Blackrock Sample Financial Reporting

Annual report and
audited financial statements

BlackRock UCITS Funds
For the year ended 31 March 2018

BLACKROCK UCITS FUNDS
CONTENTS Page
Overview
General information 1
Background 2
Performance
Investment Manager’s report 6
Governance
Statement of the Manager’s responsibilities 27
Report of the Trustee to the unitholders 28
Independent Auditors’ report 29
Financial Statements
Income statement 31
Statement of changes in equity 37
Statement of changes in net assets attributable to redeemable participating unitholders 40
Balance sheet 43
Notes to the financial statements 49
Schedules of investments 133
Additional Information and Regulatory Disclosures (Unaudited)

Schedules of material purchases and sales 443
Calendar year performance 474
Regulatory disclosures 476
Report on remuneration 479
Supplementary information 483
Glossary 491
Benchmark index disclaimers 494
This annual report and audited financial statements (the “Report and Accounts”) may be translated into other languages. Any such
translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the
extent that there is any inconsistency between the English language Report and Accounts and the Report and Accounts in another
language, the English language Report and Accounts will prevail, except to the extent (and only to the extent) that it is required by law
of any jurisdiction where the units are sold, that in an action based upon disclosure in a Report and Accounts in a language other than
English, the language of the Report and Accounts on which such action is based shall prevail. Any disputes as to the terms of the Report
and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws
of Ireland.
Please note that no notification for the distribution of units according to section 323 of the German Capital Investment Code
(Kapitalanlagegesetzbuch) has been made for the following Sub-Funds: BlackRock Customised Euro Non-Sovereign Bond Index Fund
1, BlackRock Diversified Distribution Fund, BlackRock Diversified Strategies Selection Fund, BlackRock Dynamic Allocation Fund,
BlackRock Euro Cash Fund, BlackRock Euro Sovereign Bond Index Fund 1, BlackRock Fixed Income Selection Fund, BlackRock
Global Equity Selection Fund, BlackRock Mix Fonds 1, BlackRock Mix Fonds 2, BlackRock Mix Fonds 3, BlackRock Mix Fonds 4,
BlackRock Mix Fonds 5, BlackRock Multi Asset Balanced Selection Fund, BlackRock Multi Asset Conservative Selection Fund,
BlackRock Multi Style Strategy Fund, BlackRock UK Credit Screened Fund, BlackRock Emerging Markets Equity Impact Fund and
BlackRock UK Equity Income Fund. Therefore, units of these Sub-Funds may not be distributed in the Federal Republic of Germany.
For Swiss Investors: The prospectus, Trust Deed, the Key Investor Information Documents (“KIID”), the Fund’s latest published audited
Annual Report and Accounts and latest unaudited Semi-annual Report and Accounts, as applicable and a detailed list of investments
purchased and sold for each Sub-Fund during the year may be obtained on request and free of charge from the Representative in
Switzerland.
For German Investors: The prospectus, KIID and a full statement of portfolio changes are available, free of charge, from the German
Information Agent.
The Fund is duly registered with the Comisión Nacional de Mercado de Valores in Spain under number 1646.
GENERAL INFORMATION
Directors of the Manager1 Sub-Investment Manager4

William Roberts (Chairman) (British but Irish resident) BlackRock Financial Management, Inc.
Graham Bamping (British) 40 East 52nd Street
Patrick Boylan (Irish) New York
Paul Freeman (British) NY 10022
Justin Mealy (Irish) United States of America
Desmond Murray (Irish)
Barry O’Dwyer (Irish) Manager
Linda Silcock (British) BlackRock Asset Management Ireland Limited
Adele Spillane (Irish) J.P. Morgan House
International Financial Services Centre
1
All Directors are non-executive Dublin 1
Ireland
Administrator, Registrar and Transfer Agent
J.P. Morgan Administration Services (Ireland) Limited Trustee
J.P. Morgan House J.P. Morgan Bank (Ireland) plc
International Financial Services Centre J.P. Morgan House
Dublin 1 International Financial Services Centre
Ireland Dublin 1
Ireland
Secretary of the Manager
Sanne Corporate Administration Services Ireland Limited Independent Auditors
Fourth Floor PricewaterhouseCoopers
76 Baggot Street Lower Chartered Accountants and Registered Auditors
Dublin 2 One Spencer Dock
Ireland North Wall Quay
Dublin 1
Irish Legal Advisers Ireland
Matheson
70 Sir John Rogerson's Quay Representative in Switzerland
Dublin 2 BlackRock Asset Management Schweiz AG
Ireland Bahnhofstrasse 39
8001 Zürich
Investment Manager, Promoter, Distributor and Switzerland
Securities Lending Agent
BlackRock Advisors (UK) Limited Paying Agent in Switzerland
12 Throgmorton Avenue State Street Bank International GmbH
London EC2N 2DL Munich, Zürich Branch
United Kingdom Beethovenstrasse 19
8027 Zürich
Sub-Investment Manager2 Switzerland
BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue Information Agent in Germany
London EC2N 2DL State Street Bank International GmbH
United Kingdom Biennerstrasse 59
80333 Munich
Sub-Investment Manager3 Germany
BlackRock Institutional Trust Company, N.A.
400 Howard Street
San Francisco
California 94105
United States of America
2
Sub-Investment Manager for BlackRock Diversified Strategies Selection Fund, BlackRock Euro Cash Fund, BlackRock Fixed
Income Selection Fund, BlackRock Global Equity Selection Fund, BlackRock Multi Asset Balanced Selection Fund and BlackRock
Multi Asset Conservative Selection Fund.
3
Sub-Investment Manager for BlackRock Emerging Markets Alpha Tilts Fund.
4
Sub-Investment Manager for BlackRock Emerging Markets Equity Impact Fund and BlackRock Multi Style Strategy Fund.
1
BACKGROUND
BlackRock UCITS Funds (the “Fund”) is an open-ended unit trust established on 29 June 2007 as an umbrella fund under the laws of
Ireland. The Fund is constituted by the Trust Deed dated 28 June 2007 between BlackRock Asset Management Ireland Limited (the
“Manager”) and J.P. Morgan Bank (Ireland) plc (the “Trustee”) and subsequently by an amended and restated Trust Deed between the
Manager and the Trustee dated 4 December 2009 and any deeds supplemental thereto. The Fund is authorised and supervised by the
Central Bank of Ireland (“CBI”) pursuant to the provisions of the European Communities (Undertaking for Collective Investment in
Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”).
The Fund is structured as an umbrella fund in that it may be divided into different classes of units (“unit class”) with one or more classes
representing a separate Sub-Fund (“Sub-Fund”) of the Fund. Each Sub-Fund will represent a separate portfolio of assets and may
consist of one or more unit classes. Each unit class may apply different subscription and redemption provisions, charges, fees or
brokerage arrangements. The creation of an additional class of units will be notified to the CBI in advance. The portfolio of assets
maintained for each Sub-Fund will be invested in accordance with the investment objectives and policies applicable to each Sub-Fund
as set out in the prospectus. The assets of each Sub-Fund shall belong exclusively to that Sub-Fund, shall be segregated from the
assets of other Sub-Funds, shall not be used to discharge directly or indirectly the liabilities of or claims against any other Sub-Fund
and shall not be available for any such purpose.
The term “Sub-Funds” shall be deemed to mean either the Sub-Funds of the Fund, or if the context so requires, the Manager or its
delegate acting for the accounts of the relevant Sub-Funds. The terms “BlackRock” and “Investment Manager” are used to
represent BlackRock Advisors (UK) Limited as appropriate. The term ''Group Company'' is used to represent BlackRock, Inc. group
companies and any of their affiliates and connected persons.
The Fund had 22 Sub-Funds in operation as at 31 March 2018.

Investment
Sub-Fund name Benchmark index
management approach
BlackRock Customised Euro Non-Sovereign Bond Bloomberg Barclays Euro Aggregate ex Treasury-Custom
Non-replicating
Index Fund 11 Exclusions Index
30% Barclays Global Corporate Index – Euro Hedged,
20% J.P. Morgan Global Diversified EMBI Index – Euro
Hedged, 5% J.P. Morgan Government Bond Index –
Emerging Markets Global Diversified Index, 30% Bank of
BlackRock Diversified Distribution Fund2/3 America Merrill Lynch Global HY Constrained Index Active
HWOC – Euro Hedged, 5% MSCI World ex EMU Index –
Euro Hedged, 5% Global Treasury Index (Excluding Italy)
and 5% J.P. Morgan Corporate Emerging Markets Broad
Index CEMBI Broad Diversified Index – Euro Hedged
BlackRock Emerging Markets Sovereign Screened J.P. Morgan Government Bond Index – Emerging Markets
Active
Bond Fund2 Global Diversified Emerging Index
BlackRock Euro Sovereign Bond Index Fund 11 Bloomberg Barclays Euro Aggregate Treasury Bond Index Non-replicating
80% Barclays Global Aggregate Euro Hedged Index, 10%
BlackRock Mix Fonds 12 Bank of America Merrill Lynch 7 Libid and 10% MSCI All Active
Country World Index (All denominated in Euro)
2 70% Barclays Euro Aggregate Bond Index and 30% MSCI
BlackRock Mix Fonds 2 Active
All Country World Index (All denominated in Euro)
BlackRock Multi Style Strategy Fund2 Euro Overnight Index Average (EONIA) + 100 bps Active
BlackRock Developed Markets Sovereign Screened
Bloomberg Barclays Global Treasury Index (customised) Active
Bond Fund2
BlackRock Diversified Strategies Selection Fund N/A4 Active
2
BlackRock Dynamic Allocation Fund Euro Overnight Index Average (EONIA) Active
BlackRock Euro Cash Fund2 7-Day EUR LIBID Cash Management
4
BlackRock Fixed Income Selection Fund N/A Active
50% MSCI Europe Index and 50% MSCI All Country World
BlackRock Global Equity Selection Fund2 Active
ex Europe Index
1
Please refer to tracking error section for further information on non-replicating Sub-Funds.
2
The Sub-Funds are not managed by reference to a benchmark index. The benchmark indices included in the table above are provided for
reference only.
3
The BlackRock Diversified Distribution Fund fully redeemed on 7 July 2017.
4
These Sub-Funds do not have a benchmark.
2
BACKGROUND (continued)
Investment
Sub-Fund name Benchmark index
management approach
BlackRock Multi Asset Balanced Selection Fund N/A1 Active
BlackRock Multi Asset Conservative Selection Fund N/A1 Active
iBoxx Sterling Corporate ex Tier 1 and Upper Tier 2 with a
BlackRock UK Credit Screened Fund2 Active
2% issuer cap
BlackRock Defensive Yield Fund2 3 Month EURIBOR Index Active
BlackRock Emerging Markets Alpha Tilts Fund2 MSCI Emerging Markets Index (Net) Active
2
BlackRock Emerging Markets Equity Impact Fund MSCI Emerging Markets Index (Net) Active
2
BlackRock UK Equity Income Fund FTSE All-Share TR Index Active
1
These Sub-Funds do not have a benchmark.
2
The Sub-Funds are not managed by reference to a benchmark index. The benchmark indices included in the table above are provided for
reference only.
Changes to the Fund during the year
On 15 May 2017, an updated prospectus was issued for the Fund to facilitate the launch of BlackRock UK Equity Income Fund and
BlackRock Defensive Yield Fund.
On 25 May 2017, BlackRock Defensive Yield Fund commenced trading with the launch of the Class D Accumulating, Class D
Distributing, Class D CHF Hedged Accumulating, Class Z Accumulating, Class Z CHF Hedged Accumulating and Flexible
Accumulating Unit Class.
On 21 June 2017, BlackRock UK Equity Income Fund commenced trading with the launch of the Class A Accumulating, Class A
Distributing, Class D Accumulating, Class D Distributing, Class X Accumulating, Class Z Accumulating and Class Z Distributing.
On 10 August 2017, an updated prospectus was issued for the Fund to facilitate the following changes:
• Inclusion of Class A units for BlackRock Global Equity Selection Fund, BlackRock Fixed Income Selection Fund, BlackRock
Multi Asset Conservative Selection Fund and BlackRock Defensive Yield Fund.
• Revision of list of and information for Directors of the Fund.
• Inclusion of new disclosure regarding the European Union (“EU”) Benchmarks Regulation.
On 15 September 2017, Castlewood Corporate Services Limited trading as Chartered Corporate Services (“CCS”), the Secretary
of the Manager, changed its name from CCS to Sanne Corporate Administration Services Ireland Limited.
On 6 October 2017, an updated prospectus was issued for the Fund to facilitate the following changes:
• Inclusion of BlackRock Emerging Markets Alpha Tilts Fund.
• Updating of the investment policies for BlackRock Global Equity Selection Fund, BlackRock Fixed Income Selection Fund,
BlackRock Diversified Strategies Selection Fund, BlackRock Multi Asset Balanced Selection Fund and BlackRock Multi Asset
Conservative Selection Fund to permit securities lending by these Sub-Funds.
• Updating of subscription fee details for certain unit classes of certain Sub-Funds.
• Revision of the definition of "Accumulating Classes" and "Distributing Classes".
• Inclusion of new risk factor with respect to capital gains tax regulation in Brazil.
• Updating of risk factors with respect to sanctions against certain issuers in Russia.
On 12 December 2017, BlackRock Emerging Markets Alpha Tilts Fund commenced trading with the launch of the Class D
Accumulating, Class Z Accumulating, Institutional Accumulating Unit Class and Flexible Accumulating Unit Class.
In accordance with new rules effective January 2018 pursuant to EU Directive 2014/65/EU on markets in financial instruments
referred to as "MiFID II", any external research received by the Investment Manager in connection with investment services that
the Investment Manager provides to the Sub-Funds will be paid for by the Investment Manager out of its own resources.
3
Changes to the Fund during the year (continued)
On 1 February 2018, an updated prospectus was issued for the Fund to facilitate the following changes:
• Inclusion of BlackRock Emerging Markets Equity Impact Fund.
• In relation to BlackRock Mix Fonds 1, updating to reflect that the Investment Manager will use the commitment approach instead
of Relative VaR, to monitor and manage the global exposure of the Sub-Fund.
• Inclusion of information relating to the authorised intermediaries under the “Important Information” section.
• Inclusion of updates in relation to EU Directive 2014/65/EU on markets in financial instruments (“MiFID II”).
• Updating of risk factors with respect to MiFID II Risk.
• Inclusion of a definition for "Class D Units".
• Amendment of the criteria for “Typical Investor” from Retail and Institutional to Retail and Professional.
• Revision of the disclosures in relation to Conflicts of Interest.
On 28 February 2018, BlackRock Emerging Markets Equity Impact Fund commenced trading with the launch of the Class A
Accumulating and Flexible Accumulating Unit Class.
Changes to the Board of Directors of the Manager
With effect from 1 June 2017, Linda Silcock was appointed as a non-executive Director of the Manager.
With effect from 6 June 2017, Patrick Boylan was appointed as a non-executive Director of the Manager.
Potential implications of Brexit
In a referendum held on 23 June 2016, the electorate of the United Kingdom (“UK”) resolved to leave the EU. The result has led to
political instability and economic uncertainty, volatility in the financial markets of the UK and more broadly across the EU.
The longer term process to implement the political, economic and legal framework between the UK and the EU is likely to lead to
continuing uncertainty and periods of exacerbated volatility in both the UK and in wider European markets. In particular, the decision
made in the British referendum may lead to a call for similar referendums in other European jurisdictions which may also cause
increased economic volatility in wider European and global markets. The potential currency volatility resulting from this uncertainty
may mean that the returns of a Sub-Fund and its investments are adversely affected by market movements. This may also make
it more difficult, or more expensive, for a Sub-Fund to execute prudent currency hedging policies.
This mid to long term uncertainty may have an adverse effect on the economy generally and on the ability of a Sub-Fund and its
investments to execute their respective strategies and to receive attractive returns, and may also result in increased costs to a Sub-
Fund.
Total expense ratio
The total expense ratio (“TER”) shown below expresses the sum of all fees, operating costs and expenses, with the exception of
direct trading costs and the performance fees (where applicable), charged to each Sub-Fund’s assets as a percentage of the
average Sub-Fund assets based on a twelve month period ended 31 March 2018.
Sub-Fund name Class of the Sub-Fund 31 March 2018 TER (%)

BlackRock Customised Euro Non-Sovereign
EUR - Institutional Accumulating Unit Class 0.09
Bond Index Fund 11
BlackRock Diversified Distribution Fund1/2 EUR - Institutional Distributing Unit Class 0.25
BlackRock Emerging Markets Sovereign Screened
EUR - Flexible Distributing Unit Class 0.27
Bond Fund
BlackRock Euro Sovereign Bond Index Fund 11 EUR - Institutional Accumulating Unit Class 0.07
BlackRock Mix Fonds 11 Class R Accumulating 0.42
BlackRock Multi Style Strategy Fund Class U Accumulating 1.00
BlackRock Developed Markets Sovereign EUR - Flexible Accumulating Unit Class 0.11
Screened Bond Fund EUR - Flexible Distributing Unit Class 0.11
Class D Accumulating 1.12
BlackRock Diversified Strategies Selection Fund1
Class E Accumulating 2.42
Flexible Accumulating Unit Class 0.16
BlackRock Dynamic Allocation Fund1
Institutional Accumulating Unit Class 0.53
1
Includes operating costs and expenses of the underlying Sub-Fund investments.
2
TER is annualised.
4
Total expense ratio (continued)
Sub-Fund name Class of the Sub-Fund 31 March 2018 TER (%)

1 Class D Accumulating 0.30
BlackRock Euro Cash Fund
BlackRock Fixed Income Selection Fund1
BlackRock Global Equity Selection Fund1
BlackRock Multi Asset Balanced Selection Fund1
BlackRock Multi Asset Conservative Selection Fund1
BlackRock UK Credit Screened Fund1
Flexible Distributing Unit Class 0.02
Class D CHF Hedged Accumulating 0.23
Class D Distributing 0.23
BlackRock Defensive Yield Fund1/2
Class Z Accumulating 0.19
Class Z CHF Hedged Accumulating 0.19
BlackRock Emerging Markets Alpha Tilts Fund2
Institutional Accumulating Unit Class 0.74
Class A Accumulating n/a
BlackRock Emerging Markets Equity Impact Fund2/3
Class A Accumulating 1.51
Class A Distributing 1.51
BlackRock UK Equity Income Fund1/2 Class D Distributing 0.77
Class X Accumulating 0.08
Class Z Distributing 0.57
1
Includes operating costs and expenses of the underlying Sub-Fund investments.
2
TER is annualised.
3
TER is not available. The unit class launched on 28 February 2018.
Transactions with Connected Parties
In accordance with the requirements of the CBI, the Manager shall ensure that any transactions carried out between the Sub-Funds
and the Manager or Depositary to the Sub-Funds, the delegates or sub-delegates of the Manager or Depositary (excluding any
non-group company sub-custodian appointed by a Depositary) and any associated or Group company of the Manager, Depositary,
delegate or sub-delegate (“Connected Parties”) must be conducted at arm’s length and in the best interests of the unitholders.
The Board of Directors of the Manager are satisfied that there are arrangements in place, evidenced by written procedures, to
ensure that the obligations set out above are applied to all transactions with Connected Parties and that transactions with
Connected Parties entered into during the year complied with this obligation.
5
INVESTMENT MANAGER’S REPORT
INVESTMENT OBJECTIVE
BlackRock Customised Euro Non-Sovereign Bond Index Fund 1
The BlackRock Customised Euro Non-Sovereign Bond Index Fund 1’s investment objective is to provide a total return, taking into
account both capital and income returns, which reflects the return of the Bloomberg Barclays Euro Aggregate ex Treasury-Custom
Exclusions Index.
BlackRock Diversified Distribution Fund
The BlackRock Diversified Distribution Fund’s investment objective was to seek to provide investors with an annual income as well
as a total return over the long term, through investment in a diversified portfolio of fixed income securities and, to a limited extent,
equity securities.
BlackRock Emerging Markets Sovereign Screened Bond Fund
The BlackRock Emerging Markets Sovereign Screened Bond Fund’s investment objective is to seek to provide investors with
diversified exposure primarily to emerging market government bond markets globally.
BlackRock Euro Sovereign Bond Index Fund 1
The BlackRock Euro Sovereign Bond Index Fund 1’s investment objective is to provide a total return, taking into account both
capital and income returns which, reflects the return of the Bloomberg Barclays Euro Aggregate Treasury Bond Index.
BlackRock Mix Fonds 1
The BlackRock Mix Fonds 1’s investment objective is to seek to achieve capital growth over the long term commensurate with the
target risk profile of the Sub-Fund in respect of its asset allocation.
BlackRock Multi Style Strategy Fund
The BlackRock Multi Style Strategy Fund’s investment objective is to achieve an absolute return for investors regardless of market
movements over the targeted investment horizon.
BlackRock Developed Markets Sovereign Screened Bond Fund
The BlackRock Developed Markets Sovereign Screened Bond Fund’s investment objective is to seek to provide investors with
diversified exposure primarily to developed government bond markets globally.
BlackRock Diversified Strategies Selection Fund
The BlackRock Diversified Strategies Selection Fund’s investment objective is to seek to provide investors with an absolute return
over the targeted investment horizon with limited correlation to market movements.
6
INVESTMENT MANAGER’S REPORT (continued)
INVESTMENT OBJECTIVE (continued)
BlackRock Dynamic Allocation Fund
The BlackRock Dynamic Allocation Fund’s investment objective is seek to provide a total return over the medium to long term, in
the form of both capital growth and income.
The BlackRock Euro Cash Fund’s investment objective is to invest 100% of its assets in the Institutional Euro Liquidity Fund, a
sub-fund of Institutional Cash Series plc.
BlackRock Fixed Income Selection Fund
The BlackRock Fixed Income Selection Fund’s investment objective is to seek to maximise total return over the long-term while
seeking to maintain a defensive level of risk.
BlackRock Global Equity Selection Fund
The BlackRock Global Equity Selection Fund’s investment objective is to seek to provide investors with capital growth over the
long term.
BlackRock Multi Asset Balanced Selection Fund
The BlackRock Multi Asset Balanced Selection Fund’s investment objective is to seek to provide investors with capital growth over
the long term while seeking to maintain a moderate level of risk.
BlackRock Multi Asset Conservative Selection Fund
The BlackRock Multi Asset Conservative Selection Fund’s investment objective is to seek to maximise total return over the long-
term while seeking to maintain a conservative level of risk.
BlackRock UK Credit Screened Fund
The BlackRock UK Credit Screened Fund’s investment objective is to provide investors with diversified exposure to corporate credit
issuers predominantly issuing Sterling denominated fixed income securities.
BlackRock Defensive Yield Fund
The BlackRock Defensive Yield Fund’s investment objective is to seek to provide income while preserving capital by investing
predominantly in fixed income securities.
BlackRock Emerging Markets Alpha Tilts Fund
The BlackRock Emerging Markets Alpha Tilts Fund’s investment objective is to seek to provide investors with capital growth over
the long term.
BlackRock Emerging Markets Equity Impact Fund
The BlackRock Emerging Markets Equity Impact Fund’s investment objective is to seek to provide investors with capital growth
over the long term.
BlackRock UK Equity Income Fund
The BlackRock UK Equity Income Fund’s investment objective is to seek to provide a total return, in the form of both capital growth
and income.
7
FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR
Fund Performance
Disclosed in the table on pages 9 and 10 are the performance returns for the primary unit class for each Sub-Fund, net of fees,
which has been selected as a representative unit class. Performance returns for any other unit class can be made available on
request.
Calculation methodology is based on industry standards.
Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product.
All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and
your initial investment amount cannot be guaranteed. The Sub-Fund may invest a large portion of assets which are denominated
in currencies other than base currency; hence changes in the relevant exchange rate will affect the value of the investment. The
performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of units. Levels
and bases of taxation may change from time to time. Subscriptions may be made only on the basis of the current prospectus, of
which the most recent annual report and audited accounts and interim report and unaudited accounts as well as KIIDs form an
integral part. Copies are available from Investor Services, the Transfer Agent, the Management Company or any of the
Representatives or Distributors.
The returns are net of management fees and expenses. Due to the accounting policy requirements under FRS 102 “The Financial
Reporting Standard applicable in the UK and Republic of Ireland” which apply to the financial statements, there may be differences
between the net asset value (“NAV”) per unit as recorded in the financial statements and the NAV per unit as calculated in
accordance with the valuation methodology as set out in the prospectus. Details of the difference between the NAV as calculated
in accordance with the valuation methodology as set out in the prospectus and the NAV as per the financial statements are set out
in the notes to the financial statements.
Tracking Difference and Tracking Error
Tracking difference is defined as the difference in returns between a Sub-Fund and its benchmark index.
Realised tracking error is the annualised standard deviation of the difference in monthly returns between a Sub-Fund and its
benchmark index. Tracking error shows the consistency of the returns relative to the benchmark index over a defined period of
time.
Anticipated tracking error is based on the expected volatility of differences between the returns of a Sub-Fund and the returns of
its benchmark index.
For physically replicating Sub-Funds, the investment management approach is to buy a portfolio of securities that as far as
practicable consist of the securities that make up the benchmark index, in similar proportion to the weights represented in the
benchmark index.
For non-replicating Sub-Funds, the investment management approach aims to match the main risk characteristics of the benchmark
index by investing in a portfolio that is primarily made up of securities that represent the benchmark index. The objective is to
generate a return which is as close as practicable to the total return of the index net of transaction costs and gross of fees and
other costs.
Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and
currency hedging can have an impact on tracking error. Importantly, these impacts can be either positive or negative depending
on the underlying circumstances.
In addition to the above, the Sub-Funds may also have a tracking error due to withholding tax suffered by the Sub-Funds on any
income received from its investments. The level and quantum of tracking error arising due to withholding taxes depends on various
factors such as any reclaims filed on behalf of the Sub-Funds with various tax authorities, any benefits obtained by the Sub-Funds
under a tax treaty or any securities lending activities carried out by the Sub-Funds.
8
FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued)
The performance of the Sub-Funds for the year under review is shown below:
Return for the

year ended
31 March 2018
Sub-Fund Benchmark
Sub-Fund name % %
BlackRock Diversified Distribution Fund1/2/3
3.28 3.69
- EUR - Institutional Distributing Unit Class
BlackRock Emerging Markets Sovereign Screened Bond Fund1/3/9
(2.02) (1.74)
- EUR - Flexible Distributing Unit Class
(0.29) 0.17
- Class R Accumulating
1.28 1.60
0.70 1.06
0.06 0.50
(0.46) (0.08)
BlackRock Multi Style Strategy Fund3
(1.33) 0.64
- Class U Accumulating
BlackRock Developed Markets Sovereign Screened Bond Fund3/9
0.14 0.66
- EUR - Flexible Accumulating Unit Class
(0.39) n/a
- Class D Accumulating
4.16 (0.35)
- Flexible Accumulating Unit Class
BlackRock Euro Cash Fund3
(0.83) (0.54)
0.67 n/a
BlackRock Global Equity Selection Fund3
1.01 (0.19)
0.24 n/a
0.04 n/a
BlackRock UK Credit Screened Fund3/9
1.53 1.36
BlackRock Defensive Yield Fund3/5
0.79 (0.28)
BlackRock Emerging Markets Alpha Tilts Fund3/6
7.47 5.84
BlackRock Emerging Markets Equity Impact Fund3/7
(1.00) (3.24)
BlackRock UK Equity Income Fund3/8
(5.12) (1.84)
- Class A Accumulating
1
The Sub-Fund return is gross of dividends.
2
The Sub-Fund fully redeemed on 7 July 2017. Returns are shown from the beginning of the financial period to the date the Sub-Fund fully
redeemed.
3
The Sub-Funds are not managed by reference to a benchmark index. The benchmark index returns included in the table above are provided for
reference only.
4
The Sub-Fund does not have a benchmark.
5
The Sub-Fund commenced trading on 25 May 2017. Returns for the year ended 31 March 2018 are shown from 25 May 2017 to the end of the
financial year.
6
The Sub-Fund commenced trading on 12 December 2017. Returns for the year ended 31 March 2018 are shown from 12 December 2017 to the
end of the financial year.
7
The Sub-Fund commenced trading on 28 February 2018. Returns for the year ended 31 March 2018 are shown from 28 February 2018 to the
end of the financial year.
8
The Sub-Fund commenced trading on 21 June 2017. Returns for the year ended 31 March 2018 are shown from 21 June 2017 to the end of the
financial year.
9
Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the net asset value reported in
the financial statements which is the dealing price at 29 March 2018.
9
FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued)
The table below compares the realised Sub-Fund performance against the performance of the relevant benchmark index during the year ended 31 March 2018 and the anticipated
tracking error of the Sub-Funds (disclosed in the prospectus on an ex-ante basis) against the actual realised tracking error of the Sub-Funds as at 31 March 2018 and an explanation of
the tracking difference gross of TER. An explanation of the difference in tracking error is also provided where the realised tracking error is greater than the anticipated tracking error.
The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. Where a Sub-Fund has not been trading for 36 months, the
annualised tracking error since inception has been presented.
Sub-Fund Benchmark Tracking

return for the return for the Tracking difference Realised
year ended 31 year ended difference gross of Anticipated tracking
March 2018 31 March 2018 net of TER TER TER tracking error error Tracking difference
Sub-Fund Name % % % % % % % explanation Tracking error explanation
BlackRock Customised Euro Non-
The Fund performed in line The Fund has tracked its
Sovereign Bond Index Fund 11/2
1.22 1.27 (0.05) 0.09 0.04 Up to 0.20 0.11 with the index before costs benchmark index within its
- EUR - Institutional Accumulating
(TER). anticipated tracking error.
Unit Class
BlackRock Euro Sovereign Bond
The Fund performed in line The Fund has tracked its
Index Fund 11/2
3.07 3.15 (0.08) 0.07 (0.01) Up to 0.20 0.03 with the index before costs benchmark index within its
- EUR - Institutional Accumulating
(TER). anticipated tracking error.
Unit Class
1
The realised tracking error is normally computed from 36 months of returns. The unit class return history is too short to give a statistically significant tracking error.
2
Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the net asset value reported in the financial statements which is the dealing price at 29 March
2018.
10
PERFORMANCE AND ACTIVITY
The Sub-Fund returned 1.22% over the year to 31 March 2018 net of fees against its benchmark, the Bloomberg Barclays Euro
Aggregate ex Treasury-Custom Exclusions Index which returned 1.27%. This is in line with expectations for an index fund.
Over the period from 1 April 2017 to 7 July 2017, the Sub-Fund retained a diversified exposure to a combination of fixed income
assets. The Sub-Fund disinvested from equities in the middle of March 2017 and favoured higher risked fixed income such as high
yield, emerging markets bonds (both local currency and US Dollar) and US Dollar denominated emerging market credits over the
period. However, Global Sovereign Bonds and Investment Grade Credit continued to represent an important allocation for the Sub-
Fund particularly in the management of both economic and regulatory risk.
During this period, performance was positive, at 3.28%, predominantly driven by the impact of risk assets exposure. Key
contributors were the large allocation to core fixed income assets such as Investment Grade Credit, while exposure to riskier assets
(Global High-Yield and Emerging Market debt) delivered strong performance over the period.
The Sub-Fund also benefited from its strategic hedging of all developed currency exposures to Euro. This was particularly evident
with the US Dollar, which represented most of the Sub-Fund’s foreign developed currency exposure, as the Euro gained over 7.7%
against the US Dollar over the period. (Source: Thomson Reuters)
The Sub-Fund returned (2.02)% for the year ending 31 March 2018 against its benchmark, the J.P. Morgan Government Bond
Index – Emerging Markets Global Diversified Emerging Index which returned (1.74)%.
Emerging market debt enjoyed another period of strong performance due to continuous flows into the asset class. However, the
rally didn’t translate into the performance of the index which had a slightly negative performance over the period due to currency
moves over the year. Our overweight positions in Thailand and Malaysia contributed positively to the overall performance, driven
by strong external finance scores. The underweight positions in Brazil and South Africa had a negative impact on performance,
mostly driven by negative scores for Fiscal Space and Willingness to Pay.
The Sub-Fund returned 3.07% for the year ending 31 March 2018, net of management fees, against its benchmark, the Bloomberg
Barclays Euro Aggregate Treasury Index which returned 3.15%. This is in line with expectations for an index fund.
The Sub-Fund returned (0.29)% over the period ended 31 March 2018, underperforming its benchmark which returned 0.17%.
The Sub-Fund’s underperformance versus the benchmark was caused by performance of the underlying funds versus their
respective benchmarks (including premium/discount of iShares ETFs) and management fees.
At the period end of 31 March 2018, the Sub-Fund held 80.11% of its investment in underlying index tracking UCITS with principal
exposure to fixed income securities, 9.92% in underlying index tracking UCITS with principal exposure to equity funds and 9.97%
in cash.
The Sub-Fund returned 1.28% over the period ended 31 March 2018, underperforming its benchmark which returned 1.60%.
respective benchmarks (including premium/discount of iShares ETFs) and management fees.
At the period end of 31 March 2018, the Sub-Fund held 70.17% of its investment in underlying index tracking UCITS with principal
exposure to fixed income securities and 29.83% in underlying index tracking UCITS with principal exposure to equity funds.
respective benchmarks (including premium/ discount of iShares ETFs) and management fees.
1
There is larger than usual performance difference between the Fonds and their respective benchmarks in March 2018 due to the
Bank Holiday weekend which will offset in April 2018.
11
PERFORMANCE AND ACTIVITY (continued)
BlackRock Mix Fonds 31 (continued)
At the end of 31 March 2018, the Sub-Fund held 50.08% of its investment in underlying index tracking UCITS with principal
exposure to fixed income securities, 69.87% in underlying index tracking UCITS with principal exposure to equity funds.
The Sub-Fund returned -0.46% over the period ended 31 March 2018, underperforming its benchmark, which returned -0.08%.
Over the course of the period, the BlackRock Multi Style Strategy Fund delivered marginally negative performance, as a positive
second quarter of 2017 was balanced by negative third and fourth quarters, with the first quarter of 2018 broadly flat. The
Momentum factor was the best performer during the period, led by burgeoning equity markets and a particularly strong trend in US
technology names throughout 2017. Value insights struggled within equities with investors increasingly nervous (in the latter part
of the period under review) around trade tensions between the US and China, rising yields, a weaker US Dollar and weaker
economic surveys – all hinting that the end of the current expansionary cycle may be nearer than many had anticipated. Despite
stronger performance in other asset classes, this was not adequate to offset equity underperformance and thus the Sub-Fund
finished the 12 months in marginally negative territory. Carry posted flat returns driven by strong performance from fixed income
and equities which were offset by more challenged returns in currencies. Quality was the worst performer; a reversal of the story
from 2016 where Quality was the largest driver of returns, as global economic growth led to an increased appetite for risk. This was
mitigated somewhat through the first quarter of 2018 as sentiment weakened.
Single name equities were a drag on performance throughout the period, driven by Value. As mentioned above, Value struggled
in the context of potentially slowing economic conditions. Quality and Low Volatility were hindered by the strong appetite for risk
and the equity bull market seen through the course of 2017. This is not the most advantageous environment for defensive
characteristics of these two style factors. Both came back strongly in the first quarter of 2018 as volatility returned to markets.
Momentum was the standout performer for the asset class with strong trends continuing through much of the period, despite
challenges during the volatility mid-way through quarter one.
Fixed income delivered strong returns over the twelve month period. The highlight was a long position in Swedish rates, driven by
Carry, which continued to deliver as the economy failed to meet inflation targets, causing yields to fall and bond prices to rise. In
the US, yields rose as inflationary pressures increased, benefitting the Sub-Fund’s Carry-driven short position. Efforts to curb rising
inflation by the US Federal Reserve (the “Fed”), who raised interest rates again in March, also contributed to the increase in yields.
Equity market indices also delivered positive performance, driven by selection in both developed and emerging markets. A long in
Taiwan, driven by Momentum and Carry, was additive as large technology players such as Google and Microsoft committed to
further expansion of operations in the country and economic news-flow remained supportive of the local economy. The strategy’s
largest long position in Switzerland, driven by Value and Carry, was also additive, despite more recent pressures from the
appreciation in the Swiss Franc on the country’s export-heavy stock-market. Due to the strength of the economy and local pension
fund buying, a short position in Brazil eroded some of these positives.
Currencies detracted through the period. A short in the Swedish Krona, driven by all three factors, was the best performing position
as weaker than expected inflation increased the risk of a setback for the Riksbank on its path towards removing stimulus. The
portfolio’s long position in the Indian Rupee was the largest detractor, suffering on the back of investor concerns over fiscal
discipline.
1
There is larger than usual performance difference between the Fonds and their respective benchmarks in March 2018 due to the
Bank Holiday weekend which will offset in April 2018.
12
The Sub-Fund returned 0.14% for the year ending 31 March 2018, against its benchmark, the Bloomberg Barclays Global Treasury
Index (customised) which returned 0.66%.
The path towards a less accommodative monetary policy has continued throughout the year with the Fed raising interest rates
again by 25 basis points from 1.50% to 1.75% in quarter one 2018. In this environment the overweight position in Australia
contributed positively to the overall performance. This position is driven by a very strong Fiscal Space and Willingness to Pay
scores. Underweight positions in Italy and Mexico were a drag on total performance. Italy’s underweight position is based on
negative scores for Fiscal Space and External Finance position. Mexico also has a negative Fiscal Space score, but also a negative
score for Willingness to Pay.
The Sub-Fund returned (0.39)% for the twelve months ended 31 March 2018.
During the period, the Sub-Fund exposure has been actively managed with the double objective of ensuring high diversification
between underlying managers and keeping low beta and correlation to equity and fixed income markets.
In quarter two and quarter three 2017, the exposure to unconstrained fixed income, long/short equity quantitative and multi asset
multi manager/factor-based strategies was reduced, mainly in favour of long/short equity fundamental strategies. We also increased
the exposure to the asset allocation strategy. We also slightly increased the exposure to unconstrained emerging markets debt,
reflecting a positive view on the underlying asset class.
In the second half of the period, the exposure to multi manager/factor-based strategies was constantly reduced during the period,
mainly in favour of unconstrained fixed income (both on developed and emerging markets) and long/short equity fundamental
strategies. The exposure to long short equity quantitative was slightly reduced to reach a better risk diversification. Finally, in
February after the equity markets sell off, the exposure to strategies more exposed to the direction of financial markets was
increased.
The level of ex-ante risk remained near or below the lower bound of the range, reflecting a period in which underlying strategies
have been running at a lower-than-normal level of active risk.
The Sub-Fund’s return was slightly negative in the period, with mixed results of the underlying strategies. Flexible fixed income
strategies both on emerging markets and on developed markets recorded positive performance (best contributor BlackRock
Strategic Funds - Emerging Markets Flexi Dynamic Bond Fund). The asset allocation target income strategy (BlackRock Global
Funds - Global Multi-Asset Income Fund) was positive, while multi asset alternative strategies were slightly negative.
Turning to long short equity, fundamental strategies contributed negatively, strongly impacted by the negative performance of
BlackRock Strategic Funds - Emerging Markets Absolute Return Fund while BlackRock Strategic Funds - European Absolute
Return Fund was the best contributor of the overall portfolio. Also the long short equity quantitative strategies contributed negatively.
Finally, the residual exposure to US Dollar, gold and commodities (used as a hedge towards tail risk scenarios or to further diversify
the portfolio) was also a detractor mainly impacted by the weakness of the US Dollar.
The Sub-Fund returned +4.16% (net of fees), outperforming its cash benchmark the Euro Overnight Index Average (EONIA), which
returned (0.35)%.
Over the past twelve months period, the Sub-Fund delivered positive returns, mainly driven by the allocation to developed market
equities and to a smaller extent volatility strategies, fixed income and emerging market equities. The allocation to commodities
detracted from performance over the period.
In equities, strong positive contributions came from exposure to developed market equities, largely helped by strong performance
coming from the bespoke US Policy and Global Brands baskets. Regionally, strong returns came from the allocation to Japanese
equities, particularly smaller more domestically focused companies. Early in the period, we reduced the allocation to European
banks following strong performance from the position. Within developed markets, we continued to add to domestically focused
Japanese equities and in the US, we allocated to smaller more domestically focused companies over larger US companies.
Developed market equity hedging positions, largely concentrated on US equities, detracted in a period of positive equity market
performance but were more than offset by positive performance from US equity exposure held elsewhere in the portfolio. In
emerging market equities, positive returns mainly came from the allocation to broad-based emerging Asian equity markets.
13
BlackRock Dynamic Allocation Fund (continued)
Within fixed income, positive returns were generated from both the allocation to corporate bonds and government bonds as risk
appetite remained strong over 2017 and this helped the yield spread between corporate bonds and government bonds to compress
further. We reduced the portfolio’s allocation to corporate bonds and the portfolio’s allocation to credit over the period. The allocation
to inflation-linked US Treasuries also contributed positively as inflation expectations in the US rose over the period.
Elsewhere, volatility strategies were a key contributor to returns whilst commodity exposures detracted from returns over the period.
As markets began to decline in February equity exposure detracted from returns but the hedging positions provided some
protection. The position in VIX options underpinned performance as the VIX spiked to over 50 on 6 February 2018. We took profits
on the position in the first quarter of 2018. As volatility started to increase, we further reduced equities; the proceeds were diverted
into a combination of government bonds, carry and protection strategies and cash.
The Sub-Fund returned (0.83)%, net of fees, for the year ending 31 March 2018, underperforming its benchmark, the 7-Day EUR
London Interbank Bid Rate, which returned (0.54)%.
During the period, we maintained the Weighted Average Maturities (“WAM”) above 50 days, in line with expectations that rates will
remain low or lower for longer. The additional duration is gained by adding positions in three to six-month maturity money market
instruments, avoiding more deeply negative yields in shorter maturities and reducing reinvestment risk.
We are concentrated on maintaining high levels of liquidity and managing to a longer WAM, due to the impact of current European
Central Bank’s (“ECB”) expansionary policy. The Sub-Fund maintains a large bucket of daily liquid assets at roughly 20% to 25%
of the Sub-Fund. We remain buyers of asset backed commercial paper supported by systemically important banks from our
approved list, largely in sub one-month maturities.
The Sub-Fund returned 0.67% for the twelve months ended 31 March 2018.
During the period, the exposure to directional fixed income funds was marginally reduced in favour of more diversified strategies
and multi asset funds.
In quarter two and quarter three 2017, we reduced the exposure to government bonds and investment grade corporate debt, while
increasing high yield bonds and emerging markets debt in an attempt to increase exposure to risky assets. We also tilted the
exposure inside Euro corporate investment grade towards financials. During the summer the portfolio also increased inflation linked
bonds exposure, aiming at benefitting from an expected rebound in inflation expectations.
The exposure to fixed income absolute return and total return strategies was marginally reduced, with changes made in order to
reach a better level of diversification between the underlying managers.
In the second half of the period, we actively managed the exposure to government bonds and duration, marginally increasing the
latter after the rates sell-off in January/February and reducing inflation linked bonds after their strong performance. As regards
corporate investment grade bonds, after further reducing the overall exposure in the last months of 2017, we marginally increased
the exposure to US corporates. In the emerging markets space, we increased the allocation to Asian markets in November 2017
(by adding the BlackRock Global Funds - Asian Tiger Bond Fund) and reduced the exposure to broad emerging markets strategies
in steps at the beginning of 2018. The exposure to high yield has also been reduced.
Fixed income absolute return and total return strategies were marginally increased, partly reversing previous moves. Among multi
asset strategies, we reduced in different steps the exposure to the multi manager alternative strategy and we increased after
February’s sell off the exposure to the global multi asset income strategy.
The level of ex-ante risk remained near the lower bound of the range, reflecting the low absolute level of risk in financial markets
(which only started to move up in February-March 2018) and the low level of active risk run by many underlying strategies.
Exposure to directional fixed income strategies contributed negatively to the Sub-Fund’s performance, mainly because of the
allocation to US Dollar investment grade corporate bonds euro hedged and emerging markets bonds in hard currency.
The allocation to absolute/total return fixed income strategies was a positive contributor to the overall performance: all the
underlying strategies contributed positively (BlackRock Strategic Funds - Fixed Income Strategies Fund was the best contributor).
Finally, also multi asset strategies were positive, mainly thanks to the asset allocation target income strategy (BlackRock Global
Funds - Global Multi-Asset Income Fund), while the exposure to alternative multi factor and multi manager strategies were flat.
14
The Sub-Fund returned 1.01% for the year ending 31 March 2018, outperforming its benchmark (50% MSCI Europe Index and
50% MSCI All Country World ex Europe Index - in Euro) thanks to positive alpha coming from manager selection, especially in
continental Europe and emerging markets.
The underlying strategies recorded mixed results. The total return on European equites was positive with a strong alpha generation
by underlying managers, in particular for BlackRock Global Funds - Continental European Flexible Fund and BlackRock Global
Funds - United Kingdom Fund. Negative absolute contribution came instead from US equities. Positive was also the contribution
from the exposure to emerging markets equities. The overall style bias was flat. At sector level, strong contribution came from
technology and financials, while the exposure to the energy sector was a detractor from performance.
In quarter two and quarter three 2017, the Sub-Fund reduced its US equities exposure mainly in favour of a global strategy with
focus on dividend growers and Europe. The style allocation in the US was marginally changed in favour of growth. European
market exposure was increased on the back of an improving outlook for the region, sustained above-trend economic expansion
and improving earnings outlook. We increased the exposure to continental Europe, adding to BlackRock Global Funds - Continental
European Flexible Fund, to a dividend-oriented strategy (BlackRock Global Funds - European Equity Income Fund) and to
BlackRock Global Funds - European Special Situations Fund, while we removed from the allocation BlackRock Global Funds -
European Focus Fund and reduced the allocation to a low-tracking-error strategy like BlackRock Strategic Funds - Systematic
European Equity Fund. In terms of sector allocation, we added exposure to information technology, while reducing health care.
In the second half of the period, the Sub-Fund increased its emerging markets exposure in different steps, partially reducing Asian
equity. The exposure to European equities was further rebalanced favouring continental Europe. After the equity sell off in February
we increased US equities, on the back of the strong earnings momentum, corporate tax cuts and fiscal stimulus, while reducing
European equity exposure.
At sector level, the exposure to energy was reduced while increasing financials. We also changed the factor allocation adding to
the portfolio iShares Edge MSCI World Momentum Factor UCITS ETF, while reducing the exposure to iShares Edge MSCI World
Value Factor UCITS ETF.
Finally, we partially hedged the exposure to the Japanese Yen and to the British Pound (in addition to the existing hedge on the
US Dollar), in order to protect the portfolio from potential protracted weakness of these currencies against the Euro.
The Sub-Fund returned 0.24% for the year ending 31 March 2018.
In 2017, on the back of our view that sees upbeat economic growth pushing bond yields up and earnings growth supporting equities,
we reduced the exposure to directional fixed income funds, mainly adding to the portfolio a multi-factor strategy (BlackRock
Strategic Funds - Style Advantage Fund), increasing the weight of the income-oriented strategy (BlackRock Global Funds - Global
Multi-Asset Income Fund) and, in the last months of the period, adding to equity funds.
Within fixed income directional strategies, in quarter two and quarter three 2017 we reduced the exposure to government bonds,
investment grade corporate debt and high yield. We also tilted the exposure inside Euro corporate investment grade towards
financials. During the summer the portfolio also increased inflation linked bonds exposure, aiming at benefitting from an expected
rebound in inflation expectations.
exposure to US corporates. The exposure to emerging markets debt in hard currency was mainly increased in November, focusing
on Asian markets (adding BlackRock Global Funds - Asian Tiger Bond Fund); at the same time we reduced global high yield bonds.
Within the equity portfolio, in quarter two and quarter three of 2017, we reduced US equities and world value factor exposure,
mainly in favour of a global strategy with focus on dividend growers and of European equities. We increased the exposure to
continental Europe, adding to BlackRock Global Funds - Continental European Flexible Fund, to a dividend oriented strategy
(BlackRock Global Funds - European Equity Income Fund) and to BlackRock Global Funds - European Special Situations Fund,
while we removed from the allocation BlackRock Global Funds - European Focus Fund and we reduced BlackRock Strategic Funds
- Systematic European Equity Fund. Moreover, we tilted emerging markets exposure towards Asia.
In the last months of 2017 we increased the overall exposure, mainly adding to European, Japanese and Asian equities. After the
equity sell off in February we increased US equities, on the back of the strong earnings momentum, corporate tax cuts and fiscal
stimulus, while reducing European equity exposure.
15
BlackRock Multi Asset Balanced Selection Fund (continued)

Finally, we partially hedged the exposure to the US Dollar, British Pound and Japanese Yen, in order to protect the portfolio from
potential protracted weakness of these currencies against the Euro.
The level of ex-ante risk remained near or below the lower bound of the range, reflecting the low absolute level of risk in financial
markets (at least until February/March 2018) and the low level of active risk run by many underlying strategies.
Exposure to directional fixed income strategies was negative, mainly because of the allocation to US market and emerging markets
bonds. The other fixed income sectors were positive contributors with BlackRock Global Funds - Global High Yield Bond Fund Euro
hedged as the best contributor.
The exposure to absolute/total return strategies was also a negative contributor in the period, with mixed results of the underlying
strategies: the flexible fixed income strategy on emerging markets debt was positive, while the residual exposure to gold and
commodities was negative, impacted by the weakness of the US Dollar.
Multi asset strategies were positive, thanks to both the asset allocation target income strategy (BlackRock Global Funds - Global
Multi-Asset Income Fund, which recorded a strong performance) and the alternative multi factor strategy. The equity component
was positive in the period, thanks to the strong positive alpha generated by underlying managers, especially in continental Europe
thanks to BlackRock Global Funds - Continental European Flexible Fund and BlackRock Global Funds - European Focus Fund.
Negative absolute contribution came from US equities, while the exposure to Asia and emerging markets was positive in the period.

The Sub-Fund returned 0.04% for the twelve months ended 31 March 2018.
In 2017, on the back of our view that sees upbeat economic growth pushing bond yields up and earnings growth supporting equities,
we reduced the exposure to directional fixed income funds, mainly in favour of equity funds. After the January/February’s sell off in
rates and equities, we marginally increased the exposure to fixed income and equities, reducing the allocation to absolute
return/total return strategies.
Within fixed income directional strategies, in quarter two and quarter three 2017, we reduced the exposure to government bonds,
investment grade corporate debt – mainly Euro corporate - and high yield, while the weight of emerging markets debt was increased.
We also tilted the exposure inside Euro corporate investment grade towards financials. During the summer the portfolio also
increased inflation linked bonds exposure, aiming at benefitting from an expected rebound in inflation expectations.
the exposure to US corporates. The exposure to emerging markets debt in hard currency was mainly increased in November,
focusing on Asian markets (adding BlackRock Global Funds - Asian Tiger Bond Fund); at the same time we reduced global high
yield bonds.
Within the equity portfolio, in the second and third quarters of 2017, we reduced US equities exposure mainly in favour of a global
strategy with focus on dividend growers and Europe. We increased the exposure to continental Europe, adding BlackRock Global
Funds - Continental European Flexible Fund, and to BlackRock Global Funds - European Special Situations Fund, while we
removed from the allocation a low-tracking-error fund like BlackRock Strategic Funds - Systematic European Equity Fund.
Moreover, we tilted emerging markets exposure towards Asia and we added to Japanese equities.
In the second half of the period we increased in different steps the exposure to emerging markets, we added to Japanese equities
and, after the equity sell off in February, we increased US equities, on the back of the strong earnings momentum, corporate tax
cuts and fiscal stimulus, while reducing European equity exposure.
Finally, we continued to partially hedge the exposure to US Dollar, British Pound and Japanese Yen, in order to protect the portfolio
from potential protracted weakness of these currencies against the Euro.
The Sub-Fund increased the allocation to absolute/total return strategies in quarter two and quarter three 2017 (mainly in favour of
fundamental long/short equity strategies) and subsequently partly reduced such exposures in the second half of the period. We
removed from the portfolio the exposure to the BlackRock Strategic Funds - Multi Manager Alternative Strategies Fund, partly
adding to the multi asset income strategy - preferring to take a more directional (beta) exposure to markets - and to long short
equity fundamental strategies.
The level of ex-ante risk remained near or below the lower bound of the range, reflecting the low absolute level of risk in financial
markets (at least until February/March 2018) and the low level of active risk run by many underlying strategies.
Exposure to directional fixed income strategies was marginally negative, mainly because of the allocation to US market and
emerging markets bonds. The other fixed income sectors were positive contributors with BlackRock Global Funds - Global High
Yield Bond Fund Euro hedged as the best contributor.
16
BlackRock Multi Asset Conservative Selection Fund (continued)

The exposure to absolute/total return strategies was also a negative contributor in the period, with mixed results of the underlying
strategies. Flexible fixed income strategies recorded positive results, together with the asset allocation target income strategy
(BlackRock Global Funds - Global Multi-Asset Income Fund). On the other hand, long short equity fundamental strategies
contributed negatively, strongly impacted by the negative performance of BlackRock Strategic Funds - Emerging Markets Absolute
Return Fund while BlackRock Strategic Funds - European Absolute Return Fund was positive during the period. Long short equity
quantitative strategies and also alternative multi-style and multi-manager strategies were flat. The residual exposure to gold and
commodities was negative, impacted by the weakness of the US Dollar.
The equity component was positive in the period, thanks to the strong positive alpha generated by underlying managers, especially
in continental Europe thanks to BlackRock Global Funds - Continental European Flexible Fund and BlackRock Global Funds -
United Kingdom Fund. Negative absolute contribution came from US equities, while the exposure to Asia and emerging markets
was positive in the period.
The Sub-Fund returned 1.53% over the year ending 31 March 2018 against its benchmark, the iBoxx Sterling Corporate ex Tier 1
and Upper Tier 2 with a 2% issuer cap, which returned 1.36%. The Sub-Fund performance is attributed to the screening process
and stratified sampling methodology.
Overall performance for UK corporates was quite reasonable over the year. Especially the third quarter was good for credit spreads
as risk assets benefitted from solid fundamentals as well as benign economic background and low volatility. On 2 November, the
Bank of England (“BoE”) raised interest rates for the first time in a decade, taking the benchmark interest rate from 0.25% to 0.50%.
In January 2018 spreads tightened but reversed back in February and March as a softer than expected patch of economic data,
combined with concerns over US trade sanctions caused spreads to widen.
Within the Sub-Fund we added Marks and Spencer back to the portfolio (May). A new leadership team has been put in place and
with them a turnaround plan they intend to implement that has been taken positively by the market. We moved to an underweight
to Provident Financial in August following the issuance of a second profit warning in two months, with reduced guidance on future
profits. The company is also under investigation by the FCA for mis-selling products. Additionally, we reduced our allocation to
TDC Group, a Danish telecom company, given weakening fundamentals and sentiment. Momentum signals have led to an
underweight position in Centrica Plc.
The Sub-Fund was launched on 25 May 2017. The Sub-Fund intends to provide exposure to short dated European fixed income
assets.
The Sub-Fund combines BlackRock’s defensive beta (Credit Screened) and active fundamental strategies (BlackRock Global
Funds - Euro Short Duration Bond Fund), that delivers a stable positive yield, and utilises a transparent investment process that
provides broad based exposure to the investable universe (short European fixed income assets).
Since inception, the Sub-Fund returned 0.79% against 3-month EURIBOR return of (0.28)%. The Sub-Fund has avoided select
exposures to companies in the communications and pharmaceutical sectors.
Taking into account the period from inception date (12 December 2017) to the end of March 2018, the Sub-Fund returned 7.47%
against its benchmark, the MSCI Emerging Markets Index (Net) which returned 5.84%.
Performance was driven by both country selection and stock selection. Country selection had strong performance in January and
February before giving back some of the gains in March. Overall, being overweight Russia and Brazil were contributors while being
underweight Chile was a detractor.
Within stock selection, sentiment insights were the largest contributors as both analyst and flow based insights performed well.
After struggling for much of the last year, valuation based insights rebounded in January before giving back some of its gains in
March. Quality insights had muted performance for the quarter.
The Sub-Fund launched on 28 February 2018 and from that point to the end of the reporting period outperformed its benchmark.
The outperformance was driven by stock specific positioning, with the techniques we use to assess the sentiment of other market
participants the strongest components of our quantitative model. Text analysis techniques of sell-side analyst reports were
particularly effective, for example, as was our technique which uses machine learning to build bespoke combinations of traditional
factors for each stock. Accounting based Value insights struggled during the period and country positioning also cost some relative
performance: a negative stance towards Taiwan weighed on returns, for example. The Sub-Fund also delivered higher exposure
to Environmental, Social and Governance/Sustainability outcomes (as measured by factors such as carbon intensity, ethics
controversies, lawsuits and litigation and green innovation) than the benchmark.
17
Taking into account the period from inception date (21 June 2017) to the end of March 2018, the Sub-Fund returned (5.12)%
against its benchmark, the FTSE All-Share TR Index which returned (1.84)%.
The relative performance of the portfolio has been particularly disappointing this year although absolute returns have still proved
reasonable after a strong rally in markets towards the end of the year. The relative underperformance was largely driven by stock
specific issues, particularly around BT and Provident Financial which combined impacted performance by (1.1)%. Additionally, lack
of exposure to the mining sector, which performed strongly over the year, had a total effect of (0.8)% on performance. Whilst
performance this year has been disappointing, we remain true to our philosophy of building a portfolio based on stock specific risks
and conviction with the belief that over the medium to longer term earnings and cash flow are the drivers of returns, rather than
exposure to any particular factor. We are very conscious of the need to deliver better results in 2018. We are confident in the
positioning of the portfolio and in its key holdings and we look forward to a better outcome.
BT was the largest detractor from performance over the period, as the company quantified the impact of a fraud issue in Italy as
being substantially worse than forecast. In addition, the company highlighted a weaker revenue performance in some of its UK
business, which consequently affected its cashflow prospects. Provident Financial suffered after a profit warning from the sub-
prime lender indicated a fall in debt collection rates, from 90% to 57%. Altria detracted from performance following the US Food
and Drug Administration’s announcement of a new plan for nicotine and tobacco regulation.
Hiscox was the largest performance contributor over the period. Their retail business remains the star division, reporting 20%
growth in customer numbers and an attractive growth outlook with increased stability and a positive outlook for pricing. Ferguson
posted a strong set of results with strength in the US and Canada businesses more than offsetting the unsurprising downgrades in
the UK business. The company is looking to reduce its UK pension deficit and put money towards bolt-on mergers and acquisitions
later in the year. Next was a strong contributor after a volatile year. Shares rose when the company raised full-year profits after
beating guidance for the Christmas period and demonstrating strong performance in its online business.
MARKET REVIEW

As with earlier on in 2017, politics continued to drive risk assets in May. The support in the French presidential elections on 7 May
2017 for independent candidate, Emmanuel Macron (66.1%) against far-right rival Marine Le Pen (33.9%), elicited a strong
response from risk assets. Although it is yet to be seen if Macron will gain enough seats in parliament to govern or form a coalition
- parliamentary elections are on June 11 and 18 - his election was taken as a positive both for business and for Europe, a sentiment
he stoked by choosing the European Union’s (“EU”) national anthem, Beethoven’s Ode to Joy, to mark his victory. As the month
progressed risk markets began to regain their footing driven by the 9-month extension to the OPEC-led oil production cuts to March
2018 and stronger data, notably in Europe and Japan. Although the oil cut extension caused a brief rally in Brent, over the month
as a whole, Brent crude notched its fifth straight monthly decline in a row as soaring US crude oil production, combined with the
fact that, despite the supply cut, OPEC producers have been exporting at higher-than-expected levels, dented the efficacy of the
reduction.
In the second quarter of 2017 it was notable that a rhetorical shift among G10 central banks took place, prompting expectations of
monetary policy tightening. On 14 June 2017, the Fed announced its second interest rate hike of the year to a target range of
between 1% - 1.25% and outlined its plan for a reduction in its bond balance sheet built up during years of quantitative easing
(“QE”). The global move towards higher interest rates continued with the Fed increasing the federal funds target rate by 25 basis
points to 1.25-1.50% on 13 December, its third-rate hike of the year. In line with market expectations, the Fed raised interest rates
in quarter one 2018 by 25 basis points to 1.50%-1.75%, and signalled for two more increases in 2018, with a steeper path of
tightening in 2019 and 2020 than previously indicated.
Comments from ECB President Mario Draghi on 27 June were interpreted as foreshadowing a less accommodative stance. The
ECB has stayed away from action with no rate moves and an announcement that “no further tweaks to forward guidance were
discussed” at their March 2018 meeting. European companies reported solid earnings growth and, although European economic
data has come off recent highs, the eurozone economy is still growing strongly. In contrast to the fears around the French election
last year, the Italian election has not caused the same level of worry and Italian corporate debt largely matched German debt
through spread widening.
18
MARKET REVIEW (continued)
BlackRock Customised Euro Non-Sovereign Bond Index Fund 1 (continued)

BlackRock Diversified Distribution Fund (continued)
BlackRock Emerging Markets Sovereign Screened Bond Fund (continued)
BlackRock Euro Sovereign Bond Index Fund 1 (continued)
BlackRock Developed Markets Sovereign Screened Bond Fund (continued)
BlackRock UK Credit Screened Fund (continued)
BlackRock Defensive Yield Fund (continued)
In the UK, the British electorate delivered its second electoral shock in just under a year on 8 June. The conservative government
lost its slim majority, resulting in a hung parliament; the second such one since 1974. To remain in power, the conservatives agreed
a pact with Northern Ireland’s Democratic Unionist Party (“DUP”), which, optically at least, weakens the government’s hand in the
Brexit negotiations, which began in Brussels on 19 June. On 8 December, the UK reached a deal with the EU on the three remaining
main Brexit issues of citizens' rights, the financial settlement and a commitment to avoid a hard border in Ireland. However,
concerns over the Brexit deal saw gilts rally on 11 December as Prime Minister Theresa May told Parliament the financial settlement
with the EU is conditional on a successful post-Brexit trade deal. Confidence was restored at the EU Summit on 14 December
when EU-27 leaders agreed that talks had made “sufficient progress” to enter the second phase on the future EU/UK relationship.
On 2 November, the BoE raised interest rates for the first time in a decade, taking the benchmark interest rate from 0.25% to
0.50%.
Over quarter three 2017 Angela Merkel won a fourth term as chancellor in Germany but her party had its poorest showing since
1949, garnering just 33% of the vote. A strong showing for Alternative for Germany (AfD), which came third, will make it the first
far-right party to enter the German parliament in a long time, as the party capitalised on voter frustration over Merkel’s decision to
allow one million refugees into the country in 2015/16. The party more than doubled its share of the popular vote (13%), which
translates into 94 parliamentary seats.
Towards the end of 2017 bond markets rallied, equity indexes continued to beat records, volatility remained subdued and
commodities from oil to copper rallied on the back of a strong global economy, a weak dollar and increased demand from China.
On the final day of trading in December world stock markets surged to a new all-time high, pushing gains for the MSCI World Equity
Index for the year to 22%, marking 2017 as the strongest worldwide year for stocks since 2009. The synchronised pick-up in global
growth boosted corporate profits and commodity prices, while benign inflation kept central banks from over tightening of monetary
policy. Moving into the final month of the quarter, rising speculation ahead of the US Senate passing its long-awaited tax reform
bill on 20 December, as well as optimism for the global economy, contributed to a global sell-off in sovereign bonds around 18
December, with yields on 10-year Treasuries hitting their highest since March 2017 (2.50%). However, the sell-off was worse in
Europe on the back of hawkish comments from several ECB bankers and an announcement that Germany will issue more long
debt issuance.
The first quarter of 2018 began with a strong tone in January supported by a buoyant global economy, which pushed government
bond yields higher. However, yields started to fall as we saw a turn in sentiment in mid-February which deepened into March on
concerns over US trade sanctions on China. Bund yields briefly rose above 0.75% but fell back and ended the quarter just 7 basis
points higher. In the US, as markets priced in the Fed’s rate hike path and stronger inflation data, 10-year Treasury ending the
month of March at 2.74%, 33 basis points higher than at end 2017. In the UK, 10-year gilt yields rose 16 basis points over the
quarter and ended March at 1.35%. Corporate spreads generally widened across the board in the risk-off environment but the sell-
off was relatively orderly. The Global Aggregate Corporate Bond Index returned (1.42)% over the quarter on a US Dollar hedged
basis.

Overall, global equity markets were positive over the second quarter of 2017. Markets in the UK, US and Europe saw most of their
gains from the quarter recede towards the end of period, as market leadership rotated to Asia in June.
Elections in the UK and France, low oil prices amid supply concerns and increasingly hawkish central banks worldwide dominated
financial headlines. The UK general election had a surprising conclusion, as the Conservatives failed to gain a majority, and struck
a controversial deal with the DUP of Northern Ireland. In France, Emmanuel Macron’s En Marche party convincingly won both the
presidential and assembly elections. Despite the ongoing Senate investigation into President Trump and unease over events in
North Korea and Syria, US equities performed well over the quarter. The Fed raised interest rates for the third time in seven months,
even though inflation growth in May of 1.9% year on year was below expectations. This, along with slower economic expansion,
led to the International Monetary Fund (“IMF”) downgrading US GDP growth to 2.1% for 2017.
19

Equity markets in Asia Pacific showed solid overall strength, with China hitting 18-month highs in June when it was added to the
MSCI Emerging Markets and World indices. Asian markets, particularly emerging countries, also gained on the back of a tech rally
that ran for most of the second quarter. The region’s growth forecasts were upgraded by the IMF in May to 5.5% for the year ahead,
inspiring confidence in the region. Japanese growth forecasts for fiscal year 2017 were also upgraded by the Bank of Japan to
1.6%.
Crude oil prices were down significantly over the quarter, with the price for Brent Crude going under $45 per barrel for the first time
in the year in June. Despite a production cut from OPEC and other oil-producing nations, the intended increase in demand never
materialised, due in part to a US supply glut. The oil price rallied in the last week of the quarter, but failed to get back to the
benchmark $50 level.
Global equities recorded solid gains for the third quarter of 2017, with emerging-market equities outperforming developed markets
over the quarter, although September saw a reversal of this year-to-date trend. China and Latin America had especially strong
performance for the quarter.
The period began with Japan and the EU announcing a major trade agreement that would lower tariffs on most products between
the two regions. Both US President Trump and UK Prime Minister Theresa May courted controversy for much of the summer;
Trump’s approval rating fell after his promised healthcare reform failed to pass in a dramatic last-minute vote, while Mrs May faced
a possible leadership challenge amid stalled Brexit negotiations. In August, investors become less risk tolerant, as geopolitical
concerns took centre stage − particularly an escalation in North Korea-US tensions. Consequently, ‘safe haven’ assets – notably
gold – moved higher over the month, while yields on benchmark 10-year government bonds (US Treasuries, UK gilts and German
bunds) fell. Strong manufacturing reports from China helped support commodity stocks, although investor enthusiasm for the asset
class cooled in anticipation of government reforms set to take place in China later in the year. In September, President Trump’s
announcement that a long-awaited tax reform bill would be introduced helped US stocks, as well as international companies with
US exposure.
Most of the world’s major central banks kept their interest rates unchanged during the quarter, but sentiment was generally
perceived to be turning more hawkish (in favour of higher rates and policy normalisation). The Fed, the BoE and the ECB all
indicated that they will be tightening their monetary policy. Notably among emerging-market economies, Brazil's central bank cut
its benchmark rate in a bid to encourage economic growth. India, Russia, South Africa and Indonesia also followed suit.
Oil prices had a strong third quarter, rising above the key $50 threshold in the last week of July when OPEC hinted that Libya and
Nigeria, currently exempt from the production cap, may soon have to cut back output. Towards the end of August, the extensive
damage wreaked by Hurricane Harvey on the Texas Gulf Coast put pressure on oil-refining capacity. This weighed on US oil prices,
which then rallied sharply when refineries were re-opened. US crude oil ended the quarter up by 12% and Brent crude neared $60
at quarter-end amid stronger global demand.
The fourth quarter of 2017 was positive for equities across the globe, with indices moving upwards to new highs. The MSCI All
Country World Index ended a year of exceptional gains at a record level. Towards the end of the quarter, equities in the US rose
in anticipation of President Trump’s tax reform bill – which would see tax cuts for corporations and the highest-rate payers – being
signed into law. In mid-December, when the bill looked certain to gain approval by Congress, US equities surged to fresh record
highs. The bill was eventually passed a few days later but, being widely expected, this had little further impact on the market.
Encouraged by the signs of growth in the US economy, the Fed made its third rate rise of the year, nudging the interest rate up by
25 basis points. Despite tense standoffs between the US and North Korea, Asian stocks had a very positive fourth quarter. In
China, President Xi Jinping strengthened his leadership at the 19th National Congress of the Communist Party, and the authorities
continued to signal that foreign ownership within the Chinese financial sector is to be encouraged. In Japan, the stock market
responded positively to the snap election landslide for President Shinzo Abe in October.
There was positive economic news in Europe, enough for the ECB to announce that its asset-buying programme would be tapered
from January onwards. Politically, turbulence came in the form of Catalonia’s demands for independence, Britain’s troubled Brexit
negotiations and German Chancellor Angela Merkel’s failing to form a minority government. European stocks made a small gain
over the quarter. UK equities fared better, with a strong performance by the FTSE 100 at the end of the quarter, boosted by rising
commodities prices. Inflation grew over the period and employment figures remained buoyant. GDP expansion accelerated, but
remained subdued compared with growth in the US and the eurozone.
20

The year began with a positive January, as markets across the globe made gains, but February and January proved to be volatile.
In January, the IMF raised its global economic growth forecast for 2018 and 2019, and equities in the US continued to respond
positively to the tax cuts introduced by President Trump’s administration. By the end of January, fears that US inflation and interest
rates would rise more quickly than expected contributed to an equities sell-off. This began in the US, but, in early February, quickly
spread to markets around the globe. Chinese markets were hit particularly hard. March saw the Fed make its anticipated rate rise
of 25 basis points. One notable source of geopolitical tensions appeared to lessen during the quarter, when the US administration
agreed to a future meeting with the North Korean leader, in return for a pause in the latter’s missile testing programme.
However, further political and market turbulence followed in March when Russian and UK relations were strained by the poisoning
of a former Russian spy on UK soil, and when President Trump announced tariffs on US imports of steel, aluminium, and, later, on
some $60 billion worth of unspecified products from China. The MSCI All Countries World Index was down over the quarter.
Global equity markets rose significantly higher in 2017 amidst the backdrop of strengthening and synchronised global growth but
after a prolonged period of calm in markets, the first quarter of 2018 saw a reversal of years past when volatility returned. The
sudden volatility spike and increasing headwinds spooked global equity markets into a slight correction, giving up much of their
2017 gains.
In the US, equities were initially boosted by President Trump’s pro-business agenda and tax reform. However, markets were
shocked by uncertainty around the pace of the Fed’s interest rate path and an increasingly protectionist agenda. As the likelihood
of a trade war destabilising global growth increased, global equities continued to sell-off but US equities managed to outperform
their developed market counterparts overall. Despite progress in Brexit negotiations, both the UK and European equity markets
underperformed to finish flat on a 12 month basis as all gains were lost from the early 2018 sell-off. Without the benefits from US
tax reform, currency appreciation against a weakening US Dollar negatively affected overseas earnings and the export-heavy
indexes. Japanese equities outperformed but gave up significant gains as a stronger Yen and weaker economic survey affected
the markets into 2018. Emerging markets outperformed developed markets as they benefited from 2017’s global economic
momentum, rising commodity prices, and weak US Dollar but they did give back some of their gains as threats to continued global
growth increased.
In fixed income, US bond yields rose (prices fell) as inflationary pressures increased in the US. Markets priced in the effects of
additional government spending increased debt issuance (to fund expenditure plans) and the potential for a relatively more
aggressive response to curb inflationary pressures coming from the Fed. However, US bond yields fell later in the period as
investors sought the relative safety of treasuries when compared to equities. UK government bonds performed similarly as the BoE
began its gradual rate hikes as growth and inflation appeared stronger than expected. Likewise, European government bond yields
rose strongly into 2018 but fell again amid weaker inflationary pressures and softer economic data across Europe towards the end
of the period. Corporate bonds outperformed government bonds over the year as investors searched for yield in the low rate
environment, although government bonds recovered some of their underperformance during the recent flight to safety.

An exceptional 2017, characterised by low volatility and strong performance across risky asset, ended with the final approval of the
US tax reform in December. The Congress approved the biggest overhaul of the US tax code in 30 years. The Bill represented the
first big legislative victory for Trump’s administration and a major economic stimulus for the US economy in 2018-2019.
Equities were supported throughout January 2018 by generally positive macroeconomic data, including better-than-expected third-
quarter US GDP growth of 3.0% (annualised). US employment data were positive over the period with non-farm payrolls rising by
a stronger-than-expected 228,000 in November although wage growth remained subdued. In the Eurozone data showed economy
recovery continuing. The region’s GDP grew by 0.6% in the fourth quarter, slightly down from 0.7% in quarter three.
21
BlackRock Diversified Strategies Selection Fund (continued)

BlackRock Fixed Income Selection Fund (continued)
BlackRock Global Equity Selection Fund (continued)
BlackRock Multi Asset Balanced Selection Fund (continued)
BlackRock Multi Asset Conservative Selection Fund (continued)
In the first quarter of 2018, financial markets saw the return of volatility. Following a very positive January, equity markets started
to sell off in early February, with the S&P 500 down 4.6% in a single day. The crash in markets was partly due to technical factors
including heavy liquidation of strategies which were betting on volatility in equity markets getting lower and lower over time. Strong
reading from US Consumer Price Index also contributed to volatility, as markets started to fear a Fed in need to speed-up the
tightening cycle. While episodes of increased markets volatility have not been uncommon at the current stage of the business
cycle, we do not find enough evidence that there is such a strong deterioration in growth/inflation.
In March, volatility remained high, as tensions between US and China ski-rocketed, with threats of a potential trade wars. The sell-
off for technology stocks, a sector that had been a strong market leader, also contributed to the rise of markets volatility.
The political agenda in the first quarter of 2018 included elections in Italy, which resulted in a hung parliament, and in Russia, where
Vladimir Putin predictably secured a strong majority. Germany also held at the beginning of March the referendum for the Social
Democratic Party members to ratify the coalition agreement with the Christian Democratic Union-Christian Social Union resulting
in a new coalition government under Angela Merkel.
Turning to fundamentals, the economic situation appears rather positive, even if global Purchasing Managers’ Index have shown
some signs of a slowdown in the last two months of quarter one, especially in Europe.
We do not think this European trend is surprising, as survey indicators have been at exceptionally high levels in recent months and
a downward correction, to levels more in line with the Eurozone underlying growth scenario, was predictable. In the US, data for
the first quarter have shown modest growth, confirming a seasonality that is now common in the US economic cycle. However,
growth for 2018 is expected to improve, sustained by the expansionary effects of the tax reform and the recent $1.3 trillion spending
bill.
As for US inflation, February data confirmed that a modest upward pressure is there, but also that the rise in inflation is slow, as
well as wage growth. Our idea is that inflation is going back to “normal” conditions - prevailing before the great financial crisis (core
inflation between 2.25-2.5%), but we struggle to see signs of sharp acceleration. In the Eurozone there is still no sign of significant
upward pressure, but our estimate is for a modest rate rise to levels well below the ECB target.
As regards central banks, during 2017 both the Fed and the ECB embarked on policy normalisation paths, trying not to surprise
negatively financial markets. The Fed, which raised rates three times by 25 basis points as widely expected, initiated in October a
balance sheet normalisation program. This involves a gradual reduction in the Fed's securities holdings by decreasing the
reinvestment of the principal it receives from maturing securities. At the same time, the ECB has remained loyal to a strategy of
slow normalisation in its exceptionally accommodative monetary policy by announcing a tapering in the pace of purchase of assets
combined with an extension of the program to September 2018.
During the last year (as of 31 March 2018) equity returns were muted (MSCI All Country World US Dollar converted in Euro -0.3%),
with a strong fourth quarter of 2017 followed by a material set-back in first quarter of 2018. Emerging Markets outperformed
developed countries and, among the latter, Pacific equities were the worst performers, followed by UK and US. The Euro
strengthened versus the US Dollar, Japanese Yen and British Pound during the period. Turning to fixed income, global government
bonds were up slightly in euro hedged terms (US government bonds Euro hedged -1.7%, European government bonds +0.8%).
Credit markets - both Investment Grade and High Yield - posted positive returns, with the latter outperforming. Emerging market
debt in hard currency (euro hedged) was positive while emerging market debt in local currency converted in Euro was negative.
Global equity markets rose significantly higher in 2017 amidst the backdrop of strengthening and synchronised global growth but
after a prolonged period of calm in markets, the first quarter of 2018 saw a reversal of years past when volatility returned. The
sudden volatility spike and increasing headwinds spooked global equity markets into a slight correction, giving up much of their
2017 gains.
22
In the US, equities were initially boosted by President Trump’s pro-business agenda and tax reform. However, markets were
shocked by uncertainty around the pace of the Fed’s interest rate path and an increasingly protectionist agenda. As the likelihood
of a trade war destabilising global growth increased, global equities continued to sell-off but US equities managed to outperform
their developed market counterparts overall. Despite progress in Brexit negotiations, both the UK and European equity markets
underperformed to finish flat on a 12 month basis as all gains were lost from the early 2018 sell-off. Without the benefits from US
tax reform, currency appreciation against a weakening US Dollar negatively affected overseas earnings and the export-heavy
indexes. Japanese equities outperformed but gave up significant gains as a stronger Yen and weaker economic survey affected
the markets into 2018. Emerging markets outperformed developed markets as they benefited from 2017’s global economic
momentum, rising commodity prices, and weak US Dollar but they did give back some of their gains as threats to continued global
growth increased.
In fixed income, US bond yields rose (prices fell) as inflationary pressures increased in the US. Markets priced in the effects of
additional government spending increased debt issuance (to fund expenditure plans) and the potential for a relatively more
aggressive response to curb inflationary pressures coming from the Fed. However, US bond yields fell later in the period (bond
prices rose) as investors sought the relative safety of treasuries when compared to equities. UK government bonds performed
similarly as the Bank of England began its gradual rate hikes as growth and inflation appeared stronger than expected. Likewise,
European government bond yields rose strongly into 2018 but fell again amid weaker inflationary pressures and softer economic
data across Europe towards the end of the period. Corporate bonds outperformed government bonds over the year as investors
searched for yield in the low rate environment, although government bonds recovered some of their underperformance during the
recent flight to safety.
During the reporting period of the twelve months ending 31 March 2018, the ECB maintained all interest rates, however in their
October meeting they reduced the ‘net’ QE size of monthly purchases from the current €60 billion down to €30 billion per month
from January 2018 for nine months. It was also announced that the sequencing of rates moves will be ‘well past’ the end of QE.
Throughout the reporting period, Eurozone data was largely positive. Headline inflation has increased to 1.4%, while core inflation
now sits at 1.2%. Unemployment continues to fall, and dropped down to 8.5%. While the Purchasing Managers’ Index data has
been encouraging over the period with the Composite now at 55.2.
The Euribor curve continues to push slightly lower with the three, six and twelve-month maturities now at (0.328)%, (0.271)%, and
(0.190)% respectively.
The first quarter of 2018 saw volatility return to global equity markets and emerging markets meaningfully outperforming developed
markets. Whilst January was very strong with indices and flows hitting recent highs, February was marked by a sharp correction
and a rise in volatility triggered by a systematic correction which started in the US. March saw the selloff sustain and general risk-
off sentiment gather momentum fueled by trade war concerns and the first Fed rate hike. By region, Latin America was the strongest
region led by Brazil. Asia ex-Japan was relatively flat while EMEA had slightly negative returns this quarter.
Emerging market equities declined from the point of the Sub-Fund launching to the end of the reporting period, as investors digested
the introduction of import tariffs by the Trump administration and the first rate hike of the year by the Fed. All three regions in the
emerging markets experienced negative returns with EMEA declining the most. Russian and Turkish equities were dragged down
by currency losses. Elsewhere, China and Hong Kong equities fell given the announcement of US tariffs on Chinese imports.
Korean stocks outperformed driven in part by its technology sector which rallied on the back of automotive component orders. In
general, cyclicals underperformed defensives.
BlackRock UK Equity Income
A continued period of economic growth and improving corporate earnings drove global equity markets higher, with the UK market
rising strongly over the reporting period. The UK economic growth rate slowed in 2017, however the impact of Brexit was far less
than many had feared: consumption and investment weakened but net trade provided an offset. The domestic political environment
remained febrile but the European Commission confirmed that ‘sufficient progress’ had been made to allow discussions to move
on to Britain’s future relationship with the EU. Against this backdrop Sterling strengthened and UK small and medium sized
companies outperformed larger companies. Global economic growth remained robust and led to further monetary tightening with
interest rates rising in both the UK and the US. The start of 2018 saw equity market volatility move higher, arguably only a return
to a more ‘normal’ market environment after an extended period of low volatility.
23
OUTLOOK
Economic data continues to be very robust, albeit showing signs of slowing from very high levels. Markets have been happy to
price in this strong benign growth environment; however we are starting to see pockets of inflation, especially in the US, which is
also contributing to some nervousness of financial conditions tightening aggressively from here.
Credit continues to trade sideways, but sentiment is arguably more bullish now than in beginning of March. The market expects a
good start of the earnings season and a slowdown in new issue supply, but this view is tempered by tech sector and tariff-related
weakness in equity markets.
Looking forward, we remain confident in our investment approach. Our philosophy is that a balanced allocation of risk across factors
leads to more consistent returns. We believe that over the long run, cheap securities will outperform their expensive peers, and
that stocks with high quality earnings will ultimately out-perform ‘junk’. Regardless of market trends we steadfastly adhere to our
investment objective of delivering market neutral exposures.
We know that the style factors that the Sub-Fund invests in are all proven to add significant value over a medium to long-term
horizon. Whilst we expect the Sub-Fund to deliver in a variety of economic environments, we believe that the rest of 2018 can
continue this upward trajectory. With the potential for increased asset market volatility compared to recent years and less central
bank intervention in financial markets across the globe, there is a greater prospect of more dispersion within different asset classes.

The US tax overhaul and public spending plans have supercharged growth and earnings estimates at a time when the US economy
is already humming. This adds uncertainty to the economic outlook: potential for greater business spending and productivity growth,
but also a risk of overheating and rising risk premia. Inflation has picked up, keeping the Fed on track to raise rates, but is not high
or sticky enough to reverse monetary easing in the eurozone or Japan. The overall environment should be supportive for risk
assets, but investors should expect more muted returns and higher volatility than in 2017.
Rising US protectionism is the clearest menace to the near-term global outlook. Increasing US actions against China and other
countries could sparking bouts of volatility but not derailing the benign economic and market backdrop. Yet any escalation into a
trade war could deal knock-on blows to sentiment and change our view. A renewed surge in bond yields is another risk, but equities
can do well as long as yield rises are steady and driven by improving growth and positive earnings momentum. We are negative
on government bonds overall but see short-maturity Treasuries now offering a compelling risk/reward proposition. We are neutral
on credit amid tight spreads and increasing sensitivity to rate rises.

The paradigm of strong, synchronised global growth that has driven our constructive positioning over the last eighteen months has
shown some signs of stress in recent months, particularly in Europe and China. As a result, we have adopted a slightly more
cautious stance and have used the opportunity of higher bond yields to add to our holdings of government bonds in Europe as a
source of diversification. In the medium term, however, we are still constructive on the outlook for growth, especially in the US
where tax cuts and additional public spending look set to boost the economy even as the Fed is set on raising interest rates.
24
OUTLOOK (continued)
While we are beginning to detect early signs of “late cycle” dynamics in some areas of the US market, we still think inflationary
pressures in the rest of the world are subdued, which should prevent rapid withdrawal of monetary policy stimulus and prolong the
positive environment for risk assets in those markets. Japan in particular still poses an attractive combination of supportive
monetary policy and valuations that are not as stretched as other markets.
We see a continuation of gradually increasing inflationary pressures in the US, where economic growth has received a boost from
the recent fiscal stimulus at a time when the economy has reached full capacity. We expect US inflation to rise in this environment,
and see interest rate hikes by the Fed to fall in line with market expectations, which have finally caught up with indications made
by the Federal Open Market Committee. The market, at the end of the first quarter, is pricing in roughly two further rate hikes in the
US during the remainder of 2018 but we could see 3 to 4 increases given the inflation and growth backdrop. Outside of the US,
there appears to be more muted pressure on price increases, particularly in Japan and Europe. As a result, we are happy to own
some exposure to fixed income, but the overall weighting remains lower than recent years, and recent additions to the asset class
have therefore come from European markets.
We continue to hold a small allocation to emerging market equities and bonds, allocating more selectively in both areas of the
emerging market investment universe. We acknowledge that valuations in emerging markets are in some cases more attractive
relative to their developed market counterparts. Nevertheless, we are increasingly concerned about sentiment turning less
enthusiastic as the market grapples with uncertainty around US trade negotiations with China. We also observe that the direction
of the US Dollar is very critical to any relative outperformance of emerging market positions versus those in developed market. We
the outlook for the US Dollar versus the major emerging market currencies remains highly uncertain and hence have not chosen
to express a strong view in currency space. However, we retain our selective stance on strategic holdings in Asian and frontier
markets and remain positive on emerging European fixed income, in which we recently added a small allocation.
Within fixed income, we favour higher income producing corporate bonds and less interest rate sensitive loans. Additionally, we
implemented a hedging strategy that seeks to protect the portfolio from a pick-up in fixed income volatility, which might occur from
either a central bank policy mistake or inflation surprise. This strategy represents a broader theme, which aims at identifying
strategies that can diversify the sources of return and avoid an over-reliance on more traditional fixed income exposure.
Forward-looking return expectations for traditional asset classes are expected to be more muted. Therefore, we believe alternative
exposures can provide a number of exciting opportunities to generate returns and, diversify risk. Within alternatives, we focus on
strategies that we believe can generate sustainable long-term returns in the volatility and commodity space and, where permitted
across portfolios, in private equity, credit and renewables.
The key risks to our view in the near term are any significant further weakening in global growth dynamics or more aggressive signs
of inflation outside of the US. If we became more concerned about global growth, we could respond by reducing exposures to
global equities and increasing exposure to defensive assets such as government bonds. Further signs of inflation outside of the
US could lead to revised expectations for monetary policy, potentially hitting valuations for both equity and bond markets, but this
is far from our central case for now. We are monitoring rising concerns over the impact of US trade policy, but while this is clearly
impacting market sentiment for now, we do not expect this in itself to significantly dent global growth and corporate earnings.
Our view is that the Eurozone economy remains robust, therefore we expect that the ECB will begin to make tweaks to monetary
policy in the second half of the year. The ECB have, in our opinion, intentionally left the door open to a multitude of options in
unwinding their current stimulus. Their current quantitative easing programme runs at a pace of €30 billion in net new purchases a
month until September 2018 and they could unwind the programme in two likely outcomes: first a ‘cliff-drop’ scenario with purchases
ending in September, or secondly, tapering the programme down on a monthly basis. In the current environment, we anticipate
that the latter is the more likely option until December 2018 when net new purchases would cease. The ECB have continued to
reiterate that interest rates will remain on hold until ‘well-beyond’ the end of the current QE programme. Again, this remains open
to interpretation, but ‘well-beyond’ in our view means a period of three to six months.
There were no major positioning changes over the period. On the back of the steel and aluminium tariff threats, we established
limits to our overweight exposures to metal companies. Overall the Sub-Fund has a net underweight position on China, with
overweight positions in Chinese materials and energy companies and underweight positions in Chinese technology names. In
addition, we are keeping a close eye on U.S./China tariff related news. Elsewhere, key country positioning includes being
overweight Russia, Turkey, and Thailand; we remain underweight Korea and Chile. We have changed our overall positioning in
Brazil from overweight to underweight driven by tightening in monetary policy and a decrease in export growth.
25
OUTLOOK (continued)
We are looking to retain balanced exposure across key sources of market risk and in addition the developing trade tensions are a
crucial risk source we are monitoring. We target active risk of up to 2% and deploy the majority of that in stock specific risk, taking
relatively small country, industry and style active risk.
We are positively disposed towards companies that are exposed to infrastructure and construction spending in developed markets,
where activity levels remain subdued relative to longer-term averages and requirements, and where these are well supported by
the political environment. Rising interest rates, while reassuring in the sense that we are on a path of normalised monetary policy
(which means a reduction in supportive central-bank measures), will impact corporate refinancing costs. We believe it is crucial to
invest in companies with sustainable, strong cash generation and robust balance sheets, which are able to perpetuate growth over
the medium and longer terms rather than relying on unlimited cheap credit.
BlackRock Advisors (UK) Limited
April 2018
26
STATEMENT OF THE MANAGER’S RESPONSIBILITIES
BlackRock Asset Management Ireland Limited (the “Manager”), is responsible for preparing the annual report and the financial
statements in accordance with applicable Irish law and Financial Reporting Standard 102 (“FRS 102”), the Financial Reporting
Standard applicable in the United Kingdom and the Republic of Ireland issued by the Financial Reporting Council. In preparing
these financial statements, the Manager is required to:
• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent; and
• prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Fund will continue in
business.
The Manager is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the
financial position of the Fund and to enable them to ensure that the financial statements are prepared in accordance with FRS 102
and comply with the provisions of the Trust Deed and the European Communities (Undertakings for Collective Investment in
Transferable Securities) Regulations 2011, (as amended). In this regard, the Directors of the Manager have appointed J.P. Morgan
Administration Services (Ireland) Limited for the purpose of maintaining proper accounting records and for preparing the financial
statements. Accordingly, the accounting records are kept at the following address:
J.P. Morgan House

Dublin 1
Ireland
The Manager is also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities. The
assets of the Fund have been entrusted to the Trustee for safekeeping. The Trustee is J.P. Morgan Bank (Ireland) plc. The address
at which this business is conducted is as follows:
J.P. Morgan House

Dublin 1
Ireland
The financial statements for the Fund, the accompanying notes and unaudited information, are approved by the Directors of the
Manager.
On behalf of the Manager
Desmond Murray Paul Freeman

Director Director
24 July 2018 24 July 2018
27
REPORT OF THE TRUSTEE TO THE UNITHOLDERS
We have enquired into the conduct of BlackRock Asset Management Ireland Limited (“the Manager”) in respect of the BlackRock
UCITS Funds (the “Fund”) for the year ended 31 March 2018 in our capacity as Trustee to the Fund.
This report, including the opinion, has been prepared for and solely for the unitholders in the Fund as a body, in accordance with
Regulations 34 and 47 of the European Communities (Undertakings for Collective Investment in Transferable Securities)
Regulations 2011 (as amended) (the “UCITS Regulations”), and for no other purpose. We do not, in giving this opinion, accept or
assume responsibility for any other purpose or to any other person to whom this report is shown.
Responsibilities of the Trustee
Our duties and responsibilities are outlined in Regulation 34 and 47 of the UCITS Regulations. One of those duties is to enquire
into the conduct of the Fund in each annual accounting period and report thereon to the unitholders.
Our report shall state whether, in our opinion, the Fund has been managed in that year, in accordance with the provisions of the
Trust Deed, the UCITS Regulations and the Central Bank UCITS Regulations. It is the overall responsibility of the Manager to
comply with these provisions. If the Manager has not so complied, we as Trustee must state why this is the case and outline the
steps which we have taken to rectify the situation.
Basis of Trustee Opinion
The Trustee conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined
in the UCITS Regulations and to ensure that, in all material respects, the Fund has been managed:
(i) In accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Trustee by the
Trust Deed, the UCITS Regulations and the Central Bank UCITS Regulations; and
(ii) Otherwise in accordance with the provisions of the Trust Deed, the UCITS Regulations and the Central Bank UCITS
Regulations.
Opinion
In our opinion, the Fund has been managed during the year, in all material respects:
(i) In accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Trustee by the
Trust Deed, the UCITS Regulations and the Central Bank UCITS Regulations; and
(ii) Otherwise in accordance with the provisions of the Trust Deed, the UCITS Regulations and the Central Bank UCITS
Regulations.
For and on behalf of
J.P. Morgan Bank (Ireland) plc

J.P. Morgan House
Dublin 1
Ireland
24 July 2018
28
Independent auditors’ report to the unitholders of the Sub-Funds
of BlackRock UCITS Funds
Report on the audit of the financial statements

Opinion
In our opinion, BlackRock UCITS Funds’ financial statements:
• give a true and fair view of the Sub-Funds’ assets, liabilities and financial position as at 31 March 2018 and of
their results for the year then ended;
• have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting
standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The
Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
• have been properly prepared in accordance with the requirements of the European Communities (Undertakings
for Collective Investment in Transferable Securities) Regulations 2011 (as amended).
We have audited the financial statements, included within the Annual report and audited financial statements, which
comprise:
• the Balance Sheet as at 31 March 2018;
• the Income Statement for the year then ended;
• the Statement of Changes in Equity or Statement of Changes in Net Assets Attributable to Redeemable
Participating Unitholders for the year then ended;
• the Schedule of Investments for each of the Sub-Funds as at 31 March 2018; and
• the notes to the financial statements for each of the Sub-Funds, which include a description of the significant
accounting policies.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and
applicable law.
Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the
financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remained independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the
financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you
where:
• the Manager’s use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or
• the Manager has not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the Sub-Funds’ ability to continue to adopt the going concern basis of accounting for a
period of at least twelve months from the date when the financial statements are authorised for issue.
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Sub-
Funds’ ability to continue as going concerns.
29
Independent auditors’ report to the unitholders of the Sub-Funds
of BlackRock UCITS Funds (continued)
Reporting on other information

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

Responsibilities of the Manager for the financial statements
As explained more fully in the Statement of the Manager's Responsibilities set out on page 27, the Manager is responsible
for the preparation of the financial statements in accordance with the applicable framework giving a true and fair view.
The Manager is also responsible for such internal control as the Manager determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Manager is responsible for assessing the Sub-Funds’ ability to continue as going
concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless
the Manager intends to cease operations, or has no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:
https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-
a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf.
This description forms part of our auditors’ report.
Use of this report
This report, including the opinion, has been prepared for and only for the unitholders of each of the Sub-Funds as a body
in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities)
Regulations 2011 (as amended) and for no other purpose. We do not, in giving this opinion, accept or assume
responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come
save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers
Chartered Accountants and Registered Auditors
Dublin
24 July 2018
30
INCOME STATEMENT
BlackRock Customised Euro Non- BlackRock Diversified Distribution BlackRock Emerging Markets BlackRock Euro Sovereign Bond
Sovereign Bond Index Fund 1 Fund1 Sovereign Screened Bond Fund Index Fund 1
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 March 2018 31 March 2017 31 March 2018 31 March 2017 31 March 2018 31 March 2017 31 March 2018 31 March 2017
Note EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000
Operating income 4 2,684 2,426 55,949 254,439 1,520 1,603 2,213 2,888
Net gains/(losses) on financial
assets/liabilities at fair value
through profit or loss 5 1,983 (102) (17,325) 153,933 (2,101) 1,808 9,898 (8,713)
Total investment
income/(expense) 4,667 2,324 38,624 408,372 (581) 3,411 12,111 (5,825)
Operating expenses 6 (361) (279) (3,935) (13,388) (77) (58) (283) (207)
Net profit/(loss) for the financial
year 4,306 2,045 34,689 394,984 (658) 3,353 11,828 (6,032)
Finance costs:
Interest expense (6) (5) (65) (148) (1) (2) (1) (1)
Total finance costs (6) (5) (65) (148) (1) (2) (1) (1)

year before tax 4,300 2,040 34,624 394,836 (659) 3,351 11,827 (6,033)
Taxation 8 – – (599) (3,049) 26 (73) – –
year after tax 4,300 2,040 34,025 391,787 (633) 3,278 11,827 (6,033)
Increase/(decrease) in net
assets attributable to
redeemable unitholders from
operations 4,300 2,040 34,025 391,787 (633) 3,278 11,827 (6,033)
1
The Sub-Fund redeemed during the year.
There are no recognised gains or losses arising in the year other than those dealt with in the income statement.
The accompanying notes form an integral part of these financial statements.
31
INCOME STATEMENT (continued)
BlackRock Mix Fonds 1 BlackRock Mix Fonds 2 BlackRock Mix Fonds 3 BlackRock Mix Fonds 4
Operating income 4 363 1,303 1,554 1,572 2,802 2,776 1,128 1,006
through profit or loss 5 (112) 1,293 8,785 37,058 8,433 92,675 1,042 52,536
Total investment income 251 2,596 10,339 38,630 11,235 95,451 2,170 53,542
Operating expenses 6 (173) (423) (1,311) (1,377) (1,988) (1,965) (848) (806)
Net profit for the financial year 78 2,173 9,028 37,253 9,247 93,486 1,322 52,736
Finance costs:
Interest expense (1) (6) (2) (2) (3) (3) (2) (1)
Total finance costs (1) (6) (2) (2) (3) (3) (2) (1)
Net profit for the financial year 77 2,167 9,026 37,251 9,244 93,483 1,320 52,735
Increase in net assets
attributable to redeemable
unitholders from operations 77 2,167 9,026 37,251 9,244 93,483 1,320 52,735
32
BlackRock Multi Style Strategy

BlackRock Mix Fonds 5 Fund
Year ended Year ended Year ended Period ended

31 March 2018 31 March 2017 31 March 2018 31 March 2017
Note EUR '000 EUR '000 EUR '000 EUR '000
Operating income 4 448 507 5,300 1,203

through profit or loss 5 (408) 25,801 1,017 3,885
Total investment income 40 26,308 6,317 5,088
Operating expenses 6 (349) (335) (2,159) (980)
year (309) 25,973 4,158 4,108
Finance costs:
CFD interest paid – – (7,153) (1,191)
Interest expense (1) (1) (108) (11)
Total finance costs (1) (1) (7,261) (1,202)

year (310) 25,972 (3,103) 2,906
operations (310) 25,972 (3,103) 2,906
33
BlackRock Developed Markets BlackRock Diversified Strategies BlackRock Dynamic Allocation

Sovereign Screened Bond Fund Selection Fund Fund BlackRock Euro Cash Fund
Year ended Year ended Year ended Period ended Year ended Period ended Year ended Period ended
Operating income 4 967 1,563 50 14 818 175 – –

through profit or loss 5 (727) (2,371) 64 373 5,058 2,591 (64) (33)
Total investment
income/(expense) 240 (808) 114 387 5,876 2,766 (64) (33)
Operating expenses 6 (102) (81) (403) (162) (163) (35) (63) (36)
Negative yield expense – – – – (107) (16) – –
year 138 (889) (289) 225 5,606 2,715 (127) (69)
Finance costs:
Interest expense (8) (2) – – (28) (13) – –
Distributions to redeemable
participating unitholders 7 (2,147) (2,266) – – – – – –
Total finance costs (2,155) (2,268) – – (28) (13) – –

year before tax (2,017) (3,157) (289) 225 5,578 2,702 (127) (69)
Taxation 8 (18) (76) – – (87) (8) – –
year after tax (2,035) (3,233) (289) 225 5,491 2,694 (127) (69)
Adjustment to align to the
valuation methodology as set out
in the prospectus 11 (2) (62) 1 9 49 – 1 9
redeemable participating
unitholders from operations (2,037) (3,295) (288) 234 5,540 2,694 (126) (60)
34
BlackRock Fixed Income Selection BlackRock Global Equity BlackRock Multi Asset Balanced BlackRock Multi Asset
Fund Selection Fund Selection Fund Conservative Selection Fund
Year ended Period ended Year ended Period ended Year ended Period ended Year ended Period ended
Operating income 4 250 58 41 8 171 33 203 38

through profit or loss 5 303 716 276 1,359 (131) 916 61 893
Total investment income 553 774 317 1,367 40 949 264 931
Operating expenses 6 (922) (323) (676) (154) (832) (212) (721) (223)
year (369) 451 (359) 1,213 (792) 737 (457) 708
Finance costs:
Interest expense (2) (1) (1) – (1) – (2) –
Total finance costs (2) (1) (1) – (1) – (2) –

year before tax (371) 450 (360) 1,213 (793) 737 (459) 708
Taxation 8 (12) – – – (7) – (7) –
year after tax (383) 450 (360) 1,213 (800) 737 (466) 708
in the prospectus 11 1 9 1 9 1 9 1 9
unitholders from operations (382) 459 (359) 1,222 (799) 746 (465) 717
35
BlackRock BlackRock
BlackRock Emerging Emerging BlackRock UK
BlackRock UK Credit Screened Defensive Yield Markets Alpha Markets Equity Equity Income
Fund Fund1 Tilts Fund1 Impact Fund1 Fund1
Year ended Year ended Period ended Period ended Period ended Period ended
31 March 2018 31 March 2017 31 March 2018 31 March 2018 31 March 2018 31 March 2018
Note GBP '000 GBP '000 EUR '000 USD '000 USD '000 GBP '000
Operating income 4 17,879 19,279 772 890 189 96

through profit or loss 5 (8,352) 41,586 (915) 5,927 (1,552) (267)
Total investment
income/(expense) 9,527 60,865 (143) 6,817 (1,363) (171)
Operating expenses 6 (116) (83) (95) (294) (60) (33)
year 9,411 60,782 (238) 6,523 (1,423) (204)
Finance costs:
Interest expense – – (1) – – –
participating unitholders 7 (4,296) (1,151) (13) – – –
Total finance costs (4,296) (1,151) (14) – – –

year before tax 5,115 59,631 (252) 6,523 (1,423) (204)
Taxation 8 – – – (59) (4) –
year after tax 5,115 59,631 (252) 6,464 (1,427) (204)
in the prospectus 11 – (2,563) 28 5 37 29
unitholders from operations 5,115 57,068 (224) 6,469 (1,390) (175)
1
The Sub-Fund launched during the year.
36
STATEMENT OF CHANGES IN EQUITY
Total net assets attributable to

redeemable unitholders at the
beginning of the year 352,921 239,328 5,798,113 5,573,125 30,124 28,476 347,197 236,699
operations 4,300 2,040 34,025 391,787 (633) 3,278 11,827 (6,033)
Unit transactions:
Proceeds from issue of
redeemable units 97,234 129,816 – – – – 120,669 134,465
Payments on redemption of
redeemable units (36,787) (18,263) (5,717,139) – – – (57,497) (17,934)
Net unit transactions 60,447 111,553 (5,717,139) – – – 63,172 116,531
unitholders 7 – – (114,999) (166,799) (1,595) (1,630) – –
end of the year 417,668 352,921 – 5,798,113 27,896 30,124 422,196 347,197
1
37
STATEMENT OF CHANGES IN EQUITY (continued)
EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000

beginning of the year 57,000 223,167 658,329 652,885 983,708 918,620 396,617 358,143
Increase in net assets
attributable to redeemable
unitholders from operations 77 2,167 9,026 37,251 9,244 93,483 1,320 52,735
Unit transactions:
redeemable units 4,382 6,520 24,754 60,044 58,531 78,231 34,751 31,255
redeemable units (34,434) (174,854) (169,478) (91,851) (224,656) (106,626) (81,828) (45,516)
Net unit transactions (30,052) (168,334) (144,724) (31,807) (166,125) (28,395) (47,077) (14,261)
end of the year 27,025 57,000 522,631 658,329 826,827 983,708 350,860 396,617
38
STATEMENT OF CHANGES IN EQUITY (continued)


EUR '000 EUR '000 EUR '000 EUR '000

beginning of the year 148,222 137,066 156,645 –
operations (310) 25,972 (3,103) 2,906
Unit transactions:
redeemable units 17,024 13,368 78,022 176,755
redeemable units (34,394) (28,184) (28,371) (23,016)
Net unit transactions (17,370) (14,816) 49,651 153,739
end of the year 130,542 148,222 203,193 156,645
39
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS


unitholders at the beginning of
the year 88,697 91,992 17,491 – 132,694 – 15,057 –
unitholders from operations (2,037) (3,295) (288) 234 5,540 2,694 (126) (60)
Unit transactions:
redeemable participating units – – 9,507 18,476 217 130,000 12,254 24,047
redeemable participating units – – (4,960) (1,219) (11,180) – (10,249) (8,930)
assets resulting from unit
transactions – – 4,547 17,257 (10,963) 130,000 2,005 15,117
unitholders at the end of the
year 86,660 88,697 21,750 17,491 127,271 132,694 16,936 15,057
40
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS (continued)

the year 49,866 – 18,367 – 24,641 – 30,953 –
unitholders from operations (382) 459 (359) 1,222 (799) 746 (465) 717
Unit transactions:
redeemable participating units 63,102 54,396 24,688 20,371 36,311 26,373 45,772 32,692
redeemable participating units (18,510) (4,989) (9,382) (3,226) (8,616) (2,478) (21,112) (2,456)
transactions 44,592 49,407 15,306 17,145 27,695 23,895 24,660 30,236
year 94,076 49,866 33,314 18,367 51,537 24,641 55,148 30,953
41
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS (continued)
BlackRock BlackRock
GBP '000 GBP '000 EUR '000 USD '000 USD '000 GBP '000

the year 571,218 554,613 – – – –
unitholders from operations 5,115 57,068 (224) 6,469 (1,390) (175)
Unit transactions:
redeemable participating units 211,734 199,565 151,402 143,110 100,001 3,940
redeemable participating units (108,022) (240,028) (11,240) – – –
transactions 103,712 (40,463) 140,162 143,110 100,001 3,940
year 680,045 571,218 139,938 149,579 98,611 3,765
1
42
BALANCE SHEET
CURRENT ASSETS
Cash 2,094 1,383 229 182,496 178 288 427 346
Cash equivalents 1,612 – – 14,663 – – 808 340
Margin cash – – – 3,883 – – – –
Receivables 9 3,287 3,260 1 654,618 661 518 4,525 4,047
Financial assets at fair value
through profit or loss 3(d) 410,754 348,954 – 5,640,916 27,498 29,870 416,508 342,533
Total current assets 417,747 353,597 230 6,496,576 28,337 30,676 422,268 347,266
EQUITY
Net asset value attributable to
redeemable unitholders 13 417,668 352,921 – 5,798,113 27,896 30,124 422,196 347,197
Total equity 417,668 352,921 – 5,798,113 27,896 30,124 422,196 347,197
CURRENT LIABILITIES
Bank overdraft – – 3 18 – – – –
Margin cash payable – – – 276 – – – –
Cash collateral payable – – – 3,444 – – – –
Payables 10 79 676 227 662,106 411 488 72 69
Financial liabilities at fair value
through profit or loss 3(d) – – – 32,619 30 64 – –
Total current liabilities 79 676 230 698,463 441 552 72 69
Total equity and liabilities 417,747 353,597 230 6,496,576 28,337 30,676 422,268 347,266
1
43
BALANCE SHEET (continued)
CURRENT ASSETS
Cash 118 106 348 425 1,351 559 318 201
Receivables 9 117 378 1,246 692 2,234 1,247 334 510
through profit or loss 3(d) 27,080 56,966 522,512 658,207 826,491 983,301 350,731 396,482
Total current assets 27,315 57,450 524,106 659,324 830,076 985,107 351,383 397,193
EQUITY
redeemable unitholders 13 27,025 57,000 522,631 658,329 826,827 983,708 350,860 396,617
Total equity 27,025 57,000 522,631 658,329 826,827 983,708 350,860 396,617
CURRENT LIABILITIES
Bank overdraft – 1 – – – – – 62
Payables 10 274 429 1,475 995 3,249 1,399 523 514
through profit or loss 3(d) 16 20 – – – – – –
Total current liabilities 290 450 1,475 995 3,249 1,399 523 576
Total equity and liabilities 27,315 57,450 524,106 659,324 830,076 985,107 351,383 397,193
44


Note EUR '000 EUR '000 EUR '000 EUR '000
CURRENT ASSETS
Cash 551 94 9,045 15,002
Margin cash – – 10,335 4,972
Cash collateral – – 517 –
Receivables 9 659 234 411 1,204
through profit or loss 3(d) 130,512 148,167 200,385 148,386
Pledged investments at fair value
through profit or loss 3(d) – – – 545
Total current assets 131,722 148,495 220,693 170,109
EQUITY
redeemable unitholders 13 130,542 148,222 203,193 156,645
Total equity 130,542 148,222 203,193 156,645
CURRENT LIABILITIES
Margin cash payable – – 1,661 106
Cash collateral payable – – 1,430 2,998
Payables 10 1,180 273 672 791
through profit or loss 3(d) – – 13,737 9,569
Total current liabilities 1,180 273 17,500 13,464
Total equity and liabilities 131,722 148,495 220,693 170,109
45

CURRENT ASSETS
Cash 758 1,674 19 8 10,509 2,611 3 –
Cash equivalents – – – – 24,477 20,484 – –
Margin cash – – – – 847 419 – –
Cash collateral – – – – 590 – – –
Receivables 9 833 841 37 33 230 188 10 3
CURRENT LIABILITIES
Margin cash payable – – – – 594 101 – –
Cash collateral payable – – – – 710 – – –
Payables 10 673 636 34 45 54 36 18 16
through profit or loss 3(d) 258 382 48 31 1,992 840 – –
Total current liabilities 931 1,018 82 76 3,350 977 18 16
Net assets attributable to

year 86,660 88,695 21,740 17,482 127,222 132,694 16,926 15,048
in the prospectus 11 – 2 10 9 49 – 10 9
year 86,660 88,697 21,750 17,491 127,271 132,694 16,936 15,057
46
CURRENT ASSETS
Cash 239 64 277 9 483 17 571 30
Receivables 9 1,013 117 108 124 377 151 348 53
CURRENT LIABILITIES
Payables 10 1,095 195 184 161 688 176 658 75
through profit or loss 3(d) 178 67 4 – 96 27 114 44
Total current liabilities 1,273 262 188 161 784 203 772 119

year 94,066 49,857 33,304 18,358 51,527 24,632 55,138 30,944
in the prospectus 11 10 9 10 9 10 9 10 9
year 94,076 49,866 33,314 18,367 51,537 24,641 55,148 30,953
47
BlackRock BlackRock
Note GBP '000 GBP '000 EUR '000 USD '000 USD '000 GBP '000
CURRENT ASSETS
Cash 472 570 223 26,834 16,443 16
Cash equivalents 8,675 3,569 563 – – 84
Margin cash – – – 1,186 719 –
Receivables 9 11,998 10,444 1,542 376 149 14
through profit or loss 3(d) 659,991 558,673 138,675 121,890 81,542 3,635
Total current assets 681,136 573,256 141,003 150,286 98,853 3,749
CURRENT LIABILITIES
Margin cash payable – – – 222 111 –
Payables 10 1,091 2,038 587 123 60 13
through profit or loss 3(d) – – 506 367 108 –
Total current liabilities 1,091 2,038 1,093 712 279 13

year 680,045 571,218 139,910 149,574 98,574 3,736
in the prospectus 11 – – 28 5 37 29
year 680,045 571,218 139,938 149,579 98,611 3,765
1
48
NOTES TO THE FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The financial statements have been prepared for the year ended 31 March 2018.
All amounts have been rounded to the nearest thousand, unless otherwise indicated.
Statement of compliance
The financial statements of the Fund are prepared in accordance with Financial Reporting Standard 102 (“FRS 102”), the financial
reporting standard applicable in the United Kingdom and Republic of Ireland issued by the Financial Reporting Council, Irish statute
comprising the Unit Trusts Act, 1990 and the CBI’s UCITS Regulations.
The Fund has availed of the exemption available to open ended investment funds that hold a substantial proportion of highly liquid
and fair valued investments under Section 7 of FRS 102 and is not presenting cash flow statements.
The information required by FRS 102 to be included in a Statement of Comprehensive Income is contained in the Income Statement
of each Sub-Fund.
Basis of measurement
The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and
financial liabilities held at fair value through profit or loss. The Sub-Funds will continue as a going concern and the financial
statements of all Sub-Funds have been prepared on a going concern basis, with the exception of the BlackRock Diversified
Distribution Fund, BlackRock Emerging Markets Sovereign Screened Bond Fund and BlackRock Mix Fonds 1 which were fully
redeemed on 7 July 2017, 19 June 2018 and 29 June 2018 respectively. As a result, the financial statements for these Sub-Funds
are prepared on a non going concern basis and all amounts relate to discontinuing operations.
All references to net assets throughout this document refer to Net Assets Attributable to Redeemable Unitholders unless otherwise
stated or Net Assets Attributable to Redeemable Participating Unitholders (where relevant).
Net Assets Attributable to Redeemable Unitholders represents paid in capital and retained earnings.
Functional and presentation currency
Foreign currency items included in the Sub-Funds’ financial statements are measured in the Sub-Fund’s functional currency which
is shown in the table below:
Sub-Fund name Currency
BlackRock Customised Euro Non-Sovereign Bond Index Fund 1 EUR
BlackRock Diversified Distribution Fund EUR
BlackRock Emerging Markets Sovereign Screened Bond Fund EUR
BlackRock Euro Sovereign Bond Index Fund 1 EUR
BlackRock Mix Fonds 1 EUR
BlackRock Multi Style Strategy Fund EUR
BlackRock Developed Markets Sovereign Screened Bond Fund EUR
BlackRock Diversified Strategies Selection Fund EUR
BlackRock Dynamic Allocation Fund EUR
BlackRock Euro Cash Fund EUR
BlackRock Fixed Income Selection Fund EUR
BlackRock Global Equity Selection Fund EUR
BlackRock Multi Asset Balanced Selection Fund EUR
BlackRock Multi Asset Conservative Selection Fund EUR
BlackRock UK Credit Screened Fund GBP
BlackRock Defensive Yield Fund EUR
BlackRock Emerging Markets Alpha Tilts Fund USD
BlackRock Emerging Markets Equity Impact Fund USD
BlackRock UK Equity Income Fund GBP
The presentation currency of the Sub-Funds' financial statements is the same as the functional currency.
49
NOTES TO THE FINANCIAL STATEMENTS (continued)
1. BASIS OF PREPARATION (continued)
Critical accounting estimates and judgements
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the Sub-Funds’ accounting policies. The estimates and
associated judgements are based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Management makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the actual results. Actual results may differ from these estimates and these
differences could be material. The estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities predominantly relate to the fair value of financial instruments, as discussed in the
Significant Accounting Policies.
Swap positions are valued using models which utilise observable data to the extent practicable and contain assumptions on the
application of this data.
Changes in data inputs and assumptions about these factors could affect the reported fair value of Financial Derivative Instruments
(“FDIs”) and the differences could be material.
2. SIGNIFICANT ACCOUNTING POLICIES
a) Investments
To achieve their investment objectives as outlined in the prospectus, the Sub-Funds may invest in listed and unlisted investments,
collective investment schemes (“CIS”), exchange traded funds (“ETFs”), equities, warrants, bonds and FDIs.
Classification of investments
The Sub-Funds classify their investments as financial assets and financial liabilities at fair value through profit or loss. The category
of financial assets and financial liabilities through profit or loss comprises financial instruments designated by the Manager, at
inception, as being at fair value through profit or loss and/or held for trading.
Financial assets and financial liabilities designated at fair value through profit or loss, at inception, are those that are managed and
their performance evaluated on a fair value basis in accordance with the documented investment strategy.
Recognition/derecognition of investments
Purchases and sales of investments are accounted for on the day the transaction takes place. Investments are derecognised when
the rights to receive cash flows from the investments have expired or the risks and rewards of ownership have all been substantially
transferred.
Realised gains and losses on disposals are calculated using the average cost method and are reflected as net gains/(losses) on
financial assets/(liabilities) at fair value through profit or loss in the Income Statement.
Initial measurement of investments
Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Gains and losses
arising from changes in the fair value of the financial assets or financial liabilities are presented in the Income Statement, in the
period in which they arise. Transaction costs on purchases and sales of investments are included in the net gains/(losses) on
financial assets/(liabilities) at fair value through profit or loss in the Income Statement.
50
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
a) Investments (continued)
Valuation of investments
The estimation of fair value, after initial recognition, is determined as follows:
(i) Listed investments
As at year end, investments which are quoted, listed, traded or dealt on a market or exchange are based on quoted prices which,
for the purposes of the financial statements, is in line with the valuation methodology prescribed in the prospectus.
(ii) Unlisted investments
In the case of an investment which is not quoted, listed or dealt in on a recognised market, or in respect of which a listed, traded
or dealt price or quotation is not available at the time of valuation, the fair value of such investment shall be estimated with care
and in good faith by a competent professional person, body, firm or corporation (appointed for such purpose by the Manager in
consultation with the Investment Manager and approved for the purpose by the Trustee), and such fair value shall be determined
on the basis of the probable realisation value of the investment.
The Manager shall be entitled to adopt an alternative method of valuing any particular asset if they consider that the methods of
valuation set out above do not provide a fair valuation of a particular asset and provided that the alternative method of valuation is
approved by the Trustee.
(iii) Collective investment schemes (“CIS”)

The Investment Manager may also pursue the Sub-Funds’ investment objectives by allocating the Sub-Funds’ assets to other
collective investment vehicles including those that are managed by the Investment Manager or one of its affiliates.
The fair value of any investment which is a unit of participation in an unlisted or money market CIS shall be calculated by reference
to the unaudited NAV, on the valuation date of such unit of participation as calculated by the administrator of the CIS and in
accordance with the requirements of the scheme of which the relevant investment is a unit/share of participation.
The unaudited NAV of the underlying CIS is reflected gross of any redemption costs which may potentially arise upon redemption
from the underlying CIS.
Any potential subscription or redemption costs are at the discretion of the manager or board of the underlying CIS, in both the value
applied and any partial or full waiver thereof.
The underlying CIS may be subject to various fees and expenses, which may include management fees, performance fees,
administration fees or depositary/trustee fees, or a combination of those fees, attributable to the relevant unit class/share class in
which the Sub-Fund is invested.
(iv) Mortgage-backed securities/Asset-backed securities
Investments in mortgage-backed and asset-backed securities are the purchase or sale of an interest in pools of loans. The
investment characteristics of mortgage-backed and asset-backed securities are such that principal payments are made more
frequently than traditional debt securities (usually monthly). The principal may be repaid at any time because the underlying
mortgage loans or other assets generally may be repaid at any time.
The Sub-Funds record these principal repayments as they arise and realise a gain or loss in the net gains/(losses) on financial
assets/(liabilities) at fair value through profit or loss in the Income Statement in the period in which they occur.
Investments in mortgage-backed and asset-backed securities are fair valued in accordance with 2 (a) (i) and (ii) above and the
change in fair value, if any, is recorded as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the
Income Statement.
(v) Warrants
Warrants are financial instruments that convey the right, but not the obligation, to engage in a future transaction on an underlying
security within a certain timeframe.
Warrants which are quoted, listed, traded or dealt on a market or exchange are valued based on quoted prices which, for the
purpose of the financial statements is in line with the valuation methodology prescribed in the prospectus.
51
a) Investments (continued)
Valuation of investments (continued)
(vi) Financial derivative instruments (“FDIs”)
The Sub-Funds’ derivatives comprise of credit default swaps, contracts for difference (“CFD”), inflation rate swaps, interest rate
swaps, centrally cleared credit default swaps, centrally cleared interest rate swaps, total return swaps (“TRS”), options, forward
currency contracts and futures contracts which are recognised initially at fair value. Transaction costs are expensed in the Income
Statement. Subsequent to initial recognition they are measured at fair value with changes in fair value recognised in the Income
Statement.
b) Income recognition
(i) CIS and ETF income
CIS and ETF income is recognised when the distributions are declared by the underlying CIS and ETF.
(ii) Dividend income
Dividend income is recognised when the securities are declared ex-dividend. Dividend income is shown gross of any non-
recoverable withholding tax, which is disclosed separately in the Income Statement.
(iii) Bond interest income
Bond interest is recognised as income using the effective interest method.
(iv) Other interest income
Other interest income is recognised as income using the effective interest method.
(v) Amortisation/accretion of premiums/discounts on purchase of interest-bearing securities
Premiums or discounts on the purchase of bonds are being amortised over the life of the investment using the effective interest
method.
(vi) Securities lending income
Securities lending income is earned from lending securities owned by the Sub-Funds to a number of third party borrowers.
Securities lending income is accounted for on an accruals method basis.
c) Fees and expenses
Expenses are accounted for on an accruals basis with the exception of transaction charges relating to the acquisition and realisation
of investments which are charged as incurred.
Expenses directly attributable to a class of units are paid out of the assets of the Sub-Fund attributable to the relevant class and
debited as an expense against the NAV of each class of units.
Other interest expense is accrued on a daily basis using the effective interest method.
d) Negative yield on financial assets
Negative yield on financial assets relating to interest from a negative effective interest rate on a financial asset is accreted daily
and is recognised in the Income Statement over the life of the underlying instrument.
e) Distributions
Distributions are accounted for as finance costs where units in Sub-Funds do not meet the conditions to be classified as equity and
as a result are classified as financial liabilities. All remaining distributions are accounted for in the Statement of Changes in Equity.
The Manager may declare distributions on the units of the distributing class in respect of each financial period. Distributions may
be paid out of the net revenue of a Sub-Fund. In addition, the Manager may declare distributions on the units of the
EUR-Institutional Distributing Unit Class of the BlackRock Diversified Distribution Fund out of capital in order to ensure a distribution
is paid to unitholders.
Distributions will not be made to the unitholders of the accumulating unit classes. The income and other profits will be accumulated
and reinvested in the Sub-Funds on behalf of these unitholders.
52
f) Redeemable units
The Sub-Funds classify financial instruments issued as financial liabilities or equity in accordance with the substance of the
contractual terms of the instruments.
The redeemable units provide investors with the right to require redemption for cash at a value proportionate to the investor's share
in the Sub-Fund’s Net Assets Attributable to Redeemable Unitholders at each redemption date and also in the event of the Sub-
Fund’s liquidation, subject to any requirements set out in the prospectus.
Subscriptions and redemptions are accounted for on the day the trade transaction takes place.
Redeemable units are redeemable at the option of the unitholders. The redeemable units can be redeemed equal to a proportionate
share of the Sub-Fund’s trading NAV calculated in accordance with the Fund’s prospectus.
Should the redeemable units’ terms or conditions change such that they do not comply with the strict criteria contained in FRS 102,
the redeemable units would be reclassified to a financial liability from the date the instrument ceases to meet the criteria.
The financial liability is measured at the instrument’s fair value at the date of reclassification. Any difference between the carrying
value of the equity instrument and fair value of the liability on the date of reclassification would be recognised in equity less any
associated duties and charges and any redemption fee which is payable on the units redeemed.
Units in BlackRock Defensive Yield Fund, BlackRock Developed Markets Sovereign Screened Bond Fund, BlackRock Diversified
Strategies Selection Fund, BlackRock Dynamic Allocation Fund, BlackRock Emerging Markets Alpha Tilts Fund, BlackRock
Emerging Markets Equity Impact Fund, BlackRock Euro Cash Fund, BlackRock Fixed Income Selection Fund, BlackRock Global
Equity Selection Fund, BlackRock Multi Asset Balanced Selection Fund, BlackRock Multi Asset Conservative Selection Fund,
BlackRock UK Credit Screened Fund and BlackRock UK Equity Income Fund do not meet the conditions set out in section 22.4 of
FRS102 to be classified as equity and as a result are classified as financial liabilities. All other Sub-Funds meet the above
requirements and are classified as equity.
When redeemable units recognised as equity are redeemed, the redemption value of the units is presented as a deduction from
unit capital.
g) Transaction costs
Transaction costs on purchases or sales of financial assets or financial liabilities are included in net gains/(losses) on financial
assets at fair value through profit or loss within the Income Statement of each Sub-Fund. Separately identifiable transaction costs
are disclosed in the notes to the financial statements. Depositary transaction costs are not separately identifiable as they form part
of the management fee of the Sub-Fund, see notes to the financial statements for more details.
h) Foreign currency
Transactions and balances
Transactions in foreign currencies are translated into the functional currency of each Sub-Fund at the foreign currency exchange
rate in effect at the date of the transaction. Subscriptions and redemptions of units in foreign currencies are translated at the foreign
currency exchange rate in effect at the date of the transaction.
Foreign currency assets and liabilities, including investments, are translated at the exchange rate prevailing at the year-end.
The foreign exchange gain or loss based on the translation of the investments, as well as the gain or loss arising on the translation
of other assets and liabilities, is included in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in
the Income Statement.
i) Receivables
Receivables are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition. They are
subsequently measured at amortised cost using the effective interest method less provision for impairment.
53
j) Payables
Payables are recognised initially at fair value and subsequently stated at amortised cost. The difference between proceeds and the
amount payable is recognised over the period of the payable using the effective interest method.
k) Cash
Cash in the Balance Sheet may include deposits held on call with banks which are subject to an insignificant risk of changes in
value.
Bank overdrafts are classified as liabilities in the Balance Sheet.
l) Cash equivalents
Cash equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value.
m) Margin cash
Initial margin deposits are made to the relevant brokers upon entering into centrally cleared credit default swaps, centrally cleared
interest rate swaps, futures contracts, options and CFDs, and are generally made in margin cash. Cash balances held as margin
with relevant brokers relating to investments in derivatives at the reporting date are included in current assets/liabilities in the
Balance Sheet.
n) Duties and charges
In certain market conditions, the difference between the price at which assets are valued for the purpose of calculating the NAV
and the market price at which such assets were bought, as a result of a subscription, or sold, as a result of a redemption, may be
significant.
This may result in an adjustment to the subscription/redemption price for duties and charges, in order to protect the interests of the
other unitholders in the Sub-Fund by mitigating the effects of dilution. This adjustment is calculated by reference to the costs of
dealing in the underlying investments of the Sub-Funds, including any dealing spreads, which can vary with market conditions and
thus vary over time. Where duties and charges are applied in the context of a subscription or redemption, they will have an impact
on the value of an investment of a subscribing or redeeming investor and as a result are reflected as part of proceeds from the
issue of redeemable units/payments on redemption of redeemable units in the Statement of Changes in Equity or Statement of
Changes in Net Assets Attributable to Redeemable Participating Unitholders.
o) Collateral
Cash collateral provided by the Sub-Funds is identified on the Balance Sheet as pledged cash collateral and is not included as a
component of cash and cash equivalents.
For collateral other than cash provided by the Sub-Funds, the party to whom the collateral is provided has the right by contract to
sell or re-pledge the collateral but has an obligation to return equivalent securities to the Sub-Funds on maturity or sale of the
contract. The Sub-Funds classify these assets on their Balance Sheets separately from other assets and identifies the assets as
pledged investments at fair value through profit or loss. Such assets are valued consistently with the accounting policies listed
above.
Cash collateral provided to the Sub-Funds by counterparties is identified on the Balance Sheet as cash collateral payable. The
Sub-Funds may reinvest this cash collateral and the assets purchased are included in financial assets at fair value through profit
or loss on the Balance Sheet.
For collateral received from counterparties other than cash, a disclosure of the collateral provided is made in the notes to the
financial statements.
p) Adjustment to align to the valuation methodology as set out in the prospectus
The difference between the NAV stated in the financial statements and the valuation methodology indicated in the prospectus,
results in an adjustment between the net assets as per the financial statements and the dealing NAV.
Establishment costs are amortised over a period of 60 months for the purposes of calculating the dealing NAV as detailed in the
prospectus. FRS 102 requires such costs to be expensed when incurred therefore, for the purposes of the financial statements,
any unamortised establishment costs have been recognised in full in the Income Statement in the year which they were incurred.
54
p) Adjustment to align to the valuation methodology as set out in the prospectus (continued)
Consequently, the differences described above adjust the carrying amount of the net assets attributable to redeemable unitholders
or net assets attributable to redeemable participating unitholders (where relevant) and the cumulative differences are included in
“Adjustment to align to the valuation methodology as set out in the prospectus” in the notes to the financial statements.
q) Equalisation on distributions
For tax and accounting purposes, the Manager implements income equalisation arrangements to ensure that the level of income
derived from investments is not affected by the issue, conversion or redemption of units during the accounting year.
r) Swing adjustment
If on any dealing day the aggregate transactions in units of all classes of BlackRock Defensive Yield Fund, BlackRock Diversified
Distribution Fund, BlackRock Diversified Strategies Selection Fund, BlackRock Dynamic Allocation Fund, BlackRock Fixed Income
Selection Fund, BlackRock Global Equity Selection Fund, BlackRock Mix Fonds 1, BlackRock Mix Fonds 2, BlackRock Mix Fonds
3, BlackRock Mix Fonds 4, BlackRock Mix Fonds 5, BlackRock Multi Asset Balanced Selection Fund, BlackRock Multi Asset
Conservative Selection Fund and BlackRock Multi Style Strategy Fund result in a net increase or decrease of units which exceeds
a threshold set by the Directors of the Manager, the NAV of the relevant Sub-Fund will be adjusted by an amount which reflects
the estimated fiscal charges and dealing costs to be incurred by the Sub-Fund and the estimated bid/offer spread of the assets in
which the Sub-Fund invests. No swing was applied to the BlackRock Defensive Yield Fund, BlackRock Diversified Distribution
Fund, BlackRock Diversified Strategies Selection Fund, BlackRock Dynamic Allocation Fund, BlackRock Fixed Income Selection
Fund, BlackRock Global Equity Selection Fund, BlackRock Mix Fonds 1, BlackRock Mix Fonds 2, BlackRock Mix Fonds 3,
BlackRock Mix Fonds 4, BlackRock Mix Fonds 5, BlackRock Multi Asset Balanced Selection Fund, BlackRock Multi Asset
Conservative Selection Fund and BlackRock Multi Style Strategy Fund as at 31 March 2018 and 31 March 2017.
s) Comparatives
Certain prior year figures have been reclassified to correspond to current year presentation.
55
3. FINANCIAL INSTRUMENTS AND RISKS
Introduction and overview
The Sub-Funds’ investment activities expose them to the various types of risk which are associated with the financial instruments
and markets in which they invest. The following information is not intended to be a comprehensive summary of all risks and investors
should refer to the prospectus for a more detailed discussion of the risks inherent in investing in the Sub-Funds.
Risk management framework
The Directors of the Manager review quarterly investment performance reports and receive semi-annual presentations covering
the Sub-Funds’ performance and risk profile during the year. The Manager has delegated the day-to-day administration of the
investment programme to the Investment Manager. The Investment Manager is also responsible for ensuring that the Sub-Funds
are managed within the terms of their investment guidelines and limits set out in the prospectus. The Directors of the Manager
reserve to themselves the investment performance, product risk monitoring and oversight and the responsibility for the monitoring
and oversight of regulatory and operational risk for the Sub-Funds. The Directors of the Manager have appointed a Risk Manager
who has responsibility for the daily risk management process with assistance from key risk management personnel of the
Investment Manager, including members of the BlackRock Risk and Quantitative Analysis Group (“RQA Group”) which is a
centralised group which performs an independent risk management function. The RQA Group independently identifies, measures
and monitors investment risk. The RQA Group tracks the actual risk management practices being deployed across the different
Sub-Funds. By breaking down the components of the process, the RQA Group has the ability to determine if the appropriate risk
management processes are in place across the Sub-Funds. This captures the risk management tools employed, how the levels of
risk are controlled, ensuring risk/return is considered in portfolio construction and reviewing outcomes.
a) Market risk
Market risk arises mainly from uncertainty about future values of financial instruments influenced by other price, currency and
interest rate movements. It represents the potential loss the Sub-Funds may suffer through holding market positions in the face of
market movements.
The Sub-Funds are exposed to market risk by virtue of their investment in CIS, ETFs, equities, warrants, bonds and FDIs.
A key metric the RQA Group uses to measure market risk is Value at risk (“VaR”) which encompasses price, currency and interest
rate risk. The RQA Group is a centralised group which performs an independent risk management function. The group
independently identifies, measures and monitors investment risk.
VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market movements in an ordinary market
environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis.
The VaR calculations are based on a confidence level of 99% with a holding period of 1 day and a historical observation period of
not less than 1 year (250 days). A VaR number is defined at a specified probability and a specified time horizon. A 99% 1 day VaR
means that the expectation is that 99% of the time over a 1 day period the Sub-Fund will lose less than this number in percentage
terms. Therefore, higher VaR numbers indicate higher risk.
It is noted that the use of VaR methodology has limitations, namely that the use of historical market data as a basis for estimating
future events does not encompass all possible scenarios, particularly those that are of an extreme nature and that the use of a
specified confidence level (e.g. 99%) does not take into account losses that occur beyond this level. There is some probability that
the loss could be greater than the VaR amounts. These limitations and the nature of the VaR measure mean that the Sub-Funds
can neither guarantee that losses will not exceed the VaR amounts indicated, nor that losses in excess of the VaR amounts will not
occur more frequently.
56
3. FINANCIAL INSTRUMENTS AND RISKS (continued)
a) Market risk (continued)
The 1 day VaR as of 31 March 2018 and 31 March 2017 based on a 99% confidence level is outlined in the table below:
Sub-Fund name 31 March 2018 31 March 2017

BlackRock Customised Euro Non-Sovereign Bond Index Fund 1 0.29% 0.37%
BlackRock Diversified Distribution Fund n/a 0.50%
BlackRock Emerging Markets Sovereign Screened Bond Fund 0.98% 1.38%
BlackRock Euro Sovereign Bond Index Fund 1 0.50% 0.75%
BlackRock Mix Fonds 1 0.38% 0.35%
BlackRock Multi Style Strategy Fund 0.70% 0.48%
BlackRock Developed Markets Sovereign Screened Bond Fund 0.34% 0.52%
BlackRock Diversified Strategies Selection Fund 0.47% 0.27%
BlackRock Dynamic Allocation Fund 0.78% 0.40%
BlackRock Euro Cash Fund 0.01% 0.01%
BlackRock Fixed Income Selection Fund 0.29% 0.24%
BlackRock Global Equity Selection Fund 1.97% 1.58%
BlackRock Multi Asset Balanced Selection Fund 1.01% 0.73%
BlackRock Multi Asset Conservative Selection Fund 0.72% 0.50%
BlackRock UK Credit Screened Fund 0.65% 0.76%
BlackRock Defensive Yield Fund 0.13% n/a
BlackRock Emerging Markets Alpha Tilts Fund 2.38% n/a
BlackRock Emerging Markets Equity Impact Fund 2.53% n/a
BlackRock UK Equity Income Fund 2.08% n/a
(i) Market risk arising from foreign currency risk

Exposure to foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
foreign exchange rates.
The Sub-Funds may invest in securities denominated in currencies other than their functional currency. Consequently, the Sub-
Funds are exposed to risks that the exchange rate of their functional currency relative to other currencies may change in a manner
which has an adverse effect on the value of the portion of the Sub-Funds’ assets which are denominated in currencies other than
their own currency.
The Sub-Funds may also invest in CIS, ETFs and FDIs with foreign currency exposures and thus gain further exposure to foreign
currency risk.
Where the Sub-Funds invest in CIS they may have indirect exposure to foreign currency risk whereby the value of an underlying
asset may fluctuate as a result of a change in foreign exchange rates of investments held which are denominated in currencies
other than the underlying CIS’s own currency.
57
(i) Market risk arising from foreign currency risk (continued)

Management of foreign currency risk
The Sub-Funds, in line with their benchmarks, are unhedged except for the BlackRock Defensive Yield Fund which uses forward
currency contracts to hedge the foreign currency exposure of the hedged unit classes. The Sub-Funds may also invest in forward
currency contracts and thus gain further exposure to foreign currency risk. Exchange rate exposures are managed within
parameters utilising forward currency contracts where required. The realised and unrealised gains or losses relating to these
forward currency contracts are allocated to the relevant unit class. The details of the open forward currency contracts in place at
the year end date are disclosed in the Schedules of Investments.
BlackRock Mix Fonds 1 has invested in forward currency contracts in order to hedge the non-base currency fixed income exposure
of its underlying funds’ investments. The BlackRock Diversified Strategies Selection Fund, BlackRock Emerging Markets Alpha
Tilts Fund, BlackRock Emerging Markets Equity Impact Fund, BlackRock Fixed Income Selection Fund, BlackRock Global Equity
Selection Fund, BlackRock Multi Asset Balanced Selection Fund and the BlackRock Multi Asset Conservative Selection Fund, buy
and sell currencies on a spot and forward basis in order to partially or totally hedge currency exposure. Either the base currency of
the underlying CIS or a benchmark with currency exposures that are representative of the underlying CIS will be used to hedge
back to the base currency of the relevant Sub-Fund. The underlying portfolio currency exposures in the BlackRock Developed
Markets Sovereign Screened Bond Fund and the BlackRock Dynamic Allocation Fund are hedged back to the base currency of
the Sub-Fund using FDIs. The underlying portfolio currency exposures in the BlackRock Emerging Markets Sovereign Screened
Bond are not hedged back to the base currency of the Sub-Fund. The BlackRock Multi Style Strategy Fund buys and sells
currencies on a spot and forward basis in order to hedge currency exposure and generate income.
(ii) Market risk arising from interest rate risk
Exposure to interest rate risk
Interest rate risk is defined as the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market interest rates.
The Sub-Funds are exposed to interest rate risk specifically through their investments in interest bearing financial assets/liabilities
at fair value through profit or loss. These securities are disclosed in the Schedules of Investments.
The Sub-Funds are also exposed to interest rate risk on their cash balances held at J.P. Morgan Bank (Ireland) plc and margin
cash held at Barclays, HSBC, Merrill Lynch and Morgan Stanley. Cash held on deposit at J.P. Morgan Bank (Ireland) plc
receives/incurs interest at the prevailing daily rates, which may be negative depending on the currency in which the cash is held
(e.g. Euro).
The Sub-Funds also have indirect exposure to interest rate risk through their investments into CIS and ETFs whereby the value of
an underlying asset may fluctuate as a result of a change in interest rates through its investment in interest-bearing securities.
The Sub-Funds also have indirect exposure to interest rate risk through their investments into FDIs, whereby the value of an
underlying asset may fluctuate as a result of a change in interest rates.
BlackRock Multi Style Strategy Fund invests in CFDs and is immaterially exposed to interest rate risk through these investments.
Management of interest rate risk
Interest rate risk exposure is managed by constantly monitoring the position for deviations outside of a pre-determined tolerance
level and, when necessary, rebalancing back to the original desired parameters.
Cash and cash collateral is invested into CIS to generate a return to help offset any losses arising as a result of unfavourable
movements in interest rates.
(iii) Market risk arising from other price risk
Exposure to other price risk
Other price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to
the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market.
The Sub-Funds are exposed to other price risk arising from their investment in CIS, ETFs, equities, warrants, bonds and FDIs. The
exposure of the Sub-Funds to other price risk is the fair value of the investments held as shown in the Schedules of Investments of
the Sub-Funds. The investment concentrations within the portfolios are disclosed in the Sub-Funds’ Schedules of Investments by
investment type.
58
(iii) Market risk arising from other price risk (continued)
Management of other price risk
By diversifying the portfolio, where this is appropriate and consistent with the Sub-Funds’ objectives, the risk that a price
change of a particular investment will have a material impact on the NAV of the Sub-Funds is minimised.
The other price risk inherent in the CIS holdings is monitored by the Investment Manager, by understanding the investment
objectives of the underlying funds as well as their internal control policies and regular risk and performance reporting.
The investments into other CIS are all investments into related party funds. These CIS are subject to the same control procedures
the Investment Manager employs for the Sub-Funds.
There is a risk that the valuation of the Sub-Funds may not fairly reflect the value of the investments held at a specific time due to
events outside the control of the Manager, which could result in significant losses or inaccurate pricing for the Sub-Funds. To
mitigate this risk the Manager may temporarily suspend the determination of the NAV of any Sub-Fund until a fair or reasonable
valuation of the investments held can be realised.
b) Liquidity risk
Exposure to liquidity risk
Liquidity risk is the risk that the Sub-Funds will encounter difficulties in meeting obligations associated with financial liabilities.
Liquidity risk to the Sub-Funds arises from the redemption requests of investors and the liquidity of the underlying investments the
Sub-Funds have invested in.
The Sub-Funds’ Unitholders may redeem their units on the close of any daily dealing deadline for cash equal to a proportionate
share of the Sub-Funds’ NAV, excluding any duties and charges where applicable.
The Sub-Funds are therefore potentially exposed to the liquidity risk of meeting the unitholders’ redemptions and may need to sell
assets at prevailing market prices to meet liquidity demands.
The Sub-Funds may invest in CIS which can impose notice periods or other restrictions on redemptions and this may increase the
liquidity risk of the Sub-Fund.
The Sub-Funds are also exposed to the liquidity risk of daily margin calls on FDIs.
59
b) Liquidity risk (continued)
Exposure to liquidity risk (continued)
The tables below and overleaf detail the Sub-Funds’ liquidity analysis of its financial liabilities as at 31 March 2018. The tables have
been drawn up based on the undiscounted gross cash outflows relating to the contractual maturities of the financial liabilities:
Less than 1 1-3 3 months to Greater than
Liquidity analysis month months 1 year 1 year Total
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Sovereign Bond Index Fund 1
Payables 79 – – – 79
BlackRock Diversified Distribution Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Bank overdraft 3 – – – 3
Payables 227 – – – 227
BlackRock Emerging Markets Sovereign
Screened Bond Fund
Payables 411 – – – 411
Gross cash outflows on forward currency
916 5,090 – – 6,006
contracts1
BlackRock Euro Sovereign Bond Index
Fund 1
BlackRock Mix Fonds 1 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Payables 274 – – – 274
17,206 – – – 17,206
contracts2
Payables 1,475 – – – 1,475
Payables 3,249 – – – 3,249
Payables 523 – – – 523
Payables 1,180 – – – 1,180
BlackRock Multi Style Strategy Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Margin cash payable 1,661 – – – 1,661
Cash collateral payable 1,430 – – – 1,430
Payables 672 – – – 672
Unrealised losses on swaps 189 52 41 1,192 1,474
Contracts for difference – – – 8,923 8,923
137,888 240,796 – – 378,684
contracts3
Unrealised losses on futures contracts 488 1,115 – – 1,603
BlackRock Developed Markets Sovereign
Screened Bond Fund
Payables 673 – – – 673
Net asset value attributable to redeemable
86,660 – – – 86,660
participating unitholders
108,459 10,385 – – 118,844
contracts4
1
The outflows are off-set by inflows of EUR 6,006,000 for the year ended 31 March 2018.
2
3
4
60

BlackRock Diversified Strategies
Selection Fund
21,750 – – – 21,750
21,296 10,645 – – 31,941
contracts1
BlackRock Dynamic Allocation Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Margin cash payable 594 – – – 594
Cash collateral payable 710 – – – 710
127,271 – – – 127,271
Unrealised losses on swaps - – 342 56 398
Unrealised losses on options 8 – 265 – 273
87,986 11,359 – – 99,345
contracts2
Unrealised losses on futures contracts – 18 – – 18
BlackRock Euro Cash Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
16,936 – – – 16,936
BlackRock Fixed Income Selection Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Payables 1,095 – – – 1,095
94,076 – – – 94,076
78,292 39,144 – – 117,436
contracts3
BlackRock Global Equity Selection Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Payables 184 – – – 184
33,314 – – – 33,314
1,170 584 – – 1,754
contracts4
BlackRock Multi Asset Balanced
Selection Fund
Payables 688 – – – 688
51,537 – – – 51,537
42,249 21,123 – – 63,372
contracts5
1
2
3
4
5
61

BlackRock Multi Asset Conservative
Selection Fund
Payables 658 – – – 658
55,148 – – – 55,148
47,633 23,812 – – 71,445
contracts1
BlackRock UK Credit Screened Fund GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000
Payables 1,091 – – – 1,091
680,045 – – – 680,045
BlackRock Defensive Yield Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Payables 587 – – – 587
139,938 – – – 139,938
63,551 – – – 63,551
contracts2
BlackRock Emerging Markets Alpha Tilts
USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000
Fund
Payables 123 – – – 123
149,579 – – – 149,579
50,669 25,329 – 75,998
contracts3
Unrealised losses on futures 44 86 – – 130
BlackRock Emerging Markets Equity
USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000
Impact Fund
98,611 – – – 98,611
31,171 14,907 – 46,078
contracts4
Unrealised losses on futures 30 60 – – 90
BlackRock UK Equity Income Fund GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000
3,765 – – – 3,765
1
2
3
The outflows are off-set by inflows of USD 75,804,000 for the year ended 31 March 2018.
4
The outflows are off-set by inflows of USD 46,120,000 for the year ended 31 March 2018.
62
The tables below and overleaf detail the Sub-Funds’ liquidity analysis of its financial liabilities as at 31 March 2017. The tables have
been drawn up based on the undiscounted gross cash outflows relating to the contractual maturities of the financial liabilities:
Sovereign Bond Index Fund 1
Payables 676 - - - 676
BlackRock Diversified Distribution Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Bank overdraft 18 - - - 18
Cash collateral payable 3,444 - - - 3,444
Margin cash payable 276 - - - 276
Payables 666,271 - - - 666,271
Unrealised losses on swaps - - - 331 331
4,069,460 3,636,100 1,022,210 - 8,727,770
contracts1
Unrealised losses on futures contracts - 196 7 - 203
Screened Bond Fund
Payables 488 - - - 488
881 6,433 - - 7,314
contracts2
BlackRock Euro Sovereign Bond Index
Fund 1
Payables 69 - - - 69
Payables 429 - - - 429
43,638 - - - 43,638
contracts3
Payables 995 - - 995
-
Payables 1,399 - - 1,399
-
Payables 514 - - - 514
Payables 273 - - - 273
1
The outflows are off-set by inflows of EUR 8,742,961,000 for the year ended 31 March 2017.
2
3
63

Cash collateral payable 2,998 - - - 2,998
Payables 791 - - - 791
Unrealised losses on swaps - 79 9 698 786
Contracts for difference - - - 6,393 6,393
80,946 129,004 - - 209,950
contracts1
Unrealised losses on futures contracts 153 502 - - 655
Screened Bond Fund
Payables 636 - - - 636
88,697 - - - 88,697
109,785 11,026 - - 120,811
contracts2
BlackRock Diversified Strategies Selection
Fund
17,491 - - - 17,491
14,821 7,353 - - 22,174
contracts3
132,694 - - - 132,694
Unrealised losses on swaps - - 268 33 301
Unrealised losses on options - 186 - - 186
- 97,127 - - 97,127
contracts4
BlackRock Euro Cash Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
15,057 - - - 15,057
BlackRock Fixed Income Selection Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Payables 195 - - - 195
49,866 - - - 49,866
32,100 15,839 - - 47,939
contracts5
BlackRock Global Equity Selection Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Payables 170 - - - 170
18,367 - - - 18,367
1
2
3
The outflows are off-set by inflows of EUR 22,212,000 for the period ended 31 March 2017.
4
5
64

