 3,827 JPY Japan Retail Fund Investment Corp., REIT 7,337 0.34 567 JPY Kenedix Office Investment Corp., REIT 3,720 0.17 1,283 JPY Kenedix Residential Next Investment Corp., REIT 1,934 0.09 713 JPY Kenedix Retail REIT Corp.1 1,531 0.07 2,324 JPY MCUBS MidCity Investment Corp., REIT1 1,836 0.09 1,727,200 JPY Mitsubishi Estate Co. Ltd. 27,699 1.29 1,382,100 JPY Mitsui Fudosan Co. Ltd.1 33,046 1.54 2,319 JPY Mori Hills REIT Investment Corp. 2,871 0.13 1,486 JPY Mori Trust Sogo Reit, Inc.1 2,154 0.10 659 JPY Nippon Accommodations Fund, Inc., REIT1 3,198 0.15 1,838 JPY Nippon Building Fund, Inc., REIT1 11,444 0.53 2,745 JPY Nippon Prologis REIT, Inc. 5,683 0.26 649 JPY NIPPON REIT Investment Corp. 2,123 0.10 175,500 JPY Nomura Real Estate Holdings, Inc. 3,465 0.16 6,058 JPY Nomura Real Estate Master Fund, Inc., REIT 8,088 0.38 161,400 JPY NTT Urban Development Corp.1 2,387 0.11 3,818 JPY Orix JREIT, Inc. 6,210 0.29 1,819 JPY Premier Investment Corp., REIT 1,969 0.09 5,054 JPY Sekisui House Reit, Inc.1 3,111 0.14 631,400 JPY Sumitomo Realty & Development Co. Ltd.1 23,399 1.09 295,200 JPY Tokyo Tatemono Co. Ltd.1 3,364 0.16 1,327 JPY Tokyu REIT, Inc.1 1,955 0.09 4,143 JPY United Urban Investment Corp., REIT1 6,593 0.31 Total Japan 238,527 11.10

Jersey (31 May 2018: 0.05%) 138,239 GBP Phoenix Spree Deutschland Ltd.1 624 0.03 511,514 GBP Target Healthcare REIT Ltd. 705 0.03 Total Jersey 1,329 0.06

Luxembourg (31 May 2018: 0.60%) 43,287 EUR ADO Properties SA1 2,352 0.11 935,035 EUR Aroundtown SA 7,998 0.37 164,285 EUR Grand City Properties SA 3,869 0.18 30,046 EUR Shurgard Self Storage SA 851 0.04 Total Luxembourg 15,070 0.70

Netherlands (31 May 2018: 0.36%) 68,424 EUR Eurocommercial Properties NV, REIT CVA1 2,262 0.10 26,333 EUR NSI NV, REIT 1,071 0.05 26,035 EUR Vastned Retail NV, REIT 974 0.05

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Netherlands (continued) 57,576 EUR Wereldhave NV, REIT1 1,884 0.09 Total Netherlands 6,191 0.29

New Zealand (31 May 2018: 0.10%) 2,112,120 NZD Kiwi Property Group Ltd., REIT 2,009 0.09 Total New Zealand 2,009 0.09

Norway (31 May 2018: 0.11%) 157,095 NOK Entra ASA1 2,063 0.10 Total Norway 2,063 0.10

Singapore (31 May 2018: 2.63%) 3,486,700 SGD Ascendas Real Estate Investment Trust1 6,531 0.30 3,487,483 SGD CapitaLand Commercial Trust, REIT1 4,423 0.21 3,649,300 SGD CapitaLand Ltd.1 8,299 0.39 3,327,300 SGD CapitaLand Mall Trust, REIT1 5,457 0.25 1,133,640 SGD CDL Hospitality Trusts, REIT 1,239 0.06 679,700 SGD City Developments Ltd.1 4,176 0.19 1,969,000 HKD Fortune Real Estate Investment Trust1 2,257 0.10 2,823,878 SGD Keppel REIT1 2,367 0.11 2,753,971 SGD Mapletree Commercial Trust, REIT 3,332 0.16 1,954,358 SGD Mapletree Industrial Trust, REIT1 2,706 0.13 3,024,386 SGD Mapletree Logistics Trust, REIT1 2,800 0.13 2,892,100 SGD Suntec Real Estate Investment Trust 3,710 0.17 723,682 SGD UOL Group Ltd.1 3,223 0.15 Total Singapore 50,520 2.35

Spain (31 May 2018: 0.71%) 432,327 EUR Inmobiliaria Colonial Socimi SA, REIT1 4,344 0.20 92,801 EUR Lar Espana Real Estate Socimi SA, REIT1 871 0.04 492,660 EUR Merlin Properties Socimi SA, REIT1 6,223 0.29 Total Spain 11,438 0.53

Sweden (31 May 2018: 1.44%) 391,811 SEK Castellum AB1 6,854 0.32 28,411 SEK Catena AB 646 0.03 120,740 SEK Dios Fastigheter AB 752 0.03 389,155 SEK Fabege AB1 4,845 0.22 144,901 SEK Fastighets AB Balder 'B'1 3,996 0.19 37,079 SEK Hembla AB1 619 0.03 234,087 SEK Hemfosa Fastigheter AB1 1,848 0.09 164,502 SEK Hufvudstaden AB 'A'1 2,483 0.12 744,769 SEK Klovern AB 'B' 854 0.04 292,021 SEK Kungsleden AB 2,028 0.09 234,087 SEK Nyfosa AB 1,096 0.05 111,234 SEK Pandox AB1 1,787 0.08 249,212 SEK Wallenstam AB 'B' 2,275 0.11 192,806 SEK Wihlborgs Fastigheter AB 2,195 0.10 Total Sweden 32,278 1.50

Switzerland (31 May 2018: 0.96%) 20,757 CHF Allreal Holding AG1 3,301 0.15 3,463 CHF Hiag Immobilien Holding AG 393 0.02 8,835 CHF Mobimo Holding AG, Registered1 2,064 0.09 56,944 CHF PSP Swiss Property AG, Registered1 5,522 0.26

74







Switzerland (continued) 108,996 CHF Swiss Prime Site AG, Registered 8,987 0.42 Total Switzerland 20,267 0.94

United Kingdom (31 May 2018: 4.68%) 3,355,837 GBP Assura plc, REIT1 2,286 0.11 212,420 GBP Big Yellow Group plc, REIT1 2,367 0.11 1,423,927 GBP British Land Co. plc (The), REIT 10,258 0.48 1,068,977 GBP Capital & Counties Properties plc 3,466 0.16 716,982 GBP Capital & Regional plc, REIT 334 0.02 484,304 GBP Civitas Social Housing plc, REIT1 649 0.03 537,152 GBP Custodian Reit plc 795 0.04 6,848 GBP Daejan Holdings plc 512 0.02 148,652 GBP Derwent London plc, REIT 5,424 0.25 923,040 GBP Empiric Student Property plc, REIT1 1,109 0.05 604,374 GBP GCP Student Living plc, REIT 1,161 0.05 618,965 GBP Grainger plc 2,000 0.09 412,520 GBP Great Portland Estates plc, REIT1 3,655 0.17 1,163,314 GBP Hammerson plc, REIT 5,729 0.27 563,478 GBP Hansteen Holdings plc, REIT 672 0.03 123,577 GBP Helical plc 505 0.02 1,308,283 GBP Intu Properties plc, REIT1 1,903 0.09 1,034,600 GBP Land Securities Group plc, REIT 10,735 0.50 940,120 GBP LondonMetric Property plc, REIT 2,117 0.10 404,624 GBP LXI REIT plc 612 0.03 421,913 GBP NewRiver REIT plc1 1,222 0.06 1,023,296 GBP Primary Health Properties plc, REIT1 1,439 0.07 287,957 GBP Safestore Holdings plc, REIT 1,938 0.09 1,483,590 GBP Segro plc, REIT 11,418 0.53 335,189 GBP Shaftesbury plc, REIT 3,721 0.17 443,781 GBP Triple Point Social Housing Reit plc 565 0.03 2,193,475 GBP Tritax Big Box REIT plc 3,789 0.18 387,776 GBP UNITE Group plc (The), REIT 4,126 0.19 191,109 GBP Workspace Group plc, REIT 2,030 0.09 Total United Kingdom 86,537 4.03

United States (31 May 2018: 51.18%) 121,271 USD Acadia Realty Trust, REIT1 3,477 0.16 43,275 USD Agree Realty Corp., REIT 2,578 0.12 2,988 USD Alexander's, Inc., REIT 928 0.04 152,892 USD Alexandria Real Estate Equities, Inc., REIT1 19,035 0.89 56,130 USD American Assets Trust, Inc., REIT 2,336 0.11 199,803 USD American Campus Communities, Inc., REIT 8,757 0.41 376,453 USD American Homes 4 Rent, REIT 'A'1 7,842 0.37 124,859 USD Americold Realty Trust, REIT 3,346 0.16 230,073 USD Apartment Investment & Management Co., REIT 'A'1 10,834 0.50 321,847 USD Apple Hospitality REIT, Inc. 5,108 0.24 130,311 USD Ashford Hospitality Trust, Inc., REIT 645 0.03 201,633 USD AvalonBay Communities, Inc., REIT 38,425 1.79 225,578 USD Boston Properties, Inc., REIT 29,596 1.38 263,022 USD Brandywine Realty Trust, REIT 3,753 0.17 436,976 USD Brixmor Property Group, Inc., REIT 7,210 0.34 229,175 USD Brookfield Property REIT, Inc. 'A' 4,127 0.19 130,440 USD Camden Property Trust, REIT 12,413 0.58 108,688 USD CareTrust REIT, Inc. 2,176 0.10 243,325 USD CBL & Associates Properties, Inc., REIT1 635 0.03 70,342 USD Chatham Lodging Trust, REIT 1,406 0.07

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United States (continued) 90,071 USD Chesapeake Lodging Trust, REIT 2,663 0.12 719,140 USD Colony Capital, Inc., REIT 'A' 4,430 0.21 174,929 USD Columbia Property Trust, Inc., REIT 3,756 0.17 149,510 USD Corporate Office Properties Trust, REIT 3,658 0.17 598,579 USD Cousins Properties, Inc., REIT 5,058 0.24 272,027 USD CubeSmart, REIT1 8,471 0.39 149,872 USD CyrusOne, Inc., REIT1 8,405 0.39 292,788 USD DiamondRock Hospitality Co., REIT1 3,086 0.14 300,220 USD Digital Realty Trust, Inc., REIT 34,537 1.61 234,817 USD Douglas Emmett, Inc., REIT 8,669 0.40 522,963 USD Duke Realty Corp., REIT 14,884 0.69 91,888 USD Easterly Government Properties, Inc., REIT1 1,674 0.08 50,664 USD EastGroup Properties, Inc., REIT 5,067 0.24 202,037 USD Empire State Realty Trust, Inc., REIT 'A' 3,271 0.15 106,811 USD EPR Properties, REIT1 7,565 0.35 173,095 USD Equity Commonwealth, REIT 5,499 0.26 124,403 USD Equity LifeStyle Properties, Inc., REIT 12,382 0.58 524,165 USD Equity Residential, REIT 37,347 1.74 95,996 USD Essex Property Trust, Inc., REIT 25,200 1.17 178,721 USD Extra Space Storage, Inc., REIT1 17,154 0.80 106,916 USD Federal Realty Investment Trust, REIT 14,123 0.66 180,556 USD First Industrial Realty Trust, Inc., REIT 5,789 0.27 308,443 USD Forest City Realty Trust, Inc., REIT 'A' 7,804 0.36 97,560 USD Four Corners Property Trust, Inc., REIT 2,706 0.13 150,021 USD Franklin Street Properties Corp., REIT 1,155 0.05 296,835 USD Gaming and Leisure Properties, Inc., REIT 10,220 0.48 48,031 USD Getty Realty Corp., REIT 1,469 0.07 124,117 USD Government Properties Income Trust, REIT 1,092 0.05 688,089 USD HCP, Inc., REIT 20,133 0.94 176,323 USD Healthcare Realty Trust, Inc., REIT1 5,466 0.25 298,777 USD Healthcare Trust of America, Inc., REIT 'A'1 8,402 0.39 49,988 USD Hersha Hospitality Trust, REIT1 955 0.04 149,349 USD Highwoods Properties, Inc., REIT 6,477 0.30 236,399 USD Hospitality Properties Trust, REIT 6,345 0.30 1,070,145 USD Host Hotels & Resorts, Inc., REIT1 20,333 0.95 223,281 USD Hudson Pacific Properties, Inc., REIT 6,890 0.32 122,871 USD Independence Realty Trust, Inc., REIT 1,241 0.06 158,281 USD Investors Real Estate Trust, REIT 844 0.04 433,877 USD Invitation Homes, Inc., REIT1 9,311 0.43 154,279 USD JBG SMITH Properties, REIT 6,182 0.29 185,491 USD Kennedy-Wilson Holdings, Inc.1 3,634 0.17 142,758 USD Kilroy Realty Corp., REIT 10,006 0.47 590,560 USD Kimco Realty Corp., REIT 9,656 0.45 126,039 USD Kite Realty Group Trust, REIT 2,081 0.10 161,105 USD LaSalle Hotel Properties, REIT 5,165 0.24 323,077 USD Lexington Realty Trust, REIT 2,837 0.13 213,938 USD Liberty Property Trust, REIT 9,689 0.45 66,632 USD Life Storage, Inc., REIT1 6,506 0.30 56,688 USD LTC Properties, Inc., REIT 2,633 0.12 200,272 USD Macerich Co. (The), REIT 10,072 0.47 132,084 USD Mack-Cali Realty Corp., REIT 2,861 0.13 528,044 USD Medical Properties Trust, Inc., REIT 9,119 0.42 166,029 USD Mid-America Apartment Communities, Inc., REIT 17,194 0.80 118,600 USD Monmouth Real Estate Investment Corp., REIT 1,652 0.08 60,691 USD National Health Investors, Inc., REIT1 4,733 0.22 230,027 USD National Retail Properties, Inc., REIT 11,515 0.54 79,951 USD National Storage Affiliates Trust, REIT1 2,236 0.10

76







United States (continued) 126,545 USD New Senior Investment Group, Inc., REIT 672 0.03 288,908 USD Omega Healthcare Investors, Inc., REIT 10,961 0.51 298,755 USD Paramount Group, Inc., REIT 4,263 0.20 293,309 USD Park Hotels & Resorts, Inc., REIT 9,040 0.42 100,785 USD Pebblebrook Hotel Trust, REIT1 3,519 0.16 102,881 USD Pennsylvania Real Estate Investment Trust1 843 0.04 271,183 USD Physicians Realty Trust, REIT1 4,830 0.22 189,520 USD Piedmont Office Realty Trust, Inc., REIT 'A'1 3,512 0.16 914,723 USD Prologis, Inc., REIT 61,597 2.87 28,798 USD PS Business Parks, Inc., REIT 4,061 0.19 216,800 USD Public Storage, REIT 46,235 2.15 76,850 USD QTS Realty Trust, Inc., REIT 'A'1 3,119 0.15 423,601 USD Realty Income Corp., REIT 27,149 1.26 222,758 USD Regency Centers Corp., REIT 14,181 0.66 165,799 USD Retail Opportunity Investments Corp., REIT1 3,001 0.14 324,111 USD Retail Properties of America, Inc., REIT 'A' 4,081 0.19 134,979 USD Rexford Industrial Realty, Inc., REIT 4,406 0.21 251,445 USD RLJ Lodging Trust, REIT 5,114 0.24 114,338 USD RPT Realty, REIT1 1,634 0.08 65,156 USD Ryman Hospitality Properties, Inc., REIT1 4,829 0.22 257,822 USD Sabra Health Care REIT, Inc. 4,973 0.23 17,659 USD Saul Centers, Inc., REIT 930 0.04 130,430 USD Select Income REIT 2,517 0.12 346,554 USD Senior Housing Properties Trust, REIT 4,769 0.22 49,228 USD Seritage Growth Properties, REIT 'A'1 1,868 0.09 450,258 USD Simon Property Group, Inc., REIT 83,608 3.89 229,404 USD SITE Centers Corp., REIT1 2,854 0.13 121,844 USD SL Green Realty Corp., REIT 11,748 0.55 65,610 USD Spirit MTA REIT 638 0.03 627,858 USD Spirit Realty Capital, Inc., REIT 4,659 0.22 152,026 USD STAG Industrial, Inc., REIT1 4,073 0.19 268,402 USD STORE Capital Corp., REIT 8,041 0.37 156,660 USD Summit Hotel Properties, Inc., REIT1 1,747 0.08 122,475 USD Sun Communities, Inc., REIT 12,750 0.59 330,757 USD Sunstone Hotel Investors, Inc., REIT 5,047 0.23 128,597 USD Tanger Factory Outlet Centers, Inc., REIT1 3,041 0.14 87,575 USD Taubman Centers, Inc., REIT1 4,636 0.22 82,960 USD Terreno Realty Corp., REIT 3,236 0.15 74,621 USD Tier REIT, Inc. 1,757 0.08 388,798 USD UDR, Inc., REIT1 16,571 0.77 19,549 USD Universal Health Realty Income Trust, REIT1 1,373 0.06 162,842 USD Urban Edge Properties, REIT1 3,247 0.15 41,832 USD Urstadt Biddle Properties, Inc., REIT 'A' 861 0.04 519,903 USD Ventas, Inc., REIT 33,009 1.54 1,428,416 USD VEREIT, Inc. 10,927 0.51 584,445 USD VICI Properties, Inc., REIT 12,723 0.59 252,284 USD Vornado Realty Trust, REIT 18,154 0.85 267,656 USD Washington Prime Group, Inc., REIT1 1,673 0.08 116,357 USD Washington Real Estate Investment Trust1 3,137 0.15 173,665 USD Weingarten Realty Investors, REIT1 5,012 0.23 543,674 USD Welltower, Inc., REIT 39,324 1.83 153,336 USD WP Carey, Inc., REIT1 10,388 0.48

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United States (continued) 165,672 USD Xenia Hotels & Resorts, Inc., REIT 3,366 0.16 Total United States 1,165,633 54.26

Total investments in equities 2,137,621 99.50

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

Futures contracts

Hong Kong (31 May 2018: 0.00%)4

9 HKD 450 Hang Seng Index 28/12/2018 10 – Total Hong Kong 10 –

Japan (31 May 2018: 0.00%)

7 JPY 70,000 TOPIX Index 13/12/2018 17 – Total Japan 17 –

United Kingdom (31 May 2018: 0.00%)4 – –


38 USD 1,900 S&P 500 Emini Index 21/12/2018 102 0.01 Total United States 102 0.01

Total unrealised gain on futures contracts (31 May 2018: 0.01%) 129 0.01

Australia (31 May 2018: 0.00%)4

6 AUD 150 SPI 200 Index 20/12/2018 (21) – Total Australia (21) –

Japan (31 May 2018: 0.00%)4 – –


8 GBP 80 FTSE 100 Index 21/12/2018 (7) – Total United Kingdom (7) –


70 USD 7,000 DJ US Real Estate Index 21/12/2018 (12) – Total United States (12) –

Total unrealised loss on futures contracts (31 May 2018: 0.00%)4 (40) –

78




Fair Value USD '000


Total financial assets at fair value through profit or loss 2,141,387 99.68 Total financial liabilities at fair value through profit or loss (40) – Cash 15,867 0.74 Other assets and liabilities (8,901) (0.42) Net asset value attributable to redeemable participating unitholders 2,148,313 100.00


Assets Transferable securities admitted to official stock exchange listing 98.92 Collective investment schemes 0.17 Financial derivative instruments dealt in on a regulated market 0.01 Other assets 0.90 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%.

Underlying exposure On gains USD '000

On losses USD '000

Futures contracts 7,762 3,612

79

iSHARES DEVELOPED WORLD EX TOBACCO INDEX FUND (IE)





Equities (31 May 2018: 98.61%)

Australia (31 May 2018: 2.48%) 8,482 AUD AGL Energy Ltd. 117 0.03 18,994 AUD Alumina Ltd. 31 0.01 15,123 AUD Amcor Ltd. 148 0.03 25,197 AUD AMP Ltd. 45 0.01 11,617 AUD APA Group 75 0.02 5,746 AUD Aristocrat Leisure Ltd. 99 0.02 1,913 AUD ASX Ltd. 84 0.02 31,158 AUD Aurizon Holdings Ltd. 96 0.02 18,999 AUD AusNet Services 21 – 32,975 AUD Australia & New Zealand Banking Group Ltd.1 645 0.15 2,454 AUD Bank of Queensland Ltd. 18 – 2,936 AUD Bendigo & Adelaide Bank Ltd. 23 0.01 36,679 AUD BHP Billiton Ltd.1 822 0.19 8,200 AUD BlueScope Steel Ltd. 67 0.02 10,397 AUD Boral Ltd. 39 0.01 21,462 AUD Brambles Ltd. 161 0.04 3,286 AUD Caltex Australia Ltd. 66 0.01 8,755 AUD Challenger Ltd. 61 0.01 893 AUD CIMIC Group Ltd. 27 0.01 4,703 AUD Coca-Cola Amatil Ltd. 30 0.01 685 AUD Cochlear Ltd. 85 0.02 12,182 AUD Coles Group Ltd. 104 0.02 20,034 AUD Commonwealth Bank of Australia1 1,042 0.24 5,152 AUD Computershare Ltd. 68 0.02 3,295 AUD Crown Resorts Ltd. 28 0.01 5,103 AUD CSL Ltd. 661 0.15 10,650 AUD Dexus, REIT 81 0.02 414 AUD Domino's Pizza Enterprises Ltd. 14 – 947 AUD Flight Centre Travel Group Ltd. 34 0.01 22,588 AUD Fortescue Metals Group Ltd. 66 0.01 18,579 AUD Goodman Group, REIT 139 0.03 17,625 AUD GPT Group (The), REIT 68 0.02 12,941 AUD Healthscope Ltd. 21 – 12,062 AUD Incitec Pivot Ltd. 33 0.01 30,096 AUD Insurance Australia Group Ltd. 160 0.04 7,729 AUD LendLease Group 72 0.02 3,575 AUD Macquarie Group Ltd. 299 0.07 39,434 AUD Medibank Pvt Ltd. 70 0.02 52,636 AUD Mirvac Group, REIT 84 0.02 30,680 AUD National Australia Bank Ltd. 552 0.13 9,194 AUD Newcrest Mining Ltd. 139 0.03 4,813 AUD Orica Ltd. 62 0.01 21,920 AUD Origin Energy Ltd. 104 0.02 15,146 AUD QBE Insurance Group Ltd.1 125 0.03 1,710 AUD Ramsay Health Care Ltd. 68 0.02 715 AUD REA Group Ltd. 40 0.01 4,966 AUD Rio Tinto Ltd. 266 0.06 20,860 AUD Santos Ltd. 84 0.02 54,216 AUD Scentre Group, REIT 154 0.04 3,377 AUD SEEK Ltd. 46 0.01 3,898 AUD Sonic Healthcare Ltd. 65 0.01 53,814 AUD South32 Ltd. 122 0.03 18,958 AUD Stockland, REIT 50 0.01 14,941 AUD Suncorp Group Ltd. 145 0.03

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Australia (continued) 8,737 AUD Sydney Airport 43 0.01 21,199 AUD Tabcorp Holdings Ltd. 66 0.01 38,913 AUD Telstra Corp. Ltd. 83 0.02 2,077 AUD TPG Telecom Ltd. 11 – 27,100 AUD Transurban Group 225 0.05 8,268 AUD Treasury Wine Estates Ltd. 85 0.02 50,055 AUD Vicinity Centres, REIT 98 0.02 12,182 AUD Wesfarmers Ltd. 281 0.06 38,878 AUD Westpac Banking Corp.1 737 0.17 10,226 AUD Woodside Petroleum Ltd. 232 0.05 14,626 AUD Woolworths Group Ltd. 309 0.07 Total Australia 9,996 2.29

Austria (31 May 2018: 0.09%) 623 EUR ANDRITZ AG 30 0.01 4,043 EUR Erste Group Bank AG 160 0.03 1,966 EUR OMV AG 99 0.02 1,251 EUR Raiffeisen Bank International AG 37 0.01 1,234 EUR voestalpine AG 41 0.01 Total Austria 367 0.08

Belgium (31 May 2018: 0.37%) 2,004 EUR Ageas 97 0.02 8,702 EUR Anheuser-Busch InBev SA 667 0.15 429 EUR Colruyt SA 27 0.01 852 EUR Groupe Bruxelles Lambert SA 77 0.02 2,491 EUR KBC Group NV 179 0.04 2,535 EUR Proximus SADP 70 0.02 698 EUR Solvay SA 76 0.02 350 EUR Telenet Group Holding NV 17 – 1,337 EUR UCB SA 112 0.02 2,815 EUR Umicore SA 122 0.03 Total Belgium 1,444 0.33

Bermuda (31 May 2018: 0.44%) 5,205 USD Arch Capital Group Ltd. 149 0.03 1,579 USD Athene Holding Ltd. 'A' 69 0.02 2,653 USD Axalta Coating Systems Ltd. 66 0.01 1,311 USD Axis Capital Holdings Ltd. 73 0.02 1,462 USD Bunge Ltd.1 83 0.02 8,500 HKD CK Infrastructure Holdings Ltd. 65 0.01 5,300 USD Dairy Farm International Holdings Ltd. 47 0.01 462 USD Everest Re Group Ltd. 103 0.02 12,900 USD Hongkong Land Holdings Ltd. 84 0.02 4,063 USD IHS Markit Ltd. 217 0.05 5,637 USD Invesco Ltd. 115 0.03 2,900 USD Jardine Matheson Holdings Ltd. 191 0.04 3,000 USD Jardine Strategic Holdings Ltd. 115 0.03 8,500 HKD Kerry Properties Ltd. 29 0.01 50,000 HKD Li & Fung Ltd. 10 – 7,002 USD Marvell Technology Group Ltd. 113 0.03 2,424 USD Norwegian Cruise Line Holdings Ltd. 124 0.03 11,583 HKD NWS Holdings Ltd. 24 –

81







Bermuda (continued) 318 USD RenaissanceRe Holdings Ltd. 42 0.01 24,000 HKD Shangri-La Asia Ltd. 34 0.01 5,000 HKD Yue Yuen Industrial Holdings Ltd. 15 – Total Bermuda 1,768 0.40

British Virgin Islands (31 May 2018: 0.02%) 2,004 USD Michael Kors Holdings Ltd. 88 0.02 Total British Virgin Islands 88 0.02

Canada (31 May 2018: 3.59%) 2,565 CAD Agnico Eagle Mines Ltd. 90 0.02 5,368 CAD Alimentation Couche-Tard, Inc. 'B' 282 0.06 3,579 CAD AltaGas Ltd.1 39 0.01 2,827 CAD ARC Resources Ltd. 19 – 497 CAD Atco Ltd. 'I' 15 – 7,895 CAD Aurora Cannabis, Inc. 45 0.01 7,160 CAD Bank of Montreal 534 0.12 13,795 CAD Bank of Nova Scotia (The) 750 0.17 12,060 CAD Barrick Gold Corp. 154 0.04 4,252 CAD Bausch Health Cos Inc 103 0.02 1,881 CAD BCE, Inc. 81 0.02 6,023 CAD BlackBerry Ltd. 53 0.01 27,551 CAD Bombardier, Inc. 'B' 46 0.01 10,294 CAD Brookfield Asset Management, Inc. 'A'1 451 0.10 4,344 CAD CAE, Inc. 88 0.02 5,990 CAD Cameco Corp. 71 0.02 4,951 CAD Canadian Imperial Bank of Commerce 415 0.10 8,164 CAD Canadian National Railway Co. 701 0.16 13,353 CAD Canadian Natural Resources Ltd. 336 0.08 1,607 CAD Canadian Pacific Railway Ltd. 340 0.08 685 CAD Canadian Tire Corp. Ltd. 'A' 76 0.02 910 CAD Canadian Utilities Ltd. 'A' 21 0.01 1,470 CAD CCL Industries, Inc. 'B' 61 0.01 13,629 CAD Cenovus Energy, Inc. 101 0.02 3,034 CAD CGI Group, Inc. 'A' 194 0.04 3,050 CAD CI Financial Corp. 46 0.01 202 CAD Constellation Software, Inc. 139 0.03 8,636 CAD Crescent Point Energy Corp.1 26 0.01 3,231 CAD Dollarama, Inc. 85 0.02 904 CAD Emera, Inc. 30 0.01 2,389 CAD Empire Co. Ltd. 'A' 45 0.01 19,277 CAD Enbridge, Inc. 633 0.15 10,749 CAD Encana Corp. 72 0.02 332 CAD Fairfax Financial Holdings Ltd. 157 0.04 1,091 CAD Finning International, Inc. 23 0.01 2,110 CAD First Capital Realty, Inc. 31 0.01 6,641 CAD First Quantum Minerals Ltd. 61 0.01 5,124 CAD Fortis, Inc. 178 0.04 2,219 CAD Franco-Nevada Corp. 154 0.04 881 CAD George Weston Ltd. 64 0.01 1,840 CAD Gildan Activewear, Inc. 60 0.01 9,248 CAD Goldcorp, Inc. 86 0.02 3,006 CAD Great-West Lifeco, Inc. 69 0.02

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Canada (continued) 1,572 CAD H&R Real Estate Investment Trust 25 0.01 6,044 CAD Husky Energy, Inc. 75 0.02 3,324 CAD Hydro One Ltd. 49 0.01 635 CAD IGM Financial, Inc. 16 – 3,266 CAD Imperial Oil Ltd.1 97 0.02 1,759 CAD Industrial Alliance Insurance & Financial Services, Inc. 64 0.01 1,778 CAD Intact Financial Corp. 142 0.03 5,384 CAD Inter Pipeline Ltd. 87 0.02 2,576 CAD Keyera Corp. 56 0.01 9,781 CAD Kinross Gold Corp. 27 0.01 255 CAD Linamar Corp. 9 – 2,141 CAD Loblaw Cos. Ltd. 99 0.02 5,282 CAD Lundin Mining Corp. 23 0.01 3,422 CAD Magna International, Inc. 171 0.04 21,291 CAD Manulife Financial Corp. 352 0.08 845 CAD Methanex Corp. 47 0.01 3,297 CAD Metro, Inc. 114 0.03 3,953 CAD National Bank of Canada 180 0.04 7,441 CAD Nutrien Ltd. 383 0.09 1,358 CAD Onex Corp. 84 0.02 2,811 CAD Open Text Corp. 96 0.02 5,095 CAD Pembina Pipeline Corp. 172 0.04 3,110 CAD Power Corp. of Canada 62 0.01 2,570 CAD Power Financial Corp. 54 0.01 1,994 CAD PrairieSky Royalty Ltd.1 27 0.01 2,863 CAD Restaurant Brands International, Inc. 167 0.04 1,053 CAD RioCan Real Estate Investment Trust1 20 – 4,216 CAD Rogers Communications, Inc. 'B' 225 0.05 16,632 CAD Royal Bank of Canada 1,219 0.28 2,496 CAD Saputo, Inc. 78 0.02 1,469 CAD Seven Generations Energy Ltd. 11 – 4,136 CAD Shaw Communications, Inc. 'B' 78 0.02 937 CAD Shopify, Inc. 'A' 143 0.03 1,807 CAD SNC-Lavalin Group, Inc. 66 0.02 6,935 CAD Sun Life Financial, Inc. 256 0.06 18,377 CAD Suncor Energy, Inc.1 592 0.14 6,844 CAD Teck Resources Ltd. 'B' 139 0.03 2,272 CAD TELUS Corp. 82 0.02 2,651 CAD Thomson Reuters Corp. 134 0.03 21,219 CAD Toronto-Dominion Bank (The) 1,174 0.27 2,620 CAD Tourmaline Oil Corp. 36 0.01 10,874 CAD TransCanada Corp. 446 0.10 8,148 CAD Turquoise Hill Resources Ltd. 15 – 2,269 CAD Vermilion Energy, Inc.1 56 0.01 2,923 USD Waste Connections, Inc. 229 0.05 889 CAD West Fraser Timber Co. Ltd. 46 0.01 6,103 CAD Wheaton Precious Metals Corp. 96 0.02 1,115 CAD WSP Global, Inc. 55 0.01 Total Canada 14,899 3.41

Cayman Islands (31 May 2018: 0.27%) 2,600 HKD ASM Pacific Technology Ltd. 27 0.01 27,500 HKD CK Asset Holdings Ltd. 198 0.04

83







Cayman Islands (continued) 28,524 HKD CK Hutchison Holdings Ltd. 298 0.07 3,283 USD Melco Resorts & Entertainment Ltd. ADR 59 0.01 3,200 HKD MGM China Holdings Ltd. 5 – 8,000 HKD Minth Group Ltd.1 27 0.01 31,200 HKD Sands China Ltd. 135 0.03 93,000 HKD WH Group Ltd. 68 0.02 11,000 HKD Wharf Real Estate Investment Co. Ltd. 66 0.01 22,000 HKD Wynn Macau Ltd. 50 0.01 Total Cayman Islands 933 0.21

Curacao (31 May 2018: 0.23%) 15,829 USD Schlumberger Ltd. 714 0.16 Total Curacao 714 0.16

Denmark (31 May 2018: 0.62%) 46 DKK AP Moller - Maersk A/S 'A' 61 0.01 61 DKK AP Moller - Maersk A/S 'B' 87 0.02 1,391 DKK Carlsberg A/S 'B' 154 0.04 1,059 DKK Chr Hansen Holding A/S 96 0.02 1,562 DKK Coloplast A/S 'B' 149 0.03 7,522 DKK Danske Bank A/S 150 0.03 2,401 DKK DSV A/S 184 0.04 746 DKK Genmab A/S 113 0.03 663 DKK H Lundbeck A/S 27 0.01 1,991 DKK ISS A/S 65 0.02 20,172 DKK Novo Nordisk A/S 'B' 936 0.21 2,246 DKK Novozymes A/S 'B' 105 0.02 2,198 DKK Orsted A/S 143 0.03 1,234 DKK Pandora A/S 67 0.02 1,451 DKK Tryg A/S 36 0.01 2,136 DKK Vestas Wind Systems A/S 159 0.04 1,283 DKK William Demant Holding A/S 37 0.01 Total Denmark 2,569 0.59

Finland (31 May 2018: 0.37%) 1,672 EUR Elisa OYJ 67 0.01 4,704 EUR Fortum OYJ 98 0.02 4,152 EUR Kone OYJ 'B' 206 0.05 998 EUR Metso OYJ 28 0.01 1,260 EUR Neste OYJ 99 0.02 62,605 EUR Nokia OYJ 344 0.08 2,012 EUR Nokian Renkaat OYJ 64 0.01 33,638 SEK Nordea Bank Abp1 299 0.07 831 EUR Orion OYJ 'B' 28 0.01 5,259 EUR Sampo OYJ 'A' 235 0.05 5,894 EUR Stora Enso OYJ 'R' 75 0.02 5,939 EUR UPM-Kymmene OYJ 158 0.04 4,857 EUR Wartsila OYJ Abp 79 0.02 Total Finland 1,780 0.41

France (31 May 2018: 3.69%) 2,055 EUR Accor SA 91 0.02

84







France (continued) 368 EUR Aeroports de Paris 72 0.02 4,993 EUR Air Liquide SA1 603 0.14 2,303 EUR Alstom SA 101 0.02 488 EUR Amundi SA 28 0.01 831 EUR Arkema SA 79 0.02 1,184 EUR Atos SE 101 0.02 22,279 EUR AXA SA 543 0.12 465 EUR BioMerieux 33 0.01 13,178 EUR BNP Paribas SA 662 0.15 11,272 EUR Bollore SA 49 0.01 2,178 EUR Bouygues SA 84 0.02 3,108 EUR Bureau Veritas SA 69 0.02 1,767 EUR Capgemini SE 206 0.05 6,025 EUR Carrefour SA 108 0.02 562 EUR Casino Guichard Perrachon SA 25 0.01 5,617 EUR Cie de Saint-Gobain 208 0.05 1,780 EUR Cie Generale des Etablissements Michelin SCA 186 0.04 1,069 EUR CNP Assurances 24 – 304 EUR Covivio, REIT 30 0.01 12,969 EUR Credit Agricole SA 161 0.04 7,126 EUR Danone SA 533 0.12 27 EUR Dassault Aviation SA 41 0.01 1,327 EUR Dassault Systemes SE 159 0.04 2,597 EUR Edenred 99 0.02 758 EUR Eiffage SA 72 0.02 5,990 EUR Electricite de France SA 98 0.02 19,260 EUR Engie SA 271 0.06 2,338 EUR EssilorLuxottica SA1 297 0.07 294 EUR Eurazeo SE 22 – 3,374 EUR Eutelsat Communications SA 72 0.02 584 EUR Faurecia SA 23 – 511 EUR Gecina SA, REIT 71 0.02 5,704 EUR Getlink SE 74 0.02 403 EUR Hermes International 218 0.05 336 EUR ICADE, REIT 27 0.01 316 EUR Iliad SA 43 0.01 235 EUR Imerys SA 13 – 624 EUR Ingenico Group SA 45 0.01 298 EUR Ipsen SA 38 0.01 1,044 EUR JCDecaux SA 35 0.01 870 EUR Kering SA 378 0.09 2,061 EUR Klepierre SA, REIT 67 0.01 2,985 EUR Legrand SA 183 0.04 2,958 EUR L'Oreal SA 696 0.16 3,146 EUR LVMH Moet Hennessy Louis Vuitton SE 900 0.21 10,612 EUR Natixis SA 59 0.01 21,997 EUR Orange SA 378 0.09 2,516 EUR Pernod Ricard SA 402 0.09 7,883 EUR Peugeot SA 173 0.04 2,425 EUR Publicis Groupe SA 144 0.03 323 EUR Remy Cointreau SA 37 0.01 2,223 EUR Renault SA 156 0.04 2,062 EUR Rexel SA 25 0.01 3,593 EUR Safran SA1 449 0.10

85







France (continued) 12,890 EUR Sanofi1 1,165 0.27 6,427 EUR Schneider Electric SE 468 0.11 1,351 EUR SCOR SE 65 0.01 159 EUR SEB SA 23 – 182 EUR Societe BIC SA 20 – 8,348 EUR Societe Generale SA1 307 0.07 1,215 EUR Sodexo SA1 126 0.03 2,770 EUR Suez 41 0.01 751 EUR Teleperformance 124 0.03 1,108 EUR Thales SA 136 0.03 26,720 EUR TOTAL SA 1,487 0.34 1,063 EUR Ubisoft Entertainment SA 87 0.02 1,632 EUR Unibail-Rodamco-Westfield, REIT1 281 0.06 2 AUD Unibail-Rodamco-Westfield, REIT CDI2 – – 2,668 EUR Valeo SA 76 0.02 6,302 EUR Veolia Environnement SA 134 0.03 5,677 EUR Vinci SA 496 0.11 11,278 EUR Vivendi SA 281 0.06 457 EUR Wendel SA 55 0.01 Total France 15,133 3.46

Germany (31 May 2018: 3.46%) 513 EUR 1&1 Drillisch AG 26 0.01 2,034 EUR adidas AG 449 0.10 4,967 EUR Allianz SE 1,049 0.24 655 EUR Axel Springer SE 42 0.01 10,382 EUR BASF SE 757 0.17 10,265 EUR Bayer AG, Registered 751 0.17 3,741 EUR Bayerische Motoren Werke AG 306 0.07 422 EUR Bayerische Motoren Werke AG, Preference 31 0.01 1,018 EUR Beiersdorf AG 109 0.03 2,232 EUR Brenntag AG 103 0.02 13,600 EUR Commerzbank AG 117 0.03 1,363 EUR Continental AG 204 0.05 2,154 EUR Covestro AG 124 0.03 10,197 EUR Daimler AG1 574 0.13 1,019 EUR Delivery Hero SE 37 0.01 21,443 EUR Deutsche Bank AG, Registered 196 0.04 2,256 EUR Deutsche Boerse AG 288 0.07 2,786 EUR Deutsche Lufthansa AG 68 0.02 10,498 EUR Deutsche Post AG 334 0.08 37,657 EUR Deutsche Telekom AG, Registered 660 0.15 4,110 EUR Deutsche Wohnen SE 197 0.05 26,247 EUR E.ON SE 268 0.06 1,918 EUR Evonik Industries AG 51 0.01 274 EUR Fraport AG Frankfurt Airport Services Worldwide 20 – 2,564 EUR Fresenius Medical Care AG & Co. KGaA 209 0.05 4,600 EUR Fresenius SE & Co. KGaA 261 0.06 454 EUR Fuchs Petrolub SE, Preference 19 – 1,660 EUR GEA Group AG 45 0.01 631 EUR Hannover Rueck SE 88 0.02 1,834 EUR HeidelbergCement AG 122 0.03 2,082 EUR Henkel AG & Co. KGaA, Preference 240 0.05

86







Germany (continued) 970 EUR Henkel AG & Co. KGaA 100 0.02 196 EUR HOCHTIEF AG 28 0.01 1,031 EUR HUGO BOSS AG 71 0.02 12,257 EUR Infineon Technologies AG 257 0.06 1,126 EUR Innogy SE 47 0.01 2,427 EUR K+S AG, Registered 43 0.01 977 EUR KION Group AG 55 0.01 760 EUR LANXESS AG 42 0.01 1,588 EUR Merck KGaA 175 0.04 1,137 EUR METRO AG 17 – 671 EUR MTU Aero Engines AG 139 0.03 1,641 EUR Muenchener Rueckversicherungs-Gesellschaft AG, Registered1 356 0.08 866 EUR OSRAM Licht AG 40 0.01 1,457 EUR Porsche Automobil Holding SE, Preference 93 0.02 2,543 EUR ProSiebenSat.1 Media SE 52 0.01 65 EUR Puma SE 33 0.01 4,972 EUR RWE AG 107 0.02 11,224 EUR SAP SE 1,155 0.26 383 EUR Sartorius AG, Preference 49 0.01 1,860 EUR Schaeffler AG, Preference 16 – 8,737 EUR Siemens AG, Registered 1,013 0.23 1,603 EUR Siemens Healthineers AG 69 0.02 1,737 EUR Symrise AG 140 0.03 11,601 EUR Telefonica Deutschland Holding AG 47 0.01 4,432 EUR thyssenkrupp AG1 83 0.02 4,085 GBP TUI AG 58 0.01 2,582 EUR Uniper SE 66 0.02 1,356 EUR United Internet AG, Registered 61 0.01 2,021 EUR Volkswagen AG, Preference 341 0.08 486 EUR Volkswagen AG 80 0.02 5,195 EUR Vonovia SE 251 0.06 1,464 EUR Wirecard AG 221 0.05 892 EUR Zalando SE 28 0.01 Total Germany 13,078 2.99

Hong Kong (31 May 2018: 0.96%) 136,200 HKD AIA Group Ltd.1 1,111 0.25 16,000 HKD Bank of East Asia Ltd. (The) 54 0.01 41,500 HKD BOC Hong Kong Holdings Ltd. 162 0.04 19,000 HKD CLP Holdings Ltd.1 209 0.05 27,000 HKD Galaxy Entertainment Group Ltd. 166 0.04 6,000 HKD Hang Lung Group Ltd. 17 – 26,000 HKD Hang Lung Properties Ltd. 53 0.01 8,800 HKD Hang Seng Bank Ltd. 203 0.05 10,833 HKD Henderson Land Development Co. Ltd. 56 0.01 18,500 HKD HK Electric Investments & HK Electric Investments Ltd. 18 – 43,000 HKD HKT Trust & HKT Ltd. 62 0.01 105,270 HKD Hong Kong & China Gas Co. Ltd.1 212 0.05 12,595 HKD Hong Kong Exchanges & Clearing Ltd. 367 0.08 4,000 HKD Hysan Development Co. Ltd. 19 – 26,500 HKD Link REIT 252 0.06 16,500 HKD MTR Corp. Ltd. 86 0.02 62,725 HKD New World Development Co. Ltd. 84 0.02

87







Hong Kong (continued) 26,000 HKD PCCW Ltd. 15 – 19,500 HKD Power Assets Holdings Ltd. 132 0.03 40,000 HKD Sino Land Co. Ltd. 69 0.02 16,000 HKD SJM Holdings Ltd. 14 – 19,500 HKD Sun Hung Kai Properties Ltd. 278 0.06 6,000 HKD Swire Pacific Ltd. 'A' 66 0.02 20,000 HKD Swire Properties Ltd. 70 0.02 12,000 HKD Techtronic Industries Co. Ltd. 65 0.02 11,000 HKD Wharf Holdings Ltd. (The) 29 0.01 7,000 HKD Wheelock & Co. Ltd. 40 0.01 Total Hong Kong 3,909 0.89

Ireland (31 May 2018: 1.29%) 7,353 USD Accenture plc 'A' 1,210 0.28 6,570 EUR AIB Group plc 29 0.01 1,776 USD Alkermes plc 65 0.01 1,356 USD Allegion plc 124 0.03 3,924 USD Allergan plc 615 0.14 10,289 EUR Bank of Ireland Group plc 65 0.01 8,951 EUR CRH plc 247 0.06 1,407 GBP DCC plc 106 0.02 4,626 USD Eaton Corp. plc 356 0.08 2,976 USD Ingersoll-Rand plc 308 0.07 5,936 AUD James Hardie Industries plc CDI 69 0.02 826 USD Jazz Pharmaceuticals plc 125 0.03 10,346 USD Johnson Controls International plc 360 0.08 1,870 EUR Kerry Group plc 'A' 193 0.04 3,364 USD Linde plc 535 0.12 3,032 EUR Linde plc 482 0.11 15,504 USD Medtronic plc 1,512 0.35 1,258 EUR Paddy Power Betfair plc 113 0.03 1,826 USD Pentair plc 78 0.02 1,649 USD Perrigo Co. plc 103 0.02 3,157 USD Seagate Technology plc 136 0.03 2,428 EUR Smurfit Kappa Group plc 66 0.02 1,388 USD Willis Towers Watson plc 221 0.05 Total Ireland 7,118 1.63

Isle of Man (31 May 2018: 0.01%) 5,826 GBP GVC Holdings plc 55 0.01 Total Isle of Man 55 0.01

Israel (31 May 2018: 0.18%) 589 ILS Azrieli Group Ltd. 30 0.01 13,374 ILS Bank Hapoalim BM 92 0.02 16,200 ILS Bank Leumi Le-Israel BM 106 0.02 18,417 ILS Bezeq The Israeli Telecommunication Corp. Ltd. 21 0.01 1,647 USD Check Point Software Technologies Ltd. 184 0.04 256 ILS Elbit Systems Ltd. 31 0.01 2,714 ILS Israel Chemicals Ltd. 16 – 2,727 ILS Mizrahi Tefahot Bank Ltd. 49 0.01 536 ILS Nice Ltd. 62 0.01 5,410 ILS Teva Pharmaceutical Industries Ltd. 117 0.03

88







Israel (continued) 5,684 USD Teva Pharmaceutical Industries Ltd. ADR 122 0.03 Total Israel 830 0.19

Italy (31 May 2018: 0.67%) 14,226 EUR Assicurazioni Generali SpA 240 0.05 5,327 EUR Atlantia SpA 109 0.03 4,924 EUR Davide Campari-Milano SpA 41 0.01 94,339 EUR Enel SpA 512 0.12 28,995 EUR Eni SpA 468 0.11 166,925 EUR Intesa Sanpaolo SpA 387 0.09 1,001 EUR Leonardo SpA 10 – 1,682 EUR Luxottica Group SpA 98 0.02 8,342 EUR Mediobanca Banca di Credito Finanziario SpA 74 0.02 1,928 EUR Moncler SpA 63 0.01 5,570 EUR Pirelli & C SpA 39 0.01 3,495 EUR Poste Italiane SpA 26 0.01 2,729 EUR Prysmian SpA 50 0.01 871 EUR Recordati SpA 28 0.01 23,286 EUR Snam SpA 102 0.02 83,936 EUR Telecom Italia SpA, Savings Share 47 0.01 123,025 EUR Telecom Italia SpA 80 0.02 18,090 EUR Terna Rete Elettrica Nazionale SpA1 101 0.02 24,454 EUR UniCredit SpA 315 0.07 Total Italy 2,790 0.64

Japan (31 May 2018: 8.98%) 600 JPY ABC-Mart, Inc. 34 0.01 6,200 JPY Aeon Co. Ltd. 149 0.03 800 JPY AEON Financial Service Co. Ltd.1 16 – 1,600 JPY Aeon Mall Co. Ltd. 29 0.01 1,800 JPY AGC, Inc. 61 0.01 2,900 JPY Air Water, Inc. 47 0.01 2,000 JPY Aisin Seiki Co. Ltd. 79 0.02 6,100 JPY Ajinomoto Co., Inc.1 105 0.02 1,300 JPY Alfresa Holdings Corp. 35 0.01 1,600 JPY Alps Electric Co. Ltd. 37 0.01 2,600 JPY Amada Holdings Co. Ltd. 28 0.01 2,000 JPY ANA Holdings, Inc. 71 0.02 900 JPY Aozora Bank Ltd. 30 0.01 4,600 JPY Asahi Group Holdings Ltd.1 193 0.04 16,300 JPY Asahi Kasei Corp. 178 0.04 1,300 JPY Asics Corp. 19 – 22,600 JPY Astellas Pharma, Inc. 347 0.08 1,900 JPY Bandai Namco Holdings, Inc. 80 0.02 400 JPY Bank of Kyoto Ltd. (The) 19 – 400 JPY Benesse Holdings, Inc. 12 – 7,100 JPY Bridgestone Corp. 288 0.07 2,800 JPY Brother Industries Ltd. 47 0.01 600 JPY Calbee, Inc. 20 – 11,600 JPY Canon, Inc. 329 0.07 1,100 JPY Casio Computer Co. Ltd. 15 – 1,600 JPY Central Japan Railway Co. 329 0.08 6,000 JPY Chiba Bank Ltd. (The) 39 0.01

89







Japan (continued) 8,200 JPY Chubu Electric Power Co., Inc. 123 0.03 2,200 JPY Chugai Pharmaceutical Co. Ltd. 151 0.03 2,300 JPY Chugoku Electric Power Co., Inc. (The)1 29 0.01 1,200 JPY Coca-Cola Bottlers Japan Holdings, Inc. 34 0.01 12,300 JPY Concordia Financial Group Ltd. 58 0.01 2,500 JPY Credit Saison Co. Ltd. 32 0.01 1,100 JPY CyberAgent, Inc. 50 0.01 3,300 JPY Dai Nippon Printing Co. Ltd. 76 0.02 2,000 JPY Daicel Corp. 22 – 800 JPY Daifuku Co. Ltd. 41 0.01 10,900 JPY Dai-ichi Life Holdings, Inc. 190 0.04 6,800 JPY Daiichi Sankyo Co. Ltd.1 250 0.06 2,700 JPY Daikin Industries Ltd. 300 0.07 800 JPY Daito Trust Construction Co. Ltd. 104 0.02 6,600 JPY Daiwa House Industry Co. Ltd. 208 0.05 29 JPY Daiwa House REIT Investment Corp. 66 0.01 18,000 JPY Daiwa Securities Group, Inc. 99 0.02 700 JPY DeNA Co. Ltd. 13 – 4,600 JPY Denso Corp. 213 0.05 2,000 JPY Dentsu, Inc. 89 0.02 300 JPY Disco Corp. 44 0.01 1,700 JPY Don Quijote Holdings Co. Ltd. 103 0.02 3,400 JPY East Japan Railway Co. 309 0.07 2,600 JPY Eisai Co. Ltd. 238 0.05 1,100 JPY Electric Power Development Co. Ltd. 28 0.01 1,100 JPY FamilyMart UNY Holdings Co. Ltd. 156 0.04 2,200 JPY FANUC Corp. 376 0.09 700 JPY Fast Retailing Co. Ltd. 364 0.08 1,400 JPY Fuji Electric Co. Ltd. 44 0.01 4,100 JPY FUJIFILM Holdings Corp. 163 0.04 2,500 JPY Fujitsu Ltd. 154 0.03 1,200 JPY Fukuoka Financial Group, Inc. 27 0.01 2,600 JPY Hakuhodo DY Holdings, Inc. 40 0.01 1,100 JPY Hamamatsu Photonics KK 38 0.01 3,200 JPY Hankyu Hanshin Holdings, Inc. 109 0.02 400 JPY Hikari Tsushin, Inc. 64 0.01 3,700 JPY Hino Motors Ltd. 38 0.01 315 JPY Hirose Electric Co. Ltd. 33 0.01 1,000 JPY Hisamitsu Pharmaceutical Co., Inc. 64 0.01 1,100 JPY Hitachi Chemical Co. Ltd. 17 – 1,500 JPY Hitachi Construction Machinery Co. Ltd. 41 0.01 700 JPY Hitachi High-Technologies Corp. 25 0.01 10,200 JPY Hitachi Ltd. 295 0.07 1,400 JPY Hitachi Metals Ltd. 16 – 18,400 JPY Honda Motor Co. Ltd. 519 0.12 800 JPY Hoshizaki Corp. 62 0.01 4,000 JPY Hoya Corp. 243 0.06 2,000 JPY Hulic Co. Ltd. 18 – 1,100 JPY Idemitsu Kosan Co. Ltd. 40 0.01 2,300 JPY IHI Corp. 70 0.02 1,000 JPY Iida Group Holdings Co. Ltd. 18 – 13,600 JPY Inpex Corp. 144 0.03 3,400 JPY Isetan Mitsukoshi Holdings Ltd.1 39 0.01 6,200 JPY Isuzu Motors Ltd. 88 0.02

90







Japan (continued) 16,700 JPY ITOCHU Corp. 297 0.07 2,000 JPY J Front Retailing Co. Ltd. 27 0.01 1,400 JPY Japan Airlines Co. Ltd. 50 0.01 1,100 JPY Japan Airport Terminal Co. Ltd. 43 0.01 5,500 JPY Japan Exchange Group, Inc. 99 0.02 5,100 JPY Japan Post Bank Co. Ltd. 60 0.01 15,500 JPY Japan Post Holdings Co. Ltd. 189 0.04 5 JPY Japan Prime Realty Investment Corp., REIT 20 – 18 JPY Japan Real Estate Investment Corp., REIT 99 0.02 23 JPY Japan Retail Fund Investment Corp., REIT 44 0.01 5,100 JPY JFE Holdings, Inc. 90 0.02 2,000 JPY JGC Corp. 29 0.01 1,700 JPY JSR Corp. 27 0.01 2,000 JPY JTEKT Corp. 25 0.01 38,800 JPY JXTG Holdings, Inc. 235 0.05 6,000 JPY Kajima Corp. 83 0.02 900 JPY Kakaku.com, Inc. 18 – 1,000 JPY Kamigumi Co. Ltd. 22 – 1,000 JPY Kaneka Corp. 37 0.01 7,800 JPY Kansai Electric Power Co., Inc. (The) 117 0.03 2,000 JPY Kansai Paint Co. Ltd. 37 0.01 5,300 JPY Kao Corp. 390 0.09 1,100 JPY Kawasaki Heavy Industries Ltd. 26 0.01 20,700 JPY KDDI Corp. 486 0.11 800 JPY Keihan Holdings Co. Ltd. 33 0.01 1,500 JPY Keikyu Corp. 24 0.01 1,000 JPY Keio Corp.1 55 0.01 1,000 JPY Keisei Electric Railway Co. Ltd. 32 0.01 1,100 JPY Keyence Corp. 597 0.14 2,100 JPY Kikkoman Corp. 122 0.03 1,800 JPY Kintetsu Group Holdings Co. Ltd. 75 0.02 8,700 JPY Kirin Holdings Co. Ltd. 204 0.05 600 JPY Kobayashi Pharmaceutical Co. Ltd. 42 0.01 5,000 JPY Kobe Steel Ltd. 41 0.01 1,200 JPY Koito Manufacturing Co. Ltd. 64 0.01 10,200 JPY Komatsu Ltd. 272 0.06 800 JPY Konami Holdings Corp. 36 0.01 7,900 JPY Konica Minolta, Inc. 71 0.02 400 JPY Kose Corp. 60 0.01 12,900 JPY Kubota Corp.1 220 0.05 2,700 JPY Kuraray Co. Ltd. 42 0.01 1,400 JPY Kurita Water Industries Ltd. 38 0.01 3,500 JPY Kyocera Corp. 189 0.04 2,000 JPY Kyowa Hakko Kirin Co. Ltd. 41 0.01 2,900 JPY Kyushu Electric Power Co., Inc. 34 0.01 1,300 JPY Kyushu Railway Co. 43 0.01 300 JPY Lawson, Inc. 20 – 1,200 JPY LINE Corp. 43 0.01 2,000 JPY Lion Corp. 39 0.01 4,500 JPY LIXIL Group Corp. 58 0.01 4,000 JPY M3, Inc. 65 0.01 400 JPY Mabuchi Motor Co. Ltd. 14 – 2,500 JPY Makita Corp. 98 0.02 17,800 JPY Marubeni Corp. 133 0.03

91







Japan (continued) 1,700 JPY Marui Group Co. Ltd. 37 0.01 1,300 JPY Maruichi Steel Tube Ltd. 39 0.01 6,000 JPY Mazda Motor Corp. 64 0.01 1,100 JPY McDonald's Holdings Co. Japan Ltd.1 49 0.01 14,280 JPY Mebuki Financial Group, Inc. 43 0.01 1,600 JPY Medipal Holdings Corp. 37 0.01 1,400 JPY MEIJI Holdings Co. Ltd. 110 0.02 4,200 JPY MINEBEA MITSUMI, Inc. 68 0.02 3,200 JPY MISUMI Group, Inc. 72 0.02 16,700 JPY Mitsubishi Chemical Holdings Corp. 137 0.03 16,000 JPY Mitsubishi Corp. 431 0.10 20,100 JPY Mitsubishi Electric Corp.1 265 0.06 14,900 JPY Mitsubishi Estate Co. Ltd. 239 0.05 2,200 JPY Mitsubishi Gas Chemical Co., Inc. 36 0.01 3,200 JPY Mitsubishi Heavy Industries Ltd.1 122 0.03 900 JPY Mitsubishi Materials Corp. 25 0.01 8,900 JPY Mitsubishi Motors Corp. 55 0.01 3,100 JPY Mitsubishi Tanabe Pharma Corp. 48 0.01 134,900 JPY Mitsubishi UFJ Financial Group, Inc. 742 0.17 6,600 JPY Mitsubishi UFJ Lease & Finance Co. Ltd. 36 0.01 18,700 JPY Mitsui & Co. Ltd. 292 0.07 2,700 JPY Mitsui Chemicals, Inc. 69 0.02 9,500 JPY Mitsui Fudosan Co. Ltd. 227 0.05 1,000 JPY Mitsui OSK Lines Ltd. 24 0.01 256,200 JPY Mizuho Financial Group, Inc. 425 0.10 5,900 JPY MS&AD Insurance Group Holdings, Inc. 179 0.04 2,100 JPY Murata Manufacturing Co. Ltd. 320 0.07 1,100 JPY Nabtesco Corp. 30 0.01 1,400 JPY Nagoya Railroad Co. Ltd. 35 0.01 3,800 JPY NEC Corp. 118 0.03 6,400 JPY Nexon Co. Ltd. 76 0.02 2,000 JPY NGK Insulators Ltd. 30 0.01 1,200 JPY NGK Spark Plug Co. Ltd. 25 0.01 500 JPY NH Foods Ltd. 19 – 2,600 JPY Nidec Corp.1 346 0.08 2,900 JPY Nikon Corp. 45 0.01 1,300 JPY Nintendo Co. Ltd. 396 0.09 19 JPY Nippon Building Fund, Inc., REIT 118 0.03 1,000 JPY Nippon Electric Glass Co. Ltd. 27 0.01 600 JPY Nippon Express Co. Ltd. 36 0.01 2,300 JPY Nippon Paint Holdings Co. Ltd.1 82 0.02 17 JPY Nippon Prologis REIT, Inc. 35 0.01 8,600 JPY Nippon Steel & Sumitomo Metal Corp. 157 0.04 8,200 JPY Nippon Telegraph & Telephone Corp. 338 0.08 1,200 JPY Nippon Yusen KK 20 – 1,900 JPY Nissan Chemical Corp.1 103 0.02 27,500 JPY Nissan Motor Co. Ltd.1 241 0.05 1,400 JPY Nisshin Seifun Group, Inc. 29 0.01 500 JPY Nissin Foods Holdings Co. Ltd. 32 0.01 800 JPY Nitori Holdings Co. Ltd. 107 0.02 2,200 JPY Nitto Denko Corp. 120 0.03 300 JPY NOK Corp. 5 – 36,200 JPY Nomura Holdings, Inc.1 163 0.04 700 JPY Nomura Real Estate Holdings, Inc. 14 –

92







Japan (continued) 42 JPY Nomura Real Estate Master Fund, Inc., REIT 56 0.01 1,089 JPY Nomura Research Institute Ltd. 48 0.01 4,300 JPY NSK Ltd.1 40 0.01 5,500 JPY NTT Data Corp. 64 0.01 14,400 JPY NTT DOCOMO, Inc. 333 0.08 7,500 JPY Obayashi Corp. 75 0.02 1,100 JPY Obic Co. Ltd. 95 0.02 4,100 JPY Odakyu Electric Railway Co. Ltd.1 92 0.02 11,000 JPY Oji Holdings Corp. 64 0.01 3,900 JPY Olympus Corp.1 110 0.02 1,700 JPY Omron Corp. 75 0.02 4,600 JPY Ono Pharmaceutical Co. Ltd. 111 0.03 600 JPY Oracle Corp. Japan 39 0.01 2,000 JPY Oriental Land Co. Ltd. 199 0.05 16,000 JPY ORIX Corp. 259 0.06 5,000 JPY Osaka Gas Co. Ltd. 91 0.02 800 JPY Otsuka Corp. 27 0.01 4,000 JPY Otsuka Holdings Co. Ltd. 195 0.04 23,100 JPY Panasonic Corp. 237 0.05 900 JPY Park24 Co. Ltd. 24 0.01 1,600 JPY Persol Holdings Co. Ltd. 30 0.01 1,600 JPY Pola Orbis Holdings, Inc. 45 0.01 13,400 JPY Rakuten, Inc.1 108 0.02 12,700 JPY Recruit Holdings Co. Ltd. 349 0.08 7,500 JPY Renesas Electronics Corp. 35 0.01 22,500 JPY Resona Holdings, Inc. 119 0.03 10,100 JPY Ricoh Co. Ltd. 98 0.02 400 JPY Rinnai Corp. 29 0.01 1,000 JPY Rohm Co. Ltd. 70 0.02 200 JPY Ryohin Keikaku Co. Ltd. 54 0.01 5,300 JPY Santen Pharmaceutical Co. Ltd. 91 0.02 3,200 JPY SBI Holdings, Inc. 73 0.02 2,100 JPY Secom Co. Ltd. 178 0.04 2,000 JPY Sega Sammy Holdings, Inc. 28 0.01 1,600 JPY Seibu Holdings, Inc. 30 0.01 3,400 JPY Seiko Epson Corp. 54 0.01 4,800 JPY Sekisui Chemical Co. Ltd. 78 0.02 8,200 JPY Sekisui House Ltd. 124 0.03 8,300 JPY Seven & i Holdings Co. Ltd. 361 0.08 3,700 JPY Seven Bank Ltd. 11 – 2,300 JPY SG Holdings Co. Ltd. 56 0.01 1,100 JPY Sharp Corp. 16 – 2,000 JPY Shimadzu Corp. 47 0.01 200 JPY Shimamura Co. Ltd. 17 – 900 JPY Shimano, Inc.1 131 0.03 6,000 JPY Shimizu Corp. 51 0.01 3,800 JPY Shin-Etsu Chemical Co. Ltd. 339 0.08 1,000 JPY Shinsei Bank Ltd. 14 – 2,800 JPY Shionogi & Co. Ltd. 185 0.04 4,300 JPY Shiseido Co. Ltd. 274 0.06 7,000 JPY Shizuoka Bank Ltd. (The) 63 0.01 1,300 JPY Showa Denko KK1 52 0.01 2,400 JPY Showa Shell Sekiyu KK 37 0.01 600 JPY SMC Corp.1 203 0.05

93







Japan (continued) 9,300 JPY SoftBank Group Corp. 780 0.18 700 JPY Sohgo Security Services Co. Ltd. 33 0.01 4,400 JPY Sompo Holdings, Inc. 170 0.04 14,300 JPY Sony Corp. 748 0.17 1,800 JPY Sony Financial Holdings, Inc.1 38 0.01 1,700 JPY Stanley Electric Co. Ltd. 49 0.01 7,700 JPY Subaru Corp. 171 0.04 1,900 JPY SUMCO Corp. 29 0.01 15,000 JPY Sumitomo Chemical Co. Ltd. 81 0.02 13,400 JPY Sumitomo Corp. 206 0.05 1,300 JPY Sumitomo Dainippon Pharma Co. Ltd. 42 0.01 9,600 JPY Sumitomo Electric Industries Ltd. 135 0.03 1,000 JPY Sumitomo Heavy Industries Ltd. 33 0.01 2,200 JPY Sumitomo Metal Mining Co. Ltd.1 64 0.01 15,200 JPY Sumitomo Mitsui Financial Group, Inc. 560 0.13 4,400 JPY Sumitomo Mitsui Trust Holdings, Inc. 176 0.04 4,000 JPY Sumitomo Realty & Development Co. Ltd. 148 0.03 1,200 JPY Sumitomo Rubber Industries Ltd. 16 – 600 JPY Sundrug Co. Ltd. 20 – 2,200 JPY Suntory Beverage & Food Ltd. 92 0.02 900 JPY Suzuken Co. Ltd. 48 0.01 3,800 JPY Suzuki Motor Corp. 189 0.04 2,100 JPY Sysmex Corp. 112 0.03 5,500 JPY T&D Holdings, Inc. 78 0.02 1,100 JPY Taiheiyo Cement Corp. 37 0.01 2,300 JPY Taisei Corp. 101 0.02 700 JPY Taisho Pharmaceutical Holdings Co. Ltd. 81 0.02 3,000 JPY Taiyo Nippon Sanso Corp. 51 0.01 2,000 JPY Takashimaya Co. Ltd. 29 0.01 7,800 JPY Takeda Pharmaceutical Co. Ltd.1 292 0.07 1,700 JPY TDK Corp. 134 0.03 2,200 JPY Teijin Ltd. 38 0.01 3,400 JPY Terumo Corp. 200 0.05 1,200 JPY THK Co. Ltd. 28 0.01 1,600 JPY Tobu Railway Co. Ltd. 46 0.01 1,400 JPY Toho Co. Ltd. 49 0.01 600 JPY Toho Gas Co. Ltd. 24 0.01 5,800 JPY Tohoku Electric Power Co., Inc. 76 0.02 7,600 JPY Tokio Marine Holdings, Inc. 375 0.09 800 JPY Tokyo Century Corp. 38 0.01 18,300 JPY Tokyo Electric Power Co. Holdings, Inc. 111 0.03 2,000 JPY Tokyo Electron Ltd. 280 0.06 3,700 JPY Tokyo Gas Co. Ltd. 95 0.02 2,100 JPY Tokyo Tatemono Co. Ltd. 24 0.01 6,200 JPY Tokyu Corp. 108 0.02 4,000 JPY Tokyu Fudosan Holdings Corp. 22 – 1,500 JPY Toppan Printing Co. Ltd. 24 0.01 13,500 JPY Toray Industries, Inc. 106 0.02 8,100 JPY Toshiba Corp. 251 0.06 2,500 JPY Tosoh Corp. 35 0.01 1,200 JPY TOTO Ltd. 46 0.01 800 JPY Toyo Seikan Group Holdings Ltd. 18 – 600 JPY Toyo Suisan Kaisha Ltd. 21 – 2,100 JPY Toyota Industries Corp. 108 0.02

94







Japan (continued) 25,268 JPY Toyota Motor Corp. 1,514 0.35 1,900 JPY Toyota Tsusho Corp.1 66 0.01 1,400 JPY Trend Micro, Inc. 80 0.02 300 JPY Tsuruha Holdings, Inc. 30 0.01 4,400 JPY Unicharm Corp. 138 0.03 23 JPY United Urban Investment Corp., REIT 37 0.01 1,800 JPY USS Co. Ltd. 32 0.01 2,000 JPY West Japan Railway Co. 139 0.03 28,900 JPY Yahoo Japan Corp.1 83 0.02 900 JPY Yakult Honsha Co. Ltd. 68 0.02 4,100 JPY Yamada Denki Co. Ltd. 20 – 3,000 JPY Yamaguchi Financial Group, Inc.1 31 0.01 1,800 JPY Yamaha Corp.1 78 0.02 3,700 JPY Yamaha Motor Co. Ltd. 76 0.02 4,400 JPY Yamato Holdings Co. Ltd. 116 0.03 1,000 JPY Yamazaki Baking Co. Ltd. 21 – 3,400 JPY Yaskawa Electric Corp. 106 0.02 1,500 JPY Yokogawa Electric Corp. 28 0.01 2,000 JPY Yokohama Rubber Co. Ltd. (The) 42 0.01 2,900 JPY ZOZO, Inc. 64 0.01 Total Japan 36,423 8.33

Jersey (31 May 2018: 0.51%) 2,878 USD Aptiv plc 207 0.05 9,779 GBP Experian plc 238 0.05 2,698 GBP Ferguson plc 173 0.04 125,964 GBP Glencore plc 466 0.11 756 GBP Randgold Resources Ltd. 60 0.01 10,334 GBP Shire plc 600 0.14 15,234 GBP WPP plc 168 0.04 Total Jersey 1,912 0.44

Liberia (31 May 2018: 0.05%) 1,956 USD Royal Caribbean Cruises Ltd. 221 0.05 Total Liberia 221 0.05

Luxembourg (31 May 2018: 0.12%) 6,657 EUR ArcelorMittal 151 0.04 147 EUR Eurofins Scientific SE 64 0.02 842 SEK Millicom International Cellular SA SDR 49 0.01 279 EUR RTL Group SA 17 – 4,791 EUR SES SA FDR 104 0.02 4,815 EUR Tenaris SA 58 0.01 Total Luxembourg 443 0.10

Mauritius (31 May 2018: 0.01%) 177,000 SGD Golden Agri-Resources Ltd. 31 0.01 Total Mauritius 31 0.01

Netherlands (31 May 2018: 1.79%) 4,256 EUR ABN AMRO Group NV CVA 109 0.02 18,738 EUR Aegon NV 104 0.02

95







Netherlands (continued) 1,268 USD AerCap Holdings NV 67 0.02 6,394 EUR Airbus SE 685 0.16 2,896 EUR Akzo Nobel NV 243 0.06 4,688 EUR ASML Holding NV 791 0.18 14,012 EUR CNH Industrial NV 137 0.03 1,399 EUR EXOR NV 82 0.02 1,214 EUR Ferrari NV 133 0.03 12,058 EUR Fiat Chrysler Automobiles NV 199 0.05 1,069 EUR Heineken Holding NV 94 0.02 2,980 EUR Heineken NV 273 0.06 41,635 EUR ING Groep NV 504 0.12 13,343 EUR Koninklijke Ahold Delhaize NV 343 0.08 2,114 EUR Koninklijke DSM NV 187 0.04 33,425 EUR Koninklijke KPN NV 99 0.02 11,106 EUR Koninklijke Philips NV 418 0.10 787 EUR Koninklijke Vopak NV 34 0.01 3,948 USD LyondellBasell Industries NV 'A' 368 0.08 6,230 USD Mylan NV 211 0.05 3,028 EUR NN Group NV 129 0.03 3,898 USD NXP Semiconductors NV 325 0.07 3,013 EUR QIAGEN NV 106 0.02 1,802 EUR Randstad NV 88 0.02 7,676 EUR STMicroelectronics NV 112 0.03 17,625 EUR Unilever NV CVA 978 0.22 3,380 EUR Wolters Kluwer NV 204 0.05 Total Netherlands 7,023 1.61

New Zealand (31 May 2018: 0.07%) 7,848 NZD a2 Milk Co. Ltd. 56 0.01 16,535 NZD Auckland International Airport Ltd. 82 0.02 4,603 NZD Fisher & Paykel Healthcare Corp. Ltd. 42 0.01 8,139 NZD Fletcher Building Ltd. 27 0.01 14,964 NZD Meridian Energy Ltd. 34 0.01 6,429 NZD Ryman Healthcare Ltd. 51 0.01 17,689 NZD Spark New Zealand Ltd. 51 0.01 Total New Zealand 343 0.08

Norway (31 May 2018: 0.25%) 1,300 NOK Aker BP ASA 37 0.01 12,208 NOK DNB ASA 209 0.05 12,569 NOK Equinor ASA 293 0.07 1,521 NOK Gjensidige Forsikring ASA 24 – 3,905 NOK Marine Harvest ASA 91 0.02 13,123 NOK Norsk Hydro ASA 62 0.01 9,374 NOK Orkla ASA 77 0.02 1,092 NOK Schibsted ASA 'B' 37 0.01 9,063 NOK Telenor ASA 175 0.04 1,959 NOK Yara International ASA 79 0.02 Total Norway 1,084 0.25

96







Panama (31 May 2018: 0.05%) 4,568 USD Carnival Corp. 275 0.06 Total Panama 275 0.06

Papua New Guinea (31 May 2018: 0.02%) 13,711 AUD Oil Search Ltd. 73 0.02 Total Papua New Guinea 73 0.02

Portugal (31 May 2018: 0.06%) 29,628 EUR EDP - Energias de Portugal SA 104 0.02 5,351 EUR Galp Energia SGPS SA 88 0.02 1,802 EUR Jeronimo Martins SGPS SA 21 0.01 Total Portugal 213 0.05

