Blackrock Investment Funds Switzerland Umbrella Fund Under Swiss Law of the “Other Funds for Traditional Investments” Type

Annual report and audited financial statements

BlackRock Investment Funds Switzerland Umbrella Fund under Swiss Law of the “Other Funds for Traditional Investments” Type

For the financial year ended 31 July 2020 BLACKROCK INVESTMENT FUNDS SWITZERLAND

CONTENTS

Overview

General information 2

Performance

Sub-fund performance 7

Governance

Report of the audit company 12

Financial Statements

Statement of net assets 13 Changes in the fund’s net assets 16 Changes in number of units outstanding 18 Net assets attributable to redeemable unitholders 22 Profit and loss account 25 Appropriation of net income 28 Notes to the annual report 36 Composition of portfolio and changes in holdings 45

Additional Information

Disclaimers 299

This annual report and audited financial statements (the “Report and Accounts”) may be translated into other languages. Any such translations shall only contain the same information and have the same meaning as the German language Report and Accounts. To the extent that if there is any inconsistency between the German language annual report and the annual report in another language, the German language annual report will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in an annual report in a language other than German, the language of the annual report on which such action is based shall prevail. Any disputes as to the terms of the annual report, regardless of the language of the annual report, shall be governed by and construed in accordance with the laws of Switzerland.

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GENERAL INFORMATION

Fund Management Company Paying Agent (Switzerland) BlackRock Asset Management Schweiz AG State Street Bank International GmbH, Munich, Zurich Branch Bahnhofstrasse 39 Beethovenstrasse 19 CH-8001 Zurich CH-8027 Zurich

Board of Directors1,2 Auditor David Blumer, Chairman Deloitte AG Barry O’Dwyer, Vice-Chairman General-Guisan-Quai 38 Dr. Mirjam Staub-Bisang P.O. Box 2232 Ellen Bakke Mawdsley CH-8022 Zurich Søren Mose Fund Administrator 1 With effect from 7 July 2020, Ellen Bakke Mawdsley was appointed as a State Street Bank International GmbH, Munich, Zurich Branch member of the Board of Directors. Beethovenstrasse 19 2 With effect from 7 July 2020, Søren Mose was appointed as a member of CH-8027 Zurich the Board of Directors.

Executive Committee1 Dr. Mirjam Staub-Bisang, CEO Markus Studer, COO Nathalie von Niederhäusern Frank Rosenschon Holger Schmidt Jasmin Djalali Robert Majewski Edward Gordon

1 With effect from 1 January 2020, Markus Studer was appointed as a member of the Executive Committee.

Custodian Bank State Street Bank International GmbH, Munich, Zurich Branch Beethovenstrasse 19 CH-8027 Zurich

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GENERAL INFORMATION (continued)

General Information Investment decisions in respect of the following sub-funds BlackRock Investment Funds Switzerland (“BIFS” or the have been delegated to BlackRock Advisors (UK) Limited, “Fund”) is an umbrella fund under Swiss law of the “Other London, which has sub-delegated these investment decisions funds for traditional investments” type which was established to BlackRock Asset Management Deutschland AG: under the Swiss Collective Investment Schemes Act (“CISA”) of 23rd June 2006 and is divided into the following sub-funds: iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) a) iShares World ex Switzerland Equity Index Fund (CH) b) iShares World ex Switzerland Small Cap Equity Index The precise duties involved are laid down in an investment Fund (CH) management agreement between BlackRock Asset c) iShares Emerging Markets Equity Index Fund (CH) Management Schweiz AG (the “Fund Management d) BIFS Global ex Switzerland Sovereign Screened CHF Company”) and BlackRock Advisors (UK) Limited London, as Bond Fund well as a sub-investment management agreement between e) iShares SPI® Equity Index Fund (CH) BlackRock Advisors (UK) Limited and BlackRock Asset f) iShares SMI® Equity Index Fund (CH) Management Deutschland AG, Munich. g) iShares SBI AAA-BBB® Bond Index Fund (CH) h) iShares Emerging Markets Bond Index Fund (CH) Delegation of other specific tasks i) iShares Japan Equity Index Fund (CH) The Fund Management Company has delegated parts of the fund administration to State Street Bank International GmbH, Delegation and sub-delegation of investment decisions Munich, Zurich Branch. Investment decisions in respect of the following sub-funds have been delegated to BlackRock Advisors (UK) Limited, A Service Agreement between the Fund Management London: Company and State Street Bank International GmbH, Munich, Zurich Branch details the terms of the delegated tasks as a) iShares World ex Switzerland Equity Index Fund (CH) outlined in the prospectus. b) iShares World ex Switzerland Small Cap Equity Index Fund (CH) c) iShares Emerging Markets Equity Index Fund (CH) d) BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund e) iShares SPI® Equity Index Fund (CH) f) iShares SMI® Equity Index Fund (CH) g) iShares SBI AAA-BBB® Bond Index Fund (CH) h) iShares Emerging Markets Bond Index Fund (CH) i) iShares Japan Equity Index Fund (CH)

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GENERAL INFORMATION (continued)

Total Expense Ratio (TER) Flat fee Total charged Expense Max fee to the Ratio charged to Unit sub-fund (TER) the sub-fund Sub-fund Class Currency % % % iShares World ex Switzerland Equity Index Fund (CH) I1 CHF CHF 0.15 0.15 1.00 iShares World ex Switzerland Equity Index Fund (CH) X1 CHF CHF 0.02 0.02 0.50 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I CHF* CHF 0.20 0.20 1.00 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I0 CHF CHF 0.20 0.20 1.00 iShares World ex Switzerland Small Cap Equity Index Fund (CH) X0 N CHF CHF 0.03 0.03 0.50 iShares World ex Switzerland Small Cap Equity Index Fund (CH) X15 CHF* CHF 0.03 0.03 0.50 iShares Emerging Markets Equity Index Fund (CH) D CHF CHF 0.25 0.20 1.00 iShares Emerging Markets Equity Index Fund (CH) I CHF CHF 0.20 0.15 1.00 iShares Emerging Markets Equity Index Fund (CH) X N CHF CHF 0.08 0.03 0.50 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund D CHF CHF 0.25 0.25 1.00 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund X N CHF CHF 0.05 0.05 0.50 iShares SPI® Equity Index Fund (CH) D CHF CHF 0.13 0.13 1.00 iShares SPI® Equity Index Fund (CH) I CHF CHF 0.10 0.10 1.00 iShares SPI® Equity Index Fund (CH) X CHF CHF 0.03 0.03 0.50 iShares SPI® Equity Index Fund (CH) X N CHF CHF 0.03 0.03 0.50 iShares SPI® Equity Index Fund (CH) Y CHF CHF 0.00 0.00 0.00 iShares SMI® Equity Index Fund (CH) D CHF CHF 0.13 0.13 1.00 iShares SMI® Equity Index Fund (CH) I CHF CHF 0.10 0.10 1.00 iShares SMI® Equity Index Fund (CH) I A-CHF CHF 0.10 0.10 1.00 iShares SMI® Equity Index Fund (CH) X CHF CHF 0.03 0.03 0.50 iShares SBI AAA-BBB® Bond Index Fund (CH) D CHF CHF 0.15 0.15 1.00 iShares SBI AAA-BBB® Bond Index Fund (CH) I CHF CHF 0.12 0.12 1.00 iShares SBI AAA-BBB® Bond Index Fund (CH) Y CHF CHF 0.00 0.00 0.00 iShares Emerging Markets Bond Index Fund (CH) D USD USD 0.30 0.28 1.00 iShares Emerging Markets Bond Index Fund (CH) I USD* USD 0.25 0.25 1.00 iShares Emerging Markets Bond Index Fund (CH) X USD USD 0.04 0.04 0.50 iShares Emerging Markets Bond Index Fund (CH) X N USD USD 0.04 0.04 0.50 iShares Emerging Markets Bond Index Fund (CH) X NT USD USD 0.04 0.04 0.50 iShares Japan Equity Index Fund (CH) D JPY JPY 0.20 0.20 1.00 iShares Japan Equity Index Fund (CH) I1 CHF** CHF 0.15 0.15 1.00 iShares Japan Equity Index Fund (CH) X1 CHF CHF 0.04 0.04 0.50

Total Expense Ratio (“TER”) describes the sum of all periodic costs and commissions that are charged to the sub-fund’s assets. It is expressed retroactively as a percentage of average sub-fund assets and has been calculated in accordance with the Swiss Funds & Asset Management Association (“SFAMA”) guidelines on the calculation and disclosure of the TER of collective investment schemes. Any reimbursements/commissions for client unit holdings from target funds have been credited to the sub-fund and thus reduce the TER. *As this is the initial publication of the TER for this newly launched unit class, the TER has been annualised in accordance with SFAMA guidelines. **On 15 May 2020, all outstanding units of class I1 CHF of the sub-fund iShares Japan Equity Index Fund (CH) were redeemed.

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GENERAL INFORMATION (continued)

Tracking error Realised tracking error is the annualised standard deviation of the difference in monthly returns between a sub-fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark index over a defined period of time.

Cash management and currency hedging, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking error as well as the return differential between a sub-fund and its benchmark index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances.

In addition to the above, the sub-funds may also have a tracking error due to withholding tax suffered by the sub-funds on any income received from its investments. The level and quantum of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the sub-funds with various tax authorities, any benefits obtained by the sub-funds under a tax treaty or any securities lending activities carried out by the sub-funds.

The following table shows the actual realised tracking error of the sub-funds as at 31 July 2020. The realised tracking error is annualised and calculated using data from the preceding 36 months observation period. Where a sub-fund has not been trading for 36 months, the annualised tracking error since inception has been presented. Unit Maximum Minimum Average 31 July 2020 Sub-fund Class % % % % iShares World ex Switzerland Equity Index Fund (CH) I1 CHF* 0.10 0.08 0.09 0.08 iShares World ex Switzerland Equity Index Fund (CH) X1 CHF 0.09 0.08 0.08 0.08 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I CHF* 0.11 0.00 0.03 0.10 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I0 CHF 0.16 0.14 0.15 0.15 iShares World ex Switzerland Small Cap Equity Index Fund (CH) X0 N CHF 0.16 0.14 0.15 0.15 iShares World ex Switzerland Small Cap Equity Index Fund (CH) X15 CHF* 0.00 0.00 0.00 0.00 iShares Emerging Markets Equity Index Fund (CH) D CHF 0.32 0.27 0.30 0.27 iShares Emerging Markets Equity Index Fund (CH) I CHF* 0.19 0.16 0.17 0.16 iShares Emerging Markets Equity Index Fund (CH) X N CHF 0.34 0.27 0.31 0.27 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund D CHF 0.39 0.36 0.37 0.38 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund X N CHF 0.39 0.33 0.36 0.38 iShares SPI® Equity Index Fund (CH) D CHF 0.04 0.03 0.04 0.03 iShares SPI® Equity Index Fund (CH) I CHF 0.04 0.03 0.04 0.04 iShares SPI® Equity Index Fund (CH) X CHF* 0.03 0.03 0.03 0.03 iShares SPI® Equity Index Fund (CH) X N CHF 0.03 0.03 0.03 0.03 iShares SPI® Equity Index Fund (CH) Y CHF 0.04 0.03 0.04 0.03 iShares SMI® Equity Index Fund (CH) D CHF 0.05 0.04 0.05 0.04 iShares SMI® Equity Index Fund (CH) I CHF 0.05 0.04 0.05 0.04 iShares SMI® Equity Index Fund (CH) I A-CHF* 0.04 0.02 0.03 0.04 iShares SMI® Equity Index Fund (CH) X CHF* 0.04 0.02 0.03 0.03 iShares SBI AAA-BBB® Bond Index Fund (CH) D CHF 0.11 0.04 0.07 0.10 iShares SBI AAA-BBB® Bond Index Fund (CH) I CHF 0.11 0.04 0.08 0.11 iShares SBI AAA-BBB® Bond Index Fund (CH) Y CHF 0.11 0.04 0.08 0.11 iShares Emerging Markets Bond Index Fund (CH) D USD 0.15 0.13 0.14 0.14 iShares Emerging Markets Bond Index Fund (CH) I USD* 0.00 0.00 0.00 0.00 iShares Emerging Markets Bond Index Fund (CH) X USD 0.15 0.13 0.14 0.14 iShares Emerging Markets Bond Index Fund (CH) X N USD* 0.15 0.11 0.13 0.14 iShares Emerging Markets Bond Index Fund (CH) X NT USD* 0.16 0.10 0.12 0.14 iShares Japan Equity Index Fund (CH) D JPY* 0.04 0.04 0.04 0.04

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GENERAL INFORMATION (continued)

Unit Maximum Minimum Average 31 July 2020 Sub-fund Class % % % % iShares Japan Equity Index Fund (CH) I1 CHF*, ** 0.05 0.04 0.04 0.00 iShares Japan Equity Index Fund (CH) X1 CHF* 0.90 0.73 0.81 0.73

*The realised tracking error is normally computed from 36 months of returns. The unit class’s return history is too short to give a statistically significant tracking error. **On 15 May 2020, all outstanding units of class I1 CHF of the sub-fund iShares Japan Equity Index Fund (CH) were redeemed.

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PERFORMANCE

Sub-fund performance with benchmark 1 January 2020 - 1 August 2019 - 1 August 2018 - 31 July 2020 31 July 2020 31 July 2019

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares World ex I1 CHF* CHF Feb-19 (7.18) (7.35) (1.29) (1.58) 4.64 4.42 Switzerland Equity Index Fund (CH) iShares World ex X1 CHF CHF Jan-15 (7.11) 7.35 (1.16) (1.58) 3.91 3.38 Switzerland Equity Index Fund (CH) iShares World ex I CHF** CHF Dec-19 (15.24) (15.15) (14.62) (14.83) N/A N/A Switzerland Small Cap Equity Index Fund (CH) iShares World ex I0 CHF CHF Jul-17 (15.11) (15.15) (10.17) (10.28) (2.91) (3.22) Switzerland Small Cap Equity Index Fund (CH) iShares World ex X0 N CHF CHF Jan-15 (15.03) (15.15) (10.02) (10.28) (2.73) (3.22) Switzerland Small Cap Equity Index Fund (CH) iShares World ex X15 CHF** CHF Jun-20 (0.26) N/A (0.26) N/A N/A N/A Switzerland Small Cap Equity Index Fund (CH) iShares Emerging D CHF CHF Mar-17 (7.91) (7.68) (2.43) (2.09) (2.52) (2.18) Markets Equity Index Fund (CH) iShares Emerging I CHF CHF Jun-18 (7.88) (7.68) (2.38) (2.09) (2.48) (2.18) Markets Equity Index Fund (CH) iShares Emerging X N CHF CHF Jan-15 (7.82) (7.68) (2.26) (2.09) (2.36) (2.18) Markets Equity Index Fund (CH) BIFS Global ex D CHF CHF Apr-17 3.23 3.79 2.32 3.20 5.66 5.89 Switzerland Sovereign Screened CHF Bond Fund BIFS Global ex X N CHF CHF May-16 3.35 3.79 2.52 3.20 5.87 5.89 Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity D CHF CHF Apr-17 (3.41) (3.35) 2.76 2.84 10.56 10.70 Index Fund (CH) iShares SPI® Equity I CHF CHF Mar-17 (3.40) (3.35) 2.79 2.84 10.59 10.70 Index Fund (CH) iShares SPI® Equity X CHF CHF May-18 (3.36) (3.35) 2.86 2.84 10.67 10.70 Index Fund (CH) iShares SPI® Equity X N CHF CHF Oct-17 (3.36) (3.35) 2.86 2.84 10.67 10.70 Index Fund (CH)

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PERFORMANCE (continued)

Sub-fund performance with benchmark (continued) 1 January 2020 - 1 August 2019 - 1 August 2018 - 31 July 2020 31 July 2020 31 July 2019

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares SPI® Equity Y CHF CHF Mar-17 (3.34) (3.35) 2.90 2.84 10.70 10.70 Index Fund (CH) iShares SMI® Equity D CHF CHF Dec-16 (2.76) (2.65) 4.16 4.31 11.58 11.73 Index Fund (CH) iShares SMI® Equity I CHF CHF Nov-16 (2.74) (2.65) 4.19 4.31 11.62 11.73 Index Fund (CH) iShares SMI® Equity I A-CHF CHF Dec-17 (2.74) (2.65) 4.19 4.31 11.62 11.73 Index Fund (CH) iShares SMI® Equity X CHF CHF Dec-17 (2.70) (2.65) 4.27 4.31 11.70 11.73 Index Fund (CH) iShares SBI D CHF CHF Apr-17 0.15 0.38 (1.35) (1.10) 5.86 5.94 AAA-BBB® Bond Index Fund (CH) iShares SBI I CHF CHF Mar-17 0.16 0.38 (1.33) (1.10) 5.90 5.94 AAA-BBB® Bond Index Fund (CH) iShares SBI Y CHF CHF Feb-17 0.23 0.38 (1.21) (1.10) 6.02 5.94 AAA-BBB® Bond Index Fund (CH) iShares Emerging D USD USD Apr-17 0.75 0.85 2.69 2.97 10.67 10.98 Markets Bond Index Fund (CH) iShares Emerging I USD** USD May-20 8.07 9.34 8.07 9.34 N/A N/A Markets Bond Index Fund (CH) iShares Emerging X USD USD Jan-17 0.91 0.85 2.98 2.97 10.91 10.98 Markets Bond Index Fund (CH) iShares Emerging XNUSD* USD Sep-18 0.91 0.85 2.97 2.97 13.25 13.20 Markets Bond Index Fund (CH) iShares Emerging XNTUSD* USD Dec-18 0.91 0.85 2.97 2.97 12.62 12.55 Markets Bond Index Fund (CH) iShares Japan D JPY* JPY Dec-18 (11.19) (11.07) (1.55) (1.33) 4.99 5.04 Equity Index Fund (CH)

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PERFORMANCE (continued)

Sub-fund performance with benchmark (continued) 1 January 2020 - 1 August 2019 - 1 August 2018 - 31 July 2020 31 July 2020 31 July 2019

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares Japan I1 CHF*, *** CHF Jan-19 (12.48) (12.43) (4.99) (4.87) 3.22 3.29 Equity Index Fund (CH) iShares Japan X1 CHF CHF Oct-17 (13.99) (13.95) (6.58) (6.52) (4.10) (4.08) Equity Index Fund (CH)

Sub-fund performance is shown net of TER. Sub-fund performance at the unit class level is based on officially published net asset value (“NAV”) which in turn are based on stock exchange closing prices at the end of the month in question. Historical performance is not an indicator of current or future performance. The performance data given does not take into account commissions and costs incurred in the purchase or redemption of fund units. Performance has been calculated in accordance with the SFAMA guidelines on the calculation and publication of performance data of collective investment schemes. *As this unit class launched during the year ended 31 July 2019, performance figures for 31 July 2019 are from the inception date. **As this unit class launched during the year ended 31 July 2020, performance figures for 31 July 2020 are from the inception date. ***On 15 May 2020, all outstanding units of class I1 CHF of the sub-fund iShares Japan Equity Index Fund (CH) were redeemed.

1 January 2019 - 1 January 2018- 1 January 2017- 31 December 2019 31 December 2018 31 December 2017

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares World ex I1 CHF*** CHF Feb-19 11.28 10.92 N/A N/A N/A N/A Switzerland Equity Index Fund (CH) iShares World ex X1 CHF CHF Jan-15 25.85 25.27 (7.23) (7.64) 17.79 17.34 Switzerland Equity Index Fund (CH) iShares World ex I CHF*** CHF Dec-19 (2.51) (2.85) N/A N/A N/A N/A Switzerland Small Cap Equity Index Fund (CH) iShares World ex I0 CHF* CHF Jul-17 24.03 23.86 (12.22) (12.61) 14.01 13.78 Switzerland Small Cap Equity Index Fund (CH) iShares World ex X0 N CHF CHF Jan-15 24.26 23.86 (12.07) (12.61) 17.63 17.29 Switzerland Small Cap Equity Index Fund (CH) iShares World ex X15 CHF**** CHF Jun-20 N/A N/A N/A N/A N/A N/A Switzerland Small Cap Equity Index Fund (CH) iShares Emerging D CHF* CHF Mar-17 15.90 16.33 (13.46) (13.58) 21.39 22.44 Markets Equity Index Fund (CH)

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PERFORMANCE (continued)

Sub-fund performance with benchmark (continued) 1 January 2019 - 1 January 2018- 1 January 2017- 31 December 2019 31 December 2018 31 December 2017

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares Emerging I CHF** CHF Jun-18 15.96 16.33 (10.96) (11.06) N/A N/A Markets Equity Index Fund (CH) iShares Emerging X N CHF CHF Jan-15 16.10 16.33 (13.31) (13.58) 30.60 31.63 Markets Equity Index Fund (CH) BIFS Global ex D CHF* CHF Apr-17 3.85 4.49 (0.02) 0.03 (0.98) (0.58) Switzerland Sovereign Screened CHF Bond Fund BIFS Global ex X N CHF CHF May-16 4.06 4.49 0.18 0.03 (0.47) (0.31) Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity D CHF* CHF Apr-17 30.45 30.59 (8.69) (8.57) 11.52 11.71 Index Fund (CH) iShares SPI® Equity I CHF* CHF Mar-17 30.49 30.59 (8.66) (8.57) 12.91 13.08 Index Fund (CH) iShares SPI® Equity X CHF** CHF May-18 30.58 30.59 (6.20) (6.22) N/A N/A Index Fund (CH) iShares SPI® Equity X N CHF* CHF Oct-17 30.58 30.59 (8.60) (8.57) 1.97 1.97 Index Fund (CH) iShares SPI® Equity Y CHF* CHF Mar-17 30.62 30.59 (8.57) (8.57) 13.00 13.08 Index Fund (CH) iShares SMI® Equity D CHF CHF Dec-16 30.02 30.16 (7.17) (7.04) 17.56 17.90 Index Fund (CH) iShares SMI® Equity I CHF CHF Nov-16 30.05 30.16 (7.15) (7.04) 17.60 17.90 Index Fund (CH) iShares SMI® Equity I A-CHF* CHF Dec-17 30.06 30.16 (7.15) (7.04) 1.00 1.00 Index Fund (CH) iShares SMI® Equity X CHF* CHF Dec-17 30.15 30.16 (7.08) (7.04) 0.67 0.67 Index Fund (CH) iShares SBI D CHF* CHF Apr-17 2.99 3.05 0.03 0.07 (0.84) (0.79) AAA-BBB® Bond Index Fund (CH) iShares SBI I CHF* CHF Mar-17 3.02 3.05 0.06 0.07 (0.15) (0.08) AAA-BBB® Bond Index Fund (CH) iShares SBI Y CHF* CHF Feb-17 3.14 3.05 0.18 0.07 (0.78) (0.79) AAA-BBB® Bond Index Fund (CH) iShares Emerging DUSD* USD Apr-17 14.67 15.04 (4.53) (4.26) 4.85 5.03 Markets Bond Index Fund (CH) iShares Emerging IUSD**** USD May-20 N/A N/A N/A N/A N/A N/A Markets Bond Index Fund (CH)

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PERFORMANCE (continued)

Sub-fund performance with benchmark (continued) 1 January 2019 - 1 January 2018- 1 January 2017- 31 December 2019 31 December 2018 31 December 2017

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares Emerging X USD* USD Jan-17 14.99 15.04 (4.32) (4.26) 8.55 8.62 Markets Bond Index Fund (CH) iShares Emerging XNUSD** USD Sep-18 14.99 15.04 0.50 0.48 N/A N/A Markets Bond Index Fund (CH) iShares Emerging XNTUSD** USD Dec-18 14.99 15.04 (0.05) (0.10) N/A N/A Markets Bond Index Fund (CH) iShares Japan D JPY** JPY Dec-18 18.30 18.48 (1.62) (1.62) N/A N/A Equity Index Fund (CH) iShares Japan I1 CHF***, ***** CHF Jan-19 12.05 12.20 N/A N/A N/A N/A Equity Index Fund (CH) iShares Japan X1 CHF* CHF Oct-17 17.91 17.95 (11.61) (11.56) 2.28 2.30 Equity Index Fund (CH)

*As this unit class launched during the calendar year 2017, performance figures for 2017 are from the inception date. **As this unit class launched during the calendar year 2018, performance figures for 2018 are from the inception date. ***As this unit class launched during the calendar year 2019, performance figures for 2019 are from the inception date. ****This unit class launched during the calendar year 2020. *****On 15 May 2020, all outstanding units of class I1 CHF of the sub-fund iShares Japan Equity Index Fund (CH) were redeemed.

Sub-fund respective benchmark

The respective benchmarks are listed in the table below: Sub-fund Benchmark iShares World ex Switzerland Equity Index Fund (CH) MSCI World ex Switzerland Index iShares World ex Switzerland Small Cap Equity Index Fund (CH) MSCI World ex Switzerland Small Cap Index iShares Emerging Markets Equity Index Fund (CH) MSCI Emerging Markets Index BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund Bloomberg Barclays Global Treasury Index iShares SPI® Equity Index Fund (CH) Swiss Performance Index (SPI®) iShares SMI® Equity Index Fund (CH) Swiss Market Index (SMI®) iShares SBI AAA-BBB® Bond Index Fund (CH) Swiss Bond Index (SBI®) iShares Emerging Markets Bond Index Fund (CH) J.P. Morgan Emerging Markets Bond Index Global Diversified iShares Japan Equity Index Fund (CH) MSCI Japan Index

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [11] BLACKROCK INVESTMENT FUNDS SWITZERLAND

GOVERNANCE Report of the audit company

As collective investment scheme regulatory auditors, we have or error. In making those risk assessments, the auditor considers audited the financial statements of the investment fund the internal control system relevant to the entity’s preparation of BlackRock Investment Funds Switzerland, umbrella fund, with the financial statements in order to design audit procedures that the subfunds: are appropriate in the circumstances, but not for the purpose of iShares World ex Switzerland Equity Index Fund (CH) expressing an opinion on the effectiveness of the entity’s internal iShares World ex Switzerland Small Cap Equity Index control system. An audit also includes evaluating the Fund (CH) appropriateness of the accounting policies used and the iShares Emerging Markets Equity Index Fund (CH) reasonableness of accounting estimates made, as well as BIFS Global ex Switzerland Sovereign Screened CHF Bond evaluating the overall presentation of the financial statements. Fund We believe that the audit evidence we have obtained is sufficient iShares SPI® Equity Index Fund (CH) and appropriate to provide a basis for our audit opinion. iShares SMI® Equity Index Fund (CH) iShares SBI AAA-BBB® Bond Index Fund (CH) Opinion iShares Emerging Markets Bond Index Fund (CH) In our opinion, the financial statements for the year ended 31 July iShares Japan Equity Index Fund (CH) 2020, comply with the Swiss Collective Investment Schemes Act, the related ordinances as well as the investment fund agreement which comprise the statement of net assets and the income and the prospectus. statement, the statement of the appropriation of available earnings and the disclosure of the total costs as well as the Report on Other Legal Requirements supplemental disclosures in accordance with article 89 We confirm that we meet the legal requirements on licensing paragraph 1 lit. b–h of the Swiss Collective Investment Schemes according to the Auditor Oversight Act (AOA) and article 127 Act (CISA) for the year ended 31 July 2020. CISA as well as on independence (article 11 AOA) and that there are no circumstances incompatible with our independence. Responsibility of the Fund Management Company’s Board of Directors Deloitte AG The Board of Directors of the Fund Management Company is responsible for the preparation of these financial statements in accordance with the requirements of Swiss Collective Alexander Kosovan Oksana Zinchenko Investment Schemes Act, the related ordinances as well as the Licensed Audit Expert investment fund agreement and the prospectus. This Auditor in Charge responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial Zurich, 25 November 2020 statements that are free from material misstatement, whether due to fraud or error. The Board of Directors of the Fund Management Company is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Responsibility of the audit company for collective investment schemes Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud

This report is an English translation of the original German version. In case of discrepancies the original version takes precedence.

[12] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

STATEMENT OF NET ASSETS As at 31 July 2020 and 31 July 2019 iShares World ex Switzerland Equity iShares World ex Switzerland Small iShares Emerging Markets Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Due from banks, including fiduciary deposits with third-party banks, broken down into: - Sight deposits 2,494,840 4,134,171 3,786,607 879,020 1,570,280 776,122 Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 865,652,272 897,324,067 529,803,372 575,765,527 36,133,454 40,173,587 - Units of other collective investment schemes 1,606,742 9,791,310 6,315,040 9,279,882 3,296,290 4,273,784 Derivative financial instruments 166,390 331,681 653,650 139,981 18,019 (4,176) Other assets 1,669,585 1,995,716 1,622,214 760,470 175,254 256,711 Total sub-fund assets, less 871,589,829 913,576,945 542,180,883 586,824,880 41,193,297 45,476,028 Loans - - 3,328 - 1,332,707 454,703 Other liabilities 316,643 553,842 513,921 96,093 44,875 60,309 Net sub-fund assets 871,273,186 913,023,103 541,663,634 586,728,787 39,815,715 44,961,016

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [13] BLACKROCK INVESTMENT FUNDS SWITZERLAND

STATEMENT OF NET ASSETS (continued) As at 31 July 2020 and 31 July 2019 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Due from banks, including fiduciary deposits with third-party banks, broken down into: - Sight deposits 4,206,703 1,153,892 923,880 396,845 2,090,101 1,262,685 Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights - - 292,507,580 255,663,852 298,415,140 332,966,891 - Bonds, convertible bonds, warrant bonds and other debt securities and rights 42,787,093 46,835,259 ---- Derivative financial instruments 550,295 (39,954) (11,040) 19,905 (52,454) 557 Other assets 292,554 319,306 2,517,703 2,113,647 2,996,904 4,468,276 Total sub-fund assets, less 47,836,645 48,268,503 295,938,123 258,194,249 303,449,691 338,698,409 Loans 3,799,156 351,409 1,556 - - - Other liabilities 16,124 17,822 13,703 13,117 214,919 97,110 Net sub-fund assets 44,021,365 47,899,272 295,922,864 258,181,132 303,234,772 338,601,299

[14] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

STATEMENT OF NET ASSETS (continued) As at 31 July 2020 and 31 July 2019 iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond Index iShares Japan Equity Index Fund (CH) Fund (CH) Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF USD USD CHF CHF Due from banks, including fiduciary deposits with third-party banks, broken down into: - Sight deposits 1,926,194 2,184,055 3,366,507 4,798,763 1,968,696 1,197,674 Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights ----110,572,899 98,150,400 - Bonds, convertible bonds, warrant bonds and other debt securities and rights 192,399,768 170,186,611 1,128,864,026 1,001,026,275 - - - Units of other collective investment schemes ----97,389 146,042 Derivativefinancialinstruments ----(150,791) 7,728 Other assets 1,191,323 1,053,257 14,467,136 13,387,371 166,931 128,849 Total sub-fund assets, less 195,517,285 173,423,923 1,146,697,669 1,019,212,409 112,655,124 99,630,693 Loans --8--- Other liabilities 1,501,436 1,060,568 2,023,709 2,425,485 13,416 4,402 Net sub-fund assets 194,015,849 172,363,355 1,144,673,952 1,016,786,924 112,641,708 99,626,291

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [15] BLACKROCK INVESTMENT FUNDS SWITZERLAND

CHANGES IN THE FUND’S NET ASSETS For the financial year ended 31 July 2020 and 31 July 2019 iShares World ex Switzerland Equity iShares World ex Switzerland Small iShares Emerging Markets Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Sub-fund’s net assets at the beginning of the financial year 913,023,103 803,547,986 586,728,787 719,249,668 44,961,016 46,336,039 Ordinary distribution/ Applied income tax on accumulation - - (467,109) (415,804) (243,505) (102,131) Interimdistributions ------Issue of units 52,482,473 108,246,359 32,174,534 - 4,199,395 3,915,604 Redemption of units (88,644,601) (46,518,533) (13,863,565) (108,212,564) (7,542,841) (4,005,415) Total net income (5,587,789) 47,747,291 (62,909,013) (23,892,513) (1,558,350) (1,183,081) Net sub-fund assets at the end of the financial year 871,273,186 913,023,103 541,663,634 586,728,787 39,815,715 44,961,016

BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Sub-fund’s net assets at the beginning of the financial year 47,899,272 59,824,363 258,181,132 239,064,455 338,601,299 278,466,840 Return of capital distribution ----(738,223) (1,787,677) Ordinary distribution/ Applied income tax on accumulation (9,251) (9,746) (556,047) (535,999) (1,515,114) (625,323) Interimdistributions ----(5,345,919) (3,558,266) Issue of units - 46,816 53,043,685 37,414,021 102,567,913 208,916,370 Redemption of units (4,920,947) (14,767,790) (25,166,229) (42,100,704) (146,545,318) (194,864,108) Total net income 1,052,291 2,805,629 10,420,323 24,339,359 16,210,134 52,053,463 Net sub-fund assets at the end of the financial year 44,021,365 47,899,272 295,922,864 258,181,132 303,234,772 338,601,299

[16] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

CHANGES IN THE FUND’S NET ASSETS (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond Index iShares Japan Equity Index Fund (CH) Fund (CH) Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF USD USD CHF CHF Sub-fund’s net assets at the beginning of the financial year 172,363,355 111,404,423 1,016,786,924 279,441,038 99,626,291 78,784,491 Ordinary distribution/ Applied income tax on accumulation (598,072) (484,927) (10,657,101) (10,916,035) (45,770) - Interimdistributions ------Issue of units 65,205,360 70,892,189 118,469,532 1,068,295,711 20,713,600 23,668,020 Redemption of units (41,207,828) (17,777,471) (17,441,488) (430,459,272) (2,178,422) - Total net income (1,746,966) 8,329,141 37,516,085 110,425,482 (5,473,991) (2,826,220) Net sub-fund assets at the end of the financial year 194,015,849 172,363,355 1,144,673,952 1,016,786,924 112,641,708 99,626,291

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [17] BLACKROCK INVESTMENT FUNDS SWITZERLAND

CHANGES IN NUMBER OF UNITS OUTSTANDING For the financial year ended 31 July 2020 and 31 July 2019 iShares World ex Switzerland Equity iShares World ex Switzerland Equity iShares World ex Switzerland Small Index Fund (CH) Index Fund (CH) Cap Equity Index Fund (CH) Unit Class - I1 CHF Unit Class - X1 CHF Unit Class - I CHF 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year 11,810 - 578,198 536,000 - Number of units issued 600 11,810 34,743 73,790 34,218 Number of units redeemed (1,080) - (54,644) (31,592) (16,028) Number at the end of the financial year 11,330 11,810 558,297 578,198 18,190

iShares World ex Switzerland Small iShares World ex Switzerland Small iShares World ex Switzerland Small Cap Equity Index Fund (CH) Cap Equity Index Fund (CH) Cap Equity Index Fund (CH) Unit Class - I0 CHF Unit Class - X0 N CHF Unit Class - X15 CHF 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year 60,496 61,457 335,618 407,912 - Numberofunitsissued ----100 Number of units redeemed (297) (961) (774) (72,294) - Number at the end of the financial year 60,199 60,496 334,844 335,618 100

iShares Emerging Markets Equity iShares Emerging Markets Equity iShares Emerging Markets Equity Index Fund (CH) Index Fund (CH) Index Fund (CH) UnitClass-DCHF UnitClass-ICHF UnitClass - X N CHF 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year 9,033 5,980 19,155 19,155 12,614 15,436 Number of units issued 3,946 3,518 75 - 58 - Number of units redeemed (2,510) (465) (5,935) - - (2,822) Number at the end of the financial year 10,469 9,033 13,295 19,155 12,672 12,614

[18] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

CHANGES IN NUMBER OF UNITS OUTSTANDING (continued) For the financial year ended 31 July 2020 and 31 July 2019 BIFS Global ex Switzerland Sovereign BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund Screened CHF Bond Fund iShares SPI® Equity Index Fund (CH) Unit Class - D CHF Unit Class - X N CHF Unit Class - D CHF 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year 1,305 1,257 45,212 60,240 2,876 1,557 Number of units issued - 48 - - 2,627 1,602 Number of units redeemed - - (4,807) (15,028) (1,919) (283) Number at the end of the financial year 1,305 1,305 40,405 45,212 3,584 2,876

iShares SPI® Equity Index Fund (CH) iShares SPI® Equity Index Fund (CH) iShares SPI® Equity Index Fund (CH) Unit Class - I CHF Unit Class - X CHF Unit Class - X N CHF 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year 7,446 6,057 409 409 166,820 174,500 Number of units issued 15,556 1,950 - - 24,497 13,700 Number of units redeemed (2,438) (561) (29) - (15,632) (21,380) Number at the end of the financial year 20,564 7,446 380 409 175,685 166,820

iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) Unit Class - Y CHF Unit Class - D CHF Unit Class - I CHF 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year 43,341 43,665 7,377 4,550 71,064 105,868 Number of units issued 2,916 16,466 2,961 3,426 5,803 100,630 Number of units redeemed (605) (16,790) (4,790) (599) (75,105) (135,434) Number at the end of the financial year 45,652 43,341 5,548 7,377 1,762 71,064

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [19] BLACKROCK INVESTMENT FUNDS SWITZERLAND

CHANGES IN NUMBER OF UNITS OUTSTANDING (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares SBI AAA-BBB® Bond Index iShares SMI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) Fund (CH) Unit Class-IA-CHF Unitclass-XCHF Unit Class - D CHF 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year 154,085 83,184 60,000 60,000 31,335 17,969 Number of units issued 84,229 87,596 7 - 38,069 28,348 Number of units redeemed (32,225) (16,695) (7) - (28,256) (14,982) Number at the end of the financial year 206,089 154,085 60,000 60,000 41,148 31,335

iShares SBI AAA-BBB® Bond Index iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond Index Fund (CH) Fund (CH) Fund (CH) Unit Class - I CHF Unit Class - Y CHF Unit Class - D USD 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year 54,958 17,700 80,242 78,016 1 1 Number of units issued 17,510 37,258 9,106 5,326 1,194 - Number of units redeemed (11,182) - (1,200) (3,100) (1,094) - Number at the end of the financial year 61,286 54,958 88,148 80,242 101 1

iShares Emerging Markets Bond Index iShares Emerging Markets Bond Index iShares Emerging Markets Bond Index Fund (CH) Fund (CH) Fund (CH) Unit Class - I USD Unit Class - X USD Unit Class - X N USD 31 July 2020 31 July 2020 31 July 2019 31 July 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year - 508,623 267,321 360,543 - Number of units issued 1,124 11,805 650,858 94,699 372,464 Number of units redeemed - (4,493) (409,556) (9,848) (11,921) Number at the end of the financial year 1,124 515,935 508,623 445,394 360,543

[20] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

CHANGES IN NUMBER OF UNITS OUTSTANDING (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares Emerging Markets Bond Index Fund (CH) iShares Japan Equity Index Fund (CH) iShares Japan Equity Index Fund (CH) Unit Class - X NT USD Unit Class - D JPY Unit Class - I1 CHF 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial year 26,746 - 1 - 2,200 - Number of units issued - 26,746 11,450 1 - 2,200 Number of units redeemed ----(2,200) - Number at the end of the financial year 26,746 26,746 11,451 1 - 2,200

iShares Japan Equity Index Fund (CH) Unit Class - X1 CHF 31 July 2020 31 July 2019 No.ofUnits No.ofUnits Number at the beginning of the financial year 99,189 76,977 Number of units issued 12,601 22,212 Number of units redeemed - - Number at the end of the financial year 111,790 99,189

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [21] BLACKROCK INVESTMENT FUNDS SWITZERLAND

NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS For the financial year ended 31 July 2020 iShares World ex iShares World ex iShares World ex iShares World ex iShares World ex iShares World ex Switzerland Switzerland Switzerland Small Cap Switzerland Small Cap Switzerland Small Cap Switzerland Small Cap Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) Unit Class - I1 CHF Unit Class - X1 CHF Unit Class - I CHF Unit Class - I0 CHF Unit Class - X0 N CHF Unit Class - X15 CHF Net asset value CHF CHF CHF CHF CHF CHF As at 31 July 2020 11,702,834 859,570,352 15,531,677 62,610,990 463,426,594 94,373 As at 31 July 2019 12,357,971 900,665,132 - 70,503,745 516,225,042 - As at 31 July 2018 - 803,547,986 - 74,220,176 645,029,492 -

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 July 2020 11,330 558,297 18,190 60,199 334,844 100 As at 31 July 2019 11,810 578,198 - 60,496 335,618 - As at 31 July 2018 - 536,000 - 61,457 407,912 -

Net asset value per unit CHF CHF CHF CHF CHF CHF As at 31 July 2020 1,032.91 1,539.63 853.85 1,040.07 1,384.01 944.67 As at 31 July 2019 1,046.40 1,557.71 - 1,165.42 1,538.13 - As at 31 July 2018 - 1,499.16 - 1,207.67 1,581.30 -

iShares Emerging iShares Emerging iShares Emerging BIFS Global ex BIFS Global ex Markets Markets Markets Switzerland Sovereign Switzerland Sovereign iShares SPI® Equity Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) Screened CHF Bond Fund Screened CHF Bond Fund Index Fund (CH) Unit Class - D CHF Unit Class - I CHF Unit Class - X N CHF Unit Class - D CHF Unit Class - X N CHF Unit Class - D CHF Net asset value CHF CHF CHF CHF CHF CHF As at 31 July 2020 11,499,569 12,504,905 15,811,241 1,361,651 42,659,714 4,518,002 As at 31 July 2019 10,250,703 18,607,645 16,102,668 1,340,048 46,559,224 3,555,711 As at 31 July 2018 7,019,855 19,136,004 20,180,180 1,231,398 58,592,965 1,756,471

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 July 2020 10,469 13,295 12,672 1,305 40,405 3,584 As at 31 July 2019 9,033 19,155 12,614 1,305 45,212 2,876 As at 31 July 2018 5,980 19,155 15,436 1,257 60,240 1,557

Net asset value per unit CHF CHF CHF CHF CHF CHF As at 31 July 2020 1,098.51 940.57 1,247.66 1,043.41 1,055.78 1,260.71 As at 31 July 2019 1,134.91 971.41 1,276.55 1,026.86 1,029.79 1,236.48 As at 31 July 2018 1,173.82 999.00 1,307.37 979.63 972.66 1,127.99

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NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS (continued) For the financial year ended 31 July 2020 iShares SPI® Equity iShares SPI® Equity iShares SPI® Equity iShares SPI® Equity iShares SMI® Equity iShares SMI® Equity Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - I CHF Unit Class - X CHF Unit Class - X N CHF Unit Class - Y CHF Unit Class - D CHF Unit Class - I CHF Net asset value CHF CHF CHF CHF CHF CHF As at 31 July 2020 26,138,178 446,075 206,642,678 58,177,931 7,452,374 2,458,209 As at 31 July 2019 9,280,431 470,426 190,751,637 54,122,927 9,592,709 95,952,924 As at 31 July 2018 6,885,510 425,144 180,295,611 49,701,719 5,351,545 129,268,380

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 July 2020 20,564 380 175,685 45,652 5,548 1,762 As at 31 July 2019 7,446 409 166,820 43,341 7,377 71,064 As at 31 July 2018 6,057 409 174,500 43,665 4,550 105,868

Net asset value per unit CHF CHF CHF CHF CHF CHF As at 31 July 2020 1,271.07 1,173.88 1,176.21 1,274.38 1,343.20 1,395.02 As at 31 July 2019 1,246.39 1,150.53 1,143.46 1,248.77 1,300.31 1,350.23 As at 31 July 2018 1,136.81 1,039.78 1,033.21 1,138.25 1,176.11 1,221.03

iShares Emerging iShares SMI® Equity iShares SMI® Equity iShares SBI AAA-BBB® iShares SBI AAA-BBB® iShares SBI AAA-BBB® Markets Index Fund (CH) Index Fund (CH) Bond Index Fund (CH) Bond Index Fund (CH) Bond Index Fund (CH) Bond Index Fund (CH) Unit Class - I A-CHF Unit class - X CHF Unit Class - D CHF Unit Class - I CHF Unit Class - Y CHF Unit Class - D USD Net asset value CHF CHF CHF CHF CHF USD As at 31 July 2020 223,515,050 69,809,139 41,743,120 62,607,054 89,665,675 112,124 As at 31 July 2019 165,522,737 67,532,929 32,330,337 57,092,913 82,940,105 1,095 As at 31 July 2018 82,821,804 61,025,111 17,580,243 17,432,740 76,391,440 1,007

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 July 2020 206,089 60,000 41,148 61,286 88,148 101 As at 31 July 2019 154,085 60,000 31,335 54,958 80,242 1 As at 31 July 2018 83,184 60,000 17,969 17,700 78,016 1

Net asset value per unit CHF CHF CHF CHF CHF USD As at 31 July 2020 1,084.56 1,163.49 1,014.48 1,021.55 1,017.22 1,110.19 As at 31 July 2019 1,074.23 1,125.55 1,031.77 1,038.84 1,033.62 1,100.04 As at 31 July 2018 995.64 1,017.09 978.38 984.88 979.18 1,012.50

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [23] BLACKROCK INVESTMENT FUNDS SWITZERLAND

NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS (continued) For the financial year ended 31 July 2020 iShares Emerging iShares Emerging iShares Emerging iShares Emerging Markets Markets Markets Markets iShares Japan Equity iShares Japan Equity Bond Index Fund (CH) Bond Index Fund (CH) Bond Index Fund (CH) Bond Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - I USD Unit Class - X USD Unit Class - X N USD Unit Class - X NT USD Unit Class - D JPY Unit Class - I1 CHF Net asset value USD USD USD USD JPY CHF As at 31 July 2020 1,214,735 593,267,835 519,409,706 30,669,552 10,143,515 - As at 31 July 2019 - 578,353,302 408,311,081 30,121,446 957 2,270,743 As at 31 July 2018 - 279,440,031 - - - -

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 July 2020 1,124 515,935 445,394 26,746 11,451 - As at 31 July 2019 - 508,623 360,543 26,746 1 2,200 As at 31 July 2018 - 267,321 - - - -

Net asset value per unit USD USD USD USD JPY CHF As at 31 July 2020 1,080.67 1,149.89 1,166.18 1,146.70 102,954.44 - As at 31 July 2019 - 1,137.09 1,132.49 1,126.21 104,988.74 981.51 As at 31 July 2018 - 1,045.33 - - - -

iShares Japan Equity Index Fund (CH) Unit Class - X1 CHF Net asset value CHF As at 31 July 2020 102,498,193 As at 31 July 2019 97,354,591 As at 31 July 2018 78,784,491

Units in Issue No. of Units As at 31 July 2020 111,790 As at 31 July 2019 99,189 As at 31 July 2018 76,977

Net asset value per unit CHF As at 31 July 2020 916.88 As at 31 July 2019 1,032.16 As at 31 July 2018 1,023.48

[24] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

PROFIT AND LOSS ACCOUNT For the financial year ended 31 July 2020 and 31 July 2019 iShares World ex Switzerland Equity iShares World ex Switzerland Small iShares Emerging Markets Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Income from bank assets 157 21,026 47 11,612 1 2,899 Income from securities lending - - 406,107 401,194 3,082 1,077 Income from securities broken down by: - Shares and other equity securities and rights, including income from bonus shares 19,117,103 22,449,625 10,118,498 12,134,495 955,229 1,110,488 - Units of other collective investment schemes 71,070 32,549 180,791 327,629 9,030 31,665 Other income 160,532 - 160,711 64,416 297,260 - Current net income paid in on issued units 304,357 1,146,011 33,141 - 33,245 33,441 Total income less: 19,653,219 23,649,211 10,899,295 12,939,346 1,297,847 1,179,570 Interest paid - 33,603 38 1,831 288 507 Negative interest 8,889 13,095 7,706 13,961 199 154 Remunerations to the following in accordance with the fund regulations: - The Fund Management Company 195,681 174,203 305,273 300,384 50,263 46,310 Other expenses - - 339 - 418 - Current net income paid out on redeemed units 834,909 924,891 103,188 617,977 110,584 58,874 Net profit/(loss) 18,613,740 22,503,419 10,482,751 12,005,193 1,136,095 1,073,725 Realised capital gains and losses 1,856,681 5,026,789 6,504,710 31,263,789 (1,239,687) (77,283) Realised net profit/(loss) 20,470,421 27,530,208 16,987,461 43,268,982 (103,592) 996,442 Unrealised capital gains and losses (26,058,210) 20,217,083 (79,896,474) (67,161,495) (1,454,758) (2,179,523) Total net profit/(loss) (5,587,789) 47,747,291 (62,909,013) (23,892,513) (1,558,350) (1,183,081)

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [25] BLACKROCK INVESTMENT FUNDS SWITZERLAND

PROFIT AND LOSS ACCOUNT (continued) For the financial year ended 31 July 2020 and 31 July 2019 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Income from bank assets 526 1,399 9 53 17 11 Income from securities lending 574 73 32,624 43,699 7,582 26,754 Income from securities broken down by: - Bonds, convertible bonds, warrant bonds and other debt securities and rights 994,171 1,295,798 ---- - Shares and other equity securities and rights, including income from bonus shares - - 7,222,213 6,064,822 8,333,094 12,118,430 Other income - 165 6 - - - Current net income paid in on issued units - 579 699,858 587,077 133,795 220,311 Total income less: 995,271 1,298,014 7,954,710 6,695,651 8,474,488 12,365,506 Interest paid -----128 Negative interest 1,676 3,855 5,666 3,299 7,715 5,789 Remunerations to the following in accordance with the fund regulations: - The Fund Management Company 26,302 30,523 80,233 63,244 265,331 329,568 Current net income paid out on redeemed units 79,053 232,210 238,334 483,744 262,572 4,133,036 Net profit/(loss) 888,240 1,031,426 7,630,477 6,145,364 7,938,870 7,896,985 Realised capital gains and losses 611,642 729,380 3,512,097 2,374,690 16,793,637 16,291,450 Realised net profit/(loss) 1,499,882 1,760,806 11,142,574 8,520,054 24,732,507 24,188,435 Unrealised capital gains and losses (447,591) 1,044,823 (722,251) 15,819,305 (8,522,373) 27,865,028 Total net profit/(loss) 1,052,291 2,805,629 10,420,323 24,339,359 16,210,134 52,053,463

[26] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

PROFIT AND LOSS ACCOUNT (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond Index iShares Japan Equity Index Fund (CH) Fund (CH) Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF USD USD CHF CHF Income from bank assets - - 5,813 23,886 - - Income from securities lending - - 73,425 2,766 14,742 3,561 Income from securities broken down by: - Bonds, convertible bonds, warrant bonds and other debt securities and rights 1,564,239 1,396,474 52,637,635 52,966,920 - - - Shares and other equity securities and rights, including income from bonus shares ----2,829,556 1,883,137 - Units of other collective investment schemes ----6,5564,366 Current net income paid in on issued units 320,254 457,656 3,707,697 2,559,508 25,117 526,205 Total income less: 1,884,493 1,854,130 56,424,570 55,553,080 2,875,971 2,417,269 Interest paid 31----- Negative interest 6,470 5,095 8 - 3,688 1,573 Remunerations to the following in accordance with the fund regulations: - The Fund Management Company 116,213 64,227 414,717 378,633 63,671 32,481 Current net income paid out on redeemed units 177,302 56,475 404,325 5,378,241 45,215 - Net profit/(loss) 1,584,477 1,728,333 55,605,520 49,796,206 2,763,397 2,383,215 Realised capital gains and losses (424,913) (154,620) (612,019) 270,126 (152,162) (355,992) Realised net profit/(loss) 1,159,564 1,573,713 54,993,501 50,066,332 2,611,235 2,027,223 Unrealised capital gains and losses (2,906,530) 6,755,428 (17,477,416) 60,359,150 (8,085,226) (4,853,443) Total net profit/(loss) (1,746,966) 8,329,141 37,516,085 110,425,482 (5,473,991) (2,826,220)

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [27] BLACKROCK INVESTMENT FUNDS SWITZERLAND

APPROPRIATION OF NET INCOME For the financial year ended 31 July 2020 and 31 July 2019 iShares World ex Switzerland Equity iShares World ex Switzerland Small iShares Emerging Markets Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Net income for the financial year 18,613,740 22,503,419 10,482,751 12,005,193 1,136,095 1,073,725 Balance at the beginning of the financial year ------Capital gains generated during the financial period intended for ------distribution Total available for distribution 18,613,740 22,503,419 10,482,751 12,005,193 1,136,095 1,073,725 Interim distribution during the financial year ------Net income earmarked for distribution ------Net income retained for reinvestment 18,613,740 22,503,419 10,482,751 12,005,193 1,136,095 1,073,725 Return of capital distribution from capital gains during the financial ------year Balance at the end of the financial year ------

BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Net income for the financial year 888,240 1,031,426 7,630,477 6,145,364 7,938,870 7,896,985 Balance at the beginning of the financial year ----15,579 748 Capital gains generated during the financial period intended for ----506,979 721,118 distribution Total available for distribution 888,240 1,031,426 7,630,477 6,145,364 8,461,428 8,618,851 Interim distribution during the financial year ----5,345,9193,558,266 Net income earmarked for distribution ----408,056 - Net income retained for reinvestment 888,240 1,031,426 7,630,477 6,145,364 2,198,336 4,323,888 Return of capital distribution from capital gains during the financial ----506,979 721,118 year Balance at the end of the financial year ----2,13815,579

[28] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond Index Fund (CH) Fund (CH) iShares Japan Equity Index Fund (CH) 31 July 2020 31 July 2019 31 July 2020 31 July 2019 31 July 2020 31 July 2019 CHF CHF USD USD CHF CHF Net income for the financial year 1,584,477 1,728,333 55,605,520 49,796,206 2,763,397 2,383,215 Balance at the beginning of the financial year ------Capital gains generated during the financial period intended for ------distribution Total available for distribution 1,584,477 1,728,333 55,605,520 49,796,206 2,763,397 2,383,215 Interim distribution during the financial year ------Net income earmarked for distribution ------Net income retained for reinvestment 1,584,477 1,728,333 55,605,520 49,796,206 2,763,397 2,383,215 Return of capital distribution from capital gains during the financial ------year Balance at the end of the financial year ------

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [29] BLACKROCK INVESTMENT FUNDS SWITZERLAND

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares World ex Switzerland Equity iShares World ex Switzerland Equity iShares World ex Switzerland Small Index Fund (CH) Index Fund (CH) Cap Equity Index Fund (CH) Unit Class - I1 CHF Unit Class - X1 CHF Unit Class - I CHF 31 July 20204 31 July 20192 31 July 20204 31 July 20192 31 July 20203 CHF CHF CHF CHF CHF

Accumulation of net income per unit1 Accumulation of net income 21.38 12.35 32.91 38.67 7.84 Swiss witholding tax (35%) ----2.74 Net accumulation of income 21.38 12.35 32.91 38.67 5.10 ✓✓✓✓ ✗ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020. 4 Accumulation dates on 3 August 2020.

Accumulation of net income per unit1 Accumulation of net income 18.85 22.06 27.49 31.79 2.20 Swiss witholding tax (35%) 6.60 7.72 - - 0.77 Net accumulation of income 12.25 14.34 27.49 31.79 1.43 ✗✗✓✓✗ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020. 4 Accumulation dates on 3 August 2020.

[30] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares Emerging Markets Equity iShares Emerging Markets Equity iShares Emerging Markets Equity Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - D CHF Unit Class - I CHF Unit Class - X N CHF 31 July 20203 31 July 20192 31 July 20203 31 July 20192 31 July 20204 31 July 20192 CHF CHF CHF CHF CHF CHF

Accumulation of net income per unit1 Accumulation of net income 30.47 26.23 26.55 22.90 36.63 31.57 Swiss witholding tax (35%) 10.66 9.18 9.29 8.01 - - Net accumulation of income 19.81 17.05 17.26 14.89 36.63 31.57 ✗✗✗✗✓✓ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020. 4 Accumulation dates on 3 August 2020.

BIFS Global ex Switzerland Sovereign BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund Screened CHF Bond Fund iShares SPI® Equity Index Fund (CH) Unit Class - D CHF Unit Class - X N CHF Unit Class - D CHF 31 July 20203 31 July 20192 31 July 20204 31 July 20192 31 July 20203 31 July 20192 CHF CHF CHF CHF CHF CHF

Accumulation of net income per unit1 Accumulation of net income 19.11 20.25 21.37 22.23 31.30 28.29 Swiss witholding tax (35%) 6.69 7.09 - - 10.95 9.90 Net accumulation of income 12.42 13.16 21.37 22.23 20.35 18.39 ✗✗✓✓✗✗ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020. 4 Accumulation dates on 3 August 2020.

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [31] BLACKROCK INVESTMENT FUNDS SWITZERLAND

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares SPI® Equity Index Fund (CH) iShares SPI® Equity Index Fund (CH) iShares SPI® Equity Index Fund (CH) Unit Class - I CHF Unit Class - X CHF Unit Class - X N CHF 31 July 20203 31 July 20192 31 July 20203 31 July 20192 31 July 20204 31 July 20192 CHF CHF CHF CHF CHF CHF

Accumulation of net income per unit1 Accumulation of net income 31.93 28.86 30.30 27.36 30.35 27.19 Swiss witholding tax (35%) 11.18 10.10 10.60 9.57 - - Net accumulation of income 20.75 18.76 19.70 17.79 30.35 27.19 ✗✗✗✗✓✓ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020. 4 Accumulation dates on 3 August 2020.

iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) Unit Class - Y CHF Unit Class - D CHF Unit Class - I CHF 31 July 20203 31 July 20192 31 July 20203 31 July 20192 31 July 20203 31 July 20192 CHF CHF CHF CHF CHF CHF

Accumulation of net income per unit1 Accumulation of net income 33.26 30.04 35.88 31.83 37.63 33.42 Swiss witholding tax (35%) 11.64 10.51 12.56 11.14 13.17 11.70 Net accumulation of income 21.62 19.53 23.32 20.69 24.46 21.72 ✗✗✗✗✗✗ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020.

[32] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares SBI AAA-BBB® Bond Index iShares SMI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) Fund (CH) Unit Class - I A-CHF Unit class - X CHF Unit Class - D CHF 31 July 20205 31 July 20196 31 July 20203 31 July 20192 31 July 20203 31 July 20192 CHF CHF CHF CHF CHF CHF

Accumulation of net income per unit1 Accumulation of net income - - 32.22 28.57 7.49 9.54 Swiss witholding tax (35%) - - 11.28 10.00 2.62 3.34 Net accumulation of income - - 20.94 18.57 4.87 6.20 ✗✗✗✗ Notification procedure

Ordinary distribution per unit Gross 1.98----- Swiss witholding tax (35%) 0.69----- Net distribution from net income4 1.29-----

Return of capital dividends Gross 2.464.68---- Net distribution from capital gains 2.464.68----

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020. 4 For unitholders domiciled in Switzerland and abroad. 5 Payable on 17 September 2020. 6 Payable on 19 September 2019.

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [33] BLACKROCK INVESTMENT FUNDS SWITZERLAND

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares SBI AAA-BBB® Bond Index iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond Index Fund (CH) Fund (CH) Fund (CH) Unit Class - I CHF Unit Class - Y CHF Unit Class - D USD 31 July 20203 31 July 20192 31 July 20203 31 July 20192 31 July 20203 31 July 20192 CHF CHF CHF CHF USD USD

Accumulation of net income per unit1 Accumulation of net income 7.84 9.90 9.03 11.04 51.18 54.21 Swiss witholding tax (35%) 2.74 3.46 3.16 3.86 17.91 18.97 Net accumulation of income 5.10 6.44 5.87 7.18 33.27 35.24 ✗✗✗✗✗✗ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020.

Accumulation of net income per unit1 Accumulation of net income 8.95 56.03 58.48 56.56 52.98 Swiss witholding tax (35%) 3.13 19.61 20.47 - - Net accumulation of income 5.82 36.42 38.01 56.56 52.98 ✗✗✗✓✓ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020. 4 Accumulation dates on 3 August 2020.

[34] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2020 and 31 July 2019 iShares Emerging Markets Bond Index Fund (CH) iShares Japan Equity Index Fund (CH) iShares Japan Equity Index Fund (CH) Unit Class - X NT USD Unit Class - D JPY Unit Class - I1 CHF 31 July 20203 31 July 20192 31 July 20203 31 July 20192 31 July 2020 31 July 20192 USD USD CHF CHF CHF CHF

Accumulation of net income per unit1 Accumulation of net income 55.78 36.17 6.62 11.42 - 12.98 Swiss witholding tax (35%) 19.52 12.66 2.32 4.00 - - Net accumulation of income 36.26 23.51 4.30 7.42 - 12.98 ✗✗✗✗ ✓ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 14 September 2020.

iShares Japan Equity Index Fund (CH) Unit Class - X1 CHF 31 July 20203 31 July 20192 CHF CHF

Accumulation of net income per unit1 Accumulation of net income 24.04 23.74 Swiss witholding tax (35%) -- Net accumulation of income 24.04 23.74 ✓✓ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation dates on 31 October 2019. 3 Accumulation dates on 3 August 2020.

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [35] BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE ANNUAL REPORT

For the financial year ended 31 July 2020

1. SALES RESTRICTIONS UNITED STATES OF AMERICA (USA) With respect to the issue and redemption of units of the sub-funds outside Switzerland, the regulations valid in the country in question apply.

Units of the sub-funds may not be offered, sold or delivered within the United States. Units of this collective investment scheme may not be offered, sold or delivered to citizens and/or residents of the United States of America and/or persons or entities whose income and/or revenue, irrespective of source, is subject to US income tax, including those deemed to be US persons under Regulation S of the US Securities Act of 1933 and/or the US Commodity Exchange Act, as amended.

2. INFORMATION REGARDING THE SFAMA GUIDELINES ON DISTRIBUTION AND TRANSPARENCY The Fund Management Company, its agents and the Custodian Bank do not pay retrocessions as remuneration for distribution activity in respect of units of the sub-funds in or from Switzerland. In the context of the performance of the fund business, in individual cases and at their discretion the Fund Management Company and its agents may pay third parties fees on the basis of written agreements for the performance of specific services, for example, to facilitate joint marketing initiatives, to train and educate clients and client advisers or to provide access to fund holding data which is otherwise unavailable.

In the case of distribution activity in or from Switzerland, the Fund Management Company and its agents may, upon request and agreement, pay rebates directly to investors for the purpose of reducing the fees or costs incurred by the investor in question. Rebates are permitted provided that a) they are paid from fees received by the Fund Management Company and therefore do not represent an additional charge for the assets of the respective sub-fund; b) they are granted on the basis of objective criteria; and c) all investors who meet these objective criteria and demand rebates are also granted these within the same timeframe and to the same extent.

3. SOFT COMMISSIONS The Fund Management Company has not entered into any commission sharing agreements or agreements in respect of “soft commissions”.

4. CALCULATION OF THE NET ASSET VALUE a) The NAV of each sub-fund and the share of net assets attributable to the individual classes are calculated in the accounting currency of the relevant sub-fund at market value as of the end of the financial year and for all other specified dates as shown in the prospectus, as well as for each day on which units are issued or redeemed. The assets of the relevant sub-fund will not be calculated on days, when banks in Zurich or London are completely or partly closed and on days, when stock exchanges and/or markets accounting for at least 30% of the relevant sub-fund investments (securities or currencies) are completely or partly closed (e.g. on bank and stock exchange holidays). b) Investments traded on a stock exchange or other regulated market open to the public must be valued at the price paid, provided (bid and/or offer price) or calculated (mid-market price) on the main market or at the price according to the index provider. Other assets, rights or investments for which appropriate rates are not readily available must be valued at the price which would have been obtained in a diligent sale at the time of the valuation. In such cases, the Fund Management Company shall use appropriate and recognised valuation models and principles to determine the market value (“fair valuation”). c) Open-ended collective investment schemes are valued at their redemption price and/or unaudited NAV. Provided they are regularly traded on a stock exchange or other regulated market open to the public, the Fund Management Company may value them in accordance with section 4.b presented above. d) The NAV of a unit of a unit class is determined by the quota of the assets of this sub-fund allotted to that unit class, minus any liabilities of this sub-fund allotted to that unit class, divided by the number of units of that unit class in circulation. The NAV is rounded to two decimal figures. e) The quota of the market value of the net assets of a sub-fund which are allotted to the respective unit classes is determined for the first time at the initial issue of more than one unit class (if this occurs simultaneously) and/or the initial issue of an additional unit class. The calculation is made on the basis of the assets accruing to the relevant sub-fund for each unit class.

[36] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE ANNUAL REPORT (continued)

For the financial year ended 31 July 2020

5. VALUATION OF INVESTMENTS Level 1 Level 2 Level 3 Total iShares World ex Switzerland Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 865,652,272 - - 865,652,272 - Units of other collective investment schemes 1,606,742 - - 1,606,742 Derivative financial instruments 166,390 - - 166,390 Total 867,425,404 - - 867,425,404

Level 1 Level 2 Level 3 Total iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 529,803,372 - - 529,803,372 - Units of other collective investment schemes 6,315,040 - - 6,315,040 Derivative financial instruments 653,650 - - 653,650 Total 536,772,062 - - 536,772,062

Level 1 Level 2 Level 3 Total iShares Emerging Markets Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 36,133,454 - - 36,133,454 - Units of other collective investment schemes 3,296,290 - - 3,296,290 Derivative financial instruments 18,019 - - 18,019 Total 39,447,763 - - 39,447,763

Level 1 Level 2 Level 3 Total BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Bonds, convertible bonds, warrant bonds and other debt securities and rights - 42,787,093 - 42,787,093 Derivative financial instruments - 550,295 - 550,295 Total - 43,337,388 - 43,337,388

Level 1 Level 2 Level 3 Total iShares SPI® Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 292,507,580 - - 292,507,580 Derivative financial instruments (11,040) - - (11,040) Total 292,496,540 - - 292,496,540

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [37] BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE ANNUAL REPORT (continued)

For the financial year ended 31 July 2020

5. VALUATION OF INVESTMENTS (continued)

Level 1 Level 2 Level 3 Total iShares SMI® Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 298,415,140 - - 298,415,140 Derivative financial instruments (52,454) - - (52,454) Total 298,362,686 - - 298,362,686

Level 1 Level 2 Level 3 Total iShares SBI AAA-BBB® Bond Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Bonds, convertible bonds, warrant bonds and other debt securities and rights - 192,399,768 - 192,399,768 Total - 192,399,768 - 192,399,768

Level 1 Level 2 Level 3 Total iShares Emerging Markets Bond Index Fund (CH) USD USD USD USD Securities, including those on loan and under repurchase agreements, broken down into: - Bonds, convertible bonds, warrant bonds and other debt securities and rights - 1,128,864,026 - 1,128,864,026 Total - 1,128,864,026 - 1,128,864,026

Level 1 Level 2 Level 3 Total iShares Japan Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 110,572,899 - - 110,572,899 - Units of other collective investment schemes 97,389 - - 97,389 Derivative financial instruments (150,791) - - (150,791) Total 110,519,497 - - 110,519,497

In accordance with Article 84 paragraph 2 The Swiss Financial Market Supervisory Authority (FINMA) Collective Investment Schemes Ordinance, the investments of the sub-funds are to be summarised in a table according to the following three valuation categories:

Level 1 – trading of investments listed in a stock exchange or in another regulated market open to the public and valued according to the prices in the primary market;

Level 2 – investments that are not priced according to level 1 whose value is based on market-observed parameters;

Level 3 – investments whose value cannot be based on market-observed parameters and are valued with suitable valuation models taking account of the current market circumstances.

The determination of what constitutes market-observed parameters requires significant judgement by the Fund Management Company taking into consideration factors specific to the asset or liability.

The Fund Management Company considers prices in the primary market to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

[38] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE ANNUAL REPORT (continued)

For the financial year ended 31 July 2020

6. OFF-BALANCE-SHEET BUSINESS a) Securities Lending

The security lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited. The sub-fund’s benefit from a borrower default indemnity provided by BlackRock, Inc. The indemnity allows for full replacement of securities loaned. BlackRock, Inc. bears all operational costs directly related to securities loan transactions as well as the cost of indemnification against borrower default. During the year the sub-funds engaged in securities lending. The sub-fund receives either cash collateral or securities as collateral, as determined, for a value in excess of the market value of the securities loaned.

Securities lending income is split between the sub-fund and the securities lending agent in a ratio of 62.5:37.5 in favor of the sub-fund, with all operational costs borne out of the securities lending agent’s share.

The securities lending borrowers that received securities on loan during the year included: Citigroup Global Markets Limited, Goldman Sachs International, HSBC Bank plc, Macquarie Bank Limited and Société Générale S.A. The collateral administrator is Bank of New York Mellon.

The following table details the value of securities on loan as the percentage of lendable assets, as the percentage of the NAV, and the income from securities lending for the year ended 31 July 2020. The total value of the lendable assets is equal to the aggregate value of the securities eligible for the securities lending program. This excludes any assets held by the sub-funds that are not considered lendable due to any market, regulatory, investment or other restrictions. Securities on Loan Income %of from lendable %of securities Sub-fund Currency assets NAV lending iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF 20.77 20.56 406,107 iShares Emerging Markets Equity Index Fund (CH) CHF 5.00 4.95 3,082 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF 0.00 0.00 574 iShares SPI® Equity Index Fund (CH) CHF 2.63 2.60 32,624 iShares SMI® Equity Index Fund (CH) CHF 1.01 0.99 7,582 iShares Emerging Markets Bond Index Fund (CH) USD 2.11 2.08 73,425 iShares Japan Equity Index Fund (CH) CHF 10.36 10.18 14,742

31 July 2020 31 July 2019 Value of Value of Value of Value of securities collateral securities collateral Sub-fund Currency on loan received on loan received iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF 111,376,382 121,073,080 172,682,587 178,049,388 iShares Emerging Markets Equity Index Fund (CH) CHF 1,971,020 2,476,404 182,574 214,524 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF - - 715,055 896,899 iShares SPI® Equity Index Fund (CH) CHF 7,697,943 9,466,242 5,888,258 6,621,243 iShares SMI® Equity Index Fund (CH) CHF 3,004,099 3,400,827 - 521,365 iShares Emerging Markets Bond Index Fund (CH) USD 23,844,855 27,145,730 14,018,370 15,724,317 iShares Japan Equity Index Fund (CH) CHF 11,470,305 13,365,317 154,437 170,950

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [39] BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE ANNUAL REPORT (continued)

For the financial year ended 31 July 2020

6. OFF-BALANCE-SHEET BUSINESS (continued) a) Securities Lending (continued)

Collateral Maturity tenor More than Collateral type and quality 365 days Open Total iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 51,706,331 - 51,706,331 Equities Recognised equity index - 69,366,749 69,366,749 Total 51,706,331 69,366,749 121,073,080

Maturity tenor More than Collateral type and quality 365 days Open Total iShares Emerging Markets Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 741,620 - 741,620 Equities Recognised equity index - 1,734,784 1,734,784 Total 741,620 1,734,784 2,476,404

Maturity tenor More than Collateral type and quality 365 days Open Total iShares SPI® Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 2,726,619 - 2,726,619 Equities Recognised equity index - 6,739,623 6,739,623 Total 2,726,619 6,739,623 9,466,242

Maturity tenor More than Collateral type and quality 365 days Open Total iShares SMI® Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 1,192,917 - 1,192,917 Equities Recognised equity index - 2,207,910 2,207,910 Total 1,192,917 2,207,910 3,400,827

[40] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE ANNUAL REPORT (continued)

For the financial year ended 31 July 2020

6. OFF-BALANCE-SHEET BUSINESS (continued) a) Securities Lending (continued)

Maturity tenor More than Collateral type and quality 365 days Open Total iShares Emerging Markets Bond Index Fund (CH) USD USD USD Fixed Income Investment Grade 1,790,628 - 1,790,628 Equities Recognised equity index - 25,355,102 25,355,102 Total 1,790,628 25,355,102 27,145,730

Maturity tenor More than Collateral type and quality 365 days Open Total iShares Japan Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 4,688,187 - 4,688,187 Equities Recognised equity index - 8,677,130 8,677,130 Total 4,688,187 8,677,130 13,365,317 b) Derivative risk exposure

31 July 2020 31 July 2019 Equivalent Equivalent underlying underlying value As a % of the value As a % of the sub-fund net sub-fund sub-fund net sub-fund Sub-fund currency assets currency assets iShares World ex Switzerland Equity Index Fund (CH) - Total exposure-increasing positions 4,153,058 0.48 16,160,944 1.77 iShares World ex Switzerland Small Cap Equity Index Fund (CH) - Total exposure-increasing positions 8,755,205 1.62 6,470,007 1.10 iShares Emerging Markets Equity Index Fund (CH) - Total exposure-increasing positions 496,078 1.25 985,995 2.19 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund - Total exposure-increasing positions 50,935,317 115.71 45,193,110 94.35 - Total exposure-decreasing positions 94,218,392 214.03 92,571,068 193.26 iShares SPI® Equity Index Fund (CH) - Total exposure-increasing positions 3,307,098 1.12 2,380,625 0.92 iShares SMI® Equity Index Fund (CH) - Total exposure-increasing positions 4,802,832 1.58 6,149,947 1.82 iShares Japan Equity Index Fund (CH) - Total exposure-increasing positions 1,930,813 1.71 1,298,673 1.30

7. PROSPECTUS / FUND CONTRACT CHANGES There have been no updates to the prospectus with integrated fund contract for the year ended 31 July 2020.

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [41] BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE ANNUAL REPORT (continued)

For the financial year ended 31 July 2020

8. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR Effective 9 December 2019, class I CHF of the sub-fund iShares World ex Switzerland Small Cap Equity Index Fund (CH) was launched. Effective 31 December 2019, Dr. Susanne Haury von Siebenthal resigned as a member of the Board of Directors. Effective 31 December 2019, Dr. Peter Athanas resigned as a member of the Board of Directors. Effective 31 December 2019, Dr. Michael Burch resigned as a member of the Executive Committee. Effective 1 January 2020, Markus Studer was appointed as a member of the Executive Committee. On 15 May 2020, all outstanding units of class I1 CHF of the sub-fund iShares Japan Equity Index Fund (CH) were redeemed. Effective 20 May 2020, class I USD of the sub-fund iShares Emerging Market Bond Index Fund (CH) was launched. Effective 31 May 2020, André Bantli resigned as a member of the Executive Committee. Effective 9 June 2020, class X15 CHF of the sub-fund iShares World ex Switzerland Small Cap Equity Index Fund (CH) was launched. Effective 7 July 2020, Ellen Bakke Mawdsley was appointed as a member of the Board of Directors. Effective 7 July 2020, Søren Mose was appointed as a member of the Board of Directors.

Outbreak of COVID-19 An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now developed into a global pandemic. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected the economies of many nations across the entire global economy, individual issuers and capital markets, and could continue to extents that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

9. SUBSEQUENT EVENTS August 2020 The FINMA has acknowledged dated 18 August 2020, the changes to the prospectus with integrated fund contract notified by the Fund Management Company and the Custodian bank. The amendments below entered into force as of 18 August 2020 and are as follows: a) Removal of ‘iShares Global Aggregate Bond Index Fund (CH)’ and the relevant share classes description related to that sub-fund. b) Removal of ‘iShares SPI EXTRA® Equity Index Fund (CH)’ and the relevant share classes description related to that sub-fund. c) Addition of ‘iShares World ex Switzerland Equity Index Fund II (CH)’ and the relevant share classes description related to that sub-fund.

For details on these and other changes, please refer to the respective prospectus with integrated fund contract dated August 2020

October 2020 The FINMA has acknowledged dated 1 October 2020, the changes to the prospectus with integrated fund contract notified by the Fund Management Company and the Custodian bank. The amendments below entered into force as of 5 October 2020 and are as follows: a) The addition of new ‘I0 USD’, ‘I15 USD’, ‘X0 USD’, ‘X15 USD’ share classes and their description, applicable to sub-fund ‘iShares World ex Switzerland Small Cap Equity Fund (CH)’ b) The addition of ‘I USD’ and ‘X USD’ share classes to sub-fund ‘iShares Emerging Markets Equity Index Fund (CH)’. c) Clarification of the Investment Objective and Investment Policy in respect of the optimization techniques, applicable to each sub-fund of the umbrella, excluding ‘iShares SMI® Equity Index Fund (CH)’. d) Clarification of the Risk Factors in respect of the index tracking risks and optimization strategy. e) Clarification on the transferability of unit classes of certain sub-funds providing tax-transparency and its potential impact to the related sub-fund. f) Clarification on redemption orders gating/deferral communication requirements. g) Clarification of the indirect investments and the maximum exposure to equity-type securities and rights of ‘iShares World ex Switzerland Equity Index Fund (CH)’, ‘iShares World ex Switzerland Small Cap Equity Index Fund (CH)’, ‘iShares Emerging Markets Equity Index Fund (CH)’ and ‘iShares Japan Equity Index Fund (CH)’. h) Clarification of the maximum exposure to fixed income securities and rights of ‘BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund (CH)’. i) Clarification of the maximum exposure to fixed or variable income securities and rights of ‘iShares SBI AAA-BBB® Bond Index Fund (CH)’ and ‘iShares Emerging Market Bond Index Fund (CH)’.

[42] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE ANNUAL REPORT (continued)

For the financial year ended 31 July 2020

9. SUBSEQUENT EVENTS (continued) j) Clarification of the maximum exposure to Equity-type securities and rights of ‘iShares SPI® Equity Index Fund (CH)’ and ‘iShares SMI® Equity Index Fund (CH)’. k) Removal of cipher ‘§34 Notice Period’, ‘§35 Issuing and Redemption Commission’, ‘§36 Issue and Redemption Expenses’, ‘§37 Flat-Rate Management Fee’, ‘§38 Financial Statements’, ‘§39 Distribution’ from the Fund Contract of each respective sub-fund.

Effective 1 October 2020, BlackRock Advisors (UK) Limited, London has sub-delegated the investment decisions for markets in Asia Pacific (APAC), of sub-fund ‘BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund’, to BlackRock (Singapore) Limited. Effective 15 October 2020, class X15 USD of the sub-fund iShares World ex Switzerland Equity Index Fund II (CH) was launched. Effective 20 October 2020, class X15 USD of the sub-fund iShares World ex Switzerland Small Cap Equity Index Fund (CH) was launched.

For details on these and other changes, please refer to the respective prospectus with integrated fund contract dated October 2020.

10. DISTRIBUTIONS PAID TO THE UNITHOLDERS Gross Amount per Sub-fund Unit Class Type Ex-Date Currency Unit iShares SMI® Equity Index Fund (CH) IA-CH Capital 17 September 2019 CHF 4.68 iShares SMI® Equity Index Fund (CH) IA-CH Income 03 March 2020 CHF 7.14 iShares SMI® Equity Index Fund (CH) IA-CH Income 19 March 2020 CHF 6.00 iShares SMI® Equity Index Fund (CH) IA-CH Income 30 March 2020 CHF 0.62 iShares SMI® Equity Index Fund (CH) IA-CH Income 03 April 2020 CHF 5.52 iShares SMI® Equity Index Fund (CH) IA-CH Income 21 April 2020 CHF 2.98 iShares SMI® Equity Index Fund (CH) IA-CH Income 27 April 2020 CHF 5.58 Total CHF 32.52

11. EXCHANGE RATES Exchange rates as at 31 July 2020 31 July 2019 CHF1= AED 0.247662 0.269523 AUD 0.652392 0.682358 BRL 0.174747 0.263116 CAD 0.679134 0.753912 CLP 0.001202 0.001412 CNY 0.130339 0.143780 COP 0.000244 0.000301 CZK 0.040949 0.042932 DKK 0.144428 0.147615 EGP 0.056963 0.059747 EUR 1.075720 1.102266 GBP 1.193981 1.212206 HKD 0.117378 0.126471 HUF 0.003123 0.003384 IDR 0.000062 0.000071 ILS 0.267382 0.283108 JPY 0.008604 0.009118 KRW 0.000764 0.000837 MXN 0.040992 0.052154 MYR 0.214552 0.239913 NOK 0.100200 0.112726 NZD 0.605997 0.653400 PHP 0.018511 0.019455 PKR 0.005451 0.006203 PLN 0.243780 0.257193 QAR 0.249849 0.271922

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [43] BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE ANNUAL REPORT (continued)

For the financial year ended 31 July 2020

11. EXCHANGE RATES (continued)

Exchange rates as at 31 July 2020 31 July 2019 RUB 0.012258 0.015608 SAR 0.242561 0.263961 SEK 0.104038 0.103199 SGD 0.663385 0.723393 THB 0.029173 0.032190 TRY 0.130339 0.178002 TWD 0.031054 0.031837 USD 0.909700 0.990000 ZAR 0.053421 0.069847 USD1= CHF 1.099263 1.010101

12. CONTRIBUTION AND REDEMPTION IN KIND AND NOT IN CASH a) Each investor may request when subscribing for units to exchange in kind assets instead of making a cash payment into the subfund’s assets (“contribution in kind”) and/or when redeeming units to exchange in kind assets instead of receiving a cash payment out of the sub-fund’s assets (“redemption in kind”) and such application shall be made together with the subscription and/or redemption. The Fund Management Company shall not be obliged to authorise in kind contributions and redemptions. b) The Fund Management Company shall have sole discretion to decide on in kind contributions or redemptions and shall only accept such transactions if they can be carried out in full compliance with the investment policy of the relevant sub-fund and if the interests of the remaining investors are not affected. c) Costs incurred in connection with an in kind contribution or redemption shall be borne exclusively by the investor having submitted such application. d) The Fund Management Company shall establish a report for in kind contributions or redemptions containing information on the individual investments transferred, the market value of these investments on the date of the transfer, the number of units issued or redeemed in exchange and any surplus settlement paid in cash. For each in kind contribution or redemption, the custodian bank shall check the valuation of the investments transferred and the units issued and/or redeemed, each with regard to the relevant transfer date, and whether the fund management company complies with its duty of loyalty. The custodian bank shall immediately inform the audit company about any reservations or objections. e) Transactions relating to in kind contributions and redemptions must be disclosed in the annual report.

[44] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Energy - alternate sources Siemens Gamesa Renewable Energy SA 5,135 - - 5,135 109,786 0.01 Vestas Wind Systems A/S 4,328 - - 4,328 507,443 0.06 617,229 0.07 Pharmaceuticals AbbVie Inc 33,241 9,140 2,300 40,081 3,460,579 0.40 Alfresa Holdings Corp 3,800 - - 3,800 70,687 0.01 Alkermes Plc 3,087 - 3,087 - - 0.00 Allergan Plc 7,870 399 8,269 - - 0.00 AmerisourceBergen Corp 4,380 - 1,151 3,229 294,300 0.03 Astellas Pharma Inc 41,500 - - 41,500 589,158 0.07 AstraZeneca Plc 28,346 3,723 2,272 29,797 3,034,722 0.35 Aurora Cannabis Inc 13,669 - 13,669 - - 0.00 Aurora Cannabis Inc - 1,139 1,139 - - 0.00 Bausch Health Cos Inc 6,626 - - 6,626 110,203 0.01 Bayer AG RegS 20,607 3,144 1,618 22,133 1,339,013 0.15 Becton Dickinson and Co 6,045 644 485 6,204 1,587,821 0.18 Bristol-Myers Squibb Co 36,812 19,829 6,398 50,243 2,681,117 0.31 Canopy Growth Corp 4,687 - - 4,687 77,859 0.01 Cardinal Health Inc 8,238 - 1,818 6,420 318,996 0.04 Chugai Pharmaceutical Co Ltd 5,900 11,500 2,500 14,900 607,153 0.07 Cigna Corp 8,744 402 865 8,281 1,300,913 0.15 CVS Health Corp 29,153 2,904 2,316 29,741 1,702,866 0.20 Daiichi Sankyo Co Ltd 12,200 3,000 2,900 12,300 979,766 0.11 DexCom Inc 1,827 670 497 2,000 792,421 0.09 Eisai Co Ltd 5,400 - - 5,400 394,319 0.05 Elanco Animal Health Inc 6,016 3,417 - 9,433 202,774 0.02 Eli Lilly & Co 19,918 1,427 2,021 19,324 2,641,954 0.30 Galapagos NV - 1,032 - 1,032 174,958 0.02 GlaxoSmithKline Plc 111,125 13,739 10,934 113,930 2,080,991 0.24 Grifols SA 9,558 - 3,070 6,488 172,388 0.02 Hikma Pharmaceuticals Plc - 3,310 - 3,310 84,970 0.01 Hisamitsu Pharmaceutical Co Inc 1,200 - - 1,200 47,546 0.01 Ipsen SA 758 - - 758 66,618 0.01 Jazz Pharmaceuticals Plc 1,206 - - 1,206 118,761 0.01 Johnson & Johnson 60,014 4,768 5,348 59,434 7,880,822 0.90 Kobayashi Pharmaceutical Co Ltd 1,100 - - 1,100 88,587 0.01 Kyowa Kirin Co Ltd 5,200 - - 5,200 116,326 0.01 McKesson Corp 4,221 - 648 3,573 488,074 0.06 Medipal Holdings Corp 3,100 - - 3,100 51,851 0.01 Merck & Co Inc 58,168 4,470 5,795 56,843 4,149,217 0.48 Merck KGaA 3,412 750 845 3,317 385,540 0.04 Mitsubishi Tanabe Pharma Corp 4,500 - 4,500 - - 0.00 Mylan NV 11,436 - - 11,436 167,598 0.02 Neurocrine Biosciences Inc - 2,070 - 2,070 226,647 0.03 Nippon Shinyaku Co Ltd - 1,300 - 1,300 90,935 0.01 Novo Nordisk A/S 'B' 37,883 5,591 3,066 40,408 2,433,044 0.28 Ono Pharmaceutical Co Ltd 8,300 - - 8,300 211,633 0.02 Orion Oyj 'B' 1,924 - - 1,924 76,620 0.01 Otsuka Holdings Co Ltd 9,800 - - 9,800 368,474 0.04 Perrigo Co Plc 2,579 - - 2,579 124,391 0.01 Pfizer Inc 125,111 9,689 10,977 123,823 4,334,456 0.50

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [45] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Recordati SpA 2,100 - - 2,100 102,198 0.01 Sanofi 25,318 2,309 1,949 25,678 2,445,958 0.28 Santen Pharmaceutical Co Ltd 7,300 - - 7,300 111,800 0.01 Sarepta Therapeutics Inc - 1,757 - 1,757 245,378 0.03 Shionogi & Co Ltd 6,000 - - 6,000 323,114 0.04 Sumitomo Dainippon Pharma Co Ltd 2,900 - - 2,900 32,836 0.00 Suzuken Co Ltd 1,400 - - 1,400 45,111 0.00 Taisho Pharmaceutical Holdings Co Ltd 700 - - 700 35,956 0.00 Takeda Pharmaceutical Co Ltd 33,138 5,000 3,300 34,838 1,125,845 0.13 Teva Pharmaceutical Industries Ltd ADR 22,458 - - 22,458 235,763 0.03 UCB SA 3,595 - - 3,595 420,946 0.05 Zoetis Inc 10,869 1,329 1,827 10,371 1,431,025 0.16 52,682,998 6.04 Auto manufacturers Bayerische Motoren Werke AG 7,570 - - 7,570 445,433 0.05 Bayerische Motoren Werke AG (Pref) 1,106 - - 1,106 51,825 0.00 Cummins Inc 3,200 631 558 3,273 575,422 0.07 Daimler AG 20,669 1,724 3,681 18,712 752,820 0.09 Ferrari NV 2,652 597 610 2,639 429,656 0.05 Fiat Chrysler Automobiles NV 27,020 - - 27,020 250,549 0.03 Ford Motor Co 84,816 10,342 11,536 83,622 502,829 0.06 General Motors Co 28,640 2,481 3,083 28,038 634,848 0.07 Hino Motors Ltd 4,800 - - 4,800 25,069 0.00 Honda Motor Co Ltd 36,800 3,900 3,800 36,900 801,338 0.09 Isuzu Motors Ltd 11,100 - - 11,100 82,086 0.01 Mazda Motor Corp 11,500 - - 11,500 58,477 0.01 Mitsubishi Motors Corp 13,500 - - 13,500 23,928 0.00 Nissan Motor Co Ltd 57,200 - - 57,200 177,666 0.02 PACCAR Inc 7,252 1,511 1,278 7,485 579,319 0.07 Peugeot SA 15,875 - 4,045 11,830 173,579 0.02 Porsche Automobil Holding SE (Pref) 4,366 - 1,356 3,010 155,711 0.02 Renault SA 5,254 - - 5,254 113,347 0.01 Subaru Corp 16,400 3,900 3,800 16,500 283,151 0.03 Suzuki Motor Corp 8,600 - - 8,600 256,908 0.03 Tesla Inc 2,943 572 204 3,311 4,309,473 0.49 Toyota Motor Corp 51,400 5,700 8,800 48,300 2,583,616 0.30 Volkswagen AG 650 - - 650 92,786 0.01 Volkswagen AG (Pref) 4,206 - - 4,206 565,560 0.06 Volvo AB 'B' 31,438 6,932 6,595 31,775 498,845 0.06 14,424,241 1.65 Auto parts & equipment Aisin Seiki Co Ltd 3,500 - - 3,500 90,944 0.01 Aptiv Plc 5,351 1,180 1,126 5,405 382,291 0.04 Autoliv Inc 1,748 - - 1,748 103,408 0.01 BorgWarner Inc 4,240 - - 4,240 141,171 0.02 Bridgestone Corp 13,300 - - 13,300 354,056 0.04 Cie Generale des Etablissements Michelin SCA 4,252 832 813 4,271 405,869 0.05 Continental AG 2,774 - - 2,774 246,363 0.03 Denso Corp 9,800 - - 9,800 326,146 0.04 Faurecia SE 1,524 - - 1,524 53,920 0.01 JTEKT Corp 4,500 - - 4,500 27,103 0.00 Koito Manufacturing Co Ltd 2,200 - - 2,200 78,081 0.01 Lear Corp 1,368 - - 1,368 137,365 0.02

[46] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Magna International Inc 6,973 - - 6,973 293,181 0.03 NGK Insulators Ltd 5,300 - - 5,300 59,601 0.01 NGK Spark Plug Co Ltd 3,200 - - 3,200 38,794 0.00 Nokian Renkaat Oyj 2,338 - 2,338 - - 0.00 Pirelli & C SpA 10,264 - - 10,264 37,132 0.00 Stanley Electric Co Ltd 2,800 - - 2,800 60,613 0.01 Sumitomo Electric Industries Ltd 21,600 7,500 7,200 21,900 219,706 0.03 Sumitomo Rubber Industries Ltd 3,100 - - 3,100 23,365 0.00 Toyoda Gosei Co Ltd 1,500 - - 1,500 26,380 0.00 Toyota Industries Corp 3,300 - - 3,300 151,619 0.02 Valeo SA 4,812 - - 4,812 112,534 0.01 WABCO Holdings Inc 1,024 - 1,024 - - 0.00 Yokohama Rubber Co Ltd 2,100 - - 2,100 24,248 0.00 3,393,890 0.39 Banks ABN AMRO Bank NV -CVA 12,042 - - 12,042 90,988 0.01 AEON Financial Service Co Ltd 2,100 1,500 3,600 - - 0.00 AIB Group Plc 16,357 - 16,357 - - 0.00 Aozora Bank Ltd 2,300 - - 2,300 33,384 0.00 Australia & New Zealand Banking Group Ltd 65,112 5,409 5,945 64,576 756,634 0.09 Banco Bilbao Vizcaya Argentaria SA 149,884 - - 149,884 425,172 0.05 Banco de Sabadell SA 107,271 1,620 108,891 - - 0.00 Banco Santander SA 365,386 24,321 25,727 363,980 708,140 0.08 Bank Hapoalim BM 35,042 - - 35,042 189,734 0.02 Bank Leumi Le-Israel BM 41,946 - - 41,946 191,114 0.02 Bank of America Corp 206,779 13,133 44,073 175,839 3,979,823 0.46 Bank of East Asia Ltd 24,555 - - 24,555 50,842 0.01 Bank of Ireland Group Plc 18,427 - 18,427 - - 0.00 Bank of Kyoto Ltd 1,100 - - 1,100 36,580 0.00 Bank of Montreal 14,499 - - 14,499 721,571 0.08 Bank of New York Mellon Corp 20,361 - 2,061 18,300 596,813 0.07 Bank of Nova Scotia 27,620 1,748 2,524 26,844 1,002,869 0.11 Bank of Queensland Ltd 7,242 - 7,242 - - 0.00 Bankia SA 45,464 - 45,464 - - 0.00 Bankinter SA 13,534 - - 13,534 63,797 0.01 Barclays Plc 385,760 - - 385,760 463,169 0.05 Bendigo & Adelaide Bank Ltd 9,596 7,436 17,032 - - 0.00 BNP Paribas SA 25,279 2,029 2,602 24,706 906,666 0.10 BOC Hong Kong Holdings Ltd 98,000 - - 98,000 248,465 0.03 CaixaBank SA 94,796 - - 94,796 185,593 0.02 Canadian Imperial Bank of Commerce 9,604 1,211 1,169 9,646 607,467 0.07 Chiba Bank Ltd 14,000 - - 14,000 58,060 0.01 CIT Group Inc 2,717 - 2,717 - - 0.00 Citigroup Inc 52,992 1,468 7,318 47,142 2,144,683 0.25 Citizens Financial Group Inc 10,053 - - 10,053 226,893 0.03 Comerica Inc 3,530 - - 3,530 123,697 0.01 Commerzbank AG 21,382 - - 21,382 100,032 0.01 Commonwealth Bank of Australia 39,760 3,715 4,277 39,198 1,820,758 0.21 Concordia Financial Group Ltd 24,500 - - 24,500 65,558 0.01 Credit Agricole SA 30,561 - 7,229 23,332 203,952 0.02 Danske Bank A/S 19,088 - - 19,088 280,095 0.03 DBS Group Holdings Ltd 40,122 - - 40,122 526,205 0.06 Deutsche Bank AG 41,085 12,891 13,791 40,185 328,142 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [47] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) DNB ASA 19,688 5,851 5,551 19,988 277,487 0.03 East West Bancorp Inc 2,905 - - 2,905 91,595 0.01 Erste Group Bank AG 8,496 - - 8,496 172,733 0.02 Fifth Third Bancorp 15,089 3,561 3,384 15,266 275,805 0.03 FinecoBank Banca Fineco SpA 12,079 - - 12,079 159,497 0.02 First Republic Bank 4,213 840 928 4,125 422,083 0.05 Fukuoka Financial Group Inc 3,000 - - 3,000 39,518 0.00 Goldman Sachs Group Inc 7,469 455 692 7,232 1,302,369 0.15 Hang Seng Bank Ltd 15,400 8,900 4,900 19,400 277,582 0.03 HSBC Holdings Plc 446,903 60,702 55,226 452,379 1,848,331 0.21 Huntington Bancshares Inc 22,189 - - 22,189 187,118 0.02 ING Groep NV 87,476 - - 87,476 554,812 0.06 Intesa Sanpaolo SpA 358,202 - 38,809 319,393 586,555 0.07 Investec Plc 13,335 - 13,335 - - 0.00 Israel Discount Bank Ltd 'A' 27,165 - - 27,165 75,031 0.01 Japan Post Bank Co Ltd 8,200 - - 8,200 55,454 0.01 JPMorgan Chase & Co 73,786 4,406 8,962 69,230 6,086,245 0.70 KBC Group NV 6,259 1,467 1,353 6,373 331,261 0.04 KeyCorp 21,829 - - 21,829 238,493 0.03 Lloyds Banking Group Plc 1,603,487 - - 1,603,487 503,235 0.06 M&T Bank Corp 2,779 - - 2,779 267,848 0.03 Macquarie Group Ltd 7,612 - - 7,612 613,252 0.07 Mediobanca Banca di Credito Finanziario SpA 11,505 9,929 8,888 12,546 91,476 0.01 Mitsubishi UFJ Financial Group Inc 283,400 20,600 19,200 284,800 963,504 0.11 Mizrahi Tefahot Bank Ltd 2,589 - - 2,589 48,610 0.01 Mizuho Financial Group Inc 543,800 - - 543,800 597,021 0.07 Morgan Stanley 27,817 2,373 2,478 27,712 1,232,246 0.14 National Australia Bank Ltd 63,535 16,203 6,775 72,963 840,624 0.10 National Bank of Canada 8,875 - 1,905 6,970 299,351 0.03 Natixis SA 18,904 - - 18,904 41,789 0.00 Natwest Group Plc 129,495 - 35,039 94,456 119,545 0.01 Nordea Bank Abp 71,183 2,156 1,078 72,261 509,035 0.06 Northern Trust Corp 4,356 1,060 948 4,468 318,457 0.04 Oversea-Chinese Banking Corp Ltd 63,312 12,000 - 75,312 427,665 0.05 PNC Financial Services Group Inc 10,452 - 882 9,570 928,651 0.11 Raiffeisen Bank International AG 2,966 - - 2,966 46,423 0.01 Regions Financial Corp 24,352 - - 24,352 240,582 0.03 Resona Holdings Inc 44,400 - - 44,400 131,337 0.01 Royal Bank of Canada 32,351 2,607 3,184 31,774 1,993,881 0.23 Seven Bank Ltd 11,100 - - 11,100 24,545 0.00 Shinsei Bank Ltd 3,000 - - 3,000 30,665 0.00 Shizuoka Bank Ltd 11,000 - - 11,000 64,736 0.01 Signature Bank 1,101 - - 1,101 102,692 0.01 Skandinaviska Enskilda Banken AB 'A' 38,971 - - 38,971 343,169 0.04 Societe Generale SA 17,871 - - 17,871 249,607 0.03 Standard Chartered Plc 68,132 - 11,370 56,762 261,467 0.03 State Street Corp 8,957 - 1,596 7,361 427,157 0.05 Sumitomo Mitsui Financial Group Inc 30,000 2,900 3,700 29,200 703,462 0.08 Sumitomo Mitsui Trust Holdings Inc 9,000 2,600 2,700 8,900 207,520 0.02 SunTrust Banks Inc 9,639 1,517 11,156 - - 0.00 SVB Financial Group 1,013 470 441 1,042 212,587 0.02 Svenska Handelsbanken AB 'A' 38,090 - - 38,090 328,040 0.04 Swedbank AB 'A' 22,130 - - 22,130 326,888 0.04 Toronto-Dominion Bank 41,257 2,070 3,168 40,159 1,616,491 0.19