BlackRock Multi Asset Balanced Selection
Fund
Payables 176 - - - 176
24,641 - - - 24,641
12,529 6,269 - - 18,798
contracts1
BlackRock Multi Asset Conservative
Selection Fund
30,953 - - - 30,953
21,165 10,553 - - 31,718
contracts2
Payables 2,038 - - - 2,038
571,218 - - - 571,218
1
2
Management of liquidity risk
Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidity demands.
Asset disposals may also be required to meet redemption requests. However, timely sale of trading positions can be impaired
by many factors including decreased trading volume and increased price volatility. As a result, the Sub-Funds may experience
difficulties in disposing of assets to satisfy liquidity demands.
The Sub-Funds’ liquidity risk is managed by the Investment Manager in accordance with established policies and procedures in
place. The portfolio managers review daily forward-looking cash reports which project cash obligations. These reports allow
them to manage their cash obligations. If redemption requests from all holders of units in a Sub-Fund exceed more than 10% of
the units of the Sub-Fund in issue on any particular dealing day, the Manager shall be entitled, at its discretion, to refuse to redeem
such excess numbers of units in issue from the Sub-Fund. The units which are not redeemed at any given dealing day shall be
redeemed on each subsequent dealing day on a pro-rata basis in priority to any requests received thereafter. Duties and charges
may also be charged as detailed in the Significant Accounting Policies note 2(n).
For the avoidance of doubt, none of the assets of the Sub-Funds are subject to special liquidity arrangements.
65
c) Credit / counterparty risk
Exposure to credit / counterparty risk
Counterparty credit risk arises from the failure of the counterparty to perform according to the terms of the contract. The Sub-Funds’
exposure to counterparty credit risk is limited to the contracts in which they currently have a financial asset position reduced by any
collateral received from the counterparty, or to counterparties who have received collateral from the Sub-Funds.
The investment concentrations within the portfolios are disclosed in the Schedule of Investments by investment type. CIS are
classified by the country of incorporation of the CIS and investments in Institutional Cash Series plc are classified as cash
equivalents. ETFs and bonds are primarily classified by the country of incorporation of the issuer. Equities and warrants are
primarily classified by the country of incorporation of the entity in which the Sub-Fund holds shares.
All OTC FDIs are entered into by the Sub-Funds under an International Swaps and Derivatives Associations, Inc. Master Agreement
(“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Sub-Funds
and a counterparty that governs OTC FDIs (including TRS and CFDs) entered into by the parties. The parties’ exposures under
the ISDA Master Agreement are netted and collateralised together, therefore any collateral disclosures provided are in respect
of all OTC FDIs entered into by the Sub-Funds under the ISDA Master Agreement, not just TRS and CFDs. All non-cash collateral
received/posted by the Sub-Funds under the ISDA Master Agreement is transferred bilaterally under a title transfer arrangement.
The Sub-Funds’ maximum exposure to counterparty credit risk from holding forward currency contracts will be equal to the
notional amount of the currency and any net unrealised gains as disclosed in the Schedules of Investments.
The carrying value of financial assets together with cash held with counterparties best represents the Sub-Fund’s gross
maximum exposure to counterparty credit risk at the reporting date, before including the effect of the ISDA Master Agreement
and netting, which would reduce the overall counterparty credit risk exposure. Cash held as security by the counterparty to
derivative contracts is subject to the credit risk of the counterparty.
Management of credit / counterparty risk
Credit risk is monitored and managed by BlackRock’s Risk & Quantitative Analysis (“RQA”) Counterparty & Concentration Risk
Team. The BlackRock RQA Counterparty & Concentration Risk Team is headed by BlackRock’s Chief Counterparty & Credit
Officer who reports to the Global Head of RQA. Credit authority resides with the Chief Counterparty & Credit Officer and selected
team members to whom specific credit authority has been delegated.
As such, counterparty approvals may be granted by the Chief Counterparty & Credit Officer or by identified RQA Counterparty
Credit Risk Officers who have been formally delegated authority by the Chief Counterparty & Credit Officer.
The BlackRock RQA Counterparty & Concentration Risk Team completes a formal review of each new counterparty, monitors
and reviews all approved counterparties on an ongoing basis and maintains an active oversight of counterparty exposures
and the collateral management processes. All prospective and existing counterparties require the approval of the BlackRock
RQA Counterparty & Concentration Risk Team.
There were no past due or impaired assets as of 31 March 2018 (31 March 2017: Nil).
(i) Depositary
Exposure to credit / counterparty risk from Depositary
The Depositary is J.P. Morgan Bank (Ireland) plc. Substantially all of the assets and cash other than FDIs of the Sub-Funds are
held by J.P. Morgan Bank (Ireland) plc at year end. The Sub-Funds’ are exposed to credit risk through the use of J.P. Morgan Bank
(Ireland) plc as the Depositary for their investments.
Bankruptcy or insolvency of the Depositary may cause the Sub-Funds’ rights with respect to its cash and investments held by the
Depositary to be delayed or limited. The maximum exposure to this risk is the amount of long investments disclosed in the
Schedules of Investments as well as cash and cash equivalents, as disclosed on the Balance Sheet of each Sub-Fund.
The Sub-Funds will be exposed to the credit risk of the Depositary or any sub-custodian or other delegate used by the Depositary
regarding cash balances held in accounts with same. In the event of insolvency or bankruptcy of the Depositary or any sub-
custodian or other delegate used by the Depositary, the Sub-Funds will be treated as a general creditor of the Depositary, sub-
custodian or other delegate used by the Depositary.
The Depositary does not have a credit rating, however, its parent company J.P. Morgan Chase Bank N.A. has a long-term credit
rating from Standard & Poor’s of A+ (31 March 2017: A+).
66
c) Credit / counterparty risk (continued)
(i) Depositary (continued)
Management of credit / counterparty risk from Depositary
To mitigate the Sub-Funds’ credit risk with respect to the Depositary, the Investment Manager employs specific procedures to
ensure that the Depositary employed is a reputable institution and that the associated credit risk is acceptable to the Sub-Funds.
(ii) Counterparties
All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is
considered to be minimal as delivery of securities and payment is made simultaneously. The trade will fail if either party fails to meet
its obligation.
Credit risk arising on transactions with counterparties relates to transactions awaiting settlement. Risk relating to unsettled
transactions is considered small due to the short settlement period involved and the high credit quality of the counterparties used.
Management of counterparties
The Sub-Funds only transact with counterparties that are regulated entities subject to prudential supervision, or with high credit-
ratings assigned by international credit-rating agencies.
Cash held as security by the counterparties to FDIs, as disclosed on the Balance Sheets and Schedules of Investments, is subject
to the credit risk of the counterparty.
The tables below detail the total number of derivative counterparties the Sub-Funds are exposed to, the maximum exposure to any
one counterparty which is calculated on a net basis, the collateral held by the Sub-Fund against that counterparty and the lowest
long-term credit rating of any one counterparty (or its ultimate parent, if it is unrated):
Maximum
Total exposure to any Lowest credit
number of one counterparty Collateral held rating of any one
As at 31 March 2018 Currency counterparties ‘000 ‘000 counterparty
EUR 10 6 - BBB+
Bond Fund
BlackRock Mix Fonds 1 EUR 6 72 - BBB+
BlackRock Multi Style Strategy Fund EUR 16 7,062 - BBB+
EUR 9 66 - BBB+
Bond Fund
BlackRock Diversified Strategies Selection Fund EUR 5 27 - BBB+
BlackRock Dynamic Allocation Fund EUR 12 497 - BBB+
BlackRock Fixed Income Selection Fund EUR 4 108 - A
BlackRock Global Equity Selection Fund EUR 2 - - BBB+
BlackRock Multi Asset Balanced Selection Fund EUR 6 58 - BBB+
BlackRock Multi Asset Conservative Selection Fund EUR 6 57 - BBB+
BlackRock Defensive Yield Fund EUR 1 - - A+
BlackRock Emerging Markets Alpha Tilts Fund USD 7 863 - A+
BlackRock Emerging Markets Equity Impact Fund USD 3 546 - A+
67
Management of counterparties (continued)
Maximum
Total exposure to any Lowest credit
number of one counterparty Collateral held rating of any one
As at 31 March 2017 Currency counterparties ‘000 ‘000 counterparty
BlackRock Diversified Distribution Fund EUR 15 5,709 3,721 BBB+
EUR 8 22 - BBB+
Bond Fund
BlackRock Mix Fonds 1 EUR 10 128 - BBB-
BlackRock Multi Style Strategy Fund EUR 11 4,789 - BBB+
EUR 9 105 - BBB+
Bond Fund
BlackRock Diversified Strategies Selection Fund EUR 2 36 - A+
BlackRock Dynamic Allocation Fund EUR 15 260 - BBB+
BlackRock Fixed Income Selection Fund EUR 2 83 - A+
BlackRock Multi Asset Balanced Selection Fund EUR 2 34 - A+
BlackRock Multi Asset Conservative Selection Fund EUR 2 53 - A+
(iii) Securities Lending
Certain Sub-Funds engage in securities lending activities which expose the Sub-Funds to counterparty credit risk. The maximum
exposure to each Sub-Fund is equal to the value of the securities loaned.
All securities lending transactions entered into by the Sub-Funds are subject to a written legal agreement between the Sub-Funds
and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Fund, and separately between the
Securities Lending Agent and the approved borrowing counterparty. Collateral received in exchange for securities lent is transferred
under a title transfer arrangement and is delivered to and held in an account with a tri-party collateral manager in the name of the
Depositary on behalf of the Sub-Funds. Collateral received is segregated from the assets belonging to the Sub-Funds’ Depositary
or the Lending Agent.
The collateral is registered and held in the name of J.P. Morgan Bank (Ireland) plc on behalf of the Sub-Funds in any or all of the
following central securities depositories; JP Morgan Chase, Euroclear or Bank of New York Mellon, depending on the type of
collateral the counterparty has to give in order to cover the required value of exposure. The collateral provided by these
counterparties consists of shares admitted to dealing on a regulated market.
With the exception of the Sub-Funds outlined below, the Sub-Funds did not engage in securities lending activities during the year.
The value of the securities on loan at the year end and the value of collateral held at the year end is shown below.
31 March 2018 31 March 2017

BlackRock Emerging Markets Sovereign Screened Bond Fund EUR ‘000 EUR ‘000
Value of securities on loan 583 555
Value of collateral held 628 615
BlackRock Developed Markets Sovereign Screened Bond Fund EUR ‘000 EUR ‘000
Value of securities on loan 967 1,702
Value of collateral held 1,044 1,877
BlackRock Dynamic Allocation Fund EUR ‘000 EUR ‘000
Value of securities on loan 3,351 -
Value of collateral held 3,704 -
BlackRock UK Credit Screened Fund GBP ‘000 GBP ‘000
Value of securities on loan 18,454 2,891
Value of collateral held 19,679 3,148
68
(iii) Securities Lending (continued)
31 March 2018 31 March 2017

BlackRock Emerging Markets Alpha Tilts Fund USD ‘000 USD ‘000
Value of securities on loan 2,907 -
Value of collateral held 3,516 -
Management of credit / counterparty risk related to securities lending
To mitigate this risk, the Sub-Funds receive either cash or securities as collateral equal to a certain percentage in excess of the
fair value of the securities loaned. The Investment Manager monitors the fair value of the securities loaned and additional collateral
is obtained, if necessary.
The Sub-Funds also benefit from a borrower default indemnity provided by BlackRock, Inc. The indemnity allows for full
replacement of securities lent. BlackRock, Inc. bears the cost of indemnification against borrower default.
(iv) Debt securities
Issuer credit risk is the default risk of one of the issuers of any securities held by the Sub-Funds. Bonds or other debt securities
involve credit risk to the issuer which may be evidenced by the issuer’s credit rating. Securities which are subordinated and/or have
a lower credit rating are generally considered to have a higher credit risk and a greater possibility of default than more highly rated
securities.
The Sub-Funds’ investments in bonds expose them to the default risk of the issuer with regards to interest or principal payments.
Management of credit / counterparty risk related to debt securities
To manage this risk, the Investment Manager, where appropriate and consistent with the Sub-Funds’ objectives, invests in a wide
range of securities and monitors the credit ratings of the investments as disclosed in the credit rating profile table.
The ratings of the debt securities are continually monitored by the BlackRock Portfolio Management Group (“PMG”) and for
nonrated or securities with subordinated or lower credit ratings, additional specific procedures are employed to ensure the
associated credit risk is acceptable to the Sub-Funds.
Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally
recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch.
The table below details the credit rating profile of the bonds held by the Sub-Funds as at 31 March 2018:
Investment Non-investment
grade grade Not rated Total
% of debt % of debt % of debt % of debt
As at 31 March 2018 Currency securities securities securities securities
BlackRock Customised Euro Non-Sovereign Bond
EUR 99.66 0.32 0.02 100.00
Index Fund 1
EUR 83.65 16.35 - 100.00
Bond Fund
BlackRock Euro Sovereign Bond Index Fund 1 EUR 97.85 2.15 - 100.00
BlackRock Multi Style Strategy Fund EUR 100.00 - - 100.00
EUR 100.00 - - 100.00
Bond Fund
BlackRock Dynamic Allocation Fund EUR 88.02 - 11.98 100.00
BlackRock UK Credit Screened Fund GBP 99.32 0.68 - 100.00
BlackRock Defensive Yield Fund EUR 69.01 29.17 1.82 100.00
69
(iv) Debt securities (continued)
Management of credit / counterparty risk related to debt securities (continued)
The table below details the credit rating profile of the bonds held by the Sub-Funds as at 31 March 2017:
Investment Non-investment
grade grade Not rated Total
% of debt % of debt % of debt % of debt
As at 31 March 2017 Currency securities securities securities securities
EUR 99.14 0.86 - 100.00
Index Fund 1
BlackRock Diversified Distribution Fund EUR 65.22 34.62 0.16 100.00
EUR 91.25 8.75 - 100.00
Bond Fund
BlackRock Euro Sovereign Bond Index Fund 1 EUR 100.00 - - 100.00
BlackRock Multi Style Strategy Fund EUR 100.00 - - 100.00
EUR 100.00 - - 100.00
Bond Fund
BlackRock Dynamic Allocation Fund EUR 100.00 - - 100.00
BlackRock UK Credit Screened Fund GBP 99.29 0.71 - 100.00
(v) Other securities
The Sub-Funds are indirectly exposed to the counterparty and credit risks from their investments in CIS and ETFs. Those
investments in CIS and ETFs managed by the BlackRock Group are subject to the same control procedures the Investment
Manager employs for the Sub-Funds.
Management of credit / counterparty risk related to other securities
The Sub-Funds monitor collateral fair value relative to the amounts payable under the agreements, including accrued interest,
throughout the lives of the agreements and, when necessary, requires the transfer of collateral in order to manage exposure and
liquidity. This collateral is used to reduce counterparty risk exposure.
(vi) Exchange traded financial derivative instruments
The Sub-Funds’ holdings in futures contracts, centrally cleared credit default swaps, centrally cleared interest rate swaps and
options expose the Sub-Funds to credit risk.
Management of credit / counterparty risk related to exchange traded financial derivative instruments
The exposure is limited by trading the contracts through a clearing house. The Sub-Funds’ exposure to credit risk on contracts in
which it currently has a gain position is reduced by such gains received in cash from the counterparty under the daily mark-to-
market mechanism on exchange traded futures contracts, centrally cleared credit default swaps, centrally cleared interest rate
swaps and exchange traded options (variation margin).
The Sub-Funds’ exposure to credit risk on contracts in which it currently has a loss position is equal to the amount of margin posted
to the counterparty which has not been transferred to the exchange under the daily mark-to-market mechanism.
Margin is paid or received on futures contracts, centrally cleared credit default swaps, centrally cleared interest rate swaps and
options to cover any exposure by the counterparty or the Sub-Funds to each other. ‘‘Margin cash'' on the Balance Sheets consists
of margin receivable from or payable to the Sub-Funds’ clearing brokers and various counterparties.
A party to a cleared derivatives transaction is subject to the credit risk of the clearing house through which it holds its cleared
position, rather than the credit risk of its original counterparty to the derivative transaction. All Sub-Funds received by a clearing
broker are generally held in a clearing broker’s customer account. While clearing brokers are required to segregate customer
margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there
is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated
on a pro-rata basis across all the clearing brokers customers, potentially resulting in losses to the Sub-Funds.
70
(vii) Over-the-Counter (“OTC”) financial derivative instruments
The Sub-Funds’ holdings in forward currency contracts present credit risk. The Sub-Funds’ maximum exposure to credit risk is
equal to the notional amount of the currency contract and any unrealised gains as disclosed in their Schedules of Investments.
Forward currency contracts do not generally require variation margin and thus the counterparty credit risk is monitored through the
BlackRock RQA Counterparty & Concentration Risk Team who monitor the creditworthiness of the counterparty. The counterparties
for forward currency contracts are disclosed in the Schedules of Investments.
The Sub-Funds' holdings in options, credit default swap agreements, inflation rate swap agreements, interest rate swap agreements
and total return swap agreements also expose the Sub-Funds to credit risk.
Trading in OTC FDIs which have not been collaterised gives rise to counterparty exposure. Credit risk arises from the failure of the
counterparty to perform according to the terms of the contract as these derivative transactions are traded bilaterally and not through
a central clearing counterparty. The exposure of the Sub-Funds to credit risk on OTC FDIs is set out in the Schedules of
Investments.
The Sub-Fund’s holdings in CFDs expose the Sub-Fund to counterparty credit risk. Counterparty credit risk arises from the failure
of the counterparty to perform according to the terms of the contract. The Sub-Fund’s exposure to counterparty credit risk is limited
to the contracts in which it currently has a net gain position reduced by any margin cash collateral received from the counterparty.
The Sub-Fund is required to maintain collateral with the brokers to secure these financial instruments.
Management of credit / counterparty risk related to OTC financial derivative instruments
The Sub-Funds mitigate the risk exposure to each counterparty by obtaining collateral from the counterparty in a form which
complies with the terms of the collateral agreements. This collateral is used to reduce counterparty risk exposure.
The portfolio manager regularly compares the net positions in the Sub-Funds to the limits set by the BlackRock RQA Counterparty
& Concentration Risk Team for compliance.
The Sub-Funds engage in activities which may require collateral to be paid to counterparty (“pledged collateral”) or may hold
collateral received (“inbound collateral”) from a counterparty. The Sub-Funds use inbound collateral received from a counterparty
to reduce the credit risk associated with any trading activity the Sub-Funds have engaged in.
Collateral received in the form of securities is not reflected on the Balance Sheets but is reflected in the notes to the financial
statements. Please refer to note 20 for collateral pledged to the Sub-Funds.
The Sub-Funds have the right to reinvest cash collateral received. As at 31 March 2018, there were no securities pledged as
collateral. As at 31 March 2017, securities pledged as collateral have been separately disclosed on the Balance Sheets.
Cash collateral pledged by the Sub-Funds is separately identified on the Balance Sheets as cash collateral and is not included as
a component of cash and cash equivalents. Inbound cash collateral received by the Sub-Funds is reflected on the Balance Sheets
as cash collateral payable. The Sub-Funds are also exposed to counterparty risk of rehypothecation of pledged collateral. The fair
value of inbound cash collateral and cash collateral pledged is reflected on the Balance Sheets of the Sub-Funds.
(viii) Other receivables
Receivables are disclosed in the notes to the financial statements. The counterparties to positions included in receivables are the
same counterparties discussed previously under credit risk and subject to the same scrutiny by the BlackRock RQA Counterparty
& Concentration Risk Team. The Sub-Funds monitor the ageing of receivables to mitigate this risk.
d) Valuation of financial instruments
The Sub-Funds classify financial instruments measured at fair value using a fair value hierarchy. The fair value hierarchy has the
following categories:
Level 1 - Quoted prices for identical instruments in active markets

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available and those prices
represent actual and regularly occurring market transactions on an arm’s length basis. The Sub-Fund does not adjust the quoted
price for these instruments.
71
d) Valuation of financial instruments (continued)
Level 2 - Valuation techniques using observable inputs

This category includes instruments valued using: quoted prices in active markets for similar instruments; quoted prices for similar
instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly
or indirectly observable from market data.
Valuation techniques used for non-standardised financial instruments such as OTC derivatives, include the use of comparable
recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis,
option pricing models and other valuation techniques commonly used by market participants making the maximum use of market
inputs and relying as little as possible on entity determined inputs.
Level 3 - Valuation techniques using significant unobservable inputs

This category includes all instruments where the valuation techniques used include inputs not based on market data and these
inputs could have a significant impact on the instrument’s valuation.
This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined
adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis
of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input
is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require
significant adjustment based on unobservable inputs, that measurement is a level 3 measurement.
Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors
specific to the asset or liability. The determination of what constitutes ‘observable’ inputs requires significant judgement by the
Investment Manager. The Investment Manager considers observable inputs to be that market data that is readily available, regularly
distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the
relevant market.
The tables below and overleaf are an analysis of the Sub-Funds’ financial assets and financial liabilities measured at fair value at 31
March 2018:
Level 1 Level 2 Level 3 Total

BlackRock Customised Euro Non-Sovereign Bond Index Fund 1 EUR '000 EUR '000 EUR '000 EUR '000
Financial assets at fair value through profit or loss:
Bonds – 410,754 – 410,754
Total – 410,754 – 410,754
BlackRock Emerging Markets Sovereign Screened Bond Fund EUR '000 EUR '000 EUR '000 EUR '000
Bonds – 27,468 – 27,468
Unrealised gains on forward currency contracts – 30 – 30
Total – 27,498 – 27,498
Financial liabilities at fair value through profit or loss:
Unrealised losses on forward currency contracts – (30) – (30)
Total – (30) – (30)
BlackRock Euro Sovereign Bond Index Fund 1 EUR '000 EUR '000 EUR '000 EUR '000
Bonds – 416,508 – 416,508
Total – 416,508 – 416,508
BlackRock Mix Fonds 1 EUR '000 EUR '000 EUR '000 EUR '000
Collective investment schemes – 14,501 – 14,501
Exchange traded funds 12,487 – – 12,487
Total 12,487 14,593 – 27,080
Total – (16) – (16)
72

Total 90,349 432,163 – 522,512
Total 150,281 676,210 – 826,491
Total 64,257 286,474 – 350,731
Total 24,375 106,137 – 130,512
BlackRock Multi Style Strategy Fund EUR '000 EUR '000 EUR '000 EUR '000
Bonds – 184,919 – 184,919
Unrealised gains on swaps – 1,797 – 1,797
Contracts for difference – 9,510 – 9,510
Unrealised gains on forward currency contracts – 2,230 – 2,230
Unrealised gains on futures contracts 1,929 – – 1,929
Total 1,929 198,456 – 200,385
Unrealised losses on swaps – (1,474) – (1,474)
Contracts for difference – (8,923) – (8,923)
Unrealised losses on forward currency contracts – (1,737) – (1,737)
Unrealised losses on futures contracts (1,603) – – (1,603)
Total (1,603) (12,134) – (13,737)
BlackRock Developed Markets Sovereign Screened Bond Fund EUR '000 EUR '000 EUR '000 EUR '000
Bonds – 85,458 – 85,458
Total – 86,000 – 86,000
Total – (258) – (258)
BlackRock Diversified Strategies Selection Fund EUR '000 EUR '000 EUR '000 EUR '000
Exchange traded funds 367 – – 367
Total 367 21,399 – 21,766
Total – (48) – (48)
73

BlackRock Dynamic Allocation Fund EUR '000 EUR '000 EUR '000 EUR '000
Equities 16,273 – – 16,273
Bonds – 4,084 – 4,084
Unrealised gains on swaps – 1,334 – 1,334
Unrealised gains on options 41 7 – 48
Unrealised gains on futures contracts 480 – – 480
Total 36,481 57,438 – 93,919
Unrealised losses on swaps – (398) – (398)
Unrealised losses on options (8) (265) – (273)
Unrealised losses on forward currency contracts – (1,303) – (1,303)
Unrealised losses on futures contracts (18) – – (18)
Total (26) (1,966) – (1,992)
BlackRock Euro Cash Fund EUR '000 EUR '000 EUR '000 EUR '000
Total – 16,931 – 16,931
BlackRock Fixed Income Selection Fund EUR '000 EUR '000 EUR '000 EUR '000
Total 9,738 84,349 – 94,087
Total – (178) – (178)
BlackRock Global Equity Selection Fund EUR '000 EUR '000 EUR '000 EUR '000
Total 5,713 27,394 – 33,107
Total – (4) – (4)
BlackRock Multi Asset Balanced Selection Fund EUR '000 EUR '000 EUR '000 EUR '000
Total 10,962 40,489 – 51,451
Total – (96) – (96)
BlackRock Multi Asset Conservative Selection Fund EUR '000 EUR '000 EUR '000 EUR '000
Total 6,648 48,343 – 54,991
Total – (114) – (114)
74

BlackRock UK Credit Screened Fund GBP '000 GBP '000 GBP '000 GBP '000
Bonds – 659,991 – 659,991
Total – 659,991 – 659,991
BlackRock Defensive Yield Fund EUR '000 EUR '000 EUR '000 EUR '000
Bonds – 131,713 – 131,713
Total – 138,675 – 138,675
Total – (506) – (506)
BlackRock Emerging Markets Alpha Tilts Fund USD '000 USD '000 USD '000 USD '000
Equities 121,818 – – 121,818
Total 121,847 43 – 121,890
Total (130) (237) – (367)
BlackRock Emerging Markets Equity Impact Fund USD '000 USD '000 USD '000 USD '000
Equities 81,465 – – 81,465
Total 81,482 60 – 81,542
Total (90) (18) – (108)
BlackRock UK Equity Income Fund GBP '000 GBP '000 GBP '000 GBP '000
Equities 3,635 – – 3,635
Total 3,635 – – 3,635
75
The tables below and overleaf are an analysis of the Sub-Funds’ financial assets and financial liabilities measured at fair value at 31
March 2017:

EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Index Fund 1
Bonds - 348,954 - 348,954
Total - 348,954 - 348,954
BlackRock Diversified Distribution Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Equities 8,778 - - 8,778
Bonds - 5,581,142 - 5,581,142
Unrealised gains on swaps - 3,365 - 3,365
Unrealised gains on forward currency contracts - 47,276 - 47,276
Unrealised gains on futures contracts 355 - - 355
Total 9,133 5,631,783 - 5,640,916
Unrealised losses on swaps - (331) - (331)
Unrealised losses on forward currency contracts - (32,085) - (32,085)
Unrealised losses on futures contracts (203) - - (203)
Total (203) (32,416) - (32,619)
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Bond Fund
Bonds - 29,804 - 29,804
Unrealised gains on forward currency contracts - 66 - 66
Total - 29,870 - 29,870
Unrealised losses on forward currency contracts - (64) - (64)
Total - (64) - (64)
BlackRock Euro Sovereign Bond Index Fund 1 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Bonds - 342,533 - 342,533
Total - 342,533 - 342,533
BlackRock Mix Fonds 1 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Collective investment schemes - 30,595 - 30,595
Exchange traded funds 26,180 - - 26,180
Total 26,180 30,786 - 56,966
Total - (20) - (20)
Total 96,581 561,626 - 658,207
76

Total 165,602 817,699 - 983,301
Total 62,968 333,514 - 396,482
Total 27,474 120,693 - 148,167
BlackRock Multi Style Strategy Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Bonds - 138,239 - 138,239
Unrealised gains on swaps - 2,103 - 2,103
Contracts for difference - 5,878 - 5,878
Unrealised gains on forward currency contracts - 2,108 - 2,108
Total 603 148,328 - 148,931
Contracts for difference - (6,393) - (6,393)
Unrealised losses on forward currency contracts - (1,735) - (1,735)
Unrealised losses on futures contracts (655) - - (655)
Total (655) (8,914) - (9,569)
EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Bond Fund
Bonds - 86,548 - 86,548
Total - 87,198 - 87,198
Total - (382) - (382)
77

BlackRock Diversified Strategies Selection Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Exchange traded funds 434 - - 434
Total 434 17,083 - 17,517
Total - (31) - (31)
BlackRock Dynamic Allocation Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Equities 10,630 - - 10,630
Warrants 1,015 - - 1,015
Bonds - 16,003 - 16,003
Unrealised gains on swaps - 838 - 838
Unrealised gains on options 202 43 - 245
Total 31,184 78,785 - 109,969
Unrealised losses on options (177) (9) - (186)
Total (177) (663) - (840)
BlackRock Euro Cash Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Total - 15,061 - 15,061
BlackRock Fixed Income Selection Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Total 5,631 44,307 - 49,938
Total - (67) - (67)
BlackRock Global Equity Selection Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Total 4,803 13,583 - 18,386
78

BlackRock Multi Asset Balanced Selection Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Total 5,522 19,145 - 24,667
Total - (27) - (27)
BlackRock Multi Asset Conservative Selection Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Total 5,022 25,958 - 30,980
Total - (44) - (44)
BlackRock UK Credit Screened Fund GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000
Bonds - 558,673 - 558,673
Total - 558,673 - 558,673
Financial instruments valued based on quoted market prices in active markets, and therefore classified within level 1, include ETFs,
equities, warrants, futures contracts and exchange traded options. The Sub-Funds do not adjust the quoted price for these
instruments.
Financial instruments valued based on dealer quotations or alternative pricing sources, such as model valuations, supported by
either directly or indirectly observable inputs are classified within level 2. These include CIS, bonds and OTC FDIs.
As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations
may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
The fair value for CIS’s are calculated based on valuation inputs which are either directly or indirectly observable from market data.
Investments in CIS’s have been classified as level 2.
There were no transfers between level 1 and level 2 for financial assets and liabilities which are recorded at fair value as at 31
March 2018 and 31 March 2017.
Investments classified within level 3 have significant unobservable inputs, as they trade infrequently.There were no level 3 securities
held as at 31 March 2018 and 31 March 2017.
79
4. OPERATING INCOME
Bond interest income 2,684 2,426 55,852 247,824 1,517 1,600 2,213 2,888
Dividend income – – 72 6,605 – – – –
Securities lending income – – – – 3 2 – –
Other interest income – – 25 10 – 1 – –
Total 2,684 2,426 55,949 254,439 1,520 1,603 2,213 2,888
1
Income from exchange traded

funds 316 1,121 1,227 1,286 2,161 2,182 871 792
Other interest income 1 – – – – – – –
Management fee rebate 46 182 327 286 641 594 257 214
Total 363 1,303 1,554 1,572 2,802 2,776 1,128 1,006
80
4. OPERATING INCOME (continued)


EUR '000 EUR '000 EUR '000 EUR '000
Bond interest income – – (1,376) –

CFD income – – 6,665 1,202
funds 345 398 – –
Other interest income – – 11 1
Management fee rebate 103 109 – –
Total 448 507 5,300 1,203
81

Bond interest income 958 1,561 – – 221 122 – –

Dividend income – – – – 403 40 – –
funds – – 4 1 183 6 – –
Securities lending income 3 2 – – 4 – – –
Other interest income 6 – – – 7 – – –
Management fee rebate – – 46 13 – 7 – –
Total 967 1,563 50 14 818 175 – –
Income from CIS 40 – – – 20 – 26 –

funds 197 54 8 1 124 26 116 27
Management fee rebate 13 4 33 7 27 7 61 11
Total 250 58 41 8 171 33 203 38
82
BlackRock BlackRock
Bond interest income 17,852 19,267 772 – – –

Dividend income – – – 886 187 96
Income from CIS 9 8 – – – –
Securities lending income 18 4 – – – –
Other interest income – – – 4 2 –
Total 17,879 19,279 772 890 189 96
1
83
5. NET GAINS/(LOSSES) ON FINANCIAL ASSETS/(LIABILITIES) AT FAIR VALUE THROUGH PROFIT OR LOSS
Net realised gains/(losses) on

investments in securities (1,179) (104) 44,978 257,425 (152) (1,401) (1,322) (152)
financial derivative instruments (4) 9 207,996 (250,766) (147) 268 – –
Net change in unrealised
gains/(losses) on investments in
securities 3,166 (7) (47,895) 104,605 654 597 11,220 (8,561)
gains/(losses) on financial
derivative instruments – – (18,387) (135,025) (1) (24) – –
Net gains/(losses) on foreign
exchange – – (204,017) 177,694 (2,455) 2,368 – –
Total 1,983 (102) (17,325) 153,933 (2,101) 1,808 9,898 (8,713)
1
84
5. NET GAINS/(LOSSES) ON FINANCIAL ASSETS/(LIABILITIES) AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)

investments in securities 1,410 10,715 30,228 23,008 43,521 30,951 18,134 14,828
financial derivative instruments 2,769 (2,402) – – – – – –
securities (3,037) (5,710) (21,437) 14,049 (35,074) 61,713 (17,088) 37,704
derivative instruments (95) (4,812) – – – – – –
exchange (1,159) 3,502 (6) 1 (14) 11 (4) 4
Total (112) 1,293 8,785 37,058 8,433 92,675 1,042 52,536
85


EUR '000 EUR '000 EUR '000 EUR '000

investments in securities 6,834 5,177 (1,261) 229
financial derivative instruments – – 244 2,154
securities (7,240) 20,622 1,265 (145)
derivative instruments – – 1,397 1,147
exchange (2) 2 (628) 500
Total (408) 25,801 1,017 3,885
86


investments in securities (216) (70) 113 86 1,717 7 (17) (5)
financial derivative instruments 5,143 (2,665) 832 (296) 9,258 (490) – –
securities 388 (1,685) 125 377 816 1,906 (47) (28)
derivative instruments 16 (148) (20) 38 (298) 497 – –
exchange (6,058) 2,197 (986) 168 (6,435) 671 – –
Total (727) (2,371) 64 373 5,058 2,591 (64) (33)
87

investments in securities 144 285 814 110 705 62 1,039 106
financial derivative instruments 2,520 (619) (48) 8 1,098 (166) 1,538 (381)
securities 738 654 692 1,156 111 832 (127) 860
derivative instruments 2 86 (3) – 14 32 (23) 55
exchange (3,101) 310 (1,179) 85 (2,059) 156 (2,366) 253
Total 303 716 276 1,359 (131) 916 61 893
88
BlackRock BlackRock

investments in securities 4,471 18,426 (166) 2,677 (6) (27)
financial derivative instruments – – 592 1,036 (105) –
securities (12,823) 23,160 (296) 1,050 (1,509) (231)
derivative instruments – – (497) (295) (31) –
exchange – – (548) 1,459 99 (9)
Total (8,352) 41,586 (915) 5,927 (1,552) (267)
1
89
6. OPERATING EXPENSES
Audit fees (12) (14) (7) (36) (11) (8) (11) (11)
Liquidation fees – – (3) – – – – –
Management fee waiver – – – – 11 6 – –
Management fees (339) (268) (3,911) (13,343) (55) (50) (261) (199)
Other operating expenses (10) 3 (14) (9) (22) (6) (11) 3
Total (361) (279) (3,935) (13,388) (77) (58) (283) (207)
1
Audit fees (12) (15) (11) (12) (11) (12) (11) (12)
Management fees (150) (402) (1,289) (1,363) (1,966) (1,951) (826) (792)
Other operating expenses (11) (6) (11) (2) (11) (2) (11) (2)
Total (173) (423) (1,311) (1,377) (1,988) (1,965) (848) (806)
90
6. OPERATING EXPENSES (continued)


EUR '000 EUR '000 EUR '000 EUR '000
Audit fees (11) (12) (43) (11)

Deferred organisation costs – – (13) (18)
Management fees (327) (322) (2,156) (509)
Performance fees – – 82 (413)
Other operating expenses (11) (1) (29) (29)
Total (349) (335) (2,159) (980)
91

Audit fees (12) (6) (15) (11) (21) (11) (14) (11)
Deferred organisation costs – – (4) (9) (54) – (4) –
Excess operating expenses
refunded – – 40 33 – – – –
Management fees (68) (69) (401) (172) (58) (23) (41) (12)
Total (102) (81) (403) (162) (163) (35) (63) (36)
Audit fees (15) (11) (15) (11) (15) (11) (15) (11)
Deferred organisation costs (4) (9) (4) (9) (4) (9) (4) (9)
refunded 12 31 20 34 23 43 61 56
Management fees (891) (331) (654) (165) (813) (231) (740) (256)
Total (922) (323) (676) (154) (832) (212) (721) (223)
92
BlackRock BlackRock
Audit fees (11) (13) (11) (13) (11) (7)

Deferred organisation costs – – (30) (5) (37) (30)
refunded – – 117 – – 42
Management fee waiver – – – 35 – –
Management fees (95) (68) (110) (309) (11) (27)
Other operating expenses (10) (2) (61) (2) (1) (11)
Total (116) (83) (95) (294) (60) (33)
1
93
Management Fees (inclusive of investment management, administrator and trustee fees):
The Manager is entitled to charge a fee calculated as a percentage per annum of the NAV of each Sub-Fund or relevant unit class
as set out overleaf in the “Table of Fees and Expenses”. Different percentages may be charged to different unit classes of the same
Sub-Fund and in this respect the fees payable may be higher or lower than the fees payable by other or existing unit classes. The
Manager will be responsible for discharging, from this fee, all fees (including reasonable out of pocket expenses) of the Investment
Manager (a portion of which may be paid to distributors which may be affiliates of the Investment Manager), the Administrator and
the Trustee, except in circumstances where a Client Agreement may exist in respect of a particular unit class in which case no
investment management fees will be charged to the assets attributable to that class. The fee will be accrued on a daily basis and
will be paid monthly in arrears.
Any amounts in excess of the maximum fee rate are disclosed as a management fee waiver. The management fee waiver is
disclosed on pages 90 to 93.
Client Agreement
Unitholders in the class will be subject to a fee with regard to the investment in the relevant unit class based on the Client Agreement
between themselves and the Investment Manager or an Affiliate. Where a Client Agreement applies to a particular class, details
are set out in the “Table of Fees and Expenses”.
BlackRock Multi Style Strategy Class U Accumulating Performance Fee
The performance fee shall be calculated and shall accrue at each valuation point and the accrual will be reflected in the NAV of the
relevant unit class. The performance fee will be paid annually in arrears as soon as practicable after the close of business on the
business day following the end of the relevant performance period.
The performance fee shall be equal to 15% of the amount if any, by which the NAV outperforms the “Reference NAV” on the last
business day of the performance period. If there is a redemption from the Sub-Fund during a performance period, the performance
fee will crystallise with respect to those units and will be deducted from the final redemption proceeds payable to the redeeming
unitholder.
“Reference NAV”, either for the first performance period of the Class U Accumulating class is the initial NAV per unit adjusted by
the accumulated benchmark, or in subsequent performance periods the Reference NAV will be the higher of:
(a) the NAV per unit of the Class U Accumulating class at the end of the previous performance period where a performance fee
has been paid out, adjusted by accumulated benchmark since the last performance fee was paid out; or
(b) the NAV per unit of the Class U Accumulating class at the end of the previous performance period.
The performance fee is calculated by the Administrator and verified by the Trustee.
Any underperformance by the unit class relative to the Reference NAV during a performance period must be clawed back by that
unit class before any subsequent performance fee becomes payable.
The performance fee shall only be payable on the amount by which the unit class outperforms the Reference NAV. In practical
terms this will be achieved by introducing a high watermark principle or "Prior High NAV" (as defined below) for each unit class.
For each performance period, a performance fee will only be payable by a particular unit class if the NAV of a unit in that class at
the end of a performance period is greater than the prevailing Prior High NAV for that class.
The "Prior High NAV" of each class is the NAV per unit for that class at the end of the last performance period in respect of which
a performance fee has been paid (or, if no performance fee has yet been paid with respect to any such performance period, the
initial Dealing Price).
At the end of each performance period, where a performance fee has been paid, and only then, the Prior High NAV per unit will be
reset to the NAV per unit of the relevant class at the end of such performance period. For the avoidance of doubt, where the
relevant unit class has underperformed, (i.e. its NAV per unit at the end of a performance period is below the Prior High NAV per
unit), no performance fee will be payable until the underperformance is clawed back.
Investors should note that the Investment Manager may be paid a performance fee which will be based on realised and unrealised
gains. Therefore, it is an inherent risk in the Sub-Fund that performance fees may be paid on unrealised gains which may never
ultimately be realised by the Sub-Fund.
Further details are set out in the Fund’s prospectus. Performance fees incurred during the years ended 31 March 2018 and 31
March 2017 are disclosed on page 91 and the balance outstanding as at 31 March 2018 and 31 March 2017 are disclosed in note
10.
94
Table of Fees and Expenses
Management Fee
(including fee for
Administrator and
Trustee and Investment
Management Fee where
applicable) up to the
Sub-Fund name Unit class following: Investment Management Fee
BlackRock Customised Euro
EUR - Institutional Accumulating Unit
Non-Sovereign Bond Index Fund 0.15% Included in Management Fee
Class
1
BlackRock Diversified Distribution EUR - Institutional Distributing Unit
0.50% Included in Management Fee
Fund Class
BlackRock Emerging Markets
EUR - Flexible Distributing Unit Class 0.15% Client Agreement
Sovereign Screened Bond Fund
BlackRock Euro Sovereign Bond EUR - Institutional Accumulating Unit
0.15% Included in Management Fee
Index Fund 1 Class
BlackRock Mix Fonds 1 Class R Accumulating 0.50% Included in Management Fee
Class U Accumulating 1.00% Included in Management Fee
Fund
EUR - Flexible Accumulating Unit
BlackRock Developed Markets 0.15% Client Agreement
Class
Sovereign Screened Bond Fund
EUR - Flexible Distributing Unit Class 0.15% Client Agreement
BlackRock Diversified Strategies Class D Accumulating 1.15% Included in Management Fee
Selection Fund Class E Accumulating 2.45% Included in Management Fee
BlackRock Dynamic Allocation Flexible Accumulating Unit Class 0.15% Client Agreement
Fund Institutional Accumulating Unit Class 0.52% Included in Management Fee
Class D Accumulating 0.45% Included in Management Fee
Class E Accumulating 0.60% Included in Management Fee
BlackRock Fixed Income Class D Accumulating 0.80% Included in Management Fee
BlackRock Global Equity Class D Accumulating 1.05% Included in Management Fee
BlackRock Multi Asset Balanced Class D Accumulating 0.95% Included in Management Fee
BlackRock Multi Asset Class D Accumulating 0.90% Included in Management Fee
Conservative Selection Fund Class E Accumulating 2.15% Included in Management Fee
BlackRock UK Credit Screened Flexible Accumulating Unit Class 0.15% Client Agreement
Fund Flexible Distributing Unit Class 0.15% Client Agreement
Class D Distributing 0.24% Included in Management Fee
Class D CHF Hedged Accumulating 0.24% Included in Management Fee
Class Z Accumulating 0.19% Included in Management Fee
Class Z CHF Hedged Accumulating 0.19% Included in Management Fee
Flexible Accumulating Unit Class 0.15% Client Agreement
BlackRock Emerging Markets Class Z Accumulating 1.10% Included in Management Fee
Alpha Tilts Fund Institutional Accumulating Unit Class 1.10% Included in Management Fee
Flexible Accumulating Unit Class 0.30% Client Agreement
BlackRock Emerging Markets Class A Accumulating 0.85% Included in Management Fee
Equity Impact Fund Flexible Accumulating Unit Class 0.20% Client Agreement
Class A Accumulating 2.10% Included in Management Fee
Class A Distributing 2.10% Included in Management Fee
BlackRock UK Equity Income
Class D Distributing 1.35% Included in Management Fee
Fund
Class X Accumulating 0.60% Client Agreement
Class Z Accumulating 1.10% Included in Management Fee
Class Z Distributing 1.10% Included in Management Fee
95
Excess operating expenses refunded
The Investment Manager intends to cap any additional expenses that are paid within the Sub-Funds so the TER for each unit class
(including operating costs and expenses of the underlying fund investments) will not exceed the below rates. The excess operating
expenses refunded and balance outstanding as at 31 March 2018 and 31 March 2017 are disclosed on pages 92 to 93 and note 10
respectively.
Sub-Fund name Unit class Fee cap
BlackRock Diversified Strategies Selection Fund Class D Accumulating 1.12%
Class E Accumulating 2.42%

Class D Accumulating 0.66%



Class D Distributing 0.24%
Class D CHF Hedged Accumulating 0.24%

Class Z Accumulating 0.19%
Class Z CHF Hedged Accumulating 0.19%
Flexible Accumulating Unit Class 0.03%

Class A Accumulating 1.63%
Class A Distributing 1.63%

BlackRock UK Equity Income Fund Class D Distributing 0.88%
Class X Accumulating 0.13%
Class Z Accumulating 0.63%

Class Z Distributing 0.63%
96
7. DISTRIBUTIONS TO UNITHOLDERS
BlackRock Diversified Distribution BlackRock Emerging Markets BlackRock Developed Markets BlackRock UK Credit Screened
Fund1 Sovereign Screened Bond Fund Sovereign Screened Bond Fund Fund
EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 GBP '000 GBP '000
Distributions paid
June 14,999 22,800 354 449 547 545 1,114 –
July 100,000 – – – – – – –
September – 57,000 524 366 581 574 1,061 –
December – 21,999 339 356 517 553 1,014 –
Distributions declared and
payable
March – 65,000 378 459 502 594 1,038 1,119
114,999 166,799 1,595 1,630 2,147 2,266 4,227 1,119
Equalisation – – – – – – 69 32
Total 114,999 166,799 1,595 1,630 2,147 2,266 4,296 1,151
1
97
7. DISTRIBUTIONS TO UNITHOLDERS (continued)
BlackRock
Defensive Yield
Fund1
Year ended
31 March 2018
EUR '000
Distributions declared and

payable
March 55
55
Equalisation (42)
Total 13
1
98
8. TAXATION
Under current law and practice the Sub-Funds qualify as an investment undertaking as defined in Section 739B of the Taxes
Consolidation Act, 1997, as amended. On that basis they are not chargeable to Irish tax on their income or gains. However, Irish
tax may arise on the occurrence of a “chargeable event”. A chargeable event includes any distribution payments to unitholders or
any encashment, redemption, cancellation or transfer of units and the holding of units at the end of each eight year beginning with
the acquisition of such units.
No Irish tax will arise on the Sub-Funds on chargeable events in respect of:
a) A unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event,
provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended,
are held by the Sub-Funds; or the Sub-Funds have been authorised by the Irish Revenue to make gross payments in the absence
of appropriate declarations; and
b) Certain exempted Irish tax resident unitholders who have provided the Sub-Funds with the necessary signed statutory
declarations.
Dividends, interest and capital gains (if any) received on investments by the Sub-Funds may be subject to withholding taxes
imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Sub-
Funds or their unitholders.
99
9. RECEIVABLES
Bond income receivable 3,230 2,979 – 70,100 463 495 4,470 3,965
Dividends receivable – – – 213 – – – –
Other interest receivable – – – 1 – – – –
Sale of securities awaiting
settlement – 200 – 584,176 77 – – –
Subscription of units awaiting
settlement 57 81 – – – – 55 82
Other receivables – – 1 128 121 23 – –
Total 3,287 3,260 1 654,618 661 518 4,525 4,047
1

settlement 112 336 483 578 1,619 788 31 –
settlement 3 36 737 86 565 403 282 489
Management fee rebate
receivable 2 6 26 28 50 56 21 21
Total 117 378 1,246 692 2,234 1,247 334 510
100
9. RECEIVABLES (continued)


EUR '000 EUR '000 EUR '000 EUR '000
CFD income receivable – – 411 292

Other interest receivable – – – 1
settlement 463 39 – –
settlement 188 186 – 911
receivable 8 9 – –
Total 659 234 411 1,204
101

Bond income receivable 778 829 – – 3 167 – –

Dividends receivable – – – – 45 13 – –
settlement – – 31 – – – – –
Securities lending income
receivable – 1 – – 1 – – –
settlement – – 2 30 180 – – –
receivable – – 4 3 – – – –
Other receivables 55 11 – – 1 8 10 3
Total 833 841 37 33 230 188 10 3
Income receivable from CIS 6 – – – 3 – 4 –

settlement 1,004 116 105 122 368 149 333 50
receivable 1 1 3 2 3 2 7 3
Other receivables 2 – – – 3 – 4 –
Total 1,013 117 108 124 377 151 348 53
102
BlackRock BlackRock
Income receivable from CIS 2 – – – – –

Bond income receivable 11,993 10,444 1,493 – – –
Dividends receivable – – – 375 147 12
Other interest receivable – – – 1 2 –
settlement – – – – – 2
Securities lending income
receivable 3 – – – – –
settlement – – 49 – – –
Total 11,998 10,444 1,542 376 149 14
1
103
10. PAYABLES
Other interest payable 1 – – 10 – – – –

Purchase of securities awaiting
settlement – 598 – 595,582 – – – –
Distribution to redeemable
unitholders – – – 65,000 378 459 – –
Redemption of units awaiting
settlement 6 19 – – – – 7 19
Residual amounts payable to
Investor – – 220 – – – – –
Liquidation expense payable – – 1 – – – – –
Audit fees payable 12 12 6 27 11 11 11 11
Management fee waiver – – – – (17) (6) – –
Management fees payable 46 41 – 1,461 23 18 40 33
Other payables 14 6 – 26 16 6 14 6
Total 79 676 227 662,106 411 488 72 69
1
104
10. PAYABLES (continued)

settlement – – – – – – 59 230
settlement 224 386 1,350 852 3,070 1,198 368 189
Management fees payable 27 30 103 131 157 189 75 83
Other payables 11 1 11 1 11 1 10 1
Total 274 429 1,475 995 3,249 1,399 523 514
105


EUR '000 EUR '000 EUR '000 EUR '000
CFD expenses payable – – 122 35

Other interest payable – – 2 3
settlement 18 53 – –
settlement 1,103 169 – –
Audit fees payable 11 11 27 11
Management fees payable 37 38 501 319
Performance fees payable – – 10 413
Other payables 11 2 10 10
Total 1,180 273 672 791
106

Other interest payable – – – – 1 2 – –

settlement 121 – – – – – – –
participating unitholders 502 594 – – – – – –
settlement – – 33 20 – – – –
refundable – – (73) (33) – – – –
Other payables 10 6 10 2 10 – 1 2
Total 673 636 34 45 54 36 18 16
107

settlement 942 42 – 109 517 95 635 29
settlement 65 91 136 22 108 44 24 19
refundable (43) (31) (55) (34) (66) (43) (118) (56)
Other payables 10 1 10 1 10 2 11 1
Total 1,095 195 184 161 688 176 658 75
108
BlackRock BlackRock

settlement – 882 475 – – 5
participating unitholders 1,038 1,119 55 – – –
settlement – – 91 – – –
Audit fees payable 11 11 11 13 11 7
refundable – – (117) – – (42)
Management fee waiver – – – (35) – –
Management fees payable 32 24 42 142 11 14
Other payables 10 2 30 3 38 29
Total 1,091 2,038 587 123 60 13
1
109
11. ADJUSTMENT TO ALIGN TO THE VALUATION METHODOLOGY AS SET OUT IN THE PROSPECTUS

redeemable unitholders 417,668 352,921 – 5,798,113 27,896 30,124 422,196 347,197
in the prospectus 8 12 – 18 – 2 8 12
redeemable unitholders in
accordance with the
prospectus 417,676 352,933 – 5,798,131 27,896 30,126 422,204 347,209
1
Please refer to significant accounting policy note 2(p) for further details.
110
11. ADJUSTMENT TO ALIGN TO THE VALUATION METHODOLOGY AS SET OUT IN THE PROSPECTUS (continued)

redeemable unitholders 27,025 57,000 522,631 658,329 826,827 983,708 350,860 396,617
in the prospectus – 1 – 1 – 1 – 1
accordance with the
prospectus 27,025 57,001 522,631 658,330 826,827 983,709 350,860 396,618


EUR '000 EUR '000 EUR '000 EUR '000

redeemable unitholders 130,542 148,222 203,193 156,645
in the prospectus – 1 28 18
accordance with the
prospectus 130,542 148,223 203,221 156,663
111

Balance brought forward 2 64 9 – – – 9 –

Adjustment to the valuation
methodology as set out in the
prospectus (2) (62) 1 9 49 – 1 9
Balance carried forward – 2 10 9 49 – 10 9
Balance brought forward 9 – 9 – 9 – 9 –

prospectus 1 9 1 9 1 9 1 9
Balance carried forward 10 9 10 9 10 9 10 9
112
BlackRock BlackRock
Balance brought forward – 2,563 – – – –

prospectus – (2,563) 28 5 37 29
Balance carried forward – – 28 5 37 29
1
113
12. UNITS IN ISSUE
The issued and fully paid redeemable units / redeemable participating units are redeemable on demand at the unitholders’ option.
Unit transactions in the class in existence during the year ended 31 March 2018 were as follows:
Balance at the
beginning of the Issued during Redeemed Balance at the
year the year during the year end of the year
EUR - Institutional Accumulating Unit Class 34,096,091 9,284,607 (3,513,859) 39,866,839
EUR - Institutional Distributing Unit Class 568,358,837 – (568,358,837) –
EUR - Flexible Distributing Unit Class 3,678,164 – – 3,678,164
Class R Accumulating 4,695,216 359,124 (2,821,782) 2,232,558
Class R Accumulating 50,281,043 1,870,964 (12,740,500) 39,411,507
Class U Accumulating 15,110,700 7,505,665 (2,751,365) 19,865,000
EUR - Flexible Accumulating Unit Class 233,040 – – 233,040
Class D Accumulating 252,242 330,169 (152,752) 429,659
Class E Accumulating 1,467,562 606,094 (335,144) 1,738,512
Flexible Accumulating Unit Class 13,000,000 – (1,050,000) 11,950,000
Institutional Accumulating Unit Class 10 20,405 – 20,415
Class D Accumulating 99,500 – – 99,500
Class E Accumulating 1,418,611 1,241,725 (1,036,871) 1,623,465
Class D Accumulating 430,345 2,922,932 (649,535) 2,703,742
Class E Accumulating 4,470,554 3,214,007 (1,151,267) 6,533,294
Class D Accumulating 99,470 226,821 (71,765) 254,526
Class E Accumulating 1,555,182 1,964,484 (757,346) 2,762,320
Class D Accumulating 99,460 138,089 – 237,549
Class D Accumulating 300,688 1,804,244 (1,184,543) 920,389
Flexible Accumulating Unit Class 28,665,764 13,431,502 (5,683,389) 36,413,877
Flexible Distributing Unit Class 12,304,979 – (1,786,675) 10,518,304
Class D Accumulating – 112,946 (25,000) 87,946
Class D CHF Hedged Accumulating – 68,109 – 68,109
Class D Distributing – 242,630 (5,000) 237,630
Class Z Accumulating – 4,028,231 (938,710) 3,089,521
Class Z CHF Hedged Accumulating – 7,204,254 (169,507) 7,034,747
Flexible Accumulating Unit Class – 4,455,800 – 4,455,800
114
12. UNITS IN ISSUE (continued)
Balance at the
Class D Accumulating – 100 – 100
Class Z Accumulating – 12,767,799 – 12,767,799
Institutional Accumulating Unit Class – 100 – 100
Class A Accumulating – 100 – 100
Class A Accumulating – 99 – 99
Class A Distributing – 99 – 99
Class D Accumulating – 100 – 100
Class D Distributing – 100 – 100
Class X Accumulating – 391,453 – 391,453
Class Z Accumulating – 100 – 100
Class Z Distributing – 100 – 100
Unit transactions in the class in existence during the year ended 31 March 2017 were as follows:
Balance at the
EUR - Institutional Distributing Unit Class 568,358,837 – – 568,358,837
Class U Accumulating – 17,360,700 (2,250,000) 15,110,700
EUR - Flexible Accumulating Unit Class 233,040 – – 233,040
Class D Accumulating – 252,242 – 252,242
Class E Accumulating – 1,588,337 (120,775) 1,467,562
Institutional Accumulating Unit Class – 10 – 10
115
12. UNITS IN ISSUE (continued)
Balance at the
Flexible Accumulating Unit Class 39,446,711 4,485,388 (15,266,335) 28,665,764
Flexible Distributing Unit Class – 13,182,482 (877,503) 12,304,979
116
13. NET ASSET VALUE ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS / REEDEMABLE PARTICIPATING

UNITHOLDERS
31 March 2018 31 March 2017 31 March 2016

EUR - Institutional Accumulating Unit Class
Net asset value attributable to redeemable unitholders EUR '000 417,676 352,933 239,343
Units in issue 39,866,839 34,096,091 23,364,090
Net asset value per unit EUR 10.48 10.35 10.24
EUR - Institutional Distributing Unit Class
Net asset value attributable to redeemable unitholders EUR '000 – 5,798,131 5,585,655
Units in issue – 568,358,837 568,358,837
Net asset value per unit EUR – 10.20 9.83
EUR - Flexible Distributing Unit Class
Units in issue 3,678,164 3,678,164 3,678,164
EUR - Institutional Accumulating Unit Class
Units in issue 40,082,934 33,971,351 22,756,796
Class R Accumulating
Units in issue 2,232,558 4,695,216 18,598,239
Units in issue 39,411,507 50,281,043 52,785,315
Units in issue 59,060,702 70,761,311 72,939,094
Units in issue 23,183,417 26,223,124 27,252,756
Units in issue 8,101,381 9,156,168 10,161,124
Class U Accumulating
Net asset value attributable to redeemable unitholders EUR '000 203,221 156,663 –
Units in issue 19,865,000 15,110,700 –
Net asset value per unit EUR 10.23 10.37 –
117

UNITHOLDERS (continued)

EUR - Flexible Accumulating Unit Class
Net asset value attributable to redeemable participating unitholders EUR '000 2,572 2,569 2,599
Units in issue 233,040 233,040 233,040
EUR - Flexible Distributing Unit Class
Net asset value attributable to redeemable participating unitholders EUR '000 84,088 86,128 89,393
Units in issue 8,696,732 8,696,732 8,696,732
Class D Accumulating
Net asset value attributable to redeemable participating unitholders EUR '000 4,387 2,585 –
Units in issue 429,659 252,242 –
Class E Accumulating
Units in issue 1,738,512 1,467,562 –
Flexible Accumulating Unit Class
Units in issue 11,950,000 13,000,000 –
Institutional Accumulating Unit Class
Net asset value attributable to redeemable participating unitholders EUR '000 217 –1 –
Units in issue 20,415 10 –
Net asset value attributable to redeemable participating unitholders EUR '000 979 987 –
Units in issue 99,500 99,500 –
Units in issue 1,623,465 1,418,611 –
Units in issue 2,703,742 430,345 –
Units in issue 6,533,294 4,470,554 –
Units in issue 254,526 99,470 –
Units in issue 2,762,320 1,555,182 –
1
NAV was less than EUR 500 and has been rounded down to zero.
118


Units in issue 237,549 99,460 –
Units in issue 4,781,087 2,271,903 –
Units in issue 920,389 300,688 –
Units in issue 4,476,243 2,700,272 –
Net asset value attributable to redeemable participating unitholders GBP '000 575,956 446,475 554,613
Units in issue 36,413,877 28,665,764 39,446,711
Net asset value per unit GBP 15.82 15.58 14.06
Flexible Distributing Unit Class
Net asset value attributable to redeemable participating unitholders GBP '000 104,089 124,743 –
Units in issue 10,518,304 12,304,979 –
Net asset value per unit GBP 9.90 10.14 –
Net asset value attributable to redeemable participating unitholders EUR '000 886 – –
Units in issue 87,946 – –
Net asset value per unit EUR 10.07 – –
Class D CHF Hedged Accumulating
Net asset value attributable to redeemable participating unitholders CHF '000 684 – –
Net asset value per unit CHF 10.05 – –
Class D Distributing
Net asset value attributable to redeemable participating unitholders EUR '000 2,342 – –
Class Z Accumulating
Units in issue 3,089,521 – –
Class Z CHF Hedged Accumulating
Net asset value attributable to redeemable participating unitholders CHF '000 70,658 – –
Net asset value per unit CHF 10.04 – –
119


Net asset value attributable to redeemable participating unitholders USD '000 1 – –
Units in issue 100 – –
Net asset value per unit USD 10.75 – –
Net asset value attributable to redeemable participating unitholders USD '000 136,896 – –
Institutional Accumulating Unit Class
Class A Accumulating
Class A Accumulating
Net asset value attributable to redeemable participating unitholders GBP '000 1 – –
Net asset value per unit GBP 9.49 – –
Class A Distributing
Class D Distributing
Class X Accumulating
Net asset value attributable to redeemable participating unitholders GBP '000 3,759 – –
Class Z Distributing
120
14. TRANSACTION COSTS
Disclosed in the table below are separately identifiable transaction costs incurred by the Sub-Funds for the years ended 31 March
2018 and 31 March 2017. These are brokerage commissions.
Year/period Year/period
ended ended
31 March 2018 31 March 2017
Sub-Fund name Currency ‘000 ‘000
BlackRock Customised Euro Non-Sovereign Bond Index Fund 1 EUR -1 1
BlackRock Diversified Distribution Fund EUR 15 163
BlackRock Euro Sovereign Bond Index Fund 1 EUR 1 1
BlackRock Mix Fonds 1 EUR -1 8
BlackRock Mix Fonds 2 EUR -1 2
BlackRock Mix Fonds 3 EUR 1 5
BlackRock Mix Fonds 4 EUR 1 2
1
BlackRock Mix Fonds 5 EUR - 1
BlackRock Multi Style Strategy Fund EUR 108 30
1
BlackRock Developed Markets Sovereign Screened Bond Fund EUR - 1
1
BlackRock Diversified Strategies Selection Fund EUR - -1
BlackRock Dynamic Allocation Fund EUR 94 11
BlackRock Fixed Income Selection Fund EUR 5 2
BlackRock Global Equity Selection Fund EUR 2 2
BlackRock Multi Asset Balanced Selection Fund EUR 5 2
BlackRock Multi Asset Conservative Selection Fund EUR 5 2
BlackRock UK Credit Screened Fund GBP 2 4
BlackRock Defensive Yield Fund EUR 1 -2
BlackRock Emerging Markets Alpha Tilts Fund USD 92 -2
BlackRock Emerging Markets Equity Impact Fund USD 55 -2
BlackRock UK Equity Income Fund GBP 3 -2
1
Transaction costs were less than EUR 500 and have been rounded down to zero.
2
The Fund launched post 31 March 2017, hence no comparative data is available.
Not all transaction costs are separately identifiable. For fixed income investments and forward currency contracts, transaction costs
will be included in the purchase and sales price of the investment, and are not separately disclosed as transaction costs.
15. SOFT COMMISSIONS
There were no soft commission arrangements entered into by the Investment Manager on behalf of the Sub-Funds during the
years ended 31 March 2018 and 31 March 2017.
16. COMMITMENTS AND CONTINGENT LIABILITIES
There were no significant commitments or contingent liabilities for the years ended 31 March 2018 and 31 March 2017.
121
17. EXCHANGE RATES
The rates of exchange ruling as at 31 March 2018 and 31 March 2017 were:
31 March 2018 31 March 2017

EUR = 1
ARS 24.7593 16.4497

AUD 1.6034 1.4020
BRL 4.0875 3.3958
CAD 1.5856 1.4264
CHF 1.1777 1.0706
CLP 742.2944 708.1544
CNH 7.7284 7.3498
CNY 7.7378 7.3711
COP 3,435.0940 3,095.1386
CZK 25.3850 27.0235
DKK 7.4540 7.4363
GBP 0.8767 0.8553
HKD 9.6522 8.3120
HUF 312.1800 308.8200
IDR 16,931.9597 14,252.2883
ILS 4.3178 3.8830
INR 80.2129 69.4512
JPY 130.7945 119.1800
KRW 1,310.8971 1,196.0777
KZT 392.4267 335.5125
MXN 22.4491 20.1441
MYR 4.7571 4.7333
NGN 442.6845 327.3358
NOK 9.6555 9.1863
NZD 1.7048 1.5300
PEN 3.9687 3.4766
PHP 64.1705 53.6647
PLN 4.2126 4.2375
RON 4.6619 4.5527
RUB 70.7164 60.2605
SEK 10.2997 9.5493
SGD 1.6127 1.4945
THB 38.4574 36.7524
TRY 4.8719 3.8949
TWD 35.8587 32.4528
USD 1.2298 1.0695
UYU 34.8539 30.6426
ZAR 14.5722 14.3413
GBP = 1
CHF 1.3433 1.2516

EUR 1.1406 1.1691
USD 1.4028 1.2504
USD = 1
AED 3.6730 3.6730

BRL 3.3236 3.1750
CLP 603.5650 662.1050
CZK 20.6407 25.2663
EUR 0.8131 0.9350
GBP 0.7129 0.7997
HKD 7.8483 7.7715
HUF 253.8359 288.7383
IDR 13,767.5000 13,325.5000
INR 65.2217 64.9350
KRW 1,065.9000 1,118.3000
MXN 18.2535 18.8342
MYR 3.8680 4.4255
PHP 52.1775 50.1750
PLN 3.4253 3.9620
QAR 3.6420 3.6411
122
17. EXCHANGE RATES (continued)
31 March 2018 31 March 2017

USD = 1
RUB 57.5000 56.3419

THB 31.2700 34.3625
TRY 3.9614 3.6417
TWD 29.1570 30.3425
ZAR 11.8488 13.4088
18. RELATED PARTIES
Parties are considered to be related if one party has the ability to control the other party or is able to exercise significant influence
over the other party, in making financial or operational decisions.
The following entities are related parties to the Fund as at 31 March 2018:
Related Parties Entities

Manager BlackRock Asset Management Ireland Limited
Investment Manager, Promoter, Distributor and Securities Lending Agent BlackRock Advisors (UK) Limited
Sub-Investment Managers BlackRock Financial Management, Inc.
BlackRock Institutional Trust Company, N.A.
Representative in Switzerland BlackRock Asset Management Schweiz AG
The ultimate holding company of the Manager, Investment Manager, Promoter, Distributor, Securities Lending Agent, Sub-
Investment Managers and Representative in Switzerland is BlackRock, Inc., a company incorporated in Delaware, USA. PNC
Financial Services Group, Inc. (“PNC”) is a substantial shareholder in BlackRock, Inc.
The Investment Manager has sub-delegated certain portfolio management functions to the Sub-Investment Managers presented
in table below:
Sub-Fund Sub-Investment Manager
BlackRock Financial Management, Inc.
BlackRock Emerging Markets Alpha Tilts Fund BlackRock Institutional Trust Company, N.A.
The Investment Manager will arrange for the fees and expenses of any Sub-Investment Manager to be paid out of the
Investment Manager’s own fees.
Fees paid to the Manager during the year, the nature of these transactions and the balances outstanding at the year end are
disclosed in notes 6 and 10 respectively. Fees paid to the Investment Manager will be discharged by the Manager from its own
fee except with respect to performance fees and in circumstances where a Client Agreement may exist in respect of a particular
unit class in which case no investment management fees will be charged to the assets attributable to that class. Performance
fees paid to the Investment Manager during the year, the nature of these transactions and the balances outstanding at the year
end are disclosed in notes 6 and 10 respectively.
The non-executive Directors of the Manager as at 31 March 2018 are presented in the table below:
Director of BlackRock affiliates and/or other funds
Directors of the Manager Employee of the BlackRock Group
managed by BlackRock
Adele Spillane Yes No
Barry O’Dwyer Yes Yes
Desmond Murray No Yes
Graham Bamping No Yes
Justin Mealy Yes No
Linda Silcock Yes No
Patrick Boylan Yes No
Paul Freeman No Yes
William Roberts No Yes
The Directors of the Manager who are also employees of the BlackRock Group are not entitled to receive Directors’ fees.
123
18. RELATED PARTIES (continued)
Holdings in other funds managed by BlackRock
Investments in funds managed by BlackRock, Inc. and BlackRock affiliates are listed below and overleaf and marked on the
relevant Sub-Funds’ Schedule of Investments.
For income earned on these related party funds please refer to note 4. Further information on the fees incurred from investing in
these underlying funds is presented in the table below. These disclosed fees are the maximum charges capped as per the
prospectus of the underlying funds and actual fees charged may be lower:
Investments Fee paid by Sub-Fund
Investment Company - UCITS authorised in Ireland by CBI
BlackRock Euro Credit Bond Index Fund - Flexible Euro Accumulating Share Class NA1
BlackRock UK Credit Screened Fund - Flexible Accumulating Unit Class 0.15% of NAV2
Institutional Euro Liquidity Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV3
Institutional Euro Liquidity Fund - Agency (Acc) Shares Annual expense capped at 0.03% of NAV3
Institutional Euro Ultra Short Bond Fund - Agency Shares Annual expense capped at 0.03% of NAV3
Institutional Sterling Liquidity Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV3
iShares $ Corporate Bond UCITS ETF Annual expense capped at 0.20% of NAV4
iShares $ Treasury Bond 7 - 10 year UCITS ETF Annual expense capped at 0.20% of NAV4
iShares $ Ultrashort Bond UCITS ETF Annual expense capped at 0.09% of NAV4
iShares Core € Corporate Bond UCITS ETF Annual expense capped at 0.20% of NAV4
iShares Core MSCI Japan IMI UCITS ETF Annual expense capped at 0.20% of NAV4
iShares Core MSCI World UCITS ETF Annual expense capped at 0.20% of NAV4
iShares Core S&P 500 UCITS ETF Annual expense capped at 0.07% of NAV4
iShares Edge MSCI World Momentum Factor UCITS ETF Annual expense capped at 0.30% of NAV4
iShares Edge MSCI World Value Factor UCITS ETF Annual expense capped at 0.30% of NAV4
iShares EM Dividend UCITS ETF Annual expense capped at 0.65% of NAV4
iShares Euro Corporate Bond Financials UCITS ETF Annual expense capped at 0.20% of NAV4
iShares Euro Credit Bond Index Fund (IE) - Flexible Euro Accumulating Share Class NA1
iShares Euro Government Bond Index Fund (IE) - Flexible Euro Accumulating Share Class NA1
iShares Euro STOXX 50 UCITS ETF Annual expense capped at 0.16% of NAV4
1
The Sub-Fund is not subject to management fee on this investment. The manager of BlackRock Euro Credit Bond Index Fund,
iShares Euro Credit Bond Index Fund (IE) and iShares Euro Government Bond Index Fund (IE) is entitled to charge a fee of
0.03% per annum of the NAV of each fund or relevant share class (the “annual expenses”). Where actual fees and costs incurred
exceed the amount paid to the manager, the excess will be discharged by the manager from its own assets.
2
The Manager of BlackRock UK Credit Screened Fund is entitled to charge a fee of 0.15% per annum. The Management Fee
payable to the Manager includes the fee of the manager, the administrator and the trustee only.
3
The manager of Institutional Euro Liquidity Fund, Institutional Euro Ultra Short Bond Fund and Institutional Sterling Liquidity
Fund will be responsible for discharging from its fee the annual expenses of the funds. Where actual fees and costs incurred
exceed the amount paid to the manager, the excess will be discharged by the manager from its own assets.
4
The company of the underlying fund employs an “all in one” fee structure for its funds (and share classes). Each fund pays all of
its fees, operating costs and expenses (and its due proportion of any costs and expenses of the company allocated to it) as a
single flat fee (the “Total Expense Ratio” or “TER”).
124

Investment Company - UCITS authorised in Ireland by CBI (continued)
iShares Euro Ultrashort Bond UCITS ETF Annual expense capped at 0.09% of NAV1
iShares Europe Index Fund (IE) - Euro Flexible Accumulating Class 0.30% of NAV2
iShares Global Corporate Bond UCITS ETF Annual expense capped at 0.20% of NAV1
iShares Global Government Bond UCITS ETF Annual expense capped at 0.20% of NAV1
iShares Japan Index Fund (IE) - Euro Flexible Accumulating Class 0.30% of NAV2
iShares MSCI Australia UCITS ETF Annual expense capped at 0.50% of NAV1
iShares MSCI Canada UCITS ETF Annual expense capped at 0.48% of NAV1
iShares MSCI EM Asia UCITS ETF Annual expense capped at 0.65% of NAV1
iShares MSCI North America UCITS ETF Annual expense capped at 0.40% of NAV1
iShares MSCI South Africa UCITS ETF Annual expense capped at 0.65% of NAV1
iShares North America Index Fund (IE) - Euro Flexible Accumulating Class 0.30% of NAV2
iShares Pacific Index Fund (IE) - Euro Flexible Accumulating Class 0.30% of NAV2
iShares Physical Gold ETC Annual expense capped at 0.25% of NAV3
iShares UK Credit Bond Index Fund (IE) - Flexible Sterling Accumulating Share Class NA4
iShares US Aggregate Bond UCITS ETF Annual expense capped at 0.25% of NAV1
iShares US Corporate Bond Index Fund (IE) - Flexible USD Accumulating Share Class NA4
iShares World ex Euro Government Bond Index Fund (IE) - Flexible USD Accumulating Share
NA4
Class
Investment Company - UCITS authorised in Germany by the Federal Financial
Supervisory Authority (BaFin)
iShares Diversified Commodity Swap UCITS ETF (DE) Annual expense capped at 0.46% of NAV1
Investment Company - UCITS authorised in Luxembourg by the Commission de
Surveillance du Secteur Financier
BlackRock Emerging Markets Equity Strategies Fund - Class x2 USD NA5
BlackRock Global Funds - Asean Leaders - Class $x2 NA5
BlackRock Global Funds - Asian Growth Leaders Fund - Class $x2 NA5
BlackRock Global Funds - Asian Tiger Bond Fund - Class $x3 NA5
BlackRock Global Funds - China Fund - Class $x2 NA5
1
The company of the underlying fund employs an “all in one” fee structure for its funds (and share classes). Each fund pays all of
its fees, operating costs and expenses (and its due proportion of any costs and expenses of the company allocated to it) as a
single flat fee (the “Total Expense Ratio” or “TER”).
2
The manager of iShares Europe Index Fund (IE), iShares Japan Index Fund (IE), iShares North America Index Fund (IE) and
iShares Pacific Index Fund (IE) is entitled to charge a fee of 0.30% per annum. The Management Fee payable to the manager
includes the fee of the manager, the administrator and the trustee only.
3
iShares Physical Gold ETC pays an “all in one” operational fee to the adviser, which accrues at a rate per annum equal to the
Total Expense Ratio for such Series. The adviser uses this fee to pay the agreed fees of other service providers of the Issuer.
4
The Sub-Fund is not subject to management fee on this investment. The manager of iShares UK Credit Bond Index Fund (IE),
iShares US Corporate Bond Index Fund (IE) and iShares World ex Euro Government Bond Index Fund (IE) is entitled to charge a
fee of 0.03% per annum of the NAV of each fund or relevant share class (the “annual expenses”), Where actual fees and costs
incurred exceed the amount paid to the manager, the excess will be discharged by the manager from its own assets.
5
The Sub-Fund is not subject to management fee on this investment. However, the underlying funds pay an administration fee to
the management company, BlackRock Luxembourg S.A. The level of administration fee may vary at the underlying funds board
of directors discretion, as agreed with the management company, and will apply at different rates across the various funds and
share classes issued by the underlying funds. However, it has been agreed between the board of directors of the underlying
funds and the management company that the administration fee currently paid shall not exceed 0.25% and 0.30% per annum for
BlackRock Global Funds and BlackRock Strategic Funds respectively.
125

Surveillance du Secteur Financier (continued)
BlackRock Global Funds - Continental European Flexible Fund - Class €x Accumulating NA1
BlackRock Global Funds - Emerging Europe Fund - Class €x2 NA1
BlackRock Global Funds - Emerging Markets Bond Fund - Class €x2 NA1
BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 CHF Hedged NA1
BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 EUR Hedged NA1
BlackRock Global Funds - Emerging Markets Local Currency Bond Fund - Class €x2 NA1
BlackRock Global Funds - Euro Bond Fund - Class €x2 Accumulating NA1
BlackRock Global Funds - Euro Corporate Bond Fund - Class €x Accumulating NA1
BlackRock Global Funds - Euro Short Duration Bond Fund - Class €x2 NA1
BlackRock Global Funds - European Equity Income Fund - Class €x2 Accumulating NA1
BlackRock Global Funds - European Special Situations Fund - Class €x2 NA1
BlackRock Global Funds - European Value Fund - Class €x2 NA1
BlackRock Global Funds - Fixed Income Global Opportunities Fund - Class €x2 NA1
BlackRock Global Funds - Global Equity Income Fund - Class $x2 NA1
BlackRock Global Funds - Global High Yield Bond Fund - Class €x2 NA1
BlackRock Global Funds - Global Inflation Linked Bond Fund - Class €x2 NA1
BlackRock Global Funds - Global Multi-Asset Income Fund - Class $x2 NA1
BlackRock Global Funds - Global SmallCap Fund - Class €d2 0.75% of NAV2
BlackRock Global Funds - India Fund - Class €d2 0.75% of NAV2
BlackRock Global Funds - Japan Small & MidCap Opportunities Fund - Class x2 JPY NA1
BlackRock Global Funds - Latin America Fund - Class $x Accumulating NA1
BlackRock Global Funds - United Kingdom Fund - Class €x2 NA1
BlackRock Global Funds - US Basic Value Fund - Class $x2 NA1
BlackRock Global Funds - US Growth Fund - Class €d2 0.75% of NAV2
BlackRock Global Funds - US Growth Fund - Class $i2 0.75% of NAV2
BlackRock Global Funds - USD Short Duration Bond Fund - Class $x2 Accumulating NA1
BlackRock Global Funds - World Energy Fund - Class €x2 NA1
BlackRock Global Funds - World Financials Fund - Class $x2 NA1
BlackRock Global Funds - World Healthscience Fund - Class $x2 NA1
BlackRock Global Funds - World Technology Fund - Class €d 0.75% of NAV2
1
funds and the management company that the administration fee currently paid shall not exceed 0.25% per annum for BlackRock
Global Funds.
2
Management fee on this investment. In addition, the underlying funds pay an administration fee to the management company,
BlackRock Luxembourg S.A. The level of administration fee may vary at the underlying funds board of directors discretion, as
agreed with the management company, and will apply at different rates across the various funds and share classes issued by the
underlying funds. However, it has been agreed between the board of directors of the underlying funds and the management
company that the administration fee currently paid shall not exceed 0.25% per annum for BlackRock Global Funds.
126

Surveillance du Secteur Financier (continued)
BlackRock Global Index Funds - iShares Emerging Markets Equity Index Fund - Class €x2 NA1
BlackRock Global Index Funds - iShares Euro Aggregate Bond Index Fund - Class €x2
NA1
Accumulating
BlackRock Global Index Funds - iShares Euro Government Bond Index Fund - Class €x2
NA1
Accumulating
BlackRock Global Index Funds - iShares Europe Equity Index Fund - Class €x2 Accumulating NA1
BlackRock Global Index Funds - iShares Japan Equity Index Fund - Class €x2 NA1
BlackRock Global Index Funds - iShares North America Equity Index Fund - Class €x2 NA1
BlackRock Global Index Funds - iShares Pacific ex Japan Equity Index Fund - Class €x2 NA1
BlackRock Strategic Funds - Americas Diversified Equity Absolute Return Fund - Class $x2 NA1
BlackRock Strategic Funds - BlackRock Global Event Driven Fund - Class x2 USD NA1
BlackRock Strategic Funds - BlackRock Impact World Equity Fund - Class X2 NA1
BlackRock Strategic Funds - BlackRock Style Advantage Fund - Class $x2 NA1
BlackRock Strategic Funds - BlackRock Systematic European Equity Fund - Class €x2 NA1
BlackRock Strategic Funds - Emerging Markets Absolute Return Fund - Class €i2 1.00% of NAV2
BlackRock Strategic Funds - Emerging Markets Flexi Dynamic Bond Fund - Class $x2 NA1
BlackRock Strategic Funds - European Absolute Return Fund - Class €i2 1.00% of NAV2
BlackRock Strategic Funds - European Credit Strategies Fund - Class €x2 NA1
BlackRock Strategic Funds - European Diversified Equity Absolute Return Fund - Class €x2 NA1
BlackRock Strategic Funds - Fixed Income Strategies Fund - Class €x2 Accumulating NA1
BlackRock Strategic Funds - Global Absolute Return Bond Fund - Class €x Accumulating NA1
BlackRock Strategic Funds - Multi-Manager Alternative Strategies Fund - Class €x2 NA1
Investment Company - UCITS authorised in UK by the Financial Conduct Authority
BlackRock UK Absolute Alpha Fund - Class S Accumulating 0.67%3
1
funds and the management company that the administration fee currently paid shall not exceed 0.15% and 0.30% per annum for
BlackRock Global Index Funds and BlackRock Strategic Funds.
2
Management fee on this investment. In addition, the underlying funds pay an administration fee to the management company,
BlackRock Luxembourg S.A. The level of administration fee may vary at the underlying funds board of directors discretion, as
agreed with the management company, and will apply at different rates across the various funds and share classes issued by
the underlying funds. However, it has been agreed between the board of directors of the underlying funds and the management
company that the administration fee currently paid shall not exceed 0.30% per annum for BlackRock Strategic Funds.
3
BlackRock UK Absolute Alpha Fund pays an annual management charge of 0.67% and a registrar charge of up to 0.05%. The
annual management charge and registrar fee is payable to the manager. The applicable charge is calculated as a percentage of
the average of the issue and cancellation valuation of the fund. The annual management charge is normally charged against the
income, although, subject to the COLL sourcebook, and with the agreement of the Trustee, the manager may alternatively
charge some or all of this against the capital of the fund. The manager has delegated its registrar functions and certain
administration services to International Financial Data Services Limited and International Financial Data Services (UK) Limited
(together and/or individually “IFDS”).
127
The maximum level of management fees that may be charged to the CIS in which the Mix Fonds, BlackRock Global Equity
Selection Fund, BlackRock Fixed Income Selection Fund, BlackRock Diversified Strategies Selection Fund, BlackRock Multi
Asset Balanced Selection Fund, BlackRock Multi Asset Conservative Selection Fund and BlackRock Euro Cash Fund invests is
1% of the underlying CIS’s NAV. The tables on pages 124 to 127 detail the maximum fee charges capped as per the prospectus
of the underlying funds. The tables below and overleaf disclose the amount of the management fee rebate received during the
year on the Sub-Funds in the Fund that have invested into funds which are also managed by the Manager or an affiliate of the
Manager:
Management fee rebate Management fee rebate

for the year ended for the year ended
Sub-Fund name Currency 31 March 2018 (‘000) 31 March 2017 (‘000)
iShares Global Corporate Bond UCITS ETF EUR 4 13
iShares Global Government Bond UCITS ETF EUR 13 57
iShares MSCI North America UCITS ETF EUR 9 30
iShares US Aggregate Bond UCITS ETF EUR 20 82
iShares Core € Corporate Bond UCITS ETF EUR 52 54
BlackRock Strategic Funds - Emerging Markets Absolute
EUR 12 5
Return Fund - Class €i2
BlackRock Strategic Funds - European Absolute Return Fund
EUR 23 4
- Class €i2
BlackRock UK Absolute Alpha Fund - Class S Accumulating EUR 10 4
iShares Diversified Commodity Swap UCITS ETF (DE) EUR 1 -1
iShares Physical Gold ETC EUR -1 -1
iShares $ Treasury Bond 7-10yr UCITS ETF EUR -1 -1
1
iShares $ Ultrashort Bond UCITS ETF EUR - -
iShares $ Corporate Bond UCITS ETF EUR 9 2
iShares $ Treasury Bond 7-10yr UCITS ETF EUR 1 -1
iShares $ Ultrashort Bond UCITS ETF EUR -1 -1
iShares Euro Corporate Bond Financials UCITS ETF EUR 2 -
iShares Global Corporate Bond EUR Hedged UCITS ETF EUR 1 2
BlackRock Global Funds - Global SmallCap Fund - Class €d2 EUR 5 1
BlackRock Global Funds - India Fund - Class €d2 EUR 1 -1
BlackRock Global Funds - US Growth Fund - Class €d2 EUR 8 2
BlackRock Global Funds - US Growth Fund - Class $i2 EUR 6 -
BlackRock Global Funds - World Technology Fund - Class €d EUR 2 -
1
Management fee rebate less than EUR 500 have been rounded down to zero.
128

Management fee rebate Management fee rebate
for the year ended for the year ended
Sub-Fund name Currency 31 March 2018 (‘000) 31 March 2017 (‘000)
BlackRock Global Equity Selection Fund (continued)
iShares Core MSCI Japan IMI UCITS ETF EUR 2 1
iShares Core S&P 500 UCITS ETF EUR 2 1
iShares Edge MSCI World Momentum Factor UCITS ETF EUR -1 -
1
iShares Edge MSCI World Value Factor UCITS ETF EUR 1 -
iShares MSCI Australia UCITS ETF EUR 2 -1
iShares MSCI Canada UCITS ETF EUR 2 1
iShares MSCI Europe ex-UK UCITS ETF EUR 1 1
iShares MSCI Europe UCITS ETF EUR -1 -
1
iShares MSCI South Africa UCITS ETF EUR 1 -
BlackRock Global Funds - Global SmallCap Fund - Class €d2 EUR 3 1
BlackRock Global Funds - US Growth Fund - Class €d2 EUR 5 1
iShares $ Corporate Bond UCITS ETF EUR 4 1
iShares $ Treasury Bond 7 - 10 year UCITS ETF EUR 3 1
iShares Core MSCI Japan IMI UCITS ETF EUR 1 -1
iShares Core S&P 500 UCITS ETF EUR 1 1
iShares Edge MSCI World Value Factor UCITS ETF EUR 1 1
iShares Global Corporate Bond EUR Hedged UCITS ETF EUR -1 1
iShares MSCI Australia UCITS ETF EUR 1 -1
iShares MSCI Canada UCITS ETF EUR 1 -1
1
iShares Physical Gold ETC EUR - -1
BlackRock Strategic Funds - Emerging Markets Absolute
EUR 14 4
Return Fund - Class €i2
BlackRock Strategic Funds - European Absolute Return Fund
EUR 23 3
- Class €i2
BlackRock UK Absolute Alpha Fund - Class S Accumulating EUR 11 3
iShares $ Corporate Bond UCITS ETF EUR 4 -
1 1
iShares $ Treasury Bond 7-10yr UCITS ETF EUR - -
iShares Core MSCI Emerging Markets IMI UCITS ETF EUR -1 -1
iShares Core MSCI Japan IMI UCITS ETF EUR 1 -1
iShares Core S&P 500 UCITS ETF EUR -1 -1
1
iShares Global Corporate Bond EUR Hedged UCITS ETF EUR - 1
iShares MSCI Canada UCITS ETF EUR 1 -1
iShares Physical Gold ETC EUR 1 -
1
Management fee rebate less than EUR 500 have been rounded down to zero.
129
The following investors

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock, Inc. or
(ii) are investors (other than those included in (i) above) who held 51% or more of the voting units in issue in the Sub-Fund and
are as a result, considered to be related parties to the Sub-Funds.
As at 31 March 2018:
Number of investors Total % of units held by

Total % of units held by holding 51% or more of unitholders holding 51% or
funds managed by the the voting units in issue more of the voting units in
BlackRock Group or who are not affiliates of issue who are not affiliates
held by affiliates of the BlackRock Group or of the BlackRock Group or
Sub-Fund name BlackRock, Inc BlackRock, Inc BlackRock, Inc
Nil 1 71.87
Index Fund 1
Nil 1 100.00
Bond Fund
BlackRock Euro Sovereign Bond Index Fund 1 Nil 1 71.71
BlackRock Mix Fonds 1 Nil 1 100.00
BlackRock Multi Style Strategy Fund Nil 1 93.33
Nil 1 97.39
Bond Fund
BlackRock Diversified Strategies Selection Fund 4.61 1 77.78
1
BlackRock Dynamic Allocation Fund - 1 99.83
BlackRock Euro Cash Fund 5.80 1 92.18
BlackRock Fixed Income Selection Fund 1.09 1 66.95
BlackRock Global Equity Selection Fund 3.32 1 90.63
BlackRock Multi Asset Balanced Selection Fund 1.99 1 90.42
BlackRock Multi Asset Conservative Selection Fund 1.85 1 77.58
BlackRock UK Credit Screened Fund 6.04 Nil Nil
BlackRock Defensive Yield Fund 29.76 1 65.46
BlackRock Emerging Markets Alpha Tilts Fund -1 1 91.53
1
BlackRock Emerging Markets Equity Impact Fund - 1 100.00
BlackRock UK Equity Income Fund 100.00 Nil Nil
1
The percentage held by this unitholder is less than 0.005%.
130
As at 31 March 2017:
Number of investors Total % of units held by

Total % of units held by holding 51% or more of unitholders holding 51% or
funds managed by the the voting units in issue more of the voting units in
BlackRock Group or held who are not affiliates of issue who are not affiliates
by affiliates of the BlackRock Group or of the BlackRock Group or
Sub-Fund name BlackRock, Inc BlackRock, Inc BlackRock, Inc
Nil 1 75.60
Index Fund 1
BlackRock Diversified Distribution Fund Nil 1 100.00
Nil 1 100.00
Bond Fund
BlackRock Euro Sovereign Bond Index Fund 1 Nil 1 75.38
BlackRock Multi Style Strategy Fund Nil 1 93.48
Nil 1 97.39
Bond Fund
BlackRock Diversified Strategies Selection Fund 5.82 1 85.30
1
BlackRock Dynamic Allocation Fund - 1 100.00
BlackRock Euro Cash Fund 6.59 1 93.41
BlackRock Fixed Income Selection Fund 2.04 1 91.21
BlackRock Global Equity Selection Fund 6.04 1 93.96
BlackRock Multi Asset Balanced Selection Fund 4.21 1 95.79
BlackRock Multi Asset Conservative Selection Fund 3.34 1 89.96
BlackRock UK Credit Screened Fund 9.78 Nil Nil
1
The percentage held by this unitholder is less than 0.005%.
All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received
by the related parties in making the investments above were no more favourable than those received by other investors investing
into the same unit classes.
No provisions have been recognised by the Sub-Funds against amounts due from related parties at the year end date (31 March
2017: Nil).
No amounts have been written off in the year in respect of amounts due to or from related parties (31 March 2017: Nil).
No commitments secured or unsecured or guarantees have been entered into with related parties during the year (31 March
2017: Nil).
131
Securities Lending
The Securities Lending Agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited which
is a related party to the Fund.
During the year the Sub-Funds engaged in securities lending, subject to the conditions and within the limits, laid out by the CBI.
Securities lending income is split between the Securities Lending Agent and the Sub-Fund. During the year, the securities
income split was 62.50:37.50 in favour of the Sub-Fund, with all operational costs borne out of the Securities Lending Agent’s
share.
For income earned on securities lending please refer to note 4.
19. EFFICIENT PORTFOLIO MANAGEMENT
The Sub-Funds may engage in derivative transactions for the purpose of efficient portfolio management. Please see further
disclosures in credit / counterparty risk note and Sub-Funds’ Schedules of Investments.
20. COLLATERAL PLEDGED TO THE FUND
The Sub-Fund is the legal owner of inbound collateral and can sell the assets and withhold the cash in the case of default. If the
counterparty fulfils its obligations in relation to the investment, the Sub-Fund will return an equal amount of cash to the
counterparty on maturity or sale of the investment.
All cash collateral has been reinvested into the assets of the Sub-Funds.
When the Sub-Fund returns securities collateral to the counterparty, it must be of the same type, nominal value, description and
amount as the securities that were transferred to the Sub-Fund.
Cash collateral pledged to the Sub-Funds as at 31 March 2018 and 31 March 2017 are disclosed on the Balance Sheet of each
Sub-Fund.
The table below details the total value of securities collateral pledged to the Fund as at 31 March 2018 and 31 March 2017:
As at 31 March 2018 As at 31 March 2017

Sub-Fund Name Currency Securities collateral Securities collateral
‘000 ‘000
BlackRock Diversified Distribution Fund EUR - 277
21. SIGNIFICANT SUBSEQUENT EVENTS
BlackRock Emerging Markets Sovereign Screened Bond Fund and BlackRock Mix Fonds 1 were fully redeemed on 19 June 2018
and 29 June 2018 respectively.
On 29 June 2018, an updated prospectus was issued for the Fund to facilitate the following changes:
• Inclusion of BlackRock Tactical Opportunities Fund.
• Inclusion of risks related to investment in the Peoples Republic of China (“PRC”) via the Stock Connect. The prospectus
defines Stock Connect as each of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect.
BlackRock Emerging Markets Alpha Tilts Fund and BlackRock Emerging Markets Equity Impact Fund are defined as "Stock
Connect Sub-Funds" as they may invest in China A-Shares via the Stock Connect. A number of risks are included in the
prospectus relating to Stock Connect Sub-Funds. Please refer to the prospectus for further details.
• Revision of the initial offer period date for all the unit classes of the Sub-Funds.
On 20 July 2018, an updated prospectus was issued for the Fund. The maximum management fee rate is increased for the
institutional unit classes of BlackRock Tactical Opportunities Fund from 0.70% p.a. up to 1% p.a.
On 24 July 2018, BlackRock Tactical Opportunities Fund commenced trading with the launch of the Flexible Accumulating Unit
Class, Institutional Accumulating Unit Class and Flexible EUR Hedged Accumulating Unit Class.
22. APPROVAL OF FINANCIAL STATEMENTS
The Directors of the Manager approved the financial statements on 24 July 2018.
132
BLACKROCK CUSTOMISED EURO NON-SOVEREIGN BOND INDEX FUND 1
SCHEDULE OF INVESTMENTS
As at 31 March 2018
Fair Value % of Net

Holding Currency Investments EUR '000 Asset Value
BONDS
Government debt securities (31 March 2017: 21.93%)
Austria (31 March 2017: 0.22%)

100,000 EUR KA Finanz AG, 1.63%, 25/09/2018 101 0.02
200,000 EUR KA Finanz AG, 1.63%, 19/02/2021 209 0.05
100,000 EUR KAF Kaerntner Ausgleichszahlungs-Fonds, 0.00%, 14/01/2032 84 0.02
Total Austria 394 0.09
Belgium (31 March 2017: 0.03%)

100,000 EUR Flemish Community (The), 1.00%, 13/10/2036 94 0.02
100,000 EUR Flemish Community (The), 1.88%, 02/06/2042 103 0.03
Total Belgium 197 0.05
Bulgaria (31 March 2017: 0.18%)

200,000 EUR Bulgaria Government Bond, 2.00%, 26/03/2022 214 0.05
Total Bulgaria 764 0.18
Canada (31 March 2017: 0.46%)

250,000 EUR Canada Government Bond, 3.50%, 13/01/2020 268 0.06
250,000 EUR Province of Ontario Canada, 4.75%, 23/04/2019 264 0.06
200,000 EUR Province of Quebec Canada, 5.00%, 29/04/2019 211 0.05
Total Canada 2,213 0.53
Cayman Islands (31 March 2017: 0.09%) – –
Chile (31 March 2017: 0.07%)

100,000 EUR Chile Government Bond, 1.63%, 30/01/2025 104 0.02
Total Chile 388 0.09
China (31 March 2017: 0.07%)

250,000 EUR Export-Import Bank of China (The), 0.25%, 02/12/2019 250 0.06
200,000 EUR Export-Import Bank of China (The), 0.75%, 28/05/2023 198 0.05
Total China 448 0.11
Colombia (31 March 2017: 0.03%)

100,000 EUR Colombia Government Bond, 3.88%, 22/03/2026 115 0.03
Total Colombia 115 0.03
133
SCHEDULE OF INVESTMENTS (continued)
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Government debt securities (continued)
Czech Republic (31 March 2017: 0.18%)

350,000 EUR Czech Republic Government Bond, 4.13%, 18/03/2020 379 0.09
200,000 EUR Czech Republic Government Bond, 3.88%, 24/05/2022 231 0.06
Total Czech Republic 610 0.15
Denmark (31 March 2017: 0.11%)

200,000 EUR Kommunekredit, 0.25%, 29/03/2023 200 0.05
Total Denmark 490 0.12
Finland (31 March 2017: 0.16%)

100,000 EUR Finnvera OYJ, 0.63%, 22/09/2022 102 0.03
150,000 EUR Finnvera OYJ, 0.50%, 13/04/2026 149 0.04
100,000 EUR Finnvera OYJ, 1.13%, 17/05/2032 100 0.02
100,000 EUR Municipality Finance plc, 0.10%, 15/10/2021 101 0.03
100,000 EUR Tyottomyysvakuutusrahasto, 0.25%, 15/10/2018 100 0.02
Total Finland 752 0.18
France (31 March 2017: 4.84%)

100,000 EUR Agence France Locale, 0.38%, 20/03/2022 101 0.02
100,000 EUR Agence France Locale, 0.50%, 20/06/2024 100 0.02
200,000 EUR Bpifrance Financement SA, 1.00%, 25/10/2019 204 0.05
150,000 EUR Caisse d'Amortissement de la Dette Sociale, 4.00%, 25/10/2019 160 0.04
1,200,000 EUR Caisse d'Amortissement de la Dette Sociale, 0.05%, 25/11/2020 1,210 0.29
1,000,000 EUR Caisse d'Amortissement de la Dette Sociale, 3.38%, 25/04/2021 1,112 0.27
650,000 EUR Caisse de Refinancement de l'Habitat SA, 3.75%, 19/02/2020 700 0.17
134
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
100,000 EUR Caisse des Depots et Consignations, 4.38%, 09/04/2018 100 0.02
500,000 EUR Caisse Francaise de Financement Local, 1.75%, 16/07/2020 523 0.13
100,000 EUR City of Paris France, 1.38%, 20/11/2034 101 0.02
100,000 EUR Region of Ile de France, 3.63%, 27/03/2024 120 0.03
100,000 EUR SFIL SA, 0.13%, 18/10/2024 98 0.02
200,000 EUR SFIL SA, 0.75%, 06/02/2026 202 0.05
500,000 EUR UNEDIC ASSEO, 0.04%, 25/05/2019 502 0.12
250,000 EUR UNEDIC ASSEO, 0.13%, 05/03/2020 252 0.06
200,000 EUR UNEDIC ASSEO, 1.50%, 16/04/2021 210 0.05
100,000 EUR UNEDIC ASSEO, 0.30%, 04/11/2021 102 0.03
400,000 EUR UNEDIC ASSEO, 0.88%, 25/10/2022 416 0.10
100,000 EUR UNEDIC ASSEO, 0.25%, 24/11/2023 101 0.02
400,000 EUR UNEDIC ASSEO, 2.38%, 25/05/2024 452 0.11
200,000 EUR UNEDIC ASSEO, 0.13%, 25/11/2024 197 0.05
200,000 EUR UNEDIC ASSEO, 0.63%, 17/02/2025 204 0.05
200,000 EUR UNEDIC ASSEO, 0.63%, 03/03/2026 202 0.05
400,000 EUR UNEDIC ASSEO, 1.25%, 28/03/2027 422 0.10
100,000 EUR UNEDIC ASSEO, 1.25%, 21/10/2027 105 0.03
200,000 EUR UNEDIC ASSEO, 1.50%, 20/04/2032 211 0.05
Total France 19,107 4.57
Germany (31 March 2017: 8.80%)

200,000 EUR Bund Laender Anleihe, 1.50%, 15/07/2020 209 0.05
300,000 EUR Erste Abwicklungsanstalt, 0.00%, 12/06/2020 302 0.07
500,000 EUR FMS Wertmanagement, 1.88%, 09/05/2019 513 0.12
150,000 EUR Free and Hanseatic City of Hamburg, 0.38%, 20/01/2022 153 0.04
135
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Germany (continued)
200,000 EUR Free State of Bavaria, 3.25%, 24/03/2020 215 0.05
400,000 EUR Gemeinsame Deutsche Bundeslaender, 0.38%, 23/06/2020 407 0.10
200,000 EUR HSH Finanzfonds AoeR, 0.25%, 07/02/2023 200 0.05
700,000 EUR KFW, 0.88%, 18/03/2019 709 0.17
450,000 EUR KFW, 0.38%, 22/07/2019 455 0.11
750,000 EUR KFW, 2.63%, 16/08/2019 782 0.19
200,000 EUR KFW, 1.25%, 17/10/2019 205 0.05
550,000 EUR KFW, 1.13%, 15/01/2020 566 0.14
400,000 EUR KFW, 3.63%, 20/01/2020 430 0.10
450,000 EUR KFW, 0.13%, 01/06/2020 455 0.11
200,000 EUR KFW, 0.13%, 27/10/2020 203 0.05
500,000 EUR KFW, 1.63%, 15/01/2021 527 0.13
350,000 EUR KFW, 3.38%, 18/01/2021 386 0.09
800,000 EUR KFW, 0.00%, 30/06/2021 806 0.19
700,000 EUR KFW, 2.50%, 17/01/2022 770 0.18
800,000 EUR KFW, 0.00%, 28/04/2022 803 0.19
450,000 EUR KFW, 0.63%, 04/07/2022 463 0.11
200,000 EUR KFW, 0.00%, 15/12/2022 200 0.05
500,000 EUR KFW, 4.63%, 04/01/2023 610 0.15
200,000 EUR KFW, 0.38%, 15/03/2023 203 0.05
150,000 EUR KFW, 2.13%, 15/08/2023 166 0.04
150,000 EUR KFW, 0.00%, 15/09/2023 149 0.04
600,000 EUR KFW, 0.13%, 15/01/2024 597 0.14
100,000 EUR KFW, 0.05%, 30/05/2024 99 0.02
200,000 EUR KFW, 1.50%, 11/06/2024 215 0.05
500,000 EUR KFW, 0.13%, 04/10/2024 494 0.12
200,000 EUR KFW, 0.63%, 15/01/2025 204 0.05
200,000 EUR KFW, 0.25%, 30/06/2025 198 0.05
450,000 EUR KFW, 0.38%, 09/03/2026 445 0.11
500,000 EUR KFW, 0.63%, 22/02/2027 500 0.12
400,000 EUR KFW, 0.50%, 15/09/2027 394 0.09
600,000 EUR KFW, 0.63%, 07/01/2028 596 0.14
200,000 EUR KFW, 0.38%, 23/04/2030 188 0.04
200,000 EUR KFW, 1.13%, 15/09/2032 202 0.05
475,000 EUR KFW, 1.25%, 04/07/2036 478 0.11
200,000 EUR KFW, 1.13%, 15/06/2037 196 0.05
300,000 EUR Land Baden-Wurttemberg, 1.00%, 18/07/2022 313 0.07
150,000 EUR Land Thueringen, 0.25%, 09/12/2019 152 0.04
100,000 EUR Landesbank Baden-Wuerttemberg, 0.63%, 16/01/2025 101 0.02
150,000 EUR State of Berlin, 1.50%, 28/08/2020 157 0.04
136
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Germany (continued)
250,000 EUR State of Berlin Germany, 0.25%, 15/07/2020 254 0.06
100,000 EUR State of Brandenburg, 1.50%, 12/02/2020 104 0.02
200,000 EUR State of Bremen, 1.38%, 28/04/2021 210 0.05
200,000 EUR State of Hesse, 0.13%, 14/10/2019 202 0.05
250,000 EUR State of Lower Saxony, 0.13%, 12/08/2019 252 0.06
100,000 EUR State of North Rhine-Westphalia, 0.50%, 15/12/2021 102 0.02
200,000 EUR State of North Rhine-Westphalia Germany, 0.00%, 16/02/2021 201 0.05
137
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Germany (continued)
150,000 EUR State of Rhineland-Palatinate, 1.25%, 16/01/2020 155 0.04
200,000 EUR State of Saxony-Anhalt, 3.75%, 06/04/2021 224 0.05
150,000 EUR State of Schleswig-Holstein Germany, 0.05%, 04/11/2024 147 0.03
100,000 EUR State of Schleswig-Holstein Germany, 0.50%, 19/05/2026 99 0.02
Total Germany 36,159 8.66
Hungary (31 March 2017: 0.06%)

200,000 EUR Hungary Government Bond, 6.00%, 11/01/2019 210 0.05
200,000 EUR Hungary Government Bond, 1.75%, 10/10/2027 204 0.05
Total Hungary 414 0.10
Indonesia (31 March 2017: 0.15%)

100,000 EUR Indonesia Government Bond, 2.88%, 08/07/2021 107 0.02
Total Indonesia 543 0.13
Ireland (31 March 2017: 0.00%)

150,000 EUR German Postal Pensions Securitisation 2 plc, 4.38%, 18/01/2022 174 0.04
100,000 EUR German Postal Pensions Securitisation plc, 3.75%, 18/01/2021 111 0.03
Total Ireland 285 0.07
Israel (31 March 2017: 0.15%)

150,000 EUR Israel Government Bond, 4.63%, 18/03/2020 164 0.04
Total Israel 534 0.13
Italy (31 March 2017: 0.14%)

400,000 EUR Italy Government Bond, 5.13%, 31/07/2024 495 0.12
Total Italy 495 0.12
Japan (31 March 2017: 0.07%)

100,000 EUR Japan Finance Organization for Municipalities, 0.88%, 22/09/2021 102 0.02
Total Japan 102 0.02
138
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Luxembourg (31 March 2017: 3.33%)

200,000 EUR European Financial Stability Facility, 0.13%, 04/11/2019 202 0.05
Total Luxembourg 15,579 3.73
Mexico (31 March 2017: 0.29%)

200,000 EUR Mexico Government Bond, 2.38%, 09/04/2021 211 0.05
Total Mexico 1,313 0.31
Morocco (31 March 2017: 0.06%)

200,000 EUR Morocco Government Bond, 4.50%, 05/10/2020 221 0.05
100,000 EUR Morocco Government Bond, 3.50%, 19/06/2024 111 0.03
Total Morocco 332 0.08
139
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Norway (31 March 2017: 0.04%)

150,000 EUR Kommunalbanken AS, 0.63%, 20/04/2026 149 0.04
Total Norway 149 0.04
Peru (31 March 2017: 0.06%)

200,000 EUR Peru Government Bond, 2.75%, 30/01/2026 218 0.05
Total Peru 218 0.05
Poland (31 March 2017: 0.81%)

150,000 EUR Poland Government Bond, 5.63%, 20/06/2018 152 0.04
Total Poland 3,177 0.76
Romania (31 March 2017: 0.34%)

100,000 EUR Romania Government Bond, 4.88%, 07/11/2019 108 0.03
Total Romania 1,510 0.36
South Korea (31 March 2017: 0.06%)

100,000 EUR Export-Import Bank of Korea, 2.00%, 30/04/2020 104 0.02
100,000 EUR Korea Government Bond, 2.13%, 10/06/2024 108 0.03
Total South Korea 212 0.05
Spain (31 March 2017: 1.00%)

150,000 EUR Autonomous Community of Andalusia Spain, 4.85%, 17/03/2020 164 0.04
200,000 EUR Autonomous Community of Madrid Spain, 4.69%, 12/03/2020 219 0.05
100,000 EUR Basque Government Bond, 1.75%, 16/03/2026 106 0.02
140
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Spain (continued)
100,000 EUR Comunidad Autonoma de Aragon, 8.25%, 17/01/2027 158 0.04
400,000 EUR FADE - Fondo de Amortizacion del Deficit Electrico, 3.38%, 17/03/2019 414 0.10
100,000 EUR Instituto de Credito Oficial, 4.00%, 30/04/2018 100 0.02
150,000 EUR Junta de Castilla y Leon, 0.70%, 03/06/2021 153 0.04
100,000 EUR Xunta de Galicia, 4.81%, 26/03/2020 110 0.03
Total Spain 3,851 0.92
Sweden (31 March 2017: 0.13%)

100,000 EUR Stockholms Lans Landsting, 0.75%, 26/02/2025 101 0.02
150,000 EUR Sweden Government Bond, 0.75%, 02/05/2019 152 0.04
Total Sweden 755 0.18
Total investments in government debt securities 91,106 21.81
Corporate debt securities (31 March 2017: 68.08%)
Australia (31 March 2017: 1.69%)

100,000 EUR APT Pipelines Ltd., 1.38%, 22/03/2022 103 0.02
100,000 EUR Aurizon Network Pty. Ltd., 3.13%, 01/06/2026 110 0.03
100,000 EUR AusNet Services Holdings Pty. Ltd., 3.00%, 13/02/2024 113 0.03
300,000 EUR Australia & New Zealand Banking Group Ltd., 1.38%, 04/09/2018 302 0.07
100,000 EUR Australia Pacific Airports Melbourne Pty. Ltd., 3.13%, 26/09/2023 113 0.03
100,000 EUR BHP Billiton Finance Ltd., 0.75%, 28/10/2022 102 0.02
100,000 EUR BHP Billiton Finance Ltd., FRN, 5.63%, 22/10/2079 121 0.03
100,000 EUR CNOOC Curtis Funding No. 1 Pty. Ltd., 2.75%, 03/10/2020 106 0.03
150,000 EUR Commonwealth Bank of Australia, 1.38%, 22/01/2019 152 0.04
100,000 EUR Commonwealth Bank of Australia, FRN, 2.00%, 22/04/2027 104 0.03
100,000 EUR Commonwealth Bank of Australia, FRN, 1.94%, 03/10/2029 100 0.02
100,000 EUR Macquarie Bank Ltd., 0.38%, 03/03/2021 101 0.02
100,000 EUR National Australia Bank Ltd., 4.63%, 10/02/2020 108 0.03
141
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Corporate debt securities (continued)
Australia (continued)
100,000 EUR National Australia Bank Ltd., FRN, 2.00%, 12/11/2024 102 0.02
100,000 EUR Optus Finance Pty. Ltd., 3.50%, 15/09/2020 108 0.03
100,000 EUR Origin Energy Finance Ltd., 2.88%, 11/10/2019 104 0.02
100,000 EUR Origin Energy Finance Ltd., 2.50%, 23/10/2020 106 0.03
100,000 EUR Scentre Group Trust 1, REIT, 1.50%, 16/07/2020 103 0.02
100,000 EUR Scentre Group Trust 1, REIT, 2.25%, 16/07/2024 108 0.03
100,000 EUR Telstra Corp. Ltd., 4.25%, 23/03/2020 109 0.03
100,000 EUR Transurban Finance Co. Pty. Ltd., 1.88%, 16/09/2024 105 0.02
100,000 EUR Transurban Finance Co. Pty. Ltd., 1.75%, 29/03/2028 101 0.02
100,000 EUR Wesfarmers Ltd., 2.75%, 02/08/2022 110 0.03
200,000 EUR Westpac Banking Corp., 1.38%, 17/04/2020 207 0.05
Total Australia 7,119 1.70

100,000 EUR Autobahnen- und Schnell- strassen-Finanzierungs AG, 4.38%, 08/07/2019 106 0.02
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische
100,000 EUR Postsparkasse AG, 1.88%, 18/09/2019 103 0.02
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische
100,000 EUR Postsparkasse AG, 0.75%, 18/01/2027 99 0.02
100,000 EUR Erste Group Bank AG, 0.38%, 09/09/2020 101 0.02
100,000 EUR Heta Asset Resolution AG, 2.38%, 13/12/2022 108 0.03
100,000 EUR Hypo Vorarlberg Bank AG, 1.25%, 23/04/2020 103 0.02
200,000 EUR Hypo Vorarlberg Bank AG, 0.38%, 17/05/2024 198 0.05
Hypoe NOE Landesbank fuer Niederoesterreich und Wien AG, 1.75%,
100,000 EUR 15/10/2020 105 0.02
Hypoe NOE Landesbank fuer Niederoesterreich und Wien AG, 0.75%,
100,000 EUR 22/09/2021 102 0.02
50,000 EUR Novomatic AG, 1.63%, 20/09/2023 51 0.01
300,000 EUR OeBB-Infrastruktur AG, 3.50%, 19/10/2020 329 0.08
142
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Austria (continued)
200,000 EUR Oesterreichische Kontrollbank AG, 0.25%, 26/09/2024 198 0.05
100,000 EUR OMV AG, 0.60%, 19/11/2018 101 0.02
50,000 EUR OMV AG, FRN, 5.25%, 09/12/20211 56 0.01
100,000 EUR OMV AG, 2.63%, 27/09/2022 110 0.03
50,000 EUR OMV AG, FRN, 6.25%, 09/12/20251 62 0.02
75,000 EUR OMV AG, 1.00%, 14/12/2026 74 0.02
100,000 EUR OMV AG, 3.50%, 27/09/2027 120 0.03
100,000 EUR Raiffeisen Bank International AG, 6.63%, 18/05/2021 117 0.03
100,000 EUR Raiffeisenlandesbank Niederoesterreich-Wien AG, 0.63%, 03/03/2025 100 0.02
100,000 EUR Raiffeisenlandesbank Oberoesterreich AG, 0.38%, 28/09/2026 97 0.02
100,000 EUR Raiffeisen-Landesbank Steiermark AG, 2.38%, 14/06/2028 113 0.03
200,000 EUR Telekom Finanzmanagement GmbH, 3.13%, 03/12/2021 221 0.05
100,000 EUR UniCredit Bank Austria AG, 2.63%, 25/04/2019 103 0.02
100,000 EUR UNIQA Insurance Group AG, FRN, 6.00%, 27/07/2046 120 0.03
150,000 EUR Verbund AG, 4.75%, 16/07/2019 159 0.04
Vienna Insurance Group AG Wiener Versicherung Gruppe, FRN, 3.75%,
50,000 EUR 02/03/2046 54 0.01
Total Austria 6,150 1.47

100,000 EUR Anheuser-Busch InBev SA/NV 'B', 1.88%, 20/01/2020 104 0.03
200,000 EUR Anheuser-Busch InBev SA/NV, 2.00%, 23/01/2035 193 0.05
100,000 EUR Argenta Spaarbank NV, FRN, 3.88%, 24/05/2026 108 0.03
100,000 EUR Belfius Bank SA/NV, 1.25%, 28/01/2019 101 0.02
100,000 EUR BNP Paribas Fortis SA, 0.50%, 23/09/2024 100 0.02
100,000 EUR BNP Paribas Fortis SA, 0.88%, 22/03/2028 100 0.02
100,000 EUR Brussels Airport Co. NV/SA, 1.00%, 03/05/2024 101 0.02
100,000 EUR Eandis System Operator SCRL, 4.50%, 08/11/2021 115 0.03
100,000 EUR Eandis System Operator SCRL, 1.75%, 04/12/2026 106 0.03
100,000 EUR Elia System Operator SA/NV, 3.25%, 04/04/2028 117 0.03
200,000 EUR ING Belgium SA/NV, 1.13%, 10/12/2018 202 0.05
100,000 EUR KBC Bank NV, 1.25%, 28/05/2020 103 0.03
300,000 EUR KBC Bank NV, 0.45%, 22/01/2022 305 0.07
100,000 EUR KBC Bank NV, 0.38%, 01/09/2022 101 0.02
200,000 EUR KBC Group NV, 0.75%, 01/03/2022 202 0.05
143
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Belgium (continued)
100,000 EUR KBC Group NV, FRN, 2.38%, 25/11/2024 104 0.03
100,000 EUR Proximus SADP, 0.50%, 22/03/2022 101 0.02
100,000 EUR RESA SA, 1.00%, 22/07/2026 98 0.02
100,000 EUR Solvay SA, 1.63%, 02/12/2022 105 0.03
Total Belgium 5,166 1.24
Brazil (31 March 2017: 0.03%)

100,000 EUR Vale SA, 3.75%, 10/01/2023 112 0.03
Total Brazil 112 0.03
British Virgin Islands (31 March 2017: 0.06%)

100,000 EUR Global Switch Holdings Ltd., 1.50%, 31/01/2024 100 0.02
100,000 EUR Global Switch Holdings Ltd., 2.25%, 31/05/2027 102 0.03
100,000 EUR Sinopec Group Overseas Development 2015 Ltd., 1.00%, 28/04/2022 101 0.02
Total British Virgin Islands 303 0.07
Canada (31 March 2017: 1.25%)

100,000 EUR Alimentation Couche-Tard, Inc., 1.88%, 06/05/2026 103 0.02
200,000 EUR Bank of Montreal, 0.25%, 22/01/2020 202 0.05
150,000 EUR Bank of Nova Scotia (The), 0.10%, 21/01/2019 151 0.04
200,000 EUR Caisse Centrale Desjardins, 1.13%, 11/03/2019 203 0.05
200,000 EUR Canadian Imperial Bank of Commerce, 1.25%, 07/08/2018 201 0.05
250,000 EUR CPPIB Capital, Inc., 0.38%, 20/06/2024 248 0.06
100,000 EUR Great-West Lifeco, Inc., 1.75%, 07/12/2026 103 0.02
100,000 EUR Magna International, Inc., 1.50%, 25/09/2027 101 0.02
100,000 EUR National Bank of Canada, 1.50%, 25/03/2021 105 0.03
200,000 EUR Royal Bank of Canada, 1.63%, 04/08/2020 208 0.05
100,000 EUR Toronto-Dominion Bank (The), 0.63%, 08/03/2021 102 0.02
100,000 EUR Total Capital Canada Ltd., 1.88%, 09/07/2020 104 0.03
100,000 EUR Total Capital Canada Ltd., 1.13%, 18/03/2022 103 0.03
144
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Cayman Islands (31 March 2017: 0.16%)

100,000 EUR China Overseas Land International Cayman Ltd., 1.75%, 15/07/2019 102 0.03
100,000 EUR CK Hutchison Finance 16 II Ltd., 0.88%, 03/10/2024 99 0.02
122,000 EUR CK Hutchison Finance 16 Ltd., 2.00%, 06/04/2028 127 0.03
250,000 EUR Hutchison Whampoa Finance 14 Ltd., 1.38%, 31/10/2021 259 0.06
200,000 EUR IPIC GMTN Ltd., 2.38%, 30/05/2018 200 0.05
100,000 EUR IPIC GMTN Ltd., 5.88%, 14/03/2021 116 0.03
100,000 EUR Three Gorges Finance II Cayman Islands Ltd., 1.30%, 21/06/2024 100 0.02
Total Cayman Islands 1,003 0.24
Chile (31 March 2017: 0.03%)

100,000 EUR Corp. Nacional del Cobre de Chile, 2.25%, 09/07/2024 107 0.03
Total Chile 107 0.03
China (31 March 2017: 0.16%)

250,000 EUR China Development Bank, 0.13%, 24/01/2020 249 0.06
100,000 EUR China Development Bank, 0.50%, 01/06/2021 100 0.02
200,000 EUR China Development Bank Corp., 0.13%, 03/11/2019 200 0.05
Curacao (31 March 2017: 0.03%) – –

100,000 EUR Ceske Drahy A/S, 1.88%, 25/05/2023 105 0.03
200,000 EUR CEZ A/S, 4.50%, 29/06/2020 220 0.05
100,000 EUR CEZ A/S, 3.00%, 05/06/2028 111 0.03
100,000 EUR EP Energy A/S, 4.38%, 01/05/2018 100 0.02

150,000 EUR AP Moller - Maersk A/S, 1.75%, 18/03/2021 156 0.04
150,000 EUR BRFkredit A/S, 0.25%, 01/07/2023 149 0.03
200,000 EUR BRFkredit A/S, 0.50%, 01/10/2026 195 0.05
200,000 EUR Carlsberg Breweries A/S, 2.63%, 03/07/2019 207 0.05
100,000 EUR Danica Pension Livsforsikrings AB, FRN, 4.38%, 29/09/2045 113 0.03
300,000 EUR Danske Bank A/S, 4.13%, 26/11/2019 322 0.08
100,000 EUR Danske Bank A/S, FRN, 2.75%, 19/05/2026 106 0.02
100,000 EUR ISS Global A/S, 1.13%, 07/01/2021 102 0.02
125,000 EUR ISS Global A/S, 1.50%, 31/08/2027 124 0.03
200,000 EUR Nykredit Realkredit A/S, 0.38%, 16/06/2020 202 0.05
100,000 EUR Nykredit Realkredit A/S, FRN, 2.75%, 17/11/2027 107 0.03
100,000 EUR Orsted A/S, FRN, 3.00%, 06/11/2049 106 0.02
150,000 EUR Orsted A/S, FRN, 2.28%, 24/11/2049 149 0.04
145
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Denmark (continued)
100,000 EUR Orsted A/S, FRN, 3.00%, 31/12/2049 105 0.02
100,000 EUR TDC A/S, 1.75%, 27/02/2027 100 0.02
Total Denmark 3,818 0.91
Estonia (31 March 2017: 0.03%)

100,000 EUR Eesti Energia A/S, 2.38%, 22/09/2023 107 0.03
Total Estonia 107 0.03

150,000 EUR Aktia Bank OYJ, 1.00%, 15/04/2019 152 0.04
150,000 EUR CRH Finland Services OYJ, 2.75%, 15/10/2020 159 0.04
100,000 EUR Danske Kiinnitysluottopankki OYJ, 1.63%, 27/09/2019 103 0.03
100,000 EUR Danske Kiinnitysluottopankki OYJ, 3.88%, 21/06/2021 113 0.03
100,000 EUR Elenia Finance OYJ, 2.88%, 17/12/2020 107 0.03
150,000 EUR Elisa OYJ, 0.88%, 17/03/2024 149 0.04
100,000 EUR Fortum OYJ, 4.00%, 24/05/2021 112 0.03
100,000 EUR Fortum OYJ, 2.25%, 06/09/2022 107 0.03
100,000 EUR Kojamo OYJ, 1.63%, 07/03/2025 100 0.02
250,000 EUR Nordea Mortgage Bank plc, 1.38%, 15/01/2020 258 0.06
200,000 EUR OP Corporate Bank plc, 1.75%, 29/08/2018 202 0.05
200,000 EUR OP Corporate Bank plc, 0.75%, 03/03/2022 203 0.05
300,000 EUR OP Mortgage Bank, 0.75%, 11/06/2019 304 0.07
100,000 EUR Sampo OYJ, 1.13%, 24/05/2019 101 0.02
100,000 EUR Sampo OYJ, 1.25%, 30/05/2025 100 0.02
100,000 EUR Sampo OYJ, 1.63%, 21/02/2028 99 0.02
100,000 EUR SP-Mortgage Bank plc, 0.10%, 29/11/2021 100 0.02
100,000 EUR SP-Mortgage Bank plc, 0.13%, 24/10/2022 100 0.02
Total Finland 4,037 0.97
France (31 March 2017: 14.87%)

100,000 EUR Accor SA, 2.63%, 05/02/2021 107 0.03
100,000 EUR Accor SA, 1.25%, 25/01/2024 101 0.02
150,000 EUR Aeroports de Paris, 3.89%, 10/05/2020 162 0.04
200,000 EUR Agence Francaise de Developpement, 2.13%, 15/02/2021 213 0.05
146
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
100,000 EUR Air Liquide Finance SA, 0.50%, 13/06/2022 101 0.02
100,000 EUR APRR SA, 4.88%, 21/01/2019 104 0.03
100,000 EUR APRR SA, 1.13%, 15/01/2021 103 0.02
100,000 EUR APRR SA, 1.50%, 15/01/2024 105 0.03
200,000 EUR APRR SA, 1.88%, 06/01/2031 208 0.05
150,000 EUR Arkea Home Loans SFH SA, 0.63%, 30/09/2022 153 0.04
100,000 EUR Arkema SA, 1.50%, 20/01/2025 103 0.02
100,000 EUR Auchan Holding SADIR, 1.75%, 23/04/2021 105 0.03
100,000 EUR Autoroutes du Sud de la France SA, 4.00%, 24/09/2018 102 0.02
200,000 EUR AXA Bank Europe SCF, 1.88%, 20/09/2019 207 0.05
200,000 EUR AXA Bank Europe SCF, 0.13%, 14/03/2022 201 0.05
100,000 EUR AXA SA, FRN, 3.94%, 07/11/20241 108 0.03
100,000 EUR AXA SA, FRN, 3.88%, 08/10/20251 107 0.03
100,000 EUR AXA SA, 1.13%, 15/05/2028 101 0.02
100,000 EUR AXA SA, FRN, 5.25%, 16/04/2040 109 0.03
100,000 EUR AXA SA, FRN, 5.13%, 04/07/2043 117 0.03
100,000 EUR AXA SA, FRN, 3.38%, 06/07/2047 105 0.02
125,000 EUR AXA SA, FRN, 3.25%, 28/05/2049 127 0.03
100,000 EUR Banque Federative du Credit Mutuel SA, 2.00%, 19/09/2019 103 0.02
100,000 EUR BNP Paribas Cardif SA, FRN, 4.03%, 25/11/20251 108 0.03
300,000 EUR BNP Paribas Home Loan SFH SA, 1.00%, 25/02/2019 304 0.07
400,000 EUR BNP Paribas SA, 2.50%, 23/08/2019 415 0.10
147
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
350,000 EUR BNP Paribas SA, FRN, 2.87%, 20/03/2026 371 0.09
100,000 EUR BNP Paribas SA, FRN, 2.63%, 14/10/2027 107 0.02
150,000 EUR Bouygues SA, 3.64%, 29/10/2019 159 0.04
100,000 EUR Bouygues SA, 3.63%, 16/01/2023 115 0.03
100,000 EUR Bouygues SA, 1.38%, 07/06/2027 102 0.02
100,000 EUR BPCE SA, 1.38%, 22/05/2019 102 0.02
200,000 EUR BPCE SA, 2.13%, 17/03/2021 212 0.05
200,000 EUR BPCE SA, 1.13%, 18/01/2023 203 0.05
100,000 EUR BPCE SA, 4.25%, 06/02/2023 118 0.03
100,000 EUR BPCE SA, 4.63%, 18/07/2023 118 0.03
200,000 EUR BPCE SA, 0.38%, 05/10/2023 197 0.05
100,000 EUR BPCE SA, 2.88%, 16/01/2024 112 0.03
100,000 EUR BPCE SA, FRN, 2.75%, 08/07/2026 106 0.02
100,000 EUR BPCE SA, FRN, 2.75%, 30/11/2027 107 0.03
100,000 EUR BPCE SA, 1.63%, 31/01/2028 100 0.02
100,000 EUR BPCE SA, 1.00%, 05/10/2028 97 0.02
100,000 EUR BPCE SFH SA, 1.50%, 30/01/2020 103 0.02
200,000 EUR BPCE SFH SA, 0.38%, 28/07/2020 203 0.05
300,000 EUR BPCE SFH SA, 2.13%, 17/09/2020 318 0.08
300,000 EUR BPCE SFH SA, 4.00%, 23/03/2022 347 0.08
200,000 EUR BPCE SFH SA, 2.38%, 29/11/2023 223 0.05
200,000 EUR BPCE SFH SA, 1.00%, 24/02/2025 206 0.05
100,000 EUR BPCE SFH SA, 0.88%, 13/04/2028 100 0.02
200,000 EUR BPCE SFH SA, 1.00%, 08/06/2029 199 0.05
200,000 EUR Caisse Centrale du Credit Immobilier de France SA, 1.13%, 22/04/2019 203 0.05
100,000 EUR Caisse Centrale du Credit Immobilier de France SA, 0.13%, 05/02/2020 101 0.02
50,000 EUR Caisse Nationale des Autoroutes, 3.75%, 15/07/2025 62 0.02
200,000 EUR Capgemini SA, 0.50%, 09/11/2021 202 0.05
100,000 EUR Capgemini SE, 2.50%, 01/07/2023 109 0.03
100,000 EUR Carmila SA, REIT, 2.38%, 16/09/2024 106 0.03
100,000 EUR Carrefour SA, 1.75%, 22/05/2019 102 0.02
150,000 EUR Carrefour SA, 1.75%, 15/07/2022 157 0.04
100,000 EUR Carrefour SA, 0.75%, 26/04/2024 98 0.02
200,000 EUR Carrefour SA, 1.25%, 03/06/2025 198 0.05
100,000 EUR Cie de Financement Foncier SA, 0.38%, 17/09/2019 101 0.02
148
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
100,000 EUR Cie de Saint-Gobain, 4.00%, 08/10/2018 102 0.02
100,000 EUR Cie Financiere et Industrielle des Autoroutes SA, 5.25%, 30/04/2018 100 0.02
250,000 EUR CIF Euromortgage SA, 3.50%, 17/06/2020 271 0.07
100,000 EUR CNP Assurances, 1.88%, 20/10/2022 104 0.03
100,000 EUR CNP Assurances, FRN, 4.00%, 18/11/20241 108 0.03
300,000 EUR Coentreprise de Transport d'Electricite SA, 1.50%, 29/07/2028 300 0.07
100,000 EUR Credit Agricole Assurances SA, FRN, 4.50%, 14/10/20251 110 0.03
100,000 EUR Credit Agricole Assurances SA, FRN, 4.75%, 27/09/2048 115 0.03
400,000 EUR Credit Agricole Home Loan SFH SA, 0.13%, 28/08/2020 404 0.10
200,000 EUR Credit Agricole Public Sector SCF SA, 1.88%, 07/06/2023 217 0.05
50,000 EUR Credit Agricole SA, 5.88%, 11/06/2019 53 0.01
100,000 EUR Credit Logement SA, FRN, 1.35%, 28/11/2029 98 0.02
200,000 EUR Credit Mutuel - CIC Home Loan SFH SA 'C', 1.38%, 22/04/2020 207 0.05
200,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 0.63%, 02/02/2026 199 0.05
200,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 0.75%, 15/09/2027 198 0.05
149
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
200,000 EUR Credit Mutuel Arkea SA, 1.00%, 26/01/2023 204 0.05
100,000 EUR Credit Mutuel Arkea SA, 3.50%, 09/02/2029 109 0.03
200,000 EUR Danone SA, 0.17%, 03/11/2020 201 0.05
200,000 EUR Danone SA, 3.60%, 23/11/2020 219 0.05
100,000 EUR Danone SA, 0.42%, 03/11/2022 100 0.02
200,000 EUR Danone SA, FRN, 1.75%, 23/06/20231 197 0.05
100,000 EUR Danone SA, 2.60%, 28/06/2023 110 0.03
100,000 EUR Danone SA, 0.71%, 03/11/2024 99 0.02
100,000 EUR Danone SA, 1.21%, 03/11/2028 98 0.02
100,000 EUR Dexia Credit Local SA, 1.38%, 18/09/2019 103 0.02
100,000 EUR Edenred, 1.88%, 30/03/2027 104 0.03
100,000 EUR Electricite de France SA, FRN, 4.25%, 29/01/20201 105 0.02
150,000 EUR Electricite de France SA, 5.38%, 29/05/2020 168 0.04
50,000 EUR Engie Alliance GIE, 5.75%, 24/06/2023 63 0.02
100,000 EUR Engie SA, FRN, 3.00%, 02/06/20191 103 0.02
100,000 EUR Engie SA, 3.13%, 21/01/2020 106 0.03
100,000 EUR Engie SA, FRN, 4.75%, 10/07/20211 112 0.03
200,000 EUR Engie SA, 0.50%, 13/03/2022 202 0.05
200,000 EUR Engie SA, FRN, 1.37%, 16/04/20231 193 0.05
100,000 EUR Engie SA, 0.88%, 27/03/2024 101 0.02
100,000 EUR Engie SA, FRN, 3.88%, 02/06/20241 109 0.03
100,000 EUR Engie SA, 1.00%, 13/03/2026 100 0.02
100,000 EUR Engie SA, 2.38%, 19/05/2026 110 0.03
100,000 EUR Engie SA, 1.50%, 13/03/2035 96 0.02
300,000 EUR Engie SA, 2.00%, 28/09/2037 299 0.07
100,000 EUR Essilor International Cie Generale d'Optique SA, 2.38%, 09/04/2024 110 0.03
100,000 EUR Eutelsat SA, 5.00%, 14/01/2019 104 0.03
100,000 EUR Eutelsat SA, 3.13%, 10/10/2022 112 0.03
100,000 EUR Fonciere Des Regions, REIT, 1.50%, 21/06/2027 98 0.02
100,000 EUR Gecina SA, REIT, 2.00%, 17/06/2024 106 0.03
150
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
100,000 EUR Groupama SA, FRN, 6.37%, 28/05/20241 117 0.03
100,000 EUR Groupama SA, 6.00%, 23/01/2027 121 0.03
100,000 EUR Holding d'Infrastructures de Transport SAS, 2.25%, 24/03/2025 107 0.03
100,000 EUR Holding d'Infrastructures de Transport SAS, 1.63%, 27/11/2027 100 0.02
200,000 EUR HSBC France SA, 0.63%, 03/12/2020 203 0.05
300,000 EUR HSBC SFH France SA, 1.88%, 28/10/2020 317 0.08
100,000 EUR ICADE, REIT, 2.25%, 16/04/2021 106 0.03
100,000 EUR ICADE, REIT, 1.13%, 17/11/2025 98 0.02
100,000 EUR ICADE, REIT, 1.75%, 10/06/2026 102 0.02
100,000 EUR ICADE, REIT, 1.63%, 28/02/2028 99 0.02
100,000 EUR Imerys SA, 1.50%, 15/01/2027 100 0.02
100,000 EUR Infra Park SAS, 2.13%, 16/04/2025 107 0.03
50,000 EUR Italcementi Finance SA, 5.38%, 19/03/2020 55 0.01
100,000 EUR JCDecaux SA, 1.00%, 01/06/2023 102 0.02
100,000 EUR Kering SA, 1.88%, 08/10/2018 101 0.02
100,000 EUR Kering SA, 1.38%, 01/10/2021 104 0.03
100,000 EUR Kering SA, 0.88%, 28/03/2022 102 0.02
100,000 EUR Kering SA, 1.50%, 05/04/2027 103 0.02
100,000 EUR Klepierre SA, REIT, 1.75%, 06/11/2024 104 0.03
100,000 EUR La Banque Postale Home Loan SFH SA, 1.88%, 11/09/2020 105 0.03
100,000 EUR La Banque Postale SA, 4.38%, 30/11/2020 111 0.03
100,000 EUR La Banque Postale SA, FRN, 2.79%, 23/04/2026 105 0.02
100,000 EUR La Banque Postale SA, FRN, 2.75%, 19/11/2027 106 0.02
100,000 EUR La Banque Postale SA, 3.00%, 09/06/2028 108 0.03
100,000 EUR La Mondiale SAM, FRN, 5.05%, 17/12/20251 112 0.03
250,000 EUR La Poste SA, 4.25%, 08/11/2021 287 0.07
100,000 EUR La Poste SA, 2.75%, 26/11/2024 113 0.03
150,000 EUR Lafarge SA, 5.50%, 16/12/2019 164 0.04
100,000 EUR Legrand SA, 0.50%, 09/10/2023 100 0.02
100,000 EUR Legrand SA, 1.88%, 06/07/2032 105 0.03
100,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 4.00%, 06/04/2018 100 0.02
100,000 EUR Mercialys SA, REIT, 1.79%, 31/03/2023 103 0.02
100,000 EUR Mercialys SA, REIT, 1.80%, 27/02/2026 100 0.02
100,000 EUR mFinance France SA, 2.38%, 01/04/2019 102 0.02
100,000 EUR Orange SA, 1.88%, 02/10/2019 103 0.02
100,000 EUR Orange SA, 3.88%, 14/01/2021 110 0.03
200,000 EUR Orange SA, FRN, 4.00%, 01/10/20211 219 0.05
150,000 EUR Orange SA, 3.38%, 16/09/2022 170 0.04
200,000 EUR Orange SA, 2.50%, 01/03/2023 219 0.05
400,000 EUR Orange SA, 0.75%, 11/09/2023 403 0.10
150,000 EUR Orange SA, FRN, 5.25%, 07/02/20241 173 0.04
100,000 EUR Orange SA, FRN, 5.00%, 01/10/20261 114 0.03
100,000 EUR Orange SA, 1.38%, 16/01/2030 97 0.02
151
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
100,000 EUR Orange SA, 8.13%, 28/01/2033 183 0.04
100,000 EUR Pernod Ricard SA, 2.00%, 22/06/2020 104 0.03
100,000 EUR PSA Banque France SA, 0.50%, 17/01/2020 101 0.02
100,000 EUR Publicis Groupe SA, 1.13%, 16/12/2021 103 0.02
150,000 EUR RCI Banque SA, 1.38%, 17/11/2020 155 0.04
200,000 EUR RCI Banque SA, 0.75%, 12/01/2022 202 0.05
100,000 EUR RCI Banque SA, 1.25%, 08/06/2022 103 0.02
50,000 EUR RCI Banque SA, 0.75%, 26/09/2022 50 0.01
100,000 EUR RCI Banque SA, 0.50%, 15/09/2023 98 0.02
100,000 EUR RCI Banque SA, 1.38%, 08/03/2024 102 0.02
100,000 EUR Regie Autonome des Transports Parisiens, 4.00%, 23/09/2021 114 0.03
150,000 EUR Renault SA, 1.00%, 08/03/2023 152 0.04
100,000 EUR RTE Reseau de Transport d'Electricite SADIR, 5.13%, 12/09/2018 102 0.02
100,000 EUR SA de Gestion de Stocks de Securite, 1.75%, 22/10/2019 103 0.02
100,000 EUR SANEF SA, 0.95%, 19/10/2028 95 0.02
100,000 EUR Sanofi, 0.00%, 05/04/2019 100 0.02
200,000 EUR Sanofi, 0.00%, 13/01/2020 200 0.05
100,000 EUR Sanofi, 1.88%, 04/09/2020 104 0.03
100,000 EUR Sanofi, 0.50%, 21/03/2023 100 0.02
300,000 EUR Sanofi, 2.50%, 14/11/2023 332 0.08
100,000 EUR Sanofi, 0.63%, 05/04/2024 100 0.02
200,000 EUR Sanofi, 1.00%, 21/03/2026 201 0.05
100,000 EUR Sanofi, 0.50%, 13/01/2027 95 0.02
100,000 EUR Sanofi, 1.13%, 05/04/2028 99 0.02
100,000 EUR Sanofi, 1.38%, 21/03/2030 100 0.02
100,000 EUR Sanofi, 1.88%, 21/03/2038 101 0.02
200,000 EUR Schlumberger Finance France SAS, 0.63%, 12/02/2019 201 0.05
100,000 EUR Schneider Electric SE, 3.75%, 12/07/2018 101 0.02
100,000 EUR SCOR SE, FRN, 3.63%, 27/05/2048 109 0.03
100,000 EUR SNCF Mobilites, 4.88%, 12/06/2023 124 0.03
400,000 EUR SNCF Reseau, 0.10%, 27/05/2021 402 0.10
500,000 EUR SNCF Reseau, 4.50%, 30/01/2024 621 0.15
200,000 EUR SNCF Reseau, 4.25%, 07/10/2026 260 0.06
100,000 EUR SNCF Reseau, 3.13%, 25/10/2028 122 0.03
200,000 EUR SNCF Reseau, 1.13%, 25/05/2030 201 0.05
152
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
200,000 EUR SNCF Reseau, 1.00%, 09/11/2031 195 0.05
200,000 EUR SNCF Reseau, 5.00%, 10/10/2033 305 0.07
200,000 EUR SNCF Reseau, 1.50%, 29/05/2037 200 0.05
200,000 EUR SNCF Reseau EPIC, 4.38%, 02/06/2022 236 0.06
100,000 EUR Societe Fonciere Lyonnaise SA, REIT, 2.25%, 16/11/2022 106 0.03
200,000 EUR Societe Generale SA, 2.25%, 23/01/2020 208 0.05
100,000 EUR Societe Generale SA, FRN, 1.37%, 23/02/2028 99 0.02
100,000 EUR Societe Generale SCF SA, 3.38%, 16/04/2018 100 0.02
200,000 EUR Societe Generale SFH SA, 2.88%, 14/03/2019 206 0.05
100,000 EUR Sodexo SA, 2.50%, 24/06/2026 110 0.03
100,000 EUR Sogecap SA, FRN, 4.13%, 18/02/20261 108 0.03
100,000 EUR Suez, FRN, 3.00%, 23/06/20201 104 0.02
100,000 EUR Suez, 4.08%, 17/05/2021 112 0.03
100,000 EUR Suez, FRN, 2.50%, 30/03/20221 103 0.02
100,000 EUR Suez, FRN, 2.87%, 19/04/20241 103 0.02
100,000 EUR Suez, 1.00%, 03/04/2025 101 0.02
100,000 EUR Suez, 1.75%, 10/09/2025 106 0.03
100,000 EUR Suez, 1.63%, 21/09/2032 99 0.02
100,000 EUR TDF Infrastructure SAS, 2.50%, 07/04/2026 105 0.03
100,000 EUR Teleperformance, 1.50%, 03/04/2024 102 0.02
300,000 EUR Total Capital International SA, 2.13%, 15/03/2023 325 0.08
300,000 EUR TOTAL SA, FRN, 2.25%, 26/02/20211 310 0.07
150,000 EUR TOTAL SA, FRN, 3.88%, 18/05/20221 164 0.04
200,000 EUR TOTAL SA, FRN, 2.71%, 05/05/20231 209 0.05
150,000 EUR TOTAL SA, FRN, 2.63%, 26/02/20251 154 0.04
100,000 EUR TOTAL SA, FRN, 3.37%, 06/10/20261 106 0.02
100,000 EUR Transport et Infrastructures Gaz France SA, 2.20%, 05/08/2025 107 0.03
300,000 EUR Unibail-Rodamco SE, REIT, 1.38%, 17/10/2022 313 0.08
153
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
200,000 EUR Valeo SA, 0.38%, 12/09/2022 199 0.05
100,000 EUR Valeo SA, 1.63%, 18/03/2026 103 0.02
50,000 EUR Veolia Environnement SA, 4.38%, 11/12/2020 56 0.01
100,000 EUR Vivendi SA, 4.88%, 02/12/2019 108 0.03
100,000 EUR Vivendi SA, 0.75%, 26/05/2021 101 0.02
100,000 EUR Vivendi SA, 0.88%, 18/09/2024 99 0.02
100,000 EUR Wendel SA, 1.88%, 10/04/2020 103 0.02
100,000 EUR Wendel SA, 2.50%, 09/02/2027 104 0.03
150,000 EUR WPP Finance SA, 2.25%, 22/09/2026 157 0.04

100,000 EUR Allianz SE, FRN, 4.75%, 24/10/20231 115 0.03
250,000 EUR BASF SE, 1.50%, 01/10/2018 252 0.06
100,000 EUR BASF SE, 2.50%, 22/01/2024 111 0.03
50,000 EUR BASF SE, 0.88%, 15/11/2027 49 0.01
100,000 EUR BASF SE, 0.88%, 06/10/2031 94 0.02
75,000 EUR BASF SE, 1.63%, 15/11/2037 73 0.02
150,000 EUR Bayer AG, 1.88%, 25/01/2021 157 0.04
100,000 EUR Bayer AG, FRN, 3.75%, 01/07/2074 107 0.03
100,000 EUR Bayer AG, FRN, 2.38%, 02/04/2075 102 0.02
200,000 EUR Bayer AG, FRN, 3.00%, 01/07/2075 208 0.05
200,000 EUR Bayerische Landesbank, 0.35%, 01/12/2022 202 0.05
100,000 EUR Bayerische Landesbodenkreditanstalt, 1.88%, 25/01/2023 108 0.03
100,000 EUR Bayerische Landesbodenkreditanstalt, 0.63%, 23/11/2026 99 0.02
200,000 EUR Berlin Hyp AG, 0.00%, 29/11/2021 200 0.05
200,000 EUR Berlin Hyp AG, 0.13%, 05/05/2022 201 0.05
150,000 EUR Berlin Hyp AG, 0.25%, 22/02/2023 151 0.04
100,000 EUR Berlin Hyp AG, 0.13%, 23/10/2023 99 0.02
100,000 EUR Berlin Hyp AG, 1.25%, 22/01/2025 102 0.02
100,000 EUR Berlin Hyp AG, 1.13%, 25/10/2027 98 0.02
200,000 EUR Bertelsmann SE & Co. KGaA, 1.13%, 27/04/2026 203 0.05
100,000 EUR Bertelsmann SE & Co. KGaA, FRN, 3.00%, 23/04/2075 103 0.02
200,000 EUR Commerzbank AG, 0.63%, 14/03/2019 201 0.05
154
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Germany (continued)
200,000 EUR Continental AG, 0.00%, 05/02/2020 200 0.05
75,000 EUR Covestro AG, 1.75%, 25/09/2024 79 0.02
200,000 EUR Daimler AG, 0.50%, 09/09/2019 202 0.05
200,000 EUR Daimler AG, 1.75%, 21/01/2020 207 0.05
150,000 EUR Daimler AG, 0.63%, 05/03/2020 152 0.04
200,000 EUR Daimler AG, 2.00%, 25/06/2021 212 0.05
150,000 EUR Daimler AG, 2.38%, 12/09/2022 163 0.04
200,000 EUR Daimler AG, 1.40%, 12/01/2024 207 0.05
150,000 EUR Daimler AG, 0.85%, 28/02/2025 149 0.04
175,000 EUR Daimler AG, 1.00%, 15/11/2027 169 0.04
150,000 EUR Daimler AG, 1.38%, 11/05/2028 148 0.04
100,000 EUR Daimler AG, 1.50%, 03/07/2029 98 0.02
125,000 EUR Daimler AG, 2.13%, 03/07/2037 124 0.03
100,000 EUR Deutsche Apotheker-und Aerztebank eG, 0.15%, 07/03/2023 100 0.02
100,000 EUR Deutsche Apotheker-und Aerztebank eG, 0.75%, 05/10/2027 100 0.02
200,000 EUR Deutsche Bahn Finance GMBH, 0.00%, 19/07/2021 200 0.05
100,000 EUR Deutsche Bank AG, 1.00%, 18/03/2019 101 0.02
100,000 EUR Deutsche Boerse AG, 1.63%, 08/10/2025 107 0.03
100,000 EUR Deutsche Boerse AG, FRN, 2.75%, 05/02/2041 106 0.03
200,000 EUR Deutsche Genossenschafts-Hypothekenbank AG, 0.88%, 21/07/2021 207 0.05
100,000 EUR Deutsche Hypothekenbank AG, 0.25%, 22/02/2023 100 0.02
200,000 EUR Deutsche Kreditbank AG, 1.38%, 25/02/2021 209 0.05
100,000 EUR Deutsche Kreditbank AG, 0.63%, 08/06/2021 101 0.02
100,000 EUR Deutsche Pfandbriefbank AG, 1.50%, 17/09/2019 102 0.02
50,000 EUR Deutsche Post AG, 0.38%, 01/04/2021 50 0.01
155
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Germany (continued)
250,000 EUR Deutsche Postbank AG, 3.63%, 15/02/2021 277 0.07
150,000 EUR Dexia Kommunalbank Deutschland AG, 4.75%, 23/05/2018 151 0.04
100,000 EUR Dexia Kommunalbank Deutschland AG, 0.38%, 03/03/2022 101 0.02
200,000 EUR DVB Bank SE, 1.00%, 29/07/2019 202 0.05
100,000 EUR DVB Bank SE, 1.25%, 15/09/2021 101 0.02
200,000 EUR DVB Bank SE, 1.00%, 25/04/2022 200 0.05
200,000 EUR E.ON SE, 0.88%, 22/05/2024 201 0.05
100,000 EUR EnBW Energie Baden-Wuerttemberg AG, FRN, 3.63%, 02/04/2076 106 0.02
100,000 EUR Eurogrid GmbH, 1.63%, 03/11/2023 105 0.03
100,000 EUR Eurogrid GmbH, 1.50%, 18/04/2028 101 0.02
100,000 EUR Evonik Industries AG, 1.00%, 23/01/2023 103 0.03
200,000 EUR Evonik Industries AG, FRN, 2.13%, 07/07/2077 202 0.05
100,000 EUR EWE AG, 5.25%, 16/07/2021 116 0.03
150,000 EUR Fresenius SE & Co. KGaA, 4.00%, 01/02/2024 174 0.04
200,000 EUR Hamburger Sparkasse AG, 0.38%, 23/05/2024 200 0.05
100,000 EUR HeidelbergCement AG, 2.25%, 30/03/2023 107 0.03
50,000 EUR Henkel AG & Co. KGaA, 0.00%, 13/09/2021 50 0.01
100,000 EUR HSH Nordbank AG, 0.75%, 07/10/2021 102 0.02
150,000 EUR HSH Nordbank AG, 0.38%, 27/04/2023 149 0.04
100,000 EUR Infineon Technologies AG, 1.50%, 10/03/2022 105 0.03
100,000 EUR ING-DiBa AG, 0.25%, 16/11/2026 97 0.02
50,000 EUR Knorr-Bremse AG, 0.50%, 08/12/2021 50 0.01
100,000 EUR Landesbank Baden-Wuerttemberg, FRN, 2.87%, 27/05/2026 105 0.02
100,000 EUR Landesbank Berlin AG, 5.88%, 25/11/2019 109 0.03
200,000 EUR Landesbank Hessen-Thueringen Girozentrale, 0.13%, 29/07/2019 201 0.05
150,000 EUR Landeskreditbank Baden-Wuerttemberg Foerderbank 'B', 0.25%, 25/11/2019 152 0.04
150,000 EUR Landwirtschaftliche Rentenbank, 1.88%, 11/05/2020 157 0.04
156
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Germany (continued)
200,000 EUR LANXESS AG, 0.25%, 07/10/2021 200 0.05
100,000 EUR LEG Immobilien AG, 1.25%, 23/01/2024 101 0.02
150,000 EUR Linde AG, 2.00%, 18/04/2023 163 0.04
100,000 EUR Merck Financial Services GmbH, 4.50%, 24/03/2020 109 0.03
150,000 EUR Merck Financial Services GmbH, 1.38%, 01/09/2022 157 0.04
100,000 EUR Merck KGaA, FRN, 2.63%, 12/12/2074 105 0.02
150,000 EUR Muenchener Hypothekenbank eG, 0.25%, 14/10/2020 152 0.04
100,000 EUR Muenchener Rueckversicherungs-Gesellschaft AG, FRN, 6.00%, 26/05/2041 116 0.03
100,000 EUR Muenchener Rueckversicherungs-Gesellschaft AG, FRN, 6.25%, 26/05/2042 121 0.03
100,000 EUR Norddeutsche Landesbank Girozentrale, 0.63%, 24/09/2018 100 0.02
100,000 EUR NRW Bank, 4.25%, 29/04/2019 105 0.03
200,000 EUR NRW Bank, 0.13%, 18/01/2021 202 0.05
100,000 EUR NRW Bank, 2.00%, 16/09/2022 109 0.03
150,000 EUR NRW Bank, 0.10%, 10/01/2023 150 0.04
200,000 EUR NRW Bank, 0.13%, 07/07/2023 199 0.05
200,000 EUR NRW Bank, 0.25%, 16/05/2024 199 0.05
300,000 EUR NRW Bank, 0.25%, 09/07/2024 298 0.07
200,000 EUR NRW Bank, 0.25%, 10/03/2025 197 0.05
100,000 EUR NRW Bank, 0.50%, 11/05/2026 99 0.02
100,000 EUR NRW Bank, 0.25%, 28/09/2026 97 0.02
100,000 EUR NRW Bank, 0.63%, 23/02/2027 99 0.02
100,000 EUR NRW Bank, 0.50%, 13/09/2027 98 0.02
100,000 EUR O2 Telefonica Deutschland Finanzierungs GmbH, 2.38%, 10/02/2021 106 0.03
100,000 EUR SAP SE, 1.13%, 20/02/2023 104 0.03
100,000 EUR SAP SE, 1.00%, 01/04/2025 102 0.02
50,000 EUR SAP SE, 1.75%, 22/02/2027 53 0.01
100,000 EUR SAP SE, 1.38%, 13/03/2030 101 0.02
100,000 EUR Sparkasse KoelnBonn, 1.13%, 14/10/2024 104 0.03
100,000 EUR Talanx AG, 2.50%, 23/07/2026 112 0.03
100,000 EUR UniCredit Bank AG, 0.13%, 01/03/2022 100 0.02
150,000 EUR Vier Gas Transport GmbH, 3.13%, 10/07/2023 170 0.04
100,000 EUR Wirtschafts- und Infrastrukturbank Hessen, 1.75%, 15/04/2024 108 0.03
200,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 2.50%, 29/03/2022 220 0.05
157
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Germany (continued)
Guernsey (31 March 2017: 0.04%)

150,000 EUR Credit Suisse Group Funding Guernsey Ltd., 1.25%, 14/04/2022 153 0.04
Total Guernsey 153 0.04
Hong Kong (31 March 2017: 0.06%)

100,000 EUR BAIC Inalfa HK Investment Co. Ltd., 1.90%, 02/11/2020 103 0.02
150,000 EUR CGNPC International Ltd., 1.63%, 11/12/2024 150 0.04
100,000 EUR China Construction Bank Asia Corp. Ltd., 1.50%, 11/02/2020 102 0.02
Total Hong Kong 355 0.08

100,000 EUR MOL Hungarian Oil & Gas plc, 2.63%, 28/04/2023 108 0.03
Iceland (31 March 2017: 0.07%)

100,000 EUR Arion Banki HF, 2.50%, 26/04/2019 102 0.02
150,000 EUR Landsbankinn HF, 1.63%, 15/03/2021 155 0.04
Total Iceland 357 0.08
India (31 March 2017: 0.03%)