Singapore (31 May 2018: 0.47%) 31,100 SGD Ascendas Real Estate Investment Trust 58 0.01 31,948 SGD CapitaLand Commercial Trust, REIT 40 0.01 35,300 SGD CapitaLand Ltd. 80 0.02 21,800 SGD CapitaLand Mall Trust, REIT 36 0.01 4,400 SGD City Developments Ltd. 27 0.01 25,200 SGD ComfortDelGro Corp. Ltd. 38 0.01 18,787 SGD DBS Group Holdings Ltd.1 334 0.08 5,271 USD Flex Ltd. 46 0.01 59,000 SGD Genting Singapore Ltd. 42 0.01 1,100 SGD Jardine Cycle & Carriage Ltd. 28 0.01 16,000 SGD Keppel Corp. Ltd. 71 0.02 35,470 SGD Oversea-Chinese Banking Corp. Ltd.1 291 0.07 8,400 SGD SATS Ltd. 29 0.01 12,000 SGD Sembcorp Industries Ltd. 23 – 6,500 SGD Singapore Airlines Ltd. 45 0.01 9,000 SGD Singapore Exchange Ltd. 48 0.01 4,200 SGD Singapore Press Holdings Ltd. 8 – 9,700 SGD Singapore Technologies Engineering Ltd. 25 – 103,700 SGD Singapore Telecommunications Ltd. 233 0.05 19,500 SGD Suntec Real Estate Investment Trust 25 – 15,114 SGD United Overseas Bank Ltd. 277 0.06 9,379 SGD UOL Group Ltd. 42 0.01 3,100 SGD Venture Corp. Ltd. 34 0.01 30,500 SGD Wilmar International Ltd. 68 0.01 38,800 SGD Yangzijiang Shipbuilding Holdings Ltd. 35 0.01 Total Singapore 1,983 0.45

Spain (31 May 2018: 1.06%) 3,464 EUR ACS Actividades de Construccion y Servicios SA 133 0.03 922 EUR Aena SME SA 146 0.03 4,795 EUR Amadeus IT Group SA1 343 0.08 79,119 EUR Banco Bilbao Vizcaya Argentaria SA 450 0.10 52,672 EUR Banco de Sabadell SA 67 0.01 183,694 EUR Banco Santander SA 870 0.20 18,610 EUR Bankia SA 62 0.01 9,391 EUR Bankinter SA 79 0.02 37,094 EUR CaixaBank SA 153 0.03 1,103 EUR Enagas SA1 30 0.01

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Spain (continued) 4,450 EUR Endesa SA 99 0.02 5,298 EUR Ferrovial SA 109 0.02 2,963 EUR Grifols SA 83 0.02 69,344 EUR Iberdrola SA 517 0.12 12,363 EUR Industria de Diseno Textil SA 379 0.09 5,166 EUR International Consolidated Airlines Group SA 41 0.01 10,570 EUR Mapfre SA 30 0.01 5,201 EUR Naturgy Energy Group SA 129 0.03 3,326 EUR Red Electrica Corp. SA 72 0.02 14,886 EUR Repsol SA 257 0.06 1,892 EUR Siemens Gamesa Renewable Energy SA 27 0.01 51,832 EUR Telefonica SA1 465 0.11 Total Spain 4,541 1.04

Sweden (31 May 2018: 0.90%) 4,380 SEK Alfa Laval AB 94 0.02 11,279 SEK Assa Abloy AB 'B' 210 0.05 7,585 SEK Atlas Copco AB 'A' 186 0.04 3,598 SEK Atlas Copco AB 'B' 81 0.02 3,127 SEK Boliden AB 70 0.02 2,384 SEK Electrolux AB 'B' 54 0.01 5,463 SEK Epiroc AB 'A' 45 0.01 5,738 SEK Epiroc AB 'B' 46 0.01 6,024 SEK Essity AB 'B' 154 0.04 9,569 SEK Hennes & Mauritz AB 'B'1 176 0.04 3,288 SEK Hexagon AB 'B'1 164 0.04 7,451 SEK Husqvarna AB 'B' 59 0.01 1,097 SEK ICA Gruppen AB1 40 0.01 1,591 SEK Industrivarden AB 'C' 33 0.01 5,625 SEK Investor AB 'B' 246 0.06 2,599 SEK Kinnevik AB 'B' 66 0.02 558 SEK L E Lundbergforetagen AB 'B' 17 – 1,935 SEK Lundin Petroleum AB 51 0.01 12,030 SEK Sandvik AB 179 0.04 3,871 SEK Securitas AB 'B' 65 0.02 18,068 SEK Skandinaviska Enskilda Banken AB 'A' 188 0.04 3,208 SEK Skanska AB 'B' 50 0.01 3,764 SEK SKF AB 'B' 60 0.01 19,174 SEK Svenska Handelsbanken AB 'A' 211 0.05 9,718 SEK Swedbank AB 'A' 226 0.05 6,062 SEK Tele2 AB 'B' 76 0.02 36,835 SEK Telefonaktiebolaget LM Ericsson 'B'1 307 0.07 32,724 SEK Telia Co. AB 151 0.03 16,966 SEK Volvo AB 'B' 236 0.05 Total Sweden 3,541 0.81

Switzerland (31 May 2018: 3.00%) 21,923 CHF ABB Ltd., Registered 443 0.10 1,928 CHF Adecco Group AG, Registered 95 0.02 559 CHF Baloise Holding AG, Registered 82 0.02 20 CHF Barry Callebaut AG, Registered 34 0.01 1 CHF Chocoladefabriken Lindt & Spruengli AG, Registered 80 0.02 11 CHF Chocoladefabriken Lindt & Spruengli AG 75 0.02

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Switzerland (continued) 5,423 USD Chubb Ltd. 725 0.17 6,005 CHF Cie Financiere Richemont SA, Registered 390 0.09 1,875 CHF Clariant AG, Registered 37 0.01 2,083 GBP Coca-Cola HBC AG 62 0.01 28,702 CHF Credit Suisse Group AG1 338 0.08 295 CHF Dufry AG, Registered1 31 0.01 107 CHF EMS-Chemie Holding AG, Registered 58 0.01 1,316 USD Garmin Ltd. 88 0.02 413 CHF Geberit AG, Registered 161 0.04 100 CHF Givaudan SA 246 0.06 2,264 CHF Julius Baer Group Ltd. 91 0.02 714 CHF Kuehne + Nagel International AG, Registered 100 0.02 5,098 CHF LafargeHolcim Ltd., Registered1 229 0.05 815 CHF Lonza Group AG, Registered 263 0.06 35,117 CHF Nestle SA, Registered 2,992 0.68 24,192 CHF Novartis AG, Registered 2,202 0.50 382 CHF Pargesa Holding SA 27 0.01 181 CHF Partners Group Holding AG 119 0.03 7,816 CHF Roche Holding AG 2,027 0.46 359 CHF Schindler Holding AG, Registered 68 0.02 543 CHF Schindler Holding AG 109 0.03 57 CHF SGS SA, Registered 135 0.03 1,500 CHF Sika AG 186 0.04 701 CHF Sonova Holding AG, Registered 113 0.03 143 CHF Straumann Holding AG, Registered 87 0.02 726 CHF Swatch Group AG (The), Registered 43 0.01 310 CHF Swatch Group AG (The)1 92 0.02 449 CHF Swiss Life Holding AG, Registered 176 0.04 1,196 CHF Swiss Prime Site AG, Registered 99 0.02 3,547 CHF Swiss Re AG 324 0.07 259 CHF Swisscom AG, Registered1 124 0.03 3,670 USD TE Connectivity Ltd. 282 0.06 649 CHF Temenos AG, Registered 80 0.02 42,768 CHF UBS Group AG, Registered 578 0.13 504 CHF Vifor Pharma AG 62 0.01 1,756 CHF Zurich Insurance Group AG1 551 0.13 Total Switzerland 14,104 3.23

United Kingdom (31 May 2018: 5.87%) 9,844 GBP 3i Group plc 105 0.02 1,398 GBP Admiral Group plc 37 0.01 12,972 GBP Anglo American plc 259 0.06 4,628 GBP Antofagasta plc 47 0.01 2,874 USD Aon plc1 475 0.11 6,020 GBP Ashtead Group plc 135 0.03 4,553 GBP Associated British Foods plc 141 0.03 14,463 GBP AstraZeneca plc1 1,129 0.26 6,977 GBP Auto Trader Group plc 39 0.01 43,621 GBP Aviva plc 227 0.05 2,566 GBP Babcock International Group plc 19 – 35,588 GBP BAE Systems plc 223 0.05 197,537 GBP Barclays plc 410 0.09 9,878 GBP Barratt Developments plc 58 0.01

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United Kingdom (continued) 1,501 GBP Berkeley Group Holdings plc 62 0.01 24,701 GBP BHP Group plc 473 0.11 226,902 GBP BP plc 1,505 0.34 12,462 GBP British Land Co. plc (The), REIT 90 0.02 92,160 GBP BT Group plc 308 0.07 3,533 GBP Bunzl plc 109 0.03 5,251 GBP Burberry Group plc 119 0.03 1,782 GBP Carnival plc 104 0.02 72,286 GBP Centrica plc 127 0.03 2,989 USD Coca-Cola European Partners plc 145 0.03 17,866 GBP Compass Group plc 383 0.09 9,293 GBP ConvaTec Group plc 18 – 1,181 GBP Croda International plc 73 0.02 28,097 GBP Diageo plc 1,012 0.23 15,787 GBP Direct Line Insurance Group plc 66 0.02 2,177 GBP easyJet plc 31 0.01 2,390 GBP Fresnillo plc 23 0.01 22,565 GBP G4S plc 56 0.01 56,643 GBP GlaxoSmithKline plc 1,172 0.27 8,065 GBP Hammerson plc, REIT 40 0.01 3,633 GBP Hargreaves Lansdown plc 88 0.02 222,815 GBP HSBC Holdings plc 1,889 0.43 12,781 GBP Informa plc 113 0.03 1,894 GBP InterContinental Hotels Group plc 101 0.02 1,541 GBP Intertek Group plc 92 0.02 8,080 GBP Investec plc 49 0.01 41,099 GBP ITV plc 76 0.02 25,294 GBP J Sainsbury plc 98 0.02 6,498 GBP John Wood Group plc 53 0.01 2,573 GBP Johnson Matthey plc 96 0.02 30,551 GBP Kingfisher plc 97 0.02 8,199 GBP Land Securities Group plc, REIT 85 0.02 73,711 GBP Legal & General Group plc 230 0.05 1,859 USD Liberty Global plc 'A' 46 0.01 6,705 USD Liberty Global plc 'C' 163 0.04 836,007 GBP Lloyds Banking Group plc 590 0.14 3,686 GBP London Stock Exchange Group plc 190 0.04 16,615 GBP Marks & Spencer Group plc 62 0.01 2,319 GBP Mediclinic International plc 10 – 10,425 GBP Meggitt plc 69 0.02 51,760 GBP Melrose Industries plc 117 0.03 4,574 GBP Merlin Entertainments plc 20 – 6,144 GBP Micro Focus International plc1 121 0.03 3,260 GBP Mondi plc 71 0.02 38,745 GBP National Grid plc 412 0.09 1,543 GBP Next plc 96 0.02 4,573 USD Nielsen Holdings plc 124 0.03 1,120 GBP NMC Health plc 47 0.01 8,577 GBP Pearson plc 105 0.02 3,046 GBP Persimmon plc 74 0.02 30,114 GBP Prudential plc 592 0.14 7,233 GBP Reckitt Benckiser Group plc 601 0.14 11,598 GBP RELX plc 242 0.06 9,997 EUR RELX plc 211 0.05

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United Kingdom (continued) 13,558 GBP Rio Tinto plc 616 0.14 18,050 GBP Rolls-Royce Holdings plc 196 0.05 830,300 GBP Rolls-Royce Holdings plc, Preference3 1 – 59,148 GBP Royal Bank of Scotland Group plc 165 0.04 52,449 GBP Royal Dutch Shell plc 'A' 1,586 0.36 42,714 GBP Royal Dutch Shell plc 'B' 1,305 0.30 10,240 GBP Royal Mail plc 42 0.01 13,225 GBP RSA Insurance Group plc 92 0.02 10,566 GBP Sage Group plc (The) 78 0.02 1,791 GBP Schroders plc 58 0.01 13,974 GBP Segro plc, REIT 108 0.02 1,923 USD Sensata Technologies Holding plc 89 0.02 2,842 GBP Severn Trent plc 66 0.02 10,879 GBP Smith & Nephew plc 198 0.05 4,382 GBP Smiths Group plc 78 0.02 10,726 GBP SSE plc 150 0.03 5,173 GBP St James's Place plc 66 0.02 30,762 GBP Standard Chartered plc 239 0.05 22,488 GBP Standard Life Aberdeen plc 76 0.02 30,873 GBP Taylor Wimpey plc 53 0.01 5,424 USD TechnipFMC plc 125 0.03 106,047 GBP Tesco plc 267 0.06 2,826 GBP Travis Perkins plc 40 0.01 14,068 GBP Unilever plc1 762 0.17 5,221 GBP United Utilities Group plc 51 0.01 290,506 GBP Vodafone Group plc 626 0.14 3,958 GBP Weir Group plc (The) 74 0.02 2,002 GBP Whitbread plc 117 0.03 26,080 GBP Wm Morrison Supermarkets plc 79 0.02 Total United Kingdom 23,653 5.41

United States (31 May 2018: 56.66%) 6,819 USD 3M Co. 1,418 0.32 19,974 USD Abbott Laboratories 1,479 0.34 16,827 USD AbbVie, Inc. 1,586 0.36 453 USD ABIOMED, Inc. 151 0.03 8,141 USD Activision Blizzard, Inc.1 406 0.09 340 USD Acuity Brands, Inc. 44 0.01 5,626 USD Adobe, Inc. 1,412 0.32 845 USD Advance Auto Parts, Inc. 150 0.03 11,810 USD Advanced Micro Devices, Inc. 252 0.06 7,866 USD AES Corp. 122 0.03 601 USD Affiliated Managers Group, Inc. 67 0.02 8,448 USD Aflac, Inc.1 386 0.09 861 USD AGCO Corp. 51 0.01 3,305 USD Agilent Technologies, Inc. 239 0.05 6,310 USD AGNC Investment Corp., REIT 112 0.03 2,341 USD Air Products & Chemicals, Inc. 377 0.09 2,236 USD Akamai Technologies, Inc. 154 0.04 1,031 USD Albemarle Corp. 99 0.02 1,002 USD Alexandria Real Estate Equities, Inc., REIT 125 0.03 2,469 USD Alexion Pharmaceuticals, Inc. 304 0.07 862 USD Align Technology, Inc. 198 0.05

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United States (continued) 175 USD Alleghany Corp. 110 0.03 634 USD Alliance Data Systems Corp. 127 0.03 2,300 USD Alliant Energy Corp. 104 0.02 3,777 USD Allstate Corp. (The) 337 0.08 4,086 USD Ally Financial, Inc. 109 0.02 1,073 USD Alnylam Pharmaceuticals, Inc. 87 0.02 3,375 USD Alphabet, Inc. 'A' 3,745 0.86 3,562 USD Alphabet, Inc. 'C' 3,898 0.89 4,659 USD Amazon.com, Inc. 7,874 1.80 62 USD AMERCO 21 – 2,973 USD Ameren Corp. 204 0.05 940 USD American Airlines Group, Inc. 38 0.01 5,484 USD American Electric Power Co., Inc. 426 0.10 8,054 USD American Express Co. 904 0.21 1,007 USD American Financial Group, Inc. 103 0.02 10,436 USD American International Group, Inc. 451 0.10 5,123 USD American Tower Corp., REIT 843 0.19 2,205 USD American Water Works Co., Inc. 210 0.05 1,594 USD Ameriprise Financial, Inc. 207 0.05 1,872 USD AmerisourceBergen Corp. 166 0.04 2,342 USD AMETEK, Inc. 172 0.04 7,454 USD Amgen, Inc.1 1,552 0.36 3,435 USD Amphenol Corp. 'A' 302 0.07 5,810 USD Anadarko Petroleum Corp. 307 0.07 4,120 USD Analog Devices, Inc. 379 0.09 15,339 USD Annaly Capital Management, Inc., REIT 154 0.04 852 USD ANSYS, Inc. 138 0.03 2,545 USD Antero Resources Corp. 33 0.01 2,920 USD Anthem, Inc. 847 0.19 1,449 USD AO Smith Corp. 69 0.02 4,372 USD Apache Corp. 154 0.04 55,553 USD Apple, Inc. 9,921 2.27 11,702 USD Applied Materials, Inc. 436 0.10 3,202 USD Aramark 122 0.03 6,401 USD Archer-Daniels-Midland Co. 295 0.07 4,868 USD Arconic, Inc. 105 0.02 514 USD Arista Networks, Inc. 123 0.03 1,067 USD Arrow Electronics, Inc. 82 0.02 2,439 USD Arthur J Gallagher & Co. 188 0.04 412 USD Assurant, Inc. 40 0.01 81,464 USD AT&T, Inc. 2,545 0.58 1,183 USD Atmos Energy Corp. 113 0.03 2,392 USD Autodesk, Inc. 346 0.08 916 USD Autoliv, Inc. 79 0.02 5,009 USD Automatic Data Processing, Inc. 738 0.17 307 USD AutoZone, Inc. 248 0.06 1,591 USD AvalonBay Communities, Inc., REIT 303 0.07 924 USD Avery Dennison Corp. 89 0.02 873 USD Avnet, Inc. 38 0.01 4,671 USD Baker Hughes a GE Co. 107 0.02 3,451 USD Ball Corp. 169 0.04 108,160 USD Bank of America Corp. 3,072 0.70 11,377 USD Bank of New York Mellon Corp. (The)1 584 0.13 5,828 USD Baxter International, Inc. 400 0.09

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United States (continued) 8,381 USD BB&T Corp. 428 0.10 2,934 USD Becton Dickinson and Co. 742 0.17 14,325 USD Berkshire Hathaway, Inc. 'B' 3,126 0.72 2,716 USD Best Buy Co., Inc.1 175 0.04 2,456 USD Biogen, Inc. 820 0.19 2,140 USD BioMarin Pharmaceutical, Inc. 206 0.05 1,323 USD BlackRock, Inc.4 566 0.13 552 USD Booking Holdings, Inc. 1,044 0.24 2,258 USD BorgWarner, Inc. 89 0.02 1,821 USD Boston Properties, Inc., REIT 239 0.05 16,073 USD Boston Scientific Corp.1 605 0.14 1,780 USD Brighthouse Financial, Inc. 72 0.02 18,673 USD Bristol-Myers Squibb Co. 998 0.23 4,696 USD Broadcom, Inc. 1,115 0.26 1,181 USD Broadridge Financial Solutions, Inc. 125 0.03 2,773 USD Brookfield Property REIT, Inc. 'A' 50 0.01 3,154 USD Brown-Forman Corp. 'B' 151 0.03 5,098 USD Cabot Oil & Gas Corp. 128 0.03 2,767 USD Cadence Design Systems, Inc. 125 0.03 957 USD Camden Property Trust, REIT 91 0.02 1,751 USD Campbell Soup Co. 69 0.02 5,597 USD Capital One Financial Corp. 502 0.11 3,130 USD Cardinal Health, Inc. 172 0.04 1,950 USD CarMax, Inc. 129 0.03 6,835 USD Caterpillar, Inc. 927 0.21 1,213 USD Cboe Global Markets, Inc. 131 0.03 3,837 USD CBRE Group, Inc. 'A' 168 0.04 4,044 USD CBS Corp. (Non-Voting) 'B' 219 0.05 1,257 USD CDK Global, Inc. 63 0.01 1,503 USD CDW Corp. 139 0.03 1,411 USD Celanese Corp. 142 0.03 7,938 USD Celgene Corp. 573 0.13 2,080 USD Centene Corp. 296 0.07 6,248 USD CenterPoint Energy, Inc. 175 0.04 10,684 USD CenturyLink, Inc. 201 0.05 3,003 USD Cerner Corp. 174 0.04 2,589 USD CF Industries Holdings, Inc. 109 0.02 1,437 USD CH Robinson Worldwide, Inc. 133 0.03 14,138 USD Charles Schwab Corp. (The) 633 0.14 1,803 USD Charter Communications, Inc. 'A' 594 0.14 2,397 USD Chemours Co. (The) 68 0.02 2,759 USD Cheniere Energy, Inc. 169 0.04 21,428 USD Chevron Corp. 2,549 0.58 306 USD Chipotle Mexican Grill, Inc. 145 0.03 2,690 USD Church & Dwight Co., Inc. 178 0.04 2,823 USD Cigna Corp. 631 0.14 895 USD Cimarex Energy Co. 73 0.02 2,076 USD Cincinnati Financial Corp. 170 0.04 1,086 USD Cintas Corp. 203 0.05 52,879 USD Cisco Systems, Inc. 2,531 0.58 1,629 USD CIT Group, Inc. 76 0.02 28,680 USD Citigroup, Inc. 1,858 0.43 5,525 USD Citizens Financial Group, Inc. 201 0.05 1,394 USD Citrix Systems, Inc. 152 0.03

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United States (continued) 1,520 USD Clorox Co. (The) 252 0.06 4,038 USD CME Group, Inc. 768 0.18 3,601 USD CMS Energy Corp. 188 0.04 45,258 USD Coca-Cola Co. (The) 2,281 0.52 2,346 USD Cognex Corp. 103 0.02 6,268 USD Cognizant Technology Solutions Corp. 'A' 446 0.10 9,176 USD Colgate-Palmolive Co. 583 0.13 51,641 USD Comcast Corp. 'A' 2,015 0.46 2,065 USD Comerica, Inc. 164 0.04 1,545 USD CommScope Holding Co., Inc. 28 0.01 5,009 USD Conagra Brands, Inc. 162 0.04 2,134 USD Concho Resources, Inc. 278 0.06 13,274 USD ConocoPhillips 878 0.20 3,585 USD Consolidated Edison, Inc. 288 0.07 2,000 USD Constellation Brands, Inc. 'A' 392 0.09 769 USD Continental Resources, Inc. 35 0.01 512 USD Cooper Cos., Inc. (The) 143 0.03 2,250 USD Copart, Inc. 115 0.03 8,908 USD Corning, Inc. 287 0.07 472 USD CoStar Group, Inc. 174 0.04 5,022 USD Costco Wholesale Corp. 1,161 0.27 5,420 USD Coty, Inc. 'A' 45 0.01 4,459 USD Crown Castle International Corp., REIT 512 0.12 1,091 USD Crown Holdings, Inc.1 56 0.01 9,523 USD CSX Corp. 692 0.16 1,816 USD Cummins, Inc. 274 0.06 14,734 USD CVS Health Corp. 1,182 0.27 7,182 USD Danaher Corp. 787 0.18 1,205 USD Darden Restaurants, Inc. 133 0.03 1,632 USD DaVita, Inc. 108 0.02 3,297 USD Deere & Co.1 511 0.12 2,480 USD Dell Technologies, Inc. 'V' 262 0.06 2,425 USD Delta Air Lines, Inc. 147 0.03 2,401 USD DENTSPLY SIRONA, Inc. 91 0.02 5,969 USD Devon Energy Corp. 161 0.04 1,769 USD Diamondback Energy, Inc. 195 0.04 2,510 USD Digital Realty Trust, Inc., REIT 289 0.07 4,230 USD Discover Financial Services 302 0.07 1,093 USD Discovery, Inc. 'A' 34 0.01 3,670 USD Discovery, Inc. 'C' 102 0.02 2,018 USD DISH Network Corp. 'A' 66 0.02 3,141 USD Dollar General Corp. 349 0.08 2,853 USD Dollar Tree, Inc. 248 0.06 7,281 USD Dominion Energy, Inc. 542 0.12 525 USD Domino's Pizza, Inc. 146 0.03 1,523 USD Dover Corp. 129 0.03 25,925 USD DowDuPont, Inc. 1,500 0.34 4,189 USD DR Horton, Inc. 156 0.04 1,905 USD DTE Energy Co. 228 0.05 8,121 USD Duke Energy Corp. 719 0.16 3,899 USD Duke Realty Corp., REIT 111 0.03 3,137 USD DXC Technology Co. 198 0.05 3,269 USD E*TRADE Financial Corp. 171 0.04 1,935 USD East West Bancorp, Inc. 104 0.02

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United States (continued) 1,437 USD Eastman Chemical Co. 113 0.03 1,444 USD Eaton Vance Corp. 59 0.01 10,628 USD eBay, Inc. 317 0.07 2,847 USD Ecolab, Inc. 457 0.10 4,038 USD Edison International 223 0.05 2,331 USD Edwards Lifesciences Corp. 378 0.09 3,617 USD Electronic Arts, Inc. 304 0.07 11,236 USD Eli Lilly & Co. 1,333 0.30 6,797 USD Emerson Electric Co. 459 0.11 2,171 USD Entergy Corp.1 189 0.04 6,618 USD EOG Resources, Inc. 684 0.16 1,487 USD Equifax, Inc. 153 0.04 864 USD Equinix, Inc., REIT 333 0.08 4,298 USD Equity Residential, REIT 306 0.07 786 USD Essex Property Trust, Inc., REIT1 206 0.05 2,410 USD Estee Lauder Cos., Inc. (The) 'A' 344 0.08 2,767 USD Evergy, Inc. 164 0.04 3,255 USD Eversource Energy 223 0.05 11,375 USD Exelon Corp. 528 0.12 1,541 USD Expedia Group, Inc. 186 0.04 1,709 USD Expeditors International of Washington, Inc. 130 0.03 6,086 USD Express Scripts Holding Co. 618 0.14 1,186 USD Extra Space Storage, Inc., REIT 114 0.03 47,821 USD Exxon Mobil Corp. 3,802 0.87 811 USD F5 Networks, Inc. 139 0.03 27,106 USD Facebook, Inc. 'A' 3,811 0.87 3,466 USD Fastenal Co. 205 0.05 1,019 USD Federal Realty Investment Trust, REIT 135 0.03 2,877 USD FedEx Corp. 659 0.15 3,748 USD Fidelity National Financial, Inc. 126 0.03 3,688 USD Fidelity National Information Services, Inc. 398 0.09 7,348 USD Fifth Third Bancorp 205 0.05 6,434 USD First Data Corp. 'A' 123 0.03 1,911 USD First Republic Bank 189 0.04 5,465 USD FirstEnergy Corp.1 207 0.05 4,578 USD Fiserv, Inc. 362 0.08 1,022 USD FleetCor Technologies, Inc. 198 0.05 1,351 USD FLIR Systems, Inc. 62 0.01 1,660 USD Flowserve Corp. 81 0.02 1,589 USD Fluor Corp. 65 0.01 1,299 USD FMC Corp. 107 0.02 44,028 USD Ford Motor Co. 414 0.09 1,827 USD Fortinet, Inc. 135 0.03 3,697 USD Fortive Corp. 281 0.06 1,411 USD Fortune Brands Home & Security, Inc. 62 0.01 3,472 USD Franklin Resources, Inc. 118 0.03 15,513 USD Freeport-McMoRan, Inc. 185 0.04 2,324 USD Gap, Inc. (The)1 63 0.01 1,117 USD Gartner, Inc. 171 0.04 100,093 USD General Electric Co. 751 0.17 6,335 USD General Mills, Inc. 268 0.06 14,861 USD General Motors Co. 564 0.13 1,887 USD Genuine Parts Co. 196 0.04 15,009 USD Gilead Sciences, Inc. 1,080 0.25

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United States (continued) 1,811 USD Global Payments, Inc. 202 0.05 1,606 USD GoDaddy, Inc. 'A' 105 0.02 4,129 USD Goldman Sachs Group, Inc. (The) 787 0.18 2,408 USD Goodyear Tire & Rubber Co. (The) 56 0.01 1,692 USD H&R Block, Inc. 46 0.01 10,393 USD Halliburton Co. 327 0.07 3,197 USD Hanesbrands, Inc.1 51 0.01 1,374 USD Harley-Davidson, Inc. 58 0.01 1,443 USD Harris Corp. 206 0.05 4,053 USD Hartford Financial Services Group, Inc. (The) 179 0.04 1,228 USD Hasbro, Inc. 112 0.03 3,170 USD HCA Healthcare, Inc. 456 0.10 4,972 USD HCP, Inc., REIT 145 0.03 1,601 USD HD Supply Holdings, Inc. 64 0.01 1,674 USD Helmerich & Payne, Inc. 101 0.02 1,660 USD Henry Schein, Inc. 148 0.03 1,751 USD Hershey Co. (The) 190 0.04 3,267 USD Hess Corp. 176 0.04 18,632 USD Hewlett Packard Enterprise Co. 279 0.06 3,236 USD Hilton Worldwide Holdings, Inc. 244 0.06 1,963 USD HollyFrontier Corp. 123 0.03 3,587 USD Hologic, Inc. 159 0.04 12,967 USD Home Depot, Inc. (The) 2,338 0.53 8,286 USD Honeywell International, Inc. 1,216 0.28 3,235 USD Hormel Foods Corp. 146 0.03 8,864 USD Host Hotels & Resorts, Inc., REIT 168 0.04 19,316 USD HP, Inc. 444 0.10 1,479 USD Humana, Inc. 487 0.11 12,755 USD Huntington Bancshares, Inc.1 186 0.04 477 USD Huntington Ingalls Industries, Inc. 103 0.02 880 USD IAC/InterActiveCorp. 157 0.04 1,004 USD IDEX Corp. 138 0.03 1,008 USD IDEXX Laboratories, Inc. 205 0.05 3,259 USD Illinois Tool Works, Inc. 453 0.10 1,692 USD Illumina, Inc. 571 0.13 1,793 USD Incyte Corp. 115 0.03 986 USD Ingredion, Inc. 103 0.02 52,391 USD Intel Corp. 2,583 0.59 6,324 USD Intercontinental Exchange, Inc. 517 0.12 10,196 USD International Business Machines Corp. 1,267 0.29 710 USD International Flavors & Fragrances, Inc.1 101 0.02 100 ILS International Flavors & Fragrances, Inc.1 14 – 4,232 USD International Paper Co. 195 0.04 5,250 USD Interpublic Group of Cos., Inc. (The) 123 0.03 2,839 USD Intuit, Inc. 609 0.14 1,299 USD Intuitive Surgical, Inc. 690 0.16 2,595 USD Invitation Homes, Inc., REIT 56 0.01 487 USD IPG Photonics Corp. 69 0.02 1,738 USD IQVIA Holdings, Inc. 217 0.05 2,475 USD Iron Mountain, Inc., REIT1 84 0.02 754 USD Jack Henry & Associates, Inc. 105 0.02 1,416 USD Jacobs Engineering Group, Inc. 93 0.02 858 USD JB Hunt Transport Services, Inc.1 91 0.02 3,188 USD Jefferies Financial Group, Inc. 70 0.02

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United States (continued) 1,155 USD JM Smucker Co. (The) 121 0.03 30,295 USD Johnson & Johnson 4,450 1.02 492 USD Jones Lang LaSalle, Inc. 70 0.02 38,627 USD JPMorgan Chase & Co. 4,295 0.98 3,270 USD Juniper Networks, Inc. 94 0.02 1,139 USD Kansas City Southern 117 0.03 3,091 USD Kellogg Co. 197 0.05 12,762 USD KeyCorp1 234 0.05 2,021 USD Keysight Technologies, Inc. 125 0.03 3,997 USD Kimberly-Clark Corp. 461 0.11 3,793 USD Kimco Realty Corp., REIT 62 0.01 21,966 USD Kinder Morgan, Inc. 375 0.09 1,575 USD KLA-Tencor Corp. 155 0.04 1,075 USD Knight-Swift Transportation Holdings, Inc. 37 0.01 2,130 USD Kohl's Corp. 143 0.03 7,277 USD Kraft Heinz Co. (The) 372 0.09 8,452 USD Kroger Co. (The) 251 0.06 2,269 USD L Brands, Inc. 75 0.02 933 USD L3 Technologies, Inc. 171 0.04 1,198 USD Laboratory Corp. of America Holdings 174 0.04 1,722 USD Lam Research Corp. 270 0.06 4,515 USD Las Vegas Sands Corp. 248 0.06 654 USD Lear Corp. 89 0.02 1,387 USD Leggett & Platt, Inc. 54 0.01 1,350 USD Leidos Holdings, Inc. 85 0.02 3,757 USD Lennar Corp. 'A' 161 0.04 343 USD Lennox International, Inc. 77 0.02 1,183 USD Liberty Broadband Corp. 'C' 100 0.02 1,625 USD Liberty Media Corp-Liberty Formula One 'C' 48 0.01 825 USD Liberty Media Corp-Liberty SiriusXM 'A' 33 0.01 2,403 USD Liberty Media Corp-Liberty SiriusXM 'C' 96 0.02 1,804 USD Liberty Property Trust, REIT 82 0.02 2,108 USD Lincoln National Corp. 133 0.03 2,095 USD Live Nation Entertainment, Inc.1 117 0.03 3,174 USD LKQ Corp. 88 0.02 3,447 USD Loews Corp. 166 0.04 9,377 USD Lowe's Cos., Inc. 885 0.20 1,282 USD Lululemon Athletica, Inc. 170 0.04 1,588 USD M&T Bank Corp. 268 0.06 1,415 USD Macerich Co. (The), REIT 71 0.02 3,491 USD Macy's, Inc.1 119 0.03 758 USD ManpowerGroup, Inc. 62 0.01 9,835 USD Marathon Oil Corp. 164 0.04 7,752 USD Marathon Petroleum Corp. 505 0.12 167 USD Markel Corp. 191 0.04 3,590 USD Marriott International, Inc. 'A' 413 0.09 5,984 USD Marsh & McLennan Cos., Inc. 531 0.12 672 USD Martin Marietta Materials, Inc. 128 0.03 3,304 USD Masco Corp. 105 0.02 10,432 USD Mastercard, Inc. 'A' 2,098 0.48 5,374 USD Mattel, Inc.1 75 0.02 2,811 USD Maxim Integrated Products, Inc. 157 0.04 1,513 USD McCormick & Co., Inc. (Non-Voting)1 227 0.05 8,771 USD McDonald's Corp. 1,653 0.38

107







United States (continued) 2,286 USD McKesson Corp. 285 0.07 542 USD MercadoLibre, Inc. 191 0.04 30,101 USD Merck & Co., Inc. 2,388 0.55 9,916 USD MetLife, Inc. 443 0.10 323 USD Mettler-Toledo International, Inc. 206 0.05 5,620 USD MGM Resorts International 152 0.03 2,813 USD Microchip Technology, Inc. 211 0.05 12,572 USD Micron Technology, Inc. 485 0.11 82,400 USD Microsoft Corp. 9,137 2.09 1,071 USD Mid-America Apartment Communities, Inc., REIT 111 0.03 671 USD Middleby Corp. (The) 81 0.02 629 USD Mohawk Industries, Inc. 81 0.02 2,147 USD Molson Coors Brewing Co. 'B' 141 0.03 17,019 USD Mondelez International, Inc. 'A'1 766 0.18 4,818 USD Monster Beverage Corp.1 288 0.07 1,896 USD Moody's Corp. 302 0.07 14,777 USD Morgan Stanley 656 0.15 4,645 USD Mosaic Co. (The)1 167 0.04 1,713 USD Motorola Solutions, Inc. 225 0.05 931 USD MSCI, Inc. 146 0.03 1,287 USD Nasdaq, Inc. 118 0.03 4,417 USD National Oilwell Varco, Inc. 142 0.03 2,231 USD National Retail Properties, Inc., REIT 112 0.03 1,720 USD Nektar Therapeutics 69 0.02 3,324 USD NetApp, Inc. 222 0.05 4,982 USD Netflix, Inc. 1,425 0.33 5,963 USD New York Community Bancorp, Inc. 63 0.01 4,920 USD Newell Brands, Inc.1 115 0.03 1,618 USD Newfield Exploration Co. 27 0.01 6,689 USD Newmont Mining Corp. 216 0.05 4,768 USD News Corp. 'A' 62 0.01 5,385 USD NextEra Energy, Inc. 979 0.22 14,234 USD NIKE, Inc. 'B' 1,069 0.24 5,031 USD NiSource, Inc. 133 0.03 5,321 USD Noble Energy, Inc. 126 0.03 1,181 USD Nordstrom, Inc. 62 0.01 3,095 USD Norfolk Southern Corp. 528 0.12 2,420 USD Northern Trust Corp. 240 0.05 3,856 USD Nucor Corp.1 233 0.05 6,626 USD NVIDIA Corp.1 1,083 0.25 47 USD NVR, Inc. 115 0.03 8,372 USD Occidental Petroleum Corp. 588 0.13 2,443 USD OGE Energy Corp. 97 0.02 811 USD Old Dominion Freight Line, Inc.1 111 0.03 2,559 USD Omnicom Group, Inc.1 197 0.05 4,605 USD ON Semiconductor Corp. 88 0.02 5,015 USD ONEOK, Inc. 308 0.07 34,484 USD Oracle Corp. 1,681 0.38 930 USD O'Reilly Automotive, Inc. 323 0.07 1,650 USD Owens Corning 86 0.02 4,030 USD PACCAR, Inc. 251 0.06 868 USD Packaging Corp. of America 85 0.02 965 USD Palo Alto Networks, Inc. 167 0.04 1,533 USD Parker-Hannifin Corp. 264 0.06

108







United States (continued) 2,133 USD Parsley Energy, Inc. 'A' 43 0.01 3,937 USD Paychex, Inc. 279 0.06 12,495 USD PayPal Holdings, Inc. 1,072 0.25 3,681 USD People's United Financial, Inc. 62 0.01 15,787 USD PepsiCo, Inc. 1,925 0.44 65,743 USD Pfizer, Inc. 3,039 0.70 5,550 USD PG&E Corp. 146 0.03 4,885 USD Phillips 66 457 0.10 1,089 USD Pinnacle West Capital Corp. 97 0.02 1,805 USD Pioneer Natural Resources Co. 267 0.06 960 USD Plains GP Holdings LP 'A' 21 – 5,186 USD PNC Financial Services Group, Inc. (The)4 704 0.16 862 USD Polaris Industries, Inc. 84 0.02 2,863 USD PPG Industries, Inc.1 313 0.07 8,489 USD PPL Corp. 260 0.06 2,963 USD Principal Financial Group, Inc. 146 0.03 28,224 USD Procter & Gamble Co. (The)1 2,667 0.61 6,245 USD Progressive Corp. (The) 414 0.09 7,197 USD Prologis, Inc., REIT 485 0.11 4,514 USD Prudential Financial, Inc. 423 0.10 5,713 USD Public Service Enterprise Group, Inc. 319 0.07 1,698 USD Public Storage, REIT 362 0.08 2,938 USD PulteGroup, Inc. 78 0.02 810 USD PVH Corp. 90 0.02 1,307 USD Qorvo, Inc. 86 0.02 15,923 USD QUALCOMM, Inc. 928 0.21 1,353 USD Quest Diagnostics, Inc. 120 0.03 4,116 USD Qurate Retail, Inc. 'A' 91 0.02 780 USD Ralph Lauren Corp. 87 0.02 1,755 USD Raymond James Financial, Inc. 140 0.03 3,144 USD Raytheon Co. 551 0.13 2,885 USD Realty Income Corp., REIT 185 0.04 2,151 USD Red Hat, Inc. 384 0.09 1,428 USD Regency Centers Corp., REIT 91 0.02 838 USD Regeneron Pharmaceuticals, Inc. 306 0.07 11,522 USD Regions Financial Corp. 190 0.04 604 USD Reinsurance Group of America, Inc. 90 0.02 2,667 USD Republic Services, Inc. 206 0.05 1,791 USD ResMed, Inc. 200 0.05 1,362 USD Robert Half International, Inc. 84 0.02 1,455 USD Rockwell Automation, Inc. 254 0.06 795 USD Rollins, Inc. 51 0.01 1,119 USD Roper Technologies, Inc. 333 0.08 4,165 USD Ross Stores, Inc. 365 0.08 2,900 USD S&P Global, Inc. 530 0.12 2,426 USD Sabre Corp. 62 0.01 7,847 USD salesforce.com, Inc.1 1,120 0.26 1,387 USD SBA Communications Corp., REIT 'A' 237 0.05 1,065 USD SCANA Corp. 50 0.01 2,181 USD Sealed Air Corp.1 80 0.02 1,389 USD Seattle Genetics, Inc. 87 0.02 1,260 USD SEI Investments Co. 68 0.02 2,710 USD Sempra Energy 312 0.07

109







United States (continued) 2,144 USD ServiceNow, Inc. 397 0.09 938 USD Sherwin-Williams Co. (The) 398 0.09 544 USD Signature Bank 67 0.02 3,771 USD Simon Property Group, Inc., REIT 700 0.16 20,963 USD Sirius XM Holdings, Inc.1 131 0.03 1,998 USD Skyworks Solutions, Inc. 145 0.03 1,152 USD SL Green Realty Corp., REIT 111 0.03 620 USD Snap-on, Inc. 103 0.02 11,392 USD Southern Co. (The)1 539 0.12 1,655 USD Southwest Airlines Co. 90 0.02 1,501 USD Spirit AeroSystems Holdings, Inc. 'A' 123 0.03 1,717 USD Splunk, Inc. 192 0.04 12,992 USD Sprint Corp. 82 0.02 3,607 USD Square, Inc. 'A' 252 0.06 2,485 USD SS&C Technologies Holdings, Inc. 120 0.03 1,823 USD Stanley Black & Decker, Inc. 239 0.05 15,940 USD Starbucks Corp. 1,064 0.24 3,818 USD State Street Corp. 279 0.06 3,073 USD Steel Dynamics, Inc. 108 0.02 1,363 USD Stericycle, Inc. 66 0.02 3,695 USD Stryker Corp.1 648 0.15 5,198 USD SunTrust Banks, Inc. 326 0.07 570 USD SVB Financial Group 145 0.03 6,280 USD Symantec Corp. 139 0.03 7,290 USD Synchrony Financial 189 0.04 1,459 USD Synopsys, Inc. 134 0.03 5,429 USD Sysco Corp. 366 0.08 2,792 USD T Rowe Price Group, Inc. 277 0.06 1,228 USD Take-Two Interactive Software, Inc. 135 0.03 3,712 USD Tapestry, Inc. 145 0.03 2,743 USD Targa Resources Corp. 122 0.03 5,954 USD Target Corp. 422 0.10 3,199 USD TD Ameritrade Holding Corp.1 172 0.04 615 USD Teleflex, Inc. 169 0.04 1,435 USD Tesla, Inc. 503 0.12 10,814 USD Texas Instruments, Inc. 1,080 0.25 2,860 USD Textron, Inc. 161 0.04 4,540 USD Thermo Fisher Scientific, Inc. 1,133 0.26 1,309 USD Tiffany & Co. 119 0.03 14,292 USD TJX Cos., Inc. (The) 698 0.16 3,799 USD T-Mobile US, Inc.1 260 0.06 1,787 USD Toll Brothers, Inc. 59 0.01 984 USD Torchmark Corp. 85 0.02 2,151 USD Total System Services, Inc. 188 0.04 1,405 USD Tractor Supply Co. 134 0.03 523 USD TransDigm Group, Inc. 189 0.04 2,044 USD TransUnion1 132 0.03 3,226 USD Travelers Cos., Inc. (The) 421 0.10 2,662 USD Trimble, Inc. 101 0.02 1,616 USD TripAdvisor, Inc.1 104 0.02 11,711 USD Twenty-First Century Fox, Inc. 'A' 579 0.13 5,154 USD Twenty-First Century Fox, Inc. 'B' 253 0.06 7,880 USD Twitter, Inc. 248 0.06 3,590 USD Tyson Foods, Inc. 'A' 212 0.05

110







United States (continued) 3,619 USD UDR, Inc., REIT 154 0.04 1,638 USD UGI Corp. 94 0.02 622 USD Ulta Beauty, Inc. 185 0.04 3,194 USD Under Armour, Inc. 'A' 76 0.02 1,052 USD Under Armour, Inc. 'C' 23 0.01 8,664 USD Union Pacific Corp. 1,332 0.30 599 USD United Continental Holdings, Inc. 58 0.01 7,872 USD United Parcel Service, Inc. 'B' 908 0.21 842 USD United Rentals, Inc. 99 0.02 9,340 USD United Technologies Corp.1 1,138 0.26 320 USD United Therapeutics Corp. 38 0.01 10,797 USD UnitedHealth Group, Inc. 3,038 0.70 855 USD Universal Health Services, Inc. 'B' 118 0.03 2,118 USD Unum Group 76 0.02 17,454 USD US Bancorp 951 0.22 532 USD Vail Resorts, Inc.1 149 0.03 4,783 USD Valero Energy Corp. 382 0.09 1,099 USD Varian Medical Systems, Inc. 136 0.03 1,591 USD Veeva Systems, Inc. 'A' 153 0.04 4,422 USD Ventas, Inc., REIT 281 0.06 9,058 USD VEREIT, Inc. 69 0.02 1,308 USD VeriSign, Inc. 204 0.05 1,887 USD Verisk Analytics, Inc. 233 0.05 46,287 USD Verizon Communications, Inc. 2,791 0.64 2,973 USD Vertex Pharmaceuticals, Inc. 537 0.12 3,774 USD VF Corp. 307 0.07 3,732 USD Viacom, Inc. 'B'1 115 0.03 20,067 USD Visa, Inc. 'A' 2,844 0.65 4,073 USD Vistra Energy Corp. 96 0.02 832 USD VMware, Inc. 'A' 139 0.03 1,816 USD Vornado Realty Trust, REIT 131 0.03 1,811 USD Voya Financial, Inc. 81 0.02 1,695 USD Vulcan Materials Co. 179 0.04 598 USD WABCO Holdings, Inc.1 73 0.02 777 USD Wabtec Corp. 74 0.02 9,515 USD Walgreens Boots Alliance, Inc. 806 0.18 16,887 USD Walmart, Inc. 1,649 0.38 16,748 USD Walt Disney Co. (The) 1,934 0.44 4,788 USD Waste Management, Inc. 449 0.10 1,024 USD Waters Corp. 203 0.05 3,210 USD WEC Energy Group, Inc. 233 0.05 52,007 USD Wells Fargo & Co. 2,823 0.65 4,331 USD Welltower, Inc., REIT 313 0.07 3,330 USD Western Digital Corp. 151 0.03 5,792 USD Western Union Co. (The) 108 0.02 419 USD Westlake Chemical Corp. 30 0.01 2,933 USD WestRock Co. 138 0.03 8,262 USD Weyerhaeuser Co., REIT 218 0.05 675 USD Whirlpool Corp. 85 0.02 13,722 USD Williams Cos., Inc. (The)1 347 0.08 1,574 USD Workday, Inc. 'A' 258 0.06 2,511 USD Worldpay, Inc. 'A' 215 0.05 922 GBP Worldpay, Inc. 'A' 78 0.02 1,188 USD WR Berkley Corp. 94 0.02

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United States (continued) 570 USD WW Grainger, Inc. 179 0.04 1,038 USD Wynn Resorts Ltd. 114 0.03 5,982 USD Xcel Energy, Inc. 314 0.07 3,419 USD Xerox Corp. 92 0.02 2,941 USD Xilinx, Inc. 272 0.06 1,292 USD XPO Logistics, Inc.1 98 0.02 1,749 USD Xylem, Inc. 128 0.03 3,848 USD Yum! Brands, Inc. 355 0.08 1,949 USD Zayo Group Holdings, Inc. 51 0.01 1,656 USD Zillow Group, Inc. 'C' 61 0.01 2,367 USD Zimmer Biomet Holdings, Inc. 277 0.06 2,549 USD Zions Bancorp NA 124 0.03 5,294 USD Zoetis, Inc. 497 0.11 Total United States 256,742 58.73

Total investments in equities 430,076 98.38


Futures contracts

United States (31 May 2018: 0.01%) – –

Total unrealised gain on futures contracts (31 May 2018: 0.01%) – –


33 USD 1,650 MSCI EAFE Index 21/12/2018 (132) (0.03) 33 USD 1,650 S&P 500 Emini Index 21/12/2018 (100) (0.02) Total United States (232) (0.05)

Total unrealised loss on futures contracts (31 May 2018: (0.02)%) (232) (0.05)

Fair Value USD '000


Total financial assets at fair value through profit or loss 430,076 98.38 Total financial liabilities at fair value through profit or loss (232) (0.05) Cash 7,154 1.64 Other assets and liabilities 145 0.03 Net asset value attributable to redeemable participating unitholders 437,143 100.00


Assets Transferable securities admitted to official stock exchange listing 98.11 Other assets 1.89 Total assets 100.00

112





3 A related party to the Sub-Fund.


On losses USD '000

Futures contracts – 7,540

113

iSHARES DEVELOPED WORLD INDEX FUND (IE)





Exchange traded funds (31 May 2018: 0.61%)

Ireland (31 May 2018: 0.61%) 313,272 EUR iShares Core EURO STOXX 50 UCITS ETF1/2 11,400 0.08 2,512,170 EUR iShares Core MSCI Europe UCITS ETF1/2 63,578 0.48 Total Ireland 74,978 0.56

Total investments in exchange traded funds 74,978 0.56



Equities (31 May 2018: 98.45%)

Australia (31 May 2018: 2.32%) 232,687 AUD AGL Energy Ltd. 3,196 0.02 899,093 AUD Alumina Ltd.2 1,464 0.01 329,108 AUD Amcor Ltd.2 3,228 0.02 1,016,724 AUD AMP Ltd.2 1,804 0.01 343,801 AUD APA Group 2,209 0.02 180,755 AUD Aristocrat Leisure Ltd. 3,123 0.02 54,306 AUD ASX Ltd.2 2,391 0.02 756,425 AUD Aurizon Holdings Ltd. 2,326 0.02 532,369 AUD AusNet Services2 601 – 941,481 AUD Australia & New Zealand Banking Group Ltd.2 18,425 0.14 129,976 AUD Bank of Queensland Ltd. 942 0.01 144,850 AUD Bendigo & Adelaide Bank Ltd.2 1,130 0.01 1,028,309 AUD BHP Billiton Ltd.2 23,046 0.17 187,653 AUD BlueScope Steel Ltd. 1,539 0.01 397,639 AUD Boral Ltd. 1,481 0.01 489,437 AUD Brambles Ltd. 3,671 0.03 89,966 AUD Caltex Australia Ltd. 1,809 0.01 182,994 AUD Challenger Ltd.2 1,272 0.01 26,427 AUD CIMIC Group Ltd. 783 0.01 177,612 AUD Coca-Cola Amatil Ltd.2 1,121 0.01 21,946 AUD Cochlear Ltd.2 2,713 0.02 362,294 AUD Coles Group Ltd. 3,098 0.02 563,436 AUD Commonwealth Bank of Australia2 29,308 0.22 166,687 AUD Computershare Ltd. 2,209 0.02 121,622 AUD Crown Resorts Ltd.2 1,039 0.01 147,264 AUD CSL Ltd. 19,077 0.14 317,324 AUD Dexus, REIT 2,424 0.02 20,864 AUD Domino's Pizza Enterprises Ltd.2 701 – 20,237 AUD Flight Centre Travel Group Ltd.2 722 0.01 371,763 AUD Fortescue Metals Group Ltd.2 1,086 0.01 517,919 AUD Goodman Group, REIT 3,877 0.03 584,911 AUD GPT Group (The), REIT 2,251 0.02 162,414 AUD Harvey Norman Holdings Ltd.2 375 – 460,886 AUD Healthscope Ltd. 761 0.01 579,593 AUD Incitec Pivot Ltd.2 1,591 0.01 701,087 AUD Insurance Australia Group Ltd. 3,727 0.03 174,201 AUD LendLease Group 1,610 0.01 99,302 AUD Macquarie Group Ltd. 8,297 0.06 947,337 AUD Medibank Pvt Ltd.2 1,674 0.01 1,008,697 AUD Mirvac Group, REIT2 1,613 0.01

114







Australia (continued) 857,219 AUD National Australia Bank Ltd. 15,424 0.12 224,982 AUD Newcrest Mining Ltd.2 3,409 0.03 123,367 AUD Orica Ltd.2 1,577 0.01 571,502 AUD Origin Energy Ltd. 2,704 0.02 471,292 AUD QBE Insurance Group Ltd.2 3,896 0.03 40,033 AUD Ramsay Health Care Ltd.2 1,585 0.01 14,889 AUD REA Group Ltd.2 827 0.01 126,224 AUD Rio Tinto Ltd.2 6,755 0.05 520,386 AUD Santos Ltd. 2,098 0.02 1,627,722 AUD Scentre Group, REIT 4,636 0.03 106,957 AUD SEEK Ltd.2 1,443 0.01 128,490 AUD Sonic Healthcare Ltd. 2,139 0.02 1,514,363 AUD South32 Ltd. 3,428 0.03 765,944 AUD Stockland, REIT 2,036 0.01 389,406 AUD Suncorp Group Ltd. 3,788 0.03 345,358 AUD Sydney Airport 1,715 0.01 666,252 AUD Tabcorp Holdings Ltd.2 2,087 0.02 1,164,691 AUD Telstra Corp. Ltd. 2,492 0.02 92,779 AUD TPG Telecom Ltd.2 487 – 826,689 AUD Transurban Group2 6,876 0.05 207,099 AUD Treasury Wine Estates Ltd. 2,140 0.02 1,076,130 AUD Vicinity Centres, REIT 2,098 0.02 362,294 AUD Wesfarmers Ltd. 8,358 0.06 1,079,879 AUD Westpac Banking Corp.2 20,479 0.15 324,397 AUD Woodside Petroleum Ltd. 7,358 0.05 405,856 AUD Woolworths Group Ltd.2 8,571 0.06 Total Australia 282,120 2.11

Austria (31 May 2018: 0.08%) 17,171 EUR ANDRITZ AG2 827 – 91,646 EUR Erste Group Bank AG 3,616 0.03 48,596 EUR OMV AG 2,455 0.02 38,458 EUR Raiffeisen Bank International AG 1,134 0.01 40,130 EUR voestalpine AG 1,334 0.01 Total Austria 9,366 0.07

Belgium (31 May 2018: 0.36%) 66,466 EUR Ageas2 3,209 0.02 247,619 EUR Anheuser-Busch InBev SA2 18,964 0.14 22,493 EUR Colruyt SA 1,437 0.01 27,409 EUR Groupe Bruxelles Lambert SA 2,467 0.02 90,526 EUR KBC Group NV 6,498 0.05 53,848 EUR Proximus SADP 1,490 0.01 24,166 EUR Solvay SA 2,614 0.02 18,740 EUR Telenet Group Holding NV 930 0.01 45,171 EUR UCB SA 3,797 0.03 70,859 EUR Umicore SA2 3,075 0.02 Total Belgium 44,481 0.33

Bermuda (31 May 2018: 0.42%) 134,268 USD Arch Capital Group Ltd. 3,843 0.03 52,760 USD Athene Holding Ltd. 'A' 2,295 0.02 74,829 USD Axalta Coating Systems Ltd. 1,873 0.01

115







Bermuda (continued) 36,096 USD Axis Capital Holdings Ltd. 1,998 0.02 49,396 USD Bunge Ltd. 2,819 0.02 200,896 HKD CK Infrastructure Holdings Ltd.2 1,527 0.01 158,200 USD Dairy Farm International Holdings Ltd. 1,392 0.01 13,327 USD Everest Re Group Ltd. 2,960 0.02 446,000 USD Hongkong Land Holdings Ltd. 2,903 0.02 137,431 USD IHS Markit Ltd. 7,335 0.05 136,211 USD Invesco Ltd. 2,772 0.02 73,700 USD Jardine Matheson Holdings Ltd.2 4,866 0.04 67,800 USD Jardine Strategic Holdings Ltd.2 2,610 0.02 209,970 HKD Kerry Properties Ltd.2 720 0.01 2,017,556 HKD Li & Fung Ltd. 412 – 191,253 USD Marvell Technology Group Ltd. 3,081 0.02 75,366 USD Norwegian Cruise Line Holdings Ltd. 3,868 0.03 525,755 HKD NWS Holdings Ltd.2 1,106 0.01 10,358 USD RenaissanceRe Holdings Ltd. 1,374 0.01 752,031 HKD Shangri-La Asia Ltd.2 1,067 0.01 235,400 HKD Yue Yuen Industrial Holdings Ltd.2 684 0.01 Total Bermuda 51,505 0.39

British Virgin Islands (31 May 2018: 0.02%) 51,174 USD Michael Kors Holdings Ltd. 2,239 0.02 Total British Virgin Islands 2,239 0.02

Canada (31 May 2018: 3.50%) 74,470 CAD Agnico Eagle Mines Ltd.2 2,618 0.02 146,228 CAD Alimentation Couche-Tard, Inc. 'B'2 7,672 0.06 118,290 CAD AltaGas Ltd.2 1,286 0.01 120,230 CAD ARC Resources Ltd.2 823 0.01 27,860 CAD Atco Ltd. 'I' 852 0.01 286,269 CAD Aurora Cannabis, Inc.2 1,637 0.01 223,993 CAD Bank of Montreal 16,706 0.12 402,691 CAD Bank of Nova Scotia (The)2 21,905 0.16 390,774 CAD Barrick Gold Corp.2 4,978 0.04 117,683 CAD Bausch Health Cos Inc 2,859 0.02 48,053 CAD BCE, Inc. 2,059 0.02 167,955 CAD BlackBerry Ltd.2 1,476 0.01 832,053 CAD Bombardier, Inc. 'B' 1,390 0.01 283,756 CAD Brookfield Asset Management, Inc. 'A'2 12,434 0.09 127,699 CAD CAE, Inc. 2,592 0.02 133,563 CAD Cameco Corp.2 1,585 0.01 159,696 CAD Canadian Imperial Bank of Commerce 13,397 0.10 251,786 CAD Canadian National Railway Co. 21,627 0.16 410,409 CAD Canadian Natural Resources Ltd. 10,310 0.08 47,907 CAD Canadian Pacific Railway Ltd. 10,129 0.08 19,003 CAD Canadian Tire Corp. Ltd. 'A' 2,121 0.02 43,706 CAD Canadian Utilities Ltd. 'A'2 1,030 0.01 50,365 CAD CCL Industries, Inc. 'B'2 2,088 0.02 317,802 CAD Cenovus Energy, Inc. 2,348 0.02 80,360 CAD CGI Group, Inc. 'A' 5,139 0.04 82,924 CAD CI Financial Corp. 1,255 0.01 6,499 CAD Constellation Software, Inc.2 4,456 0.03 180,473 CAD Crescent Point Energy Corp.2 535 –

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Canada (continued) 94,857 CAD Dollarama, Inc. 2,506 0.02 38,763 CAD Emera, Inc. 1,301 0.01 58,142 CAD Empire Co. Ltd. 'A' 1,101 0.01 623,685 CAD Enbridge, Inc. 20,488 0.15 304,896 CAD Encana Corp. 2,053 0.01 10,248 CAD Fairfax Financial Holdings Ltd. 4,843 0.04 58,829 CAD Finning International, Inc. 1,222 0.01 110,709 CAD First Capital Realty, Inc. 1,644 0.01 259,964 CAD First Quantum Minerals Ltd. 2,386 0.02 151,868 CAD Fortis, Inc. 5,273 0.04 69,357 CAD Franco-Nevada Corp. 4,801 0.04 28,285 CAD George Weston Ltd. 2,044 0.01 76,129 CAD Gildan Activewear, Inc. 2,500 0.02 280,310 CAD Goldcorp, Inc. 2,598 0.02 89,534 CAD Great-West Lifeco, Inc.2 2,053 0.01 48,978 CAD H&R Real Estate Investment Trust2 775 0.01 107,061 CAD Husky Energy, Inc. 1,329 0.01 139,051 CAD Hydro One Ltd. 2,057 0.02 30,847 CAD IGM Financial, Inc. 791 0.01 101,602 CAD Imperial Oil Ltd.2 3,025 0.02 35,818 CAD Industrial Alliance Insurance & Financial Services, Inc. 1,309 0.01 44,752 CAD Intact Financial Corp. 3,582 0.03 112,027 CAD Inter Pipeline Ltd. 1,800 0.01 58,230 CAD Keyera Corp.2 1,275 0.01 364,248 CAD Kinross Gold Corp. 987 0.01 10,759 CAD Linamar Corp. 390 – 72,118 CAD Loblaw Cos. Ltd. 3,326 0.02 179,952 CAD Lundin Mining Corp. 784 0.01 115,884 CAD Magna International, Inc.2 5,781 0.04 648,938 CAD Manulife Financial Corp. 10,727 0.08 15,956 CAD Methanex Corp. 884 0.01 91,559 CAD Metro, Inc. 3,155 0.02 124,752 CAD National Bank of Canada 5,688 0.04 208,951 CAD Nutrien Ltd. 10,760 0.08 27,474 CAD Onex Corp. 1,703 0.01 80,303 CAD Open Text Corp.2 2,751 0.02 171,472 CAD Pembina Pipeline Corp. 5,780 0.04 141,339 CAD Power Corp. of Canada 2,818 0.02 81,579 CAD Power Financial Corp. 1,725 0.01 54,881 CAD PrairieSky Royalty Ltd.2 750 0.01 79,781 CAD Restaurant Brands International, Inc. 4,654 0.03 55,230 CAD RioCan Real Estate Investment Trust 1,028 0.01 117,468 CAD Rogers Communications, Inc. 'B' 6,264 0.05 493,784 CAD Royal Bank of Canada 36,193 0.27 69,755 CAD Saputo, Inc. 2,167 0.02 72,318 CAD Seven Generations Energy Ltd. 551 – 165,501 CAD Shaw Communications, Inc. 'B' 3,114 0.02 33,639 CAD Shopify, Inc. 'A' 5,119 0.04 15,334 CAD SmartCentres Real Estate Investment Trust2 363 – 81,132 CAD SNC-Lavalin Group, Inc.2 2,961 0.02 222,531 CAD Sun Life Financial, Inc.2 8,204 0.06 577,403 CAD Suncor Energy, Inc.2 18,611 0.14 165,394 CAD Teck Resources Ltd. 'B' 3,349 0.02 57,875 CAD TELUS Corp. 2,077 0.02

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Canada (continued) 75,069 CAD Thomson Reuters Corp. 3,792 0.03 624,829 CAD Toronto-Dominion Bank (The) 34,582 0.26 71,810 CAD Tourmaline Oil Corp.2 994 0.01 318,675 CAD TransCanada Corp. 13,055 0.10 382,113 CAD Turquoise Hill Resources Ltd. 684 – 39,270 CAD Vermilion Energy, Inc.2 977 0.01 89,520 USD Waste Connections, Inc. 7,025 0.05 23,628 CAD West Fraser Timber Co. Ltd. 1,233 0.01 146,945 CAD Wheaton Precious Metals Corp. 2,306 0.02 35,078 CAD WSP Global, Inc. 1,727 0.01 Total Canada 449,102 3.36

Cayman Islands (31 May 2018: 0.26%) 70,135 HKD ASM Pacific Technology Ltd.2 717 – 860,843 HKD CK Asset Holdings Ltd.2 6,199 0.05 882,343 HKD CK Hutchison Holdings Ltd.2 9,223 0.07 105,992 USD Melco Resorts & Entertainment Ltd. ADR 1,915 0.01 315,200 HKD MGM China Holdings Ltd.2 538 – 230,000 HKD Minth Group Ltd.2 771 0.01 802,682 HKD Sands China Ltd.2 3,472 0.03 2,613,000 HKD WH Group Ltd.2 1,907 0.01 395,031 HKD Wharf Real Estate Investment Co. Ltd.2 2,375 0.02 542,000 HKD Wynn Macau Ltd.2 1,231 0.01 Total Cayman Islands 28,348 0.21

Curacao (31 May 2018: 0.23%) 461,770 USD Schlumberger Ltd.2 20,826 0.16 Total Curacao 20,826 0.16

Denmark (31 May 2018: 0.61%) 1,400 DKK AP Moller - Maersk A/S 'A' 1,852 0.01 2,131 DKK AP Moller - Maersk A/S 'B'2 3,033 0.02 37,318 DKK Carlsberg A/S 'B' 4,133 0.03 36,032 DKK Chr Hansen Holding A/S2 3,254 0.02 40,185 DKK Coloplast A/S 'B'2 3,832 0.03 233,134 DKK Danske Bank A/S2 4,648 0.04 65,787 DKK DSV A/S 5,034 0.04 19,475 DKK Genmab A/S 2,963 0.02 22,668 DKK H Lundbeck A/S2 931 0.01 49,621 DKK ISS A/S2 1,609 0.01 616,546 DKK Novo Nordisk A/S 'B' 28,623 0.22 73,856 DKK Novozymes A/S 'B' 3,441 0.03 61,754 DKK Orsted A/S 4,018 0.03 30,953 DKK Pandora A/S 1,672 0.01 36,536 DKK Tryg A/S 909 0.01 58,859 DKK Vestas Wind Systems A/S2 4,393 0.03 42,617 DKK William Demant Holding A/S 1,245 0.01 Total Denmark 75,590 0.57

Finland (31 May 2018: 0.36%) 44,748 EUR Elisa OYJ2 1,794 0.01 151,370 EUR Fortum OYJ2 3,155 0.02

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Finland (continued) 108,782 EUR Kone OYJ 'B' 5,390 0.04 34,689 EUR Metso OYJ 989 0.01 41,288 EUR Neste OYJ2 3,226 0.02 1,874,812 EUR Nokia OYJ 10,308 0.08 41,040 EUR Nokian Renkaat OYJ2 1,314 0.01 1,035,343 SEK Nordea Bank Abp 9,191 0.07 35,401 EUR Orion OYJ 'B' 1,182 0.01 139,366 EUR Sampo OYJ 'A' 6,222 0.05 180,980 EUR Stora Enso OYJ 'R' 2,306 0.02 163,863 EUR UPM-Kymmene OYJ 4,366 0.03 154,647 EUR Wartsila OYJ Abp2 2,518 0.02 Total Finland 51,961 0.39

France (31 May 2018: 3.56%) 60,732 EUR Accor SA2 2,696 0.02 9,836 EUR Aeroports de Paris 1,912 0.01 137,670 EUR Air Liquide SA 16,640 0.12 49,131 EUR Alstom SA2 2,156 0.02 15,639 EUR Amundi SA 896 0.01 21,962 EUR Arkema SA 2,084 0.02 26,934 EUR Atos SE 2,287 0.02 634,442 EUR AXA SA 15,455 0.12 16,326 EUR BioMerieux2 1,152 0.01 377,109 EUR BNP Paribas SA 18,947 0.14 278,055 EUR Bollore SA2 1,218 0.01 67,127 EUR Bouygues SA2 2,581 0.02 92,206 EUR Bureau Veritas SA 2,038 0.01 56,924 EUR Capgemini SE2 6,642 0.05 174,016 EUR Carrefour SA2 3,133 0.02 18,059 EUR Casino Guichard Perrachon SA2 816 0.01 164,083 EUR Cie de Saint-Gobain2 6,082 0.05 59,707 EUR Cie Generale des Etablissements Michelin SCA2 6,248 0.05 57,555 EUR CNP Assurances 1,318 0.01 10,765 EUR Covivio, REIT2 1,049 0.01 383,756 EUR Credit Agricole SA 4,766 0.04 200,153 EUR Danone SA 14,971 0.11 643 EUR Dassault Aviation SA 983 0.01 46,503 EUR Dassault Systemes SE2 5,581 0.04 70,689 EUR Edenred 2,696 0.02 29,705 EUR Eiffage SA 2,826 0.02 200,953 EUR Electricite de France SA 3,301 0.02 577,687 EUR Engie SA 8,124 0.06 68,692 EUR EssilorLuxottica SA2 8,723 0.06 13,899 EUR Eurazeo SE 1,041 0.01 53,913 EUR Eutelsat Communications SA 1,149 0.01 18,633 EUR Faurecia SA 726 – 19,316 EUR Gecina SA, REIT 2,701 0.02 199,222 EUR Getlink SE 2,588 0.02 9,864 EUR Hermes International 5,335 0.04 13,743 EUR ICADE, REIT2 1,089 0.01 8,606 EUR Iliad SA2 1,161 0.01 13,804 EUR Imerys SA2 741 – 16,236 EUR Ingenico Group SA 1,172 0.01

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France (continued) 12,327 EUR Ipsen SA 1,587 0.01 33,259 EUR JCDecaux SA2 1,130 0.01 24,279 EUR Kering SA 10,556 0.08 78,527 EUR Klepierre SA, REIT 2,571 0.02 93,116 EUR Legrand SA 5,704 0.04 82,737 EUR L'Oreal SA 19,476 0.15 93,071 EUR LVMH Moet Hennessy Louis Vuitton SE 26,614 0.20 311,067 EUR Natixis SA2 1,719 0.01 629,456 EUR Orange SA2 10,805 0.08 71,770 EUR Pernod Ricard SA 11,474 0.09 213,844 EUR Peugeot SA2 4,697 0.03 73,103 EUR Publicis Groupe SA2 4,334 0.03 7,909 EUR Remy Cointreau SA 916 0.01 58,506 EUR Renault SA 4,110 0.03 108,840 EUR Rexel SA 1,306 0.01 108,818 EUR Safran SA 13,596 0.10 369,076 EUR Sanofi 33,351 0.25 179,754 EUR Schneider Electric SE 13,083 0.10 55,006 EUR SCOR SE 2,643 0.02 4,962 EUR SEB SA2 711 – 10,118 EUR Societe BIC SA2 1,085 0.01 258,200 EUR Societe Generale SA 9,490 0.07 30,216 EUR Sodexo SA2 3,128 0.02 107,151 EUR Suez 1,592 0.01 18,548 EUR Teleperformance 3,070 0.02 33,066 EUR Thales SA 4,055 0.03 792,166 EUR TOTAL SA 44,098 0.33 30,574 EUR Ubisoft Entertainment SA2 2,490 0.02 43,877 EUR Unibail-Rodamco-Westfield, REIT 7,543 0.06 3 AUD Unibail-Rodamco-Westfield, REIT CDI3 – – 73,066 EUR Valeo SA2 2,085 0.02 171,146 EUR Veolia Environnement SA 3,638 0.03 164,728 EUR Vinci SA 14,380 0.11 332,238 EUR Vivendi SA 8,276 0.06 10,315 EUR Wendel SA 1,253 0.01 Total France 441,590 3.31

Germany (31 May 2018: 3.34%) 18,147 EUR 1&1 Drillisch AG2 912 0.01 60,687 EUR adidas AG2 13,385 0.10 142,411 EUR Allianz SE 30,072 0.23 16,967 EUR Axel Springer SE 1,082 0.01 298,119 EUR BASF SE 21,728 0.16 303,948 EUR Bayer AG, Registered 22,225 0.17 109,548 EUR Bayerische Motoren Werke AG 8,957 0.07 14,187 EUR Bayerische Motoren Werke AG, Preference 1,030 0.01 38,992 EUR Beiersdorf AG2 4,174 0.03 55,931 EUR Brenntag AG 2,586 0.02 356,707 EUR Commerzbank AG 3,072 0.02 38,334 EUR Continental AG 5,740 0.04 64,045 EUR Covestro AG2 3,688 0.03 296,702 EUR Daimler AG 16,695 0.13 31,171 EUR Delivery Hero SE2 1,134 0.01

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Germany (continued) 673,320 EUR Deutsche Bank AG, Registered2 6,147 0.05 64,787 EUR Deutsche Boerse AG2 8,274 0.06 87,566 EUR Deutsche Lufthansa AG 2,132 0.02 322,287 EUR Deutsche Post AG 10,261 0.08 1,113,704 EUR Deutsche Telekom AG, Registered 19,526 0.15 119,191 EUR Deutsche Wohnen SE 5,714 0.04 703,414 EUR E.ON SE 7,172 0.05 50,739 EUR Evonik Industries AG 1,364 0.01 13,981 EUR Fraport AG Frankfurt Airport Services Worldwide 1,028 0.01 67,541 EUR Fresenius Medical Care AG & Co. KGaA 5,497 0.04 145,245 EUR Fresenius SE & Co. KGaA 8,242 0.06 27,286 EUR Fuchs Petrolub SE, Preference 1,130 0.01 61,511 EUR GEA Group AG2 1,660 0.01 20,640 EUR Hannover Rueck SE 2,867 0.02 48,023 EUR HeidelbergCement AG 3,192 0.02 93,929 EUR Henkel AG & Co. KGaA, Preference2 10,837 0.08 7,285 EUR HOCHTIEF AG 1,036 0.01 23,214 EUR HUGO BOSS AG 1,603 0.01 360,633 EUR Infineon Technologies AG2 7,552 0.06 47,744 EUR Innogy SE 2,003 0.02 77,552 EUR K+S AG, Registered2 1,361 0.01 27,302 EUR KION Group AG 1,540 0.01 28,272 EUR LANXESS AG2 1,550 0.01 40,857 EUR Merck KGaA2 4,504 0.03 42,487 EUR METRO AG2 652 – 16,004 EUR MTU Aero Engines AG2 3,327 0.02 49,077 EUR Muenchener Rueckversicherungs-Gesellschaft AG, Registered 10,663 0.08 27,900 EUR OSRAM Licht AG2 1,278 0.01 60,691 EUR Porsche Automobil Holding SE, Preference 3,883 0.03 69,859 EUR ProSiebenSat.1 Media SE 1,419 0.01 2,014 EUR Puma SE 1,010 0.01 173,150 EUR RWE AG 3,738 0.03 318,473 EUR SAP SE 32,785 0.25 12,054 EUR Sartorius AG, Preference2 1,530 0.01 58,898 EUR Schaeffler AG, Preference2 507 – 255,435 EUR Siemens AG, Registered 29,616 0.22 60,398 EUR Siemens Healthineers AG2 2,615 0.02 40,841 EUR Symrise AG 3,297 0.02 218,390 EUR Telefonica Deutschland Holding AG 885 0.01 138,043 EUR thyssenkrupp AG2 2,578 0.02 162,223 GBP TUI AG 2,312 0.02 59,952 EUR Uniper SE2 1,539 0.01 41,097 EUR United Internet AG, Registered2 1,850 0.01 62,339 EUR Volkswagen AG, Preference2 10,510 0.08 9,589 EUR Volkswagen AG2 1,584 0.01 173,812 EUR Vonovia SE 8,417 0.06 38,124 EUR Wirecard AG 5,760 0.04 31,443 EUR Zalando SE2 975 0.01 Total Germany 385,402 2.89

Hong Kong (31 May 2018: 0.96%) 4,000,200 HKD AIA Group Ltd.2 32,637 0.24 599,133 HKD Bank of East Asia Ltd. (The)2 2,017 0.01