[48] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Truist Financial Corp 16,353 33,324 20,245 29,432 1,002,965 0.11 UniCredit SpA 47,304 - - 47,304 392,890 0.05 United Overseas Bank Ltd 26,751 - - 26,751 344,099 0.04 US Bancorp 34,912 1,776 6,164 30,524 1,022,961 0.12 Wells Fargo & Co 97,396 5,831 16,431 86,796 1,915,529 0.22 Westpac Banking Corp 77,526 10,796 6,888 81,434 907,938 0.10 Zions Bancorp NA 4,060 - - 4,060 119,924 0.01 50,938,729 5.84 Machinery - construction & mining Caterpillar Inc 12,970 773 1,182 12,561 1,518,385 0.17 Epiroc AB 'A' 13,514 - - 13,514 171,950 0.02 Epiroc AB 'B' 7,848 - - 7,848 97,285 0.01 Hitachi Construction Machinery Co Ltd 2,200 - - 2,200 57,165 0.01 Hitachi Ltd 23,000 2,400 2,700 22,700 610,932 0.07 Komatsu Ltd 22,700 - 3,500 19,200 341,296 0.04 Mitsubishi Electric Corp 39,100 8,000 7,300 39,800 469,312 0.05 Mitsubishi Heavy Industries Ltd 8,700 - - 8,700 183,132 0.02 Sandvik AB 23,039 6,639 5,617 24,061 407,028 0.05 Weir Group Plc 4,473 6,745 11,218 - - 0.00 3,856,485 0.44 Engineering & construction ACS Actividades de Construccion y Servicios - 354 354 - - 0.00 ACS Actividades de Construccion y Servicios SA 5,583 437 - 6,020 126,603 0.02 ACS Actividades de Construccion y Servicios SA - 83 83 - - 0.00 ACS Actividades de Construccion y Servicios SA Rights - 5,666 5,666 - - 0.00 ACS Actividades de Construccion y Servicios SA Rights - 5,583 5,583 - - 0.00 Aena SME SA 1,455 513 544 1,424 168,960 0.02 Aeroports de Paris 596 - - 596 51,290 0.01 Auckland International Airport Ltd 19,167 30,907 20,483 29,591 114,406 0.01 Bouygues SA 6,693 - - 6,693 215,994 0.03 Cellnex Telecom SA 4,532 1,314 - 5,846 334,682 0.04 Cellnex Telecom SA - 1,314 1,314 - - 0.00 Cellnex Telecom SA Rights - 4,532 4,532 - - 0.00 Cellnex Telecom SA Rights - 5,846 - 5,846 22,325 0.00 CIMIC Group Ltd 1,805 - - 1,805 25,294 0.00 CK Infrastructure Holdings Ltd 13,000 - - 13,000 61,647 0.01 Eiffage SA 1,527 907 918 1,516 120,679 0.01 Ferrovial SA 10,909 329 - 11,238 250,725 0.03 Ferrovial SA - 173 173 - - 0.00 Ferrovial SA - 156 156 - - 0.00 Ferrovial SA Rights - 10,909 10,909 - - 0.00 Ferrovial SA Rights - 11,082 11,082 - - 0.00 Fluor Corp 2,810 - 2,810 - - 0.00 Fraport AG Frankfurt Airport Services Worldwide 835 - - 835 29,659 0.00 HOCHTIEF AG 351 - - 351 26,053 0.00 Jacobs Engineering Group Inc 3,929 - 1,069 2,860 222,059 0.03 Japan Airport Terminal Co Ltd 900 - - 900 28,148 0.00 JGC Holdings Corp 3,900 - - 3,900 35,703 0.00 Kajima Corp 9,500 - - 9,500 94,489 0.01 Keppel Corp Ltd 49,000 18,800 20,100 47,700 170,875 0.02 Lendlease Corp Ltd 11,145 - - 11,145 82,525 0.01 NWS Holdings Ltd 28,874 - - 28,874 20,335 0.00 Obayashi Corp 13,100 - - 13,100 105,724 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [49] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) SATS Ltd 15,300 7,300 22,600 - - 0.00 Shimizu Corp 11,200 - - 11,200 72,852 0.01 Singapore Technologies Engineering Ltd 29,000 - - 29,000 62,909 0.01 Skanska AB 'B' 6,853 - - 6,853 125,839 0.02 SNC-Lavalin Group Inc 3,514 - 3,514 - - 0.00 Sydney Airport 22,180 - - 22,180 75,678 0.01 Taisei Corp 6,200 - - 6,200 193,108 0.02 Vinci SA 10,999 1,843 906 11,936 934,737 0.11 WSP Global Inc 1,956 1,740 1,549 2,147 122,641 0.01 3,895,939 0.45 Home builders Barratt Developments Plc 20,174 - - 20,174 122,990 0.01 Berkeley Group Holdings Plc 2,591 - - 2,591 137,789 0.02 Daiwa House Industry Co Ltd 10,900 3,500 - 14,400 288,929 0.03 DR Horton Inc 7,440 1,837 1,846 7,431 447,240 0.05 Iida Group Holdings Co Ltd 2,700 - - 2,700 37,820 0.00 Lennar Corp 'A' 5,909 1,801 1,687 6,023 396,415 0.05 NVR Inc 72 - - 72 257,419 0.03 Persimmon Plc 6,170 3,432 - 9,602 275,380 0.03 PulteGroup Inc 5,458 - - 5,458 216,480 0.03 Sekisui Chemical Co Ltd 8,000 - - 8,000 98,567 0.01 Sekisui House Ltd 17,700 - 4,700 13,000 214,532 0.03 Taylor Wimpey Plc 65,391 - - 65,391 92,402 0.01 2,585,963 0.30 Building materials AGC Inc 4,000 - - 4,000 101,803 0.01 Boral Ltd 23,567 18,137 41,704 - - 0.00 Carrier Global Corp - 18,648 - 18,648 462,102 0.05 Cie de Saint-Gobain 10,211 2,834 1,894 11,151 373,895 0.04 CRH Plc 19,964 - 2,721 17,243 570,556 0.07 Daikin Industries Ltd 5,800 - - 5,800 920,713 0.11 Fletcher Building Ltd 15,756 9,580 25,336 - - 0.00 Fortune Brands Home & Security Inc 3,091 - - 3,091 215,109 0.02 HeidelbergCement AG 4,274 - 1,353 2,921 148,311 0.02 Imerys SA 662 - 662 - - 0.00 James Hardie Industries Plc 8,867 5,946 5,220 9,593 181,306 0.02 Johnson Controls International Plc 17,936 - - 17,936 627,854 0.07 Kingspan Group Plc 3,177 - - 3,177 207,617 0.02 Lennox International Inc 763 - - 763 186,116 0.02 LIXIL Group Corp 5,400 - - 5,400 65,325 0.01 Martin Marietta Materials Inc 1,344 - - 1,344 253,306 0.03 Masco Corp 6,399 - - 6,399 332,738 0.04 Nibe Industrier AB 'B' - 7,102 - 7,102 155,164 0.02 Owens Corning 2,237 - - 2,237 123,056 0.01 Rinnai Corp 700 - - 700 52,037 0.01 Taiheiyo Cement Corp 2,400 - - 2,400 47,184 0.01 TOTO Ltd 2,800 - - 2,800 95,160 0.01 Vulcan Materials Co 2,844 - - 2,844 303,788 0.03 5,423,140 0.62 Hotels Accor SA 3,764 - - 3,764 86,001 0.01 City Developments Ltd 8,300 - - 8,300 45,040 0.01 Crown Resorts Ltd 7,009 - - 7,009 40,925 0.00

[50] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Galaxy Entertainment Group Ltd 61,000 - 15,000 46,000 285,087 0.03 Hilton Worldwide Holdings Inc 6,701 - 1,015 5,686 388,200 0.04 InterContinental Hotels Group Plc 3,427 3,109 1,670 4,866 204,276 0.02 Las Vegas Sands Corp 7,860 - - 7,860 312,037 0.04 Marriott International Inc 'A' 6,372 702 857 6,217 474,081 0.05 Melco Resorts & Entertainment Ltd ADR 4,935 - - 4,935 73,895 0.01 MGM China Holdings Ltd 17,600 - 17,600 - - 0.00 MGM Resorts International 12,033 - - 12,033 176,128 0.02 Sands China Ltd 68,400 18,400 20,800 66,000 232,408 0.03 Shangri-La Asia Ltd 24,000 - 24,000 - - 0.00 SJM Holdings Ltd 43,000 - - 43,000 44,062 0.00 Whitbread Plc 5,205 1,733 1,738 5,200 135,350 0.02 Whitbread Plc Rights - 1,733 1,733 - - 0.00 Whitbread Plc Rights - 1,733 1,733 - - 0.00 Wynn Macau Ltd 31,200 - - 31,200 49,732 0.01 Wynn Resorts Ltd 2,130 - - 2,130 140,345 0.02 2,687,567 0.31 Apparel adidas AG 3,910 630 334 4,206 1,058,276 0.12 Burberry Group Plc 8,614 - - 8,614 128,819 0.01 Capri Holdings Ltd 3,042 - 3,042 - - 0.00 Gildan Activewear Inc 4,502 - - 4,502 72,676 0.01 Hanesbrands Inc 7,319 5,411 12,730 - - 0.00 Hermes International 646 144 138 652 481,280 0.06 Kering SA 1,728 - - 1,728 895,498 0.10 LVMH Moet Hennessy Louis Vuitton SE 6,259 570 635 6,194 2,443,659 0.28 NIKE Inc 'B' 28,367 2,065 2,690 27,742 2,463,374 0.28 Puma SE 2,570 - - 2,570 182,021 0.02 PVH Corp 1,554 1,164 2,718 - - 0.00 Ralph Lauren Corp 1,112 - - 1,112 72,126 0.01 Tapestry Inc 8,233 4,195 12,428 - - 0.00 Under Armour Inc 'A' 3,405 1,769 5,174 - - 0.00 Under Armour Inc 'C' 3,467 1,810 5,277 - - 0.00 VF Corp 7,921 - - 7,921 434,938 0.05 Yue Yuen Industrial Holdings Ltd 14,000 10,000 24,000 - - 0.00 8,232,667 0.94 Mining Agnico Eagle Mines Ltd 6,899 - 1,742 5,157 372,539 0.04 Alumina Ltd 49,231 37,151 86,382 - - 0.00 Anglo American Plc 23,006 - - 23,006 513,720 0.06 Antofagasta Plc 7,885 - - 7,885 96,734 0.01 Arconic Corp - 2,301 2,301 - - 0.00 B2Gold Corp - 23,614 - 23,614 148,824 0.02 Barrick Gold Corp 40,698 - - 40,698 1,069,921 0.12 BHP Group Ltd 66,385 7,882 9,742 64,525 1,547,012 0.18 BHP Group Plc 47,617 4,442 5,669 46,390 916,684 0.11 Boliden AB 5,502 - - 5,502 136,178 0.02 Cameco Corp 7,314 - - 7,314 67,653 0.01 Evolution Mining Ltd - 36,877 - 36,877 141,944 0.02 First Quantum Minerals Ltd 13,829 - - 13,829 106,315 0.01 Franco-Nevada Corp 4,973 554 1,023 4,504 654,893 0.08 Freeport-McMoRan Inc 35,187 - - 35,187 413,564 0.05 Fresnillo Plc 4,419 - 4,419 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [51] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Glencore Plc 242,701 - - 242,701 506,072 0.06 Kinross Gold Corp 24,994 - - 24,994 212,178 0.02 Kirkland Lake Gold Ltd 4,661 2,604 - 7,265 360,915 0.04 Lundin Mining Corp 13,138 - - 13,138 66,919 0.01 Mitsubishi Materials Corp 2,200 - - 2,200 40,640 0.00 Newcrest Mining Ltd 21,107 - 4,791 16,316 374,471 0.04 Newmont Corp 18,431 - - 18,431 1,160,254 0.13 Norsk Hydro ASA 27,087 - - 27,087 68,939 0.01 Northern Star Resources Ltd - 16,855 - 16,855 169,999 0.02 Pan American Silver Corp - 4,783 - 4,783 162,577 0.02 Rio Tinto Ltd 8,461 - - 8,461 563,028 0.06 Rio Tinto Plc 24,788 3,425 1,882 26,331 1,450,897 0.17 South32 Ltd 141,510 - - 141,510 190,179 0.02 Sumitomo Metal Mining Co Ltd 5,000 - - 5,000 134,825 0.02 Teck Resources Ltd 'B' 11,443 - - 11,443 105,457 0.01 Wheaton Precious Metals Corp 8,864 6,532 5,850 9,546 471,121 0.05 Yamana Gold Inc - 21,674 - 21,674 128,060 0.01 12,352,512 1.42 Biotechnology Alexion Pharmaceuticals Inc 5,327 - - 5,327 496,664 0.06 Alnylam Pharmaceuticals Inc 1,780 1,125 440 2,465 326,854 0.04 Amgen Inc 14,023 537 1,163 13,397 2,981,855 0.34 BeiGene Ltd ADR 677 - - 677 128,716 0.01 Biogen Inc 4,544 - 680 3,864 965,557 0.11 BioMarin Pharmaceutical Inc 4,463 - 539 3,924 427,681 0.05 Bio-Rad Laboratories Inc 'A' - 529 - 529 252,593 0.03 Celgene Corp 15,740 1,049 16,789 - - 0.00 Corteva Inc 17,853 - - 17,853 463,839 0.05 CSL Ltd 9,743 1,693 1,372 10,064 1,773,387 0.20 Exact Sciences Corp 2,935 - - 2,935 252,980 0.03 Genmab A/S 1,756 309 450 1,615 503,589 0.06 Gilead Sciences Inc 29,243 2,404 2,755 28,892 1,827,461 0.21 H Lundbeck A/S 1,293 - - 1,293 42,933 0.00 Illumina Inc 3,316 321 408 3,229 1,122,565 0.13 Incyte Corp 4,894 - 1,133 3,761 337,896 0.04 Ionis Pharmaceuticals Inc 3,068 - - 3,068 160,648 0.02 Moderna Inc - 6,198 - 6,198 417,799 0.05 Nektar Therapeutics 3,154 - 3,154 - - 0.00 Regeneron Pharmaceuticals Inc 1,813 470 - 2,283 1,312,711 0.15 Seattle Genetics Inc 2,159 932 637 2,454 371,182 0.04 Vertex Pharmaceuticals Inc 5,765 779 642 5,902 1,460,381 0.17 15,627,291 1.79 Office & business equipment Canon Inc 21,900 3,600 3,700 21,800 314,362 0.03 FUJIFILM Holdings Corp 8,300 - - 8,300 336,856 0.04 Konica Minolta Inc 9,600 800 10,400 - - 0.00 Ricoh Co Ltd 14,300 - - 14,300 83,050 0.01 Seiko Epson Corp 5,700 - - 5,700 54,487 0.01 Xerox Corp 4,329 - 4,329 - - 0.00 Xerox Holdings Corp - 4,329 4,329 - - 0.00 Zebra Technologies Corp 'A' 1,259 - - 1,259 321,546 0.04 1,110,301 0.13

[52] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Chemicals Air Liquide SA 9,627 2,337 1,003 10,961 1,646,019 0.19 Air Products & Chemicals Inc 4,946 411 522 4,835 1,260,713 0.14 Air Water Inc 2,800 - - 2,800 32,885 0.00 Akzo Nobel NV 5,469 943 1,034 5,378 461,314 0.05 Albemarle Corp 2,218 - - 2,218 166,381 0.02 Arkema SA 1,368 - - 1,368 128,940 0.01 Asahi Kasei Corp 33,900 - - 33,900 219,311 0.02 Axalta Coating Systems Ltd 4,392 - - 4,392 88,698 0.01 BASF SE 20,680 1,413 1,919 20,174 1,015,851 0.12 Brenntag AG 3,102 - - 3,102 173,918 0.02 Celanese Corp 2,766 - - 2,766 244,578 0.03 CF Industries Holdings Inc 4,681 - - 4,681 133,413 0.02 Chemours Co 3,715 - 3,715 - - 0.00 Chr Hansen Holding A/S 1,988 1,154 - 3,142 325,369 0.04 Covestro AG 4,208 - - 4,208 148,745 0.02 Croda International Plc 2,565 - - 2,565 175,485 0.02 Daicel Corp 5,200 - - 5,200 31,408 0.00 Dow Inc 17,853 - 1,913 15,940 595,395 0.07 DuPont de Nemours Inc 16,535 1,413 1,549 16,399 797,824 0.09 Eastman Chemical Co 2,907 - - 2,907 197,359 0.02 Ecolab Inc 5,866 442 610 5,698 969,724 0.11 Evonik Industries AG 3,294 3,509 - 6,803 167,366 0.02 FMC Corp 3,800 - 1,038 2,762 266,460 0.03 FUCHS PETROLUB SE (Pref) 1,285 - - 1,285 51,283 0.01 Hitachi Chemical Co Ltd 1,900 - 1,900 - - 0.00 ICL Group Ltd 11,228 - - 11,228 32,093 0.00 Incitec Pivot Ltd 33,920 26,004 59,924 - - 0.00 International Flavors & Fragrances Inc 2,500 - 726 1,774 203,292 0.02 Johnson Matthey Plc 5,948 - 2,426 3,522 94,155 0.01 Kaneka Corp 1,200 - 1,200 - - 0.00 Kansai Paint Co Ltd 4,100 - - 4,100 71,611 0.01 Koninklijke DSM NV 3,809 - - 3,809 531,025 0.06 Kuraray Co Ltd 7,100 - - 7,100 63,043 0.01 LANXESS AG 1,839 - - 1,839 87,043 0.01 Linde Plc 12,324 913 1,250 11,987 2,672,820 0.31 LyondellBasell Industries NV 'A' 6,668 - 1,092 5,576 317,132 0.04 Methanex Corp 1,730 95 1,825 - - 0.00 Mitsubishi Chemical Holdings Corp 28,700 - - 28,700 139,716 0.02 Mitsubishi Gas Chemical Co Inc 3,600 - - 3,600 51,634 0.01 Mitsui Chemicals Inc 3,700 - - 3,700 63,861 0.01 Mosaic Co 9,051 - - 9,051 110,908 0.01 Nippon Paint Holdings Co Ltd 3,300 - - 3,300 203,863 0.02 Nissan Chemical Corp 4,100 - - 4,100 195,078 0.02 Nitto Denko Corp 3,300 - - 3,300 168,939 0.02 Novozymes A/S 'B' 4,541 - - 4,541 247,517 0.03 Nutrien Ltd 12,946 - - 12,946 383,510 0.04 PPG Industries Inc 5,146 840 800 5,186 507,861 0.06 RPM International Inc - 3,086 - 3,086 229,050 0.03 Sherwin-Williams Co 1,917 - - 1,917 1,129,904 0.13 Shin-Etsu Chemical Co Ltd 8,800 900 1,900 7,800 823,789 0.09 Showa Denko KK 2,700 - - 2,700 50,550 0.01 Solvay SA 1,487 - - 1,487 105,669 0.01 Sumitomo Chemical Co Ltd 31,000 - - 31,000 80,817 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [53] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Symrise AG 2,642 1,729 1,063 3,308 377,377 0.04 Taiyo Nippon Sanso Corp 2,700 - - 2,700 38,540 0.00 Toray Industries Inc 29,400 - - 29,400 114,868 0.01 Tosoh Corp 5,900 - - 5,900 71,678 0.01 Umicore SA 5,343 - - 5,343 229,558 0.03 Westlake Chemical Corp 791 - 791 - - 0.00 Yara International ASA 3,575 - - 3,575 136,229 0.02 18,831,569 2.16 Computers Accenture Plc 'A' 14,365 1,487 1,664 14,188 2,901,196 0.33 Apple Inc 106,260 5,879 13,838 98,301 38,008,955 4.36 Atos SE 1,902 - - 1,902 148,132 0.02 Capgemini SE 3,191 1,654 844 4,001 471,283 0.05 CGI Inc 5,669 - - 5,669 368,331 0.04 Check Point Software Technologies Ltd 2,629 - - 2,629 299,787 0.03 Cognizant Technology Solutions Corp 'A' 13,212 - 1,209 12,003 745,995 0.09 Computershare Ltd 9,338 - - 9,338 81,816 0.01 Crowdstrike Holdings Inc 'A' - 2,356 - 2,356 242,616 0.03 CyberArk Software Ltd 868 - - 868 93,049 0.01 Dell Technologies Inc 'C' 4,409 - - 4,409 239,970 0.03 DXC Technology Co 5,714 4,279 9,993 - - 0.00 EPAM Systems Inc 1,264 - - 1,264 333,552 0.04 Fortinet Inc 3,000 1,045 706 3,339 420,085 0.05 Fujitsu Ltd 5,300 - 1,200 4,100 498,102 0.06 Hewlett Packard Enterprise Co 33,775 - 5,883 27,892 250,435 0.03 HP Inc 32,735 5,163 5,113 32,785 524,315 0.06 Ingenico Group SA 1,187 - - 1,187 173,847 0.02 International Business Machines Corp 20,053 1,373 1,296 20,130 2,251,309 0.26 Itochu Techno-Solutions Corp 5,200 - 3,700 1,500 55,173 0.01 Leidos Holdings Inc 2,883 - - 2,883 249,573 0.03 NEC Corp 5,300 - - 5,300 268,591 0.03 NetApp Inc 5,419 - - 5,419 218,384 0.03 Nomura Research Institute Ltd 7,950 - - 7,950 189,883 0.02 NTT Data Corp 12,700 - - 12,700 130,141 0.01 Obic Co Ltd 1,300 - - 1,300 211,512 0.02 Otsuka Corp 2,200 - - 2,200 103,351 0.01 Seagate Technology Plc 5,778 - - 5,778 237,688 0.03 Teleperformance 1,160 472 429 1,203 320,029 0.04 Western Digital Corp 7,989 1,880 2,077 7,792 305,509 0.03 50,342,609 5.78 Miscellaneous manufacturers 3M Co 12,976 1,116 918 13,174 1,803,291 0.21 Alfa Laval AB 5,909 4,573 - 10,482 225,847 0.03 Alstom SA 3,093 2,561 - 5,654 287,259 0.03 AO Smith Corp 2,939 - - 2,939 128,708 0.01 Eaton Corp Plc 9,067 1,263 1,122 9,208 780,105 0.09 General Electric Co 196,052 18,515 14,926 199,641 1,102,393 0.13 Illinois Tool Works Inc 7,657 - 585 7,072 1,190,114 0.14 JSR Corp 3,600 - - 3,600 70,343 0.01 Knorr-Bremse AG 1,129 - - 1,129 120,708 0.01 Nikon Corp 6,800 - - 6,800 42,944 0.00 Orica Ltd 7,581 - - 7,581 85,513 0.01 Parker-Hannifin Corp 2,680 599 517 2,762 449,553 0.05

[54] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Siemens AG RegS 17,181 1,713 1,948 16,946 1,974,582 0.23 Smiths Group Plc 7,908 5,206 4,777 8,337 134,880 0.01 Textron Inc 5,314 - - 5,314 168,905 0.02 Toshiba Corp 12,300 - 3,600 8,700 239,535 0.03 Trane Technologies Plc 5,257 6,049 6,041 5,265 535,809 0.06 9,340,489 1.07 Diversified financial services Acom Co Ltd 9,000 - - 9,000 28,729 0.00 AerCap Holdings NV 2,797 - - 2,797 68,521 0.01 Affiliated Managers Group Inc 1,123 - 1,123 - - 0.00 Afterpay Ltd - 4,864 - 4,864 217,493 0.03 Alliance Data Systems Corp 1,005 712 1,717 - - 0.00 Ally Financial Inc 9,036 - - 9,036 165,223 0.02 American Express Co 16,513 - 923 15,590 1,323,485 0.15 Ameriprise Financial Inc 3,010 - - 3,010 420,669 0.05 Amundi SA 1,214 - - 1,214 83,971 0.01 ASX Ltd 4,119 - - 4,119 222,097 0.03 BlackRock Inc 2,699 780 - 3,479 1,819,818 0.21 Capital One Financial Corp 10,877 - - 10,877 631,289 0.07 Cboe Global Markets Inc 2,813 - - 2,813 224,423 0.03 Charles Schwab Corp 28,004 - 2,251 25,753 776,622 0.09 CI Financial Corp 5,182 - - 5,182 64,790 0.01 CME Group Inc 8,064 887 673 8,278 1,251,418 0.14 Credit Saison Co Ltd 2,800 2,100 4,900 - - 0.00 Daiwa Securities Group Inc 28,600 22,800 20,500 30,900 123,361 0.01 Deutsche Boerse AG 3,921 689 662 3,948 656,577 0.08 Discover Financial Services 7,530 - - 7,530 338,598 0.04 Eaton Vance Corp 2,334 13 2,347 - - 0.00 Franklin Resources Inc 6,715 - - 6,715 128,587 0.02 Hargreaves Lansdown Plc 8,983 - - 8,983 187,589 0.02 Hong Kong Exchanges & Clearing Ltd 26,764 - - 26,764 1,162,981 0.13 IGM Financial Inc 1,569 - - 1,569 35,089 0.00 Intercontinental Exchange Inc 12,969 - 739 12,230 1,076,739 0.12 Invesco Ltd 8,169 - - 8,169 74,611 0.01 Isracard Ltd - 1,732 1,732 1 1 0.00 Japan Exchange Group Inc 10,500 - - 10,500 225,855 0.03 Jefferies Financial Group Inc 6,476 - 6,476 - - 0.00 London Stock Exchange Group Plc 6,556 2,091 1,783 6,864 695,305 0.08 Magellan Financial Group Ltd - 2,937 - 2,937 117,187 0.01 Mastercard Inc 'A' 20,570 1,617 1,957 20,230 5,677,949 0.65 Mebuki Financial Group Inc 20,010 - - 20,010 40,287 0.00 Mitsubishi UFJ Lease & Finance Co Ltd 8,300 - - 8,300 31,779 0.00 Nasdaq Inc 2,343 924 953 2,314 276,414 0.03 Nomura Holdings Inc 67,200 27,400 21,700 72,900 307,155 0.04 ORIX Corp 32,500 5,600 6,300 31,800 310,817 0.04 Raymond James Financial Inc 2,605 - - 2,605 164,651 0.02 SBI Holdings Inc 8,100 - - 8,100 153,811 0.02 Schroders Plc 2,486 - - 2,486 88,008 0.01 SEI Investments Co 2,702 - - 2,702 128,628 0.02 Singapore Exchange Ltd 16,200 - - 16,200 87,802 0.01 St James's Place Plc 10,566 - - 10,566 118,864 0.01 Standard Life Aberdeen Plc 46,834 27,923 25,315 49,442 147,818 0.02 Synchrony Financial 14,241 - - 14,241 286,695 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [55] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) T Rowe Price Group Inc 4,896 909 833 4,972 624,630 0.07 TMX Group Ltd - 1,284 - 1,284 119,395 0.01 Tokyo Century Corp 1,500 - - 1,500 75,758 0.01 Tradeweb Markets Inc 'A' - 1,864 - 1,864 91,685 0.01 Visa Inc 'S' 39,441 2,696 3,877 38,260 6,626,895 0.76 Western Union Co 9,319 - - 9,319 205,834 0.02 27,685,903 3.18 Retail ABC-Mart Inc 600 - - 600 28,806 0.00 Advance Auto Parts Inc 2,040 - 623 1,417 193,537 0.02 Aeon Co Ltd 16,300 - - 16,300 349,210 0.04 Alimentation Couche-Tard Inc 'B' 10,137 10,137 - 20,274 640,936 0.07 AutoZone Inc 562 - - 562 617,295 0.07 Best Buy Co Inc 5,511 - - 5,511 499,280 0.06 Burlington Stores Inc 1,406 - - 1,406 240,459 0.03 Canadian Tire Corp Ltd 'A' 1,304 - - 1,304 109,362 0.01 CarMax Inc 3,683 - - 3,683 324,891 0.04 Chipotle Mexican Grill Inc 517 124 65 576 605,289 0.07 Costco Wholesale Corp 9,893 999 925 9,967 2,951,574 0.34 Darden Restaurants Inc 2,564 1,872 878 3,558 245,666 0.03 Dollar General Corp 5,607 723 656 5,674 982,776 0.11 Dollar Tree Inc 5,760 - 939 4,821 409,402 0.05 Dollarama Inc 6,435 - - 6,435 214,054 0.02 Domino's Pizza Enterprises Ltd 1,363 - 1,363 - - 0.00 Domino's Pizza Inc 932 - - 932 327,784 0.04 FamilyMart Co Ltd 6,800 - - 6,800 137,960 0.02 Fast Retailing Co Ltd 1,200 400 200 1,400 675,155 0.08 Gap Inc 4,722 2,414 7,136 - - 0.00 Genuine Parts Co 3,864 - 975 2,889 236,925 0.03 Harvey Norman Holdings - 699 699 - - 0.00 Harvey Norman Holdings Ltd 11,885 9,268 21,153 - - 0.00 Harvey Norman Holdings Ltd Rights - 699 699 - - 0.00 Hennes & Mauritz AB 'B' 19,114 - - 19,114 270,148 0.03 Home Depot Inc 25,454 1,758 2,591 24,621 5,946,372 0.68 HUGO BOSS AG 1,272 - 1,272 - - 0.00 Industria de Diseno Textil SA 24,856 - - 24,856 602,142 0.07 Isetan Mitsukoshi Holdings Ltd 6,200 - - 6,200 25,605 0.00 J Front Retailing Co Ltd 4,900 - 4,900 - - 0.00 JD Sports Fashion Plc - 11,171 - 11,171 80,775 0.01 Kingfisher Plc 43,621 - - 43,621 125,988 0.01 Kohl's Corp 3,426 2,430 5,856 - - 0.00 L Brands Inc 4,894 - 4,894 - - 0.00 Lawson Inc 1,000 - - 1,000 45,171 0.01 Lowe's Cos Inc 18,051 1,002 1,592 17,461 2,365,327 0.27 Lululemon Athletica Inc 2,701 406 465 2,642 782,532 0.09 Macy's Inc 6,125 - 6,125 - - 0.00 Marks & Spencer Group Plc 38,970 2,743 41,713 - - 0.00 Marui Group Co Ltd 3,700 - - 3,700 48,484 0.01 McDonald's Corp 17,247 1,304 1,876 16,675 2,947,081 0.34 McDonald's Holdings Co Japan Ltd 1,300 - - 1,300 56,373 0.01 Moncler SpA 3,536 - - 3,536 124,002 0.01 Next Plc 2,940 - - 2,940 191,312 0.02 Nitori Holdings Co Ltd 2,300 500 700 2,100 418,644 0.05

[56] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Nordstrom Inc 2,505 1,835 4,340 - - 0.00 O'Reilly Automotive Inc 1,730 - - 1,730 751,292 0.09 Pan Pacific International Holdings Corp 3,600 14,000 8,300 9,300 192,281 0.02 Pandora A/S 2,146 - - 2,146 124,008 0.01 Qurate Retail Inc 'A' 9,134 - 9,134 - - 0.00 Restaurant Brands International Inc 6,124 1,418 1,526 6,016 309,081 0.04 Ross Stores Inc 7,924 950 912 7,962 649,483 0.07 Ryohin Keikaku Co Ltd 500 4,500 - 5,000 54,506 0.01 Shimamura Co Ltd 500 - - 500 31,534 0.00 Starbucks Corp 28,817 - 2,214 26,603 1,852,083 0.21 Sundrug Co Ltd 1,400 - - 1,400 43,485 0.01 Target Corp 11,800 713 797 11,716 1,341,635 0.15 Tiffany & Co 2,500 - - 2,500 285,100 0.03 TJX Cos Inc 28,005 1,555 3,046 26,514 1,253,988 0.14 Tractor Supply Co 2,544 - - 2,544 330,340 0.04 Tsuruha Holdings Inc 800 - - 800 100,426 0.01 Ulta Beauty Inc 1,182 - - 1,182 207,515 0.02 USS Co Ltd 4,400 - - 4,400 59,474 0.01 Walgreens Boots Alliance Inc 17,170 1,853 1,954 17,069 632,131 0.07 Walmart Inc 32,735 1,897 2,935 31,697 3,731,218 0.43 Welcia Holdings Co Ltd 1,700 - - 1,700 141,880 0.02 Wesfarmers Ltd 26,595 - - 26,595 807,659 0.09 Yamada Denki Co Ltd 11,700 - - 11,700 46,005 0.01 Yum! Brands Inc 6,695 770 1,027 6,438 533,248 0.06 Zalando SE 2,230 1,949 - 4,179 275,300 0.03 37,573,989 4.31 Iron & steel ArcelorMittal SA 17,177 - - 17,177 172,581 0.02 BlueScope Steel Ltd 11,275 - - 11,275 82,311 0.01 Evraz Plc 13,539 - - 13,539 46,637 0.00 Fortescue Metals Group Ltd 31,305 - - 31,305 355,567 0.04 Hitachi Metals Ltd 4,000 - - 4,000 47,219 0.01 JFE Holdings Inc 10,600 - - 10,600 62,382 0.01 Kobe Steel Ltd 5,800 - 5,800 - - 0.00 Nippon Steel Corp 20,300 - - 20,300 149,772 0.02 Nucor Corp 7,919 1,621 1,862 7,678 293,007 0.03 Steel Dynamics Inc 4,832 - - 4,832 120,485 0.01 thyssenkrupp AG 8,743 - - 8,743 61,791 0.01 voestalpine AG 2,302 - - 2,302 46,418 0.00 1,438,170 0.16 Electrical components & equipment Acuity Brands Inc 845 424 1,269 - - 0.00 AMETEK Inc 4,701 1,068 1,023 4,746 402,601 0.05 Brother Industries Ltd 4,800 - - 4,800 67,483 0.01 Casio Computer Co Ltd 3,600 - - 3,600 51,789 0.01 Emerson Electric Co 14,356 - - 14,356 809,829 0.09 Legrand SA 6,770 - 1,268 5,502 387,551 0.04 Prysmian SpA 4,683 - - 4,683 108,963 0.01 Schneider Electric SE 12,544 1,136 1,166 12,514 1,322,464 0.15 3,150,680 0.36 Electric AES Corp 13,253 5,941 4,854 14,340 198,677 0.02 AGL Energy Ltd 12,176 7,293 7,408 12,061 130,774 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [57] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Algonquin Power & Utilities Corp - 12,364 - 12,364 155,173 0.02 Alliant Energy Corp 6,623 1,478 1,896 6,205 303,966 0.03 Ameren Corp 6,098 1,257 1,335 6,020 439,426 0.05 American Electric Power Co Inc 11,120 1,017 1,299 10,838 856,578 0.10 Atco Ltd 'I' 1,406 - - 1,406 39,799 0.00 AusNet Services 33,311 - - 33,311 38,683 0.00 Canadian Utilities Ltd 'A' 2,354 - - 2,354 54,931 0.01 CenterPoint Energy Inc 11,227 - - 11,227 194,153 0.02 Chubu Electric Power Co Inc 13,000 - - 13,000 140,318 0.02 Chugoku Electric Power Co Inc 5,200 - - 5,200 57,626 0.01 CLP Holdings Ltd 40,000 - - 40,000 344,621 0.04 CMS Energy Corp 7,362 1,250 1,633 6,979 407,466 0.05 Consolidated Edison Inc 7,303 - - 7,303 510,423 0.06 Dominion Energy Inc 17,365 2,619 1,215 18,769 1,383,519 0.16 DTE Energy Co 4,363 - - 4,363 458,938 0.05 Duke Energy Corp 16,084 1,964 1,187 16,861 1,299,780 0.15 E.ON SE 51,765 - - 51,765 553,283 0.06 Edison International 7,944 - - 7,944 402,308 0.05 EDP - Energias de Portugal SA 69,780 - - 69,780 321,648 0.04 EDP - Energias de Portugal SA Rights - 69,780 - 69,780 6,471 0.00 Electric Power Development Co Ltd 2,700 - - 2,700 33,336 0.00 Electricite de France SA 10,328 8,126 - 18,454 169,729 0.02 Emera Inc 1,148 4,503 - 5,651 213,957 0.02 Endesa SA 6,378 - - 6,378 164,937 0.02 Enel SpA 182,891 14,326 18,576 178,641 1,485,264 0.17 Engie SA 42,214 - - 42,214 512,684 0.06 Entergy Corp 4,539 - - 4,539 434,095 0.05 Evergy Inc 6,598 - 1,550 5,048 297,710 0.03 Eversource Energy 7,651 1,160 1,221 7,590 621,899 0.07 Exelon Corp 21,789 2,031 2,494 21,326 749,044 0.09 FirstEnergy Corp 11,159 3,983 2,149 12,993 342,772 0.04 Fortis Inc 8,422 2,180 - 10,602 392,770 0.05 Fortum Oyj 8,060 4,254 - 12,314 228,103 0.03 HK Electric Investments & HK Electric Investments Ltd 92,500 - - 92,500 87,077 0.01 Hydro One Ltd 6,000 - - 6,000 116,295 0.01 Iberdrola SA 132,246 22,180 22,967 131,459 1,544,231 0.18 Iberdrola SA 3,075 - 3,075 - - 0.00 Iberdrola SA - 2,442 2,442 - - 0.00 Iberdrola SA - 2,987 - 2,987 35,088 0.00 Iberdrola SA Rights - 131,892 131,892 - - 0.00 Iberdrola SA Rights - 131,459 131,459 - - 0.00 Innogy SE 2,787 - 2,787 - - 0.00 Kansai Electric Power Co Inc 19,600 - - 19,600 168,891 0.02 Kyushu Electric Power Co Inc 8,600 - - 8,600 65,411 0.01 Mercury NZ Ltd - 12,250 - 12,250 34,668 0.00 Meridian Energy Ltd 23,661 - - 23,661 69,685 0.01 NextEra Energy Inc 10,685 932 626 10,991 2,806,583 0.32 NRG Energy Inc 6,254 - - 6,254 192,354 0.02 OGE Energy Corp 4,013 - - 4,013 120,106 0.01 Origin Energy Ltd 53,303 - 17,963 35,340 123,808 0.01 Orsted A/S 3,892 - - 3,892 506,464 0.06 Pinnacle West Capital Corp 2,239 1,952 1,154 3,037 229,530 0.03 Power Assets Holdings Ltd 28,000 14,500 14,500 28,000 141,816 0.02 PPL Corp 16,844 - - 16,844 407,898 0.05

[58] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Public Service Enterprise Group Inc 11,802 - - 11,802 600,587 0.07 Red Electrica Corp SA 8,605 - - 8,605 152,919 0.02 RWE AG 14,336 3,253 3,450 14,139 486,403 0.06 Sembcorp Industries Ltd 18,200 - 18,200 - - 0.00 Sempra Energy 6,325 - - 6,325 716,125 0.08 Southern Co 23,703 2,886 2,436 24,153 1,199,890 0.14 SSE Plc 26,434 4,488 5,950 24,972 387,907 0.04 Terna Rete Elettrica Nazionale SpA 28,228 - - 28,228 191,484 0.02 Tohoku Electric Power Co Inc 9,100 - - 9,100 78,061 0.01 Tokyo Electric Power Co Holdings Inc 29,000 20,300 22,900 26,400 63,601 0.01 Uniper SE 4,035 - - 4,035 127,438 0.01 Verbund AG 2,008 - - 2,008 96,208 0.01 Vistra Corp 8,757 - - 8,757 148,650 0.02 WEC Energy Group Inc 7,555 1,055 1,142 7,468 647,162 0.07 Xcel Energy Inc 11,899 - - 11,899 747,325 0.09 26,238,526 3.01 Electronics Agilent Technologies Inc 7,751 986 1,283 7,454 653,205 0.07 Allegion Plc 1,906 - - 1,906 172,453 0.02 Alps Alpine Co Ltd 4,000 300 4,300 - - 0.00 Amphenol Corp 'A' 7,220 882 986 7,116 684,629 0.08 Arrow Electronics Inc 1,776 - - 1,776 115,711 0.01 Assa Abloy AB 'B' 25,084 3,980 4,219 24,845 495,380 0.06 Flex Ltd 10,707 7,894 18,601 - - 0.00 FLIR Systems Inc 2,752 - - 2,752 104,296 0.01 Fortive Corp 6,272 2,650 2,443 6,479 413,696 0.05 Garmin Ltd 2,447 1,275 1,040 2,682 240,541 0.03 Halma Plc 8,860 - - 8,860 230,403 0.03 Hirose Electric Co Ltd 735 - - 735 70,006 0.01 Hitachi High-Tech Corp 1,300 - 1,300 - - 0.00 Honeywell International Inc 16,430 1,154 1,717 15,867 2,156,038 0.25 Hoya Corp 7,900 2,400 1,200 9,100 815,848 0.09 Keysight Technologies Inc 4,268 - - 4,268 387,833 0.04 Kyocera Corp 7,800 - - 7,800 392,198 0.05 Mettler-Toledo International Inc 551 - - 551 468,664 0.05 MINEBEA MITSUMI Inc 7,700 - - 7,700 114,084 0.01 Murata Manufacturing Co Ltd 13,500 - - 13,500 767,661 0.09 Nidec Corp 4,900 5,600 700 9,800 706,173 0.08 Nippon Electric Glass Co Ltd 1,600 - 1,600 - - 0.00 Omron Corp 3,900 2,000 1,700 4,200 272,110 0.03 PerkinElmer Inc 2,588 - - 2,588 279,950 0.03 Roper Technologies Inc 2,374 - - 2,374 933,931 0.11 Sartorius AG (Pref) 723 - - 723 253,078 0.03 Sensata Technologies Holding Plc 3,438 - - 3,438 118,784 0.01 TDK Corp 3,900 - 1,100 2,800 281,385 0.03 TE Connectivity Ltd 7,234 1,109 1,103 7,240 586,635 0.07 Trimble Inc 5,089 - - 5,089 206,057 0.02 Venture Corp Ltd 5,600 - - 5,600 66,498 0.01 Waters Corp 1,576 - - 1,576 305,590 0.04 Yokogawa Electric Corp 4,600 - - 4,600 63,444 0.01 12,356,281 1.42 Oil & gas Aker BP ASA 2,391 - 2,391 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [59] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Ampol Ltd - 5,246 - 5,246 89,942 0.01 Anadarko Petroleum Corp 11,025 - 11,025 - - 0.00 Apache Corp 10,667 5,775 16,442 - - 0.00 BP Plc 462,891 33,615 30,814 465,692 1,529,909 0.18 Cabot Oil & Gas Corp 9,281 - - 9,281 157,883 0.02 Caltex Australia Ltd 5,246 - 5,246 - - 0.00 Canadian Natural Resources Ltd 28,354 3,353 3,585 28,122 451,300 0.05 Cenovus Energy Inc 20,914 - - 20,914 84,652 0.01 Chevron Corp 42,818 4,008 4,371 42,455 3,241,873 0.37 Cimarex Energy Co 1,993 - 1,993 - - 0.00 Concho Resources Inc 4,738 - - 4,738 226,456 0.03 ConocoPhillips 26,214 - 1,697 24,517 833,914 0.10 Continental Resources Inc 1,885 26 1,911 - - 0.00 DCC Plc 2,925 - - 2,925 238,600 0.03 Devon Energy Corp 9,877 5,259 15,136 - - 0.00 Diamondback Energy Inc 3,309 932 1,338 2,903 105,265 0.01 Encana Corp 35,131 - 35,131 - - 0.00 ENEOS Holdings Inc 76,150 - - 76,150 240,587 0.03 Eni SpA 57,184 6,267 7,576 55,875 453,258 0.05 EOG Resources Inc 13,318 - - 13,318 567,606 0.06 Equinor ASA 26,760 - 5,381 21,379 287,694 0.03 Exxon Mobil Corp 95,482 8,473 8,898 95,057 3,638,799 0.42 Galp Energia SGPS SA 10,069 - - 10,069 96,400 0.01 Helmerich & Payne Inc 2,180 - 2,180 - - 0.00 Hess Corp 5,750 1,490 1,501 5,739 256,914 0.03 HollyFrontier Corp 3,590 - - 3,590 89,810 0.01 Husky Energy Inc 7,058 538 7,596 - - 0.00 Idemitsu Kosan Co Ltd 4,135 - - 4,135 77,559 0.01 Imperial Oil Ltd 5,926 - - 5,926 84,314 0.01 Inpex Corp 28,900 - - 28,900 148,969 0.02 Lundin Energy AB 3,487 - - 3,487 73,390 0.01 Marathon Oil Corp 23,343 1,269 24,612 - - 0.00 Marathon Petroleum Corp 16,198 - 1,644 14,554 505,759 0.06 Neste Oyj 10,947 - - 10,947 457,847 0.05 Noble Energy Inc 9,828 4,278 14,106 - - 0.00 Occidental Petroleum Corp 17,250 3,234 - 20,484 293,304 0.03 Oil Search Ltd 27,555 3,444 - 30,999 59,053 0.01 Oil Search Ltd - 3,444 3,444 - - 0.00 OMV AG 2,957 - - 2,957 84,994 0.01 Ovintiv Inc - 7,026 7,026 - - 0.00 Parkland Corp - 3,504 - 3,504 83,932 0.01 Parkland Fuel Corp - 3,504 3,504 - - 0.00 Parsley Energy Inc 'A' 4,487 - 4,487 - - 0.00 Phillips 66 10,423 - 868 9,555 539,089 0.06 Pioneer Natural Resources Co 4,070 - - 4,070 358,844 0.04 PrairieSky Royalty Ltd 4,261 631 4,892 - - 0.00 Repsol SA 32,628 2,855 - 35,483 251,157 0.03 Repsol SA - 988 988 - - 0.00 Repsol SA - 1,867 1,867 - - 0.00 Repsol SA Rights - 32,628 32,628 - - 0.00 Repsol SA Rights - 33,616 33,616 - - 0.00 Royal Dutch Shell Plc 'A' 99,767 3,480 13,623 89,624 1,200,217 0.14 Royal Dutch Shell Plc 'B' 84,148 7,767 9,984 81,931 1,057,282 0.12 Santos Ltd 37,652 - - 37,652 129,451 0.01

[60] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Suncor Energy Inc 33,599 3,377 3,210 33,766 483,170 0.05 TOTAL SE 53,580 5,805 4,771 54,614 1,838,856 0.21 Tourmaline Oil Corp 4,335 - 4,335 - - 0.00 Valero Energy Corp 10,089 - 1,037 9,052 463,032 0.05 Vermilion Energy Inc 4,845 - 4,845 - - 0.00 Woodside Petroleum Ltd 18,787 10,151 4,355 24,583 320,915 0.04 21,101,996 2.42 Oil & gas services Baker Hughes Co 12,212 4,988 - 17,200 242,370 0.03 Halliburton Co 20,632 - - 20,632 268,959 0.03 John Wood Group Plc 13,522 - 13,522 - - 0.00 National Oilwell Varco Inc 11,028 - - 11,028 115,470 0.01 Schlumberger Ltd 31,223 2,742 3,542 30,423 502,039 0.06 TechnipFMC Plc 8,916 1,878 10,794 0 - 0.00 1,128,838 0.13 Airlines Air Canada - 3,118 - 3,118 31,996 0.00 American Airlines Group Inc 2,428 2,043 4,471 - - 0.00 ANA Holdings Inc 2,300 - - 2,300 43,002 0.01 Delta Air Lines Inc 3,621 - - 3,621 82,252 0.01 Deutsche Lufthansa AG RegS 4,722 - - 4,722 37,985 0.00 easyJet Plc 2,922 187 3,109 - - 0.00 Japan Airlines Co Ltd 2,300 - - 2,300 33,869 0.00 Qantas Airways Ltd - 22,709 - 22,709 47,853 0.01 Singapore Airlines Ltd 10,900 16,350 - 27,250 61,824 0.01 Singapore Airlines Ltd Rights - 16,350 16,350 - - 0.00 Singapore Airlines Ltd Rights - 32,155 32,155 - - 0.00 Southwest Airlines Co 2,994 - - 2,994 84,133 0.01 United Airlines Holdings Inc 1,524 1,077 2,601 - - 0.00 422,914 0.05 Forest products & paper International Paper Co 7,873 2,453 2,227 8,099 256,321 0.03 Mondi Plc 7,343 4,966 - 12,309 200,316 0.02 Oji Holdings Corp 18,000 - - 18,000 68,144 0.01 Smurfit Kappa Group Plc 6,217 - - 6,217 190,334 0.02 Stora Enso Oyj 'R' 11,063 - - 11,063 126,861 0.01 Svenska Cellulosa AB SCA 'B' - 13,799 - 13,799 151,888 0.02 UPM-Kymmene Oyj 13,997 2,782 2,970 13,809 336,160 0.04 West Fraser Timber Co Ltd 1,369 9 1,378 - - 0.00 1,330,024 0.15 Leisure time Carnival Corp 10,210 - - 10,210 128,918 0.01 Carnival Plc 3,749 156 3,905 - - 0.00 Flight Centre Travel Group Ltd 1,089 1,450 2,539 - - 0.00 Flight Centre Travel Group Ltd - 626 626 - - 0.00 Harley-Davidson Inc 3,417 1,911 5,328 - - 0.00 Norwegian Cruise Line Holdings Ltd 5,328 2,899 8,227 - - 0.00 Polaris Inc 1,194 894 2,088 - - 0.00 Royal Caribbean Cruises Ltd 3,453 893 - 4,346 192,578 0.02 Shimano Inc 1,500 1,300 700 2,100 415,573 0.05 TUI AG 8,820 60 8,880 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [61] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Yamaha Corp 3,400 - - 3,400 141,880 0.02 Yamaha Motor Co Ltd 5,700 - - 5,700 75,280 0.01 954,229 0.11 Gas Atmos Energy Corp 3,047 - - 3,047 293,789 0.03 Centrica Plc 158,090 - 158,090 - - 0.00 Enagas SA 1,300 1,278 - 2,578 59,263 0.01 Hong Kong & China Gas Co Ltd 202,705 100,935 53,000 250,640 327,145 0.04 National Grid Plc 77,160 - - 77,160 829,517 0.09 Naturgy Energy Group SA 6,739 - - 6,739 114,104 0.01 NiSource Inc 9,831 - - 9,831 218,663 0.02 Osaka Gas Co Ltd 7,500 - - 7,500 125,446 0.01 Snam SpA 47,851 - - 47,851 231,634 0.03 Toho Gas Co Ltd 1,500 - - 1,500 59,109 0.01 Tokyo Gas Co Ltd 7,800 - - 7,800 149,691 0.02 UGI Corp 3,482 1,893 - 5,375 163,021 0.02 2,571,382 0.29 Healthcare - services Anthem Inc 5,863 355 472 5,746 1,431,190 0.16 BioMerieux 775 - - 775 114,631 0.01 Catalent Inc - 3,556 - 3,556 282,536 0.03 Centene Corp 8,420 6,638 1,694 13,364 793,259 0.09 DaVita Inc 3,074 2,236 3,388 1,922 152,796 0.02 Eurofins Scientific SE 221 - - 221 131,182 0.02 Fresenius Medical Care AG & Co KGaA 5,537 - 779 4,758 381,926 0.04 Fresenius SE & Co KGaA 10,036 - - 10,036 456,344 0.05 HCA Healthcare Inc 6,451 686 721 6,416 739,152 0.09 Humana Inc 3,191 - 244 2,947 1,052,114 0.12 IQVIA Holdings Inc 3,919 - - 3,919 564,678 0.06 Laboratory Corp of America Holdings 2,137 - - 2,137 375,042 0.04 Molina Healthcare Inc - 1,290 - 1,290 216,748 0.03 NMC Health Plc 2,099 - 2,099 - - 0.00 Orpea - 1,177 - 1,177 136,994 0.02 PeptiDream Inc 2,200 - - 2,200 80,353 0.01 Quest Diagnostics Inc 2,796 - - 2,796 323,205 0.04 Ramsay Health Care Ltd 2,843 - - 2,843 114,957 0.01 Ryman Healthcare Ltd 7,383 - - 7,383 59,505 0.01 Sonic Healthcare Ltd 13,545 - - 13,545 283,656 0.03 Teladoc Health Inc - 1,603 - 1,603 346,524 0.04 UnitedHealth Group Inc 21,623 1,521 1,740 21,404 5,895,496 0.68 Universal Health Services Inc 'B' 1,774 - - 1,774 177,358 0.02 WellCare Health Plans Inc 1,030 347 1,377 - - 0.00 14,109,646 1.62 Healthcare - products Abbott Laboratories 39,511 4,199 4,136 39,574 3,623,087 0.42 ABIOMED Inc 1,125 - - 1,125 306,962 0.04 Align Technology Inc 1,592 - - 1,592 425,523 0.05 Ambu A/S 'B' - 3,718 - 3,718 118,082 0.01 Asahi Intecc Co Ltd 4,000 - - 4,000 101,458 0.01 Avantor Inc - 9,820 - 9,820 197,246 0.02 Baxter International Inc 11,093 - - 11,093 871,687 0.10 Boston Scientific Corp 31,196 2,166 2,818 30,544 1,071,701 0.12 Carl Zeiss Meditec AG 1,004 - - 1,004 95,744 0.01

[62] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Cochlear Ltd 1,157 - - 1,157 143,581 0.02 Coloplast A/S 'B' 3,291 - 843 2,448 380,430 0.04 Cooper Cos Inc 1,036 537 331 1,242 319,668 0.04 Danaher Corp 14,227 714 789 14,152 2,623,736 0.30 Demant A/S 2,153 - - 2,153 60,760 0.01 DENTSPLY SIRONA Inc 4,608 1,746 1,779 4,575 185,620 0.02 DiaSorin SpA - 763 - 763 136,249 0.02 Edwards Lifesciences Corp 4,804 9,608 - 14,412 1,028,002 0.12 EssilorLuxottica SA 6,472 - - 6,472 781,143 0.09 Fisher & Paykel Healthcare Corp Ltd 11,464 - - 11,464 250,097 0.03 GN Store Nord A/S - 2,916 - 2,916 162,354 0.02 Henry Schein Inc 3,175 - - 3,175 198,513 0.02 Hologic Inc 5,708 - - 5,708 362,337 0.04 IDEXX Laboratories Inc 1,816 606 387 2,035 736,330 0.08 Insulet Corp - 1,434 - 1,434 265,285 0.03 Intuitive Surgical Inc 2,600 330 371 2,559 1,595,651 0.18 Koninklijke Philips NV 21,364 433 1,428 20,369 961,689 0.11 Masimo Corp - 1,171 - 1,171 234,485 0.03 Medtronic Plc 30,211 2,673 2,595 30,289 2,658,401 0.30 Olympus Corp 24,600 8,400 7,400 25,600 414,864 0.05 QIAGEN NV 4,401 2,729 2,466 4,664 211,574 0.02 ResMed Inc 3,578 566 673 3,471 639,439 0.07 Sartorius Stedim Biotech 780 - - 780 221,512 0.03 Shimadzu Corp 5,100 - - 5,100 116,766 0.01 Siemens Healthineers AG 2,824 - - 2,824 133,528 0.02 Smith & Nephew Plc 17,281 4,409 - 21,690 392,994 0.05 STERIS Plc 1,974 - - 1,974 286,655 0.03 Stryker Corp 7,595 826 626 7,795 1,370,712 0.16 Sysmex Corp 3,500 - - 3,500 244,857 0.03 Teleflex Inc 946 497 286 1,157 392,696 0.04 Terumo Corp 13,400 3,100 3,000 13,500 461,712 0.05 Thermo Fisher Scientific Inc 8,992 655 757 8,890 3,347,710 0.38 Varian Medical Systems Inc 1,844 - - 1,844 239,411 0.03 West Pharmaceutical Services Inc - 1,755 - 1,755 429,257 0.05 Zimmer Biomet Holdings Inc 4,892 - - 4,892 600,161 0.07 29,399,669 3.37 Beverages Anheuser-Busch InBev SA 17,112 948 1,324 16,736 830,310 0.09 Asahi Group Holdings Ltd 7,800 2,100 2,100 7,800 231,131 0.03 Brown-Forman Corp 'B' 7,040 - - 7,040 444,073 0.05 Budweiser Brewing Co APAC Ltd - 28,400 - 28,400 93,672 0.01 Carlsberg AS 'B' 2,942 - 701 2,241 300,359 0.03 Coca-Cola Amatil Ltd 10,251 - - 10,251 54,705 0.01 Coca-Cola Bottlers Japan Holdings Inc 2,500 - - 2,500 33,878 0.00 Coca-Cola Co 91,058 9,346 8,985 91,419 3,928,661 0.45 Coca-Cola European Partners Plc 6,085 6,085 6,085 6,085 224,192 0.03 Coca-Cola HBC AG 3,868 - - 3,868 92,505 0.01 Constellation Brands Inc 'A' 3,954 517 542 3,929 636,925 0.07 Davide Campari-Milano NV 11,676 - 11,676 - - 0.00 Davide Campari-Milano NV - 11,676 - 11,676 106,924 0.01 Davide Campari-Milano NV Rights - 11,676 11,676 - - 0.00 Diageo Plc 54,489 2,163 4,471 52,181 1,745,110 0.20 Heineken Holding NV 2,309 937 1,046 2,200 173,589 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [63] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Heineken NV 6,151 882 977 6,056 535,758 0.06 Keurig Dr Pepper Inc - 8,011 - 8,011 222,928 0.03 Kirin Holdings Co Ltd 17,700 - - 17,700 309,759 0.04 Molson Coors Beverage Co 'B' 5,197 - - 5,197 177,384 0.02 Monster Beverage Corp 9,464 - - 9,464 675,666 0.08 PepsiCo Inc 31,655 2,807 3,174 31,288 3,918,174 0.45 Pernod Ricard SA 4,811 - - 4,811 755,592 0.09 Remy Cointreau SA 419 - - 419 61,254 0.01 Suntory Beverage & Food Ltd 2,800 - - 2,800 95,762 0.01 Treasury Wine Estates Ltd 14,841 - - 14,841 104,567 0.01 Vitasoy International Holdings Ltd 20,000 - 20,000 - - 0.00 15,752,878 1.81 Commercial services Adyen NV 172 134 - 306 466,434 0.05 Amadeus IT Group SA 10,059 - - 10,059 458,364 0.05 AMERCO 130 - - 130 37,575 0.00 Ashtead Group Plc 9,981 3,470 3,354 10,097 293,554 0.03 Atlantia SpA 12,133 - - 12,133 175,546 0.02 Automatic Data Processing Inc 9,882 543 866 9,559 1,155,762 0.13 Avalara Inc - 1,688 - 1,688 206,458 0.02 Benesse Holdings Inc 1,400 - - 1,400 33,101 0.00 Booz Allen Hamilton Holding Corp - 3,337 - 3,337 248,196 0.03 Brambles Ltd 44,041 - - 44,041 309,731 0.04 Bureau Veritas SA 5,318 4,203 3,811 5,710 113,787 0.01 Cintas Corp 1,868 347 389 1,826 501,440 0.06 CoStar Group Inc 798 - - 798 616,875 0.07 Dai Nippon Printing Co Ltd 5,200 - - 5,200 102,635 0.01 Edenred 6,752 - 1,933 4,819 218,398 0.03 Equifax Inc 2,590 - - 2,590 383,011 0.04 Experian Plc 19,152 5,665 3,153 21,664 692,444 0.08 FleetCor Technologies Inc 1,845 308 335 1,818 427,632 0.05 G4S Plc 31,038 - 31,038 - - 0.00 Gartner Inc 1,871 - - 1,871 212,143 0.03 Global Payments Inc 3,313 4,111 558 6,866 1,111,913 0.13 GMO Payment Gateway Inc 1,500 - - 1,500 141,966 0.02 H&R Block Inc 4,200 - 4,200 - - 0.00 IHS Markit Ltd 8,092 1,442 1,399 8,135 597,435 0.07 Intertek Group Plc 4,540 - - 4,540 291,524 0.03 ISS A/S 3,347 - 3,347 - - 0.00 ManpowerGroup Inc 1,343 962 2,305 - - 0.00 MarketAxess Holdings Inc 878 - - 878 412,697 0.05 Moody's Corp 4,074 309 450 3,933 1,006,449 0.12 Nexi SpA - 10,189 - 10,189 166,216 0.02 Nielsen Holdings Plc 7,155 - - 7,155 93,923 0.01 Nihon M&A Center Inc - 3,400 - 3,400 149,778 0.02 Park24 Co Ltd 2,000 - - 2,000 24,435 0.00 PayPal Holdings Inc 25,117 1,971 2,008 25,080 4,473,391 0.51 Persol Holdings Co Ltd 3,600 - - 3,600 41,444 0.01 Randstad NV 2,394 - - 2,394 104,711 0.01 Recruit Holdings Co Ltd 25,800 6,400 2,800 29,400 826,665 0.10 RELX Plc 44,975 3,708 4,228 44,455 857,216 0.10 Rentokil Initial Plc 43,159 - - 43,159 275,279 0.03 Robert Half International Inc 2,534 - - 2,534 117,265 0.01

[64] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Rollins Inc 2,959 - - 2,959 141,050 0.02 S&P Global Inc 5,691 266 376 5,581 1,778,232 0.20 Sabre Corp 7,596 3,279 10,875 - - 0.00 Secom Co Ltd 5,200 - - 5,200 406,291 0.05 Securitas AB 'B' 6,299 - - 6,299 85,554 0.01 Sohgo Security Services Co Ltd 1,400 - - 1,400 59,806 0.01 Square Inc 'A' 6,216 1,482 - 7,698 909,323 0.11 Toppan Printing Co Ltd 5,500 - - 5,500 74,911 0.01 Total System Services Inc 3,643 - 3,643 - - 0.00 TransUnion 4,385 - - 4,385 357,298 0.04 Transurban Group 62,702 9,007 9,842 61,867 557,392 0.06 United Rentals Inc 1,698 - - 1,698 239,995 0.03 Verisk Analytics Inc 3,872 573 698 3,747 643,246 0.07 Wirecard AG 2,891 - 2,891 - - 0.00 Worldline SA 2,505 - - 2,505 195,957 0.02 Worley Ltd 8,581 - 8,581 - - 0.00 22,794,448 2.62 Savings & loans People's United Financial Inc 6,909 6,710 - 13,619 133,680 0.02 133,680 0.02 Semiconductors Advanced Micro Devices Inc 22,112 4,853 2,458 24,507 1,726,226 0.20 Advantest Corp 4,700 - - 4,700 230,501 0.03 Analog Devices Inc 8,418 - - 8,418 879,505 0.10 Applied Materials Inc 21,412 - 1,144 20,268 1,186,104 0.14 ASM Pacific Technology Ltd 5,300 - - 5,300 54,185 0.01 ASML Holding NV 9,443 1,254 976 9,721 3,133,986 0.36 Broadcom Inc 8,926 711 597 9,040 2,604,853 0.30 Hamamatsu Photonics KK 2,800 - - 2,800 109,856 0.01 Infineon Technologies AG 27,164 - - 27,164 617,437 0.07 Intel Corp 101,341 9,686 14,939 96,088 4,172,139 0.48 IPG Photonics Corp 757 - - 757 123,274 0.01 KLA Corp 3,291 760 580 3,471 630,977 0.07 Lam Research Corp 3,351 - - 3,351 1,149,736 0.13 Lasertec Corp - 1,700 - 1,700 134,566 0.01 Marvell Technology Group Ltd 13,497 - - 13,497 447,787 0.05 Maxim Integrated Products Inc 5,753 1,693 1,816 5,630 348,730 0.04 Microchip Technology Inc 5,789 - - 5,789 535,736 0.06 Micron Technology Inc 26,163 1,692 2,210 25,645 1,167,746 0.13 NVIDIA Corp 12,964 1,775 898 13,841 5,346,080 0.61 NXP Semiconductors NV 6,914 - 878 6,036 645,351 0.07 ON Semiconductor Corp 8,448 - - 8,448 158,314 0.02 Qorvo Inc 2,557 - - 2,557 298,090 0.03 QUALCOMM Inc 26,936 1,426 2,898 25,464 2,446,413 0.28 Renesas Electronics Corp 18,200 - - 18,200 90,510 0.01 Rohm Co Ltd 1,900 - - 1,900 109,038 0.01 Skyworks Solutions Inc 3,687 - - 3,687 488,285 0.06 STMicroelectronics NV 16,514 - - 16,514 422,971 0.05 SUMCO Corp 4,700 - - 4,700 65,309 0.01 Teradyne Inc - 4,044 - 4,044 327,268 0.04 Texas Instruments Inc 21,677 1,479 2,350 20,806 2,414,167 0.28

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [65] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Tokyo Electron Ltd 3,200 1,100 900 3,400 842,503 0.10 Xilinx Inc 6,011 - - 6,011 587,012 0.07 33,494,655 3.84 Housewares Avery Dennison Corp 1,775 - - 1,775 183,012 0.02 Church & Dwight Co Inc 5,010 2,347 1,446 5,911 517,989 0.06 Clorox Co 3,114 - 350 2,764 594,683 0.07 Cronos Group Inc 4,242 - - 4,242 25,294 0.00 Henkel AG & Co KGaA 2,087 - - 2,087 165,346 0.02 Henkel AG & Co KGaA (Pref) 4,291 - - 4,291 384,968 0.04 Kimberly-Clark Corp 7,856 - - 7,856 1,086,570 0.13 Reckitt Benckiser Group Plc 15,313 2,538 2,069 15,782 1,452,073 0.17 Societe BIC SA 527 - 527 - - 0.00 Spectrum Brands Holdings Inc - 162 162 - - 0.00 4,409,935 0.51 Household products & wares Newell Brands Inc 9,846 - - 9,846 146,893 0.02 146,893 0.02 Home furnishings Electrolux AB 'B' 4,838 - - 4,838 82,572 0.01 Hoshizaki Corp 1,100 - - 1,100 76,094 0.01 Leggett & Platt Inc 2,656 1,342 3,998 - - 0.00 Panasonic Corp 54,400 - - 54,400 421,251 0.05 SEB SA 431 - - 431 64,955 0.01 Sharp Corp 8,400 - - 8,400 74,442 0.01 Sony Corp 28,600 3,300 2,500 29,400 2,042,883 0.23 Whirlpool Corp 1,465 - - 1,465 217,392 0.02 2,979,589 0.34 Holding companies - diversified operations CK Hutchison Holdings Ltd 64,840 - - 64,840 384,724 0.04 Jardine Matheson Holdings Ltd 5,746 - - 5,746 213,895 0.02 Swire Pacific Ltd 'A' 10,500 - - 10,500 47,265 0.01 Washington H Soul Pattinson & Co Ltd 4,179 - - 4,179 53,300 0.01 699,184 0.08 Real estate Aeon Mall Co Ltd 2,100 - - 2,100 22,712 0.00 Aroundtown SA 16,037 23,163 11,716 27,484 151,019 0.02 Azrieli Group Ltd 796 - - 796 34,692 0.00 CapitaLand Ltd 88,500 - 37,500 51,000 93,378 0.01 CBRE Group Inc 'A' 8,249 - 1,815 6,434 256,420 0.03 CK Asset Holdings Ltd 63,840 - - 63,840 322,590 0.04 Daito Trust Construction Co Ltd 2,100 - - 2,100 149,462 0.02 Deutsche Wohnen SE 8,943 - - 8,943 396,351 0.05 Hang Lung Properties Ltd 41,000 - - 41,000 91,533 0.01 Henderson Land Development Co Ltd 28,622 - - 28,622 97,596 0.01 Hongkong Land Holdings Ltd 23,747 - - 23,747 81,874 0.01 Hulic Co Ltd 5,500 - - 5,500 42,874 0.00 Hysan Development Co Ltd 12,000 - 12,000 - - 0.00 Jones Lang LaSalle Inc 911 689 611 989 88,989 0.01 Kerry Properties Ltd 12,000 - - 12,000 25,973 0.00 LEG Immobilien AG - 1,572 - 1,572 199,981 0.02 Mitsubishi Estate Co Ltd 25,100 5,000 5,500 24,600 321,509 0.04

[66] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Mitsui Fudosan Co Ltd 21,700 - - 21,700 307,692 0.04 New World Development Co Ltd 181,783 - 181,783 - - 0.00 New World Development Co Ltd - 45,445 - 45,445 201,634 0.02 New World Development Co Ltd - 45,445 45,445 - - 0.00 Nomura Real Estate Holdings Inc 2,300 - - 2,300 34,671 0.00 REA Group Ltd 976 - - 976 69,073 0.01 Sino Land Co Ltd 64,000 - - 64,000 70,539 0.01 Sumitomo Realty & Development Co Ltd 6,800 2,500 - 9,300 215,206 0.02 Sun Hung Kai Properties Ltd 35,000 - 6,500 28,500 317,465 0.04 Swire Properties Ltd 21,600 - - 21,600 45,383 0.01 Tokyu Fudosan Holdings Corp 9,600 - - 9,600 33,287 0.00 UOL Group Ltd 9,053 - - 9,053 39,757 0.00 Vonovia SE 11,472 - - 11,472 680,958 0.08 Wharf Holdings Ltd 24,000 - 24,000 - - 0.00 Wharf Real Estate Investment Co Ltd 24,000 - - 24,000 77,188 0.01 Wheelock & Co Ltd 17,000 5,000 22,000 - - 0.00 4,469,806 0.51 Real estate investment trust AGNC Investment Corp (REIT) 12,452 - - 12,452 154,055 0.02 Alexandria Real Estate Equities Inc (REIT) 2,587 - - 2,587 417,845 0.05 American Tower Corp (REIT) 9,944 846 960 9,830 2,337,441 0.27 Annaly Capital Management Inc (REIT) 31,619 - - 31,619 213,140 0.02 AvalonBay Communities Inc (REIT) 3,252 - - 3,252 452,982 0.05 Boston Properties Inc (REIT) 3,796 - - 3,796 307,647 0.03 Camden Property Trust (REIT) 1,861 864 - 2,725 225,112 0.03 Canadian Apartment Properties (REIT) - 2,682 - 2,682 88,467 0.01 CapitaLand Commercial Trust (REIT) 46,593 - - 46,593 49,764 0.01 CapitaLand Mall Trust (REIT) 51,000 - - 51,000 63,944 0.01 Covivio (REIT) 1,457 - - 1,457 96,077 0.01 Crown Castle International Corp (REIT) 9,650 578 736 9,492 1,439,433 0.16 Daiwa House Investment Corp (REIT) 65 - - 65 153,629 0.02 Dexus (REIT) 20,441 11,228 - 31,669 175,822 0.02 Digital Inc (REIT) 4,915 999 - 5,914 863,700 0.10 Duke Realty Corp (REIT) 7,136 4,944 2,862 9,218 337,018 0.04 Equinix Inc (REIT) 1,801 341 178 1,964 1,403,378 0.16 Equity LifeStyle Properties Inc (REIT) 1,994 1,994 - 3,988 247,857 0.03 Equity Residential (REIT) 8,643 - - 8,643 421,668 0.05 Essex Property Trust Inc (REIT) 1,318 634 316 1,636 328,520 0.04 Extra Space Storage Inc (REIT) 3,456 842 942 3,356 315,492 0.04 Federal Realty Investment Trust (REIT) 1,450 - - 1,450 100,645 0.01 First Capital Realty Inc 2,891 - 2,891 - - 0.00 Gecina SA (REIT) 947 - - 947 111,548 0.01 Goodman Group (REIT) 36,202 - - 36,202 399,851 0.05 GPT Group (REIT) 36,211 - - 36,211 91,660 0.01 H&R (REIT) 2,619 - 2,619 - - 0.00 Healthpeak Properties Inc (REIT) 12,477 15,066 15,347 12,196 302,774 0.03 Host Hotels & Resorts Inc (REIT) 19,900 - - 19,900 195,151 0.02 ICADE (REIT) 619 - - 619 37,289 0.00 Invitation Homes Inc (REIT) 6,254 6,970 - 13,224 358,731 0.04 Iron Mountain Inc (REIT) 5,308 3,155 2,956 5,507 141,224 0.02 Japan Prime Realty Investment Corp (REIT) 16 - - 16 38,312 0.00 Japan Real Estate Investment Corp (REIT) 41 - 15 26 120,800 0.01 Japan Retail Fund Investment Corp (REIT) 54 - - 54 58,960 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [67] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Kimco Realty Corp (REIT) 8,543 4,285 12,828 - - 0.00 Klepierre SA (REIT) 4,421 - - 4,421 69,386 0.01 Land Securities Group Plc (REIT) 14,824 - - 14,824 102,056 0.01 Liberty Property Trust (REIT) 2,961 - 2,961 - - 0.00 Link (REIT) 44,500 - - 44,500 314,182 0.04 Macerich Co (REIT) 2,415 - 2,415 - - 0.00 Mapletree Commercial Trust (REIT) - 64,400 - 64,400 78,608 0.01 Medical Properties Trust Inc (REIT) - 12,135 - 12,135 222,219 0.03 Mid-America Apartment Communities Inc (REIT) 2,336 729 733 2,332 252,852 0.03 Mirvac Group (REIT) 74,616 40,171 - 114,787 156,512 0.02 National Retail Properties Inc (REIT) 4,860 - 1,774 3,086 99,520 0.01 Nippon Building Fund Inc (REIT) 27 - - 27 137,526 0.02 Nippon Prologis Inc (REIT) 33 - - 33 103,493 0.01 Nomura Real Estate Master Fund Inc (REIT) 76 - - 76 85,531 0.01 Omega Healthcare Investors Inc (REIT) - 5,194 - 5,194 152,995 0.02 Orix JREIT Inc (REIT) - 46 - 46 53,787 0.01 Prologis Inc (REIT) 14,201 4,100 1,447 16,854 1,616,308 0.19 Public Storage (REIT) 3,571 - - 3,571 649,318 0.07 Realty Income Corp (REIT) 6,851 - - 6,851 374,253 0.04 Regency Centers Corp (REIT) 3,078 1,505 - 4,583 171,060 0.02 RioCan (REIT) 2,950 - - 2,950 29,971 0.00 SBA Communications Corp (REIT) 2,455 597 419 2,633 746,213 0.09 Scentre Group (REIT) 107,072 35,038 - 142,110 189,131 0.02 Segro Plc (REIT) 31,625 - 9,028 22,597 261,494 0.03 Simon Property Group Inc (REIT) 6,975 622 810 6,787 384,957 0.04 SL Green Realty Corp (REIT) 1,985 1,477 3,462 - - 0.00 SmartCentres (REIT) 3,831 - 3,831 - - 0.00 Stockland (REIT) 48,618 - - 48,618 101,180 0.01 Sun Communities Inc (REIT) 2,016 - - 2,016 274,965 0.03 UDR Inc (REIT) 7,367 - - 7,367 242,604 0.03 Unibail-Rodamco-Westfield (REIT) 3,132 - - 3,132 149,995 0.02 Ventas Inc (REIT) 8,563 - - 8,563 298,815 0.03 VEREIT Inc (REIT) 19,568 - - 19,568 115,885 0.01 VICI Properties Inc (REIT) - 10,970 - 10,970 216,653 0.02 Vicinity Centres (REIT) 67,639 - - 67,639 57,586 0.01 Vornado (REIT) 4,769 - 1,575 3,194 100,301 0.01 Welltower Inc (REIT) 8,624 2,149 1,188 9,585 467,015 0.05 Weyerhaeuser Co (REIT) 18,849 - 3,413 15,436 390,512 0.04 WP Carey Inc (REIT) 3,572 - - 3,572 231,913 0.03 20,948,732 2.40 Internet Alphabet Inc 'A' 6,746 616 636 6,726 9,104,234 1.04 Alphabet Inc 'C' 7,084 520 687 6,917 9,331,370 1.07 Amazon.com Inc 9,409 940 843 9,506 27,366,913 3.14 Auto Trader Group Plc 19,436 - - 19,436 124,524 0.01 Booking Holdings Inc 1,014 55 174 895 1,353,275 0.16 CDW Corp 3,227 - - 3,227 341,264 0.04 CyberAgent Inc 2,000 - - 2,000 102,387 0.01 Delivery Hero SE 1,892 2,031 1,026 2,897 304,655 0.03 E*TRADE Financial Corp 5,515 - - 5,515 254,713 0.03 eBay Inc 18,977 2,244 3,036 18,185 914,491 0.10 Expedia Group Inc 3,262 - - 3,262 240,392 0.03 F5 Networks Inc 1,276 - - 1,276 157,750 0.02

[68] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Facebook Inc 'A' 53,759 5,359 5,070 54,048 12,472,311 1.43 GoDaddy Inc 'A' 4,331 - - 4,331 276,897 0.03 Grubhub Inc 1,876 - 1,876 - - 0.00 IAC/interactivecorp 1,977 - 1,977 - - 0.00 IAC/InterActiveCorp - 1,758 - 1,758 211,773 0.02 Iliad SA 532 - - 532 95,228 0.01 Kakaku.com Inc 2,600 - - 2,600 56,888 0.01 LINE Corp 3,400 - 2,200 1,200 57,716 0.01 M3 Inc 8,400 6,400 3,800 11,000 509,184 0.06 Match Group Inc - 1,528 1,528 - - 0.00 Match Group Inc - 5,373 - 5,373 501,979 0.06 MercadoLibre Inc 964 277 253 988 1,010,790 0.12 Mercari Inc 3,800 - - 3,800 144,513 0.02 MonotaRO Co Ltd 3,700 - - 3,700 143,416 0.02 Netflix Inc 9,839 1,080 1,044 9,875 4,391,750 0.50 NortonLifeLock Inc 16,580 20,243 24,227 12,596 245,787 0.03 Okta Inc 2,363 - - 2,363 475,023 0.05 Palo Alto Networks Inc 2,283 - - 2,283 531,506 0.06 Pinterest Inc 'A' - 5,578 - 5,578 173,998 0.02 Prosus NV - 11,177 - 11,177 987,115 0.11 Rakuten Inc 18,800 - - 18,800 156,094 0.02 Roku Inc - 1,943 - 1,943 273,775 0.03 Scout24 AG - 2,451 - 2,451 193,658 0.02 SEEK Ltd 6,683 - - 6,683 94,480 0.01 Shopify Inc 'A' 2,299 386 318 2,367 2,201,935 0.25 Snap Inc 'A' 15,849 - - 15,849 323,248 0.04 TD Ameritrade Holding Corp 6,703 - - 6,703 218,847 0.03 Trend Micro Inc 2,400 - - 2,400 126,995 0.01 TripAdvisor Inc 2,097 1,543 3,640 - - 0.00 Twitter Inc 14,936 2,380 - 17,316 573,386 0.07 Uber Technologies Inc 4,310 17,326 - 21,636 595,585 0.07 United Internet AG RegS 2,470 - - 2,470 102,216 0.01 VeriSign Inc 2,383 - - 2,383 458,883 0.05 Wayfair Inc 'A' 1,152 - - 1,152 278,855 0.03 Wix.com Ltd 964 - - 964 254,737 0.03 Z Holdings Corp 57,000 - - 57,000 273,168 0.03 Zillow Group Inc 'C' 2,136 - - 2,136 132,890 0.02 ZOZO Inc 3,800 - 1,300 2,500 61,518 0.01 78,202,112 8.97 Investment companies EXOR NV 2,177 1,393 - 3,570 182,991 0.02 Groupe Bruxelles Lambert SA 1,619 - - 1,619 128,390 0.01 Industrivarden AB 'C' 3,098 - - 3,098 69,264 0.01 Investor AB 'B' 11,207 1,525 1,928 10,804 580,670 0.07 Kinnevik AB 4,713 - 4,713 - - 0.00 Kinnevik AB - 4,713 4,713 - - 0.00 Kinnevik AB 'B' - 4,713 - 4,713 150,384 0.02 L E Lundbergforetagen AB 'B' 1,680 - - 1,680 71,626 0.01 Melrose Industries Plc 118,583 - - 118,583 120,716 0.01 Sofina SA - 346 - 346 88,584 0.01 Wendel SE 569 - - 569 48,508 0.01 1,441,133 0.17

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [69] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Cosmetics & personal care Beiersdorf AG 2,027 1,453 864 2,616 284,645 0.03 Colgate-Palmolive Co 18,591 2,306 2,877 18,020 1,265,524 0.15 Coty Inc 'A' 8,894 826 9,720 - - 0.00 Essity AB 'B' 12,271 6,158 3,181 15,248 457,667 0.05 Estee Lauder Cos Inc 'A' 5,168 484 516 5,136 922,950 0.11 Kao Corp 11,300 - - 11,300 742,411 0.09 Kose Corp 600 - - 600 54,721 0.01 Lion Corp 4,500 - - 4,500 105,661 0.01 L'Oreal SA 5,758 350 558 5,550 1,689,580 0.19 Pigeon Corp 2,400 - - 2,400 84,560 0.01 Pola Orbis Holdings Inc 1,900 - - 1,900 28,494 0.00 Procter & Gamble Co 56,374 4,922 5,984 55,312 6,597,608 0.76 Shiseido Co Ltd 9,000 - - 9,000 453,000 0.05 Unicharm Corp 10,900 - - 10,900 446,222 0.05 Unilever NV 32,845 1,746 2,578 32,013 1,724,606 0.20 Unilever Plc 25,498 1,502 2,623 24,377 1,331,002 0.15 16,188,651 1.86 Agriculture Altria Group Inc 42,241 3,866 4,910 41,197 1,542,175 0.18 Archer-Daniels-Midland Co 13,334 - - 13,334 519,525 0.06 British American Tobacco Plc 51,691 4,994 4,008 52,677 1,587,793 0.18 Bunge Ltd 2,825 - - 2,825 111,637 0.01 Golden Agri-Resources Ltd 135,700 - 135,700 - - 0.00 Imperial Brands Plc 22,186 - - 22,186 338,008 0.04 Japan Tobacco Inc 26,100 - - 26,100 406,910 0.05 Philip Morris International Inc 34,983 3,450 3,138 35,295 2,466,205 0.28 Swedish Match AB 3,658 - - 3,658 256,123 0.03 7,228,376 0.83 Machinery - diversified ANDRITZ AG 1,462 - - 1,462 44,791 0.00 Atlas Copco AB 'A' 16,981 - 2,733 14,248 573,513 0.07 Atlas Copco AB 'B' 7,848 - - 7,848 275,973 0.03 CNH Industrial NV 29,788 8,924 11,738 26,974 167,831 0.02 Cognex Corp 3,482 - - 3,482 211,816 0.02 Daifuku Co Ltd 2,000 - - 2,000 163,476 0.02 Deere & Co 6,892 - - 6,892 1,105,402 0.13 Dover Corp 3,127 - - 3,127 292,798 0.03 Electrolux Professional AB 'B' - 4,838 4,838 - - 0.00 FANUC Corp 4,500 - - 4,500 685,502 0.08 Flowserve Corp 2,622 1,320 3,942 - - 0.00 GEA Group AG 3,672 - - 3,672 120,990 0.01 Hexagon AB 'B' 5,169 3,782 2,353 6,598 390,447 0.04 Husqvarna AB 'B' 7,715 - - 7,715 67,021 0.01 IDEX Corp 1,629 - - 1,629 244,247 0.03 Ingersoll Rand Inc - 8,076 - 8,076 232,083 0.03 Keyence Corp 2,000 2,700 700 4,000 1,521,874 0.17 KION Group AG 1,422 - - 1,422 99,735 0.01 Kone Oyj 'B' 8,579 1,252 1,600 8,231 595,360 0.07 Kubota Corp 21,800 12,500 6,600 27,700 358,330 0.04 Middleby Corp 1,156 598 1,754 - - 0.00 Nabtesco Corp 2,200 - - 2,200 60,004 0.01 Neles Oyj 2,086 1,547 3,633 - - 0.00

[70] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Nordson Corp - 1,252 - 1,252 220,534 0.03 Otis Worldwide Corp - 9,324 - 9,324 532,163 0.06 Rockwell Automation Inc 2,578 - - 2,578 511,583 0.06 SMC Corp 1,300 - - 1,300 615,968 0.07 Spirax-Sarco Engineering Plc 1,718 - - 1,718 211,485 0.02 Sumitomo Heavy Industries Ltd 2,300 - - 2,300 40,548 0.00 THK Co Ltd 2,400 - - 2,400 50,736 0.01 Westinghouse Air Brake Technologies Corp 4,233 - - 4,233 239,479 0.03 Xylem Inc 3,727 2,277 1,300 4,704 312,298 0.04 Yaskawa Electric Corp 5,100 - - 5,100 152,923 0.02 10,098,910 1.16 Media Altice USA Inc 'A' 3,338 - - 3,338 81,957 0.01 Axel Springer SE 893 - 893 - - 0.00 Axel Springer SE - 893 893 - - 0.00 Bollore SA 17,524 - - 17,524 53,348 0.01 Cable One Inc - 104 - 104 172,430 0.02 Charter Communications Inc 'A' 3,660 - 401 3,259 1,719,533 0.20 Comcast Corp 'A' 101,781 9,741 9,575 101,947 3,969,323 0.45 Discovery Inc 'A' 2,841 - - 2,841 54,532 0.01 Discovery Inc 'C' 9,297 - - 9,297 160,269 0.02 DISH Network Corp 'A' 4,571 - - 4,571 133,521 0.01 DISH Network Corp 'A' Rights - 247 247 - - 0.00 FactSet Research Systems Inc 892 - - 892 281,006 0.03 Fox Corp 'A' 7,925 - - 7,925 185,786 0.02 Fox Corp 'B' 3,538 - - 3,538 82,941 0.01 Informa Plc 32,918 - - 32,918 145,383 0.02 ITV Plc 72,524 - - 72,524 49,080 0.01 Liberty Broadband Corp 2,154 596 - 2,750 343,405 0.04 Liberty Global Plc 'A' 4,085 - - 4,085 86,976 0.01 Liberty Global Plc 'C' 11,379 - - 11,379 235,600 0.03 Liberty Media Corp-Liberty Formula One 'C' 4,051 - - 4,051 130,603 0.01 Liberty Media Corp-Liberty SiriusXM 'A' 1,711 - - 1,711 54,151 0.01 Liberty Media Corp-Liberty SiriusXM 'A' Rights - 499 499 - - 0.00 Liberty Media Corp-Liberty SiriusXM 'C' 3,598 499 - 4,097 130,409 0.01 News Corp 'A' 7,667 - - 7,667 88,718 0.01 Pearson Plc 16,462 - - 16,462 104,370 0.01 Quebecor Inc 'B' 4,170 - - 4,170 86,546 0.01 RTL Group SA 716 - 716 - - 0.00 Schibsted ASA 'B' 1,811 - - 1,811 54,293 0.01 Shaw Communications Inc 'B' 12,862 - - 12,862 214,008 0.02 Singapore Press Holdings Ltd 2,800 - 2,800 - - 0.00 Sirius XM Holdings Inc 48,569 - 26,643 21,926 117,283 0.01 Telenet Group Holding NV 975 - - 975 34,611 0.00 Thomson Reuters Corp 5,216 - - 5,216 331,069 0.04 Viacom Inc 'B' 7,415 - 7,415 - - 0.00 ViacomCBS Inc 'B' 6,953 15,468 9,080 13,341 316,394 0.04 Vivendi SA 20,455 - - 20,455 492,886 0.06 Walt Disney Co 40,561 3,718 3,730 40,549 4,313,616 0.49 Wolters Kluwer NV 5,976 - - 5,976 429,810 0.05 14,653,857 1.68 Metal fabricate & hardware Maruichi Steel Tube Ltd 1,300 - - 1,300 27,885 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [71] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) MISUMI Group Inc 5,700 - - 5,700 122,313 0.01 NSK Ltd 7,700 - - 7,700 46,375 0.01 SKF AB 'B' 7,599 - - 7,599 127,639 0.01 Tenaris SA 10,208 - - 10,208 54,158 0.01 378,370 0.04 Food a2 Milk Co Ltd 14,532 - - 14,532 183,524 0.02 Ajinomoto Co Inc 11,000 - - 11,000 180,202 0.02 Associated British Foods Plc 7,126 - - 7,126 150,172 0.02 Calbee Inc 1,600 - - 1,600 46,186 0.01 Campbell Soup Co 3,651 - - 3,651 164,638 0.02 Carrefour SA 11,714 5,186 - 16,900 245,426 0.03 Casino Guichard Perrachon SA 1,027 - - 1,027 26,072 0.00 Coles Group Ltd 32,360 7,542 9,440 30,462 361,095 0.04 Colruyt SA 1,116 - - 1,116 59,497 0.01 Conagra Brands Inc 10,901 - - 10,901 371,378 0.04 Dairy Farm International Holdings Ltd 10,000 - - 10,000 38,935 0.00 Danone SA 13,144 2,437 1,228 14,353 872,967 0.10 Empire Co Ltd 'A' 3,201 - - 3,201 74,804 0.01 General Mills Inc 13,966 - - 13,966 803,837 0.09 George Weston Ltd 1,614 - - 1,614 110,895 0.01 Hershey Co 3,064 1,187 679 3,572 472,502 0.05 Hormel Foods Corp 7,853 - 1,500 6,353 293,936 0.03 ICA Gruppen AB 1,489 - - 1,489 66,721 0.01 Ingredion Inc 1,441 - - 1,441 113,391 0.01 J Sainsbury Plc 32,770 - - 32,770 73,226 0.01 Jardine Strategic Holdings Ltd 4,500 - - 4,500 82,692 0.01 Jeronimo Martins SGPS SA 5,053 - - 5,053 77,702 0.01 JM Smucker Co 2,378 - - 2,378 236,553 0.03 Just Eat Takeaway.com NV - 2,558 - 2,558 252,495 0.03 Kellogg Co 6,576 1,489 2,587 5,478 343,800 0.04 Kerry Group Plc 'A' 3,161 859 - 4,020 484,332 0.06 Kikkoman Corp 2,900 - - 2,900 122,637 0.01 Koninklijke Ahold Delhaize NV 24,644 4,125 3,949 24,820 653,334 0.08 Kraft Heinz Co 14,157 - - 14,157 442,767 0.05 Kroger Co 18,027 - - 18,027 570,527 0.07 Lamb Weston Holdings Inc 3,038 - - 3,038 166,041 0.02 Loblaw Cos Ltd 4,361 - - 4,361 205,809 0.02 McCormick & Co Inc 2,973 - - 2,973 527,115 0.06 MEIJI Holdings Co Ltd 3,500 1,100 1,500 3,100 220,314 0.03 METRO AG 3,318 - - 3,318 27,669 0.00 Metro Inc 4,849 4,210 2,392 6,667 266,053 0.03 Mondelez International Inc 'A' 33,082 3,139 4,481 31,740 1,602,212 0.18 Mowi ASA 12,725 - - 12,725 208,852 0.02 NH Foods Ltd 2,000 - - 2,000 79,587 0.01 Nisshin Seifun Group Inc 3,700 - - 3,700 51,413 0.01 Nissin Foods Holdings Co Ltd 1,200 - - 1,200 97,879 0.01 Ocado Group Plc 10,608 - - 10,608 260,028 0.03 Orkla ASA 16,419 - - 16,419 147,244 0.02 Saputo Inc 7,169 - - 7,169 159,596 0.02 Seven & i Holdings Co Ltd 17,300 - - 17,300 477,210 0.05 Sysco Corp 11,436 1,126 1,262 11,300 543,277 0.06 Tesco Plc 231,776 - - 231,776 600,794 0.07

[72] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Toyo Suisan Kaisha Ltd 1,700 - - 1,700 93,611 0.01 Tyson Foods Inc 'A' 6,138 1,144 1,112 6,170 344,910 0.04 WH Group Ltd 176,000 112,500 95,000 193,500 156,490 0.02 Wilmar International Ltd 65,900 - - 65,900 201,973 0.02 Wm Morrison Supermarkets Plc 44,688 - - 44,688 99,697 0.01 Woolworths Group Ltd 30,034 3,403 3,816 29,621 747,471 0.09 Yakult Honsha Co Ltd 3,000 - - 3,000 155,130 0.02 Yamazaki Baking Co Ltd 2,400 - - 2,400 36,508 0.00 15,453,126 1.77 Food Service Aramark 4,918 - - 4,918 94,489 0.01 Compass Group Plc 35,731 - - 35,731 448,166 0.05 Sodexo SA 1,817 - - 1,817 113,913 0.02 656,568 0.08 Private equity 3i Group Plc 21,090 - - 21,090 224,011 0.03 Apollo Global Management Inc - 3,946 - 3,946 176,253 0.02 Blackstone Group Inc 'A' - 15,739 - 15,739 762,851 0.09 Brookfield Asset Management Inc 'A' 19,099 13,540 1,757 30,882 907,293 0.10 Eurazeo SE 885 - - 885 42,155 0.00 KKR & Co Inc 10,326 - - 10,326 332,250 0.04 Onex Corp 1,637 - - 1,637 66,193 0.01 2,511,006 0.29 Aerospace & defence Airbus SE 13,122 724 1,028 12,818 855,030 0.10 BAE Systems Plc 78,758 12,788 13,598 77,948 456,222 0.05 Boeing Co 12,095 838 926 12,007 1,725,797 0.20 Bombardier Inc 'B' 38,681 2,764 41,445 - - 0.00 CAE Inc 5,395 - - 5,395 73,242 0.01 Dassault Aviation SA 48 - - 48 36,402 0.00 Elbit Systems Ltd 439 - - 439 56,108 0.01 General Dynamics Corp 5,678 - - 5,678 757,953 0.09 HEICO Corp 996 - - 996 87,091 0.01 HEICO Corp 'A' 1,765 - - 1,765 122,910 0.01 Howmet Aerospace Inc 12,826 12,243 15,865 9,204 123,751 0.01 IHI Corp 3,100 100 3,200 - - 0.00 Kawasaki Heavy Industries Ltd 3,000 - - 3,000 37,015 0.01 L3Harris Technologies Inc 4,585 478 - 5,063 775,296 0.09 Leonardo SpA 1,936 - - 1,936 11,267 0.00 Lockheed Martin Corp 5,731 474 408 5,797 1,998,510 0.23 Meggitt Plc 15,543 2,944 18,487 - - 0.00 MTU Aero Engines AG 1,503 - 374 1,129 178,348 0.02 Northrop Grumman Corp 3,731 268 492 3,507 1,036,885 0.12 Raytheon Co 6,435 - 6,435 - - 0.00 Raytheon Technologies Corp 18,469 36,262 21,019 33,712 1,738,251 0.20 Rolls Royce Hldgs Plc (Pref) - 1,908,862 1,908,862 - - 0.00 Rolls-Royce Holdings Plc 41,497 - - 41,497 114,750 0.01 Safran SA 7,495 572 613 7,454 717,167 0.08 Spirit AeroSystems Holdings Inc 'A' 2,379 1,774 4,153 - - 0.00 Teledyne Technologies Inc - 866 - 866 241,618 0.03 Thales SA 2,864 - - 2,864 189,042 0.02 TransDigm Group Inc 1,042 175 176 1,041 408,705 0.05 11,741,360 1.35

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [73] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Pipelines AltaGas Ltd 8,141 - - 8,141 92,774 0.01 APA Group 23,719 - - 23,719 170,215 0.02 Cheniere Energy Inc 5,528 - - 5,528 248,826 0.03 Enbridge Inc 45,581 2,940 4,072 44,449 1,294,109 0.15 Inter Pipeline Ltd 7,509 4,838 - 12,347 105,235 0.01 Keyera Corp 4,019 - - 4,019 55,571 0.01 Kinder Morgan Inc 45,937 - - 45,937 589,223 0.07 Koninklijke Vopak NV 1,300 - - 1,300 64,817 0.01 ONEOK Inc 8,920 1,316 1,423 8,813 223,760 0.02 Pembina Pipeline Corp 10,179 4,973 2,822 12,330 272,565 0.03 Plains GP Holdings LP 'A' 2,744 - 2,744 - - 0.00 Targa Resources Corp 6,561 3,236 9,797 - - 0.00 TC Energy Corp 19,852 3,710 1,972 21,590 895,146 0.10 Williams Cos Inc 28,234 - - 28,234 491,344 0.06 4,503,585 0.52 Shipbuilding Huntington Ingalls Industries Inc 911 - - 911 143,960 0.02 Wartsila Oyj Abp 8,907 - - 8,907 67,836 0.01 Yangzijiang Shipbuilding Holdings Ltd 42,300 - - 42,300 25,676 0.00 237,472 0.03 Software Activision Blizzard Inc 16,335 3,173 1,863 17,645 1,326,348 0.15 Adobe Inc 10,991 932 1,094 10,829 4,377,059 0.50 Akamai Technologies Inc 3,441 1,042 1,160 3,323 339,899 0.04 ANSYS Inc 1,799 - - 1,799 508,313 0.06 Autodesk Inc 4,663 1,106 897 4,872 1,047,872 0.12 AVEVA Group Plc - 1,929 - 1,929 95,490 0.01 Black Knight Inc - 3,559 - 3,559 242,563 0.03 BlackBerry Ltd 10,116 - - 10,116 43,625 0.01 Broadridge Financial Solutions Inc 2,431 710 823 2,318 283,281 0.03 Cadence Design Systems Inc 6,240 - - 6,240 620,161 0.07 CDK Global Inc 2,536 - - 2,536 104,876 0.01 Cerner Corp 5,988 1,379 - 7,367 465,437 0.05 Citrix Systems Inc 3,042 - 511 2,531 328,698 0.04 Constellation Software Inc 429 - - 429 461,604 0.05 Coupa Software Inc - 1,518 - 1,518 423,184 0.05 Dassault Systemes SE 2,663 654 645 2,672 442,933 0.05 Datadog Inc 'A' - 2,400 - 2,400 204,923 0.02 DocuSign Inc 2,379 1,502 - 3,881 765,528 0.09 Dropbox Inc 'A' 4,446 - - 4,446 92,013 0.01 Dynatrace Inc - 3,489 - 3,489 132,766 0.02 Electronic Arts Inc 7,306 - 1,027 6,279 808,934 0.09 Fair Isaac Corp - 665 - 665 265,688 0.03 Fidelity National Information Services Inc 14,122 1,281 1,314 14,089 1,875,221 0.22 Fiserv Inc 12,335 1,781 874 13,242 1,202,095 0.14 Guidewire Software Inc - 1,955 - 1,955 209,254 0.02 Intuit Inc 5,672 701 369 6,004 1,673,344 0.19 Jack Henry & Associates Inc 1,558 1,121 1,044 1,635 265,196 0.03 Konami Holdings Corp 1,800 - - 1,800 49,791 0.01 Micro Focus International Plc 6,185 - 6,185 - - 0.00 Micro Focus International Plc ADR 1,035 - 1,035 - - 0.00 Microsoft Corp 164,250 13,870 15,785 162,335 30,275,088 3.47

