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Annual Report and Audited Accounts

BlackRock Global Index Funds


R.C.S. Luxembourg: B 171278

31 March 2018
Contents
General Information 2

Chairman’s Letter to Shareholders 4

Investment Advisers’ Report 7

Directors’ Report 12

Report on Remuneration  16

Statement of Net Assets  20

Three Year Summary of Net Asset Values 22

Statement of Operations and Changes in Net Assets 24

Statement of Changes in Shares Outstanding 27

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

Notes to the Financial Statements 135

Audit Report 142

Appendix I – Share Classes (Unaudited) 143

Appendix II – Global Market Risk Exposure (Unaudited) 144

Supplementary Information (Unaudited) 145

Subscriptions can only be made on the basis of the current Prospectus, the Key Investor Information Document (“KIID”) supplemented by the most recent annual report and audited accounts
and unaudited interim report and accounts, if published after such annual report and audited accounts. Copies are available at the registered office of the Company from the Local Investor
Servicing team, the Transfer Agent, the Management Company or any of the Distributors. See General Information section for further details.

Annual Report and Audited Accounts[1]


General Information

Board of Directors Legal Advisers


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

Listing Agent, Registrar and Transfer Agent


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

[2] BlackRock Global Index Funds (BGIF)


General Information continued

Sweden: Registered Office


BlackRock Investment Management (UK) 49, avenue J.F. Kennedy,
Limited-Stockholm Filial L-1855 Luxembourg,
Norrlandsgatan 16, Grand Duchy of Luxembourg
111 43 Stockholm,
Sweden Enquiries
In the absence of other arrangements, enquiries regarding
Switzerland: the Company should be addressed as follows:
State Street Bank International GmbH Munich Written Enquiries:
Zurich Branch BlackRock Investment Management (UK) Limited,
Beethovenstrasse 19, c/o BlackRock (Luxembourg) S.A.
CH-8027 Zurich, P.O. Box 1058,
Switzerland L-1010 Luxembourg,
Grand Duchy of Luxembourg
United Kingdom:
J.P. Morgan Europe Limited All other enquiries:
3 Lochside View, Telephone: + 44 207 743 3300,
Edinburgh EH12 9DH, Fax: + 44 207 743 1143.
United Kingdom Email: investor.services@blackrock.com

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

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

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

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

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

Purchases and Sales


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

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

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

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

Annual Report and Audited Accounts[3]


Chairman’s Letter to Shareholders
1 April 2017 to 31 March 2018

Dear Shareholder,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[4] BlackRock Global Index Funds (BGIF)


Chairman’s Letter to Shareholders
1 April 2017 to 31 March 2018 continued

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

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

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

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

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

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

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

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

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

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

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

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

Annual Report and Audited Accounts[5]


Chairman’s Letter to Shareholders
1 April 2017 to 31 March 2018 continued

Former Fund Name New Fund Name


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

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

Yours faithfully,

Paul Freeman
Chairman

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

[6] BlackRock Global Index Funds (BGIF)


Investment Advisersʼ Report
Performance Overview
1 April 2017 to 31 March 2018

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

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

Financial Year
Performance to
31 March 2018 Calendar Year Performance
1 year 2017 2016 2015 Launch Date

iShares Emerging Markets Equity Index Fund (LU) b1

ʼAʼ Non Dist (USD) 24.09% 37.32% 10.60% (15.41)% 16 November 2012
MSCI Emerging Markets Index (USD) 25.03% 37.39% 11.26% (15.12)%
iShares Emerging Markets Government Bond Index Fund
(LU) ʻAʼ Non Dist (USD) 3.80% 9.70% 9.65% 0.82% 28 May 2013
J.P. Morgan Emerging Markets Bond Index Global Diversified (USD) 4.30% 10.26% 10.15% 1.18%
iShares Europe Equity Index Fund (LU) ʻAʼ Non Dist (EUR) 0.06% 10.66% 1.73% 8.79% 23 October 2012
MSCI Europe Index (EUR) (0.24)% 10.52% 2.36% 8.41%
iShares Euro Aggregate Bond Index Fund (LU) ʻAʼ Non Dist (EUR) 1.69% 0.08% 2.89% 0.44% 28 May 2013
Bloomberg Barclays Euro Aggregate Bond Index (EUR) 2.37% 0.68% 3.32% 1.00%
iShares Euro Government Bond Index Fund (LU) ʻAʼ Non Dist (EUR) b1 2.52% (0.40)% 2.81% 1.05% 23 October 2012
FTSE EMU Government Bond Index (EUR) b3 3.13% 0.15% 3.20% 1.65%
iShares Global Government Bond Index Fund (LU) b1

ʻAʼ Non Dist (USD) 7.91% 6.85% 0.90% (4.34)% 23 October 2012
FTSE World Government Bond Index (USD) b4 8.49% 7.49% 1.60% (3.57)%
iShares Japan Equity Index Fund (LU) ʻAʼ Non Dist (USD) b1 18.88% 23.31% 2.01% 7.86% 23 October 2012
MSCI Japan Index (USD) 20.04% 24.25% 2.29% 9.20%
iShares North America Equity Index Fund (LU) ʻAʼ Non Dist (USD) 10.84% 20.47% 10.79% (2.00)% 23 October 2012
MSCI North America Index (USD) 11.49% 21.16% 11.37% (1.46)%
iShares Pacific ex Japan Equity Index Fund (LU) ʻAʼ Non Dist (USD) b2 7.94% 25.46% 6.56% (9.07)% 24 October 2012
MSCI Pacific ex Japan Index (USD) 8.41% 25.96% 7.32% (8.06)%
iShares World Equity Index Fund (LU) ʻAʼ Non Dist (USD) b1 13.08% 22.09% 6.80% (1.71)% 23 October 2012
MSCI World Index (USD) 13.67% 22.62% 7.27% (1.21)%
b1 Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the NAV reported in the financial statements which is the dealing price

at 29 March 2018.
b2 Performance figures quoted are based on the non-dealing price at the month end date and are not the same as the NAV reported in the financial statements which is the dealing price

at 28 March 2018.
b3 The benchmark changed its name from the Citi EMU Government Bond Index on 9 March 2018.

b4 The benchmark changed its name from the Citi World Government Bond Index on 9 March 2018.

Fund performance returns are based on dealing prices with net dividends (after deduction of witholding tax) reinvested and are shown net of fees. Index Sources: Info Research & Datastream

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

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

Annual Report and Audited Accounts[7]


Investment Advisersʼ Report
Performance Overview
1 April 2017 to 31 March 2018 continued

Investment Objective more solid, old-fashioned areas – equity income was weak
The investment objective of each Fund is to match the in relative terms, for example. The ‘bond proxies’ that had
performance of the Benchmark Index of that Fund as listed found favour in a weaker growth environment began to lose
in the table below. favour as the prospect of interest rates rose.

Fund Benchmark Index Investment Bond markets were volatile for much of the period, with
Management yields moving higher as inflationary pressures mounted.
Approach The US Fed raised rates three times in 2017 and once to
date in 2018. The market currently expects two or even three
iShares Emerging MSCI Emerging Optimising
Markets Equity Markets Index more in 2018. Elsewhere, the Bank of England raised rates
Index Fund (LU) in November 2017, moving it off the emergency low rate
introduced in the wake of the vote to leave the European
iShares Emerging J.P. Morgan Optimising
Union. The European Central Bank also started to discuss
Markets Emerging Markets
Government Bond Bond Index Global
paring back quantitative easing, though the Bank of Japan
Index Fund (LU) Diversified remained resolute in its support of loose monetary policy.

iShares MSCI Europe Index Replicating Equity Fund Performance


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

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

[8] BlackRock Global Index Funds (BGIF)


Investment Advisersʼ Report
Performance Overview
1 April 2017 to 31 March 2018 continued

Cash management, efficient portfolio management techniques Tracking Error


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

Fund Tracking Perfor­ Tracking Explanation of the tracking difference


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

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

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

Annual Report and Audited Accounts[9]


Investment Advisersʼ Report
Performance Overview
1 April 2017 to 31 March 2018 continued

Fund Tracking Perfor­ Tracking Explanation of the tracking difference


perfor­ mance difference
mance of of Bench­
Fund* mark Index
iShares Japan Equity Index 18.88% 20.04% (1.16)%  efore costs and after adjusting for the difference in the
B
Fund (LU) valuation point of the Fund and the pricing point of the
Benchmark Index, the performance of the Fund relative
to the Benchmark Index is in line with the expectation.
iShares North America Equity 10.84% 11.49% (0.65)%  efore costs and after adjusting for the difference in the
B
Index Fund (LU) valuation point of the Fund and the pricing point of the
Benchmark Index, the performance of the Fund relative
to the Benchmark Index is in line with the expectation.
iShares Pacific ex Japan Equity 7.94% 8.41% (0.47)% Before costs and after adjusting for the difference in the
Index Fund (LU) valuation point of the Fund and the pricing point of the
Benchmark Index, the performance of the Fund relative
to the Benchmark Index is in line with the expectation.
iShares World Equity Index 13.08% 13.67% (0.59)%  efore costs, the Fund performed in line with the
B
Fund (LU) Benchmark Index.

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

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

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

[10] BlackRock Global Index Funds (BGIF)


Investment Advisersʼ Report
Performance Overview
1 April 2017 to 31 March 2018 continued

Fund Anticipated Realised tracking Explanation


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

April 2018

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

Annual Report and Audited Accounts[11]


Directors’ Report

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

[12] BlackRock Global Index Funds (BGIF)


Directors’ Report continued

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

Annual Report and Audited Accounts[13]


Directors’ Report continued

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

[14] BlackRock Global Index Funds (BGIF)


Directors’ Report continued

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

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


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

Annual Report and Audited Accounts[15]


Report on Remuneration

The below disclosures are made in respect of the remuneration The MDCC directly retains an independent compensation
policies of the BlackRock Group (“BlackRock”), as they apply to consultant, Semler Brossy Consulting Group LLC, which
BlackRock (Luxembourg) S.A. (the “Management Company”). has no relationship with BlackRock, Inc. or the BlackRock, Inc.
The disclosures are made in accordance with the Directive Board that would interfere with its ability to provide independent
2009/65/EC on the coordination of laws, regulations and advice to the MDCC on compensation matters.
administrative provisions relating to UCITS, as amended,
including in particular by Directive 2014/91/EU of the European The BlackRock, Inc. Board has determined that all
Parliament and of the council of 23 July 2014, (the “Directive”), of the members of the MDCC are “independent” within
and the “Guidelines on sound remuneration policies under the meaning of the listing standards of the New York Stock
the UCITS Directive and AIFMD” issued by the European Exchange (“NYSE”), which requires each meet a “non-
Securities and Markets Authority. employee director” standard.

BlackRock’s UCITS Remuneration Policy (the “UCITS The MDCC held 10 meetings during 2017. The MDCC charter
Remuneration Policy”) will apply to the European Economic is available on BlackRock, Inc.’s website (www.blackrock.com).
Area (“EEA”) entities within the BlackRock Group authorised
Through its regular reviews, the MDCC continues to be
as a management company of UCITS funds in accordance
satisfied with the principles of BlackRock’s compensation policy
with the Directive, and will ensure compliance with the
and approach.
requirements of Article 14b of the Directive.
(b) The Management Company’s Board
The Management Company has adopted the UCITS
The Management Company’s Board has the task of supervising
Remuneration Policy, a summary of which is set out below.
and providing oversight of the UCITS Remuneration Policy as
Remuneration Governance it applies to the Management Company and its Identified Staff.
BlackRock’s remuneration governance in EMEA operates
The Management Company’s Board (through independent
as a tiered structure which includes: (a) the Management
review by the relevant control functions) remains satisfied with
Development and Compensation Committee (“MDCC”)
the implementation of the UCITS Remuneration Policy as it
(which is the global, independent remuneration committee
applies to the Management Company and its Identified Staff.
for BlackRock, Inc. and all of its subsidiaries, including
the Management Company); and (b) the Management Decision-making process
Company’s Board of Directors (the “Management Company’s Remuneration decisions for employees are made once
Board”). The MDCC is responsible for the determination annually in January following the end of the performance
of BlackRock’s remuneration policies. year. This timing allows full-year financial results to be
considered along with other non-financial goals and objectives.
(a) MDCC
Although the framework for remuneration decision-making
The MDCC’s purposes include:
is tied to financial performance, significant discretion
is used to determine individual variable remuneration
providing oversight of:
based on achievement of strategic and operating results
BlackRock’s executive compensation programmes;
and other considerations such as management and
BlackRock’s employee benefit plans; and
leadership capabilities.
such other compensation plans as may be established
by BlackRock from time to time for which the MDCC No set formulas are established and no fixed benchmarks are
is deemed as administrator; used in determining annual incentive awards. In determining
specific individual remuneration amounts, a number of
reviewing and discussing the compensation discussion factors are considered including non-financial goals and
and analysis included in the BlackRock, Inc. annual proxy objectives and overall financial and investment performance.
statement with management and approving the MDCC’s These results are viewed in the aggregate without any
report for inclusion in the proxy statement; specific weighting, and there is no direct correlation between
any particular performance measure and the resulting annual
reviewing, assessing and making reports incentive award. The variable remuneration awarded to
and recommendations to the BlackRock, Inc. Board any individual(s) for a particular performance year may also
of Directors (the “BlackRock, Inc. Board”) as appropriate be zero.
on BlackRock’s talent development and succession
planning, with the emphasis on performance and succession
at the highest management levels; and

in accordance with applicable UK and European regulations


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

[16] BlackRock Global Index Funds (BGIF)


Report on Remuneration continued

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

Annual Report and Audited Accounts[17]


Report on Remuneration continued

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

(1) As Adjusted Operating Margin: As reported in BlackRockʼs external filings, reflects adjusted Operating Income divided by Total Revenue net of distribution and servicing expenses and
amortisation of deferred sales commissions.
(2) Organic Revenue Growth: Equal to net new base fees plus net new Aladdin revenue generated in the year (in US dollars).

[18] BlackRock Global Index Funds (BGIF)


Report on Remuneration continued

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

Annual Report and Audited Accounts[19]


Statement of Net Assets
as at 31 March 2018
iShares iShares
BlackRock Emerging Emerging iShares iShares iShares
Global Markets Markets Europe Euro Euro
Index Equity Government Equity Aggregate Government
Funds Index Bond Index Index Fund Bond Index Bond Index
Combined Fund (LU) Fund (LU) (LU) Fund (LU) Fund (LU)
Note USD USD USD EUR EUR EUR

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

Securities portfolio at market value 2(a) 7,030,625,150 514,010,242 2,389,422,309 375,486,832 614,939,799 418,941,248
Cash at bank 2(a) 75,838,833 7,840,792 32,756,178 1,599,544 2,173,360 1,340,753
Cash collateral 2(a) 5,751,187 – 5,631,176 – 97,389 –
Due from broker 13 4,009,523 661,593 – 207,320 – –
Interest and dividends receivable 2(a) 55,076,803 1,479,695 30,097,279 1,675,052 5,730,235 4,483,092
Receivable for investments sold 2(a) 1,783,170 – 1,056,478 – – –
Receivable for Fund shares subscribed 2(a) 33,169,350 1,141,855 1,899,413 3,380,666 3,596,586 3,576,288
Net unrealised appreciation on:
Futures contracts 2(d) 59,984 – – 12,292 – –
Other assets 433,505 11,694 45,286 15,793 104,804 3,341

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

Liabilities
Cash collateral payable 2(a) 5,751,187 – 5,631,176 – 97,389 –
Income distribution payable 2(a) 8,934,052 135,199 2,185,752 243,843 2,128,474 22,704
Payable for investments purchased 2(a) 10,057,155 825,305 4,302,540 – – 2,538,194
Payable for Fund shares redeemed 2(a) 9,393,871 315,707 5,062,822 516,773 288,294 583,910
Net unrealised depreciation on:
Futures contracts 2(d) 1,379,721 241,965 – – – –
Open forward foreign exchange transactions 2(d) 2,036,159 – 2,032,480 – – –
Accrued expenses and other liabilities 4,5,6 3,526,489 662,788 656,014 246,381 157,457 157,703

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

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

Approved on behalf of the Board of Directors

Director Director

Date 26 July 2018 Date 26 July 2018

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

[20] BlackRock Global Index Funds (BGIF)


Statement of Net Assets
as at 31 March 2018 continued
iShares
iShares Global iShares North Pacific
Government iShares Japan America ex Japan iShares World
Bond Index Equity Index Equity Index Equity Index Equity Index
Fund (LU) Fund (LU) Fund (LU) Fund (LU) Fund (LU)
Note USD USD USD USD USD

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

Securities portfolio at market value 2(a) 358,735,822 182,241,921 586,813,879 347,683,243 914,973,582
Cash at bank 2(a) 2,283,336 1,393,607 5,014,809 3,747,815 16,500,809
Cash collateral 2(a) – – – – –
Due from broker 13 – 56,046 550,113 447,212 2,039,081
Interest and dividends receivable 2(a) 2,438,514 1,506,257 555,744 2,036,939 2,312,493
Receivable for investments sold 2(a) 53,927 203,847 157,667 – 311,251
Receivable for Fund shares subscribed 2(a) 154,989 298,070 5,782,061 854,124 10,033,860
Net unrealised appreciation on:
Futures contracts 2(d) – 44,837 – – –
Other assets 1,003 1,530 3,617 8,050 209,598

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

Liabilities
Cash collateral payable 2(a) – – – – –
Income distribution payable 2(a) 14,003 38,643 90,812 32,993 3,485,299
Payable for investments purchased 2(a) 272,500 203,847 157,667 – 1,167,515
Payable for Fund shares redeemed 2(a) 74,575 296,641 1,062,498 474,283 395,728
Net unrealised depreciation on:
Futures contracts 2(d) – – 247,648 142,814 747,294
Open forward foreign exchange transactions 2(d) 3,679 – – – –
Accrued expenses and other liabilities 4,5,6 147,649 124,646 250,045 324,500 668,869

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

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

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

Annual Report and Audited Accounts[21]


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

Currency 31 March 2018 31 March 2017 31 March 2016

iShares Emerging Markets Equity Index Fund (LU)


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

iShares Emerging Markets Government Bond


Index Fund (LU)
Total net assets USD 2,441,037,335 1,875,238,033 1,088,653,643
Net asset value per:
A Class non-distributing share USD 122.80 118.31 108.98
A Class non-distributing share EUR hedged EUR 107.42 105.83 –
F Class non-distributing share(1) USD 102.09 – –
I Class distributing share USD 106.05 106.91 103.59
I Class non-distributing share USD 121.64 116.87 107.35
I Class non-distributing share EUR hedged EUR 107.96 106.07 –
I Class non-distributing share GBP hedged GBP 108.89 106.17 –
N Class distributing share EUR EUR 102.88 119.65 108.64
X Class non-distributing share USD 125.70 120.53 110.49
X Class non-distributing share EUR EUR 100.89 111.58 –
X Class non-distributing share EUR hedged EUR 108.46 106.34 –
X Class non-distributing share SEK hedged SEK 1,013.53 995.17 –

iShares Europe Equity Index Fund (LU)


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

iShares Euro Aggregate Bond Index Fund (LU)


Total net assets EUR 623,970,559 462,209,234 368,577,325
Net asset value per:
A Class non-distributing share EUR 115.20 113.28 114.42
N Class distributing share EUR 109.28 108.21 110.29
X Class non-distributing share EUR 117.91 115.40 116.01

iShares Euro Government Bond Index Fund (LU)


Total net assets EUR 425,042,211 436,468,280 788,111,812
Net asset value per:
A Class non-distributing share EUR 123.39 120.41 123.03
D Class non-distributing share EUR 122.40 119.09 121.32
F Class non-distributing share EUR 125.40 122.01 124.29
N Class distributing share EUR 116.29 114.15 117.40
N Class non-distributing share EUR 125.62 122.19 124.43
X Class non-distributing share EUR 126.67 123.03 125.10

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

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

[22] BlackRock Global Index Funds (BGIF)


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

Currency 31 March 2018 31 March 2017 31 March 2016

iShares Global Government Bond Index Fund (LU)


Total net assets USD 363,155,185 95,013,157 81,444,953
Net asset value per:
A Class non-distributing share USD 99.27 91.96 96.15
D Class non-distributing share EUR EUR 109.95 117.16 114.46
F Class non-distributing share USD 100.95 93.23 97.19
N Class distributing share EUR EUR 98.05 105.34 103.74
N Class non-distributing share USD 101.14 93.36 97.30
N Class non-distributing share EUR EUR 82.01 87.29 85.23
X Class non-distributing share USD 101.90 93.94 97.75
X Class non-distributing share EUR EUR 94.28 100.26 –

iShares Japan Equity Index Fund (LU)


Total net assets USD 185,082,338 150,842,636 135,168,420
Net asset value per:
A Class non-distributing share USD 172.49 146.01 128.78
F Class non-distributing share USD 175.46 148.09 130.22
N Class distributing share USD 209.44 179.49 160.37
N Class distributing share EUR EUR 169.85 167.89 140.55
N Class non-distributing share USD 175.75 148.28 130.35
X Class non-distributing share USD 177.16 149.25 131.01
X Class non-distributing share EUR EUR 143.64 139.60 114.81

iShares North America Equity Index Fund (LU)


Total net assets USD 597,069,220 783,949,640 609,949,244
Net asset value per:
A Class non-distributing share USD 186.04 167.85 144.86
D Class non-distributing share(1) USD 100.44 – –
F Class non-distributing share USD 189.24 170.23 146.47
N Class distributing share USD 230.71 209.97 182.94
N Class distributing share EUR EUR 185.90 195.39 159.54
N Class non-distributing share USD 189.56 170.47 146.63
X Class non-distributing share USD 191.09 171.59 147.38
X Class non-distributing share EUR EUR 154.93 160.47 129.14

iShares Pacific ex Japan Equity Index Fund (LU)


Total net assets USD 353,802,793 309,193,252 263,071,813
Net asset value per:
A Class non-distributing UK reporting fund share USD 126.40 117.32 99.60
F Class non-distributing UK reporting fund share USD 128.62 119.03 100.74
N Class distributing share USD 135.95 130.50 114.58
N Class distributing share EUR EUR 108.99 120.84 99.44
N Class non-distributing share USD 128.80 119.16 100.83
X Class non-distributing share USD 129.84 119.94 101.34
X Class non-distributing share EUR EUR 105.12 112.18 88.80

iShares World Equity Index Fund (LU)


Total net assets USD 939,915,969 1,147,314,195 717,392,136
Net asset value per:
A Class non-distributing share USD 170.17 151.55 132.89
D Class non-distributing share EUR EUR 175.30 179.59 147.12
F Class non-distributing share USD 173.07 153.68 134.35
F Class non-distributing share EUR EUR 140.39 143.86 117.86
F Class non-distributing share GBP GBP 123.11 123.27 –
N Class distributing share EUR EUR 162.54 169.37 141.23
N Class non-distributing share USD 173.61 153.94 134.52
N Class non-distributing share EUR EUR 179.02 183.21 150.00
X Class non-distributing share USD 174.82 154.96 135.22
X Class non-distributing share EUR EUR 141.71 144.92 118.49

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

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

Annual Report and Audited Accounts[23]


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

iShares iShares
Emerging Emerging iShares
BlackRock Markets Markets Europe
Global Equity Government Equity
Index Funds Index Bond Index Index
Note Combined Fund (LU) Fund (LU) Fund (LU)
USD USD USD EUR

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

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

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

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

Reimbursement of expenses 255,531 – – –

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

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


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

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

Net change in unrealised appreciation/(depreciation) on:


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

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

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

Movements in share capital


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

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

Dividends declared 10 (17,841,210) (441,268) (4,052,987) (895,663)


Foreign exchange adjustment 2(f) 224,006,249* – – –

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

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

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

[24] BlackRock Global Index Funds (BGIF)


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

iShares iShares
iShares Euro Euro Global
Aggregate Government Government iShares Japan
Bond Index Bond Index Bond Index Equity Index
Note Fund (LU) Fund (LU) Fund (LU) Fund (LU)
EUR EUR USD USD

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

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

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

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

Reimbursement of expenses 71,366 – – –

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

Net investment income/(deficit) 6,427,643 4,211,037 2,874,107 2,913,131


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

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

Net change in unrealised appreciation/(depreciation) on:


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

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

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

Movements in share capital


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

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

Dividends declared 10 (3,895,062) (45,096) (28,538) (69,880)


Foreign exchange adjustment 2(f) – – – –

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

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

Annual Report and Audited Accounts[25]


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

iShares iShares
North Pacific iShares
America ex Japan World Equity
Equity Index Equity Index Index
Note Fund (LU) Fund (LU) Fund (LU)
USD USD USD

Net assets at the beginning of the year 783,949,640 309,193,252 1,147,314,195


Income
Bank interest 2(c) 8,917 4,607 3,507
Bond interest 2(c) – – –
Dividends, net of withholding taxes 2(c) 11,109,025 13,376,262 23,381,236
Securities lending 2(c) 56,169 80,129 235,264

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

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

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

Reimbursement of expenses – – 172,173

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

Net investment income/(deficit) 10,111,509 12,253,569 22,230,675


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

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

Net change in unrealised appreciation/(depreciation) on:


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

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

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

Movements in share capital


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

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

Dividends declared 10 (311,285) (91,773) (7,197,073)


Foreign exchange adjustment 2(f) – – –

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

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

[26] BlackRock Global Index Funds (BGIF)


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

Shares outstanding Shares outstanding


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

iShares Emerging Markets Government Bond


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

iShares Europe Equity Index Fund (LU)


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

iShares Euro Aggregate Bond Index Fund (LU)


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

iShares Euro Government Bond Index Fund (LU)


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

iShares Global Government Bond Index Fund (LU)


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

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

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

Annual Report and Audited Accounts[27]


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

Shares outstanding Shares outstanding


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

iShares North America Equity Index Fund (LU)


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

iShares Pacific ex Japan Equity Index Fund (LU)


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

iShares World Equity Index Fund (LU)


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

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

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

[28] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Equity Index Fund (LU)
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

COMMON / PREFERRED STOCKS (SHARES) & RIGHTS Brazil continued


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

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


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

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

Annual Report and Audited Accounts[29]


iShares Emerging Markets Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Cayman Islands continued China continued


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

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

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

[30] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Colombia continued India


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

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

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

Annual Report and Audited Accounts[31]


iShares Emerging Markets Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

India continued Malaysia continued


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

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

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

[32] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Mexico continued Poland continued


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

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

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

Annual Report and Audited Accounts[33]


iShares Emerging Markets Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

South Africa continued South Korea continued


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

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

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

[34] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

South Korea continued Taiwan continued


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

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

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

Annual Report and Audited Accounts[35]


iShares Emerging Markets Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Turkey continued United Arab Emirates continued


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

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

Futures contracts as at 31 March 2018


Gross
underlying Unrealised
Number of Currency Contract/ Expiration exposure (depreciation)
contracts of contract Description date USD USD

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

Sector Breakdown
as at 31 March 2018
% of Net
Assets
Financial 26.03
Communications 18.86
Technology 13.10
Consumer, Non-cyclical 9.60
Consumer, Cyclical 7.57
Energy 7.55
Industrial 6.03
Basic Materials 5.91
Utilities 2.48
Diversified 1.16
Securities portfolio at market value 98.29
Other Net Assets 1.71
100.00

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

[36] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Government Bond Index Fund (LU)
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

BONDS Azerbaijan
USD 5,100,000 Republic of Azerbaijan International
Angola Bond RegS 4.75% 18/3/2024 5,143,350 0.21
USD 6,550,000 Angolan Government International USD 4,800,000 Republic of Azerbaijan International
Bond RegS 9.50% 12/11/2025* 7,306,918 0.30 Bond RegS 3.50% 1/9/2032 4,038,000 0.17
7,306,918 0.30 USD 9,100,000 Southern Gas Corridor CJSC RegS
6.875% 24/3/2026 10,055,500 0.41
Argentina USD 3,900,000 State Oil Co of the Azerbaijan
USD 1,500,000 Argentine Republic Government Republic RegS 4.75% 13/3/2023 3,888,300 0.16
International Bond 6.25% USD 3,700,000 State Oil Co of the Azerbaijan
22/4/2019 1,544,250 0.06 Republic RegS 6.95% 18/3/2030 4,028,375 0.16
USD 8,100,000 Argentine Republic Government 27,153,525 1.11
International Bond 6.875%
22/4/2021 8,588,025 0.35 Belarus
USD 5,450,000 Argentine Republic Government USD 1,425,000 Republic of Belarus International
International Bond 5.625% Bond ‘144A’ 7.625% 29/6/2027 1,576,050 0.07
26/1/2022* 5,534,475 0.23 USD 3,000,000 Republic of Belarus International
USD 2,500,000 Argentine Republic Government Bond RegS 6.875% 28/2/2023 3,192,375 0.13
International Bond 4.625% USD 1,750,000 Republic of Belarus International
11/1/2023 2,414,375 0.10 Bond RegS 7.625% 29/6/2027 1,935,500 0.08
USD 12,395,000 Argentine Republic Government USD 2,250,000 Republic of Belarus International
International Bond 7.50% Bond RegS 6.20% 28/2/2030 2,228,625 0.09
22/4/2026* 13,293,637 0.54
USD 6,900,000 Argentine Republic Government 8,932,550 0.37
International Bond 6.875%
26/1/2027 7,055,250 0.29 Belize
USD 5,200,000 Argentine Republic Government USD 1,950,000 Belize Government International
International Bond 5.875% Bond RegS (Step-up coupon)
11/1/2028 4,916,600 0.20 4.938% 20/2/2034 1,187,414 0.05
USD 1,750,000 Argentine Republic Government 1,187,414 0.05
International Bond 6.625%
6/7/2028* 1,738,625 0.07 Bolivia
USD 3,385,922 Argentine Republic Government USD 2,150,000 Bolivian Government International
International Bond 8.28% Bond RegS 4.875% 29/10/2022 2,217,725 0.09
31/12/2033 (traded in Argentina) 3,610,234 0.15 USD 1,650,000 Bolivian Government International
USD 7,318,639 Argentine Republic Government Bond RegS 5.95% 22/8/2023 1,783,782 0.07
International Bond 8.28% USD 4,650,000 Bolivian Government International
31/12/2033 (traded in Bond RegS 4.50% 20/3/2028 4,405,875 0.18
United States) 8,023,058 0.33
8,407,382 0.34
USD 3,519,000 Argentine Republic Government
International Bond 7.125%
6/7/2036* 3,415,190 0.14 Brazil
USD 4,843,000 Argentine Republic Government USD 1,250,000 Banco Nacional de Desenvolvimento
International Bond 7.625% Economico e Social RegS 4.00%
22/4/2046 4,818,785 0.20 14/4/2019* 1,259,619 0.05
USD 4,775,000 Argentine Republic Government USD 1,900,000 Banco Nacional de Desenvolvimento
International Bond 6.875% Economico e Social RegS 6.50%
11/1/2048 4,364,350 0.18 10/6/2019 1,970,319 0.08
USD 9,465,000 Argentine Republic Government USD 1,900,000 Banco Nacional de Desenvolvimento
International Bond (Step-up Economico e Social RegS 5.50%
coupon) 2.50% 31/12/2038 6,365,212 0.26 12/7/2020* 1,971,298 0.08
USD 4,900,000 Argentine Republic Government USD 2,350,000 Banco Nacional de Desenvolvimento
International Bond RegS 7.125% Economico e Social RegS 5.75%
28/6/2117 4,537,400 0.19 26/9/2023 2,502,915 0.10
USD 2,750,000 Banco Nacional de Desenvolvimento
80,219,466 3.29 Economico e Social RegS 4.75%
9/5/2024 2,752,558 0.11
Armenia USD 700,000 Brazilian Government International
USD 1,450,000 Republic of Armenia International Bond 8.875% 14/10/2019* 769,561 0.03
Bond RegS 6.00% 30/9/2020* 1,505,513 0.06 USD 5,450,000 Brazilian Government International
USD 2,250,000 Republic of Armenia International Bond 4.875% 22/1/2021 5,668,000 0.23
Bond RegS 7.15% 26/3/2025* 2,491,403 0.10 USD 4,100,000 Brazilian Government International
3,996,916 0.16 Bond 2.625% 5/1/2023* 3,899,100 0.16
USD 2,700,000 Brazilian Government International
Australia Bond 8.875% 15/4/2024* 3,420,900 0.14
USD 950,000 Baosteel Financing 2015 Pty Ltd USD 8,250,000 Brazilian Government International
RegS 3.875% 28/1/2020 953,985 0.04 Bond 4.25% 7/1/2025 8,208,750 0.34
USD 2,000,000 CNOOC Curtis Funding No 1 Pty Ltd USD 1,475,000 Brazilian Government International
RegS 4.50% 3/10/2023* 2,055,761 0.08 Bond 8.75% 4/2/2025* 1,885,050 0.08
USD 5,150,000 Brazilian Government International
3,009,746 0.12 Bond 6.00% 7/4/2026 5,653,412 0.23

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

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

Annual Report and Audited Accounts[37]