100,000 EUR NTPC Ltd., 2.75%, 01/02/2027 102 0.02
Total India 102 0.02

300,000 EUR AIB Mortgage Bank, 3.13%, 10/09/2018 305 0.07
100,000 EUR AIB Mortgage Bank, 0.88%, 04/02/2023 103 0.03
100,000 EUR Allied Irish Banks plc, 1.38%, 16/03/2020 102 0.02
100,000 EUR Bank of Ireland, 3.25%, 15/01/2019 103 0.03
100,000 EUR Bank of Ireland Mortgage Bank, 0.63%, 19/02/2021 102 0.02
100,000 EUR DAA Finance plc, 6.59%, 09/07/2018 102 0.02
100,000 EUR ESB Finance DAC, 2.13%, 08/06/2027 107 0.03
100,000 EUR ESB Finance DAC, 1.75%, 07/02/2029 103 0.02
100,000 EUR Fresenius Finance Ireland plc, 1.50%, 30/01/2024 103 0.02
150,000 EUR Fresenius Finance Ireland plc, 2.13%, 01/02/2027 157 0.04
100,000 EUR GE Capital European Funding Unlimited Co., 6.00%, 15/01/2019 105 0.03
100,000 EUR Johnson Controls International plc, 1.00%, 15/09/2023 101 0.02
100,000 EUR Kerry Group Financial Services, 2.38%, 10/09/2025 108 0.03
100,000 EUR PartnerRe Ireland Finance DAC, 1.25%, 15/09/2026 97 0.02
200,000 EUR Russian Railways, 3.37%, 20/05/2021 213 0.05
200,000 EUR Ryanair DAC, 1.88%, 17/06/2021 210 0.05
100,000 EUR Ryanair DAC, 1.13%, 10/03/2023 102 0.02
100,000 EUR Swisscom AG, 2.00%, 30/09/2020 105 0.03
158
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Ireland (continued)
100,000 EUR Swisscom AG, 1.88%, 08/09/2021 106 0.03
100,000 EUR Transmission Finance DAC, 1.50%, 24/05/2023 104 0.03
100,000 EUR Zurich Insurance Co. Ltd., 3.38%, 27/06/2022 112 0.03
100,000 EUR Zurich Insurance Co. Ltd., FRN, 4.25%, 02/10/2043 114 0.03
Total Ireland 3,939 0.95
Italy (31 March 2017: 3.72%)

100,000 EUR 2i Rete Gas SpA, 3.00%, 16/07/2024 113 0.03
125,000 EUR 2i Rete Gas SpA, 1.61%, 31/10/2027 124 0.03
150,000 EUR A2A SpA, 1.75%, 25/02/2025 154 0.04
100,000 EUR A2A SpA, 1.63%, 19/10/2027 98 0.02
100,000 EUR ACEA SpA, 3.75%, 12/09/2018 102 0.02
100,000 EUR ACEA SpA, 2.63%, 15/07/2024 109 0.03
100,000 EUR ACEA SpA, 1.50%, 08/06/2027 98 0.02
100,000 EUR Aeroporti di Roma SpA, 3.25%, 20/02/2021 109 0.03
100,000 EUR Assicurazioni Generali SpA, 2.88%, 14/01/2020 105 0.03
100,000 EUR Assicurazioni Generali SpA, FRN, 10.13%, 10/07/2042 134 0.03
150,000 EUR Atlantia SpA, 1.88%, 13/07/2027 151 0.04
100,000 EUR Autostrade per l'Italia SpA, 1.13%, 04/11/2021 103 0.02
300,000 EUR Banca Monte dei Paschi di Siena SpA, 2.88%, 16/07/2062 335 0.08
100,000 EUR Banca Popolare di Milano Scarl, 0.63%, 08/06/2023 100 0.02
150,000 EUR Banca Popolare di Sondrio SCPA, 0.75%, 04/04/2023 151 0.04
100,000 EUR Banco BPM SpA, 0.75%, 31/03/2022 101 0.02
200,000 EUR Banco BPM SpA, 1.00%, 23/01/2025 200 0.05
100,000 EUR Beni Stabili SpA SIIQ, REIT, 1.63%, 17/10/2024 100 0.02
200,000 EUR BPER Banca, 0.50%, 22/07/2020 203 0.05
200,000 EUR Cassa Depositi e Prestiti SpA, 1.50%, 21/06/2024 204 0.05
150,000 EUR CDP Reti SpA, 1.88%, 29/05/2022 157 0.04
100,000 EUR Credit Agricole Cariparma SpA, 0.88%, 31/01/2022 102 0.02
200,000 EUR Credito Emiliano SpA, 1.88%, 27/02/2019 204 0.05
150,000 EUR Enel SpA, 4.75%, 12/06/2018 151 0.04
150,000 EUR Eni SpA, 3.75%, 27/06/2019 157 0.04
150,000 EUR Eni SpA, 4.13%, 16/09/2019 159 0.04
250,000 EUR Eni SpA, 4.25%, 03/02/2020 270 0.06
150,000 EUR Eni SpA, 2.63%, 22/11/2021 163 0.04
150,000 EUR Eni SpA, 1.00%, 14/03/2025 150 0.04
150,000 EUR Eni SpA, 3.75%, 12/09/2025 178 0.04
150,000 EUR Eni SpA, 1.50%, 17/01/2027 151 0.04
100,000 EUR Eni SpA, 1.63%, 17/05/2028 100 0.02
159
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Italy (continued)
100,000 EUR Eni SpA, 1.13%, 19/09/2028 95 0.02
100,000 EUR Eni SpA, 3.63%, 29/01/2029 119 0.03
200,000 EUR Esselunga SpA, 0.88%, 25/10/2023 200 0.05
100,000 EUR FCA Bank SpA, 1.25%, 13/06/2018 100 0.02
200,000 EUR FCA Bank SpA, 2.63%, 17/04/2019 206 0.05
100,000 EUR FCA Bank SpA, 0.25%, 12/10/2020 100 0.02
100,000 EUR FCA Bank SpA, 1.25%, 21/01/2021 102 0.02
100,000 EUR Ferrovie dello Stato Italiane SpA, 4.00%, 22/07/2020 109 0.03
150,000 EUR Ferrovie dello Stato Italiane SpA, 1.50%, 27/06/2025 151 0.04
250,000 EUR Hera SpA, 2.38%, 04/07/2024 272 0.07
100,000 EUR Hera SpA, 0.88%, 14/10/2026 96 0.02
200,000 EUR Intesa Sanpaolo SpA, 2.25%, 24/09/2018 202 0.05
100,000 EUR Iren SpA, 0.88%, 04/11/2024 99 0.02
325,000 EUR Italgas SpA, 0.50%, 19/01/2022 326 0.08
100,000 EUR Luxottica Group SpA, 2.63%, 10/02/2024 111 0.03
150,000 EUR Mediobanca Banca di Credito Finanziario SpA, 1.63%, 19/01/2021 156 0.04
100,000 EUR RAI-Radiotelevisione Italiana SpA, 1.50%, 28/05/2020 103 0.02
100,000 EUR Snam SpA, 3.50%, 13/02/2020 107 0.03
150,000 EUR Snam SpA, 1.50%, 21/04/2023 157 0.04
150,000 EUR Snam SpA, 1.25%, 25/01/2025 151 0.04
150,000 EUR Snam SpA, 0.88%, 25/10/2026 144 0.03
100,000 EUR Societa Iniziative Autostradali e Servizi SpA, 3.38%, 13/02/2024 114 0.03
150,000 EUR Terna Rete Elettrica Nazionale SpA, 4.88%, 03/10/2019 161 0.04
150,000 EUR UniCredit SpA, 3.63%, 24/01/2019 155 0.04
100,000 EUR Unione di Banche Italiane SpA, 2.88%, 18/02/2019 103 0.03
160
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Italy (continued)
Total Italy 16,418 3.93
Japan (31 March 2017: 0.10%)

250,000 EUR Asahi Group Holdings Ltd., 0.32%, 19/09/2021 250 0.06
100,000 EUR Development Bank of Japan, Inc., 4.75%, 26/11/2027 133 0.03
100,000 EUR Mitsubishi UFJ Financial Group, Inc., 0.87%, 07/09/2024 99 0.02
100,000 EUR Mizuho Financial Group, Inc., 0.96%, 16/10/2024 99 0.02
200,000 EUR Sumitomo Mitsui Banking Corp., 2.25%, 16/12/2020 212 0.05
150,000 EUR Sumitomo Mitsui Financial Group, Inc., 1.55%, 15/06/2026 154 0.04
100,000 EUR Sumitomo Mitsui Financial Group, Inc., 1.41%, 14/06/2027 101 0.03
Total Japan 1,048 0.25
Jersey (31 March 2017: 0.20%)

100,000 EUR Aptiv plc, 1.50%, 10/03/2025 101 0.03
200,000 EUR Glencore Finance Europe Ltd., 3.38%, 30/09/2020 216 0.05
100,000 EUR Heathrow Funding Ltd., 1.50%, 11/02/2030 99 0.02
100,000 EUR Kennedy Wilson Europe Real Estate plc, 3.25%, 12/11/2025 102 0.03
Total Jersey 990 0.24

100,000 EUR Allergan Funding SCS, 1.25%, 01/06/2024 99 0.02
100,000 EUR Allergan Funding SCS, 2.13%, 01/06/2029 99 0.02
100,000 EUR Aroundtown SA, 2.13%, 13/03/2023 105 0.03
200,000 EUR Aroundtown SA, FRN, 2.13%, 17/01/20241 187 0.04
200,000 EUR CNH Industrial Finance Europe SA, 2.88%, 17/05/2023 217 0.05
150,000 EUR CPI Property Group SA, 2.13%, 04/10/2024 149 0.04
150,000 EUR DH Europe Finance SA, 1.00%, 08/07/2019 152 0.04
400,000 EUR Gazprom OAO, 3.60%, 26/02/2021 426 0.10
100,000 EUR Grand City Properties SA, 1.50%, 17/04/2025 100 0.02
100,000 EUR Grand City Properties SA, 1.50%, 22/02/2027 97 0.02
100,000 EUR Hannover Finance Luxembourg SA, FRN, 5.00%, 30/06/2043 118 0.03
50,000 EUR HeidelbergCement Finance Luxembourg SA, 9.50%, 15/12/2018 53 0.01
200,000 EUR Holcim Finance Luxembourg SA, 1.38%, 26/05/2023 205 0.05
100,000 EUR Holcim Finance Luxembourg SA, 2.25%, 26/05/2028 104 0.03
100,000 EUR Holcim US Finance Sarl & Cie SCS, 2.63%, 07/09/2020 106 0.03
100,000 EUR Michelin Luxembourg SCS, 1.13%, 28/05/2022 103 0.03
161
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Luxembourg (continued)
150,000 EUR Nestle Finance International Ltd., 1.50%, 19/07/2019 153 0.04
200,000 EUR NORD/LB Luxembourg SA Covered Bond Bank, 0.25%, 10/03/2020 202 0.05
200,000 EUR Novartis Finance SA, 0.00%, 31/03/2021 200 0.05
125,000 EUR Prologis International Funding II SA, REIT, 2.88%, 04/04/2022 137 0.03
100,000 EUR SELP Finance Sarl, REIT, 1.50%, 20/11/2025 99 0.02
100,000 EUR SES SA, 1.63%, 22/03/2026 100 0.02
150,000 EUR Simon International Finance SCA, REIT, 1.38%, 18/11/2022 155 0.04
100,000 EUR Talanx Finanz Luxembourg SA, FRN, 8.37%, 15/06/2042 128 0.03
100,000 EUR Whirlpool Finance Luxembourg Sarl, 1.25%, 02/11/2026 100 0.02
100,000 EUR Whirlpool Finance Luxembourg Sarl, 1.10%, 09/11/2027 97 0.02
Mexico (31 March 2017: 0.52%)

100,000 EUR America Movil SAB de CV, 4.13%, 25/10/2019 106 0.03
100,000 EUR Fomento Economico Mexicano SAB de CV, 1.75%, 20/03/2023 104 0.02
100,000 EUR Petroleos Mexicanos, 3.13%, 27/11/2020 106 0.03
100,000 EUR Sigma Alimentos SA de CV, 2.63%, 07/02/2024 105 0.03
Netherlands (31 March 2017: 9.48%)

100,000 EUR ABB Finance BV, 2.63%, 26/03/2019 103 0.02
300,000 EUR ABN AMRO Bank NV, 0.75%, 09/06/2020 305 0.07
250,000 EUR ABN AMRO Bank NV, FRN, 2.87%, 30/06/2025 263 0.06
162
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Netherlands (continued)
100,000 EUR Achmea Bank NV, 2.75%, 18/02/2021 107 0.03
100,000 EUR Achmea BV, 2.50%, 19/11/2020 106 0.03
100,000 EUR Achmea BV, FRN, 4.25%, 04/02/20251 105 0.02
150,000 EUR Adecco International Financial Services BV, 1.00%, 02/12/2024 152 0.04
100,000 EUR Aegon Bank NV, 0.25%, 25/05/2055 100 0.02
100,000 EUR Aegon Bank NV, 0.75%, 27/06/2059 99 0.02
100,000 EUR Aegon NV, FRN, 4.00%, 25/04/2044 110 0.03
100,000 EUR Akzo Nobel NV, 4.00%, 17/12/2018 103 0.02
100,000 EUR Akzo Nobel NV, 1.75%, 07/11/2024 105 0.03
100,000 EUR Alliander NV, 2.88%, 14/06/2024 114 0.03
200,000 EUR Allianz Finance II BV, 0.25%, 06/06/2023 198 0.05
200,000 EUR Allianz Finance II BV, FRN, 5.75%, 08/07/2041 231 0.05
100,000 EUR ASML Holding NV, 3.38%, 19/09/2023 114 0.03
100,000 EUR ASR Nederland NV, FRN, 5.00%, 30/09/20241 111 0.03
300,000 EUR Bank Nederlandse Gemeenten NV, 1.00%, 19/03/2019 304 0.07
100,000 EUR BASF Finance Europe NV, 0.00%, 10/11/2020 100 0.02
100,000 EUR Bharti Airtel International Netherlands BV, 4.00%, 10/12/2018 102 0.02
150,000 EUR BMW Finance NV, 0.50%, 21/01/2020 152 0.04
100,000 EUR Bunge Finance Europe BV, 1.85%, 16/06/2023 104 0.03
100,000 EUR Citycon Treasury BV, 2.50%, 01/10/2024 105 0.03
100,000 EUR Coca-Cola HBC Finance BV, 1.88%, 11/11/2024 107 0.03
100,000 EUR Compass Group International BV, 0.63%, 03/07/2024 99 0.02
200,000 EUR Cooperatieve Rabobank UA, 1.75%, 22/01/2019 203 0.05
163
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
300,000 EUR Cooperatieve Rabobank UA, FRN, 2.50%, 26/05/2026 316 0.08
150,000 EUR CRH Funding BV, 1.88%, 09/01/2024 158 0.04
100,000 EUR Daimler International Finance BV, 0.20%, 13/09/2021 100 0.02
200,000 EUR de Volksbank NV, 3.50%, 28/09/2020 219 0.05
100,000 EUR de Volksbank NV, FRN, 3.75%, 05/11/2025 107 0.03
100,000 EUR de Volksbank NV, 0.75%, 18/05/2027 99 0.02
100,000 EUR Delhaize Le Lion, 3.13%, 27/02/2020 106 0.03
100,000 EUR Deutsche Post Finance BV, 2.95%, 27/06/2022 111 0.03
200,000 EUR Deutsche Telekom International Finance BV, 2.13%, 18/01/2021 211 0.05
100,000 EUR E.ON International Finance BV, 5.75%, 07/05/2020 112 0.03
100,000 EUR EDP Finance BV, 2.63%, 15/04/2019 103 0.02
100,000 EUR EnBW International Finance BV, 2.50%, 04/06/2026 112 0.03
50,000 EUR EnBW International Finance BV, 6.13%, 07/07/2039 84 0.02
500,000 EUR Enel Finance International NV, 5.00%, 14/09/2022 600 0.14
100,000 EUR Enexis Holding NV, 1.50%, 20/10/2023 105 0.03
100,000 EUR Enexis Holding NV, 0.88%, 28/04/2026 99 0.02
75,000 EUR Evonik Finance BV, 0.75%, 07/09/2028 70 0.02
150,000 EUR EXOR NV, 2.13%, 02/12/2022 160 0.04
100,000 EUR EXOR NV, 1.75%, 18/01/2028 99 0.02
100,000 EUR F van Lanschot Bankiers NV, 0.38%, 31/03/2055 100 0.02
100,000 EUR F van Lanschot Bankiers NV, 0.88%, 15/02/2059 100 0.02
100,000 EUR Gas Natural Fenosa Finance BV, 1.25%, 19/04/2026 99 0.02
200,000 EUR Heineken NV, 2.13%, 04/08/2020 210 0.05
100,000 EUR Heineken NV, 3.50%, 19/03/2024 116 0.03
250,000 EUR Heineken NV, 2.88%, 04/08/2025 283 0.07
100,000 EUR Heineken NV, 1.50%, 03/10/2029 100 0.02
50,000 EUR HELLA Finance International BV, 1.00%, 17/05/2024 50 0.01
Helvetia Schweizerische Versicherungsgesellschaft AG, FRN, 3.38%,
100,000 EUR 29/09/2047 104 0.02
200,000 EUR Iberdrola International BV, 4.25%, 11/10/2018 205 0.05
164
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
100,000 EUR Iberdrola International BV, FRN, 2.63%, 26/03/20241 100 0.02
200,000 EUR ING Bank NV, 1.25%, 13/12/2019 205 0.05
300,000 EUR ING Bank NV, 4.00%, 17/01/2020 324 0.08
200,000 EUR ING Bank NV, 2.00%, 28/08/2020 211 0.05
200,000 EUR ING Bank NV, 0.75%, 24/11/2020 204 0.05
200,000 EUR ING Bank NV, 0.75%, 22/02/2021 204 0.05
250,000 EUR ING Bank NV, 4.50%, 21/02/2022 291 0.07
400,000 EUR ING Bank NV, 1.88%, 22/05/2023 434 0.10
100,000 EUR ING Bank NV, FRN, 3.63%, 25/02/2026 108 0.03
200,000 EUR ING Groep NV, 0.75%, 09/03/2022 202 0.05
200,000 EUR ING Groep NV, 1.13%, 14/02/2025 199 0.05
100,000 EUR ING Groep NV, 1.38%, 11/01/2028 98 0.02
100,000 EUR ING Groep NV, FRN, 3.00%, 11/04/2028 108 0.03
100,000 EUR ING Groep NV, FRN, 2.50%, 15/02/2029 105 0.02
100,000 EUR innogy Finance BV, 5.13%, 23/07/2018 102 0.02
200,000 EUR JAB Holdings BV, 2.13%, 16/09/2022 213 0.05
100,000 EUR Koninklijke DSM NV, 1.00%, 09/04/2025 101 0.02
100,000 EUR Koninklijke DSM NV, 0.75%, 28/09/2026 98 0.02
100,000 EUR Koninklijke KPN NV, 7.50%, 04/02/2019 106 0.03
100,000 EUR LeasePlan Corp. NV, 1.38%, 24/09/2018 101 0.02
100,000 EUR Linde Finance BV, 3.88%, 01/06/2021 112 0.03
100,000 EUR LYB International Finance II BV, 1.88%, 02/03/2022 105 0.03
100,000 EUR Mylan NV, 2.25%, 22/11/2024 103 0.02
100,000 EUR Mylan NV, 3.13%, 22/11/2028 104 0.03
100,000 EUR Nationale-Nederlanden Bank NV (The), 0.50%, 10/10/2056 100 0.02
Nederlandse Financierings Maatschappij voor Ontwikkelingslanden NV, 0.13%,
100,000 EUR 04/11/2020 101 0.02
200,000 EUR Nederlandse Gasunie NV, 0.00%, 18/11/2019 201 0.05
100,000 EUR Nederlandse Gasunie NV, 1.00%, 11/05/2026 101 0.02
100,000 EUR Nederlandse Waterschapsbank NV, 0.63%, 03/07/2019 101 0.02
165
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
150,000 EUR NIBC Bank NV, 1.50%, 31/01/2022 155 0.04
200,000 EUR NIBC Bank NV, 1.75%, 08/10/2050 202 0.05
100,000 EUR NN Group NV, 1.00%, 18/03/2022 102 0.02
100,000 EUR NN Group NV, 1.63%, 01/06/2027 102 0.02
200,000 EUR NN Group NV, FRN, 4.62%, 08/04/2044 224 0.05
100,000 EUR NN Group NV, FRN, 4.62%, 13/01/2048 111 0.03
100,000 EUR Nomura Europe Finance NV, 1.50%, 12/05/2021 104 0.03
100,000 EUR Redexis Gas Finance BV, 2.75%, 08/04/2021 106 0.03
100,000 EUR RELX Finance BV, 1.00%, 22/03/2024 101 0.02
100,000 EUR Ren Finance BV, 4.75%, 16/10/2020 112 0.03
200,000 EUR Repsol International Finance BV, 2.63%, 28/05/2020 211 0.05
100,000 EUR Robert Bosch Investment Nederland BV, 2.63%, 24/05/2028 115 0.03
150,000 EUR Roche Finance Europe BV, 0.50%, 27/02/2023 151 0.04
100,000 EUR Royal Schiphol Group NV, 2.00%, 05/10/2026 107 0.03
100,000 EUR Schaeffler Finance BV, 3.25%, 15/05/2025 107 0.03
100,000 EUR Shell International Finance BV, 1.25%, 15/03/2022 104 0.03
50,000 EUR Siemens Financieringsmaatschappij NV, 1.50%, 10/03/2020 52 0.01
100,000 EUR SPP Infrastructure Financing BV, 3.75%, 18/07/2020 108 0.03
100,000 EUR Stedin Holding NV, FRN, 3.25%, 01/12/20211 107 0.02
50,000 EUR Sudzucker International Finance BV, 1.25%, 29/11/2023 51 0.01
100,000 EUR Swiss Life AG, FRN, 4.38%, 16/06/20251 110 0.03
100,000 EUR Swiss Reinsurance Co. Ltd., FRN, 2.60%, 01/09/20251 102 0.02
100,000 EUR Syngenta Finance NV, 1.88%, 02/11/2021 103 0.02
100,000 EUR Telefonica Europe BV, 5.88%, 14/02/2033 148 0.04
150,000 EUR TenneT Holding BV, 0.88%, 04/06/2021 153 0.04
100,000 EUR Unilever NV, 1.00%, 03/06/2023 102 0.02
125,000 EUR Unilever NV, 0.50%, 12/08/2023 125 0.03
200,000 EUR Unilever NV, 0.50%, 29/04/2024 198 0.05
100,000 EUR Unilever NV, 0.88%, 31/07/2025 100 0.02
150,000 EUR Unilever NV, 1.00%, 14/02/2027 148 0.04
100,000 EUR Urenco Finance NV, 2.38%, 02/12/2024 109 0.03
100,000 EUR Vesteda Finance BV, 2.50%, 27/10/2022 107 0.03
125,000 EUR VIVAT NV, 2.38%, 17/05/2024 128 0.03
200,000 EUR Vonovia Finance BV, 3.13%, 25/07/2019 208 0.05
100,000 EUR Vonovia Finance BV, FRN, 4.00%, 17/12/20211 108 0.03
166
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
100,000 EUR Wolters Kluwer NV, 2.88%, 21/03/2023 111 0.03
100,000 EUR WPC Eurobond BV, REIT, 2.25%, 19/07/2024 104 0.03
100,000 EUR WPC Eurobond BV, REIT, 2.13%, 15/04/2027 100 0.02
100,000 EUR Wuerth Finance International BV, 3.75%, 25/05/2018 101 0.02
100,000 EUR Wuerth Finance International BV, 1.00%, 19/05/2022 103 0.02
100,000 EUR Zurich Insurance Co. Ltd., FRN, 3.50%, 01/10/2046 108 0.03
Total Netherlands 37,400 8.96
New Zealand (31 March 2017: 0.31%)

300,000 EUR ANZ New Zealand Int'l Ltd., 0.63%, 01/06/2021 304 0.07
100,000 EUR ANZ New Zealand Int'l Ltd., 0.13%, 22/09/2023 98 0.02
100,000 EUR ASB Finance Ltd., 0.25%, 14/04/2021 101 0.03
200,000 EUR BNZ International Funding Ltd., 0.13%, 17/06/2021 200 0.05
100,000 EUR BNZ International Funding Ltd., 0.50%, 03/07/2024 100 0.02
200,000 EUR Westpac Securities NZ Ltd., 0.50%, 29/09/2020 203 0.05
100,000 EUR Westpac Securities NZ Ltd., 0.13%, 16/06/2021 100 0.02
Total New Zealand 1,304 0.31
Norway (31 March 2017: 1.63%)

100,000 EUR Avinor A/S, 1.00%, 29/04/2025 101 0.02
300,000 EUR DNB Bank ASA, 3.88%, 29/06/2020 326 0.08
150,000 EUR DNB Bank ASA, 4.38%, 24/02/2021 169 0.04
100,000 EUR DNB Bank ASA, FRN, 1.12%, 20/03/2028 100 0.02
100,000 EUR DNB Boligkreditt A/S, 0.38%, 07/10/2019 101 0.02
150,000 EUR Eika Boligkreditt A/S, 2.00%, 19/06/2019 154 0.04
150,000 EUR Eika Boligkreditt A/S, 2.13%, 30/01/2023 163 0.04
Kommunal Landspensjonskasse Gjensidig Forsikringsselskap, FRN, 4.25%,
100,000 EUR 10/06/2045 110 0.03
100,000 EUR Santander Consumer Bank A/S, 0.63%, 20/04/2018 100 0.02
100,000 EUR Santander Consumer Bank A/S, 0.38%, 17/02/2020 101 0.02
350,000 EUR SpareBank 1 Boligkreditt A/S, 2.75%, 01/02/2019 359 0.09
100,000 EUR SpareBank 1 SMN, 0.75%, 08/06/2021 101 0.02
167
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Norway (continued)
150,000 EUR SpareBank 1 SR-Bank ASA, 2.13%, 14/04/2021 159 0.04
100,000 EUR Sparebanken Soer Boligkreditt A/S, 0.25%, 22/03/2021 101 0.02
100,000 EUR Sparebanken Soer Boligkreditt A/S, 0.38%, 20/02/2023 100 0.02
150,000 EUR Sparebanken Vest Boligkreditt A/S, 1.25%, 16/01/2019 152 0.04
125,000 EUR Sparebanken Vest Boligkreditt A/S, 0.38%, 14/02/2024 125 0.03
100,000 EUR SR-Boligkreditt A/S 'B', 0.13%, 08/09/2021 100 0.02
200,000 EUR SR-Boligkreditt A/S, 0.38%, 03/10/2024 198 0.05
100,000 EUR Statkraft A/S, 1.50%, 21/09/2023 104 0.03
150,000 EUR Statkraft A/S, 1.13%, 20/03/2025 152 0.04
150,000 EUR Statoil ASA, 2.00%, 10/09/2020 157 0.04
150,000 EUR Statoil ASA, 5.63%, 11/03/2021 174 0.04
250,000 EUR Statoil ASA, 2.88%, 10/09/2025 287 0.07
200,000 EUR Statoil ASA, 1.25%, 17/02/2027 203 0.05
100,000 EUR Statoil ASA, 1.63%, 09/11/2036 98 0.02
200,000 EUR Telenor ASA, 2.75%, 27/06/2022 220 0.05
100,000 EUR Telenor ASA, 2.63%, 06/12/2024 112 0.03
Total Norway 6,625 1.59
Panama (31 March 2017: 0.03%)

100,000 EUR Carnival Corp., 1.88%, 07/11/2022 106 0.02
Total Panama 106 0.02
Poland (31 March 2017: 0.07%)

150,000 EUR Bank Gospodarstwa Krajowego, 1.75%, 06/05/2026 155 0.04
100,000 EUR PKO Bank Hipoteczny SA, 0.63%, 24/01/2023 101 0.02
100,000 EUR Powszechna Kasa Oszczednosci Bank Polski SA, 0.75%, 25/07/2021 101 0.02
100,000 EUR Tauron Polska Energia SA, 2.38%, 05/07/2027 102 0.03
Total Poland 459 0.11
Portugal (31 March 2017: 0.14%)

200,000 EUR Banco Comercial Portugues SA, 0.75%, 31/05/2022 203 0.05
200,000 EUR Banco Santander Totta SA, 0.88%, 25/04/2024 204 0.05
100,000 EUR Banco Santander Totta SA, 1.25%, 26/09/2027 101 0.02
100,000 EUR Brisa Concessao Rodoviaria SA, 2.00%, 22/03/2023 107 0.03
Caixa Economica Montepio Geral Caixa Economica Bancaria SA, 0.88%,
100,000 EUR 17/10/2067 101 0.02
100,000 EUR Caixa Geral de Depositos SA, 3.00%, 15/01/2019 102 0.02
200,000 EUR Caixa Geral de Depositos SA, 1.00%, 27/01/2022 205 0.05
100,000 EUR Galp Gas Natural Distribuicao SA, 1.38%, 19/09/2023 102 0.03
Total Portugal 1,125 0.27
Singapore (31 March 2017: 0.12%)

150,000 EUR Bright Food Singapore Holdings Pte. Ltd., 1.63%, 03/06/2019 152 0.03
200,000 EUR DBS Bank Ltd., 0.38%, 21/11/2024 197 0.05
200,000 EUR Oversea-Chinese Banking Corp. Ltd., 0.25%, 05/10/2022 200 0.05
150,000 EUR Temasek Financial I Ltd., 0.50%, 01/03/2022 152 0.04
100,000 EUR United Overseas Bank Ltd., 0.25%, 09/03/2021 101 0.02
Total Singapore 802 0.19
168
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Slovakia (31 March 2017: 0.03%)

100,000 EUR SPP-Distribucia A/S, 2.63%, 23/06/2021 107 0.03
Total Slovakia 107 0.03
Spain (31 March 2017: 4.78%)

200,000 EUR Abertis Infraestructuras SA, 4.75%, 25/10/2019 215 0.05
100,000 EUR Adif - Alta Velocidad, 1.88%, 22/09/2022 107 0.03
100,000 EUR Amadeus Capital Markets SAU, 0.13%, 06/10/2020 100 0.02
300,000 EUR Ayt Cedulas Cajas Global, 4.00%, 24/03/2021 336 0.08
200,000 EUR AyT Cedulas Cajas V Fondo de Titulizacion de Activos, 4.75%, 04/12/2018 207 0.05
100,000 EUR AyT Cedulas Cajas VIII FTA, 4.25%, 18/11/2019 107 0.03
200,000 EUR AyT Cedulas Cajas X Fondo de Titulizacion de Activos, 3.75%, 30/06/2025 242 0.06
100,000 EUR Banco Bilbao Vizcaya Argentaria SA, 1.00%, 20/01/2021 102 0.02
100,000 EUR Banco Bilbao Vizcaya Argentaria SA, FRN, 3.50%, 11/04/2024 103 0.03
200,000 EUR Banco de Sabadell SA, 0.63%, 03/11/2020 204 0.05
200,000 EUR Banco Popular Espanol SA, 3.75%, 22/01/2019 206 0.05
200,000 EUR Banco Santander SA, 4.00%, 07/04/2020 217 0.05
200,000 EUR Bankia SA, 5.00%, 28/06/2019 213 0.05
100,000 EUR Bankia SA, 0.88%, 21/01/2021 102 0.02
100,000 EUR Bankia SA, 4.50%, 26/04/2022 117 0.03
300,000 EUR Bankia SA, 1.13%, 05/08/2022 311 0.08
100,000 EUR Bankia SA, 4.00%, 03/02/2025 121 0.03
300,000 EUR Bankia SA, 1.00%, 25/09/2025 303 0.07
100,000 EUR Bankia SA, 4.13%, 24/03/2036 131 0.03
200,000 EUR Bankinter SA, 0.63%, 09/10/2020 204 0.05
169
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Spain (continued)
100,000 EUR Bankinter SA, 0.88%, 03/08/2022 103 0.03
100,000 EUR Bankinter SA, 1.00%, 05/02/2025 102 0.02
100,000 EUR CaixaBank SA, 3.13%, 14/05/2018 100 0.02
200,000 EUR CaixaBank SA, 4.63%, 04/06/2019 211 0.05
300,000 EUR CaixaBank SA, 4.50%, 26/01/2022 350 0.08
100,000 EUR CaixaBank SA, 1.13%, 12/01/2023 100 0.02
100,000 EUR CaixaBank SA, 1.00%, 08/02/2023 103 0.03
100,000 EUR CaixaBank SA, 0.75%, 18/04/2023 99 0.02
100,000 EUR CaixaBank SA, 1.13%, 17/05/2024 100 0.02
100,000 EUR CaixaBank SA, 3.88%, 17/02/2025 121 0.03
200,000 EUR CaixaBank SA, 0.63%, 27/03/2025 198 0.05
200,000 EUR CaixaBank SA, 1.25%, 11/01/2027 204 0.05
100,000 EUR CaixaBank SA, 1.00%, 17/01/2028 99 0.02
100,000 EUR CaixaBank SA, 1.63%, 14/07/2032 103 0.03
100,000 EUR Caja Rural de Castilla-La Mancha SCC, 0.88%, 27/05/2024 101 0.02
100,000 EUR Caja Rural de Navarra SCC, 0.50%, 16/03/2022 101 0.02
100,000 EUR Cajamar Caja Rural SCC, 3.75%, 22/11/2018 102 0.02
100,000 EUR Cajamar Caja Rural SCC, 1.25%, 26/01/2022 103 0.03
100,000 EUR Cedulas TDA 5 Fondo de Titulizacion de Activos, 4.13%, 29/11/2019 107 0.03
300,000 EUR Cedulas TDA 6 Fondo de Titulizacion de Activos, 3.88%, 23/05/2025 367 0.09
100,000 EUR Criteria Caixa SAU, 2.38%, 09/05/2019 103 0.03
100,000 EUR Criteria Caixa SAU, 1.63%, 21/04/2022 103 0.03
100,000 EUR Deutsche Bank SA Espanola, 0.63%, 25/11/2020 102 0.02
200,000 EUR Deutsche Bank SA Espanola, 0.63%, 15/12/2021 204 0.05
100,000 EUR Distribuidora Internacional de Alimentacion SA, 1.50%, 22/07/2019 102 0.02
100,000 EUR Enagas Financiaciones SAU, 2.50%, 11/04/2022 109 0.03
100,000 EUR FCC Aqualia SA, 2.63%, 08/06/2027 103 0.03
100,000 EUR Ferrovial Emisiones SA, 0.38%, 14/09/2022 99 0.02
300,000 EUR Gas Natural Capital Markets SA, 5.13%, 02/11/2021 351 0.08
200,000 EUR Gas Natural Capital Markets SA, 1.13%, 11/04/2024 202 0.05
200,000 EUR Iberdrola Finanzas SA, 4.13%, 23/03/2020 216 0.05
100,000 EUR IE2 Holdco SAU, 2.88%, 01/06/2026 107 0.03
100,000 EUR IM Cedulas 10 Fondo de Titulazion de Activos, 4.50%, 21/02/2022 117 0.03
100,000 EUR IM Cedulas 7 Fondo de Titulazion de Activos, 4.00%, 31/03/2021 112 0.03
100,000 EUR Inmobiliaria Colonial Socimi SA, REIT, 1.86%, 05/06/2019 102 0.02
100,000 EUR Kutxabank SA, 1.75%, 27/05/2021 105 0.03
100,000 EUR Kutxabank SA, 1.25%, 22/09/2025 103 0.03
100,000 EUR Mapfre SA, 1.63%, 19/05/2026 102 0.02
200,000 EUR Merlin Properties Socimi SA, REIT, 1.75%, 26/05/2025 201 0.05
100,000 EUR Merlin Properties Socimi SA, REIT, 1.88%, 02/11/2026 99 0.02
100,000 EUR NorteGas Energia Distribucion SAU, 2.07%, 28/09/2027 101 0.02
100,000 EUR PITCH1, 5.13%, 20/07/2022 120 0.03
400,000 EUR Programa Cedulas TDA Fondo de Titulizacion de Activos, 4.13%, 10/04/2021 450 0.11
100,000 EUR Prosegur Cia de Seguridad SA, 1.00%, 08/02/2023 101 0.02
170
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Spain (continued)
100,000 EUR Red Electrica Financiaciones SAU, 3.88%, 25/01/2022 114 0.03
100,000 EUR Santander Consumer Finance SA, 0.90%, 18/02/2020 102 0.02
200,000 EUR Santander International Debt SA, 4.00%, 24/01/2020 215 0.05
200,000 EUR Santander International Debt SAU, 1.38%, 14/12/2022 208 0.05
100,000 EUR Santander Issuances SAU, 2.50%, 18/03/2025 104 0.03
200,000 EUR Telefonica Emisiones SAU, 2.74%, 29/05/2019 207 0.05
Sweden (31 March 2017: 2.11%)

100,000 EUR Akelius Residential Property AB, 1.13%, 14/03/2024 97 0.02
100,000 EUR Akelius Residential Property AB, 1.75%, 07/02/2025 100 0.02
100,000 EUR Atlas Copco AB, 0.63%, 30/08/2026 97 0.02
200,000 EUR Essity AB, 0.50%, 26/05/2021 202 0.05
100,000 EUR Essity AB, 0.63%, 28/03/2022 101 0.02
100,000 EUR Essity AB, 1.13%, 05/03/2025 100 0.02
100,000 EUR Fastighets AB Balder, 1.88%, 14/03/2025 100 0.02
100,000 EUR Hemso Fastighets AB, 1.75%, 19/06/2029 97 0.02
100,000 EUR Investor AB, 4.88%, 18/11/2021 117 0.03
100,000 EUR Lansforsakringar Hypotek AB, 0.25%, 12/04/2023 100 0.02
100,000 EUR Lansforsakringar Hypotek AB, 0.63%, 27/03/2025 100 0.02
100,000 EUR Molnlycke Holding AB, 1.50%, 28/02/2022 104 0.03
200,000 EUR Nordea Bank AB, 2.00%, 17/02/2021 211 0.05
100,000 EUR Nordea Bank AB, FRN, 1.88%, 10/11/2025 103 0.03
100,000 EUR ORLEN Capital AB, 2.50%, 30/06/2021 107 0.03
100,000 EUR Powszechna Kasa Oszczednosci Bank Polski SA, 2.32%, 23/01/2019 102 0.02
200,000 EUR SBAB Bank AB, 0.50%, 11/05/2021 202 0.05
100,000 EUR Securitas AB, 2.63%, 22/02/2021 107 0.03
100,000 EUR Securitas AB, 1.13%, 20/02/2024 100 0.02
100,000 EUR Skandinaviska Enskilda Banken AB, 2.00%, 18/03/2019 102 0.02
171
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Sweden (continued)
100,000 EUR Skandinaviska Enskilda Banken AB, FRN, 2.50%, 28/05/2026 106 0.03
100,000 EUR Skandinaviska Enskilda Banken AB, FRN, 1.37%, 31/10/2028 100 0.02
150,000 EUR SKF AB, 2.38%, 29/10/2020 158 0.04
250,000 EUR Stadshypotek AB, 1.00%, 19/06/2018 251 0.06
150,000 EUR Svenska Handelsbanken AB, 2.25%, 27/08/2020 158 0.04
100,000 EUR Svenska Handelsbanken AB, FRN, 1.25%, 02/03/2028 100 0.02
100,000 EUR Sveriges Sakerstallda Obligationer AB, 0.38%, 05/10/2020 101 0.02
200,000 EUR Swedbank AB, 1.50%, 18/03/2019 203 0.05
200,000 EUR Swedbank AB, 0.30%, 06/09/2022 199 0.05
250,000 EUR Swedbank Hypotek AB, 0.38%, 29/09/2020 253 0.06
100,000 EUR Telia Co. AB, 4.25%, 18/02/2020 108 0.03
100,000 EUR Telia Co. AB, 3.88%, 01/10/2025 121 0.03
150,000 EUR Telia Co. AB, 1.63%, 23/02/2035 139 0.03
100,000 EUR Telia Co. AB, FRN, 3.04%, 04/04/2078 104 0.03
150,000 EUR Vattenfall AB, 6.25%, 17/03/2021 177 0.04
100,000 EUR Vattenfall AB, FRN, 3.00%, 19/03/2077 100 0.02
100,000 EUR Volvo Treasury AB, 2.38%, 26/11/2019 104 0.03
Total Sweden 8,604 2.06
Switzerland (31 March 2017: 0.78%)

100,000 EUR Credit Suisse AG, 0.63%, 20/11/2018 101 0.02
200,000 EUR Credit Suisse Group AG, FRN, 1.25%, 17/07/2025 199 0.05
150,000 EUR UBS AG, 3.88%, 02/12/2019 161 0.04
200,000 EUR UBS AG, 1.13%, 30/06/2020 205 0.05
100,000 EUR UBS AG, 1.25%, 03/09/2021 103 0.03
200,000 EUR UBS AG, 0.13%, 05/11/2021 199 0.05
100,000 EUR UBS AG, 4.00%, 08/04/2022 115 0.03
200,000 EUR UBS Group Funding Switzerland AG, 1.75%, 16/11/2022 209 0.05
172
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Switzerland (continued)
200,000 EUR UBS Group Funding Switzerland AG, 1.50%, 30/11/2024 205 0.05
Total Switzerland 2,937 0.71
Turkey (31 March 2017: 0.03%)

100,000 EUR Turkiye Vakiflar Bankasi TAO, 2.38%, 04/05/2021 102 0.02
Total Turkey 102 0.02
United Arab Emirates (31 March 2017: 0.08%)

150,000 EUR Emirates Telecommunications Group Co. PJSC, 1.75%, 18/06/2021 157 0.04
Total United Arab Emirates 267 0.06
United Kingdom (31 March 2017: 5.02%)

200,000 EUR Anglo American Capital plc, 3.50%, 28/03/2022 221 0.05
150,000 EUR AstraZeneca plc, 0.25%, 12/05/2021 150 0.04
125,000 EUR AstraZeneca plc, 0.75%, 12/05/2024 124 0.03
100,000 EUR Aviva plc, FRN, 3.88%, 03/07/2044 109 0.03
100,000 EUR Aviva plc, FRN, 3.38%, 04/12/2045 106 0.03
500,000 EUR Bank of Scotland plc, 3.88%, 07/02/2020 539 0.13
150,000 EUR Barclays Bank plc, 4.88%, 13/08/2019 160 0.04
100,000 EUR Barclays plc, 1.88%, 23/03/2021 104 0.02
100,000 EUR Barclays plc, 1.50%, 01/04/2022 103 0.02
125,000 EUR Barclays plc, 1.88%, 08/12/2023 129 0.03
100,000 EUR Barclays plc, FRN, 2.63%, 11/11/2025 103 0.02
100,000 EUR BAT International Finance plc, 4.00%, 07/07/2020 109 0.03
100,000 EUR BG Energy Capital plc, 3.00%, 16/11/2018 102 0.02
150,000 EUR BG Energy Capital plc, 1.25%, 21/11/2022 156 0.04
400,000 EUR BP Capital Markets plc, 2.18%, 28/09/2021 427 0.10
100,000 EUR Brambles Finance plc, 4.63%, 20/04/2018 100 0.02
100,000 EUR Brambles Finance plc, 1.50%, 04/10/2027 100 0.02
200,000 EUR British Telecommunications plc, 0.63%, 10/03/2021 202 0.05
150,000 EUR Cadent Finance plc, 0.63%, 22/09/2024 147 0.04
100,000 EUR Centrica plc, FRN, 3.00%, 10/04/2076 103 0.02
150,000 EUR Coca-Cola European Partners plc, 1.13%, 26/05/2024 152 0.04
100,000 EUR Compass Group plc, 3.13%, 13/02/2019 103 0.02
173
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
United Kingdom (continued)

150,000 EUR Diageo Finance plc, 1.13%, 20/05/2019 152 0.04
100,000 EUR DS Smith plc, 2.25%, 16/09/2022 106 0.03
175,000 EUR DS Smith plc, 1.38%, 26/07/2024 175 0.04
150,000 EUR FCE Bank plc, 1.88%, 18/04/2019 153 0.04
200,000 EUR FCE Bank plc, 1.11%, 13/05/2020 204 0.05
100,000 EUR FCE Bank plc, 1.88%, 24/06/2021 105 0.02
150,000 EUR FCE Bank plc, 0.87%, 13/09/2021 152 0.04
150,000 EUR GlaxoSmithKline Capital plc, 0.63%, 02/12/2019 152 0.04
100,000 EUR Hammerson plc, REIT, 1.75%, 15/03/2023 104 0.02
100,000 EUR HBOS plc, FRN, 4.50%, 18/03/2030 116 0.03
100,000 EUR HSBC Bank plc, 4.00%, 15/01/2021 111 0.03
100,000 EUR HSBC Holdings plc, 6.00%, 10/06/2019 107 0.03
100,000 EUR Imperial Brands Finance plc, 4.50%, 05/07/2018 101 0.02
100,000 EUR ITV plc, 2.13%, 21/09/2022 105 0.03
100,000 EUR Leeds Building Society, 2.63%, 01/04/2021 107 0.03
150,000 EUR Leeds Building Society, 0.50%, 03/07/2024 149 0.04
200,000 EUR Lloyds Bank plc, 4.00%, 25/06/2018 202 0.05
100,000 EUR Lloyds Banking Group plc, 0.75%, 09/11/2021 101 0.02
125,000 EUR London Stock Exchange Group plc, 1.75%, 19/09/2029 128 0.03
100,000 EUR Mondi Finance plc, 1.50%, 15/04/2024 102 0.02
100,000 EUR Motability Operations Group plc, 3.25%, 30/11/2018 102 0.02
125,000 EUR Motability Operations Group plc, 0.88%, 14/03/2025 125 0.03
100,000 EUR National Grid plc, 4.38%, 10/03/2020 108 0.03
100,000 EUR Nationwide Building Society, 0.75%, 25/06/2019 101 0.02
175,000 EUR Nationwide Building Society, FRN, 1.50%, 08/03/2026 176 0.04
100,000 EUR Nationwide Building Society, FRN, 2.00%, 25/07/2029 100 0.02
100,000 EUR NGG Finance plc, FRN, 4.25%, 18/06/2076 108 0.03
100,000 EUR Pearson Funding Five plc, 1.38%, 06/05/2025 100 0.02
174
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

150,000 EUR Rentokil Initial plc, 3.25%, 07/10/2021 164 0.04
100,000 EUR Rio Tinto Finance plc, 2.88%, 11/12/2024 115 0.03
100,000 EUR Royal Bank of Scotland Group plc, FRN, 2.00%, 08/03/2023 104 0.02
100,000 EUR Royal Bank of Scotland Group plc, 2.50%, 22/03/2023 107 0.03
150,000 EUR Royal Bank of Scotland Group plc, FRN, 1.75%, 02/03/2026 152 0.04
400,000 EUR Royal Bank of Scotland plc (The), 5.50%, 23/03/2020 443 0.11
150,000 EUR Santander UK Group Holdings plc, 1.13%, 08/09/2023 151 0.04
150,000 EUR Santander UK plc, 0.88%, 13/01/2020 152 0.04
100,000 EUR Sky plc, 1.50%, 15/09/2021 104 0.02
100,000 EUR Sky plc, 1.88%, 24/11/2023 106 0.03
100,000 EUR Sky plc, 2.50%, 15/09/2026 109 0.03
150,000 EUR Smiths Group plc, 2.00%, 23/02/2027 154 0.04
150,000 EUR SSE plc, 2.00%, 17/06/2020 156 0.04
100,000 EUR SSE plc, FRN, 2.38%, 01/04/20211 103 0.02
100,000 EUR SSE plc, 0.88%, 06/09/2025 99 0.02
100,000 EUR Standard Chartered plc, 1.63%, 13/06/2021 104 0.02
150,000 EUR Standard Chartered plc, FRN, 0.75%, 03/10/2023 149 0.04
100,000 EUR State Grid Europe Development 2014 plc, 2.45%, 26/01/2027 107 0.03
50,000 EUR United Utilities Water Ltd., 4.25%, 24/01/2020 54 0.01
200,000 EUR Vodafone Group plc, 1.00%, 11/09/2020 204 0.05
100,000 EUR Wellcome Trust Ltd. (The), 1.13%, 21/01/2027 102 0.02
100,000 EUR WPP Finance 2013, 3.00%, 20/11/2023 111 0.03
100,000 EUR Yorkshire Building Society, 0.50%, 19/06/2020 101 0.02
Total United Kingdom 20,795 4.98
United States (31 March 2017: 7.07%)

100,000 EUR 3M Co., 1.88%, 15/11/2021 106 0.03
100,000 EUR 3M Co., 0.95%, 15/05/2023 103 0.02
100,000 EUR 3M Co., 1.50%, 02/06/2031 102 0.02
200,000 EUR AbbVie, Inc., 0.38%, 18/11/2019 201 0.05
200,000 EUR AbbVie, Inc., 1.38%, 17/05/2024 203 0.05
100,000 EUR Albemarle Corp., 1.88%, 08/12/2021 105 0.03
100,000 EUR American Honda Finance Corp., 1.38%, 10/11/2022 104 0.03
150,000 EUR American Honda Finance Corp., 0.75%, 17/01/2024 151 0.04
100,000 EUR American International Group, Inc., 1.50%, 08/06/2023 103 0.02
100,000 EUR American International Group, Inc., 1.88%, 21/06/2027 100 0.02
175
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
United States (continued)

150,000 EUR Amgen, Inc., 2.13%, 13/09/2019 155 0.04
100,000 EUR Amgen, Inc., 1.25%, 25/02/2022 103 0.02
100,000 EUR Apple, Inc., 1.00%, 10/11/2022 103 0.02
100,000 EUR Apple, Inc., 1.38%, 17/01/2024 104 0.02
100,000 EUR Apple, Inc., 0.88%, 24/05/2025 101 0.02
150,000 EUR Apple, Inc., 1.63%, 10/11/2026 158 0.04
100,000 EUR Apple, Inc., 2.00%, 17/09/2027 108 0.03
100,000 EUR Apple, Inc., 1.38%, 24/05/2029 100 0.02
100,000 EUR AT&T, Inc., 2.50%, 15/03/2023 109 0.03
100,000 EUR AT&T, Inc., 2.75%, 19/05/2023 110 0.03
150,000 EUR AT&T, Inc., 1.05%, 05/09/2023 152 0.04
150,000 EUR AT&T, Inc., 1.30%, 05/09/2023 154 0.04
150,000 EUR AT&T, Inc., 2.40%, 15/03/2024 162 0.04
150,000 EUR AT&T, Inc., 3.50%, 17/12/2025 173 0.04
150,000 EUR AT&T, Inc., 1.80%, 05/09/2026 153 0.04
100,000 EUR AT&T, Inc., 2.35%, 05/09/2029 102 0.02
250,000 EUR AT&T, Inc., 2.60%, 17/12/2029 261 0.06
100,000 EUR AT&T, Inc., 3.55%, 17/12/2032 111 0.03
150,000 EUR AT&T, Inc., 2.45%, 15/03/2035 142 0.03
100,000 EUR AT&T, Inc., 3.15%, 04/09/2036 102 0.02
200,000 EUR Bank of America Corp., 1.88%, 10/01/2019 203 0.05
125,000 EUR Bank of America Corp., FRN, 0.74%, 07/02/2022 126 0.03
100,000 EUR BAT Capital Corp., 1.13%, 16/11/2023 101 0.02
200,000 EUR Becton Dickinson and Co., 1.00%, 15/12/2022 201 0.05
200,000 EUR Berkshire Hathaway, Inc., 0.50%, 13/03/2020 202 0.05
150,000 EUR Blackstone Holdings Finance Co. LLC, 1.00%, 05/10/2026 146 0.04
100,000 EUR BMW US Capital LLC, 0.63%, 20/04/2022 101 0.02
200,000 EUR Booking Holdings, Inc., 0.80%, 10/03/2022 202 0.05
100,000 EUR Bristol-Myers Squibb Co., 1.00%, 15/05/2025 101 0.02
150,000 EUR Cargill, Inc., 1.88%, 04/09/2019 154 0.04
100,000 EUR Celanese US Holdings LLC, 1.13%, 26/09/2023 101 0.02
100,000 EUR Celanese US Holdings LLC, 1.25%, 11/02/2025 99 0.02
250,000 EUR Citigroup, Inc., 5.00%, 02/08/2019 267 0.06
150,000 EUR Coca-Cola Co. (The), 1.13%, 22/09/2022 155 0.04
176
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

100,000 EUR Coca-Cola European Partners US LLC, 1.88%, 18/03/2030 103 0.02
150,000 EUR Digital Euro Finco LLC, REIT, 2.63%, 15/04/2024 160 0.04
100,000 EUR Discovery Communications LLC, 1.90%, 19/03/2027 99 0.02
100,000 EUR Dover Corp., 1.25%, 09/11/2026 99 0.02
100,000 EUR Eastman Chemical Co., 1.50%, 26/05/2023 104 0.02
150,000 EUR Ecolab, Inc., 1.00%, 15/01/2024 152 0.04
100,000 EUR Eli Lilly & Co., 1.63%, 02/06/2026 105 0.03
100,000 EUR Eli Lilly & Co., 2.13%, 03/06/2030 108 0.03
100,000 EUR Expedia Group, Inc., 2.50%, 03/06/2022 105 0.03
200,000 EUR FedEx Corp., 0.50%, 09/04/2020 202 0.05
150,000 EUR FedEx Corp., 1.00%, 11/01/2023 153 0.04
100,000 EUR Fidelity National Information Services, Inc., 1.10%, 15/07/2024 100 0.02
100,000 EUR Flowserve Corp., 1.25%, 17/03/2022 100 0.02
300,000 EUR General Electric Co., 0.38%, 17/05/2022 299 0.07
100,000 EUR General Mills, Inc., 2.10%, 16/11/2020 105 0.03
150,000 EUR General Mills, Inc., 1.00%, 27/04/2023 152 0.04
100,000 EUR General Motors Financial Co., Inc., 0.96%, 07/09/2023 99 0.02
200,000 EUR Goldman Sachs Group, Inc. (The), 5.13%, 23/10/2019 216 0.05
150,000 EUR Illinois Tool Works, Inc., 1.75%, 20/05/2022 159 0.04
100,000 EUR International Business Machines Corp., 1.38%, 19/11/2019 103 0.02
100,000 EUR Johnson & Johnson, 4.75%, 06/11/2019 108 0.03
100,000 EUR JPMorgan Chase & Co., 1.88%, 21/11/2019 103 0.02
177
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

200,000 EUR JPMorgan Chase & Co., FRN, 1.64%, 18/05/2028 203 0.05
100,000 EUR Kellogg Co., 0.80%, 17/11/2022 101 0.02
100,000 EUR Kellogg Co., 1.25%, 10/03/2025 100 0.02
100,000 EUR Kinder Morgan, Inc., 1.50%, 16/03/2022 103 0.02
100,000 EUR Kraft Heinz Foods Co., 2.00%, 30/06/2023 105 0.03
100,000 EUR Kraft Heinz Foods Co., 2.25%, 25/05/2028 101 0.02
100,000 EUR Liberty Mutual Group, Inc., 2.75%, 04/05/2026 107 0.03
100,000 EUR Mastercard, Inc., 2.10%, 01/12/2027 108 0.03
200,000 EUR McDonald's Corp., 4.00%, 17/02/2021 222 0.05
200,000 EUR McKesson Corp., 0.63%, 17/08/2021 202 0.05
200,000 EUR Merck & Co., Inc., 0.50%, 02/11/2024 197 0.05
100,000 EUR Merck & Co., Inc., 2.50%, 15/10/2034 114 0.03
100,000 EUR Metropolitan Life Global Funding I, 2.38%, 30/09/2019 104 0.03
200,000 EUR Microsoft Corp., 2.13%, 06/12/2021 214 0.05
100,000 EUR Mohawk Industries, Inc., 2.00%, 14/01/2022 106 0.03
100,000 EUR Molson Coors Brewing Co., 1.25%, 15/07/2024 100 0.02
100,000 EUR Mondelez International, Inc., 1.00%, 07/03/2022 102 0.02
300,000 EUR Morgan Stanley, 5.38%, 10/08/2020 337 0.08
100,000 EUR Morgan Stanley, FRN, 1.34%, 23/10/2026 98 0.02
100,000 EUR Nasdaq, Inc., 1.75%, 19/05/2023 105 0.03
100,000 EUR National Grid North America, Inc., 1.00%, 12/07/2024 101 0.02
200,000 EUR Nestle Holdings, Inc., 0.88%, 18/07/2025 201 0.05
100,000 EUR Oracle Corp., 3.13%, 10/07/2025 117 0.03
100,000 EUR PepsiCo, Inc., 2.63%, 28/04/2026 113 0.03
100,000 EUR Pfizer, Inc., 5.75%, 03/06/2021 118 0.03
125,000 EUR Pfizer, Inc., 0.25%, 06/03/2022 125 0.03
300,000 EUR Philip Morris International, Inc., 1.75%, 19/03/2020 310 0.07
100,000 EUR PPG Industries, Inc., 0.88%, 13/03/2022 102 0.02
100,000 EUR Praxair, Inc., 1.63%, 01/12/2025 106 0.03
150,000 EUR Procter & Gamble Co. (The), 2.00%, 16/08/2022 161 0.04
150,000 EUR Prologis LP, REIT, 1.38%, 13/05/2021 155 0.04
100,000 EUR RELX Capital, Inc., 1.30%, 12/05/2025 101 0.02
178
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

100,000 EUR SES GLOBAL Americas Holdings GP, 1.88%, 24/10/2018 101 0.02
100,000 EUR Simon Property Group LP, REIT, 2.38%, 02/10/2020 105 0.03
150,000 EUR Southern Power Co., 1.85%, 20/06/2026 153 0.04
100,000 EUR Thermo Fisher Scientific, Inc., 2.15%, 21/07/2022 107 0.03
150,000 EUR Time Warner, Inc., 1.95%, 15/09/2023 159 0.04
350,000 EUR Toyota Motor Credit Corp., 1.00%, 09/03/2021 359 0.09
125,000 EUR Toyota Motor Credit Corp., 0.75%, 21/07/2022 127 0.03
100,000 EUR United Parcel Service, Inc., 1.00%, 15/11/2028 97 0.02
100,000 EUR United Parcel Service, Inc., 1.50%, 15/11/2032 99 0.02
150,000 EUR United Technologies Corp., 1.13%, 15/12/2021 154 0.04
100,000 EUR United Technologies Corp., 1.25%, 22/05/2023 103 0.02
250,000 EUR Verizon Communications, Inc., 0.50%, 02/06/2022 250 0.06
100,000 EUR VF Corp., 0.63%, 20/09/2023 100 0.02
100,000 EUR Walgreens Boots Alliance, Inc., 2.13%, 20/11/2026 102 0.02
400,000 EUR Wells Fargo & Co., 2.63%, 16/08/2022 434 0.10
100,000 EUR Xylem, Inc., 2.25%, 11/03/2023 107 0.03
100,000 EUR Zimmer Biomet Holdings, Inc., 2.43%, 13/12/2026 105 0.03
Total United States 29,532 7.07
Total investments in corporate debt securities 285,256 68.30
Supranational securities (31 March 2017: 8.79%)
100,000 EUR African Development Bank, 0.25%, 24/01/2024 100 0.02

100,000 EUR African Development Bank, 0.13%, 07/10/2026 95 0.02
150,000 EUR Corp. Andina de Fomento, 1.00%, 10/11/2020 154 0.04
250,000 EUR Corp. Andina de Fomento, 1.13%, 13/02/2025 253 0.06
100,000 EUR Council of Europe Development Bank, 3.00%, 13/07/2020 108 0.03
150,000 EUR EUROFIMA, 4.38%, 21/10/2019 161 0.04
100,000 EUR EUROFIMA, 0.25%, 25/04/2023 100 0.02
200,000 EUR European Investment Bank, 4.25%, 15/04/2019 210 0.05
179
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Supranational securities (continued)

1,150,000 EUR European Investment Bank, 1.38%, 15/09/2020 1,199 0.29
1,400,000 EUR European Investment Bank, 1.38%, 15/09/2021 1,475 0.35
350,000 EUR European Stability Mechanism, 0.88%, 15/10/2019 357 0.09
180
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Supranational securities (continued)

200,000 EUR European Union, 3.38%, 10/05/2019 209 0.05
950,000 EUR European Union, 1.88%, 04/04/2024 1,043 0.25
300,000 EUR International Bank for Reconstruction & Development, 3.88%, 20/05/2019 315 0.08
150,000 EUR Nordic Investment Bank, 0.13%, 10/06/2024 149 0.04
Total investments in supranational securities 34,392 8.23
Asset-backed securities (31 March 2017: 0.08%)
Ireland (31 March 2017: 0.08%) – –
Total investments in asset-backed securities – –
Total investments in bonds 410,754 98.34
Fair Value % of Net

EUR '000 Asset Value
Total financial assets at fair value through profit or loss 410,754 98.34
Cash 2,094 0.50
Cash equivalents
Holding Currency Undertaking for collective investment schemes (31 March 2017: 0.00%)
1,612,249 EUR Institutional Euro Liquidity Fund - Agency (Dis) Shares2 1,612 0.39
Total cash equivalents 1,612 0.39
Other assets and liabilities 3,208 0.77
Net asset value attributable to redeemable unitholders 417,668 100.00
181
As at 31 March 2018
% of Total
Analysis of total assets Assets
Transferable securities admitted to official stock exchange listing 98.33
Collective investment schemes 0.39
Other assets 1.28
Total assets 100.00
1
Security is perpetual without predetermined maturity date. The date shown, if applicable, is the next call date.
2
A related party to the Sub-Fund.
182
BLACKROCK EMERGING MARKETS SOVEREIGN SCREENED BOND FUND
As at 31 March 2018
Fair Value % of Net

BONDS
Brazil (31 March 2017: 8.46%)

80,000 BRL Brazil Government Bond, 0.00%, 01/01/2020 174 0.62
110,000 BRL Brazil Letras do Tesouro Nacional, 0.00%, 01/07/2018 265 0.95
125,000 BRL Brazil Letras do Tesouro Nacional, 0.00%, 01/10/2019 277 0.99
310,000 BRL Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2021 815 2.92
Total Brazil 2,315 8.30
Chile (31 March 2017: 2.20%)

145,000,000 CLP Bonos de la Tesoreria de la Republica en pesos, 4.50%, 28/02/2021 201 0.72
237,000,000 CLP Chile Government Bond, 5.50%, 05/08/20201 333 1.19
Total Chile 1,212 4.34
Colombia (31 March 2017: 6.42%)

5,000,000 COP Colombia Government Bond, 11.00%, 24/07/2020 2 0.01
620,000,000 COP Colombian TES, 7.00%, 11/09/2019 186 0.67
Total Colombia 1,562 5.60

1,900,000 CZK Czech Republic Government Bond, 0.00%, 10/02/2020 75 0.27
Total Czech Republic 1,756 6.29

8,900,000 HUF Hungary Government Bond, 5.50%, 20/12/2018 29 0.11
Indonesia (31 March 2017: 8.93%)

1,650,000,000 IDR Indonesia Government Bond, 8.38%, 15/03/2034 106 0.38
350,000,000 IDR Indonesia Treasury, 7.88%, 15/04/2019 21 0.08
183
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Indonesia (continued)
8,960,000,000 IDR Indonesia Treasury, 7.00%, 15/05/2022 550 1.97
Total Indonesia 2,600 9.32
Malaysia (31 March 2017: 9.25%)

70,000 MYR Malaysia Government Bond, 3.65%, 31/10/2019 15 0.06
3,200,000 MYR Malaysia Government Bond, 3.49%, 31/03/2020 673 2.41
Total Malaysia 2,032 7.28
Mexico (31 March 2017: 8.79%)

5,695,000 MXN Mexican Bonos, 4.75%, 14/06/2018 252 0.90
Peru (31 March 2017: 3.28%)

615,000 PEN Peru Government Bond, 7.84%, 12/08/2020 173 0.62
950,000 PEN Peru Government Bond, 6.35%, 12/08/2028 269 0.97
1,075,000 PEN Peru Government Bond, 6.90%, 12/08/2037 316 1.13
Total Peru 758 2.72
Philippines (31 March 2017: 2.07%)

10,000,000 PHP Philippine Government Bond, 6.25%, 14/01/2036 172 0.62
Total Philippines 172 0.62
184
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Poland (31 March 2017: 12.69%)

960,000 PLN Poland Government Bond, 5.50%, 25/10/2019 243 0.87
2,500,000 PLN Poland Government Bond, 1.50%, 25/04/2020 594 2.13
Romania (31 March 2017: 2.77%)

120,000 RON Romania Government Bond, 5.60%, 28/11/2018 26 0.09
Total Romania 518 1.86
Russia (31 March 2017: 5.83%)

15,500,000 RUB Russian Federal Bond - OFZ, 7.50%, 27/02/2019 222 0.80
Total Russia 2,413 8.65
South Africa (31 March 2017: 7.97%)

3,080,000 ZAR South Africa Government Bond, 7.25%, 15/01/2020 213 0.76
Total South Africa 2,177 7.80
Thailand (31 March 2017: 9.38%)

3,000,000 THB Thailand Government Bond, 3.88%, 13/06/2019 81 0.29
185
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Thailand (continued)
Total Thailand 2,633 9.44
Turkey (31 March 2017: 7.43%)

1,300,000 TRY Turkey Government Bond, 8.50%, 10/07/2019 251 0.90
700,000 TRY Turkey Government Bond, 10.50%, 15/01/20201 137 0.49
Total Turkey 1,515 5.43
Uruguay (31 March 2017: 0.00%)

2,200,000 UYU Uruguay Government Bond, 8.50%, 15/03/2028 58 0.21
Total Uruguay 58 0.21
Maturity Fair Value % of Net

Description Counterparty Date EUR '000 Asset Value
Forward currency contracts2
Buy ARS 6,170,000; Sell USD 290,080 HSBC 07/06/2018 5 0.02

Buy COP 924,370,000; Sell USD 323,145 BNP Paribas 07/06/2018 6 0.02
Buy MXN 7,650,000; Sell USD 407,201 Bank of America 07/06/2018 6 0.02
Buy USD 560,946; Sell BRL 1,850,000 Bank of America 03/04/2018 3 0.01
Buy USD 680,972; Sell CLP 408,420,000 Barclays 07/06/2018 3 0.01
Buy USD 832,846; Sell CZK 17,100,000 Bank of America 07/06/2018 1 –
Buy USD 12,377; Sell EUR 10,0003 UBS 07/06/2018 – –
Buy USD 110,322; Sell PHP 5,785,0003 UBS 07/06/2018 – –
Buy USD 359,535; Sell RUB 20,560,000 Citibank 07/06/2018 4 0.02
Buy ZAR 3,315,000; Sell USD 274,887 Citibank 07/06/2018 2 0.01
Total unrealised gain on forward currency contracts (31 March 2017: 0.22%) 30 0.11
186
As at 31 March 2018

Buy BRL 150,000; Sell USD 46,041 HSBC 03/04/2018 (1) –

Buy BRL 1,700,000; Sell USD 523,472 Bank of America 03/04/2018 (10) (0.04)
Buy BRL 1,850,000; Sell USD 559,386 Bank of America 03/05/2018 (3) (0.01)
Buy EUR 24,197; Sell USD 30,0003 HSBC 07/06/2018 – –
Buy HUF 142,880,000; Sell USD 567,878 Societe Generale 07/06/2018 (2) (0.01)
Buy PLN 68,000; Sell USD 19,9733 Morgan Stanley 07/06/2018 – –
Buy RON 1,235,000; Sell USD 327,318 Morgan Stanley 07/06/2018 (1) –
Buy TRY 1,240,000; Sell USD 316,376 Goldman Sachs 07/06/2018 (8) (0.03)
Buy USD 17,106; Sell IDR 237,570,0003 Bank of America 07/06/2018 – –
Buy USD 536,536; Sell MYR 2,100,000 State Street 07/06/2018 (4) (0.02)
Buy USD 30,604; Sell PEN 100,0003 Goldman Sachs 07/06/2018 – –
Buy USD 558,398; Sell THB 17,450,000 Citibank 07/06/2018 (1) –
Buy ZAR 440,000; Sell USD 37,0213 Bank of America 07/06/2018 – –
Total unrealised loss on forward currency contracts (31 March 2017: (0.21)%) (30) (0.11)
Fair Value % of Net

Total financial liabilities at fair value through profit or loss (30) (0.11)
Cash 178 0.64
Other assets and liabilities 250 0.89
% of Total
Transferable securities dealt in on another regulated market 9.85
OTC financial derivative instruments 0.11
Other assets 2.96
Total assets 100.00
1
Security fully or partially on loan.
2
Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an
aggregate basis where applicable. There is no netting of asset and liability positions.
3
Investments which are less than EUR 500 have been rounded down to zero.
On gains On losses
Underlying exposure EUR '000 EUR '000
Forward currency contracts 6,276 5,766
187
BLACKROCK EURO SOVEREIGN BOND INDEX FUND 1
As at 31 March 2018
Fair Value % of Net

BONDS

700,000 EUR Austria Government Bond, 4.35%, 15/03/2019 733 0.18
1,050,000 EUR Austria Government Bond, 3.90%, 15/07/2020 1,155 0.27
1,005,000 EUR Austria Government Bond, 3.40%, 22/11/2022 1,169 0.28
660,000 EUR Austria Government Bond, 6.25%, 15/07/2027 1,002 0.24
865,000 EUR Austria Government Bond, 4.15%, 15/03/2037 1,316 0.31

720,000 EUR Belgium Government Bond, 4.00%, 28/03/2019 753 0.18
1,270,000 EUR Belgium Government Bond, 3.75%, 28/09/2020 1,404 0.33
860,000 EUR Belgium Government Bond, 4.00%, 28/03/2022 1,006 0.24
188
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Belgium (continued)

320,000 EUR Finland Government Bond, 4.38%, 04/07/2019 340 0.08
France (31 March 2017: 23.94%)

1,710,000 EUR France Government Bond OAT, 4.25%, 25/04/2019 1,798 0.43
650,000 EUR France Government Bond OAT, 8.50%, 25/10/2019 743 0.18
189
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
985,000 EUR France Government Bond OAT, 4.00%, 25/04/2055 1,637 0.39
805,000 EUR France Government Bond OAT, 4.00%, 25/04/2060 1,376 0.33
Germany (31 March 2017: 17.70%)

1,890,000 EUR Bundesobligation, 0.50%, 12/04/2019 1,913 0.45
946,000 EUR Bundesobligation, 0.25%, 11/10/2019 959 0.23
1,410,000 EUR Bundesrepublik Deutschland, 3.50%, 04/07/2019 1,484 0.35
890,000 EUR Bundesrepublik Deutschland, 2.25%, 04/09/2021 971 0.23
190
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Germany (continued)
960,000 EUR Bundesrepublik Deutschland, 1.75%, 15/02/2024 1,059 0.25
500,000 EUR Bundesschatzanweisungen, 0.00%, 15/03/2019 503 0.12
1,400,000 EUR Bundesschatzanweisungen, 0.00%, 14/06/2019 1,411 0.33
550,000 EUR Bundesschatzanweisungen, 0.00%, 13/09/2019 555 0.13

210,000 EUR Ireland Government Bond, 4.40%, 18/06/2019 223 0.05
950,000 EUR Ireland Government Bond, 5.90%, 18/10/2019 1,045 0.25
850,000 EUR Ireland Government Bond, 5.40%, 13/03/2025 1,139 0.27
191
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Ireland (continued)
Italy (31 March 2017: 23.41%)

2,070,000 EUR Italy Buoni Poliennali Del Tesoro, 4.50%, 01/03/2019 2,162 0.51
650,000 EUR Italy Buoni Poliennali Del Tesoro, 2.50%, 01/05/2019 670 0.16
970,000 EUR Italy Buoni Poliennali Del Tesoro, 4.25%, 01/09/2019 1,034 0.25
192
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Italy (continued)
620,000 EUR Italy Certificati di Credito del Tesoro, 0.00%, 30/05/2019 623 0.15
Latvia (31 March 2017: 0.10%)

220,000 EUR Latvia Government Bond, 2.63%, 21/01/2021 237 0.06
100,000 EUR Latvia Government Bond, 1.38%, 16/05/2036 97 0.02
Total Latvia 334 0.08
Lithuania (31 March 2017: 0.05%)

100,000 EUR Lithuania Government Bond, 2.13%, 29/10/2026 111 0.03
Total Lithuania 332 0.08

75,000 EUR Luxembourg Government Bond, 3.38%, 18/05/2020 81 0.02
Total Luxembourg 499 0.12

1,050,000 EUR Netherlands Government Bond, 4.00%, 15/07/2019 1,113 0.26
900,000 EUR Netherlands Government Bond, 0.25%, 15/01/2020 914 0.22
950,000 EUR Netherlands Government Bond, 3.50%, 15/07/2020 1,039 0.25
193
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

2,040,000 EUR Portugal Obrigacoes do Tesouro OT, 4.80%, 15/06/2020 2,267 0.54
380,000 EUR Portugal Obrigacoes do Tesouro OT, 3.88%, 15/02/2030 462 0.11
Total Portugal 8,948 2.12
Slovakia (31 March 2017: 0.50%)

180,000 EUR Slovakia Government Bond, 4.00%, 27/04/2020 197 0.05
Total Slovakia 2,013 0.48
Slovenia (31 March 2017: 0.35%)

180,000 EUR Slovenia Government Bond, 4.38%, 18/01/2021 204 0.05
194
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Slovenia (continued)
Total Slovenia 1,582 0.37
Spain (31 March 2017: 13.52%)

2,055,000 EUR Spain Government Bond, 2.75%, 30/04/2019 2,125 0.50
430,000 EUR Spain Government Bond, 0.05%, 31/01/2021 434 0.10
195
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Spain (continued)
Fair Value % of Net

Cash 427 0.10
Cash equivalents
808,186 EUR Institutional Euro Liquidity Fund - Agency (Dis) Shares1 808 0.19
Total cash equivalents 808 0.19
% of Total
Other assets 1.17
Total assets 100.00
1
196
BLACKROCK MIX FONDS 1
As at 31 March 2018
Fair Value % of Net

COLLECTIVE INVESTMENT SCHEMES
Undertaking for collective investment schemes (31 March 2017: 53.68%)
Ireland (31 March 2017: 30.47%)

26,102 EUR Institutional Euro Liquidity Fund - Agency (Acc) Shares1 2,668 9.87
iShares UK Credit Bond Index Fund (IE) - Flexible Sterling Accumulating Share
9,066 GBP Class1 304 1.12
iShares World ex Euro Government Bond Index Fund (IE) - Flexible USD
304,565 USD Accumulating Share Class1 5,258 19.46

BlackRock Global Index Funds - iShares Emerging Markets Equity Index Fund
2,887 EUR - Class €x21 318 1.18
BlackRock Global Index Funds - iShares Euro Aggregate Bond Index Fund -
43,252 EUR Class €x2 Accumulating1 5,100 18.87
BlackRock Global Index Funds - iShares Europe Equity Index Fund - Class €x2
3,410 EUR Accumulating1 542 2.01
1,470 EUR BlackRock Global Index Funds - iShares Japan Equity Index Fund - Class €x21 211 0.78
BlackRock Global Index Funds - iShares Pacific ex Japan Equity Index Fund -
948 EUR Class €x21 100 0.37
Total investments in undertaking for collective investment schemes 14,501 53.66
Total investments in collective investment schemes 14,501 53.66
Fair Value % of Net

Exchange traded funds (31 March 2017: 45.93%)
Ireland (31 March 2017: 45.93%)

15,972 EUR iShares Global Corporate Bond UCITS ETF1 1,273 4.71
50,320 EUR iShares Global Government Bond UCITS ETF1 4,525 16.74
35,260 EUR iShares MSCI North America UCITS ETF1 1,419 5.25
63,092 EUR iShares US Aggregate Bond UCITS ETF1 5,270 19.50
Total investments in exchange traded funds 12,487 46.20

Buy EUR 158,255; Sell AUD 248,354 RBS 05/04/2018 3 0.01

Buy EUR 285,802; Sell CAD 447,537 Toronto-Dominion Bank 05/04/2018 4 0.02
Buy EUR 19,123; Sell CHF 22,0313 Toronto-Dominion Bank 05/04/2018 – –
Buy EUR 40,542; Sell DKK 301,8383 Toronto-Dominion Bank 05/04/2018 – –
Buy EUR 2,913,114; Sell JPY 379,181,927 Toronto-Dominion Bank 05/04/2018 14 0.05
Buy EUR 21,169; Sell NOK 203,9403 Toronto-Dominion Bank 05/04/2018 – –
197
As at 31 March 2018

Forward currency contracts2 (continued)
Buy EUR 35,639; Sell SEK 360,132 Toronto-Dominion Bank 05/04/2018 1 –

Buy EUR 11,288,164; Sell USD 13,804,183 Toronto-Dominion Bank 05/04/2018 66 0.25
Buy EUR 57,175; Sell USD 69,808 Morgan Stanley 05/04/2018 1 –
Buy GBP 56,591; Sell EUR 63,768 Morgan Stanley 05/04/2018 1 0.01
Buy GBP 2,569; Sell EUR 2,9073 BNP Paribas 05/04/2018 – –
Buy JPY 11,255,144; Sell EUR 85,6683 Morgan Stanley 05/04/2018 – –
Buy JPY 401,082; Sell EUR 3,0573 HSBC 05/04/2018 – –
Buy USD 422,227; Sell EUR 340,873 Morgan Stanley 05/04/2018 2 –
Buy USD 85,865; Sell EUR 69,5693 BNP Paribas 05/04/2018 – –
Buy USD 28,983; Sell EUR 23,4643 HSBC 05/04/2018 – –
Buy AUD 7,269; Sell EUR 4,6323 Morgan Stanley 05/04/2018 – –

Buy CAD 14,324; Sell EUR 9,1483 Morgan Stanley 05/04/2018 – –
Buy EUR 1,227,204; Sell GBP 1,087,438 Toronto-Dominion Bank 05/04/2018 (13) (0.05)
Buy EUR 30,084; Sell SGD 48,6443 Toronto-Dominion Bank 05/04/2018 – –
Buy EUR 45,253; Sell USD 55,7513 Morgan Stanley 05/04/2018 – –
Buy GBP 31,249; Sell EUR 35,7243 Morgan Stanley 05/04/2018 – –
Buy JPY 6,966,346; Sell EUR 53,518 BNP Paribas 05/04/2018 (1) –
Buy USD 275,480; Sell EUR 224,837 Morgan Stanley 05/04/2018 (1) (0.01)
Buy USD 206,975; Sell EUR 169,501 Goldman Sachs 05/04/2018 (1) –
Fair Value % of Net

Cash 118 0.44
Other assets and liabilities (157) (0.58)
% of Total
Other assets 0.86
Total assets 100.00
1
2
3
On gains On losses
198
As at 31 March 2018
Fair Value % of Net

Ireland (31 March 2017: 35.92%)

iShares Euro Credit Bond Index Fund (IE) - Flexible Euro Accumulating
4,377,166 EUR Share Class1 100,073 19.15
iShares Euro Government Bond Index Fund (IE) - Flexible Euro
3,866,373 EUR Accumulating Share Class1 91,021 17.41

BlackRock Global Index Funds - iShares Emerging Markets Equity Index
168,783 EUR Fund - Class €x21 18,610 3.56
BlackRock Global Index Funds - iShares Euro Government Bond Index
615,747 EUR Fund - Class €x2 Accumulating1 77,997 14.93
BlackRock Global Index Funds - iShares Europe Equity Index Fund - Class
199,438 EUR €x2 Accumulating1 31,665 6.06
BlackRock Global Index Funds - iShares Japan Equity Index Fund - Class
85,224 EUR €x21 12,241 2.34
BlackRock Global Index Funds - iShares North America Equity Index Fund -
95,076 EUR Class €x21 14,730 2.82
BlackRock Global Index Funds - iShares Pacific ex Japan Equity Index Fund
55,345 EUR - Class €x21 5,849 1.12
Fair Value % of Net

Ireland (31 March 2017: 14.67%)

171,355 EUR iShares Core € Corporate Bond UCITS ETF1 22,227 4.25
1,693,103 EUR iShares MSCI North America UCITS ETF1 68,122 13.04
199
As at 31 March 2018
Fair Value % of Net

Cash 348 0.07
% of Total
Other assets 0.30
Total assets 100.00
1
200
As at 31 March 2018
Fair Value % of Net

Ireland (31 March 2017: 33.72%)

iShares Euro Credit Bond Index Fund (IE) - Flexible Euro Accumulating Share
6,300,065 EUR Class1 144,036 17.42
iShares Euro Government Bond Index Fund (IE) - Flexible Euro Accumulating
4,838,408 EUR Share Class1 113,904 13.78
757,743 EUR iShares Europe Index Fund (IE) - Euro Flexible Accumulating Class1 12,524 1.51
779,996 EUR iShares Japan Index Fund (IE) - Euro Flexible Accumulating Class1 12,486 1.51
145,609 EUR iShares Pacific Index Fund (IE) - Euro Flexible Accumulating Class1 2,026 0.24

450,559 EUR - Class €x21 49,679 6.01
BlackRock Global Index Funds - iShares Euro Government Bond Index Fund -
450,406 EUR Accumulating1 71,511 8.65
141,430 EUR BlackRock Global Index Funds - iShares Japan Equity Index Fund - Class €x21 20,315 2.46
451,782 EUR Class €x21 69,994 8.46
128,224 EUR Class €x21 13,550 1.64
Fair Value % of Net

Ireland (31 March 2017: 16.84%)

201
As at 31 March 2018
Fair Value % of Net

Cash 1,351 0.16
Other assets and liabilities (1,015) (0.12)
% of Total
Other assets 0.43
Total assets 100.00
1
202
As at 31 March 2018
Fair Value % of Net

Ireland (31 March 2017: 10.52%)

iShares Euro Credit Bond Index Fund (IE) - Flexible Euro Accumulating Share
982,663 EUR Class1 22,466 6.40
244,139 EUR iShares North America Index Fund (IE) - Euro Flexible Accumulating Class1 4,449 1.27

268,875 EUR - Class €x21 29,646 8.45
BlackRock Global Index Funds - iShares Euro Government Bond Index Fund -
416,033 EUR Class €x21 64,456 18.37
88,127 EUR Class €x21 9,313 2.65
Fair Value % of Net

Ireland (31 March 2017: 15.88%)

Fair Value % of Net

Cash 318 0.09
203
As at 31 March 2018
% of Total
Other assets 0.19
Total assets 100.00
1
204
As at 31 March 2018
Fair Value % of Net

Ireland (31 March 2017: 16.72%)

234,652 EUR iShares Europe Index Fund (IE) - Euro Flexible Accumulating Class1 3,878 2.97
845,450 EUR iShares North America Index Fund (IE) - Euro Flexible Accumulating Class1 15,405 11.80

130,777 EUR - Class €x21 14,420 11.05
155,405 EUR Class €x21 24,077 18.45
42,997 EUR Class €x21 4,544 3.48
Fair Value % of Net

Ireland (31 March 2017: 18.53%)

605,822 EUR iShares MSCI North America UCITS ETF1 24,375 18.67
Fair Value % of Net

Cash 551 0.42
205
As at 31 March 2018
% of Total
Other assets 0.92
Total assets 100.00
1
206
d
BLACKROCK MULTI STYLE STRATEGY FUND
As at 31 March 2018
Fair Value % of Net

BONDS
France (31 March 2017: 50.81%)

28,500,000 EUR France Treasury Bill BTF, 0.00%, 25/04/2018 28,510 14.03
Germany (31 March 2017: 37.44%)

25,500,000 EUR Germany Treasury Bill, 0.00%, 11/04/2018 25,504 12.55
26,500,000 EUR Germany Treasury Bill, 0.00%, 16/05/2018 26,525 13.06
Notional Maturity Fair Value % of Net

Amount Currency Counterparty Description Date EUR '000 Asset Value
Credit default swaps
2,620,000 USD Deutsche Bank Sell Protection on CDX.NA.HY.30-V1 20/06/2023 132 0.07
Receive USD Fixed 5.00%
4,934,000 USD Goldman Sachs Sell Protection on CDX.NA.IG.30-V1 20/06/2023 68 0.03
7,751,000 USD J.P. Morgan Sell Protection on CDX.NA.IG.30-V1 20/06/2023 107 0.05
Total unrealised gain on credit default swaps (31 March 2017: 0.51%) 307 0.15

Interest rate swaps
10,038,297 CNY BNP Paribas Pay floating CNREPOFIX=CFXS 1 week 19/09/2023 11 0.01
Receive fixed 3.97%
14,513,000 CNY Citibank Pay floating CNREPOFIX=CFXS 1 week 19/09/2023 21 0.01
Receive fixed 4.02%
14,513,000 CNY Deutsche Bank Pay floating CNREPOFIX=CFXS 1 week 19/09/2023 17 0.01
Receive fixed 3.97%
38,101,000 CNY J.P. Morgan Pay floating CNREPOFIX=CFXS 1 week 19/09/2023 45 0.02
Receive fixed 3.98%
16,200,000 CNY J.P. Morgan Pay floating CNREPOFIX=CFXS 1 week 19/09/2023 17 0.01
Receive fixed 3.96%
31,374,693 CNY Merrill Lynch Pay floating CNREPOFIX=CFXS 1 week 19/09/2023 37 0.02
Receive fixed 3.97%
207
As at 31 March 2018

Interest rate swaps (continued)
Receive fixed 4.00%
Receive fixed 3.96%
Receive fixed 3.98%
113,119,360 THB BNP Paribas Pay fixed 2.03% 19/09/2023 1 –
Receive floating THBFIX 6 month
43,873,066 THB BNP Paribas Pay fixed 2.04% 19/09/2023 – –
Receive floating THBFIX 6 month1
47,413,000 THB BNP Paribas Pay floating THBFIX 6 month 19/09/2028 4 –
Receive fixed 2.45%
Total unrealised gain on interest rate swaps (31 March 2017: 0.66%) 239 0.12
94,255,770 INR BNP Paribas Pay floating MIBOR 1 day 19/09/2023 (7) –
Receive fixed 6.72%
92,880,837 INR Citibank Pay floating MIBOR 1 day 19/09/2023 (8) –
Receive fixed 6.68%
145,619,870 INR Citibank Pay floating MIBOR 1 day 19/09/2023 (12) (0.01)
Receive fixed 6.69%
88,833,518 INR Deutsche Bank Pay floating MIBOR 1 day 19/09/2023 (4) –
Receive fixed 6.77%
86,715,309 INR Deutsche Bank Pay floating MIBOR 1 day 19/09/2023 (7) –
Receive fixed 6.70%
43,914,203 INR Goldman Sachs Pay floating MIBOR 1 day 19/09/2023 (4) –
Receive fixed 6.70%
Receive fixed 6.70%
Receive fixed 6.68%
Receive fixed 6.69%
143,600,551 INR Goldman Sachs Pay floating MIBOR 1 day 19/09/2023 (12) (0.01)
Receive fixed 6.69%
868,896,602 INR Goldman Sachs Pay floating MIBOR 1 day 19/09/2023 (46) (0.02)
Receive fixed 6.75%
103,525,807 INR Merrill Lynch Pay floating MIBOR 1 day 19/09/2023 (8) –
Receive fixed 6.70%
90,468,347 INR Merrill Lynch Pay floating MIBOR 1 day 19/09/2023 (8) (0.01)
Receive fixed 6.68%
Receive fixed 6.67%
Receive fixed 6.70%
Receive fixed 6.76%
5,612,142,000 KRW BNP Paribas Pay fixed 2.37% 19/09/2023 (20) (0.01)
Receive floating CD_KSDA 3 month
1,984,381,000 KRW Citibank Pay fixed 2.34% 19/09/2023 (4) –
4,986,928,656 KRW Deutsche Bank Pay fixed 2.35% 19/09/2023 (13) (0.01)
208
As at 31 March 2018

3,471,077,657 KRW Goldman Sachs Pay fixed 2.38% 19/09/2023 (13) (0.01)
7,654,248,100 KRW Merrill Lynch Pay fixed 2.37% 19/09/2023 (26) (0.01)
69,841,160 THB Citibank Pay fixed 2.04% 19/09/2023 – –
79,549,827 THB Deutsche Bank Pay fixed 2.05% 19/09/2023 (2) –
57,639,498 THB Goldman Sachs Pay fixed 2.04% 19/09/2023 – –
71,702,600 THB J.P. Morgan Pay fixed 2.05% 19/09/2023 (1) –
Total unrealised loss on interest rate swaps (31 March 2017: (0.43)%) (317) (0.16)

Total return swaps
2,489,453 BRL Merrill Lynch Receive Spread of 0.00% on Notional 18/04/2018 1 –

Pay San Juan Natural Gas Index Contract
(Platts Gas Daily/Platts IFERC)
1,047,422 BRL Merrill Lynch Receive Spread of 0.00% on Notional 20/04/2018 5 –
4,992,431 PLN J.P. Morgan Receive Spread of 0.00% on Notional 19/06/2018 78 0.04
Pay WIG20 Index Futures with a multiplier of
PLN 20
Total unrealised gain on total return swaps (31 March 2017: 0.16%) 84 0.04
851,647 BRL Credit Suisse Receive Spread of 0.00% on Notional 23/04/2018 (1) –
9,915,419 BRL Merrill Lynch Receive Spread of 0.00% on Notional 23/04/2018 (111) (0.06)
312,852,400 KRW Merrill Lynch Receive Spread of 0.00% on Notional 18/06/2018 (2) –
Pay KOSPI 200 Future Contract
857,375,750 KRW Merrill Lynch Receive Spread of 0.00% on Notional 18/06/2018 (8) –
3,574,162,050 KRW Merrill Lynch Receive Spread of 0.00% on Notional 18/06/2018 (42) (0.02)
139,129,151 THB Merrill Lynch Receive The SET50 Index Future 06/07/2018 (41) (0.02)
Pay Spread of 0.00% on Notional
209
As at 31 March 2018

Total return swaps (continued)
23,963,694 TWD Merrill Lynch Receive Taiwan Stock Exchange 20/04/2018 (3) –
Capitalization Weighted Stock Index (TAIEX)
Future Contract
189,098,253 TWD Merrill Lynch Receive Taiwan Stock Exchange 20/04/2018 (74) (0.04)
Capitalization Weighted Stock Index (TAIEX)
Future Contract
Total unrealised loss on total return swaps (31 March 2017: (0.06)%) (282) (0.14)

Amount Currency Clearing Broker Description Date EUR '000 Asset Value
Centrally cleared credit default swaps
2,520,000 EUR Merrill Lynch Sell Protection on iTraxx Europe Crossover 20/06/2023 260 0.13
Series 29 Version 1
Receive EUR Fixed 5.00%
8,475,000 EUR Merrill Lynch Sell Protection on iTraxx Europe Series 29 20/06/2023 179 0.09
Version 1
Receive EUR Fixed 1.00%
Total unrealised gain on centrally cleared credit default swaps (31 March 2017: 0.00%) 439 0.22

Centrally cleared interest rate swaps
6,405,000 AUD Merrill Lynch Pay floating BBR 6 month 19/09/2023 25 0.01
Receive fixed 2.72%
5,455,000 EUR Merrill Lynch Pay floating EURIBOR 6 month 19/09/2028 66 0.03
Receive fixed 1.19%
1,538,000 EUR Merrill Lynch Pay floating EURIBOR 6 month 19/09/2028 12 0.01
Receive fixed 1.15%
3,447,000 GBP Merrill Lynch Pay floating LIBOR 6 month 19/09/2023 2 –
Receive fixed 1.42%
29,013,941 HKD Merrill Lynch Pay floating HIBOR 3 month 19/09/2023 – –
Receive fixed 2.61%1
10,008,440 HKD Merrill Lynch Pay floating HIBOR 3 month 19/09/2023 – –
118,249,000 MXN Merrill Lynch Pay floating TIIE 4 week 13/09/2023 57 0.03
Receive fixed 7.61%
49,232,000 MXN Merrill Lynch Pay floating TIIE 4 week 06/09/2028 40 0.02
Receive fixed 7.93%
6,650,633 PLN Merrill Lynch Pay fixed 0 0 19/09/2023 – –
Receive floating 2.50%1
9,112,000 PLN Merrill Lynch Pay floating WIBOR 6 month 19/09/2028 37 0.02
Receive fixed 3.16%
210
As at 31 March 2018

Centrally cleared interest rate swaps (continued)
121,425,000 SEK Merrill Lynch Pay floating STIBOR 3 month 19/09/2023 54 0.03
Receive fixed 0.77%
20,969,000 SEK Merrill Lynch Pay floating STIBOR 3 month 19/09/2023 9 –
Receive fixed 0.77%
304,477,000 SEK Merrill Lynch Pay floating STIBOR 3 month 19/09/2028 363 0.18
Receive fixed 1.46%
6,458,000 SGD Merrill Lynch Pay floating SOR 6 month 19/09/2023 10 0.01
Receive fixed 2.32%
6,061,180 SGD Merrill Lynch Pay floating SOR 6 month 19/09/2023 9 –
Receive fixed 2.31%
Receive fixed 2.30%
Receive fixed 2.28%
Receive fixed 2.27%
1,643,690 SGD Merrill Lynch Pay floating SOR 6 month 19/09/2023 – –
2,784,000 SGD Merrill Lynch Pay floating SOR 6 month 19/09/2028 16 0.01
Receive fixed 2.65%
14,622,000 USD Merrill Lynch Pay floating LIBOR 3 month 19/09/2023 22 0.01
Receive fixed 2.79%
1,332,000 ZAR Merrill Lynch Pay floating JIBAR 3 month 19/09/2028 1 –
Receive fixed 7.80%
Total unrealised gain on centrally cleared interest rate swaps (31 March 2017: 0.00%) 728 0.36
12,458,000 AUD Merrill Lynch Pay fixed 3.07% 19/09/2028 (135) (0.07)
Receive floating BBR 6 month
1,652,000 CAD Merrill Lynch Pay fixed 2.45% 19/09/2023 – –
Receive floating BA 3 month1
2,624,000 CAD Merrill Lynch Pay fixed 2.60% 19/09/2028 (8) –
Receive floating BA 3 month
10,299,000 CAD Merrill Lynch Pay fixed 2.60% 19/09/2028 (25) (0.01)
Receive floating BA 3 month
3,922,000 EUR Merrill Lynch Pay fixed 0.58% 19/09/2023 (16) (0.01)
Receive floating EURIBOR 6 month
57,833,000 EUR Merrill Lynch Pay fixed 0.61% 19/09/2023 (316) (0.16)
Receive floating EURIBOR 6 month
29,681,000 GBP Merrill Lynch Pay floating LIBOR 6 month 19/09/2023 (1) –
Receive fixed 1.42%
14,804,000 GBP Merrill Lynch Pay fixed 1.61% 19/09/2028 (112) (0.06)
Receive floating LIBOR 6 month
13,653,619 HKD Merrill Lynch Pay floating HIBOR 3 month 19/09/2023 (2) –
Receive fixed 2.58%
16,374,500 HKD Merrill Lynch Pay fixed 2.79% 19/09/2028 (8) –
Receive floating HIBOR 3 month
16,644,367 PLN Merrill Lynch Pay fixed 2.60% 19/09/2023 (18) (0.01)
Receive floating WIBOR 6 month
38,208,000 PLN Merrill Lynch Pay fixed 2.71% 19/09/2023 (87) (0.04)
Receive floating WIBOR 6 month
2,112,704 SGD Merrill Lynch Pay floating SOR 6 month 19/09/2023 (1) –
Receive fixed 2.25%
211
As at 31 March 2018

Centrally cleared interest rate swaps (continued)
10,196,000 USD Merrill Lynch Pay fixed 2.91% 19/09/2028 (71) (0.03)
Receive floating LIBOR 3 month
57,993,324 ZAR Merrill Lynch Pay fixed 7.26% 19/09/2023 (3) –
Receive floating JIBAR 3 month
95,440,000 ZAR Merrill Lynch Pay fixed 7.26% 19/09/2023 (6) –
102,315,000 ZAR Merrill Lynch Pay fixed 7.28% 19/09/2023 (13) (0.01)
Total unrealised loss on centrally cleared interest rate swaps (31 March 2017: 0.00%) (875) (0.43)
Fair Value % of Net

Holding Currency Counterparty Description EUR '000 Asset Value
Contracts for difference

(2,812) CHF J.P. Morgan ams AG 45 0.03
1,094 EUR J.P. Morgan BUWOG AG1 – –
2,363 EUR Citigroup BUWOG AG1 – –
(823) EUR J.P. Morgan Erste Group Bank AG 1 –
14,830 EUR Merrill Lynch Oesterreichische Post AG 22 0.01
1,890 EUR J.P. Morgan Oesterreichische Post AG 3 –
1,802 EUR Credit Suisse Oesterreichische Post AG 3 –
5,389 EUR J.P. Morgan OMV AG 4 –
2,350 EUR Merrill Lynch OMV AG 4 –
(4,958) EUR J.P. Morgan Raiffeisen Bank International AG 5 0.01
6,268 EUR Citigroup Telekom Austria AG 1 –
6,223 EUR Credit Suisse Telekom Austria AG 1 –
(1,404) EUR Merrill Lynch Wienerberger AG 1 –
(656) EUR Credit Suisse Wienerberger AG 1 –

(445) EUR Merrill Lynch Ackermans & van Haaren NV 1 –
(6,489) EUR Merrill Lynch Anheuser-Busch InBev SA/NV 16 0.01
(1,714) EUR J.P. Morgan Anheuser-Busch InBev SA/NV 7 0.01
(392) EUR Credit Suisse Anheuser-Busch InBev SA/NV 2 –
298 EUR Citigroup Befimmo SA, REIT1 – –
(1,562) EUR J.P. Morgan Bekaert SA 3 –
(1,408) EUR Citigroup Bekaert SA 1 –
1,500 EUR Citigroup Cofinimmo SA, REIT 2 –
345 EUR Merrill Lynch Cofinimmo SA, REIT1 – –
2,087 EUR Citigroup Colruyt SA 2 –
1,220 EUR J.P. Morgan Colruyt SA 1 –
212
As at 31 March 2018
Fair Value % of Net

Contracts for difference (continued)
Belgium (continued)
48 EUR Merrill Lynch Colruyt SA1 – –

(415) EUR J.P. Morgan Elia System Operator SA/NV1 – –
(1,897) EUR Citigroup Galapagos NV 2 –
(683) EUR Merrill Lynch Groupe Bruxelles Lambert SA1 – –
702 EUR Citigroup KBC Group NV 1 –
(531) EUR Citigroup Melexis NV 2 –
(6,174) EUR J.P. Morgan Ontex Group N.V. 3 –
(6,748) EUR Merrill Lynch Ontex Group N.V. 1 –
(1,535) EUR Credit Suisse Ontex Group N.V. 1 –
253 EUR Citigroup Sofina SA1 – –
269 EUR Citigroup UCB SA1 – –
(1,822) EUR Merrill Lynch Umicore SA 4 0.01
(1,389) EUR Credit Suisse Umicore SA 3 –
(1,386) EUR J.P. Morgan Umicore SA 3 –
(454) EUR Citigroup Umicore SA 1 –
Bermuda (31 March 2017: 0.10%)

(181,750) HKD J.P. Morgan Alibaba Health Information Technology Ltd. 2 –
(178,000) HKD Credit Suisse Alibaba Health Information Technology Ltd. 1 –
(38,000) HKD Citigroup Alibaba Health Information Technology Ltd. 1 –
(30,000) HKD Deutsche Bank Alibaba Health Information Technology Ltd. 1 –
(14,000) HKD Merrill Lynch Alibaba Health Information Technology Ltd.1 – –
(3,120,000) HKD Citigroup Alibaba Pictures Group Ltd. 6 –
(2,740,000) HKD J.P. Morgan Alibaba Pictures Group Ltd.1 – –
(480,000) HKD Credit Suisse Alibaba Pictures Group Ltd.1 – –
137 USD Merrill Lynch Arch Capital Group Ltd.1 – –
3,446 USD J.P. Morgan Assured Guaranty Ltd. 5 –
1,377 USD Merrill Lynch Assured Guaranty Ltd. 1 –
824 USD Citigroup Assured Guaranty Ltd. 1 –
(2,696) USD J.P. Morgan Axalta Coating Systems Ltd. 5 –
(2,685) USD Credit Suisse Axalta Coating Systems Ltd. 5 –
(291) USD Citigroup Axalta Coating Systems Ltd.1 – –
753 USD Merrill Lynch Axis Capital Holdings Ltd. 2 –
1,065 USD Citigroup Axis Capital Holdings Ltd. 1 –
173 USD J.P. Morgan Axis Capital Holdings Ltd. 1 –
(926,000) HKD Merrill Lynch Beijing Enterprises Water Group Ltd. 80 0.04
(124,000) HKD Deutsche Bank Beijing Enterprises Water Group Ltd. 11 0.01
(86,000) HKD Citigroup Beijing Enterprises Water Group Ltd. 7 0.01
(152,000) HKD Merrill Lynch Brilliance China Automotive Holdings Ltd. 43 0.02
(18,000) HKD Citigroup Brilliance China Automotive Holdings Ltd. 5 –
(276) USD J.P. Morgan Bunge Ltd. 1 –
(41,000) HKD Merrill Lynch CK Infrastructure Holdings Ltd. 10 0.01
(540) HKD J.P. Morgan CMBC Capital Holdings Ltd.1 – –
(80,000) HKD Citigroup COSCO SHIPPING Ports Ltd. 5 –
(24,000) HKD Merrill Lynch COSCO SHIPPING Ports Ltd. 1 –
(78) USD J.P. Morgan Enstar Group Ltd.1 – –
2,523 USD Merrill Lynch Essent Group Ltd. 4 –
1,470 USD Citigroup Essent Group Ltd. 1 –
213
As at 31 March 2018
Fair Value % of Net

Bermuda (continued)
(141,835) HKD J.P. Morgan GOME Electrical Appliances Holding Ltd. 1 –

65,000 HKD J.P. Morgan Haier Electronics Group Co. Ltd. 7 0.01
6,000 HKD Credit Suisse Haier Electronics Group Co. Ltd. 1 –
21,000 HKD Merrill Lynch Haier Electronics Group Co. Ltd.1 – –
17,000 HKD Deutsche Bank Haier Electronics Group Co. Ltd.1 – –
(559,348) HKD Credit Suisse Haitong International Securities Group Ltd. 19 0.01
(333,498) HKD J.P. Morgan Haitong International Securities Group Ltd. 11 0.01
(182,163) HKD Citigroup Haitong International Securities Group Ltd. 8 0.01
874 USD Merrill Lynch Helen of Troy Ltd.1 – –
66 USD J.P. Morgan Helen of Troy Ltd.1 – –
1,172 GBP Citigroup Hiscox Ltd.1 – –
(25,000) USD Merrill Lynch Hongkong Land Holdings Ltd. 1 –
(600) USD Citigroup Hongkong Land Holdings Ltd.1 – –
1,920 USD Citigroup Invesco Ltd. 1 –
35,500 HKD Merrill Lynch Kerry Properties Ltd. 4 –
9,000 HKD J.P. Morgan Kerry Properties Ltd.1 – –
1,000 HKD Credit Suisse Kerry Properties Ltd.1 – –
(34,000) HKD Merrill Lynch Kunlun Energy Co. Ltd. 1 –
(52,000) HKD Citigroup Kunlun Energy Co. Ltd.1 – –
(6,973) GBP J.P. Morgan Lancashire Holdings Ltd. 1 –
(122,000) HKD Citigroup Li & Fung Ltd. 6 0.01
(178,000) HKD Merrill Lynch Li & Fung Ltd. 5 –
(3,849) USD Citigroup Liberty Latin America Ltd. 'C' 4 –
(729) USD J.P. Morgan Liberty Latin America Ltd. 'C' 1 –
(260) USD Credit Suisse Liberty Latin America Ltd. 'C'1 – –
(193,200) HKD Merrill Lynch Man Wah Holdings Ltd. 17 0.01
(38,800) HKD Citigroup Man Wah Holdings Ltd. 3 –
(10,503) USD Citigroup Nabors Industries Ltd. 2 –
(15,977) USD Credit Suisse Nabors Industries Ltd.1 – –
(589) USD Deutsche Bank Norwegian Cruise Line Holdings Ltd. 3 –
(2,000) HKD Merrill Lynch Orient Overseas International Ltd. 1 –
882 USD Credit Suisse RenaissanceRe Holdings Ltd. 2 –
(26,000) HKD Merrill Lynch Shangri-La Asia Ltd. 5 –
(36,000) HKD Citigroup Shangri-La Asia Ltd. 2 –
362 USD Merrill Lynch Signet Jewelers Ltd.1 – –
(767) USD Citigroup Triton International Ltd.1 – –
(565) USD Citigroup XL Group Ltd.1 – –
(73) USD Credit Suisse XL Group Ltd.1 – –
Total Bermuda 306 0.15

(333) USD Citigroup Michael Kors Holdings Ltd.1 – –
Total British Virgin Islands – –
Canada (31 March 2017: 0.00%2)

(1,214) USD J.P. Morgan Lions Gate Entertainment Corp. 'B' 4 –
(1,494) USD Citigroup Lions Gate Entertainment Corp. 'B' 1 –
(6,583) USD J.P. Morgan Waste Connections, Inc. 6 0.01
214
As at 31 March 2018
Fair Value % of Net

Canada (continued)
(517) USD Merrill Lynch Waste Connections, Inc. 1 –

(1,483) USD Citigroup Waste Connections, Inc.1 – –
Total Canada 12 0.01

(21,000) HKD Citigroup AAC Technologies Holdings, Inc. 32 0.02
(1,000) HKD Merrill Lynch AAC Technologies Holdings, Inc. 1 –
48,000 HKD J.P. Morgan Agile Group Holdings Ltd. 11 0.01
20,000 HKD Credit Suisse Agile Group Holdings Ltd. 4 –
(1,305) USD J.P. Morgan Ambarella, Inc. 5 –
(2,066) USD Citigroup Ambarella, Inc. 4 –
(590) USD Credit Suisse Ambarella, Inc. 2 –
(144) USD Deutsche Bank Ambarella, Inc.1 – –
(2,600) HKD Merrill Lynch ASM Pacific Technology Ltd. 3 –
(400) HKD Citigroup ASM Pacific Technology Ltd.1 – –
43,000 USD J.P. Morgan Chailease Holding Co. Ltd. 5 –
(4,000) HKD Merrill Lynch China Conch Venture Holdings Ltd.1 – –
41,000 HKD Deutsche Bank China Medical System Holdings Ltd. 3 –
35,000 HKD Merrill Lynch China Medical System Holdings Ltd. 3 –
(4,000) HKD Citigroup China Resources Land Ltd. 1 –
(228,000) HKD Merrill Lynch China State Construction International Holdings Ltd. 28 0.02
(204,000) HKD Credit Suisse China State Construction International Holdings Ltd. 24 0.01
(240,754) HKD Citigroup China State Construction International Holdings Ltd. 10 0.01
94,000 HKD Credit Suisse CIFI Holdings Group Co. Ltd. 1 –
9,000 HKD Deutsche Bank Country Garden Holdings Co. Ltd.1 – –
5,000 HKD Merrill Lynch Country Garden Holdings Co. Ltd.1 – –
5,000 HKD Merrill Lynch ENN Energy Holdings Ltd. 4 –
2,661 USD Citigroup Fresh Del Monte Produce, Inc. 1 –
(437,000) HKD Citigroup GCL-Poly Energy Holdings Ltd. 2 –
120,000 HKD J.P. Morgan Haitian International Holdings Ltd. 11 0.01
57,000 HKD Citigroup Haitian International Holdings Ltd. 2 –
(13,000) HKD Credit Suisse Kingsoft Corp. Ltd. 4 –
68,000 HKD Credit Suisse Logan Property Holdings Co. Ltd. 4 –
37,000 HKD Citigroup Longfor Properties Co. Ltd. 1 –
3,000 HKD J.P. Morgan Longfor Properties Co. Ltd.1 – –
(133,600) HKD Merrill Lynch MGM China Holdings Ltd. 28 0.02
(21,600) HKD Credit Suisse MGM China Holdings Ltd. 6 –
(26,000) HKD Citigroup MGM China Holdings Ltd. 2 –
(20,000) HKD Merrill Lynch Minth Group Ltd. 17 0.01
(8,000) HKD Citigroup Minth Group Ltd. 2 –
(58,857) GBP J.P. Morgan Phoenix Group Holdings 28 0.02
(19,465) GBP Merrill Lynch Phoenix Group Holdings 7 –
(136,000) HKD Merrill Lynch Semiconductor Manufacturing International Corp. 11 0.01
(103,000) HKD Deutsche Bank Semiconductor Manufacturing International Corp. 8 0.01
(111,785) HKD J.P. Morgan Semiconductor Manufacturing International Corp. 8 0.01
39,000 HKD Credit Suisse Shimao Property Holdings Ltd. 3 –
5,000 HKD J.P. Morgan Shimao Property Holdings Ltd.1 – –
4,000 HKD Deutsche Bank Shimao Property Holdings Ltd.1 – –
(388) USD Merrill Lynch SINA Corp. 5 –
215
As at 31 March 2018
Fair Value % of Net

Cayman Islands (continued)
(230) USD J.P. Morgan SINA Corp. 3 –

248,000 HKD J.P. Morgan Sino Biopharmaceutical Ltd. 4 –
16,000 HKD Credit Suisse Sino Biopharmaceutical Ltd.1 – –
(561,000) HKD Merrill Lynch SOHO China Ltd. 41 0.02
(47,000) HKD Citigroup SOHO China Ltd. 1 –
(8,000) HKD Citigroup Sunac China Holdings Ltd. 1 –
(4,000) HKD Citigroup Sunny Optical Technology Group Co. Ltd. 6 –
(1,000) HKD Merrill Lynch Sunny Optical Technology Group Co. Ltd.1 – –
18,000 HKD Deutsche Bank Tingyi Cayman Islands Holding Corp. 1 –
38,000 HKD J.P. Morgan Tingyi Cayman Islands Holding Corp. 1 –
10,000 HKD Merrill Lynch Tingyi Cayman Islands Holding Corp. 1 –
2,000 HKD Credit Suisse Tingyi Cayman Islands Holding Corp.1 – –
(184,000) HKD Citigroup Value Partners Group Ltd. 7 –
84,000 HKD Merrill Lynch Want Want China Holdings Ltd.1 – –
(12,000) HKD Merrill Lynch Wharf Real Estate Investment Co. Ltd. 4 –
(11,000) HKD J.P. Morgan Wharf Real Estate Investment Co. Ltd. 3 –
4,400 HKD J.P. Morgan Wynn Macau Ltd.1 – –
16,800 HKD Citigroup Wynn Macau Ltd.1 – –
(30,500) HKD Citigroup Zhongsheng Group Holdings Ltd. 3 –
Total Cayman Islands 367 0.18
China (31 March 2017: 0.02%)

138,000 HKD J.P. Morgan Agricultural Bank of China Ltd. 'H' 2 –
(14,000) HKD Citigroup Air China Ltd. 'H'1 – –
11,500 HKD J.P. Morgan Anhui Conch Cement Co. Ltd. 'H' 3 –
1,500 HKD Credit Suisse Anhui Conch Cement Co. Ltd. 'H'1 – –
19,500 HKD Citigroup Anhui Conch Cement Co. Ltd. 'H'1 – –
(12,500) HKD J.P. Morgan BYD Co. Ltd. 'H' 17 0.01
(4,000) HKD Citigroup BYD Co. Ltd. 'H' 5 –
(1,613,000) HKD Citigroup CGN Power Co. Ltd. 'H' 3 –
(156,000) HKD J.P. Morgan CGN Power Co. Ltd. 'H' 3 –
(905,000) HKD Merrill Lynch China Cinda Asset Management Co. Ltd. 'H' 7 –
(317,000) HKD Citigroup China Cinda Asset Management Co. Ltd. 'H' 4 –
(483,000) HKD Citigroup China Everbright Bank Co. Ltd. 'H' 6 –
(381,500) HKD Merrill Lynch China Galaxy Securities Co. Ltd. 'H' 15 0.01
(140,000) HKD Citigroup China Galaxy Securities Co. Ltd. 'H' 4 –
(365,000) HKD J.P. Morgan China Huarong Asset Management Co. Ltd. 'H' 9 0.01
(63,000) HKD Merrill Lynch China Huarong Asset Management Co. Ltd. 'H' 3 –
(92,000) HKD Merrill Lynch China Life Insurance Co. Ltd. 'H' 17 0.01
(94,500) HKD Citigroup China Minsheng Banking Corp. Ltd. 'H' 3 –
(28,500) HKD Merrill Lynch China Minsheng Banking Corp. Ltd. 'H' 1 –
(5,500) HKD Credit Suisse China Minsheng Banking Corp. Ltd. 'H'1 – –
(18,400) HKD Merrill Lynch China Pacific Insurance Group Co. Ltd. 'H' 9 0.01
87,000 HKD Citigroup China Railway Group Ltd. 'H'1 – –
722,000 HKD Merrill Lynch China Telecom Corp. Ltd. 'H' 8 –
246,000 HKD Deutsche Bank China Telecom Corp. Ltd. 'H' 3 –
182,000 HKD J.P. Morgan China Telecom Corp. Ltd. 'H' 1 –
32,800 HKD Citigroup China Vanke Co. Ltd. 'H' 9 0.01
216
As at 31 March 2018
Fair Value % of Net

China (continued)
14,100 HKD Credit Suisse China Vanke Co. Ltd. 'H' 1 –

5,000 HKD J.P. Morgan China Vanke Co. Ltd. 'H' 1 –
(171,000) HKD Merrill Lynch CITIC Securities Co. Ltd. 'H' 10 0.01
(6,000) HKD Citigroup CITIC Securities Co. Ltd. 'H'1 – –
(206,000) HKD Merrill Lynch CRRC Corp. Ltd. 'H' 10 0.01
(56,000) HKD Citigroup CRRC Corp. Ltd. 'H' 2 –
(18,000) HKD Merrill Lynch Great Wall Motor Co. Ltd. 'H' 2 –
(14,000) HKD Credit Suisse Great Wall Motor Co. Ltd. 'H' 2 –
(17,500) HKD Citigroup Great Wall Motor Co. Ltd. 'H' 2 –
(254,400) HKD Merrill Lynch Haitong Securities Co. Ltd. 'H' 20 0.01
(37,200) HKD Citigroup Haitong Securities Co. Ltd. 'H' 2 –
(74,000) HKD Merrill Lynch Huatai Securities Co. Ltd. 'H' 9 0.01
(53,600) HKD Citigroup Huatai Securities Co. Ltd. 'H' 2 –
(17,200) HKD Merrill Lynch New China Life Insurance Co. Ltd. 'H' 18 0.01
(7,100) HKD Citigroup New China Life Insurance Co. Ltd. 'H' 2 –
(856,000) HKD Citigroup PetroChina Co. Ltd. 12 0.01
(96,000) HKD Merrill Lynch PICC Property & Casualty Co. Ltd. 'H' 28 0.01
(6,000) HKD Merrill Lynch Tsingtao Brewery Co. Ltd. 'H' 2 –
(90,300) HKD Merrill Lynch Zhuzhou CRRC Times Electric Co. Ltd. 'H' 34 0.02
(15,900) HKD Citigroup Zhuzhou CRRC Times Electric Co. Ltd. 'H' 3 –
Curacao (31 March 2017: 0.00%2)

(386) USD J.P. Morgan Schlumberger Ltd. 1 –
Total Curacao 1 –

(99) DKK J.P. Morgan AP Moller - Maersk A/S 'B'1 – –
552 DKK Citigroup Carlsberg A/S 'B' 1 –
61 DKK Merrill Lynch Carlsberg A/S 'B'1 – –
(2,843) DKK Merrill Lynch Chr. Hansen Holding A/S 3 –
(2,040) DKK J.P. Morgan Chr. Hansen Holding A/S 2 –
1,846 DKK Citigroup Coloplast A/S 'B' 2 –
2,011 DKK Citigroup Dfds A/S 1 –
3,082 DKK Merrill Lynch Dfds A/S 1 –
2,501 DKK J.P. Morgan Dfds A/S 1 –
1,654 DKK Credit Suisse Dfds A/S 1 –
(5,087) DKK J.P. Morgan DSV A/S 2 –
(23) DKK Credit Suisse DSV A/S1 – –
(2,750) DKK J.P. Morgan FLSmidth & Co. A/S 13 0.01
(1,101) DKK Merrill Lynch FLSmidth & Co. A/S 3 0.01
3,165 DKK J.P. Morgan H Lundbeck A/S 2 –
718 DKK Citigroup H Lundbeck A/S 1 –
(1,274) DKK Merrill Lynch Novozymes A/S 'B' 1 –
(2,084) DKK Citigroup Novozymes A/S 'B'1 – –
(226) DKK Credit Suisse Novozymes A/S 'B'1 – –
452 DKK Merrill Lynch Pandora A/S 3 –
253 DKK Citigroup Pandora A/S 1 –
16 DKK J.P. Morgan Pandora A/S1 – –
217
As at 31 March 2018
Fair Value % of Net

Denmark (continued)
1,460 DKK J.P. Morgan Royal Unibrew A/S 1 –

2,454 DKK Citigroup Royal Unibrew A/S 1 –
281 DKK Credit Suisse Royal Unibrew A/S1 – –
3,392 DKK Citigroup TDC A/S1 – –
1,342 DKK Merrill Lynch TDC A/S1 – –
1,950 DKK Citigroup Topdanmark A/S1 – –
(1,631) DKK Merrill Lynch Tryg A/S 1 –
Total Denmark 41 0.02

(967) EUR Credit Suisse Cargotec OYJ 3 –
(303) EUR Deutsche Bank Cargotec OYJ 1 –
977 EUR Credit Suisse Elisa OYJ1 – –
(11,393) EUR Merrill Lynch Fortum OYJ 6 0.01
(5,977) EUR Citigroup Fortum OYJ 5 –
(2,923) EUR J.P. Morgan Fortum OYJ 3 –
(2,631) EUR J.P. Morgan Huhtamaki OYJ 3 –
(3,701) EUR Merrill Lynch Huhtamaki OYJ 3 –
(577) EUR Credit Suisse Huhtamaki OYJ 1 –
1,167 EUR Citigroup Kemira OYJ1 – –
(550) EUR Citigroup Kesko OYJ 'B'1 – –
(136) EUR Credit Suisse Kesko OYJ 'B'1 – –
(4,957) EUR J.P. Morgan Kone OYJ 'B' 5 0.01
(1,476) EUR Credit Suisse Kone OYJ 'B' 2 –
(1,844) EUR Merrill Lynch Kone OYJ 'B' 1 –
(4,197) EUR J.P. Morgan Konecranes OYJ 3 –
(2,260) EUR Merrill Lynch Konecranes OYJ 3 –
(3,525) EUR Citigroup Konecranes OYJ 2 –
(2,610) EUR J.P. Morgan Metso OYJ 2 –
(1,798) EUR Credit Suisse Metso OYJ 2 –
(75) EUR Merrill Lynch Metso OYJ1 – –
(54,479) EUR J.P. Morgan Nokia OYJ 17 0.01
(8,640) EUR Merrill Lynch Nokia OYJ 2 –
(4,714) EUR Merrill Lynch Nokian Renkaat OYJ 2 –
(2,597) EUR J.P. Morgan Nokian Renkaat OYJ 1 –
(1,762) EUR Credit Suisse Nokian Renkaat OYJ 1 –
1,047 EUR Citigroup Sampo OYJ 'A' 1 –
8,935 EUR J.P. Morgan Stora Enso OYJ 'R' 1 –
6,387 EUR J.P. Morgan UPM-Kymmene OYJ 10 0.01
7,711 EUR Citigroup UPM-Kymmene OYJ 4 –
275 EUR Credit Suisse UPM-Kymmene OYJ1 – –
(13,041) EUR Merrill Lynch Wartsila OYJ Abp 7 0.01
(5,019) EUR Citigroup Wartsila OYJ Abp1 – –
France (31 March 2017: 0.22%)

(8,597) EUR Merrill Lynch Accor SA 17 0.01
(5,750) EUR J.P. Morgan Accor SA 11 0.01
218
As at 31 March 2018
Fair Value % of Net

France (continued)
(2,788) EUR Citigroup Accor SA 3 –

(1,295) EUR Merrill Lynch Aeroports de Paris 10 0.01
(896) EUR J.P. Morgan Aeroports de Paris 3 –
(2,907) EUR J.P. Morgan Air Liquide SA 11 0.01
(2,279) EUR Merrill Lynch Air Liquide SA 5 –
(175) EUR Deutsche Bank Air Liquide SA1 – –
(280) EUR Citigroup Air Liquide SA1 – –
(25,813) EUR Merrill Lynch ALD SA 24 0.01
(9,035) EUR J.P. Morgan ALD SA1 – –
(1,211) EUR Credit Suisse Alten SA 1 –
(307) EUR J.P. Morgan Alten SA1 – –
9,547 EUR Citigroup Altran Technologies SA 13 0.01
922 EUR J.P. Morgan Amundi SA 1 –
6,953 EUR Citigroup Atos SE 6 –
907 EUR Credit Suisse BioMerieux 2 –
(115,289) EUR J.P. Morgan Bollore SA 10 0.01
(43,742) EUR Citigroup Bollore SA 1 –
(506) EUR J.P. Morgan Bollore SA1 – –
459 EUR Citigroup Bouygues SA1 – –
3,459 EUR J.P. Morgan Bouygues SA1 – –
(14,533) EUR J.P. Morgan Bureau Veritas SA 11 0.01
(5,466) EUR Credit Suisse Bureau Veritas SA 4 –
(2,835) EUR Merrill Lynch Bureau Veritas SA 2 –
(4,542) EUR Credit Suisse Carrefour SA 3 –
4,525 EUR Credit Suisse Cie Plastic Omnium SA 1 –
3,169 EUR J.P. Morgan Cie Plastic Omnium SA 1 –
1,437 EUR J.P. Morgan CNP Assurances 1 –
(3,200) EUR Credit Suisse Credit Agricole SA 1 –
(3,491) EUR Citigroup Credit Agricole SA 1 –
94 EUR Credit Suisse Dassault Aviation SA 8 0.01
63 EUR J.P. Morgan Dassault Aviation SA 6 –
73 EUR Merrill Lynch Dassault Aviation SA 3 –
13 EUR Deutsche Bank Dassault Aviation SA 1 –
(21) EUR Merrill Lynch Dassault Systemes SE1 – –
(2,788) EUR J.P. Morgan Edenred 1 –
(1,164) EUR Merrill Lynch Edenred 1 –
424 EUR J.P. Morgan Eiffage SA 1 –
123 EUR Credit Suisse Eiffage SA1 – –
(6,004) EUR J.P. Morgan Elior Group 7 0.01
(2,884) EUR Credit Suisse Elior Group 3 –
(913) EUR Merrill Lynch Elior Group1 – –
(8,659) EUR Merrill Lynch Elis SA 7 0.01
(6,309) EUR Deutsche Bank Elis SA 5 –
(5,716) EUR J.P. Morgan Elis SA 5 –
21,008 EUR J.P. Morgan Engie SA 9 0.01
5,915 EUR Merrill Lynch Engie SA 1 –
1,863 EUR Citigroup Engie SA1 – –
77 EUR Credit Suisse Engie SA1 – –
(1,629) EUR J.P. Morgan Essilor International SA 4 –
219
As at 31 March 2018
Fair Value % of Net

France (continued)
(1,487) EUR Merrill Lynch Essilor International SA 3 –

(3,879) EUR J.P. Morgan Eutelsat Communications SA 8 0.01
(2,030) EUR Merrill Lynch Eutelsat Communications SA 3 –
5,605 EUR Citigroup Faurecia 4 –
739 EUR Citigroup Fonciere Des Regions, REIT1 – –
145 EUR Merrill Lynch Fonciere Des Regions, REIT1 – –
48 EUR J.P. Morgan Fonciere Des Regions, REIT1 – –
(570) EUR Citigroup Gecina SA, REIT 1 –
(86) EUR Credit Suisse Gecina SA, REIT1 – –
(20,600) EUR J.P. Morgan Groupe Eurotunnel SE 7 0.01
(16,054) EUR Merrill Lynch Groupe Eurotunnel SE 4 –
604 EUR Citigroup ICADE, REIT1 – –
(2,635) EUR J.P. Morgan Iliad SA 77 0.04
(594) EUR Citigroup Iliad SA 2 –
(133) EUR Deutsche Bank Iliad SA 1 –
(2,036) EUR Merrill Lynch Ingenico Group SA 3 –
172 EUR Citigroup Ipsen SA 1 –
1,132 EUR Merrill Lynch Ipsen SA1 – –
(3,829) EUR J.P. Morgan JCDecaux SA 7 0.01
(1,562) EUR Merrill Lynch JCDecaux SA 1 –
(1,265) EUR Citigroup JCDecaux SA 1 –
156 EUR Merrill Lynch Kering1 – –
(8,369) EUR Merrill Lynch Korian SA 5 –
(167) EUR Deutsche Bank Korian SA1 – –
591 EUR Citigroup Lagardere SCA1 – –
110 EUR Credit Suisse L'Oreal SA1 – –
5,533 EUR Citigroup Metropole Television SA 1 –
(9,046) EUR Credit Suisse Natixis SA 2 –
(1,550) EUR J.P. Morgan Natixis SA1 – –
(138) EUR Citigroup Natixis SA1 – –
(1,402) EUR Credit Suisse Nexans SA 4 –
(455) EUR Merrill Lynch Nexans SA 2 –
(711) EUR Citigroup Nexans SA1 – –
19,333 EUR Citigroup Orange SA 3 –
11,714 EUR Citigroup Peugeot SA 11 0.01
19,018 EUR J.P. Morgan Peugeot SA 5 –
3,150 EUR Merrill Lynch Peugeot SA 2 –
(1,323) EUR Merrill Lynch Publicis Groupe SA 1 –
(324) EUR Credit Suisse Publicis Groupe SA1 – –
(4,124) EUR Merrill Lynch Rexel SA 2 –
(2,758) EUR J.P. Morgan Rexel SA 2 –
(3,714) EUR Citigroup Rubis SCA 3 –
(6,956) EUR J.P. Morgan Rubis SCA 1 –
1,356 EUR Citigroup Safran SA 1 –
1,603 EUR Citigroup Sanofi 1 –
2,615 EUR J.P. Morgan Sanofi 1 –
2,529 EUR Citigroup SCOR SE 2 –
220
As at 31 March 2018
Fair Value % of Net

France (continued)
(582) EUR J.P. Morgan Societe BIC SA 4 –

(432) EUR Merrill Lynch Societe BIC SA 2 –
(139) EUR Credit Suisse Societe BIC SA 1 –
(1,489) EUR Credit Suisse Societe Generale SA 3 –
(805) EUR J.P. Morgan Societe Generale SA 2 –
(753) EUR Merrill Lynch Societe Generale SA1 – –
(987) EUR Credit Suisse Sodexo SA 19 0.01
(644) EUR Citigroup Sodexo SA 11 0.01
(4,904) EUR Credit Suisse SPIE SA 17 0.01
(1,800) EUR J.P. Morgan SPIE SA 6 –
(1,032) EUR Merrill Lynch SPIE SA 1 –
(541) EUR Deutsche Bank SPIE SA1 – –
(498) EUR J.P. Morgan Tarkett SA 1 –
(4,855) EUR Credit Suisse Technicolor SA 2 –
(5,374) EUR Merrill Lynch Technicolor SA 1 –
(1,212) EUR J.P. Morgan Technicolor SA1 – –
(3,492) EUR Citigroup Technicolor SA1 – –
1,511 EUR Merrill Lynch Thales SA 2 –
260 EUR Citigroup Thales SA 1 –
30 EUR Credit Suisse Trigano SA1 – –
(23,194) EUR Citigroup Vallourec SA 6 –
(80,026) EUR Merrill Lynch Vallourec SA 3 –
(19,274) EUR J.P. Morgan Vallourec SA 2 –
(4,311) EUR Deutsche Bank Vallourec SA1 – –
1,684 EUR Citigroup Veolia Environnement SA 1 –
(581) EUR J.P. Morgan Vicat SA 2 –
(261) EUR Merrill Lynch Vicat SA 1 –
(62) EUR Credit Suisse Vicat SA1 – –
(68) EUR Citigroup Vicat SA1 – –
1,250 EUR Citigroup Vinci SA 1 –
(4,023) EUR Merrill Lynch Vivendi SA 3 –
(3,967) EUR Citigroup Vivendi SA 1 –
(795) EUR J.P. Morgan Wendel SA 13 0.01
(703) EUR Citigroup Wendel SA 2 –
Total France 485 0.24

1,838 EUR J.P. Morgan Aurubis AG 1 –
157 EUR Citigroup Aurubis AG1 – –
(725) EUR J.P. Morgan Axel Springer SE1 – –
1,426 EUR Merrill Lynch Beiersdorf AG 7 0.01
676 EUR Citigroup Beiersdorf AG 3 –
686 EUR Credit Suisse Beiersdorf AG 2 –
167 EUR J.P. Morgan Beiersdorf AG1 – –
(1,581) EUR Deutsche Bank Bilfinger SE 1 –
(38) EUR Merrill Lynch Bilfinger SE1 – –
(982) EUR J.P. Morgan Brenntag AG 3 –
(23,134) EUR J.P. Morgan Commerzbank AG 43 0.02
(1,964) EUR Merrill Lynch Commerzbank AG 3 –
221
As at 31 March 2018
Fair Value % of Net

Germany (continued)
(312) EUR Merrill Lynch CompuGroup Medical SE1 – –

231 EUR Merrill Lynch Continental AG1 – –
285 EUR Citigroup Continental AG1 – –
162 EUR J.P. Morgan Continental AG1 – –
36 EUR Deutsche Bank Continental AG1 – –
(4,443) EUR Merrill Lynch CTS Eventim AG & Co. KGaA 16 0.01
(24,200) EUR Merrill Lynch Deutsche Bank AG 35 0.02
(18,925) EUR J.P. Morgan Deutsche Bank AG 34 0.02
(571) EUR Credit Suisse Deutsche Bank AG 1 –
(788) EUR Citigroup Deutsche Boerse AG 1 –
400 EUR Citigroup Deutsche EuroShop AG1 – –
3,328 EUR Citigroup Deutsche Telekom AG 1 –
2,463 EUR Merrill Lynch Deutsche Telekom AG1 – –
(4,236) EUR J.P. Morgan Drillisch AG 36 0.02
(6,594) EUR Citigroup Drillisch AG 25 0.01
(3,381) EUR Merrill Lynch Drillisch AG 24 0.01
(2,402) EUR Deutsche Bank Drillisch AG 17 0.01
(29,528) EUR Merrill Lynch E.ON SE 4 –
11,441 EUR Citigroup Evonik Industries AG 4 –
1,317 EUR Merrill Lynch Evonik Industries AG1 – –
(8,869) EUR Merrill Lynch Evotec AG 1 –
(767) EUR Merrill Lynch Fraport AG Frankfurt Airport Services Worldwide 4 –
(781) EUR J.P. Morgan Fraport AG Frankfurt Airport Services Worldwide 4 –
876 EUR Merrill Lynch Fresenius Medical Care AG & Co. KGaA 1 –
62 EUR Deutsche Bank Fresenius Medical Care AG & Co. KGaA1 – –
(4,681) EUR J.P. Morgan GEA Group AG 18 0.01
(1,526) EUR Merrill Lynch GEA Group AG 2 –
(154) EUR Credit Suisse GEA Group AG 1 –
1,142 EUR J.P. Morgan Gerresheimer AG 1 –
17 EUR Citigroup Gerresheimer AG1 – –
(698) EUR J.P. Morgan GRENKE AG 2 –
38 EUR Citigroup Hannover Rueck SE1 – –
(9,473) EUR Citigroup Hapag-Lloyd AG 8 0.01
(3,560) EUR Deutsche Bank Hapag-Lloyd AG 1 –
(1,583) EUR J.P. Morgan Hapag-Lloyd AG 1 –
(528) EUR J.P. Morgan HeidelbergCement AG 1 –
1,850 EUR J.P. Morgan HOCHTIEF AG 10 0.01
879 EUR Merrill Lynch HOCHTIEF AG 1 –
696 EUR Citigroup HOCHTIEF AG 1 –
142 EUR Credit Suisse HOCHTIEF AG 1 –
415 EUR Credit Suisse HUGO BOSS AG 1 –
192 EUR J.P. Morgan HUGO BOSS AG 1 –
(2,425) EUR J.P. Morgan Infineon Technologies AG 4 –
(489) EUR Merrill Lynch Innogy SE1 – –
(312) EUR Deutsche Bank Innogy SE1 – –
(5,180) EUR J.P. Morgan K+S AG 1 –
(324) EUR Credit Suisse LANXESS AG 2 –
(290) EUR J.P. Morgan LANXESS AG 2 –
222
As at 31 March 2018
Fair Value % of Net

Germany (continued)
1,046 EUR Merrill Lynch LEG Immobilien AG 4 –

625 EUR J.P. Morgan LEG Immobilien AG 1 –
217 EUR Citigroup LEG Immobilien AG 1 –
(829) EUR J.P. Morgan Linde AG 16 0.01
(194) EUR Merrill Lynch Linde AG 4 –
(2,721) EUR Merrill Lynch MAN SE 3 –
(647) EUR Citigroup MAN SE1 – –
(558) EUR Credit Suisse MAN SE1 – –
(3,620) EUR J.P. Morgan MAN SE1 – –
3,865 EUR Citigroup Merck KGaA 7 –
378 EUR Credit Suisse Merck KGaA1 – –
300 EUR J.P. Morgan Merck KGaA1 – –
2,557 EUR Citigroup METRO AG1 – –
773 EUR Merrill Lynch MTU Aero Engines AG 1 –
38 EUR Citigroup MTU Aero Engines AG1 – –
1,925 EUR J.P. Morgan Muenchener Rueckversicherungs-Gesellschaft AG 9 0.01
928 EUR Merrill Lynch Muenchener Rueckversicherungs-Gesellschaft AG 2 –
175 EUR Deutsche Bank Muenchener Rueckversicherungs-Gesellschaft AG1 – –
2,172 EUR Citigroup ProSiebenSat.1 Media SE 2 –
525 EUR Merrill Lynch ProSiebenSat.1 Media SE 1 –
1,693 EUR J.P. Morgan Rheinmetall AG 15 0.01
2,504 EUR Merrill Lynch Rheinmetall AG 11 0.01
576 EUR Credit Suisse Rheinmetall AG 5 –
159 EUR Deutsche Bank Rheinmetall AG 1 –
11,512 EUR Merrill Lynch RHOEN-KLINIKUM AG 3 –
3,401 EUR Citigroup RHOEN-KLINIKUM AG1 – –
(1,966) EUR J.P. Morgan SAP SE 6 –
(369) EUR J.P. Morgan Sartorius AG, Preference 2 –
382 EUR Citigroup Scout24 AG1 – –
68 EUR Merrill Lynch Scout24 AG1 – –
(1,044) EUR J.P. Morgan Siemens AG 2 –
(36) EUR Credit Suisse Siemens AG1 – –
2,894 EUR Citigroup Software AG1 – –
(1,040) EUR J.P. Morgan Stroeer SE & Co. KGaA1 – –
(4,050) EUR J.P. Morgan Symrise AG 3 –
(10,102) EUR Credit Suisse Telefonica Deutschland Holding AG 1 –
(7,270) EUR Merrill Lynch thyssenkrupp AG 5 –
(6,552) EUR J.P. Morgan thyssenkrupp AG 2 –
(3,230) EUR Citigroup thyssenkrupp AG 2 –
(191) EUR Credit Suisse thyssenkrupp AG1 – –
1,686 GBP Citigroup TUI AG1 – –
1,049 EUR Merrill Lynch Uniper SE1 – –
(1,961) EUR J.P. Morgan United Internet AG 12 0.01
(157) EUR Credit Suisse United Internet AG 1 –
(1,794) EUR Citigroup United Internet AG 1 –
405 EUR Deutsche Bank Wacker Chemie AG 2 –
(1,138) EUR Merrill Lynch Wirecard AG 8 0.01
(293) EUR J.P. Morgan Wirecard AG 1 –
(3,184) EUR J.P. Morgan Zalando SE 7 0.01
223
As at 31 March 2018
Fair Value % of Net

Germany (continued)
(5,073) EUR Citigroup Zalando SE 3 –

Total Germany 474 0.23

1,674 GBP J.P. Morgan Burford Capital Ltd. 5 –
Total Guernsey 5 –
Hong Kong (31 March 2017: 0.11%)

800 HKD Credit Suisse AIA Group Ltd.1 – –
(32,700) HKD Citigroup Bank of East Asia Ltd. (The) 8 0.01
(21,639) HKD J.P. Morgan Bank of East Asia Ltd. (The) 4 –
(6,940) HKD Credit Suisse Bank of East Asia Ltd. (The) 1 –
(4,600) HKD Merrill Lynch Bank of East Asia Ltd. (The) 1 –
(20,500) HKD Merrill Lynch BOC Hong Kong Holdings Ltd. 4 –
(519,000) HKD Merrill Lynch China Everbright International Ltd. 65 0.03
(1,000) HKD Citigroup China Everbright International Ltd.1 – –
(412,000) HKD Citigroup China Jinmao Holdings Group Ltd. 8 0.01
(114,033) HKD Merrill Lynch China Merchants Port Holdings Co. Ltd. 10 0.01
(93,569) HKD Citigroup China Merchants Port Holdings Co. Ltd. 10 0.01
(68,220) HKD Credit Suisse China Merchants Port Holdings Co. Ltd. 5 –
21,000 HKD Credit Suisse China Mobile Ltd.1 – –
15,000 HKD J.P. Morgan China Mobile Ltd.1 – –
2,000 HKD Deutsche Bank China Mobile Ltd.1 – –
(8,000) HKD Citigroup China Overseas Land & Investment Ltd. 2 –
(768,000) HKD Credit Suisse China Power International Development Ltd.1 – –
48,000 HKD J.P. Morgan China Resources Pharmaceutical Group Ltd. 2 –
9,500 HKD Deutsche Bank China Resources Pharmaceutical Group Ltd. 1 –
2,500 HKD Credit Suisse China Resources Pharmaceutical Group Ltd.1 – –
40,000 HKD Merrill Lynch China Resources Power Holdings Co. Ltd. 1 –
(104,200) HKD Merrill Lynch China Taiping Insurance Holdings Co. Ltd. 50 0.03
62,500 HKD J.P. Morgan CLP Holdings Ltd. 5 0.01
30,500 HKD Credit Suisse CLP Holdings Ltd. 3 –
19,500 HKD Merrill Lynch CLP Holdings Ltd. 2 –
82,000 HKD Credit Suisse CNOOC Ltd. 4 –
17,000 HKD J.P. Morgan CNOOC Ltd. 1 –
98,000 HKD J.P. Morgan CSPC Pharmaceutical Group Ltd. 22 0.01
38,000 HKD Merrill Lynch CSPC Pharmaceutical Group Ltd. 4 –
14,000 HKD Credit Suisse CSPC Pharmaceutical Group Ltd. 3 –
(1,200) HKD Citigroup Dah Sing Financial Holdings Ltd.1 – –
(12,800) HKD Merrill Lynch Dah Sing Financial Holdings Ltd.1 – –
(91,000) HKD Citigroup Far East Horizon Ltd. 3 –
5,000 HKD J.P. Morgan Fosun International Ltd.1 – –
16,000 HKD J.P. Morgan Galaxy Entertainment Group Ltd. 5 –
10,000 HKD Merrill Lynch Galaxy Entertainment Group Ltd. 1 –
16,000 HKD J.P. Morgan Guangdong Investment Ltd. 1 –
(497,000) HKD Merrill Lynch Guotai Junan International Holdings Ltd. 15 0.01
(127,000) HKD Deutsche Bank Guotai Junan International Holdings Ltd. 4 –
(358,000) HKD Citigroup Guotai Junan International Holdings Ltd. 3 –
224
As at 31 March 2018
Fair Value % of Net

Hong Kong (continued)
(297,352) HKD J.P. Morgan Guotai Junan International Holdings Ltd. 3 –

(21,000) HKD Merrill Lynch Hang Lung Group Ltd. 5 –
(23,000) HKD Citigroup Hang Lung Group Ltd. 2 –
(53,000) HKD Merrill Lynch Hang Lung Properties Ltd. 3 –
(12,000) HKD Citigroup Hang Lung Properties Ltd. 1 –
2,200 HKD J.P. Morgan Henderson Land Development Co. Ltd.1 – –
423,500 HKD J.P. Morgan HK Electric Investments & HK Electric Investments Ltd. 10 0.01
241,000 HKD Merrill Lynch HK Electric Investments & HK Electric Investments Ltd. 5 –
146,000 HKD Credit Suisse HK Electric Investments & HK Electric Investments Ltd. 4 –
118,500 HKD Deutsche Bank HK Electric Investments & HK Electric Investments Ltd. 3 –
156,800 HKD Credit Suisse Hong Kong & China Gas Co. Ltd. 10 0.01
29,700 HKD Merrill Lynch Hong Kong & China Gas Co. Ltd.1 – –
71 HKD J.P. Morgan Hutchison Whampoa Ltd.1 – –
24,000 HKD Citigroup Hysan Development Co. Ltd. 1 –
(124,000) HKD Citigroup Lenovo Group Ltd. 2 –
(98,000) HKD Merrill Lynch Lenovo Group Ltd. 1 –
58,000 HKD Credit Suisse Melco International Development Ltd. 2 –
(104,000) HKD Deutsche Bank MMG Ltd. 6 0.01
(200,000) HKD Citigroup MMG Ltd. 4 –
(292,490) HKD Merrill Lynch New World Development Co. Ltd. 33 0.02
(105,159) HKD Citigroup New World Development Co. Ltd. 4 –
12,500 HKD J.P. Morgan Power Assets Holdings Ltd. 2 –
2,000 HKD Merrill Lynch Power Assets Holdings Ltd.1 – –
(189,000) HKD Merrill Lynch Sino-Ocean Group Holding Ltd. 4 –
46,000 HKD Merrill Lynch Sun Art Retail Group Ltd. 1 –
80,000 HKD J.P. Morgan Sun Art Retail Group Ltd. 1 –
(48,500) HKD Merrill Lynch Swire Pacific Ltd. 'A' 9 0.01
(5,000) HKD Citigroup Swire Pacific Ltd. 'A' 1 –
(48,200) HKD Merrill Lynch Swire Properties Ltd. 2 –
(200) HKD Citigroup Swire Properties Ltd.1 – –
2,000 HKD Merrill Lynch Techtronic Industries Co. Ltd.1 – –
1,000 HKD Deutsche Bank Techtronic Industries Co. Ltd.1 – –
(21,000) HKD Merrill Lynch Wharf Holdings Ltd. (The) 3 –
(26,000) HKD Citigroup Wharf Holdings Ltd. (The) 1 –
(13,000) HKD Merrill Lynch Wheelock & Co. Ltd. 4 –
(8,000) HKD Credit Suisse Wheelock & Co. Ltd. 1 –
(3,000) HKD Citigroup Wheelock & Co. Ltd. 1 –

1,245 USD Citigroup Accenture plc 'A' 3 –
(2,485) USD Citigroup Adient plc1 – –
(1,601) USD J.P. Morgan Alkermes plc 4 –
(747) USD Citigroup Alkermes plc 1 –
911 USD Citigroup Allegion plc 1 –
406 USD Credit Suisse Allegion plc1 – –
(509) USD Deutsche Bank Eaton Corp. plc 1 –
(60,236) GBP J.P. Morgan Greencore Group plc 36 0.02
(4,012) GBP Credit Suisse Greencore Group plc 2 –
225
As at 31 March 2018
Fair Value % of Net

Ireland (continued)
(321) USD J.P. Morgan Horizon Pharma plc1 – –

(752) USD Citigroup Pentair plc 1 –
(150) USD Credit Suisse Pentair plc1 – –
132 GBP Deutsche Bank UDG Healthcare plc1 – –
(65,943) USD Deutsche Bank Weatherford International plc 23 0.01
(20,043) USD Credit Suisse Weatherford International plc 6 0.01
(34,924) USD Citigroup Weatherford International plc 3 –
Isle of Man (31 March 2017: 0.00%2)

(24,288) GBP Merrill Lynch GVC Holdings plc 8 0.01
(2,908) GBP J.P. Morgan Playtech plc 2 –
Total Isle of Man 10 0.01
Israel (31 March 2017: 0.00%2)

(3,283) USD Citigroup Mellanox Technologies Ltd. 3 –
Total Israel 3 –
Italy (31 March 2017: 0.10%)

118,600 EUR Citigroup A2A SpA 9 0.01
98,124 EUR Merrill Lynch A2A SpA 7 0.01
11,450 EUR J.P. Morgan A2A SpA 1 –
8,280 EUR Credit Suisse A2A SpA 1 –
1,061 EUR Citigroup ACEA SpA1 – –
1,640 EUR Merrill Lynch Amplifon SpA 1 –
549 EUR J.P. Morgan Amplifon SpA1 – –
8,700 EUR J.P. Morgan Anima Holding SpA 3 –
1,268 EUR Merrill Lynch Anima Holding SpA1 – –
438 EUR Credit Suisse Anima Holding SpA1 – –
2,369 EUR Credit Suisse Assicurazioni Generali SpA1 – –
9,314 EUR Citigroup Assicurazioni Generali SpA1 – –
(6,215) EUR J.P. Morgan Atlantia SpA 12 0.01
(9,862) EUR Citigroup Banca Popolare di Sondrio SCPA 1 –
(103,230) EUR J.P. Morgan Banco BPM SpA 23 0.01
(34,276) EUR Merrill Lynch Banco BPM SpA 7 0.01
(15,569) EUR J.P. Morgan BPER Banca 4 –
(20,930) EUR Merrill Lynch BPER Banca 2 –
(15,047) EUR Citigroup BPER Banca1 – –
(2,325) EUR Deutsche Bank BPER Banca1 – –
(1,179) EUR Deutsche Bank Brunello Cucinelli SpA 1 –
(1,072) EUR Merrill Lynch Brunello Cucinelli SpA 1 –
(2,184) EUR Citigroup Brunello Cucinelli SpA 1 –
(32,860) EUR J.P. Morgan Davide Campari-Milano SpA1 – –
(939) EUR J.P. Morgan DiaSorin SpA1 – –
37,833 EUR Citigroup Enel SpA 7 0.01
42,548 EUR J.P. Morgan Enel SpA 6 –
28,780 EUR Merrill Lynch Enel SpA 2 –
5,498 EUR Credit Suisse Enel SpA 1 –
226
As at 31 March 2018
Fair Value % of Net

Italy (continued)
8,042 EUR J.P. Morgan ERG SpA 9 0.01

1,529 EUR Credit Suisse ERG SpA 2 –
167 EUR Merrill Lynch Industria Macchine Automatiche SpA1 – –
14 EUR J.P. Morgan Industria Macchine Automatiche SpA1 – –
255 EUR Citigroup Industria Macchine Automatiche SpA1 – –
(18,427) EUR J.P. Morgan Intesa Sanpaolo SpA 2 –
(21,614) EUR Merrill Lynch Intesa Sanpaolo SpA 1 –
82,204 EUR J.P. Morgan Iren SpA 6 –
27,262 EUR Citigroup Iren SpA 3 –
18,751 EUR Credit Suisse Iren SpA 1 –
23,300 EUR Merrill Lynch Iren SpA 1 –
1,231 EUR Deutsche Bank Iren SpA1 – –
(950) EUR Merrill Lynch Leonardo SpA1 – –
(4,075) EUR J.P. Morgan Luxottica Group SpA 4 –
(974) EUR Credit Suisse Luxottica Group SpA 1 –
(657) EUR Deutsche Bank Luxottica Group SpA 1 –
(189) EUR Merrill Lynch Luxottica Group SpA1 – –
44,803 EUR Citigroup Mediaset SpA 3 –
10,236 EUR Merrill Lynch Mediaset SpA1 – –
4,841 EUR Credit Suisse Moncler SpA 8 0.01
745 EUR Merrill Lynch Moncler SpA 1 –
2,111 EUR Citigroup Moncler SpA 1 –
981 EUR Citigroup Recordati SpA 2 –
4,869 EUR J.P. Morgan Recordati SpA 1 –
1,187 EUR Merrill Lynch Recordati SpA 1 –
622 EUR Credit Suisse Recordati SpA1 – –
5,956 EUR Citigroup Snam SpA 1 –
7,955 EUR J.P. Morgan Snam SpA1 – –
11,834 EUR Merrill Lynch Societa Iniziative Autostradali e Servizi SpA 1 –
8,536 EUR J.P. Morgan Societa Iniziative Autostradali e Servizi SpA1 – –
22,342 EUR J.P. Morgan Terna Rete Elettrica Nazionale SpA 3 –
11,392 EUR Credit Suisse Terna Rete Elettrica Nazionale SpA 1 –
2,442 EUR Deutsche Bank Terna Rete Elettrica Nazionale SpA1 – –
(1,457) EUR Deutsche Bank Tod's SpA 2 –
(2,332) EUR Citigroup Tod's SpA 1 –
(210) EUR J.P. Morgan Tod's SpA1 – –
(66) EUR Merrill Lynch Tod's SpA1 – –
(19,418) EUR J.P. Morgan UniCredit SpA 4 –
(2,371) EUR Credit Suisse UniCredit SpA 1 –
(1,185) EUR Merrill Lynch UniCredit SpA1 – –
(28,821) EUR J.P. Morgan Unione di Banche Italiane SpA 4 –
(6,701) EUR Merrill Lynch Unione di Banche Italiane SpA 1 –
(12,404) EUR Citigroup Unione di Banche Italiane SpA1 – –
(45,265) EUR J.P. Morgan Unipol Gruppo Finanziario SpA 3 –
(31,264) EUR Merrill Lynch Unipol Gruppo Finanziario SpA 2 –
(8,172) EUR Credit Suisse Unipol Gruppo Finanziario SpA 1 –
(79,739) EUR Citigroup UnipolSai Assicurazioni SpA 1 –
(45,924) EUR Merrill Lynch UnipolSai Assicurazioni SpA 1 –
227
As at 31 March 2018
Fair Value % of Net

