Blackrock Global Index Funds en Emea Annual Report March 2018

Annual Report and Audited Accounts
BlackRock Global Index Funds

R.C.S. Luxembourg: B 171278
31 March 2018
Contents
General Information 2
Chairman’s Letter to Shareholders 4
Investment Advisers’ Report 7
Directors’ Report 12
Report on Remuneration 16
Statement of Net Assets 20
Three Year Summary of Net Asset Values 22
Statement of Operations and Changes in Net Assets 24
Statement of Changes in Shares Outstanding 27
Portfolio of Investments 29
iShares Emerging Markets Equity Index Fund (LU)
(formerly known as BlackRock Emerging Markets Equity Index Fund) 29
iShares Emerging Markets Government Bond Index Fund (LU)
(formerly known as BlackRock Emerging Markets Government Bond Index Fund) 37
iShares Europe Equity Index Fund (LU)
(formerly known as BlackRock Europe Equity Index Fund) 51
iShares Euro Aggregate Bond Index Fund (LU)
(formerly known as BlackRock Euro Aggregate Bond Index Fund) 56
iShares Euro Government Bond Index Fund (LU)
(formerly known as BlackRock Euro Government Bond Index Fund) 86
iShares Global Government Bond Index Fund (LU)
(formerly known as BlackRock Global Government Bond Index Fund) 92
iShares Japan Equity Index Fund (LU)
(formerly known as BlackRock Japan Equity Index Fund) 106
iShares North America Equity Index Fund (LU)
(formerly known as BlackRock North America Equity Index Fund) 110
iShares Pacific ex Japan Equity Index Fund (LU)
(formerly known as BlackRock Pacific ex Japan Equity Index Fund) 117
iShares World Equity Index Fund (LU)
(formerly known as BlackRock World Equity Index Fund) 120
Notes to the Financial Statements 135
Audit Report 142
Appendix I – Share Classes (Unaudited) 143
Appendix II – Global Market Risk Exposure (Unaudited) 144
Supplementary Information (Unaudited) 145
Subscriptions can only be made on the basis of the current Prospectus, the Key Investor Information Document (“KIID”) supplemented by the most recent annual report and audited accounts
and unaudited interim report and accounts, if published after such annual report and audited accounts. Copies are available at the registered office of the Company from the Local Investor
Servicing team, the Transfer Agent, the Management Company or any of the Distributors. See General Information section for further details.
Annual Report and Audited Accounts[1]

General Information
Board of Directors Legal Advisers

Paul Freeman, Chairman (appointed effective 17 July 2017) Linklaters LLP
Francine Keiser 35, avenue J.F. Kennedy,
Geoffrey D. Radcliffe L-1855 Luxembourg,
Robert Hayes Grand Duchy of Luxembourg
Barry O’Dwyer
Michael Gruener (appointed effective 21 December 2017) Securities Lending Agent
Nicholas C. D. Hall, ex-Chairman (resigned effective BlackRock Advisors (UK) Limited
31 May 2017) 12 Throgmorton Avenue,
Frank Le Feuvre (resigned effective 29 September 2017) London EC2N 2DL,
United Kingdom
All Directors are non-executive.
Robert Hayes, Geoffrey D. Radcliffe, Barry O’Dwyer and Michael Gruener are employees of
the BlackRock Group (the BlackRock Group of companies, the ultimate holding company of Paying Agents
which is BlackRock, Inc., of which the Management Company and Investment Advisers are Austria:
part of).
Paul Freeman is a former employee of the BlackRock Group.
Raiffeisen Bank International AG
Francine Keiser is independent Director. Am Stadtpark 9,
Geoffrey D. Radcliffe fulfilled Chairman duties from 31 May 2017 to 16 July 2017 1030 Vienna,
Austria
Management Company
BlackRock (Luxembourg) S.A. Belgium:
35A, avenue J.F. Kennedy, J.P. Morgan Chase Bank N.A.
L-1855 Luxembourg,
Brussels Branch
Grand Duchy of Luxembourg
1 Boulevard du Roi Albert II,
B1210 Brussels,
Investment Advisers
Belgium
BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue,
London EC2N 2DL, Denmark:
United Kingdom BlackRock Copenhagen Branch
Harbour House,
BlackRock Institutional Trust Company N.A. Sundkrogsgade 21,
400 Howard Street, DK-2100 Copenhagen,
San Francisco CA 94105, Denmark
USA
France:
Principal Distributor CACEIS Bank
BlackRock Investment Management (UK) Limited 1-3 Place Valhubert,
12 Throgmorton Avenue, 75013 Paris,
London EC2N 2DL, France
United Kingdom
Germany:
Depositary and Fund Accountant J.P. Morgan AG
State Street Bank Luxembourg S.C.A. CIB / Investor Services – Trustee & Fiduciary
49, avenue J.F. Kennedy, Taunustor 1 (TaunusTurm),
L-1855 Luxembourg, 60310 Frankfurt am Main,
Grand Duchy of Luxembourg Germany
Listing Agent, Registrar and Transfer Agent

Luxembourg:
J.P. Morgan Bank Luxembourg S.A.
(Central Paying Agent)
European Bank & Business Centre,
J.P. Morgan Bank Luxembourg S.A.
6, route de Trèves, Building C,
European Bank & Business Centre,
L-2633 Senningerberg,
Grand Duchy of Luxembourg 6, route de Trèves, Building C,
L-2633 Senningerberg,
Auditor Grand Duchy of Luxembourg
Deloitte Audit, S.à.r.l.
560, rue de Neudorf,
L-2220 Luxembourg,
[2] BlackRock Global Index Funds (BGIF)

General Information continued
Sweden: Registered Office

BlackRock Investment Management (UK) 49, avenue J.F. Kennedy,
Limited-Stockholm Filial L-1855 Luxembourg,
Norrlandsgatan 16, Grand Duchy of Luxembourg
111 43 Stockholm,
Sweden Enquiries
In the absence of other arrangements, enquiries regarding
Switzerland: the Company should be addressed as follows:
State Street Bank International GmbH Munich Written Enquiries:
Zurich Branch BlackRock Investment Management (UK) Limited,
Beethovenstrasse 19, c/o BlackRock (Luxembourg) S.A.
CH-8027 Zurich, P.O. Box 1058,
Switzerland L-1010 Luxembourg,
United Kingdom:
J.P. Morgan Europe Limited All other enquiries:
3 Lochside View, Telephone: + 44 207 743 3300,
Edinburgh EH12 9DH, Fax: + 44 207 743 1143.
United Kingdom Email: investor.services@blackrock.com
Current Prospectus
BlackRock Global Index Funds (the “Company”) Prospectus dated 20 April 2018, and the relevant KIID along with copies
of the Application Form may be obtained from the Local Investor Servicing team, the Management Company or any of the
Representatives or Distributors. Copies of the Company’s Articles of Incorporation, the Annual Report and Audited Accounts
and Unaudited Interim Report and Accounts may also be obtained free of charge from any of these offices and from the Paying
Agents. All these documents are also available from www.blackrockinternational.com.
Representatives
The representative in Denmark is BlackRock Copenhagen Branch, subsidiary of BlackRock Investment Management (UK)
Limited, England, Harbour House, Sundkrogsgade 21, Copenhagen, DK 2100, Denmark.
The representative in Switzerland is BlackRock Asset Management Switzerland Limited, Bahnhofstrasse 39, 8001
Zürich, Switzerland.
Portfolio of Investments
Equities are primarily classified by the country of incorporation of the entity in which the Fund (each a “Fund”, together the
“Funds”) holds shares.
Corporate and government fixed and variable income securities are primarily classified by the country of incorporation
of the issuer.
Purchases and Sales

A detailed list of investments purchased and sold for any Fund during the year is available upon request, free of charge,
from the Registered Office, or the offices of the Representatives as mentioned above.
Authorised Status
The Company is an undertaking for collective investment in transferable securities (“UCITS”) under the part I of Luxembourg Law
of 17 December 2010, as amended. Regulatory consents have been obtained or appropriate notifications have been made for the
distribution of shares of all the Company’s Funds in the umbrella in the following countries:
Austria, Chile, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, South Africa, Spain,
Sweden, Switzerland and United Kingdom.
The Company is duly registered with the Comisión Nacional de Mercado de Valores in Spain under number 1239.

Chairman’s Letter to Shareholders
1 April 2017 to 31 March 2018
Dear Shareholder,
I am writing to update you on the activities of BlackRock Global Index Funds (the “Company” or “BGIF”) over the twelve months
to 31 March 2018. The BGIF range comprised 10 funds (each a “Fund”, together the “Funds”) as at 31 March 2018.
The Funds’ performance is covered in more detail in the separate Investment Adviser’s Report. The period under review saw
volatility return as geopolitical tensions started to weigh on investors.
In particular, the US administration’s position on trade tariffs has left investors fearful of a full-scale trade war between the US
and China. China’s response to tariffs on steel and aluminum was initially relatively measured, imposing tariffs worth just £3 billion
on 128 US imports. However, this was followed with more robust moves later on.
At the same time, while the North Korean situation decreased in intensity, Russia/US tensions accelerated over Syria. The move
prompted United Nation’s General Secretary Antonio Guterres to say the Cold War was ‘back with a vengeance’. US President
Donald Trump admitted that the US/Russian relations are as bad as they have ever been. However, the forthcoming meeting
in Helsinki is an attempt to improve relations.
On the opposing side, markets were buoyed by significant tax cuts in the US, as President Donald Trump finally got his tax reform
legislation through Congress. Corporations were a notable beneficiary, with their rate of tax reduced significantly.
This activity was reflected in growing volatility in markets. The S&P ended the period under review higher than where it had started,
but after a strong bounce in December 2017, there was a significant sell-off towards the end of January 2018. The sell-off was
prompted by the US wage data, which seemed to suggest a resurgence in inflation, and therefore that higher interest rates were
imminent. Global stock markets followed the US lead.
The global economy, in contrast, continued to drift higher. While there remain fears that fiscal stimulus and a trade war will trigger
inflation in the US, force rate rises and therefore hasten a recession, there was only isolated evidence for this scenario over
the period. Emerging markets, notably in Asia, continued to show strength.
The Federal Reserve (the “Fed”) responded to improving growth and employment figures, with a further quarter point rise in March
2018, bringing the Fed funds rate to 1.5-1.75 %. Debate continues over whether there will be three or four rate rises in 2018.
Recent comments from new Fed Chair Jay Powell suggest a more hawkish stance.
Stock markets continued their rotation away from more defensive companies, with stable, predictable earnings, cashflow
and dividends, and towards more economically-sensitive areas, such as financials or resources, which looked likely to benefit
from an inflationary environment. In particular, equity income areas performed poorly, as investors anticipated higher bond yields.
For the most part, the US markets continued their leadership, in spite of higher valuations. Performance broadened out
from the large technology companies that had led markets higher for much of 2017, particularly when they became embroiled
in a difficult row about how they use, store and distribute user data.
Elsewhere, Japanese markets also showed strength, buoyed by the supportive policies of the Japanese central bank and
an improving economy. Performance continued to be good among domestically-focused small and mid-cap stocks.
Although Europe had put many of its political problems behind it with the election of centrist, pro-European Emmanuel Macron
as President in 2017, its stock markets were lackluster. The Eurozone economy continued to show strength, although it lost
a little momentum in the early months of 2018. The weak coalition pulled together by the German Chancellor Angela Merkel
and messy elections in Italy continued to weigh on the region.
The UK started to see some light at the end of the Brexit tunnel and marginally more political stability than seen for much of 2017.
Nevertheless, global investors continued to shun UK assets and its stock market performed poorly relative to its peer group.
The information stated in this report is historical and not necessarily indicative of future performance.

1 April 2017 to 31 March 2018 continued
Emerging markets were a key area of strength, although Asia saw some turbulence in the wake of the wrangling over trade tariffs.
Investors were encouraged by continued strong economic performance and growing corporate earnings.
Bond yields continue to move higher, particularly shorter-dated bonds. A notable phenomenon has been the flattening of the
US yield curve – traditionally a precursor to recession. However, while inflation has remained relatively benign, it has kept a lid
on yields. There are still significant deflationary forces at work – high debt, an ageing population and low business investment.
Corporate bonds remain at historically tight spreads over government bonds, but with the global economy still strong, there is
no immediate catalyst for a shift in direction.
Regulatory change continued throughout Europe and a number of these future changes could have implications for investors.
Key changes included:
Revisions to the Markets in Financial Instruments Directive (“MiFID II”) and the new Markets in Financial Instruments
Regulation (“MiFIR”) came into effect at the beginning of 2018. New requirements include restrictions on how financial
advisers may be remunerated, plus disclosure on fees.
European Market Infrastructure Regulation (“EMIR”): the Joint Committee of the European Supervisory Authorities published
the final draft of the Regulatory Technical Standards in March 2016, which provide the framework for EMIR. This aims
to increase the transparency and reduce the risk relating to over-the-counter derivatives. In May 2017, the European
Commission published a legislative proposal to amend EMIR, reflecting the outcome of its review into how the regulation
has worked since its adoption in 2012.
Packaged Retail Investment and Insurance-based Investment Products (“PRIIPs”): The new legislation – which governs
the marketing and distribution of financial products – came into effect at the start of 2018. Although the Funds are not directly
impacted by PRIIPs, investment in underlying securities and investors to Fund may be affected.
The Benchmarks Regulation also applies from 1 January 2018, subject to certain transitional provisions. This brings
in guidance on the structure and use of benchmarks in measuring the performance of investment funds.
There were no new fund launches or closures during the twelve month period. Assets Under Management (“AUM”) in the BGIF
range increased by 15.3 %. They now stand at USD 7.17 billion, up from USD 6.22 billion at the start of the period. The strongest
inflows were seen into the iShares Global Government Bond Index Fund, which rose 282 % to USD 363.16 million. The iShares
Euro Aggregate Bond Index Fund also saw strong growth, with AUM rising by 35.0 % to EUR 623.97 million. The iShares Emerging
Markets Government Bond Index Fund saw assets rise 30.2 % to USD 2,441 million.
Within equity funds, the iShares Emerging Markets Equity Index Fund saw the strongest flows, with AUM rising 19.7 % to
USD 522.96 million. The iShares Japan Index Fund was also strong, with assets up 22.7 % to USD 185.08 million. The iShares
Pacific ex Japan Equity Index Fund rose 14.4 % to USD 353.80 million.
Flows into the iShares North America Equity Index Fund were weak in spite of the strength of the US markets, falling 23.8 %
to USD 597.07 million. The iShares Europe Equity Index Fund saw net assets falling 11.0 % to EUR 381.37 million. The iShares
Euro Government Bond Index Fund saw assets fall, dropping 2.6 % to EUR 425.04 million. The iShares World Equity Index Fund
was also weak, with assets falling 18.1 % to USD 939.92 million.
As notified to shareholders on 26 July 2017, with effect from 29 August 2017, the use of the iShares brand was extended to cover
BlackRock’s index mutual funds range. As a result, the names of the following Funds have been rebranded as set out in the table
overleaf.

Former Fund Name New Fund Name

BlackRock Emerging Markets Equity Index Fund iShares Emerging Markets Equity Index Fund (LU)
BlackRock Emerging Markets Government Bond Index Fund iShares Emerging Markets Government Bond Index Fund (LU)
BlackRock Euro Aggregate Bond Index Fund iShares Euro Aggregate Bond Index Fund (LU)
BlackRock Euro Government Bond Index Fund iShares Euro Government Bond Index Fund (LU)
BlackRock Europe Equity Index Fund iShares Europe Equity Index Fund (LU)
BlackRock Global Government Bond Index Fund iShares Global Government Bond Index Fund (LU)
BlackRock Japan Equity Index Fund iShares Japan Equity Index Fund (LU)
BlackRock North America Equity Index Fund iShares North America Equity Index Fund (LU)
BlackRock Pacific ex Japan Equity Index Fund iShares Pacific ex Japan Equity Index Fund (LU)
BlackRock World Equity Index Fund iShares World Equity Index Fund (LU)
Should you have any questions on any of this material, please contact us via our website: www.blackrockinternational.com.
Yours faithfully,
Paul Freeman
Chairman

Investment Advisersʼ Report
Performance Overview
1 April 2017 to 31 March 2018
Disclosed in the table below are the performance returns for the primary share class for each Fund, which has been selected
as a representative share class. The primary share class for each Fund is the A class non-distributing share. Performance figures
for any other share class can be made available upon request.
Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a
product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will
vary and your initial investment amount cannot be guaranteed. The Funds invest a large portion of assets which are denominated
in other currencies; hence changes in the relevant exchange rates will affect the value of the investment. The performance figures
do not consider charges and fees that may be levied at the time of subscription or redemption of shares. Levels and bases
of taxation may change from time to time. Subscriptions can only be made on the basis of the current Prospectus, the KIID,
supplemented by the most recent annual report and audited accounts and unaudited interim report and accounts, if published
after such annual report and audited accounts. Copies are available at the registered office of the company from the Local
Investor Servicing team(1), the Transfer Agent, the Management Company or any of the Distributors. BGIF is only available for
investment by non-US citizens who are not residents of the US. The Funds are not offered for sale or sold in the US, its territories
or possessions.
Financial Year
Performance to
31 March 2018 Calendar Year Performance
1 year 2017 2016 2015 Launch Date
iShares Emerging Markets Equity Index Fund (LU) b1
ʼAʼ Non Dist (USD) 24.09% 37.32% 10.60% (15.41)% 16 November 2012
MSCI Emerging Markets Index (USD) 25.03% 37.39% 11.26% (15.12)%
iShares Emerging Markets Government Bond Index Fund
(LU) ʻAʼ Non Dist (USD) 3.80% 9.70% 9.65% 0.82% 28 May 2013
J.P. Morgan Emerging Markets Bond Index Global Diversified (USD) 4.30% 10.26% 10.15% 1.18%
iShares Europe Equity Index Fund (LU) ʻAʼ Non Dist (EUR) 0.06% 10.66% 1.73% 8.79% 23 October 2012
MSCI Europe Index (EUR) (0.24)% 10.52% 2.36% 8.41%
iShares Euro Aggregate Bond Index Fund (LU) ʻAʼ Non Dist (EUR) 1.69% 0.08% 2.89% 0.44% 28 May 2013
Bloomberg Barclays Euro Aggregate Bond Index (EUR) 2.37% 0.68% 3.32% 1.00%
iShares Euro Government Bond Index Fund (LU) ʻAʼ Non Dist (EUR) b1 2.52% (0.40)% 2.81% 1.05% 23 October 2012
FTSE EMU Government Bond Index (EUR) b3 3.13% 0.15% 3.20% 1.65%
iShares Global Government Bond Index Fund (LU) b1
ʻAʼ Non Dist (USD) 7.91% 6.85% 0.90% (4.34)% 23 October 2012
FTSE World Government Bond Index (USD) b4 8.49% 7.49% 1.60% (3.57)%
iShares Japan Equity Index Fund (LU) ʻAʼ Non Dist (USD) b1 18.88% 23.31% 2.01% 7.86% 23 October 2012
MSCI Japan Index (USD) 20.04% 24.25% 2.29% 9.20%
iShares North America Equity Index Fund (LU) ʻAʼ Non Dist (USD) 10.84% 20.47% 10.79% (2.00)% 23 October 2012
MSCI North America Index (USD) 11.49% 21.16% 11.37% (1.46)%
iShares Pacific ex Japan Equity Index Fund (LU) ʻAʼ Non Dist (USD) b2 7.94% 25.46% 6.56% (9.07)% 24 October 2012
MSCI Pacific ex Japan Index (USD) 8.41% 25.96% 7.32% (8.06)%
iShares World Equity Index Fund (LU) ʻAʼ Non Dist (USD) b1 13.08% 22.09% 6.80% (1.71)% 23 October 2012
MSCI World Index (USD) 13.67% 22.62% 7.27% (1.21)%
b1 Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the NAV reported in the financial statements which is the dealing price
at 29 March 2018.
b2 Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the NAV reported in the financial statements which is the dealing price
at 28 March 2018.
b3 The benchmark changed its name from the Citi EMU Government Bond Index on 9 March 2018.
b4 The benchmark changed its name from the Citi World Government Bond Index on 9 March 2018.
Fund performance returns are based on dealing prices with net dividends (after deduction of witholding tax) reinvested and are shown net of fees. Index Sources: Info Research & Datastream
(1) The local BlackRock Group companies or branches or their administrators.

Investment Objective more solid, old-fashioned areas – equity income was weak
The investment objective of each Fund is to match the in relative terms, for example. The ‘bond proxies’ that had
performance of the Benchmark Index of that Fund as listed found favour in a weaker growth environment began to lose
in the table below. favour as the prospect of interest rates rose.
Fund Benchmark Index Investment Bond markets were volatile for much of the period, with
Management yields moving higher as inflationary pressures mounted.
Approach The US Fed raised rates three times in 2017 and once to
date in 2018. The market currently expects two or even three
iShares Emerging MSCI Emerging Optimising
Markets Equity Markets Index more in 2018. Elsewhere, the Bank of England raised rates
Index Fund (LU) in November 2017, moving it off the emergency low rate
introduced in the wake of the vote to leave the European
iShares Emerging J.P. Morgan Optimising
Union. The European Central Bank also started to discuss
Markets Emerging Markets
Government Bond Bond Index Global
paring back quantitative easing, though the Bank of Japan
Index Fund (LU) Diversified remained resolute in its support of loose monetary policy.
iShares MSCI Europe Index Replicating Equity Fund Performance

Europe Equity The iShares Emerging Markets Equity Index Fund (LU) was
Index Fund (LU) the strongest over the period, rising 24.1 %. Japanese equities
iShares Euro Bloomberg Barclays Optimising were also strong, with the iShares Japan Equity Index Fund
Aggregate Bond Euro Aggregate (LU) rising 18.9 %. The iShares World Equity Index Fund (LU)
Index Fund (LU) Bond Index also performed well over the period, rising 13.1 %. The iShares
iShares Euro FTSE EMU Optimising North America Equity Index Fund (LU) rose 10.9 % over the
Government Bond Government Bond period, while the iShares Europe Equity Index Fund (LU) rose
Index Fund (LU) Index 0.1 % over the period and the iShares Pacific ex Japan Equity
Index Fund (LU) rose 7.9 %.
iShares Global FTSE World Optimising
Government Bond Government Bond
Fixed Income Fund Performance
Index Fund (LU) Index
Government bond yields rose as interest rate rises became
iShares MSCI Japan Index Replicating a reality. Within BGIF Funds, the weakest performance came
Japan Equity from the iShares Euro Aggregate Bond Index Fund (LU), which
Index Fund (LU) rose just 1.7 %, while the iShares Euro Government Bond
iShares North MSCI North America Replicating Index Fund (LU) rose 2.5 %. The iShares Emerging Markets
America Equity Index Government Bond Index Fund (LU) rose 3.8 %. The iShares
Index Fund (LU) Global Government Bond Index Fund (LU) was the strongest
iShares Pacific MSCI Pacific Replicating performer, rising 7.9 %.
ex Japan Equity ex Japan Index
Index Fund (LU)
Tracking Difference
Tracking difference is defined as the difference in returns
iShares MSCI World Index Replicating between a Fund and its Benchmark Index. For physically
World Equity
replicating funds, the investment management approach is to
Index Fund (LU)
buy a portfolio of securities that as far as practicable consist
of the securities that make up the Benchmark Index, in similar
Market Review proportion to the weights represented in the Benchmark Index.
There were two clear periods in the period under review.
Stock markets rallied for much of 2017 as the US tax reform For optimising funds, the investment management approach
buoyed expectations of global growth and benign economic aims to match the performance of a Benchmark Index by
conditions supported corporate earnings. There were then investing in a portfolio that is primarily made up of securities
sharp sell-offs in 2018, as investors started to fear inflation that represent the Benchmark Index. The objective is to
and higher interest rates. generate a return which is as close as practicable to the total
return of the index net of transaction costs and gross of fees
Within this, there was plenty of disparity between the and other costs.
performance of individual countries, sectors and companies.
In general, investors favoured areas delivering clear growth –
technology, smaller companies, Asia, the US – and shunned

Cash management, efficient portfolio management techniques Tracking Error

including securities lending, transaction costs from rebalancing Realised tracking error is the annualised standard deviation
and currency hedging can have an impact on tracking of the difference in monthly returns between a Fund and its
difference. Importantly, these impacts can be either positive Benchmark Index. Tracking error shows the consistency of
or negative depending on the underlying circumstances. the returns relative to the Benchmark Index over a defined
period of time. Tracking error is based on the Net Assets Value
In addition to the above, the Funds may also have a tracking (“NAV”) calculated in accordance with the prospectus.
difference due to withholding tax suffered by the Funds on any
income received from its investments. The level and quantum Anticipated tracking error is based on the expected volatility
of tracking difference arising due to withholding taxes depends of differences between the returns of a Fund and the returns
on various factors such as any reclaims filed on behalf of the of its Benchmark Index. For physically replicating funds, the
Funds with various tax authorities, any benefits obtained by investment management approach is to buy a portfolio of
the Funds under a tax treaty or any securities lending activities securities that, as far as practicable, consist of the securities
carried out by the Funds. that make up the Benchmark Index, in similar proportion
to the weights represented in the Benchmark Index.
The table below compares the realised Fund performance
against the performance of the relevant Benchmark Index For optimising Funds, the investment management approach
during the twelve months ended 31 March 2018. aims to match the main risk characteristics of the Benchmark
An explanation for the difference is provided. Index by investing in a portfolio that is primarily made up
of securities that represent the Benchmark Index. The objective
is to generate a total return as close as reasonably possible
to that of the index, net of transaction costs and gross of fees.
Fund Tracking Perfor Tracking Explanation of the tracking difference

perfor mance difference
mance of of Bench
Fund* mark Index
iShares Emerging Markets 24.09% 25.03% (0.94)% efore costs and after adjusting for the difference in the
B
Equity Index Fund (LU) valuation point of the Fund and the pricing point of the
Benchmark Index, the performance of the Fund relative to the
Benchmark Index is in line with the expectation.
iShares Emerging Markets 3.80% 4.30% (0.50)% Before costs, the Fund performed in line with the
Government Bond Index Fund (LU) Benchmark Index.
iShares Europe Equity Index 0.06% (0.24)% 0.30% efore costs and after adjusting for the difference in the
B
Fund (LU) valuation point of the Fund and the pricing point of the
Benchmark Index, the Fund outperformed the Benchmark Index
primarily due to the receipt of the historical tax reclaims and
due to differences in tax rates applied to the dividends received
in the Fund versus the tax rates assumed in the total return
calculation of the Benchmark Index.
iShares Euro Aggregate Bond 1.69% 2.37% (0.68)% efore costs and after adjusting for the difference in the
B
Index Fund (LU) valuation point of the Fund and the pricing point of the
Benchmark Index, the Fund underperformed the Benchmark
Index due to the sampling technique applied.
iShares Euro Government Bond 2.52% 3.13% (0.61)% efore costs and after adjusting for the difference in the
B
Benchmark Index, the Fund underperformed the Benchmark
Index due to the sampling technique applied.
iShares Global Government 7.91% 8.49% (0.58)% efore costs, the Fund performed in line with the
B
Bond Index Fund (LU) Benchmark Index.
* Performance is reported for each Fund’s A class shares.

Fund Tracking Perfor Tracking Explanation of the tracking difference

perfor mance difference
mance of of Bench
Fund* mark Index
iShares Japan Equity Index 18.88% 20.04% (1.16)% efore costs and after adjusting for the difference in the
B
Fund (LU) valuation point of the Fund and the pricing point of the
Benchmark Index, the performance of the Fund relative
to the Benchmark Index is in line with the expectation.
iShares North America Equity 10.84% 11.49% (0.65)% efore costs and after adjusting for the difference in the
B
iShares Pacific ex Japan Equity 7.94% 8.41% (0.47)% Before costs and after adjusting for the difference in the
iShares World Equity Index 13.08% 13.67% (0.59)% efore costs, the Fund performed in line with the
B
Fund (LU) Benchmark Index.
* Performance is reported for each Fund’s A class shares.
Cash management, efficient portfolio management In addition, as the NAV of a Fund taken at its valuation point
techniques (including securities lending), transaction costs includes the effect of any swing pricing, the tracking error
from rebalancing and currency hedging collectively can have figures set out below may be impacted depending on the
an impact on tracking error, as well as the return differential significance of any adjustment in the NAV in order to reduce
between a Fund and its Benchmark Index. Importantly, these the effect of “dilution” on that Fund resulting from the sale
impacts can be either positive or negative, depending or purchase of shares in the Fund.
on the underlying circumstances.
A Fund’s tracking error figures set out below may also be
Explanation of Divergence Between Anticipated and Realised affected by non-dealing days, which occur at times when the
Tracking Error local stock exchanges or regulated markets in respect
of a particular Fund are closed for trading and settlement
The Funds may have a tracking error due to a number due to public holidays. During such times, the relevant Funds
of sources. will not be able to obtain access to such market(s) directly
and will, for example, either hold the cash received from any
Funds may have a tracking error due to withholding tax
subscriptions until the relevant market(s) are open or will
suffered by the Funds on any income received from
obtain exposure to the relevant market(s) indirectly using
its investments. The level and quantum of tracking error arising
proxy instruments. Both approaches may increase a Fund’s
due to withholding taxes depends on various factors, such
tracking error. Alternatively, the tracking error of a Fund may be
as any reclaims filed by the Funds with various tax authorities,
affected if there is a public holiday in Luxembourg, as the NAV
any benefits obtained by the Funds under a tax treaty
of the Funds will remain the same, despite movements in the
or any securities lending activities carried out by the Funds.
underlying markets.
A Fund’s tracking error may be affected if the times at which
The table overleaf compares the anticipated tracking error of
a Fund and its Benchmark Index are priced are different.
the Funds (disclosed in the prospectus on an ex ante basis)
Where the Benchmark Index is valued at the time the relevant
against the actual realised tracking error of the Funds as
markets close for business and a Fund is valued at an earlier
at 31 March 2018. The realised tracking error is annualised
time, the tracking error of that Fund may appear to be higher
and calculated using data from the preceding 36 month
than if the Fund and the Benchmark Index were priced
observation period.
at the same time. This is particularly relevant for the fixed
income Funds, although, less so for the equity Funds
for which the relevant index provider issues a price of the
relevant Benchmark Index at the same time as the equity
Fund’s valuation point.

Fund Anticipated Realised tracking Explanation

tracking error error of Fund
iShares Emerging Markets Equity Index Fund (LU) Up to 1.00% 1.51% The tracking error of the Fund is higher
than anticipated primarily due to public
holidays in Luxembourg that coincided
with a month-end valuation point.
iShares Emerging Markets Government Bond Index Up to 1.20% 0.82% The Fund tracked its Benchmark Index
Fund (LU) within its anticipated tracking error.
iShares Europe Equity Index Fund (LU) Up to 0.60% 0.59% The Fund tracked its Benchmark Index
within its anticipated tracking error.
iShares Euro Aggregate Bond Index Fund (LU) Up to 0.60% 0.36% The Fund tracked its Benchmark Index
iShares Euro Government Bond Index Fund (LU) Up to 0.25% 0.29% The tracking error of the Fund is higher
than anticipated primarily due to swing
pricing and public holidays in Luxembourg
that coincided with a month-end
valuation point.
iShares Global Government Bond Index Fund (LU) Up to 0.45% 0.51% The tracking error of the Fund is higher
than anticipated primarily due to swing
pricing and public holidays in Luxembourg
that coincided with a month-end
valuation point.
iShares Japan Equity Index Fund (LU) Up to 1.50% 1.44% The Fund tracked its Benchmark Index
iShares North America Equity Index Fund (LU) Up to 0.45% 0.22% The Fund tracked its Benchmark Index
iShares Pacific ex Japan Equity Index Fund (LU) Up to 2.00% 1.54% The Fund tracked its Benchmark Index
iShares World Equity Index Fund (LU) Up to 0.45% 0.13% The Fund tracked its Benchmark Index
April 2018

Directors’ Report
Corporate Governance Statement The Board supports a planned and progressive renewal of
the Board. BlackRock is committed to ensuring that Directors
Introduction put forward for election by the shareholders possess the skills
BlackRock Global Index Funds (the “Company”) is a needed to maintain this balance. The Board is committed to
public limited company (société anonyme) established carrying out an annual review of its performance and activities.
under the laws of the Grand Duchy of Luxembourg as an
open ended variable capital investment company (société The Directors have a continuing obligation to ensure they have
d’investissement à capital variable). The Company has been sufficient time to discharge their duties. The details of each
authorised by the Commission de Surveillance du Secteur Director’s (including the Chairman), other appointments and
Financier (the “CSSF”) as UCITS pursuant to the provisions commitments are made available to the Board and BlackRock
of Part I of the law of 17 December 2010, as amended and Investment Management (U.K.) Limited (“BIM UK”) for
is regulated pursuant to such law. The Company complies inspection. All new appointments or significant commitments
with the principles set out in the Association of the Luxembourg require the prior approval of BIM UK.
Fund Industry (“ALFI”) Code of Conduct Revision 2013 (the
Before a new Director is proposed to the shareholders for
“Code”) issued by ALFI in June 2013.
appointment he or she will receive a full induction incorporating
The Board of Directors of the Company (the “Board”) relevant information regarding the Company and his or her
is committed to maintaining the highest standards of duties and responsibilities as a Director. In addition, a new
corporate governance and is accountable to shareholders Director is required to spend some time with representatives
for the governance of the Company’s affairs. The Board of BIM UK so that the new Director will become familiar with
has considered the principles and recommendations of the various processes which are considered necessary for the
the Code and has put in place a framework for corporate proper performance of his or her duties and responsibilities to
governance which it believes is appropriate for adherence the Company.
to the principles of the Code given the nature of its structure
The Company’s policy is to encourage Directors to keep up
as an Investment Company. This statement summarises the
to date with developments relevant to the Company. The
corporate governance structure and processes in place for
Directors have attended and will continue to attend updates
the Company for the period under review from 1 April 2017
and briefings run by BIM UK and affiliated entities in the U.S.
to 31 March 2018.
and elsewhere. The Directors also receive regular briefings
Board Composition from, amongst others, the auditors, investment strategists,
The Board currently consists of six non-executive Directors, risk specialists, depositary and legal advisers regarding
(including one independent Director). The Board is committed any proposed product developments or changes in laws or
to maintaining an appropriate balance of skills, experience, regulations that could affect the Company.
independence and knowledge amongst its members.
Board’s Responsibilities
The Directors’ biographies, on pages 14 and 15, collectively The Board meets at least quarterly and also on an ad hoc basis
demonstrate a breadth of investment knowledge and as required. The Board is supplied with information in a timely
experience, business and financial skills and legal and manner and in a form and of a quality appropriate to enable it
regulatory familiarity which enables them to provide effective to discharge its duties. The Board is responsible for the long-
strategic leadership, oversight and proper governance of the term success of the Company and recognises its responsibility
Company. The Board of Directors will propose at the 2018 to provide leadership, direction and control to the Company
Annual General Meeting of shareholders that the number of within a framework of prudent and effective controls which
directors be increased to seven and will propose the election of enables risk to be assessed and managed. The Board reserves
Dr Martha Boeckenfeld as an Independent Director. BlackRock to itself decisions relating to the determination of investment
considers this compositions to be a suitable and appropriate policy and objectives, any change in investment strategy and
balance for the Board. entering into any material contracts. The Board also approves
the prospectus and any addenda to it, circulars to shareholders,
Article 13 of the Company’s Articles of Incorporation in financial statements and other relevant legal documentation.
accordance with Luxembourg law, provides that Directors shall
be elected by the shareholders at their annual general meeting The Chairmanʼs main responsibility is to lead and manage the
for a period ending at the next annual general meeting and Board, encourage critical discussions and promote effective
until their successors are elected. Any Director who resigns communication within the Board. In addition, he is responsible
his/her position is obliged to confirm to the Board and the for promoting best practice corporate governance and effective
CSSF that the resignation is not connected with any issues communication with shareholders.
with or claims against the Company.

Directors’ Report continued
The Directors have access to the advice and services of asset value and preparation of the financial statements of the
external counsel and the resources of BIM UK and BlackRock Company, subject to the overall supervision of the Directors
(Luxembourg) S.A. (the “Management Company”) should they and the Management Company. The Administrator is a
be needed. Where necessary, in the furtherance of their duties, subsidiary of State Street Bank & Trust Co. The Company has
the Board and individual Directors may seek independent appointed State Street Bank Luxembourg S.C.A. as Depositary
professional advice. The Board has responsibility for ensuring of its assets, which has responsibility for safe-keeping of
that the Company keeps proper accounting records which such assets, pursuant to the regulations. The Depositary is a
disclose with reasonable accuracy at any time the financial subsidiary of State Street Bank & Trust Co. The Management
position of the Company and which enable it to ensure that Company has delegated transfer agent and share registration
the financial statements comply with relevant accounting services to J.P. Morgan Bank Luxembourg S.A.
standards. It is the Board’s responsibility to present a balanced
and understandable assessment of the Company’s financial The Management Company reports to the Board on a quarterly
position, which extends to interim financial statements and basis and by exception where necessary. Reporting is in place
other reports made available to shareholders and the public. to ensure that the Board can effectively oversee the actions of
The Board is responsible for taking reasonable steps for its delegates.
safeguarding the assets of the Company and for taking
The Management Company is responsible for the risk
reasonable steps in the prevention and detection of fraud and
management and internal controls of the Company and
other irregularities.
for reviewing their effectiveness, for ensuring that financial
Insurance information published or used within the business is reliable,
The Company maintains appropriate Directors’ and Officers’ and for regularly monitoring compliance with regulations
liability insurance cover. governing the operation of the Company. The Management
Company reviews the effectiveness of the internal control and
Delegation of Responsibilities risk management systems on an ongoing basis to identify,
As an open ended variable capital investment company most evaluate and manage the Company’s significant risks. As part
of the Company’s day-to-day management and administration of that process, there are procedures designed to capture
is delegated to BlackRock Group companies such as the and evaluate any failings or weaknesses. Should a case be
Management Company which employs dedicated compliance categorised by the Board as significant, procedures exist to
and risk professionals, the Investment Advisers and other third ensure that necessary action is taken to remedy the failings.
party service providers. The Board has delegated the following
areas of responsibility : The Board is also responsible for establishing and maintaining
adequate internal control and risk management systems of
Management and Administration the Company in relation to the financial reporting process.
Such systems are designed to manage rather than eliminate
The Board has delegated the investment management, the risk of failure to achieve the Company’s financial reporting
distribution and administration of the Company and its Funds objectives. The Company has procedures in place to ensure
to the Management Company. The Management Company has all relevant accounting records are properly maintained
delegated the management of the investment portfolio to the and are readily available, including production of annual
Investment Advisers. The Investment Advisers operate under and interim financial statements. These procedures include
guidelines determined by the Board and as detailed in the appointing the Administrator to maintain the accounting records
Company’s prospectus relating to the Company’s Funds. The of the Company independently of the Investment Adviser
relevant Investment Advisers have direct responsibility for the and the Depositary. The financial statements are prepared
decisions relating to the day-to-day running of the Company’s in accordance with applicable law and Generally Accepted
Funds and are accountable to both the Management Company Accounting Principles (“GAAP”) and are approved by the Board
and the Company for the investment performance of the of Directors of the Company. The accounting information given
Funds. The Board has also delegated the exercise of voting in the annual report is required to be audited and the Audit
rights attaching to the securities held in the portfolio to the report, including any qualifications, is reproduced in full in the
respective Investment Advisers who may in turn delegate to annual report of the Company.
BIM UK. Voting on behalf of shareholders is done in a manner
which is believed to be in the best economic interest of The control processes over the risks identified, covering
shareholders as long-term investors. financial, operational, compliance and risk management, is
embedded in the operations of the Management Company,
The Management Company has delegated its responsibilities BIM UK and other parties including the Administrator and the
for administrative services of the Company and its Funds to Depositary. There is a monitoring and reporting process to
State Street Bank Luxembourg S.C.A (“the Administrator”). review these controls, which has been in place throughout the
The Administrator has responsibility for the administration period under review and up to the date of this report, carried
of the Company’s affairs including the calculation of the net out by BIM UK’s corporate audit department.

BIM UK’s internal audit and operational risk units report to the Directors’ Biographies
Board through the Management Company on a quarterly basis.
The Management Company also receives a report from the Paul Freeman (Chairman) (British) (appointed 17 July
Administrator and the Depositary on the internal controls of 2017) : Mr Freeman currently serves as a Director on the
the administrative and custodial operations of the Company. boards of a number of BlackRock Group companies and
The Board recognises that these control systems can only be investment funds. He was until December 2015 a Managing
designed to manage rather than eliminate the risk of failure Director of BlackRock, which he had joined in August 2005
to achieve fund objectives, and to provide reasonable, but (which then was Merrill Lynch Investment Managers).
not absolute, assurance against material misstatement or Up until July 2011 Mr Freeman was the Head of Product
loss, and relies on the operating controls established by the Development and Range Management for the EMEA region
service providers. with responsibility for the development and ongoing product
management of all funds domiciled in EMEA and distributed
Financial Reporting on a cross-border basis by BlackRock. Between July 2011 and
The Company prepares its financial statements under December 2015 Mr Freeman worked closely with BlackRock’s
Luxembourg GAAP and on a going concern basis. Government affairs team and served on various internal
governance committees and on the boards of a number of
Remuneration
group subsidiaries and managed funds. Mr Freeman has
The Company is an investment company and has no
worked in the financial services industry for over 35 years and,
employees or executive Directors. No Director (past or
prior to BlackRock, has held senior management positions
present) has any entitlement to a pension from the Company,
at Schroders, Rothschild Asset Management, Henderson
and the Company has not awarded any share options or
Investors and GT Management (now part of Invesco).
long-term performance incentives. No element of Directors’
Mr Freeman is a Chartered Accountant.
remuneration is performance-related. Those Directors who
are also employees of the BlackRock Group are not entitled Francine Keiser (Luxembourger) : Ms Keiser is a former
to receive a Director’s fee. All other Directors are paid fees Partner of Linklaters LLP and is now a consultant to the firm.
which are submitted for approval by the shareholders at She has been a member of the Luxembourg Bar since 1989.
the annual general meeting and are disclosed on page Ms Keiser is an experienced investment funds lawyer with
138. The Board believes that the level of remuneration for wide expertise in all legal aspects of investment management,
those Directors who take a fee properly reflects the time in particular in the UCITS area. She serves as a Director
commitment and responsibilities of their roles. The maximum on the Boards of flagship funds of several major fund
amount of remuneration payable to the Directors is approved promoters, including BlackRock Global Funds and BlackRock
by the Board. Strategic Funds.
Communication with Shareholders Geoffrey D. Radcliffe (British & Luxembourger dual
The Board is responsible for convening the annual general nationality, Luxembourg resident) : Mr Radcliffe is a
meeting and all other general meetings of the Company. Managing Director of BlackRock and is based in Luxembourg.
Shareholders have the opportunity to, and are encouraged He is a member of the BlackRock Business Operations &
to attend and vote at general meetings. Notice of general Technology, Global Accounting and Product Services team
meetings is issued in accordance with the Articles of and heads Product Oversight and Governance International
Incorporation of the Company and notice of the annual general and Alternatives International for BlackRock EMEA & Asia
meeting is sent out at least 8 days in advance of the meeting. Pacific. Mr Radcliffe is a Fellow of The Institute of Chartered
All substantive matters put before a general meeting are dealt Accountants in England and Wales and an Associate of The
with by way of separate resolution. Proxy voting figures are Chartered Institute of Bankers. He has 30+ years of mutual
noted by the Chairman of the general meeting. fund, accounting and banking experience in Luxembourg,
The proceedings of general meetings are governed by the Bermuda, London and the Isle of Man. Mr Radcliffe joined
Articles of Incorporation of the Company. the BlackRock Group in 1998. He serves as a Director on the
Board of the Management Company and also on the Boards
The Board has reporting procedures in place such that of a number of BlackRock investment funds. He has been a
client communication with BIM UK is reported to the Board, Member of the Board of Directors of ALFI (Luxembourg Fund
including shareholder complaints. In addition to this BIM UK Industry Association) since 2013.
has been appointed as Principal Distributor and is tasked with
actively managing the relationship between the Company and
its shareholders.

Barry O’Dwyer (Irish) : Mr O’Dwyer is a Managing Director Asset Management in multiple distribution roles in Chicago,
at BlackRock. He is the Head of Fund Governance for London and Frankfurt. Mr. Gruener holds a German Banker
BlackRock’s European open-ended fund ranges and is the qualification and a BA honors degree from the Cambridge
Chief Operating Officer for BlackRock’s Irish business. He Polytechnic University in Finance and Controlling. He also
serves as a Director on the boards of a number of BlackRock holds a degree from the Berlin School of Economics in
corporate, fund, and management companies domiciled in Business Administration and Finance
Ireland, Luxembourg, Switzerland and Germany and on the
board of BlackRock’s UK Life company. He was the Chairman Frank Le Feuvre (British nationality, Jersey resident)
of the Irish Funds Industry Association 2014-2015, is a board (resigned 29 September 2017) : Until September 2017,
Director of Financial Services Ireland and is a member of An Mr Le Feuvre was the Country Manager for the Channel
Taoiseach’s Financial Services Industry Advisory Committee. Islands and was a member of BlackRock's Global Client Group.
He joined BlackRock Advisors (UK) Limited in 1999 as head He was also the Managing Director of BlackRock (Channel
of risk management and moved to his present role in 2006. Islands) Limited. Mr Le Feuvre’s service with the firm dated
Prior to joining BlackRock Advisors (UK) Limited, Mr O’Dwyer back to 1972, including his years with MLIM, which merged
worked as risk manager at Gartmore Investment Management with BlackRock in 2006. At MLIM, he was the Head of the
and at HypoVereinsbank and National Westminster Bank. Jersey business and was the Managing Director of Merrill
Mr O’Dwyer graduated from Trinity College Dublin with a Lynch Investment Management (Channel Islands) Limited.
degree in Business Studies and Economics in 1991. He holds Mr Le Feuvre also served as the Director on the Boards
a Chartered Association of Certified Accountants qualification of BlackRock Global Funds and BlackRock Strategic Funds.
and an MBA from London City University Business School.
Nicholas C.D. Hall (ex-Chairman) (British) (resigned
Robert Hayes (British) : Mr Hayes is a Managing Director, 31 May 2017) : Mr Hall was, until he retired in May 2009,
is Head of Investment Oversight for the BlackRock EMEA General Counsel of BlackRock International (previously known
business and CEO of BlackRock Fund Managers Limited. The as Merrill Lynch Investment Managers International) based in
Investment Oversight team, which is part of Strategic Product London which position he held from his appointment in August
Management, is responsible for establishing and reviewing 1998. He joined the Group in 1983. He was educated at St.
investment expectations for all BlackRockʼs Retail Funds in Catharine’s College, Cambridge graduating with a MA (Law)
the EMEA region. He also chairs the Investment Committee degree in 1975. He qualified as a solicitor in England and
and serves as a Director of BlackRock Life Limited, BlackRock Wales in 1978 and in Hong Kong in 1987. He was
Global Funds SICAV and BlackRock Strategic Funds SICAV. a non-executive Director of BlackRock Investment
Mr. Hayesʼ service with the firm dates back to 2001, including Management (UK) Limited, BlackRock Advisors (UK) Limited,
his years with Merrill Lynch Investment Managers (MLIM), BlackRock Group Limited, Chairman of BlackRock Life Limited,
which merged with BlackRock in 2006. At MLIM he was Head BlackRock Global Funds and BlackRock Strategic Funds
of Strategic Advice and immediately before his current role he and served on the Boards of a number of other BlackRock
was Head of Client Strategy in our Client Solutions business. entities and sponsored funds. Mr Hall chaired the BlackRock
Prior to joining the firm, Mr. Hayes was a Partner with Watson Group Limited EMEA Conflicts Management Committee and
Wyatt Partners, as an investment consultant for large pension is a member of the BlackRock Group Limited EMEA Audit
funds and institutional investors. Earlier in his career, Mr Committee, Nominations Committee and Risk Committee.
Hayes was a UK Equity Investment Manager at ICI Pension
Fund and Head of Institutional Investment at M&G Investment
Management. Mr. Hayes earned a BSc degree in Mathematics
from Southampton University in 1983.
Michael Gruener (German) (appointed 21 December 2017) :

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

Report on Remuneration
The below disclosures are made in respect of the remuneration The MDCC directly retains an independent compensation
policies of the BlackRock Group (“BlackRock”), as they apply to consultant, Semler Brossy Consulting Group LLC, which
BlackRock (Luxembourg) S.A. (the “Management Company”). has no relationship with BlackRock, Inc. or the BlackRock, Inc.
The disclosures are made in accordance with the Directive Board that would interfere with its ability to provide independent
2009/65/EC on the coordination of laws, regulations and advice to the MDCC on compensation matters.
administrative provisions relating to UCITS, as amended,
including in particular by Directive 2014/91/EU of the European The BlackRock, Inc. Board has determined that all
Parliament and of the council of 23 July 2014, (the “Directive”), of the members of the MDCC are “independent” within
and the “Guidelines on sound remuneration policies under the meaning of the listing standards of the New York Stock
the UCITS Directive and AIFMD” issued by the European Exchange (“NYSE”), which requires each meet a “non-
Securities and Markets Authority. employee director” standard.
BlackRock’s UCITS Remuneration Policy (the “UCITS The MDCC held 10 meetings during 2017. The MDCC charter
Remuneration Policy”) will apply to the European Economic is available on BlackRock, Inc.’s website (www.blackrock.com).
Area (“EEA”) entities within the BlackRock Group authorised
Through its regular reviews, the MDCC continues to be
as a management company of UCITS funds in accordance
satisfied with the principles of BlackRock’s compensation policy
with the Directive, and will ensure compliance with the
and approach.
requirements of Article 14b of the Directive.
(b) The Management Company’s Board
The Management Company has adopted the UCITS
The Management Company’s Board has the task of supervising
Remuneration Policy, a summary of which is set out below.
and providing oversight of the UCITS Remuneration Policy as
Remuneration Governance it applies to the Management Company and its Identified Staff.
BlackRock’s remuneration governance in EMEA operates
The Management Company’s Board (through independent
as a tiered structure which includes: (a) the Management
review by the relevant control functions) remains satisfied with
Development and Compensation Committee (“MDCC”)
the implementation of the UCITS Remuneration Policy as it
(which is the global, independent remuneration committee
applies to the Management Company and its Identified Staff.
for BlackRock, Inc. and all of its subsidiaries, including
the Management Company); and (b) the Management Decision-making process
Company’s Board of Directors (the “Management Company’s Remuneration decisions for employees are made once
Board”). The MDCC is responsible for the determination annually in January following the end of the performance
of BlackRock’s remuneration policies. year. This timing allows full-year financial results to be
considered along with other non-financial goals and objectives.
(a) MDCC
Although the framework for remuneration decision-making
The MDCC’s purposes include:
is tied to financial performance, significant discretion
is used to determine individual variable remuneration
providing oversight of:
based on achievement of strategic and operating results
BlackRock’s executive compensation programmes;
and other considerations such as management and
BlackRock’s employee benefit plans; and
leadership capabilities.
such other compensation plans as may be established
by BlackRock from time to time for which the MDCC No set formulas are established and no fixed benchmarks are
is deemed as administrator; used in determining annual incentive awards. In determining
specific individual remuneration amounts, a number of
reviewing and discussing the compensation discussion factors are considered including non-financial goals and
and analysis included in the BlackRock, Inc. annual proxy objectives and overall financial and investment performance.
statement with management and approving the MDCC’s These results are viewed in the aggregate without any
report for inclusion in the proxy statement; specific weighting, and there is no direct correlation between
any particular performance measure and the resulting annual
reviewing, assessing and making reports incentive award. The variable remuneration awarded to
and recommendations to the BlackRock, Inc. Board any individual(s) for a particular performance year may also
of Directors (the “BlackRock, Inc. Board”) as appropriate be zero.
on BlackRock’s talent development and succession
planning, with the emphasis on performance and succession
at the highest management levels; and
in accordance with applicable UK and European regulations

and guidance, to act as the Remuneration Committee
for BlackRock’s EMEA regulated entities.

Report on Remuneration continued
Annual incentive awards are paid from a bonus pool. Link between pay and performance
There is a clear and well-defined pay-for-performance
The size of the projected bonus pool, including cash and equity philosophy and compensation programmes which are designed
awards, is reviewed throughout the year by the MDCC and the to meet the following key objectives as detailed below:
final total bonus pool is approved after year-end. As part
of this review, the MDCC receives actual and projected
appropriately balance BlackRock’s financial results between
financial information over the course of the year as well
shareholders and employees;
as final year-end information. The financial information that
the MDCC receives and considers includes the current year
attract, retain and motivate employees capable
projected income statement and other financial measures
of making significant contributions to the long-term
compared with prior year results and the current year budget.
success of the business;
The MDCC additionally reviews other metrics of BlackRock’s
financial performance (e.g., net inflows of Assets Under
align the interests of senior employees with those
Management (“AUM”) and investment performance) as well
of shareholders by awarding BlackRock Inc.’s stock
as information regarding market conditions and competitive
as a significant part of both annual and long-term
compensation levels.
incentive awards;
The MDCC regularly considers management’s
recommendation as to the percentage of preincentive operating control fixed costs by ensuring that compensation expense
income that will be accrued and reflected as a compensation varies with profitability;
expense throughout the year for the cash portion of the total
annual bonus pool (the “accrual rate”). The accrual rate link a significant portion of an employee’s total
of the cash portion of the total annual bonus pool may be compensation to the financial and operational performance
modified by the MDCC during the year based on its review of the business as well as its common stock performance;
of the financial information described above. The MDCC does
not apply any particular weighting or formula to the information discourage excessive risk-taking; and
it considers when determining the size of the total bonus
pool or the accruals made for the cash portion of the total ensure that client interests are not negatively impacted
bonus pool. by remuneration awarded on a short-term, mid-term and/or
long-term basis.
Following the end of the performance year, the MDCC
approves the final bonus pool amount. Driving a high-performance culture is dependent on
the ability to measure performance against objectives,
As part of the year-end review process the Enterprise Risk values and behaviours in a clear and consistent way. Line
and Regulatory Compliance departments report to the MDCC Management Companies use a 5-point rating scale to provide
on any activities, incidents or events that warrant consideration an overall assessment of an employee’s performance,
in making compensation decisions. and employees also provide a self-evaluation. The overall,
final rating is reconciled during each employee’s performance
Individuals are not involved in setting their own remuneration.
appraisal. Employees are assessed on the manner
Control functions in which performance is attained as well as the absolute
Each of the control functions (Enterprise Risk, Legal & performance itself.
Compliance, and Internal Audit) has its own organisational
In keeping with the pay-for-performance philosophy, ratings are
structure which is independent of the business units.
used to differentiate and reward individual performance – but
The head of each control function is either a member of the
do not pre-determine compensation outcomes. Compensation
Global Executive Committee (“GEC”), BlackRock’s global
decisions remain discretionary and are made as part
management committee, or has a reporting obligation to the
of the year-end compensation process.
Manager’s Board.
When setting remuneration levels other factors are considered,
Functional bonus pools are determined with reference
as well as individual performance, which may include:
to the performance of each individual function.
The remuneration of the senior members of control functions
is directly overseen by the Committee. the performance of the Management Company, the funds
managed by the Management Company and/or the relevant
functional department;

factors relevant to an employee individually; relationships The portion deferred into stock vests in three equal instalments
with clients and colleagues; teamwork; skills; any conduct over the three years following grant.
issues; and, subject to any applicable policy, the impact that
Supplementary to the annual discretionary bonus as
any relevant leave of absence may have on contribution
described above, equity awards from the “Partner Plan”
to the business);
and “Targeted Equity Award Plan” are made to select senior
leaders to provide greater linkage with future business results.
the management of risk within the risk profiles appropriate
The long-term incentive awards have been established
for BlackRockʼs clients;
individually to provide meaningful incentive for continued
performance over a multi-year period recognising the scope
strategic business needs, including intentions
of the individual’s role, business expertise and leadership skills.
regarding retention;
Selected senior leaders are eligible to receive performance-
market intelligence; and adjusted equity-based awards from the “BlackRock
Performance Incentive Plan” (“BPIP”). Awards made from
criticality to business. the BPIP have a three-year performance period based
on a measurement of As Adjusted Operating Margin(1) and
A primary product tool is risk management and, while Organic Revenue Growth(2). Determination of pay-out will
employees are compensated for strong performance in their be made based on the firm’s achievement relative to target
management of client assets, they are required to manage risk financial results at the conclusion of the performance period.
within the risk profiles appropriate for their clients. Therefore, The maximum number of shares that can be earned is 165%
employees are not rewarded for engaging in high-risk of the award in those situations where both metrics achieve
transactions outside of established parameters. Remuneration pre-determined financial targets. No shares will be earned
practices do not provide undue incentives for short-term where the firm’s financial performance in both of the above
planning or short-term financial rewards, do not reward metrics is below a pre-determined performance threshold.
unreasonable risk and provide a reasonable balance between These metrics have been selected as key measures
the many and substantial risks inherent within the business of shareholder value which endure across market cycles.
of investment management, risk management and advisory
services. A limited number of investment professionals have a portion
of their annual discretionary bonus (as described above)
BlackRock operates a total compensation model awarded as deferred cash that notionally tracks investment
for remuneration which includes a base salary, which in selected products managed by the employee. The intention
is contractual, and a discretionary bonus scheme. of these awards is to align investment professionals with
the investment returns of the products they manage through
BlackRock operates an annual discretionary bonus scheme.
the deferral of compensation into those products. Clients
Although all employees are eligible to be considered
and external evaluators have increasingly viewed more
for a discretionary bonus, there is no contractual obligation
favourably those products where key investors have “skin
to make any award to an employee under its discretionary
in the game” through significant personal investments. These
bonus scheme. In exercising discretion to award
awards vest in equal instalments over the three years following
a discretionary bonus, the factors listed above (under the
grant.
heading “Link between pay and performance”) may be
taken into account in addition to any other matters which Identified Staff
become relevant to the exercise of discretion in the course The UCITS Remuneration Policy sets out the process that will
of the performance year. be applied to identify staff as Identified Staff, being categories
of staff of the Management Company, including senior
Discretionary bonus awards for all employees, including
management, risk takers, control functions and any employee
executive officers, are subject to a guideline that determines
receiving total remuneration that takes them into the same
the portion paid in cash and the portion paid in BlackRock, Inc.
remuneration bracket as senior management and risk takers,
stock and subject to additional vesting/clawback conditions.
whose professional activities have a material impact on the
Stock awards are subject to further performance adjustment
risk profiles of the Management Company or of the funds
through variation in BlackRock, Inc.’s share price over the
it manages.
vesting period. As total annual compensation increases,
a greater portion is deferred into stock. The MDCC adopted The list of Identified Staff will be subject to regular review,
this approach in 2006 to substantially increase the retention being formally reviewed in the event of, but not limited to:
value and shareholder alignment of the compensation package
for eligible employees, including the executive officers.
organisational changes;
(1) As Adjusted Operating Margin: As reported in BlackRockʼs external filings, reflects adjusted Operating Income divided by Total Revenue net of distribution and servicing expenses and
amortisation of deferred sales commissions.
(2) Organic Revenue Growth: Equal to net new base fees plus net new Aladdin revenue generated in the year (in US dollars).

new business initiatives; Members of staff and senior management of the Management
Company typically provide both UCITS and non-UCITS related
changes in significant influence function lists; services in respect of multiple funds, clients and functions
of the Management Company and across the broader
changes in role responsibilities; and BlackRock Group. Therefore, the figures disclosed are a sum
of each individual’s portion of remuneration attributable
revised regulatory direction. to the Management Company’s UCITS-related business
according to an objective apportionment methodology which
Quantitative Remuneration Disclosure acknowledges the multiple-service nature of the Management
The Management Company is required under the UCITS Company. Accordingly the figures are not representative of any
to make quantitative disclosures of remuneration. These individual’s actual remuneration or their remuneration structure.
disclosures are made in line with BlackRock’s interpretation
of currently available regulatory guidance on quantitative The amount of the total remuneration awarded by the
remuneration disclosures. As market or regulatory practice Management Company to its staff which has been attributed
develops BlackRock may consider it appropriate to make to the Management Company’s UCITS-related business
changes to the way in which quantitative remuneration in respect of the Management Company’s financial year
disclosures are calculated. Where such changes are made, ending 31 December 2017 is USD 89.7 million. This figure
this may result in disclosures in relation to a fund not being is comprised of fixed remuneration of USD 5.3 million and
comparable to the disclosures made in the prior year, variable remuneration of USD 84.4 million. There were a total
or in relation to other BlackRock fund disclosures in that of 104 beneficiaries of the remuneration described above.
same year. The amount of the aggregate remuneration awarded by
Disclosures are provided in relation to (a) the staff of the the Management Company, which has been attributed
Management Company; (b) staff who are senior management; to the Management Company’s UCITS-related business
and (c) staff who have the ability to materially affect the risk in respect of the Management Company’s financial year
profile of the Company. ending 31 December 2017, to its senior management was
USD 0.2 million, and to members of its staff whose actions
All individuals included in the aggregated figures disclosed are have a material impact on the risk profile of the Management
rewarded in line with BlackRock’s remuneration policy for their Company’s UCITS-related business was USD 89.5 million.
responsibilities across the relevant BlackRock business area.
As all individuals have a number of areas of responsibilities,
only the portion of remuneration for those individuals’ services
attributable to the Company is included in the aggregate
figures disclosed.

Statement of Net Assets
as at 31 March 2018
iShares iShares
BlackRock Emerging Emerging iShares iShares iShares
Global Markets Markets Europe Euro Euro
Index Equity Government Equity Aggregate Government
Funds Index Bond Index Index Fund Bond Index Bond Index
Combined Fund (LU) Fund (LU) (LU) Fund (LU) Fund (LU)
Note USD USD USD EUR EUR EUR
Assets
Securities portfolio at cost 6,474,648,740 429,681,121 2,383,108,911 339,874,660 590,157,157 401,275,360
Unrealised appreciation 555,976,410 84,329,121 6,313,398 35,612,172 24,782,642 17,665,888
Securities portfolio at market value 2(a) 7,030,625,150 514,010,242 2,389,422,309 375,486,832 614,939,799 418,941,248
Cash at bank 2(a) 75,838,833 7,840,792 32,756,178 1,599,544 2,173,360 1,340,753
Cash collateral 2(a) 5,751,187 – 5,631,176 – 97,389 –
Due from broker 13 4,009,523 661,593 – 207,320 – –
Interest and dividends receivable 2(a) 55,076,803 1,479,695 30,097,279 1,675,052 5,730,235 4,483,092
Receivable for investments sold 2(a) 1,783,170 – 1,056,478 – – –
Receivable for Fund shares subscribed 2(a) 33,169,350 1,141,855 1,899,413 3,380,666 3,596,586 3,576,288
Net unrealised appreciation on:
Futures contracts 2(d) 59,984 – – 12,292 – –
Other assets 433,505 11,694 45,286 15,793 104,804 3,341
Total assets 7,206,747,505 525,145,871 2,460,908,119 382,377,499 626,642,173 428,344,722
Liabilities
Cash collateral payable 2(a) 5,751,187 – 5,631,176 – 97,389 –
Income distribution payable 2(a) 8,934,052 135,199 2,185,752 243,843 2,128,474 22,704
Payable for investments purchased 2(a) 10,057,155 825,305 4,302,540 – – 2,538,194
Payable for Fund shares redeemed 2(a) 9,393,871 315,707 5,062,822 516,773 288,294 583,910
Net unrealised depreciation on:
Futures contracts 2(d) 1,379,721 241,965 – – – –
Open forward foreign exchange transactions 2(d) 2,036,159 – 2,032,480 – – –
Accrued expenses and other liabilities 4,5,6 3,526,489 662,788 656,014 246,381 157,457 157,703
Total liabilities 41,078,634 2,180,964 19,870,784 1,006,997 2,671,614 3,302,511
Total net assets 7,165,668,871 522,964,907 2,441,037,335 381,370,502 623,970,559 425,042,211
Approved on behalf of the Board of Directors
Director Director
Date 26 July 2018 Date 26 July 2018
The notes on pages 135 to 141 form an integral part of these financial statements.

Statement of Net Assets
as at 31 March 2018 continued
iShares
iShares Global iShares North Pacific
Government iShares Japan America ex Japan iShares World
Bond Index Equity Index Equity Index Equity Index Equity Index
Fund (LU) Fund (LU) Fund (LU) Fund (LU) Fund (LU)
Note USD USD USD USD USD
Assets
Securities portfolio at cost 345,211,630 156,380,815 428,759,349 327,765,105 763,190,759
Unrealised appreciation 13,524,192 25,861,106 158,054,530 19,918,138 151,782,823
Securities portfolio at market value 2(a) 358,735,822 182,241,921 586,813,879 347,683,243 914,973,582
Cash at bank 2(a) 2,283,336 1,393,607 5,014,809 3,747,815 16,500,809
Cash collateral 2(a) – – – – –
Due from broker 13 – 56,046 550,113 447,212 2,039,081
Interest and dividends receivable 2(a) 2,438,514 1,506,257 555,744 2,036,939 2,312,493
Receivable for investments sold 2(a) 53,927 203,847 157,667 – 311,251
Receivable for Fund shares subscribed 2(a) 154,989 298,070 5,782,061 854,124 10,033,860
Net unrealised appreciation on:
Futures contracts 2(d) – 44,837 – – –
Other assets 1,003 1,530 3,617 8,050 209,598
Total assets 363,667,591 185,746,115 598,877,890 354,777,383 946,380,674
Liabilities
Cash collateral payable 2(a) – – – – –
Income distribution payable 2(a) 14,003 38,643 90,812 32,993 3,485,299
Payable for investments purchased 2(a) 272,500 203,847 157,667 – 1,167,515
Payable for Fund shares redeemed 2(a) 74,575 296,641 1,062,498 474,283 395,728
Net unrealised depreciation on:
Futures contracts 2(d) – – 247,648 142,814 747,294
Open forward foreign exchange transactions 2(d) 3,679 – – – –
Accrued expenses and other liabilities 4,5,6 147,649 124,646 250,045 324,500 668,869
Total liabilities 512,406 663,777 1,808,670 974,590 6,464,705
Total net assets 363,155,185 185,082,338 597,069,220 353,802,793 939,915,969

Three Year Summary of Net Asset Values
as at 31 March 2018
Currency 31 March 2018 31 March 2017 31 March 2016

Total net assets USD 522,964,907 436,821,114 401,552,214
Net asset value per:
A Class non-distributing share USD 132.21 107.00 91.48
F Class non-distributing share USD 136.91 110.47 94.17
F Class non-distributing share EUR EUR 111.07 103.41 82.58
N Class distributing share USD 156.41 128.45 111.46
N Class distributing share EUR EUR 125.08 118.49 96.34
N Class non-distributing share USD 134.63 108.59 92.54
X Class non-distributing share USD 136.17 109.62 93.23
X Class non-distributing share EUR EUR 110.26 102.39 81.58
iShares Emerging Markets Government Bond

Index Fund (LU)
Total net assets USD 2,441,037,335 1,875,238,033 1,088,653,643
A Class non-distributing share EUR hedged EUR 107.42 105.83 –
F Class non-distributing share(1) USD 102.09 – –
I Class distributing share USD 106.05 106.91 103.59
I Class non-distributing share USD 121.64 116.87 107.35
I Class non-distributing share EUR hedged EUR 107.96 106.07 –
I Class non-distributing share GBP hedged GBP 108.89 106.17 –
X Class non-distributing share EUR EUR 100.89 111.58 –
X Class non-distributing share EUR hedged EUR 108.46 106.34 –
X Class non-distributing share SEK hedged SEK 1,013.53 995.17 –

Total net assets EUR 381,370,502 428,391,758 378,459,527
A Class non-distributing share EUR 154.53 154.43 132.71
D Class non-distributing share EUR 147.17 146.64 125.64
D Class non-distributing share USD(1) USD 100.29 – –
F Class non-distributing share EUR 157.19 156.63 134.20
N Class distributing share EUR 135.31 139.17 122.72
N Class distributing share USD USD 169.38 151.04 142.17
N Class non-distributing share EUR 157.46 156.84 134.33
X Class non-distributing share EUR 158.77 157.92 135.06
X Class non-distributing share USD USD 122.68 105.80 –


D Class non-distributing share EUR 122.40 119.09 121.32
F Class non-distributing share EUR 125.40 122.01 124.29
N Class non-distributing share EUR 125.62 122.19 124.43
(1) New Class launch, see Appendix I for further details.

Three Year Summary of Net Asset Values
as at 31 March 2018 continued
Currency 31 March 2018 31 March 2017 31 March 2016

D Class non-distributing share EUR EUR 109.95 117.16 114.46
N Class non-distributing share EUR EUR 82.01 87.29 85.23
X Class non-distributing share EUR EUR 94.28 100.26 –


D Class non-distributing share(1) USD 100.44 – –

A Class non-distributing UK reporting fund share USD 126.40 117.32 99.60
F Class non-distributing UK reporting fund share USD 128.62 119.03 100.74

Total net assets USD 939,915,969 1,147,314,195 717,392,136
D Class non-distributing share EUR EUR 175.30 179.59 147.12
F Class non-distributing share EUR EUR 140.39 143.86 117.86
F Class non-distributing share GBP GBP 123.11 123.27 –
N Class non-distributing share EUR EUR 179.02 183.21 150.00
(1) New Class launch, see Appendix I for further details.

Statement of Operations and Changes in Net Assets
for the year ended 31 March 2018
iShares iShares
Emerging Emerging iShares
BlackRock Markets Markets Europe
Global Equity Government Equity
Index Funds Index Bond Index Index
Note Combined Fund (LU) Fund (LU) Fund (LU)
USD USD USD EUR
Net assets at the beginning of the year 6,216,332,570 436,821,114 1,875,238,033 428,391,758
Income
Bank interest 2(c) 447,899 – 18,050 268,847
Bond interest 2(c) 125,554,377 – 109,033,997 –
Dividends, net of withholding taxes 2(c) 79,357,360 11,418,576 – 14,440,993
Securities lending 2(c) 1,580,867 146,326 718,195 139,500
Total income 206,940,503 11,564,902 109,770,242 14,849,340
Expenses
Bank interest 2(c) 52,458 16,431 – –
Administration fees 5 2,548,879 236,697 668,581 170,868
Depositary fees 2(i),6 2,162,851 470,969 298,575 198,018
Management fees 4 6,200,970 1,206,857 1,461,928 400,023
Total expenses before reimbursement 10,965,158 1,930,954 2,429,084 768,909
Reimbursement of expenses 255,531 – – –
Total expenses after reimbursement 10,709,627 1,930,954 2,429,084 768,909
Net investment income/(deficit) 196,230,876 9,633,948 107,341,158 14,080,431

Net realised gain/(loss) on:
Investments 2(a),2(b) 244,960,576 21,043,227 3,584,715 14,543,377
Futures contracts 2(d) 9,801,540 6,114,568 – 339,199
Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) 48,733,667 (2,793,241) 56,230,658 (2,267,720)
Net realised gain for the year 303,495,783 24,364,554 59,815,373 12,614,856
Net change in unrealised appreciation/(depreciation) on:

Investments 115,154,494 83,447,889 (29,703,082) (21,681,356)
Futures contracts 2(d) (2,020,017) (904,482) – (32,975)
Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) (6,792,350) (611,932) (6,133,127) (47,104)
Net change in unrealised appreciation/(depreciation) for the year 106,342,127 81,931,475 (35,836,209) (21,761,435)
Increase/(decrease) in net assets as a result of operations 606,068,786 115,929,977 131,320,322 4,933,852
Movements in share capital

Net receipts as a result of issue of shares 2,993,999,647 251,323,408 882,730,986 130,812,167
Net payments as a result of repurchase of shares (2,856,897,171) (280,668,324) (444,199,019) (181,871,612)
Increase/(decrease) in net assets as a result of movements in share capital 137,102,476 (29,344,916) 438,531,967 (51,059,445)
Dividends declared 10 (17,841,210) (441,268) (4,052,987) (895,663)

Foreign exchange adjustment 2(f) 224,006,249* – – –
Net assets at the end of the year 7,165,668,871 522,964,907 2,441,037,335 381,370,502
* The combined figures have been calculated using the average exchange rates throughout the year. The resulting Foreign exchange adjustment of USD 224,006,249 represents the movement
in exchange rates between 31 March 2017 and 31 March 2018. This is a notional amount, which has no impact on the Net Assets of the individual Funds.

for the year ended 31 March 2018 continued
iShares iShares
iShares Euro Euro Global
Aggregate Government Government iShares Japan
Bond Index Bond Index Bond Index Equity Index
Note Fund (LU) Fund (LU) Fund (LU) Fund (LU)
EUR EUR USD USD
Net assets at the beginning of the year 462,209,234 436,468,280 95,013,157 150,842,636
Income
Bank interest 2(c) – – 98,795 –
Bond interest 2(c) 6,753,084 4,722,804 3,116,145 –
Dividends, net of withholding taxes 2(c) – – – 3,204,681
Securities lending 2(c) 51,893 63,996 7,942 38,539
Total income 6,804,977 4,786,800 3,222,882 3,243,220
Expenses
Bank interest 2(c) 15,003 4,719 – 12,991
Administration fees 5 167,269 140,046 108,799 69,965
Depositary fees 2(i),6 105,871 95,863 108,698 105,233
Management fees 4 160,557 335,135 131,278 141,900
Total expenses before reimbursement 448,700 575,763 348,775 330,089
Reimbursement of expenses 71,366 – – –
Total expenses after reimbursement 377,334 575,763 348,775 330,089
Net investment income/(deficit) 6,427,643 4,211,037 2,874,107 2,913,131

Investments 2(a),2(b) 313,811 4,869,947 (54,939) 12,815,639
Futures contracts 2(d) – – – 326,761
Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) (884) (689) 1,467,444 (747,671)
Net realised gain for the year 312,927 4,869,258 1,412,505 12,394,729

Investments 4,776,777 3,165,915 16,899,466 12,438,030
Futures contracts 2(d) – – – 105,893
Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) 7 (35) 38,201 (14,926)
Net change in unrealised appreciation/(depreciation) for the year 4,776,784 3,165,880 16,937,667 12,528,997
Increase/(decrease) in net assets as a result of operations 11,517,354 12,246,175 21,224,279 27,836,857

Net receipts as a result of issue of shares 256,498,929 154,440,123 383,224,528 157,639,006
Net payments as a result of repurchase of shares (102,359,896) (178,067,271) (136,278,241) (151,166,281)
Increase/(decrease) in net assets as a result of movements in share capital 154,139,033 (23,627,148) 246,946,287 6,472,725
Dividends declared 10 (3,895,062) (45,096) (28,538) (69,880)

Foreign exchange adjustment 2(f) – – – –
Net assets at the end of the year 623,970,559 425,042,211 363,155,185 185,082,338

iShares iShares
North Pacific iShares
America ex Japan World Equity
Equity Index Equity Index Index
Note Fund (LU) Fund (LU) Fund (LU)
USD USD USD
Net assets at the beginning of the year 783,949,640 309,193,252 1,147,314,195

Income
Bank interest 2(c) 8,917 4,607 3,507
Bond interest 2(c) – – –
Dividends, net of withholding taxes 2(c) 11,109,025 13,376,262 23,381,236
Securities lending 2(c) 56,169 80,129 235,264
Total income 11,174,111 13,460,998 23,620,007
Expenses
Bank interest 2(c) – – –
Administration fees 5 317,321 180,175 408,807
Depositary fees 2(i),6 146,212 238,383 327,857
Management fees 4 599,069 788,871 824,841
Total expenses before reimbursement 1,062,602 1,207,429 1,561,505
Reimbursement of expenses – – 172,173
Total expenses after reimbursement 1,062,602 1,207,429 1,389,332
Net investment income/(deficit) 10,111,509 12,253,569 22,230,675

Investments 2(a),2(b) 83,833,067 5,231,386 95,465,504
Futures contracts 2(d) 779,047 409,828 1,775,140
Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) (1,140,927) (2,412,559) 780,576
Net realised gain for the year 83,471,187 3,228,655 98,021,220

Investments 2,587,026 9,895,531 35,636,869
Futures contracts 2(d) (252,504) (173,386) (757,022)
Foreign currencies and forward foreign exchange transactions 2(d),2(e),2(j) 6,232 (46,696) 24,950
Net change in unrealised appreciation/(depreciation) for the year 2,340,754 9,675,449 34,904,797
Increase/(decrease) in net assets as a result of operations 95,923,450 25,157,673 155,156,692

Net receipts as a result of issue of shares 116,192,928 189,438,320 380,666,286
Net payments as a result of repurchase of shares (398,685,513) (169,894,679) (736,024,131)
Increase/(decrease) in net assets as a result of movements in share capital (282,492,585) 19,543,641 (355,357,845)
Dividends declared 10 (311,285) (91,773) (7,197,073)

Foreign exchange adjustment 2(f) – – –
Net assets at the end of the year 597,069,220 353,802,793 939,915,969

Statement of Changes in Shares Outstanding
for the year ended 31 March 2018
Shares outstanding Shares outstanding

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

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

D Class non-distributing share 120,348 64,291 4,722 179,917
D Class non-distributing share USD(1) – 85,700 – 85,700
N Class distributing share 197,624 68,861 87,713 178,772
N Class distributing share USD 33 – – 33
X Class non-distributing share 1,433,305 40,955 262,137 1,212,123
X Class non-distributing share USD 263,406 12,878 28,096 248,188

N Class distributing share 1,733,019 1,943,461 203,251 3,473,229

D Class non-distributing share 52,939 290,899 182,900 160,938
N Class distributing share 49,721 12,217 19,390 42,548
N Class non-distributing share 909,286 553,614 282,399 1,180,501

D Class non-distributing share EUR 57,107 334,752 136,610 255,249
N Class non-distributing share 50 – – 50
N Class non-distributing share EUR 75,364 179,711 110,357 144,718
X Class non-distributing share 490,196 117,386 81,670 525,912
X Class non-distributing share EUR 46 2,141,377 724,856 1,416,567
(1) New Class launch, see Appendix 1 for further details.

Statement of Changes in Shares Outstanding
Shares outstanding Shares outstanding

at the beginning Shares Shares at the end of the
of the year issued repurchased year
N Class non-distributing share 42,481 – 4,966 37,515

D Class non-distributing share(1) – 86,824 – 86,824
F Class non-distributing share 1,801,361 386,382 1,229,913 957,830
N Class distributing share 4,156 – 4,155 1
X Class non-distributing share EUR 1,663,206 27,063 536,825 1,153,444

A Class non-distributing UK reporting fund share 1,093,025 357,495 691,387 759,133
F Class non-distributing UK reporting fund share 865,772 839,347 244,796 1,460,323

D Class non-distributing share EUR 18,421 140,531 77,154 81,798
F Class non-distributing share EUR 306 20,947 28 21,225
F Class non-distributing share GBP 122,052 8,816 7,950 122,918
N Class distributing share EUR 1,337,455 1,076,124 220,139 2,193,440
N Class non-distributing share 446,695 – 446,693 2
N Class non-distributing share EUR 22,291 4,913 3,860 23,344
X Class non-distributing share 3,872,742 262,602 2,597,099 1,538,245
(1) New Class launch, see Appendix 1 for further details.

Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets
COMMON / PREFERRED STOCKS (SHARES) & RIGHTS Brazil continued

370,787 Petroleo Brasileiro SA (Pref) 2,375,660 0.45
Bermuda 11,463 Porto Seguro SA 169,301 0.03
382,000 Alibaba Health Information 22,594 Qualicorp SA 150,878 0.03
Technology Ltd* 189,817 0.04 19,694 Raia Drogasil SA 439,027 0.08
1,120,000 Alibaba Pictures Group Ltd* 145,555 0.03 81,387 Rumo SA 315,075 0.06
496,000 Beijing Enterprises Water Group Ltd 276,799 0.05 22,722 Sul America SA (Unit) 150,913 0.03
236,000 Brilliance China Automotive 32,962 Suzano Papel e Celulose SA 328,187 0.06
Holdings Ltd 492,531 0.09 45,441 Telefonica Brasil SA (Pref) 678,516 0.13
178,000 China Gas Holdings Ltd* 647,491 0.12 55,331 Tim Participacoes SA 233,843 0.05
86,000 China Resources Gas Group Ltd* 298,588 0.06 20,027 Transmissora Alianca de Energia
200,371 COSCO SHIPPING Ports Ltd 168,495 0.03 Eletrica SA (Unit) 129,218 0.02
6,429 Credicorp Ltd 1,448,068 0.28 36,549 Ultrapar Participacoes SA 777,276 0.15
1,798,000 GOME Retail Holdings Ltd* 194,723 0.04 300,537 Vale SA 3,812,253 0.73
126,000 Haier Electronics Group Co Ltd 448,704 0.09 47,534 WEG SA 321,569 0.06
790,000 Hanergy Thin Film Power
Group Ltd** 1 0.00 38,269,788 7.32
388,000 Kunlun Energy Co Ltd* 334,679 0.06
157,000 Nine Dragons Paper Holdings Ltd 234,842 0.05 Cayman Islands
411,000 Sihuan Pharmaceutical Holdings 102,500
3SBio Inc '144A'* 230,895 0.04
Group Ltd 121,489 0.02 5,961
58.com Inc ADR 466,567 0.09
66,000
AAC Technologies Holdings Inc 1,190,735 0.23
5,001,782 0.96
150,000
Agile Group Holdings Ltd 309,992 0.06
107,887
Alibaba Group Holding Ltd ADR* 19,318,246 3.69
Brazil 96,000
ANTA Sports Products Ltd 484,367 0.09
435,652
Ambev SA 3,146,387 0.60 1,702
Autohome Inc ADR 142,338 0.03
185,003
B3 SA - Brasil Bolsa Balcao 1,454,114 0.28 25,224
Baidu Inc ADR 5,653,203 1.08
80,311
Banco Bradesco SA 912,194 0.17 121,878
Chailease Holding Co Ltd 418,006 0.08
287,069
Banco Bradesco SA (Pref) 3,360,774 0.64 159,000
China Conch Venture Holdings Ltd 485,188 0.09
82,999
Banco do Brasil SA 1,014,378 0.19 306,000
China Evergrande Group 963,000 0.18
43,114
Banco Santander Brasil SA (Unit) 506,301 0.10 444,000
China Huishan Dairy Holdings
70,912
BB Seguridade Participacoes SA 623,489 0.12 Co Ltd*,** 1 0.00
64,947
BR Malls Participacoes SA 229,745 0.04 126,000 China Medical System Holdings Ltd 286,079 0.05
15,727
Braskem SA 'A' (Pref) 224,519 0.04 246,000 China Mengniu Dairy Co Ltd 843,131 0.16
45,616
BRF SA 310,515 0.06 248,483 China Resources Land Ltd* 903,880 0.17
122,778
CCR SA 447,244 0.09 258,750 China State Construction
16,492
Centrais Eletricas Brasileiras SA 103,929 0.02 International Holdings Ltd* 315,830 0.06
14,925
Centrais Eletricas Brasileiras SA 'B' 296,000 CIFI Holdings Group Co Ltd 258,339 0.05
(Pref) 108,286 0.02 524,200 Country Garden Holdings Co Ltd 1,079,310 0.21
17,805 Cia Brasileira de Distribuicao (Pref) 350,160 0.07 33,705 Ctrip.com International Ltd ADR 1,553,126 0.30
28,377 Cia de Saneamento Basico do 82,000 ENN Energy Holdings Ltd 732,385 0.14
Estado de Sao Paulo 293,975 0.06 435,000 Fullshare Holdings Ltd 241,094 0.05
12,573 Cia Energetica de Minas Gerais 31,580 0.01 1,337,000 GCL-Poly Energy Holdings Ltd* 165,238 0.03
79,141 Cia Energetica de Minas Gerais 468,000 Geely Automobile Holdings Ltd 1,347,603 0.26
(Pref) 200,921 0.04 13,000 General Interface Solution
40,056 Cia Siderurgica Nacional SA 102,657 0.02 Holding Ltd 78,695 0.02
123,848 Cielo SA 771,151 0.15 69,000 Haitian International Holdings Ltd 209,235 0.04
12,378 Cosan SA Industria e Comercio 153,438 0.03 75,500 Hengan International Group Co Ltd 699,341 0.13
30,479 EDP - Energias do Brasil SA 121,386 0.02 57,176 JD.com Inc ADR 2,315,628 0.44
73,800 Embraer SA 474,396 0.09 66,500 Kingboard Chemical Holdings Ltd 303,752 0.06
24,500 Engie Brasil Energia SA 286,826 0.06 103,000 Kingsoft Corp Ltd 326,772 0.06
21,000 Equatorial Energia SA 452,980 0.09 149,000 Lee & Man Paper Manufacturing Ltd 157,380 0.03
23,214 Fibria Celulose SA 448,785 0.09 139,000 Longfor Properties Co Ltd 425,044 0.08
96,711 Gerdau SA (Pref) 443,926 0.09 6,658 Momo Inc ADR 240,154 0.05
38,392 Hypera SA 414,009 0.08 6,739 NetEase Inc ADR 1,861,110 0.36
306,600 Itau Unibanco Holding SA (Pref) 4,728,416 0.90 10,924 New Oriental Education &
8,153 Itausa - Investimentos Itau SA 33,451 0.01 Technology Group Inc ADR 937,170 0.18
346,939 Itausa - Investimentos Itau SA (Pref) 1,424,512 0.27 280,100 Semiconductor Manufacturing
79,100 JBS SA 222,230 0.04 International Corp* 366,158 0.07
53,303 Klabin SA (Unit) 324,681 0.06 58,000 Shenzhou International Group
143,971 Kroton Educacional SA 567,751 0.11 Holdings Ltd 610,771 0.12
55,755 Localiza Rent a Car SA 470,432 0.09 86,500 Shimao Property Holdings Ltd 244,668 0.05
81,567 Lojas Americanas SA (Pref) 454,888 0.09 3,255 SINA Corp/China 328,722 0.06
68,252 Lojas Renner SA 690,229 0.13 451,000 Sino Biopharmaceutical Ltd 884,922 0.17
13,800 M Dias Branco SA 210,376 0.04 176,000 SOHO China Ltd 92,164 0.02
6,987 Multiplan Empreendimentos 215,000 Sunac China Holdings Ltd 830,021 0.16
Imobiliarios SA 143,294 0.03 65,500 Sunny Optical Technology Group
11,561 Natura Cosmeticos SA 109,022 0.02 Co Ltd 1,209,254 0.23
27,671 Odontoprev SA 124,186 0.02 25,247 TAL Education Group ADR 921,010 0.18
271,648 Petroleo Brasileiro SA 1,896,539 0.36
* All or a portion of this security represents a security on loan.