[74] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) MongoDB Inc 738 625 447 916 190,889 0.02 MSCI Inc 1,900 - - 1,900 649,855 0.08 Nemetschek SE - 1,315 - 1,315 88,269 0.01 Nexon Co Ltd 15,100 - - 15,100 354,682 0.04 Open Text Corp 7,806 - 2,330 5,476 224,215 0.03 Oracle Corp 56,614 1,848 7,747 50,715 2,558,210 0.29 Oracle Corp Japan 800 - - 800 87,279 0.01 Paychex Inc 7,834 1,107 1,175 7,766 508,095 0.06 Paycom Software Inc 1,160 - - 1,160 300,082 0.03 PTC Inc 2,322 - - 2,322 180,730 0.02 RingCentral Inc 'A' - 1,708 - 1,708 451,012 0.05 Sage Group Plc 21,613 10,874 10,833 21,654 188,583 0.02 salesforce.com Inc 17,706 2,357 1,283 18,780 3,328,850 0.38 SAP SE 22,148 3,720 2,096 23,772 3,421,025 0.39 ServiceNow Inc 3,952 719 356 4,315 1,724,016 0.20 Slack Technologies Inc 'A' - 7,009 - 7,009 188,413 0.02 Splunk Inc 3,683 - - 3,683 702,986 0.08 Square Enix Holdings Co Ltd - 2,400 - 2,400 116,464 0.01 SS&C Technologies Holdings Inc 5,228 - - 5,228 273,465 0.03 Synopsys Inc 3,278 - - 3,278 594,073 0.07 Tableau Software Inc 'A' 1,669 - 1,669 - - 0.00 Take-Two Interactive Software Inc 2,971 - 473 2,498 372,724 0.04 TeamViewer AG - 2,961 - 2,961 145,723 0.02 TIS Inc - 5,100 - 5,100 99,696 0.01 Twilio Inc 'A' 2,190 772 364 2,598 655,655 0.08 Tyler Technologies Inc - 918 - 918 298,341 0.03 Ubisoft Entertainment SA 2,070 - - 2,070 157,609 0.02 Veeva Systems Inc 'A' 3,080 - - 3,080 741,292 0.09 VMware Inc 'A' 1,990 - - 1,990 253,823 0.03 WiseTech Global Ltd - 6,034 - 6,034 81,289 0.01 Workday Inc 'A' 3,288 551 - 3,839 631,834 0.07 Zoom Video Communications Inc 'A' - 2,468 - 2,468 570,063 0.07 69,070,426 7.92 Toys, games & hobbies Bandai Namco Holdings Inc 4,000 1,800 1,700 4,100 205,344 0.02 Hasbro Inc 3,339 - - 3,339 221,008 0.03 Nintendo Co Ltd 2,500 300 300 2,500 998,923 0.11 1,425,275 0.16 Telecommunications 1&1 Drillisch AG 990 - 990 - - 0.00 Altice Europe NV - 19,596 - 19,596 84,530 0.01 Arista Networks Inc 1,330 - - 1,330 314,296 0.04 AT&T Inc 163,962 16,471 18,471 161,962 4,358,224 0.50 BCE Inc 3,069 - - 3,069 117,052 0.01 BT Group Plc 196,173 - - 196,173 230,901 0.03 CenturyLink Inc 24,428 - - 24,428 214,444 0.02 Cisco Systems Inc 99,201 6,021 10,227 94,995 4,070,239 0.47 CommScope Holding Co Inc 3,882 - 3,882 - - 0.00 Corning Inc 18,344 - - 18,344 517,314 0.06 Deutsche Telekom AG RegS 75,110 - - 75,110 1,144,494 0.13 Elisa Oyj 2,856 - - 2,856 155,026 0.02 Eutelsat Communications SA 3,501 - 3,501 - - 0.00 Hikari Tsushin Inc 400 400 500 300 58,851 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [75] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) HKT Trust & HKT Ltd 76,000 - - 76,000 101,874 0.01 Juniper Networks Inc 7,629 - - 7,629 176,140 0.02 KDDI Corp 40,100 3,600 4,900 38,800 1,087,968 0.12 Koninklijke KPN NV 68,677 32,267 32,725 68,219 161,006 0.02 Millicom International Cellular SA SDR 1,330 - 1,330 - - 0.00 Motorola Solutions Inc 3,994 529 606 3,917 498,149 0.06 Nice Ltd 1,214 606 - 1,820 336,849 0.04 Nippon Telegraph & Telephone Corp 13,900 15,700 2,000 27,600 580,258 0.07 Nokia Oyj 130,914 - - 130,914 571,757 0.07 NTT DOCOMO Inc 31,300 3,400 8,300 26,400 660,425 0.08 Orange SA 44,613 - - 44,613 475,688 0.05 PCCW Ltd 78,000 - - 78,000 40,009 0.00 Proximus SADP 3,056 - - 3,056 57,562 0.01 Rogers Communications Inc 'B' 8,918 - - 8,918 331,292 0.04 SES SA 7,347 - - 7,347 47,388 0.01 Singapore Telecommunications Ltd 204,400 - 42,000 162,400 267,180 0.03 Softbank Corp 37,700 - - 37,700 458,822 0.05 SoftBank Group Corp 37,200 2,100 4,300 35,000 1,986,016 0.23 Spark New Zealand Ltd 36,806 - - 36,806 109,960 0.01 Sprint Corp 16,064 - 16,064 - - 0.00 Tele2 AB 'B' 14,577 - - 14,577 188,129 0.02 Telecom Italia SpA 229,837 - - 229,837 84,260 0.01 Telecom Italia SpA (Pref) 121,026 - - 121,026 44,108 0.00 Telefonaktiebolaget LM Ericsson 'B' 71,586 - 7,232 64,354 674,880 0.08 Telefonica Deutschland Holding AG 13,735 - - 13,735 34,352 0.00 Telefonica SA 98,283 32,759 13,571 117,471 448,346 0.05 Telefonica SA - 4,698 4,698 - - 0.00 Telefonica SA Rights - 112,773 112,773 - - 0.00 Telenor ASA 19,525 - - 19,525 275,559 0.03 Telia Co AB 72,401 - - 72,401 256,705 0.03 Telstra Corp Ltd 83,786 75,368 41,345 117,809 257,473 0.03 TELUS Corp 909 909 - 1,818 28,681 0.00 TELUS Corp 3,022 3,022 - 6,044 95,352 0.01 T-Mobile US Inc 7,401 6,391 1,298 12,494 1,220,459 0.14 T-Mobile US Inc Rights - 9,816 9,816 - - 0.00 TPG Corp Ltd 7,003 - 7,003 - - 0.00 TPG Telecom Ltd - 7,003 - 7,003 36,732 0.00 Tuas Ltd - 3,501 3,501 - - 0.00 Verizon Communications Inc 93,117 8,601 9,050 92,668 4,845,569 0.56 Vodafone Group Plc 602,249 50,105 65,400 586,954 809,858 0.09 Zayo Group Holdings Inc 3,710 2,855 6,565 - - 0.00 28,514,177 3.27 Textiles Mohawk Industries Inc 1,269 - - 1,269 92,180 0.01 Teijin Ltd 3,800 - - 3,800 49,664 0.01 141,844 0.02 Transportation AP Moller - Maersk A/S 'A' 78 - - 78 84,321 0.01 AP Moller - Maersk A/S 'B' 132 - - 132 153,965 0.02 Aurizon Holdings Ltd 41,268 - - 41,268 119,807 0.01 Canadian National Railway Co 16,492 1,961 2,428 16,025 1,423,948 0.16 Canadian Pacific Railway Ltd 3,410 326 426 3,310 828,071 0.10 Central Japan Railway Co 3,400 - - 3,400 371,667 0.04

[76] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) CH Robinson Worldwide Inc 3,877 1,332 2,568 2,641 225,164 0.03 ComfortDelGro Corp Ltd 95,500 53,000 148,500 - - 0.00 CSX Corp 17,168 1,496 1,780 16,884 1,095,738 0.13 Deutsche Post AG RegS 21,746 - - 21,746 801,431 0.09 DSV PANALPINA A/S 4,009 910 - 4,919 615,952 0.07 East Japan Railway Co 6,700 1,000 1,100 6,600 344,750 0.04 Expeditors International of Washington Inc 3,628 - - 3,628 278,916 0.03 FedEx Corp 5,668 - - 5,668 868,301 0.10 Getlink SE 9,389 - - 9,389 128,572 0.02 Hankyu Hanshin Holdings Inc 4,900 - - 4,900 127,111 0.01 JB Hunt Transport Services Inc 1,757 - - 1,757 206,826 0.02 Kamigumi Co Ltd 2,100 - - 2,100 34,655 0.00 Kansas City Southern 2,117 751 663 2,205 344,712 0.04 Keihan Holdings Co Ltd 1,900 - - 1,900 69,968 0.01 Keikyu Corp 4,700 - - 4,700 55,603 0.01 Keio Corp 2,300 - - 2,300 103,695 0.01 Keisei Electric Railway Co Ltd 2,500 - - 2,500 55,216 0.01 Kintetsu Group Holdings Co Ltd 3,600 - - 3,600 126,995 0.01 Knight-Swift Transportation Holdings Inc 2,676 - - 2,676 105,870 0.01 Kyushu Railway Co 3,100 - - 3,100 55,425 0.01 Mitsui OSK Lines Ltd 2,300 - 2,300 - - 0.00 MTR Corp Ltd 47,500 17,000 24,500 40,000 180,762 0.02 Nagoya Railroad Co Ltd 3,700 - - 3,700 84,871 0.01 Nippon Express Co Ltd 1,600 - - 1,600 68,970 0.01 Nippon Yusen KK 3,200 - - 3,200 37,445 0.00 Norfolk Southern Corp 5,896 551 605 5,842 1,021,494 0.12 Odakyu Electric Railway Co Ltd 6,000 - - 6,000 113,366 0.01 Old Dominion Freight Line Inc 1,241 1,772 938 2,075 345,096 0.04 Poste Italiane SpA 11,114 - - 11,114 92,679 0.01 Seibu Holdings Inc 4,500 - - 4,500 36,472 0.00 SG Holdings Co Ltd 3,900 - - 3,900 129,860 0.02 Tobu Railway Co Ltd 3,900 - - 3,900 98,855 0.01 Tokyu Corp 10,700 - - 10,700 107,897 0.01 Union Pacific Corp 16,290 1,078 1,903 15,465 2,438,776 0.28 United Parcel Service Inc 'B' 15,545 1,829 1,700 15,674 2,035,563 0.23 West Japan Railway Co 4,600 - 1,200 3,400 132,460 0.02 XPO Logistics Inc 2,290 - - 2,290 156,283 0.02 Yamato Holdings Co Ltd 7,000 - - 7,000 162,314 0.02 15,869,842 1.82 Environmental control Kurita Water Industries Ltd 1,800 - - 1,800 43,814 0.00 Pentair Plc 3,456 - - 3,456 134,717 0.02 Republic Services Inc 4,734 1,039 1,149 4,624 367,013 0.04 Waste Connections Inc 6,451 942 1,121 6,272 584,086 0.07 Waste Management Inc 9,866 - - 9,866 983,671 0.11 2,113,301 0.24 Entertainment Aristocrat Leisure Ltd 14,883 - - 14,883 254,196 0.03 Evolution Gaming Group AB - 2,896 - 2,896 180,294 0.02 Flutter Entertainment Plc 1,607 1,056 0 2,663 366,524 0.05 Genting Singapore Ltd 121,500 - - 121,500 59,242 0.01 GVC Holdings Plc 15,957 - - 15,957 126,622 0.01 Live Nation Entertainment Inc 2,899 2,701 1,488 4,112 175,102 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [77] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Merlin Entertainments Plc 13,163 - 13,163 - - 0.00 Oriental Land Co Ltd 4,400 - - 4,400 479,655 0.05 Sankyo Co Ltd 1,200 1,000 2,200 - - 0.00 Sega Sammy Holdings Inc 3,200 - - 3,200 32,736 0.00 Stars Group Inc 4,572 - 4,572 - - 0.00 Tabcorp Holdings Ltd 38,574 - - 38,574 89,589 0.01 Toho Co Ltd 2,200 - - 2,200 59,342 0.01 Vail Resorts Inc 805 - - 805 140,625 0.02 1,963,927 0.23 Packaging & containers Amcor Plc 32,415 9,449 6,902 34,962 327,591 0.04 Ball Corp 7,056 - - 7,056 472,619 0.05 CCL Industries Inc 'B' 2,823 - - 2,823 85,430 0.01 Crown Holdings Inc 2,713 - - 2,713 176,661 0.02 Packaging Corp of America 1,893 894 899 1,888 165,087 0.02 Sealed Air Corp 3,815 - - 3,815 123,828 0.01 Toyo Seikan Group Holdings Ltd 3,000 2,200 5,200 - - 0.00 Westrock Co 5,100 - - 5,100 124,616 0.02 1,475,832 0.17 Insurance Admiral Group Plc 3,989 - - 3,989 114,307 0.01 Aegon NV 35,463 - - 35,463 95,600 0.01 Aflac Inc 17,844 - 1,861 15,983 517,178 0.06 Ageas SA 3,794 - - 3,794 129,989 0.01 AIA Group Ltd 272,200 19,800 17,000 275,000 2,261,133 0.26 Alleghany Corp 302 - - 302 143,497 0.02 Allianz SE RegS 9,663 416 756 9,323 1,767,300 0.20 Allstate Corp 7,361 885 930 7,316 628,200 0.07 American Financial Group Inc 1,502 - - 1,502 83,034 0.01 American International Group Inc 20,347 1,814 2,249 19,912 582,182 0.07 AMP Ltd 58,727 - - 58,727 56,129 0.01 AO Smith Corp 4,446 - - 4,446 150,740 0.02 Aon Plc 5,329 529 5,858 - - 0.00 Aon Plc 'A' - 5,283 - 5,283 986,276 0.11 Arch Capital Group Ltd 8,235 2,501 2,445 8,291 231,926 0.03 Arthur J Gallagher & Co 4,801 905 1,082 4,624 452,152 0.05 Assicurazioni Generali SpA 23,504 5,485 - 28,989 394,790 0.05 Assurant Inc 1,189 - - 1,189 116,243 0.01 Athene Holding Ltd 'A' 4,093 - - 4,093 120,080 0.01 Aviva Plc 79,596 17,588 - 97,184 305,987 0.03 AXA SA 44,076 3,943 5,557 42,462 770,301 0.09 Berkshire Hathaway Inc 'B' 29,388 4,426 2,676 31,138 5,545,711 0.64 Brighthouse Financial Inc 1,683 - 1,683 - - 0.00 Brown & Brown Inc - 5,494 - 5,494 227,254 0.03 Challenger Ltd 11,671 8,471 20,142 - - 0.00 Chubb Ltd 10,450 596 989 10,057 1,164,100 0.13 Cincinnati Financial Corp 3,227 918 934 3,211 227,637 0.03 CNP Assurances 3,178 - - 3,178 34,836 0.00 Dai-ichi Life Holdings Inc 26,900 - - 26,900 284,680 0.03 Direct Line Insurance Group Plc 27,490 - - 27,490 97,286 0.01 Equitable Holdings Inc 4,956 14,724 9,840 9,840 183,147 0.02 Erie Indemnity Co 'A' 593 - - 593 113,350 0.01 Everest Re Group Ltd 873 - - 873 173,756 0.02

[78] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Fairfax Financial Holdings Ltd 769 - 220 549 156,475 0.02 Fidelity National Financial Inc 5,606 2,069 2,108 5,567 163,881 0.02 Gjensidige Forsikring ASA 3,714 - - 3,714 69,367 0.01 Globe Life Inc 2,222 2,222 2,222 2,222 160,900 0.02 Great-West Lifeco Inc 5,955 - - 5,955 95,768 0.01 Hannover Rueck SE 1,210 - - 1,210 186,653 0.02 Hartford Financial Services Group Inc 7,313 1,687 1,627 7,373 283,849 0.03 iA Financial Corp Inc 2,136 - - 2,136 68,223 0.01 Insurance Australia Group Ltd 63,866 - - 63,866 212,078 0.02 Intact Financial Corp 2,647 1,025 - 3,672 364,690 0.04 Japan Post Holdings Co Ltd 38,600 - - 38,600 238,225 0.03 Japan Post Insurance Co Ltd - 6,400 - 6,400 76,872 0.01 Legal & General Group Plc 120,702 63,997 28,219 156,480 399,825 0.05 Loews Corp 5,744 1,948 2,001 5,691 188,498 0.02 M&G Plc - 58,430 - 58,430 112,041 0.01 Manulife Financial Corp 44,853 - - 44,853 546,779 0.06 Mapfre SA 28,385 - - 28,385 46,595 0.01 Markel Corp 275 162 90 347 329,726 0.04 Marsh & McLennan Cos Inc 11,391 942 1,102 11,231 1,191,284 0.14 Medibank Pvt Ltd 55,379 - - 55,379 101,883 0.01 MetLife Inc 18,115 - - 18,115 623,738 0.07 MS&AD Insurance Group Holdings Inc 9,700 5,900 3,200 12,400 281,234 0.03 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen RegS 3,486 - 354 3,132 757,386 0.09 NN Group NV 8,316 - - 8,316 277,316 0.03 Power Corp of Canada 7,076 5,258 - 12,334 199,108 0.02 Power Financial Corp 5,008 - 5,008 - - 0.00 Principal Financial Group Inc 5,842 - - 5,842 225,493 0.03 Progressive Corp 13,153 1,200 1,526 12,827 1,054,152 0.12 Prudential Financial Inc 9,650 - 1,082 8,568 493,925 0.06 Prudential Plc 58,430 - - 58,430 771,244 0.09 QBE Insurance Group Ltd 27,582 14,563 - 42,145 272,476 0.03 Reinsurance Group of America Inc 1,296 - - 1,296 100,507 0.01 RenaissanceRe Holdings Ltd 810 978 631 1,157 189,854 0.02 RSA Insurance Group Plc 20,443 - - 20,443 104,737 0.01 Sampo Oyj 'A' 10,785 - - 10,785 355,822 0.04 SCOR SE 3,466 - - 3,466 81,280 0.01 Sompo Holdings Inc 7,100 2,300 2,500 6,900 205,115 0.02 Sony Financial Holdings Inc 3,200 - 3,200 - - 0.00 Sun Life Financial Inc 12,374 2,489 2,185 12,678 449,531 0.05 Suncorp Group Ltd 35,274 34,251 35,274 34,251 191,050 0.02 Suncorp Group Ltd - 34,251 34,251 - - 0.00 T&D Holdings Inc 10,600 - - 10,600 78,708 0.01 Tokio Marine Holdings Inc 15,500 1,700 3,600 13,600 519,075 0.06 Travelers Cos Inc 5,662 666 744 5,584 581,227 0.07 Tryg A/S 2,225 - - 2,225 59,804 0.01 Unum Group 4,725 3,514 8,239 - - 0.00 Voya Financial Inc 3,616 - - 3,616 162,500 0.02 Willis Towers Watson Plc 3,143 - 479 2,664 508,947 0.06 WR Berkley Corp 2,926 - - 2,926 164,365 0.02 31,661,007 3.63 Distribution & wholesale Bunzl Plc 9,592 - - 9,592 251,729 0.03 Copart Inc 4,628 - - 4,628 392,591 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [79] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Fastenal Co 11,558 3,364 2,857 12,065 516,289 0.06 Ferguson Plc 6,073 - 1,169 4,904 397,691 0.05 HD Supply Holdings Inc 3,843 - - 3,843 122,709 0.01 ITOCHU Corp 28,600 8,800 4,600 32,800 649,085 0.07 Jardine Cycle & Carriage Ltd 1,855 - - 1,855 24,612 0.00 LKQ Corp 6,201 - - 6,201 159,021 0.02 Marubeni Corp 33,100 - - 33,100 138,124 0.02 Mitsubishi Corp 30,500 - - 30,500 556,203 0.06 Mitsui & Co Ltd 40,000 5,200 5,700 39,500 534,936 0.06 Sumitomo Corp 24,600 12,800 6,700 30,700 309,047 0.04 Toyota Tsusho Corp 4,300 - - 4,300 98,338 0.01 WW Grainger Inc 1,080 - - 1,080 335,545 0.04 4,485,920 0.51 Water American Water Works Co Inc 3,630 1,537 836 4,331 580,231 0.07 Essential Utilities Inc - 10,270 5,135 5,135 211,844 0.02 Severn Trent Plc 4,724 - - 4,724 138,189 0.02 Suez SA 7,383 - - 7,383 88,832 0.01 United Utilities Group Plc 13,636 - - 13,636 146,530 0.02 Veolia Environnement SA 13,476 - - 13,476 279,925 0.03 1,445,551 0.17 Advertising Dentsu Group Inc 6,600 - - 6,600 133,334 0.02 Hakuhodo DY Holdings Inc 4,300 - - 4,300 42,768 0.00 Interpublic Group of Cos Inc 8,824 - - 8,824 144,891 0.02 JCDecaux SA 1,369 - - 1,369 21,015 0.00 Omnicom Group Inc 4,636 - - 4,636 226,599 0.03 Publicis Groupe SA 5,664 - - 5,664 166,031 0.02 Trade Desk Inc 'A' - 931 - 931 382,237 0.04 WPP Plc 33,135 - 7,995 25,140 170,495 0.02 1,287,370 0.15 Hand & machine tools Amada Co Ltd 6,800 - - 6,800 41,482 0.00 Disco Corp 600 - - 600 129,937 0.02 Fuji Electric Co Ltd 2,400 - - 2,400 59,264 0.01 Makita Corp 4,500 - - 4,500 156,227 0.02 Snap-on Inc 1,155 - - 1,155 153,266 0.02 Stanley Black & Decker Inc 3,812 700 1,204 3,308 461,384 0.05 Techtronic Industries Co Ltd 28,000 13,500 13,500 28,000 266,048 0.03 1,267,608 0.15 Total shares 865,652,272 99.32 Collective investment schemes Diversified financial services BlackRock ICS Euro Liquidity Fund 18,450 7,350 25,800 - - 0.00 BlackRock ICS Sterling Liquidity Fund - 590,334 590,334 - - 0.00 BlackRock ICS US Dollar Liquidity Fund 9,480,437 21,151,472 29,336,090 1,295,818 1,178,806 0.13 1,178,806 0.13 Real estate investment trust Ascendas (REIT) 50,600 8,096 - 58,696 137,841 0.02 Ascendas (REIT) Rights - 8,096 8,096 - - 0.00 British Land Co Plc (REIT) 19,435 - - 19,435 84,954 0.01 First Capital (REIT) - 2,891 2,891 - - 0.00

[80] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Collective investment schemes (continued) Mapletree Logistics Trust (REIT) - 74,500 - 74,500 105,269 0.01 Suntec (REIT) 50,600 - - 50,600 44,980 0.00 United Urban Investment Corp (REIT) 62 - - 62 54,892 0.01 427,936 0.05 Total collective investment schemes 1,606,742 0.18 Total securities traded on an official stock exchange 867,259,014 99.50 Total securities 867,259,014 99.50

Derivative financial instruments Index Futures EURO STOXX 50 Index Futures September 2019 72 4 76 - - 0.00 EURO STOXX 50 Index Futures December 2019 - 51 51 - - 0.00 EURO STOXX 50 Index Futures March 2020 - 52 52 - - 0.00 EURO STOXX 50 Index Futures June 2020 - 32 32 - - 0.00 EURO STOXX 50 Index Futures September 2020 - 13 - 13 10,448 0.00 FTSE 100 Index Futures September 2019 18 1 19 - - 0.00 FTSE 100 Index Futures December 2019 - 15 15 - - 0.00 FTSE 100 Index Futures March 2020 - 17 17 - - 0.00 FTSE 100 Index Futures June 2020 - 9 9 - - 0.00 FTSE 100 Index Futures September 2020 - 5 - 5 (10,310) 0.00 S+P 500 E-Mini Index Futures September 2019 70 7 77 - - 0.00 S+P 500 E-Mini Index Futures December 2019 - 62 62 - - 0.00 S+P 500 E-Mini Index Futures March 2020 - 59 59 - - 0.00 S+P 500 E-Mini Index Futures June 2020 - 37 37 - - 0.00 S+P 500 E-Mini Index Futures September 2020 - 19 - 19 181,045 0.02 Topix Index Futures September 2019 10 - 10 - - 0.00 Topix Index Futures December 2019 - 8 8 - - 0.00 Topix Index Futures March 2020 - 10 10 - - 0.00 Topix Index Futures June 2020 - 5 5 - - 0.00 Topix Index Futures September 2020 - 3 - 3 (27,834) 0.00 153,349 0.02 Warrants Occidental Petroleum Corp 03.08.2027 - 2,560 - 2,560 13,041 0.00 13,041 0.00 Total derivative financial instruments 166,390 0.02 Total investments 867,425,404 99.52

Sight deposits 2,494,840 0.29 Other assets 1,669,585 0.19 Total sub-fund assets 871,589,829 100.00 Other liabilities (316,643) (0.04) Net sub-fund assets 871,273,186 99.96 1Inclusive of corporate actions where applicable.

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [81] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Energy - alternate sources Ballard Power Systems Inc 17,355 - - 17,355 224,295 0.04 Ceres Power Holdings Plc - 9,079 - 9,079 47,968 0.01 Clean Energy Fuels Corp 20,896 - - 20,896 45,242 0.01 Energix-Renewable Energies Ltd - 18,251 - 18,251 73,297 0.01 Enphase Energy Inc 7,820 1,131 - 8,951 491,495 0.09 ERG SpA 5,515 - - 5,515 122,093 0.02 Falck Renewables SpA 27,649 - 13,073 14,576^ 86,552 0.02 First Solar Inc 7,269 1,201 - 8,470 458,842 0.08 FutureFuel Corp 2,364 - - 2,364 28,344 0.01 Green Plains Inc 3,710 - 3,710 - - 0.00 Infigen Energy 136,911 - - 136,911 82,174 0.02 ITM Power Plc - 32,731 - 32,731 94,183 0.02 John Laing Group Plc 58,118 - - 58,118 204,844 0.04 NEL ASA 131,836 1,557 - 133,393^ 249,476 0.05 NEL ASA Rights - 1,557 1,557 - - 0.00 NextEra Energy Partners LP 5,662 - - 5,662 320,375 0.06 Nordex SE 7,055 - - 7,055^ 66,595 0.01 Pattern Energy Group Inc 'A' 8,121 3,566 11,687 - - 0.00 Plug Power Inc 20,323 16,712 - 37,035 259,756 0.05 PowerCell Sweden AB - 5,140 - 5,140 136,362 0.02 Renewable Energy Group Inc 2,886 - - 2,886 72,408 0.01 REX American Resources Corp 852 - - 852 52,821 0.01 Scatec Solar ASA 12,690 - 4,177 8,513^ 133,751 0.02 SolarEdge Technologies Inc 4,104 758 - 4,862^ 774,460 0.14 Solaria Energia y Medio Ambiente SA - 10,622 - 10,622^ 146,599 0.03 Stobart Group Ltd 33,477 4,463 - 37,940^ 11,665 0.00 Stobart Group Ltd - 4,463 4,463 - - 0.00 SunPower Corp 5,870 6,733 - 12,603 106,968 0.02 Sunrun Inc 7,049 - - 7,049 235,274 0.04 TerraForm Power Inc 'A' 4,237 4,254 8,491 - - 0.00 TPI Composites Inc 1,513 2,453 - 3,966 92,289 0.02 TransAlta Renewables Inc 19,056 - - 19,056 201,889 0.04 Vivint Solar Inc - 8,619 - 8,619 159,480 0.03 4,979,497 0.92 Pharmaceuticals Aerie Pharmaceuticals Inc 3,871 - - 3,871 40,708 0.01 Agios Pharmaceuticals Inc 5,595 1,243 - 6,838 281,914 0.05 Aimmune Therapeutics Inc 3,751 - - 3,751 45,076 0.01 Akcea Therapeutics Inc 1,839 - - 1,839 18,135 0.00 Akebia Therapeutics Inc 12,685 3,913 4,994 11,604 117,912 0.02 Akorn Inc 9,870 3,182 13,052 - - 0.00 Alector Inc - 4,499 - 4,499 64,133 0.01 ALK-Abello A/S 726 - - 726 186,641 0.03 Alkermes Plc - 17,794 - 17,794 291,532 0.05 Alliance Pharma Plc - 46,523 - 46,523 40,272 0.01 Almirall SA 7,474 - - 7,474 75,696 0.01 Amneal Pharmaceuticals Inc 10,763 - - 10,763 42,395 0.01 Amphastar Pharmaceuticals Inc 3,406 - - 3,406 62,031 0.01 Amplifon SpA 9,497 3,302 - 12,799^ 398,588 0.07 AnGes Inc 12,500 - - 12,500 154,549 0.03

[82] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Anika Therapeutics Inc 1,695 - - 1,695 56,127 0.01 Antares Pharma Inc - 20,075 - 20,075 47,664 0.01 Aphria Inc 24,019 - - 24,019 104,234 0.02 Arvinas Inc - 2,642 - 2,642 75,708 0.01 ASKA Pharmaceutical Co Ltd 1,645 - - 1,645^ 15,512 0.00 Assertio Therapeutics Inc 6,980 - 6,980 - - 0.00 Athenex Inc 5,751 - - 5,751 55,508 0.01 Aurinia Pharmaceuticals Inc - 9,332 - 9,332 119,719 0.02 Aurora Cannabis Inc - 11,676 - 11,676 108,239 0.02 Australian Pharmaceutical Industries Ltd 33,702 - - 33,702^ 24,296 0.00 Axsome Therapeutics Inc 2,683 - - 2,683 174,097 0.03 BioDelivery Sciences International Inc - 11,161 - 11,161 42,542 0.01 BioGaia AB 'B' 1,272 525 - 1,797^ 104,882 0.02 BioSpecifics Technologies Corp - 1,144 - 1,144 65,210 0.01 Bioxcel Therapeutics Inc - 1,048 - 1,048 43,245 0.01 Blackmores Ltd 1,273 - - 1,273^ 58,550 0.01 Boiron SA 911 - - 911^ 32,731 0.01 BTG Plc 36,095 - 36,095 - - 0.00 Camurus AB - 3,189 - 3,189 52,421 0.01 CannTrust Holdings Inc 12,414 - - 12,414 7,672 0.00 Catalyst Pharmaceuticals Inc - 13,448 - 13,448 52,605 0.01 Clinigen Group Plc 13,040 - - 13,040 109,843 0.02 Clinuvel Pharmaceuticals Ltd 3,877 - - 3,877 55,746 0.01 Clovis Oncology Inc 5,116 8,712 5,116 8,712 45,888 0.01 Coherus Biosciences Inc 5,402 - - 5,402 86,441 0.02 Collegium Pharmaceutical Inc 2,182 - - 2,182 31,323 0.01 Corbus Pharmaceuticals Holdings Inc - 6,708 - 6,708 38,261 0.01 Corcept Therapeutics Inc 12,792 - - 12,792 173,971 0.03 Covetrus Inc 10,178 - - 10,178 205,178 0.04 CVS Group Plc 10,318 - - 10,318 140,319 0.03 Cyclerion Therapeutics Inc 1,440 11,776 13,216 - - 0.00 Cytokinetics Inc 5,993 - - 5,993 117,869 0.02 Daito Pharmaceutical Co Ltd - 1,200 - 1,200 32,523 0.01 DBV Technologies SA 2,412 4,831 - 7,243^ 54,228 0.01 Dechra Pharmaceuticals Plc 9,688 1,690 - 11,378 387,991 0.07 Dermapharm Holding SE - 1,451 - 1,451 66,883 0.01 Dermira Inc 2,272 - 2,272 - - 0.00 Diplomat Pharmacy Inc 3,872 - 3,872 - - 0.00 Durect Corp - 20,816 - 20,816 37,115 0.01 Eagle Pharmaceuticals Inc 833 - - 833 35,153 0.01 Ecofibre Ltd - 20,794 - 20,794 33,915 0.01 Eidos Therapeutics Inc - 1,516 - 1,516 55,302 0.01 Enanta Pharmaceuticals Inc 1,612 - - 1,612 67,236 0.01 Endo International Plc 19,593 - - 19,593 62,027 0.01 Evofem Biosciences Inc - 2,072 2,072 - - 0.00 Faes Farma SA 28,341 809 - 29,150 111,945 0.02 Faes Farma SA - 809 809 - - 0.00 Faes Farma SA Rights - 28,341 28,341 - - 0.00 Fagron 4,104 4,145 - 8,249 168,244 0.03 Flexion Therapeutics Inc 3,669 - - 3,669 45,292 0.01 G1 Therapeutics Inc 2,241 - - 2,241 29,907 0.00 Galapagos NV 4,553 - 4,553 - - 0.00 Global Blood Therapeutics Inc 5,758 973 1,112 5,619 344,931 0.06 HEALIOS KK - 2,600 - 2,600 32,527 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [83] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Herbalife Nutrition Ltd 11,146 - - 11,146 519,549 0.10 Heron Therapeutics Inc 6,208 4,189 - 10,397 154,073 0.03 Heska Corp 785 - - 785 68,712 0.01 HEXO Corp 22,443 - - 22,443 13,870 0.00 Hikma Pharmaceuticals Plc 15,591 - 15,591 - - 0.00 HLS Therapeutics Inc - 3,164 - 3,164 38,119 0.01 Horizon Therapeutics Plc 17,950 2,494 - 20,444 1,138,006 0.21 Indivior Plc 81,119 - - 81,119 133,078 0.02 Intellia Therapeutics Inc 2,246 - - 2,246 36,389 0.01 Intra-Cellular Therapies Inc 5,078 - - 5,078 91,581 0.02 Ironwood Pharmaceuticals Inc 14,407 - - 14,407 120,182 0.02 Jamieson Wellness Inc 4,961 - - 4,961 129,916 0.02 Kadmon Holdings Inc - 12,188 - 12,188 40,580 0.01 Kaken Pharmaceutical Co Ltd 2,600 1,000 - 3,600^ 147,903 0.03 Kala Pharmaceuticals Inc - 3,398 - 3,398 27,048 0.00 Karo Pharma AB - 8,595 - 8,595^ 50,612 0.01 Katakura Industries Co Ltd 2,081 - - 2,081^ 19,928 0.00 Kissei Pharmaceutical Co Ltd 5,400 - 2,600 2,800 53,145 0.01 Knight Therapeutics Inc 11,300 - - 11,300 53,106 0.01 Kura Oncology Inc 3,158 - - 3,158 47,229 0.01 KYORIN Holdings Inc 4,008 - - 4,008^ 66,314 0.01 Madrigal Pharmaceuticals Inc 758 - - 758 70,755 0.01 Mallinckrodt Plc 7,741 - 7,741 - - 0.00 Mayne Pharma Group Ltd 172,517 - - 172,517^ 44,457 0.01 Mithra Pharmaceuticals SA - 1,845 - 1,845 33,978 0.01 Mochida Pharmaceutical Co Ltd 3,100 - - 3,100^ 103,222 0.02 Momenta Pharmaceuticals Inc 7,069 4,736 - 11,805 316,693 0.06 MyoKardia Inc 4,411 652 - 5,063 415,122 0.08 Myovant Sciences Ltd - 3,818 - 3,818 52,793 0.01 Neogen Corp 5,292 - - 5,292 369,581 0.07 Neurocrine Biosciences Inc 9,399 - 9,399 - - 0.00 Nichi-iko Pharmaceutical Co Ltd 5,004 - - 5,004^ 51,837 0.01 Nippon Shinyaku Co Ltd 5,032 - 5,032 - - 0.00 Odonate Therapeutics Inc - 2,266 - 2,266 74,972 0.01 Oncopeptides AB - 3,352 - 3,352^ 43,034 0.01 Option Care Health Inc - 19,218 19,218 - - 0.00 Option Care Health Inc - 4,804 - 4,804 51,481 0.01 Owens & Minor Inc - 8,887 - 8,887 129,999 0.02 Pacira BioSciences Inc 3,939 - - 3,939 188,518 0.03 PolyNovo Ltd - 62,038 - 62,038 88,636 0.02 Portola Pharmaceuticals Inc 6,691 - 6,691 - - 0.00 PRA Health Sciences Inc 5,556 1,422 - 6,978 676,431 0.12 Premier Inc 'A' 6,297 - - 6,297 200,322 0.04 Prestige Consumer Healthcare Inc 5,747 - - 5,747 194,431 0.04 Principia Biopharma Inc - 3,041 - 3,041 231,271 0.04 Progenics Pharmaceuticals Inc 7,353 - 7,353 - - 0.00 Ra Pharmaceuticals Inc 2,393 1,342 3,735 - - 0.00 Reata Pharmaceuticals Inc 'A' 1,698 746 - 2,444 328,382 0.06 Recipharm AB - 1,416 1,416 - - 0.00 Recipharm AB 'B' 3,547 1,416 - 4,963^ 71,978 0.01 Recipharm AB 'B' Rights - 3,547 3,547 -^ - 0.00 Relmada Therapeutics Inc - 1,270 - 1,270 42,019 0.01 Revance Therapeutics Inc 3,569 - - 3,569 76,233 0.01 Rhythm Pharmaceuticals Inc 1,834 - - 1,834 32,066 0.01

[84] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Rockwell Medical Inc 11,881 - 11,881 - - 0.00 Rohto Pharmaceutical Co Ltd 11,068 - - 11,068^ 309,970 0.06 SanBio Co Ltd 3,400 - - 3,400^ 39,141 0.01 Sarepta Therapeutics Inc 6,991 - 6,991 - - 0.00 Sawai Pharmaceutical Co Ltd 3,595 900 - 4,495^ 193,375 0.03 Seikagaku Corp 3,825 - - 3,825^ 32,812 0.01 Ship Healthcare Holdings Inc 4,850 - - 4,850^ 189,451 0.03 Sigma Healthcare Ltd 117,426 - - 117,426^ 50,944 0.01 Sosei Group Corp 9,000 - - 9,000^ 106,165 0.02 Spectrum Pharmaceuticals Inc 10,623 - - 10,623 28,895 0.00 Supernus Pharmaceuticals Inc 5,009 - - 5,009 101,455 0.02 Taiko Pharmaceutical Co Ltd - 2,500 - 2,500 49,559 0.01 TG Therapeutics Inc 9,114 - - 9,114 162,338 0.03 TherapeuticsMD Inc 25,181 - - 25,181 42,378 0.01 Tilray Inc 2,429 - - 2,429 16,307 0.00 Toho Holdings Co Ltd 5,839 - - 5,839^ 90,329 0.02 Torii Pharmaceutical Co Ltd 1,117 - - 1,117^ 32,484 0.01 Towa Pharmaceutical Co Ltd 2,418 - - 2,418^ 39,300 0.01 Tricida Inc 2,016 - - 2,016 24,538 0.00 Tsumura & Co 7,150 - - 7,150^ 161,855 0.03 Uniphar Plc - 23,219 - 23,219 52,452 0.01 uniQure NV 2,829 973 - 3,802 144,331 0.03 United Laboratories International Holdings Ltd 51,836 - - 51,836^ 43,929 0.01 UroGen Pharma Ltd 1,785 - - 1,785 35,870 0.01 USANA Health Sciences Inc 1,170 682 507 1,345 99,328 0.02 Vanda Pharmaceuticals Inc 4,493 - - 4,493 41,200 0.01 Vectura Group Plc 88,375 - 88,375 - - 0.00 Vectura Group Plc - 81,576 - 81,576 97,303 0.02 Virbac SA 346 123 - 469^ 93,133 0.02 Vital KSK Holdings Inc 2,375 - - 2,375^ 20,761 0.00 Voyager Therapeutics Inc 1,809 - - 1,809 18,217 0.00 Zealand Pharma A/S 4,866 - 1,664 3,202 101,001 0.02 ZERIA Pharmaceutical Co Ltd 3,929 - - 3,929^ 63,114 0.01 Zogenix Inc 3,615 2,514 - 6,129^ 132,642 0.02 15,082,730 2.78 Auto manufacturers Aston Martin Lagonda Global Holdings Plc 5,980 23,920 - 29,900^ 20,670 0.00 Aston Martin Lagonda Global Holdings Plc Rights - 23,920 23,920 - - 0.00 Aston Martin Lagonda Global Holdings Plc Rights - 23,920 23,920 - - 0.00 Blue Bird Corp - 3,167 - 3,167 36,099 0.01 Kyokuto Kaihatsu Kogyo Co Ltd 2,150 - - 2,150^ 24,603 0.01 Navistar International Corp 5,553 - - 5,553 161,802 0.03 NFI Group Inc 6,641 - - 6,641 67,607 0.01 Nissan Shatai Co Ltd 8,238 - - 8,238^ 55,853 0.01 REV Group Inc 5,646 - - 5,646 33,385 0.01 Shinmaywa Industries Ltd 8,486 5,800 6,900 7,386^ 58,275 0.01 Toyota Motor Corp - 1,116 1,116 - - 0.00 Wabash National Corp 7,301 - - 7,301^ 75,649 0.01 533,943 0.10 Auto parts & equipment Adient Plc 7,689 - - 7,689 116,392 0.02 Aisan Industry Co Ltd 2,687 - - 2,687^ 10,080 0.00 AKWEL 530 - - 530 7,617 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [85] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Allison Transmission Holdings Inc 11,580 - - 11,580 393,562 0.07 American Axle & Manufacturing Holdings Inc 7,881 6,013 - 13,894 89,234 0.02 ARB Corp Ltd 8,010 - - 8,010^ 100,333 0.02 Bertrandt AG 559 - - 559 18,882 0.00 CIE Automotive SA 6,055 - - 6,055 87,867 0.02 Cie Plastic Omnium SA 6,590 - - 6,590^ 121,009 0.02 CIR-Compagnie Industriali Riunite SpA 36,958 - 36,958 - - 0.00 Cooper Tire & Rubber Co 4,098 2,167 - 6,265 177,019 0.03 Cooper-Standard Holdings Inc 2,233 - 2,233 - - 0.00 Daikyonishikawa Corp 8,300 - - 8,300^ 31,565 0.01 Dana Inc 17,018 - - 17,018 176,951 0.03 Delphi Technologies Plc 9,968 - - 9,968 135,928 0.02 Dorman Products Inc 2,618 - - 2,618 194,695 0.04 Douglas Dynamics Inc 2,774 - - 2,774 89,206 0.02 ElringKlinger AG 3,393 - - 3,393^ 18,797 0.00 Exedy Corp 3,541 - - 3,541^ 39,454 0.01 FCC Co Ltd 3,141 - - 3,141^ 43,943 0.01 Freni Brembo SpA 16,585 - - 16,585^ 136,304 0.03 Futaba Industrial Co Ltd 5,112 - - 5,112^ 17,989 0.00 Garrett Motion Inc 6,547 - - 6,547 35,020 0.01 Gentherm Inc 3,862 - - 3,862 136,209 0.02 Gestamp Automocion SA 14,548 - - 14,548^ 31,925 0.01 Goodyear Tire & Rubber Co 20,967 5,897 - 26,864 220,188 0.04 G-Tekt Corp 3,500 - - 3,500^ 26,289 0.00 GUD Holdings Ltd 9,119 - - 9,119^ 66,869 0.01 Haldex AB 4,821 - 4,821 - - 0.00 JOST Werke AG 1,700 - - 1,700 56,782 0.01 Keihin Corp 4,280 - - 4,280 92,873 0.02 Kendrion NV 1,008 - 1,008 - - 0.00 Kongsberg Automotive ASA 39,159 - 39,159 - - 0.00 KYB Corp 2,125 - - 2,125^ 31,338 0.01 Linamar Corp 5,609 - - 5,609 152,370 0.03 Meritor Inc 7,326 - - 7,326 151,617 0.03 Methode Electronics Inc 3,886 - - 3,886 99,690 0.02 Minth Group Ltd 74,000 - - 74,000^ 200,645 0.04 Mitsuba Corp 3,480 - 3,480 - - 0.00 Modine Manufacturing Co 4,995 - 4,995 - - 0.00 Motorcar Parts of America Inc 2,323 - 2,323 - - 0.00 Musashi Seimitsu Industry Co Ltd 4,072 - - 4,072^ 27,363 0.00 NHK Spring Co Ltd 16,100 10,300 - 26,400^ 133,334 0.02 Nifco Inc 6,992 3,300 - 10,292^ 208,806 0.04 Nippon Seiki Co Ltd 3,955 - - 3,955^ 40,358 0.01 Nisshinbo Holdings Inc 15,795 - - 15,795^ 85,209 0.02 Nissin Kogyo Co Ltd 4,077 - - 4,077 76,506 0.01 NOK Corp 11,600 - - 11,600^ 113,979 0.02 Nokian Renkaat Oyj - 14,485 - 14,485^ 317,246 0.06 Pacific Industrial Co Ltd 3,550 - - 3,550^ 23,580 0.00 Piolax Inc 2,550 - - 2,550^ 31,901 0.01 Press Kogyo Co Ltd 8,187 - - 8,187^ 19,019 0.00 Rheinmetall AG 4,345 483 891 3,937 339,825 0.06 Riken Corp 677 - - 677^ 14,923 0.00 SAF-Holland SE 4,633 - 4,633 - - 0.00 Shindengen Electric Manufacturing Co Ltd 682 - - 682^ 11,478 0.00 Showa Corp 5,192 - - 5,192 99,440 0.02

[86] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Shyft Group Inc - 7,074 3,537 3,537 60,748 0.01 Standard Motor Products Inc 2,167 - - 2,167 89,656 0.02 Sumitomo Riko Co Ltd 3,700 - - 3,700^ 15,726 0.00 Tachi-S Co Ltd 2,775 - - 2,775^ 20,032 0.00 Tenneco Inc 'A' 6,432 - - 6,432 43,357 0.01 TI Fluid Systems Plc - 41,795 19,186 22,609 46,971 0.01 Titan International Inc 4,248 - 4,248 - - 0.00 Tokai Rika Co Ltd 5,700 - - 5,700^ 64,295 0.01 Topre Corp 4,224 - - 4,224^ 36,925 0.01 Tower International Inc 2,516 - 2,516 - - 0.00 Toyo Tire Corp 10,596 - - 10,596^ 128,000 0.02 Toyota Boshoku Corp 3,750 4,600 - 8,350^ 88,224 0.02 TPR Co Ltd 2,199 - - 2,199^ 24,142 0.00 TS Tech Co Ltd 2,748 3,000 1,600 4,148^ 95,184 0.02 Unipres Corp 4,203 - - 4,203^ 28,351 0.01 Veoneer Inc 9,383 4,943 3,973 10,353 94,652 0.02 Visteon Corp 2,389 741 - 3,130 206,747 0.04 Yokowo Co Ltd - 2,200 - 2,200 44,823 0.01 Yorozu Corp 2,000 - - 2,000^ 17,363 0.00 5,956,805 1.10 Banks 1st Source Corp 1,516 - - 1,516 45,676 0.01 77 Bank Ltd 6,300 - - 6,300^ 76,755 0.01 AEON Financial Service Co Ltd - 11,500 - 11,500 78,464 0.01 AIB Group Plc - 86,907 - 86,907 98,816 0.02 Aichi Bank Ltd 1,010 - - 1,010^ 23,046 0.00 Aktia Bank Oyj 10,369 - - 10,369 96,818 0.02 Allegiance Bancshares Inc 1,213 - - 1,213 26,914 0.00 Altabancorp - 1,702 - 1,702 29,031 0.01 Ameris Bancorp 6,337 - - 6,337 133,022 0.02 Aomori Bank Ltd - 2,800 - 2,800 49,700 0.01 Arrow Financial Corp 1,296 39 1 1,334 33,130 0.01 Associated Banc-Corp 14,814 4,290 - 19,104 223,145 0.04 Atlantic Capital Bancshares Inc - 2,732 - 2,732 24,853 0.00 Atlantic Union Bankshares Corp 6,934 - - 6,934^ 142,368 0.03 Awa Bank Ltd 4,600 - - 4,600^ 89,130 0.02 Banca Carige SpA 5,527,027 3,380,723 - 8,907,750^ 96 0.00 Banca Carige SpA Rights - 5,527,027 5,527,027 - - 0.00 Banca Carige SpA Rights - 5,527,027 5,527,027 - - 0.00 Banca Generali SpA 3,974 2,004 - 5,978^ 162,053 0.03 Banca IFIS SpA 2,518 - - 2,518^ 23,484 0.00 Banca Mediolanum SpA 26,388 - 13,724 12,664^ 85,756 0.02 Banca Monte dei Paschi di Siena SpA 31,941 - - 31,941^ 52,605 0.01 Banca Popolare di Sondrio SCPA 59,250 - - 59,250^ 119,570 0.02 BancFirst Corp 1,320 1,125 - 2,445 96,887 0.02 Banco BPM SpA 133,672 30,161 - 163,833^ 223,999 0.04 Banco Comercial Portugues SA 'R' 942,090 - - 942,090^ 99,518 0.02 Banco de Sabadell SA - 598,188 - 598,188 185,967 0.03 Bancorp Inc 7,784 - - 7,784 66,775 0.01 BancorpSouth Bank 9,161 2,375 - 11,536 219,646 0.04 Bank of Georgia Group Plc 4,067 - - 4,067 37,731 0.01 Bank of Hawaii Corp 3,758 772 - 4,530 233,369 0.04 Bank of Ireland Group Plc - 102,744 - 102,744 193,417 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [87] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Bank of Iwate Ltd 1,500 - - 1,500^ 31,258 0.01 Bank of Nagoya Ltd 1,750 - - 1,750^ 33,080 0.01 Bank of Okinawa Ltd 2,100 - - 2,100^ 52,254 0.01 Bank of Queensland Ltd - 54,530 - 54,530 211,671 0.04 Bank of Saga Ltd 1,142 - 1,142 - - 0.00 Bank of the Ryukyus Ltd 4,399 - - 4,399^ 32,966 0.01 Bank OZK 12,818 2,066 - 14,884 325,636 0.06 Bankia SA - 85,658 - 85,658 98,686 0.02 BankUnited Inc 9,318 - - 9,318 170,718 0.03 Banner Corp 3,675 - 50 3,625 116,836 0.02 BAWAG Group AG 4,661 4,505 1,576 7,590^ 252,780 0.05 Bendigo & Adelaide Bank Ltd - 56,337 - 56,337 252,866 0.05 BOK Financial Corp 3,040 709 - 3,749 189,963 0.04 BPER Banca 33,042 19,360 - 52,402^ 120,181 0.02 Bridge Bancorp Inc - 1,921 - 1,921 31,613 0.01 Bryn Mawr Bank Corp 1,602 - - 1,602 37,949 0.01 Cadence BanCorp 13,241 - - 13,241 94,074 0.02 Camden National Corp 1,090 - - 1,090 31,423 0.01 Canadian Western Bank 8,885 3,283 - 12,168 188,412 0.03 Capital City Bank Group Inc - 2,209 - 2,209 37,839 0.01 Carolina Financial Corp 2,047 - 2,047 - - 0.00 Cathay General Bancorp 7,403 - - 7,403 162,840 0.03 CBTX Inc - 3,212 - 3,212 46,138 0.01 CenterState Bank Corp 12,653 - 12,653 - - 0.00 Central Pacific Financial Corp 4,560 - - 4,560 64,546 0.01 Chugoku Bank Ltd 17,900 - - 17,900^ 139,380 0.03 CIT Group Inc - 10,371 - 10,371 178,972 0.03 City Holding Co 1,849 - - 1,849 105,060 0.02 CNB Financial Corp/PA - 1,582 - 1,582 23,501 0.00 Columbia Banking System Inc 8,450 - - 8,450 222,384 0.04 comdirect bank AG 2,597 - 2,597 - - 0.00 Commerce Bancshares Inc 8,740 1,868 - 10,608 552,565 0.10 Community Bank System Inc 5,076 - - 5,076 259,650 0.05 Community Trust Bancorp Inc 1,579 - - 1,579 43,969 0.01 ConnectOne Bancorp Inc 3,347 - - 3,347 41,987 0.01 Credito Emiliano SpA 9,575 - - 9,575 44,599 0.01 Credito Valtellinese SpA 766,616 - 766,616 - - 0.00 Credito Valtellinese SpA - 7,666 - 7,666^ 51,062 0.01 Cullen/Frost Bankers Inc 5,780 704 - 6,484^ 425,046 0.08 Customers Bancorp Inc 2,738 - - 2,738 29,515 0.01 CVB Financial Corp 10,577 3,273 - 13,850 227,670 0.04 Dah Sing Banking Group Ltd 24,204 41,600 - 65,804^ 54,067 0.01 Dah Sing Financial Holdings Ltd 16,142 - - 16,142^ 40,547 0.01 Daishi Hokuetsu Financial Group Inc 4,464 - - 4,464^ 74,166 0.01 Deutsche Pfandbriefbank AG 11,983 3,324 - 15,307^ 88,670 0.02 Eagle Bancorp Inc 3,333 - 103 3,230 88,385 0.02 Ehime Bank Ltd - 3,200 - 3,200 30,947 0.01 Enterprise Financial Services Corp 1,972 - - 1,972 52,132 0.01 Equity Bancshares Inc 'A' 1,362 - - 1,362 17,520 0.00 FB Financial Corp 2,679 - - 2,679 61,926 0.01 FIBI Holdings Ltd - 1,884 - 1,884 42,657 0.01 Financial Institutions Inc - 1,972 - 1,972 26,496 0.00 First BanCorp 21,759 - - 21,759 107,680 0.02 First Bancorp/Southern Pines NC 4,025 - - 4,025 75,647 0.01

[88] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) First Bancshares Inc - 3,737 - 3,737 67,685 0.01 First Busey Corp 4,125 - - 4,125 64,168 0.01 First Citizens BancShares Inc 'A' 761 - 319 442 171,237 0.03 First Commonwealth Financial Corp 9,696 - - 9,696 69,417 0.01 First Community Bankshares Inc 1,385 - - 1,385 24,644 0.00 First Financial Bancorp 10,441 - - 10,441 132,167 0.02 First Financial Bankshares Inc 10,906 1,831 - 12,737 346,679 0.06 First Financial Corp 877 - - 877 26,671 0.00 First Foundation Inc 5,351 - - 5,351 74,818 0.01 First Hawaiian Inc 12,605 - - 12,605 199,292 0.04 First Horizon National Corp 27,749 29,606 - 57,355^ 483,670 0.09 First International Bank Of Israel Ltd 7,165 - - 7,165 147,516 0.03 First Interstate BancSystem Inc 'A' 3,686 - - 3,686 97,610 0.02 First Merchants Corp 5,613 - - 5,613 124,743 0.02 First Midwest Bancorp Inc 10,403 - - 10,403 114,841 0.02 Flagstar Bancorp Inc 2,310 1,887 - 4,197 119,809 0.02 FNB Corp/PA 34,073 - - 34,073 229,682 0.04 Franklin Financial Network Inc 2,099 - - 2,099 50,410 0.01 Fulton Financial Corp 13,679 5,554 - 19,233 169,714 0.03 German American Bancorp Inc 2,306 - - 2,306 59,661 0.01 Glacier Bancorp Inc 7,941 1,000 - 8,941 287,198 0.05 Great Southern Bancorp Inc 972 - - 972 31,894 0.01 Great Western Bancorp Inc 5,976 - 108 5,868 69,396 0.01 Gunma Bank Ltd 22,700 20,800 - 43,500^ 123,885 0.02 Hachijuni Bank Ltd 40,300 - - 40,300^ 135,229 0.02 Hancock Whitney Corp 8,943 - - 8,943 155,062 0.03 Hanmi Financial Corp 3,407 - - 3,407 28,607 0.01 Heartland Financial USA Inc 1,978 2,036 - 4,014 114,074 0.02 Heritage Commerce Corp - 5,455 - 5,455 33,645 0.01 Heritage Financial Corp/WA 3,254 - - 3,254^ 55,992 0.01 Hilltop Holdings Inc 8,566 - - 8,566 151,720 0.03 Hiroshima Bank Ltd 28,700 - - 28,700^ 119,022 0.02 Hokkoku Bank Ltd 850 2,300 - 3,150^ 74,640 0.01 Hokuhoku Financial Group Inc 8,800 11,000 6,900 12,900^ 97,673 0.02 Home BancShares Inc 13,637 5,134 - 18,771 278,851 0.05 Home Capital Group Inc 7,352 - - 7,352 112,492 0.02 HomeStreet Inc 2,047 - 189 1,858 44,689 0.01 Hope Bancorp Inc 14,393 - - 14,393 110,377 0.02 Horizon Bancorp Inc 5,610 - - 5,610 51,596 0.01 Hyakugo Bank Ltd 26,500 - - 26,500^ 70,910 0.01 Hyakujushi Bank Ltd 2,500 - - 2,500^ 36,395 0.01 IBERIABANK Corp 5,613 - 5,613 - - 0.00 Ichiyoshi Securities Co Ltd 3,603 - 3,603 - - 0.00 Independent Bank Corp 3,217 - - 3,217 188,818 0.03 Independent Bank Group Inc 4,386 - - 4,386^ 175,278 0.03 International Bancshares Corp 6,093 - - 6,093 168,612 0.03 Investec Plc - 80,034 - 80,034 143,816 0.03 Iyo Bank Ltd 23,100 - - 23,100^ 123,624 0.02 Juroku Bank Ltd 3,350 - - 3,350^ 51,824 0.01 Jyske Bank A/S RegS 7,416 - - 7,416 216,143 0.04 Kansai Mirai Financial Group Inc 5,899 - - 5,899^ 20,200 0.00 Kearny Financial Corp 11,603 - - 11,603 84,864 0.02 Keiyo Bank Ltd 13,250 - - 13,250^ 54,151 0.01 Kiyo Bank Ltd 7,315 - - 7,315^ 93,652 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [89] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Kyushu Financial Group Inc 39,100 - - 39,100^ 144,323 0.03 Lakeland Bancorp Inc 3,569 - - 3,569 33,052 0.01 Lakeland Financial Corp 2,619 - - 2,619 105,450 0.02 Laurentian Bank of Canada 5,949 - - 5,949 107,266 0.02 Liberbank SA 254,523 - - 254,523^ 44,464 0.01 Link Administration Holdings Ltd 48,438 17,500 - 65,938^ 171,209 0.03 Live Oak Bancshares Inc 2,613 - - 2,613 40,434 0.01 Meta Financial Group Inc 3,945 - - 3,945 66,966 0.01 Metro Bank Plc 7,949 - 7,949 - - 0.00 Midland States Bancorp Inc - 2,324 - 2,324 29,788 0.01 MidWestOne Financial Group Inc - 1,841 - 1,841 30,280 0.01 Miyazaki Bank Ltd 1,617 - - 1,617^ 31,123 0.01 Musashino Bank Ltd 3,400 - - 3,400^ 41,452 0.01 Nanto Bank Ltd 2,450 - - 2,450^ 39,946 0.01 National Bank Holdings Corp 'A' 3,849 - - 3,849 97,270 0.02 NBT Bancorp Inc 4,934 - - 4,934 133,711 0.02 Nicolet Bankshares Inc - 858 - 858 43,725 0.01 Nishi-Nippon Financial Holdings Inc 11,500 10,400 8,700 13,200^ 74,617 0.01 North Pacific Bank Ltd 36,450 - - 36,450^ 63,037 0.01 Norwegian Finans Holding ASA 9,874 6,328 - 16,202 108,852 0.02 OFG Bancorp 4,372 - - 4,372 52,022 0.01 Ogaki Kyoritsu Bank Ltd 3,300 - - 3,300^ 58,462 0.01 Oita Bank Ltd 1,707 - - 1,707^ 34,632 0.01 Old National Bancorp 12,813 1,769 262 14,320 182,246 0.03 Option Care Health Inc 4,817 - 4,817 - - 0.00 Opus Bank 1,558 2,411 3,969 - - 0.00 PacWest Bancorp 10,884 2,554 - 13,438 223,404 0.04 Paragon Banking Group Plc 20,219 12,690 - 32,909 123,458 0.02 Park National Corp 1,150 750 - 1,900 148,230 0.03 Peoples Bancorp Inc 1,417 - - 1,417 25,871 0.00 People's Utah Bancorp - 1,702 1,702 - - 0.00 Pinnacle Financial Partners Inc 7,619 - - 7,619 274,606 0.05 Popular Inc 9,704 - - 9,704 327,597 0.06 Preferred Bank 2,509 - - 2,509 85,021 0.02 Prosperity Bancshares Inc 7,153 2,543 - 9,696 490,064 0.09 QCR Holdings Inc 2,157 - - 2,157 58,631 0.01 Renasant Corp 6,008 - - 6,008 126,963 0.02 Republic Bancorp Inc 'A' 941 - - 941 25,869 0.00 Ringkjoebing Landbobank A/S 2,751 - - 2,751 186,542 0.03 S&T Bancorp Inc 3,237 - - 3,237 63,311 0.01 San ju San Financial Group Inc 969 - - 969^ 10,430 0.00 Sandy Spring Bancorp Inc 4,444 - - 4,444 93,467 0.02 San-In Godo Bank Ltd 16,500 - - 16,500^ 69,705 0.01 Sbanken ASA 12,288 - - 12,288^ 80,524 0.01 Seacoast Banking Corp of Florida 5,903 - - 5,903 101,385 0.02 Senshu Ikeda Holdings Inc 27,930 - - 27,930^ 37,008 0.01 ServisFirst Bancshares Inc 4,742 - - 4,742 157,842 0.03 Shiga Bank Ltd 5,000 - - 5,000^ 98,559 0.02 Simmons First National Corp 'A' 10,433 - - 10,433 157,454 0.03 South State Corp 3,655 3,797 - 7,452 323,091 0.06 Southside Bancshares Inc 2,420 - - 2,420 60,981 0.01 Spar Nord Bank A/S 9,723 - - 9,723^ 73,163 0.01 SpareBank 1 Nord Norge 9,942 - - 9,942^ 62,361 0.01 Sparebank 1 Oestlandet - 5,207 - 5,207 45,861 0.01

[90] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) SpareBank 1 SMN 12,139 - - 12,139 94,752 0.02 SpareBank 1 SR-Bank ASA 21,547 - - 21,547 155,125 0.03 Stock Yards Bancorp Inc 2,694 - - 2,694 95,799 0.02 Suruga Bank Ltd 18,500 - - 18,500^ 56,188 0.01 Sydbank A/S 7,305 - - 7,305 126,394 0.02 Synovus Financial Corp 16,561 - - 16,561 303,571 0.06 TCF Financial Corp 17,426 - 17,426 - - 0.00 TCF Financial Corp 6,847 15,701 6,847 15,701 392,645 0.07 Texas Capital Bancshares Inc 4,992 - - 4,992 150,859 0.03 Toho Bank Ltd 24,420 - - 24,420^ 46,434 0.01 Tokyo Kiraboshi Financial Group Inc 2,813 - - 2,813^ 26,115 0.00 TOMONY Holdings Inc 15,078 - - 15,078^ 41,773 0.01 Tompkins Financial Corp 1,546 - - 1,546 90,755 0.02 Towa Bank Ltd 3,986 - - 3,986^ 21,743 0.00 Towne Bank/Portsmouth VA 7,611 - - 7,611 122,135 0.02 TriCo Bancshares 2,348 - - 2,348 59,807 0.01 TriState Capital Holdings Inc 2,387 - - 2,387 28,772 0.01 Triumph Bancorp Inc 2,471 - - 2,471 58,894 0.01 TrustCo Bank Corp NY 12,966 - - 12,966 68,294 0.01 Trustmark Corp 6,879 - - 6,879^ 140,926 0.03 UMB Financial Corp 4,348 - - 4,348 196,978 0.04 Umpqua Holdings Corp 23,824 - - 23,824 235,149 0.04 Unicaja Banco SA 82,828 - - 82,828 41,913 0.01 Unione di Banche Italiane SpA 91,327 29,460 18,616 102,171^ 392,809 0.07 United Bankshares Inc 9,961 2,313 - 12,274 293,880 0.05 United Community Banks Inc 10,288 - - 10,288 167,807 0.03 Univest Financial Corp 2,425 - - 2,425 33,730 0.01 Valley National Bancorp 33,363 5,912 - 39,275 266,892 0.05 Veritex Holdings Inc 4,324 - - 4,324 65,769 0.01 Virgin Money UK Plc 136,619 - - 136,619 142,665 0.03 Walker & Dunlop Inc 2,798 1,135 - 3,933 180,359 0.03 Washington Trust Bancorp Inc 1,566 - - 1,566 47,496 0.01 Webster Financial Corp 8,311 2,342 - 10,653 264,275 0.05 WesBanco Inc 3,913 2,390 - 6,303 113,702 0.02 Westamerica BanCorp 2,851 - - 2,851 156,547 0.03 Western Alliance Bancorp 10,446 - - 10,446^ 341,623 0.06 Wintrust Financial Corp 5,666 - - 5,666 220,607 0.04 Yamagata Bank Ltd 2,665 - - 2,665^ 28,708 0.01 Yamaguchi Financial Group Inc 19,500 - - 19,500 104,190 0.02 Yamanashi Chuo Bank Ltd 3,424 - - 3,424^ 23,038 0.00 25,605,276 4.72 Machinery - construction & mining Aichi Corp 3,239 - - 3,239^ 21,319 0.00 Argan Inc 1,354 - - 1,354 52,841 0.01 Astec Industries Inc 2,059 - - 2,059 83,333 0.02 Bloom Energy Corp 'A' 5,129 6,565 5,395 6,299 69,679 0.01 BWX Technologies Inc 10,132 - - 10,132 502,515 0.09 Danieli&COfficine Meccaniche SpA 1,186 - - 1,186^ 14,085 0.00 Danieli&COfficine Meccaniche SpA (Pref) 4,674 - - 4,674^ 33,888 0.01 Denyo Co Ltd 1,500 - - 1,500^ 24,896 0.01 Hyster-Yale Materials Handling Inc 963 - - 963 32,685 0.01 Manitou BF SA 1,151 - - 1,151^ 19,365 0.00 Manitowoc Co Inc 3,537 - - 3,537 34,300 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [91] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Metso Outotec Oyj 17,670 41,498 - 59,168^ 350,065 0.06 Modec Inc 1,816 - - 1,816^ 21,890 0.00 Oshkosh Corp 6,768 788 - 7,556 541,097 0.10 Tadano Ltd 12,046 - - 12,046^ 87,683 0.02 Takeuchi Manufacturing Co Ltd 3,300 - - 3,300^ 49,717 0.01 Terex Corp 6,542 - - 6,542 112,181 0.02 Vertiv Holdings Co - 22,693 - 22,693 299,335 0.06 Wacker Neuson SE 3,207 - - 3,207^ 51,610 0.01 Wajax Corp 2,313 - 2,313 - - 0.00 Weir Group Plc - 27,599 - 27,599 394,279 0.07 2,796,763 0.52 Engineering & construction Acciona SA 2,356 - - 2,356^ 237,726 0.04 Ackermans & van Haaren NV 2,320 - - 2,320 272,028 0.05 AECOM 14,296 2,791 - 17,087 562,539 0.10 Aecon Group Inc 6,182 - - 6,182 59,030 0.01 Aegion Corp 3,649 - - 3,649 51,187 0.01 AF Poyry AB 6,424 5,143 - 11,567^ 269,562 0.05 Akka Technologies 1,200 120 - 1,320^ 25,020 0.01 Alten SA 2,841 412 - 3,253 231,655 0.04 Altran Technologies SA 22,130 15,560 37,690 - - 0.00 Arcadis NV 7,961 - - 7,961 148,582 0.03 Arcosa Inc 3,883 - - 3,883 149,136 0.03 Balfour Beatty Plc 75,628 - - 75,628 217,258 0.04 Bilfinger SE 2,409 - - 2,409^ 38,171 0.01 Boskalis Westminster 9,761 - - 9,761^ 167,687 0.03 Chiyoda Corp 17,000 - - 17,000^ 36,713 0.01 Chudenko Corp 2,995 - - 2,995^ 56,511 0.01 Cie d'Entreprises CFE 837 - - 837^ 48,260 0.01 Comfort Systems USA Inc 4,027 - - 4,027 182,106 0.03 COMSYS Holdings Corp 13,850 2,500 3,100 13,250^ 353,409 0.07 Costain Group Plc 7,804 - 7,804 - - 0.00 Dai-Dan Co Ltd - 1,400 - 1,400 31,379 0.01 Daiho Corp - 2,400 - 2,400 49,249 0.01 Downer EDI Ltd 65,257 11,695 - 76,952^ 206,334 0.04 Downer EDI Ltd - 585 585 - - 0.00 Downer EDI Ltd Rights - 11,110 11,110 - - 0.00 Dycom Industries Inc 3,635 - - 3,635 141,629 0.03 Electra Ltd/Israel 176 - - 176 72,405 0.01 EMCOR Group Inc 5,610 - - 5,610 349,584 0.06 Enav SpA 25,000 - - 25,000 93,211 0.02 Exponent Inc 5,568 - - 5,568 425,782 0.08 Fluor Corp - 15,675 - 15,675 145,305 0.03 Fomento de Construcciones y Contratas - 380 380 - - 0.00 Fomento de Construcciones y Contratas Rights - 8,750 8,750 - - 0.00 Fomento de Construcciones y Contratas SA 8,750 380 - 9,130 71,794 0.01 frontdoor Inc 7,609 1,386 - 8,995 343,635 0.06 Fukuda Corp 300 - - 300^ 12,015 0.00 Galliford Try Holdings Plc - 11,673 11,673 - - 0.00 Galliford Try Plc 11,673 - 11,673 - - 0.00 Gaztransport Et Technigaz SA 1,711 610 - 2,321 195,370 0.04 Granite Construction Inc 4,064 - - 4,064 62,701 0.01 Great Lakes Dredge & Dock Corp 6,512 - - 6,512 49,524 0.01

[92] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Hazama Ando Corp 17,150 - - 17,150^ 82,928 0.02 Hibiya Engineering Ltd 2,233 - - 2,233^ 33,987 0.01 HomeServe Plc 27,925 5,927 - 33,852 536,760 0.10 Hsin Chong Group Holdings Ltd 196,300 - 196,300 -^ - 0.00 Hsin Chong Group Holdings Ltd - 196,300 - 196,300 - 0.00 Infrastrutture Wireless Italiane SpA 18,719 6,397 25,116 - - 0.00 Instalco AB - 3,503 - 3,503^ 58,165 0.01 JM AB 6,542 - - 6,542^ 175,939 0.03 John Menzies Plc 7,140 - 7,140 - - 0.00 Kandenko Co Ltd 9,000 - - 9,000^ 63,962 0.01 KBR Inc 13,100 2,744 - 15,844^ 320,552 0.06 Keller Group Plc 7,620 - - 7,620 51,223 0.01 Kier Group Plc 10,069 - 10,069 - - 0.00 Kinden Corp 16,300 - - 16,300^ 229,581 0.04 Koninklijke BAM Groep NV 27,905 - - 27,905^ 39,444 0.01 Koninklijke Volkerwessels NV 2,146 2,575 4,721 - - 0.00 Kumagai Gumi Co Ltd 3,650 - - 3,650^ 75,591 0.01 Kyowa Exeo Corp 11,599 - - 11,599^ 247,897 0.05 Kyudenko Corp 3,900 - - 3,900^ 99,828 0.02 Maeda Corp 13,444 - - 13,444^ 82,821 0.02 Maeda Road Construction Co Ltd 6,276 - - 6,276^ 103,839 0.02 Maire Tecnimont SpA 12,517 - - 12,517^ 20,305 0.00 MasTec Inc 5,940 - - 5,940 214,956 0.04 Meitec Corp 3,250 - - 3,250^ 136,739 0.03 Mirait Holdings Corp 5,944 3,700 - 9,644^ 120,482 0.02 Mistras Group Inc 1,749 - 1,749 - - 0.00 Monadelphous Group Ltd 8,512 - - 8,512^ 49,479 0.01 Morgan Sindall Group Plc 4,338 - - 4,338^ 54,074 0.01 Mota-Engil SGPS SA 8,185 - - 8,185^ 10,302 0.00 MYR Group Inc 1,975 - - 1,975 65,883 0.01 NCC AB 'B' 9,454 - - 9,454 149,601 0.03 Nippo Corp 5,376 - - 5,376^ 129,560 0.02 Nippon Densetsu Kogyo Co Ltd 3,974 - - 3,974^ 73,137 0.01 Nippon Koei Co Ltd 2,200 - - 2,200^ 51,240 0.01 Nippon Road Co Ltd 515 - - 515^ 32,878 0.01 Nishimatsu Construction Co Ltd 7,200 - - 7,200^ 120,738 0.02 NV5 Global Inc 591 975 - 1,566 80,831 0.02 Obrascon Huarte Lain SA 14,233 - 14,233 - - 0.00 Okumura Corp 1,900 3,000 1,900 3,000^ 64,530 0.01 OSJB Holdings Corp 9,350 - - 9,350^ 18,101 0.00 Oyo Corp 1,631 - - 1,631^ 18,987 0.00 Peab AB 'B' 19,354 - - 19,354^ 164,507 0.03 Penta-Ocean Construction Co Ltd 30,347 - - 30,347^ 144,130 0.03 Per Aarsleff Holding A/S 2,050 - - 2,050^ 72,539 0.01 Porr AG 874 - - 874^ 12,974 0.00 Primoris Services Corp 4,351 - - 4,351 63,448 0.01 Raito Kogyo Co Ltd 4,800 - - 4,800^ 60,421 0.01 Raiznext Corp 5,883 - - 5,883^ 60,083 0.01 Sacyr SA 43,766 951 2 44,715^ 91,873 0.02 Sacyr SA - 951 951 - - 0.00 Sacyr SA Rights - 43,766 43,766 - - 0.00 Sanki Engineering Co Ltd 3,945 - - 3,945^ 39,272 0.01 SATS Ltd - 71,700 - 71,700 130,327 0.02 Shikun & Binui Ltd 26,365 - - 26,365 108,492 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [93] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) SHO-BOND Holdings Co Ltd 4,138 - - 4,138^ 161,283 0.03 Signature Aviation Plc - 85,215 - 85,215 239,101 0.04 SNC-Lavalin Group Inc - 20,001 - 20,001 288,646 0.05 SPIE SA 11,270 2,035 - 13,305 196,796 0.04 Stantec Inc 13,261 - - 13,261 388,249 0.07 Sterling Construction Co Inc - 3,642 - 3,642 34,125 0.01 Sumitomo Densetsu Co Ltd 1,900 - - 1,900^ 35,115 0.01 Sumitomo Mitsui Construction Co Ltd 17,460 - - 17,460^ 61,292 0.01 Taihei Dengyo Kaisha Ltd 1,492 - - 1,492^ 27,459 0.01 Taikisha Ltd 2,727 - - 2,727^ 69,216 0.01 Takamatsu Construction Group Co Ltd 1,383 - - 1,383^ 25,453 0.01 Takasago Thermal Engineering Co Ltd 5,664 - - 5,664^ 68,177 0.01 Takuma Co Ltd 7,500 - - 7,500^ 94,536 0.02 Tecnicas Reunidas SA 3,694 - - 3,694^ 42,002 0.01 Tekken Corp 1,350 - - 1,350^ 21,767 0.00 Toa Corp 1,503 - - 1,503^ 19,876 0.00 Toda Corp 22,500 - - 22,500^ 130,286 0.02 Toenec Corp 962 - - 962^ 30,708 0.01 Tokyu Construction Co Ltd 6,875 - - 6,875^ 28,985 0.01 TopBuild Corp 3,974 762 986 3,750 450,029 0.08 Toshiba Plant Systems & Services Corp 7,241 - 7,241 - - 0.00 Totetsu Kogyo Co Ltd 2,700 - - 2,700^ 58,402 0.01 Toyo Construction Co Ltd 7,442 - - 7,442^ 23,435 0.00 Tutor Perini Corp 4,106 - - 4,106 43,964 0.01 Veidekke ASA 14,340 - - 14,340^ 177,022 0.03 VSE Corp 914 - 914 - - 0.00 Webuild SpA 23,796 - - 23,796^ 27,876 0.01 Willscot Corp 4,483 11,753 16,236 - - 0.00 WillScot Mobile Mini Holdings Corp - 16,236 - 16,236 222,435 0.04 Yahagi Construction Co Ltd 1,933 - - 1,933^ 12,557 0.00 YIT Oyj 11,779 8,338 - 20,117 106,903 0.02 Yokogawa Bridge Holdings Corp 3,586 - - 3,586^ 56,956 0.01 Yumeshin Holdings Co Ltd 3,700 - - 3,700^ 16,841 0.00 Yurtec Corp 3,457 - - 3,457^ 17,965 0.00 13,096,360 2.42 Home builders Bayside Land Corp 68 - - 68 37,526 0.01 Beazer Homes USA Inc 3,027 - 3,027 - - 0.00 Bellway Plc 12,175 1,661 - 13,836 420,597 0.08 Bonava AB 'B' 9,454 - - 9,454^ 57,834 0.01 Cairn Homes Plc 117,622 - - 117,622 108,055 0.02 Cavco Industries Inc 971 - - 971 176,955 0.03 Century Communities Inc - 2,523 - 2,523 81,754 0.01 Countryside Properties Plc 45,991 - - 45,991 155,622 0.03 Crest Nicholson Holdings Plc 27,501 - - 27,501 61,436 0.01 Forestar Group Inc 429 - - 429 6,755 0.00 Glenveagh Properties Plc 112,226 - - 112,226 84,507 0.02 Haseko Corp 30,000 - - 30,000^ 320,843 0.06 Installed Building Products Inc 1,868 730 - 2,598 186,969 0.03 Kaufman & Broad SA 1,552 - - 1,552^ 60,770 0.01 KB Home 9,054 - - 9,054 277,073 0.05 LCI Industries 2,520 - - 2,520 288,390 0.05 LGI Homes Inc 1,319 887 - 2,206 228,996 0.04

[94] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) M/I Homes Inc 2,744 - - 2,744 103,918 0.02 MDC Holdings Inc 5,500 - - 5,500 224,300 0.04 Meritage Homes Corp 3,993 - - 3,993^ 360,265 0.07 Misawa Homes Co Ltd 7,200 - 7,200 - - 0.00 Open House Co Ltd 3,150 3,150 - 6,300^ 162,290 0.03 Redrow Plc 24,591 - - 24,591 125,548 0.02 Skyline Champion Corp 4,898 - - 4,898 125,785 0.02 Taylor Morrison Home Corp 10,182 1,680 - 11,862 253,046 0.05 Thor Industries Inc 5,706 - - 5,706 591,693 0.11 Toll Brothers Inc 14,988 - - 14,988 520,841 0.10 TRI Pointe Group Inc 16,202 - - 16,202 246,435 0.05 Vistry Group Plc 15,139 7,722 - 22,861^ 167,731 0.03 Winnebago Industries Inc 2,948 - - 2,948 162,007 0.03 Winthrop 2,100 - 2,100 - - 0.00 5,597,941 1.03 Building materials AAON Inc 4,716 - - 4,716 254,191 0.05 Adbri Ltd 32,225 37,060 - 69,285^ 99,894 0.02 Alimak Group AB 6,647 - - 6,647^ 75,516 0.01 American Woodmark Corp 1,631 - - 1,631 119,618 0.02 Apogee Enterprises Inc 3,266 - - 3,266 64,146 0.01 Armstrong Flooring Inc 2,152 - 2,152 - - 0.00 Armstrong World Industries Inc 4,305 674 - 4,979 322,674 0.06 Boise Cascade Co 4,059 - - 4,059 172,032 0.03 Boral Ltd - 130,296 - 130,296 305,164 0.06 Brickworks Ltd 10,054 - - 10,054^ 107,111 0.02 Builders FirstSource Inc 11,821 - - 11,821 254,752 0.05 Bunka Shutter Co Ltd 5,362 - - 5,362^ 32,064 0.01 Buzzi Unicem SpA 7,304 - - 7,304 150,973 0.03 Buzzi Unicem SpA (Pref) 6,050 - - 6,050 70,808 0.01 Caesarstone Ltd 2,725 - - 2,725 28,433 0.01 Carel Industries SpA - 4,580 - 4,580^ 78,829 0.01 Cementir Holding NV - 4,517 - 4,517 28,425 0.01 Cementir Holding SpA 4,517 - 4,517 - - 0.00 Central Glass Co Ltd 3,900 - - 3,900^ 63,688 0.01 Chofu Seisakusho Co Ltd 1,813 - - 1,813^ 33,850 0.01 CI Takiron Corp 2,817 - - 2,817^ 16,191 0.00 Continental Building Products Inc 3,248 - 3,248 - - 0.00 Cornerstone Building Brands Inc 4,068 5,984 - 10,052 51,848 0.01 CSR Ltd 54,741 - - 54,741 124,637 0.02 Daiken Corp 770 - - 770^ 11,183 0.00 Eagle Materials Inc 4,699 - - 4,699 342,958 0.06 Fletcher Building Ltd - 87,625 - 87,625 179,480 0.03 Forterra Inc - 4,822 - 4,822 56,982 0.01 Forterra Plc 22,160 - - 22,160 41,064 0.01 Fujimi Inc 1,854 - - 1,854^ 58,384 0.01 Fujitec Co Ltd 7,963 - - 7,963^ 123,736 0.02 Gibraltar Industries Inc 3,365 - - 3,365 158,322 0.03 Griffon Corp 4,490 - - 4,490 93,414 0.02 Ibstock Plc 37,762 - - 37,762 71,643 0.01 Imerys SA - 3,703 - 3,703^ 123,963 0.02 Inwido AB 5,193 - - 5,193 43,816 0.01 JELD-WEN Holding Inc 5,908 - - 5,908 105,340 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [95] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Katitas Co Ltd 2,500 2,500 - 5,000 102,990 0.02 Louisiana-Pacific Corp 15,640 - 4,373 11,267 324,604 0.06 Marshalls Plc 21,499 - - 21,499 152,605 0.03 Masonite International Corp 2,803 - - 2,803 215,083 0.04 MDU Resources Group Inc 18,405 3,233 - 21,638 412,972 0.08 Nibe Industrier AB 'B' 33,035 1,554 34,589 - - 0.00 Nichias Corp 4,760 2,100 - 6,860^ 134,396 0.02 Nichiha Corp 2,249 - - 2,249^ 41,468 0.01 Nippon Sheet Glass Co Ltd 8,950 - - 8,950^ 26,490 0.00 Norbord Inc 4,354 - - 4,354 128,805 0.02 Noritz Corp 3,052 - - 3,052^ 33,665 0.01 Oeneo SA - 4,048 - 4,048 49,816 0.01 Okabe Co Ltd 4,850 - - 4,850^ 29,419 0.01 Patrick Industries Inc 1,780 - - 1,780 103,552 0.02 PGT Innovations Inc 4,981 - - 4,981 77,348 0.01 Polypipe Group Plc 20,633 - - 20,633^ 99,773 0.02 ROCKWOOL International A/S 'B' 795 228 - 1,023 303,182 0.06 Sanwa Holdings Corp 14,650 8,300 - 22,950^ 178,110 0.03 Sekisui Jushi Corp 2,620 - - 2,620^ 44,611 0.01 Shapir Engineering and Industry Ltd 14,946 - - 14,946 101,106 0.02 Simpson Manufacturing Co Inc 4,495 - - 4,495 394,844 0.07 SPX Corp 3,991 - - 3,991 152,486 0.03 Stella-Jones Inc 6,536 - - 6,536 180,571 0.03 STO SE & Co KGaA (Pref) 266 - - 266 27,784 0.01 Sumitomo Osaka Cement Co Ltd 3,749 - - 3,749^ 114,349 0.02 Summit Materials Inc 'A' 12,839 - - 12,839 171,924 0.03 Takara Standard Co Ltd 4,322 - - 4,322^ 52,619 0.01 Tarkett SA 5,001 - - 5,001^ 56,863 0.01 Trex Co Inc 5,416 794 - 6,210 787,108 0.15 UFP Industries Inc 6,390 6,390 6,390 6,390 338,432 0.06 US Concrete Inc 1,397 - - 1,397 31,543 0.01 Vicat SA 2,034 - - 2,034 61,264 0.01 Victoria Plc 16,251 - - 16,251^ 51,225 0.01 Wienerberger AG 11,594 - - 11,594 242,828 0.04 Xinyi Glass Holdings Ltd 172,413 42,000 - 214,413^ 285,900 0.05 9,374,864 1.73 Hotels Boyd Gaming Corp 8,729 - - 8,729 187,958 0.03 Caesars Entertainment Corp 55,868 - 55,868 - - 0.00 Choice Hotels International Inc 2,913 1,162 - 4,075 311,539 0.06 Dalata Hotel Group Plc 17,370 - - 17,370 48,675 0.01 Extended Stay America Inc 16,853 6,084 4,096 18,841 195,564 0.04 Fattal Holdings 1998 Ltd 721 - - 721 26,141 0.01 Fujita Kanko Inc 609 - 609 - - 0.00 Hilton Grand Vacations Inc 10,876 - 2,246 8,630 159,369 0.03 Hongkong & Shanghai Hotels Ltd - 55,500 - 55,500 41,367 0.01 Kyoritsu Maintenance Co Ltd 2,886 - - 2,886^ 72,259 0.01 Macau Legend Development Ltd 212,500 - - 212,500^ 24,943 0.00 Mandarin Oriental International Ltd 35,500 - - 35,500 47,796 0.01 Marcus Corp 1,804 - - 1,804 22,664 0.00 Melco International Development Ltd 89,000 - - 89,000^ 152,729 0.03 Melia Hotels International SA 15,112 - - 15,112^ 51,110 0.01 Playa Hotels & Resorts NV 6,802 - - 6,802 22,462 0.00

[96] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Resorttrust Inc 9,894 - - 9,894^ 100,281 0.02 Scandic Hotels Group AB 6,684 5,724 - 12,408^ 38,727 0.01 Scandic Hotels Group AB - 5,724 5,724 - - 0.00 Scandic Hotels Group AB Rights - 6,684 6,684 - - 0.00 Shangri-La Asia Ltd - 138,000 - 138,000^ 90,709 0.02 SKYCITY Entertainment Group Ltd 69,008 - - 69,008^ 104,128 0.02 St Joe Co 5,527 - - 5,527 103,625 0.02 Star Entertainment Grp Ltd 72,563 30,298 - 102,861^ 171,119 0.03 Universal Entertainment Corp 2,238 - - 2,238^ 35,623 0.01 Wyndham Destinations Inc 9,692 - - 9,692 234,527 0.04 Wyndham Hotels & Resorts Inc 9,999 - - 9,999 401,683 0.07 2,644,998 0.49 Apparel Asics Corp 16,300 - - 16,300 164,087 0.03 boohoo Group Plc 85,079 14,138 - 99,217 309,189 0.06 Brunello Cucinelli SpA 3,098 - - 3,098^ 82,115 0.02 Canada Goose Holdings Inc 6,136 - - 6,136 124,223 0.02 Capri Holdings Ltd - 15,085 - 15,085 205,568 0.04 Carter's Inc 4,170 729 - 4,899 350,825 0.06 Columbia Sportswear Co 3,103 - - 3,103 214,081 0.04 Crocs Inc 8,655 1,714 3,296 7,073 231,249 0.04 Deckers Outdoor Corp 2,869 318 309 2,878 547,841 0.10 Delta Galil Industries Ltd 1,138 - - 1,138 10,619 0.00 Descente Ltd 2,215 - - 2,215 32,494 0.01 Geox SpA 7,171 - 7,171 - - 0.00 Gunze Ltd 1,800 - - 1,800^ 59,316 0.01 Hanesbrands Inc - 38,046 - 38,046 489,046 0.09 Kontoor Brands Inc 4,341 1,325 - 5,666 98,757 0.02 Levi Strauss & Co 'A' - 5,173 - 5,173 57,223 0.01 Nagaileben Co Ltd 4,576 - 2,100 2,476 56,433 0.01 New Wave Group AB 'B' 4,322 - 4,322 - - 0.00 Onward Holdings Co Ltd 12,500 - - 12,500^ 27,748 0.00 Oxford Industries Inc 1,668 - - 1,668 65,156 0.01 PVH Corp - 7,535 - 7,535 333,544 0.06 Skechers USA Inc 'A' 12,842 1,633 - 14,475 385,556 0.07 SMCP SA 4,874 - - 4,874^ 19,190 0.00 Steven Madden Ltd 9,111 - - 9,111 175,546 0.03 Tapestry Inc - 29,344 - 29,344 356,635 0.07 Ted Baker Plc 3,194 - 3,194 - - 0.00 Ted Baker Plc - 456 456 - - 0.00 Tod's SpA 1,381 - - 1,381^ 36,188 0.01 TSI Holdings Co Ltd 13,650 - - 13,650^ 34,764 0.01 Under Armour Inc 'A' - 20,028 - 20,028 191,669 0.04 Under Armour Inc 'C' - 20,699 - 20,699 178,696 0.03 Unifi Inc 1,671 - 1,671 - - 0.00 Wacoal Holdings Corp 2,700 3,500 - 6,200^ 94,740 0.02 Wolverine World Wide Inc 8,759 - - 8,759 191,552 0.04 Yue Yuen Industrial Holdings Ltd - 85,500 - 85,500 123,440 0.02 5,247,490 0.97 Mining Acacia Mining Plc 16,411 - 16,411 - - 0.00 Alacer Gold Corp 23,726 17,139 - 40,865 287,242 0.05 Alamos Gold Inc 'A' 40,124 - - 40,124 386,126 0.07

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [97] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Alcoa Corp 17,486 - - 17,486 206,791 0.04 Alumina Ltd - 260,226 - 260,226 258,049 0.05 Arconic Corp - 10,770 - 10,770 159,601 0.03 Ausdrill Ltd 50,340 - 50,340 - - 0.00 B2Gold Corp 98,356 16,937 115,293 - - 0.00 Castile Resources Ltd - 2,786 2,786 - - 0.00 Castile Resources Ltd Rights - 2,786 2,786 - - 0.00 Centamin Plc 124,721 - - 124,721 303,041 0.06 Centerra Gold Inc 21,654 - - 21,654 247,060 0.05 Central Asia Metals Plc 40,346 - - 40,346 79,773 0.01 Century Aluminum Co 5,529 - - 5,529 43,809 0.01 China Gold International Resources Corp Ltd 26,183 - 26,183 - - 0.00 Coeur Mining Inc 22,244 - - 22,244 160,466 0.03 Compass Minerals International Inc 3,692 - - 3,692 171,088 0.03 Constellium SE 13,632 - 13,632 - - 0.00 Constellium SE - 13,632 13,632 - - 0.00 Contura Energy Inc 1,860 - 1,860 - - 0.00 Covia Holdings Corp 2,567 - 2,567 - - 0.00 Detour Gold Corp 16,974 4,565 21,539 - - 0.00 Dowa Holdings Co Ltd 4,800 - - 4,800^ 127,201 0.02 Dundee Precious Metals Inc - 18,190 - 18,190 124,770 0.02 Eldorado Gold Corp 14,200 - - 14,200 162,303 0.03 Endeavour Mining Corp 7,827 8,467 5,929 10,365 254,046 0.05 Equinox Gold Corp - 16,351 - 16,351 177,339 0.03 Eramet 874 - - 874^ 21,728 0.00 ERO Copper Corp 6,326 - - 6,326 69,255 0.01 Evolution Mining Ltd 132,769 50,177 182,946 - - 0.00 First Majestic Silver Corp 14,258 6,236 - 20,494 248,857 0.05 Fortuna Silver Mines Inc 13,448 - - 13,448 81,923 0.02 Furukawa Co Ltd 3,115 - - 3,115^ 27,284 0.01 Galaxy Resources Ltd 41,578 - 41,578 - - 0.00 Gold Road Resources Ltd - 67,120 - 67,120 80,352 0.01 Hecla Mining Co 43,441 - - 43,441 218,141 0.04 Hochschild Mining Plc 26,525 - - 26,525 85,067 0.02 Hudbay Minerals Inc 24,648 - - 24,648 70,472 0.01 IAMGOLD Corp 43,563 - - 43,563 197,924 0.04 IGO Ltd 45,191 18,064 - 63,255^ 189,828 0.03 Iluka Resources Ltd 46,996 - - 46,996^ 277,471 0.05 Ivanhoe Mines Ltd 'A' 64,499 - - 64,499 206,752 0.04 Kaiser Aluminum Corp 1,071 657 - 1,728 97,383 0.02 KAZ Minerals Plc 27,385 - - 27,385 176,761 0.03 Kidman Resources Ltd 54,461 - 54,461 - - 0.00 Lithium Americas Corp 6,374 - - 6,374 35,713 0.01 Livent Corp 11,918 - - 11,918 67,978 0.01 Lucara Diamond Corp 36,248 - 36,248 - - 0.00 Lynas Corp Ltd 60,271 29,115 - 89,386 130,042 0.02 MAG Silver Corp 6,046 - - 6,046 92,920 0.02 Major Drilling Group International Inc 9,404 - 9,404 - - 0.00 McEwen Mining Inc 22,796 - - 22,796 28,618 0.01 Mitsui Mining & Smelting Co Ltd 6,400 - - 6,400^ 121,640 0.02 New Gold Inc 85,379 - - 85,379 127,564 0.02 NexGen Energy Ltd 33,719 - - 33,719 54,501 0.01 Nippon Denko Co Ltd 9,484 - 9,484 - - 0.00 Nippon Light Metal Holdings Co Ltd 40,250 29,300 - 69,550^ 103,524 0.02