Italy (continued)
(6,294) EUR J.P. Morgan UnipolSai Assicurazioni SpA1 – –

(877) EUR Deutsche Bank UnipolSai Assicurazioni SpA1 – –
Total Italy 165 0.08
Japan (31 March 2017: 0.58%)

(500) JPY Merrill Lynch Acom Co. Ltd.1 – –
3,400 JPY Deutsche Bank Aeon Co. Ltd. 1 –
3,100 JPY Citigroup Aeon Co. Ltd. 1 –
1,200 JPY Credit Suisse Aeon Co. Ltd. 1 –
1,600 JPY Merrill Lynch Aeon Co. Ltd. 1 –
500 JPY J.P. Morgan Aeon Co. Ltd.1 – –
(3,900) JPY Citigroup AEON Financial Service Co. Ltd.1 – –
(7,300) JPY Citigroup Aiful Corp.1 – –
(500) JPY J.P. Morgan Aisin Seiki Co. Ltd. 1 –
1,000 JPY Citigroup Ajinomoto Co., Inc.1 – –
5,700 JPY J.P. Morgan Ajinomoto Co., Inc.1 – –
2,100 JPY Credit Suisse Alfresa Holdings Corp.1 – –
1,100 JPY J.P. Morgan Alfresa Holdings Corp.1 – –
1,700 JPY Citigroup Alfresa Holdings Corp.1 – –
(2,400) JPY Merrill Lynch Alps Electric Co. Ltd. 4 –
(3,000) JPY J.P. Morgan Alps Electric Co. Ltd. 3 –
(2,600) JPY Credit Suisse Alps Electric Co. Ltd. 2 –
(2,900) JPY Citigroup Alps Electric Co. Ltd. 2 –
(900) JPY Merrill Lynch ANA Holdings, Inc. 1 –
(600) JPY Credit Suisse ANA Holdings, Inc. 1 –
(100) JPY Citigroup ANA Holdings, Inc.1 – –
3,600 JPY Merrill Lynch Asahi Glass Co. Ltd. 2 –
600 JPY Credit Suisse Asahi Glass Co. Ltd. 1 –
500 JPY Deutsche Bank Asahi Glass Co. Ltd.1 – –
(2,500) JPY Merrill Lynch Asahi Kasei Corp.1 – –
(1,800) JPY Citigroup Asahi Kasei Corp.1 – –
600 JPY Credit Suisse Asics Corp. 1 –
30,900 JPY Merrill Lynch Astellas Pharma, Inc. 15 0.01
11,200 JPY Credit Suisse Astellas Pharma, Inc. 6 0.01
4,700 JPY J.P. Morgan Azbil Corp. 10 0.01
400 JPY Credit Suisse Azbil Corp. 1 –
2,500 JPY Citigroup Azbil Corp.1 – –
(1,400) JPY Citigroup Benesse Holdings, Inc.1 – –
(100) JPY Merrill Lynch Benesse Holdings, Inc.1 – –
(1,100) JPY J.P. Morgan Benesse Holdings, Inc.1 – –
6,100 JPY Citigroup Bridgestone Corp. 2 –
3,800 JPY J.P. Morgan Bridgestone Corp. 2 –
(3,000) JPY Citigroup Calbee, Inc.1 – –
9,500 JPY J.P. Morgan Canon Marketing Japan, Inc. 7 0.01
400 JPY Credit Suisse Canon Marketing Japan, Inc.1 – –
1,600 JPY Merrill Lynch Canon Marketing Japan, Inc.1 – –
100 JPY Citigroup Canon Marketing Japan, Inc.1 – –
3,800 JPY Merrill Lynch Central Japan Railway Co. 15 0.01
228
As at 31 March 2018
Fair Value % of Net

Japan (continued)
1,300 JPY Deutsche Bank Central Japan Railway Co. 5 –

1,300 JPY Citigroup Central Japan Railway Co. 4 –
600 JPY J.P. Morgan Central Japan Railway Co. 2 –
(32,460) JPY J.P. Morgan Chiyoda Corp. 15 0.01
(5,400) JPY Citigroup Chiyoda Corp. 2 –
(3,200) JPY Citigroup Chugai Pharmaceutical Co. Ltd. 8 0.01
2,100 JPY Deutsche Bank COMSYS Holdings Corp.1 – –
600 JPY Merrill Lynch COMSYS Holdings Corp.1 – –
(1,800) JPY Merrill Lynch Concordia Financial Group Ltd.1 – –
(400) JPY Merrill Lynch Cosmos Pharmaceutical Corp. 1 –
1,300 JPY Credit Suisse CyberAgent, Inc. 4 –
500 JPY Citigroup CyberAgent, Inc.1 – –
500 JPY J.P. Morgan Dai Nippon Printing Co. Ltd.1 – –
(400) JPY J.P. Morgan Daido Steel Co. Ltd. 1 –
(400) JPY Citigroup Daido Steel Co. Ltd. 1 –
(300) JPY Credit Suisse Daido Steel Co. Ltd. 1 –
(100) JPY Merrill Lynch Daido Steel Co. Ltd.1 – –
(5,400) JPY Merrill Lynch Daifuku Co. Ltd. 33 0.02
(100) JPY Deutsche Bank Daifuku Co. Ltd. 1 –
(400) JPY Credit Suisse Daifuku Co. Ltd.1 – –
(8,300) JPY Merrill Lynch Dai-ichi Life Holdings, Inc. 5 –
(3,700) JPY Citigroup Dai-ichi Life Holdings, Inc. 2 –
(200) JPY Credit Suisse Dai-ichi Life Holdings, Inc.1 – –
(100) JPY Merrill Lynch Daikin Industries Ltd.1 – –
900 JPY J.P. Morgan Daishi Bank Ltd. (The)1 – –
(8,600) JPY Merrill Lynch DeNA Co. Ltd. 3 –
(1,300) JPY Merrill Lynch Dentsu, Inc. 1 –
(4,400) JPY J.P. Morgan Dentsu, Inc. 1 –
(2,100) JPY Citigroup Dentsu, Inc.1 – –
(200) JPY Citigroup Disco Corp. 3 –
600 JPY J.P. Morgan DMG Mori Co. Ltd.1 – –
(500) JPY Credit Suisse Don Quijote Holdings Co. Ltd.1 – –
1,400 JPY Credit Suisse East Japan Railway Co. 2 –
1,100 JPY Citigroup East Japan Railway Co. 1 –
600 JPY J.P. Morgan East Japan Railway Co. 1 –
800 JPY Merrill Lynch East Japan Railway Co.1 – –
(2,100) JPY Merrill Lynch Ebara Corp. 3 –
200 JPY Credit Suisse Eisai Co. Ltd. 1 –
1,400 JPY J.P. Morgan Ezaki Glico Co. Ltd. 5 –
800 JPY Credit Suisse Ezaki Glico Co. Ltd. 3 –
900 JPY Citigroup Ezaki Glico Co. Ltd. 1 –
800 JPY Merrill Lynch Ezaki Glico Co. Ltd. 1 –
700 JPY Deutsche Bank Ezaki Glico Co. Ltd. 1 –
(100) JPY Merrill Lynch Fast Retailing Co. Ltd.1 – –
(100) JPY Merrill Lynch Fuji Oil Holdings, Inc.1 – –
27,000 JPY Credit Suisse Fujitsu Ltd. 4 –
22,000 JPY J.P. Morgan Fujitsu Ltd. 3 –
29,000 JPY Citigroup Fujitsu Ltd. 2 –
229
As at 31 March 2018
Fair Value % of Net

Japan (continued)
20,000 JPY Merrill Lynch Fujitsu Ltd.1 – –

200 JPY J.P. Morgan Fukuyama Transporting Co. Ltd.1 – –
(300) JPY Citigroup Furukawa Electric Co. Ltd. 1 –
(100) JPY Credit Suisse Furukawa Electric Co. Ltd.1 – –
900 JPY Citigroup Glory Ltd.1 – –
(1,700) JPY Citigroup GMO Payment Gateway, Inc. 5 –
(1,100) JPY J.P. Morgan H2O Retailing Corp.1 – –
(6,700) JPY J.P. Morgan Hamamatsu Photonics KK 6 0.01
1,000 JPY Merrill Lynch Hankyu Hanshin Holdings, Inc.1 – –
300 JPY Citigroup Hankyu Hanshin Holdings, Inc.1 – –
(1,500) JPY Deutsche Bank Harmonic Drive Systems, Inc. 5 –
(8,866) JPY J.P. Morgan Harmonic Drive Systems, Inc. 1 –
(88) JPY Citigroup Harmonic Drive Systems, Inc.1 – –
14,000 JPY Merrill Lynch Haseko Corp. 8 0.01
1,600 JPY Credit Suisse Haseko Corp. 1 –
(3,300) JPY Credit Suisse Heiwa Corp. 7 0.01
(2,800) JPY Citigroup Heiwa Corp. 3 –
(1,000) JPY J.P. Morgan Heiwa Corp. 2 –
900 JPY Citigroup Hikari Tsushin, Inc. 9 0.01
700 JPY Merrill Lynch Hikari Tsushin, Inc. 7 0.01
100 JPY J.P. Morgan Hikari Tsushin, Inc. 1 –
(1,100) JPY Merrill Lynch Hiroshima Bank Ltd. (The)1 – –
(500) JPY Citigroup Hiroshima Bank Ltd. (The)1 – –
2,000 JPY Merrill Lynch Hisamitsu Pharmaceutical Co., Inc. 3 –
200 JPY J.P. Morgan Hisamitsu Pharmaceutical Co., Inc. 1 –
(1,000) JPY Merrill Lynch Hitachi Capital Corp. 1 –
(200) JPY J.P. Morgan Hitachi Capital Corp.1 – –
(7,700) JPY Merrill Lynch Hitachi Metals Ltd. 3 –
(8,600) JPY J.P. Morgan Hitachi Metals Ltd. 2 –
(500) JPY Credit Suisse Hitachi Metals Ltd.1 – –
(200) JPY Citigroup Hitachi Metals Ltd.1 – –
(1,400) JPY J.P. Morgan Hokuhoku Financial Group, Inc.1 – –
(1,500) JPY Merrill Lynch Honda Motor Co. Ltd. 1 –
(1,200) JPY Citigroup Honda Motor Co. Ltd.1 – –
(1,300) JPY Citigroup Ibiden Co. Ltd. 1 –
(800) JPY Credit Suisse Ibiden Co. Ltd. 1 –
(2,400) JPY J.P. Morgan Idemitsu Kosan Co. Ltd. 2 –
(1,900) JPY Citigroup Idemitsu Kosan Co. Ltd. 2 –
(700) JPY Credit Suisse Idemitsu Kosan Co. Ltd. 1 –
(2,200) JPY Credit Suisse IHI Corp. 5 –
(700) JPY Citigroup IHI Corp.1 – –
(35,100) JPY Citigroup Iida Group Holdings Co. Ltd. 21 0.01
(600) JPY Deutsche Bank Iida Group Holdings Co. Ltd. 1 –
(4,800) JPY Citigroup Inpex Corp. 1 –
(10,500) JPY Merrill Lynch Isetan Mitsukoshi Holdings Ltd. 4 –
(5,600) JPY J.P. Morgan Isetan Mitsukoshi Holdings Ltd. 2 –
(1,800) JPY Citigroup Isetan Mitsukoshi Holdings Ltd.1 – –
(600) JPY Credit Suisse Isetan Mitsukoshi Holdings Ltd.1 – –
230
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(6,000) JPY J.P. Morgan Isuzu Motors Ltd. 1 –

6,700 JPY Citigroup Ito En Ltd. 2 –
10,900 JPY J.P. Morgan ITOCHU Corp. 7 0.01
800 JPY Merrill Lynch ITOCHU Corp.1 – –
(6,000) JPY J.P. Morgan Iyo Bank Ltd. (The) 1 –
(900) JPY Credit Suisse Iyo Bank Ltd. (The)1 – –
(600) JPY Merrill Lynch Iyo Bank Ltd. (The)1 – –
(600) JPY Citigroup Iyo Bank Ltd. (The)1 – –
3,000 JPY Citigroup Izumi Co. Ltd. 5 –
1,400 JPY Credit Suisse Izumi Co. Ltd. 1 –
700 JPY J.P. Morgan Izumi Co. Ltd.1 – –
(4,900) JPY J.P. Morgan J Front Retailing Co. Ltd. 5 –
(300) JPY Citigroup J Front Retailing Co. Ltd.1 – –
400 JPY Citigroup Japan Airport Terminal Co. Ltd.1 – –
(7,000) JPY Merrill Lynch Japan Post Bank Co. Ltd. 1 –
(4,100) JPY J.P. Morgan Japan Post Bank Co. Ltd.1 – –
(12,300) JPY Citigroup JGC Corp. 6 0.01
(10,200) JPY Merrill Lynch JGC Corp. 1 –
(38,700) JPY J.P. Morgan JX Holdings, Inc. 2 –
(4,100) JPY Credit Suisse JX Holdings, Inc.1 – –
3,300 JPY Citigroup Kagome Co. Ltd. 3 –
1,000 JPY J.P. Morgan Kagome Co. Ltd. 1 –
1,800 JPY Merrill Lynch Kagome Co. Ltd. 1 –
500 JPY Credit Suisse Kagome Co. Ltd. 1 –
2,900 JPY J.P. Morgan Kaken Pharmaceutical Co. Ltd. 6 0.01
1,600 JPY Citigroup Kaken Pharmaceutical Co. Ltd. 2 –
700 JPY Credit Suisse Kaken Pharmaceutical Co. Ltd. 2 –
1,700 JPY Merrill Lynch Kaken Pharmaceutical Co. Ltd. 1 –
2,500 JPY Merrill Lynch Kamigumi Co. Ltd.1 – –
500 JPY Credit Suisse Kamigumi Co. Ltd.1 – –
9,000 JPY J.P. Morgan Kaneka Corp. 1 –
6,000 JPY Citigroup Kaneka Corp. 1 –
(19,500) JPY Merrill Lynch Kansai Paint Co. Ltd. 23 0.01
(1,800) JPY J.P. Morgan Kansai Paint Co. Ltd. 3 –
(4,700) JPY Citigroup Kansai Paint Co. Ltd. 2 –
(300) JPY Credit Suisse Kansai Paint Co. Ltd. 1 –
(300) JPY Deutsche Bank Kansai Paint Co. Ltd.1 – –
5,200 JPY J.P. Morgan Kao Corp. 11 0.01
1,200 JPY Merrill Lynch Kao Corp. 2 –
(5,500) JPY Citigroup Kawasaki Kisen Kaisha Ltd. 1 –
(12,200) JPY Credit Suisse Kawasaki Kisen Kaisha Ltd.1 – –
500 JPY J.P. Morgan KDDI Corp.1 – –
300 JPY Deutsche Bank KDDI Corp.1 – –
(3,400) JPY Merrill Lynch Keihan Holdings Co. Ltd. 1 –
(1,800) JPY J.P. Morgan Keio Corp. 1 –
(800) JPY Credit Suisse Keio Corp.1 – –
(700) JPY Merrill Lynch Keio Corp.1 – –
(1,200) JPY Citigroup Keio Corp.1 – –
(9,700) JPY J.P. Morgan Keisei Electric Railway Co. Ltd. 7 0.01
231
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(400) JPY Credit Suisse Keisei Electric Railway Co. Ltd.1 – –

(3,700) JPY J.P. Morgan Kewpie Corp.1 – –
20,200 JPY Citigroup Kinden Corp. 2 –
14,700 JPY Merrill Lynch Kinden Corp. 1 –
2,600 JPY J.P. Morgan Kinden Corp. 1 –
200 JPY Credit Suisse Kinden Corp.1 – –
(1,000) JPY Merrill Lynch Kintetsu Group Holdings Co. Ltd.1 – –
1,000 JPY J.P. Morgan Kissei Pharmaceutical Co. Ltd. 1 –
1,600 JPY Merrill Lynch Kissei Pharmaceutical Co. Ltd. 1 –
900 JPY Citigroup Kissei Pharmaceutical Co. Ltd.1 – –
400 JPY Credit Suisse Kissei Pharmaceutical Co. Ltd.1 – –
600 JPY J.P. Morgan Kobayashi Pharmaceutical Co. Ltd. 3 –
(6,700) JPY Merrill Lynch Kobe Steel Ltd. 1 –
(1,000) JPY Deutsche Bank Kobe Steel Ltd.1 – –
(2,300) JPY Merrill Lynch Komatsu Ltd. 1 –
200 JPY J.P. Morgan Kose Corp. 3 –
100 JPY Merrill Lynch Kose Corp. 1 –
11,500 JPY Citigroup Kuraray Co. Ltd. 4 –
7,000 JPY Merrill Lynch Kuraray Co. Ltd. 1 –
1,100 JPY J.P. Morgan Kuraray Co. Ltd.1 – –
4,700 JPY J.P. Morgan Kurita Water Industries Ltd. 3 –
900 JPY Credit Suisse Kurita Water Industries Ltd. 1 –
1,500 JPY Citigroup Kurita Water Industries Ltd.1 – –
(3,800) JPY Citigroup Kyocera Corp. 4 –
(1,200) JPY Merrill Lynch Kyocera Corp. 2 –
(300) JPY Deutsche Bank Kyocera Corp.1 – –
400 JPY J.P. Morgan KYORIN Holdings, Inc.1 – –
(13,000) JPY J.P. Morgan Kyushu Financial Group, Inc. 3 –
(6,400) JPY Merrill Lynch Kyushu Financial Group, Inc. 1 –
(2,200) JPY Citigroup Kyushu Financial Group, Inc.1 – –
(1,100) JPY Credit Suisse Kyushu Financial Group, Inc.1 – –
10,500 JPY Credit Suisse Kyushu Railway Co. 4 –
6,700 JPY J.P. Morgan Kyushu Railway Co. 2 –
4,200 JPY Citigroup Kyushu Railway Co. 1 –
2,200 JPY Deutsche Bank Lawson, Inc. 4 –
2,000 JPY Merrill Lynch Lawson, Inc. 4 –
700 JPY J.P. Morgan Lawson, Inc. 3 –
100 JPY Citigroup Lawson, Inc.1 – –
(7,700) JPY Merrill Lynch LINE Corp. 7 0.01
(15,049) JPY J.P. Morgan LINE Corp. 6 0.01
(4,500) JPY Credit Suisse LINE Corp. 2 –
2,200 JPY J.P. Morgan Lintec Corp. 1 –
4,000 JPY J.P. Morgan Lion Corp. 5 –
1,500 JPY Credit Suisse Lion Corp. 2 –
2,700 JPY Merrill Lynch Lion Corp. 2 –
1,500 JPY Citigroup Lion Corp. 2 –
1,900 JPY J.P. Morgan Mabuchi Motor Co. Ltd.1 – –
232
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(200) JPY Citigroup Makita Corp.1 – –

35,000 JPY J.P. Morgan Marubeni Corp.1 – –
4,400 JPY Merrill Lynch Matsumotokiyoshi Holdings Co. Ltd. 1 –
1,600 JPY Citigroup Matsumotokiyoshi Holdings Co. Ltd. 1 –
300 JPY Credit Suisse Matsumotokiyoshi Holdings Co. Ltd.1 – –
200 JPY J.P. Morgan Matsumotokiyoshi Holdings Co. Ltd.1 – –
(7,900) JPY Citigroup Mazda Motor Corp. 1 –
(39,500) JPY Citigroup Mebuki Financial Group, Inc. 3 –
(33,700) JPY Credit Suisse Mebuki Financial Group, Inc. 2 –
(21,700) JPY J.P. Morgan Mebuki Financial Group, Inc. 1 –
(102,300) JPY Merrill Lynch Mebuki Financial Group, Inc.1 – –
2,500 JPY J.P. Morgan Medipal Holdings Corp. 1 –
1,200 JPY Citigroup Megmilk Snow Brand Co. Ltd.1 – –
500 JPY Deutsche Bank MEIJI Holdings Co. Ltd. 1 –
200 JPY Credit Suisse MEIJI Holdings Co. Ltd. 1 –
300 JPY Citigroup MEIJI Holdings Co. Ltd. 1 –
300 JPY Merrill Lynch MEIJI Holdings Co. Ltd. 1 –
(8,300) JPY J.P. Morgan MINEBEA MITSUMI, Inc. 6 0.01
(4,600) JPY Citigroup MINEBEA MITSUMI, Inc. 4 –
2,800 JPY J.P. Morgan Miraca Holdings, Inc. 1 –
(3,500) JPY Citigroup Mitsubishi Heavy Industries Ltd.1 – –
(7,400) JPY J.P. Morgan Mitsubishi Logistics Corp. 12 0.01
(8,500) JPY Merrill Lynch Mitsubishi Logistics Corp. 9 0.01
(800) JPY Credit Suisse Mitsubishi Logistics Corp. 1 –
(59,500) JPY Merrill Lynch Mitsubishi Motors Corp. 5 –
(49,400) JPY J.P. Morgan Mitsubishi Motors Corp. 1 –
(900) JPY Citigroup Mitsubishi Motors Corp.1 – –
(15,000) JPY Citigroup Mitsubishi UFJ Financial Group, Inc. 2 –
(8,100) JPY J.P. Morgan Mitsubishi UFJ Financial Group, Inc. 2 –
(3,900) JPY J.P. Morgan Mitsubishi UFJ Lease & Finance Co. Ltd. 1 –
(3,200) JPY Merrill Lynch Mitsubishi UFJ Lease & Finance Co. Ltd. 1 –
(1,400) JPY Citigroup Mitsubishi UFJ Lease & Finance Co. Ltd.1 – –
2,400 JPY J.P. Morgan Mitsui Chemicals, Inc. 2 –
2,600 JPY Merrill Lynch Mitsui Chemicals, Inc.1 – –
1,800 JPY Citigroup Mitsui Chemicals, Inc.1 – –
(300) JPY Merrill Lynch Mitsui Mining & Smelting Co. Ltd. 1 –
(100) JPY Citigroup Mitsui Mining & Smelting Co. Ltd.1 – –
(3,900) JPY J.P. Morgan Mitsui OSK Lines Ltd. 5 –
(2,000) JPY Citigroup Mitsui OSK Lines Ltd. 2 –
(1,300) JPY Credit Suisse Mitsui OSK Lines Ltd. 2 –
(192,000) JPY Citigroup Mizuho Financial Group, Inc. 3 –
(42,400) JPY Credit Suisse Mizuho Financial Group, Inc. 1 –
(9,200) JPY J.P. Morgan Mizuho Financial Group, Inc.1 – –
1,200 JPY Citigroup Mochida Pharmaceutical Co. Ltd. 1 –
1,100 JPY J.P. Morgan Mochida Pharmaceutical Co. Ltd.1 – –
500 JPY Merrill Lynch Mochida Pharmaceutical Co. Ltd.1 – –
(9,955) JPY Merrill Lynch MonotaRO Co. Ltd. 3 –
(1,800) JPY J.P. Morgan Murata Manufacturing Co. Ltd. 5 –
233
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(1,500) JPY Citigroup Murata Manufacturing Co. Ltd. 1 –

(3,100) JPY J.P. Morgan Nabtesco Corp. 5 –
(700) JPY Merrill Lynch Nabtesco Corp. 2 –
2,000 JPY J.P. Morgan Nagoya Railroad Co. Ltd.1 – –
100 JPY Credit Suisse Nagoya Railroad Co. Ltd.1 – –
(1,000) JPY Citigroup Nankai Electric Railway Co. Ltd.1 – –
(23,800) JPY J.P. Morgan Nexon Co. Ltd. 26 0.02
(2,000) JPY Citigroup Nexon Co. Ltd. 1 –
(1,100) JPY Merrill Lynch NGK Spark Plug Co. Ltd.1 – –
7,900 JPY J.P. Morgan NHK Spring Co. Ltd. 4 –
6,700 JPY Credit Suisse NHK Spring Co. Ltd. 3 –
10,700 JPY Merrill Lynch NHK Spring Co. Ltd. 1 –
3,500 JPY Citigroup NHK Spring Co. Ltd. 1 –
1,900 JPY Deutsche Bank NHK Spring Co. Ltd.1 – –
3,800 JPY Citigroup Nichirei Corp. 4 –
1,900 JPY Merrill Lynch Nichirei Corp. 1 –
1,400 JPY J.P. Morgan Nichirei Corp. 1 –
(2,900) JPY Merrill Lynch Nidec Corp. 22 0.01
(1,200) JPY J.P. Morgan Nidec Corp. 8 0.01
(1,800) JPY Merrill Lynch Nifco, Inc. 5 –
(600) JPY Citigroup Nifco, Inc. 1 –
2,500 JPY Credit Suisse Nihon Kohden Corp.1 – –
100 JPY J.P. Morgan Nihon Kohden Corp.1 – –
2,800 JPY Merrill Lynch Nihon Kohden Corp.1 – –
700 JPY Citigroup Nihon Kohden Corp.1 – –
(7,200) JPY J.P. Morgan Nihon M&A Center, Inc. 5 –
(700) JPY Citigroup Nintendo Co. Ltd. 12 0.01
(3,600) JPY Merrill Lynch Nippon Electric Glass Co. Ltd. 3 –
(1,000) JPY Deutsche Bank Nippon Electric Glass Co. Ltd. 1 –
(800) JPY J.P. Morgan Nippon Electric Glass Co. Ltd.1 – –
(300) JPY Credit Suisse Nippon Electric Glass Co. Ltd.1 – –
(100) JPY Citigroup Nippon Electric Glass Co. Ltd.1 – –
(4,900) JPY J.P. Morgan Nippon Kayaku Co. Ltd.1 – –
(6,000) JPY J.P. Morgan Nippon Paint Holdings Co. Ltd. 12 0.01
(2,900) JPY Credit Suisse Nippon Paint Holdings Co. Ltd. 6 0.01
(6,500) JPY Merrill Lynch Nippon Paint Holdings Co. Ltd. 6 0.01
(6,700) JPY Citigroup Nippon Paint Holdings Co. Ltd. 2 –
(1,200) JPY Citigroup Nippon Shokubai Co. Ltd. 1 –
(300) JPY Credit Suisse Nippon Shokubai Co. Ltd. 1 –
(100) JPY J.P. Morgan Nippon Shokubai Co. Ltd.1 – –
(100) JPY Merrill Lynch Nippon Shokubai Co. Ltd.1 – –
(2,400) JPY Merrill Lynch Nippon Steel & Sumitomo Metal Corp. 2 –
(600) JPY J.P. Morgan Nippon Steel & Sumitomo Metal Corp.1 – –
(300) JPY Citigroup Nippon Steel & Sumitomo Metal Corp.1 – –
(7,500) JPY J.P. Morgan Nippon Yusen KK 6 0.01
(5,600) JPY Credit Suisse Nippon Yusen KK 5 –
(7,500) JPY Merrill Lynch Nipro Corp. 2 –
(2,900) JPY J.P. Morgan Nipro Corp. 1 –
234
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(1,900) JPY Credit Suisse Nipro Corp.1 – –

1,700 JPY Credit Suisse Nissan Chemical Industries Ltd. 2 –
700 JPY Citigroup Nissan Chemical Industries Ltd.1 – –
(1,300) JPY Merrill Lynch Nitori Holdings Co. Ltd. 6 0.01
(400) JPY J.P. Morgan Nitto Denko Corp. 2 –
(300) JPY Merrill Lynch Nitto Denko Corp. 2 –
(3,000) JPY Merrill Lynch NOK Corp. 2 –
(1,300) JPY J.P. Morgan NOK Corp. 1 –
(400) JPY Credit Suisse NOK Corp.1 – –
(11,300) JPY J.P. Morgan Nomura Holdings, Inc. 2 –
(600) JPY Citigroup Nomura Holdings, Inc.1 – –
2,600 JPY Credit Suisse Nomura Research Institute Ltd. 2 –
(3,800) JPY Merrill Lynch NS Solutions Corp. 1 –
(1,500) JPY Merrill Lynch NSK Ltd. 1 –
(1,000) JPY Citigroup NSK Ltd.1 – –
3,500 JPY J.P. Morgan NTT Data Corp.1 – –
(500) JPY Citigroup Olympus Corp.1 – –
(600) JPY Citigroup Open House Co. Ltd. 1 –
1,100 JPY J.P. Morgan Oracle Corp. Japan 3 –
(6,100) JPY Merrill Lynch Orient Corp.1 – –
5,200 JPY J.P. Morgan ORIX Corp. 2 –
5,600 JPY J.P. Morgan Otsuka Corp. 11 0.01
5,000 JPY Citigroup Otsuka Corp. 4 –
2,200 JPY Merrill Lynch Otsuka Corp. 2 –
(1,000) JPY Merrill Lynch Otsuka Holdings Co. Ltd.1 – –
(1,800) JPY Citigroup Otsuka Holdings Co. Ltd.1 – –
(2,600) JPY Citigroup Park24 Co. Ltd.1 – –
(45,400) JPY Citigroup Rakuten, Inc. 14 0.01
(20,400) JPY J.P. Morgan Rakuten, Inc. 7 0.01
(6,500) JPY Merrill Lynch Rakuten, Inc. 3 –
(2,200) JPY Credit Suisse Rakuten, Inc. 1 –
9,200 JPY Merrill Lynch Recruit Holdings Co. Ltd. 8 0.01
3,400 JPY Credit Suisse Recruit Holdings Co. Ltd. 4 –
4,200 JPY Deutsche Bank Recruit Holdings Co. Ltd. 4 –
(56,500) JPY Citigroup Renesas Electronics Corp. 32 0.02
(3,700) JPY J.P. Morgan Renesas Electronics Corp. 2 –
(15,200) JPY Credit Suisse Resona Holdings, Inc. 2 –
(8,500) JPY Citigroup Resona Holdings, Inc. 1 –
(8,200) JPY Merrill Lynch Resorttrust, Inc. 10 0.01
(9,200) JPY J.P. Morgan Resorttrust, Inc. 9 0.01
(1,200) JPY Credit Suisse Resorttrust, Inc. 1 –
(5,500) JPY Credit Suisse Ricoh Co. Ltd. 3 –
(2,600) JPY Deutsche Bank Ricoh Co. Ltd. 2 –
(2,000) JPY Citigroup Ricoh Co. Ltd. 1 –
(1,500) JPY J.P. Morgan Ricoh Co. Ltd. 1 –
1,600 JPY J.P. Morgan Rohto Pharmaceutical Co. Ltd. 2 –
1,200 JPY Deutsche Bank Rohto Pharmaceutical Co. Ltd.1 – –
800 JPY Merrill Lynch Rohto Pharmaceutical Co. Ltd.1 – –
100 JPY Citigroup Rohto Pharmaceutical Co. Ltd.1 – –
235
As at 31 March 2018
Fair Value % of Net

Japan (continued)
2,000 JPY Credit Suisse Sankyu, Inc. 1 –

600 JPY J.P. Morgan Sankyu, Inc.1 – –
1,800 JPY J.P. Morgan Sapporo Holdings Ltd. 1 –
600 JPY Citigroup Sapporo Holdings Ltd.1 – –
2,200 JPY Merrill Lynch Sapporo Holdings Ltd.1 – –
(14,500) JPY Citigroup Sawai Pharmaceutical Co. Ltd. 15 0.01
(7,200) JPY J.P. Morgan Sawai Pharmaceutical Co. Ltd. 8 0.01
(2,700) JPY Merrill Lynch Sawai Pharmaceutical Co. Ltd. 1 –
(300) JPY Credit Suisse SBI Holdings, Inc. 1 –
(400) JPY Merrill Lynch SBI Holdings, Inc.1 – –
(4,400) JPY Merrill Lynch SCSK Corp. 3 –
600 JPY J.P. Morgan Secom Co. Ltd. 1 –
1,400 JPY Merrill Lynch Secom Co. Ltd.1 – –
5,000 JPY J.P. Morgan Sega Sammy Holdings, Inc. 4 –
1,000 JPY Citigroup Sega Sammy Holdings, Inc.1 – –
300 JPY Merrill Lynch Sega Sammy Holdings, Inc.1 – –
(3,800) JPY Citigroup Seibu Holdings, Inc. 1 –
7,800 JPY J.P. Morgan Seino Holdings Co. Ltd. 3 –
300 JPY Citigroup Seria Co. Ltd. 1 –
300 JPY J.P. Morgan Seria Co. Ltd.1 – –
5,900 JPY Citigroup Seven & i Holdings Co. Ltd. 2 –
1,200 JPY J.P. Morgan Seven & i Holdings Co. Ltd. 2 –
2,300 JPY Merrill Lynch Seven & i Holdings Co. Ltd. 1 –
400 JPY Deutsche Bank Seven & i Holdings Co. Ltd.1 – –
(12,800) JPY J.P. Morgan Seven Bank Ltd. 2 –
(1,200) JPY Credit Suisse Seven Bank Ltd.1 – –
(500) JPY Merrill Lynch Seven Bank Ltd.1 – –
(500) JPY Citigroup Shimadzu Corp.1 – –
(400) JPY Citigroup Shimano, Inc.1 – –
(100) JPY Merrill Lynch Shin-Etsu Chemical Co. Ltd.1 – –
(7,100) JPY J.P. Morgan Shinsei Bank Ltd. 3 –
(1,200) JPY Credit Suisse Shinsei Bank Ltd. 1 –
(500) JPY Deutsche Bank Shinsei Bank Ltd.1 – –
(4,900) JPY Citigroup Shinsei Bank Ltd.1 – –
4,400 JPY Citigroup Shionogi & Co. Ltd. 1 –
4,200 JPY Merrill Lynch Shiseido Co. Ltd. 10 0.01
1,300 JPY J.P. Morgan Shiseido Co. Ltd. 3 –
600 JPY Deutsche Bank Shiseido Co. Ltd. 2 –
36,500 JPY Merrill Lynch Showa Shell Sekiyu KK 18 0.01
4,900 JPY J.P. Morgan Showa Shell Sekiyu KK 2 –
2,100 JPY Citigroup Showa Shell Sekiyu KK1 – –
(8,100) JPY Merrill Lynch SKY Perfect JSAT Holdings, Inc. 1 –
(1,600) JPY Citigroup SKY Perfect JSAT Holdings, Inc.1 – –
(1,200) JPY J.P. Morgan SKY Perfect JSAT Holdings, Inc.1 – –
21,000 JPY Citigroup Skylark Co. Ltd. 4 –
13,400 JPY Merrill Lynch Skylark Co. Ltd. 3 –
7,300 JPY J.P. Morgan Skylark Co. Ltd. 3 –
236
As at 31 March 2018
Fair Value % of Net

Japan (continued)
5,800 JPY Credit Suisse Skylark Co. Ltd. 2 –

1,700 JPY Deutsche Bank Skylark Co. Ltd.1 – –
(400) JPY Merrill Lynch SMC Corp. 9 0.01
(500) JPY Merrill Lynch SoftBank Group Corp. 3 –
(300) JPY Citigroup SoftBank Group Corp. 2 –
(300) JPY J.P. Morgan SoftBank Group Corp. 2 –
(100) JPY Credit Suisse SoftBank Group Corp. 1 –
(77,500) JPY Citigroup Sojitz Corp. 4 –
(37,000) JPY Merrill Lynch Sojitz Corp. 2 –
(41,300) JPY Credit Suisse Sojitz Corp.1 – –
3,000 JPY J.P. Morgan Sompo Holdings, Inc. 5 –
5,600 JPY Merrill Lynch Sompo Holdings, Inc. 5 –
(3,200) JPY Citigroup Sony Corp. 3 –
(900) JPY J.P. Morgan Sony Corp. 2 –
(1,300) JPY Citigroup Sony Financial Holdings, Inc.1 – –
(3,345) JPY J.P. Morgan Sosei Group Corp. 21 0.01
(1,260) JPY Merrill Lynch Sosei Group Corp. 10 0.01
(900) JPY Credit Suisse Sosei Group Corp. 6 0.01
(200) JPY Citigroup Sosei Group Corp.1 – –
4,400 JPY J.P. Morgan Sotetsu Holdings, Inc. 1 –
700 JPY Credit Suisse Sotetsu Holdings, Inc.1 – –
5,000 JPY Credit Suisse Square Enix Holdings Co. Ltd. 2 –
3,000 JPY J.P. Morgan Square Enix Holdings Co. Ltd. 1 –
(2,100) JPY Credit Suisse Stanley Electric Co. Ltd.1 – –
(1,200) JPY Credit Suisse Start Today Co. Ltd.1 – –
300 JPY Citigroup Sugi Holdings Co. Ltd.1 – –
(14,100) JPY J.P. Morgan Sumco Corp. 19 0.01
18,000 JPY J.P. Morgan Sumitomo Chemical Co. Ltd.1 – –
5,800 JPY J.P. Morgan Sumitomo Dainippon Pharma Co., Ltd. 6 0.01
5,400 JPY Merrill Lynch Sumitomo Dainippon Pharma Co., Ltd. 3 –
3,100 JPY Citigroup Sumitomo Dainippon Pharma Co., Ltd. 1 –
(4,200) JPY Merrill Lynch Sumitomo Electric Industries Ltd. 1 –
(600) JPY Credit Suisse Sumitomo Electric Industries Ltd.1 – –
(400) JPY J.P. Morgan Sumitomo Electric Industries Ltd.1 – –
1,700 JPY Credit Suisse Sumitomo Heavy Industries Ltd. 2 –
(5,600) JPY Merrill Lynch Sumitomo Metal Mining Co. Ltd. 8 0.01
(2,400) JPY Citigroup Sumitomo Metal Mining Co. Ltd. 4 –
(4,400) JPY Citigroup Sumitomo Mitsui Financial Group, Inc. 3 –
(2,700) JPY Citigroup Sumitomo Mitsui Trust Holdings, Inc. 2 –
(5,200) JPY J.P. Morgan Sumitomo Mitsui Trust Holdings, Inc. 2 –
1,000 JPY Citigroup Sumitomo Rubber Industries Ltd.1 – –
400 JPY Citigroup Sundrug Co. Ltd.1 – –
4,900 JPY J.P. Morgan Suzuken Co. Ltd. 3 –
4,000 JPY Merrill Lynch Suzuken Co. Ltd.1 – –
600 JPY Deutsche Bank Suzuken Co. Ltd.1 – –
(2,900) JPY Citigroup Sysmex Corp. 1 –
1,400 JPY J.P. Morgan T&D Holdings, Inc.1 – –
2,500 JPY Merrill Lynch Taisei Corp. 3 –
4,800 JPY Citigroup Taisei Corp. 2 –
237
As at 31 March 2018
Fair Value % of Net

Japan (continued)
1,400 JPY J.P. Morgan Taisei Corp. 1 –

1,700 JPY J.P. Morgan Taisho Pharmaceutical Holdings Co. Ltd. 7 0.01
500 JPY Credit Suisse Taisho Pharmaceutical Holdings Co. Ltd. 2 –
300 JPY Merrill Lynch Taisho Pharmaceutical Holdings Co. Ltd. 1 –
(2,800) JPY Merrill Lynch Takara Bio, Inc.1 – –
(2,200) JPY J.P. Morgan Takara Holdings, Inc. 1 –
(1,300) JPY Citigroup TDK Corp. 6 0.01
(300) JPY Credit Suisse TDK Corp. 1 –
(6,600) JPY J.P. Morgan Tokai Carbon Co. Ltd. 7 0.01
3,000 JPY J.P. Morgan Tokai Rika Co. Ltd.1 – –
1,000 JPY Credit Suisse Tokai Rika Co. Ltd.1 – –
(4,100) JPY Merrill Lynch Tokyo Broadcasting System Holdings, Inc. 2 –
(1,500) JPY Merrill Lynch Tokyu Corp. 1 –
(3,000) JPY J.P. Morgan Tokyu Corp.1 – –
(300) JPY Citigroup Tokyu Corp.1 – –
(19,000) JPY J.P. Morgan Toray Industries, Inc. 5 –
(8,200) JPY Merrill Lynch Toray Industries, Inc. 3 –
(7,400) JPY Citigroup Toray Industries, Inc. 1 –
(75,000) JPY Merrill Lynch Toshiba Corp. 9 0.01
(23,000) JPY J.P. Morgan Toshiba Corp. 2 –
(5,000) JPY Credit Suisse Toshiba Corp.1 – –
4,800 JPY J.P. Morgan Toyo Suisan Kaisha Ltd. 1 –
2,800 JPY Citigroup Toyo Suisan Kaisha Ltd. 1 –
1,900 JPY Merrill Lynch Toyo Suisan Kaisha Ltd.1 – –
(1,000) JPY Merrill Lynch Toyo Tire & Rubber Co. Ltd.1 – –
(600) JPY Citigroup Toyo Tire & Rubber Co. Ltd.1 – –
500 JPY J.P. Morgan Toyoda Gosei Co. Ltd.1 – –
2,200 JPY Citigroup Toyoda Gosei Co. Ltd.1 – –
5,600 JPY J.P. Morgan Toyota Boshoku Corp. 2 –
800 JPY Citigroup Toyota Boshoku Corp.1 – –
2,900 JPY J.P. Morgan Toyota Motor Corp. 1 –
500 JPY Credit Suisse Trend Micro, Inc. 1 –
500 JPY J.P. Morgan Trend Micro, Inc. 1 –
900 JPY J.P. Morgan TS Tech Co. Ltd.1 – –
(1,900) JPY J.P. Morgan Tsumura & Co. 1 –
(800) JPY Citigroup Tsumura & Co. 1 –
(1,400) JPY Credit Suisse Tsumura & Co. 1 –
(2,000) JPY Merrill Lynch Tsumura & Co.1 – –
(200) JPY J.P. Morgan Tsuruha Holdings, Inc. 1 –
(100) JPY Credit Suisse Tsuruha Holdings, Inc.1 – –
300 JPY J.P. Morgan Ube Industries Ltd.1 – –
(11,700) JPY J.P. Morgan Universal Entertainment Corp. 123 0.06
(300) JPY Citigroup Universal Entertainment Corp.1 – –
(2,600) JPY Citigroup Ushio, Inc. 2 –
(500) JPY Merrill Lynch Ushio, Inc.1 – –
(400) JPY J.P. Morgan Ushio, Inc.1 – –
(5,800) JPY Merrill Lynch USS Co. Ltd. 3 –
238
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(7,100) JPY Citigroup USS Co. Ltd. 1 –

(1,300) JPY Deutsche Bank USS Co. Ltd. 1 –
900 JPY Deutsche Bank West Japan Railway Co. 1 –
300 JPY J.P. Morgan West Japan Railway Co.1 – –
500 JPY Merrill Lynch West Japan Railway Co.1 – –
(32,800) JPY Citigroup Yahoo Japan Corp. 4 –
(300) JPY Citigroup Yakult Honsha Co. Ltd.1 – –
(200) JPY Merrill Lynch Yakult Honsha Co. Ltd.1 – –
(2,900) JPY Merrill Lynch Yamada Denki Co. Ltd. 1 –
8,000 JPY J.P. Morgan Yamaguchi Financial Group, Inc. 2 –
7,000 JPY Deutsche Bank Yamaguchi Financial Group, Inc. 1 –
7,000 JPY Merrill Lynch Yamaguchi Financial Group, Inc. 1 –
4,000 JPY Credit Suisse Yamaguchi Financial Group, Inc. 1 –
(2,900) JPY Merrill Lynch Yamaha Corp. 3 –
(2,500) JPY Citigroup Yamaha Corp. 3 –
(800) JPY J.P. Morgan Yamaha Corp. 1 –
(2,300) JPY Merrill Lynch Yamaha Motor Co. Ltd. 2 –
(7,300) JPY J.P. Morgan Yamato Holdings Co. Ltd. 3 –
6,100 JPY Credit Suisse Yamazaki Baking Co. Ltd. 5 –
7,900 JPY Citigroup Yamazaki Baking Co. Ltd. 4 –
2,000 JPY J.P. Morgan Yamazaki Baking Co. Ltd. 2 –
3,900 JPY Merrill Lynch Yamazaki Baking Co. Ltd. 2 –
100 JPY Deutsche Bank Yamazaki Baking Co. Ltd.1 – –
(300) JPY Merrill Lynch Zenkoku Hosho Co. Ltd.1 – –
4,500 JPY J.P. Morgan Zensho Holdings Co. Ltd. 5 0.01
1,800 JPY Credit Suisse Zensho Holdings Co. Ltd. 2 –
700 JPY Merrill Lynch Zensho Holdings Co. Ltd.1 – –
7,400 JPY J.P. Morgan Zeon Corp. 1 –
1,900 JPY Credit Suisse Zeon Corp.1 – –
Jersey (31 March 2017: 0.04%)

(46,775) GBP J.P. Morgan boohoo.com plc 14 0.01
(30,767) GBP Merrill Lynch boohoo.com plc 9 0.01
(11,300) GBP Credit Suisse boohoo.com plc 3 –
(276) USD J.P. Morgan Delphi Automotive plc 1 –
3,094 USD Credit Suisse Delphi Technologies plc 1 –
111 USD J.P. Morgan Delphi Technologies plc1 – –
(67,751) GBP Merrill Lynch Glencore plc 20 0.01
(31,263) GBP Citigroup Glencore plc 2 –
(3,041) GBP Credit Suisse Glencore plc1 – –
(16,602) GBP Credit Suisse IWG plc 3 –
(2,732) USD Citigroup Janus Henderson Group plc 1 –
(437) USD Credit Suisse Janus Henderson Group plc 1 –
7,949 GBP Merrill Lynch Petrofac Ltd. 3 –
3,699 GBP J.P. Morgan Petrofac Ltd. 1 –
1,172 GBP Credit Suisse Petrofac Ltd.1 – –
(906) GBP J.P. Morgan Randgold Resources Ltd. 1 –
239
As at 31 March 2018
Fair Value % of Net

Jersey (continued)
(416) GBP Merrill Lynch Randgold Resources Ltd.1 – –

(3,912) GBP Merrill Lynch UBM plc1 – –
8,145 GBP Merrill Lynch Wolseley plc 5 –
289 GBP Citigroup Wolseley plc 1 –
1,541 GBP Credit Suisse Wolseley plc1 – –
1,382 GBP Citigroup WPP plc 1 –
Liberia (31 March 2017: 0.00%2)

– –

(17,662) GBP Citigroup B&M European Value Retail SA 2 –
(797) EUR Merrill Lynch Eurofins Scientific SE 44 0.02
(375) EUR Citigroup Eurofins Scientific SE 12 0.01
(41) EUR J.P. Morgan Eurofins Scientific SE 2 –
(17,168) EUR J.P. Morgan Tenaris SA 10 0.01
(5,516) EUR Merrill Lynch Tenaris SA 2 –
Malta (31 March 2017: 0.00%2)

– –
Mauritius (31 March 2017: 0.00%)
(55,700) SGD J.P. Morgan Golden Agri-Resources Ltd.1 – –
(7,500) SGD Citigroup Golden Agri-Resources Ltd.1 – –
Total Mauritius – –

(5,747) EUR Credit Suisse Aegon NV 1 –
6,248 USD J.P. Morgan AerCap Holdings NV 8 0.01
1,544 USD Credit Suisse AerCap Holdings NV 2 –
5,447 USD Merrill Lynch AerCap Holdings NV 2 –
2,214 USD Citigroup AerCap Holdings NV 1 –
(1,818) EUR J.P. Morgan Airbus SE 6 –
(50) EUR Citigroup Airbus SE1 – –
(21,222) EUR J.P. Morgan Altice NV 'A' 26 0.01
(16,427) EUR Citigroup Altice NV 'A' 9 0.01
(5,459) EUR Deutsche Bank Altice NV 'A' 7 –
(4,877) EUR Merrill Lynch Altice NV 'A' 7 0.01
(1,737) EUR Merrill Lynch ASML Holding NV 23 0.01
(1,772) EUR Citigroup ASML Holding NV 16 0.01
8,340 EUR Citigroup ASR Nederland NV1 – –
858 EUR J.P. Morgan BE Semiconductor Industries NV 1 –
(5,627) EUR J.P. Morgan Boskalis Westminster 17 0.01
(4,896) EUR Credit Suisse Boskalis Westminster 15 0.01
(2,219) EUR Merrill Lynch Boskalis Westminster 3 –
(9,196) EUR Citigroup Boskalis Westminster 2 –
(148) USD Citigroup Cimpress NV 1 –
(5,178) EUR Merrill Lynch CNH Industrial NV 6 –
(6,463) EUR Citigroup CNH Industrial NV 1 –
240
As at 31 March 2018
Fair Value % of Net

1,904 USD Merrill Lynch Core Laboratories NV 4 –

539 USD Citigroup Core Laboratories NV 1 –
230 USD Deutsche Bank Core Laboratories NV1 – –
60 USD Credit Suisse Core Laboratories NV1 – –
38 USD J.P. Morgan Core Laboratories NV1 – –
(1,398) CHF Citigroup COSMO Pharmaceuticals NV 2 –
(3,688) CHF J.P. Morgan COSMO Pharmaceuticals NV 2 –
(170) CHF Merrill Lynch COSMO Pharmaceuticals NV 1 –
(40,214) USD J.P. Morgan Frank's International NV 12 0.01
(22,813) USD Deutsche Bank Frank's International NV 12 0.01
(4,793) EUR J.P. Morgan IMCD Group NV 8 0.01
(3,250) EUR Citigroup IMCD Group NV 2 –
4,491 EUR Citigroup ING Groep NV 1 –
6,264 EUR J.P. Morgan Koninklijke Ahold Delhaize NV 7 0.01
2,625 EUR Merrill Lynch Koninklijke Ahold Delhaize NV 2 –
2,385 EUR Deutsche Bank Koninklijke Ahold Delhaize NV 2 –
3,343 EUR Citigroup Koninklijke DSM NV 1 –
108 EUR Merrill Lynch Koninklijke DSM NV1 – –
(29,659) EUR Merrill Lynch Koninklijke KPN NV 2 –
(1,285) EUR J.P. Morgan Koninklijke KPN NV1 – –
2,660 EUR Citigroup NN Group NV 1 –
1,198 EUR Deutsche Bank NN Group NV1 – –
55 EUR Merrill Lynch NN Group NV1 – –
(263) USD Citigroup NXP Semiconductors NV 1 –
(11,551) EUR Citigroup OCI NV 7 –
(4,724) EUR J.P. Morgan OCI NV 6 –
(744) EUR Merrill Lynch OCI NV 1 –
(622) EUR Credit Suisse OCI NV 1 –
(566) EUR J.P. Morgan QIAGEN NV 1 –
(585) EUR Merrill Lynch QIAGEN NV 1 –
(8,225) EUR Citigroup SBM Offshore NV 4 –
(25,096) EUR J.P. Morgan TomTom NV 13 0.01
(2,974) EUR Merrill Lynch TomTom NV 1 –
(699) EUR Credit Suisse TomTom NV1 – –
297 EUR Citigroup Wereldhave NV, REIT1 – –
4,196 EUR J.P. Morgan Wolters Kluwer NV 6 –
2,975 EUR Citigroup Wolters Kluwer NV 3 –
902 EUR Credit Suisse Wolters Kluwer NV 1 –
306 EUR Deutsche Bank Wolters Kluwer NV1 – –
(3,763) USD J.P. Morgan Wright Medical Group NV 2 –
(952) USD Credit Suisse Wright Medical Group NV 1 –
Total Netherlands 263 0.13
Norway (31 March 2017: 0.03%)

(910) NOK Credit Suisse Aker ASA 'A' 1 –
(1,394) NOK Merrill Lynch Aker ASA 'A'1 – –
(3,139) NOK J.P. Morgan Gjensidige Forsikring ASA 1 –
(4,537) NOK Merrill Lynch Gjensidige Forsikring ASA 1 –
241
As at 31 March 2018
Fair Value % of Net

Norway (continued)
(319) NOK Credit Suisse Gjensidige Forsikring ASA1 – –

21,041 NOK Merrill Lynch Leroy Seafood Group ASA 3 –
3,259 NOK J.P. Morgan Salmar ASA 7 0.01
2,375 NOK Citigroup Salmar ASA 5 –
1,014 NOK Merrill Lynch Salmar ASA 3 –
(4,926) NOK Citigroup Schibsted ASA 'B' 3 –
11,959 NOK Citigroup Statoil ASA 6 0.01
2,750 NOK J.P. Morgan Statoil ASA 2 –
2,650 NOK Deutsche Bank Statoil ASA 2 –
1,284 NOK Credit Suisse Statoil ASA 1 –
162 NOK Merrill Lynch Statoil ASA1 – –
1,027 NOK Citigroup Telenor ASA1 – –
(8,574) NOK Deutsche Bank Wallenius Wilhelmsen Logistics 1 –
(1,958) NOK J.P. Morgan Yara International ASA 2 –
(1,576) NOK Credit Suisse Yara International ASA 2 –
(612) NOK Merrill Lynch Yara International ASA1 – –
Panama (31 March 2017: 0.00%2)

– –
(728,490) EUR J.P. Morgan Banco Comercial Portugues SA 'R' 15 0.01
(183,888) EUR Credit Suisse Banco Comercial Portugues SA 'R' 4 –
24,375 EUR J.P. Morgan EDP - Energias de Portugal SA 4 –
7,752 EUR Citigroup Jeronimo Martins SGPS SA 1 –
(33,916) EUR Merrill Lynch NOS SGPS SA 4 –
(7,972) EUR J.P. Morgan NOS SGPS SA 1 –
Total Portugal 29 0.01
Puerto Rico (31 March 2017: 0.00%2)

– –
17,300 SGD Credit Suisse Ascendas Real Estate Investment Trust, REIT1 – –
13,100 SGD J.P. Morgan Ascendas Real Estate Investment Trust, REIT1 – –
(651) USD Citigroup Broadcom Ltd. 4 –
(62) USD Credit Suisse Broadcom Ltd. 1 –
(28) USD Deutsche Bank Broadcom Ltd.1 – –
71,600 SGD J.P. Morgan CapitaLand Commercial Trust, REIT 4 –
20,800 SGD Citigroup CapitaLand Commercial Trust, REIT1 – –
(39,200) SGD Merrill Lynch CapitaLand Ltd. 3 –
(9,800) SGD Citigroup CapitaLand Ltd.1 – –
(23,100) SGD J.P. Morgan CapitaLand Ltd.1 – –
139,300 SGD J.P. Morgan CapitaLand Mall Trust, REIT 5 –
77,200 SGD Credit Suisse CapitaLand Mall Trust, REIT 3 –
119,100 SGD Merrill Lynch CapitaLand Mall Trust, REIT 2 –
117,400 SGD Citigroup CapitaLand Mall Trust, REIT 2 –
(800) SGD Citigroup City Developments Ltd.1 – –
37,900 SGD Merrill Lynch ComfortDelGro Corp. Ltd. 1 –
44,700 SGD Citigroup ComfortDelGro Corp. Ltd. 1 –
242
As at 31 March 2018
Fair Value % of Net

Singapore (continued)
(3,900) SGD J.P. Morgan DBS Group Holdings Ltd. 2 –

(2,200) SGD Citigroup DBS Group Holdings Ltd. 1 –
(10) SGD Merrill Lynch DBS Group Holdings Ltd.1 – –
72,400 SGD J.P. Morgan Mapletree Commercial Trust, REIT 1 –
4,200 SGD Credit Suisse Mapletree Commercial Trust, REIT1 – –
4,900 SGD Merrill Lynch Mapletree Commercial Trust, REIT1 – –
257,000 SGD J.P. Morgan Mapletree Industrial Trust, REIT 10 0.01
60,600 SGD Credit Suisse Mapletree Industrial Trust, REIT 2 –
138,000 SGD Merrill Lynch Mapletree Industrial Trust, REIT 2 –
30,500 SGD Deutsche Bank Mapletree Industrial Trust, REIT1 – –
71,200 SGD Merrill Lynch Mapletree Logistics Trust, REIT 2 –
82,900 SGD Citigroup Mapletree Logistics Trust, REIT 1 –
78,200 SGD J.P. Morgan SATS Ltd. 5 –
7,000 SGD Credit Suisse SATS Ltd.1 – –
147,300 SGD Citigroup Singapore Technologies Engineering Ltd. 11 0.01
61,800 SGD J.P. Morgan Singapore Technologies Engineering Ltd. 8 0.01
6,100 SGD Merrill Lynch Singapore Technologies Engineering Ltd.1 – –
(233,700) SGD Citigroup Singapore Telecommunications Ltd. 12 0.01
(35,000) SGD Merrill Lynch Singapore Telecommunications Ltd. 1 –
(79,800) SGD Merrill Lynch Wilmar International Ltd. 2 –
(56,200) SGD Citigroup Wilmar International Ltd. 1 –
(17,300) SGD Deutsche Bank Wilmar International Ltd.1 – –
(14,500) SGD J.P. Morgan Wilmar International Ltd.1 – –

(355) USD Merrill Lynch Amorepacific Corp. 1 –
(341) USD Credit Suisse BGF retail Co. Ltd. 1 –
(40) USD J.P. Morgan BGF retail Co. Ltd.1 – –
(4,335) USD Citigroup BNK Financial Group, Inc. 2 –
(70) USD Merrill Lynch CJ CheilJedang Corp. 1 –
(211) USD Credit Suisse CJ CheilJedang Corp. 1 –
(114) USD J.P. Morgan CJ CheilJedang Corp.1 – –
1,497 USD Credit Suisse Coway Co. Ltd. 2 –
835 USD Deutsche Bank Coway Co. Ltd.1 – –
2,011 USD J.P. Morgan Daelim Industrial Co. Ltd. 5 0.01
1,946 USD Citigroup Daelim Industrial Co. Ltd. 2 –
687 USD Merrill Lynch Daelim Industrial Co. Ltd.1 – –
580 USD Deutsche Bank Daelim Industrial Co. Ltd.1 – –
(3,918) USD Credit Suisse Dongsuh Cos., Inc. 3 –
(2,051) USD Citigroup Dongsuh Cos., Inc. 2 –
(1,807) USD Merrill Lynch Dongsuh Cos., Inc. 2 –
(1,632) USD J.P. Morgan Dongsuh Cos., Inc. 1 –
(3,175) USD Merrill Lynch GS Retail Co. Ltd. 10 0.01
(1,181) USD Citigroup GS Retail Co. Ltd. 3 –
(1,031) USD Credit Suisse GS Retail Co. Ltd. 2 –
(217) USD J.P. Morgan GS Retail Co. Ltd.1 – –
25 USD J.P. Morgan Hanmi Pharm Co. Ltd. 1 –
243
As at 31 March 2018
Fair Value % of Net

South Korea (continued)
(7,539) USD Credit Suisse Hanon Systems 1 –

(4,838) USD Merrill Lynch Hanon Systems 1 –
(3,661) USD J.P. Morgan Hanon Systems 1 –
(2,339) USD Citigroup Hanon Systems1 – –
(275) USD J.P. Morgan Hanssem Co. Ltd. 1 –
(506) USD Merrill Lynch Hanssem Co. Ltd.1 – –
(12) USD Credit Suisse Hanssem Co. Ltd.1 – –
(221) USD Citigroup Hyosung Corp. 1 –
2 USD Merrill Lynch Hyundai Construction Equipment Co. Ltd.1 – –
2,367 USD Merrill Lynch Hyundai Engineering & Construction Co. Ltd. 4 –
885 USD Citigroup Hyundai Engineering & Construction Co. Ltd. 2 –
187 USD J.P. Morgan Hyundai Engineering & Construction Co. Ltd.1 – –
(506) USD Deutsche Bank Hyundai Heavy Industries Co. Ltd. 2 –
(2,881) USD J.P. Morgan Hyundai Motor Co., Preference 23 0.01
(695) USD Citigroup Hyundai Motor Co., Preference 4 –
(313) USD Merrill Lynch Hyundai Motor Co., Preference 3 –
(32) USD Citigroup Hyundai Motor Co., Preference1 – –
(17) USD Merrill Lynch Hyundai Motor Co., Preference1 – –
(2,084) USD J.P. Morgan Hyundai Motor Co., Preference1 – –
(339) USD Credit Suisse Hyundai Motor Co., Preference1 – –
(423) USD Credit Suisse Hyundai Robotics Co. Ltd. 5 0.01
(2,254) USD Merrill Lynch Kakao Corp. 21 0.01
(1,867) USD J.P. Morgan Kakao Corp. 3 –
(3,776) USD Citigroup Kangwon Land, Inc. 3 –
(1,016) USD Credit Suisse Kangwon Land, Inc. 1 –
1,485 USD J.P. Morgan KB Financial Group, Inc.1 – –
(278) USD Credit Suisse KCC Corp. 5 0.01
(233) USD J.P. Morgan KCC Corp. 4 –
(129) USD Citigroup KCC Corp. 1 –
6,464 USD Citigroup Kia Motors Corp. 1 –
(1,088) USD Citigroup Korea Aerospace Industries Ltd. 1 –
8,276 USD Citigroup Korea Electric Power Corp. 7 0.01
(166) USD J.P. Morgan Korea Zinc Co. Ltd. 2 –
(142) USD Credit Suisse Korea Zinc Co. Ltd. 2 –
(22) USD Citigroup Korea Zinc Co. Ltd.1 – –
622 USD Citigroup KT Corp.1 – –
949 USD Citigroup KT&G Corp. 1 –
(38) USD Citigroup LG Chem Ltd. 1 –
375 USD J.P. Morgan LG Electronics, Inc. 1 –
101 USD Credit Suisse LG Electronics, Inc.1 – –
115 USD Credit Suisse LG Household & Health Care Ltd. 6 0.01
44 USD Citigroup LG Household & Health Care Ltd. 2 –
(7,609) USD Citigroup Mirae Asset Daewoo Co. Ltd. 2 –
(354) USD Citigroup NAVER Corp. 3 –
(351) USD Credit Suisse NAVER Corp. 3 –
150 USD Merrill Lynch NCSoft Corp. 1 –
16 USD Credit Suisse NCSoft Corp.1 – –
(100) USD Citigroup Ottogi Corp. 1 –
(38) USD Merrill Lynch Ottogi Corp. 1 –
244
As at 31 March 2018
Fair Value % of Net

1,050 USD Credit Suisse S-1 Corp. 3 –

955 USD J.P. Morgan S-1 Corp. 3 –
735 USD Merrill Lynch S-1 Corp. 1 –
240 USD Deutsche Bank S-1 Corp.1 – –
53 USD J.P. Morgan Samsung Electronics Co. Ltd.1 – –
28 USD Credit Suisse Samsung Electronics Co. Ltd.1 – –
(49,223) USD Merrill Lynch Samsung Heavy Industries Co. Ltd. 21 0.01
(16,556) USD J.P. Morgan Samsung Heavy Industries Co. Ltd. 5 0.01
(15,472) USD Credit Suisse Samsung Heavy Industries Co. Ltd. 4 –
(1,091) USD Citigroup Samsung Heavy Industries Co. Ltd.1 – –
(56) USD J.P. Morgan Samsung Life Insurance Co. Ltd.1 – –
(508) USD Citigroup Samsung SDI Co. Ltd. 6 0.01
188 USD J.P. Morgan Samsung SDS Co. Ltd. 1 –
296 USD Credit Suisse Samsung Securities Co. Ltd.1 – –
3,244 USD Merrill Lynch Shinhan Financial Group Co. Ltd. 1 –
807 USD Credit Suisse Shinhan Financial Group Co. Ltd.1 – –
769 USD Credit Suisse SK Holdings Co. Ltd. 2 –
319 USD J.P. Morgan SK Holdings Co. Ltd. 1 –
605 USD J.P. Morgan SK Innovation Co. Ltd. 4 –
806 USD Merrill Lynch SK Innovation Co. Ltd.1 – –
1,708 USD J.P. Morgan SK Telecom Co. Ltd. 2 –
1,550 USD Credit Suisse SK Telecom Co. Ltd. 2 –
446 USD Credit Suisse Yuhan Corp. 4 –
356 USD J.P. Morgan Yuhan Corp. 3 –
686 USD Citigroup Yuhan Corp. 2 –
430 USD Merrill Lynch Yuhan Corp. 1 –
168 USD Deutsche Bank Yuhan Corp. 1 –
Total South Korea 227 0.11
Spain (31 March 2017: 0.10%)

68 EUR Citigroup Acciona SA1 – –
(2,060) EUR J.P. Morgan Acerinox SA 2 –
(1,687) EUR Citigroup Acerinox SA1 – –
2,399 EUR J.P. Morgan ACS Actividades de Construccion y Servicios SA 6 –
(14,953) EUR Merrill Lynch Almirall SA 2 –
(14,436) EUR Deutsche Bank Almirall SA 2 –
5,578 EUR Citigroup Amadeus IT Group SA1 – –
845 EUR J.P. Morgan Amadeus IT Group SA1 – –
(507) EUR J.P. Morgan Banco Bilbao Vizcaya Argentaria SA1 – –
(80,637) EUR J.P. Morgan Banco de Sabadell SA 1 –
(39,474) EUR J.P. Morgan Banco Santander SA 7 –
(49,296) EUR J.P. Morgan Bankia SA 11 0.01
(20,306) EUR Credit Suisse Bankia SA 5 –
(16,592) EUR Merrill Lynch Bankia SA 3 –
(21,453) EUR Citigroup Bankia SA1 – –
(8,492) EUR J.P. Morgan CaixaBank SA1 – –
(4,425) EUR Credit Suisse CaixaBank SA1 – –
(13,275) EUR Merrill Lynch Cellnex Telecom SA 10 0.01
245
As at 31 March 2018
Fair Value % of Net

Spain (continued)
(2,504) EUR Credit Suisse Cellnex Telecom SA 2 –

(10,345) EUR Citigroup Cellnex Telecom SA 1 –
(58) EUR J.P. Morgan Cellnex Telecom SA1 – –
14,743 EUR Citigroup Distribuidora Internacional de Alimentacion SA1 – –
5,694 EUR Credit Suisse Ebro Foods SA 1 –
5,395 EUR J.P. Morgan Ebro Foods SA 1 –
3,320 EUR Merrill Lynch Ebro Foods SA1 – –
575 EUR Deutsche Bank Ebro Foods SA1 – –
(14,289) EUR Merrill Lynch Ferrovial SA 3 –
(7,176) EUR J.P. Morgan Ferrovial SA 2 –
(9,266) EUR Citigroup Gamesa Corp Tecnologica SA 5 –
14,032 EUR J.P. Morgan Gestamp Automocion SA 1 –
2,194 EUR Citigroup Grupo Catalana Occidente SA 2 –
2,970 EUR Merrill Lynch Grupo Catalana Occidente SA1 – –
204 EUR Deutsche Bank Grupo Catalana Occidente SA1 – –
(8,020) EUR Citigroup Industria de Diseno Textil SA1 – –
(2,654) EUR Merrill Lynch Industria de Diseno Textil SA1 – –
(448) EUR J.P. Morgan International Consolidated Airlines Group SA1 – –
18,655 EUR Citigroup Mapfre SA1 – –
4,680 EUR J.P. Morgan Mapfre SA1 – –
(2,682) EUR Merrill Lynch Melia Hotels International SA 2 –
(8,834) EUR Citigroup Melia Hotels International SA 1 –
(22,631) EUR J.P. Morgan Prosegur Cia de Seguridad SA 3 –
(7,845) EUR Merrill Lynch Prosegur Cia de Seguridad SA 3 –
(394) EUR Citigroup Prosegur Cia de Seguridad SA1 – –
21,115 EUR Merrill Lynch Repsol SA 10 0.01
24,184 EUR Citigroup Repsol SA 8 0.01
15,148 EUR J.P. Morgan Repsol SA 7 0.01
322 EUR Credit Suisse Repsol SA1 – –
2,785 EUR Citigroup Telefonica SA 1 –
307 EUR Citigroup Viscofan SA1 – –
251 EUR Credit Suisse Viscofan SA1 – –
982 EUR Merrill Lynch Viscofan SA1 – –
11 EUR J.P. Morgan Viscofan SA1 – –
10 EUR Deutsche Bank Viscofan SA1 – –
(37,631) EUR J.P. Morgan Zardoya Otis SA 6 –
(1,279) EUR Citigroup Zardoya Otis SA1 – –
Total Spain 108 0.05
Sweden (31 March 2017: 0.06%)

(2,575) SEK J.P. Morgan AAK AB 9 0.01
11,058 SEK J.P. Morgan Ahlsell AB 1 –
9,262 SEK Credit Suisse Ahlsell AB1 – –
(832) SEK Deutsche Bank Alfa Laval AB1 – –
(9,089) SEK Merrill Lynch Assa Abloy AB 'B' 4 –
(4,811) SEK J.P. Morgan Assa Abloy AB 'B' 2 –
(1,564) SEK Credit Suisse Assa Abloy AB 'B' 1 –
2,024 SEK Citigroup Atlas Copco AB 'A' 2 –
246
As at 31 March 2018
Fair Value % of Net

Sweden (continued)
1,931 SEK Credit Suisse Atlas Copco AB 'A' 2 –

333 SEK J.P. Morgan Atlas Copco AB 'A'1 – –
9,730 SEK Citigroup Boliden AB 7 0.01
3,128 SEK J.P. Morgan Boliden AB 2 –
8,338 SEK J.P. Morgan Castellum AB 1 –
561 SEK Credit Suisse Castellum AB1 – –
(190) SEK J.P. Morgan Essity AB 'B'1 – –
143 SEK Citigroup Fabege AB1 – –
1,158 SEK Citigroup Fastighets AB Balder 'B' 1 –
1,566 SEK J.P. Morgan Fastighets AB Balder 'B'1 – –
(2,712) SEK Merrill Lynch Getinge AB 'B' 4 –
(1,410) SEK J.P. Morgan Getinge AB 'B' 2 –
(7,945) SEK J.P. Morgan Hennes & Mauritz AB 'B' 9 0.01
(26,984) SEK J.P. Morgan Hexpol AB 3 –
(259) SEK Credit Suisse Hexpol AB1 – –
2,719 SEK J.P. Morgan Holmen AB 'B' 4 –
1,401 SEK Citigroup Holmen AB 'B' 1 –
725 SEK Citigroup Hufvudstaden AB 'A'1 – –
(1,746) SEK Credit Suisse Husqvarna AB 'B' 1 –
(3,576) SEK Credit Suisse Industrivarden AB 'C' 1 –
(1,842) SEK J.P. Morgan Industrivarden AB 'C'1 – –
(1,589) SEK Merrill Lynch Indutrade AB 1 –
(6,253) SEK J.P. Morgan Intrum Justitia AB 14 0.01
(4,862) SEK Deutsche Bank Intrum Justitia AB 13 0.01
(4,493) SEK Credit Suisse Intrum Justitia AB 10 0.01
(1,207) SEK Credit Suisse Investor AB 'B' 1 –
9,194 SEK J.P. Morgan JM AB 6 –
1,905 SEK Citigroup JM AB 2 –
(4,885) SEK Merrill Lynch Kinnevik AB 'B' 2 –
1,389 SEK Citigroup Loomis AB 'B' 1 –
10,673 SEK J.P. Morgan Lundin Petroleum AB 12 0.01
4,947 SEK Credit Suisse Lundin Petroleum AB 6 –
2,314 SEK Deutsche Bank Lundin Petroleum AB 2 –
1,680 SEK Citigroup Lundin Petroleum AB 1 –
(361) SEK Merrill Lynch Modern Times Group MTG AB 'B' 1 –
(2,857) SEK Citigroup Modern Times Group MTG AB 'B'1 – –
(9,736) SEK Deutsche Bank Nordea Bank AB 8 0.01
(3,821) SEK J.P. Morgan Nordea Bank AB 3 –
(3,583) SEK Merrill Lynch Nordea Bank AB 3 –
14,888 SEK Citigroup Peab AB 7 0.01
15,521 SEK Merrill Lynch Peab AB 1 –
2,727 SEK J.P. Morgan Peab AB1 – –
1,396 SEK Credit Suisse Peab AB1 – –
(776) SEK Merrill Lynch Saab AB 'B' 1 –
(585) SEK Credit Suisse Saab AB 'B' 1 –
2,491 SEK J.P. Morgan Sandvik AB 1 –
(6,615) SEK Merrill Lynch Skanska AB 'B'1 – –
3,431 SEK J.P. Morgan SKF AB 'B'1 – –
65,615 SEK Citigroup Svenska Cellulosa AB SCA 'B' 28 0.02
247
As at 31 March 2018
Fair Value % of Net

Sweden (continued)
(7,243) SEK Credit Suisse Sweco AB 'B' 7 –

(4,947) SEK Deutsche Bank Sweco AB 'B' 5 –
(1,359) SEK J.P. Morgan Sweco AB 'B' 1 –
15,474 SEK Citigroup Swedish Match AB 24 0.01
3,753 SEK Merrill Lynch Swedish Match AB 3 –
812 SEK J.P. Morgan Swedish Match AB 1 –
2,457 SEK Deutsche Bank Swedish Orphan Biovitrum AB 1 –
6,115 SEK Citigroup Tele2 AB 'B' 2 –
514 SEK Credit Suisse Tele2 AB 'B'1 – –
(9,620) SEK J.P. Morgan Telefonaktiebolaget LM Ericsson 'B' 3 –
(7,842) SEK Credit Suisse Telefonaktiebolaget LM Ericsson 'B' 3 –
(21,032) SEK Citigroup Telefonaktiebolaget LM Ericsson 'B' 2 –
(2,168) SEK Merrill Lynch Telefonaktiebolaget LM Ericsson 'B' 1 –
21,973 SEK Citigroup Telia Co. AB 2 –
(2,811) SEK J.P. Morgan Trelleborg AB 'B'1 – –
6,638 SEK J.P. Morgan Volvo AB 'B'1 – –
4,296 SEK Credit Suisse Volvo AB 'B'1 – –
Total Sweden 237 0.12

1,631 CHF Citigroup Adecco Group AG 1 –
458 CHF Citigroup Allreal Holding AG1 – –
(4,069) CHF J.P. Morgan Aryzta AG 8 0.01
(1,425) CHF Merrill Lynch Aryzta AG 1 –
383 CHF Citigroup Baloise Holding AG 1 –
(18) CHF J.P. Morgan Barry Callebaut AG1 – –
659 CHF J.P. Morgan BKW AG 5 0.01
503 CHF Merrill Lynch BKW AG 3 –
709 CHF Citigroup BKW AG 2 –
353 CHF Citigroup Bucher Industries AG 1 –
75 CHF Citigroup Cembra Money Bank AG1 – –
(733) USD Credit Suisse Chubb Ltd. 3 –
(730) USD J.P. Morgan Chubb Ltd. 3 –
(95) USD Citigroup Chubb Ltd.1 – –
(2,003) CHF Citigroup Cie Financiere Richemont SA1 – –
10,700 GBP Merrill Lynch Coca-Cola HBC AG 11 0.01
785 GBP Citigroup Coca-Cola HBC AG 1 –
(22,998) CHF J.P. Morgan Credit Suisse Group AG 23 0.01
(3,555) CHF Merrill Lynch Credit Suisse Group AG 4 –
(9,058) CHF Citigroup Credit Suisse Group AG 2 –
(2,601) CHF Citigroup Dufry AG 5 –
(1,229) CHF Merrill Lynch Dufry AG 5 0.01
(9,377) CHF J.P. Morgan EFG International AG 3 –
(401) CHF J.P. Morgan EMS-Chemie Holding AG 4 –
(393) CHF Merrill Lynch EMS-Chemie Holding AG 2 –
(47) CHF Credit Suisse EMS-Chemie Holding AG 1 –
(207) CHF Credit Suisse Flughafen Zuerich AG 1 –
(196) CHF J.P. Morgan Flughafen Zuerich AG 1 –
248
As at 31 March 2018
Fair Value % of Net

(1,087) CHF Merrill Lynch Flughafen Zuerich AG 1 –

(114) CHF Merrill Lynch Geberit AG 2 –
(721) CHF Citigroup Geberit AG 1 –
(24) CHF Credit Suisse Geberit AG1 – –
(20) CHF J.P. Morgan Givaudan SA 1 –
208 CHF Citigroup Helvetia Holding AG 1 –
(9,115) CHF Citigroup Idorsia Ltd. 4 –
449 CHF Citigroup Julius Baer Group Ltd.1 – –
469 CHF Citigroup Kuehne + Nagel International AG 2 –
1,014 CHF Merrill Lynch Kuehne + Nagel International AG 2 –
970 CHF J.P. Morgan Kuehne + Nagel International AG 1 –
(808) CHF J.P. Morgan Lonza Group AG 6 0.01
(1,464) CHF J.P. Morgan Nestle SA1 – –
136 CHF Citigroup Novartis AG1 – –
(3,978) CHF Merrill Lynch OC Oerlikon Corp. AG 3 –
(4,276) CHF J.P. Morgan OC Oerlikon Corp. AG 2 –
(330) CHF J.P. Morgan Panalpina Welttransport Holding AG 3 –
(27) CHF Credit Suisse Panalpina Welttransport Holding AG1 – –
39 CHF J.P. Morgan Partners Group Holding AG 1 –
1,989 CHF Citigroup PSP Swiss Property AG 3 –
982 CHF J.P. Morgan PSP Swiss Property AG 2 –
207 CHF Deutsche Bank PSP Swiss Property AG 1 –
63 CHF Credit Suisse PSP Swiss Property AG1 – –
1,938 CHF Citigroup Roche Holding AG 5 –
(699) CHF Merrill Lynch SFS Group AG 1 –
98 CHF Citigroup SGS SA1 – –
162 CHF Citigroup Straumann Holding AG 1 –
556 CHF J.P. Morgan Swiss Life Holding AG 1 –
383 CHF Citigroup Swiss Life Holding AG 1 –
377 CHF Merrill Lynch Swiss Prime Site AG1 – –
610 CHF J.P. Morgan Swiss Prime Site AG1 – –
2,081 CHF Citigroup Swiss Re AG 6 0.01
2,115 CHF Merrill Lynch Swiss Re AG 1 –
359 CHF Citigroup Swisscom AG 2 –
2,630 USD J.P. Morgan Transocean Ltd. 1 –
1,188 USD Merrill Lynch Transocean Ltd.1 – –
(159) CHF Merrill Lynch VAT Group AG 1 –
(443) CHF Citigroup VAT Group AG1 – –
Total Switzerland 147 0.07
Taiwan (31 March 2017: 0.08%)

(161,000) USD Citigroup Advanced Semiconductor Engineering, Inc. 3 –
(45,198) USD Citigroup Advantech Co. Ltd. 4 –
(153,000) USD Merrill Lynch Asia Cement Corp. 6 –
(126,000) USD Citigroup Asia Cement Corp. 4 –
(12,000) USD Merrill Lynch Asustek Computer, Inc. 1 –
(4,000) USD Citigroup Catcher Technology Co. Ltd.1 – –
(32,000) USD Merrill Lynch Cathay Financial Holding Co. Ltd. 1 –
249
As at 31 March 2018
Fair Value % of Net

Taiwan (continued)
(22,000) USD Citigroup Cathay Financial Holding Co. Ltd. 1 –

302,300 USD J.P. Morgan Chang Hwa Commercial Bank Ltd. 2 –
(234,000) USD Merrill Lynch China Development Financial Holding Corp. 2 –
(423,000) USD J.P. Morgan China Development Financial Holding Corp. 1 –
110,450 USD Merrill Lynch China Life Insurance Co. Ltd.1 – –
(523,000) USD Merrill Lynch China Steel Corp. 8 0.01
(123,000) USD Merrill Lynch Delta Electronics, Inc. 22 0.01
(42,000) USD Citigroup Delta Electronics, Inc.1 – –
(2,148) USD Citigroup E.Sun Financial Holding Co. Ltd.1 – –
(34,194) USD Citigroup Eclat Textile Co. Ltd. 1 –
105,940 USD J.P. Morgan Eva Airways Corp. 1 –
474,000 USD J.P. Morgan Far Eastern New Century Corp. 8 0.01
373,000 USD Merrill Lynch Far Eastern New Century Corp. 5 –
505,920 USD J.P. Morgan First Financial Holding Co. Ltd. 6 0.01
77,520 USD Merrill Lynch First Financial Holding Co. Ltd.1 – –
192,780 USD Citigroup First Financial Holding Co. Ltd.1 – –
24,000 USD J.P. Morgan Formosa Chemicals & Fibre Corp. 2 –
11,000 USD Merrill Lynch Formosa Chemicals & Fibre Corp. 1 –
24,000 USD J.P. Morgan Formosa Plastics Corp. 1 –
(55,000) USD Merrill Lynch Fubon Financial Holding Co. Ltd. 2 –
(2,538) USD Merrill Lynch Fubon Financial Holding Co. Ltd.1 – –
(22,000) USD Citigroup Hon Hai Precision Industry Co. Ltd. 2 –
(8,000) USD Citigroup Hotai Motor Co. Ltd. 1 –
(1,000) USD J.P. Morgan Hotai Motor Co. Ltd. 1 –
474,600 USD J.P. Morgan Hua Nan Financial Holdings Co. Ltd. 5 –
252,000 USD Merrill Lynch Hua Nan Financial Holdings Co. Ltd. 1 –
(89,000) USD Citigroup Inventec Corp. 1 –
(5,000) USD Citigroup Largan Precision Co. Ltd. 40 0.02
(9,000) USD Citigroup MediaTek, Inc. 1 –
(850,000) USD Merrill Lynch Mega Financial Holding Co. Ltd. 1 –
(4,000) USD Citigroup Mega Financial Holding Co. Ltd.1 – –
(46,000) USD Citigroup Nanya Technology Corp. 5 –
32,000 USD J.P. Morgan Novatek Microelectronics Corp. 2 –
147,000 USD Merrill Lynch Pou Chen Corp. 8 0.01
89,000 USD J.P. Morgan Pou Chen Corp. 6 0.01
228,000 USD Citigroup Pou Chen Corp. 3 –
1,000 USD J.P. Morgan President Chain Store Corp.1 – –
(61,000) USD Merrill Lynch Quanta Computer, Inc. 3 –
(570,094) USD Merrill Lynch Shin Kong Financial Holding Co. Ltd. 20 0.01
(166,798) USD Merrill Lynch SinoPac Financial Holdings Co. Ltd. 1 –
(175) USD Citigroup SinoPac Financial Holdings Co. Ltd.1 – –
150,000 USD J.P. Morgan Taishin Financial Holding Co. Ltd. 2 –
(92,000) USD Merrill Lynch Taiwan Cement Corp. 3 –
(7,000) USD Citigroup Taiwan Cement Corp.1 – –
90,600 USD J.P. Morgan Taiwan Cooperative Financial Holding Co. Ltd. 1 –
495,780 USD Merrill Lynch Taiwan Cooperative Financial Holding Co. Ltd.1 – –
1,134,000 USD Citigroup United Microelectronics Corp. 1 –
201,000 USD J.P. Morgan Yuanta Financial Holding Co. Ltd. 2 –
250
As at 31 March 2018
Fair Value % of Net

Taiwan (continued)
150,000 USD Merrill Lynch Yuanta Financial Holding Co. Ltd.1 – –

Total Taiwan 192 0.09

(3,435) GBP Merrill Lynch Admiral Group plc 2 –
(2,449) GBP Citigroup Admiral Group plc 1 –
(595) GBP Credit Suisse Admiral Group plc1 – –
(10,098) GBP Citigroup Antofagasta plc 3 –
(5,016) GBP Deutsche Bank Antofagasta plc 2 –
42 USD Citigroup Aon plc1 – –
1,001 USD Deutsche Bank ARRIS International plc 1 –
14,680 GBP Citigroup Ashmore Group plc 1 –
(2,515) GBP J.P. Morgan ASOS plc 13 0.01
(567) GBP Credit Suisse Associated British Foods plc 1 –
2,210 GBP J.P. Morgan AstraZeneca plc 2 –
562 GBP Credit Suisse AstraZeneca plc 1 –
335 GBP Deutsche Bank AstraZeneca plc1 – –
(6,819) GBP J.P. Morgan Auto Trader Group plc 3 –
(1,510) GBP Deutsche Bank Auto Trader Group plc1 – –
(17,135) GBP Merrill Lynch Babcock International Group plc 2 –
(14,125) GBP Merrill Lynch Balfour Beatty plc 3 –
(44,660) GBP Citigroup Balfour Beatty plc 3 –
(32,451) GBP J.P. Morgan Balfour Beatty plc 2 –
14,497 GBP Citigroup Barratt Developments plc 2 –
(61,650) GBP J.P. Morgan BBA Aviation plc 13 0.01
12,324 GBP Merrill Lynch Beazley plc 3 –
355 GBP Citigroup Berkeley Group Holdings plc1 – –
(3,132) GBP Credit Suisse British American Tobacco plc 5 –
(1,673) GBP Merrill Lynch British American Tobacco plc 2 –
5,856 GBP Deutsche Bank British Land Co. plc (The), REIT1 – –
1,081 GBP Merrill Lynch British Land Co. plc (The), REIT1 – –
2,959 GBP Citigroup Britvic plc1 – –
3,584 GBP Merrill Lynch BT Group plc1 – –
(16,463) GBP J.P. Morgan BTG plc 3 –
5,577 GBP Merrill Lynch Burberry Group plc 3 –
2,694 GBP J.P. Morgan Burberry Group plc 2 –
1,906 GBP Citigroup Burberry Group plc 1 –
415 GBP Credit Suisse Burberry Group plc1 – –
(56,574) GBP Citigroup Cairn Energy plc 2 –
(37,133) GBP J.P. Morgan Capital & Counties Properties plc1 – –
23,604 GBP Citigroup Centrica plc 3 –
39,727 GBP J.P. Morgan Centrica plc1 – –
4,484 GBP Citigroup Close Brothers Group plc 1 –
(162,244) GBP J.P. Morgan Cobham plc 16 0.01
(23,195) GBP Merrill Lynch Cobham plc 2 –
(632) GBP J.P. Morgan Croda International plc1 – –
(16,262) GBP Citigroup Daily Mail & General Trust plc 'A'1 – –
(195) GBP J.P. Morgan Diageo plc1 – –
251
As at 31 March 2018
Fair Value % of Net

(449) GBP Credit Suisse Dixons Carphone plc1 – –

(38,007) GBP J.P. Morgan Drax Group plc 3 –
(14,847) GBP Credit Suisse Drax Group plc 1 –
(9,968) GBP Credit Suisse DS Smith plc 5 –
(7,136) GBP J.P. Morgan DS Smith plc 3 –
35,054 GBP Citigroup Electrocomponents plc 7 0.01
(43,802) USD Deutsche Bank Ensco plc 'A' 21 0.01
(24,574) USD Citigroup Ensco plc 'A' 6 0.01
(796) USD J.P. Morgan Ensco plc 'A'1 – –
(33,894) GBP J.P. Morgan Essentra plc 22 0.01
(25,339) GBP Merrill Lynch Essentra plc 10 0.01
(3,822) GBP Deutsche Bank Essentra plc 2 –
(6,272) GBP J.P. Morgan Fevertree Drinks plc 4 –
(151) GBP Credit Suisse Fevertree Drinks plc1 – –
60,458 GBP Citigroup Firstgroup plc 2 –
34,234 GBP Merrill Lynch Firstgroup plc1 – –
17,254 GBP Deutsche Bank Firstgroup plc1 – –
(17,825) GBP Credit Suisse G4S plc 2 –
(1,696) GBP J.P. Morgan G4S plc1 – –
19,056 GBP Merrill Lynch GlaxoSmithKline plc 18 0.01
21,249 GBP J.P. Morgan GlaxoSmithKline plc 11 0.01
7,072 GBP Credit Suisse GlaxoSmithKline plc 4 –
936 GBP Citigroup GlaxoSmithKline plc 1 –
797 GBP Deutsche Bank GlaxoSmithKline plc 1 –
(16,284) GBP Citigroup Great Portland Estates plc1 – –
(53) GBP Deutsche Bank Great Portland Estates plc1 – –
(12,088) GBP Credit Suisse Greene King plc 3 –
(10,037) GBP J.P. Morgan Greene King plc 2 –
(8,322) GBP Merrill Lynch Greene King plc 1 –
(8,320) GBP Deutsche Bank Greene King plc 1 –
(7,531) GBP J.P. Morgan Halma plc 2 –
15,447 GBP J.P. Morgan Hammerson plc, REIT 14 0.01
3,267 GBP Credit Suisse Hammerson plc, REIT 3 –
482 GBP Merrill Lynch Hammerson plc, REIT 1 –
(4,960) GBP J.P. Morgan Hargreaves Lansdown plc 5 –
(1,820) GBP Merrill Lynch Hargreaves Lansdown plc 2 –
(15,884) GBP J.P. Morgan Hays plc 1 –
18,575 GBP Citigroup Howden Joinery Group plc 1 –
(13,433) GBP J.P. Morgan HSBC Holdings plc 6 0.01
644 GBP J.P. Morgan IG Group Holdings plc1 – –
6,033 GBP Citigroup IMI plc 1 –
3,013 GBP Citigroup Imperial Brands plc 2 –
6,200 GBP Citigroup Inchcape plc 2 –
13,409 GBP J.P. Morgan Inchcape plc 1 –
25,307 GBP Merrill Lynch Inchcape plc1 – –
1,522 GBP J.P. Morgan Indivior plc1 – –
(6,066) GBP J.P. Morgan Inmarsat plc 7 0.01
(6,018) GBP Merrill Lynch Inmarsat plc 3 –
252
As at 31 March 2018
Fair Value % of Net

(8,173) GBP Citigroup Inmarsat plc 1 –

(675) GBP Deutsche Bank Inmarsat plc1 – –
(1,159) GBP J.P. Morgan Intertek Group plc 5 –
(728) GBP Citigroup Intertek Group plc 1 –
(18,664) GBP J.P. Morgan Investec plc 20 0.01
(4,016) GBP Citigroup Investec plc1 – –
20,832 GBP Citigroup J Sainsbury plc 2 –
(39,537) GBP J.P. Morgan John Wood Group plc 41 0.02
(5,973) GBP Merrill Lynch John Wood Group plc 6 0.01
(3,877) GBP Citigroup John Wood Group plc 1 –
(2,295) GBP Credit Suisse Johnson Matthey plc 4 –
(2,431) GBP Citigroup Johnson Matthey plc 2 –
(638) GBP J.P. Morgan Johnson Matthey plc 1 –
(395) GBP Merrill Lynch Johnson Matthey plc 1 –
(20,893) GBP J.P. Morgan Just Eat plc 17 0.01
(25,198) GBP Merrill Lynch Just Eat plc 16 0.01
4,532 GBP J.P. Morgan Land Securities Group plc, REIT 1 –
1,905 GBP Citigroup Land Securities Group plc, REIT1 – –
399 GBP Deutsche Bank Land Securities Group plc, REIT1 – –
(1,224) USD Citigroup Liberty Global plc 'A' 1 –
(15) USD J.P. Morgan Liberty Global plc 'A'1 – –
58,048 GBP J.P. Morgan Man Group plc 2 –
39,952 GBP Citigroup Marks & Spencer Group plc 2 –
(28,016) GBP J.P. Morgan Mediclinic International plc 2 –
(6,194) GBP Merrill Lynch Meggitt plc 2 –
(343) GBP J.P. Morgan Meggitt plc1 – –
(25,864) GBP Credit Suisse Merlin Entertainments plc 8 0.01
(28,605) GBP Merrill Lynch Merlin Entertainments plc 5 –
(37,802) GBP Citigroup Merlin Entertainments plc 3 –
(5,595) GBP J.P. Morgan Merlin Entertainments plc 2 –
(5,726) GBP Merrill Lynch Metro Bank plc 34 0.02
(2,479) GBP J.P. Morgan Metro Bank plc 15 0.01
(1,855) GBP Credit Suisse Metro Bank plc 11 0.01
(1,339) GBP Deutsche Bank Metro Bank plc 8 0.01
6,145 GBP Citigroup Mondi plc1 – –
66,904 GBP J.P. Morgan Moneysupermarket.com Group plc 13 0.01
31,790 GBP Credit Suisse Moneysupermarket.com Group plc 6 –
45,015 GBP Merrill Lynch Moneysupermarket.com Group plc 1 –
30,264 GBP Citigroup National Express Group plc 1 –
1,305 GBP J.P. Morgan Next plc 1 –
(2,579) USD Citigroup Nielsen Holdings plc1 – –
(2,442) GBP Merrill Lynch NMC Health plc1 – –
(24,437) GBP J.P. Morgan Ocado Group plc 13 0.01
(17,110) GBP Merrill Lynch Old Mutual plc 3 –
26,542 GBP Citigroup Pagegroup plc 2 –
16,969 GBP Merrill Lynch Pagegroup plc 2 –
12,997 GBP J.P. Morgan Pagegroup plc 1 –
9,903 GBP Citigroup Persimmon plc 5 –
(7,228) GBP Merrill Lynch Redrow plc1 – –
253
As at 31 March 2018
Fair Value % of Net

(5,167) GBP J.P. Morgan Redrow plc1 – –

28,697 GBP Citigroup RELX plc 4 –
(26,249) GBP Merrill Lynch Rentokil Initial plc 1 –
5,068 GBP Merrill Lynch Rightmove plc 8 0.01
1,548 GBP Citigroup Rightmove plc 3 –
3,465 GBP J.P. Morgan Rightmove plc 2 –
883 GBP Credit Suisse Rightmove plc 1 –
(15,856) GBP Credit Suisse Rolls-Royce Holdings plc 9 0.01
(2,803) GBP Merrill Lynch Rolls-Royce Holdings plc 1 –
(298) GBP J.P. Morgan Rolls-Royce Holdings plc1 – –
(907) GBP Citigroup Rolls-Royce Holdings plc1 – –
(68,840) GBP J.P. Morgan Royal Bank of Scotland Group plc 3 –
(1,736) GBP J.P. Morgan Royal Dutch Shell plc 'B'1 – –
(10,428) GBP J.P. Morgan RPC Group plc 5 –
(750) GBP Merrill Lynch RPC Group plc1 – –
(947) GBP Merrill Lynch RSA Insurance Group plc1 – –
(4,875) GBP J.P. Morgan Saga plc1 – –
(21,645) GBP Merrill Lynch Saga plc1 – –
(38) USD J.P. Morgan Sensata Technologies Holding plc1 – –
(59,073) GBP J.P. Morgan Serco Group plc 6 0.01
(114,659) GBP Citigroup Serco Group plc 2 –
(22,115) GBP Merrill Lynch Serco Group plc 1 –
(9,636) GBP J.P. Morgan Shaftesbury plc, REIT 1 –
(1,122) GBP Credit Suisse Sky plc 1 –
(2,576) GBP Citigroup Sky plc 1 –
8,780 GBP Citigroup Smith & Nephew plc 2 –
12,427 GBP J.P. Morgan Smith & Nephew plc 1 –
6,141 GBP Merrill Lynch Smith & Nephew plc1 – –
822 GBP Credit Suisse Smith & Nephew plc1 – –
(16,104) GBP Merrill Lynch Sophos Group plc 14 0.01
(7,159) GBP Citigroup Sophos Group plc 2 –
1,756 GBP Citigroup Spectris plc1 – –
(612) GBP Merrill Lynch Spirax-Sarco Engineering plc 2 –
(166) GBP Citigroup Spirax-Sarco Engineering plc1 – –
(19,540) GBP J.P. Morgan Sports Direct International plc 1 –
(9,038) GBP Credit Suisse Sports Direct International plc 1 –
5,889 GBP Merrill Lynch SSE plc 3 –
2,995 GBP Citigroup SSE plc 2 –
3,643 GBP Credit Suisse SSE plc 1 –
430 GBP J.P. Morgan SSE plc1 – –
(4,892) GBP Merrill Lynch St James's Place plc 3 –
(6,571) GBP Citigroup St James's Place plc 2 –
(64,087) GBP Citigroup Standard Life plc 9 0.01
44,215 GBP Merrill Lynch TalkTalk Telecom Group plc 3 –
13,997 GBP J.P. Morgan TalkTalk Telecom Group plc 1 –
2,347 GBP Credit Suisse TalkTalk Telecom Group plc1 – –
1,539 GBP Citigroup TalkTalk Telecom Group plc1 – –
254
As at 31 March 2018
Fair Value % of Net

1,482 GBP Deutsche Bank TalkTalk Telecom Group plc1 – –

22,069 GBP Citigroup Tate & Lyle plc 3 –
17,201 GBP Citigroup Taylor Wimpey plc1 – –
148 USD Citigroup TechnipFMC plc1 – –
(13,042) GBP J.P. Morgan Tesco plc 1 –
417 GBP Citigroup Travis Perkins plc1 – –
(14,491) GBP J.P. Morgan Virgin Money Holdings UK plc 2 –
47,887 GBP Citigroup Vodafone Group plc 1 –
(991) GBP Merrill Lynch Whitbread plc 2 –
(587) GBP Deutsche Bank Whitbread plc 1 –
(41) GBP J.P. Morgan Whitbread plc1 – –
37,198 GBP Merrill Lynch William Hill plc 4 –
32,056 GBP J.P. Morgan William Hill plc 1 –
66,212 GBP Citigroup Wm Morrison Supermarkets plc 5 –
(2,970) GBP Citigroup Workspace Group plc, REIT1 – –
Total United Kingdom 657 0.32

(3,632) USD Merrill Lynch 2U, Inc. 10 0.01
(1,201) USD Credit Suisse Abbott Laboratories 2 –
(6,657) USD Citigroup Acadia Healthcare Co., Inc. 7 0.01
(2,379) USD Credit Suisse Acadia Healthcare Co., Inc. 3 –
(1,681) USD J.P. Morgan Acadia Healthcare Co., Inc. 2 –
(1,166) USD Deutsche Bank ACADIA Pharmaceuticals, Inc. 8 0.01
(3,457) USD Credit Suisse ACADIA Pharmaceuticals, Inc. 8 0.01
(2,248) USD J.P. Morgan ACADIA Pharmaceuticals, Inc. 5 –
(379) USD Merrill Lynch ACADIA Pharmaceuticals, Inc. 1 –
(805) USD Credit Suisse Acadia Realty Trust, REIT1 – –
(9,789) USD Merrill Lynch ACI Worldwide, Inc. 19 0.01
(956) USD Citigroup ACI Worldwide, Inc. 1 –
(1,489) USD Credit Suisse Actuant Corp. 'A'1 – –
(1,296) USD Merrill Lynch Actuant Corp. 'A'1 – –
(552) USD Merrill Lynch Acuity Brands, Inc. 5 –
(1,161) USD J.P. Morgan Acxiom Corp. 7 0.01
(662) USD Citigroup Acxiom Corp. 5 –
(458) USD Merrill Lynch Acxiom Corp. 4 –
(301) USD Credit Suisse Acxiom Corp. 2 –
46 USD Deutsche Bank Adobe Systems, Inc. 1 –
(6,014) USD Credit Suisse Advanced Micro Devices, Inc. 9 0.01
(6,261) USD Citigroup Advanced Micro Devices, Inc. 4 –
(3,178) USD Merrill Lynch Advanced Micro Devices, Inc. 4 –
(1,211) USD J.P. Morgan Advanced Micro Devices, Inc. 2 –
(1,080) USD Deutsche Bank Advanced Micro Devices, Inc. 2 –
(3,642) USD Citigroup AECOM 1 –
(1,886) USD J.P. Morgan AECOM 1 –
(968) USD Merrill Lynch AECOM 1 –
7,234 USD Citigroup AES Corp. 3 –
5,143 USD J.P. Morgan AES Corp. 2 –
469 USD Merrill Lynch AES Corp.1 – –
255
As at 31 March 2018
Fair Value % of Net

120 USD Citigroup AGCO Corp.1 – –

(1,712) USD J.P. Morgan Agios Pharmaceuticals, Inc. 3 –
(1,145) USD Credit Suisse Agios Pharmaceuticals, Inc. 2 –
(484) USD Citigroup Agios Pharmaceuticals, Inc.1 – –
794 USD Citigroup AGNC Investment Corp., REIT1 – –
(552) USD J.P. Morgan Air Lease Corp.1 – –
(1,056) USD Citigroup Air Lease Corp.1 – –
(36,499) USD Deutsche Bank AK Steel Holding Corp. 21 0.01
(3,052) USD Credit Suisse AK Steel Holding Corp. 2 –
(2,253) USD Merrill Lynch AK Steel Holding Corp. 1 –
(1,812) USD Citigroup Akamai Technologies, Inc. 1 –
(80) USD Merrill Lynch Akamai Technologies, Inc.1 – –
(2,153) USD Merrill Lynch Akorn, Inc.1 – –
(714) USD Merrill Lynch Albemarle Corp. 3 –
(254) USD Credit Suisse Albemarle Corp. 1 –
(563) USD Citigroup Albemarle Corp. 1 –
2,384 USD Citigroup Alcoa Corp.1 – –
64 USD J.P. Morgan Alexander's, Inc., REIT 1 –
26 USD Deutsche Bank Alexander's, Inc., REIT 1 –
89 USD Citigroup Alexander's, Inc., REIT1 – –
59 USD Merrill Lynch Alexander's, Inc., REIT1 – –
24 USD Credit Suisse Alexander's, Inc., REIT1 – –
(693) USD Merrill Lynch Alexion Pharmaceuticals, Inc. 9 0.01
(187) USD Citigroup Alexion Pharmaceuticals, Inc.1 – –
(207) USD J.P. Morgan Alleghany Corp. 1 –
(10,186) USD J.P. Morgan Allegheny Technologies, Inc. 32 0.02
(2,465) USD Citigroup Allegheny Technologies, Inc. 1 –
(251) USD J.P. Morgan Allegiant Travel Co.1 – –
(430) USD Merrill Lynch Allegiant Travel Co.1 – –
(208) USD Citigroup Alliance Data Systems Corp. 1 –
1,061 USD Merrill Lynch Alliant Energy Corp. 1 –
236 USD Citigroup Alliant Energy Corp.1 – –
8,929 USD Citigroup Allison Transmission Holdings, Inc. 8 0.01
139 USD J.P. Morgan Allison Transmission Holdings, Inc.1 – –
82 USD Credit Suisse Allison Transmission Holdings, Inc.1 – –
(1,089) USD Citigroup Allscripts Healthcare Solutions, Inc.1 – –
1,195 USD J.P. Morgan Allstate Corp. (The) 1 –
1,535 USD Citigroup Allstate Corp. (The)1 – –
(983) USD Citigroup Alnylam Pharmaceuticals, Inc. 19 0.01
(79) USD Credit Suisse Alnylam Pharmaceuticals, Inc. 1 –
(1,071) USD Merrill Lynch Altria Group, Inc. 1 –
(176) USD Citigroup Amazon.com, Inc. 14 0.01
(75) USD Merrill Lynch Amazon.com, Inc. 8 0.01
1,381 USD Citigroup AMC Networks, Inc. 'A' 2 –
370 USD Merrill Lynch AMC Networks, Inc. 'A'1 – –
4,376 USD Citigroup Ameren Corp. 6 0.01
1,134 USD Merrill Lynch Ameren Corp. 2 –
491 USD Credit Suisse Ameren Corp. 1 –
256
As at 31 March 2018
Fair Value % of Net

387 USD J.P. Morgan Ameren Corp. 1 –

5,835 USD J.P. Morgan American Eagle Outfitters, Inc. 6 0.01
4,443 USD Merrill Lynch American Eagle Outfitters, Inc. 1 –
2,192 USD Citigroup American Eagle Outfitters, Inc. 1 –
894 USD Merrill Lynch American Electric Power Co., Inc. 1 –
313 USD J.P. Morgan American Electric Power Co., Inc. 1 –
558 USD Citigroup American Electric Power Co., Inc. 1 –
705 USD Citigroup American Financial Group, Inc.1 – –
(996) USD Citigroup American International Group, Inc.1 – –
11 USD Merrill Lynch American National Insurance Co.1 – –
937 USD Citigroup AmerisourceBergen Corp. 1 –
(2,281) USD Merrill Lynch AMETEK, Inc. 4 –
(4,348) USD Merrill Lynch Amphenol Corp. 'A' 21 0.01
(6,795) USD Credit Suisse AmTrust Financial Services, Inc. 2 –
(4,928) USD J.P. Morgan AmTrust Financial Services, Inc. 2 –
(2,365) USD Merrill Lynch AmTrust Financial Services, Inc.1 – –
(2,001) USD Citigroup AmTrust Financial Services, Inc.1 – –
3,514 USD Merrill Lynch Anadarko Petroleum Corp. 7 0.01
35 USD J.P. Morgan Anadarko Petroleum Corp.1 – –
(1,913) USD Merrill Lynch Analog Devices, Inc. 4 –
(758) USD Credit Suisse Analog Devices, Inc. 1 –
(448) USD J.P. Morgan Analog Devices, Inc. 1 –
211 USD Deutsche Bank Andeavor 1 –
193 USD Merrill Lynch Andeavor 1 –
452 USD J.P. Morgan Andeavor1 – –
(260) USD Merrill Lynch Anixter International, Inc. 1 –
(951) USD Credit Suisse Anixter International, Inc.1 – –
(153) USD J.P. Morgan Anixter International, Inc.1 – –
(976) USD Merrill Lynch Annaly Capital Management, Inc., REIT1 – –
1,337 USD Deutsche Bank Antero Resources Corp. 2 –
906 USD Citigroup Anthem, Inc. 1 –
1,969 USD J.P. Morgan Apache Corp. 6 0.01
491 USD Citigroup Apache Corp. 1 –
1,464 USD J.P. Morgan Apartment Investment & Management Co., REIT 'A' 2 –
436 USD Credit Suisse Apartment Investment & Management Co., REIT 'A' 1 –
602 USD Merrill Lynch Apartment Investment & Management Co., REIT 'A'1 – –
13 USD Citigroup Apartment Investment & Management Co., REIT 'A'1 – –
2,405 USD J.P. Morgan Apple Hospitality REIT, Inc. 1 –
897 USD Credit Suisse Apple Hospitality REIT, Inc.1 – –
1,020 USD Merrill Lynch Apple Hospitality REIT, Inc.1 – –
(932) USD Merrill Lynch Apple, Inc. 8 0.01
(273) USD Citigroup Apple, Inc.1 – –
1,449 USD Citigroup Applied Industrial Technologies, Inc. 1 –
329 USD Deutsche Bank Applied Industrial Technologies, Inc.1 – –
1,125 USD Credit Suisse Applied Industrial Technologies, Inc.1 – –
548 USD J.P. Morgan Applied Industrial Technologies, Inc.1 – –
(1,870) USD Merrill Lynch Aramark 2 –
(1,562) USD Citigroup Aramark1 – –
257
As at 31 March 2018
Fair Value % of Net

(5,082) USD Merrill Lynch Arconic, Inc. 5 –

(1,647) USD Deutsche Bank Arconic, Inc. 3 –
(1,135) USD Credit Suisse Arconic, Inc. 2 –
(361) USD Citigroup Arista Networks, Inc. 5 –
(1,234) USD Merrill Lynch Arthur J Gallagher & Co. 2 –
170 USD Citigroup Ashland Global Holdings, Inc.1 – –
742 USD Merrill Lynch Assurant, Inc. 2 –
283 USD Citigroup Assurant, Inc.1 – –
273 USD Deutsche Bank Assurant, Inc.1 – –
220 USD J.P. Morgan Atmos Energy Corp. 1 –
(1,093) USD Merrill Lynch Autodesk, Inc. 10 0.01
(148) USD Credit Suisse Autodesk, Inc. 1 –
(160) USD J.P. Morgan Autoliv, Inc. 1 –
(361) USD Citigroup Autoliv, Inc. 1 –
(484) USD Deutsche Bank Autoliv, Inc.1 – –
(1,203) USD Credit Suisse Automatic Data Processing, Inc. 3 –
(551) USD Deutsche Bank AutoNation, Inc. 3 –
46 USD Citigroup AutoZone, Inc.1 – –
266 USD Credit Suisse AvalonBay Communities, Inc., REIT 1 –
265 USD J.P. Morgan AvalonBay Communities, Inc., REIT 1 –
291 USD Citigroup AvalonBay Communities, Inc., REIT 1 –
108 USD Merrill Lynch AvalonBay Communities, Inc., REIT1 – –
932 USD Citigroup Avery Dennison Corp.1 – –
757 USD Merrill Lynch Avista Corp.1 – –
(5,259) USD Merrill Lynch Avnet, Inc. 10 0.01
(723) USD J.P. Morgan Avnet, Inc. 1 –
(460) USD Credit Suisse Avnet, Inc. 1 –
(1,965) USD Deutsche Bank B&G Foods, Inc. 14 0.01
(2,718) USD Citigroup B&G Foods, Inc. 5 –
(2,583) USD Merrill Lynch Ball Corp. 3 –
785 USD Citigroup Bank of Hawaii Corp.1 – –
(1,076) USD Credit Suisse Bank of the Ozarks, Inc. 4 –
(851) USD J.P. Morgan Bank of the Ozarks, Inc. 3 –
(685) USD Merrill Lynch Bank of the Ozarks, Inc. 2 –
(1,852) USD Citigroup BankUnited, Inc. 1 –
(790) USD Credit Suisse BB&T Corp. 2 –
(694) USD Citigroup BB&T Corp.1 – –
(561) USD Merrill Lynch Belden, Inc. 4 –
(218) USD Credit Suisse Belden, Inc. 1 –
(181) USD Citigroup Belden, Inc.1 – –
(859) USD Merrill Lynch Berkshire Hathaway, Inc. 'B' 6 0.01
(840) USD J.P. Morgan Berkshire Hathaway, Inc. 'B' 4 –
(101) USD Credit Suisse Berkshire Hathaway, Inc. 'B' 1 –
2,270 USD Citigroup Best Buy Co., Inc. 5 –
2,321 USD Merrill Lynch Best Buy Co., Inc. 2 –
433 USD Citigroup Biogen, Inc. 1 –
(1,040) USD Merrill Lynch BioMarin Pharmaceutical, Inc. 2 –
(725) USD Citigroup BioMarin Pharmaceutical, Inc.1 – –
258
As at 31 March 2018
Fair Value % of Net

(571) USD Merrill Lynch Bio-Rad Laboratories, Inc. 'A' 9 0.01

(255) USD J.P. Morgan Bio-Rad Laboratories, Inc. 'A' 3 –
(138) USD Citigroup Bio-Rad Laboratories, Inc. 'A'1 – –
304 USD J.P. Morgan Bio-Techne Corp. 2 –
(253) USD J.P. Morgan Black Knight, Inc.1 – –
(113) USD Merrill Lynch Black Knight, Inc.1 – –
(1,096) USD J.P. Morgan Blackbaud, Inc. 8 0.01
(805) USD Citigroup Blackbaud, Inc. 3 –
(204) USD Merrill Lynch Blackbaud, Inc. 1 –
(1,183) USD Merrill Lynch Blackhawk Network Holdings, Inc.1 – –
(2,298) USD Citigroup Blackhawk Network Holdings, Inc.1 – –
(3,614) USD Credit Suisse Blackstone Mortgage Trust, Inc., REIT 'A' 1 –
(3,605) USD J.P. Morgan Blackstone Mortgage Trust, Inc., REIT 'A' 1 –
(2,659) USD Merrill Lynch Blackstone Mortgage Trust, Inc., REIT 'A' 1 –
(1,247) USD Citigroup Blackstone Mortgage Trust, Inc., REIT 'A'1 – –
7,245 USD Citigroup Bloomin' Brands, Inc. 3 –
8,713 USD J.P. Morgan Bloomin' Brands, Inc. 2 –
359 USD Merrill Lynch Bloomin' Brands, Inc.1 – –
(1,160) USD Credit Suisse Blue Buffalo Pet Products, Inc.1 – –
(593) USD J.P. Morgan Bluebird Bio, Inc. 27 0.02
(526) USD Credit Suisse Bluebird Bio, Inc. 24 0.01
(1,239) USD Merrill Lynch Blueprint Medicines Corp. 11 0.01
181 USD Citigroup Boeing Co. (The) 1 –
(48) USD Merrill Lynch Booking Holdings, Inc. 4 –
(132) USD Citigroup Booking Holdings, Inc. 4 –
919 USD Citigroup Booz Allen Hamilton Holding Corp.1 – –
932 USD Credit Suisse BorgWarner, Inc.1 – –
370 USD Citigroup BorgWarner, Inc.1 – –
967 USD Citigroup Boston Properties, Inc., REIT 1 –
(2,913) USD J.P. Morgan Boyd Gaming Corp. 9 0.01
(518) USD Merrill Lynch Boyd Gaming Corp. 1 –
2,296 USD Citigroup Brandywine Realty Trust, REIT1 – –
(1,215) USD Merrill Lynch Bright Horizons Family Solutions, Inc.1 – –
(1,223) USD Merrill Lynch Brighthouse Financial, Inc. 1 –
(719) USD Credit Suisse Brighthouse Financial, Inc.1 – –
(626) USD J.P. Morgan Brighthouse Financial, Inc.1 – –
(23) USD Citigroup Brighthouse Financial, Inc.1 – –
2,332 USD Citigroup Brinker International, Inc. 3 –
167 USD Deutsche Bank Brinker International, Inc.1 – –
1,651 USD Credit Suisse Brinker International, Inc.1 – –
3,155 USD J.P. Morgan Brinker International, Inc.1 – –
1,347 USD J.P. Morgan Brink's Co. (The) 1 –
(1,737) USD Credit Suisse Brixmor Property Group, Inc., REIT 1 –
1,025 USD Credit Suisse Broadridge Financial Solutions, Inc. 2 –
884 USD J.P. Morgan Broadridge Financial Solutions, Inc. 2 –
171 USD Deutsche Bank Broadridge Financial Solutions, Inc. 2 –
387 USD Citigroup Broadridge Financial Solutions, Inc. 1 –
464 USD Merrill Lynch Broadridge Financial Solutions, Inc. 1 –
259
As at 31 March 2018
Fair Value % of Net

(2,094) USD Citigroup Brown & Brown, Inc.1 – –

1,282 USD J.P. Morgan Brown-Forman Corp. 'B' 1 –
465 USD Citigroup Brown-Forman Corp. 'B'1 – –
114 USD Citigroup Bruker Corp.1 – –
1,081 USD J.P. Morgan Burlington Stores, Inc. 9 0.01
594 USD Merrill Lynch Burlington Stores, Inc. 3 –
589 USD Citigroup Burlington Stores, Inc. 2 –
1,799 USD Merrill Lynch BWX Technologies, Inc.1 – –
(26) USD Credit Suisse Cable One, Inc.1 – –
4,079 USD Citigroup Cabot Oil & Gas Corp.1 – –
(15,352) USD J.P. Morgan Caesars Entertainment Corp. 17 0.01
(3,158) USD Credit Suisse Caesars Entertainment Corp. 4 –
(437) USD Citigroup Caesars Entertainment Corp.1 – –
(1,658) USD Merrill Lynch Cal-Maine Foods, Inc. 1 –
(4,439) USD J.P. Morgan Cal-Maine Foods, Inc.1 – –
366 USD J.P. Morgan Camden Property Trust, REIT 1 –
4 USD Citigroup Campbell Soup Co.1 – –
1,076 USD Merrill Lynch Campbell Soup Co.1 – –
(1,163) USD Merrill Lynch Cantel Medical Corp. 3 –
(721) USD Merrill Lynch Capital One Financial Corp. 1 –
(593) USD Merrill Lynch Cardinal Health, Inc. 4 –
(253) USD J.P. Morgan Cardinal Health, Inc. 2 –
(563) USD J.P. Morgan Carlisle Cos., Inc. 1 –
(624) USD Citigroup Carlisle Cos., Inc. 1 –
(748) USD Deutsche Bank CarMax, Inc. 2 –
(65) USD Merrill Lynch Carpenter Technology Corp.1 – –
(1,163) USD Merrill Lynch Catalent, Inc. 1 –
(2,047) USD Citigroup Cavium, Inc. 8 0.01
(1,102) USD Merrill Lynch Cavium, Inc. 7 0.01
(231) USD Credit Suisse CBOE Holdings, Inc. 1 –
2,133 USD Citigroup CBRE Group, Inc. 'A' 1 –
322 USD Deutsche Bank CBRE Group, Inc. 'A' 1 –
885 USD Credit Suisse CBRE Group, Inc. 'A'1 – –
551 USD J.P. Morgan CBRE Group, Inc. 'A'1 – –
1,824 USD Citigroup CBS Corp. 'B' 2 –
104 USD Merrill Lynch CBS Corp. 'B'1 – –
2,038 USD Citigroup Celgene Corp. 4 –
649 USD Credit Suisse Centene Corp. 4 –
206 USD Deutsche Bank Centene Corp. 1 –
152 USD J.P. Morgan Centene Corp. 1 –
(7,659) USD Deutsche Bank Centennial Resource Development, Inc. 'A' 3 –
6,798 USD Citigroup CenterPoint Energy, Inc. 4 –
7,078 USD Merrill Lynch CenterPoint Energy, Inc. 3 –
1,770 USD J.P. Morgan CenterPoint Energy, Inc. 1 –
545 USD Credit Suisse CenterPoint Energy, Inc.1 – –
(13,451) USD Merrill Lynch CenturyLink, Inc. 6 0.01
(1,920) USD Merrill Lynch CF Industries Holdings, Inc. 2 –
290 USD J.P. Morgan CH Robinson Worldwide, Inc. 1 –
260
As at 31 March 2018
Fair Value % of Net

(477) USD Merrill Lynch Charles Schwab Corp. (The) 1 –

1,766 USD Merrill Lynch Cheesecake Factory, Inc. (The) 1 –
784 USD Citigroup Cheesecake Factory, Inc. (The) 1 –
985 USD J.P. Morgan Chemed Corp. 1 –
(2,032) USD Credit Suisse Chemical Financial Corp. 5 –
(1,009) USD J.P. Morgan Chemical Financial Corp. 2 –
(1,041) USD Citigroup Chemical Financial Corp. 1 –
1,044 USD J.P. Morgan Chemours Co. (The)1 – –
1,186 USD Citigroup Chemours Co. (The)1 – –
195 USD Credit Suisse Chemours Co. (The)1 – –
(312) USD Credit Suisse Cheniere Energy, Inc.1 – –
(790) USD Merrill Lynch Cheniere Energy, Inc.1 – –
1,636 USD Deutsche Bank Chevron Corp. 2 –
1,977 USD Citigroup Chevron Corp. 1 –
51 USD J.P. Morgan Chevron Corp.1 – –
45 USD Credit Suisse Chevron Corp.1 – –
(733) USD Citigroup Chipotle Mexican Grill, Inc. 8 0.01
(74) USD J.P. Morgan Church & Dwight Co., Inc.1 – –
(117) USD Citigroup Churchill Downs, Inc. 1 –
(2,546) USD Merrill Lynch Ciena Corp. 3 –
(2,340) USD J.P. Morgan Ciena Corp. 1 –
(1,342) USD Citigroup Ciena Corp.1 – –
52 USD Merrill Lynch Cigna Corp.1 – –
2,131 USD Merrill Lynch Cimarex Energy Co. 2 –
(1,651) USD Credit Suisse Cincinnati Financial Corp. 1 –
(571) USD Merrill Lynch Cincinnati Financial Corp.1 – –
(1,116) USD Credit Suisse Cinemark Holdings, Inc. 3 –
(533) USD Citigroup Cinemark Holdings, Inc.1 – –
434 USD Deutsche Bank Cintas Corp. 1 –
55 USD Citigroup Cintas Corp.1 – –
(1,358) USD J.P. Morgan Citigroup, Inc. 7 0.01
178 USD Deutsche Bank Citrix Systems, Inc.1 – –
(3,925) USD Merrill Lynch Clean Harbors, Inc. 4 –
(459) USD Credit Suisse Clean Harbors, Inc. 1 –
(1,676) USD Citigroup Clean Harbors, Inc. 1 –
(2,003) USD Credit Suisse Cleveland-Cliffs, Inc. 1 –
(436) USD J.P. Morgan Cleveland-Cliffs, Inc.1 – –
758 USD Citigroup Clorox Co. (The) 5 –
186 USD Merrill Lynch Clorox Co. (The) 1 –
420 USD Deutsche Bank Clorox Co. (The) 1 –
415 USD J.P. Morgan Clorox Co. (The)1 – –
(2,003) USD Citigroup Clovis Oncology, Inc. 7 0.01
(936) USD Merrill Lynch Clovis Oncology, Inc. 5 –
(291) USD J.P. Morgan Clovis Oncology, Inc. 2 –
(710) USD Credit Suisse CME Group, Inc. 4 –
(361) USD Merrill Lynch CME Group, Inc. 1 –
1,189 USD J.P. Morgan CMS Energy Corp. 3 –
822 USD Merrill Lynch CMS Energy Corp. 1 –
261
As at 31 March 2018
Fair Value % of Net

741 USD Citigroup CMS Energy Corp. 1 –

260 USD Credit Suisse CMS Energy Corp. 1 –
(1,122) USD J.P. Morgan CNX Resources Corp. 2 –
(423) USD Credit Suisse Coca-Cola Co. (The)1 – –
(1,659) USD Merrill Lynch Cognex Corp. 3 –
(446) USD Credit Suisse Cognex Corp. 1 –
(220) USD J.P. Morgan Cognex Corp. 1 –
(337) USD Citigroup Cognizant Technology Solutions Corp. 'A'1 – –
(2,306) USD Credit Suisse Colfax Corp. 3 –
(3,830) USD Merrill Lynch Colfax Corp. 2 –
1,353 USD Citigroup Colgate-Palmolive Co. 3 –
725 USD Merrill Lynch Colgate-Palmolive Co. 1 –
2,953 USD Citigroup Columbia Property Trust, Inc., REIT 1 –
(679) USD Citigroup Columbia Sportswear Co.1 – –
(534) USD Credit Suisse Comcast Corp. 'A' 1 –
122 USD Citigroup Comerica, Inc.1 – –
993 USD J.P. Morgan Commerce Bancshares, Inc.1 – –
360 USD Credit Suisse Commerce Bancshares, Inc.1 – –
(2,576) USD Merrill Lynch CommScope Holding Co., Inc. 1 –
(1,163) USD Credit Suisse CommScope Holding Co., Inc.1 – –
105 USD Credit Suisse CommVault Systems, Inc.1 – –
1,153 USD Merrill Lynch CommVault Systems, Inc.1 – –
(898) USD Credit Suisse Compass Minerals International, Inc. 2 –
(422) USD Deutsche Bank Compass Minerals International, Inc. 1 –
(2,179) USD Citigroup Compass Minerals International, Inc.1 – –
1,912 USD Citigroup Conagra Brands, Inc. 2 –
3,443 USD Merrill Lynch Conagra Brands, Inc. 1 –
(396) USD Merrill Lynch Conduent, Inc.1 – –
5,661 USD Deutsche Bank ConocoPhillips 22 0.01
3,687 USD Credit Suisse ConocoPhillips 17 0.01
2,658 USD J.P. Morgan ConocoPhillips 12 0.01
982 USD Merrill Lynch ConocoPhillips 4 –
365 USD Citigroup ConocoPhillips 1 –
(140) USD J.P. Morgan CONSOL Energy, Inc.1 – –
1,725 USD Merrill Lynch Consolidated Edison, Inc. 2 –
114 USD Deutsche Bank Consolidated Edison, Inc.1 – –
184 USD Citigroup Cooper Cos., Inc. (The) 1 –
(709) USD J.P. Morgan CoreCivic, Inc., REIT 1 –
3,972 USD Citigroup CoreLogic, Inc.1 – –
(1,885) USD Merrill Lynch Cornerstone OnDemand, Inc. 8 0.01
(993) USD Credit Suisse Cornerstone OnDemand, Inc. 4 –
(1,022) USD Citigroup Cornerstone OnDemand, Inc. 2 –
(140) USD Deutsche Bank Cornerstone OnDemand, Inc.1 – –
270 USD Deutsche Bank Corporate Office Properties Trust, REIT1 – –
(81) USD Merrill Lynch CoStar Group, Inc.1 – –
(1,012) USD Merrill Lynch Cotiviti Holdings, Inc. 1 –
(2,418) USD Citigroup Cotiviti Holdings, Inc. 1 –
262
As at 31 March 2018
Fair Value % of Net

(451) USD Credit Suisse Cotiviti Holdings, Inc.1 – –

(408) USD J.P. Morgan Cotiviti Holdings, Inc.1 – –
(1,106) USD Credit Suisse Coty, Inc. 'A' 1 –
(4,482) USD J.P. Morgan Covanta Holding Corp. 1 –
(2,059) USD Citigroup Covanta Holding Corp. 1 –
(818) USD Credit Suisse Covanta Holding Corp.1 – –
948 USD Citigroup Cracker Barrel Old Country Store, Inc. 1 –
110 USD Citigroup Credit Acceptance Corp.1 – –
(3,193) USD J.P. Morgan Cree, Inc. 7 0.01
(3,944) USD Citigroup Cree, Inc. 3 –
(1,297) USD Credit Suisse Cree, Inc. 3 –
(397) USD Credit Suisse Crown Castle International Corp., REIT1 – –
(20) USD J.P. Morgan Crown Castle International Corp., REIT1 – –
(940) USD Merrill Lynch Crown Castle International Corp., REIT1 – –
888 USD Citigroup Crown Holdings, Inc. 2 –
574 USD Credit Suisse Crown Holdings, Inc.1 – –
(1,048) USD Merrill Lynch CSX Corp. 1 –
(593) USD Credit Suisse CSX Corp.1 – –
855 USD Citigroup CubeSmart, REIT 1 –
1,457 USD Merrill Lynch CubeSmart, REIT 1 –
643 USD Credit Suisse CubeSmart, REIT1 – –
588 USD Citigroup Cullen/Frost Bankers, Inc.1 – –
1,063 USD Citigroup Cummins, Inc. 4 –
460 USD Merrill Lynch Cummins, Inc. 1 –
265 USD J.P. Morgan Cummins, Inc. 1 –
173 USD Merrill Lynch CVR Energy, Inc.1 – –
(3,675) USD Citigroup Cypress Semiconductor Corp. 2 –
(1,308) USD Credit Suisse Cypress Semiconductor Corp. 1 –
(1,116) USD J.P. Morgan Cypress Semiconductor Corp. 1 –
(645) USD Merrill Lynch CyrusOne, Inc., REIT 1 –
1,391 USD Citigroup Dana, Inc.1 – –
(531) USD Merrill Lynch Danaher Corp. 2 –
(2,836) USD J.P. Morgan Darling Ingredients, Inc. 3 –
(2,921) USD Merrill Lynch Darling Ingredients, Inc. 1 –
(242) USD Credit Suisse Darling Ingredients, Inc.1 – –
(3,085) USD Citigroup Darling Ingredients, Inc.1 – –
2,844 USD Citigroup DCT Industrial Trust, Inc., REIT 1 –
12 USD Deutsche Bank DCT Industrial Trust, Inc., REIT1 – –
(10,277) USD J.P. Morgan DDR Corp. 4 –
58 USD Citigroup Deere & Co.1 – –
2,369 USD Deutsche Bank Dell Technologies, Inc. 8 0.01
1,598 USD Citigroup Delta Air Lines, Inc.1 – –
766 USD Credit Suisse Delta Air Lines, Inc.1 – –
269 USD J.P. Morgan Delta Air Lines, Inc.1 – –
2 USD Deutsche Bank Delta Air Lines, Inc.1 – –
5,028 USD J.P. Morgan Deluxe Corp. 1 –
293 USD Merrill Lynch Deluxe Corp.1 – –
120 USD Credit Suisse Deluxe Corp.1 – –
263
As at 31 March 2018
Fair Value % of Net

(3,100) USD Merrill Lynch DENTSPLY SIRONA, Inc. 17 0.01

(1,575) USD Citigroup DENTSPLY SIRONA, Inc. 3 –
4,879 USD Merrill Lynch Devon Energy Corp.1 – –
2,950 USD J.P. Morgan Dick's Sporting Goods, Inc. 8 0.01
1,108 USD Citigroup Dick's Sporting Goods, Inc. 2 –
357 USD Deutsche Bank Dick's Sporting Goods, Inc.1 – –
984 USD Citigroup Discover Financial Services1 – –
(801) USD Merrill Lynch DISH Network Corp. 'A' 1 –
(462) USD J.P. Morgan DISH Network Corp. 'A' 1 –
(3,621) USD Merrill Lynch Dominion Resources, Inc. 11 0.01
(161) USD Credit Suisse Dominion Resources, Inc. 1 –
(814) USD Citigroup Dominion Resources, Inc.1 – –
773 USD Citigroup Domino's Pizza, Inc. 5 –
507 USD Merrill Lynch Domino's Pizza, Inc. 3 –
630 USD Citigroup Donaldson Co., Inc. 1 –
1,288 USD Credit Suisse Donaldson Co., Inc.1 – –
1,261 USD J.P. Morgan Donaldson Co., Inc.1 – –
1,149 USD Merrill Lynch Donaldson Co., Inc.1 – –
(503) USD J.P. Morgan Dorman Products, Inc. 3 –
(1,025) USD Merrill Lynch Dorman Products, Inc. 2 –
(213) USD Deutsche Bank Dorman Products, Inc. 2 –
2 USD Citigroup Douglas Emmett, Inc., REIT1 – –
566 USD J.P. Morgan Dr Pepper Snapple Group, Inc. 1 –
17 USD Citigroup Dr Pepper Snapple Group, Inc.1 – –
98 USD Merrill Lynch DST Systems, Inc.1 – –
1,711 USD Citigroup DTE Energy Co. 3 –
384 USD J.P. Morgan DTE Energy Co. 1 –
3,595 USD Citigroup Duke Realty Corp., REIT 2 –
1,882 USD Credit Suisse Duke Realty Corp., REIT 2 –
2,433 USD Merrill Lynch Duke Realty Corp., REIT 1 –
1,528 USD Deutsche Bank Duke Realty Corp., REIT 1 –
448 USD J.P. Morgan Duke Realty Corp., REIT1 – –
(635) USD J.P. Morgan Dunkin' Brands Group, Inc.1 – –
(308) USD Merrill Lynch DXC Technology Co. 1 –
(716) USD Citigroup Dycom Industries, Inc. 1 –
(180) USD Credit Suisse Dycom Industries, Inc.1 – –
3,226 USD J.P. Morgan E*TRADE Financial Corp. 1 –
301 USD Citigroup E*TRADE Financial Corp.1 – –
397 USD Citigroup EastGroup Properties, Inc., REIT1 – –
165 USD Deutsche Bank EastGroup Properties, Inc., REIT1 – –
1,291 USD Citigroup Eastman Chemical Co. 2 –
922 USD Citigroup Eaton Vance Corp. 1 –
56 USD J.P. Morgan Edison International1 – –
1,139 USD Citigroup Eli Lilly & Co. 1 –
(1,144) USD Merrill Lynch Ellie Mae, Inc. 4 –
(4,139) USD Citigroup Ellie Mae, Inc. 2 –
(477) USD J.P. Morgan Ellie Mae, Inc.1 – –
264
As at 31 March 2018
Fair Value % of Net

449 USD Deutsche Bank EMCOR Group, Inc. 1 –

(112) USD Merrill Lynch Emerson Electric Co.1 – –
645 USD Citigroup Empire State Realty Trust, Inc., REIT 'A'1 – –
(4,391) USD J.P. Morgan Enbridge Energy Management LLC 9 0.01
1,626 USD Deutsche Bank Encompass Health Corp. 6 0.01
3,839 USD Citigroup Encompass Health Corp. 1 –
398 USD Credit Suisse Encompass Health Corp.1 – –
255 USD J.P. Morgan Encompass Health Corp.1 – –
1,588 USD J.P. Morgan Energizer Holdings, Inc. 8 0.01
1,022 USD Merrill Lynch Energizer Holdings, Inc. 6 0.01
374 USD Citigroup Energizer Holdings, Inc. 2 –
778 USD Deutsche Bank Entergy Corp. 2 –
2,997 USD Citigroup Entergy Corp. 1 –
710 USD Merrill Lynch Entergy Corp. 1 –
192 USD J.P. Morgan Entergy Corp.1 – –
2,471 USD Merrill Lynch EOG Resources, Inc. 13 0.01
2,393 USD J.P. Morgan EOG Resources, Inc. 9 0.01
(2,765) USD Citigroup EPAM Systems, Inc. 5 –
(9,004) USD Merrill Lynch EQT Corp. 16 0.01
(84) USD Merrill Lynch Equifax, Inc.1 – –
2,635 USD Citigroup Equity Commonwealth, REIT 1 –
2,314 USD Merrill Lynch Equity Commonwealth, REIT 1 –
2,605 USD J.P. Morgan Equity Commonwealth, REIT 1 –
2,059 USD Credit Suisse Equity LifeStyle Properties, Inc., REIT 5 –
1,315 USD Citigroup Equity LifeStyle Properties, Inc., REIT 4 –
726 USD J.P. Morgan Equity LifeStyle Properties, Inc., REIT 2 –
473 USD Merrill Lynch Equity LifeStyle Properties, Inc., REIT 1 –
15 USD Deutsche Bank Equity LifeStyle Properties, Inc., REIT1 – –
1,168 USD Credit Suisse Equity Residential, REIT 3 –
852 USD J.P. Morgan Equity Residential, REIT 2 –
1,135 USD Merrill Lynch Equity Residential, REIT 2 –
997 USD Citigroup Equity Residential, REIT 2 –
(663) USD Merrill Lynch Erie Indemnity Co. 'A' 1 –
(560) USD Credit Suisse Erie Indemnity Co. 'A'1 – –
(525) USD J.P. Morgan Erie Indemnity Co. 'A'1 – –
65 USD Deutsche Bank Essex Property Trust, Inc., REIT 1 –
857 USD Credit Suisse Estee Lauder Cos., Inc. (The) 'A' 4 –
691 USD Merrill Lynch Estee Lauder Cos., Inc. (The) 'A' 3 –
679 USD J.P. Morgan Estee Lauder Cos., Inc. (The) 'A' 3 –
173 USD Citigroup Estee Lauder Cos., Inc. (The) 'A' 1 –
(1,759) USD Credit Suisse Exact Sciences Corp. 15 0.01
(754) USD Merrill Lynch Exact Sciences Corp. 7 0.01
(104) USD J.P. Morgan Exact Sciences Corp. 1 –
2,983 USD J.P. Morgan Exelon Corp. 4 –
931 USD Citigroup Exelon Corp. 1 –
(1,340) USD Merrill Lynch Expedia, Inc. 2 –
44 USD Citigroup Expeditors International of Washington, Inc.1 – –
(474) USD Merrill Lynch Extended Stay America, Inc.1 – –
1,148 USD Citigroup Extra Space Storage, Inc., REIT 3 –
265
As at 31 March 2018
Fair Value % of Net

296 USD J.P. Morgan Extra Space Storage, Inc., REIT1 – –

3,983 USD J.P. Morgan Exxon Mobil Corp. 2 –
1,364 USD Citigroup Exxon Mobil Corp. 1 –
509 USD Merrill Lynch Exxon Mobil Corp.1 – –
(316) USD Merrill Lynch Facebook, Inc. 'A' 6 0.01
(565) USD Citigroup Facebook, Inc. 'A' 2 –
422 USD Citigroup Fair Isaac Corp. 1 –
253 USD Citigroup Federal Realty Investment Trust, REIT1 – –
(1,750) USD Merrill Lynch Fidelity National Information Services, Inc. 5 –
(5,366) USD J.P. Morgan Finisar Corp. 19 0.01
(2,394) USD Credit Suisse Finisar Corp. 9 0.01
(2,703) USD Citigroup Finisar Corp. 3 –
(1,946) USD Merrill Lynch FireEye, Inc. 2 –
(1,946) USD Credit Suisse FireEye, Inc. 1 –
(1,103) USD J.P. Morgan FireEye, Inc. 1 –
(4,713) USD Citigroup FireEye, Inc. 1 –
2,931 USD J.P. Morgan First American Financial Corp. 2 –
1,079 USD Credit Suisse First American Financial Corp. 1 –
149 USD Merrill Lynch First American Financial Corp.1 – –
(82) USD Citigroup First Citizens BancShares, Inc. 'A' 1 –
(27) USD Merrill Lynch First Citizens BancShares, Inc. 'A' 1 –
(517) USD J.P. Morgan First Financial Bankshares, Inc. 1 –
(17) USD Citigroup First Financial Bankshares, Inc.1 – –
(7,104) USD Merrill Lynch First Horizon National Corp. 6 0.01
(1,164) USD Credit Suisse First Horizon National Corp. 1 –
3,284 USD Citigroup First Industrial Realty Trust, Inc., REIT 1 –
(2,056) USD Merrill Lynch First Republic Bank 5 –
(498) USD J.P. Morgan First Republic Bank 2 –
4,852 USD J.P. Morgan FirstEnergy Corp. 9 0.01
2,809 USD Credit Suisse FirstEnergy Corp. 5 –
973 USD Deutsche Bank FirstEnergy Corp. 1 –
1,165 USD Merrill Lynch FirstEnergy Corp.1 – –
(614) USD Merrill Lynch FleetCor Technologies, Inc. 2 –
(824) USD Citigroup FleetCor Technologies, Inc.1 – –
(6) USD J.P. Morgan FleetCor Technologies, Inc.1 – –
(2,212) USD Merrill Lynch FLIR Systems, Inc. 1 –
2,322 USD Deutsche Bank Flowers Foods, Inc. 2 –
142 USD Credit Suisse Flowers Foods, Inc.1 – –
(1,923) USD Merrill Lynch Flowserve Corp. 1 –
(81) USD J.P. Morgan Flowserve Corp.1 – –
(625) USD Merrill Lynch Fluor Corp.1 – –
(237) USD Citigroup FMC Corp.1 – –
(12,987) USD J.P. Morgan FNB Corp. 11 0.01
(10,598) USD Merrill Lynch FNB Corp. 8 0.01
(7,170) USD Citigroup FNB Corp. 2 –
(1,009) USD Deutsche Bank FNB Corp. 1 –
(262) USD Credit Suisse FNB Corp.1 – –
(3,316) USD Citigroup FNF Group 2 –
266
As at 31 March 2018
Fair Value % of Net

598 USD J.P. Morgan Foot Locker, Inc. 2 –

63 USD Merrill Lynch Foot Locker, Inc.1 – –
3,794 USD J.P. Morgan Ford Motor Co. 2 –
2,185 USD Credit Suisse Ford Motor Co. 1 –
864 USD Citigroup Ford Motor Co.1 – –
9,885 USD Merrill Lynch Ford Motor Co.1 – –
(1,594) USD Merrill Lynch Forest City Realty Trust, Inc., REIT 'A' 1 –
(649) USD J.P. Morgan Forest City Realty Trust, Inc., REIT 'A' 1 –
52 USD Deutsche Bank Fortinet, Inc.1 – –
23 USD Citigroup Fortive Corp.1 – –
2,221 USD Citigroup Gap, Inc. (The)1 – –
(5,567) USD Merrill Lynch Gardner Denver Holdings, Inc. 9 0.01
(488) USD J.P. Morgan Gardner Denver Holdings, Inc. 1 –
(900) USD Merrill Lynch Gartner, Inc. 4 –
(699) USD Credit Suisse Gartner, Inc. 2 –
(32) USD Citigroup Gartner, Inc.1 – –
(8) USD J.P. Morgan Gartner, Inc.1 – –
1,277 USD Citigroup GATX Corp.1 – –
1,720 USD Citigroup Generac Holdings, Inc. 1 –
122 USD Deutsche Bank Generac Holdings, Inc.1 – –
(32,997) USD Merrill Lynch General Electric Co. 24 0.01
(6,299) USD Credit Suisse General Electric Co. 5 –
31 USD Citigroup General Mills, Inc.1 – –
(2,644) USD Merrill Lynch Genesee & Wyoming, Inc. 'A' 4 –
(2,917) USD Citigroup Genesee & Wyoming, Inc. 'A' 3 –
(1,334) USD J.P. Morgan Genesee & Wyoming, Inc. 'A' 1 –
(447) USD Credit Suisse Genesee & Wyoming, Inc. 'A'1 – –
1,787 USD Citigroup Gentex Corp.1 – –
(1,353) USD J.P. Morgan Genuine Parts Co. 1 –
(526) USD Merrill Lynch Genuine Parts Co.1 – –
(3,719) USD J.P. Morgan GEO Group, Inc. (The), REIT 4 –
(471) USD Merrill Lynch GEO Group, Inc. (The), REIT 1 –
(1,271) USD Citigroup GEO Group, Inc. (The), REIT1 – –
(2,282) USD Credit Suisse GGP, Inc., REIT 1 –
(1,792) USD Citigroup GGP, Inc., REIT 1 –
(1,066) USD J.P. Morgan GGP, Inc., REIT 1 –
(2,112) USD Merrill Lynch Global Payments, Inc. 12 0.01
(284) USD Credit Suisse Global Payments, Inc. 1 –
(229) USD Citigroup Global Payments, Inc.1 – –
(723) USD Citigroup Globus Medical, Inc. 'A'1 – –
810 USD Citigroup GoDaddy, Inc. 'A'1 – –
(315) USD Merrill Lynch Goldman Sachs Group, Inc. (The) 4 –
(105) USD J.P. Morgan Goldman Sachs Group, Inc. (The) 1 –
1,716 USD Citigroup Graco, Inc. 1 –
118 USD Citigroup Graham Holdings Co. 'B' 1 –
57 USD J.P. Morgan Graham Holdings Co. 'B'1 – –
17 USD Credit Suisse Graham Holdings Co. 'B'1 – –
12 USD Merrill Lynch Graham Holdings Co. 'B'1 – –
267
As at 31 March 2018
Fair Value % of Net

(4,519) USD Citigroup Gramercy Property Trust, REIT 1 –

(169) USD Merrill Lynch Grand Canyon Education, Inc.1 – –
8,123 USD Merrill Lynch Graphic Packaging Holding Co.1 – –
(1,108) USD Citigroup GrubHub, Inc. 4 –
(7,324) USD Citigroup Guidewire Software, Inc. 13 0.01
(237) USD Credit Suisse Guidewire Software, Inc. 1 –
(4,511) USD J.P. Morgan Gulfport Energy Corp. 2 –
1,100 USD Citigroup H&R Block, Inc.1 – –
318 USD Credit Suisse Haemonetics Corp.1 – –
3,441 USD Credit Suisse Halliburton Co. 3 –
3,273 USD Citigroup Halliburton Co. 2 –
376 USD Deutsche Bank Halliburton Co.1 – –
(359) USD Credit Suisse Hancock Holding Co. 1 –
(1,517) USD Deutsche Bank Hanesbrands, Inc. 3 –
(1,480) USD Citigroup Hanesbrands, Inc.1 – –
1,208 USD Citigroup Hanover Insurance Group, Inc. (The) 2 –
283 USD J.P. Morgan Hanover Insurance Group, Inc. (The) 1 –
131 USD Merrill Lynch Hanover Insurance Group, Inc. (The)1 – –
(1,578) USD Deutsche Bank Harley-Davidson, Inc. 1 –
(410) USD J.P. Morgan Harley-Davidson, Inc. 1 –
(130) USD Merrill Lynch Harley-Davidson, Inc.1 – –
1,363 USD Merrill Lynch Hawaiian Holdings, Inc. 2 –
1,086 USD J.P. Morgan Hawaiian Holdings, Inc. 2 –
(254) USD Merrill Lynch HB Fuller Co.1 – –
1,146 USD J.P. Morgan HD Supply Holdings, Inc. 1 –
848 USD Credit Suisse HD Supply Holdings, Inc. 1 –
514 USD Citigroup Healthcare Realty Trust, Inc., REIT1 – –
145 USD Credit Suisse Healthcare Realty Trust, Inc., REIT1 – –
70 USD J.P. Morgan Healthcare Realty Trust, Inc., REIT1 – –
47 USD Deutsche Bank Healthcare Realty Trust, Inc., REIT1 – –
(471) USD Deutsche Bank Healthcare Services Group, Inc. 2 –
(1,033) USD Merrill Lynch Healthcare Services Group, Inc. 1 –
(3,501) USD Citigroup HealthEquity, Inc. 18 0.01
(1,580) USD Merrill Lynch HEICO Corp. 3 –
(87) USD J.P. Morgan HEICO Corp.1 – –
738 USD J.P. Morgan Helmerich & Payne, Inc. 1 –
185 USD Credit Suisse Helmerich & Payne, Inc.1 – –
1,156 USD Citigroup Hershey Co. (The) 2 –
638 USD Citigroup Hess Corp.1 – –
659 USD Deutsche Bank Hewlett Packard Enterprise Co. 1 –
(88) USD Merrill Lynch Hexcel Corp.1 – –
2,046 USD Citigroup Highwoods Properties, Inc., REIT 2 –
1,157 USD Merrill Lynch Highwoods Properties, Inc., REIT1 – –
562 USD Citigroup Hill-Rom Holdings, Inc. 1 –
688 USD J.P. Morgan Hill-Rom Holdings, Inc. 1 –
220 USD Merrill Lynch Hill-Rom Holdings, Inc.1 – –
(2,234) USD Merrill Lynch Hilltop Holdings, Inc. 3 –
268
As at 31 March 2018
Fair Value % of Net

(1,179) USD J.P. Morgan Hilltop Holdings, Inc. 2 –

(2,405) USD Citigroup Hilltop Holdings, Inc. 1 –
(426) USD Credit Suisse Hilltop Holdings, Inc. 1 –
(2,258) USD Merrill Lynch Hilton Grand Vacations, Inc. 2 –
(1,933) USD Citigroup Hilton Grand Vacations, Inc. 1 –
(179) USD Merrill Lynch Hilton Worldwide Holdings, Inc. 1 –
(832) USD Credit Suisse Hilton Worldwide Holdings, Inc.1 – –
(193) USD Citigroup Hilton Worldwide Holdings, Inc.1 – –
(252) USD J.P. Morgan Hilton Worldwide Holdings, Inc.1 – –
3,223 USD Merrill Lynch HollyFrontier Corp. 9 0.01
772 USD J.P. Morgan HollyFrontier Corp. 2 –
770 USD Credit Suisse HollyFrontier Corp. 2 –
667 USD Citigroup HollyFrontier Corp.1 – –
(1,054) USD Credit Suisse Hologic, Inc. 1 –
(5,656) USD J.P. Morgan Home BancShares, Inc. 8 0.01
(539) USD Merrill Lynch Home BancShares, Inc. 1 –
1,186 USD Citigroup Home Depot, Inc. (The) 3 –
50 USD Credit Suisse Home Depot, Inc. (The)1 – –
(439) USD Merrill Lynch Honeywell International, Inc. 2 –
(3,794) USD Credit Suisse Hope Bancorp, Inc. 2 –
(1,966) USD Merrill Lynch Hope Bancorp, Inc. 1 –
(8,690) USD Citigroup Hope Bancorp, Inc. 1 –
(1,156) USD J.P. Morgan Hope Bancorp, Inc. 1 –
376 USD Citigroup Host Hotels & Resorts, Inc., REIT1 – –
1,066 USD Credit Suisse Host Hotels & Resorts, Inc., REIT1 – –
737 USD J.P. Morgan Host Hotels & Resorts, Inc., REIT1 – –
27 USD Deutsche Bank Howard Hughes Corp. (The)1 – –
968 USD Credit Suisse HRG Group, Inc. 1 –
104 USD Citigroup Humana, Inc.1 – –
(9,341) USD Merrill Lynch Huntington Bancshares, Inc. 7 0.01
(3,542) USD Credit Suisse Huntington Bancshares, Inc. 3 –
327 USD Merrill Lynch Huntington Ingalls Industries, Inc. 1 –
(1,517) USD J.P. Morgan IBERIABANK Corp. 6 0.01
(534) USD Credit Suisse IBERIABANK Corp. 2 –
(525) USD Citigroup IBERIABANK Corp. 1 –
(174) USD Merrill Lynch IBERIABANK Corp. 1 –
(446) USD Merrill Lynch ICU Medical, Inc. 1 –
902 USD Credit Suisse IDACORP, Inc. 5 –
838 USD J.P. Morgan IDACORP, Inc. 5 0.01
218 USD Citigroup IDACORP, Inc.1 – –
(6,384) USD Merrill Lynch ILG, Inc. 12 0.01
(1,678) USD Credit Suisse ILG, Inc. 4 –
(389) USD Citigroup ILG, Inc.1 – –
(817) USD Citigroup Illumina, Inc. 3 –
(647) USD J.P. Morgan Incyte Corp. 5 0.01
(303) USD Credit Suisse Incyte Corp. 2 –
(709) USD Citigroup Incyte Corp. 1 –
(845) USD Citigroup Ingevity Corp. 1 –
(109) USD J.P. Morgan Ingevity Corp. 1 –
269
As at 31 March 2018
Fair Value % of Net