** Security subject to a fair value adjustment as detailed in Note 2(a).

iShares Emerging Markets Equity Index Fund (LU) continued

Value Net Value Net
Cayman Islands continued China continued

531,979 Tencent Holdings Ltd 27,762,734 5.31 2,357,200 China Petroleum & Chemical
224,000 Tingyi Cayman Islands Holding Corp 'H'* 2,069,300 0.40
Corp* 464,633 0.09 189,500 China Railway Construction
28,774 Vipshop Holdings Ltd ADR 471,318 0.09 Corp Ltd 'H' 189,775 0.04
546,000 Want Want China Holdings Ltd* 437,574 0.08 384,000 China Railway Group Ltd 'H' 266,157 0.05
3,361 Weibo Corp ADR 391,893 0.07 310,000 China Shenhua Energy Co Ltd 'H' 770,201 0.15
2,588 YY Inc ADR 262,604 0.05 195,722 China Southern Airlines Co Ltd 'H' 201,991 0.04
80,221,280 15.34 1,506,000 China Telecom Corp Ltd 'H' 663,910 0.13
118,200 China Vanke Co Ltd 'H' 539,148 0.10
302,000 Chongqing Rural Commercial Bank
Chile
Co Ltd 'H' 231,254 0.04
238,117 Aguas Andinas SA 155,578 0.03
248,500 CITIC Securities Co Ltd 'H'* 568,644 0.11
5,437 Banco de Chile ADR 535,680 0.10
434,250 CRRC Corp Ltd 'H' 370,147 0.07
3,106 Banco de Credito e Inversiones SA 223,596 0.04
310,000 Dongfeng Motor Group Co Ltd 'H' 359,822 0.07
17,277 Banco Santander Chile ADR* 573,942 0.11
51,200 Fuyao Glass Industry Group
93,975 Cencosud SA 281,640 0.05
Co Ltd 'H' '144A' 197,335 0.04
8,976 Cia Cervecerias Unidas SA ADR 262,728 0.05
138,000 GF Securities Co Ltd 'H' 253,543 0.05
662,536 Colbun SA 153,964 0.03
301,500 Great Wall Motor Co Ltd 'H'* 302,322 0.06
14,317 Empresa Nacional de
234,000 Guangzhou Automobile Group
Telecomunicaciones SA 161,486 0.03
Co Ltd 'H' 431,114 0.08
97,949 Empresas CMPC SA 371,910 0.07
73,200 Guangzhou R&F Properties
39,998 Empresas COPEC SA 624,324 0.12
Co Ltd 'H' 182,613 0.03
62,922 Enel Americas SA ADR 721,086 0.14
351,600 Haitong Securities Co Ltd 'H' 465,001 0.09
63,049 Enel Chile SA ADR 410,449 0.08
446,000 Huaneng Power International Inc 'H' 299,470 0.06
9,731 Enel Generacion Chile SA ADR 235,490 0.05
518,000 Huaneng Renewables Corp Ltd 'H' 193,377 0.04
21,860 Latam Airlines Group SA 331,775 0.06
177,200 Huatai Securities Co Ltd 'H' '144A'* 340,917 0.06
62,292 SACI Falabella 601,237 0.12
7,016,000 Industrial & Commercial Bank of
11,843 Sociedad Quimica y Minera de
China Ltd 'H' 6,016,064 1.15
Chile SA ADR 566,688 0.11
138,000 Jiangsu Expressway Co Ltd 'H' 195,169 0.04
6,211,573 1.19 89,000 Jiangxi Copper Co Ltd 'H' 127,004 0.02
84,200 New China Life Insurance Co Ltd 'H' 392,110 0.07
China 758,000 People's Insurance Co Group of
2,481,000
Agricultural Bank of China Ltd 'H' 1,409,839 0.27 China Ltd/The 'H' 354,440 0.07
222,000
Air China Ltd 'H'* 282,853 0.05 1,928,000 PetroChina Co Ltd 'H' 1,324,048 0.25
378,000
Aluminum Corp of China Ltd 'H' 209,502 0.04 439,872 PICC Property & Casualty Co Ltd 'H' 770,054 0.15
134,000
Anhui Conch Cement Co Ltd 'H'* 729,875 0.14 498,000 Ping An Insurance Group Co of
337,000
AviChina Industry & Technology China Ltd 'H'* 5,063,374 0.97
Co Ltd 'H'* 237,445 0.05 264,000 Shandong Weigao Group Medical
7,531,000 Bank of China Ltd 'H' 4,049,234 0.77 Polymer Co Ltd 'H' 175,919 0.03
757,000 Bank of Communications Co Ltd 'H' 593,170 0.11 360,000 Shanghai Electric Group Co Ltd 'H'* 124,761 0.02
186,000 Beijing Capital International Airport 63,000 Shanghai Fosun Pharmaceutical
Co Ltd 'H' 249,782 0.05 Group Co Ltd 'H'* 386,897 0.07
66,500 Byd Co Ltd 'H'* 518,538 0.10 101,700 Shanghai Pharmaceuticals Holding
1,117,000 CGN Power Co Ltd 'H' '144A' 288,906 0.05 Co Ltd 'H' 272,112 0.05
989,000 China Cinda Asset Management 354,000 Sinopec Shanghai Petrochemical
Co Ltd 'H' 359,128 0.07 Co Ltd 'H' 215,144 0.04
961,000 China CITIC Bank Corp Ltd 'H' 656,290 0.13 134,400 Sinopharm Group Co Ltd 'H'* 672,976 0.13
489,000 China Communications Construction 116,000 TravelSky Technology Ltd 'H' 336,238 0.06
Co Ltd 'H' 502,171 0.10 50,000 Tsingtao Brewery Co Ltd 'H' 261,193 0.05
242,000 China Communications Services 196,000 Weichai Power Co Ltd 'H' 219,759 0.04
Corp Ltd 'H' 144,609 0.03 194,000 Yanzhou Coal Mining Co Ltd 'H' 247,178 0.05
7,892,000 China Construction Bank Corp 'H' 8,104,569 1.55 156,000 Zhejiang Expressway Co Ltd 'H' 159,208 0.03
327,000 China Everbright Bank Co Ltd 'H' 157,071 0.03 59,400 Zhuzhou CRRC Times Electric
360,500 China Galaxy Securities Co Ltd 'H'* 239,764 0.05 Co Ltd 'H'* 287,593 0.05
622,000 China Huarong Asset Management 722,000 Zijin Mining Group Co Ltd 'H'* 322,888 0.06
Co Ltd 'H' '144A' 261,524 0.05 88,800 ZTE Corp 'H'* 289,076 0.06
723,000 China Life Insurance Co Ltd 'H' 1,989,756 0.38 52,230,787 9.99
378,000 China Longyuan Power Group
Corp Ltd 'H' 289,932 0.06
Colombia
359,792 China Merchants Bank Co Ltd 'H'* 1,473,806 0.28
24,889 Bancolombia SA 269,287 0.05
469,500 China Minsheng Banking
11,718 Bancolombia SA (Pref) 122,839 0.03
Corp Ltd 'H'* 456,424 0.09
8,012 Bancolombia SA ADR 334,982 0.07
381,000 China Molybdenum Co Ltd 'H' 287,379 0.05
24,727 Ecopetrol SA ADR 468,824 0.09
326,000 China National Building Material
25,291 Grupo Argos SA/Colombia 170,412 0.03
Co Ltd 'H' 353,887 0.07
32,068 Grupo Aval Acciones y Valores
230,000 China Oilfield Services Ltd 'H' 237,074 0.05
SA ADR 266,164 0.05
232,000 China Pacific Insurance Group
Co Ltd 'H' 1,039,013 0.20


Value Net Value Net
Colombia continued India

24,742 Grupo de Inversiones 6,306 ACC Ltd 145,222 0.03
Suramericana SA 330,236 0.06 86,521 Adani Ports & Special Economic
33,156 Interconexion Electrica SA ESP 158,117 0.03 Zone Ltd 472,258 0.09
65,419 Ambuja Cements Ltd 235,711 0.04
2,120,861 0.41
116,997 Ashok Leyland Ltd 260,824 0.05
33,146 Asian Paints Ltd 568,809 0.11
Czech Republic 29,753 Aurobindo Pharma Ltd 256,511 0.05
16,854 CEZ AS 419,497 0.08 102,308 Axis Bank Ltd 800,858 0.15
7,106 Komercni banka AS 324,087 0.06 9,623 Axis Bank Ltd GDR RegS 379,146 0.07
17,676 Moneta Money Bank AS '144A' 73,154 0.01 9,716 Bajaj Auto Ltd 409,627 0.08
6,732 O2 Czech Republic AS 93,089 0.02 17,988 Bajaj Finance Ltd 488,934 0.09
909,827 0.17 3,863 Bajaj Finserv Ltd 300,586 0.06
25,845 Bharat Forge Ltd 277,008 0.05
Egypt 126,546 Bharat Heavy Electricals Ltd 157,742 0.03
75,891 Commercial International Bank 85,383 Bharat Petroleum Corp Ltd 559,845 0.11
Egypt SAE GDR Reg 386,285 0.07 130,366 Bharti Airtel Ltd 795,228 0.15
3,600 Eastern Tobacco 121,311 0.02 56,244 Bharti Infratel Ltd 289,103 0.06
229,295 Global Telecom Holding SAE 84,443 0.02 880 Bosch Ltd 245,562 0.05
593 Britannia Industries Ltd 45,193 0.01
592,039 0.11
24,873 Cadila Healthcare Ltd 144,193 0.03
42,547 Cipla Ltd/India 356,213 0.07
Greece 76,642 Coal India Ltd 330,614 0.06
188,548 Alpha Bank AE* 397,098 0.08
42,957 Dabur India Ltd 214,681 0.04
97,978 Eurobank Ergasias SA* 92,067 0.02
4,320 Dr Reddy's Laboratories Ltd 137,346 0.03
8,203 FF Group* 162,148 0.03
1,607 Dr Reddy's Laboratories Ltd ADR 52,629 0.01
29,193 Hellenic Telecommunications
1,521 Eicher Motors Ltd 663,467 0.13
Organization SA 395,736 0.07
4,356 GAIL India Ltd GDR RegS 176,854 0.03
10,685 JUMBO SA 194,618 0.04
19,078 Glenmark Pharmaceuticals Ltd 153,860 0.03
414,788 National Bank of Greece SA* 132,902 0.02
27,990 Godrej Consumer Products Ltd 469,063 0.09
23,328 OPAP SA 268,221 0.05
26,100 Grasim Industries Ltd 417,781 0.08
1,642,790 0.31 32,687 Havells India Ltd 244,369 0.05
61,503 HCL Technologies Ltd 911,205 0.17
Hong Kong 5,460 Hero MotoCorp Ltd 295,847 0.06
58,500 Beijing Enterprises Holdings Ltd* 305,596 0.06 128,575 Hindalco Industries Ltd 424,432 0.08
277,000 China Everbright International Ltd* 388,222 0.07 72,750 Hindustan Petroleum Corp Ltd 382,368 0.07
94,000 China Everbright Ltd 196,896 0.04 62,465 Hindustan Unilever Ltd 1,278,957 0.24
406,000 China Jinmao Holdings Group Ltd 231,228 0.04 142,719 Housing Development Finance
136,578 China Merchants Port Holdings Corp Ltd 3,984,737 0.76
Co Ltd 301,047 0.06 162,086 ICICI Bank Ltd 693,110 0.13
582,500 China Mobile Ltd 5,339,917 1.02 10,031 ICICI Bank Ltd ADR* 87,370 0.02
346,000 China Overseas Land & 156,122 Idea Cellular Ltd 182,521 0.03
Investment Ltd 1,201,297 0.23 202,312 IDFC Bank Ltd 146,876 0.03
176,174 China Resources Beer Holdings 34,776 Indiabulls Housing Finance Ltd 660,338 0.13
Co Ltd 763,183 0.15 135,488 Indian Oil Corp Ltd 367,586 0.07
177,000 China Resources Pharmaceutical 42,685 Infosys Ltd 746,084 0.14
Group Ltd '144A' 248,070 0.05 110,696 Infosys Ltd ADR* 1,958,212 0.37
207,146 China Resources Power Holdings 317,469 ITC Ltd 1,241,222 0.24
Co Ltd 377,944 0.07 81,423 JSW Steel Ltd 358,791 0.07
137,000 China Taiping Insurance Holdings 7,015 Larsen & Toubro Ltd 140,888 0.03
Co Ltd 452,966 0.09 29,950 Larsen & Toubro Ltd GDR RegS* 601,995 0.11
554,000 China Unicom Hong Kong Ltd* 698,800 0.13 26,572 LIC Housing Finance Ltd 218,739 0.04
526,000 CITIC Ltd 735,861 0.14 24,297 Lupin Ltd 274,331 0.05
1,656,000 CNOOC Ltd 2,439,080 0.47 28,293 Mahindra & Mahindra Financial
468,000 CSPC Pharmaceutical Group Ltd 1,243,254 0.24 Services Ltd 198,679 0.04
229,000 Far East Horizon Ltd 242,171 0.05 12,499 Mahindra & Mahindra Ltd 141,238 0.03
279,620 Fosun International Ltd* 605,654 0.11 43,792 Mahindra & Mahindra Ltd GDR* 503,608 0.10
306,000 Guangdong Investment Ltd* 481,110 0.09 29,933 Marico Ltd 149,042 0.03
824,000 Lenovo Group Ltd* 420,997 0.08 10,032 Maruti Suzuki India Ltd 1,361,868 0.26
47,000 Shanghai Industrial Holdings Ltd 122,461 0.02 50,596 Motherson Sumi Systems Ltd 241,182 0.05
223,500 Sino-Ocean Group Holding Ltd 162,031 0.03 1,877 Nestle India Ltd 236,245 0.05
229,000 Sun Art Retail Group Ltd* 266,388 0.05 194,154 NTPC Ltd 506,061 0.10
17,224,173 3.29 137,147 Oil & Natural Gas Corp Ltd 373,875 0.07
13,212 Petronet LNG Ltd 46,601 0.01
5,748 Piramal Enterprises Ltd 215,359 0.04
Hungary
88,021 Power Finance Corp Ltd 115,051 0.02
38,637 MOL Hungarian Oil & Gas Plc 426,777 0.08
10,771 Reliance Industries Ltd 145,591 0.03
21,734 OTP Bank Plc 972,977 0.19
123,609 Reliance Industries Ltd GDR '144A'* 3,349,804 0.64
8,741 Richter Gedeon Nyrt 184,097 0.03
61,826 Rural Electrification Corp Ltd 117,781 0.02
1,583,851 0.30 976 Shree Cement Ltd 240,926 0.05


Value Net Value Net
India continued Malaysia continued

12,863 Shriram Transport Finance Co Ltd 284,410 0.05 246,600 DiGi.Com Bhd 295,181 0.06
9,320 Siemens Ltd 153,186 0.03 128,500 Felda Global Ventures Holdings Bhd 55,147 0.01
13,124 State Bank of India GDR RegS* 503,305 0.10 185,800 Gamuda Bhd 247,381 0.05
103,040 Sun Pharmaceutical Industries Ltd 785,340 0.15 159,592 Genting Bhd 358,958 0.07
44,965 Tata Consultancy Services Ltd 1,964,393 0.38 329,800 Genting Malaysia Bhd 413,529 0.08
37,287 Tata Motors Ltd 187,116 0.04 75,900 HAP Seng Consolidated Bhd 190,731 0.04
46,186 Tata Motors Ltd 129,696 0.02 62,500 Hong Leong Bank Bhd 302,159 0.06
16,049 Tata Motors Ltd ADR 412,299 0.08 24,900 Hong Leong Financial Group Bhd 123,470 0.02
124,981 Tata Power Co Ltd/The 150,713 0.03 241,300 IHH Healthcare Bhd 374,302 0.07
20,756 Tata Steel Ltd GDR RegS* 180,162 0.03 357,300 IJM Corp Bhd 248,484 0.05
54,974 Tech Mahindra Ltd 536,998 0.10 217,200 IOI Corp Bhd 268,412 0.05
30,209 Titan Co Ltd 429,038 0.08 96,427 IOI Properties Group Bhd 40,136 0.01
9,735 UltraTech Cement Ltd 590,324 0.11 57,200 Kuala Lumpur Kepong Bhd 378,277 0.07
4,163 United Spirits Ltd 199,419 0.04 360,586 Malayan Banking Bhd 980,704 0.19
33,955 UPL Ltd 379,420 0.07 102,000 Malaysia Airports Holdings Bhd 233,376 0.04
28,110 Vedanta Ltd 120,268 0.02 206,300 Maxis Bhd 302,943 0.06
20,037 Vedanta Ltd ADR 347,742 0.07 148,800 MISC Bhd 271,210 0.05
47,552 Wipro Ltd 206,622 0.04 259,900 Petronas Chemicals Group Bhd 547,618 0.11
20,795 Wipro Ltd ADR 106,262 0.02 18,700 Petronas Dagangan Bhd 119,413 0.02
182,009 Yes Bank Ltd 854,069 0.16 82,500 Petronas Gas Bhd 380,080 0.07
62,887 Zee Entertainment Enterprises Ltd 558,370 0.11 40,700 PPB Group Bhd 201,396 0.04
42,026,909 8.04 152,600 Press Metal Aluminium Holdings Bhd 179,112 0.03
288,500 Public Bank Bhd 1,790,072 0.34
87,037 RHB Bank Bhd 116,334 0.02
Indonesia
442,600 Sapura Energy Bhd 57,785 0.01
1,561,900 Adaro Energy Tbk PT 241,645 0.05
254,486 Sime Darby Bhd 172,377 0.03
1,879,800 Astra International Tbk PT 996,734 0.19
254,486 Sime Darby Plantation Bhd 361,860 0.07
911,700 Bank Central Asia Tbk PT 1,542,953 0.30
254,486 Sime Darby Property Bhd 93,426 0.02
364,000 Bank Danamon Indonesia Tbk PT 181,769 0.03
109,206 Telekom Malaysia Bhd 147,095 0.03
1,784,400 Bank Mandiri Persero Tbk PT 994,754 0.19
325,200 Tenaga Nasional Bhd 1,358,643 0.26
777,000 Bank Negara Indonesia
50,700 UMW Holdings Bhd 78,908 0.02
Persero Tbk PT 489,593 0.09
103,600 Westports Holdings Bhd 94,547 0.02
5,247,200 Bank Rakyat Indonesia
239,920 YTL Corp Bhd 83,116 0.02
Persero Tbk PT 1,372,066 0.26
823,200 Charoen Pokphand Indonesia 12,727,744 2.43
Tbk PT 206,286 0.04
57,300 Gudang Garam Tbk PT 301,639 0.06 Malta
920,100 Hanjaya Mandala Sampoerna 37,415 Brait SE* 113,178 0.02
Tbk PT 265,989 0.05 113,178 0.02
197,738 Indocement Tunggal Prakarsa
Tbk PT 229,803 0.04
Mexico
459,200 Indofood Sukses Makmur Tbk PT 240,148 0.05
324,800
Alfa SAB de CV 'A' 414,642 0.08
236,300 Jasa Marga Persero Tbk PT 78,609 0.02
3,128,909
America Movil SAB de CV 'L' 2,957,219 0.57
2,173,700 Kalbe Farma Tbk PT 236,829 0.05
49,200
Arca Continental SAB de CV 338,899 0.07
232,800 Matahari Department Store Tbk PT 185,158 0.04
198,300
Banco Santander Mexico SA
4,798,400 Pakuwon Jati Tbk PT 219,575 0.04
Institucion de Banca Multiple
1,372,400 Perusahaan Gas Negara
Grupo Financiero Santand 'B' 284,116 0.05
Persero Tbk 229,273 0.04
1,185,558 Cemex SAB de CV 'CPO' (Unit) 780,131 0.15
308,882 Semen Indonesia Persero Tbk PT 232,208 0.04
54,700 Coca-Cola Femsa SAB de CV 'L' 359,642 0.07
4,810,000 Telekomunikasi Indonesia Persero
21,100 El Puerto de Liverpool SAB
Tbk PT 1,257,745 0.24
de CV 'C1' 155,780 0.03
134,800 Unilever Indonesia Tbk PT 484,908 0.09
274,550 Fibra Uno Administracion SA
191,300 United Tractors Tbk PT 444,641 0.09
de CV (Reit) 412,167 0.08
10,432,325 2.00 178,578 Fomento Economico Mexicano SAB
de CV (Unit) 1,628,204 0.31
Isle of Man 102,897 Gentera SAB de CV 74,644 0.01
33,101 NEPI Rockcastle Plc* 314,900 0.06 24,300 Gruma SAB de CV 'B' 277,197 0.05
314,900 0.06 39,194 Grupo Aeroportuario del Pacifico
SAB de CV 'B' 385,745 0.07
23,000 Grupo Aeroportuario del Sureste
Malaysia
SAB de CV 'B' 385,474 0.07
152,300 AirAsia Bhd 155,923 0.03
114,916 Grupo Bimbo SAB de CV 'A' 251,913 0.05
109,200 Alliance Bank Malaysia Bhd 120,549 0.02
8,353 Grupo Carso SAB de CV 'A1' 29,295 0.01
222,200 AMMB Holdings Bhd 222,889 0.04
241,190 Grupo Financiero Banorte SAB
223,000 Astro Malaysia Holdings Bhd 117,611 0.02
de CV 'O' 1,457,064 0.28
199,706 Axiata Group Bhd 281,902 0.05
166,191 Grupo Financiero Inbursa SAB
14,300 British American Tobacco
de CV 'O' 274,898 0.05
Malaysia Bhd 97,231 0.02
67,166 Grupo Lala SAB de CV 91,191 0.02
404,689 CIMB Group Holdings Bhd 749,114 0.14
375,577 Grupo Mexico SAB de CV 'B' 1,248,254 0.24
152,032 Dialog Group Bhd 116,343 0.02


Value Net Value Net
Mexico continued Poland continued

190,820 Grupo Televisa SAB 'CPO' (Unit) 606,810 0.12 93,163 PGE Polska Grupa Energetyczna SA 270,749 0.05
15,540 Industrias Penoles SAB de CV 312,554 0.06 28,838 Polski Koncern Naftowy ORLEN SA 715,875 0.14
58,260 Infraestructura Energetica Nova 223,399 Polskie Gornictwo Naftowe i
SAB de CV 283,168 0.05 Gazownictwo SA 378,559 0.07
117,274 Kimberly-Clark de Mexico SAB 88,474 Powszechna Kasa Oszczednosci
de CV 'A' 219,108 0.04 Bank Polski SA 1,044,024 0.20
118,593 Mexichem SAB de CV 362,247 0.07 65,591 Powszechny Zaklad
27,200 Promotora y Operadora de Ubezpieczen SA 796,456 0.15
Infraestructura SAB de CV 269,399 0.05 6,236,450 1.19
456,194 Wal-Mart de Mexico SAB de CV 1,149,764 0.22
15,009,525 2.87 Qatar
5,629 Barwa Real Estate Co 51,607 0.01
Netherlands 23,285 Commercial Bank PQSC/The 191,174 0.04
323,088 Steinhoff International Holdings NV 88,650 0.02 93,926 Ezdan Holding Group QSC 269,902 0.05
88,650 0.02 15,362 Industries Qatar QSC 441,857 0.08
34,348 Masraf Al Rayan QSC 332,200 0.06
10,465 Ooredoo QPSC 236,336 0.05
Pakistan
2,850 Qatar Electricity & Water Co QSC 146,634 0.03
60,000 Habib Bank Ltd 108,406 0.02
17,685 Qatar Insurance Co SAQ 181,496 0.03
13,700 Lucky Cement Ltd 81,559 0.01
7,215 Qatar Islamic Bank SAQ 192,519 0.04
45,000 MCB Bank Ltd 86,841 0.02
19,434 Qatar National Bank QPSC 691,412 0.13
65,600 Oil & Gas Development Co Ltd 99,031 0.02
50,400 United Bank Ltd/Pakistan 90,165 0.02 2,735,137 0.52
466,002 0.09
Russia
236,300 Alrosa PJSC 372,086 0.07
Peru
529,322 Gazprom PJSC ADR 2,588,914 0.49
19,276 Cia de Minas Buenaventura
41,651 Lukoil PJSC ADR 2,868,088 0.55
SAA ADR 289,140 0.06
25,314 Magnit PJSC GDR RegS 468,309 0.09
289,140 0.06 69,987 MMC Norilsk Nickel PJSC ADR 1,300,008 0.25
40,913 Mobile TeleSystems PJSC ADR 462,317 0.09
Philippines 8,309 Novatek PJSC GDR RegS 1,130,024 0.22
214,070 Aboitiz Equity Ventures Inc 276,934 0.05 10,239 Novolipetsk Steel PJSC GDR 254,849 0.05
235,700 Aboitiz Power Corp 174,818 0.03 136,924 Rosneft Oil Co PJSC GDR RegS 746,236 0.14
445,800 Alliance Global Group Inc 112,780 0.02 129,871 RusHydro PJSC ADR 162,858 0.03
20,055 Ayala Corp 364,374 0.07 245,666 Sberbank of Russia PJSC ADR 4,564,474 0.87
762,500 Ayala Land Inc 600,618 0.11 35,517 Severstal PJSC GDR RegS 534,886 0.10
92,266 Bank of the Philippine Islands 206,892 0.04 676,518 Surgutneftegas OJSC (Pref) 347,764 0.07
136,493 BDO Unibank Inc 363,615 0.07 30,980 Surgutneftegas OJSC ADR
432,200 DMCI Holdings Inc 100,725 0.02 (traded in United Kingdom) 150,873 0.03
2,785 Globe Telecom Inc 86,575 0.02 62,735 Surgutneftegas OJSC ADR
8,225 GT Capital Holdings Inc 184,275 0.04 (traded in United States) 306,147 0.06
55,020 International Container Terminal 26,328 Tatneft PJSC ADR 1,657,611 0.32
Services Inc 105,448 0.02 303,447 VTB Bank PJSC GDR RegS 595,363 0.11
340,540 JG Summit Holdings Inc 409,216 0.08 18,510,807 3.54
43,000 Jollibee Foods Corp 246,409 0.05
1,346,000 Megaworld Corp 120,986 0.02
South Africa
1,468,000 Metro Pacific Investments Corp 147,426 0.03
5,823 Anglo American Platinum Ltd 158,939 0.03
86,379 Metropolitan Bank & Trust Co 142,041 0.03
45,922 AngloGold Ashanti Ltd* 433,508 0.08
7,800 PLDT Inc 219,750 0.04
33,994 Aspen Pharmacare Holdings Ltd 743,011 0.14
24,967 SM Investments Corp 438,786 0.08
63,002 Barclays Africa Group Ltd 1,002,093 0.19
879,300 SM Prime Holdings Inc 567,915 0.11
35,588 Bid Corp Ltd* 776,983 0.15
57,270 Universal Robina Corp 166,835 0.03
35,588 Bidvest Group Ltd/The 673,914 0.13
5,036,418 0.96 4,073 Capitec Bank Holdings Ltd 299,451 0.06
24,672 Coronation Fund Managers Ltd 168,221 0.03
Poland 29,138 Discovery Ltd 418,680 0.08
9,166 Alior Bank SA 198,511 0.04 22,993 Exxaro Resources Ltd 209,218 0.04
61,446 Bank Millennium SA* 148,182 0.03 308,225 FirstRand Ltd* 1,734,491 0.33
15,373 Bank Pekao SA 556,323 0.11 49,000 Fortress Income Fund Ltd (Reit) 'A' 64,749 0.01
3,899 Bank Zachodni WBK SA 414,679 0.08 80,520 Fortress Income Fund Ltd (Reit) 'B' 80,850 0.02
2,775 CCC SA 190,043 0.03 25,172 Foschini Group Ltd/The 473,472 0.09
7,227 CD Projekt SA 230,547 0.04 60,396 Gold Fields Ltd 240,999 0.05
25,268 Cyfrowy Polsat SA 183,103 0.03 200,699 Growthpoint Properties Ltd (Reit) 483,113 0.09
1,793 Grupa Azoty SA 29,307 0.01 30,910 Hyprop Investments Ltd (Reit) 282,271 0.05
10,030 Grupa Lotos SA 154,053 0.03 16,302 Imperial Holdings Ltd* 320,449 0.06
11,678 KGHM Polska Miedz SA 296,936 0.06 32,696 Investec Ltd 252,652 0.05
157 LPP SA 402,741 0.08 11,597 Liberty Holdings Ltd 122,712 0.02
839 mBank SA 103,670 0.02 148,372 Life Healthcare Group Holdings Ltd 345,041 0.07
72,655 Orange Polska SA 122,692 0.02 13,100 Mondi Ltd 352,560 0.07


Value Net Value Net
South Africa continued South Korea continued

19,870 Mr Price Group Ltd 475,425 0.09 8,251 Hyundai Engineering &
157,497 MTN Group Ltd* 1,576,262 0.30 Construction Co Ltd 329,761 0.06
41,538 Naspers Ltd 'N' 10,147,875 1.94 2,218 Hyundai Glovis Co Ltd 378,718 0.07
24,213 Nedbank Group Ltd* 580,338 0.11 3,819 Hyundai Heavy Industries Co Ltd 492,647 0.09
112,832 Netcare Ltd 263,532 0.05 6,290 Hyundai Marine & Fire Insurance
46,433 Pick n Pay Stores Ltd 266,415 0.05 Co Ltd 231,619 0.04
16,203 Pioneer Foods Group Ltd 170,277 0.03 5,704 Hyundai Mobis Co Ltd 1,359,242 0.26
12,492 PSG Group Ltd 237,271 0.05 13,562 Hyundai Motor Co 1,825,825 0.35
69,305 Rand Merchant Investment 4,481 Hyundai Motor Co (2nd Pref) 391,809 0.08
Holdings Ltd 234,317 0.04 2,588 Hyundai Motor Co (Pref) 209,536 0.04
492,118 Redefine Properties Ltd (Reit) 479,640 0.09 945 Hyundai Robotics Co Ltd 377,681 0.07
46,120 Remgro Ltd 864,659 0.17 8,800 Hyundai Steel Co 426,006 0.08
35,686 Resilient Ltd (Reit)* 149,577 0.03 1,702 Hyundai Wia Corp 87,822 0.02
58,552 RMB Holdings Ltd 382,224 0.07 18,315 Industrial Bank of Korea 268,050 0.05
129,614 Sanlam Ltd 931,094 0.18 3,659 Kakao Corp 444,545 0.09
59,411 Sappi Ltd 381,281 0.07 12,279 Kangwon Land Inc 313,916 0.06
50,367 Sasol Ltd 1,699,750 0.33 39,465 KB Financial Group Inc 2,280,743 0.44
43,645 Shoprite Holdings Ltd 931,179 0.18 724 KCC Corp 225,167 0.04
141,848 Sibanye Gold Ltd 139,684 0.03 2,706 KEPCO Plant Service &
18,226 SPAR Group Ltd/The 310,530 0.06 Engineering Co Ltd 115,257 0.02
121,500 Standard Bank Group Ltd 2,243,014 0.43 21,504 Kia Motors Corp 642,558 0.12
26,256 Telkom SA SOC Ltd 116,018 0.02 7,587 Korea Aerospace Industries Ltd 355,541 0.07
13,726 Tiger Brands Ltd 429,586 0.08 25,971 Korea Electric Power Corp 801,619 0.15
45,315 Truworths International Ltd 409,661 0.08 3,005 Korea Gas Corp 136,873 0.03
53,305 Vodacom Group Ltd 687,105 0.13 4,240 Korea Investment Holdings Co Ltd 328,571 0.06
81,873 Woolworths Holdings Ltd/South 979 Korea Zinc Co Ltd 442,704 0.08
Africa 415,662 0.08 4,568 Korean Air Lines Co Ltd 140,138 0.03
34,159,753 6.53 3 KT Corp 77 0.00
10,435 KT&G Corp 978,985 0.19
3,987 LG Chem Ltd 1,443,833 0.28
South Korea
771 LG Chem Ltd (Pref) 155,878 0.03
2,779
Amorepacific Corp 800,406 0.15
7,744 LG Corp 631,348 0.12
1,342
Amorepacific Corp (Pref) 201,445 0.04
21,762 LG Display Co Ltd 527,768 0.10
3,254
Amorepacific Group 418,236 0.08
10,776 LG Electronics Inc 1,101,965 0.21
526
BGF retail Co Ltd 75,256 0.01
767 LG Household & Health Care Ltd 857,739 0.16
22,635
BNK Financial Group Inc 226,159 0.04
265 LG Household & Health Care Ltd
2,027
Celltrion Healthcare Co Ltd 204,621 0.04
(Pref) 174,529 0.03
8,015
Celltrion Inc 2,383,671 0.46
1,801 LG Innotek Co Ltd 208,672 0.04
9,474
Cheil Worldwide Inc 161,766 0.03
1,474 Lotte Chemical Corp 598,782 0.11
924
CJ CheilJedang Corp 277,399 0.05
3,127 Lotte Corp 185,995 0.04
1,337
CJ Corp 197,558 0.04
1,220 Lotte Shopping Co Ltd 267,830 0.05
1,923
CJ E&M Corp 166,519 0.03
460 Medy-Tox Inc 322,246 0.06
561
CJ Logistics Corp 72,368 0.01
36,816 Mirae Asset Daewoo Co Ltd 318,112 0.06
3,788
Coway Co Ltd 312,024 0.06
2,568 NAVER Corp 1,893,656 0.36
3,247
Daelim Industrial Co Ltd 224,204 0.04
1,722 NCSoft Corp 662,370 0.13
13,530
Daewoo Engineering &
1,735 Netmarble Games Corp '144A' 239,277 0.05
Construction Co Ltd 66,133 0.01
15,287 NH Investment & Securities Co Ltd 200,069 0.04
4,987 DB Insurance Co Ltd 308,793 0.06
1,443 OCI Co Ltd 213,898 0.04
13,041 DGB Financial Group Inc 142,535 0.03
2,513 Orion Corp/Republic of Korea 301,777 0.06
3,807 Doosan Bobcat Inc 112,685 0.02
23,195 Pan Ocean Co Ltd 114,898 0.02
4,839 Doosan Heavy Industries &
6,854 POSCO 2,166,993 0.41
Construction Co Ltd 72,183 0.01
4,016 Posco Daewoo Corp 86,469 0.02
1,508 E-Mart Inc 382,694 0.07
2,404 S-1 Corp 216,516 0.04
7,875 GS Engineering & Construction Corp 220,166 0.04
4,887 S-Oil Corp 547,890 0.11
6,153 GS Holdings Corp 355,591 0.07
1,676 Samsung Biologics Co Ltd 764,177 0.15
2,730 GS Retail Co Ltd 78,629 0.02
6,415 Samsung C&T Corp 824,519 0.16
29,739 Hana Financial Group Inc 1,272,257 0.24
4,688 Samsung Electro-Mechanics Co Ltd 470,603 0.09
8,742 Hankook Tire Co Ltd 431,400 0.08
9,026 Samsung Electronics Co Ltd 20,763,441 3.97
739 Hanmi Pharm Co Ltd 358,442 0.07
1,616 Samsung Electronics Co Ltd (Pref) 3,070,082 0.59
1,836 Hanmi Science Co Ltd 162,603 0.03
2,588 Samsung Fire & Marine Insurance
22,250 Hanon Systems 241,099 0.05
Co Ltd 650,703 0.12
1,086 Hanssem Co Ltd 152,829 0.03
25,892 Samsung Heavy Industries Co Ltd 191,415 0.04
11,720 Hanwha Chemical Corp 324,914 0.06
13,651 Samsung Heavy Industries Co Ltd
23,568 Hanwha Life Insurance Co Ltd 138,856 0.03
(Right) 26,575 0.01
3,768 Hanwha Techwin Co Ltd 102,163 0.02
7,086 Samsung Life Insurance Co Ltd 767,833 0.15
3,803 Hotel Shilla Co Ltd 328,245 0.06
5,284 Samsung SDI Co Ltd 946,847 0.18
1,403 Hyosung Corp 157,293 0.03
2,558 Samsung SDS Co Ltd 605,962 0.12
1,651 Hyundai Department Store Co Ltd 140,178 0.03
7,881 Samsung Securities Co Ltd 290,574 0.06
6,442 Hyundai Development
42,835 Shinhan Financial Group Co Ltd 1,814,429 0.35
Co-Engineering & Construction 229,057 0.04


Value Net Value Net
South Korea continued Taiwan continued

856 Shinsegae Inc 279,872 0.05 274,000 Pou Chen Corp 363,679 0.07
3,873 SillaJen Inc 389,153 0.07 79,000 Powertech Technology Inc 246,291 0.05
2,837 SK Holdings Co Ltd 794,488 0.15 63,000 President Chain Store Corp 633,090 0.12
54,565 SK Hynix Inc 4,110,676 0.79 297,000 Quanta Computer Inc 598,950 0.11
5,895 SK Innovation Co Ltd 1,161,413 0.22 50,000 Realtek Semiconductor Corp 215,214 0.04
14,812 SK Networks Co Ltd 80,459 0.02 30,447 Ruentex Development Co Ltd 35,818 0.01
2,045 SK Telecom Co Ltd 441,270 0.08 933,331 Shin Kong Financial Holding Co Ltd 353,716 0.07
34,751 Woori Bank 469,476 0.09 235,660 Siliconware Precision Industries
877 Yuhan Corp 181,834 0.04 Co Ltd 411,397 0.08
77,620,098 14.84 1,208,310 SinoPac Financial Holdings Co Ltd 426,848 0.08
56,160 Standard Foods Corp 131,554 0.03
164,850 Synnex Technology International
Taiwan
Corp 245,943 0.05
135,000 Acer Inc 112,049 0.02
1,067,189 Taishin Financial Holding Co Ltd 523,401 0.10
588,083 Advanced Semiconductor
400,000 Taiwan Business Bank 119,354 0.02
Engineering Inc 850,146 0.16
319,000 Taiwan Cement Corp 399,885 0.08
28,134 Advantech Co Ltd 201,667 0.04
568,549 Taiwan Cooperative Financial
304,689 Asia Cement Corp 293,643 0.06
Holding Co Ltd 334,418 0.06
77,000 Asustek Computer Inc 716,998 0.14
183,000 Taiwan High Speed Rail Corp 139,963 0.03
690,000 AU Optronics Corp 319,477 0.06
177,000 Taiwan Mobile Co Ltd 661,694 0.13
57,000 Catcher Technology Co Ltd 706,708 0.14
2,312,177 Taiwan Semiconductor
704,611 Cathay Financial Holding Co Ltd 1,251,804 0.24
Manufacturing Co Ltd 19,349,425 3.70
422,105 Chang Hwa Commercial Bank Ltd 243,937 0.05
179,000 Teco Electric and Machinery Co Ltd 147,647 0.03
210,600 Cheng Shin Rubber Industry Co Ltd 342,007 0.07
433,028 Uni-President Enterprises Corp 1,014,364 0.19
58,000 Chicony Electronics Co Ltd 147,402 0.03
1,023,000 United Microelectronics Corp 536,814 0.10
487,423 China Airlines Ltd 178,038 0.03
90,000 Vanguard International
1,247,000 China Development Financial
Semiconductor Corp 196,008 0.04
Holding Corp 440,515 0.08
36,000 Win Semiconductors Corp 386,459 0.07
295,507 China Life Insurance Co Ltd/Taiwan 306,585 0.06
275,935 Wistron Corp 236,121 0.05
1,095,973 China Steel Corp 872,057 0.17
160,000 WPG Holdings Ltd 206,880 0.04
348,000 Chunghwa Telecom Co Ltd 1,330,795 0.25
1,135,577 Yuanta Financial Holding Co Ltd 519,942 0.10
402,000 Compal Electronics Inc 273,680 0.05
1,625,193 CTBC Financial Holding Co Ltd 1,164,953 0.22 59,556,984 11.39
202,290 Delta Electronics Inc 901,934 0.17
972,310 E.Sun Financial Holding Co Ltd 653,609 0.12 Thailand
24,958 Eclat Textile Co Ltd 291,035 0.06 120,300 Advanced Info Service PCL 792,510 0.15
226,000 Eva Airways Corp 115,880 0.02 471,000 Airports of Thailand PCL 994,116 0.19
212,751 Evergreen Marine Corp Taiwan Ltd 109,816 0.02 82,000 Bangkok Dusit Medical Services PCL 61,625 0.01
308,830 Far Eastern New Century Corp 278,039 0.05 812,700 Bangkok Expressway & Metro PCL 187,126 0.04
166,000 Far EasTone Telecommunications 129,900 Berli Jucker PCL* 234,709 0.04
Co Ltd 438,385 0.08 1,093,400 BTS Group Holdings PCL 290,221 0.06
48,081 Feng TAY Enterprise Co Ltd 218,498 0.04 45,300 Bumrungrad Hospital PCL* 299,875 0.06
931,456 First Financial Holding Co Ltd 646,911 0.12 118,100 Central Pattana PCL 296,477 0.06
247,680 Formosa Chemicals & Fibre Corp 925,922 0.18 375,900 Charoen Pokphand Foods PCL* 303,533 0.06
146,000 Formosa Petrochemical Corp 593,374 0.11 491,300 CP ALL PCL 1,370,832 0.26
366,840 Formosa Plastics Corp 1,295,899 0.25 70,000 Delta Electronics Thailand PCL 148,305 0.03
111,875 Foxconn Technology Co Ltd 299,669 0.06 80,000 Glow Energy PCL 217,461 0.04
614,000 Fubon Financial Holding Co Ltd 1,055,026 0.20 151,500 Indorama Ventures PCL NVDR* 274,948 0.05
39,000 Giant Manufacturing Co Ltd 204,651 0.04 196,600 IRPC PCL 45,582 0.01
16,000 Globalwafers Co Ltd 254,347 0.05 1,187,900 IRPC PCL NVDR 275,417 0.05
59,000 Highwealth Construction Corp 90,856 0.02 128,860 Kasikornbank PCL 877,748 0.17
23,000 Hiwin Technologies Corp 327,366 0.06 33,200 Kasikornbank PCL NVDR 225,085 0.04
1,495,973 Hon Hai Precision Industry Co Ltd 4,617,676 0.88 327,700 Krung Thai Bank PCL 199,114 0.04
31,000 Hotai Motor Co Ltd 308,862 0.06 205,800 Minor International PCL NVDR 250,093 0.05
79,000 HTC Corp 179,638 0.03 144,900 PTT Exploration & Production PCL 530,574 0.10
739,003 Hua Nan Financial Holdings Co Ltd 443,549 0.08 214,800 PTT Global Chemical PCL 650,857 0.12
914,331 Innolux Corp 399,826 0.08 103,800 PTT PCL 1,819,073 0.35
293,000 Inventec Corp 232,133 0.04 37,700 Siam Cement PCL/The Reg 595,580 0.11
8,000 Largan Precision Co Ltd 909,559 0.17 191,200 Siam Commercial Bank PCL/The 877,429 0.17
201,887 Lite-On Technology Corp 281,812 0.05 113,400 Thai Oil PCL* 329,103 0.06
134,000 Macronix International 225,654 0.04 394,400 Thai Union Group PCL 235,858 0.04
133,086 MediaTek Inc 1,510,837 0.29 1,067,678 True Corp PCL 237,300 0.05
959,585 Mega Financial Holding Co Ltd 824,420 0.16 12,620,551 2.41
73,000 Micro-Star International Co Ltd 244,610 0.05
438,320 Nan Ya Plastics Corp 1,229,707 0.24
Turkey
75,000 Nanya Technology Corp 237,422 0.05
229,463 Akbank Turk AS* 552,965 0.11
16,000 Nien Made Enterprise Co Ltd 153,102 0.03
29,624 Arcelik AS 133,741 0.03
64,000 Novatek Microelectronics Corp 289,742 0.06
20,680 Aselsan Elektronik Sanayi Ve
166,000 Pegatron Corp 413,335 0.08
Ticaret AS 159,723 0.03
16,000 Phison Electronics Corp 166,547 0.03


Value Net Value Net
Turkey continued United Arab Emirates continued

25,567 BIM Birlesik Magazalar AS 460,800 0.09 155,717 Dubai Islamic Bank PJSC 225,118 0.04
8,450 Coca-Cola Icecek AS 76,681 0.01 347,229 DXB Entertainments PJSC 45,944 0.01
157,975 Emlak Konut Gayrimenkul Yatirim 170,867 Emaar Malls PJSC 100,017 0.02
Ortakligi AS (Reit)* 100,748 0.02 365,994 Emaar Properties PJSC 577,938 0.11
161,040 Eregli Demir ve Celik Fabrikalari TAS 421,770 0.08 188,738 Emirates Telecommunications
95,166 Haci Omer Sabanci Holding AS 251,643 0.05 Group Co PJSC 906,950 0.17
82,890 KOC Holding AS 339,951 0.07 148,938 First Abu Dhabi Bank PJSC 474,428 0.09
85,141 Petkim Petrokimya Holding AS* 173,196 0.03 3,167,788 0.61
21,296 TAV Havalimanlari Holding AS 127,225 0.02
17,787 Tofas Turk Otomobil Fabrikasi AS* 119,354 0.02 United States
11,969 Tupras Turkiye Petrol Rafinerileri AS* 333,386 0.06 7,726 Southern Copper Corp 407,160 0.08
21,469 Turk Hava Yollari AO 104,339 0.02 32,699 Yum China Holdings Inc 1,357,336 0.26
121,763 Turkcell Iletisim Hizmetleri AS 459,784 0.09
241,358 Turkiye Garanti Bankasi AS 662,547 0.13 1,764,496 0.34
77,575 Turkiye Halk Bankasi AS 176,969 0.03 Total Common / Preferred Stocks (Shares) & Rights 514,010,242 98.29
209,663 Turkiye Is Bankasi AS 'C' 374,710 0.07 Total Transferable Securities and Money
17,041 Ulker Biskuvi Sanayi AS* 95,104 0.02 Market Instruments Admitted to an
5,124,636 0.98 Official Stock Exchange Listing or
Dealt in on Another Regulated Market 514,010,242 98.29
United Arab Emirates Securities portfolio at market value 514,010,242 98.29
225,625 Abu Dhabi Commercial Bank PJSC 405,425 0.08
302,076 Aldar Properties PJSC 175,176 0.04 Other Net Assets 8,954,665 1.71
11,413 DP World Ltd 256,792 0.05
Total Net Assets (USD) 522,964,907 100.00
Futures contracts as at 31 March 2018

Gross
underlying Unrealised
Number of Currency Contract/ Expiration exposure (depreciation)
contracts of contract Description date USD USD
155 USD MSCI Emerging Markets Index June 2018 9,072,150 (241,965)
Total 9,072,150 (241,965)
Sector Breakdown
as at 31 March 2018
% of Net
Assets
Financial 26.03
Communications 18.86
Technology 13.10
Consumer, Non-cyclical 9.60
Consumer, Cyclical 7.57
Energy 7.55
Industrial 6.03
Basic Materials 5.91
Utilities 2.48
Diversified 1.16
Securities portfolio at market value 98.29
Other Net Assets 1.71
100.00

iShares Emerging Markets Government Bond Index Fund (LU)
Value Net Value Net
BONDS Azerbaijan
USD 5,100,000 Republic of Azerbaijan International
Angola Bond RegS 4.75% 18/3/2024 5,143,350 0.21
USD 6,550,000 Angolan Government International USD 4,800,000 Republic of Azerbaijan International
Bond RegS 9.50% 12/11/2025* 7,306,918 0.30 Bond RegS 3.50% 1/9/2032 4,038,000 0.17
7,306,918 0.30 USD 9,100,000 Southern Gas Corridor CJSC RegS
6.875% 24/3/2026 10,055,500 0.41
Argentina USD 3,900,000 State Oil Co of the Azerbaijan
USD 1,500,000 Argentine Republic Government Republic RegS 4.75% 13/3/2023 3,888,300 0.16
International Bond 6.25% USD 3,700,000 State Oil Co of the Azerbaijan
22/4/2019 1,544,250 0.06 Republic RegS 6.95% 18/3/2030 4,028,375 0.16
USD 8,100,000 Argentine Republic Government 27,153,525 1.11
International Bond 6.875%
22/4/2021 8,588,025 0.35 Belarus
USD 5,450,000 Argentine Republic Government USD 1,425,000 Republic of Belarus International
International Bond 5.625% Bond ‘144A’ 7.625% 29/6/2027 1,576,050 0.07
26/1/2022* 5,534,475 0.23 USD 3,000,000 Republic of Belarus International
USD 2,500,000 Argentine Republic Government Bond RegS 6.875% 28/2/2023 3,192,375 0.13
International Bond 4.625% USD 1,750,000 Republic of Belarus International
11/1/2023 2,414,375 0.10 Bond RegS 7.625% 29/6/2027 1,935,500 0.08
USD 12,395,000 Argentine Republic Government USD 2,250,000 Republic of Belarus International
International Bond 7.50% Bond RegS 6.20% 28/2/2030 2,228,625 0.09
22/4/2026* 13,293,637 0.54
26/1/2027 7,055,250 0.29 Belize
USD 5,200,000 Argentine Republic Government USD 1,950,000 Belize Government International
International Bond 5.875% Bond RegS (Step-up coupon)
11/1/2028 4,916,600 0.20 4.938% 20/2/2034 1,187,414 0.05
6/7/2028* 1,738,625 0.07 Bolivia
USD 3,385,922 Argentine Republic Government USD 2,150,000 Bolivian Government International
International Bond 8.28% Bond RegS 4.875% 29/10/2022 2,217,725 0.09
31/12/2033 (traded in Argentina) 3,610,234 0.15 USD 1,650,000 Bolivian Government International
USD 7,318,639 Argentine Republic Government Bond RegS 5.95% 22/8/2023 1,783,782 0.07
International Bond 8.28% USD 4,650,000 Bolivian Government International
31/12/2033 (traded in Bond RegS 4.50% 20/3/2028 4,405,875 0.18
United States) 8,023,058 0.33
8,407,382 0.34
USD 3,519,000 Argentine Republic Government
6/7/2036* 3,415,190 0.14 Brazil
USD 4,843,000 Argentine Republic Government USD 1,250,000 Banco Nacional de Desenvolvimento
International Bond 7.625% Economico e Social RegS 4.00%
22/4/2046 4,818,785 0.20 14/4/2019* 1,259,619 0.05
International Bond 6.875% Economico e Social RegS 6.50%
11/1/2048 4,364,350 0.18 10/6/2019 1,970,319 0.08
International Bond (Step-up Economico e Social RegS 5.50%
coupon) 2.50% 31/12/2038 6,365,212 0.26 12/7/2020* 1,971,298 0.08
International Bond RegS 7.125% Economico e Social RegS 5.75%
28/6/2117 4,537,400 0.19 26/9/2023 2,502,915 0.10
USD 2,750,000 Banco Nacional de Desenvolvimento
80,219,466 3.29 Economico e Social RegS 4.75%
9/5/2024 2,752,558 0.11
Armenia USD 700,000 Brazilian Government International
USD 1,450,000 Republic of Armenia International Bond 8.875% 14/10/2019* 769,561 0.03
Bond RegS 6.00% 30/9/2020* 1,505,513 0.06 USD 5,450,000 Brazilian Government International
USD 2,250,000 Republic of Armenia International Bond 4.875% 22/1/2021 5,668,000 0.23
Bond RegS 7.15% 26/3/2025* 2,491,403 0.10 USD 4,100,000 Brazilian Government International
3,996,916 0.16 Bond 2.625% 5/1/2023* 3,899,100 0.16
USD 2,700,000 Brazilian Government International
Australia Bond 8.875% 15/4/2024* 3,420,900 0.14
USD 950,000 Baosteel Financing 2015 Pty Ltd USD 8,250,000 Brazilian Government International
RegS 3.875% 28/1/2020 953,985 0.04 Bond 4.25% 7/1/2025 8,208,750 0.34
USD 2,000,000 CNOOC Curtis Funding No 1 Pty Ltd USD 1,475,000 Brazilian Government International
RegS 4.50% 3/10/2023* 2,055,761 0.08 Bond 8.75% 4/2/2025* 1,885,050 0.08
USD 5,150,000 Brazilian Government International
3,009,746 0.12 Bond 6.00% 7/4/2026 5,653,412 0.23

iShares Emerging Markets Government Bond Index Fund (LU) continued
Value Net Value Net
Brazil continued British Virgin Islands continued

USD 1,350,000 Brazilian Government International USD 400,000 Prosperous Ray Ltd RegS 3.00%
Bond 10.125% 15/5/2027 1,896,747 0.08 12/11/2018 399,886 0.02
USD 6,300,000 Brazilian Government International USD 550,000 Prosperous Ray Ltd RegS 4.625%
Bond 4.625% 13/1/2028 6,176,992 0.25 12/11/2023 573,760 0.02
USD 3,150,000 Brazilian Government International USD 600,000 Rongshi International Finance Ltd
Bond 8.25% 20/1/2034 3,983,175 0.16 RegS 2.875% 4/5/2022 584,268 0.02
USD 4,050,000 Brazilian Government International USD 600,000 Rongshi International Finance Ltd
Bond 7.125% 20/1/2037 4,728,375 0.19 RegS 3.625% 4/5/2027 578,481 0.02
USD 5,150,000 Brazilian Government International USD 500,000 Sinochem Global Capital Co Ltd
Bond 5.625% 7/1/2041* 5,059,875 0.21 RegS FRN (Perpetual) 503,310 0.02
USD 6,800,000 Brazilian Government International USD 2,350,000 Sinochem Overseas Capital Co Ltd
Bond 5.00% 27/1/2045 6,133,600 0.25 RegS 4.50% 12/11/2020 2,413,203 0.10
USD 5,950,000 Brazilian Government International USD 600,000 Sinochem Overseas Capital Co Ltd
Bond 5.625% 21/2/2047 5,798,275 0.24 RegS 6.30% 12/11/2040 758,128 0.03
USD 2,600,000 Caixa Economica Federal RegS USD 2,400,000 Sinopec Group Overseas
4.25% 13/5/2019 2,616,250 0.11 Development 2012 Ltd RegS
USD 700,000 Caixa Economica Federal RegS 3.90% 17/5/2022 2,427,809 0.10
3.50% 7/11/2022* 670,600 0.03 USD 1,100,000 Sinopec Group Overseas
USD 600,000 Caixa Economica Federal RegS FRN Development 2012 Ltd RegS
23/7/2024* 619,500 0.03 4.875% 17/5/2042 1,172,341 0.05
77,644,871 3.18 USD 1,950,000 Sinopec Group Overseas
Development 2013 Ltd RegS
4.375% 17/10/2023* 2,003,212 0.08
British Virgin Islands
USD 600,000 Sinopec Group Overseas
USD 11,100,000 1MDB Global Investments Ltd RegS
4.40% 9/3/2023* 10,626,474 0.44
5.375% 17/10/2043 687,142 0.03
USD 600,000 CCTI 2017 Ltd RegS 3.625%
USD 1,500,000 Sinopec Group Overseas
8/8/2022 580,525 0.02
USD 500,000 CDBI Treasure I Ltd RegS 2.25%
4.375% 10/4/2024* 1,536,433 0.06
2/8/2021 480,393 0.02
USD 200,000 Century Master Investment Co Ltd
RegS 4.75% 19/9/2018 201,373 0.01
2.50% 28/4/2020 2,959,585 0.12
USD 2,050,000 Charming Light Investments
Ltd RegS 3.75% 3/9/2019* 2,056,621 0.08
USD 500,000 Charming Light Investments
3.25% 28/4/2025 1,288,620 0.05
Ltd RegS FRN 21/12/2020 502,133 0.02
USD 1,500,000 Charming Light Investments
Ltd RegS 4.375% 21/12/2027* 1,432,387 0.06
4.10% 28/4/2045 856,366 0.04
USD 1,250,000 China Great Wall International
Holdings III Ltd RegS 2.625%
27/10/2021 1,203,475 0.05
2.125% 3/5/2019* 1,585,123 0.06
USD 2,000,000 China Great Wall International
31/8/2022 1,933,220 0.08
1.75% 29/9/2019* 1,717,161 0.07
USD 750,000 China Great Wall International
31/8/2027* 701,501 0.03
2.75% 3/5/2021 1,476,976 0.06
USD 800,000 Chinalco Capital Holdings Ltd RegS
4.00% 25/8/2021 780,652 0.03
USD 900,000 CNPC General Capital Ltd RegS
2.00% 29/9/2021 1,915,839 0.08
2.70% 25/11/2019 894,663 0.04
USD 750,000 CNRC Capitale Ltd RegS FRN
(Perpetual) 721,631 0.03
3.50% 3/5/2026 578,324 0.02
USD 600,000 Dianjian Haixing Ltd RegS FRN
(Perpetual) 599,250 0.02
USD 500,000 Dianjian Haiyu Ltd RegS FRN
2.75% 29/9/2026* 1,181,661 0.05
(Perpetual) 478,003 0.02
USD 600,000 JIC Zhixin Ltd RegS 3.00%
24/11/2022 581,196 0.02
2.375% 12/4/2020 1,970,263 0.08
USD 900,000 King Power Capital Ltd RegS
5.625% 3/11/2024 977,234 0.04
USD 500,000 Leader Goal International Ltd RegS
3.00% 12/4/2022* 977,413 0.04
FRN (Perpetual) 490,000 0.02
USD 500,000 Minmetals Bounteous Finance BVI
Ltd RegS 3.50% 30/7/2020* 499,035 0.02
2.50% 13/9/2022 1,431,359 0.06
USD 700,000 Minmetals Bounteous Finance BVI
Ltd RegS 4.75% 30/7/2025 714,448 0.03
USD 1,000,000 Minmetals Bounteous Finance BVI
3.625% 12/4/2027* 1,211,734 0.05
Ltd RegS 4.20% 27/7/2026 978,810 0.04

Value Net Value Net
British Virgin Islands continued Chile continued

USD 1,000,000 Sinopec Group Overseas USD 3,696,000 Chile Government International Bond
Development 2017 Ltd RegS 3.125% 21/1/2026 3,646,104 0.15
3.25% 13/9/2027* 938,645 0.04 USD 6,000,000 Chile Government International Bond
USD 1,000,000 SPIC 2016 US dollar Bond Co Ltd 3.24% 6/2/2028 5,889,000 0.24
RegS 3.00% 6/12/2021 986,170 0.04 USD 4,850,000 Chile Government International Bond
USD 1,400,000 State Grid Overseas Investment 2013 3.86% 21/6/2047* 4,771,187 0.20
Ltd RegS 3.125% 22/5/2023 1,373,872 0.06 USD 3,200,000 Corp Nacional del Cobre de Chile
USD 750,000 State Grid Overseas Investment 2013 RegS 3.00% 17/7/2022 3,133,008 0.13
Ltd RegS 4.375% 22/5/2043* 783,203 0.03 USD 2,550,000 Corp Nacional del Cobre de Chile
USD 1,600,000 State Grid Overseas Investment 2014 RegS 4.50% 13/8/2023 2,650,865 0.11
Ltd RegS 2.75% 7/5/2019* 1,596,907 0.07 USD 5,750,000 Corp Nacional del Cobre de Chile
USD 800,000 State Grid Overseas Investment 2014 RegS 3.625% 1/8/2027* 5,626,029 0.23
Ltd RegS 4.85% 7/5/2044 891,673 0.04 USD 850,000 Corp Nacional del Cobre de Chile
USD 500,000 State Grid Overseas Investment 2016 RegS 5.625% 21/9/2035 971,176 0.04
Ltd RegS 2.25% 4/5/2020 491,465 0.02 USD 850,000 Corp Nacional del Cobre de Chile
USD 500,000 State Grid Overseas Investment 2016 RegS 4.50% 1/8/2047* 3,967,005 0.16
Ltd RegS 4.00% 4/5/2047* 491,456 0.02 USD 1,800,000 Empresa de Transporte de Pasajeros
75,504,200 3.09 Metro SA RegS
4.75% 4/2/2024* 1,880,820 0.08
USD 1,500,000 Empresa de Transporte de Pasajeros
Cayman Islands
Metro SA RegS
USD 1,200,000 Amber Circle Funding Ltd RegS
5.00% 25/1/2047* 1,548,750 0.06
3.25% 4/12/2022 1,188,594 0.05
USD 1,400,000 Empresa Nacional del Petroleo RegS
USD 900,000 Avi Funding Co Ltd RegS 2.85%
4.375% 30/10/2024 1,419,740 0.06
16/9/2020* 888,746 0.04
USD 400,000 Avi Funding Co Ltd RegS 3.80%
3.75% 5/8/2026 2,310,000 0.09
16/9/2025 397,278 0.02
USD 2,100,000 Brazil Minas SPE via State of Minas
4.50% 14/9/2047 1,862,500 0.08
Gerais RegS 5.333% 15/2/2028 2,102,100 0.09
USD 3,100,000 Lamar Funding Ltd RegS 3.958% 66,431,030 2.72
7/5/2025 2,796,231 0.11
USD 2,000,000 OmGrid Funding Ltd RegS 5.196% China
16/5/2027 1,912,700 0.08 USD 500,000 China Development Bank
USD 2,500,000 SPARC EM SPC Panama Metro Corp/Hong Kong RegS
Line 2 SP RegS 5/12/2022 FRN 6/3/2020 499,553 0.02
(Zero Coupon) 2,261,250 0.09 USD 1,000,000 China Development Bank
USD 500,000 Three Gorges Finance I Cayman Corp/Hong Kong RegS
Islands Ltd RegS FRN 6/3/2022 1,000,144 0.04
2.30% 2/6/2021* 486,335 0.02 USD 1,000,000 China Development Bank RegS
USD 800,000 Three Gorges Finance I Cayman 1.625% 22/6/2019 984,475 0.04
Islands Ltd RegS USD 3,200,000 China Development Bank RegS
3.70% 10/6/2025* 796,298 0.03 2.50% 9/10/2020* 3,155,623 0.13
USD 1,300,000 Three Gorges Finance I Cayman USD 1,750,000 China Development Bank RegS
Islands Ltd RegS 3.15% 2/6/2026 1,228,123 0.05 2.125% 1/6/2021* 1,692,952 0.07
14,057,655 0.58 USD 1,250,000 China Development Bank RegS
2.625% 24/1/2022 1,218,320 0.05
USD 500,000 China Development Bank RegS
Chile
3.00% 1/6/2026* 475,108 0.02
USD 1,000,000 Banco del Estado de Chile RegS
4.125% 7/10/2020 1,020,585 0.04
3.375% 24/1/2027* 581,383 0.02
2.668% 8/1/2021 1,471,875 0.06
4.00% 24/1/2037* 592,905 0.03
USD 1,000,000 China Government International
3.875% 8/2/2022 1,760,938 0.07
Bond RegS 2.125% 2/11/2022 976,922 0.04
USD 1,550,000 Chile Government International Bond
USD 1,750,000 China Government International
3.875% 5/8/2020 1,587,588 0.06
Bond RegS 2.625% 2/11/2027 1,709,669 0.07
USD 1,700,000 China Minmetals Corp RegS FRN
3.25% 14/9/2021 2,423,406 0.10
(Perpetual) 1,617,125 0.07
2.25% 30/10/2022* 1,902,912 0.08

Value Net Value Net
China continued Croatia

USD 1,200,000 Export-Import Bank of China/The USD 6,250,000 Croatia Government International
RegS 2.50% 31/7/2019 1,193,363 0.05 Bond RegS 6.75% 5/11/2019 6,625,000 0.27
RegS 2.00% 26/4/2021 1,448,602 0.06 Bond RegS 6.625% 14/7/2020 6,607,406 0.27
RegS 2.625% 14/3/2022 1,705,431 0.07 Bond RegS 6.375% 24/3/2021 6,761,719 0.28
RegS 3.625% 31/7/2024 1,551,423 0.06 Bond RegS 5.50% 4/4/2023* 7,359,469 0.30
RegS 2.875% 26/4/2026 1,498,822 0.06 Bond RegS 6.00% 26/1/2024 8,623,875 0.35
USD 1,000,000 Export-Import Bank of China/The USD 2,250,000 Hrvatska Elektroprivreda RegS
RegS 3.375% 14/3/2027 955,383 0.04 5.875% 23/10/2022 2,425,781 0.10
USD 1,355,000 Export-Import Bank of China/The 38,403,250 1.57
RegS 3.25% 28/11/2027 1,276,083 0.05
USD 1,000,000 Export-Import Bank of China/The Dominican Republic
RegS 4.00% 28/11/2047 951,004 0.04 USD 2,300,000 Dominican Republic International
25,084,290 1.03 Bond ‘144A’ 6.50% 15/2/2048 2,389,758 0.10
USD 6,800,000 Dominican Republic International
Colombia Bond RegS 7.50% 6/5/2021 7,265,222 0.30
USD 2,700,000 Colombia Government International USD 1,400,000 Dominican Republic International
Bond 7.375% 18/3/2019 2,823,507 0.12 Bond RegS 6.60% 28/1/2024 1,524,880 0.06
Bond 11.75% 25/2/2020 2,560,246 0.10 Bond RegS 5.875% 18/4/2024* 5,045,992 0.21
Bond 4.375% 12/7/2021 5,275,950 0.22 Bond RegS 5.50% 27/1/2025 7,379,989 0.30
Bond 2.625% 15/3/2023* 3,243,600 0.13 Bond RegS 6.875% 29/1/2026 6,714,955 0.28
Bond 4.00% 26/2/2024 6,363,000 0.26 Bond RegS 5.95% 25/1/2027 7,743,666 0.32
Bond 8.125% 21/5/2024 4,149,562 0.17 Bond RegS 7.45% 30/4/2044 7,888,238 0.32
Bond 4.50% 28/1/2026 3,995,338 0.16 Bond RegS 6.85% 27/1/2045* 9,710,190 0.40
Bond 3.875% 25/4/2027 7,777,550 0.32 Bond RegS 6.50% 15/2/2048 1,818,294 0.07
USD 5,300,000 Colombia Government International 57,481,184 2.36
Bond 7.375% 18/9/2037 6,871,450 0.28
USD 6,900,000 Colombia Government International Ecuador
Bond 6.125% 18/1/2041* 7,955,700 0.33 USD 6,150,000 Ecuador Government International
USD 7,750,000 Colombia Government International Bond RegS 10.50% 24/3/2020 6,665,063 0.27
USD 12,500,000 Colombia Government International Bond RegS 10.75% 28/3/2022 11,343,931 0.46
72,244,653 2.96 Bond RegS 8.75% 2/6/2023 5,243,750 0.21
USD 8,050,000 Ecuador Government International
Costa Rica Bond RegS 7.95% 20/6/2024 8,100,313 0.33
USD 2,500,000 Banco Nacional de Costa Rica USD 8,100,000 Ecuador Government International
RegS 5.875% 25/4/2021* 2,604,700 0.11 Bond RegS 9.65% 13/12/2026 8,667,688 0.36
USD 1,900,000 Banco Nacional de Costa Rica USD 4,000,000 Ecuador Government International
RegS 6.25% 1/11/2023* 1,971,250 0.08 Bond RegS 9.625% 2/6/2027 4,270,000 0.18
USD 3,750,000 Costa Rica Government International USD 10,725,000 Ecuador Government International
Bond RegS 4.25% 26/1/2023 3,632,807 0.15 Bond RegS 8.875% 23/10/2027 10,910,542 0.45
USD 2,400,000 Costa Rica Government International USD 9,800,000 Ecuador Government International
USD 2,800,000 Costa Rica Government International 64,600,761 2.65
Bond RegS 5.625% 30/4/2043 2,533,996 0.10
USD 4,300,000 Costa Rica Government International Egypt
Bond RegS 7.00% 4/4/2044 4,455,868 0.18 USD 3,700,000 Egypt Government International
USD 4,400,000 Costa Rica Government International Bond RegS 5.75% 29/4/2020 3,806,375 0.15
Bond RegS 7.158% 12/3/2045 4,619,993 0.19 USD 11,610,000 Egypt Government International
USD 2,000,000 Instituto Costarricense de Electricidad Bond RegS 6.125% 31/1/2022 12,030,862 0.49
RegS 6.95% 10/11/2021* 2,140,000 0.09 USD 4,000,000 Egypt Government International
USD 1,950,000 Instituto Costarricense de Electricidad Bond RegS 5.577% 21/2/2023 4,062,500 0.17
RegS 6.375% 15/5/2043 1,742,325 0.07 USD 6,250,000 Egypt Government International
25,981,851 1.06 Bond RegS 5.875% 11/6/2025* 6,304,688 0.26
USD 8,750,000 Egypt Government International
Bond RegS 7.50% 31/1/2027 9,504,687 0.39

Value Net Value Net
Egypt continued Guatemala

USD 5,085,000 Egypt Government International USD 3,050,000 Guatemala Government Bond RegS
Bond RegS 6.588% 21/2/2028 5,185,429 0.21 5.75% 6/6/2022 3,221,557 0.13
Bond RegS 6.875% 30/4/2040 2,256,875 0.09 4.50% 3/5/2026 3,380,535 0.14
Bond RegS 8.50% 31/1/2047 11,930,500 0.49 4.375% 5/6/2027 2,431,425 0.10
Bond RegS 7.903% 21/2/2048 6,055,700 0.25 4.875% 13/2/2028 2,546,809 0.10
61,137,616 2.50 11,580,326 0.47
El Salvador Honduras
USD 2,600,000 El Salvador Government USD 2,200,000 Honduras Government International
International Bond RegS 7.375% Bond RegS 8.75% 16/12/2020 2,440,097 0.10
1/12/2019 2,728,076 0.11 USD 1,650,000 Honduras Government International
USD 3,075,000 El Salvador Government Bond RegS 7.50% 15/3/2024 1,823,250 0.08
International Bond RegS 7.75% USD 3,000,000 Honduras Government International
24/1/2023 3,355,589 0.14 Bond RegS 6.25% 19/1/2027 3,185,250 0.13
USD 4,650,000 El Salvador Government 7,448,597 0.31
International Bond RegS 5.875%
30/1/2025* 4,574,430 0.19 Hong Kong
USD 3,850,000 El Salvador Government USD 500,000 CNAC HK Finbridge Co Ltd RegS
International Bond RegS 6.375% 3.00% 19/7/2020 490,443 0.02
18/1/2027 3,821,119 0.16 USD 2,000,000 CNAC HK Finbridge Co Ltd RegS
USD 3,175,000 El Salvador Government 3.50% 19/7/2022 1,937,511 0.08
International Bond RegS 8.625% USD 745,000 CNAC HK Finbridge Co Ltd RegS
28/2/2029* 3,664,315 0.15 4.625% 14/3/2023 749,304 0.03
USD 1,300,000 El Salvador Government USD 600,000 CNAC HK Finbridge Co Ltd RegS
International Bond RegS 8.25% 4.875% 14/3/2025 600,788 0.02
10/4/2032* 1,460,873 0.06 USD 1,200,000 CNAC HK Finbridge Co Ltd RegS
USD 5,425,000 El Salvador Government 4.125% 19/7/2027 1,130,965 0.05
International Bond RegS 7.65% USD 1,200,000 CNAC HK Finbridge Co Ltd RegS
15/6/2035* 5,730,148 0.23 5.125% 14/3/2028 1,206,278 0.05
USD 2,100,000 El Salvador Government
International Bond RegS 7.625% 6,115,289 0.25
1/2/2041* 2,210,247 0.09
Hungary
27,544,797 1.13
USD 1,000,000 Hungary Government International
Bond 4.00% 25/3/2019 1,013,950 0.04
Ethiopia USD 8,700,000 Hungary Government International
USD 4,400,000 Ethiopia International Bond RegS Bond 6.25% 29/1/2020 9,218,694 0.38
6.625% 11/12/2024 4,519,438 0.19 USD 11,650,000 Hungary Government International
4,519,438 0.19 Bond 6.375% 29/3/2021 12,701,179 0.52
Gabon Bond 5.375% 21/2/2023* 9,298,062 0.38
USD 6,350,000 Gabon Government International USD 8,750,000 Hungary Government International
Bond RegS 6.375% 12/12/2024 6,287,135 0.26 Bond 5.75% 22/11/2023 9,682,925 0.40
USD 3,200,000 Gabon Government International USD 9,500,000 Hungary Government International
Bond RegS 6.95% 16/6/2025* 3,236,000 0.13 Bond 5.375% 25/3/2024* 10,361,650 0.42
9,523,135 0.39
Bond 7.625% 29/3/2041* 7,528,768 0.31
USD 2,200,000 Magyar Export-Import Bank Zrt RegS
Georgia 4.00% 30/1/2020 2,231,856 0.09
USD 2,300,000 Georgia Government International USD 2,900,000 MFB Magyar Fejlesztesi Bank Zrt
Bond RegS 6.875% 12/4/2021 2,486,875 0.10 RegS 6.25% 21/10/2020 3,106,538 0.13
USD 2,050,000 Georgian Railway JSC RegS 7.75%
11/7/2022 2,249,875 0.09 65,143,622 2.67
4,736,750 0.19
India
USD 1,650,000 Export-Import Bank of India RegS
Ghana 3.875% 2/10/2019* 1,666,762 0.07
USD 3,050,000 Ghana Government International USD 1,700,000 Export-Import Bank of India RegS
Bond RegS 9.25% 15/9/2022 3,473,493 0.14 2.75% 1/4/2020* 1,684,464 0.07
Bond RegS 7.875% 7/8/2023 4,567,500 0.19 2.75% 12/8/2020 1,582,779 0.06
Bond RegS 8.125% 18/1/2026* 4,625,187 0.19 3.125% 20/7/2021 2,965,024 0.12
12,666,180 0.52 USD 3,550,000 Export-Import Bank of India RegS
4.00% 14/1/2023 3,567,808 0.14

Value Net Value Net
India continued Indonesia continued

USD 5,150,000 Export-Import Bank of India RegS USD 1,100,000 Pertamina Persero PT RegS 5.25%
3.375% 5/8/2026 4,866,603 0.20 23/5/2021 1,147,294 0.05
USD 4,700,000 Export-Import Bank of India RegS USD 2,400,000 Pertamina Persero PT RegS 4.875%
3.875% 1/2/2028* 4,562,288 0.19 3/5/2022 2,474,760 0.10
USD 1,750,000 Indian Railway Finance Corp Ltd USD 2,400,000 Pertamina Persero PT RegS 4.30%
RegS 3.835% 13/12/2027 1,678,290 0.07 20/5/2023 2,421,588 0.10
22,574,018 0.92 USD 450,000 Pertamina Persero PT RegS 6.50%
27/5/2041 510,631 0.02
USD 1,700,000 Pertamina Persero PT RegS 6.00%
Indonesia
3/5/2042* 1,824,984 0.07
USD 1,750,000 Indonesia Government International
Bond 2.95% 11/1/2023* 1,691,874 0.07
20/5/2043 1,894,832 0.08
Bond 3.50% 11/1/2028* 1,675,345 0.07
30/5/2044 2,486,040 0.10
USD 1,300,000 Perusahaan Listrik Negara PT RegS
Bond 4.35% 11/1/2048* 2,338,121 0.10
5.50% 22/11/2021 1,374,751 0.06
USD 550,000 Indonesia Government International
Bond RegS 11.625% 4/3/2019 595,282 0.02
4.125% 15/5/2027 1,916,100 0.08
Bond RegS 5.875% 13/3/2020* 2,482,070 0.10
5.25% 24/10/2042 1,079,441 0.04
Bond RegS 4.875% 5/5/2021* 3,549,889 0.15
5.25% 15/5/2047* 980,825 0.04
USD 750,000 Indonesia Government International
USD 900,000 Perusahaan Penerbit SBSN
Bond RegS 3.70% 8/1/2022 753,304 0.03
Indonesia III RegS 3.40%
29/3/2021* 897,430 0.04
Bond RegS 3.75% 25/4/2022* 2,408,700 0.10
USD 2,000,000 Perusahaan Penerbit SBSN
Bond RegS 3.375% 15/4/2023 2,257,128 0.09
29/3/2022 1,980,100 0.08
Bond RegS 5.375% 17/10/2023 1,830,484 0.07
21/11/2022* 1,471,860 0.06
Bond RegS 5.875% 15/1/2024* 2,640,084 0.11
Bond RegS 4.125% 15/1/2025* 2,776,290 0.11
1/3/2023 2,139,390 0.09
Bond RegS 4.75% 8/1/2026 2,828,331 0.12
10/9/2024 1,932,955 0.08
Bond RegS 4.35% 8/1/2027* 1,779,120 0.07
Bond RegS 3.85% 18/7/2027 1,670,361 0.07
28/5/2025* 2,771,711 0.11
Bond RegS 8.50% 12/10/2035* 3,267,598 0.13
29/3/2026 2,557,500 0.10
Bond RegS 6.625% 17/2/2037 2,484,641 0.10
Bond RegS 7.75% 17/1/2038 3,392,750 0.14
29/3/2027 2,672,230 0.11
Bond RegS 5.25% 17/1/2042* 3,121,705 0.13
1/3/2028 2,119,939 0.09
Bond RegS 4.625% 15/4/2043 2,211,266 0.09
USD 2,950,000 Indonesia Government International 97,658,478 4.00
Bond RegS 6.75% 15/1/2044 3,711,778 0.15
USD 2,800,000 Indonesia Government International Iraq
Bond RegS 5.125% 15/1/2045 2,924,866 0.12 USD 4,500,000 Iraq International Bond RegS
USD 1,650,000 Indonesia Government International 6.752% 9/3/2023 4,584,375 0.19
Bond RegS 5.95% 8/1/2046* 1,923,141 0.08 USD 11,375,000 Iraq International Bond RegS
USD 2,350,000 Indonesia Government International 5.80% 15/1/2028 10,920,000 0.45
Bond RegS 5.25% 8/1/2047* 2,495,806 0.10 15,504,375 0.64
Bond RegS 4.75% 18/7/2047* 1,191,510 0.05
Ireland
USD 650,000 Lembaga Pembiayaan Ekspor
USD 700,000 GTLK Europe DAC RegS
Indonesia RegS 3.875% 6/4/2024 639,438 0.03
5.95% 19/7/2021 719,849 0.03
USD 1,350,000 Pelabuhan Indonesia II PT RegS
USD 1,150,000 GTLK Europe DAC RegS
4.25% 5/5/2025* 1,322,730 0.05
5.125% 31/5/2024 1,127,127 0.05
USD 650,000 Pelabuhan Indonesia II PT RegS
USD 1,000,000 Russian Railways Via RZD Capital
5.375% 5/5/2045 635,655 0.03
Plc RegS 3.45% 6/10/2020 993,870 0.04
USD 400,000 Pelabuhan Indonesia III Persero PT
USD 2,500,000 Russian Railways Via RZD Capital
RegS 4.875% 1/10/2024* 404,850 0.02
Plc RegS 5.70% 5/4/2022 2,648,475 0.11

Value Net Value Net
Ireland continued Kazakhstan continued

USD 750,000 Russian Railways Via RZD Capital USD 4,500,000 KazMunayGas National Co JSC
Plc RegS 4.375% 1/3/2024 748,815 0.03 RegS 7.00% 5/5/2020 4,837,500 0.20
USD 1,100,000 SCF Capital Designated Activity USD 4,900,000 KazMunayGas National Co JSC
Co RegS 5.375% 16/6/2023 1,120,378 0.05 RegS 6.375% 9/4/2021 5,292,000 0.22
USD 2,650,000 Vnesheconombank Via VEB Finance USD 2,000,000 KazMunayGas National Co JSC
Plc RegS 6.902% 9/7/2020 2,818,672 0.11 RegS 3.875% 19/4/2022* 1,995,000 0.08
Plc RegS 6.025% 5/7/2022 2,339,546 0.09 RegS 4.75% 19/4/2027 3,759,375 0.15
Plc RegS 5.942% 21/11/2023 2,252,239 0.09 RegS 5.75% 30/4/2043 1,879,605 0.08
Plc RegS 6.80% 22/11/2025 2,132,892 0.09 RegS 5.75% 19/4/2047* 4,502,544 0.19
16,901,863 0.69 USD 2,760,000 KazTransGas JSC RegS
4.375% 26/9/2027 2,656,500 0.11
Ivory Coast 61,648,936 2.53
USD 2,350,000 Ivory Coast Government International
Bond RegS 5.375% 23/7/2024 2,300,062 0.09 Kenya
USD 4,200,000 Ivory Coast Government International USD 2,950,000 Kenya Government International
Bond RegS 6.375% 3/3/2028 4,239,900 0.17 Bond RegS 5.875% 24/6/2019* 3,031,346 0.12
Bond RegS 6.125% 15/6/2033 5,035,000 0.21 Bond RegS 6.875% 24/6/2024 8,830,250 0.36
Bond RegS (Step-up coupon) Bond RegS 7.25% 28/2/2028* 4,704,994 0.19
5.75% 31/12/2032* 8,782,978 0.36 USD 4,000,000 Kenya Government International
20,357,940 0.83 Bond RegS 8.25% 28/2/2048* 4,285,000 0.18
20,851,590 0.85
Jamaica
USD 2,550,000 Jamaica Government International Latvia
Bond 7.625% 9/7/2025 2,993,058 0.12 USD 2,350,000 Latvia Government International
USD 9,900,000 Jamaica Government International Bond RegS 2.75% 12/1/2020 2,343,056 0.10
Bond 6.75% 28/4/2028 11,026,108 0.45 2,343,056 0.10
USD 5,069,000 Jamaica Government International
Bond 8.00% 15/3/2039 6,076,455 0.25
Lebanon
USD 4,400,000 Jamaica Government International
USD 3,450,000 Lebanon Government International
Bond 7.875% 28/7/2045* 5,257,992 0.22
Bond 6.375% 9/3/2020 3,478,031 0.14
25,353,613 1.04 USD 1,400,000 Lebanon Government International
Bond RegS 5.15% 12/11/2018 1,403,500 0.06
Jordan USD 1,350,000 Lebanon Government International
USD 4,750,000 Jordan Government International Bond RegS 6.00% 20/5/2019* 1,353,375 0.05
Bond RegS 6.125% 29/1/2026 4,783,844 0.20 USD 4,350,000 Lebanon Government International
USD 3,900,000 Jordan Government International Bond RegS 5.45% 28/11/2019 4,333,687 0.18
USD 4,650,000 Jordan Government International Bond RegS 8.25% 12/4/2021 9,141,969 0.37
13,306,094 0.55 Bond RegS 6.10% 4/10/2022* 5,230,437 0.21
Bond RegS 6.00% 27/1/2023 3,655,156 0.15
Kazakhstan
USD 4,100,000 Development Bank of Kazakhstan
Bond RegS 6.65% 22/4/2024 2,590,250 0.11
JSC RegS 4.125% 10/12/2022 4,089,750 0.17
USD 3,450,000 KazAgro National Management
Bond RegS 6.25% 4/11/2024 1,501,563 0.06
Holding JSC RegS 4.625%
24/5/2023 3,434,475 0.14
Bond RegS 6.20% 26/2/2025 1,917,500 0.08
USD 5,150,000 Kazakhstan Government
Bond RegS 6.60% 27/11/2026 5,541,562 0.23
14/10/2024 5,229,825 0.21
Bond RegS 6.85% 23/3/2027 4,130,469 0.17
21/7/2025* 10,997,525 0.45
Bond RegS 6.75% 29/11/2027 3,645,625 0.15
Bond RegS 6.65% 3/11/2028* 2,919,813 0.12
14/10/2044* 3,395,325 0.14
Bond RegS 6.65% 26/2/2030* 4,417,500 0.18
21/7/2045* 6,579,512 0.27
Bond RegS 7.00% 23/3/2032 3,063,125 0.13
USD 3,000,000 Kazakhstan Temir Zholy National
Co JSC RegS 4.85% 17/11/2027 3,000,000 0.12

Value Net Value Net
Lebanon continued Mexico continued

USD 1,300,000 Lebanon Government International USD 1,000,000 Mexico City Airport Trust RegS
Bond RegS 7.05% 2/11/2035 1,210,950 0.05 4.25% 31/10/2026 967,500 0.04
USD 3,250,000 Lebanon Government International USD 1,000,000 Mexico City Airport Trust RegS
Bond RegS 7.25% 23/3/2037* 3,077,344 0.13 3.875% 30/4/2028 922,045 0.04
62,611,856 2.57 USD 1,400,000 Mexico City Airport Trust RegS
5.50% 31/10/2046 1,284,073 0.05
USD 2,950,000 Mexico City Airport Trust RegS
Lithuania
5.50% 31/7/2047 2,705,150 0.11
USD 7,500,000 Lithuania Government International
USD 3,100,000 Mexico Government International
Bond RegS 7.375% 11/2/2020 8,124,450 0.33
Bond 3.625% 15/3/2022* 3,155,025 0.13
Bond RegS 6.125% 9/3/2021 7,997,168 0.33
Bond 4.00% 2/10/2023* 4,726,500 0.19
Bond RegS 6.625% 1/2/2022 7,096,320 0.29
Bond 3.60% 30/1/2025 3,559,500 0.15
23,217,938 0.95 USD 3,000,000 Mexico Government International
Bond 4.125% 21/1/2026* 3,050,250 0.12
Luxembourg USD 3,750,000 Mexico Government International
USD 1,100,000 Russian Agricultural Bank OJSC Via Bond 4.15% 28/3/2027 3,782,812 0.16
RSHB Capital SA RegS 8.50% USD 3,722,000 Mexico Government International
16/10/2023 1,230,570 0.05 Bond 3.75% 11/1/2028 3,605,687 0.15
1,230,570 0.05 USD 1,000,000 Mexico Government International
Bond 8.30% 15/8/2031 1,496,000 0.06
Malaysia USD 840,000 Mexico Government International
USD 1,500,000 Export-Import Bank of Malaysia Bhd Bond 7.50% 8/4/2033 1,105,860 0.05
RegS 2.48% 20/10/2021* 1,461,991 0.06 USD 2,050,000 Mexico Government International
USD 3,750,000 Malaysia Sovereign Sukuk Bhd RegS Bond 6.75% 27/9/2034 2,542,000 0.10
3.043% 22/4/2025 3,677,669 0.15 USD 3,400,000 Mexico Government International
USD 1,500,000 Malaysia Sovereign Sukuk Bhd RegS Bond 6.05% 11/1/2040 3,850,500 0.16
4.236% 22/4/2045 1,540,968 0.06 USD 5,000,000 Mexico Government International
USD 4,650,000 Malaysia Sukuk Global Bhd RegS Bond 4.75% 8/3/2044 4,855,000 0.20
3.179% 27/4/2026* 4,554,739 0.19 USD 3,250,000 Mexico Government International
USD 1,600,000 Malaysia Sukuk Global Bhd RegS Bond 5.55% 21/1/2045 3,526,250 0.14
USD 1,800,000 Petroliam Nasional Bhd RegS Bond 4.60% 23/1/2046 3,043,200 0.12
USD 8,950,000 Petronas Capital Ltd RegS 5.25% Bond 4.35% 15/1/2047* 1,892,150 0.08
12/8/2019 9,231,280 0.38 USD 2,700,000 Mexico Government International
USD 3,700,000 Petronas Capital Ltd RegS 3.125% Bond 4.60% 10/2/2048* 2,571,750 0.11
18/3/2022* 3,668,923 0.15 USD 2,900,000 Mexico Government International
USD 3,950,000 Petronas Capital Ltd RegS 7.875% Bond 5.75% 12/10/2110 2,967,425 0.12
22/5/2022 4,618,035 0.19 USD 250,000 Nacional Financiera SNC RegS
USD 6,050,000 Petronas Capital Ltd RegS 3.50% 3.375% 5/11/2020 252,500 0.01
18/3/2025 5,959,094 0.25 USD 150,000 Petroleos Mexicanos FRN 18/7/2018 150,000 0.01
USD 5,750,000 Petronas Capital Ltd RegS 4.50% USD 1,225,000 Petroleos Mexicanos
18/3/2045* 5,947,901 0.24 8.00% 3/5/2019 1,288,394 0.05
USD 4,750,000 Petronas Global Sukuk Ltd RegS USD 446,000 Petroleos Mexicanos
2.707% 18/3/2020 4,717,288 0.19 6.00% 5/3/2020 466,070 0.02
USD 3,000,000 Wakala Global Sukuk Bhd RegS USD 3,650,000 Petroleos Mexicanos
4.646% 6/7/2021 3,160,204 0.13 5.50% 21/1/2021 3,801,475 0.16
USD 1,750,000 Petroleos Mexicanos
52,429,039 2.15 6.375% 4/2/2021 1,863,313 0.08
USD 2,100,000 Petroleos Mexicanos
Mexico 4.875% 24/1/2022 2,146,200 0.09
USD 1,350,000 Banco Nacional de Comercio Exterior USD 1,000,000 Petroleos Mexicanos
SNC/Cayman Islands RegS FRN 11/3/2022 1,097,115 0.04
4.375% 14/10/2025 1,363,500 0.06 USD 3,100,000 Petroleos Mexicanos
USD 650,000 Banco Nacional de Comercio Exterior 5.375% 13/3/2022 3,222,058 0.13
SNC/Cayman Islands RegS FRN USD 2,250,000 Petroleos Mexicanos
11/8/2026* 641,875 0.03 3.50% 30/1/2023 2,160,562 0.09
USD 900,000 Comision Federal de Electricidad USD 1,750,000 Petroleos Mexicanos
RegS 4.875% 26/5/2021 928,449 0.04 4.625% 21/9/2023* 1,754,533 0.07
USD 1,250,000 Comision Federal de Electricidad USD 1,550,000 Petroleos Mexicanos
RegS 4.875% 15/1/2024 1,284,900 0.05 4.875% 18/1/2024* 1,572,863 0.06
USD 2,200,000 Comision Federal de Electricidad USD 1,250,000 Petroleos Mexicanos
RegS 4.75% 23/2/2027 2,208,657 0.09 4.25% 15/1/2025 1,207,500 0.05
RegS 5.75% 14/2/2042* 619,296 0.03 4.50% 23/1/2026 1,257,750 0.05
RegS 6.125% 16/6/2045* 489,375 0.02 6.875% 4/8/2026 4,121,006 0.17