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Hong Kong (continued) 1,210,266 HKD BOC Hong Kong Holdings Ltd.2 4,717 0.03 585,977 HKD CLP Holdings Ltd.2 6,458 0.05 781,000 HKD Galaxy Entertainment Group Ltd.2 4,795 0.03 299,000 HKD Hang Lung Group Ltd.2 829 0.01 722,408 HKD Hang Lung Properties Ltd. 1,462 0.01 253,792 HKD Hang Seng Bank Ltd.2 5,857 0.04 444,434 HKD Henderson Land Development Co. Ltd.2 2,283 0.02 1,176,500 HKD HK Electric Investments & HK Electric Investments Ltd.2 1,128 0.01 1,727,520 HKD HKT Trust & HKT Ltd. 2,499 0.02 3,457,001 HKD Hong Kong & China Gas Co. Ltd.2 6,971 0.05 394,501 HKD Hong Kong Exchanges & Clearing Ltd.2 11,494 0.09 209,021 HKD Hysan Development Co. Ltd. 999 0.01 697,849 HKD Link REIT 6,643 0.05 481,250 HKD MTR Corp. Ltd.2 2,497 0.02 1,941,859 HKD New World Development Co. Ltd.2 2,610 0.02 1,515,745 HKD PCCW Ltd.2 889 0.01 493,764 HKD Power Assets Holdings Ltd.2 3,344 0.02 1,307,863 HKD Sino Land Co. Ltd.2 2,249 0.02 716,168 HKD SJM Holdings Ltd. 645 – 525,288 HKD Sun Hung Kai Properties Ltd. 7,484 0.06 217,000 HKD Swire Pacific Ltd. 'A'2 2,399 0.02 398,200 HKD Swire Properties Ltd. 1,387 0.01 445,000 HKD Techtronic Industries Co. Ltd.2 2,394 0.02 395,031 HKD Wharf Holdings Ltd. (The)2 1,058 0.01 294,709 HKD Wheelock & Co. Ltd. 1,691 0.01 Total Hong Kong 119,436 0.89

Ireland (31 May 2018: 1.25%) 219,827 USD Accenture plc 'A' 36,166 0.27 219,978 EUR AIB Group plc 965 0.01 49,419 USD Alkermes plc 1,801 0.01 31,288 USD Allegion plc 2,866 0.02 112,523 USD Allergan plc 17,621 0.13 296,641 EUR Bank of Ireland Group plc 1,877 0.02 285,205 EUR CRH plc 7,886 0.06 30,741 GBP DCC plc 2,316 0.02 143,957 USD Eaton Corp. plc 11,076 0.08 88,975 USD Ingersoll-Rand plc 9,211 0.07 158,604 AUD James Hardie Industries plc CDI 1,853 0.01 20,389 USD Jazz Pharmaceuticals plc 3,083 0.02 304,876 USD Johnson Controls International plc 10,604 0.08 51,733 EUR Kerry Group plc 'A' 5,345 0.04 94,596 EUR Linde plc 15,048 0.11 91,424 USD Linde plc 14,541 0.11 461,630 USD Medtronic plc 45,023 0.34 33,434 EUR Paddy Power Betfair plc 3,002 0.02 61,898 USD Pentair plc 2,643 0.02 41,144 USD Perrigo Co. plc 2,562 0.02 33,633 EUR Ryanair Holdings plc 444 – 89,535 USD Seagate Technology plc 3,858 0.03 75,862 EUR Smurfit Kappa Group plc 2,048 0.02

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Ireland (continued) 42,205 USD Willis Towers Watson plc 6,729 0.05 Total Ireland 208,568 1.56

Isle of Man (31 May 2018: 0.03%) 180,842 GBP GVC Holdings plc 1,705 0.01 Total Isle of Man 1,705 0.01

Israel (31 May 2018: 0.17%) 12,647 ILS Azrieli Group Ltd. 633 – 362,256 ILS Bank Hapoalim BM 2,477 0.02 500,505 ILS Bank Leumi Le-Israel BM 3,278 0.02 638,891 ILS Bezeq The Israeli Telecommunication Corp. Ltd. 733 0.01 46,671 USD Check Point Software Technologies Ltd. 5,218 0.04 5,424 ILS Elbit Systems Ltd. 662 0.01 340,972 ILS Israel Chemicals Ltd. 1,988 0.01 33,342 ILS Mizrahi Tefahot Bank Ltd. 604 – 20,959 ILS Nice Ltd. 2,406 0.02 255,052 ILS Teva Pharmaceutical Industries Ltd. 5,513 0.04 96,609 USD Teva Pharmaceutical Industries Ltd. ADR2 2,081 0.02 Total Israel 25,593 0.19

Italy (31 May 2018: 0.65%) 385,934 EUR Assicurazioni Generali SpA2 6,506 0.05 154,091 EUR Atlantia SpA 3,160 0.02 173,878 EUR Davide Campari-Milano SpA2 1,453 0.01 2,679,449 EUR Enel SpA 14,532 0.11 835,316 EUR Eni SpA 13,474 0.10 4,693,827 EUR Intesa Sanpaolo SpA 10,884 0.08 136,075 EUR Leonardo SpA 1,341 0.01 65,652 EUR Luxottica Group SpA 3,822 0.03 200,441 EUR Mediobanca Banca di Credito Finanziario SpA 1,772 0.01 60,636 EUR Moncler SpA 1,976 0.02 160,013 EUR Pirelli & C SpA2 1,125 0.01 183,040 EUR Poste Italiane SpA2 1,389 0.01 79,889 EUR Prysmian SpA 1,463 0.01 34,266 EUR Recordati SpA 1,102 0.01 780,823 EUR Snam SpA2 3,422 0.03 1,598,867 EUR Telecom Italia SpA, Savings Share2 900 0.01 4,087,141 EUR Telecom Italia SpA2 2,660 0.02 514,010 EUR Terna Rete Elettrica Nazionale SpA 2,874 0.02 645,925 EUR UniCredit SpA 8,327 0.06 Total Italy 82,182 0.62

Japan (31 May 2018: 8.91%) 6,130 JPY ABC-Mart, Inc. 344 – 93,200 JPY Acom Co. Ltd.2 342 – 218,730 JPY Aeon Co. Ltd.2 5,241 0.04 36,626 JPY AEON Financial Service Co. Ltd.2 710 – 37,389 JPY Aeon Mall Co. Ltd. 672 – 65,820 JPY AGC, Inc.2 2,235 0.02 58,720 JPY Air Water, Inc.2 950 0.01 64,848 JPY Aisin Seiki Co. Ltd. 2,564 0.02

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Japan (continued) 175,774 JPY Ajinomoto Co., Inc. 3,038 0.02 55,248 JPY Alfresa Holdings Corp. 1,469 0.01 48,400 JPY Alps Electric Co. Ltd. 1,121 0.01 156,421 JPY Amada Holdings Co. Ltd. 1,697 0.01 32,761 JPY ANA Holdings, Inc. 1,169 0.01 40,834 JPY Aozora Bank Ltd. 1,341 0.01 115,280 JPY Asahi Group Holdings Ltd. 4,826 0.04 461,299 JPY Asahi Kasei Corp. 5,050 0.04 54,476 JPY Asics Corp.2 785 0.01 678,765 JPY Astellas Pharma, Inc. 10,428 0.08 59,094 JPY Bandai Namco Holdings, Inc. 2,482 0.02 20,503 JPY Bank of Kyoto Ltd. (The)2 986 0.01 21,924 JPY Benesse Holdings, Inc.2 651 – 219,827 JPY Bridgestone Corp.2 8,905 0.07 74,483 JPY Brother Industries Ltd. 1,244 0.01 27,700 JPY Calbee, Inc. 917 0.01 356,647 JPY Canon, Inc.2 10,114 0.08 51,207 JPY Casio Computer Co. Ltd.2 714 – 47,000 JPY Central Japan Railway Co.2 9,655 0.07 258,450 JPY Chiba Bank Ltd. (The)2 1,696 0.01 186,840 JPY Chubu Electric Power Co., Inc.2 2,801 0.02 73,657 JPY Chugai Pharmaceutical Co. Ltd.2 5,040 0.04 96,031 JPY Chugoku Electric Power Co., Inc. (The)2 1,213 0.01 39,600 JPY Coca-Cola Bottlers Japan Holdings, Inc.2 1,133 0.01 404,948 JPY Concordia Financial Group Ltd.2 1,901 0.01 46,838 JPY Credit Saison Co. Ltd. 601 – 34,200 JPY CyberAgent, Inc.2 1,548 0.01 41,600 JPY CYBERDYNE, Inc. 296 – 92,377 JPY Dai Nippon Printing Co. Ltd. 2,136 0.02 95,105 JPY Daicel Corp.2 1,064 0.01 47,000 JPY Daifuku Co. Ltd.2 2,405 0.02 337,900 JPY Dai-ichi Life Holdings, Inc.2 5,886 0.04 198,552 JPY Daiichi Sankyo Co. Ltd.2 7,286 0.05 80,253 JPY Daikin Industries Ltd.2 8,912 0.07 22,811 JPY Daito Trust Construction Co. Ltd.2 2,979 0.02 200,806 JPY Daiwa House Industry Co. Ltd.2 6,322 0.05 474 JPY Daiwa House REIT Investment Corp. 1,074 0.01 593,568 JPY Daiwa Securities Group, Inc. 3,275 0.02 36,200 JPY DeNA Co. Ltd.2 671 – 139,217 JPY Denso Corp.2 6,433 0.05 63,663 JPY Dentsu, Inc. 2,837 0.02 9,400 JPY Disco Corp.2 1,370 0.01 46,400 JPY Don Quijote Holdings Co. Ltd.2 2,815 0.02 101,209 JPY East Japan Railway Co.2 9,198 0.07 80,761 JPY Eisai Co. Ltd. 7,408 0.06 50,371 JPY Electric Power Development Co. Ltd.2 1,296 0.01 23,310 JPY FamilyMart UNY Holdings Co. Ltd.2 3,307 0.02 67,060 JPY FANUC Corp.2 11,451 0.09 20,663 JPY Fast Retailing Co. Ltd.2 10,744 0.08 30,929 JPY Fuji Electric Co. Ltd. 971 0.01 129,362 JPY FUJIFILM Holdings Corp. 5,138 0.04 66,163 JPY Fujitsu Ltd. 4,071 0.03 54,200 JPY Fukuoka Financial Group, Inc. 1,236 0.01 89,050 JPY Hakuhodo DY Holdings, Inc.2 1,363 0.01

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Japan (continued) 43,700 JPY Hamamatsu Photonics KK2 1,520 0.01 74,200 JPY Hankyu Hanshin Holdings, Inc. 2,516 0.02 5,000 JPY Hikari Tsushin, Inc.2 797 0.01 75,252 JPY Hino Motors Ltd.2 769 0.01 10,231 JPY Hirose Electric Co. Ltd.2 1,079 0.01 19,609 JPY Hisamitsu Pharmaceutical Co., Inc.2 1,252 0.01 43,090 JPY Hitachi Chemical Co. Ltd.2 682 – 41,156 JPY Hitachi Construction Machinery Co. Ltd.2 1,136 0.01 23,764 JPY Hitachi High-Technologies Corp. 847 0.01 314,204 JPY Hitachi Ltd. 9,098 0.07 66,826 JPY Hitachi Metals Ltd.2 752 0.01 555,082 JPY Honda Motor Co. Ltd. 15,653 0.12 14,200 JPY Hoshizaki Corp.2 1,102 0.01 121,410 JPY Hoya Corp. 7,378 0.05 92,500 JPY Hulic Co. Ltd.2 846 0.01 36,976 JPY Idemitsu Kosan Co. Ltd.2 1,345 0.01 46,564 JPY IHI Corp. 1,417 0.01 70,900 JPY Iida Group Holdings Co. Ltd.2 1,251 0.01 315,600 JPY Inpex Corp.2 3,349 0.02 122,544 JPY Isetan Mitsukoshi Holdings Ltd.2 1,417 0.01 197,429 JPY Isuzu Motors Ltd.2 2,810 0.02 460,855 JPY ITOCHU Corp.2 8,182 0.06 46,480 JPY J Front Retailing Co. Ltd.2 634 – 37,600 JPY Japan Airlines Co. Ltd. 1,356 0.01 14,200 JPY Japan Airport Terminal Co. Ltd.2 551 – 172,580 JPY Japan Exchange Group, Inc.2 3,108 0.02 147,361 JPY Japan Post Bank Co. Ltd.2 1,721 0.01 567,900 JPY Japan Post Holdings Co. Ltd. 6,912 0.05 286 JPY Japan Prime Realty Investment Corp., REIT2 1,117 0.01 448 JPY Japan Real Estate Investment Corp., REIT2 2,474 0.02 711 JPY Japan Retail Fund Investment Corp., REIT2 1,363 0.01 354,745 JPY Japan Tobacco, Inc.2 8,821 0.07 150,674 JPY JFE Holdings, Inc. 2,656 0.02 73,495 JPY JGC Corp.2 1,073 0.01 62,634 JPY JSR Corp. 1,002 0.01 70,235 JPY JTEKT Corp. 893 0.01 1,041,462 JPY JXTG Holdings, Inc. 6,295 0.05 130,895 JPY Kajima Corp. 1,811 0.01 41,500 JPY Kakaku.com, Inc.2 835 0.01 58,817 JPY Kamigumi Co. Ltd. 1,320 0.01 18,710 JPY Kaneka Corp. 700 – 236,173 JPY Kansai Electric Power Co., Inc. (The) 3,544 0.03 74,785 JPY Kansai Paint Co. Ltd.2 1,401 0.01 170,936 JPY Kao Corp.2 12,582 0.09 48,441 JPY Kawasaki Heavy Industries Ltd.2 1,128 0.01 593,800 JPY KDDI Corp.2 13,931 0.10 34,000 JPY Keihan Holdings Co. Ltd.2 1,419 0.01 76,879 JPY Keikyu Corp.2 1,226 0.01 40,626 JPY Keio Corp.2 2,247 0.02 44,484 JPY Keisei Electric Railway Co. Ltd.2 1,442 0.01 34,136 JPY Keyence Corp.2 18,519 0.14 48,131 JPY Kikkoman Corp.2 2,806 0.02 62,413 JPY Kintetsu Group Holdings Co. Ltd.2 2,600 0.02 287,824 JPY Kirin Holdings Co. Ltd. 6,755 0.05

125







Japan (continued) 19,500 JPY Kobayashi Pharmaceutical Co. Ltd. 1,357 0.01 99,369 JPY Kobe Steel Ltd.2 817 0.01 32,653 JPY Koito Manufacturing Co. Ltd.2 1,751 0.01 310,588 JPY Komatsu Ltd.2 8,296 0.06 28,101 JPY Konami Holdings Corp.2 1,257 0.01 165,101 JPY Konica Minolta, Inc.2 1,486 0.01 11,100 JPY Kose Corp.2 1,655 0.01 352,976 JPY Kubota Corp.2 6,021 0.04 103,312 JPY Kuraray Co. Ltd.2 1,605 0.01 32,693 JPY Kurita Water Industries Ltd. 877 0.01 110,158 JPY Kyocera Corp.2 5,942 0.04 86,254 JPY Kyowa Hakko Kirin Co. Ltd. 1,768 0.01 149,899 JPY Kyushu Electric Power Co., Inc.2 1,760 0.01 52,500 JPY Kyushu Railway Co. 1,734 0.01 9,413 JPY Lawson, Inc.2 616 – 31,600 JPY LINE Corp.2 1,135 0.01 81,400 JPY Lion Corp.2 1,605 0.01 91,533 JPY LIXIL Group Corp.2 1,186 0.01 136,200 JPY M3, Inc.2 2,200 0.02 18,638 JPY Mabuchi Motor Co. Ltd. 649 – 76,278 JPY Makita Corp.2 2,993 0.02 494,354 JPY Marubeni Corp. 3,690 0.03 74,699 JPY Marui Group Co. Ltd.2 1,610 0.01 22,055 JPY Maruichi Steel Tube Ltd.2 655 – 162,257 JPY Mazda Motor Corp.2 1,729 0.01 16,056 JPY McDonald's Holdings Co. Japan Ltd.2 720 0.01 280,193 JPY Mebuki Financial Group, Inc.2 846 0.01 83,928 JPY Medipal Holdings Corp.2 1,922 0.01 38,206 JPY MEIJI Holdings Co. Ltd. 3,005 0.02 105,100 JPY MINEBEA MITSUMI, Inc.2 1,705 0.01 93,000 JPY MISUMI Group, Inc.2 2,107 0.02 427,371 JPY Mitsubishi Chemical Holdings Corp.2 3,495 0.03 444,107 JPY Mitsubishi Corp. 11,976 0.09 612,298 JPY Mitsubishi Electric Corp.2 8,078 0.06 423,436 JPY Mitsubishi Estate Co. Ltd.2 6,791 0.05 61,370 JPY Mitsubishi Gas Chemical Co., Inc. 1,007 0.01 113,432 JPY Mitsubishi Heavy Industries Ltd. 4,313 0.03 49,033 JPY Mitsubishi Materials Corp.2 1,375 0.01 212,095 JPY Mitsubishi Motors Corp.2 1,300 0.01 79,657 JPY Mitsubishi Tanabe Pharma Corp.2 1,223 0.01 3,936,031 JPY Mitsubishi UFJ Financial Group, Inc. 21,647 0.16 195,860 JPY Mitsubishi UFJ Lease & Finance Co. Ltd.2 1,068 0.01 593,712 JPY Mitsui & Co. Ltd. 9,278 0.07 81,182 JPY Mitsui Chemicals, Inc.2 2,060 0.02 321,286 JPY Mitsui Fudosan Co. Ltd.2 7,682 0.06 39,825 JPY Mitsui OSK Lines Ltd.2 936 0.01 7,936,041 JPY Mizuho Financial Group, Inc.2 13,160 0.10 158,842 JPY MS&AD Insurance Group Holdings, Inc. 4,819 0.04 57,969 JPY Murata Manufacturing Co. Ltd.2 8,840 0.07 35,300 JPY Nabtesco Corp.2 976 0.01 45,900 JPY Nagoya Railroad Co. Ltd.2 1,150 0.01 90,012 JPY NEC Corp.2 2,790 0.02 159,200 JPY Nexon Co. Ltd.2 1,882 0.01 86,966 JPY NGK Insulators Ltd.2 1,289 0.01

126







Japan (continued) 38,579 JPY NGK Spark Plug Co. Ltd. 792 0.01 28,100 JPY NH Foods Ltd.2 1,042 0.01 73,096 JPY Nidec Corp.2 9,733 0.07 101,169 JPY Nikon Corp.2 1,586 0.01 37,608 JPY Nintendo Co. Ltd.2 11,463 0.09 544 JPY Nippon Building Fund, Inc., REIT2 3,387 0.03 32,999 JPY Nippon Electric Glass Co. Ltd.2 886 0.01 25,442 JPY Nippon Express Co. Ltd. 1,533 0.01 46,500 JPY Nippon Paint Holdings Co. Ltd.2 1,648 0.01 525 JPY Nippon Prologis REIT, Inc. 1,087 0.01 238,963 JPY Nippon Steel & Sumitomo Metal Corp.2 4,369 0.03 228,020 JPY Nippon Telegraph & Telephone Corp. 9,398 0.07 58,248 JPY Nippon Yusen KK2 988 0.01 41,800 JPY Nissan Chemical Corp.2 2,268 0.02 811,048 JPY Nissan Motor Co. Ltd.2 7,102 0.05 66,838 JPY Nisshin Seifun Group, Inc.2 1,404 0.01 18,861 JPY Nissin Foods Holdings Co. Ltd.2 1,218 0.01 31,138 JPY Nitori Holdings Co. Ltd. 4,170 0.03 48,866 JPY Nitto Denko Corp. 2,669 0.02 27,998 JPY NOK Corp. 422 – 1,130,253 JPY Nomura Holdings, Inc.2 5,090 0.04 36,546 JPY Nomura Real Estate Holdings, Inc. 722 0.01 988 JPY Nomura Real Estate Master Fund, Inc., REIT2 1,319 0.01 29,971 JPY Nomura Research Institute Ltd. 1,316 0.01 154,793 JPY NSK Ltd.2 1,455 0.01 217,000 JPY NTT Data Corp.2 2,523 0.02 441,500 JPY NTT DOCOMO, Inc.2 10,220 0.08 225,470 JPY Obayashi Corp. 2,248 0.02 16,600 JPY Obic Co. Ltd. 1,434 0.01 104,641 JPY Odakyu Electric Railway Co. Ltd.2 2,345 0.02 359,318 JPY Oji Holdings Corp.2 2,101 0.02 105,125 JPY Olympus Corp. 2,958 0.02 64,027 JPY Omron Corp.2 2,814 0.02 134,690 JPY Ono Pharmaceutical Co. Ltd.2 3,257 0.02 9,106 JPY Oracle Corp. Japan 591 – 67,468 JPY Oriental Land Co. Ltd.2 6,711 0.05 461,790 JPY ORIX Corp. 7,481 0.06 105,174 JPY Osaka Gas Co. Ltd. 1,916 0.01 33,506 JPY Otsuka Corp.2 1,127 0.01 132,700 JPY Otsuka Holdings Co. Ltd.2 6,468 0.05 735,613 JPY Panasonic Corp. 7,544 0.06 20,800 JPY Park24 Co. Ltd. 561 – 54,800 JPY Persol Holdings Co. Ltd.2 1,026 0.01 44,300 JPY Pola Orbis Holdings, Inc.2 1,250 0.01 322,200 JPY Rakuten, Inc.2 2,593 0.02 379,500 JPY Recruit Holdings Co. Ltd. 10,438 0.08 248,500 JPY Renesas Electronics Corp. 1,171 0.01 668,168 JPY Resona Holdings, Inc. 3,542 0.03 235,483 JPY Ricoh Co. Ltd.2 2,285 0.02 12,690 JPY Rinnai Corp.2 910 0.01 34,080 JPY Rohm Co. Ltd.2 2,371 0.02 10,300 JPY Ryohin Keikaku Co. Ltd.2 2,771 0.02 17,082 JPY Sankyo Co. Ltd.2 683 – 149,670 JPY Santen Pharmaceutical Co. Ltd. 2,561 0.02

127







Japan (continued) 85,370 JPY SBI Holdings, Inc.2 1,937 0.01 68,257 JPY Secom Co. Ltd.2 5,774 0.04 57,063 JPY Sega Sammy Holdings, Inc.2 805 0.01 103,000 JPY Seibu Holdings, Inc.2 1,903 0.01 89,900 JPY Seiko Epson Corp.2 1,428 0.01 162,513 JPY Sekisui Chemical Co. Ltd. 2,636 0.02 225,568 JPY Sekisui House Ltd.2 3,399 0.03 264,726 JPY Seven & i Holdings Co. Ltd. 11,524 0.09 192,100 JPY Seven Bank Ltd.2 596 – 14,900 JPY SG Holdings Co. Ltd. 365 – 50,200 JPY Sharp Corp.2 744 0.01 91,577 JPY Shimadzu Corp. 2,140 0.02 7,434 JPY Shimamura Co. Ltd.2 631 – 24,956 JPY Shimano, Inc.2 3,644 0.03 203,258 JPY Shimizu Corp.2 1,736 0.01 123,578 JPY Shin-Etsu Chemical Co. Ltd.2 11,030 0.08 26,431 JPY Shinsei Bank Ltd.2 363 – 96,012 JPY Shionogi & Co. Ltd. 6,348 0.05 124,121 JPY Shiseido Co. Ltd. 7,897 0.06 126,565 JPY Shizuoka Bank Ltd. (The)2 1,136 0.01 37,800 JPY Showa Denko KK2 1,515 0.01 65,516 JPY Showa Shell Sekiyu KK 1,015 0.01 18,332 JPY SMC Corp.2 6,212 0.05 275,154 JPY SoftBank Group Corp.2 23,083 0.17 22,100 JPY Sohgo Security Services Co. Ltd.2 1,039 0.01 123,996 JPY Sompo Holdings, Inc.2 4,789 0.04 427,861 JPY Sony Corp. 22,371 0.17 56,100 JPY Sony Financial Holdings, Inc.2 1,176 0.01 49,252 JPY Stanley Electric Co. Ltd.2 1,434 0.01 190,760 JPY Subaru Corp.2 4,239 0.03 111,400 JPY SUMCO Corp.2 1,707 0.01 496,160 JPY Sumitomo Chemical Co. Ltd.2 2,692 0.02 359,966 JPY Sumitomo Corp. 5,527 0.04 50,938 JPY Sumitomo Dainippon Pharma Co. Ltd. 1,660 0.01 266,118 JPY Sumitomo Electric Industries Ltd. 3,732 0.03 31,421 JPY Sumitomo Heavy Industries Ltd. 1,042 0.01 93,605 JPY Sumitomo Metal Mining Co. Ltd.2 2,724 0.02 455,155 JPY Sumitomo Mitsui Financial Group, Inc. 16,767 0.13 102,009 JPY Sumitomo Mitsui Trust Holdings, Inc. 4,089 0.03 119,894 JPY Sumitomo Realty & Development Co. Ltd.2 4,443 0.03 49,154 JPY Sumitomo Rubber Industries Ltd. 657 – 26,100 JPY Sundrug Co. Ltd. 880 0.01 45,100 JPY Suntory Beverage & Food Ltd.2 1,891 0.01 35,056 JPY Suzuken Co. Ltd.2 1,886 0.01 109,170 JPY Suzuki Motor Corp. 5,437 0.04 52,472 JPY Sysmex Corp.2 2,795 0.02 222,962 JPY T&D Holdings, Inc. 3,167 0.02 42,300 JPY Taiheiyo Cement Corp. 1,430 0.01 71,869 JPY Taisei Corp.2 3,158 0.02 8,787 JPY Taisho Pharmaceutical Holdings Co. Ltd.2 1,015 0.01 77,900 JPY Taiyo Nippon Sanso Corp.2 1,312 0.01 39,662 JPY Takashimaya Co. Ltd.2 576 – 241,599 JPY Takeda Pharmaceutical Co. Ltd.2 9,053 0.07 47,608 JPY TDK Corp.2 3,752 0.03

128







Japan (continued) 55,868 JPY Teijin Ltd.2 964 0.01 98,672 JPY Terumo Corp.2 5,809 0.04 37,714 JPY THK Co. Ltd. 864 0.01 67,772 JPY Tobu Railway Co. Ltd. 1,940 0.01 36,159 JPY Toho Co. Ltd. 1,258 0.01 26,392 JPY Toho Gas Co. Ltd.2 1,067 0.01 153,274 JPY Tohoku Electric Power Co., Inc. 2,003 0.01 219,954 JPY Tokio Marine Holdings, Inc. 10,857 0.08 20,000 JPY Tokyo Century Corp.2 955 0.01 502,657 JPY Tokyo Electric Power Co. Holdings, Inc. 3,050 0.02 51,007 JPY Tokyo Electron Ltd. 7,131 0.05 122,110 JPY Tokyo Gas Co. Ltd.2 3,145 0.02 76,200 JPY Tokyo Tatemono Co. Ltd.2 868 0.01 150,404 JPY Tokyu Corp.2 2,617 0.02 162,930 JPY Tokyu Fudosan Holdings Corp. 914 0.01 86,536 JPY Toppan Printing Co. Ltd.2 1,393 0.01 526,093 JPY Toray Industries, Inc.2 4,125 0.03 236,521 JPY Toshiba Corp.2 7,332 0.05 96,100 JPY Tosoh Corp. 1,354 0.01 46,682 JPY TOTO Ltd.2 1,807 0.01 37,200 JPY Toyo Seikan Group Holdings Ltd.2 847 0.01 27,545 JPY Toyo Suisan Kaisha Ltd. 944 0.01 16,652 JPY Toyoda Gosei Co. Ltd.2 320 – 52,683 JPY Toyota Industries Corp.2 2,700 0.02 770,525 JPY Toyota Motor Corp.2 46,164 0.35 72,388 JPY Toyota Tsusho Corp.2 2,499 0.02 33,445 JPY Trend Micro, Inc. 1,917 0.01 12,600 JPY Tsuruha Holdings, Inc. 1,243 0.01 121,627 JPY Unicharm Corp.2 3,807 0.03 871 JPY United Urban Investment Corp., REIT2 1,386 0.01 70,620 JPY USS Co. Ltd.2 1,253 0.01 54,600 JPY West Japan Railway Co.2 3,803 0.03 895,600 JPY Yahoo Japan Corp. 2,563 0.02 32,462 JPY Yakult Honsha Co. Ltd.2 2,444 0.02 297,510 JPY Yamada Denki Co. Ltd.2 1,438 0.01 80,114 JPY Yamaguchi Financial Group, Inc.2 830 0.01 53,165 JPY Yamaha Corp. 2,290 0.02 118,829 JPY Yamaha Motor Co. Ltd.2 2,444 0.02 115,306 JPY Yamato Holdings Co. Ltd.2 3,045 0.02 46,404 JPY Yamazaki Baking Co. Ltd.2 974 0.01 82,736 JPY Yaskawa Electric Corp. 2,579 0.02 71,394 JPY Yokogawa Electric Corp. 1,312 0.01 27,100 JPY Yokohama Rubber Co. Ltd. (The)2 567 – 61,600 JPY ZOZO, Inc.2 1,370 0.01 Total Japan 1,102,261 8.26

Jersey (31 May 2018: 0.49%) 92,277 USD Aptiv plc 6,635 0.05 282,042 GBP Experian plc 6,861 0.05 70,788 GBP Ferguson plc 4,534 0.04 3,684,365 GBP Glencore plc 13,639 0.10 27,961 GBP Randgold Resources Ltd. 2,236 0.02 294,918 GBP Shire plc 17,121 0.13

129







Jersey (continued) 398,916 GBP WPP plc 4,407 0.03 Total Jersey 55,433 0.42

Liberia (31 May 2018: 0.05%) 60,151 USD Royal Caribbean Cruises Ltd. 6,801 0.05 Total Liberia 6,801 0.05

Luxembourg (31 May 2018: 0.12%) 200,848 EUR ArcelorMittal 4,552 0.03 3,711 EUR Eurofins Scientific SE2 1,609 0.01 20,707 SEK Millicom International Cellular SA SDR2 1,219 0.01 11,677 EUR RTL Group SA 699 0.01 114,900 EUR SES SA FDR 2,491 0.02 186,017 EUR Tenaris SA 2,238 0.02 Total Luxembourg 12,808 0.10

Mauritius (31 May 2018: 0.00%)4 2,391,861 SGD Golden Agri-Resources Ltd.2 427 – Total Mauritius 427 –

Netherlands (31 May 2018: 1.70%) 128,086 EUR ABN AMRO Group NV CVA 3,266 0.02 545,974 EUR Aegon NV2 3,039 0.02 40,243 USD AerCap Holdings NV 2,128 0.02 196,755 EUR Airbus SE 21,079 0.16 78,954 EUR Akzo Nobel NV 6,624 0.05 134,536 EUR ASML Holding NV 22,712 0.17 304,895 EUR CNH Industrial NV 2,969 0.02 29,962 EUR EXOR NV 1,761 0.01 38,714 EUR Ferrari NV 4,232 0.03 336,697 EUR Fiat Chrysler Automobiles NV 5,555 0.04 34,452 EUR Heineken Holding NV 3,041 0.02 87,501 EUR Heineken NV 8,007 0.06 1,258,726 EUR ING Groep NV 15,227 0.11 422,979 EUR Koninklijke Ahold Delhaize NV 10,874 0.08 56,445 EUR Koninklijke DSM NV 5,000 0.04 1,127,479 EUR Koninklijke KPN NV 3,336 0.02 302,827 EUR Koninklijke Philips NV 11,399 0.09 23,999 EUR Koninklijke Vopak NV2 1,049 0.01 108,265 USD LyondellBasell Industries NV 'A' 10,102 0.08 192,173 USD Mylan NV 6,507 0.05 111,981 EUR NN Group NV 4,763 0.04 122,788 USD NXP Semiconductors NV 10,237 0.08 72,465 EUR QIAGEN NV 2,547 0.02 44,720 EUR Randstad NV 2,176 0.02 219,394 EUR STMicroelectronics NV 3,212 0.02 501,760 EUR Unilever NV CVA 27,841 0.21 99,719 EUR Wolters Kluwer NV 6,020 0.04 Total Netherlands 204,703 1.53

New Zealand (31 May 2018: 0.06%) 183,151 NZD a2 Milk Co. Ltd.2 1,302 0.01

130







New Zealand (continued) 307,506 NZD Auckland International Airport Ltd.2 1,521 0.01 279,661 NZD Fisher & Paykel Healthcare Corp. Ltd.2 2,555 0.02 261,895 NZD Fletcher Building Ltd.2 856 0.01 421,051 NZD Meridian Energy Ltd.2 956 0.01 126,329 NZD Ryman Healthcare Ltd.2 1,006 0.01 713,833 NZD Spark New Zealand Ltd.2 2,074 0.01 Total New Zealand 10,270 0.08

Norway (31 May 2018: 0.24%) 38,177 NOK Aker BP ASA2 1,081 0.01 312,135 NOK DNB ASA 5,352 0.04 386,921 NOK Equinor ASA 9,017 0.07 62,041 NOK Gjensidige Forsikring ASA 967 0.01 134,035 NOK Marine Harvest ASA2 3,133 0.02 495,546 NOK Norsk Hydro ASA 2,333 0.02 282,341 NOK Orkla ASA 2,330 0.02 32,879 NOK Schibsted ASA 'B' 1,101 0.01 248,211 NOK Telenor ASA 4,802 0.03 68,020 NOK Yara International ASA2 2,730 0.02 Total Norway 32,846 0.25

Panama (31 May 2018: 0.05%) 144,012 USD Carnival Corp. 8,682 0.07 Total Panama 8,682 0.07

Papua New Guinea (31 May 2018: 0.03%) 375,893 AUD Oil Search Ltd.2 2,007 0.01 Total Papua New Guinea 2,007 0.01

Portugal (31 May 2018: 0.05%) 777,704 EUR EDP - Energias de Portugal SA 2,718 0.02 183,035 EUR Galp Energia SGPS SA 3,008 0.02 63,714 EUR Jeronimo Martins SGPS SA2 761 0.01 Total Portugal 6,487 0.05

Singapore (31 May 2018: 0.48%) 702,810 SGD Ascendas Real Estate Investment Trust 1,316 0.01 830,312 SGD CapitaLand Commercial Trust, REIT2 1,053 0.01 891,676 SGD CapitaLand Ltd. 2,028 0.01 870,334 SGD CapitaLand Mall Trust, REIT 1,427 0.01 154,103 SGD City Developments Ltd.2 947 0.01 549,582 SGD ComfortDelGro Corp. Ltd. 841 0.01 610,390 SGD DBS Group Holdings Ltd.2 10,846 0.08 189,705 USD Flex Ltd. 1,660 0.01 1,962,699 SGD Genting Singapore Ltd.2 1,388 0.01 39,168 SGD Jardine Cycle & Carriage Ltd.2 1,005 0.01 492,553 SGD Keppel Corp. Ltd.2 2,176 0.02 1,059,067 SGD Oversea-Chinese Banking Corp. Ltd.2 8,692 0.06 172,900 SGD SATS Ltd.2 604 – 413,608 SGD Sembcorp Industries Ltd.2 787 0.01 273,522 SGD Singapore Airlines Ltd.2 1,896 0.01 264,274 SGD Singapore Exchange Ltd.2 1,410 0.01

131







Singapore (continued) 470,476 SGD Singapore Press Holdings Ltd.2 905 0.01 723,574 SGD Singapore Technologies Engineering Ltd.2 1,872 0.01 2,800,447 SGD Singapore Telecommunications Ltd.2 6,287 0.05 795,069 SGD Suntec Real Estate Investment Trust2 1,020 0.01 430,812 SGD United Overseas Bank Ltd. 7,897 0.06 186,139 SGD UOL Group Ltd.2 829 0.01 130,600 SGD Venture Corp. Ltd.2 1,419 0.01 660,665 SGD Wilmar International Ltd.2 1,464 0.01 505,840 SGD Yangzijiang Shipbuilding Holdings Ltd. 457 – Total Singapore 60,226 0.45

Spain (31 May 2018: 1.03%) 76,641 EUR ACS Actividades de Construccion y Servicios SA 2,940 0.02 20,800 EUR Aena SME SA 3,302 0.02 150,201 EUR Amadeus IT Group SA 10,758 0.08 2,131,805 EUR Banco Bilbao Vizcaya Argentaria SA 12,112 0.09 1,865,587 EUR Banco de Sabadell SA 2,381 0.02 5,288,804 EUR Banco Santander SA 25,061 0.19 382,398 EUR Bankia SA2 1,263 0.01 223,265 EUR Bankinter SA 1,866 0.01 1,174,127 EUR CaixaBank SA 4,832 0.04 51,717 EUR Enagas SA 1,421 0.01 104,857 EUR Endesa SA 2,337 0.02 190,998 EUR Ferrovial SA2 3,929 0.03 119,882 EUR Grifols SA 3,361 0.02 2,055,675 EUR Iberdrola SA 15,338 0.11 367,342 EUR Industria de Diseno Textil SA 11,267 0.08 156,278 EUR International Consolidated Airlines Group SA 1,249 0.01 457,359 EUR Mapfre SA 1,308 0.01 99,501 EUR Naturgy Energy Group SA 2,462 0.02 113,793 EUR Red Electrica Corp. SA 2,450 0.02 451,735 EUR Repsol SA 7,800 0.06 78,126 EUR Siemens Gamesa Renewable Energy SA2 1,101 0.01 1,567,434 EUR Telefonica SA 14,070 0.11 Total Spain 132,608 0.99

Sweden (31 May 2018: 0.90%) 105,834 SEK Alfa Laval AB 2,277 0.02 316,021 SEK Assa Abloy AB 'B' 5,875 0.04 212,719 SEK Atlas Copco AB 'A'2 5,216 0.04 151,192 SEK Atlas Copco AB 'B'2 3,418 0.03 102,814 SEK Boliden AB 2,303 0.02 79,060 SEK Electrolux AB 'B' 1,796 0.01 212,719 SEK Epiroc AB 'A' 1,742 0.01 151,522 SEK Epiroc AB 'B'2 1,218 0.01 188,933 SEK Essity AB 'B' 4,841 0.04 293,487 SEK Hennes & Mauritz AB 'B'2 5,406 0.04 81,368 SEK Hexagon AB 'B' 4,053 0.03 137,144 SEK Husqvarna AB 'B'2 1,080 0.01 25,961 SEK ICA Gruppen AB2 942 0.01 58,284 SEK Industrivarden AB 'C' 1,195 0.01 140,175 SEK Investor AB 'B' 6,141 0.05 80,934 SEK Kinnevik AB 'B'2 2,053 0.02

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Sweden (continued) 18,500 SEK L E Lundbergforetagen AB 'B'2 553 – 63,785 SEK Lundin Petroleum AB 1,679 0.01 373,441 SEK Sandvik AB 5,539 0.04 101,107 SEK Securitas AB 'B' 1,703 0.01 520,779 SEK Skandinaviska Enskilda Banken AB 'A' 5,425 0.04 87,345 SEK Skanska AB 'B' 1,373 0.01 112,395 SEK SKF AB 'B'2 1,775 0.01 547,501 SEK Svenska Handelsbanken AB 'A'2 6,031 0.05 309,213 SEK Swedbank AB 'A'2 7,186 0.05 63,655 SEK Swedish Match AB 2,486 0.02 218,557 SEK Tele2 AB 'B'2 2,734 0.02 1,036,710 SEK Telefonaktiebolaget LM Ericsson 'B'2 8,648 0.06 877,876 SEK Telia Co. AB2 4,050 0.03 520,037 SEK Volvo AB 'B' 7,234 0.05 Total Sweden 105,972 0.79

Switzerland (31 May 2018: 2.88%) 595,695 CHF ABB Ltd., Registered2 12,047 0.09 47,061 CHF Adecco Group AG, Registered 2,326 0.02 16,374 CHF Baloise Holding AG, Registered 2,405 0.02 774 CHF Barry Callebaut AG, Registered2 1,310 0.01 33 CHF Chocoladefabriken Lindt & Spruengli AG, Registered 2,652 0.02 439 CHF Chocoladefabriken Lindt & Spruengli AG 2,996 0.02 154,070 USD Chubb Ltd. 20,605 0.15 168,399 CHF Cie Financiere Richemont SA, Registered 10,940 0.08 51,174 CHF Clariant AG, Registered 1,013 0.01 63,987 GBP Coca-Cola HBC AG 1,905 0.01 870,939 CHF Credit Suisse Group AG 10,266 0.08 13,022 CHF Dufry AG, Registered2 1,383 0.01 2,606 CHF EMS-Chemie Holding AG, Registered2 1,399 0.01 38,096 USD Garmin Ltd. 2,539 0.02 13,132 CHF Geberit AG, Registered2 5,114 0.04 3,145 CHF Givaudan SA2 7,742 0.06 75,119 CHF Julius Baer Group Ltd. 3,031 0.02 15,783 CHF Kuehne + Nagel International AG, Registered2 2,219 0.02 147,042 CHF LafargeHolcim Ltd., Registered2 6,590 0.05 26,319 CHF Lonza Group AG, Registered 8,504 0.06 1,038,634 CHF Nestle SA, Registered 88,487 0.66 714,503 CHF Novartis AG, Registered2 65,033 0.49 12,206 CHF Pargesa Holding SA 845 0.01 6,068 CHF Partners Group Holding AG 3,974 0.03 231,622 CHF Roche Holding AG2 60,052 0.45 7,524 CHF Schindler Holding AG, Registered 1,426 0.01 11,503 CHF Schindler Holding AG 2,302 0.02 1,787 CHF SGS SA, Registered2 4,231 0.03 45,360 CHF Sika AG2 5,615 0.04 17,918 CHF Sonova Holding AG, Registered 2,893 0.02 3,122 CHF Straumann Holding AG, Registered 1,909 0.01 16,719 CHF Swatch Group AG (The), Registered2 978 0.01 10,147 CHF Swatch Group AG (The)2 3,019 0.02 10,829 CHF Swiss Life Holding AG, Registered 4,247 0.03 23,732 CHF Swiss Prime Site AG, Registered 1,957 0.02 102,636 CHF Swiss Re AG 9,373 0.07

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Switzerland (continued) 9,260 CHF Swisscom AG, Registered2 4,441 0.03 119,731 USD TE Connectivity Ltd. 9,211 0.07 20,410 CHF Temenos AG, Registered 2,526 0.02 1,272,093 CHF UBS Group AG, Registered 17,178 0.13 17,697 CHF Vifor Pharma AG2 2,181 0.02 52,009 CHF Zurich Insurance Group AG 16,315 0.12 Total Switzerland 415,179 3.11

United Kingdom (31 May 2018: 6.05%) 297,634 GBP 3i Group plc2 3,166 0.02 69,393 GBP Admiral Group plc 1,845 0.01 349,520 GBP Anglo American plc2 6,985 0.05 164,262 GBP Antofagasta plc2 1,677 0.01 84,364 USD Aon plc 13,929 0.10 165,063 GBP Ashtead Group plc 3,705 0.03 116,610 GBP Associated British Foods plc 3,606 0.03 421,732 GBP AstraZeneca plc 32,915 0.25 331,437 GBP Auto Trader Group plc 1,854 0.01 1,355,373 GBP Aviva plc 7,038 0.05 82,168 GBP Babcock International Group plc 595 – 1,095,007 GBP BAE Systems plc 6,864 0.05 5,913,104 GBP Barclays plc 12,289 0.09 334,840 GBP Barratt Developments plc 1,975 0.01 46,259 GBP Berkeley Group Holdings plc 1,904 0.01 712,608 GBP BHP Group plc 13,653 0.10 6,488,908 GBP BP plc 43,052 0.32 771,012 GBP British American Tobacco plc 27,053 0.20 324,353 GBP British Land Co. plc (The), REIT 2,337 0.02 2,727,356 GBP BT Group plc 9,117 0.07 103,011 GBP Bunzl plc2 3,175 0.02 124,795 GBP Burberry Group plc 2,829 0.02 66,053 GBP Carnival plc 3,837 0.03 1,701,508 GBP Centrica plc 2,990 0.02 78,238 USD Coca-Cola European Partners plc 3,798 0.03 501,253 GBP Compass Group plc 10,735 0.08 383,717 GBP ConvaTec Group plc2 744 0.01 46,890 GBP Croda International plc 2,917 0.02 800,408 GBP Diageo plc 28,835 0.22 460,109 GBP Direct Line Insurance Group plc 1,926 0.01 61,157 GBP easyJet plc 868 0.01 74,871 GBP Fresnillo plc 720 0.01 568,550 GBP G4S plc2 1,407 0.01 1,653,037 GBP GlaxoSmithKline plc 34,201 0.26 260,341 GBP Hammerson plc, REIT 1,282 0.01 86,234 GBP Hargreaves Lansdown plc2 2,092 0.02 6,589,120 GBP HSBC Holdings plc 55,848 0.42 307,622 GBP Imperial Brands plc2 9,459 0.07 384,421 GBP Informa plc 3,390 0.03 62,490 GBP InterContinental Hotels Group plc 3,349 0.03 61,147 GBP Intertek Group plc 3,664 0.03 201,368 GBP Investec plc 1,224 0.01 1,335,888 GBP ITV plc 2,475 0.02 571,142 GBP J Sainsbury plc 2,223 0.02

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United Kingdom (continued) 278,521 GBP John Wood Group plc 2,257 0.02 67,217 GBP Johnson Matthey plc 2,508 0.02 728,309 GBP Kingfisher plc 2,323 0.02 259,257 GBP Land Securities Group plc, REIT2 2,690 0.02 1,991,432 GBP Legal & General Group plc 6,223 0.05 68,910 USD Liberty Global plc 'A' 1,711 0.01 192,630 USD Liberty Global plc 'C'2 4,679 0.03 24,480,597 GBP Lloyds Banking Group plc 17,292 0.13 99,868 GBP London Stock Exchange Group plc 5,139 0.04 559,306 GBP Marks & Spencer Group plc2 2,089 0.02 132,236 GBP Mediclinic International plc2 597 – 351,372 GBP Meggitt plc 2,323 0.02 1,641,525 GBP Melrose Industries plc2 3,699 0.03 248,707 GBP Merlin Entertainments plc2 1,067 0.01 49,911 GBP Micro Focus International plc2 980 0.01 74,420 USD Micro Focus International plc ADR2 1,452 0.01 123,948 GBP Mondi plc2 2,703 0.02 1,110,804 GBP National Grid plc 11,804 0.09 43,827 GBP Next plc 2,741 0.02 109,001 USD Nielsen Holdings plc 2,962 0.02 35,062 GBP NMC Health plc2 1,475 0.01 293,347 GBP Pearson plc2 3,606 0.03 87,722 GBP Persimmon plc2 2,127 0.02 835,343 GBP Prudential plc 16,419 0.12 220,066 GBP Reckitt Benckiser Group plc 18,285 0.14 353,865 GBP RELX plc 7,371 0.06 300,273 EUR RELX plc 6,337 0.05 398,190 GBP Rio Tinto plc 18,082 0.14 516,785 GBP Rolls-Royce Holdings plc 5,602 0.04 23,772,110 GBP Rolls-Royce Holdings plc, Preference5 30 – 1,651,267 GBP Royal Bank of Scotland Group plc 4,597 0.03 1,387,919 EUR Royal Dutch Shell plc 'A' 41,966 0.31 107,768 GBP Royal Dutch Shell plc 'A' 3,259 0.02 1,230,928 GBP Royal Dutch Shell plc 'B' 37,622 0.28 293,436 GBP Royal Mail plc 1,197 0.01 390,217 GBP RSA Insurance Group plc 2,701 0.02 327,211 GBP Sage Group plc (The) 2,427 0.02 45,820 GBP Schroders plc 1,477 0.01 301,750 GBP Segro plc, REIT 2,322 0.02 51,063 USD Sensata Technologies Holding plc 2,362 0.02 79,604 GBP Severn Trent plc 1,859 0.01 288,063 GBP Smith & Nephew plc2 5,237 0.04 130,551 GBP Smiths Group plc2 2,314 0.02 317,203 GBP SSE plc 4,434 0.03 155,519 GBP St James's Place plc 1,995 0.01 916,790 GBP Standard Chartered plc 7,128 0.05 867,958 GBP Standard Life Aberdeen plc2 2,939 0.02 1,098,175 GBP Taylor Wimpey plc 1,878 0.01 154,531 USD TechnipFMC plc2 3,568 0.03 3,388,928 GBP Tesco plc2 8,542 0.06 83,433 GBP Travis Perkins plc2 1,175 0.01 399,933 GBP Unilever plc2 21,653 0.16 225,760 GBP United Utilities Group plc2 2,190 0.02 9,021,263 GBP Vodafone Group plc 19,445 0.15

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United Kingdom (continued) 65,806 GBP Weir Group plc (The) 1,238 0.01 52,064 GBP Whitbread plc 3,054 0.02 739,372 GBP Wm Morrison Supermarkets plc 2,241 0.02 Total United Kingdom 726,940 5.45

United States (31 May 2018: 57.29%) 202,981 USD 3M Co. 42,204 0.32 596,175 USD Abbott Laboratories 44,147 0.33 518,123 USD AbbVie, Inc. 48,843 0.37 14,256 USD ABIOMED, Inc. 4,743 0.04 238,576 USD Activision Blizzard, Inc. 11,900 0.09 14,909 USD Acuity Brands, Inc.2 1,938 0.01 168,602 USD Adobe, Inc. 42,301 0.32 24,249 USD Advance Auto Parts, Inc. 4,309 0.03 301,166 USD Advanced Micro Devices, Inc.2 6,415 0.05 237,162 USD AES Corp.2 3,674 0.03 16,920 USD Affiliated Managers Group, Inc. 1,880 0.01 267,149 USD Aflac, Inc. 12,219 0.09 20,036 USD AGCO Corp. 1,196 0.01 104,552 USD Agilent Technologies, Inc. 7,564 0.06 194,049 USD AGNC Investment Corp., REIT 3,435 0.03 74,479 USD Air Products & Chemicals, Inc. 11,981 0.09 52,216 USD Akamai Technologies, Inc. 3,590 0.03 36,950 USD Albemarle Corp.2 3,559 0.03 34,108 USD Alexandria Real Estate Equities, Inc., REIT 4,246 0.03 80,297 USD Alexion Pharmaceuticals, Inc. 9,889 0.07 24,392 USD Align Technology, Inc.2 5,607 0.04 6,138 USD Alleghany Corp. 3,873 0.03 16,482 USD Alliance Data Systems Corp. 3,302 0.02 73,921 USD Alliant Energy Corp. 3,355 0.03 123,914 USD Allstate Corp. (The) 11,052 0.08 147,717 USD Ally Financial, Inc. 3,941 0.03 39,817 USD Alnylam Pharmaceuticals, Inc.2 3,232 0.02 100,731 USD Alphabet, Inc. 'A' 111,776 0.84 106,929 USD Alphabet, Inc. 'C' 117,026 0.88 638,365 USD Altria Group, Inc. 35,002 0.26 139,777 USD Amazon.com, Inc. 236,247 1.77 2,375 USD AMERCO2 823 0.01 78,686 USD Ameren Corp. 5,399 0.04 37,873 USD American Airlines Group, Inc.2 1,521 0.01 162,609 USD American Electric Power Co., Inc. 12,641 0.09 250,764 USD American Express Co. 28,153 0.21 29,340 USD American Financial Group, Inc. 3,003 0.02 308,259 USD American International Group, Inc. 13,332 0.10 148,760 USD American Tower Corp., REIT 24,470 0.18 64,918 USD American Water Works Co., Inc. 6,194 0.05 49,953 USD Ameriprise Financial, Inc. 6,481 0.05 54,158 USD AmerisourceBergen Corp. 4,815 0.04 83,520 USD AMETEK, Inc. 6,133 0.05 223,199 USD Amgen, Inc. 46,481 0.35 103,266 USD Amphenol Corp. 'A' 9,081 0.07 177,736 USD Anadarko Petroleum Corp. 9,402 0.07 125,717 USD Analog Devices, Inc.2 11,556 0.09

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United States (continued) 426,247 USD Annaly Capital Management, Inc., REIT 4,280 0.03 30,091 USD ANSYS, Inc. 4,875 0.04 52,891 USD Antero Resources Corp.2 694 0.01 84,025 USD Anthem, Inc. 24,373 0.18 58,044 USD AO Smith Corp.2 2,750 0.02 144,525 USD Apache Corp.2 5,077 0.04 1,664,312 USD Apple, Inc. 297,213 2.23 330,953 USD Applied Materials, Inc. 12,338 0.09 80,099 USD Aramark 3,049 0.02 183,093 USD Archer-Daniels-Midland Co. 8,426 0.06 133,763 USD Arconic, Inc. 2,873 0.02 15,817 USD Arista Networks, Inc.2 3,772 0.03 31,123 USD Arrow Electronics, Inc. 2,396 0.02 56,547 USD Arthur J Gallagher & Co. 4,358 0.03 21,194 USD Assurant, Inc. 2,061 0.02 2,449,219 USD AT&T, Inc. 76,514 0.57 35,996 USD Atmos Energy Corp.2 3,444 0.03 78,144 USD Autodesk, Inc. 11,292 0.08 32,819 USD Autoliv, Inc.2 2,819 0.02 146,861 USD Automatic Data Processing, Inc. 21,650 0.16 9,370 USD AutoZone, Inc. 7,581 0.06 47,085 USD AvalonBay Communities, Inc., REIT 8,973 0.07 29,682 USD Avery Dennison Corp.2 2,861 0.02 46,279 USD Avnet, Inc. 2,028 0.02 174,596 USD Baker Hughes a GE Co.2 3,984 0.03 124,359 USD Ball Corp.2 6,107 0.05 3,249,259 USD Bank of America Corp. 92,279 0.69 341,181 USD Bank of New York Mellon Corp. (The)2 17,506 0.13 165,855 USD Baxter International, Inc. 11,369 0.09 266,072 USD BB&T Corp. 13,596 0.10 92,639 USD Becton Dickinson and Co. 23,415 0.18 430,459 USD Berkshire Hathaway, Inc. 'B' 93,943 0.70 83,306 USD Best Buy Co., Inc. 5,381 0.04 70,272 USD Biogen, Inc. 23,451 0.18 58,239 USD BioMarin Pharmaceutical, Inc. 5,593 0.04 40,286 USD BlackRock, Inc.1/2 17,243 0.13 186,693 USD Boeing Co. (The) 64,738 0.48 16,249 USD Booking Holdings, Inc. 30,741 0.23 71,425 USD BorgWarner, Inc. 2,827 0.02 50,051 USD Boston Properties, Inc., REIT 6,567 0.05 457,361 USD Boston Scientific Corp. 17,229 0.13 27,591 USD Brighthouse Financial, Inc.2 1,111 0.01 544,230 USD Bristol-Myers Squibb Co. 29,095 0.22 140,732 USD Broadcom, Inc.2 33,411 0.25 43,684 USD Broadridge Financial Solutions, Inc. 4,625 0.03 90,482 USD Brookfield Property REIT, Inc. 'A' 1,630 0.01 94,420 USD Brown-Forman Corp. 'B' 4,506 0.03 139,262 USD Cabot Oil & Gas Corp.2 3,504 0.03 101,984 USD Cadence Design Systems, Inc. 4,593 0.03 29,449 USD Camden Property Trust, REIT 2,802 0.02 64,271 USD Campbell Soup Co. 2,519 0.02 160,635 USD Capital One Financial Corp. 14,406 0.11 99,926 USD Cardinal Health, Inc. 5,479 0.04 56,118 USD CarMax, Inc.2 3,708 0.03

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United States (continued) 201,667 USD Caterpillar, Inc. 27,360 0.20 42,392 USD Cboe Global Markets, Inc. 4,562 0.03 121,595 USD CBRE Group, Inc. 'A' 5,311 0.04 122,081 USD CBS Corp. (Non-Voting) 'B' 6,614 0.05 49,560 USD CDK Global, Inc. 2,498 0.02 47,021 USD CDW Corp. 4,358 0.03 42,651 USD Celanese Corp. 4,305 0.03 243,252 USD Celgene Corp. 17,568 0.13 66,200 USD Centene Corp. 9,417 0.07 165,950 USD CenterPoint Energy, Inc. 4,648 0.03 334,106 USD CenturyLink, Inc.2 6,281 0.05 96,618 USD Cerner Corp.2 5,595 0.04 87,548 USD CF Industries Holdings, Inc.2 3,694 0.03 51,512 USD CH Robinson Worldwide, Inc. 4,756 0.04 408,706 USD Charles Schwab Corp. (The) 18,310 0.14 55,034 USD Charter Communications, Inc. 'A' 18,117 0.14 54,791 USD Chemours Co. (The) 1,560 0.01 68,442 USD Cheniere Energy, Inc. 4,183 0.03 644,524 USD Chevron Corp. 76,660 0.57 7,505 USD Chipotle Mexican Grill, Inc. 3,551 0.03 87,881 USD Church & Dwight Co., Inc. 5,817 0.04 81,135 USD Cigna Corp. 18,124 0.14 33,902 USD Cimarex Energy Co. 2,779 0.02 48,833 USD Cincinnati Financial Corp. 3,991 0.03 28,319 USD Cintas Corp.2 5,306 0.04 1,591,159 USD Cisco Systems, Inc. 76,169 0.57 39,584 USD CIT Group, Inc. 1,838 0.01 862,782 USD Citigroup, Inc. 55,900 0.42 164,991 USD Citizens Financial Group, Inc. 5,999 0.04 47,361 USD Citrix Systems, Inc. 5,161 0.04 44,916 USD Clorox Co. (The) 7,439 0.06 122,318 USD CME Group, Inc. 23,250 0.17 101,327 USD CMS Energy Corp.2 5,278 0.04 1,363,732 USD Coca-Cola Co. (The) 68,732 0.51 54,457 USD Cognex Corp.2 2,397 0.02 195,843 USD Cognizant Technology Solutions Corp. 'A' 13,950 0.10 275,632 USD Colgate-Palmolive Co. 17,508 0.13 1,559,269 USD Comcast Corp. 'A' 60,827 0.46 63,039 USD Comerica, Inc. 4,991 0.04 63,802 USD CommScope Holding Co., Inc.2 1,155 0.01 175,128 USD Conagra Brands, Inc.2 5,664 0.04 65,759 USD Concho Resources, Inc.2 8,571 0.06 402,388 USD ConocoPhillips 26,630 0.20 101,677 USD Consolidated Edison, Inc. 8,170 0.06 54,967 USD Constellation Brands, Inc. 'A' 10,760 0.08 32,562 USD Continental Resources, Inc. 1,489 0.01 16,488 USD Cooper Cos., Inc. (The)2 4,597 0.03 70,761 USD Copart, Inc.2 3,622 0.03 275,605 USD Corning, Inc. 8,880 0.07 13,953 USD CoStar Group, Inc. 5,154 0.04 150,699 USD Costco Wholesale Corp. 34,854 0.26 164,952 USD Coty, Inc. 'A' 1,376 0.01 137,898 USD Crown Castle International Corp., REIT 15,844 0.12 48,649 USD Crown Holdings, Inc.2 2,495 0.02

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United States (continued) 290,015 USD CSX Corp. 21,064 0.16 55,304 USD Cummins, Inc. 8,354 0.06 429,612 USD CVS Health Corp. 34,455 0.26 211,777 USD Danaher Corp. 23,198 0.17 46,040 USD Darden Restaurants, Inc. 5,089 0.04 42,191 USD DaVita, Inc. 2,787 0.02 103,426 USD Deere & Co.2 16,019 0.12 72,473 USD Dell Technologies, Inc. 'V' 7,644 0.06 51,017 USD Delta Air Lines, Inc. 3,097 0.02 79,965 USD DENTSPLY SIRONA, Inc. 3,021 0.02 184,684 USD Devon Energy Corp. 4,992 0.04 48,405 USD Diamondback Energy, Inc. 5,343 0.04 67,556 USD Digital Realty Trust, Inc., REIT 7,772 0.06 126,097 USD Discover Financial Services 8,991 0.07 51,532 USD Discovery, Inc. 'A'2 1,583 0.01 90,390 USD Discovery, Inc. 'C' 2,525 0.02 68,204 USD DISH Network Corp. 'A' 2,234 0.02 87,895 USD Dollar General Corp.2 9,755 0.07 82,504 USD Dollar Tree, Inc. 7,159 0.05 217,089 USD Dominion Energy, Inc.2 16,173 0.12 15,803 USD Domino's Pizza, Inc. 4,383 0.03 54,940 USD Dover Corp. 4,664 0.03 791,550 USD DowDuPont, Inc. 45,791 0.34 111,193 USD DR Horton, Inc. 4,139 0.03 63,058 USD DTE Energy Co. 7,551 0.06 236,422 USD Duke Energy Corp. 20,940 0.16 114,733 USD Duke Realty Corp., REIT 3,265 0.02 94,100 USD DXC Technology Co. 5,932 0.04 97,270 USD E*TRADE Financial Corp. 5,086 0.04 47,246 USD East West Bancorp, Inc. 2,537 0.02 51,935 USD Eastman Chemical Co. 4,094 0.03 47,368 USD Eaton Vance Corp. 1,929 0.01 311,054 USD eBay, Inc. 9,285 0.07 84,831 USD Ecolab, Inc. 13,615 0.10 110,244 USD Edison International 6,099 0.05 68,602 USD Edwards Lifesciences Corp. 11,114 0.08 105,716 USD Electronic Arts, Inc. 8,888 0.07 334,964 USD Eli Lilly & Co. 39,740 0.30 210,870 USD Emerson Electric Co. 14,238 0.11 65,078 USD Entergy Corp. 5,666 0.04 199,923 USD EOG Resources, Inc. 20,654 0.15 38,332 USD Equifax, Inc.2 3,936 0.03 25,731 USD Equinix, Inc., REIT 9,914 0.07 128,586 USD Equity Residential, REIT 9,162 0.07 22,688 USD Essex Property Trust, Inc., REIT 5,956 0.04 76,459 USD Estee Lauder Cos., Inc. (The) 'A' 10,908 0.08 92,140 USD Evergy, Inc. 5,470 0.04 103,472 USD Eversource Energy 7,071 0.05 321,152 USD Exelon Corp. 14,898 0.11 46,006 USD Expedia Group, Inc.2 5,557 0.04 62,295 USD Expeditors International of Washington, Inc.2 4,740 0.04 195,807 USD Express Scripts Holding Co. 19,869 0.15 39,091 USD Extra Space Storage, Inc., REIT 3,752 0.03 1,427,994 USD Exxon Mobil Corp. 113,526 0.85

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United States (continued) 18,692 USD F5 Networks, Inc. 3,214 0.02 808,989 USD Facebook, Inc. 'A' 113,752 0.85 90,849 USD Fastenal Co.2 5,384 0.04 23,119 USD Federal Realty Investment Trust, REIT 3,054 0.02 84,445 USD FedEx Corp. 19,338 0.14 95,613 USD Fidelity National Financial, Inc. 3,213 0.02 110,109 USD Fidelity National Information Services, Inc. 11,886 0.09 241,833 USD Fifth Third Bancorp 6,754 0.05 174,016 USD First Data Corp. 'A' 3,320 0.02 59,789 USD First Republic Bank2 5,928 0.04 159,850 USD FirstEnergy Corp.2 6,047 0.05 135,960 USD Fiserv, Inc. 10,759 0.08 27,862 USD FleetCor Technologies, Inc. 5,389 0.04 47,596 USD FLIR Systems, Inc. 2,183 0.02 54,146 USD Flowserve Corp. 2,627 0.02 57,269 USD Fluor Corp. 2,344 0.02 43,460 USD FMC Corp. 3,596 0.03 1,207,659 USD Ford Motor Co. 11,364 0.09 52,868 USD Fortinet, Inc. 3,904 0.03 103,810 USD Fortive Corp.2 7,897 0.06 53,866 USD Fortune Brands Home & Security, Inc. 2,359 0.02 102,102 USD Franklin Resources, Inc.2 3,460 0.03 458,057 USD Freeport-McMoRan, Inc. 5,469 0.04 97,291 USD Gap, Inc. (The) 2,655 0.02 32,414 USD Gartner, Inc.2 4,966 0.04 86,374 USD General Dynamics Corp. 15,970 0.12 2,956,329 USD General Electric Co. 22,172 0.17 193,315 USD General Mills, Inc. 8,179 0.06 416,791 USD General Motors Co. 15,817 0.12 49,339 USD Genuine Parts Co. 5,117 0.04 433,477 USD Gilead Sciences, Inc. 31,184 0.23 55,148 USD Global Payments, Inc. 6,166 0.05 50,532 USD GoDaddy, Inc. 'A' 3,298 0.02 120,946 USD Goldman Sachs Group, Inc. (The) 23,063 0.17 91,245 USD Goodyear Tire & Rubber Co. (The) 2,113 0.02 55,183 USD H&R Block, Inc. 1,491 0.01 301,652 USD Halliburton Co. 9,481 0.07 121,128 USD Hanesbrands, Inc.2 1,927 0.01 53,272 USD Harley-Davidson, Inc.2 2,253 0.02 37,272 USD Harris Corp. 5,328 0.04 117,073 USD Hartford Financial Services Group, Inc. (The) 5,173 0.04 42,119 USD Hasbro, Inc.2 3,833 0.03 98,307 USD HCA Healthcare, Inc. 14,155 0.11 149,814 USD HCP, Inc., REIT 4,384 0.03 66,108 USD HD Supply Holdings, Inc. 2,638 0.02 31,425 USD Helmerich & Payne, Inc. 1,904 0.01 57,245 USD Henry Schein, Inc.2 5,106 0.04 49,030 USD Hershey Co. (The) 5,310 0.04 93,117 USD Hess Corp.2 5,018 0.04 528,671 USD Hewlett Packard Enterprise Co.2 7,930 0.06 89,837 USD Hilton Worldwide Holdings, Inc.2 6,786 0.05 52,270 USD HollyFrontier Corp. 3,265 0.02 89,798 USD Hologic, Inc. 3,988 0.03 389,081 USD Home Depot, Inc. (The) 70,159 0.53

140







United States (continued) 253,735 USD Honeywell International, Inc. 37,236 0.28 96,990 USD Hormel Foods Corp.2 4,373 0.03 233,808 USD Host Hotels & Resorts, Inc., REIT 4,442 0.03 539,079 USD HP, Inc. 12,399 0.09 47,188 USD Humana, Inc. 15,547 0.12 391,265 USD Huntington Bancshares, Inc.2 5,709 0.04 15,912 USD Huntington Ingalls Industries, Inc. 3,429 0.03 28,308 USD IAC/InterActiveCorp. 5,038 0.04 23,647 USD IDEX Corp.2 3,249 0.02 30,033 USD IDEXX Laboratories, Inc. 6,120 0.05 100,097 USD Illinois Tool Works, Inc.2 13,918 0.10 49,787 USD Illumina, Inc. 16,803 0.13 57,343 USD Incyte Corp. 3,684 0.03 25,864 USD Ingredion, Inc. 2,702 0.02 1,571,794 USD Intel Corp. 77,505 0.58 196,702 USD Intercontinental Exchange, Inc. 16,074 0.12 309,620 USD International Business Machines Corp. 38,476 0.29 25,089 USD International Flavors & Fragrances, Inc.2 3,553 0.03 2,624 ILS International Flavors & Fragrances, Inc.2 367 – 128,410 USD International Paper Co. 5,931 0.04 126,295 USD Interpublic Group of Cos., Inc. (The) 2,968 0.02 82,676 USD Intuit, Inc. 17,736 0.13 37,935 USD Intuitive Surgical, Inc. 20,139 0.15 130,271 USD Invitation Homes, Inc., REIT2 2,796 0.02 10,697 USD IPG Photonics Corp.2 1,521 0.01 55,714 USD IQVIA Holdings, Inc. 6,968 0.05 82,259 USD Iron Mountain, Inc., REIT 2,794 0.02 23,357 USD Jack Henry & Associates, Inc. 3,263 0.02 46,425 USD Jacobs Engineering Group, Inc.2 3,049 0.02 27,376 USD JB Hunt Transport Services, Inc.2 2,912 0.02 88,451 USD Jefferies Financial Group, Inc. 1,933 0.01 35,483 USD JM Smucker Co. (The) 3,708 0.03 911,876 USD Johnson & Johnson 133,955 1.00 15,390 USD Jones Lang LaSalle, Inc.2 2,204 0.02 1,148,424 USD JPMorgan Chase & Co. 127,693 0.96 139,649 USD Juniper Networks, Inc. 4,009 0.03 33,618 USD Kansas City Southern 3,464 0.03 94,380 USD Kellogg Co. 6,007 0.04 371,494 USD KeyCorp 6,813 0.05 63,559 USD Keysight Technologies, Inc. 3,929 0.03 116,261 USD Kimberly-Clark Corp. 13,413 0.10 131,645 USD Kimco Realty Corp., REIT 2,152 0.02 703,946 USD Kinder Morgan, Inc. 12,016 0.09 53,891 USD KLA-Tencor Corp. 5,312 0.04 44,073 USD Knight-Swift Transportation Holdings, Inc.2 1,528 0.01 54,280 USD Kohl's Corp.2 3,646 0.03 215,869 USD Kraft Heinz Co. (The)2 11,035 0.08 275,828 USD Kroger Co. (The) 8,181 0.06 76,292 USD L Brands, Inc. 2,526 0.02 25,124 USD L3 Technologies, Inc. 4,605 0.03 32,437 USD Laboratory Corp. of America Holdings 4,724 0.04 56,082 USD Lam Research Corp. 8,803 0.07 128,291 USD Las Vegas Sands Corp.2 7,048 0.05 22,172 USD Lear Corp. 3,021 0.02

141







United States (continued) 47,166 USD Leggett & Platt, Inc.2 1,827 0.01 55,213 USD Leidos Holdings, Inc. 3,478 0.03 90,226 USD Lennar Corp. 'A' 3,855 0.03 12,679 USD Lennox International, Inc. 2,864 0.02 32,394 USD Liberty Broadband Corp. 'C' 2,749 0.02 57,558 USD Liberty Media Corp-Liberty Formula One 'C'2 1,716 0.01 29,139 USD Liberty Media Corp-Liberty SiriusXM 'A' 1,159 0.01 67,489 USD Liberty Media Corp-Liberty SiriusXM 'C' 2,708 0.02 51,454 USD Liberty Property Trust, REIT 2,330 0.02 76,157 USD Lincoln National Corp. 4,796 0.04 60,126 USD Live Nation Entertainment, Inc.2 3,348 0.02 94,857 USD LKQ Corp. 2,641 0.02 85,675 USD Lockheed Martin Corp. 25,739 0.19 88,977 USD Loews Corp. 4,276 0.03 274,041 USD Lowe's Cos., Inc. 25,861 0.19 38,730 USD Lululemon Athletica, Inc. 5,134 0.04 49,394 USD M&T Bank Corp. 8,348 0.06 46,339 USD Macerich Co. (The), REIT 2,330 0.02 93,992 USD Macy's, Inc.2 3,216 0.02 18,822 USD ManpowerGroup, Inc. 1,528 0.01 307,646 USD Marathon Oil Corp. 5,135 0.04 240,242 USD Marathon Petroleum Corp. 15,654 0.12 4,425 USD Markel Corp. 5,063 0.04 98,150 USD Marriott International, Inc. 'A'2 11,290 0.08 178,144 USD Marsh & McLennan Cos., Inc. 15,801 0.12 19,119 USD Martin Marietta Materials, Inc.2 3,646 0.03 94,802 USD Masco Corp. 3,004 0.02 312,738 USD Mastercard, Inc. 'A' 62,882 0.47 117,003 USD Mattel, Inc.2 1,626 0.01 97,260 USD Maxim Integrated Products, Inc. 5,439 0.04 44,436 USD McCormick & Co., Inc. (Non-Voting)2 6,665 0.05 264,838 USD McDonald's Corp. 49,925 0.37 69,985 USD McKesson Corp. 8,713 0.07 13,457 USD MercadoLibre, Inc.2 4,736 0.04 907,429 USD Merck & Co., Inc. 71,995 0.54 305,065 USD MetLife, Inc. 13,615 0.10 8,331 USD Mettler-Toledo International, Inc.2 5,304 0.04 165,447 USD MGM Resorts International 4,460 0.03 79,429 USD Microchip Technology, Inc.2 5,957 0.04 390,294 USD Micron Technology, Inc.2 15,050 0.11 2,471,121 USD Microsoft Corp. 274,023 2.05 34,828 USD Mid-America Apartment Communities, Inc., REIT 3,607 0.03 19,481 USD Middleby Corp. (The)2 2,353 0.02 22,024 USD Mohawk Industries, Inc. 2,820 0.02 59,341 USD Molson Coors Brewing Co. 'B' 3,903 0.03 496,032 USD Mondelez International, Inc. 'A' 22,312 0.17 147,167 USD Monster Beverage Corp. 8,783 0.07 58,652 USD Moody's Corp. 9,330 0.07 457,952 USD Morgan Stanley 20,329 0.15 111,658 USD Mosaic Co. (The) 4,020 0.03 54,243 USD Motorola Solutions, Inc. 7,119 0.05 27,125 USD MSCI, Inc. 4,261 0.03 39,175 USD Nasdaq, Inc. 3,577 0.03 134,335 USD National Oilwell Varco, Inc.2 4,314 0.03

142







United States (continued) 49,814 USD National Retail Properties, Inc., REIT 2,494 0.02 54,218 USD Nektar Therapeutics2 2,190 0.02 91,743 USD NetApp, Inc. 6,135 0.05 147,781 USD Netflix, Inc. 42,285 0.32 156,285 USD New York Community Bancorp, Inc. 1,661 0.01 172,391 USD Newell Brands, Inc.2 4,034 0.03 68,790 USD Newfield Exploration Co. 1,166 0.01 182,277 USD Newmont Mining Corp. 5,895 0.04 121,797 USD News Corp. 'A' 1,581 0.01 161,861 USD NextEra Energy, Inc. 29,412 0.22 430,458 USD NIKE, Inc. 'B' 32,336 0.24 111,357 USD NiSource, Inc. 2,942 0.02 150,037 USD Noble Energy, Inc. 3,562 0.03 41,628 USD Nordstrom, Inc.2 2,201 0.02 95,299 USD Norfolk Southern Corp. 16,271 0.12 73,854 USD Northern Trust Corp. 7,329 0.05 55,193 USD Northrop Grumman Corp. 14,344 0.11 105,447 USD Nucor Corp. 6,370 0.05 196,070 USD NVIDIA Corp. 32,044 0.24 1,160 USD NVR, Inc. 2,842 0.02 256,804 USD Occidental Petroleum Corp. 18,046 0.14 65,502 USD OGE Energy Corp. 2,595 0.02 21,210 USD Old Dominion Freight Line, Inc. 2,900 0.02 71,641 USD Omnicom Group, Inc.2 5,514 0.04 144,867 USD ON Semiconductor Corp. 2,779 0.02 142,348 USD ONEOK, Inc. 8,744 0.07 1,038,462 USD Oracle Corp. 50,635 0.38 26,687 USD O'Reilly Automotive, Inc. 9,255 0.07 30,021 USD Owens Corning 1,566 0.01 119,271 USD PACCAR, Inc. 7,421 0.06 35,546 USD Packaging Corp. of America 3,477 0.03 29,016 USD Palo Alto Networks, Inc.2 5,018 0.04 46,247 USD Parker-Hannifin Corp. 7,956 0.06 80,048 USD Parsley Energy, Inc. 'A' 1,611 0.01 112,551 USD Paychex, Inc.2 7,964 0.06 375,432 USD PayPal Holdings, Inc. 32,216 0.24 166,507 USD People's United Financial, Inc. 2,807 0.02 481,712 USD PepsiCo, Inc. 58,740 0.44 1,972,936 USD Pfizer, Inc. 91,209 0.68 166,540 USD PG&E Corp. 4,393 0.03 529,496 USD Philip Morris International, Inc. 45,817 0.34 149,680 USD Phillips 66 13,998 0.10 40,940 USD Pinnacle West Capital Corp. 3,658 0.03 56,691 USD Pioneer Natural Resources Co. 8,376 0.06 31,305 USD Plains GP Holdings LP 'A' 693 0.01 157,323 USD PNC Financial Services Group, Inc. (The)1 21,361 0.16 21,251 USD Polaris Industries, Inc.2 2,061 0.02 82,969 USD PPG Industries, Inc.2 9,071 0.07 226,731 USD PPL Corp. 6,936 0.05 101,736 USD Principal Financial Group, Inc.2 5,018 0.04 848,160 USD Procter & Gamble Co. (The) 80,160 0.60 191,521 USD Progressive Corp. (The) 12,696 0.09 214,578 USD Prologis, Inc., REIT 14,450 0.11 139,674 USD Prudential Financial, Inc. 13,096 0.10