[98] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Nittetsu Mining Co Ltd 390 - - 390^ 13,523 0.00 Northern Star Resources Ltd 62,074 26,910 88,984 - - 0.00 Novagold Resources Inc 26,221 - - 26,221 218,143 0.04 NRW Holdings Ltd 38,946 - - 38,946 46,624 0.01 OceanaGold Corp 62,939 - - 62,939^ 150,031 0.03 Orocobre Ltd 23,324 - - 23,324^ 45,193 0.01 Osisko Gold Royalties Ltd 16,268 - - 16,268 173,456 0.03 Osisko Mining Inc 17,485 - - 17,485 50,586 0.01 OZ Minerals Ltd 31,103 13,996 13,032 32,067^ 285,143 0.05 Pacific Metals Co Ltd 2,033 - - 2,033^ 25,731 0.00 Pan American Silver Corp 21,111 2,400 23,511 - - 0.00 Perenti Global Ltd - 50,340 - 50,340^ 39,245 0.01 Perseus Mining Ltd - 144,852 - 144,852 145,058 0.03 Pilbara Minerals Ltd 146,191 - - 146,191^ 33,381 0.01 Premier Gold Mines Ltd 15,121 - - 15,121 28,035 0.01 Pretium Resources Inc 17,270 - - 17,270 148,954 0.03 Ramelius Resources Ltd - 81,760 - 81,760 116,280 0.02 Regis Resources Ltd 63,342 - - 63,342^ 232,653 0.04 Resolute Mining Ltd 58,203 73,070 - 131,273^ 111,334 0.02 Royal Gold Inc 7,184 - - 7,184 914,482 0.17 Sandfire Resources Ltd 13,660 - - 13,660^ 42,152 0.01 Sandstorm Gold Ltd 13,671 10,339 - 24,010 210,347 0.04 Saracen Mineral Holdings - 747 747 - - 0.00 Saracen Mineral Holdings Ltd 85,865 41,570 - 127,435^ 498,825 0.09 Saracen Mineral Holdings Ltd Rights - 14,186 14,186 - - 0.00 Seabridge Gold Inc 3,901 6,250 4,235 5,916 104,743 0.02 SEMAFO Inc 29,372 - 29,372 - - 0.00 Silver Lake Resources Ltd - 81,549 - 81,549 130,345 0.02 Silvercorp Metals Inc 18,835 - - 18,835 124,205 0.02 SilverCrest Metals Inc - 9,687 - 9,687 87,761 0.02 Sirius Minerals Plc 728,007 - 728,007 - - 0.00 SSR Mining Inc 11,987 - - 11,987 261,319 0.05 St Barbara Ltd 74,924 - - 74,924^ 163,747 0.03 Syrah Resources Ltd 25,216 - 25,216 - - 0.00 Teranga Gold Corp - 12,799 - 12,799 135,860 0.03 Toho Titanium Co Ltd 3,400 - - 3,400^ 16,382 0.00 Torex Gold Resources Inc 8,020 - - 8,020 127,942 0.02 Trevali Mining Corp 129,192 - 129,192 - - 0.00 Turquoise Hill Resources Ltd 63,355 - - 63,355 48,190 0.01 United States Lime & Minerals Inc 259 - - 259 21,255 0.00 Wesdome Gold Mines Ltd - 16,543 - 16,543 154,031 0.03 Western Areas Ltd 27,364 - - 27,364^ 43,202 0.01 Westgold Resources Ltd 11,146 38,920 - 50,066^ 77,084 0.01 Yamana Gold Inc 102,393 - 102,393 - - 0.00 10,985,645 2.03 Biotechnology Abcam Plc 18,456 2,937 - 21,393 328,225 0.06 Abeona Therapeutics Inc 3,194 - 3,194 - - 0.00 ACADIA Pharmaceuticals Inc 10,804 1,482 - 12,286 464,610 0.09 Acceleron Pharma Inc 4,751 - - 4,751 428,611 0.08 Achillion Pharmaceuticals Inc 9,582 - 9,582 - - 0.00 Acorda Therapeutics Inc 4,995 - 4,995 - - 0.00 Adverum Biotechnologies Inc - 7,397 - 7,397 112,846 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [99] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Agenus Inc 9,539 - - 9,539 26,380 0.00 Akero Therapeutics Inc - 1,624 - 1,624 51,870 0.01 Alder Biopharmaceuticals Inc 4,724 - 4,724 - - 0.00 Alder Biopharmaceuticals Inc - 4,724 - 4,724 3,782 0.00 Allakos Inc 1,331 1,532 - 2,863 195,518 0.04 Allogene Therapeutics Inc 2,689 3,152 - 5,841 194,848 0.04 AMAG Pharmaceuticals Inc 4,381 - - 4,381 38,080 0.01 Amicus Therapeutics Inc 19,518 10,621 3,722 26,417 347,256 0.06 AnaptysBio Inc 2,611 - - 2,611 42,659 0.01 ANI Pharmaceuticals Inc 817 - - 817 22,007 0.00 Apellis Pharmaceuticals Inc 4,485 1,707 - 6,192 145,835 0.03 Applied Therapeutics Inc - 1,373 - 1,373 32,225 0.01 Arcturus Therapeutics Holdings Inc - 1,584 - 1,584 75,262 0.01 Arcus Biosciences Inc - 2,325 - 2,325 41,624 0.01 Ardelyx Inc - 5,929 - 5,929 30,474 0.01 Arena Pharmaceuticals Inc 5,054 - - 5,054 282,248 0.05 Argenx SE 3,004 1,664 - 4,668 981,194 0.18 ArQule Inc 14,184 - 14,184 - - 0.00 Arrowhead Pharmaceuticals Inc 7,724 1,581 - 9,305 364,577 0.07 Assembly Biosciences Inc 1,761 - - 1,761 35,564 0.01 Atara Biotherapeutics Inc 3,108 - - 3,108 35,031 0.01 Athersys Inc - 19,379 - 19,379 45,130 0.01 Audentes Therapeutics Inc 3,893 - 3,893 - - 0.00 Avrobio Inc - 3,854 - 3,854 59,426 0.01 Bavarian Nordic A/S 2,773 2,218 - 4,991 140,780 0.03 Bavarian Nordic A/S - 2,218 2,218 - - 0.00 Bavarian Nordic A/S Rights - 11,094 11,094 - - 0.00 BioArctic AB - 5,792 - 5,792 53,630 0.01 BioCryst Pharmaceuticals Inc 6,764 16,594 - 23,358 86,482 0.02 Biohaven Pharmaceutical Holding Co Ltd 3,466 2,264 1,079 4,651 270,954 0.05 Bio-Rad Laboratories Inc 'A' 2,251 - 2,251 - - 0.00 Bluebird Bio Inc 5,715 1,163 - 6,878 379,795 0.07 Blueprint Medicines Corp 3,806 1,069 - 4,875 324,538 0.06 Cambrex Corp 3,590 - 3,590 - - 0.00 Cara Therapeutics Inc 3,314 - - 3,314 49,562 0.01 Cellectis SA 5,750 - - 5,750^ 82,884 0.01 CELLINK AB 'B' - 2,917 - 2,917 44,672 0.01 CEL-SCI Corp - 3,667 - 3,667 41,732 0.01 ChemoCentryx Inc 4,228 - - 4,228 202,734 0.04 Compugen Ltd - 8,107 - 8,107 106,273 0.02 Constellation Pharmaceuticals Inc - 2,379 - 2,379 58,195 0.01 Cortexyme Inc - 1,524 - 1,524 55,247 0.01 CRISPR Therapeutics AG 2,125 3,345 - 5,470 425,254 0.08 CStone Pharmaceuticals - 47,000 - 47,000 57,374 0.01 Cue Biopharma Inc - 2,191 - 2,191 37,691 0.01 Cymabay Therapeutics Inc 9,362 - 9,362 - - 0.00 CytomX Therapeutics Inc 2,147 - - 2,147 13,691 0.00 Deciphera Pharmaceuticals Inc 1,769 1,949 - 3,718 156,836 0.03 Denali Therapeutics Inc 8,234 - - 8,234 175,427 0.03 Dicerna Pharmaceuticals Inc 4,358 2,122 - 6,480 126,739 0.02 Dynavax Technologies Corp 4,676 - - 4,676 34,498 0.01 Eckert & Ziegler Strahlen- und Medizintechnik AG - 1,564 - 1,564^ 75,877 0.01 Editas Medicine Inc 4,397 1,435 - 5,832 155,766 0.03 Eiken Chemical Co Ltd 3,000 - - 3,000^ 48,397 0.01

[100] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Emergent BioSolutions Inc 4,073 511 - 4,584 463,878 0.09 Epizyme Inc 5,064 4,107 - 9,171 115,465 0.02 Esperion Therapeutics Inc 2,238 - - 2,238 76,611 0.01 Exelixis Inc 30,673 1,793 - 32,466 681,947 0.13 Fate Therapeutics Inc 7,616 - - 7,616 216,647 0.04 FibroGen Inc 7,344 1,333 - 8,677 319,449 0.06 Five Prime Therapeutics Inc 1,972 - 1,972 - - 0.00 Forty Seven Inc - 4,444 4,444 - - 0.00 Genfit 2,371 6,659 4,371 4,659^ 21,130 0.00 Geron Corp 17,876 - - 17,876 25,856 0.00 GlycoMimetics Inc 5,845 - 5,845 - - 0.00 GNI Group Ltd 2,200 4,400 - 6,600^ 75,185 0.01 Gossamer Bio Inc - 2,988 - 2,988 32,401 0.01 Guardant Health Inc 1,769 4,243 - 6,012 465,859 0.09 Halozyme Therapeutics Inc 13,741 - - 13,741 339,880 0.06 Homology Medicines Inc 1,944 - - 1,944 23,255 0.00 IGM Biosciences Inc - 752 - 752 34,383 0.01 ImmunoGen Inc 11,653 11,984 - 23,637 88,376 0.02 Immunomedics Inc 12,856 8,095 2,325 18,626 715,548 0.13 Immunovant Inc - 2,458 - 2,458 50,557 0.01 Innate Pharma SA 4,572 - - 4,572^ 25,427 0.00 Innoviva Inc 8,587 - - 8,587 105,808 0.02 Inovio Pharmaceuticals Inc 6,289 15,183 6,289 15,183 268,505 0.05 Insmed Inc 9,415 - - 9,415 223,713 0.04 Intercept Pharmaceuticals Inc 2,473 - - 2,473^ 102,676 0.02 Iovance Biotherapeutics Inc 10,669 - - 10,669 282,141 0.05 Japan Tissue Engineering Co Ltd 3,400 - - 3,400^ 17,757 0.00 JCR Pharmaceuticals Co Ltd 1,200 600 - 1,800^ 159,983 0.03 Karuna Therapeutics Inc - 1,211 - 1,211 90,115 0.02 Karyopharm Therapeutics Inc 7,068 - - 7,068 103,198 0.02 Kiniksa Pharmaceuticals Ltd 'A' - 2,014 - 2,014 35,763 0.01 Kodiak Sciences Inc - 2,550 - 2,550 107,473 0.02 Krystal Biotech Inc - 1,843 - 1,843 69,226 0.01 Ligand Pharmaceuticals Inc 1,999 - - 1,999 213,091 0.04 Livongo Health Inc - 3,953 - 3,953 457,597 0.08 MacroGenics Inc 5,101 - - 5,101 117,866 0.02 Medicines Co 6,943 1,582 8,525 - - 0.00 Mersana Therapeutics Inc - 4,575 - 4,575 82,738 0.01 Mesoblast Ltd 19,840 49,499 25,123 44,216^ 109,038 0.02 Mirati Therapeutics Inc 2,540 - - 2,540 280,303 0.05 MorphoSys AG 3,482 - - 3,482 404,531 0.07 Myriad Genetics Inc 6,593 - - 6,593 72,392 0.01 Nektar Therapeutics - 19,014 - 19,014 383,302 0.07 NeoGenomics Inc 8,973 2,016 - 10,989 382,174 0.07 NextCure Inc - 1,299 - 1,299 10,541 0.00 Novavax Inc 1,430 5,366 1,430 5,366 698,535 0.13 Omeros Corp 3,632 - - 3,632 42,391 0.01 Oxford Biomedica Plc - 7,674 - 7,674 74,859 0.01 Pacific Biosciences of California Inc 15,242 - - 15,242 51,719 0.01 PDL BioPharma Inc 17,876 - - 17,876 51,713 0.01 People's Utah Bancorp 3,984 14,847 18,831 - - 0.00 Pharma Mar SA - 36,127 36,127 - - 0.00 Pharma Mar SA - 1,639 - 1,639 157,005 0.03 Pharming Group NV 65,201 - - 65,201^ 66,757 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [101] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Precigen Inc 10,220 10,220 10,220 10,220 39,141 0.01 Probi AB 1,541 - 1,541 - - 0.00 Prothena Corp Plc 3,315 - - 3,315 36,912 0.01 Provention Bio Inc - 3,550 - 3,550 33,554 0.01 PTC Therapeutics Inc 5,370 - - 5,370 226,326 0.04 Puma Biotechnology Inc 3,457 - - 3,457 32,423 0.01 Radius Health Inc 3,108 2,953 - 6,061 69,197 0.01 REGENXBIO Inc 2,765 1,821 1,126 3,460 104,184 0.02 Retrophin Inc 2,732 - - 2,732 49,408 0.01 Rigel Pharmaceuticals Inc 30,315 - - 30,315 63,428 0.01 Rocket Pharmaceuticals Inc 3,176 - - 3,176 67,983 0.01 Rubius Therapeutics Inc 3,154 - - 3,154 14,088 0.00 Sage Therapeutics Inc 5,237 - - 5,237 217,100 0.04 Sangamo Therapeutics Inc 8,553 5,419 - 13,972 137,653 0.03 Scholar Rock Holding Corp - 2,316 - 2,316 23,786 0.00 Sorrento Therapeutics Inc 12,212 12,080 12,212 12,080 98,023 0.02 Spark Therapeutics Inc 3,092 780 3,872 - - 0.00 SpringWorks Therapeutics Inc - 1,335 - 1,335^ 51,772 0.01 Stemline Therapeutics Inc 4,053 - 4,053 - - 0.00 Stemline Therapeutics Inc - 4,053 - 4,053 1,217 0.00 Swedish Orphan Biovitrum AB 18,882 1,967 - 20,849 397,593 0.07 Takara Bio Inc 8,350 - 3,100 5,250 126,840 0.02 Theravance Biopharma Inc 5,471 - - 5,471 96,653 0.02 Translate Bio Inc - 2,752 - 2,752 38,028 0.01 Turning Point Therapeutics Inc - 3,414 - 3,414 183,952 0.03 Twist Bioscience Corp - 3,144 - 3,144 160,280 0.03 Ultragenyx Pharmaceutical Inc 4,819 2,144 1,223 5,740 408,126 0.07 United Therapeutics Corp 4,493 - - 4,493 455,609 0.08 Veracyte Inc 3,577 2,095 - 5,672 184,051 0.03 Vericel Corp 3,128 - - 3,128 46,923 0.01 Viking Therapeutics Inc 5,443 - - 5,443 34,759 0.01 Vitrolife AB 8,935 - - 8,935^ 197,070 0.04 WaVe Life Sciences Ltd 2,422 - - 2,422 19,345 0.00 Xencor Inc 5,472 - - 5,472 149,784 0.03 Xenon Pharmaceuticals Inc - 2,973 - 2,973 29,561 0.01 Y-mAbs Therapeutics Inc - 3,104 - 3,104 99,197 0.02 ZIOPHARM Oncology Inc 21,823 - - 21,823 58,962 0.01 Zymeworks Inc - 3,630 - 3,630 100,816 0.02 20,638,818 3.81 Office & business equipment Canon Marketing Japan Inc 5,150 - - 5,150^ 88,267 0.02 Datalogic SpA 2,333 - - 2,333^ 29,940 0.00 Konica Minolta Inc - 48,100 - 48,100 115,051 0.02 Pitney Bowes Inc 21,595 - 979 20,616 62,640 0.01 Quadient 3,723 - - 3,723 50,061 0.01 Riso Kagaku Corp 3,747 - - 3,747^ 39,622 0.01 Sato Holdings Corp 2,814 - - 2,814^ 52,927 0.01 Toshiba TEC Corp 2,700 - - 2,700^ 93,968 0.02 Xerox Holdings Corp - 19,232 - 19,232 291,297 0.05 823,773 0.15 Office Furnishings Herman Miller Inc 6,334 - - 6,334 135,005 0.02 HNI Corp 4,668 - - 4,668 126,120 0.02

[102] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Interface Inc 7,342 - - 7,342 53,299 0.01 Kimball International Inc 'B' 3,946 - - 3,946 39,271 0.01 Knoll Inc 5,404 - - 5,404 57,567 0.01 Okamura Corp 8,658 - - 8,658^ 50,953 0.01 Steelcase Inc 'A' 9,484 - - 9,484 92,574 0.02 Uchida Yoko Co Ltd - 800 - 800 43,708 0.01 598,497 0.11 Chemicals A. Schulman Inc - 3,212 3,212 - - 0.00 ADEKA Corp 9,389 - - 9,389^ 113,096 0.02 AdvanSix Inc 3,745 - - 3,745 42,415 0.01 Aica Kogyo Co Ltd 5,193 - - 5,193^ 152,137 0.03 American Vanguard Corp 2,733 - - 2,733 33,464 0.01 Ashland Global Holdings Inc 6,139 - - 6,139 421,529 0.08 Avient Corp 6,715 11,989 9,352 9,352 203,330 0.04 Balchem Corp 3,314 - - 3,314 302,258 0.06 Borregaard ASA 11,311 - - 11,311^ 136,003 0.02 Cabot Corp 5,187 - - 5,187 172,135 0.03 Chemours Co - 17,621 - 17,621 297,033 0.05 Chugoku Marine Paints Ltd 4,958 - - 4,958^ 42,531 0.01 Codexis Inc 3,951 - - 3,951 42,520 0.01 Dainichiseika Color & Chemicals Manufacturing Co Ltd 1,197 - - 1,197^ 23,049 0.00 Denka Co Ltd 7,400 2,000 - 9,400^ 203,326 0.04 DIC Corp 7,400 - - 7,400^ 161,148 0.03 DuluxGroup Ltd 43,714 - 43,714 - - 0.00 Element Solutions Inc 25,358 - - 25,358 250,520 0.05 Elementis Plc 61,101 - - 61,101 46,544 0.01 Ferro Corp 8,780 - - 8,780 93,370 0.02 Fujibo Holdings Inc 850 - - 850^ 22,379 0.00 Fuso Chemical Co Ltd 4,300 - 2,400 1,900 66,126 0.01 GCP Applied Technologies Inc 8,496 - 6,085 2,411 50,051 0.01 Hawkins Inc 1,099 - - 1,099 51,518 0.01 HB Fuller Co 5,294 - - 5,294^ 218,355 0.04 Huntsman Corp 22,724 - - 22,724^ 382,432 0.07 IMCD NV 4,855 741 - 5,596 527,088 0.10 Incitec Pivot Ltd - 203,413 - 203,413 244,841 0.04 Ingevity Corp 3,981 585 - 4,566 242,908 0.04 Innophos Holdings Inc 2,403 - 2,403 - - 0.00 Innospec Inc 2,824 - - 2,824 193,111 0.04 Ishihara Sangyo Kaisha Ltd 3,250 - - 3,250^ 18,456 0.00 JCU Corp 5,000 - 2,700 2,300 61,742 0.01 K+S AG RegS 21,234 - - 21,234^ 128,234 0.02 Kaneka Corp - 5,700 - 5,700 121,136 0.02 Kanto Denka Kogyo Co Ltd - 4,400 - 4,400 30,967 0.01 Kemira Oyj 8,430 - - 8,430 102,381 0.02 KH Neochem Co Ltd 2,800 - - 2,800^ 46,448 0.01 Koatsu Gas Kogyo Co Ltd 1,839 - - 1,839^ 11,772 0.00 Konishi Co Ltd 2,900 - - 2,900^ 36,205 0.01 Koppers Holdings Inc 2,512 - 2,512 - - 0.00 Kraton Corp 3,403 - - 3,403 40,709 0.01 Kronos Worldwide Inc 2,183 - - 2,183 22,321 0.00 Kumiai Chemical Industry Co Ltd 8,774 - - 8,774^ 76,775 0.01 Kureha Corp 1,582 - - 1,582^ 58,938 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [103] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) KWS Saat SE & Co KGaA 1,215 - - 1,215 85,870 0.02 Lenzing AG 1,457 - - 1,457^ 61,831 0.01 Lintec Corp 4,400 - - 4,400^ 92,637 0.02 Methanex Corp - 6,885 - 6,885 116,054 0.02 Minerals Technologies Inc 3,818 - - 3,818 162,825 0.03 NewMarket Corp 962 - - 962 328,008 0.06 Nihon Nohyaku Co Ltd 4,799 - - 4,799^ 19,737 0.00 Nihon Parkerizing Co Ltd 9,773 - - 9,773^ 85,937 0.02 Nippon Carbon Co Ltd 1,100 - - 1,100^ 29,766 0.01 Nippon Kayaku Co Ltd 9,400 5,200 - 14,600^ 129,261 0.02 Nippon Shokubai Co Ltd 2,900 - - 2,900^ 130,746 0.02 Nippon Soda Co Ltd 2,904 - - 2,904^ 67,437 0.01 NOF Corp 6,611 1,400 - 8,011^ 270,881 0.05 Nolato AB 'B' 2,246 - - 2,246 170,228 0.03 Nufarm Ltd 29,603 - - 29,603^ 77,637 0.01 OCI NV 7,002 4,206 - 11,208^ 120,687 0.02 Olin Corp 14,550 3,577 - 18,127 185,349 0.03 OMNOVA Solutions Inc 4,200 - 4,200 - - 0.00 Osaka Soda Co Ltd 1,458 - - 1,458^ 28,414 0.01 PQ Group Holdings Inc 6,523 - - 6,523 72,810 0.01 Quaker Chemical Corp 1,500 - - 1,500 264,723 0.05 Rayonier Advanced Materials Inc 4,978 - 4,978 - - 0.00 Rogers Corp 2,003 - - 2,003 217,180 0.04 RPM International Inc 12,520 - 12,520 - - 0.00 Sakai Chemical Industry Co Ltd 1,898 - - 1,898^ 31,420 0.01 Sakata INX Corp 3,350 - - 3,350^ 28,045 0.00 Sanyo Chemical Industries Ltd 1,430 - - 1,430^ 55,428 0.01 Sensient Technologies Corp 4,064 - - 4,064^ 193,021 0.04 SGL Carbon SE 6,762 - - 6,762^ 22,804 0.00 Shikoku Chemicals Corp 3,000 - - 3,000^ 27,851 0.00 Stepan Co 2,258 - - 2,258 224,308 0.04 Sumitomo Bakelite Co Ltd 4,000 - - 4,000^ 87,451 0.02 Sumitomo Seika Chemicals Co Ltd 748 - - 748^ 21,431 0.00 Synthomer Plc 43,197 - - 43,197 149,572 0.03 T Hasegawa Co Ltd 2,800 - - 2,800^ 50,808 0.01 Tessenderlo Group SA 3,131 - - 3,131 84,876 0.02 Tikkurila Oyj 4,277 - 4,277 - - 0.00 Toagosei Co Ltd 11,152 - - 11,152^ 95,472 0.02 Tokai Carbon Co Ltd 20,234 - - 20,234^ 158,947 0.03 Tokuyama Corp 4,800 2,100 - 6,900^ 145,450 0.03 Toyo Ink SC Holdings Co Ltd 3,747 - - 3,747^ 61,254 0.01 Tri Chemical Laboratories Inc - 600 - 600 53,534 0.01 Tronox Holdings Plc 'A' 9,341 - - 9,341 64,751 0.01 Ube Industries Ltd 9,850 - - 9,850^ 145,176 0.03 Valvoline Inc 20,467 - - 20,467 382,058 0.07 Venator Materials Plc 5,954 - 5,954 - - 0.00 Versum Materials Inc 10,995 - 10,995 - - 0.00 Victrex Plc 9,345 - - 9,345 209,096 0.04 Wacker Chemie AG - 1,961 - 1,961 161,460 0.03 Westlake Chemical Corp - 4,072 - 4,072 201,884 0.04 WR Grace & Co 5,446 951 - 6,397 268,447 0.05 Zeon Corp 17,000 - - 17,000^ 147,731 0.03 11,281,594 2.08

[104] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Computers 3D Systems Corp 11,083 - - 11,083 66,442 0.01 Appen Ltd 12,773 - - 12,773^ 297,071 0.05 Avast Plc 43,056 29,237 - 72,293 495,888 0.09 BayCurrent Consulting Inc 1,400 - - 1,400 152,618 0.03 Bechtle AG 2,748 380 - 3,128 554,864 0.10 Bell System24 Holdings Inc - 5,500 - 5,500 80,873 0.01 Broadleaf Co Ltd 8,400 - - 8,400^ 40,473 0.01 CACI International Inc 'A' 2,402 388 - 2,790 527,460 0.10 CANCOM SE 2,912 1,186 - 4,098^ 224,603 0.04 Carbon Black Inc - 3,133 3,133 - - 0.00 Carbonite Inc 3,492 - 3,492 - - 0.00 Change Inc - 700 - 700 53,904 0.01 Computacenter Plc 8,354 - - 8,354 197,795 0.04 Conduent Inc 17,319 - - 17,319 30,092 0.01 Cray Inc 4,287 - 4,287 - - 0.00 Cubic Corp 2,566 801 - 3,367 128,644 0.02 Data#3 Ltd - 14,732 - 14,732 54,302 0.01 Datagroup SE - 678 - 678 40,697 0.01 Diebold Nixdorf Inc 6,621 - - 6,621 41,981 0.01 DTS Corp 4,160 - - 4,160^ 72,301 0.01 DXC Technology Co - 26,972 - 26,972 439,447 0.08 Elecom Co Ltd 1,800 - - 1,800^ 80,843 0.01 ExlService Holdings Inc 3,503 - - 3,503 204,139 0.04 Ferrotec Holdings Corp 7,000 - - 7,000^ 37,582 0.01 Forescout Technologies Inc 3,457 - - 3,457 91,169 0.02 F-Secure Oyj 8,472 - - 8,472 26,930 0.01 GB Group Plc 15,105 6,662 - 21,767 173,609 0.03 Indra Sistemas SA 17,663 - - 17,663^ 121,033 0.02 Ines Corp 3,092 - - 3,092^ 37,644 0.01 Infocom Corp 2,600 - - 2,600 74,941 0.01 Information Services International-Dentsu Ltd 839 - - 839^ 40,136 0.01 Insight Enterprises Inc 3,251 - - 3,251 147,399 0.03 Japan Cash Machine Co Ltd 1,473 - 1,473 - - 0.00 Jenoptik AG 6,662 - - 6,662 155,655 0.03 Kainos Group Plc - 8,542 - 8,542 112,189 0.02 Kapsch TrafficCom AG 364 - - 364^ 5,913 0.00 Keywords Studios Plc 4,934 2,355 - 7,289^ 165,530 0.03 Kornit Digital Ltd 3,523 - - 3,523 171,749 0.03 Lumentum Holdings Inc 7,694 696 709 7,681 648,641 0.12 Matrix IT Ltd 3,401 - - 3,401 79,851 0.01 MAXIMUS Inc 5,846 1,150 - 6,996 472,292 0.09 MCJ Co Ltd - 8,800 - 8,800 68,295 0.01 Melco Holdings Inc 1,245 - - 1,245^ 27,969 0.01 Mitsubishi Research Institute Inc 700 - - 700^ 25,296 0.00 MTS Systems Corp 1,582 - - 1,582 26,696 0.00 NCC Group Plc 45,501 - - 45,501 91,813 0.02 NCR Corp 12,601 - - 12,601 211,265 0.04 NEC Networks & System Integration Corp 2,549 5,098 - 7,647^ 146,722 0.03 NET One Systems Co Ltd 9,300 - - 9,300^ 327,670 0.06 Netcompany Group A/S 2,581 1,344 - 3,925 257,363 0.05 NetScout Systems Inc 8,871 - - 8,871 205,461 0.04 Nihon Unisys Ltd 7,279 - - 7,279^ 200,098 0.04 NNIT A/S 1,934 - - 1,934^ 33,128 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [105] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) NS Solutions Corp 3,400 - - 3,400 80,623 0.01 NSD Co Ltd 3,659 3,659 - 7,318^ 121,395 0.02 OneSpan Inc 3,328 - - 3,328 94,276 0.02 Parsons Corp - 3,386 - 3,386 107,285 0.02 Perspecta Inc 14,832 - - 14,832 288,743 0.05 Ping Identity Holding Corp - 2,498 - 2,498 78,081 0.01 PlayAGS Inc 1,920 16,323 18,243 - - 0.00 Presidio Inc - 6,254 6,254 - - 0.00 Pure Storage Inc 'A' 19,212 8,245 4,169 23,288 378,366 0.07 Qualys Inc 3,530 - - 3,530 396,524 0.07 Rapid7 Inc 4,590 - - 4,590 248,736 0.05 Roland DG Corp 1,024 - 1,024 - - 0.00 S&T AG 4,523 - - 4,523^ 112,490 0.02 Science Applications International Corp 5,340 - - 5,340^ 388,527 0.07 SCSK Corp 5,286 - 5,286 - - 0.00 Serco Group Plc 121,703 - - 121,703 231,626 0.04 SHIFT Inc 900 - - 900 85,954 0.02 Softcat Plc 9,902 4,733 - 14,635 220,346 0.04 Solutions 30 SE 8,976 - - 8,976 137,207 0.03 Sophos Group Plc 33,432 11,425 44,857 - - 0.00 Sopra Steria Group 1,792 - - 1,792 243,660 0.04 Super Micro Computer Inc - 4,632 - 4,632 127,697 0.02 Sykes Enterprises Inc 4,609 - - 4,609 115,135 0.02 Systena Corp 7,500 - - 7,500^ 102,344 0.02 Tenable Holdings Inc 3,542 2,115 - 5,657 174,610 0.03 TietoEVRY Oyj 5,654 4,229 - 9,883 264,720 0.05 Tobii AB 11,050 - - 11,050^ 40,972 0.01 TTEC Holdings Inc 2,195 - - 2,195 94,768 0.02 Unisys Corp 5,819 - - 5,819 62,940 0.01 UT Group Co Ltd 2,600 - - 2,600^ 47,716 0.01 Varonis Systems Inc 3,039 - - 3,039 299,542 0.06 Virtusa Corp 3,125 - - 3,125 115,418 0.02 Vocera Communications Inc 2,491 - - 2,491 69,727 0.01 Zscaler Inc 5,914 1,020 - 6,934 819,076 0.15 13,516,980 2.49 Miscellaneous manufacturers Aalberts NV 9,866 1,182 - 11,048 358,795 0.07 AGFA-Gevaert NV 18,139 - - 18,139 66,928 0.01 ALS Ltd 48,959 - - 48,959^ 271,174 0.05 Amano Corp 6,950 - - 6,950^ 118,698 0.02 American Outdoor Brands Corp 5,336 5,336 5,336 5,336 115,966 0.02 AMG Advanced Metallurgical Group NV 2,895 - - 2,895^ 46,869 0.01 Ansell Ltd 12,514 1,897 - 14,411^ 361,492 0.07 AptarGroup Inc 6,106 846 - 6,952 728,552 0.13 Axon Enterprise Inc 5,624 863 - 6,487 490,569 0.09 Bando Chemical Industries Ltd 3,770 - - 3,770^ 19,560 0.00 Carlisle Cos Inc 5,584 601 - 6,185 670,003 0.12 Chase Corp 689 - - 689 63,029 0.01 DIRTT Environmental Solutions 7,762 - 7,762 - - 0.00 Donaldson Co Inc 13,090 - - 13,090 575,631 0.11 Elkem ASA 26,660 - - 26,660^ 45,974 0.01 Enerpac Tool Group Corp 6,153 6,153 6,153 6,153^ 105,791 0.02 Enplas Corp 1,166 - - 1,166^ 20,897 0.00

[106] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) EnPro Industries Inc 1,642 - - 1,642 71,296 0.01 ESCO Technologies Inc 2,821 - - 2,821 220,545 0.04 Fabrinet 3,187 1,052 - 4,239 280,077 0.05 Federal Signal Corp 6,667 - - 6,667 187,468 0.03 Fukushima Galilei Co Ltd 1,600 - - 1,600^ 46,875 0.01 Glory Ltd 5,400 - - 5,400^ 106,536 0.02 GWA Group Ltd 20,575 - - 20,575^ 38,255 0.01 Haynes International Inc 1,347 - - 1,347 22,498 0.00 Hexpol AB 27,412 - - 27,412 165,979 0.03 Hill & Smith Holdings Plc 7,223 - - 7,223^ 104,352 0.02 Hillenbrand Inc 4,765 3,651 - 8,416 223,786 0.04 IMI Plc 27,444 5,201 - 32,645 406,925 0.08 Indus Holding AG 1,514 - - 1,514^ 47,149 0.01 Indutrade AB 10,977 - - 10,977 505,687 0.09 ITT Inc 7,616 1,308 - 8,924 468,662 0.09 John Bean Technologies Corp 3,369 - - 3,369^ 287,354 0.05 JSP Corp 1,200 - - 1,200^ 14,124 0.00 Kurabo Industries Ltd 1,741 - - 1,741^ 29,135 0.01 Materion Corp 2,466 - - 2,466 128,811 0.02 Mersen SA 1,267 - - 1,267 30,870 0.01 Mitsuboshi Belting Ltd 2,340 - - 2,340^ 35,133 0.01 Morgan Advanced Materials Plc 32,163 - - 32,163 83,332 0.02 Morita Holdings Corp 5,300 - - 5,300^ 83,359 0.02 Myers Industries Inc 2,706 - - 2,706 37,072 0.01 Nitta Corp 1,984 - - 1,984^ 37,930 0.01 Okamoto Industries Inc 789 - - 789^ 27,018 0.01 Proto Labs Inc 2,584 - - 2,584 282,362 0.05 Raven Industries Inc 4,478 - - 4,478 88,031 0.02 Sekisui Kasei Co Ltd 1,799 - - 1,799^ 7,863 0.00 Semperit AG Holding 1,028 - - 1,028^ 18,578 0.00 Senior Plc 33,180 27,690 - 60,870 37,938 0.01 Shoei Co Ltd - 3,000 - 3,000 72,119 0.01 Standex International Corp 1,479 - - 1,479 72,049 0.01 Sturm Ruger & Co Inc 2,018 - - 2,018 149,377 0.03 Tamron Co Ltd 1,407 - - 1,407^ 20,277 0.00 Tenma Corp 1,528 - - 1,528^ 20,128 0.00 Toyo Tanso Co Ltd 1,606 - - 1,606^ 21,860 0.00 Toyobo Co Ltd 4,750 6,400 - 11,150^ 139,872 0.03 Transenterix Inc 1,642 - 1,642 - - 0.00 Trelleborg AB 'B' 23,776 5,836 7,000 22,612 318,411 0.06 Trinity Industries Inc 12,360 - 2,181 10,179 180,845 0.03 Trinseo SA 3,607 - - 3,607 71,204 0.01 Uponor Oyj 5,675 - - 5,675 86,809 0.02 Vesuvius Plc 23,992 - - 23,992 116,876 0.02 9,454,755 1.74 Diversified financial services Aareal Bank AG 5,871 - - 5,871 98,459 0.02 ABC arbitrage 2,558 - - 2,558 19,124 0.00 Affiliated Managers Group Inc - 4,812 - 4,812 301,127 0.06 Afterpay Ltd 17,617 6,026 23,643 - - 0.00 AGF Management Ltd 'B' 5,760 - 5,760 - - 0.00 Aiful Corp 44,450 - - 44,450^ 81,844 0.01 Air Lease Corp 9,611 2,064 - 11,675 278,476 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [107] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Aircastle Ltd 3,734 2,154 5,888 - - 0.00 AJ Bell Plc - 30,496 - 30,496 157,298 0.03 Alliance Data Systems Corp - 4,810 - 4,810 194,104 0.04 Altisource Portfolio Solutions SA 1,641 - 1,641 - - 0.00 Anima Holding SpA 24,815 18,456 - 43,271^ 177,253 0.03 Ares Management Corp 'A' 9,319 - - 9,319 338,591 0.06 Arrow Global Group Plc 17,424 - 17,424 - - 0.00 Artisan Partners Asset Management Inc 'A' 4,081 1,890 - 5,971 196,795 0.04 Aruhi Corp 3,600 - - 3,600 41,753 0.01 Ashford Inc - 46 46 - - 0.00 Ashmore Group Plc 40,835 7,354 - 48,189 224,623 0.04 Assetmark Financial Holdings Inc - 2,758 - 2,758 69,874 0.01 Avanza Bank Holding AB 11,045 - - 11,045 195,346 0.04 Azimut Holding SpA 13,910 - - 13,910^ 240,160 0.04 B Riley Financial Inc - 2,248 - 2,248 52,168 0.01 Banca Farmafactoring SpA - 12,817 - 12,817 66,387 0.01 BGC Partners Inc 'A' 23,541 - - 23,541 59,320 0.01 BinckBank NV 5,334 - 5,334 - - 0.00 Blucora Inc 4,736 - - 4,736 50,795 0.01 Bolsas y Mercados Espanoles SHMSF SA 7,326 1,596 8,922 - - 0.00 Boston Private Financial Holdings Inc 9,564 - - 9,564 51,202 0.01 Brewin Dolphin Holdings Plc 29,852 - - 29,852 93,562 0.02 Bright Smart Securities & Commodities Group Ltd 67,000 - 67,000 - - 0.00 Brightsphere Investment Group Inc 6,709 - - 6,709 82,027 0.01 Burford Capital Ltd 22,565 - - 22,565^ 144,680 0.03 Canaccord Genuity Group Inc 9,606 - - 9,606 50,755 0.01 Charter Court Financial Services Group Plc 14,487 - 14,487 - - 0.00 Close Brothers Group Plc 16,640 - - 16,640 217,752 0.04 CMBC Capital Holdings Ltd 1,270,000 - - 1,270,000^ 20,870 0.00 Cohen & Steers Inc 2,187 - - 2,187 119,729 0.02 Collector AB 3,702 3,702 - 7,404^ 10,815 0.00 Collector AB - 3,702 3,702 - - 0.00 Collector AB Rights - 3,702 3,702 - - 0.00 Columbia Financial Inc 2,929 4,022 - 6,951 76,070 0.01 Cowen Inc 'A' 2,957 - - 2,957 44,304 0.01 Credit Acceptance Corp 1,122 - - 1,122 477,619 0.09 Credit Saison Co Ltd - 15,800 - 15,800 133,088 0.02 Diamond Hill Investment Group Inc 499 - - 499 51,763 0.01 Eaton Vance Corp - 12,146 - 12,146 399,319 0.07 ECN Capital Corp 42,888 - 30,981 11,907 38,168 0.01 eGuarantee Inc - 3,000 - 3,000 61,200 0.01 Ellington Financial Inc (REIT) - 5,784 - 5,784 61,878 0.01 Encore Capital Group Inc 2,857 - - 2,857 94,942 0.02 Enova International Inc 3,191 - - 3,191 46,707 0.01 Equitable Group Inc 1,590 - - 1,590 83,719 0.02 Euronext NV 6,097 560 704 5,953 620,525 0.11 Evercore Inc 'A' 4,300 - - 4,300 216,318 0.04 EZCORP Inc 'A' 4,398 - - 4,398 22,885 0.00 Federal Agricultural Mortgage Corp 'C' 918 - - 918 49,697 0.01 Federated Hermes Inc 10,802 - - 10,802 259,029 0.05 Fiera Capital Corp 3,525 - - 3,525 24,777 0.00 Financial Products Group Co Ltd 6,950 - - 6,950^ 28,284 0.01 First National Financial Corp 5,071 - 3,850 1,221 28,616 0.01 FlexiGroup Ltd 26,537 - 26,537 - - 0.00

[108] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Flow Traders 3,110 - - 3,110^ 104,379 0.02 Focus Financial Partners Inc 'A' - 3,629 - 3,629 121,983 0.02 Funding Circle Holdings Plc 17,817 - - 17,817^ 19,401 0.00 Fuyo General Lease Co Ltd 1,692 - - 1,692^ 86,474 0.02 GAMCO Investors Inc 'A' 1,095 - 1,095 - - 0.00 Genworth MI Canada Inc 3,668 1,453 - 5,121 115,430 0.02 Genworth Mortgage Insurance Australia Ltd 29,170 - - 29,170^ 32,256 0.01 goeasy Ltd - 1,175 - 1,175 44,839 0.01 Greenhill & Co Inc 3,104 - 3,104 - - 0.00 GRENKE AG 2,444 1,287 887 2,844^ 195,798 0.04 Guotai Junan International Holdings Ltd 259,800 - - 259,800^ 33,544 0.01 Guotai Junan International Holdings Ltd Rights - 86,600 86,600 - - 0.00 Haitong International Securities Group Ltd 222,229 269,000 194,000 297,229^ 72,916 0.01 Hamilton Lane Inc 'A' 1,698 - - 1,698 111,587 0.02 Hannon Armstrong Sustainable Infrastructure Capital Inc (REIT) 5,435 2,449 - 7,884^ 251,238 0.05 Hitachi Capital Corp 3,850 2,000 - 5,850^ 127,192 0.02 Hoist Finance AB 12,804 - 12,804 - - 0.00 Houlihan Lokey Inc 2,712 2,558 905 4,365 217,602 0.04 IG Group Holdings Plc 34,304 6,741 - 41,045 360,691 0.07 IntegraFin Holdings Plc 22,385 9,315 - 31,700^ 205,143 0.04 Interactive Brokers Group Inc 'A' 7,062 1,171 - 8,233 371,482 0.07 International Money Express Inc - 4,905 - 4,905 60,149 0.01 International Personal Finance Plc 24,940 - 24,940 - - 0.00 Intertrust NV 8,180 - - 8,180 137,974 0.03 Intrum AB 7,160 - - 7,160^ 153,898 0.03 IOOF Holdings Ltd 24,357 13,982 - 38,339 114,055 0.02 Isracard Ltd - 20,898 - 20,898 43,909 0.01 J Trust Co Ltd 8,450 - - 8,450^ 16,867 0.00 Jaccs Co Ltd 2,814 - - 2,814^ 38,763 0.01 Janus Henderson Group Plc 18,960 - 2,067 16,893 321,028 0.06 Japan Securities Finance Co Ltd 10,163 - - 10,163^ 40,836 0.01 Jefferies Financial Group Inc - 24,292 - 24,292 357,995 0.07 Jupiter Fund Management Plc 42,152 19,348 17,488 44,012^ 119,182 0.02 Kenedix Inc 24,250 - - 24,250^ 100,359 0.02 Kyokuto Securities Co Ltd 2,100 - 2,100 - - 0.00 Ladenburg Thalmann Financial Services Inc - 18,107 18,107 - - 0.00 Legg Mason Inc 8,315 1,320 - 9,635 438,160 0.08 LendingClub Corp 7,424 - - 7,424 35,254 0.01 LendingTree Inc 830 - - 830 261,467 0.05 LPL Financial Holdings Inc 9,120 - 813 8,307 597,145 0.11 Magellan Financial Group Ltd 13,869 - 13,869 - - 0.00 Man Group Plc 139,674 31,763 - 171,437 253,921 0.05 Marusan Securities Co Ltd 5,625 - - 5,625^ 19,311 0.00 Matsui Securities Co Ltd 12,400 - - 12,400^ 91,860 0.02 McMillan Shakespeare Ltd 7,955 - - 7,955 45,774 0.01 Mizuho Leasing Co Ltd 2,888 - - 2,888^ 57,723 0.01 MLP SE 5,663 - - 5,663^ 31,616 0.01 Moelis & Co 'A' 4,999 - - 4,999 135,473 0.02 Monex Group Inc 24,100 - - 24,100^ 47,277 0.01 Money Forward Inc 1,500 - - 1,500 92,020 0.02 Mr Cooper Group Inc 10,449 - - 10,449 155,224 0.03 Navient Corp 23,628 - - 23,628 171,095 0.03 NEC Capital Solutions Ltd 611 - - 611^ 9,231 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [109] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Nelnet Inc 'A' 2,974 - 922 2,052 108,269 0.02 Netwealth Group Ltd 9,611 - - 9,611 75,304 0.01 Network International Holdings Plc - 52,088 10,799 41,289 199,165 0.04 Ninety One Plc - 40,017 - 40,017 104,159 0.02 Ocwen Financial Corp 11,019 84,923 95,942 - - 0.00 Okasan Securities Group Inc 18,000 - - 18,000^ 46,152 0.01 Omni Bridgeway Ltd - 27,536 - 27,536 82,276 0.01 OneMain Holdings Inc 8,451 - - 8,451 220,642 0.04 OneSavings Bank Plc 32,916 11,956 - 44,872^ 126,440 0.02 Orient Corp 101,100 - 54,600 46,500^ 40,409 0.01 Pendal Group Ltd 37,045 - - 37,045^ 140,657 0.03 PennyMac Financial Services Inc - 6,269 - 6,269 275,222 0.05 Perpetual Ltd 4,738 - - 4,738 93,751 0.02 Piper Sandler Cos 1,955 - - 1,955 110,105 0.02 PJT Partners Inc 'A' 2,599 - - 2,599 126,562 0.02 Platinum Asset Management Ltd 22,279 24,770 - 47,049 114,490 0.02 Plus500 Ltd 7,585 7,236 3,969 10,852 155,031 0.03 PRA Group Inc 5,266 - - 5,266 189,511 0.03 Premier Financial Corp 3,318 3,318 3,318 3,318 53,365 0.01 Provident Financial Plc 27,340 - - 27,340^ 53,535 0.01 Pzena Investment Management Inc 'A' 896 8,570 9,466 - - 0.00 Quilter Plc 189,196 20,061 - 209,257 365,529 0.07 Rathbone Brothers Plc 6,626 - - 6,626^ 128,163 0.02 Resurs Holding AB 12,491 - - 12,491^ 56,842 0.01 Ricoh Leasing Co Ltd 1,486 - - 1,486^ 33,984 0.01 Sanne Group Plc 15,329 - - 15,329 115,306 0.02 SG Fleet Group Ltd 11,275 - - 11,275^ 11,181 0.00 SLM Corp 46,042 - - 46,042 283,557 0.05 Sparx Group Co Ltd 7,700 - - 7,700^ 12,521 0.00 Sprott Inc 12,810 - 12,810 - - 0.00 Sprott Inc - 1,281 - 1,281 44,264 0.01 Stifel Financial Corp 6,754 - - 6,754 297,867 0.05 StoneX Group Inc 1,418 1,418 1,418 1,418 67,697 0.01 Sun Hung Kai & Co Ltd 76,500 - - 76,500^ 26,848 0.00 Tamburi Investment Partners SpA 21,100 - - 21,100 127,107 0.02 Timbercreek Financial Corp - 12,584 - 12,584 72,045 0.01 TMX Group Ltd 5,640 - 5,640 - - 0.00 Tokai Tokyo Financial Holdings Inc 24,415 - - 24,415^ 47,475 0.01 TP ICAP Plc 66,412 - 10,583 55,829 221,040 0.04 Tradeweb Markets Inc 'A' - 7,049 7,049 - - 0.00 Tyro Payments Ltd - 18,479 - 18,479 41,351 0.01 Value Partners Group Ltd 90,628 - - 90,628^ 41,487 0.01 Virtu Financial Inc 'A' 4,480 - - 4,480 101,071 0.02 Virtus Investment Partners Inc 751 - - 751 92,858 0.02 Waddell & Reed Financial Inc 'A' 9,205 - - 9,205 122,174 0.02 WageWorks Inc 3,975 - 3,975 - - 0.00 Westwood Holdings Group Inc 715 - 715 - - 0.00 WisdomTree Investments Inc 12,488 - - 12,488 40,897 0.01 World Acceptance Corp 818 - - 818 55,289 0.01 Zenkoku Hosho Co Ltd 5,150 - - 5,150^ 162,177 0.03 17,757,093 3.28 Retail Abercrombie & Fitch Co 'A' 7,770 - - 7,770 68,068 0.01

[110] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Adastria Co Ltd 3,200 - - 3,200^ 40,005 0.01 Alpen Co Ltd 1,617 - - 1,617^ 20,591 0.00 American Eagle Outfitters Inc 17,815 - - 17,815^ 162,063 0.03 America's Car-Mart Inc 590 - - 590 51,075 0.01 AO World Plc 17,557 - - 17,557 35,092 0.01 AOKI Holdings Inc 5,416 - - 5,416^ 25,350 0.00 Aoyama Trading Co Ltd 1,900 3,600 - 5,500^ 26,690 0.00 AP Eagers Ltd - 15,544 - 15,544 82,242 0.01 Arcland Sakamoto Co Ltd 2,700 - - 2,700^ 45,370 0.01 Aritzia Inc 8,694 - - 8,694 104,685 0.02 Asbury Automotive Group Inc 1,530 574 - 2,104 191,688 0.04 At Home Group Inc 5,821 - 5,821 - - 0.00 Atom Corp 6,600 5,000 - 11,600^ 74,056 0.01 Autobacs Seven Co Ltd 7,440 - - 7,440^ 78,609 0.01 Automotive Holdings Group Ltd 23,136 - 23,136 - - 0.00 AutoNation Inc 4,760 1,370 - 6,130 286,295 0.05 B&M European Value Retail SA 82,403 23,902 13,003 93,302 515,786 0.09 Bapcor Ltd 39,545 - - 39,545^ 161,501 0.03 Barnes & Noble Inc 4,670 - 4,670 - - 0.00 BCA Marketplace Plc 89,315 - 89,315 - - 0.00 Beacon Roofing Supply Inc 5,884 1,867 3,245 4,506 127,728 0.02 Bed Bath & Beyond Inc 15,467 4,351 5,692 14,126 139,042 0.03 Belluna Co Ltd 5,013 - - 5,013^ 32,306 0.01 Bic Camera Inc 8,250 9,000 6,000 11,250^ 102,796 0.02 Big Lots Inc 3,806 - - 3,806 136,208 0.02 Biglari Holdings Inc 'B' 126 - 126 - - 0.00 Bilia AB 'A' 8,511 - - 8,511 75,707 0.01 BJ's Restaurants Inc 2,049 - - 2,049 37,391 0.01 BJ's Wholesale Club Holdings Inc 9,678 6,417 1,831 14,264^ 519,687 0.10 Bloomin' Brands Inc 7,313 2,356 - 9,669 101,329 0.02 BMC Stock Holdings Inc 7,726 - - 7,726 179,926 0.03 Boot Barn Holdings Inc 2,802 - - 2,802^ 49,348 0.01 Brinker International Inc 4,909 - - 4,909 120,083 0.02 Buckle Inc 3,185 - - 3,185 46,445 0.01 Cafe de Coral Holdings Ltd 40,000 - - 40,000^ 72,868 0.01 Caleres Inc 4,548 - 4,548 - - 0.00 Cannae Holdings Inc 5,953 - - 5,953 204,054 0.04 Card Factory Plc 34,158 - 34,158 - - 0.00 Carvana Co 4,679 2,318 - 6,997 986,283 0.18 Casey's General Stores Inc 3,468 379 - 3,847^ 557,104 0.10 Cato Corp 'A' 2,946 - - 2,946 19,269 0.00 Cawachi Ltd 1,440 - - 1,440^ 39,461 0.01 CECONOMY AG 18,577 - - 18,577^ 60,950 0.01 Cewe Stiftung & Co KGAA 574 - - 574 59,215 0.01 Cheesecake Factory Inc 4,894 - - 4,894^ 106,850 0.02 Chico's FAS Inc 15,971 - 15,971 - - 0.00 Children's Place Inc 1,518 2,663 2,549 1,632 36,240 0.01 Chiyoda Co Ltd 3,125 - - 3,125^ 27,103 0.00 Chow Sang Sang Holdings International Ltd 41,998 - - 41,998^ 40,719 0.01 Chuy's Holdings Inc 1,909 - 1,909 - - 0.00 Citizen Watch Co Ltd 40,200 - - 40,200 98,922 0.02 Clas Ohlson AB 'B' 3,631 - - 3,631 37,360 0.01 cocokara fine Inc 1,837 - - 1,837^ 90,882 0.02 Collins Foods Ltd - 10,507 - 10,507 65,256 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [111] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Colowide Co Ltd 5,977 - - 5,977^ 60,631 0.01 Conn's Inc 1,782 - 1,782 - - 0.00 Cosmos Pharmaceutical Corp 1,078 1,478 2,556 - - 0.00 Cracker Barrel Old Country Store Inc 1,853 549 - 2,402 241,388 0.04 Create Restaurants Holdings Inc 4,900 4,900 - 9,800^ 43,171 0.01 Daisyo Corp 454 - - 454^ 3,996 0.00 Dave & Buster's Entertainment Inc 4,283 - - 4,283 48,080 0.01 DCM Holdings Co Ltd 16,367 - 5,600 10,767^ 123,117 0.02 Delek Automotive Systems Ltd 4,134 - - 4,134 17,575 0.00 Denny's Corp 6,506 - - 6,506 52,586 0.01 Designer Brands Inc 'A' 5,951 - - 5,951 31,994 0.01 DFS Furniture Plc 23,718 - 23,718 - - 0.00 Dick's Sporting Goods Inc 7,286 - - 7,286 302,373 0.06 Dillard's Inc 'A' 1,162 - - 1,162 24,894 0.00 Dine Brands Global Inc 1,838 - - 1,838 75,960 0.01 Dixons Carphone Plc 106,285 - - 106,285 93,400 0.02 Domino's Pizza Enterprises Ltd - 10,576 3,649 6,927 334,053 0.06 Domino's Pizza Group Plc 52,803 - - 52,803^ 200,864 0.04 Doutor Nichires Holdings Co Ltd 3,676 - - 3,676^ 44,469 0.01 Duluth Holdings Inc 'B' 1,857 - 1,857 - - 0.00 Dunelm Group Plc 10,012 - - 10,012 147,036 0.03 Dunkin' Brands Group Inc 7,647 1,508 - 9,155 572,404 0.11 Dustin Group AB 4,794 - - 4,794^ 26,484 0.00 EDION Corp 7,850 - - 7,850^ 68,689 0.01 EI Group Plc 57,429 - 57,429 - - 0.00 El Pollo Loco Holdings Inc 1,397 - - 1,397 25,112 0.00 Esprit Holdings Ltd 327,900 - 327,900 - - 0.00 Europris ASA 10,301 23,663 14,884 19,080 85,037 0.02 Express Inc 8,373 - 8,373 - - 0.00 Fiesta Restaurant Group Inc 2,807 - 2,807 - - 0.00 FirstCash Inc 4,356 - - 4,356 228,407 0.04 Five Below Inc 5,260 517 - 5,777 572,359 0.11 Floor & Decor Holdings Inc 'A' 6,900 1,773 - 8,673^ 519,940 0.10 Fnac Darty SA 2,075 - - 2,075 74,731 0.01 Foot Locker Inc 11,258 - - 11,258^ 300,995 0.06 Foundation Building Materials Inc - 2,712 - 2,712 33,873 0.01 Frasers Group Plc 11,250 18,856 - 30,106 90,512 0.02 Freshpet Inc 3,373 - - 3,373 294,722 0.05 Fuji Co Ltd 1,695 - - 1,695^ 26,294 0.00 GameStop Corp 'A' 11,215 - 961 10,254 37,406 0.01 Gap Inc - 23,769 - 23,769 289,095 0.05 Genesco Inc 2,782 - - 2,782 39,354 0.01 Giordano International Ltd 126,000 - - 126,000^ 16,860 0.00 GMS Inc 4,493 - - 4,493 95,765 0.02 Goldwin Inc 1,400 1,400 - 2,800^ 151,052 0.03 Grafton Group Plc 22,780 7,345 7,346 22,779 175,017 0.03 Greene King Plc 33,585 - 33,585 - - 0.00 Group 1 Automotive Inc 1,535 - - 1,535 117,325 0.02 Guess? Inc 7,065 - - 7,065 66,455 0.01 H2O Retailing Corp 9,608 - - 9,608^ 50,014 0.01 Halfords Group Plc 21,368 - - 21,368 37,249 0.01 Harvey Norman Holdings Ltd - 59,607 - 59,607 144,660 0.03 Haverty Furniture Cos Inc 2,295 - - 2,295 29,688 0.01 Hibbett Sports Inc 2,799 - - 2,799 59,048 0.01

[112] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Hiday Hidaka Corp 2,376 - - 2,376^ 30,031 0.01 Hornbach Holding AG & Co KGaA 1,921 - - 1,921^ 168,830 0.03 Hudson's Bay Co 9,879 - 9,879 - - 0.00 HUGO BOSS AG - 7,140 - 7,140^ 177,576 0.03 Ichibanya Co Ltd 2,400 - - 2,400^ 96,227 0.02 IDOM Inc 7,350 - - 7,350^ 30,798 0.01 Iwatani Corp 3,983 - - 3,983^ 127,483 0.02 Izumi Co Ltd 3,950 - - 3,950^ 137,812 0.03 J D Wetherspoon Plc 5,509 3,491 - 9,000^ 90,802 0.02 J Front Retailing Co Ltd - 24,400 - 24,400 127,852 0.02 Jack in the Box Inc 2,121 - - 2,121 158,429 0.03 JB Hi-Fi Ltd 13,160 - - 13,160^ 392,099 0.07 JC Penney Co Inc 31,559 - 31,559 - - 0.00 JD Sports Fashion Plc 39,869 7,522 47,391 - - 0.00 JINS Holdings Inc 1,250 - - 1,250^ 77,006 0.01 Joshin Denki Co Ltd 1,732 - - 1,732^ 30,385 0.01 Joyful Honda Co Ltd 6,400 - - 6,400^ 83,589 0.02 Kappa Create Co Ltd 1,973 - - 1,973^ 21,627 0.00 Keiyo Co Ltd 1,751 - - 1,751^ 13,860 0.00 Kisoji Co Ltd 1,852 - - 1,852^ 33,654 0.01 Kohl's Corp - 16,504 - 16,504 285,861 0.05 Kohnan Shoji Co Ltd 2,694 - - 2,694^ 91,094 0.02 KOMEDA Holdings Co Ltd 4,900 - - 4,900^ 70,238 0.01 Komeri Co Ltd 3,650 - - 3,650^ 104,263 0.02 K's Holdings Corp 18,400 - - 18,400^ 215,306 0.04 Kura Sushi Inc 950 - - 950^ 35,801 0.01 Kusuri no Aoki Holdings Co Ltd 1,750 - - 1,750^ 148,311 0.03 L Brands Inc - 25,761 - 25,761 572,043 0.11 La-Z-Boy Inc 5,689 - - 5,689 147,289 0.03 Lifestyle International Holdings Ltd 63,000 - - 63,000^ 46,439 0.01 Lithia Motors Inc 'A' 2,583 401 596 2,388 497,797 0.09 LIXIL VIVA Corp - 2,700 2,700 - - 0.00 Lookers Plc 33,008 - 33,008 - - 0.00 Luk Fook Holdings International Ltd 37,681 - - 37,681^ 73,509 0.01 Macy's Inc - 32,958 - 32,958 181,690 0.03 Maisons du Monde SA 4,721 - - 4,721^ 65,462 0.01 Man Wah Holdings Ltd 258,000 62,000 151,200 168,800 174,357 0.03 MarineMax Inc 2,362 - - 2,362 59,605 0.01 Marks & Spencer Group Plc - 207,306 - 207,306 235,094 0.04 Matas A/S 4,277 - - 4,277^ 39,101 0.01 Matsumotokiyoshi Holdings Co Ltd 7,000 2,000 - 9,000^ 272,187 0.05 Matsuya Co Ltd 3,519 - - 3,519^ 18,106 0.00 Matsuyafoods Holdings Co Ltd 558 - - 558^ 15,363 0.00 Michaels Cos Inc 10,880 - - 10,880 71,064 0.01 Ministop Co Ltd 2,508 - - 2,508^ 31,246 0.01 Mitchells & Butlers Plc 22,429 - - 22,429 40,973 0.01 Monogatari Corp - 600 - 600 37,066 0.01 MOS Food Services Inc 3,021 - - 3,021^ 70,414 0.01 Movado Group Inc 1,797 - 1,797 - - 0.00 MSC Industrial Direct Co Inc 'A' 4,698 - - 4,698 282,112 0.05 MTY Food Group Inc 1,871 - - 1,871 36,722 0.01 Myer Holdings Ltd 102,065 - 102,065 - - 0.00 N Brown Group Plc 17,685 - 17,685 - - 0.00 National Vision Holdings Inc 6,672 1,638 - 8,310 241,832 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [113] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Nishimatsuya Chain Co Ltd 4,830 - - 4,830^ 44,051 0.01 Nojima Corp 2,700 - - 2,700^ 61,283 0.01 Nordstrom Inc - 11,635 - 11,635 144,900 0.03 Nu Skin Enterprises Inc 'A' 5,640 - - 5,640 230,112 0.04 ODP Corp - 5,355 - 5,355 107,513 0.02 Office Depot Inc 53,553 - 53,553 - - 0.00 Ohsho Food Service Corp 1,200 - - 1,200^ 51,830 0.01 Ollie's Bargain Outlet Holdings Inc 5,642 749 - 6,391 611,040 0.11 OVS SpA 15,109 - 15,109 - - 0.00 PAL GROUP Holdings Co Ltd 1,050 1,050 - 2,100^ 19,676 0.00 Papa John's International Inc 2,118 - - 2,118 182,405 0.03 Parco Co Ltd 2,350 - 2,350 - - 0.00 Party City Holdco Inc 1,597 12,889 14,486 - - 0.00 PC Connection Inc 968 - - 968 38,482 0.01 Pendragon Plc 245,017 - 245,017 - - 0.00 Penske Automotive Group Inc 2,494 1,876 - 4,370 178,177 0.03 Pepper Food Service Co Ltd 2,400 - 2,400 - - 0.00 PetIQ Inc 2,017 - - 2,017 66,954 0.01 PetMed Express Inc 2,381 - - 2,381 67,579 0.01 Pets at Home Group Plc 36,640 22,655 - 59,295^ 220,462 0.04 Plenus Co Ltd 2,050 - - 2,050^ 28,521 0.01 Premier Investments Ltd 9,713 - - 9,713^ 106,203 0.02 PriceSmart Inc 2,106 718 - 2,824 167,935 0.03 Qurate Retail Inc 'A' - 43,449 - 43,449 431,224 0.08 Red Robin Gourmet Burgers Inc 1,567 - 1,567 - - 0.00 Regis Corp 4,790 - - 4,790 33,465 0.01 Restaurant Brands New Zealand Ltd 2,163 - - 2,163^ 15,664 0.00 Restaurant Group Plc 55,155 - - 55,155^ 29,107 0.01 RH 2,002 277 766 1,513 395,612 0.07 Ringer Hut Co Ltd 1,654 - - 1,654^ 30,056 0.01 Rite Aid Corp 5,137 - - 5,137 70,845 0.01 Royal Holdings Co Ltd 2,411 - - 2,411^ 30,826 0.01 Rush Enterprises Inc 'A' 3,168 - - 3,168 137,122 0.03 Ruth's Hospitality Group Inc 3,946 - - 3,946 24,033 0.00 Sa SA International Holdings Ltd 101,826 - - 101,826^ 13,386 0.00 Sac's Bar Holdings Inc 1,550 - 1,550 - - 0.00 Saizeriya Co Ltd 3,639 - - 3,639^ 51,380 0.01 Sally Beauty Holdings Inc 12,763 - - 12,763 134,798 0.02 Salvatore Ferragamo SpA 5,520 1,905 - 7,425^ 90,974 0.02 Sankyo Tateyama Inc 2,316 - - 2,316^ 15,722 0.00 Seiko Holdings Corp 3,247 - - 3,247^ 40,174 0.01 Seria Co Ltd 3,800 2,500 1,800 4,500^ 163,777 0.03 Shake Shack Inc 'A' 2,703 869 - 3,572^ 157,761 0.03 Sheng Siong Group Ltd 62,100 - - 62,100^ 70,034 0.01 Shimachu Co Ltd 5,100 - - 5,100^ 126,288 0.02 Shoe Carnival Inc 1,759 - - 1,759 39,284 0.01 Shop Apotheke Europe NV - 1,762 689 1,073^ 146,820 0.03 Signet Jewelers Ltd 5,199 6,842 6,574 5,467 53,414 0.01 Skylark Holdings Co Ltd 20,350 - - 20,350^ 256,509 0.05 Sleep Country Canada Holdings Inc 3,410 - - 3,410 44,487 0.01 Sogo Medical Holdings Co Ltd 5,000 2,200 7,200 - - 0.00 Sonic Automotive Inc 'A' 3,592 - - 3,592 124,562 0.02 St Marc Holdings Co Ltd 1,592 - - 1,592^ 19,971 0.00 Sugi Holdings Co Ltd 3,745 - - 3,745^ 246,820 0.05

[114] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Super Retail Group Ltd 8,720 11,993 - 20,713 119,995 0.02 Super Retail Group Ltd - 2,589 2,589 - - 0.00 Superdry Plc 4,614 - 4,614 - - 0.00 Superior Energy Services Inc 2,755 - 2,755 - - 0.00 Superior Plus Corp 15,140 10,028 - 25,168 199,469 0.04 Sushiro Global Holdings Ltd 1,900 8,900 - 10,800^ 207,776 0.04 Tailored Brands Inc 4,486 - 4,486 - - 0.00 Takashimaya Co Ltd 15,100 - - 15,100 90,944 0.02 Takkt AG 3,883 - - 3,883^ 43,608 0.01 Texas Roadhouse Inc 6,896 - - 6,896 352,496 0.06 Tile Shop Holdings Inc 2,477 - 2,477 - - 0.00 Tokmanni Group Corp - 5,192 - 5,192 88,804 0.02 Toridoll Holdings Corp 1,750 1,750 - 3,500^ 33,186 0.01 United Arrows Ltd 2,381 - - 2,381^ 28,558 0.01 Urban Outfitters Inc 7,656 2,358 2,555 7,459 112,231 0.02 Valor Holdings Co Ltd 4,091 - - 4,091^ 80,641 0.01 Vera Bradley Inc 2,688 - 2,688 - - 0.00 Viva Energy Group Ltd 135,197 - - 135,197^ 142,004 0.03 VT Holdings Co Ltd 6,800 - - 6,800^ 18,254 0.00 WATAMI Co Ltd 1,466 - - 1,466^ 9,750 0.00 Wendy's Co 18,188 - - 18,188 383,528 0.07 WH Smith Plc 10,757 3,596 - 14,353 161,090 0.03 Williams-Sonoma Inc 7,628 898 - 8,526 675,712 0.12 Wingstop Inc 3,080 - - 3,080 437,793 0.08 Winmark Corp 255 - - 255 36,879 0.01 World Co Ltd - 2,800 - 2,800 29,825 0.01 World Fuel Services Corp 6,169 1,216 - 7,385^ 158,078 0.03 Xebio Holdings Co Ltd 2,532 - - 2,532^ 14,814 0.00 XXL ASA 10,500 4,871 15,371 - - 0.00 XXL ASA Rights - 1,154 1,154 - - 0.00 XXL ASA Rights - 4,871 4,871 - - 0.00 Yellow Hat Ltd 2,800 - - 2,800^ 33,294 0.01 Yoshinoya Holdings Co Ltd 7,200 - - 7,200^ 111,508 0.02 Zensho Holdings Co Ltd 9,898 - - 9,898^ 161,979 0.03 Zumiez Inc 2,600 - - 2,600 54,637 0.01 27,280,328 5.03 Iron & steel Acerinox SA 20,581 - - 20,581 160,156 0.03 Aichi Steel Corp 1,400 - - 1,400^ 30,451 0.01 AK Steel Holding Corp 27,348 15,055 42,403 - - 0.00 Allegheny Technologies Inc 11,945 - - 11,945 94,429 0.02 APERAM SA 5,198 - - 5,198^ 134,422 0.03 Carpenter Technology Corp 4,213 - - 4,213 85,696 0.02 Cleveland-Cliffs Inc 26,483 16,961 - 43,444 204,719 0.04 Commercial Metals Co 12,436 - - 12,436 233,953 0.04 Daido Metal Co Ltd 2,850 - - 2,850^ 11,991 0.00 Daido Steel Co Ltd 1,700 1,400 - 3,100^ 78,977 0.02 Ferrexpo Plc 25,986 - - 25,986 55,104 0.01 Godo Steel Ltd 1,292 - - 1,292^ 20,254 0.00 Japan Steel Works Ltd 7,000 - - 7,000^ 89,619 0.02 Kloeckner & Co SE 10,226 - - 10,226 58,962 0.01 Kobe Steel Ltd - 36,200 - 36,200 105,275 0.02 Kyoei Steel Ltd 1,691 - - 1,691^ 18,099 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [115] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Labrador Iron Ore Royalty Corp 7,080 - - 7,080 123,380 0.02 Mineral Resources Ltd 15,531 9,646 7,068 18,109^ 304,096 0.06 Nakayama Steel Works Ltd 1,400 - 1,400 - - 0.00 Nippon Steel Trading Corp 1,516 - - 1,516^ 41,087 0.01 Osaka Steel Co Ltd 1,392 - - 1,392^ 11,881 0.00 OSAKA Titanium Technologies Co Ltd 2,150 - - 2,150^ 14,540 0.00 Outokumpu Oyj 24,414 29,071 23,791 29,694^ 72,829 0.01 Reliance Steel & Aluminum Co 6,231 1,140 - 7,371 658,872 0.12 Russel Metals Inc 9,380 - - 9,380 114,283 0.02 Salzgitter AG 2,880 - - 2,880^ 36,062 0.01 Sanyo Special Steel Co Ltd 1,773 - - 1,773^ 11,472 0.00 Schnitzer Steel Industries Inc 'A' 2,851 - - 2,851 47,721 0.01 SSAB AB 'A' 25,325 - - 25,325^ 67,924 0.01 SSAB AB 'B' 57,227 10,950 - 68,177^ 175,835 0.03 Stelco Holdings Inc 3,319 - - 3,319 17,401 0.00 Tokyo Steel Manufacturing Co Ltd 10,550 - - 10,550^ 53,828 0.01 Topy Industries Ltd 2,102 - - 2,102^ 19,587 0.00 United States Steel Corp 16,605 - - 16,605 100,603 0.02 Yamato Kogyo Co Ltd 4,150 - - 4,150^ 76,555 0.01 Yodogawa Steel Works Ltd 2,300 - - 2,300^ 34,394 0.01 3,364,457 0.62 Electrical components & equipment Acuity Brands Inc - 4,214 - 4,214 379,897 0.07 Bekaert SA 4,905 - - 4,905 87,114 0.02 Belden Inc 3,401 1,864 - 5,265 151,350 0.03 Encore Wire Corp 2,272 - - 2,272 103,735 0.02 Energizer Holdings Inc 6,998 - - 6,998 319,132 0.06 EnerSys 4,707 - - 4,707 288,005 0.05 Enlight Renewable Energy Ltd - 92,887 - 92,887 144,249 0.03 Fujikura Ltd 23,500 - - 23,500^ 57,221 0.01 Furukawa Electric Co Ltd 7,250 - - 7,250^ 156,384 0.03 Generac Holdings Inc 5,391 1,670 776 6,285 900,958 0.17 GS Yuasa Corp 7,200 - - 7,200^ 100,976 0.02 Icom Inc 4,077 - 3,000 1,077 25,594 0.00 Insteel Industries Inc 1,504 - - 1,504 25,503 0.00 Johnson Electric Holdings Ltd 44,125 - - 44,125^ 73,857 0.01 Leoni AG 3,616 - - 3,616^ 27,287 0.01 Littelfuse Inc 2,675 - - 2,675 432,302 0.08 Mabuchi Motor Co Ltd 6,000 - - 6,000^ 162,357 0.03 Nexans SA 2,945 - - 2,945 140,025 0.03 Nippon Signal Company Ltd 5,207 - - 5,207^ 44,801 0.01 Nissin Electric Co Ltd 5,159 - - 5,159^ 43,900 0.01 nLight Inc 2,835 - - 2,835 59,755 0.01 Novanta Inc 3,176 995 558 3,613 340,770 0.06 OSRAM Licht AG 9,577 1,054 6,497 4,134^ 197,404 0.04 Powell Industries Inc 938 - - 938 22,655 0.00 Signify NV 9,770 4,768 - 14,538^ 396,444 0.07 SMA Solar Technology AG 1,356 - - 1,356^ 36,175 0.01 Tatsuta Electric Wire and Cable Co Ltd 2,700 - - 2,700^ 13,334 0.00 Universal Display Corp 4,040 731 - 4,771 757,144 0.14 Ushio Inc 12,050 - - 12,050^ 127,939 0.02 Varta AG 1,780 466 641 1,605^ 163,848 0.03 Vicor Corp 1,655 - - 1,655 122,657 0.02

[116] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Vossloh AG 1,164 - - 1,164^ 47,707 0.01 Zumtobel Group AG 3,239 - - 3,239 22,648 0.00 5,973,127 1.10 Electric A2A SpA 159,059 - - 159,059^ 207,634 0.04 ACEA SpA 6,216 - - 6,216 116,281 0.02 Albioma SA 1,632 1,660 - 3,292 134,391 0.02 Algonquin Power & Utilities Corp 46,277 - 46,277 - - 0.00 ALLETE Inc 4,856 - - 4,856^ 261,958 0.05 Ameresco Inc 'A' - 2,237 - 2,237 56,329 0.01 Avista Corp 6,621 - - 6,621 223,639 0.04 Black Hills Corp 5,351 1,007 - 6,358 334,655 0.06 Boralex Inc 'A' 7,374 - - 7,374 174,977 0.03 Capital Power Corp 12,294 - - 12,294 236,535 0.04 Clearway Energy Inc 'A' 4,022 - - 4,022 83,823 0.02 Clearway Energy Inc 'C' 6,037 - - 6,037 134,770 0.03 Contact Energy Ltd 78,148 - - 78,148^ 276,567 0.05 Drax Group Plc 42,434 - - 42,434 141,863 0.03 El Paso Electric Co 4,504 - 4,504 - - 0.00 Elia Group SA 3,725 - 3,725 - - 0.00 Encavis AG 9,101 - - 9,101 130,796 0.02 EVN AG 3,273 - - 3,273 49,503 0.01 Fjordkraft Holding ASA - 8,087 - 8,087 65,717 0.01 Genesis Energy Ltd 51,851 - - 51,851^ 91,437 0.02 Hawaiian Electric Industries Inc 10,300 2,143 - 12,443 410,441 0.08 Hera SpA 94,494 - - 94,494 332,799 0.06 Hokkaido Electric Power Co Inc 12,800 - - 12,800^ 44,823 0.01 Hokuriku Electric Power Co 21,700 - - 21,700^ 126,214 0.02 IDACORP Inc 4,734 906 - 5,640 478,439 0.09 Infratil Ltd 66,920 - - 66,920^ 195,873 0.04 Innergex Renewable Energy Inc 10,439 - - 10,439 162,987 0.03 Iren SpA 59,307 - - 59,307 136,144 0.03 Kenon Holdings Ltd 1,806 3,071 - 4,877 90,564 0.02 Keppel Infrastructure Trust 441,833 - - 441,833^ 159,742 0.03 Mercury NZ Ltd 77,564 - 77,564 - - 0.00 MGE Energy Inc 3,797 - - 3,797 229,113 0.04 Northland Power Inc 16,819 - - 16,819 419,200 0.08 NorthWestern Corp 4,465 1,104 - 5,569 285,020 0.05 Okinawa Electric Power Co Inc 4,536 226 - 4,762^ 67,440 0.01 OPC Energy Ltd - 5,382 - 5,382 39,660 0.01 Ormat Technologies Inc 4,025 - - 4,025 217,862 0.04 Otter Tail Corp 3,803 - - 3,803 132,329 0.02 PNM Resources Inc 8,395 - - 8,395^ 322,508 0.06 Portland General Electric Co 7,712 1,705 - 9,417 378,046 0.07 REN - Redes Energeticas Nacionais SGPS SA 17,102 22,204 - 39,306 103,592 0.02 Sembcorp Industries Ltd - 104,500 - 104,500^ 119,930 0.02 Shikoku Electric Power Co Inc 15,900 - - 15,900^ 97,130 0.02 Spark Infrastructure Group 156,482 - - 156,482^ 230,718 0.04 TransAlta Corp 31,255 - - 31,255 185,943 0.03 Unitil Corp 1,509 - - 1,509 59,234 0.01 7,746,626 1.43 Electronics Advanced Energy Industries Inc 4,383 - - 4,383 293,339 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [117] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Alarm.com Holdings Inc 2,987 2,081 1,260 3,808 242,628 0.04 Alps Alpine Co Ltd - 22,100 - 22,100 251,566 0.05 Anritsu Corp 14,400 - - 14,400^ 311,230 0.06 Applied Optoelectronics Inc 1,769 - 1,769 - - 0.00 AT&S Austria Technologie & Systemtechnik AG 2,770 - - 2,770^ 47,676 0.01 Atkore International Group Inc 3,927 1,268 - 5,195 126,040 0.02 Avnet Inc 10,713 - - 10,713 260,403 0.05 Azbil Corp 11,700 1,900 - 13,600^ 410,720 0.08 Badger Meter Inc 2,401 - - 2,401 136,730 0.02 Barco NV 1,250 - 1,250 - - 0.00 Barco NV - 6,440 - 6,440 115,636 0.02 Benchmark Electronics Inc 3,355 - - 3,355 62,140 0.01 Brady Corp 'A' 5,305 - - 5,305 221,849 0.04 Celestica Inc 11,747 - - 11,747 88,234 0.02 Chiyoda Integre Co Ltd 1,181 - - 1,181^ 17,234 0.00 Coherent Inc 2,232 606 - 2,838 358,421 0.07 Comtech Telecommunications Corp 1,810 - - 1,810 27,036 0.00 Control4 Corp 2,389 - 2,389 - - 0.00 Cosel Co Ltd 2,199 - - 2,199^ 15,363 0.00 Dexerials Corp 10,500 - - 10,500^ 85,915 0.02 Digimarc Corp - 1,847 1,847 - - 0.00 Electrocomponents Plc 48,951 - - 48,951 383,409 0.07 FARO Technologies Inc 1,798 - - 1,798 97,860 0.02 Fingerprint Cards AB 'B' 31,430 - - 31,430 52,842 0.01 Fitbit Inc 'A' 17,312 7,836 - 25,148 149,617 0.03 Flex Ltd - 53,578 - 53,578 560,022 0.10 Fluidigm Corp 6,594 - 6,594 - - 0.00 Fujitsu General Ltd 5,425 - - 5,425^ 119,912 0.02 Futaba Corp 3,450 - - 3,450^ 24,667 0.00 Gentex Corp 25,990 - - 25,990 638,127 0.12 GoPro Inc 'A' 6,705 11,683 - 18,388 88,489 0.02 Horiba Ltd 3,822 - - 3,822^ 177,576 0.03 Hosiden Corp 5,764 - - 5,764^ 44,684 0.01 Hubbell Inc 5,471 453 - 5,924 727,362 0.13 Ibiden Co Ltd 10,300 2,200 - 12,500^ 305,657 0.06 Idec Corp 2,582 - - 2,582^ 37,522 0.01 II-VI Inc 5,455 5,146 1,627 8,974 414,060 0.08 Inaba Denki Sangyo Co Ltd 2,777 2,777 - 5,554^ 115,882 0.02 Iriso Electronics Co Ltd 1,900 - - 1,900^ 51,822 0.01 Isra Vision AG 1,820 - 1,820 - - 0.00 Isra Vision AG - 1,820 1,820 - - 0.00 Itron Inc 3,217 - - 3,217^ 203,568 0.04 Ituran Location and Control Ltd 1,457 - - 1,457 17,536 0.00 Jabil Inc 13,474 1,752 - 15,226 482,849 0.09 Japan Aviation Electronics Industry Ltd 4,218 - - 4,218^ 48,377 0.01 Japan Display Inc 40,200 - - 40,200^ 16,256 0.00 Jeol Ltd 3,949 - - 3,949^ 99,213 0.02 Kaga Electronics Co Ltd 1,176 - - 1,176^ 20,247 0.00 KEMET Corp 6,025 - 6,025 - - 0.00 Kimball Electronics Inc 2,827 - - 2,827 34,152 0.01 Knowles Corp 9,440 - - 9,440 131,046 0.02 Koa Corp 2,775 - - 2,775^ 21,560 0.00 Macnica Fuji Electronics Holdings Inc 3,086 3,400 - 6,486^ 88,229 0.02 Maruwa Co Ltd/Aichi 1,079 - - 1,079^ 84,482 0.01

[118] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Meiko Electronics Co Ltd - 3,100 - 3,100 33,981 0.01 Mesa Laboratories Inc 199 290 - 489 105,401 0.02 Mycronic AB 6,186 2,861 - 9,047 156,620 0.03 Napco Security Technologies Inc - 2,081 - 2,081 49,940 0.01 National Instruments Corp 11,663 1,897 - 13,560 437,911 0.08 Nichicon Corp 5,250 - - 5,250^ 29,858 0.00 Nichiden Corp 884 - - 884^ 16,771 0.00 Nippon Ceramic Co Ltd 1,795 - - 1,795^ 31,367 0.01 Nippon Electric Glass Co Ltd - 9,400 - 9,400 138,786 0.03 Nissha Co Ltd 3,200 - - 3,200^ 30,011 0.00 Nitto Kogyo Corp 3,113 - - 3,113^ 45,747 0.01 NKT A/S 2,596 - - 2,596^ 65,726 0.01 Nohmi Bosai Ltd 2,340 - - 2,340^ 40,992 0.01 NVE Corp 467 - - 467 23,043 0.00 nVent Electric Plc 16,006 - - 16,006 264,422 0.05 Optex Group Co Ltd 3,100 - - 3,100^ 28,833 0.00 OSI Systems Inc 1,504 - - 1,504 97,087 0.02 Plexus Corp 2,383 823 - 3,206 216,667 0.04 Renishaw Plc 3,757 - - 3,757 216,933 0.04 Resideo Technologies Inc 14,224 - - 14,224 171,838 0.03 Restar Holdings Corp 3,800 - - 3,800^ 60,584 0.01 Riken Keiki Co Ltd - 2,100 - 2,100 44,250 0.01 Rotork Plc 94,377 - - 94,377 315,065 0.06 Sanmina Corp 5,827 - - 5,827 157,328 0.03 Sanyo Denki Co Ltd 882 - - 882^ 35,553 0.01 SCREEN Holdings Co Ltd 4,600 - - 4,600^ 206,203 0.04 Siix Corp 2,500 - - 2,500^ 17,638 0.00 SMART Global Holdings Inc - 2,127 - 2,127 53,965 0.01 Smart Metering Systems Plc 15,127 - 6,413 8,714^ 64,507 0.01 Sodick Co Ltd 4,100 - - 4,100^ 28,786 0.00 Spectris Plc 11,155 1,620 - 12,775 391,852 0.07 Star Micronics Co Ltd 4,299 - - 4,299^ 43,610 0.01 Stoneridge Inc 2,329 - - 2,329 43,899 0.01 SYNNEX Corp 4,277 458 - 4,735 537,309 0.10 Taiyo Holdings Co Ltd 2,082 - - 2,082^ 89,209 0.02 Taiyo Yuden Co Ltd 11,050 1,800 - 12,850^ 367,064 0.07 Tamura Corp - 10,700 - 10,700 38,482 0.01 Tech Data Corp 3,122 797 3,919 - - 0.00 TKH Group NV 3,979 - - 3,979^ 142,191 0.03 Tokyo Seimitsu Co Ltd 3,900 - - 3,900^ 111,740 0.02 TTM Technologies Inc 7,054 5,145 - 12,199^ 136,609 0.02 Vishay Intertechnology Inc 14,547 - - 14,547 207,632 0.04 Vishay Precision Group Inc - 1,506 - 1,506 34,867 0.01 Wacom Co Ltd 18,150 - - 18,150^ 89,325 0.02 Watts Water Technologies Inc 'A' 1,822 891 - 2,713 207,042 0.04 Woodward Inc 5,362 525 - 5,887^ 401,334 0.07 14,337,163 2.64 Oil & gas Advantage Oil & Gas Ltd 19,681 - - 19,681 21,386 0.00 Antero Resources Corp 21,033 - - 21,033^ 56,636 0.01 Apache Corp - 40,122 - 40,122 560,259 0.10 ARC Resources Ltd 32,440 16,665 11,735 37,370 144,408 0.03 Athabasca Oil Corp 64,658 - 64,658 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [119] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Baytex Energy Corp 62,878 - 62,878 - - 0.00 Beach Energy Ltd 167,992 48,927 - 216,919^ 200,245 0.04 Berry Corp 3,933 - 3,933 - - 0.00 Birchcliff Energy Ltd 22,935 - - 22,935 18,691 0.00 Bonanza Creek Energy Inc 1,820 - - 1,820 30,116 0.01 Brigham Minerals Inc 'A' - 2,776 - 2,776 27,981 0.01 Brightoil Petroleum Holdings Ltd 350,226 - - 350,226 24,665 0.00 BW Energy Ltd - 2,115 2,115 -^ - 0.00 Cairn Energy Plc 62,211 - - 62,211^ 88,837 0.02 California Resources Corp 5,553 - 5,553 - - 0.00 Callon Petroleum Co 22,098 143,279 165,377 - - 0.00 Canacol Energy Ltd 12,100 - - 12,100 28,844 0.01 Cardinal Energy Ltd 5,963 - 5,963 - - 0.00 Carrizo Oil & Gas Inc 8,324 - 8,324 - - 0.00 Centennial Resource Development Inc 'A' 15,358 - 15,358 - - 0.00 Chesapeake Energy Corp 123,295 139,882 263,177 - - 0.00 Chesapeake Energy Corp - 1,315 1,315 - - 0.00 Cimarex Energy Co - 11,066 - 11,066 246,233 0.05 CNX Resources Corp 16,574 - - 16,574 145,497 0.03 Continental Resources Inc - 9,703 - 9,703 152,616 0.03 Cooper Energy Ltd 211,305 - - 211,305 51,695 0.01 Cosmo Energy Holdings Co Ltd 5,900 3,100 3,400 5,600^ 73,237 0.01 Crescent Point Energy Corp 67,027 - - 67,027 94,227 0.02 CVR Energy Inc 3,055 - - 3,055 53,359 0.01 Delek Group Ltd 465 473 - 938 18,933 0.00 Delek US Energy Inc 7,343 - - 7,343 116,765 0.02 Denbury Resources Inc 39,693 - 39,693 - - 0.00 Devon Energy Corp - 40,851 - 40,851 389,831 0.07 Diamond Offshore Drilling Inc 7,637 - 7,637 - - 0.00 Diversified Gas & Oil Plc 68,503 - - 68,503 78,847 0.01 DNO ASA 68,885 - - 68,885^ 39,481 0.01 Drilling Co of 1972 A/S 2,072 1,076 - 3,148^ 66,471 0.01 Enerplus Corp 22,971 - - 22,971 51,637 0.01 EnQuest Plc 164,889 - 164,889 - - 0.00 Ensign Energy Services Inc 15,175 - 15,175 - - 0.00 EQT Corp 25,882 - - 25,882 341,871 0.06 Equital Ltd 1,717 2,179 - 3,896 61,050 0.01 Extraction Oil & Gas Inc 13,363 - 13,363 - - 0.00 Freehold Royalties Ltd 7,788 - - 7,788 18,935 0.00 Frontera Energy Corp 6,494 - - 6,494 12,172 0.00 Gran Tierra Energy Inc 44,264 - 44,264 - - 0.00 Gulf Keystone Petroleum Ltd 40,539 - 40,539 - - 0.00 Gulfport Energy Corp 14,231 - - 14,231 13,075 0.00 Helmerich & Payne Inc - 11,852 - 11,852 192,239 0.04 HighPoint Resources Corp 5,816 - 5,816 - - 0.00 Hurricane Energy Plc 162,752 - - 162,752^ 11,854 0.00 Husky Energy Inc - 37,398 - 37,398 109,466 0.02 Israel Corp Ltd 511 - - 511 39,897 0.01 Jagged Peak Energy Inc 5,344 - 5,344 - - 0.00 Japan Drilling Co Ltd 400 - 400 - - 0.00 Japan Petroleum Exploration Co Ltd 3,750 - - 3,750^ 54,850 0.01 Kelt Exploration Ltd 16,806 - 16,806 - - 0.00 Kosmos Energy Ltd 31,119 - - 31,119 45,577 0.01 Laredo Petroleum Inc 16,204 - 16,204 - - 0.00

[120] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Magnolia Oil & Gas Corp 'A' 10,018 - - 10,018 54,498 0.01 Marathon Oil Corp - 84,027 - 84,027 419,652 0.08 Matador Resources Co 9,675 3,332 - 13,007 102,706 0.02 MEG Energy Corp 23,422 - - 23,422 56,310 0.01 Montage Resources Corp 4,637 - 4,637 - - 0.00 Murphy Oil Corp 16,666 - - 16,666 200,278 0.04 Murphy USA Inc 3,245 - - 3,245 390,871 0.07 Nabors Industries Ltd 32,507 - 32,507 - - 0.00 Nabors Industries Ltd - 650 650 - - 0.00 Naphtha Israel Petroleum Corp Ltd 2,883 - - 2,883 9,543 0.00 NewOcean Energy Holdings Ltd 113,000 - 113,000 - - 0.00 Noble Corp Plc 26,730 - 26,730 - - 0.00 Noble Energy Inc - 51,563 - 51,563 468,600 0.09 Northern Oil and Gas Inc - 35,713 - 35,713 26,039 0.00 NuVista Energy Ltd 16,501 - 16,501 - - 0.00 Oasis Petroleum Inc 30,628 - 30,628 - - 0.00 Oil Refineries Ltd 279,101 - - 279,101 47,239 0.01 Ovintiv Inc - 27,621 - 27,621 243,479 0.05 Par Pacific Holdings Inc 3,011 - - 3,011 20,297 0.00 Paramount Resources Ltd 'A' 8,171 - 8,171 - - 0.00 Parex Resources Inc 15,636 - - 15,636 172,027 0.03 Parkland Fuel Corp 16,820 - 16,820 - - 0.00 Parsley Energy Inc 'A' - 33,216 - 33,216 331,778 0.06 Patterson-UTI Energy Inc 20,687 - - 20,687 72,924 0.01 Paz Oil Co Ltd 1,336 - - 1,336 96,236 0.02 PBF Energy Inc 'A' 10,209 2,020 - 12,229 96,563 0.02 PDC Energy Inc 6,584 3,946 - 10,530 136,599 0.03 Penn Virginia Corp 836 11,010 11,846 - - 0.00 Petrofac Ltd 28,681 - - 28,681 47,942 0.01 Peyto Exploration & Development Corp 17,803 - - 17,803 24,060 0.00 Pharos Energy Plc 19,516 - 19,516 - - 0.00 PrairieSky Royalty Ltd - 22,258 - 22,258 127,127 0.02 Precision Drilling Corp 30,921 - 30,921 - - 0.00 Premier Oil Plc 64,524 59,093 123,617 - - 0.00 ProPetro Holding Corp 9,253 12,152 12,454 8,951 43,726 0.01 QEP Resources Inc 22,630 - 22,630 - - 0.00 Range Resources Corp 23,293 - - 23,293 136,885 0.03 Ring Energy Inc 7,893 - 7,893 - - 0.00 SandRidge Energy Inc 4,720 - 4,720 - - 0.00 Saras SpA 57,542 - - 57,542^ 38,656 0.01 Sembcorp Marine Ltd 75,800 - - 75,800^ 19,108 0.00 Seven Generations Energy Ltd 'A' 29,431 - - 29,431 73,354 0.01 SM Energy Co 9,803 - 9,803 - - 0.00 Southwestern Energy Co 55,163 - - 55,163 121,942 0.02 SRC Energy Inc 24,981 - 24,981 - - 0.00 Surge Energy Inc 24,823 - 24,823 - - 0.00 Talos Energy Inc 2,121 - - 2,121 13,140 0.00 Tamarack Valley Energy Ltd 25,952 - 25,952 - - 0.00 Tellurian Inc 8,489 - - 8,489 6,887 0.00 Texas Pacific Land Trust 630 - - 630 305,462 0.06 TORC Oil & Gas Ltd 15,781 - 15,781 - - 0.00 Tourmaline Oil Corp - 32,592 5,953 26,639 246,406 0.05 Transocean Ltd 46,807 8,479 - 55,286 102,599 0.02 Tullow Oil Plc 156,824 - - 156,824^ 47,036 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [121] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Unit Corp 4,879 - 4,879 - - 0.00 Valaris Plc 20,131 - 20,131 - - 0.00 Vermilion Energy Inc - 20,367 - 20,367 75,522 0.01 Viper Energy Partners LP - 6,512 - 6,512 61,254 0.01 W&T Offshore Inc 9,160 - - 9,160 18,832 0.00 Whitecap Resources Inc 46,877 - - 46,877 70,357 0.01 Whiting Petroleum Corp 9,210 - 9,210 - - 0.00 WPX Energy Inc 45,427 - - 45,427 246,710 0.05 Z Energy Ltd 37,663 - - 37,663^ 64,363 0.01 8,518,890 1.57 Oil & gas services Akastor ASA 13,169 - 13,169 - - 0.00 Aker Solutions ASA 16,323 - 16,323 - - 0.00 Archrock Inc 16,865 - - 16,865 102,178 0.02 Borr Drilling Ltd 10,564 - 10,564 - - 0.00 C&J Energy Services Inc 6,380 - 6,380 - - 0.00 CES Energy Solutions Corp 21,622 - 21,622 - - 0.00 CGG SA 73,322 - - 73,322^ 56,616 0.01 ChampionX Corp 7,194 37,852 24,910 20,136 174,201 0.03 Core Laboratories NV 5,252 - - 5,252 101,909 0.02 DMC Global Inc 1,527 - - 1,527 40,812 0.01 Dril-Quip Inc 4,402 - - 4,402 133,310 0.02 Enerflex Ltd 8,177 - - 8,177 27,600 0.00 Exterran Corp 3,643 - 3,643 - - 0.00 Forum Energy Technologies Inc 6,935 - 6,935 - - 0.00 Frank's International NV 5,080 - - 5,080 10,536 0.00 Fugro NV -CVA 7,146 - - 7,146^ 25,967 0.00 Helix Energy Solutions Group Inc 11,446 - - 11,446^ 43,628 0.01 Hunting Plc 13,695 - - 13,695 29,318 0.01 John Wood Group Plc - 76,113 - 76,113 173,621 0.03 KLX Energy Services Holdings Inc 2,328 - 2,328 - - 0.00 Liberty Oilfield Services Inc 'A' 4,844 - - 4,844 24,897 0.00 Matrix Service Co 3,013 - - 3,013 23,997 0.00 McDermott International Inc 18,764 - 18,764 - - 0.00 MRC Global Inc 7,044 - - 7,044 38,127 0.01 Newpark Resources Inc 9,418 - 9,418 - - 0.00 NexTier Oilfield Solutions Inc 6,835 17,138 6,835 17,138 39,288 0.01 Nine Energy Service Inc 1,846 - 1,846 - - 0.00 NOW Inc 11,818 - - 11,818 84,717 0.02 Oceaneering International Inc 10,990 - - 10,990 56,187 0.01 Oil States International Inc 5,498 - 5,498 - - 0.00 Pason Systems Inc 7,680 - - 7,680 33,329 0.01 PGS ASA 29,839 - 29,839 - - 0.00 RPC Inc 6,918 - - 6,918 18,691 0.00 Saipem SpA 55,304 20,232 19,200 56,336^ 108,629 0.02 SBM Offshore NV 19,180 - - 19,180^ 271,005 0.05 Schoeller-Bleckmann Oilfield Equipment AG 968 - - 968 23,013 0.00 Secure Energy Services Inc 14,431 - 14,431 - - 0.00 Select Energy Services Inc 'A' 7,453 - - 7,453 30,103 0.01 ShawCor Ltd 7,569 - 7,569 - - 0.00 Solaris Oilfield Infrastructure Inc 'A' 3,313 - 3,313 - - 0.00 Subsea 7 SA 28,356 - - 28,356^ 193,888 0.04 Superior Energy Services Inc 16,965 - 16,965 - - 0.00