Value Net Value Net
Mexico continued Nigeria

USD 5,800,000 Petroleos Mexicanos USD 2,150,000 Nigeria Government International
6.50% 13/3/2027 6,187,382 0.25 Bond RegS 6.75% 28/1/2021* 2,269,540 0.09
6.625% 15/6/2035 2,738,775 0.11 Bond RegS 6.375% 12/7/2023* 1,734,315 0.07
6.50% 2/6/2041 3,486,000 0.14 Bond RegS 6.50% 28/11/2027 7,444,764 0.30
5.50% 27/6/2044 2,133,600 0.09 Bond RegS 7.143% 23/2/2030 5,096,388 0.21
6.375% 23/1/2045 3,180,844 0.13 Bond RegS 7.875% 16/2/2032 6,996,000 0.29
5.625% 23/1/2046 3,140,817 0.13 Bond RegS 7.696% 23/2/2038 4,072,179 0.17
6.75% 21/9/2047 6,670,950 0.27 Bond RegS 7.625% 28/11/2047 6,898,275 0.28
USD 2,825,000 Petroleos Mexicanos RegS 34,511,461 1.41
5.35% 12/2/2028 2,784,037 0.11
USD 2,750,000 Petroleos Mexicanos RegS Oman
6.35% 12/2/2048 2,667,500 0.11 USD 2,000,000 Mazoon Assets Co SAOC RegS
USD 650,000 Petroleos Mexicanos RegS 5.20% 8/11/2027* 1,961,250 0.08
6.625% (Perpetual) 649,838 0.03 USD 5,300,000 Oman Government International
123,145,811 5.05 Bond RegS 3.625% 15/6/2021 5,177,438 0.21
USD 4,000,000 Oman Government International
Mongolia Bond RegS 3.875% 8/3/2022 3,882,600 0.16
USD 1,900,000 Mongolia Government International USD 1,500,000 Oman Government International
USD 2,150,000 Trade & Development Bank of USD 8,500,000 Oman Government International
Mongolia LLC RegS 9.375% Bond RegS 6.50% 8/3/2047* 7,990,000 0.33
19/5/2020 2,318,624 0.09 USD 7,000,000 Oman Government International
Bond RegS 6.75% 17/1/2048 6,711,250 0.27
15,192,805 0.62
USD 7,150,000 Oman Sovereign Sukuk SAOC
RegS 4.397% 1/6/2024 6,832,897 0.28
Morocco
USD 6,650,000 Morocco Government International 57,902,916 2.37
Bond RegS 4.25% 11/12/2022 6,791,312 0.28
USD 3,150,000 Morocco Government International Pakistan
Bond RegS 5.50% 11/12/2042 3,350,813 0.14 USD 4,550,000 Pakistan Government International
Bond RegS 8.25% 15/4/2024 4,745,832 0.19
10,142,125 0.42
USD 2,100,000 Pakistan Government International
Bond RegS 8.25% 30/9/2025* 2,179,810 0.09
Mozambique USD 7,000,000 Pakistan Government International
USD 2,792,000 Mozambique International Bond Bond RegS 6.875% 5/12/2027 6,611,500 0.27
RegS (Flat Trading) 10.50% USD 4,650,000 Second Pakistan International Sukuk
18/1/2023* 2,275,578 0.09 Co Ltd/The RegS 6.75% 3/12/2019 4,748,185 0.20
2,275,578 0.09 USD 4,500,000 Third Pakistan International Sukuk
Co Ltd/The RegS 5.50%
Namibia 13/10/2021 4,428,000 0.18
USD 1,800,000 Namibia International Bonds RegS USD 5,000,000 Third Pakistan International Sukuk
5.50% 3/11/2021 1,859,625 0.08 Co Ltd/The RegS 5.625%
USD 3,300,000 Namibia International Bonds RegS 5/12/2022 4,827,750 0.20
5.25% 29/10/2025 3,278,204 0.13 27,541,077 1.13
5,137,829 0.21
Panama
Netherlands USD 2,750,000 Aeropuerto Internacional de
USD 4,150,000 Kazakhstan Temir Zholy Finance BV Tocumen SA RegS 5.625%
RegS 6.95% 10/7/2042* 4,627,250 0.19 18/5/2036 2,951,685 0.12
USD 700,000 Majapahit Holding BV RegS 8.00% USD 5,250,000 Panama Government International
7/8/2019* 744,177 0.03 Bond 5.20% 30/1/2020 5,486,242 0.22
USD 2,050,000 Majapahit Holding BV RegS 7.75% USD 5,450,000 Panama Government International
20/1/2020 2,204,160 0.09 Bond 4.00% 22/9/2024 5,584,887 0.23
USD 500,000 Majapahit Holding BV RegS 7.875% USD 5,450,000 Panama Government International
29/6/2037* 646,643 0.03 Bond 3.75% 16/3/2025 5,496,325 0.22
USD 3,700,000 Panama Government International
8,222,230 0.34
Bond 7.125% 29/1/2026 4,563,950 0.19

Value Net Value Net
Panama continued Philippines continued

USD 3,750,000 Panama Government International USD 3,450,000 Philippine Government International
Bond 8.875% 30/9/2027 5,213,437 0.21 Bond 5.50% 30/3/2026* 3,914,508 0.16
Bond 3.875% 17/3/2028 7,757,750 0.32 Bond 3.00% 1/2/2028* 4,712,846 0.19
Bond 9.375% 1/4/2029 4,469,775 0.18 Bond 9.50% 2/2/2030 8,606,052 0.35
Bond 6.70% 26/1/2036 12,158,982 0.50 Bond 7.75% 14/1/2031* 6,173,887 0.25
Bond 4.50% 15/5/2047* 5,263,300 0.22 Bond 6.375% 15/1/2032 3,743,985 0.15
Bond 4.30% 29/4/2053* 3,408,120 0.14 Bond 6.375% 23/10/2034 6,346,172 0.26
62,354,453 2.55 USD 3,350,000 Philippine Government International
Bond 5.00% 13/1/2037 3,795,165 0.16
USD 5,700,000 Philippine Government International
Paraguay
Bond 3.95% 20/1/2040* 5,693,017 0.23
USD 700,000 Paraguay Government International
Bond ‘144A’ 4.625% 25/1/2023 723,624 0.03
Bond 3.70% 1/3/2041* 4,761,949 0.20
USD 3,300,000 Paraguay Government International
Bond RegS 4.625% 25/1/2023* 3,411,370 0.14
Bond 3.70% 2/2/2042* 4,822,625 0.20
USD 2,650,000 Power Sector Assets & Liabilities
Bond RegS 5.00% 15/4/2026 2,717,390 0.11
Management Corp RegS 7.25%
27/5/2019 2,782,540 0.11
Bond RegS 4.70% 27/3/2027 1,986,709 0.08
USD 3,320,000 Power Sector Assets & Liabilities
Management Corp RegS 7.39%
Bond RegS 6.10% 11/8/2044 4,687,118 0.19
2/12/2024 4,031,692 0.17
Bond RegS 5.60% 13/3/2048* 1,764,000 0.08 79,053,573 3.24
15,290,211 0.63
Poland
USD 10,700,000 Republic of Poland Government
Peru
USD 1,900,000 Corp Financiera de Desarrollo SA
15/7/2019 11,225,370 0.46
RegS 3.25% 15/7/2019 1,902,375 0.08
RegS 4.75% 8/2/2022 2,813,594 0.12
21/4/2021* 9,676,030 0.40
RegS 4.75% 15/7/2025 2,091,000 0.09
USD 2,950,000 Fondo MIVIVIENDA SA RegS 3.50%
23/3/2022* 13,580,999 0.55
31/1/2023 2,887,312 0.12
USD 7,900,000 Peruvian Government International
Bond 7.35% 21/7/2025* 9,825,610 0.40
17/3/2023* 10,611,618 0.43
Bond 4.125% 25/8/2027 5,976,450 0.24
22/1/2024* 8,743,140 0.36
Bond 8.75% 21/11/2033 14,764,370 0.60
Bond 6.55% 14/3/2037* 6,888,125 0.28
6/4/2026 7,505,077 0.31
Bond 5.625% 18/11/2050* 13,633,450 0.56 61,342,234 2.51
USD 4,200,000 Petroleos del Peru SA RegS 4.75%
19/6/2032 4,088,700 0.17 Republic of Cameroon
USD 4,500,000 Petroleos del Peru SA RegS 5.625% USD 3,250,000 Republic of Cameroon International
19/6/2047 4,477,500 0.18 Bond RegS 9.50% 19/11/2025 3,734,981 0.15
69,348,486 2.84 3,734,981 0.15
Philippines Romania
USD 200,000 Philippine Government International USD 9,950,000 Romanian Government International
Bond 9.875% 15/1/2019 211,687 0.01 Bond RegS 6.75% 7/2/2022 11,063,156 0.45
USD 2,800,000 Philippine Government International USD 6,900,000 Romanian Government International
Bond 8.375% 17/6/2019* 3,000,116 0.12 Bond RegS 4.375% 22/8/2023* 7,098,375 0.29
USD 700,000 Philippine Government International USD 4,150,000 Romanian Government International
Bond 6.50% 20/1/2020* 744,888 0.03 Bond RegS 4.875% 22/1/2024* 4,383,438 0.18
USD 5,100,000 Philippine Government International USD 4,250,000 Romanian Government International
Bond 4.00% 15/1/2021 5,224,695 0.22 Bond RegS 6.125% 22/1/2044 5,115,937 0.21
USD 4,300,000 Philippine Government International 27,660,906 1.13
Bond 4.20% 21/1/2024 4,481,288 0.18
Bond 10.625% 16/3/2025* 6,006,461 0.25

Value Net Value Net
Russia South Africa continued

USD 5,600,000 Russian Foreign Bond - Eurobond USD 6,650,000 Republic of South Africa Government
RegS 5.00% 29/4/2020 5,787,600 0.23 International Bond 5.875%
USD 4,200,000 Russian Foreign Bond - Eurobond 16/9/2025 7,094,719 0.29
RegS 4.50% 4/4/2022 4,336,521 0.18 USD 4,400,000 Republic of South Africa Government
USD 6,200,000 Russian Foreign Bond - Eurobond International Bond 4.875%
RegS 4.875% 16/9/2023 6,534,800 0.27 14/4/2026 4,397,250 0.18
USD 4,600,000 Russian Foreign Bond - Eurobond 27/9/2027 2,962,500 0.12
RegS 12.75% 24/6/2028 7,498,125 0.31 12/10/2028 5,687,000 0.23
USD 3,000,000 Russian Foreign Bond - Eurobond 8/3/2041* 2,360,875 0.10
RegS 5.25% 23/6/2047 11,805,900 0.48 24/7/2044* 2,880,000 0.12
RegS (Step-up coupon) 7.50% International Bond 5.00%
31/3/2030 10,435,987 0.43 12/10/2046* 2,555,000 0.10
65,751,933 2.69 USD 4,600,000 Republic of South Africa Government
Senegal 27/9/2047* 4,565,500 0.19
USD 679,000 Senegal Government International USD 2,550,000 Transnet SOC Ltd RegS 4.00%
Bond RegS 8.75% 13/5/2021 764,724 0.03 26/7/2022 2,492,625 0.10
USD 2,000,000 Senegal Government International USD 1,500,000 ZAR Sovereign Capital Fund Pty Ltd
Bond RegS 6.25% 30/7/2024* 2,085,000 0.08 RegS 3.903% 24/6/2020 1,508,437 0.06
USD 4,850,000 Senegal Government International 66,721,731 2.73
Bond RegS 6.25% 23/5/2033 4,783,312 0.20
USD 4,455,000 Senegal Government International Sri Lanka
Bond RegS 6.75% 13/3/2048 4,371,469 0.18 USD 1,300,000 Sri Lanka Government International
12,004,505 0.49 Bond RegS 6.00% 14/1/2019 1,329,250 0.05
USD 1,200,000 Sri Lanka Government International
Serbia Bond RegS 5.125% 11/4/2019 1,217,160 0.05
USD 6,600,000 Serbia International Bond RegS USD 4,300,000 Sri Lanka Government International
4.875% 25/2/2020 6,773,250 0.28 Bond RegS 6.25% 4/10/2020* 4,471,570 0.18
USD 8,800,000 Serbia International Bond RegS USD 4,850,000 Sri Lanka Government International
7.25% 28/9/2021 9,798,800 0.40 Bond RegS 6.25% 27/7/2021* 5,031,220 0.21
16,572,050 0.68 Bond RegS 5.75% 18/1/2022* 1,778,919 0.07
Slovakia Bond RegS 5.875% 25/7/2022 4,518,352 0.19
USD 6,450,000 Slovakia Government International USD 3,000,000 Sri Lanka Government International
6,793,398 0.28 USD 6,250,000 Sri Lanka Government International
Bond RegS 6.85% 3/11/2025 6,496,156 0.27
South Africa USD 4,450,000 Sri Lanka Government International
USD 5,600,000 Eskom Holdings SOC Ltd RegS Bond RegS 6.825% 18/7/2026 4,600,187 0.19
5.75% 26/1/2021* 5,566,400 0.23 USD 6,650,000 Sri Lanka Government International
USD 2,750,000 Eskom Holdings SOC Ltd RegS Bond RegS 6.20% 11/5/2027* 6,554,872 0.27
6.75% 6/8/2023* 2,787,125 0.11 38,996,527 1.60
USD 3,700,000 Eskom Holdings SOC Ltd RegS
7.125% 11/2/2025* 3,788,800 0.16 Suriname
USD 4,750,000 Republic of South Africa Government USD 2,150,000 Republic of Suriname RegS 9.25%
International Bond 6.875% 26/10/2026 2,230,625 0.09
27/5/2019 4,955,437 0.20
2,230,625 0.09
USD 5,350,000 Republic of South Africa Government
9/3/2020 5,564,000 0.23 Tajikistan
USD 3,050,000 Republic of South Africa Government USD 2,375,000 Republic of Tajikistan International
International Bond 5.875% Bond RegS 7.125% 14/9/2027* 2,207,753 0.09
30/5/2022 3,276,844 0.13 2,207,753 0.09
USD 4,250,000 Republic of South Africa Government
International Bond 4.665% Trinidad And Tobago
17/1/2024 4,279,219 0.18 USD 3,600,000 Petroleum Co of Trinidad & Tobago
Ltd RegS 9.75% 14/8/2019 3,806,994 0.16

Value Net Value Net
Trinidad And Tobago continued Turkey continued

USD 2,150,000 Trinidad & Tobago Government USD 2,950,000 Turkey Government International
International Bond RegS 4.375% Bond 8.00% 14/2/2034 3,407,250 0.14
16/1/2024* 2,214,497 0.09 USD 4,000,000 Turkey Government International
USD 4,600,000 Trinidad & Tobago Government Bond 6.875% 17/3/2036 4,165,000 0.17
International Bond RegS 4.50% USD 1,350,000 Turkey Government International
4/8/2026* 4,665,711 0.19 Bond 7.25% 5/3/2038 1,462,219 0.06
USD 2,200,000 Trinidad Generation UnLtd RegS USD 3,150,000 Turkey Government International
5.25% 4/11/2027* 2,206,105 0.09 Bond 6.75% 30/5/2040 3,222,844 0.13
12,893,307 0.53 USD 4,450,000 Turkey Government International
Bond 6.00% 14/1/2041 4,174,656 0.17
USD 4,600,000 Turkey Government International
Tunisia
Bond 4.875% 16/4/2043 3,737,500 0.15
USD 4,100,000 Banque Centrale de Tunisie
Bond 6.625% 17/2/2045* 4,758,000 0.19
30/1/2025 3,923,188 0.16
3,923,188 0.16 Bond 5.75% 11/5/2047 5,116,719 0.21
87,870,861 3.60
Turkey
USD 1,000,000 Export Credit Bank of Turkey ‘144A’
Ukraine
4.25% 18/9/2022* 951,150 0.04
USD 6,663,000 Ukraine Government International
USD 700,000 Export Credit Bank of Turkey RegS
Bond RegS 7.75% 1/9/2020 7,006,144 0.29
5.875% 24/4/2019 713,125 0.03
USD 1,000,000 Export Credit Bank of Turkey RegS
Bond RegS 7.75% 1/9/2021 5,975,677 0.24
5.375% 8/2/2021 1,008,750 0.04
USD 400,000 Export Credit Bank of Turkey RegS
Bond RegS 7.75% 1/9/2022 5,446,010 0.22
5.00% 23/9/2021 396,000 0.02
USD 1,000,000 Export Credit Bank of Turkey RegS
Bond RegS 7.75% 1/9/2023 5,011,125 0.21
5.375% 24/10/2023* 982,400 0.04
USD 1,400,000 Hazine Mustesarligi Varlik Kiralama
Bond RegS 7.75% 1/9/2024 5,177,835 0.21
AS RegS 4.251% 8/6/2021 1,398,425 0.06
Bond RegS 7.75% 1/9/2025 5,987,205 0.25
AS RegS 5.004% 6/4/2023 1,919,000 0.08
Bond RegS 7.75% 1/9/2026 4,497,368 0.18
AS RegS 4.489% 25/11/2024* 1,365,280 0.06
USD 800,000 TC Ziraat Bankasi AS RegS 4.25%
Bond RegS 7.75% 1/9/2027 5,091,012 0.21
3/7/2019 799,000 0.03
USD 900,000 TC Ziraat Bankasi AS RegS 4.75%
Bond RegS 7.375% 25/9/2032 10,255,500 0.42
29/4/2021 885,285 0.04
USD 1,250,000 TC Ziraat Bankasi AS RegS 5.125% 54,447,876 2.23
3/5/2022 1,226,438 0.05
USD 850,000 TC Ziraat Bankasi AS RegS 5.125% United Kingdom
29/9/2023 821,759 0.03 USD 2,600,000 State Savings Bank of Ukraine
USD 1,900,000 Turkey Government International Via SSB #1 Plc RegS (Step-up
Bond 7.50% 7/11/2019 2,015,187 0.08 coupon) 9.375% 10/3/2023* 2,735,980 0.11
USD 2,950,000 Turkey Government International USD 2,150,000 State Savings Bank of Ukraine
Bond 7.00% 5/6/2020 3,128,844 0.13 Via SSB #1 Plc RegS (Step-up
USD 3,100,000 Turkey Government International coupon) 9.625% 20/3/2025* 2,283,896 0.09
Bond 5.625% 30/3/2021 3,214,312 0.13 USD 600,000 Ukreximbank Via Biz Finance Plc
USD 1,700,000 Turkey Government International ‘144A’ 9.75% 22/1/2025 640,410 0.03
Bond 5.125% 25/3/2022 1,732,937 0.07 USD 2,750,000 Ukreximbank Via Biz Finance Plc
USD 4,650,000 Turkey Government International RegS 9.625% 27/4/2022 2,901,662 0.12
Bond 6.25% 26/9/2022* 4,937,719 0.20 USD 1,700,000 Ukreximbank Via Biz Finance Plc
USD 2,100,000 Turkey Government International RegS 9.75% 22/1/2025 1,814,657 0.08
Bond 3.25% 23/3/2023 1,953,000 0.08 10,376,605 0.43
Bond 5.75% 22/3/2024* 4,572,375 0.19
Uruguay
USD 600,000 Uruguay Government International
Bond 7.375% 5/2/2025 5,500,687 0.23
Bond 8.00% 18/11/2022 697,500 0.03
USD 8,875,000 Uruguay Government International
Bond 4.25% 14/4/2026* 2,191,500 0.09
Bond 4.50% 14/8/2024 9,363,125 0.38
Bond 4.875% 9/10/2026 4,325,344 0.18
Bond 4.375% 27/10/2027 10,209,525 0.42
Bond 6.00% 25/3/2027 5,698,000 0.23
Bond 7.875% 15/1/2033 4,337,844 0.18
Bond 5.125% 17/2/2028 3,550,781 0.15
Bond 7.625% 21/3/2036 6,664,000 0.27
Bond 11.875% 15/1/2030 2,539,375 0.10

Value Net Value Net
Uruguay continued Venezuela continued

USD 3,880,000 Uruguay Government International USD 2,750,000 Venezuela Government International
Bond 4.125% 20/11/2045 3,653,990 0.15 Bond RegS (Defaulted)
USD 16,819,190 Uruguay Government International 7.65% 21/4/2025 828,417 0.03
Bond 5.10% 18/6/2050* 17,449,909 0.72 USD 4,575,000 Venezuela Government International
52,375,893 2.15 Bond RegS (Defaulted) 11.75%
21/10/2026 1,561,157 0.06
USD 3,150,000 Venezuela Government International
Venezuela
Bond RegS (Defaulted) 9.25%
USD 4,100,000 Petroleos de Venezuela SA RegS
7/5/2028 943,425 0.04
(Defaulted) 9.00% 17/11/2021 1,388,911 0.06
Bond RegS (Defaulted) 11.95%
(Defaulted) 12.75% 17/2/2022 1,552,692 0.06
5/8/2031 2,291,625 0.09
(Defaulted) 6.00% 16/5/2024 2,154,825 0.09
Bond RegS (Flat Trading) 7.00%
31/3/2038 588,050 0.03
(Defaulted) 6.00% 15/11/2026 1,953,011 0.08
USD 4,350,000 Petroleos de Venezuela SA RegS 28,519,932 1.17
(Defaulted) 5.375% 12/4/2027 1,223,447 0.05
USD 4,805,000 Petroleos de Venezuela SA RegS Vietnam
(Defaulted) 9.75% 17/5/2035 1,495,555 0.06 USD 2,225,000 Vietnam Government International
USD 2,400,000 Petroleos de Venezuela SA RegS Bond RegS 6.75% 29/1/2020* 2,354,495 0.10
(Defaulted) 5.50% 12/4/2037 662,994 0.03 USD 4,872,000 Vietnam Government International
USD 3,961,500 Petroleos de Venezuela SA RegS Bond RegS 4.80% 19/11/2024 4,989,671 0.20
(Flat Trading) 8.50% 27/10/2020 3,417,784 0.14 7,344,166 0.30
Bond (Defaulted)
Zambia
9.375% 13/1/2034 830,917 0.03
USD 3,000,000 Zambia Government International
Bond RegS 5.375% 20/9/2022* 2,859,150 0.12
Bond (Flat Trading)
9.25% 15/9/2027 1,941,195 0.08
Bond RegS 8.50% 14/4/2024 4,759,391 0.19
Bond RegS (Defaulted)
Bond RegS 8.97% 30/7/2027 5,863,964 0.24
7.75% 13/10/2019 1,159,773 0.05
USD 2,125,000 Venezuela Government International 13,482,505 0.55
Bond RegS (Defaulted) Total Bonds 2,389,422,309 97.89
6.00% 9/12/2020 634,782 0.03
Total Transferable Securities and
Money Market Instruments Admitted to
Bond RegS (Defaulted)
an Official Stock Exchange Listing
12.75% 23/8/2022 1,697,500 0.07
or Dealt in on Another Regulated Market 2,389,422,309 97.89
Bond RegS (Defaulted) Securities portfolio at market value 2,389,422,309 97.89
9.00% 7/5/2023 898,500 0.04
USD 4,300,000 Venezuela Government International Other Net Assets 51,615,026 2.11
Bond RegS (Defaulted) Total Net Assets (USD) 2,441,037,335 100.00
8.25% 13/10/2024 1,295,372 0.05

Open forward foreign exchange transactions Sector Breakdown
as at 31 March 2018 as at 31 March 2018
Unrealised % of Net
appreciation/ Assets
Maturity (depreciation)
Government 79.23
Currency Purchases Currency Sales Counterparty date USD
Energy 8.67
Financial 4.14
EUR Hedged Share Class
Utilities 2.37
EUR 474,273,648 USD 584,923,446 State Street Bank Basic Materials 1.88
& Trust Company 13/4/2018 (84,314) Industrial 1.39
USD 9,941,288 EUR 8,056,095 State Street Bank Diversified 0.13
& Trust Company 13/4/2018 7,109 Consumer, Cyclical 0.04
(77,205) Consumer, Non-cyclical 0.04
GBP Hedged Share Class
GBP 5,048,223 USD 6,996,874 State Street Bank 100.00
& Trust Company 13/4/2018 102,595
USD 10,634 GBP 7,660 State Street Bank
& Trust Company 13/4/2018 (139)

102,456
SEK Hedged Share Class
SEK 1,142,797,649 USD 138,672,812 State Street Bank

& Trust Company 13/4/2018 (2,100,830)
USD 2,384,699 SEK 19,593,881 State Street Bank
& Trust Company 13/4/2018 43,099

(2,057,731)
Total (Gross underlying exposure - USD 740,797,134) (2,032,480)

Value Net Value Net
Holding Description EUR Assets Holding Description EUR Assets
COMMON / PREFERRED STOCKS (SHARES) France continued

95,458 AXA SA 2,066,188 0.54
Austria 2,327 BioMerieux 154,978 0.04
3,928 Andritz AG* 181,395 0.05 55,334 BNP Paribas SA 3,347,154 0.88
14,815 Erste Group Bank AG 607,859 0.16 47,753 Bollore SA* 206,962 0.05
7,766 OMV AG 362,284 0.10 10,274 Bouygues SA* 420,618 0.11
7,511 Raiffeisen Bank International AG 236,597 0.06 14,003 Bureau Veritas SA 295,043 0.08
5,461 voestalpine AG 232,147 0.06 8,062 Capgemini SE 813,456 0.21
1,620,282 0.43 28,806 Carrefour SA* 488,262 0.13
2,963 Casino Guichard Perrachon SA* 118,757 0.03
Belgium 24,476 Cie de Saint-Gobain 1,048,307 0.27
9,192 Ageas* 387,811 0.10 8,533 Cie Generale des Etablissements
37,547 Anheuser-Busch InBev SA/NV 3,361,958 0.88 Michelin SCA 1,022,680 0.27
3,399 Colruyt SA 153,329 0.04 9,298 CNP Assurances 190,423 0.05
4,254 Groupe Bruxelles Lambert SA 397,239 0.10 56,716 Credit Agricole SA 751,487 0.20
12,497 KBC Group NV 886,037 0.23 29,718 Danone SA 1,953,364 0.51
7,501 Proximus SADP 189,250 0.05 117 Dassault Aviation SA 183,222 0.05
3,548 Solvay SA 398,973 0.11 6,404 Dassault Systemes SE 706,681 0.19
2,586 Telenet Group Holding NV 139,385 0.04 10,009 Edenred* 281,253 0.07
6,250 UCB SA 413,875 0.11 3,918 Eiffage SA 363,355 0.10
10,019 Umicore SA 429,915 0.11 28,996 Electricite de France SA 339,108 0.09
89,697 Engie SA* 1,223,916 0.32
6,757,772 1.77
10,099 Essilor International Cie Generale
d’Optique SA 1,101,296 0.29
Denmark 2,255 Eurazeo SA 169,802 0.04
204 AP Moller - Maersk A/S ‘A’ 242,329 0.06
9,951 Eutelsat Communications SA* 160,161 0.04
336 AP Moller - Maersk A/S ‘B’* 421,171 0.11
3,570 Faurecia SA 233,050 0.06
5,221 Carlsberg A/S ‘B’* 504,841 0.13
1,664 Fonciere Des Regions (Reit) 149,427 0.04
5,202 Chr Hansen Holding A/S 363,575 0.09
2,273 Gecina SA (Reit) 321,629 0.08
5,575 Coloplast A/S ‘B’ 381,867 0.10
23,008 Getlink SE* 268,158 0.07
37,337 Danske Bank A/S 1,128,962 0.30
1,571 Hermes International 754,237 0.20
9,360 DSV A/S 595,546 0.16
1,651 ICADE (Reit) 130,677 0.03
2,996 Genmab A/S 521,678 0.14
1,227 Iliad SA* 207,731 0.05
4,025 H Lundbeck A/S* 182,394 0.05
1,715 Imerys SA 135,056 0.04
8,574 ISS A/S 257,182 0.07
3,077 Ingenico Group SA* 201,359 0.05
92,884 Novo Nordisk A/S ‘B’ 3,706,926 0.97
2,114 Ipsen SA 266,575 0.07
10,849 Novozymes A/S ‘B’ 454,660 0.12
3,804 JCDecaux SA 107,501 0.03
9,056 Orsted A/S’144A’ 476,221 0.12
3,774 Kering SA 1,463,935 0.38
5,197 Pandora A/S* 453,021 0.12
10,314 Klepierre SA (Reit) 339,743 0.09
41,299 TDC A/S 277,675 0.07
12,416 L’Oreal SA* 2,280,198 0.60
5,715 Tryg A/S 107,716 0.03
6,078 Lagardere SCA* 141,557 0.04
10,568 Vestas Wind Systems A/S 609,320 0.16
13,546 Legrand SA 866,402 0.23
6,587 William Demant Holding A/S* 198,111 0.05
13,741 LVMH Moet Hennessy
10,883,195 2.85 Louis Vuitton SE* 3,435,937 0.90
48,408 Natixis SA 322,204 0.08
Finland 98,249 Orange SA* 1,354,362 0.36
6,496 Elisa OYJ 238,533 0.06 10,469 Pernod Ricard SA 1,412,268 0.37
21,116 Fortum OYJ* 370,269 0.10 28,694 Peugeot SA 560,537 0.15
16,846 Kone OYJ ‘B’ 684,285 0.18 10,132 Publicis Groupe SA* 573,471 0.15
6,122 Metso OYJ* 157,213 0.04 1,265 Remy Cointreau SA 146,108 0.04
6,720 Neste OYJ* 379,008 0.10 9,732 Renault SA 963,468 0.25
286,049 Nokia OYJ 1,276,351 0.34 15,959 Rexel SA* 221,910 0.06
5,357 Nokian Renkaat OYJ 198,798 0.05 16,421 Safran SA 1,410,564 0.37
4,999 Orion OYJ ‘B’ 124,325 0.03 55,967 Sanofi* 3,642,332 0.96
22,271 Sampo OYJ ‘A’ 1,004,867 0.26 27,927 Schneider Electric SE 1,998,456 0.52
28,665 Stora Enso OYJ ‘R’* 424,242 0.11 8,781 SCOR SE 290,915 0.08
26,462 UPM-Kymmene OYJ 793,331 0.21 1,205 SEB SA 187,860 0.05
21,102 Wartsila OYJ Abp 378,359 0.10 1,464 Societe BIC SA 117,486 0.03
6,029,581 1.58 37,777 Societe Generale SA* 1,675,032 0.44
4,722 Sodexo SA* 395,043 0.10
18,977 Suez 225,162 0.06
France
2,837 Teleperformance* 357,178 0.09
9,079 Accor SA 397,660 0.10
5,151 Thales SA 510,773 0.13
1,493 Aeroports de Paris 266,799 0.07
118,211 Total SA 5,456,620 1.43
21,036 Air Liquide SA* 2,096,448 0.55
3,834 Ubisoft Entertainment SA 262,016 0.07
8,236 Alstom SA 302,755 0.08
4,871 Unibail-Rodamco SE (Reit) 907,224 0.24
2,731 Amundi SA’144A’ 178,607 0.05
11,939 Valeo SA 640,647 0.17
3,521 Arkema SA 370,409 0.10
23,744 Veolia Environnement SA 458,022 0.12
4,596 Atos SE 507,628 0.13
24,826 Vinci SA 1,981,115 0.52

iShares Europe Equity Index Fund (LU) continued

Value Net Value Net
France continued Germany continued

50,222 Vivendi SA 1,055,164 0.28 24,756 Vonovia SE 994,944 0.26
1,539 Wendel SA 197,608 0.05 5,785 Wirecard AG* 549,575 0.14
60,153,496 15.77 5,684 Zalando SE 251,005 0.07
57,243,607 15.01
Germany
2,939
1&1 Drillisch AG 161,792 0.04 Ireland
9,279
adidas AG 1,817,756 0.48 36,145 AIB Group Plc 175,809 0.04
22,146
Allianz SE Reg 4,061,576 1.06 47,807 Bank of Ireland Group Plc 340,864 0.09
2,116
Axel Springer SE* 142,936 0.04 40,428 CRH Plc 1,118,238 0.29
45,246
BASF SE 3,709,267 0.97 4,409 DCC Plc 330,945 0.09
40,737
Bayer AG Reg 3,729,065 0.98 7,805 Kerry Group Plc ‘A’ 641,571 0.17
16,316
Bayerische Motoren Werke AG* 1,445,761 0.38 4,234 Paddy Power Betfair Plc 349,940 0.09
3,122
Bayerische Motoren Werke AG 9,053 Ryanair Holdings Plc 145,165 0.04
(Pref)* 239,301 0.06 3,102,532 0.81
4,826 Beiersdorf AG 441,869 0.12
8,063 Brenntag AG* 389,524 0.10
Isle of Man
52,651 Commerzbank AG 556,311 0.15
26,468 GVC Holdings Plc 276,269 0.07
5,480 Continental AG 1,222,040 0.32
8,036 Covestro AG’144A’ 637,737 0.17 276,269 0.07
47,413 Daimler AG Reg 3,252,532 0.85
101,927 Deutsche Bank AG Reg* 1,153,406 0.30 Italy
9,615 Deutsche Boerse AG 1,059,092 0.28 62,246
Assicurazioni Generali SpA 976,640 0.26
10,950 Deutsche Lufthansa AG Reg 283,715 0.07 22,241
Atlantia SpA 561,585 0.15
47,835 Deutsche Post AG Reg 1,698,621 0.44 26,079
Davide Campari-Milano SpA 160,777 0.04
164,241 Deutsche Telekom AG Reg* 2,172,908 0.57 400,867
Enel SpA 2,002,732 0.52
17,433 Deutsche Wohnen SE* 657,921 0.17 125,321
Eni SpA 1,792,090 0.47
106,106 E.ON SE 950,816 0.25 663,494
Intesa Sanpaolo SpA 1,969,250 0.52
8,766 Evonik Industries AG* 250,532 0.07 45,838
Intesa Sanpaolo SpA - RSP 141,731 0.04
2,112 Fraport AG Frankfurt Airport Services 20,459
Leonardo SpA 193,869 0.05
Worldwide 171,030 0.04 8,086
Luxottica Group SpA 406,079 0.11
10,939 Fresenius Medical Care AG & 29,438
Mediobanca Banca di Credito
Co KGaA 906,187 0.24 Finanziario SpA 281,074 0.07
20,483 Fresenius SE & Co KGaA 1,266,669 0.33 23,429 Poste Italiane SpA’144A’ 173,000 0.05
3,019 Fuchs Petrolub SE (Pref) 132,232 0.03 10,344 Prysmian SpA 264,289 0.07
8,612 GEA Group AG 298,750 0.08 4,731 Recordati SpA 140,511 0.04
3,107 Hannover Rueck SE 343,634 0.09 117,699 Snam SpA* 438,782 0.11
7,354 HeidelbergCement AG 586,261 0.15 602,071 Telecom Italia SpA 463,956 0.12
5,029 Henkel AG & Co KGaA* 517,484 0.14 340,551 Telecom Italia SpA - RSP 230,689 0.06
8,876 Henkel AG & Co KGaA (Pref) 954,170 0.25 73,854 Terna Rete Elettrica Nazionale SpA* 351,471 0.09
1,040 Hochtief AG 156,832 0.04 99,793 UniCredit SpA 1,697,080 0.44
3,460 Hugo Boss AG* 245,176 0.06 58,631 UnipolSai Assicurazioni SpA 113,334 0.03
56,233 Infineon Technologies AG 1,217,444 0.32 12,358,939 3.24
7,604 Innogy SE 292,374 0.08
9,896 K+S AG Reg* 230,082 0.06 Jersey
3,300 KION Group AG* 249,612 0.06 45,946 Experian Plc 809,253 0.21
4,689 Lanxess AG 291,374 0.08 12,754 Ferguson Plc 787,979 0.21
9,253 Linde AG 1,537,386 0.40 604,155 Glencore Plc 2,449,030 0.64
1,799 MAN SE 170,815 0.04 4,761 Randgold Resources Ltd* 319,023 0.09
6,190 Merck KGaA* 482,077 0.13 44,828 Shire Plc 1,802,594 0.47
9,665 Metro AG* 138,403 0.04 61,600 WPP Plc 798,267 0.21
2,697 MTU Aero Engines AG 366,522 0.10
7,649 Muenchener Rueckversicherungs- 6,966,146 1.83
Gesellschaft AG in Muenchen Reg 1,440,689 0.38
5,171 OSRAM Licht AG 307,364 0.08 Luxembourg
7,460 Porsche Automobil Holding SE (Pref) 503,848 0.13 33,651 ArcelorMittal 852,548 0.22
12,375 ProSiebenSat.1 Media SE 346,624 0.09 593 Eurofins Scientific SE 256,295 0.07
24,487 RWE AG 490,475 0.13 3,550 Millicom International Cellular
48,405 SAP SE* 4,102,324 1.08 SA - SDR* 195,933 0.05
7,951 Schaeffler AG (Pref) 99,268 0.03 1,671 RTL Group SA 112,040 0.03
37,638 Siemens AG Reg 3,883,489 1.02 19,163 SES SA* 206,577 0.05
6,098 Symrise AG* 396,736 0.10 23,868 Tenaris SA 329,378 0.09
39,781 Telefonica Deutschland Holding AG 151,247 0.04 1,952,771 0.51
21,481 thyssenkrupp AG 454,968 0.12
20,569 TUI AG 357,357 0.09 Netherlands
10,325 Uniper SE 256,680 0.07 21,390 ABN AMRO Group NV - CVA’144A’ 524,269 0.14
6,457 United Internet AG Reg 328,403 0.09 84,979 Aegon NV* 465,855 0.12
1,629 Volkswagen AG 264,875 0.07 6,434 AerCap Holdings NV* 263,970 0.07
9,144 Volkswagen AG (Pref) 1,474,744 0.39 28,620 Airbus SE 2,685,987 0.70


Value Net Value Net
Netherlands continued Spain continued

12,563 Akzo Nobel NV 970,869 0.25 62,435 Repsol SA 902,810 0.24
26,651 Altice NV ‘A’* 180,161 0.05 10,213 Siemens Gamesa Renewable
19,129 ASML Holding NV* 3,030,034 0.79 Energy SA* 132,054 0.03
4,952 Boskalis Westminster* 117,461 0.03 230,198 Telefonica SA* 1,851,713 0.49
50,092 CNH Industrial NV* 503,425 0.13 19,201,077 5.04
5,723 EXOR NV 328,844 0.09
5,978 Ferrari NV 584,290 0.15
Sweden
55,191 Fiat Chrysler Automobiles NV 911,203 0.24
13,945 Alfa Laval AB 266,441 0.07
6,028 Heineken Holding NV 507,558 0.13
49,933 Assa Abloy AB ‘B’ 872,748 0.23
12,913 Heineken NV 1,130,920 0.30
34,328 Atlas Copco AB ‘A’* 1,201,659 0.32
191,401 ING Groep NV 2,614,155 0.69
19,238 Atlas Copco AB ‘B’* 605,006 0.16
61,897 Koninklijke Ahold Delhaize NV* 1,190,279 0.31
13,105 Boliden AB 371,491 0.10
8,915 Koninklijke DSM NV* 716,409 0.19
12,770 Electrolux AB ‘B’ 324,867 0.09
171,351 Koninklijke KPN NV 417,240 0.11
30,183 Essity AB ‘B’* 674,538 0.18
46,351 Koninklijke Philips NV* 1,436,649 0.38
9,222 Getinge AB ‘B’ 84,851 0.02
4,019 Koninklijke Vopak NV 160,197 0.04
47,121 Hennes & Mauritz AB ‘B’ 571,656 0.15
14,651 NN Group NV 528,022 0.14
12,879 Hexagon AB ‘B’ 619,083 0.16
17,237 NXP Semiconductors NV 1,630,896 0.43
20,800 Husqvarna AB ‘B’ 162,232 0.04
10,874 QIAGEN NV* 284,138 0.07
3,876 ICA Gruppen AB* 110,963 0.03
6,161 Randstad Holding NV* 328,258 0.09
9,043 Industrivarden AB ‘C’ 169,976 0.05
48,047 RELX NV 808,631 0.21
22,692 Investor AB ‘B’ 811,932 0.21
33,161 STMicroelectronics NV* 592,587 0.16
11,889 Kinnevik AB ‘B’* 346,123 0.09
80,278 Unilever NV - CVA 3,687,971 0.97
2,028 L E Lundbergforetagen AB ‘B’ 117,531 0.03
15,040 Wolters Kluwer NV 645,667 0.17
8,000 Lundin Petroleum AB 162,505 0.04
27,245,945 7.15 151,322 Nordea Bank AB 1,306,666 0.34
57,698 Sandvik AB* 852,458 0.22
Norway 16,504 Securitas AB ‘B’ 226,724 0.06
49,607 DNB ASA 779,842 0.20 75,675 Skandinaviska Enskilda
10,315 Gjensidige Forsikring ASA 153,044 0.04 Banken AB ‘A’ 641,280 0.17
19,710 Marine Harvest ASA 320,133 0.08 17,649 Skanska AB ‘B’* 291,885 0.08
65,604 Norsk Hydro ASA 311,464 0.08 19,266 SKF AB ‘B’ 318,347 0.08
43,266 Orkla ASA 376,133 0.10 76,080 Svenska Handelsbanken AB ‘A’ 768,286 0.20
4,750 Schibsted ASA ‘B’ 97,468 0.03 45,089 Swedbank AB ‘A’ 817,141 0.21
57,311 Statoil ASA 1,093,400 0.29 8,592 Swedish Match AB 314,337 0.08
37,292 Telenor ASA 681,994 0.18 19,255 Tele2 AB ‘B’ 186,887 0.05
9,083 Yara International ASA 310,728 0.08 156,574 Telefonaktiebolaget LM Ericsson ‘B’ 803,016 0.21
4,124,206 1.08 138,785 Telia Co AB 527,381 0.14
77,646 Volvo AB ‘B’ 1,145,675 0.30
Portugal 15,673,685 4.11
114,325 EDP - Energias de Portugal SA* 352,007 0.09
24,970 Galp Energia SGPS SA 383,789 0.10 Switzerland
12,637 Jeronimo Martins SGPS SA 186,838 0.05 90,563 ABB Ltd Reg 1,745,467 0.46
922,634 0.24 8,182 Adecco Group AG Reg 471,767 0.12
2,355 Baloise Holding AG Reg 292,659 0.08
120 Barry Callebaut AG Reg 189,083 0.05
Spain
57 Chocoladefabriken Lindt
36,007 Abertis Infraestructuras SA 654,967 0.17
& Spruengli AG - PC 284,694 0.07
11,423 ACS Actividades de Construccion y
5 Chocoladefabriken Lindt
Servicios SA 363,822 0.10
& Spruengli AG Reg 295,176 0.08
3,305 Aena SME SA’144A’ 543,672 0.14
25,647 Cie Financiere Richemont SA Reg* 1,863,512 0.49
22,484 Amadeus IT Group SA 1,350,839 0.35
11,936 Clariant AG Reg 230,049 0.06
328,472 Banco Bilbao Vizcaya Argentaria SA 2,117,659 0.56
9,348 Coca-Cola HBC AG - CDI 280,242 0.07
258,108 Banco de Sabadell SA 430,266 0.11
119,305 Credit Suisse Group AG Reg 1,615,375 0.42
795,762 Banco Santander SA 4,216,743 1.11
1,814 Dufry AG Reg 192,531 0.05
63,104 Bankia SA 231,592 0.06
425 EMS-Chemie Holding AG Reg* 216,423 0.06
35,060 Bankinter SA 293,873 0.08
1,834 Geberit AG Reg 657,724 0.17
178,792 CaixaBank SA 696,395 0.18
468 Givaudan SA Reg* 859,464 0.23
10,386 Enagas SA 231,192 0.06
10,986 Julius Baer Group Ltd 545,351 0.14
16,889 Endesa SA 303,664 0.08
2,657 Kuehne + Nagel International
24,293 Ferrovial SA 411,523 0.11
AG Reg 339,668 0.09
17,728 Gas Natural SDG SA 346,582 0.09
22,125 LafargeHolcim Ltd Reg* 984,408 0.26
14,143 Grifols SA* 323,875 0.09
3,659 Lonza Group AG Reg 699,623 0.18
286,196 Iberdrola SA 1,717,176 0.45
152,907 Nestle SA Reg 9,839,966 2.58
53,725 Industria de Diseno Textil SA* 1,370,525 0.36
109,798 Novartis AG Reg 7,190,765 1.89
28,498 International Consolidated Airlines
1,609 Pargesa Holding SA - BR 116,172 0.03
Group SA - CDI 200,056 0.05
899 Partners Group Holding AG 539,126 0.14
46,913 Mapfre SA 127,369 0.03
34,518 Roche Holding AG 6,419,731 1.68
22,706 Red Electrica Corp SA 382,710 0.10
2,116 Schindler Holding AG 368,824 0.10


Value Net Value Net
Switzerland continued United Kingdom continued

1,085 Schindler Holding AG Reg 183,404 0.05 191,864 ITV Plc 318,563 0.08
267 SGS SA Reg 532,066 0.14 72,715 J Sainsbury Plc* 198,913 0.05
107 Sika AG - BR 674,394 0.18 32,308 John Wood Group Plc 197,323 0.05
2,744 Sonova Holding AG Reg 354,519 0.09 10,160 Johnson Matthey Plc* 352,220 0.09
471 Straumann Holding AG Reg 240,648 0.06 105,929 Kingfisher Plc* 353,935 0.09
1,485 Swatch Group AG/The - BR 531,175 0.14 38,203 Land Securities Group Plc (Reit) 409,042 0.11
2,706 Swatch Group AG/The Reg 182,390 0.05 287,977 Legal & General Group Plc 848,867 0.22
1,555 Swiss Life Holding AG Reg 449,753 0.12 3,551,392 Lloyds Banking Group Plc 2,636,547 0.69
3,661 Swiss Prime Site AG Reg 287,186 0.08 15,462 London Stock Exchange Group Plc 727,048 0.19
15,825 Swiss Re AG 1,298,515 0.34 73,934 Marks & Spencer Group Plc 229,067 0.06
1,266 Swisscom AG Reg 507,469 0.13 18,519 Mediclinic International Plc* 126,457 0.03
179,666 UBS Group AG Reg 2,550,930 0.67 40,213 Meggitt Plc 198,630 0.05
2,538 Vifor Pharma AG* 316,802 0.08 33,103 Merlin Entertainments Plc’144A’* 130,695 0.03
7,435 Zurich Insurance Group AG* 1,971,065 0.52 21,052 Micro Focus International Plc* 237,701 0.06
46,318,116 12.15 17,364 Mondi Plc 380,015 0.10
168,750 National Grid Plc 1,550,789 0.41
7,102 Next Plc* 389,686 0.10
United Kingdom
241,953 Old Mutual Plc 659,933 0.17
46,267 3i Group Plc 458,227 0.12
42,470 Pearson Plc 363,356 0.10
10,822 Admiral Group Plc 229,373 0.06
14,507 Persimmon Plc 417,858 0.11
65,694 Anglo American Plc* 1,241,760 0.33
127,626 Prudential Plc* 2,601,676 0.68
21,103 Antofagasta Plc 220,992 0.06
33,006 Reckitt Benckiser Group Plc 2,268,503 0.59
24,416 Ashtead Group Plc 542,149 0.14
53,778 RELX Plc 901,802 0.24
17,319 Associated British Foods Plc 493,717 0.13
60,955 Rio Tinto Plc 2,506,710 0.66
62,473 AstraZeneca Plc* 3,480,270 0.91
82,755 Rolls-Royce Holdings Plc* 825,456 0.22
52,489 Auto Trader Group Plc’144A’ 210,766 0.06
170,568 Royal Bank of Scotland Group Plc 505,506 0.13
203,916 Aviva Plc 1,157,268 0.30
224,740 Royal Dutch Shell Plc ‘A’ 5,741,440 1.51
12,415 Babcock International Group Plc 94,321 0.02
184,857 Royal Dutch Shell Plc ‘B’ 4,812,170 1.26
153,913 BAE Systems Plc 1,021,851 0.27
46,609 Royal Mail Plc* 288,495 0.08
840,801 Barclays Plc 1,979,188 0.52
52,714 RSA Insurance Group Plc 379,682 0.10
52,270 Barratt Developments Plc 315,307 0.08
50,918 Sage Group Plc/The 371,741 0.10
6,022 Berkeley Group Holdings Plc* 260,769 0.07
6,518 Schroders Plc* 237,561 0.06
104,257 BHP Billiton Plc 1,671,930 0.44
51,209 Segro Plc (Reit)* 352,018 0.09
975,118 BP Plc 5,328,220 1.40
11,987 Severn Trent Plc 254,271 0.07
113,199 British American Tobacco Plc 5,338,940 1.40
50,757 Sky Plc 757,344 0.20
50,826 British Land Co Plc/The (Reit)* 373,389 0.10
43,020 Smith & Nephew Plc 648,771 0.17
412,907 BT Group Plc 1,084,529 0.28
18,203 Smiths Group Plc 314,590 0.08
15,734 Bunzl Plc* 374,944 0.10
49,487 SSE Plc 730,773 0.19
20,855 Burberry Group Plc 404,316 0.11
24,827 St James’s Place Plc 307,428 0.08
33,114 Capita Plc 53,810 0.01
162,735 Standard Chartered Plc 1,326,394 0.35
9,171 Carnival Plc 477,999 0.13
135,449 Standard Life Aberdeen Plc 558,565 0.15
263,613 Centrica Plc 429,873 0.11
169,896 Taylor Wimpey Plc 358,352 0.09
126,676 Cobham Plc* 176,080 0.05
480,755 Tesco Plc* 1,131,939 0.30
11,334 Coca-Cola European Partners Plc 381,956 0.10
12,476 Travis Perkins Plc 175,694 0.05
78,052 Compass Group Plc 1,293,271 0.34
61,101 Unilever Plc 2,763,288 0.72
71,213 ConvaTec Group Plc’144A’ 161,335 0.04
32,972 United Utilities Group Plc 270,210 0.07
6,840 Croda International Plc 354,789 0.09
1,316,200 Vodafone Group Plc 2,932,335 0.77
124,344 Diageo Plc* 3,430,523 0.90
11,780 Weir Group Plc/The 268,760 0.07
70,898 Direct Line Insurance Group Plc 307,817 0.08
8,637 Whitbread Plc 364,942 0.10
6,940 easyJet Plc 126,985 0.03
112,223 Wm Morrison Supermarkets Plc 273,959 0.07
9,428 Fresnillo Plc 135,244 0.04
77,400 G4S Plc* 218,174 0.06 94,656,579 24.82
89,934 GKN Plc 441,864 0.12 Total Common / Preferred Stocks (Shares) 375,486,832 98.46
242,792 GlaxoSmithKline Plc 3,871,961 1.01
42,508 Hammerson Plc (Reit) 260,299 0.07 Total Transferable Securities and
12,093 Hargreaves Lansdown Plc 225,273 0.06
992,041 HSBC Holdings Plc 7,542,567 1.98
or Dealt in on Another Regulated Market 375,486,832 98.46
14,111 IMI Plc 173,366 0.05
47,319 Imperial Brands Plc 1,315,199 0.34 Securities portfolio at market value 375,486,832 98.46
8,659 InterContinental Hotels Group Plc 421,878 0.11
7,706 Intertek Group Plc 412,894 0.11 Other Net Assets 5,883,670 1.54
32,413 Investec Plc 204,176 0.05 Total Net Assets (EUR) 381,370,502 100.00


Gross Unrealised
underlying appreciation/
contracts of contract Description date EUR EUR
85 EUR EURO STOXX 50 Index June 2018 2,782,050 12,040

22 GBP FTSE 100 Index June 2018 1,752,484 337
12 CHF Swiss Market Index June 2018 872,940 (85)
Total 5,407,474 12,292
Sector Breakdown
as at 31 March 2018
% of Net
Assets
Financial 22.01
Industrial 10.87
Energy 7.31
Communications 5.91
Technology 4.03
Utilities 3.78
Diversified 0.15
100.00

Value Net Value Net
BONDS Australia continued

EUR 100,000 Westpac Banking Corp RegS
Australia 0.875% 17/4/2027 98,306 0.01
EUR 100,000 APT Pipelines Ltd RegS 2.00%
22/3/2027 102,750 0.02 4,376,151 0.70
EUR 100,000 AusNet Services Holdings Pty Ltd
RegS 1.50% 26/2/2027 103,253 0.02 Austria
EUR 150,000 Australia & New Zealand Banking EUR 200,000 Autobahnen- und Schnell- strassen-
Group Ltd RegS 3.625% Finanzierungs AG RegS 1.375%
18/7/2022 172,060 0.03 9/4/2021 209,732 0.03
Group Ltd RegS 0.45% Finanzierungs AG RegS 3.375%
22/11/2023 100,094 0.01 22/9/2025 181,414 0.03
Group Ltd RegS 0.75% 29/9/2026 97,441 0.01 Finanzierungs AG RegS 2.75%
EUR 100,000 Australia Pacific Airports Melbourne 11/6/2032 118,808 0.02
Pty Ltd RegS 3.125% 26/9/2023 113,192 0.02 EUR 100,000 BAWAG PSK Bank fuer Arbeit und
EUR 100,000 Bank of Queensland Ltd RegS 0.50% Wirtschaft und Oesterreichische
10/7/2022 100,885 0.02 Postsparkasse AG 0.375%
EUR 150,000 BHP Billiton Finance Ltd RegS 3.00% 23/2/2022 101,066 0.02
29/5/2024* 171,439 0.03 EUR 150,000 Erste Group Bank AG 3.50%
EUR 150,000 BHP Billiton Finance Ltd RegS 3.25% 8/2/2022 169,852 0.03
24/9/2027 178,320 0.03 EUR 100,000 Erste Group Bank AG RegS 0.625%
EUR 100,000 BHP Billiton Finance Ltd RegS FRN 19/1/2023 101,945 0.02
22/10/2079 121,017 0.02 EUR 100,000 Hypo Tirol Bank AG RegS 0.50%
EUR 50,000 Commonwealth Bank of Australia 11/2/2021 101,323 0.02
5.50% 6/8/2019 53,608 0.01 EUR 200,000 Hypo Vorarlberg Bank AG RegS
EUR 150,000 Commonwealth Bank of Australia 0.375% 17/5/2024 198,283 0.03
4.375% 25/2/2020 162,620 0.02 EUR 150,000 Hypoe NOE Landesbank fuer
EUR 250,000 Commonwealth Bank of Australia Niederoesterreich und Wien AG
RegS 0.375% 10/2/2021 253,300 0.04 RegS 0.75% 22/9/2021 153,440 0.02
EUR 200,000 Commonwealth Bank of Australia EUR 100,000 KA Finanz AG 1.625% 19/2/2021 104,609 0.02
RegS FRN 3/10/2029 200,835 0.03 EUR 500,000 KAF Kaerntner Ausgleichszahlungs-
EUR 100,000 Commonwealth Bank of Australia Fonds RegS 14/1/2032
RegS 1.625% 10/2/2031 104,820 0.02 (Zero Coupon) 420,015 0.07
EUR 100,000 Macquarie Bank Ltd RegS 1.125% EUR 50,000 Novomatic AG 1.625% 20/9/2023 51,432 0.01
20/1/2022 102,712 0.02 EUR 100,000 OeBB-Infrastruktur AG 3.00%
EUR 50,000 National Australia Bank Ltd RegS 24/10/2033 122,614 0.02
4.625% 10/2/2020 54,119 0.01 EUR 200,000 OeBB-Infrastruktur AG RegS
EUR 150,000 National Australia Bank Ltd RegS 3.625% 13/7/2021 225,018 0.03
0.25% 28/3/2022 100,523 0.02 EUR 100,000 OMV AG RegS 1.75% 25/11/2019 103,039 0.02
EUR 250,000 National Australia Bank Ltd RegS EUR 150,000 OMV AG RegS FRN (Perpetual) 169,738 0.03
0.875% 16/11/2022 257,257 0.04 EUR 50,000 OMV AG RegS FRN (Perpetual) 61,929 0.01
EUR 150,000 National Australia Bank Ltd RegS EUR 100,000 Raiffeisen Bank International AG
1.875% 13/1/2023 161,286 0.02 6.625% 18/5/2021 116,657 0.02
EUR 150,000 National Australia Bank Ltd RegS EUR 100,000 Raiffeisenlandesbank
0.625% 10/11/2023 149,975 0.02 Niederoesterreich-Wien AG
EUR 150,000 Origin Energy Finance Ltd RegS RegS 0.625% 3/3/2025 100,335 0.02
2.50% 23/10/2020 159,025 0.02 EUR 100,000 Raiffeisenlandesbank
EUR 100,000 Scentre Group Trust 1 RegS Oberoesterreich AG 0.375%
2.25% 16/7/2024 108,353 0.02 28/9/2026 96,464 0.01
EUR 150,000 Telstra Corp Ltd 2.50% 15/9/2023 165,198 0.03 EUR 400,000 Republic of Austria Government
EUR 50,000 Telstra Corp Ltd RegS 4.25% Bond RegS ‘144A’ 1.15%
23/3/2020 54,289 0.01 19/10/2018 403,820 0.06
EUR 100,000 Transurban Finance Co Pty Ltd RegS EUR 700,000 Republic of Austria Government
2.00% 28/8/2025 105,634 0.02 Bond RegS ‘144A’ 1.95%
EUR 100,000 Westpac Banking Corp RegS 18/6/2019 721,665 0.11
1.375% 17/4/2020 103,292 0.02 EUR 500,000 Republic of Austria Government
EUR 200,000 Westpac Banking Corp RegS Bond RegS ‘144A’ 0.25%
1.50% 24/3/2021 209,264 0.03 18/10/2019 506,620 0.08
EUR 100,000 Westpac Banking Corp RegS EUR 800,000 Republic of Austria Government
0.75% 22/7/2021 102,450 0.02 Bond RegS ‘144A’ 3.90%
EUR 175,000 Westpac Banking Corp RegS 15/7/2020 880,048 0.14
0.50% 17/5/2024 174,786 0.03 EUR 1,000,000 Republic of Austria Government
Bond RegS ‘144A’ 3.50%
15/9/2021 1,131,425 0.18

iShares Euro Aggregate Bond Index Fund (LU) continued

Value Net Value Net
Austria continued Belgium

EUR 500,000 Republic of Austria Government EUR 50,000 Anheuser-Busch InBev SA/NV RegS
Bond RegS ‘144A’ 3.65% 2.00% 16/12/2019 51,769 0.01
20/4/2022 577,635 0.09 EUR 150,000 Anheuser-Busch InBev SA/NV RegS
EUR 500,000 Republic of Austria Government 0.625% 17/3/2020 152,021 0.02
Bond RegS ‘144A’ 20/9/2022 EUR 400,000 Anheuser-Busch InBev SA/NV RegS
(Zero Coupon) 502,412 0.08 0.875% 17/3/2022 409,034 0.06
Bond RegS ‘144A’ 3.40% 1.50% 17/3/2025 207,444 0.03
Bond RegS ‘144A’ 15/7/2023 EUR 150,000 Anheuser-Busch InBev SA/NV RegS
(Zero Coupon) 298,852 0.05 2.00% 17/3/2028 157,168 0.02
Bond RegS ‘144A’ 1.75% 2.00% 23/1/2035 241,187 0.04
Bond RegS ‘144A’ 1.65% EUR 100,000 Belfius Bank SA/NV RegS
21/10/2024 545,280 0.09 0.375% 27/11/2019 101,226 0.02
EUR 550,000 Republic of Austria Government EUR 100,000 Belfius Bank SA/NV RegS
Bond RegS ‘144A’ 1.20% 1.75% 24/6/2024 108,142 0.02
20/10/2025 583,687 0.09 EUR 100,000 Belfius Bank SA/NV RegS
Bond RegS ‘144A’ 4.85% EUR 100,000 Belfius Bank SA/NV RegS
15/3/2026 540,220 0.09 3.125% 11/5/2026 108,483 0.02
EUR 1,050,000 Republic of Austria Government EUR 100,000 BNP Paribas Fortis SA RegS
Bond RegS ‘144A’ 0.75% 0.50% 23/9/2024 100,075 0.02
20/10/2026 1,070,328 0.17 EUR 100,000 BNP Paribas Fortis SA RegS
Bond RegS ‘144A’ 0.50% EUR 100,000 Brussels Airport Co NV/SA RegS
20/4/2027 495,655 0.08 1.00% 3/5/2024 101,091 0.02
EUR 800,000 Republic of Austria Government EUR 100,000 Eandis System Operator SCRL
Bond RegS ‘144A’ 0.75% RegS 2.875% 9/10/2023 112,030 0.02
20/2/2028 804,440 0.13 EUR 100,000 Elia System Operator SA/NV RegS
Bond RegS ‘144A’ 2.40% EUR 100,000 Flemish Community/The RegS
23/5/2034 509,273 0.08 1.00% 13/10/2036 93,675 0.01
EUR 650,000 Republic of Austria Government EUR 100,000 KBC Bank NV RegS
Bond RegS ‘144A’ 4.15% 1.25% 28/5/2020 103,351 0.02
15/3/2037 988,227 0.16 EUR 100,000 KBC Bank NV RegS
Bond RegS ‘144A’ 3.15% EUR 300,000 KBC Bank NV RegS
20/6/2044 531,064 0.08 0.375% 1/9/2022 303,757 0.05
EUR 300,000 Republic of Austria Government EUR 100,000 KBC Group NV RegS
Bond RegS ‘144A’ 1.50% 1.00% 26/4/2021 102,170 0.02
20/2/2047 308,013 0.05 EUR 100,000 KBC Group NV RegS
EUR 250,000 Republic of Austria Government FRN 25/11/2024 103,525 0.02
Bond RegS ‘144A’ 3.80% EUR 600,000 Kingdom of Belgium Government
26/1/2062 431,692 0.07 Bond 4.00% 28/3/2022 701,736 0.11
EUR 150,000 Republic of Austria Government EUR 200,000 Kingdom of Belgium Government
Bond RegS ‘144A’ 1.50% Bond 5.50% 28/3/2028 294,188 0.05
2/11/2086 137,898 0.02 EUR 400,000 Kingdom of Belgium Government
EUR 200,000 Republic of Austria Government Bond RegS 3.00% 28/9/2019 421,364 0.07
Bond RegS ‘144A’ 2.10% EUR 1,950,000 Kingdom of Belgium Government
20/9/2117 226,072 0.04 Bond RegS ‘144A’ 3.75%
EUR 100,000 Telekom Finanzmanagement 28/9/2020 2,154,847 0.34
GmbH RegS 3.50% 4/7/2023 114,792 0.02 EUR 1,150,000 Kingdom of Belgium Government
EUR 100,000 UniCredit Bank Austria AG 1.875% Bond RegS ‘144A’ 4.25%
29/10/2020 105,189 0.02 28/9/2021 1,334,000 0.21
EUR 100,000 UniCredit Bank Austria AG RegS EUR 900,000 Kingdom of Belgium Government
1.25% 30/7/2018 100,534 0.01 Bond RegS 4.25% 28/9/2022 1,077,592 0.17
EUR 100,000 UniCredit Bank Austria AG RegS EUR 550,000 Kingdom of Belgium Government
4.125% 24/2/2021 112,184 0.02 Bond RegS 2.25% 22/6/2023 614,075 0.10
EUR 100,000 UniCredit Bank Austria AG RegS EUR 1,350,000 Kingdom of Belgium Government
0.75% 25/2/2025 101,140 0.02 Bond RegS ‘144A’ 0.20%
EUR 100,000 Verbund AG RegS 22/10/2023 1,357,236 0.22
1.50% 20/11/2024 104,427 0.02 EUR 1,200,000 Kingdom of Belgium Government
17,365,354 2.78
22/6/2024 1,377,996 0.22


Value Net Value Net
Belgium continued Bulgaria

EUR 200,000 Kingdom of Belgium Government EUR 100,000 Bulgaria Government International
Bond RegS ‘144A’ 0.50% Bond RegS 2.95% 3/9/2024 113,687 0.02
22/10/2024 202,942 0.03 EUR 100,000 Bulgaria Government International
EUR 200,000 Kingdom of Belgium Government Bond RegS 2.625% 26/3/2027 110,563 0.01
Bond RegS ‘144A’ 0.80% EUR 100,000 Bulgaria Government International
22/6/2025 206,066 0.03 Bond RegS 3.00% 21/3/2028 112,125 0.02
EUR 500,000 Kingdom of Belgium Government 336,375 0.05
28/3/2026 660,795 0.11 Canada
EUR 1,050,000 Kingdom of Belgium Government EUR 100,000 Alimentation Couche-Tard Inc RegS
Bond RegS ‘144A’ 1.00% 1.875% 6/5/2026 102,886 0.02
22/6/2026 1,091,401 0.17 EUR 150,000 Bank of Montreal RegS 0.25%
EUR 1,900,000 Kingdom of Belgium Government 22/1/2020* 151,411 0.02
Bond RegS ‘144A’ 0.80% EUR 100,000 Bank of Montreal RegS 0.125%
22/6/2027 1,926,790 0.31 19/4/2021 100,535 0.01
EUR 400,000 Kingdom of Belgium Government EUR 300,000 Bank of Montreal RegS 0.10%
Bond RegS ‘144A’ 0.80% 20/10/2023 295,252 0.05
22/6/2028 401,312 0.06 EUR 100,000 Bank of Nova Scotia/The RegS
EUR 1,050,000 Kingdom of Belgium Government 0.50% 23/7/2020 101,581 0.02
Bond RegS ‘144A’ 1.00% EUR 150,000 Bank of Nova Scotia/The RegS
22/6/2031 1,051,879 0.17 0.75% 17/9/2021 153,703 0.02
EUR 350,000 Kingdom of Belgium Government EUR 100,000 Bank of Nova Scotia/The RegS
Bond RegS 4.00% 28/3/2032 488,768 0.08 0.375% 6/4/2022 99,737 0.01
EUR 350,000 Kingdom of Belgium Government EUR 100,000 Bank of Nova Scotia/The RegS
Bond RegS ‘144A’ 3.00% 0.375% 10/3/2023 100,364 0.02
22/6/2034 446,089 0.07 EUR 300,000 Bank of Nova Scotia/The RegS
EUR 600,000 Kingdom of Belgium Government 0.50% 22/1/2025 298,008 0.05
Bond RegS ‘144A’ 5.00% EUR 100,000 Caisse Centrale Desjardins RegS
28/3/2035 960,348 0.15 1.125% 11/3/2019 101,391 0.02
EUR 750,000 Kingdom of Belgium Government EUR 150,000 Canadian Imperial Bank of
Bond RegS ‘144A’ 1.45% Commerce RegS 1.25%
22/6/2037 770,670 0.12 7/8/2018 150,866 0.02
EUR 500,000 Kingdom of Belgium Government EUR 200,000 Canadian Imperial Bank of
Bond RegS ‘144A’ 1.90% Commerce RegS 0.25%
22/6/2038 551,460 0.09 28/1/2020 201,924 0.03
EUR 1,050,000 Kingdom of Belgium Government EUR 150,000 Great-West Lifeco Inc RegS
Bond RegS ‘144A’ 4.25% 1.75% 7/12/2026 154,621 0.02
28/3/2041 1,651,461 0.26 EUR 200,000 National Bank of Canada RegS
Bond RegS 3.75% 22/6/2045 566,550 0.09 EUR 100,000 Province of British Columbia
EUR 500,000 Kingdom of Belgium Government Canada RegS 0.875% 8/10/2025 101,894 0.02
Bond RegS ‘144A’ 1.60% EUR 50,000 Province of Ontario Canada
22/6/2047 507,330 0.08 4.00% 3/12/2019 53,685 0.01
EUR 300,000 Kingdom of Belgium Government EUR 150,000 Province of Ontario Canada
Bond RegS ‘144A’ 2.25% 3.00% 28/9/2020 162,213 0.02
22/6/2057 346,062 0.05 EUR 200,000 Province of Ontario Canada RegS
Bond RegS ‘144A’ 2.15% EUR 100,000 Province of Ontario Canada RegS
22/6/2066 167,508 0.03 0.875% 21/1/2025 101,925 0.02
EUR 100,000 Proximus SADP RegS 1.875% EUR 50,000 Province of Quebec Canada
1/10/2025 106,614 0.02 4.75% 29/4/2018 50,180 0.01
EUR 100,000 Solvay SA RegS 2.75% 2/12/2027 111,395 0.02 EUR 150,000 Province of Quebec Canada RegS
24,789,382 3.97 5.00% 29/4/2019 158,715 0.02
EUR 100,000 Province of Quebec Canada RegS
Brazil 0.875% 15/1/2025 102,057 0.02
EUR 100,000 Vale SA 3.75% 10/1/2023 112,125 0.02 EUR 100,000 Province of Quebec Canada RegS
1.125% 28/10/2025 103,400 0.02
112,125 0.02
EUR 200,000 Province of Quebec Canada RegS
0.875% 4/5/2027 199,774 0.03
British Virgin Islands EUR 100,000 Royal Bank of Canada RegS 1.25%
EUR 100,000 Global Switch Holdings Ltd RegS 29/10/2018 100,960 0.02
2.25% 31/5/2027 101,675 0.02 EUR 100,000 Royal Bank of Canada RegS
EUR 100,000 Sinopec Group Overseas 1.625% 4/8/2020 104,217 0.02
Development 2015 Ltd RegS EUR 200,000 Royal Bank of Canada RegS 0.125%
1.00% 28/4/2022 101,333 0.01 11/3/2021 201,153 0.03
203,008 0.03 EUR 100,000 Toronto-Dominion Bank/The RegS
0.625% 29/7/2019 100,915 0.02
EUR 100,000 Toronto-Dominion Bank/The RegS
0.50% 15/6/2020 101,611 0.02


Value Net Value Net
Canada continued Denmark continued

EUR 100,000 Toronto-Dominion Bank/The RegS EUR 150,000 Danske Bank A/S RegS 0.375%
0.375% 12/1/2021 101,350 0.02 26/8/2019 151,531 0.02
EUR 200,000 Toronto-Dominion Bank/The RegS EUR 100,000 Danske Bank A/S RegS 1.625%
0.50% 3/4/2024 200,590 0.03 28/2/2020 103,620 0.02
EUR 200,000 Total Capital Canada Ltd RegS EUR 200,000 Danske Bank A/S RegS 0.75%
1.125% 18/3/2022 206,848 0.03 2/6/2023 201,780 0.03
4,565,321 0.73 EUR 100,000 Danske Bank A/S RegS FRN
19/5/2026 105,951 0.02
EUR 100,000 Danske Bank A/S RegS 0.75%
Cayman Islands
22/11/2027 98,717 0.01
EUR 100,000 China Overseas Land International
EUR 100,000 ISS Global A/S RegS 1.125%
Cayman Ltd RegS 1.75%
9/1/2020 101,796 0.02
15/7/2019 101,826 0.02
EUR 100,000 Kommunekredit RegS 0.25%
EUR 200,000 Hutchison Whampoa Finance 14 Ltd
29/3/2023 100,185 0.02
RegS 1.375% 31/10/2021 207,100 0.03
EUR 100,000 IPIC GMTN Ltd RegS 5.875%
15/5/2023 300,423 0.05
14/3/2021 116,088 0.02
EUR 100,000 Three Gorges Finance II Cayman
3/11/2036 91,116 0.01
Islands Ltd RegS 1.70%
EUR 100,000 Nykredit Realkredit A/S RegS
10/6/2022 103,916 0.02
0.375% 16/6/2020 100,720 0.02
528,930 0.09 EUR 100,000 Nykredit Realkredit A/S RegS
0.75% 14/7/2021 101,449 0.02
Chile EUR 100,000 Nykredit Realkredit A/S RegS
EUR 100,000 Chile Government International Bond FRN 17/11/2027 107,186 0.02
1.625% 30/1/2025 103,937 0.02 EUR 50,000 Orsted A/S RegS FRN 26/6/3013 60,315 0.01
EUR 100,000 Chile Government International Bond EUR 150,000 TDC A/S RegS 1.75% 27/2/2027 150,028 0.02
1.875% 27/5/2030 102,563 0.01 2,700,854 0.43
206,500 0.03
Finland
China EUR 100,000 Aktia Bank OYJ RegS 0.25%
EUR 100,000 China Development Bank RegS 31/3/2022 100,714 0.02
0.50% 1/6/2021 100,057 0.01 EUR 100,000 Citycon OYJ RegS 3.75% 24/6/2020 107,636 0.02
EUR 300,000 China Development Bank RegS EUR 150,000 Danske Kiinnitysluottopankki OYJ
0.875% 24/1/2024 295,094 0.05 RegS 1.625% 27/9/2019 154,438 0.02
EUR 300,000 Export-Import Bank of China/The EUR 150,000 Elisa OYJ RegS 0.875% 17/3/2024 148,875 0.02
RegS 0.625% 2/12/2021 300,235 0.05 EUR 200,000 Finland Government Bond RegS
695,386 0.11 ‘144A’ 1.125% 15/9/2018 201,568 0.03
EUR 400,000 Finland Government Bond RegS
Colombia ‘144A’ 4.375% 4/7/2019 425,088 0.07
EUR 100,000 Colombia Government International EUR 300,000 Finland Government Bond RegS
Bond 3.875% 22/3/2026 114,625 0.02 ‘144A’ 3.375% 15/4/2020 323,931 0.05
114,625 0.02 ‘144A’ 0.375% 15/9/2020 152,997 0.02
Czech Republic ‘144A’ 3.50% 15/4/2021 390,953 0.06
EUR 50,000 CEZ AS RegS 5.00% 19/10/2021 58,090 0.01 EUR 700,000 Finland Government Bond RegS
EUR 100,000 CEZ AS RegS 4.875% 16/4/2025 125,273 0.02 ‘144A’ 15/4/2022 (Zero Coupon) 704,326 0.11
EUR 200,000 Czech Republic International RegS EUR 200,000 Finland Government Bond RegS
5.00% 11/6/2018 202,094 0.03 ‘144A’ 1.625% 15/9/2022 215,547 0.03
EUR 200,000 Czech Republic International RegS EUR 400,000 Finland Government Bond RegS
3.875% 24/5/2022 231,508 0.04 ‘144A’ 1.50% 15/4/2023 430,104 0.07
EUR 100,000 EP Energy AS RegS 5.875% EUR 250,000 Finland Government Bond RegS
1/11/2019 108,751 0.02 ‘144A’ 15/9/2023 (Zero Coupon) 248,947 0.04
725,716 0.12 EUR 150,000 Finland Government Bond RegS
‘144A’ 2.00% 15/4/2024 166,598 0.03
Denmark EUR 150,000 Finland Government Bond RegS
EUR 200,000 AP Moller - Maersk A/S RegS 1.75% ‘144A’ 4.00% 4/7/2025 189,598 0.03
18/3/2021* 208,478 0.03 EUR 250,000 Finland Government Bond RegS
EUR 150,000 AP Moller - Maersk A/S RegS 1.75% ‘144A’ 0.875% 15/9/2025 259,615 0.04
16/3/2026 149,302 0.02 EUR 400,000 Finland Government Bond RegS
EUR 200,000 BRFkredit A/S RegS 0.25% 1/4/2021 201,882 0.03 ‘144A’ 0.50% 15/4/2026 402,520 0.06
EUR 150,000 Carlsberg Breweries A/S RegS EUR 200,000 Finland Government Bond RegS
2.625% 3/7/2019 155,285 0.02 ‘144A’ 0.50% 15/9/2027 198,204 0.03
EUR 100,000 Danfoss A/S RegS 1.375% EUR 200,000 Finland Government Bond RegS
23/2/2022 103,740 0.02 ‘144A’ 2.75% 4/7/2028 242,088 0.04
EUR 100,000 Danske Bank A/S 4.125% EUR 300,000 Finland Government Bond RegS
26/11/2019 107,350 0.02 ‘144A’ 0.75% 15/4/2031 295,770 0.05


Value Net Value Net
Finland continued France continued

EUR 200,000 Finland Government Bond RegS EUR 100,000 Agence Francaise de
‘144A’ 1.125% 15/4/2034 202,806 0.03 Developpement RegS 0.875%
EUR 300,000 Finland Government Bond RegS 25/5/2031 96,732 0.01
‘144A’ 2.625% 4/7/2042 395,898 0.06 EUR 200,000 Agence France Locale RegS 0.50%
EUR 100,000 Finland Government Bond RegS 20/6/2024 200,946 0.03
‘144A’ 1.375% 15/4/2047 103,123 0.02 EUR 100,000 Air Liquide Finance SA 3.889%
EUR 150,000 Finnvera OYJ RegS 0.50% 9/6/2020 108,845 0.02
13/4/2026 148,564 0.02 EUR 100,000 Air Liquide Finance SA RegS
EUR 100,000 Fortum OYJ RegS 4.00% 1.25% 3/6/2025 103,411 0.02
24/5/2021 111,787 0.02 EUR 100,000 Air Liquide Finance SA RegS
EUR 100,000 Kojamo OYJ RegS 1.625% 1.25% 13/6/2028 101,899 0.02
7/3/2025 100,033 0.02 EUR 100,000 ALD SA RegS 0.875% 18/7/2022 100,308 0.02
EUR 100,000 Municipality Finance Plc RegS 0.10% EUR 200,000 APRR SA RegS 1.125% 15/1/2021 205,400 0.03
15/10/2021 100,763 0.02 EUR 100,000 APRR SA RegS 1.875% 6/1/2031 104,272 0.02
EUR 100,000 Municipality Finance Plc RegS EUR 100,000 APRR SA RegS 1.50% 17/1/2033 97,616 0.01
0.625% 26/11/2026 99,823 0.02 EUR 200,000 Arkea Home Loans SFH SA RegS
EUR 150,000 Nordea Mortgage Bank Plc RegS 4.50% 13/4/2021 228,426 0.04
2.25% 3/5/2019 154,297 0.02 EUR 100,000 Arkea Home Loans SFH SA RegS
EUR 400,000 Nordea Mortgage Bank Plc RegS 2.375% 11/7/2023 110,968 0.02
0.125% 17/6/2020* 403,372 0.06 EUR 100,000 Arkema SA 3.85% 30/4/2020 108,122 0.02
EUR 100,000 Nordea Mortgage Bank Plc RegS EUR 100,000 Auchan Holding SADIR RegS
0.025% 24/1/2022 99,981 0.02 0.625% 7/2/2022 100,474 0.02
EUR 100,000 Nordea Mortgage Bank Plc RegS EUR 100,000 Auchan Holding SADIR RegS
1.00% 5/11/2024 103,483 0.02 2.375% 12/12/2022 108,124 0.02
EUR 175,000 Nordea Mortgage Bank Plc RegS EUR 100,000 Autoroutes du Sud de la France SA
1.375% 28/2/2033 177,015 0.03 RegS 7.375% 20/3/2019 107,235 0.02
EUR 100,000 OP Corporate Bank Plc RegS EUR 100,000 Autoroutes du Sud de la France SA
2.00% 3/3/2021 105,604 0.02 RegS 2.875% 18/1/2023 111,526 0.02
EUR 100,000 OP Corporate Bank Plc RegS EUR 100,000 AXA Bank Europe SCF RegS
0.375% 11/10/2022 99,818 0.02 0.375% 23/3/2023 100,731 0.02
EUR 100,000 OP Mortgage Bank RegS 1.50% EUR 100,000 AXA SA RegS FRN 16/4/2040 109,446 0.02
17/3/2021 104,807 0.02 EUR 100,000 AXA SA RegS FRN 6/7/2047 105,131 0.02
EUR 125,000 OP Mortgage Bank RegS 0.25% EUR 150,000 AXA SA RegS FRN 28/5/2049 152,299 0.02
11/5/2023 124,987 0.02 EUR 100,000 AXA SA RegS FRN (Perpetual) 107,602 0.02
EUR 350,000 OP Mortgage Bank RegS 0.25% EUR 350,000 Banque Federative du Credit Mutuel
13/3/2024 347,431 0.05 SA RegS 4.125% 20/7/2020 382,970 0.06
EUR 100,000 Sampo OYJ RegS 1.50% 16/9/2021 104,152 0.02 EUR 100,000 Banque Federative du Credit Mutuel
EUR 125,000 Sampo OYJ RegS 1.625% 21/2/2028 124,161 0.02 SA RegS 2.625% 24/2/2021 107,220 0.02
EUR 100,000 Tyottomyysvakuutusrahasto EUR 100,000 Banque Federative du Credit Mutuel
0.375% 23/9/2019 101,111 0.02 SA RegS 2.625% 18/3/2024 111,005 0.02
8,672,533 1.39 EUR 100,000 Banque Federative du Credit Mutuel
SA RegS 3.00% 21/5/2024 109,137 0.02
EUR 100,000 Banque Federative du Credit Mutuel
France
SA RegS 2.375% 24/3/2026 104,228 0.02
EUR 100,000 Accor SA RegS 2.375% 17/9/2023 107,554 0.02
EUR 100,000 Aeroports de Paris 3.875%
SA RegS 1.875% 4/11/2026 99,763 0.02
15/2/2022 113,889 0.02
EUR 100,000 Aeroports de Paris RegS 1.50%
SA RegS 1.25% 26/5/2027 199,706 0.03
24/7/2023 104,903 0.02
EUR 100,000 BNP Paribas Cardif SA RegS FRN
EUR 250,000 Agence Francaise de
(Perpetual) 108,647 0.02
Developpement RegS 3.625%
EUR 300,000 BNP Paribas Home Loan SFH SA
21/4/2020 270,262 0.04
RegS 1.375% 17/6/2020 311,214 0.05
RegS 0.375% 22/7/2024 199,669 0.03
30/4/2022 300,783 0.05
RegS 0.375% 7/5/2025 99,246 0.01
EUR 100,000 BNP Paribas SA RegS 2.50%
15/11/2023 297,699 0.05
23/8/2019 103,695 0.02
14/1/2022 458,408 0.07
4/1/2024 116,285 0.02
24/10/2022 110,855 0.02
17/9/2024* 212,204 0.03
11/11/2022 227,613 0.04
15/1/2023 102,911 0.02
21/7/2026 192,632 0.03
10/10/2023 126,321 0.02


Value Net Value Net
France continued France continued

EUR 125,000 BNP Paribas SA RegS 1.00% EUR 200,000 Caisse d’Amortissement de la Dette
27/6/2024 124,446 0.02 Sociale RegS 2.375% 25/1/2024 225,526 0.04
17/2/2025 104,712 0.02 Sociale RegS 1.375% 25/11/2024 321,277 0.05
17/11/2025 202,986 0.03 Sociale RegS 4.00% 15/12/2025 445,112 0.07
EUR 150,000 BNP Paribas SA RegS FRN EUR 300,000 Caisse de Refinancement de
20/3/2026 159,018 0.02 l’Habitat SA 3.75% 19/2/2020 323,259 0.05
EUR 100,000 BNP Paribas SA RegS 2.875% EUR 250,000 Caisse de Refinancement de
1/10/2026 107,804 0.02 l’Habitat SA 3.60% 13/9/2021 282,234 0.04
EUR 100,000 BNP Paribas SA RegS 1.50% EUR 350,000 Caisse de Refinancement de
23/5/2028 98,713 0.01 l’Habitat SA 4.00% 10/1/2022 403,944 0.06
EUR 50,000 Bouygues SA RegS 3.641% EUR 300,000 Caisse de Refinancement de
29/10/2019 52,906 0.01 l’Habitat SA 4.00% 17/6/2022 350,464 0.06
EUR 100,000 Bouygues SA RegS 4.50% EUR 150,000 Caisse de Refinancement de
9/2/2022 116,134 0.02 l’Habitat SA 3.60% 8/3/2024 178,966 0.03
EUR 100,000 BPCE SA RegS 0.625% 20/4/2020 101,285 0.02 EUR 150,000 Caisse des Depots et Consignations
EUR 100,000 BPCE SA RegS 4.50% 10/2/2022 116,459 0.02 4.125% 20/2/2019 156,124 0.02
EUR 100,000 BPCE SA RegS 1.125% 18/1/2023 101,335 0.02 EUR 100,000 Caisse Francaise de Financement
EUR 100,000 BPCE SA RegS 4.625% 18/7/2023 117,699 0.02 Local 5.375% 8/7/2024 130,635 0.02
EUR 400,000 BPCE SA RegS 0.875% 31/1/2024 396,452 0.06 Local RegS 0.375% 16/9/2019 202,327 0.03
EUR 300,000 BPCE SFH SA RegS 3.75% Local RegS 3.50% 24/9/2020 437,318 0.07
13/9/2021 339,637 0.05 EUR 100,000 Caisse Francaise de Financement
EUR 100,000 Bpifrance Financement SA RegS Local RegS 0.375% 11/5/2024 199,850 0.03
0.10% 19/2/2021 100,742 0.02 EUR 100,000 Caisse Francaise de Financement
2.75% 25/10/2025 117,379 0.02 EUR 100,000 Capgemini SE RegS 2.50%
EUR 200,000 Bpifrance Financement SA RegS 1/7/2023 109,443 0.02
0.875% 25/11/2026 203,725 0.03 EUR 100,000 Carmila SA RegS 2.375%
EUR 200,000 Bpifrance Financement SA RegS 16/9/2024 106,227 0.02
1.00% 25/5/2027 203,800 0.03 EUR 200,000 Carrefour SA RegS 1.75%
EUR 200,000 Caisse Centrale du Credit Immobilier 22/5/2019 204,136 0.03
de France SA RegS 1.125% EUR 50,000 Carrefour SA RegS 3.875%
22/4/2019 203,165 0.03 25/4/2021 55,410 0.01
EUR 200,000 Caisse Centrale du Credit Immobilier EUR 100,000 Carrefour SA RegS 1.75%
de France SA RegS 0.125% 15/7/2022 104,559 0.02
1/3/2021 201,378 0.03 EUR 300,000 Cie de Financement Foncier SA
EUR 200,000 Caisse d’Amortissement de la Dette 0.375% 17/9/2019 303,445 0.05
Sociale 2.50% 25/10/2022 222,968 0.03 EUR 300,000 Cie de Financement Foncier SA
EUR 500,000 Caisse d’Amortissement de la Dette RegS 4.875% 25/5/2021 347,310 0.05
Sociale RegS 1.00% 25/5/2018* 501,090 0.08 EUR 200,000 Cie de Financement Foncier SA
Sociale RegS 4.25% 25/4/2020 767,571 0.12 EUR 300,000 Cie de Financement Foncier SA
Sociale RegS 0.50% 25/5/2023 204,048 0.03