316 USD Citigroup Ingredion, Inc.1 – –

(1,371) USD Merrill Lynch Integra LifeSciences Holdings Corp. 1 –
(1,728) USD Citigroup Integra LifeSciences Holdings Corp. 1 –
(1,553) USD Citigroup Integrated Device Technology, Inc. 2 –
(668) USD Merrill Lynch Integrated Device Technology, Inc. 1 –
(294) USD J.P. Morgan Integrated Device Technology, Inc.1 – –
1,912 USD Merrill Lynch Intel Corp. 2 –
359 USD J.P. Morgan Intel Corp.1 – –
141 USD Credit Suisse Intel Corp.1 – –
(2,458) USD J.P. Morgan Intercept Pharmaceuticals, Inc. 7 0.01
(340) USD Merrill Lynch Intercept Pharmaceuticals, Inc. 1 –
(255) USD Credit Suisse Intercept Pharmaceuticals, Inc. 1 –
(755) USD Credit Suisse Intercontinental Exchange, Inc. 1 –
(999) USD Citigroup International Bancshares Corp. 1 –
(204) USD J.P. Morgan International Bancshares Corp.1 – –
(147) USD Merrill Lynch International Bancshares Corp.1 – –
660 USD Citigroup Interpublic Group of Cos., Inc. (The)1 – –
1,070 USD J.P. Morgan Intuit, Inc. 2 –
176 USD Credit Suisse Intuit, Inc.1 – –
(27) USD J.P. Morgan Intuitive Surgical, Inc.1 – –
(64) USD Citigroup Intuitive Surgical, Inc.1 – –
3,229 USD Citigroup Invesco Mortgage Capital, Inc., REIT1 – –
314 USD J.P. Morgan Invesco Mortgage Capital, Inc., REIT1 – –
688 USD Merrill Lynch Invesco Mortgage Capital, Inc., REIT1 – –
3,985 USD Citigroup Investors Bancorp, Inc.1 – –
(288) USD J.P. Morgan Ionis Pharmaceuticals, Inc. 2 –
(199) USD Credit Suisse Ionis Pharmaceuticals, Inc. 1 –
(117) USD Citigroup Ionis Pharmaceuticals, Inc. 1 –
(681) USD Citigroup IPG Photonics Corp. 4 –
(170) USD Merrill Lynch IPG Photonics Corp. 2 –
(885) USD Merrill Lynch IQVIA Holdings, Inc. 5 –
(661) USD Credit Suisse iRobot Corp. 2 –
(1,779) USD Merrill Lynch Iron Mountain, Inc., REIT1 – –
(596) USD Merrill Lynch Itron, Inc. 2 –
(561) USD Credit Suisse Itron, Inc. 1 –
(311) USD Merrill Lynch j2 Global, Inc. 1 –
(196) USD J.P. Morgan j2 Global, Inc. 1 –
5,655 USD Merrill Lynch Jabil Circuit, Inc. 1 –
134 USD J.P. Morgan Jabil Circuit, Inc.1 – –
86 USD Merrill Lynch Jack in the Box, Inc.1 – –
(461) USD J.P. Morgan Jacobs Engineering Group, Inc.1 – –
(1,519) USD Merrill Lynch JB Hunt Transport Services, Inc. 3 –
(116) USD J.P. Morgan JB Hunt Transport Services, Inc.1 – –
1,397 USD Merrill Lynch JBG SMITH Properties1 – –
(4,989) USD Citigroup JELD-WEN Holding, Inc. 9 0.01
(75) USD Merrill Lynch JM Smucker Co. (The)1 – –
(1,221) USD Merrill Lynch John Bean Technologies Corp. 7 0.01
270
As at 31 March 2018
Fair Value % of Net

(1,458) USD J.P. Morgan John Bean Technologies Corp. 1 –

1,145 USD Citigroup Johnson & Johnson 1 –
187 USD Deutsche Bank Jones Lang LaSalle, Inc. 3 –
387 USD Merrill Lynch Jones Lang LaSalle, Inc. 1 –
46 USD J.P. Morgan Jones Lang LaSalle, Inc.1 – –
410 USD Citigroup JPMorgan Chase & Co.1 – –
587 USD Deutsche Bank KAR Auction Services, Inc. 1 –
1,127 USD J.P. Morgan KBR, Inc. 1 –
(1,457) USD Citigroup Kennedy-Wilson Holdings, Inc.1 – –
(3,033) USD Merrill Lynch KeyCorp 3 –
(742) USD Citigroup KeyCorp1 – –
(2,669) USD Merrill Lynch Keysight Technologies, Inc. 2 –
(2,558) USD J.P. Morgan Keysight Technologies, Inc.1 – –
(425) USD Credit Suisse Keysight Technologies, Inc.1 – –
(1,267) USD Merrill Lynch Kilroy Realty Corp., REIT1 – –
(3,154) USD Merrill Lynch Kimco Realty Corp., REIT1 – –
(3,828) USD Merrill Lynch Kinder Morgan, Inc. 4 –
(3,411) USD J.P. Morgan Kinder Morgan, Inc. 3 –
(6,691) USD Citigroup Kinder Morgan, Inc. 2 –
(865) USD Credit Suisse Kinder Morgan, Inc. 1 –
(303) USD Deutsche Bank Kinder Morgan, Inc. 1 –
(1,123) USD Merrill Lynch KLX, Inc.1 – –
(12,450) USD Merrill Lynch Knight-Swift Transportation Holdings, Inc. 34 0.02
(1,440) USD Citigroup Knight-Swift Transportation Holdings, Inc. 3 –
(3,679) USD Merrill Lynch Kraft Heinz Co. (The) 10 0.01
(921) USD J.P. Morgan Kraft Heinz Co. (The) 4 –
4,386 USD Citigroup Kroger Co. (The) 2 –
377 USD J.P. Morgan Kroger Co. (The)1 – –
(274) USD Merrill Lynch L Brands, Inc. 1 –
30 USD Citigroup L3 Technologies, Inc.1 – –
593 USD Citigroup Lamar Advertising Co., REIT 'A'1 – –
639 USD Citigroup Lamb Weston Holdings, Inc. 2 –
1,448 USD J.P. Morgan Lamb Weston Holdings, Inc. 2 –
1,428 USD Credit Suisse Lamb Weston Holdings, Inc. 2 –
337 USD Merrill Lynch Lancaster Colony Corp. 1 –
88 USD Citigroup Lancaster Colony Corp.1 – –
51 USD J.P. Morgan Lancaster Colony Corp.1 – –
41 USD J.P. Morgan Landstar System, Inc.1 – –
(833) USD Merrill Lynch LCI Industries 3 –
(139) USD Credit Suisse LCI Industries 1 –
2,189 USD Deutsche Bank Legg Mason, Inc. 3 –
(1,301) USD Merrill Lynch Leidos Holdings, Inc. 3 –
(201) USD J.P. Morgan LendingTree, Inc. 3 –
(40) USD Deutsche Bank LendingTree, Inc. 2 –
(1,569) USD Credit Suisse Lexington Realty Trust, REIT1 – –
(148) USD Deutsche Bank Lexington Realty Trust, REIT1 – –
(4,492) USD Citigroup Liberty Broadband Corp. 'C'1 – –
(136) USD Merrill Lynch Liberty Broadband Corp. 'C'1 – –
271
As at 31 March 2018
Fair Value % of Net

(2,375) USD Merrill Lynch Liberty Expedia Holdings, Inc. 'A' 3 –

(1,314) USD J.P. Morgan Liberty Interactive Corp QVC Group 'A' 2 –
(321) USD Merrill Lynch Liberty Interactive Corp QVC Group 'A' 1 –
(556) USD Deutsche Bank Liberty Media Corp-Liberty Formula One 1 –
(276) USD Credit Suisse Liberty Media Corp-Liberty Formula One 1 –
(211) USD J.P. Morgan Liberty Media Corp-Liberty Formula One1 – –
(320) USD Credit Suisse Liberty Media Corp-Liberty SiriusXM 1 –
1,877 USD Citigroup Liberty Property Trust, REIT 1 –
444 USD Citigroup Ligand Pharmaceuticals, Inc. 1 –
150 USD Deutsche Bank Ligand Pharmaceuticals, Inc. 1 –
(280) USD Deutsche Bank Lithia Motors, Inc. 'A' 2 –
(587) USD Merrill Lynch Lithia Motors, Inc. 'A' 2 –
(162) USD J.P. Morgan Lithia Motors, Inc. 'A' 1 –
(462) USD J.P. Morgan Littelfuse, Inc. 2 –
(1,537) USD J.P. Morgan Live Nation Entertainment, Inc. 3 –
(721) USD Credit Suisse Live Nation Entertainment, Inc. 1 –
(7,045) USD Merrill Lynch LKQ Corp. 6 0.01
(1,079) USD J.P. Morgan LKQ Corp. 1 –
(2,838) USD Citigroup Loews Corp. 1 –
(782) USD J.P. Morgan LogMeIn, Inc. 5 –
(462) USD Citigroup LogMeIn, Inc. 1 –
6,097 USD J.P. Morgan Louisiana-Pacific Corp. 5 0.01
2,620 USD Citigroup Louisiana-Pacific Corp. 1 –
239 USD Credit Suisse Louisiana-Pacific Corp.1 – –
1,002 USD Merrill Lynch Lowe's Cos., Inc. 2 –
35 USD Citigroup Lowe's Cos., Inc.1 – –
(1,767) USD J.P. Morgan Lumentum Holdings, Inc. 2 –
(402) USD Citigroup Lumentum Holdings, Inc. 2 –
(766) USD Credit Suisse Lumentum Holdings, Inc. 1 –
(210) USD Merrill Lynch M&T Bank Corp. 1 –
(1,245) USD Citigroup Macerich Co. (The), REIT 2 –
(3,667) USD Credit Suisse MACOM Technology Solutions Holdings, Inc. 18 0.01
(2,967) USD J.P. Morgan MACOM Technology Solutions Holdings, Inc. 15 0.01
(3,877) USD Citigroup MACOM Technology Solutions Holdings, Inc. 6 0.01
(2,276) USD J.P. Morgan Macquarie Infrastructure Corp. 6 0.01
(4,335) USD Merrill Lynch Macquarie Infrastructure Corp. 4 –
(332) USD Credit Suisse Macquarie Infrastructure Corp. 1 –
6,247 USD Citigroup Macy's, Inc. 8 0.01
1,611 USD J.P. Morgan Macy's, Inc. 1 –
112 USD Deutsche Bank Magellan Health, Inc. 1 –
3,198 USD J.P. Morgan Marathon Oil Corp. 3 –
2,001 USD Credit Suisse Marathon Oil Corp. 2 –
1,387 USD Merrill Lynch Marathon Oil Corp. 1 –
1,201 USD Citigroup Marathon Oil Corp.1 – –
4,049 USD Merrill Lynch Marathon Petroleum Corp. 15 0.01
2,551 USD J.P. Morgan Marathon Petroleum Corp. 9 0.01
113 USD Citigroup Marathon Petroleum Corp.1 – –
(225) USD Merrill Lynch MarketAxess Holdings, Inc. 1 –
272
As at 31 March 2018
Fair Value % of Net

(944) USD Citigroup Marriott International, Inc. 'A' 1 –

(121) USD Merrill Lynch Marriott International, Inc. 'A' 1 –
(6) USD J.P. Morgan Marriott International, Inc. 'A'1 – –
1,137 USD Citigroup Masimo Corp. 2 –
340 USD J.P. Morgan Masimo Corp.1 – –
(892) USD Credit Suisse MasTec, Inc. 3 –
(28) USD J.P. Morgan MasTec, Inc.1 – –
(132) USD Citigroup MasTec, Inc.1 – –
(6,671) USD Credit Suisse Mattel, Inc. 15 0.01
(6,258) USD Merrill Lynch Mattel, Inc. 4 –
1,171 USD Citigroup Maxim Integrated Products, Inc.1 – –
(1,291) USD J.P. Morgan MB Financial, Inc. 4 –
(2,005) USD Citigroup MB Financial, Inc. 2 –
(710) USD Merrill Lynch MB Financial, Inc. 2 –
(315) USD Merrill Lynch McCormick & Co., Inc. 1 –
63 USD Credit Suisse McDonald's Corp.1 – –
1,851 USD Credit Suisse MDC Holdings, Inc.1 – –
152 USD J.P. Morgan MDC Holdings, Inc.1 – –
(7,567) USD Credit Suisse Medicines Co. (The) 4 –
(785) USD J.P. Morgan Medicines Co. (The)1 – –
(2,482) USD Citigroup Medidata Solutions, Inc. 5 –
(506) USD Merrill Lynch Medidata Solutions, Inc. 2 –
(17) USD Deutsche Bank MEDNAX, Inc.1 – –
2,468 USD Citigroup Merck & Co., Inc. 1 –
(1,223) USD J.P. Morgan Mercury General Corp. 1 –
(376) USD Merrill Lynch Mercury General Corp. 1 –
(2,336) USD Merrill Lynch MetLife, Inc. 2 –
(1,551) USD J.P. Morgan MetLife, Inc. 1 –
6,437 USD Merrill Lynch MGIC Investment Corp. 3 –
3,365 USD Citigroup MGIC Investment Corp. 1 –
(3,343) USD Merrill Lynch MGM Resorts International 2 –
(2,158) USD J.P. Morgan MGM Resorts International 2 –
1,465 USD Citigroup Michaels Cos., Inc. (The)1 – –
(751) USD Citigroup Microchip Technology, Inc. 3 –
(507) USD Credit Suisse Microchip Technology, Inc. 2 –
(176) USD Merrill Lynch Microchip Technology, Inc. 1 –
(24) USD J.P. Morgan Microchip Technology, Inc.1 – –
(2,245) USD Merrill Lynch Microsemi Corp. 3 –
(1,602) USD Citigroup Microsemi Corp. 1 –
(1,569) USD Merrill Lynch Middleby Corp. (The) 7 0.01
(898) USD Citigroup Middleby Corp. (The) 1 –
(122) USD J.P. Morgan Middleby Corp. (The)1 – –
(64) USD Credit Suisse Middleby Corp. (The)1 – –
(511) USD Merrill Lynch Minerals Technologies, Inc. 2 –
(246) USD Credit Suisse Minerals Technologies, Inc. 1 –
(478) USD Citigroup Minerals Technologies, Inc. 1 –
(332) USD J.P. Morgan Mohawk Industries, Inc. 2 –
(170) USD Merrill Lynch Mohawk Industries, Inc. 2 –
273
As at 31 March 2018
Fair Value % of Net

(188) USD Citigroup Mohawk Industries, Inc. 1 –

1,460 USD J.P. Morgan Molina Healthcare, Inc. 8 0.01
1,153 USD Citigroup Molina Healthcare, Inc. 4 –
203 USD Credit Suisse Molina Healthcare, Inc. 1 –
(2,270) USD Merrill Lynch Molson Coors Brewing Co. 'B' 11 0.01
(449) USD J.P. Morgan Molson Coors Brewing Co. 'B' 2 –
(359) USD J.P. Morgan Mondelez International, Inc. 'A' 1 –
(1,303) USD Merrill Lynch Monolithic Power Systems, Inc. 8 0.01
(235) USD J.P. Morgan Monolithic Power Systems, Inc. 1 –
(22) USD Deutsche Bank Monolithic Power Systems, Inc.1 – –
539 USD Citigroup Moody's Corp.1 – –
(1,796) USD Citigroup Morgan Stanley 1 –
(283) USD J.P. Morgan Morgan Stanley 1 –
(64) USD Merrill Lynch Morgan Stanley1 – –
89 USD Credit Suisse Morningstar, Inc.1 – –
(4,794) USD J.P. Morgan Mosaic Co. (The) 12 0.01
(2,092) USD Merrill Lynch Mosaic Co. (The) 4 –
(2,865) USD Citigroup Mosaic Co. (The) 1 –
(5,704) USD Merrill Lynch MRC Global, Inc. 5 –
(3,327) USD Citigroup MRC Global, Inc. 2 –
(1,952) USD Credit Suisse MRC Global, Inc. 2 –
(335) USD J.P. Morgan MRC Global, Inc.1 – –
237 USD Citigroup MSA Safety, Inc.1 – –
736 USD Citigroup MSC Industrial Direct Co., Inc. 'A'1 – –
1,152 USD J.P. Morgan MSC Industrial Direct Co., Inc. 'A'1 – –
(256) USD J.P. Morgan Mueller Industries, Inc.1 – –
5,759 USD J.P. Morgan Murphy Oil Corp. 5 –
4,393 USD Merrill Lynch Murphy Oil Corp. 2 –
1,789 USD Credit Suisse Murphy Oil Corp. 2 –
2,022 USD Citigroup Murphy Oil Corp.1 – –
1,166 USD Citigroup Murphy USA, Inc. 2 –
646 USD Citigroup Nasdaq, Inc. 2 –
231 USD Merrill Lynch Nasdaq, Inc.1 – –
358 USD J.P. Morgan Nasdaq, Inc.1 – –
220 USD Credit Suisse Nasdaq, Inc.1 – –
88 USD Citigroup National Beverage Corp.1 – –
865 USD Merrill Lynch National Fuel Gas Co. 1 –
548 USD Citigroup National Fuel Gas Co. 1 –
(5,675) USD Merrill Lynch National General Holdings Corp. 1 –
(2,002) USD Citigroup National General Holdings Corp.1 – –
401 USD Deutsche Bank National Health Investors, Inc., REIT 1 –
1,410 USD Citigroup National Health Investors, Inc., REIT1 – –
(430) USD Citigroup National Oilwell Varco, Inc.1 – –
2,032 USD Citigroup National Retail Properties, Inc., REIT 3 –
249 USD Merrill Lynch National Retail Properties, Inc., REIT1 – –
(2,477) USD J.P. Morgan Navistar International Corp. 6 0.01
(41) USD Credit Suisse Navistar International Corp.1 – –
274
As at 31 March 2018
Fair Value % of Net

1,399 USD Citigroup NCR Corp.1 – –

(1,221) USD J.P. Morgan Nektar Therapeutics 2 –
(998) USD Merrill Lynch Netflix, Inc. 21 0.01
(1,016) USD Deutsche Bank NetScout Systems, Inc. 1 –
(786) USD Credit Suisse NetScout Systems, Inc. 1 –
(498) USD Merrill Lynch NetScout Systems, Inc.1 – –
(564) USD Citigroup Neurocrine Biosciences, Inc.1 – –
(356) USD Merrill Lynch Nevro Corp.1 – –
279 USD Deutsche Bank New Relic, Inc. 1 –
(3,860) USD Credit Suisse New Residential Investment Corp., REIT 1 –
(1,205) USD Citigroup New Residential Investment Corp., REIT1 – –
(7,865) USD Merrill Lynch New York Community Bancorp, Inc. 7 0.01
(4,187) USD J.P. Morgan New York Community Bancorp, Inc. 4 –
(11,078) USD Citigroup New York Community Bancorp, Inc. 4 –
3,052 USD J.P. Morgan New York Times Co. (The) 'A'1 – –
(5,483) USD Merrill Lynch Newell Brands, Inc. 15 0.01
(4,147) USD Credit Suisse Newell Brands, Inc. 7 0.01
(4,303) USD Citigroup Newell Brands, Inc. 1 –
7,760 USD J.P. Morgan Newfield Exploration Co. 6 0.01
3,108 USD Credit Suisse Newfield Exploration Co. 2 –
2,149 USD Merrill Lynch Newfield Exploration Co. 1 –
2,450 USD Citigroup Newfield Exploration Co.1 – –
2,953 USD Credit Suisse Newmont Mining Corp. 3 –
2,603 USD Citigroup Newmont Mining Corp. 3 –
2,028 USD Merrill Lynch Newmont Mining Corp. 3 –
133 USD J.P. Morgan Newmont Mining Corp.1 – –
(1,901) USD Merrill Lynch Nexstar Media Group, Inc. 'A' 6 0.01
3,359 USD J.P. Morgan NiSource, Inc. 2 –
1,255 USD Credit Suisse NiSource, Inc. 1 –
1,966 USD Citigroup NiSource, Inc. 1 –
805 USD Merrill Lynch NiSource, Inc.1 – –
509 USD Deutsche Bank NiSource, Inc.1 – –
(1,353) USD J.P. Morgan Noble Energy, Inc.1 – –
(525) USD J.P. Morgan Nordson Corp. 1 –
(76) USD Credit Suisse Nordson Corp.1 – –
271 USD Citigroup Nordstrom, Inc.1 – –
(201) USD Credit Suisse Norfolk Southern Corp. 1 –
284 USD Citigroup Northern Trust Corp.1 – –
671 USD J.P. Morgan Northrop Grumman Corp. 2 –
21 USD Citigroup Northrop Grumman Corp.1 – –
2,548 USD J.P. Morgan Nu Skin Enterprises, Inc. 'A' 4 –
485 USD Credit Suisse Nu Skin Enterprises, Inc. 'A' 1 –
313 USD Deutsche Bank Nu Skin Enterprises, Inc. 'A'1 – –
450 USD Citigroup Nu Skin Enterprises, Inc. 'A'1 – –
(3,590) USD Credit Suisse Nuance Communications, Inc. 5 –
(2,243) USD Merrill Lynch Nuance Communications, Inc. 4 –
(526) USD J.P. Morgan Nucor Corp. 3 –
(396) USD Deutsche Bank Nucor Corp. 2 –
(616) USD Citigroup Nucor Corp.1 – –
275
As at 31 March 2018
Fair Value % of Net

500 USD Credit Suisse Nutanix, Inc. 'A' 1 –

(204) USD Merrill Lynch NVIDIA Corp. 3 –
(33) USD Credit Suisse NVIDIA Corp.1 – –
(24,273) USD Citigroup Oasis Petroleum, Inc. 5 –
(10,369) USD Merrill Lynch Oasis Petroleum, Inc.1 – –
(9,968) USD J.P. Morgan Oasis Petroleum, Inc.1 – –
3,299 USD Merrill Lynch Occidental Petroleum Corp. 3 –
(1,712) USD J.P. Morgan Oceaneering International, Inc.1 – –
(80) USD Credit Suisse Oceaneering International, Inc.1 – –
1,257 USD Credit Suisse OGE Energy Corp. 2 –
855 USD Merrill Lynch OGE Energy Corp. 1 –
228 USD Citigroup OGE Energy Corp.1 – –
299 USD Deutsche Bank Old Dominion Freight Line, Inc. 3 –
247 USD J.P. Morgan Old Dominion Freight Line, Inc. 1 –
1,409 USD Citigroup Old Dominion Freight Line, Inc.1 – –
32 USD Credit Suisse Old Dominion Freight Line, Inc.1 – –
(1,968) USD J.P. Morgan Old National Bancorp 2 –
(351) USD Merrill Lynch Old National Bancorp1 – –
(177) USD Credit Suisse Old National Bancorp1 – –
(92) USD Citigroup Old National Bancorp1 – –
1,935 USD Merrill Lynch Old Republic International Corp. 1 –
(1,420) USD Merrill Lynch Olin Corp. 1 –
(5,191) USD Citigroup Olin Corp. 1 –
(86) USD J.P. Morgan Olin Corp.1 – –
(1,188) USD Credit Suisse Omega Healthcare Investors, Inc., REIT1 – –
(347) USD J.P. Morgan Omega Healthcare Investors, Inc., REIT1 – –
783 USD J.P. Morgan ONE Gas, Inc. 1 –
573 USD Merrill Lynch ONE Gas, Inc.1 – –
590 USD Citigroup ONE Gas, Inc.1 – –
141 USD Credit Suisse ONE Gas, Inc.1 – –
(2,087) USD Merrill Lynch OneMain Holdings, Inc. 2 –
(850) USD Credit Suisse OneMain Holdings, Inc. 1 –
(1,608) USD Citigroup OneMain Holdings, Inc.1 – –
(3,295) USD Citigroup ONEOK, Inc. 1 –
(58,816) USD J.P. Morgan OPKO Health, Inc. 7 0.01
(18,338) USD Merrill Lynch OPKO Health, Inc. 2 –
(9,751) USD Credit Suisse OPKO Health, Inc. 1 –
(1,829) USD J.P. Morgan Oracle Corp. 10 0.01
(46) USD Citigroup Oracle Corp.1 – –
67 USD J.P. Morgan O'Reilly Automotive, Inc.1 – –
(1,830) USD Citigroup Ormat Technologies, Inc.1 – –
416 USD Citigroup Oshkosh Corp.1 – –
(1,447) USD Citigroup Outfront Media, Inc., REIT1 – –
274 USD Citigroup Owens Corning1 – –
3,278 USD Citigroup Owens-Illinois, Inc.1 – –
(2,774) USD Credit Suisse PacWest Bancorp 9 0.01
(37) USD Deutsche Bank PacWest Bancorp1 – –
276
As at 31 March 2018
Fair Value % of Net

(652) USD Citigroup Palo Alto Networks, Inc. 2 –

1,400 USD Citigroup Papa John's International, Inc. 1 –
3,701 USD Citigroup Paramount Group, Inc., REIT1 – –
(377) USD J.P. Morgan Patterson Cos., Inc. 1 –
(379) USD Merrill Lynch Patterson Cos., Inc. 1 –
(174) USD Credit Suisse Patterson Cos., Inc.1 – –
(5,947) USD Credit Suisse Patterson-UTI Energy, Inc. 9 0.01
(4,326) USD Citigroup Patterson-UTI Energy, Inc. 5 –
(1,283) USD Merrill Lynch Patterson-UTI Energy, Inc. 1 –
(720) USD Citigroup Paycom Software, Inc. 2 –
(79) USD Credit Suisse Paycom Software, Inc.1 – –
(2,439) USD Citigroup PayPal Holdings, Inc. 5 –
(467) USD Merrill Lynch PayPal Holdings, Inc. 3 –
(516) USD Credit Suisse PayPal Holdings, Inc. 2 –
2,716 USD Merrill Lynch PBF Energy, Inc. 'A' 6 0.01
1,617 USD J.P. Morgan PBF Energy, Inc. 'A' 3 –
(1,046) USD J.P. Morgan PDC Energy, Inc. 4 –
(1,064) USD Merrill Lynch PDC Energy, Inc. 3 –
(38) USD Deutsche Bank PDC Energy, Inc.1 – –
(320) USD Merrill Lynch Pegasystems, Inc.1 – –
(1,172) USD J.P. Morgan Penske Automotive Group, Inc. 2 –
(1,228) USD Merrill Lynch Penske Automotive Group, Inc. 2 –
(824) USD Credit Suisse Penske Automotive Group, Inc. 1 –
(1,446) USD Citigroup Penumbra, Inc. 8 0.01
(1,715) USD Credit Suisse Penumbra, Inc. 3 –
2,950 USD Citigroup PepsiCo, Inc. 3 –
924 USD Citigroup PerkinElmer, Inc.1 – –
(117) USD Citigroup PG&E Corp.1 – –
708 USD Citigroup Philip Morris International, Inc. 1 –
3,659 USD Merrill Lynch Phillips 66 4 –
1,496 USD Deutsche Bank Phillips 66 4 –
2,826 USD Citigroup Phillips 66 3 –
877 USD Credit Suisse Phillips 66 1 –
842 USD J.P. Morgan Phillips 66 1 –
259 USD Citigroup Piedmont Office Realty Trust, Inc., REIT 'A'1 – –
(1,228) USD Merrill Lynch Pinnacle Financial Partners, Inc. 3 –
(523) USD J.P. Morgan Pinnacle Financial Partners, Inc. 1 –
(79) USD Credit Suisse Pinnacle Financial Partners, Inc.1 – –
1,410 USD Merrill Lynch Pinnacle West Capital Corp. 3 –
613 USD J.P. Morgan Pinnacle West Capital Corp. 2 –
301 USD Credit Suisse Pinnacle West Capital Corp. 1 –
461 USD Citigroup Pinnacle West Capital Corp. 1 –
796 USD Credit Suisse Pioneer Natural Resources Co. 3 –
67 USD J.P. Morgan Pioneer Natural Resources Co.1 – –
768 USD Citigroup Plantronics, Inc. 2 –
263 USD Credit Suisse Plantronics, Inc. 1 –
(10,256) USD J.P. Morgan Platform Specialty Products Corp. 10 0.01
(29,763) USD Citigroup Platform Specialty Products Corp. 4 –
277
As at 31 March 2018
Fair Value % of Net

(5,890) USD Deutsche Bank Platform Specialty Products Corp. 2 –

2,618 USD J.P. Morgan PNM Resources, Inc. 6 0.01
2,797 USD Merrill Lynch PNM Resources, Inc. 4 –
376 USD Deutsche Bank PNM Resources, Inc. 1 –
291 USD Citigroup PNM Resources, Inc.1 – –
77 USD Credit Suisse PNM Resources, Inc.1 – –
215 USD Merrill Lynch Pool Corp. 1 –
896 USD Merrill Lynch Portland General Electric Co. 1 –
687 USD Credit Suisse Portland General Electric Co. 1 –
629 USD J.P. Morgan Portland General Electric Co. 1 –
378 USD Citigroup Portland General Electric Co.1 – –
(1,258) USD Credit Suisse Portola Pharmaceuticals, Inc. 7 0.01
(1,431) USD Merrill Lynch Portola Pharmaceuticals, Inc. 4 –
(60) USD J.P. Morgan Portola Pharmaceuticals, Inc.1 – –
(11) USD Deutsche Bank Post Holdings, Inc.1 – –
1,298 USD J.P. Morgan Potlatch Corp., REIT 1 –
321 USD Credit Suisse Potlatch Corp., REIT1 – –
(29) USD Deutsche Bank PPG Industries, Inc.1 – –
(2,261) USD Merrill Lynch Prestige Brands Holdings, Inc. 5 –
(277) USD Deutsche Bank Prestige Brands Holdings, Inc.1 – –
1,926 USD Citigroup Principal Financial Group, Inc. 2 –
(694) USD Citigroup ProAssurance Corp.1 – –
(61) USD Merrill Lynch ProAssurance Corp.1 – –
(382) USD J.P. Morgan Procter & Gamble Co. (The)1 – –
3,085 USD J.P. Morgan Progressive Corp. (The) 5 –
1,354 USD Deutsche Bank Progressive Corp. (The) 5 –
550 USD J.P. Morgan Prologis, Inc., REIT1 – –
40 USD Credit Suisse Prologis, Inc., REIT1 – –
(558) USD J.P. Morgan Proofpoint, Inc. 3 –
(419) USD Merrill Lynch Proofpoint, Inc. 2 –
(354) USD Credit Suisse Proofpoint, Inc. 2 –
(42) USD Citigroup Proofpoint, Inc.1 – –
(553) USD Merrill Lynch Prosperity Bancshares, Inc. 2 –
(355) USD J.P. Morgan Prosperity Bancshares, Inc. 1 –
(1,131) USD Citigroup Prosperity Bancshares, Inc. 1 –
(4) USD Credit Suisse Prosperity Bancshares, Inc.1 – –
1,832 USD Citigroup PS Business Parks, Inc., REIT 2 –
1,509 USD Merrill Lynch PS Business Parks, Inc., REIT1 – –
(1,541) USD Merrill Lynch PTC, Inc. 3 –
(1,321) USD Citigroup PTC, Inc. 1 –
(97) USD Credit Suisse PTC, Inc.1 – –
2,153 USD J.P. Morgan Public Service Enterprise Group, Inc. 6 0.01
2,120 USD Merrill Lynch Public Service Enterprise Group, Inc. 3 –
46 USD Credit Suisse Public Service Enterprise Group, Inc.1 – –
1,996 USD Merrill Lynch PulteGroup, Inc. 1 –
(881) USD Citigroup Puma Biotechnology, Inc. 2 –
(189) USD J.P. Morgan Puma Biotechnology, Inc. 2 –
278
As at 31 March 2018
Fair Value % of Net

(797) USD Deutsche Bank Puma Biotechnology, Inc.1 – –

665 USD J.P. Morgan PVH Corp. 6 0.01
6,172 USD Citigroup QEP Resources, Inc. 3 –
3,432 USD J.P. Morgan QEP Resources, Inc. 3 –
292 USD Deutsche Bank QEP Resources, Inc.1 – –
(2,211) USD Merrill Lynch QTS Realty Trust, Inc., REIT 'A' 2 –
(88) USD Deutsche Bank QTS Realty Trust, Inc., REIT 'A' 1 –
(271) USD Citigroup QTS Realty Trust, Inc., REIT 'A'1 – –
(2,738) USD J.P. Morgan QUALCOMM, Inc. 14 0.01
(1,374) USD Merrill Lynch QUALCOMM, Inc. 5 –
1,889 USD Merrill Lynch Radian Group, Inc. 1 –
492 USD Citigroup Radian Group, Inc.1 – –
2,104 USD J.P. Morgan Ralph Lauren Corp. 11 0.01
1,010 USD Citigroup Ralph Lauren Corp. 3 –
521 USD Merrill Lynch Ralph Lauren Corp. 1 –
236 USD Credit Suisse Ralph Lauren Corp. 1 –
(5,973) USD Citigroup Range Resources Corp. 3 –
(7,330) USD Merrill Lynch Range Resources Corp. 1 –
(2,753) USD J.P. Morgan Range Resources Corp. 1 –
(483) USD Credit Suisse Range Resources Corp.1 – –
1,791 USD Credit Suisse Rayonier, Inc., REIT1 – –
1,561 USD J.P. Morgan Rayonier, Inc., REIT1 – –
205 USD Deutsche Bank Rayonier, Inc., REIT1 – –
200 USD Credit Suisse Raytheon Co.1 – –
17 USD Citigroup Raytheon Co.1 – –
(1,598) USD J.P. Morgan RBC Bearings, Inc.1 – –
(3,125) USD Citigroup RealPage, Inc. 4 –
(1,124) USD Merrill Lynch RealPage, Inc. 1 –
(19) USD J.P. Morgan RealPage, Inc.1 – –
404 USD Citigroup Regal Beloit Corp.1 – –
399 USD J.P. Morgan Regal Beloit Corp.1 – –
260 USD Merrill Lynch Regal Beloit Corp.1 – –
469 USD Citigroup Reliance Steel & Aluminum Co. 1 –
47 USD Citigroup Retail Properties of America, Inc., REIT 'A'1 – –
(288) USD Credit Suisse Rexnord Corp.1 – –
(10,567) USD Merrill Lynch RLJ Lodging Trust, REIT 7 0.01
1,002 USD Deutsche Bank Robert Half International, Inc. 1 –
(680) USD Merrill Lynch Rockwell Collins, Inc.1 – –
(849) USD Citigroup Rockwell Collins, Inc.1 – –
354 USD Citigroup Rollins, Inc.1 – –
(1,216) USD Merrill Lynch Roper Technologies, Inc. 2 –
(96) USD Citigroup Roper Technologies, Inc.1 – –
1,542 USD Citigroup Ross Stores, Inc. 4 –
291 USD Merrill Lynch Ross Stores, Inc.1 – –
901 USD Citigroup Ryder System, Inc.1 – –
1,330 USD Citigroup Ryman Hospitality Properties, Inc., REIT 3 –
260 USD Deutsche Bank Ryman Hospitality Properties, Inc., REIT 2 –
953 USD Merrill Lynch Ryman Hospitality Properties, Inc., REIT 1 –
279
As at 31 March 2018
Fair Value % of Net

500 USD J.P. Morgan Ryman Hospitality Properties, Inc., REIT 1 –

315 USD Credit Suisse Ryman Hospitality Properties, Inc., REIT1 – –
(7,297) USD J.P. Morgan Sabra Health Care REIT, Inc. 3 –
(2,585) USD Credit Suisse Sabra Health Care REIT, Inc. 1 –
(4,684) USD Merrill Lynch Sabre Corp. 2 –
(1,258) USD Citigroup Sabre Corp.1 – –
(159) USD J.P. Morgan Sage Therapeutics, Inc. 1 –
(3,963) USD Merrill Lynch salesforce.com, Inc. 35 0.02
1,873 USD Citigroup Sally Beauty Holdings, Inc. 1 –
(1,292) USD J.P. Morgan Sanmina Corp. 2 –
(1,727) USD Merrill Lynch Sarepta Therapeutics, Inc. 10 0.01
(710) USD Citigroup Sarepta Therapeutics, Inc. 2 –
(1,456) USD J.P. Morgan Sarepta Therapeutics, Inc. 1 –
278 USD Credit Suisse SBA Communications Corp., REIT 2 –
59 USD Merrill Lynch SBA Communications Corp., REIT1 – –
(362) USD Credit Suisse SCANA Corp. 1 –
(759) USD Citigroup SCANA Corp.1 – –
(247) USD Merrill Lynch Scientific Games Corp. 'A' 1 –
(306) USD J.P. Morgan Scientific Games Corp. 'A'1 – –
(271) USD Credit Suisse Scientific Games Corp. 'A'1 – –
(403) USD J.P. Morgan Scotts Miracle-Gro Co. (The) 2 –
(444) USD Merrill Lynch Scotts Miracle-Gro Co. (The) 1 –
(1,320) USD Merrill Lynch Seattle Genetics, Inc. 6 0.01
(750) USD J.P. Morgan Seattle Genetics, Inc. 3 –
(646) USD Credit Suisse Seattle Genetics, Inc. 2 –
(271) USD Citigroup Seattle Genetics, Inc.1 – –
1,061 USD Deutsche Bank SEI Investments Co. 1 –
636 USD Credit Suisse Selective Insurance Group, Inc. 1 –
1,015 USD Citigroup Selective Insurance Group, Inc. 1 –
(3,277) USD Citigroup SemGroup Corp. 'A' 2 –
(4,236) USD Merrill Lynch SemGroup Corp. 'A' 2 –
(1,634) USD Merrill Lynch Sempra Energy 1 –
(94) USD Merrill Lynch Senior Housing Properties Trust, REIT1 – –
727 USD Citigroup Sensient Technologies Corp. 1 –
(561) USD Merrill Lynch Service Corp International1 – –
(325) USD J.P. Morgan ServiceMaster Global Holdings, Inc.1 – –
(460) USD Merrill Lynch ServiceNow, Inc. 3 –
(542) USD Citigroup ServiceNow, Inc. 2 –
(534) USD Citigroup Signature Bank 2 –
(194) USD Merrill Lynch Signature Bank 2 –
(268) USD Merrill Lynch Silicon Laboratories, Inc. 2 –
(16) USD Deutsche Bank Silicon Laboratories, Inc.1 – –
419 USD Citigroup Simon Property Group, Inc., REIT 1 –
706 USD Citigroup Simpson Manufacturing Co., Inc.1 – –
(310) USD Deutsche Bank Sinclair Broadcast Group, Inc. 'A' 2 –
41 USD Citigroup Six Flags Entertainment Corp.1 – –
(1,120) USD Citigroup SM Energy Co. 1 –
280
As at 31 March 2018
Fair Value % of Net

736 USD Citigroup Sonoco Products Co. 1 –

2,603 USD Merrill Lynch Sonoco Products Co.1 – –
(329) USD Merrill Lynch Sotheby's 'A'1 – –
(366) USD Credit Suisse Sotheby's 'A'1 – –
(361) USD Citigroup South State Corp.1 – –
1,303 USD Citigroup Southwest Airlines Co.1 – –
1,511 USD Deutsche Bank Southwestern Energy Co. 1 –
8,828 USD Credit Suisse Southwestern Energy Co.1 – –
8,630 USD J.P. Morgan Southwestern Energy Co.1 – –
2,322 USD Citigroup Spirit AeroSystems Holdings, Inc. 'A' 1 –
(2,399) USD J.P. Morgan Spirit Airlines, Inc. 10 0.01
(2,475) USD Citigroup Spirit Airlines, Inc. 7 0.01
(10,765) USD Merrill Lynch Spirit Realty Capital, Inc., REIT 2 –
(5,256) USD Credit Suisse Spirit Realty Capital, Inc., REIT 1 –
(10,261) USD Citigroup Spirit Realty Capital, Inc., REIT 1 –
(256) USD Credit Suisse Splunk, Inc. 2 –
(207) USD Citigroup Splunk, Inc. 1 –
(18,538) USD Deutsche Bank Sprint Corp. 8 0.01
(3,715) USD Merrill Lynch Sprint Corp. 1 –
(2,028) USD J.P. Morgan Sprint Corp. 1 –
(2,024) USD Merrill Lynch Square, Inc. 'A' 9 0.01
(1,365) USD Citigroup Square, Inc. 'A' 7 0.01
(1,667) USD Credit Suisse Square, Inc. 'A' 4 –
(1,224) USD Merrill Lynch Starbucks Corp. 2 –
967 USD J.P. Morgan Starwood Property Trust, Inc., REIT1 – –
574 USD Citigroup Steel Dynamics, Inc. 1 –
(3,418) USD Citigroup Stericycle, Inc. 3 –
(464) USD Credit Suisse Stericycle, Inc. 2 –
(178) USD J.P. Morgan Stericycle, Inc. 1 –
(7,326) USD Merrill Lynch Sterling Bancorp 14 0.01
(577) USD Credit Suisse Sterling Bancorp 1 –
(137) USD J.P. Morgan Sterling Bancorp1 – –
(234) USD Credit Suisse Steven Madden Ltd.1 – –
(681) USD Merrill Lynch Stifel Financial Corp. 3 –
(9) USD Citigroup Stifel Financial Corp.1 – –
51 USD Deutsche Bank Stryker Corp.1 – –
168 USD Citigroup Stryker Corp.1 – –
(2,233) USD J.P. Morgan Summit Materials, Inc. 'A' 3 –
(2,775) USD Merrill Lynch Summit Materials, Inc. 'A'1 – –
(3,967) USD Credit Suisse Symantec Corp. 6 0.01
(1,710) USD Merrill Lynch Symantec Corp. 2 –
(1,410) USD J.P. Morgan Symantec Corp. 2 –
(1,107) USD Credit Suisse Synchrony Financial 3 –
(1,012) USD J.P. Morgan Synchrony Financial 3 –
(267) USD Citigroup Synchrony Financial1 – –
(6,880) USD Citigroup Syneos Health, Inc. 10 0.01
(1,054) USD J.P. Morgan Syneos Health, Inc. 6 0.01
441 USD Citigroup Synovus Financial Corp.1 – –
770 USD Citigroup T Rowe Price Group, Inc.1 – –
281
As at 31 March 2018
Fair Value % of Net

(348) USD Credit Suisse Tanger Factory Outlet Centers, Inc., REIT1 – –
(4,016) USD Merrill Lynch Targa Resources Corp. 8 0.01
(3,267) USD Citigroup Targa Resources Corp. 7 0.01
(2,595) USD J.P. Morgan Targa Resources Corp. 2 –
(1,535) USD Credit Suisse Targa Resources Corp. 1 –
416 USD Citigroup Target Corp.1 – –
(1,502) USD J.P. Morgan Taubman Centers, Inc., REIT 1 –
(540) USD Merrill Lynch Taubman Centers, Inc., REIT1 – –
2,302 USD Citigroup TCF Financial Corp.1 – –
405 USD Deutsche Bank TD Ameritrade Holding Corp. 1 –
1,232 USD Citigroup Tech Data Corp. 3 –
418 USD Deutsche Bank Telephone & Data Systems, Inc. 1 –
1,885 USD Citigroup Telephone & Data Systems, Inc.1 – –
75 USD Citigroup Tempur Sealy International, Inc.1 – –
2,063 USD J.P. Morgan Tenet Healthcare Corp. 1 –
531 USD Citigroup Tenet Healthcare Corp.1 – –
3,073 USD Merrill Lynch Tenneco, Inc. 1 –
(1,462) USD Merrill Lynch TESARO, Inc. 9 0.01
(1,850) USD Citigroup TESARO, Inc. 6 0.01
(382) USD J.P. Morgan TESARO, Inc. 4 –
(907) USD Deutsche Bank TESARO, Inc. 3 –
(1,661) USD J.P. Morgan Tesla, Inc. 85 0.04
(227) USD Credit Suisse Tesla, Inc. 12 0.01
(148) USD Deutsche Bank Tesla, Inc. 7 0.01
(36) USD Citigroup Tesla, Inc. 1 –
(249) USD Merrill Lynch Texas Capital Bancshares, Inc. 1 –
(686) USD Citigroup Texas Capital Bancshares, Inc. 1 –
(182) USD Credit Suisse Texas Capital Bancshares, Inc.1 – –
(1,387) USD J.P. Morgan TFS Financial Corp. 1 –
(903) USD Merrill Lynch TFS Financial Corp. 1 –
(699) USD Credit Suisse TFS Financial Corp.1 – –
388 USD Citigroup Thor Industries, Inc.1 – –
(21) USD Merrill Lynch Tiffany & Co.1 – –
3,178 USD Merrill Lynch Timken Co. (The) 2 –
703 USD J.P. Morgan Timken Co. (The)1 – –
1,539 USD Citigroup TJX Cos., Inc. (The) 1 –
240 USD Merrill Lynch TJX Cos., Inc. (The)1 – –
(571) USD J.P. Morgan T-Mobile US, Inc. 2 –
(85) USD Citigroup T-Mobile US, Inc.1 – –
1,553 USD Citigroup Torchmark Corp.1 – –
2,627 USD Citigroup Toro Co. (The) 3 –
1,362 USD Credit Suisse Toro Co. (The)1 – –
391 USD J.P. Morgan Toro Co. (The)1 – –
(2,068) USD Merrill Lynch TreeHouse Foods, Inc. 5 –
(818) USD Credit Suisse TreeHouse Foods, Inc. 3 –
155 USD Credit Suisse Trex Co, Inc.1 – –
698 USD J.P. Morgan Trex Co., Inc. 2 –
(1,085) USD Merrill Lynch Tribune Media Co. 'A' 1 –
282
As at 31 March 2018
Fair Value % of Net

(493) USD J.P. Morgan Tribune Media Co. 'A'1 – –

(1,300) USD Citigroup Tribune Media Co. 'A'1 – –
(495) USD Merrill Lynch Trimble, Inc. 1 –
(410) USD J.P. Morgan Trimble, Inc. 1 –
679 USD Deutsche Bank TriNet Group, Inc. 3 –
(2,635) USD Merrill Lynch TripAdvisor, Inc. 6 0.01
(558) USD Credit Suisse TripAdvisor, Inc. 1 –
2,099 USD Citigroup Tupperware Brands Corp. 3 –
(8,529) USD Citigroup Twitter, Inc. 15 0.01
1,179 USD J.P. Morgan Two Harbors Investment Corp., REIT1 – –
748 USD Citigroup Tyson Foods, Inc. 'A'1 – –
2,434 USD Credit Suisse UDR, Inc., REIT 2 –
1,771 USD Citigroup UDR, Inc., REIT 1 –
2,627 USD Merrill Lynch UGI Corp. 2 –
391 USD Deutsche Bank UGI Corp.1 – –
215 USD Citigroup UGI Corp.1 – –
164 USD J.P. Morgan UGI Corp.1 – –
(377) USD J.P. Morgan Ulta Beauty, Inc. 1 –
(197) USD Citigroup Ulta Beauty, Inc. 1 –
(287) USD Merrill Lynch Ulta Beauty, Inc.1 – –
(468) USD Merrill Lynch Ultimate Software Group, Inc. (The) 2 –
(487) USD Citigroup Ultimate Software Group, Inc. (The) 1 –
(2,069) USD Credit Suisse Ultragenyx Pharmaceutical, Inc. 3 –
(4,271) USD Citigroup Ultragenyx Pharmaceutical, Inc. 1 –
(3,097) USD Citigroup Umpqua Holdings Corp. 1 –
(1,046) USD Merrill Lynch Umpqua Holdings Corp. 1 –
(1,188) USD Deutsche Bank Under Armour, Inc. 'A' 2 –
(9,935) USD J.P. Morgan Under Armour, Inc. 'A' 7 0.01
(453) USD Credit Suisse Under Armour, Inc. 'C'1 – –
(6,246) USD Deutsche Bank Under Armour, Inc. 'C' 11 0.01
(7,294) USD J.P. Morgan Under Armour, Inc. 'C' 6 0.01
(924) USD Merrill Lynch Union Pacific Corp. 1 –
(4,457) USD Credit Suisse United Bankshares, Inc. 7 0.01
(2,638) USD Merrill Lynch United Bankshares, Inc. 4 –
(3,105) USD Citigroup United Bankshares, Inc. 1 –
(258) USD J.P. Morgan United Bankshares, Inc.1 – –
679 USD Citigroup United Continental Holdings, Inc. 1 –
14 USD Deutsche Bank United Continental Holdings, Inc.1 – –
1,164 USD Citigroup United Parcel Service, Inc. 'B'1 – –
714 USD Merrill Lynch United States Cellular Corp.1 – –
(73) USD Deutsche Bank United States Steel Corp.1 – –
1,171 USD Citigroup United Therapeutics Corp. 4 –
1,010 USD Merrill Lynch United Therapeutics Corp. 1 –
(3,353) USD Merrill Lynch Uniti Group, Inc., REIT 3 –
(5,162) USD Citigroup Uniti Group, Inc., REIT1 – –
(942) USD J.P. Morgan Univar, Inc. 2 –
(756) USD Citigroup Universal Display Corp. 6 0.01
(85) USD Credit Suisse Universal Display Corp. 2 –
745 USD Citigroup Urban Edge Properties, REIT1 – –
283
As at 31 March 2018
Fair Value % of Net

774 USD Merrill Lynch Urban Edge Properties, REIT1 – –

1,311 USD Credit Suisse Urban Outfitters, Inc. 2 –
1,204 USD Merrill Lynch Urban Outfitters, Inc. 2 –
1,199 USD Deutsche Bank Urban Outfitters, Inc. 1 –
(3,834) USD J.P. Morgan US Silica Holdings, Inc. 4 –
(3,820) USD Citigroup US Silica Holdings, Inc. 4 –
(877) USD Citigroup Vail Resorts, Inc. 5 –
(226) USD J.P. Morgan Vail Resorts, Inc. 1 –
(114) USD Merrill Lynch Vail Resorts, Inc.1 – –
3,384 USD Merrill Lynch Valero Energy Corp. 1 –
(5,883) USD Merrill Lynch Valley National Bancorp 3 –
(1,580) USD J.P. Morgan Valley National Bancorp 1 –
(4,345) USD Citigroup Valvoline, Inc. 1 –
(196) USD Deutsche Bank Valvoline, Inc.1 – –
2,511 USD Deutsche Bank Vector Group Ltd.1 – –
1,061 USD Citigroup Vector Group Ltd.1 – –
1,253 USD J.P. Morgan Vectren Corp. 3 –
1,529 USD Citigroup Vectren Corp. 1 –
357 USD Merrill Lynch Vectren Corp.1 – –
(270) USD Credit Suisse Veeva Systems, Inc. 'A' 1 –
(219) USD J.P. Morgan Veeva Systems, Inc. 'A' 1 –
(178) USD Merrill Lynch Veeva Systems, Inc. 'A' 1 –
(320) USD Citigroup Veeva Systems, Inc. 'A' 1 –
(265) USD J.P. Morgan Ventas, Inc., REIT1 – –
(178) USD Credit Suisse Ventas, Inc., REIT1 – –
(6,243) USD J.P. Morgan VEREIT, Inc., REIT 1 –
(245) USD Credit Suisse VEREIT, Inc., REIT1 – –
(11,874) USD Merrill Lynch VEREIT, Inc., REIT1 – –
(4,682) USD Citigroup VeriFone Systems, Inc. 5 –
(657) USD J.P. Morgan VeriFone Systems, Inc. 1 –
203 USD Deutsche Bank VeriSign, Inc.1 – –
1,756 USD J.P. Morgan VeriSign, Inc.1 – –
(2,750) USD Merrill Lynch Verisk Analytics, Inc. 1 –
(803) USD J.P. Morgan Verisk Analytics, Inc.1 – –
(535) USD Credit Suisse Verisk Analytics, Inc.1 – –
(163) USD Merrill Lynch Viacom, Inc. 'B'1 – –
(110) USD Credit Suisse Viacom, Inc. 'B'1 – –
(84) USD J.P. Morgan Viacom, Inc. 'B'1 – –
(2,289) USD Citigroup ViaSat, Inc. 10 0.01
(1,681) USD J.P. Morgan ViaSat, Inc. 10 0.01
(916) USD Merrill Lynch ViaSat, Inc. 5 –
(861) USD Deutsche Bank ViaSat, Inc. 3 –
(1,138) USD J.P. Morgan Viavi Solutions, Inc. 1 –
(2,715) USD Citigroup Viavi Solutions, Inc.1 – –
(1,111) USD J.P. Morgan Vornado Realty Trust, REIT1 – –
(1,047) USD Credit Suisse Vornado Realty Trust, REIT1 – –
(945) USD Credit Suisse Voya Financial, Inc. 1 –
284
As at 31 March 2018
Fair Value % of Net

(1,634) USD J.P. Morgan Vulcan Materials Co. 7 0.01

(1,323) USD Merrill Lynch Vulcan Materials Co. 4 –
416 USD Citigroup WABCO Holdings, Inc.1 – –
(1,573) USD Credit Suisse Wabtec Corp. 1 –
(970) USD Merrill Lynch Wabtec Corp.1 – –
(505) USD J.P. Morgan WageWorks, Inc. 2 –
(1,240) USD Merrill Lynch WageWorks, Inc. 1 –
(530) USD Citigroup WageWorks, Inc.1 – –
1,840 USD J.P. Morgan Wal-Mart Stores, Inc. 2 –
488 USD Citigroup Wal-Mart Stores, Inc. 1 –
(604) USD J.P. Morgan Walt Disney Co. (The) 2 –
(468) USD Credit Suisse Walt Disney Co. (The) 1 –
(1,549) USD Citigroup Walt Disney Co. (The)1 – –
4,230 USD Merrill Lynch Washington Real Estate Investment Trust, REIT 3 –
857 USD Credit Suisse Washington Real Estate Investment Trust, REIT 1 –
496 USD J.P. Morgan Washington Real Estate Investment Trust, REIT 1 –
204 USD Citigroup Watsco, Inc. 1 –
(402) USD Deutsche Bank Weight Watchers International, Inc. 3 –
(27) USD Citigroup Weight Watchers International, Inc.1 – –
2,445 USD Citigroup Weingarten Realty Investors, REIT 1 –
1,005 USD Deutsche Bank Weingarten Realty Investors, REIT 1 –
849 USD Credit Suisse Weingarten Realty Investors, REIT1 – –
1,570 USD Merrill Lynch Weingarten Realty Investors, REIT1 – –
245 USD J.P. Morgan Weingarten Realty Investors, REIT1 – –
(2,644) USD Merrill Lynch Welbilt, Inc. 2 –
(4,555) USD J.P. Morgan Welbilt, Inc. 1 –
(2,003) USD Credit Suisse Welbilt, Inc.1 – –
(1,007) USD Citigroup Welbilt, Inc.1 – –
237 USD Citigroup WellCare Health Plans, Inc. 1 –
243 USD J.P. Morgan WellCare Health Plans, Inc.1 – –
29 USD Credit Suisse WellCare Health Plans, Inc.1 – –
616 USD Merrill Lynch WellCare Health Plans, Inc.1 – –
(2,162) USD J.P. Morgan Wells Fargo & Co. 8 0.01
(1,430) USD Merrill Lynch Wells Fargo & Co. 5 –
(1,564) USD Citigroup Wells Fargo & Co.1 – –
(595) USD Merrill Lynch WESCO International, Inc. 1 –
(590) USD Citigroup WESCO International, Inc.1 – –
(1,367) USD Merrill Lynch West Pharmaceutical Services, Inc. 3 –
(162) USD Credit Suisse West Pharmaceutical Services, Inc.1 – –
(567) USD J.P. Morgan WestRock Co. 1 –
(975) USD Merrill Lynch WEX, Inc. 1 –
(4,392) USD Citigroup Weyerhaeuser Co., REIT 1 –
(150) USD Deutsche Bank Whirlpool Corp. 3 –
(351) USD Citigroup Whirlpool Corp. 1 –
(93) USD Merrill Lynch Whirlpool Corp. 1 –
1,488 USD Citigroup Williams-Sonoma, Inc. 2 –
517 USD J.P. Morgan Williams-Sonoma, Inc.1 – –
211 USD Credit Suisse Williams-Sonoma, Inc.1 – –
285
As at 31 March 2018
Fair Value % of Net

229 USD Citigroup Wintrust Financial Corp.1 – –

1,270 USD Merrill Lynch Wolverine World Wide, Inc.1 – –
707 USD Citigroup Wolverine World Wide, Inc.1 – –
(690) USD J.P. Morgan Woodward, Inc. 1 –
(163) USD Credit Suisse Woodward, Inc.1 – –
(478) USD Citigroup Woodward, Inc.1 – –
(757) USD Merrill Lynch Workday, Inc. 'A' 6 0.01
(268) USD J.P. Morgan Workday, Inc. 'A' 2 –
1,366 USD Citigroup Worthington Industries, Inc. 1 –
655 USD Citigroup WP Carey, Inc., REIT1 – –
144 USD J.P. Morgan WP Carey, Inc., REIT1 – –
289 USD J.P. Morgan WW Grainger, Inc. 2 –
60 USD Credit Suisse WW Grainger, Inc.1 – –
135 USD Merrill Lynch WW Grainger, Inc.1 – –
1,780 USD Merrill Lynch Xcel Energy, Inc. 3 –
233 USD J.P. Morgan Xcel Energy, Inc.1 – –
186 USD Citigroup Xcel Energy, Inc.1 – –
(1,609) USD Merrill Lynch XPO Logistics, Inc. 3 –
(3,412) USD Merrill Lynch Yelp, Inc. 13 0.01
(460) USD Credit Suisse Yelp, Inc. 1 –
3,435 USD Citigroup Yum China Holdings, Inc. 4 –
16,041 USD J.P. Morgan Yum China Holdings, Inc. 1 –
1,506 USD Credit Suisse Yum China Holdings, Inc.1 – –
1,844 USD Citigroup Yum! Brands, Inc. 4 –
1,953 USD Merrill Lynch Yum! Brands, Inc. 4 –
625 USD J.P. Morgan Yum! Brands, Inc. 1 –
(4,637) USD Citigroup Zayo Group Holdings, Inc. 3 –
(72) USD J.P. Morgan Zayo Group Holdings, Inc.1 – –
(938) USD Citigroup Zillow Group, Inc. 'C' 1 –
(1,193) USD Merrill Lynch Zimmer Biomet Holdings, Inc. 7 0.01
(159) USD J.P. Morgan Zimmer Biomet Holdings, Inc. 1 –
(556) USD Citigroup Zimmer Biomet Holdings, Inc. 1 –
1,168 USD Citigroup Zoetis, Inc. 1 –
593 USD Credit Suisse Zoetis, Inc. 1 –
75 USD Deutsche Bank Zoetis, Inc.1 – –
(26,012) USD J.P. Morgan Zynga, Inc. 1 –
Total unrealised gain on contracts for difference (31 March 2017: 3.75%) 9,510 4.68
Austria (31 March 2017: (0.02)%)

1,119 EUR Merrill Lynch ANDRITZ AG (3) (0.01)
(6,566) EUR Credit Suisse IMMOFINANZ AG (1) –
(109,611) EUR J.P. Morgan IMMOFINANZ AG (21) (0.01)
1,126 EUR Citigroup OMV AG1 – –
(1,008) EUR Merrill Lynch Raiffeisen Bank International AG (1) –
(3,742) EUR Merrill Lynch UNIQA Insurance Group AG (1) –
286
As at 31 March 2018
Fair Value % of Net

Austria (continued)
(2,842) EUR Citigroup UNIQA Insurance Group AG (1) –

(3,824) EUR J.P. Morgan UNIQA Insurance Group AG (2) –
(546) EUR Citigroup Vienna Insurance Group AG Wiener Versicherung Gruppe1 – –
(527) EUR Merrill Lynch Vienna Insurance Group AG Wiener Versicherung Gruppe (1) –
(743) EUR J.P. Morgan Vienna Insurance Group AG Wiener Versicherung Gruppe (1) –
785 EUR J.P. Morgan voestalpine AG (2) –
1,614 EUR Merrill Lynch voestalpine AG (2) –
2,491 EUR Citigroup voestalpine AG (3) –
Total Austria (39) (0.02)
Belgium (31 March 2017: (0.07)%)

(4,195) EUR Merrill Lynch Ablynx NV (3) –
1,559 EUR J.P. Morgan Ageas (1) –
1,249 EUR Merrill Lynch Ageas (2) –
2,762 EUR Citigroup Ageas (3) –
45 EUR Deutsche Bank Befimmo SA, REIT1 – –
467 EUR Merrill Lynch Befimmo SA, REIT1 – –
254 EUR Credit Suisse Befimmo SA, REIT1 – –
1,654 EUR J.P. Morgan Befimmo SA, REIT (2) –
2,110 EUR Merrill Lynch bpost SA (6) –
11,895 EUR Citigroup bpost SA (6) –
2,378 EUR Deutsche Bank bpost SA (7) (0.01)
1,300 EUR Credit Suisse bpost SA (13) (0.01)
6,266 EUR J.P. Morgan bpost SA (60) (0.03)
(15) EUR J.P. Morgan Cie d'Entreprises CFE1 – –
230 EUR Credit Suisse Cofinimmo SA, REIT1 – –
775 EUR J.P. Morgan Cofinimmo SA, REIT1 – –
18 EUR Citigroup D'ieteren SA/NV1 – –
16 EUR Credit Suisse D'ieteren SA/NV1 – –
26 EUR Deutsche Bank D'ieteren SA/NV1 – –
131 EUR Merrill Lynch D'ieteren SA/NV1 – –
4,446 EUR J.P. Morgan D'ieteren SA/NV (9) (0.01)
(932) EUR Credit Suisse Galapagos NV1 – –
(2,033) EUR J.P. Morgan Galapagos NV (1) –
(1,010) EUR Credit Suisse Groupe Bruxelles Lambert SA1 – –
(420) EUR Citigroup Groupe Bruxelles Lambert SA1 – –
140 EUR Credit Suisse KBC Ancora1 – –
327 EUR Merrill Lynch KBC Ancora (1) –
537 EUR Deutsche Bank KBC Ancora (1) –
542 EUR J.P. Morgan KBC Ancora (1) –
209 EUR Deutsche Bank KBC Group NV (1) –
504 EUR J.P. Morgan KBC Group NV (2) –
(4,979) EUR Citigroup Ontex Group N.V. (4) –
7,029 EUR J.P. Morgan Proximus SADP (10) (0.01)
56 EUR Merrill Lynch Sofina SA1 – –
1,164 EUR J.P. Morgan Sofina SA (3) –
262 EUR Citigroup Solvay SA1 – –
243 EUR Merrill Lynch Solvay SA (1) –
287
As at 31 March 2018
Fair Value % of Net

Belgium (continued)
437 EUR J.P. Morgan Solvay SA (2) –

557 EUR Credit Suisse Solvay SA (2) –
47 EUR Merrill Lynch Telenet Group Holding NV1 – –
590 EUR Credit Suisse UCB SA1 – –
828 EUR Deutsche Bank UCB SA (1) –
1,405 EUR Merrill Lynch UCB SA (2) –
Total Belgium (144) (0.07)
Bermuda (31 March 2017: (0.08)%)

152 USD J.P. Morgan Arch Capital Group Ltd.1 – –
(1,387) USD Citigroup Aspen Insurance Holdings Ltd. (2) –
(1,297) USD Credit Suisse Aspen Insurance Holdings Ltd. (7) (0.01)
1,077 USD Merrill Lynch Athene Holding Ltd. 'A' (2) –
1,753 USD Citigroup Athene Holding Ltd. 'A' (2) –
(310) USD Citigroup Bunge Ltd.1 – –
(58,000) HKD Merrill Lynch China Gas Holdings Ltd. (25) (0.01)
(8,000) HKD Citigroup China Resources Gas Group Ltd.1 – –
(64,000) HKD Merrill Lynch China Resources Gas Group Ltd. (10) (0.01)
1,802 USD J.P. Morgan Essent Group Ltd. (6) –
1,262 USD Merrill Lynch Everest Re Group Ltd. (3) –
197 USD Deutsche Bank Helen of Troy Ltd. (1) –
104 GBP Merrill Lynch Hiscox Ltd.1 – –
(9,800) USD J.P. Morgan Hongkong Land Holdings Ltd. (1) –
556 USD Deutsche Bank Invesco Ltd. (1) –
2,444 USD Merrill Lynch Invesco Ltd. (2) –
13,500 HKD Citigroup Kerry Properties Ltd. (1) –
(6,722) USD Citigroup Kosmos Energy Ltd. (1) –
(11,443) USD J.P. Morgan Kosmos Energy Ltd. (6) –
(1,230) GBP Merrill Lynch Lancashire Holdings Ltd.1 – –
(6,600) GBP Citigroup Lancashire Holdings Ltd. (1) –
(7,000) HKD Citigroup Luk Fook Holdings International Ltd. (1) –
(13,000) HKD Credit Suisse Luk Fook Holdings International Ltd. (2) –
(18,000) HKD Merrill Lynch Luk Fook Holdings International Ltd. (2) –
586 USD Merrill Lynch Marvell Technology Group Ltd. (1) –
1,990 USD Credit Suisse Marvell Technology Group Ltd. (5) –
3,145 USD J.P. Morgan Marvell Technology Group Ltd. (8) (0.01)
(10,249) USD Merrill Lynch Nabors Industries Ltd. (1) –
14,000 HKD Merrill Lynch Nine Dragons Paper Holdings Ltd. (2) –
(3,295) USD Citigroup Norwegian Cruise Line Holdings Ltd. (1) –
547 USD Citigroup Signet Jewelers Ltd.1 – –
701 USD J.P. Morgan Signet Jewelers Ltd. (5) –
(486) USD Credit Suisse Triton International Ltd.1 – –
(2,141) USD J.P. Morgan Triton International Ltd. (2) –
1,400 HKD Citigroup VTech Holdings Ltd.1 – –
1,700 HKD J.P. Morgan VTech Holdings Ltd. (1) –
6,300 HKD Credit Suisse VTech Holdings Ltd. (4) –
12,300 HKD Merrill Lynch VTech Holdings Ltd. (8) (0.01)
288
As at 31 March 2018
Fair Value % of Net

Bermuda (continued)
1,000 HKD Deutsche Bank Yue Yuen Industrial Holdings Ltd.1 – –

6,500 HKD Credit Suisse Yue Yuen Industrial Holdings Ltd. (1) –
4,000 HKD Merrill Lynch Yue Yuen Industrial Holdings Ltd. (1) –
17,500 HKD Citigroup Yue Yuen Industrial Holdings Ltd. (6) –
49,500 HKD J.P. Morgan Yue Yuen Industrial Holdings Ltd. (6) (0.01)
Total Bermuda (128) (0.06)
British Virgin Islands (31 March 2017: 0.00%2)

– –
Canada (31 March 2017: (0.01)%)
– –
Cayman Islands (31 March 2017: (0.17)%)
(48,500) HKD J.P. Morgan 3SBio, Inc. (9) (0.01)
82,000 HKD Citigroup Agile Group Holdings Ltd. (1) –
5,000 HKD J.P. Morgan ANTA Sports Products Ltd. (1) –
18,000 USD Merrill Lynch Chailease Holding Co. Ltd. (1) –
(47,000) HKD Citigroup China Conch Venture Holdings Ltd.1 – –
(5,000) HKD Credit Suisse China Conch Venture Holdings Ltd.1 – –
(24,000) HKD J.P. Morgan China Evergrande Group (4) –
(27,000) HKD Merrill Lynch China Mengniu Dairy Co. Ltd. (5) –
(12,000) HKD Merrill Lynch China Resources Land Ltd.1 – –
2,000 HKD Deutsche Bank CK Asset Holdings Ltd. (1) –
9,500 HKD J.P. Morgan CK Asset Holdings Ltd. (1) –
9,500 HKD Credit Suisse CK Asset Holdings Ltd. (1) –
4,500 HKD Merrill Lynch CK Asset Holdings Ltd. (2) –
18,000 HKD Citigroup CK Asset Holdings Ltd. (2) –
500 HKD Citigroup CK Hutchison Holdings Ltd.1 – –
12,000 HKD Merrill Lynch CK Hutchison Holdings Ltd. (6) (0.01)
116,000 HKD Citigroup Country Garden Holdings Co. Ltd. (3) –
(2,287) HKD J.P. Morgan Fullshare Holdings Ltd.1 – –
(167,500) HKD Merrill Lynch Fullshare Holdings Ltd. (7) (0.01)
(417,500) HKD Citigroup Fullshare Holdings Ltd. (13) (0.01)
55,000 HKD Merrill Lynch Geely Automobile Holdings Ltd. (21) (0.01)
91,000 HKD Citigroup Geely Automobile Holdings Ltd. (25) (0.01)
500 HKD Credit Suisse Hengan International Group Co. Ltd.1 – –
6,000 HKD Citigroup Hengan International Group Co. Ltd. (1) –
5,000 HKD Deutsche Bank Hengan International Group Co. Ltd. (2) –
6,500 HKD J.P. Morgan Hengan International Group Co. Ltd. (3) –
2,500 HKD J.P. Morgan Kingboard Chemical Holdings Ltd. (1) –
16,000 HKD Credit Suisse Kingboard Chemical Holdings Ltd. (4) –
88,500 HKD Citigroup Kingboard Chemical Holdings Ltd. (50) (0.03)
21,000 HKD Credit Suisse Kingboard Laminates Holdings Ltd. (6) –
82,500 HKD Citigroup Kingboard Laminates Holdings Ltd. (33) (0.02)
81,500 HKD Deutsche Bank Kingboard Laminates Holdings Ltd. (41) (0.02)
147,500 HKD J.P. Morgan Kingboard Laminates Holdings Ltd. (43) (0.02)
34,500 HKD Citigroup KWG Property Holding Ltd. (6) –
32,000 HKD Deutsche Bank Lee & Man Paper Manufacturing Ltd. (2) –
79,000 HKD Citigroup Lee & Man Paper Manufacturing Ltd. (3) –
289
As at 31 March 2018
Fair Value % of Net

74,000 HKD Merrill Lynch Lee & Man Paper Manufacturing Ltd. (5) –
7,000 HKD J.P. Morgan Nexteer Automotive Group Ltd. (2) –
2,400 HKD Deutsche Bank Sands China Ltd. (1) –
88,000 HKD Merrill Lynch Sino Biopharmaceutical Ltd. (1) –
61,000 HKD Citigroup Sino Biopharmaceutical Ltd. (5) –
(60,481) HKD J.P. Morgan Sunac China Holdings Ltd. (1) –
7,000 HKD J.P. Morgan Tencent Holdings Ltd. (24) (0.01)
11,000 HKD Merrill Lynch Tencent Holdings Ltd. (67) (0.04)
48,000 HKD Citigroup Tingyi Cayman Islands Holding Corp. (1) –
(25,441) HKD J.P. Morgan Value Partners Group Ltd.1 – –
15,000 HKD J.P. Morgan Want Want China Holdings Ltd.1 – –
65,000 HKD Citigroup Want Want China Holdings Ltd.1 – –
45,000 HKD J.P. Morgan WH Group Ltd. (5) –
81,000 HKD Citigroup WH Group Ltd. (9) (0.01)
12,400 HKD Deutsche Bank Wynn Macau Ltd. (1) –
182,000 HKD Citigroup Xinyi Glass Holdings Ltd. (4) –
(7,000) HKD Deutsche Bank Zhongsheng Group Holdings Ltd.1 – –
Total Cayman Islands (424) (0.21)
China (31 March 2017: (0.02)%)

94,000 HKD Citigroup Agricultural Bank of China Ltd. 'H' (1) –
279,000 HKD Merrill Lynch Agricultural Bank of China Ltd. 'H' (8) (0.01)
19,000 HKD Merrill Lynch Anhui Conch Cement Co. Ltd. 'H' (1) –
179,000 HKD J.P. Morgan Bank of China Ltd. 'H'1 – –
219,000 HKD Merrill Lynch Bank of China Ltd. 'H' (4) –
95,000 HKD J.P. Morgan Bank of Communications Co. Ltd. 'H' (1) –
104,000 HKD Merrill Lynch Bank of Communications Co. Ltd. 'H' (2) –
20,000 HKD Merrill Lynch China CITIC Bank Corp. Ltd. 'H' (1) –
44,000 HKD J.P. Morgan China CITIC Bank Corp. Ltd. 'H' (1) –
139,000 HKD Citigroup China CITIC Bank Corp. Ltd. 'H' (2) –
7,000 HKD Credit Suisse China Communications Construction Co. Ltd. 'H'1 – –
152,000 HKD Citigroup China Communications Construction Co. Ltd. 'H' (3) –
288,000 HKD Merrill Lynch China Construction Bank Corp. 'H' (13) (0.01)
(489,000) HKD Citigroup China Longyuan Power Group Corp. Ltd. 'H' (24) (0.01)
(90,000) HKD Merrill Lynch China Petroleum & Chemical Corp. 'H' (4) –
3,000 HKD Deutsche Bank China Railway Construction Corp. Ltd. 'H'1 – –
21,000 HKD Credit Suisse China Railway Construction Corp. Ltd. 'H' (1) –
64,500 HKD Merrill Lynch China Railway Construction Corp. Ltd. 'H' (3) –
71,000 HKD J.P. Morgan China Railway Group Ltd. 'H' (1) –
136,000 HKD Credit Suisse China Railway Group Ltd. 'H' (1) –
14,500 HKD J.P. Morgan China Shenhua Energy Co. Ltd. 'H' (3) –
25,500 HKD Credit Suisse China Shenhua Energy Co. Ltd. 'H' (4) –
35,500 HKD Citigroup China Shenhua Energy Co. Ltd. 'H' (5) –
20,000 HKD Merrill Lynch Dongfeng Motor Group Co. Ltd. 'H' (1) –
70,000 HKD J.P. Morgan Dongfeng Motor Group Co. Ltd. 'H' (6) –
152,000 HKD Citigroup Dongfeng Motor Group Co. Ltd. 'H' (12) (0.01)
158,000 HKD Credit Suisse Dongfeng Motor Group Co. Ltd. 'H' (14) (0.01)
290
As at 31 March 2018
Fair Value % of Net

China (continued)
22,200 HKD Deutsche Bank GF Securities Co. Ltd. (1) –

2,000 HKD Deutsche Bank Guangzhou Automobile Group Co. Ltd. 'H' (1) –
24,000 HKD Citigroup Guangzhou Automobile Group Co. Ltd. 'H' (5) –
132,000 HKD J.P. Morgan Guangzhou Automobile Group Co. Ltd. 'H' (42) (0.02)
(30,000) HKD Citigroup Huaneng Power International, Inc. 'H'1 – –
(282,000) HKD Merrill Lynch Huaneng Power International, Inc. 'H' (3) –
48,000 HKD Credit Suisse Industrial & Commercial Bank of China Ltd. 'H'1 – –
263,000 HKD Citigroup Industrial & Commercial Bank of China Ltd. 'H' (2) –
39,000 HKD J.P. Morgan People's Insurance Co Group of China Ltd. (The) 'H' (2) –
182,000 HKD Citigroup People's Insurance Co Group of China Ltd. (The) 'H' (9) (0.01)
11,000 HKD Merrill Lynch Ping An Insurance Group Co of China Ltd. 'H' (10) (0.01)
32,500 HKD J.P. Morgan Ping An Insurance Group Co of China Ltd. 'H' (14) (0.01)
(13,200) HKD Citigroup Sinopharm Group Co. Ltd. 'H' (4) –
(32,800) HKD Deutsche Bank Sinopharm Group Co. Ltd. 'H' (9) (0.01)
Total China (218) (0.11)
Denmark (31 March 2017: (0.04)%)

(398) DKK Merrill Lynch Ambu A/S1 – –
(1,038) DKK Deutsche Bank Ambu A/S (1) –
(1,239) DKK Credit Suisse Ambu A/S (3) –
(13,175) DKK Citigroup Ambu A/S (9) (0.01)
377 DKK J.P. Morgan Carlsberg A/S 'B'1 – –
100 DKK Merrill Lynch Coloplast A/S 'B'1 – –
254 DKK Merrill Lynch Danske Bank A/S (1) –
2,253 DKK Citigroup Danske Bank A/S (1) –
2,848 DKK J.P. Morgan Danske Bank A/S (7) (0.01)
(2,321) DKK Merrill Lynch DONG Energy A/S (2) –
(806) DKK Merrill Lynch DSV A/S1 – –
(967) DKK Merrill Lynch Genmab A/S (4) –
(1,142) DKK J.P. Morgan Genmab A/S (6) (0.01)
3,607 DKK J.P. Morgan GN Store Nord A/S (2) –
8,070 DKK Merrill Lynch GN Store Nord A/S (11) (0.01)
4,215 DKK Citigroup Novo Nordisk A/S 'B'1 – –
1,664 DKK Merrill Lynch Novo Nordisk A/S 'B' (2) –
1,903 DKK J.P. Morgan Novo Nordisk A/S 'B' (2) –
2,786 DKK Credit Suisse Novo Nordisk A/S 'B' (4) –
8 DKK Credit Suisse Rockwool International A/S 'B'1 – –
186 DKK J.P. Morgan Rockwool International A/S 'B'1 – –
561 DKK Citigroup Rockwool International A/S 'B' (1) –
462 DKK Merrill Lynch Rockwool International A/S 'B' (2) –
850 DKK Merrill Lynch Royal Unibrew A/S1 – –
701 DKK Deutsche Bank Sydbank A/S (1) –
2,011 DKK Citigroup Sydbank A/S (1) –
1,523 DKK Merrill Lynch Sydbank A/S (1) –
577 DKK J.P. Morgan Sydbank A/S (1) –
2,298 DKK Credit Suisse Sydbank A/S (5) –
215 DKK Deutsche Bank Topdanmark A/S1 – –
773 DKK Credit Suisse Topdanmark A/S (1) –
291
As at 31 March 2018
Fair Value % of Net

Denmark (continued)
2,815 DKK J.P. Morgan Topdanmark A/S (4) –

4,456 DKK Merrill Lynch Topdanmark A/S (4) –
1,985 DKK Credit Suisse William Demant Holding A/S (2) –
Total Denmark (78) (0.04)
Finland (31 March 2017: (0.05)%)

4,700 EUR Merrill Lynch Kemira OYJ (3) –
5,633 EUR J.P. Morgan Kemira OYJ (5) –
1,892 EUR Citigroup Neste OYJ (1) –
(4,430) EUR Citigroup Nokian Renkaat OYJ (4) –
835 EUR Merrill Lynch Sampo OYJ 'A'1 – –
974 EUR J.P. Morgan Sampo OYJ 'A'1 – –
9,500 EUR Merrill Lynch Stora Enso OYJ 'R' (2) –
10,651 EUR Citigroup Stora Enso OYJ 'R' (3) –
196 EUR Citigroup Tieto OYJ1 – –
789 EUR Deutsche Bank Tieto OYJ (1) –
3,848 EUR J.P. Morgan Tieto OYJ (10) (0.01)
6,225 EUR Merrill Lynch Tieto OYJ (11) (0.01)
20,173 EUR J.P. Morgan Valmet OYJ (17) (0.01)
Total Finland (57) (0.03)
France (31 March 2017: (0.28)%)

1,314 EUR Credit Suisse Air France-KLM (1) –
3,272 EUR Deutsche Bank Air France-KLM (1) –
7,970 EUR J.P. Morgan Air France-KLM (6) (0.01)
18,515 EUR Merrill Lynch Air France-KLM (8) (0.01)
(749) EUR J.P. Morgan Alstom SA (2) –
(233) EUR Citigroup Alten SA1 – –
(486) EUR Merrill Lynch Alten SA (1) –
9,547 EUR Citigroup Altran Technologies SA (13) (0.01)
443 EUR J.P. Morgan Arkema SA (1) –
460 EUR Credit Suisse Arkema SA (1) –
971 EUR Citigroup Arkema SA (1) –
997 EUR Deutsche Bank Arkema SA (3) –
1,434 EUR Merrill Lynch Arkema SA (4) –
292 EUR Merrill Lynch Atos SE (1) –
484 EUR Citigroup AXA SA1 – –
262 EUR Credit Suisse AXA SA1 – –
6,085 EUR Merrill Lynch AXA SA (6) (0.01)
1,129 EUR Merrill Lynch BNP Paribas SA (2) –
(616) EUR Citigroup Bollore SA1 – –
1,526 EUR Merrill Lynch Bouygues SA (1) –
389 EUR Merrill Lynch Cap Gemini SA (2) –
612 EUR Merrill Lynch Casino Guichard Perrachon SA1 – –
144 EUR J.P. Morgan Casino Guichard Perrachon SA1 – –
1,823 EUR Credit Suisse Casino Guichard Perrachon SA (5) –
144 EUR Deutsche Bank Cie de Saint-Gobain (1) –
292
As at 31 March 2018
Fair Value % of Net

France (continued)
284 EUR Credit Suisse Cie de Saint-Gobain (1) –

445 EUR J.P. Morgan Cie de Saint-Gobain (1) –
2,210 EUR Citigroup Cie de Saint-Gobain (2) –
4,548 EUR Merrill Lynch Cie de Saint-Gobain (16) (0.01)
1,444 EUR Citigroup Cie Generale des Etablissements Michelin (5) –
3,913 EUR Merrill Lynch Cie Generale des Etablissements Michelin (28) (0.02)
3,565 EUR Merrill Lynch Cie Plastic Omnium SA (2) –
1,276 EUR Merrill Lynch CNP Assurances1 – –
2,367 EUR Citigroup CNP Assurances1 – –
(1,171) EUR Citigroup Danone SA (1) –
(631) EUR Citigroup Dassault Systemes SE1 – –
(485) EUR J.P. Morgan Dassault Systemes SE (1) –
(634) EUR Citigroup Edenred1 – –
645 EUR Citigroup Eiffage SA (1) –
1,815 EUR Merrill Lynch Eiffage SA (2) –
(139) EUR Credit Suisse Electricite de France SA1 – –
(15,225) EUR J.P. Morgan Electricite de France SA (15) (0.01)
(3,439) EUR Citigroup Elis SA1 – –
553 EUR Citigroup Eramet (4) –
1,283 EUR Merrill Lynch Eramet (15) (0.01)
695 EUR Citigroup Eurazeo SA1 – –
927 EUR Credit Suisse Eurazeo SA (3) –
1,719 EUR J.P. Morgan Eurazeo SA (5) –
1,056 EUR Credit Suisse Faurecia (1) –
2,199 EUR J.P. Morgan Faurecia (1) –
2,361 EUR Merrill Lynch Faurecia (5) –
(1,601) EUR Merrill Lynch Fnac Darty SA (2) –
(15,093) EUR Citigroup Groupe Eurotunnel SE1 – –
(583) EUR Citigroup Hermes International (9) (0.01)
(353) EUR J.P. Morgan Hermes International (13) (0.01)
(487) EUR Credit Suisse Hermes International (18) (0.01)
407 EUR J.P. Morgan ICADE, REIT (1) –
1,433 EUR Merrill Lynch ICADE, REIT (3) –
1,229 EUR Credit Suisse ICADE, REIT (3) –
555 EUR Citigroup Imerys SA1 – –
74 EUR J.P. Morgan Imerys SA1 – –
413 EUR Merrill Lynch Imerys SA (1) –
(1,886) EUR Citigroup Ingenico Group SA (3) –
(2,100) EUR Citigroup Klepierre, REIT (1) –
(1,207) EUR J.P. Morgan Korian SA (1) –
(5,006) EUR Citigroup Korian SA (1) –
3,091 EUR J.P. Morgan Lagardere SCA (3) –
(907) EUR J.P. Morgan LVMH Moet Hennessy Louis Vuitton SE (4) –
1,131 EUR Citigroup Mercialys SA, REIT1 – –
1,342 EUR Merrill Lynch Mercialys SA, REIT (1) –
1,757 EUR Credit Suisse Mercialys SA, REIT (2) –
8,504 EUR J.P. Morgan Mercialys SA, REIT (8) (0.01)
303 EUR Merrill Lynch Metropole Television SA1 – –
293
As at 31 March 2018
Fair Value % of Net

France (continued)
5,055 EUR J.P. Morgan Metropole Television SA (8) (0.01)

52 EUR Merrill Lynch Nexity SA1 – –
2,106 EUR Citigroup Nexity SA (1) –
665 EUR Credit Suisse Nexity SA (1) –
3,942 EUR J.P. Morgan Nexity SA (6) (0.01)
4,318 EUR J.P. Morgan Orange SA (1) –
26,365 EUR Merrill Lynch Orange SA (4) –
(540) EUR J.P. Morgan Orpea (1) –
(2,513) EUR Merrill Lynch Orpea (1) –
(2,122) EUR Citigroup Orpea (8) (0.01)
(1,341) EUR J.P. Morgan Pernod Ricard SA (2) –
(1,641) EUR Citigroup Publicis Groupe SA (2) –
(637) EUR Merrill Lynch Remy Cointreau SA (1) –
(418) EUR Credit Suisse Remy Cointreau SA (1) –
(1,279) EUR J.P. Morgan Remy Cointreau SA (4) –
(632) EUR Merrill Lynch Renault SA (2) –
(1,035) EUR J.P. Morgan Renault SA (3) –
(640) EUR Citigroup Renault SA (4) –
3,296 EUR Merrill Lynch Sanofi (3) –
(351) EUR Credit Suisse Sartorius Stedim Biotech1 – –
(754) EUR J.P. Morgan Sartorius Stedim Biotech1 – –
(1,491) EUR Citigroup Sartorius Stedim Biotech (3) –
463 EUR Credit Suisse SCOR SE1 – –
1,504 EUR J.P. Morgan SCOR SE (2) –
233 EUR J.P. Morgan SEB SA1 – –
(167) EUR Citigroup Societe Generale SA1 – –
(689) EUR Merrill Lynch Suez1 – –
(5,557) EUR J.P. Morgan Suez (1) –
(3,960) EUR Citigroup Suez (2) –
(1,205) EUR J.P. Morgan Teleperformance (2) –
5,422 EUR J.P. Morgan Television Francaise 1 (3) –
7,338 EUR Credit Suisse Television Francaise 1 (4) –
204 EUR Credit Suisse TOTAL SA1 – –
4,727 EUR Citigroup TOTAL SA (1) –
1,951 EUR Merrill Lynch TOTAL SA (2) –
5,720 EUR J.P. Morgan TOTAL SA (2) –
191 EUR Citigroup Trigano SA (1) –
762 EUR Merrill Lynch Trigano SA (7) (0.01)
8 EUR J.P. Morgan Ubisoft Entertainment SA1 – –
1,806 EUR Credit Suisse Ubisoft Entertainment SA (1) –
778 EUR Citigroup Ubisoft Entertainment SA (2) –
905 EUR Merrill Lynch Ubisoft Entertainment SA (2) –
10 EUR Citigroup Unibail-Rodamco SE, REIT1 – –
37 EUR J.P. Morgan Unibail-Rodamco SE, REIT1 – –
296 EUR Credit Suisse Unibail-Rodamco SE, REIT (2) –
486 EUR Merrill Lynch Unibail-Rodamco SE, REIT (3) –
493 EUR J.P. Morgan Valeo SA (1) –
294
As at 31 March 2018
Fair Value % of Net

France (continued)
522 EUR Citigroup Valeo SA (1) –

1,897 EUR Merrill Lynch Valeo SA (4) –
6,953 EUR J.P. Morgan Veolia Environnement SA (3) –
831 EUR Merrill Lynch Vinci SA (1) –
1,241 EUR Credit Suisse Vinci SA (2) –
1,530 EUR J.P. Morgan Vinci SA (2) –
(1,458) EUR J.P. Morgan Vivendi SA1 – –
462 EUR Citigroup Worldline SA (1) –
2,270 EUR Merrill Lynch Worldline SA (5) –
3,896 EUR J.P. Morgan Worldline SA (6) (0.01)
2,921 EUR Deutsche Bank Worldline SA (6) –
1,131 EUR Merrill Lynch Zodiac Aerospace1 – –
1,415 EUR Citigroup Zodiac Aerospace1 – –
Total France (368) (0.18)
Germany (31 March 2017: (0.17)%)

(25) EUR Merrill Lynch adidas AG1 – –
(288) EUR J.P. Morgan adidas AG (6) –
1,210 EUR Citigroup Allianz SE (2) –
1,155 EUR Merrill Lynch Allianz SE (6) –
1,055 EUR J.P. Morgan Allianz SE (7) (0.01)
1,323 EUR Merrill Lynch Aurubis AG1 – –
3,457 EUR Citigroup BASF SE1 – –
1,788 EUR Merrill Lynch BASF SE (3) –
1,132 EUR J.P. Morgan BASF SE (3) –
2,086 EUR Credit Suisse BASF SE (6) –
295 EUR Deutsche Bank Bayer AG (1) –
743 EUR Citigroup Bayer AG (1) –
371 EUR Credit Suisse Bayer AG (2) –
619 EUR J.P. Morgan Bayer AG (4) –
1,177 EUR Merrill Lynch Bayer AG (4) –
168 EUR J.P. Morgan Bechtle AG (1) –
848 EUR Citigroup Bechtle AG (2) –
958 EUR Credit Suisse Bechtle AG (5) –
(16,281) EUR J.P. Morgan Bilfinger SE (7) (0.01)
(396) EUR Citigroup Brenntag AG1 – –
(440) EUR Citigroup Carl Zeiss Meditec AG (1) –
(1,070) EUR Merrill Lynch Carl Zeiss Meditec AG (2) –
(2,292) EUR J.P. Morgan Carl Zeiss Meditec AG (4) –
422 EUR Deutsche Bank Covestro AG (2) –
930 EUR Credit Suisse Covestro AG (7) –
2,920 EUR Citigroup Covestro AG (9) (0.01)
2,206 EUR Merrill Lynch Covestro AG (10) (0.01)
1,474 EUR J.P. Morgan Covestro AG (12) (0.01)
(2,503) EUR Citigroup CTS Eventim AG & Co. KGaA (4) –
(1,238) EUR J.P. Morgan Daimler AG (1) –
(28) EUR J.P. Morgan Deutsche Boerse AG1 – –
(582) EUR Credit Suisse Deutsche Boerse AG1 – –
295
As at 31 March 2018
Fair Value % of Net

Germany (continued)
1,103 EUR Merrill Lynch Deutsche EuroShop AG1 – –

1,644 EUR J.P. Morgan Deutsche EuroShop AG (1) –
10,331 EUR Citigroup Deutsche Lufthansa AG (2) –
16,971 EUR J.P. Morgan Deutsche Lufthansa AG (23) (0.01)
162 EUR Merrill Lynch Deutsche Post AG1 – –
407 EUR Deutsche Bank Deutsche Post AG (1) –
835 EUR J.P. Morgan Deutsche Post AG (2) –
13,761 EUR Citigroup Deutsche Post AG (2) –
9,158 EUR Credit Suisse Deutsche Post AG (20) (0.01)
1,297 EUR J.P. Morgan Deutsche Telekom AG1 – –
8,874 EUR Credit Suisse Deutsche Telekom AG1 – –
(4,653) EUR J.P. Morgan Deutsche Wohnen AG (12) (0.01)
(8,991) EUR Merrill Lynch Deutsche Wohnen AG (22) (0.01)
(6,412) EUR Merrill Lynch DMG Mori AG (1) –
(4,296) EUR J.P. Morgan DMG Mori AG (2) –
245 EUR Citigroup Duerr AG (1) –
148 EUR Credit Suisse Duerr AG (1) –
195 EUR J.P. Morgan Duerr AG (1) –
237 EUR Merrill Lynch Duerr AG (2) –
(13,586) EUR J.P. Morgan E.ON SE (7) (0.01)
(9,432) EUR Citigroup Evotec AG (5) –
657 EUR Deutsche Bank Freenet AG1 – –
106 EUR Credit Suisse Fresenius Medical Care AG & Co. KGaA1 – –
857 EUR J.P. Morgan Fresenius Medical Care AG & Co. KGaA (2) –
98 EUR Citigroup FUCHS PETROLUB SE, Preference1 – –
1,503 EUR Merrill Lynch FUCHS PETROLUB SE, Preference (5) –
2,019 EUR J.P. Morgan FUCHS PETROLUB SE, Preference (7) (0.01)
408 EUR Merrill Lynch Gerresheimer AG1 – –
300 EUR Merrill Lynch Hannover Rueck SE1 – –
1,837 EUR J.P. Morgan Hannover Rueck SE (5) –
100 EUR Merrill Lynch HUGO BOSS AG1 – –
(3,365) EUR J.P. Morgan Innogy SE (13) (0.01)
(193) EUR J.P. Morgan KION Group AG (1) –
(427) EUR Citigroup KION Group AG (2) –
(4,075) EUR Merrill Lynch KION Group AG (5) –
1,994 EUR Merrill Lynch Merck KGaA1 – –
3,331 EUR Merrill Lynch METRO AG (1) –
6,756 EUR Deutsche Bank METRO AG (2) –
89 EUR J.P. Morgan MTU Aero Engines AG1 – –
117 EUR Citigroup Muenchener Rueckversicherungs-Gesellschaft AG1 – –
(596) EUR J.P. Morgan Nemetschek SE (3) –
221 EUR Citigroup OSRAM Licht AG1 – –
784 EUR Merrill Lynch OSRAM Licht AG (3) –
(2,158) EUR J.P. Morgan Porsche Automobil Holding SE, Preference (3) –
(2,747) EUR Citigroup Porsche Automobil Holding SE, Preference (6) –
903 EUR J.P. Morgan ProSiebenSat.1 Media SE (1) –
7,704 EUR J.P. Morgan RHOEN-KLINIKUM AG (1) –
296
As at 31 March 2018
Fair Value % of Net

Germany (continued)
(4,215) EUR J.P. Morgan RWE AG (9) (0.01)

(4,742) EUR Credit Suisse RWE AG (11) (0.01)
1,011 EUR Citigroup Salzgitter AG (1) –
847 EUR Deutsche Bank Salzgitter AG (1) –
2,539 EUR Merrill Lynch Salzgitter AG (2) –
1,546 EUR J.P. Morgan Salzgitter AG (7) –
4,267 EUR Citigroup Schaeffler AG, Preference (1) –
2,264 EUR Credit Suisse Schaeffler AG, Preference (2) –
5,279 EUR Deutsche Bank Schaeffler AG, Preference (3) –
11,683 EUR J.P. Morgan Schaeffler AG, Preference (10) (0.01)
(244) EUR Citigroup Siemens AG1 – –
245 EUR J.P. Morgan Siltronic AG1 – –
342 EUR Merrill Lynch Siltronic AG (5) –
2,176 EUR Deutsche Bank Siltronic AG (30) (0.02)
5,810 EUR J.P. Morgan Software AG (8) (0.01)
974 EUR Merrill Lynch STADA Arzneimittel AG (1) –
2,003 EUR Merrill Lynch Suedzucker AG (2) –
(545) EUR Citigroup Symrise AG (1) –
(1,484) EUR Merrill Lynch Symrise AG (3) –
(91,786) EUR Citigroup Telefonica Deutschland Holding AG (6) –
678 GBP J.P. Morgan TUI AG1 – –
832 GBP Merrill Lynch TUI AG1 – –
1,743 GBP Deutsche Bank TUI AG1 – –
18,262 EUR J.P. Morgan Uniper SE (10) (0.01)
(407) EUR Deutsche Bank Volkswagen AG, Preference1 – –
(1,357) EUR Citigroup Volkswagen AG, Preference (5) –
(1,036) EUR J.P. Morgan Vonovia SE (1) –
(8,641) EUR Merrill Lynch Vonovia SE (15) (0.01)
88 EUR Credit Suisse Wacker Chemie AG1 – –
141 EUR J.P. Morgan Wacker Chemie AG1 – –
Total Germany (411) (0.20)

74 GBP Deutsche Bank Burford Capital Ltd.1 – –
Total Guernsey – –
Hong Kong (31 March 2017: (0.06)%)

200 HKD Merrill Lynch AIA Group Ltd.1 – –
9,200 HKD Deutsche Bank AIA Group Ltd. (1) –
7,000 HKD Citigroup Beijing Enterprises Holdings Ltd. (1) –
6,000 HKD Deutsche Bank Beijing Enterprises Holdings Ltd. (1) –
17,500 HKD Merrill Lynch Beijing Enterprises Holdings Ltd. (3) –
5,000 HKD J.P. Morgan BYD Electronic International Co. Ltd. (1) –
46,000 HKD Merrill Lynch BYD Electronic International Co. Ltd. (11) (0.01)
13,000 HKD Merrill Lynch Champion REIT, REIT1 – –
30,000 HKD Citigroup China Everbright Ltd. (4) –
66,000 HKD J.P. Morgan China Everbright Ltd. (5) –
98,000 HKD Merrill Lynch China Everbright Ltd. (13) (0.01)
297
As at 31 March 2018
Fair Value % of Net

(10,000) HKD Merrill Lynch China Resources Beer Holdings Co. Ltd.1 – –
22,000 HKD Citigroup China Resources Power Holdings Co. Ltd.1 – –
(104,000) HKD Citigroup China Unicom Hong Kong Ltd. (3) –
(192,000) HKD Merrill Lynch China Unicom Hong Kong Ltd. (7) (0.01)
31,000 HKD Citigroup CITIC Ltd.1 – –
41,000 HKD Deutsche Bank CITIC Ltd. (2) –
80,000 HKD J.P. Morgan CITIC Ltd. (3) –
36,500 HKD Citigroup CLP Holdings Ltd. (4) –
100,000 HKD Citigroup CSPC Pharmaceutical Group Ltd. (7) –
(28,000) HKD Credit Suisse Far East Horizon Ltd. (2) –
(83,000) HKD Merrill Lynch Far East Horizon Ltd. (3) –
23,500 HKD Merrill Lynch Fosun International Ltd. (1) –
8,000 HKD Citigroup Guangdong Investment Ltd.1 – –
500 HKD Credit Suisse Hang Seng Bank Ltd.1 – –
2,300 HKD Citigroup Hang Seng Bank Ltd. (1) –
10,900 HKD Deutsche Bank Hang Seng Bank Ltd. (8) (0.01)
4,400 HKD Merrill Lynch Henderson Land Development Co. Ltd.1 – –
6,100 HKD Citigroup Henderson Land Development Co. Ltd. (1) –
22,500 HKD Citigroup HK Electric Investments & HK Electric Investments Ltd.1 – –
(123,000) HKD Merrill Lynch HKT Trust & HKT Ltd.1 – –
169,900 HKD Citigroup Hong Kong & China Gas Co. Ltd. (4) –
1,000 HKD Credit Suisse Hysan Development Co. Ltd.1 – –
4,000 HKD Merrill Lynch Hysan Development Co. Ltd. (1) –
9,000 HKD J.P. Morgan Hysan Development Co. Ltd. (2) –
2,000 HKD Credit Suisse Link REIT1 – –
2,500 HKD Merrill Lynch Link REIT (1) –
24,000 HKD Citigroup Link REIT (3) –
8,500 HKD Citigroup MTR Corp. Ltd. (1) –
42,500 HKD Merrill Lynch MTR Corp. Ltd. (8) (0.01)
20,000 HKD Citigroup Power Assets Holdings Ltd.1 – –
13,000 HKD Credit Suisse Shanghai Industrial Holdings Ltd. (1) –
71,000 HKD J.P. Morgan Shanghai Industrial Holdings Ltd. (6) –
73,000 HKD Merrill Lynch Shanghai Industrial Holdings Ltd. (8) (0.01)
173,000 HKD Citigroup Shanghai Industrial Holdings Ltd. (12) (0.01)
6,000 HKD Merrill Lynch Sino Land Co. Ltd. (1) –
18,000 HKD Citigroup Sino Land Co. Ltd. (1) –
34,000 HKD J.P. Morgan Sino Land Co. Ltd. (6) –
41,000 HKD Merrill Lynch SJM Holdings Ltd. (2) –
45,000 HKD J.P. Morgan SJM Holdings Ltd. (3) –
301,000 HKD Citigroup SJM Holdings Ltd. (8) (0.01)
1,000 HKD Citigroup Sun Hung Kai Properties Ltd.1 – –
4,000 HKD J.P. Morgan Sun Hung Kai Properties Ltd. (2) –
4,000 HKD Deutsche Bank Sun Hung Kai Properties Ltd. (3) –
1,500 HKD Citigroup Techtronic Industries Co. Ltd.1 – –
17,500 HKD J.P. Morgan Techtronic Industries Co. Ltd. (4) –
298
As at 31 March 2018
Fair Value % of Net

23,500 HKD Credit Suisse Techtronic Industries Co. Ltd. (5) –

Total Hong Kong (164) (0.08)
Ireland (31 March 2017: (0.03)%)

355 USD Merrill Lynch Allegion plc1 – –
(1,494) USD Citigroup Allergan plc (7) (0.01)
(822) USD J.P. Morgan Allergan plc (10) (0.01)
236 GBP Credit Suisse DCC plc (1) –
(430) USD Citigroup Eaton Corp. plc1 – –
2,725 GBP Citigroup Grafton Group plc (1) –
3,621 GBP Deutsche Bank Grafton Group plc (2) –
7,569 GBP J.P. Morgan Grafton Group plc (3) –
6,671 GBP Merrill Lynch Grafton Group plc (4) –
15,891 GBP Credit Suisse Grafton Group plc (7) –
(4,012) GBP Merrill Lynch Greencore Group plc1 – –
(7,395) GBP Deutsche Bank Greencore Group plc1 – –
(34,975) GBP Citigroup Greencore Group plc (2) –
(8,045) USD Citigroup Horizon Pharma plc1 – –
961 USD Citigroup Ingersoll-Rand plc 'A' (1) –
955 USD Merrill Lynch Ingersoll-Rand plc 'A' (4) –
(280) USD Citigroup Jazz Pharmaceuticals plc1 – –
1,255 USD J.P. Morgan Mallinckrodt plc (2) –
(2,948) USD Citigroup Medtronic plc (5) –
50 USD Credit Suisse Seagate Technology plc1 – –
1,233 USD J.P. Morgan Seagate Technology plc1 – –
990 USD Citigroup Seagate Technology plc1 – –
1,132 USD Merrill Lynch Seagate Technology plc (1) –
Total Ireland (50) (0.02)
Isle of Man (31 March 2017: (0.02)%)

5,000 SGD J.P. Morgan Genting Singapore plc1 – –
16,400 SGD Deutsche Bank Genting Singapore plc1 – –
22,100 SGD Credit Suisse Genting Singapore plc (1) –
77,200 SGD Merrill Lynch Genting Singapore plc (2) –
171,700 SGD Citigroup Genting Singapore plc (4) –
Total Isle of Man (7) –
Israel (31 March 2017: 0.00%)

(159) USD Deutsche Bank Mellanox Technologies Ltd. (1) –
Total Israel (1) –
Italy (31 March 2017: (0.10)%)

5,588 EUR Merrill Lynch ACEA SpA (1) –
12,948 EUR J.P. Morgan ACEA SpA (6) –
438 EUR Credit Suisse Anima Holding SpA1 – –
1,268 EUR Merrill Lynch Anima Holding SpA (1) –
8,700 EUR J.P. Morgan Anima Holding SpA (8) (0.01)
299
As at 31 March 2018
Fair Value % of Net

Italy (continued)
(973) EUR Citigroup Atlantia SpA1 – –

1,768 EUR Citigroup Autogrill SpA1 – –
19,827 EUR J.P. Morgan Autogrill SpA (7) (0.01)
18,001 EUR Merrill Lynch Autogrill SpA (11) (0.01)
970 EUR Citigroup Azimut Holding SpA1 – –
2,016 EUR J.P. Morgan Azimut Holding SpA (1) –
4,174 EUR Credit Suisse Azimut Holding SpA (3) –
141 EUR Deutsche Bank Banca Generali SpA1 – –
1,207 EUR Credit Suisse Banca Generali SpA (2) –
3,089 EUR Citigroup Banca Generali SpA (3) –
99 EUR Citigroup Banca Mediolanum SpA1 – –
3,153 EUR J.P. Morgan Banca Mediolanum SpA1 – –
(11,351) EUR Merrill Lynch Banca Popolare di Sondrio SCPA1 – –
5,520 EUR Citigroup Brembo SpA1 – –
12,180 EUR Merrill Lynch Brembo SpA (5) –
3,722 EUR Citigroup Buzzi Unicem SpA (3) –
3,014 EUR Merrill Lynch Buzzi Unicem SpA (5) –
356 EUR Merrill Lynch De' Longhi SpA1 – –
502 EUR Credit Suisse De' Longhi SpA (1) –
2,040 EUR J.P. Morgan De' Longhi SpA (2) –
(1,257) EUR Merrill Lynch DiaSorin SpA1 – –
(452) EUR Citigroup Eni SpA1 – –
586 EUR Deutsche Bank FinecoBank Banca Fineco SpA1 – –
1,182 EUR Merrill Lynch FinecoBank Banca Fineco SpA (1) –
3,625 EUR Credit Suisse FinecoBank Banca Fineco SpA (1) –
7,422 EUR Citigroup FinecoBank Banca Fineco SpA (2) –
9,558 EUR J.P. Morgan FinecoBank Banca Fineco SpA (4) –
(239) EUR Merrill Lynch Infrastrutture Wireless Italiane SpA1 – –
(9,471) EUR Citigroup Infrastrutture Wireless Italiane SpA (2) –
(21,179) EUR J.P. Morgan Infrastrutture Wireless Italiane SpA (7) (0.01)
303 EUR Deutsche Bank Interpump Group SpA1 – –
(4,301) EUR Merrill Lynch Italgas SpA (1) –
(65,741) EUR Citigroup Italgas SpA (9) (0.01)
(5,883) EUR Citigroup Leonardo SpA (1) –
(309) EUR Citigroup Luxottica Group SpA1 – –
3,182 EUR J.P. Morgan Mediaset SpA (1) –
1,098 EUR Merrill Lynch Mediobanca SpA1 – –
2,971 EUR J.P. Morgan Mediobanca SpA (1) –
(4,886) EUR Citigroup Poste Italiane SpA (1) –
(15,291) EUR J.P. Morgan Poste Italiane SpA (1) –
503 EUR Merrill Lynch Prysmian SpA (1) –
6,243 EUR Citigroup Prysmian SpA (2) –
3,401 EUR J.P. Morgan Prysmian SpA (4) –
22,336 EUR J.P. Morgan Telecom Italia SpA (1) –
34,249 EUR Deutsche Bank Telecom Italia SpA (1) –
125,894 EUR Citigroup Telecom Italia SpA (1) –
32,559 EUR Credit Suisse Telecom Italia SpA (2) –
300
As at 31 March 2018
Fair Value % of Net

Italy (continued)
91,187 EUR Merrill Lynch Telecom Italia SpA (3) –

(3,796) EUR Citigroup UniCredit SpA (1) –
(565) EUR Credit Suisse Yoox Net-A-Porter Group SpA1 – –
(11,861) EUR Citigroup Yoox Net-A-Porter Group SpA1 – –
(3,385) EUR J.P. Morgan Yoox Net-A-Porter Group SpA1 – –
Total Italy (107) (0.05)
Japan (31 March 2017: (0.80)%)

200 JPY Merrill Lynch 77 Bank Ltd. (The)1 – –
200 JPY J.P. Morgan 77 Bank Ltd. (The)1 – –
(4,500) JPY J.P. Morgan ABC-Mart, Inc. (6) (0.01)
(3,300) JPY J.P. Morgan Acom Co. Ltd.1 – –
400 JPY Deutsche Bank Advantest Corp. (1) –
(8,700) JPY Merrill Lynch AEON Financial Service Co. Ltd.1 – –
(4,100) JPY Credit Suisse AEON Financial Service Co. Ltd. (2) –
(6,200) JPY J.P. Morgan AEON Financial Service Co. Ltd. (3) –
(9,377) JPY Merrill Lynch Aiful Corp.1 – –
(4,000) JPY Credit Suisse Aiful Corp.1 – –
(36,400) JPY J.P. Morgan Aiful Corp. (2) –
(100) JPY Merrill Lynch Ain Holdings, Inc.1 – –
(1,000) JPY Credit Suisse Ain Holdings, Inc. (5) –
(6,800) JPY J.P. Morgan Ain Holdings, Inc. (36) (0.02)
(8,300) JPY J.P. Morgan Air Water, Inc. (3) –
1,300 JPY Merrill Lynch Ajinomoto Co., Inc. (1) –
1,600 JPY Merrill Lynch Alfresa Holdings Corp.1 – –
14,800 JPY Citigroup Amada Holdings Co. Ltd. (6) –
9,500 JPY Merrill Lynch Amada Holdings Co. Ltd. (6) (0.01)
600 JPY J.P. Morgan Aoyama Trading Co. Ltd. (1) –
6,000 JPY Citigroup Aoyama Trading Co. Ltd. (7) (0.01)
7,100 JPY Merrill Lynch Aoyama Trading Co. Ltd. (9) (0.01)
200 JPY Credit Suisse Aozora Bank Ltd.1 – –
600 JPY Merrill Lynch Aozora Bank Ltd.1 – –
2,400 JPY Citigroup Aozora Bank Ltd. (2) –
19,900 JPY J.P. Morgan Aozora Bank Ltd. (8) (0.01)
(700) JPY Merrill Lynch Asahi Group Holdings Ltd.1 – –
(3,500) JPY J.P. Morgan Asahi Group Holdings Ltd. (5) –
(3,000) JPY Citigroup Asahi Intecc Co. Ltd. (7) (0.01)
(5,900) JPY Merrill Lynch Asahi Intecc Co. Ltd. (13) (0.01)
(100) JPY J.P. Morgan Asahi Kasei Corp.1 – –
36,400 JPY Citigroup Astellas Pharma, Inc. (2) –
800 JPY J.P. Morgan Autobacs Seven Co. Ltd.1 – –
7,000 JPY Citigroup Autobacs Seven Co. Ltd. (2) –
11,700 JPY Merrill Lynch Autobacs Seven Co. Ltd. (7) (0.01)
2,700 JPY Merrill Lynch Azbil Corp. (2) –
500 JPY Citigroup Bandai Namco Holdings, Inc.1 – –
3,000 JPY J.P. Morgan Bandai Namco Holdings, Inc. (2) –
(800) JPY Citigroup Bank of Kyoto Ltd. (The)1 – –
(300) JPY Credit Suisse Bank of Kyoto Ltd. (The)1 – –
301
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(600) JPY Merrill Lynch Bank of Kyoto Ltd. (The)1 – –

(2,400) JPY J.P. Morgan Bank of Kyoto Ltd. (The) (2) –
6,000 JPY Merrill Lynch Bridgestone Corp. (2) –
300 JPY Credit Suisse Brother Industries Ltd.1 – –
3,800 JPY J.P. Morgan Brother Industries Ltd. (1) –
7,800 JPY Merrill Lynch Brother Industries Ltd. (5) –
(600) JPY Credit Suisse Calbee, Inc.1 – –
(3,600) JPY J.P. Morgan Calbee, Inc. (3) –
100 JPY Deutsche Bank Canon, Inc.1 – –
900 JPY Credit Suisse Canon, Inc.1 – –
4,100 JPY J.P. Morgan Canon, Inc. (1) –
6,500 JPY Merrill Lynch Canon, Inc. (5) –
10,100 JPY Citigroup Canon, Inc. (7) (0.01)
600 JPY J.P. Morgan Casio Computer Co. Ltd.1 – –
1,100 JPY Credit Suisse Casio Computer Co. Ltd.1 – –
2,800 JPY Merrill Lynch Casio Computer Co. Ltd. (2) –
5,500 JPY Citigroup Casio Computer Co. Ltd. (3) –
(4,000) JPY J.P. Morgan Chiba Bank Ltd. (The)1 – –
1,300 JPY Merrill Lynch Chugoku Bank Ltd. (The)1 – –
2,300 JPY J.P. Morgan Chugoku Bank Ltd. (The)1 – –
4,600 JPY Credit Suisse Chugoku Bank Ltd. (The)1 – –
100 JPY Credit Suisse Citizen Watch Co. Ltd.1 – –
1,600 JPY Citigroup Citizen Watch Co. Ltd. (1) –
21,300 JPY J.P. Morgan Citizen Watch Co. Ltd. (4) –
23,000 JPY Merrill Lynch Citizen Watch Co. Ltd. (7) (0.01)
(2,500) JPY Citigroup Coca-Cola Bottlers Japan, Inc. (3) –
(11,800) JPY J.P. Morgan Coca-Cola Bottlers Japan, Inc. (31) (0.02)
2,100 JPY Citigroup COMSYS Holdings Corp.1 – –
(3,700) JPY J.P. Morgan Concordia Financial Group Ltd.1 – –
600 JPY Citigroup Cosmo Energy Holdings Co. Ltd. (1) –
7,800 JPY J.P. Morgan Cosmo Energy Holdings Co. Ltd. (11) (0.01)
(800) JPY Citigroup Cosmos Pharmaceutical Corp.1 – –
(300) JPY Credit Suisse Cosmos Pharmaceutical Corp. (2) –
3,600 JPY Citigroup Credit Saison Co. Ltd.1 – –
400 JPY Merrill Lynch Credit Saison Co. Ltd.1 – –
1,400 JPY J.P. Morgan Credit Saison Co. Ltd.1 – –
2,700 JPY Credit Suisse Credit Saison Co. Ltd. (1) –
700 JPY Deutsche Bank CyberAgent, Inc. (1) –
11,000 JPY Merrill Lynch Dai Nippon Printing Co. Ltd. (3) –
900 JPY Merrill Lynch Daicel Corp. (1) –
2,900 JPY J.P. Morgan Daicel Corp. (1) –
4,300 JPY Citigroup Daicel Corp. (2) –
5,100 JPY Credit Suisse Daicel Corp. (2) –
3,000 JPY J.P. Morgan Daiichi Sankyo Co. Ltd. (7) (0.01)
6,200 JPY Merrill Lynch Daiichi Sankyo Co. Ltd. (18) (0.01)
300 JPY Credit Suisse Daiichikosho Co. Ltd.1 – –
1,000 JPY Citigroup Daiichikosho Co. Ltd. (1) –
302
As at 31 March 2018
Fair Value % of Net

Japan (continued)
6,000 JPY Merrill Lynch Daiichikosho Co. Ltd. (6) (0.01)

200 JPY Merrill Lynch Daishi Bank Ltd. (The)1 – –
6,000 JPY J.P. Morgan Daiwa Securities Group, Inc.1 – –
18,000 JPY Merrill Lynch Daiwa Securities Group, Inc. (3) –
(1,300) JPY Credit Suisse DeNA Co. Ltd.1 – –
(12,000) JPY J.P. Morgan DeNA Co. Ltd. (1) –
600 JPY Merrill Lynch Denka Co. Ltd. (1) –
1,500 JPY Credit Suisse Denka Co. Ltd. (3) –
2,000 JPY Citigroup Denka Co. Ltd. (4) –
3,800 JPY J.P. Morgan Denka Co. Ltd. (7) (0.01)
500 JPY Credit Suisse Denso Corp. (1) –
2,600 JPY Citigroup Denso Corp. (3) –
300 JPY J.P. Morgan DIC Corp.1 – –
200 JPY Merrill Lynch DIC Corp.1 – –
1,700 JPY Citigroup DIC Corp. (1) –
500 JPY Citigroup DMG Mori Co. Ltd.1 – –
2,300 JPY Deutsche Bank DMG Mori Co. Ltd.1 – –
11,000 JPY Merrill Lynch DMG Mori Co. Ltd. (2) –
(6,900) JPY Citigroup Don Quijote Holdings Co. Ltd. (2) –
200 JPY J.P. Morgan Dowa Holdings Co. Ltd.1 – –
(4,600) JPY J.P. Morgan Ebara Corp. (1) –
200 JPY Citigroup Eisai Co. Ltd.1 – –
(3,800) JPY Merrill Lynch FamilyMart UNY Holdings Co. Ltd. (9) (0.01)
(5,600) JPY J.P. Morgan FamilyMart UNY Holdings Co. Ltd. (27) (0.02)
(500) JPY J.P. Morgan FANUC Corp. (2) –
(400) JPY Merrill Lynch FP Corp. (1) –
(1,800) JPY Citigroup FP Corp. (4) –
(2,900) JPY J.P. Morgan FP Corp. (4) –
3,000 JPY Merrill Lynch Fuji Electric Co. Ltd. (1) –
8,600 JPY Citigroup Fuji Heavy Industries Ltd. (9) (0.01)
(1,500) JPY Citigroup Fuji Oil Holdings, Inc.1 – –
(4,500) JPY J.P. Morgan Fuji Oil Holdings, Inc. (2) –
5,300 JPY Citigroup FUJIFILM Holdings Corp. (5) –
3,600 JPY Merrill Lynch FUJIFILM Holdings Corp. (6) (0.01)
2,900 JPY Merrill Lynch Fujikura Ltd. (1) –
7,300 JPY Citigroup Fujikura Ltd. (1) –
39,300 JPY J.P. Morgan Fujikura Ltd. (11) (0.01)
700 JPY Citigroup Fujitsu General Ltd.1 – –
800 JPY Deutsche Bank Fujitsu General Ltd. (1) –
1,500 JPY J.P. Morgan Fujitsu General Ltd. (1) –
3,500 JPY Merrill Lynch Fujitsu General Ltd. (3) –
(5,000) JPY Citigroup Fukuoka Financial Group, Inc. (1) –
(12,000) JPY Merrill Lynch Fukuoka Financial Group, Inc. (2) –
(8,000) JPY Credit Suisse Fukuoka Financial Group, Inc. (3) –
(9,000) JPY J.P. Morgan Fukuoka Financial Group, Inc. (3) –
400 JPY Credit Suisse Glory Ltd.1 – –
2,100 JPY J.P. Morgan Glory Ltd. (2) –
3,800 JPY Merrill Lynch Glory Ltd. (3) –
303
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(4,300) JPY J.P. Morgan GMO Payment Gateway, Inc. (12) (0.01)
4,700 JPY Credit Suisse Gree, Inc. (1) –
8,100 JPY Deutsche Bank Gree, Inc. (2) –
2,000 JPY J.P. Morgan GS Yuasa Corp.1 – –
5,000 JPY Credit Suisse GS Yuasa Corp.1 – –
4,000 JPY Citigroup GS Yuasa Corp.1 – –
12,000 JPY Merrill Lynch GS Yuasa Corp. (1) –
68,800 JPY J.P. Morgan GungHo Online Entertainment, Inc. (11) (0.01)
105,400 JPY Citigroup GungHo Online Entertainment, Inc. (11) (0.01)
400 JPY J.P. Morgan Gunma Bank Ltd. (The)1 – –
2,000 JPY Deutsche Bank Gunma Bank Ltd. (The) (1) –
9,200 JPY Citigroup Gunma Bank Ltd. (The) (1) –
(500) JPY Citigroup H2O Retailing Corp.1 – –
2,000 JPY J.P. Morgan Hakuhodo DY Holdings, Inc. (1) –
6,100 JPY Citigroup Haseko Corp. (1) –
700 JPY Merrill Lynch Hino Motors Ltd.1 – –
105 JPY J.P. Morgan Hirose Electric Co. Ltd.1 – –
525 JPY Citigroup Hirose Electric Co. Ltd. (1) –
(1,500) JPY J.P. Morgan Hiroshima Bank Ltd. (The)1 – –
(3,500) JPY Credit Suisse Hiroshima Bank Ltd. (The)1 – –
(1,300) JPY J.P. Morgan Hitachi Chemical Co. Ltd. (1) –
700 JPY J.P. Morgan Hitachi High-Technologies Corp.1 – –
200 JPY Citigroup Hitachi High-Technologies Corp.1 – –
1,000 JPY Citigroup Hitachi Ltd.1 – –
41,000 JPY Merrill Lynch Hitachi Ltd. (11) (0.01)
(2,200) JPY Merrill Lynch Hitachi Transport System Ltd. (3) –
300 JPY J.P. Morgan Hoshizaki Corp.1 – –
1,600 JPY Citigroup Hoshizaki Corp. (3) –
(1,900) JPY J.P. Morgan House Foods Group, Inc. (1) –
5,200 JPY J.P. Morgan Hoya Corp. (4) –
8,500 JPY Merrill Lynch Hoya Corp. (26) (0.01)
(100) JPY Credit Suisse Iida Group Holdings Co. Ltd.1 – –
(9,700) JPY J.P. Morgan Iida Group Holdings Co. Ltd. (1) –
(21,800) JPY J.P. Morgan Inpex Corp. (3) –
300 JPY Credit Suisse Ito En Ltd.1 – –
2,800 JPY J.P. Morgan Ito En Ltd.1 – –
500 JPY Merrill Lynch Ito En Ltd. (1) –
1,900 JPY Deutsche Bank Ito En Ltd. (3) –
10,200 JPY Citigroup ITOCHU Corp. (1) –
200 JPY Deutsche Bank Itochu Techno-Solutions Corp.1 – –
200 JPY Citigroup Itochu Techno-Solutions Corp.1 – –
5,400 JPY Merrill Lynch Itochu Techno-Solutions Corp. (2) –
(15,400) JPY Merrill Lynch Itoham Yonekyu Holdings, Inc.1 – –
(16,500) JPY J.P. Morgan Itoham Yonekyu Holdings, Inc. (4) –
500 JPY Merrill Lynch Jafco Co. Ltd. (1) –
1,800 JPY Deutsche Bank Jafco Co. Ltd. (4) –
7,700 JPY J.P. Morgan Jafco Co. Ltd. (12) (0.01)
304
As at 31 March 2018
Fair Value % of Net

Japan (continued)
100 JPY Deutsche Bank Japan Airlines Co. Ltd.1 – –

2,400 JPY Citigroup Japan Airlines Co. Ltd. (1) –
9,200 JPY Merrill Lynch Japan Airlines Co. Ltd. (2) –
(300) JPY Merrill Lynch Japan Exchange Group, Inc.1 – –
(1,300) JPY Citigroup Japan Exchange Group, Inc. (1) –
(1,100) JPY Credit Suisse Japan Exchange Group, Inc. (1) –
(8,600) JPY J.P. Morgan Japan Exchange Group, Inc. (9) (0.01)
(2,800) JPY J.P. Morgan Japan Post Holdings Co. Ltd.1 – –
(100) JPY Merrill Lynch Japan Tobacco, Inc.1 – –
(400) JPY J.P. Morgan Japan Tobacco, Inc.1 – –
(2,000) JPY Credit Suisse Japan Tobacco, Inc. (1) –
(1,300) JPY Citigroup Japan Tobacco, Inc. (2) –
500 JPY Citigroup JFE Holdings, Inc.1 – –
(3,900) JPY J.P. Morgan JGC Corp.1 – –
300 JPY J.P. Morgan JSR Corp.1 – –
6,000 JPY Merrill Lynch JSR Corp. (6) (0.01)
200 JPY J.P. Morgan JTEKT Corp.1 – –
2,100 JPY Merrill Lynch JTEKT Corp. (1) –
3,100 JPY Citigroup JTEKT Corp. (1) –
3,000 JPY Credit Suisse Kajima Corp.1 – –
5,000 JPY Citigroup Kajima Corp.1 – –
17,000 JPY Merrill Lynch Kajima Corp.1 – –
32,000 JPY J.P. Morgan Kajima Corp. (2) –
2,500 JPY Citigroup Kakaku.com, Inc.1 – –
7,300 JPY J.P. Morgan Kakaku.com, Inc. (1) –
13,900 JPY Merrill Lynch Kakaku.com, Inc. (4) –
4,000 JPY Citigroup Kamigumi Co. Ltd. (1) –
400 JPY Merrill Lynch Kawasaki Heavy Industries Ltd. (1) –
(7,699) JPY Merrill Lynch Kawasaki Kisen Kaisha Ltd. (1) –
800 JPY Citigroup KDDI Corp.1 – –
(2,800) JPY J.P. Morgan Keihan Holdings Co. Ltd.1 – –
(4,900) JPY J.P. Morgan Keikyu Corp. (1) –
(6,200) JPY Citigroup Keikyu Corp. (1) –
(1,800) JPY J.P. Morgan Keyence Corp. (34) (0.02)
(300) JPY Credit Suisse Kikkoman Corp.1 – –
(2,100) JPY J.P. Morgan Kintetsu Group Holdings Co. Ltd. (2) –
200 JPY Citigroup Kirin Holdings Co. Ltd.1 – –
13,800 JPY Merrill Lynch Kirin Holdings Co. Ltd. (20) (0.01)
100 JPY Merrill Lynch Koito Manufacturing Co. Ltd.1 – –
400 JPY Citigroup Koito Manufacturing Co. Ltd.1 – –
(1,300) JPY J.P. Morgan Komatsu Ltd.1 – –
300 JPY Credit Suisse Komeri Co. Ltd.1 – –
1,300 JPY Citigroup Komeri Co. Ltd.1 – –
2,200 JPY J.P. Morgan Komeri Co. Ltd. (2) –
100 JPY Credit Suisse Konami Holdings Corp.1 – –
3,100 JPY Citigroup Konami Holdings Corp. (5) –
1,400 JPY Credit Suisse Konica Minolta, Inc.1 – –
3,600 JPY Merrill Lynch Konica Minolta, Inc. (1) –
305
As at 31 March 2018
Fair Value % of Net

Japan (continued)
15,200 JPY J.P. Morgan Konica Minolta, Inc. (5) –

14,600 JPY Citigroup Konica Minolta, Inc. (5) –
2,200 JPY Credit Suisse K's Holdings Corp. (1) –
7,400 JPY Merrill Lynch K's Holdings Corp. (4) –
13,600 JPY Citigroup K's Holdings Corp. (5) –
(4,500) JPY J.P. Morgan Kubota Corp. (1) –
(14,400) JPY Citigroup Kubota Corp. (4) –
4,900 JPY Merrill Lynch Kurita Water Industries Ltd. (3) –
100 JPY Deutsche Bank KYORIN Holdings, Inc.1 – –
2,800 JPY Merrill Lynch KYORIN Holdings, Inc. (2) –
(1,000) JPY J.P. Morgan Kyowa Exeo Corp. (1) –
(2,300) JPY Credit Suisse Kyowa Hakko Kirin Co. Ltd. (2) –
(3,300) JPY J.P. Morgan Kyowa Hakko Kirin Co. Ltd. (3) –
(6,500) JPY Citigroup Kyudenko Corp. (15) (0.01)
200 JPY Deutsche Bank Lintec Corp.1 – –
2,200 JPY Citigroup Lintec Corp. (1) –
300 JPY Merrill Lynch LIXIL Group Corp.1 – –
700 JPY J.P. Morgan LIXIL Group Corp.1 – –
2,700 JPY Citigroup LIXIL Group Corp. (1) –
3,200 JPY Credit Suisse LIXIL Group Corp. (2) –
(15,600) JPY Citigroup M3, Inc. (17) (0.01)
800 JPY Citigroup Mabuchi Motor Co. Ltd.1 – –
900 JPY Merrill Lynch Mabuchi Motor Co. Ltd. (1) –
(600) JPY J.P. Morgan Makita Corp. (1) –
(1,200) JPY Credit Suisse Makita Corp. (2) –
44,600 JPY Merrill Lynch Marubeni Corp. (5) –
(1,100) JPY Citigroup Marui Group Co. Ltd. (1) –
(3,000) JPY Credit Suisse Marui Group Co. Ltd. (3) –
(500) JPY Citigroup Maruichi Steel Tube Ltd.1 – –
300 JPY Deutsche Bank Matsui Securities Co. Ltd.1 – –
2,300 JPY Credit Suisse Matsui Securities Co. Ltd. (1) –
4,300 JPY Citigroup Matsui Securities Co. Ltd. (2) –
12,400 JPY J.P. Morgan Matsui Securities Co. Ltd. (7) (0.01)
11,600 JPY Merrill Lynch Matsui Securities Co. Ltd. (9) (0.01)
(100) JPY Citigroup McDonald's Holdings Co. Japan Ltd.1 – –
(300) JPY Credit Suisse McDonald's Holdings Co. Japan Ltd. (1) –
(600) JPY Merrill Lynch McDonald's Holdings Co. Japan Ltd. (1) –
(1,300) JPY J.P. Morgan McDonald's Holdings Co. Japan Ltd. (3) –
1,500 JPY Citigroup Medipal Holdings Corp.1 – –
200 JPY J.P. Morgan Megmilk Snow Brand Co. Ltd.1 – –
700 JPY Credit Suisse Megmilk Snow Brand Co. Ltd.1 – –
1,600 JPY Merrill Lynch Megmilk Snow Brand Co. Ltd. (1) –
2,800 JPY Citigroup Miraca Holdings, Inc. (1) –
4,900 JPY Merrill Lynch Miraca Holdings, Inc. (3) –
(8,400) JPY J.P. Morgan MISUMI Group, Inc. (3) –
37,200 JPY J.P. Morgan Mitsubishi Chemical Holdings Corp. (2) –
25,300 JPY Merrill Lynch Mitsubishi Chemical Holdings Corp. (5) –
306
As at 31 March 2018
Fair Value % of Net

Japan (continued)
900 JPY Merrill Lynch Mitsubishi Corp. (1) –

2,400 JPY Citigroup Mitsubishi Corp. (1) –
200 JPY Credit Suisse Mitsubishi Electric Corp.1 – –
300 JPY Merrill Lynch Mitsubishi Electric Corp.1 – –
2,700 JPY J.P. Morgan Mitsubishi Electric Corp.1 – –
8,800 JPY Citigroup Mitsubishi Electric Corp. (3) –
300 JPY Credit Suisse Mitsubishi Gas Chemical Co., Inc.1 – –
3,900 JPY Citigroup Mitsubishi Gas Chemical Co., Inc.1 – –
1,300 JPY J.P. Morgan Mitsubishi Gas Chemical Co., Inc. (1) –
(1,400) JPY Merrill Lynch Mitsubishi Heavy Industries Ltd.1 – –
(1,800) JPY J.P. Morgan Mitsubishi Heavy Industries Ltd. (1) –
900 JPY Merrill Lynch Mitsubishi Materials Corp. (1) –
6,000 JPY Citigroup Mitsubishi Materials Corp. (9) (0.01)
2,300 JPY Citigroup Mitsubishi Tanabe Pharma Corp. (1) –
2,800 JPY Merrill Lynch Mitsubishi Tanabe Pharma Corp. (2) –
4,500 JPY J.P. Morgan Mitsubishi Tanabe Pharma Corp. (2) –
2,400 JPY Credit Suisse Mitsui & Co. Ltd. (1) –
5,000 JPY Merrill Lynch Mitsui & Co. Ltd. (3) –
6,700 JPY Deutsche Bank Mitsui & Co. Ltd. (4) –
(100) JPY J.P. Morgan Mitsui Mining & Smelting Co. Ltd.1 – –
(1,400) JPY Citigroup Miura Co. Ltd. (1) –
(2,900) JPY J.P. Morgan Miura Co. Ltd. (13) (0.01)
1,600 JPY Citigroup Mixi, Inc. (1) –
1,000 JPY Credit Suisse Mixi, Inc. (2) –
3,700 JPY J.P. Morgan Mixi, Inc. (9) (0.01)
4,600 JPY Merrill Lynch Mixi, Inc. (11) (0.01)
5,200 JPY Deutsche Bank Mixi, Inc. (12) (0.01)
(1,800) JPY J.P. Morgan MonotaRO Co. Ltd. (5) –
(2,600) JPY Credit Suisse MonotaRO Co. Ltd. (7) (0.01)
200 JPY Citigroup Morinaga & Co. Ltd.1 – –
1,500 JPY Merrill Lynch Morinaga & Co. Ltd. (3) –
3,400 JPY J.P. Morgan MS&AD Insurance Group Holdings, Inc.1 – –
4,800 JPY Credit Suisse MS&AD Insurance Group Holdings, Inc.1 – –
1,000 JPY Citigroup MS&AD Insurance Group Holdings, Inc. (1) –
3,100 JPY Merrill Lynch MS&AD Insurance Group Holdings, Inc. (1) –
4,500 JPY J.P. Morgan Nagase & Co. Ltd. (1) –
1,200 JPY Citigroup Nagoya Railroad Co. Ltd.1 – –
2,300 JPY Merrill Lynch Nagoya Railroad Co. Ltd.1 – –
(200) JPY Merrill Lynch Nankai Electric Railway Co. Ltd.1 – –
(2,000) JPY J.P. Morgan Nankai Electric Railway Co. Ltd. (1) –
1,100 JPY Citigroup NEC Corp. (2) –
4,800 JPY Merrill Lynch NEC Corp. (10) (0.01)
500 JPY Credit Suisse NGK INSULATORS Ltd.1 – –
600 JPY J.P. Morgan NGK INSULATORS Ltd.1 – –
(1,000) JPY Credit Suisse NH Foods Ltd. (16) (0.01)
(2,500) JPY J.P. Morgan NH Foods Ltd. (39) (0.02)
7,300 JPY J.P. Morgan Nikon Corp. (9) (0.01)
9,600 JPY Merrill Lynch Nikon Corp. (16) (0.01)
307
As at 31 March 2018
Fair Value % of Net

Japan (continued)
1,800 JPY Merrill Lynch Nippon Express Co. Ltd. (1) –

3,200 JPY Citigroup Nippon Express Co. Ltd. (6) –
3,500 JPY Citigroup Nippon Paper Industries Co. Ltd. (2) –
6,000 JPY J.P. Morgan Nippon Paper Industries Co. Ltd. (4) –
5,800 JPY Merrill Lynch Nippon Paper Industries Co. Ltd. (4) –
(100) JPY Citigroup Nippon Shinyaku Co. Ltd.1 – –
(800) JPY Merrill Lynch Nippon Shinyaku Co. Ltd. (2) –
(1,000) JPY J.P. Morgan Nippon Shinyaku Co. Ltd. (5) –
500 JPY Citigroup Nippon Telegraph & Telephone Corp.1 – –
700 JPY Merrill Lynch Nippon Telegraph & Telephone Corp. (1) –
2,500 JPY J.P. Morgan Nippon Telegraph & Telephone Corp. (2) –
3,900 JPY Credit Suisse Nishi-Nippon Financial Holdings, Inc. (1) –
5,800 JPY Merrill Lynch Nishi-Nippon Financial Holdings, Inc. (3) –
11,400 JPY Citigroup Nishi-Nippon Financial Holdings, Inc. (5) –
27,300 JPY J.P. Morgan Nishi-Nippon Financial Holdings, Inc. (7) (0.01)
(300) JPY Credit Suisse Nishi-Nippon Railroad Co. Ltd.1 – –
(1,200) JPY Merrill Lynch Nishi-Nippon Railroad Co. Ltd.1 – –
(3,000) JPY J.P. Morgan Nishi-Nippon Railroad Co. Ltd. (1) –
2,800 JPY Deutsche Bank Nissan Motor Co. Ltd. (1) –
11,000 JPY J.P. Morgan Nissan Motor Co. Ltd. (2) –
12,500 JPY Citigroup Nissan Motor Co. Ltd. (2) –
24,100 JPY Credit Suisse Nissan Motor Co. Ltd. (4) –
33,300 JPY Merrill Lynch Nissan Motor Co. Ltd. (7) (0.01)
(2,300) JPY Citigroup Nissan Shatai Co. Ltd. (1) –
(1,400) JPY Credit Suisse Nissan Shatai Co. Ltd. (1) –
(8,700) JPY Merrill Lynch Nissan Shatai Co. Ltd. (2) –
(3,400) JPY Citigroup Nisshin Seifun Group, Inc. (1) –
700 JPY Deutsche Bank Nisshinbo Holdings, Inc. (1) –
1,300 JPY J.P. Morgan Nisshinbo Holdings, Inc. (1) –
2,100 JPY Citigroup Nisshinbo Holdings, Inc. (1) –
(200) JPY Citigroup Nissin Foods Holdings Co. Ltd.1 – –
(1,400) JPY J.P. Morgan Nitori Holdings Co. Ltd. (1) –
(1,900) JPY J.P. Morgan NS Solutions Corp. (4) –
9,400 JPY Citigroup NTN Corp. (1) –
12,000 JPY J.P. Morgan NTN Corp. (1) –
4,900 JPY Citigroup NTT Data Corp. (1) –
10,500 JPY Merrill Lynch NTT Data Corp. (2) –
1,100 JPY J.P. Morgan NTT DOCOMO, Inc.1 – –
1,500 JPY Credit Suisse NTT DOCOMO, Inc.1 – –
1,000 JPY Merrill Lynch NTT DOCOMO, Inc. (1) –
2,300 JPY Deutsche Bank NTT DOCOMO, Inc. (1) –
900 JPY Credit Suisse Obayashi Corp.1 – –
7,500 JPY Merrill Lynch Obayashi Corp. (1) –
11,700 JPY J.P. Morgan Obayashi Corp. (1) –
12,700 JPY Citigroup Obayashi Corp. (2) –
200 JPY J.P. Morgan Obic Co. Ltd.1 – –
(8,700) JPY Merrill Lynch Odakyu Electric Railway Co. Ltd.1 – –
308
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(10,200) JPY J.P. Morgan Odakyu Electric Railway Co. Ltd. (3) –
5,000 JPY Citigroup Oji Holdings Corp.1 – –
7,000 JPY J.P. Morgan Oji Holdings Corp. (1) –
64,000 JPY Merrill Lynch Oji Holdings Corp. (13) (0.01)
1,100 JPY J.P. Morgan Omron Corp. (1) –
400 JPY Deutsche Bank Omron Corp. (1) –
600 JPY Citigroup Omron Corp. (2) –
4,200 JPY Merrill Lynch Omron Corp. (7) (0.01)
(5,800) JPY Merrill Lynch Ono Pharmaceutical Co. Ltd. (3) –
(9,500) JPY Credit Suisse Orient Corp.1 – –
(9,700) JPY J.P. Morgan Orient Corp.1 – –
(700) JPY Credit Suisse Oriental Land Co. Ltd. (3) –
(800) JPY J.P. Morgan Oriental Land Co. Ltd. (3) –
6,600 JPY Citigroup ORIX Corp. (2) –
(500) JPY Credit Suisse OSG Corp.1 – –
(1,300) JPY J.P. Morgan Otsuka Holdings Co. Ltd.1 – –
1,700 JPY Credit Suisse Panasonic Corp. (1) –
6,800 JPY J.P. Morgan Panasonic Corp. (6) (0.01)
6,100 JPY Merrill Lynch Panasonic Corp. (9) (0.01)
9,900 JPY Citigroup Panasonic Corp. (11) (0.01)
(2,700) JPY Deutsche Bank Park24 Co. Ltd. (1) –
(1,000) JPY Credit Suisse Park24 Co. Ltd. (1) –
(7,800) JPY J.P. Morgan Park24 Co. Ltd. (8) (0.01)
(1,000) JPY Credit Suisse PeptiDream, Inc. (1) –
(2,800) JPY Citigroup PeptiDream, Inc. (10) (0.01)
(9,900) JPY J.P. Morgan PeptiDream, Inc. (11) (0.01)
(600) JPY Credit Suisse Pigeon Corp. (2) –
(1,400) JPY J.P. Morgan Pigeon Corp. (4) –
3,700 JPY Citigroup Pola Orbis Holdings, Inc. (2) –
5,200 JPY Merrill Lynch Pola Orbis Holdings, Inc. (4) –
(600) JPY Merrill Lynch Rinnai Corp. (1) –
(800) JPY J.P. Morgan Rinnai Corp. (2) –
100 JPY Merrill Lynch Rohm Co. Ltd. (1) –
500 JPY Citigroup Rohm Co. Ltd. (3) –
500 JPY Credit Suisse Sankyo Co. Ltd. (1) –
1,500 JPY J.P. Morgan Sankyo Co. Ltd. (2) –
(15,000) JPY J.P. Morgan Santen Pharmaceutical Co. Ltd. (5) –
9,300 JPY Citigroup Sanwa Holdings Corp. (2) –
7,500 JPY J.P. Morgan Sanwa Holdings Corp. (2) –
9,200 JPY Credit Suisse Sanwa Holdings Corp. (3) –
6,400 JPY Merrill Lynch Sanwa Holdings Corp. (3) –
600 JPY Merrill Lynch SCREEN Holdings Co. Ltd. (4) –
(4,400) JPY J.P. Morgan SCSK Corp. (8) (0.01)
3,100 JPY Citigroup Secom Co. Ltd. (1) –
(4,200) JPY J.P. Morgan Seibu Holdings, Inc. (1) –
5,500 JPY Citigroup Seiko Epson Corp. (5) –
4,700 JPY J.P. Morgan Seiko Epson Corp. (5) –
4,800 JPY Merrill Lynch Seiko Epson Corp. (5) –
309
As at 31 March 2018
Fair Value % of Net

Japan (continued)
2,000 JPY Citigroup Seino Holdings Co. Ltd.1 – –

10,900 JPY Merrill Lynch Seino Holdings Co. Ltd. (2) –
2,200 JPY Credit Suisse Sekisui Chemical Co. Ltd.1 – –
9,400 JPY J.P. Morgan Sekisui Chemical Co. Ltd. (1) –
13,300 JPY Merrill Lynch Sekisui Chemical Co. Ltd. (1) –
(4,400) JPY Merrill Lynch Sekisui House Ltd. (2) –
1,000 JPY Merrill Lynch Shiga Bank Ltd. (The)1 – –
2,000 JPY J.P. Morgan Shiga Bank Ltd. (The)1 – –
(600) JPY J.P. Morgan Shimadzu Corp. (1) –
100 JPY Citigroup Shimamura Co. Ltd.1 – –
1,000 JPY J.P. Morgan Shimamura Co. Ltd. (1) –
(1,100) JPY J.P. Morgan Shimano, Inc.1 – –
(900) JPY Merrill Lynch Shimano, Inc. (1) –
600 JPY Citigroup Shimizu Corp.1 – –
9,000 JPY Merrill Lynch Shimizu Corp. (2) –
17,100 JPY J.P. Morgan Shimizu Corp. (3) –
(1,600) JPY J.P. Morgan Shin-Etsu Chemical Co. Ltd. (1) –
2,300 JPY Merrill Lynch Shionogi & Co. Ltd.1 – –
1,600 JPY Credit Suisse Shionogi & Co. Ltd. (1) –
1,900 JPY J.P. Morgan Shionogi & Co. Ltd. (1) –
1,000 JPY Deutsche Bank Shizuoka Bank Ltd. (The)1 – –
2,000 JPY Merrill Lynch Shizuoka Bank Ltd. (The)1 – –
2,000 JPY Credit Suisse Shizuoka Bank Ltd. (The) (1) –
4,000 JPY Citigroup Shizuoka Bank Ltd. (The) (1) –
12,000 JPY J.P. Morgan Shizuoka Bank Ltd. (The) (3) –
1,700 JPY Merrill Lynch Showa Denko KK (3) –
(100) JPY Credit Suisse Sohgo Security Services Co. Ltd.1 – –
(800) JPY Citigroup Sohgo Security Services Co. Ltd.1 – –
(1,300) JPY J.P. Morgan Sohgo Security Services Co. Ltd. (3) –
(300) JPY Credit Suisse Sony Financial Holdings, Inc.1 – –
(1,400) JPY J.P. Morgan Sony Financial Holdings, Inc.1 – –
500 JPY Citigroup Sotetsu Holdings, Inc.1 – –
1,300 JPY Merrill Lynch Sotetsu Holdings, Inc.1 – –
1,500 JPY Merrill Lynch Square Enix Holdings Co. Ltd.1 – –
2,000 JPY Citigroup Square Enix Holdings Co. Ltd. (3) –
(1,800) JPY Citigroup Start Today Co. Ltd.1 – –
200 JPY Credit Suisse Sugi Holdings Co. Ltd.1 – –
2,200 JPY J.P. Morgan Sugi Holdings Co. Ltd.1 – –
2,000 JPY Citigroup Sumitomo Chemical Co. Ltd.1 – –
13,000 JPY Merrill Lynch Sumitomo Chemical Co. Ltd. (1) –
23,600 JPY Merrill Lynch Sumitomo Corp. (5) –
(2,600) JPY J.P. Morgan Sumitomo Forestry Co. Ltd.1 – –
500 JPY Citigroup Sumitomo Heavy Industries Ltd.1 – –
6,900 JPY J.P. Morgan Sumitomo Rubber Industries Ltd. (1) –
900 JPY Deutsche Bank Sundrug Co. Ltd.1 – –
1,200 JPY Merrill Lynch Sundrug Co. Ltd.1 – –
300 JPY Credit Suisse Sundrug Co. Ltd.1 – –
310
As at 31 March 2018
Fair Value % of Net

Japan (continued)
3,100 JPY J.P. Morgan Sundrug Co. Ltd. (2) –

(1,300) JPY J.P. Morgan Suntory Beverage & Food Ltd. (2) –
700 JPY Citigroup Suruga Bank Ltd.1 – –
200 JPY Credit Suisse Suruga Bank Ltd.1 – –
3,200 JPY Merrill Lynch Suruga Bank Ltd. (3) –
8,500 JPY J.P. Morgan Suruga Bank Ltd. (13) (0.01)
300 JPY Deutsche Bank Suzuki Motor Corp.1 – –
10,500 JPY J.P. Morgan Suzuki Motor Corp. (5) –
(1,400) JPY Credit Suisse Sysmex Corp. (7) (0.01)
3,000 JPY Merrill Lynch T&D Holdings, Inc. (1) –
(1,700) JPY J.P. Morgan Taiheiyo Cement Corp.1 – –
2,300 JPY Citigroup Taisho Pharmaceutical Holdings Co. Ltd. (4) –
(24,000) JPY J.P. Morgan Taiyo Nippon Sanso Corp. (24) (0.01)
(1,800) JPY Citigroup Takara Bio, Inc.1 – –
(4,900) JPY Credit Suisse Takara Bio, Inc. (3) –
(6,500) JPY J.P. Morgan Takara Bio, Inc. (5) –
200 JPY Deutsche Bank Takara Holdings, Inc.1 – –
1,000 JPY J.P. Morgan Takashimaya Co. Ltd.1 – –
800 JPY Deutsche Bank Takeda Pharmaceutical Co. Ltd. (3) –
700 JPY J.P. Morgan Takeda Pharmaceutical Co. Ltd. (4) –
800 JPY J.P. Morgan Teijin Ltd.1 – –
12,100 JPY Citigroup Teijin Ltd. (3) –
11,800 JPY Merrill Lynch Teijin Ltd. (4) –
(700) JPY J.P. Morgan Temp Holdings Co. Ltd. (2) –
(1,800) JPY Merrill Lynch Temp Holdings Co. Ltd. (2) –
800 JPY J.P. Morgan Terumo Corp. (1) –
500 JPY Merrill Lynch THK Co. Ltd. (2) –
(800) JPY Credit Suisse TIS, Inc. (2) –
(2,400) JPY J.P. Morgan Tobu Railway Co. Ltd.1 – –
(200) JPY J.P. Morgan Toho Co. Ltd.1 – –
5,400 JPY Merrill Lynch Tokai Rika Co. Ltd. (2) –
500 JPY Credit Suisse Tokai Tokyo Financial Holdings, Inc.1 – –
5,700 JPY Merrill Lynch Tokai Tokyo Financial Holdings, Inc. (2) –
37,100 JPY J.P. Morgan Tokai Tokyo Financial Holdings, Inc. (5) –
15,100 JPY Citigroup Tokai Tokyo Financial Holdings, Inc. (6) –
1,400 JPY Merrill Lynch Tokio Marine Holdings, Inc. (2) –
1,600 JPY Citigroup Tokio Marine Holdings, Inc. (3) –
3,700 JPY J.P. Morgan Tokio Marine Holdings, Inc. (3) –
(10,000) JPY J.P. Morgan Tokyo Broadcasting System Holdings, Inc. (1) –
(300) JPY J.P. Morgan Tokyo Century Corp. (1) –
5,000 JPY Merrill Lynch Toppan Printing Co. Ltd. (1) –
300 JPY Deutsche Bank Tosoh Corp.1 – –
1,000 JPY Credit Suisse Tosoh Corp.1 – –
2,400 JPY J.P. Morgan TOTO Ltd. (1) –
1,900 JPY Citigroup TOTO Ltd. (1) –
(2,700) JPY Merrill Lynch Toyo Seikan Group Holdings Ltd.1 – –
(2,900) JPY J.P. Morgan Toyo Seikan Group Holdings Ltd. (2) –
(3,000) JPY Credit Suisse Toyo Seikan Group Holdings Ltd. (2) –
311
As at 31 March 2018
Fair Value % of Net

Japan (continued)
(600) JPY J.P. Morgan Toyo Tire & Rubber Co. Ltd.1 – –
2,700 JPY Citigroup Toyobo Co. Ltd. (2) –
1,600 JPY Merrill Lynch Toyobo Co. Ltd. (2) –
2,300 JPY Merrill Lynch Toyoda Gosei Co. Ltd.1 – –
6,200 JPY Merrill Lynch Toyota Boshoku Corp.1 – –
(4,800) JPY Citigroup Toyota Industries Corp.1 – –
(8,100) JPY J.P. Morgan Toyota Industries Corp. (7) (0.01)
4,700 JPY Citigroup Toyota Motor Corp.1 – –
1,500 JPY Merrill Lynch Toyota Tsusho Corp. (2) –
300 JPY Deutsche Bank Trend Micro, Inc.1 – –
400 JPY Merrill Lynch Trend Micro, Inc.1 – –
400 JPY Citigroup TS Tech Co. Ltd.1 – –
2,000 JPY Merrill Lynch TS Tech Co. Ltd. (1) –
(200) JPY Deutsche Bank Tsuruha Holdings, Inc.1 – –
(1,600) JPY Merrill Lynch Tsuruha Holdings, Inc. (4) –
(600) JPY Credit Suisse TV Asahi Holdings Corp. (1) –
(6,000) JPY J.P. Morgan TV Asahi Holdings Corp. (7) (0.01)
3,800 JPY Citigroup Ube Industries Ltd.1 – –
1,500 JPY Merrill Lynch Ube Industries Ltd. (1) –
100 JPY Citigroup Ulvac, Inc.1 – –
100 JPY Merrill Lynch Ulvac, Inc. (1) –
1,700 JPY Credit Suisse Ulvac, Inc. (4) –
(100) JPY Citigroup Unicharm Corp.1 – –
(200) JPY Credit Suisse Unicharm Corp.1 – –
(2,700) JPY Merrill Lynch Unicharm Corp. (1) –
(5,000) JPY J.P. Morgan Unicharm Corp. (4) –
(1,100) JPY Credit Suisse USS Co. Ltd.1 – –
300 JPY J.P. Morgan Wacoal Holdings Corp.1 – –
300 JPY Merrill Lynch Wacoal Holdings Corp.1 – –
(11,800) JPY J.P. Morgan Welcia Holdings Co. Ltd. (13) (0.01)
(300) JPY Credit Suisse Yakult Honsha Co. Ltd. (1) –
(3,100) JPY J.P. Morgan Yakult Honsha Co. Ltd. (7) (0.01)
6,000 JPY Citigroup Yamaguchi Financial Group, Inc.1 – –
(1,600) JPY Citigroup Yamato Holdings Co. Ltd.1 – –
100 JPY Credit Suisse Yamato Kogyo Co. Ltd.1 – –
600 JPY Citigroup Yamato Kogyo Co. Ltd. (1) –
900 JPY Deutsche Bank Yamato Kogyo Co. Ltd. (1) –
(5,200) JPY J.P. Morgan Yaskawa Electric Corp. (1) –
5,100 JPY Merrill Lynch Yokogawa Electric Corp. (3) –
200 JPY Deutsche Bank Yokohama Rubber Co. Ltd. (The)1 – –
600 JPY J.P. Morgan Yokohama Rubber Co. Ltd. (The)1 – –
2,000 JPY Citigroup Yokohama Rubber Co. Ltd. (The)1 – –
(300) JPY Credit Suisse Zenkoku Hosho Co. Ltd.1 – –
(500) JPY J.P. Morgan Zenkoku Hosho Co. Ltd.1 – –
5,400 JPY Citigroup Zensho Holdings Co. Ltd. (2) –
312
As at 31 March 2018
Fair Value % of Net