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

Brazil continued British Virgin Islands continued


USD 1,350,000 Brazilian Government International USD 400,000 Prosperous Ray Ltd RegS 3.00%
Bond 10.125% 15/5/2027 1,896,747 0.08 12/11/2018 399,886 0.02
USD 6,300,000 Brazilian Government International USD 550,000 Prosperous Ray Ltd RegS 4.625%
Bond 4.625% 13/1/2028 6,176,992 0.25 12/11/2023 573,760 0.02
USD 3,150,000 Brazilian Government International USD 600,000 Rongshi International Finance Ltd
Bond 8.25% 20/1/2034 3,983,175 0.16 RegS 2.875% 4/5/2022 584,268 0.02
USD 4,050,000 Brazilian Government International USD 600,000 Rongshi International Finance Ltd
Bond 7.125% 20/1/2037 4,728,375 0.19 RegS 3.625% 4/5/2027 578,481 0.02
USD 5,150,000 Brazilian Government International USD 500,000 Sinochem Global Capital Co Ltd
Bond 5.625% 7/1/2041* 5,059,875 0.21 RegS FRN (Perpetual) 503,310 0.02
USD 6,800,000 Brazilian Government International USD 2,350,000 Sinochem Overseas Capital Co Ltd
Bond 5.00% 27/1/2045 6,133,600 0.25 RegS 4.50% 12/11/2020 2,413,203 0.10
USD 5,950,000 Brazilian Government International USD 600,000 Sinochem Overseas Capital Co Ltd
Bond 5.625% 21/2/2047 5,798,275 0.24 RegS 6.30% 12/11/2040 758,128 0.03
USD 2,600,000 Caixa Economica Federal RegS USD 2,400,000 Sinopec Group Overseas
4.25% 13/5/2019 2,616,250 0.11 Development 2012 Ltd RegS
USD 700,000 Caixa Economica Federal RegS 3.90% 17/5/2022 2,427,809 0.10
3.50% 7/11/2022* 670,600 0.03 USD 1,100,000 Sinopec Group Overseas
USD 600,000 Caixa Economica Federal RegS FRN Development 2012 Ltd RegS
23/7/2024* 619,500 0.03 4.875% 17/5/2042 1,172,341 0.05
77,644,871 3.18 USD 1,950,000 Sinopec Group Overseas
Development 2013 Ltd RegS
4.375% 17/10/2023* 2,003,212 0.08
British Virgin Islands
USD 600,000 Sinopec Group Overseas
USD 11,100,000 1MDB Global Investments Ltd RegS
Development 2013 Ltd RegS
4.40% 9/3/2023* 10,626,474 0.44
5.375% 17/10/2043 687,142 0.03
USD 600,000 CCTI 2017 Ltd RegS 3.625%
USD 1,500,000 Sinopec Group Overseas
8/8/2022 580,525 0.02
Development 2014 Ltd RegS
USD 500,000 CDBI Treasure I Ltd RegS 2.25%
4.375% 10/4/2024* 1,536,433 0.06
2/8/2021 480,393 0.02
USD 3,000,000 Sinopec Group Overseas
USD 200,000 Century Master Investment Co Ltd
Development 2015 Ltd RegS
RegS 4.75% 19/9/2018 201,373 0.01
2.50% 28/4/2020 2,959,585 0.12
USD 2,050,000 Charming Light Investments
USD 1,350,000 Sinopec Group Overseas
Ltd RegS 3.75% 3/9/2019* 2,056,621 0.08
Development 2015 Ltd RegS
USD 500,000 Charming Light Investments
3.25% 28/4/2025 1,288,620 0.05
Ltd RegS FRN 21/12/2020 502,133 0.02
USD 900,000 Sinopec Group Overseas
USD 1,500,000 Charming Light Investments
Development 2015 Ltd RegS
Ltd RegS 4.375% 21/12/2027* 1,432,387 0.06
4.10% 28/4/2045 856,366 0.04
USD 1,250,000 China Great Wall International
USD 1,600,000 Sinopec Group Overseas
Holdings III Ltd RegS 2.625%
Development 2016 Ltd RegS
27/10/2021 1,203,475 0.05
2.125% 3/5/2019* 1,585,123 0.06
USD 2,000,000 China Great Wall International
USD 1,750,000 Sinopec Group Overseas
Holdings III Ltd RegS 3.125%
Development 2016 Ltd RegS
31/8/2022 1,933,220 0.08
1.75% 29/9/2019* 1,717,161 0.07
USD 750,000 China Great Wall International
USD 1,500,000 Sinopec Group Overseas
Holdings III Ltd RegS 3.875%
Development 2016 Ltd RegS
31/8/2027* 701,501 0.03
2.75% 3/5/2021 1,476,976 0.06
USD 800,000 Chinalco Capital Holdings Ltd RegS
USD 2,000,000 Sinopec Group Overseas
4.00% 25/8/2021 780,652 0.03
Development 2016 Ltd RegS
USD 900,000 CNPC General Capital Ltd RegS
2.00% 29/9/2021 1,915,839 0.08
2.70% 25/11/2019 894,663 0.04
USD 600,000 Sinopec Group Overseas
USD 750,000 CNRC Capitale Ltd RegS FRN
Development 2016 Ltd RegS
(Perpetual) 721,631 0.03
3.50% 3/5/2026 578,324 0.02
USD 600,000 Dianjian Haixing Ltd RegS FRN
USD 1,300,000 Sinopec Group Overseas
(Perpetual) 599,250 0.02
Development 2016 Ltd RegS
USD 500,000 Dianjian Haiyu Ltd RegS FRN
2.75% 29/9/2026* 1,181,661 0.05
(Perpetual) 478,003 0.02
USD 2,000,000 Sinopec Group Overseas
USD 600,000 JIC Zhixin Ltd RegS 3.00%
Development 2017 Ltd RegS
24/11/2022 581,196 0.02
2.375% 12/4/2020 1,970,263 0.08
USD 900,000 King Power Capital Ltd RegS
USD 1,000,000 Sinopec Group Overseas
5.625% 3/11/2024 977,234 0.04
Development 2017 Ltd RegS
USD 500,000 Leader Goal International Ltd RegS
3.00% 12/4/2022* 977,413 0.04
FRN (Perpetual) 490,000 0.02
USD 1,500,000 Sinopec Group Overseas
USD 500,000 Minmetals Bounteous Finance BVI
Development 2017 Ltd RegS
Ltd RegS 3.50% 30/7/2020* 499,035 0.02
2.50% 13/9/2022 1,431,359 0.06
USD 700,000 Minmetals Bounteous Finance BVI
USD 1,250,000 Sinopec Group Overseas
Ltd RegS 4.75% 30/7/2025 714,448 0.03
Development 2017 Ltd RegS
USD 1,000,000 Minmetals Bounteous Finance BVI
3.625% 12/4/2027* 1,211,734 0.05
Ltd RegS 4.20% 27/7/2026 978,810 0.04

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

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

[38] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

British Virgin Islands continued Chile continued


USD 1,000,000 Sinopec Group Overseas USD 3,696,000 Chile Government International Bond
Development 2017 Ltd RegS 3.125% 21/1/2026 3,646,104 0.15
3.25% 13/9/2027* 938,645 0.04 USD 6,000,000 Chile Government International Bond
USD 1,000,000 SPIC 2016 US dollar Bond Co Ltd 3.24% 6/2/2028 5,889,000 0.24
RegS 3.00% 6/12/2021 986,170 0.04 USD 4,850,000 Chile Government International Bond
USD 1,400,000 State Grid Overseas Investment 2013 3.86% 21/6/2047* 4,771,187 0.20
Ltd RegS 3.125% 22/5/2023 1,373,872 0.06 USD 3,200,000 Corp Nacional del Cobre de Chile
USD 750,000 State Grid Overseas Investment 2013 RegS 3.00% 17/7/2022 3,133,008 0.13
Ltd RegS 4.375% 22/5/2043* 783,203 0.03 USD 2,550,000 Corp Nacional del Cobre de Chile
USD 1,600,000 State Grid Overseas Investment 2014 RegS 4.50% 13/8/2023 2,650,865 0.11
Ltd RegS 2.75% 7/5/2019* 1,596,907 0.07 USD 5,750,000 Corp Nacional del Cobre de Chile
USD 2,200,000 State Grid Overseas Investment 2014 RegS 4.50% 16/9/2025 5,988,251 0.24
Ltd RegS 4.125% 7/5/2024* 2,240,162 0.09 USD 5,800,000 Corp Nacional del Cobre de Chile
USD 800,000 State Grid Overseas Investment 2014 RegS 3.625% 1/8/2027* 5,626,029 0.23
Ltd RegS 4.85% 7/5/2044 891,673 0.04 USD 850,000 Corp Nacional del Cobre de Chile
USD 500,000 State Grid Overseas Investment 2016 RegS 5.625% 21/9/2035 971,176 0.04
Ltd RegS 2.25% 4/5/2020 491,465 0.02 USD 850,000 Corp Nacional del Cobre de Chile
USD 500,000 State Grid Overseas Investment 2016 RegS 6.15% 24/10/2036 1,023,630 0.04
Ltd RegS 2.125% 18/5/2021* 483,633 0.02 USD 3,150,000 Corp Nacional del Cobre de Chile
USD 1,500,000 State Grid Overseas Investment 2016 RegS 4.25% 17/7/2042 3,069,187 0.13
Ltd RegS 2.75% 4/5/2022* 1,461,051 0.06 USD 2,950,000 Corp Nacional del Cobre de Chile
USD 700,000 State Grid Overseas Investment 2016 RegS 5.625% 18/10/2043 3,439,434 0.14
Ltd RegS 2.875% 18/5/2026* 652,265 0.03 USD 2,900,000 Corp Nacional del Cobre de Chile
USD 3,000,000 State Grid Overseas Investment 2016 RegS 4.875% 4/11/2044 3,067,040 0.13
Ltd RegS 3.50% 4/5/2027* 2,892,277 0.12 USD 3,950,000 Corp Nacional del Cobre de Chile
USD 500,000 State Grid Overseas Investment 2016 RegS 4.50% 1/8/2047* 3,967,005 0.16
Ltd RegS 4.00% 4/5/2047* 491,456 0.02 USD 1,800,000 Empresa de Transporte de Pasajeros
75,504,200 3.09 Metro SA RegS
4.75% 4/2/2024* 1,880,820 0.08
USD 1,500,000 Empresa de Transporte de Pasajeros
Cayman Islands
Metro SA RegS
USD 1,200,000 Amber Circle Funding Ltd RegS
5.00% 25/1/2047* 1,548,750 0.06
3.25% 4/12/2022 1,188,594 0.05
USD 1,400,000 Empresa Nacional del Petroleo RegS
USD 900,000 Avi Funding Co Ltd RegS 2.85%
4.375% 30/10/2024 1,419,740 0.06
16/9/2020* 888,746 0.04
USD 2,400,000 Empresa Nacional del Petroleo RegS
USD 400,000 Avi Funding Co Ltd RegS 3.80%
3.75% 5/8/2026 2,310,000 0.09
16/9/2025 397,278 0.02
USD 2,000,000 Empresa Nacional del Petroleo RegS
USD 2,100,000 Brazil Minas SPE via State of Minas
4.50% 14/9/2047 1,862,500 0.08
Gerais RegS 5.333% 15/2/2028 2,102,100 0.09
USD 3,100,000 Lamar Funding Ltd RegS 3.958% 66,431,030 2.72
7/5/2025 2,796,231 0.11
USD 2,000,000 OmGrid Funding Ltd RegS 5.196% China
16/5/2027 1,912,700 0.08 USD 500,000 China Development Bank
USD 2,500,000 SPARC EM SPC Panama Metro Corp/Hong Kong RegS
Line 2 SP RegS 5/12/2022 FRN 6/3/2020 499,553 0.02
(Zero Coupon) 2,261,250 0.09 USD 1,000,000 China Development Bank
USD 500,000 Three Gorges Finance I Cayman Corp/Hong Kong RegS
Islands Ltd RegS FRN 6/3/2022 1,000,144 0.04
2.30% 2/6/2021* 486,335 0.02 USD 1,000,000 China Development Bank RegS
USD 800,000 Three Gorges Finance I Cayman 1.625% 22/6/2019 984,475 0.04
Islands Ltd RegS USD 3,200,000 China Development Bank RegS
3.70% 10/6/2025* 796,298 0.03 2.50% 9/10/2020* 3,155,623 0.13
USD 1,300,000 Three Gorges Finance I Cayman USD 1,750,000 China Development Bank RegS
Islands Ltd RegS 3.15% 2/6/2026 1,228,123 0.05 2.125% 1/6/2021* 1,692,952 0.07
14,057,655 0.58 USD 1,250,000 China Development Bank RegS
2.625% 24/1/2022 1,218,320 0.05
USD 500,000 China Development Bank RegS
Chile
3.00% 1/6/2026* 475,108 0.02
USD 1,000,000 Banco del Estado de Chile RegS
USD 600,000 China Development Bank RegS
4.125% 7/10/2020 1,020,585 0.04
3.375% 24/1/2027* 581,383 0.02
USD 1,500,000 Banco del Estado de Chile RegS
USD 600,000 China Development Bank RegS
2.668% 8/1/2021 1,471,875 0.06
4.00% 24/1/2037* 592,905 0.03
USD 1,750,000 Banco del Estado de Chile RegS
USD 1,000,000 China Government International
3.875% 8/2/2022 1,760,938 0.07
Bond RegS 2.125% 2/11/2022 976,922 0.04
USD 1,550,000 Chile Government International Bond
USD 1,750,000 China Government International
3.875% 5/8/2020 1,587,588 0.06
Bond RegS 2.625% 2/11/2027 1,709,669 0.07
USD 2,400,000 Chile Government International Bond
USD 1,700,000 China Minmetals Corp RegS FRN
3.25% 14/9/2021 2,423,406 0.10
(Perpetual) 1,617,125 0.07
USD 1,975,000 Chile Government International Bond
2.25% 30/10/2022* 1,902,912 0.08

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

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

Annual Report and Audited Accounts[39]


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

China continued Croatia


USD 1,200,000 Export-Import Bank of China/The USD 6,250,000 Croatia Government International
RegS 2.50% 31/7/2019 1,193,363 0.05 Bond RegS 6.75% 5/11/2019 6,625,000 0.27
USD 1,500,000 Export-Import Bank of China/The USD 6,150,000 Croatia Government International
RegS 2.00% 26/4/2021 1,448,602 0.06 Bond RegS 6.625% 14/7/2020 6,607,406 0.27
USD 1,750,000 Export-Import Bank of China/The USD 6,250,000 Croatia Government International
RegS 2.625% 14/3/2022 1,705,431 0.07 Bond RegS 6.375% 24/3/2021 6,761,719 0.28
USD 1,550,000 Export-Import Bank of China/The USD 6,850,000 Croatia Government International
RegS 3.625% 31/7/2024 1,551,423 0.06 Bond RegS 5.50% 4/4/2023* 7,359,469 0.30
USD 1,600,000 Export-Import Bank of China/The USD 7,800,000 Croatia Government International
RegS 2.875% 26/4/2026 1,498,822 0.06 Bond RegS 6.00% 26/1/2024 8,623,875 0.35
USD 1,000,000 Export-Import Bank of China/The USD 2,250,000 Hrvatska Elektroprivreda RegS
RegS 3.375% 14/3/2027 955,383 0.04 5.875% 23/10/2022 2,425,781 0.10
USD 1,355,000 Export-Import Bank of China/The 38,403,250 1.57
RegS 3.25% 28/11/2027 1,276,083 0.05
USD 1,000,000 Export-Import Bank of China/The Dominican Republic
RegS 4.00% 28/11/2047 951,004 0.04 USD 2,300,000 Dominican Republic International
25,084,290 1.03 Bond ‘144A’ 6.50% 15/2/2048 2,389,758 0.10
USD 6,800,000 Dominican Republic International
Colombia Bond RegS 7.50% 6/5/2021 7,265,222 0.30
USD 2,700,000 Colombia Government International USD 1,400,000 Dominican Republic International
Bond 7.375% 18/3/2019 2,823,507 0.12 Bond RegS 6.60% 28/1/2024 1,524,880 0.06
USD 2,200,000 Colombia Government International USD 4,800,000 Dominican Republic International
Bond 11.75% 25/2/2020 2,560,246 0.10 Bond RegS 5.875% 18/4/2024* 5,045,992 0.21
USD 5,100,000 Colombia Government International USD 7,200,000 Dominican Republic International
Bond 4.375% 12/7/2021 5,275,950 0.22 Bond RegS 5.50% 27/1/2025 7,379,989 0.30
USD 3,400,000 Colombia Government International USD 6,050,000 Dominican Republic International
Bond 2.625% 15/3/2023* 3,243,600 0.13 Bond RegS 6.875% 29/1/2026 6,714,955 0.28
USD 6,300,000 Colombia Government International USD 7,350,000 Dominican Republic International
Bond 4.00% 26/2/2024 6,363,000 0.26 Bond RegS 5.95% 25/1/2027 7,743,666 0.32
USD 3,375,000 Colombia Government International USD 6,950,000 Dominican Republic International
Bond 8.125% 21/5/2024 4,149,562 0.17 Bond RegS 7.45% 30/4/2044 7,888,238 0.32
USD 3,850,000 Colombia Government International USD 9,000,000 Dominican Republic International
Bond 4.50% 28/1/2026 3,995,338 0.16 Bond RegS 6.85% 27/1/2045* 9,710,190 0.40
USD 7,900,000 Colombia Government International USD 1,750,000 Dominican Republic International
Bond 3.875% 25/4/2027 7,777,550 0.32 Bond RegS 6.50% 15/2/2048 1,818,294 0.07
USD 5,300,000 Colombia Government International 57,481,184 2.36
Bond 7.375% 18/9/2037 6,871,450 0.28
USD 6,900,000 Colombia Government International Ecuador
Bond 6.125% 18/1/2041* 7,955,700 0.33 USD 6,150,000 Ecuador Government International
USD 7,750,000 Colombia Government International Bond RegS 10.50% 24/3/2020 6,665,063 0.27
Bond 5.625% 26/2/2044* 8,544,375 0.35 USD 10,250,000 Ecuador Government International
USD 12,500,000 Colombia Government International Bond RegS 10.75% 28/3/2022 11,343,931 0.46
Bond 5.00% 15/6/2045* 12,684,375 0.52 USD 5,000,000 Ecuador Government International
72,244,653 2.96 Bond RegS 8.75% 2/6/2023 5,243,750 0.21
USD 8,050,000 Ecuador Government International
Costa Rica Bond RegS 7.95% 20/6/2024 8,100,313 0.33
USD 2,500,000 Banco Nacional de Costa Rica USD 8,100,000 Ecuador Government International
RegS 5.875% 25/4/2021* 2,604,700 0.11 Bond RegS 9.65% 13/12/2026 8,667,688 0.36
USD 1,900,000 Banco Nacional de Costa Rica USD 4,000,000 Ecuador Government International
RegS 6.25% 1/11/2023* 1,971,250 0.08 Bond RegS 9.625% 2/6/2027 4,270,000 0.18
USD 3,750,000 Costa Rica Government International USD 10,725,000 Ecuador Government International
Bond RegS 4.25% 26/1/2023 3,632,807 0.15 Bond RegS 8.875% 23/10/2027 10,910,542 0.45
USD 2,400,000 Costa Rica Government International USD 9,800,000 Ecuador Government International
Bond RegS 4.375% 30/4/2025* 2,280,912 0.09 Bond RegS 7.875% 23/1/2028 9,399,474 0.39
USD 2,800,000 Costa Rica Government International 64,600,761 2.65
Bond RegS 5.625% 30/4/2043 2,533,996 0.10
USD 4,300,000 Costa Rica Government International Egypt
Bond RegS 7.00% 4/4/2044 4,455,868 0.18 USD 3,700,000 Egypt Government International
USD 4,400,000 Costa Rica Government International Bond RegS 5.75% 29/4/2020 3,806,375 0.15
Bond RegS 7.158% 12/3/2045 4,619,993 0.19 USD 11,610,000 Egypt Government International
USD 2,000,000 Instituto Costarricense de Electricidad Bond RegS 6.125% 31/1/2022 12,030,862 0.49
RegS 6.95% 10/11/2021* 2,140,000 0.09 USD 4,000,000 Egypt Government International
USD 1,950,000 Instituto Costarricense de Electricidad Bond RegS 5.577% 21/2/2023 4,062,500 0.17
RegS 6.375% 15/5/2043 1,742,325 0.07 USD 6,250,000 Egypt Government International
25,981,851 1.06 Bond RegS 5.875% 11/6/2025* 6,304,688 0.26
USD 8,750,000 Egypt Government International
Bond RegS 7.50% 31/1/2027 9,504,687 0.39

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

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

[40] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

Egypt continued Guatemala


USD 5,085,000 Egypt Government International USD 3,050,000 Guatemala Government Bond RegS
Bond RegS 6.588% 21/2/2028 5,185,429 0.21 5.75% 6/6/2022 3,221,557 0.13
USD 2,300,000 Egypt Government International USD 3,400,000 Guatemala Government Bond RegS
Bond RegS 6.875% 30/4/2040 2,256,875 0.09 4.50% 3/5/2026 3,380,535 0.14
USD 10,700,000 Egypt Government International USD 2,500,000 Guatemala Government Bond RegS
Bond RegS 8.50% 31/1/2047 11,930,500 0.49 4.375% 5/6/2027 2,431,425 0.10
USD 5,740,000 Egypt Government International USD 2,550,000 Guatemala Government Bond RegS
Bond RegS 7.903% 21/2/2048 6,055,700 0.25 4.875% 13/2/2028 2,546,809 0.10
61,137,616 2.50 11,580,326 0.47

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

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

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

Annual Report and Audited Accounts[41]


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

India continued Indonesia continued


USD 5,150,000 Export-Import Bank of India RegS USD 1,100,000 Pertamina Persero PT RegS 5.25%
3.375% 5/8/2026 4,866,603 0.20 23/5/2021 1,147,294 0.05
USD 4,700,000 Export-Import Bank of India RegS USD 2,400,000 Pertamina Persero PT RegS 4.875%
3.875% 1/2/2028* 4,562,288 0.19 3/5/2022 2,474,760 0.10
USD 1,750,000 Indian Railway Finance Corp Ltd USD 2,400,000 Pertamina Persero PT RegS 4.30%
RegS 3.835% 13/12/2027 1,678,290 0.07 20/5/2023 2,421,588 0.10
22,574,018 0.92 USD 450,000 Pertamina Persero PT RegS 6.50%
27/5/2041 510,631 0.02
USD 1,700,000 Pertamina Persero PT RegS 6.00%
Indonesia
3/5/2042* 1,824,984 0.07
USD 1,750,000 Indonesia Government International
USD 1,850,000 Pertamina Persero PT RegS 5.625%
Bond 2.95% 11/1/2023* 1,691,874 0.07
20/5/2043 1,894,832 0.08
USD 1,750,000 Indonesia Government International
USD 2,200,000 Pertamina Persero PT RegS 6.45%
Bond 3.50% 11/1/2028* 1,675,345 0.07
30/5/2044 2,486,040 0.10
USD 2,450,000 Indonesia Government International
USD 1,300,000 Perusahaan Listrik Negara PT RegS
Bond 4.35% 11/1/2048* 2,338,121 0.10
5.50% 22/11/2021 1,374,751 0.06
USD 550,000 Indonesia Government International
USD 2,000,000 Perusahaan Listrik Negara PT RegS
Bond RegS 11.625% 4/3/2019 595,282 0.02
4.125% 15/5/2027 1,916,100 0.08
USD 2,350,000 Indonesia Government International
USD 1,100,000 Perusahaan Listrik Negara PT RegS
Bond RegS 5.875% 13/3/2020* 2,482,070 0.10
5.25% 24/10/2042 1,079,441 0.04
USD 3,400,000 Indonesia Government International
USD 1,000,000 Perusahaan Listrik Negara PT RegS
Bond RegS 4.875% 5/5/2021* 3,549,889 0.15
5.25% 15/5/2047* 980,825 0.04
USD 750,000 Indonesia Government International
USD 900,000 Perusahaan Penerbit SBSN
Bond RegS 3.70% 8/1/2022 753,304 0.03
Indonesia III RegS 3.40%
USD 2,400,000 Indonesia Government International
29/3/2021* 897,430 0.04
Bond RegS 3.75% 25/4/2022* 2,408,700 0.10
USD 2,000,000 Perusahaan Penerbit SBSN
USD 2,300,000 Indonesia Government International
Indonesia III RegS 3.40%
Bond RegS 3.375% 15/4/2023 2,257,128 0.09
29/3/2022 1,980,100 0.08
USD 1,700,000 Indonesia Government International
USD 1,500,000 Perusahaan Penerbit SBSN
Bond RegS 5.375% 17/10/2023 1,830,484 0.07
Indonesia III RegS 3.30%
USD 2,400,000 Indonesia Government International
21/11/2022* 1,471,860 0.06
Bond RegS 5.875% 15/1/2024* 2,640,084 0.11
USD 2,150,000 Perusahaan Penerbit SBSN
USD 2,750,000 Indonesia Government International
Indonesia III RegS 3.75%
Bond RegS 4.125% 15/1/2025* 2,776,290 0.11
1/3/2023 2,139,390 0.09
USD 2,700,000 Indonesia Government International
USD 1,900,000 Perusahaan Penerbit SBSN
Bond RegS 4.75% 8/1/2026 2,828,331 0.12
Indonesia III RegS 4.35%
USD 1,750,000 Indonesia Government International
10/9/2024 1,932,955 0.08
Bond RegS 4.35% 8/1/2027* 1,779,120 0.07
USD 2,750,000 Perusahaan Penerbit SBSN
USD 1,700,000 Indonesia Government International
Indonesia III RegS 4.325%
Bond RegS 3.85% 18/7/2027 1,670,361 0.07
28/5/2025* 2,771,711 0.11
USD 2,300,000 Indonesia Government International
USD 2,500,000 Perusahaan Penerbit SBSN
Bond RegS 8.50% 12/10/2035* 3,267,598 0.13
Indonesia III RegS 4.55%
USD 2,050,000 Indonesia Government International
29/3/2026 2,557,500 0.10
Bond RegS 6.625% 17/2/2037 2,484,641 0.10
USD 2,700,000 Perusahaan Penerbit SBSN
USD 2,500,000 Indonesia Government International
Indonesia III RegS 4.15%
Bond RegS 7.75% 17/1/2038 3,392,750 0.14
29/3/2027 2,672,230 0.11
USD 2,950,000 Indonesia Government International
USD 2,100,000 Perusahaan Penerbit SBSN
Bond RegS 5.25% 17/1/2042* 3,121,705 0.13
Indonesia III RegS 4.40%
USD 2,250,000 Indonesia Government International
1/3/2028 2,119,939 0.09
Bond RegS 4.625% 15/4/2043 2,211,266 0.09
USD 2,950,000 Indonesia Government International 97,658,478 4.00
Bond RegS 6.75% 15/1/2044 3,711,778 0.15
USD 2,800,000 Indonesia Government International Iraq
Bond RegS 5.125% 15/1/2045 2,924,866 0.12 USD 4,500,000 Iraq International Bond RegS
USD 1,650,000 Indonesia Government International 6.752% 9/3/2023 4,584,375 0.19
Bond RegS 5.95% 8/1/2046* 1,923,141 0.08 USD 11,375,000 Iraq International Bond RegS
USD 2,350,000 Indonesia Government International 5.80% 15/1/2028 10,920,000 0.45
Bond RegS 5.25% 8/1/2047* 2,495,806 0.10 15,504,375 0.64
USD 1,200,000 Indonesia Government International
Bond RegS 4.75% 18/7/2047* 1,191,510 0.05
Ireland
USD 650,000 Lembaga Pembiayaan Ekspor
USD 700,000 GTLK Europe DAC RegS
Indonesia RegS 3.875% 6/4/2024 639,438 0.03
5.95% 19/7/2021 719,849 0.03
USD 1,350,000 Pelabuhan Indonesia II PT RegS
USD 1,150,000 GTLK Europe DAC RegS
4.25% 5/5/2025* 1,322,730 0.05
5.125% 31/5/2024 1,127,127 0.05
USD 650,000 Pelabuhan Indonesia II PT RegS
USD 1,000,000 Russian Railways Via RZD Capital
5.375% 5/5/2045 635,655 0.03
Plc RegS 3.45% 6/10/2020 993,870 0.04
USD 400,000 Pelabuhan Indonesia III Persero PT
USD 2,500,000 Russian Railways Via RZD Capital
RegS 4.875% 1/10/2024* 404,850 0.02
Plc RegS 5.70% 5/4/2022 2,648,475 0.11

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

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

[42] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

Ireland continued Kazakhstan continued


USD 750,000 Russian Railways Via RZD Capital USD 4,500,000 KazMunayGas National Co JSC
Plc RegS 4.375% 1/3/2024 748,815 0.03 RegS 7.00% 5/5/2020 4,837,500 0.20
USD 1,100,000 SCF Capital Designated Activity USD 4,900,000 KazMunayGas National Co JSC
Co RegS 5.375% 16/6/2023 1,120,378 0.05 RegS 6.375% 9/4/2021 5,292,000 0.22
USD 2,650,000 Vnesheconombank Via VEB Finance USD 2,000,000 KazMunayGas National Co JSC
Plc RegS 6.902% 9/7/2020 2,818,672 0.11 RegS 3.875% 19/4/2022* 1,995,000 0.08
USD 2,200,000 Vnesheconombank Via VEB Finance USD 3,750,000 KazMunayGas National Co JSC
Plc RegS 6.025% 5/7/2022 2,339,546 0.09 RegS 4.75% 19/4/2027 3,759,375 0.15
USD 2,100,000 Vnesheconombank Via VEB Finance USD 1,800,000 KazMunayGas National Co JSC
Plc RegS 5.942% 21/11/2023 2,252,239 0.09 RegS 5.75% 30/4/2043 1,879,605 0.08
USD 1,900,000 Vnesheconombank Via VEB Finance USD 4,550,000 KazMunayGas National Co JSC
Plc RegS 6.80% 22/11/2025 2,132,892 0.09 RegS 5.75% 19/4/2047* 4,502,544 0.19
16,901,863 0.69 USD 2,760,000 KazTransGas JSC RegS
4.375% 26/9/2027 2,656,500 0.11
Ivory Coast 61,648,936 2.53
USD 2,350,000 Ivory Coast Government International
Bond RegS 5.375% 23/7/2024 2,300,062 0.09 Kenya
USD 4,200,000 Ivory Coast Government International USD 2,950,000 Kenya Government International
Bond RegS 6.375% 3/3/2028 4,239,900 0.17 Bond RegS 5.875% 24/6/2019* 3,031,346 0.12
USD 5,300,000 Ivory Coast Government International USD 8,450,000 Kenya Government International
Bond RegS 6.125% 15/6/2033 5,035,000 0.21 Bond RegS 6.875% 24/6/2024 8,830,250 0.36
USD 9,119,250 Ivory Coast Government International USD 4,465,000 Kenya Government International
Bond RegS (Step-up coupon) Bond RegS 7.25% 28/2/2028* 4,704,994 0.19
5.75% 31/12/2032* 8,782,978 0.36 USD 4,000,000 Kenya Government International
20,357,940 0.83 Bond RegS 8.25% 28/2/2048* 4,285,000 0.18
20,851,590 0.85
Jamaica
USD 2,550,000 Jamaica Government International Latvia
Bond 7.625% 9/7/2025 2,993,058 0.12 USD 2,350,000 Latvia Government International
USD 9,900,000 Jamaica Government International Bond RegS 2.75% 12/1/2020 2,343,056 0.10
Bond 6.75% 28/4/2028 11,026,108 0.45 2,343,056 0.10
USD 5,069,000 Jamaica Government International
Bond 8.00% 15/3/2039 6,076,455 0.25
Lebanon
USD 4,400,000 Jamaica Government International
USD 3,450,000 Lebanon Government International
Bond 7.875% 28/7/2045* 5,257,992 0.22
Bond 6.375% 9/3/2020 3,478,031 0.14
25,353,613 1.04 USD 1,400,000 Lebanon Government International
Bond RegS 5.15% 12/11/2018 1,403,500 0.06
Jordan USD 1,350,000 Lebanon Government International
USD 4,750,000 Jordan Government International Bond RegS 6.00% 20/5/2019* 1,353,375 0.05
Bond RegS 6.125% 29/1/2026 4,783,844 0.20 USD 4,350,000 Lebanon Government International
USD 3,900,000 Jordan Government International Bond RegS 5.45% 28/11/2019 4,333,687 0.18
Bond RegS 5.75% 31/1/2027 3,802,500 0.16 USD 8,650,000 Lebanon Government International
USD 4,650,000 Jordan Government International Bond RegS 8.25% 12/4/2021 9,141,969 0.37
Bond RegS 7.375% 10/10/2047 4,719,750 0.19 USD 5,300,000 Lebanon Government International
13,306,094 0.55 Bond RegS 6.10% 4/10/2022* 5,230,437 0.21
USD 3,725,000 Lebanon Government International
Bond RegS 6.00% 27/1/2023 3,655,156 0.15
Kazakhstan
USD 2,600,000 Lebanon Government International
USD 4,100,000 Development Bank of Kazakhstan
Bond RegS 6.65% 22/4/2024 2,590,250 0.11
JSC RegS 4.125% 10/12/2022 4,089,750 0.17
USD 1,550,000 Lebanon Government International
USD 3,450,000 KazAgro National Management
Bond RegS 6.25% 4/11/2024 1,501,563 0.06
Holding JSC RegS 4.625%
USD 2,000,000 Lebanon Government International
24/5/2023 3,434,475 0.14
Bond RegS 6.20% 26/2/2025 1,917,500 0.08
USD 5,150,000 Kazakhstan Government
USD 5,750,000 Lebanon Government International
International Bond RegS 3.875%
Bond RegS 6.60% 27/11/2026 5,541,562 0.23
14/10/2024 5,229,825 0.21
USD 4,250,000 Lebanon Government International
USD 10,150,000 Kazakhstan Government
Bond RegS 6.85% 23/3/2027 4,130,469 0.17
International Bond RegS 5.125%
USD 3,800,000 Lebanon Government International
21/7/2025* 10,997,525 0.45
Bond RegS 6.75% 29/11/2027 3,645,625 0.15
USD 3,400,000 Kazakhstan Government
USD 3,100,000 Lebanon Government International
International Bond RegS 4.875%
Bond RegS 6.65% 3/11/2028* 2,919,813 0.12
14/10/2044* 3,395,325 0.14
USD 4,750,000 Lebanon Government International
USD 5,450,000 Kazakhstan Government
Bond RegS 6.65% 26/2/2030* 4,417,500 0.18
International Bond RegS 6.50%
USD 3,250,000 Lebanon Government International
21/7/2045* 6,579,512 0.27
Bond RegS 7.00% 23/3/2032 3,063,125 0.13
USD 3,000,000 Kazakhstan Temir Zholy National
Co JSC RegS 4.85% 17/11/2027 3,000,000 0.12