[122] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) TechnipFMC Plc - 45,189 - 45,189 330,101 0.06 TETRA Technologies Inc 10,122 - 10,122 - - 0.00 TGS NOPEC Geophysical Co ASA 9,748 2,540 - 12,288^ 164,496 0.03 Thermon Group Holdings Inc 3,776 - - 3,776 46,545 0.01 Total Energy Services Inc 7,577 - 7,577 - - 0.00 Trican Well Service Ltd 41,996 - 41,996 - - 0.00 US Silica Holdings Inc 9,253 - 9,253 - - 0.00 2,406,709 0.44 Airlines Air France-KLM 21,884 - - 21,884^ 82,135 0.02 Air New Zealand Ltd 58,888 - - 58,888^ 47,819 0.01 Alaska Air Group Inc - 3,271 - 3,271 102,481 0.02 Allegiant Travel Co 473 - - 473 48,205 0.01 American Airlines Group Inc - 11,323 - 11,323 114,542 0.02 Dart Group Plc 6,969 3,163 - 10,132 78,210 0.01 easyJet Plc - 16,890 - 16,890 99,460 0.02 Exchange Income Corp - 2,472 - 2,472 44,673 0.01 Finnair Oyj 3,714 37,140 - 40,854^ 20,998 0.00 Finnair Oyj - 37,140 37,140 - - 0.00 Finnair Oyj Rights - 3,714 3,714 - - 0.00 Hawaiian Holdings Inc 1,803 - - 1,803 19,502 0.00 Norwegian Air Shuttle ASA 9,273 - - 9,273^ 2,111 0.00 SAS AB 29,778 - - 29,778^ 24,474 0.00 SkyWest Inc 1,296 - - 1,296 31,019 0.01 Spirit Airlines Inc 2,029 - - 2,029 29,182 0.01 WestJet Airlines Ltd 2,984 3,319 6,303 - - 0.00 744,811 0.14 Forest products & paper Altri SGPS SA 8,343 - - 8,343^ 37,640 0.01 BillerudKorsnas AB 19,287 - - 19,287^ 281,021 0.05 Canfor Corp 9,302 - - 9,302 100,951 0.02 Canfor Pulp Products Inc 4,405 - - 4,405 16,514 0.00 Cascades Inc 7,249 - - 7,249 75,175 0.01 Clearwater Paper Corp 2,168 - - 2,168 72,815 0.01 Daio Paper Corp 9,489 - - 9,489^ 116,913 0.02 Domtar Corp 6,968 - - 6,968 133,051 0.02 Ence Energia y Celulosa SA 13,394 - - 13,394^ 36,813 0.01 Hokuetsu Corp 13,807 - - 13,807^ 41,816 0.01 Holmen AB 'B' 11,564 - - 11,564 360,687 0.07 Interfor Corp 7,485 - - 7,485 79,046 0.01 Mercer International Inc 5,053 - - 5,053 34,245 0.01 Miquel y Costas & Miquel SA 2,577 - - 2,577 32,711 0.01 Navigator Co SA 16,206 28,195 - 44,401^ 100,971 0.02 Neenah Inc 1,874 - - 1,874 76,050 0.01 Nippon Paper Industries Co Ltd 7,650 5,400 - 13,050^ 148,886 0.03 Pack Corp 1,189 - - 1,189^ 26,946 0.00 PH Glatfelter Co 5,010 - - 5,010 72,602 0.01 Quintis Ltd 27,254 - 27,254 - - 0.00 Resolute Forest Products Inc 6,792 - 6,792 - - 0.00 Schweitzer-Mauduit International Inc 3,367 - - 3,367 99,638 0.02 Semapa-Sociedade de Investimento e Gestao 2,203 - - 2,203 18,129 0.00 Sumitomo Forestry Co Ltd 8,450 5,300 - 13,750^ 140,073 0.03 Svenska Cellulosa AB SCA 'B' 56,744 9,422 66,166 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [123] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Tokushu Tokai Paper Co Ltd - 900 - 900 33,491 0.01 Verso Corp 'A' 2,303 2,872 - 5,175 57,481 0.01 West Fraser Timber Co Ltd - 5,646 - 5,646 254,297 0.05 Western Forest Products Inc 45,836 - 45,836 - - 0.00 2,447,962 0.45 Leisure time Accell Group NV 2,113 - - 2,113^ 53,756 0.01 Accordia Golf Trust 89,800 - - 89,800 39,615 0.01 Acushnet Holdings Corp - 4,346 - 4,346 150,433 0.03 Basic-Fit NV 6,058 1,415 3,073 4,400^ 103,420 0.02 Beneteau SA 3,785 - - 3,785^ 24,918 0.00 BRP Inc 4,619 - - 4,619 188,215 0.03 Brunswick Corp 8,007 1,580 1,140 8,447 514,690 0.10 Callaway Golf Co 8,378 - - 8,378 145,189 0.03 Camping World Holdings Inc 'A' 3,182 - - 3,182 106,003 0.02 Carnival Plc - 16,676 - 16,676 164,583 0.03 Corporate Travel Management Ltd 7,075 - - 7,075^ 40,295 0.01 Curves Holdings Co Ltd - 4,600 - 4,600^ 20,304 0.00 Daiichikosho Co Ltd 4,478 - - 4,478^ 109,614 0.02 Dometic Group AB 26,626 6,368 - 32,994^ 292,322 0.05 Flight Centre Travel Group Ltd - 14,761 - 14,761 101,981 0.02 Fox Factory Holding Corp 4,204 - - 4,204 340,370 0.06 Harley-Davidson Inc - 14,772 - 14,772 349,793 0.06 Heiwa Corp 5,500 - - 5,500^ 83,523 0.02 HIS Co Ltd 4,601 - - 4,601^ 49,088 0.01 Johnson Outdoors Inc 'A' - 974 - 974 77,582 0.01 KNT-CT Holdings Co Ltd 1,200 - - 1,200^ 7,764 0.00 Koshidaka Holdings Co Ltd 4,600 - - 4,600^ 13,140 0.00 Liberty TripAdvisor Holdings Inc 'A' 7,486 - - 7,486 16,889 0.00 Malibu Boats Inc 'A' 1,926 - - 1,926 102,987 0.02 MasterCraft Boat Holdings Inc 2,078 - 2,078 - - 0.00 Maytronics Ltd - 5,200 - 5,200 72,286 0.01 MIPS AB - 2,784 - 2,784^ 106,935 0.02 Mizuno Corp 2,424 - - 2,424^ 36,602 0.01 Norwegian Cruise Line Holdings Ltd - 26,531 - 26,531 329,205 0.06 On the Beach Group Plc 12,649 - - 12,649 42,212 0.01 OneSpaWorld Holdings Ltd - 4,491 - 4,491 22,715 0.00 Piaggio & C SpA 23,508 - - 23,508 59,831 0.01 Planet Fitness Inc 'A' 8,160 832 - 8,992 426,997 0.08 Polaris Inc - 6,218 - 6,218 586,185 0.11 Round One Corp 7,331 - - 7,331^ 39,549 0.01 Saga Plc 94,356 - - 94,356 17,012 0.00 Suncity Group Holdings Ltd 180,000 - - 180,000^ 17,325 0.00 Technogym SpA 11,140 - - 11,140^ 86,042 0.02 Thomas Cook Group Plc 158,032 - 158,032 - - 0.00 Thule Group AB 11,732 - - 11,732^ 317,104 0.06 Tokyo Dome Corp 8,800 - - 8,800^ 47,701 0.01 Tosho Co Ltd 1,600 - - 1,600^ 14,166 0.00 Trigano SA 884 - - 884^ 92,051 0.02 TUI AG - 43,832 - 43,832 150,776 0.03 Virgin Galactic Holdings Inc - 6,711 - 6,711 137,057 0.03

[124] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Vista Outdoor Inc 6,970 - - 6,970 108,741 0.02 YETI Holdings Inc 1,697 5,087 - 6,784 301,720 0.06 6,108,686 1.13 Trucking & leasing GATX Corp 3,036 - - 3,036 168,445 0.03 Greenbrier Cos Inc 2,828 - - 2,828 66,194 0.01 Tourism Holdings Ltd 20,932 - 20,932 - - 0.00 234,639 0.04 Gas AltaGas Canada Inc - 2,128 2,128 - - 0.00 Ascopiave SpA 7,318 - - 7,318 26,096 0.00 Ascopiave SpA Rights - 7,318 - 7,318 - 0.00 Centrica Plc - 618,881 - 618,881 360,377 0.07 Chesapeake Utilities Corp 1,602 - - 1,602 123,131 0.02 Italgas SpA 48,562 4,825 - 53,387 312,416 0.06 Just Energy Group Inc 12,601 - 12,601 - - 0.00 K&O Energy Group Inc 1,085 - - 1,085^ 13,966 0.00 National Fuel Gas Co 7,465 1,385 - 8,850 326,623 0.06 New Jersey Resources Corp 9,278 - - 9,278 262,152 0.05 Northwest Natural Holding Co 3,031 - - 3,031 147,488 0.03 ONE Gas Inc 5,218 - - 5,218 359,334 0.07 Rubis SCA 8,602 1,126 - 9,728 418,166 0.08 Shizuoka Gas Co Ltd 4,397 - - 4,397^ 31,968 0.00 South Jersey Industries Inc 8,819 2,221 - 11,040 234,305 0.04 Southwest Gas Holdings Inc 5,122 839 - 5,961 377,638 0.07 Spire Inc 4,864 - - 4,864 272,832 0.05 Valener Inc 5,110 - 5,110 - - 0.00 3,266,492 0.60 Healthcare - services Acadia Healthcare Co Inc 8,394 1,659 1,580 8,473 229,772 0.04 Addus HomeCare Corp 689 1,233 - 1,922 168,567 0.03 Ain Holdings Inc 2,455 800 - 3,255^ 188,760 0.04 Ambea AB - 6,575 - 6,575^ 36,939 0.01 Amedisys Inc 3,291 - - 3,291 701,033 0.13 Apollo Medical Holdings Inc 2,250 - - 2,250 34,284 0.01 Attendo AB 15,589 - - 15,589^ 73,956 0.01 BML Inc 2,000 - - 2,000^ 45,360 0.01 Brookdale Senior Living Inc 20,343 - - 20,343 51,262 0.01 Catalent Inc 14,071 1,914 15,985 - - 0.00 Charles River Laboratories International Inc 4,990 380 - 5,370 972,084 0.18 Chemed Corp 1,716 - - 1,716 768,331 0.14 CMIC Holdings Co Ltd 1,180 - - 1,180^ 12,356 0.00 Community Health Systems Inc 12,838 - - 12,838 58,160 0.01 Encompass Health Corp 9,454 1,330 - 10,784 667,879 0.12 Ensign Group Inc 5,340 - - 5,340 223,410 0.04 EPS Holdings Inc 2,600 - - 2,600^ 20,268 0.00 Estia Health Ltd 16,573 - - 16,573^ 15,732 0.00 Evotec SE 13,507 - - 13,507^ 325,757 0.06 Extendicare Inc 9,748 - - 9,748 37,205 0.01 Five Star Senior Living Inc - 1,708 1,708 - - 0.00 H.U. Group Holdings Inc 6,200 - - 6,200^ 126,000 0.02 Hansa Biopharma AB 2,524 - - 2,524^ 65,648 0.01 Healius Ltd 66,439 - - 66,439^ 141,302 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [125] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Integral Diagnostics Ltd - 18,774 - 18,774 45,318 0.01 Invitae Corp 8,488 3,620 - 12,108 321,628 0.06 Korian SA 4,155 1,392 - 5,547 207,414 0.04 LHC Group Inc 2,931 393 - 3,324 589,982 0.11 LNA Sante SA - 933 - 933 51,387 0.01 Magellan Health Inc 2,061 - - 2,061 139,061 0.03 Medical Facilities Corp 3,644 - 3,644 - - 0.00 Mediclinic International Plc 49,265 - - 49,265^ 157,994 0.03 MEDNAX Inc 10,103 - - 10,103 183,630 0.03 Medpace Holdings Inc 2,909 - - 2,909 315,838 0.06 Metlifecare Ltd 15,880 - - 15,880^ 56,873 0.01 Molina Healthcare Inc 5,989 430 6,419 - - 0.00 National HealthCare Corp 1,126 - - 1,126 60,763 0.01 Oceania Healthcare Ltd - 84,955 - 84,955 51,997 0.01 OPKO Health Inc 35,289 - - 35,289 165,327 0.03 Orpea 4,352 668 5,020 - - 0.00 Pennant Group Inc - 2,670 - 2,670 60,868 0.01 Providence Service Corp 1,495 - - 1,495 110,174 0.02 RadNet Inc 3,353 - - 3,353 48,468 0.01 Raffles Medical Group Ltd 87,171 - - 87,171^ 50,599 0.01 Regis Healthcare Ltd 13,361 - - 13,361 11,506 0.00 RHOEN-KLINIKUM AG 610 1,907 2,517 - - 0.00 RHOEN-KLINIKUM AG - 2,517 2,517 - - 0.00 Select Medical Holdings Corp 10,221 2,775 - 12,996 225,100 0.04 Sienna Senior Living Inc 6,532 - - 6,532 45,603 0.01 Solasto Corp - 7,200 - 7,200 63,312 0.01 Spire Healthcare Group Plc 28,788 - - 28,788 25,848 0.00 Summerset Group Holdings Ltd 20,288 - - 20,288^ 96,512 0.02 Surgery Partners Inc 2,380 - - 2,380 33,061 0.01 Syneos Health Inc 6,281 - - 6,281 356,486 0.07 Teladoc Health Inc 6,968 378 7,346 - - 0.00 Tenet Healthcare Corp 9,746 - - 9,746 234,415 0.04 Tivity Health Inc 4,139 2,676 - 6,815 81,339 0.02 Town Health International Medical Group Ltd 421,000 - - 421,000 201 0.00 Triple-S Management Corp 'B' 2,816 - 1 2,815 49,833 0.01 Tsukui Corp 3,800 - - 3,800^ 14,909 0.00 UDG Healthcare Plc 25,809 - - 25,809 219,406 0.04 US Physical Therapy Inc 1,326 - - 1,326 100,192 0.02 Viemed Healthcare Inc - 5,116 - 5,116 50,518 0.01 Virtus Health Ltd 8,758 - 8,758 - - 0.00 9,189,627 1.70 Healthcare - products Accelerate Diagnostics Inc 2,759 - - 2,759 36,468 0.01 Accuray Inc 7,433 - 7,433 - - 0.00 Adaptive Biotechnologies Corp - 8,057 - 8,057 273,535 0.05 Advanced Medical Solutions Group Plc 21,669 - - 21,669^ 49,675 0.01 Ambu A/S 'B' 15,704 3,664 19,368 - - 0.00 AngioDynamics Inc 2,698 - - 2,698 20,273 0.00 Arjo AB 'B' 27,689 - - 27,689 156,134 0.03 As One Corp 1,600 - - 1,600^ 154,734 0.03 AtriCure Inc 2,822 1,636 - 4,458 165,503 0.03 Atrion Corp 117 - - 117 66,000 0.01 Avanos Medical Inc 4,955 - - 4,955^ 138,247 0.03

[126] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Avita Therapeutics Inc - 260,481 248,078 12,403 49,116 0.01 Avita Therapeutics Inc - 12,403 12,403 - - 0.00 Axogen Inc 3,214 - - 3,214 33,243 0.01 Axonics Modulation Technologies Inc - 2,507 - 2,507 96,607 0.02 Biotage AB 7,050 - - 7,050 116,841 0.02 Bio-Techne Corp 3,661 454 - 4,115 1,030,038 0.19 BioTelemetry Inc 3,857 - - 3,857 149,331 0.03 Bruker Corp 11,127 - - 11,127 451,654 0.08 Cantel Medical Corp 4,072 - - 4,072 175,028 0.03 Cardiovascular Systems Inc 3,314 - - 3,314 91,889 0.02 CareDx Inc 4,815 - - 4,815 146,080 0.03 Cellavision AB 1,721 - - 1,721^ 51,673 0.01 Cerus Corp 8,503 12,361 - 20,864 135,327 0.03 CONMED Corp 2,735 - - 2,735^ 205,362 0.04 ConvaTec Group Plc 148,421 14,799 - 163,220 396,389 0.07 CryoLife Inc 3,945 - - 3,945 69,658 0.01 Cutera Inc - 1,694 1,694 - - 0.00 CYBERDYNE Inc 11,500 - - 11,500^ 38,787 0.01 DiaSorin SpA 2,589 180 2,769 - - 0.00 Draegerwerk AG & Co KGaA (Pref) 1,272 - - 1,272^ 108,644 0.02 Elekta AB 'B' 35,490 7,723 5,402 37,811^ 352,623 0.07 Envista Holdings Corp - 16,140 - 16,140 321,108 0.06 GenMark Diagnostics Inc 4,050 - - 4,050 65,801 0.01 Genomic Health Inc 2,245 - 2,245 - - 0.00 Getinge AB 'B' 20,013 5,472 - 25,485 556,264 0.10 Glaukos Corp 2,983 1,563 - 4,546^ 180,721 0.03 Globus Medical Inc 'A' 7,756 - - 7,756 339,940 0.06 GN Store Nord A/S 13,518 - 13,518 - - 0.00 Guerbet 482 - - 482 15,633 0.00 Haemonetics Corp 4,843 590 - 5,433 433,251 0.08 Hanger Inc 2,660 1,939 - 4,599 73,048 0.01 Hill-Rom Holdings Inc 6,740 623 - 7,363 651,191 0.12 Hogy Medical Co Ltd 2,526 - - 2,526^ 69,113 0.01 ICU Medical Inc 2,147 - - 2,147 358,848 0.07 Inmode Ltd - 1,642 - 1,642 48,337 0.01 Inogen Inc 1,727 730 - 2,457 68,619 0.01 Inspire Medical Systems Inc 825 1,437 - 2,262 204,457 0.04 Insulet Corp 6,055 - 6,055 - - 0.00 Integer Holdings Corp 2,736 1,092 - 3,828 229,033 0.04 Integra LifeSciences Holdings Corp 7,202 885 - 8,087^ 351,285 0.06 Intersect ENT Inc 3,111 - - 3,111 48,649 0.01 Ion Beam Applications 2,066 - - 2,066^ 16,113 0.00 iRhythm Technologies Inc 2,705 - - 2,705 306,313 0.06 Japan Lifeline Co Ltd 7,200 - - 7,200^ 80,348 0.02 Lantheus Holdings Inc 4,546 - - 4,546 55,747 0.01 LeMaitre Vascular Inc 1,601 - - 1,601 42,717 0.01 Lifco AB 'B' 4,841 - - 4,841 337,443 0.06 LivaNova Plc 4,634 677 - 5,311 224,854 0.04 Luminex Corp 4,091 - - 4,091 135,466 0.03 Mani Inc 2,200 4,400 - 6,600^ 153,550 0.03 Masimo Corp 5,333 239 5,572 - - 0.00 Menicon Co Ltd 2,500 - - 2,500 110,992 0.02 Meridian Bioscience Inc 4,407 - - 4,407 98,182 0.02 Merit Medical Systems Inc 5,671 - - 5,671^ 230,706 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [127] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Microport Scientific Corp 82,000 18,000 - 100,000^ 441,340 0.08 Nakanishi Inc 7,100 - - 7,100^ 101,468 0.02 Nanosonics Ltd 41,040 - 11,274 29,766^ 120,204 0.02 NanoString Technologies Inc 3,365 - - 3,365 110,538 0.02 Natera Inc 3,069 3,223 - 6,292 274,858 0.05 Natus Medical Inc 3,579 - - 3,579 60,493 0.01 Nevro Corp 3,295 - - 3,295 398,543 0.07 Nihon Kohden Corp 8,069 - - 8,069^ 252,362 0.05 Nipro Corp 16,300 - - 16,300^ 157,916 0.03 Novocure Ltd 7,744 645 - 8,389 578,389 0.11 NuVasive Inc 5,227 - - 5,227 271,701 0.05 OraSure Technologies Inc 5,641 - - 5,641 93,139 0.02 Orthofix Medical Inc 2,057 - - 2,057 57,466 0.01 OrthoPediatrics Corp - 1,109 - 1,109 42,564 0.01 Paramount Bed Holdings Co Ltd 1,898 - - 1,898^ 73,568 0.01 Patterson Cos Inc 9,307 - - 9,307 224,872 0.04 Penumbra Inc 3,313 - - 3,313 668,800 0.12 Quanterix Corp - 2,039 - 2,039 59,931 0.01 Quidel Corp 3,779 - - 3,779 971,063 0.18 Quotient Ltd 5,081 - - 5,081 36,238 0.01 Repligen Corp 3,594 1,566 - 5,160 708,379 0.13 Shockwave Medical Inc - 2,530 - 2,530 113,512 0.02 Silk Road Medical Inc - 2,443 - 2,443 103,253 0.02 STAAR Surgical Co 3,269 - - 3,269 173,046 0.03 STRATEC SE 430 - - 430 45,978 0.01 Surmodics Inc 1,981 - - 1,981 85,222 0.02 Tactile Systems Technology Inc 2,148 - - 2,148 80,076 0.01 Tandem Diabetes Care Inc 5,398 - - 5,398 512,957 0.09 Topcon Corp 8,877 - - 8,877^ 52,319 0.01 Transenterix Inc 14,955 - 14,955 - - 0.00 Varex Imaging Corp 4,240 - - 4,240 60,480 0.01 ViewRay Inc 5,809 - - 5,809 14,638 0.00 West Pharmaceutical Services Inc 7,560 - 7,560 - - 0.00 Wright Medical Group NV 12,589 - - 12,589 343,795 0.06 17,855,696 3.29 Beverages AG Barr Plc 9,534 - - 9,534 48,949 0.01 Boston Beer Co Inc 'A' 800 164 - 964 710,716 0.13 Britvic Plc 26,533 - - 26,533 252,964 0.05 C&C Group Plc 38,446 38,446 38,446 38,446 106,267 0.02 Coca-Cola Consolidated Inc 605 - - 605 126,343 0.02 Cott Corp 13,218 - 13,218 - - 0.00 DyDo Group Holdings Inc 1,088 - - 1,088^ 41,423 0.01 Farmer Bros Co 951 - 951 - - 0.00 Fevertree Drinks Plc 10,545 - - 10,545^ 275,732 0.05 Ito En Ltd 6,400 - 6,400 - - 0.00 Key Coffee Inc 2,842 - - 2,842^ 49,296 0.01 Lassonde Industries Inc 'A' 335 - - 335 37,266 0.01 Marston's Plc 62,466 - - 62,466^ 29,982 0.01 MGP Ingredients Inc 1,553 - - 1,553 51,241 0.01 National Beverage Corp 1,276 - - 1,276 74,464 0.01 Primo Water Corp - 5,830 5,830 - - 0.00 Primo Water Corp - 17,084 - 17,084 220,624 0.04

[128] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Royal Unibrew A/S 4,858 697 - 5,555 512,025 0.09 Sapporo Holdings Ltd 5,800 - - 5,800^ 90,375 0.02 Stock Spirits Group Plc 20,011 - 20,011 - - 0.00 Takara Holdings Inc 14,250 - - 14,250^ 110,837 0.02 Vitasoy International Holdings Ltd - 80,000 - 80,000 276,542 0.05 3,015,046 0.56 Commercial services 2U Inc 5,768 1,729 - 7,497 321,189 0.06 AA Plc 65,438 - 65,438 - - 0.00 Aaron's Inc 7,185 - - 7,185 341,059 0.06 AB Dynamics Plc - 2,105 - 2,105^ 43,229 0.01 ABM Industries Inc 6,159 - - 6,159 201,142 0.04 AcadeMedia AB - 11,285 - 11,285 74,436 0.01 Adapteo Oyj 7,036 - 3,518 3,518^ 27,121 0.01 ADT Inc 12,678 - - 12,678 99,301 0.02 Adtalem Global Education Inc 5,522 - - 5,522^ 172,502 0.03 Aeon Delight Co Ltd 2,237 - - 2,237^ 61,110 0.01 Aggreko Plc 24,316 - - 24,316 111,718 0.02 ALD SA 9,502 - - 9,502^ 86,678 0.02 Altus Group Ltd 3,431 - - 3,431 99,402 0.02 Amadeus Fire AG 745 - - 745 78,939 0.01 American Public Education Inc 1,849 - - 1,849 48,964 0.01 AMN Healthcare Services Inc 5,354 - - 5,354 267,587 0.05 Applus Services SA 10,794 7,910 - 18,704 131,989 0.02 Arlo Technologies Inc 6,895 - 6,895 - - 0.00 ASGN Inc 5,148 992 707 5,433 338,357 0.06 Assystem SA 1,212 - 1,212 - - 0.00 ASTM SpA 3,877 4,000 - 7,877^ 152,353 0.03 Atlas Arteria Ltd 68,503 25,259 - 93,762^ 403,719 0.07 Atlas Arteria Ltd Rights - 11,507 11,507 - - 0.00 Atlas Arteria Ltd Rights - 1,541 1,541 - - 0.00 Avis Budget Group Inc 6,999 - - 6,999 164,905 0.03 Babcock International Group Plc 23,635 - - 23,635 81,386 0.02 Badger Daylighting Ltd 3,950 - - 3,950 77,714 0.01 Barrett Business Services Inc 1,186 - - 1,186 56,837 0.01 Benefit One Inc 7,200 - - 7,200^ 142,668 0.03 Booz Allen Hamilton Holding Corp 13,682 - 13,682 - - 0.00 Boyd Group Services Inc - 2,148 - 2,148 285,323 0.05 Bravida Holding AB 22,687 - - 22,687^ 226,353 0.04 Bright Horizons Family Solutions Inc 5,883 381 - 6,264 611,092 0.11 BrightView Holdings Inc 2,759 - - 2,759 30,420 0.01 Brink's Co 5,075 - - 5,075 204,752 0.04 Brunel International NV 1,850 - - 1,850^ 12,159 0.00 CAI International Inc - 2,578 - 2,578 40,361 0.01 Capita Plc 155,417 36,250 - 191,667^ 78,334 0.01 Cardtronics Plc 'A' 4,794 - - 4,794 97,383 0.02 Care.com Inc 1,892 - 1,892 - - 0.00 Carriage Services Inc 1,695 - - 1,695 34,092 0.01 Cass Information Systems Inc 1,281 - - 1,281 41,754 0.01 Caverion Oyj 10,267 - - 10,267^ 69,580 0.01 CBIZ Inc 3,982 - - 3,982 87,590 0.02 Central Security Patrols Co Ltd - 1,100 - 1,100 30,570 0.01 Chegg Inc 9,608 4,242 1,251 12,599 928,022 0.17

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [129] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Cimpress NV 2,247 - 2,247 - - 0.00 Cimpress Plc - 2,247 - 2,247 204,410 0.04 Colliers International Group Inc 3,545 1,246 - 4,791 235,733 0.04 CoreLogic Inc 7,200 1,573 - 8,773 543,971 0.10 CorVel Corp 1,201 - - 1,201 86,847 0.02 Credit Corp Group Ltd 3,696 2,869 - 6,565 81,290 0.02 Cross Country Healthcare Inc 7,014 - 7,014 - - 0.00 CTT-Correios de Portugal SA 21,560 - - 21,560^ 52,763 0.01 De La Rue Plc 10,314 - 10,314 - - 0.00 Deluxe Corp 4,979 - - 4,979 127,865 0.02 Devoteam SA - 729 - 729 76,616 0.01 Dignity Plc 4,898 - 4,898 - - 0.00 Element Fleet Management Corp 42,831 7,508 - 50,339 384,261 0.07 Elis SA 20,986 - 4,980 16,006^ 177,690 0.03 EML Payments Ltd - 32,262 - 32,262 66,299 0.01 Ennis Inc 2,583 - - 2,583 40,651 0.01 Equiniti Group Plc 32,709 - - 32,709^ 49,911 0.01 Euronet Worldwide Inc 5,292 400 - 5,692 497,814 0.09 Europcar Mobility Group 9,217 - - 9,217^ 13,117 0.00 EVERTEC Inc 7,316 - - 7,316 206,649 0.04 Evo Payments Inc 'A' 2,589 2,292 - 4,881 100,749 0.02 Finablr Plc - 32,714 - 32,714 391 0.00 Forrester Research Inc 879 - - 879 28,075 0.01 Franklin Covey Co - 1,710 - 1,710 28,141 0.01 FTI Consulting Inc 3,674 463 - 4,137 449,504 0.08 FULLCAST Holdings Co Ltd - 2,500 400 2,100 22,025 0.00 Funai Soken Holdings Inc 4,150 - - 4,150^ 79,269 0.01 Future Corp 1,150 - - 1,150^ 17,405 0.00 G4S Plc - 164,946 - 164,946 279,757 0.05 G8 Education Ltd 31,096 14,135 - 45,231 23,754 0.00 G8 Education Ltd - 14,135 14,135 - - 0.00 Gakken Holdings Co Ltd - 2,000 - 2,000 23,007 0.00 Geo Holdings Corp 3,850 - - 3,850^ 47,667 0.01 GL Events 716 - - 716 8,318 0.00 Global Dominion Access SA 3,978 - - 3,978 11,939 0.00 Graham Holdings Co 'B' 501 - - 501 181,561 0.03 Grand Canyon Education Inc 4,709 579 - 5,288^ 426,883 0.08 Green Dot Corp 'A' 5,144 - - 5,144 237,204 0.04 GreenSky Inc 'A' 4,998 - 4,998 - - 0.00 Groupe Crit 356 - - 356 18,018 0.00 H&R Block Inc - 22,077 - 22,077 291,210 0.05 Hamburger Hafen und Logistik AG 2,279 - - 2,279 35,989 0.01 Hays Plc 120,810 75,173 - 195,983 255,060 0.05 HealthEquity Inc 6,668 959 - 7,627^ 357,738 0.07 Heidrick & Struggles International Inc 1,670 - - 1,670 30,733 0.01 Herc Holdings Inc 2,676 - - 2,676 81,648 0.02 Hertz Global Holdings Inc 6,700 3,615 10,315 - - 0.00 HMS Holdings Corp 9,471 - - 9,471 280,012 0.05 Huron Consulting Group Inc 2,457 - - 2,457 106,661 0.02 Hutchison Port Holdings Trust 'U' 588,600 - - 588,600^ 57,829 0.01 Hypoport SE 343 - - 343^ 147,404 0.03 Hyve Group Plc - 23,318 - 23,318^ 22,217 0.00 Hyve Group Plc Rights - 16,144 16,144 - - 0.00 Hyve Group Plc Rights - 16,144 16,144 - - 0.00

[130] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) ICF International Inc 2,058 - - 2,058 126,577 0.02 IDP Education Ltd 14,092 - - 14,092^ 122,274 0.02 Insperity Inc 3,882 - - 3,882^ 236,113 0.04 InvoCare Ltd 11,646 - - 11,646^ 72,559 0.01 IPH Ltd 20,367 - - 20,367^ 98,857 0.02 IR Japan Holdings Ltd - 1,100 - 1,100 110,355 0.02 ISS A/S - 16,777 - 16,777 235,473 0.04 ITE Group Plc 71,754 - 71,754 - - 0.00 IWG Plc 63,971 11,876 - 75,847 209,012 0.04 K12 Inc 3,364 - - 3,364 140,128 0.03 Kanamoto Co Ltd 2,700 - - 2,700^ 49,412 0.01 Kelly Services Inc 'A' 3,779 - - 3,779 50,913 0.01 Kforce Inc 2,788 - - 2,788 73,145 0.01 Korn Ferry 5,373 - - 5,373 137,348 0.03 Laureate Education Inc 'A' 8,799 3,104 - 11,903 137,301 0.03 LiveRamp Holdings Inc 7,131 - - 7,131 295,616 0.05 Loomis AB - 8,845 - 8,845 193,061 0.04 Loomis AB 'B' 6,425 2,420 8,845 - - 0.00 M&A Capital Partners Co Ltd - 2,000 - 2,000 66,165 0.01 Macquarie Infrastructure Corp 7,046 2,750 1,776 8,020 218,582 0.04 ManpowerGroup Inc - 6,238 - 6,238 390,363 0.07 Medifast Inc 1,179 - - 1,179^ 179,253 0.03 Medley Inc - 1,800 - 1,800 46,369 0.01 Meiko Network Japan Co Ltd 2,100 - - 2,100^ 12,576 0.00 Mitie Group Plc 39,352 - - 39,352^ 15,364 0.00 Mitie Group Plc Rights - 86,573 86,573 - - 0.00 Monro Inc 3,504 - - 3,504 179,461 0.03 Morneau Shepell Inc 6,291 2,461 - 8,752 184,733 0.03 Morningstar Inc 2,298 - - 2,298 351,286 0.07 National Research Corp 922 - - 922 47,968 0.01 Navigant Consulting Inc 3,686 - 3,686 - - 0.00 nearmap Ltd 43,854 - - 43,854 65,231 0.01 NichiiGakkan Co Ltd 4,400 - - 4,400^ 58,301 0.01 Nihon M&A Center Inc 13,400 2,200 15,600 - - 0.00 Nippon Kanzai Co Ltd 1,400 - - 1,400^ 23,368 0.00 Nippon Parking Development Co Ltd 19,850 - - 19,850^ 20,665 0.00 Nishio Rent All Co Ltd 1,600 - - 1,600^ 27,615 0.01 Nissin Corp 1,805 - - 1,805^ 22,519 0.00 Nomura Co Ltd 7,800 - - 7,800^ 45,233 0.01 OFX Group Ltd 22,614 - 22,614 - - 0.00 Outsourcing Inc 12,500 - - 12,500^ 62,594 0.01 Pagegroup Plc 31,827 - - 31,827 133,003 0.02 Park Lawn Corp - 3,690 - 3,690 62,775 0.01 Paylocity Holding Corp 3,724 - - 3,724 451,245 0.08 Perdoceo Education Corp 5,454 11,410 8,432 8,432 110,456 0.02 Prestige International Inc 4,200 4,200 - 8,400 59,337 0.01 Prosegur Cash SA 33,925 - - 33,925 25,436 0.01 Prosegur Cia de Seguridad SA 30,003 - - 30,003^ 71,973 0.01 QinetiQ Group Plc 66,641 - - 66,641 243,319 0.05 Quad/Graphics Inc 2,354 - 2,354 - - 0.00 Quanta Services Inc 14,320 1,303 - 15,623 568,063 0.11 R1 RCM Inc 5,900 5,478 - 11,378 141,492 0.03 Raksul Inc 1,600 2,000 - 3,600 90,042 0.02 Redde Northgate Plc 14,874 10,303 - 25,177 49,721 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [131] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Redde Plc 28,083 - 28,083 - - 0.00 Rent-A-Center Inc 5,902 - - 5,902 155,273 0.03 Repay Holdings Corp - 3,426 - 3,426 68,971 0.01 Resources Connection Inc - 3,238 - 3,238 33,285 0.01 Restore Plc 17,357 - - 17,357^ 76,160 0.01 Ritchie Bros Auctioneers Inc 10,178 1,733 11,911 - - 0.00 RPS Group Plc 23,140 - 23,140 - - 0.00 RR Donnelley & Sons Co 7,517 - 7,517 - - 0.00 RWS Holdings Plc 16,127 - - 16,127 116,110 0.02 Sabre Corp - 29,102 - 29,102 200,144 0.04 Savills Plc 13,697 - - 13,697^ 122,328 0.02 Service Corp International 17,038 2,385 - 19,423 766,132 0.14 ServiceMaster Global Holdings Inc 12,737 1,562 - 14,299 531,889 0.10 SIA Engineering Co Ltd - 39,500 - 39,500 46,381 0.01 Sixt SE 1,129 - - 1,129^ 77,120 0.01 Sixt SE (Pref) 1,738 - - 1,738^ 80,112 0.02 SmartGroup Corp Ltd 10,961 - - 10,961 43,191 0.01 Societa Iniziative Autostradali e Servizi SpA 7,273 - 7,273 - - 0.00 Sotheby's 3,371 - 3,371 - - 0.00 SP Plus Corp 1,605 1,405 - 3,010 43,510 0.01 S-Pool Inc - 6,800 - 6,800 38,381 0.01 Strategic Education Inc 2,096 500 304 2,292 263,152 0.05 Synergie SA 727 - - 727 15,641 0.00 Team Inc 3,112 - 3,112 - - 0.00 TechnoPro Holdings Inc 3,500 - - 3,500^ 162,013 0.03 TKC Corp 2,800 - 1,100 1,700 85,128 0.02 TKP Corp - 2,400 - 2,400 49,229 0.01 Toppan Forms Co Ltd 5,050 - - 5,050^ 43,233 0.01 TriNet Group Inc 4,339 1,261 1,002 4,598 276,065 0.05 TrueBlue Inc 4,517 - - 4,517 63,404 0.01 Vectrus Inc - 1,379 - 1,379 55,184 0.01 Viad Corp 2,055 - - 2,055 27,032 0.01 WEX Inc 4,459 284 - 4,743 683,320 0.13 Willdan Group Inc - 2,173 - 2,173 48,747 0.01 Worley Ltd - 35,959 - 35,959 192,367 0.04 WW International Inc 3,319 5,336 3,319 5,336 125,140 0.02 Zip Co Ltd 22,568 - - 22,568^ 87,603 0.02 23,747,042 4.38 Savings & loans Axos Financial Inc 5,556 - - 5,556 113,267 0.02 Banc of California Inc 3,040 - - 3,040 29,646 0.01 Berkshire Hills Bancorp Inc 4,836 2,795 3,217 4,414 39,994 0.01 Brookline Bancorp Inc 8,336 - - 8,336 72,761 0.01 Capitol Federal Financial Inc 16,458 - - 16,458 144,478 0.03 Dime Community Bancshares Inc 3,438 - - 3,438 36,733 0.01 Flushing Financial Corp 3,146 - - 3,146 31,710 0.01 HomeTrust Bancshares Inc 2,005 - - 2,005 26,301 0.00 Investors Bancorp Inc 22,538 - - 22,538^ 166,483 0.03 Meridian Bancorp Inc 3,606 3,173 - 6,779 70,333 0.01 New York Community Bancorp Inc 52,284 - - 52,284 500,836 0.09 Northfield Bancorp Inc 5,166 - - 5,166 45,162 0.01 Northwest Bancshares Inc 10,804 - - 10,804 96,810 0.02 OceanFirst Financial Corp 3,898 2,838 - 6,736 93,877 0.02

[132] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Pacific Premier Bancorp Inc 5,390 3,460 - 8,850 169,148 0.03 Provident Financial Services Inc 6,488 - - 6,488^ 80,564 0.01 Sterling Bancorp 20,377 - - 20,377 208,541 0.04 Superior Energy Services Inc 3,695 - 3,695 - - 0.00 TFS Financial Corp 8,771 - - 8,771 115,536 0.02 United Financial Bancorp Inc 4,884 - 4,884 - - 0.00 Washington Federal Inc 7,657 - - 7,657 162,576 0.03 Waterstone Financial Inc 3,561 - - 3,561 49,499 0.01 WSFS Financial Corp 6,111 - - 6,111 158,603 0.03 2,412,858 0.45 Semiconductors ACM Research Inc 'A' - 1,216 - 1,216 106,128 0.02 AIXTRON SE 11,198 - - 11,198^ 123,832 0.02 Ambarella Inc 3,221 - - 3,221 132,677 0.03 Amkor Technology Inc 11,661 - - 11,661 144,216 0.03 ASM International NV 5,162 932 1,040 5,054 695,624 0.13 AVX Corp 6,796 - 6,796 - - 0.00 Axcelis Technologies Inc 4,931 - - 4,931 131,970 0.02 BE Semiconductor Industries NV 6,828 2,127 - 8,955^ 360,470 0.07 Brooks Automation Inc 7,559 - - 7,559 374,421 0.07 Cabot Microelectronics Corp 2,975 - - 2,975 407,902 0.08 CEVA Inc 2,059 - - 2,059 75,297 0.01 Cirrus Logic Inc 6,640 871 1,568 5,943 370,497 0.07 Cohu Inc 3,572 - - 3,572 61,187 0.01 Cree Inc 10,453 1,349 - 11,802^ 739,944 0.14 CTS Corp 3,702 - - 3,702 66,883 0.01 Cypress Semiconductor Corp 34,995 3,143 38,138 - - 0.00 Dialog Semiconductor Plc 6,691 1,484 - 8,175 341,208 0.06 Diodes Inc 3,840 - - 3,840 179,728 0.03 Entegris Inc 13,857 - - 13,857 906,477 0.17 FormFactor Inc 6,344 - - 6,344 166,440 0.03 Fuji Corp/Aichi 7,227 - - 7,227^ 115,221 0.02 Impinj Inc - 2,055 - 2,055 44,119 0.01 Inphi Corp 3,297 1,422 - 4,719 560,907 0.10 IQE Plc 112,255 - - 112,255^ 70,366 0.01 Japan Material Co Ltd 7,000 - - 7,000^ 95,823 0.02 Kulicke & Soffa Industries Inc 5,892 - - 5,892 127,031 0.02 Lasertec Corp 4,200 4,200 8,400 - - 0.00 Lattice Semiconductor Corp 13,705 - - 13,705 387,613 0.07 MACOM Technology Solutions Holdings Inc 4,923 - - 4,923 189,259 0.04 MaxLinear Inc 7,519 - - 7,519 173,395 0.03 Megachips Corp 2,408 - - 2,408^ 41,727 0.01 Melexis NV 2,285 - - 2,285 177,838 0.03 Mellanox Technologies Ltd 4,782 - 4,782 - - 0.00 Micronics Japan Co Ltd 3,200 - - 3,200^ 27,560 0.01 MKS Instruments Inc 5,620 - - 5,620 651,539 0.12 Monolithic Power Systems Inc 4,178 363 - 4,541 1,094,742 0.20 Nordic Semiconductor ASA 13,792 - - 13,792^ 123,271 0.02 Nova Measuring Instruments Ltd 2,799 - - 2,799 127,827 0.02 NuFlare Technology Inc 500 - 500 - - 0.00 Onto Innovation Inc 2,030 4,381 2,030 4,381 150,728 0.03 Photronics Inc 7,483 - - 7,483 80,871 0.02 Power Integrations Inc 3,243 1,060 1,232 3,071 340,914 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [133] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Rambus Inc 12,773 - - 12,773 171,505 0.03 Rorze Corp - 1,000 - 1,000 46,031 0.01 Rudolph Technologies Inc 2,924 - 2,924 - - 0.00 Ryosan Co Ltd 3,320 - - 3,320^ 57,130 0.01 Sanken Electric Co Ltd 3,800 - - 3,800^ 66,437 0.01 Semtech Corp 6,067 1,367 - 7,434 376,886 0.07 Shin-Etsu Polymer Co Ltd 4,611 - - 4,611^ 33,682 0.01 Shinko Electric Industries Co Ltd 6,100 - - 6,100^ 82,610 0.02 Silicon Laboratories Inc 4,242 - - 4,242 387,863 0.07 Siltronic AG 1,877 787 671 1,993 162,937 0.03 SOITEC 2,034 602 - 2,636^ 282,426 0.05 Synaptics Inc 3,972 - - 3,972 289,139 0.05 Teradyne Inc 17,486 - 17,486 - - 0.00 Tokyo Ohka Kogyo Co Ltd 4,470 - 1,200 3,270^ 155,305 0.03 Tower Semiconductor Ltd 8,581 2,701 - 11,282 214,089 0.04 Ultra Clean Holdings Inc 4,412 - - 4,412 120,769 0.02 Ulvac Inc 4,850 - - 4,850^ 129,361 0.02 V Technology Co Ltd 1,472 - - 1,472^ 42,365 0.01 Veeco Instruments Inc 5,402 - - 5,402 66,440 0.01 X-Fab Silicon Foundries SE 12,639 - - 12,639 40,924 0.01 Xperi Corp 5,071 - 5,071 - - 0.00 12,691,551 2.34 Housewares ACCO Brands Corp 12,948 - - 12,948 76,798 0.01 Central Garden & Pet Co 'A' 4,890 - - 4,890 154,138 0.03 Duskin Co Ltd 5,086 - - 5,086^ 114,739 0.02 Helen of Troy Ltd 2,460 - - 2,460 421,278 0.08 Mitsubishi Pencil Co Ltd 3,594 - - 3,594^ 35,252 0.01 Ontex Group NV 6,762 - - 6,762 87,870 0.02 Oriola Oyj 'B' 12,716 - - 12,716 25,169 0.00 Pilot Corp 3,500 - - 3,500^ 87,782 0.02 Quanex Building Products Corp 4,013 - - 4,013 51,291 0.01 Societe BIC SA - 2,941 - 2,941 158,659 0.03 Spectrum Brands Holdings Inc 3,608 1,192 - 4,800 236,493 0.04 WD-40 Co 1,502 - - 1,502^ 268,560 0.05 1,718,029 0.32 Household products & wares Breville Group Ltd 8,770 - - 8,770^ 148,358 0.03 IG Design Group Plc - 5,347 - 5,347 33,453 0.00 Scotts Miracle-Gro Co 3,982 625 - 4,607 664,565 0.12 Toro Co 10,266 1,240 - 11,506 746,821 0.14 Tupperware Brands Corp 4,804 - 4,804 - - 0.00 1,593,197 0.29 Home furnishings Bang & Olufsen A/S 4,450 - 4,450 - - 0.00 Canon Electronics Inc 1,949 - - 1,949^ 24,366 0.00 Corona Corp 800 - - 800^ 6,780 0.00 Daktronics Inc 3,979 - 3,979 - - 0.00 De' Longhi SpA 5,879 - - 5,879^ 167,970 0.03 Dolby Laboratories Inc 'A' 6,139 1,853 995 6,997 443,016 0.08 Dorel Industries Inc 'B' 2,758 - 2,758 - - 0.00 Eizo Corp 1,452 - - 1,452^ 48,972 0.01 Elematec Corp 1,900 - - 1,900^ 13,846 0.00

[134] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Ethan Allen Interiors Inc 3,080 - - 3,080 33,174 0.01 Foster Electric Co Ltd 1,582 - - 1,582^ 13,680 0.00 France Bed Holdings Co Ltd 1,500 - - 1,500^ 10,402 0.00 Hamilton Beach Brands 344 - 344 - - 0.00 Hamilton Beach Brands Holding Co 'A' 344 344 688 - - 0.00 Hooker Furniture Corp 1,936 - 1,936 - - 0.00 Howden Joinery Group Plc 55,360 12,157 - 67,517 395,250 0.07 iRobot Corp 2,837 - - 2,837 187,600 0.04 JVCKenwood Corp 11,942 - - 11,942^ 13,666 0.00 Kokuyo Co Ltd 7,650 - - 7,650^ 73,061 0.01 Leggett & Platt Inc - 14,059 - 14,059 512,730 0.10 Maxell Holdings Ltd 3,550 - - 3,550^ 27,581 0.01 Nilfisk Holding A/S 2,596 - - 2,596 32,619 0.01 Nobia AB 12,003 - - 12,003^ 64,623 0.01 Rational AG 382 - - 382 207,928 0.04 Sleep Number Corp 3,286 - - 3,286 139,001 0.03 Sonos Inc - 3,739 - 3,739 54,422 0.01 Tempur Sealy International Inc 4,042 1,248 - 5,290 389,557 0.07 Universal Electronics Inc 1,658 - - 1,658 69,487 0.01 VTech Holdings Ltd 13,578 6,700 - 20,278^ 100,087 0.02 Zojirushi Corp 3,000 - - 3,000^ 36,576 0.01 3,066,394 0.57 Holding companies - diversified operations CIR SpA-Compagnie Industriali - 74,285 - 74,285^ 30,685 0.01 30,685 0.01 Real estate ADLER Real Estate AG 3,506 4,598 8,104 - - 0.00 ADLER Real Estate AG - 8,104 8,104 - - 0.00 ADO Properties SA 2,949 5,309 1,671 6,587^ 169,492 0.03 ADO Properties SA Rights - 4,652 4,652 -^ - 0.00 Aedas Homes SA 2,701 - - 2,701^ 52,241 0.01 AFI Properties Ltd 1,495 - - 1,495 30,664 0.01 Airport City Ltd 7,795 - - 7,795 81,095 0.01 Alexander & Baldwin Inc 7,014 - - 7,014 75,419 0.01 Alony Hetz Properties & Investments Ltd 15,849 - - 15,849 154,169 0.03 Amot Investments Ltd 11,253 8,505 - 19,758 86,640 0.02 Atrium Ljungberg AB 'B' - 5,381 - 5,381^ 75,465 0.01 Aveo Group 39,688 - 39,688 - - 0.00 CA Immobilien Anlagen AG 8,359 - 1,467 6,892^ 197,209 0.04 Castellum AB 24,117 4,425 3,859 24,683^ 482,006 0.09 Catena AB - 2,697 - 2,697^ 101,293 0.02 Cedar Woods Properties Ltd 5,498 - - 5,498^ 18,257 0.00 Chip Eng Seng Corp Ltd 29,500 - - 29,500 8,709 0.00 Chip Eng Seng Corp Ltd Rights - 7,375 7,375 - - 0.00 Citycon Oyj 2,586 5,104 - 7,690^ 50,957 0.01 Corestate Capital Holding SA 2,242 - - 2,242^ 43,339 0.01 CSI Properties Ltd 603,166 - - 603,166^ 16,850 0.00 Cushman & Wakefield Plc 8,752 - - 8,752 85,190 0.02 Daibiru Corp 5,102 - - 5,102^ 42,361 0.01 Deutsche EuroShop AG 6,755 - - 6,755 91,340 0.02 DIC Asset AG 4,675 - - 4,675 55,319 0.01 Dios Fastigheter AB 6,771 - - 6,771 41,808 0.01 DREAM Unlimited Corp 12,136 - 12,136 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [135] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) DREAM Unlimited Corp - 6,068 - 6,068 73,807 0.01 Emperor International Holdings Ltd 347,886 - - 347,886^ 49,818 0.01 Empiric Student Property Plc (REIT) 97,643 - - 97,643 75,197 0.01 Entra ASA 13,800 4,790 - 18,590 238,614 0.04 eXp World Holdings Inc - 4,307 - 4,307 77,852 0.01 Fabege AB 25,739 3,268 - 29,007 337,241 0.06 Far East Consortium International Ltd 123,846 - - 123,846^ 33,435 0.01 Fastighets AB Balder 12,593 - 2,046 10,547^ 396,230 0.07 FirstService Corp 3,545 1,260 821 3,984 433,448 0.08 FRP Holdings Inc - 1,009 - 1,009 35,908 0.01 Gazit-Globe Ltd 10,010 - - 10,010 37,819 0.01 Goldcrest Co Ltd 1,658 - - 1,658^ 18,631 0.00 Grainger Plc 67,145 - - 67,145 232,653 0.04 Grand City Properties SA 9,904 3,569 - 13,473^ 292,472 0.05 Hang Lung Group Ltd 85,000 38,000 - 123,000 270,558 0.05 Heiwa Real Estate Co Ltd 5,101 - - 5,101^ 112,575 0.02 Helical Plc 10,351 - - 10,351^ 37,633 0.01 Hembla AB 3,712 3,059 6,771 - - 0.00 Hemfosa Fastigheter AB 17,792 - 17,792 - - 0.00 Howard Hughes Corp 4,161 439 - 4,600 222,580 0.04 Hufvudstaden AB 'A' 11,004 - - 11,004^ 130,282 0.02 Hysan Development Co Ltd - 76,000 - 76,000^ 190,903 0.04 Ichigo Inc 20,400 - - 20,400^ 43,529 0.01 IMMOFINANZ AG 7,254 2,198 - 9,452^ 142,653 0.03 Japan Wool Textile Co Ltd 5,315 - - 5,315^ 41,386 0.01 Jerusalem Economy Ltd 23,683 - 23,683 - - 0.00 K Wah International Holdings Ltd 124,000 - - 124,000^ 47,594 0.01 Keihanshin Building Co Ltd - 3,500 - 3,500 39,028 0.01 Klovern AB 'B' 45,064 - - 45,064^ 65,403 0.01 Kungsleden AB 21,695 - - 21,695 158,900 0.03 Lai Sun Development Co Ltd 29,585 - - 29,585^ 28,753 0.01 LEG Immobilien AG 6,647 743 7,390 - - 0.00 Leopalace21 Corp 25,950 - - 25,950^ 34,384 0.01 Marcus & Millichap Inc 2,613 - - 2,613 64,751 0.01 McCarthy & Stone Plc 53,322 - - 53,322 41,892 0.01 McGrath RentCorp 2,585 - - 2,585 136,438 0.03 Melisron Ltd 1,653 - - 1,653 55,911 0.01 Mivne Real Estate KD Ltd - 69,379 - 69,378 122,656 0.02 Neinor Homes SA 11,114 - - 11,114^ 121,468 0.02 Newmark Group Inc 'A' 10,920 10,311 - 21,231 78,607 0.01 Nexity SA 5,089 - - 5,089^ 157,989 0.03 Norstar Holdings Inc 951 - - 951 2,884 0.00 Nyfosa AB 17,792 - - 17,792^ 120,688 0.02 OUE Ltd 33,500 - - 33,500^ 25,335 0.00 Pandox AB 7,101 4,551 - 11,652^ 133,347 0.02 Pressance Corp 4,000 - - 4,000^ 40,095 0.01 RE/MAX Holdings Inc 1,803 - - 1,803 53,093 0.01 Realogy Holdings Corp 13,774 - - 13,774 113,524 0.02 Redfin Corp 7,686 - - 7,686 290,725 0.05 Relo Group Inc 11,500 - - 11,500^ 180,873 0.03 RMR Group Inc 'A' 682 2,525 1,610 1,597 41,782 0.01 S IMMO AG 5,241 - - 5,241 83,553 0.02 Safehold Inc (REIT) - 752 - 752 34,499 0.01 Samhallsbyggnadsbolaget i Norden AB - 89,023 - 89,023^ 219,318 0.04

[136] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Samhallsbyggnadsbolaget i Norden AB 'D' - 14,342 - 14,342^ 42,077 0.01 SAMTY Co Ltd - 3,500 - 3,500 34,481 0.01 Selvaag Bolig ASA 2,210 - - 2,210^ 11,205 0.00 Shun Tak Holdings Ltd 160,500 - - 160,500^ 52,561 0.01 Sirius Real Estate Ltd 140,272 - 60,073 80,199^ 70,381 0.01 St Modwen Properties Plc 20,680 - - 20,680 76,050 0.01 Starts Corp Inc 2,550 - - 2,550^ 42,235 0.01 Sun Frontier Fudousan Co Ltd 2,050 - - 2,050^ 14,357 0.00 TAG Immobilien AG 10,591 2,903 - 13,494^ 322,540 0.06 Takara Leben Co Ltd 8,000 - - 8,000^ 22,921 0.00 TLG Immobilien AG 10,102 1,659 11,761 - - 0.00 TOC Co Ltd 4,512 - - 4,512^ 24,457 0.00 Token Corp 567 - - 567^ 32,783 0.01 Tokyo Tatemono Co Ltd 23,200 - - 23,200^ 225,562 0.04 Tosei Corp 3,900 - - 3,900^ 27,415 0.01 Tricon Residential Inc 11,047 9,783 - 20,830 135,805 0.03 United Engineers Ltd 47,500 - 47,500 - - 0.00 Unizo Holdings Co Ltd 1,300 1,500 2,800 - - 0.00 Wallenstam AB 'B' 17,235 - - 17,235^ 196,164 0.04 Watkin Jones Plc - 27,028 - 27,028 44,598 0.01 Wihlborgs Fastigheter AB 16,734 - - 16,734^ 255,574 0.05 Wing Tai Holdings Ltd 44,700 - - 44,700^ 50,707 0.01 Yanlord Land Group Ltd 61,950 59,300 - 121,250^ 98,131 0.02 Yoma Strategic Holdings Ltd 128,654 - - 128,654^ 25,177 0.00 9,783,718 1.81 Real estate investment trust Abacus Property Group (REIT) 30,411 25,188 - 55,599 97,572 0.02 Acadia (REIT) 7,333 - - 7,333 80,317 0.01 Activia Properties Inc (REIT) 70 - - 70^ 209,894 0.04 Advance Residence Investment Corp (REIT) 152 - - 152^ 445,962 0.08 Aedifica SA (REIT) 3,008 - 652 2,356 248,371 0.05 AEON Investment Corp (REIT) 142 - - 142^ 127,064 0.02 AG Mortgage Investment Trust Inc (REIT) 2,706 - 2,706 - - 0.00 Agree Realty Corp (REIT) 3,598 992 - 4,590 279,635 0.05 AIMS APAC (REIT) - 52,300 - 52,300 41,634 0.01 Alexander's Inc (REIT) 236 - - 236 54,057 0.01 Allied Properties (REIT) 6,406 1,551 2,026 5,931 161,561 0.03 alstria office-AG (REIT) 15,661 3,410 - 19,071^ 260,336 0.05 American Assets Trust Inc (REIT) 3,249 2,479 - 5,728 140,691 0.03 American Campus Communities Inc (REIT) 12,689 1,964 - 14,653 475,075 0.09 American Finance Trust Inc (REIT) 9,203 - - 9,203 61,157 0.01 American Homes 4 Rent (REIT) 'A' 25,807 3,115 - 28,922 763,000 0.14 Americold (REIT) 17,314 4,060 - 21,374 784,562 0.14 Anworth Mortgage Asset Corp (REIT) 11,441 - 11,441 - - 0.00 Apartment Investment and Management Co (REIT) 'A' 14,159 1,797 - 15,956 563,479 0.10 Apollo Commercial Real Estate Finance Inc (REIT) 10,892 5,306 - 16,198 137,038 0.02 Apple Hospitality Inc (REIT) 18,903 6,005 - 24,908 199,851 0.04 ARA LOGOS Logistics Trust (REIT) 89,208 - - 89,208 39,058 0.01 Arbor Inc (REIT) 6,310 - - 6,310 58,493 0.01 Argosy Property Ltd 85,500 - - 85,500^ 65,802 0.01 Armada Hoffler Properties Inc (REIT) 4,924 2,796 - 7,720 67,701 0.01 ARMOUR Residential Inc (REIT) 5,202 - - 5,202 44,199 0.01 Artis (REIT) 7,633 - - 7,633 40,797 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [137] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Ascendas Hospitality Trust 72,300 - 72,300 - - 0.00 Ascendas India Trust - 91,300 - 91,300 84,794 0.02 Ascott Residence Trust 132,738 - 132,738 - - 0.00 Ascott Residence Trust - 190,158 190,158 - - 0.00 Ashford Hospitality Trust Inc (REIT) 20,194 - 20,194 - - 0.00 Assura Plc (REIT) 240,456 24,716 - 265,172 250,122 0.05 Big Yellow Group Plc (REIT) 16,254 - - 16,254 197,757 0.04 Blackstone Mortgage Trust Inc (REIT) 'A' 11,940 1,641 - 13,581 297,376 0.05 Boardwalk (REIT) 2,733 - - 2,733 56,851 0.01 Braemar Hotels & Resorts Inc (REIT) 2,704 - 2,704 - - 0.00 Brandywine (REIT) 19,681 - - 19,681 193,898 0.04 Brixmor Property Group Inc (REIT) 28,515 3,381 - 31,896 333,972 0.06 Broadmark Realty Capital Inc (REIT) - 13,332 - 13,332 111,821 0.02 BWP Trust (REIT) 56,347 - - 56,347^ 141,527 0.03 Canadian Apartment Properties (REIT) 7,461 - 7,461 - - 0.00 Capital & Counties Properties Plc (REIT) 85,240 - - 85,240^ 142,383 0.03 CapitaLand Retail China Trust (REIT) 67,555 5,877 - 73,432^ 59,918 0.01 CapitaLand Retail China Trust (REIT) Rights - 5,877 5,877 - - 0.00 Capstead Mortgage Corp (REIT) 11,073 - - 11,073 61,950 0.01 CareTrust Inc (REIT) 10,021 - - 10,021 164,272 0.03 Carmila SA (REIT) - 4,656 - 4,656^ 50,085 0.01 CatchMark Timber Trust Inc (REIT) 'A' 3,508 - - 3,508 31,146 0.01 Cedar Inc (REIT) 8,432 - 8,432 - - 0.00 Centuria Industrial (REIT) - 37,225 - 37,225 79,899 0.01 Centuria Metropolitan (REIT) - 16,744 16,744 - - 0.00 Centuria Office (REIT) - 61,635 - 61,635 74,992 0.01 Champion (REIT) 202,394 - - 202,394^ 97,639 0.02 Charter Hall Group (REIT) 50,631 - - 50,631^ 347,489 0.06 Charter Hall Long Wale - 152 152 - - 0.00 Charter Hall Long Wale - 296 296 - - 0.00 Charter Hall Long Wale (REIT) 39,595 5,553 - 45,148^ 136,373 0.02 Charter Hall Long Wale (REIT) Rights 44,970 - 44,970 - - 0.00 Charter Hall Long Wale (REIT) Rights - 2,893 2,893 - - 0.00 Charter Hall Long Wale (REIT) Rights - 2,212 2,212 - - 0.00 Charter Hall Long Wale (REIT) Rights - 3,009 3,009 - - 0.00 Charter Hall Retail (REIT) 39,448 - - 39,448 81,839 0.01 Chatham Lodging Trust (REIT) 4,268 - - 4,268 20,228 0.00 Chesapeake Lodging Trust (REIT) 6,337 - 6,337 - - 0.00 Chimera Investment Corp (REIT) 16,444 4,638 - 21,082 172,413 0.03 City Office Inc (REIT) - 5,815 - 5,815 45,758 0.01 Civitas Social Housing Plc (REIT) 63,534 - - 63,534 85,720 0.02 Cofinimmo SA (REIT) 2,180 597 - 2,777 361,460 0.07 Colony Capital Inc (REIT) 44,189 - - 44,189 77,182 0.01 Colony Credit Real Estate Inc (REIT) 9,401 - - 9,401 53,878 0.01 Comforia Residential Inc (REIT) 49 20 - 69^ 196,507 0.04 Community Healthcare Trust Inc (REIT) 1,349 1,308 - 2,657 110,533 0.02 CoreCivic Inc (REIT) 12,713 - - 12,713 103,044 0.02 CorEnergy Infrastructure Trust Inc (REIT) - 1,919 1,919 - - 0.00 CorePoint Lodging Inc (REIT) 5,147 - 5,147 - - 0.00 CoreSite Realty Corp (REIT) 3,783 - - 3,783 444,112 0.08 Corporate Office Properties Trust (REIT) 10,198 - - 10,198 245,658 0.04 Cousins Properties Inc (REIT) 14,352 2,371 - 16,723 467,341 0.09 Crombie (REIT) 5,018 - - 5,018 44,473 0.01 Cromwell European (REIT) - 135,400 - 135,400 62,631 0.01

[138] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Cromwell Property Group (REIT) 149,891 128,397 - 278,288^ 160,674 0.03 CT (REIT) 2,717 - - 2,717 25,759 0.00 CubeSmart (REIT) 17,343 2,410 - 19,753 533,149 0.10 Custodian Plc (REIT) - 41,087 - 41,087 43,661 0.01 CyrusOne Inc (REIT) 10,529 1,992 - 12,521 950,183 0.17 Daiwa Office Investment Corp (REIT) 35 - - 35^ 166,530 0.03 Daiwa Securities Living Investments Corp (REIT) 157 65 - 222^ 204,379 0.04 Derwent London Plc (REIT) 9,333 2,346 - 11,679 401,044 0.07 DiamondRock Hospitality Co (REIT) 21,621 - - 21,621 90,869 0.02 Diversified Healthcare Trust (REIT) 25,210 25,210 25,210 25,210 89,326 0.02 Douglas Emmett Inc (REIT) 16,749 1,485 - 18,234 483,359 0.09 Dream Industrial (REIT) 3,143 9,212 - 12,355 92,298 0.02 Dream Office (REIT) 3,167 - - 3,167 42,350 0.01 Dynex Capital Inc (REIT) 1,733 - - 1,733 24,357 0.00 Easterly Government Properties Inc (REIT) 7,357 - - 7,357 163,636 0.03 EastGroup Properties Inc (REIT) 3,697 588 - 4,285 517,117 0.10 Empire State Inc (REIT) 'A' 15,371 - - 15,371 92,288 0.02 EPR Properties (REIT) 7,959 754 - 8,713 226,928 0.04 Equity Commonwealth (REIT) 12,217 - - 12,217 350,863 0.06 ESR-REIT (REIT) 348,688 10,111 - 358,799^ 92,829 0.02 ESR-REIT (REIT) Rights - 10,111 10,111 - - 0.00 Essential Properties Inc (REIT) 4,828 4,499 - 9,327 136,605 0.02 Eurocommercial Properties NV 5,249 - - 5,249^ 58,836 0.01 Exantas Capital Corp (REIT) 3,430 - 3,430 - - 0.00 First (REIT) 62,627 - - 62,627 23,058 0.00 First Industrial Inc (REIT) 12,323 - - 12,323 492,353 0.09 Four Corners Property Trust Inc (REIT) 8,069 - - 8,069 184,977 0.03 Franklin Street Properties Corp (REIT) 10,443 - - 10,443 49,875 0.01 Frasers Centrepoint Trust (REIT) 92,375 - - 92,375^ 145,847 0.03 Frasers Commercial Trust (REIT) 100,425 - 100,425 - - 0.00 Frasers Logistics & Commercial Trust (REIT) 220,410 123,824 71,000 273,234^ 244,700 0.04 Front Yard Residential Corp (REIT) 6,530 - - 6,530 51,503 0.01 Frontier Real Estate Investment Corp (REIT) 38 14 - 52^ 132,075 0.02 Fukuoka Corp (REIT) 100 - - 100^ 105,399 0.02 Gaming and Leisure Properties Inc (REIT) 18,671 3,813 - 22,484 740,628 0.14 GCP Student Living Plc (REIT) 61,251 - - 61,251 91,416 0.02 GDI Property Group (REIT) 46,396 - - 46,396^ 32,538 0.01 GEO Group Inc (REIT) 12,244 - - 12,244 118,401 0.02 Getty Realty Corp (REIT) 2,913 - - 2,913 78,518 0.01 Global Net Lease Inc (REIT) 6,277 4,426 - 10,703 162,113 0.03 GLP J-Reit (REIT) 389 - 389 - - 0.00 Goodman Property Trust (REIT) 119,665 - - 119,665^ 160,987 0.03 Granite (REIT) 2,262 - - 2,262 119,670 0.02 Granite Point Mortgage Trust Inc (REIT) 3,786 3,441 - 7,227 44,640 0.01 Great Portland Estates Plc (REIT) 21,342 4,579 - 25,921 182,476 0.03 Green Plc (REIT) 72,632 - 72,632 - - 0.00 Growthpoint Properties Australia Ltd (REIT) 40,808 - - 40,808 85,459 0.02 H&R (REIT) - 14,934 - 14,934 101,929 0.02 Hammerson Plc (REIT) 75,090 - - 75,090^ 57,541 0.01 Hankyu Hanshin Inc (REIT) 92 - - 92^ 89,922 0.02 Hansteen Holdings Plc (REIT) 37,563 - 37,563 - - 0.00 Healthcare Inc (REIT) 11,208 2,654 - 13,862 369,481 0.07 Healthcare Trust of America Inc (REIT) 'A' 19,340 2,848 - 22,188 557,292 0.10 Heiwa Real Estate Inc (REIT) 134 - - 134^ 126,246 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [139] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Hersha Hospitality Trust (REIT) 5,070 - 5,070 - - 0.00 Highwoods Properties Inc (REIT) 10,482 - - 10,482 365,590 0.07 Hoshino Resorts Inc (REIT) 28 21 26 23^ 81,037 0.01 Hospitality Properties Trust 16,871 - 16,871 - - 0.00 Hudson Pacific Properties Inc (REIT) 16,376 - - 16,376 351,128 0.06 Hulic Inc (REIT) 148 - - 148^ 159,046 0.03 Ichigo Office Investment Corp (REIT) 106 60 - 166^ 98,693 0.02 Immobiliare Grande Distribuzione SIIQ SpA (REIT) 12,533 - - 12,533^ 42,603 0.01 Independence Inc (REIT) 8,764 - - 8,764 91,685 0.02 Industrial & Infrastructure Fund Investment Corp (REIT) 144 41 - 185^ 314,209 0.06 Industrial Logistics Properties Trust (REIT) 5,894 - - 5,894 113,187 0.02 Ingenia Communities Group (REIT) - 28,451 - 28,451 88,166 0.02 Inmobiliaria Colonial Socimi SA (REIT) 28,515 - 4,742 23,773 184,766 0.03 Innovative Industrial Properties Inc (REIT) 994 743 - 1,737 164,699 0.03 InterRent (REIT) 7,119 - - 7,119 66,043 0.01 Intervest Offices & Warehouses NV (REIT) 815 - - 815 19,068 0.00 Intu Properties Plc (REIT) 95,104 - 95,104 - - 0.00 Invesco Mortgage Capital Inc (REIT) 13,153 5,305 1 18,457 51,546 0.01 Investors Real Estate Trust (REIT) 1,420 - - 1,420 93,395 0.02 Invincible Investment Corp (REIT) 692 - - 692^ 144,086 0.03 Irish Residential Properties Plc (REIT) - 47,564 - 47,564 74,190 0.01 iStar Inc (REIT) 9,043 - - 9,043 95,509 0.02 Japan Excellent Inc (REIT) 127 - - 127^ 122,165 0.02 Japan Hotel Investment Corp (REIT) 456 - - 456^ 149,678 0.03 Japan Logistics Fund Inc (REIT) 75 25 - 100^ 272,746 0.05 JBG SMITH Properties (REIT) 12,619 1,581 - 14,200 374,744 0.07 Jernigan Capital Inc (REIT) - 3,252 - 3,252 41,446 0.01 Kenedix Office Investment Corp (REIT) 52 - - 52^ 258,602 0.05 Kenedix Residential Next Investment Corp (REIT) 78 32 - 110^ 182,947 0.03 Kenedix Retail Corp (REIT) 65 - - 65^ 102,624 0.02 Keppel Pacific Oak US (REIT) - 79,600 - 79,600^ 52,861 0.01 Killam Apartment (REIT) 6,878 - - 6,878 81,277 0.01 Kilroy Realty Corp (REIT) 10,633 763 2,091 9,305 493,241 0.09 Kimco Realty Corp (REIT) - 45,979 - 45,979 466,372 0.09 Kite Realty Group Trust (REIT) 9,280 - - 9,280 83,323 0.02 Kiwi Property Group Ltd 155,250 - - 155,250^ 100,667 0.02 KKR Real Estate Finance Trust Inc (REIT) - 2,922 - 2,922 44,258 0.01 Ladder Capital Corp (REIT) 7,775 - - 7,775 54,957 0.01 Lamar Advertising Co (REIT) 'A' 7,871 1,076 - 8,947 534,982 0.10 Lar Espana Real Estate Socimi SA (REIT) 11,674 - - 11,674 55,883 0.01 LaSalle Logiport (REIT) 116 42 - 158^ 261,962 0.05 Lendlease Global Commercial (REIT) - 108,900 - 108,900 45,152 0.01 Lexington (REIT) 22,232 - - 22,232 234,604 0.04 Life Storage Inc (REIT) 4,687 - - 4,687 418,403 0.08 Lippo Malls Indonesia Retail Trust (REIT) 189,170 - - 189,170 14,683 0.00 LondonMetric Property Plc (REIT) 64,947 24,243 - 89,190 245,995 0.05 LTC Properties Inc (REIT) 3,850 1,171 - 5,021 169,686 0.03 LXI Plc (REIT) - 56,025 - 56,025 70,505 0.01 Macerich Co (REIT) - 10,990 1 10,989 76,275 0.01 Mack-Cali Realty Corp (REIT) 9,091 - - 9,091 119,255 0.02 Mapletree Commercial Trust (REIT) 162,424 11,532 173,956 - - 0.00 Mapletree Commerical Trust (REIT) Rights - 11,532 11,532 - - 0.00 Mapletree Industrial Trust (REIT) 133,865 65,500 34,500 164,865^ 356,543 0.07 Mapletree North Asia Commercial Trust (REIT) 170,700 79,400 - 250,100^ 141,855 0.03

[140] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) MCUBS MidCity Investment Corp (REIT) 205 - - 205^ 121,174 0.02 Medical Properties Trust Inc (REIT) 43,648 8,225 51,873 - - 0.00 Mercialys SA (REIT) 5,682 - - 5,682^ 39,057 0.01 Merlin Properties Socimi SA (REIT) 35,954 - - 35,954 270,348 0.05 MFA Financial Inc (REIT) 40,225 12,337 - 52,562 125,755 0.02 MGM Growth Properties LLC (REIT) 'A' 8,642 2,770 - 11,412 283,830 0.05 Mirai Corp (REIT) 198 - - 198 56,304 0.01 Mitsubishi Estate Logistics Investment Corp (REIT) - 30 - 30 124,285 0.02 Mitsui Fudosan Logistics Park Inc (REIT) 44 - - 44^ 218,438 0.04 Monmouth Real Estate Investment Corp (REIT) 5,843 6,531 - 12,374 162,433 0.03 Montea C.V.A (REIT) 946 - - 946 96,166 0.02 Morguard (REIT) 3,463 - - 3,463 11,548 0.00 Mori Hills Investment Corp (REIT) 169 39 42 166^ 195,815 0.04 Mori Trust Sogo Inc (REIT) 105 - - 105^ 111,211 0.02 National Health Investors Inc (REIT) 3,971 860 - 4,831 272,475 0.05 National Storage (REIT) 103,601 - - 103,601^ 121,659 0.02 National Storage Affiliates Trust (REIT) 5,711 - - 5,711 160,119 0.03 New Residential Investment Corp (REIT) 39,239 6,584 - 45,823 330,563 0.06 New Senior Investment Group Inc (REIT) 8,758 - 8,758 - - 0.00 New York Mortgage Trust Inc (REIT) 11,072 27,584 - 38,656 92,133 0.02 NewRiver Plc (REIT) 43,337 - 43,337 - - 0.00 NexPoint Residential Trust Inc (REIT) 1,248 1,323 - 2,571^ 89,414 0.02 Nippon Accommodations Fund Inc (REIT) 53 - - 53^ 310,544 0.06 NIPPON Investment Corp (REIT) 43 15 - 58^ 159,441 0.03 NorthStar Realty Europe Corp (REIT) 6,594 - 6,594 - - 0.00 Northview Apartment (REIT) 4,475 - - 4,475 106,491 0.02 NorthWest Healthcare Properties (REIT) 10,260 - - 10,260 78,389 0.01 NSI NV (REIT) 3,356 - - 3,356^ 109,387 0.02 Office Properties Income Trust (REIT) 3,116 3,525 1,692 4,949 113,228 0.02 Omega Healthcare Investors Inc (REIT) 21,354 - 21,354 - - 0.00 One Inc (REIT) - 24 - 24 49,642 0.01 One Liberty Properties Inc (REIT) 1,242 13 - 1,255 19,374 0.00 Orix JREIT Inc (REIT) 253 - 253 - - 0.00 OUE Commercial (REIT) - 288,159 - 288,159^ 72,641 0.01 Oue Hospitality Trust 101,789 - 101,789 - - 0.00 Outfront Media Inc (REIT) 12,972 2,900 - 15,872 208,062 0.04 Paramount Group Inc (REIT) 18,469 - - 18,469 119,793 0.02 Park Hotels & Resorts Inc (REIT) 18,570 7,066 - 25,636 192,865 0.04 Pebblebrook Hotel Trust (REIT) 12,684 - - 12,684 122,309 0.02 Pennsylvania (REIT) 7,653 - 7,653 - - 0.00 PennyMac Mortgage Investment Trust (REIT) 4,990 3,400 - 8,390 143,870 0.03 Physicians (REIT) 18,074 - - 18,074 296,612 0.05 Piedmont Office Inc (REIT) 'A' 9,920 2,824 - 12,744 187,926 0.03 PotlatchDeltic Corp (REIT) 7,096 - - 7,096 276,348 0.05 Precinct Properties New Zealand Ltd 106,023 51,591 - 157,614^ 163,806 0.03 Preferred Apartment Communities Inc (REIT) 'A' 6,587 - - 6,587 43,324 0.01 Premier Investment Corp (REIT) 140 - - 140^ 142,981 0.03 Primary Health Properties Plc (REIT) 100,537 30,916 - 131,453^ 241,393 0.04 Prime US (REIT) - 71,700 - 71,700^ 50,550 0.01 PS Business Parks Inc (REIT) 1,963 - - 1,963 246,343 0.05 QTS Inc (REIT) 'A' 4,763 1,516 - 6,279 410,979 0.08 RDI Plc (REIT) 20,558 - - 20,558^ 21,969 0.00 Redwood Trust Inc (REIT) 9,243 4,561 - 13,804 89,535 0.02 Regional Ltd (REIT) - 42,714 - 42,714 33,813 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [141] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Reit 1 Ltd (REIT) 26,941 - - 26,941 95,951 0.02 Retail Estates NV (REIT) - 978 - 978 56,916 0.01 Retail Opportunity Investments Corp (REIT) 10,077 - - 10,077 99,646 0.02 Retail Properties of America Inc (REIT) 'A' 22,507 - - 22,507 130,219 0.02 Retail Value Inc (REIT) 1,500 58 1,558 - - 0.00 Rexford Industrial Realty Inc (REIT) 10,671 1,137 - 11,808 504,110 0.09 RLJ Lodging Trust (REIT) 16,080 - - 16,080 117,170 0.02 RPT Realty (REIT) 8,564 - - 8,564 48,458 0.01 Ryman Hospitality Properties Inc (REIT) 4,974 - - 4,974 144,886 0.03 Sabana Shari'ah Compliant Industrial (REIT) 136,558 - - 136,558 34,424 0.01 Sabra Health Care Inc (REIT) 15,905 5,008 - 20,913 280,422 0.05 Saul Centers Inc (REIT) 1,397 - - 1,397 39,028 0.01 Schroder Ltd (REIT) 50,638 - - 50,638^ 20,950 0.00 Sekisui House Inc (REIT) 359 107 - 466^ 277,054 0.05 Seritage Growth Properties (REIT) 3,581 - - 3,581 30,329 0.01 Service Properties Trust (REIT) - 19,525 - 19,525 119,005 0.02 Shaftesbury Plc (REIT) 13,797 3,112 - 16,909^ 103,671 0.02 Shopping Centres Australasia Property Group (REIT) 107,479 24,449 - 131,928^ 185,908 0.03 SITE Centers Corp (REIT) 14,623 - - 14,623 97,508 0.02 SL Green Realty Corp (REIT) - 8,285 - 8,285 350,464 0.06 Soilbuild Business Space (REIT) 71,170 147,410 - 218,580^ 58,726 0.01 Soilbuild Business Space (REIT) Rights - 12,810 12,810 - - 0.00 SPH (REIT) 69,950 - - 69,950^ 38,283 0.01 Spirit MTA (REIT) 4,550 - 4,550 - - 0.00 Spirit Realty Capital Inc (REIT) 9,100 1,580 - 10,680 334,799 0.06 STAG Industrial Inc (REIT) 12,140 2,044 - 14,184 420,644 0.08 Standard Life Investment Property Income Trust Ltd (REIT) - 44,531 - 44,531 30,253 0.01 Starts Proceed Investment Corp (REIT) - 24 - 24 41,877 0.01 Starwood Property Trust Inc (REIT) 24,405 4,805 - 29,210 397,256 0.07 STORE Capital Corp (REIT) 20,543 4,220 - 24,763 533,662 0.10 Summit Hotel Properties Inc (REIT) 9,879 - - 9,879 46,552 0.01 Summit Industrial Income (REIT) - 7,339 - 7,339 60,059 0.01 Sunstone Hotel Investors Inc (REIT) 23,696 - - 23,696 161,241 0.03 Takara Leben Real Estate Investment Corp (REIT) - 68 - 68 47,625 0.01 Tanger Factory Outlet Centers Inc (REIT) 9,248 - - 9,248^ 54,095 0.01 Taubman Centers Inc (REIT) 6,517 - - 6,517 229,552 0.04 Terreno Realty Corp (REIT) 6,131 1,098 - 7,229 399,571 0.07 Tokyu Inc (REIT) 104 - - 104^ 118,295 0.02 TPG RE Finance Trust Inc (REIT) - 5,710 - 5,710 45,087 0.01 Two Harbors Investment Corp (REIT) 23,314 4,887 - 28,201 139,304 0.03 UK Commercial Property Ltd (REIT) 43,127 51,514 - 94,641 77,631 0.01 UNITE Group Plc (REIT) 29,971 - - 29,971 336,019 0.06 Uniti Group Inc (REIT) 17,459 - - 17,459 157,236 0.03 Universal Health Realty Income Trust (REIT) 1,529 - - 1,529 96,781 0.02 Urban & Civic Plc - 15,869 - 15,869 44,526 0.01 Urban Edge Properties (REIT) 11,059 4,139 - 15,198 144,892 0.03 Urstadt Biddle Properties Inc (REIT) 'A' 2,926 - - 2,926 26,112 0.00 Vastned Retail NV (REIT) 2,052 - - 2,052^ 47,238 0.01 VICI Properties Inc (REIT) 39,701 - 39,701 - - 0.00 Viva Energy (REIT) 46,619 28,028 74,647 - - 0.00 Warehouses De Pauw CVA (REIT) 2,107 - 2,107 - - 0.00 Warehouses De Pauw CVA (REIT) - 14,749 - 14,749^ 430,756 0.08 Washington (REIT) 7,244 3,314 2,161 8,397 170,802 0.03

[142] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Washington Prime Group Inc (REIT) 20,154 - 20,154 - - 0.00 Waypoint (REIT) - 74,647 - 74,647^ 123,209 0.02 Weingarten Realty Investors (REIT) 10,561 1,955 - 12,516 194,242 0.04 Wereldhave NV (REIT) 3,078 - - 3,078^ 24,220 0.00 Western Asset Mortgage Capital Corp (REIT) 4,222 - 4,222 - - 0.00 Winthrop 3,666 - 3,666 - - 0.00 Workspace Group Plc (REIT) 13,008 - - 13,008 95,517 0.02 WPT Industrial (REIT) - 4,509 - 4,509 55,375 0.01 Xenia Hotels & Resorts Inc (REIT) 11,644 - - 11,644 84,317 0.02 43,552,983 8.03 Internet 1-800-Flowers.com Inc 'A' 2,065 - - 2,065 53,069 0.01 8x8 Inc 10,544 - - 10,544 152,511 0.03 Adevinta ASA 14,741 10,932 - 25,673^ 377,633 0.07 Anaplan Inc - 10,547 - 10,547 435,691 0.08 ANGI Homeservices Inc 'A' 7,258 - - 7,258 104,255 0.02 ARTERIA Networks Corp - 3,100 - 3,100 51,238 0.01 ASKUL Corp 2,200 - - 2,200^ 59,910 0.01 ASOS Plc 5,881 1,836 - 7,717^ 309,404 0.06 Atea ASA 8,338 - - 8,338 87,557 0.02 BasWare Oyj - 1,314 - 1,314 49,472 0.01 Bengo4.com Inc - 1,600 900 700 55,952 0.01 Boingo Wireless Inc 3,566 - - 3,566 46,876 0.01 Cardlytics Inc - 2,303 - 2,303 139,153 0.03 Cargurus Inc 7,706 - - 7,706 202,523 0.04 Cars.com Inc 6,304 - - 6,304 46,566 0.01 carsales.com Ltd 23,598 - - 23,598^ 283,271 0.05 Catena Media Plc 7,999 - 7,999 - - 0.00 Cerved Group SpA 20,121 - - 20,121 151,512 0.03 ChannelAdvisor Corp 2,197 - - 2,197 40,712 0.01 Cogent Communications Holdings Inc 4,889 - 569 4,320 354,124 0.06 comScore Inc 4,270 - 4,270 - - 0.00 COOKPAD Inc 5,612 - - 5,612^ 16,755 0.00 Cybozu Inc - 2,300 - 2,300 61,445 0.01 Demae-Can Co Ltd 2,500 - - 2,500^ 34,136 0.01 Digital Arts Inc 800 1,100 700 1,200^ 90,032 0.02 Dip Corp 2,500 1,800 - 4,300^ 73,587 0.01 Domain Holdings Australia Ltd 26,967 - - 26,967 58,057 0.01 Endurance International Group Holdings Inc 6,670 - - 6,670 34,404 0.01 en-japan Inc 3,100 - - 3,100^ 67,508 0.01 ePlus Inc 1,356 - - 1,356 91,949 0.02 Etsy Inc 11,871 1,221 591 12,501 1,346,236 0.25 Eventbrite Inc 'A' - 5,906 - 5,906 45,775 0.01 EverQuote Inc 'A' - 1,707 - 1,707 84,553 0.02 FAN Communications Inc 4,200 - - 4,200^ 15,358 0.00 FireEye Inc 20,814 4,157 - 24,971 343,013 0.06 Flatex AG - 2,056 - 2,056^ 83,823 0.02 GMO internet Inc 7,539 - - 7,539^ 197,840 0.04 GoCo Group Plc 33,042 - - 33,042 40,241 0.01 Groupon Inc 51,991 - 51,991 - - 0.00 Groupon Inc - 2,599 - 2,599 36,292 0.01 Grubhub Inc - 9,771 - 9,771 642,118 0.12 Gurunavi Inc 2,900 - - 2,900^ 11,253 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [143] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) HealthStream Inc 3,264 - - 3,264 65,190 0.01 Infomart Corp 12,500 12,500 - 25,000^ 140,890 0.03 Internet Initiative Japan Inc 3,500 - - 3,500^ 112,777 0.02 iomart Group Plc - 12,133 - 12,133 50,268 0.01 IRESS Ltd 14,348 8,018 - 22,366^ 149,854 0.03 Istyle Inc 4,800 - 4,800 - - 0.00 Jumbo Interactive Ltd 4,997 - - 4,997 35,469 0.01 Just Eat Plc 63,983 - 63,983 - - 0.00 Kitanotatsujin Corp - 7,000 - 7,000 27,886 0.00 Lands' End Inc 1,932 - - 1,932 15,150 0.00 LIFULL Co Ltd 5,900 - - 5,900^ 20,508 0.00 Limelight Networks Inc - 15,214 - 15,214 86,778 0.02 Magnite Inc - 9,006 - 9,006 49,198 0.01 Masmovil Ibercom SA 6,740 2,902 - 9,642 235,239 0.04 Mimecast Ltd 5,296 - - 5,296 226,098 0.04 Moneysupermarket.com Group Plc 45,915 16,146 - 62,061 217,853 0.04 New Work SE 293 - 293 - - 0.00 New Work SE - 293 - 293^ 87,307 0.02 NIC Inc 6,342 - - 6,342 126,463 0.02 Perficient Inc 4,110 - - 4,110 146,601 0.03 Proofpoint Inc 5,855 - - 5,855 616,092 0.11 Proto Corp 2,500 - - 2,500^ 22,370 0.00 Purplebricks Group Plc 23,357 - 23,357 - - 0.00 Q2 Holdings Inc 3,811 771 - 4,582^ 392,024 0.07 QuinStreet Inc 3,467 3,336 - 6,803 72,253 0.01 RealReal Inc - 3,736 - 3,736 46,357 0.01 Reply SpA 1,912 351 - 2,263^ 188,663 0.03 Rightmove Plc 89,220 7,269 - 96,489 637,320 0.12 Rocket Internet SE 6,185 3,515 - 9,700 190,116 0.03 Roku Inc 8,260 - 8,260 - - 0.00 RPA Holdings Inc 1,600 - - 1,600 9,554 0.00 Rubicon Project Inc - 9,006 9,006 - - 0.00 SafeCharge International Group Ltd 5,920 - 5,920 - - 0.00 Scout24 AG 10,000 1,755 11,755 - - 0.00 Shutterfly Inc 2,819 - 2,819 - - 0.00 Shutterstock Inc 2,000 - - 2,000 98,866 0.02 SMS Co Ltd 7,200 - - 7,200^ 161,872 0.03 Solocal Group 83,129 - 83,129 - - 0.00 Stamps.com Inc 1,621 - - 1,621 383,815 0.07 Stitch Fix Inc 'A' 4,510 - - 4,510 90,876 0.02 SUNeVision Holdings Ltd 74,500 - - 74,500^ 50,631 0.01 TechTarget Inc 2,332 - - 2,332 76,986 0.01 Trainline Plc - 58,182 9,612 48,570 237,186 0.04 Transenterix Inc 1,547 - 1,547 - - 0.00 TripAdvisor Inc - 11,140 - 11,140 205,012 0.04 TrueCar Inc 9,339 - - 9,339 31,944 0.01 Tucows Inc 'A' 1,422 - - 1,422 78,275 0.01 Upwork Inc 5,358 - - 5,358 73,210 0.01 ValueCommerce Co Ltd - 1,700 - 1,700 45,709 0.01 Webjet Ltd 17,079 17,079 - 34,158^ 63,065 0.01 Webjet Ltd Rights - 16,225 16,225 - - 0.00 Yelp Inc 8,219 - - 8,219 186,771 0.03

[144] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Zendesk Inc 11,042 829 - 11,871 984,333 0.18 zooplus AG 516 - - 516 81,040 0.01 13,193,673 2.43 Investment companies Aker ASA 'A' 2,699 - - 2,699^ 103,470 0.02 Corp Financiera Alba SA 3,282 - - 3,282 122,332 0.02 DeA Capital SpA 41,958 - - 41,958 51,544 0.01 FFP 663 - - 663 47,000 0.01 Investment AB Oresund 2,896 - - 2,896^ 34,950 0.01 Italmobiliare SpA 986 - - 986 31,077 0.00 KBC Ancora 3,449 1,921 - 5,370 164,403 0.03 Langham Hospitality Investments and Langham Hospitality Investments Ltd 219,000 - - 219,000^ 24,421 0.00 OP Financial Ltd 192,000 - 192,000 - - 0.00 Sofina SA 1,329 293 1,622 - - 0.00 Uranium Participation Corp 11,217 - - 11,217 37,404 0.01 616,601 0.11 Coal Arch Resources Inc 1,592 1,592 1,592 1,592 44,925 0.01 CONSOL Energy Inc 2,550 - 2,550 - - 0.00 Coronado Global Resources Inc 25,346 - - 25,346 14,469 0.00 New Hope Corp Ltd 51,658 - - 51,658^ 44,149 0.01 Peabody Energy Corp 7,659 - - 7,659 21,738 0.01 SunCoke Energy Inc 7,310 - - 7,310 21,213 0.00 Warrior Met Coal Inc 3,682 - - 3,682 53,324 0.01 Whitehaven Coal Ltd 76,088 - - 76,088^ 68,750 0.01 268,568 0.05 Cosmetics & personal care Avon Products Inc 47,317 - 47,317 - - 0.00 Coty Inc 'A' - 32,345 - 32,345 109,164 0.02 Earth Corp 1,949 - - 1,949^ 121,073 0.02 Edgewell Personal Care Co 4,427 2,023 - 6,450 175,382 0.03 Fancl Corp 7,040 2,000 - 9,040^ 235,674 0.05 Inter Parfums Inc 2,061 - - 2,061 76,664 0.02 Interparfums SA 1,401 - - 1,401^ 59,756 0.01 Mandom Corp 4,238 - - 4,238^ 55,680 0.01 Milbon Co Ltd 1,900 1,000 - 2,900^ 119,768 0.02 Noevir Holdings Co Ltd 1,450 - - 1,450^ 54,457 0.01 PZ Cussons Plc 25,000 - - 25,000^ 56,833 0.01 1,064,451 0.20 Storage & warehousing ID Logistics Group 215 - - 215^ 42,787 0.01 Mitsui-Soko Holdings Co Ltd 1,819 - - 1,819^ 22,459 0.00 Mobile Mini Inc 4,887 - 4,887 - - 0.00 Safestore Holdings Plc (REIT) 21,802 - - 21,802 199,008 0.04 Sumitomo Warehouse Co Ltd 6,670 - - 6,670^ 68,120 0.01 Westshore Terminals Investment Corp 3,731 - - 3,731 43,557 0.01 375,931 0.07 Agriculture Andersons Inc 3,152 - - 3,152 40,774 0.01 Australian Agricultural Co Ltd 38,889 - - 38,889^ 25,878 0.00 BayWa AG 1,410 - - 1,410^ 40,573 0.01 Bumitama Agri Ltd 60,650 - - 60,650 20,117 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [145] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Costa Group Hldgs Ltd - 7,344 7,344 - - 0.00 Costa Group Holdings Ltd 29,378 7,344 - 36,722^ 71,632 0.01 Darling Ingredients Inc 15,931 2,056 - 17,987 457,012 0.08 Elders Ltd 13,328 - - 13,328 89,038 0.02 First Resources Ltd 59,200 - - 59,200^ 53,803 0.01 Fresh Del Monte Produce Inc 3,663 - - 3,663 75,242 0.01 Genus Plc 6,920 - - 6,920^ 280,920 0.05 Golden Agri-Resources Ltd - 811,500 - 811,500 84,519 0.02 Hokuto Corp 2,061 - - 2,061^ 37,044 0.01 Inghams Group Ltd 39,874 - - 39,874^ 86,365 0.02 Japfa Ltd 33,000 - - 33,000 14,448 0.00 Japfa Ltd Rights - 3,300 3,300 - - 0.00 Mehadrin Ltd - 79 78 - 19 0.00 Origin Enterprises Plc 8,482 - - 8,482 28,924 0.00 Phibro Animal Health Corp 'A' 1,726 - - 1,726^ 36,419 0.01 Sakata Seed Corp 3,172 - - 3,172^ 88,016 0.02 Scandinavian Tobacco Group A/S 3,792 6,487 - 10,279 137,917 0.02 Schouw & Co A/S 1,327 - - 1,327^ 99,278 0.02 Select Harvests Ltd 5,012 - - 5,012^ 19,521 0.00 Tejon Ranch Co 1,731 - - 1,731 22,597 0.00 Turning Point Brands Inc 1,150 - - 1,150 34,398 0.01 Universal Corp 2,318 - - 2,318 88,902 0.02 Vector Group Ltd 11,502 575 - 12,077 96,900 0.02 Village Farms International Inc 4,130 - 4,130 - - 0.00 2,030,256 0.37 Machinery - diversified Ag Growth International Inc 1,870 - - 1,870 38,125 0.01 AGCO Corp 6,401 - - 6,401 382,163 0.07 Aida Engineering Ltd 6,404 - - 6,404^ 36,256 0.01 Alamo Group Inc 989 - - 989 92,767 0.02 Albany International Corp 'A' 3,279 - - 3,279 143,418 0.03 Altra Industrial Motion Corp 6,180 - - 6,180 192,439 0.03 Applied Industrial Technologies Inc 2,989 1,477 - 4,466 256,439 0.05 ATS Automation Tooling Systems Inc 9,040 - - 9,040 106,457 0.02 Beijer Ref AB - 8,458 - 8,458^ 301,295 0.05 Biesse SpA 1,158 - - 1,158^ 14,986 0.00 Briggs & Stratton Corp 5,226 - 5,226 - - 0.00 Cactus Inc 'A' 4,113 1,590 - 5,703 117,353 0.02 Chart Industries Inc 2,433 1,775 - 4,208^ 262,334 0.05 CIRCOR International Inc 1,650 - 1,650 - - 0.00 CKD Corp 6,323 - - 6,323^ 109,187 0.02 Columbus McKinnon Corp 1,898 - - 1,898 57,203 0.01 Crane Co 3,849 1,009 - 4,858 250,001 0.05 CSW Industrials Inc 367 2,267 1,060 1,574 95,634 0.02 Curtiss-Wright Corp 4,420 - - 4,420 358,340 0.07 Daihen Corp 2,088 - - 2,088^ 69,615 0.01 Daiwa Industries Ltd 2,161 - - 2,161^ 15,339 0.00 Deutz AG 9,391 - - 9,391^ 42,974 0.01 Duerr AG 5,712 - - 5,712 142,676 0.03 DXP Enterprises Inc 1,293 - - 1,293 19,855 0.00 Eagle Industry Co Ltd 2,849 - - 2,849^ 15,247 0.00 Ebara Corp 8,700 3,100 2,200 9,600^ 205,339 0.04 Electrolux Professional AB 'B' - 19,382 - 19,382 69,064 0.01

[146] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Flowserve Corp - 13,832 - 13,832 350,687 0.06 FLSmidth & Co A/S 3,509 2,354 2,095 3,768 102,065 0.02 Gardner Denver Holdings Inc 12,269 1,911 14,180 - - 0.00 Gates Industrial Corp Plc 6,525 - - 6,525 62,563 0.01 Giken Ltd 2,650 - - 2,650^ 87,326 0.02 Gorman-Rupp Co - 1,715 - 1,715 47,210 0.01 Graco Inc 16,084 2,227 - 18,311 886,846 0.16 GrafTech International Ltd 6,275 - - 6,275 34,650 0.01 Harmonic Drive Systems Inc 3,000 1,500 - 4,500^ 226,887 0.04 Haulotte Group SA 1,303 - 1,303 - - 0.00 Heidelberger Druckmaschinen AG 26,750 - 26,750 - - 0.00 Hirata Corp 1,100 - - 1,100^ 54,515 0.01 Hisaka Works Ltd 1,551 - - 1,551^ 9,555 0.00 Ichor Holdings Ltd 2,134 - - 2,134 63,714 0.01 Ingersoll Rand Inc - 14,180 14,180 - - 0.00 Interpump Group SpA 7,844 - - 7,844^ 233,562 0.04 Iseki & Co Ltd 1,509 - - 1,509^ 14,256 0.00 Japan Elevator Service Holdings Co Ltd - 2,900 - 2,900 87,455 0.02 Jungheinrich AG (Pref) 5,061 - - 5,061 139,916 0.03 Kadant Inc 1,348 - - 1,348 133,063 0.02 Koenig & Bauer AG 1,463 - - 1,463^ 28,722 0.00 Komori Corp 6,150 - - 6,150^ 36,829 0.01 Kongsberg Gruppen ASA 11,008 - - 11,008^ 151,773 0.03 Krones AG 1,537 - - 1,537 85,149 0.02 Lindsay Corp 776 552 - 1,328 117,148 0.02 Makino Milling Machine Co Ltd 2,191 - - 2,191^ 56,177 0.01 Max Co Ltd 2,892 - - 2,892^ 39,290 0.01 Middleby Corp - 5,973 - 5,973 451,318 0.08 Mitsubishi Logisnext Co Ltd 3,000 - - 3,000^ 23,412 0.00 Miura Co Ltd 8,695 1,400 10,095 - - 0.00 Mueller Water Products Inc 'A' 18,689 - - 18,689 172,054 0.03 Neles Oyj - 11,395 - 11,395 150,036 0.03 Nikkiso Co Ltd 5,486 - - 5,486^ 41,207 0.01 Nippon Sharyo Ltd 478 - - 478^ 9,685 0.00 Nippon Thompson Co Ltd 5,541 - - 5,541^ 14,445 0.00 Nitto Kohki Co Ltd 1,192 - - 1,192^ 20,799 0.00 Nittoku Co Ltd 3,100 - 1,600 1,500^ 37,169 0.01 NN Inc 2,441 9,333 11,774 - - 0.00 Nordson Corp 4,724 961 5,685 - - 0.00 Obara Group Inc 1,326 - - 1,326^ 38,505 0.01 OKUMA Corp 1,500 1,300 - 2,800^ 97,931 0.02 Optorun Co Ltd 2,300 - - 2,300 46,247 0.01 Organo Corp 441 - - 441^ 20,110 0.00 Pfeiffer Vacuum Technology AG 495 - - 495 89,989 0.02 Ponsse Oyj 3,103 - 3,103 - - 0.00 Scapa Group Plc 19,956 - 19,956 - - 0.00 Shibaura Machine Co Ltd 2,050 - - 2,050^ 34,765 0.01 Shibuya Corp 1,400 - - 1,400^ 32,836 0.01 Shima Seiki Manufacturing Ltd 2,850 - - 2,850^ 30,480 0.01 Sintokogio Ltd 5,121 - - 5,121^ 30,622 0.01 SPX FLOW Inc 3,991 - - 3,991 145,515 0.03 Stabilus SA 2,781 - - 2,781 127,082 0.02 Talgo SA 8,435 - - 8,435 35,569 0.01 Teikoku Sen-I Co Ltd 2,200 - - 2,200^ 44,426 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [147] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Tennant Co 1,948 - - 1,948 118,057 0.02 Tsubakimoto Chain Co 3,034 - - 3,034^ 64,165 0.01 Tsugami Corp 5,913 - - 5,913^ 49,197 0.01 Tsurumi Manufacturing Co Ltd 1,350 - - 1,350^ 20,966 0.00 Valmet Oyj 12,725 2,273 - 14,998 382,529 0.07 Washtec AG 2,013 828 1,404 1,437^ 53,872 0.01 Welbilt Inc 14,151 - - 14,151^ 78,269 0.01 Yamashin-Filter Corp - 6,400 - 6,400 50,165 0.01 Yushin Precision Equipment Co Ltd 2,250 - - 2,250^ 12,409 0.00 Zardoya Otis SA 11,993 8,345 - 20,338 122,954 0.02 9,090,649 1.68 Media AMC Networks Inc 'A' 4,287 - - 4,287 90,087 0.02 Atresmedia Corp de Medios de Comunicacion SA 7,685 - - 7,685 19,097 0.00 Cable One Inc 457 63 520 - - 0.00 Cairo Communication SpA 7,890 - - 7,890^ 11,594 0.00 Cogeco Communications Inc 1,687 - - 1,687 116,976 0.02 Cogeco Inc - 815 - 815 45,115 0.01 Corus Entertainment Inc 20,465 - - 20,465 33,356 0.01 Daily Mail & General Trust Plc 16,262 - - 16,262 122,518 0.02 DISH Network Corp 'A' - 1,145 1,145 - - 0.00 Entercom Communications Corp 'A' 13,582 - 13,582 - - 0.00 Entravision Communications Corp 'A' 5,507 - 5,507 - - 0.00 Euromoney Institutional Investor Plc 11,141 - - 11,141 105,619 0.02 Euskaltel SA 10,080 - - 10,080^ 86,312 0.02 EW Scripps Co 'A' 5,782 - - 5,782 59,857 0.01 Future Plc 6,414 3,425 - 9,839 162,117 0.03 Gannett Co Inc 14,857 - 14,857 - - 0.00 Gannett Co Inc 5,068 13,130 18,198 - - 0.00 Gray Television Inc 9,730 - - 9,730 126,929 0.02 Houghton Mifflin Harcourt Co 13,918 - 13,918 - - 0.00 HT&E Ltd 25,570 - - 25,570^ 20,018 0.00 Iheartmedia Inc - 8,675 - 8,675 65,974 0.01 John Wiley & Sons Inc 'A' 5,166 - - 5,166 158,984 0.03 Kadokawa Corp 5,775 - - 5,775^ 107,078 0.02 Lagardere SCA 8,803 - 3,363 5,440^ 75,197 0.01 Liberty Latin America Ltd 'A' 7,476 - - 7,476^ 69,913 0.01 Liberty Latin America Ltd 'C' 10,284 4,021 - 14,305 133,126 0.03 Liberty Media Corp-Liberty Braves 'C' 3,760 - - 3,760 63,792 0.01 Madison Square Garden Entertainment Corp - 1,674 - 1,674 107,908 0.02 Mediaset Espana Comunicacion SA 15,502 - - 15,502 46,359 0.01 Mediaset SpA 33,595 - - 33,595 54,389 0.01 Mediaset SpA Rights - 33,595 33,595 - - 0.00 Meredith Corp 3,956 - - 3,956 51,678 0.01 Metropole Television SA 2,640 - - 2,640 29,081 0.01 Modern Times Group MTG AB 'B' 6,364 - - 6,364^ 78,988 0.02 MSG Networks Inc 'A' 6,870 - - 6,870 59,559 0.01 New York Times Co 'A' 14,693 1,681 1,445 14,929 626,623 0.12 Nexstar Media Group Inc 'A' 4,559 480 - 5,039 401,786 0.07 Nine Entertainment Co Holdings Ltd 195,877 - - 195,877^ 173,153 0.03 Nordic Entertainment Group AB 'B' 6,364 - - 6,364 242,195 0.05 NOS SGPS SA 19,566 - - 19,566^ 78,886 0.01 ProSiebenSat.1 Media SE 23,299 - - 23,299 218,702 0.04