143







United States (continued) 163,588 USD Public Service Enterprise Group, Inc. 9,145 0.07 53,666 USD Public Storage, REIT 11,445 0.09 114,300 USD PulteGroup, Inc. 3,031 0.02 27,383 USD PVH Corp. 3,026 0.02 47,048 USD Qorvo, Inc.2 3,096 0.02 474,358 USD QUALCOMM, Inc.2 27,636 0.21 45,095 USD Quest Diagnostics, Inc. 3,994 0.03 175,067 USD Qurate Retail, Inc. 'A' 3,890 0.03 15,947 USD Ralph Lauren Corp. 1,777 0.01 42,176 USD Raymond James Financial, Inc. 3,363 0.03 95,759 USD Raytheon Co. 16,790 0.13 97,772 USD Realty Income Corp., REIT2 6,266 0.05 62,027 USD Red Hat, Inc. 11,076 0.08 49,234 USD Regency Centers Corp., REIT 3,134 0.02 25,903 USD Regeneron Pharmaceuticals, Inc. 9,471 0.07 389,202 USD Regions Financial Corp. 6,402 0.05 21,691 USD Reinsurance Group of America, Inc. 3,240 0.02 81,293 USD Republic Services, Inc. 6,287 0.05 50,781 USD ResMed, Inc. 5,677 0.04 46,485 USD Robert Half International, Inc. 2,874 0.02 44,431 USD Rockwell Automation, Inc.2 7,746 0.06 32,153 USD Rollins, Inc.2 2,044 0.02 35,423 USD Roper Technologies, Inc. 10,542 0.08 123,425 USD Ross Stores, Inc. 10,812 0.08 84,971 USD S&P Global, Inc. 15,538 0.12 109,322 USD Sabre Corp.2 2,795 0.02 241,173 USD salesforce.com, Inc. 34,430 0.26 40,324 USD SBA Communications Corp., REIT 'A' 6,888 0.05 43,322 USD SCANA Corp. 2,021 0.02 62,477 USD Sealed Air Corp.2 2,282 0.02 33,538 USD Seattle Genetics, Inc.2 2,099 0.02 48,586 USD SEI Investments Co. 2,609 0.02 89,557 USD Sempra Energy2 10,319 0.08 62,663 USD ServiceNow, Inc.2 11,610 0.09 28,017 USD Sherwin-Williams Co. (The) 11,881 0.09 24,320 USD Signature Bank 2,999 0.02 108,001 USD Simon Property Group, Inc., REIT 20,055 0.15 502,348 USD Sirius XM Holdings, Inc.2 3,130 0.02 57,791 USD Skyworks Solutions, Inc. 4,205 0.03 29,777 USD SL Green Realty Corp., REIT 2,871 0.02 17,695 USD Snap-on, Inc. 2,942 0.02 336,201 USD Southern Co. (The) 15,912 0.12 55,061 USD Southwest Airlines Co.2 3,007 0.02 45,452 USD Spirit AeroSystems Holdings, Inc. 'A' 3,722 0.03 54,663 USD Splunk, Inc. 6,108 0.05 263,890 USD Sprint Corp. 1,657 0.01 97,244 USD Square, Inc. 'A' 6,792 0.05 76,297 USD SS&C Technologies Holdings, Inc. 3,674 0.03 50,725 USD Stanley Black & Decker, Inc.2 6,637 0.05 473,404 USD Starbucks Corp. 31,586 0.24 126,959 USD State Street Corp. 9,271 0.07 79,431 USD Steel Dynamics, Inc. 2,796 0.02 27,247 USD Stericycle, Inc. 1,310 0.01 116,804 USD Stryker Corp. 20,494 0.15

144







United States (continued) 150,207 USD SunTrust Banks, Inc. 9,416 0.07 17,160 USD SVB Financial Group 4,373 0.03 216,083 USD Symantec Corp.2 4,778 0.04 256,307 USD Synchrony Financial2 6,659 0.05 55,318 USD Synopsys, Inc. 5,086 0.04 167,905 USD Sysco Corp. 11,317 0.08 83,870 USD T Rowe Price Group, Inc.2 8,333 0.06 35,462 USD Take-Two Interactive Software, Inc. 3,889 0.03 94,147 USD Tapestry, Inc. 3,665 0.03 86,085 USD Targa Resources Corp. 3,842 0.03 175,933 USD Target Corp. 12,484 0.09 94,230 USD TD Ameritrade Holding Corp. 5,071 0.04 14,910 USD Teleflex, Inc.2 4,107 0.03 43,980 USD Tesla, Inc.2 15,414 0.12 326,351 USD Texas Instruments, Inc. 32,586 0.24 84,389 USD Textron, Inc.2 4,738 0.04 134,124 USD Thermo Fisher Scientific, Inc.2 33,471 0.25 41,892 USD Tiffany & Co. 3,812 0.03 424,708 USD TJX Cos., Inc. (The) 20,747 0.16 118,061 USD T-Mobile US, Inc. 8,081 0.06 54,189 USD Toll Brothers, Inc. 1,787 0.01 36,536 USD Torchmark Corp.2 3,157 0.02 57,933 USD Total System Services, Inc. 5,062 0.04 42,533 USD Tractor Supply Co. 4,046 0.03 17,003 USD TransDigm Group, Inc.2 6,149 0.05 57,836 USD TransUnion2 3,734 0.03 92,180 USD Travelers Cos., Inc. (The) 12,018 0.09 93,688 USD Trimble, Inc. 3,563 0.03 33,504 USD TripAdvisor, Inc.2 2,146 0.02 356,574 USD Twenty-First Century Fox, Inc. 'A' 17,640 0.13 148,466 USD Twenty-First Century Fox, Inc. 'B' 7,279 0.05 238,022 USD Twitter, Inc. 7,486 0.06 101,261 USD Tyson Foods, Inc. 'A' 5,969 0.04 84,025 USD UDR, Inc., REIT 3,581 0.03 60,230 USD UGI Corp. 3,460 0.03 19,879 USD Ulta Beauty, Inc.2 5,920 0.04 67,111 USD Under Armour, Inc. 'A'2 1,603 0.01 68,445 USD Under Armour, Inc. 'C'2 1,528 0.01 259,679 USD Union Pacific Corp. 39,933 0.30 19,317 USD United Continental Holdings, Inc. 1,868 0.01 236,949 USD United Parcel Service, Inc. 'B' 27,318 0.20 31,655 USD United Rentals, Inc. 3,708 0.03 275,718 USD United Technologies Corp. 33,593 0.25 12,076 USD United Therapeutics Corp. 1,426 0.01 324,119 USD UnitedHealth Group, Inc. 91,194 0.68 30,132 USD Universal Health Services, Inc. 'B'2 4,158 0.03 84,411 USD Unum Group 3,031 0.02 526,309 USD US Bancorp 28,663 0.21 13,104 USD Vail Resorts, Inc. 3,658 0.03 144,178 USD Valero Energy Corp. 11,520 0.09 35,091 USD Varian Medical Systems, Inc. 4,330 0.03 37,258 USD Veeva Systems, Inc. 'A' 3,583 0.03 129,779 USD Ventas, Inc., REIT 8,240 0.06 302,960 USD VEREIT, Inc. 2,318 0.02

145







United States (continued) 39,387 USD VeriSign, Inc. 6,147 0.05 56,344 USD Verisk Analytics, Inc.2 6,948 0.05 1,393,612 USD Verizon Communications, Inc. 84,035 0.63 85,844 USD Vertex Pharmaceuticals, Inc. 15,520 0.12 119,741 USD VF Corp. 9,734 0.07 120,487 USD Viacom, Inc. 'B' 3,718 0.03 602,452 USD Visa, Inc. 'A'2 85,373 0.64 132,046 USD Vistra Energy Corp. 3,100 0.02 25,342 USD VMware, Inc. 'A' 4,241 0.03 55,178 USD Vornado Realty Trust, REIT 3,971 0.03 55,243 USD Voya Financial, Inc. 2,483 0.02 51,391 USD Vulcan Materials Co. 5,433 0.04 19,121 USD WABCO Holdings, Inc.2 2,322 0.02 31,419 USD Wabtec Corp.2 2,972 0.02 281,007 USD Walgreens Boots Alliance, Inc.2 23,793 0.18 500,979 USD Walmart, Inc. 48,921 0.37 504,667 USD Walt Disney Co. (The) 58,284 0.44 152,414 USD Waste Management, Inc. 14,289 0.11 25,261 USD Waters Corp. 5,016 0.04 108,909 USD WEC Energy Group, Inc. 7,894 0.06 1,561,726 USD Wells Fargo & Co. 84,770 0.63 124,159 USD Welltower, Inc., REIT 8,980 0.07 95,067 USD Western Digital Corp. 4,315 0.03 133,427 USD Western Union Co. (The)2 2,499 0.02 13,176 USD Westlake Chemical Corp. 955 0.01 89,781 USD WestRock Co. 4,230 0.03 255,045 USD Weyerhaeuser Co., REIT 6,736 0.05 21,770 USD Whirlpool Corp.2 2,746 0.02 409,178 USD Williams Cos., Inc. (The)2 10,360 0.08 49,233 USD Workday, Inc. 'A'2 8,074 0.06 67,772 USD Worldpay, Inc. 'A' 5,816 0.05 35,055 GBP Worldpay, Inc. 'A' 2,957 0.02 49,347 USD WP Carey, Inc., REIT2 3,343 0.02 33,139 USD WR Berkley Corp.2 2,611 0.02 15,156 USD WW Grainger, Inc.2 4,760 0.04 31,362 USD Wynn Resorts Ltd. 3,431 0.03 171,001 USD Xcel Energy, Inc. 8,969 0.07 69,460 USD Xerox Corp. 1,870 0.01 88,063 USD Xilinx, Inc. 8,144 0.06 40,646 USD XPO Logistics, Inc. 3,083 0.02 60,000 USD Xylem, Inc. 4,379 0.03 112,077 USD Yum! Brands, Inc. 10,336 0.08 60,951 USD Zayo Group Holdings, Inc.2 1,604 0.01 32,563 USD Zillow Group, Inc. 'C'2 1,190 0.01 64,808 USD Zimmer Biomet Holdings, Inc. 7,584 0.06 66,335 USD Zions Bancorp NA2 3,228 0.02 169,628 USD Zoetis, Inc. 15,923 0.12 Total United States 7,907,145 59.23


146




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


Euro (Hedged) Flexible Accumulating Class

Buy AUD 17,906; Sell EUR 11,4063 State Street 04/12/2018 – – Buy CHF 3; Sell EUR 33 State Street 04/12/2018 – – Buy DKK 4; Sell EUR –3 State Street 04/12/2018 – – Buy EUR 529,517; Sell CAD 791,222 State Street 04/12/2018 4 – Buy EUR 91,221; Sell DKK 680,4463 State Street 04/12/2018 – – Buy EUR 964,251; Sell GBP 846,878 State Street 04/12/2018 12 – Buy EUR 15,794; Sell ILS 66,3833 State Street 04/12/2018 – – Buy EUR 719; Sell JPY 91,9593 State Street 04/12/2018 – – Buy EUR 42,457; Sell NOK 405,068 State Street 04/12/2018 1 – Buy EUR –; Sell NZD 13 State Street 04/12/2018 – – Buy GBP 7; Sell EUR 83 State Street 04/12/2018 – – Buy HKD 20; Sell EUR 23 State Street 04/12/2018 – – Buy ILS –; Sell EUR –3 State Street 04/12/2018 – – Buy NZD 688; Sell EUR 4133 State Street 04/12/2018 – – Buy SEK 45,003; Sell EUR 4,3583 State Street 04/12/2018 – – Buy SGD 3; Sell EUR 23 State Street 04/12/2018 – – Buy USD 431,392; Sell EUR 378,309 State Street 04/12/2018 3 – Total unrealised gain (31 May 2018: 0.00%) 20 –

Sterling (Hedged) D Distributing Class

Buy GBP 267; Sell CAD 4523 State Street 04/12/2018 – – Buy GBP 2; Sell DKK 153 State Street 04/12/2018 – – Buy GBP 661; Sell JPY 95,4963 State Street 04/12/2018 – – Total unrealised gain (31 May 2018: 0.00%) – –

Sterling (Hedged) Flexible Accumulating Class

Buy AUD 151,063; Sell GBP 84,647 State Street 04/12/2018 3 – Buy CHF 37,712; Sell GBP 29,3843 State Street 04/12/2018 – – Buy GBP 2,213,959; Sell CAD 3,718,159 State Street 04/12/2018 27 – Buy GBP 376,104; Sell DKK 3,160,371 State Street 04/12/2018 1 – Buy GBP 7,338,855; Sell EUR 8,266,897 State Street 04/12/2018 4 – Buy GBP 63,946; Sell ILS 303,7863 State Street 04/12/2018 – – Buy GBP 5,545,509; Sell JPY 798,939,299 State Street 04/12/2018 39 – Buy GBP 179,756; Sell NOK 1,930,625 State Street 04/12/2018 5 – Buy HKD 612,761; Sell GBP 61,0163 State Street 04/12/2018 – – Buy NOK 64,744; Sell GBP 5,8813 State Street 04/12/2018 – – Buy NZD 4,898; Sell GBP 2,5863 State Street 04/12/2018 – – Buy SEK 105,998; Sell GBP 9,0883 State Street 04/12/2018 – – Buy SGD 17,895; Sell GBP 10,1073 State Street 04/12/2018 – – Buy USD 4,118,416; Sell GBP 3,197,994 State Street 04/12/2018 38 – Total unrealised gain (31 May 2018: 0.00%) 117 –

Total unrealised gain on forward currency contracts (31 May 2018: 0.00%) 137 –

147






Euro (Hedged) Flexible Accumulating Class

Buy CAD 4; Sell EUR 33 State Street 04/12/2018 – – Buy EUR 374,526; Sell AUD 592,938 State Street 04/12/2018 (9) – Buy EUR 469,138; Sell CHF 535,674 State Street 04/12/2018 (5) – Buy EUR 522; Sell GBP 4633 State Street 04/12/2018 – – Buy EUR 187,119; Sell HKD 1,667,940 State Street 04/12/2018 (1) – Buy EUR 1,315,658; Sell JPY 169,410,854 State Street 04/12/2018 (2) – Buy EUR 11,971; Sell NZD 20,511 State Street 04/12/2018 (1) – Buy EUR 145,523; Sell SEK 1,503,3733 State Street 04/12/2018 – – Buy EUR 70,032; Sell SGD 109,680 State Street 04/12/2018 (1) – Buy EUR 9,990,274; Sell USD 11,393,191 State Street 04/12/2018 (82) – Buy HKD 48,208; Sell EUR 5,4653 State Street 04/12/2018 – – Buy ILS 1; Sell EUR –3 State Street 04/12/2018 – – Buy JPY 912; Sell EUR 73 State Street 04/12/2018 – – Buy NOK 18,286; Sell EUR 1,8783 State Street 04/12/2018 – – Total unrealised loss (31 May 2018: 0.00%) (101) –

Sterling (Hedged) D Distributing Class

Buy GBP 185; Sell AUD 3283 State Street 04/12/2018 – – Buy GBP 232; Sell CHF 2963 State Street 04/12/2018 – – Buy GBP 45; Sell DKK 3823 State Street 04/12/2018 – – Buy GBP 841; Sell EUR 9493 State Street 04/12/2018 – – Buy GBP 91; Sell HKD 9133 State Street 04/12/2018 – – Buy GBP 8; Sell ILS 373 State Street 04/12/2018 – – Buy GBP 20; Sell NOK 2223 State Street 04/12/2018 – – Buy GBP 6; Sell NZD 113 State Street 04/12/2018 – – Buy GBP 70; Sell SEK 8183 State Street 04/12/2018 – – Buy GBP 35; Sell SGD 613 State Street 04/12/2018 – – Buy GBP 4,866; Sell USD 6,2323 State Street 04/12/2018 – – Total unrealised loss (31 May 2018: 0.00%) – –

Sterling (Hedged) Flexible Accumulating Class

Buy CAD 55,765; Sell GBP 33,2073 State Street 04/12/2018 – – Buy DKK 47,435; Sell GBP 5,6453 State Street 04/12/2018 – – Buy EUR 693,688; Sell GBP 617,279 State Street 04/12/2018 (2) – Buy GBP 1,563,054; Sell AUD 2,820,822 State Street 04/12/2018 (66) – Buy GBP 80,434; Sell CAD 138,432 State Street 04/12/2018 (2) – Buy GBP 1,961,181; Sell CHF 2,517,041 State Street 04/12/2018 (16) – Buy GBP 12,185; Sell DKK 103,7293 State Street 04/12/2018 – – Buy GBP 213,856; Sell EUR 245,516 State Street 04/12/2018 (5) – Buy GBP 821,398; Sell HKD 8,240,055 State Street 04/12/2018 (5) – Buy GBP 3,146; Sell ILS 15,1343 State Street 04/12/2018 – – Buy GBP 225,175; Sell JPY 33,343,331 State Street 04/12/2018 (6) – Buy GBP 50,163; Sell NZD 98,246 State Street 04/12/2018 (4) – Buy GBP 627,025; Sell SEK 7,316,035 State Street 04/12/2018 (4) – Buy GBP 302,261; Sell SGD 535,313 State Street 04/12/2018 (5) – Buy GBP 43,508,098; Sell USD 55,737,042 State Street 04/12/2018 (225) –

148






Sterling (Hedged) Flexible Accumulating Class (continued)

Buy ILS 6,330; Sell GBP 1,3333 State Street 04/12/2018 – – Buy JPY 37,714,678; Sell GBP 261,467 State Street 04/12/2018 (1) – Buy NOK 57,091; Sell GBP 5,3163 State Street 04/12/2018 – – Buy SEK 472,623; Sell GBP 40,8603 State Street 04/12/2018 – – Total unrealised loss (31 May 2018: 0.00%) (341) –

Total unrealised loss on forward currency contracts (31 May 2018: 0.00%) (442) –


Futures contracts

Australia (31 May 2018: 0.01%) – –

Japan (31 May 2018: 0.00%)

126 JPY 1,260,000 TOPIX Index 13/12/2018 334 – Total Japan 334 –

Switzerland (31 May 2018: 0.00%)

57 CHF 570 Swiss Market Index 21/12/2018 67 – Total Switzerland 67 –

United Kingdom (31 May 2018: 0.00%)4 – –

United States (31 May 2018: 0.00%)4

861 USD 43,050 S&P 500 Emini Index 21/12/2018 2,190 0.02 Total United States 2,190 0.02

Total unrealised gain on futures contracts (31 May 2018: 0.01%) 2,591 0.02


224 AUD 5,600 SPI 200 Index 20/12/2018 (1,829) (0.02) Total Australia (1,829) (0.02)

Germany (31 May 2018: (0.01)%)

687 EUR 6,870 EURO STOXX 50 Index 21/12/2018 (119) – Total Germany (119) –

149






Japan (31 May 2018: 0.00%)4 – –

Switzerland (31 May 2018: 0.00%)4 – –


176 GBP 1,760 FTSE 100 Index 21/12/2018 (156) – Total United Kingdom (156) –


Fair Value USD '000


Total financial assets at fair value through profit or loss 13,148,515 98.50 Total financial liabilities at fair value through profit or loss (2,546) (0.02) Cash 182,006 1.36 Other assets and liabilities 20,951 0.16 Net asset value attributable to redeemable participating unitholders 13,348,926 100.00


Assets Transferable securities admitted to official stock exchange listing 98.30 Financial derivative instruments dealt in on a regulated market 0.02 OTC financial derivative instruments7 – Other assets 1.68 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 Prior year percentage of net asset value rounds to 0.00%. 5 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.

6 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.

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


On losses USD '000

Forward currency contracts 48,808 90,223 Futures contracts 141,736 64,215

150

iSHARES EDGE EM FUNDAMENTAL WEIGHTED INDEX FUND (IE)





Equities (31 May 2018: 100.57%)

Bermuda (31 May 2018: 0.39%) 4,679,000 HKD GOME Retail Holdings Ltd.1 419 0.09 179,000 HKD Haier Electronics Group Co. Ltd. 417 0.09 701,974 HKD Kunlun Energy Co. Ltd.1 849 0.18 1,052,000 HKD Skyworth Digital Holdings Ltd. 258 0.05 Total Bermuda 1,943 0.41

Brazil (31 May 2018: 13.17%) 547,022 BRL Ambev SA 2,389 0.51 170,778 BRL B3 SA - Brasil Bolsa Balcao 1,243 0.26 768,821 BRL Banco Bradesco SA, Preference 7,631 1.62 196,711 BRL Banco Bradesco SA 1,705 0.36 10,593 BRL Banco BTG Pactual SA 61 0.01 593,855 BRL Banco do Brasil SA 6,840 1.45 109,583 BRL Banco Santander Brasil SA 1,208 0.26 136,874 BRL BR Malls Participacoes SA 460 0.10 39,846 BRL Braskem SA, Preference 'A' 557 0.12 149,234 BRL BRF SA 854 0.18 142,760 BRL CCR SA 479 0.10 128,309 BRL Centrais Eletricas Brasileiras SA 809 0.17 71,624 BRL Centrais Eletricas Brasileiras SA, Preference 'B' 523 0.11 57,280 BRL Cia Brasileira de Distribuicao, Preference 1,233 0.26 81,113 BRL Cia de Saneamento Basico do Estado de Sao Paulo 591 0.13 864,153 BRL Cia Energetica de Minas Gerais, Preference 2,835 0.60 71,376 BRL Cia Energetica de Minas Gerais 234 0.05 83,088 BRL Cia Energetica de Sao Paulo, Preference 'B' 417 0.09 75,939 BRL Cia Paranaense de Energia, Preference 'B' 637 0.14 234,037 BRL Cia Siderurgica Nacional SA 536 0.11 166,507 BRL Cielo SA 409 0.09 34,064 BRL Cosan SA 303 0.06 137,788 BRL Embraer SA 775 0.16 8,862 USD Embraer SA ADR 199 0.04 31,522 BRL Engie Brasil Energia SA 350 0.07 16,301 BRL Equatorial Energia SA 306 0.07 31,356 BRL Fibria Celulose SA 593 0.13 321,777 BRL Gerdau SA, Preference 1,285 0.27 1,101,523 BRL Itau Unibanco Holding SA, Preference 10,240 2.18 461,922 BRL Itausa - Investimentos Itau SA, Preference 1,471 0.31 1 BRL Itausa - Investimentos Itau SA2 – – 588,643 BRL JBS SA 1,788 0.38 65,690 BRL Klabin SA 284 0.06 204,362 BRL Kroton Educacional SA 554 0.12 78,483 BRL Lojas Americanas SA, Preference 399 0.09 37,599 BRL Lojas Americanas SA 141 0.03 53,558 BRL Lojas Renner SA 540 0.12 160,895 BRL Marfrig Global Foods SA 257 0.05 724,448 BRL Metalurgica Gerdau SA, Preference 1,369 0.29 19,720 BRL Natura Cosmeticos SA 208 0.04 111,124 BRL Petrobras Distribuidora SA 701 0.15 1,041,075 BRL Petroleo Brasileiro SA 7,558 1.61 1,326,260 BRL Petroleo Brasileiro SA, Preference 8,714 1.85 31,032 BRL Suzano Papel e Celulose SA 327 0.07 103,022 BRL Telefonica Brasil SA, Preference 1,223 0.26 220,758 BRL TIM Participacoes SA 676 0.14

151







Brazil (continued) 108,179 BRL Ultrapar Participacoes SA 1,319 0.28 628,397 BRL Vale SA 8,563 1.82 Total Brazil 81,794 17.37

Cayman Islands (31 May 2018: 3.14%) 254,000 HKD Agile Group Holdings Ltd.1 345 0.07 7,154 USD Alibaba Group Holding Ltd. ADR 1,151 0.24 4,151 USD Baidu, Inc. ADR 782 0.17 60,180 TWD Chailease Holding Co. Ltd. 188 0.04 417,000 HKD China Evergrande Group1 1,313 0.28 445,555 HKD China Resources Land Ltd.1 1,651 0.35 701,866 HKD Country Garden Holdings Co. Ltd.1 863 0.18 112,627 HKD Country Garden Services Holdings Co. Ltd. 186 0.04 5,609 USD Ctrip.com International Ltd. ADR 162 0.03 70,500 HKD ENN Energy Holdings Ltd.1 633 0.13 4,660,000 HKD GCL-Poly Energy Holdings Ltd. 322 0.07 234,000 HKD Geely Automobile Holdings Ltd. 461 0.10 74,500 HKD Hengan International Group Co. Ltd.1 609 0.13 7,936 USD JD.com, Inc. ADR1 168 0.04 145,000 HKD Kingboard Holdings Ltd. 414 0.09 223,000 HKD Longfor Group Holdings Ltd.1 627 0.13 664 USD NetEase, Inc. ADR 151 0.03 352,500 HKD Shimao Property Holdings Ltd. 871 0.19 631,500 HKD SOHO China Ltd.1 236 0.05 156,000 HKD Sunac China Holdings Ltd.1 518 0.11 65,800 HKD Tencent Holdings Ltd. 2,623 0.56 232,000 TWD TPK Holding Co. Ltd. 398 0.09 Total Cayman Islands 14,672 3.12

Chile (31 May 2018: 1.11%) 2,979,428 CLP Banco de Chile 430 0.09 3,909 USD Banco de Chile ADR 114 0.02 2,612 CLP Banco de Credito e Inversiones SA 170 0.04 9,096,609 CLP Banco Santander Chile 704 0.15 326,632 CLP Cencosud SA 605 0.13 100,937 CLP Empresas CMPC SA 348 0.07 40,562 CLP Empresas COPEC SA 547 0.12 4,981,547 CLP Enel Americas SA 863 0.18 8,124 USD Enel Americas SA ADR 71 0.01 2,635,187 CLP Enel Chile SA 255 0.05 37,829 USD Enel Chile SA ADR 182 0.04 72,588 CLP Latam Airlines Group SA 744 0.16 42,900 CLP SACI Falabella 318 0.07 2,708 CLP Sociedad Quimica y Minera de Chile SA, Preference 'B' 120 0.03 Total Chile 5,471 1.16

China (31 May 2018: 20.91%) 7,455,000 HKD Agricultural Bank of China Ltd. 'H' 3,372 0.72 962,000 HKD Aluminum Corp. of China Ltd. 'H' 344 0.07 139,500 HKD Anhui Conch Cement Co. Ltd. 'H'1 728 0.15 22,712,000 HKD Bank of China Ltd. 'H' 9,926 2.11 2,555,000 HKD Bank of Communications Co. Ltd. 'H'1 1,943 0.41 33,500 HKD BYD Co. Ltd. 'H' 251 0.05

152







China (continued) 969,000 HKD CGN Power Co. Ltd. 'H'1 240 0.05 2,643,000 HKD China Cinda Asset Management Co. Ltd. 'H'1 709 0.15 2,369,000 HKD China CITIC Bank Corp. Ltd. 'H' 1,501 0.32 1,173,000 HKD China Communications Construction Co. Ltd. 'H' 1,139 0.24 220,000 HKD China Communications Services Corp. Ltd. 'H' 184 0.04 23,744,000 HKD China Construction Bank Corp. 'H'1 20,237 4.30 1,036,000 HKD China Everbright Bank Co. Ltd. 'H' 459 0.10 2,730,000 HKD China Huarong Asset Management Co. Ltd. 'H'1 562 0.12 880,000 HKD China Life Insurance Co. Ltd. 'H' 1,889 0.40 664,000 HKD China Longyuan Power Group Corp. Ltd. 'H' 522 0.11 613,715 HKD China Merchants Bank Co. Ltd. 'H' 2,537 0.54 1,904,920 HKD China Minsheng Banking Corp. Ltd. 'H'1 1,407 0.30 1,680,000 HKD China National Building Material Co. Ltd. 'H' 1,307 0.28 134,000 HKD China Oilfield Services Ltd. 'H'1 125 0.03 361,600 HKD China Pacific Insurance Group Co. Ltd. 'H' 1,280 0.27 9,135,800 HKD China Petroleum & Chemical Corp. 'H' 7,763 1.65 720,500 HKD China Railway Construction Corp. Ltd. 'H'1 922 0.20 1,121,000 HKD China Railway Group Ltd. 'H'1 1,030 0.22 894,000 HKD China Shenhua Energy Co. Ltd. 'H' 1,985 0.42 4,834,000 HKD China Telecom Corp. Ltd. 'H' 2,601 0.55 168,100 HKD China Vanke Co. Ltd. 'H'1 578 0.12 765,000 HKD Chongqing Rural Commercial Bank Co. Ltd. 'H' 447 0.10 322,500 HKD CITIC Securities Co. Ltd. 'H'1 602 0.13 111,000 HKD CRRC Corp. Ltd. 'H' 104 0.02 794,000 HKD Dongfeng Motor Group Co. Ltd. 'H' 766 0.16 43,200 HKD GF Securities Co. Ltd. 'H' 64 0.01 741,500 HKD Great Wall Motor Co. Ltd. 'H'1 474 0.10 334,400 HKD Guangzhou R&F Properties Co. Ltd. 'H'1 518 0.11 459,600 HKD Haitong Securities Co. Ltd. 'H'1 477 0.10 1,896,000 HKD Huaneng Power International, Inc. 'H'1 1,182 0.25 193,200 HKD Huatai Securities Co. Ltd. 'H' 319 0.07 18,033,000 HKD Industrial & Commercial Bank of China Ltd. 'H'1 12,812 2.72 282,900 USD Inner Mongolia Yitai Coal Co. Ltd. 'B' 345 0.07 384,000 HKD Jiangxi Copper Co. Ltd. 'H'1 464 0.10 109,800 HKD Legend Holdings Corp. 'H'1 323 0.07 112,700 HKD New China Life Insurance Co. Ltd. 'H' 493 0.11 2,407,000 HKD People's Insurance Co. Group of China Ltd. (The) 'H' 1,037 0.22 5,730,000 HKD PetroChina Co. Ltd. 'H' 4,020 0.85 1,553,020 HKD PICC Property & Casualty Co. Ltd. 'H' 1,594 0.34 447,000 HKD Ping An Insurance Group Co. of China Ltd. 'H'1 4,324 0.92 1,291,000 HKD Postal Savings Bank of China Co. Ltd. 'H'1 780 0.17 227,000 HKD Sinopec Engineering Group Co. Ltd. 'H' 210 0.04 261,600 HKD Sinopharm Group Co. Ltd. 'H' 1,289 0.27 126,000 HKD Weichai Power Co. Ltd. 'H'1 135 0.03 304,000 HKD Yanzhou Coal Mining Co. Ltd. 'H' 273 0.06 Total China 98,593 20.94

Hong Kong (31 May 2018: 6.54%) 130,500 HKD Beijing Enterprises Holdings Ltd. 765 0.16 416,000 HKD China Jinmao Holdings Group Ltd. 199 0.04 248,003 HKD China Merchants Port Holdings Co. Ltd.1 451 0.10 1,202,000 HKD China Mobile Ltd. 11,927 2.53 648,000 HKD China Overseas Land & Investment Ltd.1 2,261 0.48

153







Hong Kong (continued) 1,783,332 HKD China Power International Development Ltd. 417 0.09 364,836 HKD China Resources Beer Holdings Co. Ltd. 1,235 0.26 294,000 HKD China Resources Pharmaceutical Group Ltd. 432 0.09 619,839 HKD China Resources Power Holdings Co. Ltd.1 1,174 0.25 251,400 HKD China Taiping Insurance Holdings Co. Ltd. 832 0.18 1,670,000 HKD China Unicom Hong Kong Ltd.1 1,936 0.41 749,000 HKD CITIC Ltd.1 1,202 0.26 4,318,000 HKD CNOOC Ltd. 7,338 1.56 409,500 HKD Fosun International Ltd. 651 0.14 356,000 HKD Guangdong Investment Ltd. 687 0.15 3,738,000 HKD Lenovo Group Ltd.1 2,699 0.57 35,000 HKD Shanghai Industrial Holdings Ltd. 76 0.02 873,000 HKD Sino-Ocean Group Holding Ltd. 390 0.08 1,822,000 HKD Yuexiu Property Co. Ltd. 338 0.07 Total Hong Kong 35,010 7.44

India (31 May 2018: 7.25%) 98,333 INR Axis Bank Ltd. 883 0.19 12,522 USD Axis Bank Ltd. GDR1 555 0.12 243,415 INR Bharat Petroleum Corp. Ltd. 1,133 0.24 178,922 INR Bharti Airtel Ltd. 805 0.17 48,687 INR Bharti Infratel Ltd. 179 0.04 289,852 INR Coal India Ltd. 1,018 0.22 12,086 INR GAIL India Ltd. 59 0.01 12,737 USD GAIL India Ltd. GDR 371 0.08 26,674 INR Grasim Industries Ltd. 331 0.07 48,793 INR HCL Technologies Ltd. 711 0.15 9,851 INR Hero MotoCorp Ltd. 432 0.09 229,294 USD Hindalco Industries Ltd. GDR 744 0.16 185,469 INR Hindustan Petroleum Corp. Ltd. 618 0.13 26,323 INR Hindustan Unilever Ltd. 662 0.14 91,511 INR Housing Development Finance Corp. Ltd. 2,612 0.55 35,503 INR Indiabulls Housing Finance Ltd. 364 0.08 568,946 INR Indian Oil Corp. Ltd. 1,099 0.23 132,043 INR Infosys Ltd. 1,265 0.27 194,725 USD Infosys Ltd. ADR 1,920 0.41 197,096 INR ITC Ltd. 808 0.17 143,229 INR JSW Steel Ltd. 646 0.14 37,349 USD Larsen & Toubro Ltd. GDR1 751 0.16 72,148 USD Mahindra & Mahindra Ltd. GDR1 837 0.18 3,589 INR Maruti Suzuki India Ltd. 395 0.08 56,069 INR NMDC Ltd. 77 0.02 413,508 INR NTPC Ltd. 832 0.18 764,792 INR Oil & Natural Gas Corp. Ltd. 1,540 0.33 25,099 INR Rajesh Exports Ltd. 206 0.04 248,309 INR REC Ltd. 356 0.07 1,202,345 INR Reliance Communications Ltd. 246 0.05 92,212 INR Reliance Industries Ltd. 1,545 0.33 134,174 USD Reliance Industries Ltd. GDR1 4,441 0.94 100,365 INR State Bank of India 410 0.09 29,971 USD State Bank of India GDR1 1,224 0.26 52,480 INR Sun Pharmaceutical Industries Ltd. 371 0.08 57,738 INR Tata Consultancy Services Ltd. 1,631 0.35

154







India (continued) 176,246 INR Tata Motors Ltd. 435 0.09 113,837 INR Tata Motors Ltd. 'A' 153 0.03 44,640 USD Tata Motors Ltd. ADR1 545 0.12 69,029 USD Tata Steel Ltd. GDR1 526 0.11 225,089 INR Vedanta Ltd. 632 0.13 353,660 INR Vodafone Idea Ltd. 179 0.04 138,991 INR Wipro Ltd. 647 0.14 60,344 INR Yes Bank Ltd. 147 0.03 Total India 35,341 7.51

Indonesia (31 May 2018: 1.71%) 330,800 IDR Adaro Energy Tbk. PT 30 0.01 2,374,400 IDR Astra International Tbk. PT 1,419 0.30 586,200 IDR Bank Central Asia Tbk. PT 1,068 0.23 2,325,400 IDR Bank Mandiri Persero Tbk. PT 1,203 0.25 1,106,700 IDR Bank Negara Indonesia Persero Tbk. PT 658 0.14 6,675,800 IDR Bank Rakyat Indonesia Persero Tbk. PT 1,690 0.36 885,200 IDR Indofood Sukses Makmur Tbk. PT 409 0.09 3,447,200 IDR Perusahaan Gas Negara Persero Tbk. 471 0.10 6,619,500 IDR Telekomunikasi Indonesia Persero Tbk. PT 1,703 0.36 207,200 IDR United Tractors Tbk. PT 398 0.08 Total Indonesia 9,049 1.92

Malaysia (31 May 2018: 2.64%) 515,225 MYR Axiata Group Bhd. 447 0.09 1,106,371 MYR CIMB Group Holdings Bhd. 1,523 0.32 309,000 MYR DiGi.Com Bhd. 313 0.07 255,000 MYR Genting Bhd. 383 0.08 365,700 MYR Genting Malaysia Bhd. 250 0.05 394,300 MYR IOI Corp. Bhd. 400 0.08 20,500 MYR Kuala Lumpur Kepong Bhd. 120 0.03 836,436 MYR Malayan Banking Bhd. 1,877 0.40 384,800 MYR Petronas Chemicals Group Bhd. 846 0.18 27,000 MYR Petronas Gas Bhd. 122 0.03 339,670 MYR Public Bank Bhd. 2,023 0.43 1,967,200 MYR Sapura Energy Bhd. 167 0.03 1,114,616 MYR Sime Darby Bhd. 610 0.13 443,116 MYR Sime Darby Plantation Bhd. 498 0.11 182,716 MYR Sime Darby Property Bhd. 43 0.01 687,800 MYR Tenaga Nasional Bhd. 2,341 0.50 Total Malaysia 11,963 2.54

Malta (31 May 2018: 0.04%) 21,267 ZAR Brait SE 50 0.01 Total Malta 50 0.01

Mexico (31 May 2018: 3.79%) 832,218 MXN Alfa SAB de CV 'A' 837 0.18 7,081,461 MXN America Movil SAB de CV 'L' 4,761 1.01

119,109 MXN Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 'B' 146 0.03

4,222,209 MXN Cemex SAB de CV 2,173 0.46

155







Mexico (continued) 78,680 MXN Coca-Cola Femsa SAB de CV 'L' 474 0.10 517,257 MXN Fibra Uno Administracion SA de CV, REIT 524 0.11 268,344 MXN Fomento Economico Mexicano SAB de CV 2,328 0.50 213,004 MXN Grupo Bimbo SAB de CV 'A' 408 0.09 282,037 MXN Grupo Financiero Banorte SAB de CV 'O' 1,291 0.27 81,245 MXN Grupo Financiero Inbursa SAB de CV 'O' 110 0.02 650,792 MXN Grupo Mexico SAB de CV 'B' 1,343 0.29 308,742 MXN Grupo Televisa SAB 844 0.18 17,391 MXN Industrias Penoles SAB de CV 198 0.04 167,187 MXN Mexichem SAB de CV 391 0.08 710,083 MXN Wal-Mart de Mexico SAB de CV 1,757 0.37 Total Mexico 17,585 3.73

Netherlands (31 May 2018: 0.02%) 6,610,410 ZAR Steinhoff International Holdings NV1 849 0.18 Total Netherlands 849 0.18

Poland (31 May 2018: 1.58%) 37,542 PLN Bank Polska Kasa Opieki SA1 1,087 0.23 41,462 PLN Energa SA1 99 0.02 43,039 PLN KGHM Polska Miedz SA1 1,019 0.22 163,304 PLN PGE Polska Grupa Energetyczna SA1 503 0.11 66,343 PLN Polski Koncern Naftowy ORLEN SA1 1,927 0.41 315,110 PLN Polskie Gornictwo Naftowe i Gazownictwo SA 536 0.11 120,280 PLN Powszechna Kasa Oszczednosci Bank Polski SA 1,298 0.27 136,845 PLN Powszechny Zaklad Ubezpieczen SA 1,548 0.33 92,087 PLN Tauron Polska Energia SA1 55 0.01 Total Poland 8,072 1.71

Russia (31 May 2018: 9.91%) 331,200 RUB Alrosa PJSC 493 0.10 5,681,654 RUB Gazprom PJSC 13,687 2.91 2,279,269 RUB Inter RAO UES PJSC 139 0.03 139,249 RUB LUKOIL PJSC 10,183 2.16 16,388 USD LUKOIL PJSC ADR 1,204 0.26 18,199 RUB Magnit PJSC 951 0.20 17,539 USD Magnit PJSC GDR 224 0.05 3,488 RUB MMC Norilsk Nickel PJSC 664 0.14 53,369 USD MMC Norilsk Nickel PJSC ADR 1,005 0.21 471,384 RUB Mobile TeleSystems PJSC 1,743 0.37 183,028 RUB Moscow Exchange MICEX-RTS PJSC 245 0.05 96,647 RUB Novatek PJSC 1,627 0.35 263,925 RUB Rosneft Oil Co. PJSC 1,668 0.35 149,055 USD Rosneft Oil Co. PJSC GDR 939 0.20 10,134,779 RUB ROSSETI PJSC 110 0.02 29,569,032 RUB RusHydro PJSC 223 0.05 66,753 USD RusHydro PJSC ADR 48 0.01 2,093,251 RUB Sberbank of Russia PJSC 6,065 1.29 8,695 RUB Severstal PJSC 130 0.03 40,443 USD Severstal PJSC GDR 594 0.13 2,443,526 RUB Sistema PJSFC 313 0.07 2,042,181 RUB Surgutneftegas PJSC, Preference 1,151 0.24 708,242 RUB Surgutneftegas PJSC 289 0.06

156







Russia (continued) 131,299 USD Surgutneftegas PJSC ADR 522 0.11 28,573 RUB Tatneft PJSC, Preference 217 0.05 101,464 RUB Tatneft PJSC 1,080 0.23 22,921 USD Tatneft PJSC ADR 1,444 0.31 74 RUB Transneft PJSC, Preference 194 0.04 477,271,994 RUB VTB Bank PJSC 266 0.06 110,118,006 USD VTB Bank PJSC 61 0.01 690,893 USD VTB Bank PJSC GDR 861 0.18 Total Russia 48,340 10.27

South Africa (31 May 2018: 8.48%) 178,754 ZAR Absa Group Ltd. 1,985 0.42 93,820 ZAR AngloGold Ashanti Ltd. 941 0.20 24,314 ZAR Aspen Pharmacare Holdings Ltd. 258 0.05 66,869 ZAR Barloworld Ltd. 555 0.12 43,372 ZAR Bid Corp. Ltd. 801 0.17 38,594 ZAR Bidvest Group Ltd. (The) 571 0.12 46,119 ZAR Exxaro Resources Ltd. 430 0.09 426,785 ZAR FirstRand Ltd. 2,056 0.44 25,801 ZAR Foschini Group Ltd. (The) 325 0.07 304,575 ZAR Gold Fields Ltd. 887 0.19 442,798 ZAR Growthpoint Properties Ltd., REIT 754 0.16 267,706 ZAR Impala Platinum Holdings Ltd.1 637 0.13 57,212 ZAR Imperial Holdings Ltd. 262 0.06 52,868 ZAR Investec Ltd. 319 0.07 10,234 ZAR Kumba Iron Ore Ltd.1 183 0.04 174,742 ZAR Life Healthcare Group Holdings Ltd. 328 0.07 284,587 ZAR MMI Holdings Ltd. 355 0.08 17,782 ZAR Mondi Ltd. 391 0.08 57,212 ZAR Motus Holdings Ltd. 359 0.08 25,015 ZAR Mr Price Group Ltd. 435 0.09 512,021 ZAR MTN Group Ltd. 3,227 0.68 9,789 ZAR Naspers Ltd. 'N' 1,951 0.41 48,947 ZAR Nedbank Group Ltd. 938 0.20 193,614 ZAR Netcare Ltd. 357 0.08 23,597 ZAR Pick n Pay Stores Ltd. 125 0.03 623,887 ZAR Redefine Properties Ltd., REIT 431 0.09 48,246 ZAR Remgro Ltd. 702 0.15 255,015 ZAR Sanlam Ltd. 1,413 0.30 109,946 ZAR Sappi Ltd. 600 0.13 137,070 ZAR Sasol Ltd. 4,016 0.85 59,795 ZAR Shoprite Holdings Ltd. 850 0.18 372,016 ZAR Sibanye Gold Ltd.1 228 0.05 38,528 ZAR SPAR Group Ltd. (The) 544 0.12 260,837 ZAR Standard Bank Group Ltd. 3,296 0.70 117,991 ZAR Telkom SA SOC Ltd. 483 0.10 17,939 ZAR Tiger Brands Ltd. 347 0.07 69,900 ZAR Truworths International Ltd. 442 0.09 109,612 ZAR Vodacom Group Ltd. 992 0.21 147,356 ZAR Woolworths Holdings Ltd. 595 0.13 Total South Africa 34,369 7.30

157







Taiwan (31 May 2018: 14.32%) 604,000 TWD Acer, Inc. 390 0.08 676,880 TWD ASE Technology Holding Co. Ltd. 1,371 0.29 251,000 TWD Asia Cement Corp. 275 0.06 103,000 TWD Asustek Computer, Inc. 729 0.16 4,377,000 TWD AU Optronics Corp. 1,783 0.38 91,000 TWD Catcher Technology Co. Ltd. 781 0.17 1,409,552 TWD Cathay Financial Holding Co. Ltd. 2,222 0.47 431,120 TWD Cheng Shin Rubber Industry Co. Ltd. 595 0.13 1,809,000 TWD China Development Financial Holding Corp. 587 0.13 587,744 TWD China Life Insurance Co. Ltd. 558 0.12 1,293,980 TWD China Steel Corp. 1,008 0.21 625,000 TWD Chunghwa Telecom Co. Ltd. 2,171 0.46 825,000 TWD Compal Electronics, Inc. 471 0.10 2,998,068 TWD CTBC Financial Holding Co. Ltd. 1,991 0.42 348,735 TWD Delta Electronics, Inc. 1,472 0.31 954,131 TWD E.Sun Financial Holding Co. Ltd. 644 0.14 424,000 TWD Far Eastern New Century Corp. 392 0.08 257,000 TWD Far EasTone Telecommunications Co. Ltd. 605 0.13 1,190,267 TWD First Financial Holding Co. Ltd. 771 0.16 486,210 TWD Formosa Chemicals & Fibre Corp. 1,681 0.36 173,000 TWD Formosa Petrochemical Corp. 626 0.13 512,400 TWD Formosa Plastics Corp. 1,664 0.35 214,784 TWD Foxconn Technology Co. Ltd. 434 0.09 1,336,929 TWD Fubon Financial Holding Co. Ltd. 2,118 0.45 2,860,657 TWD Hon Hai Precision Industry Co. Ltd. 6,678 1.42 295,000 TWD HTC Corp. 436 0.09 4,868,337 TWD Innolux Corp. 1,620 0.34 813,000 TWD Inventec Corp. 583 0.12 4,000 TWD Largan Precision Co. Ltd. 438 0.09 579,118 TWD Lite-On Technology Corp. 769 0.16 268,760 TWD MediaTek, Inc. 2,072 0.44 1,253,295 TWD Mega Financial Holding Co. Ltd. 1,042 0.22 568,480 TWD Nan Ya Plastics Corp. 1,371 0.29 123,000 TWD Novatek Microelectronics Corp. 519 0.11 855,000 TWD Pegatron Corp. 1,452 0.31 394,000 TWD Pou Chen Corp. 429 0.09 175,000 TWD Powertech Technology, Inc. 411 0.09 57,000 TWD President Chain Store Corp. 589 0.13 587,000 TWD Quanta Computer, Inc. 952 0.20 52,000 TWD Radiant Opto-Electronics Corp. 142 0.03 2,145,844 TWD Shin Kong Financial Holding Co. Ltd. 728 0.16 949,860 TWD SinoPac Financial Holdings Co. Ltd. 328 0.07 1,336,263 TWD Taishin Financial Holding Co. Ltd. 588 0.13 32,059 TWD Taishin Financial Holding Co. Ltd., Rights 4 – 733,700 TWD Taiwan Cement Corp. 822 0.17 22,982 TWD Taiwan Cement Corp., Rights2/3 – – 499,550 TWD Taiwan Cooperative Financial Holding Co. Ltd. 290 0.06 223,800 TWD Taiwan Mobile Co. Ltd. 792 0.17 1,956,000 TWD Taiwan Semiconductor Manufacturing Co. Ltd. 14,320 3.04 585,000 TWD Tatung Co. Ltd. 769 0.16 593,164 TWD Uni-President Enterprises Corp. 1,390 0.30 3,004,000 TWD United Microelectronics Corp. 1,127 0.24 887,000 TWD Walsin Lihwa Corp. 531 0.11 861,000 TWD Wintek Corp.2/3 – –

158







Taiwan (continued) 1,322,324 TWD Wistron Corp. 839 0.18 100,040 TWD WPG Holdings Ltd. 122 0.03 1,627,379 TWD Yuanta Financial Holding Co. Ltd. 830 0.18 Total Taiwan 68,322 14.51

Thailand (31 May 2018: 3.93%) 214,400 THB Advanced Info Service PCL NVDR 1,164 0.25 420,100 THB Bangchak Corp. PCL NVDR 431 0.09 103,600 THB Bangkok Bank PCL 668 0.14 998,950 THB Banpu PCL NVDR 513 0.11 1,234,700 THB Charoen Pokphand Foods PCL NVDR 938 0.20 386,700 THB CP ALL PCL NVDR 802 0.17 2,221,700 THB IRPC PCL NVDR 412 0.09 93,800 THB Kasikornbank PCL NVDR 552 0.12 145,200 THB Kasikornbank PCL 854 0.18 1,606,800 THB Krung Thai Bank PCL NVDR 987 0.21 333,264 THB PTT Exploration & Production PCL NVDR 1,338 0.28 15 THB PTT Exploration & Production PCL2 – – 468,600 THB PTT Global Chemical PCL NVDR 1,118 0.24 3,706,500 THB PTT PCL NVDR 5,551 1.18 106,300 THB Siam Cement PCL (The) NVDR 1,429 0.30 371,700 THB Siam Commercial Bank PCL (The) NVDR 1,571 0.33 32,900 THB Siam Commercial Bank PCL (The) 139 0.03 259,700 THB Thai Oil PCL NVDR 600 0.13 248,700 THB Thanachart Capital PCL NVDR 403 0.08 87,500 THB Total Access Communication PCL NVDR 128 0.03 Total Thailand 19,598 4.16

Turkey (31 May 2018: 1.64%) 746,579 TRY Akbank T.A.S. 1,089 0.23 32,672 TRY BIM Birlesik Magazalar A/S 526 0.11 316,874 TRY Eregli Demir ve Celik Fabrikalari TAS 458 0.10 539,229 TRY Haci Omer Sabanci Holding A/S 845 0.18 270,605 TRY KOC Holding A/S 793 0.17 41,914 TRY Tupras Turkiye Petrol Rafinerileri A/S 997 0.21 197,551 TRY Turk Hava Yollari AO 640 0.14 28,535 TRY Turk Telekomunikasyon A/S 21 – 298,863 TRY Turkcell Iletisim Hizmetleri A/S 723 0.15 701,177 TRY Turkiye Garanti Bankasi A/S 1,105 0.24 424,825 TRY Turkiye Halk Bankasi A/S 584 0.12 863,873 TRY Turkiye Is Bankasi A/S 'C' 701 0.15 426,583 TRY Turkiye Vakiflar Bankasi TAO 'D' 326 0.07 355,444 TRY Yapi ve Kredi Bankasi A/S 117 0.03 Total Turkey 8,925 1.90


159





Futures contracts

United States (31 May 2018: 0.00%)4

167 USD 8,350 MSCI Emerging Markets Index 21/12/2018 (70) (0.01) Total United States (70) (0.01)

Total unrealised loss on futures contracts (31 May 2018: 0.00%)4 (70) (0.01)

Fair Value USD '000


Total financial assets at fair value through profit or loss 499,946 106.18 Total financial liabilities at fair value through profit or loss (70) (0.01) Cash 8,395 1.78 Other assets and liabilities (37,435) (7.95) Net asset value attributable to redeemable participating unitholders 470,836 100.00






On losses USD '000


160

iSHARES EMERGING MARKETS INDEX FUND (IE)






Germany (31 May 2018: 0.00%) 24,091 USD iShares MSCI Brazil UCITS ETF (DE)1 853 0.01 Total Germany 853 0.01

Total investments in exchange traded funds 853 0.01



Equities (31 May 2018: 96.57%)

Bermuda (31 May 2018: 0.97%) 7,058,000 HKD Alibaba Health Information Technology Ltd.2 6,313 0.06 31,350,000 HKD Alibaba Pictures Group Ltd.2 4,887 0.05 11,816,000 HKD Beijing Enterprises Water Group Ltd.2 6,840 0.07 6,222,000 HKD Brilliance China Automotive Holdings Ltd.2 5,502 0.05 3,690,000 HKD China Gas Holdings Ltd.2 12,660 0.12 1,860,000 HKD China Resources Gas Group Ltd.2 7,499 0.07 4,110,660 HKD COSCO SHIPPING Ports Ltd. 4,171 0.04 143,882 USD Credicorp Ltd. 31,552 0.31 26,958,000 HKD GOME Retail Holdings Ltd.2 2,411 0.02 2,679,000 HKD Haier Electronics Group Co. Ltd.2 6,237 0.06 1,699,000 HKD Hanergy Thin Film Power Group Ltd.3/4 – – 46,128,000 HKD HengTen Networks Group Ltd.2 1,592 0.02 6,812,038 HKD Kunlun Energy Co. Ltd.2 8,243 0.08 2,362,000 HKD Luye Pharma Group Ltd.2 1,884 0.02 3,749,000 HKD Nine Dragons Paper Holdings Ltd.2 3,799 0.04 1,886,500 HKD Shenzhen International Holdings Ltd. 3,785 0.04 8,123,000 HKD Sihuan Pharmaceutical Holdings Group Ltd. 1,806 0.02 3,784,000 HKD Skyworth Digital Holdings Ltd. 928 0.01 Total Bermuda 110,109 1.08

Brazil (31 May 2018: 6.02%) 9,520,106 BRL Ambev SA 41,571 0.41 216,841 USD Ambev SA ADR 926 0.01 586,400 BRL Atacadao Distribuicao Comercio e Industria Ltda 2,558 0.03 4,399,039 BRL B3 SA - Brasil Bolsa Balcao 32,015 0.31 6,830,853 BRL Banco Bradesco SA, Preference 67,801 0.66 2,125,384 BRL Banco Bradesco SA 18,425 0.18 145,127 USD Banco Bradesco SA, Preference ADR2 1,445 0.01 1,782,241 BRL Banco do Brasil SA 20,528 0.20 834,900 BRL Banco Santander Brasil SA 9,205 0.09 1,407,518 BRL BB Seguridade Participacoes SA 10,287 0.10 1,706,022 BRL BR Malls Participacoes SA 5,728 0.06 345,000 BRL Braskem SA, Preference 'A' 4,824 0.05 1,072,927 BRL BRF SA 6,139 0.06 2,565,023 BRL CCR SA 8,599 0.08 440,332 BRL Centrais Eletricas Brasileiras SA 2,776 0.03 509,600 BRL Centrais Eletricas Brasileiras SA, Preference 'B' 3,725 0.04 353,442 BRL Cia Brasileira de Distribuicao, Preference 7,608 0.07 727,275 BRL Cia de Saneamento Basico do Estado de Sao Paulo 5,299 0.05 1,714,489 BRL Cia Energetica de Minas Gerais, Preference 5,624 0.05 1,242,826 BRL Cia Siderurgica Nacional SA 2,845 0.03 2,382,303 BRL Cielo SA 5,853 0.06 252,643 BRL Cosan SA 2,247 0.02 679,123 BRL EDP - Energias do Brasil SA 2,399 0.02

161







Brazil (continued) 1,494,000 BRL Embraer SA 8,405 0.08 381,600 BRL Engie Brasil Energia SA 4,236 0.04 414,490 BRL Equatorial Energia SA 7,770 0.08 538,936 BRL Fibria Celulose SA 10,184 0.10 2,127,770 BRL Gerdau SA, Preference 8,501 0.08 705,961 BRL Hypera SA 5,848 0.06 230,954 BRL IRB Brasil Resseguros S/A 4,461 0.04 10,182,676 BRL Itau Unibanco Holding SA, Preference 94,658 0.92 9,230,405 BRL Itausa - Investimentos Itau SA, Preference 29,396 0.29 14 BRL Itausa - Investimentos Itau SA3 – – 2,112,996 BRL JBS SA 6,418 0.06 1,510,893 BRL Klabin SA 6,531 0.06 2,914,000 BRL Kroton Educacional SA 7,896 0.08 993,847 BRL Localiza Rent a Car SA 6,902 0.07 1,505,033 BRL Lojas Americanas SA, Preference 7,656 0.07 1,536,700 BRL Lojas Renner SA 15,507 0.15 232,965 BRL M Dias Branco SA 2,430 0.02 162,392 BRL Magazine Luiza SA 6,900 0.07 598,767 BRL Multiplan Empreendimentos Imobiliarios SA 3,587 0.04 369,514 BRL Natura Cosmeticos SA 3,901 0.04 716,000 BRL Odontoprev SA 2,568 0.03 745,180 BRL Petrobras Distribuidora SA 4,702 0.05 5,727,047 BRL Petroleo Brasileiro SA 41,577 0.41 8,121,956 BRL Petroleo Brasileiro SA, Preference 53,367 0.52 266,235 USD Petroleo Brasileiro SA ADR 3,876 0.04 271,800 BRL Porto Seguro SA 3,638 0.04 473,253 BRL Raia Drogasil SA 7,588 0.07 2,134,806 BRL Rumo SA 9,608 0.09 500,964 BRL Sul America SA 3,478 0.03 931,071 BRL Suzano Papel e Celulose SA 9,825 0.10 945,123 BRL Telefonica Brasil SA, Preference 11,223 0.11 1,849,152 BRL TIM Participacoes SA 5,660 0.06 771,104 BRL Ultrapar Participacoes SA 9,403 0.09 6,437,849 BRL Vale SA 87,725 0.86 165,293 USD Vale SA ADR2 2,265 0.02 1,791,421 BRL WEG SA 8,239 0.08 Total Brazil 774,356 7.57

Cayman Islands (31 May 2018: 16.62%) 2,807,500 HKD 3SBio, Inc.2 4,133 0.04 53,076 USD 51job, Inc. ADR2 3,613 0.04 183,370 USD 58.com, Inc. ADR2 10,927 0.11 1,512,500 HKD AAC Technologies Holdings, Inc.2 10,717 0.10 3,254,000 HKD Agile Group Holdings Ltd.2 4,416 0.04 250,000 TWD Airtac International Group 2,630 0.03 2,401,642 USD Alibaba Group Holding Ltd. ADR2 386,328 3.77 2,244,000 HKD ANTA Sports Products Ltd. 10,194 0.10 125,364 USD Autohome, Inc. ADR2 10,323 0.10 574,778 USD Baidu, Inc. ADR 108,219 1.06 76,728 USD Baozun, Inc. ADR2 2,706 0.03 1,550,000 HKD CAR, Inc.2 1,363 0.01 2,462,466 TWD Chailease Holding Co. Ltd. 7,683 0.08 3,463,000 HKD China Conch Venture Holdings Ltd.2 10,731 0.11 5,641,000 HKD China Evergrande Group2 17,768 0.17 6,526,000 HKD China First Capital Group Ltd. 3,169 0.03 7,269,780 HKD China Huishan Dairy Holdings Co. Ltd.2/4 112 – 373,600 HKD China Literature Ltd.2 1,957 0.02

162







Cayman Islands (continued) 2,805,000 HKD China Medical System Holdings Ltd. 3,057 0.03 5,779,000 HKD China Mengniu Dairy Co. Ltd.2 17,871 0.17 5,098,000 HKD China Resources Cement Holdings Ltd.2 4,977 0.05 5,909,554 HKD China Resources Land Ltd. 21,899 0.21 4,673,250 HKD China State Construction International Holdings Ltd.2 4,073 0.04 3,369,200 HKD China Zhongwang Holdings Ltd. 1,554 0.02 34,828,000 HKD Chong Sing Holdings FinTech Gr2 1,010 0.01 7,446,000 HKD CIFI Holdings Group Co. Ltd.2 3,730 0.04 16,040,375 HKD Country Garden Holdings Co. Ltd.2 19,718 0.19 2,100,000 HKD Country Garden Services Holdings Co. Ltd.2 3,478 0.03 837,224 USD Ctrip.com International Ltd. ADR2 24,154 0.24 4,233,000 HKD Dali Foods Group Co. Ltd.2 3,121 0.03 1,596,600 HKD ENN Energy Holdings Ltd.2 14,332 0.14 431,061 USD Fang Holdings Ltd. ADR2 793 0.01 8,715,000 HKD Fullshare Holdings Ltd.2 3,296 0.03 3,658,000 HKD Future Land Development Holdings Ltd.2 2,468 0.02 28,145,494 HKD GCL-Poly Energy Holdings Ltd. 1,942 0.02 121,006 USD GDS Holdings Ltd. ADR2 3,568 0.04 10,068,000 HKD Geely Automobile Holdings Ltd.2 19,838 0.19 346,000 TWD General Interface Solution Holding Ltd. 1,157 0.01 1,614,000 HKD Genscript Biotech Corp.2 2,805 0.03 1,787,000 HKD Greentown China Holdings Ltd. 1,457 0.01 2,042,000 HKD Greentown Service Group Co. Ltd.2 1,756 0.02 1,316,000 HKD Haitian International Holdings Ltd. 2,829 0.03 1,433,000 HKD Hengan International Group Co. Ltd.2 11,710 0.11 286,210 USD Huazhu Group Ltd. ADR2 9,027 0.09 1,474,150 USD JD.com, Inc. ADR2 31,296 0.31 2,022,000 HKD Jiayuan International Group Ltd.2 3,622 0.04 4,374,000 HKD Kaisa Group Holdings Ltd.2 1,403 0.01 1,460,500 HKD Kingboard Holdings Ltd. 4,171 0.04 2,222,500 HKD Kingboard Laminates Holdings Ltd. 2,116 0.02 4,836,000 HKD Kingdee International Software Group Co. Ltd. 4,820 0.05 1,734,000 HKD Kingsoft Corp. Ltd.2 2,898 0.03 2,601,000 HKD KWG Group Holdings Ltd.2 2,313 0.02 3,267,000 HKD Lee & Man Paper Manufacturing Ltd.2 2,960 0.03 2,830,000 HKD Logan Property Holdings Co. Ltd. 3,309 0.03 3,255,500 HKD Longfor Group Holdings Ltd.2 9,152 0.09 3,644,000 HKD Meitu, Inc.2 1,513 0.02 304,106 USD Momo, Inc. ADR 9,534 0.09 163,874 USD NetEase, Inc. ADR 37,211 0.36 299,690 USD New Oriental Education & Technology Group, Inc. ADR 17,130 0.17 1,972,000 HKD Nexteer Automotive Group Ltd.2 2,968 0.03 58,727 USD Noah Holdings Ltd. ADR2 2,859 0.03 5,970,500 HKD Semiconductor Manufacturing International Corp.2 5,486 0.05 1,599,000 HKD Shenzhou International Group Holdings Ltd. 19,411 0.19 2,455,500 HKD Shimao Property Holdings Ltd.2 6,068 0.06 7,476,500 HKD Shui On Land Ltd.2 1,767 0.02 132,641 USD SINA Corp. 8,591 0.08 14,630,999 HKD Sino Biopharmaceutical Ltd.2 13,349 0.13 5,322,500 HKD SOHO China Ltd.2 1,986 0.02 3,106,000 HKD SSY Group Ltd. 3,187 0.03 5,090,000 HKD Sunac China Holdings Ltd.2 16,911 0.17 1,517,200 HKD Sunny Optical Technology Group Co. Ltd.2 14,676 0.14 746,025 USD TAL Education Group ADR 20,941 0.20 11,891,400 HKD Tencent Holdings Ltd. 474,091 4.63 4,162,000 HKD Tingyi Cayman Islands Holding Corp.2 5,393 0.05 1,997,000 HKD Towngas China Co. Ltd. 1,557 0.02

163







Cayman Islands (continued) 2,670,000 HKD Uni-President China Holdings Ltd.2 2,433 0.02 955,277 USD Vipshop Holdings Ltd. ADR2 5,512 0.05 10,652,000 HKD Want Want China Holdings Ltd.2 7,854 0.08 114,713 USD Weibo Corp. ADR2 7,305 0.07 1,008,500 HKD Wuxi Biologics Cayman, Inc. 8,454 0.08 6,122,000 HKD Xinyi Solar Holdings Ltd. 2,292 0.02 3,450,000 HKD Yuzhou Properties Co. Ltd. 1,512 0.02 99,207 USD YY, Inc. ADR 'A'2 6,753 0.07 1,066,850 TWD Zhen Ding Technology Holding Ltd. 2,712 0.03 1,168,000 HKD Zhongsheng Group Holdings Ltd. 2,373 0.02 Total Cayman Islands 1,562,498 15.27

Chile (31 May 2018: 1.09%) 4,105,234 CLP Aguas Andinas SA 'A' 2,364 0.02 52,617,645 CLP Banco de Chile 7,597 0.07 87,576 CLP Banco de Credito e Inversiones SA 5,709 0.06 21,711,874 CLP Banco Santander Chile 1,681 0.02 295,432 USD Banco Santander Chile ADR 9,147 0.09 2,939,359 CLP Cencosud SA 5,445 0.05 152,296 USD Cia Cervecerias Unidas SA ADR 3,957 0.04 6,025,990 CLP Colbun SA 1,257 0.01 463,068 CLP Empresa Nacional de Telecomunicaciones SA 3,771 0.04 2,822,088 CLP Empresas CMPC SA 9,740 0.09 885,449 CLP Empresas COPEC SA 11,933 0.12 21,569,557 CLP Enel Americas SA 3,736 0.04 883,765 USD Enel Americas SA ADR 7,671 0.07 27,803,935 CLP Enel Chile SA 2,694 0.03 629,799 USD Enel Chile SA ADR 3,029 0.03 402,698,621 CLP Itau CorpBanca 3,844 0.04 359,548 CLP Latam Airlines Group SA 3,683 0.04 301,834 USD Latam Airlines Group SA ADR2 3,145 0.03 1,510,730 CLP SACI Falabella 11,205 0.11 102,184 CLP Sociedad Quimica y Minera de Chile SA, Preference 'B' 4,521 0.04 120,644 USD Sociedad Quimica y Minera de Chile SA, Preference ADR2 5,308 0.05 Total Chile 111,437 1.09

China (31 May 2018: 9.80%) 179,800 CNY AECC Aviation Power Co. Ltd. 'A' 608 0.01 2,659,300 CNY Agricultural Bank of China Ltd. 'A' 1,367 0.01 59,504,000 HKD Agricultural Bank of China Ltd. 'H' 26,917 0.26 3,932,000 HKD Air China Ltd. 'H'2 3,804 0.04 8,548,000 HKD Aluminum Corp. of China Ltd. 'H'2 3,058 0.03 2,238,000 HKD Angang Steel Co. Ltd. 'H' 1,827 0.02 99,982 CNY Anhui Conch Cement Co. Ltd. 'A' 458 – 2,620,500 HKD Anhui Conch Cement Co. Ltd. 'H'2 13,679 0.13 4,668,000 HKD AviChina Industry & Technology Co. Ltd. 'H'2 3,275 0.03 3,636,500 HKD BAIC Motor Corp. Ltd. 'H' 2,230 0.02 600,000 CNY Bank of Beijing Co. Ltd. 'A' 512 0.01 1,701,400 CNY Bank of China Ltd. 'A' 885 0.01 164,696,100 HKD Bank of China Ltd. 'H' 71,975 0.70 1,577,100 CNY Bank of Communications Co. Ltd. 'A' 1,329 0.01 17,323,985 HKD Bank of Communications Co. Ltd. 'H' 13,172 0.13 223,100 CNY Bank of Ningbo Co. Ltd. 'A' 543 0.01 758,900 CNY Bank of Shanghai Co. Ltd. 'A' 1,254 0.01 770,094 CNY Baoshan Iron & Steel Co. Ltd. 'A' 745 0.01 4,820,000 HKD BBMG Corp.2 1,552 0.02

164







China (continued) 3,360,000 HKD Beijing Capital International Airport Co. Ltd. 'H'2 3,735 0.04 1,000,000 CNY BOE Technology Group Co. Ltd. 'A' 400 – 59,980 CNY BYD Co. Ltd. 'A' 492 0.01 1,343,500 HKD BYD Co. Ltd. 'H'2 10,069 0.10 23,245,000 HKD CGN Power Co. Ltd. 'H'2 5,762 0.06 18,433,000 HKD China Cinda Asset Management Co. Ltd. 'H'2 4,946 0.05 18,419,600 HKD China CITIC Bank Corp. Ltd. 'H' 11,674 0.11 4,232,000 HKD China Coal Energy Co. Ltd. 'H' 1,693 0.02 9,423,000 HKD China Communications Construction Co. Ltd. 'H' 9,151 0.09 5,188,800 HKD China Communications Services Corp. Ltd. 'H' 4,330 0.04 908,332 CNY China Construction Bank Corp. 'A' 870 0.01 199,443,830 HKD China Construction Bank Corp. 'H' 169,989 1.66 2,880,000 HKD China Eastern Airlines Corp. Ltd. 'H'2 1,789 0.02 1,000,000 CNY China Everbright Bank Co. Ltd. 'A' 554 0.01 6,706,000 HKD China Everbright Bank Co. Ltd. 'H'2 2,973 0.03 160,700 CNY China Fortune Land Development Co. Ltd. 'A' 590 0.01 6,960,500 HKD China Galaxy Securities Co. Ltd. 'H'2 3,736 0.04 572,100 CNY China Grand Automotive Services Co. Ltd. 'A' 350 – 20,816,000 HKD China Huarong Asset Management Co. Ltd. 'H'2 4,283 0.04 2,136,400 HKD China International Capital Corp. Ltd. 'H'2 4,062 0.04 884,400 HKD China International Marine Containers Group Co. Ltd. 'H' 949 0.01 50,000 CNY China International Travel Service Corp. Ltd. 'A' 398 – 15,345,000 HKD China Life Insurance Co. Ltd. 'H' 32,942 0.32 6,978,000 HKD China Longyuan Power Group Corp. Ltd. 'H' 5,484 0.05 649,898 CNY China Merchants Bank Co. Ltd. 'A' 2,672 0.03 8,047,864 HKD China Merchants Bank Co. Ltd. 'H'2 33,268 0.33 199,961 CNY China Merchants Securities Co. Ltd. 'A' 396 – 149,996 CNY China Merchants Shekou Industrial Zone Holdings Co. Ltd. 'A' 407 – 1,358,495 CNY China Minsheng Banking Corp. Ltd. 'A' 1,193 0.01 11,959,272 HKD China Minsheng Banking Corp. Ltd. 'H'2 8,833 0.09 7,776,000 HKD China Molybdenum Co. Ltd. 'H'2 3,170 0.03 7,972,000 HKD China National Building Material Co. Ltd. 'H' 6,204 0.06 1,830,700 CNY China National Nuclear Power Co. Ltd. 'A' 1,403 0.01 3,866,000 HKD China Oilfield Services Ltd. 'H'2 3,606 0.04 209,500 CNY China Pacific Insurance Group Co. Ltd. 'A' 947 0.01 5,354,800 HKD China Pacific Insurance Group Co. Ltd. 'H'2 18,954 0.19 1,483,694 CNY China Petroleum & Chemical Corp. 'A' 1,261 0.01 52,598,800 HKD China Petroleum & Chemical Corp. 'H' 44,696 0.44 200,000 CNY China Railway Construction Corp. Ltd. 'A' 317 – 4,003,500 HKD China Railway Construction Corp. Ltd. 'H'2 5,126 0.05 8,727,000 HKD China Railway Group Ltd. 'H' 8,018 0.08 3,043,000 HKD China Railway Signal & Communication Corp. Ltd. 'H' 2,150 0.02 11,700,000 HKD China Reinsurance Group Corp. 'H' 2,437 0.02 255,580 CNY China Shenhua Energy Co. Ltd. 'A' 691 0.01 7,265,500 HKD China Shenhua Energy Co. Ltd. 'H' 16,136 0.16 4,155,945 HKD China Southern Airlines Co. Ltd. 'H'2 2,831 0.03 1,487,600 CNY China State Construction Engineering Corp. Ltd. 'A' 1,236 0.01 29,320,000 HKD China Telecom Corp. Ltd. 'H' 15,773 0.15 72,442,000 HKD China Tower Corp. Ltd. 'H' 10,738 0.11 1,055,900 CNY China United Network Communications Ltd. 'A' 803 0.01 352,696 CNY China Vanke Co. Ltd. 'A' 1,292 0.01 2,688,017 HKD China Vanke Co. Ltd. 'H'2 9,240 0.09 611,312 CNY China Yangtze Power Co. Ltd. 'A' 1,263 0.01 574,400 HKD Chongqing Changan Automobile Co. Ltd. 'B' 269 – 5,669,000 HKD Chongqing Rural Commercial Bank Co. Ltd. 'H' 3,311 0.03 381,195 CNY CITIC Securities Co. Ltd. 'A' 926 0.01 4,924,000 HKD CITIC Securities Co. Ltd. 'H'2 9,186 0.09