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

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

Annual Report and Audited Accounts[43]


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

Lebanon continued Mexico continued


USD 1,300,000 Lebanon Government International USD 1,000,000 Mexico City Airport Trust RegS
Bond RegS 7.05% 2/11/2035 1,210,950 0.05 4.25% 31/10/2026 967,500 0.04
USD 3,250,000 Lebanon Government International USD 1,000,000 Mexico City Airport Trust RegS
Bond RegS 7.25% 23/3/2037* 3,077,344 0.13 3.875% 30/4/2028 922,045 0.04
62,611,856 2.57 USD 1,400,000 Mexico City Airport Trust RegS
5.50% 31/10/2046 1,284,073 0.05
USD 2,950,000 Mexico City Airport Trust RegS
Lithuania
5.50% 31/7/2047 2,705,150 0.11
USD 7,500,000 Lithuania Government International
USD 3,100,000 Mexico Government International
Bond RegS 7.375% 11/2/2020 8,124,450 0.33
Bond 3.625% 15/3/2022* 3,155,025 0.13
USD 7,350,000 Lithuania Government International
USD 4,600,000 Mexico Government International
Bond RegS 6.125% 9/3/2021 7,997,168 0.33
Bond 4.00% 2/10/2023* 4,726,500 0.19
USD 6,300,000 Lithuania Government International
USD 3,600,000 Mexico Government International
Bond RegS 6.625% 1/2/2022 7,096,320 0.29
Bond 3.60% 30/1/2025 3,559,500 0.15
23,217,938 0.95 USD 3,000,000 Mexico Government International
Bond 4.125% 21/1/2026* 3,050,250 0.12
Luxembourg USD 3,750,000 Mexico Government International
USD 1,100,000 Russian Agricultural Bank OJSC Via Bond 4.15% 28/3/2027 3,782,812 0.16
RSHB Capital SA RegS 8.50% USD 3,722,000 Mexico Government International
16/10/2023 1,230,570 0.05 Bond 3.75% 11/1/2028 3,605,687 0.15
1,230,570 0.05 USD 1,000,000 Mexico Government International
Bond 8.30% 15/8/2031 1,496,000 0.06
Malaysia USD 840,000 Mexico Government International
USD 1,500,000 Export-Import Bank of Malaysia Bhd Bond 7.50% 8/4/2033 1,105,860 0.05
RegS 2.48% 20/10/2021* 1,461,991 0.06 USD 2,050,000 Mexico Government International
USD 3,750,000 Malaysia Sovereign Sukuk Bhd RegS Bond 6.75% 27/9/2034 2,542,000 0.10
3.043% 22/4/2025 3,677,669 0.15 USD 3,400,000 Mexico Government International
USD 1,500,000 Malaysia Sovereign Sukuk Bhd RegS Bond 6.05% 11/1/2040 3,850,500 0.16
4.236% 22/4/2045 1,540,968 0.06 USD 5,000,000 Mexico Government International
USD 4,650,000 Malaysia Sukuk Global Bhd RegS Bond 4.75% 8/3/2044 4,855,000 0.20
3.179% 27/4/2026* 4,554,739 0.19 USD 3,250,000 Mexico Government International
USD 1,600,000 Malaysia Sukuk Global Bhd RegS Bond 5.55% 21/1/2045 3,526,250 0.14
4.08% 27/4/2046* 1,596,398 0.07 USD 3,200,000 Mexico Government International
USD 1,800,000 Petroliam Nasional Bhd RegS Bond 4.60% 23/1/2046 3,043,200 0.12
7.625% 15/10/2026* 2,294,549 0.09 USD 2,050,000 Mexico Government International
USD 8,950,000 Petronas Capital Ltd RegS 5.25% Bond 4.35% 15/1/2047* 1,892,150 0.08
12/8/2019 9,231,280 0.38 USD 2,700,000 Mexico Government International
USD 3,700,000 Petronas Capital Ltd RegS 3.125% Bond 4.60% 10/2/2048* 2,571,750 0.11
18/3/2022* 3,668,923 0.15 USD 2,900,000 Mexico Government International
USD 3,950,000 Petronas Capital Ltd RegS 7.875% Bond 5.75% 12/10/2110 2,967,425 0.12
22/5/2022 4,618,035 0.19 USD 250,000 Nacional Financiera SNC RegS
USD 6,050,000 Petronas Capital Ltd RegS 3.50% 3.375% 5/11/2020 252,500 0.01
18/3/2025 5,959,094 0.25 USD 150,000 Petroleos Mexicanos FRN 18/7/2018 150,000 0.01
USD 5,750,000 Petronas Capital Ltd RegS 4.50% USD 1,225,000 Petroleos Mexicanos
18/3/2045* 5,947,901 0.24 8.00% 3/5/2019 1,288,394 0.05
USD 4,750,000 Petronas Global Sukuk Ltd RegS USD 446,000 Petroleos Mexicanos
2.707% 18/3/2020 4,717,288 0.19 6.00% 5/3/2020 466,070 0.02
USD 3,000,000 Wakala Global Sukuk Bhd RegS USD 3,650,000 Petroleos Mexicanos
4.646% 6/7/2021 3,160,204 0.13 5.50% 21/1/2021 3,801,475 0.16
USD 1,750,000 Petroleos Mexicanos
52,429,039 2.15 6.375% 4/2/2021 1,863,313 0.08
USD 2,100,000 Petroleos Mexicanos
Mexico 4.875% 24/1/2022 2,146,200 0.09
USD 1,350,000 Banco Nacional de Comercio Exterior USD 1,000,000 Petroleos Mexicanos
SNC/Cayman Islands RegS FRN 11/3/2022 1,097,115 0.04
4.375% 14/10/2025 1,363,500 0.06 USD 3,100,000 Petroleos Mexicanos
USD 650,000 Banco Nacional de Comercio Exterior 5.375% 13/3/2022 3,222,058 0.13
SNC/Cayman Islands RegS FRN USD 2,250,000 Petroleos Mexicanos
11/8/2026* 641,875 0.03 3.50% 30/1/2023 2,160,562 0.09
USD 900,000 Comision Federal de Electricidad USD 1,750,000 Petroleos Mexicanos
RegS 4.875% 26/5/2021 928,449 0.04 4.625% 21/9/2023* 1,754,533 0.07
USD 1,250,000 Comision Federal de Electricidad USD 1,550,000 Petroleos Mexicanos
RegS 4.875% 15/1/2024 1,284,900 0.05 4.875% 18/1/2024* 1,572,863 0.06
USD 2,200,000 Comision Federal de Electricidad USD 1,250,000 Petroleos Mexicanos
RegS 4.75% 23/2/2027 2,208,657 0.09 4.25% 15/1/2025 1,207,500 0.05
USD 600,000 Comision Federal de Electricidad USD 1,300,000 Petroleos Mexicanos
RegS 5.75% 14/2/2042* 619,296 0.03 4.50% 23/1/2026 1,257,750 0.05
USD 450,000 Comision Federal de Electricidad USD 3,750,000 Petroleos Mexicanos
RegS 6.125% 16/6/2045* 489,375 0.02 6.875% 4/8/2026 4,121,006 0.17

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

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

[44] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

Mexico continued Nigeria


USD 5,800,000 Petroleos Mexicanos USD 2,150,000 Nigeria Government International
6.50% 13/3/2027 6,187,382 0.25 Bond RegS 6.75% 28/1/2021* 2,269,540 0.09
USD 2,650,000 Petroleos Mexicanos USD 1,650,000 Nigeria Government International
6.625% 15/6/2035 2,738,775 0.11 Bond RegS 6.375% 12/7/2023* 1,734,315 0.07
USD 3,500,000 Petroleos Mexicanos USD 7,325,000 Nigeria Government International
6.50% 2/6/2041 3,486,000 0.14 Bond RegS 6.50% 28/11/2027 7,444,764 0.30
USD 2,400,000 Petroleos Mexicanos USD 4,930,000 Nigeria Government International
5.50% 27/6/2044 2,133,600 0.09 Bond RegS 7.143% 23/2/2030 5,096,388 0.21
USD 3,275,000 Petroleos Mexicanos USD 6,400,000 Nigeria Government International
6.375% 23/1/2045 3,180,844 0.13 Bond RegS 7.875% 16/2/2032 6,996,000 0.29
USD 3,530,000 Petroleos Mexicanos USD 3,875,000 Nigeria Government International
5.625% 23/1/2046 3,140,817 0.13 Bond RegS 7.696% 23/2/2038 4,072,179 0.17
USD 6,600,000 Petroleos Mexicanos USD 6,665,000 Nigeria Government International
6.75% 21/9/2047 6,670,950 0.27 Bond RegS 7.625% 28/11/2047 6,898,275 0.28
USD 2,825,000 Petroleos Mexicanos RegS 34,511,461 1.41
5.35% 12/2/2028 2,784,037 0.11
USD 2,750,000 Petroleos Mexicanos RegS Oman
6.35% 12/2/2048 2,667,500 0.11 USD 2,000,000 Mazoon Assets Co SAOC RegS
USD 650,000 Petroleos Mexicanos RegS 5.20% 8/11/2027* 1,961,250 0.08
6.625% (Perpetual) 649,838 0.03 USD 5,300,000 Oman Government International
123,145,811 5.05 Bond RegS 3.625% 15/6/2021 5,177,438 0.21
USD 4,000,000 Oman Government International
Mongolia Bond RegS 3.875% 8/3/2022 3,882,600 0.16
USD 1,900,000 Mongolia Government International USD 1,500,000 Oman Government International
Bond RegS 10.875% 6/4/2021* 2,188,316 0.09 Bond RegS 4.125% 17/1/2023 1,445,625 0.06
USD 4,525,000 Mongolia Government International USD 11,050,000 Oman Government International
Bond RegS 5.125% 5/12/2022 4,423,957 0.18 Bond RegS 4.75% 15/6/2026* 10,373,187 0.43
USD 3,700,000 Mongolia Government International USD 8,800,000 Oman Government International
Bond RegS 5.625% 1/5/2023 3,647,608 0.15 Bond RegS 5.375% 8/3/2027* 8,538,200 0.35
USD 2,325,000 Mongolia Government International USD 5,125,000 Oman Government International
Bond RegS 8.75% 9/3/2024* 2,614,300 0.11 Bond RegS 5.625% 17/1/2028 4,990,469 0.20
USD 2,150,000 Trade & Development Bank of USD 8,500,000 Oman Government International
Mongolia LLC RegS 9.375% Bond RegS 6.50% 8/3/2047* 7,990,000 0.33
19/5/2020 2,318,624 0.09 USD 7,000,000 Oman Government International
Bond RegS 6.75% 17/1/2048 6,711,250 0.27
15,192,805 0.62
USD 7,150,000 Oman Sovereign Sukuk SAOC
RegS 4.397% 1/6/2024 6,832,897 0.28
Morocco
USD 6,650,000 Morocco Government International 57,902,916 2.37
Bond RegS 4.25% 11/12/2022 6,791,312 0.28
USD 3,150,000 Morocco Government International Pakistan
Bond RegS 5.50% 11/12/2042 3,350,813 0.14 USD 4,550,000 Pakistan Government International
Bond RegS 8.25% 15/4/2024 4,745,832 0.19
10,142,125 0.42
USD 2,100,000 Pakistan Government International
Bond RegS 8.25% 30/9/2025* 2,179,810 0.09
Mozambique USD 7,000,000 Pakistan Government International
USD 2,792,000 Mozambique International Bond Bond RegS 6.875% 5/12/2027 6,611,500 0.27
RegS (Flat Trading) 10.50% USD 4,650,000 Second Pakistan International Sukuk
18/1/2023* 2,275,578 0.09 Co Ltd/The RegS 6.75% 3/12/2019 4,748,185 0.20
2,275,578 0.09 USD 4,500,000 Third Pakistan International Sukuk
Co Ltd/The RegS 5.50%
Namibia 13/10/2021 4,428,000 0.18
USD 1,800,000 Namibia International Bonds RegS USD 5,000,000 Third Pakistan International Sukuk
5.50% 3/11/2021 1,859,625 0.08 Co Ltd/The RegS 5.625%
USD 3,300,000 Namibia International Bonds RegS 5/12/2022 4,827,750 0.20
5.25% 29/10/2025 3,278,204 0.13 27,541,077 1.13
5,137,829 0.21
Panama
Netherlands USD 2,750,000 Aeropuerto Internacional de
USD 4,150,000 Kazakhstan Temir Zholy Finance BV Tocumen SA RegS 5.625%
RegS 6.95% 10/7/2042* 4,627,250 0.19 18/5/2036 2,951,685 0.12
USD 700,000 Majapahit Holding BV RegS 8.00% USD 5,250,000 Panama Government International
7/8/2019* 744,177 0.03 Bond 5.20% 30/1/2020 5,486,242 0.22
USD 2,050,000 Majapahit Holding BV RegS 7.75% USD 5,450,000 Panama Government International
20/1/2020 2,204,160 0.09 Bond 4.00% 22/9/2024 5,584,887 0.23
USD 500,000 Majapahit Holding BV RegS 7.875% USD 5,450,000 Panama Government International
29/6/2037* 646,643 0.03 Bond 3.75% 16/3/2025 5,496,325 0.22
USD 3,700,000 Panama Government International
8,222,230 0.34
Bond 7.125% 29/1/2026 4,563,950 0.19

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

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

Annual Report and Audited Accounts[45]


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

Panama continued Philippines continued


USD 3,750,000 Panama Government International USD 3,450,000 Philippine Government International
Bond 8.875% 30/9/2027 5,213,437 0.21 Bond 5.50% 30/3/2026* 3,914,508 0.16
USD 7,700,000 Panama Government International USD 4,950,000 Philippine Government International
Bond 3.875% 17/3/2028 7,757,750 0.32 Bond 3.00% 1/2/2028* 4,712,846 0.19
USD 3,050,000 Panama Government International USD 5,650,000 Philippine Government International
Bond 9.375% 1/4/2029 4,469,775 0.18 Bond 9.50% 2/2/2030 8,606,052 0.35
USD 9,650,000 Panama Government International USD 4,500,000 Philippine Government International
Bond 6.70% 26/1/2036 12,158,982 0.50 Bond 7.75% 14/1/2031* 6,173,887 0.25
USD 5,150,000 Panama Government International USD 3,000,000 Philippine Government International
Bond 4.50% 15/5/2047* 5,263,300 0.22 Bond 6.375% 15/1/2032 3,743,985 0.15
USD 3,500,000 Panama Government International USD 4,950,000 Philippine Government International
Bond 4.30% 29/4/2053* 3,408,120 0.14 Bond 6.375% 23/10/2034 6,346,172 0.26
62,354,453 2.55 USD 3,350,000 Philippine Government International
Bond 5.00% 13/1/2037 3,795,165 0.16
USD 5,700,000 Philippine Government International
Paraguay
Bond 3.95% 20/1/2040* 5,693,017 0.23
USD 700,000 Paraguay Government International
USD 4,950,000 Philippine Government International
Bond ‘144A’ 4.625% 25/1/2023 723,624 0.03
Bond 3.70% 1/3/2041* 4,761,949 0.20
USD 3,300,000 Paraguay Government International
USD 5,015,000 Philippine Government International
Bond RegS 4.625% 25/1/2023* 3,411,370 0.14
Bond 3.70% 2/2/2042* 4,822,625 0.20
USD 2,600,000 Paraguay Government International
USD 2,650,000 Power Sector Assets & Liabilities
Bond RegS 5.00% 15/4/2026 2,717,390 0.11
Management Corp RegS 7.25%
USD 1,950,000 Paraguay Government International
27/5/2019 2,782,540 0.11
Bond RegS 4.70% 27/3/2027 1,986,709 0.08
USD 3,320,000 Power Sector Assets & Liabilities
USD 4,350,000 Paraguay Government International
Management Corp RegS 7.39%
Bond RegS 6.10% 11/8/2044 4,687,118 0.19
2/12/2024 4,031,692 0.17
USD 1,750,000 Paraguay Government International
Bond RegS 5.60% 13/3/2048* 1,764,000 0.08 79,053,573 3.24
15,290,211 0.63
Poland
USD 10,700,000 Republic of Poland Government
Peru
International Bond 6.375%
USD 1,900,000 Corp Financiera de Desarrollo SA
15/7/2019 11,225,370 0.46
RegS 3.25% 15/7/2019 1,902,375 0.08
USD 9,100,000 Republic of Poland Government
USD 2,750,000 Corp Financiera de Desarrollo SA
International Bond 5.125%
RegS 4.75% 8/2/2022 2,813,594 0.12
21/4/2021* 9,676,030 0.40
USD 2,050,000 Corp Financiera de Desarrollo SA
USD 12,700,000 Republic of Poland Government
RegS 4.75% 15/7/2025 2,091,000 0.09
International Bond 5.00%
USD 2,950,000 Fondo MIVIVIENDA SA RegS 3.50%
23/3/2022* 13,580,999 0.55
31/1/2023 2,887,312 0.12
USD 10,700,000 Republic of Poland Government
USD 7,900,000 Peruvian Government International
International Bond 3.00%
Bond 7.35% 21/7/2025* 9,825,610 0.40
17/3/2023* 10,611,618 0.43
USD 5,700,000 Peruvian Government International
USD 8,400,000 Republic of Poland Government
Bond 4.125% 25/8/2027 5,976,450 0.24
International Bond 4.00%
USD 9,820,000 Peruvian Government International
22/1/2024* 8,743,140 0.36
Bond 8.75% 21/11/2033 14,764,370 0.60
USD 7,550,000 Republic of Poland Government
USD 5,350,000 Peruvian Government International
International Bond 3.25%
Bond 6.55% 14/3/2037* 6,888,125 0.28
6/4/2026 7,505,077 0.31
USD 11,300,000 Peruvian Government International
Bond 5.625% 18/11/2050* 13,633,450 0.56 61,342,234 2.51
USD 4,200,000 Petroleos del Peru SA RegS 4.75%
19/6/2032 4,088,700 0.17 Republic of Cameroon
USD 4,500,000 Petroleos del Peru SA RegS 5.625% USD 3,250,000 Republic of Cameroon International
19/6/2047 4,477,500 0.18 Bond RegS 9.50% 19/11/2025 3,734,981 0.15
69,348,486 2.84 3,734,981 0.15

Philippines Romania
USD 200,000 Philippine Government International USD 9,950,000 Romanian Government International
Bond 9.875% 15/1/2019 211,687 0.01 Bond RegS 6.75% 7/2/2022 11,063,156 0.45
USD 2,800,000 Philippine Government International USD 6,900,000 Romanian Government International
Bond 8.375% 17/6/2019* 3,000,116 0.12 Bond RegS 4.375% 22/8/2023* 7,098,375 0.29
USD 700,000 Philippine Government International USD 4,150,000 Romanian Government International
Bond 6.50% 20/1/2020* 744,888 0.03 Bond RegS 4.875% 22/1/2024* 4,383,438 0.18
USD 5,100,000 Philippine Government International USD 4,250,000 Romanian Government International
Bond 4.00% 15/1/2021 5,224,695 0.22 Bond RegS 6.125% 22/1/2044 5,115,937 0.21
USD 4,300,000 Philippine Government International 27,660,906 1.13
Bond 4.20% 21/1/2024 4,481,288 0.18
USD 4,150,000 Philippine Government International
Bond 10.625% 16/3/2025* 6,006,461 0.25

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

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

[46] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

Russia South Africa continued


USD 5,600,000 Russian Foreign Bond - Eurobond USD 6,650,000 Republic of South Africa Government
RegS 5.00% 29/4/2020 5,787,600 0.23 International Bond 5.875%
USD 4,200,000 Russian Foreign Bond - Eurobond 16/9/2025 7,094,719 0.29
RegS 4.50% 4/4/2022 4,336,521 0.18 USD 4,400,000 Republic of South Africa Government
USD 6,200,000 Russian Foreign Bond - Eurobond International Bond 4.875%
RegS 4.875% 16/9/2023 6,534,800 0.27 14/4/2026 4,397,250 0.18
USD 5,400,000 Russian Foreign Bond - Eurobond USD 3,000,000 Republic of South Africa Government
RegS 4.75% 27/5/2026 5,605,200 0.23 International Bond 4.85%
USD 4,600,000 Russian Foreign Bond - Eurobond 27/9/2027 2,962,500 0.12
RegS 4.25% 23/6/2027 4,588,500 0.19 USD 6,050,000 Republic of South Africa Government
USD 4,500,000 Russian Foreign Bond - Eurobond International Bond 4.30%
RegS 12.75% 24/6/2028 7,498,125 0.31 12/10/2028 5,687,000 0.23
USD 5,400,000 Russian Foreign Bond - Eurobond USD 2,200,000 Republic of South Africa Government
RegS 5.625% 4/4/2042 5,815,800 0.24 International Bond 6.25%
USD 3,000,000 Russian Foreign Bond - Eurobond 8/3/2041* 2,360,875 0.10
RegS 5.875% 16/9/2043 3,343,500 0.13 USD 3,000,000 Republic of South Africa Government
USD 11,800,000 Russian Foreign Bond - Eurobond International Bond 5.375%
RegS 5.25% 23/6/2047 11,805,900 0.48 24/7/2044* 2,880,000 0.12
USD 9,215,000 Russian Foreign Bond - Eurobond USD 2,800,000 Republic of South Africa Government
RegS (Step-up coupon) 7.50% International Bond 5.00%
31/3/2030 10,435,987 0.43 12/10/2046* 2,555,000 0.10
65,751,933 2.69 USD 4,600,000 Republic of South Africa Government
International Bond 5.65%
Senegal 27/9/2047* 4,565,500 0.19
USD 679,000 Senegal Government International USD 2,550,000 Transnet SOC Ltd RegS 4.00%
Bond RegS 8.75% 13/5/2021 764,724 0.03 26/7/2022 2,492,625 0.10
USD 2,000,000 Senegal Government International USD 1,500,000 ZAR Sovereign Capital Fund Pty Ltd
Bond RegS 6.25% 30/7/2024* 2,085,000 0.08 RegS 3.903% 24/6/2020 1,508,437 0.06
USD 4,850,000 Senegal Government International 66,721,731 2.73
Bond RegS 6.25% 23/5/2033 4,783,312 0.20
USD 4,455,000 Senegal Government International Sri Lanka
Bond RegS 6.75% 13/3/2048 4,371,469 0.18 USD 1,300,000 Sri Lanka Government International
12,004,505 0.49 Bond RegS 6.00% 14/1/2019 1,329,250 0.05
USD 1,200,000 Sri Lanka Government International
Serbia Bond RegS 5.125% 11/4/2019 1,217,160 0.05
USD 6,600,000 Serbia International Bond RegS USD 4,300,000 Sri Lanka Government International
4.875% 25/2/2020 6,773,250 0.28 Bond RegS 6.25% 4/10/2020* 4,471,570 0.18
USD 8,800,000 Serbia International Bond RegS USD 4,850,000 Sri Lanka Government International
7.25% 28/9/2021 9,798,800 0.40 Bond RegS 6.25% 27/7/2021* 5,031,220 0.21
USD 1,750,000 Sri Lanka Government International
16,572,050 0.68 Bond RegS 5.75% 18/1/2022* 1,778,919 0.07
USD 4,450,000 Sri Lanka Government International
Slovakia Bond RegS 5.875% 25/7/2022 4,518,352 0.19
USD 6,450,000 Slovakia Government International USD 3,000,000 Sri Lanka Government International
Bond RegS 4.375% 21/5/2022* 6,793,398 0.28 Bond RegS 6.125% 3/6/2025 2,998,841 0.12
6,793,398 0.28 USD 6,250,000 Sri Lanka Government International
Bond RegS 6.85% 3/11/2025 6,496,156 0.27
South Africa USD 4,450,000 Sri Lanka Government International
USD 5,600,000 Eskom Holdings SOC Ltd RegS Bond RegS 6.825% 18/7/2026 4,600,187 0.19
5.75% 26/1/2021* 5,566,400 0.23 USD 6,650,000 Sri Lanka Government International
USD 2,750,000 Eskom Holdings SOC Ltd RegS Bond RegS 6.20% 11/5/2027* 6,554,872 0.27
6.75% 6/8/2023* 2,787,125 0.11 38,996,527 1.60
USD 3,700,000 Eskom Holdings SOC Ltd RegS
7.125% 11/2/2025* 3,788,800 0.16 Suriname
USD 4,750,000 Republic of South Africa Government USD 2,150,000 Republic of Suriname RegS 9.25%
International Bond 6.875% 26/10/2026 2,230,625 0.09
27/5/2019 4,955,437 0.20
2,230,625 0.09
USD 5,350,000 Republic of South Africa Government
International Bond 5.50%
9/3/2020 5,564,000 0.23 Tajikistan
USD 3,050,000 Republic of South Africa Government USD 2,375,000 Republic of Tajikistan International
International Bond 5.875% Bond RegS 7.125% 14/9/2027* 2,207,753 0.09
30/5/2022 3,276,844 0.13 2,207,753 0.09
USD 4,250,000 Republic of South Africa Government
International Bond 4.665% Trinidad And Tobago
17/1/2024 4,279,219 0.18 USD 3,600,000 Petroleum Co of Trinidad & Tobago
Ltd RegS 9.75% 14/8/2019 3,806,994 0.16

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

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

Annual Report and Audited Accounts[47]


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

Trinidad And Tobago continued Turkey continued


USD 2,150,000 Trinidad & Tobago Government USD 2,950,000 Turkey Government International
International Bond RegS 4.375% Bond 8.00% 14/2/2034 3,407,250 0.14
16/1/2024* 2,214,497 0.09 USD 4,000,000 Turkey Government International
USD 4,600,000 Trinidad & Tobago Government Bond 6.875% 17/3/2036 4,165,000 0.17
International Bond RegS 4.50% USD 1,350,000 Turkey Government International
4/8/2026* 4,665,711 0.19 Bond 7.25% 5/3/2038 1,462,219 0.06
USD 2,200,000 Trinidad Generation UnLtd RegS USD 3,150,000 Turkey Government International
5.25% 4/11/2027* 2,206,105 0.09 Bond 6.75% 30/5/2040 3,222,844 0.13
12,893,307 0.53 USD 4,450,000 Turkey Government International
Bond 6.00% 14/1/2041 4,174,656 0.17
USD 4,600,000 Turkey Government International
Tunisia
Bond 4.875% 16/4/2043 3,737,500 0.15
USD 4,100,000 Banque Centrale de Tunisie
USD 4,800,000 Turkey Government International
International Bond RegS 5.75%
Bond 6.625% 17/2/2045* 4,758,000 0.19
30/1/2025 3,923,188 0.16
USD 5,725,000 Turkey Government International
3,923,188 0.16 Bond 5.75% 11/5/2047 5,116,719 0.21
87,870,861 3.60
Turkey
USD 1,000,000 Export Credit Bank of Turkey ‘144A’
Ukraine
4.25% 18/9/2022* 951,150 0.04
USD 6,663,000 Ukraine Government International
USD 700,000 Export Credit Bank of Turkey RegS
Bond RegS 7.75% 1/9/2020 7,006,144 0.29
5.875% 24/4/2019 713,125 0.03
USD 5,683,000 Ukraine Government International
USD 1,000,000 Export Credit Bank of Turkey RegS
Bond RegS 7.75% 1/9/2021 5,975,677 0.24
5.375% 8/2/2021 1,008,750 0.04
USD 5,209,000 Ukraine Government International
USD 400,000 Export Credit Bank of Turkey RegS
Bond RegS 7.75% 1/9/2022 5,446,010 0.22
5.00% 23/9/2021 396,000 0.02
USD 4,830,000 Ukraine Government International
USD 1,000,000 Export Credit Bank of Turkey RegS
Bond RegS 7.75% 1/9/2023 5,011,125 0.21
5.375% 24/10/2023* 982,400 0.04
USD 5,010,000 Ukraine Government International
USD 1,400,000 Hazine Mustesarligi Varlik Kiralama
Bond RegS 7.75% 1/9/2024 5,177,835 0.21
AS RegS 4.251% 8/6/2021 1,398,425 0.06
USD 5,810,000 Ukraine Government International
USD 1,900,000 Hazine Mustesarligi Varlik Kiralama
Bond RegS 7.75% 1/9/2025 5,987,205 0.25
AS RegS 5.004% 6/4/2023 1,919,000 0.08
USD 4,377,000 Ukraine Government International
USD 1,400,000 Hazine Mustesarligi Varlik Kiralama
Bond RegS 7.75% 1/9/2026 4,497,368 0.18
AS RegS 4.489% 25/11/2024* 1,365,280 0.06
USD 4,962,000 Ukraine Government International
USD 800,000 TC Ziraat Bankasi AS RegS 4.25%
Bond RegS 7.75% 1/9/2027 5,091,012 0.21
3/7/2019 799,000 0.03
USD 10,600,000 Ukraine Government International
USD 900,000 TC Ziraat Bankasi AS RegS 4.75%
Bond RegS 7.375% 25/9/2032 10,255,500 0.42
29/4/2021 885,285 0.04
USD 1,250,000 TC Ziraat Bankasi AS RegS 5.125% 54,447,876 2.23
3/5/2022 1,226,438 0.05
USD 850,000 TC Ziraat Bankasi AS RegS 5.125% United Kingdom
29/9/2023 821,759 0.03 USD 2,600,000 State Savings Bank of Ukraine
USD 1,900,000 Turkey Government International Via SSB #1 Plc RegS (Step-up
Bond 7.50% 7/11/2019 2,015,187 0.08 coupon) 9.375% 10/3/2023* 2,735,980 0.11
USD 2,950,000 Turkey Government International USD 2,150,000 State Savings Bank of Ukraine
Bond 7.00% 5/6/2020 3,128,844 0.13 Via SSB #1 Plc RegS (Step-up
USD 3,100,000 Turkey Government International coupon) 9.625% 20/3/2025* 2,283,896 0.09
Bond 5.625% 30/3/2021 3,214,312 0.13 USD 600,000 Ukreximbank Via Biz Finance Plc
USD 1,700,000 Turkey Government International ‘144A’ 9.75% 22/1/2025 640,410 0.03
Bond 5.125% 25/3/2022 1,732,937 0.07 USD 2,750,000 Ukreximbank Via Biz Finance Plc
USD 4,650,000 Turkey Government International RegS 9.625% 27/4/2022 2,901,662 0.12
Bond 6.25% 26/9/2022* 4,937,719 0.20 USD 1,700,000 Ukreximbank Via Biz Finance Plc
USD 2,100,000 Turkey Government International RegS 9.75% 22/1/2025 1,814,657 0.08
Bond 3.25% 23/3/2023 1,953,000 0.08 10,376,605 0.43
USD 4,450,000 Turkey Government International
Bond 5.75% 22/3/2024* 4,572,375 0.19
Uruguay
USD 4,950,000 Turkey Government International
USD 600,000 Uruguay Government International
Bond 7.375% 5/2/2025 5,500,687 0.23
Bond 8.00% 18/11/2022 697,500 0.03
USD 2,400,000 Turkey Government International
USD 8,875,000 Uruguay Government International
Bond 4.25% 14/4/2026* 2,191,500 0.09
Bond 4.50% 14/8/2024 9,363,125 0.38
USD 4,550,000 Turkey Government International
USD 9,850,000 Uruguay Government International
Bond 4.875% 9/10/2026 4,325,344 0.18
Bond 4.375% 27/10/2027 10,209,525 0.42
USD 5,600,000 Turkey Government International
USD 3,175,000 Uruguay Government International
Bond 6.00% 25/3/2027 5,698,000 0.23
Bond 7.875% 15/1/2033 4,337,844 0.18
USD 3,750,000 Turkey Government International
USD 4,900,000 Uruguay Government International
Bond 5.125% 17/2/2028 3,550,781 0.15
Bond 7.625% 21/3/2036 6,664,000 0.27
USD 1,700,000 Turkey Government International
Bond 11.875% 15/1/2030 2,539,375 0.10