Value Net Value Net

EUR 150,000 Cie de Financement Foncier SA EUR 100,000 Credit Agricole SA/London RegS
RegS 1.00% 2/2/2026 153,912 0.02 1.875% 20/12/2026 103,374 0.02
EUR 100,000 Cie de Financement Foncier SA EUR 100,000 Credit Logement SA RegS FRN
RegS 0.225% 14/9/2026 95,687 0.01 28/11/2029 97,898 0.01
EUR 200,000 Cie de Financement Foncier SA EUR 200,000 Credit Mutuel - CIC Home Loan SFH
RegS 0.75% 11/1/2028 197,454 0.03 SA RegS 1.125% 6/2/2019 202,623 0.03
EUR 150,000 Cie de Saint-Gobain RegS 4.50% EUR 100,000 Credit Mutuel - CIC Home Loan SFH
30/9/2019 160,282 0.02 SA RegS 1.375% 22/4/2020 103,575 0.02
17/3/2025 99,884 0.01 SA RegS 3.125% 9/9/2020 54,175 0.01
14/6/2027 99,986 0.01 SA RegS 4.375% 17/3/2021 113,551 0.02
EUR 50,000 Cie Financiere et Industrielle des EUR 200,000 Credit Mutuel - CIC Home Loan SFH
Autoroutes SA RegS 5.00% SA RegS 1.75% 19/6/2024 216,721 0.03
24/5/2021 57,608 0.01 EUR 200,000 Credit Mutuel - CIC Home Loan SFH
EUR 100,000 Cie Financiere et Industrielle des SA RegS 0.625% 10/2/2025 201,929 0.03
Autoroutes SA RegS 0.375% EUR 100,000 Credit Mutuel - CIC Home Loan SFH
7/2/2025 96,571 0.01 SA RegS 0.75% 15/9/2027 99,184 0.01
EUR 100,000 Cie Financiere et Industrielle des EUR 100,000 Credit Mutuel Arkea SA RegS 1.00%
Autoroutes SA RegS 0.75% 26/1/2023 102,257 0.02
9/9/2028 94,505 0.01 EUR 100,000 Danone SA RegS 0.424% 3/11/2022 99,947 0.01
EUR 100,000 CIF Euromortgage SA RegS 3.75% EUR 100,000 Danone SA RegS 2.60% 28/6/2023 110,446 0.02
23/10/2019 106,375 0.02 EUR 100,000 Danone SA RegS 1.125% 14/1/2025 101,378 0.02
EUR 150,000 CNP Assurances RegS FRN EUR 100,000 Danone SA RegS 1.208% 3/11/2028 97,943 0.01
14/9/2040 168,442 0.03 EUR 100,000 Danone SA RegS FRN (Perpetual) 98,595 0.01
EUR 100,000 CNP Assurances RegS FRN EUR 100,000 Dexia Credit Local SA RegS 1.625%
10/6/2047 113,959 0.02 29/10/2018 101,157 0.02
EUR 200,000 Coentreprise de Transport EUR 150,000 Dexia Credit Local SA RegS 1.375%
d’Electricite SA RegS 2.125% 18/9/2019 153,865 0.02
29/7/2032 207,063 0.03 EUR 200,000 Dexia Credit Local SA RegS 0.25%
EUR 100,000 Coface SA RegS 4.125% 27/3/2024 113,152 0.02 19/3/2020 202,128 0.03
EUR 100,000 Credit Agricole Assurances SA RegS EUR 150,000 Dexia Credit Local SA RegS 2.00%
FRN (Perpetual) 110,417 0.02 22/1/2021 159,057 0.02
EUR 100,000 Credit Agricole Assurances SA RegS EUR 150,000 Dexia Credit Local SA RegS 0.625%
FRN (Perpetual) 108,474 0.02 21/1/2022 153,280 0.02
EUR 200,000 Credit Agricole Home Loan SFH SA EUR 200,000 Dexia Credit Local SA RegS 0.25%
0.50% 19/2/2026 197,456 0.03 2/6/2022 201,160 0.03
RegS 1.625% 11/3/2020 311,721 0.05 3/2/2024 202,413 0.03
RegS 4.00% 17/1/2022 230,674 0.04 27/10/2025 208,198 0.03
EUR 100,000 Credit Agricole Home Loan SFH SA EUR 100,000 Edenred RegS 1.375% 10/3/2025 102,154 0.02
RegS 0.375% 24/3/2023 100,929 0.02 EUR 150,000 Electricite de France SA RegS 6.25%
EUR 200,000 Credit Agricole Home Loan SFH SA 25/1/2021 176,158 0.03
RegS 0.25% 23/2/2024 198,840 0.03 EUR 200,000 Electricite de France SA RegS
EUR 200,000 Credit Agricole Home Loan SFH SA 3.875% 18/1/2022 226,964 0.04
EUR 100,000 Credit Agricole Home Loan SFH SA 4.625% 11/9/2024 184,125 0.03
EUR 100,000 Credit Agricole Home Loan SFH SA 12/11/2025 120,428 0.02
EUR 150,000 Credit Agricole Public Sector SCF SA 13/10/2026 194,846 0.03
EUR 50,000 Credit Agricole SA RegS 3.90% 5.625% 21/2/2033 71,556 0.01
19/4/2021 55,463 0.01 EUR 100,000 Electricite de France SA RegS
EUR 100,000 Credit Agricole SA RegS 2.625% 1.875% 13/10/2036 90,913 0.01
17/3/2027 105,786 0.02 EUR 50,000 Electricite de France SA RegS 4.50%
EUR 100,000 Credit Agricole SA/London RegS 12/11/2040 65,526 0.01
2.375% 27/11/2020 106,140 0.02 EUR 100,000 Electricite de France SA RegS FRN
EUR 300,000 Credit Agricole SA/London RegS (Perpetual) 107,300 0.02
0.75% 1/12/2022 303,361 0.05 EUR 100,000 Electricite de France SA RegS FRN
EUR 100,000 Credit Agricole SA/London RegS (Perpetual) 106,180 0.02
5.125% 18/4/2023 123,400 0.02 EUR 100,000 Engie SA 3.125% 21/1/2020 105,818 0.02
EUR 100,000 Credit Agricole SA/London RegS EUR 50,000 Engie SA 3.50% 18/10/2022 57,176 0.01
2.375% 20/5/2024 109,350 0.02 EUR 100,000 Engie SA RegS 0.875% 27/3/2024 100,763 0.02
EUR 200,000 Credit Agricole SA/London RegS EUR 200,000 Engie SA RegS 2.375% 19/5/2026 219,450 0.03
1.375% 13/3/2025 202,067 0.03 EUR 100,000 Engie SA RegS 2.00% 28/9/2037 99,996 0.01
EUR 100,000 Credit Agricole SA/London RegS EUR 100,000 Engie SA RegS FRN (Perpetual) 108,797 0.02
1.25% 14/4/2026 100,696 0.02 EUR 100,000 Engie SA RegS FRN (Perpetual) 111,863 0.02


Value Net Value Net

EUR 200,000 Engie SA RegS FRN (Perpetual) 193,024 0.03 EUR 2,400,000 French Republic Government Bond
EUR 100,000 Essilor International Cie Generale OAT RegS 0.75% 25/5/2028 2,406,576 0.38
d’Optique SA RegS 1.75% EUR 600,000 French Republic Government Bond
9/4/2021 104,538 0.02 OAT RegS 5.50% 25/4/2029 903,327 0.14
EUR 100,000 Fonciere Des Regions RegS EUR 1,800,000 French Republic Government Bond
1.50% 21/6/2027 97,961 0.01 OAT RegS 2.50% 25/5/2030 2,138,382 0.34
EUR 1,300,000 French Republic Government Bond EUR 2,400,000 French Republic Government Bond
OAT RegS 4.25% 25/4/2019 1,366,755 0.22 OAT RegS 1.50% 25/5/2031 2,561,304 0.41
OAT RegS 1.00% 25/5/2019 1,425,508 0.23 OAT RegS 5.75% 25/10/2032 2,721,790 0.44
EUR 1,700,000 French Republic Government Bond EUR 500,000 French Republic Government Bond
OAT RegS 3.75% 25/10/2019 1,815,702 0.29 OAT RegS 1.25% 25/5/2034 509,500 0.08
EUR 300,000 French Republic Government Bond EUR 1,250,000 French Republic Government Bond
OAT RegS 8.50% 25/10/2019 342,975 0.05 OAT RegS 4.75% 25/4/2035 1,960,850 0.31
OAT RegS 0.50% 25/11/2019* 2,035,640 0.33 OAT RegS ‘144A’ 1.25%
EUR 2,400,000 French Republic Government Bond 25/5/2036 1,908,531 0.30
OAT RegS 25/2/2020 EUR 1,750,000 French Republic Government Bond
(Zero Coupon) 2,423,376 0.39 OAT RegS 4.00% 25/10/2038 2,621,806 0.42
OAT RegS 3.50% 25/4/2020 2,707,600 0.43 OAT RegS ‘144A’ 1.75% 25/6/2039 862,704 0.14
OAT RegS 25/5/2020 OAT RegS 4.50% 25/4/2041 3,012,817 0.48
(Zero Coupon) 1,515,690 0.24 EUR 1,350,000 French Republic Government Bond
EUR 2,150,000 French Republic Government Bond OAT RegS 3.25% 25/5/2045 1,883,655 0.30
OAT RegS 2.50% 25/10/2020 2,312,647 0.37 EUR 1,000,000 French Republic Government Bond
EUR 1,350,000 French Republic Government Bond OAT RegS ‘144A’
OAT RegS 0.25% 25/11/2020 1,373,301 0.22 2.00% 25/5/2048 1,102,930 0.18
OAT RegS 3.75% 25/4/2021 1,351,740 0.22 OAT RegS 4.00% 25/4/2055 1,161,195 0.19
OAT RegS 25/5/2021 OAT RegS 4.00% 25/4/2060 1,450,057 0.23
(Zero Coupon) 3,333,561 0.53 EUR 350,000 French Republic Government Bond
EUR 2,000,000 French Republic Government Bond OAT RegS ‘144A’
OAT RegS 3.25% 25/10/2021 2,251,140 0.36 1.75% 25/5/2066 353,719 0.06
EUR 2,400,000 French Republic Government Bond EUR 200,000 Gecina SA RegS 1.375% 26/1/2028 196,284 0.03
OAT RegS 3.00% 25/4/2022 2,711,844 0.43 EUR 100,000 Gecina SA RegS 2.00% 30/6/2032 99,476 0.01
EUR 2,550,000 French Republic Government Bond EUR 100,000 Groupama SA RegS FRN
OAT RegS 25/5/2022 (Perpetual) 117,047 0.02
(Zero Coupon) 2,565,759 0.41 EUR 50,000 Holding d’Infrastructures de
EUR 1,500,000 French Republic Government Bond Transport SAS RegS 4.875%
OAT RegS 2.25% 25/10/2022 1,661,190 0.27 27/10/2021 58,365 0.01
EUR 1,000,000 French Republic Government Bond EUR 100,000 Holding d’Infrastructures de
OAT RegS 25/3/2023 Transport SAS RegS 0.625%
(Zero Coupon) 999,375 0.16 27/3/2023 99,003 0.01
EUR 3,150,000 French Republic Government Bond EUR 100,000 Holding d’Infrastructures de
OAT RegS 1.75% 25/5/2023* 3,432,744 0.55 Transport SAS RegS 2.25%
EUR 1,700,000 French Republic Government Bond 24/3/2025 107,068 0.02
OAT RegS 4.25% 25/10/2023 2,097,579 0.34 EUR 300,000 HSBC France SA RegS 1.875%
OAT RegS 2.25% 25/5/2024 2,369,178 0.38 EUR 200,000 ICADE RegS 1.875% 14/9/2022 211,262 0.03
EUR 2,500,000 French Republic Government Bond EUR 100,000 Imerys SA RegS 1.50% 15/1/2027 100,198 0.02
OAT RegS 1.75% 25/11/2024* 2,749,250 0.44 EUR 100,000 Imerys SA RegS 1.875% 31/3/2028 102,419 0.02
EUR 2,650,000 French Republic Government Bond EUR 100,000 Infra Park SAS RegS 1.25%
OAT RegS 0.50% 25/5/2025* 2,684,715 0.43 16/10/2020 102,681 0.02
EUR 1,000,000 French Republic Government Bond EUR 50,000 Italcementi Finance SA RegS
OAT RegS 6.00% 25/10/2025 1,426,200 0.23 5.375% 19/3/2020 55,158 0.01
EUR 1,650,000 French Republic Government Bond EUR 100,000 Kering SA RegS 1.375% 1/10/2021 104,060 0.02
OAT RegS 1.00% 25/11/2025 1,727,154 0.28 EUR 100,000 Kering SA RegS 1.50% 5/4/2027 102,618 0.02
EUR 2,000,000 French Republic Government Bond EUR 100,000 Klepierre SA RegS 4.75% 14/3/2021 113,612 0.02
OAT RegS 3.50% 25/4/2026* 2,494,160 0.40 EUR 100,000 Klepierre SA RegS 1.00% 17/4/2023 101,432 0.02
EUR 1,400,000 French Republic Government Bond EUR 200,000 La Banque Postale Home Loan
OAT RegS 0.50% 25/5/2026 1,405,754 0.22 SFH SA RegS 0.50% 18/1/2023 203,170 0.03
EUR 1,300,000 French Republic Government Bond EUR 100,000 La Banque Postale SA RegS FRN
OAT RegS 0.25% 25/11/2026* 1,270,295 0.20 23/4/2026 105,328 0.02
EUR 2,650,000 French Republic Government Bond EUR 100,000 La Banque Postale SA RegS FRN
OAT RegS 1.00% 25/5/2027 2,746,248 0.44 19/11/2027 106,197 0.02
EUR 2,150,000 French Republic Government Bond EUR 100,000 La Poste SA 4.75% 8/7/2019 106,241 0.02
OAT RegS 2.75% 25/10/2027 2,577,936 0.41


Value Net Value Net

EUR 100,000 La Poste SA RegS 2.75% EUR 100,000 Schneider Electric SE RegS
26/11/2024 113,346 0.02 3.625% 20/7/2020 108,385 0.02
EUR 150,000 Lafarge SA RegS 5.375% EUR 100,000 Schneider Electric SE RegS
29/11/2018* 155,445 0.02 0.875% 11/3/2025 100,568 0.02
EUR 100,000 Legrand SA RegS 1.875% EUR 100,000 SCOR SE RegS FRN 27/5/2048 109,043 0.02
6/7/2032 104,864 0.02 EUR 200,000 SFIL SA RegS 0.75% 6/2/2026 201,967 0.03
EUR 100,000 LVMH Moet Hennessy Louis Vuitton EUR 100,000 SNCF Mobilites RegS 3.625%
SE 4.00% 6/4/2018 100,021 0.01 3/6/2020 108,537 0.02
SE RegS 0.375% 26/5/2022 50,159 0.01 19/2/2025 187,231 0.03
SE RegS 0.75% 26/5/2024 100,602 0.02 2/2/2029 105,314 0.02
EUR 100,000 Mercialys SA RegS 1.787% EUR 100,000 SNCF Reseau 4.375% 2/6/2022 118,078 0.02
31/3/2023 103,305 0.02 EUR 200,000 SNCF Reseau 3.125% 25/10/2028 245,054 0.04
EUR 50,000 mFinance France SA RegS EUR 200,000 SNCF Reseau 5.00% 10/10/2033 305,280 0.05
1.398% 26/9/2020 51,375 0.01 EUR 200,000 SNCF Reseau EPIC RegS
EUR 50,000 Orange SA 8.125% 28/1/2033 91,304 0.01 0.10% 27/5/2021 201,210 0.03
EUR 50,000 Orange SA RegS 3.875% 9/4/2020 53,951 0.01 EUR 250,000 SNCF Reseau EPIC RegS
EUR 150,000 Orange SA RegS 3.875% 14/1/2021 165,742 0.03 4.50% 30/1/2024 310,679 0.05
EUR 100,000 Orange SA RegS 3.375% 16/9/2022 113,184 0.02 EUR 200,000 SNCF Reseau EPIC RegS 2.625%
EUR 100,000 Orange SA RegS 3.125% 9/1/2024 113,384 0.02 29/12/2025 230,568 0.04
EUR 200,000 Orange SA RegS 0.875% 3/2/2027 194,466 0.03 EUR 100,000 SNCF Reseau EPIC RegS
EUR 200,000 Orange SA RegS 1.375% 16/1/2030 194,836 0.03 1.00% 9/11/2031 97,908 0.01
EUR 100,000 Orange SA RegS FRN (Perpetual) 109,646 0.02 EUR 100,000 SNCF Reseau EPIC RegS
EUR 100,000 Orange SA RegS FRN (Perpetual) 115,625 0.02 1.875% 30/3/2034 108,068 0.02
EUR 100,000 Pernod Ricard SA RegS 1.50% EUR 100,000 SNCF Reseau EPIC RegS
18/5/2026 103,196 0.02 2.25% 20/12/2047 110,579 0.02
EUR 100,000 Publicis Groupe SA RegS 1.125% EUR 100,000 Societe Fonciere Lyonnaise SA
16/12/2021 102,727 0.02 RegS 1.875% 26/11/2021 104,964 0.02
EUR 150,000 RCI Banque SA RegS 1.125% EUR 50,000 Societe Generale SA RegS
30/9/2019 152,568 0.02 6.125% 20/8/2018 51,172 0.01
8/6/2022 102,921 0.02 0.75% 25/11/2020 101,848 0.02
26/9/2022 50,395 0.01 4.75% 2/3/2021 113,506 0.02
15/9/2023 123,052 0.02 1.00% 1/4/2022 101,302 0.02
11/4/2025 154,283 0.02 0.50% 13/1/2023 98,286 0.01
EUR 200,000 Regie Autonome des Transports EUR 100,000 Societe Generale SA RegS
Parisiens RegS 4.50% 28/5/2018 201,469 0.03 4.00% 7/6/2023 113,727 0.02
EUR 100,000 Regie Autonome des Transports EUR 100,000 Societe Generale SA RegS
Parisiens RegS 0.375% 2.625% 27/2/2025 105,390 0.02
15/6/2024 99,747 0.02 EUR 150,000 Societe Generale SCF SA RegS
EUR 100,000 Region of Ile de France RegS 4.125% 15/2/2022 174,159 0.03
2.25% 10/6/2023 110,712 0.02 EUR 100,000 Societe Generale SCF SA RegS
EUR 100,000 Region of Ile de France RegS 4.25% 3/2/2023 119,757 0.02
0.625% 23/4/2027 99,020 0.01 EUR 200,000 Societe Generale SFH SA RegS
EUR 100,000 RTE Reseau de Transport 0.125% 27/2/2020 201,956 0.03
d’Electricite SADIR RegS EUR 200,000 Societe Generale SFH SA RegS
2.125% 20/9/2019 103,307 0.02 1.75% 5/3/2020 208,173 0.03
EUR 100,000 RTE Reseau de Transport EUR 200,000 Societe Generale SFH SA RegS
d’Electricite SADIR RegS 0.50% 2/6/2025 200,024 0.03
1.00% 19/10/2026 99,080 0.01 EUR 100,000 Sodexo SA RegS 0.75% 14/4/2027 95,269 0.01
EUR 100,000 RTE Reseau de Transport EUR 50,000 Suez RegS 4.125% 24/6/2022 58,183 0.01
d’Electricite SADIR RegS EUR 100,000 Suez RegS 5.50% 22/7/2024 129,658 0.02
2.75% 20/6/2029 114,869 0.02 EUR 100,000 Suez RegS 1.00% 3/4/2025 100,836 0.02
EUR 100,000 RTE Reseau de Transport EUR 100,000 Suez RegS 1.625% 21/9/2032 99,542 0.02
d’Electricite SADIR RegS EUR 100,000 Suez RegS FRN (Perpetual) 102,776 0.02
1.875% 23/10/2037 99,806 0.02 EUR 100,000 TDF Infrastructure SAS RegS
EUR 200,000 SA de Gestion de Stocks de Securite 2.50% 7/4/2026 105,462 0.02
RegS 0.625% 25/5/2023 204,246 0.03 EUR 100,000 Teleperformance RegS 1.50%
EUR 200,000 Sanofi RegS 13/9/2022 3/4/2024 101,763 0.02
(Zero Coupon) 196,978 0.03 EUR 200,000 Thales SA RegS 0.75% 23/1/2025 197,649 0.03
EUR 100,000 Sanofi RegS 0.50% 21/3/2023 100,319 0.02 EUR 100,000 Total Capital International SA RegS
EUR 100,000 Sanofi RegS 1.75% 10/9/2026 106,092 0.02 0.25% 12/7/2023 98,885 0.01
EUR 200,000 Sanofi RegS 0.50% 13/1/2027 190,626 0.03 EUR 100,000 Total Capital International SA RegS
EUR 200,000 Sanofi RegS 1.875% 21/3/2038 200,978 0.03 1.375% 19/3/2025 103,822 0.02


Value Net Value Net

EUR 200,000 Total Capital International SA RegS EUR 100,000 Bayerische Landesbank 1.00%
2.875% 19/11/2025 229,232 0.04 9/7/2021 103,711 0.02
EUR 100,000 Total Capital International SA RegS EUR 50,000 Bayerische Landesbank 1.625%
0.75% 12/7/2028 95,278 0.01 18/4/2023 53,638 0.01
EUR 100,000 Total Capital International SA RegS EUR 100,000 Bayerische Landesbank RegS
1.375% 4/10/2029 100,855 0.02 0.75% 19/1/2028 99,731 0.02
EUR 200,000 Total SA RegS FRN (Perpetual) 206,912 0.03 EUR 100,000 Bayerische Landesbodenkreditanstalt
EUR 100,000 Total SA RegS FRN (Perpetual) 106,407 0.02 1.75% 24/4/2024 108,067 0.02
EUR 150,000 Total SA RegS FRN (Perpetual) 164,632 0.03 EUR 150,000 Bayerische Landesbodenkreditanstalt
EUR 100,000 Transport et Infrastructures Gaz 0.625% 23/11/2026 148,834 0.02
France SA RegS 4.339% EUR 75,000 Berlin Hyp AG 0.25% 22/2/2023 75,333 0.01
7/7/2021 113,078 0.02 EUR 200,000 Berlin Hyp AG RegS 0.625%
EUR 200,000 UNEDIC ASSEO 1.25% 29/5/2020 206,936 0.03 24/6/2019 202,546 0.03
EUR 200,000 UNEDIC ASSEO 0.125% EUR 100,000 Berlin Hyp AG RegS 0.375%
25/11/2024 196,698 0.03 21/2/2025 99,470 0.02
EUR 250,000 UNEDIC ASSEO RegS 0.125% EUR 200,000 Berlin Hyp AG RegS 0.75%
5/3/2020 252,135 0.04 26/2/2026 202,128 0.03
EUR 500,000 UNEDIC ASSEO RegS 1.50% EUR 100,000 Bertelsmann SE & Co KGaA RegS
16/4/2021 526,220 0.08 FRN 23/4/2075 102,447 0.02
EUR 200,000 UNEDIC ASSEO RegS 0.125% EUR 200,000 Bund Laender Anleihe RegS
25/5/2022 201,238 0.03 1.50% 15/7/2020 208,809 0.03
EUR 200,000 UNEDIC ASSEO RegS 0.25% EUR 950,000 Bundesobligation RegS 0.50%
24/11/2023 200,954 0.03 12/4/2019 961,647 0.15
EUR 200,000 UNEDIC ASSEO RegS 0.625% EUR 1,900,000 Bundesobligation RegS 0.25%
17/2/2025 203,700 0.03 11/10/2019* 1,926,239 0.31
EUR 200,000 UNEDIC ASSEO RegS 0.625% EUR 1,100,000 Bundesobligation RegS 17/4/2020
3/3/2026 202,383 0.03 (Zero Coupon)* 1,113,563 0.18
EUR 200,000 UNEDIC ASSEO RegS 1.25% EUR 750,000 Bundesobligation RegS 0.25%
28/3/2027 211,128 0.03 16/10/2020 765,341 0.12
EUR 100,000 UNEDIC ASSEO RegS 1.50% EUR 1,950,000 Bundesobligation RegS 9/4/2021
20/4/2032 105,627 0.02 (Zero Coupon)* 1,977,495 0.32
EUR 100,000 Unibail-Rodamco SE RegS EUR 1,400,000 Bundesobligation RegS 8/10/2021
2.375% 25/2/2021 106,697 0.02 (Zero Coupon)* 1,418,536 0.23
EUR 100,000 Unibail-Rodamco SE RegS EUR 600,000 Bundesobligation RegS 8/4/2022
0.875% 21/2/2025 100,011 0.01 (Zero Coupon) 607,026 0.10
EUR 100,000 Unibail-Rodamco SE RegS EUR 600,000 Bundesobligation RegS 7/10/2022
2.50% 4/6/2026 110,668 0.02 (Zero Coupon) 605,520 0.10
EUR 100,000 Unibail-Rodamco SE RegS EUR 2,300,000 Bundesrepublik Deutschland
1.50% 22/2/2028 101,221 0.02 Bundesanleihe RegS 3.50%
EUR 100,000 Unibail-Rodamco SE RegS 4/7/2019 2,420,727 0.39
2.00% 28/4/2036 100,948 0.02 EUR 1,250,000 Bundesrepublik Deutschland
EUR 200,000 Valeo SA RegS 0.375% Bundesanleihe RegS 3.25%
12/9/2022 199,072 0.03 4/1/2020* 1,336,350 0.21
EUR 100,000 Veolia Environnement SA EUR 900,000 Bundesrepublik Deutschland
EUR 50,000 Veolia Environnement SA RegS 4/7/2020 973,075 0.16
4.375% 11/12/2020 55,806 0.01 EUR 800,000 Bundesrepublik Deutschland
EUR 100,000 Veolia Environnement SA RegS Bundesanleihe RegS 2.25%
1.496% 30/11/2026 103,536 0.02 4/9/2020 854,896 0.14
EUR 100,000 Veolia Environnement SA RegS EUR 1,000,000 Bundesrepublik Deutschland
EUR 100,000 Vivendi SA RegS 1.125% 4/1/2021 1,083,750 0.17
24/11/2023 101,817 0.02 EUR 1,400,000 Bundesrepublik Deutschland
EUR 100,000 Wendel SA RegS 1.00% Bundesanleihe RegS 3.25%
20/4/2023 99,917 0.01 4/7/2021* 1,568,616 0.25
EUR 100,000 WPP Finance SA RegS EUR 300,000 Bundesrepublik Deutschland
137,503,319 22.04 4/9/2021 327,255 0.05
EUR 2,300,000 Bundesrepublik Deutschland
Bundesanleihe RegS 2.00%
Germany
4/1/2022* 2,503,090 0.40
EUR 150,000 Aareal Bank AG 1.00% 28/6/2018 150,508 0.02
EUR 800,000 Bundesrepublik Deutschland
EUR 100,000 Allianz SE RegS FRN 17/10/2042 119,658 0.02
EUR 200,000 Allianz SE RegS FRN 7/7/2045 203,767 0.03
4/7/2022* 869,200 0.14
EUR 100,000 Allianz SE RegS FRN (Perpetual) 107,750 0.02
EUR 100,000 Allianz SE RegS FRN (Perpetual) 115,037 0.02
EUR 100,000 BASF SE RegS 2.50% 22/1/2024 111,327 0.02 4/9/2022* 2,585,448 0.41
EUR 100,000 BASF SE RegS 1.625% 15/11/2037 98,009 0.01 EUR 1,150,000 Bundesrepublik Deutschland
EUR 125,000 Bayer AG RegS FRN 1/7/2074* 133,802 0.02 Bundesanleihe RegS 1.50%
EUR 150,000 Bayer AG RegS FRN 2/4/2075 153,055 0.02 15/2/2023* 1,243,466 0.20


Value Net Value Net
Germany continued Germany continued

EUR 800,000 Bundesrepublik Deutschland EUR 1,225,000 Bundesrepublik Deutschland
Bundesanleihe RegS 1.50% Bundesanleihe RegS 2.50%
15/5/2023 866,228 0.14 4/7/2044* 1,616,816 0.26
EUR 450,000 Bundesrepublik Deutschland EUR 1,550,000 Bundesrepublik Deutschland
15/8/2023* 500,076 0.08 15/8/2046* 2,071,676 0.33
EUR 450,000 Bundesrepublik Deutschland EUR 150,000 Bundesrepublik Deutschland
4/1/2024 612,472 0.10 15/8/2048 153,682 0.02
EUR 1,800,000 Bundesrepublik Deutschland EUR 900,000 Bundesschatzanweisungen RegS
Bundesanleihe RegS 1.75% 14/6/2019 (Zero Coupon)* 907,218 0.14
15/2/2024 1,984,032 0.32 EUR 500,000 Bundesschatzanweisungen RegS
EUR 400,000 Bundesrepublik Deutschland 13/9/2019 (Zero Coupon) 504,815 0.08
Bundesanleihe RegS 1.50% EUR 1,000,000 Bundesschatzanweisungen RegS
15/5/2024 435,584 0.07 13/3/2020 (Zero Coupon) 1,012,000 0.16
EUR 550,000 Bundesrepublik Deutschland EUR 100,000 Commerzbank AG 7.75% 16/3/2021 119,692 0.02
Bundesanleihe RegS 1.00% EUR 125,000 Commerzbank AG 0.50% 9/6/2026 123,709 0.02
15/8/2024 582,202 0.09 EUR 300,000 Commerzbank AG RegS 4.375%
EUR 1,500,000 Bundesrepublik Deutschland 2/7/2019 318,057 0.05
Bundesanleihe RegS 0.50% EUR 200,000 Commerzbank AG RegS 0.25%
15/2/2025* 1,536,982 0.25 26/1/2022 202,072 0.03
EUR 1,100,000 Bundesrepublik Deutschland EUR 300,000 Commerzbank AG RegS 1.125%
Bundesanleihe RegS 1.00% 24/5/2024 299,283 0.05
15/8/2025* 1,164,999 0.19 EUR 50,000 Commerzbank AG RegS 4.00%
EUR 1,900,000 Bundesrepublik Deutschland 23/3/2026 55,797 0.01
Bundesanleihe RegS 0.50% EUR 50,000 Continental AG RegS 3.00%
15/2/2026* 1,936,271 0.31 16/7/2018 50,468 0.01
EUR 1,100,000 Bundesrepublik Deutschland EUR 150,000 Covestro AG RegS 1.75% 25/9/2024 158,334 0.02
Bundesanleihe RegS 15/8/2026 EUR 200,000 CRH Finance Germany GmbH RegS
(Zero Coupon)* 1,071,004 0.17 1.75% 16/7/2021 209,000 0.03
EUR 2,000,000 Bundesrepublik Deutschland EUR 200,000 Daimler AG RegS 0.50% 9/9/2019 201,722 0.03
Bundesanleihe RegS 0.25% EUR 300,000 Daimler AG RegS 0.625% 5/3/2020 303,862 0.05
15/2/2027* 1,978,360 0.32 EUR 100,000 Daimler AG RegS 2.25% 24/1/2022 107,527 0.02
EUR 400,000 Bundesrepublik Deutschland EUR 50,000 Daimler AG RegS 2.375%
Bundesanleihe RegS 6.50% 8/3/2023* 54,868 0.01
4/7/2027 622,770 0.10 EUR 100,000 Daimler AG RegS 1.875% 8/7/2024 106,699 0.02
EUR 1,500,000 Bundesrepublik Deutschland EUR 100,000 Daimler AG RegS 1.00% 15/11/2027 96,433 0.01
Bundesanleihe RegS 0.50% EUR 125,000 Daimler AG RegS 1.375%
15/8/2027* 1,508,610 0.24 11/5/2028* 123,157 0.02
EUR 500,000 Bundesrepublik Deutschland EUR 100,000 Daimler AG RegS 1.50% 3/7/2029 98,345 0.02
Bundesanleihe RegS 5.625% EUR 125,000 Daimler AG RegS 2.125% 3/7/2037 123,763 0.02
4/1/2028 747,327 0.12 EUR 100,000 Deutsche Apotheker-und Aerztebank
EUR 1,200,000 Bundesrepublik Deutschland eG 0.50% 14/2/2025 100,139 0.02
Bundesanleihe RegS 0.50% EUR 200,000 Deutsche Bahn Finance GMBH
15/2/2028 1,200,210 0.19 RegS 19/7/2021 (Zero Coupon) 200,154 0.03
EUR 400,000 Bundesrepublik Deutschland EUR 100,000 Deutsche Bahn Finance GMBH
Bundesanleihe RegS 6.25% RegS 3.00% 8/3/2024 115,120 0.02
4/1/2030 658,460 0.10 EUR 50,000 Deutsche Bahn Finance GMBH
EUR 1,400,000 Bundesrepublik Deutschland RegS 3.75% 9/7/2025 61,316 0.01
Bundesanleihe RegS 5.50% EUR 100,000 Deutsche Bahn Finance GMBH
4/1/2031 2,231,782 0.36 RegS 0.625% 26/9/2028 96,696 0.01
EUR 1,150,000 Bundesrepublik Deutschland EUR 50,000 Deutsche Bahn Finance GMBH
Bundesanleihe RegS 4.75% RegS 0.875% 11/7/2031 47,422 0.01
4/7/2034 1,836,895 0.29 EUR 100,000 Deutsche Bahn Finance GMBH
EUR 1,250,000 Bundesrepublik Deutschland RegS 1.625% 16/8/2033 102,145 0.02
Bundesanleihe RegS 4.00% EUR 200,000 Deutsche Bank AG RegS 1.25%
4/1/2037 1,915,512 0.31 8/9/2021 202,721 0.03
EUR 750,000 Bundesrepublik Deutschland EUR 200,000 Deutsche Bank AG RegS 1.50%
4/7/2039 1,222,507 0.20 EUR 200,000 Deutsche Bank AG RegS 2.375%
EUR 850,000 Bundesrepublik Deutschland 11/1/2023 209,604 0.03
Bundesanleihe RegS 4.75% EUR 100,000 Deutsche Bank AG RegS 0.25%
4/7/2040 (traded in Germany) 1,488,996 0.24 8/3/2024 99,236 0.02
EUR 150,000 Bundesrepublik Deutschland EUR 100,000 Deutsche Bank AG RegS 1.125%
4/7/2040 (traded in United States) 262,764 0.04 EUR 300,000 Deutsche Bank AG RegS 0.625%
EUR 950,000 Bundesrepublik Deutschland 21/8/2025 301,056 0.05
Bundesanleihe RegS 3.25% EUR 100,000 Deutsche Boerse AG RegS FRN
4/7/2042 1,398,704 0.22 5/2/2041 106,202 0.02


Value Net Value Net

EUR 100,000 Deutsche Genossenschafts- EUR 100,000 Gemeinsame Deutsche
Hypothekenbank AG RegS Bundeslaender RegS 0.125%
0.25% 21/1/2021 101,305 0.02 14/4/2023 99,944 0.02
EUR 100,000 Deutsche Genossenschafts- EUR 100,000 Gemeinsame Deutsche
Hypothekenbank AG RegS Bundeslaender RegS 0.50%
0.125% 30/9/2022 100,158 0.02 5/2/2025 100,529 0.02
EUR 200,000 Deutsche Hypothekenbank AG EUR 100,000 Hamburger Sparkasse AG RegS
RegS 0.125% 20/4/2022 200,700 0.03 0.375% 23/5/2024 99,826 0.02
EUR 100,000 Deutsche Kreditbank AG RegS EUR 100,000 HeidelbergCement AG RegS 2.25%
0.75% 26/9/2024 99,352 0.02 3/6/2024 106,909 0.02
EUR 100,000 Deutsche Kreditbank AG RegS EUR 50,000 HeidelbergCement AG RegS 1.50%
0.50% 19/3/2027 97,701 0.01 7/2/2025 51,014 0.01
EUR 50,000 Deutsche Pfandbriefbank AG RegS EUR 75,000 Henkel AG & Co KGaA RegS
1.50% 18/3/2020 51,788 0.01 13/9/2021 (Zero Coupon) 74,900 0.01
EUR 300,000 Deutsche Pfandbriefbank AG RegS EUR 100,000 HSH Finanzfonds AoeR RegS
0.50% 19/1/2023 304,641 0.05 0.50% 9/6/2025 99,091 0.02
EUR 100,000 Deutsche Pfandbriefbank AG RegS EUR 150,000 HSH Nordbank AG 0.10% 20/7/2020 150,585 0.02
2.375% 29/5/2028 113,535 0.02 EUR 100,000 HSH Nordbank AG RegS 1.375%
EUR 50,000 Deutsche Post AG RegS 0.375% 2/10/2018 100,813 0.02
1/4/2021 50,487 0.01 EUR 100,000 HSH Nordbank AG RegS 0.75%
EUR 100,000 Deutsche Post AG RegS 1.25% 7/10/2021 101,947 0.02
1/4/2026 102,350 0.02 EUR 50,000 Knorr-Bremse AG RegS 0.50%
EUR 50,000 Dexia Kommunalbank Deutschland 8/12/2021 50,529 0.01
AG 4.75% 23/5/2018 50,346 0.01 EUR 200,000 Kreditanstalt fuer Wiederaufbau
EUR 100,000 Dexia Kommunalbank Deutschland 1.125% 16/10/2018 201,822 0.03
AG 0.375% 3/3/2022 100,863 0.02 EUR 400,000 Kreditanstalt fuer Wiederaufbau
EUR 100,000 DVB Bank SE RegS 2.375% 1.125% 15/1/2020 411,490 0.07
2/12/2020 104,425 0.02 EUR 500,000 Kreditanstalt fuer Wiederaufbau
EUR 100,000 DVB Bank SE RegS 1.00% 3.625% 20/1/2020 537,037 0.09
EUR 100,000 E.ON SE RegS 1.625% 22/5/2029 100,441 0.02 0.125% 1/6/2020 252,960 0.04
EUR 50,000 ENTEGA Netz AG 6.125% EUR 250,000 Kreditanstalt fuer Wiederaufbau
23/4/2041 74,566 0.01 3.375% 18/1/2021 275,957 0.04
EUR 200,000 Erste Abwicklungsanstalt RegS EUR 250,000 Kreditanstalt fuer Wiederaufbau
12/6/2020 (Zero Coupon) 201,438 0.03 30/6/2021 (Zero Coupon) 251,957 0.04
EUR 100,000 Eurogrid GmbH RegS 1.625% EUR 400,000 Kreditanstalt fuer Wiederaufbau
3/11/2023 105,109 0.02 3.50% 4/7/2021 448,760 0.07
EUR 300,000 FMS Wertmanagement RegS EUR 150,000 Kreditanstalt fuer Wiederaufbau
3.00% 3/8/2018 303,531 0.05 2.50% 17/1/2022 165,071 0.03
1.375% 15/1/2020* 309,795 0.05 0.625% 4/7/2022 102,959 0.02
20/10/2020 (Zero Coupon) 201,678 0.03 4.625% 4/1/2023 243,860 0.04
3.375% 17/6/2021 223,055 0.03 0.375% 15/3/2023 152,376 0.02
EUR 200,000 Free and Hanseatic City of Hamburg EUR 300,000 Kreditanstalt fuer Wiederaufbau
RegS 1.50% 4/9/2020 208,974 0.03 15/9/2023 (Zero Coupon) 297,460 0.05
EUR 100,000 Free and Hanseatic City of Hamburg EUR 300,000 Kreditanstalt fuer Wiederaufbau
RegS 0.375% 1/4/2025 99,455 0.02 0.05% 30/5/2024 296,217 0.05
EUR 50,000 Free State of Bavaria RegS 1.875% EUR 250,000 Kreditanstalt fuer Wiederaufbau
7/2/2019 51,023 0.01 1.50% 11/6/2024 269,027 0.04
EUR 100,000 Gemeinsame Deutsche EUR 300,000 Kreditanstalt fuer Wiederaufbau
Bundeslaender 2.375% 21/9/2018 101,325 0.02 0.125% 4/10/2024 296,289 0.05
Bundeslaender 1.50% 29/1/2021 105,030 0.02 0.625% 15/1/2025 152,742 0.02
Bundeslaender 1.75% 13/6/2022 214,906 0.03 0.25% 30/6/2025 297,345 0.05
Bundeslaender 2.25% 23/10/2023 111,227 0.02 0.375% 9/3/2026 148,489 0.02
Bundeslaender 0.25% 18/3/2024 149,575 0.02 0.625% 22/2/2027 300,106 0.05
Bundeslaender RegS 0.375% 0.625% 7/1/2028 297,756 0.05
RegS 0.375% 22/7/2019 252,962 0.04


Value Net Value Net

EUR 400,000 Kreditanstalt fuer Wiederaufbau EUR 100,000 Muenchener Hypothekenbank eG
RegS 0.125% 27/10/2020 405,176 0.06 0.50% 22/4/2026 99,180 0.02
RegS 0.375% 23/4/2030 187,844 0.03 RegS 0.50% 7/6/2023 101,577 0.02
RegS 1.125% 15/9/2032* 403,644 0.06 RegS 2.50% 4/7/2028 115,642 0.02
EUR 100,000 Kreditanstalt fuer Wiederaufbau EUR 100,000 Muenchener Rueckversicherungs-
RegS 1.375% 31/7/2035 103,024 0.02 Gesellschaft AG in Muenchen
EUR 50,000 Kreditanstalt fuer Wiederaufbau RegS FRN 26/5/2041 116,404 0.02
RegS 1.25% 4/7/2036 50,347 0.01 EUR 150,000 Norddeutsche Landesbank
EUR 200,000 Kreditanstalt fuer Wiederaufbau Girozentrale 0.25% 28/10/2026 144,415 0.02
RegS 1.125% 15/6/2037* 196,078 0.03 EUR 100,000 Norddeutsche Landesbank
EUR 100,000 Land Baden-Wuerttemberg RegS Girozentrale RegS 0.625%
1.00% 18/7/2022 104,336 0.02 24/9/2018 100,357 0.02
EUR 100,000 Land Baden-Wuerttemberg RegS EUR 100,000 Norddeutsche Landesbank
2.00% 13/11/2023 110,047 0.02 Girozentrale RegS 0.025%
EUR 150,000 Land Baden-Wuerttemberg RegS 31/1/2019 100,357 0.02
0.625% 9/2/2027 149,392 0.02 EUR 300,000 NRW Bank 0.25% 20/1/2022 303,502 0.05
EUR 100,000 Land Thueringen RegS 0.50% EUR 300,000 NRW Bank 1/2/2022 (Zero Coupon) 300,756 0.05
12/5/2025 100,244 0.02 EUR 200,000 NRW Bank RegS 0.50% 23/7/2018 200,617 0.03
EUR 150,000 Land Thueringen RegS 0.50% EUR 200,000 NRW Bank RegS 4.25% 29/4/2019 210,106 0.03
2/3/2027 147,510 0.02 EUR 150,000 NRW Bank RegS 0.25% 10/3/2025 147,826 0.02
EUR 75,000 Landesbank Baden-Wuerttemberg EUR 200,000 NRW Bank RegS 0.50% 11/5/2026 198,350 0.03
RegS 0.25% 21/7/2020 75,963 0.01 EUR 100,000 NRW Bank RegS 0.50% 13/9/2027 97,782 0.01
EUR 100,000 Landesbank Baden-Wuerttemberg EUR 100,000 Robert Bosch GmbH RegS 1.75%
RegS 0.25% 26/10/2021 101,203 0.02 8/7/2024 107,595 0.02
EUR 200,000 Landesbank Baden-Wuerttemberg EUR 50,000 SAP SE RegS 1.125% 20/2/2023 51,966 0.01
RegS 0.20% 13/12/2021 199,484 0.03 EUR 50,000 SAP SE RegS 1.75% 22/2/2027 53,484 0.01
EUR 100,000 Landesbank Baden-Wuerttemberg EUR 100,000 SAP SE RegS 1.375% 13/3/2030 100,774 0.02
RegS 0.20% 10/1/2024 99,859 0.02 EUR 100,000 Sparkasse KoelnBonn RegS
EUR 100,000 Landesbank Baden-Wuerttemberg 1.125% 14/10/2024 104,448 0.02
RegS 0.375% 27/2/2025 99,707 0.02 EUR 200,000 State of Berlin Germany RegS
RegS 3.625% 16/6/2025 111,092 0.02 EUR 100,000 State of Berlin Germany RegS
RegS FRN 27/5/2026 104,511 0.02 EUR 200,000 State of Berlin Germany RegS
EUR 200,000 Landesbank Hessen-Thueringen 1.625% 3/6/2024 216,068 0.03
Girozentrale RegS 0.125% EUR 150,000 State of Berlin Germany RegS
27/11/2018 200,734 0.03 0.50% 10/2/2025 150,674 0.02
EUR 300,000 Landesbank Hessen-Thueringen EUR 400,000 State of Berlin Germany RegS
Girozentrale RegS 2.00% 0.625% 20/3/2026 401,474 0.06
26/4/2019 307,708 0.05 EUR 100,000 State of Berlin Germany RegS
EUR 200,000 Landesbank Hessen-Thueringen 1.00% 19/5/2032 97,229 0.01
Girozentrale RegS 1.875% EUR 100,000 State of Berlin Germany RegS
26/6/2023 217,357 0.03 0.625% 25/8/2036 87,352 0.01
EUR 150,000 Landeskreditbank Baden- EUR 300,000 State of Brandenburg RegS
Wuerttemberg Foerderbank 0.25% 19/10/2026 290,166 0.05
RegS 0.125% 5/11/2020 151,576 0.02 EUR 100,000 State of Bremen RegS 0.125%
EUR 150,000 Landeskreditbank Baden- 30/5/2023 99,733 0.02
Wuerttemberg Foerderbank EUR 100,000 State of Bremen RegS 1.125%
RegS 0.375% 13/4/2026 147,577 0.02 30/10/2024 104,651 0.02
EUR 300,000 Landwirtschaftliche Rentenbank EUR 100,000 State of Bremen RegS 0.50%
RegS 1.375% 19/11/2020 313,965 0.05 3/3/2025 100,127 0.02
EUR 200,000 Landwirtschaftliche Rentenbank EUR 200,000 State of Hesse 0.375% 6/7/2026 196,231 0.03
RegS 0.25% 15/7/2024* 199,320 0.03 EUR 100,000 State of Hesse RegS 1.00%
EUR 300,000 Landwirtschaftliche Rentenbank 27/4/2018 100,096 0.02
RegS 0.50% 6/3/2025 302,046 0.05 EUR 300,000 State of Hesse RegS 1.375%
EUR 100,000 Landwirtschaftliche Rentenbank 5/2/2020 309,952 0.05
RegS 0.375% 16/3/2026 98,608 0.01 EUR 100,000 State of Hesse RegS 15/9/2021
EUR 200,000 Landwirtschaftliche Rentenbank (Zero Coupon) 100,400 0.02
EUR 200,000 Lanxess AG RegS 0.25% 7/10/2021 200,067 0.03 20/1/2023 216,050 0.03
EUR 150,000 Linde AG 1.75% 17/9/2020 156,889 0.02 EUR 150,000 State of Hesse RegS 0.375%
EUR 100,000 Merck Financial Services GmbH 10/3/2023 151,977 0.02
EUR 75,000 Merck KGaA RegS FRN 12/12/2074 79,247 0.01 10/6/2024 159,817 0.02
EUR 100,000 Muenchener Hypothekenbank eG EUR 100,000 State of Hesse RegS 0.50%
0.375% 10/11/2021 101,620 0.02 17/2/2025 100,533 0.02


Value Net Value Net

EUR 100,000 State of Hesse RegS 0.625% EUR 100,000 State of Rhineland-Palatinate RegS
7/4/2027 99,469 0.02 0.50% 21/1/2025 100,591 0.02
EUR 50,000 State of Lower Saxony RegS EUR 200,000 State of Saxony-Anhalt RegS
1.375% 26/9/2019 51,375 0.01 0.50% 25/6/2027 196,185 0.03
EUR 300,000 State of Lower Saxony RegS EUR 200,000 State of Schleswig-Holstein
1/3/2021 (Zero Coupon) 302,175 0.05 Germany RegS 0.50% 19/5/2026 198,320 0.03
EUR 300,000 State of Lower Saxony RegS EUR 100,000 Talanx AG 3.125% 13/2/2023 113,102 0.02
0.125% 7/3/2023 300,081 0.05 EUR 100,000 TLG Immobilien AG RegS 1.375%
EUR 100,000 State of Lower Saxony RegS 27/11/2024 99,165 0.02
2.125% 11/10/2023 110,504 0.02 EUR 150,000 UniCredit Bank AG RegS 0.125%
EUR 100,000 State of Lower Saxony RegS 2.125% 1/3/2022 150,778 0.02
16/1/2024 110,767 0.02 EUR 400,000 UniCredit Bank AG RegS 0.50%
EUR 450,000 State of Lower Saxony RegS 4/5/2026 395,886 0.06
2/8/2024 (Zero Coupon) 440,611 0.07 EUR 100,000 Vier Gas Transport GmbH RegS
0.625% 20/1/2025 50,717 0.01 EUR 100,000 Volkswagen Bank GmbH RegS
0.50% 8/6/2026 198,378 0.03 EUR 100,000 Volkswagen Leasing GmbH RegS
EUR 300,000 State of North Rhine-Westphalia 3.25% 10/5/2018 100,352 0.02
EUR 150,000 Volkswagen Leasing GmbH RegS
Germany 0.50% 15/12/2021 306,829 0.05
1.125% 4/4/2024 150,220 0.02
EUR 400,000 State of North Rhine-Westphalia
EUR 100,000 Wirtschafts- und Infrastrukturbank
Germany RegS 1.75% 17/5/2019* 410,072 0.06
Hessen 1.75% 15/4/2024 107,659 0.02
EUR 100,000 WL BANK AG Westfaelische
Germany RegS 0.875%
Landschaft Bodenkreditbank
16/12/2019 204,665 0.03 0.50% 29/7/2022 101,927 0.02
EUR 300,000 State of North Rhine-Westphalia EUR 200,000 WL BANK AG Westfaelische
Germany RegS 1.875% Landschaft Bodenkreditbank
15/9/2022 324,705 0.05 RegS 1.125% 18/9/2024 209,454 0.03
16/2/2023 101,283 0.02 RegS 0.875% 22/3/2028 200,565 0.03
16/3/2023 499,955 0.08 RegS 0.875% 18/1/2030 98,011 0.01
98,711,873 15.82
Germany RegS 0.20% 17/4/2023 200,492 0.03
Germany RegS 0.20% 16/2/2024 248,747 0.04 Hong Kong
EUR 150,000 State of North Rhine-Westphalia EUR 250,000 CNAC HK Finbridge Co Ltd RegS
Germany RegS 1.25% 14/3/2025 158,230 0.02 1.75% 14/6/2022 249,688 0.04
EUR 100,000 State of North Rhine-Westphalia 249,688 0.04
Germany RegS 2.00%
15/10/2025 110,924 0.02 Hungary
EUR 200,000 State of North Rhine-Westphalia EUR 200,000 Hungary Government International
Germany RegS 0.50% 16/2/2027 196,734 0.03 Bond RegS 6.00% 11/1/2019 209,762 0.03
Germany RegS 0.625% 21/7/2031 93,164 0.01
Iceland
Germany RegS 2.375% 13/5/2033 173,112 0.03
EUR 100,000 Arion Banki HF RegS 0.75%
29/6/2020 101,084 0.01
Germany RegS 1.25% 12/5/2036 97,644 0.01 EUR 100,000 Landsbankinn HF RegS 1.375%
EUR 150,000 State of North Rhine-Westphalia 14/3/2022 102,701 0.02
Germany RegS 1.65% 22/2/2038 155,632 0.02
Germany RegS 0.75% 16/8/2041 85,029 0.01
EUR 100,000 State of North Rhine-Westphalia Indonesia
Germany RegS 1.65% 16/5/2047 101,761 0.02 EUR 200,000 Indonesia Government International
EUR 100,000 State of North Rhine-Westphalia Bond RegS 2.625% 14/6/2023 212,730 0.03
EUR 100,000 State of North Rhine-Westphalia Bond RegS 3.375% 30/7/2025 110,000 0.02
EUR 150,000 State of Rhineland-Palatinate Bond RegS 3.75% 14/6/2028 113,200 0.02
0.125% 1/3/2023 150,061 0.02 435,930 0.07
EUR 200,000 State of Rhineland-Palatinate RegS
16/9/2019 (Zero Coupon) 201,322 0.03 Ireland
EUR 200,000 State of Rhineland-Palatinate RegS EUR 150,000 AIB Mortgage Bank RegS 3.125%
23/3/2020 (Zero Coupon) 201,626 0.03 10/9/2018 152,302 0.02
EUR 250,000 State of Rhineland-Palatinate RegS EUR 100,000 Bank of Ireland Mortgage Bank
2.375% 23/2/2022 273,912 0.04 RegS 3.625% 2/10/2020 109,634 0.02


Value Net Value Net
Ireland continued Israel

EUR 100,000 Bank of Ireland Mortgage Bank EUR 100,000 Israel Government International
RegS 0.625% 14/3/2025 100,371 0.02 Bond RegS 2.875% 29/1/2024 111,187 0.02
EUR 100,000 Bank of Ireland RegS 1.25% EUR 100,000 Israel Government International
9/4/2020 102,441 0.02 Bond RegS 2.375% 18/1/2037 106,313 0.02
EUR 50,000 Cloverie Plc for Zurich Insurance 217,500 0.04
Co Ltd FRN 24/7/2039 54,633 0.01
EUR 100,000 CRH Finance DAC RegS 3.125% Italy
3/4/2023 111,969 0.02 EUR 150,000 2i Rete Gas SpA RegS 1.608%
EUR 100,000 ESB Finance DAC RegS 1.75% 31/10/2027 148,734 0.02
7/2/2029 103,399 0.02 EUR 100,000 A2A SpA RegS 1.75% 25/2/2025 102,502 0.02
EUR 150,000 ESB Finance DAC RegS 1.875% EUR 100,000 ACEA SpA RegS 2.625% 15/7/2024 109,052 0.02
14/6/2031 154,678 0.02 EUR 250,000 ACEA SpA RegS 1.50% 8/6/2027 245,903 0.04
EUR 100,000 Fresenius Finance Ireland Plc RegS EUR 100,000 Aeroporti di Roma SpA RegS
1.50% 30/1/2024 103,297 0.02 1.625% 8/6/2027 101,427 0.02
EUR 100,000 Fresenius Finance Ireland Plc RegS EUR 100,000 Assicurazioni Generali SpA RegS
3.00% 30/1/2032 107,754 0.02 2.875% 14/1/2020 105,069 0.02
EUR 150,000 GE Capital European Funding EUR 100,000 Assicurazioni Generali SpA RegS
Unlimited Co 4.35% 3/11/2021 171,754 0.03 4.125% 4/5/2026 110,773 0.02
Unlimited Co 4.625% 22/2/2027 126,997 0.02 FRN 10/7/2042 134,490 0.02
Unlimited Co RegS 0.80% FRN 12/12/2042 125,766 0.02
21/1/2022 101,455 0.02 EUR 100,000 Assicurazioni Generali SpA RegS
EUR 200,000 German Postal Pensions FRN 8/6/2048 110,959 0.02
Securitisation Plc 3.75% 18/1/2021 221,460 0.03 EUR 100,000 Atlantia SpA RegS 1.625% 3/2/2025 101,429 0.02
EUR 200,000 Ireland Government Bond 4.50% EUR 125,000 Atlantia SpA RegS 1.875%
18/10/2018 205,418 0.03 13/7/2027 125,779 0.02
EUR 550,000 Ireland Government Bond 4.40% EUR 100,000 Autostrade per l’Italia SpA RegS
18/6/2019 583,146 0.09 4.375% 16/3/2020 108,661 0.02
EUR 300,000 Ireland Government Bond 5.90% EUR 100,000 Autostrade per l’Italia SpA RegS
18/10/2019 330,093 0.05 1.875% 4/11/2025 103,951 0.02
EUR 500,000 Ireland Government Bond 4.50% EUR 200,000 Banca Monte dei Paschi di Siena
18/4/2020 551,425 0.09 SpA RegS 2.875% 16/7/2024 223,288 0.04
EUR 600,000 Ireland Government Bond 5.00% EUR 100,000 Banca Popolare di Milano Scarl
18/10/2020 684,018 0.11 RegS 0.875% 14/9/2022 101,568 0.02
EUR 500,000 Ireland Government Bond 5.40% EUR 100,000 Banca Popolare di Sondrio SCPA
13/3/2025 669,525 0.11 RegS 1.375% 5/8/2019 102,140 0.02
EUR 450,000 Ireland Government Bond RegS EUR 100,000 Beni Stabili SpA SIIQ RegS 1.625%
0.80% 15/3/2022 467,091 0.07 17/10/2024 99,975 0.02
EUR 450,000 Ireland Government Bond RegS EUR 150,000 BPER Banca RegS 0.50%
3.90% 20/3/2023 535,799 0.08 22/7/2020 152,100 0.02
EUR 550,000 Ireland Government Bond RegS EUR 100,000 BPER Banca RegS 0.875%
3.40% 18/3/2024 652,784 0.10 22/1/2022 102,152 0.02
EUR 500,000 Ireland Government Bond RegS EUR 200,000 Cassa Depositi e Prestiti SpA
1.00% 15/5/2026 514,715 0.08 RegS 1.875% 7/2/2026 203,846 0.03
EUR 300,000 Ireland Government Bond RegS EUR 100,000 CDP Reti SpA RegS 1.875%
0.90% 15/5/2028 299,763 0.05 29/5/2022 104,599 0.02
EUR 500,000 Ireland Government Bond RegS EUR 100,000 Credit Agricole Cariparma SpA
2.40% 15/5/2030 576,755 0.09 RegS 0.875% 31/1/2022 102,506 0.02
1.70% 15/5/2037 311,868 0.05 RegS 0.875% 16/6/2023 102,164 0.02
2.00% 18/2/2045 484,218 0.08 RegS 0.25% 30/9/2024 97,166 0.01
EUR 100,000 Johnson Controls International Plc EUR 100,000 Credito Emiliano SpA RegS
1.00% 15/9/2023 100,647 0.02 0.875% 5/11/2021 102,413 0.02
EUR 100,000 Kerry Group Financial Services EUR 150,000 Eni SpA RegS 4.125% 16/9/2019 159,084 0.02
RegS 2.375% 10/9/2025 108,245 0.02 EUR 100,000 Eni SpA RegS 0.75% 17/5/2022 101,694 0.02
EUR 100,000 Lunar Funding V for Swisscom AG EUR 100,000 Eni SpA RegS 3.25% 10/7/2023 113,877 0.02
RegS 2.00% 30/9/2020 104,899 0.02 EUR 200,000 Eni SpA RegS 1.00% 14/3/2025 199,742 0.03
EUR 100,000 Roadster Finance Designated Activity EUR 100,000 Eni SpA RegS 1.50% 2/2/2026 101,974 0.02
Co RegS 2.375% 8/12/2027 98,494 0.01 EUR 100,000 Eni SpA RegS 1.50% 17/1/2027 100,743 0.02
EUR 100,000 Ryanair DAC RegS 1.125% EUR 100,000 Eni SpA RegS 1.625% 17/5/2028 100,388 0.02
10/3/2023 101,934 0.02 EUR 100,000 Esselunga SpA RegS 0.875%
9,102,981 1.46 25/10/2023 99,994 0.02
EUR 150,000 FCA Bank SpA/Ireland RegS
2.00% 23/10/2019 154,731 0.02
EUR 200,000 FCA Bank SpA/Ireland RegS
1.00% 15/11/2021 203,652 0.03


Value Net Value Net
Italy continued Italy continued

EUR 100,000 Ferrovie dello Stato Italiane SpA EUR 2,000,000 Italy Buoni Poliennali Del Tesoro
RegS 4.00% 22/7/2020 109,085 0.02 1.20% 1/4/2022 2,065,820 0.33
EUR 200,000 Ferrovie dello Stato Italiane SpA EUR 1,000,000 Italy Buoni Poliennali Del Tesoro
RegS 1.50% 27/6/2025 201,982 0.03 1.35% 15/4/2022 1,037,930 0.17
EUR 100,000 Hera SpA RegS 5.20% 29/1/2028 131,630 0.02 EUR 300,000 Italy Buoni Poliennali Del Tesoro
EUR 200,000 Intesa Sanpaolo SpA RegS 0.90% 1/8/2022 305,364 0.05
3.75% 25/9/2019 211,995 0.03 EUR 500,000 Italy Buoni Poliennali Del Tesoro
4.375% 15/10/2019 106,667 0.02 EUR 1,400,000 Italy Buoni Poliennali Del Tesoro
EUR 100,000 Intesa Sanpaolo SpA RegS 5.50% 1/11/2022 1,713,600 0.27
0.625% 20/1/2022* 204,018 0.03 EUR 600,000 Italy Buoni Poliennali Del Tesoro
EUR 200,000 Intesa Sanpaolo SpA RegS 1.375% 1.85% 15/5/2024 1,154,582 0.18
18/1/2024 203,104 0.03 EUR 650,000 Italy Buoni Poliennali Del Tesoro
EUR 200,000 Intesa Sanpaolo SpA RegS 1.125% 3.75% 1/9/2024 757,114 0.12
16/6/2027 201,685 0.03 EUR 1,550,000 Italy Buoni Poliennali Del Tesoro
EUR 100,000 Iren SpA RegS 1.50% 24/10/2027 97,625 0.01 1.45% 15/11/2024 1,579,791 0.25
EUR 100,000 Italgas SpA RegS 0.50% 19/1/2022 100,444 0.02 EUR 950,000 Italy Buoni Poliennali Del Tesoro
EUR 1,400,000 Italy Buoni Poliennali Del Tesoro 2.50% 1/12/2024 1,031,434 0.16
4.50% 1/3/2019 1,462,412 0.23 EUR 600,000 Italy Buoni Poliennali Del Tesoro
EUR 700,000 Italy Buoni Poliennali Del Tesoro 1.50% 1/6/2025 608,802 0.10
EUR 950,000 Italy Buoni Poliennali Del Tesoro 2.00% 1/12/2025 1,043,150 0.17
4.25% 1/9/2019 2,024,393 0.32 EUR 2,800,000 Italy Buoni Poliennali Del Tesoro
EUR 1,250,000 Italy Buoni Poliennali Del Tesoro 2.00% 1/2/2028 305,607 0.05
EUR 500,000 Italy Buoni Poliennali Del Tesoro RegS 4.50% 1/2/2020 1,958,328 0.31
EUR 800,000 Italy Buoni Poliennali Del Tesoro RegS 3.75% 1/8/2021 1,848,214 0.30
EUR 2,000,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 4.75% 1/8/2023 1,330,978 0.21
EUR 1,450,000 Italy Buoni Poliennali Del Tesoro RegS 4.50% 1/3/2026 1,599,897 0.26
EUR 500,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 3.50% 1/3/2030 1,324,466 0.21
5.00% 1/3/2022 1,240,780 0.20


Value Net Value Net
Italy continued Japan

EUR 850,000 Italy Buoni Poliennali Del Tesoro EUR 100,000 MUFG Bank Ltd RegS 0.875%
RegS 5.00% 1/8/2034 1,155,209 0.18 11/3/2022 101,735 0.02
EUR 1,500,000 Italy Buoni Poliennali Del Tesoro EUR 100,000 Sumitomo Mitsui Banking Corp
RegS ‘144A’ 2.25% 1/9/2036 1,458,450 0.23 RegS 2.25% 16/12/2020 105,951 0.02
EUR 900,000 Italy Buoni Poliennali Del Tesoro EUR 150,000 Sumitomo Mitsui Financial Group
RegS 4.00% 1/2/2037 1,108,827 0.18 Inc RegS 1.546% 15/6/2026 153,990 0.02
EUR 850,000 Italy Buoni Poliennali Del Tesoro
361,676 0.06
RegS ‘144A’ 2.95% 1/9/2038 899,139 0.14
RegS 5.00% 1/8/2039 1,110,752 0.18
Jersey
EUR 100,000 Aptiv Plc 1.60% 15/9/2028 98,541 0.01
EUR 1,450,000 Italy Buoni Poliennali Del Tesoro
RegS 5.00% 1/9/2040 2,009,656 0.32 EUR 100,000 Atrium European Real Estate Ltd
EUR 1,050,000 Italy Buoni Poliennali Del Tesoro RegS 3.625% 17/10/2022 110,430 0.02
RegS ‘144A’ 4.75% 1/9/2044 1,432,525 0.23 EUR 100,000 Glencore Finance Europe Ltd RegS
RegS ‘144A’ 3.25% 1/9/2046 1,040,696 0.17 EUR 150,000 Glencore Finance Europe Ltd RegS
RegS ‘144A’ 2.70% 1/3/2047 838,661 0.13 EUR 100,000 Glencore Finance Europe Ltd RegS
RegS ‘144A’ 3.45% 1/3/2048 616,209 0.10 EUR 100,000 Heathrow Funding Ltd RegS
RegS ‘144A’ 2.80% 1/3/2067 519,219 0.08 671,925 0.11
EUR 400,000 Italy Certificati di Credito del Tesoro
30/5/2019 (Zero Coupon) 401,672 0.06
Latvia
EUR 100,000 Luxottica Group SpA RegS
EUR 150,000 Latvia Government International
2.625% 10/2/2024 111,383 0.02
Bond RegS 2.625% 21/1/2021 161,601 0.02
EUR 125,000 Mediobanca Banca di Credito
EUR 100,000 Latvia Government International
Finanziario SpA RegS 0.75%
17/2/2020 126,605 0.02 Bond RegS 2.875% 30/4/2024 115,293 0.02
EUR 100,000 Mediobanca Banca di Credito EUR 100,000 Latvia Government International
Finanziario SpA RegS 3.625% Bond RegS 2.25% 15/2/2047 109,791 0.02
17/10/2023 117,378 0.02 386,685 0.06
EUR 100,000 RAI-Radiotelevisione Italiana SpA
RegS 1.50% 28/5/2020 102,717 0.02 Lithuania
EUR 550,000 Republic of Italy Government EUR 150,000 Lithuania Government International
International Bond RegS 5.125% Bond RegS 1.25% 22/10/2025 156,267 0.02
31/7/2024 680,947 0.11 EUR 100,000 Lithuania Government International
EUR 300,000 Snam SpA RegS 25/10/2020 Bond RegS 2.10% 26/5/2047 104,337 0.02
(Zero Coupon) 299,694 0.05
EUR 125,000 Snam SpA RegS 0.875% 260,604 0.04
25/10/2026 119,926 0.02
EUR 250,000 Terna Rete Elettrica Nazionale SpA Luxembourg
RegS 4.875% 3/10/2019 268,560 0.04 EUR 100,000 ADO Properties SA RegS 1.50%
EUR 50,000 Terna Rete Elettrica Nazionale SpA 26/7/2024 99,647 0.02
RegS 4.75% 15/3/2021 56,824 0.01 EUR 100,000 Allergan Funding SCS 1.25%
EUR 100,000 Terna Rete Elettrica Nazionale SpA 1/6/2024 98,645 0.02
RegS 0.875% 2/2/2022 102,143 0.02 EUR 100,000 Aroundtown SA RegS 2.125%
EUR 50,000 UniCredit SpA 4.375% 29/1/2020 54,010 0.01 13/3/2023 104,730 0.02
EUR 200,000 UniCredit SpA RegS 3.625% EUR 200,000 Aroundtown SA RegS FRN
24/1/2019 206,166 0.03 (Perpetual) 187,710 0.03
EUR 100,000 UniCredit SpA RegS 2.00% EUR 50,000 Ciba Specialty Chemicals Finance
4/3/2023 105,340 0.02 Luxembourg SA RegS 4.875%
EUR 100,000 UniCredit SpA RegS 3.00% 20/6/2018 50,545 0.01
31/1/2024 114,533 0.02 EUR 100,000 DH Europe Finance SA 2.50%
EUR 100,000 UniCredit SpA RegS 0.75% 8/7/2025 110,511 0.02
30/4/2025 100,303 0.02 EUR 100,000 Dream Global Funding I Sarl RegS
EUR 100,000 UniCredit SpA RegS 2.125% 1.375% 21/12/2021 100,006 0.02
24/10/2026 104,930 0.02
EUR 300,000 European Financial Stability Facility
EUR 400,000 UniCredit SpA RegS 0.375%
RegS 0.125% 4/11/2019 302,724 0.05
31/10/2026 380,586 0.06
EUR 100,000 Unione di Banche Italiane SpA
RegS 1.50% 22/1/2020 569,030 0.09
RegS 3.125% 14/10/2020 108,276 0.02
EUR 300,000 Unione di Banche Italiane SpA EUR 600,000 European Financial Stability Facility
RegS 0.75% 17/10/2022 298,305 0.05 RegS 1.625% 17/7/2020 626,955 0.10
RegS 1.25% 7/2/2025 103,749 0.02 RegS 1.75% 29/10/2020 210,586 0.03
RegS 0.375% 14/9/2026 190,209 0.03 RegS 0.10% 19/1/2021 202,060 0.03
RegS 1.125% 4/10/2027 100,106 0.02 RegS 29/3/2021 (Zero Coupon) 402,800 0.06
94,274,931 15.11


Value Net Value Net
Luxembourg continued Luxembourg continued

EUR 500,000 European Financial Stability Facility EUR 50,000 HeidelbergCement Finance
RegS 1.375% 7/6/2021* 525,400 0.08 Luxembourg SA RegS 1.625%
EUR 350,000 European Financial Stability Facility 7/4/2026 50,715 0.01
RegS 2.25% 5/9/2022 385,395 0.06 EUR 75,000 HeidelbergCement Finance
EUR 200,000 European Financial Stability Facility Luxembourg SA RegS 1.50%
RegS 17/11/2022 (Zero Coupon) 199,890 0.03 14/6/2027 74,362 0.01
EUR 400,000 European Financial Stability Facility EUR 100,000 Holcim Finance Luxembourg SA
RegS 0.50% 20/1/2023 408,272 0.06 RegS 1.375% 26/5/2023 102,699 0.02
EUR 450,000 European Financial Stability Facility EUR 100,000 Holcim Finance Luxembourg SA
RegS 1.875% 23/5/2023 490,162 0.08 RegS 1.75% 29/8/2029 96,970 0.01
EUR 300,000 European Financial Stability Facility EUR 150,000 Luxembourg Government Bond
RegS 0.125% 17/10/2023 298,665 0.05 RegS 2.25% 21/3/2022 164,552 0.03
RegS 1.75% 27/6/2024 163,190 0.03 RegS 2.125% 10/7/2023 222,044 0.03
RegS 0.375% 11/10/2024* 700,728 0.11 RegS 0.625% 1/2/2027 250,252 0.04
EUR 200,000 European Financial Stability Facility EUR 200,000 Nestle Finance International Ltd
RegS 0.40% 17/2/2025 199,593 0.03 RegS 1.25% 4/5/2020 205,620 0.03
EUR 200,000 European Financial Stability Facility EUR 75,000 Nestle Finance International Ltd
RegS 0.20% 28/4/2025 196,496 0.03 RegS 1.75% 2/11/2037 76,748 0.01
EUR 200,000 European Financial Stability Facility EUR 250,000 Novartis Finance SA RegS 0.125%
RegS 0.40% 31/5/2026 197,044 0.03 20/9/2023 245,245 0.04
EUR 300,000 European Financial Stability Facility EUR 100,000 Novartis Finance SA RegS 1.375%
RegS 0.75% 3/5/2027 301,272 0.05 14/8/2030 100,131 0.02
EUR 400,000 European Financial Stability Facility EUR 150,000 Richemont International Holding SA
RegS 0.875% 26/7/2027 405,540 0.06 RegS 1.00% 26/3/2026 149,463 0.02
RegS 0.95% 14/2/2028 305,013 0.05 RegS 1.50% 26/3/2030 99,847 0.02
RegS 3.875% 30/3/2032 614,295 0.10 RegS 2.00% 26/3/2038 198,939 0.03
EUR 350,000 European Financial Stability Facility EUR 100,000 SELP Finance Sarl RegS 1.50%
RegS 1.25% 24/5/2033 355,127 0.06 20/11/2025 98,839 0.02
EUR 150,000 European Financial Stability Facility EUR 100,000 SES SA RegS 4.625% 9/3/2020 108,827 0.02
RegS 3.00% 4/9/2034* 190,474 0.03 13,864,229 2.22
RegS 3.375% 3/4/2037 135,540 0.02
Mexico
EUR 100,000 America Movil SAB de CV 3.00%
RegS 1.45% 5/9/2040 202,986 0.03
12/7/2021 109,013 0.02
EUR 100,000 America Movil SAB de CV 1.50%
RegS 1.70% 13/2/2043 105,541 0.02
10/3/2024 103,762 0.02
EUR 100,000 Fomento Economico Mexicano SAB
RegS 2.35% 29/7/2044 119,940 0.02
de CV RegS 1.75% 20/3/2023 104,028 0.02
EUR 200,000 Mexico Government International
RegS 1.20% 17/2/2045 424,390 0.07
Bond 2.75% 22/4/2023 215,875 0.03
RegS 1.375% 31/5/2047 146,325 0.02
Bond 1.625% 6/3/2024 101,375 0.02
RegS 1.80% 10/7/2048 214,918 0.03
Bond 1.375% 15/1/2025 197,000 0.03
RegS 2.00% 28/2/2056 166,677 0.03
Bond 3.375% 23/2/2031 111,875 0.02
EUR 150,000 Gazprom OAO Via Gaz Capital SA
RegS 3.60% 26/2/2021 160,199 0.02
Bond 3.00% 6/3/2045 96,250 0.01
EUR 150,000 Gazprom OAO Via Gaz Capital SA
RegS 4.364% 21/3/2025 169,184 0.03
Bond 4.00% 15/3/2115 92,875 0.01
EUR 200,000 GELF Bond Issuer I SA RegS
EUR 200,000 Petroleos Mexicanos RegS
1.625% 20/10/2026 199,934 0.03
3.75% 15/3/2019 206,775 0.03
EUR 100,000 Grand City Properties SA RegS
1.50% 17/4/2025 100,330 0.02
1.875% 21/4/2022 100,875 0.02
EUR 200,000 Grand City Properties SA RegS
1.375% 3/8/2026 195,345 0.03
3.75% 21/2/2024 106,062 0.02
EUR 50,000 Hannover Finance Luxembourg SA
FRN 14/9/2040 56,140 0.01
5.50% 24/2/2025 58,250 0.01
EUR 100,000 Harman Finance International SCA
2.00% 27/5/2022 105,571 0.02
2.75% 21/4/2027 93,563 0.01
EUR 100,000 HeidelbergCement Finance
Luxembourg SA RegS 8.50%
4.875% 21/2/2028 107,750 0.02
31/10/2019 113,451 0.02
1,805,328 0.29


Value Net Value Net
Morocco Netherlands continued

EUR 100,000 Morocco Government International EUR 200,000 Bank Nederlandse Gemeenten NV
Bond RegS 4.50% 5/10/2020 110,707 0.02 RegS 1.125% 4/9/2024 209,392 0.03
110,707 0.02 EUR 300,000 Bank Nederlandse Gemeenten NV
RegS 0.20% 9/11/2024 296,142 0.05
Netherlands EUR 250,000 Bank Nederlandse Gemeenten NV
EUR 100,000 ABB Finance BV RegS RegS 1.00% 12/1/2026 257,427 0.04
0.625% 3/5/2023 101,208 0.02 EUR 100,000 Bank Nederlandse Gemeenten NV
EUR 50,000 ABN AMRO Bank NV RegS 0.625% 19/6/2027 98,739 0.01
3.625% 22/6/2020 54,385 0.01 EUR 200,000 BASF Finance Europe NV RegS
10/11/2020 (Zero Coupon) 200,460 0.03
EUR 250,000 ABN AMRO Bank NV
EUR 100,000 Bharti Airtel International Netherlands
3.50% 21/9/2022 287,897 0.05
BV RegS 3.375% 20/5/2021 107,194 0.02
EUR 150,000 ABN AMRO Bank NV RegS
EUR 100,000 BMW Finance NV RegS 3.25%
1.875% 31/7/2019 154,573 0.02
14/1/2019 102,765 0.02
6.375% 27/4/2021 117,361 0.02
12/1/2021 250,425 0.04
4.125% 28/3/2022 57,517 0.01
15/2/2022 154,375 0.02
0.625% 31/5/2022 151,767 0.02
5/9/2022 77,858 0.01
1.00% 16/4/2025 152,040 0.02
12/7/2024 199,857 0.03
EUR 200,000 ABN AMRO Bank NV RegS EUR 100,000 BMW Finance NV RegS 1.00%
FRN 30/6/2025 210,046 0.03 21/1/2025 101,029 0.02
EUR 100,000 ABN AMRO Bank NV RegS EUR 100,000 Bunge Finance Europe BV 1.85%
0.875% 14/1/2026 102,278 0.02 16/6/2023 103,690 0.02
EUR 100,000 ABN AMRO Bank NV RegS EUR 150,000 Compass Group International BV
FRN 18/1/2028 107,114 0.02 RegS 0.625% 3/7/2024 148,773 0.02
EUR 200,000 ABN AMRO Bank NV RegS EUR 100,000 Cooperatieve Rabobank UA 5.875%
1.50% 30/9/2030 208,828 0.03 20/5/2019 106,566 0.02
1.00% 13/4/2031 97,913 0.01 14/1/2020 322,581 0.05
1.125% 12/1/2032 98,729 0.02 9/11/2020 81,793 0.01
1.25% 10/1/2033 198,800 0.03 14/7/2025 61,680 0.01
EUR 100,000 ABN AMRO Bank NV RegS EUR 250,000 Cooperatieve Rabobank UA RegS
1.375% 12/1/2037 99,470 0.02 4.125% 12/1/2021 278,245 0.04
EUR 100,000 Achmea BV RegS FRN (Perpetual) 105,399 0.02 EUR 200,000 Cooperatieve Rabobank UA RegS
EUR 100,000 Adecco International Financial 0.125% 11/10/2021 199,581 0.03
Services BV RegS 1.50% EUR 250,000 Cooperatieve Rabobank UA RegS
22/11/2022 104,648 0.02 0.50% 6/12/2022 250,847 0.04
EUR 300,000 Aegon Bank NV RegS 0.75% EUR 100,000 Cooperatieve Rabobank UA RegS
27/6/2027 295,740 0.05 2.375% 22/5/2023 109,443 0.02
EUR 100,000 Airbus Finance BV RegS 2.375% EUR 100,000 Cooperatieve Rabobank UA RegS
2/4/2024 109,621 0.02 3.875% 25/7/2023 115,232 0.02
EUR 100,000 Airbus Finance BV RegS 1.375% EUR 200,000 Cooperatieve Rabobank UA RegS
13/5/2031 98,211 0.01 0.25% 31/5/2024 198,708 0.03
EUR 150,000 Alliander NV RegS 2.25% EUR 300,000 Cooperatieve Rabobank UA RegS
14/11/2022 163,314 0.03 1.25% 23/3/2026 305,940 0.05
EUR 100,000 Allianz Finance II BV FRN 8/7/2041 115,610 0.02 EUR 100,000 de Volksbank NV RegS 1.00%
EUR 100,000 Allianz Finance II BV RegS 3.00% 8/3/2028 100,287 0.02
13/3/2028 119,060 0.02 EUR 100,000 de Volksbank NV RegS 0.75%
EUR 125,000 ASML Holding NV RegS 1.625% 24/10/2031 93,417 0.01
28/5/2027 128,018 0.02 EUR 100,000 Delta Lloyd Levensverzekering NV
EUR 100,000 ASR Nederland NV RegS FRN RegS FRN 29/8/2042 130,800 0.02
29/9/2045 114,671 0.02 EUR 100,000 Demeter Investments BV for Zurich
EUR 150,000 Bank Nederlandse Gemeenten NV Insurance Co Ltd RegS FRN
3.875% 26/5/2023 178,545 0.03 1/10/2046 108,138 0.02
EUR 300,000 Bank Nederlandse Gemeenten NV EUR 100,000 Deutsche Post Finance BV RegS
RegS 0.75% 21/5/2018 300,487 0.05 2.95% 27/6/2022 111,391 0.02
EUR 200,000 Bank Nederlandse Gemeenten NV EUR 150,000 Deutsche Telekom International
RegS 1.50% 15/4/2020 207,686 0.03 Finance BV 4.25% 16/3/2020 162,718 0.03
RegS 2.625% 1/9/2020 107,210 0.02 Finance BV RegS 6.625%
EUR 200,000 Bank Nederlandse Gemeenten NV 29/3/2018 100,029 0.02
RegS 0.50% 26/8/2022 204,005 0.03 EUR 200,000 Deutsche Telekom International
EUR 100,000 Bank Nederlandse Gemeenten NV Finance BV RegS 0.375%
RegS 2.25% 17/7/2023 110,942 0.02 30/10/2021 200,967 0.03
RegS 0.25% 7/6/2024 198,849 0.03 Finance BV RegS 2.75%
24/10/2024 56,265 0.01


Value Net Value Net
Netherlands continued Netherlands continued

EUR 200,000 Deutsche Telekom International EUR 100,000 ING Bank NV RegS FRN
Finance BV RegS 1.125% 25/2/2026 108,324 0.02
22/5/2026 199,608 0.03 EUR 100,000 ING Groep NV FRN 11/4/2028 108,067 0.02
EUR 225,000 Deutsche Telekom International EUR 300,000 ING Groep NV RegS 1.125%
Finance BV RegS 1.50% 14/2/2025 298,411 0.05
3/4/2028 225,288 0.04 EUR 100,000 ING Groep NV RegS 1.375%
EUR 50,000 E.ON International Finance BV 11/1/2028 98,256 0.01
5.75% 7/5/2020 56,137 0.01 EUR 150,000 innogy Finance BV RegS 6.625%
EUR 200,000 EDP Finance BV RegS 2.625% 31/1/2019 158,554 0.02
18/1/2022 216,284 0.03 EUR 50,000 innogy Finance BV RegS 6.50%
EUR 125,000 EDP Finance BV RegS 1.125% 10/8/2021 60,477 0.01
12/2/2024 125,250 0.02 EUR 200,000 innogy Finance BV RegS 1.50%
EUR 100,000 ELM BV for Swiss Life Insurance 31/7/2029 195,112 0.03
& Pension Group RegS FRN EUR 50,000 innogy Finance BV RegS 5.75%
(Perpetual) 110,160 0.02 14/2/2033 74,135 0.01
EUR 150,000 ELM BV for Swiss Reinsurance EUR 100,000 JAB Holdings BV RegS 1.50%
Co Ltd RegS FRN (Perpetual) 152,385 0.02 24/11/2021 104,041 0.02
EUR 50,000 EnBW International Finance BV EUR 100,000 JAB Holdings BV RegS 2.00%
6.125% 7/7/2039 84,305 0.01 18/5/2028 101,269 0.02
EUR 100,000 EnBW International Finance BV EUR 100,000 Koninklijke Ahold Delhaize NV
RegS 2.50% 4/6/2026 112,060 0.02 RegS 0.875% 19/9/2024 99,806 0.02
EUR 300,000 Enel Finance International NV EUR 150,000 Koninklijke DSM NV RegS 1.375%
1.966% 27/1/2025 316,809 0.05 26/9/2022 157,414 0.02
EUR 50,000 Enel Finance International NV RegS EUR 200,000 Koninklijke KPN NV RegS 7.50%
5.00% 14/9/2022 60,062 0.01 4/2/2019 212,808 0.03
EUR 300,000 Enel Finance International NV RegS EUR 100,000 Koninklijke KPN NV RegS 1.125%
1.00% 16/9/2024 300,160 0.05 11/9/2028 95,458 0.01
EUR 130,000 Enel Finance International NV RegS EUR 300,000 LeasePlan Corp NV RegS 0.75%
1.375% 1/6/2026 130,233 0.02 3/10/2022 300,615 0.05
EUR 100,000 Enexis Holding NV RegS 0.875% EUR 150,000 Linde Finance BV RegS 1.00%
28/4/2026 99,028 0.02 20/4/2028* 148,644 0.02
EUR 200,000 Evonik Finance BV RegS 8/3/2021 EUR 100,000 Madrilena Red de Gas Finance BV
(Zero Coupon) 199,262 0.03 RegS 2.25% 11/4/2029 102,612 0.02
EUR 100,000 Evonik Finance BV RegS 0.75% EUR 100,000 Mylan NV RegS 1.25% 23/11/2020 102,332 0.02
7/9/2028 93,038 0.01 EUR 100,000 Mylan NV RegS 2.25% 22/11/2024 102,801 0.02
EUR 150,000 EXOR NV RegS 2.125% 2/12/2022 159,840 0.02 EUR 150,000 Nederlandse Gasunie NV RegS
EUR 100,000 F van Lanschot Bankiers NV RegS 3.625% 13/10/2021 168,564 0.03
0.275% 28/4/2022 100,614 0.02 EUR 200,000 Nederlandse Waterschapsbank NV
EUR 100,000 Gas Natural Fenosa Finance BV RegS 1.125% 28/1/2019 202,688 0.03
RegS 2.875% 11/3/2024 111,132 0.02 EUR 250,000 Nederlandse Waterschapsbank NV
EUR 100,000 Heineken NV RegS 3.50% RegS 0.50% 19/1/2023 203,510 0.03
19/3/2024 116,001 0.02 EUR 100,000 Nederlandse Waterschapsbank NV
EUR 50,000 Hella Finance International BV RegS 1.25% 27/5/2036 97,544 0.01
1.00% 17/5/2024 50,404 0.01 EUR 100,000 Nederlandse Waterschapsbank NV
EUR 100,000 Iberdrola International BV RegS RegS 1.625% 29/1/2048 101,424 0.02
1.75% 17/9/2023 105,978 0.02 EUR 850,000 Netherlands Government Bond
EUR 100,000 Iberdrola International BV RegS 0.25% 15/1/2020 863,591 0.14
0.375% 15/9/2025 95,226 0.01 EUR 450,000 Netherlands Government Bond
EUR 100,000 Iberdrola International BV RegS 3.75% 15/1/2023 533,785 0.08
FRN (Perpetual) 98,394 0.02 EUR 600,000 Netherlands Government Bond
EUR 100,000 ING Bank NV RegS 1.25% 5.50% 15/1/2028 884,916 0.14
13/12/2019 102,362 0.02 EUR 350,000 Netherlands Government Bond
EUR 150,000 ING Bank NV RegS 4.00% RegS ‘144A’ 4.00% 15/7/2019 371,087 0.06
EUR 100,000 ING Bank NV RegS 2.00% RegS ‘144A’ 3.50% 15/7/2020 984,132 0.16
28/8/2020 105,520 0.02 EUR 1,100,000 Netherlands Government Bond
EUR 200,000 ING Bank NV RegS 3.375% RegS ‘144A’ 3.25% 15/7/2021 1,232,682 0.20
EUR 150,000 ING Bank NV RegS 4.50% RegS ‘144A’ 15/1/2022
21/2/2022 174,575 0.03 (Zero Coupon) 909,450 0.14


Value Net Value Net
Netherlands continued Netherlands continued

EUR 800,000 Netherlands Government EUR 100,000 TenneT Holding BV RegS 4.50%
Bond RegS ‘144A’ 2.25% 9/2/2022 116,444 0.02
15/7/2022 884,960 0.14 EUR 200,000 TenneT Holding BV RegS 1.375%
EUR 1,000,000 Netherlands Government Bond 26/6/2029 201,150 0.03
RegS ‘144A’ 1.75% 15/7/2023 1,094,100 0.17 EUR 100,000 TenneT Holding BV RegS 1.875%
EUR 500,000 Netherlands Government Bond 13/6/2036 102,749 0.02
RegS ‘144A’ 15/1/2024 EUR 150,000 Unilever NV RegS 0.50% 3/2/2022 151,323 0.02
(Zero Coupon) 497,312 0.08 EUR 150,000 Unilever NV RegS 1.00% 3/6/2023 153,737 0.02
EUR 950,000 Netherlands Government EUR 100,000 Unilever NV RegS 0.875%
Bond RegS ‘144A’ 2.00% 31/7/2025 100,063 0.02
15/7/2024 1,060,504 0.17 EUR 200,000 Unilever NV RegS 1.625%
EUR 1,050,000 Netherlands Government Bond 12/2/2033 199,418 0.03
RegS ‘144A’ 0.25% 15/7/2025* 1,047,039 0.17 EUR 100,000 Urenco Finance NV RegS 2.25%
EUR 700,000 Netherlands Government Bond 5/8/2022 107,326 0.02
RegS ‘144A’ 0.50% 15/7/2026 705,516 0.11 EUR 250,000 Volkswagen International Finance
EUR 1,000,000 Netherlands Government Bond NV RegS 2.00% 14/1/2020 259,035 0.04
RegS ‘144A’ 0.75% 15/7/2027 1,020,530 0.16 EUR 100,000 Volkswagen International Finance
EUR 800,000 Netherlands Government Bond NV RegS 0.50% 30/3/2021 100,712 0.02
RegS ‘144A’ 2.50% 15/1/2033 980,696 0.16 EUR 100,000 Volkswagen International Finance
EUR 825,000 Netherlands Government Bond NV RegS FRN (Perpetual) 159,613 0.02
EUR 100,000 NIBC Bank NV RegS 0.25% NV RegS FRN (Perpetual) 202,290 0.03
22/4/2022 100,505 0.02 EUR 100,000 Volkswagen International Finance
EUR 300,000 NIBC Bank NV RegS 1.00% NV RegS FRN (Perpetual) 98,518 0.02
EUR 100,000 NN Group NV RegS 0.875% NV RegS FRN (Perpetual) 202,752 0.03
EUR 100,000 NN Group NV RegS 1.625% NV RegS FRN (Perpetual) 101,648 0.02
1/6/2027 101,962 0.02 EUR 100,000 Vonovia Finance BV RegS 3.125%
EUR 100,000 NN Group NV RegS FRN 8/4/2044 111,910 0.02 25/7/2019 104,272 0.02
EUR 200,000 NN Group NV RegS FRN (Perpetual) 216,056 0.03 EUR 200,000 Vonovia Finance BV RegS 1.75%
EUR 150,000 Nomura Europe Finance NV RegS 25/1/2027 201,914 0.03
1.125% 3/6/2020 153,241 0.02 EUR 300,000 Vonovia Finance BV RegS 1.50%
EUR 100,000 RELX Finance BV RegS 1.00% 14/1/2028 292,108 0.05
22/3/2024 100,883 0.02 EUR 100,000 Vonovia Finance BV RegS 2.125%
EUR 100,000 RELX Finance BV RegS 1.375% 22/3/2030 100,760 0.02
12/5/2026 101,228 0.02 EUR 100,000 Vonovia Finance BV RegS FRN
EUR 100,000 Repsol International Finance BV (Perpetual) 108,317 0.02
RegS 2.625% 28/5/2020 105,641 0.02 EUR 100,000 Wolters Kluwer NV RegS 1.50%
EUR 100,000 Repsol International Finance BV 22/3/2027 101,476 0.02
RegS 2.25% 10/12/2026 109,109 0.02 EUR 100,000 WPC Eurobond BV 2.125%
EUR 50,000 Roche Finance Europe BV RegS 15/4/2027 99,910 0.02
2.00% 25/6/2018 50,263 0.01 EUR 150,000 Wurth Finance International BV
EUR 150,000 Roche Finance Europe BV RegS RegS 1.00% 19/5/2022 154,737 0.02
0.875% 25/2/2025 152,310 0.02 42,398,271 6.80
EUR 100,000 Royal Schiphol Group NV RegS
2.00% 5/10/2026 107,277 0.02
New Zealand
EUR 150,000 Schaeffler Finance BV RegS 3.25%
EUR 200,000 ANZ New Zealand Int’l Ltd RegS
15/5/2025 160,182 0.02
0.40% 1/3/2022 199,478 0.03
EUR 50,000 Shell International Finance BV
EUR 100,000 ASB Finance Ltd/London RegS
4.375% 14/5/2018 50,259 0.01
0.25% 14/4/2021 100,719 0.01
EUR 100,000 Westpac Securities NZ Ltd/London
2.50% 24/3/2026 111,830 0.02
RegS 0.25% 6/4/2022 100,274 0.02
RegS 1.625% 24/3/2021 209,358 0.03 400,471 0.06
RegS 1.00% 6/4/2022 205,788 0.03 Norway
EUR 150,000 Shell International Finance BV EUR 100,000 Avinor AS RegS 1.25% 9/2/2027 101,310 0.02
RegS 0.75% 15/8/2028 142,291 0.02 EUR 150,000 DNB Bank ASA RegS 3.875%
EUR 200,000 Siemens Financieringsmaatschappij 29/6/2020 163,042 0.02
NV RegS 1.50% 10/3/2020 206,338 0.03 EUR 150,000 DNB Bank ASA RegS 4.375%
EUR 100,000 Stedin Holding NV RegS 0.875% 24/2/2021 168,614 0.03
24/10/2025 100,044 0.02 EUR 100,000 DNB Boligkreditt AS 2.75%
EUR 100,000 Syngenta Finance NV RegS 1.25% 21/3/2022 110,477 0.02
10/9/2027 85,891 0.01