165







China (continued) 7,730,000 HKD COSCO SHIPPING Development Co. Ltd. 'H' 869 0.01 2,386,000 HKD COSCO SHIPPING Energy Transportation Co. Ltd. 'H'2 1,290 0.01 5,318,000 HKD COSCO SHIPPING Holdings Co. Ltd. 'H'2 2,161 0.02 656,498 CNY CRRC Corp. Ltd. 'A' 825 0.01 8,640,500 HKD CRRC Corp. Ltd. 'H'2 8,060 0.08 1,119,392 CNY Daqin Railway Co. Ltd. 'A' 1,243 0.01 6,296,000 HKD Datang International Power Generation Co. Ltd. 'H'2 1,545 0.02 5,900,000 HKD Dongfeng Motor Group Co. Ltd. 'H' 5,692 0.06 359,998 CNY Focus Media Information Technology Co. Ltd. 'A' 298 – 105,195 CNY Foshan Haitian Flavouring & Food Co. Ltd. 'A' 960 0.01 148,989 CNY Future Land Holdings Co. Ltd. 'A' 587 0.01 1,096,000 HKD Fuyao Glass Industry Group Co. Ltd. 'H' 3,382 0.03 282,100 CNY GF Securities Co. Ltd. 'A' 548 0.01 2,897,000 HKD GF Securities Co. Ltd. 'H' 4,294 0.04 6,745,750 HKD Great Wall Motor Co. Ltd. 'H'2 4,310 0.04 80,000 CNY Gree Electric Appliances, Inc. of Zhuhai 'A' 425 – 5,782,017 HKD Guangzhou Automobile Group Co. Ltd. 'H'2 6,014 0.06 2,006,800 HKD Guangzhou R&F Properties Co. Ltd. 'H'2 3,108 0.03 609,700 CNY Guotai Junan Securities Co. Ltd. 'A' 1,408 0.01 1,286,200 HKD Guotai Junan Securities Co. Ltd. 'H'2 2,672 0.03 299,968 CNY Haitong Securities Co. Ltd. 'A' 408 – 6,700,000 HKD Haitong Securities Co. Ltd. 'H'2 6,952 0.07 282,800 CNY Hangzhou Hikvision Digital Technology Co. Ltd. 'A' 1,107 0.01 3,362,000 HKD Huadian Power International Corp. Ltd. 'H'2 1,439 0.01 9,074,000 HKD Huaneng Power International, Inc. 'H' 5,658 0.06 10,262,000 HKD Huaneng Renewables Corp. Ltd. 'H' 3,226 0.03 200,000 CNY Huatai Securities Co. Ltd. 'A' 484 – 3,655,600 HKD Huatai Securities Co. Ltd. 'H'2 6,045 0.06 399,992 CNY Huaxia Bank Co. Ltd. 'A' 449 – 1,698,800 CNY Industrial & Commercial Bank of China Ltd. 'A' 1,304 0.01 145,831,950 HKD Industrial & Commercial Bank of China Ltd. 'H' 103,610 1.01 654,500 CNY Industrial Bank Co. Ltd. 'A' 1,502 0.01 352,999 CNY Inner Mongolia Yili Industrial Group Co. Ltd. 'A' 1,211 0.01 2,189,400 USD Inner Mongolia Yitai Coal Co. Ltd. 'B' 2,669 0.03 2,662,000 HKD Jiangsu Expressway Co. Ltd. 'H' 3,578 0.04 125,900 CNY Jiangsu Hengrui Medicine Co. Ltd. 'A' 1,187 0.01 52,798 CNY Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. 'A' 762 0.01 2,782,000 HKD Jiangxi Copper Co. Ltd. 'H' 3,359 0.03 419,198 CNY Kangmei Pharmaceutical Co. Ltd. 'A' 636 0.01 48,600 CNY Kweichow Moutai Co. Ltd. 'A' 3,954 0.04 863,200 HKD Legend Holdings Corp. 'H'2 2,542 0.03 207,600 CNY Luxshare Precision Industry Co. Ltd. 'A' 451 – 50,000 CNY Luzhou Laojiao Co. Ltd. 'A' 295 – 1,087,700 CNY Metallurgical Corp. of China Ltd. 'A' 486 0.01 5,917,000 HKD Metallurgical Corp. of China Ltd. 'H' 1,505 0.01 240,800 CNY Midea Group Co. Ltd. 1,342 0.01 256,000 CNY NARI Technology Co. Ltd. 'A' 648 0.01 79,600 CNY New China Life Insurance Co. Ltd. 'A' 509 0.01 1,663,500 HKD New China Life Insurance Co. Ltd. 'H' 7,280 0.07 14,234,000 HKD People's Insurance Co. Group of China Ltd. (The) 'H'2 6,130 0.06 457,000 CNY PetroChina Co. Ltd. 'A' 501 0.01 43,278,000 HKD PetroChina Co. Ltd. 'H' 30,361 0.30 14,601,519 HKD PICC Property & Casualty Co. Ltd. 'H'2 14,983 0.15 672,099 CNY Ping An Bank Co. Ltd. 'A' 1,003 0.01 341,296 CNY Ping An Insurance Group Co. of China Ltd. 'A' 3,121 0.03 10,949,500 HKD Ping An Insurance Group Co. of China Ltd. 'H'2 105,917 1.04 520,994 CNY Poly Developments and Holdings Group Co. Ltd. 'A' 983 0.01

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China (continued) 5,729,000 HKD Postal Savings Bank of China Co. Ltd. 'H'2 3,463 0.03 698,800 CNY Power Construction Corp. of China Ltd. 'A' 474 – 199,999 CNY Qingdao Haier Co. Ltd. 'A' 396 – 307,196 CNY SAIC Motor Corp. Ltd. 'A' 1,099 0.01 277,569 CNY Sanan Optoelectronics Co. Ltd. 'A' 570 0.01 449,392 CNY Sany Heavy Industry Co. Ltd. 'A' 520 0.01 4,592,000 HKD Shandong Weigao Group Medical Polymer Co. Ltd. 'H' 4,313 0.04 6,108,000 HKD Shanghai Electric Group Co. Ltd. 'H'2 2,076 0.02 1,191,500 HKD Shanghai Fosun Pharmaceutical Group Co. Ltd. 'H'2 4,111 0.04 2,047,905 USD Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. 'B' 2,763 0.03 512,991 CNY Shanghai Pharmaceuticals Holding Co. Ltd. 'A' 1,495 0.01 1,544,800 HKD Shanghai Pharmaceuticals Holding Co. Ltd. 'H' 3,810 0.04 961,799 CNY Shanghai Pudong Development Bank Co. Ltd. 'A' 1,483 0.01 2,019,000 CNY Shenwan Hongyuan Group Co. Ltd. 'A' 1,291 0.01 2,709,500 HKD Sinopec Engineering Group Co. Ltd. 'H' 2,510 0.02 7,130,000 HKD Sinopec Shanghai Petrochemical Co. Ltd. 'H'2 3,234 0.03 2,552,800 HKD Sinopharm Group Co. Ltd. 'H' 12,575 0.12 4,199,000 HKD Sinotrans Ltd. 'H' 1,679 0.02 656,300 CNY Suning.com Co. Ltd. 'A' 1,010 0.01 99,166 CNY Tianqi Lithium Corp. 'A' 454 – 1,166,000 HKD Tong Ren Tang Technologies Co. Ltd. 'H'2 1,669 0.02 2,132,000 HKD TravelSky Technology Ltd. 'H'2 5,735 0.06 804,000 HKD Tsingtao Brewery Co. Ltd. 'H'2 3,272 0.03 4,010,400 HKD Weichai Power Co. Ltd. 'H'2 4,305 0.04 117,796 CNY Wuliangye Yibin Co. Ltd. 'A' 889 0.01 1,272,600 HKD Xinjiang Goldwind Science & Technology Co. Ltd. 'H' 1,259 0.01 3,494,000 HKD Yanzhou Coal Mining Co. Ltd. 'H'2 3,134 0.03 300,000 CNY Yonghui Superstores Co. Ltd. 'A' 312 – 25,000 CNY Yunnan Baiyao Group Co. Ltd. 'A' 268 – 2,162,000 HKD Zhaojin Mining Industry Co. Ltd. 'H'2 2,058 0.02 2,814,000 HKD Zhejiang Expressway Co. Ltd. 'H' 2,362 0.02 338,900 HKD ZhongAn Online P&C Insurance Co. Ltd.2 1,388 0.01 1,207,900 HKD Zhuzhou CRRC Times Electric Co. Ltd. 'H'2 6,483 0.06 12,707,000 HKD Zijin Mining Group Co. Ltd. 'H' 4,790 0.05 1,720,368 HKD ZTE Corp. 'H' 3,381 0.03 Total China 1,117,083 10.91

Colombia (31 May 2018: 0.43%) 494,625 COP Bancolombia SA, Preference 4,922 0.05 430,096 COP Bancolombia SA 4,275 0.04 121,129 USD Bancolombia SA, Preference ADR 4,846 0.05 960,602 COP Cementos Argos SA 2,077 0.02 6,466,439 COP Ecopetrol SA 6,201 0.06 233,717 USD Ecopetrol SA ADR 4,490 0.04 403,647 COP Grupo Argos SA 2,017 0.02 8,210,572 COP Grupo Aval Acciones y Valores SA, Preference 2,625 0.02 595,517 COP Grupo de Inversiones Suramericana SA 5,941 0.06 184,713 COP Grupo de Inversiones Suramericana SA, Preference 1,744 0.02 209,989 COP Interconexion Electrica SA ESP 839 0.01 Total Colombia 39,977 0.39

Czech Republic (31 May 2018: 0.18%) 363,770 CZK CEZ A/S 8,677 0.08 175,612 CZK Komercni banka A/S 6,908 0.07 1,116,622 CZK Moneta Money Bank A/S 3,847 0.04

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Czech Republic (continued) 35,000 CZK O2 Czech Republic A/S 376 – Total Czech Republic 19,808 0.19

Egypt (31 May 2018: 0.11%) 2,338,886 EGP Commercial International Bank Egypt SAE 9,743 0.09 Total Egypt 9,743 0.09

Greece (31 May 2018: 0.29%) 2,980,512 EUR Alpha Bank AE2 4,218 0.04 2,262,512 EUR Eurobank Ergasias SA 1,445 0.01 32,000 EUR FF Group3/4 – – 446,011 EUR Hellenic Telecommunications Organization SA 5,272 0.05 268,029 EUR JUMBO SA 4,079 0.04 121,838 EUR Motor Oil Hellas Corinth Refineries SA 2,794 0.03 1,065,586 EUR National Bank of Greece SA 1,236 0.01 494,304 EUR OPAP SA 4,645 0.05 629,894 EUR Piraeus Bank SA 624 0.01 57,100 EUR Titan Cement Co. SA 1,280 0.01 Total Greece 25,593 0.25

Hong Kong (31 May 2018: 3.43%) 1,092,500 HKD Beijing Enterprises Holdings Ltd. 6,408 0.06 1,753,000 HKD BYD Electronic International Co. Ltd.2 2,459 0.02 4,328,000 HKD China Agri-Industries Holdings Ltd. 1,637 0.02 7,493,184 HKD China Everbright International Ltd.2 6,549 0.06 2,038,000 HKD China Everbright Ltd. 3,797 0.04 10,728,000 HKD China Jinmao Holdings Group Ltd.2 5,141 0.05 2,775,162 HKD China Merchants Port Holdings Co. Ltd.2 5,043 0.05 12,791,500 HKD China Mobile Ltd.2 126,922 1.24 7,904,000 HKD China Overseas Land & Investment Ltd.2 27,573 0.27 9,095,000 HKD China Power International Development Ltd.2 2,127 0.02 3,116,710 HKD China Resources Beer Holdings Co. Ltd.2 10,554 0.10 3,416,500 HKD China Resources Pharmaceutical Group Ltd. 5,021 0.05 4,095,366 HKD China Resources Power Holdings Co. Ltd. 7,756 0.08 3,346,674 HKD China Taiping Insurance Holdings Co. Ltd. 11,076 0.11 4,670,000 HKD China Traditional Chinese Medicine Holdings Co. Ltd.2 3,103 0.03 4,494,000 HKD China Travel International Investment Hong Kong Ltd.2 1,246 0.01 12,986,000 HKD China Unicom Hong Kong Ltd.2 15,051 0.15 12,516,000 HKD CITIC Ltd. 20,088 0.20 37,489,000 HKD CNOOC Ltd. 63,713 0.62 9,836,000 HKD CSPC Pharmaceutical Group Ltd. 19,909 0.19 4,479,000 HKD Far East Horizon Ltd. 4,458 0.04 5,436,040 HKD Fosun International Ltd. 8,641 0.08 6,190,000 HKD Guangdong Investment Ltd. 11,944 0.12 874,000 HKD Hua Hong Semiconductor Ltd.2 1,852 0.02 15,580,000 HKD Lenovo Group Ltd.2 11,248 0.11 4,968,000 HKD MMG Ltd. 2,463 0.02 1,187,000 HKD Shanghai Industrial Holdings Ltd. 2,588 0.03 6,642,000 HKD Shenzhen Investment Ltd.2 2,164 0.02 6,795,452 HKD Sino-Ocean Group Holding Ltd.2 3,039 0.03 1,422,500 HKD Sinotruk Hong Kong Ltd. 2,334 0.02 5,553,000 HKD Sun Art Retail Group Ltd.2 6,202 0.06 14,056,000 HKD Yuexiu Property Co. Ltd. 2,604 0.03 Total Hong Kong 404,710 3.95

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Hungary (31 May 2018: 0.28%) 779,808 HUF MOL Hungarian Oil & Gas plc 8,624 0.09 470,144 HUF OTP Bank Nyrt. 18,798 0.18 315,952 HUF Richter Gedeon Nyrt. 6,212 0.06 Total Hungary 33,634 0.33

India (31 May 2018: 8.20%) 1,228,956 INR Adani Ports & Special Economic Zone Ltd. 6,448 0.06 1,475,826 INR Ambuja Cements Ltd. 4,605 0.05 2,491,024 INR Ashok Leyland Ltd. 4,016 0.04 621,128 INR Asian Paints Ltd. 11,995 0.12 570,324 INR Aurobindo Pharma Ltd. 6,634 0.06 252,409 INR Avenue Supermarts Ltd. 5,405 0.05 3,743,062 INR Axis Bank Ltd. 33,607 0.33 171,741 INR Bajaj Auto Ltd. 6,766 0.07 352,668 INR Bajaj Finance Ltd. 12,841 0.13 75,397 INR Bajaj Finserv Ltd. 6,485 0.06 514,780 INR Bharat Forge Ltd. 4,165 0.04 2,095,986 INR Bharat Heavy Electricals Ltd. 2,050 0.02 1,559,415 INR Bharat Petroleum Corp. Ltd. 7,258 0.07 2,878,781 INR Bharti Airtel Ltd. 12,949 0.13 914,909 INR Bharti Infratel Ltd. 3,370 0.03 16,397 INR Bosch Ltd. 4,464 0.04 114,894 INR Britannia Industries Ltd. 5,225 0.05 577,968 INR Cadila Healthcare Ltd. 3,029 0.03 721,139 INR Cipla Ltd. 5,596 0.05 1,409,482 INR Coal India Ltd. 4,953 0.05 296,336 INR Container Corp. of India Ltd. 2,870 0.03 1,153,155 INR Dabur India Ltd. 6,769 0.07 50,802 INR Dr Reddy's Laboratories Ltd. 1,984 0.02 188,775 USD Dr Reddy's Laboratories Ltd. ADR2 7,256 0.07 29,294 INR Eicher Motors Ltd. 9,838 0.10 1,112,935 INR GAIL India Ltd. 5,478 0.05 92,944 USD GAIL India Ltd. GDR2 2,705 0.03 303,127 INR Glenmark Pharmaceuticals Ltd. 2,841 0.03 751,258 INR Godrej Consumer Products Ltd. 8,088 0.08 655,446 INR Grasim Industries Ltd. 8,147 0.08 524,663 INR Havells India Ltd. 5,154 0.05 1,170,292 INR HCL Technologies Ltd. 17,043 0.17 93,200 INR Hero MotoCorp Ltd. 4,086 0.04 1,147,669 INR Hindalco Industries Ltd. 3,725 0.04 1,251,361 USD Hindalco Industries Ltd. GDR 4,061 0.04 1,283,023 INR Hindustan Petroleum Corp. Ltd. 4,277 0.04 1,381,970 INR Hindustan Unilever Ltd. 34,780 0.34 3,351,478 INR Housing Development Finance Corp. Ltd. 95,647 0.93 4,147,547 INR ICICI Bank Ltd. 21,135 0.21 406,835 USD ICICI Bank Ltd. ADR2 4,138 0.04 594,032 INR Indiabulls Housing Finance Ltd. 6,099 0.06 2,772,060 INR Indian Oil Corp. Ltd. 5,354 0.05 2,365,833 INR Infosys Ltd. 22,657 0.22 4,606,401 USD Infosys Ltd. ADR2 45,419 0.44 204,073 INR InterGlobe Aviation Ltd. 3,040 0.03 7,156,251 INR ITC Ltd. 29,346 0.29 1,793,164 INR JSW Steel Ltd. 8,085 0.08 50,919 INR Larsen & Toubro Ltd. 1,047 0.01 930,829 USD Larsen & Toubro Ltd. GDR2 18,710 0.18 664,890 INR LIC Housing Finance Ltd. 4,449 0.04 458,548 INR Lupin Ltd. 5,834 0.06

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India (continued) 555,405 INR Mahindra & Mahindra Financial Services Ltd. 3,580 0.04 936,453 INR Mahindra & Mahindra Ltd. 10,627 0.10 654,736 USD Mahindra & Mahindra Ltd. GDR 7,595 0.07 777,809 INR Marico Ltd. 3,981 0.04 219,657 INR Maruti Suzuki India Ltd. 24,147 0.24 2,510,608 INR Motherson Sumi Systems Ltd. 5,609 0.05 51,915 INR Nestle India Ltd. 8,019 0.08 4,156,231 INR NTPC Ltd. 8,367 0.08 2,838,514 INR Oil & Natural Gas Corp. Ltd. 5,714 0.06 10,000 INR Page Industries Ltd. 3,891 0.04 1,145,270 INR Petronet LNG Ltd. 3,520 0.03 264,085 INR Pidilite Industries Ltd. 4,408 0.04 156,342 INR Piramal Enterprises Ltd. 4,935 0.05 3,234,401 INR Power Grid Corp. of India Ltd. 8,360 0.08 1,374,424 INR REC Ltd. 1,970 0.02 1,207,373 INR Reliance Industries Ltd. 20,226 0.20 2,434,212 USD Reliance Industries Ltd. GDR 80,572 0.79 15,181 INR Shree Cement Ltd. 3,591 0.04 301,122 INR Shriram Transport Finance Co. Ltd. 4,992 0.05 64,864 INR Siemens Ltd. 885 0.01 309,796 INR State Bank of India 1,265 0.01 352,349 USD State Bank of India GDR2 14,393 0.14 1,826,022 INR Sun Pharmaceutical Industries Ltd. 12,906 0.13 1,907,378 INR Tata Consultancy Services Ltd. 53,866 0.53 2,475,866 INR Tata Motors Ltd. 6,108 0.06 169,319 USD Tata Motors Ltd. ADR2 2,066 0.02 2,225,499 INR Tata Power Co. Ltd. (The) 2,430 0.02 193,529 INR Tata Steel Ltd. 1,470 0.01 432,665 USD Tata Steel Ltd. GDR 3,297 0.03 993,075 INR Tech Mahindra Ltd. 10,059 0.10 609,898 INR Titan Co. Ltd. 8,113 0.08 194,063 INR UltraTech Cement Ltd. 11,137 0.11 564,181 INR United Spirits Ltd. 5,443 0.05 761,407 INR UPL Ltd. 8,279 0.08 799,808 INR Vedanta Ltd. 2,248 0.02 495,241 USD Vedanta Ltd. ADR2 5,522 0.05 3,618,538 INR Vodafone Idea Ltd. 1,833 0.02 759,183 INR Wipro Ltd. 3,536 0.03 1,348,397 USD Wipro Ltd. ADR2 7,039 0.07 3,526,520 INR Yes Bank Ltd. 8,592 0.08 1,053,376 INR Zee Entertainment Enterprises Ltd. 7,385 0.07 Total India 943,899 9.22

Indonesia (31 May 2018: 1.92%) 31,303,500 IDR Adaro Energy Tbk. PT 2,812 0.03 42,441,000 IDR Astra International Tbk. PT 25,371 0.25 20,674,800 IDR Bank Central Asia Tbk. PT 37,656 0.37 7,228,228 IDR Bank Danamon Indonesia Tbk. PT 3,753 0.04 39,557,756 IDR Bank Mandiri Persero Tbk. PT 20,467 0.20 16,157,348 IDR Bank Negara Indonesia Persero Tbk. PT 9,602 0.09 114,876,200 IDR Bank Rakyat Indonesia Persero Tbk. PT 29,076 0.28 5,205,900 IDR Bank Tabungan Negara Persero Tbk. PT 972 0.01 17,458,000 IDR Bumi Serpong Damai Tbk. PT 1,648 0.02 17,215,500 IDR Charoen Pokphand Indonesia Tbk. PT 7,162 0.07 1,025,300 IDR Gudang Garam Tbk. PT 5,878 0.06 20,980,000 IDR Hanjaya Mandala Sampoerna Tbk. PT 5,398 0.05 5,176,300 IDR Indah Kiat Pulp & Paper Corp. Tbk. PT 3,800 0.04

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Indonesia (continued) 3,342,100 IDR Indocement Tunggal Prakarsa Tbk. PT 4,463 0.04 5,062,200 IDR Indofood CBP Sukses Makmur Tbk. PT 3,486 0.03 9,128,000 IDR Indofood Sukses Makmur Tbk. PT 4,212 0.04 4,006,053 IDR Jasa Marga Persero Tbk. PT 1,157 0.01 51,721,500 IDR Kalbe Farma Tbk. PT 5,515 0.05 5,091,600 IDR Matahari Department Store Tbk. PT 1,691 0.02 29,634,300 IDR Pakuwon Jati Tbk. PT 1,222 0.01 20,334,500 IDR Perusahaan Gas Negara Persero Tbk. 2,780 0.03 6,849,600 IDR Semen Indonesia Persero Tbk. PT 5,759 0.06 11,012,600 IDR Surya Citra Media Tbk. PT 1,475 0.01 104,145,000 IDR Telekomunikasi Indonesia Persero Tbk. PT 26,796 0.26 3,085,900 IDR Tower Bersama Infrastructure Tbk. PT 865 0.01 3,185,100 IDR Unilever Indonesia Tbk. PT 9,409 0.09 3,659,881 IDR United Tractors Tbk. PT 7,037 0.07 8,585,200 IDR Waskita Karya Persero Tbk. PT 936 0.01 Total Indonesia 230,398 2.25

Isle of Man (31 May 2018: 0.07%) 787,769 ZAR NEPI Rockcastle plc2 6,249 0.06 Total Isle of Man 6,249 0.06

Jersey (31 May 2018: 0.00%) 117,729 RUB Polymetal International plc 1,173 0.01 Total Jersey 1,173 0.01

Luxembourg (31 May 2018: 0.01%) 70,109 PLN PLAY Communications SA 299 – 302,105 ZAR Reinet Investments SCA 4,405 0.05 Total Luxembourg 4,704 0.05

Malaysia (31 May 2018: 2.28%) 2,658,900 MYR AirAsia Group Bhd. 1,957 0.02 4,733,000 MYR AMMB Holdings Bhd. 4,818 0.05 1,405,100 MYR Astro Malaysia Holdings Bhd. 403 – 5,837,886 MYR Axiata Group Bhd. 5,064 0.05 291,500 MYR British American Tobacco Malaysia Bhd. 2,626 0.03 9,903,871 MYR CIMB Group Holdings Bhd. 13,633 0.13 7,694,434 MYR Dialog Group Bhd. 5,829 0.06 6,583,900 MYR DiGi.Com Bhd. 6,671 0.07 3,096,400 MYR FGV Holdings Bhd. 655 0.01 249,600 MYR Fraser & Neave Holdings Bhd. 1,988 0.02 4,331,800 MYR Gamuda Bhd. 2,443 0.02 5,023,300 MYR Genting Bhd. 7,539 0.07 6,938,200 MYR Genting Malaysia Bhd. 4,742 0.05 2,783,300 MYR Hartalega Holdings Bhd. 4,257 0.04 1,588,431 MYR Hong Leong Bank Bhd. 7,736 0.08 4,990,200 MYR IHH Healthcare Bhd. 6,404 0.06 6,515,080 MYR IJM Corp. Bhd. 2,538 0.03 4,987,080 MYR IOI Corp. Bhd. 5,065 0.05 5,364,318 MYR IOI Properties Group Bhd. 2,090 0.02 920,800 MYR Kuala Lumpur Kepong Bhd. 5,391 0.05 8,046,903 MYR Malayan Banking Bhd. 18,057 0.18 1,737,540 MYR Malaysia Airports Holdings Bhd. 3,185 0.03 4,812,800 MYR Maxis Bhd. 6,245 0.06 2,827,800 MYR MISC Bhd. 4,156 0.04 4,122,800 MYR My EG Services Bhd. 1,094 0.01

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Malaysia (continued) 124,600 MYR Nestle Malaysia Bhd. 4,449 0.04 5,736,500 MYR Petronas Chemicals Group Bhd. 12,612 0.12 380,400 MYR Petronas Dagangan Bhd. 2,346 0.02 1,601,000 MYR Petronas Gas Bhd. 7,247 0.07 1,152,360 MYR PPB Group Bhd. 4,847 0.05 2,752,700 MYR Press Metal Aluminium Holdings Bhd. 3,131 0.03 6,094,590 MYR Public Bank Bhd. 36,295 0.36 2,502,100 MYR RHB Bank Bhd. 3,139 0.03 1,918,440 MYR RHB Capital Bhd.2/3/4 – – 5,555,543 MYR Sime Darby Bhd. 3,040 0.03 5,555,543 MYR Sime Darby Plantation Bhd. 6,240 0.06 5,555,543 MYR Sime Darby Property Bhd. 1,321 0.01 2,587,383 MYR Telekom Malaysia Bhd. 1,441 0.01 6,641,100 MYR Tenaga Nasional Bhd. 22,600 0.22 2,683,600 MYR Top Glove Corp. Bhd. 3,829 0.04 1,154,400 MYR UMW Holdings Bhd. 1,393 0.01 1,195,600 MYR Westports Holdings Bhd. 1,077 0.01 11,060,171 MYR YTL Corp. Bhd. 2,960 0.03 Total Malaysia 242,553 2.37

Malta (31 May 2018: 0.02%) – –

Mexico (31 May 2018: 2.61%) 6,451,309 MXN Alfa SAB de CV 'A' 6,488 0.06 1,138,700 MXN Alsea SAB de CV 2,855 0.03 69,728,422 MXN America Movil SAB de CV 'L' 46,884 0.46 912,804 MXN Arca Continental SAB de CV 4,717 0.04

3,894,185 MXN Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 'B' 4,783 0.05

30,375,845 MXN Cemex SAB de CV 15,632 0.15 1,101,578 MXN Coca-Cola Femsa SAB de CV 'L' 6,637 0.06 420,700 MXN El Puerto de Liverpool SAB de CV 'C1' 2,508 0.02 7,129,576 MXN Fibra Uno Administracion SA de CV, REIT 7,219 0.07 3,976,629 MXN Fomento Economico Mexicano SAB de CV 34,491 0.34 447,100 MXN Gruma SAB de CV 'B' 4,898 0.05 759,757 MXN Grupo Aeroportuario del Pacifico SAB de CV 'B' 5,269 0.05 446,300 MXN Grupo Aeroportuario del Sureste SAB de CV 'B' 5,998 0.06 3,502,322 MXN Grupo Bimbo SAB de CV 'A' 6,713 0.06 920,388 MXN Grupo Carso SAB de CV 'A1' 2,955 0.03 5,303,344 MXN Grupo Financiero Banorte SAB de CV 'O' 24,281 0.24 5,064,967 MXN Grupo Financiero Inbursa SAB de CV 'O' 6,826 0.07 7,433,184 MXN Grupo Mexico SAB de CV 'B' 15,337 0.15 5,159,412 MXN Grupo Televisa SAB 14,112 0.14 297,711 MXN Industrias Penoles SAB de CV 3,393 0.03 1,274,856 MXN Infraestructura Energetica Nova SAB de CV 4,854 0.05 3,329,282 MXN Kimberly-Clark de Mexico SAB de CV 'A' 4,924 0.05 2,159,221 MXN Mexichem SAB de CV 5,047 0.05 490,707 MXN Promotora y Operadora de Infraestructura SAB de CV 4,353 0.04 11,021,980 MXN Wal-Mart de Mexico SAB de CV 27,271 0.27 Total Mexico 268,445 2.62

Netherlands (31 May 2018: 0.01%) 221,824 RUB X5 Retail Group NV GDR 5,715 0.06 Total Netherlands 5,715 0.06

172







Pakistan (31 May 2018: 0.07%) 1,255,000 PKR Habib Bank Ltd. 1,283 0.01 276,700 PKR Lucky Cement Ltd. 999 0.01 833,300 PKR MCB Bank Ltd. 1,256 0.01 1,379,900 PKR Oil & Gas Development Co. Ltd. 1,489 0.02 991,900 PKR United Bank Ltd. 1,027 0.01 Total Pakistan 6,054 0.06

Peru (31 May 2018: 0.05%) 381,163 USD Cia de Minas Buenaventura SAA ADR 5,390 0.05 Total Peru 5,390 0.05

Philippines (31 May 2018: 0.92%) 4,709,700 PHP Aboitiz Equity Ventures, Inc. 4,690 0.04 2,948,900 PHP Aboitiz Power Corp. 1,783 0.02 8,151,100 PHP Alliance Global Group, Inc. 1,776 0.02 515,696 PHP Ayala Corp. 9,356 0.09 15,718,500 PHP Ayala Land, Inc. 12,489 0.12 2,081,764 PHP Bank of the Philippine Islands 3,733 0.04 4,502,800 PHP BDO Unibank, Inc. 11,184 0.11 4,055,100 PHP DMCI Holdings, Inc. 955 0.01 104,710 PHP Globe Telecom, Inc. 3,935 0.04 210,570 PHP GT Capital Holdings, Inc. 3,567 0.03 934,130 PHP International Container Terminal Services, Inc. 1,666 0.02 6,125,800 PHP JG Summit Holdings, Inc. 5,633 0.05 535,350 PHP Jollibee Foods Corp. 2,843 0.03 21,785,400 PHP Megaworld Corp. 1,874 0.02 30,262,600 PHP Metro Pacific Investments Corp. 2,713 0.03 1,800,930 PHP Metropolitan Bank & Trust Co. 2,563 0.02 217,149 PHP PLDT, Inc. 4,797 0.05 3,394,011 PHP Robinsons Land Corp. 1,324 0.01 433,470 PHP Security Bank Corp. 1,331 0.01 556,615 PHP SM Investments Corp. 9,647 0.09 21,385,700 PHP SM Prime Holdings, Inc. 14,157 0.14 1,940,940 PHP Universal Robina Corp. 4,739 0.05 Total Philippines 106,755 1.04

Poland (31 May 2018: 1.05%) 177,288 PLN Alior Bank SA2 2,549 0.02 74,305 PLN Bank Handlowy w Warszawie SA 1,349 0.01 398,300 PLN Bank Millennium SA 968 0.01 359,118 PLN Bank Polska Kasa Opieki SA2 10,403 0.10 65,364 PLN CCC SA2 3,625 0.04 138,127 PLN CD Projekt SA2 5,182 0.05 547,901 PLN Cyfrowy Polsat SA 3,246 0.03 108,330 PLN Dino Polska SA 2,782 0.03 235,134 PLN Grupa Lotos SA 5,088 0.05 98,000 PLN Jastrzebska Spolka Weglowa SA2 1,696 0.02 308,099 PLN KGHM Polska Miedz SA 7,293 0.07 2,942 PLN LPP SA 6,070 0.06 37,854 PLN mBank SA2 4,079 0.04 1,596,304 PLN Orange Polska SA2 2,013 0.02 1,871,561 PLN PGE Polska Grupa Energetyczna SA 5,762 0.06 626,513 PLN Polski Koncern Naftowy ORLEN SA 18,198 0.18 3,102,617 PLN Polskie Gornictwo Naftowe i Gazownictwo SA 5,280 0.05 1,807,527 PLN Powszechna Kasa Oszczednosci Bank Polski SA 19,509 0.19 1,280,995 PLN Powszechny Zaklad Ubezpieczen SA 14,488 0.14

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Poland (continued) 77,800 PLN Santander Bank Polska SA2 7,303 0.07 Total Poland 126,883 1.24

Qatar (31 May 2018: 0.59%) 337,902 QAR Barwa Real Estate Co. 3,537 0.03 434,805 QAR Commercial Bank PQSC (The) 5,025 0.05 1,608,914 QAR Ezdan Holding Group QSC 5,609 0.05 386,774 QAR Industries Qatar QSC 14,353 0.14 802,072 QAR Masraf Al Rayan QSC 8,806 0.08 172,105 QAR Ooredoo QPSC 3,723 0.04 76,196 QAR Qatar Electricity & Water Co. QSC 3,756 0.04 272,744 QAR Qatar Insurance Co. SAQ 2,677 0.03 245,506 QAR Qatar Islamic Bank SAQ 10,213 0.10 948,114 QAR Qatar National Bank QPSC 51,803 0.51 Total Qatar 109,502 1.07

Russia (31 May 2018: 3.34%) 5,426,525 RUB Alrosa PJSC 8,075 0.08 13,346,910 RUB Gazprom PJSC 32,153 0.31 4,268,422 USD Gazprom PJSC ADR 20,318 0.20 67,603,022 RUB Inter RAO UES PJSC 4,135 0.04 482,260 RUB LUKOIL PJSC 35,266 0.34 535,977 USD LUKOIL PJSC ADR 39,362 0.38 730,693 USD Magnit PJSC GDR 9,331 0.09 4,349,691 RUB Magnitogorsk Iron & Steel Works PJSC 3,041 0.03 69,824 RUB MMC Norilsk Nickel PJSC 13,284 0.13 632,522 USD MMC Norilsk Nickel PJSC ADR 11,917 0.12 1,041,826 USD Mobile TeleSystems PJSC ADR 7,720 0.08 2,942,019 RUB Moscow Exchange MICEX-RTS PJSC 3,934 0.04 190,415 USD Novatek PJSC GDR 32,389 0.32 2,532,841 RUB Novolipetsk Steel PJSC 5,991 0.06 225,441 USD PhosAgro PJSC GDR 3,003 0.03 49,051 RUB Polyus PJSC 3,537 0.03 652,110 RUB Rosneft Oil Co. PJSC 4,121 0.04 1,703,867 USD Rosneft Oil Co. PJSC GDR 10,734 0.10 52,480,000 RUB RusHydro PJSC 395 – 2,234,539 USD RusHydro PJSC ADR 1,591 0.02 5,470,070 RUB Sberbank of Russia PJSC 15,850 0.15 4,122,204 USD Sberbank of Russia PJSC ADR 48,869 0.48 252,153 RUB Severstal PJSC 3,776 0.04 216,952 USD Severstal PJSC GDR 3,187 0.03 15,805,700 RUB Surgutneftegas PJSC, Preference 8,912 0.09 2,304,900 RUB Surgutneftegas PJSC 941 0.01 1,039,209 USD Surgutneftegas PJSC ADR 4,132 0.04 575,378 RUB Tatneft PJSC 6,125 0.06 420,425 USD Tatneft PJSC ADR 26,478 0.26 1,130 RUB Transneft PJSC, Preference 2,960 0.03 9,817,980,000 USD VTB Bank PJSC 5,470 0.05 Total Russia 376,997 3.68

Singapore (31 May 2018: 0.00%) 429,100 HKD BOC Aviation Ltd. 3,306 0.03 Total Singapore 3,306 0.03

South Africa (31 May 2018: 6.18%) 1,500,006 ZAR Absa Group Ltd. 16,659 0.16

174







South Africa (continued) 118,935 ZAR Anglo American Platinum Ltd. 3,817 0.04 876,905 ZAR AngloGold Ashanti Ltd. 8,799 0.09 829,863 ZAR Aspen Pharmacare Holdings Ltd.2 8,802 0.09 687,178 ZAR Bid Corp. Ltd. 12,695 0.12 702,420 ZAR Bidvest Group Ltd. (The) 10,400 0.10 84,546 ZAR Capitec Bank Holdings Ltd. 6,707 0.07 523,341 ZAR Clicks Group Ltd.2 7,088 0.07 460,572 ZAR Coronation Fund Managers Ltd. 1,483 0.01 762,140 ZAR Discovery Ltd. 8,459 0.08 506,346 ZAR Exxaro Resources Ltd. 4,717 0.05 6,903,619 ZAR FirstRand Ltd. 33,258 0.33 2,139,779 ZAR Fortress REIT Ltd. 'A' 2,617 0.03 1,545,396 ZAR Fortress REIT Ltd. 'B'2 1,583 0.02 437,060 ZAR Foschini Group Ltd. (The) 5,509 0.05 1,646,937 ZAR Gold Fields Ltd. 4,794 0.05 6,452,853 ZAR Growthpoint Properties Ltd., REIT 10,992 0.11 503,604 ZAR Hyprop Investments Ltd., REIT 3,240 0.03 591,717 ZAR Investec Ltd. 3,570 0.03 126,018 ZAR Kumba Iron Ore Ltd.2 2,250 0.02 298,494 ZAR Liberty Holdings Ltd. 2,303 0.02 2,946,399 ZAR Life Healthcare Group Holdings Ltd. 5,525 0.05 2,294,743 ZAR MMI Holdings Ltd. 2,865 0.03 249,770 ZAR Mondi Ltd. 5,494 0.05 305,479 ZAR Motus Holdings Ltd. 1,917 0.02 527,230 ZAR Mr Price Group Ltd. 9,164 0.09 3,441,008 ZAR MTN Group Ltd.2 21,684 0.21 916,252 ZAR Naspers Ltd. 'N' 182,573 1.78 811,500 ZAR Nedbank Group Ltd. 15,556 0.15 2,476,584 ZAR Netcare Ltd. 4,572 0.04 10,405,729 ZAR Old Mutual Ltd. 17,358 0.17 832,054 ZAR Pick n Pay Stores Ltd. 4,410 0.04 237,168 ZAR Pioneer Foods Group Ltd. 1,454 0.01 315,968 ZAR PSG Group Ltd. 5,355 0.05 1,447,930 ZAR Rand Merchant Investment Holdings Ltd. 3,754 0.04 11,410,222 ZAR Redefine Properties Ltd., REIT 7,891 0.08 1,111,494 ZAR Remgro Ltd. 16,163 0.16 658,639 ZAR Resilient REIT Ltd.2 2,860 0.03 1,544,785 ZAR RMB Holdings Ltd. 8,716 0.09 3,750,208 ZAR Sanlam Ltd. 20,779 0.20 1,151,957 ZAR Sappi Ltd. 6,291 0.06 1,139,463 ZAR Sasol Ltd. 33,386 0.33 925,997 ZAR Shoprite Holdings Ltd. 13,166 0.13 419,091 ZAR SPAR Group Ltd. (The) 5,917 0.06 2,658,136 ZAR Standard Bank Group Ltd. 33,584 0.33 538,862 ZAR Telkom SA SOC Ltd. 2,204 0.02 353,891 ZAR Tiger Brands Ltd. 6,840 0.07 989,961 ZAR Truworths International Ltd. 6,265 0.06 1,223,933 ZAR Vodacom Group Ltd.2 11,077 0.11 2,119,955 ZAR Woolworths Holdings Ltd.2 8,562 0.08 Total South Africa 625,124 6.11

South Korea (31 May 2018: 14.88%) 68,735 KRW Amorepacific Corp.2 10,577 0.10 19,196 KRW Amorepacific Corp., Preference 1,543 0.02 61,061 KRW AMOREPACIFIC Group2 3,535 0.03 16,969 KRW BGF retail Co. Ltd.2 2,944 0.03 566,142 KRW BNK Financial Group, Inc. 3,874 0.04

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South Korea (continued) 70,666 KRW Celltrion Healthcare Co. Ltd.2 4,961 0.05 32,176 KRW Celltrion Pharm, Inc.2 1,900 0.02 171,415 KRW Celltrion, Inc.2 36,624 0.36 133,065 KRW Cheil Worldwide, Inc. 2,784 0.03 16,417 KRW CJ CheilJedang Corp.2 4,921 0.05 29,694 KRW CJ Corp. 3,457 0.03 24,677 KRW CJ ENM Co. Ltd. 5,129 0.05 15,452 KRW CJ Logistics Corp.2 2,192 0.02 109,357 KRW Coway Co. Ltd. 7,648 0.07 57,627 KRW Daelim Industrial Co. Ltd. 4,874 0.05 374,141 KRW Daewoo Engineering & Construction Co. Ltd.2 1,659 0.02 106,006 KRW DB Insurance Co. Ltd. 6,402 0.06 359,893 KRW DGB Financial Group, Inc. 2,825 0.03 76,507 KRW Dongsuh Cos., Inc. 1,218 0.01 101,920 KRW Doosan Bobcat, Inc.2 2,987 0.03 150,330 KRW Doosan Heavy Industries & Construction Co. Ltd. 1,529 0.01 44,247 KRW E-MART, Inc. 7,697 0.08 115,126 KRW GS Engineering & Construction Corp.2 4,478 0.04 107,805 KRW GS Holdings Corp. 4,953 0.05 63,147 KRW GS Retail Co. Ltd.2 2,141 0.02 608,162 KRW Hana Financial Group, Inc. 20,400 0.20 158,070 KRW Hankook Tire Co. Ltd. 6,035 0.06 12,864 KRW Hanmi Pharm Co. Ltd.2 5,078 0.05 26,555 KRW Hanmi Science Co. Ltd.2 1,760 0.02 392,620 KRW Hanon Systems2 3,678 0.04 20,705 KRW Hanssem Co. Ltd. 1,082 0.01 226,224 KRW Hanwha Chemical Corp. 3,814 0.04 105,394 KRW Hanwha Corp. 2,821 0.03 639,878 KRW Hanwha Life Insurance Co. Ltd. 2,534 0.02 51,153 KRW HDC Hyundai Development Co-Engineering & Construction 1,917 0.02 63,842 KRW HLB, Inc. 4,813 0.05 67,021 KRW Hotel Shilla Co. Ltd.2 5,160 0.05 33,589 KRW Hyundai Department Store Co. Ltd. 2,814 0.03 166,880 KRW Hyundai Engineering & Construction Co. Ltd.2 8,188 0.08 40,937 KRW Hyundai Glovis Co. Ltd.2 4,510 0.04 79,734 KRW Hyundai Heavy Industries Co. Ltd.2 9,389 0.09 19,791 KRW Hyundai Heavy Industries Holdings Co. Ltd. 6,974 0.07 139,140 KRW Hyundai Marine & Fire Insurance Co. Ltd. 4,971 0.05 141,769 KRW Hyundai Mobis Co. Ltd.2 22,828 0.22 323,847 KRW Hyundai Motor Co.2 30,913 0.30 77,343 KRW Hyundai Motor Co., Preference2 4,816 0.05 50,493 KRW Hyundai Motor Co. (Non-Voting), Preference 2,964 0.03 169,064 KRW Hyundai Steel Co. 6,500 0.06 540,618 KRW Industrial Bank of Korea 7,138 0.07 105,063 KRW Kakao Corp.2 10,544 0.10 250,196 KRW Kangwon Land, Inc.2 7,198 0.07 814,594 KRW KB Financial Group, Inc. 34,300 0.34 12,513 KRW KCC Corp. 3,114 0.03 43,624 KRW KEPCO Plant Service & Engineering Co. Ltd. 1,201 0.01 552,870 KRW Kia Motors Corp.2 15,043 0.15 161,951 KRW Korea Aerospace Industries Ltd.2 4,580 0.04 540,782 KRW Korea Electric Power Corp. 14,328 0.14 63,166 KRW Korea Gas Corp. 2,874 0.03 80,436 KRW Korea Investment Holdings Co. Ltd. 4,858 0.05 17,593 KRW Korea Zinc Co. Ltd.2 6,678 0.07 100,052 KRW Korean Air Lines Co. Ltd. 2,847 0.03 42,750 KRW KT Corp. 1,266 0.01

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South Korea (continued) 242,864 KRW KT&G Corp. 22,533 0.22 36,132 KRW Kumho Petrochemical Co. Ltd. 2,972 0.03 93,604 KRW LG Chem Ltd.2 28,851 0.28 16,355 KRW LG Chem Ltd., Preference2 2,852 0.03 201,742 KRW LG Corp. 12,994 0.13 482,676 KRW LG Display Co. Ltd.2 7,557 0.07 224,320 KRW LG Electronics, Inc. 14,508 0.14 19,202 KRW LG Household & Health Care Ltd.2 19,871 0.19 4,491 KRW LG Household & Health Care Ltd., Preference 2,684 0.03 30,240 KRW LG Innotek Co. Ltd. 2,692 0.03 449,329 KRW LG Uplus Corp. 7,095 0.07 35,231 KRW Lotte Chemical Corp.2 8,565 0.08 15 KRW Lotte Chilsung Beverage Co. Ltd. 20 – 62,871 KRW Lotte Corp.2 3,102 0.03 23,327 KRW Lotte Shopping Co. Ltd. 4,485 0.04 9,074 KRW Medy-Tox, Inc. 4,561 0.04 780,430 KRW Mirae Asset Daewoo Co. Ltd.2 4,957 0.05 295,910 KRW NAVER Corp.2 33,394 0.33 36,545 KRW NCSoft Corp.2 16,692 0.16 53,967 KRW Netmarble Corp.2 6,283 0.06 293,360 KRW NH Investment & Securities Co. Ltd.2 3,625 0.04 36,779 KRW OCI Co. Ltd.2 3,429 0.03 68,889 KRW Orange Life Insurance Ltd. 1,850 0.02 50,136 KRW Orion Corp. 4,987 0.05 3,070 KRW Ottogi Corp. 2,029 0.02 457,228 KRW Pan Ocean Co. Ltd. 1,868 0.02 11,972 KRW Pearl Abyss Corp.2 2,051 0.02 163,403 KRW POSCO 36,079 0.35 102,497 KRW Posco Daewoo Corp. 1,765 0.02 32,550 KRW S-1 Corp. 2,796 0.03 35,070 KRW Samsung Biologics Co. Ltd.2 10,465 0.10 159,945 KRW Samsung C&T Corp. 14,625 0.14 67,945 KRW Samsung Card Co. Ltd.2 1,958 0.02 121,260 KRW Samsung Electro-Mechanics Co. Ltd.2 13,035 0.13 10,022,918 KRW Samsung Electronics Co. Ltd. 374,200 3.66 1,804,057 KRW Samsung Electronics Co. Ltd., Preference 54,317 0.53 330,138 KRW Samsung Engineering Co. Ltd. 5,728 0.06 65,726 KRW Samsung Fire & Marine Insurance Co. Ltd. 15,978 0.16 926,215 KRW Samsung Heavy Industries Co. Ltd.2 6,131 0.06 143,805 KRW Samsung Life Insurance Co. Ltd. 11,097 0.11 113,906 KRW Samsung SDI Co. Ltd. 20,984 0.20 73,041 KRW Samsung SDS Co. Ltd. 12,771 0.12 133,550 KRW Samsung Securities Co. Ltd. 3,711 0.04 874,621 KRW Shinhan Financial Group Co. Ltd. 32,146 0.31 16,428 KRW Shinsegae, Inc.2 4,265 0.04 123,869 KRW SillaJen, Inc.2 7,813 0.08 66,326 KRW SK Holdings Co. Ltd. 16,656 0.16 1,209,998 KRW SK Hynix, Inc. 75,129 0.73 134,536 KRW SK Innovation Co. Ltd. 23,584 0.23 30,344 KRW SK Telecom Co. Ltd. 7,837 0.08 86,416 USD SK Telecom Co. Ltd. ADR 2,452 0.02 96,785 KRW S-Oil Corp.2 9,541 0.09 28,276 KRW ViroMed Co. Ltd.2 4,977 0.05 989,337 KRW Woori Bank 13,812 0.13 17,680 KRW Yuhan Corp. 3,588 0.03 Total South Korea 1,426,727 13.94

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Taiwan (31 May 2018: 11.12%) 5,967,096 TWD Acer, Inc. 3,855 0.04 743,025 TWD Advantech Co. Ltd. 5,633 0.05 7,027,458 TWD ASE Technology Holding Co. Ltd. 14,237 0.14 4,822,697 TWD Asia Cement Corp. 5,277 0.05 1,466,172 TWD Asustek Computer, Inc. 10,377 0.10 18,791,790 TWD AU Optronics Corp. 7,657 0.07 1,385,700 TWD Catcher Technology Co. Ltd. 11,899 0.12 16,773,743 TWD Cathay Financial Holding Co. Ltd. 26,439 0.26 10,311,679 TWD Chang Hwa Commercial Bank Ltd. 5,859 0.06 3,930,063 TWD Cheng Shin Rubber Industry Co. Ltd. 5,423 0.05 1,447,009 TWD Chicony Electronics Co. Ltd. 2,833 0.03 5,752,513 TWD China Airlines Ltd. 2,054 0.02 27,681,900 TWD China Development Financial Holding Corp. 8,987 0.09 5,351,111 TWD China Life Insurance Co. Ltd. 5,082 0.05 26,325,567 TWD China Steel Corp. 20,512 0.20 7,416,400 TWD Chunghwa Telecom Co. Ltd. 25,764 0.25 50,450 USD Chunghwa Telecom Co. Ltd. ADR 1,752 0.02 9,398,405 TWD Compal Electronics, Inc. 5,370 0.05 36,323,605 TWD CTBC Financial Holding Co. Ltd. 24,116 0.24 4,363,984 TWD Delta Electronics, Inc. 18,419 0.18 19,930,806 TWD E.Sun Financial Holding Co. Ltd. 13,459 0.13 352,811 TWD Eclat Textile Co. Ltd. 4,433 0.04 4,976,140 TWD Eva Airways Corp. 2,601 0.02 4,879,265 TWD Evergreen Marine Corp. Taiwan Ltd. 1,846 0.02 7,101,804 TWD Far Eastern New Century Corp. 6,560 0.06 3,568,000 TWD Far EasTone Telecommunications Co. Ltd. 8,398 0.08 744,582 TWD Feng TAY Enterprise Co. Ltd. 4,738 0.05 20,731,603 TWD First Financial Holding Co. Ltd. 13,428 0.13 7,386,288 TWD Formosa Chemicals & Fibre Corp. 25,539 0.25 2,634,000 TWD Formosa Petrochemical Corp. 9,535 0.09 9,358,655 TWD Formosa Plastics Corp. 30,384 0.30 1,322,000 TWD Formosa Taffeta Co. Ltd. 1,442 0.01 1,882,744 TWD Foxconn Technology Co. Ltd. 3,802 0.04 13,752,484 TWD Fubon Financial Holding Co. Ltd. 21,789 0.21 629,000 TWD Giant Manufacturing Co. Ltd. 2,920 0.03 465,000 TWD Globalwafers Co. Ltd. 5,525 0.05 1,747,300 TWD Highwealth Construction Corp. 2,661 0.03 440,361 TWD Hiwin Technologies Corp. 3,438 0.03 27,129,974 TWD Hon Hai Precision Industry Co. Ltd. 63,330 0.62 260,355 USD Hon Hai Precision Industry Co. Ltd. GDR 1,218 0.01 520,000 TWD Hotai Motor Co. Ltd. 4,001 0.04 1,462,116 TWD HTC Corp. 2,162 0.02 15,474,092 TWD Hua Nan Financial Holdings Co. Ltd. 8,817 0.09 18,854,625 TWD Innolux Corp. 6,274 0.06 5,311,420 TWD Inventec Corp. 3,811 0.04 211,260 TWD Largan Precision Co. Ltd. 23,114 0.23 4,489,886 TWD Lite-On Technology Corp. 5,962 0.06 3,729,141 TWD Macronix International 2,482 0.02 3,163,728 TWD MediaTek, Inc. 24,394 0.24 22,784,577 TWD Mega Financial Holding Co. Ltd. 18,937 0.18 1,372,000 TWD Micro-Star International Co. Ltd. 3,229 0.03 10,827,037 TWD Nan Ya Plastics Corp. 26,117 0.25 1,931,000 TWD Nanya Technology Corp. 3,824 0.04 386,000 TWD Nien Made Enterprise Co. Ltd. 2,826 0.03 1,266,000 TWD Novatek Microelectronics Corp. 5,343 0.05 4,127,692 TWD Pegatron Corp. 7,009 0.07 272,797 TWD Phison Electronics Corp. 2,223 0.02

178







Taiwan (continued) 5,073,003 TWD Pou Chen Corp. 5,517 0.05 1,638,100 TWD Powertech Technology, Inc. 3,845 0.04 1,216,000 TWD President Chain Store Corp. 12,554 0.12 5,781,800 TWD Quanta Computer, Inc. 9,376 0.09 1,072,305 TWD Realtek Semiconductor Corp. 4,926 0.05 1,243,875 TWD Ruentex Development Co. Ltd. 1,977 0.02 882,082 TWD Ruentex Industries Ltd. 2,606 0.02 21,581,845 TWD Shin Kong Financial Holding Co. Ltd. 7,322 0.07 22,432,156 TWD SinoPac Financial Holdings Co. Ltd. 7,756 0.08 1,272,667 TWD Standard Foods Corp. 2,018 0.02 3,224,187 TWD Synnex Technology International Corp. 3,795 0.04 373,000 TWD TaiMed Biologics, Inc. 1,950 0.02 19,899,141 TWD Taishin Financial Holding Co. Ltd. 8,754 0.09 401,417 TWD Taishin Financial Holding Co. Ltd., Rights 44 – 6,491,472 TWD Taiwan Business Bank 2,223 0.02 9,656,258 TWD Taiwan Cement Corp. 10,816 0.11 302,467 TWD Taiwan Cement Corp., Rights2/3/4 – – 17,247,586 TWD Taiwan Cooperative Financial Holding Co. Ltd. 10,023 0.10 3,763,000 TWD Taiwan High Speed Rail Corp. 3,775 0.04 3,291,200 TWD Taiwan Mobile Co. Ltd. 11,647 0.11 51,435,864 TWD Taiwan Semiconductor Manufacturing Co. Ltd. 376,566 3.68 4,896,000 TWD Teco Electric and Machinery Co. Ltd. 2,726 0.03 10,049,570 TWD Uni-President Enterprises Corp. 23,557 0.23 23,581,000 TWD United Microelectronics Corp. 8,842 0.09 1,814,000 TWD Vanguard International Semiconductor Corp. 3,816 0.04 651,000 TWD Walsin Technology Corp. 3,963 0.04 677,000 TWD Win Semiconductors Corp. 2,780 0.03 6,906,000 TWD Winbond Electronics Corp. 3,363 0.03 5,768,520 TWD Wistron Corp. 3,661 0.04 2,798,962 TWD WPG Holdings Ltd. 3,408 0.03 532,812 TWD Yageo Corp. 6,400 0.06 21,314,743 TWD Yuanta Financial Holding Co. Ltd. 10,865 0.11 Total Taiwan 1,149,987 11.24

Thailand (31 May 2018: 2.31%) 1,773,200 THB Advanced Info Service PCL NVDR 9,624 0.09 482,900 THB Advanced Info Service PCL 2,621 0.03 9,119,800 THB Airports of Thailand PCL 17,678 0.17 534,300 THB Bangkok Bank PCL 3,444 0.03 8,701,900 THB Bangkok Dusit Medical Services PCL NVDR 7,078 0.07 16,797,500 THB Bangkok Expressway & Metro PCL 4,520 0.04 1,609,000 THB Banpu PCL NVDR 827 0.01 3,422,000 THB Banpu PCL 1,759 0.02 2,733,900 THB Berli Jucker PCL NVDR 4,385 0.04 12,316,500 THB BTS Group Holdings PCL NVDR 3,539 0.03 758,400 THB Bumrungrad Hospital PCL NVDR 4,382 0.04 3,016,300 THB Central Pattana PCL NVDR 6,948 0.07 5,797,800 THB Charoen Pokphand Foods PCL NVDR 4,407 0.04 1,249,500 THB Charoen Pokphand Foods PCL 950 0.01 8,352,900 THB CP ALL PCL NVDR 17,334 0.17 2,427,700 THB CP ALL PCL 5,038 0.05 1,035,000 THB Delta Electronics Thailand PCL NVDR 2,195 0.02 2,640,300 THB Energy Absolute PCL NVDR 3,854 0.04 667,000 THB Glow Energy PCL NVDR 1,765 0.02 983,300 THB Glow Energy PCL 2,601 0.03 2,744,580 THB Home Product Center PCL NVDR 1,269 0.01 4,754,400 THB Home Product Center PCL 2,197 0.02

179







Thailand (continued) 2,041,900 THB Indorama Ventures PCL NVDR 3,353 0.03 1,466,133 THB Indorama Ventures PCL 2,407 0.02 11,432,700 THB IRPC PCL NVDR 2,121 0.02 10,162,200 THB IRPC PCL 1,885 0.02 1,369,600 THB Kasikornbank PCL NVDR 8,058 0.08 2,433,300 THB Kasikornbank PCL 14,317 0.14 5,936,700 THB Krung Thai Bank PCL NVDR 3,647 0.04 2,242,275 THB Krung Thai Bank PCL 1,377 0.01 2,857,870 THB Minor International PCL NVDR 3,150 0.03 1,430,000 THB Minor International PCL 1,576 0.02 2,479,520 THB PTT Exploration & Production PCL NVDR 9,952 0.10 495,607 THB PTT Exploration & Production PCL 1,989 0.02 3,205,100 THB PTT Global Chemical PCL NVDR 7,650 0.07 1,311,457 THB PTT Global Chemical PCL 3,130 0.03 16,783,000 THB PTT PCL NVDR 25,133 0.25 5,216,000 THB PTT PCL 7,811 0.08 395,050 THB Siam Cement PCL (The) NVDR 5,309 0.05 460,000 THB Siam Cement PCL (The) 6,238 0.06 2,927,000 THB Siam Commercial Bank PCL (The) NVDR 12,371 0.12 866,800 THB Siam Commercial Bank PCL (The) 3,664 0.04 1,054,000 THB Thai Oil PCL NVDR 2,436 0.02 1,104,900 THB Thai Oil PCL 2,553 0.03 3,959,800 THB Thai Union Group PCL NVDR 2,119 0.02 25,617,700 THB TMB Bank PCL NVDR 1,807 0.02 22,910,403 THB True Corp. PCL NVDR 4,075 0.04 Total Thailand 246,543 2.41

Turkey (31 May 2018: 0.76%) 4,143,706 TRY Akbank T.A.S.2 6,047 0.06 509,378 TRY Anadolu Efes Biracilik ve Malt Sanayii A/S 2,051 0.02 535,859 TRY Arcelik A/S2 1,597 0.02 654,597 TRY Aselsan Elektronik Sanayi ve Ticaret A/S2 3,329 0.03 451,667 TRY BIM Birlesik Magazalar A/S 7,271 0.07 135,009 TRY Coca-Cola Icecek A/S 751 0.01 3,075,359 TRY Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT 949 0.01 3,029,252 TRY Eregli Demir ve Celik Fabrikalari TAS 4,380 0.04 125,656 TRY Ford Otomotiv Sanayi A/S 1,294 0.01 2,134,423 TRY Haci Omer Sabanci Holding A/S 3,346 0.03 1,562,190 TRY KOC Holding A/S 4,577 0.04 1,460,204 TRY Petkim Petrokimya Holding A/S2 1,474 0.01 362,590 TRY TAV Havalimanlari Holding A/S 1,619 0.02 234,974 TRY Tofas Turk Otomobil Fabrikasi A/S 868 0.01 242,826 TRY Tupras Turkiye Petrol Rafinerileri A/S 5,778 0.06 1,192,614 TRY Turk Hava Yollari AO2 3,862 0.04 2,288,555 TRY Turkcell Iletisim Hizmetleri A/S 5,532 0.05 4,599,915 TRY Turkiye Garanti Bankasi A/S 7,247 0.07 917,067 TRY Turkiye Halk Bankasi A/S2 1,260 0.01 3,549,702 TRY Turkiye Is Bankasi A/S 'C' 2,881 0.03 1,861,372 TRY Turkiye Sise ve Cam Fabrikalari A/S 1,784 0.02 1,387,499 TRY Turkiye Vakiflar Bankasi TAO 'D' 1,060 0.01 238,179 TRY Ulker Biskuvi Sanayi A/S 708 0.01 3,855,461 TRY Yapi ve Kredi Bankasi A/S2 1,271 0.01 Total Turkey 70,936 0.69

180







United Arab Emirates (31 May 2018: 0.59%) 4,521,245 AED Abu Dhabi Commercial Bank PJSC 9,663 0.09 8,228,740 AED Aldar Properties PJSC 3,584 0.03 1,810,414 AED DAMAC Properties Dubai Co. PJSC 922 0.01 375,837 USD DP World Ltd. 6,149 0.06 1,473,159 AED Dubai Investments PJSC 541 0.01 3,523,180 AED Dubai Islamic Bank PJSC 5,026 0.05 3,790,399 AED Emaar Malls PJSC 1,857 0.02 7,386,786 AED Emaar Properties PJSC 9,050 0.09 3,756,133 AED Emirates Telecommunications Group Co. PJSC 16,996 0.17 3,130,868 AED First Abu Dhabi Bank PJSC 11,592 0.11 Total United Arab Emirates 65,380 0.64

United States (31 May 2018: 0.37%) 202,535 USD Southern Copper Corp.2 6,781 0.07 770,316 USD Yum China Holdings, Inc. 27,600 0.27 Total United States 34,381 0.34


Warrants (31 May 2018: 0.00%)5

Thailand (31 May 2018: 0.00%)5 – –

Total investments in warrants – –



US Dollar (Hedged) Institutional Accumulating Class

Buy AED 60,172; Sell USD 16,3803 State Street 04/12/2018 – – Buy CLP 21,743,948; Sell USD 31,212 State Street 05/12/2018 1 – Buy CNH 201,964; Sell USD 28,9693 State Street 04/12/2018 – – Buy HKD 9,542,245; Sell USD 1,218,8453 State Street 04/12/2018 – – Buy HUF 447,529; Sell USD 1,5633 State Street 04/12/2018 – – Buy IDR 161,370,968; Sell USD 10,551 State Street 05/12/2018 1 – Buy INR 3,290,463; Sell USD 44,231 State Street 05/12/2018 3 – Buy KRW 262,246,762; Sell USD 229,958 State Street 05/12/2018 4 – Buy MXN 11,481,353; Sell USD 561,982 State Street 04/12/2018 2 – Buy MYR 61,867; Sell USD 14,7613 State Street 05/12/2018 – – Buy PHP 3,407,024; Sell USD 64,040 State Street 05/12/2018 1 – Buy PLN 23,727; Sell USD 6,1983 State Street 04/12/2018 – – Buy QAR 20,313; Sell USD 5,5543 State Street 04/12/2018 – – Buy THB 4,093,082; Sell USD 124,3693 State Street 04/12/2018 – – Buy TRY 27,283; Sell USD 4,7703 State Street 04/12/2018 – – Buy TWD 1,839,655; Sell USD 59,5803 State Street 05/12/2018 – – Buy USD 9,279,582; Sell BRL 34,640,989 State Street 05/12/2018 340 0.01 Buy USD 102,223; Sell CNH 708,6973 State Street 04/12/2018 – – Buy USD 531,289; Sell COP 1,712,689,365 State Street 05/12/2018 2 – Buy USD 221,013; Sell CZK 5,055,464 State Street 04/12/2018 1 – Buy USD 359,339; Sell EUR 316,287 State Street 04/12/2018 1 – Buy USD 2,272,928; Sell HKD 17,770,872 State Street 04/12/2018 3 –

181






US Dollar (Hedged) Institutional Accumulating Class (continued)

Buy USD 42,168; Sell HUF 11,920,7433 State Street 04/12/2018 – – Buy USD 239,378; Sell MXN 4,817,385 State Street 04/12/2018 3 – Buy USD 40,157; Sell PHP 2,096,5843 State Street 05/12/2018 – – Buy USD 111,089; Sell PLN 419,8233 State Street 04/12/2018 – – Buy USD 4,082,841; Sell RUB 269,891,628 State Street 05/12/2018 53 – Buy USD 494,705; Sell TWD 15,150,351 State Street 05/12/2018 3 – Buy ZAR 7,061,188; Sell USD 483,443 State Street 04/12/2018 26 – Total unrealised gain (31 May 2018: 0.00%) 444 0.01

Total unrealised gain on forward currency contracts (31 May 2018: 0.00%)5 444 0.01


Buy USD 179,303; Sell QAR 654,7563 J.P. Morgan 03/12/2018 – – Total unrealised loss (31 May 2018: 0.00%)5 – –

US Dollar (Hedged) Institutional Accumulating Class

Buy AED 88,629; Sell USD 24,1313 State Street 04/12/2018 – – Buy BRL 153,405; Sell USD 41,299 State Street 05/12/2018 (2) – Buy CNH 268,762; Sell USD 38,7423 State Street 04/12/2018 – – Buy COP 63,496,219; Sell USD 19,8203 State Street 05/12/2018 – – Buy CZK 22,478; Sell USD 9823 State Street 04/12/2018 – – Buy EUR 43,582; Sell USD 49,7103 State Street 04/12/2018 – – Buy QAR 157,024; Sell USD 43,0313 State Street 04/12/2018 – – Buy RUB 11,449,987; Sell USD 173,551 State Street 05/12/2018 (3) – Buy TWD 13,218,315; Sell USD 429,3053 State Street 05/12/2018 – – Buy USD 800,478; Sell AED 2,940,5233 State Street 04/12/2018 – – Buy USD 1,365,839; Sell CLP 949,732,014 State Street 05/12/2018 (45) – Buy USD 814,305; Sell CNH 5,687,130 State Street 04/12/2018 (3) – Buy USD 7,767; Sell CZK 178,2443 State Street 04/12/2018 – – Buy USD 25,895,181; Sell HKD 202,770,786 State Street 04/12/2018 (16) – Buy USD 340,606; Sell HUF 97,527,8543 State Street 04/12/2018 – – Buy USD 2,563,750; Sell IDR 39,051,942,430 State Street 05/12/2018 (166) – Buy USD 10,238,340; Sell INR 759,753,165 State Street 05/12/2018 (661) (0.01) Buy USD 16,980,576; Sell KRW 19,353,455,045 State Street 05/12/2018 (284) – Buy USD 3,324,025; Sell MXN 67,648,152 State Street 04/12/2018 (1) – Buy USD 2,877,754; Sell MYR 12,059,838 State Street 05/12/2018 (4) – Buy USD 1,264,607; Sell PHP 67,492,293 State Street 05/12/2018 (23) – Buy USD 1,346,787; Sell PLN 5,155,914 State Street 04/12/2018 (14) – Buy USD 1,356,828; Sell QAR 4,959,164 State Street 04/12/2018 (1) – Buy USD 2,987,943; Sell THB 99,017,555 State Street 04/12/2018 (23) – Buy USD 782,466; Sell TRY 4,453,858 State Street 04/12/2018 (66) – Buy USD 13,517,217; Sell TWD 417,429,763 State Street 05/12/2018 (34) – Buy USD 7,549,885; Sell ZAR 111,471,161 State Street 04/12/2018 (489) (0.01) Total unrealised loss (31 May 2018: 0.00%) (1,835) (0.02)

Total unrealised loss on forward currency contracts (31 May 2018: 0.00%)5 (1,835) (0.02)

182





Futures contracts


335 USD 16,750 MSCI Emerging Markets Index 21/12/2018 512 – Total United States 512 –

Total unrealised gain on futures contracts (31 May 2018: 0.00%) 512 –

United States (31 May 2018: (0.13)%) – –

Total unrealised loss on futures contracts (31 May 2018: (0.13)%) – –

Fair Value USD '000


Total financial assets at fair value through profit or loss 10,267,858 100.32 Total financial liabilities at fair value through profit or loss (1,835) (0.02) Cash 16,984 0.17 Cash equivalents Holding Currency Undertaking for collective investment schemes (31 May 2018: 0.00%) 2,011,018 USD Institutional US Dollar Liquidity Fund - Agency (Dis) Shares1 2,011 0.02 Total cash equivalents 2,011 0.02 Other assets and liabilities (50,242) (0.49) Net asset value attributable to redeemable participating unitholders 10,234,776 100.00


Assets Transferable securities admitted to official stock exchange listing 99.65 Collective investment schemes 0.02 Financial derivative instruments dealt in on a regulated market7 – OTC financial derivative instruments7 – Other assets 0.33 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 Prior year percentage of net asset value rounds to 0.00%. 6 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.