Japan (continued)
100 JPY Merrill Lynch Zeon Corp.1 – –

Total Japan (1,418) (0.70)
Jersey (31 March 2017: (0.01)%)

(39,167) GBP Citigroup boohoo.com plc1 – –
(883) USD Citigroup Delphi Automotive plc (1) –
37,649 GBP Citigroup Petrofac Ltd. (3) –
(1,200) GBP Citigroup Randgold Resources Ltd. (2) –
(4,521) GBP J.P. Morgan Shire plc (18) (0.01)
(905) GBP J.P. Morgan UBM plc1 – –
(4,560) GBP Citigroup UBM plc1 – –
(6,601) GBP Credit Suisse UBM plc (1) –
1,056 GBP J.P. Morgan WPP plc (1) –
Total Jersey (26) (0.01)
Luxembourg (31 March 2017: (0.05)%)

2,632 EUR Citigroup APERAM SA1 – –
762 EUR J.P. Morgan APERAM SA (1) –
1,735 EUR Merrill Lynch APERAM SA (2) –
(1,598) EUR J.P. Morgan Grand City Properties SA (1) –
(2,058) EUR Credit Suisse Grand City Properties SA (1) –
(10,280) EUR Citigroup Grand City Properties SA (2) –
(6,708) EUR Merrill Lynch Grand City Properties SA (2) –
40 EUR Deutsche Bank RTL Group SA1 – –
61 EUR J.P. Morgan RTL Group SA1 – –
112 EUR Credit Suisse RTL Group SA1 – –
655 EUR Merrill Lynch RTL Group SA (1) –
13,739 NOK J.P. Morgan Subsea 7 SA (23) (0.01)
27,239 NOK Citigroup Subsea 7 SA (23) (0.01)
1,700 USD Merrill Lynch Trinseo SA (6) (0.01)
2,219 USD J.P. Morgan Trinseo SA (11) (0.01)
Total Luxembourg (73) (0.04)
Netherlands (31 March 2017: (0.09)%)

2,289 EUR Merrill Lynch Aalberts Industries NV (6) –
3,071 EUR J.P. Morgan Aalberts Industries NV (6) (0.01)
1,372 EUR J.P. Morgan Akzo Nobel NV (6) (0.01)
194 EUR J.P. Morgan ASM International NV (1) –
2,529 EUR Citigroup ASM International NV (5) –
2,155 EUR Merrill Lynch ASR Nederland NV1 – –
2,294 EUR J.P. Morgan ASR Nederland NV (2) –
1,893 EUR Merrill Lynch BE Semiconductor Industries NV (3) –
3,315 EUR Citigroup BE Semiconductor Industries NV (16) (0.01)
703 EUR Credit Suisse Euronext NV1 – –
951 EUR J.P. Morgan Euronext NV1 – –
302 EUR Merrill Lynch Euronext NV1 – –
1,480 EUR Citigroup Euronext NV (1) –
313
As at 31 March 2018
Fair Value % of Net

316 EUR Citigroup Ferrari NV (1) –

94 EUR J.P. Morgan Fiat Chrysler Automobiles NV1 – –
900 EUR Citigroup Fiat Chrysler Automobiles NV (1) –
2,910 EUR Merrill Lynch Fiat Chrysler Automobiles NV (2) –
(312) EUR Credit Suisse Gemalto NV1 – –
(1,165) EUR J.P. Morgan Gemalto NV1 – –
(1,575) EUR Merrill Lynch Gemalto NV1 – –
1,362 EUR Merrill Lynch ING Groep NV (1) –
5,075 EUR Credit Suisse ING Groep NV (4) –
7,698 EUR J.P. Morgan ING Groep NV (5) –
(2,459) USD J.P. Morgan InterXion Holding NV (1) –
(13,651) USD Citigroup InterXion Holding NV (2) –
2,827 EUR Credit Suisse Koninklijke Philips NV (2) –
4,093 EUR Merrill Lynch Koninklijke Philips NV (2) –
6,760 EUR J.P. Morgan Koninklijke Philips NV (5) –
(3,522) EUR J.P. Morgan Koninklijke Vopak NV (5) –
(6,663) EUR Merrill Lynch Koninklijke Vopak NV (9) (0.01)
(5,729) EUR Citigroup Koninklijke Vopak NV (9) (0.01)
126 USD Credit Suisse LyondellBasell Industries NV 'A'1 – –
3,367 USD Merrill Lynch LyondellBasell Industries NV 'A' (5) –
2,906 USD J.P. Morgan LyondellBasell Industries NV 'A' (9) (0.01)
(1,798) USD Citigroup Mylan NV (2) –
1,129 EUR Credit Suisse NN Group NV1 – –
1,636 EUR J.P. Morgan NN Group NV1 – –
1,638 EUR Citigroup Philips Lighting NV (1) –
1,266 EUR J.P. Morgan Philips Lighting NV (1) –
19,715 EUR Merrill Lynch Philips Lighting NV (34) (0.02)
5,435 EUR Credit Suisse PostNL NV (1) –
31,852 EUR Citigroup PostNL NV (1) –
18,183 EUR Deutsche Bank PostNL NV (1) –
46,342 EUR Merrill Lynch PostNL NV (3) –
34,871 EUR J.P. Morgan PostNL NV (6) (0.01)
689 EUR Merrill Lynch Randstad Holding NV (3) –
890 EUR J.P. Morgan Randstad Holding NV (4) –
2,344 EUR Citigroup Randstad Holding NV (5) –
1,533 EUR Citigroup STMicroelectronics NV (2) –
(860) EUR Citigroup TomTom NV1 – –
586 EUR J.P. Morgan Wereldhave NV, REIT1 – –
(7,265) USD Citigroup Wright Medical Group NV (2) –
Total Netherlands (175) (0.09)
Norway (31 March 2017: (0.01)%)

(1,639) NOK Citigroup Aker ASA 'A'1 – –
(7,306) NOK Citigroup Aker BP ASA (2) –
193 NOK Credit Suisse DNB ASA1 – –
1,659 NOK J.P. Morgan DNB ASA (1) –
2,206 NOK Merrill Lynch DNB ASA (1) –
5,078 NOK J.P. Morgan Leroy Seafood Group ASA1 – –
314
As at 31 March 2018
Fair Value % of Net

Norway (continued)
(2,392) NOK Merrill Lynch Marine Harvest ASA (1) –

15,610 NOK Merrill Lynch Norsk Hydro ASA (5) –
(17,284) NOK Citigroup Orkla ASA1 – –
(74) NOK J.P. Morgan Schibsted ASA 'B'1 – –
53 NOK Credit Suisse Telenor ASA1 – –
4,860 NOK Merrill Lynch Telenor ASA1 – –
9,807 NOK J.P. Morgan Telenor ASA (3) –
444 NOK J.P. Morgan TGS Nopec Geophysical Co. ASA1 – –
683 NOK Deutsche Bank TGS Nopec Geophysical Co. ASA (1) –
8,186 NOK Citigroup TGS Nopec Geophysical Co. ASA (4) –
4,885 NOK Credit Suisse TGS Nopec Geophysical Co. ASA (4) –
9,822 NOK Merrill Lynch TGS Nopec Geophysical Co. ASA (6) (0.01)
(950) NOK Citigroup Yara International ASA (1) –
Total Norway (29) (0.01)
Panama (31 March 2017: 0.00%)

139 USD Citigroup Carnival Corp.1 – –
473 USD Merrill Lynch Carnival Corp.1 – –
531 USD J.P. Morgan Carnival Corp. (1) –
Total Panama (1) –
Portugal (31 March 2017: (0.01)%)

(10,626) EUR J.P. Morgan Galp Energia SGPS SA (6) –
1,131 EUR J.P. Morgan Jeronimo Martins SGPS SA1 – –
1,586 EUR Deutsche Bank Jeronimo Martins SGPS SA (1) –
2,457 EUR Merrill Lynch Jeronimo Martins SGPS SA (1) –
(6,862) EUR Citigroup NOS SGPS SA1 – –
4,516 EUR Deutsche Bank Sonae SGPS SA1 – –
57,749 EUR Citigroup Sonae SGPS SA (2) –
44,107 EUR J.P. Morgan Sonae SGPS SA (3) –
80,882 EUR Merrill Lynch Sonae SGPS SA (7) (0.01)
Total Portugal (20) (0.01)
Puerto Rico (31 March 2017: 0.00%2)

18 USD Citigroup Popular, Inc.1 – –
1,064 USD Merrill Lynch Popular, Inc. (3) –
Total Puerto Rico (3) –
Singapore (31 March 2017: (0.02)%)

7,800 SGD Merrill Lynch Ascendas Real Estate Investment Trust, REIT1 – –
40,800 SGD Deutsche Bank Ascendas Real Estate Investment Trust, REIT (1) –
35,700 SGD Citigroup Ascendas Real Estate Investment Trust, REIT (1) –
(10,500) SGD J.P. Morgan City Developments Ltd.1 – –
15,700 SGD J.P. Morgan ComfortDelGro Corp. Ltd.1 – –
27,400 SGD Credit Suisse ComfortDelGro Corp. Ltd.1 – –
191 USD Citigroup Flex Ltd.1 – –
315
As at 31 March 2018
Fair Value % of Net

886 USD Merrill Lynch Flex Ltd. (1) –

1,284 USD J.P. Morgan Flex Ltd. (2) –
170,200 USD Citigroup Hutchison Port Holdings Trust (5) –
1,600 SGD J.P. Morgan Keppel Corp. Ltd.1 – –
2,400 SGD Merrill Lynch Keppel Corp. Ltd.1 – –
6,500 SGD Deutsche Bank Keppel Corp. Ltd.1 – –
22,600 SGD Credit Suisse Keppel Corp. Ltd.1 – –
34,500 SGD Citigroup Mapletree Commercial Trust, REIT1 – –
126,100 SGD Citigroup Mapletree Industrial Trust, REIT (1) –
14,800 SGD Merrill Lynch Oversea-Chinese Banking Corp. Ltd. (6) (0.01)
400 SGD Deutsche Bank SATS Ltd.1 – –
39,400 SGD Merrill Lynch SATS Ltd.1 – –
76,600 SGD Citigroup SATS Ltd. (1) –
(33,000) SGD Deutsche Bank Sembcorp Industries Ltd. (1) –
(76,100) SGD Citigroup Sembcorp Industries Ltd. (1) –
(165,600) SGD J.P. Morgan Sembcorp Industries Ltd. (2) –
4,800 SGD Deutsche Bank Singapore Airlines Ltd. (1) –
6,100 SGD Merrill Lynch Singapore Airlines Ltd. (1) –
11,400 SGD Credit Suisse Singapore Airlines Ltd. (1) –
25,300 SGD Citigroup Singapore Airlines Ltd. (3) –
30,800 SGD J.P. Morgan Singapore Airlines Ltd. (3) –
(200,100) SGD J.P. Morgan Singapore Post Ltd. (1) –
(15,100) SGD Citigroup Singapore Press Holdings Ltd.1 – –
(77,600) SGD J.P. Morgan Singapore Telecommunications Ltd. (1) –
9,800 SGD J.P. Morgan StarHub Ltd. (1) –
27,400 SGD Citigroup StarHub Ltd. (2) –
80,000 SGD Merrill Lynch StarHub Ltd. (6) –
23,500 SGD J.P. Morgan Suntec Real Estate Investment Trust, REIT (1) –
88,300 SGD Merrill Lynch Suntec Real Estate Investment Trust, REIT (2) –
119,700 SGD Citigroup Suntec Real Estate Investment Trust, REIT (2) –
10,000 SGD Citigroup UOL Group Ltd. (1) –
22,700 SGD J.P. Morgan UOL Group Ltd. (1) –
17,500 SGD Merrill Lynch UOL Group Ltd. (3) –
177,100 SGD Citigroup Yangzijiang Shipbuilding Holdings Ltd. (7) (0.01)
145,100 SGD Merrill Lynch Yangzijiang Shipbuilding Holdings Ltd. (8) (0.01)
152,900 SGD Credit Suisse Yangzijiang Shipbuilding Holdings Ltd. (12) (0.01)
153,000 SGD J.P. Morgan Yangzijiang Shipbuilding Holdings Ltd. (12) (0.01)
75,300 SGD J.P. Morgan Yanlord Land Group Ltd. (2) –
143,900 SGD Citigroup Yanlord Land Group Ltd. (3) –
172,000 SGD Credit Suisse Yanlord Land Group Ltd. (4) –
135,900 SGD Merrill Lynch Yanlord Land Group Ltd. (6) –
Total Singapore (106) (0.05)
South Korea (31 March 2017: (0.33)%)

(37) USD J.P. Morgan Amorepacific Corp. (1) –
(417) USD Citigroup Amorepacific Corp. (4) –
(1,130) USD Credit Suisse Amorepacific Corp. (17) (0.01)
(8,661) USD Credit Suisse BNK Financial Group, Inc. (2) –
316
As at 31 March 2018
Fair Value % of Net

(20,104) USD J.P. Morgan BNK Financial Group, Inc. (4) –

111 USD Citigroup CJ Corp.1 – –
302 USD Merrill Lynch CJ Corp. (2) –
744 USD Credit Suisse CJ Corp. (3) –
812 USD J.P. Morgan CJ Corp. (3) –
(167) USD Citigroup CJ Korea Express Corp. (1) –
(456) USD Credit Suisse CJ Korea Express Corp. (6) –
(1,351) USD Merrill Lynch CJ Korea Express Corp. (7) (0.01)
(1,733) USD J.P. Morgan CJ Korea Express Corp. (21) (0.01)
752 USD Citigroup Coway Co. Ltd. (2) –
512 USD Merrill Lynch Dongbu Insurance Co. Ltd. (1) –
1,882 USD Citigroup Dongbu Insurance Co. Ltd. (2) –
1,282 USD Credit Suisse Dongbu Insurance Co. Ltd. (2) –
3,115 USD J.P. Morgan Dongbu Insurance Co. Ltd. (5) –
21 USD Merrill Lynch E-MART, Inc.1 – –
125 USD J.P. Morgan E-MART, Inc. (2) –
27 USD Deutsche Bank GS Holdings Corp.1 – –
60 USD Credit Suisse GS Holdings Corp.1 – –
529 USD Merrill Lynch GS Holdings Corp. (1) –
910 USD Citigroup GS Holdings Corp. (2) –
996 USD Merrill Lynch Hana Financial Group, Inc. (1) –
164 USD Citigroup Hankook Tire Co. Ltd.1 – –
1,626 USD J.P. Morgan Hankook Tire Co. Ltd. (4) –
(147) USD Citigroup Hanmi Science Co. Ltd.1 – –
(314) USD J.P. Morgan Hanmi Science Co. Ltd. (2) –
(797) USD Citigroup Hanssem Co. Ltd.1 – –
2,283 USD Citigroup Hanwha Chemical Corp. (1) –
6,592 USD Merrill Lynch Hanwha Chemical Corp. (5) –
5,745 USD J.P. Morgan Hanwha Chemical Corp. (6) –
5,984 USD Credit Suisse Hanwha Life Insurance Co. Ltd. (1) –
6,130 USD J.P. Morgan Hanwha Life Insurance Co. Ltd. (1) –
11,035 USD Deutsche Bank Hanwha Life Insurance Co. Ltd. (2) –
23,610 USD Citigroup Hanwha Life Insurance Co. Ltd. (2) –
24,064 USD Merrill Lynch Hanwha Life Insurance Co. Ltd. (4) –
2,521 USD Citigroup Hyundai Development Co. (3) –
(405) USD Citigroup Hyundai Glovis Co. Ltd. (9) (0.01)
(775) USD Merrill Lynch Hyundai Glovis Co. Ltd. (15) (0.01)
(642) USD Credit Suisse Hyundai Glovis Co. Ltd. (20) (0.01)
(889) USD J.P. Morgan Hyundai Glovis Co. Ltd. (28) (0.02)
(888) USD Citigroup Hyundai Mobis Co. Ltd. (13) (0.01)
(468) USD J.P. Morgan Hyundai Mobis Co. Ltd. (13) (0.01)
(708) USD Credit Suisse Hyundai Mobis Co. Ltd. (20) (0.01)
(289) USD Deutsche Bank Hyundai Robotics Co. Ltd.1 – –
(1,552) USD Citigroup Hyundai Steel Co. (1) –
1,256 USD Merrill Lynch Industrial Bank of Korea1 – –
4,701 USD J.P. Morgan Industrial Bank of Korea (1) –
9,744 USD Credit Suisse Industrial Bank of Korea (2) –
317
As at 31 March 2018
Fair Value % of Net

2,134 USD Merrill Lynch KB Financial Group, Inc.1 – –

2,714 USD Citigroup KB Financial Group, Inc. (4) –
(1,754) USD Merrill Lynch Korea Aerospace Industries Ltd.1 – –
(4,084) USD J.P. Morgan Korea Aerospace Industries Ltd. (9) (0.01)
(10,246) USD Credit Suisse Korea Aerospace Industries Ltd. (21) (0.01)
511 USD Merrill Lynch Korea Investment Holdings Co. Ltd. (1) –
1,949 USD Citigroup Korea Investment Holdings Co. Ltd. (3) –
28 USD Merrill Lynch KT Corp.1 – –
27,279 USD J.P. Morgan KT Corp. (5) –
1,268 USD Credit Suisse LG Corp.1 – –
6,916 USD J.P. Morgan LG Corp. (1) –
411 USD Merrill Lynch LG Corp. (1) –
2,223 USD Citigroup LG Corp. (3) –
466 USD J.P. Morgan LG Display Co. Ltd. (1) –
14,712 USD Merrill Lynch LG Display Co. Ltd. (25) (0.01)
6,060 USD Citigroup LG Electronics, Inc. (8) (0.01)
656 USD Merrill Lynch Lotte Chemical Corp. (4) –
(303) USD Citigroup Lotte Confectionery Co. Ltd. (1) –
(1,798) USD Merrill Lynch Lotte Confectionery Co. Ltd. (1) –
(326) USD J.P. Morgan Lotte Confectionery Co. Ltd. (1) –
(5,358) USD Credit Suisse Lotte Confectionery Co. Ltd. (11) (0.01)
(406) USD Citigroup Lotte Shopping Co. Ltd. (2) –
(487) USD Merrill Lynch Lotte Shopping Co. Ltd. (4) –
(1,527) USD J.P. Morgan Lotte Shopping Co. Ltd. (27) (0.01)
(18,902) USD J.P. Morgan Mirae Asset Daewoo Co. Ltd.1 – –
(24,134) USD Credit Suisse Mirae Asset Daewoo Co. Ltd.1 – –
118 USD Citigroup NCSoft Corp. (1) –
(30) USD J.P. Morgan Netmarble Games Corp.1 – –
(4,453) USD Credit Suisse Netmarble Games Corp. (9) (0.01)
(314) USD Credit Suisse Orion Corp/Republic of Korea (4) –
(622) USD Merrill Lynch Orion Corp/Republic of Korea (5) –
(708) USD J.P. Morgan Orion Corp/Republic of Korea (9) (0.01)
200 USD Merrill Lynch POSCO1 – –
61 USD Credit Suisse POSCO (1) –
1,029 USD J.P. Morgan POSCO (15) (0.01)
111 USD Citigroup S-1 Corp.1 – –
(836) USD J.P. Morgan Samsung Biologics Co. Ltd. (24) (0.01)
(874) USD Credit Suisse Samsung C&T Corp. (5) –
(2,335) USD Citigroup Samsung C&T Corp. (10) (0.01)
(6,511) USD J.P. Morgan Samsung C&T Corp. (40) (0.02)
(817) USD Credit Suisse Samsung Card Co. Ltd.1 – –
(1,459) USD J.P. Morgan Samsung Card Co. Ltd.1 – –
(233) USD Credit Suisse Samsung Electro-Mechanics Co. Ltd. (3) –
(687) USD J.P. Morgan Samsung Electro-Mechanics Co. Ltd. (8) (0.01)
99 USD Merrill Lynch Samsung Electronics Co. Ltd. (9) (0.01)
155 USD Citigroup Samsung Electronics Co. Ltd. (14) (0.01)
20 USD Merrill Lynch Samsung Fire & Marine Insurance Co. Ltd.1 – –
445 USD Credit Suisse Samsung Fire & Marine Insurance Co. Ltd. (3) –
712 USD Citigroup Samsung Fire & Marine Insurance Co. Ltd. (7) –
318
As at 31 March 2018
Fair Value % of Net

(548) USD Credit Suisse Samsung SDI Co. Ltd. (4) –

(1,334) USD J.P. Morgan Samsung SDI Co. Ltd. (10) (0.01)
383 USD Deutsche Bank Samsung Securities Co. Ltd.1 – –
866 USD Citigroup Samsung Securities Co. Ltd. (1) –
3,216 USD Citigroup Shinhan Financial Group Co. Ltd. (2) –
217 USD Citigroup SK Holdings Co. Ltd. (1) –
213 USD Merrill Lynch SK Holdings Co. Ltd. (1) –
687 USD Deutsche Bank SK Hynix, Inc. (5) –
2,764 USD J.P. Morgan SK Hynix, Inc. (6) –
2,296 USD Merrill Lynch SK Hynix, Inc. (16) (0.01)
3,862 USD Citigroup SK Hynix, Inc. (23) (0.01)
727 USD Citigroup SK Innovation Co. Ltd. (1) –
388 USD Merrill Lynch SK Telecom Co. Ltd. (2) –
(492) USD Citigroup S-Oil Corp.1 – –
599 USD Citigroup Woori Bank (1) –
12,237 USD J.P. Morgan Woori Bank (9) (0.01)
Total South Korea (624) (0.31)
Spain (31 March 2017: (0.12)%)

549 EUR Merrill Lynch Acciona SA (2) –
336 EUR Citigroup ACS Actividades de Construccion y Servicios SA1 – –
850 EUR Deutsche Bank ACS Actividades de Construccion y Servicios SA (1) –
9,627 EUR Merrill Lynch ACS Actividades de Construccion y Servicios SA (13) (0.01)
441 EUR Citigroup Aena SA (1) –
158 EUR Merrill Lynch Aena SA (1) –
(205) EUR Credit Suisse Almirall SA1 – –
(1,306) EUR J.P. Morgan Almirall SA (1) –
1,735 EUR Merrill Lynch Amadeus IT Group SA (4) –
(52,753) EUR Merrill Lynch Banco de Sabadell SA1 – –
(57,816) EUR Citigroup Banco de Sabadell SA (1) –
(4,954) EUR Citigroup Banco Santander SA (1) –
2,118 EUR Citigroup Bankinter SA1 – –
1,853 EUR Merrill Lynch Bankinter SA (1) –
9,814 EUR J.P. Morgan Bankinter SA (2) –
985 EUR Deutsche Bank Cia de Distribucion Integral Logista Holdings SA (1) –
(4,031) EUR J.P. Morgan CIE Automotive SA (11) (0.01)
3,529 EUR Credit Suisse Distribuidora Internacional de Alimentacion SA (1) –
14,878 EUR Merrill Lynch Distribuidora Internacional de Alimentacion SA (3) –
24,301 EUR J.P. Morgan Distribuidora Internacional de Alimentacion SA (7) (0.01)
17,870 EUR Citigroup Ebro Foods SA (4) –
(670) EUR Credit Suisse Endesa SA1 – –
(11,825) EUR Merrill Lynch Gamesa Corp Tecnologica SA (1) –
(8,881) EUR Credit Suisse Gamesa Corp Tecnologica SA (4) –
(16,908) EUR J.P. Morgan Gamesa Corp Tecnologica SA (8) (0.01)
(6,420) EUR J.P. Morgan Gas Natural SDG SA (5) –
26,645 EUR Merrill Lynch Gestamp Automocion SA (4) –
1,721 EUR J.P. Morgan Grifols SA1 – –
319
As at 31 March 2018
Fair Value % of Net

Spain (continued)
49 EUR Credit Suisse Grupo Catalana Occidente SA1 – –

2,190 EUR J.P. Morgan Grupo Catalana Occidente SA1 – –
7,028 EUR Merrill Lynch Iberdrola SA (1) –
10,138 EUR Credit Suisse Iberdrola SA (1) –
2,448 EUR Merrill Lynch Indra Sistemas SA (1) –
(2,275) EUR Credit Suisse Industria de Diseno Textil SA (3) –
7,721 EUR Citigroup Mediaset Espana Comunicacion SA (2) –
12,918 EUR Merrill Lynch Mediaset Espana Comunicacion SA (10) (0.01)
23,203 EUR J.P. Morgan Mediaset Espana Comunicacion SA (19) (0.01)
21 EUR J.P. Morgan Tecnicas Reunidas SA1 – –
50 EUR Citigroup Tecnicas Reunidas SA1 – –
28 EUR Merrill Lynch Tecnicas Reunidas SA1 – –
19,096 EUR Credit Suisse Telefonica SA (1) –
46,217 EUR J.P. Morgan Telefonica SA (2) –
Total Spain (117) (0.06)
Sweden (31 March 2017: (0.05)%)

(2,279) SEK Citigroup AAK AB (4) –
(1,239) SEK Credit Suisse Alfa Laval AB1 – –
(11,573) SEK Citigroup Assa Abloy AB 'B' (6) (0.01)
439 SEK Deutsche Bank Atlas Copco AB 'A'1 – –
(1,727) SEK Merrill Lynch BillerudKorsnas AB (1) –
(1,898) SEK Citigroup BillerudKorsnas AB (1) –
(5,108) SEK J.P. Morgan BillerudKorsnas AB (2) –
4,797 SEK Merrill Lynch Boliden AB (1) –
4,669 SEK J.P. Morgan Electrolux AB 'B' (2) –
4,784 SEK Merrill Lynch Electrolux AB 'B' (5) (0.01)
(1,646) SEK Credit Suisse Elekta AB 'B'1 – –
(492) SEK Citigroup Elekta AB 'B'1 – –
(8,212) SEK J.P. Morgan Elekta AB 'B' (1) –
(2,990) SEK Merrill Lynch Essity AB 'B' (1) –
1,084 SEK J.P. Morgan Fabege AB1 – –
1,719 SEK Merrill Lynch Fabege AB1 – –
1,929 SEK Deutsche Bank Fabege AB1 – –
1,823 SEK Merrill Lynch Fastighets AB Balder 'B'1 – –
(631) SEK Citigroup Getinge AB 'B'1 – –
(3,819) SEK J.P. Morgan Hexagon AB 'B'1 – –
(2,170) SEK Citigroup Hexagon AB 'B' (3) –
(270) SEK Deutsche Bank Hexpol AB1 – –
(10,554) SEK Merrill Lynch Hexpol AB (1) –
2,947 SEK J.P. Morgan Hufvudstaden AB 'A' (1) –
5,514 SEK Merrill Lynch Hufvudstaden AB 'A' (2) –
274 SEK Citigroup Husqvarna AB 'B'1 – –
(80) SEK Credit Suisse ICA Gruppen AB1 – –
(3,608) SEK J.P. Morgan ICA Gruppen AB1 – –
(10,547) SEK Citigroup ICA Gruppen AB (4) –
(3,044) SEK Citigroup Investor AB 'B' (1) –
2,777 SEK Merrill Lynch JM AB (1) –
320
As at 31 March 2018
Fair Value % of Net

Sweden (continued)
(3,720) SEK Citigroup Kinnevik AB 'B' (2) –

653 SEK Merrill Lynch L E Lundbergforetagen AB 'B' (1) –
1,520 SEK J.P. Morgan L E Lundbergforetagen AB 'B' (3) –
1,184 SEK Credit Suisse Loomis AB 'B' (1) –
1,206 SEK Merrill Lynch Loomis AB 'B' (1) –
3,011 SEK J.P. Morgan Loomis AB 'B' (1) –
1,474 SEK Merrill Lynch NCC AB 'B' (1) –
4,678 SEK J.P. Morgan NCC AB 'B' (2) –
(13) SEK Credit Suisse Nibe Industrier AB 'B'1 – –
(9,378) SEK Citigroup Nibe Industrier AB 'B' (2) –
(50,801) SEK J.P. Morgan Nibe Industrier AB 'B' (9) (0.01)
(11,193) SEK Citigroup Nordea Bank AB (3) –
(1,228) SEK Citigroup Saab AB 'B' (1) –
2,711 SEK Deutsche Bank Sandvik AB1 – –
16,878 SEK Merrill Lynch Sandvik AB (2) –
1,846 SEK J.P. Morgan Securitas AB1 – –
334 SEK Citigroup Skandinaviska Enskilda Banken AB 'A'1 – –
2,850 SEK J.P. Morgan Skandinaviska Enskilda Banken AB 'A' (3) –
3,761 SEK Merrill Lynch Skandinaviska Enskilda Banken AB 'A' (4) (0.01)
(1,264) SEK Credit Suisse Skanska AB 'B'1 – –
(2,546) SEK J.P. Morgan Skanska AB 'B' (1) –
(8,287) SEK Citigroup Skanska AB 'B' (3) –
56 SEK Citigroup SKF AB 'B'1 – –
3,095 SEK Merrill Lynch SKF AB 'B' (1) –
2,387 SEK Deutsche Bank Svenska Handelsbanken AB (3) –
(5,701) SEK Citigroup Sweco AB 'B' (2) –
1,029 SEK J.P. Morgan Swedbank AB 'A' (2) –
2,177 SEK Deutsche Bank Volvo AB 'B'1 – –
8,499 SEK Merrill Lynch Volvo AB 'B' (2) –
2,025 SEK Deutsche Bank Wallenstam AB1 – –
Total Sweden (87) (0.04)
Switzerland (31 March 2017: (0.07)%)

576 CHF Deutsche Bank Adecco Group AG (1) –
768 CHF Credit Suisse Adecco Group AG (2) –
1,527 CHF J.P. Morgan Adecco Group AG (3) –
3,986 CHF Merrill Lynch Adecco Group AG (9) (0.01)
68 CHF Merrill Lynch Allreal Holding AG1 – –
622 CHF Credit Suisse Allreal Holding AG (2) –
(1,687) CHF Citigroup Aryzta AG1 – –
731 CHF J.P. Morgan Baloise Holding AG (1) –
2,635 CHF Merrill Lynch Baloise Holding AG (8) (0.01)
216 CHF Citigroup Banque Cantonale Vaudoise (1) –
82 CHF J.P. Morgan Banque Cantonale Vaudoise (2) –
102 CHF J.P. Morgan Bucher Industries AG (1) –
145 CHF Merrill Lynch Bucher Industries AG (2) –
413 CHF Credit Suisse Bucher Industries AG (5) –
321
As at 31 March 2018
Fair Value % of Net

344 CHF Deutsche Bank Cembra Money Bank AG (1) –

335 CHF Credit Suisse Cembra Money Bank AG (1) –
809 CHF J.P. Morgan Cembra Money Bank AG (3) –
(488) CHF Deutsche Bank Cie Financiere Richemont SA1 – –
(389) CHF J.P. Morgan Cie Financiere Richemont SA (1) –
(543) CHF Credit Suisse Cie Financiere Richemont SA (1) –
(4,185) CHF Merrill Lynch Cie Financiere Richemont SA (3) –
5,440 CHF Merrill Lynch Clariant AG (3) –
16 CHF Merrill Lynch dormakaba Holding AG1 – –
120 CHF Deutsche Bank dormakaba Holding AG (2) –
(42,537) CHF Citigroup EFG International AG (5) –
(37) CHF Citigroup Emmi AG1 – –
(178) CHF Citigroup Flughafen Zuerich AG (1) –
193 CHF Merrill Lynch Forbo Holding AG (14) (0.01)
5,723 CHF Citigroup GAM Holding AG (3) –
7,128 CHF Deutsche Bank GAM Holding AG (4) –
316 USD Credit Suisse Garmin Ltd.1 – –
2 CHF Deutsche Bank Georg Fischer AG1 – –
319 CHF Merrill Lynch Georg Fischer AG (21) (0.01)
(29) CHF Citigroup Givaudan SA (1) –
(65) CHF Merrill Lynch Givaudan SA (1) –
48 CHF Credit Suisse Helvetia Holding AG (1) –
136 CHF J.P. Morgan Helvetia Holding AG (1) –
2,088 CHF Merrill Lynch Julius Baer Group Ltd. (5) –
4,990 CHF Citigroup Logitech International SA (4) –
498 CHF J.P. Morgan Novartis AG1 – –
1,858 CHF Credit Suisse Novartis AG (1) –
3,761 CHF Merrill Lynch Novartis AG (3) –
(6,727) CHF Citigroup OC Oerlikon Corp. AG (1) –
(870) CHF Credit Suisse Pargesa Holding SA (1) –
(817) CHF Citigroup Pargesa Holding SA (1) –
13 CHF Citigroup Partners Group Holding AG1 – –
172 CHF Merrill Lynch Roche Holding AG1 – –
659 CHF J.P. Morgan Roche Holding AG (5) –
(265) CHF J.P. Morgan SFS Group AG (1) –
2 CHF Merrill Lynch SGS SA1 – –
44 CHF J.P. Morgan SGS SA (3) –
75 CHF Credit Suisse SGS SA (5) –
(18) CHF Citigroup Sika AG (1) –
98 CHF Credit Suisse Sonova Holding AG1 – –
10 CHF Credit Suisse Straumann Holding AG1 – –
(123) CHF Credit Suisse Sulzer AG1 – –
(238) CHF J.P. Morgan Sulzer AG1 – –
282 CHF Merrill Lynch Swiss Life Holding AG (1) –
33 CHF Credit Suisse Swisscom AG (1) –
43 CHF Deutsche Bank Swisscom AG (1) –
406 CHF J.P. Morgan Swisscom AG (12) (0.01)
14 USD Citigroup TE Connectivity Ltd.1 – –
322
As at 31 March 2018
Fair Value % of Net

514 USD Merrill Lynch TE Connectivity Ltd. (2) –

10,156 USD Citigroup Transocean Ltd. (1) –
1,141 CHF J.P. Morgan UBS Group AG (1) –
17,014 CHF Deutsche Bank UBS Group AG (11) (0.01)
(419) CHF J.P. Morgan VAT Group AG (2) –
(2) CHF Deutsche Bank Vifor Pharma AG1 – –
(2,096) CHF Citigroup Vifor Pharma AG (7) (0.01)
(1,663) CHF Merrill Lynch Vifor Pharma AG (10) (0.01)
(2,389) CHF J.P. Morgan Vifor Pharma AG (26) (0.02)
3,304 CHF Credit Suisse Vontobel Holding AG (11) (0.01)
4,329 CHF J.P. Morgan Vontobel Holding AG (14) (0.01)
(68) CHF Citigroup Zurich Insurance Group AG (1) –
Total Switzerland (236) (0.12)
Taiwan (31 March 2017: (0.10)%)

(23,000) USD Merrill Lynch Advanced Semiconductor Engineering, Inc.1 – –
(41,249) USD J.P. Morgan Advanced Semiconductor Engineering, Inc.1 – –
(151,000) USD J.P. Morgan Asia Cement Corp. (3) –
215,000 USD J.P. Morgan AU Optronics Corp. (1) –
618,000 USD Merrill Lynch AU Optronics Corp. (1) –
1,007,000 USD Citigroup AU Optronics Corp. (6) (0.01)
482,300 USD Merrill Lynch Chang Hwa Commercial Bank Ltd. (2) –
266,400 USD Citigroup Chang Hwa Commercial Bank Ltd. (2) –
10,000 USD J.P. Morgan Cheng Shin Rubber Industry Co. Ltd. (1) –
20,000 USD Merrill Lynch Cheng Shin Rubber Industry Co. Ltd. (2) –
191,170 USD Citigroup China Life Insurance Co. Ltd. (2) –
(174,000) USD Merrill Lynch Chunghwa Telecom Co. Ltd. (12) (0.01)
80,000 USD J.P. Morgan Compal Electronics, Inc. (1) –
491,000 USD Citigroup Compal Electronics, Inc. (5) –
252,000 USD Merrill Lynch Compal Electronics, Inc. (5) –
112,000 USD J.P. Morgan CTBC Financial Holding Co. Ltd. (2) –
(250,263) USD Merrill Lynch E.Sun Financial Holding Co. Ltd. (2) –
(2,040) USD Merrill Lynch Eclat Textile Co. Ltd. (1) –
(14,221) USD J.P. Morgan Eclat Textile Co. Ltd. (8) (0.01)
14,420 USD Citigroup Eva Airways Corp.1 – –
90,680 USD Merrill Lynch Eva Airways Corp.1 – –
204,000 USD Citigroup Far Eastern New Century Corp. (1) –
(9,000) USD J.P. Morgan Far EasTone Telecommunications Co. Ltd.1 – –
(126,000) USD Merrill Lynch Far EasTone Telecommunications Co. Ltd. (9) (0.01)
(6,000) USD Citigroup Feng TAY Enterprise Co. Ltd.1 – –
39,000 USD Citigroup Formosa Chemicals & Fibre Corp. (2) –
(2,000) USD J.P. Morgan Formosa Petrochemical Corp.1 – –
(7,000) USD Merrill Lynch Formosa Petrochemical Corp.1 – –
(11,000) USD Citigroup Formosa Petrochemical Corp. (1) –
10,000 USD Citigroup Formosa Plastics Corp.1 – –
(3,904) USD J.P. Morgan Globalwafers Co. Ltd. (4) –
202,650 USD Citigroup Hua Nan Financial Holdings Co. Ltd. (1) –
323
As at 31 March 2018
Fair Value % of Net

Taiwan (continued)
233,000 USD J.P. Morgan Innolux Corp. (2) –

727,000 USD Merrill Lynch Innolux Corp. (5) –
924,000 USD Citigroup Innolux Corp. (6) –
(68,000) USD J.P. Morgan Inventec Corp. (1) –
(386,000) USD Merrill Lynch Inventec Corp. (1) –
234,000 USD J.P. Morgan Lite-On Technology Corp. (12) (0.01)
(40,000) USD Merrill Lynch MediaTek, Inc. (15) (0.01)
(97,000) USD Merrill Lynch Nan Ya Plastics Corp. (4) –
(2,521) USD Merrill Lynch Nanya Technology Corp.1 – –
(10,000) USD J.P. Morgan Nanya Technology Corp. (3) –
3,000 USD Merrill Lynch Novatek Microelectronics Corp. (1) –
18,000 USD Citigroup Novatek Microelectronics Corp. (2) –
222,000 USD Citigroup Pegatron Corp. (12) (0.01)
4,000 USD Merrill Lynch President Chain Store Corp.1 – –
40,000 USD Citigroup President Chain Store Corp. (2) –
(114,000) USD J.P. Morgan Quanta Computer, Inc.1 – –
185,648 USD Merrill Lynch Taishin Financial Holding Co. Ltd. (1) –
335,836 USD Citigroup Taishin Financial Holding Co. Ltd. (2) –
(91,000) USD J.P. Morgan Taiwan Cement Corp. (1) –
163,770 USD Citigroup Taiwan Cooperative Financial Holding Co. Ltd.1 – –
55,000 USD Citigroup Taiwan High Speed Rail Corp. (1) –
(21,000) USD J.P. Morgan Taiwan Mobile Co. Ltd. (1) –
(113,000) USD Merrill Lynch Taiwan Mobile Co. Ltd. (9) (0.01)
19,000 USD J.P. Morgan Taiwan Semiconductor Manufacturing Co. Ltd. (3) –
23,000 USD Citigroup Taiwan Semiconductor Manufacturing Co. Ltd. (5) –
60,000 USD Merrill Lynch Taiwan Semiconductor Manufacturing Co. Ltd. (18) (0.01)
47,000 USD J.P. Morgan Uni-President Enterprises Corp.1 – –
47,000 USD Merrill Lynch Uni-President Enterprises Corp. (1) –
111,000 USD Citigroup Uni-President Enterprises Corp. (1) –
159,000 USD J.P. Morgan United Microelectronics Corp.1 – –
448,000 USD Citigroup Yuanta Financial Holding Co. Ltd. (3) –
Total Taiwan (186) (0.09)
United Kingdom (31 March 2017: (0.23)%)

(4,139) GBP J.P. Morgan Aggreko plc (1) –
2,922 GBP Deutsche Bank Anglo American plc (4) –
15,819 GBP Citigroup Anglo American plc (6) –
10,777 GBP Merrill Lynch Anglo American plc (13) (0.01)
(14,152) GBP J.P. Morgan Antofagasta plc (8) (0.01)
405 USD J.P. Morgan Aon plc (1) –
445 USD Credit Suisse ARRIS International plc1 – –
3,903 GBP Deutsche Bank Ashmore Group plc1 – –
5,970 GBP Merrill Lynch Ashmore Group plc1 – –
7,028 GBP J.P. Morgan Ashmore Group plc (2) –
(1,637) GBP Citigroup Auto Trader Group plc1 – –
(1,019) GBP J.P. Morgan Babcock International Group plc1 – –
19,402 GBP Merrill Lynch BAE Systems plc1 – –
6,011 GBP Merrill Lynch Barratt Developments plc1 – –
324
As at 31 March 2018
Fair Value % of Net

13,249 GBP J.P. Morgan Barratt Developments plc (2) –

(72,287) GBP Citigroup BBA Aviation plc1 – –
266 GBP Credit Suisse Bellway plc1 – –
1,102 GBP Merrill Lynch Bellway plc (1) –
4,104 GBP Credit Suisse Berkeley Group Holdings plc (2) –
3,530 GBP Merrill Lynch Berkeley Group Holdings plc (5) –
446 GBP J.P. Morgan Bodycote plc1 – –
1,717 GBP Deutsche Bank Bodycote plc (1) –
4,818 GBP Citigroup Bodycote plc (2) –
4,119 GBP Credit Suisse Bodycote plc (2) –
7,094 GBP Merrill Lynch Bodycote plc (3) –
(174) GBP Credit Suisse BP plc1 – –
(18,419) GBP J.P. Morgan BP plc (1) –
(15,126) GBP Citigroup BP plc (3) –
(6,709) GBP Citigroup British American Tobacco plc (19) (0.01)
3,729 GBP J.P. Morgan British Land Co. plc (The), REIT1 – –
3,424 GBP Deutsche Bank Britvic plc (1) –
3,717 GBP Merrill Lynch Britvic plc (1) –
9,035 GBP Credit Suisse Britvic plc (4) –
30,336 GBP J.P. Morgan Britvic plc (15) (0.01)
(409) GBP Credit Suisse Bunzl plc1 – –
(7,033) GBP J.P. Morgan Bunzl plc (6) (0.01)
(54,906) GBP J.P. Morgan Cairn Energy plc (6) (0.01)
(79,267) GBP Credit Suisse Cairn Energy plc (9) (0.01)
(122,277) GBP Merrill Lynch Cairn Energy plc (10) (0.01)
11,131 GBP Citigroup Capita plc (1) –
(6,355) GBP Merrill Lynch Capital & Counties Properties plc1 – –
(12,651) GBP Deutsche Bank Capital & Counties Properties plc (1) –
584 GBP J.P. Morgan Close Brothers Group plc (1) –
623 GBP Credit Suisse Close Brothers Group plc (1) –
6,175 GBP Merrill Lynch Close Brothers Group plc (5) –
(130,057) GBP Citigroup Cobham plc (1) –
(3,473) USD Credit Suisse Coca-Cola European Partners plc (2) –
(3,960) USD Citigroup Coca-Cola European Partners plc (4) –
(23,897) GBP Citigroup ConvaTec Group plc (1) –
(53,577) GBP Merrill Lynch ConvaTec Group plc (2) –
4,577 GBP Citigroup CYBG plc1 – –
(136) GBP Merrill Lynch Daily Mail & General Trust plc 'A'1 – –
(1,048) GBP J.P. Morgan Dechra Pharmaceuticals plc (1) –
(956) GBP J.P. Morgan Derwent London plc, REIT (1) –
(2,785) GBP Merrill Lynch Derwent London plc, REIT (1) –
(4,076) GBP Citigroup Diageo plc (2) –
5,232 GBP J.P. Morgan Direct Line Insurance Group plc1 – –
22,280 GBP Citigroup Direct Line Insurance Group plc (1) –
(13,932) GBP Citigroup Domino's Pizza Group plc1 – –
(4,243) GBP Credit Suisse Domino's Pizza Group plc1 – –
(34,849) GBP Merrill Lynch Domino's Pizza Group plc (2) –
325
As at 31 March 2018
Fair Value % of Net

(35,313) GBP Citigroup Drax Group plc (2) –

2,893 GBP Merrill Lynch Dunelm Group plc (1) –
12,964 GBP J.P. Morgan Dunelm Group plc (8) (0.01)
(8,673) GBP J.P. Morgan easyJet plc (3) –
1,458 GBP J.P. Morgan Electrocomponents plc1 – –
3,827 GBP Credit Suisse Electrocomponents plc (1) –
11,402 GBP Credit Suisse Firstgroup plc1 – –
50,903 GBP J.P. Morgan Firstgroup plc (2) –
(2,554) GBP Credit Suisse Fresnillo plc (2) –
(7,374) GBP Merrill Lynch Fresnillo plc (6) (0.01)
(10,159) GBP J.P. Morgan Fresnillo plc (7) (0.01)
(7,926) GBP Citigroup Fresnillo plc (10) (0.01)
(1,425) GBP J.P. Morgan Great Portland Estates plc1 – –
(3,165) GBP Citigroup Greene King plc1 – –
6,856 GBP Citigroup Hammerson plc, REIT (1) –
(19,539) GBP Citigroup Hikma Pharmaceuticals plc (22) (0.01)
(11,183) GBP J.P. Morgan Hikma Pharmaceuticals plc (42) (0.02)
(65) GBP Citigroup HomeServe plc1 – –
6,207 GBP J.P. Morgan HomeServe plc (1) –
9,952 GBP Merrill Lynch Howden Joinery Group plc (2) –
24,397 GBP Credit Suisse Howden Joinery Group plc (8) (0.01)
45,383 GBP J.P. Morgan Howden Joinery Group plc (15) (0.01)
3,044 GBP Merrill Lynch IG Group Holdings plc (1) –
2,988 GBP J.P. Morgan IMI plc (2) –
6,731 GBP Merrill Lynch IMI plc (4) –
8,589 GBP Credit Suisse IMI plc (6) –
284 GBP Merrill Lynch Imperial Brands plc1 – –
469 GBP J.P. Morgan Imperial Brands plc (1) –
74,349 GBP Citigroup Indivior plc (1) –
(5,633) GBP Credit Suisse Informa plc1 – –
(41,983) GBP J.P. Morgan Informa plc (3) –
196 GBP Citigroup InterContinental Hotels Group plc1 – –
1,643 GBP Merrill Lynch InterContinental Hotels Group plc (5) –
313 GBP J.P. Morgan Intermediate Capital Group plc1 – –
4,202 GBP Citigroup Intermediate Capital Group plc (1) –
2,225 GBP Merrill Lynch Intermediate Capital Group plc (1) –
51,937 GBP Merrill Lynch J Sainsbury plc1 – –
30,030 GBP Credit Suisse J Sainsbury plc (1) –
18,083 GBP Citigroup JD Sports Fashion plc (3) –
11,664 GBP Credit Suisse JD Sports Fashion plc (7) (0.01)
22,471 GBP J.P. Morgan JD Sports Fashion plc (13) (0.01)
18,334 GBP Citigroup Jupiter Fund Management plc (2) –
13,070 GBP J.P. Morgan Jupiter Fund Management plc (4) –
47,049 GBP Merrill Lynch Jupiter Fund Management plc (10) (0.01)
5,599 GBP Deutsche Bank KAZ Minerals plc (5) –
15,166 GBP Merrill Lynch KAZ Minerals plc (14) (0.01)
60,679 GBP J.P. Morgan Kingfisher plc (41) (0.02)
14,314 GBP Citigroup Legal & General Group plc1 – –
3,568 GBP Deutsche Bank Legal & General Group plc1 – –
326
As at 31 March 2018
Fair Value % of Net

13,308 GBP Credit Suisse Legal & General Group plc (1) –
21,434 GBP Merrill Lynch Legal & General Group plc (1) –
21,865 GBP J.P. Morgan Legal & General Group plc (2) –
(1,146) USD Citigroup LivaNova plc (3) –
13,928 GBP Merrill Lynch Lloyds Banking Group plc1 – –
11,700 GBP Credit Suisse Lloyds Banking Group plc1 – –
30,800 GBP Citigroup Lloyds Banking Group plc (1) –
60,801 GBP J.P. Morgan Lloyds Banking Group plc (2) –
(761) GBP Merrill Lynch London Stock Exchange Group plc (1) –
(1,966) GBP J.P. Morgan London Stock Exchange Group plc (5) –
85,521 GBP Merrill Lynch Man Group plc1 – –
77,111 GBP Citigroup Man Group plc (1) –
225 GBP Deutsche Bank Marks & Spencer Group plc1 – –
17,858 GBP Merrill Lynch Marks & Spencer Group plc (2) –
34,957 GBP J.P. Morgan Marks & Spencer Group plc (3) –
(34,196) GBP Merrill Lynch Mediclinic International plc (1) –
(18,488) GBP Citigroup Mediclinic International plc (7) (0.01)
(1,651) GBP Deutsche Bank Melrose Industries plc1 – –
(56,422) GBP Citigroup Melrose Industries plc (6) –
(78,642) GBP Merrill Lynch Melrose Industries plc (8) (0.01)
(104,237) GBP J.P. Morgan Melrose Industries plc (18) (0.01)
35,036 GBP Citigroup Moneysupermarket.com Group plc (1) –
9,993 GBP Merrill Lynch National Express Group plc1 – –
8,031 GBP J.P. Morgan National Express Group plc (1) –
9,258 GBP Credit Suisse National Express Group plc (1) –
(11,657) GBP J.P. Morgan National Grid plc (1) –
(2,823) GBP Citigroup National Grid plc (1) –
(9,634) GBP Merrill Lynch National Grid plc (4) –
(633) GBP Citigroup NEX Group plc (1) –
(1,734) GBP Deutsche Bank NEX Group plc (6) –
(12,328) GBP Merrill Lynch NEX Group plc (44) (0.02)
3,330 GBP Merrill Lynch Next plc (3) –
(516) GBP J.P. Morgan NMC Health plc1 – –
(2,314) GBP Citigroup NMC Health plc (2) –
5,602 GBP Citigroup Pearson plc (1) –
(1,159) GBP Merrill Lynch Pennon Group plc1 – –
(1,367) GBP Citigroup Pennon Group plc (1) –
(6,802) GBP Credit Suisse Pennon Group plc (1) –
(25,462) GBP J.P. Morgan Pennon Group plc (4) –
316 GBP Deutsche Bank Persimmon plc1 – –
1,824 GBP Credit Suisse Persimmon plc1 – –
2,931 GBP Merrill Lynch Persimmon plc (1) –
300 GBP Merrill Lynch Prudential plc (1) –
4,950 GBP J.P. Morgan Prudential plc (3) –
46,212 GBP Merrill Lynch QinetiQ Group plc (2) –
(730) GBP Credit Suisse Reckitt Benckiser Group plc (2) –
(1,482) GBP Citigroup Reckitt Benckiser Group plc (2) –
327
As at 31 March 2018
Fair Value % of Net

(1,249) GBP J.P. Morgan Reckitt Benckiser Group plc (4) –

(2,636) GBP Merrill Lynch Reckitt Benckiser Group plc (12) (0.01)
6,388 GBP Merrill Lynch RELX plc (2) –
(6,696) GBP J.P. Morgan Rentokil Initial plc (1) –
(36,528) GBP Citigroup Rotork plc (3) –
(52,115) GBP Merrill Lynch Rotork plc (3) –
(12,434) GBP Merrill Lynch Royal Bank of Scotland Group plc1 – –
(101) GBP Citigroup Royal Dutch Shell plc 'B'1 – –
(6,566) GBP Merrill Lynch Royal Dutch Shell plc 'B' (4) –
37,400 GBP J.P. Morgan Royal Mail plc (10) (0.01)
58,881 GBP Credit Suisse Royal Mail plc (16) (0.01)
(45,490) GBP Citigroup RPC Group plc (1) –
33,758 GBP J.P. Morgan Sage Group plc (The) (22) (0.01)
144 GBP Merrill Lynch Schroders plc1 – –
487 GBP J.P. Morgan Schroders plc (1) –
3,869 GBP Citigroup Schroders plc (3) –
2,221 GBP Credit Suisse Schroders plc (5) –
(397) USD Citigroup Sensata Technologies Holding plc1 – –
(1,725) GBP Merrill Lynch Severn Trent plc (2) –
(5,474) GBP Citigroup Shaftesbury plc, REIT1 – –
(7,632) GBP Merrill Lynch Shaftesbury plc, REIT (1) –
227 GBP Merrill Lynch Smiths Group plc1 – –
9,967 GBP J.P. Morgan Smiths Group plc (8) (0.01)
430 GBP Merrill Lynch Spectris plc1 – –
(128) GBP Credit Suisse Spirax-Sarco Engineering plc1 – –
26,326 GBP Merrill Lynch SSP Group plc (2) –
10,645 GBP J.P. Morgan SSP Group plc (2) –
43,066 GBP Credit Suisse SSP Group plc (9) (0.01)
(635) USD Citigroup STERIS plc (1) –
5,951 GBP Merrill Lynch Tate & Lyle plc1 – –
19,336 GBP J.P. Morgan Tate & Lyle plc (5) –
32,507 GBP Merrill Lynch Taylor Wimpey plc (1) –
44,044 GBP Credit Suisse Taylor Wimpey plc (2) –
59,007 GBP J.P. Morgan Taylor Wimpey plc (2) –
2,139 USD J.P. Morgan TechnipFMC plc (1) –
43,958 GBP Citigroup Thomas Cook Group plc1 – –
24,871 GBP Merrill Lynch Thomas Cook Group plc (1) –
18,639 GBP Credit Suisse Thomas Cook Group plc (1) –
169,910 GBP J.P. Morgan Thomas Cook Group plc (10) (0.01)
6,367 GBP Citigroup TP ICAP plc (2) –
370 GBP Deutsche Bank Travis Perkins plc1 – –
865 GBP J.P. Morgan Travis Perkins plc (1) –
3,770 GBP Merrill Lynch Travis Perkins plc (3) –
6,588 GBP Credit Suisse Travis Perkins plc (5) –
(55,644) GBP Citigroup Tullow Oil plc (4) –
(76,559) GBP J.P. Morgan Tullow Oil plc (7) (0.01)
(13,190) GBP J.P. Morgan United Utilities Group plc (2) –
(13,826) GBP Merrill Lynch United Utilities Group plc (3) –
328
As at 31 March 2018
Fair Value % of Net

4,837 GBP Merrill Lynch Vedanta Resources plc (4) –

(1,177) GBP Credit Suisse Victrex plc1 – –
(493) GBP Merrill Lynch Victrex plc1 – –
8,174 GBP Credit Suisse Vodafone Group plc (1) –
12,903 GBP J.P. Morgan Vodafone Group plc (2) –
(438) GBP Credit Suisse Weir Group plc (The)1 – –
(5,956) GBP Citigroup Weir Group plc (The) (2) –
(8,172) GBP J.P. Morgan Weir Group plc (The) (3) –
6,951 GBP Merrill Lynch WH Smith plc (1) –
17,116 GBP J.P. Morgan WH Smith plc (16) (0.01)
6,623 GBP Citigroup William Hill plc1 – –
(564) GBP J.P. Morgan Workspace Group plc, REIT1 – –
Total United Kingdom (749) (0.37)
United States (31 March 2017: (1.07)%)

222 USD Credit Suisse 3M Co. (3) –
340 USD Merrill Lynch 3M Co. (5) –
380 USD J.P. Morgan 3M Co. (5) (0.01)
57 USD Merrill Lynch Aaron's, Inc.1 – –
2,677 USD J.P. Morgan Aaron's, Inc. (4) –
747 USD Citigroup AbbVie, Inc. (2) –
3,936 USD J.P. Morgan AbbVie, Inc. (72) (0.04)
(347) USD Citigroup ABIOMED, Inc. (1) –
(1,359) USD Citigroup Acadia Realty Trust, REIT1 – –
188 USD Deutsche Bank Activision Blizzard, Inc. (1) –
(246) USD Citigroup Actuant Corp. 'A'1 – –
195 USD Credit Suisse Adobe Systems, Inc.1 – –
209 USD Merrill Lynch Adobe Systems, Inc. (1) –
244 USD Citigroup Adobe Systems, Inc. (1) –
(808) USD J.P. Morgan Advance Auto Parts, Inc. (2) –
(1,082) USD Citigroup Advance Auto Parts, Inc. (6) (0.01)
337 USD J.P. Morgan Advanced Energy Industries, Inc. (2) –
846 USD Citigroup Advanced Energy Industries, Inc. (3) –
1,758 USD Merrill Lynch Advanced Energy Industries, Inc. (11) (0.01)
248 USD Citigroup Aflac, Inc.1 – –
246 USD Merrill Lynch Aflac, Inc.1 – –
8,034 USD J.P. Morgan Aflac, Inc. (8) (0.01)
63 USD J.P. Morgan AGCO Corp.1 – –
1,782 USD Merrill Lynch AGCO Corp. (4) –
644 USD Citigroup Agilent Technologies, Inc.1 – –
890 USD J.P. Morgan Agilent Technologies, Inc. (2) –
1,596 USD Merrill Lynch Agilent Technologies, Inc. (4) –
66 USD Credit Suisse Air Products & Chemicals, Inc.1 – –
208 USD Deutsche Bank Air Products & Chemicals, Inc. (1) –
(2,866) USD Citigroup AK Steel Holding Corp.1 – –
(2,692) USD Citigroup Akorn, Inc.1 – –
512 USD Merrill Lynch Alcoa Corp. (1) –
329
As at 31 March 2018
Fair Value % of Net

1,045 USD Credit Suisse Alcoa Corp. (2) –

3,817 USD J.P. Morgan Alcoa Corp. (8) (0.01)
(1,090) USD Citigroup Alexandria Real Estate Equities, Inc., REIT (2) –
137 USD Deutsche Bank Align Technology, Inc.1 – –
291 USD Citigroup Align Technology, Inc. (2) –
157 USD Merrill Lynch Align Technology, Inc. (3) –
(24) USD Deutsche Bank Alleghany Corp. (1) –
(37) USD Citigroup Alleghany Corp. (1) –
(42) USD Credit Suisse ALLETE, Inc.1 – –
(1,783) USD Citigroup ALLETE, Inc. (2) –
(815) USD Merrill Lynch ALLETE, Inc. (2) –
3,265 USD Deutsche Bank Allison Transmission Holdings, Inc. (4) –
1,334 USD Merrill Lynch Allstate Corp. (The) (2) –
(2,477) USD Citigroup Ally Financial, Inc. (1) –
55 USD Citigroup Alphabet, Inc. 'A' (1) –
33 USD Deutsche Bank Alphabet, Inc. (2) –
28 USD Merrill Lynch Alphabet, Inc. (3) –
272 USD J.P. Morgan Alphabet, Inc. 'A' (20) (0.01)
(2,180) USD Citigroup Altria Group, Inc. (3) –
630 USD Credit Suisse AMC Networks, Inc. 'A'1 – –
239 USD Deutsche Bank AMC Networks, Inc. 'A'1 – –
3,354 USD J.P. Morgan AMC Networks, Inc. 'A' (1) –
(64) USD J.P. Morgan AMERCO (1) –
847 USD Citigroup American Airlines Group, Inc.1 – –
462 USD Merrill Lynch American Airlines Group, Inc. (1) –
920 USD J.P. Morgan American Airlines Group, Inc. (2) –
1,214 USD Credit Suisse American Airlines Group, Inc. (3) –
(464) USD Merrill Lynch American Campus Communities, Inc., REIT1 – –
(903) USD Credit Suisse American Campus Communities, Inc., REIT (1) –
(915) USD Citigroup American Campus Communities, Inc., REIT (2) –
(3,087) USD J.P. Morgan American Campus Communities, Inc., REIT (2) –
1,605 USD Merrill Lynch American Express Co. (1) –
839 USD J.P. Morgan American Express Co. (2) –
258 USD J.P. Morgan American Financial Group, Inc.1 – –
1,432 USD Merrill Lynch American Financial Group, Inc. (1) –
518 USD Credit Suisse American Financial Group, Inc. (1) –
(744) USD J.P. Morgan American Homes 4 Rent1 – –
(1,120) USD Credit Suisse American Homes 4 Rent1 – –
296 USD Merrill Lynch American Tower Corp., REIT1 – –
(67) USD Credit Suisse American Water Works Co., Inc.1 – –
(146) USD J.P. Morgan American Water Works Co., Inc.1 – –
(1,095) USD Citigroup American Water Works Co., Inc. (2) –
42 USD J.P. Morgan Ameriprise Financial, Inc.1 – –
607 USD Citigroup Ameriprise Financial, Inc. (2) –
411 USD Credit Suisse Ameriprise Financial, Inc. (3) –
1,425 USD Merrill Lynch Ameriprise Financial, Inc. (9) (0.01)
281 USD J.P. Morgan AmerisourceBergen Corp. (2) –
184 USD Credit Suisse Amgen, Inc. (3) –
330
As at 31 March 2018
Fair Value % of Net

692 USD Merrill Lynch Amgen, Inc. (11) (0.01)

2,447 USD Citigroup Amgen, Inc. (11) (0.01)
2,042 USD J.P. Morgan Amgen, Inc. (28) (0.02)
1,156 USD J.P. Morgan Amkor Technology, Inc. (1) –
5,905 USD Merrill Lynch Amkor Technology, Inc. (5) –
1,260 USD Citigroup Anadarko Petroleum Corp.1 – –
(1,007) USD Citigroup Analog Devices, Inc. (1) –
154 USD Citigroup Andeavor1 – –
(394) USD Citigroup Anixter International, Inc.1 – –
361 USD Merrill Lynch ANSYS, Inc. (3) –
2,200 USD Merrill Lynch Antero Resources Corp. (1) –
285 USD J.P. Morgan AO Smith Corp.1 – –
739 USD Merrill Lynch AO Smith Corp. (1) –
2,054 USD Citigroup AO Smith Corp. (2) –
771 USD Deutsche Bank Apple Hospitality REIT, Inc. (1) –
2,175 USD Merrill Lynch Applied Industrial Technologies, Inc.1 – –
6,098 USD Merrill Lynch Applied Materials, Inc. (23) (0.01)
740 USD J.P. Morgan AptarGroup, Inc.1 – –
369 USD Merrill Lynch AptarGroup, Inc.1 – –
(826) USD Credit Suisse Aqua America, Inc.1 – –
(820) USD Merrill Lynch Aqua America, Inc.1 – –
(1,628) USD J.P. Morgan Aqua America, Inc. (1) –
(3,794) USD Citigroup Aqua America, Inc. (3) –
(1,605) USD Merrill Lynch Archer-Daniels-Midland Co.1 – –
(536) USD Citigroup Archer-Daniels-Midland Co. (1) –
(610) USD Citigroup Arconic, Inc.1 – –
43 USD J.P. Morgan Armstrong World Industries, Inc.1 – –
504 USD Citigroup Armstrong World Industries, Inc.1 – –
775 USD Credit Suisse Armstrong World Industries, Inc. (2) –
100 USD Citigroup Arrow Electronics, Inc.1 – –
155 USD Merrill Lynch Arrow Electronics, Inc. (1) –
328 USD Credit Suisse Arrow Electronics, Inc. (1) –
780 USD J.P. Morgan Arrow Electronics, Inc. (1) –
(894) USD Citigroup Arthur J Gallagher & Co.1 – –
1,076 USD Merrill Lynch Ashland Global Holdings, Inc. (2) –
685 USD Citigroup Aspen Technology, Inc.1 – –
2,007 USD Merrill Lynch Aspen Technology, Inc. (3) –
3,192 USD J.P. Morgan Aspen Technology, Inc. (7) (0.01)
363 USD Credit Suisse Associated Banc-Corp.1 – –
1,927 USD J.P. Morgan Associated Banc-Corp. (2) –
1,530 USD J.P. Morgan AT&T, Inc. (2) –
3,774 USD Merrill Lynch AT&T, Inc. (4) –
(1,087) USD Citigroup athenahealth, Inc. (1) –
(162) USD Citigroup Automatic Data Processing, Inc.1 – –
36 USD J.P. Morgan AutoZone, Inc.1 – –
183 USD Credit Suisse Avery Dennison Corp. (1) –
1,231 USD J.P. Morgan Avery Dennison Corp. (9) (0.01)
331
As at 31 March 2018
Fair Value % of Net

1,885 USD Merrill Lynch Avery Dennison Corp. (12) (0.01)

(2,719) USD Deutsche Bank Avexis, Inc. (17) (0.01)
62 USD Credit Suisse AVX Corp.1 – –
935 USD Citigroup AVX Corp.1 – –
2,744 USD Merrill Lynch AVX Corp. (2) –
3,922 USD J.P. Morgan AVX Corp. (3) –
(441) USD Merrill Lynch Balchem Corp.1 – –
(435) USD Credit Suisse Balchem Corp. (1) –
(643) USD J.P. Morgan Balchem Corp. (1) –
(2,235) USD Citigroup Balchem Corp. (3) –
(6,284) USD Citigroup Ball Corp. (3) –
625 USD Merrill Lynch Bank of Hawaii Corp. (1) –
1,199 USD J.P. Morgan Bank of Hawaii Corp. (2) –
(1,172) USD Citigroup Bank of the Ozarks, Inc. (1) –
472 USD Merrill Lynch Barnes Group, Inc. (1) –
32 USD Credit Suisse Baxter International, Inc.1 – –
1,986 USD Citigroup Baxter International, Inc. (1) –
1,365 USD J.P. Morgan Baxter International, Inc. (3) –
2,139 USD Merrill Lynch Baxter International, Inc. (4) –
(3,516) USD Citigroup Beacon Roofing Supply, Inc. (3) –
415 USD Citigroup Bed Bath & Beyond, Inc.1 – –
2,099 USD J.P. Morgan Bed Bath & Beyond, Inc. (1) –
7,959 USD Merrill Lynch Bed Bath & Beyond, Inc. (6) (0.01)
182 USD Merrill Lynch Bemis Co., Inc.1 – –
(459) USD Citigroup Berkshire Hathaway, Inc. 'B' (1) –
339 USD Merrill Lynch Berry Global Group, Inc.1 – –
88 USD Credit Suisse Best Buy Co., Inc.1 – –
2,446 USD Merrill Lynch BGC Partners, Inc. 'A'1 – –
1,451 USD J.P. Morgan BGC Partners, Inc. 'A' (1) –
2,406 USD Citigroup Big Lots, Inc. (1) –
4,848 USD Merrill Lynch Big Lots, Inc. (12) (0.01)
1,673 USD Credit Suisse Big Lots, Inc. (14) (0.01)
94 USD J.P. Morgan Biogen, Inc. (1) –
118 USD Deutsche Bank Biogen, Inc. (3) –
652 USD Merrill Lynch Biogen, Inc. (7) (0.01)
(28) USD Deutsche Bank Bio-Rad Laboratories, Inc. 'A'1 – –
(897) USD Citigroup Black Hills Corp. (1) –
(695) USD J.P. Morgan Black Hills Corp. (1) –
(2,011) USD Merrill Lynch Black Hills Corp. (3) –
(1,797) USD Citigroup Black Knight, Inc.1 – –
(2,614) USD Merrill Lynch Blue Buffalo Pet Products, Inc.1 – –
338 USD J.P. Morgan Boeing Co. (The) (6) (0.01)
(1,060) USD J.P. Morgan BOK Financial Corp. (1) –
(22) USD Deutsche Bank Booking Holdings, Inc. (4) –
2,002 USD Merrill Lynch Booz Allen Hamilton Holding Corp. (1) –
1,872 USD J.P. Morgan Booz Allen Hamilton Holding Corp. (1) –
3,313 USD Credit Suisse Booz Allen Hamilton Holding Corp. (1) –
650 USD Deutsche Bank BorgWarner, Inc. (1) –
332
As at 31 March 2018
Fair Value % of Net

2,501 USD Merrill Lynch Boston Scientific Corp. (1) –

2,632 USD Merrill Lynch Brandywine Realty Trust, REIT1 – –
1,803 USD Credit Suisse Brandywine Realty Trust, REIT (1) –
7,065 USD J.P. Morgan Brandywine Realty Trust, REIT (2) –
(44) USD Credit Suisse Bright Horizons Family Solutions, Inc.1 – –
(418) USD J.P. Morgan Bright Horizons Family Solutions, Inc.1 – –
948 USD Merrill Lynch Brinker International, Inc. (1) –
238 USD J.P. Morgan Bristol-Myers Squibb Co. (1) –
265 USD Deutsche Bank Bristol-Myers Squibb Co. (1) –
827 USD Merrill Lynch Bristol-Myers Squibb Co. (2) –
2,354 USD Credit Suisse Bristol-Myers Squibb Co. (7) (0.01)
(1,597) USD Citigroup Brixmor Property Group, Inc., REIT1 – –
483 USD Credit Suisse Bruker Corp.1 – –
1,397 USD Merrill Lynch Bruker Corp.1 – –
889 USD J.P. Morgan Bruker Corp.1 – –
1,172 USD Deutsche Bank Bruker Corp. (2) –
160 USD Citigroup Brunswick Corp.1 – –
335 USD J.P. Morgan BWX Technologies, Inc.1 – –
361 USD Citigroup BWX Technologies, Inc. (1) –
84 USD Deutsche Bank CA, Inc.1 – –
2,306 USD Citigroup CA, Inc. (1) –
1,163 USD J.P. Morgan CA, Inc. (2) –
3,540 USD Merrill Lynch CA, Inc. (5) –
484 USD Merrill Lynch Cabot Corp. (2) –
2,513 USD J.P. Morgan Cabot Corp. (10) (0.01)
343 USD Merrill Lynch Cabot Oil & Gas Corp.1 – –
2,489 USD Credit Suisse Cabot Oil & Gas Corp. (2) –
3,296 USD J.P. Morgan Cabot Oil & Gas Corp. (3) –
3,333 USD Citigroup Cadence Design Systems, Inc. (2) –
1,606 USD Merrill Lynch Cadence Design Systems, Inc. (3) –
5,175 USD J.P. Morgan Cadence Design Systems, Inc. (11) (0.01)
(3,685) USD Credit Suisse Callon Petroleum Co. (6) (0.01)
(8,663) USD Citigroup Callon Petroleum Co. (8) (0.01)
(32,301) USD Merrill Lynch Callon Petroleum Co. (47) (0.03)
(761) USD Deutsche Bank Cal-Maine Foods, Inc. (1) –
(796) USD Citigroup Capital One Financial Corp. (1) –
1,605 USD Merrill Lynch Capitol Federal Financial, Inc. (1) –
5,935 USD Citigroup Capitol Federal Financial, Inc. (1) –
3,371 USD Credit Suisse Capitol Federal Financial, Inc. (2) –
(454) USD Credit Suisse CarMax, Inc.1 – –
(5,925) USD Citigroup CarMax, Inc. (9) (0.01)
(1,557) USD Citigroup Carpenter Technology Corp.1 – –
433 USD Citigroup Carter's, Inc. (1) –
221 USD Merrill Lynch Carter's, Inc. (1) –
997 USD J.P. Morgan Carter's, Inc. (8) (0.01)
(93) USD Credit Suisse Casey's General Stores, Inc.1 – –
(460) USD Citigroup Casey's General Stores, Inc.1 – –
333
As at 31 March 2018
Fair Value % of Net

132 USD Merrill Lynch Caterpillar, Inc. (1) –

273 USD Credit Suisse Caterpillar, Inc. (1) –
224 USD Deutsche Bank Caterpillar, Inc. (2) –
249 USD Citigroup Cathay General Bancorp1 – –
708 USD J.P. Morgan Cathay General Bancorp (2) –
3,484 USD Merrill Lynch Cathay General Bancorp (8) (0.01)
(497) USD Citigroup CBOE Holdings, Inc. (1) –
2,282 USD Merrill Lynch CBRE Group, Inc. 'A'1 – –
746 USD J.P. Morgan CBS Corp. 'B' (1) –
199 USD Deutsche Bank CDK Global, Inc. (1) –
3,787 USD Citigroup CDK Global, Inc. (6) (0.01)
1,228 USD J.P. Morgan CDK Global, Inc. (7) (0.01)
386 USD J.P. Morgan CDW Corp. (1) –
765 USD Citigroup CDW Corp. (2) –
1,029 USD Citigroup Celanese Corp. 'A'1 – –
1,466 USD J.P. Morgan Celanese Corp. 'A' (8) (0.01)
2,191 USD Merrill Lynch Celgene Corp. (1) –
(20,091) USD Citigroup Centennial Resource Development, Inc. 'A' (3) –
311 USD Credit Suisse Cerner Corp. (1) –
(1,872) USD Citigroup CF Industries Holdings, Inc. (1) –
309 USD Citigroup Charles River Laboratories International, Inc.1 – –
313 USD Merrill Lynch Charles River Laboratories International, Inc. (1) –
1,012 USD J.P. Morgan Charles River Laboratories International, Inc. (4) –
1,809 USD J.P. Morgan Cheesecake Factory, Inc. (The) (1) –
980 USD Merrill Lynch Chemed Corp. (6) (0.01)
445 USD Deutsche Bank Chemours Co. (The)1 – –
(6,471) USD Citigroup Cheniere Energy, Inc. (8) (0.01)
(2,310) USD Credit Suisse Chesapeake Energy Corp.1 – –
(10,981) USD J.P. Morgan Chesapeake Energy Corp.1 – –
748 USD Merrill Lynch Chevron Corp. (1) –
10,888 USD Merrill Lynch Chimera Investment Corp., REIT (3) –
(180) USD J.P. Morgan Chipotle Mexican Grill, Inc.1 – –
(50) USD Deutsche Bank Chipotle Mexican Grill, Inc. (2) –
(491) USD Deutsche Bank Church & Dwight Co., Inc.1 – –
915 USD Credit Suisse Cigna Corp. (3) –
160 USD Citigroup Cimarex Energy Co.1 – –
1,919 USD J.P. Morgan Cimarex Energy Co.1 – –
2,526 USD Credit Suisse Cimarex Energy Co.1 – –
156 USD J.P. Morgan Cintas Corp.1 – –
227 USD Merrill Lynch Cintas Corp. (1) –
166 USD Credit Suisse Cirrus Logic, Inc. (1) –
1,111 USD Citigroup Cirrus Logic, Inc. (1) –
579 USD J.P. Morgan Cirrus Logic, Inc. (2) –
4,489 USD Citigroup Cisco Systems, Inc. (1) –
705 USD J.P. Morgan CIT Group, Inc. (2) –
1,064 USD Merrill Lynch CIT Group, Inc. (2) –
1,535 USD Credit Suisse CIT Group, Inc. (4) –
284 USD Credit Suisse Citizens Financial Group, Inc. (1) –
334
As at 31 March 2018
Fair Value % of Net

5,368 USD Citigroup Citizens Financial Group, Inc. (4) –

1,776 USD Citigroup Citrix Systems, Inc. (1) –
663 USD Merrill Lynch Citrix Systems, Inc. (1) –
1,297 USD J.P. Morgan Citrix Systems, Inc. (2) –
(9,348) USD Citigroup Cleveland-Cliffs, Inc. (2) –
(2,161) USD Citigroup Colfax Corp.1 – –
1,383 USD Merrill Lynch Columbia Property Trust, Inc., REIT (1) –
1,375 USD J.P. Morgan Columbia Property Trust, Inc., REIT (1) –
4,642 USD Credit Suisse Columbia Property Trust, Inc., REIT (4) –
(1,001) USD Citigroup Comcast Corp. 'A' (1) –
21 USD J.P. Morgan Comerica, Inc.1 – –
81 USD Credit Suisse Comerica, Inc.1 – –
247 USD Deutsche Bank Comerica, Inc.1 – –
1,918 USD Merrill Lynch Comerica, Inc. (3) –
1,554 USD Citigroup Commerce Bancshares, Inc.1 – –
1,252 USD J.P. Morgan Commercial Metals Co. (5) (0.01)
212 USD Deutsche Bank Community Bank System, Inc.1 – –
140 USD Credit Suisse Community Bank System, Inc.1 – –
321 USD Merrill Lynch Community Bank System, Inc. (1) –
1,394 USD J.P. Morgan Conagra Brands, Inc. (1) –
(2,695) USD J.P. Morgan Continental Resources, Inc. (17) (0.01)
1,230 USD Citigroup Convergys Corp.1 – –
1,563 USD Credit Suisse Convergys Corp. (1) –
2,594 USD J.P. Morgan Convergys Corp. (2) –
10,231 USD Merrill Lynch Convergys Corp. (7) (0.01)
67 USD Merrill Lynch Cooper Cos., Inc. (The)1 – –
348 USD J.P. Morgan Cooper Cos., Inc. (The) (6) (0.01)
639 USD Citigroup Cooper Tire & Rubber Co.1 – –
1,987 USD J.P. Morgan Cooper Tire & Rubber Co. (5) (0.01)
(283) USD Merrill Lynch Copart, Inc.1 – –
153 USD J.P. Morgan CoreLogic, Inc.1 – –
656 USD Merrill Lynch CoreLogic, Inc.1 – –
1,150 USD Citigroup CoreSite Realty Corp., REIT (2) –
1,108 USD Citigroup Corning, Inc. (1) –
918 USD Merrill Lynch Corporate Office Properties Trust, REIT1 – –
(80) USD Citigroup CoStar Group, Inc.1 – –
(86) USD Credit Suisse CoStar Group, Inc.1 – –
(244) USD J.P. Morgan CoStar Group, Inc. (1) –
(167) USD Merrill Lynch Costco Wholesale Corp.1 – –
(103) USD Citigroup Costco Wholesale Corp. (1) –
(19,449) USD Citigroup Coty, Inc. 'A' (2) –
(1,390) USD Merrill Lynch Cousins Properties, Inc., REIT1 – –
(1,988) USD Credit Suisse Cousins Properties, Inc., REIT1 – –
(1,955) USD Citigroup Cousins Properties, Inc., REIT1 – –
(5,782) USD J.P. Morgan Cousins Properties, Inc., REIT (1) –
167 USD J.P. Morgan Cracker Barrel Old Country Store, Inc.1 – –
916 USD Merrill Lynch Cracker Barrel Old Country Store, Inc. (1) –
335
As at 31 March 2018
Fair Value % of Net

349 USD Citigroup Crane Co.1 – –

625 USD Merrill Lynch Crane Co. (1) –
1,330 USD J.P. Morgan Crane Co. (2) –
78 USD Credit Suisse Credit Acceptance Corp.1 – –
169 USD J.P. Morgan Credit Acceptance Corp.1 – –
509 USD Merrill Lynch Crown Holdings, Inc.1 – –
970 USD Deutsche Bank Crown Holdings, Inc. (1) –
48 USD Deutsche Bank Cullen/Frost Bankers, Inc.1 – –
132 USD Merrill Lynch Cullen/Frost Bankers, Inc.1 – –
324 USD Credit Suisse Cullen/Frost Bankers, Inc. (1) –
45 USD Citigroup Curtiss-Wright Corp.1 – –
371 USD J.P. Morgan Curtiss-Wright Corp.1 – –
527 USD Merrill Lynch Curtiss-Wright Corp.1 – –
859 USD J.P. Morgan CVR Energy, Inc. (1) –
968 USD Citigroup CVR Energy, Inc. (1) –
(2,792) USD Citigroup CyrusOne, Inc., REIT1 – –
(558) USD Credit Suisse CyrusOne, Inc., REIT (1) –
(785) USD J.P. Morgan CyrusOne, Inc., REIT (1) –
271 USD Credit Suisse Dana, Inc.1 – –
1,138 USD J.P. Morgan Dana, Inc.1 – –
6,611 USD Merrill Lynch Dana, Inc. (2) –
973 USD Deutsche Bank Dana, Inc. (2) –
(700) USD Citigroup Danaher Corp.1 – –
27 USD Citigroup Darden Restaurants, Inc.1 – –
1,353 USD Merrill Lynch Darden Restaurants, Inc. (9) (0.01)
32 USD Merrill Lynch Dave & Buster's Entertainment, Inc.1 – –
1,324 USD Citigroup Dave & Buster's Entertainment, Inc. (1) –
851 USD J.P. Morgan Dave & Buster's Entertainment, Inc. (2) –
95 USD J.P. Morgan DaVita, Inc. (1) –
1,074 USD J.P. Morgan DCT Industrial Trust, Inc., REIT1 – –
926 USD Merrill Lynch DCT Industrial Trust, Inc., REIT (1) –
(615) USD Merrill Lynch DDR Corp.1 – –
(7,365) USD Citigroup DDR Corp. (2) –
186 USD Merrill Lynch Deckers Outdoor Corp.1 – –
667 USD Citigroup Deckers Outdoor Corp.1 – –
771 USD Credit Suisse Deckers Outdoor Corp. (3) –
48 USD J.P. Morgan Deere & Co.1 – –
352 USD J.P. Morgan Dell Technologies, Inc. (1) –
228 USD Merrill Lynch Delta Air Lines, Inc.1 – –
3,054 USD Citigroup Devon Energy Corp. (1) –
4,607 USD Credit Suisse Devon Energy Corp. (2) –
6,672 USD J.P. Morgan Devon Energy Corp. (3) –
(398) USD J.P. Morgan DexCom, Inc. (5) –
(481) USD Credit Suisse DexCom, Inc. (6) (0.01)
(1,818) USD Citigroup DexCom, Inc. (11) (0.01)
(2,287) USD Merrill Lynch DexCom, Inc. (17) (0.01)
4,509 USD J.P. Morgan Diamond Offshore Drilling, Inc.1 – –
4,871 USD Credit Suisse Diamond Offshore Drilling, Inc.1 – –
336
As at 31 March 2018
Fair Value % of Net

2,745 USD Merrill Lynch Diamond Offshore Drilling, Inc. (1) –

3,564 USD Citigroup Diamond Offshore Drilling, Inc. (2) –
(2,373) USD Merrill Lynch Diamondback Energy, Inc. (4) –
(1,317) USD Citigroup DiamondRock Hospitality Co., REIT1 – –
(509) USD Merrill Lynch Digital Realty Trust, Inc., REIT1 – –
(112) USD Citigroup Digital Realty Trust, Inc., REIT1 – –
(2,416) USD J.P. Morgan Digital Realty Trust, Inc., REIT (3) –
6,191 USD J.P. Morgan Discovery Communications, Inc. 'A' (13) (0.01)
1,218 USD Merrill Lynch Discovery, Inc. 'C' (2) –
(2,671) USD Citigroup DISH Network Corp. 'A'1 – –
77 USD J.P. Morgan Dolby Laboratories, Inc. 'A'1 – –
143 USD Citigroup Dolby Laboratories, Inc. 'A'1 – –
412 USD Credit Suisse Dolby Laboratories, Inc. 'A' (1) –
1,498 USD Merrill Lynch Dolby Laboratories, Inc. 'A' (5) –
(296) USD Merrill Lynch Dollar General Corp.1 – –
(1,374) USD Citigroup Dollar Tree, Inc. (2) –
14 USD Deutsche Bank Domtar Corp.1 – –
251 USD Credit Suisse Domtar Corp. (1) –
630 USD Merrill Lynch Domtar Corp. (2) –
2,474 USD Citigroup Domtar Corp. (3) –
1,429 USD J.P. Morgan Domtar Corp. (3) –
(235) USD Citigroup Dorman Products, Inc.1 – –
2,457 USD Merrill Lynch Douglas Emmett, Inc., REIT (1) –
(3,674) USD Citigroup DR Horton, Inc. (1) –
(1,646) USD Merrill Lynch Duke Energy Corp. (1) –
210 USD Citigroup Dun & Bradstreet Corp. (The) (1) –
211 USD Credit Suisse Dun & Bradstreet Corp. (The) (2) –
453 USD J.P. Morgan Dun & Bradstreet Corp. (The) (4) –
549 USD Merrill Lynch Dun & Bradstreet Corp. (The) (4) –
(262) USD Credit Suisse Eagle Materials, Inc.1 – –
(896) USD J.P. Morgan Eagle Materials, Inc. (1) –
(666) USD Merrill Lynch Eagle Materials, Inc. (2) –
1,560 USD Citigroup East West Bancorp, Inc. (1) –
721 USD J.P. Morgan East West Bancorp, Inc. (3) –
1,411 USD Merrill Lynch East West Bancorp, Inc. (3) –
10 USD Merrill Lynch EastGroup Properties, Inc., REIT1 – –
2,550 USD Credit Suisse EastGroup Properties, Inc., REIT (1) –
147 USD Credit Suisse Eastman Chemical Co.1 – –
2,070 USD J.P. Morgan Eastman Chemical Co. (1) –
183 USD Credit Suisse Eaton Vance Corp.1 – –
462 USD J.P. Morgan Eaton Vance Corp.1 – –
790 USD Merrill Lynch Eaton Vance Corp. (1) –
2,340 USD Citigroup eBay, Inc. (1) –
384 USD J.P. Morgan eBay, Inc. (1) –
839 USD Merrill Lynch eBay, Inc. (2) –
673 USD Citigroup EchoStar Corp. 'A' (1) –
349 USD Merrill Lynch EchoStar Corp. 'A' (1) –
337
As at 31 March 2018
Fair Value % of Net

929 USD J.P. Morgan EchoStar Corp. 'A' (4) –

(1,419) USD Merrill Lynch Ecolab, Inc.1 – –
499 USD Merrill Lynch Edison International1 – –
(1,391) USD Merrill Lynch Education Realty Trust, Inc., REIT1 – –
(805) USD Citigroup Education Realty Trust, Inc., REIT (1) –
(3,296) USD Credit Suisse Education Realty Trust, Inc., REIT (1) –
252 USD J.P. Morgan Electronic Arts, Inc. (2) –
366 USD Credit Suisse Eli Lilly & Co. (1) –
588 USD Merrill Lynch Eli Lilly & Co. (1) –
2,374 USD J.P. Morgan Eli Lilly & Co. (3) –
89 USD Merrill Lynch EMCOR Group, Inc.1 – –
1,969 USD Citigroup EMCOR Group, Inc.1 – –
257 USD J.P. Morgan Empire State Realty Trust, Inc., REIT 'A'1 – –
1,579 USD Merrill Lynch Empire State Realty Trust, Inc., REIT 'A' (1) –
430 USD Merrill Lynch Encompass Health Corp.1 – –
632 USD J.P. Morgan EnerSys (1) –
431 USD Citigroup Entegris, Inc. (1) –
1,456 USD J.P. Morgan Entegris, Inc. (1) –
1,300 USD Merrill Lynch Entegris, Inc. (1) –
(4,648) USD Citigroup Envision Healthcare Corp. (3) –
145 USD Credit Suisse EPR Properties, REIT1 – –
96 USD Merrill Lynch EPR Properties, REIT1 – –
736 USD Citigroup EPR Properties, REIT1 – –
2,271 USD J.P. Morgan EPR Properties, REIT (1) –
(1,272) USD Citigroup Equifax, Inc.1 – –
(36) USD Credit Suisse Equinix, Inc., REIT (1) –
(458) USD Merrill Lynch Equinix, Inc., REIT (1) –
(8) USD Deutsche Bank Erie Indemnity Co. 'A'1 – –
(336) USD Citigroup Erie Indemnity Co. 'A'1 – –
471 USD Merrill Lynch Essex Property Trust, Inc., REIT1 – –
460 USD Merrill Lynch Euronet Worldwide, Inc. (3) –
733 USD Citigroup Euronet Worldwide, Inc. (5) –
166 USD Citigroup Evercore Partners, Inc. 'A'1 – –
1,287 USD Merrill Lynch Evercore Partners, Inc. 'A' (7) (0.01)
(68) USD Credit Suisse Eversource Energy1 – –
(200) USD J.P. Morgan Eversource Energy1 – –
(1,146) USD Citigroup Eversource Energy (1) –
(238) USD J.P. Morgan Expedia, Inc.1 – –
(227) USD Citigroup Expedia, Inc. (1) –
922 USD Merrill Lynch Expeditors International of Washington, Inc.1 – –
4,189 USD J.P. Morgan Expeditors International of Washington, Inc. (1) –
1,108 USD Deutsche Bank Express Scripts Holding Co. (5) –
1,817 USD Merrill Lynch Express Scripts Holding Co. (11) (0.01)
1,685 USD J.P. Morgan Express Scripts Holding Co. (15) (0.01)
3,327 USD Credit Suisse Express Scripts Holding Co. (29) (0.02)
(292) USD J.P. Morgan Extended Stay America, Inc.1 – –
(1,000) USD Credit Suisse Extended Stay America, Inc.1 – –
162 USD Deutsche Bank F5 Networks, Inc.1 – –
338
As at 31 March 2018
Fair Value % of Net

307 USD Citigroup F5 Networks, Inc.1 – –

411 USD Credit Suisse F5 Networks, Inc. (1) –
845 USD J.P. Morgan F5 Networks, Inc. (2) –
1,039 USD Merrill Lynch F5 Networks, Inc. (3) –
6 USD Citigroup FactSet Research Systems, Inc.1 – –
449 USD Merrill Lynch FactSet Research Systems, Inc. (5) –
259 USD Merrill Lynch Fair Isaac Corp.1 – –
67 USD Credit Suisse Fair Isaac Corp.1 – –
92 USD J.P. Morgan Fair Isaac Corp. (1) –
2,200 USD Deutsche Bank Fastenal Co. (2) –
490 USD Merrill Lynch Federal Realty Investment Trust, REIT1 – –
505 USD J.P. Morgan FedEx Corp.1 – –
191 USD Deutsche Bank FedEx Corp. (1) –
401 USD Merrill Lynch FedEx Corp. (2) –
429 USD Deutsche Bank FibroGen, Inc. (4) –
1,222 USD Merrill Lynch FibroGen, Inc. (5) –
32 USD Deutsche Bank Fifth Third Bancorp1 – –
2,464 USD Citigroup Fifth Third Bancorp (1) –
898 USD Credit Suisse Fifth Third Bancorp (1) –
1,622 USD J.P. Morgan Fifth Third Bancorp (3) –
(612) USD J.P. Morgan Financial Engines, Inc. (1) –
(1,732) USD Citigroup Financial Engines, Inc. (2) –
(2,849) USD Credit Suisse Financial Engines, Inc. (3) –
8,574 USD Citigroup First Data Corp. 'A' (3) –
899 USD Credit Suisse First Industrial Realty Trust, Inc., REIT1 – –
4,799 USD J.P. Morgan First Industrial Realty Trust, Inc., REIT1 – –
1,532 USD Merrill Lynch First Industrial Realty Trust, Inc., REIT1 – –
(573) USD Citigroup First Republic Bank1 – –
(1,216) USD J.P. Morgan First Solar, Inc. (3) –
(663) USD Credit Suisse FirstCash, Inc. (2) –
1,993 USD Citigroup FirstEnergy Corp. (1) –
3,336 USD Citigroup Fiserv, Inc.1 – –
64 USD J.P. Morgan Fiserv, Inc.1 – –
86 USD Merrill Lynch Fiserv, Inc.1 – –
318 USD Credit Suisse Fiserv, Inc.1 – –
(2,062) USD Citigroup Five Below, Inc. (6) (0.01)
(1,891) USD Citigroup FLIR Systems, Inc. (1) –
(1,241) USD Citigroup Floor & Decor Holdings, Inc. 'A' (1) –
(1,838) USD Merrill Lynch Floor & Decor Holdings, Inc. 'A' (9) (0.01)
(3,685) USD Citigroup Flowserve Corp.1 – –
(1,314) USD J.P. Morgan Fluor Corp.1 – –
1,626 USD Citigroup Fortinet, Inc.1 – –
367 USD J.P. Morgan Fortinet, Inc.1 – –
1,522 USD Credit Suisse Fortinet, Inc. (1) –
1,307 USD Merrill Lynch Fortinet, Inc. (1) –
114 USD Merrill Lynch Fortive Corp.1 – –
1,345 USD J.P. Morgan Fortive Corp. (1) –
339
As at 31 March 2018
Fair Value % of Net

349 USD Citigroup Fortune Brands Home & Security, Inc.1 – –

226 USD Credit Suisse Fortune Brands Home & Security, Inc. (1) –
374 USD Credit Suisse Franklin Resources, Inc. (2) –
2,139 USD Citigroup Franklin Resources, Inc. (5) –
1,578 USD J.P. Morgan Franklin Resources, Inc. (6) (0.01)
4,700 USD Merrill Lynch Franklin Resources, Inc. (15) (0.01)
2,565 USD Credit Suisse Freeport-McMoRan, Inc. 'B' (1) –
3,878 USD Citigroup Freeport-McMoRan, Inc. 'B' (2) –
(255) USD Citigroup FTI Consulting, Inc.1 – –
543 USD Citigroup Fulton Financial Corp.1 – –
3,229 USD J.P. Morgan Fulton Financial Corp. (3) –
4,383 USD Merrill Lynch Fulton Financial Corp. (5) –
818 USD J.P. Morgan GameStop Corp. 'A' (2) –
1,812 USD Credit Suisse GameStop Corp. 'A' (4) –
2,120 USD Merrill Lynch GameStop Corp. 'A' (5) –
9,027 USD Citigroup GameStop Corp. 'A' (9) (0.01)
5,172 USD Deutsche Bank GameStop Corp. 'A' (16) (0.01)
(763) USD Citigroup Gaming and Leisure Properties, Inc., REIT1 – –
117 USD Deutsche Bank Gap, Inc. (The)1 – –
796 USD Credit Suisse Gap, Inc. (The) (1) –
2,821 USD Merrill Lynch Gap, Inc. (The) (1) –
3,596 USD J.P. Morgan Gap, Inc. (The) (4) –
262 USD Credit Suisse GATX Corp.1 – –
973 USD J.P. Morgan GATX Corp.1 – –
2,143 USD Merrill Lynch GATX Corp. (1) –
(508) USD J.P. Morgan GCI Liberty, Inc. 'A'1 – –
(3,005) USD Merrill Lynch GCI Liberty, Inc. 'A' (2) –
369 USD J.P. Morgan Generac Holdings, Inc.1 – –
385 USD Credit Suisse Generac Holdings, Inc.1 – –
683 USD J.P. Morgan General Mills, Inc. (4) –
2,635 USD Citigroup General Motors Co.1 – –
2,756 USD J.P. Morgan General Motors Co. (3) –
7,616 USD Merrill Lynch General Motors Co. (9) (0.01)
268 USD Merrill Lynch Gentex Corp.1 – –
238 USD Citigroup Gilead Sciences, Inc.1 – –
1,345 USD Credit Suisse Gilead Sciences, Inc. (5) –
3,271 USD Merrill Lynch Gilead Sciences, Inc. (11) (0.01)
3,712 USD J.P. Morgan Gilead Sciences, Inc. (14) (0.01)
127 USD Citigroup Glacier Bancorp, Inc.1 – –
60 USD J.P. Morgan Glacier Bancorp, Inc.1 – –
527 USD Merrill Lynch Glacier Bancorp, Inc. (1) –
542 USD Merrill Lynch GoDaddy, Inc. 'A' (1) –
976 USD J.P. Morgan GoDaddy, Inc. 'A' (2) –
753 USD Citigroup Goodyear Tire & Rubber Co. (The) (1) –
890 USD Merrill Lynch Goodyear Tire & Rubber Co. (The) (1) –
1,335 USD J.P. Morgan Goodyear Tire & Rubber Co. (The) (2) –
432 USD J.P. Morgan Graco, Inc.1 – –
3,583 USD Credit Suisse Graco, Inc.1 – –
340
As at 31 March 2018
Fair Value % of Net

9 USD Deutsche Bank Graham Holdings Co. 'B'1 – –

(547) USD Citigroup Grand Canyon Education, Inc.1 – –
(453) USD Merrill Lynch Great Plains Energy, Inc. (1) –
(1,323) USD Citigroup Great Plains Energy, Inc. (1) –
3,136 USD Citigroup Green Dot Corp. 'A' (2) –
2,722 USD Merrill Lynch Groupon, Inc. (1) –
2,861 USD Citigroup Groupon, Inc. (1) –
4,610 USD Credit Suisse Groupon, Inc. (1) –
(216) USD Deutsche Bank GrubHub, Inc. (1) –
(12,883) USD Citigroup Gulfport Energy Corp.1 – –
(1,340) USD Deutsche Bank Gulfport Energy Corp. (1) –
401 USD Deutsche Bank H&R Block, Inc. (1) –
1,019 USD Merrill Lynch H&R Block, Inc. (1) –
2,429 USD Credit Suisse H&R Block, Inc. (5) –
446 USD Merrill Lynch Haemonetics Corp.1 – –
333 USD Citigroup Haemonetics Corp.1 – –
(5,566) USD Citigroup Hain Celestial Group, Inc. (The)1 – –
(636) USD Citigroup Harley-Davidson, Inc.1 – –
(147) USD Merrill Lynch Harris Corp.1 – –
641 USD Deutsche Bank Hartford Financial Services Group, Inc. (The) (2) –
1,442 USD Credit Suisse Hartford Financial Services Group, Inc. (The) (3) –
117 USD Citigroup Hasbro, Inc.1 – –
106 USD Merrill Lynch Hasbro, Inc.1 – –
207 USD J.P. Morgan Hasbro, Inc. (2) –
51 USD Credit Suisse HCA Holdings, Inc.1 – –
778 USD Citigroup HCA Holdings, Inc. (2) –
1,553 USD J.P. Morgan HCA Holdings, Inc. (7) (0.01)
3,291 USD Merrill Lynch HCA Holdings, Inc. (17) (0.01)
(1,510) USD J.P. Morgan HCP, Inc., REIT (1) –
(3,804) USD Merrill Lynch HCP, Inc., REIT (1) –
(2,257) USD Citigroup HCP, Inc., REIT (1) –
(1,920) USD Citigroup Healthcare Services Group, Inc. (1) –
(393) USD Credit Suisse Healthcare Trust of America, Inc., REIT 'A'1 – –
(2,289) USD Merrill Lynch Healthcare Trust of America, Inc., REIT 'A' (1) –
(3,464) USD Citigroup Healthcare Trust of America, Inc., REIT 'A' (3) –
(232) USD Credit Suisse HealthEquity, Inc.1 – –
(1,626) USD J.P. Morgan HealthEquity, Inc. (2) –
779 USD J.P. Morgan Heartland Express, Inc. (1) –
3,313 USD Citigroup Heartland Express, Inc. (3) –
(622) USD Citigroup HEICO Corp. 'A'1 – –
1,589 USD Citigroup Herman Miller, Inc.1 – –
602 USD Credit Suisse Herman Miller, Inc. (3) –
1,152 USD Merrill Lynch Herman Miller, Inc. (5) –
2,177 USD J.P. Morgan Herman Miller, Inc. (11) (0.01)
130 USD Credit Suisse Hershey Co. (The)1 – –
745 USD J.P. Morgan Hershey Co. (The)1 – –
682 USD Citigroup Hewlett Packard Enterprise Co.1 – –
341
As at 31 March 2018
Fair Value % of Net

4,666 USD Merrill Lynch Hewlett Packard Enterprise Co. (5) –

6,194 USD J.P. Morgan Hewlett Packard Enterprise Co. (7) (0.01)
(2,927) USD Citigroup Hexcel Corp.1 – –
2,893 USD J.P. Morgan Highwoods Properties, Inc., REIT (1) –
1,265 USD Merrill Lynch Hillenbrand, Inc.1 – –
(736) USD Credit Suisse Hormel Foods Corp. (1) –
(889) USD J.P. Morgan Hormel Foods Corp. (1) –
(1,886) USD Merrill Lynch Hormel Foods Corp. (2) –
(1,879) USD Citigroup Hormel Foods Corp. (3) –
1,972 USD Merrill Lynch Host Hotels & Resorts, Inc., REIT (1) –
1,097 USD Deutsche Bank Host Hotels & Resorts, Inc., REIT (1) –
1,034 USD Citigroup HP, Inc. (1) –
2,768 USD Merrill Lynch HP, Inc. (4) –
10,003 USD J.P. Morgan HP, Inc. (17) (0.01)
110 USD Citigroup HubSpot, Inc. (1) –
(546) USD J.P. Morgan Hudson Pacific Properties, Inc., REIT1 – –
(3,129) USD Credit Suisse Hudson Pacific Properties, Inc., REIT1 – –
(3,549) USD Citigroup Hudson Pacific Properties, Inc., REIT (2) –
229 USD J.P. Morgan Humana, Inc.1 – –
72 USD Merrill Lynch Humana, Inc.1 – –
265 USD Credit Suisse Humana, Inc.1 – –
95 USD J.P. Morgan Huntington Ingalls Industries, Inc.1 – –
1,891 USD Citigroup Huntsman Corp. (1) –
726 USD Credit Suisse Huntsman Corp. (1) –
1,032 USD J.P. Morgan Huntsman Corp. (2) –
4,209 USD Merrill Lynch Huntsman Corp. (7) (0.01)
78 USD J.P. Morgan IAC/InterActiveCorp.1 – –
352 USD Citigroup IAC/InterActiveCorp. (1) –
187 USD Merrill Lynch IAC/InterActiveCorp. (2) –
642 USD J.P. Morgan IDEX Corp.1 – –
146 USD Citigroup IDEXX Laboratories, Inc.1 – –
654 USD J.P. Morgan IDEXX Laboratories, Inc. (3) –
776 USD Merrill Lynch IDEXX Laboratories, Inc. (8) (0.01)
527 USD Citigroup Illinois Tool Works, Inc. (3) –
900 USD J.P. Morgan Illinois Tool Works, Inc. (7) (0.01)
1,326 USD Merrill Lynch Illinois Tool Works, Inc. (15) (0.01)
74 USD Credit Suisse Ingredion, Inc.1 – –
439 USD Merrill Lynch Ingredion, Inc. (1) –
1,005 USD J.P. Morgan Ingredion, Inc. (3) –
(196) USD Credit Suisse Insulet Corp. (1) –
(824) USD Merrill Lynch Insulet Corp. (1) –
(190) USD J.P. Morgan Integra LifeSciences Holdings Corp.1 – –
288 USD J.P. Morgan Interactive Brokers Group, Inc. (1) –
(155) USD Deutsche Bank Intercept Pharmaceuticals, Inc.1 – –
(2,792) USD Citigroup Intercontinental Exchange, Inc. (2) –
242 USD Merrill Lynch InterDigital, Inc.1 – –
295 USD J.P. Morgan International Business Machines Corp. (1) –
(387) USD Citigroup International Flavors & Fragrances, Inc. (1) –
342
As at 31 March 2018
Fair Value % of Net

638 USD Merrill Lynch Interpublic Group of Cos., Inc. (The)1 – –

889 USD Citigroup Intuit, Inc. (1) –
422 USD Merrill Lynch Intuit, Inc. (2) –
1,313 USD J.P. Morgan Investors Bancorp, Inc. (1) –
(1,712) USD Deutsche Bank Invitation Homes, Inc. (2) –
(11,511) USD Merrill Lynch Invitation Homes, Inc. (2) –
(656) USD J.P. Morgan Iron Mountain, Inc., REIT1 – –
(658) USD Credit Suisse Iron Mountain, Inc., REIT1 – –
(286) USD Citigroup Iron Mountain, Inc., REIT1 – –
474 USD Citigroup ITT, Inc. (1) –
452 USD Credit Suisse ITT, Inc. (1) –
464 USD Deutsche Bank ITT, Inc. (1) –
4,569 USD Citigroup Jabil Circuit, Inc. (2) –
22 USD Merrill Lynch Jack Henry & Associates, Inc.1 – –
254 USD Citigroup Jack Henry & Associates, Inc.1 – –
379 USD Credit Suisse Jack Henry & Associates, Inc.1 – –
1,205 USD J.P. Morgan Jack Henry & Associates, Inc. (1) –
1,942 USD J.P. Morgan Jack in the Box, Inc. (5) (0.01)
(1,351) USD Deutsche Bank Jagged Peak Energy, Inc. (1) –
(2,774) USD J.P. Morgan Jagged Peak Energy, Inc. (6) (0.01)
(15,921) USD Credit Suisse Jagged Peak Energy, Inc. (32) (0.02)
23 USD J.P. Morgan JBG SMITH Properties1 – –
1,284 USD Credit Suisse JBG SMITH Properties (1) –
37 USD Merrill Lynch John Wiley & Sons, Inc. 'A'1 – –
1,547 USD Citigroup John Wiley & Sons, Inc. 'A'1 – –
264 USD Deutsche Bank John Wiley & Sons, Inc. 'A'1 – –
407 USD Credit Suisse John Wiley & Sons, Inc. 'A' (1) –
460 USD J.P. Morgan John Wiley & Sons, Inc. 'A' (1) –
1,970 USD J.P. Morgan Johnson & Johnson (6) (0.01)
613 USD Deutsche Bank JPMorgan Chase & Co. (3) –
710 USD Merrill Lynch JPMorgan Chase & Co. (3) –
354 USD Merrill Lynch Juniper Networks, Inc. (1) –
8,432 USD J.P. Morgan Juniper Networks, Inc. (12) (0.01)
(647) USD Merrill Lynch Kansas City Southern (2) –
206 USD Credit Suisse KAR Auction Services, Inc.1 – –
419 USD Merrill Lynch KAR Auction Services, Inc. (1) –
1,617 USD J.P. Morgan KAR Auction Services, Inc. (2) –
48 USD Deutsche Bank KBR, Inc.1 – –
1,137 USD Merrill Lynch KBR, Inc.1 – –
446 USD J.P. Morgan Kellogg Co. (2) –
2,262 USD Merrill Lynch Kellogg Co. (4) –
(1,761) USD Merrill Lynch Kemper Corp. (1) –
131 USD J.P. Morgan Kennametal, Inc.1 – –
1,013 USD Citigroup Kennametal, Inc. (1) –
(4,910) USD Merrill Lynch Kennedy-Wilson Holdings, Inc. (2) –
(11,172) USD J.P. Morgan Kennedy-Wilson Holdings, Inc. (4) –
(823) USD Citigroup Keysight Technologies, Inc.1 – –
343
As at 31 March 2018
Fair Value % of Net

(132) USD Credit Suisse Kilroy Realty Corp., REIT1 – –

(1,041) USD Citigroup Kilroy Realty Corp., REIT (1) –
522 USD J.P. Morgan Kimberly-Clark Corp. (1) –
(1,396) USD J.P. Morgan Kirby Corp. (2) –
(1,127) USD Citigroup Kirby Corp. (2) –
(2,144) USD Merrill Lynch Kirby Corp. (3) –
(6,413) USD Citigroup Kraft Heinz Co. (The) (9) (0.01)
413 USD Deutsche Bank Kroger Co. (The) (2) –
952 USD Merrill Lynch Kronos Worldwide, Inc.1 – –
5,476 USD Credit Suisse Kronos Worldwide, Inc. (2) –
(47) USD Citigroup La Quinta Holdings, Inc.1 – –
(1,599) USD Merrill Lynch La Quinta Holdings, Inc. (1) –
(984) USD J.P. Morgan La Quinta Holdings, Inc. (1) –
18 USD Credit Suisse Laboratory Corp. of America Holdings1 – –
341 USD Citigroup Laboratory Corp. of America Holdings (1) –
1,655 USD J.P. Morgan Lam Research Corp. (13) (0.01)
549 USD J.P. Morgan Lamar Advertising Co., REIT 'A' (1) –
288 USD Merrill Lynch Landstar System, Inc.1 – –
1,464 USD Citigroup Landstar System, Inc. (1) –
(1,010) USD Credit Suisse Laredo Petroleum, Inc.1 – –
(1,736) USD J.P. Morgan Laredo Petroleum, Inc.1 – –
(6,561) USD Citigroup Laredo Petroleum, Inc. (1) –
(3,722) USD Merrill Lynch Laredo Petroleum, Inc. (1) –
(2,809) USD Citigroup Las Vegas Sands Corp. (1) –
(1,095) USD Citigroup LaSalle Hotel Properties, REIT (4) –
105 USD J.P. Morgan Lear Corp.1 – –
1,431 USD Citigroup Lear Corp. (2) –
1,726 USD Merrill Lynch Lear Corp. (4) –
1,695 USD Merrill Lynch Legg Mason, Inc. (1) –
606 USD Merrill Lynch Leggett & Platt, Inc. (1) –
(3,779) USD Merrill Lynch Lennar Corp. 'A'1 – –
28 USD Credit Suisse Lennox International, Inc.1 – –
416 USD J.P. Morgan Lennox International, Inc. (1) –
875 USD Citigroup Lennox International, Inc. (1) –
341 USD Merrill Lynch Lennox International, Inc. (2) –
777 USD J.P. Morgan Leucadia National Corp. (1) –
1,425 USD Merrill Lynch Liberty Property Trust, REIT1 – –
1,018 USD Credit Suisse Liberty Property Trust, REIT (1) –
1,380 USD J.P. Morgan Liberty Property Trust, REIT (1) –
198 USD J.P. Morgan LifePoint Health, Inc.1 – –
674 USD Credit Suisse LifePoint Health, Inc. (1) –
530 USD Citigroup LifePoint Health, Inc. (1) –
1,986 USD Merrill Lynch LifePoint Health, Inc. (4) –
63 USD Merrill Lynch Lincoln Electric Holdings, Inc.1 – –
246 USD Deutsche Bank Lincoln Electric Holdings, Inc. (1) –
1,351 USD Citigroup Lincoln Electric Holdings, Inc. (1) –
1,294 USD J.P. Morgan Lincoln Electric Holdings, Inc. (1) –
843 USD Citigroup Lincoln National Corp.1 – –
344
As at 31 March 2018
Fair Value % of Net

298 USD J.P. Morgan Lincoln National Corp. (1) –

1,071 USD Credit Suisse Lincoln National Corp. (3) –
2,315 USD Merrill Lynch Lincoln National Corp. (7) (0.01)
(437) USD Citigroup Lithia Motors, Inc. 'A'1 – –
418 USD J.P. Morgan LPL Financial Holdings, Inc. (1) –
604 USD Credit Suisse LPL Financial Holdings, Inc. (2) –
(888) USD Citigroup Lululemon Athletica, Inc. (6) (0.01)
(627) USD Deutsche Bank Lumentum Holdings, Inc. (3) –
1,390 USD Citigroup Mack-Cali Realty Corp., REIT1 – –
255 USD Credit Suisse Mack-Cali Realty Corp., REIT1 – –
(467) USD Citigroup Macquarie Infrastructure Corp.1 – –
(168) USD J.P. Morgan Madison Square Garden Co. (The)1 – –
427 USD Merrill Lynch Magellan Health, Inc. (1) –
366 USD J.P. Morgan Magellan Health, Inc. (1) –
93 USD Citigroup Manhattan Associates, Inc.1 – –
668 USD Deutsche Bank Manhattan Associates, Inc. (1) –
482 USD J.P. Morgan Manhattan Associates, Inc. (1) –
1,394 USD Merrill Lynch Manhattan Associates, Inc. (2) –
971 USD Citigroup ManpowerGroup, Inc. (1) –
295 USD Merrill Lynch ManpowerGroup, Inc. (1) –
1,995 USD J.P. Morgan ManpowerGroup, Inc. (9) (0.01)
(158) USD Merrill Lynch Markel Corp. (4) –
(185) USD J.P. Morgan Markel Corp. (5) (0.01)
(321) USD J.P. Morgan MarketAxess Holdings, Inc.1 – –
(564) USD Credit Suisse MarketAxess Holdings, Inc.1 – –
(79) USD Deutsche Bank MarketAxess Holdings, Inc. (1) –
953 USD Citigroup Marriott Vacations Worldwide Corp. (2) –
49 USD Credit Suisse Marsh & McLennan Cos., Inc.1 – –
(920) USD Merrill Lynch Martin Marietta Materials, Inc. (1) –
(956) USD Citigroup Martin Marietta Materials, Inc. (4) –
132 USD Credit Suisse Masco Corp.1 – –
276 USD J.P. Morgan Masco Corp.1 – –
1,354 USD Citigroup Masco Corp. (1) –
643 USD Deutsche Bank Masco Corp. (1) –
4,623 USD Merrill Lynch Masco Corp. (4) –
(8,407) USD Citigroup Matador Resources Co. (5) –
(4,387) USD Citigroup Mattel, Inc. (1) –
1,688 USD J.P. Morgan Maxim Integrated Products, Inc. (3) –
2,152 USD Merrill Lynch Maxim Integrated Products, Inc. (4) –
390 USD Deutsche Bank MAXIMUS, Inc.1 – –
726 USD Citigroup McDonald's Corp.1 – –
186 USD Citigroup McKesson Corp.1 – –
53 USD J.P. Morgan McKesson Corp. (1) –
347 USD Credit Suisse McKesson Corp. (4) –
(248) USD J.P. Morgan MDU Resources Group, Inc.1 – –
(1,128) USD Merrill Lynch MDU Resources Group, Inc. (1) –
(2,330) USD Citigroup MDU Resources Group, Inc. (1) –
345
As at 31 March 2018
Fair Value % of Net

(64) USD Citigroup Medical Properties Trust, Inc., REIT1 – –

(5,848) USD J.P. Morgan Medical Properties Trust, Inc., REIT1 – –
(2,153) USD Citigroup Medicines Co. (The)1 – –
(3,144) USD Citigroup MEDNAX, Inc. (2) –
3,206 USD J.P. Morgan Merck & Co., Inc. (1) –
(1,357) USD Citigroup Mercury General Corp.1 – –
(47) USD Citigroup MetLife, Inc.1 – –
92 USD Citigroup Mettler-Toledo International, Inc. (1) –
140 USD Merrill Lynch Mettler-Toledo International, Inc. (4) –
498 USD J.P. Morgan Mettler-Toledo International, Inc. (13) (0.01)
6,994 USD Merrill Lynch MFA Financial, Inc., REIT1 – –
77 USD Credit Suisse MGIC Investment Corp.1 – –
4,067 USD J.P. Morgan MGIC Investment Corp. (4) –
(3,175) USD Citigroup MGM Resorts International (1) –
573 USD Deutsche Bank Michaels Cos., Inc. (The) (3) –
1,647 USD Merrill Lynch Michaels Cos., Inc. (The) (3) –
4,535 USD Credit Suisse Michaels Cos., Inc. (The) (10) (0.01)
647 USD Credit Suisse Micron Technology, Inc. (2) –
1,294 USD J.P. Morgan Micron Technology, Inc. (3) –
2,299 USD Citigroup Micron Technology, Inc. (13) (0.01)
215 USD Credit Suisse Microsoft Corp. (1) –
1,100 USD Merrill Lynch Microsoft Corp. (3) –
(332) USD Merrill Lynch Mid-America Apartment Communities, Inc., REIT1 – –
(521) USD Credit Suisse Mid-America Apartment Communities, Inc., REIT (2) –
(1,361) USD Citigroup Mid-America Apartment Communities, Inc., REIT (3) –
1,223 USD J.P. Morgan MKS Instruments, Inc. (5) (0.01)
(461) USD Citigroup Molson Coors Brewing Co. 'B'1 – –
(1,209) USD Citigroup Mondelez International, Inc. 'A' (1) –
(3,800) USD Citigroup Monster Beverage Corp. (1) –
49 USD Deutsche Bank Moody's Corp.1 – –
252 USD Merrill Lynch Moody's Corp. (1) –
561 USD J.P. Morgan Moody's Corp. (3) –
25 USD Merrill Lynch Moog, Inc. 'A'1 – –
317 USD Credit Suisse Moog, Inc. 'A' (1) –
545 USD J.P. Morgan Moog, Inc. 'A' (1) –
278 USD Deutsche Bank Morningstar, Inc.1 – –
269 USD Citigroup Motorola Solutions, Inc.1 – –
620 USD J.P. Morgan Motorola Solutions, Inc. (2) –
3,728 USD Merrill Lynch Motorola Solutions, Inc. (11) (0.01)
527 USD Merrill Lynch MSC Industrial Direct Co., Inc. 'A' (1) –
412 USD J.P. Morgan MSCI, Inc.1 – –
92 USD Citigroup MSCI, Inc. (1) –
994 USD Merrill Lynch MSCI, Inc. (4) –
740 USD Deutsche Bank Murphy Oil Corp. (1) –
481 USD J.P. Morgan Murphy USA, Inc. (1) –
246 USD Merrill Lynch National Beverage Corp.1 – –
64 USD Deutsche Bank National Beverage Corp. (1) –
611 USD J.P. Morgan National Beverage Corp. (5) (0.01)
346
As at 31 March 2018
Fair Value % of Net

1,103 USD Credit Suisse National Beverage Corp. (9) (0.01)

(74) USD Credit Suisse National General Holdings Corp.1 – –
335 USD Credit Suisse National Health Investors, Inc., REIT1 – –
1,423 USD Merrill Lynch National Health Investors, Inc., REIT (2) –
(291) USD J.P. Morgan National Oilwell Varco, Inc.1 – –
(50) USD Merrill Lynch Navistar International Corp.1 – –
(1,630) USD Citigroup Navistar International Corp. (3) –
120 USD J.P. Morgan NCR Corp.1 – –
(311) USD Deutsche Bank Neogen Corp. (2) –
(4,019) USD J.P. Morgan Neogen Corp. (20) (0.01)
327 USD J.P. Morgan NetApp, Inc. (1) –
3,210 USD Citigroup NetApp, Inc. (1) –
1,501 USD Merrill Lynch NetApp, Inc. (2) –
(826) USD Credit Suisse Nevro Corp. (2) –
(2,786) USD Citigroup Nevro Corp. (3) –
(80) USD Deutsche Bank New Jersey Resources Corp.1 – –
(2,901) USD Citigroup New Jersey Resources Corp. (2) –
3,062 USD Citigroup New Relic, Inc. (7) (0.01)
619 USD Deutsche Bank Newfield Exploration Co. (1) –
78 USD J.P. Morgan NewMarket Corp. (2) –
276 USD Credit Suisse News Corp. 'A'1 – –
460 USD J.P. Morgan News Corp. 'A'1 – –
1,437 USD Merrill Lynch News Corp. 'A' (1) –
3,144 USD Citigroup News Corp. 'A' (1) –
(1,358) USD Citigroup Nexstar Media Group, Inc. 'A'1 – –
(495) USD Merrill Lynch NextEra Energy, Inc. (2) –
(1,482) USD Merrill Lynch NIKE, Inc. 'B'1 – –
(101) USD J.P. Morgan NIKE, Inc. 'B'1 – –
(268) USD Credit Suisse NIKE, Inc. 'B'1 – –
273 USD Merrill Lynch Nordstrom, Inc.1 – –
2,519 USD J.P. Morgan Nordstrom, Inc. (4) –
63 USD J.P. Morgan Northern Trust Corp.1 – –
(126) USD Deutsche Bank NuVasive, Inc.1 – –
(1,299) USD Merrill Lynch NuVasive, Inc. (2) –
(2,962) USD Citigroup NuVasive, Inc. (3) –
2 USD Citigroup NVR, Inc.1 – –
15 USD Deutsche Bank NVR, Inc. (3) –
35 USD Merrill Lynch NVR, Inc. (7) (0.01)
706 USD Citigroup Occidental Petroleum Corp.1 – –
664 USD Deutsche Bank Occidental Petroleum Corp. (2) –
(1,358) USD Merrill Lynch Oceaneering International, Inc.1 – –
(644) USD Merrill Lynch Ollie's Bargain Outlet Holdings, Inc.1 – –
(574) USD J.P. Morgan Ollie's Bargain Outlet Holdings, Inc. (1) –
(234) USD Deutsche Bank Omega Healthcare Investors, Inc., REIT1 – –
184 USD J.P. Morgan Omnicom Group, Inc.1 – –
1,605 USD Merrill Lynch Omnicom Group, Inc. (2) –
539 USD Citigroup On Assignment, Inc.1 – –
347
As at 31 March 2018
Fair Value % of Net

340 USD Merrill Lynch On Assignment, Inc.1 – –

1,664 USD Merrill Lynch ON Semiconductor Corp. (2) –
2,245 USD Citigroup ON Semiconductor Corp. (3) –
3,115 USD J.P. Morgan ON Semiconductor Corp. (4) –
1,125 USD Deutsche Bank ONE Gas, Inc. (2) –
(1,398) USD Merrill Lynch ONEOK, Inc.1 – –
(2,798) USD Credit Suisse ONEOK, Inc. (1) –
(494) USD Merrill Lynch Ormat Technologies, Inc. (1) –
(805) USD J.P. Morgan Ormat Technologies, Inc. (1) –
92 USD Merrill Lynch Oshkosh Corp.1 – –
847 USD J.P. Morgan Oshkosh Corp. (1) –
108 USD Credit Suisse Owens Corning1 – –
3,202 USD Merrill Lynch Owens Corning (2) –
30 USD Deutsche Bank Owens-Illinois, Inc.1 – –
2,433 USD J.P. Morgan Owens-Illinois, Inc. (1) –
3,053 USD Credit Suisse Owens-Illinois, Inc. (1) –
2,570 USD Merrill Lynch Owens-Illinois, Inc. (2) –
419 USD Merrill Lynch PACCAR, Inc.1 – –
1,484 USD J.P. Morgan PACCAR, Inc. (2) –
779 USD Citigroup Packaging Corp of America1 – –
405 USD J.P. Morgan Packaging Corp of America (1) –
(614) USD Citigroup PacWest Bancorp1 – –
(11) USD Deutsche Bank Palo Alto Networks, Inc.1 – –
1,438 USD Credit Suisse Paramount Group, Inc., REIT1 – –
2,863 USD Merrill Lynch Park Hotels & Resorts, Inc., REIT1 – –
5,520 USD Deutsche Bank Park Hotels & Resorts, Inc., REIT (1) –
31 USD Merrill Lynch Parker-Hannifin Corp.1 – –
160 USD J.P. Morgan Parker-Hannifin Corp. (1) –
514 USD Citigroup Parker-Hannifin Corp. (2) –
280 USD Deutsche Bank Parker-Hannifin Corp. (3) –
(2,542) USD Credit Suisse Parsley Energy, Inc. 'A' (5) –
(6,689) USD Citigroup Parsley Energy, Inc. 'A' (8) (0.01)
(5,102) USD J.P. Morgan Parsley Energy, Inc. 'A' (10) (0.01)
(9,589) USD Merrill Lynch Parsley Energy, Inc. 'A' (22) (0.01)
1,068 USD J.P. Morgan Paychex, Inc. (3) –
882 USD Deutsche Bank Peabody Energy Corp. (3) –
6,462 USD Credit Suisse Peabody Energy Corp. (18) (0.01)
(32) USD Citigroup Pegasystems, Inc.1 – –
(131) USD Citigroup Penske Automotive Group, Inc.1 – –
(200) USD Deutsche Bank Penumbra, Inc. (3) –
1,409 USD Citigroup People's United Financial, Inc.1 – –
4,573 USD J.P. Morgan People's United Financial, Inc. (4) –
297 USD J.P. Morgan PepsiCo, Inc. (1) –
315 USD Credit Suisse PepsiCo, Inc. (1) –
452 USD Merrill Lynch Performance Food Group Co. (1) –
528 USD Deutsche Bank Performance Food Group Co. (1) –
1,608 USD Credit Suisse Performance Food Group Co. (3) –
194 USD Deutsche Bank PerkinElmer, Inc.1 – –
348
As at 31 March 2018
Fair Value % of Net

224 USD Merrill Lynch PerkinElmer, Inc.1 – –

332 USD Credit Suisse PerkinElmer, Inc.1 – –
349 USD J.P. Morgan PerkinElmer, Inc.1 – –
1,096 USD J.P. Morgan Pfizer, Inc. (1) –
11,431 USD Citigroup Pfizer, Inc. (1) –
1,356 USD Credit Suisse Pfizer, Inc. (1) –
1,834 USD Merrill Lynch Pfizer, Inc. (2) –
(591) USD Credit Suisse PG&E Corp. (1) –
(2,116) USD J.P. Morgan Physicians Realty Trust, REIT (1) –
(3,058) USD Citigroup Physicians Realty Trust, REIT (2) –
(6,975) USD Merrill Lynch Physicians Realty Trust, REIT (3) –
6,328 USD Merrill Lynch Piedmont Office Realty Trust, Inc., REIT 'A'1 – –
496 USD Deutsche Bank Piedmont Office Realty Trust, Inc., REIT 'A'1 – –
2,008 USD Credit Suisse Piedmont Office Realty Trust, Inc., REIT 'A' (1) –
2,285 USD J.P. Morgan Piedmont Office Realty Trust, Inc., REIT 'A' (1) –
(389) USD Deutsche Bank Pinnacle Financial Partners, Inc.1 – –
(1,540) USD Citigroup Pinnacle Financial Partners, Inc. (1) –
48 USD Deutsche Bank Pioneer Natural Resources Co.1 – –
665 USD Credit Suisse Pitney Bowes, Inc. (1) –
2,675 USD J.P. Morgan Pitney Bowes, Inc. (4) –
6,822 USD Merrill Lynch Pitney Bowes, Inc. (9) (0.01)
124 USD J.P. Morgan PolyOne Corp.1 – –
1,563 USD Credit Suisse PolyOne Corp. (1) –
(2,174) USD Citigroup Portola Pharmaceuticals, Inc. (2) –
(2,100) USD Citigroup Post Holdings, Inc. (7) (0.01)
122 USD Merrill Lynch Potlatch Corp., REIT1 – –
1,917 USD Citigroup Potlatch Corp., REIT (2) –
1,228 USD Deutsche Bank Potlatch Corp., REIT (2) –
(29) USD Citigroup PPG Industries, Inc.1 – –
253 USD Merrill Lynch PPG Industries, Inc. (1) –
(2,836) USD Merrill Lynch PPL Corp. (1) –
61 USD Citigroup PRA Health Sciences, Inc.1 – –
205 USD Merrill Lynch PRA Health Sciences, Inc. (1) –
1,011 USD J.P. Morgan PRA Health Sciences, Inc. (4) –
292 USD Merrill Lynch Praxair, Inc. (3) –
(663) USD Citigroup Prestige Brands Holdings, Inc.1 – –
(835) USD Citigroup PriceSmart, Inc.1 – –
(255) USD J.P. Morgan PriceSmart, Inc. (1) –
(626) USD Deutsche Bank PriceSmart, Inc. (1) –
(1,035) USD Merrill Lynch PriceSmart, Inc. (3) –
1,332 USD J.P. Morgan Primerica, Inc. (3) –
699 USD Merrill Lynch Principal Financial Group, Inc. (1) –
1,774 USD J.P. Morgan Principal Financial Group, Inc. (1) –
441 USD Merrill Lynch Progressive Corp. (The)1 – –
361 USD Citigroup Prudential Financial, Inc.1 – –
322 USD J.P. Morgan Prudential Financial, Inc. (1) –
1,250 USD Merrill Lynch Prudential Financial, Inc. (5) –
349
As at 31 March 2018
Fair Value % of Net

13 USD Deutsche Bank PS Business Parks, Inc., REIT1 – –

217 USD Credit Suisse PS Business Parks, Inc., REIT1 – –
591 USD J.P. Morgan PS Business Parks, Inc., REIT (1) –
(70) USD Credit Suisse Public Storage, REIT1 – –
(50) USD Merrill Lynch Public Storage, REIT1 – –
1,185 USD Deutsche Bank PulteGroup, Inc.1 – –
387 USD J.P. Morgan Qorvo, Inc. (4) –
(159) USD Credit Suisse QTS Realty Trust, Inc., REIT 'A'1 – –
16 USD Deutsche Bank Quest Diagnostics, Inc.1 – –
1,247 USD Citigroup Quest Diagnostics, Inc. (2) –
1,692 USD J.P. Morgan Quest Diagnostics, Inc. (6) (0.01)
1,210 USD Credit Suisse Radian Group, Inc. (3) –
2,347 USD J.P. Morgan Radian Group, Inc. (5) (0.01)
337 USD Citigroup Raymond James Financial, Inc. (1) –
242 USD J.P. Morgan Raymond James Financial, Inc. (1) –
1,758 USD Merrill Lynch Raymond James Financial, Inc. (9) (0.01)
640 USD Merrill Lynch Rayonier, Inc., REIT1 – –
(357) USD Citigroup RBC Bearings, Inc.1 – –
(308) USD Deutsche Bank RBC Bearings, Inc.1 – –
(197) USD Deutsche Bank RealPage, Inc.1 – –
(1,171) USD Merrill Lynch Realty Income Corp., REIT (1) –
127 USD Merrill Lynch Red Hat, Inc. (1) –
734 USD Citigroup Red Hat, Inc. (1) –
593 USD J.P. Morgan Red Hat, Inc. (2) –
12 USD Deutsche Bank Regal Beloit Corp.1 – –
(654) USD Credit Suisse Regency Centers Corp., REIT1 – –
(784) USD J.P. Morgan Regency Centers Corp., REIT1 – –
(1,976) USD Merrill Lynch Regency Centers Corp., REIT (1) –
(5) USD J.P. Morgan Regeneron Pharmaceuticals, Inc.1 – –
(119) USD Merrill Lynch Regeneron Pharmaceuticals, Inc. (1) –
2,522 USD J.P. Morgan Regions Financial Corp. (2) –
4,480 USD Merrill Lynch Regions Financial Corp. (3) –
59 USD Citigroup Reinsurance Group of America, Inc.1 – –
195 USD J.P. Morgan Reinsurance Group of America, Inc. (1) –
10 USD J.P. Morgan Reliance Steel & Aluminum Co.1 – –
2,192 USD Merrill Lynch Reliance Steel & Aluminum Co. (7) (0.01)
787 USD Citigroup Republic Services, Inc.1 – –
256 USD J.P. Morgan Republic Services, Inc.1 – –
(739) USD Merrill Lynch ResMed, Inc.1 – –
1,524 USD Merrill Lynch Retail Properties of America, Inc., REIT 'A'1 – –
1,438 USD J.P. Morgan Retail Properties of America, Inc., REIT 'A' (1) –
6,032 USD Credit Suisse Retail Properties of America, Inc., REIT 'A' (3) –
(899) USD Citigroup Rexnord Corp.1 – –
(4,425) USD Merrill Lynch Rexnord Corp. (2) –
307 USD J.P. Morgan RingCentral, Inc. 'A' (1) –
(977) USD Merrill Lynch RLI Corp.1 – –
(209) USD J.P. Morgan RLI Corp.1 – –
(1,531) USD Citigroup RLI Corp. (1) –
350
As at 31 March 2018
Fair Value % of Net

(2,470) USD Citigroup RLJ Lodging Trust, REIT1 – –

1,657 USD Citigroup Robert Half International, Inc.1 – –
761 USD Merrill Lynch Robert Half International, Inc. (1) –
1,718 USD J.P. Morgan Robert Half International, Inc. (3) –
54 USD Merrill Lynch Rockwell Automation, Inc.1 – –
1,289 USD Citigroup Rockwell Automation, Inc. (2) –
102 USD J.P. Morgan Rollins, Inc.1 – –
(1,097) USD Merrill Lynch Royal Gold, Inc. (2) –
(946) USD J.P. Morgan Royal Gold, Inc. (3) –
(2,522) USD Citigroup Royal Gold, Inc. (4) –
213 USD Deutsche Bank RPC, Inc.1 – –
343 USD Merrill Lynch RPC, Inc.1 – –
794 USD Citigroup RPC, Inc. (1) –
4,703 USD J.P. Morgan RPC, Inc. (8) (0.01)
7,282 USD Credit Suisse RPC, Inc. (12) (0.01)
1,301 USD Citigroup RPM International, Inc.1 – –
833 USD Credit Suisse RPM International, Inc. (3) –
(3,626) USD Merrill Lynch RSP Permian, Inc. (24) (0.01)
(3,806) USD Citigroup RSP Permian, Inc. (26) (0.02)
(9,455) USD J.P. Morgan RSP Permian, Inc. (52) (0.03)
615 USD J.P. Morgan Ryder System, Inc. (1) –
1,339 USD Merrill Lynch Ryder System, Inc. (2) –
638 USD Merrill Lynch S&P Global Inc (1) –
824 USD J.P. Morgan S&P Global Inc (1) –
(261) USD Citigroup Sage Therapeutics, Inc.1 – –
1,721 USD J.P. Morgan Sally Beauty Holdings, Inc. (1) –
4,232 USD Merrill Lynch Sally Beauty Holdings, Inc. (1) –
3,027 USD Deutsche Bank Sally Beauty Holdings, Inc. (2) –
4,409 USD Credit Suisse Sally Beauty Holdings, Inc. (3) –
17 USD J.P. Morgan Sanderson Farms, Inc.1 – –
171 USD Merrill Lynch Sanderson Farms, Inc. (1) –
2,220 USD Citigroup Sanderson Farms, Inc. (1) –
(216) USD J.P. Morgan Science Applications International Corp. (1) –
(4) USD Citigroup Seaboard Corp. (1) –
(7) USD Merrill Lynch Seaboard Corp. (1) –
(8) USD J.P. Morgan Seaboard Corp. (2) –
(8) USD Credit Suisse Seaboard Corp. (2) –
347 USD Deutsche Bank Sealed Air Corp.1 – –
84 USD Credit Suisse Sealed Air Corp.1 – –
2,928 USD J.P. Morgan Sealed Air Corp. (2) –
128 USD Merrill Lynch Selective Insurance Group, Inc.1 – –
(1,912) USD Credit Suisse SemGroup Corp. 'A'1 – –
(9,852) USD J.P. Morgan SemGroup Corp. 'A'1 – –
(1,649) USD Citigroup Senior Housing Properties Trust, REIT1 – –
50 USD J.P. Morgan Sensient Technologies Corp.1 – –
287 USD Credit Suisse Sensient Technologies Corp. (1) –
812 USD Merrill Lynch Sensient Technologies Corp. (1) –
351
As at 31 March 2018
Fair Value % of Net

(1,104) USD Merrill Lynch ServiceMaster Global Holdings, Inc. (1) –

(4,261) USD Citigroup ServiceMaster Global Holdings, Inc. (3) –
44 USD Credit Suisse Sherwin-Williams Co. (The)1 – –
60 USD Merrill Lynch Sherwin-Williams Co. (The) (1) –
(75) USD Citigroup Silgan Holdings, Inc.1 – –
1,761 USD J.P. Morgan Silgan Holdings, Inc. (1) –
3 USD Merrill Lynch Simon Property Group, Inc., REIT1 – –
17 USD J.P. Morgan Simon Property Group, Inc., REIT1 – –
1,341 USD Merrill Lynch Simpson Manufacturing Co., Inc.1 – –
(57) USD Citigroup Sinclair Broadcast Group, Inc. 'A'1 – –
8,794 USD Citigroup Sirius XM Holdings, Inc.1 – –
3,352 USD Merrill Lynch Sirius XM Holdings, Inc.1 – –
1,079 USD Merrill Lynch Six Flags Entertainment Corp.1 – –
479 USD Credit Suisse Six Flags Entertainment Corp. (1) –
514 USD J.P. Morgan Six Flags Entertainment Corp. (1) –
1,066 USD J.P. Morgan Skechers U.S.A., Inc. (2) –
102 USD Merrill Lynch Skyworks Solutions, Inc. (1) –
30 USD Credit Suisse SL Green Realty Corp., REIT1 – –
(2,898) USD J.P. Morgan SLM Corp. (1) –
(21) USD Credit Suisse SM Energy Co.1 – –
(1,084) USD J.P. Morgan SM Energy Co.1 – –
(1,480) USD Merrill Lynch SM Energy Co. (1) –
42 USD Citigroup Snap-on, Inc.1 – –
14 USD Merrill Lynch Snap-on, Inc.1 – –
41 USD Deutsche Bank Snap-on, Inc. (1) –
137 USD J.P. Morgan Snap-on, Inc. (1) –
388 USD J.P. Morgan Sonoco Products Co.1 – –
(286) USD Citigroup Sotheby's 'A'1 – –
(164) USD Credit Suisse South Jersey Industries, Inc.1 – –
(2,371) USD Merrill Lynch South Jersey Industries, Inc.1 – –
(1,546) USD J.P. Morgan South Jersey Industries, Inc. (2) –
(3,685) USD Citigroup South Jersey Industries, Inc. (3) –
(715) USD Merrill Lynch Southern Co. (The)1 – –
(4,207) USD Citigroup Southern Co. (The) (3) –
29 USD J.P. Morgan Southwest Airlines Co.1 – –
69 USD Merrill Lynch Southwest Airlines Co.1 – –
670 USD J.P. Morgan Southwest Gas Holdings, Inc.1 – –
751 USD Merrill Lynch Southwest Gas Holdings, Inc. (1) –
4,546 USD Citigroup Southwestern Energy Co.1 – –
(4,238) USD Citigroup Spark Therapeutics, Inc. (10) (0.01)
(718) USD Credit Suisse Spectrum Brands Holdings, Inc. (4) –
(1,609) USD Citigroup Spectrum Brands Holdings, Inc. (14) (0.01)
(1,503) USD Merrill Lynch Spire, Inc. (4) –
543 USD Merrill Lynch Spirit AeroSystems Holdings, Inc. 'A' (1) –
2,514 USD Merrill Lynch Sprouts Farmers Market, Inc. (1) –
2,996 USD J.P. Morgan Sprouts Farmers Market, Inc. (2) –
(5,117) USD Citigroup SS&C Technologies Holdings, Inc. (5) –
(42) USD J.P. Morgan Stamps.com, Inc.1 – –
352
As at 31 March 2018
Fair Value % of Net

(227) USD Merrill Lynch Stamps.com, Inc. (1) –

101 USD Merrill Lynch Stanley Black & Decker, Inc.1 – –
652 USD Citigroup Stanley Black & Decker, Inc. (1) –
294 USD Deutsche Bank Stanley Black & Decker, Inc. (2) –
(86) USD Citigroup Starbucks Corp.1 – –
1,524 USD Merrill Lynch Starwood Property Trust, Inc., REIT1 – –
699 USD Citigroup State Street Corp. (1) –
280 USD Credit Suisse State Street Corp. (2) –
540 USD J.P. Morgan State Street Corp. (3) –
632 USD Merrill Lynch State Street Corp. (3) –
827 USD J.P. Morgan Steel Dynamics, Inc. (1) –
3,256 USD Merrill Lynch Steel Dynamics, Inc. (6) (0.01)
(140) USD Credit Suisse STORE Capital Corp., REIT1 – –
(2,179) USD Citigroup STORE Capital Corp., REIT (1) –
(5,625) USD J.P. Morgan STORE Capital Corp., REIT (1) –
128 USD J.P. Morgan Stryker Corp.1 – –
(10,851) USD Citigroup Summit Materials, Inc. 'A' (1) –
(226) USD Deutsche Bank Sun Communities, Inc., REIT (1) –
(842) USD J.P. Morgan Sun Communities, Inc., REIT (2) –
(748) USD Merrill Lynch Sunstone Hotel Investors, Inc., REIT1 – –
258 USD Citigroup SunTrust Banks, Inc.1 – –
935 USD Merrill Lynch SunTrust Banks, Inc. (2) –
1,821 USD J.P. Morgan SunTrust Banks, Inc. (5) –
2 USD Merrill Lynch SVB Financial Group1 – –
17 USD Citigroup SVB Financial Group1 – –
(81) USD J.P. Morgan SYNNEX Corp.1 – –
(962) USD Citigroup SYNNEX Corp.1 – –
3,293 USD Citigroup Synopsys, Inc. (4) –
70 USD J.P. Morgan Synovus Financial Corp.1 – –
1,903 USD Credit Suisse Synovus Financial Corp. (3) –
3,751 USD Merrill Lynch Synovus Financial Corp. (7) (0.01)
1,988 USD Deutsche Bank Syntel, Inc.1 – –
1,481 USD J.P. Morgan Syntel, Inc. (2) –
1,490 USD Credit Suisse Syntel, Inc. (2) –
3,193 USD J.P. Morgan Sysco Corp. (1) –
758 USD Deutsche Bank T Rowe Price Group, Inc. (1) –
455 USD Credit Suisse T Rowe Price Group, Inc. (2) –
1,075 USD J.P. Morgan T Rowe Price Group, Inc. (5) (0.01)
975 USD Merrill Lynch T Rowe Price Group, Inc. (6) (0.01)
528 USD Merrill Lynch Tableau Software, Inc. 'A' (2) –
(370) USD Credit Suisse Tapestry, Inc.1 – –
2,813 USD Merrill Lynch Target Corp. (3) –
104 USD J.P. Morgan TCF Financial Corp.1 – –
987 USD Merrill Lynch TCF Financial Corp.1 – –
85 USD Credit Suisse TD Ameritrade Holding Corp.1 – –
1,067 USD Merrill Lynch TD Ameritrade Holding Corp. (1) –
265 USD J.P. Morgan Tech Data Corp.1 – –
353
As at 31 March 2018
Fair Value % of Net

3,357 USD Citigroup TEGNA, Inc.1 – –

585 USD J.P. Morgan TEGNA, Inc. (1) –
2,036 USD Merrill Lynch TEGNA, Inc. (2) –
4,154 USD Credit Suisse TEGNA, Inc. (5) –
(474) USD Citigroup Teledyne Technologies, Inc.1 – –
5 USD J.P. Morgan Teleflex, Inc.1 – –
245 USD Citigroup Teleflex, Inc.1 – –
931 USD Merrill Lynch Telephone & Data Systems, Inc.1 – –
1,156 USD Credit Suisse Telephone & Data Systems, Inc. (1) –
3,013 USD J.P. Morgan Telephone & Data Systems, Inc. (3) –
342 USD Credit Suisse Tenneco, Inc.1 – –
1,702 USD J.P. Morgan Tenneco, Inc.1 – –
1,307 USD J.P. Morgan Teradata Corp. (2) –
5,796 USD Merrill Lynch Teradata Corp. (13) (0.01)
289 USD Merrill Lynch Teradyne, Inc. (1) –
466 USD Credit Suisse Teradyne, Inc. (1) –
1,039 USD J.P. Morgan Teradyne, Inc. (2) –
5,591 USD Citigroup Teradyne, Inc. (9) (0.01)
404 USD Merrill Lynch Tetra Tech, Inc. (1) –
14 USD Deutsche Bank Texas Instruments, Inc.1 – –
968 USD Merrill Lynch Texas Instruments, Inc. (5) –
2,146 USD J.P. Morgan Texas Instruments, Inc. (10) (0.01)
66 USD Merrill Lynch Texas Roadhouse, Inc.1 – –
1,486 USD Credit Suisse Texas Roadhouse, Inc.1 – –
431 USD J.P. Morgan Thermo Fisher Scientific, Inc. (2) –
70 USD Merrill Lynch Thor Industries, Inc.1 – –
(421) USD Citigroup Tiffany & Co. (1) –
16 USD Merrill Lynch Time Warner, Inc.1 – –
523 USD Citigroup Timken Co. (The)1 – –
272 USD J.P. Morgan Toll Brothers, Inc.1 – –
1,633 USD Deutsche Bank Toll Brothers, Inc. (4) –
239 USD Credit Suisse Torchmark Corp.1 – –
762 USD Merrill Lynch Torchmark Corp. (1) –
1,612 USD J.P. Morgan Torchmark Corp. (2) –
2,566 USD Merrill Lynch Toro Co. (The)1 – –
7 USD J.P. Morgan Total System Services, Inc.1 – –
20 USD Credit Suisse Total System Services, Inc.1 – –
454 USD Citigroup Total System Services, Inc.1 – –
(452) USD Merrill Lynch Tractor Supply Co.1 – –
(101) USD Merrill Lynch TransDigm Group, Inc. (1) –
(627) USD Citigroup TransDigm Group, Inc. (2) –
180 USD J.P. Morgan TransUnion1 – –
365 USD Merrill Lynch Travelers Cos., Inc. (The) (1) –
(2,650) USD Citigroup TreeHouse Foods, Inc.1 – –
(9,630) USD Citigroup TRI Pointe Group, Inc.1 – –
(19,205) USD Merrill Lynch TRI Pointe Group, Inc. (3) –
(4,459) USD Citigroup Trimble, Inc.1 – –
2,220 USD Merrill Lynch TriNet Group, Inc.1 – –
354
As at 31 March 2018
Fair Value % of Net

(2,866) USD Citigroup TripAdvisor, Inc. (2) –

275 USD Citigroup Trustmark Corp.1 – –
528 USD Merrill Lynch Trustmark Corp. (1) –
1,215 USD J.P. Morgan Trustmark Corp. (2) –
1,228 USD Citigroup TTEC Holdings, Inc. (1) –
532 USD J.P. Morgan TTEC Holdings, Inc. (3) –
2,181 USD Merrill Lynch TTEC Holdings, Inc. (4) –
1,142 USD Merrill Lynch Tupperware Brands Corp.1 – –
202 USD Credit Suisse Tupperware Brands Corp.1 – –
277 USD Deutsche Bank Tupperware Brands Corp. (1) –
2,761 USD J.P. Morgan Tupperware Brands Corp. (4) –
1,300 USD Merrill Lynch Two Harbors Investment Corp., REIT1 – –
(1,654) USD Merrill Lynch Tyler Technologies, Inc. (3) –
288 USD J.P. Morgan Tyson Foods, Inc. 'A'1 – –
2,100 USD Merrill Lynch Tyson Foods, Inc. 'A' (1) –
686 USD Merrill Lynch UDR, Inc., REIT1 – –
(1,809) USD Citigroup Under Armour, Inc. 'C' (1) –
(2,283) USD Citigroup Under Armour, Inc. 'A' (1) –
187 USD J.P. Morgan United Parcel Service, Inc. 'B' (1) –
224 USD Credit Suisse United Parcel Service, Inc. 'B' (1) –
1,838 USD Merrill Lynch United Parcel Service, Inc. 'B' (8) (0.01)
8 USD Merrill Lynch United Rentals, Inc.1 – –
325 USD Citigroup United Rentals, Inc. (2) –
562 USD J.P. Morgan United Rentals, Inc. (5) (0.01)
1,207 USD Citigroup United States Cellular Corp.1 – –
665 USD Credit Suisse United States Cellular Corp.1 – –
2,661 USD J.P. Morgan United States Cellular Corp. (1) –
(1,233) USD Citigroup United States Steel Corp. (1) –
(1,885) USD Citigroup United Technologies Corp. (3) –
57 USD J.P. Morgan United Therapeutics Corp.1 – –
962 USD Credit Suisse United Therapeutics Corp. (2) –
166 USD Deutsche Bank United Therapeutics Corp. (3) –
27 USD J.P. Morgan UnitedHealth Group, Inc.1 – –
326 USD Deutsche Bank UnitedHealth Group, Inc. (3) –
523 USD Merrill Lynch UnitedHealth Group, Inc. (7) (0.01)
(1,507) USD Credit Suisse Uniti Group, Inc., REIT1 – –
(4,191) USD J.P. Morgan Uniti Group, Inc., REIT1 – –
(1,496) USD Deutsche Bank Uniti Group, Inc., REIT1 – –
(1,103) USD Deutsche Bank Univar, Inc.1 – –
550 USD Citigroup Unum Group1 – –
217 USD Deutsche Bank Unum Group (1) –
2,511 USD Merrill Lynch Unum Group (5) –
2,838 USD J.P. Morgan Unum Group (5) (0.01)
296 USD J.P. Morgan Urban Edge Properties, REIT1 – –
488 USD Deutsche Bank US Bancorp (2) –
808 USD J.P. Morgan US Bancorp (2) –
1,371 USD Credit Suisse US Bancorp (4) –
355
As at 31 March 2018
Fair Value % of Net

386 USD Merrill Lynch US Foods Holding Corp.1 – –

803 USD Citigroup US Foods Holding Corp.1 – –
1,454 USD J.P. Morgan US Foods Holding Corp. (2) –
1,746 USD Credit Suisse US Foods Holding Corp. (2) –
(46) USD Credit Suisse USG Corp.1 – –
(1,455) USD Merrill Lynch USG Corp. (7) (0.01)
(3,863) USD Citigroup USG Corp. (22) (0.01)
1,386 USD Citigroup Valero Energy Corp.1 – –
752 USD Credit Suisse Valero Energy Corp.1 – –
3,379 USD J.P. Morgan Valero Energy Corp. (2) –
127 USD J.P. Morgan Valmont Industries, Inc.1 – –
50 USD Merrill Lynch Valmont Industries, Inc.1 – –
21 USD Deutsche Bank Valmont Industries, Inc.1 – –
44 USD J.P. Morgan Varian Medical Systems, Inc.1 – –
888 USD Merrill Lynch Varian Medical Systems, Inc. (2) –
248 USD Merrill Lynch Vector Group Ltd.1 – –
272 USD Credit Suisse Vector Group Ltd.1 – –
752 USD J.P. Morgan Vector Group Ltd.1 – –
(481) USD Citigroup Ventas, Inc., REIT1 – –
(5,979) USD Citigroup VEREIT, Inc., REIT (1) –
(719) USD Merrill Lynch Verint Systems, Inc. (2) –
1,034 USD Citigroup VeriSign, Inc. (3) –
3,359 USD Merrill Lynch VeriSign, Inc. (18) (0.01)
720 USD J.P. Morgan Verizon Communications, Inc. (1) –
4,530 USD J.P. Morgan Versum Materials, Inc. (6) (0.01)
223 USD Credit Suisse Vertex Pharmaceuticals, Inc. (2) –
626 USD Merrill Lynch Vertex Pharmaceuticals, Inc. (6) (0.01)
861 USD Deutsche Bank Visa, Inc. 'A' (2) –
909 USD Credit Suisse Visa, Inc. 'A' (2) –
5,564 USD Citigroup Vishay Intertechnology, Inc.1 – –
2,858 USD Merrill Lynch Vishay Intertechnology, Inc. (2) –
14,440 USD J.P. Morgan Vishay Intertechnology, Inc. (9) (0.01)
884 USD Merrill Lynch Visteon Corp. (8) (0.01)
1,489 USD J.P. Morgan Visteon Corp. (14) (0.01)
(5,895) USD Credit Suisse Vistra Energy Corp.1 – –
(2,535) USD Citigroup Vistra Energy Corp. (1) –
504 USD J.P. Morgan VMware, Inc. 'A' (1) –
2,261 USD Merrill Lynch VMware, Inc. 'A' (8) (0.01)
42 USD J.P. Morgan WABCO Holdings, Inc.1 – –
242 USD Merrill Lynch WABCO Holdings, Inc. (1) –
451 USD Credit Suisse WABCO Holdings, Inc. (2) –
(2,124) USD Citigroup Wabtec Corp. (5) –
(1,831) USD Deutsche Bank Wabtec Corp. (10) (0.01)
232 USD J.P. Morgan Walgreens Boots Alliance, Inc. (1) –
966 USD Merrill Lynch Walgreens Boots Alliance, Inc. (2) –
89 USD Credit Suisse Washington Federal, Inc.1 – –
4,875 USD Citigroup Washington Federal, Inc. (1) –
1,230 USD J.P. Morgan Washington Federal, Inc. (1) –
356
As at 31 March 2018
Fair Value % of Net