Value Net Value Net
Norway continued Poland continued

EUR 100,000 DNB Boligkreditt AS RegS 1.875% EUR 150,000 Republic of Poland Government
18/6/2019 102,728 0.02 International Bond RegS 3.375%
EUR 300,000 DNB Boligkreditt AS RegS 0.05% 9/7/2024 174,486 0.03
11/1/2022 299,895 0.05 EUR 100,000 Republic of Poland Government
EUR 200,000 DNB Boligkreditt AS RegS 1.875% International Bond RegS 1.50%
21/11/2022 215,370 0.03 19/1/2026* 103,920 0.02
EUR 200,000 DNB Boligkreditt AS RegS 0.25% EUR 150,000 Republic of Poland Government
18/4/2023 199,602 0.03 International Bond RegS 1.375%
EUR 150,000 Eika Boligkreditt AS RegS 2.125% 22/10/2027 152,777 0.02
30/1/2023 163,375 0.03 EUR 100,000 Republic of Poland Government
EUR 100,000 Kommunalbanken AS RegS 0.875% International Bond RegS 1.00%
24/5/2027 100,157 0.02 25/10/2028 97,473 0.01
EUR 300,000 SpareBank 1 Boligkreditt AS RegS EUR 150,000 Republic of Poland Government
1.50% 20/1/2020 309,699 0.05 International Bond RegS
EUR 200,000 SpareBank 1 Boligkreditt AS RegS 2.375% 18/1/2036* 160,895 0.03
1.50% 12/6/2020 207,616 0.03 EUR 100,000 Tauron Polska Energia SA RegS
EUR 100,000 SpareBank 1 Boligkreditt AS RegS 2.375% 5/7/2027 102,206 0.02
0.25% 30/8/2026 95,896 0.01 2,455,609 0.39
EUR 175,000 Sparebank 1 Oestlandet RegS
0.875% 13/3/2023 176,126 0.03
Portugal
EUR 125,000 SpareBank 1 SMN RegS 0.75%
EUR 100,000 Banco Comercial Portugues SA
8/6/2021 126,789 0.02
RegS 0.75% 31/5/2022 101,581 0.02
EUR 150,000 SpareBank 1 SR-Bank ASA RegS
EUR 100,000 Banco Santander Totta SA RegS
2.125% 14/4/2021 158,544 0.02
1.25% 26/9/2027 101,436 0.02
EUR 100,000 Sparebanken Soer Boligkreditt AS
EUR 100,000 Brisa Concessao Rodoviaria SA
RegS 0.25% 22/3/2021 100,897 0.02
RegS 2.00% 22/3/2023 106,593 0.02
EUR 100,000 Sparebanken Soer Boligkreditt AS
EUR 100,000 Caixa Economica Montepio Geral
RegS 0.375% 20/2/2023 100,376 0.02
Caixa Economica Bancaria SA
EUR 100,000 Sparebanken Vest Boligkreditt AS
RegS 0.875% 17/10/2022 101,037 0.01
RegS 0.375% 22/9/2020 101,387 0.02
EUR 200,000 Caixa Geral de Depositos SA RegS
EUR 100,000 Sparebanken Vest Boligkreditt AS
1.00% 27/1/2022 204,744 0.03
RegS 0.25% 29/4/2022 100,479 0.01
EUR 100,000 Galp Gas Natural Distribuicao SA
EUR 100,000 Statkraft AS RegS 1.50% 21/9/2023 104,426 0.02
RegS 1.375% 19/9/2023 102,345 0.02
EUR 100,000 Statoil ASA RegS 2.00% 10/9/2020 104,994 0.02
EUR 1,000,000 Portugal Obrigacoes do Tesouro OT
EUR 150,000 Statoil ASA RegS 0.75% 9/11/2026* 148,102 0.02
RegS ‘144A’ 4.80% 15/6/2020 1,110,770 0.18
EUR 150,000 Statoil ASA RegS 1.625% 17/2/2035 148,955 0.02
EUR 700,000 Portugal Obrigacoes do Tesouro OT
EUR 150,000 Telenor ASA RegS 2.50% 22/5/2025 167,668 0.03
RegS ‘144A’ 3.85% 15/4/2021 782,950 0.12
3,776,524 0.61 EUR 500,000 Portugal Obrigacoes do Tesouro OT
RegS ‘144A’ 2.20% 17/10/2022 543,695 0.09
Panama EUR 1,500,000 Portugal Obrigacoes do Tesouro OT
EUR 125,000 Carnival Corp 1.875% 7/11/2022 132,764 0.02 RegS ‘144A’ 4.95% 25/10/2023 1,858,395 0.30
132,764 0.02 EUR 200,000 Portugal Obrigacoes do Tesouro OT
RegS ‘144A’ 5.65% 15/2/2024 256,794 0.04
EUR 500,000 Portugal Obrigacoes do Tesouro OT
Peru
RegS ‘144A’ 2.875% 21/7/2026 561,460 0.09
EUR 100,000 Peruvian Government International
EUR 1,250,000 Portugal Obrigacoes do Tesouro OT
Bond 3.75% 1/3/2030 119,250 0.02
RegS ‘144A’ 4.125% 14/4/2027 1,533,175 0.24
119,250 0.02 EUR 900,000 Portugal Obrigacoes do Tesouro OT
RegS ‘144A’ 4.10% 15/4/2037 1,148,301 0.18
Poland 8,513,276 1.36
EUR 200,000 PKO Bank Hipoteczny SA RegS
0.125% 24/6/2022 197,350 0.03
Romania
EUR 250,000 Powszechna Kasa Oszczednosci
EUR 75,000 Romanian Government International
Bank Polski SA RegS 0.75%
Bond RegS 4.875% 7/11/2019 81,056 0.01
25/7/2021 252,812 0.04
EUR 500,000 Republic of Poland Government
Bond RegS 4.625% 18/9/2020 111,525 0.02
23/3/2021 560,625 0.09
Bond RegS 3.625% 24/4/2024 114,437 0.02
Bond RegS 2.75% 29/10/2025 108,563 0.02
15/1/2019 152,289 0.02
Bond RegS 2.375% 19/4/2027 101,982 0.02
15/4/2020 326,767 0.05
Bond RegS 2.875% 26/5/2028 157,219 0.02
Bond RegS 2.50% 8/2/2030 99,500 0.02
19/1/2023 174,009 0.03
Bond RegS 3.875% 29/10/2035 161,625 0.02


Value Net Value Net
Romania continued Spain

EUR 100,000 Romanian Government International EUR 100,000 Abertis Infraestructuras SA RegS
Bond RegS 3.375% 8/2/2038 100,250 0.02 2.50% 27/2/2025 108,298 0.02
EUR 200,000 Adif - Alta Velocidad RegS 0.80%
1,036,157 0.17
5/7/2023 203,674 0.03
EUR 100,000 Adif - Alta Velocidad RegS 3.50%
Singapore 27/5/2024 116,780 0.02
EUR 100,000 Bright Food Singapore Holdings Pte EUR 100,000 Adif - Alta Velocidad RegS 1.875%
Ltd RegS 1.125% 18/7/2020 100,845 0.02 28/1/2025 106,745 0.02
EUR 200,000 DBS Bank Ltd RegS 0.375% EUR 100,000 Amadeus Capital Markets SAU
21/11/2024 197,020 0.03 RegS 0.125% 6/10/2020 100,309 0.02
EUR 375,000 Oversea-Chinese Banking Corp Ltd EUR 100,000 Amadeus Capital Markets SAU
RegS 0.375% 1/3/2023 375,643 0.06 RegS 1.625% 17/11/2021 104,869 0.02
EUR 100,000 United Overseas Bank Ltd RegS EUR 100,000 Autonomous Community of
0.125% 2/3/2022 99,918 0.01 Andalusia Spain 4.85% 17/3/2020 109,707 0.02
773,426 0.12 EUR 100,000 Autonomous Community of Madrid
Spain RegS 2.875% 6/4/2019 103,130 0.02
Slovakia EUR 100,000 Autonomous Community of Madrid
EUR 350,000 Slovakia Government Bond Spain RegS 4.125% 21/5/2024 121,282 0.02
13/11/2023 (Zero Coupon) 347,602 0.06 EUR 50,000 Autonomous Community of Madrid
EUR 200,000 Slovakia Government Bond 0.625% Spain RegS 1.826% 30/4/2025 53,658 0.01
22/5/2026 201,008 0.03 EUR 200,000 Autonomous Community of Madrid
EUR 300,000 Slovakia Government Bond RegS Spain RegS 2.146% 30/4/2027 216,980 0.03
4.00% 27/4/2020 327,561 0.05 EUR 160,000 Autonomous Community of Madrid
3.00% 28/2/2023 403,448 0.06 EUR 100,000 Autonomous Community of Madrid
3.375% 15/11/2024 299,368 0.05 EUR 300,000 Ayt Cedulas Cajas Global 4.00%
EUR 100,000 Slovakia Government Bond RegS 24/3/2021 335,685 0.05
4.35% 14/10/2025 130,838 0.02 EUR 200,000 Ayt Cedulas Cajas Global 4.25%
EUR 100,000 Slovakia Government Bond RegS 25/10/2023 240,886 0.04
3.625% 16/1/2029 126,923 0.02 EUR 200,000 AyT Cedulas Cajas X Fondo de
EUR 100,000 Slovakia Government Bond RegS Titulizacion de Activos 3.75%
1.625% 21/1/2031 104,949 0.02 30/6/2025 242,150 0.04
EUR 100,000 Slovakia Government Bond RegS EUR 200,000 Banco Bilbao Vizcaya Argentaria SA
1.875% 9/3/2037 104,717 0.02 3.875% 30/1/2023 235,398 0.04
EUR 100,000 Slovakia Government Bond RegS EUR 200,000 Banco Bilbao Vizcaya Argentaria SA
2.00% 17/10/2047 105,021 0.02 0.625% 18/3/2023 203,762 0.03
EUR 200,000 Zapadoslovenska Energetika AS EUR 100,000 Banco Bilbao Vizcaya Argentaria SA
RegS 1.75% 2/3/2028 201,122 0.03 RegS 1.00% 20/1/2021 102,522 0.02
EUR 100,000 Banco Bilbao Vizcaya Argentaria SA
2,352,557 0.38
RegS 0.75% 20/1/2022 102,824 0.02
Slovenia RegS 0.75% 11/9/2022 100,032 0.01
EUR 300,000 Slovenia Government Bond RegS
4.125% 26/1/2020 325,269 0.05
RegS FRN 11/4/2024 103,288 0.02
3.00% 8/4/2021 164,971 0.03
RegS 0.875% 22/11/2026 101,006 0.02
2.25% 25/3/2022 218,554 0.03
RegS 3.50% 10/2/2027 111,168 0.02
EUR 200,000 Banco de Sabadell SA RegS
4.625% 9/9/2024 63,456 0.01
0.625% 3/11/2020 203,790 0.03
EUR 100,000 Banco de Sabadell SA RegS
5.125% 30/3/2026 67,122 0.01
1.00% 26/4/2027 99,794 0.01
EUR 200,000 Banco Popular Espanol SA RegS
1.25% 22/3/2027 206,476 0.03
0.875% 28/9/2021 205,476 0.03
EUR 100,000 Banco Popular Espanol SA RegS
2.25% 3/3/2032 112,579 0.02
1.00% 7/4/2025 101,740 0.02
EUR 200,000 Banco Santander SA 3.875%
1.50% 25/3/2035 49,820 0.01
6/2/2026 249,100 0.04
EUR 200,000 Banco Santander SA RegS 0.75%
1.75% 3/11/2040 100,322 0.02
9/9/2022 205,328 0.03
EUR 200,000 Banco Santander SA RegS 1.125%
3.125% 7/8/2045 192,069 0.03
27/11/2024 208,324 0.03
1,500,638 0.24 EUR 200,000 Bankia SA 4.25% 25/5/2018 201,280 0.03
EUR 300,000 Bankia SA 4.50% 26/4/2022 351,765 0.06
South Korea EUR 100,000 Bankia SA RegS 1.125% 5/8/2022 103,649 0.02
EUR 250,000 Export-Import Bank of Korea RegS EUR 200,000 Bankia SA RegS 1.00% 25/9/2025 202,188 0.03
2.00% 30/4/2020 260,681 0.04 EUR 100,000 Bankinter SA RegS 1.00% 5/2/2025 101,655 0.02
260,681 0.04 EUR 100,000 CaixaBank SA 3.875% 17/2/2025 121,348 0.02


Value Net Value Net
Spain continued Spain continued

EUR 100,000 CaixaBank SA RegS 3.125% EUR 100,000 Junta de Castilla y Leon RegS
14/5/2018 100,377 0.02 4.00% 30/4/2024 120,077 0.02
EUR 200,000 CaixaBank SA RegS 1.00% EUR 100,000 Kutxabank SA RegS 1.75%
8/2/2023 206,640 0.03 27/5/2021 105,463 0.02
EUR 200,000 CaixaBank SA RegS 1.125% EUR 100,000 Mapfre SA RegS 1.625% 19/5/2026 102,333 0.02
17/5/2024 200,048 0.03 EUR 100,000 Merlin Properties Socimi SA RegS
EUR 200,000 CaixaBank SA RegS 0.625% 1.75% 26/5/2025 100,408 0.02
27/3/2025 198,224 0.03 EUR 125,000 Merlin Properties Socimi SA RegS
EUR 100,000 CaixaBank SA RegS 1.25% 1.875% 2/11/2026 124,234 0.02
11/1/2027 102,256 0.02 EUR 100,000 NorteGas Energia Distribucion SAU
EUR 200,000 Caja Rural de Castilla-La Mancha RegS 2.065% 28/9/2027 100,748 0.02
SCC RegS 0.875% 27/5/2024 201,844 0.03 EUR 200,000 Programa Cedulas TDA Fondo de
EUR 100,000 Caja Rural de Navarra SCC RegS Titulizacion de Activos 4.125%
0.50% 16/3/2022 100,826 0.02 10/4/2021 224,954 0.04
EUR 100,000 Cajamar Caja Rural SCC RegS EUR 100,000 Programa Cedulas TDA Fondo de
1.25% 26/1/2022 102,787 0.02 Titulizacion de Activos 4.25%
EUR 100,000 Canal de Isabel II Gestion SA RegS 28/3/2027 126,785 0.02
1.68% 26/2/2025 102,672 0.02 EUR 200,000 Programa Cedulas TDA Fondo de
EUR 100,000 Cedulas TDA 6 Fondo de Titulizacion Titulizacion de Activos 4.25%
de Activos 3.875% 23/5/2025 122,190 0.02 10/4/2031 259,760 0.04
EUR 100,000 Comunidad Autonoma de Aragon EUR 100,000 Prosegur Cash SA RegS 1.375%
2.875% 10/2/2019 102,620 0.02 4/2/2026 97,619 0.01
EUR 100,000 Cores RegS 1.50% 27/11/2022 105,577 0.02 EUR 100,000 Red Electrica Financiaciones SAU
EUR 100,000 Criteria Caixa SAU RegS 1.625% RegS 4.875% 29/4/2020 110,278 0.02
21/4/2022 103,338 0.02 EUR 100,000 Red Electrica Financiaciones SAU
EUR 100,000 Deutsche Bank SA Espanola RegS RegS 1.00% 21/4/2026 99,547 0.01
0.625% 25/11/2020 101,859 0.02 EUR 200,000 Santander Consumer Finance SA
EUR 100,000 Distribuidora Internacional de RegS 0.90% 18/2/2020 203,434 0.03
Alimentacion SA RegS 1.00% EUR 200,000 Santander Consumer Finance SA
28/4/2021 101,547 0.02 RegS 1.00% 26/5/2021 204,628 0.03
EUR 100,000 Enagas Financiaciones SAU RegS EUR 200,000 Santander International Debt SA
2.50% 11/4/2022 109,086 0.02 RegS 1.375% 3/3/2021* 207,402 0.03
EUR 100,000 Enagas Financiaciones SAU RegS EUR 200,000 Santander International Debt SA
1.25% 6/2/2025 102,136 0.02 RegS 1.375% 14/12/2022 208,171 0.03
EUR 200,000 FADE - Fondo de Amortizacion del EUR 100,000 Santander Issuances SAU RegS
Deficit Electrico RegS 0.031% 3.25% 4/4/2026 108,934 0.02
17/6/2020 201,028 0.03 EUR 100,000 Santander Issuances SAU RegS
EUR 100,000 FADE - Fondo de Amortizacion del 3.125% 19/1/2027 108,159 0.02
Deficit Electrico RegS 5.90% EUR 300,000 Spain Government Bond 0.25%
17/3/2021 117,125 0.02 30/4/2018 300,177 0.05
EUR 200,000 FADE - Fondo de Amortizacion del EUR 800,000 Spain Government Bond 2.75%
Deficit Electrico RegS 0.625% 30/4/2019 827,160 0.13
17/3/2022 204,758 0.03 EUR 1,500,000 Spain Government Bond 1.40%
EUR 100,000 FCC Aqualia SA RegS 2.629% 31/1/2020 1,548,465 0.25
EUR 100,000 Ferrovial Emisiones SA RegS 30/7/2020 1,964,733 0.31
0.375% 14/9/2022 99,435 0.01 EUR 500,000 Spain Government Bond 0.05%
EUR 50,000 Gas Natural Capital Markets SA 31/1/2021 503,825 0.08
RegS 5.125% 2/11/2021 58,566 0.01 EUR 1,300,000 Spain Government Bond 0.75%
EUR 50,000 Iberdrola Finanzas SA 4.125% 30/7/2021 1,340,144 0.21
EUR 100,000 Iberdrola Finanzas SA RegS 1.00% 30/4/2022 1,526,482 0.24
7/3/2024 101,409 0.02 EUR 300,000 Spain Government Bond 0.45%
EUR 300,000 Iberdrola Finanzas SA RegS 1.25% 31/10/2022 304,855 0.05
13/9/2027 297,822 0.05 EUR 650,000 Spain Government Bond 6.00%
EUR 100,000 IE2 Holdco SAU RegS 2.875% 31/1/2029 965,653 0.15
EUR 200,000 IM Cedulas 5 Fondo de Titulazion 30/7/2032 2,010,528 0.32
de Activos 3.50% 15/6/2020 216,126 0.03 EUR 550,000 Spain Government Bond RegS
EUR 100,000 Inmobiliaria Colonial Socimi SA ‘144A’ 4.60% 30/7/2019 586,341 0.09
RegS 1.45% 28/10/2024 99,979 0.01 EUR 1,700,000 Spain Government Bond RegS
EUR 200,000 Inmobiliaria Colonial Socimi SA ‘144A’ 4.30% 31/10/2019 1,825,706 0.29
RegS 2.50% 28/11/2029 199,976 0.03 EUR 1,250,000 Spain Government Bond RegS
EUR 300,000 Instituto de Credito Oficial RegS ‘144A’ 4.00% 30/4/2020 1,362,637 0.22
4.00% 30/4/2018* 300,960 0.05 EUR 950,000 Spain Government Bond RegS
4.375% 20/5/2019 210,636 0.03 EUR 1,750,000 Spain Government Bond RegS
0.10% 30/7/2021 251,997 0.04


Value Net Value Net
Spain continued Supranational

EUR 850,000 Spain Government Bond RegS EUR 100,000 African Development Bank 0.25%
‘144A’ 5.85% 31/1/2022 1,044,106 0.17 24/1/2024 99,685 0.02
EUR 1,900,000 Spain Government Bond RegS EUR 200,000 Corp Andina de Fomento RegS
‘144A’ 5.40% 31/1/2023 2,379,655 0.38 0.50% 25/1/2022 201,129 0.03
EUR 1,000,000 Spain Government Bond RegS EUR 150,000 Council Of Europe Development
‘144A’ 4.40% 31/10/2023 1,225,570 0.20 Bank RegS 1.125% 22/10/2018 151,380 0.02
EUR 900,000 Spain Government Bond RegS EUR 200,000 Council Of Europe Development
‘144A’ 4.80% 31/1/2024 1,128,897 0.18 Bank RegS 0.125% 10/4/2024 198,508 0.03
EUR 1,850,000 Spain Government Bond RegS EUR 150,000 Council Of Europe Development
‘144A’ 3.80% 30/4/2024 2,220,832 0.35 Bank RegS 0.75% 9/6/2025 153,159 0.03
EUR 1,500,000 Spain Government Bond RegS EUR 200,000 EUROFIMA RegS 0.25% 25/4/2023 199,378 0.03
‘144A’ 2.75% 31/10/2024 1,715,062 0.27 EUR 200,000 European Investment Bank 2.50%
EUR 1,500,000 Spain Government Bond RegS 15/10/2018 203,250 0.03
‘144A’ 1.60% 30/4/2025 1,598,295 0.25 EUR 300,000 European Investment Bank
EUR 950,000 Spain Government Bond RegS 15/1/2019 (Zero Coupon) 301,255 0.05
EUR 1,150,000 Spain Government Bond RegS 4.625% 15/4/2020 661,968 0.11
EUR 900,000 Spain Government Bond RegS 1.50% 15/7/2020 260,855 0.04
‘144A’ 1.95% 30/4/2026 975,816 0.16 EUR 300,000 European Investment Bank
‘144A’ 1.45% 31/10/2027 1,135,079 0.18 EUR 1,000,000 European Investment Bank 2.00%
EUR 800,000 Spain Government Bond RegS 14/4/2023* 1,098,260 0.18
EUR 1,350,000 Spain Government Bond RegS 16/10/2023 (Zero Coupon) 791,420 0.13
EUR 1,500,000 Spain Government Bond RegS 15/3/2024 (Zero Coupon) 491,817 0.08
EUR 1,050,000 Spain Government Bond RegS 4.50% 15/10/2025* 260,726 0.04
‘144A’ 3.45% 30/7/2066 252,303 0.04 EUR 250,000 European Investment Bank RegS
EUR 200,000 Telefonica Emisiones SAU RegS
2.50% 15/3/2019 257,202 0.04
2.736% 29/5/2019 206,640 0.03
EUR 500,000 European Investment Bank RegS
2.50% 16/9/2019 521,865 0.08
4.693% 11/11/2019 53,826 0.01
0.25% 15/10/2020 253,645 0.04
0.318% 17/10/2020 301,791 0.05
3.625% 15/1/2021 333,075 0.05
0.75% 13/4/2022 101,184 0.02
0.375% 15/3/2022 509,405 0.08
2.242% 27/5/2022 107,312 0.02
3.00% 28/9/2022 113,563 0.02
1.46% 13/4/2026 100,294 0.02
1.447% 22/1/2027 197,276 0.03 0.25% 14/10/2024* 398,330 0.06
EUR 100,000 Telefonica Emisiones SAU RegS EUR 400,000 European Investment Bank RegS
2.318% 17/10/2028 104,667 0.02 0.375% 14/4/2026 394,432 0.06
EUR 100,000 Telefonica Emisiones SAU RegS EUR 100,000 European Investment Bank RegS
2.932% 17/10/2029 110,510 0.02 1.25% 13/11/2026 105,682 0.02
65,589,531 10.51 3.50% 15/4/2027* 438,550 0.07


Value Net Value Net
Supranational continued Supranational continued

EUR 500,000 European Investment Bank RegS EUR 150,000 European Union RegS 1.50%
0.875% 14/1/2028 506,225 0.08 4/10/2035 158,077 0.03
1.00% 14/4/2032 297,339 0.05 4/4/2038* 138,298 0.02
1.125% 13/4/2033 200,192 0.03 4/4/2042 149,252 0.02
EUR 350,000 European Investment Bank RegS EUR 100,000 International Bank for Reconstruction
3.00% 14/10/2033 443,823 0.07 & Development 3.875% 20/5/2019 105,001 0.02
EUR 200,000 European Investment Bank RegS EUR 100,000 International Bank for Reconstruction
1.125% 15/9/2036 196,108 0.03 & Development 0.625% 12/1/2033 92,821 0.02
EUR 100,000 European Investment Bank RegS EUR 150,000 Nordic Investment Bank RegS
2.75% 15/3/2040 127,435 0.02 0.375% 19/9/2022 152,602 0.02
EUR 100,000 European Investment Bank RegS 20,957,732 3.36
3.625% 14/3/2042 147,247 0.02
Sweden
1.75% 15/9/2045 107,221 0.02
EUR 100,000 Akelius Residential Property AB
EUR 300,000 European Stability Mechanism
RegS 1.50% 23/1/2022 102,504 0.02
RegS 0.875% 15/10/2019 306,315 0.05
EUR 100,000 Akzo Nobel Sweden Finance AB
RegS 2.625% 27/7/2022 109,552 0.02
RegS 1.375% 4/3/2021 210,012 0.03
EUR 200,000 Essity AB RegS 0.625% 28/3/2022 201,686 0.03
EUR 100,000 Fastighets AB Balder RegS 1.125%
RegS 18/10/2022 (Zero Coupon) 200,026 0.03
14/3/2022 100,628 0.01
EUR 100,000 Investor AB RegS 4.50% 12/5/2023 120,160 0.02
RegS 2.125% 20/11/2023 444,676 0.07
EUR 100,000 Lansforsakringar Hypotek AB RegS
0.25% 22/4/2022 100,532 0.02
RegS 0.125% 22/4/2024 396,710 0.06
EUR 100,000 Molnlycke Holding AB RegS 1.50%
28/2/2022 103,716 0.02
RegS 1.00% 23/9/2025 103,913 0.02
EUR 300,000 Nordea Bank AB RegS 4.00%
11/7/2019 315,918 0.05
RegS 0.50% 2/3/2026* 249,916 0.04
17/2/2021 131,886 0.02
RegS 0.75% 15/3/2027 201,996 0.03
29/3/2021 110,788 0.02
RegS 1.125% 3/5/2032 151,835 0.02
12/2/2025 102,281 0.02
RegS 1.625% 17/11/2036* 266,505 0.04
EUR 250,000 Rikshem AB RegS 1.25%
28/6/2024 249,901 0.04
RegS 0.875% 18/7/2042* 269,517 0.04
EUR 150,000 SBAB Bank AB RegS 1.375%
2/5/2018 150,196 0.02
RegS 1.75% 20/10/2045 216,718 0.04
EUR 150,000 Securitas AB RegS 1.125%
20/2/2024 150,786 0.02
RegS 1.80% 2/11/2046 218,608 0.04
EUR 150,000 Skandinaviska Enskilda Banken AB
RegS 1.875% 14/11/2019 154,870 0.02
RegS 1.85% 1/12/2055 54,966 0.01
EUR 150,000 European Union 2.375% 4/10/2018 152,228 0.02
RegS 1.50% 25/2/2020 155,090 0.02
RegS 0.15% 11/2/2021 100,798 0.02
EUR 100,000 European Union RegS 3.25%
4/4/2018 100,008 0.02
RegS 0.625% 30/1/2023 152,925 0.02
4/4/2022 278,662 0.05
RegS FRN 28/5/2026 105,612 0.02
EUR 100,000 SKF AB RegS 2.375% 29/10/2020 105,723 0.02
4/11/2023 307,227 0.05
EUR 200,000 Stadshypotek AB RegS 1.625%
30/10/2020 209,394 0.03
4/4/2024 109,880 0.02
20/6/2022 99,687 0.01
4/4/2025 504,335 0.08
21/2/2024 149,661 0.02
4/9/2026* 240,690 0.04
EUR 100,000 Stockholms Lans Landsting RegS
0.75% 26/2/2025 100,852 0.02
4/11/2027 408,046 0.07
EUR 100,000 Svenska Handelsbanken AB RegS
2.25% 27/8/2020 105,459 0.02
4/10/2029 211,578 0.03
0.25% 28/2/2022 299,367 0.05
4/4/2031 194,368 0.03
2.625% 23/8/2022 109,566 0.02
4/4/2032* 130,489 0.02
FRN 2/3/2028 125,220 0.02


Value Net Value Net
Sweden continued United Kingdom

EUR 100,000 Sveriges Sakerstallda Obligationer EUR 100,000 Anglo American Capital Plc RegS
AB RegS 0.75% 17/6/2022 102,625 0.02 3.50% 28/3/2022 110,692 0.02
EUR 300,000 Sveriges Sakerstallda Obligationer EUR 100,000 Annington Funding Plc RegS
AB RegS 0.50% 29/1/2025 298,737 0.05 1.65% 12/7/2024 100,397 0.02
EUR 100,000 Sveriges Sakerstallda Obligationer EUR 200,000 AstraZeneca Plc RegS 0.75%
AB RegS 0.875% 29/3/2027 100,538 0.02 12/5/2024 199,144 0.03
EUR 100,000 Swedbank AB RegS 1.00% 1/6/2022 102,754 0.02 EUR 100,000 Aviva Plc RegS FRN 4/12/2045 105,675 0.02
EUR 100,000 Swedbank AB RegS FRN 22/11/2027 99,240 0.01 EUR 100,000 Babcock International Group Plc
EUR 100,000 Swedbank Hypotek AB RegS 0.375% RegS 1.75% 6/10/2022 103,528 0.02
29/9/2020 101,425 0.02 EUR 50,000 Barclays Bank Plc RegS 4.00%
EUR 100,000 Swedbank Hypotek AB RegS 1.125% 7/10/2019 53,301 0.01
8/5/2024 99,787 0.01 EUR 150,000 Barclays Plc RegS 1.875%
EUR 100,000 Sweden Government International 23/3/2021 156,223 0.02
Bond RegS 0.75% 2/5/2019 101,365 0.02 EUR 200,000 Barclays Plc RegS 1.50% 1/4/2022 205,366 0.03
EUR 150,000 Sweden Government International EUR 300,000 Barclays Plc RegS FRN 24/1/2026 294,312 0.05
Bond RegS 0.05% 12/2/2020 151,460 0.02 EUR 100,000 Barclays Plc RegS FRN 7/2/2028 98,984 0.01
EUR 200,000 Sweden Government International EUR 150,000 BAT International Finance Plc RegS
Bond RegS 0.125% 24/4/2023 200,366 0.03 4.875% 24/2/2021 169,786 0.03
EUR 50,000 Telia Co AB 4.75% 16/11/2021 58,369 0.01 EUR 100,000 BAT International Finance Plc
EUR 150,000 Telia Co AB RegS 4.25% RegS 1.00% 23/5/2022 101,447 0.02
18/2/2020 162,173 0.02 EUR 150,000 BAT International Finance Plc
EUR 100,000 Telia Co AB RegS 3.00% RegS 1.25% 13/3/2027 143,815 0.02
7/9/2027 115,459 0.02 EUR 150,000 BG Energy Capital Plc RegS
EUR 150,000 Vattenfall AB RegS 5.375% 3.00% 16/11/2018 153,059 0.02
29/4/2024 191,437 0.03 EUR 100,000 BG Energy Capital Plc RegS
EUR 100,000 Volvo Treasury AB RegS 2.375% 1.25% 21/11/2022 103,899 0.02
26/11/2019 104,029 0.02 EUR 100,000 BP Capital Markets Plc RegS
1.117% 25/1/2024 101,852 0.02
6,269,159 1.00
EUR 100,000 BP Capital Markets Plc RegS
0.83% 19/9/2024 99,479 0.01
Switzerland EUR 300,000 BP Capital Markets Plc RegS
EUR 150,000 Credit Suisse AG/Guernsey RegS 1.953% 3/3/2025 319,122 0.05
1.75% 15/1/2021 157,640 0.02 EUR 150,000 BP Capital Markets Plc RegS
EUR 100,000 Credit Suisse AG/London RegS 2.972% 27/2/2026 170,143 0.03
0.625% 20/11/2018 100,571 0.02 EUR 100,000 BP Capital Markets Plc RegS
4.75% 5/8/2019 159,795 0.03 EUR 100,000 Brambles Finance Plc RegS
1.125% 15/9/2020 102,564 0.02 EUR 250,000 British Telecommunications Plc RegS
1.375% 31/1/2022 103,745 0.02 EUR 150,000 British Telecommunications Plc RegS
1.00% 7/6/2023 152,924 0.02 EUR 200,000 Cadent Finance Plc RegS 0.625%
EUR 150,000 Credit Suisse AG/London RegS 22/9/2024 195,858 0.03
1.50% 10/4/2026 154,912 0.02 EUR 100,000 Coca-Cola European Partners Plc
EUR 150,000 Credit Suisse Group AG RegS RegS 0.75% 24/2/2022 101,497 0.02
FRN 17/7/2025 149,330 0.02 EUR 200,000 Coca-Cola European Partners Plc
EUR 50,000 UBS AG/London RegS 6.00% RegS 1.125% 26/5/2024* 203,260 0.03
18/4/2018 50,124 0.01 EUR 100,000 Coventry Building Society RegS
EUR 300,000 UBS AG/London RegS 1.375% 0.625% 3/11/2021 101,949 0.02
16/4/2021 313,134 0.05 EUR 125,000 Diageo Finance Plc RegS 0.50%
EUR 100,000 UBS AG/London RegS 1.25% 19/6/2024 123,232 0.02
3/9/2021 103,449 0.02 EUR 100,000 Diageo Finance Plc RegS 1.75%
EUR 200,000 UBS Group Funding Switzerland 23/9/2024 106,126 0.02
AG RegS 2.125% 4/3/2024 212,608 0.03 EUR 100,000 DS Smith Plc RegS 2.25%
1,760,796 0.28 16/9/2022 106,385 0.02
EUR 175,000 DS Smith Plc RegS 1.375%
United Arab Emirates 26/7/2024 175,116 0.03
EUR 150,000 Emirates Telecommunications Group EUR 100,000 FCE Bank Plc RegS 1.875%
Co PJSC RegS 1.75% 18/6/2021 156,656 0.03 24/6/2021 104,550 0.02
EUR 100,000 FCE Bank Plc RegS 1.134%
156,656 0.03
10/2/2022 101,496 0.02
EUR 100,000 G4S International Finance Plc
RegS 1.50% 2/6/2024 100,949 0.02


Value Net Value Net
United Kingdom continued United Kingdom continued

EUR 300,000 GlaxoSmithKline Capital Plc RegS EUR 300,000 Santander UK Group Holdings Plc
12/9/2020 (Zero Coupon) 299,587 0.05 RegS 1.125% 8/9/2023 301,564 0.05
EUR 150,000 GlaxoSmithKline Capital Plc RegS EUR 150,000 Santander UK Plc RegS 2.00%
1.375% 2/12/2024 155,193 0.02 14/1/2019 152,650 0.02
EUR 50,000 HSBC Bank Plc RegS 4.00% EUR 100,000 Santander UK Plc RegS 1.625%
15/1/2021 55,403 0.01 26/11/2020 104,650 0.02
EUR 200,000 HSBC Holdings Plc 3.125% EUR 200,000 Santander UK Plc RegS 0.25%
7/6/2028 220,904 0.03 9/8/2021 201,689 0.03
EUR 200,000 HSBC Holdings Plc RegS 6.00% EUR 300,000 Santander UK Plc RegS 0.50%
10/6/2019 214,082 0.03 10/1/2025 297,915 0.05
EUR 200,000 HSBC Holdings Plc RegS 0.875% EUR 100,000 Sky Plc RegS 2.50% 15/9/2026 108,577 0.02
6/9/2024 198,828 0.03 EUR 200,000 SSE Plc RegS 2.00% 17/6/2020 208,633 0.03
EUR 150,000 Imperial Brands Finance Plc RegS EUR 200,000 Standard Chartered Plc RegS
2.25% 26/2/2021 158,094 0.02 1.625% 13/6/2021 207,918 0.03
EUR 150,000 Imperial Brands Finance Plc RegS EUR 200,000 Standard Chartered Plc RegS
1.375% 27/1/2025 151,022 0.02 3.625% 23/11/2022 220,416 0.03
EUR 100,000 ITV Plc RegS 2.00% 1/12/2023 103,661 0.02 EUR 100,000 State Grid Europe Development
EUR 100,000 Leeds Building Society RegS 2014 Plc RegS 1.50% 26/1/2022 103,107 0.02
1.375% 5/5/2022 102,654 0.02 EUR 250,000 Trinity Acquisition Plc RegS 2.125%
EUR 100,000 Lloyds Bank Plc RegS 5.375% 26/5/2022 262,705 0.04
3/9/2019 107,877 0.02 EUR 150,000 Vodafone Group Plc 4.65%
24/3/2020 224,512 0.03 EUR 100,000 Vodafone Group Plc RegS 0.875%
EUR 211,000 Lloyds Banking Group Plc RegS 24/7/2027 196,430 0.03
1.00% 9/11/2023 210,202 0.03 EUR 100,000 Vodafone Group Plc RegS 1.60%
EUR 125,000 London Stock Exchange Group Plc 29/7/2031 92,609 0.01
RegS 1.75% 19/9/2029 127,947 0.02 EUR 100,000 Wellcome Trust Ltd/The RegS
EUR 100,000 Motability Operations Group Plc 1.125% 21/1/2027 101,762 0.02
RegS 0.875% 14/3/2025 99,733 0.02 EUR 100,000 Yorkshire Building Society RegS
EUR 100,000 National Grid Plc 4.375% 10/3/2020 108,528 0.02 1.25% 11/6/2021 103,974 0.02
EUR 150,000 Nationwide Building Society 4.375% EUR 200,000 Yorkshire Building Society RegS
28/2/2022 174,987 0.03 0.375% 11/4/2023 200,066 0.03
EUR 50,000 Nationwide Building Society RegS 14,647,975 2.35
6.75% 22/7/2020 57,347 0.01
EUR 200,000 Nationwide Building Society RegS
United States
0.125% 25/1/2021 201,248 0.03
EUR 100,000 3M Co 1.50% 2/6/2031 102,476 0.02
EUR 100,000 3M Co RegS 1.875% 15/11/2021 106,300 0.02
0.75% 29/10/2021 102,539 0.02
EUR 100,000 AbbVie Inc 1.375% 17/5/2024 101,393 0.02
EUR 100,000 AbbVie Inc 2.125% 17/11/2028 103,095 0.02
1.125% 3/6/2022 103,243 0.02
EUR 100,000 American Express Credit Corp
0.625% 22/11/2021 101,041 0.02
0.75% 26/10/2022 102,370 0.02
EUR 100,000 American Honda Finance Corp
RegS 1.875% 4/9/2019 102,950 0.02
0.50% 23/2/2024 125,327 0.02
EUR 150,000 American International Group Inc
1.875% 21/6/2027 149,546 0.02
1.25% 3/3/2025 102,818 0.02
EUR 100,000 Amgen Inc 1.25% 25/2/2022 103,144 0.02
EUR 100,000 Amgen Inc 2.00% 25/2/2026 106,565 0.02
FRN 8/3/2026 401,812 0.06
EUR 250,000 Apple Inc 0.875% 24/5/2025 251,212 0.04
EUR 100,000 Pearson Funding Five Plc RegS
EUR 100,000 Apple Inc 1.625% 10/11/2026 105,163 0.02
1.375% 6/5/2025 100,410 0.02
EUR 100,000 Apple Inc 1.375% 24/5/2029 100,433 0.02
EUR 100,000 Rentokil Initial Plc RegS 0.95%
EUR 200,000 AT&T Inc 1.45% 1/6/2022 207,894 0.03
22/11/2024 98,703 0.01
EUR 100,000 AT&T Inc 2.50% 15/3/2023 108,814 0.02
EUR 100,000 Royal Bank of Scotland Group Plc
EUR 150,000 AT&T Inc 3.50% 17/12/2025 173,238 0.03
RegS 2.50% 22/3/2023 106,702 0.02
EUR 100,000 AT&T Inc 2.45% 15/3/2035 94,705 0.01
EUR 150,000 Royal Bank of Scotland Plc/The
EUR 100,000 AT&T Inc 3.15% 4/9/2036 101,786 0.02
RegS 5.375% 30/9/2019 162,054 0.02
EUR 250,000 AT&T Inc RegS 1.05% 5/9/2023 253,505 0.04
EUR 175,000 AT&T Inc RegS 1.80% 5/9/2026 178,131 0.03
RegS 3.875% 19/10/2020 110,187 0.02
EUR 100,000 AT&T Inc RegS 2.35% 5/9/2029 101,959 0.02
EUR 100,000 Bank of America Corp RegS 2.50%
RegS 0.625% 2/3/2022 498,430 0.08
27/7/2020 105,572 0.02
EUR 125,000 Bank of America Corp RegS FRN
RegS 0.50% 15/5/2024 99,813 0.02
7/2/2022 126,340 0.02


Value Net Value Net
United States continued United States continued

EUR 100,000 Bank of America Corp RegS EUR 275,000 Goldman Sachs Group Inc/The
2.375% 19/6/2024 108,128 0.02 RegS 1.25% 1/5/2025 273,300 0.04
EUR 150,000 Bank of America Corp RegS EUR 150,000 Goldman Sachs Group Inc/The
1.375% 26/3/2025* 152,013 0.02 RegS 2.875% 3/6/2026 164,694 0.03
EUR 100,000 Bank of America Corp RegS FRN EUR 75,000 Goldman Sachs Group Inc/The
4/5/2027 102,467 0.02 RegS 1.625% 27/7/2026 75,233 0.01
EUR 100,000 BAT Capital Corp RegS 1.125% EUR 100,000 Honeywell International Inc 0.65%
16/11/2023 100,545 0.02 21/2/2020 101,260 0.02
EUR 100,000 Baxter International Inc 1.30% EUR 100,000 Honeywell International Inc 2.25%
30/5/2025 100,612 0.02 22/2/2028 109,816 0.02
EUR 150,000 Becton Dickinson and Co 1.00% EUR 100,000 Illinois Tool Works Inc 1.75%
15/12/2022 150,717 0.02 20/5/2022 105,842 0.02
EUR 200,000 Berkshire Hathaway Inc 0.25% EUR 100,000 International Business Machines
17/1/2021 200,895 0.03 Corp 1.875% 6/11/2020 104,788 0.02
16/3/2023 100,708 0.02 Corp 1.125% 6/9/2024 102,098 0.02
16/3/2027 98,342 0.01 Corp 2.875% 7/11/2025 114,122 0.02
EUR 100,000 Booking Holdings Inc 1.80% EUR 100,000 International Business Machines
3/3/2027 101,566 0.02 Corp 1.50% 23/5/2029 101,241 0.02
EUR 100,000 Bristol-Myers Squibb Co 1.00% EUR 100,000 Johnson & Johnson 0.25%
15/5/2025 101,360 0.02 20/1/2022 100,563 0.02
EUR 150,000 Celanese US Holdings LLC 1.25% EUR 100,000 Johnson & Johnson 1.65%
11/2/2025 148,486 0.02 20/5/2035 104,177 0.02
EUR 200,000 Chubb INA Holdings Inc 2.50% EUR 200,000 JPMorgan Chase & Co RegS
15/3/2038 203,394 0.03 3.875% 23/9/2020 218,962 0.03
EUR 100,000 Citigroup Inc 1.75% 28/1/2025 103,869 0.02 EUR 100,000 JPMorgan Chase & Co RegS
EUR 100,000 Citigroup Inc RegS 1.375% 1.375% 16/9/2021 103,395 0.02
27/10/2021 103,587 0.02 EUR 100,000 JPMorgan Chase & Co RegS
EUR 150,000 Coca-Cola Co/The 1.125% 1.50% 29/10/2026 202,788 0.03
EUR 100,000 Coca-Cola Co/The 0.50% 8/3/2024 99,332 0.01 FRN 18/5/2028 202,661 0.03
EUR 100,000 Coca-Cola Co/The 1.875% EUR 200,000 Kellogg Co 1.75% 24/5/2021 208,899 0.03
22/9/2026 107,492 0.02 EUR 150,000 Kinder Morgan Inc/DE 1.50%
EUR 100,000 Coca-Cola Co/The 1.625% 16/3/2022 155,230 0.02
9/3/2035 99,555 0.02 EUR 100,000 Kraft Heinz Foods Co RegS 2.25%
EUR 50,000 Continental Rubber of America 25/5/2028 100,716 0.02
Corp 0.50% 19/2/2019 50,290 0.01 EUR 150,000 Mastercard Inc 1.10% 1/12/2022 154,410 0.02
EUR 100,000 Digital Euro Finco LLC RegS EUR 100,000 McDonald’s Corp RegS 4.00%
2.625% 15/4/2024 106,626 0.02 17/2/2021 111,100 0.02
EUR 100,000 Dover Corp 1.25% 9/11/2026 99,244 0.01 EUR 100,000 McDonald’s Corp RegS 1.75%
EUR 200,000 Eli Lilly & Co 1.00% 2/6/2022 205,698 0.03 3/5/2028 103,224 0.02
EUR 100,000 Expedia Inc 2.50% 3/6/2022 105,110 0.02 EUR 200,000 McDonald’s Corp RegS 1.50%
EUR 100,000 FedEx Corp 1.625% 11/1/2027 101,063 0.02 28/11/2029 197,631 0.03
EUR 250,000 Fidelity National Information EUR 100,000 McKesson Corp 1.625%
Services Inc 0.40% 15/1/2021 250,735 0.04 30/10/2026 101,296 0.02
EUR 100,000 General Electric Co 1.25% EUR 200,000 Merck & Co Inc 1.125% 15/10/2021 206,604 0.03
26/5/2023 102,422 0.02 EUR 100,000 Merck & Co Inc 1.875% 15/10/2026 106,414 0.02
EUR 100,000 General Electric Co 0.875% EUR 150,000 Metropolitan Life Global Funding I
17/5/2025 97,721 0.01 RegS 1.25% 17/9/2021 154,837 0.02
EUR 350,000 General Electric Co 1.50% EUR 200,000 Microsoft Corp 2.125% 6/12/2021 214,005 0.03
17/5/2029 342,030 0.05 EUR 100,000 Microsoft Corp 3.125% 6/12/2028 120,328 0.02
EUR 50,000 General Electric Co RegS 4.125% EUR 100,000 Molson Coors Brewing Co 1.25%
19/9/2035 62,257 0.01 15/7/2024 100,220 0.02
EUR 100,000 General Motors Financial Co Inc EUR 100,000 Mondelez International Inc 1.625%
RegS 0.955% 7/9/2023 98,795 0.01 8/3/2027 101,224 0.02
EUR 50,000 Goldman Sachs Group Inc/The EUR 200,000 Morgan Stanley 5.375% 10/8/2020 224,871 0.03
RegS 5.125% 23/10/2019 53,992 0.01 EUR 100,000 Morgan Stanley 2.375% 31/3/2021 106,188 0.02
RegS 2.50% 18/10/2021 214,466 0.03 EUR 200,000 Morgan Stanley 1.375% 27/10/2026 195,794 0.03
RegS 2.00% 27/7/2023 52,502 0.01 EUR 100,000 Nasdaq Inc 3.875% 7/6/2021 111,196 0.02
EUR 200,000 Goldman Sachs Group Inc/The EUR 100,000 National Grid North America Inc
RegS 1.375% 15/5/2024 202,462 0.03 RegS 1.00% 12/7/2024 100,696 0.02


Value Net Value Net

EUR 100,000 Oracle Corp 3.125% 10/7/2025 117,111 0.02 EUR 100,000 Verizon Communications Inc
EUR 100,000 PepsiCo Inc 1.75% 28/4/2021 104,909 0.02 0.875% 2/4/2025 98,064 0.01
EUR 100,000 Pfizer Inc 0.25% 6/3/2022 100,223 0.02 EUR 150,000 Verizon Communications Inc
EUR 100,000 Pfizer Inc 1.00% 6/3/2027 100,094 0.01 1.375% 2/11/2028 143,350 0.02
EUR 200,000 Philip Morris International Inc EUR 100,000 Verizon Communications Inc
2.75% 19/3/2025 221,762 0.03 1.875% 26/10/2029 98,591 0.01
2.875% 3/3/2026 167,811 0.03 2.625% 1/12/2031 104,370 0.02
1.875% 6/11/2037 93,290 0.01 2.875% 15/1/2038 100,039 0.01
EUR 200,000 PPG Industries Inc 0.875% EUR 100,000 VF Corp 0.625% 20/9/2023 99,800 0.02
3/11/2025 197,766 0.03 EUR 50,000 Wal-Mart Stores Inc 4.875%
EUR 100,000 Praxair Inc 1.625% 1/12/2025 105,790 0.02 21/9/2029 69,024 0.01
EUR 200,000 Procter & Gamble Co/The 2.00% EUR 350,000 Wells Fargo & Co RegS 1.125%
5/11/2021 213,326 0.03 29/10/2021 358,564 0.06
EUR 150,000 Procter & Gamble Co/The 1.25% EUR 150,000 Wells Fargo & Co RegS 2.25%
25/10/2029 150,609 0.02 2/5/2023 160,989 0.02
EUR 50,000 Procter & Gamble Co/The RegS EUR 150,000 Wells Fargo & Co RegS 2.00%
4.125% 7/12/2020 55,640 0.01 27/4/2026 157,278 0.02
EUR 100,000 Prologis LP 3.00% 2/6/2026 112,258 0.02 EUR 100,000 Wells Fargo & Co RegS 1.00%
EUR 200,000 Southern Power Co 1.00% 2/2/2027 96,049 0.01
20/6/2022 202,476 0.03 EUR 200,000 Wells Fargo & Co RegS 1.50%
EUR 100,000 Thermo Fisher Scientific Inc 0.75% 24/5/2027 199,811 0.03
12/9/2024 98,248 0.01 EUR 100,000 Whirlpool Corp 0.625% 12/3/2020 101,143 0.02
EUR 100,000 Thermo Fisher Scientific Inc 2.00% 18,075,143 2.90
15/4/2025 105,537 0.02
EUR 125,000 Thermo Fisher Scientific Inc 1.375% Total Bonds 614,939,799 98.55
12/9/2028 120,300 0.02 Total Transferable Securities and
EUR 150,000 Toyota Motor Credit Corp RegS Money Market Instruments Admitted to
2.375% 1/2/2023 163,894 0.03 an Official Stock Exchange Listing
EUR 200,000 Toyota Motor Credit Corp RegS or Dealt in on Another Regulated Market 614,939,799 98.55
0.625% 21/11/2024 198,592 0.03 Securities portfolio at market value 614,939,799 98.55
EUR 100,000 United Parcel Service Inc 1.00%
15/11/2028 97,042 0.01 Other Net Assets 9,030,760 1.45
EUR 100,000 United Technologies Corp 1.125%
15/12/2021 102,854 0.02 Total Net Assets (EUR) 623,970,559 100.00
EUR 150,000 US Bancorp 0.85% 7/6/2024 149,187 0.02
Sector Breakdown
as at 31 March 2018
% of Net
Assets
Government 68.10
Financial 18.06
Utilities 2.30
Communications 1.72
Industrial 1.50
Energy 1.10
Technology 0.41
Diversified 0.08
100.00

Value Net Value Net
BONDS Belgium
EUR 640,000 Kingdom of Belgium Government
Austria Bond 4.00% 28/3/2019 668,902 0.16
EUR 700,000 Republic of Austria Government EUR 1,165,000 Kingdom of Belgium Government
Bond 6.25% 15/7/2027 1,062,082 0.25 Bond 4.00% 28/3/2022 1,362,537 0.32
EUR 798,000 Republic of Austria Government EUR 1,243,000 Kingdom of Belgium Government
Bond RegS ‘144A’ 4.35% Bond 5.50% 28/3/2028 1,828,378 0.43
15/3/2019 835,522 0.20 EUR 1,150,000 Kingdom of Belgium Government
EUR 470,000 Republic of Austria Government Bond RegS 3.00% 28/9/2019 1,211,422 0.29
18/6/2019 484,547 0.11 Bond RegS ‘144A’ 3.75%
EUR 850,000 Republic of Austria Government 28/9/2020 1,447,615 0.34
18/10/2019 861,254 0.20 Bond RegS ‘144A’ 4.25%
15/7/2020 704,038 0.17 Bond RegS 4.25% 28/9/2022 993,780 0.23
EUR 1,295,000 Republic of Austria Government EUR 790,000 Kingdom of Belgium Government
15/9/2021 1,465,195 0.34 EUR 600,000 Kingdom of Belgium Government
EUR 170,000 Republic of Austria Government Bond RegS ‘144A’ 0.20%
Bond RegS ‘144A’ 20/9/2022 22/10/2023 603,216 0.14
(Zero Coupon) 170,820 0.04 EUR 1,130,000 Kingdom of Belgium Government
EUR 1,543,000 Republic of Austria Government Bond RegS ‘144A’ 2.60%
Bond RegS ‘144A’ 3.40% 22/6/2024 1,297,613 0.31
Bond RegS ‘144A’ 1.75% 22/10/2024 456,620 0.11
20/10/2023 1,026,066 0.24 EUR 1,050,000 Kingdom of Belgium Government
EUR 1,165,000 Republic of Austria Government Bond RegS ‘144A’ 0.80%
Bond RegS ‘144A’ 1.65% 22/6/2025 1,081,847 0.25
Bond RegS ‘144A’ 1.20% 28/3/2026 991,193 0.23
Bond RegS ‘144A’ 4.85% 22/6/2026 966,670 0.23
15/3/2026 533,467 0.13 EUR 1,310,000 Kingdom of Belgium Government
Bond RegS ‘144A’ 0.75% 22/6/2027 1,328,471 0.31
Bond RegS ‘144A’ 0.50% 22/6/2028 200,656 0.05
Bond RegS ‘144A’ 0.75% 22/6/2031 676,208 0.16
23/5/2034 641,085 0.15 Bond RegS ‘144A’ 3.00%
EUR 903,000 Republic of Austria Government 22/6/2034 548,052 0.13
15/3/2037 1,372,876 0.32 Bond RegS ‘144A’ 5.00%
20/6/2044* 644,357 0.15 Bond RegS ‘144A’ 1.45%
20/2/2047 400,417 0.09 Bond RegS ‘144A’ 1.90%
26/1/2062 404,064 0.10 Bond RegS ‘144A’ 4.25%
2/11/2086 165,478 0.04 Bond RegS 3.75% 22/6/2045 1,019,790 0.24
Bond RegS ‘144A’ 2.10% Bond RegS ‘144A’ 1.60%
20/9/2117 288,242 0.07 22/6/2047 669,676 0.16
16,574,241 3.90

iShares Euro Government Bond Index Fund (LU) continued

Value Net Value Net
Belgium continued France continued

EUR 190,000 Kingdom of Belgium Government EUR 1,810,000 French Republic Government Bond
Bond RegS ‘144A’ 2.25% OAT RegS 25/5/2021
22/6/2057 219,173 0.05 (Zero Coupon) 1,828,408 0.43
EUR 210,000 Kingdom of Belgium Government EUR 2,775,000 French Republic Government Bond
Bond RegS ‘144A’ 2.15% OAT RegS 3.25% 25/10/2021 3,123,457 0.74
22/6/2066 234,511 0.06 EUR 3,359,000 French Republic Government Bond
26,088,759 6.14 OAT RegS 3.00% 25/4/2022* 3,795,452 0.89
EUR 1,385,000 French Republic Government Bond
OAT RegS 25/5/2022
Finland
(Zero Coupon) 1,393,559 0.33
‘144A’ 4.375% 4/7/2019 425,088 0.10
OAT RegS 2.25% 25/10/2022 2,334,526 0.55
EUR 795,000 French Republic Government Bond
‘144A’ 0.375% 15/9/2020 591,588 0.14
OAT RegS 25/3/2023
(Zero Coupon) 794,503 0.19
‘144A’ 3.50% 15/4/2021 245,742 0.06
EUR 1,050,000 Finland Government Bond RegS
OAT RegS 8.50% 25/4/2023 1,059,961 0.25
‘144A’ 15/4/2022 (Zero Coupon) 1,056,489 0.25
OAT RegS 1.75% 25/5/2023 3,007,738 0.71
‘144A’ 1.625% 15/9/2022 964,573 0.23
OAT RegS 4.25% 25/10/2023 4,188,989 0.99
‘144A’ 2.00% 15/4/2024 377,621 0.09
OAT RegS 2.25% 25/5/2024* 2,995,318 0.70
‘144A’ 4.00% 4/7/2025 484,108 0.11
OAT RegS 1.75% 25/11/2024* 3,018,676 0.71
‘144A’ 0.875% 15/9/2025 467,307 0.11
OAT RegS 0.50% 25/5/2025* 2,583,405 0.61
‘144A’ 0.50% 15/4/2026 241,512 0.06
OAT RegS 6.00% 25/10/2025 2,766,828 0.65
‘144A’ 0.50% 15/9/2027 356,767 0.08
OAT RegS 1.00% 25/11/2025
‘144A’ 2.75% 4/7/2028 351,028 0.08
(traded in France) 1,716,686 0.40
‘144A’ 0.75% 15/4/2031 384,501 0.09
OAT RegS 1.00% 25/11/2025
(traded in Germany) 502,445 0.12
‘144A’ 1.125% 15/4/2034 192,666 0.05
OAT RegS 3.50% 25/4/2026* 3,042,875 0.72
‘144A’ 2.625% 4/7/2042 395,898 0.09
6,534,888 1.54 OAT RegS 0.50% 25/5/2026 1,757,192 0.41
France OAT RegS 0.25% 25/11/2026 1,895,671 0.45
OAT 25/2/2021 (Zero Coupon) 596,030 0.14 OAT RegS 1.00% 25/5/2027 2,248,814 0.53
OAT RegS 4.25% 25/4/2019 893,647 0.21 OAT RegS 2.75% 25/10/2027 3,117,504 0.73
OAT RegS 1.00% 25/5/2019 2,739,012 0.64 OAT RegS 0.75% 25/5/2028 1,453,973 0.34
OAT RegS 3.75% 25/10/2019 2,307,010 0.54 OAT RegS 5.50% 25/4/2029 3,297,144 0.78
OAT RegS 8.50% 25/10/2019 1,291,872 0.30 OAT RegS 2.50% 25/5/2030 2,904,636 0.68
OAT RegS 0.50% 25/11/2019* 1,384,235 0.33 OAT RegS 1.50% 25/5/2031 2,700,041 0.64
OAT RegS 25/2/2020 OAT RegS 5.75% 25/10/2032 3,794,011 0.89
(Zero Coupon) 1,635,779 0.38 EUR 300,000 French Republic Government Bond
EUR 3,002,000 French Republic Government Bond OAT RegS 1.25% 25/5/2034 305,700 0.07
OAT RegS 25/5/2020 EUR 1,580,000 French Republic Government Bond
(Zero Coupon) 2,061,338 0.49 OAT RegS ‘144A’ 1.25%
EUR 2,595,000 French Republic Government Bond 25/5/2036 1,587,094 0.37
OAT RegS 0.25% 25/11/2020* 1,678,479 0.39 EUR 715,000 French Republic Government Bond
EUR 2,933,000 French Republic Government Bond OAT RegS ‘144A’ 1.75%
OAT RegS 3.75% 25/4/2021 3,303,878 0.78 25/6/2039 771,042 0.18
OAT RegS 4.50% 25/4/2041 3,748,922 0.88


Value Net Value Net

EUR 1,770,000 French Republic Government Bond EUR 1,395,000 Bundesrepublik Deutschland
OAT RegS 3.25% 25/5/2045 2,469,681 0.58 Bundesanleihe RegS 2.00%
EUR 1,195,000 French Republic Government Bond 15/8/2023* 1,550,236 0.36
OAT RegS ‘144A’ 2.00% EUR 465,000 Bundesrepublik Deutschland
25/5/2048 1,318,001 0.31 Bundesanleihe RegS 6.25%
OAT RegS 4.00% 25/4/2055 1,816,441 0.43 EUR 1,575,000 Bundesrepublik Deutschland
EUR 905,000 French Republic Government Bond Bundesanleihe RegS 1.75%
OAT RegS 4.00% 25/4/2060 1,543,885 0.36 15/2/2024 1,736,028 0.41
EUR 640,000 French Republic Government Bond EUR 1,420,000 Bundesrepublik Deutschland
OAT RegS ‘144A’ 1.75% Bundesanleihe RegS 1.50%
25/5/2066 646,800 0.15 15/5/2024* 1,546,323 0.36
105,243,573 24.76 EUR 1,330,000 Bundesrepublik Deutschland
15/8/2024* 1,407,872 0.33
Germany
EUR 1,550,000 Bundesobligation RegS 0.50%
12/4/2019 1,569,003 0.37
15/2/2025* 1,547,229 0.36
11/10/2019* 2,154,346 0.51
EUR 1,525,000 Bundesobligation RegS 17/4/2020
15/8/2025* 1,652,180 0.39
(Zero Coupon) 1,543,803 0.36
16/10/2020 1,704,160 0.40
15/2/2026* 1,875,126 0.44
(Zero Coupon)* 1,247,343 0.29
Bundesanleihe RegS 15/8/2026
(Zero Coupon)* 1,733,079 0.41
(Zero Coupon)* 1,605,985 0.38
(Zero Coupon)* 1,188,759 0.28
15/2/2027* 1,736,011 0.41
(Zero Coupon)* 1,190,856 0.28
4/7/2027 1,300,032 0.31
4/7/2019* 2,041,831 0.48
15/8/2027* 1,810,332 0.43
4/1/2020* 1,977,798 0.46
4/1/2028 1,434,869 0.34
4/7/2020* 1,650,985 0.39
15/2/2028 500,088 0.12
4/9/2020 1,602,930 0.38
4/7/2028 1,112,608 0.26
4/1/2021 904,931 0.21
4/1/2030 1,488,120 0.35
4/7/2021* 1,736,682 0.41
4/1/2031 1,817,308 0.43
4/9/2021 1,439,922 0.34
4/7/2034 2,332,058 0.55
4/1/2022* 1,768,488 0.42
4/1/2037 2,139,244 0.50
4/7/2022* 1,732,968 0.41
4/7/2039 1,801,161 0.42
4/9/2022 1,241,015 0.29
4/7/2040* 1,979,489 0.47
15/2/2023* 1,389,438 0.33
4/7/2042* 1,612,190 0.38
15/5/2023* 1,418,448 0.33
4/7/2044* 2,138,157 0.50


Value Net Value Net
Germany continued Italy continued

EUR 1,620,000 Bundesrepublik Deutschland EUR 780,000 Italy Buoni Poliennali Del Tesoro
Bundesanleihe RegS 2.50% 0.45% 1/6/2021 789,766 0.19
15/8/2046* 2,165,235 0.51 EUR 1,980,000 Italy Buoni Poliennali Del Tesoro
EUR 380,000 Bundesrepublik Deutschland 4.75% 1/9/2021 2,288,830 0.54
Bundesanleihe RegS 1.25% EUR 300,000 Italy Buoni Poliennali Del Tesoro
15/8/2048 389,329 0.09 0.35% 1/11/2021 301,941 0.07
EUR 500,000 Bundesschatzanweisungen RegS EUR 1,725,000 Italy Buoni Poliennali Del Tesoro
14/6/2019 (Zero Coupon)* 504,010 0.12 2.15% 15/12/2021 1,846,009 0.43
EUR 970,000 Bundesschatzanweisungen RegS EUR 1,330,000 Italy Buoni Poliennali Del Tesoro
13/9/2019 (Zero Coupon) 979,341 0.23 5.00% 1/3/2022 1,571,654 0.37
72,030,234 16.95 EUR 1,045,000 Italy Buoni Poliennali Del Tesoro
1.20% 1/4/2022 1,079,391 0.25
Ireland
1.35% 15/4/2022 1,385,636 0.33
EUR 915,000 Ireland Government Bond 5.90%
18/10/2019 1,006,784 0.24
0.90% 1/8/2022 1,089,132 0.26
18/4/2020 898,823 0.21
5.50% 1/9/2022 1,560,179 0.37
13/3/2025 1,118,107 0.26
1.45% 15/9/2022 2,082,060 0.49
EUR 1,170,000 Ireland Government Bond RegS
0.80% 15/3/2022 1,214,437 0.29
5.50% 1/11/2022 1,878,840 0.44
EUR 375,000 Ireland Government Bond RegS
3.90% 20/3/2023 446,499 0.11
0.95% 15/3/2023 1,105,631 0.26
3.40% 18/3/2024 599,374 0.14
4.50% 1/5/2023 1,708,109 0.40
1.00% 15/5/2026 869,868 0.20
0.65% 15/10/2023 753,358 0.18
0.90% 15/5/2028 449,645 0.11
9.00% 1/11/2023 1,141,337 0.27
2.40% 15/5/2030 611,360 0.14
4.50% 1/3/2024 2,672,214 0.63
1.70% 15/5/2037 400,231 0.09
1.85% 15/5/2024 1,060,116 0.25
2.00% 18/2/2045 602,582 0.14
3.75% 1/9/2024 1,508,403 0.35
8,217,710 1.93 EUR 1,150,000 Italy Buoni Poliennali Del Tesoro
1.45% 15/11/2024 1,172,103 0.28
Italy EUR 1,420,000 Italy Buoni Poliennali Del Tesoro
EUR 2,110,000 Italy Buoni Poliennali Del Tesoro RegS 3.75% 1/8/2021 2,021,835 0.48
3.75% 1/5/2021 1,525,358 0.36


Value Net Value Net
Italy continued Netherlands continued

EUR 1,872,000 Italy Buoni Poliennali Del Tesoro EUR 1,120,000 Netherlands Government Bond
RegS ‘144A’ 5.00% 1/3/2025 2,343,351 0.55 RegS ‘144A’ 0.75% 15/7/2027 1,142,994 0.27
EUR 1,405,000 Italy Buoni Poliennali Del Tesoro EUR 909,000 Netherlands Government Bond
RegS 4.50% 1/3/2026 1,729,119 0.41 RegS ‘144A’ 2.50% 15/1/2033 1,114,316 0.26
RegS ‘144A’ 4.75% 1/9/2028 1,967,125 0.46 RegS ‘144A’ 4.00% 15/1/2037 1,651,132 0.39
RegS ‘144A’ 3.50% 1/3/2030 1,789,757 0.42 RegS ‘144A’ 3.75% 15/1/2042 1,691,685 0.40
EUR 1,560,000 Italy Buoni Poliennali Del Tesoro EUR 900,000 Netherlands Government Bond
RegS ‘144A’ 1.65% 1/3/2032 1,467,539 0.35 RegS ‘144A’ 2.75% 15/1/2047 1,252,170 0.29
EUR 710,000 Italy Buoni Poliennali Del Tesoro 21,529,965 5.06
RegS ‘144A’ 2.45% 1/9/2033 723,366 0.17
Spain
RegS 5.00% 1/8/2034 2,167,717 0.51
EUR 800,000 Spain Government Bond 2.75%
30/4/2019 827,160 0.19
RegS ‘144A’ 2.25% 1/9/2036 1,118,145 0.26
EUR 2,075,000 Spain Government Bond 1.40%
31/1/2020 2,142,043 0.50
RegS 4.00% 1/2/2037 2,414,779 0.57
30/7/2020 1,034,070 0.24
RegS ‘144A’ 2.95% 1/9/2038 719,311 0.17
31/1/2021 403,060 0.10
RegS 5.00% 1/8/2039 2,124,313 0.50
30/7/2021 1,958,672 0.46
RegS 5.00% 1/9/2040 2,063,709 0.49
30/4/2022 1,592,630 0.37
RegS ‘144A’ 4.75% 1/9/2044 1,671,280 0.39
31/10/2022 873,919 0.21
RegS ‘144A’ 3.25% 1/9/2046 1,166,676 0.27
31/1/2029 3,342,645 0.79
RegS ‘144A’ 2.70% 1/3/2047 1,095,193 0.26
30/7/2032 2,257,978 0.53
RegS ‘144A’ 3.45% 1/3/2048 862,693 0.20
EUR 1,905,000 Spain Government Bond RegS
‘144A’ 4.60% 30/7/2019 2,030,873 0.48
RegS ‘144A’ 2.80% 1/3/2067 443,696 0.10
100,986,710 23.76 ‘144A’ 4.30% 31/10/2019 1,729,051 0.41
Netherlands ‘144A’ 4.00% 30/4/2020 2,185,671 0.51
EUR 1,340,000 Netherlands Government Bond EUR 840,000 Spain Government Bond RegS
0.25% 15/1/2020 1,361,426 0.32 ‘144A’ 4.85% 31/10/2020 951,086 0.22
EUR 238,000 Netherlands Government Bond EUR 1,935,000 Spain Government Bond RegS
3.75% 15/1/2023 282,313 0.07 ‘144A’ 5.50% 30/4/2021 2,275,231 0.54
5.50% 15/1/2028 1,289,028 0.30 ‘144A’ 5.85% 31/1/2022 1,940,809 0.46
EUR 1,093,000 Netherlands Government Bond EUR 1,580,000 Spain Government Bond RegS
RegS ‘144A’ 4.00% 15/7/2019 1,158,853 0.27 ‘144A’ 5.40% 31/1/2023 1,978,871 0.47
RegS ‘144A’ 3.50% 15/7/2020 656,088 0.15 ‘144A’ 4.40% 31/10/2023 1,427,789 0.34
RegS ‘144A’ 3.25% 15/7/2021 1,613,693 0.38 ‘144A’ 4.80% 31/1/2024 1,329,590 0.31
RegS ‘144A’ 15/1/2022 ‘144A’ 3.80% 30/4/2024 2,124,796 0.50
(Zero Coupon) 899,345 0.21 EUR 1,600,000 Spain Government Bond RegS
EUR 1,380,000 Netherlands Government Bond ‘144A’ 2.75% 31/10/2024 1,829,400 0.43
RegS ‘144A’ 2.25% 15/7/2022 1,526,556 0.36 EUR 1,340,000 Spain Government Bond RegS
EUR 625,000 Netherlands Government Bond ‘144A’ 1.60% 30/4/2025 1,427,810 0.34
RegS ‘144A’ 7.50% 15/1/2023 853,937 0.20 EUR 1,530,000 Spain Government Bond RegS
EUR 1,110,000 Netherlands Government Bond ‘144A’ 4.65% 30/7/2025 1,963,770 0.46
RegS ‘144A’ 1.75% 15/7/2023 1,214,451 0.29 EUR 1,560,000 Spain Government Bond RegS
EUR 660,000 Netherlands Government Bond ‘144A’ 2.15% 31/10/2025 1,718,964 0.40
RegS ‘144A’ 15/1/2024 EUR 1,330,000 Spain Government Bond RegS
(Zero Coupon) 656,452 0.15 ‘144A’ 1.95% 30/4/2026 1,442,039 0.34
RegS ‘144A’ 2.00% 15/7/2024 893,056 0.21 ‘144A’ 5.90% 30/7/2026 2,130,896 0.50
RegS ‘144A’ 0.25% 15/7/2025* 967,265 0.23 ‘144A’ 1.30% 31/10/2026 1,996,706 0.47
RegS ‘144A’ 0.50% 15/7/2026 1,305,205 0.31 ‘144A’ 1.50% 30/4/2027 1,300,756 0.31


Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of
Value Net
Holding Description EUR Assets
Spain continued
‘144A’ 1.45% 31/10/2027 1,166,036 0.27
EUR 390,000 Spain Government Bond RegS
‘144A’ 1.40% 30/4/2028 398,525 0.09
‘144A’ 5.15% 31/10/2028 1,832,668 0.43
‘144A’ 1.95% 30/7/2030 1,696,224 0.40
‘144A’ 2.35% 30/7/2033 747,739 0.18
‘144A’ 4.20% 31/1/2037 1,879,969 0.44
‘144A’ 4.90% 30/7/2040 1,847,960 0.44
‘144A’ 4.70% 30/7/2041 2,095,879 0.49
‘144A’ 5.15% 31/10/2044 1,390,861 0.33
‘144A’ 2.90% 31/10/2046 1,292,301 0.30
‘144A’ 2.70% 31/10/2048 483,195 0.11
‘144A’ 3.45% 30/7/2066 687,526 0.16
61,735,168 14.52
Total Bonds 418,941,248 98.56
ecurities portfolio at market value
S 418,941,248 98.56

Other Net Assets 6,100,963 1.44
Total Net Assets (EUR) 425,042,211 100.00
Sector Breakdown
as at 31 March 2018
% of Net
Assets
Government 98.56
100.00

Value Net Value Net
BONDS Austria continued

EUR 100,000 Republic of Austria Government
Australia Bond RegS ‘144A’ 1.75%
AUD 260,000 Australia Government Bond 2.25% 20/10/2023 134,518 0.04
21/11/2022 199,381 0.06 EUR 295,000 Republic of Austria Government
AUD 375,000 Australia Government Bond RegS Bond RegS ‘144A’ 1.65%
5.25% 15/3/2019 296,985 0.08 21/10/2024 396,466 0.11
AUD 330,000 Australia Government Bond RegS EUR 165,000 Republic of Austria Government
2.75% 21/10/2019 256,647 0.07 Bond RegS ‘144A’ 1.20%
AUD 170,000 Australia Government Bond RegS 20/10/2025 215,792 0.06
1.75% 21/11/2020 396,390 0.11 15/3/2026 183,079 0.05
5.75% 15/5/2021 434,588 0.12 Bond RegS ‘144A’ 0.75%
5.50% 21/4/2023 663,074 0.18 20/4/2027 207,679 0.06
2.75% 21/4/2024 168,257 0.05 Bond RegS ‘144A’ 0.75%
4.25% 21/4/2026 729,066 0.20 23/5/2034 184,589 0.05
4.75% 21/4/2027 668,329 0.18 Bond RegS ‘144A’ 4.15%
2.25% 21/5/2028 297,711 0.08 20/6/2044 218,152 0.06
2.75% 21/11/2028 209,995 0.06 Bond RegS ‘144A’ 1.50%
4.50% 21/4/2033 162,357 0.05 26/1/2062 159,599 0.04
2.75% 21/6/2035 246,945 0.07 Bond RegS ‘144A’ 1.50%
3.25% 21/6/2039 79,180 0.02 20/9/2117 83,580 0.02
AUD 120,000 Australia Government Bond RegS
3.00% 21/3/2047 88,805 0.03 4,701,827 1.30
6,231,864 1.72
Belgium
Austria Bond 4.00% 28/3/2019 154,560 0.04
Bond 6.25% 15/7/2027 224,375 0.06 Bond 4.00% 28/3/2022 100,891 0.03
Bond RegS ‘144A’ 4.35% Bond 5.50% 28/3/2028 652,576 0.18
18/6/2019 419,262 0.12 Bond RegS ‘144A’ 3.75%
18/10/2019 124,867 0.03 Bond RegS ‘144A’ 4.25%
15/7/2020 149,122 0.04 Bond RegS 4.25% 28/9/2022 486,923 0.13
Bond RegS ‘144A’ 20/9/2022 22/6/2024 417,468 0.12
(Zero Coupon) 198,127 0.06 EUR 120,000 Kingdom of Belgium Government
Bond RegS ‘144A’ 3.40% 22/10/2024 150,057 0.04
22/11/2022 580,375 0.16

iShares Global Government Bond Index Fund (LU) continued

Value Net Value Net
Belgium continued Canada continued

EUR 295,000 Kingdom of Belgium Government CAD 50,000 Canadian Government Bond
Bond RegS ‘144A’ 0.80% 1.50% 1/6/2026 37,097 0.01
22/6/2025 374,569 0.10 CAD 315,000 Canadian Government Bond
Bond RegS ‘144A’ 4.50% CAD 140,000 Canadian Government Bond
28/3/2026 325,732 0.09 8.00% 1/6/2027 161,754 0.05
Bond RegS ‘144A’ 1.00% 5.75% 1/6/2029 220,964 0.06
22/6/2027 299,934 0.08 5.00% 1/6/2037 188,215 0.05
Bond RegS ‘144A’ 1.00% 4.00% 1/6/2041 301,464 0.08
Bond RegS 4.00% 28/3/2032 258,143 0.07 CAD 265,000 Canadian Government Bond
22/6/2034 157,068 0.04 2.75% 1/12/2064 49,646 0.01
EUR 359,000 Kingdom of Belgium Government 5,912,006 1.63
28/3/2035 708,118 0.20
Denmark
DKK 725,000 Denmark Government Bond
4.00% 15/11/2019 128,869 0.03
22/6/2037 75,979 0.02
DKK 1,470,000 Denmark Government Bond
3.00% 15/11/2021 272,323 0.07
22/6/2038 95,143 0.03
1.50% 15/11/2023 98,466 0.03
1.75% 15/11/2025 287,631 0.08
28/3/2041 441,924 0.12
0.50% 15/11/2027 148,274 0.04
Bond RegS 3.75% 22/6/2045 437,531 0.12
4.50% 15/11/2039 567,119 0.16
22/6/2047 112,537 0.03 1,502,682 0.41
Bond RegS ‘144A’ 2.25% Finland
22/6/2057 71,078 0.02 EUR 20,000 Finland Government Bond RegS
EUR 45,000 Kingdom of Belgium Government ‘144A’ 4.375% 4/7/2019 26,193 0.01
Bond RegS ‘144A’ 2.15% EUR 250,000 Finland Government Bond RegS
22/6/2066 61,929 0.02 ‘144A’ 3.375% 15/4/2020 332,663 0.09
7,530,925 2.07 EUR 60,000 Finland Government Bond RegS
‘144A’ 3.50% 15/4/2021 82,593 0.02
Canada
‘144A’ 15/4/2022 (Zero Coupon) 123,996 0.03
CAD 1,265,000 Canadian Government Bond
1.75% 1/9/2019 980,069 0.27
‘144A’ 1.625% 15/9/2022 53,126 0.01
CAD 430,000 Canadian Government Bond
1.50% 1/3/2020 331,161 0.09
‘144A’ 1.50% 15/4/2023 106,008 0.03
0.75% 1/9/2020 588,651 0.16
‘144A’ 15/9/2023 (Zero Coupon) 196,346 0.05
0.75% 1/3/2021 367,274 0.10
‘144A’ 2.00% 15/4/2024 54,748 0.02
3.25% 1/6/2021 346,602 0.10
‘144A’ 4.00% 4/7/2025 194,710 0.05
0.75% 1/9/2021 55,846 0.02
‘144A’ 0.875% 15/9/2025 57,589 0.02
0.50% 1/3/2022 278,424 0.08
‘144A’ 0.50% 15/4/2026 124,011 0.03
2.75% 1/6/2022 159,901 0.04
‘144A’ 2.75% 4/7/2028 134,252 0.04
1.00% 1/9/2022 223,056 0.06
‘144A’ 0.75% 15/4/2031 97,198 0.03
1.75% 1/3/2023 176,356 0.05
‘144A’ 1.125% 15/4/2034 99,971 0.03
1.50% 1/6/2023 15,132 0.01
‘144A’ 2.625% 4/7/2042 97,577 0.03
2.25% 1/6/2025 455,133 0.13 1,780,981 0.49


Value Net Value Net
France France continued

EUR 610,000 French Republic Government Bond EUR 393,000 French Republic Government Bond
OAT RegS 4.25% 25/4/2019 790,335 0.22 OAT RegS 4.75% 25/4/2035 759,733 0.21
EUR 410,000 French Republic Government Bond EUR 315,000 French Republic Government Bond
OAT RegS 1.00% 25/5/2019 514,469 0.14 OAT RegS ‘144A’ 1.25%
EUR 310,000 French Republic Government Bond 25/5/2036 389,933 0.11
OAT RegS 3.75% 25/10/2019 408,029 0.11 EUR 515,000 French Republic Government Bond
EUR 230,000 French Republic Government Bond OAT RegS 4.00% 25/10/2038 950,832 0.26
EUR 310,000 French Republic Government Bond OAT RegS ‘144A’ 1.75%
OAT RegS 25/2/2020 25/6/2039 199,341 0.05
(Zero Coupon) 385,749 0.11 EUR 528,000 French Republic Government Bond
EUR 650,000 French Republic Government Bond OAT RegS 4.50% 25/4/2041 1,059,666 0.29
OAT RegS 25/5/2020 EUR 260,000 French Republic Government Bond
(Zero Coupon) 921,478 0.25 OAT RegS ‘144A’ 2.00%
OAT RegS 2.50% 25/10/2020 1,259,298 0.35 EUR 290,000 French Republic Government Bond
EUR 320,000 French Republic Government Bond OAT RegS ‘144A’ 1.75%
OAT RegS 25/5/2021 25/5/2066 186,817 0.05
(Zero Coupon) 398,363 0.11
29,867,088 8.22
OAT RegS 3.25% 25/10/2021 291,290 0.08
EUR 880,000 French Republic Government Bond Germany
OAT RegS 3.00% 25/4/2022 1,225,378 0.34 EUR 200,000 Bundesobligation RegS 0.25%
OAT RegS 25/5/2022 EUR 300,000 Bundesobligation RegS 17/4/2020
(Zero Coupon) 657,182 0.18 (Zero Coupon) 374,263 0.10
EUR 320,000 French Republic Government Bond EUR 580,000 Bundesobligation RegS 0.25%
OAT RegS 2.25% 25/10/2022 436,729 0.12 16/10/2020 729,383 0.20
EUR 665,000 French Republic Government Bond EUR 530,000 Bundesobligation RegS 9/4/2021
OAT RegS 1.75% 25/5/2023 893,072 0.25 (Zero Coupon) 662,355 0.18
EUR 1,170,000 French Republic Government Bond EUR 180,000 Bundesobligation RegS 8/10/2021
OAT RegS 4.25% 25/10/2023 1,779,054 0.49 (Zero Coupon) 224,760 0.06
EUR 840,000 French Republic Government Bond EUR 210,000 Bundesobligation RegS 7/10/2022
OAT RegS 2.25% 25/5/2024 1,167,862 0.32 (Zero Coupon) 261,174 0.07
EUR 755,000 French Republic Government Bond EUR 730,000 Bundesrepublik Deutschland
OAT RegS 1.75% 25/11/2024 1,023,187 0.28 Bundesanleihe RegS 3.50%
OAT RegS 0.50% 25/5/2025 536,852 0.15 EUR 560,000 Bundesrepublik Deutschland
OAT RegS 6.00% 25/10/2025 861,213 0.24 4/1/2020 737,789 0.20
OAT RegS 1.00% 25/11/2025 380,542 0.10 Bundesanleihe RegS 3.00%
OAT RegS 3.50% 25/4/2026* 583,999 0.16 EUR 377,000 Bundesrepublik Deutschland
OAT RegS 0.50% 25/5/2026 398,448 0.11 4/1/2021 503,506 0.14
OAT RegS 2.75% 25/10/2027 1,315,097 0.36 4/9/2021 295,748 0.08
EUR 450,000 French Republic Government Bond 4/1/2022 1,019,286 0.28
OAT RegS 2.50% 25/5/2030 693,945 0.19 4/7/2022 488,716 0.13
OAT RegS 5.75% 25/10/2032 1,209,544 0.33 EUR 210,000 Bundesrepublik Deutschland
15/2/2023 279,827 0.08


Value Net Value Net

15/5/2023 346,936 0.10 4/7/2044 759,583 0.21
15/8/2023* 629,963 0.17 15/8/2046 616,021 0.17
4/1/2024 117,410 0.03 15/8/2048 63,130 0.02
EUR 415,000 Bundesrepublik Deutschland EUR 965,000 Bundesschatzanweisungen RegS
Bundesanleihe RegS 1.75% 14/6/2019 (Zero Coupon)* 1,198,755 0.33
15/2/2024 563,713 0.16 21,210,975 5.84
Ireland
15/5/2024 523,372 0.14
18/6/2019 65,331 0.02
15/8/2024 469,621 0.13
18/10/2019 54,239 0.02
18/4/2020 339,774 0.09
15/2/2025* 593,485 0.16
13/3/2025 229,375 0.06
15/8/2025* 430,706 0.12
0.80% 15/3/2022 275,018 0.08
3.90% 20/3/2023 74,833 0.02
15/2/2026* 464,674 0.13
3.40% 18/3/2024 219,398 0.06
Bundesanleihe RegS 15/8/2026
(Zero Coupon) 353,960 0.10
1.00% 15/5/2026 367,899 0.10
2.40% 15/5/2030 206,121 0.06
15/2/2027* 505,892 0.14
1.70% 15/5/2037 147,327 0.04
4/7/2027 115,121 0.03
2.00% 18/2/2045 198,908 0.05
Bundesanleihe RegS 0.50% 2,178,223 0.60
15/8/2027 495,769 0.14
EUR 480,000 Bundesrepublik Deutschland Italy
4/1/2028 884,130 0.24 4.50% 1/3/2019 547,097 0.15
EUR 80,000 Bundesrepublik Deutschland EUR 285,000 Italy Buoni Poliennali Del Tesoro
EUR 230,000 Bundesrepublik Deutschland 1.50% 1/8/2019 227,431 0.06
4/7/2028 404,305 0.11 4.25% 1/9/2019 446,431 0.12
4/1/2031 536,316 0.15 4.25% 1/3/2020 334,719 0.09
4/1/2037 683,624 0.19 4.00% 1/9/2020 549,174 0.15
4/7/2040 429,598 0.12 3.75% 1/5/2021 185,233 0.05
4/7/2042 353,811 0.10


Value Net Value Net
Italy continued Italy continued

EUR 750,000 Italy Buoni Poliennali Del Tesoro EUR 130,000 Italy Buoni Poliennali Del Tesoro
4.75% 1/9/2021 1,068,424 0.29 RegS ‘144A’ 2.45% 1/9/2033 163,221 0.04
2.15% 15/12/2021 118,692 0.03 RegS 5.00% 1/8/2034 1,272,886 0.35
5.00% 1/3/2022 553,379 0.15 RegS ‘144A’ 2.25% 1/9/2036 399,005 0.11
1.35% 15/4/2022 441,287 0.12 RegS 4.00% 1/2/2037 645,274 0.18
5.50% 1/9/2022 811,133 0.22 RegS ‘144A’ 2.95% 1/9/2038 91,251 0.03
1.45% 15/9/2022 500,336 0.14 RegS 5.00% 1/8/2039 568,067 0.16
5.50% 1/11/2022 500,787 0.14 RegS 5.00% 1/9/2040 674,660 0.19
0.95% 15/3/2023 487,508 0.13 RegS ‘144A’ 4.75% 1/9/2044 467,403 0.13
4.50% 1/5/2023 156,957 0.04 RegS ‘144A’ 3.25% 1/9/2046 344,251 0.09
0.65% 15/10/2023 427,553 0.12 RegS ‘144A’ 2.70% 1/3/2047 273,580 0.08
9.00% 1/11/2023 320,474 0.09 RegS ‘144A’ 3.45% 1/3/2048 289,947 0.08
4.50% 1/3/2024 682,355 0.19 RegS ‘144A’ 2.80% 1/3/2067 98,887 0.03
EUR 500,000 Italy Buoni Poliennali Del Tesoro 28,943,864 7.97
1.85% 15/5/2024 646,749 0.18
Japan
3.75% 1/9/2024 559,817 0.15
JPY 77,000,000 Japan Government Five Year Bond
0.20% 20/3/2019 726,293 0.20
2.50% 1/12/2024 428,156 0.12
0.10% 20/6/2019 329,995 0.09
1.50% 1/6/2025 318,859 0.09
0.20% 20/6/2019 103,839 0.03
2.00% 1/12/2025 179,974 0.05
0.10% 20/9/2019 84,911 0.02
1.60% 1/6/2026 329,162 0.09
0.20% 20/9/2019 657,593 0.18
7.25% 1/11/2026 323,311 0.09
0.10% 20/6/2020 680,428 0.19
1.25% 1/12/2026 216,331 0.06
0.10% 20/9/2020 710,691 0.20
2.20% 1/6/2027 450,723 0.12
0.10% 20/12/2020 350,033 0.10
2.05% 1/8/2027 126,910 0.03
0.10% 20/3/2021 826,328 0.23
6.50% 1/11/2027 1,147,884 0.32
0.10% 20/6/2021 287,915 0.08
5.25% 1/11/2029 792,381 0.22
0.10% 20/9/2021 341,101 0.09
6.00% 1/5/2031 800,620 0.22
0.10% 20/12/2021 284,383 0.08
5.75% 1/2/2033 325,669 0.09
0.10% 20/3/2022 189,723 0.05
RegS 4.50% 1/2/2020 362,002 0.10
0.10% 20/6/2022 284,607 0.08
RegS 3.75% 1/8/2021 565,961 0.16
0.10% 20/9/2022 175,583 0.05
RegS ‘144A’ 4.75% 1/8/2023 421,987 0.12
0.10% 20/12/2022 438,365 0.12
RegS ‘144A’ 5.00% 1/3/2025 941,012 0.26
JPY 12,950,000 Japan Government Forty Year Bond
2.40% 20/3/2048 175,804 0.05
RegS 4.50% 1/3/2026 485,325 0.13
2.20% 20/3/2049 340,211 0.09
RegS ‘144A’ 4.75% 1/9/2028 878,669 0.24
2.20% 20/3/2050 256,053 0.07
RegS ‘144A’ 3.50% 1/3/2030 553,531 0.15
2.20% 20/3/2051 412,500 0.11
RegS ‘144A’ 1.65% 1/3/2032 284,031 0.08
2.00% 20/3/2052 564,045 0.16