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


On losses USD '000

Forward currency contracts 20,318 96,848 Futures contracts – 16,787

183

iSHARES EMU INDEX FUND (IE)





Equities (31 May 2018: 98.14%)

Austria (31 May 2018: 0.74%) 1,860 EUR ANDRITZ AG 79 0.08 7,393 EUR Erste Group Bank AG 258 0.28 3,573 EUR OMV AG 159 0.17 3,783 EUR Raiffeisen Bank International AG 99 0.11 2,900 EUR voestalpine AG 85 0.09 Total Austria 680 0.73

Belgium (31 May 2018: 3.14%) 4,535 EUR Ageas 193 0.21 18,937 EUR Anheuser-Busch InBev SA 1,281 1.37 1,459 EUR Colruyt SA1 82 0.09 1,973 EUR Groupe Bruxelles Lambert SA 157 0.17 6,268 EUR KBC Group NV 397 0.43 3,887 EUR Proximus SADP 95 0.10 1,814 EUR Solvay SA 173 0.19 1,348 EUR Telenet Group Holding NV 59 0.06 3,189 EUR UCB SA 237 0.25 5,178 EUR Umicore SA1 199 0.21 Total Belgium 2,873 3.08

Finland (31 May 2018: 3.14%) 3,619 EUR Elisa OYJ 128 0.14 11,017 EUR Fortum OYJ 203 0.22 8,563 EUR Kone OYJ 'B' 375 0.40 2,447 EUR Metso OYJ 62 0.07 3,129 EUR Neste OYJ 216 0.23 140,098 EUR Nokia OYJ 680 0.73 2,961 EUR Nokian Renkaat OYJ 84 0.09 2,646 EUR Orion OYJ 'B' 78 0.08 10,989 EUR Sampo OYJ 'A' 433 0.46 13,491 EUR Stora Enso OYJ 'R' 152 0.16 13,327 EUR UPM-Kymmene OYJ 313 0.34 11,099 EUR Wartsila OYJ Abp 160 0.17 Total Finland 2,884 3.09

France (31 May 2018: 30.93%) 4,681 EUR Accor SA 184 0.20 750 EUR Aeroports de Paris 129 0.14 10,687 EUR Air Liquide SA 1,141 1.22 3,879 EUR Alstom SA 150 0.16 1,514 EUR Amundi SA 77 0.08 1,670 EUR Arkema SA 140 0.15 2,330 EUR Atos SE 175 0.19 48,376 EUR AXA SA1 1,041 1.12 1,000 EUR BioMerieux 62 0.07 27,928 EUR BNP Paribas SA 1,239 1.33 22,281 EUR Bollore SA 86 0.09 5,514 EUR Bouygues SA1 187 0.20 6,765 EUR Bureau Veritas SA 132 0.14 4,025 EUR Capgemini SE 415 0.44 14,442 EUR Carrefour SA1 230 0.25 1,418 EUR Casino Guichard Perrachon SA1 57 0.06 12,296 EUR Cie de Saint-Gobain 403 0.43

184







France (continued) 4,203 EUR Cie Generale des Etablissements Michelin SCA1 388 0.42 4,387 EUR CNP Assurances 89 0.10 955 EUR Covivio, REIT 82 0.09 28,905 EUR Credit Agricole SA 317 0.34 15,415 EUR Danone SA1 1,018 1.09 64 EUR Dassault Aviation SA 86 0.09 3,238 EUR Dassault Systemes SE1 343 0.37 5,945 EUR Edenred 200 0.21 1,998 EUR Eiffage SA 168 0.18 14,256 EUR Electricite de France SA 207 0.22 45,800 EUR Engie SA1 569 0.61 5,189 EUR EssilorLuxottica SA 582 0.62 1,178 EUR Eurazeo SE 78 0.08 4,461 EUR Eutelsat Communications SA 84 0.09 1,901 EUR Faurecia SA 65 0.07 1,110 EUR Gecina SA, REIT 137 0.15 11,919 EUR Getlink SE 137 0.15 781 EUR Hermes International1 373 0.40 800 EUR ICADE, REIT 56 0.06 675 EUR Iliad SA 80 0.09 915 EUR Imerys SA 43 0.05 1,493 EUR Ingenico Group SA 95 0.10 959 EUR Ipsen SA 109 0.12 1,919 EUR JCDecaux SA 58 0.06 1,895 EUR Kering SA 728 0.78 5,064 EUR Klepierre SA, REIT 146 0.16 6,732 EUR Legrand SA 364 0.39 6,283 EUR L'Oreal SA 1,306 1.40 6,933 EUR LVMH Moet Hennessy Louis Vuitton SE 1,751 1.88 22,375 EUR Natixis SA 109 0.12 49,546 EUR Orange SA 751 0.80 5,305 EUR Pernod Ricard SA 749 0.80 14,842 EUR Peugeot SA 288 0.31 5,255 EUR Publicis Groupe SA 275 0.29 571 EUR Remy Cointreau SA 58 0.06 4,742 EUR Renault SA1 294 0.31 7,749 EUR Rexel SA 82 0.09 8,316 EUR Safran SA 918 0.98 28,019 EUR Sanofi 2,236 2.40 13,620 EUR Schneider Electric SE1 876 0.94 3,933 EUR SCOR SE 167 0.18 577 EUR SEB SA 73 0.08 675 EUR Societe BIC SA1 64 0.07 19,212 EUR Societe Generale SA 624 0.67 2,243 EUR Sodexo SA1 205 0.22 9,405 EUR Suez 123 0.13 1,438 EUR Teleperformance1 210 0.22 2,611 EUR Thales SA 283 0.30 59,639 EUR TOTAL SA 2,932 3.14 1,949 EUR Ubisoft Entertainment SA 140 0.15 3,429 EUR Unibail-Rodamco-Westfield, REIT 521 0.56 5,912 EUR Valeo SA 149 0.16 13,244 EUR Veolia Environnement SA1 249 0.27 12,634 EUR Vinci SA 974 1.04

185







France (continued) 25,800 EUR Vivendi SA1 568 0.61 713 EUR Wendel SA 77 0.08 Total France 29,502 31.62

Germany (31 May 2018: 28.73%) 1,328 EUR 1&1 Drillisch AG1 59 0.06 4,693 EUR adidas AG1 914 0.98 10,974 EUR Allianz SE1 2,047 2.19 1,241 EUR Axel Springer SE 70 0.07 22,928 EUR BASF SE1 1,476 1.58 23,270 EUR Bayer AG, Registered 1,503 1.61 8,295 EUR Bayerische Motoren Werke AG1 599 0.64 1,401 EUR Bayerische Motoren Werke AG, Preference 90 0.10 2,474 EUR Beiersdorf AG 234 0.25 3,851 EUR Brenntag AG 157 0.17 25,240 EUR Commerzbank AG 192 0.21 2,714 EUR Continental AG 359 0.38 4,843 EUR Covestro AG 246 0.26 22,610 EUR Daimler AG 1,124 1.20 2,274 EUR Delivery Hero SE 73 0.08 48,657 EUR Deutsche Bank AG, Registered 392 0.42 4,840 EUR Deutsche Boerse AG 546 0.58 5,942 EUR Deutsche Lufthansa AG 128 0.14 24,405 EUR Deutsche Post AG 686 0.74 83,078 EUR Deutsche Telekom AG, Registered 1,287 1.38 8,749 EUR Deutsche Wohnen SE 370 0.40 54,771 EUR E.ON SE 493 0.53 4,205 EUR Evonik Industries AG 100 0.11 1,063 EUR Fraport AG Frankfurt Airport Services Worldwide 69 0.07 5,318 EUR Fresenius Medical Care AG & Co. KGaA 382 0.41 10,444 EUR Fresenius SE & Co. KGaA 523 0.56 1,776 EUR Fuchs Petrolub SE, Preference 65 0.07 4,285 EUR GEA Group AG 102 0.11 1,507 EUR Hannover Rueck SE 185 0.20 3,768 EUR HeidelbergCement AG 221 0.24 4,492 EUR Henkel AG & Co. KGaA, Preference1 458 0.49 2,559 EUR Henkel AG & Co. KGaA 233 0.25 493 EUR HOCHTIEF AG 62 0.07 1,602 EUR HUGO BOSS AG 98 0.10 28,549 EUR Infineon Technologies AG 528 0.57 3,549 EUR Innogy SE 132 0.14 4,891 EUR K+S AG, Registered1 76 0.08 1,811 EUR KION Group AG 90 0.10 2,191 EUR LANXESS AG1 106 0.11 3,188 EUR Merck KGaA 310 0.33 4,601 EUR METRO AG 62 0.07 1,302 EUR MTU Aero Engines AG 239 0.26 3,739 EUR Muenchener Rueckversicherungs-Gesellschaft AG, Registered1 718 0.77 2,560 EUR OSRAM Licht AG 104 0.11 3,756 EUR Porsche Automobil Holding SE, Preference 212 0.23 5,525 EUR ProSiebenSat.1 Media SE 99 0.11 201 EUR Puma SE 89 0.10 12,910 EUR RWE AG 246 0.26

186







Germany (continued) 24,497 EUR SAP SE1 2,227 2.39 878 EUR Sartorius AG, Preference 98 0.10 4,386 EUR Schaeffler AG, Preference 33 0.04 19,068 EUR Siemens AG, Registered 1,953 2.09 3,712 EUR Siemens Healthineers AG 142 0.15 3,044 EUR Symrise AG 217 0.23 19,004 EUR Telefonica Deutschland Holding AG 68 0.07 10,615 EUR thyssenkrupp AG1 175 0.19 5,080 EUR Uniper SE1 115 0.12 2,959 EUR United Internet AG, Registered 118 0.13 4,642 EUR Volkswagen AG, Preference1 691 0.74 831 EUR Volkswagen AG 121 0.13 12,156 EUR Vonovia SE 520 0.56 2,956 EUR Wirecard AG 395 0.42 2,623 EUR Zalando SE1 72 0.08 Total Germany 25,499 27.33

Ireland (31 May 2018: 1.52%) 20,389 EUR AIB Group plc 79 0.09 23,433 EUR Bank of Ireland Group plc 131 0.14 20,949 EUR CRH plc 512 0.55 4,013 EUR Kerry Group plc 'A' 366 0.39 2,092 EUR Paddy Power Betfair plc 166 0.18 3,873 EUR Ryanair Holdings plc 45 0.05 5,542 EUR Smurfit Kappa Group plc 132 0.14 Total Ireland 1,431 1.54

Italy (31 May 2018: 5.67%) 29,336 EUR Assicurazioni Generali SpA 437 0.47 12,252 EUR Atlantia SpA 222 0.24 14,542 EUR Davide Campari-Milano SpA 107 0.12 202,733 EUR Enel SpA1 971 1.04 63,409 EUR Eni SpA 903 0.97 372,393 EUR Intesa Sanpaolo SpA 763 0.82 11,013 EUR Leonardo SpA 96 0.10 4,176 EUR Luxottica Group SpA 215 0.23 15,952 EUR Mediobanca Banca di Credito Finanziario SpA 124 0.13 4,409 EUR Moncler SpA 127 0.14 9,884 EUR Pirelli & C SpA 61 0.07 13,351 EUR Poste Italiane SpA 89 0.10 5,961 EUR Prysmian SpA 96 0.10 2,672 EUR Recordati SpA 76 0.08 56,439 EUR Snam SpA 218 0.23 154,039 EUR Telecom Italia SpA, Savings Share 77 0.08 286,308 EUR Telecom Italia SpA 165 0.18 34,784 EUR Terna Rete Elettrica Nazionale SpA 172 0.18 49,517 EUR UniCredit SpA 564 0.60 Total Italy 5,483 5.88

Luxembourg (31 May 2018: 0.94%) 16,607 EUR ArcelorMittal1 333 0.36 280 EUR Eurofins Scientific SE1 107 0.11 928 EUR RTL Group SA 49 0.05

187







Luxembourg (continued) 9,240 EUR SES SA FDR 177 0.19 11,390 EUR Tenaris SA 121 0.13 Total Luxembourg 787 0.84

Netherlands (31 May 2018: 13.75%) 10,592 EUR ABN AMRO Group NV CVA 239 0.26 44,495 EUR Aegon NV1 219 0.23 3,132 USD AerCap Holdings NV 146 0.16 14,460 EUR Airbus SE1 1,368 1.47 6,317 EUR Akzo Nobel NV 468 0.50 10,236 EUR ASML Holding NV1 1,526 1.64 25,118 EUR CNH Industrial NV 216 0.23 2,743 EUR EXOR NV 142 0.15 3,071 EUR Ferrari NV 297 0.32 26,547 EUR Fiat Chrysler Automobiles NV 387 0.41 2,842 EUR Heineken Holding NV 222 0.24 6,513 EUR Heineken NV 526 0.56 96,995 EUR ING Groep NV 1,036 1.11 31,172 EUR Koninklijke Ahold Delhaize NV 708 0.76 4,476 EUR Koninklijke DSM NV1 350 0.38 81,698 EUR Koninklijke KPN NV 214 0.23 23,490 EUR Koninklijke Philips NV1 781 0.84 1,797 EUR Koninklijke Vopak NV 69 0.07 7,459 EUR NN Group NV1 280 0.30 8,531 USD NXP Semiconductors NV 628 0.67 5,484 EUR QIAGEN NV 170 0.18 3,035 EUR Randstad NV 131 0.14 17,157 EUR STMicroelectronics NV1 222 0.24 38,467 EUR Unilever NV CVA1 1,885 2.02 7,162 EUR Wolters Kluwer NV1 382 0.41 Total Netherlands 12,612 13.52


Spain (31 May 2018: 8.92%) 6,388 EUR ACS Actividades de Construccion y Servicios SA 216 0.23 1,665 EUR Aena SME SA 233 0.25 10,834 EUR Amadeus IT Group SA 685 0.73 166,270 EUR Banco Bilbao Vizcaya Argentaria SA1 834 0.89 139,513 EUR Banco de Sabadell SA 157 0.17 405,682 EUR Banco Santander SA 1,698 1.82 31,499 EUR Bankia SA 92 0.10 17,012 EUR Bankinter SA 126 0.14 88,535 EUR CaixaBank SA 322 0.35 6,245 EUR Enagas SA 152 0.16 8,018 EUR Endesa SA 158 0.17 12,284 EUR Ferrovial SA 223 0.24 7,461 EUR Grifols SA 185 0.20 148,559 EUR Iberdrola SA 979 1.05

188







Spain (continued) 27,264 EUR Industria de Diseno Textil SA 739 0.79 15,009 EUR International Consolidated Airlines Group SA 106 0.11 27,544 EUR Mapfre SA 70 0.07 8,485 EUR Naturgy Energy Group SA 185 0.20 10,678 EUR Red Electrica Corp. SA 203 0.22 34,186 EUR Repsol SA 521 0.56 6,092 EUR Siemens Gamesa Renewable Energy SA 76 0.08 116,528 EUR Telefonica SA 924 0.99 Total Spain 8,884 9.52

United Kingdom (31 May 2018: 0.18%) 5,113 EUR Coca-Cola European Partners plc 217 0.24 252 USD Coca-Cola European Partners plc 11 0.01 Total United Kingdom 228 0.25



Futures contracts

Germany (31 May 2018: (0.03)%)

68 EUR 680 EURO STOXX 50 Index 21/12/2018 (76) (0.08) Total Germany (76) (0.08)


Fair Value EUR '000





1 Security fully or partially on loan.


On losses EUR '000


189

iSHARES EUROPE EX-UK INDEX FUND (IE)





Equities (31 May 2018: 98.68%)

Austria (31 May 2018: 0.54%) 27,769 EUR ANDRITZ AG1 1,181 0.06 117,786 EUR Erste Group Bank AG 4,105 0.20 57,657 EUR OMV AG 2,573 0.12 59,773 EUR Raiffeisen Bank International AG 1,556 0.08 44,987 EUR voestalpine AG1 1,320 0.06 Total Austria 10,735 0.52

Belgium (31 May 2018: 2.28%) 71,302 EUR Ageas 3,040 0.15 291,453 EUR Anheuser-Busch InBev SA1 19,714 0.96 23,251 EUR Colruyt SA1 1,312 0.06 31,586 EUR Groupe Bruxelles Lambert SA 2,511 0.12 98,328 EUR KBC Group NV 6,234 0.31 58,279 EUR Proximus SADP 1,424 0.07 29,015 EUR Solvay SA 2,772 0.14 20,670 EUR Telenet Group Holding NV1 906 0.04 49,497 EUR UCB SA 3,675 0.18 81,995 EUR Umicore SA1 3,142 0.15 Total Belgium 44,730 2.18

Denmark (31 May 2018: 3.80%) 1,495 DKK AP Moller - Maersk A/S 'A' 1,747 0.09 2,560 DKK AP Moller - Maersk A/S 'B'1 3,217 0.16 41,380 DKK Carlsberg A/S 'B' 4,048 0.20 38,715 DKK Chr Hansen Holding A/S1 3,088 0.15 46,510 DKK Coloplast A/S 'B'1 3,917 0.19 280,611 DKK Danske Bank A/S1 4,941 0.24 73,602 DKK DSV A/S 4,974 0.24 23,823 DKK Genmab A/S1 3,202 0.16 29,243 DKK H Lundbeck A/S1 1,061 0.05 66,499 DKK ISS A/S1 1,904 0.09 706,243 DKK Novo Nordisk A/S 'B' 28,957 1.41 85,711 DKK Novozymes A/S 'B' 3,527 0.17 74,060 DKK Orsted A/S 4,256 0.21 42,580 DKK Pandora A/S 2,032 0.10 49,514 DKK Tryg A/S1 1,088 0.05 76,503 DKK Vestas Wind Systems A/S 5,043 0.25 38,898 DKK William Demant Holding A/S1 1,003 0.05 Total Denmark 78,005 3.81

Finland (31 May 2018: 2.31%) 57,697 EUR Elisa OYJ 2,044 0.10 173,897 EUR Fortum OYJ 3,202 0.16 132,676 EUR Kone OYJ 'B'1 5,806 0.28 42,521 EUR Metso OYJ 1,070 0.05 49,103 EUR Neste OYJ1 3,389 0.17 2,159,376 EUR Nokia OYJ 10,486 0.51 46,387 EUR Nokian Renkaat OYJ 1,311 0.06 1,189,160 SEK Nordea Bank Abp1 9,323 0.46 40,018 EUR Orion OYJ 'B' 1,180 0.06 173,559 EUR Sampo OYJ 'A' 6,843 0.33 215,735 EUR Stora Enso OYJ 'R'1 2,428 0.12 208,956 EUR UPM-Kymmene OYJ 4,917 0.24

190







Finland (continued) 173,744 EUR Wartsila OYJ Abp1 2,498 0.12 Total Finland 54,497 2.66

France (31 May 2018: 22.41%) 73,628 EUR Accor SA 2,886 0.14 11,180 EUR Aeroports de Paris 1,920 0.09 164,400 EUR Air Liquide SA 17,550 0.86 60,896 EUR Alstom SA1 2,360 0.11 24,031 EUR Amundi SA 1,216 0.06 26,860 EUR Arkema SA 2,251 0.11 38,124 EUR Atos SE 2,859 0.14 743,061 EUR AXA SA 15,987 0.78 16,994 EUR BioMerieux1 1,059 0.05 430,748 EUR BNP Paribas SA 19,114 0.93 334,425 EUR Bollore SA1 1,294 0.06 85,797 EUR Bouygues SA1 2,914 0.14 102,853 EUR Bureau Veritas SA 2,008 0.10 62,787 EUR Capgemini SE 6,470 0.32 227,463 EUR Carrefour SA1 3,617 0.18 20,426 EUR Casino Guichard Perrachon SA1 815 0.04 195,045 EUR Cie de Saint-Gobain 6,385 0.31 66,768 EUR Cie Generale des Etablissements Michelin SCA 6,171 0.30 65,770 EUR CNP Assurances 1,330 0.06 15,147 EUR Covivio, REIT 1,303 0.06 446,720 EUR Credit Agricole SA 4,900 0.24 235,837 EUR Danone SA1 15,579 0.76 931 EUR Dassault Aviation SA 1,257 0.06 50,994 EUR Dassault Systemes SE 5,405 0.26 92,160 EUR Edenred 3,104 0.15 31,300 EUR Eiffage SA 2,630 0.13 233,751 EUR Electricite de France SA 3,392 0.17 700,173 EUR Engie SA 8,696 0.42 79,733 EUR EssilorLuxottica SA1 8,942 0.44 16,772 EUR Eurazeo SE 1,109 0.05 69,677 EUR Eutelsat Communications SA 1,312 0.06 29,774 EUR Faurecia SA 1,025 0.05 17,609 EUR Gecina SA, REIT 2,175 0.11 181,527 EUR Getlink SE 2,083 0.10 12,399 EUR Hermes International 5,923 0.29 13,643 EUR ICADE, REIT1 955 0.05 9,967 EUR Iliad SA1 1,188 0.06 13,993 EUR Imerys SA1 663 0.03 24,020 EUR Ingenico Group SA1 1,531 0.07 15,399 EUR Ipsen SA 1,751 0.09 28,100 EUR JCDecaux SA1 843 0.04 29,062 EUR Kering SA1 11,160 0.54 79,995 EUR Klepierre SA, REIT 2,313 0.11 104,454 EUR Legrand SA 5,651 0.28 97,006 EUR L'Oreal SA 20,168 0.98 106,744 EUR LVMH Moet Hennessy Louis Vuitton SE 26,958 1.32 362,624 EUR Natixis SA 1,770 0.09 764,570 EUR Orange SA 11,591 0.57 83,130 EUR Pernod Ricard SA 11,738 0.57 230,255 EUR Peugeot SA 4,467 0.22 81,348 EUR Publicis Groupe SA1 4,259 0.21 8,924 EUR Remy Cointreau SA1 913 0.04

191







France (continued) 75,253 EUR Renault SA 4,669 0.23 117,946 EUR Rexel SA 1,250 0.06 127,725 EUR Safran SA 14,094 0.69 430,953 EUR Sanofi 34,394 1.68 209,487 EUR Schneider Electric SE 13,466 0.66 63,490 EUR SCOR SE 2,695 0.13 9,357 EUR SEB SA1 1,185 0.06 10,037 EUR Societe BIC SA1 951 0.05 293,978 EUR Societe Generale SA 9,543 0.47 35,430 EUR Sodexo SA1 3,240 0.16 146,031 EUR Suez 1,917 0.09 23,115 EUR Teleperformance 3,379 0.16 41,628 EUR Thales SA 4,508 0.22 915,269 EUR TOTAL SA 44,999 2.20 30,583 EUR Ubisoft Entertainment SA 2,200 0.11 53,024 EUR Unibail-Rodamco-Westfield, REIT 8,051 0.39 93,824 EUR Valeo SA1 2,364 0.12 204,637 EUR Veolia Environnement SA1 3,842 0.19 193,955 EUR Vinci SA 14,954 0.73 399,319 EUR Vivendi SA 8,785 0.43 11,430 EUR Wendel SA 1,226 0.06 Total France 456,672 22.29

Germany (31 May 2018: 20.79%) 21,597 EUR 1&1 Drillisch AG1 959 0.05 72,275 EUR adidas AG 14,079 0.69 168,895 EUR Allianz SE 31,499 1.54 17,997 EUR Axel Springer SE1 1,013 0.05 352,187 EUR BASF SE 22,670 1.11 357,583 EUR Bayer AG, Registered 23,093 1.13 127,044 EUR Bayerische Motoren Werke AG 9,174 0.45 22,466 EUR Bayerische Motoren Werke AG, Preference1 1,440 0.07 40,378 EUR Beiersdorf AG 3,817 0.19 60,486 EUR Brenntag AG 2,470 0.12 392,236 EUR Commerzbank AG1 2,983 0.14 43,066 EUR Continental AG 5,695 0.28 75,223 EUR Covestro AG1 3,826 0.19 348,823 EUR Daimler AG1 17,335 0.84 36,783 EUR Delivery Hero SE 1,182 0.06 768,680 EUR Deutsche Bank AG, Registered 6,198 0.30 75,559 EUR Deutsche Boerse AG 8,523 0.41 89,417 EUR Deutsche Lufthansa AG 1,922 0.09 378,621 EUR Deutsche Post AG 10,647 0.52 1,278,757 EUR Deutsche Telekom AG, Registered1 19,802 0.97 138,851 EUR Deutsche Wohnen SE 5,879 0.29 861,725 EUR E.ON SE 7,760 0.38 62,285 EUR Evonik Industries AG1 1,479 0.07 16,222 EUR Fraport AG Frankfurt Airport Services Worldwide 1,053 0.05 84,440 EUR Fresenius Medical Care AG & Co. KGaA 6,070 0.29 159,624 EUR Fresenius SE & Co. KGaA1 8,000 0.39 28,432 EUR Fuchs Petrolub SE, Preference1 1,039 0.05 69,665 EUR GEA Group AG 1,661 0.08 23,607 EUR Hannover Rueck SE 2,897 0.14 56,900 EUR HeidelbergCement AG 3,340 0.16 69,750 EUR Henkel AG & Co. KGaA, Preference 7,107 0.35 40,684 EUR Henkel AG & Co. KGaA 3,710 0.18

192







Germany (continued) 7,652 EUR HOCHTIEF AG 961 0.05 23,880 EUR HUGO BOSS AG 1,457 0.07 444,918 EUR Infineon Technologies AG 8,229 0.40 51,654 EUR Innogy SE 1,914 0.09 76,162 EUR K+S AG, Registered1 1,181 0.06 27,812 EUR KION Group AG 1,386 0.07 35,309 EUR LANXESS AG 1,710 0.08 50,366 EUR Merck KGaA 4,904 0.24 73,822 EUR METRO AG1 1,001 0.05 19,967 EUR MTU Aero Engines AG 3,666 0.18 57,340 EUR Muenchener Rueckversicherungs-Gesellschaft AG, Registered1 11,004 0.54 37,144 EUR OSRAM Licht AG 1,503 0.07 59,948 EUR Porsche Automobil Holding SE, Preference 3,387 0.16 89,625 EUR ProSiebenSat.1 Media SE 1,607 0.08 3,340 EUR Puma SE 1,480 0.07 198,841 EUR RWE AG 3,791 0.18 376,063 EUR SAP SE 34,192 1.67 14,376 EUR Sartorius AG, Preference1 1,612 0.08 56,959 EUR Schaeffler AG, Preference 433 0.02 292,651 EUR Siemens AG, Registered 29,967 1.46 58,402 EUR Siemens Healthineers AG 2,233 0.11 48,280 EUR Symrise AG1 3,442 0.17 270,087 EUR Telefonica Deutschland Holding AG1 966 0.05 170,604 EUR thyssenkrupp AG1 2,814 0.14 78,054 EUR Uniper SE1 1,769 0.09 47,062 EUR United Internet AG, Registered 1,871 0.09 71,182 EUR Volkswagen AG, Preference 10,599 0.52 12,708 EUR Volkswagen AG1 1,854 0.09 190,090 EUR Vonovia SE 8,130 0.40 45,957 EUR Wirecard AG 6,133 0.30 43,773 EUR Zalando SE1 1,199 0.06 Total Germany 394,717 19.27

Ireland (31 May 2018: 1.10%) 323,849 EUR AIB Group plc 1,255 0.06 377,614 EUR Bank of Ireland Group plc 2,111 0.10 322,140 EUR CRH plc 7,867 0.39 62,111 EUR Kerry Group plc 'A' 5,668 0.28 32,014 EUR Paddy Power Betfair plc 2,539 0.12 61,042 EUR Ryanair Holdings plc 711 0.04 88,224 EUR Smurfit Kappa Group plc 2,103 0.10 Total Ireland 22,254 1.09

Italy (31 May 2018: 4.11%) 459,569 EUR Assicurazioni Generali SpA1 6,843 0.33 193,975 EUR Atlantia SpA1 3,513 0.17 234,496 EUR Davide Campari-Milano SpA1 1,730 0.08 3,121,634 EUR Enel SpA 14,953 0.73 975,488 EUR Eni SpA 13,897 0.68 5,694,344 EUR Intesa Sanpaolo SpA 11,662 0.57 144,598 EUR Leonardo SpA 1,259 0.06 66,466 EUR Luxottica Group SpA 3,418 0.17 238,778 EUR Mediobanca Banca di Credito Finanziario SpA 1,864 0.09 69,683 EUR Moncler SpA 2,005 0.10 152,206 EUR Pirelli & C SpA1 945 0.05 202,201 EUR Poste Italiane SpA1 1,355 0.07

193







Italy (continued) 99,367 EUR Prysmian SpA1 1,607 0.08 43,425 EUR Recordati SpA 1,234 0.06 862,636 EUR Snam SpA 3,339 0.16 2,367,897 EUR Telecom Italia SpA, Savings Share1 1,177 0.06 4,463,988 EUR Telecom Italia SpA1 2,566 0.12 550,835 EUR Terna Rete Elettrica Nazionale SpA1 2,720 0.13 785,798 EUR UniCredit SpA 8,947 0.44 Total Italy 85,034 4.15

Luxembourg (31 May 2018: 0.75%) 260,047 EUR ArcelorMittal 5,205 0.25 4,355 EUR Eurofins Scientific SE1 1,668 0.08 25,286 SEK Millicom International Cellular SA SDR 1,315 0.07 16,894 EUR RTL Group SA 893 0.04 139,579 EUR SES SA FDR 2,673 0.13 184,871 EUR Tenaris SA 1,964 0.10 Total Luxembourg 13,718 0.67

Netherlands (31 May 2018: 9.98%) 165,603 EUR ABN AMRO Group NV CVA 3,729 0.18 685,784 EUR Aegon NV 3,372 0.16 47,689 USD AerCap Holdings NV 2,227 0.11 223,338 EUR Airbus SE 21,132 1.03 98,900 EUR Akzo Nobel NV 7,329 0.36 156,997 EUR ASML Holding NV 23,408 1.14 398,600 EUR CNH Industrial NV 3,428 0.17 40,924 EUR EXOR NV 2,124 0.10 48,005 EUR Ferrari NV1 4,634 0.23 422,059 EUR Fiat Chrysler Automobiles NV 6,150 0.30 45,105 EUR Heineken Holding NV 3,516 0.17 101,477 EUR Heineken NV 8,201 0.40 1,492,124 EUR ING Groep NV 15,942 0.78 478,083 EUR Koninklijke Ahold Delhaize NV 10,855 0.53 71,027 EUR Koninklijke DSM NV 5,557 0.27 1,316,322 EUR Koninklijke KPN NV 3,440 0.17 360,711 EUR Koninklijke Philips NV 11,992 0.58 28,523 EUR Koninklijke Vopak NV1 1,101 0.05 117,886 EUR NN Group NV 4,429 0.22 134,536 USD NXP Semiconductors NV1 9,906 0.48 88,696 EUR QIAGEN NV1 2,754 0.13 46,227 EUR Randstad NV 1,987 0.10 267,361 EUR STMicroelectronics NV 3,457 0.17 591,996 EUR Unilever NV CVA 29,011 1.42 113,658 EUR Wolters Kluwer NV 6,060 0.30 Total Netherlands 195,741 9.55

Norway (31 May 2018: 1.54%) 39,463 NOK Aker BP ASA 987 0.05 382,602 NOK DNB ASA1 5,793 0.28 457,477 NOK Equinor ASA1 9,416 0.46 83,651 NOK Gjensidige Forsikring ASA 1,152 0.06 174,793 NOK Marine Harvest ASA1 3,609 0.17 526,505 NOK Norsk Hydro ASA 2,189 0.11 305,165 NOK Orkla ASA 2,224 0.11 33,644 NOK Schibsted ASA 'B' 995 0.05

194







Norway (continued) 293,909 NOK Telenor ASA 5,022 0.24 69,527 NOK Yara International ASA1 2,465 0.12 Total Norway 33,852 1.65

Portugal (31 May 2018: 0.35%) 1,002,068 EUR EDP - Energias de Portugal SA 3,093 0.15 196,243 EUR Galp Energia SGPS SA 2,849 0.14 98,965 EUR Jeronimo Martins SGPS SA 1,043 0.05 Total Portugal 6,985 0.34

Spain (31 May 2018: 6.45%) 101,079 EUR ACS Actividades de Construccion y Servicios SA 3,425 0.17 25,610 EUR Aena SME SA 3,591 0.17 168,265 EUR Amadeus IT Group SA 10,644 0.52 2,556,772 EUR Banco Bilbao Vizcaya Argentaria SA 12,830 0.63 2,202,943 EUR Banco de Sabadell SA 2,483 0.12 6,238,697 EUR Banco Santander SA 26,109 1.27 498,359 EUR Bankia SA1 1,454 0.07 260,296 EUR Bankinter SA 1,921 0.09 1,405,031 EUR CaixaBank SA 5,107 0.25 83,219 EUR Enagas SA 2,020 0.10 124,350 EUR Endesa SA 2,447 0.12 194,080 EUR Ferrovial SA1 3,526 0.17 116,780 EUR Grifols SA 2,891 0.14 2,286,264 EUR Iberdrola SA 15,066 0.74 418,107 EUR Industria de Diseno Textil SA 11,327 0.55 232,993 EUR International Consolidated Airlines Group SA 1,645 0.08 411,919 EUR Mapfre SA 1,040 0.05 137,119 EUR Naturgy Energy Group SA1 2,996 0.15 180,083 EUR Red Electrica Corp. SA 3,424 0.17 533,183 EUR Repsol SA 8,131 0.40 95,874 EUR Siemens Gamesa Renewable Energy SA1 1,194 0.06 1,791,885 EUR Telefonica SA 14,206 0.69 Total Spain 137,477 6.71

Sweden (31 May 2018: 5.68%) 114,951 SEK Alfa Laval AB 2,184 0.11 392,397 SEK Assa Abloy AB 'B' 6,443 0.31 262,897 SEK Atlas Copco AB 'A'1 5,693 0.28 152,770 SEK Atlas Copco AB 'B' 3,050 0.15 104,480 SEK Boliden AB 2,067 0.10 91,786 SEK Electrolux AB 'B' 1,842 0.09 255,948 SEK Epiroc AB 'A' 1,851 0.09 158,767 SEK Epiroc AB 'B'1 1,127 0.05 237,383 SEK Essity AB 'B' 5,372 0.26 343,110 SEK Hennes & Mauritz AB 'B'1 5,582 0.27 100,988 SEK Hexagon AB 'B' 4,443 0.22 151,390 SEK Husqvarna AB 'B'1 1,053 0.05 28,575 SEK ICA Gruppen AB1 916 0.04 67,098 SEK Industrivarden AB 'C'1 1,215 0.06 178,321 SEK Investor AB 'B' 6,900 0.34 91,452 SEK Kinnevik AB 'B'1 2,049 0.10 27,617 SEK L E Lundbergforetagen AB 'B'1 729 0.04 72,115 SEK Lundin Petroleum AB 1,676 0.08 441,980 SEK Sandvik AB 5,790 0.28

195







Sweden (continued) 120,523 SEK Securitas AB 'B' 1,793 0.09 637,168 SEK Skandinaviska Enskilda Banken AB 'A' 5,862 0.29 129,831 SEK Skanska AB 'B' 1,802 0.09 146,900 SEK SKF AB 'B'1 2,049 0.10 597,870 SEK Svenska Handelsbanken AB 'A' 5,816 0.28 346,543 SEK Swedbank AB 'A'1 7,113 0.35 68,383 SEK Swedish Match AB 2,359 0.11 195,525 SEK Tele2 AB 'B'1 2,160 0.11 1,202,835 SEK Telefonaktiebolaget LM Ericsson 'B' 8,862 0.43 1,101,891 SEK Telia Co. AB1 4,490 0.22 613,094 SEK Volvo AB 'B' 7,532 0.37 Total Sweden 109,820 5.36

Switzerland (31 May 2018: 16.46%) 709,728 CHF ABB Ltd., Registered1 12,676 0.62 62,579 CHF Adecco Group AG, Registered 2,732 0.13 18,680 CHF Baloise Holding AG, Registered 2,424 0.12 813 CHF Barry Callebaut AG, Registered1 1,215 0.06 39 CHF Chocoladefabriken Lindt & Spruengli AG, Registered 2,768 0.14 416 CHF Chocoladefabriken Lindt & Spruengli AG 2,507 0.12 200,985 CHF Cie Financiere Richemont SA, Registered 11,531 0.56 80,769 CHF Clariant AG, Registered 1,412 0.07 985,002 CHF Credit Suisse Group AG1 10,255 0.50 12,297 CHF Dufry AG, Registered1 1,153 0.06 3,171 CHF EMS-Chemie Holding AG, Registered1 1,504 0.07 14,262 CHF Geberit AG, Registered 4,906 0.24 3,563 CHF Givaudan SA1 7,746 0.38 84,565 CHF Julius Baer Group Ltd. 3,014 0.15 21,141 CHF Kuehne + Nagel International AG, Registered1 2,625 0.13 186,975 CHF LafargeHolcim Ltd., Registered1 7,401 0.36 28,673 CHF Lonza Group AG, Registered 8,182 0.40 1,198,592 CHF Nestle SA, Registered1 90,187 4.40 833,268 CHF Novartis AG, Registered1 66,985 3.27 15,733 CHF Pargesa Holding SA 961 0.05 6,794 CHF Partners Group Holding AG 3,930 0.19 270,507 CHF Roche Holding AG1 61,942 3.02 7,684 CHF Schindler Holding AG, Registered 1,286 0.06 15,941 CHF Schindler Holding AG 2,818 0.14 2,058 CHF SGS SA, Registered 4,303 0.21 49,900 CHF Sika AG 5,455 0.27 21,610 CHF Sonova Holding AG, Registered1 3,082 0.15 3,920 CHF Straumann Holding AG, Registered 2,117 0.10 23,288 CHF Swatch Group AG (The), Registered1 1,203 0.06 11,682 CHF Swatch Group AG (The)1 3,069 0.15 13,177 CHF Swiss Life Holding AG, Registered 4,564 0.22 29,265 CHF Swiss Prime Site AG, Registered 2,131 0.10 121,158 CHF Swiss Re AG 9,772 0.48 9,862 CHF Swisscom AG, Registered1 4,177 0.20 23,642 CHF Temenos AG, Registered 2,585 0.13 1,484,063 CHF UBS Group AG, Registered 17,700 0.86 17,635 CHF Vifor Pharma AG1 1,919 0.09 58,273 CHF Zurich Insurance Group AG 16,145 0.79 Total Switzerland 390,382 19.05

United Kingdom (31 May 2018: 0.13%) 75,102 EUR Coca-Cola European Partners plc 3,192 0.16

196







United Kingdom (continued) 11,993 USD Coca-Cola European Partners plc 514 0.02 Total United Kingdom 3,706 0.18



Futures contracts


37 CHF 370 Swiss Market Index 21/12/2018 81 – Total Switzerland 81 –


Germany (31 May 2018: (0.03)%)

264 EUR 2,640 EURO STOXX 50 Index 21/12/2018 (58) – Total Germany (58) –

Switzerland (31 May 2018: (0.01)%) – –

Total unrealised loss on futures contracts (31 May 2018: (0.04)%) (58) –

Fair Value EUR '000


Total financial assets at fair value through profit or loss 2,038,406 99.48 Total financial liabilities at fair value through profit or loss (58) – Cash 3,369 0.16 Other assets and liabilities 7,234 0.36 Net asset value attributable to redeemable participating unitholders 2,048,951 100.00


Assets Transferable securities admitted to official stock exchange listing 99.35 Financial derivative instruments dealt in on a regulated market2 – Other assets 0.65 Total assets 100.00

1 Security fully or partially on loan. 2 Investments which are less than 0.005% of total assets are rounded down to zero.


On losses EUR '000


197

iSHARES EUROPE INDEX FUND (IE)





Equities (31 May 2018: 97.80%)

Austria (31 May 2018: 0.39%) 1,365 EUR ANDRITZ AG 58 0.04 5,944 EUR Erste Group Bank AG 207 0.14 3,029 EUR OMV AG 135 0.09 3,593 EUR Raiffeisen Bank International AG 93 0.06 2,169 EUR voestalpine AG 64 0.04 Total Austria 557 0.37

Belgium (31 May 2018: 1.62%) 3,723 EUR Ageas 159 0.11 15,011 EUR Anheuser-Busch InBev SA1 1,015 0.68 1,280 EUR Colruyt SA 72 0.05 1,635 EUR Groupe Bruxelles Lambert SA 130 0.09 5,164 EUR KBC Group NV 328 0.22 2,778 EUR Proximus SADP 68 0.05 1,489 EUR Solvay SA 142 0.09 1,007 EUR Telenet Group Holding NV 44 0.03 2,725 EUR UCB SA 202 0.14 4,055 EUR Umicore SA 156 0.10 Total Belgium 2,316 1.56

Denmark (31 May 2018: 2.69%) 69 DKK AP Moller - Maersk A/S 'A' 81 0.05 143 DKK AP Moller - Maersk A/S 'B' 180 0.12 2,096 DKK Carlsberg A/S 'B'1 205 0.14 1,997 DKK Chr Hansen Holding A/S 159 0.11 2,400 DKK Coloplast A/S 'B' 202 0.14 15,026 DKK Danske Bank A/S 265 0.18 3,931 DKK DSV A/S 266 0.18 1,381 DKK Genmab A/S 186 0.13 1,279 DKK H Lundbeck A/S 46 0.03 3,173 DKK ISS A/S 91 0.06 37,061 DKK Novo Nordisk A/S 'B' 1,520 1.03 4,728 DKK Novozymes A/S 'B' 194 0.13 3,733 DKK Orsted A/S 214 0.14 2,158 DKK Pandora A/S1 103 0.07 2,151 DKK Tryg A/S 47 0.03 4,024 DKK Vestas Wind Systems A/S1 265 0.18 1,933 DKK William Demant Holding A/S 50 0.03 Total Denmark 4,074 2.75

Finland (31 May 2018: 1.65%) 3,248 EUR Elisa OYJ 115 0.08 8,933 EUR Fortum OYJ 165 0.11 6,697 EUR Kone OYJ 'B' 293 0.20 2,186 EUR Metso OYJ 55 0.04 2,599 EUR Neste OYJ 179 0.12 111,355 EUR Nokia OYJ1 541 0.36 2,228 EUR Nokian Renkaat OYJ 63 0.04 61,956 SEK Nordea Bank Abp1 486 0.33 2,599 EUR Orion OYJ 'B' 77 0.05 9,233 EUR Sampo OYJ 'A' 364 0.25 10,918 EUR Stora Enso OYJ 'R' 123 0.08 10,468 EUR UPM-Kymmene OYJ 246 0.17

198







Finland (continued) 8,514 EUR Wartsila OYJ Abp 122 0.08 Total Finland 2,829 1.91

France (31 May 2018: 15.84%) 3,710 EUR Accor SA 145 0.10 569 EUR Aeroports de Paris 98 0.07 8,478 EUR Air Liquide SA 905 0.61 3,526 EUR Alstom SA 137 0.09 1,161 EUR Amundi SA 59 0.04 1,377 EUR Arkema SA 115 0.08 2,114 EUR Atos SE 159 0.11 38,289 EUR AXA SA 824 0.56 786 EUR BioMerieux 49 0.03 22,207 EUR BNP Paribas SA1 985 0.66 16,901 EUR Bollore SA 65 0.04 4,914 EUR Bouygues SA 167 0.11 5,034 EUR Bureau Veritas SA 98 0.07 3,156 EUR Capgemini SE 325 0.22 12,485 EUR Carrefour SA 198 0.13 1,113 EUR Casino Guichard Perrachon SA1 44 0.03 10,484 EUR Cie de Saint-Gobain1 343 0.23 3,605 EUR Cie Generale des Etablissements Michelin SCA 333 0.23 3,313 EUR CNP Assurances 67 0.05 774 EUR Covivio, REIT 67 0.05 22,499 EUR Credit Agricole SA 247 0.17 12,155 EUR Danone SA1 803 0.54 52 EUR Dassault Aviation SA 70 0.05 2,571 EUR Dassault Systemes SE1 272 0.18 4,610 EUR Edenred 155 0.10 1,558 EUR Eiffage SA 131 0.09 11,795 EUR Electricite de France SA 171 0.12 36,550 EUR Engie SA 454 0.31 4,109 EUR EssilorLuxottica SA1 461 0.31 982 EUR Eurazeo SE 65 0.04 4,271 EUR Eutelsat Communications SA 80 0.05 1,440 EUR Faurecia SA 50 0.03 1,027 EUR Gecina SA, REIT 127 0.09 9,823 EUR Getlink SE 113 0.08 663 EUR Hermes International1 317 0.21 612 EUR ICADE, REIT 43 0.03 501 EUR Iliad SA 60 0.04 797 EUR Imerys SA 38 0.03 1,108 EUR Ingenico Group SA 71 0.05 789 EUR Ipsen SA 90 0.06 1,301 EUR JCDecaux SA 39 0.03 1,499 EUR Kering SA 576 0.39 4,125 EUR Klepierre SA, REIT 119 0.08 5,622 EUR Legrand SA 304 0.21 5,004 EUR L'Oreal SA 1,040 0.70 5,507 EUR LVMH Moet Hennessy Louis Vuitton SE 1,391 0.94 17,944 EUR Natixis SA 88 0.06 39,507 EUR Orange SA 599 0.40 4,331 EUR Pernod Ricard SA 612 0.41

199







France (continued) 11,611 EUR Peugeot SA 225 0.15 4,160 EUR Publicis Groupe SA 218 0.15 496 EUR Remy Cointreau SA 51 0.03 4,093 EUR Renault SA 254 0.17 5,709 EUR Rexel SA 60 0.04 6,581 EUR Safran SA1 726 0.49 22,222 EUR Sanofi1 1,774 1.20 10,804 EUR Schneider Electric SE1 694 0.47 3,198 EUR SCOR SE 136 0.09 486 EUR SEB SA 62 0.04 525 EUR Societe BIC SA 50 0.03 15,152 EUR Societe Generale SA 492 0.33 1,985 EUR Sodexo SA 181 0.12 7,554 EUR Suez 99 0.07 1,260 EUR Teleperformance 184 0.12 2,094 EUR Thales SA 227 0.15 47,142 EUR TOTAL SA 2,318 1.56 1,503 EUR Ubisoft Entertainment SA 108 0.07 2,759 EUR Unibail-Rodamco-Westfield, REIT1 419 0.28 4,772 EUR Valeo SA 120 0.08 10,520 EUR Veolia Environnement SA 197 0.13 9,992 EUR Vinci SA 770 0.52 20,703 EUR Vivendi SA1 455 0.31 604 EUR Wendel SA 65 0.04 Total France 23,654 15.95

Germany (31 May 2018: 14.77%) 1,040 EUR 1&1 Drillisch AG 46 0.03 3,729 EUR adidas AG 726 0.49 8,712 EUR Allianz SE 1,625 1.09 970 EUR Axel Springer SE 55 0.04 18,162 EUR BASF SE 1,169 0.79 18,440 EUR Bayer AG, Registered 1,191 0.80 6,582 EUR Bayerische Motoren Werke AG 475 0.32 1,004 EUR Bayerische Motoren Werke AG, Preference 64 0.04 2,163 EUR Beiersdorf AG 205 0.14 3,438 EUR Brenntag AG 140 0.09 19,694 EUR Commerzbank AG 150 0.10 2,165 EUR Continental AG 286 0.19 3,736 EUR Covestro AG 190 0.13 17,992 EUR Daimler AG1 894 0.60 1,809 EUR Delivery Hero SE 58 0.04 40,737 EUR Deutsche Bank AG, Registered 328 0.22 3,990 EUR Deutsche Boerse AG1 450 0.30 4,857 EUR Deutsche Lufthansa AG 104 0.07 19,544 EUR Deutsche Post AG1 550 0.37 65,962 EUR Deutsche Telekom AG, Registered 1,021 0.69 7,263 EUR Deutsche Wohnen SE 308 0.21 45,829 EUR E.ON SE1 413 0.28 3,355 EUR Evonik Industries AG 80 0.05 781 EUR Fraport AG Frankfurt Airport Services Worldwide 51 0.03 4,246 EUR Fresenius Medical Care AG & Co. KGaA 305 0.21 8,278 EUR Fresenius SE & Co. KGaA 415 0.28

200







Germany (continued) 1,496 EUR Fuchs Petrolub SE, Preference 55 0.04 3,471 EUR GEA Group AG 83 0.06 1,346 EUR Hannover Rueck SE 165 0.11 2,979 EUR HeidelbergCement AG 175 0.12 3,526 EUR Henkel AG & Co. KGaA, Preference 359 0.24 2,062 EUR Henkel AG & Co. KGaA 188 0.13 525 EUR HOCHTIEF AG 66 0.04 1,204 EUR HUGO BOSS AG1 73 0.05 23,562 EUR Infineon Technologies AG 436 0.29 2,786 EUR Innogy SE 103 0.07 3,991 EUR K+S AG, Registered1 62 0.04 1,746 EUR KION Group AG 87 0.06 1,740 EUR LANXESS AG 84 0.06 2,566 EUR Merck KGaA 250 0.17 3,256 EUR METRO AG 44 0.03 1,121 EUR MTU Aero Engines AG 206 0.14 2,987 EUR Muenchener Rueckversicherungs-Gesellschaft AG, Registered1 573 0.39 1,963 EUR OSRAM Licht AG 79 0.05 3,341 EUR Porsche Automobil Holding SE, Preference 189 0.13 5,471 EUR ProSiebenSat.1 Media SE 98 0.07 163 EUR Puma SE 72 0.05 10,329 EUR RWE AG 197 0.13 19,373 EUR SAP SE 1,761 1.19 700 EUR Sartorius AG, Preference 79 0.05 2,993 EUR Schaeffler AG, Preference 23 0.01 15,074 EUR Siemens AG, Registered 1,544 1.04 3,436 EUR Siemens Healthineers AG 131 0.09 2,652 EUR Symrise AG 189 0.13 14,312 EUR Telefonica Deutschland Holding AG 51 0.03 9,569 EUR thyssenkrupp AG 158 0.11 9,767 GBP TUI AG 123 0.08 3,818 EUR Uniper SE 87 0.06 2,529 EUR United Internet AG, Registered1 101 0.07 3,673 EUR Volkswagen AG, Preference 547 0.37 598 EUR Volkswagen AG 87 0.06 9,929 EUR Vonovia SE 425 0.29 2,447 EUR Wirecard AG 327 0.22 2,055 EUR Zalando SE1 56 0.04 Total Germany 20,632 13.91

Ireland (31 May 2018: 0.86%) 15,447 EUR AIB Group plc 60 0.04 19,292 EUR Bank of Ireland Group plc 108 0.07 16,616 EUR CRH plc 406 0.27 1,874 GBP DCC plc 125 0.09 3,104 EUR Kerry Group plc 'A' 283 0.19 1,638 EUR Paddy Power Betfair plc 130 0.09 2,659 EUR Ryanair Holdings plc 31 0.02 4,303 EUR Smurfit Kappa Group plc 102 0.07 Total Ireland 1,245 0.84

201







Isle of Man (31 May 2018: 0.08%) 10,318 GBP GVC Holdings plc 86 0.06 Total Isle of Man 86 0.06

Italy (31 May 2018: 2.91%) 24,560 EUR Assicurazioni Generali SpA1 366 0.25 10,911 EUR Atlantia SpA 198 0.13 11,149 EUR Davide Campari-Milano SpA 82 0.06 161,054 EUR Enel SpA 771 0.52 50,305 EUR Eni SpA 717 0.48 293,348 EUR Intesa Sanpaolo SpA 601 0.40 6,835 EUR Leonardo SpA 60 0.04 3,647 EUR Luxottica Group SpA 188 0.13 12,362 EUR Mediobanca Banca di Credito Finanziario SpA 96 0.06 3,519 EUR Moncler SpA 101 0.07 7,867 EUR Pirelli & C SpA 49 0.03 9,985 EUR Poste Italiane SpA 67 0.04 5,709 EUR Prysmian SpA 92 0.06 1,934 EUR Recordati SpA 55 0.04 45,238 EUR Snam SpA 175 0.12 110,104 EUR Telecom Italia SpA, Savings Share 55 0.04 225,261 EUR Telecom Italia SpA 129 0.09 31,610 EUR Terna Rete Elettrica Nazionale SpA1 156 0.10 41,185 EUR UniCredit SpA 469 0.32 Total Italy 4,427 2.98

Jersey (31 May 2018: 1.91%) 18,746 GBP Experian plc 403 0.27 4,509 GBP Ferguson plc 255 0.17 229,978 GBP Glencore plc1 752 0.51 1,700 GBP Randgold Resources Ltd. 120 0.08 18,227 GBP Shire plc 934 0.63 26,012 GBP WPP plc 254 0.17 Total Jersey 2,718 1.83

Luxembourg (31 May 2018: 0.55%) 13,026 EUR ArcelorMittal 261 0.18 221 EUR Eurofins Scientific SE 85 0.06 1,445 SEK Millicom International Cellular SA SDR 75 0.05 758 EUR RTL Group SA 40 0.03 7,326 EUR SES SA FDR 140 0.09 9,030 EUR Tenaris SA 96 0.06 Total Luxembourg 697 0.47

Netherlands (31 May 2018: 7.07%) 8,522 EUR ABN AMRO Group NV CVA 192 0.13 35,269 EUR Aegon NV 173 0.12 2,649 USD AerCap Holdings NV 124 0.08 11,519 EUR Airbus SE1 1,090 0.73 5,246 EUR Akzo Nobel NV1 389 0.26 8,092 EUR ASML Holding NV 1,207 0.81 20,511 EUR CNH Industrial NV 176 0.12 2,221 EUR EXOR NV 115 0.08

202







Netherlands (continued) 2,438 EUR Ferrari NV 235 0.16 22,940 EUR Fiat Chrysler Automobiles NV 334 0.23 2,496 EUR Heineken Holding NV1 195 0.13 5,289 EUR Heineken NV 428 0.29 76,946 EUR ING Groep NV 822 0.55 24,853 EUR Koninklijke Ahold Delhaize NV 564 0.38 3,822 EUR Koninklijke DSM NV 299 0.20 65,037 EUR Koninklijke KPN NV 170 0.11 18,599 EUR Koninklijke Philips NV1 618 0.42 1,293 EUR Koninklijke Vopak NV 50 0.03 5,840 EUR NN Group NV 219 0.15 7,049 USD NXP Semiconductors NV 519 0.35 4,567 EUR QIAGEN NV 142 0.10 2,285 EUR Randstad NV 98 0.07 13,427 EUR STMicroelectronics NV 174 0.12 30,535 EUR Unilever NV CVA 1,496 1.01 5,678 EUR Wolters Kluwer NV1 303 0.20 Total Netherlands 10,132 6.83

Norway (31 May 2018: 1.10%) 2,125 NOK Aker BP ASA 53 0.04 19,294 NOK DNB ASA 292 0.20 23,835 NOK Equinor ASA 491 0.33 3,854 NOK Gjensidige Forsikring ASA 53 0.04 8,707 NOK Marine Harvest ASA 180 0.12 26,926 NOK Norsk Hydro ASA 112 0.07 18,252 NOK Orkla ASA 133 0.09 1,796 NOK Schibsted ASA 'B' 53 0.04 15,713 NOK Telenor ASA 268 0.18 3,973 NOK Yara International ASA 141 0.09 Total Norway 1,776 1.20


Spain (31 May 2018: 4.57%) 5,729 EUR ACS Actividades de Construccion y Servicios SA 194 0.13 1,491 EUR Aena SME SA 209 0.14 8,677 EUR Amadeus IT Group SA 549 0.37 131,848 EUR Banco Bilbao Vizcaya Argentaria SA1 662 0.45 112,344 EUR Banco de Sabadell SA 127 0.09 321,747 EUR Banco Santander SA 1,346 0.91 23,889 EUR Bankia SA1 70 0.05 13,978 EUR Bankinter SA 103 0.07 75,012 EUR CaixaBank SA 273 0.18 3,518 EUR Enagas SA 85 0.06 6,439 EUR Endesa SA 127 0.09 9,870 EUR Ferrovial SA 179 0.12 5,887 EUR Grifols SA 146 0.10 117,922 EUR Iberdrola SA 777 0.52

203







Spain (continued) 21,580 EUR Industria de Diseno Textil SA 585 0.39 11,274 EUR International Consolidated Airlines Group SA 79 0.05 20,218 EUR Mapfre SA 51 0.03 7,003 EUR Naturgy Energy Group SA 153 0.10 8,300 EUR Red Electrica Corp. SA 158 0.11 27,872 EUR Repsol SA 425 0.29 4,316 EUR Siemens Gamesa Renewable Energy SA1 54 0.04 92,406 EUR Telefonica SA1 732 0.49 Total Spain 7,084 4.78

Sweden (31 May 2018: 4.05%) 5,823 SEK Alfa Laval AB 111 0.08 19,812 SEK Assa Abloy AB 'B' 325 0.22 14,084 SEK Atlas Copco AB 'A' 305 0.21 7,399 SEK Atlas Copco AB 'B' 148 0.10 5,238 SEK Boliden AB 104 0.07 5,753 SEK Electrolux AB 'B' 115 0.08 13,021 SEK Epiroc AB 'A' 94 0.06 7,399 SEK Epiroc AB 'B' 53 0.04 12,036 SEK Essity AB 'B' 272 0.18 17,441 SEK Hennes & Mauritz AB 'B' 284 0.19 5,443 SEK Hexagon AB 'B' 239 0.16 8,892 SEK Husqvarna AB 'B' 62 0.04 1,417 SEK ICA Gruppen AB1 45 0.03 3,561 SEK Industrivarden AB 'C' 64 0.04 8,934 SEK Investor AB 'B' 346 0.23 5,377 SEK Kinnevik AB 'B' 120 0.08 1,364 SEK L E Lundbergforetagen AB 'B' 36 0.02 3,921 SEK Lundin Petroleum AB 91 0.06 23,818 SEK Sandvik AB1 312 0.21 6,436 SEK Securitas AB 'B' 96 0.07 34,213 SEK Skandinaviska Enskilda Banken AB 'A' 315 0.21 6,474 SEK Skanska AB 'B' 90 0.06 7,483 SEK SKF AB 'B' 104 0.07 30,088 SEK Svenska Handelsbanken AB 'A'1 293 0.20 18,848 SEK Swedbank AB 'A'1 387 0.26 3,448 SEK Swedish Match AB 119 0.08 7,865 SEK Tele2 AB 'B' 87 0.06 63,078 SEK Telefonaktiebolaget LM Ericsson 'B' 465 0.31 54,540 SEK Telia Co. AB 222 0.15 32,367 SEK Volvo AB 'B' 398 0.27 Total Sweden 5,702 3.84

Switzerland (31 May 2018: 11.72%) 36,806 CHF ABB Ltd., Registered 657 0.44 3,095 CHF Adecco Group AG, Registered 135 0.09 984 CHF Baloise Holding AG, Registered 128 0.09 52 CHF Barry Callebaut AG, Registered 78 0.05 2 CHF Chocoladefabriken Lindt & Spruengli AG, Registered 142 0.10 22 CHF Chocoladefabriken Lindt & Spruengli AG 133 0.09 10,422 CHF Cie Financiere Richemont SA, Registered1 598 0.40 4,167 CHF Clariant AG, Registered1 73 0.05 3,834 GBP Coca-Cola HBC AG 101 0.07

204







Switzerland (continued) 51,149 CHF Credit Suisse Group AG1 532 0.36 685 CHF Dufry AG, Registered1 64 0.04 150 CHF EMS-Chemie Holding AG, Registered1 71 0.05 724 CHF Geberit AG, Registered1 249 0.17 179 CHF Givaudan SA 389 0.26 4,815 CHF Julius Baer Group Ltd. 172 0.12 1,097 CHF Kuehne + Nagel International AG, Registered1 136 0.09 9,709 CHF LafargeHolcim Ltd., Registered 384 0.26 1,487 CHF Lonza Group AG, Registered 424 0.29 62,159 CHF Nestle SA, Registered 4,677 3.15 43,188 CHF Novartis AG, Registered 3,472 2.34 747 CHF Pargesa Holding SA 46 0.03 366 CHF Partners Group Holding AG 212 0.14 14,028 CHF Roche Holding AG 3,212 2.17 386 CHF Schindler Holding AG, Registered 65 0.04 878 CHF Schindler Holding AG 155 0.10 107 CHF SGS SA, Registered1 224 0.15 2,601 CHF Sika AG1 284 0.19 1,246 CHF Sonova Holding AG, Registered 178 0.12 207 CHF Straumann Holding AG, Registered 112 0.08 1,128 CHF Swatch Group AG (The), Registered 58 0.04 575 CHF Swatch Group AG (The)1 151 0.10 666 CHF Swiss Life Holding AG, Registered 231 0.16 1,549 CHF Swiss Prime Site AG, Registered 113 0.08 6,321 CHF Swiss Re AG1 510 0.34 543 CHF Swisscom AG, Registered1 230 0.15 1,184 CHF Temenos AG, Registered 129 0.09 76,958 CHF UBS Group AG, Registered 918 0.62 894 CHF Vifor Pharma AG 97 0.07 3,022 CHF Zurich Insurance Group AG 837 0.56 Total Switzerland 20,377 13.74

United Kingdom (31 May 2018: 25.78%) 20,714 GBP 3i Group plc 195 0.13 4,024 GBP Admiral Group plc1 95 0.06 21,379 GBP Anglo American plc 377 0.25 7,516 GBP Antofagasta plc 68 0.05 9,578 GBP Ashtead Group plc1 190 0.13 6,979 GBP Associated British Foods plc 191 0.13 25,250 GBP AstraZeneca plc 1,741 1.17 18,118 GBP Auto Trader Group plc 90 0.06 81,512 GBP Aviva plc 374 0.25 4,912 GBP Babcock International Group plc 31 0.02 65,341 GBP BAE Systems plc 362 0.24 341,040 GBP Barclays plc1 626 0.42 18,876 GBP Barratt Developments plc 98 0.07 2,389 GBP Berkeley Group Holdings plc 87 0.06 42,119 GBP BHP Group plc 713 0.48 397,887 GBP BP plc 2,332 1.57 45,728 GBP British American Tobacco plc 1,417 0.96 17,453 GBP British Land Co. plc (The), REIT 111 0.08 169,610 GBP BT Group plc 501 0.34 7,127 GBP Bunzl plc1 194 0.13

205







United Kingdom (continued) 8,143 GBP Burberry Group plc 163 0.11 3,543 GBP Carnival plc 182 0.12 109,336 GBP Centrica plc 170 0.11 4,086 EUR Coca-Cola European Partners plc 174 0.12 561 USD Coca-Cola European Partners plc 24 0.02 31,570 GBP Compass Group plc1 597 0.40 25,311 GBP ConvaTec Group plc 43 0.03 2,881 GBP Croda International plc1 158 0.11 49,077 GBP Diageo plc1 1,561 1.05 27,518 GBP Direct Line Insurance Group plc 102 0.07 3,284 GBP easyJet plc 41 0.03 4,018 GBP Fresnillo plc 34 0.02 37,634 GBP G4S plc 82 0.06 98,902 GBP GlaxoSmithKline plc1 1,807 1.22 16,879 GBP Hammerson plc, REIT 73 0.05 5,524 GBP Hargreaves Lansdown plc1 118 0.08 399,662 GBP HSBC Holdings plc 2,992 2.02 19,014 GBP Imperial Brands plc1 516 0.35 24,366 GBP Informa plc 190 0.13 3,904 GBP InterContinental Hotels Group plc 185 0.12 3,480 GBP Intertek Group plc 184 0.12 13,257 GBP Investec plc 71 0.05 68,063 GBP ITV plc 111 0.07 34,186 GBP J Sainsbury plc 118 0.08 13,651 GBP John Wood Group plc 98 0.07 4,233 GBP Johnson Matthey plc 139 0.09 40,834 GBP Kingfisher plc 115 0.08 14,059 GBP Land Securities Group plc, REIT 129 0.09 118,925 GBP Legal & General Group plc1 328 0.22 1,437,466 GBP Lloyds Banking Group plc1 897 0.60 6,384 GBP London Stock Exchange Group plc 290 0.20 30,342 GBP Marks & Spencer Group plc 100 0.07 6,905 GBP Mediclinic International plc 28 0.02 15,778 GBP Meggitt plc 92 0.06 93,341 GBP Melrose Industries plc 186 0.13 15,141 GBP Merlin Entertainments plc 57 0.04 8,180 GBP Micro Focus International plc1 142 0.10 7,996 GBP Mondi plc 154 0.10 66,885 GBP National Grid plc1 628 0.42 2,782 GBP Next plc 154 0.10 2,001 GBP NMC Health plc 74 0.05 15,293 GBP Pearson plc 166 0.11 6,673 GBP Persimmon plc 143 0.10 51,666 GBP Prudential plc 897 0.60 13,363 GBP Reckitt Benckiser Group plc 981 0.66 20,344 GBP RELX plc 374 0.25 18,223 EUR RELX plc 340 0.23 23,692 GBP Rio Tinto plc 950 0.64 32,276 GBP Rolls-Royce Holdings plc 309 0.21 1,431,888 GBP Rolls-Royce Holdings plc, Preference1/2 2 – 91,545 GBP Royal Bank of Scotland Group plc 225 0.15 85,116 GBP Royal Dutch Shell plc 'A'1 2,273 1.53 6,525 EUR Royal Dutch Shell plc 'A'1 174 0.12 74,664 GBP Royal Dutch Shell plc 'B' 2,015 1.36

206







United Kingdom (continued) 16,944 GBP Royal Mail plc 61 0.04 22,677 GBP RSA Insurance Group plc 139 0.09 20,329 GBP Sage Group plc (The)1 133 0.09 2,320 GBP Schroders plc 66 0.04 21,890 GBP Segro plc, REIT 149 0.10 5,343 GBP Severn Trent plc 110 0.07 17,028 GBP Smith & Nephew plc 273 0.18 7,454 GBP Smiths Group plc 117 0.08 19,417 GBP SSE plc1 240 0.16 9,995 GBP St James's Place plc 113 0.08 57,585 GBP Standard Chartered plc1 395 0.27 43,922 GBP Standard Life Aberdeen plc 131 0.09 61,627 GBP Taylor Wimpey plc 93 0.06 196,705 GBP Tesco plc1 438 0.30 5,397 GBP Travis Perkins plc 67 0.05 24,392 GBP Unilever plc 1,166 0.79 12,656 GBP United Utilities Group plc 108 0.07 531,771 GBP Vodafone Group plc 1,012 0.68 4,793 GBP Weir Group plc (The) 80 0.05 3,920 GBP Whitbread plc 203 0.14 41,804 GBP Wm Morrison Supermarkets plc 112 0.08 Total United Kingdom 37,155 25.05



Futures contracts


5 CHF 50 Swiss Market Index 21/12/2018 10 0.01 Total Switzerland 10 0.01

United Kingdom (31 May 2018: 0.02%) – –


Germany (31 May 2018: (0.01)%)

42 EUR 420 EURO STOXX 50 Index 21/12/2018 (39) (0.03) Total Germany (39) (0.03)

207






Switzerland (31 May 2018: (0.01)%) – –




Fair Value EUR '000




Assets Transferable securities admitted to official stock exchange listing 98.14 Financial derivative instruments dealt in on a regulated market 0.01 Other assets 1.85 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.


On losses EUR '000

Futures contracts 396 2,204

208

iSHARES JAPAN INDEX FUND (IE)





Equities (31 May 2018: 99.27%)

Japan (31 May 2018: 99.27%) 14,270 JPY ABC-Mart, Inc.1 802 0.06 170,400 JPY Acom Co. Ltd.1 626 0.05 252,870 JPY Aeon Co. Ltd.1 6,060 0.44 49,754 JPY AEON Financial Service Co. Ltd.1 964 0.07 40,590 JPY Aeon Mall Co. Ltd. 730 0.05 74,979 JPY AGC, Inc.1 2,546 0.18 61,980 JPY Air Water, Inc.1 1,003 0.07 67,152 JPY Aisin Seiki Co. Ltd. 2,655 0.19 184,826 JPY Ajinomoto Co., Inc. 3,194 0.23 76,652 JPY Alfresa Holdings Corp. 2,039 0.15 80,400 JPY Alps Electric Co. Ltd. 1,863 0.14 143,179 JPY Amada Holdings Co. Ltd. 1,553 0.11 47,838 JPY ANA Holdings, Inc. 1,707 0.12 47,765 JPY Aozora Bank Ltd. 1,569 0.11 150,020 JPY Asahi Group Holdings Ltd. 6,281 0.46 522,201 JPY Asahi Kasei Corp. 5,716 0.42 70,824 JPY Asics Corp.1 1,020 0.07 778,040 JPY Astellas Pharma, Inc. 11,953 0.87 80,756 JPY Bandai Namco Holdings, Inc. 3,392 0.25 20,997 JPY Bank of Kyoto Ltd. (The)1 1,010 0.07 27,576 JPY Benesse Holdings, Inc. 818 0.06 251,973 JPY Bridgestone Corp.1 10,208 0.74 89,017 JPY Brother Industries Ltd.1 1,487 0.11 31,900 JPY Calbee, Inc.1 1,056 0.08 413,753 JPY Canon, Inc.1 11,733 0.85 77,093 JPY Casio Computer Co. Ltd.1 1,075 0.08 59,600 JPY Central Japan Railway Co.1 12,243 0.89 254,650 JPY Chiba Bank Ltd. (The)1 1,671 0.12 254,860 JPY Chubu Electric Power Co., Inc.1 3,820 0.28 93,083 JPY Chugai Pharmaceutical Co. Ltd. 6,369 0.46 120,369 JPY Chugoku Electric Power Co., Inc. (The)1 1,520 0.11 56,900 JPY Coca-Cola Bottlers Japan Holdings, Inc.1 1,629 0.12 449,252 JPY Concordia Financial Group Ltd.1 2,109 0.15 64,527 JPY Credit Saison Co. Ltd. 828 0.06 41,600 JPY CyberAgent, Inc.1 1,883 0.14 44,900 JPY CYBERDYNE, Inc. 319 0.02 97,878 JPY Dai Nippon Printing Co. Ltd.1 2,264 0.16 107,395 JPY Daicel Corp. 1,201 0.09 41,400 JPY Daifuku Co. Ltd.1 2,118 0.15 446,000 JPY Dai-ichi Life Holdings, Inc. 7,769 0.57 234,666 JPY Daiichi Sankyo Co. Ltd.1 8,612 0.63 103,047 JPY Daikin Industries Ltd.1 11,444 0.83 30,289 JPY Daito Trust Construction Co. Ltd.1 3,956 0.29 234,294 JPY Daiwa House Industry Co. Ltd.1 7,376 0.54 701 JPY Daiwa House REIT Investment Corp. 1,588 0.12 676,332 JPY Daiwa Securities Group, Inc. 3,732 0.27 41,100 JPY DeNA Co. Ltd.1 762 0.06 180,683 JPY Denso Corp.1 8,349 0.61 90,637 JPY Dentsu, Inc. 4,039 0.29 12,500 JPY Disco Corp.1 1,822 0.13 48,300 JPY Don Quijote Holdings Co. Ltd.1 2,931 0.21 127,591 JPY East Japan Railway Co. 11,596 0.84 104,289 JPY Eisai Co. Ltd. 9,566 0.70 60,629 JPY Electric Power Development Co. Ltd.1 1,560 0.11 26,240 JPY FamilyMart UNY Holdings Co. Ltd.1 3,723 0.27 80,140 JPY FANUC Corp.1 13,685 1.00 24,137 JPY Fast Retailing Co. Ltd. 12,550 0.91

209







Japan (continued) 49,670 JPY Fuji Electric Co. Ltd. 1,559 0.11 159,658 JPY FUJIFILM Holdings Corp. 6,341 0.46 81,636 JPY Fujitsu Ltd.1 5,023 0.37 58,398 JPY Fukuoka Financial Group, Inc. 1,332 0.10 94,350 JPY Hakuhodo DY Holdings, Inc.1 1,444 0.10 57,400 JPY Hamamatsu Photonics KK 1,997 0.15 92,500 JPY Hankyu Hanshin Holdings, Inc. 3,136 0.23 9,200 JPY Hikari Tsushin, Inc. 1,467 0.11 102,948 JPY Hino Motors Ltd.1 1,052 0.08 13,303 JPY Hirose Electric Co. Ltd.1 1,402 0.10 23,291 JPY Hisamitsu Pharmaceutical Co., Inc.1 1,487 0.11 45,310 JPY Hitachi Chemical Co. Ltd.1 717 0.05 45,444 JPY Hitachi Construction Machinery Co. Ltd.1 1,255 0.09 29,836 JPY Hitachi High-Technologies Corp. 1,063 0.08 399,870 JPY Hitachi Ltd. 11,579 0.84 92,774 JPY Hitachi Metals Ltd.1 1,044 0.08 674,318 JPY Honda Motor Co. Ltd.1 19,015 1.38 22,000 JPY Hoshizaki Corp.1 1,707 0.12 157,790 JPY Hoya Corp. 9,588 0.70 117,500 JPY Hulic Co. Ltd. 1,074 0.08 54,624 JPY Idemitsu Kosan Co. Ltd.1 1,987 0.14 62,236 JPY IHI Corp. 1,894 0.14 63,900 JPY Iida Group Holdings Co. Ltd.1 1,127 0.08 425,300 JPY Inpex Corp.1 4,513 0.33 139,115 JPY Isetan Mitsukoshi Holdings Ltd. 1,609 0.12 232,071 JPY Isuzu Motors Ltd. 3,303 0.24 584,645 JPY ITOCHU Corp.1 10,380 0.76 91,919 JPY J Front Retailing Co. Ltd.1 1,255 0.09 47,900 JPY Japan Airlines Co. Ltd. 1,727 0.13 20,100 JPY Japan Airport Terminal Co. Ltd.1 781 0.06 214,270 JPY Japan Exchange Group, Inc.1 3,859 0.28 163,700 JPY Japan Post Bank Co. Ltd. 1,912 0.14 651,500 JPY Japan Post Holdings Co. Ltd. 7,929 0.58 326 JPY Japan Prime Realty Investment Corp., REIT 1,273 0.09 561 JPY Japan Real Estate Investment Corp., REIT 3,098 0.23 1,081 JPY Japan Retail Fund Investment Corp., REIT 2,073 0.15 455,000 JPY Japan Tobacco, Inc.1 11,314 0.82 205,001 JPY JFE Holdings, Inc. 3,613 0.26 85,305 JPY JGC Corp.1 1,246 0.09 80,266 JPY JSR Corp.1 1,284 0.09 84,165 JPY JTEKT Corp. 1,070 0.08 1,346,675 JPY JXTG Holdings, Inc. 8,139 0.59 189,304 JPY Kajima Corp.1 2,619 0.19 57,200 JPY Kakaku.com, Inc.1 1,151 0.08 41,882 JPY Kamigumi Co. Ltd. 940 0.07 20,489 JPY Kaneka Corp. 767 0.06 294,227 JPY Kansai Electric Power Co., Inc. (The) 4,415 0.32 75,815 JPY Kansai Paint Co. Ltd.1 1,420 0.10 204,764 JPY Kao Corp.1 15,072 1.10 56,758 JPY Kawasaki Heavy Industries Ltd.1 1,321 0.10 733,120 JPY KDDI Corp.1 17,200 1.25 40,200 JPY Keihan Holdings Co. Ltd.1 1,678 0.12 90,471 JPY Keikyu Corp.1 1,443 0.10 42,173 JPY Keio Corp.1 2,332 0.17 52,216 JPY Keisei Electric Railway Co. Ltd.1 1,692 0.12 40,196 JPY Keyence Corp.1 21,806 1.59 61,269 JPY Kikkoman Corp.1 3,572 0.26

210







Japan (continued) 72,052 JPY Kintetsu Group Holdings Co. Ltd. 3,001 0.22 340,276 JPY Kirin Holdings Co. Ltd. 7,986 0.58 21,000 JPY Kobayashi Pharmaceutical Co. Ltd.1 1,461 0.11 120,230 JPY Kobe Steel Ltd.1 989 0.07 42,947 JPY Koito Manufacturing Co. Ltd. 2,303 0.17 381,912 JPY Komatsu Ltd.1 10,201 0.74 38,799 JPY Konami Holdings Corp. 1,736 0.13 194,299 JPY Konica Minolta, Inc.1 1,749 0.13 12,200 JPY Kose Corp.1 1,819 0.13 408,324 JPY Kubota Corp. 6,965 0.51 134,988 JPY Kuraray Co. Ltd.1 2,097 0.15 43,180 JPY Kurita Water Industries Ltd. 1,158 0.08 132,742 JPY Kyocera Corp.1 7,160 0.52 105,746 JPY Kyowa Hakko Kirin Co. Ltd. 2,167 0.16 161,701 JPY Kyushu Electric Power Co., Inc.1 1,898 0.14 64,700 JPY Kyushu Railway Co. 2,137 0.16 19,687 JPY Lawson, Inc.1 1,288 0.09 30,900 JPY LINE Corp.1 1,110 0.08 90,700 JPY Lion Corp.1 1,788 0.13 107,495 JPY LIXIL Group Corp.1 1,393 0.10 176,700 JPY M3, Inc.1 2,854 0.21 18,562 JPY Mabuchi Motor Co. Ltd. 647 0.05 93,522 JPY Makita Corp.1 3,669 0.27 648,446 JPY Marubeni Corp. 4,840 0.35 81,701 JPY Marui Group Co. Ltd.1 1,761 0.13 24,645 JPY Maruichi Steel Tube Ltd.1 731 0.05 238,742 JPY Mazda Motor Corp.1 2,544 0.18 28,244 JPY McDonald's Holdings Co. Japan Ltd.1 1,266 0.09 358,437 JPY Mebuki Financial Group, Inc.1 1,083 0.08 72,872 JPY Medipal Holdings Corp. 1,669 0.12 50,814 JPY MEIJI Holdings Co. Ltd. 3,996 0.29 155,400 JPY MINEBEA MITSUMI, Inc.1 2,521 0.18 114,500 JPY MISUMI Group, Inc.1 2,594 0.19 533,129 JPY Mitsubishi Chemical Holdings Corp. 4,360 0.32 559,093 JPY Mitsubishi Corp. 15,077 1.10 755,002 JPY Mitsubishi Electric Corp.1 9,960 0.72 489,064 JPY Mitsubishi Estate Co. Ltd. 7,843 0.57 65,530 JPY Mitsubishi Gas Chemical Co., Inc. 1,076 0.08 126,567 JPY Mitsubishi Heavy Industries Ltd. 4,812 0.35 42,167 JPY Mitsubishi Materials Corp. 1,183 0.09 272,004 JPY Mitsubishi Motors Corp.1 1,667 0.12 105,385 JPY Mitsubishi Tanabe Pharma Corp.1 1,618 0.12 4,887,289 JPY Mitsubishi UFJ Financial Group, Inc. 26,879 1.96 169,040 JPY Mitsubishi UFJ Lease & Finance Co. Ltd. 921 0.07 684,688 JPY Mitsui & Co. Ltd. 10,700 0.78 74,717 JPY Mitsui Chemicals, Inc.1 1,896 0.14 369,114 JPY Mitsui Fudosan Co. Ltd.1 8,826 0.64 48,788 JPY Mitsui OSK Lines Ltd.1 1,147 0.08 9,977,317 JPY Mizuho Financial Group, Inc. 16,545 1.20 196,379 JPY MS&AD Insurance Group Holdings, Inc. 5,958 0.43 74,531 JPY Murata Manufacturing Co. Ltd.1 11,365 0.83 48,800 JPY Nabtesco Corp.1 1,349 0.10 75,500 JPY Nagoya Railroad Co. Ltd.1 1,892 0.14 108,887 JPY NEC Corp. 3,375 0.25 179,700 JPY Nexon Co. Ltd.1 2,124 0.15 105,934 JPY NGK Insulators Ltd.1 1,570 0.11 64,421 JPY NGK Spark Plug Co. Ltd.1 1,323 0.10