[148] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Sanoma Oyj 9,009 - - 9,009 92,551 0.02 Scholastic Corp 2,515 - - 2,515 54,749 0.01 Seven West Media Ltd 129,881 - 129,881 - - 0.00 Sinclair Broadcast Group Inc 'A' 7,034 - - 7,034 131,816 0.02 Singapore Press Holdings Ltd - 170,500 - 170,500 121,025 0.02 SKY Network Television Ltd 41,747 118,143 159,890 - - 0.00 SKY Network Television Ltd Rights - 112,234 112,234 - - 0.00 SKY Perfect JSAT Holdings Inc 17,700 - - 17,700^ 59,089 0.01 Southern Cross Media Group Ltd 58,206 101,861 - 160,067 17,230 0.00 Southern Cross Media Group Ltd - 101,861 101,861 - - 0.00 Storytel AB - 3,312 - 3,312^ 79,252 0.02 TEGNA Inc 20,955 - - 20,955^ 224,559 0.04 Television Broadcasts Ltd 49,800 - - 49,800 52,784 0.01 Television Francaise 1 4,576 - - 4,576 23,963 0.00 Tokyo Broadcasting System Holdings Inc 4,250 - - 4,250 58,215 0.01 Tribune Media Co 'A' 8,913 - 8,913 - - 0.00 Tribune Publishing Co 2,097 - - 2,097 18,600 0.00 TV Asahi Holdings Corp 2,000 - - 2,000 24,848 0.01 UUUM Inc - 1,900 - 1,900 31,338 0.01 World Wrestling Entertainment Inc 'A' 4,812 - - 4,812 204,034 0.04 Wowow Inc 650 - - 650 13,735 0.00 5,050,754 0.93 Metal fabricate & hardware Advanced Drainage Systems Inc 3,604 2,809 1,080 5,333 237,720 0.04 Aurubis AG 3,046 932 - 3,978 241,861 0.04 AZZ Inc 2,908 - - 2,908 83,542 0.02 Bodycote Plc 20,270 - - 20,270^ 136,257 0.03 Daiichi Jitsugyo Co Ltd 799 - - 799^ 24,130 0.00 Granges AB 11,262 - - 11,262^ 82,544 0.02 Hanwa Co Ltd 3,939 - - 3,939^ 63,207 0.01 Helios Technologies Inc 2,334 - - 2,334 80,322 0.02 Hexagon Composites ASA - 13,672 - 13,672^ 64,853 0.01 Kitz Corp 10,083 - - 10,083^ 57,605 0.01 Lindab International AB 7,766 - - 7,766^ 109,882 0.02 Martinrea International Inc 9,547 - - 9,547 64,578 0.01 Mitsui High-Tec Inc 2,600 - - 2,600^ 32,101 0.01 Mueller Industries Inc 6,027 - - 6,027 153,298 0.03 Nachi-Fujikoshi Corp 1,883 - - 1,883^ 47,227 0.01 Neturen Co Ltd 2,806 - - 2,806^ 11,347 0.00 Norma Group SE 3,423 - - 3,423^ 86,237 0.02 NTN Corp 42,300 - - 42,300^ 66,239 0.01 Oiles Corp 2,884 - - 2,884^ 33,449 0.01 Omega Flex Inc - 520 - 520 57,593 0.01 Park-Ohio Holdings Corp 842 - 842 - - 0.00 RBC Bearings Inc 2,675 - - 2,675 297,903 0.06 Reliance Worldwide Corp Ltd 80,755 - - 80,755^ 141,193 0.03 Rexnord Corp 11,181 1,878 - 13,059 344,157 0.06 Ryerson Holding Corp - 4,318 4,318 - - 0.00 Ryobi Ltd 2,783 - - 2,783^ 24,065 0.00 Sims Ltd 18,901 - - 18,901 98,030 0.02 Taiho Kogyo Co Ltd 1,700 - 1,700 - - 0.00 Timken Co 6,527 - - 6,527 271,111 0.05 TimkenSteel Corp 3,816 - 3,816 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [149] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Tocalo Co Ltd 5,476 - - 5,476^ 55,455 0.01 Toho Zinc Co Ltd 1,254 - 1,254 - - 0.00 Tredegar Corp 2,528 - - 2,528 36,520 0.01 Troax Group AB - 4,239 - 4,239^ 73,032 0.01 Tsubaki Nakashima Co Ltd 4,100 - - 4,100^ 24,623 0.00 Tubacex SA 12,574 - 12,574 - - 0.00 UACJ Corp 2,900 - - 2,900^ 43,790 0.01 Vallourec SA 32,894 - 32,894 - - 0.00 Vallourec SA - 822 - 822^ 24,701 0.00 Valmont Industries Inc 2,053 - - 2,053 226,355 0.04 Worthington Industries Inc 3,718 - - 3,718 126,564 0.02 3,521,491 0.65 Food AAK AB 19,164 - - 19,164^ 308,637 0.06 Arcs Co Ltd 3,666 - - 3,666^ 77,215 0.01 Ariake Japan Co Ltd 2,200 - - 2,200^ 124,551 0.02 Ausnutria Dairy Corp Ltd 57,000 - - 57,000^ 86,843 0.02 Austevoll Seafood ASA 8,282 - - 8,282^ 63,567 0.01 Axfood AB 8,688 3,192 - 11,880 244,227 0.05 Axial Retailing Inc - 1,800 - 1,800 68,608 0.01 B&G Foods Inc 6,321 - - 6,321 166,239 0.03 Bakkafrost 3,993 935 - 4,928^ 272,323 0.05 Bakkafrost Rights - 113 113 - - 0.00 Bega Cheese Ltd 14,002 27,760 - 41,762^ 121,241 0.02 Belc Co Ltd 1,050 - - 1,050^ 68,570 0.01 Bellamy's Australia Ltd 9,017 - 9,017 - - 0.00 Beyond Meat Inc - 2,016 - 2,016 230,895 0.04 Bonduelle SCA 1,137 - - 1,137 24,951 0.00 Calavo Growers Inc 1,559 - - 1,559 81,931 0.02 Cal-Maine Foods Inc 3,470 - - 3,470 138,719 0.03 Chefs' Warehouse Inc 2,207 - - 2,207 23,149 0.00 Cloetta AB 'B' 23,244 - - 23,244 58,280 0.01 Corbion NV 6,299 - - 6,299^ 220,896 0.04 Cranswick Plc 6,232 - - 6,232^ 266,384 0.05 Create SD Holdings Co Ltd 2,898 - - 2,898^ 94,626 0.02 Daikokutenbussan Co Ltd 570 - - 570^ 29,229 0.01 Distribuidora Internacional de Alimentacion SA 67,211 672,110 349,291 390,030^ 46,907 0.01 Distribuidora Internacional de Alimentacion SA Rights - 672,110 672,110 - - 0.00 Distribuidora Intl De Alimenta - 672,110 672,110 - - 0.00 Ebro Foods SA 4,869 4,700 - 9,569 195,578 0.04 euglena Co Ltd 6,650 - - 6,650^ 39,651 0.01 Ezaki Glico Co Ltd 4,700 - - 4,700^ 197,341 0.04 First Pacific Co Ltd 268,000 - - 268,000^ 50,961 0.01 Flowers Foods Inc 20,555 - - 20,555 425,400 0.08 Freedom Foods Group Ltd - 17,886 - 17,886 31,610 0.01 Fuji Oil Holdings Inc 6,731 - - 6,731^ 162,621 0.03 Fujicco Co Ltd 1,530 - - 1,530^ 26,631 0.01 Fujiya Co Ltd 1,452 - - 1,452^ 25,686 0.00 Glanbia Plc 21,713 - - 21,713 239,878 0.04 GrainCorp Ltd 'A' 21,582 - - 21,582^ 52,518 0.01 Greencore Group Plc 41,288 - - 41,288 63,051 0.01 Greggs Plc 11,031 - - 11,031 157,391 0.03 Grieg Seafood ASA 5,733 - - 5,733^ 52,849 0.01

[150] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Grocery Outlet Holding Corp - 7,226 - 7,226 289,168 0.05 Hain Celestial Group Inc 8,530 2,508 3,811 7,227 223,398 0.04 Health & Happiness H&H International Holdings Ltd 21,000 - - 21,000^ 76,413 0.01 Heiwado Co Ltd 3,267 - - 3,267^ 55,965 0.01 HelloFresh SE 15,643 - - 15,643 777,767 0.14 Hostess Brands Inc 8,981 4,466 - 13,447 155,111 0.03 House Foods Group Inc 6,150 - - 6,150^ 170,120 0.03 Ingles Markets Inc 'A' 1,424 - - 1,424 52,140 0.01 Itoham Yonekyu Holdings Inc 22,900 - - 22,900^ 125,115 0.02 J&J Snack Foods Corp 1,218 460 - 1,678 187,955 0.03 John B Sanfilippo & Son Inc 782 - - 782 62,723 0.01 J-Oil Mills Inc 798 - - 798^ 27,258 0.01 Just Eat Takeaway.com NV 3,588 8,291 11,879 - - 0.00 Kagome Co Ltd 8,233 - - 8,233^ 227,031 0.04 Kameda Seika Co Ltd 1,150 - - 1,150^ 52,144 0.01 Kato Sangyo Co Ltd 2,921 - - 2,921^ 82,936 0.02 Kesko Oyj 'B' 7,156 21,468 - 28,624 557,325 0.10 Kewpie Corp 11,050 - - 11,050^ 178,454 0.03 Kobe Bussan Co Ltd 2,200 5,300 7,500 - - 0.00 Kotobuki Spirits Co Ltd 2,100 - - 2,100^ 56,825 0.01 La Doria SpA 1,171 - - 1,171^ 13,630 0.00 Lancaster Colony Corp 1,811 333 - 2,144 309,313 0.06 Landec Corp 2,385 - - 2,385 20,481 0.00 Leroy Seafood Group ASA 28,540 - - 28,540^ 150,878 0.03 Life Corp - 1,800 - 1,800 75,655 0.01 Maple Leaf Foods Inc 7,203 2,672 - 9,875 197,572 0.04 Marudai Food Co Ltd 1,693 - - 1,693^ 26,016 0.01 Maruha Nichiro Corp 4,278 - - 4,278^ 74,389 0.01 Megmilk Snow Brand Co Ltd 4,983 - - 4,983^ 102,039 0.02 Metcash Ltd 97,477 - - 97,477^ 172,337 0.03 Mitsubishi Shokuhin Co Ltd 1,250 - - 1,250^ 28,167 0.01 Mitsui Sugar Co Ltd 1,310 - - 1,310^ 21,641 0.00 Morinaga & Co Ltd 4,930 - - 4,930^ 162,672 0.03 Morinaga Milk Industry Co Ltd 3,703 - - 3,703^ 156,754 0.03 Nichirei Corp 9,350 2,300 - 11,650^ 299,908 0.06 Nippon Beet Sugar Manufacturing Co Ltd 1,415 - - 1,415^ 20,259 0.00 Nippon Flour Mills Co Ltd 7,512 - - 7,512^ 107,356 0.02 Nippon Suisan Kaisha Ltd 24,412 9,500 - 33,912^ 128,091 0.02 Nisshin Oillio Group Ltd 2,806 - - 2,806^ 76,895 0.01 North West Co Inc 5,461 - - 5,461 110,521 0.02 Okuwa Co Ltd 4,090 - - 4,090^ 51,659 0.01 Performance Food Group Co 11,087 1,253 - 12,340 314,544 0.06 Pilgrim's Pride Corp 8,295 - - 8,295 115,830 0.02 Post Holdings Inc 6,840 588 - 7,428 599,638 0.11 Premier Foods Plc 78,040 - - 78,040^ 80,972 0.02 Premium Brands Holdings Corp 3,721 - - 3,721 239,110 0.04 Prima Meat Packers Ltd 4,121 - - 4,121^ 99,351 0.02 Rami Levy Chain Stores Hashikma Marketing 2006 Ltd 712 - - 712 39,427 0.01 Riken Vitamin Co Ltd - 2,200 - 2,200 41,776 0.01 Rogers Sugar Inc 7,783 - - 7,783 25,213 0.00 S Foods Inc 1,105 - - 1,105^ 23,997 0.00 Salmar ASA 6,037 - - 6,037 261,078 0.05 San-A Co Ltd 1,856 - - 1,856^ 63,397 0.01 Sanderson Farms Inc 2,233 - - 2,233 226,486 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [151] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Scandi Standard AB 4,669 - - 4,669 31,622 0.01 Seaboard Corp 33 - - 33 81,152 0.02 Shoei Foods Corp 1,300 - - 1,300^ 40,658 0.01 Showa Sangyo Co Ltd 2,167 - - 2,167^ 63,765 0.01 Shufersal Ltd 24,400 - - 24,400 156,644 0.03 Simply Good Foods Co 6,406 2,115 - 8,521 186,347 0.03 Sonae SGPS SA 90,142 - - 90,142 57,599 0.01 SpartanNash Co 4,339 - - 4,339 82,990 0.02 Sprouts Farmers Market Inc 12,244 - - 12,244 293,830 0.05 SSP Group Plc 48,765 9,657 - 58,422 143,416 0.03 Strauss Group Ltd 4,561 - - 4,561 117,697 0.02 Suedzucker AG 5,841 4,055 - 9,896^ 151,377 0.03 Synlait Milk Ltd - 11,918 - 11,918 49,834 0.01 Takasago International Corp 1,200 - - 1,200^ 20,773 0.00 Tassal Group Ltd 15,058 - - 15,058^ 35,464 0.01 Tate & Lyle Plc 47,295 6,386 - 53,681 417,381 0.08 Tootsie Roll Industries Inc 2,425 73 1 2,497 72,007 0.01 TreeHouse Foods Inc 5,141 1,236 - 6,377^ 254,207 0.05 United Malt Grp Ltd - 21,582 - 21,582^ 56,601 0.01 United Natural Foods Inc 5,368 - - 5,368 96,933 0.02 United Super Markets Holdings Inc 5,122 - - 5,122^ 56,189 0.01 US Foods Holding Corp 21,626 2,360 - 23,986 442,947 0.08 Village Super Market Inc 'A' 682 - - 682 15,665 0.00 Viscofan SA 3,469 1,664 795 4,338 290,488 0.05 Warabeya Nichiyo Holdings Co Ltd 1,300 - - 1,300^ 17,057 0.00 Weis Markets Inc 1,475 - - 1,475 66,849 0.01 Wessanen 8,962 - 8,962 - - 0.00 Yaoko Co Ltd 1,900 - - 1,900^ 137,320 0.03 Yokohamao Co Ltd 3,565 - - 3,565^ 25,766 0.01 15,796,632 2.91 Food Service Autogrill SpA 14,341 - - 14,341^ 62,170 0.01 DO & CO AG 372 592 - 964^ 45,265 0.01 Elior Group SA 9,450 - - 9,450 47,676 0.01 Healthcare Services Group Inc 7,599 - - 7,599 181,047 0.03 336,158 0.06 Private equity Alaris Royalty Corp 5,667 - - 5,667 51,110 0.01 AURELIUS Equity Opportunities SE & Co KGaA 2,095 - - 2,095^ 29,297 0.01 Bure Equity AB 5,631 - - 5,631^ 140,249 0.03 Deutsche Beteiligungs AG 793 - - 793^ 26,999 0.00 Gimv NV 2,193 - - 2,193 107,809 0.02 Intermediate Capital Group Plc 30,135 - - 30,135 484,659 0.09 Jafco Co Ltd 2,200 2,500 - 4,700^ 150,634 0.03 Kennedy-Wilson Holdings Inc 12,805 - - 12,805 172,867 0.03 PATRIZIA AG 5,101 - - 5,101^ 127,030 0.02 Ratos AB 'B' 22,548 - - 22,548 73,096 0.01 1,363,750 0.25 Aerospace & defence AAR Corp 3,586 - - 3,586 56,175 0.01 Aerojet Rocketdyne Holdings Inc 6,795 1,150 1,087 6,858 257,347 0.05 AeroVironment Inc 2,059 - - 2,059 143,384 0.03 Astronics Corp 2,027 - - 2,027 16,042 0.00

[152] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Barnes Group Inc 5,439 - - 5,439 182,428 0.03 BBA Aviation Plc 106,519 - 106,519 - - 0.00 Bombardier Inc 'B' - 175,826 - 175,826 55,525 0.01 Chemring Group Plc 27,951 - 27,951 - - 0.00 Cobham Plc 269,242 - 269,242 - - 0.00 Ducommun Inc 1,014 - - 1,014 33,162 0.00 FACC AG 2,054 - - 2,054^ 11,534 0.00 Hexcel Corp 8,583 - - 8,583 291,237 0.05 IHI Corp - 11,400 - 11,400 128,296 0.02 Jamco Corp 900 - 900 - - 0.00 Kaman Corp 2,619 - - 2,619 94,085 0.02 Kratos Defense & Security Solutions Inc 7,582 2,814 - 10,396 170,325 0.03 LISI 1,688 - - 1,688 34,609 0.01 Magellan Aerospace Corp 1,728 - 1,728 - - 0.00 Meggitt Plc - 82,661 - 82,661 265,294 0.05 Mercury Systems Inc 5,094 952 - 6,046 425,869 0.08 Moog Inc 'A' 3,015 - - 3,015 147,340 0.03 National Presto Industries Inc 468 - - 468 36,354 0.01 OHB SE 432 - - 432^ 18,844 0.00 Park Aerospace Corp 2,064 - - 2,064 20,241 0.00 Saab AB 'B' 10,444 - - 10,444^ 305,435 0.06 Spirit AeroSystems Holdings Inc 'A' - 11,135 - 11,135 198,234 0.04 Teledyne Technologies Inc 3,783 - 3,783 - - 0.00 Triumph Group Inc 5,484 - - 5,484 33,824 0.01 Ultra Electronics Holdings Plc 7,411 - - 7,411 210,773 0.04 3,136,357 0.58 Pipelines Antero Midstream Corp 21,818 - - 21,818 112,537 0.02 EnLink Midstream LLC 25,889 38,496 35,049 29,336 65,383 0.01 Equitrans Midstream Corp 21,972 19,889 - 41,861 367,481 0.07 Gibson Energy Inc 13,963 - - 13,963 209,189 0.04 Kinder Morgan Canada Ltd 3,440 - 3,440 - - 0.00 Plains GP Holdings LP 'A' - 15,939 - 15,939 115,128 0.02 SemGroup Corp 'A' 6,741 - 6,741 - - 0.00 Tallgrass Energy LP 'A' 14,108 3,969 18,077 - - 0.00 Targa Resources Corp - 24,781 - 24,781 412,091 0.08 TOKAI Holdings Corp 10,025 - - 10,025^ 84,789 0.01 1,366,598 0.25 Shipbuilding Austal Ltd - 39,217 - 39,217 84,430 0.02 COSCO Shipping International Singapore Co Ltd 122,500 - - 122,500^ 16,009 0.00 Fincantieri SpA 56,911 - - 56,911^ 35,232 0.01 Mitsui E&S Holdings Co Ltd 8,200 - - 8,200^ 28,645 0.00 164,316 0.03 Software 1Life Healthcare Inc - 2,614 - 2,614 70,411 0.01 ACI Worldwide Inc 12,513 - - 12,513 304,953 0.06 Agilysys Inc - 2,407 - 2,407 45,895 0.01 Akatsuki Inc - 1,400 - 1,400 44,328 0.01 Allscripts Healthcare Solutions Inc 18,884 - - 18,884 154,609 0.03 Altair Engineering Inc 'A' 3,689 - - 3,689 135,242 0.03 Alteryx Inc 'A' 4,553 943 - 5,496 877,399 0.16 Altium Ltd 13,190 - - 13,190^ 282,676 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [153] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) American Software Inc 'A' - 3,113 - 3,113 46,641 0.01 Appfolio Inc 'A' 1,502 - - 1,502 190,226 0.04 Appian Corp 2,505 - - 2,505 115,922 0.02 Argo Graphics Inc - 2,100 - 2,100 58,451 0.01 Aspen Technology Inc 6,904 532 - 7,436 657,918 0.12 Ateam Inc 1,000 - 1,000 - - 0.00 Avaya Holdings Corp 12,387 - - 12,387 142,659 0.03 AVEVA Group Plc 6,823 - 6,823 - - 0.00 Bandwidth Inc 'A' 1,656 - - 1,656 218,106 0.04 Benefitfocus Inc 1,331 2,920 - 4,251 45,284 0.01 Bill.com Holdings Inc - 1,538 - 1,538 130,272 0.02 Black Knight Inc 14,456 - 14,456 - - 0.00 Blackbaud Inc 5,084 - - 5,084 289,242 0.05 Blackline Inc 3,557 2,251 910 4,898 396,157 0.07 Blue Prism Group Plc 5,891 3,274 - 9,165^ 127,265 0.02 Bottomline Technologies DE Inc 4,611 - - 4,611 202,433 0.04 Box Inc 'A' 13,638 - - 13,638 222,696 0.04 Bravura Solutions Ltd 29,324 - - 29,324 79,966 0.01 Capcom Co Ltd 10,320 - - 10,320 366,716 0.07 Castlight Health Inc 'B' 3,032 16,739 19,771 - - 0.00 Cerence Inc - 3,438 - 3,438 124,039 0.02 Ceridian HCM Holding Inc 4,217 8,090 - 12,307 876,510 0.16 Change Healthcare Inc - 24,523 - 24,523 260,118 0.05 Cision Ltd 6,978 - 6,978 - - 0.00 Cloudera Inc 21,476 - - 21,476^ 220,179 0.04 COLOPL Inc 5,600 - - 5,600^ 44,280 0.01 CommVault Systems Inc 4,810 - - 4,810 192,879 0.04 Compugroup Medical SE 2,833 - 2,833 - - 0.00 CompuGroup Medical SE & Co KgaA - 2,833 - 2,833 225,821 0.04 Computer Engineering & Consulting Ltd - 2,800 - 2,800 36,402 0.01 Computer Modelling Group Ltd 14,716 - - 14,716 49,471 0.01 Computer Programs and Systems Inc 1,175 - - 1,175 26,380 0.01 Comture Corp 1,200 1,200 - 2,400 57,365 0.01 Cornerstone OnDemand Inc 5,152 - - 5,152 166,427 0.03 Coupa Software Inc 5,828 1,004 6,832 - - 0.00 Craneware Plc - 2,992 - 2,992 58,587 0.01 Crayon Group Holding ASA - 6,305 - 6,305 44,855 0.01 CSG Systems International Inc 3,711 - - 3,711 142,227 0.03 DeNA Co Ltd 11,700 - - 11,700 119,894 0.02 Descartes Systems Group Inc 7,736 2,423 - 10,159 520,278 0.10 Digital Turbine Inc - 9,527 - 9,527 120,294 0.02 Donnelley Financial Solutions Inc 2,819 - 2,819 - - 0.00 Ebix Inc 2,797 - - 2,797 56,117 0.01 Elastic NV 2,789 2,848 - 5,637 493,260 0.09 EM Systems Co Ltd - 3,600 - 3,600 26,483 0.01 Embracer Group AB - 16,986 - 16,986^ 249,085 0.05 Embracer Group AB 5,662 - 5,662 - - 0.00 EMIS Group Plc 1,395 4,925 - 6,320 75,460 0.01 Enghouse Systems Ltd 4,600 - - 4,600 237,144 0.04 Envestnet Inc 4,999 - - 4,999 369,264 0.07 Everbridge Inc 3,475 - - 3,475 451,420 0.08 Evolent Health Inc 'A' 6,856 - - 6,856 72,660 0.01 Fair Isaac Corp 2,872 219 3,091 - - 0.00 Fastly Inc 'A' - 7,530 - 7,530 660,960 0.12

[154] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) First Derivatives Plc 1,819 - - 1,819 58,640 0.01 Five9 Inc 5,487 1,108 - 6,595 724,856 0.13 Formula Systems 1985 Ltd - 1,429 - 1,429 113,671 0.02 Fortnox AB - 4,234 - 4,234 113,868 0.02 Freee KK - 2,300 - 2,300 94,295 0.02 Frontier Developments Plc - 2,871 - 2,871 66,639 0.01 Fuji Soft Inc 1,800 900 - 2,700^ 109,998 0.02 Glu Mobile Inc 12,021 - - 12,021 103,231 0.02 Gree Inc 11,750 - - 11,750^ 43,977 0.01 Guidewire Software Inc 8,064 - 8,064 - - 0.00 GungHo Online Entertainment Inc 3,620 - - 3,620 60,082 0.01 Hansen Technologies Ltd - 20,598 - 20,598 39,642 0.01 Health Catalyst Inc - 1,968 - 1,968 62,481 0.01 Hilan Ltd 2,341 - - 2,341 94,893 0.02 HUB24 Ltd 5,986 - - 5,986 52,096 0.01 HubSpot Inc 3,746 758 - 4,504 961,265 0.18 Inovalon Holdings Inc 'A' 7,800 - - 7,800 166,961 0.03 Instructure Inc 3,030 - 3,030 - - 0.00 InterXion Holding NV 7,025 1,369 8,394 - - 0.00 J2 Global Inc 4,923 - - 4,923 254,018 0.05 JMDC Inc - 900 - 900 55,754 0.01 Justsystems Corp 2,400 1,700 - 4,100^ 287,502 0.05 Kinaxis Inc 2,541 340 - 2,881 397,969 0.07 KLab Inc 3,600 - - 3,600^ 19,607 0.00 Koei Tecmo Holdings Co Ltd 5,640 - - 5,640^ 197,260 0.04 Learning Technologies Group Plc 45,475 - - 45,475^ 72,214 0.01 Leyou Technologies Holdings Ltd - 145,000 - 145,000 52,080 0.01 Lightspeed POS Inc - 3,294 - 3,294 84,651 0.02 LivePerson Inc 6,450 - - 6,450 252,188 0.05 Manhattan Associates Inc 6,921 - - 6,921 603,097 0.11 ManTech International Corp 'A' 2,782 - - 2,782 176,092 0.03 Marvelous Inc 3,050 - - 3,050^ 16,926 0.00 Medallia Inc - 8,080 - 8,080 225,877 0.04 Medidata Solutions Inc 5,889 - 5,889 - - 0.00 Megaport Ltd - 14,356 - 14,356 123,159 0.02 Micro Focus International Plc - 35,574 - 35,574 117,697 0.02 MicroStrategy Inc 'A' 1,069 - - 1,069 120,508 0.02 Miroku Jyoho Service Co Ltd 1,900 - - 1,900 34,690 0.01 Mixi Inc 4,800 - - 4,800^ 84,911 0.02 MobileIron Inc 3,042 - - 3,042 17,240 0.00 Model N Inc - 3,361 - 3,361 117,592 0.02 Monotype Imaging Holdings Inc 4,869 - 4,869 - - 0.00 Nemetschek SE 6,108 - 6,108 - - 0.00 NetEnt AB 17,208 - 17,208 - - 0.00 NetEnt AB - 17,208 - 17,208^ 136,956 0.03 NetEnt AB - 17,208 17,208 - - 0.00 New Relic Inc 5,110 - - 5,110 329,630 0.06 NextGen Healthcare Inc 4,845 - - 4,845 64,438 0.01 Nuance Communications Inc 27,504 3,931 - 31,435 782,112 0.14 Nutanix Inc 'A' 14,555 4,355 - 18,910 381,722 0.07 OBIC Business Consultants Co Ltd 1,900 - - 1,900^ 101,192 0.02 Omnicell Inc 3,930 648 - 4,578 292,730 0.05 Optim Corp - 2,300 - 2,300 67,382 0.01 Paradox Interactive AB 3,329 - - 3,329^ 75,918 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [155] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) PDF Solutions Inc 2,955 - - 2,955 66,075 0.01 Pegasystems Inc 4,291 - - 4,291 456,283 0.08 Phreesia Inc - 2,212 - 2,212 60,488 0.01 Pivotal Software Inc 'A' 7,238 - 7,238 - - 0.00 PKSHA Technology Inc 1,200 - - 1,200^ 23,200 0.00 Playtech Plc 33,089 - - 33,089 117,812 0.02 Pluralsight Inc 'A' 5,233 5,396 - 10,629 204,697 0.04 Pro Medicus Ltd 4,452 - - 4,452 69,474 0.01 Progress Software Corp 5,098 - - 5,098 161,669 0.03 PROS Holdings Inc 3,719 - - 3,719 110,393 0.02 Pushpay Holdings Ltd - 23,420 - 23,420 112,688 0.02 QAD Inc 'A' 905 - - 905 32,528 0.01 Radware Ltd 6,426 - - 6,426 149,358 0.03 Rakus Co Ltd - 2,600 - 2,600 54,651 0.01 Real Matters Inc - 10,016 - 10,016 202,706 0.04 RealPage Inc 7,912 1,077 - 8,989 515,251 0.10 RIB Software SE 3,165 2,755 5,920 - - 0.00 RIB Software SE - 5,920 5,920 - - 0.00 RingCentral Inc 'A' 6,953 - 6,953 - - 0.00 Rosetta Stone Inc 2,075 - - 2,075 50,532 0.01 Sailpoint Technologies Holdings Inc 7,152 2,645 - 9,797 280,738 0.05 Sansan Inc - 1,500 - 1,500 66,982 0.01 Sapiens International Corp NV - 3,962 - 3,962 107,738 0.02 Schrodinger Inc - 1,284 - 1,284 84,544 0.02 Silverlake Axis Ltd 101,520 - - 101,520 19,867 0.00 SimCorp A/S 4,068 570 - 4,638^ 493,014 0.09 Simulations Plus Inc - 1,371 - 1,371 87,803 0.02 Sinch AB - 3,429 - 3,429^ 244,014 0.05 Smartsheet Inc 'A' 7,372 3,067 - 10,439 453,356 0.08 Software AG 4,084 2,182 1,692 4,574 194,846 0.04 SolarWinds Corp - 6,620 - 6,620 110,568 0.02 SPS Commerce Inc 1,723 1,723 - 3,446 235,645 0.04 Square Enix Holdings Co Ltd 8,200 - 8,200 - - 0.00 Stillfront Group AB - 2,748 - 2,748^ 243,297 0.05 SVMK Inc 2,937 8,212 - 11,149 243,211 0.05 Tabula Rasa HealthCare Inc 1,591 - - 1,591 81,340 0.02 TechMatrix Corp - 4,400 - 4,400 68,484 0.01 Technology One Ltd 25,124 - - 25,124^ 137,846 0.03 Teradata Corp 11,280 - - 11,280 215,490 0.04 Tinexta Spa - 4,054 - 4,054 63,060 0.01 TIS Inc 8,030 16,060 24,090 - - 0.00 TiVo Corp 14,828 - 14,828 - - 0.00 TomTom NV 6,029 - - 6,029^ 43,875 0.01 Transcosmos Inc 2,426 - - 2,426^ 53,269 0.01 Tyler Technologies Inc 3,984 - 3,984 - - 0.00 Upland Software Inc 2,489 - - 2,489 77,935 0.01 Verint Systems Inc 6,645 - - 6,645 271,358 0.05 Verra Mobility Corp 3,955 9,738 - 13,693^ 127,430 0.02 VSTECS Holdings Ltd 68,600 - - 68,600^ 36,798 0.01 WiseTech Global Ltd 9,729 - 9,729 - - 0.00 Workiva Inc 3,546 - - 3,546 180,322 0.03 Xperi Holding Corp - 11,817 - 11,817 198,229 0.04 Yext Inc 4,707 5,212 3,616 6,303 96,443 0.02 Zenrin Co Ltd 3,190 - - 3,190^ 28,407 0.01

[156] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Zuora Inc 'A' 7,000 - - 7,000 74,122 0.01 Zynga Inc 'A' 84,096 9,276 - 93,372 834,965 0.15 27,435,834 5.06 Toys, games & hobbies Games Workshop Group Plc 3,460 - - 3,460 362,717 0.07 Mattel Inc 34,157 - - 34,157^ 345,217 0.06 Sanrio Co Ltd 3,500 2,700 - 6,200^ 81,617 0.01 Spin Master Corp 2,798 - - 2,798 47,467 0.01 Tomy Co Ltd 7,550 - - 7,550^ 51,254 0.01 888,272 0.16 Telecommunications Acacia Communications Inc 3,373 - - 3,373 208,591 0.04 accesso Technology Group Plc 2,860 - 2,860 - - 0.00 ADTRAN Inc 5,790 - - 5,790 65,418 0.01 ADVA Optical Networking SE 6,193 - - 6,193^ 47,033 0.01 Airtel Africa Plc - 122,681 122,681 - - 0.00 Altice Europe NV 57,041 - 57,041 - - 0.00 Anterix Inc 1,114 1,114 1,114 1,114 44,164 0.01 ATN International Inc 1,098 - - 1,098 57,564 0.01 AudioCodes Ltd - 2,358 - 2,358 78,306 0.01 Bezeq The Israeli Telecommunication Corp Ltd 170,111 74,080 - 244,191 222,385 0.04 CalAmp Corp 3,941 - 3,941 - - 0.00 Casa Systems Inc 3,914 - - 3,914 19,975 0.00 Cellcom Israel Ltd 7,999 - - 7,999 28,232 0.01 Chorus Ltd 47,217 - - 47,217^ 213,456 0.04 Ciena Corp 15,607 1,500 - 17,107 926,109 0.17 Cincinnati Bell Inc 4,538 4,626 4,538 4,626 63,166 0.01 CITIC Telecom International Holdings Ltd 138,778 - - 138,778^ 40,072 0.01 Comba Telecom Systems Holdings Ltd - 162,000 - 162,000^ 61,419 0.01 CommScope Holding Co Inc - 20,203 - 20,203 170,554 0.03 CONEXIO Corp 2,200 - - 2,200^ 24,040 0.00 Consolidated Communications Holdings Inc 6,979 - - 6,979 46,346 0.01 Digital Domain Holdings Ltd 730,000 - 730,000 - - 0.00 DKK Co Ltd 2,903 - - 2,903^ 56,299 0.01 DNA Oyj 5,182 - 5,182 - - 0.00 EchoStar Corp 'A' 4,869 - - 4,869 120,921 0.02 Eltel AB 9,296 - 9,296 - - 0.00 Eutelsat Communications SA - 18,559 - 18,559 171,094 0.03 Extreme Networks Inc 9,159 - - 9,159 37,910 0.01 FIH Mobile Ltd 358,000 - - 358,000^ 36,138 0.01 Finisar Corp 11,388 - 11,388 - - 0.00 Freenet AG 12,216 3,448 - 15,664^ 246,769 0.05 Frontier Communications Corp 10,900 - 10,900 - - 0.00 GCI Liberty Inc 'A' 10,294 - - 10,294 734,079 0.14 Globalstar Inc 38,874 - - 38,874 13,781 0.00 Gogo Inc 5,599 - 5,599 - - 0.00 GTT Communications Inc 4,020 - - 4,020 23,039 0.00 Harmonic Inc 8,589 - - 8,589 43,599 0.01 HKBN Ltd 101,000 - - 101,000^ 169,766 0.03 Hutchison Telecommunications Hong Kong Holdings Ltd 195,192 - - 195,192^ 29,097 0.01 Infinera Corp 16,170 - - 16,170 116,061 0.02 Inmarsat Plc 49,242 - 49,242 - - 0.00 Inseego Corp - 5,858 - 5,858 71,835 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [157] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) InterDigital Inc 3,330 - - 3,330 181,819 0.03 Iridium Communications Inc 8,714 4,684 - 13,398 333,834 0.06 LogMeIn Inc 4,862 497 - 5,359 418,331 0.08 Loral Space & Communications Inc 1,727 - - 1,727 28,546 0.01 Maxar Technologies Inc - 7,886 - 7,886 127,624 0.02 Millicom International Cellular SA SDR - 10,816 - 10,816^ 295,946 0.05 NETGEAR Inc 3,482 - - 3,482 97,403 0.02 NetLink NBN Trust 311,900 - - 311,900^ 198,633 0.04 NEXTDC Ltd 41,596 - - 41,596^ 309,089 0.06 Oki Electric Industry Co Ltd 9,950 - - 9,950^ 79,960 0.02 Orange Belgium SA 3,674 - - 3,674 56,200 0.01 PagerDuty Inc - 2,463 - 2,463 68,293 0.01 Partner Communications Co Ltd 21,239 - - 21,239 79,051 0.01 People's Utah Bancorp 6,455 - 6,455 - - 0.00 Plantronics Inc 3,775 - - 3,775 68,648 0.01 Ribbon Communications Inc 4,894 - - 4,894 19,589 0.00 Service Stream Ltd 35,771 - - 35,771 41,889 0.01 Shenandoah Telecommunications Co 4,910 - - 4,910 224,537 0.04 Sierra Wireless Inc 3,176 - - 3,176 38,437 0.01 SmarTone Telecommunications Holdings Ltd 43,563 - - 43,563^ 20,709 0.00 SpeedCast International Ltd 23,115 - 23,115 - - 0.00 Spirent Communications Plc - 68,359 - 68,359 228,534 0.04 Spok Holdings Inc 1,971 - 1,971 - - 0.00 StarHub Ltd 68,200 - - 68,200^ 55,196 0.01 Switch Inc 'A' - 6,406 - 6,406 104,837 0.02 TalkTalk Telecom Group Plc 57,075 - - 57,075^ 47,362 0.01 Technicolor SA 34,730 - 34,730 - - 0.00 Technicolor SA - 1,285 1,285 - - 0.00 Telecom Plus Plc 6,583 - - 6,583^ 105,324 0.02 Telekom Austria AG 12,557 8,080 - 20,637^ 141,634 0.03 Telephone and Data Systems Inc 10,404 - - 10,404 183,801 0.03 T-Gaia Corp 2,550 - - 2,550^ 41,489 0.01 United States Cellular Corp 1,229 - - 1,229 33,172 0.01 ViaSat Inc 3,730 1,304 - 5,034 173,835 0.03 Viavi Solutions Inc 25,290 - - 25,290 318,177 0.06 Vocus Group Ltd 64,164 - - 64,164^ 120,976 0.02 Vonage Holdings Corp 22,737 - - 22,737 247,172 0.05 8,677,265 1.60 Textiles Coats Group Plc 159,573 - - 159,573 108,029 0.02 Maeda Kosen Co Ltd 1,100 - - 1,100^ 23,926 0.00 Nitto Boseki Co Ltd 3,886 - 1,500 2,386 101,516 0.02 Pacific Textiles Holdings Ltd 82,845 - - 82,845^ 35,201 0.01 Seiren Co Ltd 5,622 - - 5,622^ 58,530 0.01 Texwinca Holdings Ltd 76,000 - 76,000 - - 0.00 Tokai Corp/Gifu 1,800 - - 1,800^ 32,647 0.00 UniFirst Corp/MA 1,538 - - 1,538 260,908 0.05 620,757 0.11 Transportation Air Transport Services Group Inc 1,850 - - 1,850 41,013 0.01 Andlauer Healthcare Group Inc - 1,682 - 1,682 43,145 0.01 ArcBest Corp 2,845 - - 2,845 78,652 0.01 Atlas Air Worldwide Holdings Inc 756 - - 756 35,817 0.01

[158] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Bonheur ASA - 2,428 - 2,428 52,063 0.01 bpost SA 10,741 - - 10,741 63,549 0.01 BW LPG Ltd 7,624 - - 7,624^ 28,464 0.01 BW Offshore Ltd 10,368 - - 10,368^ 32,496 0.01 Cargotec Oyj 'B' 3,813 - - 3,813 103,609 0.02 Cia de Distribucion Integral Logista Holdings SA 4,152 - - 4,152 70,301 0.01 ComfortDelGro Corp Ltd - 256,300 - 256,300 231,235 0.04 Construcciones y Auxiliar de Ferrocarriles SA 2,540 - - 2,540 79,647 0.01 Covenant Logistics Group Inc 1,146 - 1,146 - - 0.00 CryoPort Inc - 4,920 - 4,920 148,325 0.03 D/S Norden A/S 3,378 - - 3,378^ 46,153 0.01 Dfds A/S 3,035 - - 3,035^ 85,695 0.02 Diamond S Shipping Inc - 3,445 - 3,445 27,516 0.01 Echo Global Logistics Inc 2,582 - - 2,582 58,874 0.01 Euronav NV 17,455 - - 17,455^ 153,969 0.03 Exmar NV 3,153 - - 3,153 6,716 0.00 Firstgroup Plc 119,363 - - 119,363 50,309 0.01 FLEX LNG Ltd 5,054 - - 5,054 25,498 0.00 Forward Air Corp 3,283 - - 3,283 155,270 0.03 Frontline Ltd 4,932 6,017 - 10,949^ 79,429 0.01 Fuji Kyuko Co Ltd 2,749 - - 2,749^ 66,250 0.01 Fukuyama Transporting Co Ltd 2,500 1,300 - 3,800^ 119,664 0.02 Genesee & Wyoming Inc 'A' 5,761 - 5,761 - - 0.00 Go-Ahead Group Plc 4,689 - - 4,689 34,711 0.01 Golden Ocean Group Ltd 7,886 - - 7,886^ 27,577 0.01 Hamakyorex Co Ltd - 2,000 - 2,000 53,947 0.01 Heartland Express Inc 5,514 - - 5,514 101,751 0.02 Hitachi Transport System Ltd 4,893 - - 4,893^ 131,560 0.02 Hoegh LNG Holdings Ltd 4,398 - 4,398 - - 0.00 Hub Group Inc 'A' 3,988 - - 3,988 191,915 0.04 Iino Kaiun Kaisha Ltd 9,109 - - 9,109^ 23,826 0.00 International Seaways Inc - 2,330 - 2,330 36,606 0.01 Kawasaki Kisen Kaisha Ltd 6,500 9,700 11,200 5,000^ 41,256 0.01 Kerry Logistics Network Ltd 73,500 - - 73,500^ 109,566 0.02 Kintetsu World Express Inc 3,600 - - 3,600^ 55,692 0.01 Kirby Corp 1,528 - - 1,528 64,275 0.01 Konoike Transport Co Ltd 2,650 - - 2,650^ 23,120 0.00 Landstar System Inc 4,303 - - 4,303 476,700 0.09 Marten Transport Ltd 4,750 - - 4,750 115,027 0.02 Maruwa Unyu Kikan Co Ltd - 3,000 - 3,000 91,762 0.02 Maruzen Showa Unyu Co Ltd 1,278 - - 1,278^ 34,417 0.01 Matson Inc 942 - - 942 31,210 0.01 Mitsubishi Logistics Corp 7,500 - - 7,500^ 182,297 0.03 Mitsui OSK Lines Ltd - 11,500 - 11,500 171,077 0.03 Mullen Group Ltd 9,839 - - 9,839 64,147 0.01 Nankai Electric Railway Co Ltd 10,899 - - 10,899^ 193,926 0.04 National Express Group Plc 46,198 - - 46,198 83,567 0.02 Nikkon Holdings Co Ltd 5,929 - - 5,929^ 97,384 0.02 Nishi-Nippon Railroad Co Ltd 6,300 - - 6,300^ 142,722 0.03 Nobina AB 9,908 - - 9,908 56,952 0.01 NS United Kaiun Kaisha Ltd 983 - - 983^ 12,095 0.00 Ocean Yield ASA 3,836 - - 3,836^ 8,495 0.00 Oesterreichische Post AG 2,419 1,714 - 4,133^ 120,708 0.02 Pacific Basin Shipping Ltd 382,000 - - 382,000^ 42,596 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [159] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) PostNL NV 36,083 - - 36,083 79,998 0.01 Qube Hldgs Ltd - 25,326 25,326 - - 0.00 Qube Holdings Ltd 160,826 25,326 - 186,152^ 331,542 0.06 Qube Holdings Ltd Rights - 19,054 19,054 - - 0.00 Royal Mail Plc 85,710 28,512 21,732 92,490 177,684 0.03 Ryder System Inc 4,679 2,193 - 6,872 228,991 0.04 Saia Inc 2,704 - - 2,704 293,827 0.05 Sakai Moving Service Co Ltd 1,000 - - 1,000 38,718 0.01 Sankyu Inc 5,792 - - 5,792^ 181,646 0.03 Schneider National Inc 'B' 4,764 - - 4,764 108,909 0.02 SEACOR Holdings Inc 1,942 - - 1,942 51,374 0.01 Seino Holdings Co Ltd 15,850 - - 15,850^ 177,422 0.03 Senko Group Holdings Co Ltd 9,097 - - 9,097^ 61,286 0.01 Singapore Post Ltd 172,150 - - 172,150 81,083 0.01 SITC International Holdings Co Ltd 128,026 - - 128,026^ 116,763 0.02 Sotetsu Holdings Inc 7,301 - - 7,301 157,358 0.03 Stagecoach Group Plc 48,438 - - 48,438 27,425 0.01 Stolt-Nielsen Ltd 2,235 - - 2,235^ 18,296 0.00 TFI International Inc 9,788 - - 9,788 386,345 0.07 Tidewater Inc 3,730 - 3,730 - - 0.00 Trancom Co Ltd 600 - - 600^ 39,337 0.01 Universal Logistics Holdings Inc 735 - 735 - - 0.00 Wallenius Wilhelmsen ASA 6,767 - - 6,767^ 9,154 0.00 Werner Enterprises Inc 5,155 - - 5,155 206,268 0.04 YRC Worldwide Inc 1,681 9,791 11,472 - - 0.00 7,477,969 1.38 Environmental control Advanced Disposal Services Inc 7,663 - - 7,663 210,246 0.04 Asahi Holdings Inc 3,012 - - 3,012^ 94,720 0.02 Befesa SA 1,753 - - 1,753^ 64,586 0.01 Biffa Plc 41,908 - - 41,908^ 102,076 0.02 Bingo Industries Ltd 46,277 - - 46,277^ 58,419 0.01 Casella Waste Systems Inc 'A' 4,760 - - 4,760 239,935 0.04 Clean Harbors Inc 5,467 - - 5,467 296,410 0.06 Cleanaway Waste Management Ltd 231,338 - - 231,338^ 315,429 0.06 Covanta Holding Corp 12,934 - - 12,934 115,778 0.02 Daiseki Co Ltd 4,191 - - 4,191^ 81,206 0.02 Derichebourg SA 7,423 - - 7,423 19,579 0.00 Evoqua Water Technologies Corp 6,075 2,645 - 8,720 152,544 0.03 Fluidra SA 4,323 - - 4,323 65,291 0.01 Harsco Corp 9,096 - - 9,096 132,063 0.02 Heritage-Crystal Clean Inc 1,749 - - 1,749 22,164 0.00 Hitachi Zosen Corp 16,546 - - 16,546^ 52,816 0.01 METAWATER Co Ltd 1,300 - - 1,300^ 51,340 0.01 Renewi Plc 53,697 - 53,697 - - 0.00 SIIC Environment Holdings Ltd 76,870 - - 76,870 10,454 0.00 Sinanen Holdings Co Ltd 846 - - 846^ 20,796 0.00 Stericycle Inc 9,334 - - 9,334 513,162 0.09 Sweco AB 'B' 8,287 - 1,479 6,808^ 355,561 0.07 Tetra Tech Inc 5,288 601 - 5,889 474,918 0.09 TOMRA Systems ASA 12,586 - - 12,586^ 470,775 0.09 Tsukishima Kikai Co Ltd 3,371 - - 3,371^ 32,659 0.01

[160] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) US Ecology Inc 2,424 - 2,424 - - 0.00 US Ecology Inc - 2,424 - 2,424 76,473 0.01 4,029,400 0.74 Entertainment 888 Holdings Plc 40,321 - - 40,321 88,390 0.02 AMC Entertainment Holdings Inc 'A' 6,851 - - 6,851^ 25,179 0.00 Avex Inc 3,853 - - 3,853^ 28,079 0.01 Betsson AB 12,730 - 12,730 - - 0.00 Betsson AB - 12,730 12,730 - - 0.00 Betsson AB - 12,730 - 12,730^ 87,145 0.02 Borussia Dortmund GmbH & Co KGaA 6,852 - - 6,852^ 41,350 0.01 Caesars Entertainment Inc 6,779 17,275 8,921 15,133 427,449 0.08 Churchill Downs Inc 3,547 - - 3,547 446,963 0.08 Cinemark Holdings Inc 11,168 - - 11,168 120,187 0.02 Cineplex Inc 5,984 4,407 - 10,391 56,455 0.01 Cineworld Group Plc 108,085 - - 108,085 49,298 0.01 CTS Eventim AG & Co KGaA 6,326 - - 6,326 228,104 0.04 Entertainment One Ltd 37,012 8,583 45,595 - - 0.00 Everi Holdings Inc 6,219 3,988 - 10,207 52,740 0.01 Evolution Gaming Group AB 10,545 1,783 12,328 - - 0.00 Gamesys Group Plc 5,094 6,612 3,983 7,723^ 85,849 0.02 Golden Entertainment Inc 2,606 - 2,606 - - 0.00 Great Canadian Gaming Corp 5,528 - - 5,528 99,788 0.02 IMAX Corp 5,198 - - 5,198 53,386 0.01 International Speedway Corp 'A' 2,783 - 2,783 - - 0.00 Juventus Football Club SpA 57,574 18,416 - 75,990^ 73,357 0.01 Juventus Football Club SpA Rights - 57,574 57,574 - - 0.00 Kambi Group Plc 4,409 - - 4,409 96,786 0.02 Kindred Group Plc SDR 20,836 9,239 - 30,075 191,491 0.04 Kinepolis Group NV 1,590 - - 1,590^ 51,654 0.01 Landing International Development Ltd 165,000 - 165,000 - - 0.00 LeoVegas AB 7,824 - - 7,824 32,950 0.01 Lions Gate Entertainment Corp 'A' 6,223 - - 6,223 43,364 0.01 Lions Gate Entertainment Corp 'B' 11,133 - - 11,133 72,008 0.01 Madison Square Garden Sports Corp 1,674 - - 1,674 234,045 0.04 Marriott Vacations Worldwide Corp 4,154 - - 4,154 319,921 0.06 Mars Group Holdings Corp 976 - - 976^ 12,462 0.00 Mega Expo Holdings Ltd 150,000 - 150,000 - - 0.00 Monarch Casino & Resort Inc - 2,132 - 2,132 70,190 0.01 Penn National Gaming Inc 11,078 - - 11,078^ 341,129 0.06 RAI Way SpA 9,653 - - 9,653 57,838 0.01 Red Rock Resorts Inc 'A' 7,213 - - 7,213 71,916 0.01 Sankyo Co Ltd - 4,800 - 4,800 108,906 0.02 Scientific Games Corp 'A' 5,367 - - 5,367 85,783 0.02 SeaWorld Entertainment Inc 4,996 - - 4,996 65,764 0.01 Shochiku Co Ltd 804 - - 804 82,181 0.01 Six Flags Entertainment Corp 7,639 3,236 2,554 8,321 131,636 0.02 SkiStar AB 4,502 - - 4,502^ 47,587 0.01 Toei Animation Co Ltd - 1,800 - 1,800 83,476 0.02 Toei Co Ltd 766 - - 766^ 92,203 0.02 Tokyotokeiba Co Ltd 1,369 - - 1,369^ 48,588 0.01 Twin River Worldwide Holdings Inc 2,404 - - 2,404 47,150 0.01 Vector Inc 6,200 - - 6,200^ 38,622 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [161] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Village Roadshow Ltd 8,952 - - 8,952^ 12,732 0.00 William Hill Plc 73,603 30,435 - 104,038^ 129,623 0.02 Yomiuri Land Co Ltd 301 - - 301^ 8,559 0.00 4,542,283 0.84 Packaging & containers Achilles Corp 1,635 - - 1,635^ 25,462 0.00 Berry Global Group Inc 12,956 1,331 - 14,287 649,714 0.12 DS Smith Plc 141,665 9,304 - 150,969^ 470,824 0.09 Essentra Plc 28,451 - - 28,451^ 102,385 0.02 FP Corp 2,654 - - 2,654^ 194,783 0.04 Fuji Seal International Inc 4,454 - - 4,454^ 72,199 0.01 Fujimori Kogyo Co Ltd 1,150 - - 1,150^ 33,543 0.01 Gerresheimer AG 3,329 - - 3,329^ 348,438 0.06 Graphic Packaging Holding Co 31,218 - - 31,218 395,882 0.07 Greif Inc 'A' 2,624 - - 2,624 83,046 0.02 Huhtamaki Oyj 11,524 2,115 2,401 11,238 456,962 0.08 Intertape Polymer Group Inc 6,068 - - 6,068 65,936 0.01 Matthews International Corp 'A' 3,645 - - 3,645 71,623 0.01 Metsa Board Oyj 19,927 - - 19,927 141,798 0.03 O-I Glass Inc - 17,408 - 17,408 165,329 0.03 Orora Ltd 117,670 94,135 117,670 94,135^ 141,250 0.03 Orora Ltd - 94,135 94,135 - - 0.00 Pact Group Holdings Ltd 20,733 - - 20,733 28,405 0.01 Rengo Co Ltd 20,382 - - 20,382^ 139,416 0.03 Silgan Holdings Inc 8,480 - - 8,480 295,070 0.05 Sonoco Products Co 8,662 1,803 - 10,465 492,565 0.09 Toyo Seikan Group Holdings Ltd - 15,200 - 15,200 150,659 0.03 Transcontinental Inc 'A' 6,552 - - 6,552 68,703 0.01 TriMas Corp 5,042 - - 5,042 107,329 0.02 Verallia SA - 1,519 - 1,519 46,406 0.01 Winpak Ltd 2,880 - - 2,880 91,830 0.02 Winthrop 17,408 - 17,408 - - 0.00 Zignago Vetro SpA 5,530 - - 5,530^ 79,356 0.01 4,918,913 0.91 Insurance Alm Brand A/S 8,143 - - 8,143 75,974 0.01 Ambac Financial Group Inc 5,252 - - 5,252 61,155 0.01 American Equity Investment Life Holding Co 7,930 - - 7,930 183,594 0.03 American National Group Inc - 1,179 - 1,179 78,992 0.01 American National Insurance Co 587 592 1,179 - - 0.00 AMERISAFE Inc 1,976 - - 1,976 114,074 0.02 Anicom Holdings Inc 1,500 - - 1,500 54,141 0.01 Argo Group International Holdings Ltd 2,967 - - 2,967 90,446 0.02 ASR Nederland NV 14,110 1,394 - 15,504^ 455,809 0.08 Assured Guaranty Ltd 10,454 - - 10,454 207,603 0.04 AUB Group Ltd - 7,177 - 7,177 61,056 0.01 Axis Capital Holdings Ltd 8,968 - - 8,968^ 327,307 0.06 Beazley Plc 54,899 10,660 - 65,559^ 326,725 0.06 Brighthouse Financial Inc - 12,028 - 12,028 310,093 0.06 Brown & Brown Inc 24,746 - 24,746 - - 0.00 Challenger Ltd - 55,328 - 55,328 156,655 0.03 Citizens Inc 5,875 - - 5,875 30,677 0.01 Clal Insurance Enterprises Holdings Ltd 1,927 4,504 - 6,431 50,210 0.01

[162] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) CNO Financial Group Inc 14,025 - - 14,025 192,654 0.04 Coface SA 7,944 - - 7,944 57,255 0.01 Donegal Group Inc 'A' 640 - - 640 8,139 0.00 eHealth Inc 1,840 544 - 2,384^ 149,946 0.03 Emc Ins Group Inc 899 - 899 - - 0.00 Employers Holdings Inc 3,459 - 117 3,342 98,868 0.02 Enstar Group Ltd 1,174 - - 1,174 179,368 0.03 Essent Group Ltd 9,433 3,062 1,934 10,561 344,231 0.06 FBL Financial Group Inc 'A' 1,226 - - 1,226 38,790 0.01 FGL Holdings 15,691 - 15,691 - - 0.00 First American Financial Corp 10,165 2,255 - 12,420 576,335 0.11 Genworth Financial Inc 'A' 54,067 - - 54,067 100,337 0.02 Global Indemnity Ltd 871 - - 871 18,105 0.00 Goosehead Insurance Inc 'A' - 1,424 - 1,424 133,855 0.02 Greenlight Capital Re Ltd 'A' 3,673 - - 3,673 21,585 0.00 Grupo Catalana Occidente SA 3,273 - - 3,273^ 70,417 0.01 Hanover Insurance Group Inc 4,355 - - 4,355 403,622 0.07 Harel Insurance Investments & Financial Services Ltd 13,578 - - 13,578 80,888 0.02 Hastings Group Holdings Plc 30,275 9,733 - 40,008 99,550 0.02 HCI Group Inc 1,041 - - 1,041 42,255 0.01 Heritage Insurance Holdings Inc 2,573 - - 2,573 27,784 0.01 Hiscox Ltd 27,226 5,302 - 32,528 303,556 0.06 Horace Mann Educators Corp 4,645 - - 4,645 158,796 0.03 IDI Insurance Co Ltd 604 - - 604 12,450 0.00 James River Group Holdings Ltd 3,700 - 1,255 2,445 103,026 0.02 Just Group Plc 111,513 - - 111,513^ 59,649 0.01 Kemper Corp 5,202 853 - 6,055 432,506 0.08 Kinsale Capital Group Inc 2,273 - - 2,273 403,004 0.07 Lancashire Holdings Ltd 20,569 - - 20,569 190,209 0.04 MBIA Inc 9,432 - - 9,432 68,728 0.01 Menora Mivtachim Holdings Ltd 3,249 - - 3,249 34,992 0.01 Mercury General Corp 2,648 - - 2,648 103,365 0.02 MGIC Investment Corp 34,774 7,857 5,870 36,761 276,561 0.05 Migdal Insurance & Financial Holdings Ltd 49,047 - - 49,047 27,278 0.01 National General Holdings Corp 7,103 - - 7,103 219,630 0.04 National Western Life Group Inc 'A' 420 - - 420 74,424 0.01 nib holdings Ltd 51,219 - - 51,219^ 148,028 0.03 NMI Holdings Inc 'A' 5,675 1,907 - 7,582 107,047 0.02 Old Republic International Corp 25,929 3,476 - 29,405 429,868 0.08 Palomar Holdings Inc - 2,325 - 2,325 193,189 0.04 Phoenix Group Holdings Plc 54,417 5,264 - 59,681 469,305 0.09 Phoenix Holdings Ltd 14,612 - - 14,612 59,699 0.01 Primerica Inc 4,132 - - 4,132^ 449,788 0.08 ProAssurance Corp 5,336 - - 5,336 71,356 0.01 Protective Insurance Corp 'B' 1,669 - 1,669 - - 0.00 Protector Forsikring ASA 5,852 - - 5,852^ 25,683 0.00 Radian Group Inc 22,742 2,860 4,576 21,026 285,380 0.05 RLI Corp 4,344 - - 4,344^ 348,266 0.06 Sabre Insurance Group Plc 36,971 - - 36,971^ 133,973 0.02 Safety Insurance Group Inc 1,412 - - 1,412 97,198 0.02 Selective Insurance Group Inc 5,511 1,008 - 6,519 322,254 0.06 Societa Cattolica di Assicurazioni SC 16,060 - - 16,060^ 88,713 0.02 State Auto Financial Corp 1,519 - - 1,519 21,432 0.00 Steadfast Group Ltd 89,873 - - 89,873^ 196,418 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [163] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Stewart Information Services Corp 2,334 - - 2,334 89,070 0.02 Storebrand ASA 44,310 8,878 - 53,188^ 263,381 0.05 Third Point Reinsurance Ltd 6,481 - - 6,481 45,928 0.01 Topdanmark A/S 3,927 - - 3,927 152,908 0.03 Trupanion Inc 3,415 - - 3,415 157,102 0.03 Unipol Gruppo SpA 47,646 - - 47,646 181,131 0.03 UNIQA Insurance Group AG 14,663 - - 14,663 84,072 0.02 United Fire Group Inc 2,071 - - 2,071 47,797 0.01 United Insurance Holdings Corp 1,809 - - 1,809 12,178 0.00 Universal Insurance Holdings Inc 3,631 - - 3,631 57,838 0.01 Unum Group - 21,615 - 21,615 338,796 0.06 Vienna Insurance Group AG Wiener Versicherung Gruppe 5,917 - - 5,917 119,663 0.02 Watford Holdings Ltd - 2,206 - 2,206 32,932 0.01 White Mountains Insurance Group Ltd 234 136 - 370 296,242 0.05 Wuestenrot & Wuerttembergische AG 2,594 - - 2,594 39,736 0.01 13,063,040 2.41 Distribution & wholesale AddTech AB 'B' - 6,907 - 6,907^ 293,615 0.05 Ai Holdings Corp 4,450 - - 4,450^ 53,565 0.01 Anixter International Inc 3,109 - 3,109 - - 0.00 Arata Corp 1,400 - - 1,400^ 60,469 0.01 China Aviation Oil Singapore Corp Ltd - 60,700 - 60,700 38,657 0.01 Chori Co Ltd 1,500 - - 1,500^ 18,210 0.00 Core-Mark Holding Co Inc 5,030 - - 5,030 121,350 0.02 Daiwabo Holdings Co Ltd 1,611 - - 1,611^ 105,898 0.02 Dicker Data Ltd - 10,908 - 10,908 54,013 0.01 D'ieteren SA 2,691 - - 2,691 133,014 0.02 Diploma Plc 11,798 - - 11,798 255,531 0.05 Doshisha Co Ltd 2,200 - - 2,200^ 31,554 0.01 Econocom Group SA 13,236 - - 13,236 33,460 0.01 Fossil Group Inc 4,838 - 4,838 - - 0.00 Gecoss Corp 1,050 - - 1,050^ 7,932 0.00 G-III Apparel Group Ltd 4,415 9,455 9,644 4,226 38,021 0.01 H&E Equipment Services Inc 3,026 - - 3,026 48,421 0.01 IAA Inc 13,345 1,134 - 14,479 570,987 0.11 Inabata & Co Ltd 4,767 - - 4,767^ 47,783 0.01 Inchcape Plc 41,331 - - 41,331 211,803 0.04 Itochu Enex Co Ltd 4,591 - - 4,591^ 32,549 0.01 Itochu-Shokuhin Co Ltd 244 - - 244^ 10,045 0.00 Jacquet Metal Service SA 1,263 - - 1,263 14,537 0.00 Japan Pulp & Paper Co Ltd 1,439 - - 1,439^ 44,696 0.01 Kamei Corp 2,700 - - 2,700^ 22,069 0.00 Kanematsu Corp 7,670 - - 7,670^ 75,759 0.01 Kanematsu Electronics Ltd 1,200 - - 1,200^ 41,609 0.01 KAR Auction Services Inc 13,345 - - 13,345^ 183,677 0.03 Li & Fung Ltd 792,000 - 792,000 - - 0.00 MARR SpA 3,670 - - 3,670^ 49,822 0.01 Matsuda Sangyo Co Ltd 1,474 - - 1,474^ 20,609 0.00 Mekonomen AB 4,590 - - 4,590^ 35,409 0.01 Mimasu Semiconductor Industry Co Ltd 1,855 - - 1,855^ 35,911 0.01 Mitsuuroko Group Holdings Co Ltd - 3,100 - 3,100 28,219 0.01 Munters Group AB - 13,678 - 13,678 86,662 0.02 Nagase & Co Ltd 11,277 - - 11,277^ 117,597 0.02

[164] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Nippon Gas Co Ltd 4,350 - - 4,350^ 185,453 0.03 PALTAC Corp 3,275 - - 3,275^ 161,179 0.03 Pool Corp 3,732 650 - 4,382 1,262,463 0.23 Rexel SA 24,558 3,399 - 27,957 300,318 0.06 Richelieu Hardware Ltd 4,086 3,104 - 7,190 162,115 0.03 Ryoyo Electro Corp 2,152 - - 2,152^ 54,251 0.01 San-Ai Oil Co Ltd 4,147 - - 4,147^ 30,364 0.01 Sangetsu Corp 5,636 - - 5,636^ 70,071 0.01 ScanSource Inc 3,370 - - 3,370 70,358 0.01 Seven Group Holdings Ltd 15,012 - - 15,012 166,787 0.03 SIG Plc 58,979 - 58,979 - - 0.00 SiteOne Landscape Supply Inc 4,072 - - 4,072 474,261 0.09 Sojitz Corp 127,100 21,500 - 148,600^ 282,560 0.05 Titan Machinery Inc 1,684 - 1,684 - - 0.00 Toromont Industries Ltd 8,494 - - 8,494 421,221 0.08 Travis Perkins Plc 27,757 - - 27,757^ 367,372 0.07 Triton International Ltd 6,274 - - 6,274 179,614 0.03 Trusco Nakayama Corp 3,844 - - 3,844^ 82,023 0.01 Uni-Select Inc 3,258 - 3,258 - - 0.00 Univar Solutions Inc 13,261 - - 13,261 213,163 0.04 Veritiv Corp 1,003 - 1,003 - - 0.00 Wakita & Co Ltd 4,400 - - 4,400^ 34,223 0.01 Watsco Inc 2,987 526 - 3,513^ 754,427 0.14 Wesco Aircraft Holdings Inc 7,676 - 7,676 - - 0.00 WESCO International Inc 2,864 2,211 - 5,075 179,452 0.03 WESCO International Inc (Pref) - 1,976 1,976 - - 0.00 Yondoshi Holdings Inc 1,650 - - 1,650^ 25,014 0.00 Yuasa Trading Co Ltd 1,568 - - 1,568^ 37,923 0.01 8,438,065 1.56 Water American States Water Co 4,181 - - 4,181 292,410 0.05 California Water Service Group 5,477 - - 5,477 233,526 0.04 Connecticut Water Service Inc 1,274 - 1,274 - - 0.00 Essential Utilities Inc 21,037 - 21,037 - - 0.00 Middlesex Water Co 1,390 - - 1,390 81,003 0.02 Pennon Group Plc 36,101 8,581 - 44,682^ 568,438 0.11 SJW Group 2,329 - - 2,329 132,334 0.02 York Water Co - 1,415 - 1,415 59,611 0.01 1,367,322 0.25 Advertising Ascential Plc 45,690 - - 45,690^ 147,293 0.03 Clear Channel Outdoor Holdings Inc 3,608 48,982 - 52,590 43,846 0.01 Digital Garage Inc 4,500 - - 4,500^ 136,481 0.02 IPSOS 3,915 - - 3,915 94,126 0.02 Macromill Inc 6,500 - - 6,500^ 39,036 0.01 National CineMedia Inc 7,277 - - 7,277 16,351 0.00 oOh!media Ltd 24,185 - - 24,185 11,834 0.00 oOh!media Ltd Rights - 24,185 24,185 - - 0.00 Quotient Technology Inc 5,780 - - 5,780 42,117 0.01 Relia Inc 4,332 - - 4,332^ 41,522 0.01 Stroeer SE & Co KGaA 2,763 - - 2,763 172,537 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [165] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Trade Desk Inc 'A' 3,638 484 4,122 - - 0.00 UNITED Inc 1,800 - - 1,800^ 16,184 0.00 761,327 0.14 Hand & machine tools Asahi Diamond Industrial Co Ltd 5,104 - - 5,104^ 19,542 0.00 Colfax Corp 9,417 - - 9,417 249,118 0.04 DMG Mori Co Ltd 11,250 - - 11,250^ 108,701 0.02 Finning International Inc 14,049 5,863 - 19,912 258,288 0.05 Franklin Electric Co Inc 4,443 - - 4,443 218,459 0.04 IMA Industria Macchine Automatiche SpA 2,348 - - 2,348^ 170,491 0.03 Kennametal Inc 8,778 - - 8,778^ 215,285 0.04 Konecranes Oyj 6,891 - - 6,891 159,820 0.03 Lincoln Electric Holdings Inc 5,303 1,030 - 6,333^ 520,749 0.10 Luxfer Holdings Plc - 4,632 - 4,632 53,514 0.01 Meidensha Corp 3,227 - - 3,227^ 43,397 0.01 Milacron Holdings Corp 7,713 - 7,713 - - 0.00 MSA Safety Inc 3,415 502 - 3,917 422,357 0.08 Noritake Co Ltd/Nagoya Japan 1,701 - - 1,701^ 46,321 0.01 OSG Corp 6,050 4,600 - 10,650^ 130,851 0.02 Regal Beloit Corp 4,339 - - 4,339 363,023 0.07 Rhi Magnesita NV 3,047 - - 3,047^ 88,187 0.02 Union Tool Co 968 - - 968^ 21,421 0.00 YAMABIKO Corp 2,600 - - 2,600^ 19,216 0.00 Yamazen Corp 4,564 - - 4,564^ 37,462 0.01 3,146,202 0.58 Total shares 529,803,372 97.72 Collective investment schemes Diversified financial services BlackRock ICS US Dollar Liquidity Fund 6,329,884 15,550,142 17,677,081 4,202,946 3,823,420 0.71 Pollen Street Secured Lending Plc 7,983 - - 7,983^ 71,486 0.01 3,894,906 0.72 Real estate Picton Property Income Ltd (REIT) - 58,837 - 58,837 47,770 0.01 47,770 0.01 Real estate investment trust Befimmo SA (REIT) 1,407 1,022 - 2,429 100,598 0.02 CDL Hospitality Trusts 80,575 - - 80,575^ 51,849 0.01 Columbia Property Trust Inc (REIT) 12,890 - - 12,890 140,244 0.02 Cominar (REIT) 'U' 9,975 - - 9,975 54,059 0.01 Dream Global (REIT) 19,853 - 19,853 - - 0.00 Fortune (REIT) - 155,000 - 155,000 122,806 0.02 Global One Real Estate Investment Corp (REIT) 134 - - 134^ 110,221 0.02 Hamborner AG (REIT) 8,822 - - 8,822 82,971 0.01 Hibernia Plc (REIT) 74,847 - - 74,847 91,464 0.02 Invesco Office J-Reit Inc (REIT) 804 322 - 1,126^ 121,004 0.02 Keppel (REIT) 135,983 77,300 - 213,283^ 155,638 0.03 Keppel DC (REIT) 74,766 60,650 - 135,416^ 267,702 0.05 Keppel DC (REIT) Rights - 7,850 7,850 - - 0.00 Manulife US (REIT) 108,800 58,658 - 167,458^ 117,299 0.02 Manulife US (REIT) Rights - 5,658 5,658 - - 0.00 Mapletree Logistics Trust (REIT) 305,864 - 305,864 - - 0.00 Parkway Life (REIT) 37,546 - - 37,546^ 88,670 0.02 Prosperity (REIT) 116,920 135,000 - 251,920^ 68,898 0.01

[166] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Collective investment schemes (continued) Rayonier Inc (REIT) 13,276 - - 13,276 335,504 0.06 Starhill Global (REIT) 145,982 - - 145,982^ 45,032 0.01 Sunlight (REIT) 113,099 - - 113,099^ 48,057 0.01 Tritax Big Box Plc (REIT) 171,910 - - 171,910 310,759 0.06 2,312,775 0.42 Private equity BMO Commercial Property Trust Ltd (REIT) - 85,312 - 85,312 59,589 0.01 59,589 0.01 Total collective investment schemes 6,315,040 1.16 Total securities traded on an official stock exchange 536,118,412 98.88 Securities not listed Shares Beverages Primo Water Corp - 3,866 3,866 - - 0.00 - 0.00 Total shares - 0.00 Total securities not listed - 0.00 Total securities 536,118,412 98.88

Derivative financial instruments Index Futures E-Mini Russel 2000 Index Futures September 2019 83 28 111 - - 0.00 E-Mini Russel 2000 Index Futures December 2019 - 130 130 - - 0.00 E-Mini Russel 2000 Index Futures March 2020 - 199 199 - - 0.00 E-Mini Russel 2000 Index Futures June 2020 - 207 207 - - 0.00 E-Mini Russel 2000 Index Futures September 2020 - 130 - 130 652,925 0.12 652,925 0.12 Warrants Abengoa SA B Shares 31.03.2025 67,372 - - 67,372 725 0.00 Ezion Holdings Ltd 03.04.2019 112,099 - - 112,099 - 0.00 Ezion Holdings Ltd 24.04.2020 31,990 - 31,990 - - 0.00 725 0.00 Total derivative financial instruments 653,650 0.12 Total investments 536,772,062 99.00

Sight deposits 3,786,607 0.70 Other assets 1,622,214 0.30 Total sub-fund assets 542,180,883 100.00 Loans (3,328) 0.00 Other liabilities (513,921) (0.10) Net sub-fund assets 541,663,634 99.90 1Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [167] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Energy - alternate sources China Common Rich Renewable Energy Invest Ltd 6,000 - - 6,000 - 0.00 China Everbright International Ltd 28,777 - - 28,777 16,180 0.04 Energy Absolute PCL 11,800 - - 11,800 16,266 0.04 LONGi Green Energy Technology Co Ltd 'A' 1,400 - - 1,400 10,368 0.03 OCI Co Ltd 156 79 235 - - 0.00 Xinyi Solar Holdings Ltd 26,000 18,000 18,000 26,000 25,879 0.06 68,693 0.17 Pharmaceuticals Aspen Pharmacare Holdings Ltd 3,424 - 573 2,851 20,171 0.05 Asymchem Laboratories Tianjin Co Ltd 'A' - 300 - 300 8,541 0.02 Beijing Tongrentang Co Ltd 'A' - 1,400 - 1,400 4,936 0.01 Celltrion Healthcare Co Ltd 445 22 - 467 33,697 0.08 Celltrion Inc 721 68 147 642 145,345 0.35 Celltrion Pharm Inc 161 - 161 - - 0.00 Changchun High & New Technology Industry Group Inc 'A' - 200 - 200 12,960 0.03 China Resources Pharmaceutical Group Ltd 12,500 - - 12,500 6,456 0.02 China Traditional Chinese Medicine Holdings Co Ltd 14,000 - - 14,000 6,507 0.02 Chongqing Zhifei Biological Products Co Ltd 'A' - 700 - 700 16,975 0.04 CSPC Pharmaceutical Group Ltd 40,000 6,400 8,000 38,400 73,289 0.18 Guangdong HEC Technology Holding Co Ltd 'A' - 3,600 - 3,600 3,393 0.01 Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd 'A' - 800 - 800 3,876 0.01 Hanmi Pharm Co Ltd 52 1 - 53 10,663 0.03 Hanmi Science Co ltd 66 130 196 - - 0.00 Hansoh Pharmaceutical Group Co Ltd - 4,000 - 4,000 15,729 0.04 Helixmith Co Ltd 112 108 - 220 9,088 0.02 Helixmith Co Ltd Rights 7 - 7 - - 0.00 Huadong Medicine Co Ltd 'A' - 1,100 - 1,100 3,987 0.01 Hypera SA 3,268 1,465 2,634 2,099 13,249 0.03 Jiangsu Hengrui Medicine Co Ltd 'A' 720 2,064 1,100 1,684 20,722 0.05 Kalbe Farma Tbk PT 166,900 - - 166,900 16,275 0.04 Luye Pharma Group Ltd 12,000 - - 12,000 6,888 0.02 Richter Gedeon Nyrt 1,144 - - 1,144 24,205 0.06 Shanghai Fosun Pharmaceutical Group Co Ltd 5,500 - 2,000 3,500 15,057 0.04 Shanghai Fosun Pharmaceutical Group Co Ltd 'A' - 1,100 - 1,100 8,925 0.02 Shanghai Fosun Pharmaceutical Group Co Ltd Rights - 41 41 - - 0.00 Sichuan Kelun Pharmaceutical Co Ltd 'A' - 1,500 - 1,500 4,394 0.01 Sihuan Pharmaceutical Holdings Group Ltd 19,000 - 19,000 - - 0.00 Sino Biopharmaceutical Ltd 56,000 23,500 9,000 70,500 83,579 0.20 Sinopharm Group Co Ltd 9,600 - - 9,600 20,801 0.05 SSY Group Ltd 12,000 - - 12,000 6,888 0.02 Tong Ren Tang Technologies Co Ltd 7,000 - 7,000 - - 0.00 Tonghua Dongbao Pharmaceutical Co Ltd 'A' - 2,500 - 2,500 4,469 0.01 Walvax Biotechnology Co Ltd 'A' - 1,100 - 1,100 11,597 0.03 Yuhan Corp 79 331 - 410 17,938 0.04 Yunnan Baiyao Group Co Ltd 'A' - 400 - 400 5,715 0.01 Zhangzhou Pientzehuang Pharmaceutical Co Ltd 'A' 400 - - 400 10,649 0.03 Zhejiang NHU Co Ltd 'A' - 1,500 - 1,500 5,758 0.01 Zhejiang Wolwo Bio-Pharmaceutical Co Ltd 'A' - 600 - 600 5,276 0.01 657,998 1.60

[168] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Auto manufacturers BAIC Motor Corp Ltd 14,000 - - 14,000 6,212 0.02 Brilliance China Automotive Holdings Ltd 24,000 - - 24,000 22,339 0.05 BYD Co Ltd 5,500 - 1,500 4,000 34,767 0.08 BYD Co Ltd 'A' 700 - - 700 7,793 0.02 Chongqing Changan Automobile Co Ltd 'A' - 4,200 - 4,200 6,062 0.01 Dongfeng Motor Group Co Ltd 26,000 - 6,000 20,000 13,029 0.03 Ford Otomotiv Sanayi AS 335 - - 335 3,624 0.01 Geely Automobile Holdings Ltd 40,000 3,000 3,000 40,000^ 76,530 0.19 Great Wall Motor Co Ltd 29,000 - 7,000 22,000 19,548 0.05 GT Capital Holdings Inc 864 - - 864 7,021 0.02 Guangzhou Automobile Group Co Ltd 'H' 23,600 - - 23,600 20,526 0.05 Hyundai Motor Co 1,224 43 223 1,044 100,840 0.25 Hyundai Motor Co (Pref) 325 - 69 256 13,527 0.03 Hyundai Motor Co (Pref) 189 - - 189 9,958 0.02 Kia Motors Corp 2,207 - 532 1,675 51,670 0.13 NIO Inc ADR 5,604 - - 5,604 60,870 0.15 SAIC Motor Corp Ltd 'A' 1,300 4,900 3,900 2,300 5,452 0.01 Sinotruk Hong Kong Ltd 4,500 - - 4,500 12,756 0.03 Zhengzhou Yutong Bus Co Ltd 'A' - 2,500 - 2,500 4,439 0.01 476,963 1.16 Auto parts & equipment Cheng Shin Rubber Industry Co Ltd 15,000 - - 15,000 15,814 0.04 China First Capital Group Ltd 24,000 - 24,000 - - 0.00 Fuyao Glass Industry Group Co Ltd 4,400 - - 4,400 11,181 0.03 Fuyao Glass Industry Group Co Ltd 'A' - 1,500 - 1,500 4,772 0.01 Hankook Tire & Technology Co Ltd 574 - - 574 11,417 0.03 Hanon Systems 1,641 - - 1,641 12,480 0.03 Huayu Automotive Systems Co Ltd 'A' - 1,500 - 1,500 4,107 0.01 Hyundai Mobis Co Ltd 558 - 104 454 71,238 0.17 Nexteer Automotive Group Ltd 9,000 - 9,000 - - 0.00 Weichai Power Co Ltd 'A' 3,100 - - 3,100 6,544 0.02 Weichai Power Co Ltd 'H' 16,000 - 5,000 11,000 21,588 0.05 159,141 0.39 Banks Absa Group Ltd 5,907 - 2,354 3,553 15,048 0.04 Abu Dhabi Commercial Bank PJSC 22,776 - - 22,776 28,317 0.07 Agricultural Bank of China Ltd 239,000 - 67,000 172,000^ 55,520 0.13 Agricultural Bank of China Ltd 'A' 16,800 30,300 22,500 24,600 10,360 0.03 Akbank T.A.S. 23,977 - - 23,977 16,376 0.04 Al Rajhi Bank 5,013 5,232 1,998 8,247 117,823 0.29 Alinma Bank 3,138 4,827 - 7,965 28,323 0.07 Alior Bank SA 747 - 747 - - 0.00 Alliance Bank Malaysia Bhd 10,800 - 10,800 - - 0.00 Alpha Bank AE 11,677 - 11,677 - - 0.00 AMMB Holdings Bhd 13,600 - - 13,600 8,462 0.02 Arab National Bank - 4,875 - 4,875 22,940 0.06 Banco BBVA Argentina SA ADR 639 639 1,278 - - 0.00 Banco Bradesco SA 9,899 990 3,261 7,628 27,633 0.07 Banco Bradesco SA (Pref) 32,998 3,530 7,163 29,365 115,150 0.28 Banco de Chile 201,714 145,753 - 347,467 30,352 0.07 Banco de Credito e Inversiones SA 428 - - 428 13,889 0.03 Banco do Brasil SA 7,035 - 477 6,558 38,482 0.09

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [169] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Banco Macro SA ADR 333 - 333 - - 0.00 Banco Santander Brasil SA 3,447 - - 3,447 18,004 0.04 Banco Santander Chile 539,795 - - 539,795 21,377 0.05 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 14,956 - 14,956 - - 0.00 Bancolombia SA 1,866 - - 1,866 12,202 0.03 Bancolombia SA (Pref) 3,700 - - 3,700 23,924 0.06 Bangkok Bank PCL RegS 3,300 700 - 4,000 11,611 0.03 Bank AlBilad 1,606 1,317 - 2,923 16,676 0.04 Bank Al-Jazira 1,777 1,904 - 3,681 10,697 0.03 Bank Central Asia Tbk PT 80,700 2,200 16,500 66,400 129,083 0.31 Bank Mandiri Persero Tbk PT 153,300 - 38,200 115,100 41,596 0.10 Bank Millennium SA 5,336 - 5,336 - - 0.00 Bank Negara Indonesia Persero Tbk PT 59,100 - - 59,100 16,939 0.04 Bank of Beijing Co Ltd 'A' 5,900 - - 5,900 3,715 0.01 Bank of China Ltd 'A' 9,060 8,900 - 17,960 7,798 0.02 Bank of China Ltd 'H' 650,000 38,000 145,000 543,000 165,714 0.40 Bank of Communications Co Ltd 72,000 - 18,000 54,000 27,255 0.07 Bank of Communications Co Ltd 'A' 10,300 6,100 - 16,400 10,178 0.02 Bank of Hangzhou Co Ltd 'A' - 3,900 - 3,900 4,800 0.01 Bank of Jiangsu Co Ltd 'A' 4,700 - - 4,700 3,707 0.01 Bank of Nanjing Co Ltd 'A' 4,047 - - 4,047 4,095 0.01 Bank of Ningbo Co Ltd 'A' 1,500 3,000 3,400 1,100 4,155 0.01 Bank of Shanghai Co Ltd 'A' 4,030 - - 4,030 4,351 0.01 Bank of the Philippine Islands 11,304 - 3,970 7,334 9,259 0.02 Bank Polska Kasa Opieki SA 1,453 - - 1,453 17,916 0.04 Bank Rakyat Indonesia Persero Tbk PT 454,300 15,400 80,300 389,400 76,670 0.19 Bank Tabungan Negara Persero Tbk PT 34,700 - 34,700 - - 0.00 Banque Saudi Fransi 1,961 2,448 - 4,409 32,244 0.08 BDO Unibank Inc 14,443 4,850 5,180 14,113 22,989 0.06 Chang Hwa Commercial Bank Ltd 47,610 952 18,000 30,562 18,032 0.04 China CITIC Bank Corp Ltd 73,000 - 31,000 42,000 16,663 0.04 China CITIC Bank Corp Ltd 'A' 6,000 - - 6,000 4,037 0.01 China Construction Bank Corp 'A' 4,995 - - 4,995 3,986 0.01 China Construction Bank Corp 'H' 787,000 38,000 166,000 659,000 439,358 1.07 China Everbright Bank Co Ltd 32,000 - - 32,000 10,930 0.03 China Everbright Bank Co Ltd 'A' 8,899 8,900 - 17,799 8,772 0.02 China Merchants Bank Co Ltd 'A' 5,400 4,600 2,500 7,500 34,029 0.08 China Merchants Bank Co Ltd 'H' 32,000 1,000 8,000 25,000 106,080 0.26 China Minsheng Banking Corp Ltd 52,200 6,000 14,500 43,700 25,031 0.06 China Minsheng Banking Corp Ltd 'A' 9,400 5,700 - 15,100 10,907 0.03 Chongqing Rural Commercial Bank Co Ltd 'H' 16,000 9,000 - 25,000 9,214 0.02 CIMB Group Holdings Bhd 38,449 3,800 3,700 38,549 29,692 0.07 CITIC Ltd 49,000 - 11,000 38,000 32,427 0.08 Commercial Bank PSQC 16,230 - - 16,230 16,644 0.04 Commercial International Bank Egypt SAE 7,383 3,192 - 10,575 37,938 0.09 Credicorp Ltd 555 22 110 467 54,026 0.13 Dubai Islamic Bank PJSC 13,483 - - 13,483 12,589 0.03 Emirates NBD Bank PJSC - 3,237 - 3,237 7,087 0.02 Eurobank Ergasias Services and Holdings SA 18,986 - 18,986 - - 0.00 First Abu Dhabi Bank PJSC 22,297 1,099 3,624 19,772 53,473 0.13 FirstRand Ltd 27,545 11,988 7,077 32,456 67,308 0.16 Grupo Aval Acciones y Valores SA (Pref) 32,022 - 32,022 - - 0.00 Grupo Financiero Banorte SAB de CV 'O' 21,239 - 3,358 17,881 58,565 0.14

[170] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Grupo Financiero Galicia SA ADR 880 - 880 - - 0.00 Grupo Financiero Inbursa SAB de CV 'O' 19,379 - - 19,379 12,702 0.03 Habib Bank Ltd 2,100 - - 2,100 1,402 0.00 Hong Leong Bank Bhd 5,300 - - 5,300 17,057 0.04 Huaxia Bank Co Ltd 'A' 3,800 - - 3,800 3,151 0.01 Industrial & Commercial Bank of China Ltd 533,000 24,000 141,000 416,000 223,637 0.54 Industrial & Commercial Bank of China Ltd 'A' 16,100 5,600 - 21,700 14,033 0.03 Industrial Bank Co Ltd 'A' 5,900 6,100 4,800 7,200 14,701 0.04 Industrial Bank of Korea 2,061 - - 2,061 12,763 0.03 Itau CorpBanca Chile SA 1,662,595 - 1,662,595 - - 0.00 Itau Unibanco Holding SA (Pref) 39,659 704 5,908 34,455 161,903 0.39 Kasikornbank PCL 9,500 - - 9,500 22,587 0.06 Kasikornbank PCL NVDR 6,900 - 2,200 4,700 11,106 0.03 Komercni banka as 651 - - 651 13,729 0.03 Krung Thai Bank PCL 39,300 - 31,500 7,800 2,241 0.01 Malayan Banking Bhd 31,698 - 6,400 25,298 41,631 0.10 Masraf Al Rayan QSC 30,370 - - 30,370 29,698 0.07 mBank SA 130 - - 130 5,939 0.01 MCB Bank Ltd - 3,600 - 3,600 3,481 0.01 Metropolitan Bank & Trust Co 17,293 2,248 4,060 15,481 9,815 0.02 Moneta Money Bank AS 6,780 - 2,641 4,139 8,610 0.02 National Bank of Greece SA 4,797 - 4,797 - - 0.00 National Commercial Bank 4,868 7,352 1,559 10,661 93,870 0.23 Nedbank Group Ltd 3,027 - - 3,027 16,976 0.04 OTP Bank Nyrt 1,833 - 402 1,431 46,434 0.11 Ping An Bank Co Ltd 'A' 2,700 8,800 6,000 5,500 9,566 0.02 Postal Savings Bank of China Co Ltd 70,000 - 8,000 62,000 31,075 0.08 Powszechna Kasa Oszczednosci Bank Polski SA 7,161 - 2,098 5,063 26,845 0.07 Public Bank Bhd 25,600 - 7,100 18,500 67,477 0.16 Qatar International Islamic Bank QSC - 6,021 - 6,021 12,275 0.03 Qatar Islamic Bank SAQ 8,880 912 2,917 6,875 27,485 0.07 Qatar National Bank QPSC 37,040 857 7,853 30,044 134,286 0.33 RHB Bank Bhd 8,212 5,100 - 13,312 14,338 0.03 Riyad Bank 4,583 5,171 - 9,754 40,079 0.10 Samba Financial Group 3,787 4,179 868 7,098 44,420 0.11 Santander Bank Polska SA 291 - - 291 10,669 0.03 Saudi British Bank 983 4,811 1,942 3,852 22,648 0.06 Sberbank of Russia PJSC 50,490 37,800 13,858 74,432 201,757 0.49 Sberbank of Russia PJSC ADR 8,654 677 9,331 - - 0.00 Security Bank Corp 3,190 - 3,190 - - 0.00 Shanghai Commercial & Savings Bank Ltd 23,000 4,868 6,000 21,868 28,759 0.07 Shanghai Pudong Development Bank Co Ltd 'A' 7,400 9,900 7,500 9,800 13,237 0.03 Shinhan Financial Group Co Ltd 3,687 219 783 3,123 71,776 0.17 Siam Commercial Bank PCL 7,500 - - 7,500 14,660 0.04 Standard Bank Group Ltd 10,597 346 2,309 8,634 50,095 0.12 Taiwan Business Bank 22,929 23,349 - 46,278 14,515 0.04 TMB Bank PCL 256,000 177,220 256,000 177,220 4,912 0.01 TMB Bank PCL Rights - 177,220 177,220 - - 0.00 Turkiye Garanti Bankasi AS 19,900 - - 19,900 18,208 0.04 Turkiye Is Bankasi AS 'C' 12,861 - - 12,861 8,046 0.02 VTB Bank PJSC 24,830,000 - - 24,830,000 11,724 0.03 Woori Financial Group Inc 3,681 730 2,341 2,070 13,435 0.03 3,942,171 9.57

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [171] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Machinery - construction & mining B Grimm Power PCL NVDR - 6,400 - 6,400^ 9,149 0.02 Doosan Bobcat Inc 344 - - 344 7,079 0.02 Sany Heavy Industry Co Ltd 'A' 2,900 - - 2,900 7,982 0.02 Shanghai Electric Group Co Ltd 'A' - 7,900 - 7,900 5,665 0.01 Shanghai Electric Group Co Ltd 'H' 14,000 14,000 - 28,000 7,855 0.02 XCMG Construction Machinery Co Ltd 'A' - 8,400 - 8,400 6,954 0.02 Zoomlion Heavy Industry Science and Technology Co Ltd 'H' - 9,600 - 9,600 8,992 0.02 53,676 0.13 Engineering & construction Airports of Thailand PCL 41,200 - 13,200 28,000 42,068 0.10 Beijing Capital International Airport Co Ltd 'H' 14,000 - - 14,000 8,397 0.02 China Communications Construction Co Ltd 36,000 - - 36,000 19,058 0.05 China Communications Construction Co Ltd 'A' 3,200 - - 3,200 3,296 0.01 China Communications Services Corp Ltd 20,000 - - 20,000 11,785 0.03 China National Chemical Engineering Co Ltd 'A' - 5,900 - 5,900 4,431 0.01 China Railway Construction Corp Ltd 17,500 - - 17,500^ 12,715 0.03 China Railway Construction Corp Ltd 'A' 3,660 - - 3,660 4,195 0.01 China Railway Group Ltd 35,000 - - 35,000 16,104 0.04 China Railway Group Ltd 'A' - 6,800 - 6,800 4,938 0.01 China State Construction Engineering Corp Ltd 'A' 10,200 5,900 - 16,100 10,559 0.03 China State Construction International Holdings Ltd 19,250 - - 19,250 10,349 0.02 China Tower Corp Ltd 346,000 - 50,000 296,000 48,989 0.12 Daelim Industrial Co Ltd 228 - - 228 14,571 0.04 Daewoo Engineering & Construction Co Ltd 600 1,104 - 1,704 4,541 0.01 DMCI Holdings Inc 29,100 - 29,100 - - 0.00 Gamuda Bhd 14,100 - - 14,100 10,770 0.03 Grupo Aeroportuario del Pacifico SAB de CV 'B' 2,750 474 485 2,739 16,587 0.04 Grupo Aeroportuario del Sureste SAB de CV 'B' 1,656 297 306 1,647 14,934 0.04 GS Engineering & Construction Corp 531 578 531 578 11,894 0.03 Guangzhou Baiyun International Airport Co Ltd 'A' - 2,100 - 2,100 3,888 0.01 Hubei Kaile Science & Technology Co Ltd 'A' - 2,700 2,400 300 557 0.00 Hyundai Engineering & Construction Co Ltd 634 - - 634 16,604 0.04 Jasa Marga Persero Tbk PT 10,459 10,500 20,959 - - 0.00 Malaysia Airports Holdings Bhd 3,960 - - 3,960 4,486 0.01 Metallurgical Corp of China Ltd 23,000 - 23,000 - - 0.00 Metallurgical Corp of China Ltd 'A' - 11,000 - 11,000 4,016 0.01 Power Construction Corp of China Ltd 'A' 7,100 - - 7,100 3,897 0.01 Samsung C&T Corp 709 130 210 629 50,909 0.12 Samsung Engineering Co Ltd 1,369 - 289 1,080^ 9,813 0.02 Shanghai Construction Group Co Ltd 'A' - 10,714 - 10,714 4,358 0.01 Shanghai International Airport Co Ltd 'A' 500 - - 500 4,428 0.01 TAV Havalimanlari Holding AS 782 - - 782 1,692 0.00 374,829 0.91 Home builders Land & Houses PCL NVDR 54,200 16,300 - 70,500 15,220 0.04 15,220 0.04 Building materials Anhui Conch Cement Co Ltd 'A' 900 800 - 1,700 13,614 0.03 Anhui Conch Cement Co Ltd 'H' 10,500 2,500 4,500 8,500 58,416 0.14 Asia Cement Corp 18,000 - - 18,000 22,331 0.05 BBMG Corp 18,000 - 18,000 - - 0.00