Value Net Value Net
Japan continued Japan continued

JPY 26,000,000 Japan Government Forty Year Bond JPY 86,000,000 Japan Government Ten Year Bond
1.90% 20/3/2053 324,782 0.09 0.60% 20/12/2023 840,676 0.23
1.70% 20/3/2054 358,329 0.10 0.60% 20/3/2024 338,268 0.09
1.40% 20/3/2055 223,542 0.06 0.60% 20/6/2024 215,698 0.06
0.40% 20/3/2056 206,638 0.06 0.50% 20/9/2024 302,425 0.08
0.90% 20/3/2057 154,269 0.04 0.30% 20/12/2024 332,593 0.09
JPY 23,000,000 Japan Government Ten Year Bond JPY 19,200,000 Japan Government Ten Year Bond
1.30% 20/3/2019 219,244 0.06 0.50% 20/12/2024 187,525 0.05
1.50% 20/3/2019 200,560 0.06 0.40% 20/3/2025 40,780 0.01
1.40% 20/6/2019 1,053,529 0.29 0.40% 20/9/2025 126,362 0.03
1.50% 20/6/2019 479,451 0.13 0.10% 20/3/2026 330,312 0.09
1.30% 20/9/2019 144,007 0.04 0.10% 20/6/2026 376,305 0.10
1.40% 20/9/2019 548,018 0.15 0.10% 20/9/2026 408,404 0.11
1.30% 20/12/2019 1,418,516 0.39 0.10% 20/12/2026 308,456 0.08
1.30% 20/3/2020 145,996 0.04 0.10% 20/3/2027 218,202 0.06
1.40% 20/3/2020 1,278,544 0.35 0.10% 20/6/2027 474,014 0.13
1.10% 20/6/2020 359,812 0.10 0.10% 20/9/2027 99,551 0.03
JPY 97,000,000 Japan Government Ten Year Bond JPY 10,000,000 Japan Government Thirty Year Bond
0.80% 20/9/2020 933,020 0.26 1.80% 22/11/2032 114,967 0.03
1.00% 20/9/2020 1,000,940 0.28 2.00% 20/12/2033 248,964 0.07
1.20% 20/12/2020 1,237,404 0.34 2.40% 20/3/2034 490,847 0.14
1.10% 20/3/2021 87,699 0.02 2.50% 20/6/2034 378,807 0.10
1.30% 20/3/2021 655,022 0.18 2.50% 20/9/2034 97,358 0.03
1.10% 20/6/2021 271,196 0.07 2.40% 20/12/2034 160,910 0.04
1.20% 20/6/2021 405,863 0.11 2.30% 20/3/2035 247,709 0.07
1.00% 20/9/2021 525,076 0.14 2.30% 20/6/2035 212,802 0.06
1.10% 20/9/2021 245,043 0.07 2.50% 20/9/2035 76,409 0.02
1.00% 20/12/2021 509,274 0.14 2.30% 20/12/2035 43,525 0.01
1.10% 20/12/2021 526,864 0.14 2.50% 20/3/2036 266,299 0.07
1.00% 20/3/2022 785,717 0.22 2.50% 20/6/2036 56,287 0.02
0.80% 20/6/2022 551,370 0.15 2.50% 20/9/2036 243,448 0.07
0.90% 20/6/2022 335,365 0.09 2.30% 20/12/2036 242,412 0.07
0.80% 20/9/2022 1,053,326 0.29 2.40% 20/3/2037 951,276 0.26
0.70% 20/12/2022 283,106 0.08 2.50% 20/9/2037 451,714 0.12
0.80% 20/12/2022 1,726,534 0.48 2.50% 20/3/2038 463,951 0.13
0.60% 20/3/2023 803,023 0.22 2.40% 20/9/2038 134,944 0.04
0.80% 20/6/2023 1,460,316 0.40 2.30% 20/3/2039 437,382 0.12
0.80% 20/9/2023 236,797 0.07 2.20% 20/9/2039 567,842 0.16


Value Net Value Net

JPY 50,000,000 Japan Government Thirty Year Bond JPY 5,000,000 Japan Government Twenty Year
2.30% 20/3/2040 636,135 0.17 Bond 2.10% 20/3/2025 54,110 0.01
2.00% 20/9/2040 610,992 0.17 Bond 1.90% 20/6/2025 107,347 0.03
2.20% 20/3/2041 531,584 0.15 Bond 2.00% 20/6/2025 59,410 0.02
2.00% 20/9/2041 506,121 0.14 Bond 2.10% 20/6/2025 130,438 0.04
2.00% 20/3/2042 653,283 0.18 Bond 2.00% 20/9/2025 65,051 0.02
1.90% 20/9/2042 622,919 0.17 Bond 2.00% 20/12/2025 92,529 0.03
1.80% 20/3/2043 230,986 0.06 Bond 2.10% 20/3/2026 181,568 0.05
1.90% 20/6/2043 190,547 0.05 Bond 2.30% 20/3/2026 228,662 0.06
1.80% 20/9/2043 214,657 0.06 Bond 2.20% 20/6/2026 365,441 0.10
1.70% 20/12/2043 199,148 0.05 Bond 2.30% 20/6/2026 249,243 0.07
1.70% 20/3/2044 544,889 0.15 Bond 2.20% 20/9/2026 502,675 0.14
1.70% 20/6/2044 470,193 0.13 Bond 2.30% 20/9/2026 1,023,578 0.28
1.70% 20/9/2044 355,421 0.10 Bond 2.10% 20/12/2026 267,061 0.07
1.50% 20/12/2044 201,906 0.06 Bond 2.00% 20/3/2027 609,594 0.17
1.50% 20/3/2045 225,629 0.06 Bond 2.10% 20/3/2027 91,560 0.03
1.60% 20/6/2045 234,902 0.06 Bond 2.30% 20/6/2027 113,840 0.03
1.40% 20/9/2045 253,105 0.07 Bond 2.10% 20/9/2027 146,294 0.04
1.40% 20/12/2045 276,308 0.08 Bond 2.20% 20/9/2027 283,555 0.08
0.80% 20/3/2046 346,614 0.10 Bond 2.10% 20/12/2027 350,112 0.10
0.30% 20/6/2046 62,245 0.02 Bond 2.20% 20/3/2028 329,035 0.09
0.50% 20/9/2046 243,210 0.07 Bond 2.40% 20/3/2028 139,292 0.04
0.60% 20/12/2046 194,005 0.05 Bond 2.10% 20/6/2028 45,456 0.01
0.80% 20/3/2047 159,020 0.04 Bond 2.40% 20/6/2028 244,667 0.07
0.80% 20/6/2047 278,701 0.08 Bond 2.10% 20/9/2028 94,654 0.03
0.80% 20/9/2047 75,091 0.02 Bond 1.90% 20/12/2028 202,313 0.06
0.80% 20/12/2047 66,903 0.02 Bond 2.10% 20/12/2028 275,011 0.08
JPY 10,000,000 Japan Government Twenty Year JPY 16,000,000 Japan Government Twenty Year
Bond 1.90% 20/9/2022 102,515 0.03 Bond 1.90% 20/3/2029 180,223 0.05
Bond 1.90% 20/9/2023 31,296 0.01 Bond 2.10% 20/3/2029 688,174 0.19
Bond 1.80% 20/12/2023 161,025 0.04 Bond 2.10% 20/6/2029 747,755 0.21
Bond 1.90% 20/3/2024 73,632 0.02 Bond 2.20% 20/6/2029 125,950 0.03
Bond 2.10% 20/3/2024 42,528 0.01 Bond 2.10% 20/9/2029 173,044 0.05
Bond 2.40% 20/6/2024 121,050 0.03 Bond 2.10% 20/12/2029 518,890 0.14
Bond 2.10% 20/9/2024 332,590 0.09 Bond 2.10% 20/3/2030 928,121 0.26
Bond 2.00% 20/12/2024 321,437 0.09 Bond 1.60% 20/6/2030 210,289 0.06
Bond 1.90% 20/3/2025 118,666 0.03 Bond 1.80% 20/6/2030 115,178 0.03


Value Net Value Net

Bond 1.80% 20/9/2030 396,147 0.11 Bond 0.50% 20/9/2036 370,859 0.10
Bond 1.90% 20/9/2030 379,169 0.10 Bond 0.60% 20/12/2036 341,895 0.09
Bond 2.00% 20/12/2030 579,053 0.16 Bond 0.70% 20/3/2037 287,134 0.08
Bond 2.10% 20/12/2030 445,154 0.12 Bond 0.60% 20/6/2037 315,221 0.09
Bond 2.00% 20/3/2031 95,166 0.03 Bond 0.60% 20/12/2037 246,558 0.07
JPY 22,300,000 Japan Government Twenty Year JPY 70,000,000 Japan Government Two Year Bond
Bond 2.20% 20/3/2031 264,233 0.07 0.10% 15/3/2019 659,631 0.18
JPY 25,000,000 Japan Government Twenty Year JPY 60,000,000 Japan Government Two Year Bond
Bond 1.80% 20/6/2031 284,624 0.08 0.10% 15/6/2019 565,751 0.16
JPY 38,000,000 Japan Government Twenty Year 73,666,026 20.29
Bond 1.90% 20/6/2031 437,274 0.12
JPY 7,000,000 Japan Government Twenty Year
Malaysia
Bond 1.70% 20/9/2031 78,973 0.02
MYR 600,000 Malaysia Government Bond
3.759% 15/3/2019 156,065 0.04
Bond 1.80% 20/9/2031 315,442 0.09
3.889% 31/7/2020 91,459 0.03
Bond 1.80% 20/12/2031 182,871 0.05
4.16% 15/7/2021 34,307 0.01
Bond 1.70% 20/3/2032 90,548 0.02
MYR 1,024,000 Malaysia Government Bond
3.882% 10/3/2022 267,916 0.07
Bond 1.80% 20/3/2032 102,967 0.03
3.80% 17/8/2023 33,635 0.01
Bond 1.50% 20/6/2032 243,542 0.07
4.181% 15/7/2024 80,133 0.02
Bond 1.60% 20/6/2032 44,805 0.01
3.955% 15/9/2025 206,929 0.06
Bond 1.70% 20/6/2032 249,317 0.07
3.90% 30/11/2026 146,331 0.04
Bond 1.70% 20/9/2032 397,246 0.11
3.733% 15/6/2028 38,063 0.01
Bond 1.70% 20/12/2032 380,714 0.10
4.232% 30/6/2031 153,416 0.04
Bond 1.80% 20/12/2032 206,971 0.06
4.127% 15/4/2032 37,714 0.01
Bond 1.50% 20/3/2033 125,453 0.03
4.935% 30/9/2043 52,626 0.02
Bond 1.60% 20/3/2033 336,226 0.09
JPY 54,000,000 Japan Government Twenty Year 1,298,594 0.36
Bond 1.70% 20/6/2033 614,988 0.17
JPY 27,150,000 Japan Government Twenty Year Mexico
Bond 1.70% 20/9/2033 309,579 0.09 MXN 2,250,000 Mexican Bonos 5.00% 11/12/2019 118,780 0.03
JPY 27,000,000 Japan Government Twenty Year MXN 4,000,000 Mexican Bonos 8.00% 11/6/2020 222,813 0.06
JPY 77,200,000 Japan Government Twenty Year MXN 300,000 Mexican Bonos 8.50% 31/5/2029 17,867 0.00
Bond 1.20% 20/3/2035 904,656 0.25 2,339,935 0.64
Bond 1.30% 20/6/2035 339,702 0.09 Netherlands
JPY 42,600,000 Japan Government Twenty Year EUR 80,000 Netherlands Government Bond
Bond 1.20% 20/9/2035 454,817 0.13 0.25% 15/1/2020 100,164 0.03
Bond 1.00% 20/12/2035 753,180 0.21 3.75% 15/1/2023 43,854 0.01
Bond 0.40% 20/3/2036 108,606 0.03 5.50% 15/1/2028 445,298 0.12
Bond 0.20% 20/6/2036 145,494 0.04 RegS ‘144A’ 4.00% 15/7/2019 52,264 0.02


Value Net Value Net
Netherlands continued Singapore continued

EUR 510,000 Netherlands Government Bond SGD 210,000 Singapore Government Bond
RegS ‘144A’ 3.50% 15/7/2020 687,250 0.19 3.125% 1/9/2022 167,720 0.05
RegS ‘144A’ 3.25% 15/7/2021 234,769 0.07 2.75% 1/7/2023 70,854 0.02
RegS ‘144A’ 15/1/2022 2.125% 1/6/2026 120,958 0.03
(Zero Coupon) 603,965 0.17 SGD 25,000 Singapore Government Bond
EUR 155,000 Netherlands Government Bond 3.50% 1/3/2027 20,915 0.01
RegS ‘144A’ 2.25% 15/7/2022 211,300 0.06 SGD 10,000 Singapore Government Bond
RegS ‘144A’ 1.75% 15/7/2023 342,472 0.09 SGD 200,000 Singapore Government Bond
RegS ‘144A’ 15/1/2024 SGD 30,000 Singapore Government Bond
(Zero Coupon) 441,261 0.12 3.375% 1/9/2033 25,261 0.01
RegS ‘144A’ 2.00% 15/7/2024 522,765 0.14 2.75% 1/4/2042 68,883 0.02
RegS ‘144A’ 0.25% 15/7/2025 301,074 0.08 2.75% 1/3/2046 76,072 0.02
EUR 90,000 Netherlands Government Bond 878,608 0.24
RegS ‘144A’ 0.50% 15/7/2026 111,786 0.03
EUR 215,000 Netherlands Government Bond
South Africa
RegS ‘144A’ 0.75% 15/7/2027 270,395 0.08
ZAR 795,000 Republic of South Africa
Government Bond 7.75%
RegS ‘144A’ 2.50% 15/1/2033 305,162 0.08
28/2/2023 67,986 0.02
ZAR 3,300,000 Republic of South Africa
RegS ‘144A’ 4.00% 15/1/2037 513,394 0.14
21/12/2026 320,861 0.09
RegS ‘144A’ 3.75% 15/1/2042 552,072 0.15
ZAR 5,550,000 Republic of South Africa
RegS ‘144A’ 2.75% 15/1/2047 330,912 0.09
31/1/2030 453,933 0.12
6,070,157 1.67 ZAR 400,000 Republic of South Africa
Norway 31/3/2032 32,837 0.01
NOK 1,100,000 Norway Government Bond RegS ZAR 3,180,000 Republic of South Africa
‘144A’ 4.50% 22/5/2019 145,917 0.04 Government Bond 6.25%
NOK 440,000 Norway Government Bond RegS 31/3/2036 207,860 0.06
‘144A’ 3.75% 25/5/2021 60,434 0.02 ZAR 4,510,000 Republic of South Africa
NOK 750,000 Norway Government Bond RegS Government Bond 8.50%
‘144A’ 2.00% 24/5/2023 97,912 0.03 31/1/2037 369,005 0.10
NOK 1,460,000 Norway Government Bond RegS ZAR 2,050,000 Republic of South Africa
‘144A’ 3.00% 14/3/2024* 200,788 0.06 Government Bond 6.50%
NOK 400,000 Norway Government Bond RegS 28/2/2041 133,139 0.04
‘144A’ 1.75% 13/3/2025 51,099 0.01 ZAR 2,250,000 Republic of South Africa
NOK 60,000 Norway Government Bond RegS Government Bond 8.75%
‘144A’ 1.50% 19/2/2026 7,485 0.00 28/2/2048 187,060 0.05
NOK 700,000 Norway Government Bond RegS 1,772,681 0.49
‘144A’ 1.75% 17/2/2027 88,484 0.02
652,119 0.18 Spain
Poland 31/1/2020 667,888 0.18
PLN 1,470,000 Republic of Poland Government EUR 300,000 Spain Government Bond 1.15%
Bond 1.50% 25/4/2020 430,350 0.12 30/7/2020 382,301 0.11
Bond 2.25% 25/4/2022 714,879 0.20 31/1/2021 670,560 0.18
PLN 450,000 Republic of Poland Government EUR 290,000 Spain Government Bond 0.75%
Bond 3.25% 25/7/2025 134,861 0.04 30/7/2021 368,417 0.10
Bond 2.50% 25/7/2026 493,320 0.13 31/1/2029 814,707 0.22
1,773,410 0.49 EUR 303,000 Spain Government Bond 5.75%
30/7/2032 577,488 0.16
Singapore
‘144A’ 4.60% 30/7/2019 131,378 0.04
SGD 50,000 Singapore Government Bond
3.25% 1/9/2020 39,329 0.01
‘144A’ 4.30% 31/10/2019 708,060 0.19
2.25% 1/6/2021 69,227 0.02
‘144A’ 4.00% 30/4/2020 483,623 0.13
1.25% 1/10/2021 52,043 0.01
‘144A’ 4.85% 31/10/2020 837,193 0.23


Value Net Value Net
Spain continued United Kingdom

EUR 450,000 Spain Government Bond RegS GBP 225,000 United Kingdom Gilt RegS 4.50%
‘144A’ 5.50% 30/4/2021 652,065 0.18 7/3/2019 327,442 0.09
‘144A’ 5.40% 31/1/2023 956,943 0.26 22/7/2019 740,596 0.20
‘144A’ 4.40% 31/10/2023 792,924 0.22 7/9/2019 310,791 0.09
‘144A’ 4.80% 31/1/2024 340,070 0.09 7/3/2020 302,649 0.08
‘144A’ 3.80% 30/4/2024 650,925 0.18 22/7/2020 411,378 0.11
‘144A’ 2.75% 31/10/2024 457,937 0.13 7/9/2020* 865,363 0.24
‘144A’ 1.60% 30/4/2025 604,029 0.17 22/1/2021 543,483 0.15
‘144A’ 4.65% 30/7/2025 332,164 0.09 7/6/2021 85,993 0.02
‘144A’ 2.15% 31/10/2025 203,689 0.06 7/9/2021 1,079,081 0.30
‘144A’ 1.95% 30/4/2026 507,742 0.14 7/3/2022 212,462 0.06
‘144A’ 5.90% 30/7/2026 777,437 0.21 22/7/2022 440,476 0.12
‘144A’ 1.30% 31/10/2026 418,562 0.12 7/9/2022 217,727 0.06
‘144A’ 1.50% 30/4/2027 436,012 0.12
22/7/2023 496,563 0.14
GBP 380,000 United Kingdom Gilt RegS 2.25%
‘144A’ 1.45% 31/10/2027 438,719 0.12
7/9/2023 566,801 0.16
‘144A’ 1.40% 30/4/2028 415,565 0.11
7/9/2024 486,715 0.13
‘144A’ 5.15% 31/10/2028 386,140 0.11 GBP 80,000 United Kingdom Gilt RegS 5.00%
EUR 270,000 Spain Government Bond RegS 7/3/2025 141,177 0.04
EUR 205,000 Spain Government Bond RegS 7/9/2025* 602,348 0.17
17,474,594 4.81 7/3/2036 708,498 0.19
7/9/2037 354,089 0.10
Sweden
SEK 250,000 Sweden Government Bond 4.25%
7/12/2038 521,768 0.14
12/3/2019 31,276 0.01
SEK 845,000 Sweden Government Bond 5.00% GBP 200,000 United Kingdom Gilt RegS 4.25%
1/12/2020 115,781 0.03 7/9/2039 409,310 0.11
SEK 2,610,000 Sweden Government Bond 3.50% GBP 254,000 United Kingdom Gilt RegS 4.25%
1/6/2022 359,770 0.10 7/12/2040 526,851 0.15
12/5/2025 275,690 0.08 7/12/2042 645,128 0.18
12/11/2026 112,096 0.03 22/1/2044 752,943 0.21
12/5/2028 120,290 0.04 22/1/2045 788,717 0.22
30/3/2039 118,571 0.03 7/12/2046 577,676 0.16
SEK 370,000 Sweden Government Bond RegS GBP 255,000 United Kingdom Gilt RegS 1.50%
‘144A’ 1.50% 13/11/2023 47,670 0.01 22/7/2047 340,641 0.09
1,181,144 0.33
7/12/2049 526,719 0.14


Value Net Value Net
United Kingdom continued United States continued

GBP 376,000 United Kingdom Gilt RegS 3.75% USD 320,000 United States Treasury Bond
22/7/2052 820,537 0.23 2.75% 15/11/2042 307,925 0.08
7/12/2055 789,407 0.22 3.125% 15/2/2043 246,600 0.07
22/7/2057 222,684 0.06 2.875% 15/5/2043 464,732 0.13
22/1/2060 556,644 0.15 3.625% 15/8/2043 703,213 0.19
22/7/2065 478,168 0.13 3.75% 15/11/2043 854,121 0.24
22/7/2068 723,957 0.20 3.625% 15/2/2044 699,286 0.19
21,078,484 5.80 USD 565,000 United States Treasury Bond
3.375% 15/5/2044 605,830 0.17
USD 945,000 United States Treasury Bond
United States
3.125% 15/8/2044 970,138 0.27
6.00% 15/2/2026 530,160 0.15
3.00% 15/11/2044 582,039 0.16
USD 1,337,000 United States Treasury Bond
6.50% 15/11/2026 361,189 0.10
2.50% 15/2/2045 1,216,670 0.34
6.125% 15/11/2027 346,750 0.10
3.00% 15/5/2045 792,345 0.22
5.50% 15/8/2028 124,527 0.03
2.875% 15/8/2045 644,816 0.18
5.25% 15/11/2028 49,085 0.01
3.00% 15/11/2045 901,969 0.25
5.25% 15/2/2029 86,197 0.02
2.50% 15/2/2046 435,300 0.12
6.25% 15/5/2030 189,695 0.05
2.50% 15/5/2046 398,596 0.11
5.375% 15/2/2031 242,940 0.07
2.25% 15/8/2046 510,445 0.14
4.50% 15/2/2036 276,259 0.08
2.875% 15/11/2046 547,302 0.15
5.00% 15/5/2037 203,913 0.06
3.00% 15/2/2047 646,083 0.18
4.375% 15/2/2038 36,837 0.01
3.00% 15/5/2047 580,714 0.16
4.50% 15/5/2038 249,758 0.07
2.75% 15/8/2047 571,242 0.16
3.50% 15/2/2039 230,184 0.06
2.75% 15/11/2047 819,083 0.23
4.25% 15/5/2039 315,600 0.09
3.00% 15/2/2048 120,237 0.03
USD 990,000 United States Treasury Note
4.50% 15/8/2039 225,861 0.06
1.125% 28/2/2019 981,318 0.27
4.375% 15/11/2039 86,469 0.02
1.375% 28/2/2019 59,602 0.02
4.625% 15/2/2040 312,739 0.09
1.50% 28/2/2019 99,453 0.03
4.375% 15/5/2040 197,866 0.05
1.25% 31/3/2019 981,434 0.27
3.875% 15/8/2040 80,879 0.02
1.50% 31/3/2019 168,947 0.05
4.25% 15/11/2040 651,415 0.18
1.625% 31/3/2019 198,996 0.05
4.75% 15/2/2041 273,480 0.08
0.875% 15/4/2019 513,266 0.14
4.375% 15/5/2041 670,275 0.18
1.25% 30/4/2019 148,544 0.04
3.75% 15/8/2041 352,238 0.10
1.625% 30/4/2019 298,295 0.08
3.125% 15/11/2041 180,195 0.05
0.875% 15/5/2019 345,017 0.10
USD 1,000,000 United States Treasury Note
3.125% 15/2/2042 251,277 0.07
3.125% 15/5/2019 1,010,352 0.28
3.00% 15/5/2042 312,379 0.09
1.125% 31/5/2019 345,803 0.10
2.75% 15/8/2042 462,291 0.13
1.50% 31/5/2019 823,629 0.23


Value Net Value Net

USD 100,000 United States Treasury Note USD 170,000 United States Treasury Note
0.875% 15/6/2019 98,453 0.03 1.375% 31/5/2020 166,560 0.05
1.00% 30/6/2019 788,250 0.22 1.50% 31/5/2020 943,106 0.26
USD 1,000,000 United States Treasury Note USD 500,000 United States Treasury Note
1.25% 30/6/2019 988,477 0.27 1.50% 15/6/2020 491,074 0.14
1.625% 30/6/2019 690,276 0.19 1.625% 30/6/2020 285,469 0.08
USD 510,000 United States Treasury Note USD 1,200,000 United States Treasury Note
0.75% 15/7/2019 500,726 0.14 1.50% 15/7/2020 1,177,500 0.32
0.875% 31/7/2019 196,555 0.05 1.625% 31/7/2020 708,286 0.20
1.375% 31/7/2019 306,688 0.08 2.00% 31/7/2020 694,572 0.19
USD 1,080,000 United States Treasury Note USD 1,000,000 United States Treasury Note
1.625% 31/7/2019 1,071,984 0.30 2.625% 15/8/2020 1,006,250 0.28
0.75% 15/8/2019 1,760,047 0.48 1.375% 31/8/2020 420,081 0.12
3.625% 15/8/2019 611,262 0.17 2.125% 31/8/2020 154,149 0.04
1.00% 31/8/2019 98,311 0.03 1.375% 30/9/2020 556,296 0.15
1.25% 31/8/2019 147,981 0.04 2.00% 30/9/2020 198,219 0.05
1.625% 31/8/2019 218,182 0.06 1.375% 31/10/2020 633,737 0.17
1.00% 30/9/2019 32,407 0.01 1.75% 31/10/2020 118,118 0.03
1.75% 30/9/2019 546,111 0.15 2.625% 15/11/2020 523,179 0.14
1.00% 15/10/2019 657,621 0.18 1.625% 30/11/2020 558,856 0.15
1.25% 31/10/2019 187,072 0.05 2.00% 30/11/2020 69,314 0.02
1.50% 31/10/2019* 958,595 0.26 1.75% 31/12/2020 589,840 0.16
1.00% 15/11/2019 98,014 0.03 2.375% 31/12/2020 164,961 0.05
3.375% 15/11/2019 190,324 0.05 1.375% 31/1/2021 218,685 0.06
1.00% 30/11/2019 146,944 0.04 2.125% 31/1/2021 446,607 0.12
1.50% 30/11/2019 553,077 0.15 3.625% 15/2/2021 1,406,112 0.39
1.375% 15/12/2019 221,621 0.06 1.125% 28/2/2021 597,634 0.16
1.375% 15/1/2020 1,082,834 0.30 2.00% 28/2/2021 123,569 0.03
1.25% 31/1/2020 1,040,539 0.29 1.25% 31/3/2021 473,596 0.13
1.375% 31/1/2020 116,133 0.03 2.25% 31/3/2021 199,059 0.05
3.625% 15/2/2020 2,797,024 0.77 1.375% 30/4/2021 300,379 0.08
1.25% 29/2/2020 2,157,547 0.59 2.25% 30/4/2021 422,825 0.12
1.625% 15/3/2020 740,391 0.20 3.125% 15/5/2021 494,889 0.14
1.375% 31/3/2020 392,742 0.11 1.375% 31/5/2021 120,930 0.03
1.125% 30/4/2020 123,924 0.03 2.00% 31/5/2021 177,574 0.05
1.375% 30/4/2020 196,152 0.05 1.125% 30/6/2021 551,360 0.15
1.50% 15/5/2020 865,012 0.24 2.125% 30/6/2021 137,588 0.04
3.50% 15/5/2020 1,638,406 0.45 1.125% 31/7/2021 143,622 0.04


Value Net Value Net

2.25% 31/7/2021 779,726 0.21 1.875% 31/10/2022 582,516 0.16
2.125% 15/8/2021 632,738 0.17 2.00% 31/10/2022* 1,854,207 0.51
1.125% 31/8/2021 162,543 0.04 1.625% 15/11/2022 508,500 0.14
2.00% 31/8/2021 147,674 0.04 2.00% 30/11/2022 1,843,488 0.51
1.125% 30/9/2021 610,975 0.17 2.125% 31/12/2022 950,657 0.26
2.125% 30/9/2021 197,609 0.05 1.75% 31/1/2023 211,776 0.06
1.25% 31/10/2021 239,473 0.07 2.00% 15/2/2023 1,324,273 0.36
2.00% 31/10/2021 894,893 0.25 1.50% 28/2/2023 489,391 0.13
2.00% 15/11/2021* 1,544,120 0.43 2.625% 28/2/2023 240,563 0.07
1.75% 30/11/2021 925,341 0.26 1.50% 31/3/2023 137,642 0.04
1.875% 30/11/2021 146,827 0.04 1.625% 30/4/2023 114,473 0.03
2.00% 31/12/2021 196,375 0.05 1.75% 15/5/2023 239,873 0.07
2.125% 31/12/2021 148,043 0.04 1.625% 31/5/2023 190,586 0.05
1.50% 31/1/2022 866,883 0.24 1.375% 30/6/2023 46,996 0.01
1.875% 31/1/2022 449,309 0.12 1.25% 31/7/2023 111,916 0.03
2.00% 15/2/2022 1,236,966 0.34 2.50% 15/8/2023* 770,656 0.21
1.75% 28/2/2022 971,953 0.27 1.375% 30/9/2023 234,072 0.06
1.875% 28/2/2022 1,454,496 0.40 1.625% 31/10/2023 312,959 0.09
1.75% 31/3/2022 947,045 0.26 2.75% 15/11/2023 704,471 0.19
1.875% 31/3/2022 526,753 0.15 2.125% 30/11/2023 292,020 0.08
1.75% 30/4/2022 388,016 0.11 2.25% 31/12/2023 137,093 0.04
1.875% 30/4/2022 1,052,641 0.29 2.25% 31/1/2024 117,445 0.03
1.75% 15/5/2022 145,503 0.04 2.75% 15/2/2024 764,260 0.21
1.75% 31/5/2022 1,192,043 0.33 2.125% 29/2/2024 160,247 0.04
1.875% 31/5/2022 1,188,904 0.33 2.125% 31/3/2024 436,702 0.12
1.75% 30/6/2022 377,729 0.10 2.00% 30/4/2024 1,713,667 0.47
2.125% 30/6/2022 1,052,404 0.29 2.50% 15/5/2024 594,480 0.16
1.875% 31/7/2022 534,864 0.15 2.00% 31/5/2024 365,564 0.10
2.00% 31/7/2022 841,120 0.23 2.125% 31/7/2024 484,063 0.13
1.625% 15/8/2022 529,300 0.15 2.375% 15/8/2024 761,301 0.21
1.625% 31/8/2022 673,121 0.19 2.25% 15/11/2024 1,610,554 0.44
1.875% 31/8/2022 777,562 0.21 2.50% 31/1/2025 671,779 0.19
1.75% 30/9/2022 538,950 0.15 2.00% 15/2/2025* 1,348,010 0.37
1.875% 30/9/2022 951,748 0.26 2.125% 15/5/2025 990,993 0.27


Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of
Value Net
Holding Description USD Assets
United States continued

2.00% 15/8/2025* 1,237,539 0.34
2.25% 15/11/2025* 2,740,925 0.76
1.625% 15/2/2026 976,773 0.27
1.625% 15/5/2026 891,150 0.25
1.50% 15/8/2026 1,001,752 0.28
2.00% 15/11/2026 1,054,988 0.29
2.25% 15/2/2027 882,948 0.24
2.375% 15/5/2027 1,114,175 0.31
2.25% 15/8/2027 1,101,147 0.30
2.25% 15/11/2027 659,920 0.18
120,689,635 33.23
Total Bonds 358,735,822 98.78
Securities portfolio at market value 358,735,822 98.78
Other Net Assets 4,419,363 1.22

Open forward foreign exchange transactions Sector Breakdown

as at 31 March 2018 as at 31 March 2018
Unrealised % of Net
Maturity (depreciation) Assets
Currency Purchases Currency Sales Counterparty date USD Government 98.78
CHF 420,000 USD 445,533 Bank of America Securities portfolio at market value 98.78
Merrill Lynch 7/6/2018 (3,567) Other Net Assets 1.22
USD 445,574 EUR 360,000 UBS 7/6/2018 (112)
100.00
Total (Gross underlying exposure - USD 887,651) (3,679)

Value Net Value Net
COMMON STOCKS (SHARES) Japan continued

12,800 Hino Motors Ltd 164,385 0.09
Japan 1,680 Hirose Electric Co Ltd 229,654 0.12
1,600 ABC-Mart Inc 104,696 0.06 3,400 Hisamitsu Pharmaceutical Co Inc 260,198 0.14
19,800 Acom Co Ltd 87,863 0.05 5,200 Hitachi Chemical Co Ltd 114,594 0.06
32,000 Aeon Co Ltd* 565,449 0.31 5,300 Hitachi Construction Machinery
5,400 AEON Financial Service Co Ltd 123,774 0.07 Co Ltd 202,303 0.11
5,600 Aeon Mall Co Ltd 116,407 0.06 3,400 Hitachi High-Technologies Corp 158,548 0.09
7,400 Air Water Inc 142,831 0.08 246,000 Hitachi Ltd 1,764,891 0.95
8,800 Aisin Seiki Co Ltd 474,893 0.26 10,600 Hitachi Metals Ltd 123,176 0.07
27,000 Ajinomoto Co Inc 486,998 0.26 87,400 Honda Motor Co Ltd* 2,991,806 1.62
9,300 Alfresa Holdings Corp 207,133 0.11 2,700 Hoshizaki Corp 238,105 0.13
9,900 Alps Electric Co Ltd* 241,066 0.13 19,300 Hoya Corp 963,322 0.52
16,900 Amada Holdings Co Ltd 202,581 0.11 14,800 Hulic Co Ltd 159,737 0.09
5,800 ANA Holdings Inc 222,643 0.12 6,700 Idemitsu Kosan Co Ltd 251,963 0.14
5,900 Aozora Bank Ltd 234,635 0.13 7,700 IHI Corp 237,447 0.13
10,600 Asahi Glass Co Ltd 437,992 0.24 7,700 Iida Group Holdings Co Ltd 142,178 0.08
19,700 Asahi Group Holdings Ltd 1,053,852 0.57 49,500 Inpex Corp 603,363 0.33
62,800 Asahi Kasei Corp 825,702 0.45 16,700 Isetan Mitsukoshi Holdings Ltd 182,599 0.10
7,900 Asics Corp 145,648 0.08 27,400 Isuzu Motors Ltd 414,484 0.22
104,900 Astellas Pharma Inc 1,593,742 0.86 76,000 ITOCHU Corp* 1,465,839 0.79
9,900 Bandai Namco Holdings Inc 316,457 0.17 12,100 J Front Retailing Co Ltd 201,468 0.11
3,000 Bank of Kyoto Ltd/The* 167,536 0.09 6,400 Japan Airlines Co Ltd 258,070 0.14
3,800 Benesse Holdings Inc 136,473 0.07 2,300 Japan Airport Terminal Co Ltd 88,225 0.05
33,000 Bridgestone Corp 1,435,848 0.78 26,000 Japan Exchange Group Inc 480,327 0.26
11,800 Brother Industries Ltd 269,248 0.15 20,200 Japan Post Bank Co Ltd 272,144 0.15
4,000 Calbee Inc 135,007 0.07 80,000 Japan Post Holdings Co Ltd 966,483 0.52
54,200 Canon Inc 1,961,830 1.06 41 Japan Prime Realty Investment
10,200 Casio Computer Co Ltd 149,982 0.08 Corp (Reit) 148,404 0.08
7,300 Central Japan Railway Co 1,380,181 0.75 62 Japan Real Estate Investment
35,000 Chiba Bank Ltd/The 282,001 0.15 Corp (Reit) 321,177 0.17
32,200 Chubu Electric Power Co Inc 459,243 0.25 133 Japan Retail Fund Investment
11,700 Chugai Pharmaceutical Co Ltd 586,292 0.32 Corp (Reit) 257,585 0.14
13,800 Chugoku Electric Power Co Inc/The* 167,627 0.09 55,900 Japan Tobacco Inc 1,595,041 0.86
6,200 Coca-Cola Bottlers Japan 27,200 JFE Holdings Inc* 541,494 0.29
Holdings Inc 254,727 0.14 10,300 JGC Corp 220,787 0.12
65,800 Concordia Financial Group Ltd 366,844 0.20 9,500 JSR Corp 211,052 0.11
7,800 Credit Saison Co Ltd 128,625 0.07 11,100 JTEKT Corp 160,502 0.09
5,800 Cyberdyne Inc* 81,903 0.04 156,700 JXTG Holdings Inc* 939,331 0.51
12,894 Dai Nippon Printing Co Ltd 264,632 0.14 46,000 Kajima Corp 426,851 0.23
54,800 Dai-ichi Life Holdings Inc 1,002,078 0.54 6,900 Kakaku.com Inc 120,076 0.06
13,900 Daicel Corp 150,807 0.08 5,800 Kamigumi Co Ltd 128,362 0.07
4,900 Daifuku Co Ltd 285,160 0.15 16,000 Kaneka Corp 157,796 0.09
28,800 Daiichi Sankyo Co Ltd 957,157 0.52 35,200 Kansai Electric Power Co Inc/The 456,361 0.25
12,700 Daikin Industries Ltd 1,390,415 0.75 10,200 Kansai Paint Co Ltd* 236,096 0.13
3,600 Daito Trust Construction Co Ltd 609,561 0.33 25,100 Kao Corp 1,871,792 1.01
28,800 Daiwa House Industry Co Ltd 1,093,894 0.59 7,500 Kawasaki Heavy Industries Ltd 238,683 0.13
90 Daiwa House Investment Corp 92,000 KDDI Corp 2,340,112 1.26
(Reit) 216,951 0.12 4,800 Keihan Holdings Co Ltd 147,793 0.08
80,000 Daiwa Securities Group Inc 508,664 0.27 11,600 Keikyu Corp* 202,303 0.11
5,300 DeNA Co Ltd 95,571 0.05 5,700 Keio Corp 243,294 0.13
24,200 Denso Corp 1,315,512 0.71 6,800 Keisei Electric Railway Co Ltd 207,136 0.11
11,400 Dentsu Inc 498,378 0.27 4,940 Keyence Corp 3,042,072 1.64
1,500 Disco Corp 314,765 0.17 7,400 Kikkoman Corp 296,376 0.16
6,400 Don Quijote Holdings Co Ltd 363,428 0.20 9,000 Kintetsu Group Holdings Co Ltd 351,572 0.19
16,700 East Japan Railway Co 1,549,969 0.84 44,100 Kirin Holdings Co Ltd 1,166,505 0.63
13,300 Eisai Co Ltd* 848,529 0.46 15,400 Kobe Steel Ltd 151,010 0.08
7,300 Electric Power Development Co Ltd 186,678 0.10 5,700 Koito Manufacturing Co Ltd 392,808 0.21
4,100 FamilyMart UNY Holdings Co Ltd 339,595 0.18 46,900 Komatsu Ltd 1,545,476 0.84
9,800 FANUC Corp 2,448,042 1.32 4,600 Konami Holdings Corp 230,076 0.12
2,700 Fast Retailing Co Ltd 1,064,617 0.58 23,700 Konica Minolta Inc 198,976 0.11
28,000 Fuji Electric Co Ltd 189,273 0.10 1,500 Kose Corp* 311,522 0.17
20,900 FUJIFILM Holdings Corp 824,486 0.45 53,600 Kubota Corp 929,742 0.50
103,000 Fujitsu Ltd 618,784 0.33 17,600 Kuraray Co Ltd 301,152 0.16
38,000 Fukuoka Financial Group Inc 205,782 0.11 4,900 Kurita Water Industries Ltd 155,939 0.08
21,300 Hachijuni Bank Ltd/The 114,545 0.06 16,300 Kyocera Corp 908,288 0.49
11,600 Hakuhodo DY Holdings Inc 158,462 0.09 12,900 Kyowa Hakko Kirin Co Ltd 277,369 0.15
7,100 Hamamatsu Photonics KK 270,343 0.15 21,200 Kyushu Electric Power Co Inc 254,324 0.14
12,000 Hankyu Hanshin Holdings Inc 445,635 0.24 18,100 Kyushu Financial Group Inc 89,509 0.05
1,100 Hikari Tsushin Inc 175,499 0.09 8,000 Kyushu Railway Co* 248,202 0.13

iShares Japan Equity Index Fund (LU) continued

Value Net Value Net

2,600
Lawson Inc 176,976 0.10 19,100 NSK Ltd 252,835 0.14
2,200
LINE Corp 86,043 0.05 34,100 NTT Data Corp 353,615 0.19
11,100
Lion Corp 225,934 0.12 69,300 NTT DOCOMO Inc 1,752,290 0.95
13,200
LIXIL Group Corp 289,776 0.16 32,200 Obayashi Corp 349,957 0.19
10,500
M3 Inc 475,814 0.26 3,200 Obic Co Ltd 265,651 0.14
2,400
Mabuchi Motor Co Ltd 117,783 0.06 14,700 Odakyu Electric Railway Co Ltd 297,137 0.16
11,700
Makita Corp 571,993 0.31 43,000 Oji Holdings Corp 274,094 0.15
85,700
Marubeni Corp* 617,743 0.33 14,500 Olympus Corp 548,019 0.30
11,100
Marui Group Co Ltd* 221,238 0.12 10,100 Omron Corp 580,181 0.31
2,700
Maruichi Steel Tube Ltd 81,610 0.04 20,500 Ono Pharmaceutical Co Ltd 646,232 0.35
28,400
Mazda Motor Corp 376,344 0.20 1,900 Oracle Corp Japan 155,230 0.08
3,200
McDonald’s Holdings Co Japan Ltd 150,726 0.08 11,100 Oriental Land Co Ltd/Japan 1,126,019 0.61
49,430
Mebuki Financial Group Inc 189,606 0.10 67,300 ORIX Corp 1,188,578 0.64
8,500
Medipal Holdings Corp 175,650 0.09 18,700 Osaka Gas Co Ltd 368,673 0.20
6,100
MEIJI Holdings Co Ltd 466,253 0.25 5,200 Otsuka Corp* 262,041 0.14
19,100
MINEBEA MITSUMI Inc 402,776 0.22 19,800 Otsuka Holdings Co Ltd 985,300 0.53
14,000
MISUMI Group Inc 381,046 0.21 112,200 Panasonic Corp 1,585,979 0.86
73,800
Mitsubishi Chemical Holdings Corp 707,714 0.38 5,300 Park24 Co Ltd 143,606 0.08
76,700
Mitsubishi Corp 2,037,473 1.10 8,900 Persol Holdings Co Ltd 255,206 0.14
98,200
Mitsubishi Electric Corp* 1,569,040 0.85 4,600 Pola Orbis Holdings Inc 190,072 0.10
63,600
Mitsubishi Estate Co Ltd 1,046,397 0.57 46,400 Rakuten Inc 380,745 0.21
9,000
Mitsubishi Gas Chemical Co Inc 213,313 0.12 56,000 Recruit Holdings Co Ltd 1,381,507 0.75
16,700
Mitsubishi Heavy Industries Ltd 637,290 0.34 33,000 Renesas Electronics Corp 326,075 0.18
6,300
Mitsubishi Materials Corp 184,501 0.10 114,600 Resona Holdings Inc* 608,636 0.33
33,300
Mitsubishi Motors Corp 235,431 0.13 35,100 Ricoh Co Ltd 342,206 0.18
11,100
Mitsubishi Tanabe Pharma Corp 222,908 0.12 1,900 Rinnai Corp 179,345 0.10
605,800
Mitsubishi UFJ Financial Group Inc* 3,965,765 2.14 4,700 Rohm Co Ltd 437,456 0.24
22,200
Mitsubishi UFJ Lease & Finance 1,200 Ryohin Keikaku Co Ltd 397,123 0.21
Co Ltd 130,864 0.07 2,100 Sankyo Co Ltd 73,050 0.04
86,700 Mitsui & Co Ltd* 1,475,363 0.80 18,200 Santen Pharmaceutical Co Ltd 301,152 0.16
9,200 Mitsui Chemicals Inc 288,027 0.16 10,000 SBI Holdings Inc/Japan 229,587 0.12
45,300 Mitsui Fudosan Co Ltd 1,078,358 0.58 10,800 Secom Co Ltd 795,036 0.43
6,400 Mitsui OSK Lines Ltd 179,608 0.10 9,100 Sega Sammy Holdings Inc 145,870 0.08
2,100 Mixi Inc 77,789 0.04 12,500 Seibu Holdings Inc 216,707 0.12
1,225,438 Mizuho Financial Group Inc* 2,206,284 1.19 13,900 Seiko Epson Corp 238,103 0.13
24,500 MS&AD Insurance Group 19,900 Sekisui Chemical Co Ltd 344,249 0.19
Holdings Inc* 754,590 0.41 29,200 Sekisui House Ltd 530,385 0.29
9,700 Murata Manufacturing Co Ltd 1,321,422 0.71 38,300 Seven & i Holdings Co Ltd 1,631,886 0.88
5,600 Nabtesco Corp 214,544 0.12 28,800 Seven Bank Ltd 91,519 0.05
9,100 Nagoya Railroad Co Ltd 230,484 0.12 7,400 Sharp Corp/Japan 219,151 0.12
12,900 NEC Corp 358,990 0.19 12,500 Shimadzu Corp 339,162 0.18
19,600 Nexon Co Ltd 329,661 0.18 1,100 Shimamura Co Ltd 136,304 0.07
13,000 NGK Insulators Ltd 221,953 0.12 3,800 Shimano Inc 544,822 0.29
7,900 NGK Spark Plug Co Ltd 187,835 0.10 27,500 Shimizu Corp 242,255 0.13
4,500 NH Foods Ltd 183,825 0.10 19,500 Shin-Etsu Chemical Co Ltd 1,993,724 1.08
12,100 Nidec Corp 1,831,524 0.99 8,200 Shinsei Bank Ltd 126,201 0.07
18,400 Nikon Corp 328,507 0.18 15,300 Shionogi & Co Ltd 788,986 0.43
5,700 Nintendo Co Ltd 2,500,465 1.35 19,300 Shiseido Co Ltd 1,231,687 0.67
67 Nippon Building Fund Inc (Reit) 370,385 0.20 26,000 Shizuoka Bank Ltd/The 246,886 0.13
4,200 Nippon Electric Glass Co Ltd 120,039 0.06 9,400 Showa Shell Sekiyu KK 126,465 0.07
4,000 Nippon Express Co Ltd* 261,364 0.14 2,900 SMC Corp/Japan 1,161,200 0.63
8,100 Nippon Paint Holdings Co Ltd 295,092 0.16 41,900 SoftBank Group Corp 3,074,991 1.66
92 Nippon Prologis REIT Inc (Reit) 199,024 0.11 3,500 Sohgo Security Services Co Ltd 170,122 0.09
38,600 Nippon Steel & Sumitomo Metal 18,300 Sompo Holdings Inc 729,660 0.39
Corp 837,576 0.45 64,300 Sony Corp 3,089,108 1.67
35,100 Nippon Telegraph & Telephone Corp 1,617,639 0.87 8,600 Sony Financial Holdings Inc* 155,401 0.08
8,000 Nippon Yusen KK* 155,013 0.08 7,000 Stanley Electric Co Ltd 258,967 0.14
6,000 Nissan Chemical Industries Ltd 245,946 0.13 9,300 Start Today Co Ltd 238,610 0.13
117,900 Nissan Motor Co Ltd* 1,213,196 0.66 31,300 Subaru Corp* 1,026,707 0.55
9,800 Nisshin Seifun Group Inc 193,300 0.10 11,700 SUMCO Corp 299,416 0.16
2,900 Nissin Foods Holdings Co Ltd 200,122 0.11 78,000 Sumitomo Chemical Co Ltd 445,861 0.24
4,000 Nitori Holdings Co Ltd 695,153 0.38 60,400 Sumitomo Corp* 998,859 0.54
8,600 Nitto Denko Corp 639,714 0.35 8,400 Sumitomo Dainippon Pharma Co Ltd 138,835 0.08
5,000 NOK Corp 96,413 0.05 39,300 Sumitomo Electric Industries Ltd* 593,574 0.32
184,500 Nomura Holdings Inc* 1,060,183 0.57 5,800 Sumitomo Heavy Industries Ltd 218,117 0.12
6,200 Nomura Real Estate Holdings Inc 143,743 0.08 12,300 Sumitomo Metal Mining Co Ltd 500,141 0.27
188 Nomura Real Estate Master Fund 68,300 Sumitomo Mitsui Financial Group Inc 2,858,114 1.54
Inc (Reit) 261,060 0.14 17,100 Sumitomo Mitsui Trust Holdings Inc 691,781 0.37
6,640 Nomura Research Institute Ltd 309,324 0.17


Value Net Value Net

18,000 Sumitomo Realty & Development 7,000 TOTO Ltd 361,303 0.20
Co Ltd 664,053 0.36 8,500 Toyo Seikan Group Holdings Ltd 125,624 0.07
8,500 Sumitomo Rubber Industries Ltd 154,713 0.08 4,400 Toyo Suisan Kaisha Ltd 172,914 0.09
4,100 Sundrug Co Ltd 190,034 0.10 3,400 Toyoda Gosei Co Ltd 77,644 0.04
7,500 Suntory Beverage & Food Ltd 363,136 0.20 8,100 Toyota Industries Corp* 484,332 0.26
8,600 Suruga Bank Ltd 119,340 0.06 132,300 Toyota Motor Corp* 8,510,286 4.60
3,600 Suzuken Co Ltd/Aichi Japan 149,937 0.08 10,500 Toyota Tsusho Corp 349,951 0.19
17,500 Suzuki Motor Corp 938,302 0.51 5,900 Trend Micro Inc/Japan 342,246 0.18
7,800 Sysmex Corp 699,591 0.38 2,000 Tsuruha Holdings Inc 285,620 0.15
26,000 T&D Holdings Inc 409,073 0.22 21,000 Unicharm Corp 601,974 0.33
6,000 Taiheiyo Cement Corp 213,228 0.12 152 United Urban Investment Corp
10,200 Taisei Corp 515,922 0.28 (Reit) 237,507 0.13
1,600 Taisho Pharmaceutical Holdings 10,900 USS Co Ltd 220,736 0.12
Co Ltd 157,195 0.08 8,300 West Japan Railway Co 583,298 0.32
7,700 Taiyo Nippon Sanso Corp 115,176 0.06 76,600 Yahoo Japan Corp* 355,760 0.19
15,000 Takashimaya Co Ltd 142,857 0.08 5,600 Yakult Honsha Co Ltd 417,506 0.23
36,200 Takeda Pharmaceutical Co Ltd 1,742,528 0.94 31,200 Yamada Denki Co Ltd* 188,024 0.10
6,500 TDK Corp 568,937 0.31 10,000 Yamaguchi Financial Group Inc 122,691 0.07
9,300 Teijin Ltd 174,870 0.09 8,300 Yamaha Corp 359,343 0.19
16,400 Terumo Corp 844,940 0.46 13,900 Yamaha Motor Co Ltd 408,382 0.22
6,000 THK Co Ltd 243,971 0.13 17,400 Yamato Holdings Co Ltd 433,425 0.23
9,600 Tobu Railway Co Ltd 290,622 0.16 7,700 Yamazaki Baking Co Ltd 160,349 0.09
5,600 Toho Co Ltd/Tokyo 184,534 0.10 12,600 Yaskawa Electric Corp* 559,131 0.30
3,800 Toho Gas Co Ltd 117,717 0.06 11,300 Yokogawa Electric Corp 225,437 0.12
22,700 Tohoku Electric Power Co Inc 306,252 0.17 5,900 Yokohama Rubber Co Ltd/The 135,012 0.07
34,200 Tokio Marine Holdings Inc* 1,534,683 0.83 182,241,921 98.47
72,300 Tokyo Electric Power Co
Holdings Inc 280,731 0.15 Total Common Stocks (Shares) 182,241,921 98.47
8,000 Tokyo Electron Ltd 1,445,212 0.78 Total Transferable Securities
19,500 Tokyo Gas Co Ltd 516,627 0.28 and Money Market Instruments Admitted to
10,200 Tokyo Tatemono Co Ltd 152,954 0.08 an Official Stock Exchange Listing
26,500 Tokyu Corp 414,323 0.22 or Dealt in on Another Regulated Market 182,241,921 98.47
25,500 Tokyu Fudosan Holdings Corp 181,484 0.10 Securities portfolio at market value 182,241,921 98.47
26,000 Toppan Printing Co Ltd 211,197 0.11
75,700 Toray Industries Inc* 712,412 0.39 Other Net Assets 2,840,417 1.53
331,000 Toshiba Corp 952,249 0.51
14,600 Tosoh Corp 283,449 0.15 Total Net Assets (USD) 185,082,338 100.00


Gross
Number of Currency Contract/ Expiration exposure appreciation
18 JPY Topix Index June 2018 2,887,886 44,837

Total 2,887,886 44,837
Sector Breakdown
as at 31 March 2018
% of Net
Assets
Industrial 21.70
Financial 15.32
Communications 6.39
Technology 4.78
Utilities 1.69
Energy 1.05
100.00

Value Net Value Net
COMMON STOCKS (SHARES) Canada continued

2,579 IGM Financial Inc 74,964 0.01
Bermuda 7,182 Imperial Oil Ltd* 187,182 0.03
3,126 Arch Capital Group Ltd 267,398 0.04 2,863 Industrial Alliance Insurance &
3,553 Athene Holding Ltd ‘A’ 169,905 0.03 Financial Services Inc 116,626 0.02
5,044 Axalta Coating Systems Ltd 152,581 0.03 3,612 Intact Financial Corp 270,921 0.05
1,355 Axis Capital Holdings Ltd 77,953 0.01 9,758 Inter Pipeline Ltd 167,053 0.03
3,499 Bunge Ltd 257,491 0.04 2,630 Jean Coutu Group PJC Inc/The ‘A’ 49,932 0.01
992 Everest Re Group Ltd* 256,134 0.04 5,721 Keyera Corp* 145,384 0.02
9,221 IHS Markit Ltd 440,764 0.07 21,431 Kinross Gold Corp 83,384 0.01
8,978 Invesco Ltd 283,615 0.05 1,511 Linamar Corp 81,137 0.01
10,412 Marvell Technology Group Ltd 214,071 0.04 5,641 Loblaw Cos Ltd 283,513 0.05
4,473 Norwegian Cruise Line Holdings Ltd 235,235 0.04 10,543 Lundin Mining Corp 66,532 0.01
1,147 RenaissanceRe Holdings Ltd 158,286 0.03 8,003 Magna International Inc 442,566 0.07
6,375 XL Group Ltd 353,111 0.06 46,400 Manulife Financial Corp 852,553 0.14
2,866,544 0.48 2,614 Methanex Corp 157,042 0.03
5,855 Metro Inc 186,462 0.03
British Virgin Islands 7,488 National Bank of Canada 350,948 0.06
3,903 Michael Kors Holdings Ltd* 240,971 0.04 15,042 Nutrien Ltd 694,040 0.12
1,620 Onex Corp 116,316 0.02
240,971 0.04
6,481 Open Text Corp 220,299 0.04
11,206 Pembina Pipeline Corp 344,553 0.06
Canada 8,345 Power Corp of Canada 189,644 0.03
5,766 Agnico Eagle Mines Ltd 240,775 0.04
6,634 Power Financial Corp 166,377 0.03
9,265 Alimentation Couche-Tard Inc ‘B’ 410,200 0.07
5,206 PrairieSky Royalty Ltd* 112,424 0.02
4,690 AltaGas Ltd 85,775 0.01
5,659 Restaurant Brands International Inc 315,703 0.05
8,959 ARC Resources Ltd 95,799 0.02
4,166 RioCan Real Estate Investment
2,015 Atco Ltd/Canada ‘I’ 65,014 0.01
Trust (Reit) 76,223 0.01
15,476 Bank of Montreal 1,161,209 0.19
9,468 Rogers Communications Inc ‘B’ 420,507 0.07
29,048 Bank of Nova Scotia/The 1,773,919 0.30
34,450 Royal Bank of Canada 2,638,099 0.44
28,842 Barrick Gold Corp 358,208 0.06
4,355 Saputo Inc 138,928 0.02
3,572 BCE Inc 153,390 0.03
3,232 Seven Generations Energy Ltd ‘A’ 39,064 0.01
9,533 BlackBerry Ltd 111,975 0.02
9,296 Shaw Communications Inc ‘B’ 177,786 0.03
54,067 Bombardier Inc ‘B’ 157,408 0.03
1,971 Shopify Inc ‘A’ 235,940 0.04
19,623 Brookfield Asset Management Inc ‘A’ 762,129 0.13
2,217 Smart Real Estate Investment Trust
7,547 CAE Inc 138,844 0.02
(Reit) 50,297 0.01
8,157 Cameco Corp 72,822 0.01
4,552 SNC-Lavalin Group Inc 197,800 0.03
10,386 Canadian Imperial Bank of
14,326 Sun Life Financial Inc 582,801 0.10
Commerce 910,976 0.15
38,698 Suncor Energy Inc 1,327,088 0.22
18,210 Canadian National Railway Co 1,320,031 0.22
13,580 Teck Resources Ltd ‘B’ 337,529 0.06
27,450 Canadian Natural Resources Ltd 854,213 0.14
5,138 TELUS Corp 178,826 0.03
3,757 Canadian Pacific Railway Ltd 662,791 0.11
7,311 Thomson Reuters Corp 283,100 0.05
1,292 Canadian Tire Corp Ltd ‘A’ 168,755 0.03
43,860 Toronto-Dominion Bank/The 2,461,458 0.41
2,666 Canadian Utilities Ltd ‘A’ 72,311 0.01
5,570 Tourmaline Oil Corp 92,596 0.02
3,920 CCL Industries Inc ‘B’ 194,862 0.03
20,944 TransCanada Corp* 847,814 0.14
25,865 Cenovus Energy Inc 216,894 0.04
21,116 Turquoise Hill Resources Ltd 64,582 0.01
6,428 CGI Group Inc ‘A’ 363,233 0.06
7,757 Valeant Pharmaceuticals
6,001 CI Financial Corp 126,990 0.02
International Inc 120,725 0.02
516 Constellation Software Inc/Canada 346,725 0.06
2,776 Vermilion Energy Inc 87,848 0.01
8,800 Crescent Point Energy Corp 58,394 0.01
5,912 Waste Connections Inc 421,939 0.07
2,671 Dollarama Inc 336,589 0.06
1,424 West Fraser Timber Co Ltd 93,467 0.02
5,968 Element Fleet Management Corp 18,807 0.00
10,433 Wheaton Precious Metals Corp* 210,195 0.04
2,074 Emera Inc 65,873 0.01
4,905 Empire Co Ltd ‘A’ 99,277 0.02 31,964,302 5.35
39,907 Enbridge Inc 1,224,865 0.21
24,091 Encana Corp 259,097 0.04 Curacao
626 Fairfax Financial Holdings Ltd 313,984 0.05 32,880 Schlumberger Ltd 2,096,429 0.35
5,104 Finning International Inc 122,788 0.02 2,096,429 0.35
3,144 First Capital Realty Inc 49,613 0.01
16,506 First Quantum Minerals Ltd 216,629 0.04 Ireland
9,146 Fortis Inc/Canada 309,753 0.05 14,477 Accenture Plc ‘A’ 2,144,044 0.36
3,959 Franco-Nevada Corp 266,049 0.04 3,762 Alkermes Plc 222,635 0.04
1,495 George Weston Ltd 119,866 0.02 2,226 Allegion Plc 185,715 0.03
4,930 Gildan Activewear Inc 142,537 0.02 8,017 Allergan Plc 1,338,518 0.23
23,650 Goldcorp Inc 320,644 0.05 10,335 Eaton Corp Plc 823,183 0.14
6,962 Great-West Lifeco Inc 176,705 0.03 5,761 Ingersoll-Rand Plc 487,842 0.08
4,172 H&R Real Estate Investment Trust 1,527 Jazz Pharmaceuticals Plc 227,416 0.04
(Reit) 67,676 0.01 22,140 Johnson Controls International Plc 766,708 0.13
8,097 Husky Energy Inc 113,289 0.02 31,963 Medtronic Plc 2,523,799 0.42
5,929 Hydro One Ltd* 96,452 0.02 4,339 Pentair Plc 294,878 0.05

iShares North America Equity Index Fund (LU) continued

Value Net Value Net
Ireland continued United States continued

3,104 Perrigo Co Plc 256,546 0.04 408 Alleghany Corp 247,774 0.04
7,560 Seagate Technology Plc 430,088 0.07 1,221 Alliance Data Systems Corp 263,187 0.04
3,170 Willis Towers Watson Plc 482,506 0.08 5,765 Alliant Energy Corp 236,365 0.04
10,183,878 1.71 8,577 Allstate Corp/The 816,530 0.14
11,448 Ally Financial Inc 304,631 0.05
2,229 Alnylam Pharmaceuticals Inc 287,184 0.05
Jersey
7,116 Alphabet Inc ‘A’ 7,173,640 1.20
6,246 Aptiv Plc 522,353 0.09
7,537 Alphabet Inc ‘C’ 7,589,684 1.27
522,353 0.09 45,310 Altria Group Inc 2,836,859 0.48
9,814 Amazon.com Inc 13,523,790 2.26
Liberia 215 AMERCO 74,332 0.01
4,361 Royal Caribbean Cruises Ltd 509,626 0.09 5,228 Ameren Corp 296,166 0.05
509,626 0.09 2,127 American Airlines Group Inc 109,009 0.02
11,568 American Electric Power Co Inc 798,770 0.13
Netherlands 17,821 American Express Co 1,653,611 0.28
7,841 LyondellBasell Industries NV ‘A’ 814,994 0.14 1,760 American Financial Group Inc/OH 198,088 0.03
10,536 Mylan NV 427,867 0.07 21,834 American International Group Inc 1,187,551 0.20
10,379 American Tower Corp (Reit) 1,494,265 0.25
1,242,861 0.21 4,373 American Water Works Co Inc 359,329 0.06
3,379 Ameriprise Financial Inc 499,653 0.08
Panama 3,654 AmerisourceBergen Corp 311,577 0.05
8,672 Carnival Corp 561,512 0.09 5,345 AMETEK Inc 404,670 0.07
561,512 0.09 16,201 Amgen Inc 2,761,298 0.46
7,664 Amphenol Corp ‘A’ 654,122 0.11
Singapore 13,180 Anadarko Petroleum Corp 782,628 0.13
9,736 Broadcom Ltd 2,295,846 0.39 9,148 Analog Devices Inc 823,594 0.14
12,309 Flex Ltd 200,637 0.03 3,665 Andeavor 365,547 0.06
28,307 Annaly Capital Management
2,496,483 0.42 Inc (Reit) 295,384 0.05
2,098 ANSYS Inc 325,673 0.05
Switzerland 5,217 Antero Resources Corp* 101,836 0.02
10,933 Chubb Ltd 1,497,165 0.25 7,023 Anthem Inc 1,547,097 0.26
2,914 Garmin Ltd 169,886 0.03 4,043 AO Smith Corp 254,466 0.04
8,192 TE Connectivity Ltd 803,185 0.13 9,532 Apache Corp 358,784 0.06
2,470,236 0.41 122,958 Apple Inc 20,564,725 3.44
26,099 Applied Materials Inc 1,418,872 0.24
United Kingdom 5,263 Aramark 206,204 0.03
6,118 Aon Plc 853,033 0.14 14,187 Archer-Daniels-Midland Co 613,162 0.10
5,643 Liberty Global Plc ‘A’ 178,206 0.03 10,555 Arconic Inc 239,704 0.04
13,628 Liberty Global Plc ‘C’ 415,722 0.07 1,218 Arista Networks Inc 299,360 0.05
7,646 Nielsen Holdings Plc 248,495 0.04 1,746 Arrow Electronics Inc 133,237 0.02
4,015 Sensata Technologies Holding Plc 204,002 0.04 4,356 Arthur J Gallagher & Co 296,905 0.05
10,953 TechnipFMC Plc 317,089 0.05 1,172 Assurant Inc 106,957 0.02
146,518 AT&T Inc 5,221,902 0.87
2,216,547 0.37 2,547 Atmos Energy Corp 214,279 0.04
4,468 Autodesk Inc 554,389 0.09
United States 2,035 Autoliv Inc 295,584 0.05
14,120 3M Co 3,079,007 0.52 10,825 Automatic Data Processing Inc 1,205,364 0.20
41,193 Abbott Laboratories 2,445,628 0.41 2,019 AutoNation Inc 94,368 0.02
38,489 AbbVie Inc 3,632,592 0.61 654 AutoZone Inc 420,385 0.07
17,383 Activision Blizzard Inc 1,129,547 0.19 3,093 AvalonBay Communities Inc (Reit) 510,314 0.09
895 Acuity Brands Inc 124,047 0.02 2,201 Avery Dennison Corp 230,841 0.04
11,681 Adobe Systems Inc 2,459,785 0.41 2,492 Avnet Inc 103,667 0.02
1,488 Advance Auto Parts Inc 176,640 0.03 10,696 Baker Hughes a GE Co 298,525 0.05
20,385 Advanced Micro Devices Inc 200,792 0.03 8,370 Ball Corp 329,192 0.06
15,389 AES Corp/VA 174,973 0.03 236,618 Bank of America Corp 6,947,341 1.16
8,022 Aetna Inc 1,352,429 0.23 24,008 Bank of New York Mellon Corp/The 1,223,448 0.20
1,338 Affiliated Managers Group Inc 249,912 0.04 12,224 Baxter International Inc 782,825 0.13
18,588 Aflac Inc 813,597 0.14 19,282 BB&T Corp 992,637 0.17
2,016 AGCO Corp 130,435 0.02 6,173 Becton Dickinson and Co 1,310,651 0.22
7,973 Agilent Technologies Inc 528,530 0.09 30,201 Berkshire Hathaway Inc ‘B’* 5,966,510 1.00
10,342 AGNC Investment Corp (Reit) 196,291 0.03 6,345 Best Buy Co Inc 445,863 0.07
5,132 Air Products & Chemicals Inc 810,086 0.14 5,013 Biogen Inc 1,369,702 0.23
4,164 Akamai Technologies Inc 292,521 0.05 3,917 BioMarin Pharmaceutical Inc 315,475 0.05
2,582 Albemarle Corp 234,885 0.04 3,321 BlackRock Inc 1,758,436 0.29
2,280 Alexandria Real Estate Equities 13,563 Boeing Co/The 4,375,288 0.73
Inc (Reit) 282,469 0.05 1,186 Booking Holdings Inc 2,425,085 0.41
5,104 Alexion Pharmaceuticals Inc 561,236 0.09 4,322 BorgWarner Inc 214,414 0.04
1,948 Align Technology Inc 476,481 0.08 3,360 Boston Properties Inc (Reit) 415,464 0.07


Value Net Value Net

32,609 Boston Scientific Corp 886,313 0.15 2,625 Crown Holdings Inc 132,694 0.02
2,072 Brighthouse Financial Inc 106,563 0.02 20,600 CSX Corp 1,135,678 0.19
38,907 Bristol-Myers Squibb Co 2,434,411 0.41 3,702 Cummins Inc 600,316 0.10
6,565 Brixmor Property Group Inc (Reit) 101,101 0.02 24,584 CVS Health Corp 1,522,241 0.25
2,807 Broadridge Financial Solutions Inc 300,882 0.05 14,620 Danaher Corp 1,414,485 0.24
6,415 Brown-Forman Corp ‘B’ 344,229 0.06 3,214 Darden Restaurants Inc 273,158 0.05
7,420 CA Inc 248,422 0.04 3,650 DaVita Inc 239,039 0.04
11,586 Cabot Oil & Gas Corp 278,933 0.05 6,601 Deere & Co 1,005,134 0.17
6,904 Cadence Design Systems Inc 252,894 0.04 4,542 Dell Technologies Inc ‘V’ 326,524 0.05
2,102 Camden Property Trust (Reit) 178,060 0.03 4,101 Delta Air Lines Inc 220,962 0.04
3,665 Campbell Soup Co 159,354 0.03 5,827 Dentsply Sirona Inc 289,485 0.05
11,624 Capital One Financial Corp 1,099,630 0.18 12,591 Devon Energy Corp 394,728 0.07
7,382 Cardinal Health Inc* 460,342 0.08 2,109 Diamondback Energy Inc 265,228 0.04
3,878 CarMax Inc 239,156 0.04 4,689 Digital Realty Trust Inc (Reit) 493,236 0.08
14,291 Caterpillar Inc 2,095,489 0.35 8,731 Discover Financial Services 614,575 0.10
2,104 Cboe Global Markets Inc 236,931 0.04 2,480 Discovery Communications Inc ‘A’ 52,130 0.01
7,711 CBRE Group Inc ‘A’ 360,181 0.06 6,878 Discovery Communications Inc ‘C’ 131,920 0.02
8,793 CBS Corp ‘B non-voting share’ 446,069 0.07 5,807 DISH Network Corp ‘A’ 218,111 0.04
3,008 CDK Global Inc 188,602 0.03 6,309 Dollar General Corp 591,658 0.10
3,747 CDW Corp/DE 262,590 0.04 5,566 Dollar Tree Inc 528,881 0.09
3,489 Celanese Corp ‘A’ 352,319 0.06 15,194 Dominion Energy Inc 1,030,457 0.17
18,519 Celgene Corp 1,651,895 0.28 1,230 Domino’s Pizza Inc 288,078 0.05
3,967 Centene Corp 409,117 0.07 3,838 Dover Corp 370,597 0.06
10,922 CenterPoint Energy Inc 298,662 0.05 56,333 DowDuPont Inc 3,543,346 0.59
21,397 CenturyLink Inc 348,129 0.06 8,037 DR Horton Inc 348,645 0.06
6,799 Cerner Corp 394,342 0.07 4,052 Dr Pepper Snapple Group Inc 479,392 0.08
5,626 CF Industries Holdings Inc 208,049 0.03 4,088 DTE Energy Co 428,668 0.07
3,425 CH Robinson Worldwide Inc 317,498 0.05 17,097 Duke Energy Corp 1,329,805 0.22
28,365 Charles Schwab Corp/The 1,441,793 0.24 8,171 Duke Realty Corp (Reit) 215,633 0.04
4,596 Charter Communications Inc ‘A’ 1,408,077 0.24 6,590 DXC Technology Co 659,198 0.11
4,396 Chemours Co/The 206,788 0.03 6,808 E*TRADE Financial Corp 365,453 0.06
5,327 Cheniere Energy Inc 278,389 0.05 3,587 East West Bancorp Inc 222,107 0.04
45,196 Chevron Corp 5,116,639 0.86 3,097 Eastman Chemical Co 324,194 0.05
503 Chipotle Mexican Grill Inc 162,721 0.03 3,309 Eaton Vance Corp 182,227 0.03
5,256 Church & Dwight Co Inc 264,324 0.04 23,958 eBay Inc 960,237 0.16
5,996 Cigna Corp 1,003,551 0.17 6,024 Ecolab Inc 816,613 0.14
2,485 Cimarex Energy Co 230,111 0.04 7,467 Edison International 474,080 0.08
3,754 Cincinnati Financial Corp 279,448 0.05 4,877 Edwards Lifesciences Corp 662,833 0.11
2,317 Cintas Corp 391,897 0.07 7,190 Electronic Arts Inc 855,682 0.14
119,121 Cisco Systems Inc 4,974,493 0.83 23,676 Eli Lilly & Co 1,823,526 0.31
3,022 CIT Group Inc 155,875 0.03 15,160 Emerson Electric Co 1,025,574 0.17
63,634 Citigroup Inc 4,334,112 0.73 3,934 Entergy Corp 312,950 0.05
12,522 Citizens Financial Group Inc 520,039 0.09 2,679 Envision Healthcare Corp* 102,713 0.02
3,745 Citrix Systems Inc 344,952 0.06 13,597 EOG Resources Inc 1,420,479 0.24
3,186 Clorox Co/The 421,890 0.07 5,609 EQT Corp 264,296 0.04
8,276 CME Group Inc 1,309,677 0.22 3,076 Equifax Inc 360,292 0.06
7,042 CMS Energy Corp 319,988 0.05 1,836 Equinix Inc (Reit) 763,739 0.13
96,375 Coca-Cola Co/The 4,202,914 0.70 9,247 Equity Residential (Reit) 572,667 0.10
4,388 Cognex Corp 224,490 0.04 1,644 Essex Property Trust Inc (Reit) 397,634 0.07
14,229 Cognizant Technology Solutions 5,293 Estee Lauder Cos Inc/The ‘A’ 780,876 0.13
Corp ‘A’ 1,136,613 0.19 7,296 Eversource Energy 430,172 0.07
19,806 Colgate-Palmolive Co 1,423,259 0.24 22,490 Exelon Corp 882,058 0.15
11,627 Colony NorthStar Inc (Reit) ‘A’ 65,344 0.01 3,195 Expedia Group Inc 348,638 0.06
111,950 Comcast Corp ‘A’ 3,744,728 0.63 4,550 Expeditors International of
4,397 Comerica Inc 413,890 0.07 Washington Inc 285,240 0.05
4,444 CommScope Holding Co Inc 174,471 0.03 14,091 Express Scripts Holding Co 983,129 0.16
9,331 Conagra Brands Inc 341,048 0.06 2,969 Extra Space Storage Inc (Reit) 257,026 0.04
3,736 Concho Resources Inc 540,039 0.09 101,170 Exxon Mobil Corp 7,464,323 1.25
29,431 ConocoPhillips 1,735,252 0.29 1,631 F5 Networks Inc 232,564 0.04
7,735 Consolidated Edison Inc 604,877 0.10 57,124 Facebook Inc ‘A’ 8,848,508 1.48
4,039 Constellation Brands Inc ‘A’ 914,914 0.15 7,489 Fastenal Co 402,534 0.07
2,691 Continental Resources Inc/OK* 154,625 0.03 1,824 Federal Realty Investment Trust
1,185 Cooper Cos Inc/The 267,715 0.04 (Reit) 213,171 0.04
20,541 Corning Inc* 566,315 0.09 5,995 FedEx Corp 1,429,568 0.24
880 CoStar Group Inc 315,542 0.05 7,859 Fidelity National Information
10,434 Costco Wholesale Corp 1,926,847 0.32 Services Inc 746,526 0.13
12,551 Coty Inc ‘A’ 229,934 0.04 16,575 Fifth Third Bancorp 521,450 0.09
9,946 Crown Castle International Corp 10,902 First Data Corp ‘A’ 173,124 0.03
(Reit) 1,093,065 0.18 3,547 First Republic Bank/CA 325,012 0.05


Value Net Value Net

11,128 FirstEnergy Corp 385,696 0.06 2,641 Intuitive Surgical Inc 1,060,969 0.18
9,900 Fiserv Inc 698,841 0.12 7,274 Invitation Homes Inc (Reit) 164,974 0.03
2,138 FleetCor Technologies Inc 421,592 0.07 910 IPG Photonics Corp 208,654 0.03
4,086 FLIR Systems Inc 202,747 0.03 3,477 IQVIA Holdings Inc 336,591 0.06
3,825 Flowserve Corp 162,371 0.03 6,438 Iron Mountain Inc (Reit) 212,132 0.04
3,483 Fluor Corp 197,521 0.03 1,920 Jack Henry & Associates Inc 229,920 0.04
3,381 FMC Corp 256,855 0.04 3,250 Jacobs Engineering Group Inc 189,735 0.03
6,840 FNF Group 274,147 0.05 2,205 JB Hunt Transport Services Inc 256,067 0.04
88,917 Ford Motor Co 977,198 0.16 2,770 JM Smucker Co/The 345,447 0.06
3,903 Fortinet Inc 204,986 0.03 64,086 Johnson & Johnson 8,146,612 1.36
7,799 Fortive Corp 600,367 0.10 1,210 Jones Lang LaSalle Inc 210,891 0.04
3,932 Fortune Brands Home & Security 83,179 JPMorgan Chase & Co 8,983,332 1.50
Inc 231,044 0.04 7,827 Juniper Networks Inc 188,787 0.03
8,305 Franklin Resources Inc 287,021 0.05 2,566 Kansas City Southern 277,898 0.05
34,758 Freeport-McMoRan Inc 595,752 0.10 6,023 Kellogg Co 387,279 0.06
5,887 Gap Inc/The 185,617 0.03 27,298 KeyCorp 525,896 0.09
1,971 Gartner Inc 229,109 0.04 8,486 Kimberly-Clark Corp 945,171 0.16
206,099 General Electric Co 2,801,916 0.47 7,493 Kimco Realty Corp (Reit) 108,349 0.02
14,313 General Mills Inc 637,930 0.11 47,705 Kinder Morgan Inc/DE 706,273 0.12
31,995 General Motors Co 1,146,381 0.19 3,432 KLA-Tencor Corp 365,474 0.06
3,367 Genuine Parts Co 302,592 0.05 2,552 Knight-Swift Transportation
16,039 GGP Inc (Reit) 331,205 0.06 Holdings Inc 117,545 0.02
30,987 Gilead Sciences Inc 2,325,264 0.39 4,363 Kohl’s Corp 283,770 0.05
3,818 Global Payments Inc 418,262 0.07 14,331 Kraft Heinz Co/The 889,095 0.15
8,562 Goldman Sachs Group Inc/The 2,138,445 0.36 20,305 Kroger Co/The 484,680 0.08
6,208 Goodyear Tire & Rubber Co/The 165,443 0.03 5,876 L Brands Inc 223,817 0.04
4,271 H&R Block Inc 108,569 0.02 2,211 Laboratory Corp of America
20,483 Halliburton Co 948,363 0.16 Holdings 356,656 0.06
8,326 Hanesbrands Inc 156,113 0.03 3,785 Lam Research Corp 747,575 0.13
4,182 Harley-Davidson Inc 182,252 0.03 9,091 Las Vegas Sands Corp 644,916 0.11
2,653 Harris Corp 424,984 0.07 1,718 Lear Corp 314,119 0.05
8,337 Hartford Financial Services Group 2,322 Leggett & Platt Inc 102,005 0.02
Inc/The 431,356 0.07 3,560 Leidos Holdings Inc 229,015 0.04
2,861 Hasbro Inc 241,354 0.04 6,591 Lennar Corp ‘A’ 387,617 0.06
6,723 HCA Healthcare Inc 649,643 0.11 911 Lennox International Inc 183,794 0.03
10,639 HCP Inc (Reit) 248,846 0.04 8,046 Leucadia National Corp 181,920 0.03
4,746 HD Supply Holdings Inc 179,921 0.03 2,594 Liberty Broadband Corp ‘C’ 217,663 0.04
2,608 Helmerich & Payne Inc 169,963 0.03 11,034 Liberty Interactive Corp QVC
3,974 Henry Schein Inc 265,503 0.04 Group ‘A’ 276,733 0.05
3,592 Hershey Co/The 354,782 0.06 4,399 Liberty Media Corp-Liberty
7,316 Hess Corp 362,069 0.06 Formula One ‘C’ 135,797 0.02
36,686 Hewlett Packard Enterprise Co 641,638 0.11 2,499 Liberty Media Corp-Liberty
4,853 Hilton Worldwide Holdings Inc 382,513 0.06 SiriusXM ‘A’ 102,059 0.02
4,215 HollyFrontier Corp 201,983 0.03 3,907 Liberty Media Corp-Liberty
6,939 Hologic Inc 259,935 0.04 SiriusXM ‘C’ 158,937 0.03
28,128 Home Depot Inc/The 4,958,966 0.83 2,581 Liberty Property Trust (Reit) 102,079 0.02
17,152 Honeywell International Inc 2,468,344 0.41 5,509 Lincoln National Corp 401,055 0.07
6,909 Hormel Foods Corp 235,321 0.04 3,550 Live Nation Entertainment Inc 148,816 0.02
17,050 Host Hotels & Resorts Inc (Reit) 318,153 0.05 7,722 LKQ Corp 291,351 0.05
39,806 HP Inc 869,363 0.15 7,260 Loews Corp 361,112 0.06
3,402 Humana Inc 898,502 0.15 20,241 Lowe’s Cos Inc 1,745,989 0.29
24,554 Huntington Bancshares Inc/OH 366,591 0.06 2,526 Lululemon Athletica Inc 221,657 0.04
1,158 Huntington Ingalls Industries Inc 297,224 0.05 3,115 M&T Bank Corp 562,849 0.09
1,782 IAC Via InterActive Corp 275,176 0.05 2,870 Macerich Co/The (Reit) 162,815 0.03
1,964 IDEX Corp 278,495 0.05 1,922 Macquarie Infrastructure Corp 70,787 0.01
2,204 IDEXX Laboratories Inc 416,093 0.07 6,933 Macy’s Inc 205,494 0.03
7,375 Illinois Tool Works Inc 1,144,305 0.19 1,511 ManpowerGroup Inc 172,118 0.03
3,612 Illumina Inc 841,849 0.14 20,792 Marathon Oil Corp 323,108 0.05
4,322 Incyte Corp 367,067 0.06 11,893 Marathon Petroleum Corp 859,388 0.14
1,642 Ingredion Inc 209,831 0.04 352 Markel Corp 408,320 0.07
112,031 Intel Corp 5,600,430 0.94 7,630 Marriott International Inc/MD ‘A’ 1,027,685 0.17
14,156 Intercontinental Exchange Inc 1,009,040 0.17 12,329 Marsh & McLennan Cos Inc* 1,016,403 0.17
20,935 International Business Machines 1,616 Martin Marietta Materials Inc 327,256 0.05
Corp 3,164,325 0.53 6,753 Masco Corp 270,255 0.05
1,939 International Flavors & 22,406 Mastercard Inc ‘A’ 3,828,737 0.64
Fragrances Inc 263,549 0.04 7,649 Mattel Inc 100,202 0.02
9,778 International Paper Co 519,603 0.09 6,455 Maxim Integrated Products Inc 380,329 0.06
8,026 Interpublic Group of Cos Inc/The 183,635 0.03 2,867 McCormick & Co Inc/MD
5,833 Intuit Inc 991,727 0.17 ‘non-voting share’ 305,794 0.05


Value Net Value Net

19,151 McDonald’s Corp 3,038,689 0.51 12,727 PNC Financial Services Group
4,918 McKesson Corp 695,356 0.12 Inc/The 1,900,268 0.32
1,100 MercadoLibre Inc* 378,774 0.06 1,606 Polaris Industries Inc 184,401 0.03
64,656 Merck & Co Inc 3,558,666 0.60 5,953 PPG Industries Inc 655,842 0.11
21,094 MetLife Inc 972,012 0.16 17,334 PPL Corp 493,499 0.08
574 Mettler-Toledo International Inc 328,041 0.05 6,829 Praxair Inc 964,460 0.16
9,906 MGM Resorts International 340,965 0.06 7,234 Principal Financial Group Inc 433,968 0.07
5,814 Microchip Technology Inc* 527,214 0.09 60,780 Procter & Gamble Co/The 4,858,753 0.81
27,625 Micron Technology Inc 1,418,268 0.24 13,711 Progressive Corp/The 832,943 0.14
175,455 Microsoft Corp 15,534,786 2.60 13,260 Prologis Inc (Reit) 835,380 0.14
2,803 Mid-America Apartment Communities 10,129 Prudential Financial Inc 1,044,097 0.17
Inc (Reit) 255,578 0.04 12,460 Public Service Enterprise Group Inc 623,997 0.10
1,362 Middleby Corp/The* 169,051 0.03 3,610 Public Storage (Reit) 725,935 0.12
1,407 Mohawk Industries Inc 324,539 0.05 6,309 PulteGroup Inc 184,601 0.03
4,651 Molson Coors Brewing Co ‘B’ 353,616 0.06 1,883 PVH Corp 288,626 0.05
35,597 Mondelez International Inc ‘A’ 1,464,817 0.25 3,195 Qorvo Inc 218,538 0.04
10,722 Monsanto Co 1,254,260 0.21 34,960 Qualcomm Inc 1,915,458 0.32
9,918 Monster Beverage Corp 559,871 0.09 3,330 Quest Diagnostics Inc 331,268 0.06
3,916 Moody’s Corp 623,466 0.10 1,610 Ralph Lauren Corp 178,758 0.03
31,948 Morgan Stanley 1,699,953 0.28 5,612 Range Resources Corp 81,093 0.01
6,796 Mosaic Co/The 163,172 0.03 3,364 Raymond James Financial Inc 293,913 0.05
4,103 Motorola Solutions Inc 427,451 0.07 6,766 Raytheon Co 1,432,430 0.24
2,351 MSCI Inc 345,103 0.06 6,868 Realty Income Corp (Reit) 356,724 0.06
2,926 Nasdaq Inc 247,042 0.04 4,131 Red Hat Inc 601,432 0.10
9,321 National Oilwell Varco Inc 337,793 0.06 3,872 Regency Centers Corp (Reit) 228,990 0.04
3,117 National Retail Properties Inc (Reit) 121,719 0.02 1,823 Regeneron Pharmaceuticals Inc 621,570 0.10
6,105 NetApp Inc 367,277 0.06 29,989 Regions Financial Corp 548,199 0.09
10,166 Netflix Inc 2,820,048 0.47 2,273 Reinsurance Group of America Inc 352,201 0.06
12,277 New York Community Bancorp Inc 159,294 0.03 5,931 Republic Services Inc 390,378 0.07
12,535 Newell Brands Inc 323,278 0.05 3,607 ResMed Inc 343,567 0.06
4,627 Newfield Exploration Co 109,891 0.02 2,368 Robert Half International Inc 136,492 0.02
13,392 Newmont Mining Corp 516,396 0.09 2,916 Rockwell Automation Inc 508,871 0.09
10,832 News Corp ‘A’ 169,088 0.03 4,120 Rockwell Collins Inc 557,889 0.09
11,113 NextEra Energy Inc 1,809,530 0.30 2,033 Rollins Inc 102,809 0.02
31,540 NIKE Inc ‘B’* 2,086,371 0.35 2,354 Roper Technologies Inc 657,025 0.11
8,682 NiSource Inc 207,326 0.03 9,120 Ross Stores Inc 704,520 0.12
10,016 Noble Energy Inc 297,175 0.05 6,013 S&P Global Inc 1,128,099 0.19
3,015 Nordstrom Inc 146,891 0.02 5,712 Sabre Corp 121,894 0.02
6,932 Norfolk Southern Corp 937,484 0.16 16,274 salesforce.com Inc 1,833,266 0.31
4,809 Northern Trust Corp 488,546 0.08 3,057 SBA Communications Corp (Reit) 518,039 0.09
4,041 Northrop Grumman Corp 1,397,741 0.23 2,710 SCANA Corp 96,368 0.02
8,006 Nucor Corp 483,082 0.08 3,864 Sealed Air Corp 165,070 0.03
14,516 NVIDIA Corp 3,213,697 0.54 1,997 Seattle Genetics Inc 103,604 0.02
95 NVR Inc 284,641 0.05 3,760 SEI Investments Co 275,683 0.05
1,984 O’Reilly Automotive Inc 488,143 0.08 5,414 Sempra Energy* 600,792 0.10
18,698 Occidental Petroleum Corp 1,202,468 0.20 4,360 ServiceNow Inc 700,390 0.12
4,996 OGE Energy Corp 163,019 0.03 1,928 Sherwin-Williams Co/The* 750,551 0.13
1,446 Old Dominion Freight Line Inc 208,947 0.03 1,113 Signature Bank/New York NY 156,332 0.03
5,232 Omnicom Group Inc* 381,047 0.06 7,378 Simon Property Group Inc (Reit) 1,147,500 0.19
8,512 ONEOK Inc 473,097 0.08 39,635 Sirius XM Holdings Inc 246,133 0.04
74,998 Oracle Corp 3,378,285 0.57 4,516 Skyworks Solutions Inc 447,942 0.08
2,745 Owens Corning 222,921 0.04 2,284 SL Green Realty Corp (Reit) 222,165 0.04
8,235 PACCAR Inc 539,804 0.09 1,399 Snap-on Inc* 207,234 0.03
2,359 Packaging Corp of America 264,066 0.04 23,661 Southern Co/The 1,062,616 0.18
2,044 Palo Alto Networks Inc 364,077 0.06 3,689 Southwest Airlines Co 208,945 0.03
3,013 Parker-Hannifin Corp 512,210 0.09 619 Spectrum Brands Holdings Inc 62,284 0.01
5,416 Parsley Energy Inc ‘A’ 151,594 0.03 2,966 Spirit AeroSystems Holdings Inc ‘A’ 249,945 0.04
7,405 Paychex Inc 448,817 0.08 3,410 Splunk Inc 325,416 0.05
27,624 PayPal Holdings Inc 2,062,960 0.35 14,109 Sprint Corp 68,288 0.01
8,903 People’s United Financial Inc 165,151 0.03 6,134 Square Inc ‘A’* 295,781 0.05
33,833 PepsiCo Inc 3,706,067 0.62 4,164 SS&C Technologies Holdings Inc 215,778 0.04
143,642 Pfizer Inc 5,061,944 0.85 3,502 Stanley Black & Decker Inc 533,425 0.09
13,077 PG&E Corp 574,603 0.10 34,612 Starbucks Corp 1,972,192 0.33
36,827 Philip Morris International Inc 3,688,224 0.62 8,908 State Street Corp 877,260 0.15
10,162 Phillips 66 966,406 0.16 6,268 Steel Dynamics Inc 272,345 0.05
2,568 Pinnacle West Capital Corp 205,543 0.03 2,008 Stericycle Inc 118,673 0.02
3,957 Pioneer Natural Resources Co 670,197 0.11 8,102 Stryker Corp 1,282,385 0.21
2,607 Plains GP Holdings LP ‘A’ 55,868 0.01 11,291 SunTrust Banks Inc 751,529 0.13
1,120 SVB Financial Group 265,877 0.04