4,149 USD Merrill Lynch Washington Federal, Inc. (5) –

980 USD Citigroup Waste Management, Inc.1 – –
716 USD Credit Suisse Waste Management, Inc. (1) –
1,018 USD J.P. Morgan Waste Management, Inc. (1) –
1,005 USD Merrill Lynch Waste Management, Inc. (2) –
392 USD Citigroup Waters Corp. (2) –
512 USD J.P. Morgan Waters Corp. (4) –
552 USD Merrill Lynch Waters Corp. (6) (0.01)
28 USD Merrill Lynch Wayfair, Inc. 'A'1 – –
366 USD Citigroup Wayfair, Inc. 'A' (1) –
(327) USD Merrill Lynch WEC Energy Group, Inc.1 – –
(486) USD J.P. Morgan WEC Energy Group, Inc. (1) –
(958) USD Citigroup WEC Energy Group, Inc. (1) –
(558) USD Credit Suisse WEC Energy Group, Inc. (1) –
(236) USD Merrill Lynch Welltower, Inc., REIT1 – –
(839) USD Credit Suisse Welltower, Inc., REIT (1) –
(572) USD Citigroup Welltower, Inc., REIT (1) –
(1,643) USD J.P. Morgan Welltower, Inc., REIT (1) –
(953) USD J.P. Morgan Wendy's Co. (The)1 – –
(1,803) USD Citigroup Wendy's Co. (The) (1) –
756 USD Credit Suisse Werner Enterprises, Inc. (1) –
3,515 USD J.P. Morgan Werner Enterprises, Inc. (3) –
4,271 USD Citigroup Werner Enterprises, Inc. (6) (0.01)
3,737 USD Merrill Lynch Werner Enterprises, Inc. (6) (0.01)
(717) USD Citigroup Westar Energy, Inc. (1) –
250 USD Credit Suisse Western Alliance Bancorp (1) –
623 USD Merrill Lynch Western Alliance Bancorp (1) –
855 USD J.P. Morgan Western Alliance Bancorp (2) –
314 USD J.P. Morgan Western Digital Corp. (1) –
319 USD Citigroup Western Digital Corp. (2) –
1,429 USD Credit Suisse Western Digital Corp. (6) (0.01)
5,855 USD Citigroup Western Union Co. (The) (1) –
2,163 USD Credit Suisse Western Union Co. (The) (1) –
1,164 USD Deutsche Bank Western Union Co. (The) (1) –
6,111 USD J.P. Morgan Western Union Co. (The) (2) –
(239) USD Citigroup WestRock Co.1 – –
(1,161) USD J.P. Morgan WEX, Inc. (1) –
(891) USD Citigroup WEX, Inc. (1) –
(713) USD Citigroup Whiting Petroleum Corp.1 – –
(1,728) USD Merrill Lynch Whiting Petroleum Corp. (5) –
(3,435) USD J.P. Morgan Whiting Petroleum Corp. (16) (0.01)
161 USD Deutsche Bank Williams-Sonoma, Inc.1 – –
1,861 USD Merrill Lynch Williams-Sonoma, Inc. (3) –
332 USD Credit Suisse Wintrust Financial Corp. (1) –
688 USD Merrill Lynch Wintrust Financial Corp. (3) –
252 USD Credit Suisse Wolverine World Wide, Inc.1 – –
929 USD J.P. Morgan Wolverine World Wide, Inc.1 – –
357
As at 31 March 2018
Fair Value % of Net

412 USD Deutsche Bank Wolverine World Wide, Inc. (1) –

(460) USD Citigroup World Fuel Services Corp.1 – –
(1,682) USD Merrill Lynch World Fuel Services Corp. (1) –
(1,538) USD Credit Suisse World Fuel Services Corp. (1) –
374 USD J.P. Morgan Worldpay, Inc. 'A'1 – –
405 USD Deutsche Bank Worthington Industries, Inc. (1) –
(1,025) USD Merrill Lynch WPX Energy, Inc. (1) –
(2,773) USD Credit Suisse WPX Energy, Inc. (2) –
(7,955) USD Citigroup WPX Energy, Inc. (2) –
(131) USD Merrill Lynch WR Berkley Corp.1 – –
(1,519) USD Citigroup WR Berkley Corp. (2) –
(1,571) USD J.P. Morgan WR Berkley Corp. (3) –
149 USD Credit Suisse WR Grace & Co. (1) –
260 USD Deutsche Bank WR Grace & Co. (1) –
374 USD J.P. Morgan WR Grace & Co. (2) –
476 USD Merrill Lynch Wyndham Worldwide Corp. (1) –
534 USD J.P. Morgan Wyndham Worldwide Corp. (1) –
(701) USD Citigroup Wynn Resorts Ltd. (4) –
448 USD Citigroup Xerox Corp.1 – –
3,557 USD J.P. Morgan Xerox Corp. (3) –
(1,946) USD J.P. Morgan XPO Logistics, Inc. (1) –
1,209 USD Credit Suisse Xylem, Inc.1 – –
(6,366) USD Merrill Lynch Zendesk, Inc. (1) –
(313) USD Credit Suisse Zillow Group, Inc. 'C'1 – –
(2,539) USD J.P. Morgan Zillow Group, Inc. 'C'1 – –
570 USD Citigroup Zions Bancorporation1 – –
346 USD Deutsche Bank Zions Bancorporation (1) –
1,207 USD Merrill Lynch Zions Bancorporation (2) –
743 USD Merrill Lynch Zoetis, Inc. (1) –
Total United States (2,877) (1.42)
Total unrealised loss on contracts for difference (31 March 2017: (4.08)%) (8,923) (4.39)

Buy CAD 749,000; Sell EUR 466,809 Societe Generale 18/04/2018 5 –

Buy CAD 2,651,730; Sell EUR 1,662,938 Goldman Sachs 20/06/2018 2 –
Buy CLP 250,685,000; Sell USD 413,706 Credit Suisse 18/04/2018 1 –
Buy CLP 250,683,000; Sell USD 413,942 Deutsche Bank 18/04/2018 1 –
Buy EUR 1,930,670; Sell AUD 3,000,980 Goldman Sachs 18/04/2018 61 0.04
Buy EUR 1,337,219; Sell AUD 2,106,000 Citibank 18/04/2018 25 0.01
Buy EUR 254,148; Sell AUD 391,000 Morgan Stanley 18/04/2018 11 0.01
358
As at 31 March 2018

Buy EUR 992,104; Sell AUD 1,569,510 Deutsche Bank 16/05/2018 16 0.01
Buy EUR 1,900,326; Sell CAD 2,945,000 Goldman Sachs 18/04/2018 44 0.02
Buy EUR 365,899; Sell CAD 573,000 Goldman Sachs 16/05/2018 5 –
Buy EUR 426,199; Sell CHF 498,780 UBS 18/04/2018 3 –
Buy EUR 31,917; Sell CHF 36,610 Deutsche Bank 16/05/2018 1 –
Buy EUR 34,791; Sell CHF 40,6101 Morgan Stanley 20/06/2018 – –
Buy EUR 468,716; Sell GBP 410,000 RBC 18/04/2018 1 –
Buy EUR 252,529; Sell HKD 2,371,500 Citibank 18/04/2018 7 0.01
Buy EUR 737,412; Sell HKD 7,093,750 Deutsche Bank 16/05/2018 4 –
Buy EUR 5,688,100; Sell HUF 1,758,736,656 Citibank 18/04/2018 55 0.03
Buy EUR 56,270; Sell HUF 17,421,054 Morgan Stanley 18/04/2018 1 –
Buy EUR 28,135; Sell HUF 8,714,1871 Deutsche Bank 18/04/2018 – –
Buy EUR 2,814; Sell HUF 871,5031 J.P. Morgan 18/04/2018 – –
Buy EUR 4,954,439; Sell HUF 1,546,329,800 Credit Suisse 20/06/2018 5 0.01
Buy EUR 243,917; Sell NOK 2,349,000 Citibank 18/04/2018 1 –
Buy EUR 112,824; Sell NOK 1,087,0001 UBS 18/04/2018 – –
Buy EUR 243,856; Sell NOK 2,351,000 Goldman Sachs 16/05/2018 1 –
Buy EUR 886,252; Sell NOK 8,508,910 Deutsche Bank 20/06/2018 8 0.01
Buy EUR 646,558; Sell NZD 1,099,000 Goldman Sachs 18/04/2018 3 –
Buy EUR 646,344; Sell NZD 1,101,000 Goldman Sachs 16/05/2018 3 –
Buy EUR 345,432; Sell PLN 1,445,000 BNP Paribas 18/04/2018 2 –
Buy EUR 167,714; Sell PLN 702,703 Deutsche Bank 18/04/2018 1 –
Buy EUR 128,974; Sell PLN 540,297 J.P. Morgan 18/04/2018 1 –
Buy EUR 149,185; Sell PLN 629,0001 Societe Generale 18/04/2018 – –
Buy EUR 345,397; Sell PLN 1,447,000 BNP Paribas 16/05/2018 3 –
Buy EUR 167,749; Sell PLN 703,834 Deutsche Bank 16/05/2018 1 –
Buy EUR 129,005; Sell PLN 541,166 J.P. Morgan 16/05/2018 1 –
Buy EUR 139,310; Sell PLN 588,0001 BNP Paribas 20/06/2018 – –
Buy EUR 149,137; Sell PLN 631,0001 Morgan Stanley 20/06/2018 – –
Buy EUR 5,795,066; Sell SEK 57,034,746 Morgan Stanley 18/04/2018 257 0.12
Buy EUR 1,431,497; Sell SEK 14,516,000 Deutsche Bank 18/04/2018 22 0.01
Buy EUR 511,488; Sell SEK 5,066,000 BNP Paribas 18/04/2018 20 0.01
Buy EUR 398,419; Sell SEK 4,012,517 Credit Suisse 18/04/2018 9 0.01
Buy EUR 142,845; Sell SEK 1,406,597 UBS 18/04/2018 6 –
Buy EUR 6,370,369; Sell SEK 63,458,070 Morgan Stanley 16/05/2018 209 0.10
Buy EUR 318,015; Sell SEK 3,221,000 Credit Suisse 16/05/2018 5 –
Buy EUR 3,227,659; Sell SEK 32,775,000 UBS 20/06/2018 46 0.02
Buy EUR 3,227,971; Sell SEK 32,779,070 Citibank 20/06/2018 45 0.02
Buy EUR 317,835; Sell SEK 3,219,000 Credit Suisse 20/06/2018 5 –
Buy EUR 117,709; Sell SEK 1,200,000 Societe Generale 20/06/2018 1 –
Buy EUR 5,385,213; Sell SGD 8,623,760 J.P. Morgan 18/04/2018 41 0.02
Buy EUR 2,816,264; Sell USD 3,379,641 UBS 18/04/2018 71 0.04
359
As at 31 March 2018

Buy EUR 2,985,761; Sell USD 3,663,000 Goldman Sachs 18/04/2018 10 –

Buy EUR 16,398,738; Sell USD 20,197,920 Goldman Sachs 16/05/2018 26 0.01
Buy EUR 165,727; Sell ZAR 2,402,000 Citibank 18/04/2018 2 –
Buy EUR 245,623; Sell ZAR 3,572,000 RBC 18/04/2018 2 –
Buy EUR 165,718; Sell ZAR 2,416,000 Citibank 16/05/2018 2 –
Buy GBP 2,353,420; Sell EUR 2,659,997 Citibank 18/04/2018 23 0.01
Buy GBP 378,000; Sell EUR 426,756 Goldman Sachs 18/04/2018 4 –
Buy GBP 317,000; Sell EUR 358,195 Morgan Stanley 18/04/2018 3 –
Buy GBP 2,234,790; Sell EUR 2,514,965 Deutsche Bank 16/05/2018 31 0.02
Buy GBP 378,000; Sell EUR 426,390 Goldman Sachs 16/05/2018 4 –
Buy GBP 3,840,790; Sell EUR 4,318,236 Deutsche Bank 20/06/2018 51 0.03
Buy HKD 3,689,250; Sell EUR 379,891 State Street 20/06/2018 1 –
Buy HUF 74,906,477; Sell EUR 239,173 Citibank 18/04/2018 1 –
Buy HUF 117,041,156; Sell EUR 374,273 Credit Suisse 18/04/2018 1 –
Buy HUF 58,015,358; Sell EUR 185,6891 Morgan Stanley 18/04/2018 – –
Buy HUF 12,433,648; Sell EUR 39,7911 J.P. Morgan 18/04/2018 – –
Buy HUF 4,142,360; Sell EUR 13,2631 UBS 18/04/2018 – –
Buy HUF 46,366,320; Sell EUR 147,777 J.P. Morgan 16/05/2018 1 –
Buy HUF 117,066,314; Sell EUR 374,309 Credit Suisse 16/05/2018 1 –
Buy HUF 40,992,287; Sell EUR 131,1821 Citibank 16/05/2018 – –
Buy HUF 117,136,755; Sell EUR 374,4441 Credit Suisse 20/06/2018 – –
Buy INR 13,980,000; Sell USD 214,1871 ANZ 18/04/2018 – –
Buy INR 14,053,000; Sell USD 214,5821 ANZ 16/05/2018 – –
Buy INR 219,880,000; Sell USD 3,343,623 Citibank 20/06/2018 3 –
Buy JPY 71,670,000; Sell EUR 528,040 UBS 18/04/2018 20 0.01
Buy JPY 98,285,000; Sell EUR 748,559 State Street 18/04/2018 3 –
Buy JPY 172,560,000; Sell EUR 1,318,447 Goldman Sachs 18/04/2018 1 –
Buy JPY 159,638,000; Sell EUR 1,219,515 Goldman Sachs 16/05/2018 1 –
Buy JPY 12,963,000; Sell EUR 98,9661 Societe Generale 20/06/2018 – –
Buy KRW 1,031,271,000; Sell USD 962,740 Goldman Sachs 18/04/2018 6 –
Buy KRW 1,032,709,000; Sell USD 964,681 Goldman Sachs 16/05/2018 6 –
Buy KRW 624,715,000; Sell USD 587,912 Goldman Sachs 20/06/2018 1 –
Buy MXN 47,639,000; Sell EUR 2,049,347 Goldman Sachs 18/04/2018 66 0.03
Buy MXN 10,057,000; Sell EUR 429,858 Citibank 18/04/2018 17 0.01
Buy MXN 10,438,000; Sell EUR 443,348 Morgan Stanley 16/05/2018 17 0.01
Buy NOK 11,667,000; Sell EUR 1,199,715 Credit Suisse 18/04/2018 8 0.01
Buy NOK 4,281,000; Sell EUR 441,869 Deutsche Bank 18/04/2018 1 –
Buy NOK 4,285,000; Sell EUR 441,793 Deutsche Bank 16/05/2018 1 –
360
As at 31 March 2018

Buy NZD 651,000; Sell EUR 380,880 Societe Generale 18/04/2018 1 –

Buy RUB 228,754,900; Sell USD 3,952,620 Barclays 18/04/2018 16 0.01
Buy RUB 246,999,550; Sell USD 4,184,554 Barclays 16/05/2018 74 0.04
Buy SGD 2,521,000; Sell EUR 1,554,800 J.P. Morgan 18/04/2018 7 –
Buy SGD 659,000; Sell EUR 405,875 State Street 18/04/2018 2 –
Buy SGD 639,000; Sell EUR 393,850 Citibank 18/04/2018 2 –
Buy SGD 3,164,000; Sell EUR 1,948,414 Citibank 16/05/2018 9 0.01
Buy SGD 660,000; Sell EUR 405,934 State Street 16/05/2018 2 –
Buy SGD 661,000; Sell EUR 405,902 Morgan Stanley 20/06/2018 2 –
Buy SGD 641,000; Sell EUR 393,889 Citibank 20/06/2018 2 –
Buy THB 178,375,940; Sell EUR 4,612,547 UBS 18/04/2018 23 0.01
Buy THB 46,377,000; Sell EUR 1,186,481 Goldman Sachs 18/04/2018 19 0.01
Buy THB 15,924,000; Sell EUR 406,380 HSBC 18/04/2018 7 –
Buy THB 5,186,000; Sell EUR 134,043 Barclays 18/04/2018 1 –
Buy THB 243,666,030; Sell EUR 6,229,693 Morgan Stanley 16/05/2018 96 0.05
Buy THB 146,254,030; Sell EUR 3,784,004 Citibank 20/06/2018 7 –
Buy THB 5,198,000; Sell EUR 134,132 Morgan Stanley 20/06/2018 1 –
Buy TWD 17,139,000; Sell USD 586,992 BNP Paribas 18/04/2018 2 –
Buy TWD 7,765,000; Sell USD 266,134 Goldman Sachs 18/04/2018 1 –
Buy TWD 23,575,000; Sell USD 809,970 Credit Suisse 18/04/2018 1 –
Buy TWD 7,480,000; Sell USD 256,511 Citibank 18/04/2018 1 –
Buy TWD 17,135,000; Sell USD 588,165 BNP Paribas 16/05/2018 2 –
Buy TWD 7,760,000; Sell USD 266,603 Goldman Sachs 16/05/2018 1 –
Buy USD 761,408; Sell BRL 2,489,000 J.P. Morgan 18/04/2018 11 0.01
Buy USD 365,328; Sell BRL 1,178,000 Credit Suisse 18/04/2018 9 0.01
Buy USD 713,400; Sell BRL 2,336,600 Barclays 18/04/2018 9 0.01
Buy USD 1,237,744; Sell BRL 4,076,200 J.P. Morgan 16/05/2018 12 0.01
Buy USD 627,301; Sell BRL 2,065,200 Citibank 20/06/2018 8 0.01
Buy USD 844,534; Sell CLP 502,540,000 UBS 18/04/2018 9 0.01
Buy USD 364,962; Sell CLP 216,780,000 Credit Suisse 18/04/2018 5 –
Buy USD 298,052; Sell CLP 177,371,000 Deutsche Bank 18/04/2018 3 –
Buy USD 148,817; Sell CLP 88,680,000 J.P. Morgan 18/04/2018 1 –
Buy USD 846,171; Sell CLP 503,700,000 UBS 16/05/2018 9 0.01
Buy USD 365,683; Sell CLP 217,285,000 Credit Suisse 16/05/2018 4 –
Buy USD 298,658; Sell CLP 177,776,000 Deutsche Bank 16/05/2018 3 –
Buy USD 149,119; Sell CLP 88,890,000 J.P. Morgan 16/05/2018 2 –
Buy USD 960,000; Sell EUR 773,804 Goldman Sachs 18/04/2018 6 –
Buy USD 607,000; Sell EUR 489,307 Societe Generale 18/04/2018 4 –
Buy USD 93,000; Sell EUR 75,4991 Citibank 18/04/2018 – –
Buy USD 962,000; Sell EUR 773,872 Goldman Sachs 16/05/2018 6 0.01
Buy USD 965,000; Sell EUR 774,317 Goldman Sachs 20/06/2018 6 –
361
As at 31 March 2018

Buy USD 1,391,147; Sell INR 90,195,000 Citibank 18/04/2018 6 –

Buy USD 1,169,986; Sell INR 76,833,0001 Citibank 20/06/2018 – –
Buy USD 211,654; Sell RUB 12,070,000 Barclays 18/04/2018 2 –
Buy USD 321,137; Sell RUB 18,475,0001 Citibank 18/04/2018 – –
Buy USD 212,127; Sell RUB 12,132,000 Goldman Sachs 16/05/2018 2 –
Buy USD 321,681; Sell RUB 18,561,0001 Citibank 16/05/2018 – –
Buy USD 322,547; Sell RUB 18,669,000 Citibank 20/06/2018 1 –
Buy ZAR 31,422,720; Sell EUR 2,076,295 Morgan Stanley 18/04/2018 73 0.04
Buy ZAR 7,552,000; Sell EUR 508,978 Citibank 18/04/2018 8 0.01
Buy ZAR 3,031,000; Sell EUR 202,036 Societe Generale 18/04/2018 5 –
Buy ZAR 2,573,000; Sell EUR 171,162 J.P. Morgan 18/04/2018 5 –
Buy ZAR 45,552,140; Sell EUR 3,012,411 Citibank 16/05/2018 85 0.04
Buy ZAR 45,449,140; Sell EUR 3,051,978 Morgan Stanley 20/06/2018 16 0.01
Buy ZAR 2,584,000; Sell EUR 173,765 Citibank 20/06/2018 1 –
Total unrealised gain on forward currency contracts (31 March 2017: 1.35%) 2,230 1.10
Buy AUD 164,000; Sell EUR 104,258 BNP Paribas 18/04/2018 (2) –
Buy CAD 2,457,000; Sell EUR 1,573,227 Citibank 18/04/2018 (25) (0.01)
Buy CAD 3,092,540; Sell EUR 2,073,507 Goldman Sachs 18/04/2018 (125) (0.06)
Buy CAD 2,083,000; Sell EUR 1,327,435 Citibank 16/05/2018 (17) (0.01)
Buy CAD 1,168,730; Sell EUR 752,267 Deutsche Bank 16/05/2018 (17) (0.01)
Buy CLP 204,153,000; Sell USD 343,576 Goldman Sachs 18/04/2018 (4) –
Buy CLP 306,225,000; Sell USD 513,594 Citibank 18/04/2018 (5) –
Buy CLP 204,624,000; Sell USD 344,241 Goldman Sachs 16/05/2018 (4) –
Buy CLP 306,930,000; Sell USD 514,672 Citibank 16/05/2018 (5) –
Buy EUR 224,113; Sell AUD 362,000 RBC 18/04/2018 (1) –
Buy EUR 210,717; Sell CAD 337,000 RBC 18/04/2018 (2) –
Buy EUR 717,350; Sell HKD 6,938,0001 Citibank 16/05/2018 – –
Buy EUR 5,056,691; Sell HUF 1,580,467,800 Deutsche Bank 16/05/2018 (4) –
Buy EUR 1,108,625; Sell JPY 147,490,000 Goldman Sachs 18/04/2018 (19) (0.01)
Buy EUR 1,166,402; Sell JPY 157,381,480 Morgan Stanley 18/04/2018 (37) (0.02)
Buy EUR 149,711; Sell JPY 20,000,000 State Street 16/05/2018 (3) –
Buy EUR 804,993; Sell JPY 106,746,000 Goldman Sachs 16/05/2018 (11) (0.01)
Buy EUR 929,879; Sell JPY 123,995,760 Deutsche Bank 16/05/2018 (18) (0.01)
Buy EUR 697,436; Sell JPY 92,136,760 Morgan Stanley 20/06/2018 (7) –
Buy EUR 526,208; Sell MXN 12,045,000 RBC 18/04/2018 (9) (0.01)
Buy EUR 565,565; Sell MXN 13,125,000 Citibank 18/04/2018 (17) (0.01)
Buy EUR 1,091,736; Sell MXN 25,329,000 Citibank 16/05/2018 (25) (0.01)
Buy EUR 526,445; Sell MXN 12,225,000 RBC 20/06/2018 (8) –
Buy EUR 565,347; Sell MXN 13,308,000 Citibank 20/06/2018 (17) (0.01)
Buy EUR 2,123,201; Sell NOK 20,572,180 Citibank 18/04/2018 (6) –
Buy EUR 1,052,111; Sell NOK 10,348,910 Morgan Stanley 16/05/2018 (18) (0.01)
Buy EUR 404,347; Sell NZD 691,000 Citibank 18/04/2018 (1) –
Buy EUR 404,660; Sell NZD 693,000 Citibank 16/05/2018 (1) –
362
As at 31 March 2018

Buy EUR 404,754; Sell NZD 695,0001 RBC 20/06/2018 – –

Buy EUR 149,182; Sell PLN 630,0001 Morgan Stanley 16/05/2018 – –
Buy EUR 183,375; Sell SGD 300,000 Citibank 18/04/2018 (3) –
Buy EUR 1,313,532; Sell SGD 2,130,000 Morgan Stanley 18/04/2018 (6) –
Buy EUR 2,079,824; Sell SGD 3,394,000 Goldman Sachs 18/04/2018 (23) (0.01)
Buy EUR 1,118,444; Sell SGD 1,827,000 Goldman Sachs 16/05/2018 (12) (0.01)
Buy EUR 7,580,070; Sell SGD 12,421,120 Morgan Stanley 16/05/2018 (106) (0.05)
Buy EUR 7,193,766; Sell SGD 11,713,120 State Street 20/06/2018 (40) (0.02)
Buy EUR 2,162,011; Sell THB 83,247,000 Goldman Sachs 18/04/2018 (1) –
Buy EUR 250,878; Sell THB 9,769,000 Morgan Stanley 18/04/2018 (3) –
Buy EUR 2,161,624; Sell THB 83,313,000 Goldman Sachs 16/05/2018 (1) –
Buy EUR 250,815; Sell THB 9,775,000 Morgan Stanley 16/05/2018 (3) –
Buy EUR 84,693; Sell TRY 422,000 Barclays 18/04/2018 (1) –
Buy EUR 84,612; Sell TRY 426,000 Barclays 16/05/2018 (1) –
Buy EUR 84,696; Sell TRY 432,000 RBC 20/06/2018 (1) –
Buy EUR 485,679; Sell USD 600,000 State Street 18/04/2018 (2) –
Buy EUR 7,869,577; Sell USD 9,772,831 Morgan Stanley 20/06/2018 (30) (0.02)
Buy HUF 57,614,841; Sell EUR 185,073 Morgan Stanley 18/04/2018 (1) –
Buy HUF 76,538,144; Sell EUR 246,332 Credit Suisse 18/04/2018 (1) –
Buy HUF 190,750,000; Sell EUR 613,336 BNP Paribas 18/04/2018 (2) –
Buy INR 18,930,000; Sell USD 294,218 BNP Paribas 18/04/2018 (3) –
Buy INR 56,800,000; Sell USD 882,042 Barclays 18/04/2018 (9) (0.01)
Buy INR 943,497,860; Sell USD 14,713,187 Goldman Sachs 18/04/2018 (194) (0.10)
Buy INR 914,994,570; Sell USD 14,053,597 Citibank 16/05/2018 (53) (0.03)
Buy INR 307,830,000; Sell USD 4,687,279 BNP Paribas 20/06/2018 (1) –
Buy INR 351,801,570; Sell USD 5,370,606 Morgan Stanley 20/06/2018 (12) (0.01)
Buy NOK 5,824,000; Sell EUR 606,611 Credit Suisse 18/04/2018 (4) –
Buy NOK 12,150,000; Sell EUR 1,267,250 Deutsche Bank 18/04/2018 (10) (0.01)
Buy NZD 677,000; Sell EUR 399,841 Citibank 18/04/2018 (3) –
Buy NZD 1,586,000; Sell EUR 942,264 Goldman Sachs 18/04/2018 (13) (0.01)
Buy NZD 4,851,060; Sell EUR 2,895,473 Morgan Stanley 18/04/2018 (53) (0.03)
363
As at 31 March 2018

Buy NZD 5,388,970; Sell EUR 3,157,693 Morgan Stanley 16/05/2018 (7) –
Buy NZD 1,590,000; Sell EUR 942,598 Goldman Sachs 16/05/2018 (13) (0.01)
Buy NZD 5,861,970; Sell EUR 3,452,585 State Street 20/06/2018 (35) (0.02)
Buy PLN 16,708,340; Sell EUR 3,979,352 Citibank 18/04/2018 (17) (0.01)
Buy PLN 16,783,330; Sell EUR 3,983,492 Morgan Stanley 16/05/2018 (9) (0.01)
Buy PLN 14,659,330; Sell EUR 3,468,063 Citibank 20/06/2018 (3) –
Buy RUB 30,665,000; Sell USD 540,330 Citibank 18/04/2018 (6) –
Buy RUB 30,666,000; Sell USD 541,134 J.P. Morgan 18/04/2018 (7) –
Buy RUB 20,355,000; Sell USD 359,090 Citibank 16/05/2018 (5) –
Buy RUB 20,351,000; Sell USD 359,685 J.P. Morgan 16/05/2018 (6) –
Buy RUB 274,089,550; Sell USD 4,765,324 Citibank 20/06/2018 (32) (0.02)
Buy SEK 914,000; Sell EUR 91,555 Credit Suisse 18/04/2018 (3) –
Buy SEK 914,000; Sell EUR 91,560 Credit Suisse 16/05/2018 (3) –
Buy TRY 1,485,000; Sell EUR 308,228 Morgan Stanley 18/04/2018 (5) –
Buy TRY 1,300,000; Sell EUR 273,467 Goldman Sachs 18/04/2018 (8) –
Buy TRY 2,637,000; Sell EUR 557,944 J.P. Morgan 18/04/2018 (20) (0.01)
Buy TRY 8,154,500; Sell EUR 1,738,860 Citibank 18/04/2018 (74) (0.04)
Buy TRY 1,314,000; Sell EUR 273,646 Goldman Sachs 16/05/2018 (8) –
Buy TRY 4,313,000; Sell EUR 893,657 Citibank 16/05/2018 (23) (0.01)
Buy TRY 8,319,250; Sell EUR 1,714,325 Morgan Stanley 16/05/2018 (34) (0.02)
Buy TRY 1,669,000; Sell EUR 335,454 Citibank 20/06/2018 (3) –
Buy TRY 11,962,250; Sell EUR 2,421,410 Morgan Stanley 20/06/2018 (37) (0.02)
Buy TWD 2,923,000; Sell USD 100,7221 UBS 18/04/2018 – –
Buy TWD 10,857,000; Sell USD 373,9281 Deutsche Bank 18/04/2018 – –
Buy TWD 10,852,000; Sell USD 374,6851 Deutsche Bank 16/05/2018 – –
Buy USD 468,391; Sell CLP 283,269,000 Credit Suisse 18/04/2018 (1) –
Buy USD 2,396,935; Sell CLP 1,455,251,420 BNP Paribas 18/04/2018 (12) (0.01)
Buy USD 1,996,778; Sell CLP 1,209,160,790 Credit Suisse 16/05/2018 (6) –
Buy USD 2,308,651; Sell CLP 1,393,039,7901 Deutsche Bank 20/06/2018 – –
Buy USD 470,752; Sell CLP 284,664,000 Credit Suisse 20/06/2018 (1) –
Buy USD 9,000; Sell EUR 7,3201 Citibank 18/04/2018 – –
Buy USD 1,164,735; Sell INR 75,964,000 Citibank 18/04/2018 (1) –
Buy USD 739,256; Sell INR 48,510,000 Deutsche Bank 18/04/2018 (4) –
Buy USD 1,166,975; Sell INR 76,361,0001 Citibank 16/05/2018 – –
Buy USD 740,685; Sell INR 48,763,000 Deutsche Bank 16/05/2018 (4) –
Buy USD 360,297; Sell KRW 384,455,000 Deutsche Bank 18/04/2018 (1) –
Buy USD 539,760; Sell KRW 578,687,000 Citibank 18/04/2018 (4) –
Buy USD 3,911,087; Sell KRW 4,167,341,920 Goldman Sachs 18/04/2018 (8) (0.01)
Buy USD 1,233,398; Sell KRW 1,334,082,000 BNP Paribas 18/04/2018 (18) (0.01)
Buy USD 5,252,977; Sell KRW 5,718,390,540 Deutsche Bank 16/05/2018 (106) (0.05)
Buy USD 5,314,496; Sell KRW 5,654,251,540 Morgan Stanley 20/06/2018 (11) (0.01)
Buy USD 563,806; Sell RUB 32,544,000 Credit Suisse 18/04/2018 (1) –
Buy USD 16,058,086; Sell TWD 470,261,060 Deutsche Bank 18/04/2018 (92) (0.05)
Buy USD 16,095,897; Sell TWD 466,941,970 Goldman Sachs 16/05/2018 (8) –
Buy USD 3,718,926; Sell TWD 107,860,000 BNP Paribas 20/06/2018 (12) (0.01)
364
As at 31 March 2018

Buy USD 5,951,580; Sell TWD 172,577,970 Morgan Stanley 20/06/2018 (18) (0.01)
Buy USD 5,204,646; Sell TWD 151,005,000 Citibank 20/06/2018 (18) (0.01)
Buy ZAR 4,693,000; Sell EUR 321,957 Goldman Sachs 18/04/2018 (1) –
Buy ZAR 4,720,000; Sell EUR 321,919 Goldman Sachs 16/05/2018 (1) –
Total unrealised loss on forward currency contracts (31 March 2017: (1.11)%) (1,737) (0.86)
Number of Maturity Fair Value % of Net

Contracts Currency Notional Description Date EUR '000 Asset Value
Futures contracts

99 AUD 9,900,000 Australia 10 Year Bond 15/06/2018 100 0.05
(55) AUD (1,375) SPI 200 Index 21/06/2018 150 0.07
Total Australia 250 0.12
Canada (31 March 2017: 0.03%)

98 CAD 9,800,000 Canada 10 Year Bond 20/06/2018 105 0.05
(54) CAD (10,800) S&P/TSX 60 Index 14/06/2018 76 0.04
France (31 March 2017: 0.11%) – –

(24) EUR (600) DAX Index 15/06/2018 66 0.03
293 EUR 29,300,000 Euro-Bund 07/06/2018 625 0.31
Hong Kong (31 March 2017: 0.00%2) – –
Italy (31 March 2017: 0.01%)

4 EUR 20 FTSE/MIB Index 15/06/2018 7 –
Total Italy 7 –
Netherlands (31 March 2017: 0.01%) – –

(156) USD (312) SGX NIFTY 50 Index 26/04/2018 5 –
Total Singapore 5 –
South Africa (31 March 2017: 0.00%)

(217) ZAR (2,170) FTSE/JSE Top 40 Index 21/06/2018 503 0.25
Total South Africa 503 0.25
365
As at 31 March 2018

Futures contracts (continued)
Sweden (31 March 2017: 0.05%) – –
Switzerland (31 March 2017: 0.04%) – –

(39) GBP (390) FTSE 100 Index 15/06/2018 33 0.02

(46) USD (2,300) S&P 500 Emini Index 15/06/2018 259 0.13
Total United States 259 0.13
Total unrealised gain on futures contracts (31 March 2017: 0.39%) 1,929 0.95
Australia (31 March 2017: (0.02)%) – –
France (31 March 2017: 0.00%)

56 EUR 560 CAC 40 10 Euro Index 20/04/2018 (28) (0.01)
Total France (28) (0.01)
Hong Kong (31 March 2017: (0.01)%)

52 HKD 2,600 Hang Seng Index 27/04/2018 (54) (0.03)
18 HKD 900 HSCEI 27/04/2018 (6) –
Total Hong Kong (60) (0.03)
Japan (31 March 2017: (0.01)%)

(8) JPY (800,000,000) Japan 10 Year Bond 13/06/2018 (10) (0.01)
(6) JPY (60,000) TOPIX Index 07/06/2018 (4) –
Total Japan (14) (0.01)

85 EUR 17,000 Amsterdam Exchange Index 20/04/2018 (116) (0.06)
Total Netherlands (116) (0.06)
366
As at 31 March 2018

Futures contracts (continued)
Singapore (31 March 2017: (0.04)%)

(329) SGD (32,900) MSCI Singapore Index 27/04/2018 (56) (0.03)
South Africa (31 March 2017: (0.02)%) – –
Spain (31 March 2017: (0.05)%)

9 EUR 90 IBEX 35 Index 20/04/2018 (13) (0.01)
Total Spain (13) (0.01)
Sweden (31 March 2017: 0.00%)

706 SEK 70,600 OMXS30 Index 20/04/2018 (215) (0.10)
Total Sweden (215) (0.10)

171 CHF 1,710 Swiss Market Index 15/06/2018 (233) (0.11)
Total Switzerland (233) (0.11)

(272) GBP (27,200,000) Long Gilt 27/06/2018 (709) (0.35)
United States (31 March 2017: (0.05)%)

(151) USD (15,100,000) US Treasury 10 Year Note 20/06/2018 (159) (0.08)
Total United States (159) (0.08)
Total unrealised loss on futures contracts (31 March 2017: (0.42)%) (1,603) (0.79)
Fair Value % of Net

Total financial liabilities at fair value through profit or loss (13,737) (6.77)
Cash 16,806 8.27
% of Total
Financial derivative instruments dealt in on a regulated market 1.40
Other assets 9.20
Total assets 100.00
1
2
Prior year percentage of net asset value rounds to 0.00%.
3
367
As at 31 March 2018
On gains On losses
Credit default swaps 12,749 –
Interest rate swaps 30,814 72,445
Total return swaps 1,966 15,861
Centrally cleared credit default swaps 11,432 –
Centrally cleared interest rate swaps 102,034 188,484
Contracts for differences 242,440 236,174
Futures contracts 99,734 115,801
368
BLACKROCK DEVELOPED MARKETS SOVEREIGN SCREENED BOND FUND
As at 31 March 2018
Fair Value % of Net

BONDS

100,000 AUD Australia Government Bond, 2.75%, 21/10/2019 63 0.07
2,640,000 AUD Australia Government Bond, 5.75%, 15/05/2021 1,826 2.11


Canada (31 March 2017: 5.57%)

1,400,000 CAD Canada Government Bond, 1.25%, 01/09/2018 882 1.02
700,000 CAD Canada Government Bond, 1.50%, 01/03/2020 439 0.51
2,370,000 CAD Canada Government Bond, 3.25%, 01/06/2021 1,556 1.80
Chile (31 March 2017: 0.10%)

60,000,000 CLP Chile Government Bond, 5.50%, 05/08/2020 84 0.10
Total Chile 84 0.10

369
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Czech Republic (continued)

570,000 CZK Czech Republic Government Bond, 4.85%, 26/11/2057 33 0.04
Total Czech Republic 1,138 1.31

3,800,000 DKK Denmark Government Bond, 4.00%, 15/11/2019 548 0.63
200,000 DKK Denmark Government Bond, 1.50%, 15/11/2023 29 0.03

France (31 March 2017: 6.65%)



370
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Ireland (continued)
Israel (31 March 2017: 1.18%)

1,550,000 ILS Israel Government Bond, 1.75%, 31/08/2025 372 0.43
100,000 ILS Israel Government Bond, 2.00%, 31/03/2027 24 0.03
Total Israel 396 0.46
Italy (31 March 2017: 3.79%)

Japan (31 March 2017: 6.32%)

32,300,000 JPY Japan Government Forty Year Bond, 2.20%, 20/03/2051 348 0.40
182,500,000 JPY Japan Government Ten Year Bond, 1.10%, 20/06/2020 1,434 1.65
116,000,000 JPY Japan Government Ten Year Bond, 1.00%, 20/12/2021 924 1.07
24,000,000 JPY Japan Government Thirty Year Bond, 2.30%, 20/12/2036 244 0.28
70,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/12/2026 634 0.73
Malaysia (31 March 2017: 1.69%)

371
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Malaysia (continued)
Mexico (31 March 2017: 0.13%)

Total Mexico 257 0.30


580,000 NZD New Zealand Government Bond, 6.00%, 15/05/2021 381 0.44
Total New Zealand 795 0.92
Norway (31 March 2017: 1.12%)

4,200,000 NOK Norway Government Bond, 3.75%, 25/05/2021 469 0.54
800,000 NOK Norway Government Bond, 1.50%, 19/02/2026 81 0.09
Poland (31 March 2017: 2.38%)

Russia (31 March 2017: 0.00%)

Total Russia 286 0.33

400,000 SGD Singapore Government Bond, 1.63%, 01/10/2019 247 0.28
372
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Total Singapore 1,456 1.68
South Africa (31 March 2017: 0.44%) – –

1,040,000,000 KRW Korea Government Bond, 3.75%, 10/06/2022 835 0.96
580,000,000 KRW Korea Treasury, 3.13%, 10/03/2019 448 0.52
1,470,000,000 KRW Korea Treasury, 2.75%, 10/09/2019 1,133 1.31
Total South Korea 8,338 9.62
Spain (31 March 2017: 2.46%)

Sweden (31 March 2017: 2.09%)

5,580,000 SEK Sweden Government Bond, 4.25%, 12/03/2019 567 0.65
600,000 SEK Sweden Government Bond, 1.00%, 12/11/2026 61 0.07

740,000 CHF Switzerland Government Bond, 2.00%, 25/05/2022 698 0.81
373
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Thailand (31 March 2017: 1.93%)


310,000 GBP UK Treasury, 3.75%, 07/09/2019 369 0.43
520,000 GBP UK Treasury, 2.00%, 22/07/2020 609 0.70
860,000 GBP UK Treasury, 3.75%, 07/09/2021 1,076 1.24
350,000 GBP UK Treasury, 1.75%, 07/09/2022 412 0.48
720,000 GBP UK Treasury, 2.75%, 07/09/2024 903 1.04
560,000 GBP UK Treasury, 4.25%, 07/12/2027 806 0.93
170,000 GBP UK Treasury, 4.75%, 07/12/2030 265 0.31
390,000 GBP UK Treasury, 4.25%, 07/06/2032 595 0.69
170,000 GBP UK Treasury, 4.25%, 07/03/2036 272 0.31
560,000 GBP UK Treasury, 4.25%, 07/09/2039 931 1.07
280,000 GBP UK Treasury, 4.50%, 07/12/2042 498 0.58
435,000 GBP UK Treasury, 4.25%, 07/12/2046 780 0.90
80,000 GBP UK Treasury, 1.50%, 22/07/2047 87 0.10
380,000 GBP UK Treasury, 4.25%, 07/12/2055 763 0.88
30,000 GBP UK Treasury, 1.75%, 22/07/2057 36 0.04
150,000 GBP UK Treasury, 2.50%, 22/07/2065 229 0.26
95,000 GBP UK Treasury, 3.50%, 22/07/2068 185 0.21

3,090,000 USD US Treasury, 1.38%, 28/02/2019 2,496 2.88
1,100,000 USD US Treasury, 1.50%, 31/10/20191 884 1.02
1,300,000 USD US Treasury, 2.13%, 31/01/2021 1,050 1.21
1,290,000 USD US Treasury, 1.75%, 15/05/2023 1,007 1.16
120,000 USD US Treasury, 1.38%, 30/09/2023 92 0.11
860,000 USD US Treasury, 2.00%, 30/04/2024 674 0.78
130,000 USD US Treasury, 2.25%, 15/11/2024 103 0.12
330,000 USD US Treasury, 6.00%, 15/02/2026 331 0.38
330,000 USD US Treasury, 2.25%, 15/02/2027 258 0.30
390,000 USD US Treasury, 2.25%, 15/08/2027 304 0.35
340,000 USD US Treasury, 4.50%, 15/02/2036 342 0.40
850,000 USD US Treasury, 3.13%, 15/11/20411 714 0.82
374
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

500,000 USD US Treasury, 3.00%, 15/05/2045 409 0.47
290,000 USD US Treasury, 2.25%, 15/08/2046 203 0.24
90,000 USD US Treasury, 2.75%, 15/08/2047 70 0.08
170,000 USD US Treasury, 2.75%, 15/11/2047 132 0.15

Buy EUR 12,945,000; Sell USD 15,820,416 Bank of America 04/04/2018 83 0.09
Buy EUR 12,785,000; Sell USD 15,654,260 Toronto-Dominion Bank 04/04/2018 57 0.07
Buy EUR 12,703,000; Sell USD 15,557,644 Morgan Stanley 04/04/2018 54 0.06
Buy EUR 12,715,000; Sell USD 15,573,777 Citibank 04/04/2018 53 0.06
Buy EUR 12,715,000; Sell USD 15,582,741 State Street 04/04/2018 45 0.05
Buy JPY 34,000,000; Sell USD 319,6643 BNP Paribas 04/04/2018 – –
Buy MXN 4,300,000; Sell USD 226,686 Toronto-Dominion Bank 04/04/2018 7 0.01
Buy USD 1,558,135; Sell AUD 1,995,000 State Street 04/04/2018 23 0.03
Buy USD 1,596,090; Sell AUD 2,045,000 Toronto-Dominion Bank 04/04/2018 22 0.03
Buy USD 1,557,349; Sell AUD 1,995,000 Citibank 04/04/2018 22 0.03
Buy USD 1,630,016; Sell AUD 2,090,000 Morgan Stanley 04/04/2018 22 0.03
Buy USD 1,555,083; Sell AUD 1,995,000 Bank of America 04/04/2018 20 0.02
Buy USD 1,526,682; Sell CAD 1,950,000 State Street 04/04/2018 11 0.01
Buy USD 1,565,256; Sell CAD 2,000,000 Toronto-Dominion Bank 04/04/2018 11 0.01
Buy USD 1,525,458; Sell CAD 1,950,000 Citibank 04/04/2018 10 0.01
Buy USD 1,532,900; Sell CAD 1,960,000 Morgan Stanley 04/04/2018 10 0.01
Buy USD 1,523,251; Sell CAD 1,950,000 Bank of America 04/04/2018 9 0.01
Buy USD 2,583,658; Sell CHF 2,430,000 Citibank 04/04/2018 37 0.04
Buy USD 107,426; Sell CLP 64,430,000 Barclays 07/06/2018 1 –
Buy USD 504,454; Sell ILS 1,750,000 Bank of America 04/04/2018 5 0.01
Buy USD 1,216,492; Sell NZD 1,685,000 Citibank 04/04/2018 1 –
Buy USD 409,147; Sell RUB 23,280,000 Citibank 07/06/2018 6 0.01
Buy USD 2,465,644; Sell SEK 20,310,000 Deutsche Bank 04/04/2018 33 0.04
Buy USD 1,415,185; Sell CZK 29,420,000 Bank of America 04/04/2018 (8) (0.01)
Buy USD 2,939,688; Sell DKK 17,870,000 Citibank 04/04/2018 (7) (0.01)
Buy USD 82,597; Sell GBP 60,000 HSBC 04/04/2018 (1) –
Buy USD 2,111,218; Sell GBP 1,525,000 State Street 04/04/2018 (23) (0.02)
Buy USD 2,110,896; Sell GBP 1,525,000 Toronto-Dominion Bank 04/04/2018 (23) (0.02)
Buy USD 2,110,150; Sell GBP 1,525,000 Citibank 04/04/2018 (24) (0.03)
Buy USD 2,116,770; Sell GBP 1,530,000 Morgan Stanley 04/04/2018 (24) (0.03)
375
As at 31 March 2018

Buy USD 2,105,873; Sell GBP 1,525,000 Bank of America 04/04/2018 (27) (0.03)
Buy USD 2,123,186; Sell JPY 226,565,000 State Street 04/04/2018 (6) (0.01)
Buy USD 2,123,015; Sell JPY 226,565,000 Bank of America 04/04/2018 (6) (0.01)
Buy USD 2,122,786; Sell JPY 226,565,000 Citibank 04/04/2018 (6) (0.01)
Buy USD 2,122,598; Sell JPY 226,565,000 Toronto-Dominion Bank 04/04/2018 (7) (0.01)
Buy USD 2,121,014; Sell JPY 226,560,000 Morgan Stanley 04/04/2018 (8) (0.01)
Buy USD 10,388,571; Sell KRW 11,081,800,000 Bank of America 07/06/2018 (41) (0.05)
Buy USD 412,653; Sell MXN 7,810,000 Citibank 04/04/2018 (12) (0.01)
Buy USD 1,867,655; Sell MYR 7,310,000 State Street 07/06/2018 (15) (0.02)
Buy USD 1,434,733; Sell NOK 11,270,000 Citibank 04/04/2018 (1) –
Buy USD 878,603; Sell PLN 3,010,0003 Bank of America 04/04/2018 – –
Buy USD 83,192; Sell SGD 110,000 Toronto-Dominion Bank 04/04/2018 (1) –
Buy USD 1,701,843; Sell SGD 2,250,000 Citibank 04/04/2018 (11) (0.01)
Buy USD 2,248,200; Sell THB 70,580,000 Citibank 04/04/2018 (7) (0.01)
Fair Value % of Net

Cash 758 0.87
Net asset value attributable to redeemable participating unitholders 86,660 100.00
% of Total
Other assets 1.82
Total assets 100.00
1
2
3
On gains On losses
376
BLACKROCK DIVERSIFIED STRATEGIES SELECTION FUND
As at 31 March 2018
Fair Value % of Net


115,070 EUR BlackRock Global Funds - Fixed Income Global Opportunities Fund - Class €x21 1,300 5.98
225,888 USD BlackRock Global Funds - Global Multi-Asset Income Fund - Class $x21 2,656 12.21
BlackRock Strategic Funds - Americas Diversified Equity Absolute Return Fund
15,051 USD - Class $x21 1,848 8.50
BlackRock Strategic Funds - BlackRock Global Event Driven Fund - Class x2
8,002 USD USD1 750 3.45
17,678 USD BlackRock Strategic Funds - BlackRock Style Advantage Fund - Class $x21 1,643 7.55
BlackRock Strategic Funds - Emerging Markets Absolute Return Fund - Class
11,439 EUR €i21 1,140 5.24
BlackRock Strategic Funds - Emerging Markets Flexi Dynamic Bond Fund -
20,465 USD Class $x21 2,178 10.01
22,533 EUR BlackRock Strategic Funds - European Absolute Return Fund - Class €i21 3,054 14.04
BlackRock Strategic Funds - European Diversified Equity Absolute Return Fund
12,821 EUR - Class €x21 1,864 8.57
BlackRock Strategic Funds - Fixed Income Strategies Fund - Class €x2
BlackRock Strategic Funds - Global Absolute Return Bond Fund - Class €x

1,332,472 GBP BlackRock UK Absolute Alpha Fund - Class S Accumulating1 1,615 7.42
Fair Value % of Net


5,977 EUR iShares Diversified Commodity Swap UCITS ETF (DE)1 106 0.49

1,967 USD iShares $ Ultrashort Bond UCITS ETF1 160 0.74
4,763 USD iShares Physical Gold ETC1 101 0.46
Total investments in exchange traded funds 367 1.69
377
As at 31 March 2018

Buy EUR 1,596,531; Sell GBP 1,398,995 BNP Paribas 04/05/2018 2 0.01
Buy EUR 8,954,268; Sell USD 10,980,977 Nomura 05/04/2018 27 0.12
Buy USD 11,155,563; Sell EUR 9,032,845 Toronto-Dominion Bank 05/04/2018 37 0.17
Buy EUR 1,587,800; Sell GBP 1,398,995 RBS 05/04/2018 (8) (0.04)
Buy EUR 140,903; Sell USD 174,586 J.P. Morgan 05/04/2018 (1) –
Buy EUR 9,014,334; Sell USD 11,155,563 Toronto-Dominion Bank 04/05/2018 (37) (0.17)
Buy GBP 1,398,995; Sell EUR 1,597,900 BNP Paribas 05/04/2018 (2) (0.01)
Fair Value % of Net

Cash 19 0.09
% of Total
Other assets 0.26
Total assets 100.00
1
2
On gains On losses
378
BLACKROCK DYNAMIC ALLOCATION FUND
As at 31 March 2018
Fair Value % of Net

Ireland (31 March 2017: 39.74%)

407,623 GBP BlackRock UK Credit Screened Fund - Flexible Accumulating Unit Class1 7,354 5.78
220,500 EUR Institutional Euro Ultra Short Bond Fund - Agency Shares1 24,497 19.25
iShares US Corporate Bond Index Fund (IE) - Flexible USD Accumulating
585,335 USD Share Class1 12,176 9.56

46,760 GBP BlackRock Strategic Funds - BlackRock Impact World Equity Fund - Class X21 7,714 6.06
Fair Value % of Net

Ireland (31 March 2017: 14.48%)

180,200 EUR iShares Core MSCI World UCITS ETF1 7,824 6.15
209,075 USD iShares EM Dividend UCITS ETF1 3,999 3.14
54,200 EUR iShares Euro Ultrashort Bond UCITS ETF1 5,436 4.27
18,800 EUR iShares MSCI EM Asia UCITS ETF1 2,428 1.91
Fair Value % of Net

Equities (31 March 2017: 8.01%)

651 EUR Anheuser-Busch InBev SA/NV 58 0.05
France (31 March 2017: 0.00%)

1,023 EUR Danone SA 67 0.05
654 EUR LVMH Moet Hennessy Louis Vuitton SE 164 0.13
3,066 EUR Sanofi 200 0.16
Total France 431 0.34

1,278 USD Accenture plc 'A' 160 0.13
379
As at 31 March 2018
Fair Value % of Net

Equities (continued)
Japan (31 March 2017: 0.00%)

39,500 JPY Nissan Motor Co. Ltd. 330 0.26
19,400 JPY Sekisui House Ltd. 287 0.22

1,333 EUR Unilever NV CVA 61 0.05
Norway (31 March 2017: 0.00%)

10,551 NOK Telenor ASA 194 0.15

889 CHF Nestle SA 57 0.04
927 CHF Novartis AG 61 0.05
276 CHF Roche Holding AG 51 0.04
159 CHF Swisscom AG 64 0.05

2,024 GBP AstraZeneca plc 113 0.09
1,063 GBP British American Tobacco plc 50 0.04
1,306 USD British American Tobacco plc ADR 61 0.05
2,528 GBP Diageo plc 69 0.05
6,912 GBP GlaxoSmithKline plc 110 0.09
1,622 GBP Imperial Brands plc 45 0.03
20,833 GBP Pearson plc 178 0.14
14,015 GBP Royal Dutch Shell plc 'A' 357 0.28
29,705 GBP Sky plc 440 0.35
127,167 GBP Vodafone Group plc 282 0.22

2,055 USD Abbott Laboratories 100 0.08
13,686 USD Advanced Micro Devices, Inc. 112 0.09
4,848 USD AES Corp. 45 0.04
1,927 USD Agilent Technologies, Inc. 105 0.08
383 USD Albemarle Corp. 29 0.02
4,729 USD Altria Group, Inc. 240 0.19
3,447 USD American Airlines Group, Inc. 146 0.11
1,619 USD Amgen, Inc. 224 0.18
3,109 USD AO Smith Corp. 161 0.13
7,806 USD Archer-Daniels-Midland Co. 275 0.22
9,860 USD AT&T, Inc. 286 0.22
1,637 USD Baxter International, Inc. 87 0.07
3,055 USD Best Buy Co., Inc. 174 0.14
857 USD Boeing Co. (The) 228 0.18
1,902 USD BorgWarner, Inc. 78 0.06
3,926 USD Boston Scientific Corp. 87 0.07
683 USD Brighthouse Financial, Inc. 29 0.02
3,948 USD Brown-Forman Corp. 'B' 175 0.14
1,839 USD Cboe Global Markets, Inc. 171 0.13
2,518 USD CBS Corp.(Non-Voting) 'B' 105 0.08
2,028 USD Centene Corp. 176 0.14
3,223 USD Cisco Systems, Inc. 112 0.09
380
As at 31 March 2018
Fair Value % of Net


7,854 USD Coca-Cola Co. (The) 277 0.22
994 USD Colgate-Palmolive Co. 58 0.05
3,233 USD Corning, Inc. 73 0.06
997 USD Cummins, Inc. 131 0.10
1,425 USD Danaher Corp. 113 0.09
2,367 USD DaVita, Inc. 127 0.10
3,991 USD Duke Energy Corp. 251 0.20
2,054 USD Eastman Chemical Co. 176 0.14
1,378 USD Edwards Lifesciences Corp. 156 0.12
1,946 USD Eli Lilly & Co. 122 0.10
1,144 USD Equifax, Inc. 110 0.09
4,720 USD Exxon Mobil Corp. 286 0.22
1,040 USD Facebook, Inc. 'A' 135 0.11
803 USD FedEx Corp. 157 0.12
4,175 USD FLIR Systems, Inc. 170 0.13
3,348 USD Fluor Corp. 156 0.12
2,217 USD Franklin Resources, Inc. 63 0.05
6,224 USD Gap, Inc. (The) 158 0.12
802 USD General Dynamics Corp. 144 0.11
991 USD Gilead Sciences, Inc. 61 0.05
417 USD Goldman Sachs Group, Inc. (The) 85 0.07
4,570 USD Goodyear Tire & Rubber Co. (The) 99 0.08
5,834 USD H&R Block, Inc. 121 0.09
1,989 USD Hanesbrands, Inc. 30 0.02
1,521 USD Harris Corp. 199 0.16
1,068 USD Hess Corp. 44 0.03
2,724 USD Hewlett Packard Enterprise Co. 39 0.03
4,254 USD HP, Inc. 76 0.06
771 USD Huntington Ingalls Industries, Inc. 162 0.13
648 USD International Business Machines Corp. 81 0.06
1,225 USD Intuit, Inc. 173 0.14
8,305 USD Kohl's Corp. 442 0.35
944 USD L3 Technologies, Inc. 160 0.13
574 USD Lockheed Martin Corp. 158 0.12
1,322 USD Mastercard, Inc. 'A' 188 0.15
2,089 USD Mattel, Inc. 22 0.02
1,860 USD Merck & Co., Inc. 82 0.06
7,511 USD MetLife, Inc. 280 0.22
1,340 USD Monsanto Co. 127 0.10
1,850 USD Motorola Solutions, Inc. 158 0.12
1,454 USD Murphy Oil Corp. 31 0.02
1,599 USD National Oilwell Varco, Inc. 48 0.04
1,595 USD NetApp, Inc. 80 0.06
8,670 USD News Corp. 'A' 111 0.09
630 USD Northrop Grumman Corp. 179 0.14
3,251 USD Occidental Petroleum Corp. 172 0.13
2,536 USD PepsiCo, Inc. 225 0.18
4,174 USD Pfizer, Inc. 120 0.09
4,515 USD Philip Morris International, Inc. 365 0.29
864 USD Praxair, Inc. 101 0.08
3,797 USD Procter & Gamble Co. (The) 245 0.19
610 USD PVH Corp. 75 0.06
2,809 USD QUALCOMM, Inc. 127 0.10
533 USD Ralph Lauren Corp. 48 0.04
976 USD Raytheon Co. 171 0.13
1,129 USD S&P Global, Inc. 175 0.14
1,724 USD Teradata Corp. 56 0.04
381
As at 31 March 2018
Fair Value % of Net


3,258 USD Textron, Inc. 156 0.12
2,665 USD Total System Services, Inc. 187 0.15
3,331 USD TripAdvisor, Inc. 111 0.09
1,484 USD United Parcel Service, Inc. 'B' 126 0.10
1,616 USD Varian Medical Systems, Inc. 161 0.13
1,561 USD VeriSign, Inc. 151 0.12
1,344 USD Vertex Pharmaceuticals, Inc. 178 0.14
4,630 USD Viacom, Inc. 'B' 117 0.09
691 USD Western Digital Corp. 52 0.04
4,357 USD Western Union Co. (The) 68 0.05
4,730 USD Weyerhaeuser Co., REIT 135 0.11
402 USD Whirlpool Corp. 50 0.04
1,778 USD Xerox Corp. 42 0.03
2,258 USD Yum! Brands, Inc. 156 0.12
Total investments in equities 16,273 12.79
Warrants (31 March 2017: 0.77%)
United Kingdom (31 March 2017: 0.77%) – –
Total investments in warrants – –
Fair Value % of Net

BONDS
Mexico (31 March 2017: 2.86%) – –
Poland (31 March 2017: 1.73%) – –
Turkey (31 March 2017: 2.30%) – –

4,285,700 USD US Treasury Inflation Indexed, 0.38%, 15/07/20252 3,595 2.83
382
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

750,000 USD SG Issuer SA, 0.00%, 14/08/2019 489 0.38
Total investments in corporate debt securities 489 0.38

Inflation rate swaps
530,000 EUR Citigroup Pay floating HICP 1 month 15/01/2028 3 –

Receive fixed 1.60%
650,000 USD Barclays Pay fixed 2.26% 19/01/2028 2 –
Receive floating USCPI 1 month
2,773,538 USD J.P. Morgan Pay fixed 2.16% 15/08/2027 34 0.03
Total unrealised gain on inflation rate swaps (31 March 2017: 0.04%) 120 0.09
967,839 EUR J.P. Morgan Pay floating HICP 1 month 15/08/2027 (7) –
Receive fixed 1.45%
1,096,884 EUR J.P. Morgan Pay floating HICP 1 month 15/08/2027 (9) –
Receive fixed 1.44%
1,085,914 EUR J.P. Morgan Pay floating HICP 1 month 15/08/2027 (9) (0.01)
Receive fixed 1.44%
Receive fixed 1.44%
Receive fixed 1.42%
Total unrealised loss on inflation rate swaps (31 March 2017: (0.03)%) (56) (0.04)

Interest rate swaps
64,995,000 HUF Barclays Pay floating BUBOR 6 month 19/09/2028 1 –

Receive fixed 2.23%
86,660,000 HUF BNP Paribas Pay floating BUBOR 6 month 19/09/2028 1 –
Receive fixed 2.23%
81,240,000 HUF Goldman Sachs Pay floating BUBOR 6 month 19/09/2028 1 –
Receive fixed 2.23%
383
As at 31 March 2018

66,610,000 HUF HSBC Pay floating BUBOR 6 month 19/09/2028 1 –

Receive fixed 2.24%
230,085,000 HUF J.P. Morgan Pay floating BUBOR 6 month 19/09/2028 3 0.01
Receive fixed 2.24%
70,410,000 HUF Morgan Stanley Pay floating BUBOR 6 month 19/09/2028 1 –
Receive fixed 2.22%
Total unrealised gain on interest rate swaps (31 March 2017: 0.00%) 8 0.01

Total return swaps
4,019,872 EUR BNP Paribas Receive BNP Buyback Basket v2 02/11/2018 12 0.01
Pay Spread of (0.18)% on Notional
1,007,453 EUR Morgan Stanley Receive MSBREUDO 29/05/2018 17 0.01
879,148 EUR Morgan Stanley Receive MSBREUDO 29/05/2018 9 0.01
Pay Spread of (0.02)% on Notional
9,869,087 USD Citibank Receive Emerging Lifestyle Trend Series 4 06/09/2018 642 0.50
Basket Index
229,279 USD Citigroup Receive Spread of 1.89% on Notional 25/07/2018 13 0.01
Pay MSCI Emerging Markets Turkey Net
Total Return USD Index
391,191 USD J.P. Morgan Receive Spread of 1.80% on Notional 26/07/2018 22 0.02
250,700 USD J.P. Morgan Receive Spread of 1.90% on Notional 26/07/2018 14 0.01
250,930 USD Merrill Lynch Receive Spread of 1.81% on Notional 25/07/2018 13 0.01
200,427 USD Merrill Lynch Receive Spread of 1.81% on Notional 25/07/2018 10 0.01
5,509,522 USD Merrill Lynch Receive BofAML Vortex Alpha Index 17/09/2018 127 0.10
800,109 USD Merrill Lynch Receive BofAML Vortex Alpha Index 19/09/2018 2 –
3,194,811 USD Merrill Lynch Receive Spread of 2.04% on Notional 02/10/2018 212 0.17
Pay S&P 500 ConsST Sector Total Return
Index
1,540,821 USD Morgan Stanley Receive MSCI Japan Small Cap Net Total 06/06/2018 23 0.02
Return USD Index
Return USD Index
Return USD Index
384
As at 31 March 2018

Total return swaps (continued)
248,051 USD UBS Receive Spread of 1.46% on Notional 25/07/2018 12 0.01

Total unrealised gain on total return swaps (31 March 2017: 0.59%) 1,206 0.95
204,731 USD Citibank Receive MSCI Emerging Markets 26/07/2018 (24) (0.02)
Indonesia Net Total Return USD Index
3,217,346 USD Goldman Sachs Receive S&P 500 Health Care Sector Total 02/10/2018 (65) (0.05)
Return Index
3,039,378 USD Goldman Sachs Receive Spread of 1.82% on Notional 08/02/2019 (90) (0.07)
Pay Bloomberg WTI Crude Oil Subindex
Total Return Capped
1,582,866 USD Merrill Lynch Receive Bofa Merrill Lynch Short Synthetic 22/03/2019 (7) (0.01)
Rates Variance Index - Global USD
252,528 USD UBS Receive MSCI Emerging Markets 26/07/2018 (29) (0.02)
Total unrealised loss on total return swaps (31 March 2017: (0.20)%) (342) (0.27)

Quantity Currency Counterparty Description Date EUR '000 Asset Value
OTC options purchased
8,050,000 USD HSBC Foreign Exchange USD/CNH, Call, 7.13 09/11/2018 7 0.01
Total unrealised gain on OTC options purchased (31 March 2017: 0.03%) 7 0.01
OTC options written
(8,050,000) USD HSBC Foreign Exchange USD/CNH, Put, 6.56 09/11/2018 (265) (0.21)
Total unrealised loss on OTC options written (31 March 2017: (0.01)%) (265) (0.21)
Exchange traded options purchased
90 EUR HSBC EURO STOXX 50 Index, Put, 3,350.00 20/04/2018 41 0.03

Total unrealised gain on exchange traded options purchased (31 March 2017: 0.16%) 41 0.03
385
As at 31 March 2018

Quantity Currency Counterparty Description Date EUR '000 Asset Value
Exchange traded options written
(90) EUR HSBC EURO STOXX 50 Index, Put, 3,150.00 20/04/2018 (8) (0.01)
Total unrealised loss on exchange traded options written (31 March 2017: (0.14)%) (8) (0.01)

Buy CAD 202,542; Sell USD 155,000 HSBC 20/04/2018 2 –

Buy HUF 126,638,397; Sell EUR 405,000 Barclays 20/04/2018 1 –
Buy HUF 173,462,475; Sell EUR 555,000 BNP Paribas 20/04/2018 1 –
Buy TWD 42,931,675; Sell USD 1,435,000 Citibank 25/05/2018 38 0.03
Buy TWD 45,506,500; Sell USD 1,525,000 UBS 25/05/2018 38 0.03
Buy TWD 34,991,850; Sell USD 1,170,000 ANZ 25/05/2018 30 0.03
Buy TWD 20,613,750; Sell USD 690,000 Barclays 25/05/2018 18 0.01
Buy TWD 20,603,400; Sell USD 690,000 HSBC 25/05/2018 17 0.01
Buy TWD 20,582,700; Sell USD 690,000 Morgan Stanley 25/05/2018 17 0.01
Buy TWD 10,294,800; Sell USD 345,000 BNP Paribas 25/05/2018 8 0.01
Buy TWD 10,276,515; Sell USD 345,000 Goldman Sachs 25/05/2018 8 0.01
Buy USD 550,000; Sell AUD 680,037 Barclays 20/04/2018 23 0.02
Buy USD 890,000; Sell CAD 1,097,355 UBS 20/04/2018 31 0.02
Buy USD 1,380,000; Sell CHF 1,282,682 J.P. Morgan 20/04/2018 31 0.02
Buy USD 2,230,000; Sell HKD 17,405,364 HSBC 20/04/2018 9 0.01
Buy CHF 151,968; Sell USD 160,000 Barclays 20/04/2018 (1) –

Buy EUR 13,470,000; Sell GBP 11,872,471 Goldman Sachs 20/04/2018 (66) (0.05)
Buy EUR 3,800,000; Sell JPY 514,819,744 Goldman Sachs 20/04/2018 (136) (0.11)
Buy EUR 50,090,000; Sell USD 62,651,570 Goldman Sachs 20/04/2018 (791) (0.62)
Buy GBP 310,000; Sell USD 439,921 Goldman Sachs 20/04/2018 (4) –
Buy HKD 17,414,070; Sell USD 2,230,000 Goldman Sachs 20/04/2018 (8) (0.01)
Buy USD 195,000; Sell COP 557,407,500 HSBC 20/04/2018 (4) –
Buy USD 195,000; Sell COP 558,090,000 Barclays 20/04/2018 (4) –
Buy USD 195,000; Sell COP 558,285,000 RBS 20/04/2018 (4) –
Buy USD 195,000; Sell COP 558,967,500 UBS 20/04/2018 (4) –
Buy USD 780,000; Sell COP 2,262,000,000 Citibank 20/04/2018 (24) (0.02)
Buy USD 7,372,616; Sell EUR 6,000,000 HSBC 20/04/2018 (12) (0.01)
Buy USD 699,841; Sell GBP 503,559 HSBC 20/04/2018 (6) (0.01)
Buy USD 2,239,780; Sell GBP 1,610,783 Citibank 20/04/2018 (17) (0.01)
Buy USD 3,077,389; Sell GBP 2,215,658 Morgan Stanley 20/04/2018 (27) (0.02)
Buy USD 460,000; Sell TWD 13,698,800 Citibank 25/05/2018 (10) (0.01)
Buy USD 550,000; Sell TWD 16,409,250 UBS 25/05/2018 (13) (0.01)
Buy USD 1,380,000; Sell TWD 41,082,600 Goldman Sachs 25/05/2018 (31) (0.03)
Buy USD 2,210,000; Sell TWD 65,876,450 Morgan Stanley 25/05/2018 (52) (0.04)
Buy USD 2,290,000; Sell TWD 69,512,950 ANZ 25/05/2018 (89) (0.07)
Total unrealised loss on forward currency contracts (31 March 2017: (0.26)%) (1,303) (1.02)
386
As at 31 March 2018

Futures contracts

46 EUR 4,600,000 Euro-Bund 07/06/2018 91 0.07
Japan (31 March 2017: 0.00%)

13 JPY 130,000 TOPIX Index 07/06/2018 3 –
Total Japan 3 –
United States (31 March 2017: 0.00%)4

(55) USD (2,750) MSCI Emerging Markets Mini Index 15/06/2018 133 0.11
(66) USD (3,300) S&P 500 Emini Index 15/06/2018 229 0.18
56 USD 5,600,000 US Treasury 5 Year Note 29/06/2018 24 0.02
Total unrealised gain on futures contracts (31 March 2017: 0.09%) 480 0.38
Germany (31 March 2017: (0.00)%)

(39) EUR (390) EURO STOXX 50 Index 15/06/2018 (6) (0.01)
Total Germany (6) (0.01)

(11) GBP (1,100,000) Long Gilt 27/06/2018 (12) (0.01)
Total unrealised loss on futures contracts (31 March 2017: (0.00)%) (18) (0.02)
Fair Value % of Net

Total financial liabilities at fair value through profit or loss (1,992) (1.57)
Cash 10,642 8.36
Cash equivalents
24,476,774 EUR Institutional Euro Liquidity Fund - Agency (Dis) Shares1 24,477 19.23
387
As at 31 March 2018
% of Total
Other assets 9.33
Total assets 100.00
1
2
3
4
Prior year percentage of net asset value rounds to 0.00%.
On gains On losses
Inflation rate swaps 7,544 6,395
Interest rate swaps 1,934 –
Total return swaps 30,216 7,745
OTC options 116 4,749
Exchange traded options 1,492 319
388
BLACKROCK EURO CASH FUND
As at 31 March 2018
Fair Value % of Net

Ireland (31 March 2017: 100.03%)

165,663 EUR Institutional Euro Liquidity Fund - Agency (Acc) Shares1 16,931 99.97
Fair Value % of Net

Cash 3 0.02
% of Total
Other assets 0.08
Total assets 100.00
1
389
BLACKROCK FIXED INCOME SELECTION FUND
As at 31 March 2018
Fair Value % of Net

Ireland (31 March 2017: 3.03%) – –

249,269 USD BlackRock Global Funds - Asian Tiger Bond Fund - Class $x31 2,120 2.25
56,579 EUR BlackRock Global Funds - Emerging Markets Bond Fund - Class €x21 945 1.01
BlackRock Global Funds - Emerging Markets Local Currency Bond Fund - Class
147,357 EUR €x21 934 0.99
111,816 EUR BlackRock Global Funds - Euro Bond Fund - Class €x2 Accumulating1 3,570 3.80
157,365 EUR BlackRock Global Funds - Euro Corporate Bond Fund - Class €x Accumulating1 2,842 3.02
70,575 EUR BlackRock Global Funds - Euro Short Duration Bond Fund - Class €x21 1,207 1.28
954,945 EUR BlackRock Global Funds - Fixed Income Global Opportunities Fund - Class €x21 10,791 11.47
170,517 EUR BlackRock Global Funds - Global High Yield Bond Fund - Class €x21 3,323 3.53
124,954 EUR BlackRock Global Funds - Global Inflation Linked Bond Fund - Class €x21 1,874 1.99
BlackRock Global Funds - USD Short Duration Bond Fund - Class $x2
425,586 USD Accumulating1 5,021 5.34
BlackRock Strategic Funds - Emerging Markets Flexi Dynamic Bond Fund - Class
84,745 USD $x21 9,021 9.59
BlackRock Strategic Funds - Fixed Income Strategies Fund - Class €x2
BlackRock Strategic Funds - Multi-Manager Alternative Strategies Fund - Class
26,551 EUR €x21 2,776 2.95
Fair Value % of Net

Ireland (31 March 2017: 11.29%)

81,798 USD iShares $ Corporate Bond UCITS ETF1 7,473 7.94
6,019 USD iShares $ Treasury Bond 7 - 10 year UCITS ETF1 935 1.00
12,389 EUR iShares Euro Corporate Bond Financials UCITS ETF1 1,330 1.41

390
As at 31 March 2018

Buy EUR 545,453; Sell USD 673,149 Barclays 05/04/2018 (2) –

Buy EUR 2,718,527; Sell USD 3,366,746 J.P. Morgan 05/04/2018 (19) (0.02)
Fair Value % of Net

Cash 239 0.25
% of Total
Other assets 1.32
Total assets 100.00
1
2
On gains On losses
391
BLACKROCK GLOBAL EQUITY SELECTION FUND
As at 31 March 2018
Fair Value % of Net


6,541 USD BlackRock Emerging Markets Equity Strategies Fund - Class x2 USD1 957 2.87
16,031 USD BlackRock Global Funds - Asean Leaders - Class $x21 199 0.60
49,431 USD BlackRock Global Funds - Asian Growth Leaders Fund - Class $x21 922 2.77
12,690 USD BlackRock Global Funds - China Fund - Class $x21 225 0.68
BlackRock Global Funds - Continental European Flexible Fund - Class €x
14,227 EUR BlackRock Global Funds - Emerging Europe Fund - Class €x21 168 0.50
BlackRock Global Funds - European Equity Income Fund - Class €x2
236,099 EUR BlackRock Global Funds - European Special Situations Fund - Class €x21 2,736 8.21
261,604 EUR BlackRock Global Funds - European Value Fund - Class €x21 2,613 7.84
65,011 USD BlackRock Global Funds - Global Equity Income Fund - Class $x21 1,000 3.00
5,407 EUR BlackRock Global Funds - Global SmallCap Fund - Class €d21 496 1.49
6,181 EUR BlackRock Global Funds - India Fund - Class €d21 202 0.61
BlackRock Global Funds - Japan Small & MidCap Opportunities Fund - Class
7,436 JPY x2 JPY1 503 1.51
3,436 USD BlackRock Global Funds - Latin America Fund - Class $x Accumulating1 248 0.74
7,653 EUR BlackRock Global Funds - United Kingdom Fund - Class €x21 1,017 3.05
28,884 USD BlackRock Global Funds - US Basic Value Fund - Class $x21 2,385 7.16
209,141 USD BlackRock Global Funds - US Growth Fund - Class $i21 2,292 6.88
37,672 EUR BlackRock Global Funds - World Energy Fund - Class €x21 682 2.05
51,907 USD BlackRock Global Funds - World Financials Fund - Class $x21 642 1.93
17,818 USD BlackRock Global Funds - World Healthscience Fund - Class $x21 652 1.96
18,393 EUR BlackRock Global Funds - World Technology Fund - Class €d1 500 1.50
BlackRock Strategic Funds - BlackRock Systematic European Equity Fund -
20,090 EUR Class €x21 2,152 6.46
Fair Value % of Net

Ireland (31 March 2017: 26.15%)

32,378 EUR iShares Core MSCI Japan IMI UCITS ETF1 1,159 3.48
14,030 USD iShares Core S&P 500 UCITS ETF1 2,897 8.70
10,344 USD iShares Edge MSCI World Momentum Factor UCITS ETF1 321 0.96
12,924 USD iShares Edge MSCI World Value Factor UCITS ETF1 333 1.00
12,931 USD iShares MSCI Australia UCITS ETF1 354 1.06
4,899 USD iShares MSCI Canada UCITS ETF1 485 1.46
392
As at 31 March 2018
Fair Value % of Net

Ireland (continued)
5,278 USD iShares MSCI South Africa UCITS ETF1 164 0.49

Buy EUR 332,033; Sell GBP 290,9513 BNP Paribas 04/05/2018 – –

Buy JPY 33,094,293; Sell EUR 252,358 BNP Paribas 05/04/2018 1 –
Total unrealised gain on forward currency contracts (31 March 2017: 0.00%) 1 –
Buy EUR 330,217; Sell GBP 290,951 RBS 05/04/2018 (2) (0.01)
Buy EUR 251,655; Sell JPY 33,094,293 RBS 05/04/2018 (1) –
Buy EUR 252,297; Sell JPY 33,094,293 BNP Paribas 07/05/2018 (1) –
Fair Value % of Net

Cash 277 0.83
% of Total
Other assets 1.15
Total assets 100.00
1
2
3
On gains On losses
Forward currency contracts 585 1,170
393
BLACKROCK MULTI ASSET BALANCED SELECTION FUND
As at 31 March 2018
Fair Value % of Net


BlackRock Euro Credit Bond Index Fund - Flexible Euro Accumulating Share
76,789 EUR Class1 1,422 2.76

109,712 USD BlackRock Global Funds - Asian Growth Leaders Fund - Class $x21 2,047 3.97
114,632 USD BlackRock Global Funds - Asian Tiger Bond Fund - Class $x31 975 1.89
30,082 EUR BlackRock Global Funds - Emerging Europe Fund - Class €x21 355 0.69
BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 CHF
81,812 CHF Hedged1 753 1.46
BlackRock Global Funds - European Equity Income Fund - Class €x2
5,462 EUR BlackRock Global Funds - Global SmallCap Fund - Class €d21 501 0.97
9,381 JPY x2 JPY1 635 1.23
4,930 USD BlackRock Global Funds - Latin America Fund - Class $x Accumulating1 356 0.69
3,791 EUR BlackRock Global Funds - United Kingdom Fund - Class €x21 504 0.98
28,455 EUR BlackRock Global Funds - World Energy Fund - Class €x21 515 1.00
BlackRock Strategic Funds - BlackRock Systematic European Equity Fund -
16,908 EUR Class €x21 1,811 3.51
24,270 USD Class $x21 2,583 5.01
394
As at 31 March 2018
Fair Value % of Net


Ireland (31 March 2017: 21.91%)

22,758 USD iShares $ Treasury Bond 7 - 10 year UCITS ETF1 3,535 6.86
22,027 EUR iShares Core MSCI Japan IMI UCITS ETF1 788 1.53
5,024 USD iShares Core S&P 500 UCITS ETF1 1,038 2.01
10,808 USD iShares MSCI Australia UCITS ETF1 296 0.57

Buy EUR 194,936; Sell GBP 170,8173 BNP Paribas 04/05/2018 – –

Buy JPY 27,031,118; Sell EUR 206,1243 BNP Paribas 05/04/2018 – –
Buy EUR 193,870; Sell GBP 170,817 RBS 05/04/2018 (1) (0.01)
Fair Value % of Net

Cash 483 0.94
395
As at 31 March 2018
% of Total
Other assets 1.64
Total assets 100.00
1
2
3
On gains On losses
396
BLACKROCK MULTI ASSET CONSERVATIVE SELECTION FUND
As at 31 March 2018
Fair Value % of Net


11,997 USD BlackRock Emerging Markets Equity Strategies Fund - Class x2 USD1 1,755 3.18
49,835 USD BlackRock Global Funds - Asian Growth Leaders Fund - Class $x21 930 1.69
162,301 USD BlackRock Global Funds - Asian Tiger Bond Fund - Class $x31 1,380 2.50
BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 CHF
58,177 CHF Hedged1 536 0.97
BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 EUR
21,267 EUR Hedged1 404 0.73
BlackRock Global Funds - Emerging Markets Local Currency Bond Fund -
42,397 EUR Class €x21 269 0.49
28,357 EUR BlackRock Global Funds - Euro Short Duration Bond Fund - Class €x21 485 0.88
BlackRock Global Funds - Fixed Income Global Opportunities Fund - Class
191,722 EUR €x21 2,167 3.93
8,304 JPY x2 JPY1 562 1.02
4,034 EUR BlackRock Global Funds - United Kingdom Fund - Class €x21 536 0.97
12,032 USD BlackRock Global Funds - World Healthscience Fund - Class $x21 440 0.80
BlackRock Strategic Funds - Americas Diversified Equity Absolute Return Fund
16,967 USD - Class $x21 2,083 3.78
BlackRock Strategic Funds - Emerging Markets Absolute Return Fund - Class
15,227 EUR €i21 1,517 2.75
26,025 USD Class $x21 2,770 5.02
26,331 EUR BlackRock Strategic Funds - European Absolute Return Fund - Class €i21 3,569 6.47
BlackRock Strategic Funds - European Diversified Equity Absolute Return
14,856 EUR Fund - Class €x21 2,160 3.92

1,617,976 GBP BlackRock UK Absolute Alpha Fund - Class S Accumulating1 1,961 3.56
397
As at 31 March 2018
Fair Value % of Net


Ireland (31 March 2017: 15.74%)

4,950 USD iShares $ Treasury Bond 7 - 10 year UCITS ETF1 769 1.39
15,920 EUR iShares Core MSCI Japan IMI UCITS ETF1 570 1.03

Buy EUR 2,542,035; Sell GBP 2,227,513 BNP Paribas 04/05/2018 3 0.01
Buy JPY 35,865,678; Sell EUR 273,491 BNP Paribas 05/04/2018 1 –
Buy EUR 2,528,133; Sell GBP 2,227,513 RBS 05/04/2018 (13) (0.03)
Buy GBP 2,227,513; Sell EUR 2,544,214 BNP Paribas 05/04/2018 (4) (0.01)
Fair Value % of Net

Cash 571 1.04
398
As at 31 March 2018
% of Total
Other assets 1.64
Total assets 100.00
1
2
On gains On losses
399
BLACKROCK UK CREDIT SCREENED FUND
As at 31 March 2018
Fair Value % of Net

Holding Currency Investments GBP '000 Asset Value
BONDS

400,000 GBP APT Pipelines Ltd., 4.25%, 26/11/2024 438 0.07
950,000 GBP APT Pipelines Ltd., 3.50%, 22/03/2030 981 0.14
550,000 GBP Asciano Finance Ltd., 5.00%, 19/09/2023 614 0.09
446,000 GBP BHP Billiton Finance Ltd., 3.25%, 25/09/2024 482 0.07
1,475,000 GBP BHP Billiton Finance Ltd., 4.30%, 25/09/2042 1,863 0.27
1,666,000 GBP BHP Billiton Finance Ltd., FRN, 6.50%, 22/10/2077 1,924 0.28
500,000 GBP Commonwealth Bank of Australia, FRN, 4.87%, 19/12/20231 512 0.08
500,000 GBP Macquarie Bank Ltd., 3.50%, 18/12/20201 525 0.08
750,000 GBP National Australia Bank Ltd., 1.88%, 20/02/2020 758 0.11
750,000 GBP National Australia Bank Ltd., 5.13%, 09/12/2021 843 0.12
537,000 GBP QBE Insurance Group Ltd., FRN, 6.11%, 24/05/2042 596 0.09
825,000 GBP Scentre Group Trust 1, REIT, 2.38%, 08/04/20221 844 0.12
725,000 GBP Scentre Group Trust 1, REIT, 3.88%, 16/07/2026 802 0.12
450,000 GBP SGSP Australia Assets Pty. Ltd., 5.13%, 11/02/2021 490 0.07
700,000 GBP Vicinity Centres Trust, REIT, 3.38%, 07/04/2026 737 0.11
1,175,000 GBP Westfield America Management Ltd., 2.63%, 30/03/2029 1,165 0.17
1,000,000 GBP Westpac Banking Corp., 5.00%, 21/10/2019 1,058 0.16
950,000 GBP Westpac Banking Corp., 2.63%, 14/12/2022 988 0.15
500,000 GBP Westpac Banking Corp., 2.13%, 02/05/2025 500 0.07

700,000 GBP Anheuser-Busch InBev SA/NV 'B', 9.75%, 30/07/2024 1,014 0.15
2,500,000 GBP Anheuser-Busch InBev SA/NV, 1.75%, 07/03/2025 2,438 0.36
575,000 GBP Anheuser-Busch InBev SA/NV 'B', 4.00%, 24/09/2025 647 0.09
Bermuda (31 March 2017: 0.32%)

850,000 GBP Fidelity International Ltd., 6.75%, 19/10/2020 952 0.14
350,000 GBP Fidelity International Ltd., 7.13%, 13/02/2024 431 0.06
600,000 GBP Hiscox Ltd., 2.00%, 14/12/2022 600 0.09
500,000 GBP Hiscox Ltd., FRN, 6.12%, 24/11/2045 582 0.09
Total Bermuda 2,565 0.38

806,000 GBP Global Switch Holdings Ltd., 4.38%, 13/12/2022 891 0.13
Canada (31 March 2017: 0.35%)

1,100,000 GBP Bank of Montreal, 1.63%, 21/06/2022 1,096 0.16
1,700,000 GBP Glencore Canada Financial Corp., 7.38%, 27/05/2020 1,900 0.28

800,000 GBP Affinity Water Programme Finance Ltd., 4.50%, 31/03/2036 1,015 0.15
150,000 GBP ASIF II, 6.38%, 05/10/2020 168 0.03
775,000 GBP Dwr Cymru Financing Ltd., Series A1, 6.02%, 31/03/2028 1,031 0.15
1,050,000 GBP Dwr Cymru Financing Ltd., 2.50%, 31/03/2036 1,038 0.15
400
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

750,000 GBP Phoenix Group Holdings, 4.13%, 20/07/2022 779 0.11
875,000 GBP Phoenix Group Holdings, 6.63%, 18/12/2025 1,014 0.15
400,000 GBP South East Water Finance Ltd., 5.66%, 30/09/2019 423 0.06
250,000 GBP South East Water Finance Ltd., 5.58%, 29/03/2029 317 0.05
725,000 GBP Southern Water Services Finance Ltd., 6.13%, 31/03/2019 759 0.11
1,000,000 GBP Thames Water Utilities Cayman Finance Ltd., 2.38%, 03/05/2023 978 0.14
750,000 GBP Thames Water Utilities Cayman Finance Ltd., 4.00%, 19/06/2025 829 0.12
550,000 GBP Thames Water Utilities Cayman Finance Ltd., FRN, 5.75%, 13/09/2030 619 0.09
925,000 GBP Thames Water Utilities Cayman Finance Ltd., 5.50%, 11/02/2041 1,278 0.19
650,000 GBP Thames Water Utilities Cayman Finance Ltd., 7.74%, 09/04/2058 1,293 0.19
525,000 GBP Yorkshire Water Services Bradford Finance Ltd., 6.00%, 21/08/2019 559 0.08
1,100,000 GBP Yorkshire Water Services Bradford Finance Ltd., 3.63%, 01/08/2029 1,220 0.18
600,000 GBP Yorkshire Water Services Bradford Finance Ltd., 6.38%, 19/08/2039 936 0.14
450,000 GBP Yorkshire Water Services Odsal Finance Ltd., 6.59%, 21/02/20231 547 0.08
285,000 GBP Yorkshire Water Services Odsal Finance Ltd., 6.60%, 17/04/2031 408 0.06

800,000 GBP AP Moller - Maersk A/S, 4.00%, 04/04/2025 851 0.12
1,600,000 GBP Orsted A/S, 4.88%, 12/01/2032 1,963 0.29
850,000 GBP Orsted A/S, 5.75%, 09/04/2040 1,225 0.18

650,000 GBP OP Corporate Bank plc, 2.50%, 20/05/2022 674 0.10
France (31 March 2017: 6.60%)

650,000 GBP AXA SA, 7.13%, 15/12/2020 738 0.11
1,518,000 GBP AXA SA, FRN, 5.63%, 16/01/2054 1,712 0.25
700,000 GBP Banque Federative du Credit Mutuel SA, 0.88%, 08/06/2020 692 0.10
1,300,000 GBP Banque Federative du Credit Mutuel SA, 1.38%, 20/12/2021 1,293 0.19
400,000 GBP BNP Paribas SA, 2.38%, 20/11/2019 407 0.06
700,000 GBP BNP Paribas SA, 5.75%, 24/01/2022 795 0.12
1,000,000 GBP BNP Paribas SA, 1.13%, 16/08/2022 973 0.14
1,150,000 GBP Bouygues SA, 5.50%, 06/10/2026 1,422 0.21
1,500,000 GBP BPCE SA, 5.25%, 16/04/2029 1,776 0.26
300,000 GBP Cie de Saint-Gobain, 5.63%, 15/11/2024 361 0.05
900,000 GBP Cie de Saint-Gobain, 4.63%, 09/10/2029 1,059 0.16
700,000 GBP CNP Assurances, FRN, 7.38%, 30/09/2041 804 0.12
500,000 GBP Credit Agricole SA, 5.50%, 17/12/20211 571 0.08
401
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
500,000 GBP Credit Agricole SA, 7.38%, 18/12/2023 625 0.09
500,000 GBP Electricite de France SA, 6.88%, 12/12/2022 615 0.09
1,400,000 GBP Electricite de France SA, FRN, 6.00%, 29/01/20262 1,462 0.21
1,100,000 GBP Electricite de France SA, 6.25%, 30/05/2028 1,426 0.21
800,000 GBP Electricite de France SA, FRN, 5.88%, 22/01/20292 811 0.12
900,000 GBP Electricite de France SA, 6.13%, 02/06/2034 1,211 0.18
500,000 GBP Engie SA, FRN, 4.62%, 10/01/20192 511 0.08
1,200,000 GBP Engie SA, 7.00%, 30/10/2028 1,710 0.25
1,800,000 GBP Engie SA, 5.00%, 01/10/2060 2,866 0.42
250,000 GBP Orange SA, 7.25%, 10/11/2020 286 0.04
1,150,000 GBP Orange SA, FRN, 5.88%, 07/02/20222 1,268 0.19
1,200,000 GBP Orange SA, FRN, 5.75%, 01/04/20232 1,326 0.19
550,000 GBP Orange SA, 5.25%, 05/12/2025 664 0.10
975,000 GBP Orange SA, 8.13%, 20/11/2028 1,466 0.22
1,175,000 GBP Orange SA, 5.63%, 23/01/2034 1,576 0.23
900,000 GBP Orange SA, 5.38%, 22/11/2050 1,285 0.19
225,000 GBP RCI Banque SA, 3.00%, 09/05/2019 229 0.03
700,000 GBP RCI Banque SA, 1.88%, 08/11/2022 700 0.10
500,000 GBP Suez, 5.38%, 02/12/20301 647 0.10
650,000 GBP Total Capital International SA, 2.25%, 17/12/2020 666 0.10
983,000 GBP Total Capital International SA, 2.25%, 09/06/2022 1,015 0.15
1,800,000 GBP Veolia Environnement SA, 6.13%, 29/10/2037 2,605 0.38
200,000 GBP WPP Finance SA, 6.38%, 06/11/2020 224 0.03

850,000 GBP BASF SE, 0.88%, 06/10/2023 821 0.12
500,000 GBP Daimler AG, 1.00%, 20/12/2019 497 0.07
1,025,000 GBP Daimler AG, 2.75%, 04/12/2020 1,058 0.15
500,000 GBP Daimler AG, 2.38%, 16/12/2021 514 0.08
650,000 GBP Daimler AG, 2.13%, 07/06/20221 664 0.10
1,700,000 GBP Deutsche Bank AG, 1.88%, 28/02/2020 1,695 0.25
1,200,000 GBP Deutsche Bank AG, 1.75%, 16/12/2021 1,173 0.17
200,000 GBP Henkel AG & Co. KGaA, 0.88%, 13/09/2022 196 0.03
900,000 GBP Muenchener Rueckversicherungs-Gesellschaft AG, FRN, 6.62%, 26/05/2042 1,046 0.15

1,500,000 GBP Credit Suisse Group Funding Guernsey Ltd., 3.00%, 27/05/2022 1,557 0.23
1,300,000 GBP Credit Suisse Group Funding Guernsey Ltd., 2.75%, 08/08/2025 1,315 0.19
Total Guernsey 2,872 0.42

683,000 GBP ESB Finance DAC, 6.50%, 05/03/2020 747 0.11
980,000 GBP GE Capital UK Funding Unlimited Co., 4.38%, 31/07/2019 1,016 0.15
402
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Ireland (continued)
450,000 GBP GE Capital UK Funding Unlimited Co., 5.88%, 04/11/2020 497 0.07
950,000 GBP GE Capital UK Funding Unlimited Co., 8.00%, 14/01/2039 1,605 0.24
488,000 GBP Russian Railways, 7.49%, 25/03/2031 620 0.09
Italy (31 March 2017: 0.66%)

950,000 GBP Autostrade per l'Italia SpA, 6.25%, 09/06/2022 1,120 0.16
700,000 GBP Enel SpA, 6.25%, 20/06/2019 740 0.11
700,000 GBP Enel SpA, 5.75%, 22/06/20371 938 0.14
600,000 GBP Enel SpA, FRN, 7.75%, 10/09/2075 680 0.10
800,000 GBP Enel SpA, FRN, 6.62%, 15/09/2076 906 0.13
825,000 GBP FCA Bank SpA, 1.63%, 29/09/2021 816 0.12
400,000 GBP Intesa Sanpaolo SpA, 5.25%, 28/01/2022 449 0.07
Japan (31 March 2017: 0.39%)

700,000 GBP East Japan Railway Co., 4.75%, 08/12/2031 899 0.13
Jersey (31 March 2017: 3.03%)

550,000 GBP Gatwick Funding Ltd., 5.25%, 23/01/2026 635 0.09
1,275,000 GBP Gatwick Funding Ltd., 3.13%, 28/09/2041 1,262 0.19
1,500,000 GBP Glencore Finance Europe Ltd., 6.50%, 27/02/2019 1,567 0.23
1,450,000 GBP Glencore Finance Europe Ltd., 6.00%, 03/04/2022 1,657 0.24
550,000 GBP Heathrow Funding Ltd., 6.00%, 20/03/2020 596 0.09
1,575,000 GBP Heathrow Funding Ltd., 5.23%, 15/02/2023 1,816 0.27
650,000 GBP Kennedy Wilson Europe Real Estate plc, 3.95%, 30/06/2022 678 0.10
Total Jersey 22,381 3.29
403
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

2,100,000 GBP Aroundtown SA, 3.00%, 16/10/2029 2,041 0.30
556,000 GBP Gazprom OAO, 5.34%, 25/09/2020 595 0.09
900,000 GBP Nestle Finance International Ltd., 2.25%, 30/11/2023 933 0.14
Mexico (31 March 2017: 1.09%)

1,700,000 GBP America Movil SAB de CV, 5.00%, 27/10/20261 2,028 0.30
450,000 GBP America Movil SAB de CV, 4.95%, 22/07/2033 556 0.08
1,050,000 GBP America Movil SAB de CV, FRN, 6.37%, 06/09/2073 1,149 0.17

600,000 GBP ABN AMRO Bank NV, 1.00%, 30/06/2020 595 0.09
800,000 GBP ABN AMRO Bank NV, 2.38%, 07/12/2021 821 0.12
1,000,000 GBP ABN AMRO Bank NV, 1.38%, 07/06/2022 988 0.15
300,000 GBP Aegon NV, 6.13%, 15/12/2031 407 0.06
800,000 GBP Aegon NV, 6.63%, 16/12/2039 1,244 0.18
1,500,000 GBP Allianz Finance II BV, 4.50%, 13/03/2043 2,044 0.30
750,000 GBP BMW Finance NV, 1.88%, 29/06/2020 757 0.11
1,150,000 GBP BMW International Investment BV, 1.00%, 17/11/20211 1,127 0.17
700,000 GBP Cooperatieve Rabobank UA, 4.63%, 13/01/2021 759 0.11
1,350,000 GBP Cooperatieve Rabobank UA, 4.00%, 19/09/2022 1,487 0.22
750,000 GBP Cooperatieve Rabobank UA, 5.38%, 03/08/2060 1,265 0.19
1,375,000 GBP Daimler International Finance BV, 3.50%, 06/06/2019 1,411 0.21
400,000 GBP Deutsche Telekom International Finance BV, 7.38%, 04/12/2019 440 0.06
1,950,000 GBP Deutsche Telekom International Finance BV, 6.50%, 08/04/2022 2,316 0.34
1,000,000 GBP Deutsche Telekom International Finance BV, 2.25%, 13/04/2029 963 0.14
1,450,000 GBP E.ON International Finance BV, 6.00%, 30/10/2019 1,554 0.23
1,000,000 GBP EDP Finance BV, 8.63%, 04/01/2024 1,328 0.20
3,250,000 GBP Enel Finance International NV, 5.63%, 14/08/2024 3,868 0.57
2,740,000 GBP Enel Finance International NV, 5.75%, 14/09/2040 3,749 0.55
650,000 GBP ING Bank NV, 5.38%, 15/04/2021 724 0.11
1,264,000 GBP innogy Finance BV, 6.50%, 20/04/2021 1,444 0.21
500,000 GBP innogy Finance BV, 5.50%, 06/07/2022 576 0.08
800,000 GBP innogy Finance BV, 5.63%, 06/12/2023 948 0.14
404
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
350,000 GBP Koninklijke KPN NV, 5.00%, 18/11/2026 407 0.06
1,775,000 GBP Koninklijke KPN NV, 5.75%, 17/09/2029 2,217 0.33
725,000 GBP LafargeHolcim Sterling Finance Netherlands BV, 3.00%, 12/05/2032 703 0.10
375,000 GBP Linde Finance BV, 5.88%, 24/04/2023 453 0.07
300,000 GBP Siemens Financieringsmaatschappij NV, 2.75%, 10/09/2025 319 0.05
800,000 GBP Siemens Financieringsmaatschappij NV, 3.75%, 10/09/2042 974 0.14
425,000 GBP Volkswagen Financial Services NV, 2.63%, 22/07/2019 432 0.06
1,650,000 GBP Volkswagen Financial Services NV, 1.50%, 12/04/2021 1,636 0.24
2,400,000 GBP Volkswagen Financial Services NV, 2.25%, 12/04/2025 2,373 0.35

240,000 GBP ASB Finance Ltd., 1.00%, 07/09/2020 237 0.04
550,000 GBP Fonterra Co-operative Group Ltd., 9.38%, 04/12/2023 762 0.11
400,000 GBP Westpac Securities NZ Ltd., 2.50%, 13/01/2021 410 0.06
Total New Zealand 1,409 0.21
Norway (31 March 2017: 0.64%)

500,000 GBP DNB Bank ASA, 4.25%, 27/01/2020 526 0.08
475,000 GBP Statoil ASA, 6.13%, 27/11/2028 642 0.09
1,600,000 GBP Statoil ASA, 6.88%, 11/03/2031 2,369 0.35
1,025,000 GBP Statoil ASA, 4.25%, 10/04/20411 1,308 0.19
Spain (31 March 2017: 1.04%)

1,050,000 GBP Iberdrola Finanzas SA, 7.38%, 29/01/2024 1,349 0.20
1,200,000 GBP Telefonica Emisiones SAU, 5.60%, 12/03/2020 1,293 0.19
Sweden (31 March 2017: 1.64%)

500,000 GBP Akelius Residential Property AB, 2.38%, 15/08/2025 483 0.07
525,000 GBP Investor AB, 5.50%, 05/05/2037 739 0.11
1,025,000 GBP Nordea Bank AB, 2.13%, 13/11/2019 1,039 0.15
1,150,000 GBP Nordea Bank AB, 2.38%, 02/06/2022 1,187 0.18
1,200,000 GBP Scania CV AB, 1.88%, 28/06/20221 1,200 0.18
550,000 GBP Skandinaviska Enskilda Banken AB, 3.00%, 18/12/2020 573 0.08
800,000 GBP Skandinaviska Enskilda Banken AB, 1.25%, 05/08/2022 787 0.12
800,000 GBP Svenska Handelsbanken AB, 3.00%, 20/11/2020 833 0.12
825,000 GBP Swedbank AB, 1.63%, 15/04/2019 829 0.12
395,000 GBP Vattenfall AB, 6.13%, 16/12/2019 427 0.06
405
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Sweden (continued)
1,125,000 GBP Vattenfall AB, 6.88%, 15/04/2039 1,804 0.27

1,300,000 GBP Credit Suisse Group AG, FRN, 2.13%, 12/09/2025 1,265 0.18
1,950,000 GBP UBS AG, 1.25%, 10/12/2020 1,938 0.29
173,000 GBP UBS AG, FRN, 6.37%, 19/11/2024 185 0.03

325,000 GBP 3i Group plc, 6.88%, 09/03/2023 392 0.06
1,025,000 GBP 3i Group plc, 5.75%, 03/12/2032 1,302 0.19
400,000 GBP A2Dominion Housing Group Ltd., 3.50%, 15/11/2028 409 0.06
602,000 GBP ABP Finance plc, 6.25%, 14/12/2026 756 0.11
200,000 GBP Anglian Water Services Financing plc, 5.84%, 30/07/2022 236 0.03
750,000 GBP Anglian Water Services Financing plc, STEP, 6.87%, 21/08/2023 944 0.14
1,000,000 GBP Anglian Water Services Financing plc, 4.50%, 05/10/2027 1,176 0.17
400,000 GBP Anglian Water Services Financing plc, STEP, 6.63%, 15/01/2029 554 0.08
1,475,000 GBP Annington Funding plc, 2.65%, 12/07/2025 1,465 0.22
750,000 GBP Annington Funding plc, 3.18%, 12/07/2029 747 0.11
805,000 GBP Annington Funding plc, 3.69%, 12/07/2034 825 0.12
1,300,000 GBP Annington Funding plc, 3.94%, 12/07/2047 1,373 0.20
700,000 GBP Arqiva Financing plc, 4.88%, 31/12/2032 784 0.12
700,000 GBP Arqiva Financing plc, 4.04%, 30/06/2035 729 0.11
1,300,000 GBP AstraZeneca plc, 5.75%, 13/11/20311 1,753 0.26
1,670,000 GBP Aviva plc, FRN, 6.12%, 14/11/2036 1,932 0.28
900,000 GBP Aviva plc, FRN, 6.62%, 03/06/2041 1,004 0.15
775,000 GBP Aviva plc, FRN, 4.38%, 12/09/2049 782 0.12
787,000 GBP Aviva plc, FRN, 5.13%, 04/06/2050 838 0.12
1,224,000 GBP Aviva plc, FRN, 6.88%, 20/05/2058 1,603 0.24
800,000 GBP BAE Systems plc, 4.13%, 08/06/2022 874 0.13
500,000 GBP Bank of Scotland plc, 6.38%, 16/08/2019 531 0.08
850,000 GBP Bank of Scotland plc, 9.38%, 15/05/2021 1,027 0.15
3,450,000 GBP Barclays Bank plc, 10.00%, 21/05/2021 4,202 0.62
400,000 GBP Barclays Bank plc, 9.50%, 07/08/2021 484 0.07
587,000 GBP Barclays Bank plc, 5.75%, 14/09/2026 683 0.10
1,375,000 GBP Barclays plc, FRN, 2.38%, 06/10/2023 1,364 0.20
1,753,000 GBP Barclays plc, 3.13%, 17/01/2024 1,781 0.26
3,575,000 GBP Barclays plc, 3.25%, 12/02/2027 3,588 0.53
1,500,000 GBP Barclays plc, 3.25%, 17/01/2033 1,455 0.21
1,125,000 GBP BAT International Finance plc, 6.38%, 12/12/2019 1,218 0.18
550,000 GBP BAT International Finance plc, 6.00%, 29/06/2022 644 0.09
800,000 GBP BAT International Finance plc, 6.00%, 24/11/2034 1,098 0.16
406
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

500,000 GBP Bazalgette Finance plc, 2.38%, 29/11/2027 492 0.07
1,400,000 GBP BG Energy Capital plc, 5.13%, 01/12/2025 1,709 0.25
1,400,000 GBP BG Energy Capital plc, 5.00%, 04/11/2036 1,879 0.28
1,100,000 GBP BP Capital Markets plc, 1.18%, 12/08/2023 1,068 0.16
575,000 GBP BP Capital Markets plc, 2.03%, 14/02/2025 576 0.08
1,050,000 GBP British Land Co. plc (The), REIT, 2.38%, 14/09/2029 1,006 0.15
600,000 GBP British Telecommunications plc, 8.63%, 26/03/2020 684 0.10
1,450,000 GBP British Telecommunications plc, 3.13%, 21/11/2031 1,437 0.21
700,000 GBP BUPA Finance plc, 3.38%, 17/06/20211 737 0.11
940,000 GBP BUPA Finance plc, 5.00%, 08/12/2026 1,050 0.15
1,300,000 GBP Cadent Finance plc, 1.13%, 22/09/2021 1,279 0.19
600,000 GBP Cadent Finance plc, 2.63%, 22/09/2038 561 0.08
525,000 GBP Cardiff University, 3.00%, 07/12/2055 605 0.09
870,000 GBP Centrica plc, 4.38%, 13/03/2029 996 0.15
1,150,000 GBP Centrica plc, 7.00%, 19/09/2033 1,690 0.25
625,000 GBP Centrica plc, 4.25%, 12/09/2044 729 0.11
525,000 GBP Centrica plc, FRN, 5.25%, 10/04/2075 557 0.08
Chancellor Masters and Scholars of the University of Oxford (The), 2.54%,
1,500,000 GBP 08/12/2117 1,554 0.23
736,000 GBP Channel Link Enterprises Finance plc, 3.85%, 30/06/2050 811 0.12
550,000 GBP Close Brothers Finance plc, 3.88%, 27/06/2021 584 0.09
650,000 GBP Close Brothers Finance plc, 2.75%, 19/10/2026 661 0.10
1,150,000 GBP Compass Group plc, 3.85%, 26/06/20261 1,305 0.19
500,000 GBP Compass Group plc, 2.00%, 03/07/2029 484 0.07
475,000 GBP Coventry Building Society, 6.00%, 16/10/2019 509 0.07
1,000,000 GBP Coventry Building Society, 1.00%, 05/05/2020 992 0.15
650,000 GBP Coventry Building Society, 5.88%, 28/09/2022 765 0.11
650,000 GBP CYBG plc, FRN, 3.12%, 22/06/2025 650 0.10
1,500,000 GBP CYBG plc, FRN, 5.00%, 09/02/2026 1,559 0.23
246,000 GBP Direct Line Insurance Group plc, FRN, 9.25%, 27/04/2042 307 0.05
1,100,000 GBP DS Smith plc, 2.88%, 26/07/2029 1,075 0.16
775,000 GBP Eastern Power Networks plc, 4.75%, 30/09/20211 857 0.13
975,000 GBP EE Finance plc, 4.38%, 28/03/2019 1,004 0.15
900,000 GBP Electricity North West Ltd., 8.88%, 25/03/2026 1,317 0.19
350,000 GBP ENW Finance plc, 6.13%, 21/07/2021 400 0.06
283,500 GBP Exchequer Partnership No. 2 plc, 5.40%, 13/07/2036 370 0.05
770,000 GBP Experian Finance plc, 3.50%, 15/10/2021 817 0.12
400,000 GBP FCE Bank plc, 2.76%, 13/11/2019 408 0.06
275,000 GBP FCE Bank plc, 3.25%, 19/11/2020 285 0.04
1,100,000 GBP FCE Bank plc, 2.73%, 03/06/2022 1,127 0.17
407
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

50,000 GBP Friends Life Holdings plc, 12.00%, 21/05/2021 65 0.01
950,000 GBP Friends Life Holdings plc, 8.25%, 21/04/2022 1,173 0.17
780,000 GBP GKN Holdings plc, 6.75%, 28/10/2019 839 0.12
1,600,000 GBP GKN Holdings plc, 5.38%, 19/09/2022 1,768 0.26
1,000,000 GBP GKN Holdings plc, 3.38%, 12/05/2032 1,009 0.15
1,700,000 GBP GlaxoSmithKline Capital plc, 3.38%, 20/12/2027 1,846 0.27
800,000 GBP Go-Ahead Group plc, 2.50%, 06/07/2024 788 0.12
750,000 GBP Grainger plc, 5.00%, 16/12/2020 804 0.12
225,000 GBP Guardian Royal Exchange plc, 6.63%, 21/08/2023 276 0.04
750,000 GBP Hammerson plc, REIT, 3.50%, 27/10/2025 788 0.12
950,000 GBP HSBC Bank plc, 6.50%, 07/07/20231 1,140 0.17
500,000 GBP HSBC Bank plc, FRN, 5.38%, 04/11/2030 585 0.09
800,000 GBP HSBC Bank plc, 5.38%, 22/08/2033 1,006 0.15
100,000 GBP HSBC Bank plc, 6.25%, 30/01/2041 144 0.02
1,100,000 GBP HSBC Bank plc, 4.75%, 24/03/2046 1,351 0.20
650,000 GBP HSBC Holdings plc, 6.50%, 20/05/2024 803 0.12
1,350,000 GBP HSBC Holdings plc, FRN, 2.26%, 13/11/2026 1,318 0.19
1,650,000 GBP HSBC Holdings plc, 2.63%, 16/08/2028 1,641 0.24
1,050,000 GBP Hutchison Whampoa Finance UK plc, 5.63%, 24/11/2026 1,319 0.19
825,000 GBP Imperial Brands Finance plc, 7.75%, 24/06/2019 888 0.13
1,600,000 GBP Imperial Brands Finance plc, 9.00%, 17/02/2022 2,020 0.30
825,000 GBP Imperial Brands Finance plc, 4.88%, 07/06/2032 976 0.14
1,700,000 GBP InterContinental Hotels Group plc, 3.88%, 28/11/2022 1,842 0.27
575,000 GBP InterContinental Hotels Group plc, 3.75%, 14/08/2025 616 0.09
1,500,000 GBP InterContinental Hotels Group plc, 2.13%, 24/08/2026 1,426 0.21
875,000 GBP Investec Bank plc, 9.63%, 17/02/2022 1,066 0.16
364,000 GBP Investec plc, 4.50%, 05/05/2022 392 0.06
550,000 GBP Legal & General Finance plc, 5.88%, 11/12/2031 742 0.11
600,000 GBP Legal & General Finance plc, 5.88%, 05/04/2033 817 0.12
1,100,000 GBP Legal & General Group plc, FRN, 10.00%, 23/07/2041 1,362 0.20
700,000 GBP Lendlease Europe Finance plc, 6.13%, 12/10/2021 795 0.12
450,000 GBP Liberty Living Finance plc, 2.63%, 28/11/2024 451 0.07
1,250,000 GBP Liberty Living Finance plc, 3.38%, 28/11/2029 1,269 0.19
750,000 GBP Liverpool Victoria Friendly Society Ltd., FRN, 6.50%, 22/05/2043 833 0.12
750,000 GBP Lloyds Bank plc, 9.63%, 06/04/2023 988 0.15
1,301,000 GBP Lloyds Bank plc, 7.50%, 15/04/2024 1,699 0.25
408
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

750,000 GBP Lloyds Bank plc, FRN, 5.75%, 09/07/2025 809 0.12
1,925,000 GBP Lloyds Banking Group plc, 2.25%, 16/10/2024 1,888 0.28
325,000 GBP London Merchant Securities Ltd., 6.50%, 16/03/2026 411 0.06
400,000 GBP London Power Networks plc, 5.13%, 31/03/2023 461 0.07
450,000 GBP London Power Networks plc, 6.13%, 07/06/2027 577 0.08
300,000 GBP London Stock Exchange Group plc, 9.13%, 18/10/2019 336 0.05
600,000 GBP Manchester Airport Group Funding plc, 4.13%, 02/04/2024 665 0.10
500,000 GBP Marks & Spencer plc, 3.00%, 08/12/2023 510 0.08
1,400,000 GBP Marks & Spencer plc, 4.75%, 12/06/2025 1,541 0.23
316,000 GBP Motability Operations Group plc, 6.63%, 10/12/2019 344 0.05
925,000 GBP Motability Operations Group plc, 5.38%, 28/06/20221 1,072 0.16
1,450,000 GBP Motability Operations Group plc, 3.75%, 16/07/2026 1,630 0.24
900,000 GBP Motability Operations Group plc, 3.63%, 10/03/2036 1,019 0.15
950,000 GBP National Express Group plc, 6.63%, 17/06/2020 1,049 0.15
700,000 GBP National Express Group plc, 2.50%, 11/11/2023 698 0.10
400,000 GBP National Grid Electricity Transmission plc, 5.88%, 02/02/20241 486 0.07
550,000 GBP National Westminster Bank plc, 6.50%, 07/09/2021 626 0.09
100,000 GBP Nationwide Building Society, 3.00%, 06/05/2026 106 0.02
1,000,000 GBP Nationwide Building Society, 3.25%, 20/01/2028 1,070 0.16
676,000 GBP Nats En Route plc, 5.25%, 31/03/2026 779 0.11
750,000 GBP Next plc, 5.38%, 26/10/2021 834 0.12
325,000 GBP Next plc, 4.38%, 02/10/20261 351 0.05
1,159,000 GBP Next plc, 3.63%, 18/05/2028 1,170 0.17
1,350,000 GBP NGG Finance plc, FRN, 5.63%, 18/06/2073 1,503 0.22
550,000 GBP NIE Finance plc, 6.38%, 02/06/2026 712 0.10
750,000 GBP Northern Electric Finance plc, 5.13%, 04/05/2035 995 0.15
600,000 GBP Northern Gas Networks Finance plc, 4.88%, 30/06/2027 721 0.11
850,000 GBP Northern Gas Networks Finance plc, 4.88%, 15/11/2035 1,093 0.16
500,000 GBP Northern Powergrid Holdings Co., 7.25%, 15/12/2022 621 0.09
650,000 GBP Northern Powergrid Yorkshire plc, 9.25%, 17/01/2020 739 0.11
100,000 GBP Northern Powergrid Yorkshire plc, 5.13%, 04/05/2035 133 0.02
700,000 GBP Northumbrian Water Finance plc, 6.88%, 06/02/20231 857 0.13
820,000 GBP Northumbrian Water Finance plc, 5.63%, 29/04/2033 1,095 0.16
800,000 GBP Northumbrian Water Finance plc, 5.13%, 23/01/2042 1,091 0.16
500,000 GBP Pension Insurance Corp. plc, 6.50%, 03/07/2024 578 0.08
450,000 GBP Pension Insurance Corp. plc, 8.00%, 23/11/2026 577 0.08
350,000 GBP Places For People Treasury plc, 2.88%, 17/08/2026 345 0.05
600,000 GBP Principality Building Society, 2.38%, 23/11/2023 597 0.09
900,000 GBP Prudential plc, 6.88%, 20/01/2023 1,115 0.16
350,000 GBP Prudential plc, 5.88%, 11/05/2029 460 0.07
700,000 GBP Prudential plc, 6.13%, 19/12/2031 891 0.13
500,000 GBP Prudential plc, FRN, 11.37%, 29/05/2039 555 0.08
1,275,000 GBP Prudential plc, FRN, 5.00%, 20/07/2055 1,366 0.20
409
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

1,450,000 GBP Prudential plc, FRN, 5.70%, 19/12/2063 1,669 0.25
800,000 GBP RELX Investments plc, 2.75%, 01/08/2019 812 0.12
975,000 GBP Rio Tinto Finance plc, 4.00%, 11/12/2029 1,129 0.17
900,000 GBP RL Finance Bonds No. 2 plc, FRN, 6.12%, 30/11/2043 1,017 0.15
675,000 GBP Rl Finance Bonds No. 3 plc, 6.13%, 13/11/2028 782 0.11
792,070 GBP RMPA Services plc, 5.34%, 30/09/2038 1,001 0.15
300,000 GBP Rolls-Royce plc, 6.75%, 30/04/2019 318 0.05
700,000 GBP Rolls-Royce plc, 3.38%, 18/06/2026 759 0.11
900,000 GBP Royal Bank of Scotland Group plc, FRN, 2.87%, 19/09/2026 899 0.13
800,000 GBP RSA Insurance Group plc, FRN, 5.13%, 10/10/2045 884 0.13
1,125,000 GBP Santander UK Group Holdings plc, 3.63%, 14/01/2026 1,201 0.18
1,600,000 GBP Santander UK plc, 1.88%, 17/02/2020 1,616 0.24
725,000 GBP Santander UK plc, 3.88%, 15/10/2029 823 0.12
325,000 GBP Scotland Gas Networks plc, 3.25%, 08/03/2027 342 0.05
450,000 GBP Scotland Gas Networks plc, 4.88%, 21/12/20341 565 0.08
600,000 GBP Scottish Power UK plc, 6.75%, 29/05/2023 735 0.11
2,250,000 GBP Scottish Widows Ltd., 5.50%, 16/06/2023 2,490 0.37
1,125,000 GBP Scottish Widows Ltd., 7.00%, 16/06/2043 1,441 0.21
700,000 GBP Segro plc, REIT, 6.00%, 30/09/2019 747 0.11
1,550,000 GBP Segro plc, REIT, 2.88%, 11/10/2037 1,529 0.22
650,000 GBP Severn Trent Utilities Finance plc, 1.13%, 07/09/2021 640 0.09
1,050,000 GBP Severn Trent Utilities Finance plc, 6.13%, 26/02/2024 1,277 0.19
1,000,000 GBP Severn Trent Utilities Finance plc, 6.25%, 07/06/2029 1,344 0.20
650,000 GBP Skipton Building Society, 1.75%, 30/06/2022 643 0.09
750,000 GBP Sky plc, 2.88%, 24/11/2020 776 0.11
750,000 GBP Sky plc, 6.00%, 21/05/2027 960 0.14
950,000 GBP Sky plc, 4.00%, 26/11/2029 1,076 0.16
800,000 GBP Society of Lloyd's, 4.75%, 30/10/2024 884 0.13
600,000 GBP Society of Lloyd's, FRN, 4.87%, 07/02/2047 660 0.10
550,000 GBP South Eastern Power Networks plc, 5.50%, 05/06/2026 672 0.10
850,000 GBP South Eastern Power Networks plc, 6.37%, 12/11/2031 1,187 0.17
1,100,000 GBP Southern Electric Power Distribution plc, 5.50%, 07/06/2032 1,441 0.21
625,000 GBP Southern Electric Power Distribution plc, 4.63%, 20/02/2037 777 0.11
350,000 GBP Southern Gas Networks plc, 4.88%, 21/12/2020 381 0.06
1,550,000 GBP Southern Gas Networks plc, 4.88%, 05/10/2023 1,776 0.26
575,000 GBP SP Distribution plc, 5.88%, 17/07/2026 723 0.11
675,000 GBP SP Manweb plc, 4.88%, 20/09/2027 811 0.12
1,100,000 GBP SSE plc, FRN, 3.88%, 10/09/20202 1,134 0.17
625,000 GBP SSE plc, 4.25%, 14/09/2021 682 0.10
600,000 GBP SSE plc, 5.88%, 22/09/2022 707 0.10
410
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

950,000 GBP SSE plc, 8.38%, 20/11/2028 1,439 0.21
550,000 GBP SSE plc, 6.25%, 27/08/2038 816 0.12
825,000 GBP SSE plc, FRN, 3.63%, 16/09/2077 848 0.13
1,850,000 GBP Standard Chartered plc, 5.13%, 06/06/2034 2,006 0.29
1,250,000 GBP Standard Chartered plc, 4.38%, 18/01/2038 1,386 0.20
550,000 GBP Standard Life Aberdeen plc, FRN, 6.55%, 06/01/20202 594 0.09
1,000,000 GBP Standard Life Aberdeen plc, FRN, 6.75%, 12/07/20272 1,244 0.18
1,200,000 GBP Standard Life Aberdeen plc, FRN, 5.50%, 04/12/2042 1,352 0.20
150,000 GBP Tate & Lyle International Finance plc, 6.75%, 25/11/2019 163 0.02
640,000 GBP Thames Water Utilities Finance Ltd., 6.75%, 16/11/2028 873 0.13
500,000 GBP Thames Water Utilities Finance Ltd., 6.50%, 09/02/2032 697 0.10
1,139,000 GBP Thames Water Utilities Finance Ltd., 5.13%, 28/09/2037 1,469 0.22
2,575,000 GBP TP ICAP plc, 5.25%, 26/01/2024 2,691 0.40
600,000 GBP Tritax Big Box REIT plc, 2.63%, 14/12/2026 597 0.09
550,000 GBP Tritax Big Box REIT plc, 3.13%, 14/12/2031 547 0.08
450,000 GBP Unilever plc, 1.13%, 03/02/2022 445 0.07
750,000 GBP United Utilities Water Ltd., 5.75%, 25/03/2022 870 0.13
250,000 GBP United Utilities Water Ltd., 5.00%, 28/02/2035 328 0.05
450,000 GBP University of Cambridge, 3.75%, 17/10/2052 625 0.09
385,000 GBP University of Leeds, 3.13%, 19/12/2050 438 0.06
550,000 GBP University of Liverpool, 3.38%, 25/06/2055 681 0.10
400,000 GBP University of Manchester, 4.25%, 04/07/2053 574 0.08
570,000 GBP University of Southampton, 2.25%, 11/04/2057 543 0.08
424,854 GBP UPP Bond 1 Issuer plc, 4.90%, 28/02/2040 519 0.08
600,000 GBP Virgin Money plc, 2.25%, 21/04/2020 605 0.09
425,000 GBP Vodafone Group plc, 5.63%, 04/12/2025 517 0.08
550,000 GBP Vodafone Group plc, 5.90%, 26/11/2032 719 0.11
1,275,000 GBP Vodafone Group plc, 3.38%, 08/08/2049 1,199 0.18
2,035,000 GBP Vodafone Group plc, 3.00%, 12/08/20561 1,777 0.26
175,000 GBP Wales & West Utilities Finance plc, 6.25%, 30/11/2021 204 0.03
200,000 GBP Wales & West Utilities Finance plc, FRN, 6.75%, 17/12/2036 207 0.03
275,000 GBP Wellcome Trust Finance plc, 4.75%, 28/05/2021 304 0.04
1,100,000 GBP Wellcome Trust Finance plc, 4.63%, 25/07/20361 1,495 0.22
600,000 GBP Wellcome Trust Ltd. (The), 4.00%, 09/05/2059 894 0.13
1,650,000 GBP Wellcome Trust Ltd. (The), 2.52%, 07/02/2118 1,680 0.25
500,000 GBP Wessex Water Services Finance plc, 4.00%, 24/09/2021 540 0.08
1,450,000 GBP Western Power Distribution East Midlands plc, 5.25%, 17/01/2023 1,667 0.25
400,000 GBP Western Power Distribution East Midlands plc, 6.25%, 10/12/2040 605 0.09
775,000 GBP Western Power Distribution plc, 3.63%, 06/11/2023 820 0.12
250,000 GBP Western Power Distribution South Wales plc, 9.25%, 09/11/2020 298 0.04
350,000 GBP Western Power Distribution South Wales plc, 5.75%, 23/03/2040 499 0.07
400,000 GBP Western Power Distribution South West plc, 5.88%, 25/03/2027 503 0.07
450,000 GBP Western Power Distribution South West plc, 5.75%, 23/03/2040 641 0.09
925,000 GBP Western Power Distribution West Midlands plc, 3.88%, 17/10/2024 1,014 0.15
450,000 GBP Western Power Distribution West Midlands plc, 6.08%, 09/05/2025 558 0.08
1,300,000 GBP Western Power Distribution West Midlands plc, 5.75%, 16/04/2032 1,714 0.25
1,700,000 GBP Whitbread Group plc, 3.38%, 16/10/2025 1,735 0.26
411
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

700,000 GBP Wm Morrison Supermarkets plc, 4.63%, 08/12/2023 784 0.12
100,000 GBP WPP Finance 2013, 2.88%, 14/09/2046 83 0.01
550,000 GBP Yorkshire Building Society, FRN, 4.13%, 20/11/2024 569 0.08
875,000 GBP Yorkshire Building Society, 3.50%, 21/04/2026 931 0.14
675,000 GBP Yorkshire Building Society, FRN, 3.38%, 13/09/2028 662 0.09
400,000 GBP Yorkshire Water Services Finance Ltd., 5.50%, 28/05/2037 561 0.08

650,000 GBP American Honda Finance Corp., 1.30%, 21/03/2022 644 0.09
500,000 GBP American Honda Finance Corp., 2.63%, 14/10/2022 521 0.08
1,250,000 GBP American International Group, Inc., 5.00%, 26/04/2023 1,413 0.21
850,000 GBP Amgen, Inc., 5.50%, 07/12/2026 1,051 0.15
1,175,000 GBP Amgen, Inc., 4.00%, 13/09/2029 1,323 0.19
1,375,000 GBP Apple, Inc., 3.05%, 31/07/2029 1,491 0.22
1,425,000 GBP Apple, Inc., 3.60%, 31/07/2042 1,714 0.25
950,000 GBP AT&T, Inc., 5.50%, 15/03/2027 1,154 0.17
1,375,000 GBP AT&T, Inc., 4.38%, 14/09/2029 1,540 0.23
450,000 GBP AT&T, Inc., 5.20%, 18/11/2033 544 0.08
1,681,000 GBP AT&T, Inc., 3.55%, 14/09/2037 1,695 0.25
1,950,000 GBP AT&T, Inc., 7.00%, 30/04/2040 2,929 0.43
2,350,000 GBP AT&T, Inc., 4.25%, 01/06/2043 2,567 0.38
2,250,000 GBP AT&T, Inc., 4.88%, 01/06/2044 2,691 0.40
1,000,000 GBP Bank of America Corp., 5.50%, 04/12/2019 1,069 0.16
450,000 GBP Bank of America Corp., 5.50%, 22/11/2021 503 0.07
975,000 GBP BAT Capital Corp., 2.13%, 15/08/2025 952 0.14
1,000,000 GBP Brown-Forman Corp., 2.60%, 07/07/20281 1,009 0.15
300,000 GBP Cargill, Inc., 5.38%, 02/03/20371 414 0.06
650,000 GBP Citigroup, Inc., 5.13%, 12/12/2018 667 0.10
1,350,000 GBP Citigroup, Inc., 5.15%, 21/05/2026 1,608 0.24
900,000 GBP Citigroup, Inc., 6.80%, 25/06/2038 1,385 0.20
800,000 GBP Citigroup, Inc., 7.38%, 01/09/2039 1,316 0.19
1,207,000 GBP Comcast Corp., 5.50%, 23/11/2029 1,562 0.23
500,000 GBP Digital Stout Holding LLC, REIT, 4.75%, 13/10/2023 556 0.08
1,450,000 GBP Digital Stout Holding LLC, REIT, 4.25%, 17/01/2025 1,588 0.23
1,425,000 GBP Digital Stout Holding LLC, REIT, 3.30%, 19/07/2029 1,438 0.21
1,000,000 GBP Discovery Communications LLC, 2.50%, 20/09/20241 984 0.14
1,800,000 GBP DXC Technology Co., 2.75%, 15/01/2025 1,804 0.27
825,000 GBP Fidelity National Information Services, Inc., 1.70%, 30/06/2022 817 0.12
300,000 GBP General Electric Co., 6.25%, 29/09/2020 333 0.05
412
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

2,750,000 GBP General Motors Financial Co., Inc., 2.25%, 06/09/2024 2,687 0.40
1,150,000 GBP Goldman Sachs Group, Inc. (The), 5.50%, 12/10/2021 1,276 0.19
875,000 GBP Goldman Sachs Group, Inc. (The), 7.13%, 07/08/2025 1,143 0.17
2,280,000 GBP Goldman Sachs Group, Inc. (The), 4.25%, 29/01/2026 2,539 0.37
900,000 GBP Goldman Sachs Group, Inc. (The), 7.25%, 10/04/2028 1,244 0.18
550,000 GBP Goldman Sachs Group, Inc. (The), 6.88%, 18/01/2038 795 0.12
1,080,000 GBP International Business Machines Corp., 2.75%, 21/12/2020 1,121 0.16
350,000 GBP International Business Machines Corp., 2.63%, 05/08/2022 366 0.05
1,650,000 GBP Johnson & Johnson, 5.50%, 06/11/2024 2,048 0.30
1,100,000 GBP JPMorgan Chase & Co., 1.88%, 10/02/2020 1,112 0.16
1,800,000 GBP JPMorgan Chase & Co., 3.50%, 18/12/2026 1,969 0.29
785,000 GBP Kraft Heinz Foods Co., 4.13%, 01/07/2027 853 0.13
400,000 GBP McDonald's Corp., 6.38%, 03/02/2020 435 0.06
800,000 GBP McDonald's Corp., 5.88%, 23/04/20321 1,078 0.16
900,000 GBP McDonald's Corp., 4.13%, 11/06/2054 1,115 0.16
1,275,000 GBP McKesson Corp., 3.13%, 17/02/2029 1,287 0.19
700,000 GBP MetLife, Inc., 5.25%, 29/06/2020 758 0.11
650,000 GBP MetLife, Inc., 5.38%, 09/12/2024 784 0.12
1,350,000 GBP Metropolitan Life Global Funding I, 1.13%, 15/12/2021 1,332 0.20
575,000 GBP Metropolitan Life Global Funding I, 2.63%, 05/12/2022 600 0.09
2,500,000 GBP Morgan Stanley, 2.63%, 09/03/2027 2,479 0.36
1,000,000 GBP Nestle Holdings, Inc., 1.00%, 11/06/2021 990 0.15
1,250,000 GBP New York Life Global Funding, 1.00%, 15/12/2021 1,232 0.18
1,275,000 GBP PepsiCo, Inc., 2.50%, 01/11/20221 1,338 0.20
800,000 GBP Pfizer, Inc., 6.50%, 03/06/2038 1,273 0.19
3,377,000 GBP Pfizer, Inc., 2.74%, 15/06/2043 3,370 0.50
725,000 GBP Procter & Gamble Co. (The), 1.38%, 03/05/2025 706 0.10
1,650,000 GBP Prologis LP, REIT, 2.25%, 30/06/2029 1,571 0.23
1,150,000 GBP Time Warner Cable LLC, 5.75%, 02/06/2031 1,318 0.19
1,100,000 GBP Time Warner Cable LLC, 5.25%, 15/07/20421 1,227 0.18
1,050,000 GBP United Parcel Service, Inc., 5.13%, 12/02/2050 1,616 0.24
418,000 GBP Verizon Communications, Inc., 4.07%, 18/06/2024 464 0.07
705,000 GBP Verizon Communications, Inc., 3.13%, 02/11/2035 686 0.10
2,650,000 GBP Verizon Communications, Inc., 3.38%, 27/10/2036 2,649 0.39
1,250,000 GBP Walgreens Boots Alliance, Inc., 2.88%, 20/11/20201 1,287 0.19
1,075,000 GBP Walmart, Inc., 5.75%, 19/12/2030 1,487 0.22
1,925,000 GBP Walmart, Inc., 5.63%, 27/03/2034 2,755 0.41
1,250,000 GBP Walmart, Inc., 5.25%, 28/09/2035 1,761 0.26
1,400,000 GBP Wells Fargo & Co., 2.13%, 22/04/2022 1,406 0.21
1,000,000 GBP Wells Fargo & Co., 1.38%, 30/06/2022 975 0.14
725,000 GBP Wells Fargo & Co., 2.13%, 20/12/2023 722 0.11
900,000 GBP Wells Fargo & Co., 3.50%, 12/09/2029 979 0.14
413
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

1,750,000 GBP Wells Fargo Bank NA, 5.25%, 01/08/2023 1,998 0.29
850,000 GBP Welltower, Inc., REIT, 4.80%, 20/11/20281 979 0.14
1,150,000 GBP Welltower, Inc., REIT, 4.50%, 01/12/2034 1,318 0.19
Asset-backed securities (31 March 2017: 0.33%)

725,000 GBP Dwr Cymru Financing Ltd., Series B1, 6.91%, 31/03/2021 842 0.12
Total investments in asset-backed securities 842 0.12
Fair Value % of Net

GBP '000 Asset Value
Cash 472 0.07
Cash equivalents
8,675,491 GBP Institutional Sterling Liquidity Fund - Agency (Dis) Shares3 8,675 1.28
% of Total
Other assets 1.83
Total assets 100.00
1
2
3
414
BLACKROCK DEFENSIVE YIELD FUND
As at 31 March 2018
Fair Value % of Net

Undertaking for collective investment schemes
Luxembourg
406,586 EUR BlackRock Global Funds - Euro Short Duration Bond Fund - Class €x21 6,953 4.97
Fair Value % of Net

BONDS
Corporate debt securities
Australia
100,000 EUR Amcor Ltd., 4.63%, 16/04/2019 105 0.07
300,000 EUR BHP Billiton Finance Ltd., FRN, 4.75%, 22/04/2076 334 0.24
100,000 EUR National Australia Bank Ltd., FRN, 2.00%, 12/11/2024 102 0.07
200,000 EUR Wesfarmers Ltd., 2.75%, 02/08/2022 221 0.16
Austria
100,000 EUR OMV AG, FRN, 5.25%, 09/12/20212 113 0.08
150,000 EUR Sappi Papier Holding GmbH, 3.38%, 01/04/2022 153 0.11
200,000 EUR voestalpine AG, 1.38%, 27/09/2024 200 0.14
Belgium
500,000 EUR Barry Callebaut Services NV, 5.63%, 15/06/2021 582 0.42
100,000 EUR Brussels Airport Co. NV/SA, 3.25%, 01/07/2020 107 0.08
200,000 EUR KBC Group NV, 1.00%, 26/04/2021 204 0.14
500,000 EUR KBC Group NV, 0.75%, 01/03/2022 504 0.36
300,000 EUR Sarens Finance Co. NV, 5.13%, 05/02/2022 302 0.22
415
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Brazil
300,000 EUR Banco do Brasil SA, 3.75%, 25/07/2018 303 0.22
Total Brazil 303 0.22
British Virgin Islands

100,000 EUR State Grid Overseas Investment 2016 Ltd., 1.25%, 19/05/2022 102 0.07
Bulgaria
200,000 EUR Bulgarian Energy Holding EAD, 4.88%, 02/08/2021 219 0.16
Total Bulgaria 219 0.16
Canada
200,000 EUR Bombardier, Inc., 6.13%, 15/05/2021 219 0.16
Cayman Islands
200,000 EUR Hutchison Whampoa Finance 14 Ltd., 1.38%, 31/10/2021 207 0.15
China
100,000 EUR Bank of China Ltd., FRN, 0.14%, 22/11/2020 100 0.07
200,000 EUR Industrial & Commercial Bank of China Ltd., FRN, 0.22%, 12/10/2020 201 0.14
Denmark
100,000 EUR Orsted A/S, 2.63%, 19/09/2022 110 0.08
300,000 EUR Orsted A/S, FRN, 3.00%, 31/12/2049 316 0.23
Finland
300,000 EUR Citycon OYJ, 3.75%, 24/06/2020 323 0.23
100,000 EUR Fortum OYJ, 6.00%, 20/03/2019 106 0.08
200,000 EUR Fortum OYJ, 2.25%, 06/09/2022 215 0.15
250,000 EUR Konecranes OYJ, 1.75%, 09/06/2022 257 0.18
200,000 EUR Neste OYJ, 1.50%, 07/06/2024 202 0.15
400,000 EUR Nokia OYJ, 1.00%, 15/03/2021 403 0.29
81,000 EUR Outokumpu OYJ, 7.25%, 16/06/2021 87 0.06
200,000 EUR Stora Enso OYJ, 5.50%, 07/03/2019 210 0.15
400,000 EUR Stora Enso OYJ, 2.13%, 16/06/2023 418 0.30
France
300,000 EUR Accor SA, FRN, 4.13%, 30/06/20202 319 0.23
700,000 EUR Accor SA, 2.63%, 05/02/2021 747 0.53
416
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
100,000 EUR ALD SA, FRN, 0.10%, 27/11/2020 100 0.07
200,000 EUR ALD SA, 0.88%, 18/07/2022 201 0.14
300,000 EUR Alstom SA, 4.50%, 18/03/2020 327 0.23
200,000 EUR APRR SA, 1.13%, 15/01/2021 205 0.15
100,000 EUR Autodis SA, 4.38%, 01/05/2022 103 0.07
100,000 EUR Autodis SA, FRN, 4.38%, 01/05/2022 101 0.07
300,000 EUR AXA SA, FRN, 5.25%, 16/04/2040 328 0.24
500,000 EUR Banijay Group SAS, 4.00%, 01/07/2022 519 0.37
300,000 EUR Bouygues SA, 4.25%, 22/07/2020 329 0.24
200,000 EUR BPCE SA, FRN, 0.17%, 23/03/2023 200 0.14
300,000 EUR BPCE SA, FRN, 2.75%, 08/07/2026 317 0.23
200,000 EUR Burger King France SAS, FRN, 5.25%, 01/05/2023 204 0.14
300,000 EUR Capgemini SA, 1.75%, 01/07/2020 311 0.22
100,000 EUR Capgemini SA, 0.50%, 09/11/2021 101 0.07
100,000 EUR Casino Guichard Perrachon SA, 5.98%, 26/05/2021 113 0.08
500,000 EUR CMA CGM SA, 6.50%, 15/07/2022 507 0.36
400,000 EUR Crown European Holdings SA, 4.00%, 15/07/2022 436 0.31
300,000 EUR Danone SA, FRN, 1.75%, 23/06/20232 296 0.21
200,000 EUR Elis SA, 1.88%, 15/02/2023 199 0.14
200,000 EUR Engie SA, 1.38%, 19/05/2020 206 0.15
200,000 EUR Engie SA, FRN, 1.37%, 16/04/20232 193 0.14
300,000 EUR Eramet, 4.20%, 28/02/2024 311 0.22
200,000 EUR Essilor International Cie Generale d'Optique SA, 1.75%, 09/04/2021 209 0.15
300,000 EUR Faurecia SA, 3.63%, 15/06/2023 314 0.23
500,000 EUR Fnac Darty SA, 3.25%, 30/09/2023 519 0.37
500,000 EUR Gecina SA, REIT, FRN, 0.05%, 30/06/2022 501 0.36
300,000 EUR Iliad SA, 2.13%, 05/12/2022 317 0.23
300,000 EUR Italcementi Finance SA, 5.38%, 19/03/2020 331 0.24
100,000 EUR Kering SA, 3.13%, 23/04/2019 103 0.07
400,000 EUR Kering SA, 1.38%, 01/10/2021 416 0.30
100,000 EUR Kering SA, 0.88%, 28/03/2022 102 0.07
200,000 EUR La Financiere Atalian SAS, 4.00%, 15/05/2024 204 0.15
200,000 EUR Legrand SA, 3.38%, 19/04/2022 225 0.16
400,000 EUR Loxam SAS, 3.50%, 15/04/2022 416 0.30
100,000 EUR Mobilux Finance SAS, 5.50%, 15/11/2024 102 0.07
100,000 EUR Nexans SA, 3.25%, 26/05/2021 107 0.08
417
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
France (continued)
300,000 EUR Novafives SAS, 4.50%, 30/06/2021 305 0.22
400,000 EUR Orange SA, FRN, 4.25%, 07/02/20202 427 0.31
100,000 EUR Orano SA, 4.38%, 06/11/2019 106 0.08
100,000 EUR Paprec Holding SA, 5.25%, 01/04/2022 103 0.07
200,000 EUR Peugeot SA, 6.50%, 18/01/2019 210 0.15
200,000 EUR Peugeot SA, 2.00%, 20/03/2025 199 0.14
300,000 EUR Picard Groupe SAS, FRN, 3.00%, 30/11/2023 299 0.21
50,000 EUR RCI Banque SA, 0.75%, 26/09/2022 50 0.04
200,000 EUR Renault SA, 3.13%, 05/03/2021 217 0.16
200,000 EUR Sanofi, 1.88%, 04/09/2020 208 0.15
200,000 EUR Societe Fonciere Lyonnaise SA, REIT, 2.25%, 16/11/2022 213 0.15
200,000 EUR Societe Generale SA, FRN, 2.50%, 16/09/2026 210 0.15
200,000 EUR Sodexo SA, 1.75%, 24/01/2022 210 0.15
300,000 EUR SPCM SA, 2.88%, 15/06/2023 306 0.22
200,000 EUR SPIE SA, 3.13%, 22/03/2024 202 0.14
200,000 EUR Suez, 6.25%, 08/04/2019 213 0.15
400,000 EUR Teleperformance, 1.50%, 03/04/2024 407 0.29
300,000 EUR Thales SA, 0.75%, 07/06/2023 303 0.22
200,000 EUR TOTAL SA, FRN, 2.25%, 26/02/20212 207 0.15
400,000 EUR TOTAL SA, FRN, 3.88%, 18/05/20222 439 0.31
400,000 EUR Ubisoft Entertainment SA, 1.29%, 30/01/2023 403 0.29
400,000 EUR Valeo SA, 0.38%, 12/09/2022 398 0.29
100,000 EUR Vallourec SA, 3.25%, 02/08/2019 103 0.07
300,000 EUR Verallia Packaging SASU, 5.13%, 01/08/2022 311 0.22
300,000 EUR Vivendi SA, 0.75%, 26/05/2021 304 0.22
700,000 EUR Wendel SA, 1.88%, 10/04/2020 721 0.52
Germany
500,000 EUR ADLER Real Estate AG, 1.50%, 06/12/2021 501 0.36
100,000 EUR Bayer AG, FRN, 3.00%, 01/07/2075 104 0.07
450,000 EUR Continental AG, 3.13%, 09/09/2020 483 0.34
100,000 EUR Covestro AG, 1.00%, 07/10/2021 103 0.07
500,000 EUR Daimler AG, 0.88%, 12/01/2021 511 0.36
200,000 EUR DEMIRE Deutsche Mittelstand Real Estate AG, 2.88%, 15/07/2022 204 0.15
300,000 EUR Deutsche Bank AG, FRN, 0.17%, 07/12/2020 299 0.21
300,000 EUR Deutsche Lufthansa AG, 1.13%, 12/09/2019 305 0.22
300,000 EUR E.ON SE, 0.38%, 23/08/2021 302 0.22
100,000 EUR Evonik Industries AG, FRN, 2.13%, 07/07/2077 101 0.07
250,000 EUR Fresenius SE & Co. KGaA, 4.25%, 15/04/2019 261 0.19
500,000 EUR Hapag-Lloyd AG, 6.75%, 01/02/2022 527 0.38
250,000 EUR Hella GmbH & Co. KGaA, 2.38%, 24/01/2020 261 0.19
418
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Germany (continued)
500,000 EUR Infineon Technologies AG, 1.50%, 10/03/2022 525 0.37
300,000 EUR K+S AG, 4.13%, 06/12/2021 330 0.24
200,000 EUR Landesbank Berlin AG, 5.88%, 25/11/2019 218 0.16
200,000 EUR LANXESS AG, FRN, 4.50%, 06/12/2076 219 0.16
300,000 EUR METRO AG, 1.38%, 28/10/2021 310 0.22
200,000 EUR O2 Telefonica Deutschland Finanzierungs GmbH, 2.38%, 10/02/2021 212 0.15
300,000 EUR Platin 1426 GmbH, 5.38%, 15/06/2023 297 0.21
100,000 EUR ProGroup AG, 5.13%, 01/05/2022 103 0.07
200,000 EUR Raffinerie Heide GmbH, 6.38%, 01/12/2022 203 0.14
200,000 EUR Safari Holding Verwaltungs GmbH, 5.38%, 30/11/2022 202 0.14
300,000 EUR Senvion Holding GmbH, 3.88%, 25/10/2022 271 0.19
300,000 EUR thyssenkrupp AG, 4.00%, 27/08/2018 305 0.22
100,000 EUR thyssenkrupp AG, 3.13%, 25/10/2019 104 0.07
400,000 EUR TUI AG, 2.13%, 26/10/2021 418 0.30
300,000 EUR Volkswagen Bank GmbH, 1.50%, 13/02/2019 304 0.22
200,000 EUR WEPA Hygieneprodukte GmbH, 3.75%, 15/05/2024 204 0.14
Greece
250,000 EUR National Bank of Greece SA, 2.75%, 19/10/2050 256 0.18
Total Greece 256 0.18
Guernsey
200,000 EUR Credit Suisse Group Funding Guernsey Ltd., 1.25%, 14/04/2022 204 0.14
Total Guernsey 204 0.14
Hong Kong
100,000 EUR China Construction Bank Asia Corp. Ltd., 1.50%, 11/02/2020 102 0.07
Hungary
500,000 EUR MOL Hungarian Oil & Gas plc, 2.63%, 28/04/2023 542 0.39
Iceland
Total Iceland 207 0.15
Ireland
125,000 EUR AIB Group plc, 1.50%, 29/03/2023 126 0.09
100,000 EUR Gazprombank OJSC, 4.00%, 01/07/2019 103 0.07
200,000 EUR Ryanair DAC, 1.88%, 17/06/2021 210 0.15
400,000 EUR Smurfit Kappa Acquisitions ULC, FRN, 3.17%, 15/10/2020 427 0.30
100,000 EUR Smurfit Kappa Acquisitions ULC, 3.25%, 01/06/2021 108 0.08
419
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Italy
200,000 EUR A2A SpA, 3.63%, 13/01/2022 224 0.16
175,000 EUR ACEA SpA, 1.50%, 08/06/2027 172 0.12
200,000 EUR Banco BPM SpA, 6.00%, 05/11/2020 215 0.15
200,000 EUR Cooperativa Muratori & Cementisti-CMC di Ravenna SC, 6.88%, 01/08/2022 198 0.14
100,000 EUR FCA Bank SpA, 2.63%, 17/04/2019 103 0.07
300,000 EUR FCA Bank SpA, 1.00%, 15/11/2021 306 0.22
400,000 EUR Limacorporate SpA, FRN, 3.75%, 15/08/2023 406 0.29
200,000 EUR LKQ Italia Bondco SpA, 3.88%, 01/04/2024 211 0.15
200,000 EUR Luxottica Group SpA, 3.63%, 19/03/2019 207 0.15
500,000 EUR Pirelli & C SpA, 1.38%, 25/01/2023 492 0.35
175,000 EUR TeamSystem SpA, FRN, 0.00%, 15/04/2023 175 0.13
200,000 EUR Telecom Italia SpA, 4.75%, 25/05/2018 201 0.14
225,000 EUR Wind Tre SpA, FRN, 2.47%, 20/01/2024 209 0.15
Japan
300,000 EUR Asahi Group Holdings Ltd., 0.32%, 19/09/2021 300 0.21
Jersey
200,000 EUR Adient Global Holdings Ltd., 3.50%, 15/08/2024 204 0.15
100,000 EUR Lincoln Finance Ltd., 6.88%, 15/04/2021 103 0.07
Total Jersey 1,244 0.89
Luxembourg
100,000 EUR Aramark International Finance Sarl, 3.13%, 01/04/2025 104 0.07
100,000 EUR ArcelorMittal, FRN, 1.70%, 09/04/2018 100 0.07
100,000 EUR ArcelorMittal, 3.00%, 25/03/2019 103 0.07
300,000 EUR ArcelorMittal, 3.13%, 14/01/2022 324 0.23
300,000 EUR BMBG Bond Finance SCA, 3.00%, 15/06/2021 305 0.22
100,000 EUR Cirsa Funding Luxembourg SA, 5.75%, 15/05/2021 103 0.07
420
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Luxembourg (continued)
200,000 EUR Codere Finance 2 Luxembourg SA, 6.75%, 01/11/2021 210 0.15
200,000 EUR ContourGlobal Power Holdings SA, 5.13%, 15/06/2021 206 0.15
200,000 EUR Dream Global Funding I Sarl, REIT, 1.38%, 21/12/2021 200 0.14
300,000 EUR Dufry Finance SCA, 4.50%, 01/08/2023 314 0.22
195,402 EUR eDreams ODIGEO SA, 8.50%, 01/08/2021 207 0.15
200,000 EUR Eurofins Scientific SE, 3.38%, 30/01/2023 217 0.16
100,000 EUR Fiat Chrysler Finance Europe SA, 6.75%, 14/10/2019 110 0.08
300,000 EUR Fiat Chrysler Finance Europe SA, 4.75%, 15/07/2022 338 0.24
200,000 EUR FMC Finance VIII SA, 6.50%, 15/09/2018 206 0.15
200,000 EUR Gazprom OAO, 3.70%, 25/07/2018 202 0.14
200,000 EUR Gestamp Funding Luxembourg SA, 3.50%, 15/05/2023 208 0.15
200,000 EUR Hanesbrands Finance Luxembourg SCA, 3.50%, 15/06/2024 211 0.15
200,000 EUR Holcim US Finance Sarl & Cie SCS, 2.63%, 07/09/2020 212 0.15
200,000 EUR John Deere Bank SA, FRN, 0.00%, 03/10/2022 201 0.15
400,000 EUR Lecta SA, 6.50%, 01/08/2023 414 0.30
100,000 EUR LSF10 Wolverine Investments SCA, FRN, 4.62%, 15/03/2024 100 0.07
150,000 EUR Matterhorn Telecom SA, 3.88%, 01/05/2022 152 0.11
500,000 EUR Michelin Luxembourg SCS, 1.13%, 28/05/2022 516 0.37
200,000 EUR Monitchem HoldCo 2 SA, 6.88%, 15/06/2022 189 0.14
300,000 EUR Pentair Finance Sarl, 2.45%, 17/09/2019 310 0.22
100,000 EUR Sberbank of Russia, 3.35%, 15/11/2019 104 0.07
700,000 EUR Tyco Electronics Group SA, 1.10%, 01/03/2023 720 0.52
Mexico
Total Mexico 472 0.34
Netherlands
200,000 EUR Achmea Bank NV, 1.13%, 25/04/2022 205 0.15
100,000 EUR Airbus Finance BV, 5.50%, 25/09/2018 103 0.07
100,000 EUR Akzo Nobel NV, 4.00%, 17/12/2018 103 0.07
800,000 EUR Allianz Finance II BV, FRN, 5.75%, 08/07/2041 925 0.66
500,000 EUR Coca-Cola HBC Finance BV, 2.38%, 18/06/2020 524 0.37
500,000 EUR Cooperatieve Rabobank UA, FRN, 2.50%, 26/05/2026 528 0.38
300,000 EUR Darling Global Finance BV, 4.75%, 30/05/2022 308 0.22
200,000 EUR Evonik Finance BV, 0.00%, 08/03/2021 199 0.14
700,000 EUR EXOR NV, 2.13%, 02/12/2022 746 0.53
421
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
300,000 EUR Ferrovial Netherlands BV, FRN, 2.12%, 14/05/20232 288 0.21
500,000 EUR Gas Natural Fenosa Finance BV, FRN, 4.13%, 18/11/20222 531 0.38
300,000 EUR Geberit International BV, 0.69%, 30/03/2021 305 0.22
300,000 EUR Heineken NV, 2.13%, 04/08/2020 315 0.23
300,000 EUR Iberdrola International BV, FRN, 1.87%, 22/05/20232 295 0.21
200,000 EUR ING Bank NV, 1.25%, 13/12/2019 205 0.15
100,000 EUR ING Groep NV, 0.75%, 09/03/2022 101 0.07
300,000 EUR InterXion Holding NV, 6.00%, 15/07/2020 309 0.22
400,000 EUR LYB International Finance II BV, 1.88%, 02/03/2022 420 0.30
200,000 EUR NIBC Bank NV, 2.25%, 24/09/2019 207 0.15
650,000 EUR NN Group NV, 1.00%, 18/03/2022 666 0.48
300,000 EUR Nomura Europe Finance NV, 1.13%, 03/06/2020 306 0.22
300,000 EUR Nyrstar Netherlands Holdings BV, 8.50%, 15/09/2019 326 0.23
500,000 EUR OI European Group BV, 6.75%, 15/09/2020 572 0.41
100,000 EUR Opel Finance International BV, 1.88%, 15/10/2019 103 0.07
750,000 EUR Opel Finance International BV, 1.17%, 18/05/2020 767 0.55
550,000 EUR Petrobras Global Finance BV, 3.75%, 14/01/2021 591 0.42
200,000 EUR Phoenix PIB Dutch Finance BV, 3.13%, 27/05/2020 211 0.15
300,000 EUR Saipem Finance International BV, 2.75%, 05/04/2022 305 0.22
400,000 EUR Samvardhana Motherson Automotive Systems Group BV, 1.80%, 06/07/2024 382 0.27
200,000 EUR Telefonica Europe BV, FRN, 3.75%, 15/03/20222 209 0.15
100,000 EUR Telefonica Europe BV, FRN, 3.00%, 04/12/20232 99 0.07
125,000 EUR Unilever NV, 0.00%, 31/07/2021 124 0.09
200,000 EUR Unilever NV, 0.50%, 03/02/2022 202 0.14
200,000 EUR United Group BV, 4.38%, 01/07/2022 204 0.15
150,000 EUR Volkswagen International Finance NV, FRN, 3.75%, 24/03/20212 160 0.11
300,000 EUR Vonovia Finance BV, FRN, 4.00%, 17/12/20212 325 0.23
Norway
250,000 EUR DNB Bank ASA, 4.38%, 24/02/2021 281 0.20
300,000 EUR DNB Bank ASA, FRN, 1.25%, 01/03/2027 303 0.22
175,000 EUR Sparebank 1 Oestlandet, 0.88%, 13/03/2023 176 0.13
422
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
Panama
250,000 EUR Carnival Corp., 1.63%, 22/02/2021 261 0.19
Total Panama 261 0.19
Spain
100,000 EUR Banco Bilbao Vizcaya Argentaria SA, FRN, 3.50%, 11/04/2024 103 0.07
100,000 EUR Bankinter SA, 6.38%, 11/09/2019 109 0.08
300,000 EUR CaixaBank SA, 0.75%, 18/04/2023 299 0.21
120,000 EUR Campofrio Food Group SA, 3.38%, 15/03/2022 122 0.09
200,000 EUR Ence Energia y Celulosa SA, 5.38%, 01/11/2022 211 0.15
200,000 EUR Grupo-Antolin Irausa SA, 3.25%, 30/04/2024 206 0.15
500,000 EUR NH Hotel Group SA, 3.75%, 01/10/2023 526 0.38
200,000 EUR NorteGas Energia Distribucion SAU, 0.92%, 28/09/2022 202 0.14
300,000 EUR Obrascon Huarte Lain SA, 5.50%, 15/03/2023 302 0.21
Sweden
100,000 EUR Atlas Copco AB, 2.63%, 15/03/2019 103 0.07
200,000 EUR Energa Finance AB, 3.25%, 19/03/2020 212 0.15
100,000 EUR Hoist Finance AB, 1.13%, 04/10/2021 100 0.07
100,000 EUR Intrum Justitia AB, 2.75%, 15/07/2022 98 0.07
500,000 EUR Molnlycke Holding AB, 1.50%, 28/02/2022 519 0.37
500,000 EUR Ovako AB, 5.00%, 05/10/2022 515 0.37
160,000 EUR Perstorp Holding AB, 7.63%, 30/06/2021 170 0.12
200,000 EUR Perstorp Holding AB, FRN, 4.25%, 15/09/2022 199 0.14
100,000 EUR Svenska Handelsbanken AB, FRN, 2.66%, 15/01/2024 102 0.07
200,000 EUR Swedbank AB, 0.63%, 04/01/2021 203 0.14
100,000 EUR Swedbank AB, FRN, 2.38%, 26/02/2024 102 0.07
200,000 EUR Synthos Finance AB, 4.00%, 30/09/2021 207 0.15
500,000 EUR Telefonaktiebolaget LM Ericsson, 0.88%, 01/03/2021 497 0.36
200,000 EUR Telia Co. AB, 4.25%, 18/02/2020 216 0.15
200,000 EUR Volvo Car AB, 3.25%, 18/05/2021 215 0.15
700,000 EUR Volvo Treasury AB, 2.38%, 26/11/2019 728 0.52
100,000 EUR Volvo Treasury AB, FRN, 4.20%, 10/06/2075 106 0.08
Switzerland
300,000 EUR UBS AG, 1.13%, 30/06/2020 308 0.22
423
As at 31 March 2018
Fair Value % of Net