211







Japan (continued) 38,300 JPY NH Foods Ltd. 1,420 0.10 92,504 JPY Nidec Corp.1 12,318 0.90 136,331 JPY Nikon Corp.1 2,137 0.16 46,892 JPY Nintendo Co. Ltd.1 14,293 1.04 542 JPY Nippon Building Fund, Inc., REIT1 3,375 0.25 36,100 JPY Nippon Electric Glass Co. Ltd.1 970 0.07 30,157 JPY Nippon Express Co. Ltd. 1,817 0.13 59,200 JPY Nippon Paint Holdings Co. Ltd.1 2,098 0.15 680 JPY Nippon Prologis REIT, Inc. 1,408 0.10 314,522 JPY Nippon Steel & Sumitomo Metal Corp.1 5,750 0.42 286,180 JPY Nippon Telegraph & Telephone Corp. 11,795 0.86 60,951 JPY Nippon Yusen KK1 1,034 0.07 52,200 JPY Nissan Chemical Corp.1 2,832 0.21 960,252 JPY Nissan Motor Co. Ltd.1 8,408 0.61 82,011 JPY Nisshin Seifun Group, Inc.1 1,723 0.13 25,239 JPY Nissin Foods Holdings Co. Ltd. 1,629 0.12 33,462 JPY Nitori Holdings Co. Ltd.1 4,481 0.33 68,834 JPY Nitto Denko Corp. 3,760 0.27 30,702 JPY NOK Corp. 462 0.03 1,431,847 JPY Nomura Holdings, Inc.1 6,449 0.47 49,654 JPY Nomura Real Estate Holdings, Inc.1 980 0.07 1,627 JPY Nomura Real Estate Master Fund, Inc., REIT 2,172 0.16 46,090 JPY Nomura Research Institute Ltd. 2,023 0.15 145,607 JPY NSK Ltd.1 1,368 0.10 265,600 JPY NTT Data Corp. 3,088 0.22 547,600 JPY NTT DOCOMO, Inc. 12,676 0.92 275,030 JPY Obayashi Corp. 2,742 0.20 26,400 JPY Obic Co. Ltd. 2,281 0.17 119,159 JPY Odakyu Electric Railway Co. Ltd.1 2,671 0.19 367,015 JPY Oji Holdings Corp. 2,146 0.16 121,375 JPY Olympus Corp. 3,415 0.25 77,773 JPY Omron Corp.1 3,418 0.25 158,910 JPY Ono Pharmaceutical Co. Ltd.1 3,842 0.28 15,094 JPY Oracle Corp. Japan 980 0.07 82,732 JPY Oriental Land Co. Ltd. 8,229 0.60 547,910 JPY ORIX Corp. 8,876 0.65 151,525 JPY Osaka Gas Co. Ltd.1 2,761 0.20 43,494 JPY Otsuka Corp. 1,463 0.11 161,500 JPY Otsuka Holdings Co. Ltd.1 7,872 0.57 913,185 JPY Panasonic Corp.1 9,365 0.68 46,100 JPY Park24 Co. Ltd. 1,244 0.09 73,900 JPY Persol Holdings Co. Ltd. 1,384 0.10 39,400 JPY Pola Orbis Holdings, Inc. 1,112 0.08 347,800 JPY Rakuten, Inc.1 2,800 0.20 456,000 JPY Recruit Holdings Co. Ltd. 12,542 0.91 336,800 JPY Renesas Electronics Corp. 1,587 0.12 871,232 JPY Resona Holdings, Inc.1 4,618 0.34 280,517 JPY Ricoh Co. Ltd.1 2,722 0.20 13,210 JPY Rinnai Corp.1 947 0.07 38,220 JPY Rohm Co. Ltd. 2,659 0.19 9,600 JPY Ryohin Keikaku Co. Ltd.1 2,583 0.19 20,218 JPY Sankyo Co. Ltd.1 808 0.06 147,930 JPY Santen Pharmaceutical Co. Ltd. 2,531 0.18 91,180 JPY SBI Holdings, Inc.1 2,069 0.15 86,843 JPY Secom Co. Ltd. 7,347 0.53 70,973 JPY Sega Sammy Holdings, Inc. 1,001 0.07 91,600 JPY Seibu Holdings, Inc.1 1,692 0.12

212







Japan (continued) 113,000 JPY Seiko Epson Corp.1 1,795 0.13 157,287 JPY Sekisui Chemical Co. Ltd. 2,551 0.19 256,032 JPY Sekisui House Ltd. 3,858 0.28 311,634 JPY Seven & i Holdings Co. Ltd. 13,566 0.99 242,000 JPY Seven Bank Ltd.1 750 0.05 42,600 JPY SG Holdings Co. Ltd.1 1,043 0.08 71,900 JPY Sharp Corp.1 1,066 0.08 89,723 JPY Shimadzu Corp. 2,097 0.15 8,466 JPY Shimamura Co. Ltd.1 719 0.05 30,244 JPY Shimano, Inc.1 4,416 0.32 223,742 JPY Shimizu Corp.1 1,911 0.14 150,322 JPY Shin-Etsu Chemical Co. Ltd. 13,417 0.98 64,368 JPY Shinsei Bank Ltd.1 883 0.06 113,988 JPY Shionogi & Co. Ltd.1 7,537 0.55 157,179 JPY Shiseido Co. Ltd.1 10,000 0.73 173,035 JPY Shizuoka Bank Ltd. (The)1 1,553 0.11 56,600 JPY Showa Denko KK1 2,268 0.16 78,984 JPY Showa Shell Sekiyu KK 1,224 0.09 23,668 JPY SMC Corp.1 8,021 0.58 341,446 JPY SoftBank Group Corp. 28,645 2.08 30,200 JPY Sohgo Security Services Co. Ltd.1 1,420 0.10 137,754 JPY Sompo Holdings, Inc.1 5,321 0.39 524,639 JPY Sony Corp.1 27,431 2.00 75,200 JPY Sony Financial Holdings, Inc.1 1,576 0.11 53,148 JPY Stanley Electric Co. Ltd. 1,547 0.11 254,540 JPY Subaru Corp.1 5,656 0.41 96,000 JPY SUMCO Corp.1 1,471 0.11 619,840 JPY Sumitomo Chemical Co. Ltd. 3,363 0.24 465,534 JPY Sumitomo Corp. 7,148 0.52 66,762 JPY Sumitomo Dainippon Pharma Co. Ltd.1 2,175 0.16 314,182 JPY Sumitomo Electric Industries Ltd. 4,406 0.32 44,078 JPY Sumitomo Heavy Industries Ltd.1 1,462 0.11 94,195 JPY Sumitomo Metal Mining Co. Ltd.1 2,742 0.20 555,845 JPY Sumitomo Mitsui Financial Group, Inc. 20,476 1.49 137,653 JPY Sumitomo Mitsui Trust Holdings, Inc. 5,518 0.40 146,106 JPY Sumitomo Realty & Development Co. Ltd.1 5,414 0.39 66,146 JPY Sumitomo Rubber Industries Ltd.1 884 0.06 32,100 JPY Sundrug Co. Ltd. 1,083 0.08 56,000 JPY Suntory Beverage & Food Ltd.1 2,348 0.17 30,671 JPY Suzuken Co. Ltd. 1,650 0.12 142,130 JPY Suzuki Motor Corp. 7,078 0.51 69,328 JPY Sysmex Corp.1 3,693 0.27 233,838 JPY T&D Holdings, Inc. 3,322 0.24 50,400 JPY Taiheiyo Cement Corp. 1,704 0.12 89,530 JPY Taisei Corp.1 3,934 0.29 15,013 JPY Taisho Pharmaceutical Holdings Co. Ltd.1 1,735 0.13 55,400 JPY Taiyo Nippon Sanso Corp.1 933 0.07 62,238 JPY Takashimaya Co. Ltd.1 904 0.07 295,901 JPY Takeda Pharmaceutical Co. Ltd.1 11,088 0.81 53,792 JPY TDK Corp.1 4,240 0.31 70,631 JPY Teijin Ltd.1 1,219 0.09 125,628 JPY Terumo Corp. 7,396 0.54 51,386 JPY THK Co. Ltd. 1,177 0.09 77,927 JPY Tobu Railway Co. Ltd.1 2,230 0.16 47,341 JPY Toho Co. Ltd. 1,647 0.12 29,607 JPY Toho Gas Co. Ltd.1 1,197 0.09 181,826 JPY Tohoku Electric Power Co., Inc.1 2,376 0.17

213







Japan (continued) 278,446 JPY Tokio Marine Holdings, Inc.1 13,745 1.00 18,800 JPY Tokyo Century Corp.1 897 0.06 584,543 JPY Tokyo Electric Power Co. Holdings, Inc. 3,547 0.26 64,893 JPY Tokyo Electron Ltd.1 9,072 0.66 160,689 JPY Tokyo Gas Co. Ltd.1 4,139 0.30 84,200 JPY Tokyo Tatemono Co. Ltd.1 960 0.07 207,596 JPY Tokyu Corp.1 3,613 0.26 237,470 JPY Tokyu Fudosan Holdings Corp. 1,332 0.10 99,464 JPY Toppan Printing Co. Ltd. 1,601 0.12 579,307 JPY Toray Industries, Inc.1 4,542 0.33 269,778 JPY Toshiba Corp.1 8,363 0.61 109,300 JPY Tosoh Corp. 1,540 0.11 60,217 JPY TOTO Ltd.1 2,331 0.17 65,200 JPY Toyo Seikan Group Holdings Ltd.1 1,484 0.11 38,255 JPY Toyo Suisan Kaisha Ltd. 1,311 0.10 27,748 JPY Toyoda Gosei Co. Ltd. 534 0.04 61,717 JPY Toyota Industries Corp.1 3,163 0.23 944,791 JPY Toyota Motor Corp. 56,604 4.12 85,812 JPY Toyota Tsusho Corp.1 2,962 0.22 49,755 JPY Trend Micro, Inc.1 2,853 0.21 14,900 JPY Tsuruha Holdings, Inc. 1,470 0.11 167,573 JPY Unicharm Corp.1 5,245 0.38 1,250 JPY United Urban Investment Corp., REIT1 1,989 0.14 90,880 JPY USS Co. Ltd.1 1,612 0.12 67,100 JPY West Japan Railway Co.1 4,674 0.34 1,191,200 JPY Yahoo Japan Corp.1 3,409 0.25 46,738 JPY Yakult Honsha Co. Ltd.1 3,519 0.26 273,790 JPY Yamada Denki Co. Ltd.1 1,324 0.10 76,886 JPY Yamaguchi Financial Group, Inc.1 796 0.06 55,835 JPY Yamaha Corp.1 2,405 0.17 113,071 JPY Yamaha Motor Co. Ltd.1 2,325 0.17 129,494 JPY Yamato Holdings Co. Ltd.1 3,420 0.25 49,896 JPY Yamazaki Baking Co. Ltd.1 1,047 0.08 100,464 JPY Yaskawa Electric Corp. 3,132 0.23 92,306 JPY Yokogawa Electric Corp.1 1,696 0.12 52,100 JPY Yokohama Rubber Co. Ltd. (The)1 1,090 0.08 82,200 JPY ZOZO, Inc. 1,828 0.13 Total Japan 1,348,268 98.12



Futures contracts

Japan (31 May 2018: (0.01)%)

192 JPY 1,920,000 TOPIX Index 13/12/2018 (786) (0.06) Total Japan (786) (0.06)


214




Fair Value USD '000


Total financial assets at fair value through profit or loss 1,348,268 98.12 Total financial liabilities at fair value through profit or loss (786) (0.06) Cash 22,322 1.62 Other assets and liabilities 4,360 0.32 Net asset value attributable to redeemable participating unitholders 1,374,164 100.00



1 Security fully or partially on loan.


On losses USD '000


215

iSHARES NORTH AMERICA INDEX FUND (IE)





Equities (31 May 2018: 98.31%)

Bermuda (31 May 2018: 0.45%) 41,033 USD Arch Capital Group Ltd. 1,175 0.04 16,694 USD Athene Holding Ltd. 'A' 726 0.03 25,392 USD Axalta Coating Systems Ltd. 636 0.02 9,254 USD Axis Capital Holdings Ltd. 512 0.02 14,740 USD Bunge Ltd. 841 0.03 4,518 USD Everest Re Group Ltd. 1,003 0.04 41,806 USD IHS Markit Ltd. 2,231 0.08 42,607 USD Invesco Ltd. 867 0.03 67,990 USD Marvell Technology Group Ltd. 1,095 0.04 23,013 USD Norwegian Cruise Line Holdings Ltd. 1,181 0.04 5,289 USD RenaissanceRe Holdings Ltd. 702 0.02 Total Bermuda 10,969 0.39

British Virgin Islands (31 May 2018: 0.03%) 15,876 USD Michael Kors Holdings Ltd.1 695 0.03 Total British Virgin Islands 695 0.03

Canada (31 May 2018: 5.38%) 27,736 CAD Agnico Eagle Mines Ltd. 975 0.04 44,375 CAD Alimentation Couche-Tard, Inc. 'B' 2,328 0.08 31,579 CAD AltaGas Ltd.1 343 0.01 41,787 CAD ARC Resources Ltd.1 286 0.01 8,686 CAD Atco Ltd. 'I' 266 0.01 71,107 CAD Aurora Cannabis, Inc.1 407 0.01 67,992 CAD Bank of Montreal 5,071 0.18 125,688 CAD Bank of Nova Scotia (The) 6,837 0.25 120,979 CAD Barrick Gold Corp. 1,541 0.06 38,957 CAD Bausch Health Cos Inc 946 0.03 13,674 CAD BCE, Inc. 586 0.02 56,895 CAD BlackBerry Ltd.1 500 0.02 248,754 CAD Bombardier, Inc. 'B' 416 0.02 93,219 CAD Brookfield Asset Management, Inc. 'A'1 4,085 0.15 26,581 CAD CAE, Inc. 540 0.02 47,501 CAD Cameco Corp.1 564 0.02 47,625 CAD Canadian Imperial Bank of Commerce 3,995 0.14 78,685 CAD Canadian National Railway Co. 6,758 0.24 129,495 CAD Canadian Natural Resources Ltd. 3,253 0.12 15,299 CAD Canadian Pacific Railway Ltd. 3,235 0.12 6,796 CAD Canadian Tire Corp. Ltd. 'A' 759 0.03 14,212 CAD Canadian Utilities Ltd. 'A'1 335 0.01 16,435 CAD CCL Industries, Inc. 'B' 681 0.02 105,337 CAD Cenovus Energy, Inc. 778 0.03 27,409 CAD CGI Group, Inc. 'A' 1,753 0.06 25,592 CAD CI Financial Corp. 387 0.01 2,240 CAD Constellation Software, Inc.1 1,536 0.06 59,574 CAD Crescent Point Energy Corp. 177 0.01 33,570 CAD Dollarama, Inc. 887 0.03 5,737 CAD Emera, Inc. 193 0.01 18,981 CAD Empire Co. Ltd. 'A' 359 0.01 195,799 CAD Enbridge, Inc. 6,432 0.23 110,014 CAD Encana Corp. 741 0.03 2,944 CAD Fairfax Financial Holdings Ltd. 1,391 0.05 21,012 CAD Finning International, Inc. 436 0.02

216







Canada (continued) 13,669 CAD First Capital Realty, Inc. 203 0.01 74,528 CAD First Quantum Minerals Ltd. 684 0.02 43,766 CAD Fortis, Inc. 1,520 0.05 19,038 CAD Franco-Nevada Corp. 1,318 0.05 7,127 CAD George Weston Ltd. 515 0.02 20,753 CAD Gildan Activewear, Inc. 682 0.02 85,341 CAD Goldcorp, Inc. 791 0.03 35,919 CAD Great-West Lifeco, Inc.1 823 0.03 23,214 CAD H&R Real Estate Investment Trust 367 0.01 42,013 CAD Husky Energy, Inc. 522 0.02 34,251 CAD Hydro One Ltd. 507 0.02 12,343 CAD IGM Financial, Inc. 316 0.01 28,921 CAD Imperial Oil Ltd.1 861 0.03 11,696 CAD Industrial Alliance Insurance & Financial Services, Inc. 427 0.02 15,517 CAD Intact Financial Corp. 1,242 0.04 39,675 CAD Inter Pipeline Ltd. 638 0.02 21,134 CAD Keyera Corp.1 463 0.02 156,481 CAD Kinross Gold Corp. 424 0.02 6,139 CAD Linamar Corp. 222 0.01 22,770 CAD Loblaw Cos. Ltd. 1,050 0.04 79,017 CAD Lundin Mining Corp. 344 0.01 36,804 CAD Magna International, Inc.1 1,836 0.07 205,593 CAD Manulife Financial Corp. 3,398 0.12 5,954 CAD Methanex Corp. 330 0.01 27,459 CAD Metro, Inc. 946 0.03 35,349 CAD National Bank of Canada 1,612 0.06 67,464 CAD Nutrien Ltd. 3,474 0.12 9,599 CAD Onex Corp. 595 0.02 26,592 CAD Open Text Corp. 911 0.03 52,374 CAD Pembina Pipeline Corp.1 1,765 0.06 36,937 CAD Power Corp. of Canada 736 0.03 30,482 CAD Power Financial Corp. 645 0.02 20,493 CAD PrairieSky Royalty Ltd.1 280 0.01 27,519 CAD Restaurant Brands International, Inc. 1,605 0.06 20,984 CAD RioCan Real Estate Investment Trust 390 0.01 37,612 CAD Rogers Communications, Inc. 'B' 2,006 0.07 151,891 CAD Royal Bank of Canada 11,133 0.40 28,066 CAD Saputo, Inc.1 872 0.03 27,885 CAD Seven Generations Energy Ltd. 213 0.01 54,081 CAD Shaw Communications, Inc. 'B' 1,018 0.04 9,161 CAD Shopify, Inc. 'A' 1,394 0.05 9,489 CAD SmartCentres Real Estate Investment Trust 224 0.01 17,797 CAD SNC-Lavalin Group, Inc.1 649 0.02 64,272 CAD Sun Life Financial, Inc. 2,370 0.09 175,348 CAD Suncor Energy, Inc.1 5,652 0.20 59,041 CAD Teck Resources Ltd. 'B' 1,195 0.04 20,364 CAD TELUS Corp. 731 0.03 24,637 CAD Thomson Reuters Corp. 1,244 0.04 198,155 CAD Toronto-Dominion Bank (The) 10,967 0.39 34,734 CAD Tourmaline Oil Corp. 481 0.02 98,120 CAD TransCanada Corp. 4,020 0.14 130,524 CAD Turquoise Hill Resources Ltd. 234 0.01 12,712 CAD Vermilion Energy, Inc.1 316 0.01 27,618 USD Waste Connections, Inc. 2,167 0.08

217







Canada (continued) 8,174 CAD West Fraser Timber Co. Ltd. 427 0.02 50,499 CAD Wheaton Precious Metals Corp. 793 0.03 11,234 CAD WSP Global, Inc. 553 0.02 Total Canada 140,878 5.06

Curacao (31 May 2018: 0.37%) 146,710 USD Schlumberger Ltd.1 6,617 0.24 Total Curacao 6,617 0.24

Ireland (31 May 2018: 1.63%) 69,184 USD Accenture plc 'A' 11,382 0.41 17,399 USD Alkermes plc 634 0.02 10,990 USD Allegion plc 1,007 0.04 36,959 USD Allergan plc 5,788 0.21 46,548 USD Eaton Corp. plc 3,581 0.13 26,563 USD Ingersoll-Rand plc 2,750 0.10 6,833 USD Jazz Pharmaceuticals plc 1,033 0.04 97,665 USD Johnson Controls International plc 3,397 0.12 59,461 USD Linde plc 9,457 0.34 145,932 USD Medtronic plc 14,233 0.51 18,054 USD Pentair plc 771 0.03 14,441 USD Perrigo Co. plc 899 0.03 29,576 USD Seagate Technology plc 1,274 0.04 13,627 USD Willis Towers Watson plc 2,173 0.08 Total Ireland 58,379 2.10

Jersey (31 May 2018: 0.10%) 27,942 USD Aptiv plc 2,009 0.07 Total Jersey 2,009 0.07

Liberia (31 May 2018: 0.07%) 18,020 USD Royal Caribbean Cruises Ltd. 2,038 0.07 Total Liberia 2,038 0.07

Netherlands (31 May 2018: 0.21%) 35,658 USD LyondellBasell Industries NV 'A' 3,327 0.12 55,574 USD Mylan NV 1,882 0.07 Total Netherlands 5,209 0.19

Panama (31 May 2018: 0.08%) 46,147 USD Carnival Corp. 2,782 0.10 Total Panama 2,782 0.10

Singapore (31 May 2018: 0.03%) 55,816 USD Flex Ltd. 488 0.02 Total Singapore 488 0.02

Switzerland (31 May 2018: 0.38%) 50,366 USD Chubb Ltd. 6,736 0.24 11,362 USD Garmin Ltd. 758 0.03

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Switzerland (continued) 36,973 USD TE Connectivity Ltd. 2,844 0.10 Total Switzerland 10,338 0.37

United Kingdom (31 May 2018: 0.35%) 25,712 USD Aon plc 4,245 0.15 24,194 USD Liberty Global plc 'A'1 601 0.02 59,046 USD Liberty Global plc 'C'1 1,434 0.05 37,341 USD Nielsen Holdings plc 1,015 0.04 20,349 USD Sensata Technologies Holding plc 941 0.03 46,479 USD TechnipFMC plc1 1,073 0.04 Total United Kingdom 9,309 0.33

United States (31 May 2018: 89.23%) 64,052 USD 3M Co. 13,318 0.48 188,927 USD Abbott Laboratories 13,990 0.50 163,388 USD AbbVie, Inc.1 15,403 0.55 4,565 USD ABIOMED, Inc. 1,519 0.05 78,366 USD Activision Blizzard, Inc. 3,909 0.14 3,636 USD Acuity Brands, Inc. 473 0.02 53,122 USD Adobe, Inc. 13,328 0.48 7,390 USD Advance Auto Parts, Inc. 1,313 0.05 101,611 USD Advanced Micro Devices, Inc.1 2,164 0.08 69,084 USD AES Corp.1 1,070 0.04 6,307 USD Affiliated Managers Group, Inc. 701 0.03 82,772 USD Aflac, Inc. 3,786 0.14 6,133 USD AGCO Corp. 366 0.01 33,629 USD Agilent Technologies, Inc. 2,433 0.09 46,632 USD AGNC Investment Corp., REIT 825 0.03 24,129 USD Air Products & Chemicals, Inc. 3,882 0.14 18,979 USD Akamai Technologies, Inc. 1,305 0.05 11,568 USD Albemarle Corp.1 1,114 0.04 10,938 USD Alexandria Real Estate Equities, Inc., REIT 1,362 0.05 23,282 USD Alexion Pharmaceuticals, Inc. 2,867 0.10 8,607 USD Align Technology, Inc.1 1,979 0.07 1,614 USD Alleghany Corp. 1,018 0.04 5,676 USD Alliance Data Systems Corp. 1,137 0.04 27,341 USD Alliant Energy Corp. 1,241 0.04 37,840 USD Allstate Corp. (The) 3,375 0.12 44,553 USD Ally Financial, Inc. 1,189 0.04 8,887 USD Alnylam Pharmaceuticals, Inc. 721 0.03 32,127 USD Alphabet, Inc. 'A' 35,650 1.28 33,788 USD Alphabet, Inc. 'C'1 36,979 1.33 204,169 USD Altria Group, Inc. 11,195 0.40 44,370 USD Amazon.com, Inc. 74,993 2.69 932 USD AMERCO1 323 0.01 25,407 USD Ameren Corp. 1,743 0.06 10,787 USD American Airlines Group, Inc. 433 0.02 53,786 USD American Electric Power Co., Inc. 4,181 0.15 78,701 USD American Express Co. 8,836 0.32 8,571 USD American Financial Group, Inc. 877 0.03 97,378 USD American International Group, Inc. 4,212 0.15 48,006 USD American Tower Corp., REIT 7,897 0.28 18,669 USD American Water Works Co., Inc. 1,781 0.06

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United States (continued) 15,701 USD Ameriprise Financial, Inc. 2,037 0.07 18,017 USD AmerisourceBergen Corp. 1,602 0.06 24,167 USD AMETEK, Inc. 1,775 0.06 71,310 USD Amgen, Inc.1 14,850 0.53 31,984 USD Amphenol Corp. 'A' 2,813 0.10 55,044 USD Anadarko Petroleum Corp. 2,912 0.10 38,953 USD Analog Devices, Inc.1 3,581 0.13 142,624 USD Annaly Capital Management, Inc., REIT 1,432 0.05 8,876 USD ANSYS, Inc. 1,438 0.05 18,486 USD Antero Resources Corp. 243 0.01 27,497 USD Anthem, Inc. 7,976 0.29 14,938 USD AO Smith Corp.1 708 0.03 39,998 USD Apache Corp. 1,405 0.05 528,915 USD Apple, Inc. 94,454 3.39 108,367 USD Applied Materials, Inc. 4,040 0.14 27,924 USD Aramark1 1,063 0.04 59,123 USD Archer-Daniels-Midland Co. 2,721 0.10 48,985 USD Arconic, Inc. 1,052 0.04 5,264 USD Arista Networks, Inc.1 1,255 0.04 9,574 USD Arrow Electronics, Inc. 737 0.03 20,122 USD Arthur J Gallagher & Co. 1,551 0.06 6,379 USD Assurant, Inc. 620 0.02 781,164 USD AT&T, Inc. 24,404 0.88 12,112 USD Atmos Energy Corp. 1,159 0.04 23,779 USD Autodesk, Inc. 3,436 0.12 8,490 USD Autoliv, Inc.1 729 0.03 47,809 USD Automatic Data Processing, Inc. 7,048 0.25 2,935 USD AutoZone, Inc. 2,375 0.09 14,461 USD AvalonBay Communities, Inc., REIT 2,756 0.10 9,255 USD Avery Dennison Corp. 892 0.03 12,860 USD Avnet, Inc. 564 0.02 40,838 USD Baker Hughes a GE Co. 932 0.03 34,993 USD Ball Corp.1 1,719 0.06 1,036,376 USD Bank of America Corp. 29,433 1.06 106,939 USD Bank of New York Mellon Corp. (The) 5,487 0.20 55,406 USD Baxter International, Inc. 3,798 0.14 84,621 USD BB&T Corp. 4,324 0.16 29,083 USD Becton Dickinson and Co. 7,351 0.26 137,206 USD Berkshire Hathaway, Inc. 'B' 29,944 1.08 29,073 USD Best Buy Co., Inc. 1,878 0.07 22,964 USD Biogen, Inc. 7,664 0.28 18,529 USD BioMarin Pharmaceutical, Inc. 1,779 0.06 13,243 USD BlackRock, Inc.2 5,668 0.20 59,547 USD Boeing Co. (The) 20,649 0.74 5,200 USD Booking Holdings, Inc.1 9,838 0.35 22,103 USD BorgWarner, Inc. 875 0.03 16,159 USD Boston Properties, Inc., REIT 2,120 0.08 145,318 USD Boston Scientific Corp. 5,474 0.20 9,850 USD Brighthouse Financial, Inc. 397 0.01 175,986 USD Bristol-Myers Squibb Co. 9,408 0.34 44,343 USD Broadcom, Inc. 10,527 0.38 12,212 USD Broadridge Financial Solutions, Inc. 1,293 0.05 28,334 USD Brookfield Property REIT, Inc. 'A'1 510 0.02 30,001 USD Brown-Forman Corp. 'B' 1,432 0.05

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United States (continued) 48,429 USD Cabot Oil & Gas Corp.1 1,218 0.04 31,188 USD Cadence Design Systems, Inc. 1,405 0.05 8,883 USD Camden Property Trust, REIT 845 0.03 17,747 USD Campbell Soup Co.1 696 0.02 52,868 USD Capital One Financial Corp. 4,741 0.17 33,137 USD Cardinal Health, Inc. 1,817 0.07 18,917 USD CarMax, Inc.1 1,250 0.04 64,917 USD Caterpillar, Inc. 8,807 0.32 11,899 USD Cboe Global Markets, Inc. 1,281 0.05 32,420 USD CBRE Group, Inc. 'A' 1,416 0.05 36,250 USD CBS Corp. (Non-Voting) 'B' 1,964 0.07 13,865 USD CDK Global, Inc. 699 0.03 17,294 USD CDW Corp. 1,603 0.06 14,394 USD Celanese Corp. 1,453 0.05 78,522 USD Celgene Corp.1 5,671 0.20 22,757 USD Centene Corp. 3,237 0.12 55,157 USD CenterPoint Energy, Inc. 1,545 0.06 107,134 USD CenturyLink, Inc.1 2,014 0.07 31,447 USD Cerner Corp.1 1,821 0.07 27,337 USD CF Industries Holdings, Inc. 1,153 0.04 15,765 USD CH Robinson Worldwide, Inc. 1,456 0.05 131,133 USD Charles Schwab Corp. (The) 5,875 0.21 18,012 USD Charter Communications, Inc. 'A'1 5,930 0.21 17,994 USD Chemours Co. (The) 512 0.02 21,960 USD Cheniere Energy, Inc.1 1,342 0.05 205,566 USD Chevron Corp. 24,450 0.88 2,617 USD Chipotle Mexican Grill, Inc. 1,238 0.04 25,557 USD Church & Dwight Co., Inc. 1,692 0.06 26,169 USD Cigna Corp.1 5,846 0.21 10,519 USD Cimarex Energy Co. 862 0.03 17,973 USD Cincinnati Financial Corp. 1,469 0.05 9,390 USD Cintas Corp. 1,759 0.06 505,978 USD Cisco Systems, Inc. 24,221 0.87 12,330 USD CIT Group, Inc. 572 0.02 274,324 USD Citigroup, Inc. 17,773 0.64 52,428 USD Citizens Financial Group, Inc. 1,906 0.07 13,654 USD Citrix Systems, Inc. 1,488 0.05 13,562 USD Clorox Co. (The) 2,246 0.08 38,423 USD CME Group, Inc. 7,303 0.26 32,826 USD CMS Energy Corp. 1,710 0.06 434,982 USD Coca-Cola Co. (The) 21,923 0.79 17,639 USD Cognex Corp.1 776 0.03 61,691 USD Cognizant Technology Solutions Corp. 'A' 4,394 0.16 88,562 USD Colgate-Palmolive Co. 5,625 0.20 494,011 USD Comcast Corp. 'A' 19,271 0.69 18,421 USD Comerica, Inc. 1,459 0.05 22,414 USD CommScope Holding Co., Inc. 406 0.01 52,238 USD Conagra Brands, Inc.1 1,689 0.06 21,648 USD Concho Resources, Inc. 2,822 0.10 125,891 USD ConocoPhillips 8,331 0.30 32,668 USD Consolidated Edison, Inc. 2,625 0.09 17,928 USD Constellation Brands, Inc. 'A' 3,510 0.13 9,083 USD Continental Resources, Inc. 415 0.01 5,080 USD Cooper Cos., Inc. (The)1 1,416 0.05

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United States (continued) 22,661 USD Copart, Inc.1 1,160 0.04 86,667 USD Corning, Inc. 2,792 0.10 3,831 USD CoStar Group, Inc. 1,415 0.05 47,419 USD Costco Wholesale Corp. 10,967 0.39 55,151 USD Coty, Inc. 'A' 460 0.02 45,294 USD Crown Castle International Corp., REIT 5,204 0.19 14,150 USD Crown Holdings, Inc.1 726 0.03 90,017 USD CSX Corp. 6,538 0.23 16,675 USD Cummins, Inc. 2,519 0.09 139,417 USD CVS Health Corp. 11,181 0.40 67,681 USD Danaher Corp. 7,414 0.27 12,925 USD Darden Restaurants, Inc. 1,429 0.05 15,603 USD DaVita, Inc. 1,031 0.04 33,143 USD Deere & Co.1 5,133 0.18 21,298 USD Dell Technologies, Inc. 'V' 2,247 0.08 20,146 USD Delta Air Lines, Inc.1 1,223 0.04 24,032 USD DENTSPLY SIRONA, Inc.1 908 0.03 59,338 USD Devon Energy Corp. 1,604 0.06 16,848 USD Diamondback Energy, Inc. 1,860 0.07 21,541 USD Digital Realty Trust, Inc., REIT 2,478 0.09 35,886 USD Discover Financial Services 2,559 0.09 18,091 USD Discovery, Inc. 'A'1 556 0.02 33,317 USD Discovery, Inc. 'C' 931 0.03 26,478 USD DISH Network Corp. 'A' 867 0.03 28,616 USD Dollar General Corp. 3,176 0.11 25,031 USD Dollar Tree, Inc. 2,172 0.08 70,229 USD Dominion Energy, Inc.1 5,232 0.19 4,056 USD Domino's Pizza, Inc. 1,125 0.04 15,850 USD Dover Corp. 1,346 0.05 249,953 USD DowDuPont, Inc. 14,460 0.52 37,235 USD DR Horton, Inc. 1,386 0.05 18,916 USD DTE Energy Co. 2,265 0.08 76,118 USD Duke Energy Corp. 6,742 0.24 41,969 USD Duke Realty Corp., REIT 1,194 0.04 29,843 USD DXC Technology Co. 1,881 0.07 30,327 USD E*TRADE Financial Corp. 1,586 0.06 16,598 USD East West Bancorp, Inc. 891 0.03 15,171 USD Eastman Chemical Co. 1,196 0.04 11,058 USD Eaton Vance Corp. 450 0.02 102,712 USD eBay, Inc. 3,066 0.11 27,710 USD Ecolab, Inc. 4,447 0.16 34,402 USD Edison International 1,903 0.07 22,054 USD Edwards Lifesciences Corp. 3,573 0.13 32,350 USD Electronic Arts, Inc. 2,720 0.10 105,257 USD Eli Lilly & Co. 12,488 0.45 66,409 USD Emerson Electric Co. 4,484 0.16 18,600 USD Entergy Corp. 1,619 0.06 62,583 USD EOG Resources, Inc.1 6,465 0.23 13,396 USD Equifax, Inc. 1,375 0.05 8,356 USD Equinix, Inc., REIT 3,219 0.12 38,548 USD Equity Residential, REIT 2,747 0.10 6,910 USD Essex Property Trust, Inc., REIT 1,814 0.07 23,367 USD Estee Lauder Cos., Inc. (The) 'A' 3,334 0.12 29,439 USD Evergy, Inc. 1,748 0.06

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United States (continued) 33,182 USD Eversource Energy 2,268 0.08 105,007 USD Exelon Corp. 4,871 0.17 13,085 USD Expedia Group, Inc.1 1,581 0.06 18,926 USD Expeditors International of Washington, Inc. 1,440 0.05 60,597 USD Express Scripts Holding Co. 6,149 0.22 13,194 USD Extra Space Storage, Inc., REIT 1,266 0.05 455,450 USD Exxon Mobil Corp. 36,208 1.30 6,207 USD F5 Networks, Inc. 1,067 0.04 258,021 USD Facebook, Inc. 'A' 36,280 1.30 30,363 USD Fastenal Co.1 1,799 0.06 8,333 USD Federal Realty Investment Trust, REIT 1,101 0.04 27,593 USD FedEx Corp. 6,319 0.23 26,390 USD Fidelity National Financial, Inc. 887 0.03 36,516 USD Fidelity National Information Services, Inc. 3,942 0.14 77,137 USD Fifth Third Bancorp 2,154 0.08 54,521 USD First Data Corp. 'A' 1,040 0.04 18,647 USD First Republic Bank1 1,849 0.07 52,013 USD FirstEnergy Corp. 1,968 0.07 44,078 USD Fiserv, Inc. 3,488 0.13 9,633 USD FleetCor Technologies, Inc. 1,863 0.07 14,613 USD FLIR Systems, Inc. 670 0.02 14,514 USD Flowserve Corp. 704 0.03 15,877 USD Fluor Corp. 650 0.02 13,594 USD FMC Corp. 1,125 0.04 408,082 USD Ford Motor Co.1 3,840 0.14 14,754 USD Fortinet, Inc. 1,089 0.04 32,713 USD Fortive Corp.1 2,488 0.09 16,127 USD Fortune Brands Home & Security, Inc. 706 0.03 37,258 USD Franklin Resources, Inc.1 1,263 0.05 143,322 USD Freeport-McMoRan, Inc. 1,711 0.06 22,753 USD Gap, Inc. (The) 621 0.02 9,405 USD Gartner, Inc.1 1,441 0.05 26,831 USD General Dynamics Corp. 4,961 0.18 944,223 USD General Electric Co. 7,082 0.25 66,070 USD General Mills, Inc. 2,795 0.10 137,335 USD General Motors Co. 5,212 0.19 15,375 USD Genuine Parts Co. 1,595 0.06 140,523 USD Gilead Sciences, Inc. 10,109 0.36 17,916 USD Global Payments, Inc. 2,003 0.07 16,500 USD GoDaddy, Inc. 'A' 1,077 0.04 38,068 USD Goldman Sachs Group, Inc. (The) 7,259 0.26 26,364 USD Goodyear Tire & Rubber Co. (The) 611 0.02 19,903 USD H&R Block, Inc. 538 0.02 95,444 USD Halliburton Co. 3,000 0.11 41,465 USD Hanesbrands, Inc.1 660 0.02 16,488 USD Harley-Davidson, Inc. 697 0.02 12,541 USD Harris Corp. 1,793 0.06 38,148 USD Hartford Financial Services Group, Inc. (The) 1,686 0.06 12,987 USD Hasbro, Inc.1 1,182 0.04 30,263 USD HCA Healthcare, Inc. 4,358 0.16 48,871 USD HCP, Inc., REIT 1,430 0.05 16,542 USD HD Supply Holdings, Inc. 660 0.02 12,949 USD Helmerich & Payne, Inc.1 785 0.03 16,156 USD Henry Schein, Inc.1 1,441 0.05

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United States (continued) 14,569 USD Hershey Co. (The) 1,578 0.06 28,782 USD Hess Corp. 1,551 0.06 170,085 USD Hewlett Packard Enterprise Co. 2,551 0.09 30,493 USD Hilton Worldwide Holdings, Inc. 2,303 0.08 19,739 USD HollyFrontier Corp. 1,233 0.04 29,370 USD Hologic, Inc.1 1,304 0.05 124,096 USD Home Depot, Inc. (The) 22,377 0.80 80,573 USD Honeywell International, Inc. 11,824 0.42 29,170 USD Hormel Foods Corp.1 1,315 0.05 84,556 USD Host Hotels & Resorts, Inc., REIT 1,607 0.06 176,270 USD HP, Inc. 4,054 0.15 15,133 USD Humana, Inc. 4,986 0.18 114,536 USD Huntington Bancshares, Inc.1 1,671 0.06 4,559 USD Huntington Ingalls Industries, Inc. 982 0.04 8,749 USD IAC/InterActiveCorp. 1,557 0.06 8,787 USD IDEX Corp.1 1,207 0.04 9,061 USD IDEXX Laboratories, Inc. 1,846 0.07 32,241 USD Illinois Tool Works, Inc.1 4,483 0.16 15,920 USD Illumina, Inc. 5,373 0.19 18,309 USD Incyte Corp. 1,176 0.04 7,321 USD Ingredion, Inc. 765 0.03 501,321 USD Intel Corp. 24,720 0.89 61,584 USD Intercontinental Exchange, Inc. 5,033 0.18 99,126 USD International Business Machines Corp. 12,318 0.44 10,029 USD International Flavors & Fragrances, Inc.1 1,420 0.05 40,681 USD International Paper Co. 1,879 0.07 37,747 USD Interpublic Group of Cos., Inc. (The) 887 0.03 26,356 USD Intuit, Inc. 5,654 0.20 12,210 USD Intuitive Surgical, Inc. 6,482 0.23 37,710 USD Invitation Homes, Inc., REIT1 809 0.03 3,694 USD IPG Photonics Corp.1 525 0.02 16,909 USD IQVIA Holdings, Inc.1 2,115 0.08 27,288 USD Iron Mountain, Inc., REIT1 927 0.03 8,937 USD Jack Henry & Associates, Inc. 1,248 0.04 13,531 USD Jacobs Engineering Group, Inc. 889 0.03 9,663 USD JB Hunt Transport Services, Inc.1 1,028 0.04 32,325 USD Jefferies Financial Group, Inc. 706 0.03 11,582 USD JM Smucker Co. (The) 1,210 0.04 288,529 USD Johnson & Johnson 42,385 1.52 5,476 USD Jones Lang LaSalle, Inc. 784 0.03 366,289 USD JPMorgan Chase & Co. 40,728 1.46 39,824 USD Juniper Networks, Inc. 1,143 0.04 10,969 USD Kansas City Southern 1,130 0.04 27,107 USD Kellogg Co. 1,725 0.06 113,883 USD KeyCorp 2,089 0.07 20,354 USD Keysight Technologies, Inc. 1,258 0.05 38,092 USD Kimberly-Clark Corp. 4,395 0.16 49,927 USD Kimco Realty Corp., REIT 816 0.03 211,249 USD Kinder Morgan, Inc. 3,606 0.13 16,423 USD KLA-Tencor Corp. 1,619 0.06 15,526 USD Knight-Swift Transportation Holdings, Inc.1 538 0.02 17,342 USD Kohl's Corp. 1,165 0.04 66,990 USD Kraft Heinz Co. (The)1 3,425 0.12 86,536 USD Kroger Co. (The) 2,567 0.09

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United States (continued) 26,826 USD L Brands, Inc. 888 0.03 8,191 USD L3 Technologies, Inc. 1,501 0.05 11,523 USD Laboratory Corp. of America Holdings 1,678 0.06 16,960 USD Lam Research Corp. 2,662 0.10 40,845 USD Las Vegas Sands Corp. 2,244 0.08 6,450 USD Lear Corp. 879 0.03 13,579 USD Leggett & Platt, Inc.1 526 0.02 16,459 USD Leidos Holdings, Inc. 1,037 0.04 30,352 USD Lennar Corp. 'A'1 1,297 0.05 4,454 USD Lennox International, Inc.1 1,006 0.04 10,383 USD Liberty Broadband Corp. 'C' 881 0.03 24,314 USD Liberty Media Corp-Liberty Formula One 'C'1 725 0.03 7,015 USD Liberty Media Corp-Liberty SiriusXM 'A' 279 0.01 17,204 USD Liberty Media Corp-Liberty SiriusXM 'C' 690 0.02 18,600 USD Liberty Property Trust, REIT 842 0.03 23,197 USD Lincoln National Corp. 1,461 0.05 17,415 USD Live Nation Entertainment, Inc.1 970 0.03 32,342 USD LKQ Corp. 900 0.03 27,663 USD Lockheed Martin Corp. 8,311 0.30 29,961 USD Loews Corp. 1,440 0.05 88,432 USD Lowe's Cos., Inc. 8,345 0.30 10,645 USD Lululemon Athletica, Inc. 1,411 0.05 14,556 USD M&T Bank Corp. 2,460 0.09 9,406 USD Macerich Co. (The), REIT 473 0.02 35,492 USD Macy's, Inc.1 1,215 0.04 6,835 USD ManpowerGroup, Inc. 555 0.02 96,510 USD Marathon Oil Corp. 1,611 0.06 74,300 USD Marathon Petroleum Corp. 4,841 0.17 1,458 USD Markel Corp. 1,668 0.06 31,350 USD Marriott International, Inc. 'A'1 3,606 0.13 55,211 USD Marsh & McLennan Cos., Inc. 4,897 0.18 6,580 USD Martin Marietta Materials, Inc.1 1,255 0.04 31,419 USD Masco Corp. 996 0.04 99,748 USD Mastercard, Inc. 'A' 20,056 0.72 36,364 USD Mattel, Inc.1 505 0.02 29,391 USD Maxim Integrated Products, Inc. 1,644 0.06 12,520 USD McCormick & Co., Inc. (Non-Voting)1 1,878 0.07 84,614 USD McDonald's Corp. 15,951 0.57 22,017 USD McKesson Corp. 2,741 0.10 4,646 USD MercadoLibre, Inc. 1,635 0.06 289,423 USD Merck & Co., Inc. 22,963 0.82 94,355 USD MetLife, Inc. 4,211 0.15 2,688 USD Mettler-Toledo International, Inc.1 1,711 0.06 58,094 USD MGM Resorts International 1,566 0.06 25,308 USD Microchip Technology, Inc.1 1,898 0.07 122,543 USD Micron Technology, Inc.1 4,725 0.17 784,990 USD Microsoft Corp. 87,048 3.13 12,555 USD Mid-America Apartment Communities, Inc., REIT 1,300 0.05 6,761 USD Middleby Corp. (The)1 817 0.03 6,617 USD Mohawk Industries, Inc. 847 0.03 19,645 USD Molson Coors Brewing Co. 'B' 1,292 0.05 160,524 USD Mondelez International, Inc. 'A' 7,220 0.26 47,220 USD Monster Beverage Corp.1 2,818 0.10 17,820 USD Moody's Corp.1 2,835 0.10

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United States (continued) 144,294 USD Morgan Stanley 6,405 0.23 38,700 USD Mosaic Co. (The) 1,393 0.05 17,032 USD Motorola Solutions, Inc. 2,235 0.08 9,442 USD MSCI, Inc. 1,483 0.05 13,611 USD Nasdaq, Inc. 1,243 0.04 39,795 USD National Oilwell Varco, Inc. 1,278 0.05 17,288 USD National Retail Properties, Inc., REIT 865 0.03 18,000 USD Nektar Therapeutics1 727 0.03 28,247 USD NetApp, Inc. 1,889 0.07 46,966 USD Netflix, Inc. 13,438 0.48 46,483 USD New York Community Bancorp, Inc. 494 0.02 50,463 USD Newell Brands, Inc. 1,181 0.04 24,267 USD Newfield Exploration Co. 411 0.01 55,841 USD Newmont Mining Corp. 1,806 0.06 46,159 USD News Corp. 'A' 599 0.02 50,842 USD NextEra Energy, Inc. 9,239 0.33 138,600 USD NIKE, Inc. 'B' 10,412 0.37 39,483 USD NiSource, Inc. 1,043 0.04 56,427 USD Noble Energy, Inc.1 1,340 0.05 12,761 USD Nordstrom, Inc.1 675 0.02 30,189 USD Norfolk Southern Corp. 5,154 0.18 22,730 USD Northern Trust Corp. 2,255 0.08 17,933 USD Northrop Grumman Corp. 4,660 0.17 33,425 USD Nucor Corp. 2,019 0.07 62,209 USD NVIDIA Corp. 10,167 0.37 417 USD NVR, Inc. 1,022 0.04 82,791 USD Occidental Petroleum Corp. 5,818 0.21 22,086 USD OGE Energy Corp. 875 0.03 7,318 USD Old Dominion Freight Line, Inc. 1,001 0.04 23,152 USD Omnicom Group, Inc.1 1,782 0.06 46,392 USD ON Semiconductor Corp. 890 0.03 44,331 USD ONEOK, Inc. 2,723 0.10 330,709 USD Oracle Corp. 16,125 0.58 8,556 USD O'Reilly Automotive, Inc. 2,967 0.11 11,094 USD Owens Corning 579 0.02 36,447 USD PACCAR, Inc. 2,268 0.08 9,880 USD Packaging Corp. of America 966 0.03 9,598 USD Palo Alto Networks, Inc. 1,660 0.06 13,918 USD Parker-Hannifin Corp.1 2,394 0.09 23,807 USD Parsley Energy, Inc. 'A' 479 0.02 33,833 USD Paychex, Inc.1 2,394 0.09 121,944 USD PayPal Holdings, Inc. 10,464 0.38 34,871 USD People's United Financial, Inc. 588 0.02 151,430 USD PepsiCo, Inc. 18,465 0.66 629,255 USD Pfizer, Inc. 29,090 1.04 54,103 USD PG&E Corp. 1,427 0.05 167,726 USD Philip Morris International, Inc. 14,513 0.52 46,756 USD Phillips 66 4,373 0.16 10,988 USD Pinnacle West Capital Corp. 982 0.04 18,983 USD Pioneer Natural Resources Co. 2,805 0.10 20,122 USD Plains GP Holdings LP 'A' 445 0.02 51,980 USD PNC Financial Services Group, Inc. (The)2 7,058 0.25 7,319 USD Polaris Industries, Inc.1 710 0.03 26,857 USD PPG Industries, Inc. 2,936 0.11

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United States (continued) 76,429 USD PPL Corp. 2,338 0.08 30,261 USD Principal Financial Group, Inc. 1,492 0.05 270,519 USD Procter & Gamble Co. (The) 25,567 0.92 62,187 USD Progressive Corp. (The) 4,122 0.15 67,882 USD Prologis, Inc., REIT 4,571 0.16 44,760 USD Prudential Financial, Inc. 4,197 0.15 53,372 USD Public Service Enterprise Group, Inc. 2,983 0.11 16,446 USD Public Storage, REIT 3,507 0.13 30,460 USD PulteGroup, Inc. 808 0.03 8,107 USD PVH Corp. 896 0.03 14,222 USD Qorvo, Inc.1 936 0.03 152,368 USD QUALCOMM, Inc. 8,877 0.32 14,284 USD Quest Diagnostics, Inc. 1,265 0.05 46,415 USD Qurate Retail, Inc. 'A' 1,031 0.04 5,357 USD Ralph Lauren Corp. 597 0.02 13,315 USD Raymond James Financial, Inc. 1,062 0.04 31,337 USD Raytheon Co. 5,495 0.20 30,476 USD Realty Income Corp., REIT 1,953 0.07 19,113 USD Red Hat, Inc. 3,413 0.12 17,593 USD Regency Centers Corp., REIT 1,120 0.04 8,402 USD Regeneron Pharmaceuticals, Inc. 3,072 0.11 125,146 USD Regions Financial Corp. 2,059 0.07 7,528 USD Reinsurance Group of America, Inc. 1,125 0.04 24,823 USD Republic Services, Inc. 1,920 0.07 14,372 USD ResMed, Inc. 1,607 0.06 13,213 USD Robert Half International, Inc. 817 0.03 13,441 USD Rockwell Automation, Inc. 2,343 0.08 11,296 USD Rollins, Inc.1 718 0.03 11,407 USD Roper Technologies, Inc. 3,395 0.12 40,753 USD Ross Stores, Inc. 3,570 0.13 26,829 USD S&P Global, Inc. 4,906 0.18 24,369 USD Sabre Corp. 623 0.02 76,300 USD salesforce.com, Inc. 10,893 0.39 12,603 USD SBA Communications Corp., REIT 'A' 2,153 0.08 13,098 USD SCANA Corp. 611 0.02 15,851 USD Sealed Air Corp.1 579 0.02 11,640 USD Seattle Genetics, Inc. 728 0.03 16,484 USD SEI Investments Co. 885 0.03 27,632 USD Sempra Energy1 3,184 0.11 19,203 USD ServiceNow, Inc. 3,558 0.13 8,852 USD Sherwin-Williams Co. (The) 3,754 0.13 6,051 USD Signature Bank 746 0.03 33,715 USD Simon Property Group, Inc., REIT 6,261 0.22 153,915 USD Sirius XM Holdings, Inc.1 959 0.03 19,240 USD Skyworks Solutions, Inc. 1,400 0.05 9,769 USD SL Green Realty Corp., REIT 942 0.03 5,473 USD Snap-on, Inc. 910 0.03 109,735 USD Southern Co. (The) 5,194 0.19 17,049 USD Southwest Airlines Co. 931 0.03 12,003 USD Spirit AeroSystems Holdings, Inc. 'A' 983 0.04 15,728 USD Splunk, Inc. 1,757 0.06 100,400 USD Sprint Corp.1 631 0.02 32,107 USD Square, Inc. 'A' 2,242 0.08 24,263 USD SS&C Technologies Holdings, Inc. 1,168 0.04

227







United States (continued) 17,400 USD Stanley Black & Decker, Inc. 2,277 0.08 146,734 USD Starbucks Corp. 9,790 0.35 39,159 USD State Street Corp. 2,859 0.10 27,747 USD Steel Dynamics, Inc. 977 0.04 10,160 USD Stericycle, Inc. 488 0.02 36,606 USD Stryker Corp. 6,423 0.23 50,256 USD SunTrust Banks, Inc. 3,151 0.11 6,040 USD SVB Financial Group 1,539 0.06 64,350 USD Symantec Corp.1 1,423 0.05 78,605 USD Synchrony Financial1 2,042 0.07 15,169 USD Synopsys, Inc. 1,395 0.05 52,522 USD Sysco Corp. 3,540 0.13 25,295 USD T Rowe Price Group, Inc. 2,513 0.09 12,833 USD Take-Two Interactive Software, Inc. 1,407 0.05 28,653 USD Tapestry, Inc. 1,115 0.04 24,807 USD Targa Resources Corp. 1,107 0.04 54,077 USD Target Corp. 3,837 0.14 30,679 USD TD Ameritrade Holding Corp. 1,651 0.06 5,239 USD Teleflex, Inc.1 1,443 0.05 13,612 USD Tesla, Inc. 4,771 0.17 105,877 USD Texas Instruments, Inc. 10,572 0.38 27,719 USD Textron, Inc. 1,556 0.06 43,385 USD Thermo Fisher Scientific, Inc. 10,827 0.39 11,153 USD Tiffany & Co. 1,015 0.04 136,454 USD TJX Cos., Inc. (The) 6,666 0.24 37,101 USD T-Mobile US, Inc. 2,540 0.09 16,020 USD Toll Brothers, Inc. 528 0.02 11,370 USD Torchmark Corp. 982 0.04 18,031 USD Total System Services, Inc. 1,575 0.06 13,220 USD Tractor Supply Co. 1,258 0.05 4,805 USD TransDigm Group, Inc.1 1,738 0.06 19,594 USD TransUnion1 1,265 0.05 28,896 USD Travelers Cos., Inc. (The) 3,767 0.14 26,541 USD Trimble, Inc. 1,009 0.04 13,268 USD TripAdvisor, Inc.1 850 0.03 113,963 USD Twenty-First Century Fox, Inc. 'A' 5,638 0.20 45,089 USD Twenty-First Century Fox, Inc. 'B'1 2,211 0.08 70,285 USD Twitter, Inc. 2,210 0.08 33,425 USD Tyson Foods, Inc. 'A' 1,970 0.07 31,590 USD UDR, Inc., REIT1 1,346 0.05 18,936 USD UGI Corp. 1,088 0.04 6,028 USD Ulta Beauty, Inc.1 1,795 0.06 21,580 USD Under Armour, Inc. 'A'1 515 0.02 21,733 USD Under Armour, Inc. 'C'1 485 0.02 83,718 USD Union Pacific Corp. 12,874 0.46 8,086 USD United Continental Holdings, Inc. 782 0.03 74,286 USD United Parcel Service, Inc. 'B' 8,564 0.31 9,712 USD United Rentals, Inc. 1,138 0.04 88,768 USD United Technologies Corp. 10,815 0.39 5,954 USD United Therapeutics Corp. 703 0.03 103,376 USD UnitedHealth Group, Inc. 29,086 1.04 9,541 USD Universal Health Services, Inc. 'B' 1,317 0.05 25,650 USD Unum Group 921 0.03 168,221 USD US Bancorp 9,161 0.33

228







United States (continued) 4,603 USD Vail Resorts, Inc. 1,285 0.05 46,273 USD Valero Energy Corp. 3,697 0.13 9,335 USD Varian Medical Systems, Inc. 1,152 0.04 12,275 USD Veeva Systems, Inc. 'A' 1,180 0.04 37,294 USD Ventas, Inc., REIT 2,368 0.08 117,020 USD VEREIT, Inc. 895 0.03 12,223 USD VeriSign, Inc. 1,908 0.07 17,688 USD Verisk Analytics, Inc.1 2,181 0.08 444,484 USD Verizon Communications, Inc.1 26,802 0.96 27,719 USD Vertex Pharmaceuticals, Inc. 5,011 0.18 34,755 USD VF Corp. 2,825 0.10 35,285 USD Viacom, Inc. 'B' 1,089 0.04 192,150 USD Visa, Inc. 'A'1 27,230 0.98 40,880 USD Vistra Energy Corp.1 960 0.03 7,383 USD VMware, Inc. 'A' 1,235 0.04 17,855 USD Vornado Realty Trust, REIT 1,285 0.05 18,501 USD Voya Financial, Inc.1 832 0.03 13,340 USD Vulcan Materials Co. 1,410 0.05 5,342 USD WABCO Holdings, Inc.1 649 0.02 9,585 USD Wabtec Corp. 907 0.03 91,421 USD Walgreens Boots Alliance, Inc.1 7,741 0.28 159,351 USD Walmart, Inc. 15,561 0.56 159,935 USD Walt Disney Co. (The) 18,471 0.66 46,214 USD Waste Management, Inc. 4,333 0.16 8,359 USD Waters Corp. 1,660 0.06 33,322 USD WEC Energy Group, Inc. 2,415 0.09 498,141 USD Wells Fargo & Co. 27,039 0.97 38,756 USD Welltower, Inc., REIT 2,803 0.10 33,500 USD Western Digital Corp. 1,521 0.05 47,875 USD Western Union Co. (The)1 897 0.03 4,500 USD Westlake Chemical Corp. 326 0.01 26,597 USD WestRock Co. 1,253 0.04 83,848 USD Weyerhaeuser Co., REIT 2,214 0.08 7,141 USD Whirlpool Corp.1 901 0.03 130,845 USD Williams Cos., Inc. (The) 3,313 0.12 16,401 USD Workday, Inc. 'A'1 2,690 0.10 32,836 USD Worldpay, Inc. 'A'1 2,818 0.10 16,539 USD WP Carey, Inc., REIT 1,121 0.04 10,976 USD WR Berkley Corp.1 865 0.03 5,498 USD WW Grainger, Inc.1 1,727 0.06 10,401 USD Wynn Resorts Ltd. 1,138 0.04 53,575 USD Xcel Energy, Inc. 2,810 0.10 26,749 USD Xerox Corp. 720 0.03 27,960 USD Xilinx, Inc. 2,586 0.09 13,016 USD XPO Logistics, Inc. 987 0.04 20,163 USD Xylem, Inc.1 1,471 0.05 34,746 USD Yum! Brands, Inc. 3,204 0.11 19,479 USD Zayo Group Holdings, Inc. 513 0.02 11,603 USD Zillow Group, Inc. 'C'1 424 0.02 22,239 USD Zimmer Biomet Holdings, Inc. 2,602 0.09 23,302 USD Zions Bancorp NA 1,134 0.04

229







United States (continued) 52,367 USD Zoetis, Inc. 4,916 0.18 Total United States 2,512,883 90.23



Futures contracts

Canada (31 May 2018: 0.00%)3 – –


144 USD 7,200 S&P 500 Emini Index 21/12/2018 53 – Total United States 53 –


Canada (31 May 2018: 0.00%)

12 CAD 2,400 S&P/TSX 60 Index 20/12/2018 (17) – Total Canada (17) –

Total unrealised loss on futures contracts (31 May 2018: 0.00%) (17) –

Fair Value USD '000


Total financial assets at fair value through profit or loss 2,762,647 99.20 Total financial liabilities at fair value through profit or loss (17) – Cash 19,162 0.69 Other assets and liabilities 3,156 0.11 Net asset value attributable to redeemable participating unitholders 2,784,948 100.00


Assets Transferable securities admitted to official stock exchange listing 99.11 Financial derivative instruments dealt in on a regulated market4 – Other assets 0.89 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%. 4 Investments which are less than 0.005% of total assets are rounded down to zero.


On losses USD '000


230

iSHARES PACIFIC INDEX FUND (IE)






Ireland (31 May 2018: 0.67%) 100,000 USD iShares MSCI Pacific ex-Japan UCITS ETF1 4,118 0.65 Total Ireland 4,118 0.65

Total investments in exchange traded funds 4,118 0.65



Equities (31 May 2018: 97.56%)

Australia (31 May 2018: 54.08%) 249,579 AUD AGL Energy Ltd. 3,428 0.54 930,154 AUD Alumina Ltd.2 1,515 0.24 440,786 AUD Amcor Ltd.2 4,323 0.69 1,078,340 AUD AMP Ltd.2 1,913 0.30 458,213 AUD APA Group 2,945 0.47 217,959 AUD Aristocrat Leisure Ltd. 3,766 0.60 75,015 AUD ASX Ltd.2 3,303 0.52 740,488 AUD Aurizon Holdings Ltd. 2,276 0.36 691,173 AUD AusNet Services2 780 0.12 1,101,568 AUD Australia & New Zealand Banking Group Ltd. 21,558 3.42 144,845 AUD Bank of Queensland Ltd.2 1,050 0.17 185,060 AUD Bendigo & Adelaide Bank Ltd.2 1,443 0.23 1,222,394 AUD BHP Billiton Ltd.2 27,395 4.35 205,500 AUD BlueScope Steel Ltd. 1,685 0.27 449,792 AUD Boral Ltd. 1,675 0.27 605,907 AUD Brambles Ltd. 4,544 0.72 95,766 AUD Caltex Australia Ltd. 1,925 0.31 199,734 AUD Challenger Ltd. 1,389 0.22 36,208 AUD CIMIC Group Ltd.2 1,073 0.17 187,272 AUD Coca-Cola Amatil Ltd. 1,182 0.19 21,726 AUD Cochlear Ltd. 2,686 0.43 431,537 AUD Coles Group Ltd. 3,690 0.59 669,793 AUD Commonwealth Bank of Australia 34,840 5.53 169,504 AUD Computershare Ltd. 2,247 0.36 144,867 AUD Crown Resorts Ltd. 1,238 0.20 172,181 AUD CSL Ltd. 22,305 3.54 396,361 AUD Dexus, REIT 3,028 0.48 21,157 AUD Domino's Pizza Enterprises Ltd.2 710 0.11 20,324 AUD Flight Centre Travel Group Ltd.2 725 0.11 595,965 AUD Fortescue Metals Group Ltd.2 1,741 0.28 612,100 AUD Goodman Group, REIT 4,582 0.73 687,061 AUD GPT Group (The), REIT 2,644 0.42 221,527 AUD Harvey Norman Holdings Ltd.2 511 0.08 676,061 AUD Healthscope Ltd. 1,116 0.18 609,446 AUD Incitec Pivot Ltd. 1,673 0.27 880,483 AUD Insurance Australia Group Ltd. 4,681 0.74 215,784 AUD LendLease Group 1,995 0.32 123,156 AUD Macquarie Group Ltd. 10,290 1.63 1,052,965 AUD Medibank Pvt Ltd. 1,861 0.29 1,416,163 AUD Mirvac Group, REIT 2,265 0.36 1,036,274 AUD National Australia Bank Ltd. 18,646 2.96

231







Australia (continued) 292,255 AUD Newcrest Mining Ltd.2 4,428 0.70 143,965 AUD Orica Ltd.2 1,840 0.29 681,138 AUD Origin Energy Ltd. 3,223 0.51 516,046 AUD QBE Insurance Group Ltd.2 4,266 0.68 53,987 AUD Ramsay Health Care Ltd.2 2,138 0.34 19,617 AUD REA Group Ltd.2 1,090 0.17 141,162 AUD Rio Tinto Ltd.2 7,554 1.20 654,279 AUD Santos Ltd. 2,637 0.42 2,026,416 AUD Scentre Group, REIT2 5,771 0.92 126,696 AUD SEEK Ltd.2 1,710 0.27 148,214 AUD Sonic Healthcare Ltd. 2,468 0.39 1,930,196 AUD South32 Ltd. 4,369 0.69 898,518 AUD Stockland, REIT 2,388 0.38 488,324 AUD Suncorp Group Ltd. 4,750 0.75 398,904 AUD Sydney Airport 1,981 0.31 727,037 AUD Tabcorp Holdings Ltd.2 2,278 0.36 1,505,891 AUD Telstra Corp. Ltd. 3,222 0.51 137,238 AUD TPG Telecom Ltd.2 721 0.11 997,753 AUD Transurban Group2 8,299 1.32 265,547 AUD Treasury Wine Estates Ltd. 2,744 0.44 1,254,522 AUD Vicinity Centres, REIT 2,446 0.39 431,537 AUD Wesfarmers Ltd. 9,955 1.58 1,302,784 AUD Westpac Banking Corp.2 24,707 3.92 356,718 AUD Woodside Petroleum Ltd. 8,091 1.28 499,848 AUD Woolworths Group Ltd.2 10,556 1.68 Total Australia 336,274 53.38

Bermuda (31 May 2018: 2.86%) 260,104 HKD CK Infrastructure Holdings Ltd.2 1,978 0.31 134,500 USD Dairy Farm International Holdings Ltd. 1,184 0.19 454,600 USD Hongkong Land Holdings Ltd. 2,960 0.47 85,400 USD Jardine Matheson Holdings Ltd. 5,639 0.90 84,600 USD Jardine Strategic Holdings Ltd.2 3,257 0.52 240,413 HKD Kerry Properties Ltd. 825 0.13 2,177,844 HKD Li & Fung Ltd. 445 0.07 600,176 HKD NWS Holdings Ltd. 1,262 0.20 9,000 HKD Peregrine Investments Holdings Ltd.3/4 – – 493,037 HKD Shangri-La Asia Ltd.2 699 0.11 276,990 HKD Yue Yuen Industrial Holdings Ltd.2 805 0.13 Total Bermuda 19,054 3.03

Cayman Islands (31 May 2018: 6.18%) 116,865 HKD ASM Pacific Technology Ltd.2 1,195 0.19 1,015,445 HKD CK Asset Holdings Ltd. 7,312 1.16 1,056,151 HKD CK Hutchison Holdings Ltd. 11,040 1.75 94,994 USD Melco Resorts & Entertainment Ltd. ADR 1,716 0.27 374,400 HKD MGM China Holdings Ltd.2 639 0.10 288,000 HKD Minth Group Ltd.2 966 0.15 947,718 HKD Sands China Ltd.2 4,099 0.65 3,424,500 HKD WH Group Ltd.2 2,499 0.40 470,298 HKD Wharf Real Estate Investment Co. Ltd.2 2,827 0.45

232







Cayman Islands (continued) 596,800 HKD Wynn Macau Ltd.2 1,356 0.22 Total Cayman Islands 33,649 5.34

Hong Kong (31 May 2018: 21.65%) 4,746,800 HKD AIA Group Ltd.2 38,729 6.15 501,823 HKD Bank of East Asia Ltd. (The) 1,690 0.27 1,454,734 HKD BOC Hong Kong Holdings Ltd. 5,670 0.90 641,970 HKD CLP Holdings Ltd.2 7,075 1.12 912,000 HKD Galaxy Entertainment Group Ltd.2 5,600 0.89 333,000 HKD Hang Lung Group Ltd. 923 0.15 782,110 HKD Hang Lung Properties Ltd.2 1,583 0.25 299,094 HKD Hang Seng Bank Ltd.2 6,902 1.10 512,253 HKD Henderson Land Development Co. Ltd.2 2,631 0.42 1,063,000 HKD HK Electric Investments & HK Electric Investments Ltd.2 1,019 0.16 1,451,460 HKD HKT Trust & HKT Ltd. 2,100 0.33 3,628,217 HKD Hong Kong & China Gas Co. Ltd.2 7,316 1.16 460,495 HKD Hong Kong Exchanges & Clearing Ltd.2 13,416 2.13 238,826 HKD Hysan Development Co. Ltd. 1,141 0.18 843,651 HKD Link REIT2 8,032 1.27 580,059 HKD MTR Corp. Ltd.2 3,009 0.48 2,395,821 HKD New World Development Co. Ltd. 3,221 0.51 1,648,255 HKD PCCW Ltd.2 967 0.15 542,515 HKD Power Assets Holdings Ltd.2 3,674 0.58 1,300,600 HKD Sino Land Co. Ltd. 2,237 0.35 727,928 HKD SJM Holdings Ltd. 656 0.10 623,467 HKD Sun Hung Kai Properties Ltd. 8,883 1.41 196,892 HKD Swire Pacific Ltd. 'A'2 2,176 0.35 465,800 HKD Swire Properties Ltd. 1,622 0.26 530,000 HKD Techtronic Industries Co. Ltd.2 2,851 0.45 483,298 HKD Wharf Holdings Ltd. (The)2 1,294 0.21 313,291 HKD Wheelock & Co. Ltd.2 1,798 0.29 Total Hong Kong 136,215 21.62

Ireland (31 May 2018: 0.41%) 163,063 AUD James Hardie Industries plc CDI 1,905 0.30 Total Ireland 1,905 0.30

Isle of Man (31 May 2018: 0.31%) – –

Malta (31 May 2018: 0.00%)5 5,486,457 EUR BGP Holdings3/4 – – Total Malta – –

Mauritius (31 May 2018: 0.09%) 2,678,077 SGD Golden Agri-Resources Ltd.2 478 0.08 Total Mauritius 478 0.08

New Zealand (31 May 2018: 1.45%) 286,986 NZD a2 Milk Co. Ltd.2 2,040 0.32 377,977 NZD Auckland International Airport Ltd.2 1,869 0.30 220,409 NZD Fisher & Paykel Healthcare Corp. Ltd.2 2,014 0.32 326,164 NZD Fletcher Building Ltd. 1,067 0.17

233







New Zealand (continued) 485,192 NZD Meridian Energy Ltd. 1,102 0.17 155,781 NZD Ryman Healthcare Ltd.2 1,240 0.20 743,132 NZD Spark New Zealand Ltd.2 2,159 0.34 Total New Zealand 11,491 1.82

Papua New Guinea (31 May 2018: 0.48%) 506,892 AUD Oil Search Ltd. 2,706 0.43 Total Papua New Guinea 2,706 0.43

Singapore (31 May 2018: 10.05%) 976,256 SGD Ascendas Real Estate Investment Trust 1,829 0.29 993,717 SGD CapitaLand Commercial Trust, REIT2 1,260 0.20 974,055 SGD CapitaLand Ltd. 2,215 0.35 931,166 SGD CapitaLand Mall Trust, REIT 1,527 0.24 153,392 SGD City Developments Ltd.2 943 0.15 811,452 SGD ComfortDelGro Corp. Ltd. 1,242 0.20 670,674 SGD DBS Group Holdings Ltd.2 11,918 1.89 2,323,301 SGD Genting Singapore Ltd. 1,643 0.26 36,046 SGD Jardine Cycle & Carriage Ltd. 925 0.15 550,401 SGD Keppel Corp. Ltd.2 2,431 0.39 1,175,639 SGD Oversea-Chinese Banking Corp. Ltd.2 9,648 1.53 246,300 SGD SATS Ltd. 860 0.14 372,680 SGD Sembcorp Industries Ltd.2 709 0.11 208,671 SGD Singapore Airlines Ltd.2 1,446 0.23 309,426 SGD Singapore Exchange Ltd. 1,651 0.26 522,388 SGD Singapore Press Holdings Ltd.2 1,005 0.16 585,305 SGD Singapore Technologies Engineering Ltd.2 1,514 0.24 3,038,628 SGD Singapore Telecommunications Ltd. 6,821 1.08 792,000 SGD Suntec Real Estate Investment Trust 1,016 0.16 499,910 SGD United Overseas Bank Ltd.2 9,164 1.46 184,395 SGD UOL Group Ltd. 821 0.13 100,400 SGD Venture Corp. Ltd.2 1,091 0.17 717,135 SGD Wilmar International Ltd.2 1,589 0.25 908,060 SGD Yangzijiang Shipbuilding Holdings Ltd.2 821 0.13 Total Singapore 64,089 10.17



Forward currency contracts

Total unrealised gain on forward currency contracts (31 May 2018: 0.00%)5 – –

234





Futures contracts

Australia (31 May 2018: 0.00%)5 – –

Hong Kong (31 May 2018: 0.01%)

15 HKD 750 Hang Seng Index 28/12/2018 15 – Total Hong Kong 15 –

Singapore (31 May 2018: 0.00%)

146 SGD 14,600 MSCI Singapore Index 28/12/2018 22 0.01 Total Singapore 22 0.01



148 AUD 3,700 SPI 200 Index 20/12/2018 (1,104) (0.18) Total Australia (1,104) (0.18)

Singapore (31 May 2018: (0.02)%) – –


Fair Value USD '000


Total financial assets at fair value through profit or loss 610,016 96.83 Total financial liabilities at fair value through profit or loss (1,104) (0.18) Cash 20,032 3.18 Other assets and liabilities 1,076 0.17 Net asset value attributable to redeemable participating unitholders 630,020 100.00


Assets Transferable securities admitted to official stock exchange listing 96.36 Financial derivative instruments dealt in on a regulated market 0.01 Other assets 3.63 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.