Value Net Value Net

15,443 Symantec Corp 393,333 0.07 98,772 Verizon Communications Inc 4,790,442 0.80
18,276 Synchrony Financial 603,291 0.10 5,891 Vertex Pharmaceuticals Inc 942,913 0.16
3,838 Synopsys Inc 316,980 0.05 7,595 VF Corp 566,131 0.09
11,802 Sysco Corp 703,635 0.12 8,629 Viacom Inc ‘B’ 265,859 0.04
5,643 T Rowe Price Group Inc 599,117 0.10 43,634 Visa Inc ‘A’* 5,113,032 0.86
6,754 T-Mobile US Inc 411,116 0.07 5,681 Vistra Energy Corp 118,733 0.02
2,724 Take-Two Interactive Software Inc 263,111 0.04 1,680 VMware Inc ‘A’ 200,458 0.03
7,094 Tapestry Inc 373,286 0.06 3,621 Vornado Realty Trust (Reit) 245,612 0.04
4,385 Targa Resources Corp 191,230 0.03 4,592 Voya Financial Inc 230,518 0.04
12,344 Target Corp 853,834 0.14 3,016 Vulcan Materials Co 337,309 0.06
7,011 TD Ameritrade Holding Corp 402,221 0.07 1,210 WABCO Holdings Inc 162,285 0.03
1,194 Teleflex Inc 300,470 0.05 2,497 Wabtec Corp/DE 204,155 0.03
1,312 TESARO Inc 76,608 0.01 20,539 Walgreens Boots Alliance Inc 1,355,163 0.23
3,237 Tesla Inc 810,901 0.14 35,416 Walmart Inc 3,131,129 0.52
23,230 Texas Instruments Inc 2,378,984 0.40 36,635 Walt Disney Co/The 3,633,459 0.61
9,628 Thermo Fisher Scientific Inc 1,976,340 0.33 10,477 Waste Management Inc 876,715 0.15
3,149 Tiffany & Co 310,177 0.05 1,792 Waters Corp 356,644 0.06
18,527 Time Warner Inc 1,749,319 0.29 7,243 WEC Energy Group Inc 455,585 0.08
15,324 TJX Cos Inc/The 1,249,672 0.21 111,361 Wells Fargo & Co 5,781,863 0.97
2,937 Toll Brothers Inc 126,115 0.02 9,259 Welltower Inc (Reit) 505,912 0.08
2,612 Torchmark Corp 219,748 0.04 2,798 Westar Energy Inc 146,559 0.02
4,174 Total System Services Inc 352,327 0.06 6,746 Western Digital Corp 613,009 0.10
3,239 Tractor Supply Co 198,777 0.03 9,513 Western Union Co/The 183,030 0.03
1,290 TransDigm Group Inc 392,741 0.07 5,701 WestRock Co 360,873 0.06
3,608 TransUnion 202,228 0.03 17,063 Weyerhaeuser Co (Reit) 598,399 0.10
6,596 Travelers Cos Inc/The 915,921 0.15 1,653 Whirlpool Corp 252,463 0.04
5,384 Trimble Inc 189,140 0.03 19,343 Williams Cos Inc/The 479,320 0.08
1,782 TripAdvisor Inc 72,617 0.01 3,523 Workday Inc ‘A’* 435,478 0.07
25,058 Twenty-First Century Fox Inc ‘A’ 905,847 0.15 8,358 Worldpay Inc ‘A’ 675,159 0.11
11,489 Twenty-First Century Fox Inc ‘B’ 410,387 0.07 2,319 WR Berkley Corp 169,171 0.03
15,613 Twitter Inc 437,164 0.07 1,153 WR Grace & Co 70,852 0.01
7,347 Tyson Foods Inc ‘A’ 542,649 0.09 1,437 WW Grainger Inc 405,105 0.07
6,734 UDR Inc (Reit) 241,145 0.04 2,589 Wyndham Worldwide Corp* 294,939 0.05
4,143 UGI Corp 184,405 0.03 2,107 Wynn Resorts Ltd 373,866 0.06
1,347 Ulta Salon Cosmetics & Fragrance 12,808 Xcel Energy Inc 585,454 0.10
Inc 277,024 0.05 5,447 Xerox Corp 157,200 0.03
5,486 Under Armour Inc ‘A’ 91,122 0.02 5,694 Xilinx Inc 406,438 0.07
5,524 Under Armour Inc ‘C’ 79,767 0.01 4,705 Xylem Inc/NY* 359,321 0.06
18,987 Union Pacific Corp 2,510,841 0.42 7,550 Yum! Brands Inc 637,371 0.11
1,496 United Continental Holdings Inc 102,536 0.02 3,548 Zayo Group Holdings Inc 118,361 0.02
16,483 United Parcel Service Inc ‘B’ 1,716,540 0.29 3,014 Zillow Group Inc ‘C’ 157,994 0.03
2,199 United Rentals Inc 374,600 0.06 5,060 Zimmer Biomet Holdings Inc 545,670 0.09
18,352 United Technologies Corp 2,288,861 0.38 5,210 Zions Bancorporation 271,181 0.05
1,300 United Therapeutics Corp 143,273 0.02 12,115 Zoetis Inc 984,344 0.16
23,059 UnitedHealth Group Inc 5,041,159 0.84 529,442,137 88.67
2,127 Universal Health Services Inc ‘B’ 253,560 0.04
5,632 Unum Group 267,745 0.04 Total Common Stocks (Shares) 586,813,879 98.28
40,459 US Bancorp 2,026,591 0.34 Total Transferable Securities and
974 Vail Resorts Inc 218,751 0.04 Money Market Instruments Admitted to
10,568 Valero Energy Corp 965,492 0.16 an Official Stock Exchange Listing
2,308 Varian Medical Systems Inc 280,191 0.05 or Dealt in on Another Regulated Market 586,813,879 98.28
2,289 Veeva Systems Inc ‘A’ 163,160 0.03 Securities portfolio at market value 586,813,879 98.28
8,042 Ventas Inc (Reit) 400,411 0.07
23,846 VEREIT Inc (Reit) 166,326 0.03 Other Net Assets 10,255,341 1.72
2,305 VeriSign Inc 268,648 0.04
3,891 Verisk Analytics Inc 395,598 0.07 Total Net Assets (USD) 597,069,220 100.00


Gross
72 USD E-Mini S&P 500 Index June 2018 9,420,120 (239,710)

5 CAD S&P/TSX 60 Index June 2018 695,548 (7,938)
Total 10,115,668 (247,648)
Sector Breakdown
as at 31 March 2018
% of Net
Assets
Financial 19.88
Technology 15.15
Industrial 9.29
Energy 6.41
Utilities 2.74
100.00

Value Net Value Net
COMMON STOCKS (SHARES) Australia continued

264,009 Woolworths Group Ltd* 5,373,787 1.52
Australia
130,944 AGL Energy Ltd 2,168,386 0.61 193,324,605 54.64
492,450 Alumina Ltd* 890,987 0.25
232,297 Amcor Ltd 2,511,076 0.71 Bermuda
584,334 AMP Ltd* 2,253,338 0.64 132,000 CK Infrastructure Holdings Ltd 1,081,512 0.31
239,454 APA Group (Unit) 1,448,426 0.41 396,250 First Pacific Co Ltd 211,558 0.06
109,615 Aristocrat Leisure Ltd 2,061,412 0.58 820,000 Golden Resorts Group Ltd 367,793 0.10
39,413 ASX Ltd 1,699,951 0.48 238,800 Hongkong Land Holdings Ltd 1,638,168 0.46
404,827 Aurizon Holdings Ltd 1,325,240 0.37 43,900 Jardine Matheson Holdings Ltd* 2,708,630 0.77
359,815 AusNet Services 462,052 0.13 44,300 Jardine Strategic Holdings Ltd* 1,710,423 0.48
594,390 Australia & New Zealand Banking 133,500 Kerry Properties Ltd 602,187 0.17
Group Ltd 12,349,176 3.49 1,218,000 Li & Fung Ltd* 608,387 0.17
78,751 Bank of Queensland Ltd* 667,138 0.19 320,006 NWS Holdings Ltd* 580,650 0.17
97,648 Bendigo & Adelaide Bank Ltd* 738,886 0.21 258,000 Shangri-La Asia Ltd 505,618 0.14
649,872 BHP Billiton Ltd* 14,284,095 4.04 152,000 Yue Yuen Industrial Holdings Ltd 588,794 0.17
114,235 BlueScope Steel Ltd 1,314,550 0.37 10,603,720 3.00
238,671 Boral Ltd 1,363,180 0.39
318,609 Brambles Ltd 2,435,288 0.69 Cayman Islands
52,615 Caltex Australia Ltd 1,253,280 0.35 62,300 ASM Pacific Technology Ltd* 889,104 0.25
116,683 Challenger Ltd* 1,031,417 0.29 524,543 CK Asset Holdings Ltd 4,367,905 1.23
19,440 CIMIC Group Ltd 669,324 0.19 548,543 CK Hutchison Holdings Ltd 6,556,319 1.85
110,188 Coca-Cola Amatil Ltd 736,628 0.21 50,551 Melco Resorts & Entertainment
11,710 Cochlear Ltd 1,641,172 0.46 Ltd ADR 1,434,637 0.41
354,655 Commonwealth Bank of Australia* 19,538,468 5.52 194,800 MGM China Holdings Ltd 502,644 0.14
94,484 Computershare Ltd 1,261,114 0.36 150,000 Minth Group Ltd 689,038 0.19
76,128 Crown Resorts Ltd 744,135 0.21 494,400 Sands China Ltd 2,595,507 0.73
91,514 CSL Ltd 11,015,699 3.11 1,797,000 WH Group Ltd’144A’ 1,927,999 0.55
207,143 Dexus (Reit) 1,472,133 0.42 248,000 Wharf Real Estate Investment
12,828 Domino’s Pizza Enterprises Ltd* 415,315 0.12 Co Ltd 1,576,880 0.45
10,934 Flight Centre Travel Group Ltd 479,817 0.14 319,600 Wynn Macau Ltd 1,132,135 0.32
308,459 Fortescue Metals Group Ltd 1,033,418 0.29
365,498 Goodman Group (Reit) 2,364,965 0.67 21,672,168 6.12
362,205 GPT Group/The (Reit) 1,305,117 0.37
116,751 Harvey Norman Holdings Ltd* 324,016 0.09 Hong Kong
347,092 Healthscope Ltd 521,552 0.15 2,455,000 AIA Group Ltd 20,427,312 5.77
344,469 Incitec Pivot Ltd* 929,587 0.26 247,332 Bank of East Asia Ltd/The 995,896 0.28
475,258 Insurance Australia Group Ltd 2,754,536 0.78 748,500 BOC Hong Kong Holdings Ltd 3,662,432 1.03
112,801 LendLease Group (Unit) 1,523,758 0.43 335,500 CLP Holdings Ltd* 3,398,648 0.96
65,436 Macquarie Group Ltd 5,157,620 1.46 480,000 Galaxy Entertainment Group Ltd* 4,275,284 1.21
560,678 Medibank Pvt Ltd 1,250,846 0.35 176,000 Hang Lung Group Ltd 579,722 0.16
749,717 Mirvac Group (Reit) 1,235,757 0.35 403,000 Hang Lung Properties Ltd* 944,864 0.27
543,361 National Australia Bank Ltd 11,830,525 3.34 154,600 Hang Seng Bank Ltd 3,606,985 1.02
156,196 Newcrest Mining Ltd 2,353,042 0.67 245,462 Henderson Land Development
75,916 Orica Ltd* 1,050,528 0.30 Co Ltd 1,595,148 0.45
351,810 Origin Energy Ltd 2,386,979 0.67 546,500 HK Electric Investments & HK
273,539 QBE Insurance Group Ltd 2,021,592 0.57 Electric Investments Ltd
28,818 Ramsay Health Care Ltd 1,383,263 0.39 (Unit)’144A’* 522,970 0.15
10,700 REA Group Ltd 649,198 0.18 755,760 HKT Trust & HKT Ltd (Unit) 943,749 0.27
83,427 Rio Tinto Ltd* 4,693,974 1.33 1,692,788 Hong Kong & China Gas Co Ltd* 3,498,646 0.99
381,882 Santos Ltd* 1,501,909 0.42 240,246 Hong Kong Exchanges &
1,071,644 Scentre Group (Reit) 3,146,636 0.89 Clearing Ltd 7,812,380 2.21
67,646 SEEK Ltd* 974,465 0.28 128,000 Hysan Development Co Ltd* 664,636 0.19
81,467 Sonic Healthcare Ltd 1,432,756 0.40 445,500 Link REIT (Reit)* 3,820,404 1.08
1,045,716 South32 Ltd 2,597,502 0.73 303,000 MTR Corp Ltd 1,654,398 0.47
492,328 Stockland (Reit) 1,509,773 0.43 1,204,086 New World Development Co Ltd* 1,693,843 0.48
259,504 Suncorp Group Ltd* 2,673,871 0.76 823,000 PCCW Ltd* 472,958 0.13
222,799 Sydney Airport (Unit) 1,144,419 0.32 282,500 Power Assets Holdings Ltd 2,516,183 0.71
388,607 Tabcorp Holdings Ltd* 1,319,810 0.37 645,928 Sino Land Co Ltd 1,056,807 0.30
835,329 Telstra Corp Ltd 2,036,488 0.58 409,000 SJM Holdings Ltd* 346,571 0.10
71,456 TPG Telecom Ltd* 304,039 0.09 293,217 Sun Hung Kai Properties Ltd 4,662,837 1.32
448,566 Transurban Group (Unit) 3,930,699 1.11 101,000 Swire Pacific Ltd ‘A’* 1,028,288 0.29
147,023 Treasury Wine Estates Ltd 1,936,447 0.55 240,000 Swire Properties Ltd 839,460 0.24
652,993 Vicinity Centres (Reit) 1,211,494 0.34 282,000 Techtronic Industries Co Ltd 1,613,400 0.45
229,427 Wesfarmers Ltd 7,352,212 2.08 249,000 Wharf Holdings Ltd/The* 859,835 0.24
398,707 Westfield Corp (Reit) 2,589,014 0.73 167,000 Wheelock & Co Ltd 1,216,128 0.34
686,820 Westpac Banking Corp* 15,048,817 4.25 74,709,784 21.11
189,077 Woodside Petroleum Ltd 4,238,511 1.20

iShares Pacific ex Japan Equity Index Fund (LU) continued

Value Net Value Net
Ireland Singapore continued

89,757 James Hardie Industries Plc - CDI 1,566,166 0.44 425,000 ComfortDelGro Corp Ltd 648,929 0.18
1,566,166 0.44 359,534 DBS Group Holdings Ltd 7,372,663 2.08
1,003,800 Hutchison Port Holdings Trust (Unit)* 301,140 0.09
Isle of Man 19,311 Jardine Cycle & Carriage Ltd 500,374 0.14
1,207,700 Genting Singapore Plc 977,335 0.28 292,300 Keppel Corp Ltd 1,709,370 0.48
630,240 Oversea-Chinese Banking Corp Ltd 6,067,356 1.72
977,335 0.28 139,200 SATS Ltd 536,672 0.15
201,500 Sembcorp Industries Ltd* 466,118 0.13
Mauritius 110,600 Singapore Airlines Ltd 901,789 0.26
1,455,200 Golden Agri-Resources Ltd 383,284 0.11 159,431 Singapore Exchange Ltd* 893,403 0.25
383,284 0.11 278,800 Singapore Press Holdings Ltd* 532,122 0.15
306,400 Singapore Technologies
New Zealand Engineering Ltd 821,059 0.23
195,127 Auckland International Airport Ltd* 879,318 0.25 1,624,100 Singapore Telecommunications Ltd 4,141,309 1.17
116,055 Fisher & Paykel Healthcare Corp Ltd 1,118,289 0.32 130,900 StarHub Ltd 228,851 0.07
137,784 Fletcher Building Ltd* 614,919 0.17 512,800 Suntec Real Estate Investment
134,152 Mercury NZ Ltd 314,420 0.09 Trust (Reit) 732,096 0.21
268,035 Meridian Energy Ltd* 559,271 0.16 268,152 United Overseas Bank Ltd 5,545,855 1.57
80,027 Ryman Healthcare Ltd 607,626 0.17 99,180 UOL Group Ltd 637,551 0.18
375,677 Spark New Zealand Ltd* 919,962 0.26 326,900 Wilmar International Ltd 791,139 0.22
471,000 Yangzijiang Shipbuilding
5,013,805 1.42 Holdings Ltd 431,500 0.12
Papua New Guinea 37,884,527 10.71

279,250 Oil Search Ltd 1,547,849 0.44 Total Common Stocks (Shares) 347,683,243 98.27
1,547,849 0.44 Total Transferable Securities and
Singapore an Official Stock Exchange Listing
507,000 Ascendas Real Estate Investment or Dealt in on Another Regulated Market 347,683,243 98.27
Trust (Reit)* 1,006,375 0.29 Securities portfolio at market value 347,683,243 98.27
503,945 CapitaLand Commercial Trust (Reit) 684,828 0.19
517,400 CapitaLand Ltd 1,398,325 0.40 Other Net Assets 6,119,550 1.73
484,300 CapitaLand Mall Trust (Reit) 757,961 0.21
79,900 City Developments Ltd 777,742 0.22

iShares Pacific ex Japan Equity Index Fund (LU) continued

Gross
7 HKD Hang Seng Index April 2018 1,335,975 (18,731)

40 SGD MSCI Singapore Index April 2018 1,167,615 (14,338)
34 AUD SPI 200 Index June 2018 3,756,777 (109,745)
Total 6,260,367 (142,814)
Sector Breakdown
as at 31 March 2018
% of Net
Assets
Financial 51.26
Industrial 5.48
Utilities 4.60
Diversified 4.28
Communications 3.00
Energy 2.82
Technology 0.61
100.00

Value Net Value Net
COMMON / PREFERRED STOCKS (SHARES) Australia continued

22,047 Woodside Petroleum Ltd* 495,224 0.05
Australia 30,188 Woolworths Group Ltd 609,676 0.07
13,762 AGL Energy Ltd 229,200 0.02
38,027 Alumina Ltd 68,941 0.01 22,236,140 2.37
24,914 Amcor Ltd/Australia 271,199 0.03
68,743 AMP Ltd 263,514 0.03 Austria
27,791 APA Group (Unit) 168,231 0.02 2,501 Andritz AG 142,332 0.01
11,535 Aristocrat Leisure Ltd 213,200 0.02 7,117 Erste Group Bank AG 359,859 0.04
4,560 ASX Ltd 196,378 0.02 3,103 OMV AG 178,389 0.02
48,328 Aurizon Holdings Ltd 157,041 0.02 3,997 Raiffeisen Bank International AG 155,159 0.02
63,147 AusNet Services 81,253 0.01 1,987 voestalpine AG 104,093 0.01
68,805 Australia & New Zealand Banking 939,832 0.10
Group Ltd 1,419,713 0.15
13,093 Bank of Queensland Ltd 110,236 0.01 Belgium
15,766 Bendigo & Adelaide Bank Ltd* 119,177 0.01 4,458 Ageas 231,784 0.02
75,650 BHP Billiton Ltd* 1,639,406 0.17 18,000 Anheuser-Busch InBev SA/NV 1,986,203 0.21
12,418 BlueScope Steel Ltd 143,951 0.02 816 Colruyt SA 45,362 0.00
24,876 Boral Ltd 142,177 0.02 1,788 Groupe Bruxelles Lambert SA 205,757 0.02
41,719 Brambles Ltd 319,844 0.03 5,824 KBC Group NV 508,864 0.05
6,143 Caltex Australia Ltd 148,178 0.02 5,286 Proximus SADP* 164,353 0.02
12,741 Challenger Ltd/Australia 112,949 0.01 1,722 Solvay SA 238,631 0.03
3,282 CIMIC Group Ltd 112,119 0.01 1,741 Telenet Group Holding NV 115,644 0.01
8,342 Coca-Cola Amatil Ltd 55,560 0.01 2,963 UCB SA 241,799 0.03
1,355 Cochlear Ltd 189,050 0.02 4,504 Umicore SA 238,172 0.03
40,486 Commonwealth Bank of Australia 2,248,939 0.24
10,053 Computershare Ltd 133,680 0.01 3,976,569 0.42
7,434 Crown Resorts Ltd 72,470 0.01
10,561 CSL Ltd 1,261,241 0.13 Bermuda
23,468 Dexus (Reit) 168,022 0.02 3,067 Arch Capital Group Ltd 262,351 0.03
2,342 Domino’s Pizza Enterprises Ltd 75,077 0.01 4,512 Athene Holding Ltd ‘A’ 215,764 0.02
570 Flight Centre Travel Group Ltd 24,954 0.00 6,366 Axalta Coating Systems Ltd 192,572 0.02
35,918 Fortescue Metals Group Ltd 119,474 0.01 1,542 Axis Capital Holdings Ltd 88,711 0.01
47,718 Goodman Group (Reit) 309,018 0.03 3,326 Bunge Ltd 244,760 0.03
42,437 GPT Group/The (Reit) 154,525 0.02 14,000 CK Infrastructure Holdings Ltd 114,428 0.01
13,398 Harvey Norman Holdings Ltd 37,979 0.00 946 Everest Re Group Ltd* 244,257 0.03
53,207 Healthscope Ltd 79,090 0.01 35,500 First Pacific Co Ltd/Hong Kong 19,314 0.00
31,921 Incitec Pivot Ltd 86,071 0.01 136,000 Golden Resorts Group Ltd 60,821 0.01
53,705 Insurance Australia Group Ltd 308,596 0.03 27,700 Hongkong Land Holdings Ltd 190,853 0.02
13,056 LendLease Group (Unit) 173,613 0.02 9,221 IHS Markit Ltd 440,764 0.05
7,531 Macquarie Group Ltd 595,309 0.06 9,062 Invesco Ltd 286,269 0.03
63,759 Medibank Pvt Ltd 142,041 0.02 5,100 Jardine Matheson Holdings Ltd 314,262 0.03
84,830 Mirvac Group (Reit) 140,108 0.02 5,200 Jardine Strategic Holdings Ltd 199,368 0.02
62,852 National Australia Bank Ltd 1,375,580 0.15 8,000 Kerry Properties Ltd 36,032 0.00
18,069 Newcrest Mining Ltd 271,505 0.03 132,000 Li & Fung Ltd 64,582 0.01
7,830 Orica Ltd 106,827 0.01 11,009 Marvell Technology Group Ltd* 226,345 0.02
41,349 Origin Energy Ltd 276,350 0.03 4,990 Norwegian Cruise Line Holdings Ltd 262,424 0.03
32,318 QBE Insurance Group Ltd 239,081 0.03 55,400 NWS Holdings Ltd 100,514 0.01
3,332 Ramsay Health Care Ltd 159,517 0.02 901 RenaissanceRe Holdings Ltd 124,338 0.01
666 REA Group Ltd 40,526 0.00 34,000 Shangri-La Asia Ltd 68,445 0.01
9,992 Rio Tinto Ltd 558,035 0.06 5,508 XL Group Ltd 305,088 0.03
34,376 Santos Ltd 133,887 0.01 25,000 Yue Yuen Industrial Holdings Ltd 99,222 0.01
125,411 Scentre Group (Reit) 368,985 0.04 4,161,484 0.44
6,703 SEEK Ltd 95,776 0.01
9,381 Sonic Healthcare Ltd 164,884 0.02 British Virgin Islands
122,906 South32 Ltd 304,021 0.03 4,113 Michael Kors Holdings Ltd* 253,937 0.03
53,654 Stockland (Reit)* 166,105 0.02
30,449 Suncorp Group Ltd 312,035 0.03 253,937 0.03
23,702 Sydney Airport (Unit) 122,175 0.01
46,346 Tabcorp Holdings Ltd 156,297 0.02 Canada
92,099 Telstra Corp Ltd 222,157 0.02 5,300 Agnico Eagle Mines Ltd 221,316 0.02
7,778 TPG Telecom Ltd 32,803 0.00 9,951 Alimentation Couche-Tard Inc ‘B’ 440,572 0.05
52,331 Transurban Group (Unit) 459,092 0.05 5,796 AltaGas Ltd 106,002 0.01
17,386 Treasury Wine Estates Ltd 225,181 0.02 13,195 ARC Resources Ltd 141,094 0.01
79,258 Vicinity Centres (Reit) 146,735 0.02 850 Atco Ltd ‘I’ 27,425 0.00
26,499 Wesfarmers Ltd 846,018 0.09 15,266 Bank of Montreal 1,145,452 0.12
46,501 Westfield Corp (Reit) 304,352 0.03 28,193 Bank of Nova Scotia/The 1,721,705 0.18
79,678 Westpac Banking Corp 1,751,792 0.19 27,580 Barrick Gold Corp 342,534 0.04

iShares World Equity Index Fund (LU) continued

Value Net Value Net
Canada continued Canada continued

2,663 BCE Inc 114,355 0.01 8,380 Seven Generations Energy Ltd ‘A’* 101,287 0.01
13,650 BlackBerry Ltd 160,333 0.02 10,647 Shaw Communications Inc ‘B’ 203,624 0.02
55,878 Bombardier Inc ‘B’ 162,680 0.02 1,860 Shopify Inc ‘A’ 222,653 0.02
21,403 Brookfield Asset Management Inc ‘A’ 831,262 0.09 2,362 Smart Real Estate Investment
4,797 CAE Inc 88,251 0.01 Trust (Reit) 53,586 0.01
13,895 Cameco Corp 124,049 0.01 3,404 SNC-Lavalin Group Inc 147,915 0.02
10,315 Canadian Imperial Bank 14,820 Sun Life Financial Inc 602,898 0.06
of Commerce 904,749 0.10 39,773 Suncor Energy Inc 1,363,954 0.14
17,689 Canadian National Railway Co 1,282,264 0.14 13,483 Teck Resources Ltd ‘B’ 335,118 0.04
26,234 Canadian Natural Resources Ltd 816,372 0.09 4,602 TELUS Corp 160,170 0.02
3,455 Canadian Pacific Railway Ltd 609,514 0.06 6,680 Thomson Reuters Corp 258,666 0.03
1,659 Canadian Tire Corp Ltd ‘A’ 216,691 0.02 43,372 Toronto-Dominion Bank/The 2,434,071 0.26
4,355 Canadian Utilities Ltd ‘A’ 118,123 0.01 7,352 Tourmaline Oil Corp 122,220 0.01
3,834 CCL Industries Inc ‘B’ 190,587 0.02 20,603 TransCanada Corp* 834,011 0.09
17,963 Cenovus Energy Inc 150,630 0.02 33,803 Turquoise Hill Resources Ltd 103,385 0.01
6,279 CGI Group Inc ‘A’ 354,813 0.04 10,141 Valeant Pharmaceuticals
4,883 CI Financial Corp 103,331 0.01 International Inc 157,827 0.02
476 Constellation Software Inc/Canada* 319,847 0.03 4,101 Vermilion Energy Inc 129,778 0.01
19,210 Crescent Point Energy Corp 127,472 0.01 6,236 Waste Connections Inc 445,063 0.05
2,287 Dollarama Inc 288,199 0.03 2,371 West Fraser Timber Co Ltd 155,625 0.02
13,653 Element Fleet Management Corp 43,026 0.00 9,752 Wheaton Precious Metals Corp* 196,475 0.02
1,780 Emera Inc 56,535 0.01 31,979,345 3.40
5,205 Empire Co Ltd ‘A’ 105,349 0.01
38,852 Enbridge Inc* 1,192,484 0.13
Cayman Islands
19,652 Encana Corp 211,356 0.02
8,900 ASM Pacific Technology Ltd 124,282 0.01
664 Fairfax Financial Holdings Ltd 333,044 0.04
67,096 CK Asset Holdings Ltd 562,938 0.06
5,734 Finning International Inc 137,945 0.01
63,096 CK Hutchison Holdings Ltd 754,875 0.08
4,471 First Capital Realty Inc 70,553 0.01
5,029 Melco Resorts & Entertainment
17,582 First Quantum Minerals Ltd* 230,751 0.02
Ltd ADR 143,779 0.02
8,968 Fortis Inc/Canada 303,725 0.03
38,800 MGM China Holdings Ltd 100,107 0.01
4,071 Franco-Nevada Corp 273,575 0.03
24,000 Minth Group Ltd 109,319 0.01
1,775 George Weston Ltd 142,316 0.01
57,200 Sands China Ltd 307,550 0.03
4,149 Gildan Activewear Inc 119,956 0.01
207,000 WH Group Ltd ‘144A’ 220,488 0.02
19,480 Goldcorp Inc 264,107 0.03
24,000 Wharf Real Estate Investment
6,304 Great-West Lifeco Inc 160,004 0.02
Co Ltd 156,257 0.02
4,926 H&R Real Estate Investment Trust
35,600 Wynn Macau Ltd 129,045 0.02
(Reit) 79,907 0.01
5,925 Husky Energy Inc 82,900 0.01 2,608,640 0.28
9,147 Hydro One Ltd 148,803 0.02
898 IGM Financial Inc 26,102 0.00 Curacao
6,500 Imperial Oil Ltd* 169,408 0.02 31,668 Schlumberger Ltd 2,019,152 0.21
3,541 Industrial Alliance Insurance & 2,019,152 0.21
Financial Services Inc 144,245 0.02
3,161 Intact Financial Corp 237,093 0.03 Denmark
6,332 Inter Pipeline Ltd 108,401 0.01 114 AP Moller - Maersk A/S ‘A’ 166,883 0.02
2,082 Jean Coutu Group PJC Inc/The ‘A’ 39,528 0.00 155 AP Moller - Maersk A/S ‘B’* 239,433 0.03
6,454 Keyera Corp* 164,011 0.02 2,530 Carlsberg A/S ‘B’ 301,478 0.03
24,449 Kinross Gold Corp 95,127 0.01 2,071 Chr Hansen Holding A/S 178,377 0.02
1,320 Linamar Corp 70,880 0.01 2,509 Coloplast A/S ‘B’* 211,788 0.02
4,035 Loblaw Cos Ltd 202,797 0.02 17,934 Danske Bank A/S 668,269 0.07
21,844 Lundin Mining Corp 137,846 0.01 3,922 DSV A/S 307,525 0.03
8,312 Magna International Inc 459,654 0.05 1,369 Genmab A/S 293,764 0.03
46,789 Manulife Financial Corp 859,700 0.09 2,426 H Lundbeck A/S* 135,479 0.01
3,019 Methanex Corp 181,374 0.02 2,746 ISS A/S 101,506 0.01
4,615 Metro Inc* 146,972 0.02 43,795 Novo Nordisk A/S ‘B’ 2,153,930 0.23
7,583 National Bank of Canada 355,400 0.04 6,217 Novozymes A/S ‘B’ 321,079 0.03
16,467 Nutrien Ltd 759,790 0.08 5,074 Orsted A/S ‘144A’ 328,819 0.04
1,273 Onex Corp 91,402 0.01 2,307 Pandora A/S* 247,826 0.03
5,307 Open Text Corp 180,393 0.02 21,031 TDC A/S 174,257 0.02
11,886 Pembina Pipeline Corp 365,461 0.04 4,463 Tryg A/S 103,663 0.01
9,217 Power Corp of Canada 209,461 0.02 5,669 Vestas Wind Systems A/S 402,803 0.04
4,352 Power Financial Corp 109,145 0.01 4,284 William Demant Holding A/S 158,783 0.02
6,159 PrairieSky Royalty Ltd* 133,004 0.01
5,295 Restaurant Brands International Inc 295,397 0.03 6,495,662 0.69
4,055 RioCan Real Estate Investment
Trust (Reit) 74,193 0.01 Finland
8,567 Rogers Communications Inc ‘B’ 380,490 0.04 2,301 Elisa OYJ 104,125 0.01
35,244 Royal Bank of Canada 2,698,902 0.29 10,014 Fortum OYJ* 216,395 0.02
5,921 Saputo Inc 188,885 0.02 7,998 Kone OYJ ‘B’* 400,364 0.04


Value Net Value Net
Finland continued France continued

3,898 Metso OYJ 123,359 0.02 4,542 Renault SA 554,136 0.06
2,869 Neste OYJ* 199,408 0.02 5,889 Rexel SA 100,913 0.01
133,193 Nokia OYJ 732,394 0.08 7,693 Safran SA 814,372 0.09
2,507 Nokian Renkaat OYJ 114,651 0.01 26,400 Sanofi 2,117,315 0.23
3,580 Orion OYJ ‘B’ 109,722 0.01 12,866 Schneider Electric SE 1,134,613 0.12
10,574 Sampo OYJ ‘A’ 587,953 0.06 3,391 SCOR SE 138,447 0.02
11,964 Stora Enso OYJ ‘R’* 218,209 0.03 798 SEB SA 153,314 0.02
12,625 UPM-Kymmene OYJ 466,441 0.05 989 Societe BIC SA 97,808 0.01
9,243 Wartsila OYJ Abp* 204,234 0.02 17,367 Societe Generale SA 948,974 0.10
3,477,255 0.37 2,492 Sodexo SA 256,921 0.03
12,691 Suez 185,566 0.02
1,133 Teleperformance 175,788 0.02
France
2,504 Thales SA 305,988 0.03
4,131 Accor SA 222,979 0.02
54,837 Total SA 3,119,417 0.33
577 Aeroports de Paris 127,067 0.01
1,118 Ubisoft Entertainment SA 94,157 0.01
10,378 Air Liquide SA 1,274,584 0.14
2,265 Unibail-Rodamco SE (Reit) 519,874 0.06
2,603 Alstom SA 117,919 0.01
5,435 Valeo SA 359,405 0.04
2,017 Amundi SA ‘144A’ 162,561 0.02
12,710 Veolia Environnement SA 302,142 0.03
1,417 Arkema SA 183,704 0.02
12,076 Vinci SA 1,187,572 0.13
2,240 Atos SE 304,893 0.03
23,442 Vivendi SA 606,952 0.06
47,020 AXA SA 1,254,221 0.13
501 Wendel SA 79,275 0.01
1,382 BioMerieux 113,427 0.01
26,132 BNP Paribas SA 1,948,006 0.21 34,928,421 3.72
16,339 Bollore SA 87,267 0.01
5,072 Bouygues SA 255,895 0.03 Germany
4,985 Bureau Veritas SA 129,439 0.01 1,769 1&1 Drillisch AG 120,010 0.01
3,801 Capgemini SE 472,632 0.05 4,244 adidas AG 1,024,575 0.11
16,044 Carrefour SA 335,132 0.04 10,351 Allianz SE Reg 2,339,460 0.25
1,466 Casino Guichard Perrachon SA 72,409 0.01 1,608 Axel Springer SE* 133,858 0.01
11,390 Cie de Saint-Gobain 601,182 0.06 21,228 BASF SE 2,144,623 0.23
4,051 Cie Generale des Etablissements 19,094 Bayer AG Reg 2,153,981 0.23
Michelin SCA 598,321 0.06 7,520 Bayerische Motoren Werke AG 821,173 0.09
5,938 CNP Assurances 149,866 0.02 1,151 Bayerische Motoren Werke AG
26,929 Credit Agricole SA 439,714 0.05 (Pref) 108,723 0.01
13,549 Danone SA 1,097,501 0.12 2,384 Beiersdorf AG 268,996 0.03
54 Dassault Aviation SA 104,212 0.01 4,182 Brenntag AG 248,975 0.03
3,065 Dassault Systemes SE 416,809 0.04 25,180 Commerzbank AG 327,869 0.04
3,710 Edenred 128,474 0.01 2,660 Continental AG 731,005 0.08
1,320 Eiffage SA 150,860 0.02 4,234 Covestro AG ‘144A’ 414,082 0.04
13,753 Electricite de France SA 198,213 0.02 21,964 Daimler AG Reg 1,856,819 0.20
41,663 Engie SA 700,580 0.07 47,655 Deutsche Bank AG Reg 664,562 0.07
4,789 Essilor International Cie Generale 4,565 Deutsche Boerse AG* 619,668 0.07
d’Optique SA 643,583 0.07 6,237 Deutsche Lufthansa AG Reg 199,148 0.02
1,285 Eurazeo SA 119,243 0.01 22,036 Deutsche Post AG Reg 964,312 0.10
6,419 Eutelsat Communications SA 127,319 0.01 76,855 Deutsche Telekom AG Reg 1,253,043 0.13
1,559 Faurecia SA 125,418 0.01 8,389 Deutsche Wohnen SE 390,163 0.04
1,244 Fonciere Des Regions (Reit) 137,667 0.01 49,931 E.ON SE 551,392 0.06
1,079 Gecina SA (Reit) 188,153 0.02 2,580 Evonik Industries AG 90,869 0.01
12,720 Getlink SE 182,698 0.02 1,405 Fraport AG Frankfurt Airport
749 Hermes International 443,147 0.05 Services Worldwide 140,213 0.01
991 ICADE (Reit) 96,663 0.01 5,099 Fresenius Medical Care AG
457 Iliad SA 95,347 0.01 & Co KGaA 520,546 0.06
1,213 Imerys SA 117,719 0.01 9,591 Fresenius SE & Co KGaA 730,916 0.08
984 Ingenico Group SA 79,355 0.01 2,389 Fuchs Petrolub SE (Pref) 128,951 0.01
738 Ipsen SA 114,685 0.01 3,951 GEA Group AG 168,906 0.02
2,142 JCDecaux SA 74,598 0.01 1,289 Hannover Rueck SE 175,688 0.02
1,813 Kering SA 866,666 0.09 3,520 HeidelbergCement AG 345,815 0.04
4,970 Klepierre SA (Reit) 201,750 0.02 2,458 Henkel AG & Co KGaA* 311,696 0.03
5,747 L’Oreal SA 1,300,667 0.14 4,214 Henkel AG & Co KGaA (Pref) 558,261 0.06
3,198 Lagardere SCA 91,787 0.01 688 Hochtief AG 127,857 0.01
6,293 Legrand SA 496,021 0.05 1,046 Hugo Boss AG 91,341 0.01
6,278 LVMH Moet Hennessy 26,462 Infineon Technologies AG 706,016 0.08
Louis Vuitton SE 1,934,560 0.21 3,946 Innogy SE 186,977 0.02
19,995 Natixis SA 164,009 0.02 3,620 K+S AG Reg* 103,721 0.01
45,501 Orange SA 772,968 0.08 1,888 KION Group AG 175,990 0.02
4,981 Pernod Ricard SA 828,061 0.09 1,796 Lanxess AG 137,534 0.01
14,971 Peugeot SA 360,411 0.04 4,393 Linde AG 899,488 0.10
4,903 Publicis Groupe SA 341,989 0.04 1,211 MAN SE 141,701 0.02
865 Remy Cointreau SA 123,121 0.01 2,801 Merck KGaA 268,827 0.03


Value Net Value Net
Germany continued Ireland continued

6,227 Metro AG 109,889 0.01 10,156 Eaton Corp Plc 808,925 0.09
1,047 MTU Aero Engines AG 175,348 0.02 5,848 Ingersoll-Rand Plc 495,209 0.05
3,575 Muenchener Rueckversicherungs- 10,385 James Hardie Industries Plc - CDI 182,451 0.02
Gesellschaft AG in 1,320 Jazz Pharmaceuticals Plc 196,588 0.02
Muenchen Reg 829,804 0.09 21,309 Johnson Controls International Plc 737,931 0.08
1,697 OSRAM Licht AG 124,307 0.01 3,749 Kerry Group Plc ‘A’ 379,770 0.04
3,622 Porsche Automobil Holding SE (Pref) 301,470 0.03 32,024 Medtronic Plc 2,528,615 0.27
6,259 ProSiebenSat.1 Media SE 216,049 0.02 1,823 Paddy Power Betfair Plc 185,679 0.02
11,135 RWE AG 274,856 0.03 3,977 Pentair Plc 270,277 0.03
22,710 SAP SE 2,371,869 0.25 2,706 Perrigo Co Plc 223,651 0.02
1,577 Schaeffler AG (Pref) 24,264 0.00 7,347 Seagate Technology Plc 417,971 0.04
17,599 Siemens AG Reg 2,237,780 0.24 2,944 Willis Towers Watson Plc 448,106 0.05
2,748 Symrise AG 220,325 0.02 11,784,228 1.25
25,429 Telefonica Deutschland Holding AG 119,145 0.01
9,980 thyssenkrupp AG* 260,490 0.03 Isle of Man
11,255 TUI AG 240,973 0.03 127,900 Genting Singapore Plc 105,364 0.01
3,961 Uniper SE 121,350 0.01 12,910 GVC Holdings Plc 166,062 0.02
2,586 United Internet AG Reg 162,083 0.02
593 Volkswagen AG 118,825 0.01 271,426 0.03
4,372 Volkswagen AG (Pref) 868,950 0.09
11,475 Vonovia SE 568,335 0.06 Israel
2,777 Wirecard AG 325,112 0.03 1,401 Azrieli Group Ltd 67,188 0.01
3,062 Zalando SE 166,636 0.02 20,889 Bank Hapoalim BM 142,141 0.01
30,673 Bank Leumi Le-Israel BM 184,157 0.02
33,185,610 3.53
72,482 Bezeq The Israeli
Telecommunication Corp Ltd 92,694 0.01
Hong Kong 3,093 Check Point Software
279,400 AIA Group Ltd 2,363,754 0.25 Technologies Ltd 302,000 0.03
24,345 Bank of East Asia Ltd/The 97,087 0.01 678 Elbit Systems Ltd 80,949 0.01
87,000 BOC Hong Kong Holdings Ltd 423,439 0.05 611 Frutarom Industries Ltd 55,922 0.01
38,500 CLP Holdings Ltd* 391,936 0.04 12,618 Israel Chemicals Ltd 52,997 0.01
54,000 Galaxy Entertainment Group Ltd 490,215 0.05 4,160 Mizrahi Tefahot Bank Ltd 79,433 0.01
31,000 Hang Lung Group Ltd 101,311 0.01 1,606 Nice Ltd 147,082 0.01
40,000 Hang Lung Properties Ltd 93,163 0.01 21,612 Teva Pharmaceutical Industries
18,000 Hang Seng Bank Ltd* 416,482 0.05 Ltd ADR 367,836 0.04
28,376 Henderson Land Development
Co Ltd 184,748 0.02 1,572,399 0.17
31,000 HK Electric Investments & HK
Electric Investments Italy
Ltd (Unit) ‘144A’ 30,018 0.00 29,554
Assicurazioni Generali SpA 571,443 0.06
96,860 HKT Trust & HKT Ltd (Unit) 121,806 0.01 10,743
Atlantia SpA 334,288 0.03
197,606 Hong Kong & China Gas Co Ltd* 405,857 0.04 19,378
Davide Campari-Milano SpA 147,223 0.02
26,874 Hong Kong Exchanges 199,821
Enel SpA 1,230,262 0.13
& Clearing Ltd 873,818 0.09 58,659
Eni SpA 1,033,724 0.11
7,000 Hysan Development Co Ltd 37,013 0.01 303,304
Intesa Sanpaolo SpA 1,109,369 0.12
52,000 Link (Reit) 443,901 0.05 14,937
Intesa Sanpaolo SpA - RSP 56,916 0.01
35,500 MTR Corp Ltd 190,875 0.02 8,198
Leonardo SpA 95,734 0.01
138,900 New World Development Co Ltd* 196,087 0.02 4,014
Luxottica Group SpA 248,421 0.03
127,000 PCCW Ltd 73,463 0.01 11,512
Mediobanca Banca di Credito
32,500 Power Assets Holdings Ltd 289,653 0.03 Finanziario SpA 135,456 0.01
65,448 Sino Land Co Ltd 105,903 0.01 17,490 Poste Italiane SpA ‘144A’ 159,153 0.02
35,000 SJM Holdings Ltd 30,413 0.00 4,249 Prysmian SpA 133,786 0.01
34,000 Sun Hung Kai Properties Ltd 537,166 0.06 3,480 Recordati SpA 127,371 0.01
10,500 Swire Pacific Ltd ‘A’ 105,888 0.01 46,202 Snam SpA 212,261 0.02
18,000 Swire Properties Ltd 63,069 0.01 208,119 Telecom Italia SpA - RSP 173,737 0.02
32,500 Techtronic Industries Co Ltd 189,445 0.02 265,192 Telecom Italia SpA/Milano 251,839 0.03
36,000 Wharf Holdings Ltd/The 123,614 0.01 35,269 Terna Rete Elettrica Nazionale SpA* 206,844 0.02
18,000 Wheelock & Co Ltd 131,527 0.02 48,906 UniCredit SpA 1,024,940 0.11
6,472 UnipolSai Assicurazioni SpA 15,417 0.00
8,511,651 0.91
7,268,184 0.77
Ireland
14,054 Accenture Plc ‘A’ 2,081,397 0.22 Japan
14,676 AIB Group Plc 87,970 0.01 800 ABC-Mart Inc 52,348 0.01
4,098 Alkermes Plc 242,520 0.02 15,800 Acom Co Ltd 70,113 0.01
1,799 Allegion Plc 150,091 0.02 14,000 Aeon Co Ltd* 247,384 0.03
7,678 Allergan Plc 1,281,919 0.14 2,500 AEON Financial Service Co Ltd 57,303 0.01
20,488 Bank of Ireland Group Plc 180,021 0.02 2,300 Aeon Mall Co Ltd 47,810 0.01
20,632 CRH Plc 703,279 0.07 1,800 Air Water Inc 34,743 0.00
1,966 DCC Plc 181,858 0.02 4,500 Aisin Seiki Co Ltd 242,843 0.03


Value Net Value Net

12,600 Ajinomoto Co Inc 227,266 0.02 39,500 Honda Motor Co Ltd* 1,352,132 0.14
3,000 Alfresa Holdings Corp 66,817 0.01 1,100 Hoshizaki Corp 97,006 0.01
3,500 Alps Electric Co Ltd 85,225 0.01 9,000 Hoya Corp 449,217 0.05
9,300 Amada Holdings Co Ltd 111,479 0.01 9,700 Hulic Co Ltd 104,692 0.01
3,100 ANA Holdings Inc 118,999 0.01 2,900 Idemitsu Kosan Co Ltd 109,058 0.01
3,300 Aozora Bank Ltd 131,237 0.01 2,500 IHI Corp 77,093 0.01
5,000 Asahi Glass Co Ltd 206,600 0.02 5,200 Iida Group Holdings Co Ltd 96,017 0.01
8,900 Asahi Group Holdings Ltd 476,106 0.05 19,300 Inpex Corp 235,251 0.02
29,100 Asahi Kasei Corp 382,610 0.04 4,900 Isetan Mitsukoshi Holdings Ltd 53,577 0.01
3,900 Asics Corp 71,902 0.01 14,100 Isuzu Motors Ltd 213,293 0.02
47,800 Astellas Pharma Inc 726,224 0.08 34,000 ITOCHU Corp* 655,770 0.07
4,600 Bandai Namco Holdings Inc 147,041 0.02 3,800 J Front Retailing Co Ltd 63,271 0.01
1,400 Bank of Kyoto Ltd/The 78,184 0.01 1,800 Japan Airlines Co Ltd 72,582 0.01
1,900 Benesse Holdings Inc 68,237 0.01 900 Japan Airport Terminal Co Ltd 34,523 0.00
15,000 Bridgestone Corp 652,658 0.07 12,000 Japan Exchange Group Inc 221,689 0.02
5,400 Brother Industries Ltd 123,215 0.01 8,000 Japan Post Bank Co Ltd 107,780 0.01
1,900 Calbee Inc 64,128 0.01 36,600 Japan Post Holdings Co Ltd 442,166 0.05
24,600 Canon Inc 890,424 0.09 24 Japan Prime Realty Investment
5,700 Casio Computer Co Ltd 83,813 0.01 Corp (Reit) 86,871 0.01
3,300 Central Japan Railway Co 623,918 0.07 29 Japan Real Estate Investment
14,000 Chiba Bank Ltd/The 112,800 0.01 Corp (Reit) 150,228 0.02
14,900 Chubu Electric Power Co Inc 212,507 0.02 49 Japan Retail Fund Investment
6,000 Chugai Pharmaceutical Co Ltd 300,663 0.03 Corp (Reit) 94,900 0.01
9,300 Chugoku Electric Power Co Inc/The 112,966 0.01 25,200 Japan Tobacco Inc 719,052 0.08
2,000 Coca-Cola Bottlers Japan 12,100 JFE Holdings Inc* 240,885 0.03
Holdings Inc 82,170 0.01 3,400 JGC Corp 72,881 0.01
26,300 Concordia Financial Group Ltd 146,626 0.02 5,600 JSR Corp 124,409 0.01
4,900 Credit Saison Co Ltd 80,803 0.01 7,500 JTEKT Corp 108,447 0.01
3,300 Cyberdyne Inc 46,600 0.00 71,200 JXTG Holdings Inc* 426,805 0.05
5,300 Dai Nippon Printing Co Ltd 108,775 0.01 22,000 Kajima Corp 204,146 0.02
24,900 Dai-ichi Life Holdings Inc 455,324 0.05 3,100 Kakaku.com Inc 53,947 0.01
8,000 Daicel Corp 86,795 0.01 3,000 Kamigumi Co Ltd 66,394 0.01
2,000 Daifuku Co Ltd 116,392 0.01 7,000 Kaneka Corp 69,036 0.01
12,900 Daiichi Sankyo Co Ltd 428,727 0.05 16,200 Kansai Electric Power Co Inc/The 210,030 0.02
5,700 Daikin Industries Ltd 624,045 0.07 6,200 Kansai Paint Co Ltd 143,510 0.01
1,800 Daito Trust Construction Co Ltd 304,781 0.03 11,300 Kao Corp 842,679 0.09
13,000 Daiwa House Industry Co Ltd 493,771 0.05 2,700 Kawasaki Heavy Industries Ltd 85,926 0.01
57 Daiwa House Investment 41,500 KDDI Corp 1,055,594 0.11
Corp (Reit) 137,402 0.01 3,400 Keihan Holdings Co Ltd 104,687 0.01
37,000 Daiwa Securities Group Inc 235,257 0.02 4,400 Keikyu Corp 76,736 0.01
3,400 DeNA Co Ltd 61,310 0.01 2,300 Keio Corp 98,171 0.01
10,800 Denso Corp 587,088 0.06 3,500 Keisei Electric Railway Co Ltd 106,614 0.01
5,000 Dentsu Inc 218,587 0.02 2,400 Keyence Corp 1,477,930 0.16
500 Disco Corp 104,922 0.01 4,000 Kikkoman Corp 160,203 0.02
2,400 Don Quijote Holdings Co Ltd 136,285 0.01 4,100 Kintetsu Group Holdings Co Ltd 160,161 0.02
7,600 East Japan Railway Co 705,375 0.07 20,000 Kirin Holdings Co Ltd 529,027 0.06
6,200 Eisai Co Ltd 395,555 0.04 10,200 Kobe Steel Ltd 100,020 0.01
3,900 Electric Power Development Co Ltd 99,732 0.01 2,600 Koito Manufacturing Co Ltd 179,175 0.02
2,300 FamilyMart UNY Holdings Co Ltd 190,504 0.02 21,300 Komatsu Ltd 701,890 0.07
4,800 FANUC Corp* 1,199,041 0.13 1,700 Konami Holdings Corp 85,028 0.01
1,200 Fast Retailing Co Ltd 473,163 0.05 15,400 Konica Minolta Inc 129,293 0.01
18,000 Fuji Electric Co Ltd 121,675 0.01 500 Kose Corp* 103,841 0.01
9,500 FUJIFILM Holdings Corp 374,766 0.04 24,400 Kubota Corp 423,241 0.04
45,000 Fujitsu Ltd 270,343 0.03 7,600 Kuraray Co Ltd 130,043 0.01
11,000 Fukuoka Financial Group Inc 59,568 0.01 2,200 Kurita Water Industries Ltd 70,014 0.01
9,000 Hachijuni Bank Ltd/The 48,399 0.01 7,400 Kyocera Corp 412,352 0.04
7,200 Hakuhodo DY Holdings Inc 98,356 0.01 6,900 Kyowa Hakko Kirin Co Ltd 148,360 0.02
2,900 Hamamatsu Photonics KK 110,422 0.01 7,100 Kyushu Electric Power Co Inc 85,175 0.01
5,600 Hankyu Hanshin Holdings Inc 207,963 0.02 9,200 Kyushu Financial Group Inc 45,496 0.00
800 Hikari Tsushin Inc 127,636 0.01 5,200 Kyushu Railway Co* 161,331 0.02
8,600 Hino Motors Ltd 110,446 0.01 2,700 Lawson Inc 183,782 0.02
630 Hirose Electric Co Ltd 86,120 0.01 1,300 LINE Corp 50,844 0.01
1,100 Hisamitsu Pharmaceutical Co Inc 84,182 0.01 3,900 Lion Corp 79,382 0.01
3,600 Hitachi Chemical Co Ltd 79,334 0.01 6,000 LIXIL Group Corp 131,716 0.01
1,700 Hitachi Construction Machinery 4,700 M3 Inc 212,984 0.02
Co Ltd 64,890 0.01 1,600 Mabuchi Motor Co Ltd 78,522 0.01
2,100 Hitachi High-Technologies Corp 97,927 0.01 5,200 Makita Corp 254,219 0.03
112,000 Hitachi Ltd 803,527 0.09 38,200 Marubeni Corp* 275,353 0.03
7,000 Hitachi Metals Ltd 81,343 0.01 6,300 Marui Group Co Ltd 125,568 0.01


Value Net Value Net

1,300
Maruichi Steel Tube Ltd 39,294 0.00 9,500 Ono Pharmaceutical Co Ltd 299,473 0.03
13,100
Mazda Motor Corp* 173,595 0.02 1,200 Oracle Corp Japan 98,040 0.01
1,500
McDonald’s Holdings Co Japan Ltd 70,653 0.01 5,000 Oriental Land Co Ltd/Japan 507,216 0.05
31,510
Mebuki Financial Group Inc 120,868 0.01 30,000 ORIX Corp 529,827 0.06
1,800
Medipal Holdings Corp 37,196 0.00 8,700 Osaka Gas Co Ltd 171,522 0.02
2,800
MEIJI Holdings Co Ltd 214,018 0.02 2,000 Otsuka Corp 100,785 0.01
7,900
MINEBEA MITSUMI Inc 166,593 0.02 9,000 Otsuka Holdings Co Ltd 447,863 0.05
5,900
MISUMI Group Inc 160,584 0.02 50,300 Panasonic Corp 711,005 0.08
33,100
Mitsubishi Chemical Holdings Corp 317,416 0.03 3,000 Park24 Co Ltd 81,286 0.01
34,700
Mitsubishi Corp 921,777 0.10 4,100 Persol Holdings Co Ltd 117,567 0.01
44,300
Mitsubishi Electric Corp* 707,825 0.07 2,900 Pola Orbis Holdings Inc 119,828 0.01
28,800
Mitsubishi Estate Co Ltd 473,840 0.05 21,500 Rakuten Inc 176,423 0.02
5,500
Mitsubishi Gas Chemical Co Inc 130,358 0.01 24,900 Recruit Holdings Co Ltd 614,277 0.06
7,400
Mitsubishi Heavy Industries Ltd 282,392 0.03 16,500 Renesas Electronics Corp 163,038 0.02
1,900
Mitsubishi Materials Corp 55,643 0.01 51,000 Resona Holdings Inc 270,859 0.03
12,600
Mitsubishi Motors Corp 89,082 0.01 15,300 Ricoh Co Ltd 149,167 0.02
3,700
Mitsubishi Tanabe Pharma Corp 74,303 0.01 1,000 Rinnai Corp 94,392 0.01
285,400
Mitsubishi UFJ Financial Group Inc* 1,868,322 0.20 2,100 Rohm Co Ltd 195,459 0.02
12,200
Mitsubishi UFJ Lease & Finance 600 Ryohin Keikaku Co Ltd 198,562 0.02
Co Ltd 71,916 0.01 600 Sankyo Co Ltd 20,872 0.00
38,800 Mitsui & Co Ltd* 660,255 0.07 7,500 Santen Pharmaceutical Co Ltd 124,101 0.01
4,200 Mitsui Chemicals Inc 131,491 0.01 3,500 SBI Holdings Inc/Japan 80,355 0.01
20,600 Mitsui Fudosan Co Ltd 490,379 0.05 4,900 Secom Co Ltd 360,711 0.04
1,800 Mitsui OSK Lines Ltd 50,515 0.01 6,200 Sega Sammy Holdings Inc 99,384 0.01
900 Mixi Inc 33,338 0.00 5,600 Seibu Holdings Inc 97,085 0.01
551,500 Mizuho Financial Group Inc* 992,923 0.11 5,900 Seiko Epson Corp 101,065 0.01
10,900 MS&AD Insurance Group 10,200 Sekisui Chemical Co Ltd 176,449 0.02
Holdings Inc 335,716 0.04 11,300 Sekisui House Ltd 205,252 0.02
4,400 Murata Manufacturing Co Ltd* 599,408 0.06 17,300 Seven & i Holdings Co Ltd 737,118 0.08
2,100 Nabtesco Corp 80,454 0.01 19,100 Seven Bank Ltd* 60,695 0.01
3,400 Nagoya Railroad Co Ltd 86,115 0.01 2,500 Sharp Corp/Japan 74,037 0.01
6,000 NEC Corp 166,972 0.02 5,800 Shimadzu Corp 157,371 0.02
9,200 Nexon Co Ltd* 154,739 0.02 800 Shimamura Co Ltd 99,130 0.01
4,800 NGK Insulators Ltd 81,952 0.01 1,700 Shimano Inc 243,736 0.03
2,800 NGK Spark Plug Co Ltd 66,575 0.01 10,800 Shimizu Corp 95,140 0.01
3,000 NH Foods Ltd 122,550 0.01 9,000 Shin-Etsu Chemical Co Ltd 920,180 0.10
6,000 Nidec Corp 908,193 0.10 5,900 Shinsei Bank Ltd 90,803 0.01
7,400 Nikon Corp 132,117 0.01 6,800 Shionogi & Co Ltd 350,660 0.04
2,600 Nintendo Co Ltd 1,140,563 0.12 8,800 Shiseido Co Ltd 561,598 0.06
32 Nippon Building Fund Inc (Reit) 176,900 0.02 10,000 Shizuoka Bank Ltd/The 94,956 0.01
2,800 Nippon Electric Glass Co Ltd 80,026 0.01 3,500 Showa Shell Sekiyu KK 47,088 0.01
1,500 Nippon Express Co Ltd 98,012 0.01 1,300 SMC Corp/Japan 520,538 0.06
3,400 Nippon Paint Holdings Co Ltd 123,866 0.01 20,000 SoftBank Group Corp 1,467,776 0.16
20 Nippon Prologis REIT Inc (Reit) 43,266 0.00 2,400 Sohgo Security Services Co Ltd 116,655 0.01
17,500 Nippon Steel & Sumitomo 8,100 Sompo Holdings Inc 322,964 0.03
Metal Corp* 379,730 0.04 29,000 Sony Corp 1,393,221 0.15
15,500 Nippon Telegraph & Telephone Corp 714,342 0.08 2,200 Sony Financial Holdings Inc* 39,754 0.00
5,400 Nippon Yusen KK 104,634 0.01 2,900 Stanley Electric Co Ltd 107,286 0.01
3,800 Nissan Chemical Industries Ltd 155,766 0.02 4,300 Start Today Co Ltd 110,325 0.01
52,800 Nissan Motor Co Ltd* 543,314 0.06 14,200 Subaru Corp* 465,790 0.05
6,100 Nisshin Seifun Group Inc 120,320 0.01 4,700 SUMCO Corp 120,278 0.01
1,800 Nissin Foods Holdings Co Ltd 124,214 0.01 36,000 Sumitomo Chemical Co Ltd 205,782 0.02
1,900 Nitori Holdings Co Ltd 330,198 0.03 27,400 Sumitomo Corp* 453,125 0.05
3,800 Nitto Denko Corp 282,664 0.03 5,300 Sumitomo Dainippon Pharma Co Ltd 87,598 0.01
2,700 NOK Corp 52,063 0.01 17,400 Sumitomo Electric Industries Ltd* 262,804 0.03
84,000 Nomura Holdings Inc* 482,685 0.05 1,900 Sumitomo Heavy Industries Ltd 71,452 0.01
4,200 Nomura Real Estate Holdings Inc 97,374 0.01 5,000 Sumitomo Metal Mining Co Ltd 203,309 0.02
111 Nomura Real Estate Master Fund 30,900 Sumitomo Mitsui Financial Group Inc 1,293,056 0.14
Inc (Reit) 154,136 0.02 7,600 Sumitomo Mitsui Trust Holdings Inc 307,458 0.03
2,490 Nomura Research Institute Ltd 115,996 0.01 8,000 Sumitomo Realty & Development
8,500 NSK Ltd 112,518 0.01 Co Ltd 295,135 0.03
14,600 NTT Data Corp 151,401 0.02 6,400 Sumitomo Rubber Industries Ltd 116,489 0.01
31,100 NTT DOCOMO Inc* 786,381 0.08 1,000 Sundrug Co Ltd 46,350 0.00
15,000 Obayashi Corp 163,024 0.02 2,900 Suntory Beverage & Food Ltd 140,413 0.01
1,500 Obic Co Ltd 124,524 0.01 5,800 Suruga Bank Ltd 80,485 0.01
6,400 Odakyu Electric Railway Co Ltd 129,366 0.01 2,500 Suzuken Co Ltd/Aichi Japan 104,123 0.01
15,000 Oji Holdings Corp 95,614 0.01 7,900 Suzuki Motor Corp 423,576 0.04
6,700 Olympus Corp 253,222 0.03 3,300 Sysmex Corp 295,981 0.03
4,400 Omron Corp 252,752 0.03 13,400 T&D Holdings Inc 210,830 0.02


Value Net Value Net
Japan continued Luxembourg

2,100 Taiheiyo Cement Corp 74,630 0.01 15,712 ArcelorMittal 490,554 0.05
4,800 Taisei Corp 242,787 0.03 193 Eurofins Scientific SE 102,796 0.01
400 Taisho Pharmaceutical Holdings 1,123 Millicom International Cellular SA -
Co Ltd 39,299 0.00 SDR 76,382 0.01
2,000 Taiyo Nippon Sanso Corp 29,916 0.00 1,455 RTL Group SA 120,225 0.01
3,000 Takashimaya Co Ltd 28,571 0.00 9,615 SES SA* 127,733 0.01
16,300 Takeda Pharmaceutical Co Ltd 784,619 0.08 9,361 Tenaris SA 159,197 0.02
3,000 TDK Corp 262,586 0.03 1,076,887 0.11
5,000 Teijin Ltd* 94,016 0.01
7,500 Terumo Corp 386,405 0.04 Mauritius
2,100 THK Co Ltd 85,390 0.01 54,100 Golden Agri-Resources Ltd 14,443 0.00
3,800 Tobu Railway Co Ltd 115,038 0.01
1,600 Toho Co Ltd/Tokyo 52,724 0.01 14,443 0.00
600 Toho Gas Co Ltd 18,587 0.00
9,200 Tohoku Electric Power Co Inc 124,120 0.01 Netherlands
15,400 Tokio Marine Holdings Inc* 691,056 0.07 11,125 ABN AMRO Group NV - CVA ‘144A’ 336,029 0.04
28,500 Tokyo Electric Power Co Holdings Inc 110,661 0.01 46,750 Aegon NV* 315,831 0.03
3,600 Tokyo Electron Ltd 650,345 0.07 3,134 AerCap Holdings NV 158,455 0.02
9,000 Tokyo Gas Co Ltd 238,443 0.03 13,251 Airbus SE 1,532,558 0.16
5,000 Tokyo Tatemono Co Ltd 74,978 0.01 5,965 Akzo Nobel NV 568,083 0.06
12,300 Tokyu Corp 192,309 0.02 12,913 Altice NV ‘A’* 107,574 0.01
16,200 Tokyu Fudosan Holdings Corp 115,295 0.01 8,858 ASML Holding NV 1,729,119 0.18
15,000 Toppan Printing Co Ltd 121,845 0.01 1,419 Boskalis Westminster* 41,479 0.00
33,900 Toray Industries Inc 319,033 0.03 24,200 CNH Industrial NV 299,720 0.03
175,000 Toshiba Corp 503,455 0.05 1,871 EXOR NV 132,487 0.01
5,800 Tosoh Corp 112,603 0.01 2,691 Ferrari NV 324,131 0.03
3,300 TOTO Ltd 170,329 0.02 25,454 Fiat Chrysler Automobiles NV* 517,890 0.06
4,800 Toyo Seikan Group Holdings Ltd 70,941 0.01 2,272 Heineken Holding NV* 235,751 0.03
2,500 Toyo Suisan Kaisha Ltd 98,247 0.01 6,057 Heineken NV 653,727 0.07
2,700 Toyoda Gosei Co Ltd 61,658 0.01 87,765 ING Groep NV 1,477,211 0.16
3,800 Toyota Industries Corp* 227,218 0.02 29,545 Koninklijke Ahold Delhaize NV 700,160 0.07
60,300 Toyota Motor Corp* 3,878,838 0.41 4,101 Koninklijke DSM NV 406,129 0.04
4,900 Toyota Tsusho Corp 163,310 0.02 66,582 Koninklijke KPN NV 199,797 0.02
2,500 Trend Micro Inc/Japan 145,019 0.02 21,695 Koninklijke Philips NV 828,677 0.09
1,100 Tsuruha Holdings Inc 157,091 0.02 2,836 Koninklijke Vopak NV 139,308 0.01
9,300 Unicharm Corp 266,589 0.03 7,667 LyondellBasell Industries NV ‘A’ 796,908 0.09
55 United Urban Investment Corp 10,456 Mylan NV 424,618 0.05
(Reit) 85,940 0.01 6,562 NN Group NV 291,444 0.03
6,500 USS Co Ltd 131,632 0.01 8,184 NXP Semiconductors NV 954,254 0.10
3,700 West Japan Railway Co 260,024 0.03 4,690 QIAGEN NV 151,024 0.02
32,900 Yahoo Japan Corp* 152,800 0.02 2,490 Randstad Holding NV* 163,492 0.02
3,200 Yakult Honsha Co Ltd 238,575 0.03 22,849 RELX NV 473,898 0.05
19,500 Yamada Denki Co Ltd* 117,515 0.01 15,077 STMicroelectronics NV 332,027 0.04
8,000 Yamaguchi Financial Group Inc 98,153 0.01 38,000 Unilever NV - CVA 2,151,338 0.23
3,900 Yamaha Corp 168,848 0.02 7,141 Wolters Kluwer NV 377,793 0.04
6,500 Yamaha Motor Co Ltd 190,970 0.02 16,820,912 1.79
8,100 Yamato Holdings Co Ltd 201,767 0.02
4,300 Yamazaki Baking Co Ltd 89,545 0.01 New Zealand
5,900 Yaskawa Electric Corp 261,815 0.03 33,302 Auckland International Airport Ltd 146,885 0.02
3,700 Yokogawa Electric Corp 73,816 0.01 11,005 Fisher & Paykel Healthcare Corp Ltd 104,693 0.01
3,500 Yokohama Rubber Co Ltd/The 80,092 0.01 23,709 Fletcher Building Ltd 103,035 0.01
83,620,114 8.90 38,302 Meridian Energy Ltd 78,810 0.01
13,575 Ryman Healthcare Ltd 103,607 0.01
Jersey 35,706 Spark New Zealand Ltd 85,949 0.01
6,150 Aptiv Plc 514,325 0.05 622,979 0.07
21,411 Experian Plc 464,737 0.05
5,767 Ferguson Plc 439,088 0.05 Norway
280,916 Glencore Plc 1,403,318 0.15 23,117 DNB ASA 447,846 0.05
1,942 Randgold Resources Ltd 160,364 0.02 7,338 Gjensidige Forsikring ASA 134,171 0.01
20,897 Shire Plc 1,035,539 0.11 8,127 Marine Harvest ASA 162,670 0.02
29,261 WPP Plc 467,295 0.05 33,207 Norsk Hydro ASA 194,286 0.02
4,484,666 0.48 18,103 Orkla ASA 193,945 0.02
1,981 Schibsted ASA ‘B’ 50,094 0.01
Liberia 27,211 Statoil ASA 639,764 0.07
3,966 Royal Caribbean Cruises Ltd 463,467 0.05 17,758 Telenor ASA 400,215 0.04
3,545 Yara International ASA 149,452 0.01
463,467 0.05
2,372,443 0.25


Value Net Value Net
Panama Spain continued

7,990 Carnival Corp 517,352 0.05 37,169 Mapfre SA 124,361 0.01
517,352 0.05 8,805 Red Electrica Corp SA 182,891 0.02
29,644 Repsol SA 528,249 0.06
Papua New Guinea 7,935 Siemens Gamesa Renewable
32,300 Oil Search Ltd 177,412 0.02 Energy SA 126,439 0.01
113,805 Telefonica SA* 1,128,151 0.12
177,412 0.02
11,094,988 1.18
Portugal
48,211 EDP - Energias de Portugal SA 182,932 0.02 Sweden
10,522 Galp Energia SGPS SA 199,300 0.02 6,810 Alfa Laval AB 160,348 0.02
5,767 Jeronimo Martins SGPS SA 105,076 0.01 23,708 Assa Abloy AB ‘B’ 510,658 0.05
15,884 Atlas Copco AB ‘A’* 685,214 0.07
487,308 0.05 8,538 Atlas Copco AB ‘B’ 330,895 0.03
7,664 Boliden AB 267,732 0.03
Singapore 4,905 Electrolux AB ‘B’ 153,775 0.02
48,200 Ascendas Real Estate Investment 14,331 Essity AB ‘B’ 394,689 0.04
Trust (Reit) 96,694 0.01 8,251 Getinge AB ‘B’ 93,557 0.01
9,543 Broadcom Ltd 2,250,335 0.24 22,458 Hennes & Mauritz AB ‘B’* 335,757 0.04
40,860 CapitaLand Commercial Trust (Reit) 57,036 0.01 5,728 Hexagon AB ‘B’ 339,315 0.04
69,300 CapitaLand Ltd 188,712 0.02 6,781 Husqvarna AB ‘B’ 65,178 0.01
86,000 CapitaLand Mall Trust (Reit) 136,446 0.01 2,876 ICA Gruppen AB* 101,465 0.01
5,400 City Developments Ltd 53,547 0.01 2,875 Industrivarden AB ‘C’ 66,596 0.01
74,700 ComfortDelGro Corp Ltd 116,808 0.01 10,774 Investor AB ‘B’ 475,070 0.05
42,291 DBS Group Holdings Ltd 887,111 0.09 4,988 Kinnevik AB ‘B’ 178,956 0.02
12,518 Flex Ltd 204,043 0.02 1,227 L E Lundbergforetagen AB ‘B’ 87,632 0.01
156,700 Hutchison Port Holdings Trust (Unit) 46,227 0.01 5,634 Lundin Petroleum AB 141,035 0.01
1,022 Jardine Cycle & Carriage Ltd 26,895 0.00 72,684 Nordea Bank AB 773,456 0.08
34,300 Keppel Corp Ltd 203,288 0.02 26,704 Sandvik AB 486,209 0.05
74,130 Oversea-Chinese Banking Corp Ltd 724,902 0.08 10,870 Securitas AB ‘B’* 184,023 0.02
12,300 SATS Ltd 48,130 0.01 35,931 Skandinaviska Enskilda Banken
11,200 Sembcorp Industries Ltd 26,569 0.00 AB ‘A’ 375,231 0.04
11,300 Singapore Airlines Ltd 93,434 0.01 6,410 Skanska AB ‘B’ 130,642 0.01
27,900 Singapore Exchange Ltd 156,844 0.02 7,588 SKF AB ‘B’ 154,515 0.02
18,000 Singapore Press Holdings Ltd 34,600 0.00 36,123 Svenska Handelsbanken AB ‘A’ 449,542 0.05
54,400 Singapore Technologies 21,190 Swedbank AB ‘A’ 473,251 0.05
Engineering Ltd 148,967 0.02 3,685 Swedish Match AB 166,140 0.02
212,200 Singapore Telecommunications Ltd 545,472 0.06 13,195 Tele2 AB ‘B’* 157,826 0.02
14,000 StarHub Ltd 24,561 0.00 72,674 Telefonaktiebolaget LM Ericsson ‘B’ 459,322 0.05
82,600 Suntec Real Estate Investment 66,152 Telia Co AB 309,784 0.03
Trust (Reit) 119,080 0.01 36,673 Volvo AB ‘B’ 666,841 0.07
31,489 United Overseas Bank Ltd* 660,524 0.07
9,174,654 0.98
6,539 UOL Group Ltd 42,646 0.00
33,600 Wilmar International Ltd 81,501 0.01
80,000 Yangzijiang Shipbuilding Switzerland
Holdings Ltd 73,837 0.01 42,197 ABB Ltd Reg 1,002,251 0.11
3,715 Adecco Group AG Reg* 263,974 0.03
7,048,209 0.75 1,000 Baloise Holding AG Reg 153,146 0.02
45 Barry Callebaut AG Reg 87,381 0.01
Spain 22 Chocoladefabriken Lindt
16,398 Abertis Infraestructuras SA 367,585 0.04 & Spruengli AG - PC 135,413 0.01
4,814 ACS Actividades de Construccion y 2 Chocoladefabriken Lindt
Servicios SA 188,951 0.02 & Spruengli AG Reg 145,504 0.02
1,597 Aena SME SA ‘144A’ 323,746 0.03 10,683 Chubb Ltd 1,462,930 0.16
10,267 Amadeus IT Group SA 760,164 0.08 11,947 Cie Financiere Richemont SA Reg 1,069,765 0.11
150,584 Banco Bilbao Vizcaya Argentaria SA 1,196,384 0.13 4,526 Clariant AG Reg 107,500 0.01
126,202 Banco de Sabadell SA* 259,260 0.03 5,290 Coca-Cola HBC AG - CDI 195,436 0.02
371,040 Banco Santander SA 2,422,973 0.26 55,576 Credit Suisse Group AG Reg* 927,333 0.10
18,833 Bankia SA 85,176 0.01 969 Dufry AG Reg 126,742 0.01
14,749 Bankinter SA 152,351 0.02 258 EMS-Chemie Holding AG Reg 161,908 0.02
84,891 CaixaBank SA 407,477 0.04 3,469 Garmin Ltd 202,243 0.02
5,274 Enagas SA 144,677 0.02 848 Geberit AG Reg 374,778 0.04
7,194 Endesa SA 159,402 0.02 212 Givaudan SA Reg* 479,791 0.05
13,698 Ferrovial SA 285,960 0.03 5,584 Julius Baer Group Ltd 341,598 0.04
7,461 Gas Natural SDG SA* 179,754 0.02 1,232 Kuehne + Nagel International
5,748 Grifols SA 162,213 0.02 AG Reg 194,092 0.02
131,812 Iberdrola SA 974,631 0.10 10,398 LafargeHolcim Ltd Reg* 570,132 0.06
25,153 Industria de Diseno Textil SA 790,741 0.08 1,704 Lonza Group AG Reg 401,518 0.04
16,582 International Consolidated Airlines 73,156 Nestle SA Reg 5,801,632 0.62
Group SA - CDI 143,452 0.01 51,649 Novartis AG Reg* 4,168,468 0.44


Value Net Value Net
Switzerland continued United Kingdom continued

1,210 Pargesa Holding SA 107,663 0.01 29,055 J Sainsbury Plc* 97,948 0.01
455 Partners Group Holding AG 336,261 0.04 19,072 John Wood Group Plc 143,548 0.02
16,513 Roche Holding AG 3,784,697 0.40 4,112 Johnson Matthey Plc 175,674 0.02
956 Schindler Holding AG 205,350 0.02 56,653 Kingfisher Plc* 233,274 0.03
640 Schindler Holding AG Reg 133,319 0.01 16,989 Land Securities Group Plc (Reit) 224,167 0.02
116 SGS SA Reg 284,870 0.03 137,032 Legal & General Group Plc 497,781 0.05
49 Sika AG - BR 380,593 0.04 5,792 Liberty Global Plc ‘A’ 182,911 0.02
1,139 Sonova Holding AG Reg 181,348 0.02 13,383 Liberty Global Plc ‘C’ 408,248 0.04
261 Straumann Holding AG Reg 164,337 0.02 1,646,358 Lloyds Banking Group Plc 1,506,244 0.16
706 Swatch Group AG/The - BR 311,208 0.03 6,922 London Stock Exchange Group Plc 401,110 0.04
1,275 Swatch Group AG/The Reg 105,905 0.01 28,218 Marks & Spencer Group Plc 107,741 0.01
743 Swiss Life Holding AG Reg 264,829 0.03 13,705 Mediclinic International Plc* 115,329 0.01
2,006 Swiss Prime Site AG Reg 193,922 0.02 14,875 Meggitt Plc 90,546 0.01
7,941 Swiss Re AG 802,995 0.09 24,750 Merlin Entertainments Plc ‘144A’ * 120,420 0.01
518 Swisscom AG Reg 255,882 0.03 7,349 Micro Focus International Plc 102,258 0.01
8,049 TE Connectivity Ltd 789,164 0.08 2,648 Micro Focus International Plc ADR 36,807 0.00
88,298 UBS Group AG Reg 1,544,961 0.16 8,311 Mondi Plc 224,150 0.02
1,011 Vifor Pharma AG 155,518 0.02 77,530 National Grid Plc 878,037 0.09
3,669 Zurich Insurance Group AG 1,198,676 0.13 3,179 Next Plc* 214,961 0.02
29,575,033 3.15 7,251 Nielsen Holdings Plc 235,658 0.03
108,893 Old Mutual Plc 366,018 0.04
15,597 Pearson Plc 164,447 0.02
United Kingdom
7,939 Persimmon Plc 281,806 0.03
25,544 3i Group Plc 311,768 0.03
59,182 Prudential Plc 1,486,749 0.16
3,348 Admiral Group Plc 87,449 0.01
15,437 Reckitt Benckiser Group Plc 1,307,505 0.14
30,453 Anglo American Plc* 709,375 0.08
24,543 RELX Plc 507,187 0.05
7,191 Antofagasta Plc 92,802 0.01
28,442 Rio Tinto Plc 1,441,414 0.15
5,974 Aon Plc 832,955 0.09
38,107 Rolls-Royce Holdings Plc 468,423 0.05
12,198 Ashtead Group Plc 333,785 0.04
82,370 Royal Bank of Scotland Group Plc 300,837 0.03
8,185 Associated British Foods Plc 287,547 0.03
104,788 Royal Dutch Shell Plc ‘A’ 3,299,028 0.35
30,387 AstraZeneca Plc 2,086,135 0.22
85,438 Royal Dutch Shell Plc ‘B’ 2,740,880 0.29
27,541 Auto Trader Group Plc ‘144A’ 136,284 0.01
16,037 Royal Mail Plc 122,328 0.01
92,739 Aviva Plc 648,603 0.07
21,938 RSA Insurance Group Plc 194,726 0.02
8,716 Babcock International Group Plc 81,605 0.01
28,095 Sage Group Plc/The 252,774 0.03
73,254 BAE Systems Plc 599,346 0.06
2,295 Schroders Plc 103,081 0.01
400,330 Barclays Plc 1,161,304 0.12
22,599 Segro Plc (Reit) 191,444 0.02
20,031 Barratt Developments Plc 148,908 0.02
3,909 Sensata Technologies Holding Plc* 198,616 0.02
2,346 Berkeley Group Holdings Plc 125,192 0.01
8,102 Severn Trent Plc 211,793 0.02
48,596 BHP Billiton Plc 960,390 0.10
23,720 Sky Plc 436,160 0.05
457,248 BP Plc 3,079,007 0.33
19,198 Smith & Nephew Plc 356,789 0.04
52,930 British American Tobacco Plc 3,076,439 0.33
8,501 Smiths Group Plc 181,053 0.02
20,904 British Land Co Plc/The (Reit)* 189,251 0.02
22,920 SSE Plc 417,100 0.04
193,914 BT Group Plc 627,671 0.07
14,831 St James’s Place Plc 226,320 0.02
7,172 Bunzl Plc 210,621 0.02
76,002 Standard Chartered Plc* 763,397 0.08
12,022 Burberry Group Plc* 287,224 0.03
56,645 Standard Life Aberdeen Plc 287,868 0.03
23,257 Capita Plc 46,574 0.01
69,536 Taylor Wimpey Plc 180,747 0.02
3,769 Carnival Plc 242,087 0.03
11,164 TechnipFMC Plc 323,198 0.03
128,617 Centrica Plc 258,467 0.03
219,849 Tesco Plc 637,907 0.07
60,690 Cobham Plc 103,960 0.01
4,560 Travis Perkins Plc 79,137 0.01
4,588 Coca-Cola European Partners Plc 190,540 0.02
28,945 Unilever Plc 1,613,189 0.17
36,112 Compass Group Plc 737,380 0.08
21,598 United Utilities Group Plc 218,124 0.02
37,956 ConvaTec Group Plc ‘144A’ 105,970 0.01
610,256 Vodafone Group Plc 1,675,474 0.18
2,846 Croda International Plc 181,921 0.02
6,287 Weir Group Plc/The 176,765 0.02
57,661 Diageo Plc* 1,960,431 0.21
4,212 Whitbread Plc 219,322 0.02
26,616 Direct Line Insurance Group Plc 142,408 0.02
39,568 Wm Morrison Supermarkets Plc 119,037 0.01
2,651 easyJet Plc 59,777 0.01
4,005 Fresnillo Plc 70,800 0.01 56,651,470 6.03
42,281 G4S Plc* 146,873 0.02
39,499 GKN Plc 239,158 0.03 United States
112,247 GlaxoSmithKline Plc 2,205,999 0.23 13,747 3M Co 2,997,671 0.32
14,501 Hammerson Plc (Reit) 109,429 0.01 40,658 Abbott Laboratories 2,413,865 0.26
7,234 Hargreaves Lansdown Plc 166,069 0.02 37,390 AbbVie Inc 3,528,868 0.38
468,401 HSBC Holdings Plc 4,388,755 0.47 16,346 Activision Blizzard Inc 1,062,163 0.11
9,221 IMI Plc* 139,610 0.02 783 Acuity Brands Inc 108,524 0.01
22,000 Imperial Brands Plc 753,551 0.08 11,552 Adobe Systems Inc 2,432,620 0.26
4,145 InterContinental Hotels Group Plc 248,873 0.03 1,480 Advance Auto Parts Inc 175,691 0.02
4,162 Intertek Group Plc 274,819 0.03 15,888 Advanced Micro Devices Inc* 156,497 0.02
13,065 Investec Plc 101,421 0.01 19,176 AES Corp/VA 218,031 0.02
75,988 ITV Plc 155,482 0.02 7,605 Aetna Inc 1,282,127 0.14