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

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

[48] BlackRock Global Index Funds (BGIF)


iShares Emerging Markets Government Bond Index Fund (LU) continued
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description USD Assets Holding Description USD Assets

Uruguay continued Venezuela continued


USD 3,880,000 Uruguay Government International USD 2,750,000 Venezuela Government International
Bond 4.125% 20/11/2045 3,653,990 0.15 Bond RegS (Defaulted)
USD 16,819,190 Uruguay Government International 7.65% 21/4/2025 828,417 0.03
Bond 5.10% 18/6/2050* 17,449,909 0.72 USD 4,575,000 Venezuela Government International
52,375,893 2.15 Bond RegS (Defaulted) 11.75%
21/10/2026 1,561,157 0.06
USD 3,150,000 Venezuela Government International
Venezuela
Bond RegS (Defaulted) 9.25%
USD 4,100,000 Petroleos de Venezuela SA RegS
7/5/2028 943,425 0.04
(Defaulted) 9.00% 17/11/2021 1,388,911 0.06
USD 6,750,000 Venezuela Government International
USD 4,550,000 Petroleos de Venezuela SA RegS
Bond RegS (Defaulted) 11.95%
(Defaulted) 12.75% 17/2/2022 1,552,692 0.06
5/8/2031 2,291,625 0.09
USD 7,850,000 Petroleos de Venezuela SA RegS
USD 1,900,000 Venezuela Government International
(Defaulted) 6.00% 16/5/2024 2,154,825 0.09
Bond RegS (Flat Trading) 7.00%
USD 7,200,000 Petroleos de Venezuela SA RegS
31/3/2038 588,050 0.03
(Defaulted) 6.00% 15/11/2026 1,953,011 0.08
USD 4,350,000 Petroleos de Venezuela SA RegS 28,519,932 1.17
(Defaulted) 5.375% 12/4/2027 1,223,447 0.05
USD 4,805,000 Petroleos de Venezuela SA RegS Vietnam
(Defaulted) 9.75% 17/5/2035 1,495,555 0.06 USD 2,225,000 Vietnam Government International
USD 2,400,000 Petroleos de Venezuela SA RegS Bond RegS 6.75% 29/1/2020* 2,354,495 0.10
(Defaulted) 5.50% 12/4/2037 662,994 0.03 USD 4,872,000 Vietnam Government International
USD 3,961,500 Petroleos de Venezuela SA RegS Bond RegS 4.80% 19/11/2024 4,989,671 0.20
(Flat Trading) 8.50% 27/10/2020 3,417,784 0.14 7,344,166 0.30
USD 2,400,000 Venezuela Government International
Bond (Defaulted)
Zambia
9.375% 13/1/2034 830,917 0.03
USD 3,000,000 Zambia Government International
USD 5,950,000 Venezuela Government International
Bond RegS 5.375% 20/9/2022* 2,859,150 0.12
Bond (Flat Trading)
USD 4,550,000 Zambia Government International
9.25% 15/9/2027 1,941,195 0.08
Bond RegS 8.50% 14/4/2024 4,759,391 0.19
USD 3,850,000 Venezuela Government International
USD 5,550,000 Zambia Government International
Bond RegS (Defaulted)
Bond RegS 8.97% 30/7/2027 5,863,964 0.24
7.75% 13/10/2019 1,159,773 0.05
USD 2,125,000 Venezuela Government International 13,482,505 0.55
Bond RegS (Defaulted) Total Bonds 2,389,422,309 97.89
6.00% 9/12/2020 634,782 0.03
Total Transferable Securities and
USD 5,000,000 Venezuela Government International
Money Market Instruments Admitted to
Bond RegS (Defaulted)
an Official Stock Exchange Listing
12.75% 23/8/2022 1,697,500 0.07
or Dealt in on Another Regulated Market 2,389,422,309 97.89
USD 3,000,000 Venezuela Government International
Bond RegS (Defaulted) Securities portfolio at market value 2,389,422,309 97.89
9.00% 7/5/2023 898,500 0.04
USD 4,300,000 Venezuela Government International Other Net Assets 51,615,026 2.11
Bond RegS (Defaulted) Total Net Assets (USD) 2,441,037,335 100.00
8.25% 13/10/2024 1,295,372 0.05

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

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

Annual Report and Audited Accounts[49]


iShares Emerging Markets Government Bond Index Fund (LU) continued
Open forward foreign exchange transactions Sector Breakdown
as at 31 March 2018 as at 31 March 2018
Unrealised % of Net
appreciation/ Assets
Maturity (depreciation)
Government 79.23
Currency Purchases Currency Sales Counterparty date USD
Energy 8.67
Financial 4.14
EUR Hedged Share Class
Utilities 2.37
EUR 474,273,648 USD 584,923,446 State Street Bank Basic Materials 1.88
& Trust Company 13/4/2018 (84,314) Industrial 1.39
USD 9,941,288 EUR 8,056,095 State Street Bank Diversified 0.13
& Trust Company 13/4/2018 7,109 Consumer, Cyclical 0.04
(77,205) Consumer, Non-cyclical 0.04
Securities portfolio at market value 97.89
GBP Hedged Share Class
Other Net Assets 2.11
GBP 5,048,223 USD 6,996,874 State Street Bank 100.00
& Trust Company 13/4/2018 102,595
USD 10,634 GBP 7,660 State Street Bank
& Trust Company 13/4/2018 (139)

102,456

SEK Hedged Share Class

SEK 1,142,797,649 USD 138,672,812 State Street Bank


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

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

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

[50] BlackRock Global Index Funds (BGIF)


iShares Europe Equity Index Fund (LU)
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description EUR Assets Holding Description EUR Assets

COMMON / PREFERRED STOCKS (SHARES) France continued


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

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

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

Annual Report and Audited Accounts[51]


iShares Europe Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

France continued Germany continued


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

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

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

[52] BlackRock Global Index Funds (BGIF)


iShares Europe Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Netherlands continued Spain continued


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

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

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

Annual Report and Audited Accounts[53]


iShares Europe Equity Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Switzerland continued United Kingdom continued


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

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

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

[54] BlackRock Global Index Funds (BGIF)


iShares Europe Equity Index Fund (LU) continued

Futures contracts as at 31 March 2018


Gross Unrealised
underlying appreciation/
Number of Currency Contract/ Expiration exposure (depreciation)
contracts of contract Description date EUR EUR

85 EUR EURO STOXX 50 Index June 2018 2,782,050 12,040


22 GBP FTSE 100 Index June 2018 1,752,484 337
12 CHF Swiss Market Index June 2018 872,940 (85)
Total 5,407,474 12,292

Sector Breakdown
as at 31 March 2018
% of Net
Assets
Consumer, Non-cyclical 26.91
Financial 22.01
Industrial 10.87
Consumer, Cyclical 10.21
Energy 7.31
Basic Materials 7.28
Communications 5.91
Technology 4.03
Utilities 3.78
Diversified 0.15
Securities portfolio at market value 98.46
Other Net Assets 1.54
100.00

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

Annual Report and Audited Accounts[55]


iShares Euro Aggregate Bond Index Fund (LU)
Portfolio of Investments as at 31 March 2018
Transferable Securities and Money Market Instruments Admitted to an Transferable Securities and Money Market Instruments Admitted to an
Official Stock Exchange Listing or Dealt in on Another Regulated Market Official Stock Exchange Listing or Dealt in on Another Regulated Market
Market % of Market % of
Value Net Value Net
Holding Description EUR Assets Holding Description EUR Assets

BONDS Australia continued


EUR 100,000 Westpac Banking Corp RegS
Australia 0.875% 17/4/2027 98,306 0.01
EUR 100,000 APT Pipelines Ltd RegS 2.00%
22/3/2027 102,750 0.02 4,376,151 0.70
EUR 100,000 AusNet Services Holdings Pty Ltd
RegS 1.50% 26/2/2027 103,253 0.02 Austria
EUR 150,000 Australia & New Zealand Banking EUR 200,000 Autobahnen- und Schnell- strassen-
Group Ltd RegS 3.625% Finanzierungs AG RegS 1.375%
18/7/2022 172,060 0.03 9/4/2021 209,732 0.03
EUR 100,000 Australia & New Zealand Banking EUR 150,000 Autobahnen- und Schnell- strassen-
Group Ltd RegS 0.45% Finanzierungs AG RegS 3.375%
22/11/2023 100,094 0.01 22/9/2025 181,414 0.03
EUR 100,000 Australia & New Zealand Banking EUR 100,000 Autobahnen- und Schnell- strassen-
Group Ltd RegS 0.75% 29/9/2026 97,441 0.01 Finanzierungs AG RegS 2.75%
EUR 100,000 Australia Pacific Airports Melbourne 11/6/2032 118,808 0.02
Pty Ltd RegS 3.125% 26/9/2023 113,192 0.02 EUR 100,000 BAWAG PSK Bank fuer Arbeit und
EUR 100,000 Bank of Queensland Ltd RegS 0.50% Wirtschaft und Oesterreichische
10/7/2022 100,885 0.02 Postsparkasse AG 0.375%
EUR 150,000 BHP Billiton Finance Ltd RegS 3.00% 23/2/2022 101,066 0.02
29/5/2024* 171,439 0.03 EUR 150,000 Erste Group Bank AG 3.50%
EUR 150,000 BHP Billiton Finance Ltd RegS 3.25% 8/2/2022 169,852 0.03
24/9/2027 178,320 0.03 EUR 100,000 Erste Group Bank AG RegS 0.625%
EUR 100,000 BHP Billiton Finance Ltd RegS FRN 19/1/2023 101,945 0.02
22/10/2079 121,017 0.02 EUR 100,000 Hypo Tirol Bank AG RegS 0.50%
EUR 50,000 Commonwealth Bank of Australia 11/2/2021 101,323 0.02
5.50% 6/8/2019 53,608 0.01 EUR 200,000 Hypo Vorarlberg Bank AG RegS
EUR 150,000 Commonwealth Bank of Australia 0.375% 17/5/2024 198,283 0.03
4.375% 25/2/2020 162,620 0.02 EUR 150,000 Hypoe NOE Landesbank fuer
EUR 250,000 Commonwealth Bank of Australia Niederoesterreich und Wien AG
RegS 0.375% 10/2/2021 253,300 0.04 RegS 0.75% 22/9/2021 153,440 0.02
EUR 200,000 Commonwealth Bank of Australia EUR 100,000 KA Finanz AG 1.625% 19/2/2021 104,609 0.02
RegS FRN 3/10/2029 200,835 0.03 EUR 500,000 KAF Kaerntner Ausgleichszahlungs-
EUR 100,000 Commonwealth Bank of Australia Fonds RegS 14/1/2032
RegS 1.625% 10/2/2031 104,820 0.02 (Zero Coupon) 420,015 0.07
EUR 100,000 Macquarie Bank Ltd RegS 1.125% EUR 50,000 Novomatic AG 1.625% 20/9/2023 51,432 0.01
20/1/2022 102,712 0.02 EUR 100,000 OeBB-Infrastruktur AG 3.00%
EUR 50,000 National Australia Bank Ltd RegS 24/10/2033 122,614 0.02
4.625% 10/2/2020 54,119 0.01 EUR 200,000 OeBB-Infrastruktur AG RegS
EUR 150,000 National Australia Bank Ltd RegS 3.625% 13/7/2021 225,018 0.03
2.00% 12/11/2020 157,583 0.02 EUR 200,000 OeBB-Infrastruktur AG RegS
EUR 75,000 National Australia Bank Ltd RegS 1.00% 18/11/2024 207,450 0.03
0.875% 20/1/2022 76,465 0.01 EUR 100,000 OeBB-Infrastruktur AG RegS
EUR 100,000 National Australia Bank Ltd RegS 3.375% 18/5/2032 126,665 0.02
0.25% 28/3/2022 100,523 0.02 EUR 100,000 OMV AG RegS 1.75% 25/11/2019 103,039 0.02
EUR 250,000 National Australia Bank Ltd RegS EUR 150,000 OMV AG RegS FRN (Perpetual) 169,738 0.03
0.875% 16/11/2022 257,257 0.04 EUR 50,000 OMV AG RegS FRN (Perpetual) 61,929 0.01
EUR 150,000 National Australia Bank Ltd RegS EUR 100,000 Raiffeisen Bank International AG
1.875% 13/1/2023 161,286 0.02 6.625% 18/5/2021 116,657 0.02
EUR 150,000 National Australia Bank Ltd RegS EUR 100,000 Raiffeisenlandesbank
0.625% 10/11/2023 149,975 0.02 Niederoesterreich-Wien AG
EUR 150,000 Origin Energy Finance Ltd RegS RegS 0.625% 3/3/2025 100,335 0.02
2.50% 23/10/2020 159,025 0.02 EUR 100,000 Raiffeisenlandesbank
EUR 100,000 Scentre Group Trust 1 RegS Oberoesterreich AG 0.375%
2.25% 16/7/2024 108,353 0.02 28/9/2026 96,464 0.01
EUR 150,000 Telstra Corp Ltd 2.50% 15/9/2023 165,198 0.03 EUR 400,000 Republic of Austria Government
EUR 50,000 Telstra Corp Ltd RegS 4.25% Bond RegS ‘144A’ 1.15%
23/3/2020 54,289 0.01 19/10/2018 403,820 0.06
EUR 100,000 Transurban Finance Co Pty Ltd RegS EUR 700,000 Republic of Austria Government
2.00% 28/8/2025 105,634 0.02 Bond RegS ‘144A’ 1.95%
EUR 100,000 Westpac Banking Corp RegS 18/6/2019 721,665 0.11
1.375% 17/4/2020 103,292 0.02 EUR 500,000 Republic of Austria Government
EUR 200,000 Westpac Banking Corp RegS Bond RegS ‘144A’ 0.25%
1.50% 24/3/2021 209,264 0.03 18/10/2019 506,620 0.08
EUR 100,000 Westpac Banking Corp RegS EUR 800,000 Republic of Austria Government
0.75% 22/7/2021 102,450 0.02 Bond RegS ‘144A’ 3.90%
EUR 175,000 Westpac Banking Corp RegS 15/7/2020 880,048 0.14
0.50% 17/5/2024 174,786 0.03 EUR 1,000,000 Republic of Austria Government
Bond RegS ‘144A’ 3.50%
15/9/2021 1,131,425 0.18

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

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

[56] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Austria continued Belgium


EUR 500,000 Republic of Austria Government EUR 50,000 Anheuser-Busch InBev SA/NV RegS
Bond RegS ‘144A’ 3.65% 2.00% 16/12/2019 51,769 0.01
20/4/2022 577,635 0.09 EUR 150,000 Anheuser-Busch InBev SA/NV RegS
EUR 500,000 Republic of Austria Government 0.625% 17/3/2020 152,021 0.02
Bond RegS ‘144A’ 20/9/2022 EUR 400,000 Anheuser-Busch InBev SA/NV RegS
(Zero Coupon) 502,412 0.08 0.875% 17/3/2022 409,034 0.06
EUR 500,000 Republic of Austria Government EUR 200,000 Anheuser-Busch InBev SA/NV RegS
Bond RegS ‘144A’ 3.40% 1.50% 17/3/2025 207,444 0.03
22/11/2022 581,420 0.09 EUR 100,000 Anheuser-Busch InBev SA/NV RegS
EUR 300,000 Republic of Austria Government 2.70% 31/3/2026 111,717 0.02
Bond RegS ‘144A’ 15/7/2023 EUR 150,000 Anheuser-Busch InBev SA/NV RegS
(Zero Coupon) 298,852 0.05 2.00% 17/3/2028 157,168 0.02
EUR 650,000 Republic of Austria Government EUR 250,000 Anheuser-Busch InBev SA/NV RegS
Bond RegS ‘144A’ 1.75% 2.00% 23/1/2035 241,187 0.04
20/10/2023 709,514 0.11 EUR 150,000 Anheuser-Busch InBev SA/NV RegS
EUR 500,000 Republic of Austria Government 2.75% 17/3/2036 159,517 0.02
Bond RegS ‘144A’ 1.65% EUR 100,000 Belfius Bank SA/NV RegS
21/10/2024 545,280 0.09 0.375% 27/11/2019 101,226 0.02
EUR 550,000 Republic of Austria Government EUR 100,000 Belfius Bank SA/NV RegS
Bond RegS ‘144A’ 1.20% 1.75% 24/6/2024 108,142 0.02
20/10/2025 583,687 0.09 EUR 100,000 Belfius Bank SA/NV RegS
EUR 400,000 Republic of Austria Government 1.00% 26/10/2024 98,432 0.02
Bond RegS ‘144A’ 4.85% EUR 100,000 Belfius Bank SA/NV RegS
15/3/2026 540,220 0.09 3.125% 11/5/2026 108,483 0.02
EUR 1,050,000 Republic of Austria Government EUR 100,000 BNP Paribas Fortis SA RegS
Bond RegS ‘144A’ 0.75% 0.50% 23/9/2024 100,075 0.02
20/10/2026 1,070,328 0.17 EUR 100,000 BNP Paribas Fortis SA RegS
EUR 500,000 Republic of Austria Government 0.875% 22/3/2028 99,426 0.02
Bond RegS ‘144A’ 0.50% EUR 100,000 Brussels Airport Co NV/SA RegS
20/4/2027 495,655 0.08 1.00% 3/5/2024 101,091 0.02
EUR 800,000 Republic of Austria Government EUR 100,000 Eandis System Operator SCRL
Bond RegS ‘144A’ 0.75% RegS 2.875% 9/10/2023 112,030 0.02
20/2/2028 804,440 0.13 EUR 100,000 Elia System Operator SA/NV RegS
EUR 425,000 Republic of Austria Government 3.00% 7/4/2029 114,863 0.02
Bond RegS ‘144A’ 2.40% EUR 100,000 Flemish Community/The RegS
23/5/2034 509,273 0.08 1.00% 13/10/2036 93,675 0.01
EUR 650,000 Republic of Austria Government EUR 100,000 KBC Bank NV RegS
Bond RegS ‘144A’ 4.15% 1.25% 28/5/2020 103,351 0.02
15/3/2037 988,227 0.16 EUR 100,000 KBC Bank NV RegS
EUR 375,000 Republic of Austria Government 0.125% 28/4/2021 100,805 0.02
Bond RegS ‘144A’ 3.15% EUR 300,000 KBC Bank NV RegS
20/6/2044 531,064 0.08 0.375% 1/9/2022 303,757 0.05
EUR 300,000 Republic of Austria Government EUR 100,000 KBC Group NV RegS
Bond RegS ‘144A’ 1.50% 1.00% 26/4/2021 102,170 0.02
20/2/2047 308,013 0.05 EUR 100,000 KBC Group NV RegS
EUR 250,000 Republic of Austria Government FRN 25/11/2024 103,525 0.02
Bond RegS ‘144A’ 3.80% EUR 600,000 Kingdom of Belgium Government
26/1/2062 431,692 0.07 Bond 4.00% 28/3/2022 701,736 0.11
EUR 150,000 Republic of Austria Government EUR 200,000 Kingdom of Belgium Government
Bond RegS ‘144A’ 1.50% Bond 5.50% 28/3/2028 294,188 0.05
2/11/2086 137,898 0.02 EUR 400,000 Kingdom of Belgium Government
EUR 200,000 Republic of Austria Government Bond RegS 3.00% 28/9/2019 421,364 0.07
Bond RegS ‘144A’ 2.10% EUR 1,950,000 Kingdom of Belgium Government
20/9/2117 226,072 0.04 Bond RegS ‘144A’ 3.75%
EUR 100,000 Telekom Finanzmanagement 28/9/2020 2,154,847 0.34
GmbH RegS 3.50% 4/7/2023 114,792 0.02 EUR 1,150,000 Kingdom of Belgium Government
EUR 100,000 UniCredit Bank Austria AG 1.875% Bond RegS ‘144A’ 4.25%
29/10/2020 105,189 0.02 28/9/2021 1,334,000 0.21
EUR 100,000 UniCredit Bank Austria AG RegS EUR 900,000 Kingdom of Belgium Government
1.25% 30/7/2018 100,534 0.01 Bond RegS 4.25% 28/9/2022 1,077,592 0.17
EUR 100,000 UniCredit Bank Austria AG RegS EUR 550,000 Kingdom of Belgium Government
4.125% 24/2/2021 112,184 0.02 Bond RegS 2.25% 22/6/2023 614,075 0.10
EUR 100,000 UniCredit Bank Austria AG RegS EUR 1,350,000 Kingdom of Belgium Government
0.75% 25/2/2025 101,140 0.02 Bond RegS ‘144A’ 0.20%
EUR 100,000 Verbund AG RegS 22/10/2023 1,357,236 0.22
1.50% 20/11/2024 104,427 0.02 EUR 1,200,000 Kingdom of Belgium Government
Bond RegS ‘144A’ 2.60%
17,365,354 2.78
22/6/2024 1,377,996 0.22

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

Annual Report and Audited Accounts[57]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Belgium continued Bulgaria


EUR 200,000 Kingdom of Belgium Government EUR 100,000 Bulgaria Government International
Bond RegS ‘144A’ 0.50% Bond RegS 2.95% 3/9/2024 113,687 0.02
22/10/2024 202,942 0.03 EUR 100,000 Bulgaria Government International
EUR 200,000 Kingdom of Belgium Government Bond RegS 2.625% 26/3/2027 110,563 0.01
Bond RegS ‘144A’ 0.80% EUR 100,000 Bulgaria Government International
22/6/2025 206,066 0.03 Bond RegS 3.00% 21/3/2028 112,125 0.02
EUR 500,000 Kingdom of Belgium Government 336,375 0.05
Bond RegS ‘144A’ 4.50%
28/3/2026 660,795 0.11 Canada
EUR 1,050,000 Kingdom of Belgium Government EUR 100,000 Alimentation Couche-Tard Inc RegS
Bond RegS ‘144A’ 1.00% 1.875% 6/5/2026 102,886 0.02
22/6/2026 1,091,401 0.17 EUR 150,000 Bank of Montreal RegS 0.25%
EUR 1,900,000 Kingdom of Belgium Government 22/1/2020* 151,411 0.02
Bond RegS ‘144A’ 0.80% EUR 100,000 Bank of Montreal RegS 0.125%
22/6/2027 1,926,790 0.31 19/4/2021 100,535 0.01
EUR 400,000 Kingdom of Belgium Government EUR 300,000 Bank of Montreal RegS 0.10%
Bond RegS ‘144A’ 0.80% 20/10/2023 295,252 0.05
22/6/2028 401,312 0.06 EUR 100,000 Bank of Nova Scotia/The RegS
EUR 1,050,000 Kingdom of Belgium Government 0.50% 23/7/2020 101,581 0.02
Bond RegS ‘144A’ 1.00% EUR 150,000 Bank of Nova Scotia/The RegS
22/6/2031 1,051,879 0.17 0.75% 17/9/2021 153,703 0.02
EUR 350,000 Kingdom of Belgium Government EUR 100,000 Bank of Nova Scotia/The RegS
Bond RegS 4.00% 28/3/2032 488,768 0.08 0.375% 6/4/2022 99,737 0.01
EUR 350,000 Kingdom of Belgium Government EUR 100,000 Bank of Nova Scotia/The RegS
Bond RegS ‘144A’ 3.00% 0.375% 10/3/2023 100,364 0.02
22/6/2034 446,089 0.07 EUR 300,000 Bank of Nova Scotia/The RegS
EUR 600,000 Kingdom of Belgium Government 0.50% 22/1/2025 298,008 0.05
Bond RegS ‘144A’ 5.00% EUR 100,000 Caisse Centrale Desjardins RegS
28/3/2035 960,348 0.15 1.125% 11/3/2019 101,391 0.02
EUR 750,000 Kingdom of Belgium Government EUR 150,000 Canadian Imperial Bank of
Bond RegS ‘144A’ 1.45% Commerce RegS 1.25%
22/6/2037 770,670 0.12 7/8/2018 150,866 0.02
EUR 500,000 Kingdom of Belgium Government EUR 200,000 Canadian Imperial Bank of
Bond RegS ‘144A’ 1.90% Commerce RegS 0.25%
22/6/2038 551,460 0.09 28/1/2020 201,924 0.03
EUR 1,050,000 Kingdom of Belgium Government EUR 150,000 Great-West Lifeco Inc RegS
Bond RegS ‘144A’ 4.25% 1.75% 7/12/2026 154,621 0.02
28/3/2041 1,651,461 0.26 EUR 200,000 National Bank of Canada RegS
EUR 375,000 Kingdom of Belgium Government 0.50% 26/1/2022 203,057 0.03
Bond RegS 3.75% 22/6/2045 566,550 0.09 EUR 100,000 Province of British Columbia
EUR 500,000 Kingdom of Belgium Government Canada RegS 0.875% 8/10/2025 101,894 0.02
Bond RegS ‘144A’ 1.60% EUR 50,000 Province of Ontario Canada
22/6/2047 507,330 0.08 4.00% 3/12/2019 53,685 0.01
EUR 300,000 Kingdom of Belgium Government EUR 150,000 Province of Ontario Canada
Bond RegS ‘144A’ 2.25% 3.00% 28/9/2020 162,213 0.02
22/6/2057 346,062 0.05 EUR 200,000 Province of Ontario Canada RegS
EUR 150,000 Kingdom of Belgium Government 0.375% 14/6/2024 198,498 0.03
Bond RegS ‘144A’ 2.15% EUR 100,000 Province of Ontario Canada RegS
22/6/2066 167,508 0.03 0.875% 21/1/2025 101,925 0.02
EUR 100,000 Proximus SADP RegS 1.875% EUR 50,000 Province of Quebec Canada
1/10/2025 106,614 0.02 4.75% 29/4/2018 50,180 0.01
EUR 100,000 Solvay SA RegS 2.75% 2/12/2027 111,395 0.02 EUR 150,000 Province of Quebec Canada RegS
24,789,382 3.97 5.00% 29/4/2019 158,715 0.02
EUR 100,000 Province of Quebec Canada RegS
Brazil 0.875% 15/1/2025 102,057 0.02
EUR 100,000 Vale SA 3.75% 10/1/2023 112,125 0.02 EUR 100,000 Province of Quebec Canada RegS
1.125% 28/10/2025 103,400 0.02
112,125 0.02
EUR 200,000 Province of Quebec Canada RegS
0.875% 4/5/2027 199,774 0.03
British Virgin Islands EUR 100,000 Royal Bank of Canada RegS 1.25%
EUR 100,000 Global Switch Holdings Ltd RegS 29/10/2018 100,960 0.02
2.25% 31/5/2027 101,675 0.02 EUR 100,000 Royal Bank of Canada RegS
EUR 100,000 Sinopec Group Overseas 1.625% 4/8/2020 104,217 0.02
Development 2015 Ltd RegS EUR 200,000 Royal Bank of Canada RegS 0.125%
1.00% 28/4/2022 101,333 0.01 11/3/2021 201,153 0.03
203,008 0.03 EUR 100,000 Toronto-Dominion Bank/The RegS
0.625% 29/7/2019 100,915 0.02
EUR 100,000 Toronto-Dominion Bank/The RegS
0.50% 15/6/2020 101,611 0.02

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

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

[58] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Canada continued Denmark continued


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

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

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

Annual Report and Audited Accounts[59]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Finland continued France continued


EUR 200,000 Finland Government Bond RegS EUR 100,000 Agence Francaise de
‘144A’ 1.125% 15/4/2034 202,806 0.03 Developpement RegS 0.875%
EUR 300,000 Finland Government Bond RegS 25/5/2031 96,732 0.01
‘144A’ 2.625% 4/7/2042 395,898 0.06 EUR 200,000 Agence France Locale RegS 0.50%
EUR 100,000 Finland Government Bond RegS 20/6/2024 200,946 0.03
‘144A’ 1.375% 15/4/2047 103,123 0.02 EUR 100,000 Air Liquide Finance SA 3.889%
EUR 150,000 Finnvera OYJ RegS 0.50% 9/6/2020 108,845 0.02
13/4/2026 148,564 0.02 EUR 100,000 Air Liquide Finance SA RegS
EUR 100,000 Fortum OYJ RegS 4.00% 1.25% 3/6/2025 103,411 0.02
24/5/2021 111,787 0.02 EUR 100,000 Air Liquide Finance SA RegS
EUR 100,000 Kojamo OYJ RegS 1.625% 1.25% 13/6/2028 101,899 0.02
7/3/2025 100,033 0.02 EUR 100,000 ALD SA RegS 0.875% 18/7/2022 100,308 0.02
EUR 100,000 Municipality Finance Plc RegS 0.10% EUR 200,000 APRR SA RegS 1.125% 15/1/2021 205,400 0.03
15/10/2021 100,763 0.02 EUR 100,000 APRR SA RegS 1.875% 6/1/2031 104,272 0.02
EUR 100,000 Municipality Finance Plc RegS EUR 100,000 APRR SA RegS 1.50% 17/1/2033 97,616 0.01
0.625% 26/11/2026 99,823 0.02 EUR 200,000 Arkea Home Loans SFH SA RegS
EUR 150,000 Nordea Mortgage Bank Plc RegS 4.50% 13/4/2021 228,426 0.04
2.25% 3/5/2019 154,297 0.02 EUR 100,000 Arkea Home Loans SFH SA RegS
EUR 400,000 Nordea Mortgage Bank Plc RegS 2.375% 11/7/2023 110,968 0.02
0.125% 17/6/2020* 403,372 0.06 EUR 100,000 Arkema SA 3.85% 30/4/2020 108,122 0.02
EUR 100,000 Nordea Mortgage Bank Plc RegS EUR 100,000 Auchan Holding SADIR RegS
0.025% 24/1/2022 99,981 0.02 0.625% 7/2/2022 100,474 0.02
EUR 100,000 Nordea Mortgage Bank Plc RegS EUR 100,000 Auchan Holding SADIR RegS
1.00% 5/11/2024 103,483 0.02 2.375% 12/12/2022 108,124 0.02
EUR 175,000 Nordea Mortgage Bank Plc RegS EUR 100,000 Autoroutes du Sud de la France SA
1.375% 28/2/2033 177,015 0.03 RegS 7.375% 20/3/2019 107,235 0.02
EUR 100,000 OP Corporate Bank Plc RegS EUR 100,000 Autoroutes du Sud de la France SA
2.00% 3/3/2021 105,604 0.02 RegS 2.875% 18/1/2023 111,526 0.02
EUR 100,000 OP Corporate Bank Plc RegS EUR 100,000 AXA Bank Europe SCF RegS
0.375% 11/10/2022 99,818 0.02 0.375% 23/3/2023 100,731 0.02
EUR 100,000 OP Mortgage Bank RegS 1.50% EUR 100,000 AXA SA RegS FRN 16/4/2040 109,446 0.02
17/3/2021 104,807 0.02 EUR 100,000 AXA SA RegS FRN 6/7/2047 105,131 0.02
EUR 125,000 OP Mortgage Bank RegS 0.25% EUR 150,000 AXA SA RegS FRN 28/5/2049 152,299 0.02
11/5/2023 124,987 0.02 EUR 100,000 AXA SA RegS FRN (Perpetual) 107,602 0.02
EUR 350,000 OP Mortgage Bank RegS 0.25% EUR 350,000 Banque Federative du Credit Mutuel
13/3/2024 347,431 0.05 SA RegS 4.125% 20/7/2020 382,970 0.06
EUR 100,000 Sampo OYJ RegS 1.50% 16/9/2021 104,152 0.02 EUR 100,000 Banque Federative du Credit Mutuel
EUR 125,000 Sampo OYJ RegS 1.625% 21/2/2028 124,161 0.02 SA RegS 2.625% 24/2/2021 107,220 0.02
EUR 100,000 Tyottomyysvakuutusrahasto EUR 100,000 Banque Federative du Credit Mutuel
0.375% 23/9/2019 101,111 0.02 SA RegS 2.625% 18/3/2024 111,005 0.02
8,672,533 1.39 EUR 100,000 Banque Federative du Credit Mutuel
SA RegS 3.00% 21/5/2024 109,137 0.02
EUR 100,000 Banque Federative du Credit Mutuel
France
SA RegS 2.375% 24/3/2026 104,228 0.02
EUR 100,000 Accor SA RegS 2.375% 17/9/2023 107,554 0.02
EUR 100,000 Banque Federative du Credit Mutuel
EUR 100,000 Aeroports de Paris 3.875%
SA RegS 1.875% 4/11/2026 99,763 0.02
15/2/2022 113,889 0.02
EUR 200,000 Banque Federative du Credit Mutuel
EUR 100,000 Aeroports de Paris RegS 1.50%
SA RegS 1.25% 26/5/2027 199,706 0.03
24/7/2023 104,903 0.02
EUR 100,000 BNP Paribas Cardif SA RegS FRN
EUR 250,000 Agence Francaise de
(Perpetual) 108,647 0.02
Developpement RegS 3.625%
EUR 300,000 BNP Paribas Home Loan SFH SA
21/4/2020 270,262 0.04
RegS 1.375% 17/6/2020 311,214 0.05
EUR 300,000 Agence Francaise de
EUR 200,000 BNP Paribas Home Loan SFH SA
Developpement RegS 0.125%
RegS 0.375% 22/7/2024 199,669 0.03
30/4/2022 300,783 0.05
EUR 100,000 BNP Paribas Home Loan SFH SA
EUR 300,000 Agence Francaise de
RegS 0.375% 7/5/2025 99,246 0.01
Developpement RegS 0.125%
EUR 100,000 BNP Paribas SA RegS 2.50%
15/11/2023 297,699 0.05
23/8/2019 103,695 0.02
EUR 100,000 Agence Francaise de
EUR 400,000 BNP Paribas SA RegS 4.125%
Developpement RegS 3.125%
14/1/2022 458,408 0.07
4/1/2024 116,285 0.02
EUR 100,000 BNP Paribas SA RegS 2.875%
EUR 200,000 Agence Francaise de
24/10/2022 110,855 0.02
Developpement RegS 1.375%
EUR 225,000 BNP Paribas SA RegS 0.75%
17/9/2024* 212,204 0.03
11/11/2022 227,613 0.04
EUR 200,000 Agence Francaise de
EUR 100,000 BNP Paribas SA RegS 1.125%
Developpement RegS 0.25%
15/1/2023 102,911 0.02
21/7/2026 192,632 0.03
EUR 125,000 BNP Paribas SA RegS 1.125%
10/10/2023 126,321 0.02