[172] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) BBMG Corp 'A' - 10,300 - 10,300 4,338 0.01 Beijing New Building Materials Plc 'A' - 1,700 - 1,700 6,831 0.02 Beijing Oriental Yuhong Waterproof Technology Co Ltd 'A' - 1,500 - 1,500 10,721 0.03 Cementos Argos SA 2,687 1,775 4,462 - - 0.00 Cemex SAB de CV 119,251 11,652 12,937 117,966 32,979 0.08 China Lesso Group Holdings Ltd - 8,000 - 8,000 14,048 0.03 China National Building Material Co Ltd 'H' 32,000 - - 32,000 45,148 0.11 China Resources Cement Holdings Ltd 24,000 - 4,000 20,000 24,884 0.06 Grupo Argos SA/Colombia 1,827 754 2,581 - - 0.00 Huaxin Cement Co Ltd 'A' - 2,100 2,100 - - 0.00 Indocement Tunggal Prakarsa Tbk PT 15,100 - - 15,100 11,643 0.03 KCC Glass Corp - 37 37 - - 0.00 Saudi Cement Co 329 371 249 451 6,126 0.02 Semen Indonesia Persero Tbk PT 24,300 - - 24,300 13,967 0.03 Taiwan Cement Corp 37,800 2,650 9,000 31,450 43,949 0.11 Titan Cement International SA 'T' 216 202 418 - - 0.00 308,995 0.75 Hotels Fosun International Ltd 20,952 - - 20,952 21,715 0.05 Fosun International Ltd Rights - 10 10 - - 0.00 Genting Bhd 17,400 - - 17,400 14,298 0.03 Genting Malaysia Bhd 24,800 - - 24,800 12,132 0.03 Huazhu Group Ltd ADR 1,073 - - 1,073 33,510 0.08 Kangwon Land Inc 1,026 - 181 845 14,743 0.04 Minor International PCL 26,950 3,286 - 30,236 16,054 0.04 Minor International PCL Rights - 3,286 3,286 - - 0.00 112,452 0.27 Apparel Eclat Textile Co Ltd 1,042 1,000 1,000 1,042 11,196 0.03 Feng TAY Enterprise Co Ltd 2,368 - - 2,368 12,905 0.03 Fila Holdings Corp 416 - 106 310 7,906 0.02 LPP SA 10 3 3 10 16,821 0.04 Pou Chen Corp 17,000 - - 17,000 14,016 0.03 Shenzhou International Group Holdings Ltd 6,200 1,000 1,600 5,600 60,802 0.15 Topsports International Holdings Ltd - 11,000 - 11,000 12,033 0.03 135,679 0.33 Mining Alrosa PJSC 26,111 - - 26,111 21,864 0.05 Aluminum Corp of China Ltd 32,000 - - 32,000 7,475 0.02 Aluminum Corp of China Ltd 'A' - 8,200 - 8,200 3,517 0.01 Anglo American Platinum Ltd 478 - 57 421 29,330 0.07 AngloGold Ashanti Ltd 3,381 - 648 2,733 80,991 0.20 China Hongqiao Group Ltd 16,500 - - 16,500 8,618 0.02 China Molybdenum Co Ltd 30,000 - - 30,000 11,057 0.03 China Molybdenum Co Ltd 'A' 8,727 - - 8,727 5,007 0.01 China Northern Rare Earth Group High-Tech Co Ltd 'A' - 2,500 - 2,500 4,045 0.01 China Zhongwang Holdings Ltd 13,200 - 13,200 - - 0.00 Cia de Minas Buenaventura SAA ADR 1,755 - - 1,755 18,935 0.05 Ganfeng Lithium Co Ltd 'A' - 1,300 1,300 - - 0.00 Gold Fields Ltd 6,578 - - 6,578 78,202 0.19 Grupo Mexico SAB de CV 'B' 28,671 - 6,356 22,315 51,418 0.12 Impala Platinum Holdings Ltd - 6,423 1,444 4,979 40,132 0.10 Industrias Penoles SAB de CV 982 1,586 2,141 427 5,813 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [173] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Jiangxi Copper Co Ltd 10,000 - - 10,000 10,834 0.03 Jiangxi Copper Co Ltd 'A' - 3,100 - 3,100 6,544 0.02 KGHM Polska Miedz SA 1,140 - - 1,140 35,030 0.08 Korea Zinc Co Ltd 66 13 14 65 20,547 0.05 MMC Norilsk Nickel PJSC 562 47 137 472 113,679 0.28 MMG Ltd 16,000 - 16,000 - - 0.00 Northam Platinum Ltd - 2,874 - 2,874 20,578 0.05 Press Metal Aluminium Holdings Bhd 13,300 - - 13,300 13,811 0.03 Shandong Gold Mining Co Ltd 'A' - 2,000 - 2,000 11,215 0.03 Sibanye Gold Ltd - 18,230 18,230 - - 0.00 Sibanye Stillwater Ltd - 18,230 4,941 13,289 34,218 0.08 Southern Copper Corp 696 - 293 403 16,025 0.04 Zhaojin Mining Industry Co Ltd 9,000 - - 9,000^ 10,205 0.02 Zhejiang Huayou Cobalt Co Ltd 'A' - 1,700 1,100 600 3,345 0.01 Zhongjin Gold Corp Ltd 'A' - 3,400 - 3,400 5,027 0.01 Zijin Mining Group Co Ltd 'A' - 8,900 - 8,900 6,788 0.02 Zijin Mining Group Co Ltd 'H' 46,000 - - 46,000 25,971 0.06 700,221 1.70 Biotechnology 3SBio Inc 10,500 - - 10,500 11,610 0.03 CanSino Biologics Inc - 600 - 600 19,114 0.05 Hualan Biological Engineering Inc 'A' - 1,170 - 1,170 9,905 0.02 Hutchison China MediTech Ltd ADR 463 - - 463 11,422 0.03 Innovent Biologics Inc - 7,500 - 7,500 41,816 0.10 Medytox Inc 40 1 41 - - 0.00 Samsung Biologics Co Ltd 135 - 29 106 59,327 0.14 Shenzhen Kangtai Biological Products Co Ltd 'A' - 400 - 400 11,727 0.03 TaiMed Biologics Inc 1,000 - 1,000 - - 0.00 Zai Lab Ltd ADR - 246 - 246 17,032 0.04 181,953 0.44 Chemicals Advanced Petrochemical Co 427 549 - 976 12,192 0.03 Barito Pacific Tbk PT 46,700 186,800 151,600 81,900 4,848 0.01 Braskem SA 'A' (Pref) 1,748 - - 1,748 6,964 0.02 Formosa Chemicals & Fibre Corp 29,000 - 7,000 22,000 46,046 0.11 Formosa Plastics Corp 36,000 2,000 14,000 24,000 58,505 0.14 Hanwha Solutions Corp 842 - - 842 16,394 0.04 Hengli Petrochemical Co Ltd 'A' - 2,500 - 2,500 5,303 0.01 Indorama Ventures PCL 14,300 - - 14,300 10,430 0.03 Industries Qatar QSC 14,850 - 1,663 13,187 25,607 0.06 IRPC PCL 101,200 - - 101,200 7,499 0.02 KCC Corp 48 40 88 - - 0.00 Kingboard Holdings Ltd 5,500 - - 5,500 14,622 0.04 Kingboard Laminates Holdings Ltd 10,500 - 4,000 6,500 6,645 0.02 Kumho Petrochemical Co Ltd 109 66 - 175 11,304 0.03 LG Chem Ltd 376 17 73 320 138,784 0.34 LG Chem Ltd (Pref) 59 - - 59 11,983 0.03 Lomon Billions Group Co Ltd 'A' - 2,500 - 2,500 7,686 0.02 Lotte Chemical Corp 140 - - 140 18,012 0.04 Mesaieed Petrochemical Holding Co 37,540 - - 37,540 19,436 0.05 Mexichem Sab De Cv 8,431 - 8,431 - - 0.00 Nan Ya Plastics Corp 42,000 - 10,000 32,000 60,716 0.15 National Industrialization Co 1,438 1,641 - 3,079 7,707 0.02

[174] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Orbia Advance Corp SAB de CV - 8,431 - 8,431 12,179 0.03 Petronas Chemicals Group Bhd 19,100 - - 19,100 25,325 0.06 PhosAgro PJSC GDR RegS 954 339 - 1,293 13,903 0.03 PTT Global Chemical PCL 19,000 - 8,600 10,400 14,260 0.03 Rabigh Refining & Petrochemical Co 961 1,125 882 1,204 3,727 0.01 Rongsheng Petro Chemical Co Ltd 'A' - 2,800 - 2,800 6,097 0.02 Sahara International Petrochemical Co 1,570 1,288 - 2,858 10,094 0.02 Sasol Ltd 4,601 219 277 4,543 33,065 0.08 Saudi Arabian Fertilizer Co 711 839 260 1,290 24,407 0.06 Saudi Arabian Mining Co 1,746 1,578 - 3,324 29,147 0.07 Saudi Basic Industries Corp 3,069 4,190 1,287 5,972 128,778 0.31 Saudi Kayan Petrochemical Co 3,212 2,634 - 5,846 11,528 0.03 Shandong Hualu Hengsheng Chemical Co Ltd 'A' - 1,973 - 1,973 5,950 0.01 Sinopec Shanghai Petrochemical Co Ltd 'H' 28,000 - - 28,000 5,686 0.01 Sociedad Quimica y Minera de Chile SA 'B' (Pref) 936 - 505 431 11,940 0.03 Tianqi Lithium Corp 'A' - 1,690 - 1,690 5,575 0.01 Tianqi Lithium Corp 'A' Rights - 390 390 - - 0.00 Wanhua Chemical Group Co Ltd 'A' - 2,200 1,800 400 3,525 0.01 Yanbu National Petrochemical Co 961 829 - 1,790 22,491 0.05 Zhejiang Longsheng Group Co Ltd 'A' - 2,100 - 2,100 4,047 0.01 862,407 2.09 Computers Acer Inc 27,000 - 12,000 15,000 9,456 0.02 Advantech Co Ltd 3,099 109 2,000 1,208 11,591 0.03 Aisino Corp 'A' - 1,400 - 1,400 3,193 0.01 Asustek Computer Inc 6,000 - 2,000 4,000 26,892 0.07 BOE Technology Group Co Ltd 'A' 10,100 - - 10,100 6,150 0.01 Compal Electronics Inc 32,000 - - 32,000 18,533 0.04 Foxconn Technology Co Ltd 8,080 - - 8,080 13,600 0.03 Globant SA 254 107 130 231 36,342 0.09 Innolux Corp 78,000 - 21,000 57,000 14,691 0.04 Inspur Electronic Information Industry Co Ltd 'A' - 1,232 - 1,232 6,098 0.01 Inspur Electronic Information Industry Co Ltd 'A' Rights - 132 132 - - 0.00 Inventec Corp 24,000 2,000 17,000 9,000 6,987 0.02 Lenovo Group Ltd 58,000 - - 58,000 31,793 0.08 Lite-On Technology Corp 17,100 - - 17,100 26,338 0.06 Phison Electronics Corp 1,000 - - 1,000 9,145 0.02 Quanta Computer Inc 21,000 - - 21,000 53,344 0.13 Samsung SDS Co Ltd 285 79 123 241 30,639 0.07 Sangfor Technologies Inc 'A' - 300 - 300 8,365 0.02 Unisplendour Corp Ltd 'A' - 1,200 - 1,200 6,853 0.02 Venustech Group Inc 'A' - 1,100 1,100 - - 0.00 Wistron Corp 26,786 - 5,000 21,786 23,340 0.06 Wiwynn Corp - 1,000 1,000 - - 0.00 343,350 0.83 Miscellaneous manufacturers Airtac International Group 1,000 - - 1,000 19,067 0.05 China Jushi Co Ltd 'A' - 3,900 - 3,900 7,037 0.02 China Railway Signal & Communication Corp Ltd 12,000 - - 12,000 4,747 0.01 CRRC Corp Ltd 36,800 - - 36,800 14,557 0.03 CRRC Corp Ltd 'A' 6,500 4,300 - 10,800 8,223 0.02 Hartalega Holdings Bhd 13,600 6,300 10,700 9,200 40,030 0.10 Hiwin Technologies Corp 2,203 66 1,000 1,269 12,177 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [175] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd 'A' - 800 - 800 7,328 0.02 Largan Precision Co Ltd 1,000 - - 1,000 118,780 0.29 Lens Technology Co Ltd 'A' - 2,400 - 2,400 10,279 0.02 POSCO Chemical Co Ltd 175 - - 175 10,102 0.02 Sunny Optical Technology Group Co Ltd 6,200 400 1,500 5,100^ 87,340 0.21 Zhuzhou CRRC Times Electric Co Ltd 'H' 5,100 - - 5,100 16,283 0.04 355,950 0.86 Diversified financial services B3 SA - Brasil Bolsa Balcao 16,852 434 3,524 13,762 152,565 0.37 Banco BTG Pactual SA 1,557 297 - 1,854 27,999 0.07 BNK Financial Group Inc 2,542 - - 2,542 9,977 0.02 BOC Aviation Ltd 2,100 - 700 1,400 7,362 0.02 Caitong Securities Co Ltd 'A' - 3,800 - 3,800 8,294 0.02 Capitec Bank Holdings Ltd 395 - - 395 18,656 0.05 Chailease Holding Co Ltd 10,673 386 1,000 10,059 38,265 0.09 Changjiang Securities Co Ltd 'A' - 5,800 - 5,800 6,534 0.02 China Cinda Asset Management Co Ltd 80,000 - - 80,000 13,710 0.03 China Development Financial Holding Corp 104,000 - - 104,000 27,904 0.07 China Everbright Ltd 8,000 - - 8,000 11,644 0.03 China Galaxy Securities Co Ltd 'H' 28,500 - - 28,500 15,489 0.04 China Huarong Asset Management Co Ltd 79,000 - - 79,000 8,160 0.02 China International Capital Corp Ltd 9,200 - - 9,200 19,762 0.05 China Merchants Securities Co Ltd 'A' 1,600 480 - 2,080 5,839 0.01 China Merchants Securities Co Ltd 'A' Rights - 480 480 - - 0.00 CITIC Securities Co Ltd 'A' 2,600 1,500 - 4,100 16,016 0.04 CITIC Securities Co Ltd 'H' 17,000 - - 17,000 35,997 0.09 CSC Financial Co Ltd 'A' - 1,600 - 1,600 10,145 0.03 CTBC Financial Holding Co Ltd 154,048 10,000 36,000 128,048 77,141 0.19 E.Sun Financial Holding Co Ltd 85,283 5,282 19,000 71,565 60,226 0.15 East Money Information Co Ltd 'A' 2,700 540 - 3,240 11,266 0.03 Everbright Securities Co Ltd 'A' - 2,700 - 2,700 8,452 0.02 Far East Horizon Ltd 18,000 - - 18,000 13,480 0.03 First Capital Securities Co Ltd 'A' - 4,900 - 4,900 6,932 0.02 First Financial Holding Co Ltd 80,480 804 14,000 67,284 49,310 0.12 Founder Securities Co Ltd 'A' - 4,900 - 4,900 5,481 0.01 Fubon Financial Holding Co Ltd 54,000 - 9,000 45,000 58,342 0.14 GF Securities Co Ltd 11,200 - - 11,200 12,213 0.03 GF Securities Co Ltd 'A' 2,600 - - 2,600 5,288 0.01 Guosen Securities Co Ltd 'A' - 2,400 - 2,400 4,130 0.01 Guotai Junan Securities Co Ltd 6,000 - - 6,000 9,029 0.02 Guotai Junan Securities Co Ltd 'A' 1,700 1,700 - 3,400 8,192 0.02 Guoyuan Securities Co Ltd 'A' - 4,400 - 4,400 5,972 0.01 Haitong Securities Co Ltd 25,600 - 14,400 11,200 9,465 0.02 Haitong Securities Co Ltd 'A' 2,900 - - 2,900 5,331 0.01 Hana Financial Group Inc 2,458 - 604 1,854 41,761 0.10 Hong Leong Financial Group Bhd 2,090 - - 2,090 6,027 0.02 Hua Nan Financial Holdings Co Ltd 61,207 3,335 19,000 45,542 28,426 0.07 Huatai Securities Co Ltd 15,400 4,000 12,000 7,400 12,160 0.03 Huatai Securities Co Ltd 'A' 1,900 2,500 - 4,400 11,927 0.03 Industrial Securities Co Ltd 'A' - 5,300 - 5,300 5,659 0.01 Investec Ltd 2,518 - 2,518 - - 0.00 KB Financial Group Inc 3,251 122 660 2,713 73,021 0.18 Korea Investment Holdings Co Ltd 353 - - 353 13,126 0.03

[176] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Mega Financial Holding Co Ltd 88,896 - 17,000 71,896 72,226 0.18 Meritz Securities Co Ltd 2,648 - - 2,648 6,227 0.02 Mirae Asset Daewoo Co Ltd 3,481 - 1,466 2,015 12,139 0.03 Moscow Exchange MICEX-RTS PJSC 15,993 - 8,711 7,282 11,874 0.03 Muangthai Capital PCL NVDR 3,500 - - 3,500 5,105 0.01 Nanjing Securities Co Ltd 'A' - 4,700 4,700 - - 0.00 NH Investment & Securities Co Ltd 1,152 - - 1,152 7,723 0.02 Ninety One Ltd - 2,518 2,518 - - 0.00 Noah Holdings Ltd ADR 213 - - 213 5,904 0.01 Old Mutual Ltd 40,446 - 17,259 23,187 14,208 0.03 Orient Securities Co Ltd 'A' 3,300 - - 3,300 5,038 0.01 Qudian Inc ADR - 1,210 1,210 - - 0.00 Rand Merchant Investment Holdings Ltd 5,834 - - 5,834 9,914 0.02 RMB Holdings Ltd 5,643 2,744 8,387 - - 0.00 Samsung Card Co Ltd 165 - - 165 3,565 0.01 Samsung Securities Co Ltd 549 - 156 393 8,687 0.02 Shenwan Hongyuan Group Co Ltd 'A' 5,100 6,400 - 11,500 8,741 0.02 SinoPac Financial Holdings Co Ltd 87,320 - - 87,320 28,879 0.07 Srisawad Corp PCL NVDR - 6,000 - 6,000 8,402 0.02 Taishin Financial Holding Co Ltd 77,006 1,601 - 78,607 32,588 0.08 Taiwan Cooperative Financial Holding Co Ltd 67,655 2,029 - 69,684 46,308 0.11 Western Securities Co Ltd 'A' - 4,200 - 4,200 5,432 0.01 Yuanta Financial Holding Co Ltd 79,865 - 21,000 58,865 32,904 0.08 Zheshang Securities Co Ltd 'A' - 4,300 4,300 - - 0.00 1,302,539 3.16 Retail Ace Hardware Indonesia Tbk PT - 55,000 - 55,000 5,997 0.02 Alibaba Health Information Technology Ltd 30,000 8,000 16,000 22,000 55,261 0.13 Alsea SAB de CV 4,859 - 4,859 - - 0.00 AmRest Holdings SE - 616 616 - - 0.00 ANTA Sports Products Ltd 9,000 2,000 4,000 7,000 60,391 0.15 Astra International Tbk PT 165,100 9,600 59,200 115,500 37,062 0.09 Atacadao SA 3,533 - - 3,533 13,854 0.03 BGF retail Co Ltd 68 - - 68 6,464 0.02 Bidvest Group Ltd 2,318 - - 2,318 16,336 0.04 Bosideng International Holdings Ltd - 26,000 - 26,000 6,836 0.02 CCC SA 183 112 295 - - 0.00 Central Retail Corp PCL NVDR - 6,491 - 6,491 5,586 0.01 CJ ENM Co Ltd 91 - - 91 7,998 0.02 Clicks Group Ltd 1,959 - - 1,959 23,889 0.06 CP ALL PCL 21,100 - - 21,100 42,012 0.10 CP ALL PCL NVDR 26,700 - 6,000 20,700 41,215 0.10 El Puerto de Liverpool SAB de CV 1,478 - 1,478 - - 0.00 E-MART Inc 179 - - 179 15,581 0.04 Falabella SA 6,160 - - 6,160 19,990 0.05 FF Group 160 - - 160 2 0.00 Foschini Group Ltd 1,893 - 1,893 - - 0.00 GOME Retail Holdings Ltd 49,000 - - 49,000 6,442 0.02 GS Retail Co Ltd 137 - - 137 3,593 0.01 Haidilao International Holding Ltd - 7,000 - 7,000 29,292 0.07 Home Product Center PCL 18,987 - - 18,987 8,641 0.02 Home Product Center PCL NVDR 25,900 - - 25,900 11,787 0.03 Hotai Motor Co Ltd 2,000 2,000 2,000 2,000 41,612 0.10

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [177] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Hotel Shilla Co Ltd 265 - - 265 14,225 0.03 Hyundai Department Store Co Ltd 115 - - 115 5,242 0.01 Jarir Marketing Co 257 211 - 468 17,164 0.04 Jollibee Foods Corp 4,270 - - 4,270 10,671 0.03 JUMBO SA 891 - - 891 15,920 0.04 Li Ning Co Ltd 17,000 - 1,500 15,500 45,393 0.11 Lojas Americanas SA - 62 62 - - 0.00 Lojas Americanas SA (Pref) 6,492 62 - 6,554 39,055 0.10 Lojas Americanas SA (Pref) Rights - 62 62 - - 0.00 Lojas Renner SA 6,482 1,302 2,167 5,617 40,371 0.10 Lotte Shopping Co Ltd 93 - - 93 5,532 0.01 Magazine Luiza SA 647 5,348 953 5,042 71,112 0.17 Mango Excellent Media Co Ltd 'A' - 1,000 - 1,000 8,876 0.02 Mr Price Group Ltd 2,016 - - 2,016 13,644 0.03 Oriental Pearl Group Co Ltd 'A' - 4,100 - 4,100 5,420 0.01 Pepkor Holdings Ltd - 6,910 - 6,910 3,714 0.01 Pick n Pay Stores Ltd 3,247 - - 3,247 7,813 0.02 President Chain Store Corp 5,000 - 1,000 4,000 34,780 0.08 Raia Drogasil SA 1,813 - 592 1,221 26,479 0.06 Robinson PCL NVDR 4,100 - 4,100 - - 0.00 Ruentex Industries Ltd 1,800 - 1,800 - - 0.00 Shanghai M&G Stationery Inc 'A' - 700 - 700 5,966 0.01 Shanghai Pharmaceuticals Holding Co Ltd 'A' - 2,000 - 2,000 5,346 0.01 Shanghai Pharmaceuticals Holding Co Ltd 'H' 5,500 - - 5,500 8,883 0.02 Shinsegae Inc 65 - - 65 10,373 0.03 SM Investments Corp 2,060 - 660 1,400 23,065 0.06 Sun Art Retail Group Ltd 20,500 - - 20,500 25,891 0.06 Suning.com Co Ltd 'A' 3,200 - - 3,200 4,301 0.01 Truworths International Ltd 3,415 - 3,415 - - 0.00 Wal-Mart de Mexico SAB de CV 42,872 4,095 13,086 33,881 72,540 0.18 Yifeng Pharmacy Chain Co Ltd 'A' - 560 - 560 6,303 0.02 Yum China Holdings Inc 2,947 - 372 2,575 120,029 0.29 Zhongsheng Group Holdings Ltd 4,500 - - 4,500 25,274 0.06 1,133,223 2.75 Iron & steel Angang Steel Co Ltd 'H' 7,800 - 7,800 - - 0.00 Baoshan Iron & Steel Co Ltd 'A' 5,145 8,500 - 13,645 8,753 0.02 China Oriental Group Co Ltd 14,000 - 14,000 - - 0.00 China Steel Corp 97,000 - 7,000 90,000 55,337 0.13 Cia Siderurgica Nacional SA 5,303 - - 5,303 11,352 0.03 Eregli Demir ve Celik Fabrikalari TAS 10,536 - - 10,536 10,491 0.03 Gerdau SA (Pref) 9,571 - - 9,571 29,185 0.07 Hyundai Steel Co 647 - - 647 12,252 0.03 Inner Mongolia BaoTou Steel Union Co Ltd 'A' 20,300 - - 20,300 3,097 0.01 Kumba Iron Ore Ltd 524 - - 524 15,396 0.04 Maanshan Iron & Steel Co Ltd 16,000 30,000 46,000 - - 0.00 Magnitogorsk Iron & Steel Works PJSC 21,183 - - 21,183 10,376 0.02 Novolipetsk Steel PJSC 11,156 - - 11,156 19,892 0.05 POSCO 642 23 205 460 67,964 0.16 Severstal PAO 2,276 877 1,661 1,492 16,625 0.04 Vale SA 25,949 4,796 5,236 25,509 270,623 0.66 531,343 1.29

[178] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Electrical components & equipment AVIC Jonhon Optronic Technology Co Ltd 'A' - 800 - 800 4,543 0.01 Contemporary Amperex Technology Co Ltd 'A' - 1,100 - 1,100 30,429 0.07 Delta Electronics Inc 16,472 - 4,000 12,472 77,460 0.19 ElSewedy Electric Co - 6,147 - 6,147 2,353 0.01 Eve Energy Co Ltd 'A' - 1,520 - 1,520 11,930 0.03 LG Innotek Co Ltd 141 103 169 75 9,220 0.02 Shanxi Meijin Energy Co Ltd 'A' - 4,500 - 4,500 3,872 0.01 Tatung Co Ltd 17,000 - - 17,000 8,447 0.02 Wuxi Lead Intelligent Equipment Co Ltd 'A' - 1,000 - 1,000 5,741 0.01 Xinjiang Goldwind Science & Technology Co Ltd 'A' - 2,700 - 2,700 4,576 0.01 Xinjiang Goldwind Science & Technology Co Ltd 'H' 9,520 - 6,000 3,520 3,223 0.01 161,794 0.39 Electric Aboitiz Power Corp 7,100 - - 7,100 3,371 0.01 Centrais Eletricas Brasileiras SA 1,779 - - 1,779 11,484 0.03 Centrais Eletricas Brasileiras SA 'B' (Pref) 2,100 - - 2,100 14,110 0.03 Centrais Eletricas Brasileiras SA 'B' (Pref) Rights - 429 429 - - 0.00 Centrais Eletricas Brasileiras SA Rights - 364 364 - - 0.00 CEZ AS 1,282 205 830 657 12,012 0.03 CGN Power Co Ltd 99,000 - 22,000 77,000 14,732 0.03 China Longyuan Power Group Corp Ltd 28,000 - - 28,000 18,240 0.04 China National Nuclear Power Co Ltd 'A' 6,050 - - 6,050 3,423 0.01 China Power International Development Ltd 36,000 - - 36,000 6,127 0.01 China Resources Power Holdings Co Ltd 18,055 - 4,000 14,055 16,299 0.04 China Yangtze Power Co Ltd 'A' 1,900 9,700 - 11,600 27,783 0.07 Cia Energetica de Minas Gerais (Pref) 7,551 - - 7,551 15,834 0.04 Colbun SA 64,583 - - 64,583 10,633 0.02 Datang International Power Generation Co Ltd 'H' 24,000 - 24,000 - - 0.00 Electricity Generating PCL NVDR 2,200 - - 2,200 15,211 0.04 Enel Americas SA 289,790 76,129 178,965 186,954 26,393 0.06 Enel Americas SA Rights - 1,974 1,974 - - 0.00 Enel Chile SA 267,908 - 59,711 208,197 16,265 0.04 Energisa SA 1,457 - - 1,457 12,514 0.03 Engie Brasil Energia SA 1,787 - - 1,787 14,418 0.03 Equatorial Energia SA 1,322 5,466 188 6,600 29,445 0.07 GD Power Development Co Ltd 'A' - 12,300 - 12,300 3,272 0.01 Global Power Synergy PCL NVDR - 5,600 - 5,600 11,191 0.03 Gulf Energy Development PCL NVDR 3,500 19,500 10,900 12,100 11,914 0.03 Huadian Power International Corp Ltd 'H' 20,000 - 20,000 - - 0.00 Huaneng Power International Inc 'H' 30,000 - - 30,000 11,656 0.03 Huaneng Renewables Corp Ltd 'H' 24,000 16,000 40,000 - - 0.00 Infraestructura Energetica Nova SAB de CV 4,394 - - 4,394 11,920 0.03 Inter RAO UES PJSC 342,435 - - 342,435 24,235 0.06 Interconexion Electrica SA ESP 3,626 - 2,953 673 3,153 0.01 Korea Electric Power Corp 2,090 - 773 1,317 19,207 0.05 Manila Electric Co 2,230 - 750 1,480 7,260 0.02 Pampa Energia SA ADR 540 - 540 - - 0.00 PGE Polska Grupa Energetyczna SA 6,886 - - 6,886 11,116 0.03 Qatar Electricity & Water Co QSC 4,120 - - 4,120 17,290 0.04 Ratch Group PCL NVDR 4,300 2,300 - 6,600 11,505 0.03 Saudi Electricity Co 3,557 3,216 2,333 4,440 16,887 0.04 SDIC Power Holdings Co Ltd 'A' - 3,600 - 3,600 4,046 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [179] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Sichuan Chuantou Energy Co Ltd 'A' - 3,500 - 3,500 4,358 0.01 Tenaga Nasional Bhd 25,600 3,500 12,700 16,400 40,253 0.10 477,557 1.16 Electronics AAC Technologies Holdings Inc 6,000 - - 6,000^ 43,453 0.11 AU Optronics Corp 71,000 - - 71,000 22,026 0.05 BYD Electronic International Co Ltd 4,500 - - 4,500 14,341 0.04 China Greatwall Technology Group Co Ltd 'A' - 2,100 - 2,100 5,011 0.01 Foxconn Industrial Internet Co Ltd 'A' - 2,300 - 2,300 4,375 0.01 GoerTek Inc 'A' - 1,600 - 1,600 8,908 0.02 Hangzhou Hikvision Digital Technology Co Ltd 'A' 2,100 2,500 - 4,600 22,185 0.05 Hon Hai Precision Industry Co Ltd 102,296 - 19,000 83,296 202,793 0.49 LG Display Co Ltd 1,923 - - 1,923 18,501 0.05 Lingyi iTech Guangdong Co 'A' - 3,000 - 3,000 4,639 0.01 Luxshare Precision Industry Co Ltd 'A' 2,210 662 - 2,872 21,939 0.05 Micro-Star International Co Ltd 6,000 - 3,000 3,000 12,157 0.03 OFILM Group Co Ltd 'A' - 2,800 - 2,800 7,101 0.02 Pegatron Corp 17,000 - 2,000 15,000 28,740 0.07 Samsung Electro-Mechanics Co Ltd 441 - - 441 47,310 0.12 Shengyi Technology Co Ltd 'A' - 1,400 - 1,400 5,251 0.01 Shennan Circuits Co Ltd 'A' - 280 - 280 5,627 0.01 Shenzhen Inovance Technology Co Ltd 'A' - 1,200 - 1,200 7,864 0.02 Synnex Technology International Corp 11,300 - - 11,300 15,370 0.04 Tianma Microelectronics Co Ltd 'A' - 2,500 - 2,500 5,479 0.01 Walsin Technology Corp 3,000 - 1,000 2,000 10,900 0.03 Wingtech Technology Co Ltd 'A' - 700 - 700 13,877 0.03 WPG Holdings Ltd 14,720 - 10,000 4,720 5,848 0.02 WUS Printed Circuit Kunshan Co Ltd 'A' - 1,500 - 1,500 4,705 0.01 Yageo Corp 2,396 1,000 1,000 2,396 28,943 0.07 Zhejiang Chint Electrics Co Ltd 'A' - 1,400 - 1,400 5,786 0.01 Zhen Ding Technology Holding Ltd 3,000 2,000 2,000 3,000 12,577 0.03 585,706 1.42 Oil & gas China Petroleum & Chemical Corp 208,000 8,000 70,000 146,000 56,895 0.14 China Petroleum & Chemical Corp 'A' 6,300 6,200 - 12,500 6,519 0.02 CNOOC Ltd 146,000 3,000 30,000 119,000 114,537 0.28 Cosan SA 1,335 274 352 1,257 19,857 0.05 Ecopetrol SA 40,381 - - 40,381 20,494 0.05 Empresas COPEC SA 3,191 - - 3,191 23,702 0.06 Formosa Petrochemical Corp 10,000 - - 10,000 25,309 0.06 Gazprom PJSC 49,570 10,485 5,275 54,780 122,226 0.30 Gazprom PJSC ADR 18,938 1,576 4,747 15,767 69,536 0.17 Grupa Lotos SA 820 - 209 611 7,231 0.02 Hyundai Heavy Industries Holdings Co Ltd 84 - - 84 15,169 0.04 Kunlun Energy Co Ltd 30,000 - - 30,000 22,818 0.05 LUKOIL PJSC 2,792 253 - 3,045 189,727 0.46 LUKOIL PJSC ADR 587 - 529 58 3,593 0.01 MOL Hungarian Oil & Gas Plc 3,157 421 481 3,097 16,607 0.04 Motor Oil Hellas Corinth Refineries SA 541 241 196 586 7,211 0.02 Novatek PJSC GDR RegS 745 23 140 628 83,751 0.20 Oil & Gas Development Co Ltd 9,000 - 5,538 3,462 2,162 0.00 Petrobras Distribuidora SA 5,683 - - 5,683 22,543 0.05 PetroChina Co Ltd 'A' 4,800 - - 4,800 2,785 0.01

[180] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) PetroChina Co Ltd 'H' 172,000 10,000 44,000 138,000 43,573 0.10 Petroleo Brasileiro SA 24,364 5,967 4,683 25,648 101,740 0.25 Petroleo Brasileiro SA (Pref) 34,386 666 5,371 29,681 115,144 0.28 Petronas Dagangan Bhd 1,200 900 - 2,100 9,687 0.02 Polski Koncern Naftowy ORLEN SA 2,450 - 193 2,257 29,315 0.07 Polskie Gornictwo Naftowe i Gazownictwo SA 13,665 - - 13,665 17,049 0.04 PTT Exploration & Production PCL 10,500 - - 10,500 27,875 0.07 PTT Exploration & Production PCL NVDR 700 - - 700 1,858 0.00 PTT PCL 93,700 - 22,200 71,500 81,350 0.20 Qatar Fuel QSC 4,370 - 3,541 829 3,314 0.01 Rosneft Oil Co PJSC 5,580 - - 5,580 24,385 0.06 Saudi Arabian Oil Co - 10,553 3,133 7,420 59,393 0.14 SK Holdings Co Ltd 289 - 82 207 35,009 0.08 SK Innovation Co Ltd 454 137 196 395 38,304 0.09 S-Oil Corp 384 - 59 325 15,138 0.04 Surgutneftegas PJSC 66,728 - 8,422 58,306 26,552 0.06 Surgutneftegas PJSC (Pref) 63,109 - 7,943 55,166 25,304 0.06 Tatneft PJSC 9,849 - - 9,849 66,498 0.16 Tatneft PJSC ADR 440 71 511 - - 0.00 Thai Oil PCL 9,200 - - 9,200 11,273 0.03 Tupras Turkiye Petrol Rafinerileri AS 1,240 - 237 1,003 10,792 0.03 Ultrapar Participacoes SA 5,762 1,026 1,075 5,713 18,908 0.05 YPF SA ADR 1,511 - - 1,511 8,564 0.02 1,603,697 3.89 Oil & gas services China Oilfield Services Ltd 'H' 14,000 - - 14,000 9,909 0.03 Dialog Group Bhd 31,700 - 15,400 16,300 13,255 0.03 Sinopec Engineering Group Co Ltd 'H' 13,500 - - 13,500 5,435 0.01 Yantai Jereh Oilfield Services Group Co Ltd 'A' - 1,200 - 1,200 4,903 0.01 33,502 0.08 Airlines Air China Ltd 'A' - 4,300 - 4,300 3,829 0.01 Air China Ltd 'H' 20,000 - 6,000 14,000 7,904 0.02 AirAsia Group Bhd 10,100 - 10,100 - - 0.00 China Airlines Ltd 27,000 - - 27,000 6,699 0.02 China Eastern Airlines Corp Ltd 'A' - 5,800 - 5,800 3,335 0.01 China Eastern Airlines Corp Ltd 'H' 16,000 - - 16,000 5,165 0.01 China Southern Airlines Co Ltd 'A' - 4,900 - 4,900 3,405 0.01 China Southern Airlines Co Ltd 'H' 10,072 - - 10,072^ 4,244 0.01 Eva Airways Corp 18,778 560 - 19,338 6,516 0.01 Korean Air Lines Co Ltd 345 228 - 573 7,613 0.02 Korean Air Lines Co Ltd Rights - 228 228 - - 0.00 Latam Airlines Group SA 2,625 - 2,625 - - 0.00 Spring Airlines Co Ltd 'A' - 900 - 900 4,650 0.01 Turk Hava Yollari AO 3,856 - - 3,856^ 5,373 0.01 58,733 0.14 Forest products & paper Empresas CMPC SA 10,346 - 2,014 8,332 16,794 0.04 Indah Kiat Pulp & Paper Corp Tbk PT 21,100 - - 21,100 10,254 0.03 Nine Dragons Paper Holdings Ltd 17,000 5,000 7,000 15,000 14,279 0.03 Pabrik Kertas Tjiwi Kimia Tbk PT 12,400 - 12,400 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [181] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Sappi Ltd 4,644 - 4,644 - - 0.00 Suzano SA 4,606 - 514 4,092 30,033 0.07 71,360 0.17 Leisure time China Tourism Group Duty Free Corp Ltd 'A' 500 300 - 800 25,346 0.06 Giant Manufacturing Co Ltd 2,000 - - 2,000 19,160 0.05 44,506 0.11 Gas Beijing Enterprises Holdings Ltd 4,000 - - 4,000 12,724 0.03 China Gas Holdings Ltd 14,600 4,800 - 19,400^ 53,057 0.13 China Resources Gas Group Ltd 8,000 2,000 6,000 4,000 17,935 0.04 ENN Energy Holdings Ltd 6,400 - 1,100 5,300 58,415 0.14 Korea Gas Corp 227 - - 227 4,394 0.01 Perusahaan Gas Negara Tbk PT 96,000 - - 96,000 7,567 0.02 Towngas China Co Ltd 8,000 - 8,000 - - 0.00 154,092 0.37 Healthcare - services Aier Eye Hospital Group Co Ltd 'A' 1,300 390 - 1,690 9,982 0.02 Bangkok Dusit Medical Services PCL 'F' 52,500 - - 52,500 33,848 0.08 Bangkok Dusit Medical Services PCL NVDR 24,400 - - 24,400 15,731 0.04 Bumrungrad Hospital PCL 4,100 - - 4,100 13,695 0.03 Genscript Biotech Corp 8,000 - - 8,000 15,776 0.04 Hapvida Participacoes e Investimentos SA - 1,773 - 1,773 20,182 0.05 IHH Healthcare Bhd 20,000 - 3,600 16,400 19,001 0.05 Life Healthcare Group Holdings Ltd 12,462 - 2,746 9,716 9,016 0.02 Meinian Onehealth Healthcare Holdings Co Ltd 'A' - 2,500 - 2,500 5,016 0.01 Netcare Ltd 10,620 - 10,620 - - 0.00 Notre Dame Intermedica Participacoes SA 2,483 1,381 - 3,864 45,078 0.11 Ping An Healthcare and Technology Co Ltd - 2,600 - 2,600 40,406 0.10 SillaJen Inc 453 - 453 - - 0.00 Topchoice Medical Corp 'A' - 300 - 300 6,902 0.02 WuXi AppTec Co Ltd 1,400 560 - 1,960 26,848 0.07 WuXi AppTec Co Ltd 'A' - 1,260 - 1,260 18,564 0.04 Wuxi Biologics Cayman Inc 4,500 3,500 2,000 6,000 112,401 0.27 392,446 0.95 Healthcare - products Autobio Diagnostics Co Ltd 'A' - 300 - 300 6,365 0.02 China Medical System Holdings Ltd 13,000 - 4,000 9,000 9,920 0.02 Hengan International Group Co Ltd 6,000 - 1,500 4,500 34,359 0.08 Jafron Biomedical Co Ltd 'A' - 760 - 760 7,273 0.02 Lepu Medical Technology Beijing Co Ltd 'A' - 1,200 - 1,200 6,709 0.02 Shandong Weigao Group Medical Polymer Co Ltd 20,000 - 4,000 16,000 36,997 0.09 Shenzhen Mindray Bio-Medical Electronics Co Ltd 'A' - 500 - 500 22,620 0.05 Top Glove Corp Bhd 12,600 - 2,300 10,300 57,192 0.14 181,435 0.44 Beverages Ambev SA 38,602 5,209 13,493 30,318 73,642 0.18 Anadolu Efes Biracilik Ve Malt Sanayii AS 993 - - 993 2,506 0.00 Anhui Gujing Distillery Co Ltd 'A' - 300 - 300 8,327 0.02 Anhui Kouzi Distillery Co Ltd 'A' - 700 - 700 4,562 0.01 Arca Continental SAB de CV 3,610 - - 3,610 16,242 0.04 Beijing Shunxin Agriculture Co Ltd 'A' - 700 - 700 5,648 0.01

[182] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Carlsberg Brewery Malaysia Bhd - 1,000 - 1,000 5,407 0.01 China Resources Beer Holdings Co Ltd 12,054 - 4,000 8,054 50,955 0.12 Cia Cervecerias Unidas SA 1,210 - - 1,210 8,553 0.02 Coca-Cola Femsa SAB de CV 4,095 - - 4,095 15,430 0.04 Embotelladora Andina SA 'B' (Pref) 1,362 1,546 - 2,908 6,641 0.02 Fomento Economico Mexicano SAB de CV 15,919 489 2,649 13,759 77,022 0.19 Fraser & Neave Holdings Bhd 1,000 - - 1,000 6,973 0.02 Hebei Yangyuan Zhihui Beverage Co Ltd 'A' - 1,200 1,200 - - 0.00 Jiangsu King's Luck Brewery JSC Ltd 'A' - 1,200 - 1,200 6,801 0.02 Jiangsu Yanghe Brewery Joint-Stock Co Ltd 'A' 400 300 - 700 12,326 0.03 Kweichow Moutai Co Ltd 'A' 300 300 100 500 109,401 0.26 Luckin Coffee Inc ADR - 589 589 - - 0.00 Luzhou Laojiao Co Ltd 'A' 500 - - 500 7,691 0.02 Osotspa PCL NVDR - 6,100 - 6,100 7,563 0.02 Shanxi Xinghuacun Fen Wine Factory Co Ltd 'A' - 500 - 500 11,756 0.03 Sichuan Swellfun Co Ltd 'A' - 600 - 600 4,983 0.01 Tsingtao Brewery Co Ltd 'A' - 700 - 700 7,575 0.02 Tsingtao Brewery Co Ltd 'H' 2,000 8,000 8,000 2,000 16,198 0.04 Wuliangye Yibin Co Ltd 'A' 1,200 700 600 1,300 36,865 0.09 503,067 1.22 Commercial services Bangkok Expressway & Metro PCL NVDR 68,900 - 46,200 22,700 5,861 0.02 CCR SA 9,711 - - 9,711 25,387 0.06 China East Education Holdings Ltd - 3,500 - 3,500 7,477 0.02 China Education Group Holdings Ltd 5,000 - - 5,000 8,627 0.02 China Merchants Port Holdings Co Ltd 10,455 - - 10,455 10,885 0.03 Cielo SA 9,243 2,304 2,569 8,978 8,425 0.02 Cogna Educacao 11,804 - 11,804 - - 0.00 Cogna Educacao - 11,804 - 11,804 17,079 0.04 COSCO SHIPPING Ports Ltd 14,095 - - 14,095 6,684 0.02 DP World Plc 1,359 - 1,359 - - 0.00 Hangzhou Tigermed Consulting Co Ltd 'A' - 500 - 500 7,021 0.02 International Container Terminal Services Inc 6,630 - - 6,630 11,843 0.03 Jiangsu Expressway Co Ltd 'H' 10,000 - - 10,000 9,754 0.02 Localiza Rent a Car SA 4,531 582 454 4,659 41,456 0.10 New Oriental Education & Technology Group Inc ADR 1,200 - 258 942 120,143 0.29 Ninestar Corp 'A' - 1,111 - 1,111 5,522 0.01 Ningbo Zhoushan Port Co Ltd 'A' - 10,200 - 10,200 5,546 0.01 Promotora y Operadora de Infraestructura SAB de CV 2,008 - 489 1,519 10,173 0.03 S-1 Corp 90 50 - 140 9,674 0.02 Shanghai International Port Group Co Ltd 'A' 4,700 - - 4,700 2,764 0.01 Shenzhen Expressway Co Ltd - 6,000 - 6,000 5,204 0.01 Shenzhen International Holdings Ltd 6,000 2,500 - 8,500 12,611 0.03 TAL Education Group ADR 2,910 211 499 2,622 186,454 0.45 Westports Holdings Bhd 5,200 - - 5,200 4,385 0.01 Zhejiang Expressway Co Ltd 'H' 12,000 - - 12,000 8,113 0.02 531,088 1.29 Semiconductors ASE Technology Holding Co Ltd 27,984 - 8,000 19,984 46,915 0.11 GCL System Integration Technology Co Ltd 'A' - 5,600 - 5,600 2,242 0.01 Gigadevice Semiconductor Beijing Inc 'A' - 280 - 280 8,451 0.02 Globalwafers Co Ltd 2,000 - 1,000 1,000 13,089 0.03 Hua Hong Semiconductor Ltd 4,000 - - 4,000 15,963 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [183] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) JCET Group Co Ltd 'A' - 1,800 1,800 - - 0.00 MediaTek Inc 12,000 - 1,000 11,000 239,454 0.58 Nanya Technology Corp 12,000 - 3,000 9,000 16,937 0.04 NAURA Technology Group Co Ltd 'A' - 300 - 300 8,155 0.02 Novatek Microelectronics Corp 5,000 - - 5,000 45,028 0.11 Powertech Technology Inc 7,000 - 4,000 3,000 9,148 0.02 Realtek Semiconductor Corp 4,000 - - 4,000 46,518 0.11 Samsung Electronics Co Ltd 39,086 1,932 8,084 32,934^ 1,456,008 3.54 Samsung Electronics Co Ltd (Pref) 6,735 139 1,338 5,536 209,239 0.51 Sanan Optoelectronics Co Ltd 'A' - 2,500 - 2,500 8,781 0.02 Semiconductor Manufacturing International Corp 23,700 - - 23,700 83,038 0.20 Shenzhen Goodix Technology Co Ltd 'A' - 200 - 200 5,428 0.01 SK Hynix Inc 4,469 217 960 3,726 235,567 0.57 Taiwan Semiconductor Manufacturing Co Ltd 202,000 8,000 40,000 170,000 2,246,263 5.45 United Microelectronics Corp 97,000 - 23,000 74,000 51,360 0.13 Vanguard International Semiconductor Corp 8,000 - - 8,000 23,650 0.06 Will Semiconductor Ltd 'A' - 300 - 300 8,043 0.02 Win Semiconductors Corp 3,000 - 1,000 2,000 19,688 0.05 Winbond Electronics Corp 27,000 - - 27,000 10,984 0.03 4,809,949 11.68 Housewares Kimberly-Clark de Mexico SAB de CV 'A' 12,474 - 7,193 5,281 7,884 0.02 Unilever Indonesia Tbk PT 11,900 75,800 31,300 56,400 29,519 0.07 37,403 0.09 Household products & wares Nien Made Enterprise Co Ltd 1,000 - - 1,000 9,999 0.03 Turkiye Sise ve Cam Fabrikalari AS 6,174 - 6,174 - - 0.00 Zhejiang Supor Co Ltd 'A' - 400 - 400 4,423 0.01 14,422 0.04 Home furnishings Arcelik AS 1,537 - 1,537 - - 0.00 Chicony Electronics Co Ltd 5,070 - - 5,070 13,682 0.03 Coway Co Ltd 404 - - 404 23,660 0.06 Gree Electric Appliances Inc of Zhuhai 'A' 1,900 - - 1,900 14,098 0.03 Haier Electronics Group Co Ltd 11,000 - 4,000 7,000 22,061 0.05 Haier Smart Home Co Ltd 'A' 2,100 2,200 - 4,300 10,091 0.03 LG Electronics Inc 871 - 178 693 37,411 0.09 Midea Group Co Ltd 'A' 1,500 600 2,100 - - 0.00 TCL Technology Group Corp 'A' - 8,900 - 8,900 7,264 0.02 128,267 0.31 Holding companies - diversified operations Aboitiz Equity Ventures Inc 23,640 - 7,600 16,040 14,267 0.04 Alfa SAB de CV 'A' 26,364 - 24,873 1,491 736 0.00 Alliance Global Group Inc 21,000 - 21,000 - - 0.00 Avic Capital Co Ltd 'A' - 7,399 - 7,399 4,572 0.01 CJ Corp 89 65 61 93 5,851 0.01 CJ Corp (Pref) 13 - 13 - - 0.00 Grupo Carso SAB de CV 3,965 - - 3,965 7,142 0.02 Haci Omer Sabanci Holding AS 7,515 - - 7,515 8,208 0.02 IJM Corp Bhd 22,300 - - 22,300 7,655 0.02 KOC Holding AS 6,227 - - 6,227 13,124 0.03 Siam Cement PCL NVDR 4,800 - 1,100 3,700 41,234 0.10

[184] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Siam Cement PCL RegS 1,600 - - 1,600 17,831 0.04 YTL Corp Bhd 20,910 - - 20,910 3,499 0.01 124,119 0.30 Real estate Agile Group Holdings Ltd 12,000 - - 12,000 13,846 0.03 Aldar Properties PJSC 30,045 7,571 7,812 29,804 12,770 0.03 A-Living Services Co Ltd - 4,750 2,250 2,500 12,838 0.03 Altus Property Ventures Inc - 143 143 - - 0.00 Ayala Corp 2,390 - 1,180 1,210 16,272 0.04 Ayala Land Inc 69,700 24,800 27,300 67,200 41,423 0.10 Barwa Real Estate Co 16,910 - - 16,910 13,290 0.03 BR Malls Participacoes SA 6,422 - - 6,422 11,110 0.03 Bumi Serpong Damai Tbk PT 35,200 41,200 76,400 - - 0.00 Central Pattana PCL 12,100 - - 12,100 17,032 0.04 Central Pattana PCL NVDR 5,900 - - 5,900 8,305 0.02 China Aoyuan Group Ltd 11,000 - - 11,000 12,602 0.03 China Evergrande Group 16,000 - 2,000 14,000 35,741 0.09 China Fortune Land Development Co Ltd 'A' 1,200 360 - 1,560 3,529 0.01 China Jinmao Holdings Group Ltd 42,000 - - 42,000 25,980 0.06 China Merchants Shekou Industrial Zone Holdings Co Ltd 'A' 1,300 1,600 - 2,900 6,450 0.02 China Overseas Land & Investment Ltd 32,000 6,000 14,500 23,500 65,098 0.16 China Resources Land Ltd 24,000 4,000 6,000 22,000 83,409 0.20 China Vanke Co Ltd 11,800 - - 11,800 33,795 0.08 China Vanke Co Ltd 'A' 2,500 2,700 - 5,200 18,197 0.04 CIFI Holdings Group Co Ltd 22,000 - - 22,000 17,973 0.04 Country Garden Holdings Co Ltd 64,000 - 12,000 52,000 60,731 0.15 Country Garden Services Holdings Co Ltd 10,000 - - 10,000 54,874 0.13 Dar Al Arkan Real Estate Development Co 2,341 2,481 1,488 3,334 5,871 0.01 Emaar Development PJSC 6,217 - 6,217 - - 0.00 Emaar Economic City 467 2,575 - 3,042 5,239 0.01 Emaar Malls PJSC 12,217 9,108 - 21,325 7,024 0.02 Emaar Properties PJSC 27,553 3,403 4,163 26,793 17,054 0.04 Gemdale Corp 'A' - 2,700 - 2,700 4,925 0.01 Greenland Holdings Corp Ltd 'A' 4,100 - - 4,100 4,367 0.01 Greentown Service Group Co Ltd 12,000 - 4,000 8,000 9,954 0.02 Guangzhou R&F Properties Co Ltd 'H' 8,400 - - 8,400 8,805 0.02 HDC Hyundai Development Co-Engineering & Construction 232 116 348 - - 0.00 HDC Hyundai Development Co-Engineering & Construction Rights - 116 116 - - 0.00 Highwealth Construction Corp 5,200 - - 5,200 6,911 0.02 Jiangsu Zhongnan Construction Group Co Ltd 'A' - 4,500 - 4,500 5,544 0.01 Jinke Properties Group Co Ltd 'A' - 5,500 - 5,500 6,239 0.02 Kaisa Group Holdings Ltd 26,000 - - 26,000 10,498 0.03 KWG Group Holdings Ltd 9,500 - - 9,500 15,388 0.04 Logan Group Co Ltd 10,000 - - 10,000 15,752 0.04 Longfor Group Holdings Ltd 15,500 - 5,000 10,500^ 47,203 0.11 Megaworld Corp 54,000 - - 54,000 2,999 0.01 Multiplan Empreendimentos Imobiliarios SA 2,476 - - 2,476 9,147 0.02 NEPI Rockcastle Plc 3,074 - - 3,074 14,614 0.04 Pakuwon Jati Tbk PT 110,500 - 110,500 - - 0.00 Poly Developments and Holdings Group Co Ltd 'A' 2,100 5,213 5,900 1,413 2,874 0.01 RiseSun Real Estate Development Co Ltd 'A' - 4,300 - 4,300 4,608 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [185] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Robinsons Land Corp 10,657 - - 10,657 3,034 0.01 Ruentex Development Co Ltd 4,082 - - 4,082 6,439 0.02 Seazen Group Ltd 16,000 - 16,000 - - 0.00 Seazen Group Ltd - 16,000 - 16,000 13,804 0.03 Seazen Holdings Co Ltd 'A' 900 - - 900 3,993 0.01 Shanghai Industrial Holdings Ltd 4,000 - - 4,000 5,305 0.01 Shanghai Industrial Urban Development Group Ltd - 4,000 4,000 - - 0.00 Shanghai Lujiazui Finance & Trade Zone Development Co Ltd 'B' 8,960 - - 8,960 6,847 0.02 Shenzhen Investment Ltd 34,000 - 18,000 16,000 4,564 0.01 Shenzhen Overseas Chinese Town Co Ltd 'A' - 4,700 - 4,700 4,394 0.01 Shimao Group Holdings Ltd 10,500 - 1,500 9,000 34,703 0.08 Shui On Land Ltd 29,500 - - 29,500 3,982 0.01 Sime Darby Property Bhd 14,903 - 14,903 - - 0.00 Sino-Ocean Group Holding Ltd 16,500 13,000 - 29,500 6,475 0.02 SM Prime Holdings Inc 90,100 - 9,100 81,000 44,982 0.11 SOHO China Ltd 9,000 19,000 21,500 6,500 2,197 0.01 SP Setia Bhd Group 18,600 - 18,600 - - 0.00 Sunac China Holdings Ltd 20,000 - 3,000 17,000 72,833 0.18 Wharf Holdings Ltd - 9,000 - 9,000 13,902 0.03 Xinhu Zhongbao Co Ltd 'A' - 9,300 - 9,300 4,135 0.01 Yuexiu Property Co Ltd 68,000 - - 68,000 11,334 0.03 Yuzhou Group Holdings Co Ltd 21,000 - - 21,000 8,578 0.02 Zhenro Properties Group Ltd - 12,000 - 12,000 6,944 0.02 1,028,726 2.50 Real estate investment trust Fibra Uno Administracion SA de CV (REIT) 25,015 - - 25,015 18,406 0.05 Fortress Ltd (REIT) 'A' 10,439 - 10,439 - - 0.00 Growthpoint Properties Ltd (REIT) 24,315 - - 24,315 17,263 0.04 Redefine Properties Ltd (REIT) 43,174 - 43,174 - - 0.00 35,669 0.09 Internet 51job Inc ADR 196 - - 196 12,103 0.03 58.com Inc ADR 769 - - 769 38,735 0.09 Alibaba Group Holding Ltd ADR 11,638 3,414 2,124 12,928 2,952,146 7.17 Autohome Inc ADR 479 - - 479^ 38,193 0.09 B2W Cia Digital 1,623 230 358 1,495 31,172 0.08 B2W Cia Digital - 230 230 - - 0.00 B2W Cia Digital Rights - 227 227 - - 0.00 B2W Cia Digital Rights - 99 - 99 121 0.00 Baidu Inc ADR 2,270 46 435 1,881 204,311 0.50 Baozun Inc ADR 311 - - 311 11,900 0.03 China Literature Ltd 2,000 - - 2,000 11,961 0.03 China Telecom Corp Ltd 114,000 - 50,000 64,000 17,353 0.04 HengTen Networks Group Ltd 288,000 - 288,000 - - 0.00 Hithink RoyalFlush Information Network Co Ltd 'A' - 300 - 300 5,597 0.01 iQIYI Inc ADR 1,195 999 589 1,605 30,807 0.08 JD.com Inc ADR 6,013 1,078 1,260 5,831 338,372 0.82 JOYY Inc ADR - 476 111 365 26,503 0.06 Kakao Corp 407 - - 407 106,749 0.26 Meituan Dianping 'B' 8,500 19,100 3,200 24,400 549,604 1.33 Momo Inc ADR 1,180 129 467 842 14,147 0.03 Naspers Ltd 'N' 3,590 228 752 3,066 515,511 1.25

[186] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) NAVER Corp 1,147 36 354 829 190,529 0.46 NCSoft Corp 135 - 21 114 70,594 0.17 Pinduoduo Inc ADR 1,560 308 167 1,701 142,051 0.35 Prosus NV - 7,180 7,180 - - 0.00 SINA Corp 519 - - 519 19,051 0.05 Tencent Holdings Ltd 46,700 2,500 9,800 39,400 2,469,578 6.00 Tencent Music Entertainment Group ADR 795 1,849 - 2,644 38,821 0.09 Trip.com Group Ltd ADR 3,347 4,187 4,250 3,284 81,259 0.20 Vipshop Holdings Ltd ADR 3,837 - 684 3,153 65,311 0.16 Weibo Corp ADR 424 - - 424 13,330 0.03 Yy Inc ADR 408 68 476 - - 0.00 7,995,809 19.41 Investment companies Grupo de Inversiones Suramericana SA 1,796 452 482 1,766 8,359 0.02 Grupo de Inversiones Suramericana SA (Pref) 680 432 1,112 - - 0.00 Itausa SA (Pref) 36,147 1,423 9,692 27,878 51,980 0.13 Legend Holdings Corp 4,300 - - 4,300 5,078 0.01 Legend Holdings Corp Rights 330 - - 330 - 0.00 PSG Group Ltd 1,169 - - 1,169 9,635 0.02 Reinet Investments SCA 1,220 - 660 560 9,690 0.03 Saudi Industrial Investment Group 976 1,081 - 2,057 9,121 0.02 SDIC Capital Co Ltd 'A' - 2,300 - 2,300 4,441 0.01 98,304 0.24 Coal Adaro Energy Tbk PT 108,600 - - 108,600 7,342 0.02 Banpu PCL NVDR 20,300 - 20,300 - - 0.00 Banpu PCL RegS 10,000 - 10,000 - - 0.00 Bukit Asam Tbk PT 30,100 - 30,100 - - 0.00 China Coal Energy Co Ltd 17,000 - 17,000 - - 0.00 China Shenhua Energy Co Ltd 29,000 5,500 9,500 25,000 37,913 0.09 China Shenhua Energy Co Ltd 'A' 1,858 - - 1,858 3,714 0.01 Exxaro Resources Ltd 2,003 - - 2,003 14,376 0.03 Inner Mongolia Yitai Coal Co Ltd 'B' 10,400 - - 10,400 6,897 0.02 Jastrzebska Spolka Weglowa SA 269 - 269 - - 0.00 Shaanxi Coal Industry Co Ltd 'A' 3,800 - - 3,800 4,008 0.01 Yanzhou Coal Mining Co Ltd 18,000 - 6,000 12,000 8,521 0.02 82,771 0.20 Cosmetics & personal care Amorepacific Corp 263 - - 263 33,335 0.08 Amorepacific Corp (Pref) 52 - - 52 2,442 0.00 AMOREPACIFIC Group 272 - 70 202 8,221 0.02 AMOREPACIFIC Group Rights - 18 18 - - 0.00 LG Household & Health Care Ltd 77 - 14 63 65,951 0.16 LG Household & Health Care Ltd (Pref) 13 8 8 13 7,087 0.02 Natura & Co Holding SA - 5,469 - 5,469 44,956 0.11 Natura & Co Holding SA Rights - 273 273 - - 0.00 Natura +Co Holding SA - 273 273 - - 0.00 Natura Cosmeticos SA 1,588 1,588 3,176 - - 0.00 161,992 0.39 Agriculture British American Tobacco Malaysia Bhd 1,200 - 1,200 - - 0.00 Charoen Pokphand Indonesia Tbk PT 60,400 - - 60,400 23,427 0.06 China Agri-Industries Holdings Ltd 18,000 - 18,000 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [187] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Eastern Co SAE - 7,210 - 7,210 4,842 0.01 Genting Plantations Bhd 1,100 - - 1,100 2,384 0.01 Guangdong Haid Group Co Ltd 'A' - 1,000 - 1,000 8,325 0.02 Gudang Garam Tbk PT 3,900 - - 3,900 12,144 0.03 Hanjaya Mandala Sampoerna Tbk PT 73,100 - - 73,100 7,766 0.02 HAP Seng Consolidated Bhd 5,500 - - 5,500 10,561 0.02 IOI Corp Bhd 13,900 - - 13,900 13,659 0.03 Jiangxi Zhengbang Technology Co Ltd 'A' - 2,400 - 2,400 6,749 0.02 KT&G Corp 954 - 187 767 47,379 0.11 Kuala Lumpur Kepong Bhd 3,500 - - 3,500 17,572 0.04 Muyuan Foodstuff Co Ltd 'A' 600 1,440 - 2,040 24,331 0.06 New Hope Liuhe Co Ltd 'A' 2,000 - - 2,000 8,480 0.02 QL Resources Bhd 5,800 - - 5,800 12,145 0.03 Tongwei Co Ltd 'A' - 2,200 - 2,200 7,831 0.02 Wens Foodstuffs Group Co Ltd 'A' 1,329 1,225 - 2,554 7,909 0.02 215,504 0.52 Machinery - diversified China Shipbuilding Industry Group Power Co Ltd 'A' - 1,700 1,700 - - 0.00 Haitian International Holdings Ltd 5,000 - - 5,000 10,470 0.03 Jiangsu Hengli Hydraulic Co Ltd 'A' - 1,036 - 1,036 8,226 0.02 NARI Technology Co Ltd 'A' 1,600 - - 1,600 4,433 0.01 WEG SA 6,936 - 1,728 5,208 61,294 0.15 84,423 0.21 Media Cyfrowy Polsat SA 1,357 739 - 2,096 14,225 0.03 Grupo Televisa SAB 20,210 - 2,099 18,111 18,486 0.05 MultiChoice Group 3,423 491 552 3,362 18,957 0.05 Surya Citra Media Tbk PT 37,900 - 37,900 - - 0.00 51,668 0.13 Metal fabricate & hardware Catcher Technology Co Ltd 5,000 - - 5,000 33,538 0.08 Suzhou Dongshan Precision Manufacturing Co Ltd 'A' - 1,900 1,000 900 3,444 0.01 Zhejiang Sanhua Intelligent Controls Co Ltd 'A' - 2,730 - 2,730 8,443 0.02 45,425 0.11 Food Almarai Co JSC 1,067 921 - 1,988 25,847 0.06 Berli Jucker PCL NVDR 9,800 - - 9,800 10,578 0.03 Bid Corp Ltd 2,745 - 916 1,829 27,427 0.07 BIM Birlesik Magazalar AS 3,480 - 1,395 2,085 19,417 0.05 BRF SA 4,357 430 - 4,787 17,316 0.04 Cencosud SA 11,824 - - 11,824 18,745 0.05 Charoen Pokphand Foods PCL 30,900 - - 30,900 30,424 0.07 Charoen Pokphand Foods PCL NVDR 800 - - 800 788 0.00 China Huishan Dairy Holdings Co Ltd 18,864 - 18,864 - - 0.00 China Mengniu Dairy Co Ltd 23,000 - 6,000 17,000 72,534 0.18 Cia Brasileira de Distribuicao - 1,187 - 1,187 14,727 0.04 Cia Brasileira de Distribuicao (Pref) 1,187 - 1,187 - - 0.00 CJ CheilJedang Corp 74 4 46 32 9,431 0.02 Dali Foods Group Co Ltd 19,500 - - 19,500 10,826 0.03 Dino Polska SA 384 - - 384 19,453 0.05 Foshan Haitian Flavouring & Food Co Ltd 'A' 600 840 - 1,440 28,177 0.07 Gruma SAB de CV 'B' 1,730 - - 1,730 18,520 0.04 Grupo Bimbo SAB de CV 'A' 13,388 - - 13,388 22,002 0.05

[188] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) GS Holdings Corp 392 - - 392 10,476 0.02 Henan Shuanghui Investment & Development Co Ltd 'A' 1,400 - - 1,400 9,972 0.02 Huishan Dairy - 18,864 - 18,864 - 0.00 Indofood CBP Sukses Makmur Tbk PT 20,500 - - 20,500 11,751 0.03 Indofood Sukses Makmur Tbk PT 35,900 - - 35,900 14,428 0.03 Inner Mongolia Yili Industrial Group Co Ltd 'A' 1,100 1,100 - 2,200 10,507 0.03 JBS SA 8,929 - 2,572 6,357 23,928 0.06 JG Summit Holdings Inc 28,140 - 5,190 22,950 26,530 0.06 Lotte Corp 192 - - 192 4,545 0.01 M Dias Branco SA 600 - 600 - - 0.00 Magnit PJSC GDR RegS 3,330 - - 3,330 44,925 0.11 Nestle Malaysia Bhd 500 200 200 500 15,233 0.04 Orion Corp 212 - 113 99 10,129 0.02 Ottogi Corp 6 - - 6 2,556 0.01 PPB Group Bhd 4,660 - - 4,660 19,696 0.05 Remgro Ltd 4,409 - 1,555 2,854 14,092 0.03 Savola Group 1,143 938 - 2,081 23,472 0.06 Shoprite Holdings Ltd 3,758 - - 3,758 20,993 0.05 Sime Darby Plantation Bhd 18,203 - - 18,203 20,348 0.05 SPAR Group Ltd 1,690 - 332 1,358 11,970 0.03 Standard Foods Corp 2,539 - - 2,539 4,833 0.01 Thai Union Group PCL 'F' 8,800 - - 8,800 3,440 0.01 Thai Union Group PCL NVDR 15,400 - - 15,400 6,020 0.01 Tiger Brands Ltd 1,372 - - 1,372 12,924 0.03 Tingyi Cayman Islands Holding Corp 16,000 - - 16,000 27,119 0.07 Uni-President China Holdings Ltd 12,000 - - 12,000 11,832 0.03 Uni-President Enterprises Corp 39,920 3,000 10,000 32,920 73,093 0.18 Universal Robina Corp 10,430 - 3,260 7,170 16,245 0.04 Want Want China Holdings Ltd 41,000 - - 41,000 27,576 0.07 Woolworths Holdings Ltd 7,535 1,123 1,169 7,489 12,694 0.03 X5 Retail Group NV GDR RegS 1,319 379 819 879 29,954 0.07 Yihai International Holding Ltd 4,000 - 1,000 3,000 33,435 0.08 Yonghui Superstores Co Ltd 'A' 3,400 - - 3,400 3,985 0.01 904,913 2.20 Food Service Saudi Airlines Catering Co 48 272 - 320 6,388 0.02 6,388 0.02 Aerospace & defence AECC Aviation Power Co Ltd 'A' - 1,300 - 1,300 6,249 0.01 Aselsan Elektronik Sanayi Ve Ticaret AS 2,541 - - 2,541 11,678 0.03 AVIC Aircraft Co Ltd 'A' - 2,100 - 2,100 6,489 0.02 AviChina Industry & Technology Co Ltd 12,000 8,000 - 20,000^ 10,822 0.03 Embraer SA 5,373 - 5,373 - - 0.00 Korea Aerospace Industries Ltd 661 - - 661 12,088 0.03 47,326 0.12 Pipelines Petronas Gas Bhd 4,900 1,400 - 6,300 22,708 0.06 Transneft PJSC (Pref) 5 - 5 - - 0.00 Transportadora de Gas del Sur SA ADR 'B' 688 27 715 - - 0.00 22,708 0.06 Shipbuilding China Shipbuilding Industry Co Ltd 'A' 6,800 - - 6,800 4,247 0.01 Daewoo Shipbuilding & Marine Engineering Co Ltd 333 - - 333 6,013 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [189] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) HLB Inc 254 52 - 306 19,533 0.05 HLB Inc Rights - 25 25 - - 0.00 Korea Shipbuilding & Offshore Engineering Co Ltd 322 - - 322 21,931 0.05 Samsung Heavy Industries Co Ltd 3,785 - - 3,785 16,531 0.04 68,255 0.17 Software Beijing Shiji Information Technology Co Ltd 'A' - 900 - 900 4,312 0.01 Bilibili Inc ADR - 704 - 704 27,910 0.07 CD Projekt SA 551 - 160 391 38,318 0.09 China National Software & Service Co Ltd 'A' - 500 - 500 6,183 0.01 Glodon Co Ltd 'A' - 900 - 900 8,980 0.02 GSX Techedu Inc ADR - 221 - 221 17,917 0.04 Hundsun Technologies Inc 'A' - 650 - 650 9,282 0.02 HUYA Inc ADR - 485 - 485 10,730 0.03 Iflytek Co Ltd 'A' - 1,000 - 1,000 4,774 0.01 Kingdee International Software Group Co Ltd 19,000 - - 19,000 47,726 0.12 Kingsoft Corp Ltd 5,000 2,000 - 7,000 32,414 0.08 NavInfo Co Ltd 'A' - 2,300 - 2,300 5,587 0.01 NetEase Inc ADR 576 80 96 560 233,534 0.57 Netmarble Corp 205 - 120 85 8,307 0.02 Pearl Abyss Corp 48 - - 48 6,909 0.02 Perfect World Co Ltd 'A' - 1,500 - 1,500 7,506 0.02 TravelSky Technology Ltd 9,000 - 3,000 6,000 10,493 0.03 Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd 'A' - 1,500 - 1,500 8,918 0.02 Yonyou Network Technology Co Ltd 'A' - 1,430 - 1,430 8,767 0.02 Zhejiang Dahua Technology Co Ltd 'A' - 1,700 - 1,700 4,719 0.01 503,286 1.22 Telecommunications Accton Technology Corp - 4,000 - 4,000 28,507 0.07 Advanced Info Service PCL 10,100 - 2,000 8,100 43,716 0.11 America Movil SAB de CV 'L' 275,475 6,218 50,530 231,163 132,568 0.32 Axiata Group Bhd 25,630 - 4,600 21,030 14,438 0.03 China Mobile Ltd 50,500 2,500 10,500 42,500 264,892 0.64 China Unicom Hong Kong Ltd 52,000 - - 52,000^ 26,368 0.06 China United Network Communications Ltd 'A' 5,300 6,000 - 11,300 7,484 0.02 Chunghwa Telecom Co Ltd 31,000 - 5,000 26,000 88,410 0.21 DiGi.Com Bhd 27,300 - 11,300 16,000 14,590 0.04 Emirates Telecommunications Group Co PJSC 14,156 2,550 4,806 11,900 49,041 0.12 Empresa Nacional de Telecomunicaciones SA 993 - - 993 6,443 0.02 Etihad Etisalat Co 1,649 1,352 - 3,001 19,909 0.05 Far EasTone Telecommunications Co Ltd 13,000 - - 13,000 25,473 0.06 Fiberhome Telecommunication Technologies Co Ltd 'A' - 1,300 - 1,300 4,812 0.01 GDS Holdings Ltd ADR 565 - 187 378 27,609 0.07 Globe Telecom Inc 280 - - 280 10,698 0.03 Hellenic Telecommunications Organization SA 1,901 - - 1,901 25,562 0.06 Hytera Communications Corp Ltd 'A' - 3,700 3,700 - - 0.00 Intouch Holdings PCL NVDR 16,200 - - 16,200 26,821 0.07 KMW Co Ltd - 209 - 209 11,330 0.03 LG Uplus Corp 968 737 - 1,705 14,906 0.04 Maxis Bhd 19,900 - - 19,900 22,629 0.05 Megacable Holdings SAB de CV 2,658 - - 2,658 7,202 0.02 Meitu Inc 13,000 - 13,000 - - 0.00

[190] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Mobile TeleSystems PJSC ADR 4,089 546 1,534 3,101 24,994 0.06 MTN Group Ltd 13,879 - 3,192 10,687^ 33,764 0.08 Ooredoo QPSC 6,550 - - 6,550 10,897 0.03 Orange Polska SA 5,271 - - 5,271 9,040 0.02 PLDT Inc 1,035 - 330 705 17,487 0.04 Samsung SDI Co Ltd 450 30 81 399 121,102 0.29 Saudi Telecom Co 1,573 3,419 1,142 3,850 90,771 0.22 Shenzhen Sunway Communication Co Ltd 'A' - 800 - 800 5,769 0.01 SK Telecom Co Ltd 158 - - 158 26,601 0.06 Taiwan Mobile Co Ltd 13,000 - - 13,000 42,388 0.10 Telecom Argentina SA ADR 768 - 768 - - 0.00 Telefonica Brasil SA (Pref) 3,664 - 1,096 2,568 23,627 0.06 Telekom Malaysia Bhd 13,000 - 5,300 7,700 6,608 0.02 Telekomunikasi Indonesia Persero Tbk PT 405,400 15,300 80,800 339,900 64,595 0.16 Telkom SA SOC Ltd 2,301 - 2,301 - - 0.00 TIM Participacoes SA 7,518 - - 7,518 20,692 0.05 Total Access Communication PCL NVDR 3,800 - - 3,800 4,074 0.01 True Corp PCL 41,818 29,400 - 71,218 6,981 0.02 True Corp PCL NVDR 38,700 - 34,200 4,500 441 0.00 Turkcell Iletisim Hizmetleri AS 8,170 - - 8,170 15,824 0.04 Vodacom Group Ltd 5,092 525 530 5,087 34,901 0.08 Xiaomi Corp 'B' 28,200 57,200 15,200 70,200^ 122,115 0.30 XL Axiata Tbk PT - 30,000 - 30,000 4,673 0.01 Yealink Network Technology Corp Ltd 'A' - 750 - 750 6,154 0.01 ZTE Corp 5,800 - - 5,800 15,590 0.04 ZTE Corp 'A' 1,000 800 - 1,800 9,193 0.02 1,591,689 3.86 Textiles Far Eastern New Century Corp 26,300 - 9,000 17,300 13,753 0.03 Formosa Taffeta Co Ltd 4,000 - - 4,000 3,751 0.01 17,504 0.04 Transportation BEST Inc ADR - 1,574 - 1,574 6,028 0.02 BTS Group Holdings PCL 27,900 3,134 - 31,034 9,506 0.02 BTS Group Holdings PCL NVDR 18,600 - - 18,600 5,698 0.01 China Merchants Energy Shipping Co Ltd 'A' - 5,800 - 5,800 4,726 0.01 CJ Logistics Corp 50 35 - 85 9,930 0.02 COSCO SHIPPING Energy Transportation Co Ltd 'H' 10,000 - - 10,000 4,061 0.01 COSCO SHIPPING Holdings Co Ltd 'A' - 7,700 - 7,700 4,347 0.01 COSCO SHIPPING Holdings Co Ltd 'H' 26,000 - - 26,000 8,911 0.02 Daqin Railway Co Ltd 'A' 4,200 - - 4,200 3,554 0.01 Evergreen Marine Corp Taiwan Ltd 25,988 1,382 - 27,370 9,349 0.02 Hyundai Glovis Co Ltd 165 39 162 42 3,576 0.01 MISC Bhd 10,500 2,700 9,400 3,800 6,433 0.02 Pan Ocean Co Ltd 2,300 - - 2,300 6,173 0.02 Rumo SA 8,447 689 2,864 6,272 24,354 0.06 SF Holding Co Ltd 'A' - 800 - 800 7,397 0.02 Sinotrans Ltd 13,000 - 13,000 - - 0.00 Taiwan High Speed Rail Corp 16,000 - - 16,000 16,546 0.04 Yunda Holding Co Ltd 'A' - 1,040 - 1,040 3,250 0.01 ZTO Express Cayman Inc ADR 2,490 636 407 2,719 91,642 0.22 225,481 0.55

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [191] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Environmental control China Conch Venture Holdings Ltd 13,500 - 3,000 10,500 41,041 0.10 41,041 0.10 Entertainment Alibaba Pictures Group Ltd 150,000 - 90,000 60,000 7,606 0.02 Beijing Enlight Media Co Ltd 'A' - 3,500 - 3,500 6,069 0.02 OPAP SA 1,824 - 1,531 293 2,405 0.01 Songcheng Performance Development Co Ltd 'A' - 2,160 - 2,160 5,258 0.01 Wanda Film Holding Co Ltd 'A' - 2,500 - 2,500 5,655 0.01 26,993 0.07 Packaging & containers Klabin SA 5,412 1,215 1,112 5,515 19,911 0.05 Lee & Man Paper Manufacturing Ltd 12,000 - - 12,000 6,719 0.01 Yunnan Energy New Material Co Ltd 'A' - 1,500 1,500 - - 0.00 26,630 0.06 Insurance BB Seguridade Participacoes SA 5,729 - - 5,729 27,861 0.07 Bupa Arabia for Cooperative Insurance Co 58 226 - 284 8,225 0.02 Cathay Financial Holding Co Ltd 62,000 2,132 10,000 54,132 66,567 0.16 China Life Insurance Co Ltd 22,685 - - 22,685 14,300 0.03 China Life Insurance Co Ltd 61,000 2,000 9,000 54,000 113,204 0.27 China Life Insurance Co Ltd 'A' 1,375 - - 1,375 6,542 0.02 China Pacific Insurance Group Co Ltd 'A' 1,700 2,100 - 3,800 14,621 0.04 China Pacific Insurance Group Co Ltd 'H' 21,600 - 3,600 18,000 47,432 0.12 China Reinsurance Group Corp 58,000 - - 58,000 5,787 0.01 China Taiping Insurance Holdings Co Ltd 13,200 - - 13,200 21,289 0.05 Co for Cooperative Insurance 269 677 879 67 1,324 0.00 DB Insurance Co Ltd 386 - - 386 13,882 0.03 Discovery Ltd 2,838 471 1,918 1,391 8,236 0.02 Hanwha Life Insurance Co Ltd 2,845 1,039 3,884 - - 0.00 Hubei Biocause Pharmaceutical Co Ltd 'A' - 5,600 - 5,600 4,191 0.01 Hyundai Marine & Fire Insurance Co Ltd 470 - - 470 8,362 0.02 IRB Brasil Resseguros S/A 1,722 4,029 - 5,751 8,010 0.02 IRB Brasil Resseguros S/A Rights - 2,066 - 2,066 361 0.00 Liberty Holdings Ltd 871 558 1,429 - - 0.00 Momentum Metropolitan Holdings 7,882 - - 7,882 6,964 0.02 New China Life Insurance Co Ltd 'A' 700 646 - 1,346 9,277 0.02 New China Life Insurance Co Ltd 'H' 6,800 - - 6,800 24,184 0.06 Orange Life Insurance Ltd 333 - 333 - - 0.00 People's Insurance Co Group of China Ltd 'H' 60,000 11,000 - 71,000 21,001 0.05 PICC Property & Casualty Co Ltd 'H' 56,000 - 12,000 44,000 31,607 0.08 Ping An Insurance Group Co of China Ltd 45,500 3,500 8,500 40,500 390,286 0.95 Ping An Insurance Group Co of China Ltd 'A' 2,800 2,400 1,200 4,000 39,584 0.10 Porto Seguro SA 794 - - 794 7,497 0.02 Powszechny Zaklad Ubezpieczen SA 4,770 471 1,919 3,322 21,882 0.05 Qatar Insurance Co SAQ 12,730 - 12,730 - - 0.00 Samsung Fire & Marine Insurance Co Ltd 252 1 86 167 21,869 0.05 Samsung Life Insurance Co Ltd 572 - - 572 20,768 0.05 Sanlam Ltd 14,614 1,592 4,638 11,568 37,579 0.09 Shin Kong Financial Holding Co Ltd 85,693 3,966 - 89,659 23,694 0.06 Sul America SA 1,997 - - 1,997 17,693 0.04 ZhongAn Online P&C Insurance Co Ltd 2,000 - - 2,000 10,904 0.03 1,054,983 2.56

[192] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Distribution & wholesale Hanwha Corp 336 - - 336 6,516 0.02 Hengyi Petrochemical Co Ltd 'A' - 2,860 - 2,860 3,785 0.01 LG Corp 777 - 215 562 31,755 0.08 Posco International Corp 217 276 - 493 5,213 0.01 Sime Darby Bhd 22,303 - - 22,303 10,432 0.02 United Tractors Tbk PT 13,900 - 10,300 3,600 4,789 0.01 62,490 0.15 Water Aguas Andinas SA 'A' 12,505 8,919 - 21,424 6,853 0.02 Beijing Enterprises Water Group Ltd 48,000 - 14,000 34,000 13,130 0.03 Cia de Saneamento Basico do Estado de Sao Paulo 2,797 - - 2,797 29,741 0.07 Guangdong Investment Ltd 24,000 - - 24,000 35,270 0.09 Metro Pacific Investments Corp 78,200 - - 78,200 4,516 0.01 89,510 0.22 Advertising Cheil Worldwide Inc 606 - - 606 8,884 0.02 Focus Media Information Technology Co Ltd 'A' 6,500 - - 6,500 5,136 0.01 14,020 0.03 Total shares 36,133,454 87.72 Collective investment schemes Diversified financial services BlackRock ICS US Dollar Liquidity Fund 492,694 2,209,541 2,587,178 115,058 104,669 0.25 iShares MSCI India UCITS ETF 737,022 850,607 883,791 703,838 3,191,621 7.75 3,296,290 8.00 Real estate investment trust Resilient Ltd (REIT) - 127 127 - - 0.00 - 0.00 Total collective investment schemes 3,296,290 8.00 Total securities traded on an official stock exchange 39,429,744 95.72 Total securities 39,429,744 95.72

Derivative financial instruments Index Futures MSCI Emerging Markets Index Futures September 2019 19 11 30 - - 0.00 MSCI Emerging Markets Index Futures December 2019 - 19 19 - - 0.00 MSCI Emerging Markets Index Futures March 2020 - 22 22 - - 0.00 MSCI Emerging Markets Index Futures June 2020 - 35 35 - - 0.00 MSCI Emerging Markets Index Futures September 2020 - 17 7 10 18,019 0.04 18,019 0.04 Warrants BTS Group Holdings PCL 29.11.2019 3,100 - 3,100 - - 0.00 BTS Group Holdings PCL 16.02.2021 - 1,860 1,860 - - 0.00 BTS Group Holdings PCL 16.02.2021 - 3,103 3,103 - - 0.00 Minor International PCL 30.09.2021 1,348 - 1,348 - - 0.00 - 0.00 Total derivative financial instruments 18,019 0.04 Total investments 39,447,763 95.76

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [193] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Sight deposits 1,570,280 3.81 Other assets 175,254 0.43 Total sub-fund assets 41,193,297 100.00 Loans (1,332,707) (3.23) Other liabilities (44,875) (0.11) Net sub-fund assets 39,815,715 96.66 1Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

List of closed forward exchange transactions for the year ended 31 July 2020Ø

Counter- Maturity Transaction Currency Amount currency Countervalue 23.12.2019 Bought QAR 29 CHF 8

ØThe forward exchange transactions are over-the-counter (“OTC”) transactions. The counterparty for these OTC transactions is State Street Bank and Trust Company.