On losses USD '000


235

iSHARES UK INDEX FUND (IE)



Holding Currency Investments Fair Value GBP '000


Equities (31 May 2018: 98.12%)

Germany (31 May 2018: 0.38%) 115,097 GBP TUI AG 1,286 0.28 Total Germany 1,286 0.28

Ireland (31 May 2018: 0.32%) 25,663 GBP DCC plc 1,515 0.32 Total Ireland 1,515 0.32

Isle of Man (31 May 2018: 0.28%) 143,367 GBP GVC Holdings plc 1,060 0.23 Total Isle of Man 1,060 0.23

Jersey (31 May 2018: 6.75%) 237,768 GBP Experian plc 4,533 0.97 59,986 GBP Ferguson plc 3,011 0.64 2,992,455 GBP Glencore plc 8,683 1.85 24,656 GBP Randgold Resources Ltd.1 1,545 0.33 236,995 GBP Shire plc 10,783 2.30 325,774 GBP WPP plc 2,821 0.60 Total Jersey 31,376 6.69

Switzerland (31 May 2018: 0.23%) 52,868 GBP Coca-Cola HBC AG 1,234 0.26 Total Switzerland 1,234 0.26

United Kingdom (31 May 2018: 90.16%) 249,905 GBP 3i Group plc 2,083 0.44 52,623 GBP Admiral Group plc 1,097 0.23 273,066 GBP Anglo American plc1 4,277 0.91 101,538 GBP Antofagasta plc 813 0.17 126,112 GBP Ashtead Group plc1 2,218 0.47 91,546 GBP Associated British Foods plc 2,219 0.47 328,459 GBP AstraZeneca plc 20,092 4.29 247,676 GBP Auto Trader Group plc 1,086 0.23 1,036,879 GBP Aviva plc 4,220 0.90 63,000 GBP Babcock International Group plc 358 0.08 827,041 GBP BAE Systems plc 4,063 0.87 4,436,042 GBP Barclays plc 7,225 1.54 264,540 GBP Barratt Developments plc 1,223 0.26 33,298 GBP Berkeley Group Holdings plc 1,074 0.23 547,694 GBP BHP Group plc 8,224 1.75 5,173,323 GBP BP plc 26,901 5.74 594,781 GBP British American Tobacco plc 16,356 3.49 243,961 GBP British Land Co. plc (The), REIT1 1,377 0.29 2,186,974 GBP BT Group plc 5,730 1.22 87,773 GBP Bunzl plc1 2,121 0.45 107,205 GBP Burberry Group plc 1,905 0.41 46,212 GBP Carnival plc 2,104 0.45 1,439,829 GBP Centrica plc 1,983 0.42 410,658 GBP Compass Group plc1 6,893 1.47 349,201 GBP ConvaTec Group plc1 531 0.11 34,393 GBP Croda International plc 1,677 0.36 638,135 GBP Diageo plc 18,018 3.84

236







United Kingdom (continued) 359,236 GBP Direct Line Insurance Group plc 1,178 0.25 40,367 GBP easyJet plc 449 0.10 56,159 GBP Fresnillo plc 423 0.09 405,373 GBP G4S plc1 786 0.17 1,286,027 GBP GlaxoSmithKline plc 20,854 4.45 207,502 GBP Hammerson plc, REIT 801 0.17 74,353 GBP Hargreaves Lansdown plc 1,414 0.30 5,199,209 GBP HSBC Holdings plc 34,538 7.37 247,319 GBP Imperial Brands plc 5,960 1.27 321,414 GBP Informa plc1 2,222 0.47 47,324 GBP InterContinental Hotels Group plc 1,988 0.42 42,166 GBP Intertek Group plc 1,981 0.42 173,293 GBP Investec plc 825 0.18 946,519 GBP ITV plc1 1,374 0.29 459,143 GBP J Sainsbury plc1 1,400 0.30 177,068 GBP John Wood Group plc1 1,124 0.24 50,563 GBP Johnson Matthey plc 1,478 0.32 560,438 GBP Kingfisher plc 1,401 0.30 193,715 GBP Land Securities Group plc, REIT1 1,575 0.34 1,542,042 GBP Legal & General Group plc 3,776 0.81 18,697,206 GBP Lloyds Banking Group plc 10,351 2.21 80,942 GBP London Stock Exchange Group plc 3,264 0.70 424,489 GBP Marks & Spencer Group plc1 1,242 0.27 91,037 GBP Mediclinic International plc1 322 0.07 202,858 GBP Meggitt plc 1,051 0.22 1,244,350 GBP Melrose Industries plc1 2,198 0.47 180,496 GBP Merlin Entertainments plc1 607 0.13 113,994 GBP Micro Focus International plc 1,754 0.37 95,946 GBP Mondi plc 1,640 0.35 870,307 GBP National Grid plc 7,249 1.55 36,087 GBP Next plc 1,769 0.38 27,193 GBP NMC Health plc1 897 0.19 203,959 GBP Pearson plc1 1,965 0.42 81,332 GBP Persimmon plc 1,545 0.33 672,086 GBP Prudential plc 10,354 2.21 173,569 GBP Reckitt Benckiser Group plc 11,303 2.41 512,663 GBP RELX plc 8,369 1.79 307,972 GBP Rio Tinto plc 10,961 2.34 432,817 GBP Rolls-Royce Holdings plc 3,677 0.78 21,758,598 GBP Rolls-Royce Holdings plc, Preference2 22 – 1,241,244 GBP Royal Bank of Scotland Group plc 2,708 0.58 1,156,858 EUR Royal Dutch Shell plc 'A'1 27,416 5.85 35,254 GBP Royal Dutch Shell plc 'A'1 836 0.18 971,265 GBP Royal Dutch Shell plc 'B' 23,267 4.96 235,136 GBP Royal Mail plc 752 0.16 268,173 GBP RSA Insurance Group plc 1,455 0.31 283,083 GBP Sage Group plc (The) 1,646 0.35 32,478 GBP Schroders plc 821 0.18 264,281 GBP Segro plc, REIT 1,594 0.34 61,815 GBP Severn Trent plc1 1,131 0.24 225,688 GBP Smith & Nephew plc 3,216 0.69 103,397 GBP Smiths Group plc1 1,437 0.31 261,982 GBP SSE plc 2,870 0.61 138,241 GBP St James's Place plc 1,390 0.30

237







United Kingdom (continued) 726,859 GBP Standard Chartered plc1 4,429 0.95 612,996 GBP Standard Life Aberdeen plc 1,627 0.35 856,026 GBP Taylor Wimpey plc 1,147 0.24 2,537,025 GBP Tesco plc 5,012 1.07 64,223 GBP Travis Perkins plc1 709 0.15 316,653 GBP Unilever plc1 13,437 2.87 178,152 GBP United Utilities Group plc 1,355 0.29 6,917,557 GBP Vodafone Group plc 11,687 2.49 62,942 GBP Weir Group plc (The)1 928 0.20 47,143 GBP Whitbread plc 2,168 0.46 584,726 GBP Wm Morrison Supermarkets plc 1,389 0.30 Total United Kingdom 426,382 90.97


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


Buy GBP 1,074,354; Sell USD 1,390,200 Morgan Stanley 31/12/2018 (13) – Total unrealised loss (31 May 2018: 0.00%)4 (13) –

Total unrealised loss on forward currency contracts (31 May 2018: 0.00%)4 (13) –

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

Futures contracts

United Kingdom (31 May 2018: 0.10%) – –

Total unrealised gain on futures contracts (31 May 2018: 0.10%) – –



Total unrealised loss on futures contracts (31 May 2018: 0.00%) (51) (0.01)

Fair Value GBP '000


Total financial assets at fair value through profit or loss 462,853 98.75 Total financial liabilities at fair value through profit or loss (64) (0.01) Cash 3,257 0.69 Other assets and liabilities 2,651 0.57 Net asset value attributable to redeemable participating unitholders 468,697 100.00

238






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 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 – 1,090 Futures contracts – 6,272

239

iSHARES US INDEX FUND (IE)





LIQUIDITY INSTRUMENTS

Certificates of deposit (31 May 2018: 6.37%)

Canada (31 May 2018: 2.18%) – –

Finland (31 May 2018: 0.00%) 7,000,000 USD Nordea Bank Abp, 2.30%, 18/12/2018 7,000 0.42 Total Finland 7,000 0.42

France (31 May 2018: 2.18%) – –

Germany (31 May 2018: 0.00%) 60,000,000 USD Landesbank Baden-Wurttemberg, 2.50%, 07/01/2019 60,007 3.59 Total Germany 60,007 3.59

Japan (31 May 2018: 2.01%) 60,000,000 USD Mizuho Bank Ltd., 2.48%, 15/01/2019 60,005 3.59 Total Japan 60,005 3.59

Total investments in certificates of deposit 127,012 7.60

Commercial papers (31 May 2018: 71.11%)

Australia (31 May 2018: 4.40%) 24,000,000 USD Telstra Corp. Ltd., 0.00%, 07/01/2019 23,935 1.43 26,000,000 USD Telstra Corp. Ltd., 0.00%, 14/01/2019 25,916 1.55 Total Australia 49,851 2.98

Canada (31 May 2018: 11.13%) 11,987,000 USD Bell Canada, Inc., 0.00%, 14/12/2018 11,975 0.72 50,000,000 USD Nutrien Ltd., 0.00%, 31/12/2018 49,876 2.98 4,000,000 USD Nutrien Ltd., 0.00%, 11/01/2019 3,986 0.24 12,500,000 USD Suncor Energy, Inc., 0.00%, 08/01/2019 12,465 0.75 12,000,000 USD Suncor Energy, Inc., 0.00%, 25/02/2019 11,917 0.71 22,000,000 USD TELUS Corp., 0.00%, 01/02/2019 21,894 1.31 15,000,000 USD TransCanada PipeLines Ltd., 0.00%, 09/01/2019 14,956 0.89 Total Canada 127,069 7.60

Cayman Islands (31 May 2018: 2.18%) – –

France (31 May 2018: 4.52%) 25,000,000 USD Electricite de France SA, 0.00%, 25/02/2019 24,827 1.48 Total France 24,827 1.48

Germany (31 May 2018: 6.54%) – –

Ireland (31 May 2018: 1.09%) 50,000,000 USD Matchpoint Finance plc, 0.00%, 03/12/2018 49,990 2.99 Total Ireland 49,990 2.99

Japan (31 May 2018: 2.18%) 60,000,000 USD Mitsubishi UFJ Trust and Banking Corp., 0.00%, 24/12/2018 59,911 3.58

240






LIQUIDITY INSTRUMENTS (continued)

Commercial papers (continued)

Japan (continued) 60,000,000 USD Sumitomo Mitsui Banking Corp., 0.00%, 04/12/2018 59,985 3.59 Total Japan 119,896 7.17

Jersey (31 May 2018: 0.00%) 45,000,000 USD Cancara Asset Securitisation Ltd., 0.00%, 05/12/2018 44,986 2.69 15,000,000 USD Cancara Asset Securitisation Ltd., 0.00%, 14/12/2018 14,987 0.90 Total Jersey 59,973 3.59

Luxembourg (31 May 2018: 0.00%) 60,000,000 USD Banque et Caisse d'Epargne de l'Etat, 0.00%, 06/12/2018 59,978 3.59 Total Luxembourg 59,978 3.59

Singapore (31 May 2018: 1.89%) – –

United Kingdom (31 May 2018: 5.65%) 50,000,000 USD AstraZeneca plc, 0.00%, 10/12/2018 49,966 2.99 60,000,000 USD Nationwide Building Society, 0.00%, 10/12/2018 59,961 3.58 33,500,000 USD Prudential plc, 0.00%, 20/12/2018 33,457 2.00 29,000,000 USD Reckitt Benckiser Treasury Services plc, 0.00%, 28/01/2019 28,884 1.73 Total United Kingdom 172,268 10.30

United States (31 May 2018: 31.53%) 15,300,000 USD AutoZone, Inc., 0.00%, 07/12/2018 15,293 0.92 30,000,000 USD Eni Finance USA, Inc., 0.00%, 10/01/2019 29,910 1.79 50,000,000 USD HSBC USA, Inc., 0.00%, 09/01/2019 49,866 2.98 15,500,000 USD Hyundai Capital America, Inc., 0.00%, 03/01/2019 15,462 0.93 44,000,000 USD Hyundai Capital America, Inc., 0.00%, 04/01/2019 43,888 2.63 20,000,000 USD J.P. Morgan Securities plc, 0.00%, 03/12/2018 19,996 1.20 35,000,000 USD Keurig Dr Pepper, Inc., 0.00%, 03/12/2018 34,993 2.09 40,000,000 USD La Fayette Asset Securitization LLC, 0.00%, 04/12/2018 39,990 2.39 30,000,000 USD Liberty Street Funding LLC, 0.00%, 13/02/2019 29,835 1.78 15,000,000 USD Marriott International, Inc., 0.00%, 08/01/2019 14,957 0.89 27,000,000 USD McKesson Corp., 0.00%, 24/12/2018 26,954 1.61 20,000,000 USD Mondelez International, Inc., 0.00%, 12/12/2018 19,983 1.20 40,000,000 USD Mondelez International, Inc., 0.00%, 14/12/2018 39,961 2.39 35,000,000 USD Mondelez International, Inc., 0.00%, 31/01/2019 34,835 2.08 20,231,000 USD Mont Blanc Capital Corp., 0.00%, 12/12/2018 20,216 1.21 25,000,000 USD Nextera Energy Capital Holdings, Inc., 0.00%, 27/12/2018 24,952 1.49 13,500,000 USD Nextera Energy Capital Holdings, Inc., 0.00%, 09/01/2019 13,461 0.81 11,000,000 USD Nextera Energy Capital Holdings, Inc., 0.00%, 28/02/2019 10,921 0.65 40,000,000 USD Old Line Funding LLC, 0.00%, 22/01/2019 39,852 2.38 7,375,000 USD Parker-Hannifin Corp., 0.00%, 05/02/2019 7,341 0.44 7,300,000 USD Parker-Hannifin Corp., 0.00%, 06/02/2019 7,266 0.43 48,113,000 USD Ridgefield Funding Co. LLC, 0.00%, 22/01/2019 47,935 2.87 25,000,000 USD Sempra Energy Holdings, 0.00%, 03/01/2019 24,939 1.49 22,000,000 USD VW Credit, Inc., 0.00%, 10/12/2018 21,985 1.32 21,000,000 USD VW Credit, Inc., 0.00%, 02/01/2019 20,950 1.25 17,500,000 USD VW Credit, Inc., 0.00%, 28/01/2019 17,422 1.04 49,000,000 USD VW Credit, Inc., 0.00%, 04/02/2019 48,752 2.92 10,900,000 USD VW Credit, Inc., 0.00%, 22/02/2019 10,828 0.65

241






LIQUIDITY INSTRUMENTS (continued)

Commercial papers (continued)

United States (continued) 60,000,000 USD Walgreens Boots Alliance, Inc., 0.00%, 28/01/2019 59,732 3.57 Total United States 792,475 47.40

Total investments in commercial papers 1,456,327 87.10

Total investments in liquidity instruments 1,583,339 94.70


Futures contracts


12,117 USD 605,850 S&P 500 Emini Index 21/12/2018 (82,577) (4.94) Total United States (82,577) (4.94)


Fair Value USD '000


Total financial assets at fair value through profit or loss 1,583,339 94.70 Total financial liabilities at fair value through profit or loss (82,577) (4.94) Cash 168,499 10.08 Cash equivalents Undertaking for collective investment schemes (31 May 2018: 8.76%) Other assets and liabilities 2,789 0.16 Net asset value attributable to redeemable participating unitholders 1,672,050 100.00


Assets Other transferable securities of the type referred to in Regulation 68 (1) (a), (b) and (c) 90.16 Other assets 9.84 Total assets 100.00


On losses USD '000

Futures contracts – 1,662,574

242

BlackRock Market Advantage Strategy Fund SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments EUR ‘000 134,800,000 Institutional Euro Assets Liquidity Fund - Agency (Dis) Shares 134,800 37,669,147 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 42,314 13,044,976 Institutional US Dollar Liquidity Fund - Agency (Dis) Shares 11,417 7,115,000 Australia Government Bond, FRN, 1.01%, 21/02/2050 4,322 5,590,000 Australia Government Bond, FRN, 1.42%, 21/02/2022 4,099 3,115,000 Australia Government Bond, FRN, 6.84%, 20/08/2020 3,646 4,810,000 Australia Government Bond, FRN, 0.77%, 21/11/2027 3,095 3,735,000 Australia Government Bond, FRN, 2.22%, 21/08/2035 3,038 1,875,000 Canada Government Real Return Bond, FRN, 5.82%, 01/12/2031 2,583 2,616,000 Canada Government Real Return Bond, FRN, 1.73%, 01/12/2044 2,394 2,745,000 US Treasury Inflation Indexed, 0.75%, 15/07/2028 2,343 11,980,000 Sweden Government Inflation Linked Bond, 4.42%, 01/12/2028 2,263 15,110,000 Sweden Government Inflation Linked Bond, 5.28%, 01/12/2020 2,244 1,650,000 Canada Government Real Return Bond, FRN, 6.43%, 01/12/2026 2,153 2,425,000 Australia Government Bond, FRN, 3.66%, 20/09/2025 2,142 1,625,000 Canada Government Real Return Bond, FRN, 3.87%, 01/12/2036 1,955 2,740,000 Australia Government Bond, FRN, 1.33%, 21/08/2040 1,922 2,270,000 Canada Government Real Return Bond, FRN, 1.35%, 01/12/2047 1,884 2,070,000 US Treasury Inflation Indexed, 0.66%, 15/01/2026 1,858 1,880,000 US Treasury Inflation Indexed, 0.67%, 15/01/2024 1,741

Sales Proceeds Holding Investments EUR ‘000 120,117,092 Institutional Euro Assets Liquidity Fund - Agency (Dis) Shares 120,117 15,200,000 Institutional US Dollar Liquidity Fund - Agency (Dis) Shares 13,187 4,000,000 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 4,518 3,310,000 Australia Government Bond, FRN, 6.84%, 20/08/2020 3,771 2,550,000 France Government Bond OAT, FRN, 2.04%, 25/07/2027 3,511 2,505,000 France Government Bond OAT, FRN, 2.85%, 25/07/2020 3,430 2,665,000 France Government Bond OAT, FRN, 1.23%, 25/07/2022 3,315 2,135,000 France Government Bond OAT, FRN, 2.38%, 25/07/2023 2,835 1,380,000 France Government Bond OAT, FRN, 4.03%, 25/07/2032 2,697 1,525,000 France Government Bond OAT, FRN, 2.13%, 25/07/2040 2,639 2,130,000 Deutsche Bundesrepublik Inflation Linked Bond, 1.95%, 15/04/2020 2,547 2,212,000 France Government Bond OAT, 1.40%, 25/07/2019 2,501 1,975,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.11%, 15/04/2023 2,265 1,885,000 France Government Bond OAT, FRN, 0.26%, 25/07/2024 2,151 1,830,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2026 2,084 1,090,000 France Government Bond OAT, FRN, 4.38%, 25/07/2029 2,057 1,460,000 France Government Bond OAT, FRN, 0.73%, 25/07/2030 1,748 16,450,000 Sweden Government Inflation Linked Bond, 0.13%, 01/06/2019 1,701 1,320,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.51%, 15/04/2030 1,595 1,200,000 France Government Bond OAT, FRN, 0.10%, 01/03/2025 1,325 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

243

iShares Developed Real Estate Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments USD ‘000 149,872 CyrusOne, Inc., REIT 10,141 36,043 Simon Property Group, Inc., REIT 6,206 173,095 Equity Commonwealth, REIT 5,559 75,197 Prologis, Inc., REIT 4,828 216,503 VICI Properties, Inc., REIT 4,628 690,027 Colony Capital, Inc., REIT 'A' 4,262 18,883 Public Storage, REIT 3,897 66,375 Vonovia SE 3,151 17,562 AvalonBay Communities, Inc., REIT 3,076 128,200 Mitsui Fudosan Co. Ltd. 3,051 47,351 Welltower, Inc., REIT 2,989 26,148 Digital Realty Trust, Inc., REIT 2,953 45,652 Equity Residential, REIT 2,940 124,859 Americold Realty Trust, REIT 2,882 273,500 Link REIT 2,579 180,500 Sun Hung Kai Properties Ltd. 2,559 150,500 Mitsubishi Estate Co. Ltd. 2,538 343,000 CK Asset Holdings Ltd. 2,530 45,282 Ventas, Inc., REIT 2,516 12,868 Unibail-Rodamco-Westfield, REIT 2,512 14,983 Gecina SA, REIT 2,502 19,648 Boston Properties, Inc., REIT 2,376

Sales Proceeds Holding Investments USD ‘000 30,595 Simon Property Group, Inc., REIT 5,284 52,879 Prologis, Inc., REIT 3,485 13,729 Public Storage, REIT 2,948 100,300 Mitsui Fudosan Co. Ltd. 2,403 247,000 Link REIT 2,315 12,847 AvalonBay Communities, Inc., REIT 2,277 109,030 Brookfield Property REIT, Inc. 'A' 2,267 33,988 Welltower, Inc., REIT 2,184 17,946 Digital Realty Trust, Inc., REIT 2,111 31,354 Equity Residential, REIT 2,060 137,500 Sun Hung Kai Properties Ltd. 2,052 263,500 CK Asset Holdings Ltd. 2,035 41,024 Vonovia SE 1,997 115,200 Mitsubishi Estate Co. Ltd. 1,983 32,569 Ventas, Inc., REIT 1,876 8,889 Unibail-Rodamco-Westfield, REIT 1,836 14,320 Boston Properties, Inc., REIT 1,807 35,100 Deutsche Wohnen SE 1,719 43,000 Sumitomo Realty & Development Co. Ltd. 1,563 505,612 Scentre Group, REIT 1,558 67,521 Host Hotels & Resorts, Inc., REIT 1,428

244

iShares Developed Real Estate Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (continued) For the period ended 30 November 2018 Sales (continued) Proceeds Holding Investments USD ‘000 5,796 Essex Property Trust, Inc., REIT 1,393 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

245

iShares Developed World ex Tobacco Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments USD ‘000 6,808 Apple, Inc. 1,296 570 Amazon.com, Inc. 987 9,366 Microsoft Corp. 969 3,316 Facebook, Inc. 'A' 660 4,735 JPMorgan Chase & Co. 513 425 Alphabet, Inc. 'C' 491 405 Alphabet, Inc. 'A' 473 5,721 Exxon Mobil Corp. 471 3,554 Johnson & Johnson 448 4,509 Nestle SA, Registered 356 4,553 CVS Health Corp. 347 11,643 Bank of America Corp. 343 1,681 Berkshire Hathaway, Inc. 'B' 321 5,600 Wells Fargo & Co. 310 2,417 Chevron Corp. 303 1,149 UnitedHealth Group, Inc. 288 5,634 Intel Corp. 283 2,055 Visa, Inc. 'A' 280 2,173 United Technologies Corp. 278 1,406 Home Depot, Inc. (The) 278

Sales Proceeds Holding Investments USD ‘000 4,921 Apple, Inc. 1,048 1,817 Northrop Grumman Corp. 542 4,567 Microsoft Corp. 492 253 Amazon.com, Inc. 476 3,810 CVS Health Corp. 299 1,480 Facebook, Inc. 'A' 287 4,200 Toyota Motor Corp. 267 2,309 JPMorgan Chase & Co. 254 2,030 Keurig Dr Pepper, Inc. 252 1,565 Andeavor 240 198 Alphabet, Inc. 'C' 238 191 Alphabet, Inc. 'A' 233 2,801 Exxon Mobil Corp. 229 1,729 Johnson & Johnson 225 6,697 Bank of America Corp. 199 2,351 Nestle SA, Registered 192 3,216 Wells Fargo & Co. 183 1,412 United Technologies Corp. 182 3,978 Cisco Systems, Inc. 180 4,511 Pfizer, Inc. 179 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

246

iShares Developed World Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments USD ‘000 71,323 Apple, Inc. 15,318 7,969 Amazon.com, Inc. 13,662 119,545 Microsoft Corp. 13,122 130,670 CVS Health Corp. 10,108 46,629 Facebook, Inc. 'A' 7,732 6,524 Alphabet, Inc. 'C' 7,336 82,769 Marathon Petroleum Corp. 6,475 43,194 Johnson & Johnson 6,141 14,256 ABIOMED, Inc. 5,434 46,529 JPMorgan Chase & Co. 5,259 108,056 Intel Corp. 5,100 59,024 Nestle SA, Registered 4,979 105,229 Coca-Cola Co. (The) 4,907 4,332 Alphabet, Inc. 'A' 4,886 59,149 Exxon Mobil Corp. 4,859 146,898 Williams Cos., Inc. (The) 4,671 21,488 Berkshire Hathaway, Inc. 'B' 4,574 54,218 Nektar Therapeutics 4,352 77,833 Verizon Communications, Inc. 4,338 384,421 Informa plc 4,300

Sales Proceeds Holding Investments USD ‘000 135,067 Apple, Inc. 29,395 104,174 Microsoft Corp. 11,253 123,678 CVS Health Corp. 9,785 62,923 Andeavor 9,661 5,465 Amazon.com, Inc. 9,624 63,787 Keurig Dr Pepper, Inc. 7,924 110,900 Toyota Motor Corp. 6,954 145,670 Cisco Systems, Inc. 6,685 60,940 JPMorgan Chase & Co. 6,570 226,733 Bank of America Corp. 6,388 146,559 Pfizer, Inc. 6,252 5,157 Alphabet, Inc. 'C' 5,734 36,840 Facebook, Inc. 'A' 5,673 37,112 Visa, Inc. 'A' 5,219 18,623 UnitedHealth Group, Inc. 4,927 88,203 Wells Fargo & Co. 4,695 145,839 AT&T, Inc. 4,616 82,112 Verizon Communications, Inc. 4,578 24,607 Home Depot, Inc. (The) 4,562 98,365 Intel Corp. 4,492 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

247

iShares Edge EM Fundamental Weighted Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments USD ‘000 972,000 Hon Hai Precision Industry Co. Ltd. 2,578 174,540 Banco do Brasil SA 1,244 18,199 Magnit PJSC 1,228 5,452 Alibaba Group Holding Ltd. ADR 1,017 72,600 Siam Cement PCL (The) NVDR 989 91,538 Itau Unibanco Holding SA, Preference 966 120,950 Banco Bradesco SA, Preference 853 5,953,375 Steinhoff International Holdings NV 848 916,000 China Construction Bank Corp. 'H' 825 3,310 Baidu, Inc. ADR 825 89,000 Taiwan Semiconductor Manufacturing Co. Ltd. 686 1,194,000 Bank of China Ltd. 'H' 553 2,199,000 China Huarong Asset Management Co. Ltd. 'H' 517 25,469 Tata Motors Ltd. ADR 437 28,457 Grasim Industries Ltd. 419 92,485 Petrobras Distribuidora SA 419 40,882 SACI Falabella 389 201,091 Cia Energetica de Minas Gerais, Preference 383 41,000 China Mobile Ltd. 367 138,130 JBS SA 321 64,377 Yes Bank Ltd. 312 5,609 Ctrip.com International Ltd. ADR 290 114,773 Cencosud SA 286 28,988 Ultrapar Participacoes SA 285 263,712 Akbank T.A.S. 267 170,000 China Resources Pharmaceutical Group Ltd. 260

Sales Proceeds Holding Investments USD ‘000 59,126 LUKOIL PJSC ADR 4,138 1,474,893 Gazprom PJSC 3,400 220,180 Vale SA 3,134 3,602,000 China Construction Bank Corp. 'H' 2,951 1,652,000 CNOOC Ltd. 2,829 76,186 Reliance Industries Ltd. GDR 2,396 312,000 Taiwan Semiconductor Manufacturing Co. Ltd. 2,322 3,152,000 Industrial & Commercial Bank of China Ltd. 'H' 2,213 349,218 Petroleo Brasileiro SA 2,120 60,274 Sasol Ltd. 2,109 164,672 Suzano Papel e Celulose SA 1,932 297,179 Petroleo Brasileiro SA, Preference 1,836 2,156,000 PetroChina Co. Ltd. 'H' 1,628 1,822,000 China Petroleum & Chemical Corp. 'H' 1,583 1,023,300 PTT PCL NVDR 1,568 118,215 Itau Unibanco Holding SA, Preference 1,525 156,000 China Mobile Ltd. 1,489

248

iShares Edge EM Fundamental Weighted Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (continued) For the period ended 30 November 2018 Sales (continued) Proceeds Holding Investments USD ‘000 3,096,000 Bank of China Ltd. 'H' 1,322 468,000 Hon Hai Precision Industry Co. Ltd. 1,168 164,451 MTN Group Ltd. 1,165 4,843 Naspers Ltd. 'N' 1,074 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

249

iShares Emerging Markets Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments USD ‘000 146,146,717 Institutional US Dollar Liquidity Fund - Agency (Dis) Shares 146,147 26,232,000 China Construction Bank Corp. 'H' 25,928 10,405,729 Old Mutual Ltd. 21,889 458,790 Qatar National Bank QPSC 19,903 278,700 Tencent Holdings Ltd. 12,245 270,270 Huazhu Group Ltd. ADR 11,895 72,442,000 China Tower Corp. Ltd. 'H' 11,680 130,166 LUKOIL PJSC 9,829 54,959 Alibaba Group Holding Ltd. ADR 9,716 229,433 Samsung Electronics Co. Ltd. 9,585 4,785,000 Country Garden Holdings Co. Ltd. 9,224 1,080,000 Taiwan Semiconductor Manufacturing Co. Ltd. 8,821 756,500 Wuxi Biologics Cayman, Inc. 8,514 651,000 Walsin Technology Corp. 8,423 523,341 Clicks Group Ltd. 8,372 63,842 HLB, Inc. 8,176 2,418,594 Power Grid Corp. of India Ltd. 7,523 5,176,300 Indah Kiat Pulp & Paper Corp. Tbk. PT 6,903 28,276 ViroMed Co. Ltd. 6,606 6,526,000 China First Capital Group Ltd. 6,548

Sales Proceeds Holding Investments USD ‘000 144,135,699 Institutional US Dollar Liquidity Fund - Agency (Dis) Shares 144,136 393,615 Samsung Electronics Co. Ltd. 17,192 337,900 Tencent Holdings Ltd. 15,251 70,880 Alibaba Group Holding Ltd. ADR 12,127 1,279,000 Taiwan Semiconductor Manufacturing Co. Ltd. 9,330 10,000,000 Industrial & Commercial Bank of China Ltd. 'H' 8,276 25,562 Naspers Ltd. 'N' 5,703 487,974 Infosys Ltd. ADR 5,191 103,686 Sociedad Quimica y Minera de Chile SA, Preference ADR 4,463 331,087 Sberbank of Russia PJSC ADR 4,057 17,134 Baidu, Inc. ADR 3,620 1,368,600 Malayan Banking Bhd. 3,320 720,946 Qatar Gas Transport Co. Ltd. 2,946 985,000 China Evergrande Group 2,884 35,258 SK Hynix, Inc. 2,696 3,169,000 China Construction Bank Corp. 'H' 2,626 4,021,021 Sibanye Gold Ltd. 2,504 62,209 Yum China Holdings, Inc. 2,445 77,980 Hanwha Aerospace Co. Ltd. 2,390 1,802,341 Country Garden Services Holdings Co. Ltd. 2,387 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

250

iShares EMU Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments EUR ‘000 5,542 Smurfit Kappa Group plc 198 4,409 Moncler SpA 173 855 ASML Holding NV 139 1,693 Bayer AG, Registered 135 2,597 TOTAL SA 134 878 Sartorius AG, Preference 110 1,018 SAP SE 98 1,276 Sanofi 92 2,274 Delivery Hero SE 89 801 Siemens AG, Registered 85 1,090 BASF SE 83 17,899 Banco Santander SA 78 418 Allianz SE 76 9,884 Pirelli & C SpA 72 252 LVMH Moet Hennessy Louis Vuitton SE 70 1,471 Unilever NV CVA 70 30,517 Intesa Sanpaolo SpA 70 587 Airbus SE 58 8,845 Iberdrola SA 56 1,063 BNP Paribas SA 54 707 Anheuser-Busch InBev SA 52 4,540 ING Groep NV 52 3,665 Deutsche Telekom AG, Registered 51 760 Danone SA 50 2,262 AXA SA 50 886 Daimler AG 49 241 L'Oreal SA 48

Sales Proceeds Holding Investments EUR ‘000 4,722 Linde AG 1,044 24,646 RELX NV 454 2,804 Unilever NV CVA 135 2,217 TOTAL SA 117 1,766 Daimler AG 105 901 MAN SE 81 766 SAP SE 79 1,009 Sanofi 72 605 Siemens AG, Registered 68 351 Allianz SE 63 748 BASF SE 61 334 Muenchener Rueckversicherungs-Gesellschaft AG, Registered 61 835 Schneider Electric SE 61 13,488 Banco Santander SA 60 345 ASML Holding NV 58 198 LVMH Moet Hennessy Louis Vuitton SE 58

251

iShares EMU Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (continued) For the period ended 30 November 2018 Sales (continued) Proceeds Holding Investments EUR ‘000 609 Bayer AG, Registered 51 458 Airbus SE 48 2,066 Lagardere SCA 48 567 Anheuser-Busch InBev SA 46 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

252

iShares Europe ex-UK Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments EUR ‘000 100,614 Smurfit Kappa Group plc 3,596 26,892 Temenos AG, Registered 3,422 79,894 Moncler SpA 3,141 13,100 ASML Holding NV 2,199 17,217 Sartorius AG, Preference 2,185 44,312 Novo Nordisk A/S 'B' 1,849 44,973 Delivery Hero SE 1,800 21,090 Bayer AG, Registered 1,754 54,675 Aker BP ASA 1,699 22,593 Nestle SA, Registered 1,591 178,616 Pirelli & C SpA 1,309 99,205 UBS Group AG, Registered 1,291 85,661 Credit Suisse Group AG 1,115 4,916 Roche Holding AG 1,005 18,212 TOTAL SA 988 117,306 Skandinaviska Enskilda Banken AB 'A' 952 8,361 SAP SE 868 9,813 Novartis AG, Registered 717 2,190 LVMH Moet Hennessy Louis Vuitton SE 663 7,614 BASF SE 629

Sales Proceeds Holding Investments EUR ‘000 86,224 Linde AG 18,950 207,008 Nestle SA, Registered 14,349 162,602 Novartis AG, Registered 11,505 46,620 Roche Holding AG 9,356 158,631 TOTAL SA 8,326 448,924 RELX NV 8,280 175,277 Novo Nordisk A/S 'B' 6,942 63,591 SAP SE 6,430 134,349 Unilever NV CVA 6,362 75,237 Sanofi 5,530 29,860 Allianz SE 5,464 48,083 Siemens AG, Registered 5,298 18,338 LVMH Moet Hennessy Louis Vuitton SE 5,225 59,247 Bayer AG, Registered 4,877 1,053,443 Banco Santander SA 4,728 59,806 BASF SE 4,657 78,071 Daimler AG 4,520 26,458 ASML Holding NV 4,357 38,115 Airbus SE 3,851 74,593 BNP Paribas SA 3,835 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

253

iShares Europe Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments EUR ‘000 4,858 Nestle SA, Registered 349 3,358 Novartis AG, Registered 247 24,366 Informa plc 234 29,322 HSBC Holdings plc 219 1,038 Roche Holding AG 216 31,680 BP plc 204 6,854 Royal Dutch Shell plc 'A' 197 3,739 TOTAL SA 196 4,303 Smurfit Kappa Group plc 154 5,204 Royal Dutch Shell plc 'B' 152 1,184 Temenos AG, Registered 151 1,951 Bayer AG, Registered 150 8,392 GlaxoSmithKline plc 145 880 ASML Holding NV 142 3,607 Novo Nordisk A/S 'B' 141 3,519 Moncler SpA 138 1,378 SAP SE 132 1,943 AstraZeneca plc 130 3,169 British American Tobacco plc 126 1,084 Siemens AG, Registered 114

Sales Proceeds Holding Investments EUR ‘000 3,664 Linde AG 810 2,565 Novartis AG, Registered 184 93,482 Old Mutual Ltd. 168 1,975 Nestle SA, Registered 142 6,215 Anglo American plc 124 2,607 Novo Nordisk A/S 'B' 108 13,637 HSBC Holdings plc 107 2,183 Unilever NV CVA 106 11,515 Standard Chartered plc 96 446 Roche Holding AG 94 3,131 Royal Dutch Shell plc 'A' 87 1,623 TOTAL SA 85 13,655 BP plc 84 1,328 Daimler AG 78 5,653 IMI plc 75 1,608 British American Tobacco plc 75 50,556 Cobham plc 72 2,551 Royal Dutch Shell plc 'B' 72 17,874 Glencore plc 69 642 SAP SE 66 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

254

iShares Japan Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments USD ‘000 92,500 Toyota Motor Corp. 5,797 38,600 SoftBank Group Corp. 3,485 60,700 Sony Corp. 3,343 511,400 Mitsubishi UFJ Financial Group, Inc. 3,087 56,600 Showa Denko KK 2,725 4,600 Keyence Corp. 2,608 62,800 Sumitomo Mitsui Financial Group, Inc. 2,505 653,800 Yahoo Japan Corp. 2,364 41,600 CyberAgent, Inc. 2,177 74,000 KDDI Corp. 2,035 4,200 Fast Retailing Co. Ltd. 1,985 1,127,600 Mizuho Financial Group, Inc. 1,955 66,000 Honda Motor Co. Ltd. 1,950 5,200 Nintendo Co. Ltd. 1,871 21,000 Kobayashi Pharmaceutical Co. Ltd. 1,828 23,200 Kao Corp. 1,821 9,000 FANUC Corp. 1,763 54,800 Mitsubishi Corp. 1,603 51,600 Recruit Holdings Co. Ltd. 1,585 35,100 Seven & i Holdings Co. Ltd. 1,537

Sales Proceeds Holding Investments USD ‘000 129,600 Toyota Motor Corp. 8,198 65,700 Mitsubishi Corp. 1,839 41,000 Honda Motor Co. Ltd. 1,260 70,200 Astellas Pharma, Inc. 1,146 6,500 Nidec Corp. 981 29,400 Canon, Inc. 979 9,200 Shin-Etsu Chemical Co. Ltd. 892 17,800 Denso Corp. 861 8,500 East Japan Railway Co. 812 8,600 SoftBank Group Corp. 794 5,000 Murata Manufacturing Co. Ltd. 784 7,300 Oriental Land Co. Ltd. 755 13,200 Sony Corp. 746 123,000 Mitsubishi UFJ Financial Group, Inc. 740 39,800 Ajinomoto Co., Inc. 740 18,800 Bridgestone Corp. 730 37,500 ITOCHU Corp. 686 48,700 Mitsubishi Electric Corp. 672 24,200 KDDI Corp. 644 68,000 Mitsubishi Chemical Holdings Corp. 622 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

255

iShares North America Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments USD ‘000 34,514 Apple, Inc. 7,218 3,595 Amazon.com, Inc. 6,435 58,302 Microsoft Corp. 6,300 28,357 Praxair, Inc. 4,677 20,459 Facebook, Inc. 'A' 3,509 2,622 Alphabet, Inc. 'C' 2,973 21,384 Johnson & Johnson 2,866 35,605 CVS Health Corp. 2,856 2,441 Alphabet, Inc. 'A' 2,798 33,292 Exxon Mobil Corp. 2,773 24,287 JPMorgan Chase & Co. 2,713 11,018 Berkshire Hathaway, Inc. 'B' 2,255 27,476 Marathon Petroleum Corp. 2,205 38,624 Wells Fargo & Co. 2,056 10,196 Home Depot, Inc. (The) 2,014 15,913 Chevron Corp. 1,967 7,366 UnitedHealth Group, Inc. 1,947 65,780 Bank of America Corp. 1,928 38,247 Intel Corp. 1,892 13,348 Visa, Inc. 'A' 1,888

Sales Proceeds Holding Investments USD ‘000 54,209 Apple, Inc. 11,548 56,145 Microsoft Corp. 5,943 2,992 Amazon.com, Inc. 5,181 28,742 JPMorgan Chase & Co. 3,107 17,267 Facebook, Inc. 'A' 2,847 35,710 CVS Health Corp. 2,844 2,479 Alphabet, Inc. 'C' 2,765 20,167 Johnson & Johnson 2,678 20,239 Keurig Dr Pepper, Inc. 2,514 2,226 Alphabet, Inc. 'A' 2,490 31,028 Exxon Mobil Corp. 2,487 85,834 Bank of America Corp. 2,441 53,364 Cisco Systems, Inc. 2,418 15,522 Andeavor 2,382 54,916 Pfizer, Inc. 2,285 42,179 Wells Fargo & Co. 2,284 10,726 Home Depot, Inc. (The) 2,073 7,934 UnitedHealth Group, Inc. 2,041 14,554 Visa, Inc. 'A' 1,989 38,660 Intel corp. 1,866 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

256

iShares Pacific Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments USD ‘000 310,000 AIA Group Ltd. 2,595 299,543 a2 Milk Co. Ltd. 2,274 108,000 Venture Corp. Ltd. 1,705 89,000 Sun Hung Kai Properties Ltd. 1,372 24,989 Commonwealth Bank of Australia 1,255 140,500 Dairy Farm International Holdings Ltd. 1,210 55,520 Westpac Banking Corp. 1,103 42,958 BHP Billiton Ltd. 1,035 128,087 Transurban Group 1,018 50,311 National Australia Bank Ltd. 979 5,968 CSL Ltd. 829 24,175 Woodside Petroleum Ltd. 636 57,500 CK Hutchison Holdings Ltd. 625 29,545 Australia & New Zealand Banking Group Ltd. 563 15,358 Wesfarmers Ltd. 526 18,300 Hong Kong Exchanges & Clearing Ltd. 505 239,000 Hong Kong & China Gas Co. Ltd. 467 39,500 CLP Holdings Ltd. 439 55,527 Transurban Group 431 56,500 CK Asset Holdings Ltd. 420 19,072 Aristocrat Leisure Ltd. 410 16,000 Hang Seng Bank Ltd. 405 42,500 Link REIT 399 86,000 BOC Hong Kong Holdings Ltd. 375 4,278 Macquarie Group Ltd. 368 17,778 Woolworths Group Ltd. 360 Sales Proceeds Holding Investments USD ‘000 234,000 AIA Group Ltd. 2,016 25,978 Commonwealth Bank of Australia 1,417 21,147 Rio Tinto Ltd. 1,211 48,643 BHP Billiton Ltd. 1,186 51,803 Westpac Banking Corp. 1,123 52,261 Australia & New Zealand Banking Group Ltd. 1,087 6,740 CSL Ltd. 983 40,846 National Australia Bank Ltd. 836 91,124 Goodman Group, REIT 646 24,970 Woodside Petroleum Ltd. 633 17,209 Wesfarmers Ltd. 630 240,478 Mercury NZ Ltd. 545 1,983,000 Hutchison Port Holdings Trust 544 17,100 Hong Kong Exchanges & Clearing Ltd. 518 50,000 Link REIT 454 43,500 CK Hutchison Holdings Ltd. 454 4,680 Macquarie Group Ltd. 425 842,250 First Pacific Co. Ltd. 425 26,000 Sun Hung Kai Properties Ltd. 396

257

iShares Pacific Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (continued) For the period ended 30 November 2018 Sales (continued) Proceeds Holding Investments USD ‘000 17,253 Woolworths Group Ltd. 389 33,000 CLP Holdings Ltd. 353 183,000 Hong Kong & China Gas Co. Ltd. 350 42,500 CK Asset Holdings Ltd. 338 223,956 StarHub Ltd. 323 12,900 Hang Seng Bank Ltd. 323 906,000 Kingston Financial Group Ltd. 318 63,500 BOC Hong Kong Holdings Ltd. 296 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

258

iShares UK Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments GBP ‘000 267,383 RELX plc 4,436 354,886 Informa plc 2,971 56,514 Royal Dutch Shell plc 'A' 1,476 195,985 HSBC Holdings plc 1,358 225,227 BP plc 1,313 377,379 Royal Bank of Scotland Group plc 1,019 28,626 NMC Health plc 1,014 33,804 Royal Dutch Shell plc 'B' 907 55,858 GlaxoSmithKline plc 859 20,713 British American Tobacco plc 765 11,619 AstraZeneca plc 672 24,995 Prudential plc 444 9,691 Shire plc 423 241,398 Vodafone Group plc 423 687,514 Lloyds Banking Group plc 419 6,296 Reckitt Benckiser Group plc 407 12,854 Diageo plc 354 8,046 Unilever plc 338 19,062 BHP Billiton plc 325 171,398 Barclays plc 315

Sales Proceeds Holding Investments GBP ‘000 460,038 HSBC Holdings plc 2,964 105,563 Royal Dutch Shell plc 'A' 2,626 457,747 BP plc 2,581 85,940 Royal Dutch Shell plc 'B' 2,194 1,374,602 Old Mutual Ltd. 2,171 52,628 British American Tobacco plc 1,781 29,063 AstraZeneca plc 1,729 97,088 Anglo American plc 1,716 113,791 GlaxoSmithKline plc 1,713 56,464 Diageo plc 1,522 413,757 Glencore plc 1,398 190,258 Standard Chartered plc 1,303 28,018 Unilever plc 1,157 29,929 Rio Tinto plc 1,134 20,969 Shire plc 974 15,357 Reckitt Benckiser Group plc 973 1,654,372 Lloyds Banking Group plc 950 59,468 Prudential plc 937 612,081 Vodafone Group plc 907 74,328 IMI plc 862 653,310 Cobham plc 813 48,462 BHP Billiton plc 759 45,362 RELX plc 700 458,200 Quilter plc 695

259

iShares UK Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (continued) For the period ended 30 November 2018 Sales (continued) Proceeds Holding Investments GBP ‘000 392,511 Barclays plc 676 77,007 National Grid plc 635 21,884 Imperial Brands plc 580 36,336 Compass Group plc 559 The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

260

iShares US Index Fund (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 30 November 2018 Purchases Cost Holding Investments USD ‘000 462,462,376 Institutional US Dollar Liquidity Fund - Agency (Dis) Shares 462,462 60,000,000 Landesbank Baden-Wurttemberg, 2.50%, 07/01/2019 60,000 60,000,000 Mizuho Bank Ltd., 2.31%, 15/10/2018 60,000 60,000,000 Mizuho Bank Ltd., 2.48%, 15/01/2019 60,000 60,000,000 Natixis NY, 2.28%, 04/12/2018 60,000 60,000,000 TransCanada PipeLines Ltd., 0.00%, 09/07/2018 59,866 60,000,000 Nutrien Ltd., 0.00%, 27/08/2018 59,732 60,000,000 Sumitomo Mitsui Banking Corp., 0.00%, 04/12/2018 59,660 60,000,000 Sumitomo Mitsui Banking Corp., 0.00%, 04/09/2018 59,656 60,000,000 Banque et Caisse d'Epargne de l'Etat, 0.00%, 06/12/2018 59,655 60,000,000 Swedbank AB, 0.00%, 19/10/2018 59,655 60,000,000 Societe Generale SA, 0.00%, 26/09/2018 59,650 60,000,000 BPCE SA, 0.00%, 04/09/2018 59,650 60,000,000 Landesbank Baden-Wurttemberg , 0.00%, 09/10/2018 59,649 60,000,000 Thunder Bay Funding LLC, 0.00%, 12/10/2018 59,646 60,000,000 Mitsubishi UFJ Trust and Banking Corp., 0.00%, 24/12/2018 59,646 60,000,000 Mitsubishi UFJ Trust and Banking Corp., 0.00%, 25/09/2018 59,644 60,000,000 Nationwide Building Society, 0.00%, 10/12/2018 59,641 60,000,000 Walgreens Boots Alliance, Inc., 0.00%, 28/01/2019 59,583 59,000,000 Toronto-Dominion Bank (The), 2.25%, 25/09/2018 59,000 57,000,000 Regency Markets No. 1 LLC, 0.00%, 15/11/2018 56,889 55,840,000 Danske Corp., 0.00%, 05/11/2018 55,529 51,986,000 Hitachi Capital America Corp., 0.00%, 26/10/2018 51,875 51,000,000 Nextera Energy Capital Holdings, Inc., 0.00%, 26/10/2018 50,834 50,000,000 Hyundai Capital America, Inc., 0.00%, 30/07/2018 49,923 50,000,000 American Electric Power Co., Inc., 0.00%, 11/07/2018 49,890 50,000,000 Nextera Energy Capital Holdings, Inc., 0.00%, 15/08/2018 49,837 50,000,000 Marriott International, Inc., 0.00%, 08/08/2018 49,835 50,000,000 AstraZeneca plc, 0.00%, 10/12/2018 49,833 50,000,000 Nutrien Ltd., 0.00%, 23/10/2018 49,812 50,000,000 Nutrien Ltd., 0.00%, 31/12/2018 49,783 50,000,000 Bell Canada, Inc., 0.00%, 05/09/2018 49,757 50,000,000 Landesbank Hessen-Thueringen, 0.00%, 03/10/2018 49,716 50,000,000 Matchpoint Finance plc, 0.00%, 03/12/2018 49,715 50,000,000 Charta LLC, 0.00%, 11/10/2018 49,708 50,000,000 Ridgefield Funding Co. LLC, 0.00%, 04/09/2018 49,706 50,000,000 QUALCOMM, Inc., 0.00%, 05/09/2018 49,704 50,000,000 HSBC USA, Inc., 0.00%, 09/01/2019 49,694 50,000,000 AT&T, Inc., 0.00%, 14/09/2018 49,628 49,000,000 VW Credit, Inc., 0.00%, 04/02/2019 48,684 48,113,000 Ridgefield Funding Co. LLC, 0.00%, 22/01/2019 47,793 48,000,000 Santander UK plc, 0.00%, 09/11/2018 47,718

261

iShares US Index Fund (IE)

SCHEDULE OF MATERIAL PURCHASES AND SALES (continued)

For the period ended 30 November 2018

Sales1 Proceeds

Holding Investments USD ‘000 663,112,827 Institutional US Dollar Liquidity Fund - Agency (Dis) Shares 663,113 60,000,000 Natixis NY, 2.28%, 04/12/2018 59,999 52,000,000 Societe Generale SA, 0.00%, 26/09/2018 51,997 51,000,000 Nextera Energy Capital Holdings, Inc., 0.00%, 26/10/2018 50,997 40,000,000 Enterprise Products Operating LLC, 0.00%, 20/09/2018 39,978 25,000,000 VW Credit, Inc., 0.00%, 12/09/2018 24,997 25,000,000 Ciesco LLC , 0.00%, 12/09/2018 24,997 21,400,000 Bayerische Landesbank, 0.00%, 08/11/2018 21,397 20,000,000 Thunder Bay Funding LLC, 0.00%, 12/10/2018 19,999 12,000,000 Hitachi Capital America Corp., 0.00%, 26/10/2018 11,999 9,500,000 Versailles Commercial Paper LLC, 0.00%, 31/10/2018 9,499 9,000,000 J.P. Morgan Securities plc, 0.00%, 15/11/2018 8,999 8,000,000 Federation des caisses Desjardins du Quebec (The), 0.00%, 09/10/2018 7,987 7,000,000 Landesbank Hessen-Thueringen, 0.00%, 03/10/2018 6,999 7,000,000 Rogers Communications, Inc., 0.00%, 23/08/2018 6,997 7,000,000 AstraZeneca plc, 0.00%, 18/09/2018 6,997 1,500,000 Nutrien Ltd., 0.00%, 26/11/2018 1,499

The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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 period is available, upon request, at no extra cost from the Administrator.

1There were 17 sales during the period.

262

BLACKROCK INDEX SELECTION FUND CALENDAR YEAR PERFORMANCE The performance of the Sub-Funds, on a calendar year basis, is shown below:

Sub-Fund name

Return for 1 January 2018

to 30 November 2018 %


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 (3.32) 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 5.92 5.98 (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 5.09 5.06 11.85 11.73 28.20 28.20 4.45 4.55

iShares Developed World Index Fund (IE) - US Dollar Flexible Accumulating Class (1.08) (1.20) 22.66 22.40 7.71 7.51 (0.80) (0.87)

iShares Edge EM Fundamental Weighted Index Fund (IE) - Sterling Flexible Accumulating Class 0.60 0.80 14.70 15.20 57.95 58.58 (17.43) (17.10)

iShares Emerging Markets Index Fund (IE) - Sterling Flexible Accumulating Class (6.87) (6.96) 25.68 25.40 32.89 32.63 (10.09) (9.99)

iShares EMU Index Fund (IE) - Euro Flexible Accumulating Class (6.38) (7.23) 13.26 12.49 5.43 4.37 9.97 9.81

iShares Europe ex-UK Index Fund (IE) - Euro Flexible Accumulating Class (4.75) (5.33) 12.27 11.40 3.25 2.42 11.10 10.67

iShares Europe Index Fund (IE) - Euro Flexible Accumulating Class (4.97) (5.34) 10.84 10.24 3.09 2.58 8.32 8.22

iShares Japan Index Fund (IE) - US Dollar Flexible Accumulating Class (6.59) (6.64) 24.07 23.99 2.46 2.38 9.63 9.57

iShares North America Index Fund (IE) - US Dollar Flexible Accumulating Class 3.66 3.61 20.95 20.89 11.63 11.57 (0.82) (0.90)

iShares Pacific Index Fund (IE) - US Dollar Flexible Accumulating Class (8.51) (8.51) 26.06 25.88 7.87 7.85 (8.46) (8.47)

iShares UK Index Fund (IE) - Sterling Flexible Accumulating Class (5.36) (5.40) 11.93 11.71 19.09 19.16 (2.04) (2.21)

iShares US Index Fund (IE) - US Dollar Flexible Accumulating Class 4.52 4.54 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.

263

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION 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 30 November 2018 and the returns earned on total return swaps for the period ended 30 November 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 4.75 2.18 28.30 (15,459)

iShares Developed Real Estate Index Fund (IE) USD 9.99 9.36 - -

iShares Developed World ex Tobacco Index Fund (IE) USD 4.50 4.18 - -

iShares Developed World Index Fund (IE) USD 13.67 12.68 - -

iShares Edge EM Fundamental Weighted Index Fund (IE) USD 26.15 12.48 - -

iShares Emerging Markets Index Fund (IE) USD 22.68 13.27 - -

iShares EMU Index Fund (IE) EUR 15.14 14.08 - -

iShares Europe ex-UK Index Fund (IE) EUR 18.24 17.18 - -

iShares Europe Index Fund (IE) EUR 14.78 13.81 - -

iShares Japan Index Fund (IE) USD 31.47 28.94 - -

iShares North America Index Fund (IE) USD 7.76 7.22 - -

iShares Pacific Index Fund (IE) USD 22.09 20.49 - -

iShares UK Index Fund (IE) GBP 5.41 5.10 - - 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 period by the Sub-Funds from securities lending transactions is disclosed in note 8 to the financial statements.

264

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION (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 30 November 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. - - 44,057

Barclays Capital Securities Ltd. 11,564 12,714 -

Deutsche Bank AG - - 1,699

Goldman Sachs International - - 976

JPMorgan Chase Bank NA - - 103,553

iShares Developed Real Estate Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 8,732 9,591 -

BNP Paribas Arbitrage 1,970 2,173 -

Citigroup Global Markets Ltd. 9,526 10,341 - Credit Suisse AG 18,144 19,207 -

Credit Suisse Securities (Europe) Ltd. 28,330 31,050 -

Deutsche Bank AG 32,340 35,846 -

Goldman Sachs International 7,630 8,466 -

HSBC Bank plc 15,050 16,334 -

J.P. Morgan Securities plc 26,598 29,228 -

Macquarie Bank Limited 10,639 11,703 -

Merrill Lynch International 11,623 13,285 -

Morgan Stanley & Co. International plc 191 224 -

Societe Generale SA 7,363 8,146 -

The Bank of Nova Scotia 6,410 7,079 -

UBS AG 16,507 18,182 - iShares Developed World ex Tobacco Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 1,614 1,773 -

BNP Paribas Arbitrage 216 238 -

Citigroup Global Markets Ltd. 2,967 3,220 -

HSBC Bank plc 2,366 2,568 -


Macquarie Bank Limited 649 713 -


The Bank of Nova Scotia 365 404 - UBS AG 2,724 2,999 - iShares Developed World Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 101,721 111,731 -



Credit Suisse AG 453,296 479,833 -

Credit Suisse International 9,281 10,230 -




HSBC Bank plc 62,240 67,551 -



265

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION (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 Merrill Lynch International 99,703 113,961 -

Morgan Stanley & Co. International plc 22,132 25,930 -

Natixis SA 112 141 -

Nomura International plc 7,407 8,382 -

Skandinaviska Enskilda Banken AB 2,466 2,677 -



UBS AG 43,761 48,242 -

iShares Edge EM Fundamental Weighted Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Citigroup Global Markets Ltd. 1,026 1,114 -




HSBC Bank plc 2,836 3,078 - J.P. Morgan Securities plc 27,239 29,933 -




Societe Generale SA 580 642 -

UBS AG 8,808 9,697 -

iShares Emerging Markets Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 42,771 46,980 -






HSBC Bank plc 75,520 81,964 -







UBS AG 160,945 177,188 - iShares EMU Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 Credit Suisse AG 5,181 5,484 -


Credit Suisse Securities (Europe) Ltd. 204 224 -

Deutsche Bank AG 649 719 -

HSBC Bank plc 230 249 -



UBS AG 208 228 -

266


Counterparty


Amount on loan

Collateral received


iShares Europe ex-UK Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 Barclays Capital Securities Ltd. 6,516 7,157 -













Skandinaviska Enskilda Banken AB 6,252 6,787 - Societe Generale SA 4,478 4,954 -

The Bank of Nova Scotia 417 460 -

UBS AG 5,339 5,878 -

iShares Europe Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 Barclays Capital Securities Ltd. 45 49 -




Goldman Sachs International 82 91 -



Macquarie Bank Limited 707 778 -

Merrill Lynch International 292 334 -




UBS AG 245 270 -

267


Counterparty


Amount on loan

Collateral received


iShares Japan Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 73,392 80,614 -












UBS AG 16,998 18,714 -

iShares North America Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 2,304 2,530 -


Citigroup Global Markets Ltd. 318 346 -




HSBC Bank plc 11,899 12,915 -






UBS AG 2,753 3,031 -

iShares Pacific Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Barclays Capital Securities Ltd. 8,450 9,282 -

Citigroup Global Markets Ltd. 724 786 -





Macquarie Bank Limited 19,358 21,294 - Merrill Lynch International 13,535 15,471 -




UBS AG 6,147 6,767 - iShares UK Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 Barclays Capital Securities Ltd. 1,214 1,333 -

BNP Paribas Arbitrage 889 981 -


268


Counterparty


Amount on loan

Collateral received


iShares UK Index Fund (IE) (continued) GBP ‘000 GBP ‘000 GBP ‘000 Credit Suisse AG 5,797 6,136 -

Deutsche Bank AG 89 100 -






UBS AG 1,328 1,505 - Total Return Swaps

The table below provides an analysis of the maturity tenor of total return swaps as at 30 November 2018:

Maturity Tenor

91 – 365 days Total BlackRock Market Advantage Strategy Fund EUR ‘000 EUR ‘000 Total return swaps 150,285 150,285

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 30 November 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

AUD - 1,156 - CHFs - 507 - EUR - 2,501 - GBP - 754 - JPY - 7,340 - SEK - 175 - USD - 281 - Total Securities lending transactions - 12,714 - OTC FDIs

EUR 7,220 - 14,608 Total OTC FDIs 7,220 - 14,608

269

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION (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 - 1,621 - CAD - 1,613 - CHF - 1,989 - DKK - 2,063 - EUR - 63,158 - GBP - 26,159 - JPY - 29,439 - NOK - 1,019 - SEK - 2,616 - USD - 91,178 - Total Securities lending transactions - 220,855 - iShares Developed World ex Tobacco Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Securities lending transactions AUD - 82 - CAD - 102 - CHF - 228 - DKK - 280 - EUR - 5,706 - GBP - 2,205 - JPY - 3,123 - NOK - 55 - SEK - 309 - USD - 7,940 - Total Securities lending transactions - 20,030 - iShares Developed World Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Securities lending transactions AUD - 34,213 - CAD - 26,640 - CHF - 21,362 - DKK - 11,101 - EUR - 510,820 - GBP - 208,790 - JPY - 201,388 - NOK - 11,306 - SEK - 18,682 - USD - 807,247 - Total Securities lending transactions - 1,851,549 - iShares Edge EM Fundamental Weighted Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Securities lending transactions AUD - 408 - CAD - 202 - CHF - 1,110 - DKK - 554 - EUR - 17,435 - GBP - 6,238 - JPY - 13,124 - NOK - 109 - SEK - 1,118 - USD - 24,369 - Total Securities lending transactions - 64,667 -

270


Currency



Non-cash collateral

posted iShares Emerging Markets Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 Securities lending transactions

AUD - 24,333 - CAD - 21,353 - CHF - 12,172 - DKK - 11,649 - EUR - 519,720 - GBP - 113,352 - JPY - 162,871 - NOK - 6,112 - SEK - 12,872 - USD - 606,726 - Total Securities lending transactions - 1,491,160 - iShares EMU Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 Securities lending transactions AUD - 356 - CAD - 262 - CHF - 393 - DKK - 67 - EUR - 4,507 - GBP - 1,438 - JPY - 1,513 - NOK - 57 - SEK - 480 - USD - 5,181 - Total Securities lending transactions - 14,254 - iShares Europe ex-UK Index Fund (IE) EUR ‘000

EUR ‘000

EUR ‘000

Securities lending transactions

AUD - 2,898 - CAD - 2,525 - CHF - 8,672 - DKK - 2,502 - EUR - 127,721 - GBP - 68,039 - JPY - 53,499 - NOK - 2,837 - SEK - 9,077 - USD - 110,004 - Total Securities lending transactions - 387,774 - iShares Europe Index Fund (IE) EUR ‘000

EUR ‘000

EUR ‘000


AUD - 604 - CAD - 465 - CHF - 415 - DKK - 135 - EUR - 5,528 - GBP - 1,773 - JPY - 3,088 - NOK - 78 - SEK - 291 - USD - 9,794 - Total Securities lending transactions - 22,171 -

271


Currency



Non-cash collateral

posted iShares Japan Index Fund (IE) USD ‘000

USD ‘000

USD ‘000

Securities lending transactions AUD - 11,209 - CAD - 8,454 - CHF - 3,026 - DKK - 1,486 - EUR - 109,288 - GBP - 21,775 - JPY - 64,989 - NOK - 3,082 - SEK - 1,690 - USD - 207,205 - Total Securities lending transactions - 432,204 - iShares North America Index Fund (IE) USD ‘000

USD ‘000

USD ‘000


AUD - 6,470 - CAD - 4,924 - CHF - 2,351 - DKK - 1,643 - EUR - 48,252 - GBP - 26,471 - JPY - 15,791 - NOK - 1,166 - SEK - 1,669 - USD - 108,475 - Total Securities lending transactions - 217,212 - iShares Pacific Index Fund (IE) USD ‘000

USD ‘000

USD ‘000


AUD - 281 - CAD - 360 - CHF - 1,762 - DKK - 597 - EUR - 42,128 - GBP - 13,955 - JPY - 19,042 - NOK - 800 - SEK - 1,928 - USD - 61,905 - Total Securities lending transactions - 142,758 - iShares UK Index Fund (IE) GBP ‘000

GBP ‘000

GBP ‘000


AUD - 408 - CAD - 342 - CHF - 167 - DKK - 28 - EUR - 4,538 - GBP - 2,994 - JPY - 2,561 - NOK - 70 - SEK - 65 - USD - 14,937 - Total Securities lending transactions - 26,110 -

272

BLACKROCK INDEX SELECTION FUND SUPPLEMENTARY INFORMATION (continued) Collateral (continued) As at 30 November 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 period ended 30 November 2018 is summarised below. These returns represent the accumulative total return of the representative money market fund for the period ended 30 November 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 (0.20) 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 30 November 2018:

Collateral type and quality

Maturity Tenor

8 - 30 days 31 - 90 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 EUR ‘000

Collateral received - securities lending Equities Recognised equity index - - - - 12,555 12,555 Exchange traded fund UCITS - - - - 49 49 Non-UCITS - - - - 110 110 Total - - - - 12,714 12,714 Collateral posted - OTC FDIs Fixed Income Investment grade - - - 14,608 - 14,608 Total - - - 14,608 - 14,608 iShares Developed Real Estate Index Fund (IE) USD ‘000 EUR ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Collateral received - securities lending Fixed Income

Investment grade 3,306 2,359 4,807 60,442 - 70,914 Equities

Recognised equity index - - - - 148,106 148,106

Exchange traded fund

UCITS - - - - 43 43

Non-UCITS - - - - 1,792 1,792

Total 3,306 2,359 4,807 60,442 149,941 220,855

273



Maturity Tenor

8 - 30 days 31 - 90 days 91 – 365


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

Collateral received - securities lending Fixed Income Investment grade - 6 561 5,295 - 5,862 Equities Recognised equity index - - - - 13,837 13,837 Exchange traded fund UCITS - - - - 1 1 Non-UCITS - - - - 330 330 Total - 6 561 5,295 14,168 20,030 iShares Developed World Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income Investment grade 13,445 9,536 42,582 362,502 - 428,065 Equities Recognised equity index - - - - 1,405,495 1,405,495 Exchange traded fund UCITS - - - - 488 488 Non-UCITS - - - - 17,501 17,501 Total 13,445 9,536 42,582 362,502 1,423,484 1,851,549 iShares Edge EM Fundamental Weighted Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Collateral received - securities lending Fixed Income

Investment grade 664 487 478 13,543 - 15,172

Equities Recognised equity index - - - - 48,042 48,042


UCITS - - - - 18 18 Non-UCITS - - - - 1,435 1,435

Total 664 487 478 13,543 49,495 64,667 iShares Emerging Markets Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income Investment grade 8,525 6,353 40,423 508,813 - 564,114 Equities Recognised equity index - - - - 915,002 915,002 Exchange traded fund UCITS - - - - 436 436 Non-UCITS - - - - 11,608 11,608 Total 8,525 6,353 40,423 508,813 927,046 1,491,160 iShares EMU Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Collateral received - securities lending Fixed Income Investment grade 24 17 31 986 - 1,058 Equities Recognised equity index - - - - 12,967 12,967 Exchange traded fund UCITS - - - - 3 3 Non-UCITS - - - - 226 226 Total 24 17 31 986 13,196 14,254

274



Maturity Tenor

8 - 30 days 31 - 90 days 91 – 365


iShares Europe ex-UK Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Collateral received - securities lending Fixed Income

Investment grade 1,426 1,014 7,668 47,499 - 57,607

Equities



UCITS - - - - 138 138

Non-UCITS - - - - 4,588 4,588

Total 1,426 1,014 7,668 47,499 330,167 387,774 iShares Europe Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000

Collateral received - securities lending Fixed Income Investment grade - 1 165 3,236 - 3,402 Equities Recognised equity index - - - - 18,307 18,307 Exchange traded fund UCITS - - - - 1 1 Non-UCITS - - - - 461 461 Total - 1 165 3,236 18,769 22,171 iShares Japan Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income Investment grade 2,272 1,634 18,149 88,937 - 110,992 Equities Recognised equity index - - - - 317,309 317,309 Exchange traded fund UCITS - - - - 50 50 Non-UCITS - - - - 3,853 3,853 Total 2,272 1,634 18,149 88,937 321,212 432,204 iShares North America Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income


Equities



UCITS - - - - 34 34 Non-UCITS - - - - 1,636 1,636

Total 3,165 2,229 1,721 38,866 171,231 217,212

275



Maturity Tenor

8 - 30 days 31 - 90 days 91 – 365


iShares Pacific Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Collateral received - securities lending Fixed Income


Equities



UCITS - - - - 31 31

Non-UCITS - - - - 1,755 1,755

Total 1,922 1,364 3,839 32,702 102,931 142,758 iShares UK Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 Collateral received - securities lending Fixed Income

Investment grade - - 427 3,321 - 3,748

Equities



Non-UCITS - - - - 167 167

Total - - 427 3,321 22,362 26,110 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 30 November 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 30 November 2018:

BlackRock Market Advantage Strategy Fund Value

EUR '000 % of the

Sub-Fund's NAV Macquarie Group Ltd 1,156 0.22 Hoshizaki Corp 724 0.14 Nippon Paint Holdings Co Ltd 688 0.13 Rengo Co Ltd 677 0.13 Eutelsat Communications SA 651 0.12 UnipolSai Assicurazioni SpA 586 0.11 Yamazaki Baking Co Ltd 537 0.10 Pennon Group PLC 477 0.09 Sumitomo Forestry Co Ltd 392 0.07 Shima Seiki Manufacturing Ltd 379 0.07 Other issuer 6,447 1.21 Total 12,714 2.39

276


iShares Developed Real Estate Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 16,017 0.75 United States Treasury Note/Bond 9,734 0.45 United Kingdom Gilt Inflation Linked 9,143 0.43 Republic of Austria Government Bond 7,412 0.35 United States Treasury Inflation Indexed Bonds 5,592 0.26 Netherlands Government Bond 5,231 0.24 United States Treasury Bill 4,829 0.22 Bundesrepublik Deutschland Bundesanleihe 4,722 0.22 Kingdom of Belgium Government Bond 2,203 0.10 United Kingdom Gilt 2,036 0.09 Other issuer 153,936 7.17 Total 220,855 10.28

iShares Developed World ex Tobacco Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 1,167 0.27 United States Treasury Note/Bond 763 0.17 Republic of Austria Government Bond 688 0.16 Bundesrepublik Deutschland Bundesanleihe 648 0.15 Netherlands Government Bond 637 0.15 United States Treasury Inflation Indexed Bonds 637 0.15 United Kingdom Gilt Inflation Linked 575 0.13 Toyota Motor Corp 396 0.09 SPDR S&P 500 ETF Trust 283 0.06 Royal Dutch Shell PLC 278 0.06 Other issuer 13,958 3.19 Total 20,030 4.58

iShares Developed World Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 119,037 0.89 United States Treasury Note/Bond 64,886 0.49 United Kingdom Gilt Inflation Linked 47,237 0.35 Netherlands Government Bond 39,654 0.30 Bundesrepublik Deutschland Bundesanleihe 34,169 0.26 Republic of Austria Government Bond 34,072 0.26 Altria Group Inc 29,720 0.22 Royal Dutch Shell PLC 24,396 0.18 United States Treasury Inflation Indexed Bonds 23,189 0.17 Berkshire Hathaway Inc 22,106 0.17 Other issuer 1,413,083 10.59 Total 1,851,549 13.88

iShares Edge EM Fundamental Weighted Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 3,308 0.70 United States Treasury Note/Bond 2,202 0.47 United Kingdom Gilt Inflation Linked 1,771 0.38 Republic of Austria Government Bond 1,490 0.32 SPDR S&P 500 ETF Trust 1,419 0.30 Netherlands Government Bond 1,342 0.29 Bundesrepublik Deutschland Bundesanleihe 1,278 0.27 Toyota Motor Corp 1,095 0.23

277


iShares Edge EM Fundamental Weighted Index Fund (IE) (continued) Value

USD '000 % of the

Sub-Fund's NAV United States Treasury Bill 984 0.21 United States Treasury Inflation Indexed Bonds 891 0.19 Other issuer 48,887 10.38 Total 64,667 13.74

iShares Emerging Markets Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 123,106 1.20 United States Treasury Note/Bond 85,054 0.83 Netherlands Government Bond 75,161 0.73 Bundesrepublik Deutschland Bundesanleihe 71,176 0.70 Republic of Austria Government Bond 53,155 0.52 Kingdom of Belgium Government Bond 45,982 0.45 United Kingdom Gilt Inflation Linked 37,894 0.37 United States Treasury Inflation Indexed Bonds 25,338 0.25 Altria Group Inc 21,603 0.21 Berkshire Hathaway Inc 16,265 0.16 Other issuer 936,426 9.15 Total 1,491,160 14.57

iShares EMU Index Fund (IE) Value

EUR '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 450 0.48 Airbus SE 372 0.40 Altria Group Inc 340 0.36 Intesa Sanpaolo SpA 339 0.36 Nordea Bank Abp 328 0.35 Renault SA 269 0.29 Berkshire Hathaway Inc 261 0.28 Glencore PLC 258 0.28 Novartis AG 247 0.26 Schneider Electric SE 246 0.26 Other issuer 11,144 11.95 Total 14,254 15.27

iShares Europe ex-UK Index Fund (IE) Value

EUR '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 18,290 0.89 United Kingdom Gilt Inflation Linked 9,836 0.48 Smith & Nephew PLC 6,849 0.33 United States Treasury Note/Bond 6,462 0.32 Banco Bilbao Vizcaya Argentaria SA 6,339 0.31 Royal Dutch Shell PLC 6,212 0.30 Toyota Motor Corp 6,016 0.29 Chipotle Mexican Grill Inc 5,646 0.28 Nokia OYJ 5,088 0.25 Paychex Inc 4,956 0.24 Other issuer 312,080 15.23 Total 387,774 18.92

278


iShares Europe Index Fund (IE) Value

EUR '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 991 0.67 Altria Group Inc 552 0.37 Netherlands Government Bond 504 0.34 SPDR S&P 500 ETF Trust 454 0.31 Berkshire Hathaway Inc 435 0.29 Bundesrepublik Deutschland Bundesanleihe 404 0.27 Novartis AG 401 0.27 Republic of Austria Government Bond 368 0.25 Enel SpA 321 0.22 Toyota Motor Corp 311 0.21 Other issuer 17,430 11.75 Total 22,171 14.95

iShares Japan Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 35,692 2.60 United States Treasury Note/Bond 21,720 1.58 Netherlands Government Bond 10,531 0.77 Altria Group Inc 10,531 0.77 Bundesrepublik Deutschland Bundesanleihe 9,854 0.72 Toyota Motor Corp 8,026 0.58 Japan Tobacco Inc 7,753 0.56 Novartis AG 7,647 0.56 Berkshire Hathaway Inc 7,628 0.56 Mitsubishi UFJ Financial Group Inc 7,472 0.54 Other issuer 305,350 22.22 Total 432,204 31.46

iShares North America Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 13,061 0.47 United Kingdom Gilt Inflation Linked 7,966 0.29 Altria Group Inc 6,201 0.22 United States Treasury Note/Bond 5,434 0.20 United States Treasury Bill 4,594 0.16 Novartis AG 4,503 0.16 Berkshire Hathaway Inc 4,471 0.16 Republic of Austria Government Bond 4,178 0.15 United States Treasury Inflation Indexed Bonds 3,422 0.12 Enel SpA 3,344 0.12 Other issuer 160,038 5.75 Total 217,212 7.80

iShares Pacific Index Fund (IE) Value

USD '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 10,296 1.63 United States Treasury Note/Bond 6,008 0.95 United Kingdom Gilt Inflation Linked 3,967 0.63 Republic of Austria Government Bond 3,721 0.59 Bundesrepublik Deutschland Bundesanleihe 3,368 0.53 Netherlands Government Bond 3,247 0.52 United States Treasury Bill 2,801 0.44 Kingdom of Belgium Government Bond 2,547 0.40 United States Treasury Inflation Indexed Bonds 2,420 0.38

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iShares Pacific Index Fund (IE) (continued) Value

USD '000 % of the

Sub-Fund's NAV Toyota Motor Corp 2,134 0.34 Other issuer 102,249 16.23 Total 142,758 22.64

iShares UK Index Fund (IE) Value

GBP '000 % of the

Sub-Fund's NAV French Republic Government Bond OAT 1,030 0.22 HDFC Bank Ltd 594 0.13 Amazon.com Inc 572 0.12 Netherlands Government Bond 556 0.12 Bundesrepublik Deutschland Bundesanleihe 514 0.11 Alphabet Inc 497 0.11 United Continental Holdings Inc 484 0.10 TJX Cos Inc/The 481 0.10 Worldpay Inc 478 0.10 Conagra Brands Inc 478 0.10 Other issuer 20,426 4.36 Total 26,110 5.57

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 period end date. None of the Sub-Funds have been fully collateralised in securities issued or guaranteed by an EU member state at the period end date. Counterparties to securities lending transactions and OTC FDIs:

Counterparty name

Country of establishment

Bank of America Merrill Lynch

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 NA United States Macquarie Bank Limited Australia Merrill Lynch International United Kingdom Morgan Stanley & Co. International plc United Kingdom Natixis SA France Nomura International plc United Kingdom Skandinaviska Enskilda Banken AB Sweden Societe Generale SA France The Bank of Nova Scotia Canada UBS AG Switzerland

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BLACKROCK INDEX SELECTION FUND BENCHMARK INDICES DISCLAIMERS 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.

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BLACKROCK INDEX SELECTION FUND BENCHMARK INDICES DISCLAIMERS (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.

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