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

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

[60] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

France continued France continued


EUR 125,000 BNP Paribas SA RegS 1.00% EUR 200,000 Caisse d’Amortissement de la Dette
27/6/2024 124,446 0.02 Sociale RegS 2.375% 25/1/2024 225,526 0.04
EUR 100,000 BNP Paribas SA RegS 2.375% EUR 300,000 Caisse d’Amortissement de la Dette
17/2/2025 104,712 0.02 Sociale RegS 1.375% 25/11/2024 321,277 0.05
EUR 200,000 BNP Paribas SA RegS 1.50% EUR 350,000 Caisse d’Amortissement de la Dette
17/11/2025 202,986 0.03 Sociale RegS 4.00% 15/12/2025 445,112 0.07
EUR 150,000 BNP Paribas SA RegS FRN EUR 300,000 Caisse de Refinancement de
20/3/2026 159,018 0.02 l’Habitat SA 3.75% 19/2/2020 323,259 0.05
EUR 100,000 BNP Paribas SA RegS 2.875% EUR 250,000 Caisse de Refinancement de
1/10/2026 107,804 0.02 l’Habitat SA 3.60% 13/9/2021 282,234 0.04
EUR 100,000 BNP Paribas SA RegS 1.50% EUR 350,000 Caisse de Refinancement de
23/5/2028 98,713 0.01 l’Habitat SA 4.00% 10/1/2022 403,944 0.06
EUR 50,000 Bouygues SA RegS 3.641% EUR 300,000 Caisse de Refinancement de
29/10/2019 52,906 0.01 l’Habitat SA 4.00% 17/6/2022 350,464 0.06
EUR 100,000 Bouygues SA RegS 4.50% EUR 150,000 Caisse de Refinancement de
9/2/2022 116,134 0.02 l’Habitat SA 3.60% 8/3/2024 178,966 0.03
EUR 100,000 BPCE SA RegS 0.625% 20/4/2020 101,285 0.02 EUR 150,000 Caisse des Depots et Consignations
EUR 100,000 BPCE SA RegS 4.50% 10/2/2022 116,459 0.02 4.125% 20/2/2019 156,124 0.02
EUR 100,000 BPCE SA RegS 1.125% 18/1/2023 101,335 0.02 EUR 100,000 Caisse Francaise de Financement
EUR 100,000 BPCE SA RegS 4.625% 18/7/2023 117,699 0.02 Local 5.375% 8/7/2024 130,635 0.02
EUR 100,000 BPCE SA RegS 0.375% 5/10/2023 98,449 0.01 EUR 200,000 Caisse Francaise de Financement
EUR 400,000 BPCE SA RegS 0.875% 31/1/2024 396,452 0.06 Local RegS 0.375% 16/9/2019 202,327 0.03
EUR 100,000 BPCE SA RegS 2.875% 22/4/2026 107,677 0.02 EUR 400,000 Caisse Francaise de Financement
EUR 300,000 BPCE SFH SA RegS 3.75% Local RegS 3.50% 24/9/2020 437,318 0.07
13/9/2021 339,637 0.05 EUR 100,000 Caisse Francaise de Financement
EUR 300,000 BPCE SFH SA RegS 0.375% Local RegS 4.25% 26/1/2021 112,602 0.02
10/2/2023 302,658 0.05 EUR 200,000 Caisse Francaise de Financement
EUR 200,000 BPCE SFH SA RegS 1.00% Local RegS 4.875% 2/6/2021 231,830 0.04
24/2/2025 206,580 0.03 EUR 100,000 Caisse Francaise de Financement
EUR 300,000 BPCE SFH SA RegS 0.75% Local RegS 0.50% 13/4/2022 101,925 0.02
2/9/2025 302,748 0.05 EUR 100,000 Caisse Francaise de Financement
EUR 100,000 BPCE SFH SA RegS 1.00% Local RegS 0.20% 27/4/2023 99,926 0.01
8/6/2029 99,578 0.02 EUR 200,000 Caisse Francaise de Financement
EUR 100,000 Bpifrance Financement SA RegS Local RegS 0.375% 11/5/2024 199,850 0.03
0.10% 19/2/2021 100,742 0.02 EUR 100,000 Caisse Francaise de Financement
EUR 300,000 Bpifrance Financement SA RegS Local RegS 0.625% 13/4/2026 99,785 0.02
0.75% 25/10/2021 308,703 0.05 EUR 100,000 Caisse Francaise de Financement
EUR 300,000 Bpifrance Financement SA RegS Local RegS 1.50% 13/1/2031 104,139 0.02
0.25% 14/2/2023 301,104 0.05 EUR 100,000 Caisse Francaise de Financement
EUR 200,000 Bpifrance Financement SA RegS Local RegS 1.25% 11/5/2032 99,908 0.01
0.125% 25/11/2023 198,300 0.03 EUR 100,000 Caisse Francaise de Financement
EUR 100,000 Bpifrance Financement SA RegS Local RegS 1.25% 22/1/2035 98,357 0.01
2.75% 25/10/2025 117,379 0.02 EUR 100,000 Capgemini SE RegS 2.50%
EUR 200,000 Bpifrance Financement SA RegS 1/7/2023 109,443 0.02
0.875% 25/11/2026 203,725 0.03 EUR 100,000 Carmila SA RegS 2.375%
EUR 200,000 Bpifrance Financement SA RegS 16/9/2024 106,227 0.02
1.00% 25/5/2027 203,800 0.03 EUR 200,000 Carrefour SA RegS 1.75%
EUR 200,000 Caisse Centrale du Credit Immobilier 22/5/2019 204,136 0.03
de France SA RegS 1.125% EUR 50,000 Carrefour SA RegS 3.875%
22/4/2019 203,165 0.03 25/4/2021 55,410 0.01
EUR 200,000 Caisse Centrale du Credit Immobilier EUR 100,000 Carrefour SA RegS 1.75%
de France SA RegS 0.125% 15/7/2022 104,559 0.02
1/3/2021 201,378 0.03 EUR 300,000 Cie de Financement Foncier SA
EUR 200,000 Caisse d’Amortissement de la Dette 0.375% 17/9/2019 303,445 0.05
Sociale 2.50% 25/10/2022 222,968 0.03 EUR 300,000 Cie de Financement Foncier SA
EUR 500,000 Caisse d’Amortissement de la Dette RegS 4.875% 25/5/2021 347,310 0.05
Sociale RegS 1.00% 25/5/2018* 501,090 0.08 EUR 200,000 Cie de Financement Foncier SA
EUR 700,000 Caisse d’Amortissement de la Dette RegS 4.25% 19/1/2022 232,378 0.04
Sociale RegS 4.25% 25/4/2020 767,571 0.12 EUR 300,000 Cie de Financement Foncier SA
EUR 400,000 Caisse d’Amortissement de la Dette RegS 2.375% 21/11/2022 330,985 0.05
Sociale RegS 3.75% 25/10/2020 442,100 0.07 EUR 200,000 Cie de Financement Foncier SA
EUR 200,000 Caisse d’Amortissement de la Dette RegS 0.325% 12/9/2023 200,554 0.03
Sociale RegS 0.05% 25/11/2020 201,673 0.03 EUR 100,000 Cie de Financement Foncier SA
EUR 300,000 Caisse d’Amortissement de la Dette RegS 0.50% 4/9/2024 100,492 0.02
Sociale RegS 4.375% 25/10/2021 349,014 0.05 EUR 300,000 Cie de Financement Foncier SA
EUR 600,000 Caisse d’Amortissement de la Dette RegS 0.375% 11/12/2024 297,855 0.05
Sociale RegS 0.125% 25/11/2022 603,462 0.10 EUR 150,000 Cie de Financement Foncier SA
EUR 200,000 Caisse d’Amortissement de la Dette RegS 4.00% 24/10/2025 187,557 0.03
Sociale RegS 0.50% 25/5/2023 204,048 0.03

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

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

Annual Report and Audited Accounts[61]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

France continued France continued


EUR 150,000 Cie de Financement Foncier SA EUR 100,000 Credit Agricole SA/London RegS
RegS 1.00% 2/2/2026 153,912 0.02 1.875% 20/12/2026 103,374 0.02
EUR 100,000 Cie de Financement Foncier SA EUR 100,000 Credit Logement SA RegS FRN
RegS 0.225% 14/9/2026 95,687 0.01 28/11/2029 97,898 0.01
EUR 200,000 Cie de Financement Foncier SA EUR 200,000 Credit Mutuel - CIC Home Loan SFH
RegS 0.75% 11/1/2028 197,454 0.03 SA RegS 1.125% 6/2/2019 202,623 0.03
EUR 150,000 Cie de Saint-Gobain RegS 4.50% EUR 100,000 Credit Mutuel - CIC Home Loan SFH
30/9/2019 160,282 0.02 SA RegS 1.375% 22/4/2020 103,575 0.02
EUR 100,000 Cie de Saint-Gobain RegS 1.00% EUR 50,000 Credit Mutuel - CIC Home Loan SFH
17/3/2025 99,884 0.01 SA RegS 3.125% 9/9/2020 54,175 0.01
EUR 100,000 Cie de Saint-Gobain RegS 1.375% EUR 100,000 Credit Mutuel - CIC Home Loan SFH
14/6/2027 99,986 0.01 SA RegS 4.375% 17/3/2021 113,551 0.02
EUR 50,000 Cie Financiere et Industrielle des EUR 200,000 Credit Mutuel - CIC Home Loan SFH
Autoroutes SA RegS 5.00% SA RegS 1.75% 19/6/2024 216,721 0.03
24/5/2021 57,608 0.01 EUR 200,000 Credit Mutuel - CIC Home Loan SFH
EUR 100,000 Cie Financiere et Industrielle des SA RegS 0.625% 10/2/2025 201,929 0.03
Autoroutes SA RegS 0.375% EUR 100,000 Credit Mutuel - CIC Home Loan SFH
7/2/2025 96,571 0.01 SA RegS 0.75% 15/9/2027 99,184 0.01
EUR 100,000 Cie Financiere et Industrielle des EUR 100,000 Credit Mutuel Arkea SA RegS 1.00%
Autoroutes SA RegS 0.75% 26/1/2023 102,257 0.02
9/9/2028 94,505 0.01 EUR 100,000 Danone SA RegS 0.424% 3/11/2022 99,947 0.01
EUR 100,000 CIF Euromortgage SA RegS 3.75% EUR 100,000 Danone SA RegS 2.60% 28/6/2023 110,446 0.02
23/10/2019 106,375 0.02 EUR 100,000 Danone SA RegS 1.125% 14/1/2025 101,378 0.02
EUR 150,000 CNP Assurances RegS FRN EUR 100,000 Danone SA RegS 1.208% 3/11/2028 97,943 0.01
14/9/2040 168,442 0.03 EUR 100,000 Danone SA RegS FRN (Perpetual) 98,595 0.01
EUR 100,000 CNP Assurances RegS FRN EUR 100,000 Dexia Credit Local SA RegS 1.625%
10/6/2047 113,959 0.02 29/10/2018 101,157 0.02
EUR 200,000 Coentreprise de Transport EUR 150,000 Dexia Credit Local SA RegS 1.375%
d’Electricite SA RegS 2.125% 18/9/2019 153,865 0.02
29/7/2032 207,063 0.03 EUR 200,000 Dexia Credit Local SA RegS 0.25%
EUR 100,000 Coface SA RegS 4.125% 27/3/2024 113,152 0.02 19/3/2020 202,128 0.03
EUR 100,000 Credit Agricole Assurances SA RegS EUR 150,000 Dexia Credit Local SA RegS 2.00%
FRN (Perpetual) 110,417 0.02 22/1/2021 159,057 0.02
EUR 100,000 Credit Agricole Assurances SA RegS EUR 150,000 Dexia Credit Local SA RegS 0.625%
FRN (Perpetual) 108,474 0.02 21/1/2022 153,280 0.02
EUR 200,000 Credit Agricole Home Loan SFH SA EUR 200,000 Dexia Credit Local SA RegS 0.25%
0.50% 19/2/2026 197,456 0.03 2/6/2022 201,160 0.03
EUR 300,000 Credit Agricole Home Loan SFH SA EUR 200,000 Dexia Credit Local SA RegS 0.625%
RegS 1.625% 11/3/2020 311,721 0.05 3/2/2024 202,413 0.03
EUR 200,000 Credit Agricole Home Loan SFH SA EUR 200,000 Dexia Credit Local SA RegS 1.25%
RegS 4.00% 17/1/2022 230,674 0.04 27/10/2025 208,198 0.03
EUR 100,000 Credit Agricole Home Loan SFH SA EUR 100,000 Edenred RegS 1.375% 10/3/2025 102,154 0.02
RegS 0.375% 24/3/2023 100,929 0.02 EUR 150,000 Electricite de France SA RegS 6.25%
EUR 200,000 Credit Agricole Home Loan SFH SA 25/1/2021 176,158 0.03
RegS 0.25% 23/2/2024 198,840 0.03 EUR 200,000 Electricite de France SA RegS
EUR 200,000 Credit Agricole Home Loan SFH SA 3.875% 18/1/2022 226,964 0.04
RegS 0.50% 3/4/2025 199,922 0.03 EUR 150,000 Electricite de France SA RegS
EUR 100,000 Credit Agricole Home Loan SFH SA 4.625% 11/9/2024 184,125 0.03
RegS 4.00% 16/7/2025 124,639 0.02 EUR 100,000 Electricite de France SA RegS 4.00%
EUR 100,000 Credit Agricole Home Loan SFH SA 12/11/2025 120,428 0.02
RegS 1.25% 24/3/2031 101,716 0.02 EUR 200,000 Electricite de France SA RegS 1.00%
EUR 150,000 Credit Agricole Public Sector SCF SA 13/10/2026 194,846 0.03
RegS 0.25% 31/10/2026 143,956 0.02 EUR 50,000 Electricite de France SA RegS
EUR 50,000 Credit Agricole SA RegS 3.90% 5.625% 21/2/2033 71,556 0.01
19/4/2021 55,463 0.01 EUR 100,000 Electricite de France SA RegS
EUR 100,000 Credit Agricole SA RegS 2.625% 1.875% 13/10/2036 90,913 0.01
17/3/2027 105,786 0.02 EUR 50,000 Electricite de France SA RegS 4.50%
EUR 100,000 Credit Agricole SA/London RegS 12/11/2040 65,526 0.01
2.375% 27/11/2020 106,140 0.02 EUR 100,000 Electricite de France SA RegS FRN
EUR 300,000 Credit Agricole SA/London RegS (Perpetual) 107,300 0.02
0.75% 1/12/2022 303,361 0.05 EUR 100,000 Electricite de France SA RegS FRN
EUR 100,000 Credit Agricole SA/London RegS (Perpetual) 106,180 0.02
5.125% 18/4/2023 123,400 0.02 EUR 100,000 Engie SA 3.125% 21/1/2020 105,818 0.02
EUR 100,000 Credit Agricole SA/London RegS EUR 50,000 Engie SA 3.50% 18/10/2022 57,176 0.01
2.375% 20/5/2024 109,350 0.02 EUR 100,000 Engie SA RegS 0.875% 27/3/2024 100,763 0.02
EUR 200,000 Credit Agricole SA/London RegS EUR 200,000 Engie SA RegS 2.375% 19/5/2026 219,450 0.03
1.375% 13/3/2025 202,067 0.03 EUR 100,000 Engie SA RegS 2.00% 28/9/2037 99,996 0.01
EUR 100,000 Credit Agricole SA/London RegS EUR 100,000 Engie SA RegS FRN (Perpetual) 108,797 0.02
1.25% 14/4/2026 100,696 0.02 EUR 100,000 Engie SA RegS FRN (Perpetual) 111,863 0.02

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

[62] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

France continued France continued


EUR 200,000 Engie SA RegS FRN (Perpetual) 193,024 0.03 EUR 2,400,000 French Republic Government Bond
EUR 100,000 Essilor International Cie Generale OAT RegS 0.75% 25/5/2028 2,406,576 0.38
d’Optique SA RegS 1.75% EUR 600,000 French Republic Government Bond
9/4/2021 104,538 0.02 OAT RegS 5.50% 25/4/2029 903,327 0.14
EUR 100,000 Fonciere Des Regions RegS EUR 1,800,000 French Republic Government Bond
1.50% 21/6/2027 97,961 0.01 OAT RegS 2.50% 25/5/2030 2,138,382 0.34
EUR 1,300,000 French Republic Government Bond EUR 2,400,000 French Republic Government Bond
OAT RegS 4.25% 25/4/2019 1,366,755 0.22 OAT RegS 1.50% 25/5/2031 2,561,304 0.41
EUR 1,400,000 French Republic Government Bond EUR 1,650,000 French Republic Government Bond
OAT RegS 1.00% 25/5/2019 1,425,508 0.23 OAT RegS 5.75% 25/10/2032 2,721,790 0.44
EUR 1,700,000 French Republic Government Bond EUR 500,000 French Republic Government Bond
OAT RegS 3.75% 25/10/2019 1,815,702 0.29 OAT RegS 1.25% 25/5/2034 509,500 0.08
EUR 300,000 French Republic Government Bond EUR 1,250,000 French Republic Government Bond
OAT RegS 8.50% 25/10/2019 342,975 0.05 OAT RegS 4.75% 25/4/2035 1,960,850 0.31
EUR 2,000,000 French Republic Government Bond EUR 1,900,000 French Republic Government Bond
OAT RegS 0.50% 25/11/2019* 2,035,640 0.33 OAT RegS ‘144A’ 1.25%
EUR 2,400,000 French Republic Government Bond 25/5/2036 1,908,531 0.30
OAT RegS 25/2/2020 EUR 1,750,000 French Republic Government Bond
(Zero Coupon) 2,423,376 0.39 OAT RegS 4.00% 25/10/2038 2,621,806 0.42
EUR 2,500,000 French Republic Government Bond EUR 800,000 French Republic Government Bond
OAT RegS 3.50% 25/4/2020 2,707,600 0.43 OAT RegS ‘144A’ 1.75% 25/6/2039 862,704 0.14
EUR 1,500,000 French Republic Government Bond EUR 1,850,000 French Republic Government Bond
OAT RegS 25/5/2020 OAT RegS 4.50% 25/4/2041 3,012,817 0.48
(Zero Coupon) 1,515,690 0.24 EUR 1,350,000 French Republic Government Bond
EUR 2,150,000 French Republic Government Bond OAT RegS 3.25% 25/5/2045 1,883,655 0.30
OAT RegS 2.50% 25/10/2020 2,312,647 0.37 EUR 1,000,000 French Republic Government Bond
EUR 1,350,000 French Republic Government Bond OAT RegS ‘144A’
OAT RegS 0.25% 25/11/2020 1,373,301 0.22 2.00% 25/5/2048 1,102,930 0.18
EUR 1,200,000 French Republic Government Bond EUR 700,000 French Republic Government Bond
OAT RegS 3.75% 25/4/2021 1,351,740 0.22 OAT RegS 4.00% 25/4/2055 1,161,195 0.19
EUR 3,300,000 French Republic Government Bond EUR 850,000 French Republic Government Bond
OAT RegS 25/5/2021 OAT RegS 4.00% 25/4/2060 1,450,057 0.23
(Zero Coupon) 3,333,561 0.53 EUR 350,000 French Republic Government Bond
EUR 2,000,000 French Republic Government Bond OAT RegS ‘144A’
OAT RegS 3.25% 25/10/2021 2,251,140 0.36 1.75% 25/5/2066 353,719 0.06
EUR 2,400,000 French Republic Government Bond EUR 200,000 Gecina SA RegS 1.375% 26/1/2028 196,284 0.03
OAT RegS 3.00% 25/4/2022 2,711,844 0.43 EUR 100,000 Gecina SA RegS 2.00% 30/6/2032 99,476 0.01
EUR 2,550,000 French Republic Government Bond EUR 100,000 Groupama SA RegS FRN
OAT RegS 25/5/2022 (Perpetual) 117,047 0.02
(Zero Coupon) 2,565,759 0.41 EUR 50,000 Holding d’Infrastructures de
EUR 1,500,000 French Republic Government Bond Transport SAS RegS 4.875%
OAT RegS 2.25% 25/10/2022 1,661,190 0.27 27/10/2021 58,365 0.01
EUR 1,000,000 French Republic Government Bond EUR 100,000 Holding d’Infrastructures de
OAT RegS 25/3/2023 Transport SAS RegS 0.625%
(Zero Coupon) 999,375 0.16 27/3/2023 99,003 0.01
EUR 3,150,000 French Republic Government Bond EUR 100,000 Holding d’Infrastructures de
OAT RegS 1.75% 25/5/2023* 3,432,744 0.55 Transport SAS RegS 2.25%
EUR 1,700,000 French Republic Government Bond 24/3/2025 107,068 0.02
OAT RegS 4.25% 25/10/2023 2,097,579 0.34 EUR 300,000 HSBC France SA RegS 1.875%
EUR 2,100,000 French Republic Government Bond 16/1/2020 310,617 0.05
OAT RegS 2.25% 25/5/2024 2,369,178 0.38 EUR 200,000 ICADE RegS 1.875% 14/9/2022 211,262 0.03
EUR 2,500,000 French Republic Government Bond EUR 100,000 Imerys SA RegS 1.50% 15/1/2027 100,198 0.02
OAT RegS 1.75% 25/11/2024* 2,749,250 0.44 EUR 100,000 Imerys SA RegS 1.875% 31/3/2028 102,419 0.02
EUR 2,650,000 French Republic Government Bond EUR 100,000 Infra Park SAS RegS 1.25%
OAT RegS 0.50% 25/5/2025* 2,684,715 0.43 16/10/2020 102,681 0.02
EUR 1,000,000 French Republic Government Bond EUR 50,000 Italcementi Finance SA RegS
OAT RegS 6.00% 25/10/2025 1,426,200 0.23 5.375% 19/3/2020 55,158 0.01
EUR 1,650,000 French Republic Government Bond EUR 100,000 Kering SA RegS 1.375% 1/10/2021 104,060 0.02
OAT RegS 1.00% 25/11/2025 1,727,154 0.28 EUR 100,000 Kering SA RegS 1.50% 5/4/2027 102,618 0.02
EUR 2,000,000 French Republic Government Bond EUR 100,000 Klepierre SA RegS 4.75% 14/3/2021 113,612 0.02
OAT RegS 3.50% 25/4/2026* 2,494,160 0.40 EUR 100,000 Klepierre SA RegS 1.00% 17/4/2023 101,432 0.02
EUR 1,400,000 French Republic Government Bond EUR 200,000 La Banque Postale Home Loan
OAT RegS 0.50% 25/5/2026 1,405,754 0.22 SFH SA RegS 0.50% 18/1/2023 203,170 0.03
EUR 1,300,000 French Republic Government Bond EUR 100,000 La Banque Postale SA RegS FRN
OAT RegS 0.25% 25/11/2026* 1,270,295 0.20 23/4/2026 105,328 0.02
EUR 2,650,000 French Republic Government Bond EUR 100,000 La Banque Postale SA RegS FRN
OAT RegS 1.00% 25/5/2027 2,746,248 0.44 19/11/2027 106,197 0.02
EUR 2,150,000 French Republic Government Bond EUR 100,000 La Poste SA 4.75% 8/7/2019 106,241 0.02
OAT RegS 2.75% 25/10/2027 2,577,936 0.41

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

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

Annual Report and Audited Accounts[63]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

France continued France continued


EUR 100,000 La Poste SA RegS 2.75% EUR 100,000 Schneider Electric SE RegS
26/11/2024 113,346 0.02 3.625% 20/7/2020 108,385 0.02
EUR 150,000 Lafarge SA RegS 5.375% EUR 100,000 Schneider Electric SE RegS
29/11/2018* 155,445 0.02 0.875% 11/3/2025 100,568 0.02
EUR 100,000 Legrand SA RegS 1.875% EUR 100,000 SCOR SE RegS FRN 27/5/2048 109,043 0.02
6/7/2032 104,864 0.02 EUR 200,000 SFIL SA RegS 0.75% 6/2/2026 201,967 0.03
EUR 100,000 LVMH Moet Hennessy Louis Vuitton EUR 100,000 SNCF Mobilites RegS 3.625%
SE 4.00% 6/4/2018 100,021 0.01 3/6/2020 108,537 0.02
EUR 50,000 LVMH Moet Hennessy Louis Vuitton EUR 150,000 SNCF Mobilites RegS 4.125%
SE RegS 0.375% 26/5/2022 50,159 0.01 19/2/2025 187,231 0.03
EUR 100,000 LVMH Moet Hennessy Louis Vuitton EUR 100,000 SNCF Mobilites RegS 1.50%
SE RegS 0.75% 26/5/2024 100,602 0.02 2/2/2029 105,314 0.02
EUR 100,000 Mercialys SA RegS 1.787% EUR 100,000 SNCF Reseau 4.375% 2/6/2022 118,078 0.02
31/3/2023 103,305 0.02 EUR 200,000 SNCF Reseau 3.125% 25/10/2028 245,054 0.04
EUR 50,000 mFinance France SA RegS EUR 200,000 SNCF Reseau 5.00% 10/10/2033 305,280 0.05
1.398% 26/9/2020 51,375 0.01 EUR 200,000 SNCF Reseau EPIC RegS
EUR 50,000 Orange SA 8.125% 28/1/2033 91,304 0.01 0.10% 27/5/2021 201,210 0.03
EUR 50,000 Orange SA RegS 3.875% 9/4/2020 53,951 0.01 EUR 250,000 SNCF Reseau EPIC RegS
EUR 150,000 Orange SA RegS 3.875% 14/1/2021 165,742 0.03 4.50% 30/1/2024 310,679 0.05
EUR 100,000 Orange SA RegS 3.375% 16/9/2022 113,184 0.02 EUR 200,000 SNCF Reseau EPIC RegS 2.625%
EUR 100,000 Orange SA RegS 3.125% 9/1/2024 113,384 0.02 29/12/2025 230,568 0.04
EUR 200,000 Orange SA RegS 0.875% 3/2/2027 194,466 0.03 EUR 100,000 SNCF Reseau EPIC RegS
EUR 200,000 Orange SA RegS 1.375% 16/1/2030 194,836 0.03 1.00% 9/11/2031 97,908 0.01
EUR 100,000 Orange SA RegS FRN (Perpetual) 109,646 0.02 EUR 100,000 SNCF Reseau EPIC RegS
EUR 100,000 Orange SA RegS FRN (Perpetual) 115,625 0.02 1.875% 30/3/2034 108,068 0.02
EUR 100,000 Pernod Ricard SA RegS 1.50% EUR 100,000 SNCF Reseau EPIC RegS
18/5/2026 103,196 0.02 2.25% 20/12/2047 110,579 0.02
EUR 100,000 Publicis Groupe SA RegS 1.125% EUR 100,000 Societe Fonciere Lyonnaise SA
16/12/2021 102,727 0.02 RegS 1.875% 26/11/2021 104,964 0.02
EUR 150,000 RCI Banque SA RegS 1.125% EUR 50,000 Societe Generale SA RegS
30/9/2019 152,568 0.02 6.125% 20/8/2018 51,172 0.01
EUR 100,000 RCI Banque SA RegS 1.25% EUR 100,000 Societe Generale SA RegS
8/6/2022 102,921 0.02 0.75% 25/11/2020 101,848 0.02
EUR 50,000 RCI Banque SA RegS 0.75% EUR 100,000 Societe Generale SA RegS
26/9/2022 50,395 0.01 4.75% 2/3/2021 113,506 0.02
EUR 125,000 RCI Banque SA RegS 0.50% EUR 100,000 Societe Generale SA RegS
15/9/2023 123,052 0.02 1.00% 1/4/2022 101,302 0.02
EUR 150,000 RCI Banque SA RegS 1.625% EUR 100,000 Societe Generale SA RegS
11/4/2025 154,283 0.02 0.50% 13/1/2023 98,286 0.01
EUR 200,000 Regie Autonome des Transports EUR 100,000 Societe Generale SA RegS
Parisiens RegS 4.50% 28/5/2018 201,469 0.03 4.00% 7/6/2023 113,727 0.02
EUR 100,000 Regie Autonome des Transports EUR 100,000 Societe Generale SA RegS
Parisiens RegS 0.375% 2.625% 27/2/2025 105,390 0.02
15/6/2024 99,747 0.02 EUR 150,000 Societe Generale SCF SA RegS
EUR 100,000 Region of Ile de France RegS 4.125% 15/2/2022 174,159 0.03
2.25% 10/6/2023 110,712 0.02 EUR 100,000 Societe Generale SCF SA RegS
EUR 100,000 Region of Ile de France RegS 4.25% 3/2/2023 119,757 0.02
0.625% 23/4/2027 99,020 0.01 EUR 200,000 Societe Generale SFH SA RegS
EUR 100,000 RTE Reseau de Transport 0.125% 27/2/2020 201,956 0.03
d’Electricite SADIR RegS EUR 200,000 Societe Generale SFH SA RegS
2.125% 20/9/2019 103,307 0.02 1.75% 5/3/2020 208,173 0.03
EUR 100,000 RTE Reseau de Transport EUR 200,000 Societe Generale SFH SA RegS
d’Electricite SADIR RegS 0.50% 2/6/2025 200,024 0.03
1.00% 19/10/2026 99,080 0.01 EUR 100,000 Sodexo SA RegS 0.75% 14/4/2027 95,269 0.01
EUR 100,000 RTE Reseau de Transport EUR 50,000 Suez RegS 4.125% 24/6/2022 58,183 0.01
d’Electricite SADIR RegS EUR 100,000 Suez RegS 5.50% 22/7/2024 129,658 0.02
2.75% 20/6/2029 114,869 0.02 EUR 100,000 Suez RegS 1.00% 3/4/2025 100,836 0.02
EUR 100,000 RTE Reseau de Transport EUR 100,000 Suez RegS 1.625% 21/9/2032 99,542 0.02
d’Electricite SADIR RegS EUR 100,000 Suez RegS FRN (Perpetual) 102,776 0.02
1.875% 23/10/2037 99,806 0.02 EUR 100,000 TDF Infrastructure SAS RegS
EUR 200,000 SA de Gestion de Stocks de Securite 2.50% 7/4/2026 105,462 0.02
RegS 0.625% 25/5/2023 204,246 0.03 EUR 100,000 Teleperformance RegS 1.50%
EUR 200,000 Sanofi RegS 13/9/2022 3/4/2024 101,763 0.02
(Zero Coupon) 196,978 0.03 EUR 200,000 Thales SA RegS 0.75% 23/1/2025 197,649 0.03
EUR 100,000 Sanofi RegS 0.50% 21/3/2023 100,319 0.02 EUR 100,000 Total Capital International SA RegS
EUR 100,000 Sanofi RegS 1.75% 10/9/2026 106,092 0.02 0.25% 12/7/2023 98,885 0.01
EUR 200,000 Sanofi RegS 0.50% 13/1/2027 190,626 0.03 EUR 100,000 Total Capital International SA RegS
EUR 200,000 Sanofi RegS 1.875% 21/3/2038 200,978 0.03 1.375% 19/3/2025 103,822 0.02