Value Net Value Net

1,260 Affiliated Managers Group Inc 235,343 0.03 11,127 Baxter International Inc 712,573 0.08
18,018 Aflac Inc 788,648 0.08 19,139 BB&T Corp 985,276 0.10
1,121 AGCO Corp 72,529 0.01 6,055 Becton Dickinson and Co 1,285,598 0.14
7,405 Agilent Technologies Inc 490,877 0.05 29,285 Berkshire Hathaway Inc ‘B’ 5,785,545 0.62
11,336 AGNC Investment Corp (Reit) 215,157 0.02 6,337 Best Buy Co Inc 445,301 0.05
4,969 Air Products & Chemicals Inc 784,357 0.08 4,846 Biogen Inc 1,324,073 0.14
3,952 Akamai Technologies Inc 277,628 0.03 4,146 BioMarin Pharmaceutical Inc 333,919 0.04
2,931 Albemarle Corp 266,633 0.03 2,772 BlackRock Inc 1,467,746 0.16
2,428 Alexandria Real Estate Equities 13,233 Boeing Co/The 4,268,833 0.45
Inc (Reit) 300,805 0.03 1,158 Booking Holdings Inc 2,367,832 0.25
5,143 Alexion Pharmaceuticals Inc 565,524 0.06 4,872 BorgWarner Inc 241,700 0.03
1,757 Align Technology Inc 429,762 0.05 3,556 Boston Properties Inc (Reit) 439,699 0.05
378 Alleghany Corp 229,556 0.02 31,283 Boston Scientific Corp 850,272 0.09
1,152 Alliance Data Systems Corp 248,314 0.03 1,324 Brighthouse Financial Inc 68,093 0.01
5,055 Alliant Energy Corp 207,255 0.02 38,283 Bristol-Myers Squibb Co 2,395,367 0.25
8,241 Allstate Corp/The 784,543 0.08 5,924 Brixmor Property Group Inc (Reit) 91,230 0.01
10,641 Ally Financial Inc 283,157 0.03 3,097 Broadridge Financial Solutions Inc 331,967 0.04
2,427 Alnylam Pharmaceuticals Inc 312,695 0.03 6,625 Brown-Forman Corp ‘B’ 355,498 0.04
6,960 Alphabet Inc ‘A’ 7,016,376 0.75 8,289 CA Inc 277,516 0.03
7,335 Alphabet Inc ‘C’ 7,386,272 0.79 9,478 Cabot Oil & Gas Corp 228,183 0.02
44,489 Altria Group Inc 2,785,456 0.30 7,664 Cadence Design Systems Inc 280,732 0.03
9,554 Amazon.com Inc 13,165,508 1.40 2,622 Camden Property Trust (Reit) 222,110 0.02
302 AMERCO 104,410 0.01 5,007 Campbell Soup Co 217,704 0.02
5,219 Ameren Corp 295,656 0.03 11,056 Capital One Financial Corp 1,045,898 0.11
2,329 American Airlines Group Inc 119,361 0.01 7,294 Cardinal Health Inc 454,854 0.05
11,220 American Electric Power Co Inc 774,741 0.08 3,905 CarMax Inc 240,821 0.03
17,247 American Express Co 1,600,349 0.17 13,940 Caterpillar Inc 2,044,022 0.22
1,535 American Financial Group Inc/OH 172,764 0.02 2,258 Cboe Global Markets Inc 254,273 0.03
20,698 American International Group Inc 1,125,764 0.12 7,010 CBRE Group Inc ‘A’ 327,437 0.03
9,822 American Tower Corp (Reit) 1,414,073 0.15 7,968 CBS Corp ‘B non-voting share’ 404,217 0.04
4,521 American Water Works Co Inc* 371,491 0.04 2,928 CDK Global Inc 183,586 0.02
3,457 Ameriprise Financial Inc 511,187 0.05 3,540 CDW Corp/DE 248,083 0.03
3,789 AmerisourceBergen Corp 323,088 0.03 2,950 Celanese Corp ‘A’ 297,891 0.03
5,318 AMETEK Inc 402,626 0.04 18,967 Celgene Corp 1,691,856 0.18
15,486 Amgen Inc 2,639,434 0.28 3,975 Centene Corp* 409,942 0.04
7,039 Amphenol Corp ‘A’ 600,779 0.06 9,423 CenterPoint Energy Inc 257,672 0.03
13,353 Anadarko Petroleum Corp 792,901 0.08 22,099 CenturyLink Inc 359,551 0.04
8,742 Analog Devices Inc 787,042 0.08 6,867 Cerner Corp 398,286 0.04
3,438 Andeavor* 342,906 0.04 5,147 CF Industries Holdings Inc 190,336 0.02
31,067 Annaly Capital Management 2,917 CH Robinson Worldwide Inc 270,406 0.03
Inc (Reit) 324,184 0.03 27,522 Charles Schwab Corp/The 1,398,943 0.15
1,820 ANSYS Inc 282,519 0.03 4,494 Charter Communications Inc ‘A’* 1,376,827 0.15
5,357 Antero Resources Corp* 104,569 0.01 5,285 Chemours Co/The 248,606 0.03
5,699 Anthem Inc 1,255,433 0.13 4,782 Cheniere Energy Inc 249,907 0.03
3,619 AO Smith Corp 227,780 0.02 44,263 Chevron Corp 5,011,014 0.53
8,494 Apache Corp* 319,714 0.03 560 Chipotle Mexican Grill Inc 181,160 0.02
119,642 Apple Inc 20,010,124 2.13 5,750 Church & Dwight Co Inc 289,168 0.03
25,638 Applied Materials Inc 1,393,810 0.15 5,805 Cigna Corp 971,583 0.10
5,456 Aramark 213,766 0.02 2,580 Cimarex Energy Co 238,908 0.03
12,966 Archer-Daniels-Midland Co 560,391 0.06 4,166 Cincinnati Financial Corp 310,117 0.03
11,038 Arconic Inc 250,673 0.03 2,067 Cintas Corp 349,612 0.04
1,115 Arista Networks Inc 274,045 0.03 115,404 Cisco Systems Inc 4,819,271 0.51
1,721 Arrow Electronics Inc 131,330 0.01 3,671 CIT Group Inc 189,350 0.02
4,151 Arthur J Gallagher & Co 282,932 0.03 62,056 Citigroup Inc 4,226,634 0.45
1,298 Assurant Inc 118,455 0.01 11,543 Citizens Financial Group Inc 479,381 0.05
142,324 AT&T Inc* 5,072,427 0.54 3,497 Citrix Systems Inc 322,109 0.03
2,273 Atmos Energy Corp 191,227 0.02 2,969 Clorox Co/The 393,155 0.04
4,558 Autodesk Inc 565,557 0.06 7,771 CME Group Inc 1,229,761 0.13
2,056 Autoliv Inc 298,634 0.03 5,845 CMS Energy Corp 265,597 0.03
10,162 Automatic Data Processing Inc 1,131,539 0.12 95,092 Coca-Cola Co/The 4,146,962 0.44
1,022 AutoNation Inc 47,768 0.01 3,590 Cognex Corp 183,664 0.02
646 AutoZone Inc 415,242 0.04 13,490 Cognizant Technology Solutions
3,182 AvalonBay Communities Inc (Reit) 524,998 0.06 Corp ‘A’ 1,077,581 0.11
2,037 Avery Dennison Corp 213,641 0.02 19,150 Colgate-Palmolive Co 1,376,119 0.15
3,491 Avnet Inc 145,226 0.02 17,390 Colony NorthStar Inc (Reit) ‘A’ 97,732 0.01
11,244 Baker Hughes a GE Co 313,820 0.03 107,553 Comcast Corp ‘A’ 3,597,648 0.38
6,902 Ball Corp 271,456 0.03 3,974 Comerica Inc 374,073 0.04
231,397 Bank of America Corp 6,794,047 0.72 3,688 CommScope Holding Co Inc 144,791 0.02
23,628 Bank of New York Mellon Corp/The 1,204,083 0.13 8,891 Conagra Brands Inc 324,966 0.03


Value Net Value Net

3,427 Concho Resources Inc 495,373 0.05 98,726
Exxon Mobil Corp 7,284,004 0.78
27,929 ConocoPhillips 1,646,694 0.18 1,465
F5 Networks Inc 208,894 0.02
7,140 Consolidated Edison Inc 558,348 0.06 55,507
Facebook Inc ‘A’ 8,598,034 0.91
3,928 Constellation Brands Inc ‘A’ 889,771 0.09 6,637
Fastenal Co 356,739 0.04
2,876 Continental Resources Inc/OK 165,255 0.02 1,540
Federal Realty Investment Trust
1,126 Cooper Cos Inc/The 254,386 0.03 (Reit) 179,980 0.02
20,835 Corning Inc* 574,421 0.06 5,842 FedEx Corp 1,393,083 0.15
825 CoStar Group Inc 295,820 0.03 7,562 Fidelity National Information
10,039 Costco Wholesale Corp 1,853,902 0.20 Services Inc 718,314 0.08
11,224 Coty Inc ‘A’ 205,624 0.02 16,997 Fifth Third Bancorp
9,362 Crown Castle International 534,726 0.06
Corp (Reit) 1,028,884 0.11 10,914 First Data Corp ‘A’* 173,314 0.02
3,524 Crown Holdings Inc 178,138 0.02 3,732 First Republic Bank/CA 341,963 0.04
20,445 CSX Corp 1,127,133 0.12 10,238 FirstEnergy Corp 354,849 0.04
3,672 Cummins Inc 595,452 0.06 10,066 Fiserv Inc 710,559 0.08
23,361 CVS Health Corp 1,446,513 0.15 2,173 FleetCor Technologies Inc 428,494 0.05
14,292 Danaher Corp 1,382,751 0.15 3,938 FLIR Systems Inc 195,404 0.02
2,890 Darden Restaurants Inc 245,621 0.03 4,326 Flowserve Corp 183,639 0.02
3,127 DaVita Inc 204,787 0.02 2,848 Fluor Corp 161,510 0.02
6,223 Deere & Co 947,576 0.10 3,091 FMC Corp 234,823 0.02
4,654 Dell Technologies Inc ‘V’ 334,576 0.04 5,743 FNF Group 230,179 0.02
3,882 Delta Air Lines Inc 209,162 0.02 85,282 Ford Motor Co 937,249 0.10
6,258 Dentsply Sirona Inc 310,897 0.03 4,103 Fortinet Inc 215,490 0.02
11,491 Devon Energy Corp 360,243 0.04 7,203 Fortive Corp 554,487 0.06
2,378 Diamondback Energy Inc 299,057 0.03 3,549 Fortune Brands Home & Security Inc 208,539 0.02
4,509 Digital Realty Trust Inc (Reit) 474,302 0.05 7,716 Franklin Resources Inc 266,665 0.03
8,947 Discover Financial Services 629,779 0.07 31,703 Freeport-McMoRan Inc 543,389 0.06
2,350 Discovery Communications Inc ‘A’ 49,397 0.01 4,665 Gap Inc/The 147,087 0.02
6,903 Discovery Communications Inc ‘C’ 132,400 0.01 1,950 Gartner Inc* 226,668 0.02
5,247 DISH Network Corp ‘A’ 197,077 0.02 200,667 General Electric Co 2,728,068 0.29
6,305 Dollar General Corp 591,283 0.06 13,271 General Mills Inc 591,488 0.06
5,458 Dollar Tree Inc* 518,619 0.06 30,192 General Motors Co 1,081,779 0.12
14,700 Dominion Energy Inc 996,954 0.11 3,777 Genuine Parts Co 339,439 0.04
1,259 Domino’s Pizza Inc 294,870 0.03 14,224 GGP Inc (Reit) 293,726 0.03
3,547 Dover Corp 342,498 0.04 30,573 Gilead Sciences Inc 2,294,198 0.24
55,073 DowDuPont Inc 3,464,092 0.37 4,098 Global Payments Inc 448,936 0.05
8,096 DR Horton Inc 351,204 0.04 8,374 Goldman Sachs Group Inc/The 2,091,490 0.22
4,189 Dr Pepper Snapple Group Inc 495,601 0.05 5,394 Goodyear Tire & Rubber Co/The 143,750 0.02
4,134 DTE Energy Co 433,491 0.05 4,088 H&R Block Inc 103,917 0.01
16,010 Duke Energy Corp 1,245,258 0.13 20,085 Halliburton Co 929,936 0.10
7,855 Duke Realty Corp (Reit) 207,293 0.02 7,482 Hanesbrands Inc 140,288 0.01
6,810 DXC Technology Co 681,204 0.07 3,931 Harley-Davidson Inc 171,313 0.02
6,748 E*TRADE Financial Corp 362,233 0.04 2,760 Harris Corp 442,124 0.05
3,042 East West Bancorp Inc 188,361 0.02 8,400 Hartford Financial Services Group
3,591 Eastman Chemical Co 375,906 0.04 Inc/The 434,616 0.05
3,836 Eaton Vance Corp 211,249 0.02 2,594 Hasbro Inc 218,830 0.02
23,214 eBay Inc 930,417 0.10 6,663 HCA Healthcare Inc 643,846 0.07
5,939 Ecolab Inc 805,091 0.09 9,614 HCP Inc (Reit) 224,871 0.02
7,508 Edison International 476,683 0.05 3,585 HD Supply Holdings Inc 135,907 0.01
4,866 Edwards Lifesciences Corp* 661,338 0.07 2,045 Helmerich & Payne Inc 133,273 0.01
7,115 Electronic Arts Inc 846,756 0.09 3,541 Henry Schein Inc* 236,574 0.03
23,738 Eli Lilly & Co 1,828,301 0.19 3,326 Hershey Co/The 328,509 0.04
14,630 Emerson Electric Co 989,720 0.11 7,165 Hess Corp 354,596 0.04
4,617 Entergy Corp 367,282 0.04 37,448 Hewlett Packard Enterprise Co 654,966 0.07
3,694 Envision Healthcare Corp* 141,628 0.02 4,372 Hilton Worldwide Holdings Inc* 344,601 0.04
13,220 EOG Resources Inc 1,381,093 0.15 3,341 HollyFrontier Corp 160,101 0.02
6,171 EQT Corp 290,778 0.03 5,494 Hologic Inc 205,805 0.02
2,774 Equifax Inc 324,919 0.03 27,274 Home Depot Inc/The 4,808,406 0.51
1,781 Equinix Inc (Reit) 740,860 0.08 16,839 Honeywell International Inc 2,423,300 0.26
8,465 Equity Residential (Reit) 524,237 0.06 6,712 Hormel Foods Corp 228,611 0.02
1,676 Essex Property Trust Inc (Reit) 405,374 0.04 20,066 Host Hotels & Resorts Inc (Reit) 374,432 0.04
5,095 Estee Lauder Cos Inc/The ‘A’ 751,665 0.08 38,117 HP Inc 832,475 0.09
7,303 Eversource Energy 430,585 0.05 3,434 Humana Inc 906,954 0.10
21,900 Exelon Corp 858,918 0.09 25,125 Huntington Bancshares Inc/OH 375,116 0.04
2,881 Expedia Group Inc 314,375 0.03 1,194 Huntington Ingalls Industries Inc 306,464 0.03
4,167 Expeditors International 1,664 IAC Via InterActive Corp 256,955 0.03
of Washington Inc 261,229 0.03 1,689 IDEX Corp 239,500 0.03
13,316 Express Scripts Holding Co 929,057 0.10 2,284 IDEXX Laboratories Inc 431,196 0.05
3,265 Extra Space Storage Inc (Reit)* 282,651 0.03 7,078 Illinois Tool Works Inc 1,098,222 0.12


Value Net Value Net

3,480
Illumina Inc 811,084 0.09 21,921 Marathon Oil Corp 340,652 0.04
4,029
Incyte Corp 342,183 0.04 11,534 Marathon Petroleum Corp 833,447 0.09
1,689
Ingredion Inc 215,837 0.02 362 Markel Corp 419,920 0.04
108,439
Intel Corp 5,420,866 0.58 7,301 Marriott International Inc/MD ‘A’ 983,372 0.10
13,564
Intercontinental Exchange Inc 966,842 0.10 11,812 Marsh & McLennan Cos Inc* 973,781 0.10
20,542
International Business 1,448 Martin Marietta Materials Inc 293,234 0.03
Machines Corp 3,104,923 0.33 8,617 Masco Corp 344,852 0.04
1,820 International Flavors 21,658 Mastercard Inc ‘A’ 3,700,919 0.39
& Fragrances Inc 247,374 0.03 10,058 Mattel Inc 131,760 0.01
9,027 International Paper Co 479,695 0.05 6,389 Maxim Integrated Products Inc 376,440 0.04
8,905 Interpublic Group of Cos Inc/The 203,746 0.02 2,759 McCormick & Co Inc/MD
5,610 Intuit Inc 953,812 0.10 ‘non-voting share’ 294,275 0.03
2,577 Intuitive Surgical Inc 1,035,258 0.11 18,303 McDonald’s Corp 2,904,137 0.31
8,312 Invitation Homes Inc (Reit) 188,516 0.02 5,026 McKesson Corp 710,626 0.08
1,079 IPG Photonics Corp 247,404 0.03 992 MercadoLibre Inc 341,585 0.04
2,968 IQVIA Holdings Inc 287,317 0.03 62,822 Merck & Co Inc 3,457,723 0.37
5,430 Iron Mountain Inc (Reit) 178,919 0.02 20,729 MetLife Inc 955,192 0.10
1,614 Jack Henry & Associates Inc 193,277 0.02 564 Mettler-Toledo International Inc 322,326 0.03
2,447 Jacobs Engineering Group Inc 142,856 0.02 10,347 MGM Resorts International 356,144 0.04
2,019 JB Hunt Transport Services Inc 234,466 0.02 5,362 Microchip Technology Inc* 486,226 0.05
2,613 JM Smucker Co/The 325,867 0.03 27,341 Micron Technology Inc* 1,403,687 0.15
62,667 Johnson & Johnson 7,966,229 0.85 170,788 Microsoft Corp 15,121,570 1.61
1,282 Jones Lang LaSalle Inc 223,440 0.02 2,618 Mid-America Apartment
80,819 JPMorgan Chase & Co 8,728,452 0.93 Communities Inc (Reit) 238,709 0.03
7,711 Juniper Networks Inc 185,989 0.02 1,207 Middleby Corp/The* 149,813 0.02
2,739 Kansas City Southern 296,634 0.03 1,456 Mohawk Industries Inc 335,841 0.04
5,971 Kellogg Co* 383,935 0.04 3,931 Molson Coors Brewing Co ‘B’ 298,874 0.03
25,070 KeyCorp 482,974 0.05 34,553 Mondelez International Inc ‘A’ 1,421,856 0.15
8,143 Kimberly-Clark Corp 906,967 0.10 10,354 Monsanto Co 1,211,211 0.13
12,595 Kimco Realty Corp (Reit) 182,124 0.02 9,157 Monster Beverage Corp 516,913 0.06
45,939 Kinder Morgan Inc/DE 680,127 0.07 3,965 Moody’s Corp 631,268 0.07
3,614 KLA-Tencor Corp 384,855 0.04 31,536 Morgan Stanley 1,678,031 0.18
2,732 Knight-Swift Transportation 7,330 Mosaic Co/The 175,993 0.02
Holdings Inc 125,836 0.01 3,749 Motorola Solutions Inc 390,571 0.04
4,477 Kohl’s Corp 291,184 0.03 2,130 MSCI Inc 312,663 0.03
14,045 Kraft Heinz Co/The 871,352 0.09 2,601 Nasdaq Inc 219,602 0.02
20,684 Kroger Co/The 493,727 0.05 8,758 National Oilwell Varco Inc 317,390 0.03
4,669 L Brands Inc 177,842 0.02 4,181 National Retail Properties Inc (Reit) 163,268 0.02
1,803 L3 Technologies Inc 370,643 0.04 6,063 NetApp Inc 364,750 0.04
2,346 Laboratory Corp of America Holdings 378,433 0.04 10,029 Netflix Inc 2,782,045 0.30
3,880 Lam Research Corp 766,339 0.08 11,655 New York Community Bancorp Inc 151,224 0.02
9,753 Las Vegas Sands Corp 691,878 0.07 11,294 Newell Brands Inc 291,272 0.03
1,821 Lear Corp 332,952 0.04 5,991 Newfield Exploration Co 142,286 0.02
3,821 Leggett & Platt Inc* 167,857 0.02 12,289 Newmont Mining Corp 473,864 0.05
3,176 Leidos Holdings Inc 204,312 0.02 10,596 News Corp ‘A’ 165,404 0.02
7,565 Lennar Corp ‘A’ 444,898 0.05 11,229 NextEra Energy Inc 1,828,418 0.19
775 Lennox International Inc 156,356 0.02 29,933 NIKE Inc ‘B’ 1,980,068 0.21
6,759 Leucadia National Corp 152,821 0.02 6,528 NiSource Inc 155,889 0.02
2,535 Liberty Broadband Corp ‘C’ 212,712 0.02 10,637 Noble Energy Inc 315,600 0.03
10,754 Liberty Interactive Corp QVC 2,268 Nordstrom Inc 110,497 0.01
Group ‘A’ 269,710 0.03 6,642 Norfolk Southern Corp 898,264 0.10
5,928 Liberty Media Corp-Liberty 5,004 Northern Trust Corp 508,356 0.05
Formula One ‘C’ 182,997 0.02 3,785 Northrop Grumman Corp 1,309,194 0.14
1,794 Liberty Media Corp-Liberty 7,362 Nucor Corp 444,223 0.05
SiriusXM ‘A’ 73,267 0.01 13,973 NVIDIA Corp 3,093,482 0.33
4,803 Liberty Media Corp-Liberty 78 NVR Inc 233,705 0.02
SiriusXM ‘C’ 195,386 0.02 2,030 O’Reilly Automotive Inc 499,461 0.05
4,206 Liberty Property Trust (Reit) 166,347 0.02 17,516 Occidental Petroleum Corp 1,126,454 0.12
5,107 Lincoln National Corp 371,790 0.04 5,820 OGE Energy Corp 189,907 0.02
3,036 Live Nation Entertainment Inc 127,269 0.01 1,586 Old Dominion Freight Line Inc 229,177 0.02
7,118 LKQ Corp 268,562 0.03 5,318 Omnicom Group Inc* 387,310 0.04
7,165 Loews Corp 356,387 0.04 8,739 ONEOK Inc* 485,714 0.05
19,276 Lowe’s Cos Inc 1,662,748 0.18 73,606 Oracle Corp 3,315,582 0.35
2,525 Lululemon Athletica Inc 221,569 0.02 3,215 Owens Corning 261,090 0.03
3,143 M&T Bank Corp 567,909 0.06 8,097 PACCAR Inc 530,758 0.06
2,440 Macerich Co/The (Reit) 138,421 0.01 2,048 Packaging Corp of America 229,253 0.02
1,476 Macquarie Infrastructure Corp 54,361 0.01 2,172 Palo Alto Networks Inc 386,877 0.04
6,177 Macy’s Inc* 183,086 0.02 3,068 Parker-Hannifin Corp* 521,560 0.06
1,438 ManpowerGroup Inc 163,803 0.02 6,471 Parsley Energy Inc ‘A’ 181,123 0.02


Value Net Value Net

7,456 Paychex Inc 451,908 0.05 25,589 Sprint Corp 123,851 0.01
27,011 PayPal Holdings Inc 2,017,181 0.21 6,566 Square Inc ‘A’* 316,613 0.03
6,838 People’s United Financial Inc 126,845 0.01 3,650 SS&C Technologies Holdings Inc 189,143 0.02
32,714 PepsiCo Inc 3,583,492 0.38 3,529 Stanley Black & Decker Inc 537,537 0.06
138,361 Pfizer Inc 4,875,842 0.52 33,066 Starbucks Corp* 1,884,101 0.20
11,818 PG&E Corp 519,283 0.06 8,620 State Street Corp 848,898 0.09
36,472 Philip Morris International Inc 3,652,671 0.39 5,544 Steel Dynamics Inc 240,887 0.03
10,023 Phillips 66 953,187 0.10 2,832 Stericycle Inc* 167,371 0.02
2,428 Pinnacle West Capital Corp 194,337 0.02 7,700 Stryker Corp 1,218,756 0.13
4,076 Pioneer Natural Resources Co 690,352 0.07 11,461 SunTrust Banks Inc 762,844 0.08
4,010 Plains GP Holdings LP ‘A’ 85,934 0.01 1,246 SVB Financial Group 295,788 0.03
11,021 PNC Financial Services Group 14,159 Symantec Corp 360,630 0.04
Inc/The 1,645,546 0.18 18,365 Synchrony Financial 606,229 0.06
1,142 Polaris Industries Inc 131,124 0.01 3,227 Synopsys Inc 266,518 0.03
5,912 PPG Industries Inc 651,325 0.07 11,570 Sysco Corp 689,803 0.07
15,807 PPL Corp 450,025 0.05 5,538 T Rowe Price Group Inc 587,969 0.06
6,592 Praxair Inc 930,988 0.10 6,880 T-Mobile US Inc* 418,786 0.04
6,671 Principal Financial Group Inc 400,193 0.04 2,504 Take-Two Interactive Software Inc 241,861 0.03
59,265 Procter & Gamble Co/The 4,737,644 0.50 7,109 Tapestry Inc 374,076 0.04
13,237 Progressive Corp/The 804,148 0.09 4,705 Targa Resources Corp 205,185 0.02
12,141 Prologis Inc (Reit) 764,883 0.08 11,943 Target Corp 826,097 0.09
9,842 Prudential Financial Inc 1,014,513 0.11 7,322 TD Ameritrade Holding Corp 420,063 0.04
11,658 Public Service Enterprise Group Inc 583,833 0.06 1,065 Teleflex Inc 268,007 0.03
3,743 Public Storage (Reit) 752,680 0.08 1,299 TESARO Inc 75,849 0.01
7,505 PulteGroup Inc 219,596 0.02 3,158 Tesla Inc 791,111 0.08
2,181 PVH Corp 334,304 0.04 23,338 Texas Instruments Inc 2,390,045 0.25
2,933 Qorvo Inc 200,617 0.02 9,152 Thermo Fisher Scientific Inc 1,878,631 0.20
33,637 Qualcomm Inc 1,842,971 0.20 2,883 Tiffany & Co 283,976 0.03
2,974 Quest Diagnostics Inc 295,854 0.03 17,826 Time Warner Inc 1,683,131 0.18
1,601 Ralph Lauren Corp 177,759 0.02 14,663 TJX Cos Inc/The 1,195,768 0.13
7,323 Range Resources Corp 105,817 0.01 3,190 Toll Brothers Inc 136,979 0.01
2,991 Raymond James Financial Inc 261,324 0.03 2,548 Torchmark Corp 214,363 0.02
6,650 Raytheon Co 1,407,872 0.15 4,452 Total System Services Inc 375,793 0.04
6,311 Realty Income Corp (Reit) 327,793 0.03 3,468 Tractor Supply Co 212,831 0.02
4,090 Red Hat Inc 595,463 0.06 1,198 TransDigm Group Inc* 364,731 0.04
4,252 Regency Centers Corp (Reit) 251,463 0.03 4,511 TransUnion 252,842 0.03
1,805 Regeneron Pharmaceuticals Inc 615,433 0.07 6,361 Travelers Cos Inc/The 883,288 0.09
27,562 Regions Financial Corp 503,833 0.05 5,285 Trimble Inc* 185,662 0.02
1,522 Reinsurance Group of America Inc 235,834 0.03 2,153 TripAdvisor Inc 87,735 0.01
5,438 Republic Services Inc 357,929 0.04 24,255 Twenty-First Century Fox Inc ‘A’ 876,818 0.09
3,277 ResMed Inc 312,134 0.03 10,121 Twenty-First Century Fox Inc ‘B’ 361,522 0.04
2,380 Robert Half International Inc 137,183 0.01 14,836 Twitter Inc* 415,408 0.04
2,958 Rockwell Automation Inc 516,201 0.05 6,661 Tyson Foods Inc ‘A’ 491,981 0.05
3,744 Rockwell Collins Inc 506,975 0.05 5,964 UDR Inc (Reit)* 213,571 0.02
1,710 Rollins Inc 86,475 0.01 3,589 UGI Corp 159,746 0.02
2,356 Roper Technologies Inc 657,583 0.07 1,358 Ulta Salon Cosmetics
8,909 Ross Stores Inc 688,220 0.07 & Fragrance Inc 279,286 0.03
5,872 S&P Global Inc 1,101,646 0.12 6,415 Under Armour Inc ‘A’ 106,553 0.01
4,611 Sabre Corp 98,399 0.01 6,521 Under Armour Inc ‘C’ 94,163 0.01
15,653 salesforce.com Inc 1,763,310 0.19 18,170 Union Pacific Corp* 2,402,801 0.26
2,775 SBA Communications Corp (Reit) 470,252 0.05 2,097 United Continental Holdings Inc 143,728 0.02
2,534 SCANA Corp 90,109 0.01 15,765 United Parcel Service Inc ‘B’ 1,641,767 0.17
4,784 Sealed Air Corp 204,372 0.02 2,148 United Rentals Inc 365,912 0.04
2,000 Seattle Genetics Inc 103,760 0.01 17,824 United Technologies Corp 2,223,009 0.24
3,179 SEI Investments Co 233,084 0.02 1,307 United Therapeutics Corp 144,044 0.02
5,489 Sempra Energy* 609,114 0.06 22,487 UnitedHealth Group Inc 4,916,108 0.52
4,018 ServiceNow Inc 645,452 0.07 2,037 Universal Health Services Inc ‘B’ 242,831 0.03
1,917 Sherwin-Williams Co/The* 746,269 0.08 4,573 Unum Group 217,400 0.02
1,152 Signature Bank/New York NY 161,810 0.02 38,219 US Bancorp 1,914,390 0.20
7,103 Simon Property Group Inc (Reit) 1,104,730 0.12 1,129 Vail Resorts Inc 253,562 0.03
33,077 Sirius XM Holdings Inc 205,408 0.02 10,181 Valero Energy Corp 930,136 0.10
4,234 Skyworks Solutions Inc 419,970 0.04 2,116 Varian Medical Systems Inc 256,882 0.03
1,955 SL Green Realty Corp (Reit) 190,163 0.02 2,903 Veeva Systems Inc ‘A’ 206,926 0.02
1,327 Snap-on Inc* 196,569 0.02 8,207 Ventas Inc (Reit) 408,627 0.04
23,030 Southern Co/The* 1,034,277 0.11 18,350 VEREIT Inc (Reit) 127,991 0.01
3,207 Southwest Airlines Co 181,644 0.02 2,387 VeriSign Inc 278,205 0.03
949 Spectrum Brands Holdings Inc 95,488 0.01 3,603 Verisk Analytics Inc 366,317 0.04
3,252 Spirit AeroSystems Holdings Inc ‘A’ 274,046 0.03 95,622 Verizon Communications Inc 4,637,667 0.49
3,273 Splunk Inc 312,342 0.03 5,810 Vertex Pharmaceuticals Inc 929,949 0.10


Value Net Value Net

7,714 VF Corp 575,002 0.06 4,308 Worldpay Inc ‘A’
8,128 Viacom Inc ‘B’ 250,424 0.03 (traded in United States) 348,000 0.04
42,070 Visa Inc ‘A’ 4,929,763 0.52 2,831 WR Berkley Corp 206,521 0.02
8,560 Vistra Energy Corp 178,904 0.02 1,234 WR Grace & Co 75,829 0.01
1,841 VMware Inc ‘A’ 219,668 0.02 1,265 WW Grainger Inc 356,616 0.04
4,552 Vornado Realty Trust (Reit) 308,762 0.03 2,586 Wyndham Worldwide Corp 294,597 0.03
4,952 Voya Financial Inc 248,590 0.03 1,892 Wynn Resorts Ltd 335,716 0.04
2,908 Vulcan Materials Co 325,231 0.03 11,701 Xcel Energy Inc 534,853 0.06
1,081 WABCO Holdings Inc 144,984 0.02 3,821 Xerox Corp 110,274 0.01
2,565 Wabtec Corp/DE 209,714 0.02 5,728 Xilinx Inc 408,865 0.04
19,809 Walgreens Boots Alliance Inc 1,306,998 0.14 4,138 Xylem Inc/NY 316,019 0.03
34,523 Walmart Inc 3,052,178 0.32 7,542 Yum! Brands Inc 636,696 0.07
35,425 Walt Disney Co/The 3,513,452 0.37 3,365 Zayo Group Holdings Inc 112,256 0.01
10,055 Waste Management Inc 841,402 0.09 3,119 Zillow Group Inc ‘C’ 163,498 0.02
1,840 Waters Corp 366,197 0.04 4,659 Zimmer Biomet Holdings Inc* 502,427 0.05
7,272 WEC Energy Group Inc 457,409 0.05 4,402 Zions Bancorporation 229,124 0.02
109,551 Wells Fargo & Co 5,687,888 0.61 11,273 Zoetis Inc 915,931 0.10
8,500 Welltower Inc (Reit) 464,440 0.05 515,101,310 54.80
2,830 Westar Energy Inc 148,235 0.02
6,795 Western Digital Corp 617,462 0.07 Total Common / Preferred Stocks (Shares) 914,973,582 97.35
12,149 Western Union Co/The 233,747 0.02 Total Transferable Securities and
5,853 WestRock Co 370,495 0.04 Money Market Instruments Admitted to
17,350 Weyerhaeuser Co (Reit) 608,465 0.06 an Official Stock Exchange Listing
1,682 Whirlpool Corp 256,892 0.03 or Dealt in on Another Regulated Market 914,973,582 97.35
19,050 Williams Cos Inc/The 472,059 0.05 Securities portfolio at market value 914,973,582 97.35
3,170 Workday Inc ‘A’ 391,844 0.04
4,198 Worldpay Inc ‘A’ Other Net Assets 24,942,387 2.65
(traded in United Kingdom) 338,631 0.04


Gross
130 USD E-Mini S&P 500 Index June 2018 17,008,550 (630,183)
97 EUR EURO STOXX 50 Index June 2018 3,912,476 (43,206)
26 GBP FTSE 100 Index June 2018 2,552,341 (22,795)
3 HKD Hang Seng Index April 2018 574,306 (3,364)
6 AUD SPI 200 Index June 2018 660,960 (28,385)
5 CHF Swiss Market Index June 2018 448,236 (7,233)
15 JPY Topix Index June 2018 2,406,572 (12,128)
Total 27,563,441 (747,294)
Sector Breakdown
as at 31 March 2018
% of Net
Assets
Financial 21.17
Technology 10.76
Industrial 10.54
Energy 5.90
Utilities 2.94
Diversified 0.21
100.00

Notes to the Financial Statements
1. Organisation 2. Summary of Significant Accounting Policies:
BlackRock Global Index Funds (the “Company”) is a public The financial statements have been prepared in accordance
limited company (société anonyme) established under the laws with generally accepted accounting principles in Luxembourg
of the Grand Duchy of Luxembourg as an open ended variable and with the legal and regulatory requirements relating to the
capital investment company (société d’investissement à capital preparation of the financial statements as prescribed by the
variable). The Company was established on 30 August 2012 and Luxembourg authorities for Luxembourg UCITS and include
was authorised by the Commission de Surveillance du Secteur the following significant accounting policies:
Financier (the “CSSF”) as an UCITS pursuant to the provisions
of Part I of the law of 17 December 2010, as amended and is (a) Valuation of Investments and Other Assets
regulated pursuant to such law (the “2010 Law”).
The Company’s investments and other assets are valued
The Company has appointed BlackRock (Luxembourg) S.A. as follows:
as its Management Company.
 transferable securities which are admitted to an official
As at 31 March 2018, the Company offered shares in 10 Funds exchange listing or dealt in on another regulated market,
(each a “Fund”, together the “Funds”). The Company is an are valued on the basis of the latest available price
umbrella structure comprising separate Funds with segregated prevailing on the valuation date. For securities traded on
liability. Each Fund shall have segregated liability from the markets closing after the time of the valuation, last known
other Funds and the Company shall not be liable as a whole prices as of this time or such other time may be used.
to third parties for the liabilities of each Fund. Each Fund shall Where such securities or other assets are quoted or dealt
be made up of a separate portfolio of investments maintained in, on or by more than one stock exchange or regulated
and invested in accordance with the investment objectives market the Board may in its discretion select one of such
applicable to such Fund. Each Fund is a separate pool of stock exchanges or regulated markets for such purposes.
assets and is represented by separate shares of each Fund Discrepancies in the value of securities may result, for
which are divided into share classes as detailed in Appendix I. example, where the underlying markets are closed for
business at the time of calculating the NAV of certain
The classes of shares have equivalent rights in the Company Funds or where governments chose to impose fiscal or
but carry different features and charging structures which transaction charges on foreign investment. As a result,
are more fully described in the Company’s Prospectus. the Directors have implemented fair value techniques in
order to estimate the fair value of these investments. Such
Share Classes Launched
securities and derivatives shall be valued at their probable
Share Classes launched during the year are disclosed
realisation value as determined by the competent persons
in Appendix I.
(the Directors). Because of the inherent uncertainty in the
fair value process, these estimated values may significantly
Significant events during the year
differ from the values that would have been used had a
Effective 31 May 2017, Nicholas C.D. Hall resigned as
ready market for the securities existed, and from the values
Chairman of the Board of the Directors of the Company.
that may be ultimately recovered;
Effective 17 July 2017, Paul Freeman was appointed as
 for non-quoted securities or securities not traded or dealt in
Chairman of the Board of the Directors of the Company.
on any stock exchange or other regulated market (including
As notified to shareholders on 26 July 2017, with effect from securities of closed-ended investment funds), as well as
29 August 2017, the use of the iShares brand was extended to quoted or non-quoted securities on such other markets
cover BlackRock’s index mutual funds range. As a result, the for which no valuation price is available, or securities for
names of the Funds have been rebranded as set out in the which the quoted prices are, in the opinion of the Board
Chairman’s Letter to the Shareholders. of Directors of the Company, not representative of the fair
market value, the value shall be determined prudently and
Effective 25 August 2017, the Fund’s listing and trading on the in good faith by the Board of Directors of the Company on
Luxembourg Stock Exchange changed from being listed on the the basis of their expected disposal or acquisition price;
EU-regulated Bourse de Luxembourg (“BdL”) market to being
listed on the exchange-regulated Euro MTF market.  if in any case a particular value is not ascertainable by the
Effective 29 September 2017, Frank Le Feuvre resigned from methods outlined above, or if the Board of Directors of the
the Board of Directors of the Company. Company consider that some other method of valuation
more accurately reflects the fair value of the relevant
Effective 21 December 2017, Michael Gruener was appointed security or other asset for the purpose concerned, the
as Director of the Board of the Company. method of valuation of the security or asset will be such
as the Board of Directors of the Company in their absolute
A new Prospectus was issued on 29 August 2017 and on discretion decide. Discrepancies in value of securities
21 December 2017. may result, for example, where the underlying markets
are closed for business at the time of calculating the NAV

Notes to the Financial Statements continued
of certain Funds. In such cases the Board of Directors  interest income is accrued daily and includes the
of the Company may set specific thresholds, that, where amortisation on a straight line basis of premiums
exceeded, result in adjustment to the value of these and accretion of discounts;
securities to their fair value by applying a specific index
adjustment. Additionally, where governments choose to  bank interest income/expense is recognised
impose fiscal or transaction charges on foreign investment, on an accrual basis;
the Board of Directors of the Company may adjust the NAV
to reflect such charges.  dividend income is accrued on the ex-dividend date and
is shown net of withholding taxes;
As at 31 March 2018, such fair valuation adjustment was
applied as per table below:  securities lending income is accrued on a weekly basis;
Market value  negative yield expense on financial assets relating to

of fair valued % of Net
interest from a negative effective interest rate on assets
Fund Currency securities Assets
held is accreted daily and is recognised in the Statement of
iShares Emerging Markets Equity
Operations and Changes in Net Assets over the life of the
Index Fund (LU) USD 2 0.00
underlying instrument;
 securities lending: securities are delivered to a third party
 when a bond has been identified as being in default,
broker in accordance with lending agent instructions and
the interest accrual on the defaulted security is stopped.
continue to be valued as part of the portfolio of the Fund;
On confirmation of default from relevant parties, the amount
receivable is written off;
 liquid assets such as money market instruments may be
valued at nominal values plus any accrued interest or at
 the date included in the description of any perpetual bonds
amortised cost basis which approximated their fair value;
in the Portfolio of Investments is the next callable date
of the bonds and the interest rate disclosed under the
 cash at bank, bills payable on demand and other debts are
description in the Portfolio of Investments is the interest
valued at their nominal amount, unless it appears unlikely
rate applicable at the period end and is for information only
that such nominal amount is obtainable;
as these bonds are bearing variable interest rates.
 cash collateral provided by the Company is identified (d) Financial Derivative Instruments
on the balance sheet as pledged cash collateral and is
not included as a component of cash and cash equivalents. During the year, the Funds have entered into a number of
Cash collateral provided to the Company by counterparties forward foreign exchange transactions and futures contracts.
is identified on the balance sheet as cash collateral payable. Open forward foreign exchange transactions and futures
The Company may reinvest this cash collateral and the contracts are valued at the fair market value to close the
assets purchased are included in financial assets at fair contracts on the valuation date. Surpluses/deficits arising from
value through profit or loss on the balance sheet; these and unsettled contracts are taken to net unrealised
appreciation/(depreciation) and are included under assets
 assets which include, in particular, interest and dividends or liabilities (as appropriate) in the Statement of Net Assets.
receivable, receivable for investments sold and receivable The net change in unrealised appreciation or depreciation
for Fund shares subscribed, are valued at nominal value and the net realised gains or losses on settlement or closing
unless it appears unlikely that such nominal amount is transactions of forward foreign exchange transactions and
obtainable; futures contracts are presented in the Statement of Operations
and Changes in Net Assets.
 liabilities which include, in particular, expenses payable,
(e) Foreign Exchange
income distribution payable, payable for investments
purchased and payable for fund shares redeemed, are The cost of investments in currencies other than the currency
valued at their nominal value. of denomination of the respective Fund has been translated
at the rates of exchange ruling at the time of purchase.
(b) Net realised gains and losses on Investments
Investments and other assets and liabilities in currencies other
Net realised gains and losses on sales of investments have than the currency of denomination of the respective Fund
been determined on the basis of the average cost method. have been translated at the exchange rate prevailing at the
Fund’s recent valuation point in Luxembourg. The net change
(c) Income/Expense from Investments in unrealised appreciation or depreciation and the net realised
gains or losses on disposal or settlement of other assets or
The Company takes credit for income from its investments
liabilities in currencies other than the currency of denomination
on the following basis:
of the respective Fund are presented in the Statement
of Operations and Changes in Net Assets.

Income and expenses in currencies other than the currency as at 31 March 2018 for all Funds expressed in Euros,
of denomination of the respective Fund have been translated has been applied:
at the rates of exchange prevailing on the transaction date.
EUR
The following exchange rates were used to translate the USD 0.8115
investments and other assets and other liabilities denominated
in currencies other than the base currency of the Fund at the
For the translation of the Statement of Operations and
last valuation point:
Changes in Net Assets, the following exchange rate is the
average rate calculated over the year for all Funds expressed
All Funds iShares Pacific
in Euros:
(except the iShares Pacific ex Japan Equity
ex Japan Equity Index Fund (LU)) Index Fund (LU)
EUR
CCY EUR USD USD
USD 0.8561
AED 0.2209 0.2723 0.2723
AUD 0.6234 0.7682 0.7667 The combined figures in the Statement of Operations
BRL 0.2441 0.3008 0.2994 and Changes in Net Assets have been calculated using
CAD 0.6283 0.7743 0.7743 the average exchange rates throughout the year. The resulting
CHF 0.8494 1.0468 1.0461 Foreign exchange adjustment of USD 224,006,249 represents
CLP 0.0013 0.0017 0.0017 the movement in exchange rates between 31 March 2017
COP 0.0003 0.0004 0.0004 and 31 March 2018. This is a notional amount, which
CZK 0.0394 0.0485 0.0485 has no impact on the Net Assets of the individual Funds.
DKK 0.1341 0.1653 0.1656
EGP 0.0460 0.0567 0.0567 (g) Income Equalisation
EUR 1.0000 1.2323 1.2340
The Company operates Income Equalisation arrangements
GBP 1.1407 1.4058 1.4100
with a view to ensure that the level of net income accrued
HKD 0.1034 0.1274 0.1274
within a Fund is not affected by the issue, conversion or
HUF 0.0032 0.0039 0.0039
redemption of Fund shares during an accounting year.
IDR 0.0001 0.0001 0.0001
ILS 0.2312 0.2849 0.2856 The Income Equalisation is included in the Movements in
INR 0.0124 0.0153 0.0153 share capital in the Statement of Operations and Changes
JPY 0.0076 0.0094 0.0094 in Net Assets.
KRW 0.0008 0.0009 0.0009
MXN 0.0445 0.0548 0.0545 (h) Dilution
MYR 0.2098 0.2585 0.2588
If on any dealing day the aggregate transactions in shares
NOK 0.1033 0.1273 0.1274
of all classes of a Fund result in a net increase or decrease
NZD 0.5848 0.7207 0.7245
of shares which exceeds a threshold set by the Board of
PHP 0.0156 0.0192 0.0192
Directors of the Company, the NAV of the relevant Fund
PKR 0.0070 0.0087 0.0087
may be adjusted by an amount which reflects the dealing
PLN 0.2375 0.2927 0.2933 costs to be incurred by the Fund and the estimated bid/offer
QAR 0.2229 0.2746 0.2746 spread of the assets in which the Fund invests. In addition,
RUB 0.0141 0.0174 0.0173 the Board of Directors of the Company may agree to include
SEK 0.0969 0.1194 0.1201 anticipated fiscal charges in the amount of the adjustment.
SGD 0.6190 0.7628 0.7634 As at 31 March 2018, no dilution adjustment was applied.
THB 0.0260 0.0320 0.0320
TRY 0.2045 0.2521 0.2492 The published/dealing NAV per share is disclosed in the Three
TWD 0.0278 0.0343 0.0343 Year Summary of Net Asset Values and may include a dilution
USD 0.8115 1.0000 1.0000 adjustment. This adjustment is not recognised in the Statement
ZAR 0.0683 0.0842 0.0848 of Net Assets or the Statement of Operations and Changes
in Net Assets.
(f) Combined Financial Statements
(i) Transaction costs
The accounts of each Fund are expressed in the Funds’
Transaction costs are incremental costs that are directly
base currency.
attributable to the acquisition, issue or disposal of securities.
The combined figures of the Company are expressed in An incremental cost is one that would not have been incurred
USD and include the total of the financial statements of the if the entity had not acquired, issued or disposed of the
different Funds, translated if necessary. For the translation security. When a security is recognised initially, it is measured
of the Statement of Net Assets, the following exchange at its market value, plus transaction costs that are directly
rate prevailing at the Fund’s valuation point in Luxembourg attributable to the acquisition or issue of the security.

Transaction costs excluding depositary transaction fees The level of administration fee may vary at the Board of
on purchases or sales of securities are included within net Directors of the Company’s discretion, as agreed with the
realised gain/(loss) or net change in unrealised appreciation/ Management Company, and will apply at different rates across
(depreciation) within the Statement of Operations and Changes the various Funds and share classes issued by the Company.
in Net Assets of each Fund. Depositary transaction fees are However, it has been agreed between the Board of Directors
included within depositary fees in the Statement of Operations of the Company and the Management Company that the
and Changes in Net Assets of each Fund. Refer to Note 6 administration fee currently paid shall not exceed 0.15 % per
for further information. annum. It is accrued daily, based on the NAV of the relevant
share class and paid monthly.
(j) Foreign currencies on other transactions
The Board of Directors of the Company and the Management
Foreign currencies on other transactions relate to realised and Company set the level of the administration fee at a rate
unrealised appreciation or depreciation on cash balances and which aims to ensure that the total expense ratio of each Fund
spot contracts. remains competitive when compared across a broad market of
similar investment products available to investors in the Funds,
3. Management Company taking into account a number of criteria such as the market
BlackRock (Luxembourg) S.A. has been appointed sector of each Fund and the Fund’s performance relative
by the Company to act as its Management Company. to its peer group.
The Management Company is authorised to act as
a fund management company in accordance with The administration fee is used by the Management Company
Chapter 15 of the 2010 Law. to meet all fixed and variable operating and administrative
costs and expenses incurred by the Company, with the
The Company has signed a management company exception of the Depositary fees, plus any taxes thereon
agreement with the Management Company. Under this and any taxes at an investment or Company level.
agreement, the Management Company is entrusted with the
day-to-day management of the Company, with responsibility These operating and administrative expenses include all
for performing directly or by way of delegation all operational third party expenses and other recoverable costs incurred
functions relating to the Company’s investment management, by or on behalf of the Company from time to time, including
administration, and marketing of the Funds. but not limited to, fund accounting fees, transfer agency
fees (including sub-transfer agency and associated platform
In agreement with the Company, the Management Company dealing charges), all professional costs, such as consultancy,
has decided to delegate several of its functions as is further legal, tax advisory and audit fees, Directors’ fees (for those
described in the Prospectus. Directors who are not employees of the BlackRock Group),
travel expenses, reasonable out-of-pocket expenses, printing,
BlackRock (Luxembourg) S.A. is a wholly owned subsidiary
publication, translation and all other costs relating to shareholder
within the BlackRock Group. It is regulated by the CSSF.
reporting, regulatory filing and licence fees, correspondent and
other banking charges, software support and maintenance,
4. Management Fees
operational costs and expenses attributed to the Investor
During the year, the Company paid management fees
Servicing teams and other global administration services
to the Management Company.
provided by various BlackRock Group companies.
The Company pays management fees at an annual rate.
The Management Company bears the financial risk of ensuring
The level of management fee varies from 0.05 % to 0.50 % of
that the Fund’s total expense ratio remains competitive.
the NAV, with the exception of Class X shares, which do not
Accordingly the Management Company is entitled to retain
pay management fees. The level of management fee varies
any amount of the administration fee paid to it which is in
according to which Fund and share class the investor buys.
excess of the actual expenses incurred by the Company
These fees accrue daily, are based on the NAV of the relevant
during any year whereas any costs and expenses incurred
Fund and are paid monthly. The Management Company pays
by the Company in any year which exceed the amount of
certain costs and fees out of the management fees, including
administration fee that is paid to the Management Company,
the fees of the Investment Advisers.
shall be borne by the Management Company or another
The management fees attributable to each share class of each BlackRock Group company.
Fund are disclosed in detail in Appendix E of the Prospectus
Administration fees payable at 31 March 2018 are included
and KIID of the Company. Management fees payable at
in the Statement of Net Assets under the caption “Accrued
31 March 2018 are included in the Statement of Net Assets
expenses and other liabilities”.
under the caption “Accrued expenses and other liabilities”.
From 8 March 2017, any costs relating to withholding tax
5. Administration Fees reclaims (plus any taxes or interest thereon) are no longer be
The Company pays an administration fee to the paid by the Management Company and are allocated between
Management Company. the relevant Funds on a fair and equitable basis.

Directors of the Company who are not employees of the United Kingdom
BlackRock Group receive a fee of EUR 30,000 per annum Reporting Funds
gross of taxation in return for their duties performed during the The UK Reporting Funds regime applies to the Company.
year ended 31 March 2018. The Chairman receives a fee of Under this regime, investors in UK Reporting Funds are
EUR 33,500 per annum gross of taxation. Directors who are subject to tax on the share of the UK Reporting Funds income
employees of the BlackRock Group are not entitled to receive attributable to their holdings in the Fund, whether or not
a Directors fee. distributed, but any gains on disposal of their holdings are
subject to capital gains tax. A list of the Funds which currently
Detailed below are the fees paid to Deloitte Audit for the year have UK Reporting Fund status is available at:
ended 31 March 2018. https://www.gov.uk/government/publications/offshore-funds-list-
of-reporting-funds.
31 March 2018
USD
Other transaction taxes
Audit and audit related services 64,696
Other jurisdictions may impose taxes, Financial Transactions
(excluding VAT)
Taxes (“FTT”) or other transaction taxes on certain assets held
Non-audit services –
by the Funds (for example UK stamp duty, French FTT).
6. Depositary Fees Withholding tax

The Depositary receives a fee in respect of each Fund. These Dividends and interest received by the Company on its
fees are to remunerate the Depositary for safekeeping and investments may be subject to withholding taxes in the
transaction costs applicable to each Fund. These fees will countries of origin which are generally irrecoverable as the
vary in respect of each Fund depending on the value of assets Company itself is exempt from income tax. Recent European
under management and the volume of trading in that Fund. Union case law may, however, reduce the amount of such
irrecoverable tax. Investors should inform themselves of, and
The Depositary receives annual fees, based on the value when appropriate consult their professional advisers on, the
of securities, which accrue daily, plus transaction fees. The possible tax consequences of subscribing for, buying, holding,
annual depositary safekeeping fees range from 0.005 % redeeming, converting or selling Shares under the laws of their
to 0.40 % of the NAV per annum and the transaction fees country of citizenship, residence or domicile. Investors should
range from USD 5 to USD 75 per transaction. The rates note that the levels and bases of, and reliefs from, taxation
for both categories of fees will vary according to the country can change. The potential of withholding tax charges is further
of investment and, in some cases, according to asset class. described in the Prospectus.
Investments in bonds and developed equity markets will be
at the lower end of these ranges, while some investments 8. Investment Advisers
in emerging or developing markets will be at the upper end. The Management Company, BlackRock (Luxembourg)
Thus the depositary fee to each Fund will depend on its asset S.A., has delegated some management and provision of
allocation at any time. investment advice to the Investment Advisers: BlackRock
Investment Management (UK) Limited (“BIM UK”) and
Depositary fees payable at 31 March 2018 are included in the
BlackRock Institutional Trust Company N.A., as described
Statement of Net Assets under the caption “Accrued expenses
in the Prospectus. The Investment Advisers provides
and other liabilities”.
advice and management in the areas of stock and sector
selection and strategic allocation. Notwithstanding the
7. Taxes
appointment of the Investment Advisers, the Management
Luxembourg
Company accepts full responsibility to the Company for all
The Company is registered under Luxembourg law as
investment transactions.
an investment company. Accordingly, no Luxembourg
income or capital gains tax is at present payable by the BlackRock Institutional Trust Company N.A. does not currently
Company. The Funds are exempt from the subscription tax provide any investment advice on existing Funds.
(“taxe d’abonnement ”) because the sole objective of each
Fund is to match / replicate the performance of its Benchmark 9. Transactions with Connected Persons
Index and all share classes of the Company are listed on the The ultimate holding company of the Management Company,
Euro MTF (since 25 August 2017). Therefore, in accordance the Principal Distributor and the Investment Advisers is
with the 2010 Law, which provides an exemption from “taxe BlackRock, Inc., a company incorporated in Delaware,
d’abonnement ” to funds and classes structured in this manner, USA. PNC Financial Services Group Inc. (“PNC Group”) is
it is expected that the share classes should be exempt from a substantial shareholder in BlackRock, Inc.. When arranging
this annual subscription tax. transactions in securities for the Company, companies in
the PNC Group may have provided securities, brokerage,

foreign exchange, banking and other services or may have 11. Securities lending
acted as principal on their usual terms and may benefit
Value of Value of
therefrom. Commission has been paid to brokers and agents
securities collateral
in accordance with the relevant market practice and the Fund CCY on loan received
benefit of any bulk or other commission discounts or cash
iShares Emerging Markets Equity
commission rebates provided by brokers or agents have Index Fund (LU) USD 48,068,173 52,243,075
been passed on to the Company. The services of PNC Group iShares Emerging Markets Government
companies could have been used by the Investment Advisers Bond Index Fund (LU) USD 319,320,687 352,457,112
where it was considered appropriate to do so provided that iShares Europe Equity Index Fund (LU) EUR 50,941,191 56,226,280
their commissions and other terms of business are generally iShares Euro Aggregate Bond
comparable with those available from unassociated brokers Index Fund (LU) EUR 43,991,110 48,453,024
and agents in the markets concerned, and that this is iShares Euro Government Bond
consistent with the above policy of obtaining best results. Index Fund (LU) EUR 48,326,090 53,136,102
iShares Global Government Bond
During the year, there have been no significant transactions Index Fund (LU) USD 11,454,876 13,040,887
which were outside the ordinary course of business or iShares Japan Equity Index Fund (LU) USD 28,733,348 35,174,317
which were not on normal commercial terms. There iShares North America Equity
were no transactions of the Company effected through Index Fund (LU) USD 14,607,699 16,050,133
BlackRock companies. iShares Pacific ex Japan Equity
Index Fund (LU) USD 67,876,969 75,331,382
The securities lending agent appointed pursuant to the iShares World Equity Index Fund (LU) USD 48,831,998 55,950,562
securities lending agreement is BlackRock Advisors (UK)
Limited which is a related party to the Company. BlackRock Income earned during the year by the Funds from securities
Advisors (UK) Limited bears all operational costs directly lending transactions is disclosed in the Funds’ Statement
related to securities loan transactions. of Operations and Changes in Net Assets under caption
“Securities lending”.
The Funds benefit from a borrower default indemnity provided
by BlackRock, Inc.. The indemnity allows for full replacement 12. Transaction Costs
of securities on loan. BlackRock, Inc. bears the cost of In order to achieve its investment objective, a Fund will incur
indemnification against borrower default. transactions costs in relation to trading activity on its portfolio.
Disclosed in the table below are separately identifiable
10. Dividends transaction costs incurred by each Fund for the year ended
Distributions will not be made to the shareholders of the 31 March 2018. These include commission costs, settlement
Non-Distributing Classes. The investment income and other fees and broker fees.
profits will be accumulated and reinvested on behalf of
these shareholders. Fund CCY Transaction Costs
iShares Emerging Markets
For the distributing share classes the policy is to distribute Equity Index Fund (LU) USD 243,342
substantially all the investment income for the year after iShares Emerging Markets Government
deduction of expenses. The Board of Directors of the Company Bond Index Fund (LU) USD 270
may also determine if and to what extent dividends may iShares Europe Equity Index Fund (LU) EUR 127,614
include distribution, from both net realised and net unrealised iShares Euro Aggregate Bond
capital gains. Where distributing share classes pay dividends Index Fund (LU) EUR 550
that include net realised capital gains or net unrealised capital iShares Euro Government Bond
gains, dividends may include initially subscribed capital. Index Fund (LU) EUR 375
iShares Global Government Bond
The Board of Directors of the Company intend to declare Index Fund (LU) USD 306
dividends on the distributing share classes out of the net iShares Japan Equity Index Fund (LU) USD 32,472
revenue of the relevant Fund (i.e. all interest, dividends iShares North America Equity
and other income less the Fund’s accrued expenses) for Index Fund (LU) USD 36,888
that financial year. iShares Pacific ex Japan Equity
Index Fund (LU) USD 65,415
Where a Fund has UK Reporting Fund status and reported iShares World Equity Index Fund (LU) USD 191,839
income exceeds distributions made then the surplus shall
be treated as a deemed dividend and will be taxed as income, Not all transaction costs are separately identifiable. For fixed
subject to the tax status of the investor. income investments, forward foreign exchange transactions
and other derivative contracts, transaction costs are included
Dividends will normally be declared with a view to being paid in the purchase and sales price of the investment. While not
semi-annually (March and September). separately identifiable these transaction costs are captured

within the performance of each Fund. Market impact costs are Fund Name Share TER
not separately identifiable and are therefore also not disclosed classes
in the above table.
iShares Emerging Markets Government Bond Class A 0.520%
Index Fund (LU) Class F 0.265%
13. Due from/to Brokers Class I 0.242%
Due from/to brokers on the Statement of Net Assets consists Class N 0.241%
of margin paid/received from Fund’s clearing brokers and Class X 0.041%
various counterparties. iShares Europe Equity Index Fund (LU) Class A 0.532%
Class D 0.231%
14. Dealing NAV reported in the financial statements Class F 0.232%
The NAV reported in the financial statements refers to the Class N 0.202%
dealing NAV of the Funds at 29 March 2018 (and in the case Class X 0.052%
of iShares Pacific ex Japan Equity Index Fund – 28 March 2018) iShares Euro Aggregate Bond Index Fund (LU) Class A 0.526%
calculated as described in the Prospectus of the Company. Class N 0.111%
An indicative NAV was calculated with latest available prices Class X 0.044%
as of 31 March 2018 and compared to the dealing NAV reported iShares Euro Government Bond Index Fund (LU) Class A 0.530%
in these financial statements. Class D 0.224%
Class F 0.223%
The following table details the impact for Fund for which the Class N 0.193%
difference between the dealing NAV at 29 March 2018 and Class X 0.044%
the indicative NAV calculated with latest available prices as iShares Global Government Bond Index Fund (LU) Class A 0.525%
of 31 March 2018 exceeds 1% of dealing NAV: Class D 0.224%
Class F 0.224%
Change in Class N 0.194%
NAV due to Class X 0.044%
Change iShares Japan Equity Index Fund (LU) Class A 0.523%
Dealing NAV Indicative in Market Change in Class F 0.222%
at 29 March NAV at 31 Prices of NAV as a
Class N 0.192%
Sub-fund 2018 March 2018 Investments percentage of
Class X 0.042%
name (USD) (USD) (USD) Dealing NAV
iShares North America Equity Index Fund (LU) Class A 0.520%
iShares
Class D 0.224%
North
Class F 0.219%
America
Class N 0.190%
Equity Index
Fund 597,069,220 603,835,702 6,766,482 1.13% Class X 0.045%
iShares Pacific ex Japan Equity Index Fund (LU) Class A 0.539%
15. Total Expense Ratio Class F 0.239%
Total Expense Ratio (“TER”) is calculated as the total of all Class N 0.208%
expenses (excluding bank interest, negative yield expense Class X 0.058%
on financial assets and including expense reimbursements), iShares World Equity Index Fund (LU) Class A 0.526%
divided by the average net assets of the Company, expressed Class D 0.224%
as a percentage. All data is annualised. Class F 0.227%
Class N 0.195%
The Management Fee may be used in part to pay Class X 0.045%
remuneration for distribution activities concerning the
Company. Reimbursement may be made to institutional The TER is being calculated in accordance with Swiss Funds
investors which from a commercial perspective hold shares & Asset Management Association (“SFAMA”) guideline last
of the Company for third parties. amended on 22 May 2014.
The TERs for the year from 1 April 2017 to 31 March 2018 16. Subsequent Events
are as follows: A new Prospectus was issued on 20 April 2018.
Fund Name Share TER

classes
iShares Emerging Markets Equity Index Fund (LU) Class A 0.630%
Class F 0.330%
Class N 0.300%
Class X 0.099%

Deloitte. Deloitte Audit
Société à responsabilité limitée
560, rue de Neudorf
To the Shareholders of L-2220 Luxembourg
BP. 1173
BlackRock Global Index Funds L-1011 Luxembourg
· Tel: +352 451 451
www.deloitte.lu
REPORT OF THE REVISEUR D'ENTREPRISES AGREE
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of BlackRock Global Index Funds {the « Company ») and of each of its
sub-funds, which comprise the statement of net assets and the portfolio of investments as at 31 March 2018 and
the statement of operations and changes in net assets for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
ln our opinion, the accompanying financial statements give a true and fair view of the financial position of the
Company as at 31 March 2018, and of the results of its operations and changes in its net assets for the year
then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements.
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession {Law of 23 July
2016) and with International Standards on Auditing {ISAs) as adopted for Luxembourg by the "Commission de
Surveillance du Secteur Financier" (CSSF). Our responsibilities under those Law and standards are further
described in the "Responsibilities of Réviseur d'entreprises agréé for the Audit of the Financial Statements"
section of our report. We are also independent of the Company in accordance with the International Ethics
Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) as adopted for
Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial
statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors of the Company is responsible for the other information. The other information comprises the
information included in the annual report but does not include the financial statements and our report of Réviseur
d'entreprises agréé thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
ln connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
concluded that there is a material misstatement of this other information, we are required to report this fact. We have
nothing to report in this regards.
Responsibilities of the Board of Directors of the Company and Those Charged with Governance for the Financial
Statements
The Board of Directors of the Company is responsible for the preparation and fair presentation of the financial
statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements, and for such internai control as the Board of Directors of the Company
determines is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
Société à responsabilité limitée au capital de 35.000 €

RCS Luxembourg B 67.895
Autorisation d'établissement: 10022179

Deloitte.
ln preparing the financial statements, the Board of Directors of the Company is responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Company either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Responsibilities of the Réviseur d'entreprises agréé for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue a report of Réviseur d'entreprises agréé
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the
CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or errar and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg
by the CSSF, we exercise professional judgment and maintain prafessional scepticism thraughout the
audit. We also:
• ldentify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and apprapriate
• to pravide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internai contrai.
• Obtain an understanding of internai contrai relevant to the audit in order to design audit procedures
that are apprapriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internai contrai.
• Evaluate the apprapriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors of the Company.
• Conclude on the apprapriateness of Board of Directors of the Company use of the going concem basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
report of the Réviseur d'entreprises agréé to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our report of the Réviseur d'entreprises agréé. However, future
events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internai contrai that we
identify during our audit.
For Deloitte Audit, Cabinet de révision agréé
�
&Wseu, d'entreprises ag,éé
26 July 2018
Annual Report and Audited Accounts [143]

Appendix I – Share Classes (Unaudited)
Share Classes In Issue I Class1
As at 31 March 2018, the Company offers the following share I Class distributing share USD
classes. I Class non-distributing share EUR hedged
I Class non-distributing share GBP hedged
A Class I Class non-distributing share USD
A Class non-distributing share EUR N Class
A Class non-distributing share EUR hedged
N Class distributing share EUR
A Class non-distributing share USD
N Class distributing share USD
A Class non-distributing UK reporting fund share USD
N Class non-distributing share EUR
D Class N Class non-distributing share USD
D Class non-distributing share EUR X Class1

D Class non-distributing share USD X Class non-distributing share EUR
X Class non-distributing share EUR hedged
F Class
X Class non-distributing share SEK hedged
F Class non-distributing share EUR
X Class non-distributing share USD
F Class non-distributing share GBP
F Class non-distributing share USD 1 available to institutional investors.
F Class non-distributing UK reporting fund share USD
Share Classes Launched

The dates disclosed are the launch dates but the classes may have been seeded at a later date.
Effective date Fund Type

5 July 2017 iShares Emerging Markets Government Bond Index Fund (LU) F Class non-distributing share USD
22 November 2017 iShares Europe Equity Index Fund (LU) D Class non-distributing share USD
22 November 2017 iShares North America Equity Index Fund (LU) D Class non-distributing share USD
Share Classes Closed

There were no share classes closed during the financial year.

Appendix II – Global Market Risk Exposure (Unaudited)
The Management Company adopted the Commitment Approach as the global exposure methodology of the Funds.
The Commitment Approach is a methodology that aggregates the underlying market or notional values of financial derivative
instruments to determine the degree of global exposure of a Fund to financial derivative instruments.
Pursuant to the 2010 Law, the global exposure for a Fund under the Commitment Approach must not exceed 100% of that Fund’s
NAV. As at 31 March 2018 the global exposure of each Fund did not exceed 100% of its NAV.

Supplementary Information (Unaudited)
Efficient Portfolio Management Techniques
The Company may, on behalf of each Fund and subject to the conditions and within the limits laid down by the CSSF and the
Prospectus, employ techniques and instruments relating to transferable securities provided that such techniques and instruments
are used for efficient portfolio management purposes or to provide protection against exchange risk or for direct investment
purposes, where applicable.
Securities Lending
All securities lending transactions entered into by the Funds are subject to a written legal agreement between the Funds and the Securities
Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Company, and separately between the Securities Lending
Agent and the approved borrowing counterparty. Collateral received in exchange for securities lent is transferred under a title transfer
arrangement and is delivered to and held in an account with a tri-party collateral manager in the name of the Depositary, State Street Bank
Luxembourg S.C.A. on behalf of the Funds. Collateral received is segregated from the assets belonging to the Funds’ Depositary or the
Securities Lending Agent.
The following table details the value of securities on loan as a proportion of the Funds’ total lendable assets and NAV. Total lendable assets
represents the aggregate value of assets forming part of the Funds’ securities lending programme.
Securities on loan
% of
Fund Currency lendable assets % of NAV
iShares Emerging Markets Equity Index Fund (LU) USD 13.62% 9.19%
iShares Emerging Markets Government Bond Index Fund (LU) USD 14.57% 13.08%
iShares Europe Equity Index Fund (LU) EUR 14.28% 13.36%
iShares Euro Aggregate Bond Index Fund (LU) EUR 7.55% 7.05%
iShares Euro Government Bond Index Fund (LU) EUR 12.22% 11.37%
iShares Global Government Bond Index Fund (LU) USD 3.43% 3.15%
iShares Japan Equity Index Fund (LU) USD 16.48% 15.52%
iShares North America Equity Index Fund (LU) USD 2.59% 2.45%
iShares Pacific ex Japan Equity Index Fund (LU) USD 20.49% 19.18%
iShares World Equity Index Fund (LU) USD 5.59% 5.20%
The total income earned from securities lending transactions is split between the relevant Fund and the Securities Lending Agent.
The Funds receives at least 62.5 % while Securities Lending Agent receives up to 37.5 % of such income with all operational costs
borne out of the Securities Lending Agent’s share.
Income earned during the year by the Funds from securities lending transactions is disclosed in the Funds’ Statement of Operations
and Changes in Net Assets under caption “Securities lending”.
The following tables detail the value of securities on loan (individually identified in the relevant Funds’ Portfolio of Investments)
and associated collateral received analysed by counterparty as at 31 March 2018.
Securities Lending
Counterparty’s
country of Amount Collateral
Counterparty establishment on loan received
iShares Emerging Markets Equity Index Fund (LU) (in USD)

Barclays Capital Securities Ltd United Kingdom 818,547 1,232,225
Citigroup Global Markets Ltd United Kingdom 726,489 767,458
Goldman Sachs International United States 4,054,608 4,344,593
HSBC Bank Plc United Kingdom 23,369,361 24,777,235
Macquarie Bank Ltd Australia 627,470 709,508
Merrill Lynch International United States 7,819,350 8,695,108
Morgan Stanley Group Inc United States 741,019 817,194
Skandinaviska Enskilda Banken AB United Kingdom 140,283 183,938
Societe Generale SA France 1,019,375 1,115,785
UBS AG Switzerland 8,751,671 9,600,031
Total 48,068,173 52,243,075

Supplementary Information (Unaudited) continued
Securities Lending
Counterparty’s
iShares Emerging Markets Government Bond Index Fund (LU) (in USD)
Barclays Bank Plc United Kingdom 77,679,865 83,678,228
BNP Paribas SA France 54,721,060 57,032,657
Citigroup Global Markets Ltd United Kingdom 45,635,011 53,009,579
Credit Suisse Securities Ltd United Kingdom 26,111,160 31,579,881
JP Morgan Securities Plc United Kingdom 26,343,335 28,131,381
Morgan Stanley Group Inc United States 19,511,356 24,708,392
Nomura International Plc United Kingdom 64,352,311 68,746,503
Total 319,320,687 352,457,112
iShares Europe Equity Index Fund (LU) (in EUR)
Barclays Capital Securities Ltd United Kingdom 2,770,288 4,170,334
BNP Paribas Arbitrage SNC France 5,872,452 6,718,994
Credit Suisse International Switzerland 13,161,779 13,894,302
Skandinaviska Enskilda Banken AB United Kingdom 173,269 227,189
The Bank of Nova Scotia Canada 1,596,740 1,737,298
UBS AG Switzerland 812,475 891,234
Total 50,941,191 56,226,280
iShares Euro Aggregate Bond Index Fund (LU) (in EUR)
BNP Paribas Arbitrage SNC France 232,103 354,453
BNP Paribas SA France 2,038,477 2,124,588
Goldman Sachs International United States 267,877 362,209
HSBC Bank Plc United Kingdom 27,409 125,483
JP Morgan Securities Plc United Kingdom 200,772 207,492
Morgan Stanley Group Inc United States 2,475,368 2,575,165
Nomura International Plc United Kingdom 289,162 308,907
UBS AG Switzerland 977,414 1,187,281
Total 43,991,110 48,453,024
iShares Euro Government Bond Index Fund (LU) (in EUR)
BNP Paribas SA France 577,617 703,044
Nomura International Plc United Kingdom 1,319,281 1,424,009
Total 48,326,090 53,136,102

Securities Lending
Counterparty’s
iShares Global Government Bond Index Fund (LU) (in USD)

Citigroup Global Markets Ltd United Kingdom 253,744 292,407
Royal Bank of Scotland Plc United Kingdom 137,936 144,511
The Bank of Nova Scotia Canada 134,620 147,115
Total 11,454,876 13,040,887
iShares Japan Equity Index Fund (LU) (in USD)
HSBC Bank Plc United Kingdom 74,131 78,597
Macquarie Bank Ltd Australia 1,449,669 1,639,206
Societe Generale SA France 122,046 133,588
Total 28,733,348 35,174,317
iShares North America Equity Index Fund (LU) (in USD)
Societe Generale SA France 129 141
Total 14,607,699 16,050,133
iShares Pacific ex Japan Equity Index Fund (LU) (in USD)
Macquarie Bank Ltd Australia 2,770,068 3,132,241
Total 67,876,969 75,331,382
iShares World Equity Index Fund (LU) (in USD)
Total 48,831,998 55,950,562

All securities on loan have an open maturity tenor as they are recallable or terminable on a daily basis.
Collateral
The Funds engage in activities which may require collateral to be provided to a counterparty (“collateral posted”) or may hold
collateral received (“collateral received”) from a counterparty.
The following table provides an analysis by currency of the underlying cash and non-cash collateral received by way of title
transfer collateral arrangement by the Funds, in respect of securities lending transactions, as at 31 March 2018.
Cash Non-cash Cash Non-cash

collateral collateral collateral collateral
Currency received received Currency received received
iShares Emerging Markets Equity Index Fund (LU) (in USD) iShares Euro Aggregate Bond Index Fund (LU) (in EUR)
Securities lending transactions Securities lending transactions
CAD - 358,162 CAD - 191,036
CHF - 69,495 CHF - 767,512
DKK - 3,295 DKK - 5,893
EUR - 14,483,179 EUR - 17,887,212
GBP - 12,437,149 GBP 97,389 14,085,718
JPY - 3,397,051 JPY - 3,425,502
MXN - 16,717 NOK - 1,359,413
NOK - 758,799 SEK - 1,624,808
SEK - 4,455,602 USD - 9,008,541
USD - 16,263,626 Total 97,389 48,355,635
Total - 52,243,075 iShares Euro Government Bond Index Fund (LU) (in EUR)
iShares Emerging Markets Government Bond Index Fund (LU) (in USD) Securities lending transactions
Securities lending transactions CAD - 88,472
AUD - 415,893 CHF - 1,054,535
CHF - 3,218,610 EUR - 12,929,078
DKK - 135,739 GBP - 20,230,329
EUR - 241,453,972 JPY - 5,368,046
GBP 5,631,176 28,999,358 NOK - 1,933,301
JPY - 10,752,430 SEK - 2,568,134
NOK - 4,510,111 USD - 8,964,207
USD - 57,339,823 Total - 53,136,102
Total 5,631,176 346,825,936 iShares Global Government Bond Index Fund (LU) (in USD)
iShares Europe Equity Index Fund (LU) (in EUR) Securities lending transactions
Securities lending transactions CAD - 365,854
CAD - 140,203 CHF - 179,268
CHF - 381,527 DKK - 1,069
DKK - 54,520 EUR - 2,319,548
EUR - 28,934,315 GBP - 3,209,167
GBP - 9,880,754 JPY - 875,823
JPY - 5,535,855 NOK - 149,185
MXN - 20,647 SEK - 197,072
NOK - 253,658 USD - 5,743,901
SEK - 295,545 Total - 13,040,887
USD - 10,729,256
Total - 56,226,280

Cash Non-cash Cash Non-cash

collateral collateral collateral collateral
Currency received received Currency received received
iShares Japan Equity Index Fund (LU) (in USD) iShares Pacific ex Japan Equity Index Fund (LU) (in USD)
CAD - 74,190 CAD - 857,753
CHF - 516,581 CHF - 785,759
DKK - 5,794 DKK - 22,675
EUR - 11,875,201 EUR - 21,830,202
GBP - 5,785,142 GBP - 10,624,068
JPY - 5,996,253 JPY - 13,459,264
NOK - 157,178 NOK - 1,817,230
SEK - 14,028 SEK - 696,902
USD - 10,749,950 USD - 25,237,529
Total - 35,174,317 Total - 75,331,382
iShares North America Equity Index Fund (LU) (in USD) iShares World Equity Index Fund (LU) (in USD)
CAD - 343,911 CAD - 568,828
CHF - 3 CHF - 388,487
EUR - 4,743,054 DKK - 13,135
GBP - 3,597,535 EUR - 16,455,102
JPY - 2,072,152 GBP - 13,667,411
NOK - 553,607 JPY - 7,957,893
USD - 4,739,871 NOK - 1,096,694
Total - 16,050,133 SEK - 642,970
USD - 15,160,042
Total - 55,950,562
Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions, cannot be
sold, re-invested or pledged.
The following table provides an analysis of the type, quality and maturity tenor of non-cash collateral received by the Funds by
way of title transfer collateral arrangement in respect of securities lending transactions, as at 31 March 2018.
Maturity Tenor
2–7 8 – 30 31 – 90 91 – 365 More than
Collateral type and quality days days days days 365 days Open Total

Collateral received – securities lending
Fixed Income
Investment grade – 147,843 – 147,525 21,762,708 – 22,058,076
Equities
Recognised equity index – – – – – 30,184,999 30,184,999
Total – 147,843 – 147,525 21,762,708 30,184,999 52,243,075
iShares Emerging Markets Government
Bond Index Fund (LU)
Fixed Income
Investment grade 1,944,566 3,915,609 15,350,180 40,855,795 232,753,406 – 294,819,556
Equities
Total 1,944,566 3,915,609 15,350,180 40,855,795 232,753,406 52,006,380 346,825,936

Maturity Tenor
2–7 8 – 30 31 – 90 91 – 365 More than
Collateral type and quality days days days days 365 days Open Total

Fixed Income
Equities
Total – 128,442 – 128,165 14,079,436 41,890,237 56,226,280
Fixed Income
Investment grade 84,539 – 880,504 944,319 12,608,585 – 14,517,947
Equities
Total 84,539 – 880,504 944,319 12,608,585 33,837,688 48,355,635
Fixed Income
Equities
Total – 260,071 – 692,390 6,186,393 45,997,248 53,136,102
Fixed Income
Investment grade – – – 1,984 1,169,816 – 1,171,800
Equities
Total – – – 1,984 1,169,816 11,869,087 13,040,887
Fixed Income
Investment grade – – – – 8,554,305 – 8,554,305
Equities
Total – – – – 8,554,305 26,620,012 35,174,317
Fixed Income
Equities
Total – 18,351 – 18,311 1,446,848 14,566,623 16,050,133
Fixed Income
Equities
Total – 55,550 – 55,431 8,752,155 66,468,246 75,331,382
Fixed Income
Equities
Total – 100,669 – 100,453 9,866,518 45,882,922 55,950,562

Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally
recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch.
A recognised equity index contains at least 20 equities where no single equity represents more than 20 % of the total index and
no five equities combined represent more than 60 % of the total index.
The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturity date,
while for equity securities, ETFs and money market funds received as collateral are presented as open transactions as they are
not subject to a contractual maturity date.
Cash collateral received relating to securities lending is not subject to a contractual maturity date.
The following table provides an analysis of the amounts The following table lists the ten largest issuers by value of non-
of non-cash collateral received by the Funds in respect cash collateral received by the Funds by way of title transfer
of securities lending transactions and held by the Funds’ collateral arrangement across securities lending transactions
Depositary (or through its delegates) or through a securities as at 31 March 2018.
settlement system as at 31 March 2018.
% of the
Non-cash Issuers Value Fund’s NAV
collateral received
Securities United States Treasury 5,483,795 1.05%
Depositary lending
United Kingdom Gilt 5,198,158 0.99%
iShares Emerging Markets Equity Index Fund (LU) Sweden Government Bond 4,422,204 0.85%
State Street Bank Luxembourg S.C.A. (or its delegates) 52,243,075 Republic of Germany 3,243,164 0.62%
iShares Emerging Markets Government Bond Index Fund (LU) Commerzbank AG 2,327,628 0.45%
State Street Bank Luxembourg S.C.A. (or its delegates) 115,159,185 MSCI Inc 2,327,576 0.45%
Euroclear SA/NV 231,666,751 Finland Government Bond 1,915,201 0.37%
Total 346,825,936 RELX Plc 1,884,442 0.36%
iShares Europe Equity Index Fund (LU) French Republic Government Bond OAT 1,025,841 0.20%
State Street Bank Luxembourg S.C.A. (or its delegates) 56,226,280 Intermediate Capital Group Plc 960,002 0.18%
iShares Euro Aggregate Bond Index Fund (LU) Other issuers 23,455,064 4.47%
State Street Bank Luxembourg S.C.A. (or its delegates) 37,761,624 Total 52,243,075 9.99%
Euroclear SA/NV 10,594,011 iShares Emerging Markets Government Bond Index Fund (LU)
Total 48,355,635 Republic of Germany 54,800,847 2.24%
iShares Euro Government Bond Index Fund (LU) Finland Government Bond 43,516,109 1.78%
State Street Bank Luxembourg S.C.A. (or its delegates) 47,613,738 French Republic Government Bond OAT 42,850,091 1.76%
Euroclear SA/NV 5,522,364 Republic of Austria Government Bond 41,083,294 1.68%
Total 53,136,102 United States Treasury 32,804,948 1.34%
iShares Global Government Bond Index Fund (LU) Kingdom of Belgium Government Bond 24,716,956 1.01%
State Street Bank Luxembourg S.C.A. (or its delegates) 12,603,969 United Kingdom Gilt 22,050,618 0.90%
Euroclear SA/NV 436,918 Netherlands Government Bond 21,811,980 0.89%
Total 13,040,887 Kreditanstalt fuer Wiederaufbau 6,538,860 0.27%
iShares Japan Equity Index Fund (LU) Norway Government Bond 4,510,111 0.18%
State Street Bank Luxembourg S.C.A. (or its delegates) 35,174,317 Other issuers 52,142,122 2.16%
iShares North America Equity Index Fund (LU) Total 346,825,936 14.21%
State Street Bank Luxembourg S.C.A. (or its delegates) 16,050,133 iShares Europe Equity Index Fund (LU)
iShares Pacific ex Japan Equity Index Fund (LU) United States Treasury 2,894,523 0.76%
State Street Bank Luxembourg S.C.A. (or its delegates) 75,331,382 French Republic Government Bond OAT 2,786,143 0.73%
iShares World Equity Index Fund (LU) Republic of Germany 2,772,639 0.73%
State Street Bank Luxembourg S.C.A. (or its delegates) 55,950,562 Netherlands Government Bond 2,415,043 0.63%
Republic of Austria Government Bond 2,356,429 0.62%
Vodafone Group Plc 1,841,523 0.48%
E.ON SE 1,766,171 0.46%
Fresenius Medical Care AG & Co KGaA 1,759,757 0.46%
Cie de Saint-Gobain 1,759,688 0.46%
British American Tobacco Plc 1,597,452 0.42%
Other issuers 34,276,912 8.99%
Total 56,226,280 14.74%

% of the % of the
Issuers Value Fund’s NAV Issuers Value Fund’s NAV
iShares Euro Aggregate Bond Index Fund (LU) iShares North America Equity Index Fund (LU)
French Republic Government Bond OAT 2,519,492 0.40% United Kingdom Gilt 719,161 0.12%
Republic of Austria Government Bond 2,487,088 0.40% French Republic Government Bond OAT 641,291 0.11%
Inmarsat Plc 2,384,527 0.38% Liberty Media Corp-Liberty SiriusXM 613,233 0.10%
Republic of Germany 2,383,857 0.38% Microsoft Corp 592,580 0.10%
Cigna Corp 2,314,638 0.37% Deutsche Lufthansa AG 591,447 0.10%
Finland Government Bond 1,976,982 0.32% Adobe Systems Inc 583,398 0.10%
Hiscox Ltd 1,828,345 0.29% Kubota Corp 575,064 0.10%
Inchcape Plc 1,715,965 0.28% Anheuser-Busch InBev SA/NV 574,983 0.10%
Burberry Group Plc 1,667,054 0.27% Akamai Technologies Inc 565,954 0.09%
Deutsche Bank AG 1,658,850 0.27% DNO ASA 553,607 0.09%
Other issuers 27,418,837 4.39% Other issuers 10,039,415 1.68%
Total 48,355,635 7.75% Total 16,050,133 2.69%
iShares Euro Government Bond Index Fund (LU) iShares Pacific ex Japan Equity Index Fund (LU)
Inmarsat Plc 3,768,961 0.89% British American Tobacco Plc 5,376,510 1.52%
Cigna Corp 3,658,495 0.86% TUI AG 3,024,773 0.85%
Hiscox Ltd 2,889,865 0.68% ORIX Corp 2,858,710 0.81%
Inchcape Plc 2,712,238 0.64% Vodafone Group Plc 2,327,871 0.66%
Burberry Group Plc 2,634,930 0.62% Abercrombie & Fitch Co 2,058,601 0.58%
Deutsche Bank AG 2,621,963 0.62% Skylark Co Ltd 2,027,152 0.57%
Atlas Copco AB ‘B’ 2,467,425 0.58% Kubota Corp 1,887,661 0.53%
WH Smith Plc 2,290,843 0.54% Anheuser-Busch InBev SA/NV 1,887,394 0.53%
British American Tobacco Plc 2,112,959 0.50% E.ON SE 1,877,518 0.53%
Gjensidige Forsikring ASA 1,933,301 0.45% United States Treasury 1,838,822 0.52%
Total 53,136,102 12.50% Total 75,331,382 21.29%
iShares Global Government Bond Index Fund (LU) iShares World Equity Index Fund (LU)
United States Treasury 721,085 0.20% United States Treasury 2,147,202 0.23%
Inmarsat Plc 710,960 0.20% United Kingdom Gilt 1,930,450 0.21%
Man Group Plc 520,615 0.14% French Republic Government Bond OAT 1,840,469 0.20%
Fielmann AG 512,350 0.14% Republic of Germany 1,823,032 0.19%
TJX Cos Inc/The 421,740 0.12% Intermediate Capital Group Plc 1,208,546 0.13%
J Front Retailing Co Ltd 421,738 0.12% Electrocomponents Plc 1,208,544 0.13%
CRH Plc 421,718 0.12% Liberty Media Corp-Liberty SiriusXM 1,203,048 0.13%
Associated British Foods Plc 421,698 0.12% Kubota Corp 1,139,199 0.12%
Hartford Financial Services Group Inc/The 421,676 0.12% Anheuser-Busch InBev SA/NV 1,139,038 0.12%
Royal Dutch Shell Plc 421,649 0.12% DNO ASA 1,096,694 0.12%
Total 13,040,887 3.59% Total 55,950,562 5.95%
United States Treasury 2,028,231 1.10% No securities collateral received from a single issuer, in relation
Republic of Germany 2,021,807 1.09% to efficient portfolio management has exceeded 20% of any of
French Republic Government Bond OAT 1,932,957 1.04% the respective Funds’ NAV at the year end date.
United Kingdom Gilt 1,785,966 0.96%
Liberty Media Corp-Liberty SiriusXM 1,240,895 0.67% None of the Funds have been fully collateralised in securities
Landstar System Inc 1,240,891 0.67% issued or guaranteed by an EU member state at the year
Kenedix Inc 1,240,886 0.67% end date.
Ashmore Group Plc 1,138,669 0.62%
Chugai Pharmaceutical Co Ltd 1,019,140 0.55%
AECOM 932,591 0.50%
Other issuers 20,592,284 11.13%
Total 35,174,317 19.00%

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31 March 2018

Blackrock Global Index Funds en Emea Annual Report March 2018

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Blackrock Global Index Funds en Emea Annual Report March 2018

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Annual Report and Audited Accounts

BlackRock Global Index Funds

Chairman’s Letter to Shareholders 4

Investment Advisers’ Report 7

Statement of Net Assets  20

Three Year Summary of Net Asset Values 22

Statement of Operations and Changes in Net Assets 24

Statement of Changes in Shares Outstanding 27

Notes to the Financial Statements 135

Audit Report 142

Appendix I – Share Classes (Unaudited) 143

Appendix II – Global Market Risk Exposure (Unaudited) 144

Supplementary Information (Unaudited) 145

Annual Report and Audited Accounts[1]

Board of Directors Legal Advisers

Listing Agent, Registrar and Transfer Agent

[2] BlackRock Global Index Funds (BGIF)

Sweden: Registered Office

Purchases and Sales

Annual Report and Audited Accounts[3]

[4] BlackRock Global Index Funds (BGIF)

Annual Report and Audited Accounts[5]

Former Fund Name New Fund Name

[6] BlackRock Global Index Funds (BGIF)

iShares Emerging Markets Equity Index Fund (LU) b1

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

Annual Report and Audited Accounts[7]

iShares MSCI Europe Index Replicating Equity Fund Performance

[8] BlackRock Global Index Funds (BGIF)

Cash management, efficient portfolio management techniques Tracking Error

Fund Tracking Perfor­ Tracking Explanation of the tracking difference

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

Annual Report and Audited Accounts[9]

Fund Tracking Perfor­ Tracking Explanation of the tracking difference

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

[10] BlackRock Global Index Funds (BGIF)

Fund Anticipated Realised tracking Explanation

Annual Report and Audited Accounts[11]

[12] BlackRock Global Index Funds (BGIF)

Annual Report and Audited Accounts[13]

[14] BlackRock Global Index Funds (BGIF)

Michael Gruener (German) (appointed 21 December 2017) :

Annual Report and Audited Accounts[15]

in accordance with applicable UK and European regulations

[16] BlackRock Global Index Funds (BGIF)

Annual Report and Audited Accounts[17]

[18] BlackRock Global Index Funds (BGIF)

Annual Report and Audited Accounts[19]

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

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

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

Approved on behalf of the Board of Directors

Date 26 July 2018 Date 26 July 2018

[20] BlackRock Global Index Funds (BGIF)

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

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

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

Annual Report and Audited Accounts[21]

Currency 31 March 2018 31 March 2017 31 March 2016

iShares Emerging Markets Equity Index Fund (LU)

iShares Emerging Markets Government Bond

iShares Europe Equity Index Fund (LU)

iShares Euro Aggregate Bond Index Fund (LU)

iShares Euro Government Bond Index Fund (LU)

Chairman’s Letter to Shareholders 4

Investment Advisers’ Report 7

Statement of Net Assets 20

Three Year Summary of Net Asset Values 22

Statement of Operations and Changes in Net Assets 24

Statement of Changes in Shares Outstanding 27

Notes to the Financial Statements 135

Audit Report 142

Appendix I – Share Classes (Unaudited) 143

Appendix II – Global Market Risk Exposure (Unaudited) 144

Supplementary Information (Unaudited) 145

Annual Report and Audited Accounts[1]

Annual Report and Audited Accounts[3]

Annual Report and Audited Accounts[5]

Annual Report and Audited Accounts[7]

Fund Tracking Perfor Tracking Explanation of the tracking difference

Annual Report and Audited Accounts[9]

Fund Tracking Perfor Tracking Explanation of the tracking difference

Annual Report and Audited Accounts[11]

Annual Report and Audited Accounts[13]

Annual Report and Audited Accounts[15]

in accordance with applicable UK and European regulations

Annual Report and Audited Accounts[17]

Annual Report and Audited Accounts[19]

Annual Report and Audited Accounts[21]

Annual Report and Audited Accounts[23]

Annual Report and Audited Accounts[25]

Annual Report and Audited Accounts[27]

Annual Report and Audited Accounts[29]

Annual Report and Audited Accounts[31]