BONDS (continued)
100,000 EUR UBS AG, 1.25%, 03/09/2021 103 0.08
Turkey
200,000 EUR Turkiye Garanti Bankasi A/S, 3.38%, 08/07/2019 206 0.15
200,000 EUR Turkiye Vakiflar Bankasi TAO, 3.50%, 17/06/2019 205 0.14
Total Turkey 411 0.29
United Arab Emirates

100,000 EUR Glencore Finance Dubai Ltd., 2.63%, 19/11/2018 102 0.07
United Kingdom
200,000 EUR Barclays plc, 1.88%, 23/03/2021 208 0.15
200,000 EUR Boparan Finance plc, 4.38%, 15/07/2021 191 0.14
100,000 EUR Centrica plc, FRN, 3.00%, 10/04/2076 103 0.07
800,000 EUR DS Smith plc, 2.25%, 16/09/2022 851 0.61
200,000 EUR Experian Finance plc, 4.75%, 04/02/2020 218 0.16
100,000 EUR G4S International Finance plc, 2.63%, 06/12/2018 102 0.07
200,000 EUR G4S International Finance plc, 1.50%, 02/06/2024 202 0.14
200,000 EUR Hammerson plc, REIT, 2.00%, 01/07/2022 211 0.15
300,000 EUR HSBC Holdings plc, FRN, 3.38%, 10/01/2024 307 0.22
150,000 EUR Merlin Entertainments plc, 2.75%, 15/03/2022 156 0.11
200,000 EUR Mondi Finance plc, 3.38%, 28/09/2020 216 0.15
625,000 EUR National Express Group plc, FRN, 0.07%, 15/05/2020 626 0.45
300,000 EUR NGG Finance plc, FRN, 4.25%, 18/06/2076 323 0.23
300,000 EUR Nomad Foods Bondco plc, 3.25%, 15/05/2024 305 0.22
200,000 EUR OTE plc, 4.38%, 02/12/2019 213 0.15
650,000 EUR Rentokil Initial plc, 3.38%, 24/09/2019 683 0.49
200,000 EUR Rio Tinto Finance plc, 2.00%, 11/05/2020 209 0.15
300,000 EUR Rolls-Royce plc, 2.13%, 18/06/2021 319 0.23
400,000 EUR Royal Bank of Scotland Group plc, 1.63%, 25/06/2019 408 0.29
200,000 EUR Sky plc, 1.50%, 15/09/2021 208 0.15
200,000 EUR SSE plc, 2.00%, 17/06/2020 209 0.15
200,000 EUR SSE plc, FRN, 2.38%, 01/04/20212 207 0.15
424
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

200,000 EUR Synlab Bondco plc, FRN, 3.50%, 01/07/2022 202 0.15
300,000 EUR Synlab Bondco plc, 6.25%, 01/07/2022 313 0.22
400,000 EUR TA MFG. Ltd., 3.63%, 15/04/2023 408 0.29
200,000 EUR Tesco plc, 3.38%, 02/11/2018 204 0.15
300,000 EUR Thomas Cook Finance 2 plc, 3.88%, 15/07/2023 304 0.22
200,000 EUR Thomas Cook Group plc, 6.25%, 15/06/2022 215 0.15
200,000 EUR Titan Global Finance plc, 3.50%, 17/06/2021 211 0.15
100,000 EUR Titan Global Finance plc, 2.38%, 16/11/2024 98 0.07
200,000 EUR Travelex Financing plc, 8.00%, 15/05/2022 201 0.14
200,000 EUR Worldpay Finance plc, 3.75%, 15/11/2022 216 0.15
United States
200,000 EUR 3M Co., 1.88%, 15/11/2021 213 0.15
100,000 EUR 3M Co., 0.38%, 15/02/2022 101 0.07
100,000 EUR Albemarle Corp., 1.88%, 08/12/2021 105 0.07
200,000 EUR American Express Credit Corp., 0.63%, 22/11/2021 202 0.14
150,000 EUR AT&T, Inc., 1.05%, 05/09/2023 152 0.11
100,000 EUR Axalta Coating Systems LLC, 4.25%, 15/08/2024 106 0.08
300,000 EUR Ball Corp., 3.50%, 15/12/2020 326 0.23
150,000 EUR BAT Capital Corp., FRN, 0.17%, 16/08/2021 151 0.11
300,000 EUR BMW US Capital LLC, 1.13%, 18/09/2021 310 0.22
300,000 EUR Catalent Pharma Solutions, Inc., 4.75%, 15/12/2024 315 0.23
300,000 EUR Chemours Co. (The), 6.13%, 15/05/2023 315 0.23
200,000 EUR Colfax Corp., 3.25%, 15/05/2025 202 0.14
200,000 EUR Continental Rubber of America Corp., 0.50%, 19/02/2019 201 0.14
300,000 EUR Coty, Inc., 4.00%, 15/04/2023 302 0.22
200,000 EUR Digital Euro Finco LLC, REIT, 2.63%, 15/04/2024 213 0.15
175,000 EUR Equinix, Inc., REIT, 2.88%, 15/03/2024 174 0.12
125,000 EUR Equinix, Inc., REIT, 2.88%, 01/10/2025 121 0.09
650,000 EUR Expedia Group, Inc., 2.50%, 03/06/2022 683 0.49
400,000 EUR Federal-Mogul LLC, 4.88%, 15/04/2022 402 0.29
100,000 EUR FedEx Corp., 0.50%, 09/04/2020 101 0.07
500,000 EUR Fidelity National Information Services, Inc., 0.40%, 15/01/2021 501 0.36
300,000 EUR Fluor Corp., 1.75%, 21/03/2023 314 0.22
600,000 EUR General Motors Financial Co., Inc., 0.96%, 07/09/2023 593 0.42
150,000 EUR Goldman Sachs Group, Inc. (The), FRN, 0.12%, 16/12/2020 150 0.10
300,000 EUR Honeywell International, Inc., 0.65%, 21/02/2020 304 0.22
425
As at 31 March 2018
Fair Value % of Net

BONDS (continued)

500,000 EUR Huntsman International LLC, 5.13%, 15/04/2021 555 0.40
200,000 EUR Iron Mountain, Inc., REIT, 3.00%, 15/01/2025 199 0.14
250,000 EUR Jefferies Group LLC, 2.38%, 20/05/2020 261 0.19
100,000 EUR Kronos International, Inc., 3.75%, 15/09/2025 103 0.07
300,000 EUR ManpowerGroup, Inc., 1.88%, 11/09/2022 318 0.23
900,000 EUR Mastercard, Inc., 1.10%, 01/12/2022 927 0.66
650,000 EUR Mohawk Industries, Inc., 2.00%, 14/01/2022 686 0.49
600,000 EUR Nasdaq, Inc., 3.88%, 07/06/2021 667 0.48
200,000 EUR PepsiCo, Inc., 1.75%, 28/04/2021 210 0.15
200,000 EUR Praxair, Inc., 1.50%, 11/03/2020 206 0.15
300,000 EUR PSPC Escrow Corp., 6.00%, 01/02/2023 313 0.22
400,000 EUR PVH Corp., 3.63%, 15/07/2024 432 0.31
200,000 EUR Quintiles IMS, Inc., 2.88%, 15/09/2025 194 0.14
100,000 EUR Silgan Holdings, Inc., 3.25%, 15/03/2025 102 0.07
500,000 EUR Xylem, Inc., 2.25%, 11/03/2023 537 0.38
300,000 EUR ZF North America Capital, Inc., 2.25%, 26/04/2019 307 0.22

Buy EUR 3,920; Sell CHF 4,5784 J.P. Morgan 13/04/2018 – –

Total unrealised gain – –
Buy CHF 32,406; Sell EUR 27,5164 J.P. Morgan 13/04/2018 – –
426
As at 31 March 2018

Class Z CHF Hedged Accumulating (continued)
Buy EUR 1,116,723; Sell CHF 1,304,954 J.P. Morgan 13/04/2018 9 0.01
Total unrealised gain 9 0.01
Total unrealised gain on forward currency contracts 9 0.01
Buy CHF 689,460; Sell EUR 589,793 J.P. Morgan 13/04/2018 (4) –
Total unrealised loss (4) –
Buy CHF 72,210,363; Sell EUR 61,822,107 J.P. Morgan 13/04/2018 (502) (0.36)
Total unrealised loss (502) (0.36)
Total unrealised loss on forward currency contracts (506) (0.36)
Fair Value % of Net

Cash 223 0.16
Cash equivalents
Holding Currency Undertaking for collective investment schemes
562,804 EUR Institutional Euro Liquidity Fund - Agency (Dis) Shares1 563 0.40
% of Total
Other assets 1.25
Total assets 100.00
1
2
3
4
On gains On losses
427
BLACKROCK EMERGING MARKETS ALPHA TILTS FUND
As at 31 March 2018
Fair Value % of Net

Holding Currency Investments USD '000 Asset Value
Equities
Bermuda
58,800 HKD China Gas Holdings Ltd. 213 0.14
28,000 HKD China Resources Gas Group Ltd. 97 0.06
59,932 USD Genpact Ltd. 1,918 1.28
142,000 HKD Haier Electronics Group Co. Ltd. 505 0.34
295,000 HKD Nine Dragons Paper Holdings Ltd. 442 0.30
Brazil
124,800 BRL Ambev SA 904 0.60
99,049 USD Banco Santander Brasil SA ADR 1,191 0.80
219,600 BRL Hypera SA 2,391 1.60
133,000 BRL Itau Unibanco Holding SA 2,057 1.37
116,724 USD Itau Unibanco Holding SA ADR 1,821 1.22
194,200 BRL TIM Participacoes SA 840 0.56
85,566 USD TIM Participacoes SA ADR 1,856 1.24
9,600 BRL Ultrapar Participacoes SA 205 0.14
British Virgin Islands

11,071 USD Hollysys Automation Technologies Ltd. 274 0.18
Cayman Islands
17,172 USD Alibaba Group Holding Ltd. ADR1 3,152 2.11
5,265 USD China Biologic Products Holdings, Inc. 427 0.28
51,000 HKD Country Garden Holdings Co. Ltd. 105 0.07
3,000 HKD ENN Energy Holdings Ltd. 27 0.02
116,000 HKD Geely Automobile Holdings Ltd. 334 0.22
15,000 HKD Hengan International Group Co. Ltd. 139 0.09
2,248 USD JD.com, Inc. ADR 'A' 91 0.06
13,500 HKD Kingboard Chemical Holdings Ltd. 62 0.04
1,563,000 HKD Lonking Holdings Ltd. 664 0.44
20,719 USD Momo, Inc. ADR 775 0.52
966 USD New Oriental Education & Technology Group, Inc. ADR 85 0.06
57,500 HKD Shimao Property Holdings Ltd. 163 0.11
9,858 USD SINA Corp. 1,028 0.69
152,300 HKD Tencent Holdings Ltd. 7,950 5.31
576,000 HKD Tianneng Power International Ltd. 682 0.46
6,937 USD Vipshop Holdings Ltd. ADR 115 0.08
16,996 USD Weibo Corp. ADR 2,032 1.36
5,358 USD YY, Inc. ADR 'A' 564 0.38
China
1,847,000 HKD Agricultural Bank of China Ltd. 'H' 1,051 0.70
341,000 HKD Bank of China Ltd. 'H' 184 0.12
30,000 HKD Beijing Capital International Airport Co. Ltd. 'H' 40 0.03
358,000 HKD China CITIC Bank Corp. Ltd. 'H' 245 0.16
1,799,000 HKD China Communications Construction Co. Ltd. 'H' 1,849 1.24
1,012,000 HKD China Communications Services Corp. Ltd. 'H' 603 0.40
234,000 HKD China Construction Bank Corp. 'H' 240 0.16
284,500 HKD China Galaxy Securities Co. Ltd. 'H' 189 0.13
428
As at 31 March 2018
Fair Value % of Net

China (continued)
899,000 HKD China Life Insurance Co. Ltd. 'H' 2,477 1.66
114,000 HKD China Merchants Bank Co. Ltd. 'H' 467 0.31
138,600 HKD China Pacific Insurance Group Co. Ltd. 'H' 620 0.41
1,770,000 HKD China Petroleum & Chemical Corp. 'H' 1,555 1.04
17,977 USD China Petroleum & Chemical Corp. ADR 1,591 1.06
786,000 HKD China Railway Construction Corp. Ltd. 'H' 788 0.53
1,240,000 HKD China Railway Group Ltd. 'H' 860 0.57
130,100 HKD China Vanke Co. Ltd. 'H' 593 0.40
141,000 HKD CITIC Securities Co. Ltd. 'H' 322 0.21
1,452,000 HKD Datang International Power Generation Co. Ltd. 'H' 433 0.29
348,000 HKD Haitong Securities Co. Ltd. 'H' 460 0.31
127,000 HKD Huatai Securities Co. Ltd. 'H' 245 0.16
60,000 HKD Jiangxi Copper Co. Ltd. 'H' 86 0.06
1,401,000 HKD Metallurgical Corp. of China Ltd. 'H' 398 0.27
1,884,000 HKD PetroChina Co. Ltd. 'H' 1,295 0.87
11,778 USD PetroChina Co. Ltd. ADR 821 0.55
118,000 HKD PICC Property & Casualty Co. Ltd. 'H' 207 0.14
92,000 HKD Sinopec Shanghai Petrochemical Co. Ltd. 'H' 56 0.04
860,000 HKD Weichai Power Co. Ltd. 'H' 964 0.64
134,000 HKD Zhejiang Expressway Co. Ltd. 'H' 137 0.09
Total China 18,776 12.55
Czech Republic
21,137 CZK CEZ A/S 525 0.35
Greece
29,093 EUR Hellenic Telecommunications Organization SA 393 0.26
Hong Kong
8,000 HKD China Mobile Ltd. 73 0.05
308,000 HKD China Overseas Land & Investment Ltd. 1,070 0.72
55,000 HKD China Taiping Insurance Holdings Co. Ltd. 182 0.12
32,000 HKD CNOOC Ltd. 47 0.03
121 USD CNOOC Ltd. ADR 18 0.01
3,988,000 HKD Lenovo Group Ltd. 2,040 1.36
352,000 HKD Yuexiu Property Co. Ltd. 83 0.06
Total Hong Kong 3,513 2.35
Hungary
20,139 HUF OTP Bank plc 902 0.60
India
7,796 USD Tata Motors Ltd. ADR 200 0.13
Indonesia
8,129,600 IDR Adaro Energy Tbk. PT 1,261 0.84
424,200 IDR Bank Rakyat Indonesia Persero Tbk. PT 111 0.07
429
As at 31 March 2018
Fair Value % of Net

Indonesia (continued)
949,800 IDR Telekomunikasi Indonesia Persero Tbk. PT 247 0.17
Jersey
128,000 HKD United Co. RUSAL plc 77 0.05
Malaysia
238,100 MYR Astro Malaysia Holdings Bhd. 126 0.09
443,000 MYR Maxis Bhd. 652 0.44
10,400 MYR Petronas Dagangan Bhd. 66 0.04
5,100 MYR Public Bank Bhd. 32 0.02
408,600 MYR Top Glove Corp. Bhd. 1,034 0.69
Mexico
2,081,700 MXN America Movil SAB de CV 1,969 1.31
79,618 USD America Movil SAB de CV ADR 'L' 1,522 1.02
229,600 MXN Grupo Financiero Banorte SAB de CV 'O' 1,390 0.93
1,192,198 MXN Wal-Mart de Mexico SAB de CV 3,019 2.02
Netherlands
17,397 USD Yandex NV 'A' 687 0.46
Philippines
79,595 PHP Ayala Corp. 1,444 0.97
496,200 PHP Ayala Land, Inc. 391 0.26
Total Philippines 1,835 1.23
Poland
2,222 PLN Bank Pekao SA 80 0.05
11,448 PLN Polski Koncern Naftowy ORLEN SA 282 0.19
9,154 PLN Powszechny Zaklad Ubezpieczen SA 112 0.08
Russia
7,653 RUB LUKOIL PJSC 530 0.35
43,940 USD LUKOIL PJSC ADR 3,028 2.02
2,331,728 RUB Magnitogorsk Iron & Steel Works PJSC 1,792 1.20
38,516 USD Magnitogorsk Iron & Steel Works PJSC GDR 383 0.26
7,720 RUB Mobile TeleSystems PJSC 39 0.03
17,240 USD Mobile TeleSystems PJSC ADR 197 0.13
125,267 USD Sberbank of Russia PJSC ADR 2,328 1.56
22,052 USD Severstal PJSC GDR 333 0.22
South Africa
10,694 ZAR Anglo American Platinum Ltd. 292 0.20
9,727 ZAR AngloGold Ashanti Ltd. 93 0.06
430
As at 31 March 2018
Fair Value % of Net

South Africa (continued)

158,001 ZAR Barloworld Ltd. 2,210 1.48
6,497 ZAR Kumba Iron Ore Ltd. 155 0.10
17,921 ZAR Mr Price Group Ltd. 430 0.29
10,086 ZAR Naspers Ltd. 'N' 2,463 1.65
249,102 ZAR Sappi Ltd. 1,605 1.07
59,842 ZAR Standard Bank Group Ltd. 1,105 0.74
South Korea
8,069 KRW Hana Financial Group, Inc. 346 0.23
2,712 KRW Hyundai Development Co-Engineering & Construction 97 0.06
4,911 KRW Industrial Bank of Korea 72 0.05
10,392 KRW KB Financial Group, Inc. 601 0.40
16,171 USD KB Financial Group, Inc. ADR 937 0.63
3,968 KRW Korea Investment Holdings Co. Ltd. 307 0.21
15,171 USD KT Corp. ADR 208 0.14
1,887 KRW Kumho Petrochemical Co. Ltd. 171 0.11
569 KRW LG Chem Ltd. 206 0.14
28,168 KRW LG Electronics, Inc. 2,887 1.93
9,252 KRW LG International Corp. 234 0.16
15,738 KRW LG Uplus Corp. 181 0.12
457 KRW OCI Co. Ltd. 68 0.05
3,088 KRW Samsung Electronics Co. Ltd. 7,105 4.75
1,789 USD Samsung Electronics Co. Ltd. GDR 2,066 1.38
39,444 KRW Shinhan Financial Group Co. Ltd. 1,670 1.12
7,222 KRW SK Hynix, Inc. 544 0.36
535 KRW SK Telecom Co. Ltd. 116 0.08
4,547 USD SK Telecom Co. Ltd. ADR 110 0.07
Taiwan
10,664 USD Advanced Semiconductor Engineering, Inc. ADR 77 0.05
10,262 USD Taiwan Semiconductor Manufacturing Co. Ltd. ADR 449 0.30
Thailand
676,200 THB Bangkok Dusit Medical Services PCL NVDR 507 0.34
375,500 THB CP ALL PCL NVDR 1,046 0.70
172,700 THB Muangthai Leasing PCL NVDR 209 0.14
267,100 THB PTT Exploration & Production PCL NVDR 980 0.66
895,400 THB PTT Global Chemical PCL NVDR 2,717 1.82
71,300 THB PTT PCL NVDR 1,248 0.83
111,400 THB RS PCL NVDR 104 0.07
191,900 THB Thai Oil PCL NVDR 556 0.37
77,000 THB Total Access Communication PCL NVDR 110 0.07
Turkey
55,592 TRY BIM Birlesik Magazalar A/S 1,003 0.67
500,704 TRY Eregli Demir ve Celik Fabrikalari TAS 1,315 0.88
23,580 TRY Ford Otomotiv Sanayi A/S 366 0.24
90,569 TRY KOC Holding A/S 372 0.25
431
As at 31 March 2018
Fair Value % of Net

Turkey (continued)
414,231 TRY Turkiye Is Bankasi A/S 'C' 746 0.50

387,742 AED Dubai Islamic Bank PJSC 561 0.38
United Kingdom
109,971 ZAR Anglo American plc 2,566 1.72
United States
1,846 USD Sohu.com, Inc. 57 0.04

Description Counterparty Date USD '000 Asset Value
Buy TWD 25,171,000; Sell USD 862,021 Bank of America 09/04/2018 3 –

Buy USD 8,818,169; Sell INR 573,710,084 HSBC 06/04/2018 16 0.01
Buy USD 16,453,544; Sell TWD 478,304,537 Bank of America 09/04/2018 24 0.02
Buy INR 37,324,000; Sell USD 572,9373 HSBC 06/04/2018 – –

Buy INR 11,539,914; Sell USD 180,156 Goldman Sachs 06/04/2018 (3) –
Buy INR 57,154,870; Sell USD 885,161 Citibank 06/04/2018 (8) (0.01)
Buy INR 467,691,300; Sell USD 7,298,553 UBS 06/04/2018 (123) (0.08)
Buy INR 573,710,084; Sell USD 8,718,0713 HSBC 06/07/2018 – –
Buy TWD 48,840,649; Sell USD 1,677,7963 Bank of America 09/04/2018 – –
Buy TWD 29,394,888; Sell USD 1,015,367 HSBC 09/04/2018 (6) –
Buy TWD 374,898,000; Sell USD 12,945,373 J.P. Morgan 09/04/2018 (68) (0.05)
Buy TWD 478,304,537; Sell USD 16,610,680 Bank of America 06/07/2018 (29) (0.02)
432
As at 31 March 2018

Contracts Currency Notional Description Date USD '000 Asset Value
Futures contracts
Singapore
401 USD 40,100 MSCI Taiwan Index 27/04/2018 29 0.02
Total unrealised gain on futures contracts 29 0.02
Singapore
438 USD 876 SGX NIFTY 50 Index 26/04/2018 (44) (0.03)
United States
41 USD 2,050 MSCI Emerging Markets Mini Index 15/06/2018 (86) (0.06)
Total unrealised loss on futures contracts (130) (0.09)
Fair Value % of Net

USD '000 Asset Value
Cash 27,798 18.58
% of Total
Other assets 18.89
Total assets 100.00
1
2
3
Investments which are less than USD 500 have been rounded down to zero.
On gains On losses
Underlying exposure USD '000 USD '000
433
BLACKROCK EMERGING MARKETS EQUITY IMPACT FUND
As at 31 March 2018
Fair Value % of Net

Equities
Bermuda
308,000 HKD Beijing Enterprises Water Group Ltd. 172 0.17
114,000 HKD China Gas Holdings Ltd. 414 0.42
72,000 HKD China Resources Gas Group Ltd. 250 0.25
1,175 USD Credicorp Ltd. 267 0.27
183,000 HKD Nine Dragons Paper Holdings Ltd. 274 0.28
84,500 HKD Shenzhen International Holdings Ltd. 185 0.19
Brazil
151,300 BRL Ambev SA 1,096 1.11
46,874 USD Ambev SA ADR 341 0.35
26,000 BRL Banco Bradesco SA, Preference 309 0.31
33,976 USD Banco Santander Brasil SA ADR 409 0.41
100,700 BRL CCR SA 379 0.38
7,600 BRL Cia de Saneamento Basico do Estado de Sao Paulo 80 0.08
18,900 BRL Duratex SA 67 0.07
11,800 BRL Equatorial Energia SA 254 0.26
8,100 BRL Fibria Celulose SA 158 0.16
3,957 USD Fibria Celulose SA ADR 77 0.08
17,900 BRL Gol Linhas Aereas Inteligentes SA, Preference 116 0.12
2,464 USD Gol Linhas Aereas Inteligentes SA, Preference ADR 32 0.03
60,079 BRL Itau Unibanco Holding SA, Preference 929 0.94
6,187 USD Itau Unibanco Holding SA, Preference ADR 97 0.10
25,300 BRL Klabin SA 157 0.16
40,700 BRL Localiza Rent a Car SA 350 0.36
41,800 BRL Lojas Renner SA 431 0.44
64,700 BRL Petroleo Brasileiro SA, Preference 417 0.42
16,300 BRL Telefonica Brasil SA, Preference 247 0.25
13,324 USD Telefonica Brasil SA, Preference ADR 'A' 205 0.21
88,900 BRL TIM Participacoes SA 385 0.39
11,071 USD TIM Participacoes SA ADR 240 0.24
55,300 BRL Vale SA 702 0.71
Cayman Islands
50,000 HKD Agile Group Holdings Ltd. 103 0.10
16,719 USD Alibaba Group Holding Ltd. ADR 3,069 3.11
13,000 HKD ANTA Sports Products Ltd. 65 0.07
1,763 USD Baidu, Inc. ADR 394 0.40
30,000 HKD China Conch Venture Holdings Ltd. 92 0.09
96,000 HKD China Evergrande Group 302 0.31
110,000 HKD China Resources Land Ltd. 401 0.41
140,000 HKD CIFI Holdings Group Co. Ltd. 122 0.12
248,000 HKD Country Garden Holdings Co. Ltd. 511 0.52
43,000 HKD ENN Energy Holdings Ltd. 384 0.39
83,000 HKD Geely Automobile Holdings Ltd. 239 0.24
33,000 HKD Haitian International Holdings Ltd. 100 0.10
158,500 HKD Kingboard Chemical Holdings Ltd. 725 0.74
25,000 HKD KWG Property Holding Ltd. 34 0.03
181,000 HKD Lee & Man Paper Manufacturing Ltd. 191 0.19
479,000 HKD Lonking Holdings Ltd. 204 0.21
26,000 HKD Meitu, Inc. 30 0.03
813 USD NetEase, Inc. ADR 'A' 228 0.23
71,500 HKD Shimao Property Holdings Ltd. 202 0.20
53,000 HKD Sunac China Holdings Ltd. 205 0.21
434
As at 31 March 2018
Fair Value % of Net


23,600 HKD Sunny Optical Technology Group Co. Ltd. 436 0.44
94,800 HKD Tencent Holdings Ltd. 4,949 5.02
1,784 USD Weibo Corp. ADR 213 0.22
454,000 HKD Xinyi Solar Holdings Ltd. 183 0.19
Chile
231,292 CLP Banco de Chile 39 0.04
1,047,770 CLP Enel Americas SA 245 0.25
28,991 USD Enel Americas SA ADR 'A' 337 0.34
17,632 CLP SACI Falabella 169 0.17
3,652 CLP Sociedad Quimica y Minera de Chile SA, Preference 'B' 178 0.18
6,404 USD Sociedad Quimica y Minera de Chile SA, Preference ADR 315 0.32
Total Chile 1,283 1.30
China
34,000 HKD Angang Steel Co. Ltd. 'H' 32 0.03
40,000 HKD Anhui Expressway Co. Ltd. 'H' 31 0.03
2,077,000 HKD Bank of China Ltd. 'H' 1,118 1.13
324,000 HKD Bank of Communications Co. Ltd. 'H' 254 0.26
172,000 HKD Beijing Capital International Airport Co. Ltd. 'H' 231 0.23
1,047,000 HKD China Cinda Asset Management Co. Ltd. 'H' 379 0.39
228,000 HKD China CITIC Bank Corp. Ltd. 'H' 156 0.16
1,901,000 HKD China Construction Bank Corp. 'H' 1,953 1.98
521,500 HKD China Galaxy Securities Co. Ltd. 'H' 346 0.35
559,000 HKD China Huarong Asset Management Co. Ltd. 'H' 235 0.24
32,000 HKD China Merchants Bank Co. Ltd. 'H' 131 0.13
89,000 HKD China National Materials Co. Ltd. 'H' 81 0.08
784,000 HKD China Petroleum & Chemical Corp. 'H' 689 0.70
5,176 USD China Petroleum & Chemical Corp. ADR 458 0.47
839,000 HKD China Railway Group Ltd. 'H' 582 0.59
141,900 HKD China Vanke Co. Ltd. 'H' 647 0.66
94,500 HKD CITIC Securities Co. Ltd. 'H' 216 0.22
252,000 HKD CRRC Corp. Ltd. 'H' 215 0.22
27,200 HKD Guangzhou R&F Properties Co. Ltd. 'H' 68 0.07
49,600 HKD Haitong Securities Co. Ltd. 'H' 66 0.07
762,000 HKD Industrial & Commercial Bank of China Ltd. 'H' 654 0.66
626,000 HKD Metallurgical Corp. of China Ltd. 'H' 178 0.18
702,000 HKD PetroChina Co. Ltd. 'H' 483 0.49
4,558 USD PetroChina Co. Ltd. ADR 318 0.32
63,000 HKD Ping An Insurance Group Co. of China Ltd. 'H' 640 0.65
234,000 HKD Sinotrans Ltd. 'H' 128 0.13
94,000 HKD Zhejiang Expressway Co. Ltd. 'H' 96 0.10
118,000 HKD Zijin Mining Group Co. Ltd. 'H' 53 0.05
Total China 10,438 10.59
Colombia
790 USD Bancolombia SA, Preference ADR 33 0.03
Total Colombia 33 0.03
Czech Republic
13,671 CZK CEZ A/S 339 0.34
435
As at 31 March 2018
Fair Value % of Net

Greece
15,004 EUR JUMBO SA 271 0.28
29,330 EUR OPAP SA 336 0.34
Hong Kong
43,500 HKD Beijing Enterprises Holdings Ltd. 227 0.23
134,000 HKD China Everbright Ltd. 281 0.28
196,000 HKD China Overseas Land & Investment Ltd. 681 0.69
225,000 HKD CNOOC Ltd. 332 0.34
1,162 USD CNOOC Ltd. ADR 172 0.17
28,000 HKD CSPC Pharmaceutical Group Ltd. 75 0.08
154,000 HKD Far East Horizon Ltd. 163 0.16
80,000 HKD Guangdong Investment Ltd. 126 0.13
1,326,000 HKD Lenovo Group Ltd. 678 0.69
106,000 HKD Shanghai Industrial Holdings Ltd. 276 0.28
49,500 HKD Sino-Ocean Group Holding Ltd. 36 0.04
Total Hong Kong 3,047 3.09
Hungary
19,858 HUF OTP Bank plc 889 0.90
India
6,123 USD Larsen & Toubro Ltd. GDR 123 0.12
5,283 USD Reliance Industries Ltd. GDR 143 0.15
4,451 USD Tata Motors Ltd. ADR 115 0.12
Indonesia
1,602,900 IDR Adaro Energy Tbk. PT 249 0.25
172,000 IDR AKR Corporindo Tbk. PT 70 0.07
676,100 IDR Astra International Tbk. PT 358 0.36
131,900 IDR Bank Central Asia Tbk. PT 222 0.23
548,300 IDR Bank Mandiri Persero Tbk. PT 305 0.31
165,800 IDR Bank Negara Indonesia Persero Tbk. PT 104 0.11
777,800 IDR Bukit Asam Tbk. PT 166 0.17
391,000 IDR Perusahaan Gas Negara Persero Tbk. 65 0.07
103,200 IDR United Tractors Tbk. PT 240 0.24
Jersey
147,000 HKD United Co. RUSAL plc 89 0.09
Malaysia
400,900 MYR Genting Bhd. 903 0.92
69,500 MYR Hong Leong Bank Bhd. 336 0.34
120,900 MYR Inari Amertron Bhd. 87 0.09
69,700 MYR Petronas Dagangan Bhd. 445 0.45
402,400 MYR Tenaga Nasional Bhd. 1,679 1.70
155,700 MYR Westports Holdings Bhd. 142 0.14
436
As at 31 March 2018
Fair Value % of Net

Mexico
739,400 MXN America Movil SAB de CV 699 0.71
6,223 USD America Movil SAB de CV ADR 'L' 119 0.12
21,700 MXN Coca-Cola Femsa SAB de CV 143 0.14
2,949 USD Coca-Cola Femsa SAB de CV ADR 196 0.20
46,400 MXN Fomento Economico Mexicano SAB de CV 421 0.43
4,245 USD Fomento Economico Mexicano SAB de CV ADR 388 0.39
20,000 MXN Grupo Aeroportuario del Pacifico SAB de CV 'B' 197 0.20
3,024 USD Grupo Aeroportuario del Pacifico SAB de CV ADR 301 0.30
1,664 MXN Industrias Penoles SAB de CV 33 0.03
186,300 MXN Mexichem SAB de CV 568 0.58
8,600 MXN Promotora y Operadora de Infraestructura SAB de CV 85 0.09
239,500 MXN Wal-Mart de Mexico SAB de CV 607 0.62
Philippines
109,400 PHP International Container Terminal Services, Inc. 210 0.21
14,410 PHP Jollibee Foods Corp. 82 0.08
47,860 PHP Manila Electric Co. 293 0.30
1,861,200 PHP Metro Pacific Investments Corp. 187 0.19
23,680 PHP SM Investments Corp. 419 0.43
Total Philippines 1,191 1.21
Poland
1,796 PLN Bank Pekao SA 65 0.07
32,384 PLN Energa SA 91 0.09
2,252 PLN Grupa Lotos SA 35 0.04
51 PLN LPP SA 131 0.13
19,420 PLN Polski Koncern Naftowy ORLEN SA 478 0.48
25,833 PLN Powszechna Kasa Oszczednosci Bank Polski SA 304 0.31
Qatar
3,315 QAR Ooredoo QPSC 75 0.08
1,971 QAR Qatar National Bank QPSC 71 0.07
Total Qatar 146 0.15
Russia
25,800 RUB Aeroflot PJSC 70 0.07
5,242 RUB LUKOIL PJSC 363 0.37
14,964 USD LUKOIL PJSC ADR 1,031 1.05
424,800 RUB Magnitogorsk Iron & Steel Works PJSC 327 0.33
8,782 USD Mobile TeleSystems PJSC ADR 100 0.10
32,020 RUB Novolipetsk Steel PJSC 81 0.08
4,995 USD Novolipetsk Steel PJSC GDR 124 0.13
72,995 USD Sberbank of Russia PJSC ADR 1,357 1.38
345,500 RUB Surgutneftegas OJSC 171 0.17
South Africa
26,065 ZAR Barloworld Ltd. 364 0.37
196,928 ZAR FirstRand Ltd. 1,111 1.13
16,025 ZAR Gold Fields Ltd. 65 0.07
182,224 ZAR Growthpoint Properties Ltd., REIT 437 0.44
34,362 ZAR Investec Ltd. 268 0.27
4,854 ZAR Kumba Iron Ore Ltd. 116 0.12
437
As at 31 March 2018
Fair Value % of Net

South Africa (continued)

7,060 ZAR Mondi Ltd. 192 0.19
5,122 ZAR Naspers Ltd. 'N' 1,251 1.27
6,471 ZAR PSG Group Ltd. 123 0.13
112,165 ZAR RMB Holdings Ltd. 731 0.74
80,226 ZAR Sappi Ltd. 517 0.52
4,459 ZAR Standard Bank Group Ltd. 82 0.08
South Korea
262 KRW Amorepacific Corp. 76 0.08
1,216 KRW Celltrion, Inc. 361 0.37
675 KRW CJ Logistics Corp. 87 0.09
1,439 KRW Coway Co. Ltd. 119 0.12
7,611 KRW Doosan Infracore Co. Ltd. 69 0.07
612 KRW E-MART, Inc. 155 0.16
9,124 KRW Hana Financial Group, Inc. 391 0.40
12,303 KRW Hanwha Chemical Corp. 341 0.35
2,565 KRW Hotel Shilla Co. Ltd. 222 0.23
879 KRW Hyundai Heavy Industries Co. Ltd. 113 0.11
325 KRW Hyundai Mipo Dockyard Co. Ltd. 30 0.03
1,373 KRW Hyundai Mobis Co. Ltd. 328 0.33
410 KRW Hyundai Motor Co. 55 0.06
17,024 KRW Jusung Engineering Co. Ltd. 171 0.17
3,077 KRW KB Financial Group, Inc. 178 0.18
577 KRW KCC Corp. 180 0.18
1,834 KRW Koh Young Technology, Inc. 172 0.17
4,161 KRW Korea Gas Corp. 190 0.19
3,877 KRW Korea Investment Holdings Co. Ltd. 300 0.30
2,046 KRW LG Chem Ltd. 741 0.75
3,591 KRW LG Electronics, Inc. 368 0.37
339 KRW LG Household & Health Care Ltd. 379 0.38
133 KRW LG Household & Health Care Ltd., Preference 88 0.09
2,205 KRW LG Innotek Co. Ltd. 255 0.26
851 KRW LOTTE Himart Co. Ltd. 59 0.06
528 KRW LS Corp. 36 0.04
31,672 KRW Meritz Securities Co. Ltd. 126 0.13
24,522 KRW Mirae Asset Daewoo Co. Ltd. 212 0.21
2,702 KRW NH Investment & Securities Co. Ltd. 35 0.04
926 KRW OCI Co. Ltd. 137 0.14
2,257 KRW POSCO 714 0.72
3,703 USD POSCO ADR 292 0.30
2,817 KRW PSK, Inc. 67 0.07
3,215 KRW S-1 Corp. 290 0.29
2,010 KRW Samsung Electronics Co. Ltd. 4,625 4.69
259 USD Samsung Electronics Co. Ltd. GDR 299 0.30
188 KRW Samsung SDS Co. Ltd. 45 0.05
8,413 KRW Samsung Securities Co. Ltd. 310 0.31
3,758 KRW SFA Engineering Corp. 123 0.12
9,352 KRW Shinhan Financial Group Co. Ltd. 396 0.40
1,802 KRW SK Holdings Co. Ltd. 504 0.51
2,584 KRW SK Innovation Co. Ltd. 510 0.52
3,575 KRW SKC Co. Ltd. 128 0.13
1,110 KRW S-Oil Corp. 124 0.13
438
As at 31 March 2018
Fair Value % of Net

Taiwan
77,502 USD Advanced Semiconductor Engineering, Inc. ADR 562 0.57
17,810 USD Hon Hai Precision Industry Co. Ltd. GDR 111 0.11
Thailand
2,385,300 THB Home Product Center PCL NVDR 1,064 1.08
39,500 THB Minor International PCL NVDR 48 0.05
31,400 THB Muangthai Leasing PCL NVDR 38 0.04
355,600 THB PTT Global Chemical PCL NVDR 1,079 1.09
79,000 THB PTT PCL NVDR 1,382 1.40
17,500 THB Siam Cement PCL (The) NVDR 276 0.28
115,000 THB Thai Oil PCL NVDR 333 0.34
Turkey
193,169 TRY Eregli Demir ve Celik Fabrikalari TAS 507 0.51
8,832 TRY Ford Otomotiv Sanayi A/S 137 0.14
8,539 TRY KOC Holding A/S 35 0.04
27,818 TRY Tekfen Holding A/S 120 0.12
68,252 TRY Turk Hava Yollari AO 334 0.34
98,751 TRY Turkiye Is Bankasi A/S 'C' 178 0.18

5,925 USD DP World Ltd. 134 0.13
254,287 AED Emaar Properties PJSC 402 0.41
United Kingdom
2,661 ZAR Anglo American plc 62 0.06
United States
6,834 USD Yum China Holdings, Inc. 284 0.29

Buy INR 378,825,348; Sell USD 5,776,978 Bank of America 06/04/2018 35 0.04
Buy USD 5,822,707; Sell INR 378,825,348 HSBC 06/04/2018 11 0.01
Buy USD 9,804,094; Sell TWD 285,005,000 Bank of America 09/04/2018 14 0.01
Buy INR 378,825,348; Sell USD 5,756,6122 HSBC 06/07/2018 – –

Buy TWD 285,005,000; Sell USD 9,792,304 Citibank 09/04/2018 (2) –
Buy TWD 263,490,000; Sell USD 9,150,547 Bank of America 06/07/2018 (16) (0.02)
439
As at 31 March 2018


Contracts Currency Notional Description Date USD '000 Asset Value
Futures contracts
Singapore
228 USD 22,800 MSCI Taiwan Index 27/04/2018 17 0.02
Total unrealised gain on futures contracts 17 0.02
Singapore
288 USD 576 SGX NIFTY 50 Index 26/04/2018 (30) (0.03)
United States
29 USD 1,450 MSCI Emerging Markets Mini Index 15/06/2018 (60) (0.06)
Total unrealised loss on futures contracts (90) (0.09)
Fair Value % of Net

USD '000 Asset Value
Cash 17,051 17.29
% of Total
Other assets 17.51
Total assets 100.00
1
2
Investments which are less than USD 500 have been rounded down to zero.
On gains On losses
Underlying exposure USD '000 USD '000
440
BLACKROCK UK EQUITY INCOME FUND
As at 31 March 2018
Fair Value % of Net

Equities
Bermuda
5,492 GBP Hiscox Ltd. 80 2.13
Total Bermuda 80 2.13
Finland
1,040 EUR Kone OYJ 'B' 37 0.98
Germany
371 EUR LEG Immobilien AG 30 0.80
Ireland
4,060 GBP CRH plc 98 2.60
Jersey
2,269 GBP Ferguson plc 121 3.21
2,371 GBP Shire plc 85 2.26
United Kingdom
1,649 GBP accesso Technology Group plc 38 1.01
5,014 GBP Admiral Group plc 93 2.47
11,110 GBP Ascential plc 46 1.22
2,878 GBP AstraZeneca plc 141 3.75
10,330 GBP Aviva plc 51 1.36
6,400 GBP Bodycote plc 57 1.51
27,125 GBP BP plc 130 3.45
5,343 GBP British American Tobacco plc 221 5.87
28,307 GBP BT Group plc 65 1.73
1,637 GBP Carnival plc 75 1.99
1,375 GBP Derwent London plc, REIT 43 1.14
17,780 GBP Direct Line Insurance Group plc 68 1.81
17,554 GBP DS Smith plc 83 2.20
22,476 GBP Elementis plc 66 1.75
7,187 GBP GlaxoSmithKline plc 100 2.66
18,690 GBP HSBC Holdings plc 124 3.29
2,508 GBP Imperial Brands plc 61 1.62
12,785 GBP Inchcape plc 88 2.34
30,496 GBP ITV plc 44 1.17
54,676 GBP John Laing Group plc 147 3.90
3,354 GBP Kier Group plc 31 0.82
255,395 GBP Lloyds Banking Group plc 165 4.38
3,360 GBP Mondi plc 64 1.70
1,170 GBP Next plc 56 1.49
4,510 GBP Prudential plc 80 2.13
1,227 GBP Reckitt Benckiser Group plc 74 1.97
441
As at 31 March 2018
Fair Value % of Net


8,853 GBP RELX plc 130 3.45
38,672 GBP Rentokil Initial plc 105 2.79
9,426 GBP Royal Dutch Shell plc 'B' 215 5.71
1,259 GBP Sabre Insurance Group plc 3 0.08
11,380 GBP Standard Chartered plc 81 2.15
45,309 GBP Tesco plc 93 2.47
10,898 GBP TP ICAP plc 49 1.30
4,589 GBP Unilever plc 182 4.83
8,900 GBP United Utilities Group plc 64 1.70
2,570 GBP Weir Group plc (The) 51 1.36
Fair Value % of Net

GBP '000 Asset Value
Cash 16 0.43
Cash equivalents
Holding Currency Undertaking for collective investment schemes
84,396 GBP Institutional Sterling Liquidity Fund - Agency (Dis) Shares1 84 2.23
% of Total
Other assets 0.81
Total assets 100.00
1
442
SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)
Purchases
Cost
Holding Investments EUR ‘000
19,183,307 Institutional Euro Liquidity Fund - Agency (Dis) Shares 19,183
900,000 European Financial Stability Facility, 0.75%, 03/05/2027 902
800,000 KFW, 0.00%, 28/04/2022 807
700,000 Intesa Sanpaolo SpA, 0.50%, 03/02/2020 703
500,000 KFW, 4.63%, 04/01/2023 623
600,000 European Investment Bank, 0.50%, 15/01/2027 597
600,000 KFW, 0.63%, 07/01/2028 591
500,000 European Stability Mechanism, 0.75%, 15/03/2027 507
500,000 KFW, 0.13%, 04/10/2024 497
400,000 KFW, 3.63%, 20/01/2020 447
Sales
Proceeds
1,900,000 European Financial Stability Facility, 0.88%, 16/04/2018 1,920
1,150,000 European Investment Bank, 0.00%, 15/01/2019 1,157
800,000 KAF Kaerntner Ausgleichszahlungs-Fonds, 0.00%, 14/01/2032 671
650,000 KFW, 0.00%, 07/12/2018 654
600,000 KFW, 3.88%, 21/01/2019 631
500,000 State of North Rhine-Westphalia, 0.05%, 14/12/2018 504
450,000 KFW, 5.50%, 22/01/2018 465
400,000 BMW Finance NV, 3.25%, 14/01/2019 418
400,000 Cooperatieve Rabobank UA, 3.50%, 17/10/2018 414
400,000 Caisse d'Amortissement de la Dette Sociale, 1.13%, 25/05/2019 410
400,000 Cie de Financement Foncier SA, 4.63%, 23/09/2017 406
400,000 Deutsche Pfandbriefbank AG, 1.38%, 28/08/2018 405
400,000 NRW Bank, 0.50%, 23/07/2018 405
400,000 Telefonica Emisiones SAU, 5.81%, 05/09/2017 404
The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases
of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total
value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of
the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.
443
BLACKROCK DIVERSIFIED DISTRIBUTION FUND
Purchases
Cost
16,450,000 US Treasury, 3.00%, 15/02/2047 14,948
10,000,000 European Financial Stability Facility, 0.75%, 03/05/2027 10,011
7,020,000 KFW, 0.00%, 28/04/2022 7,094
6,545,000 Spain Government Bond, 1.45%, 31/10/2027 6,496
7,105,000 Perusahaan Listrik Negara PT, 4.13%, 15/05/2027 6,434
1,658,400,000 Hungary Government Bond, 5.50%, 24/06/2025 6,218
6,375,000 Banco Inbursa, 4.38%, 11/04/2027 5,886
25,500,000 Poland Government Bond, 0.00%, 25/04/2019 5,832
6,500,000 Reckitt Benckiser Treasury Services plc, 2.75%, 26/06/2024 5,827
5,000,000 France Government Bond OAT, 2.25%, 25/05/2024 5,750
6,275,000 Orazul Energy Egenor, 5.63%, 28/04/2027 5,743
5,503,430 Belgium Government Bond, 0.80%, 22/06/2027 5,511
4,840,000 France Government Bond OAT, FRN, 0.25%, 25/07/2024 5,352
5,230,000 KFW, 0.00%, 30/06/2021 5,304
5,557,000 MDC-GMTN BV, 3.75%, 19/04/2029 5,113
Sales
Proceeds
201,000,000 US Treasury, 2.00%, 31/10/2021 177,250
200,000,000 US Treasury, 2.13%, 31/12/2021 177,210
201,000,000 US Treasury, 1.75%, 30/11/2021 175,367
34,000,000 Portugal Obrigacoes do Tesouro OT, 2.20%, 17/10/2022 35,576
27,271,646 Bundesrepublik Deutschland, 0.50%, 15/02/2026 27,674
460,827,700 Mexican Bonos, 6.50%, 10/06/2021 21,937
1,370,458,000 Russian Federal Bond - OFZ, 7.50%, 18/08/2021 19,802
444
Purchases
Cost
9,500,000 Czech Republic Government Bond, 3.75%, 12/09/2020 399
240,000,000 Bonos de la Tesoreria de la Republica en pesos, 4.50%, 01/03/2026 346
125,000 Brazil Letras do Tesouro Nacional, 0.00%, 01/10/2019 279
950,000 Peru Government Bond, 6.35%, 12/08/2028 269
3,500,000,000 Indonesia Treasury, 7.00%, 15/05/2027 235
14,000,000 Russian Federal Bond - OFZ, 7.50%, 18/08/2021 209
885,000 Turkey Government Bond, 10.50%, 11/08/2027 188
5,500,000 Thailand Government Bond, 3.40%, 17/06/2036 150
500,000 Brazil Government Bond, 8.50%, 05/01/2024 133
3,000,000 Mexican Bonos, 6.50%, 09/06/2022 131
1,900,000 South Africa Government Bond, 8.00%, 31/01/2030 120
2,000,000 Mexican Bonos, 10.00%, 05/12/2024 105
2,000,000 Mexican Bonos, 8.00%, 07/11/2047 100
290,000,000 Colombian TES, 7.00%, 04/05/2022 95
1,500,000 Mexican Bonos, 10.00%, 20/11/2036 82
1,600,000 Mexican Bonos, 7.75%, 13/11/2042 74
850,000,000 Indonesia Treasury, 8.75%, 15/05/2031 61
260,000 Romania Government Bond, 3.50%, 19/12/2022 59
2,200,000 Uruguay Government Bond, 8.50%, 15/03/2028 59
1,300,000 Mexican Bonos, 5.75%, 05/03/2026 57
Sales
Proceeds
1,770,000 Poland Government Bond, 5.25%, 25/10/2017 425
23,000,000 Philippine Government Bond, 3.90%, 26/11/2022 404
1,000,000 Peru Government Bond, 6.90%, 12/08/2037 307
1,490,000 Malaysia Government Bond, 3.65%, 31/10/2019 300
6,005,000 Mexican Bonos, 4.75%, 14/06/2018 272
67,000,000 Hungary Government Bond, 5.50%, 20/12/2018 235
445
SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)
Sales (continued)
Proceeds
850,000 Poland Government Bond, 3.25%, 25/07/2025 201
3,400,000 Mexican Bonos, 8.00%, 07/12/2023 177
500,000 Peru Government Bond, 7.84%, 12/08/2020 156
450,000,000 Colombian TES, 5.00%, 21/11/2018 127
40,000 Brazil Letras do Tesouro Nacional, 0.00%, 01/07/2018 101
305,000,000 Colombia Government Bond, 7.75%, 14/04/2021 94
440,000 Malaysia Government Bond, 4.07%, 30/09/2026 88
5,000,000 Russian Foreign Bond - Eurobond, 7.85%, 10/03/2018 82
50,000,000 Chile Government Bond, 5.50%, 05/08/2020 71
446
Purchases
Cost
2,110,000 Italy Buoni Poliennali Del Tesoro, 0.90%, 01/08/2022 2,132
1,520,000 Bundesobligation, 0.00%, 07/10/2022 1,539
1,400,000 Bundesschatzanweisungen, 0.00%, 14/06/2019 1,416
Sales
Proceeds
1,200,000 Belgium Government Bond, 1.25%, 22/06/2018 1,223
1,200,000 Netherlands Government Bond, 1.25%, 15/01/2019 1,221
950,000 Italy Buoni Poliennali Del Tesoro, 2.50%, 01/12/2024 1,026
1,000,000 Bundesobligation, 0.25%, 13/04/2018 1,010
800,000 Italy Buoni Poliennali Del Tesoro, 4.75%, 01/09/2028 1,009
447
Sales (continued)
Proceeds
935,000 Spain Government Bond, 0.25%, 30/04/2018 940
890,000 Netherlands Government Bond, 4.00%, 15/07/2018 929
800,000 France Government Bond OAT, 3.75%, 25/04/2021 915
650,000 Bundesrepublik Deutschland, 6.25%, 04/01/2024 903
890,000 Italy Buoni Poliennali Del Tesoro, 0.35%, 15/06/2020 900
448
Purchases1
Cost
11,732 iShares US Aggregate Bond UCITS ETF 1,031
56,464 iShares World ex Euro Government Bond Index Fund (IE) - Flexible USD Accumulating Share Class 1,000
7,274 iShares Global Government Bond UCITS ETF 662
4,889 BlackRock Global Index Funds - iShares Euro Aggregate Bond Index Fund - Class €x2 Accumulating 571
4,973 iShares Global Corporate Bond UCITS ETF 431
3,064 Institutional Euro Liquidity Fund - Agency (Acc) Shares 314
4,447 iShares MSCI North America UCITS ETF 184
317 BlackRock Global Index Funds - iShares Europe Equity Index Fund - Class €x2 Accumulating 52
777 iShares UK Credit Bond Index Fund (IE) - Flexible Sterling Accumulating Share Class 26
126 BlackRock Global Index Funds - iShares Emerging Markets Equity Index Fund - Class €x2 14
77 BlackRock Global Index Funds - iShares Japan Equity Index Fund - Class €x2 11
40 BlackRock Global Index Funds - iShares Pacific ex Japan Equity Index Fund - Class €x2 4
Sales2
Proceeds
54,504 BlackRock Global Index Funds - iShares Euro Aggregate Bond Index Fund - Class €x2 Accumulating 6,366
330,462 iShares World ex Euro Government Bond Index Fund (IE) - Flexible USD Accumulating Share Class 5,904
62,706 iShares US Aggregate Bond UCITS ETF 5,623
54,834 iShares Global Government Bond UCITS ETF 5,080
31,522 Institutional Euro Liquidity Fund - Agency (Acc) Shares 3,229
47,287 iShares MSCI North America UCITS ETF 1,958
14,610 iShares Global Corporate Bond UCITS ETF 1,238
4,456 BlackRock Global Index Funds - iShares Europe Equity Index Fund - Class €x2 Accumulating 731
12,871 iShares UK Credit Bond Index Fund (IE) - Flexible Sterling Accumulating Share Class 433
3,457 BlackRock Global Index Funds - iShares Emerging Markets Equity Index Fund - Class €x2 373
1,776 BlackRock Global Index Funds - iShares Japan Equity Index Fund - Class €x2 255
1,211 BlackRock Global Index Funds - iShares Pacific ex Japan Equity Index Fund - Class €x2 132
1
There were 12 purchases during the year.
2
There were 12 sales during the year.
449
Purchases1
Cost
106,257 iShares Euro Government Bond Index Fund (IE) - Flexible Euro Accumulating Share Class 2,456
107,301 iShares Euro Credit Bond Index Fund (IE) - Flexible Euro Accumulating Share Class 2,448
17,805 Accumulating 2,222
2,183 iShares Core € Corporate Bond UCITS ETF 284
Sales2
Proceeds
176,046 BlackRock Global Index Funds - iShares North America Equity Index Fund - Class €x2 28,448
1,216,414 iShares Euro Credit Bond Index Fund (IE) - Flexible Euro Accumulating Share Class 27,758
1,163,425 iShares Euro Government Bond Index Fund (IE) - Flexible Euro Accumulating Share Class 27,020
60,973 BlackRock Global Index Funds - iShares Europe Equity Index Fund - Class €x2 Accumulating 10,096
44,283 iShares Core € Corporate Bond UCITS ETF 5,780
48,026 BlackRock Global Index Funds - iShares Emerging Markets Equity Index Fund - Class €x2 5,324
24,232 BlackRock Global Index Funds - iShares Japan Equity Index Fund - Class €x2 3,581
17,538 BlackRock Global Index Funds - iShares Pacific ex Japan Equity Index Fund - Class €x2 1,937
1
2
450
Purchases1
Cost
253,825 iShares Euro Government Bond Index Fund (IE) - Flexible Euro Accumulating Share Class 5,859
6,788 iShares Europe Index Fund (IE) - Euro Flexible Accumulating Class 112
Sales2
Proceeds
1,438,713 iShares Euro Credit Bond Index Fund (IE) - Flexible Euro Accumulating Share Class 32,798
1,142,072 iShares Euro Government Bond Index Fund (IE) - Flexible Euro Accumulating Share Class 26,525
177,310 iShares Europe Index Fund (IE) - Euro Flexible Accumulating Class 3,064
179,899 iShares Japan Index Fund (IE) - Euro Flexible Accumulating Class 2,930
77,458 iShares North America Index Fund (IE) - Euro Flexible Accumulating Class 1,424
36,326 iShares Pacific Index Fund (IE) - Euro Flexible Accumulating Class 528
1
2
451
Purchases1
Cost
43,502 iShares Euro Credit Bond Index Fund (IE) - Flexible Euro Accumulating Share Class 993
Sales2
Proceeds
1
2
452
Purchases1
Cost
5,770 Accumulating 934
4,153 BlackRock Global Index Funds - iShares North America Equity Index Fund - Class €x2 677
BlackRock Global Index Funds - iShares Emerging Markets Equity Index Fund - Class
2,835 €x2 299
Sales2
Proceeds
BlackRock Global Index Funds - iShares Emerging Markets Equity Index Fund - Class
15,403 €x2 1,699
6,391 BlackRock Global Index Funds - iShares Pacific ex Japan Equity Index Fund - Class €x2 705
1
2
453
Purchases
Cost
31,500,000 Germany Treasury Bill, 0.00%, 11/04/2018 31,556
30,500,000 German Treasury Bill, 0.00%, 10/01/2018 30,569
30,000,000 France Treasury Bill BTF, 0.00%, 31/01/2018 30,076
7,000,000 Germany Government Bond, 0.00%, 24/05/2017 7,009
7,000,000 France Government Bond, 0.00%, 21/06/2017 7,006
6,500,000 France Government Bond, 0.00%, 17/08/2017 6,510
Sales1
Proceeds
500,000 France Treasury Bill BTF, 0.00%, 28/03/2018 500
1
454
Purchases
Cost
204,000,000 Japan Government Ten Year Bond, 1.10%, 20/06/2020 1,703
94,000,000 Japan Government Ten Year Bond, 0.40%, 20/09/2025 775
860,000 US Treasury, 2.00%, 30/04/2024 764
1,000,000 Canada Government Bond, 1.25%, 01/09/2018 677
850,000 Australia Government Bond, 5.50%, 21/04/2023 670
520,000 UK Treasury, 2.00%, 22/07/2020 610
700,000 Canada Government Bond, 2.50%, 01/06/2024 503
330,000 UK Treasury, 2.75%, 07/09/2024 417
34,000,000 Japan Government Forty Year Bond, 2.20%, 20/03/2051 380
38,000,000 Japan Government Twenty Year Bond, 1.90%, 20/09/2030 373
390,000 US Treasury, 2.25%, 15/08/2027 312
30,000,000 Japan Government Thirty Year Bond, 2.00%, 20/09/2040 310
330,000 US Treasury, 2.25%, 15/02/2027 294
280,000 Ireland Government Bond, 0.80%, 15/03/2022 293
310,150,000 Korea Treasury, 3.75%, 10/12/2033 273
170,000 UK Treasury, 4.75%, 07/12/2030 261
400,000 Singapore Government Bond, 1.63%, 01/10/2019 257
Sales
Proceeds
146,000,000 Japan Government Five Year Bond, 0.10%, 20/12/2019 1,103
670,000 UK Treasury, 5.00%, 07/03/2018 770
610,000 France Government Bond OAT, 3.75%, 25/10/2019 667
550,000 Belgium Government Bond, 4.25%, 28/09/2021 652
1,590,000 Israel Government Bond, 5.50%, 31/01/2022 479
330,000 Austria Government Bond, 3.50%, 15/09/2021 386
310,000 UK Treasury, 3.75%, 07/09/2019 384
500,000,000 Korea Government Bond, 5.75%, 10/09/2018 383
440,000,000 Korea Government Bond, 2.75%, 10/09/2017 356
455
Sales (continued)
Proceeds
240,000 Spain Government Bond, 5.85%, 31/01/2022 297
5,000,000 Mexican Bonos, 10.00%, 05/12/2024 252
350,000 New Zealand Government Bond, 6.00%, 15/12/2017 229
200,000 US Treasury, 2.13%, 15/08/2021 170
170,000 US Treasury, 1.38%, 28/02/2019 153
420,000 Israel Government Bond, 5.50%, 31/01/2042 150
90,000 Austria Government Bond, 4.15%, 15/03/2037 137
456
Purchases1
Cost
12,282 BlackRock Strategic Funds - European Absolute Return Fund - Class €i2 1,637
11,211 BlackRock Strategic Funds - Fixed Income Strategies Fund - Class €x2 Accumulating 1,472
120,302 BlackRock Global Funds - Global Multi-Asset Income Fund - Class $x2 1,465
12,273 BlackRock Strategic Funds - Emerging Markets Flexi Dynamic Bond Fund - Class $x2 1,355
8,002 BlackRock Strategic Funds - BlackRock Global Event Driven Fund - Class x2 USD 772
BlackRock Strategic Funds - Americas Diversified Equity Absolute Return Fund - Class
6,108 $x2 757
BlackRock Strategic Funds - European Diversified Equity Absolute Return Fund - Class
5,008 €x2 729
6,581 BlackRock Strategic Funds - BlackRock Style Advantage Fund - Class $x2 639
423,543 BlackRock UK Absolute Alpha Fund - Class S Accumulating 518
4,172 BlackRock Strategic Funds - Emerging Markets Absolute Return Fund - Class €i2 447
2,990 BlackRock Strategic Funds - Multi-Manager Alternative Strategies Fund - Class €x2 311
25,584 BlackRock Global Funds - Fixed Income Global Opportunities Fund - Class €x2 287
2,600 iShares $ Ultrashort Bond UCITS ETF 232
7,804 iShares Diversified Commodity Swap UCITS ETF (DE) 145
695 BlackRock Strategic Funds - European Credit Strategies Fund - Class €x2 88
1,416 iShares Physical Gold 30
33 iShares $ Treasury Bond 7 - 10 year UCITS ETF 6
Sales2
Proceeds
17,920 BlackRock Strategic Funds - Multi-Manager Alternative Strategies Fund - Class €x2 1,877
5,305 $x2 658
4,806 BlackRock Strategic Funds - European Credit Strategies Fund - Class €x2 606
2,949 €x2 434
2,214 BlackRock Strategic Funds - Emerging Markets Flexi Dynamic Bond Fund - Class $x2 236
982 iShares $ Treasury Bond 7 - 10 year UCITS ETF 173
6,072 iShares Diversified Commodity Swap UCITS ETF (DE) 111
757 BlackRock Strategic Funds - Fixed Income Strategies Fund - Class €x2 Accumulating 99
4,302 iShares Physical Gold 96
70,504 BlackRock UK Absolute Alpha Fund - Class S Accumulating 87
492 BlackRock Strategic Funds - European Absolute Return Fund - Class €i2 65
4,535 BlackRock Global Funds - Global Multi-Asset Income Fund - Class $x2 57
633 iShares $ Ultrashort Bond UCITS ETF 52
1
2
457
Purchases
Cost
54,200 iShares Euro Ultrashort Bond UCITS ETF 5,444
93,986 iShares Core MSCI World UCITS ETF 4,050
95,453 iShares EM Dividend UCITS ETF 1,879
1,980,000 US Treasury Inflation Indexed, 0.39%, 15/07/2025 1,778
11,600 iShares MSCI EM Asia UCITS ETF 1,381
8,435 BlackRock Strategic Funds - BlackRock Impact World Equity Fund - Class X2 1,355
36,785 iShares Euro STOXX 50 UCITS ETF 1,341
6,500 Institutional Euro Ultra Short Bond Fund - Agency Shares 724
36,623 BlackRock UK Credit Screened Fund - Flexible Accumulating Unit Class 667
750,000 SG Issuer SA, 0.00%, 14/08/2019 665
30,305 iShares US Corporate Bond Index Fund (IE) - Flexible USD Accumulating Share Class 662
5,073 Philip Morris International, Inc. 530
8,285 MetLife, Inc. 380
43,600 Nissan Motor Co. Ltd. 380
5,206 Exxon Mobil Corp. 370
10,876 AT&T, Inc. 369
32,767 Sky plc 369
15,460 Royal Dutch Shell plc 'A' 368
Sales
Proceeds
219,286 iShares Core MSCI World UCITS ETF 9,689
446,920 BlackRock Euro Credit Bond Index Fund - Flexible Euro Accumulating Share Class 8,257
4,838,700 US Treasury Inflation Indexed 4,055
64,885,600 Mexican Bonos, 10.00%, 05/12/2024 3,653
12,000,000 Turkey Government Bond, 10.70%, 17/02/2021 3,028
15,225 BlackRock Strategic Funds - BlackRock Impact World Equity Fund - Class X2 2,641
113,844 iShares Physical Gold 2,403
36,785 iShares Euro STOXX 50 UCITS ETF 1,347
54,470 iShares US Corporate Bond Index Fund (IE) - Flexible USD Accumulating Share Class 1,204
1,400 Goldman Sachs International, 0.00%, 14/02/2018 1,005
408 Amazon.com, Inc. 373
5,059 FMC Corp. 353
5,778 Alaska Air Group, Inc. 346
5,876 International Paper Co. 276
2,101 Philip Morris International, Inc. 207
2,406 Texas Instruments, Inc. 203
2,775 Eastman Chemical Co. 203
3,374 Baxter International, Inc. 185
458
BLACKROCK EURO CASH FUND
Purchases1
Cost
Sales2
Proceeds
1
There was 1 purchase during the year.
2
There was 1 sale during the year.
459
Purchases
Cost
57,498 BlackRock Strategic Funds - Fixed Income Strategies Fund - Class €x2 Accumulating 7,564
77,215 iShares $ Corporate Bond UCITS ETF 7,546
569,366 BlackRock Global Funds - Fixed Income Global Opportunities Fund - Class €x2 6,430
350,275 BlackRock Global Funds - USD Short Duration Bond Fund - Class $x2 Accumulating 4,362
44,888 BlackRock Strategic Funds - BlackRock Style Advantage Fund - Class $x2 4,273
370,295 BlackRock Global Funds - Asian Tiger Bond Fund - Class $x3 3,344
90,921 BlackRock Global Funds - Euro Bond Fund - Class €x2 Accumulating 2,866
24,703 iShares Euro Corporate Bond Financials UCITS ETF 2,648
127,157 BlackRock Global Funds - Global High Yield Bond Fund - Class €x2 2,483
158,010 BlackRock Global Funds - Global Inflation Linked Bond Fund - Class €x2 2,336
105,362 BlackRock Global Funds - Euro Short Duration Bond Fund - Class €x2 1,799
95,552 BlackRock Global Funds - Emerging Markets Bond Fund - Class €x2 1,652
78,293 BlackRock Global Funds - Euro Corporate Bond Fund - Class €x Accumulating 1,408
6,781 iShares $ Treasury Bond 7 - 10 year UCITS ETF 1,076
7,710 BlackRock Strategic Funds - European Credit Strategies Fund - Class €x2 979
132,252 BlackRock Global Funds - Emerging Markets Local Currency Bond Fund - Class €x2 835
Sales
Proceeds
21,351 BlackRock Strategic Funds - European Credit Strategies Fund - Class €x2 2,693
15,086 iShares Global Corporate Bond Euro Hedged UCITS ETF 1,584
16,611 iShares $ Ultrashort Bond UCITS ETF 1,473
59,072 BlackRock Global Funds - Emerging Markets Bond Fund - Class €x2 1,006
28,495 BlackRock Global Funds - Euro Bond Fund - Class €x2 Accumulating 893
35,066 BlackRock Global Funds - Euro Corporate Bond Fund - Class €x Accumulating 630
34,787 BlackRock Global Funds - Euro Short Duration Bond Fund - Class €x2 595
3,487 iShares $ Treasury Bond 7 - 10 year UCITS ETF 594
33,005 BlackRock Global Funds - Emerging Markets Corporate Bond Fund - Class $x2 370
460
Purchases
Cost
95,340 BlackRock Global Funds - Continental European Flexible Fund - Class €x Accumulating 2,618
213,457 BlackRock Global Funds - US Growth Fund - Class $i2 2,319
142,277 BlackRock Global Funds - European Equity Income Fund - Class €x2 Accumulating 1,822
157,130 BlackRock Global Funds - European Special Situations Fund - Class €x2 1,821
174,605 BlackRock Global Funds - European Value Fund - Class €x2 1,789
18,779 BlackRock Global Funds - US Basic Value Fund - Class $x2 1,608
7,541 iShares Core S&P 500 UCITS ETF 1,571
11,331 BlackRock Strategic Funds - BlackRock Systematic European Equity Fund - Class €x2 1,237
67,445 BlackRock Global Funds - US Growth Fund - Class €d2 1,106
65,011 BlackRock Global Funds - Global Equity Income Fund - Class $x2 1,067
6,541 BlackRock Emerging Markets Equity Strategies Fund - Class x2 USD 929
21,077 iShares Core MSCI Japan IMI UCITS ETF 723
36,790 BlackRock Global Funds - Asian Growth Leaders Fund - Class $x2 664
29,295 BlackRock Global Funds - World Energy Fund - Class €x2 547
4,041 BlackRock Global Funds - United Kingdom Fund - Class €x2 533
7,436 BlackRock Global Funds - Japan Small & MidCap Opportunities Fund - Class x2 JPY 471
18,393 BlackRock Global Funds - World Technology Fund - Class €d 428
10,344 iShares Edge MSCI World Momentum Factor UCITS ETF 333
27,249 BlackRock Global Funds - World Financials Fund - Class $x2 324
8,510 BlackRock Global Funds - World Healthscience Fund - Class $x2 324
2,911 iShares MSCI Canada UCITS ETF 307
10,026 iShares MSCI Australia UCITS ETF 291
10,414 BlackRock Global Funds - European Focus Fund - Class €x2 Accumulating 283
2,834 BlackRock Global Funds - Global SmallCap Fund - Class €d2 258
Sales
Proceeds
42,870 BlackRock Global Funds - European Focus Fund - Class €x2 Accumulating 1,168
16,696 iShares MSCI Europe ex-UK UCITS ETF 528
5,036 BlackRock Global Funds - US Basic Value Fund - Class $x2 417
28,263 BlackRock Global Funds - European Value Fund - Class €x2 299
5,094 iShares MSCI Europe UCITS ETF 247
2,043 BlackRock Strategic Funds - Asia Extension Fund - Class $x2 Accumulating 240
6,314 iShares MSCI Australia UCITS ETF 185
5,355 iShares Edge MSCI World Value Factor UCITS ETF 148
1,423 iShares MSCI Canada UCITS ETF 147
1,476 BlackRock Global Funds - Global SmallCap Fund - Class €d2 139
4,672 BlackRock Global Funds - Continental European Flexible Fund - Class €x Accumulating 131
8,378 BlackRock Global Funds - World Financials Fund - Class $x2 96
461
Purchases
Cost
20,596 iShares $ Treasury Bond 7 - 10 year UCITS ETF 3,318
85,499 BlackRock Global Funds - Asian Growth Leaders Fund - Class $x2 1,581
134,820 BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 CHF Hedged 1,325
4,047 iShares Core S&P 500 UCITS ETF 839
47,422 BlackRock Global Funds - US Growth Fund - Class €d2 776
Sales
Proceeds
44,222 iShares Edge MSCI World Value Factor UCITS ETF 1,102
9,791 iShares $ Corporate Bond UCITS ETF 969
51,617 BlackRock Euro Credit Bond Index Fund - Flexible Euro Accumulating Share Class 950
4,122 iShares Core S&P 500 UCITS ETF 847
43,504 BlackRock Global Funds - Euro Corporate Bond Fund - Class €x Accumulating 778
76,490 BlackRock Global Funds - Asian Tiger Bond Fund - Class $x3 657
462
Sales (continued)
Proceeds
22,886 BlackRock Global Funds - European Focus Fund - Class €x2 Accumulating 623
41,346 BlackRock Global Funds - European Equity Income Fund - Class €x2 Accumulating 524
4,718 BlackRock Strategic Funds - BlackRock Systematic European Equity Fund - Class €x2 518
53,008 BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 CHF Hedged 497
25,418 BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 EUR Hedged 488
44,855 BlackRock Global Funds - European Value Fund - Class €x2 464
463
Purchases
Cost
23,710 BlackRock Strategic Funds - European Absolute Return Fund - Class €i2 3,178
13,375 BlackRock Emerging Markets Equity Strategies Fund - Class x2 USD 1,915
14,421 $x2 1,792
11,744 €x2 1,714
13,083 BlackRock Strategic Funds - Emerging Markets Absolute Return Fund - Class €i2 1,395
1,109,035 BlackRock UK Absolute Alpha Fund - Class S Accumulating 1,357
125,440 BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 CHF Hedged 1,227
Sales
Proceeds
9,719 BlackRock Strategic Funds - European Credit Strategies Fund - Class €x2 1,226
464
Sales (continued)
Proceeds
78,728 BlackRock Global Funds - Global Multi-Asset Income Fund - Class $x2 961
52,306 BlackRock Global Funds - Euro Short Duration Bond Fund - Class €x2 894
99,705 BlackRock Global Funds - Asian Tiger Bond Fund - Class $x3 858
7,889 BlackRock Strategic Funds - BlackRock Systematic European Equity Fund - Class €x2 855
7,079 $x2 854
4,444 €x2 652
67,262 BlackRock Global Funds - Emerging Markets Bond Fund - Class x2 CHF Hedged 632
4,482 BlackRock Strategic Funds - European Absolute Return Fund - Class €i2 605
17,559 BlackRock Global Funds - Continental European Flexible Fund - Class €x Accumulating 509
465
Purchases
Cost
Holding Investments GBP ‘000
93,255,816 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 93,256
7,700,000 UK Treasury, 2.00%, 22/07/2020 8,148
5,500,000 UK Treasury, 4.25%, 07/12/2027 7,237
2,500,000 UK Treasury, 4.25%, 07/06/2032 3,391
3,500,000 UK Treasury, 1.50%, 22/07/2047 3,323
3,175,000 Lloyds Banking Group plc, 2.25%, 16/10/2024 3,147
3,000,000 Anheuser-Busch InBev SA/NV, 1.75%, 07/03/2025 3,019
2,750,000 General Motors Financial Co., Inc., 2.25%, 06/09/2024 2,696
2,650,000 Verizon Communications, Inc., 3.38%, 27/10/2036 2,615
2,400,000 Morgan Stanley, 2.63%, 09/03/2027 2,405
2,400,000 Volkswagen Financial Services NV, 2.25%, 12/04/2025 2,384
1,700,000 E.ON International Finance BV, 5.88%, 30/10/2037 2,376
2,375,000 Barclays plc, FRN, 2.38%, 06/10/2023 2,373
1,900,000 Marks & Spencer plc, 4.75%, 12/06/2025 2,175
1,750,000 Deutsche Telekom International Finance BV, 6.50%, 08/04/2022 2,096
2,100,000 Aroundtown SA, 3.00%, 16/10/2029 2,061
1,900,000 TP ICAP plc, 5.25%, 26/01/2024 2,041
1,500,000 Electricite de France SA, 6.25%, 30/05/2028 1,989
1,950,000 UBS AG, 1.25%, 10/12/2020 1,944
2,000,000 Prologis LP, REIT, 2.25%, 30/06/2029 1,930
Sales
Proceeds
88,148,976 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 88,149
7,700,000 UK Treasury, 2.00%, 22/07/2020 8,141
5,500,000 UK Treasury, 4.25%, 07/12/2027 7,226
3,500,000 UK Treasury, 1.50%, 22/07/2047 3,307
2,500,000 UK Treasury, 4.25%, 07/06/2032 3,270
1,600,000 FirstGroup plc, FRN, 5.25%, 29/11/2022 1,846
1,750,000 UBS AG, 6.63%, 11/04/2018 1,839
1,725,000 ING Bank NV, FRN, 6.87%, 29/05/2023 1,811
1,650,000 Bank of America Corp., 7.75%, 30/04/2018 1,735
1,550,000 Royal Bank of Scotland plc (The), 6.63%, 17/09/2018 1,629
1,150,000 EDP Finance BV, 8.63%, 04/01/2024 1,558
1,478,000 BP Capital Markets plc, 4.33%, 10/12/2018 1,525
1,050,000 Electricite de France SA, 6.25%, 30/05/2028 1,406
1,300,000 Morgan Stanley, 2.63%, 09/03/2027 1,325
1,050,000 Deutsche Telekom International Finance BV, 6.50%, 08/04/2022 1,284
1,250,000 Lloyds Banking Group plc, 2.25%, 16/10/2024 1,258
1,000,000 Siemens Financieringsmaatschappij NV, 3.75%, 10/09/2042 1,230
850,000 E.ON International Finance BV, 5.88%, 30/10/2037 1,209
900,000 Comcast Corp., 5.50%, 23/11/2029 1,198
950,000 Telefonica Emisiones SAU, 5.45%, 08/10/2029 1,196
466
For the period ended 31 March 2018
Purchases
Cost
800,000 Allianz Finance II BV, FRN, 5.75%, 08/07/2041 945
900,000 Mastercard, Inc., 1.10%, 01/12/2022 928
900,000 ASML Holding NV, 0.63%, 07/07/2022 909
800,000 DS Smith plc, 2.25%, 16/09/2022 853
700,000 JPMorgan Chase & Co., 2.75%, 24/08/2022 777
750,000 Opel Finance International BV, 1.17%, 18/05/2020 770
700,000 Accor SA, 2.63%, 05/02/2021 753
700,000 EXOR NV, 2.13%, 02/12/2022 748
700,000 Volvo Treasury AB, 2.38%, 26/11/2019 737
700,000 Wendel SA, 1.88%, 10/04/2020 728
700,000 Glencore Finance Europe Ltd., 1.63%, 18/01/2022 724
650,000 Anglo American Capital plc, 3.50%, 28/03/2022 721
700,000 Tyco Electronics Group SA, 1.10%, 01/03/2023 718
650,000 Rentokil Initial plc, 3.38%, 24/09/2019 693
650,000 Expedia Group, Inc., 2.50%, 03/06/2022 689
650,000 Mohawk Industries, Inc., 2.00%, 14/01/2022 688
600,000 Nasdaq, Inc., 3.88%, 07/06/2021 671
650,000 NN Group NV, 1.00%, 18/03/2022 668
Sales
Proceeds
400,000 Leonardo SpA, 4.50%, 19/01/2021 448
400,000 Belden, Inc., 5.50%, 15/04/2023 413
300,000 Credit Suisse AG, 0.38%, 11/04/2019 302
250,000 SoftBank Group Corp., FRN, 4.63%, 15/04/2020 270
200,000 Procter & Gamble Co. (The), 4.13%, 07/12/2020 226
200,000 Deutsche Telekom International Finance BV, 4.25%, 16/03/2020 220
200,000 Cellnex Telecom SA, 3.13%, 27/07/2022 218
200,000 Microsoft Corp., 2.13%, 06/12/2021 216
200,000 Oracle Corp., 2.25%, 10/01/2021 213
200,000 Enel Finance International NV, 5.75%, 24/10/2018 212
200,000 thyssenkrupp AG, 2.75%, 08/03/2021 211
200,000 GE Capital European Funding Unlimited Co., 2.88%, 18/06/2019 210
200,000 Schneider Electric SE, 3.50%, 22/01/2019 208
200,000 Linde Finance BV, 1.75%, 11/06/2019 206
200,000 BMW Finance NV, 0.13%, 15/04/2020 201
200,000 Casino Guichard Perrachon SA, 1.87%, 13/06/2022 198
200,000 CBR Fashion Finance BV, 5.13%, 01/10/2022 185
150,000 Merck Financial Services GmbH, 4.50%, 24/03/2020 166
150,000 Bombardier, Inc., 6.13%, 15/05/2021 156
The CBI requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate
purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than one per
cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.
467
Purchases
Cost
Holding Investments USD ‘000
165,400 Tencent Holdings Ltd. 8,475
3,088 Samsung Electronics Co. Ltd. 7,302
26,192 Alibaba Group Holding Ltd. ADR 4,696
34,096 LG Electronics, Inc. 3,159
2,670 Samsung Electronics Co. Ltd. GDR 3,067
917,000 China Life Insurance Co. Ltd. 'H' 2,988
1,220,198 Wal-Mart de Mexico SAB de CV 2,967
44,898 LUKOIL PJSC ADR 2,860
10,086 Naspers Ltd. 'N' 2,689
1,010,900 PTT Global Chemical PCL NVDR 2,663
134,178 Anglo American plc 2,644
219,600 Hypera SA 2,315
111,940 Ayala Corp. 2,309
19,100 Weibo Corp. ADR 2,293
132,366 Sberbank of Russia PJSC ADR 2,252
3,988,000 Lenovo Group Ltd. 2,204
4,725,000 Agricultural Bank of China Ltd. 'H' 2,169
291,714 Sappi Ltd. 2,085
1,872,000 China Communications Construction Co. Ltd. 'H' 2,078
182,871 Barloworld Ltd. 2,058
1,197,246 Turkiye Is Bankasi A/S 'C' 2,054
146,495 Itau Unibanco Holding SA ADR 1,997
59,932 Genpact Ltd. 1,928
2,081,700 America Movil SAB de CV 1,921
102,203 TIM Participacoes SA ADR 1,904
133,000 Itau Unibanco Holding SA 1,796
40,634 Shinhan Financial Group Co. Ltd. 1,784
2,331,728 Magnitogorsk Iron & Steel Works PJSC 1,768
108,911 Severstal PJSC GDR 1,644
Sales
Proceeds
2,878,000 Agricultural Bank of China Ltd. 'H' 1,635
783,015 Turkiye Is Bankasi A/S 'C' 1,629
28,455 China Mobile Ltd. 1,472
86,859 Severstal PJSC GDR 1,416
467,500 Shimao Property Holdings Ltd. 1,350
11,139 HDFC Bank Ltd. 1,126
45,177 SK Telecom Co. Ltd. ADR 1,110
881 Samsung Electronics Co. Ltd. GDR 1,023
1,302,400 Sime Darby Bhd. 899
26,690 Kumba Iron Ore Ltd. 807
256,200 JBS SA 797
13,100 Tencent Holdings Ltd. 774
110,537 Ambev SA ADR 746
201,400 PTT Exploration & Production PCL NVDR 681
2,128 NetEase, Inc. ADR 'A' 661
32,345 Ayala Corp. 653
468
Sales (continued)
Proceeds
38,133 KT Corp. ADR 606
5,928 LG Electronics, Inc. 577
24,207 Anglo American plc 563
23,725 Bid Corp. Ltd. 544
29,771 Itau Unibanco Holding SA ADR 455
2,592 CNOOC Ltd. ADR 413
12,272 Tata Motors Ltd. ADR 402
15,837 Ultrapar Participacoes SA 397
34,665 Gol Linhas Aereas Inteligentes SA ADR 397
60,300 Petronas Dagangan Bhd. 383
24,870 Barloworld Ltd. 370
1,786,000 Yuexiu Property Co. Ltd. 368
15,271 Mr Price Group Ltd. 367
121,000 United Tractors Tbk. PT 360
16,637 TIM Participacoes SA ADR 352
115,500 PTT Global Chemical PCL NVDR 350
507,700 Beauty Community PCL 349
469
Purchases
Cost
97,600 Tencent Holdings Ltd. 5,403
2,010 Samsung Electronics Co. Ltd. 4,381
1,901,000 China Construction Bank Corp. 'H' 1,990
89,600 PTT PCL NVDR 1,622
402,400 Tenaga Nasional Bhd. 1,614
5,685 Naspers Ltd. 'N' 1,580
72,995 Sberbank of Russia PJSC ADR 1,493
196,928 FirstRand Ltd. 1,212
177,400 Ambev SA 1,203
2,077,000 Bank of China Ltd. 'H' 1,136
355,600 PTT Global Chemical PCL NVDR 1,125
2,385,300 Home Product Center PCL NVDR 1,095
14,964 LUKOIL PJSC ADR 1,004
60,079 Itau Unibanco Holding SA 933
400,900 Genting Bhd. 921
19,858 OTP Bank plc 888
81,500 Ping An Insurance Group Co. of China Ltd. 'H' 870
158,500 Kingboard Chemical Holdings Ltd. 822
112,165 RMB Holdings Ltd. 814
Sales
Proceeds
60,500 Grupo Financiero Banorte SAB de CV 'O' 378
76,000 China Resources Beer Holdings Co. Ltd. 331
1,031,300 Hanjaya Mandala Sampoerna Tbk. PT 317
42,919 Ambev SA ADR 310
113,800 Malayan Banking Bhd. 303
16,404 Infosys Ltd. 300
49,900 Gudang Garam Tbk. PT 270
130,000 Tingyi Cayman Islands Holding Corp. 265
2,821 Fomento Economico Mexicano SAB de CV ADR 261
10,659 Mr Price Group Ltd. 253
26,000 Fomento Economico Mexicano SAB de CV 241
18,500 Ping An Insurance Group Co. of China Ltd. 'H' 211
1,328 CJ Corp. 204
7,989 CEZ A/S 198
245,000 Want Want China Holdings Ltd. 198
59,000 China Mengniu Dairy Co. Ltd. 192
26,100 Ambev SA 191
26,600 M.Video PJSC 190
2,105 Kumho Petrochemical Co. Ltd. 189
10,600 PTT PCL NVDR 188
3,944 JD.com, Inc. ADR 'A' 170
24,529 Anadolu Efes Biracilik Ve Malt Sanayii AS 169
159,500 China Railway Construction Corp. Ltd. 'H' 169
470
Sales (continued)
Proceeds
681 Baidu, Inc. ADR 169
706 Samsung SDS Co. Ltd. 169
2,800 Tencent Holdings Ltd. 163
32,200 China Pacific Insurance Group Co. Ltd. 'H' 161
834 Alibaba Group Holding Ltd. ADR 160
563 Naspers Ltd. 'N' 158
6,900 Equatorial Energia SA 145
244,000 China Communications Services Corp. Ltd. 'H' 141
6,059 TIM Participacoes SA ADR 131
4,721 Polski Koncern Naftowy ORLEN SA 129
1,672 Coca-Cola Femsa SAB de CV ADR 114
10,500 Lojas Renner SA 113
2,247 Sociedad Quimica y Minera de Chile SA ADR 113
19,500 Beijing Enterprises Holdings Ltd. 107
471
Purchases
Cost
848,365 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 848
5,343 British American Tobacco plc 293
5,739 Unilever plc 246
9,426 Royal Dutch Shell plc 'B' 207
288,895 Lloyds Banking Group plc 195
3,628 AstraZeneca plc 191
8,853 RELX plc 151
8,487 GlaxoSmithKline plc 144
46,790 John Laing Group plc 140
18,690 HSBC Holdings plc 134
27,125 BP plc 128
41,672 Rentokil Initial plc 120
41,607 BT Group plc 118
2,449 Ferguson plc 117
4,060 CRH plc 111
2,027 Carnival plc 107
1,727 Altria Group, Inc. 105
5,114 Admiral Group plc 102
3,950 Diageo plc 101
2,371 Shire plc 101
12,785 Inchcape plc 99
1,227 Reckitt Benckiser Group plc 93
10,141 Babcock International Group plc 92
2,270 Next plc 91
3,085 Derwent London plc, REIT 87
4,510 Prudential plc 86
2,508 Imperial Brands plc 84
11,380 Standard Chartered plc 84
17,554 DS Smith plc 81
6,123 Hiscox Ltd. 79
1,773 InterContinental Hotels Group plc 78
34,540 Vodafone Group plc 77
43,846 ITV plc 77
45,309 Tesco plc 77
9,300 United Utilities Group plc 76
11,061 BAE Systems plc 75
6,264 Kier Group plc 75
1,046 Landis+Gyr Group AG 66
22,476 Elementis plc 66
17,780 Direct Line Insurance Group plc 66
8,768 RPC Group plc 65
3,360 Mondi plc 64
Sales
Proceeds
763,968 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 764
3,950 Diageo plc 99
1,727 Altria Group, Inc. 86
10,141 Babcock International Group plc 83
8,768 RPC Group plc 83
472
Sales (continued)
Proceeds
1,773 InterContinental Hotels Group plc 81
34,540 Vodafone Group plc 75
11,061 BAE Systems plc 63
1,046 Landis+Gyr Group AG 61
5,998 Sky plc 57
1,100 Next plc 54
1,710 Derwent London plc, REIT 51
1,150 Unilever plc 51
1,220 Galenica AG 45
569 Heineken NV 44
2,726 Hargreaves Lansdown plc 43
4,169 Aggreko plc 38
14,610 Sabre Insurance Group plc 35
750 AstraZeneca plc 34
13,300 BT Group plc 31
371 LEG Immobilien AG 31
2,910 Kier Group plc 31
33,500 Lloyds Banking Group plc 22
13,350 ITV plc 21
473
CALENDAR YEAR PERFORMANCE (Unaudited)
The performance of the Sub-Funds, on a calendar year basis, is shown below and overleaf:
Return for Return for Return for Return for

1 January 2018 1 January 2017 1 January 2016 1 January 2015
to to to to
31 March 2018 31 December 2017 31 December 2016 31 December 2015
% % % %
Sub-Fund name Sub-Fund Benchmark Sub-Fund Benchmark Sub-Fund Benchmark Sub-Fund Benchmark

(0.25)4 (0.23) 1.37 1.39 3.42 3.42 0.19 0.36
- EUR - Institutional Accumulating Unit Class
BlackRock Diversified Distribution Fund1/2

n/a n/a 3.283 3.693 8.03 8.06 (1.12) (1.05)
- EUR - Institutional Distributing Unit Class
BlackRock Emerging Markets Sovereign Screened Bond Fund2

1.634 1.98 1.15 1.20 11.89 13.23 (5.40) (5.23)
- EUR - Flexible Distributing Unit Class

1.414 1.43 0.09 0.17 3.16 3.23 0.60 0.60
- EUR - Institutional Accumulating Unit Class

(1.06) (0.96) 1.22 1.71 3.04 3.05 1.59 2.24

(0.81) (0.62) 2.97 3.22 5.69 5.75 3.25 3.43

(1.80) (1.53) 4.68 4.93 7.24 7.32 4.92 4.97

(2.82) (2.44) 6.45 6.64 8.76 8.84 6.47 6.43

(3.68) (3.36) 8.15 8.37 10.29 10.32 7.78 7.81

(0.05) 0.16 (0.79) 0.65 2.89 0.16 n/a n/a
- Class U Accumulating
1
The Sub-Fund fully redeemed on 7 July 2017.
2
The Sub-Fund returns are gross of dividends.
3
Returns are shown from the beginning of the financial year to the date the Sub-Fund fully redeemed.
4
Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the net asset value reported in the financial statements which is the dealing price at 29 March 2018.
474
CALENDAR YEAR PERFORMANCE (Unaudited) (continued)
Return for Return for Return for Return for

1 January 2018 1 January 2017 1 January 2016 1 January 2015
to to to to
31 March 2018 31 December 2017 31 December 2016 31 December 2015
% % % %
Sub-Fund name Sub-Fund Benchmark Sub-Fund Benchmark Sub-Fund Benchmark Sub-Fund Benchmark
(0.06)7 0.23 (0.01) 0.20 1.95 2.18 1.17 1.21
- EUR - Flexible Accumulating Unit Class
(0.40) n/a 1.58 n/a 0.92 n/a n/a n/a
(0.53) (0.09) 6.89 (0.34) n/a n/a n/a n/a
(0.22) (0.14) (0.78) (0.53) (0.62) (0.23) n/a n/a
(0.83) n/a 2.35 n/a 1.59 n/a n/a n/a
(3.56) (3.66) 10.16 9.45 6.69 8.09 n/a n/a
(2.44) n/a 5.43 n/a 2.23 n/a n/a n/a
(1.43) n/a 3.62 n/a 1.81 n/a n/a n/a
(1.46)7 (1.46) 4.82 4.69 12.42 12.05 0.79 0.44
BlackRock Defensive Yield Fund3
(0.07) (0.08) 0.86 (0.20) n/a n/a n/a n/a
BlackRock Emerging Markets Alpha Tilts Fund4
3.16 1.42 4.18 4.36 n/a n/a n/a n/a
BlackRock Emerging Markets Equity Impact Fund5
(1.00) (3.24) n/a n/a n/a n/a n/a n/a
BlackRock UK Equity Income Fund6
(7.43) (6.87) 2.49 5.40 n/a n/a n/a n/a
- Class A Accumulating
1
The Sub-Fund does not have a benchmark.
2
The Sub-Fund commenced trading on 11 January 2017. Returns for the year ended 31 December 2017 are shown from 11 January 2017 to the end of the calendar year.
3
The Sub-Fund commenced trading on 25 May 2017. Returns for the year ended 31 December 2017 are shown from 25 May 2017 to the end of the calendar year.
4
The Sub-Fund commenced trading on 12 December 2017. Returns for the year ended 31 December 2017 are shown from 12 December 2017 to the end of the calendar year.
5
The Sub-Fund commenced trading on 28 February 2018. Returns for the year to date 31 March 2018 are shown from 28 February 2018 to the end of the financial year.
6
The Sub-Fund commenced trading on 21 June 2017. Returns for the year ended 31 December 2017 are shown from 21 June 2017 to the end of the calendar year.
7
Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the net asset value reported in the financial statements which is the dealing price at 29 March 2018.
475
REGULATORY DISCLOSURES (Unaudited)
Global exposure and leverage
In accordance with UCITS Regulations issued by CBI, the Manager is required to employ a risk management process which
enables it to accurately monitor and manage the global exposure of the Sub-Funds to financial derivative instruments.
The Manager uses a methodology known as the commitment approach to measure the global exposure of the Sub-Funds and
manage the potential loss to the Sub-Funds due to market risk. This approach is used for BlackRock Customised Euro Non-
Sovereign Bond Index Fund 1, BlackRock Defensive Yield Fund, BlackRock Emerging Markets Alpha Tilts Fund, BlackRock
Emerging Markets Equity Impact Fund, BlackRock Euro Cash Fund, BlackRock Euro Sovereign Bond Index Fund 1, BlackRock
Mix Fonds 1 and BlackRock UK Equity Income Fund. For all other Sub-Funds, global exposure is measured using VaR.
The commitment approach is a methodology that aggregates the underlying market or notional value of financial derivative
instruments to determine the global exposure of the Sub-Fund. In accordance with the UCITS Regulations, global exposure for a
Sub-Fund utilising the commitment approach must not exceed 100% of the Sub-Fund’s NAV.
The exposures to FDIs at year end are marked on the relevant Sub-Fund’s Schedule of Investments.
Please refer to the market risk section in the financial instruments and risks for further details on the measure of VaR.
For Sub-Funds which use a relative VaR approach the RQA Group determines a reference portfolio as the basis for the relative
VaR calculation. The reference portfolio is typically the index benchmark also established as the reference point for the
performance data in respect of the relevant Sub-Fund. This is an index (or composite of indices) constructed by a recognised
index provider(s) from relevant securities which are eligible for investment by the Sub-Funds. This process gives appropriate
consideration to the availability of indices with construction rules which are themselves compliant with diversification rules. Where
a Sub-Fund is monitored using VaR, the Investment Manager will observe the regulatory limit and any internal risk limits which
may be appropriate for the portfolio.
The table below and overleaf details the highest, lowest and average utilisation of the VaR limit, expressed as a percentage of the
respective relative VaR regulatory limit. For relative VaR, the VaR of the Sub-Fund’s portfolio will not exceed twice the VaR of the
reference portfolio. Utilisation refers to the level of risk taken in this context.
Highest Lowest Average

Market utilisation utilisation utilisation
For the year/period ended 31
risk Reference portfolio of the of the of the
March 2018
approach VaR limit VaR limit VaR limit
% % %
BlackRock Emerging Markets Relative J.P. Morgan Government Bond Index – Emerging
50.77 42.33 49.82
Sovereign Screened Bond Fund VaR Markets Global Diversified Emerging Index
Relative 70% Barclays Euro Aggregate Bond Index and 30%
BlackRock Mix Fonds 2 63.30 42.13 50.15
VaR MSCI All Country World Index
BlackRock Multi Style Strategy Absolute
EONIA + 100 bps Index 17.90 10.21 13.09
Fund VaR
BlackRock Developed Markets Relative Bloomberg Barclays Global Treasury Index
58.60 46.55 52.10
Sovereign Screened Bond Fund VaR (customised)
BlackRock Diversified Strategies Absolute
3 Month Euro LIBOR 16.11 5.27 6.87
Selection Fund VaR
BlackRock Dynamic Allocation Absolute
Euro Overnight Index Average (EONIA) 25.50 7.12 10.89
Fund VaR
BlackRock Fixed Income Absolute
Selection Fund VaR
BlackRock Global Equity Relative 50% MSCI Europe Index and 50% MSCI All Country
52.79 39.65 49.68
Selection Fund VaR World ex Europe Index
BlackRock Multi Asset Balanced Relative
N/A 62.72 42.54 53.05
Selection Fund VaR
476
REGULATORY DISCLOSURES (Unaudited) (continued)
Global exposure and leverage (continued)

Market
For the year/period ended 31 utilisation utilisation utilisation
risk Reference portfolio
March 2018 of the VaR of the VaR of the VaR
approach
limit % limit % limit %
BlackRock Multi Asset Absolute
Conservative Selection Fund VaR
BlackRock UK Credit Screened Relative iBoxx Sterling Corporate ex Tier 1 and Upper Tier 2
50.81 46.07 50.10
Fund VaR with a 2% issuer cap

Market
For the year/period ended 31 utilisation utilisation utilisation
risk Reference portfolio
March 2017 of the VaR of the VaR of the VaR
approach
limit % limit % limit %
30% Barclays Global Corporate Index – Euro
Hedged, 20% J.P. Morgan Global Diversified EMBI
Index – Euro Hedged, 5% J.P. Morgan Government
Bond Index – Emerging Markets Global Diversified
BlackRock Diversified Relative Index, 30% Bank of America Merrill Lynch Global
65.49 44.63 51.97
Distribution Fund VaR HY Constrained Index HWOC – Euro Hedged, 5%
MSCI World ex EMU Index – Euro Hedged, 5%
Global Treasury Index (Excluding Italy) and 5% J.P.
Morgan Corporate Emerging Markets Broad Index
CEMBI Broad Diversified Index – Euro Hedged
BlackRock Emerging Markets
Relative J.P. Morgan Government Bond Index – Emerging
Sovereign Screened Bond 50.00 48.37 49.22
VaR Markets Global Diversified Emerging Index
Fund
BlackRock Multi Style Strategy Absolute
EONIA + 100 bps Index 17.44 9.39 13.03
Fund VaR
BlackRock Developed Markets
Relative Bloomberg Barclays Global Treasury Index
Sovereign Screened Bond 63.59 50.77 54.94
VaR (customised)
Fund
BlackRock Diversified Absolute
Strategies Selection Fund VaR
BlackRock Dynamic Allocation Absolute
Euro Overnight Index Average (EONIA) 15.88 8.94 12.08
Fund VaR
BlackRock Fixed Income Absolute
Selection Fund VaR
BlackRock Global Equity Relative 50% MSCI Europe Index and 50% MSCI All Country
53.55 45.45 49.73
Selection Fund VaR World ex Europe Index
BlackRock Multi Asset Relative
N/A 59.83 49.00 53.54
Balanced Selection Fund VaR
BlackRock Multi Asset Absolute
Conservative Selection Fund VaR
BlackRock UK Credit Screened Relative iBoxx Sterling Corporate ex Tier 1 and Upper Tier 2
52.31 49.31 50.08
Fund VaR with a 2% issuer cap
477
REGULATORY DISCLOSURES (Unaudited) (continued)
Global exposure and leverage (continued)
The use of derivatives may expose Sub-Funds to a higher degree of risk. In particular, derivative contracts can be highly volatile,
and the amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged in
terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on
standard bonds. Leveraged derivative positions can therefore increase Sub-Fund volatility.
The leverage is calculated on a gross exposure basis, by taking the sum of the notional values of the derivatives used by a Sub-
Fund, without netting, and is expressed as a percentage of the NAV.
Average leverage
For the year/period ended 31 March 2018
employed during the year/period
BlackRock Emerging Markets Sovereign Screened Bond Fund 54%
BlackRock Mix Fonds 1 80%
BlackRock Mix Fonds 2 -
BlackRock Multi Style Strategy Fund 800%
BlackRock Developed Markets Sovereign Screened Bond Fund 248%
BlackRock Diversified Strategies Selection Fund 63%
BlackRock Dynamic Allocation Fund 191%
BlackRock Fixed Income Selection Fund 53%
BlackRock Global Equity Selection Fund 2%
BlackRock Multi Asset Balanced Selection Fund 47%
BlackRock Multi Asset Conservative Selection Fund 54%
BlackRock UK Credit Screened Fund -
BlackRock Defensive Yield Fund 18%
BlackRock Emerging Markets Alpha Tilts Fund 44%
BlackRock Emerging Markets Equity Impact Fund 527%
BlackRock UK Equity Income Fund -
Average leverage
For the year/period ended 31 March 2017
employed during the year/period
BlackRock Diversified Distribution Fund 138%
BlackRock Emerging Markets Sovereign Screened Bond Fund 49%
BlackRock Mix Fonds 1 89%
BlackRock Multi Style Strategy Fund 677%
BlackRock Developed Markets Sovereign Screened Bond Fund 253%
BlackRock Diversified Strategies Selection Fund 68%
BlackRock Dynamic Allocation Fund 137%
BlackRock Fixed Income Selection Fund 47%
BlackRock Global Equity Selection Fund -
BlackRock Multi Asset Balanced Selection Fund 28%
BlackRock Multi Asset Conservative Selection Fund 51%
BlackRock UK Credit Screened Fund -
478
REPORT ON REMUNERATION (Unaudited)
The below disclosures are made in respect of the remuneration policies of the BlackRock group ("BlackRock"), as they apply to
BlackRock Asset Management Ireland Limited (the "Manager"). The disclosures are made in accordance with the Directive
2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective
investment in transferable securities (“UCITS”), as amended, including in particular by Directive 2014/91/EU of the European
Parliament and of the council of 23 July 2014, (the “Directive”), and the "Guidelines on sound remuneration policies under the
UCITS Directive and AIFMD" issued by the European Securities and Markets Authority.
BlackRock’s UCITS Remuneration Policy (the “UCITS Remuneration Policy”) will apply to the EEA entities within the BlackRock
group authorised as a manager of UCITS funds in accordance with the Directive, and will ensure compliance with the
requirements of Article 14b of the Directive.
The Manager has adopted the UCITS Remuneration Policy, a summary of which is set out below.
Remuneration Governance
BlackRock’s remuneration governance in EMEA operates as a tiered structure which includes: (a) the Management Development
and Compensation Committee (“MDCC”) (which is the global, independent remuneration committee for BlackRock, Inc. and all of
its subsidiaries, including the Manager); and (b) the Manager’s board of directors (the “Manager’s Board”). These bodies are
responsible for the determination of BlackRock’s remuneration policies.
(a) MDCC
The MDCC’s purposes include:
• providing oversight of:

o BlackRock’s executive compensation programmes;
o BlackRock’s employee benefit plans; and
o such other compensation plans as may be established by BlackRock from time to time for which the MDCC is
deemed as administrator;
• reviewing and discussing the compensation discussion and analysis included in the BlackRock, Inc. annual proxy
statement with management and approving the MDCC’s report for inclusion in the proxy statement;
• reviewing, assessing and making reports and recommendations to the BlackRock, Inc. board of directors (the
“BlackRock, Inc. Board”) as appropriate on BlackRock’s talent development and succession planning, with the emphasis
on performance and succession at the highest management levels; and
• in accordance with applicable UK and European regulations and guidance, to act as the Remuneration Committee for
BlackRock’s EMEA regulated entities.
The MDCC directly retains its own independent compensation consultant, Semler Brossy Consulting Group LLC, who has no
relationship with BlackRock, Inc. or the BlackRock, Inc. Board that would interfere with its ability to provide independent advice to
the MDCC on compensation matters.
The BlackRock, Inc. Board has determined that all of the members of the MDCC are “independent” within the meaning of the
listing standards of the New York Stock Exchange (NYSE), which requires each meet a “non-employee director” standard.
The MDCC held 10 meetings during 2017. The MDCC charter is available on BlackRock, Inc.’s website (www.blackrock.com).
Through its regular reviews, the MDCC continues to be satisfied with the principles of BlackRock’s compensation policy and
approach.
(b) The Manager’s Board
The Manager’s Board has the task of supervising and providing oversight of the UCITS Remuneration Policy as it applies to the
Manager and its Identified Staff.
The Manager’s Board (through independent review by the relevant control functions) remains satisfied with the implementation of
the UCITS Remuneration Policy as it applies to the Manager and its Identified Staff.
479
REPORT ON REMUNERATION (Unaudited) (continued)
Decision-making process
Remuneration decisions for employees are made once annually in January following the end of the performance year. This timing
allows full-year financial results to be considered along with other non-financial goals and objectives. Although the framework for
remuneration decision-making is tied to financial performance, significant discretion is used to determine individual variable
remuneration based on achievement of strategic and operating results and other considerations such as management and
leadership capabilities.
No set formulas are established and no fixed benchmarks are used in determining annual incentive awards. In determining
specific individual remuneration amounts, a number of factors are considered including non-financial goals and objectives and
overall financial and investment performance. These results are viewed in the aggregate without any specific weighting, and there
is no direct correlation between any particular performance measure and the resulting annual incentive award. The variable
remuneration awarded to any individual(s) for a particular performance year may also be zero.
Annual incentive awards are paid from a bonus pool.
The size of the projected bonus pool, including cash and equity awards, is reviewed throughout the year by the MDCC and the
final total bonus pool is approved after year end. As part of this review, the MDCC receives actual and projected financial
information over the course of the year as well as final year end information. The financial information that the MDCC receives
and considers includes the current year projected income statement and other financial measures compared with prior year
results and the current year budget. The MDCC additionally reviews other metrics of BlackRock’s financial performance (e.g., net
inflows of AUM and investment performance) as well as information regarding market conditions and competitive compensation
levels.
The MDCC regularly considers management’s recommendation as to the percentage of preincentive operating income that will
be accrued and reflected as a compensation expense throughout the year for the cash portion of the total annual bonus pool (the
“accrual rate”). The accrual rate of the cash portion of the total annual bonus pool may be modified by the MDCC during the year
based on its review of the financial information described above. The MDCC does not apply any particular weighting or formula
to the information it considers when determining the size of the total bonus pool or the accruals made for the cash portion of the
total bonus pool.
Following the end of the performance year, the MDCC approves the final bonus pool amount.
As part of the year end review process the Enterprise Risk and Regulatory Compliance departments report to the MDCC on any
activities, incidents or events that warrant consideration in making compensation decisions.
Individuals are not involved in setting their own remuneration.
Control functions
Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) has its own organisational structure which
is independent of the business units. The head of each control function is either a member of the Global Executive Committee
(“GEC”), the global management committee, or has a reporting obligation to the board of directors of BlackRock Group Limited,
the parent company of all of BlackRock’s EMEA regulated entities, including the Manager.
Functional bonus pools are determined with reference to the performance of each individual function. The remuneration of the
senior members of control functions is directly overseen by the MDCC.
Link between pay and performance
There is a clear and well-defined pay-for-performance philosophy and compensation programmes which are designed to meet
the following key objectives as detailed below:
• appropriately balance BlackRock’s financial results between shareholders and employees;

• attract, retain and motivate employees capable of making significant contributions to the long-term success of the
business;
• align the interests of senior employees with those of shareholders by awarding BlackRock Inc.’s stock as a significant
part of both annual and long-term incentive awards;
• control fixed costs by ensuring that compensation expense varies with profitability;
• link a significant portion of an employee’s total compensation to the financial and operational performance of the
business as well as its common stock performance;
• discourage excessive risk-taking; and
• ensure that client interests are not negatively impacted by remuneration awarded on a short-term, mid-term and/or long-
term basis.
480
Driving a high-performance culture is dependent on the ability to measure performance against objectives, values and behaviours
in a clear and consistent way. Managers use a 5-point rating scale to provide an overall assessment of an employee’s
performance, and employees also provide a self-evaluation. The overall, final rating is reconciled during each employee’s
performance appraisal. Employees are assessed on the manner in which performance is attained as well as the absolute
performance itself.
In keeping with the pay-for-performance philosophy, ratings are used to differentiate and reward individual performance – but
don’t pre-determine compensation outcomes. Compensation decisions remain discretionary and are made as part of the year end
compensation process.
When setting remuneration levels other factors are considered, as well as individual performance, which may include:
• the performance of the Manager, the funds managed by the Manager and/or the relevant functional department;
• factors relevant to an employee individually; relationships with clients and colleagues; teamwork; skills; any conduct
issues; and, subject to any applicable policy, the impact that any relevant leave of absence may have on contribution to
the business);
• the management of risk within the risk profiles appropriate for BlackRock's clients;
• strategic business needs, including intentions regarding retention;
• market intelligence; and
• criticality to business.
A primary product tool is risk management and, while employees are compensated for strong performance in their management
of client assets, they are required to manage risk within the risk profiles appropriate for their clients. Therefore, employees are not
rewarded for engaging in high-risk transactions outside of established parameters. Remuneration practices do not provide undue
incentives for short-term planning or short-term financial rewards, do not reward unreasonable risk and provide a reasonable
balance between the many and substantial risks inherent within the business of investment management, risk management and
advisory services.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a
discretionary bonus scheme.
BlackRock operates an annual discretionary bonus scheme. Although all employees are eligible to be considered for a
discretionary bonus, there is no contractual obligation to make any award to an employee under its discretionary bonus scheme.
In exercising discretion to award a discretionary bonus, the factors listed above (under the heading “Link between pay and
performance”) may be taken into account in addition to any other matters which become relevant to the exercise of discretion in
the course of the performance year.
Discretionary bonus awards for all employees, including executive officers, are subject to a guideline that determines the portion
paid in cash and the portion paid in BlackRock, Inc. stock and subject to additional vesting/clawback conditions. Stock awards are
subject to further performance adjustment through variation in BlackRock, Inc.’s share price over the vesting period. As total
annual compensation increases, a greater portion is deferred into stock. The MDCC adopted this approach in 2006 to
substantially increase the retention value and shareholder alignment of the compensation package for eligible employees,
including the executive officers. The portion deferred into stock vests into three equal instalments over the three years following
grant.
Supplementary to the annual discretionary bonus as described above, equity awards from the “Partner Plan” and “Targeted
Equity Award Plan” are made to select senior leaders to provide greater linkage with future business results. The long-term
incentive awards have been established individually to provide meaningful incentive for continued performance over a multi-year
period recognising the scope of the individual’s role, business expertise and leadership skills.
Selected senior leaders are eligible to receive performance-adjusted equity-based awards from the “BlackRock Performance
Incentive Plan” (“BPIP”). Awards made from the BPIP have a three-year performance period based on a measurement of As
Adjusted Operating Margin 1 and Organic Revenue Growth 2. Determination of pay-out will be made based on the firm’s
achievement relative to target financial results at the conclusion of the performance period. The maximum number of shares that
can be earned is 165% of the award in those situations where both metrics achieve pre-determined financial targets. No shares
will be earned where the firm’s financial performance in both of the above metrics is below a pre-determined performance
threshold. These metrics have been selected as key measures of shareholder value which endure across market cycles.
1
As Adjusted Operating Margin: As reported in BlackRock’s external filings, reflects adjusted Operating Income divided by Total
Revenue net of distribution and servicing expenses and amortisation of deferred sales commissions.
2
Organic Revenue Growth: Equal to net new base fees plus net new Aladdin revenue generated in the year (in dollars).
481
A limited number of investment professionals have a portion of their annual discretionary bonus (as described above) awarded as
deferred cash that notionally tracks investment in selected products managed by the employee. The intention of these awards is
to align investment professionals with the investment returns of the products they manage through the deferral of compensation
into those products. Clients and external evaluators have increasingly viewed more favourably those products where key
investors have “skin in the game” through significant personal investments.
Identified Staff
The UCITS Remuneration Policy sets out the process that will be applied to identify staff as Identified Staff, being categories of
staff of the Manager, including senior management, risk takers, control functions and any employee receiving total remuneration
that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a
material impact on the risk profiles of the Manager or of the funds it manages.
The list of Identified Staff will be subject to regular review, being formally reviewed in the event of, but not limited to:
• organisational changes;
• new business initiatives;
• changes in significant influence function lists;
• changes in role responsibilities; and
• revised regulatory direction.
Quantitative Remuneration Disclosure
The Manager is required under UCITS to make quantitative disclosures of remuneration. These disclosures are made in line with
BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or
regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative
remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not
being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.
Disclosures are provided in relation to (a) the staff of the Manager; (b) staff who are senior management; and (c) staff who have
the ability to materially affect the risk profile of the Fund.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their
responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only
the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.
Members of staff and senior management of the Manager typically provide both UCITS and non-UCITS related services in
respect of multiple funds, clients and functions of the Manager and across the broader BlackRock group. Therefore, the figures
disclosed are a sum of each individual’s portion of remuneration attributable to the Manager’s UCITS-related business according
to an objective apportionment methodology which acknowledges the multiple-service nature of the Manager. Accordingly the
figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded by the Manager to its staff which has been attributed to the Manager’s UCITS-
related business in respect of the Manager’s financial year ending 31 December 2017 is EUR 4.3 million. This figure is comprised
of fixed remuneration of EUR 1.7 million and variable remuneration of EUR 2.6 million. There were a total of 52 beneficiaries of
the remuneration described above.
The amount of the aggregate remuneration awarded by the Manager, which has been attributed to the Manager’s UCITS-related
business in respect of the Manager’s financial year ending 31 December 2017, to its senior management was EUR 0.3 million,
and to other members of its staff whose actions have a material impact on the risk profile of the Fund was EUR 4.0 million.
482
SUPPLEMENTARY INFORMATION (Unaudited)
Efficient Portfolio Management
The Manager may, on behalf of each Sub-Fund and subject to the conditions and within the limits laid down by the CBI, employ
techniques and instruments relating to transferable securities, including investments in FDIs provided that such techniques and
instruments are used for efficient portfolio management purposes or to provide protection against exchange risk or for direct
investment purposes, where applicable. Such techniques and instruments are set out in the prospectus and may include futures
(which may be used to manage cash flows on a short term basis by holding the future to gain exposure to an asset class pending
direct investment) and swaps, (which may be used to manage interest rate and currency risk). Efficient portfolio management
means investment techniques involving transactions that are entered into for one or more of the following specific aims: the
reduction of risk, the reduction of cost, or the generation of additional capital or income for a Sub-Fund. New techniques and
instruments may be developed which may be suitable for use by the Sub-Funds and the Manager may, (subject to the conditions
and limits laid down by the CBI) employ such techniques and instruments subject to the investment objectives and policies being
updated and unitholders being notified in advance. Where a Sub-Fund intends to use these instruments for direct investment
purposes, full details will be disclosed in the Sub-Fund’s investment policy. Where a Sub-Fund intends to engage in transactions in
relation to FDIs under any circumstances, the Manager shall employ a Risk Management Process (“RMP”) in accordance with the
requirements of the CBI to enable it to monitor, measure and manage, on a continuous basis, the risk to all open derivative
positions and their contribution to the overall risk profile of the Sub-Fund. The Sub-Fund will, on request, provide supplemental
information to unitholders relating to the risk management methods employed including the quantitative limits that are applied and
any recent developments in the risk and yield characteristics of the main categories of investment. Potential investors should
consider the risk factors associated with investment in FDIs as set out in the prospectus before investing in a Sub-Fund.
Securities Lending and Total Return Swaps (including CFDs)
The table below details the value of securities on loan as a proportion of the Sub-Funds’ total lendable assets and NAV and the
value of total return swaps (including CFDs) as a proportion of the Sub-Funds’ NAV, as at 31 March 2018 and the returns earned
on total return swaps (including CFDs) for the year ended 31 March 2018. Total lendable assets represent the aggregate value of
assets forming part of the Sub-Funds’ securities lending programme. This excludes any assets held by the Sub-Funds that are not
considered lendable due to any market, regulatory, investment or other restriction. The value of total return swaps (including CFDs)
is based on the underlying exposure value on a gross absolute basis.
Total return swaps

Securities on loan (including CFDs)
Total Returns
% of lendable earned
Sub-Fund name Currency assets % of NAV % of NAV ‘000
EUR 4.38 2.09 - -
Bond Fund
BlackRock Multi Style Strategy Fund EUR - - 244.32 (1,887)
EUR 1.23 1.12 - -
Bond Fund
BlackRock Dynamic Allocation Fund EUR 14.97 2.63 29.83 2,161
BlackRock UK Credit Screened Fund GBP 2.95 2.71 - -
BlackRock Emerging Markets Alpha Tilts Fund USD 3.33 1.94 - -
The total income earned from securities lending transactions is split between the relevant Sub-Fund and the Securities Lending
Agent. The Sub-Funds receive at least 62.50% while Securities Lending Agent receives up to 37.50% of such income with all
operational costs borne out of the Securities Lending Agent’s share. All returns from total return swaps (including CFDs) will accrue
to the Sub-Funds and are not subject to any returns sharing arrangements with the Sub-Fund’s Manager or any other third parties.
Income earned during the year by the Sub-Funds from securities lending transactions is disclosed in operating income note to the
financial statements.
483
SUPPLEMENTARY INFORMATION (Unaudited) (continued)
Securities Lending and Total Return Swaps (including CFDs) (continued)
The table below details the value of securities on loan and associated collateral received and the underlying exposure value on a
gross absolute basis for total return swaps (including CFDs), analysed by counterparty as at 31 March 2018:
Total return swaps

Securities lending (including CFDs)
Amount Collateral Underlying exposure
Counterparty on loan received value
BlackRock Emerging Markets Sovereign Screened Bond Fund EUR ‘000 EUR ‘000 EUR ‘000
J.P. Morgan Securities plc 583 628 -
Total 583 628 -
BlackRock Multi Style Strategy Fund EUR ‘000 EUR ‘000 EUR ‘000
Bank of America Merrill Lynch International Limited - - 16,511
Citigroup Global Markets Ltd. - - 141,502
Credit Suisse Securities (Europe) Limited - - 43,544
Deutsche Bank AG - - 14,312
J.P. Morgan Securities plc - - 140,915
JPMorgan Chase Bank NA - - 1,107
Merrill Lynch International - - 138,550
Total - - 496,441
BlackRock Developed Markets Sovereign Screened Bond Fund EUR ‘000 EUR ‘000 EUR ‘000
Barclays Capital Securities Ltd. 967 1,044 -
Total 967 1,044 -
BlackRock Dynamic Allocation Fund EUR ‘000 EUR ‘000 EUR ‘000
Bank of America Merrill Lynch International Limited - - 9,480
BNP Paribas - - 4,029
Citibank NA - - 9,815
Citigroup Global Markets Ltd. - - 175
Credit Suisse Securities (Europe) Limited 3,351 3,704 -
Goldman Sachs International - - 5,192
JPMorgan Chase Bank NA - - 491
Morgan Stanley & Co. International plc - - 8,382
UBS AG - - 397
Total 3,351 3,704 37,961
BlackRock UK Credit Screened Fund GBP ‘000 GBP ‘000 GBP ‘000
Barclays Bank plc 5,024 5,691 -
BNP Paribas 12,019 12,519 -
Citigroup Global Markets Ltd. 1,411 1,469 -
Total 18,454 19,679 -
BlackRock Emerging Markets Alpha Tilts Fund USD ‘000 USD ‘000 USD ‘000
Bank of Nova Scotia 2,907 3,516 -
Total 2,907 3,516 -
484
Securities Lending and Total Return Swaps (including CFDs) (continued)
The table below provides an analysis of the maturity tenor of total return swaps (including CFDs) as at 31 March 2018:
Maturity Tenor
8 - 30 91 – 365
days 31 - 90 days days Open Total
Total return swaps (including CFDs) 9,468 8,359 - 478,614 496,441
Total return swaps - 8,382 29,579 - 37,961
The above maturity tenor analysis has been based on the respective transaction contractual maturity date. Open transactions are
those transactions that are recallable or terminable on a daily basis and include CFDs.
Collateral
The Sub-Funds engage in activities which may require collateral to be provided to a counterparty (“collateral posted”) or may hold
collateral received (“collateral received”) from a counterparty.
The table below and overleaf provides an analysis by currency of the cash and non-cash collateral received/posted by way of title
transfer collateral arrangement by the Sub-Funds, in respect of securities lending transactions and OTC FDIs (including total return
swaps and CFDs) as at 31 March 2018:
Cash Cash Non-cash

collateral collateral collateral
received posted received
BlackRock Emerging Markets Sovereign Screened Bond Fund EUR ‘000 EUR ‘000 EUR ‘000
Securities lending transactions
CHF - - 2
DKK - - -1
EUR - - 130
GBP 267 - 21
JPY - - 58
NOK - - 78
SEK - - 4
USD - - 68
Total 267 - 361
BlackRock Multi Style Strategy Fund EUR ‘000 EUR ‘000 EUR ‘000
OTC FDIs
EUR 1,430 517 -
Total 1,430 517 -
BlackRock Developed Markets Sovereign Screened Bond Fund EUR ‘000 EUR ‘000 EUR ‘000
CHF - - 29
EUR - - 184
GBP - - 5
JPY - - -1
USD - - 826
Total - - 1,044
1
Value which are less than EUR 500 are rounded down to zero.
485
Collateral (continued)
Cash Cash Non-cash

collateral collateral collateral
received posted received
BlackRock Dynamic Allocation Fund EUR ‘000 EUR ‘000 EUR ‘000
EUR - - 579
GBP - - 1,374
JPY - - 138
USD - - 1,613
OTC FDIs
EUR 710 590 -
Total 710 590 3,704
BlackRock UK Credit Screened Fund GBP ‘000 GBP ‘000 GBP ‘000
DKK - - 21
EUR - - 18,300
GBP - - 1,123
NOK - - 73
USD - - 162
Total - - 19,679
BlackRock Emerging Markets Alpha Tilts Fund USD ‘000 USD ‘000 USD ‘000
CAD - - 177
CHF - - 250
EUR - - 85
GBP - - 2,109
USD - - 895
Total - - 3,516
As at 31 March 2018, all cash collateral received by the Sub-Funds was re-invested in money market funds managed by the
Manager, as disclosed in the Sub-Funds’ Schedule of Investments. The Sub-Funds are the legal owner of inbound collateral and
can sell the assets and withhold the cash in the case of default. All cash received or posted as collateral has an open maturity tenor
as it’s not subject to a contractual maturity date.
Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions and OTC
FDIs, cannot be sold, re-invested or pledged.
The returns earned by the Sub-Funds from the reinvestment of cash collateral in money market funds during the year ended 31
March 2018 is summarised below. These returns represent the accumulative total return of the representative money market fund
for the year ended 31 March 2018. These returns do not take into account any interest payable to the counterparty under the
relevant collateral arrangements.
Money market fund Total return %

Institutional Cash Series plc
Institutional Euro Liquidity Fund - Agency (Dis) Shares (0.46)
486
The table below and overleaf provides an analysis of the type, quality and maturity tenor of non-cash collateral received by the
Sub-Funds by way of title transfer collateral arrangement in respect of securities lending transactions and OTC FDIs (including
total return swaps and CFDs), as at 31 March 2018:
Maturity Tenor
More than 365
Collateral type and quality 31 - 90 days 91 – 365 days days Open Total
Screened Bond Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000
Collateral received - securities lending
Fixed Income
Investment grade - - 140 - 140
Equities
Recognised equity index - - - 221 221
Total - - 140 221 361
Screened Bond Fund
Fixed Income
Investment grade - 76 290 - 366
Equities
Recognised equity index - - - 659 659
Exchange traded fund
UCITS - - - 6 6
Non-UCITS - - - 13 13
Total - 76 290 678 1,044
Fixed Income
Investment grade - 452 732 - 1,184
Equities
Recognised equity index - - - 1,841 1,841
Exchange traded fund
Non-UCITS - - - 679 679
Total - 452 732 2,520 3,704
Fixed Income
Investment grade 2,338 1,075 16,266 - 19,679
Total 2,338 1,075 16,266 - 19,679
BlackRock Emerging Markets Alpha Tilts Fund USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000
Fixed Income
Investment grade - - 103 - 103
Equities
Recognised equity index - - - 3,413 3,413
Total - - 103 3,413 3,516
487
Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally
recognised credit rating agency: Standard & Poor’s, Moody’s or Fitch.
A recognised equity index contains at least 20 equities where no single equity represents more than 20% of the total index and no
five equities combined represent more than 60% of the total index.
The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturity date,
while for equity securities and ETF received as collateral are presented as open transactions as they are not subject to a
contractual maturity date.
The table below provides an analysis of the amounts of non-cash collateral received by the Sub-Funds in respect of securities
lending transactions, and held by the Sub-Funds’ Depositary (or through its delegates) or through a securities settlement system,
as at 31 March 2018:
Non-cash collateral received
Depositary Securities lending
BlackRock Emerging Markets Sovereign Screened Bond Fund EUR ‘000

Euroclear 126
J.P. Morgan Bank (Ireland) plc 235
Total 361
BlackRock Developed Markets Sovereign Screened Bond Fund EUR ‘000
J.P. Morgan Bank (Ireland) plc 1,044
Total 1,044
BlackRock Dynamic Allocation Fund EUR ‘000
Total 3,704
BlackRock UK Credit Screened Fund GBP ‘000
Euroclear 19,679
Total 19,679
BlackRock Emerging Markets Alpha Tilts Fund USD ‘000
Total 3,516
488
The tables below and overleaf list the ten largest issuers by value of non-cash collateral received by the Sub-Funds by way of title
transfer collateral arrangement across securities lending transactions as at 31 March 2018:
Value % of the
BlackRock Emerging Markets Sovereign Screened Bond Fund EUR ‘000 Sub-Fund's NAV
Norway Government 75 0.27
Republic of Austria Government 51 0.18
Coca-Cola Bottlers Japan Holdings, Inc. 23 0.08
Unipol Gruppo SpA 23 0.08
Park24 Co. Ltd. 22 0.08
KWS Saat SE 22 0.08
Masco Corp. 18 0.06
Walt Disney Co. (The) 15 0.06
GK Software SE 14 0.05
Las Vegas Sands Corp. 14 0.05
Other Issuers 84 0.30
Total 361 1.29
Value % of the
BlackRock Developed Markets Sovereign Screened Bond Fund EUR ‘000 Sub-Fund's NAV
US Treasury 183 0.21
First Data Corp. 96 0.11
Okta, Inc. 64 0.07
Tenneco, Inc. 63 0.07
MINDBODY, Inc. 57 0.07
Imperva, Inc. 57 0.07
Meritor, Inc. 34 0.04
Century Communities, Inc. 31 0.04
M/I Homes, Inc. 30 0.03
Total 1,044 1.20
Value % of the
BlackRock Dynamic Allocation Fund EUR ‘000 Sub-Fund's NAV
UK Treasury 657 0.52
Anheuser-Busch InBev SA/NV 372 0.29
Skandinaviska Enskilda Banken AB 362 0.28
Citrix Systems, Inc. 356 0.28
Industrial Select Sector SPDR Fund 355 0.28
Validus Holdings Ltd. 328 0.26
Consumer Discretionary Select Sector SPDR Fund 323 0.25
Cemex SAB de CV 227 0.18
Daiwa Industries Ltd. 126 0.10
Total 3,704 2.91
489
Value % of the
BlackRock UK Credit Screened Fund GBP ‘000 Sub-Fund's NAV
Finland Government 3,739 0.55
Kingdom of Belgium Government 3,576 0.53
French Republic Government 3,438 0.51
Bundesrepublik Deutschland 2,473 0.36
Netherlands Government 2,270 0.33
UK Treasury 1,082 0.16
KFW 1,043 0.15
Bundesschatzanweisungen 857 0.13
Bundesobligation 356 0.05
Total 19,679 2.89
Value % of the
BlackRock Emerging Markets Alpha Tilts Fund USD ‘000 Sub-Fund's NAV
Time Warner, Inc. 335 0.22
Reckitt Benckiser Group plc 291 0.19
BHP Billiton plc 281 0.19
JPMorgan Chase & Co. 250 0.17
Bayerische Motoren Werke AG 249 0.17
Align Technology, Inc. 218 0.15
Coca-Cola HBC AG 183 0.12
Home Depot, Inc. (The) 175 0.12
William Hill plc 167 0.11
Akzo Nobel NV 165 0.11
Other Issuers 1,202 0.80
Total 3,516 2.35
No securities collateral received from a single issuer, in relation to efficient portfolio management, has exceeded 20% of any of
the respective Sub-Funds’ NAV at the year end date.
None of the Sub-Funds have been fully collateralised in securities issued or guaranteed by an EU member state at the year end
date.
Counterparties to securities lending transactions and OTC derivative transactions:
Counterparty name Country of establishment

Bank of America Merrill Lynch International Limited United Kingdom
Bank of Nova Scotia Canada
Barclays Bank plc United Kingdom
Barclays Capital Securities Ltd. United Kingdom
BNP Paribas France
Citibank NA United States
Citigroup Global Markets Ltd. United Kingdom
Credit Suisse Securities (Europe) Limited United Kingdom
Deutsche Bank AG Germany
Goldman Sachs International United Kingdom
HSBC Bank plc United Kingdom
J.P. Morgan Securities plc United Kingdom
JPMorgan Chase Bank NA United States
Merrill Lynch International United Kingdom
Morgan Stanley & Co. International plc United Kingdom
UBS AG Switzerland
490
GLOSSARY (Unaudited)
Futures contracts
A futures contract is a contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in
the future, at a specified price.
Initial margin deposits are made to the relevant brokers upon entering into futures contracts and are generally made in margin
cash. The cash balances held/payable as margin at the reporting date are included in current assets or liabilities on the Balance
Sheet.
The changes in value of open futures contracts are recognised as unrealised gains/(losses) by marking-to-market the value of the
contract at the Balance Sheet date. Changes in the futures contracts’ value are settled daily with the exchange, by paying or
receiving a variation margin amount. The unrealised gains/(losses) is recorded in net gains/(losses) on financial assets/(liabilities)
at fair value through profit or loss in the Income Statement.
When the futures contract is closed, the difference between the proceeds from (or cost of) the closing transactions and the
original transaction is recorded as realised gains/(losses) in net gains/(losses) on financial assets/(liabilities) at fair value through
profit or loss in the Income Statement.
Forward currency contracts

A forward currency contract is an agreement between two parties to buy or sell a certain underlying currency at a certain date in
the future, at a specified price. The change in unrealised gain or loss on open forward currency contracts is calculated by
reference to the difference between the contracted rate and the rate to close out the contract as at the year end date. Change in
unrealised gains and losses are included on the Balance Sheet.
Forward currency contracts are fair valued and the change, if any, is recorded as net gains/(losses) on financial assets/(liabilities)
at fair value through profit or loss in the Income Statement.
Realised gains or losses are recognised on the maturity of a forward currency contract, as the difference between the rate that
the forward currency contract was entered into and the closing spot rate at the settlement date of the forward currency contract.
Realised gains or losses and changes in unrealised gains or losses are recognised in the net gains/(losses) on financial
assets/(liabilities) at fair value through profit or loss in the Income Statement.
Swaps
The Sub-Funds may enter into swap agreements (“swaps”), in which the Sub-Funds and a counterparty agree to make periodic
net payments on a specified notional amount.
Swaps are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally
cleared (“centrally cleared swaps”). These periodic payments received or made are recorded in the Income Statement as realised
gains or losses, respectively.
Swaps are valued utilising quotes received daily by the Sub-Funds’ pricing service, central clearing houses or brokers, which are
derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows,
trades and values of the underlying reference instruments.
In a centrally cleared swap, immediately following execution of the swap, the swap is novated to a clearing counterparty and the
Sub-Funds face the clearing counterparty through a broker. Upon entering into a centrally cleared swap the Sub-Funds are
required to deposit initial margin with the broker in the form of cash in an amount that varies depending on the size and risk profile
of the particular swap.
Any upfront payments made or received upon entering a swap contract are treated as part of the swap’s realised gain or loss.
Credit default swaps

A credit default swap is a financial contract whereby one party (the protection buyer) pays a fee in return for a payment by the
protection seller contingent on the occurrence of a credit event with respect to a referenced entity. The credit events and
applicable settlement mechanism used to determine the contingent payment are negotiated between the counterparties at the
time of trading.
Once the credit event has been declared, the protection buyer has the right to settle the contract. Settlement is usually physical,
with the protection buyer having the right to deliver bonds/cash of the reference entity up to the notional amount of the contract. In
return, the protection buyer receives the par value of those obligations. Selling protection is the synthetic equivalent of buying a
bond or alternative form of debt. Buying protection is the equivalent of synthetically shorting or hedging a bond or other credit
exposure.
The use of credit default swap contracts is restricted to the extent that the benefits to the Sub-Funds mirror that which could be
obtained by direct investment in the underlying instruments and that the swaps do not expose the Sub-Funds to risks which they
would not otherwise assume (other than the exposure to the credit default swap counterparty).
491
GLOSSARY (Unaudited) (continued)
Credit default swaps (continued)
The upfront payment received by the Sub-Funds, as protection seller, is recorded as a realised gain on the Sub-Funds’ books. An
upfront payment made by the Sub-Funds, as protection buyer, is recorded as a realised loss in the Sub-Funds’ books. Periodic
payments received or paid by the Sub-Funds are recognised in the net gains/(losses) on financial assets/(liabilities) at fair value
through profit or loss in the Income Statement.
Contracts are fair valued based upon calculations using valuation models and the change, if any, is recorded as a net gain/(loss)
on financial assets/(liabilities) at fair value through profit or loss in the Income Statement.
Payments received or paid as a result of a credit event or termination of the contract is recognised, net of a proportional amount
of the upfront payment, as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income
Statement. When the contract is closed, the realised gains and losses are recorded as net gains/(losses) on financial
Interest rate swaps

Interest rate swap agreements are contracts between a Sub-Fund and counterparty to exchange cash flows based on interest
rate payments (fixed or floating) and calculated on a notional principal value for a fixed period.
Periodic payments received or paid by the Sub-Funds are recognised in the net gains/(losses) on financial assets/(liabilities) at
fair value through profit or loss in the Income Statement.
Interest rate swap agreements are fair valued daily based upon calculations using a valuation model and the change, if any, is
recorded as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Standard
interest rate swaps are valued on the basis of predicting the future cash flows, according to interest curve data available in the
market and discounting these cash flows using the appropriate curve, as deemed by the Investment Manager, for the currency.
Payments received or paid on maturity or termination of the contracts are recognised as net gains/(losses) on financial
Total return swaps

A total return swap is a financial contract whereby one party agrees to pay another party the total return of a defined asset in
return for receiving a stream of cash flows.
The amount of the premium paid or received when the Sub-Fund enters into a total return swap is recognised in net
gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement.
Total return swap agreements are fair valued daily based upon calculations using a valuation model and the changes, if any, is
recorded as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement, or as
operating income, to the extent that the change relates to the income yield on the underlying asset and as an unrealised gain or
loss to the extent that it relates to a capital gain or loss on the underlying asset. Periodic payments received or paid by the Fund
and payments received or paid on maturity or termination of the contract are recorded in the Income Statement as income or
realised gains/(losses) on the same basis.
Inflation rate swaps

Inflation rate swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price
index, over the term of a swap and the other pays a compounded fixed rate. Periodic payments received or paid by the Sub-
Funds are recognised in the net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income
Statement.
Inflation rate swap agreements are fair valued based upon calculations using a valuation model and the change, if any, is
recorded as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the income statement. Standard
inflation swaps are valued on the basis of predicting the future cash flows, according to inflation curve data available in the
market, and discounting these cash flows against the appropriate curve, as deemed by the Investment Manager. These inflation
curves take into account the effect of seasonality, which is calculated using market data.
Payments received or paid on maturity or termination of the contracts are recognised as net gains/(losses) on financial
Options
Options are financial instruments that convey the right, but not the obligation, to engage in a future transaction on some
underlying security, or in a futures contract.
When the Sub-Funds purchase an option, an amount equal to the premium paid is recorded as an investment and is
subsequently adjusted to the current fair value of the option purchased.
492
GLOSSARY (Unaudited) (continued)
Options (continued)
When the Sub-Funds write an option, an amount equal to the premium received by the Sub-Funds is recorded as a liability and is
subsequently adjusted to the current fair value of the option written, based on the bid/ask price in the case of exchange traded-
options or, in the case of options traded in the OTC market, the last ask price.
The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign
currency in determining the realised gain or loss.
The premium on purchased call options exercised is added to the cost of the underlying securities or foreign currency purchased.
Premiums paid for the purchase of options which expire unexercised are treated as realised losses.
The premium on written call options exercised is added to the proceeds from the sale of the underlying security or foreign
currency in determining the realised gain or loss.
The premium on written put options exercised is subtracted from the cost of the securities or foreign currencies purchased.
Premiums received from written options which expire are treated as realised gains in the Income Statement.
Contracts for difference (“CFD”)

CFD is an agreement between the Sub-Fund and a CFD counterparty to pay or receive the change in the value of an underlying
security.
In a long CFD contract, the counterparty agrees to pay the Sub-Fund the amount, if any, by which the notional amount of the CFD
contract would have increased in value had it been invested in the underlying security or securities, plus any dividends that would
have been received on those stocks. The Sub-Fund pays the counterparty a floating rate of interest on the notional amount of the
CFD. The return to the Sub-Fund on a CFD contract will be the gain or loss on the notional amount plus any dividends accrued
less the interest paid on the notional amount.
In a short CFD contract, the counterparty agrees to pay the Sub-Fund the amount, if any, by which the notional amount of the
CFD contract would have decreased in value had it been invested in the underlying security or securities. The Sub-Fund must
also pay the counterparty the value of any dividends that would have been received on those stocks. The Sub-Fund receive from
the counterparty a floating rate of interest on the notional amount of the CFD.
At each valuation point the difference in price between the opening price of the CFD and the market price of the underlying equity
is recorded as the fair value (unrealised gain or loss) of the CFD on the Balance Sheet. Changes in the CFD contract value are
settled daily with the CFD counterparty by paying or receiving collateral. Changes in unrealised gains or losses are recognised in
the Income Statement.
When the CFD is closed the difference between the opening price of the CFD and the closing price is recorded as a realised fair
value gain or loss in the Income Statement. The interest received or paid is recorded in the Income Statement as CFD
income/expense. The dividend received is recorded in the Income Statement as CFD income.
Transaction costs
Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or
financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed
of the financial instrument. When a financial asset or financial liability is recognised initially, it is measured at its fair value through
profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.
Equalisation on distributions
Equalisation arrangements are applied in the case of non-accumulating units in the Sub-Funds. These arrangements are
intended to ensure that the income distribution per unit is not affected by changes in the number of units in issue during the year.
To ensure that each unitholder receives the same rate of distribution per unit, the buying price of each unit contains an amount
called equalisation. This is equivalent to the net of distributable income less expense accrued in the Sub-Fund at the time of
purchase/sale. As part of the distribution payment, the average amount of this equalisation is returned to unitholders who
subscribed to or redeemed from the Sub-Fund during the year.
493
BENCHMARK INDEX DISCLAIMERS (Unaudited)
Disclaimer for Reference to Benchmark Index and Index Provider Website
In accordance with Central Bank requirements, the Manager, on behalf of the Sub-Funds, is required to provide details of the
relevant index provider’s website (“Website”) to enable unitholders obtain further details of the relevant Sub-Fund’s Benchmark
Index (including the index constituents). The Manager has no responsibility for each Website and is not involved in any way in
sponsoring, endorsing or otherwise involved in the establishment or maintenance of each Website or the contents thereof.
Furthermore, the Manager has no responsibility for the index provider’s Benchmark Index nor for the quality, accuracy or
completeness of data in respect of their Benchmark Indices nor that the published indices will be managed in line with their
described index methodologies.
Index Provider Disclaimers
Barclays
The Benchmark Indices are unmanaged and cannot be invested in directly. The development or creation of any product that
uses, is based on, or is developed in connection with any Barclays index (each a “Product”) is prohibited without the prior written
consent of Barclays Risk Analytics and Index Solutions (“BRAIS”). BRAIS does not sponsor, endorse, sell or promote such
Products and makes no representation regarding the advisability of investing in any such Product.
Barclays is not acting as an investment adviser or fiduciary. The prospectus does not constitute personal investment advice or
take into account the individual financial circumstances or objectives of any investor. The indices, securities, commodities,
currencies, derivatives and other financial products discussed herein may not be suitable for all purposes or for all investors.
Accordingly, recipients must independently determine, in consultation with their own advisors, whether any index or investment
discussed herein is appropriate for their purposes.
The index data, quantitative models, analytic tools and other information (“Content”) referenced in the prospectus are considered
reliable by Barclays, but Barclays does not represent that the Content (including information obtained from third party sources) is
accurate, complete or error free, and it should not be relied upon as such. The Content is provided for informational purposes
only and is made available "as is". Barclays does not guarantee the accuracy timeliness, reliability, performance, continued
availability, completeness or currency of any Content and Barclays shall have no liability for any errors, omissions or interruptions
therein. Any data on past performance, modelling or back-testing contained in the Content is no indication as to future
performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or
completeness of any modelling or back-testing. Because of the possibility of human and mechanical errors as well as other
factors, Barclays accepts no responsibility for any errors or omissions in the Content (including but not limited to the calculation or
performance of any index and/or the output of any quantitative model or analytic tool). Barclays accepts no liability whatsoever for
the accuracy, timeliness, reliability, performance, continued availability, completeness or currency of the Content, or for delays or
omissions therein, or for interruptions in the delivery of any Content, or for any special, punitive, indirect, incidental or
consequential losses arising from the use of or reliance on any content, even if advised of the possibility of such losses.
Index returns represent past performance and are not indicative of any specific investment. The Content (including any of the
output derived from any analytic tools or models) is not intended to predict actual results, which may differ substantially from
those reflected. Past performance is not necessarily indicative of future results.
494
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Annual report and

audited financial statements

For the year ended 31 March 2018

Additional Information and Regulatory Disclosures (Unaudited)

Directors of the Manager1 Sub-Investment Manager4

The Fund had 22 Sub-Funds in operation as at 31 March 2018.

Changes to the Fund during the year

The BlackRock Diversified Distribution Fund fully redeemed on 7 July 2017.

Changes to the Fund during the year (continued)

Changes to the Board of Directors of the Manager

Sub-Fund name Class of the Sub-Fund 31 March 2018 TER (%)

Total expense ratio (continued)

Sub-Fund name Class of the Sub-Fund 31 March 2018 TER (%)

Transactions with Connected Parties

BlackRock Customised Euro Non-Sovereign Bond Index Fund 1

BlackRock Diversified Distribution Fund

BlackRock Emerging Markets Sovereign Screened Bond Fund

BlackRock Euro Sovereign Bond Index Fund 1

BlackRock Mix Fonds 1

BlackRock Mix Fonds 2

BlackRock Mix Fonds 3

BlackRock Mix Fonds 4

BlackRock Mix Fonds 5

BlackRock Multi Style Strategy Fund

BlackRock Developed Markets Sovereign Screened Bond Fund

BlackRock Diversified Strategies Selection Fund

INVESTMENT OBJECTIVE (continued)

BlackRock Dynamic Allocation Fund

BlackRock Euro Cash Fund

BlackRock Fixed Income Selection Fund

BlackRock Global Equity Selection Fund

BlackRock Multi Asset Balanced Selection Fund

BlackRock Multi Asset Conservative Selection Fund

BlackRock UK Credit Screened Fund

BlackRock Defensive Yield Fund

BlackRock Emerging Markets Alpha Tilts Fund

BlackRock Emerging Markets Equity Impact Fund

BlackRock UK Equity Income Fund

FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR

Calculation methodology is based on industry standards.

Tracking Difference and Tracking Error

FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued)

Return for the

FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued)

Sub-Fund Benchmark Tracking

PERFORMANCE AND ACTIVITY

BlackRock Customised Euro Non-Sovereign Bond Index Fund 1

BlackRock Diversified Distribution Fund

BlackRock Emerging Markets Sovereign Screened Bond Fund

BlackRock Euro Sovereign Bond Index Fund 1

BlackRock Mix Fonds 11

BlackRock Mix Fonds 21

BlackRock Mix Fonds 31

PERFORMANCE AND ACTIVITY (continued)

BlackRock Mix Fonds 31 (continued)

BlackRock Mix Fonds 41

BlackRock Mix Fonds 51

BlackRock Multi Style Strategy Fund

PERFORMANCE AND ACTIVITY (continued)