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

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

[64] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

France continued Germany continued


EUR 200,000 Total Capital International SA RegS EUR 100,000 Bayerische Landesbank 1.00%
2.875% 19/11/2025 229,232 0.04 9/7/2021 103,711 0.02
EUR 100,000 Total Capital International SA RegS EUR 50,000 Bayerische Landesbank 1.625%
0.75% 12/7/2028 95,278 0.01 18/4/2023 53,638 0.01
EUR 100,000 Total Capital International SA RegS EUR 100,000 Bayerische Landesbank RegS
1.375% 4/10/2029 100,855 0.02 0.75% 19/1/2028 99,731 0.02
EUR 200,000 Total SA RegS FRN (Perpetual) 206,912 0.03 EUR 100,000 Bayerische Landesbodenkreditanstalt
EUR 100,000 Total SA RegS FRN (Perpetual) 106,407 0.02 1.75% 24/4/2024 108,067 0.02
EUR 150,000 Total SA RegS FRN (Perpetual) 164,632 0.03 EUR 150,000 Bayerische Landesbodenkreditanstalt
EUR 100,000 Transport et Infrastructures Gaz 0.625% 23/11/2026 148,834 0.02
France SA RegS 4.339% EUR 75,000 Berlin Hyp AG 0.25% 22/2/2023 75,333 0.01
7/7/2021 113,078 0.02 EUR 200,000 Berlin Hyp AG RegS 0.625%
EUR 200,000 UNEDIC ASSEO 1.25% 29/5/2020 206,936 0.03 24/6/2019 202,546 0.03
EUR 200,000 UNEDIC ASSEO 0.125% EUR 100,000 Berlin Hyp AG RegS 0.375%
25/11/2024 196,698 0.03 21/2/2025 99,470 0.02
EUR 250,000 UNEDIC ASSEO RegS 0.125% EUR 200,000 Berlin Hyp AG RegS 0.75%
5/3/2020 252,135 0.04 26/2/2026 202,128 0.03
EUR 500,000 UNEDIC ASSEO RegS 1.50% EUR 100,000 Bertelsmann SE & Co KGaA RegS
16/4/2021 526,220 0.08 FRN 23/4/2075 102,447 0.02
EUR 200,000 UNEDIC ASSEO RegS 0.125% EUR 200,000 Bund Laender Anleihe RegS
25/5/2022 201,238 0.03 1.50% 15/7/2020 208,809 0.03
EUR 200,000 UNEDIC ASSEO RegS 0.25% EUR 950,000 Bundesobligation RegS 0.50%
24/11/2023 200,954 0.03 12/4/2019 961,647 0.15
EUR 200,000 UNEDIC ASSEO RegS 0.625% EUR 1,900,000 Bundesobligation RegS 0.25%
17/2/2025 203,700 0.03 11/10/2019* 1,926,239 0.31
EUR 200,000 UNEDIC ASSEO RegS 0.625% EUR 1,100,000 Bundesobligation RegS 17/4/2020
3/3/2026 202,383 0.03 (Zero Coupon)* 1,113,563 0.18
EUR 200,000 UNEDIC ASSEO RegS 1.25% EUR 750,000 Bundesobligation RegS 0.25%
28/3/2027 211,128 0.03 16/10/2020 765,341 0.12
EUR 100,000 UNEDIC ASSEO RegS 1.50% EUR 1,950,000 Bundesobligation RegS 9/4/2021
20/4/2032 105,627 0.02 (Zero Coupon)* 1,977,495 0.32
EUR 100,000 Unibail-Rodamco SE RegS EUR 1,400,000 Bundesobligation RegS 8/10/2021
2.375% 25/2/2021 106,697 0.02 (Zero Coupon)* 1,418,536 0.23
EUR 100,000 Unibail-Rodamco SE RegS EUR 600,000 Bundesobligation RegS 8/4/2022
0.875% 21/2/2025 100,011 0.01 (Zero Coupon) 607,026 0.10
EUR 100,000 Unibail-Rodamco SE RegS EUR 600,000 Bundesobligation RegS 7/10/2022
2.50% 4/6/2026 110,668 0.02 (Zero Coupon) 605,520 0.10
EUR 100,000 Unibail-Rodamco SE RegS EUR 2,300,000 Bundesrepublik Deutschland
1.50% 22/2/2028 101,221 0.02 Bundesanleihe RegS 3.50%
EUR 100,000 Unibail-Rodamco SE RegS 4/7/2019 2,420,727 0.39
2.00% 28/4/2036 100,948 0.02 EUR 1,250,000 Bundesrepublik Deutschland
EUR 200,000 Valeo SA RegS 0.375% Bundesanleihe RegS 3.25%
12/9/2022 199,072 0.03 4/1/2020* 1,336,350 0.21
EUR 100,000 Veolia Environnement SA EUR 900,000 Bundesrepublik Deutschland
5.125% 24/5/2022 119,797 0.02 Bundesanleihe RegS 3.00%
EUR 50,000 Veolia Environnement SA RegS 4/7/2020 973,075 0.16
4.375% 11/12/2020 55,806 0.01 EUR 800,000 Bundesrepublik Deutschland
EUR 100,000 Veolia Environnement SA RegS Bundesanleihe RegS 2.25%
1.496% 30/11/2026 103,536 0.02 4/9/2020 854,896 0.14
EUR 100,000 Veolia Environnement SA RegS EUR 1,000,000 Bundesrepublik Deutschland
1.59% 10/1/2028 102,914 0.02 Bundesanleihe RegS 2.50%
EUR 100,000 Vivendi SA RegS 1.125% 4/1/2021 1,083,750 0.17
24/11/2023 101,817 0.02 EUR 1,400,000 Bundesrepublik Deutschland
EUR 100,000 Wendel SA RegS 1.00% Bundesanleihe RegS 3.25%
20/4/2023 99,917 0.01 4/7/2021* 1,568,616 0.25
EUR 100,000 WPP Finance SA RegS EUR 300,000 Bundesrepublik Deutschland
2.25% 22/9/2026 104,917 0.02 Bundesanleihe RegS 2.25%
137,503,319 22.04 4/9/2021 327,255 0.05
EUR 2,300,000 Bundesrepublik Deutschland
Bundesanleihe RegS 2.00%
Germany
4/1/2022* 2,503,090 0.40
EUR 150,000 Aareal Bank AG 1.00% 28/6/2018 150,508 0.02
EUR 800,000 Bundesrepublik Deutschland
EUR 100,000 Allianz SE RegS FRN 17/10/2042 119,658 0.02
Bundesanleihe RegS 1.75%
EUR 200,000 Allianz SE RegS FRN 7/7/2045 203,767 0.03
4/7/2022* 869,200 0.14
EUR 100,000 Allianz SE RegS FRN (Perpetual) 107,750 0.02
EUR 2,400,000 Bundesrepublik Deutschland
EUR 100,000 Allianz SE RegS FRN (Perpetual) 115,037 0.02
Bundesanleihe RegS 1.50%
EUR 100,000 BASF SE RegS 2.50% 22/1/2024 111,327 0.02 4/9/2022* 2,585,448 0.41
EUR 100,000 BASF SE RegS 1.625% 15/11/2037 98,009 0.01 EUR 1,150,000 Bundesrepublik Deutschland
EUR 125,000 Bayer AG RegS FRN 1/7/2074* 133,802 0.02 Bundesanleihe RegS 1.50%
EUR 150,000 Bayer AG RegS FRN 2/4/2075 153,055 0.02 15/2/2023* 1,243,466 0.20

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

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

Annual Report and Audited Accounts[65]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Germany continued Germany continued


EUR 800,000 Bundesrepublik Deutschland EUR 1,225,000 Bundesrepublik Deutschland
Bundesanleihe RegS 1.50% Bundesanleihe RegS 2.50%
15/5/2023 866,228 0.14 4/7/2044* 1,616,816 0.26
EUR 450,000 Bundesrepublik Deutschland EUR 1,550,000 Bundesrepublik Deutschland
Bundesanleihe RegS 2.00% Bundesanleihe RegS 2.50%
15/8/2023* 500,076 0.08 15/8/2046* 2,071,676 0.33
EUR 450,000 Bundesrepublik Deutschland EUR 150,000 Bundesrepublik Deutschland
Bundesanleihe RegS 6.25% Bundesanleihe RegS 1.25%
4/1/2024 612,472 0.10 15/8/2048 153,682 0.02
EUR 1,800,000 Bundesrepublik Deutschland EUR 900,000 Bundesschatzanweisungen RegS
Bundesanleihe RegS 1.75% 14/6/2019 (Zero Coupon)* 907,218 0.14
15/2/2024 1,984,032 0.32 EUR 500,000 Bundesschatzanweisungen RegS
EUR 400,000 Bundesrepublik Deutschland 13/9/2019 (Zero Coupon) 504,815 0.08
Bundesanleihe RegS 1.50% EUR 1,000,000 Bundesschatzanweisungen RegS
15/5/2024 435,584 0.07 13/3/2020 (Zero Coupon) 1,012,000 0.16
EUR 550,000 Bundesrepublik Deutschland EUR 100,000 Commerzbank AG 7.75% 16/3/2021 119,692 0.02
Bundesanleihe RegS 1.00% EUR 125,000 Commerzbank AG 0.50% 9/6/2026 123,709 0.02
15/8/2024 582,202 0.09 EUR 300,000 Commerzbank AG RegS 4.375%
EUR 1,500,000 Bundesrepublik Deutschland 2/7/2019 318,057 0.05
Bundesanleihe RegS 0.50% EUR 200,000 Commerzbank AG RegS 0.25%
15/2/2025* 1,536,982 0.25 26/1/2022 202,072 0.03
EUR 1,100,000 Bundesrepublik Deutschland EUR 300,000 Commerzbank AG RegS 1.125%
Bundesanleihe RegS 1.00% 24/5/2024 299,283 0.05
15/8/2025* 1,164,999 0.19 EUR 50,000 Commerzbank AG RegS 4.00%
EUR 1,900,000 Bundesrepublik Deutschland 23/3/2026 55,797 0.01
Bundesanleihe RegS 0.50% EUR 50,000 Continental AG RegS 3.00%
15/2/2026* 1,936,271 0.31 16/7/2018 50,468 0.01
EUR 1,100,000 Bundesrepublik Deutschland EUR 150,000 Covestro AG RegS 1.75% 25/9/2024 158,334 0.02
Bundesanleihe RegS 15/8/2026 EUR 200,000 CRH Finance Germany GmbH RegS
(Zero Coupon)* 1,071,004 0.17 1.75% 16/7/2021 209,000 0.03
EUR 2,000,000 Bundesrepublik Deutschland EUR 200,000 Daimler AG RegS 0.50% 9/9/2019 201,722 0.03
Bundesanleihe RegS 0.25% EUR 300,000 Daimler AG RegS 0.625% 5/3/2020 303,862 0.05
15/2/2027* 1,978,360 0.32 EUR 100,000 Daimler AG RegS 2.25% 24/1/2022 107,527 0.02
EUR 400,000 Bundesrepublik Deutschland EUR 50,000 Daimler AG RegS 2.375%
Bundesanleihe RegS 6.50% 8/3/2023* 54,868 0.01
4/7/2027 622,770 0.10 EUR 100,000 Daimler AG RegS 1.875% 8/7/2024 106,699 0.02
EUR 1,500,000 Bundesrepublik Deutschland EUR 100,000 Daimler AG RegS 1.00% 15/11/2027 96,433 0.01
Bundesanleihe RegS 0.50% EUR 125,000 Daimler AG RegS 1.375%
15/8/2027* 1,508,610 0.24 11/5/2028* 123,157 0.02
EUR 500,000 Bundesrepublik Deutschland EUR 100,000 Daimler AG RegS 1.50% 3/7/2029 98,345 0.02
Bundesanleihe RegS 5.625% EUR 125,000 Daimler AG RegS 2.125% 3/7/2037 123,763 0.02
4/1/2028 747,327 0.12 EUR 100,000 Deutsche Apotheker-und Aerztebank
EUR 1,200,000 Bundesrepublik Deutschland eG 0.50% 14/2/2025 100,139 0.02
Bundesanleihe RegS 0.50% EUR 200,000 Deutsche Bahn Finance GMBH
15/2/2028 1,200,210 0.19 RegS 19/7/2021 (Zero Coupon) 200,154 0.03
EUR 400,000 Bundesrepublik Deutschland EUR 100,000 Deutsche Bahn Finance GMBH
Bundesanleihe RegS 6.25% RegS 3.00% 8/3/2024 115,120 0.02
4/1/2030 658,460 0.10 EUR 50,000 Deutsche Bahn Finance GMBH
EUR 1,400,000 Bundesrepublik Deutschland RegS 3.75% 9/7/2025 61,316 0.01
Bundesanleihe RegS 5.50% EUR 100,000 Deutsche Bahn Finance GMBH
4/1/2031 2,231,782 0.36 RegS 0.625% 26/9/2028 96,696 0.01
EUR 1,150,000 Bundesrepublik Deutschland EUR 50,000 Deutsche Bahn Finance GMBH
Bundesanleihe RegS 4.75% RegS 0.875% 11/7/2031 47,422 0.01
4/7/2034 1,836,895 0.29 EUR 100,000 Deutsche Bahn Finance GMBH
EUR 1,250,000 Bundesrepublik Deutschland RegS 1.625% 16/8/2033 102,145 0.02
Bundesanleihe RegS 4.00% EUR 200,000 Deutsche Bank AG RegS 1.25%
4/1/2037 1,915,512 0.31 8/9/2021 202,721 0.03
EUR 750,000 Bundesrepublik Deutschland EUR 200,000 Deutsche Bank AG RegS 1.50%
Bundesanleihe RegS 4.25% 20/1/2022 203,180 0.03
4/7/2039 1,222,507 0.20 EUR 200,000 Deutsche Bank AG RegS 2.375%
EUR 850,000 Bundesrepublik Deutschland 11/1/2023 209,604 0.03
Bundesanleihe RegS 4.75% EUR 100,000 Deutsche Bank AG RegS 0.25%
4/7/2040 (traded in Germany) 1,488,996 0.24 8/3/2024 99,236 0.02
EUR 150,000 Bundesrepublik Deutschland EUR 100,000 Deutsche Bank AG RegS 1.125%
Bundesanleihe RegS 4.75% 17/3/2025 96,373 0.01
4/7/2040 (traded in United States) 262,764 0.04 EUR 300,000 Deutsche Bank AG RegS 0.625%
EUR 950,000 Bundesrepublik Deutschland 21/8/2025 301,056 0.05
Bundesanleihe RegS 3.25% EUR 100,000 Deutsche Boerse AG RegS FRN
4/7/2042 1,398,704 0.22 5/2/2041 106,202 0.02

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

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

[66] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Germany continued Germany continued


EUR 100,000 Deutsche Genossenschafts- EUR 100,000 Gemeinsame Deutsche
Hypothekenbank AG RegS Bundeslaender RegS 0.125%
0.25% 21/1/2021 101,305 0.02 14/4/2023 99,944 0.02
EUR 100,000 Deutsche Genossenschafts- EUR 100,000 Gemeinsame Deutsche
Hypothekenbank AG RegS Bundeslaender RegS 0.50%
0.125% 30/9/2022 100,158 0.02 5/2/2025 100,529 0.02
EUR 200,000 Deutsche Hypothekenbank AG EUR 100,000 Hamburger Sparkasse AG RegS
RegS 0.125% 20/4/2022 200,700 0.03 0.375% 23/5/2024 99,826 0.02
EUR 100,000 Deutsche Kreditbank AG RegS EUR 100,000 HeidelbergCement AG RegS 2.25%
0.75% 26/9/2024 99,352 0.02 3/6/2024 106,909 0.02
EUR 100,000 Deutsche Kreditbank AG RegS EUR 50,000 HeidelbergCement AG RegS 1.50%
0.50% 19/3/2027 97,701 0.01 7/2/2025 51,014 0.01
EUR 50,000 Deutsche Pfandbriefbank AG RegS EUR 75,000 Henkel AG & Co KGaA RegS
1.50% 18/3/2020 51,788 0.01 13/9/2021 (Zero Coupon) 74,900 0.01
EUR 300,000 Deutsche Pfandbriefbank AG RegS EUR 100,000 HSH Finanzfonds AoeR RegS
0.50% 19/1/2023 304,641 0.05 0.50% 9/6/2025 99,091 0.02
EUR 100,000 Deutsche Pfandbriefbank AG RegS EUR 150,000 HSH Nordbank AG 0.10% 20/7/2020 150,585 0.02
2.375% 29/5/2028 113,535 0.02 EUR 100,000 HSH Nordbank AG RegS 1.375%
EUR 50,000 Deutsche Post AG RegS 0.375% 2/10/2018 100,813 0.02
1/4/2021 50,487 0.01 EUR 100,000 HSH Nordbank AG RegS 0.75%
EUR 100,000 Deutsche Post AG RegS 1.25% 7/10/2021 101,947 0.02
1/4/2026 102,350 0.02 EUR 50,000 Knorr-Bremse AG RegS 0.50%
EUR 50,000 Dexia Kommunalbank Deutschland 8/12/2021 50,529 0.01
AG 4.75% 23/5/2018 50,346 0.01 EUR 200,000 Kreditanstalt fuer Wiederaufbau
EUR 100,000 Dexia Kommunalbank Deutschland 1.125% 16/10/2018 201,822 0.03
AG 0.375% 3/3/2022 100,863 0.02 EUR 400,000 Kreditanstalt fuer Wiederaufbau
EUR 100,000 DVB Bank SE RegS 2.375% 1.125% 15/1/2020 411,490 0.07
2/12/2020 104,425 0.02 EUR 500,000 Kreditanstalt fuer Wiederaufbau
EUR 100,000 DVB Bank SE RegS 1.00% 3.625% 20/1/2020 537,037 0.09
25/4/2022 99,958 0.02 EUR 250,000 Kreditanstalt fuer Wiederaufbau
EUR 100,000 E.ON SE RegS 1.625% 22/5/2029 100,441 0.02 0.125% 1/6/2020 252,960 0.04
EUR 50,000 ENTEGA Netz AG 6.125% EUR 250,000 Kreditanstalt fuer Wiederaufbau
23/4/2041 74,566 0.01 3.375% 18/1/2021 275,957 0.04
EUR 200,000 Erste Abwicklungsanstalt RegS EUR 250,000 Kreditanstalt fuer Wiederaufbau
12/6/2020 (Zero Coupon) 201,438 0.03 30/6/2021 (Zero Coupon) 251,957 0.04
EUR 100,000 Eurogrid GmbH RegS 1.625% EUR 400,000 Kreditanstalt fuer Wiederaufbau
3/11/2023 105,109 0.02 3.50% 4/7/2021 448,760 0.07
EUR 300,000 FMS Wertmanagement RegS EUR 150,000 Kreditanstalt fuer Wiederaufbau
3.00% 3/8/2018 303,531 0.05 2.50% 17/1/2022 165,071 0.03
EUR 200,000 FMS Wertmanagement RegS EUR 500,000 Kreditanstalt fuer Wiederaufbau
26/2/2019 (Zero Coupon) 200,902 0.03 28/4/2022 (Zero Coupon) 502,055 0.08
EUR 300,000 FMS Wertmanagement RegS EUR 100,000 Kreditanstalt fuer Wiederaufbau
1.375% 15/1/2020* 309,795 0.05 0.625% 4/7/2022 102,959 0.02
EUR 300,000 FMS Wertmanagement RegS EUR 300,000 Kreditanstalt fuer Wiederaufbau
30/3/2020 (Zero Coupon) 302,418 0.05 15/12/2022 (Zero Coupon) 299,797 0.05
EUR 200,000 FMS Wertmanagement RegS EUR 200,000 Kreditanstalt fuer Wiederaufbau
20/10/2020 (Zero Coupon) 201,678 0.03 4.625% 4/1/2023 243,860 0.04
EUR 200,000 FMS Wertmanagement RegS EUR 150,000 Kreditanstalt fuer Wiederaufbau
3.375% 17/6/2021 223,055 0.03 0.375% 15/3/2023 152,376 0.02
EUR 200,000 Free and Hanseatic City of Hamburg EUR 300,000 Kreditanstalt fuer Wiederaufbau
RegS 1.50% 4/9/2020 208,974 0.03 15/9/2023 (Zero Coupon) 297,460 0.05
EUR 100,000 Free and Hanseatic City of Hamburg EUR 300,000 Kreditanstalt fuer Wiederaufbau
RegS 0.375% 1/4/2025 99,455 0.02 0.05% 30/5/2024 296,217 0.05
EUR 50,000 Free State of Bavaria RegS 1.875% EUR 250,000 Kreditanstalt fuer Wiederaufbau
7/2/2019 51,023 0.01 1.50% 11/6/2024 269,027 0.04
EUR 100,000 Gemeinsame Deutsche EUR 300,000 Kreditanstalt fuer Wiederaufbau
Bundeslaender 2.375% 21/9/2018 101,325 0.02 0.125% 4/10/2024 296,289 0.05
EUR 100,000 Gemeinsame Deutsche EUR 150,000 Kreditanstalt fuer Wiederaufbau
Bundeslaender 1.50% 29/1/2021 105,030 0.02 0.625% 15/1/2025 152,742 0.02
EUR 200,000 Gemeinsame Deutsche EUR 300,000 Kreditanstalt fuer Wiederaufbau
Bundeslaender 1.75% 13/6/2022 214,906 0.03 0.25% 30/6/2025 297,345 0.05
EUR 100,000 Gemeinsame Deutsche EUR 150,000 Kreditanstalt fuer Wiederaufbau
Bundeslaender 2.25% 23/10/2023 111,227 0.02 0.375% 9/3/2026 148,489 0.02
EUR 150,000 Gemeinsame Deutsche EUR 300,000 Kreditanstalt fuer Wiederaufbau
Bundeslaender 0.25% 18/3/2024 149,575 0.02 0.625% 22/2/2027 300,106 0.05
EUR 150,000 Gemeinsame Deutsche EUR 300,000 Kreditanstalt fuer Wiederaufbau
Bundeslaender RegS 0.375% 0.625% 7/1/2028 297,756 0.05
23/6/2020 152,521 0.02 EUR 250,000 Kreditanstalt fuer Wiederaufbau
RegS 0.375% 22/7/2019 252,962 0.04

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

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

Annual Report and Audited Accounts[67]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Germany continued Germany continued


EUR 400,000 Kreditanstalt fuer Wiederaufbau EUR 100,000 Muenchener Hypothekenbank eG
RegS 0.125% 27/10/2020 405,176 0.06 0.50% 22/4/2026 99,180 0.02
EUR 200,000 Kreditanstalt fuer Wiederaufbau EUR 100,000 Muenchener Hypothekenbank eG
RegS 0.375% 23/4/2030 187,844 0.03 RegS 0.50% 7/6/2023 101,577 0.02
EUR 400,000 Kreditanstalt fuer Wiederaufbau EUR 100,000 Muenchener Hypothekenbank eG
RegS 1.125% 15/9/2032* 403,644 0.06 RegS 2.50% 4/7/2028 115,642 0.02
EUR 100,000 Kreditanstalt fuer Wiederaufbau EUR 100,000 Muenchener Rueckversicherungs-
RegS 1.375% 31/7/2035 103,024 0.02 Gesellschaft AG in Muenchen
EUR 50,000 Kreditanstalt fuer Wiederaufbau RegS FRN 26/5/2041 116,404 0.02
RegS 1.25% 4/7/2036 50,347 0.01 EUR 150,000 Norddeutsche Landesbank
EUR 200,000 Kreditanstalt fuer Wiederaufbau Girozentrale 0.25% 28/10/2026 144,415 0.02
RegS 1.125% 15/6/2037* 196,078 0.03 EUR 100,000 Norddeutsche Landesbank
EUR 100,000 Land Baden-Wuerttemberg RegS Girozentrale RegS 0.625%
1.00% 18/7/2022 104,336 0.02 24/9/2018 100,357 0.02
EUR 100,000 Land Baden-Wuerttemberg RegS EUR 100,000 Norddeutsche Landesbank
2.00% 13/11/2023 110,047 0.02 Girozentrale RegS 0.025%
EUR 150,000 Land Baden-Wuerttemberg RegS 31/1/2019 100,357 0.02
0.625% 9/2/2027 149,392 0.02 EUR 300,000 NRW Bank 0.25% 20/1/2022 303,502 0.05
EUR 100,000 Land Thueringen RegS 0.50% EUR 300,000 NRW Bank 1/2/2022 (Zero Coupon) 300,756 0.05
12/5/2025 100,244 0.02 EUR 200,000 NRW Bank RegS 0.50% 23/7/2018 200,617 0.03
EUR 150,000 Land Thueringen RegS 0.50% EUR 200,000 NRW Bank RegS 4.25% 29/4/2019 210,106 0.03
2/3/2027 147,510 0.02 EUR 150,000 NRW Bank RegS 0.25% 10/3/2025 147,826 0.02
EUR 75,000 Landesbank Baden-Wuerttemberg EUR 200,000 NRW Bank RegS 0.50% 11/5/2026 198,350 0.03
RegS 0.25% 21/7/2020 75,963 0.01 EUR 100,000 NRW Bank RegS 0.50% 13/9/2027 97,782 0.01
EUR 100,000 Landesbank Baden-Wuerttemberg EUR 100,000 Robert Bosch GmbH RegS 1.75%
RegS 0.25% 26/10/2021 101,203 0.02 8/7/2024 107,595 0.02
EUR 200,000 Landesbank Baden-Wuerttemberg EUR 50,000 SAP SE RegS 1.125% 20/2/2023 51,966 0.01
RegS 0.20% 13/12/2021 199,484 0.03 EUR 50,000 SAP SE RegS 1.75% 22/2/2027 53,484 0.01
EUR 100,000 Landesbank Baden-Wuerttemberg EUR 100,000 SAP SE RegS 1.375% 13/3/2030 100,774 0.02
RegS 0.20% 10/1/2024 99,859 0.02 EUR 100,000 Sparkasse KoelnBonn RegS
EUR 100,000 Landesbank Baden-Wuerttemberg 1.125% 14/10/2024 104,448 0.02
RegS 0.375% 27/2/2025 99,707 0.02 EUR 200,000 State of Berlin Germany RegS
EUR 100,000 Landesbank Baden-Wuerttemberg 0.25% 15/7/2020 202,831 0.03
RegS 3.625% 16/6/2025 111,092 0.02 EUR 100,000 State of Berlin Germany RegS
EUR 100,000 Landesbank Baden-Wuerttemberg 1.875% 10/9/2021 107,024 0.02
RegS FRN 27/5/2026 104,511 0.02 EUR 200,000 State of Berlin Germany RegS
EUR 200,000 Landesbank Hessen-Thueringen 1.625% 3/6/2024 216,068 0.03
Girozentrale RegS 0.125% EUR 150,000 State of Berlin Germany RegS
27/11/2018 200,734 0.03 0.50% 10/2/2025 150,674 0.02
EUR 300,000 Landesbank Hessen-Thueringen EUR 400,000 State of Berlin Germany RegS
Girozentrale RegS 2.00% 0.625% 20/3/2026 401,474 0.06
26/4/2019 307,708 0.05 EUR 100,000 State of Berlin Germany RegS
EUR 200,000 Landesbank Hessen-Thueringen 1.00% 19/5/2032 97,229 0.01
Girozentrale RegS 1.875% EUR 100,000 State of Berlin Germany RegS
26/6/2023 217,357 0.03 0.625% 25/8/2036 87,352 0.01
EUR 150,000 Landeskreditbank Baden- EUR 300,000 State of Brandenburg RegS
Wuerttemberg Foerderbank 0.25% 19/10/2026 290,166 0.05
RegS 0.125% 5/11/2020 151,576 0.02 EUR 100,000 State of Bremen RegS 0.125%
EUR 150,000 Landeskreditbank Baden- 30/5/2023 99,733 0.02
Wuerttemberg Foerderbank EUR 100,000 State of Bremen RegS 1.125%
RegS 0.375% 13/4/2026 147,577 0.02 30/10/2024 104,651 0.02
EUR 300,000 Landwirtschaftliche Rentenbank EUR 100,000 State of Bremen RegS 0.50%
RegS 1.375% 19/11/2020 313,965 0.05 3/3/2025 100,127 0.02
EUR 200,000 Landwirtschaftliche Rentenbank EUR 200,000 State of Hesse 0.375% 6/7/2026 196,231 0.03
RegS 0.25% 15/7/2024* 199,320 0.03 EUR 100,000 State of Hesse RegS 1.00%
EUR 300,000 Landwirtschaftliche Rentenbank 27/4/2018 100,096 0.02
RegS 0.50% 6/3/2025 302,046 0.05 EUR 300,000 State of Hesse RegS 1.375%
EUR 100,000 Landwirtschaftliche Rentenbank 5/2/2020 309,952 0.05
RegS 0.375% 16/3/2026 98,608 0.01 EUR 100,000 State of Hesse RegS 15/9/2021
EUR 200,000 Landwirtschaftliche Rentenbank (Zero Coupon) 100,400 0.02
RegS 0.625% 18/5/2027 198,648 0.03 EUR 200,000 State of Hesse RegS 1.75%
EUR 200,000 Lanxess AG RegS 0.25% 7/10/2021 200,067 0.03 20/1/2023 216,050 0.03
EUR 150,000 Linde AG 1.75% 17/9/2020 156,889 0.02 EUR 150,000 State of Hesse RegS 0.375%
EUR 100,000 Merck Financial Services GmbH 10/3/2023 151,977 0.02
RegS 1.375% 1/9/2022 104,613 0.02 EUR 150,000 State of Hesse RegS 1.375%
EUR 75,000 Merck KGaA RegS FRN 12/12/2074 79,247 0.01 10/6/2024 159,817 0.02
EUR 100,000 Muenchener Hypothekenbank eG EUR 100,000 State of Hesse RegS 0.50%
0.375% 10/11/2021 101,620 0.02 17/2/2025 100,533 0.02

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

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

[68] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Germany continued Germany continued


EUR 100,000 State of Hesse RegS 0.625% EUR 100,000 State of Rhineland-Palatinate RegS
7/4/2027 99,469 0.02 0.50% 21/1/2025 100,591 0.02
EUR 50,000 State of Lower Saxony RegS EUR 200,000 State of Saxony-Anhalt RegS
1.375% 26/9/2019 51,375 0.01 0.50% 25/6/2027 196,185 0.03
EUR 300,000 State of Lower Saxony RegS EUR 200,000 State of Schleswig-Holstein
1/3/2021 (Zero Coupon) 302,175 0.05 Germany RegS 0.50% 19/5/2026 198,320 0.03
EUR 300,000 State of Lower Saxony RegS EUR 100,000 Talanx AG 3.125% 13/2/2023 113,102 0.02
0.125% 7/3/2023 300,081 0.05 EUR 100,000 TLG Immobilien AG RegS 1.375%
EUR 100,000 State of Lower Saxony RegS 27/11/2024 99,165 0.02
2.125% 11/10/2023 110,504 0.02 EUR 150,000 UniCredit Bank AG RegS 0.125%
EUR 100,000 State of Lower Saxony RegS 2.125% 1/3/2022 150,778 0.02
16/1/2024 110,767 0.02 EUR 400,000 UniCredit Bank AG RegS 0.50%
EUR 450,000 State of Lower Saxony RegS 4/5/2026 395,886 0.06
2/8/2024 (Zero Coupon) 440,611 0.07 EUR 100,000 Vier Gas Transport GmbH RegS
EUR 50,000 State of Lower Saxony RegS 2.00% 12/6/2020 104,282 0.02
0.625% 20/1/2025 50,717 0.01 EUR 100,000 Volkswagen Bank GmbH RegS
EUR 200,000 State of Lower Saxony RegS 0.75% 15/6/2023 99,409 0.02
0.50% 8/6/2026 198,378 0.03 EUR 100,000 Volkswagen Leasing GmbH RegS
EUR 300,000 State of North Rhine-Westphalia 3.25% 10/5/2018 100,352 0.02
EUR 150,000 Volkswagen Leasing GmbH RegS
Germany 0.50% 15/12/2021 306,829 0.05
1.125% 4/4/2024 150,220 0.02
EUR 400,000 State of North Rhine-Westphalia
EUR 100,000 Wirtschafts- und Infrastrukturbank
Germany RegS 1.75% 17/5/2019* 410,072 0.06
Hessen 1.75% 15/4/2024 107,659 0.02
EUR 200,000 State of North Rhine-Westphalia
EUR 100,000 WL BANK AG Westfaelische
Germany RegS 0.875%
Landschaft Bodenkreditbank
16/12/2019 204,665 0.03 0.50% 29/7/2022 101,927 0.02
EUR 300,000 State of North Rhine-Westphalia EUR 200,000 WL BANK AG Westfaelische
Germany RegS 1.875% Landschaft Bodenkreditbank
15/9/2022 324,705 0.05 RegS 1.125% 18/9/2024 209,454 0.03
EUR 100,000 State of North Rhine-Westphalia EUR 200,000 WL BANK AG Westfaelische
Germany RegS 0.375% Landschaft Bodenkreditbank
16/2/2023 101,283 0.02 RegS 0.875% 22/3/2028 200,565 0.03
EUR 500,000 State of North Rhine-Westphalia EUR 100,000 WL BANK AG Westfaelische
Germany RegS 0.125% Landschaft Bodenkreditbank
16/3/2023 499,955 0.08 RegS 0.875% 18/1/2030 98,011 0.01
EUR 200,000 State of North Rhine-Westphalia
98,711,873 15.82
Germany RegS 0.20% 17/4/2023 200,492 0.03
EUR 250,000 State of North Rhine-Westphalia
Germany RegS 0.20% 16/2/2024 248,747 0.04 Hong Kong
EUR 150,000 State of North Rhine-Westphalia EUR 250,000 CNAC HK Finbridge Co Ltd RegS
Germany RegS 1.25% 14/3/2025 158,230 0.02 1.75% 14/6/2022 249,688 0.04
EUR 100,000 State of North Rhine-Westphalia 249,688 0.04
Germany RegS 2.00%
15/10/2025 110,924 0.02 Hungary
EUR 200,000 State of North Rhine-Westphalia EUR 200,000 Hungary Government International
Germany RegS 0.50% 16/2/2027 196,734 0.03 Bond RegS 6.00% 11/1/2019 209,762 0.03
EUR 100,000 State of North Rhine-Westphalia 209,762 0.03
Germany RegS 0.625% 21/7/2031 93,164 0.01
EUR 150,000 State of North Rhine-Westphalia
Iceland
Germany RegS 2.375% 13/5/2033 173,112 0.03
EUR 100,000 Arion Banki HF RegS 0.75%
EUR 100,000 State of North Rhine-Westphalia
29/6/2020 101,084 0.01
Germany RegS 1.25% 12/5/2036 97,644 0.01 EUR 100,000 Landsbankinn HF RegS 1.375%
EUR 150,000 State of North Rhine-Westphalia 14/3/2022 102,701 0.02
Germany RegS 1.65% 22/2/2038 155,632 0.02
EUR 100,000 State of North Rhine-Westphalia 203,785 0.03
Germany RegS 0.75% 16/8/2041 85,029 0.01
EUR 100,000 State of North Rhine-Westphalia Indonesia
Germany RegS 1.65% 16/5/2047 101,761 0.02 EUR 200,000 Indonesia Government International
EUR 100,000 State of North Rhine-Westphalia Bond RegS 2.625% 14/6/2023 212,730 0.03
Germany RegS 1.55% 16/6/2048 99,081 0.02 EUR 100,000 Indonesia Government International
EUR 100,000 State of North Rhine-Westphalia Bond RegS 3.375% 30/7/2025 110,000 0.02
Germany RegS 1.75% 26/10/2057 102,819 0.02 EUR 100,000 Indonesia Government International
EUR 150,000 State of Rhineland-Palatinate Bond RegS 3.75% 14/6/2028 113,200 0.02
0.125% 1/3/2023 150,061 0.02 435,930 0.07
EUR 200,000 State of Rhineland-Palatinate RegS
16/9/2019 (Zero Coupon) 201,322 0.03 Ireland
EUR 200,000 State of Rhineland-Palatinate RegS EUR 150,000 AIB Mortgage Bank RegS 3.125%
23/3/2020 (Zero Coupon) 201,626 0.03 10/9/2018 152,302 0.02
EUR 250,000 State of Rhineland-Palatinate RegS EUR 100,000 Bank of Ireland Mortgage Bank
2.375% 23/2/2022 273,912 0.04 RegS 3.625% 2/10/2020 109,634 0.02

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

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

Annual Report and Audited Accounts[69]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Ireland continued Israel


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

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

[70] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Italy continued Italy continued


EUR 100,000 Ferrovie dello Stato Italiane SpA EUR 2,000,000 Italy Buoni Poliennali Del Tesoro
RegS 4.00% 22/7/2020 109,085 0.02 1.20% 1/4/2022 2,065,820 0.33
EUR 200,000 Ferrovie dello Stato Italiane SpA EUR 1,000,000 Italy Buoni Poliennali Del Tesoro
RegS 1.50% 27/6/2025 201,982 0.03 1.35% 15/4/2022 1,037,930 0.17
EUR 100,000 Hera SpA RegS 5.20% 29/1/2028 131,630 0.02 EUR 300,000 Italy Buoni Poliennali Del Tesoro
EUR 200,000 Intesa Sanpaolo SpA RegS 0.90% 1/8/2022 305,364 0.05
3.75% 25/9/2019 211,995 0.03 EUR 500,000 Italy Buoni Poliennali Del Tesoro
EUR 100,000 Intesa Sanpaolo SpA RegS 1.45% 15/9/2022 520,515 0.08
4.375% 15/10/2019 106,667 0.02 EUR 1,400,000 Italy Buoni Poliennali Del Tesoro
EUR 100,000 Intesa Sanpaolo SpA RegS 5.50% 1/11/2022 1,713,600 0.27
1.125% 14/1/2020 101,922 0.02 EUR 1,500,000 Italy Buoni Poliennali Del Tesoro
EUR 200,000 Intesa Sanpaolo SpA RegS 0.95% 1/3/2023 1,520,235 0.24
2.75% 20/3/2020 210,662 0.03 EUR 2,500,000 Italy Buoni Poliennali Del Tesoro
EUR 50,000 Intesa Sanpaolo SpA RegS 0.95% 15/3/2023 2,535,850 0.41
4.125% 14/4/2020 54,068 0.01 EUR 1,000,000 Italy Buoni Poliennali Del Tesoro
EUR 150,000 Intesa Sanpaolo SpA RegS 4.50% 1/5/2023 1,190,320 0.19
2.00% 18/6/2021 157,599 0.02 EUR 900,000 Italy Buoni Poliennali Del Tesoro
EUR 200,000 Intesa Sanpaolo SpA RegS 0.65% 15/10/2023 892,134 0.14
0.625% 20/1/2022* 204,018 0.03 EUR 600,000 Italy Buoni Poliennali Del Tesoro
EUR 100,000 Intesa Sanpaolo SpA RegS 9.00% 1/11/2023 866,838 0.14
0.875% 27/6/2022 100,767 0.02 EUR 1,400,000 Italy Buoni Poliennali Del Tesoro
EUR 100,000 Intesa Sanpaolo SpA RegS 4.50% 1/3/2024 1,685,180 0.27
0.625% 23/3/2023 101,518 0.02 EUR 1,100,000 Italy Buoni Poliennali Del Tesoro
EUR 200,000 Intesa Sanpaolo SpA RegS 1.375% 1.85% 15/5/2024 1,154,582 0.18
18/1/2024 203,104 0.03 EUR 650,000 Italy Buoni Poliennali Del Tesoro
EUR 200,000 Intesa Sanpaolo SpA RegS 1.125% 3.75% 1/9/2024 757,114 0.12
16/6/2027 201,685 0.03 EUR 1,550,000 Italy Buoni Poliennali Del Tesoro
EUR 100,000 Iren SpA RegS 1.50% 24/10/2027 97,625 0.01 1.45% 15/11/2024 1,579,791 0.25
EUR 100,000 Italgas SpA RegS 0.50% 19/1/2022 100,444 0.02 EUR 950,000 Italy Buoni Poliennali Del Tesoro
EUR 1,400,000 Italy Buoni Poliennali Del Tesoro 2.50% 1/12/2024 1,031,434 0.16
4.50% 1/3/2019 1,462,412 0.23 EUR 600,000 Italy Buoni Poliennali Del Tesoro
EUR 700,000 Italy Buoni Poliennali Del Tesoro 1.50% 1/6/2025 608,802 0.10
0.10% 15/4/2019 703,668 0.11 EUR 1,000,000 Italy Buoni Poliennali Del Tesoro
EUR 950,000 Italy Buoni Poliennali Del Tesoro 2.00% 1/12/2025 1,043,150 0.17
2.50% 1/5/2019 979,787 0.16 EUR 1,200,000 Italy Buoni Poliennali Del Tesoro
EUR 400,000 Italy Buoni Poliennali Del Tesoro 1.60% 1/6/2026 1,209,516 0.19
1.50% 1/8/2019 410,112 0.06 EUR 2,250,000 Italy Buoni Poliennali Del Tesoro
EUR 1,900,000 Italy Buoni Poliennali Del Tesoro 1.25% 1/12/2026 2,194,290 0.35
4.25% 1/9/2019 2,024,393 0.32 EUR 2,800,000 Italy Buoni Poliennali Del Tesoro
EUR 1,100,000 Italy Buoni Poliennali Del Tesoro 2.20% 1/6/2027 2,925,944 0.47
0.05% 15/10/2019 1,106,479 0.18 EUR 2,050,000 Italy Buoni Poliennali Del Tesoro
EUR 800,000 Italy Buoni Poliennali Del Tesoro 2.05% 1/8/2027 2,111,131 0.34
1.05% 1/12/2019 818,072 0.13 EUR 300,000 Italy Buoni Poliennali Del Tesoro
EUR 1,250,000 Italy Buoni Poliennali Del Tesoro 2.00% 1/2/2028 305,607 0.05
4.25% 1/3/2020 1,358,050 0.22 EUR 750,000 Italy Buoni Poliennali Del Tesoro
EUR 1,150,000 Italy Buoni Poliennali Del Tesoro 5.25% 1/11/2029 1,004,663 0.16
0.70% 1/5/2020 1,171,988 0.19 EUR 1,400,000 Italy Buoni Poliennali Del Tesoro
EUR 700,000 Italy Buoni Poliennali Del Tesoro 6.00% 1/5/2031 2,021,194 0.32
0.35% 15/6/2020 708,323 0.11 EUR 750,000 Italy Buoni Poliennali Del Tesoro
EUR 1,500,000 Italy Buoni Poliennali Del Tesoro 5.75% 1/2/2033 1,077,172 0.17
4.00% 1/9/2020 1,650,487 0.26 EUR 1,800,000 Italy Buoni Poliennali Del Tesoro
EUR 500,000 Italy Buoni Poliennali Del Tesoro RegS 4.50% 1/2/2020 1,958,328 0.31
0.20% 15/10/2020 503,735 0.08 EUR 1,650,000 Italy Buoni Poliennali Del Tesoro
EUR 800,000 Italy Buoni Poliennali Del Tesoro RegS 3.75% 1/8/2021 1,848,214 0.30
0.65% 1/11/2020 815,616 0.13 EUR 1,100,000 Italy Buoni Poliennali Del Tesoro
EUR 2,000,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 4.75% 1/8/2023 1,330,978 0.21
3.75% 1/3/2021 2,219,130 0.35 EUR 1,000,000 Italy Buoni Poliennali Del Tesoro
EUR 1,000,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 5.00% 1/3/2025 1,251,790 0.20
3.75% 1/5/2021 1,113,400 0.18 EUR 1,300,000 Italy Buoni Poliennali Del Tesoro
EUR 1,450,000 Italy Buoni Poliennali Del Tesoro RegS 4.50% 1/3/2026 1,599,897 0.26
0.45% 1/6/2021 1,468,154 0.23 EUR 1,500,000 Italy Buoni Poliennali Del Tesoro
EUR 1,100,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 4.75% 1/9/2028 1,909,830 0.31
4.75% 1/9/2021 1,271,572 0.20 EUR 1,150,000 Italy Buoni Poliennali Del Tesoro
EUR 500,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 3.50% 1/3/2030 1,324,466 0.21
0.35% 1/11/2021 503,235 0.08 EUR 1,750,000 Italy Buoni Poliennali Del Tesoro
EUR 1,100,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 1.65% 1/3/2032 1,646,277 0.26
2.15% 15/12/2021 1,177,165 0.19 EUR 2,000,000 Italy Buoni Poliennali Del Tesoro
EUR 1,050,000 Italy Buoni Poliennali Del Tesoro RegS ‘144A’ 2.45% 1/9/2033 2,037,650 0.33
5.00% 1/3/2022 1,240,780 0.20

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

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

Annual Report and Audited Accounts[71]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Italy continued Japan


EUR 850,000 Italy Buoni Poliennali Del Tesoro EUR 100,000 MUFG Bank Ltd RegS 0.875%
RegS 5.00% 1/8/2034 1,155,209 0.18 11/3/2022 101,735 0.02
EUR 1,500,000 Italy Buoni Poliennali Del Tesoro EUR 100,000 Sumitomo Mitsui Banking Corp
RegS ‘144A’ 2.25% 1/9/2036 1,458,450 0.23 RegS 2.25% 16/12/2020 105,951 0.02
EUR 900,000 Italy Buoni Poliennali Del Tesoro EUR 150,000 Sumitomo Mitsui Financial Group
RegS 4.00% 1/2/2037 1,108,827 0.18 Inc RegS 1.546% 15/6/2026 153,990 0.02
EUR 850,000 Italy Buoni Poliennali Del Tesoro
361,676 0.06
RegS ‘144A’ 2.95% 1/9/2038 899,139 0.14
EUR 800,000 Italy Buoni Poliennali Del Tesoro
RegS 5.00% 1/8/2039 1,110,752 0.18
Jersey
EUR 100,000 Aptiv Plc 1.60% 15/9/2028 98,541 0.01
EUR 1,450,000 Italy Buoni Poliennali Del Tesoro
RegS 5.00% 1/9/2040 2,009,656 0.32 EUR 100,000 Atrium European Real Estate Ltd
EUR 1,050,000 Italy Buoni Poliennali Del Tesoro RegS 3.625% 17/10/2022 110,430 0.02
RegS ‘144A’ 4.75% 1/9/2044 1,432,525 0.23 EUR 100,000 Glencore Finance Europe Ltd RegS
EUR 950,000 Italy Buoni Poliennali Del Tesoro 4.625% 3/4/2018 100,109 0.02
RegS ‘144A’ 3.25% 1/9/2046 1,040,696 0.17 EUR 150,000 Glencore Finance Europe Ltd RegS
EUR 850,000 Italy Buoni Poliennali Del Tesoro 1.25% 17/3/2021 153,378 0.02
RegS ‘144A’ 2.70% 1/3/2047 838,661 0.13 EUR 100,000 Glencore Finance Europe Ltd RegS
EUR 550,000 Italy Buoni Poliennali Del Tesoro 1.875% 13/9/2023 103,629 0.02
RegS ‘144A’ 3.45% 1/3/2048 616,209 0.10 EUR 100,000 Heathrow Funding Ltd RegS
EUR 550,000 Italy Buoni Poliennali Del Tesoro 1.875% 23/5/2022 105,838 0.02
RegS ‘144A’ 2.80% 1/3/2067 519,219 0.08 671,925 0.11
EUR 400,000 Italy Certificati di Credito del Tesoro
30/5/2019 (Zero Coupon) 401,672 0.06
Latvia
EUR 100,000 Luxottica Group SpA RegS
EUR 150,000 Latvia Government International
2.625% 10/2/2024 111,383 0.02
Bond RegS 2.625% 21/1/2021 161,601 0.02
EUR 125,000 Mediobanca Banca di Credito
EUR 100,000 Latvia Government International
Finanziario SpA RegS 0.75%
17/2/2020 126,605 0.02 Bond RegS 2.875% 30/4/2024 115,293 0.02
EUR 100,000 Mediobanca Banca di Credito EUR 100,000 Latvia Government International
Finanziario SpA RegS 3.625% Bond RegS 2.25% 15/2/2047 109,791 0.02
17/10/2023 117,378 0.02 386,685 0.06
EUR 100,000 RAI-Radiotelevisione Italiana SpA
RegS 1.50% 28/5/2020 102,717 0.02 Lithuania
EUR 550,000 Republic of Italy Government EUR 150,000 Lithuania Government International
International Bond RegS 5.125% Bond RegS 1.25% 22/10/2025 156,267 0.02
31/7/2024 680,947 0.11 EUR 100,000 Lithuania Government International
EUR 300,000 Snam SpA RegS 25/10/2020 Bond RegS 2.10% 26/5/2047 104,337 0.02
(Zero Coupon) 299,694 0.05
EUR 125,000 Snam SpA RegS 0.875% 260,604 0.04
25/10/2026 119,926 0.02
EUR 250,000 Terna Rete Elettrica Nazionale SpA Luxembourg
RegS 4.875% 3/10/2019 268,560 0.04 EUR 100,000 ADO Properties SA RegS 1.50%
EUR 50,000 Terna Rete Elettrica Nazionale SpA 26/7/2024 99,647 0.02
RegS 4.75% 15/3/2021 56,824 0.01 EUR 100,000 Allergan Funding SCS 1.25%
EUR 100,000 Terna Rete Elettrica Nazionale SpA 1/6/2024 98,645 0.02
RegS 0.875% 2/2/2022 102,143 0.02 EUR 100,000 Aroundtown SA RegS 2.125%
EUR 50,000 UniCredit SpA 4.375% 29/1/2020 54,010 0.01 13/3/2023 104,730 0.02
EUR 200,000 UniCredit SpA RegS 3.625% EUR 200,000 Aroundtown SA RegS FRN
24/1/2019 206,166 0.03 (Perpetual) 187,710 0.03
EUR 100,000 UniCredit SpA RegS 2.00% EUR 50,000 Ciba Specialty Chemicals Finance
4/3/2023 105,340 0.02 Luxembourg SA RegS 4.875%
EUR 100,000 UniCredit SpA RegS 3.00% 20/6/2018 50,545 0.01
31/1/2024 114,533 0.02 EUR 100,000 DH Europe Finance SA 2.50%
EUR 100,000 UniCredit SpA RegS 0.75% 8/7/2025 110,511 0.02
30/4/2025 100,303 0.02 EUR 100,000 Dream Global Funding I Sarl RegS
EUR 100,000 UniCredit SpA RegS 2.125% 1.375% 21/12/2021 100,006 0.02
24/10/2026 104,930 0.02
EUR 300,000 European Financial Stability Facility
EUR 400,000 UniCredit SpA RegS 0.375%
RegS 0.125% 4/11/2019 302,724 0.05
31/10/2026 380,586 0.06
EUR 550,000 European Financial Stability Facility
EUR 100,000 Unione di Banche Italiane SpA
RegS 1.50% 22/1/2020 569,030 0.09
RegS 3.125% 14/10/2020 108,276 0.02
EUR 300,000 Unione di Banche Italiane SpA EUR 600,000 European Financial Stability Facility
RegS 0.75% 17/10/2022 298,305 0.05 RegS 1.625% 17/7/2020 626,955 0.10
EUR 100,000 Unione di Banche Italiane SpA EUR 200,000 European Financial Stability Facility
RegS 1.25% 7/2/2025 103,749 0.02 RegS 1.75% 29/10/2020 210,586 0.03
EUR 200,000 Unione di Banche Italiane SpA EUR 200,000 European Financial Stability Facility
RegS 0.375% 14/9/2026 190,209 0.03 RegS 0.10% 19/1/2021 202,060 0.03
EUR 100,000 Unione di Banche Italiane SpA EUR 400,000 European Financial Stability Facility
RegS 1.125% 4/10/2027 100,106 0.02 RegS 29/3/2021 (Zero Coupon) 402,800 0.06
94,274,931 15.11

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

[72] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Luxembourg continued Luxembourg continued


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

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

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

Annual Report and Audited Accounts[73]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Morocco Netherlands continued


EUR 100,000 Morocco Government International EUR 200,000 Bank Nederlandse Gemeenten NV
Bond RegS 4.50% 5/10/2020 110,707 0.02 RegS 1.125% 4/9/2024 209,392 0.03
110,707 0.02 EUR 300,000 Bank Nederlandse Gemeenten NV
RegS 0.20% 9/11/2024 296,142 0.05
Netherlands EUR 250,000 Bank Nederlandse Gemeenten NV
EUR 100,000 ABB Finance BV RegS RegS 1.00% 12/1/2026 257,427 0.04
0.625% 3/5/2023 101,208 0.02 EUR 100,000 Bank Nederlandse Gemeenten NV
EUR 50,000 ABN AMRO Bank NV RegS 0.625% 19/6/2027 98,739 0.01
3.625% 22/6/2020 54,385 0.01 EUR 200,000 BASF Finance Europe NV RegS
10/11/2020 (Zero Coupon) 200,460 0.03
EUR 250,000 ABN AMRO Bank NV
EUR 100,000 Bharti Airtel International Netherlands
3.50% 21/9/2022 287,897 0.05
BV RegS 3.375% 20/5/2021 107,194 0.02
EUR 150,000 ABN AMRO Bank NV RegS
EUR 100,000 BMW Finance NV RegS 3.25%
1.875% 31/7/2019 154,573 0.02
14/1/2019 102,765 0.02
EUR 100,000 ABN AMRO Bank NV RegS
EUR 250,000 BMW Finance NV RegS 0.125%
6.375% 27/4/2021 117,361 0.02
12/1/2021 250,425 0.04
EUR 50,000 ABN AMRO Bank NV RegS
EUR 150,000 BMW Finance NV RegS 1.00%
4.125% 28/3/2022 57,517 0.01
15/2/2022 154,375 0.02
EUR 150,000 ABN AMRO Bank NV RegS
EUR 75,000 BMW Finance NV RegS 1.25%
0.625% 31/5/2022 151,767 0.02
5/9/2022 77,858 0.01
EUR 150,000 ABN AMRO Bank NV RegS
EUR 200,000 BMW Finance NV RegS 0.75%
1.00% 16/4/2025 152,040 0.02
12/7/2024 199,857 0.03
EUR 200,000 ABN AMRO Bank NV RegS EUR 100,000 BMW Finance NV RegS 1.00%
FRN 30/6/2025 210,046 0.03 21/1/2025 101,029 0.02
EUR 100,000 ABN AMRO Bank NV RegS EUR 100,000 Bunge Finance Europe BV 1.85%
0.875% 14/1/2026 102,278 0.02 16/6/2023 103,690 0.02
EUR 100,000 ABN AMRO Bank NV RegS EUR 150,000 Compass Group International BV
FRN 18/1/2028 107,114 0.02 RegS 0.625% 3/7/2024 148,773 0.02
EUR 200,000 ABN AMRO Bank NV RegS EUR 100,000 Cooperatieve Rabobank UA 5.875%
1.50% 30/9/2030 208,828 0.03 20/5/2019 106,566 0.02
EUR 100,000 ABN AMRO Bank NV RegS EUR 300,000 Cooperatieve Rabobank UA 4.125%
1.00% 13/4/2031 97,913 0.01 14/1/2020 322,581 0.05
EUR 100,000 ABN AMRO Bank NV RegS EUR 75,000 Cooperatieve Rabobank UA 3.75%
1.125% 12/1/2032 98,729 0.02 9/11/2020 81,793 0.01
EUR 200,000 ABN AMRO Bank NV RegS EUR 50,000 Cooperatieve Rabobank UA 4.125%
1.25% 10/1/2033 198,800 0.03 14/7/2025 61,680 0.01
EUR 100,000 ABN AMRO Bank NV RegS EUR 250,000 Cooperatieve Rabobank UA RegS
1.375% 12/1/2037 99,470 0.02 4.125% 12/1/2021 278,245 0.04
EUR 100,000 Achmea BV RegS FRN (Perpetual) 105,399 0.02 EUR 200,000 Cooperatieve Rabobank UA RegS
EUR 100,000 Adecco International Financial 0.125% 11/10/2021 199,581 0.03
Services BV RegS 1.50% EUR 250,000 Cooperatieve Rabobank UA RegS
22/11/2022 104,648 0.02 0.50% 6/12/2022 250,847 0.04
EUR 300,000 Aegon Bank NV RegS 0.75% EUR 100,000 Cooperatieve Rabobank UA RegS
27/6/2027 295,740 0.05 2.375% 22/5/2023 109,443 0.02
EUR 100,000 Airbus Finance BV RegS 2.375% EUR 100,000 Cooperatieve Rabobank UA RegS
2/4/2024 109,621 0.02 3.875% 25/7/2023 115,232 0.02
EUR 100,000 Airbus Finance BV RegS 1.375% EUR 200,000 Cooperatieve Rabobank UA RegS
13/5/2031 98,211 0.01 0.25% 31/5/2024 198,708 0.03
EUR 150,000 Alliander NV RegS 2.25% EUR 300,000 Cooperatieve Rabobank UA RegS
14/11/2022 163,314 0.03 1.25% 23/3/2026 305,940 0.05
EUR 100,000 Allianz Finance II BV FRN 8/7/2041 115,610 0.02 EUR 100,000 de Volksbank NV RegS 1.00%
EUR 100,000 Allianz Finance II BV RegS 3.00% 8/3/2028 100,287 0.02
13/3/2028 119,060 0.02 EUR 100,000 de Volksbank NV RegS 0.75%
EUR 125,000 ASML Holding NV RegS 1.625% 24/10/2031 93,417 0.01
28/5/2027 128,018 0.02 EUR 100,000 Delta Lloyd Levensverzekering NV
EUR 100,000 ASR Nederland NV RegS FRN RegS FRN 29/8/2042 130,800 0.02
29/9/2045 114,671 0.02 EUR 100,000 Demeter Investments BV for Zurich
EUR 150,000 Bank Nederlandse Gemeenten NV Insurance Co Ltd RegS FRN
3.875% 26/5/2023 178,545 0.03 1/10/2046 108,138 0.02
EUR 300,000 Bank Nederlandse Gemeenten NV EUR 100,000 Deutsche Post Finance BV RegS
RegS 0.75% 21/5/2018 300,487 0.05 2.95% 27/6/2022 111,391 0.02
EUR 200,000 Bank Nederlandse Gemeenten NV EUR 150,000 Deutsche Telekom International
RegS 1.50% 15/4/2020 207,686 0.03 Finance BV 4.25% 16/3/2020 162,718 0.03
EUR 100,000 Bank Nederlandse Gemeenten NV EUR 100,000 Deutsche Telekom International
RegS 2.625% 1/9/2020 107,210 0.02 Finance BV RegS 6.625%
EUR 200,000 Bank Nederlandse Gemeenten NV 29/3/2018 100,029 0.02
RegS 0.50% 26/8/2022 204,005 0.03 EUR 200,000 Deutsche Telekom International
EUR 100,000 Bank Nederlandse Gemeenten NV Finance BV RegS 0.375%
RegS 2.25% 17/7/2023 110,942 0.02 30/10/2021 200,967 0.03
EUR 200,000 Bank Nederlandse Gemeenten NV EUR 50,000 Deutsche Telekom International
RegS 0.25% 7/6/2024 198,849 0.03 Finance BV RegS 2.75%
24/10/2024 56,265 0.01

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

[74] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Netherlands continued Netherlands continued


EUR 200,000 Deutsche Telekom International EUR 100,000 ING Bank NV RegS FRN
Finance BV RegS 1.125% 25/2/2026 108,324 0.02
22/5/2026 199,608 0.03 EUR 100,000 ING Groep NV FRN 11/4/2028 108,067 0.02
EUR 225,000 Deutsche Telekom International EUR 300,000 ING Groep NV RegS 1.125%
Finance BV RegS 1.50% 14/2/2025 298,411 0.05
3/4/2028 225,288 0.04 EUR 100,000 ING Groep NV RegS 1.375%
EUR 50,000 E.ON International Finance BV 11/1/2028 98,256 0.01
5.75% 7/5/2020 56,137 0.01 EUR 150,000 innogy Finance BV RegS 6.625%
EUR 200,000 EDP Finance BV RegS 2.625% 31/1/2019 158,554 0.02
18/1/2022 216,284 0.03 EUR 50,000 innogy Finance BV RegS 6.50%
EUR 125,000 EDP Finance BV RegS 1.125% 10/8/2021 60,477 0.01
12/2/2024 125,250 0.02 EUR 200,000 innogy Finance BV RegS 1.50%
EUR 100,000 ELM BV for Swiss Life Insurance 31/7/2029 195,112 0.03
& Pension Group RegS FRN EUR 50,000 innogy Finance BV RegS 5.75%
(Perpetual) 110,160 0.02 14/2/2033 74,135 0.01
EUR 150,000 ELM BV for Swiss Reinsurance EUR 100,000 JAB Holdings BV RegS 1.50%
Co Ltd RegS FRN (Perpetual) 152,385 0.02 24/11/2021 104,041 0.02
EUR 50,000 EnBW International Finance BV EUR 100,000 JAB Holdings BV RegS 2.00%
6.125% 7/7/2039 84,305 0.01 18/5/2028 101,269 0.02
EUR 100,000 EnBW International Finance BV EUR 100,000 Koninklijke Ahold Delhaize NV
RegS 2.50% 4/6/2026 112,060 0.02 RegS 0.875% 19/9/2024 99,806 0.02
EUR 300,000 Enel Finance International NV EUR 150,000 Koninklijke DSM NV RegS 1.375%
1.966% 27/1/2025 316,809 0.05 26/9/2022 157,414 0.02
EUR 50,000 Enel Finance International NV RegS EUR 200,000 Koninklijke KPN NV RegS 7.50%
5.00% 14/9/2022 60,062 0.01 4/2/2019 212,808 0.03
EUR 300,000 Enel Finance International NV RegS EUR 100,000 Koninklijke KPN NV RegS 1.125%
1.00% 16/9/2024 300,160 0.05 11/9/2028 95,458 0.01
EUR 130,000 Enel Finance International NV RegS EUR 300,000 LeasePlan Corp NV RegS 0.75%
1.375% 1/6/2026 130,233 0.02 3/10/2022 300,615 0.05
EUR 100,000 Enexis Holding NV RegS 0.875% EUR 150,000 Linde Finance BV RegS 1.00%
28/4/2026 99,028 0.02 20/4/2028* 148,644 0.02
EUR 200,000 Evonik Finance BV RegS 8/3/2021 EUR 100,000 Madrilena Red de Gas Finance BV
(Zero Coupon) 199,262 0.03 RegS 2.25% 11/4/2029 102,612 0.02
EUR 100,000 Evonik Finance BV RegS 0.75% EUR 100,000 Mylan NV RegS 1.25% 23/11/2020 102,332 0.02
7/9/2028 93,038 0.01 EUR 100,000 Mylan NV RegS 2.25% 22/11/2024 102,801 0.02
EUR 150,000 EXOR NV RegS 2.125% 2/12/2022 159,840 0.02 EUR 150,000 Nederlandse Gasunie NV RegS
EUR 100,000 F van Lanschot Bankiers NV RegS 3.625% 13/10/2021 168,564 0.03
0.275% 28/4/2022 100,614 0.02 EUR 200,000 Nederlandse Waterschapsbank NV
EUR 100,000 Gas Natural Fenosa Finance BV RegS 1.125% 28/1/2019 202,688 0.03
RegS 2.875% 11/3/2024 111,132 0.02 EUR 250,000 Nederlandse Waterschapsbank NV
EUR 200,000 Gas Natural Fenosa Finance BV RegS 1.625% 23/8/2019 257,330 0.04
RegS 0.875% 15/5/2025 195,416 0.03 EUR 100,000 Nederlandse Waterschapsbank NV
EUR 100,000 Gas Natural Fenosa Finance BV RegS 3.00% 28/3/2022 111,943 0.02
RegS 1.375% 19/1/2027 98,852 0.01 EUR 200,000 Nederlandse Waterschapsbank NV
EUR 100,000 Heineken NV RegS 3.50% RegS 0.50% 19/1/2023 203,510 0.03
19/3/2024 116,001 0.02 EUR 100,000 Nederlandse Waterschapsbank NV
EUR 100,000 Heineken NV RegS 1.00% RegS 0.50% 29/4/2030 93,298 0.01
4/5/2026 99,290 0.02 EUR 200,000 Nederlandse Waterschapsbank NV
EUR 100,000 Heineken NV RegS 1.50% RegS 1.25% 7/6/2032 200,406 0.03
3/10/2029 99,900 0.02 EUR 100,000 Nederlandse Waterschapsbank NV
EUR 50,000 Hella Finance International BV RegS 1.25% 27/5/2036 97,544 0.01
1.00% 17/5/2024 50,404 0.01 EUR 100,000 Nederlandse Waterschapsbank NV
EUR 100,000 Iberdrola International BV RegS RegS 1.625% 29/1/2048 101,424 0.02
1.75% 17/9/2023 105,978 0.02 EUR 850,000 Netherlands Government Bond
EUR 100,000 Iberdrola International BV RegS 0.25% 15/1/2020 863,591 0.14
0.375% 15/9/2025 95,226 0.01 EUR 450,000 Netherlands Government Bond
EUR 100,000 Iberdrola International BV RegS 3.75% 15/1/2023 533,785 0.08
FRN (Perpetual) 98,394 0.02 EUR 600,000 Netherlands Government Bond
EUR 100,000 ING Bank NV RegS 1.25% 5.50% 15/1/2028 884,916 0.14
13/12/2019 102,362 0.02 EUR 350,000 Netherlands Government Bond
EUR 150,000 ING Bank NV RegS 4.00% RegS ‘144A’ 4.00% 15/7/2019 371,087 0.06
17/1/2020 161,824 0.03 EUR 900,000 Netherlands Government Bond
EUR 100,000 ING Bank NV RegS 2.00% RegS ‘144A’ 3.50% 15/7/2020 984,132 0.16
28/8/2020 105,520 0.02 EUR 1,100,000 Netherlands Government Bond
EUR 200,000 ING Bank NV RegS 3.375% RegS ‘144A’ 3.25% 15/7/2021 1,232,682 0.20
10/1/2022 225,658 0.04 EUR 900,000 Netherlands Government Bond
EUR 150,000 ING Bank NV RegS 4.50% RegS ‘144A’ 15/1/2022
21/2/2022 174,575 0.03 (Zero Coupon) 909,450 0.14

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

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

Annual Report and Audited Accounts[75]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Netherlands continued Netherlands continued


EUR 800,000 Netherlands Government EUR 100,000 TenneT Holding BV RegS 4.50%
Bond RegS ‘144A’ 2.25% 9/2/2022 116,444 0.02
15/7/2022 884,960 0.14 EUR 200,000 TenneT Holding BV RegS 1.375%
EUR 1,000,000 Netherlands Government Bond 26/6/2029 201,150 0.03
RegS ‘144A’ 1.75% 15/7/2023 1,094,100 0.17 EUR 100,000 TenneT Holding BV RegS 1.875%
EUR 500,000 Netherlands Government Bond 13/6/2036 102,749 0.02
RegS ‘144A’ 15/1/2024 EUR 150,000 Unilever NV RegS 0.50% 3/2/2022 151,323 0.02
(Zero Coupon) 497,312 0.08 EUR 150,000 Unilever NV RegS 1.00% 3/6/2023 153,737 0.02
EUR 950,000 Netherlands Government EUR 100,000 Unilever NV RegS 0.875%
Bond RegS ‘144A’ 2.00% 31/7/2025 100,063 0.02
15/7/2024 1,060,504 0.17 EUR 200,000 Unilever NV RegS 1.625%
EUR 1,050,000 Netherlands Government Bond 12/2/2033 199,418 0.03
RegS ‘144A’ 0.25% 15/7/2025* 1,047,039 0.17 EUR 100,000 Urenco Finance NV RegS 2.25%
EUR 700,000 Netherlands Government Bond 5/8/2022 107,326 0.02
RegS ‘144A’ 0.50% 15/7/2026 705,516 0.11 EUR 250,000 Volkswagen International Finance
EUR 1,000,000 Netherlands Government Bond NV RegS 2.00% 14/1/2020 259,035 0.04
RegS ‘144A’ 0.75% 15/7/2027 1,020,530 0.16 EUR 100,000 Volkswagen International Finance
EUR 800,000 Netherlands Government Bond NV RegS 0.50% 30/3/2021 100,712 0.02
RegS ‘144A’ 2.50% 15/1/2033 980,696 0.16 EUR 100,000 Volkswagen International Finance
EUR 850,000 Netherlands Government Bond NV RegS 1.875% 30/3/2027 101,285 0.02
RegS ‘144A’ 4.00% 15/1/2037 1,297,100 0.21 EUR 150,000 Volkswagen International Finance
EUR 780,000 Netherlands Government Bond NV RegS 1.625% 16/1/2030 144,489 0.02
RegS ‘144A’ 3.75% 15/1/2042 1,221,772 0.19 EUR 150,000 Volkswagen International Finance
EUR 825,000 Netherlands Government Bond NV RegS FRN (Perpetual) 159,613 0.02
RegS ‘144A’ 2.75% 15/1/2047 1,147,822 0.18 EUR 200,000 Volkswagen International Finance
EUR 100,000 NIBC Bank NV RegS 0.25% NV RegS FRN (Perpetual) 202,290 0.03
22/4/2022 100,505 0.02 EUR 100,000 Volkswagen International Finance
EUR 300,000 NIBC Bank NV RegS 1.00% NV RegS FRN (Perpetual) 98,518 0.02
24/1/2028 299,721 0.05 EUR 200,000 Volkswagen International Finance
EUR 100,000 NN Group NV RegS 0.875% NV RegS FRN (Perpetual) 202,752 0.03
13/1/2023 101,550 0.02 EUR 100,000 Volkswagen International Finance
EUR 100,000 NN Group NV RegS 1.625% NV RegS FRN (Perpetual) 101,648 0.02
1/6/2027 101,962 0.02 EUR 100,000 Vonovia Finance BV RegS 3.125%
EUR 100,000 NN Group NV RegS FRN 8/4/2044 111,910 0.02 25/7/2019 104,272 0.02
EUR 200,000 NN Group NV RegS FRN (Perpetual) 216,056 0.03 EUR 200,000 Vonovia Finance BV RegS 1.75%
EUR 150,000 Nomura Europe Finance NV RegS 25/1/2027 201,914 0.03
1.125% 3/6/2020 153,241 0.02 EUR 300,000 Vonovia Finance BV RegS 1.50%
EUR 100,000 RELX Finance BV RegS 1.00% 14/1/2028 292,108 0.05
22/3/2024 100,883 0.02 EUR 100,000 Vonovia Finance BV RegS 2.125%
EUR 100,000 RELX Finance BV RegS 1.375% 22/3/2030 100,760 0.02
12/5/2026 101,228 0.02 EUR 100,000 Vonovia Finance BV RegS FRN
EUR 100,000 Repsol International Finance BV (Perpetual) 108,317 0.02
RegS 2.625% 28/5/2020 105,641 0.02 EUR 100,000 Wolters Kluwer NV RegS 1.50%
EUR 100,000 Repsol International Finance BV 22/3/2027 101,476 0.02
RegS 2.25% 10/12/2026 109,109 0.02 EUR 100,000 WPC Eurobond BV 2.125%
EUR 50,000 Roche Finance Europe BV RegS 15/4/2027 99,910 0.02
2.00% 25/6/2018 50,263 0.01 EUR 150,000 Wurth Finance International BV
EUR 150,000 Roche Finance Europe BV RegS RegS 1.00% 19/5/2022 154,737 0.02
0.875% 25/2/2025 152,310 0.02 42,398,271 6.80
EUR 100,000 Royal Schiphol Group NV RegS
2.00% 5/10/2026 107,277 0.02
New Zealand
EUR 150,000 Schaeffler Finance BV RegS 3.25%
EUR 200,000 ANZ New Zealand Int’l Ltd RegS
15/5/2025 160,182 0.02
0.40% 1/3/2022 199,478 0.03
EUR 50,000 Shell International Finance BV
EUR 100,000 ASB Finance Ltd/London RegS
4.375% 14/5/2018 50,259 0.01
0.25% 14/4/2021 100,719 0.01
EUR 100,000 Shell International Finance BV
EUR 100,000 Westpac Securities NZ Ltd/London
2.50% 24/3/2026 111,830 0.02
RegS 0.25% 6/4/2022 100,274 0.02
EUR 200,000 Shell International Finance BV
RegS 1.625% 24/3/2021 209,358 0.03 400,471 0.06
EUR 200,000 Shell International Finance BV
RegS 1.00% 6/4/2022 205,788 0.03 Norway
EUR 150,000 Shell International Finance BV EUR 100,000 Avinor AS RegS 1.25% 9/2/2027 101,310 0.02
RegS 0.75% 15/8/2028 142,291 0.02 EUR 150,000 DNB Bank ASA RegS 3.875%
EUR 200,000 Siemens Financieringsmaatschappij 29/6/2020 163,042 0.02
NV RegS 1.50% 10/3/2020 206,338 0.03 EUR 150,000 DNB Bank ASA RegS 4.375%
EUR 100,000 Stedin Holding NV RegS 0.875% 24/2/2021 168,614 0.03
24/10/2025 100,044 0.02 EUR 100,000 DNB Boligkreditt AS 2.75%
EUR 100,000 Syngenta Finance NV RegS 1.25% 21/3/2022 110,477 0.02
10/9/2027 85,891 0.01

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

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

[76] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Norway continued Poland continued


EUR 100,000 DNB Boligkreditt AS RegS 1.875% EUR 150,000 Republic of Poland Government
18/6/2019 102,728 0.02 International Bond RegS 3.375%
EUR 300,000 DNB Boligkreditt AS RegS 0.05% 9/7/2024 174,486 0.03
11/1/2022 299,895 0.05 EUR 100,000 Republic of Poland Government
EUR 200,000 DNB Boligkreditt AS RegS 1.875% International Bond RegS 1.50%
21/11/2022 215,370 0.03 19/1/2026* 103,920 0.02
EUR 200,000 DNB Boligkreditt AS RegS 0.25% EUR 150,000 Republic of Poland Government
18/4/2023 199,602 0.03 International Bond RegS 1.375%
EUR 150,000 Eika Boligkreditt AS RegS 2.125% 22/10/2027 152,777 0.02
30/1/2023 163,375 0.03 EUR 100,000 Republic of Poland Government
EUR 100,000 Kommunalbanken AS RegS 0.875% International Bond RegS 1.00%
24/5/2027 100,157 0.02 25/10/2028 97,473 0.01
EUR 300,000 SpareBank 1 Boligkreditt AS RegS EUR 150,000 Republic of Poland Government
1.50% 20/1/2020 309,699 0.05 International Bond RegS
EUR 200,000 SpareBank 1 Boligkreditt AS RegS 2.375% 18/1/2036* 160,895 0.03
1.50% 12/6/2020 207,616 0.03 EUR 100,000 Tauron Polska Energia SA RegS
EUR 100,000 SpareBank 1 Boligkreditt AS RegS 2.375% 5/7/2027 102,206 0.02
0.25% 30/8/2026 95,896 0.01 2,455,609 0.39
EUR 175,000 Sparebank 1 Oestlandet RegS
0.875% 13/3/2023 176,126 0.03
Portugal
EUR 125,000 SpareBank 1 SMN RegS 0.75%
EUR 100,000 Banco Comercial Portugues SA
8/6/2021 126,789 0.02
RegS 0.75% 31/5/2022 101,581 0.02
EUR 150,000 SpareBank 1 SR-Bank ASA RegS
EUR 100,000 Banco Santander Totta SA RegS
2.125% 14/4/2021 158,544 0.02
1.25% 26/9/2027 101,436 0.02
EUR 100,000 Sparebanken Soer Boligkreditt AS
EUR 100,000 Brisa Concessao Rodoviaria SA
RegS 0.25% 22/3/2021 100,897 0.02
RegS 2.00% 22/3/2023 106,593 0.02
EUR 100,000 Sparebanken Soer Boligkreditt AS
EUR 100,000 Caixa Economica Montepio Geral
RegS 0.375% 20/2/2023 100,376 0.02
Caixa Economica Bancaria SA
EUR 100,000 Sparebanken Vest Boligkreditt AS
RegS 0.875% 17/10/2022 101,037 0.01
RegS 0.375% 22/9/2020 101,387 0.02
EUR 200,000 Caixa Geral de Depositos SA RegS
EUR 100,000 Sparebanken Vest Boligkreditt AS
1.00% 27/1/2022 204,744 0.03
RegS 0.25% 29/4/2022 100,479 0.01
EUR 100,000 Galp Gas Natural Distribuicao SA
EUR 100,000 Statkraft AS RegS 1.50% 21/9/2023 104,426 0.02
RegS 1.375% 19/9/2023 102,345 0.02
EUR 100,000 Statoil ASA RegS 2.00% 10/9/2020 104,994 0.02
EUR 1,000,000 Portugal Obrigacoes do Tesouro OT
EUR 150,000 Statoil ASA RegS 0.75% 9/11/2026* 148,102 0.02
RegS ‘144A’ 4.80% 15/6/2020 1,110,770 0.18
EUR 150,000 Statoil ASA RegS 1.625% 17/2/2035 148,955 0.02
EUR 700,000 Portugal Obrigacoes do Tesouro OT
EUR 150,000 Telenor ASA RegS 2.50% 22/5/2025 167,668 0.03
RegS ‘144A’ 3.85% 15/4/2021 782,950 0.12
3,776,524 0.61 EUR 500,000 Portugal Obrigacoes do Tesouro OT
RegS ‘144A’ 2.20% 17/10/2022 543,695 0.09
Panama EUR 1,500,000 Portugal Obrigacoes do Tesouro OT
EUR 125,000 Carnival Corp 1.875% 7/11/2022 132,764 0.02 RegS ‘144A’ 4.95% 25/10/2023 1,858,395 0.30
132,764 0.02 EUR 200,000 Portugal Obrigacoes do Tesouro OT
RegS ‘144A’ 5.65% 15/2/2024 256,794 0.04
EUR 500,000 Portugal Obrigacoes do Tesouro OT
Peru
RegS ‘144A’ 2.875% 21/7/2026 561,460 0.09
EUR 100,000 Peruvian Government International
EUR 1,250,000 Portugal Obrigacoes do Tesouro OT
Bond 3.75% 1/3/2030 119,250 0.02
RegS ‘144A’ 4.125% 14/4/2027 1,533,175 0.24
119,250 0.02 EUR 900,000 Portugal Obrigacoes do Tesouro OT
RegS ‘144A’ 4.10% 15/4/2037 1,148,301 0.18
Poland 8,513,276 1.36
EUR 200,000 PKO Bank Hipoteczny SA RegS
0.125% 24/6/2022 197,350 0.03
Romania
EUR 250,000 Powszechna Kasa Oszczednosci
EUR 75,000 Romanian Government International
Bank Polski SA RegS 0.75%
Bond RegS 4.875% 7/11/2019 81,056 0.01
25/7/2021 252,812 0.04
EUR 100,000 Romanian Government International
EUR 500,000 Republic of Poland Government
Bond RegS 4.625% 18/9/2020 111,525 0.02
International Bond 4.00%
EUR 100,000 Romanian Government International
23/3/2021 560,625 0.09
Bond RegS 3.625% 24/4/2024 114,437 0.02
EUR 150,000 Republic of Poland Government
EUR 100,000 Romanian Government International
International Bond RegS 1.625%
Bond RegS 2.75% 29/10/2025 108,563 0.02
15/1/2019 152,289 0.02
EUR 100,000 Romanian Government International
EUR 300,000 Republic of Poland Government
Bond RegS 2.375% 19/4/2027 101,982 0.02
International Bond RegS 4.20%
EUR 150,000 Romanian Government International
15/4/2020 326,767 0.05
Bond RegS 2.875% 26/5/2028 157,219 0.02
EUR 150,000 Republic of Poland Government
EUR 100,000 Romanian Government International
International Bond RegS 3.75%
Bond RegS 2.50% 8/2/2030 99,500 0.02
19/1/2023 174,009 0.03
EUR 150,000 Romanian Government International
Bond RegS 3.875% 29/10/2035 161,625 0.02

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

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

Annual Report and Audited Accounts[77]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Romania continued Spain


EUR 100,000 Romanian Government International EUR 100,000 Abertis Infraestructuras SA RegS
Bond RegS 3.375% 8/2/2038 100,250 0.02 2.50% 27/2/2025 108,298 0.02
EUR 200,000 Adif - Alta Velocidad RegS 0.80%
1,036,157 0.17
5/7/2023 203,674 0.03
EUR 100,000 Adif - Alta Velocidad RegS 3.50%
Singapore 27/5/2024 116,780 0.02
EUR 100,000 Bright Food Singapore Holdings Pte EUR 100,000 Adif - Alta Velocidad RegS 1.875%
Ltd RegS 1.125% 18/7/2020 100,845 0.02 28/1/2025 106,745 0.02
EUR 200,000 DBS Bank Ltd RegS 0.375% EUR 100,000 Amadeus Capital Markets SAU
21/11/2024 197,020 0.03 RegS 0.125% 6/10/2020 100,309 0.02
EUR 375,000 Oversea-Chinese Banking Corp Ltd EUR 100,000 Amadeus Capital Markets SAU
RegS 0.375% 1/3/2023 375,643 0.06 RegS 1.625% 17/11/2021 104,869 0.02
EUR 100,000 United Overseas Bank Ltd RegS EUR 100,000 Autonomous Community of
0.125% 2/3/2022 99,918 0.01 Andalusia Spain 4.85% 17/3/2020 109,707 0.02
773,426 0.12 EUR 100,000 Autonomous Community of Madrid
Spain RegS 2.875% 6/4/2019 103,130 0.02
Slovakia EUR 100,000 Autonomous Community of Madrid
EUR 350,000 Slovakia Government Bond Spain RegS 4.125% 21/5/2024 121,282 0.02
13/11/2023 (Zero Coupon) 347,602 0.06 EUR 50,000 Autonomous Community of Madrid
EUR 200,000 Slovakia Government Bond 0.625% Spain RegS 1.826% 30/4/2025 53,658 0.01
22/5/2026 201,008 0.03 EUR 200,000 Autonomous Community of Madrid
EUR 300,000 Slovakia Government Bond RegS Spain RegS 2.146% 30/4/2027 216,980 0.03
4.00% 27/4/2020 327,561 0.05 EUR 160,000 Autonomous Community of Madrid
EUR 350,000 Slovakia Government Bond RegS Spain RegS 1.773% 30/4/2028 167,165 0.03
3.00% 28/2/2023 403,448 0.06 EUR 100,000 Autonomous Community of Madrid
EUR 250,000 Slovakia Government Bond RegS Spain RegS 2.08% 12/3/2030 105,548 0.02
3.375% 15/11/2024 299,368 0.05 EUR 300,000 Ayt Cedulas Cajas Global 4.00%
EUR 100,000 Slovakia Government Bond RegS 24/3/2021 335,685 0.05
4.35% 14/10/2025 130,838 0.02 EUR 200,000 Ayt Cedulas Cajas Global 4.25%
EUR 100,000 Slovakia Government Bond RegS 25/10/2023 240,886 0.04
3.625% 16/1/2029 126,923 0.02 EUR 200,000 AyT Cedulas Cajas X Fondo de
EUR 100,000 Slovakia Government Bond RegS Titulizacion de Activos 3.75%
1.625% 21/1/2031 104,949 0.02 30/6/2025 242,150 0.04
EUR 100,000 Slovakia Government Bond RegS EUR 200,000 Banco Bilbao Vizcaya Argentaria SA
1.875% 9/3/2037 104,717 0.02 3.875% 30/1/2023 235,398 0.04
EUR 100,000 Slovakia Government Bond RegS EUR 200,000 Banco Bilbao Vizcaya Argentaria SA
2.00% 17/10/2047 105,021 0.02 0.625% 18/3/2023 203,762 0.03
EUR 200,000 Zapadoslovenska Energetika AS EUR 100,000 Banco Bilbao Vizcaya Argentaria SA
RegS 1.75% 2/3/2028 201,122 0.03 RegS 1.00% 20/1/2021 102,522 0.02
EUR 100,000 Banco Bilbao Vizcaya Argentaria SA
2,352,557 0.38
RegS 0.75% 20/1/2022 102,824 0.02
EUR 100,000 Banco Bilbao Vizcaya Argentaria SA
Slovenia RegS 0.75% 11/9/2022 100,032 0.01
EUR 300,000 Slovenia Government Bond RegS
EUR 100,000 Banco Bilbao Vizcaya Argentaria SA
4.125% 26/1/2020 325,269 0.05
RegS FRN 11/4/2024 103,288 0.02
EUR 150,000 Slovenia Government Bond RegS
EUR 100,000 Banco Bilbao Vizcaya Argentaria SA
3.00% 8/4/2021 164,971 0.03
RegS 0.875% 22/11/2026 101,006 0.02
EUR 200,000 Slovenia Government Bond RegS
EUR 100,000 Banco Bilbao Vizcaya Argentaria SA
2.25% 25/3/2022 218,554 0.03
RegS 3.50% 10/2/2027 111,168 0.02
EUR 50,000 Slovenia Government Bond RegS
EUR 200,000 Banco de Sabadell SA RegS
4.625% 9/9/2024 63,456 0.01
0.625% 3/11/2020 203,790 0.03
EUR 50,000 Slovenia Government Bond RegS
EUR 100,000 Banco de Sabadell SA RegS
5.125% 30/3/2026 67,122 0.01
1.00% 26/4/2027 99,794 0.01
EUR 200,000 Slovenia Government Bond RegS
EUR 200,000 Banco Popular Espanol SA RegS
1.25% 22/3/2027 206,476 0.03
0.875% 28/9/2021 205,476 0.03
EUR 100,000 Slovenia Government Bond RegS
EUR 100,000 Banco Popular Espanol SA RegS
2.25% 3/3/2032 112,579 0.02
1.00% 7/4/2025 101,740 0.02
EUR 50,000 Slovenia Government Bond RegS
EUR 200,000 Banco Santander SA 3.875%
1.50% 25/3/2035 49,820 0.01
6/2/2026 249,100 0.04
EUR 100,000 Slovenia Government Bond RegS
EUR 200,000 Banco Santander SA RegS 0.75%
1.75% 3/11/2040 100,322 0.02
9/9/2022 205,328 0.03
EUR 150,000 Slovenia Government Bond RegS
EUR 200,000 Banco Santander SA RegS 1.125%
3.125% 7/8/2045 192,069 0.03
27/11/2024 208,324 0.03
1,500,638 0.24 EUR 200,000 Bankia SA 4.25% 25/5/2018 201,280 0.03
EUR 300,000 Bankia SA 4.50% 26/4/2022 351,765 0.06
South Korea EUR 100,000 Bankia SA RegS 1.125% 5/8/2022 103,649 0.02
EUR 250,000 Export-Import Bank of Korea RegS EUR 200,000 Bankia SA RegS 1.00% 25/9/2025 202,188 0.03
2.00% 30/4/2020 260,681 0.04 EUR 100,000 Bankinter SA RegS 1.00% 5/2/2025 101,655 0.02
260,681 0.04 EUR 100,000 CaixaBank SA 3.875% 17/2/2025 121,348 0.02

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

[78] BlackRock Global Index Funds (BGIF)


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Spain continued Spain continued


EUR 100,000 CaixaBank SA RegS 3.125% EUR 100,000 Junta de Castilla y Leon RegS
14/5/2018 100,377 0.02 4.00% 30/4/2024 120,077 0.02
EUR 200,000 CaixaBank SA RegS 1.00% EUR 100,000 Kutxabank SA RegS 1.75%
8/2/2023 206,640 0.03 27/5/2021 105,463 0.02
EUR 200,000 CaixaBank SA RegS 1.125% EUR 100,000 Mapfre SA RegS 1.625% 19/5/2026 102,333 0.02
17/5/2024 200,048 0.03 EUR 100,000 Merlin Properties Socimi SA RegS
EUR 200,000 CaixaBank SA RegS 0.625% 1.75% 26/5/2025 100,408 0.02
27/3/2025 198,224 0.03 EUR 125,000 Merlin Properties Socimi SA RegS
EUR 100,000 CaixaBank SA RegS 1.25% 1.875% 2/11/2026 124,234 0.02
11/1/2027 102,256 0.02 EUR 100,000 NorteGas Energia Distribucion SAU
EUR 200,000 Caja Rural de Castilla-La Mancha RegS 2.065% 28/9/2027 100,748 0.02
SCC RegS 0.875% 27/5/2024 201,844 0.03 EUR 200,000 Programa Cedulas TDA Fondo de
EUR 100,000 Caja Rural de Navarra SCC RegS Titulizacion de Activos 4.125%
0.50% 16/3/2022 100,826 0.02 10/4/2021 224,954 0.04
EUR 100,000 Cajamar Caja Rural SCC RegS EUR 100,000 Programa Cedulas TDA Fondo de
1.25% 26/1/2022 102,787 0.02 Titulizacion de Activos 4.25%
EUR 100,000 Canal de Isabel II Gestion SA RegS 28/3/2027 126,785 0.02
1.68% 26/2/2025 102,672 0.02 EUR 200,000 Programa Cedulas TDA Fondo de
EUR 100,000 Cedulas TDA 6 Fondo de Titulizacion Titulizacion de Activos 4.25%
de Activos 3.875% 23/5/2025 122,190 0.02 10/4/2031 259,760 0.04
EUR 100,000 Comunidad Autonoma de Aragon EUR 100,000 Prosegur Cash SA RegS 1.375%
2.875% 10/2/2019 102,620 0.02 4/2/2026 97,619 0.01
EUR 100,000 Cores RegS 1.50% 27/11/2022 105,577 0.02 EUR 100,000 Red Electrica Financiaciones SAU
EUR 100,000 Criteria Caixa SAU RegS 1.625% RegS 4.875% 29/4/2020 110,278 0.02
21/4/2022 103,338 0.02 EUR 100,000 Red Electrica Financiaciones SAU
EUR 100,000 Deutsche Bank SA Espanola RegS RegS 1.00% 21/4/2026 99,547 0.01
0.625% 25/11/2020 101,859 0.02 EUR 200,000 Santander Consumer Finance SA
EUR 100,000 Distribuidora Internacional de RegS 0.90% 18/2/2020 203,434 0.03
Alimentacion SA RegS 1.00% EUR 200,000 Santander Consumer Finance SA
28/4/2021 101,547 0.02 RegS 1.00% 26/5/2021 204,628 0.03
EUR 100,000 Enagas Financiaciones SAU RegS EUR 200,000 Santander International Debt SA
2.50% 11/4/2022 109,086 0.02 RegS 1.375% 3/3/2021* 207,402 0.03
EUR 100,000 Enagas Financiaciones SAU RegS EUR 200,000 Santander International Debt SA
1.25% 6/2/2025 102,136 0.02 RegS 1.375% 14/12/2022 208,171 0.03
EUR 200,000 FADE - Fondo de Amortizacion del EUR 100,000 Santander Issuances SAU RegS
Deficit Electrico RegS 0.031% 3.25% 4/4/2026 108,934 0.02
17/6/2020 201,028 0.03 EUR 100,000 Santander Issuances SAU RegS
EUR 100,000 FADE - Fondo de Amortizacion del 3.125% 19/1/2027 108,159 0.02
Deficit Electrico RegS 5.90% EUR 300,000 Spain Government Bond 0.25%
17/3/2021 117,125 0.02 30/4/2018 300,177 0.05
EUR 200,000 FADE - Fondo de Amortizacion del EUR 800,000 Spain Government Bond 2.75%
Deficit Electrico RegS 0.625% 30/4/2019 827,160 0.13
17/3/2022 204,758 0.03 EUR 1,500,000 Spain Government Bond 1.40%
EUR 100,000 FCC Aqualia SA RegS 2.629% 31/1/2020 1,548,465 0.25
8/6/2027 103,067 0.02 EUR 1,900,000 Spain Government Bond 1.15%
EUR 100,000 Ferrovial Emisiones SA RegS 30/7/2020 1,964,733 0.31
0.375% 14/9/2022 99,435 0.01 EUR 500,000 Spain Government Bond 0.05%
EUR 50,000 Gas Natural Capital Markets SA 31/1/2021 503,825 0.08
RegS 5.125% 2/11/2021 58,566 0.01 EUR 1,300,000 Spain Government Bond 0.75%
EUR 50,000 Iberdrola Finanzas SA 4.125% 30/7/2021 1,340,144 0.21
23/3/2020 54,118 0.01 EUR 1,500,000 Spain Government Bond 0.40%
EUR 100,000 Iberdrola Finanzas SA RegS 1.00% 30/4/2022 1,526,482 0.24
7/3/2024 101,409 0.02 EUR 300,000 Spain Government Bond 0.45%
EUR 300,000 Iberdrola Finanzas SA RegS 1.25% 31/10/2022 304,855 0.05
13/9/2027 297,822 0.05 EUR 650,000 Spain Government Bond 6.00%
EUR 100,000 IE2 Holdco SAU RegS 2.875% 31/1/2029 965,653 0.15
1/6/2026 107,286 0.02 EUR 1,300,000 Spain Government Bond 5.75%
EUR 200,000 IM Cedulas 5 Fondo de Titulazion 30/7/2032 2,010,528 0.32
de Activos 3.50% 15/6/2020 216,126 0.03 EUR 550,000 Spain Government Bond RegS
EUR 100,000 Inmobiliaria Colonial Socimi SA ‘144A’ 4.60% 30/7/2019 586,341 0.09
RegS 1.45% 28/10/2024 99,979 0.01 EUR 1,700,000 Spain Government Bond RegS
EUR 200,000 Inmobiliaria Colonial Socimi SA ‘144A’ 4.30% 31/10/2019 1,825,706 0.29
RegS 2.50% 28/11/2029 199,976 0.03 EUR 1,250,000 Spain Government Bond RegS
EUR 300,000 Instituto de Credito Oficial RegS ‘144A’ 4.00% 30/4/2020 1,362,637 0.22
4.00% 30/4/2018* 300,960 0.05 EUR 950,000 Spain Government Bond RegS
EUR 200,000 Instituto de Credito Oficial RegS ‘144A’ 4.85% 31/10/2020 1,075,633 0.17
4.375% 20/5/2019 210,636 0.03 EUR 1,750,000 Spain Government Bond RegS
EUR 250,000 Instituto de Credito Oficial RegS ‘144A’ 5.50% 30/4/2021 2,057,702 0.33
0.10% 30/7/2021 251,997 0.04

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

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

Annual Report and Audited Accounts[79]


iShares Euro Aggregate Bond Index Fund (LU) continued

Portfolio of Investments as at 31 March 2018


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

Spain continued Supranational


EUR 850,000 Spain Government Bond RegS EUR 100,000 African Development Bank 0.25%
‘144A’ 5.85% 31/1/2022 1,044,106 0.17 24/1/2024 99,685 0.02
EUR 1,900,000 Spain Government Bond RegS EUR 200,000 Corp Andina de Fomento RegS
‘144A’ 5.40% 31/1/2023 2,379,655 0.38 0.50% 25/1/2022 201,129 0.03
EUR 1,000,000 Spain Government Bond RegS EUR 150,000 Council Of Europe Development
‘144A’ 4.40% 31/10/2023 1,225,570 0.20 Bank RegS 1.125% 22/10/2018 151,380 0.02
EUR 900,000 Spain Government Bond RegS EUR 200,000 Council Of Europe Development
‘144A’ 4.80% 31/1/2024 1,128,897 0.18 Bank RegS 0.125% 10/4/2024 198,508 0.03
EUR 1,850,000 Spain Government Bond RegS EUR 150,000 Council Of Europe Development
‘144A’ 3.80% 30/4/2024 2,220,832 0.35 Bank RegS 0.75% 9/6/2025 153,159 0.03
EUR 1,500,000 Spain Government Bond RegS EUR 200,000 EUROFIMA RegS 0.25% 25/4/2023 199,378 0.03
‘144A’ 2.75% 31/10/2024 1,715,062 0.27 EUR 200,000 European Investment Bank 2.50%
EUR 1,500,000 Spain Government Bond RegS 15/10/2018 203,250 0.03
‘144A’ 1.60% 30/4/2025 1,598,295 0.25 EUR 300,000 European Investment Bank
EUR 950,000 Spain Government Bond RegS 15/1/2019 (Zero Coupon) 301,255 0.05
‘144A’ 4.65% 30/7/2025 1,219,334 0.19 EUR 600,000 European Investment Bank
EUR 1,150,000 Spain Government Bond RegS 4.625% 15/4/2020 661,968 0.11
‘144A’ 2.15% 31/10/2025 1,267,185 0.20 EUR 250,000 European Investment Bank
EUR 900,000 Spain Government Bond RegS 1.50% 15/7/2020 260,855 0.04
‘144A’ 1.95% 30/4/2026 975,816 0.16 EUR 300,000 European Investment Bank
EUR 1,100,000 Spain Government Bond RegS 1.50% 15/4/2021 316,329 0.05
‘144A’ 5.90% 30/7/2026 1,542,095 0.25 EUR 400,000 European Investment Bank
EUR 1,100,000 Spain Government Bond RegS 1.375% 15/9/2021 421,536 0.07
‘144A’ 1.30% 31/10/2026 1,132,153 0.18 EUR 450,000 European Investment Bank
EUR 1,500,000 Spain Government Bond RegS 2.75% 15/9/2021 496,161 0.08
‘144A’ 1.50% 30/4/2027 1,560,907 0.25 EUR 100,000 European Investment Bank
EUR 1,100,000 Spain Government Bond RegS 1.625% 15/3/2023 107,509 0.02
‘144A’ 1.45% 31/10/2027 1,135,079 0.18 EUR 1,000,000 European Investment Bank 2.00%
EUR 800,000 Spain Government Bond RegS 14/4/2023* 1,098,260 0.18
‘144A’ 1.40% 30/4/2028 817,488 0.13 EUR 800,000 European Investment Bank
EUR 1,350,000 Spain Government Bond RegS 16/10/2023 (Zero Coupon) 791,420 0.13
‘144A’ 5.15% 31/10/2028 1,880,017 0.30 EUR 500,000 European Investment Bank
EUR 1,500,000 Spain Government Bond RegS 15/3/2024 (Zero Coupon) 491,817 0.08
‘144A’ 1.95% 30/7/2030 1,590,210 0.25 EUR 700,000 European Investment Bank
EUR 500,000 Spain Government Bond RegS 0.125% 15/4/2025 685,730 0.11
‘144A’ 2.35% 30/7/2033 545,795 0.09 EUR 200,000 European Investment Bank
EUR 1,050,000 Spain Government Bond RegS 4.50% 15/10/2025* 260,726 0.04
‘144A’ 4.20% 31/1/2037 1,451,446 0.23 EUR 200,000 European Investment Bank
EUR 950,000 Spain Government Bond RegS 0.50% 15/1/2027 197,490 0.03
‘144A’ 4.90% 30/7/2040 1,450,878 0.23 EUR 100,000 European Investment Bank
EUR 950,000 Spain Government Bond RegS 4.00% 15/4/2030 135,637 0.02
‘144A’ 4.70% 30/7/2041 1,428,325 0.23 EUR 400,000 European Investment Bank
EUR 700,000 Spain Government Bond RegS 4.00% 15/10/2037 591,084 0.10
‘144A’ 5.15% 31/10/2044 1,132,096 0.18 EUR 200,000 European Investment Bank
EUR 1,300,000 Spain Government Bond RegS 0.50% 13/11/2037 173,798 0.03
‘144A’ 2.90% 31/10/2046 1,499,992 0.24 EUR 150,000 European Investment Bank
EUR 600,000 Spain Government Bond RegS 0.875% 13/9/2047 129,746 0.02
‘144A’ 2.70% 31/10/2048 658,902 0.10 EUR 150,000 European Investment Bank
EUR 200,000 Spain Government Bond RegS 1.50% 16/10/2048 152,473 0.02
‘144A’ 3.45% 30/7/2066 252,303 0.04 EUR 250,000 European Investment Bank RegS
EUR 200,000 Telefonica Emisiones SAU RegS
2.50% 15/3/2019 257,202 0.04
2.736% 29/5/2019 206,640 0.03
EUR 500,000 European Investment Bank RegS
EUR 50,000 Telefonica Emisiones SAU RegS
2.50% 16/9/2019 521,865 0.08
4.693% 11/11/2019 53,826 0.01
EUR 250,000 European Investment Bank RegS
EUR 300,000 Telefonica Emisiones SAU RegS
0.25% 15/10/2020 253,645 0.04
0.318% 17/10/2020 301,791 0.05
EUR 300,000 European Investment Bank RegS
EUR 100,000 Telefonica Emisiones SAU RegS
3.625% 15/1/2021 333,075 0.05
0.75% 13/4/2022 101,184 0.02
EUR 500,000 European Investment Bank RegS
EUR 100,000 Telefonica Emisiones SAU RegS
0.375% 15/3/2022 509,405 0.08
2.242% 27/5/2022 107,312 0.02
EUR 100,000 European Investment Bank RegS
EUR 100,000 Telefonica Emisiones SAU Re