[194] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Bonds Australia Australia Government Bond 1.25% 21.05.2032 - 126,000 - 126,000 85,085 0.18 Australia Government Bond 1.75% 21.11.2020 340,000 - 340,000 - - 0.00 Australia Government Bond 2% 21.12.2021 - 128,000 128,000 - - 0.00 Australia Government Bond 2.25% 21.05.2028 430,000 - 238,000 192,000 140,233 0.29 Australia Government Bond 2.5% 21.05.2030 - 105,000 - 105,000 79,328 0.17 Australia Government Bond 2.75% 21.04.2024 300,000 - - 300,000 213,352 0.45 Australia Government Bond 2.75% 21.11.2027 410,000 - - 410,000 308,065 0.64 Australia Government Bond 2.75% 21.11.2028 - 81,000 - 81,000 61,463 0.13 Australia Government Bond 2.75% 21.06.2035 450,000 - 40,000 410,000 325,387 0.68 Australia Government Bond 2.75% 21.05.2041 60,000 - - 60,000 47,511 0.10 Australia Government Bond 3% 21.03.2047 200,000 - - 200,000 167,466 0.35 Australia Government Bond 3.25% 21.04.2025 - 61,000 - 61,000 45,104 0.09 Australia Government Bond 3.25% 21.04.2029 100,000 - - 100,000 78,956 0.16 Australia Government Bond 3.25% 21.06.2039 40,000 31,000 - 71,000 60,081 0.13 Australia Government Bond 3.75% 21.04.2037 - 81,000 81,000 - - 0.00 Australia Government Bond 4.25% 21.04.2026 870,000 - - 870,000 688,016 1.44 Australia Government Bond 4.5% 21.04.2033 90,000 - - 90,000 83,480 0.17 Australia Government Bond 5.75% 15.07.2022 1,160,000 - 240,000 920,000 663,894 1.39 3,047,421 6.37 Belgium Kingdom of Belgium Government Bond 0.4% 22.06.2040 - 11,000 11,000 - - 0.00 Kingdom of Belgium Government Bond 0.5% 22.10.2024 - 90,000 90,000 - - 0.00 Kingdom of Belgium Government Bond 0.8% 22.06.2025 - 67,000 67,000 - - 0.00 Kingdom of Belgium Government Bond 0.8% 22.06.2027 - 120,000 120,000 - - 0.00 Kingdom of Belgium Government Bond 0.9% 22.06.2029 100,000 125,000 225,000 - - 0.00 Kingdom of Belgium Government Bond 1.45% 22.06.2037 120,000 - 120,000 - - 0.00 Kingdom of Belgium Government Bond 1.6% 22.06.2047 - 140,000 140,000 - - 0.00 Kingdom of Belgium Government Bond 1.7% 22.06.2050 - 5,000 - 5,000 7,194 0.01 Kingdom of Belgium Government Bond 1.9% 22.06.2038 - 30,000 30,000 - - 0.00 Kingdom of Belgium Government Bond 2.15% 22.06.2066 20,000 29,000 49,000 - - 0.00 Kingdom of Belgium Government Bond 2.25% 22.06.2023 - 150,000 150,000 - - 0.00 Kingdom of Belgium Government Bond 2.25% 22.06.2057 - 5,000 5,000 - - 0.00 Kingdom of Belgium Government Bond 2.6% 22.06.2024 - 50,000 50,000 - - 0.00 Kingdom of Belgium Government Bond 3% 22.06.2034 - 95,000 95,000 - - 0.00 Kingdom of Belgium Government Bond 4% 28.03.2022 - 100,000 100,000 - - 0.00 Kingdom of Belgium Government Bond 4.25% 28.03.2041 - 30,000 30,000 - - 0.00 7,194 0.01 Chile Bonos de la Tesoreria de la Republica en pesos 4.5% 01.03.2026 75,000,000 - 40,000,000 35,000,000 48,838 0.10 Bonos de la Tesoreria de la Republica en pesos 5% 01.03.2035 25,000,000 - - 25,000,000 37,809 0.08 Bonos de la Tesoreria de la Republica en pesos 6% 01.01.2043 25,000,000 - - 25,000,000 44,983 0.10 131,630 0.28 China China Government Bond 2.24% 05.03.2023 - 2,080,000 1,040,000 1,040,000 134,717 0.28 China Government Bond 2.69% 07.03.2022 - 7,220,000 3,610,000 3,610,000 472,194 0.99

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [195] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) China Government Bond 2.74% 11.07.2021 - 4,230,000 2,820,000 1,410,000 184,616 0.39 China Government Bond 2.74% 04.08.2026 2,500,000 5,300,000 3,900,000 3,900,000 504,397 1.05 China Government Bond 2.75% 08.08.2022 - 2,000,000 1,000,000 1,000,000 130,976 0.27 China Government Bond 2.79% 17.11.2023 1 5,999,999 3,000,000 3,000,000 393,206 0.82 China Government Bond 2.9% 05.05.2026 - 2,800,000 1,400,000 1,400,000 182,507 0.38 China Government Bond 3.12% 05.12.2026 - 600,000 300,000 300,000 39,476 0.08 China Government Bond 3.13% 21.11.2029 - 4,820,000 2,410,000 2,410,000 315,973 0.66 China Government Bond 3.17% 11.10.2021 - 3,000,000 2,000,000 1,000,000 131,691 0.28 China Government Bond 3.19% 11.04.2024 - 4,600,000 3,600,000 1,000,000 132,811 0.28 China Government Bond 3.22% 06.12.2025 - 4,000,000 2,000,000 2,000,000 265,505 0.55 China Government Bond 3.25% 22.11.2028 - 2,000,000 2,000,000 - - 0.00 China Government Bond 3.29% 18.10.2023 - 2,820,000 1,410,000 1,410,000 188,091 0.39 China Government Bond 3.39% 16.03.2050 - 720,000 360,000 360,000 44,345 0.09 China Government Bond 3.42% 12.04.2021 - 2,240,000 1,600,000 640,000 84,214 0.18 China Government Bond 3.86% 22.07.2049 - 1,920,000 960,000 960,000 128,842 0.27 China Government Bond 3.94% 27.07.2045 - 640,000 320,000 320,000 43,690 0.09 China Government Bond 4% 24.06.2069 - 4,110,000 2,840,000 1,270,000 175,259 0.37 China Government Bond 4.03% 21.06.2040 - 1,760,000 880,000 880,000 123,236 0.26 China Government Bond 4.05% 24.07.2047 - 2,200,000 1,100,000 1,100,000 152,090 0.32 China Government Bond 4.08% 22.10.2048 - 4,600,000 2,700,000 1,900,000 264,481 0.55 China Government Bond 4.09% 27.04.2035 - 490,000 490,000 - - 0.00 China Government Bond 4.5% 23.06.2041 - 900,000 450,000 450,000 66,830 0.14 4,159,147 8.69 Cyprus Cyprus Government International Bond 2.25% 16.04.2050 - 8,000 - 8,000 9,677 0.02 9,677 0.02 Denmark Denmark Government Bond 0.25% 15.11.2052 - 79,000 - 79,000 12,157 0.03 Denmark Government Bond 0.5% 15.11.2027 980,000 - 196,000 784,000 121,479 0.25 Denmark Government Bond 1.5% 15.11.2023 2,260,000 - 571,000 1,689,000 261,295 0.55 Denmark Government Bond 3% 15.11.2021 1,290,000 - 1,099,000 191,000 28,865 0.06 Denmark Government Bond 4.5% 15.11.2039 1,180,000 134,000 114,000 1,200,000 330,465 0.69 754,261 1.58 Germany Bundesobligation (Zero-Coupon) 09.04.2021 440,000 - 131,000 309,000 333,817 0.70 Bundesobligation (Zero-Coupon) 08.04.2022 250,000 - - 250,000 272,208 0.57 Bundesobligation (Zero-Coupon) 14.04.2023 - 86,000 - 86,000 94,458 0.20 Bundesobligation (Zero-Coupon) 05.04.2024 - 49,000 - 49,000 54,221 0.11 Bundesrepublik Deutschland Bundesanleihe (Zero-Coupon) 15.08.2026 160,000 - - 160,000 179,933 0.38 Bundesrepublik Deutschland Bundesanleihe (Zero-Coupon) 15.05.2035 - 29,000 - 29,000 32,842 0.07 Bundesrepublik Deutschland Bundesanleihe (Zero-Coupon) 15.08.2050 - 86,000 - 86,000 95,854 0.20 Bundesrepublik Deutschland Bundesanleihe 0.25% 15.02.2027 40,000 - - 40,000 45,828 0.09 Bundesrepublik Deutschland Bundesanleihe 0.25% 15.08.2028 160,000 - 160,000 - - 0.00 Bundesrepublik Deutschland Bundesanleihe 0.25% 15.02.2029 - 69,000 - 69,000 79,979 0.17 Bundesrepublik Deutschland Bundesanleihe 0.5% 15.02.2028 110,000 - - 110,000 129,155 0.27 Bundesrepublik Deutschland Bundesanleihe 1% 15.08.2024 520,000 - - 520,000 599,873 1.25

[196] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Bundesrepublik Deutschland Bundesanleihe 1.25% 15.08.2048 80,000 - - 80,000 120,284 0.25 Bundesrepublik Deutschland Bundesanleihe 1.75% 04.07.2022 540,000 - - 540,000 608,917 1.27 Bundesrepublik Deutschland Bundesanleihe 2.5% 04.07.2044 120,000 - - 120,000 215,564 0.45 Bundesrepublik Deutschland Bundesanleihe 2.5% 15.08.2046 60,000 22,000 - 82,000 151,200 0.32 Bundesrepublik Deutschland Bundesanleihe 3.25% 04.07.2042 - 62,000 - 62,000 119,691 0.25 Bundesrepublik Deutschland Bundesanleihe 4% 04.01.2037 150,000 - - 150,000 281,005 0.59 Bundesrepublik Deutschland Bundesanleihe 4.25% 04.07.2039 70,000 - - 70,000 142,675 0.30 Bundesrepublik Deutschland Bundesanleihe 4.75% 04.07.2034 100,000 - 88,000 12,000 22,590 0.05 Bundesrepublik Deutschland Bundesanleihe 4.75% 04.07.2040 - 20,000 - 20,000 43,912 0.09 Bundesrepublik Deutschland Bundesanleihe 5.5% 04.01.2031 20,000 - - 20,000 35,524 0.07 Bundesrepublik Deutschland Bundesanleihe 5.625% 04.01.2028 300,000 - - 300,000 478,036 1.00 4,137,566 8.65 Finland Finland Government Bond (Zero-Coupon) 15.04.2022 - 67,000 - 67,000 72,864 0.15 Finland Government Bond 0.125% 15.04.2036 - 15,000 - 15,000 16,654 0.04 Finland Government Bond 0.5% 15.09.2029 - 25,000 - 25,000 29,057 0.06 Finland Government Bond 0.75% 15.04.2031 20,000 - - 20,000 23,964 0.05 Finland Government Bond 0.875% 15.09.2025 40,000 - - 40,000 46,369 0.10 Finland Government Bond 1.375% 15.04.2047 10,000 6,000 9,000 7,000 10,105 0.02 Finland Government Bond 1.5% 15.04.2023 150,000 - - 150,000 170,823 0.36 Finland Government Bond 2.625% 04.07.2042 60,000 - - 60,000 101,750 0.21 Finland Government Bond 2.75% 04.07.2028 40,000 - 18,000 22,000 29,778 0.06 Finland Government Bond 3.375% 15.04.2020 80,000 - 80,000 - - 0.00 501,364 1.05 France French Republic Government Bond OAT (Zero-Coupon) 25.05.2021 - 350,000 350,000 - - 0.00 French Republic Government Bond OAT (Zero-Coupon) 25.05.2022 - 300,000 300,000 - - 0.00 French Republic Government Bond OAT (Zero-Coupon) 25.03.2024 - 150,000 150,000 - - 0.00 French Republic Government Bond OAT (Zero-Coupon) 25.11.2029 - 31,000 - 31,000 34,222 0.07 French Republic Government Bond OAT 0.25% 25.11.2026 - 150,000 141,000 9,000 10,147 0.02 French Republic Government Bond OAT 0.5% 25.05.2025 460,000 - 62,000 398,000 450,909 0.94 French Republic Government Bond OAT 0.5% 25.05.2029 - 120,000 - 120,000 138,600 0.29 French Republic Government Bond OAT 0.75% 25.11.2028 50,000 - - 50,000 58,809 0.12 French Republic Government Bond OAT 0.75% 25.05.2052 - 33,000 - 33,000 38,158 0.08 French Republic Government Bond OAT 1% 25.05.2027 160,000 - - 160,000 189,492 0.40 French Republic Government Bond OAT 1.25% 25.05.2034 30,000 20,000 28,000 22,000 27,815 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [197] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) French Republic Government Bond OAT 1.25% 25.05.2036 - 40,000 - 40,000 51,002 0.11 French Republic Government Bond OAT 1.5% 25.05.2031 50,000 - - 50,000 63,781 0.13 French Republic Government Bond OAT 1.5% 25.05.2050 - 30,000 - 30,000 41,782 0.09 French Republic Government Bond OAT 1.75% 25.06.2039 - 60,000 - 60,000 83,582 0.17 French Republic Government Bond OAT 1.75% 25.05.2066 10,000 15,000 25,000 - - 0.00 French Republic Government Bond OAT 2% 25.05.2048 - 80,000 80,000 - - 0.00 French Republic Government Bond OAT 2.25% 25.10.2022 340,000 - 340,000 - - 0.00 French Republic Government Bond OAT 2.5% 25.05.2030 190,000 - 116,000 74,000 101,462 0.21 French Republic Government Bond OAT 2.75% 25.10.2027 - 29,000 - 29,000 38,536 0.08 French Republic Government Bond OAT 3.25% 25.05.2045 - 57,000 57,000 - - 0.00 French Republic Government Bond OAT 4% 25.10.2038 140,000 - 94,000 46,000 84,100 0.18 French Republic Government Bond OAT 4% 25.04.2055 30,000 - 3,000 27,000 61,507 0.13 French Republic Government Bond OAT 4% 25.04.2060 20,000 10,000 30,000 - - 0.00 French Republic Government Bond OAT 4.5% 25.04.2041 10,000 - - 10,000 20,092 0.04 French Republic Government Bond OAT 4.75% 25.04.2035 - 50,000 - 50,000 91,696 0.19 French Republic Government Bond OAT 5.75% 25.10.2032 30,000 - - 30,000 55,804 0.12 1,641,496 3.43 Indonesia Indonesia Treasury Bond 6.5% 15.06.2025 - 4,584,000,000 650,000,000 3,934,000,000 250,778 0.52 Indonesia Treasury Bond 7% 15.09.2030 - 2,000,000,000 - 2,000,000,000 126,477 0.26 Indonesia Treasury Bond 7.5% 15.06.2035 - 3,500,000,000 - 3,500,000,000 223,005 0.47 Indonesia Treasury Bond 8.25% 15.05.2029 - 2,000,000,000 857,000,000 1,143,000,000 77,771 0.16 Indonesia Treasury Bond 8.375% 15.04.2039 - 700,000,000 440,000,000 260,000,000 17,692 0.04 Indonesia Treasury Bond 10.25% 15.07.2022 - 2,500,000,000 - 2,500,000,000 170,461 0.36 866,184 1.81 Ireland Ireland Government Bond 0.4% 15.05.2035 - 16,000 - 16,000 17,979 0.04 Ireland Government Bond 0.9% 15.05.2028 50,000 - - 50,000 58,926 0.12 Ireland Government Bond 1.5% 15.05.2050 - 28,000 - 28,000 38,607 0.08 Ireland Government Bond 1.7% 15.05.2037 60,000 - 17,000 43,000 57,962 0.12 Ireland Government Bond 2% 18.02.2045 70,000 - - 70,000 104,772 0.22 Ireland Government Bond 2.4% 15.05.2030 30,000 - 27,000 3,000 4,049 0.01 Ireland Government Bond 3.9% 20.03.2023 110,000 - - 110,000 132,481 0.28 Ireland Government Bond 5% 18.10.2020 150,000 - 17,000 133,000 144,716 0.30 Ireland Government Bond 5.4% 13.03.2025 70,000 - - 70,000 96,085 0.20 655,577 1.37 Israel Israel Government Bond - Fixed 1.75% 31.08.2025 - 730,000 - 730,000 209,455 0.44 Israel Government Bond - Fixed 2% 31.03.2027 120,000 - 96,000 24,000 7,082 0.01 Israel Government Bond - Fixed 4.25% 31.03.2023 220,000 - 105,000 115,000 34,141 0.07 Israel Government Bond - Fixed 5.5% 31.01.2042 170,000 - - 170,000 80,836 0.17 331,514 0.69

[198] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Italy Italy Buoni Poliennali Del Tesoro 0.35% 01.11.2021 440,000 - 440,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 0.6% 15.06.2023 - 141,000 - 141,000 153,953 0.32 Italy Buoni Poliennali Del Tesoro 1% 15.07.2022 - 129,000 50,000 79,000 86,707 0.18 Italy Buoni Poliennali Del Tesoro 1.45% 15.05.2025 330,000 - 120,000 210,000 236,426 0.49 Italy Buoni Poliennali Del Tesoro 2% 01.02.2028 110,000 - 110,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 2.45% 01.09.2033 230,000 - 210,000 20,000 24,513 0.05 Italy Buoni Poliennali Del Tesoro 2.45% 01.09.2050 - 63,000 - 63,000 75,480 0.16 Italy Buoni Poliennali Del Tesoro 2.7% 01.03.2047 80,000 - - 80,000 100,632 0.21 Italy Buoni Poliennali Del Tesoro 2.8% 01.12.2028 70,000 - - 70,000 87,069 0.18 Italy Buoni Poliennali Del Tesoro 2.8% 01.03.2067 40,000 - 40,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 3.1% 01.03.2040 - 76,000 36,000 40,000 53,141 0.11 Italy Buoni Poliennali Del Tesoro 3.45% 01.03.2048 20,000 - 20,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 3.75% 01.03.2021 - 150,000 150,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 3.75% 01.05.2021 - 125,000 125,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 3.75% 01.08.2021 - 123,000 123,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 3.85% 01.09.2049 - 74,000 74,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 4% 01.09.2020 490,000 - 490,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 4.5% 01.03.2024 400,000 - 192,000 208,000 257,471 0.54 Italy Buoni Poliennali Del Tesoro 4.75% 01.09.2044 70,000 76,000 130,000 16,000 26,901 0.06 Italy Buoni Poliennali Del Tesoro 5% 01.03.2022 - 298,000 271,000 27,000 31,394 0.06 Italy Buoni Poliennali Del Tesoro 5% 01.08.2034 40,000 61,000 40,000 61,000 95,777 0.20 Italy Buoni Poliennali Del Tesoro 5% 01.08.2039 120,000 - 120,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 5% 01.09.2040 - 65,000 - 65,000 108,794 0.23 Italy Buoni Poliennali Del Tesoro 5.25% 01.11.2029 230,000 96,000 295,000 31,000 46,061 0.10 Italy Buoni Poliennali Del Tesoro 7.25% 01.11.2026 - 92,000 92,000 - - 0.00 Italy Certificati di Credito del Tesoro (Zero-Coupon) 29.11.2021 - 52,000 - 52,000 56,009 0.12 1,440,328 3.01 Japan Japan Government Five Year Bond 0.1% 20.06.2023 7,300,000 - - 7,300,000 63,276 0.13 Japan Government Forty Year Bond 0.5% 20.03.2059 - 6,150,000 4,050,000 2,100,000 17,817 0.04 Japan Government Forty Year Bond 0.8% 20.03.2058 - 2,700,000 - 2,700,000 25,313 0.05 Japan Government Forty Year Bond 0.9% 20.03.2057 - 1,900,000 - 1,900,000 18,312 0.04 Japan Government Forty Year Bond 1.4% 20.03.2055 4,100,000 - - 4,100,000 44,881 0.09 Japan Government Ten Year Bond 0.1% 20.09.2027 16,000,000 - - 16,000,000 139,897 0.29 Japan Government Ten Year Bond 0.1% 20.03.2028 25,500,000 - - 25,500,000 222,930 0.47 Japan Government Ten Year Bond 0.4% 20.09.2025 23,700,000 - - 23,700,000 209,528 0.44 Japan Government Ten Year Bond 0.6% 20.06.2024 15,000,000 5,000,000 - 20,000,000 177,117 0.37 Japan Government Ten Year Bond 0.8% 20.06.2022 58,500,000 - 9,900,000 48,600,000 425,664 0.89 Japan Government Thirty Year Bond 0.8% 20.03.2046 8,400,000 - - 8,400,000 77,784 0.16 Japan Government Thirty Year Bond 0.8% 20.03.2048 6,600,000 - - 6,600,000 61,170 0.13 Japan Government Thirty Year Bond 1.9% 20.06.2043 6,000,000 - - 6,000,000 68,264 0.14 Japan Government Thirty Year Bond 2.2% 20.03.2041 8,350,000 - - 8,350,000 97,578 0.20 Japan Government Thirty Year Bond 2.3% 20.03.2040 4,000,000 - - 4,000,000 46,985 0.10 Japan Government Twenty Year Bond 0.5% 20.09.2036 8,000,000 - - 8,000,000 71,158 0.15 Japan Government Twenty Year Bond 0.7% 20.03.2037 - 3,850,000 - 3,850,000 35,242 0.07 Japan Government Twenty Year Bond 1.4% 20.09.2034 18,200,000 - - 18,200,000 182,490 0.38 Japan Government Twenty Year Bond 1.6% 20.06.2030 5,800,000 - - 5,800,000 57,720 0.12 Japan Government Twenty Year Bond 1.7% 20.12.2022 - 4,550,000 - 4,550,000 40,878 0.09 Japan Government Twenty Year Bond 1.7% 20.12.2032 5,100,000 - - 5,100,000 52,317 0.11 Japan Government Twenty Year Bond 2.1% 20.12.2030 14,200,000 - 13,550,000 650,000 6,785 0.02 2,143,106 4.48

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [199] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Canada Canadian Government Bond 0.75% 01.03.2021 730,000 - 363,000 367,000 250,050 0.52 Canadian Government Bond 1% 01.09.2022 150,000 - - 150,000 103,495 0.22 Canadian Government Bond 1% 01.06.2027 - 56,000 - 56,000 39,711 0.08 Canadian Government Bond 1.25% 01.03.2025 - 412,000 - 412,000 291,938 0.61 Canadian Government Bond 1.25% 01.06.2030 - 297,000 118,000 179,000 130,701 0.27 Canadian Government Bond 1.5% 01.05.2022 - 333,000 - 333,000 231,129 0.48 Canadian Government Bond 1.5% 01.06.2023 - 322,000 - 322,000 226,545 0.47 Canadian Government Bond 1.75% 01.05.2021 - 89,000 - 89,000 61,125 0.13 Canadian Government Bond 2% 01.06.2028 - 57,000 - 57,000 43,536 0.09 Canadian Government Bond 2% 01.12.2051 - 114,000 - 114,000 100,031 0.21 Canadian Government Bond 2.5% 01.06.2024 270,000 - - 270,000 199,112 0.42 Canadian Government Bond 2.75% 01.06.2022 800,000 - 230,000 570,000 405,091 0.85 Canadian Government Bond 2.75% 01.12.2048 120,000 - 20,000 100,000 99,146 0.21 Canadian Government Bond 2.75% 01.12.2064 110,000 36,000 78,000 68,000 77,346 0.16 Canadian Government Bond 3.5% 01.12.2045 90,000 - 7,000 83,000 89,763 0.19 Canadian Government Bond 4% 01.06.2041 90,000 77,000 - 167,000 182,535 0.38 Canadian Government Bond 5% 01.06.2037 270,000 - 233,000 37,000 42,174 0.09 Canadian Government Bond 5.75% 01.06.2033 150,000 - - 150,000 166,651 0.35 Canadian Government Bond 8% 01.06.2027 600,000 - 419,000 181,000 186,186 0.39 2,926,265 6.12 Lithuania Lithuania Government International Bond 1.625% 19.06.2049 - 7,000 - 7,000 9,804 0.02 9,804 0.02 Mexico Mexican Bonos 8% 07.11.2047 - 700,000 - 700,000 32,571 0.07 32,571 0.07 New Zealand New Zealand Government Bond 0.5% 15.05.2024 - 100,000 - 100,000 60,974 0.13 New Zealand Government Bond 1.5% 15.05.2031 - 24,000 - 24,000 15,663 0.03 New Zealand Government Bond 4.5% 15.04.2027 100,000 - - 100,000 76,599 0.16 New Zealand Government Bond 5.5% 15.04.2023 150,000 - - 150,000 103,557 0.22 New Zealand Government Bond 6% 15.05.2021 110,000 - 110,000 - - 0.00 256,793 0.54 Netherlands Netherlands Government Bond (Zero-Coupon) 15.07.2030 - 16,000 - 16,000 17,924 0.04 Netherlands Government Bond 0.5% 15.07.2026 110,000 - - 110,000 126,305 0.26 Netherlands Government Bond 0.5% 15.01.2040 - 78,000 - 78,000 94,608 0.20 Netherlands Government Bond 0.75% 15.07.2028 110,000 - 40,000 70,000 83,136 0.17 Netherlands Government Bond 2% 15.07.2024 320,000 - - 320,000 381,290 0.80 Netherlands Government Bond 2.25% 15.07.2022 100,000 - - 100,000 113,735 0.24 Netherlands Government Bond 2.5% 15.01.2033 100,000 19,000 59,000 60,000 87,788 0.18 Netherlands Government Bond 2.75% 15.01.2047 70,000 6,000 17,000 59,000 111,930 0.23 Netherlands Government Bond 3.5% 15.07.2020 290,000 - 290,000 - - 0.00 Netherlands Government Bond 3.75% 15.01.2042 100,000 - - 100,000 199,197 0.42 Netherlands Government Bond 4% 15.01.2037 90,000 - - 90,000 165,455 0.34 Netherlands Government Bond 5.5% 15.01.2028 60,000 - - 60,000 94,188 0.20 1,475,556 3.08 Norway Norway Government Bond 1.375% 19.08.2030 - 323,000 - 323,000 34,910 0.07 Norway Government Bond 1.75% 13.03.2025 580,000 - 419,000 161,000 17,246 0.04

[200] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Norway Government Bond 2% 24.05.2023 2,240,000 - 879,000 1,361,000 143,466 0.30 Norway Government Bond 2% 26.04.2028 990,000 - - 990,000 110,975 0.23 306,597 0.64 Austria Republic of Austria Government Bond (Zero-Coupon) 20.09.2022 260,000 36,000 - 296,000 322,954 0.68 Republic of Austria Government Bond 0.5% 20.04.2027 50,000 - - 50,000 57,537 0.12 Republic of Austria Government Bond 0.5% 20.02.2029 150,000 - - 150,000 173,884 0.36 Republic of Austria Government Bond 0.75% 20.03.2051 - 32,000 - 32,000 39,940 0.08 Republic of Austria Government Bond 1.5% 20.02.2047 80,000 - - 80,000 116,286 0.24 Republic of Austria Government Bond 1.5% 02.11.2086 30,000 - 2,000 28,000 48,453 0.10 Republic of Austria Government Bond 1.65% 21.10.2024 260,000 - 18,000 242,000 285,961 0.60 Republic of Austria Government Bond 2.1% 20.09.2117 - 3,000 - 3,000 6,789 0.02 Republic of Austria Government Bond 3.5% 15.09.2021 140,000 - 20,000 120,000 135,052 0.28 Republic of Austria Government Bond 3.8% 26.01.2062 40,000 10,000 - 50,000 127,899 0.27 Republic of Austria Government Bond 4.15% 15.03.2037 40,000 - 39,000 1,000 1,831 0.00 1,316,586 2.75 Poland Republic of Poland Government Bond 2.25% 25.04.2022 - 900,000 900,000 - - 0.00 Republic of Poland Government Bond 2.25% 25.10.2024 1,320,000 - 1,320,000 - - 0.00 Republic of Poland Government Bond 2.5% 25.04.2024 - 942,000 700,000 242,000 63,660 0.13 Republic of Poland Government Bond 2.5% 25.07.2027 - 500,000 500,000 - - 0.00 Republic of Poland Government Bond 2.75% 25.10.2029 600,000 180,000 780,000 - - 0.00 63,660 0.13 Portugal Portugal Obrigacoes do Tesouro OT 4.1% 15.02.2045 - 8,000 - 8,000 14,227 0.03 14,227 0.03 Russia Russian Federal Bond - OFZ 4.5% 16.07.2025 - 8,359,000 - 8,359,000 99,941 0.21 Russian Federal Bond - OFZ 6% 06.10.2027 - 9,065,000 9,065,000 - - 0.00 Russian Federal Bond - OFZ 6.9% 23.05.2029 - 6,000,000 6,000,000 - - 0.00 Russian Federal Bond - OFZ 7% 15.12.2021 - 11,527,000 11,527,000 - - 0.00 Russian Federal Bond - OFZ 7% 25.01.2023 - 7,017,000 7,017,000 - - 0.00 Russian Federal Bond - OFZ 7.25% 10.05.2034 - 4,500,000 3,087,000 1,413,000 19,200 0.04 Russian Federal Bond - OFZ 7.4% 07.12.2022 - 14,650,000 5,000,000 9,650,000 126,032 0.26 Russian Federal Bond - OFZ 7.4% 17.07.2024 - 5,000,000 5,000,000 - - 0.00 Russian Federal Bond - OFZ 7.65% 10.04.2030 - 10,773,000 4,579,000 6,194,000 85,774 0.18 Russian Federal Bond - OFZ 7.7% 23.03.2033 - 1,447,000 1,447,000 - - 0.00 Russian Federal Bond - OFZ 7.7% 16.03.2039 - 1,800,000 - 1,800,000 25,734 0.06 Russian Federal Bond - OFZ 7.75% 16.09.2026 - 7,000,000 7,000,000 - - 0.00 Russian Federal Bond - OFZ 8.15% 03.02.2027 - 7,112,000 - 7,112,000 100,567 0.21 457,248 0.96 Sweden Sweden Government Bond 2.25% 01.06.2032 140,000 735,000 230,000 645,000 84,061 0.17 Sweden Government Bond 2.5% 12.05.2025 560,000 - 475,000 85,000 10,023 0.02 Sweden Government Bond 3.5% 01.06.2022 - 545,000 - 545,000 60,654 0.13 Sweden Government Bond 3.5% 30.03.2039 1,110,000 - 390,000 720,000 117,767 0.25 Sweden Government Bond 5% 01.12.2020 3,030,000 - 1,335,000 1,695,000 179,273 0.37 451,778 0.94 Singapore Singapore Government Bond 2.125% 01.06.2026 100,000 - - 100,000 72,140 0.15 Singapore Government Bond 2.25% 01.08.2036 60,000 - - 60,000 46,908 0.10

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [201] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Singapore Government Bond 2.75% 01.04.2042 30,000 - - 30,000 26,336 0.05 Singapore Government Bond 2.75% 01.03.2046 100,000 28,000 20,000 108,000 98,288 0.21 Singapore Government Bond 2.875% 01.07.2029 - 76,000 63,000 13,000 10,166 0.02 Singapore Government Bond 2.875% 01.09.2030 300,000 - - 300,000 237,634 0.50 Singapore Government Bond 3.125% 01.09.2022 900,000 - 348,000 552,000 387,208 0.81 878,680 1.84 Slovakia Slovakia Government Bond 0.75% 09.04.2030 60,000 - - 60,000 70,611 0.15 70,611 0.15 Slovenia Slovenia Government Bond 1.1875% 14.03.2029 80,000 - 80,000 - - 0.00 Slovenia Government Bond 1.5% 25.03.2035 30,000 - - 30,000 38,744 0.08 Slovenia Government Bond 2.125% 28.07.2025 - 20,000 20,000 - - 0.00 38,744 0.08 Spain Spain Government Bond 0.05% 31.10.2021 130,000 250,000 380,000 - - 0.00 Spain Government Bond 0.35% 30.07.2023 400,000 - 300,000 100,000 109,866 0.23 Spain Government Bond 0.45% 31.10.2022 - 150,000 150,000 - - 0.00 Spain Government Bond 0.5% 30.04.2030 - 22,000 22,000 - - 0.00 Spain Government Bond 0.6% 31.10.2029 - 70,000 70,000 - - 0.00 Spain Government Bond 0.75% 30.07.2021 110,000 - 110,000 - - 0.00 Spain Government Bond 1% 31.10.2050 - 34,000 - 34,000 35,507 0.08 Spain Government Bond 1.3% 31.10.2026 - 80,000 80,000 - - 0.00 Spain Government Bond 1.4% 30.07.2028 300,000 - 108,000 192,000 227,985 0.48 Spain Government Bond 1.45% 30.04.2029 - 35,000 35,000 - - 0.00 Spain Government Bond 1.5% 30.04.2027 - 23,000 23,000 - - 0.00 Spain Government Bond 1.6% 30.04.2025 - 200,000 200,000 - - 0.00 Spain Government Bond 1.85% 30.07.2035 70,000 30,000 100,000 - - 0.00 Spain Government Bond 1.95% 30.04.2026 280,000 - 280,000 - - 0.00 Spain Government Bond 2.35% 30.07.2033 - 40,000 40,000 - - 0.00 Spain Government Bond 2.7% 31.10.2048 - 55,000 25,000 30,000 45,044 0.09 Spain Government Bond 2.9% 31.10.2046 - 30,000 30,000 - - 0.00 Spain Government Bond 3.45% 30.07.2066 30,000 12,000 26,000 16,000 29,665 0.06 Spain Government Bond 4.2% 31.01.2037 - 30,000 30,000 - - 0.00 Spain Government Bond 4.9% 30.07.2040 80,000 - 80,000 - - 0.00 Spain Government Bond 5.15% 31.10.2044 55,000 30,000 85,000 - - 0.00 Spain Government Bond 5.75% 30.07.2032 90,000 40,000 130,000 - - 0.00 448,067 0.94 South Korea Korea Treasury Bond 1.375% 10.09.2024 - 360,000,000 150,000,000 210,000,000 162,959 0.34 Korea Treasury Bond 1.5% 10.12.2026 140,000,000 - - 140,000,000 109,067 0.23 Korea Treasury Bond 1.5% 10.03.2050 - 17,640,000 - 17,640,000 13,471 0.03 Korea Treasury Bond 1.5% 10.09.2066 - 22,850,000 - 22,850,000 17,442 0.03 Korea Treasury Bond 1.875% 10.06.2026 290,000,000 - 290,000,000 - - 0.00 Korea Treasury Bond 1.875% 10.06.2029 - 500,000,000 500,000,000 - - 0.00 Korea Treasury Bond 2% 10.03.2021 1,070,000,000 - 1,006,220,000 63,780,000 49,111 0.10 Korea Treasury Bond 2% 10.12.2021 500,000,000 - 143,160,000 356,840,000 277,546 0.58 Korea Treasury Bond 2% 10.09.2022 - 780,000,000 - 780,000,000 611,106 1.28 Korea Treasury Bond 2% 10.03.2046 80,000,000 - - 80,000,000 67,775 0.14 Korea Treasury Bond 2% 10.03.2049 - 286,400,000 91,920,000 194,480,000 166,145 0.35 Korea Treasury Bond 2.125% 10.06.2027 330,000,000 - - 330,000,000 267,979 0.56 Korea Treasury Bond 2.125% 10.03.2047 132,780,000 50,780,000 - 183,560,000 159,637 0.33 Korea Treasury Bond 2.25% 10.12.2025 360,000,000 - 118,930,000 241,070,000 194,835 0.41

[202] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Korea Treasury Bond 2.375% 10.12.2028 - 78,830,000 - 78,830,000 65,556 0.14 Korea Treasury Bond 2.375% 10.09.2038 - 120,000,000 83,000,000 37,000,000 32,230 0.07 Korea Treasury Bond 2.625% 10.03.2048 195,000,000 - - 195,000,000 186,962 0.39 Korea Treasury Bond 2.75% 10.12.2044 21,000,000 - 21,000,000 - - 0.00 Korea Treasury Bond 3% 10.12.2042 410,000,000 - - 410,000,000 403,703 0.84 Korea Treasury Bond 3.5% 10.03.2024 480,000,000 - 130,000,000 350,000,000 291,462 0.61 Korea Treasury Bond 3.75% 10.12.2033 754,000,000 - 198,140,000 555,860,000 547,094 1.14 Korea Treasury Bond 5% 10.06.2020 640,000,000 - 640,000,000 - - 0.00 Korea Treasury Bond 5.5% 10.03.2028 100,000,000 - - 100,000,000 100,049 0.21 3,724,129 7.78 Thailand Thailand Government Bond 1.45% 17.12.2024 - 11,000,000 1,600,000 9,400,000 282,646 0.59 Thailand Government Bond 1.6% 17.12.2029 - 6,000,000 2,054,000 3,946,000 118,882 0.25 Thailand Government Bond 1.6% 17.06.2035 - 5,000,000 540,000 4,460,000 131,618 0.28 Thailand Government Bond 1.875% 17.06.2049 - 412,000 - 412,000 11,597 0.02 Thailand Government Bond 2.875% 17.06.2046 3,150,000 - 3,150,000 - - 0.00 Thailand Government Bond 3.3% 17.06.2038 - 5,000,000 586,000 4,414,000 158,091 0.33 Thailand Government Bond 3.625% 16.06.2023 3,700,000 - 3,700,000 - - 0.00 Thailand Government Bond 3.65% 17.12.2021 5,060,000 - 5,060,000 - - 0.00 Thailand Government Bond 3.8% 14.06.2041 1,268,000 - 1,268,000 - - 0.00 Thailand Government Bond 3.85% 12.12.2025 3,000,000 - 3,000,000 - - 0.00 Thailand Government Bond 4% 17.06.2066 1,230,000 - - 1,230,000 51,137 0.11 Thailand Government Bond 4.26% 12.12.2037 4,800,000 - 4,800,000 - - 0.00 Thailand Government Bond 4.675% 29.06.2044 340,000 - 340,000 - - 0.00 Thailand Government Bond 4.875% 22.06.2029 5,150,000 - 5,150,000 - - 0.00 753,971 1.58 Czech Republic Czech Republic Government Bond 0.25% 10.02.2027 - 1,550,000 - 1,550,000 61,280 0.13 Czech Republic Government Bond 0.95% 15.05.2030 500,000 - 500,000 - - 0.00 Czech Republic Government Bond 2% 13.10.2033 - 1,010,000 - 1,010,000 46,438 0.10 Czech Republic Government Bond 2.4% 17.09.2025 - 2,950,000 - 2,950,000 131,495 0.27 Czech Republic Government Bond 2.5% 25.08.2028 1,500,000 - 260,000 1,240,000 57,365 0.12 Czech Republic Government Bond 4.85% 26.11.2057 400,000 - - 400,000 27,669 0.06 Czech Republic Government Bond 5.7% 25.05.2024 3,800,000 - 920,000 2,880,000 141,735 0.29 465,982 0.97 Hungary Hungary Government Bond 3% 26.06.2024 63,000,000 - 63,000,000 - - 0.00 Hungary Government Bond 3% 27.10.2038 - 4,070,000 - 4,070,000 13,312 0.03 13,312 0.03 United States United States Treasury Note/Bond 0.5% 30.04.2027 - 69,000 - 69,000 63,289 0.13 United States Treasury Note/Bond 0.625% 15.05.2030 - 243,000 - 243,000 222,923 0.47 United States Treasury Note/Bond 1.25% 31.10.2021 80,000 - 80,000 - - 0.00 United States Treasury Note/Bond 1.375% 30.09.2020 260,000 - 260,000 - - 0.00 United States Treasury Note/Bond 1.375% 30.04.2021 870,000 - 870,000 - - 0.00 United States Treasury Note/Bond 1.375% 15.10.2022 - 450,000 - 450,000 420,655 0.88 United States Treasury Note/Bond 1.5% 15.08.2026 380,000 - 100,000 280,000 272,685 0.57 United States Treasury Note/Bond 1.5% 15.02.2030 - 48,000 - 48,000 47,671 0.10 United States Treasury Note/Bond 1.625% 15.08.2029 - 200,000 200,000 - - 0.00 United States Treasury Note/Bond 1.75% 31.07.2021 - 421,000 - 421,000 389,131 0.81 United States Treasury Note/Bond 2% 31.12.2021 700,000 - 674,000 26,000 24,274 0.05 United States Treasury Note/Bond 2% 15.02.2050 - 15,000 - 15,000 16,402 0.04 United States Treasury Note/Bond 2.25% 31.12.2023 210,000 - - 210,000 204,738 0.43

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [203] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) United States Treasury Note/Bond 2.25% 15.11.2024 - 132,000 - 132,000 130,671 0.27 United States Treasury Note/Bond 2.25% 15.08.2027 120,000 185,000 120,000 185,000 190,042 0.40 United States Treasury Note/Bond 2.25% 15.08.2046 110,000 - 50,000 60,000 67,707 0.14 United States Treasury Note/Bond 2.25% 15.08.2049 - 100,000 88,000 12,000 13,763 0.03 United States Treasury Note/Bond 2.375% 15.05.2029 110,000 - - 110,000 116,344 0.24 United States Treasury Note/Bond 2.375% 15.11.2049 - 17,000 - 17,000 20,020 0.04 United States Treasury Note/Bond 2.5% 15.05.2024 740,000 - - 740,000 732,660 1.53 United States Treasury Note/Bond 2.5% 15.02.2046 320,000 - 183,000 137,000 161,200 0.34 United States Treasury Note/Bond 2.625% 15.05.2021 - 115,000 115,000 - - 0.00 United States Treasury Note/Bond 2.625% 30.06.2023 - 148,000 - 148,000 144,418 0.30 United States Treasury Note/Bond 2.75% 15.11.2047 30,000 - - 30,000 37,333 0.08 United States Treasury Note/Bond 2.875% 31.05.2025 100,000 - - 100,000 102,604 0.22 United States Treasury Note/Bond 2.875% 15.05.2028 160,000 - 20,000 140,000 151,158 0.32 United States Treasury Note/Bond 2.875% 15.05.2049 20,000 - - 20,000 25,745 0.05 United States Treasury Note/Bond 3% 15.11.2044 70,000 - - 70,000 88,792 0.19 United States Treasury Note/Bond 3% 15.02.2049 - 41,000 - 41,000 53,819 0.11 United States Treasury Note/Bond 3.375% 15.11.2048 30,000 - - 30,000 41,845 0.09 United States Treasury Note/Bond 3.625% 15.02.2044 - 18,000 - 18,000 24,900 0.05 United States Treasury Note/Bond 4.375% 15.05.2041 130,000 - 50,000 80,000 119,250 0.25 United States Treasury Note/Bond 4.5% 15.08.2039 - 40,000 - 40,000 59,420 0.12 United States Treasury Note/Bond 5% 15.05.2037 50,000 45,000 50,000 45,000 68,441 0.14 United States Treasury Note/Bond 6.375% 15.08.2027 120,000 - - 120,000 154,655 0.32 4,166,555 8.71 United Kingdom United Kingdom Gilt 0.5% 22.07.2022 - 179,000 - 179,000 216,183 0.45 United Kingdom Gilt 0.5% 22.10.2061 - 21,000 - 21,000 24,638 0.05 United Kingdom Gilt 0.875% 22.10.2029 - 310,000 39,000 271,000 348,128 0.73 United Kingdom Gilt 1% 22.04.2024 - 95,000 - 95,000 118,311 0.25 United Kingdom Gilt 1.5% 22.07.2026 130,000 - 50,000 80,000 104,775 0.22 United Kingdom Gilt 1.5% 22.07.2047 - 112,000 - 112,000 163,138 0.34 United Kingdom Gilt 1.625% 22.10.2071 40,000 50,000 15,000 75,000 136,615 0.29 United Kingdom Gilt 1.75% 07.09.2022 710,000 - 623,000 87,000 107,894 0.23 United Kingdom Gilt 1.75% 07.09.2037 130,000 30,000 160,000 - - 0.00 United Kingdom Gilt 1.75% 22.01.2049 - 120,000 67,000 53,000 82,087 0.17 United Kingdom Gilt 1.75% 22.07.2057 150,000 - - 150,000 249,321 0.52 United Kingdom Gilt 2.5% 22.07.2065 - 50,000 - 50,000 106,131 0.22 United Kingdom Gilt 2.75% 07.09.2024 140,000 40,000 - 180,000 240,451 0.50 United Kingdom Gilt 3.25% 22.01.2044 20,000 26,000 - 46,000 86,646 0.18 United Kingdom Gilt 3.5% 22.01.2045 - 100,000 20,000 80,000 158,237 0.33 United Kingdom Gilt 3.5% 22.07.2068 60,000 51,000 64,000 47,000 126,400 0.26 United Kingdom Gilt 3.75% 07.09.2020 130,000 - 130,000 - - 0.00 United Kingdom Gilt 3.75% 07.09.2021 - 303,000 - 303,000 376,797 0.79 United Kingdom Gilt 3.75% 22.07.2052 265,000 - 152,000 113,000 258,877 0.54 United Kingdom Gilt 4% 07.03.2022 - 540,000 399,000 141,000 179,281 0.37 United Kingdom Gilt 4% 22.01.2060 - 33,000 - 33,000 87,523 0.18 United Kingdom Gilt 4.25% 07.12.2027 340,000 - 140,000 200,000 314,435 0.66 United Kingdom Gilt 4.25% 07.12.2040 100,000 47,000 70,000 77,000 157,484 0.33 United Kingdom Gilt 4.25% 07.12.2049 - 10,000 - 10,000 23,624 0.05

[204] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) United Kingdom Gilt 4.5% 07.09.2034 200,000 - 50,000 150,000 282,126 0.59 United Kingdom Gilt 4.5% 07.12.2042 280,000 36,000 187,000 129,000 280,699 0.59 4,229,801 8.84 Total bonds 41,927,402 87.64 Total securities traded on an official stock exchange 41,927,402 87.64 Securities not listed Bonds Malaysia Malaysia Government Bond 3.478% 14.06.2024 - 551,000 551,000 - - 0.00 Malaysia Government Bond 3.62% 30.11.2021 - 498,000 - 498,000 109,419 0.23 Malaysia Government Bond 3.757% 22.05.2040 - 335,000 138,000 197,000 45,792 0.09 Malaysia Government Bond 3.885% 15.08.2029 1,300,000 1,470,000 2,230,000 540,000 128,265 0.27 Malaysia Government Bond 3.899% 16.11.2027 - 200,000 200,000 - - 0.00 Malaysia Government Bond 3.9% 30.11.2026 1,100,000 - 1,100,000 - - 0.00 Malaysia Government Bond 3.906% 15.07.2026 - 690,000 690,000 - - 0.00 Malaysia Government Bond 4.048% 30.09.2021 - 507,000 507,000 - - 0.00 Malaysia Government Bond 4.16% 15.07.2021 1,000,000 - 1,000,000 - - 0.00 Malaysia Government Investment Issue 3.422% 30.09.2027 - 366,000 - 366,000 84,427 0.18 Malaysia Government Investment Issue 3.655% 15.10.2024 - 977,000 - 977,000 222,985 0.47 Malaysia Government Investment Issue 3.948% 14.04.2022 - 482,000 482,000 - - 0.00 Malaysia Government Investment Issue 4.119% 30.11.2034 - 1,226,000 713,000 513,000 123,967 0.26 Malaysia Government Investment Issue 4.467% 15.09.2039 520,000 - 520,000 - - 0.00 Malaysia Government Investment Issue 4.638% 15.11.2049 - 217,000 - 217,000 54,653 0.11 769,508 1.61 New Zealand New Zealand Government Bond 2.75% 15.04.2037 90,000 29,000 - 119,000 90,183 0.19 90,183 0.19 Total bonds 859,691 1.80 Total securities not listed 859,691 1.80 Total securities 42,787,093 89.44

Derivative financial instruments Open forwards exchange transactionsØ AUD/USD Maturity 04.08.2020 - 114,000 78,929 - 2,571 0.01 CAD/USD Maturity 04.08.2020 - 151,000 111,229 - 1,364 0.00 CHF/USD Maturity 04.08.2020 - 35,000 36,973 - 1,365 0.00 CHF/USD Maturity 04.08.2020 - 39,000 41,279 - 1,449 0.00 CHF/USD Maturity 04.08.2020 - 8,750,000 9,248,543 - 336,601 0.70 CHF/USD Maturity 04.08.2020 - 8,759,362 9,237,300 - 356,190 0.75 CHF/USD Maturity 04.08.2020 - 8,750,000 9,226,328 - 356,810 0.75 CHF/USD Maturity 04.08.2020 - 8,750,000 9,221,310 - 361,374 0.76 CHF/USD Maturity 04.08.2020 - 8,750,000 9,220,620 - 362,002 0.76 CNY/USD Maturity 04.08.2020 - 32,622,000 4,667,287 - 6,083 0.01 DKK/USD Maturity 04.08.2020 - 337,000 50,840 - 2,423 0.01 EUR/USD Maturity 04.08.2020 - 25,000 28,355 - 1,098 0.00 EUR/USD Maturity 04.08.2020 - 120,000 136,104 - 5,273 0.01 EUR/USD Maturity 04.08.2020 - 1,392,000 1,564,971 - 73,748 0.15 SEK/USD Maturity 04.08.2020 - 43,000 4,615 - 275 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [205] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Open forwards exchange transactionsØ (continued) SEK/USD Maturity 04.08.2020 - 215,000 23,083 - 1,370 0.00 SGD/USD Maturity 04.08.2020 - 103,000 73,817 - 1,178 0.00 USD/AUD Maturity 04.08.2020 - 666,199 970,000 - (26,779) (0.06) USD/AUD Maturity 04.08.2020 - 674,225 981,000 - (26,654) (0.06) USD/AUD Maturity 04.08.2020 - 666,480 970,000 - (26,523) (0.05) USD/AUD Maturity 04.08.2020 - 666,542 970,000 - (26,466) (0.05) USD/AUD Maturity 04.08.2020 - 666,594 970,000 - (26,420) (0.05) USD/CAD Maturity 04.08.2020 - 654,052 895,000 - (12,833) (0.03) USD/CAD Maturity 04.08.2020 - 654,201 895,000 - (12,699) (0.03) USD/CAD Maturity 04.08.2020 - 654,398 895,000 - (12,519) (0.03) USD/CAD Maturity 04.08.2020 - 647,703 886,000 - (12,497) (0.03) USD/CAD Maturity 04.08.2020 - 655,020 895,000 - (11,953) (0.02) USD/CNY Maturity 04.08.2020 - 4,678,666 32,622,000 - 4,269 0.01 USD/CZK Maturity 04.08.2020 - 433,098 10,363,000 - (30,369) (0.06) USD/CZK Maturity 04.08.2020 - 55,428 1,311,000 - (3,262) (0.01) USD/DKK Maturity 04.08.2020 - 845,165 5,619,000 - (42,693) (0.09) USD/EUR Maturity 04.08.2020 - 2,789,743 2,485,000 - (135,335) (0.28) USD/EUR Maturity 04.08.2020 - 2,790,103 2,485,000 - (135,008) (0.28) USD/EUR Maturity 04.08.2020 - 2,790,685 2,485,000 - (134,479) (0.28) USD/EUR Maturity 04.08.2020 - 2,784,704 2,479,789 - (134,314) (0.28) USD/EUR Maturity 04.08.2020 - 2,790,981 2,485,000 - (134,210) (0.28) USD/EUR Maturity 04.08.2020 - 133,749 119,000 - (6,339) (0.01) USD/GBP Maturity 04.08.2020 - 958,774 769,000 - (45,975) (0.10) USD/GBP Maturity 04.08.2020 - 689,100 560,000 - (41,755) (0.09) USD/GBP Maturity 04.08.2020 - 689,329 560,000 - (41,547) (0.09) USD/GBP Maturity 04.08.2020 - 689,605 560,000 - (41,296) (0.09) USD/GBP Maturity 04.08.2020 - 689,698 560,000 - (41,211) (0.09) USD/GBP Maturity 04.08.2020 - 688,038 558,627 - (41,081) (0.09) USD/HUF Maturity 04.08.2020 - 24,790 7,896,000 - (2,108) 0.00 USD/ILS Maturity 04.08.2020 - 361,895 1,254,000 - (6,081) (0.01) USD/JPY Maturity 04.08.2020 - 473,437 50,965,000 - (7,817) (0.02) USD/JPY Maturity 04.08.2020 - 473,484 50,965,000 - (7,774) (0.02) USD/JPY Maturity 04.08.2020 - 473,514 50,965,000 - (7,747) (0.02) USD/JPY Maturity 04.08.2020 - 473,818 50,965,000 - (7,471) (0.02) USD/JPY Maturity 04.08.2020 - 473,991 50,972,000 - (7,373) (0.01) USD/MXN Maturity 04.08.2020 - 40,565 944,000 - (1,795) 0.00 USD/NOK Maturity 04.08.2020 - 320,795 3,125,000 - (21,297) (0.04) USD/NZD Maturity 04.08.2020 - 406,521 635,825 - (15,496) (0.03) USD/PLN Maturity 04.08.2020 - 67,970 271,000 - (4,232) (0.01) USD/SEK Maturity 04.08.2020 - 500,147 4,689,000 - (32,848) (0.07) USD/SGD Maturity 04.08.2020 - 1,030,734 1,440,000 - (17,616) (0.04) USD/THB Maturity 04.08.2020 - 838,910 25,911,000 - 7,244 0.02 USD/CNY Maturity 02.09.2020 - 4,671,422 32,742,000 - (9,357) (0.02) IDR/USD Maturity 16.09.2020 - 500,000,000 34,703 - (546) 0.00 KRW/USD Maturity 16.09.2020 - 116,883,000 97,411 - 642 0.00 KRW/USD Maturity 16.09.2020 - 290,000,000 240,008 - 3,119 0.01 USD/CLP Maturity 16.09.2020 - 139,300 107,087,000 - (2,039) 0.00 USD/IDR Maturity 16.09.2020 - 1,031,673 14,767,682,200 - 22,223 0.05 USD/KRW Maturity 16.09.2020 - 4,408,084 5,283,132,852 - (24,398) (0.05) USD/RUB Maturity 16.09.2020 - 89,448 6,191,908 - 5,820 0.01 USD/RUB Maturity 16.09.2020 - 481,658 34,248,000 - 20,300 0.04

[206] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Open forwards exchange transactionsØ (continued) MYR/USD Maturity 17.09.2020 - 138,000 32,224 - 240 0.00 USD/MYR Maturity 17.09.2020 - 867,743 3,707,000 - (4,524) (0.01) 550,295 1.15 Total derivative financial instruments 550,295 1.15 Total investments 43,337,388 90.59

Sight deposits 4,206,703 8.79 Other assets 292,554 0.61 Total sub-fund assets 47,836,645 100.00 Loans (3,799,156) (7.94) Other liabilities (16,124) (0.03) Net sub-fund assets 44,021,365 92.03 1Inclusive of corporate actions where applicable.

List of closed forward exchange transactions for the year ended 31 July 2020Ø

Counter- Maturity Transaction Currency Amount currency Countervalue 02.08.2019 Bought CAD 10,000 USD 7,658 02.08.2019 Bought CAD 450,000 USD 344,619 02.08.2019 Bought CHF 440,000 USD 452,613 02.08.2019 Bought CHF 9,365,000 USD 9,631,405 02.08.2019 Bought CHF 9,365,000 USD 9,630,335 02.08.2019 Bought CHF 9,365,000 USD 9,634,437 02.08.2019 Bought CHF 9,358,000 USD 9,616,392 02.08.2019 Bought CHF 9,365,000 USD 9,626,603 02.08.2019 Bought CHF 80,000 USD 81,458 02.08.2019 Bought CZK 1,530,000 USD 68,527 02.08.2019 Bought DKK 640,000 USD 97,918 02.08.2019 Bought JPY 14,600,000 USD 135,837 02.08.2019 Bought NOK 790,000 USD 92,755 02.08.2019 Bought NZD 100,000 USD 67,213 02.08.2019 Bought SEK 1,490,000 USD 160,973 02.08.2019 Bought USD 56,201 AUD 80,000 02.08.2019 Bought USD 718,956 AUD 1,025,000 02.08.2019 Bought USD 718,909 AUD 1,025,000 02.08.2019 Bought USD 719,044 AUD 1,025,000 02.08.2019 Bought USD 722,803 AUD 1,030,000 02.08.2019 Bought USD 719,140 AUD 1,025,000 02.08.2019 Bought USD 696,003 CAD 910,000 02.08.2019 Bought USD 695,951 CAD 910,000 02.08.2019 Bought USD 695,955 CAD 910,000 02.08.2019 Bought USD 703,595 CAD 920,000 02.08.2019 Bought USD 695,836 CAD 910,000 02.08.2019 Bought USD 341,848 CNY 2,350,000 02.08.2019 Bought USD 14,546 CNY 100,000 02.08.2019 Bought USD 423,410 CZK 9,460,000 02.08.2019 Bought USD 1,230,560 DKK 8,050,000

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [207] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.08.2019 Bought USD 399,596 EUR 350,000 02.08.2019 Bought USD 353,928 EUR 310,000 02.08.2019 Bought USD 3,253,888 EUR 2,850,000 02.08.2019 Bought USD 3,253,785 EUR 2,850,000 02.08.2019 Bought USD 3,253,802 EUR 2,850,000 02.08.2019 Bought USD 3,241,613 EUR 2,840,000 02.08.2019 Bought USD 3,251,351 EUR 2,850,000 02.08.2019 Bought USD 45,425 EUR 40,000 02.08.2019 Bought USD 884,504 GBP 695,000 02.08.2019 Bought USD 884,486 GBP 695,000 02.08.2019 Bought USD 884,599 GBP 695,000 02.08.2019 Bought USD 878,004 GBP 690,000 02.08.2019 Bought USD 884,160 GBP 695,000 02.08.2019 Bought USD 185,977 HUF 52,610,000 02.08.2019 Bought USD 70,540 HUF 20,000,000 02.08.2019 Bought USD 188,147 ILS 670,000 02.08.2019 Bought USD 515,298 JPY 55,390,000 02.08.2019 Bought USD 515,347 JPY 55,390,000 02.08.2019 Bought USD 515,400 JPY 55,390,000 02.08.2019 Bought USD 515,625 JPY 55,400,000 02.08.2019 Bought USD 515,346 JPY 55,390,000 02.08.2019 Bought USD 7,272 MXN 140,000 02.08.2019 Bought USD 607,611 NOK 5,170,000 02.08.2019 Bought USD 423,001 NZD 630,000 02.08.2019 Bought USD 536,750 PLN 2,000,000 02.08.2019 Bought USD 34,855 PLN 130,000 02.08.2019 Bought USD 819,387 SEK 7,590,000 02.08.2019 Bought USD 1,205,628 SGD 1,630,000 02.08.2019 Bought USD 1,020,628 THB 31,280,000 04.09.2019 Bought CAD 10,000 USD 7,620 04.09.2019 Bought CAD 380,000 USD 289,569 04.09.2019 Bought CAD 560,000 USD 421,396 04.09.2019 Bought CHF 200,000 USD 202,575 04.09.2019 Bought CHF 9,470,000 USD 9,592,078 04.09.2019 Bought CHF 9,470,000 USD 9,591,816 04.09.2019 Bought CHF 9,458,000 USD 9,577,277 04.09.2019 Bought CHF 9,470,000 USD 9,587,233 04.09.2019 Bought CHF 9,470,000 USD 9,588,203 04.09.2019 Bought CHF 190,000 USD 191,583 04.09.2019 Bought CHF 70,000 USD 72,133 04.09.2019 Bought EUR 440,000 USD 491,176 04.09.2019 Bought USD 717,860 AUD 1,040,000 04.09.2019 Bought USD 717,907 AUD 1,040,000 04.09.2019 Bought USD 724,384 AUD 1,050,000 04.09.2019 Bought USD 717,746 AUD 1,040,000 04.09.2019 Bought USD 717,605 AUD 1,040,000 04.09.2019 Bought USD 33,916 AUD 50,000 04.09.2019 Bought USD 624,149 CAD 820,000 04.09.2019 Bought USD 623,970 CAD 820,000 04.09.2019 Bought USD 624,067 CAD 820,000 04.09.2019 Bought USD 624,068 CAD 820,000 04.09.2019 Bought USD 623,968 CAD 820,000

[208] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.09.2019 Bought USD 1,131,780 CNY 7,800,000 04.09.2019 Bought USD 355,485 CNY 2,450,000 04.09.2019 Bought USD 442,394 CNY 3,120,000 04.09.2019 Bought USD 344,577 CZK 7,930,000 04.09.2019 Bought USD 1,109,140 DKK 7,410,000 04.09.2019 Bought USD 3,341,600 EUR 2,990,000 04.09.2019 Bought USD 3,341,346 EUR 2,990,000 04.09.2019 Bought USD 3,330,776 EUR 2,980,000 04.09.2019 Bought USD 3,341,349 EUR 2,990,000 04.09.2019 Bought USD 3,341,977 EUR 2,990,000 04.09.2019 Bought USD 110,796 EUR 100,000 04.09.2019 Bought USD 73,582 GBP 60,000 04.09.2019 Bought USD 847,083 GBP 695,000 04.09.2019 Bought USD 847,147 GBP 695,000 04.09.2019 Bought USD 841,126 GBP 690,000 04.09.2019 Bought USD 847,361 GBP 695,000 04.09.2019 Bought USD 847,222 GBP 695,000 04.09.2019 Bought USD 502,821 GBP 410,000 04.09.2019 Bought USD 248,503 HUF 72,610,000 04.09.2019 Bought USD 11,460 ILS 40,000 04.09.2019 Bought USD 191,937 ILS 670,000 04.09.2019 Bought USD 191,964 ILS 670,000 04.09.2019 Bought USD 484,402 JPY 52,470,000 04.09.2019 Bought USD 484,525 JPY 52,470,000 04.09.2019 Bought USD 484,490 JPY 52,480,000 04.09.2019 Bought USD 484,454 JPY 52,470,000 04.09.2019 Bought USD 484,391 JPY 52,470,000 04.09.2019 Bought USD 7,325 MXN 140,000 04.09.2019 Bought USD 500,388 NOK 4,380,000 04.09.2019 Bought USD 350,089 NZD 530,000 04.09.2019 Bought USD 553,911 PLN 2,130,000 04.09.2019 Bought USD 639,350 SEK 6,100,000 04.09.2019 Bought USD 1,191,873 SGD 1,630,000 04.09.2019 Bought USD 50,655 SGD 70,000 04.09.2019 Bought USD 1,018,226 THB 31,280,000 04.09.2019 Bought USD 29,200 THB 900,000 18.09.2019 Bought IDR 7,688,852,200 USD 546,914 18.09.2019 Bought KRW 893,950,000 USD 757,007 18.09.2019 Bought KRW 792,020,000 USD 655,158 18.09.2019 Bought KRW 4,517,010,000 USD 3,791,028 18.09.2019 Bought MYR 4,180,000 USD 1,001,918 18.09.2019 Bought RUB 1,060,000 USD 16,195 18.09.2019 Bought USD 539,228 IDR 7,688,852,200 18.09.2019 Bought USD 5,203,485 KRW 6,142,350,000 18.09.2019 Bought USD 50,171 KRW 60,630,000 18.09.2019 Bought USD 837,835 MYR 3,490,000 18.09.2019 Bought USD 145,068 MYR 600,000 18.09.2019 Bought USD 21,319 MYR 90,000 18.09.2019 Bought USD 16,167 RUB 1,060,000 23.09.2019 Bought CLP 147,060,000 USD 205,540 23.09.2019 Bought CLP 147,060,000 USD 207,182 23.09.2019 Bought USD 216,695 CLP 147,060,000

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [209] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 23.09.2019 Bought USD 207,182 CLP 147,060,000 02.10.2019 Bought CAD 60,000 USD 45,134 02.10.2019 Bought CHF 1,040,000 USD 1,053,947 02.10.2019 Bought CHF 9,560,000 USD 9,699,695 02.10.2019 Bought CHF 9,560,000 USD 9,701,854 02.10.2019 Bought CHF 9,560,000 USD 9,697,707 02.10.2019 Bought CHF 9,560,000 USD 9,698,888 02.10.2019 Bought CHF 9,558,000 USD 9,694,695 02.10.2019 Bought CHF 59,000 USD 59,739 02.10.2019 Bought DKK 570,000 USD 84,806 02.10.2019 Bought PLN 790,000 USD 199,010 02.10.2019 Bought SGD 170,000 USD 122,523 02.10.2019 Bought THB 8,500,000 USD 278,369 02.10.2019 Bought USD 707,303 AUD 1,050,000 02.10.2019 Bought USD 707,266 AUD 1,050,000 02.10.2019 Bought USD 707,222 AUD 1,050,000 02.10.2019 Bought USD 713,997 AUD 1,060,000 02.10.2019 Bought USD 707,160 AUD 1,050,000 02.10.2019 Bought USD 2,371,684 CAD 3,150,000 02.10.2019 Bought USD 73,765 CHF 73,000 02.10.2019 Bought USD 338,005 CZK 7,930,000 02.10.2019 Bought USD 1,099,581 DKK 7,410,000 02.10.2019 Bought USD 286,977 EUR 260,000 02.10.2019 Bought USD 3,230,308 EUR 2,920,000 02.10.2019 Bought USD 3,230,215 EUR 2,920,000 02.10.2019 Bought USD 3,229,222 EUR 2,920,000 02.10.2019 Bought USD 3,230,697 EUR 2,920,000 02.10.2019 Bought USD 3,229,327 EUR 2,920,000 02.10.2019 Bought USD 195,106 GBP 160,000 02.10.2019 Bought USD 963,918 GBP 790,000 02.10.2019 Bought USD 963,836 GBP 790,000 02.10.2019 Bought USD 964,071 GBP 790,000 02.10.2019 Bought USD 963,606 GBP 790,000 02.10.2019 Bought USD 951,632 GBP 780,000 02.10.2019 Bought USD 242,674 HUF 72,610,000 02.10.2019 Bought USD 392,428 ILS 1,380,000 02.10.2019 Bought USD 29,929 JPY 3,170,000 02.10.2019 Bought USD 2,472,896 JPY 262,360,000 02.10.2019 Bought USD 6,939 MXN 140,000 02.10.2019 Bought USD 481,819 NOK 4,380,000 02.10.2019 Bought USD 334,543 NZD 530,000 02.10.2019 Bought USD 537,068 PLN 2,130,000 02.10.2019 Bought USD 622,364 SEK 6,100,000 02.10.2019 Bought USD 1,225,514 SGD 1,700,000 02.10.2019 Bought USD 64,962 THB 1,990,000 02.10.2019 Bought USD 1,051,295 THB 32,180,000 08.10.2019 Bought CNY 2,600,000 USD 364,060 09.10.2019 Bought CNY 4,200,000 USD 588,087 09.10.2019 Bought CNY 4,200,000 USD 588,054 09.10.2019 Bought CNY 4,200,000 USD 588,094 09.10.2019 Bought CNY 4,189,000 USD 586,530 09.10.2019 Bought CNY 4,200,000 USD 588,054

[210] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 09.10.2019 Bought USD 2,427,018 CNY 17,370,000 09.10.2019 Bought USD 44,404 CNY 319,000 09.10.2019 Bought USD 464,669 CNY 3,300,000 04.11.2019 Bought AUD 36,000 USD 24,641 04.11.2019 Bought CAD 37,000 USD 28,252 04.11.2019 Bought CHF 9,765,000 USD 9,841,567 04.11.2019 Bought CHF 9,764,000 USD 9,839,072 04.11.2019 Bought CHF 9,765,000 USD 9,841,468 04.11.2019 Bought CHF 9,765,000 USD 9,842,381 04.11.2019 Bought CHF 9,765,000 USD 9,836,323 04.11.2019 Bought CHF 73,000 USD 73,149 04.11.2019 Bought EUR 670,000 USD 732,231 04.11.2019 Bought EUR 100,000 USD 109,289 04.11.2019 Bought EUR 38,000 USD 42,283 04.11.2019 Bought GBP 350,000 USD 447,501 04.11.2019 Bought PLN 1,200,000 USD 299,454 04.11.2019 Bought THB 23,700,000 USD 774,890 04.11.2019 Bought USD 710,283 AUD 1,050,000 04.11.2019 Bought USD 717,119 AUD 1,060,000 04.11.2019 Bought USD 709,853 AUD 1,050,000 04.11.2019 Bought USD 710,159 AUD 1,050,000 04.11.2019 Bought USD 710,173 AUD 1,050,000 04.11.2019 Bought USD 2,334,390 CAD 3,090,000 04.11.2019 Bought USD 331,866 CHF 330,000 04.11.2019 Bought USD 67,537 CHF 67,000 04.11.2019 Bought USD 71,836 CHF 71,000 04.11.2019 Bought USD 587,641 CNY 4,200,000 04.11.2019 Bought USD 587,643 CNY 4,200,000 04.11.2019 Bought USD 587,614 CNY 4,200,000 04.11.2019 Bought USD 586,095 CNY 4,189,000 04.11.2019 Bought USD 363,792 CNY 2,600,000 04.11.2019 Bought USD 587,676 CNY 4,200,000 04.11.2019 Bought USD 335,673 CZK 7,930,000 04.11.2019 Bought USD 1,003,342 DKK 6,840,000 04.11.2019 Bought USD 3,248,037 EUR 2,970,000 04.11.2019 Bought USD 3,257,939 EUR 2,980,000 04.11.2019 Bought USD 3,248,749 EUR 2,970,000 04.11.2019 Bought USD 3,249,388 EUR 2,970,000 04.11.2019 Bought USD 3,247,716 EUR 2,970,000 04.11.2019 Bought USD 1,491,970 EUR 1,350,000 04.11.2019 Bought USD 1,010,724 GBP 820,000 04.11.2019 Bought USD 1,011,090 GBP 820,000 04.11.2019 Bought USD 1,011,054 GBP 820,000 04.11.2019 Bought USD 1,011,380 GBP 820,000 04.11.2019 Bought USD 1,010,720 GBP 820,000 04.11.2019 Bought USD 237,368 HUF 72,610,000 04.11.2019 Bought USD 397,912 ILS 1,380,000 04.11.2019 Bought USD 7,064 MXN 140,000 04.11.2019 Bought USD 482,716 NOK 4,380,000 04.11.2019 Bought USD 332,326 NZD 530,000 04.11.2019 Bought USD 334,137 PLN 1,340,000 04.11.2019 Bought USD 623,121 SEK 6,100,000

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [211] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.11.2019 Bought USD 1,106,749 SGD 1,530,000 04.11.2019 Bought USD 838,861 THB 25,670,000 05.11.2019 Bought USD 492,934 JPY 53,105,000 05.11.2019 Bought USD 492,996 JPY 53,110,000 05.11.2019 Bought USD 492,982 JPY 53,105,000 05.11.2019 Bought USD 492,952 JPY 53,105,000 05.11.2019 Bought USD 493,139 JPY 53,105,000 03.12.2019 Bought AUD 140,000 USD 96,531 03.12.2019 Bought AUD 20,000 USD 13,790 03.12.2019 Bought CAD 180,000 USD 136,956 03.12.2019 Bought CAD 10,000 USD 7,609 03.12.2019 Bought CHF 9,685,000 USD 9,837,451 03.12.2019 Bought CHF 9,685,000 USD 9,823,541 03.12.2019 Bought CHF 9,689,000 USD 9,837,497 03.12.2019 Bought CHF 9,685,000 USD 9,833,436 03.12.2019 Bought CHF 9,685,000 USD 9,839,507 03.12.2019 Bought CHF 250,000 USD 253,871 03.12.2019 Bought CNY 310,000 USD 43,974 03.12.2019 Bought DKK 230,000 USD 34,423 03.12.2019 Bought EUR 650,000 USD 726,547 03.12.2019 Bought EUR 230,000 USD 257,084 03.12.2019 Bought GBP 230,000 USD 297,897 03.12.2019 Bought GBP 110,000 USD 142,471 03.12.2019 Bought USD 722,058 AUD 1,045,000 03.12.2019 Bought USD 722,377 AUD 1,045,000 03.12.2019 Bought USD 722,091 AUD 1,044,000 03.12.2019 Bought USD 722,680 AUD 1,045,000 03.12.2019 Bought USD 722,273 AUD 1,045,000 03.12.2019 Bought USD 2,318,907 CAD 3,053,000 03.12.2019 Bought USD 568,719 CHF 560,000 03.12.2019 Bought USD 669,836 CNY 4,720,000 03.12.2019 Bought USD 669,817 CNY 4,720,000 03.12.2019 Bought USD 669,805 CNY 4,720,000 03.12.2019 Bought USD 669,979 CNY 4,720,000 03.12.2019 Bought USD 668,199 CNY 4,709,000 03.12.2019 Bought USD 346,392 CZK 7,930,000 03.12.2019 Bought USD 1,023,057 DKK 6,840,000 03.12.2019 Bought USD 3,444,087 EUR 3,080,000 03.12.2019 Bought USD 3,438,534 EUR 3,080,000 03.12.2019 Bought USD 3,444,132 EUR 3,082,000 03.12.2019 Bought USD 3,442,809 EUR 3,080,000 03.12.2019 Bought USD 3,440,668 EUR 3,080,000 03.12.2019 Bought USD 102,808 EUR 92,000 03.12.2019 Bought USD 973,498 GBP 750,000 03.12.2019 Bought USD 972,346 GBP 750,000 03.12.2019 Bought USD 972,572 GBP 750,000 03.12.2019 Bought USD 973,500 GBP 750,000 03.12.2019 Bought USD 972,271 GBP 750,000 03.12.2019 Bought USD 53,152 GBP 41,000 03.12.2019 Bought USD 246,150 HUF 72,610,000 03.12.2019 Bought USD 391,425 ILS 1,380,000 03.12.2019 Bought USD 491,893 JPY 53,105,000

[212] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 03.12.2019 Bought USD 491,590 JPY 53,105,000 03.12.2019 Bought USD 491,297 JPY 53,105,000 03.12.2019 Bought USD 491,590 JPY 53,105,000 03.12.2019 Bought USD 491,504 JPY 53,110,000 03.12.2019 Bought USD 7,286 MXN 140,000 03.12.2019 Bought USD 475,446 NOK 4,380,000 03.12.2019 Bought USD 339,965 NZD 530,000 03.12.2019 Bought USD 36,691 PLN 140,000 03.12.2019 Bought USD 633,189 SEK 6,100,000 03.12.2019 Bought USD 1,125,223 SGD 1,530,000 03.12.2019 Bought USD 65,279 THB 1,970,000 18.12.2019 Bought CLP 147,060,000 USD 190,344 18.12.2019 Bought IDR 14,666,092,200 USD 1,044,296 18.12.2019 Bought KRW 630,000,000 USD 532,995 18.12.2019 Bought KRW 5,634,634,000 USD 4,723,119 18.12.2019 Bought MYR 4,180,000 USD 996,187 18.12.2019 Bought MYR 630,000 USD 151,515 18.12.2019 Bought RUB 35,590,000 USD 559,503 18.12.2019 Bought USD 205,770 CLP 147,060,000 18.12.2019 Bought USD 539,508 IDR 7,688,852,200 18.12.2019 Bought USD 454,308 IDR 6,500,000,000 18.12.2019 Bought USD 33,744 IDR 477,240,000 18.12.2019 Bought USD 3,800,597 KRW 4,517,010,000 18.12.2019 Bought USD 1,193,025 KRW 1,430,000,000 18.12.2019 Bought USD 224,061 KRW 260,000,000 18.12.2019 Bought USD 18,307 KRW 21,344,000 18.12.2019 Bought USD 30,723 KRW 36,280,000 18.12.2019 Bought USD 999,880 MYR 4,180,000 18.12.2019 Bought USD 150,826 MYR 630,000 18.12.2019 Bought USD 16,007 RUB 1,060,000 18.12.2019 Bought USD 536,243 RUB 34,530,000 06.01.2020 Bought AUD 425,000 USD 290,858 06.01.2020 Bought AUD 940,000 USD 657,530 06.01.2020 Bought AUD 940,000 USD 657,370 06.01.2020 Bought AUD 940,000 USD 657,629 06.01.2020 Bought AUD 940,000 USD 657,403 06.01.2020 Bought AUD 929,000 USD 649,835 06.01.2020 Bought CAD 2,863,000 USD 2,191,771 06.01.2020 Bought CHF 9,625,000 USD 9,651,452 06.01.2020 Bought CHF 9,619,000 USD 9,646,067 06.01.2020 Bought CHF 9,625,000 USD 9,651,366 06.01.2020 Bought CHF 9,625,000 USD 9,645,932 06.01.2020 Bought CHF 9,625,000 USD 9,648,929 06.01.2020 Bought CHF 130,000 USD 130,390 06.01.2020 Bought CNH 3,440,000 USD 492,501 06.01.2020 Bought CNH 3,440,000 USD 492,484 06.01.2020 Bought CNH 3,440,000 USD 492,482 06.01.2020 Bought CNH 3,449,000 USD 494,126 06.01.2020 Bought CNY 6,440,000 USD 913,140 06.01.2020 Bought CNY 3,440,000 USD 492,780 06.01.2020 Bought CZK 7,930,000 USD 348,414 06.01.2020 Bought DKK 6,610,000 USD 990,530

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [213] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 06.01.2020 Bought EUR 110,000 USD 121,615 06.01.2020 Bought EUR 40,000 USD 44,591 06.01.2020 Bought EUR 3,095,000 USD 3,462,995 06.01.2020 Bought EUR 3,095,000 USD 3,463,584 06.01.2020 Bought EUR 3,095,000 USD 3,462,841 06.01.2020 Bought EUR 3,095,000 USD 3,464,172 06.01.2020 Bought EUR 3,084,000 USD 3,449,454 06.01.2020 Bought GBP 40,000 USD 51,820 06.01.2020 Bought GBP 355,000 USD 461,909 06.01.2020 Bought GBP 610,000 USD 801,235 06.01.2020 Bought GBP 610,000 USD 801,223 06.01.2020 Bought GBP 610,000 USD 800,527 06.01.2020 Bought GBP 610,000 USD 801,326 06.01.2020 Bought GBP 616,000 USD 807,884 06.01.2020 Bought HUF 72,610,000 USD 245,566 06.01.2020 Bought ILS 1,380,000 USD 398,722 06.01.2020 Bought JPY 265,530,000 USD 2,433,669 06.01.2020 Bought MXN 140,000 USD 7,417 06.01.2020 Bought NOK 4,380,000 USD 497,817 06.01.2020 Bought NZD 530,000 USD 356,674 06.01.2020 Bought SGD 1,530,000 USD 1,134,797 06.01.2020 Bought THB 29,910,000 USD 1,000,017 06.01.2020 Bought USD 688,269 AUD 1,015,000 06.01.2020 Bought USD 680,815 AUD 1,004,000 06.01.2020 Bought USD 688,282 AUD 1,015,000 06.01.2020 Bought USD 687,825 AUD 1,015,000 06.01.2020 Bought USD 688,129 AUD 1,015,000 06.01.2020 Bought USD 33,852 AUD 50,000 06.01.2020 Bought USD 2,154,840 CAD 2,863,000 06.01.2020 Bought USD 210,786 CHF 210,000 06.01.2020 Bought USD 112,018 CHF 110,000 06.01.2020 Bought USD 9,867,202 CHF 9,585,000 06.01.2020 Bought USD 9,865,475 CHF 9,585,000 06.01.2020 Bought USD 9,865,374 CHF 9,585,000 06.01.2020 Bought USD 9,867,811 CHF 9,585,000 06.01.2020 Bought USD 9,867,257 CHF 9,589,000 06.01.2020 Bought USD 52,472 CNY 370,000 06.01.2020 Bought USD 661,522 CNY 4,655,000 06.01.2020 Bought USD 661,607 CNY 4,655,000 06.01.2020 Bought USD 661,921 CNY 4,655,000 06.01.2020 Bought USD 661,715 CNY 4,655,000 06.01.2020 Bought USD 662,233 CNY 4,659,000 06.01.2020 Bought USD 342,408 CZK 7,930,000 06.01.2020 Bought USD 975,740 DKK 6,610,000 06.01.2020 Bought USD 3,224,869 EUR 2,925,000 06.01.2020 Bought USD 3,225,316 EUR 2,925,000 06.01.2020 Bought USD 3,213,821 EUR 2,914,000 06.01.2020 Bought USD 3,221,829 EUR 2,925,000 06.01.2020 Bought USD 3,223,833 EUR 2,925,000 06.01.2020 Bought USD 1,066,700 EUR 960,000 06.01.2020 Bought USD 44,183 EUR 40,000 06.01.2020 Bought USD 891,695 GBP 690,000

[214] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 06.01.2020 Bought USD 892,833 GBP 691,000 06.01.2020 Bought USD 891,387 GBP 690,000 06.01.2020 Bought USD 890,776 GBP 690,000 06.01.2020 Bought USD 891,114 GBP 690,000 06.01.2020 Bought USD 239,840 HUF 72,610,000 06.01.2020 Bought USD 397,953 ILS 1,380,000 06.01.2020 Bought USD 485,980 JPY 53,105,000 06.01.2020 Bought USD 486,057 JPY 53,110,000 06.01.2020 Bought USD 485,982 JPY 53,105,000 06.01.2020 Bought USD 485,922 JPY 53,105,000 06.01.2020 Bought USD 485,967 JPY 53,105,000 06.01.2020 Bought USD 7,160 MXN 140,000 06.01.2020 Bought USD 476,580 NOK 4,380,000 06.01.2020 Bought USD 340,955 NZD 530,000 06.01.2020 Bought USD 1,119,685 SGD 1,530,000 06.01.2020 Bought USD 65,188 THB 1,970,000 06.01.2020 Bought USD 923,026 THB 27,940,000 07.01.2020 Bought PLN 140,000 USD 36,795 07.01.2020 Bought SEK 6,100,000 USD 653,625 07.01.2020 Bought USD 35,595 PLN 140,000 07.01.2020 Bought USD 640,119 SEK 6,100,000 30.01.2020 Bought CHF 894 CLP 720,000 04.02.2020 Bought AUD 86,000 USD 60,503 04.02.2020 Bought CAD 46,000 USD 35,480 04.02.2020 Bought CAD 192,000 USD 148,055 04.02.2020 Bought CHF 9,585,000 USD 9,887,559 04.02.2020 Bought CHF 9,585,000 USD 9,885,673 04.02.2020 Bought CHF 9,585,000 USD 9,886,336 04.02.2020 Bought CHF 9,585,000 USD 9,888,141 04.02.2020 Bought CHF 9,589,000 USD 9,887,351 04.02.2020 Bought DKK 83,000 USD 12,495 04.02.2020 Bought DKK 987,000 USD 148,015 04.02.2020 Bought EUR 135,000 USD 151,842 04.02.2020 Bought EUR 22,000 USD 24,518 04.02.2020 Bought GBP 61,000 USD 80,885 04.02.2020 Bought GBP 395,000 USD 520,180 04.02.2020 Bought GBP 8,000 USD 10,458 04.02.2020 Bought JPY 3,285,000 USD 30,275 04.02.2020 Bought SGD 146,000 USD 108,307 04.02.2020 Bought USD 657,995 AUD 940,000 04.02.2020 Bought USD 657,850 AUD 940,000 04.02.2020 Bought USD 658,113 AUD 940,000 04.02.2020 Bought USD 657,881 AUD 940,000 04.02.2020 Bought USD 650,309 AUD 929,000 04.02.2020 Bought USD 2,192,034 CAD 2,863,000 04.02.2020 Bought USD 378,746 CHF 366,000 04.02.2020 Bought USD 89,218 CHF 86,000 04.02.2020 Bought USD 492,392 CNY 3,440,000 04.02.2020 Bought USD 493,730 CNY 3,449,000 04.02.2020 Bought USD 492,122 CNY 3,440,000 04.02.2020 Bought USD 492,146 CNY 3,440,000 04.02.2020 Bought USD 492,120 CNY 3,440,000

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [215] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.02.2020 Bought USD 10,103 CNY 70,000 04.02.2020 Bought USD 352,453 CNY 2,442,000 04.02.2020 Bought USD 348,430 CZK 7,930,000 04.02.2020 Bought USD 992,486 DKK 6,610,000 04.02.2020 Bought USD 3,469,216 EUR 3,095,000 04.02.2020 Bought USD 3,469,835 EUR 3,095,000 04.02.2020 Bought USD 3,469,046 EUR 3,095,000 04.02.2020 Bought USD 3,470,371 EUR 3,095,000 04.02.2020 Bought USD 3,455,662 EUR 3,084,000 04.02.2020 Bought USD 16,808 EUR 15,000 04.02.2020 Bought USD 1,605,728 EUR 1,433,000 04.02.2020 Bought USD 801,877 GBP 610,000 04.02.2020 Bought USD 801,879 GBP 610,000 04.02.2020 Bought USD 801,174 GBP 610,000 04.02.2020 Bought USD 801,988 GBP 610,000 04.02.2020 Bought USD 808,544 GBP 616,000 04.02.2020 Bought USD 245,897 HUF 72,610,000 04.02.2020 Bought USD 399,269 ILS 1,380,000 04.02.2020 Bought USD 12,468 ILS 43,000 04.02.2020 Bought USD 2,437,595 JPY 265,530,000 04.02.2020 Bought USD 73,600 JPY 7,966,000 04.02.2020 Bought USD 7,385 MXN 140,000 04.02.2020 Bought USD 497,868 NOK 4,380,000 04.02.2020 Bought USD 356,819 NZD 530,000 04.02.2020 Bought USD 36,795 PLN 140,000 04.02.2020 Bought USD 654,498 SEK 6,100,000 04.02.2020 Bought USD 1,135,128 SGD 1,530,000 04.02.2020 Bought USD 1,000,435 THB 29,910,000 03.03.2020 Bought CHF 770,000 USD 799,952 03.03.2020 Bought CHF 9,495,000 USD 9,822,934 03.03.2020 Bought CHF 9,495,000 USD 9,823,040 03.03.2020 Bought CHF 9,497,000 USD 9,824,723 03.03.2020 Bought CHF 9,495,000 USD 9,834,079 03.03.2020 Bought CHF 9,495,000 USD 9,836,066 03.03.2020 Bought CHF 80,000 USD 82,256 03.03.2020 Bought EUR 950,000 USD 1,047,035 03.03.2020 Bought USD 66,978 AUD 100,000 03.03.2020 Bought USD 616,740 AUD 920,000 03.03.2020 Bought USD 616,892 AUD 920,000 03.03.2020 Bought USD 618,716 AUD 923,000 03.03.2020 Bought USD 616,805 AUD 920,000 03.03.2020 Bought USD 616,754 AUD 920,000 03.03.2020 Bought USD 37,803 CAD 50,000 03.03.2020 Bought USD 1,984,540 CAD 2,625,000 03.03.2020 Bought USD 563,917 CNH 3,945,000 03.03.2020 Bought USD 563,396 CNH 3,941,000 03.03.2020 Bought USD 563,953 CNH 3,945,000 03.03.2020 Bought USD 563,894 CNH 3,945,000 03.03.2020 Bought USD 371,237 CNH 2,602,000 03.03.2020 Bought USD 563,869 CNY 3,945,000 03.03.2020 Bought USD 347,683 CZK 7,930,000 03.03.2020 Bought USD 821,109 DKK 5,540,000

[216] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 03.03.2020 Bought USD 355,223 EUR 320,000 03.03.2020 Bought USD 3,707,227 EUR 3,350,000 03.03.2020 Bought USD 3,707,110 EUR 3,350,000 03.03.2020 Bought USD 3,712,311 EUR 3,355,000 03.03.2020 Bought USD 3,708,785 EUR 3,350,000 03.03.2020 Bought USD 3,708,751 EUR 3,350,000 03.03.2020 Bought USD 145,108 GBP 110,000 03.03.2020 Bought USD 683,224 GBP 520,000 03.03.2020 Bought USD 683,249 GBP 520,000 03.03.2020 Bought USD 672,558 GBP 512,000 03.03.2020 Bought USD 683,324 GBP 520,000 03.03.2020 Bought USD 683,276 GBP 520,000 03.03.2020 Bought USD 363,260 GBP 280,000 03.03.2020 Bought USD 238,513 HUF 72,610,000 03.03.2020 Bought USD 413,334 ILS 1,423,000 03.03.2020 Bought USD 2,486,246 JPY 270,211,000 03.03.2020 Bought USD 7,402 MXN 140,000 03.03.2020 Bought USD 475,086 NOK 4,380,000 03.03.2020 Bought USD 342,963 NZD 530,000 03.03.2020 Bought USD 35,964 PLN 140,000 03.03.2020 Bought USD 597,354 PLN 2,300,000 03.03.2020 Bought USD 632,474 SEK 6,100,000 03.03.2020 Bought USD 1,013,449 SGD 1,384,000 03.03.2020 Bought USD 957,521 THB 29,910,000 18.03.2020 Bought CLP 147,060,000 USD 176,649 18.03.2020 Bought IDR 15,201,070,200 USD 1,059,308 18.03.2020 Bought KRW 38,405,000 USD 33,335 18.03.2020 Bought KRW 137,492,000 USD 118,202 18.03.2020 Bought KRW 2,986,905,000 USD 2,503,273 18.03.2020 Bought KRW 2,757,143,000 USD 2,310,442 18.03.2020 Bought MYR 404,000 USD 98,609 18.03.2020 Bought MYR 4,044,000 USD 954,900 18.03.2020 Bought RUB 38,427,000 USD 533,560 18.03.2020 Bought USD 190,702 CLP 147,060,000 18.03.2020 Bought USD 1,034,280 IDR 14,666,092,200 18.03.2020 Bought USD 15,711 IDR 218,888,000 18.03.2020 Bought USD 22,799 IDR 316,090,000 18.03.2020 Bought USD 4,732,243 KRW 5,634,634,000 18.03.2020 Bought USD 41,699 KRW 49,900,000 18.03.2020 Bought USD 20,093 KRW 23,875,000 18.03.2020 Bought USD 43,964 KRW 53,190,000 18.03.2020 Bought USD 51,276 KRW 61,090,000 18.03.2020 Bought USD 81,958 KRW 97,256,000 18.03.2020 Bought USD 151,370 MYR 630,000 18.03.2020 Bought USD 899,418 MYR 3,711,000 18.03.2020 Bought USD 25,684 MYR 107,000 18.03.2020 Bought USD 553,603 RUB 35,590,000 18.03.2020 Bought USD 23,487 RUB 1,475,000 18.03.2020 Bought USD 20,497 RUB 1,362,000 02.04.2020 Bought AUD 66,000 USD 38,383 02.04.2020 Bought CHF 270,000 USD 279,552 02.04.2020 Bought CHF 9,665,000 USD 10,027,435

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [217] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.04.2020 Bought CHF 9,665,000 USD 10,032,178 02.04.2020 Bought CHF 9,665,000 USD 10,023,022 02.04.2020 Bought CHF 9,667,000 USD 10,024,649 02.04.2020 Bought CHF 9,665,000 USD 10,018,274 02.04.2020 Bought CHF 250,000 USD 261,487 02.04.2020 Bought CHF 74,000 USD 77,611 02.04.2020 Bought EUR 153,000 USD 162,949 02.04.2020 Bought GBP 24,000 USD 30,651 02.04.2020 Bought GBP 54,000 USD 64,055 02.04.2020 Bought USD 25,808 AUD 40,000 02.04.2020 Bought USD 612,199 AUD 940,000 02.04.2020 Bought USD 612,086 AUD 940,000 02.04.2020 Bought USD 611,907 AUD 940,000 02.04.2020 Bought USD 613,945 AUD 943,000 02.04.2020 Bought USD 611,931 AUD 940,000 02.04.2020 Bought USD 66,901 AUD 101,000 02.04.2020 Bought USD 15,237 AUD 23,000 02.04.2020 Bought USD 19,668 AUD 33,000 02.04.2020 Bought USD 1,990,058 CAD 2,675,000 02.04.2020 Bought USD 35,814 CAD 48,000 02.04.2020 Bought USD 41,038 CAD 55,000 02.04.2020 Bought USD 115,256 CHF 114,000 02.04.2020 Bought USD 54,237 CHF 53,000 02.04.2020 Bought USD 638,495 CNH 4,463,000 02.04.2020 Bought USD 638,678 CNH 4,465,000 02.04.2020 Bought USD 638,779 CNH 4,465,000 02.04.2020 Bought USD 638,286 CNH 4,465,000 02.04.2020 Bought USD 20,452 CNH 142,000 02.04.2020 Bought USD 50,011 CNY 350,000 02.04.2020 Bought USD 638,654 CNY 4,465,000 02.04.2020 Bought USD 342,458 CZK 7,930,000 02.04.2020 Bought USD 25,039 DKK 170,000 02.04.2020 Bought USD 816,060 DKK 5,540,000 02.04.2020 Bought USD 55,024 EUR 50,000 02.04.2020 Bought USD 3,553,337 EUR 3,225,000 02.04.2020 Bought USD 3,552,499 EUR 3,225,000 02.04.2020 Bought USD 3,550,741 EUR 3,225,000 02.04.2020 Bought USD 3,550,190 EUR 3,225,000 02.04.2020 Bought USD 3,549,867 EUR 3,225,000 02.04.2020 Bought USD 123,026 EUR 110,000 02.04.2020 Bought USD 370,473 EUR 332,000 02.04.2020 Bought USD 78,953 EUR 70,000 02.04.2020 Bought USD 63,918 GBP 50,000 02.04.2020 Bought USD 766,916 GBP 595,000 02.04.2020 Bought USD 767,541 GBP 595,000 02.04.2020 Bought USD 766,801 GBP 595,000 02.04.2020 Bought USD 775,837 GBP 602,000 02.04.2020 Bought USD 766,400 GBP 595,000 02.04.2020 Bought USD 10,325 GBP 8,000 02.04.2020 Bought USD 67,113 GBP 52,000 02.04.2020 Bought USD 67,288 GBP 58,000 02.04.2020 Bought USD 236,388 HUF 72,610,000

[218] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.04.2020 Bought USD 411,097 ILS 1,423,000 02.04.2020 Bought USD 2,493,108 JPY 270,211,000 02.04.2020 Bought USD 31,801 JPY 3,430,000 02.04.2020 Bought USD 42,896 JPY 4,765,000 02.04.2020 Bought USD 7,056 MXN 140,000 02.04.2020 Bought USD 20,369 MXN 448,000 02.04.2020 Bought USD 33,578 MXN 813,000 02.04.2020 Bought USD 462,050 NOK 4,380,000 02.04.2020 Bought USD 330,620 NZD 530,000 02.04.2020 Bought USD 10,704 NZD 17,000 02.04.2020 Bought USD 15,113 NZD 24,000 02.04.2020 Bought USD 618,647 PLN 2,440,000 02.04.2020 Bought USD 628,124 SEK 6,100,000 02.04.2020 Bought USD 992,014 SGD 1,384,000 02.04.2020 Bought USD 31,045 SGD 43,000 02.04.2020 Bought USD 25,269 SGD 35,000 02.04.2020 Bought USD 24,651 THB 780,000 02.04.2020 Bought USD 947,374 THB 29,910,000 02.04.2020 Bought USD 15,309 THB 483,000 14.04.2020 Bought CHF 30,000 USD 30,890 14.04.2020 Bought CHF 3,150,000 USD 3,242,909 14.04.2020 Bought USD 166,833 AUD 270,000 14.04.2020 Bought USD 142,730 CAD 200,000 14.04.2020 Bought USD 10,883 EUR 10,000 14.04.2020 Bought USD 903,206 EUR 830,000 14.04.2020 Bought USD 12,305 GBP 10,000 14.04.2020 Bought USD 270,721 GBP 220,000 14.04.2020 Bought USD 254,028 KRW 310,290,000 05.05.2020 Bought AUD 270,000 USD 166,847 05.05.2020 Bought CAD 200,000 USD 142,769 05.05.2020 Bought CHF 9,754,000 USD 10,123,882 05.05.2020 Bought CHF 9,750,000 USD 10,120,722 05.05.2020 Bought CHF 9,750,000 USD 10,124,463 05.05.2020 Bought CHF 9,750,000 USD 10,121,279 05.05.2020 Bought CHF 9,750,000 USD 10,121,226 05.05.2020 Bought DKK 137,000 USD 20,171 05.05.2020 Bought EUR 238,000 USD 261,487 05.05.2020 Bought EUR 1,352,000 USD 1,459,269 05.05.2020 Bought EUR 99,000 USD 106,860 05.05.2020 Bought EUR 830,000 USD 903,812 05.05.2020 Bought GBP 40,000 USD 48,990 05.05.2020 Bought GBP 220,000 USD 270,787 05.05.2020 Bought MXN 1,230,000 USD 52,179 05.05.2020 Bought PLN 2,347,000 USD 552,726 05.05.2020 Bought SEK 2,863,000 USD 280,738 05.05.2020 Bought THB 1,157,000 USD 35,296 05.05.2020 Bought USD 595,189 AUD 974,000 05.05.2020 Bought USD 589,990 AUD 965,000 05.05.2020 Bought USD 587,405 AUD 965,000 05.05.2020 Bought USD 588,686 AUD 965,000 05.05.2020 Bought USD 588,727 AUD 965,000 05.05.2020 Bought USD 19,802 AUD 33,000

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [219] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 05.05.2020 Bought USD 123,620 AUD 206,000 05.05.2020 Bought USD 20,383 CAD 29,000 05.05.2020 Bought USD 1,950,818 CAD 2,778,000 05.05.2020 Bought USD 4,954 CAD 7,000 05.05.2020 Bought USD 149,354 CAD 211,000 05.05.2020 Bought USD 271,227 CHF 262,000 05.05.2020 Bought USD 128,890 CHF 126,000 05.05.2020 Bought USD 3,245,582 CHF 3,150,000 05.05.2020 Bought USD 318,129 CZK 7,930,000 05.05.2020 Bought USD 4,929 CZK 127,000 05.05.2020 Bought USD 107,944 CZK 2,778,000 05.05.2020 Bought USD 837,172 DKK 5,710,000 05.05.2020 Bought USD 34,694 DKK 240,000 05.05.2020 Bought USD 3,637,778 EUR 3,314,000 05.05.2020 Bought USD 3,629,031 EUR 3,305,000 05.05.2020 Bought USD 3,626,229 EUR 3,305,000 05.05.2020 Bought USD 3,627,152 EUR 3,305,000 05.05.2020 Bought USD 3,627,753 EUR 3,305,000 05.05.2020 Bought USD 121,596 GBP 98,000 05.05.2020 Bought USD 756,468 GBP 612,000 05.05.2020 Bought USD 760,511 GBP 615,000 05.05.2020 Bought USD 761,163 GBP 615,000 05.05.2020 Bought USD 760,921 GBP 615,000 05.05.2020 Bought USD 761,540 GBP 615,000 05.05.2020 Bought USD 950,083 GBP 776,000 05.05.2020 Bought USD 222,647 HUF 72,610,000 05.05.2020 Bought USD 399,119 ILS 1,423,000 05.05.2020 Bought USD 58,728 MXN 1,401,000 05.05.2020 Bought USD 15,334 NOK 161,000 05.05.2020 Bought USD 418,438 NOK 4,380,000 05.05.2020 Bought USD 339,061 NZD 571,000 05.05.2020 Bought USD 24,709 NZD 42,000 05.05.2020 Bought USD 587,863 PLN 2,440,000 05.05.2020 Bought USD 603,819 SEK 6,100,000 05.05.2020 Bought USD 1,026,320 SGD 1,462,000 05.05.2020 Bought USD 950,979 THB 31,173,000 07.05.2020 Bought CNH 6,675,000 USD 944,290 07.05.2020 Bought CNH 6,675,000 USD 944,360 07.05.2020 Bought CNH 6,675,000 USD 944,765 07.05.2020 Bought CNH 6,665,000 USD 943,120 07.05.2020 Bought CNY 6,675,000 USD 944,504 07.05.2020 Bought JPY 9,271,000 USD 86,020 07.05.2020 Bought JPY 54,580,000 USD 511,624 07.05.2020 Bought JPY 54,578,000 USD 511,686 07.05.2020 Bought JPY 54,580,000 USD 511,696 07.05.2020 Bought JPY 54,580,000 USD 511,729 07.05.2020 Bought JPY 54,580,000 USD 511,734 07.05.2020 Bought USD 642,189 CNH 4,565,000 07.05.2020 Bought USD 642,063 CNH 4,565,000 07.05.2020 Bought USD 640,621 CNH 4,555,000 07.05.2020 Bought USD 641,991 CNH 4,565,000 07.05.2020 Bought USD 1,249,567 CNH 8,865,300

[220] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 07.05.2020 Bought USD 44,146 CNH 313,200 07.05.2020 Bought USD 642,046 CNY 4,565,000 07.05.2020 Bought USD 187,131 CNY 1,324,700 07.05.2020 Bought USD 6,611 CNY 46,800 07.05.2020 Bought USD 514,098 JPY 55,686,000 07.05.2020 Bought USD 514,018 JPY 55,680,000 07.05.2020 Bought USD 513,632 JPY 55,680,000 07.05.2020 Bought USD 513,900 JPY 55,680,000 07.05.2020 Bought USD 513,857 JPY 55,680,000 07.05.2020 Bought USD 34,545 JPY 3,763,000 02.06.2020 Bought AUD 36,000 USD 23,572 02.06.2020 Bought CHF 260,000 USD 269,597 02.06.2020 Bought CHF 9,045,000 USD 9,299,270 02.06.2020 Bought CHF 9,036,000 USD 9,288,795 02.06.2020 Bought CHF 9,045,000 USD 9,298,400 02.06.2020 Bought CHF 9,045,000 USD 9,301,721 02.06.2020 Bought CHF 9,045,000 USD 9,298,142 02.06.2020 Bought CHF 201,000 USD 208,230 02.06.2020 Bought CHF 184,000 USD 190,561 02.06.2020 Bought CZK 472,000 USD 18,985 02.06.2020 Bought DKK 194,000 USD 28,363 02.06.2020 Bought EUR 65,000 USD 70,176 02.06.2020 Bought GBP 557,000 USD 691,825 02.06.2020 Bought HUF 32,000 USD 99 02.06.2020 Bought HUF 67,753,000 USD 208,591 02.06.2020 Bought ILS 235,000 USD 66,702 02.06.2020 Bought JPY 18,066,000 USD 170,088 02.06.2020 Bought NOK 592,000 USD 56,907 02.06.2020 Bought SGD 68,000 USD 47,954 02.06.2020 Bought THB 2,153,000 USD 66,543 02.06.2020 Bought USD 623,282 AUD 960,000 02.06.2020 Bought USD 626,620 AUD 963,000 02.06.2020 Bought USD 624,506 AUD 960,000 02.06.2020 Bought USD 624,064 AUD 960,000 02.06.2020 Bought USD 624,622 AUD 960,000 02.06.2020 Bought USD 37,200 AUD 58,000 02.06.2020 Bought USD 8,979 AUD 14,000 02.06.2020 Bought USD 2,037,265 CAD 2,825,000 02.06.2020 Bought USD 23,761 CAD 33,000 02.06.2020 Bought USD 4,964 CAD 7,000 02.06.2020 Bought USD 1,107,605 CAD 1,562,000 02.06.2020 Bought USD 943,622 CNH 6,675,000 02.06.2020 Bought USD 943,706 CNH 6,675,000 02.06.2020 Bought USD 944,083 CNH 6,675,000 02.06.2020 Bought USD 42,327 CNH 299,000 02.06.2020 Bought USD 942,492 CNH 6,665,000 02.06.2020 Bought USD 943,890 CNY 6,675,000 02.06.2020 Bought USD 434,740 CZK 10,835,000 02.06.2020 Bought USD 847,649 DKK 5,813,000 02.06.2020 Bought USD 3,045,868 EUR 2,805,000 02.06.2020 Bought USD 3,033,457 EUR 2,795,000 02.06.2020 Bought USD 3,043,691 EUR 2,805,000

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [221] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.06.2020 Bought USD 3,043,980 EUR 2,805,000 02.06.2020 Bought USD 3,044,199 EUR 2,805,000 02.06.2020 Bought USD 113,520 EUR 104,000 02.06.2020 Bought USD 251,054 EUR 230,000 02.06.2020 Bought USD 56,121 EUR 52,000 02.06.2020 Bought USD 104,702 GBP 83,000 02.06.2020 Bought USD 917,567 GBP 735,000 02.06.2020 Bought USD 932,227 GBP 746,000 02.06.2020 Bought USD 918,552 GBP 735,000 02.06.2020 Bought USD 918,172 GBP 735,000 02.06.2020 Bought USD 918,194 GBP 735,000 02.06.2020 Bought USD 9,567 HUF 3,071,000 02.06.2020 Bought USD 223,819 HUF 72,610,000 02.06.2020 Bought USD 19,051 ILS 66,000 02.06.2020 Bought USD 406,892 ILS 1,423,000 02.06.2020 Bought USD 511,793 JPY 54,580,000 02.06.2020 Bought USD 511,857 JPY 54,578,000 02.06.2020 Bought USD 511,866 JPY 54,580,000 02.06.2020 Bought USD 511,896 JPY 54,580,000 02.06.2020 Bought USD 511,897 JPY 54,580,000 02.06.2020 Bought USD 7,185 MXN 171,000 02.06.2020 Bought USD 18,865 MXN 458,000 02.06.2020 Bought USD 441,211 NOK 4,541,000 02.06.2020 Bought USD 376,178 NZD 613,000 02.06.2020 Bought USD 22,328 PLN 93,000 02.06.2020 Bought USD 42,524 PLN 178,000 02.06.2020 Bought USD 330,202 SEK 3,237,000 02.06.2020 Bought USD 146,698 SEK 1,452,000 02.06.2020 Bought USD 32,681 SGD 46,000 02.06.2020 Bought USD 1,037,882 SGD 1,462,000 02.06.2020 Bought USD 18,765 THB 608,000 02.06.2020 Bought USD 927,708 THB 30,016,000 17.06.2020 Bought CLP 39,973,000 USD 47,690 17.06.2020 Bought CLP 107,087,000 USD 139,327 17.06.2020 Bought IDR 588,491,000 USD 35,647 17.06.2020 Bought IDR 710,129,000 USD 46,781 17.06.2020 Bought IDR 14,767,682,200 USD 1,047,554 17.06.2020 Bought KRW 119,697,000 USD 96,235 17.06.2020 Bought KRW 310,290,000 USD 254,440 17.06.2020 Bought KRW 149,032,000 USD 121,490 17.06.2020 Bought KRW 5,283,132,852 USD 4,406,283 17.06.2020 Bought MYR 132,000 USD 30,626 17.06.2020 Bought MYR 270,000 USD 62,190 17.06.2020 Bought MYR 3,674,000 USD 850,069 17.06.2020 Bought MYR 3,707,000 USD 870,188 17.06.2020 Bought RUB 33,387,000 USD 429,663 17.06.2020 Bought RUB 30,457,000 USD 442,353 17.06.2020 Bought RUB 6,191,908 USD 90,432 17.06.2020 Bought USD 176,500 CLP 147,060,000 17.06.2020 Bought USD 1,039,389 IDR 15,201,070,200 17.06.2020 Bought USD 38,747 IDR 657,722,000 17.06.2020 Bought USD 14,415 IDR 207,510,000

[222] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 17.06.2020 Bought USD 2,505,057 KRW 2,986,905,000 17.06.2020 Bought USD 2,312,031 KRW 2,757,143,000 17.06.2020 Bought USD 19,831 KRW 24,404,000 17.06.2020 Bought USD 75,770 KRW 93,699,852 17.06.2020 Bought USD 949,407 MYR 4,044,000 17.06.2020 Bought USD 54,525 MYR 241,000 17.06.2020 Bought USD 28,290 MYR 122,000 17.06.2020 Bought USD 785,756 MYR 3,376,000 17.06.2020 Bought USD 526,001 RUB 38,427,000 17.06.2020 Bought USD 408,732 RUB 30,938,000 17.06.2020 Bought USD 9,469 RUB 670,908 02.07.2020 Bought CHF 9,181,000 USD 9,538,077 02.07.2020 Bought CHF 9,170,000 USD 9,532,274 02.07.2020 Bought CHF 9,170,000 USD 9,528,193 02.07.2020 Bought CHF 9,170,000 USD 9,524,635 02.07.2020 Bought CHF 9,170,000 USD 9,526,461 02.07.2020 Bought CHF 114,000 USD 118,727 02.07.2020 Bought CNH 509,417 USD 70,953 02.07.2020 Bought CNH 1,450,000 USD 205,341 02.07.2020 Bought EUR 64,211 USD 71,469 02.07.2020 Bought EUR 29,000 USD 32,792 02.07.2020 Bought EUR 1,917,000 USD 2,173,044 02.07.2020 Bought GBP 15,373 USD 19,008 02.07.2020 Bought GBP 450,000 USD 565,955 02.07.2020 Bought NOK 824,000 USD 86,564 02.07.2020 Bought THB 2,560,000 USD 82,674 02.07.2020 Bought USD 636,527 AUD 959,000 02.07.2020 Bought USD 644,177 AUD 970,000 02.07.2020 Bought USD 643,981 AUD 970,000 02.07.2020 Bought USD 643,564 AUD 970,000 02.07.2020 Bought USD 643,580 AUD 970,000 02.07.2020 Bought USD 14,962 AUD 22,000 02.07.2020 Bought USD 643,863 CAD 887,000 02.07.2020 Bought USD 642,711 CAD 885,000 02.07.2020 Bought USD 642,521 CAD 885,000 02.07.2020 Bought USD 642,364 CAD 885,000 02.07.2020 Bought USD 642,373 CAD 885,000 02.07.2020 Bought USD 19,251 CAD 26,000 02.07.2020 Bought USD 9,627 CAD 13,000 02.07.2020 Bought USD 138,024 CHF 132,492 02.07.2020 Bought USD 9,528 CHF 9,146 02.07.2020 Bought USD 57,919 CHF 55,000 02.07.2020 Bought USD 32,888 CHF 31,000 02.07.2020 Bought USD 2,109,067 CHF 1,988,000 02.07.2020 Bought USD 936,192 CNH 6,724,000 02.07.2020 Bought USD 937,796 CNH 6,735,000 02.07.2020 Bought USD 938,401 CNH 6,735,000 02.07.2020 Bought USD 937,688 CNH 6,735,000 02.07.2020 Bought USD 938,014 CNH 6,735,000 02.07.2020 Bought USD 5,041 CNH 36,000 02.07.2020 Bought USD 124,352 CNH 888,000 02.07.2020 Bought USD 427,799 CZK 10,363,000

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [223] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2020

List of closed forward exchange transactions for the year ended 31 July 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.07.2020 Bought USD 838,400 DKK 5,619,000 02.07.2020 Bought USD 3,199,139 EUR 2,876,000 02.07.2020 Bought USD 3,185,676 EUR 2,865,000 02.07.2020 Bought USD 3,188,055 EUR 2,865,000 02.07.2020 Bought USD 3,187,075 EUR 2,865,000 02.07.2020 Bought USD 3,185,593 EUR 2,865,000 02.07.2020 Bought USD 23,498 EUR 21,000 02.07.2020 Bought USD 81,674 EUR 73,000 02.07.2020 Bought USD 805,412 GBP 652,000 02.07.2020 Bought USD 790,523 GBP 640,000 02.07.2020 Bought USD 791,200 GBP 640,000 02.07.2020 Bought USD 790,748 GBP 640,000 02.07.2020 Bought USD 790,303 GBP 640,000 02.07.2020 Bought USD 65,128 GBP 52,000 02.07.2020 Bought USD 25,201 HUF 7,896,000 02.07.2020 Bought USD 356,201 ILS 1,254,000 02.07.2020 Bought USD 474,144 JPY 50,972,000 02.07.2020 Bought USD 474,035 JPY 50,965,000 02.07.2020 Bought USD 474,117 JPY 50,965,000 02.07.2020 Bought USD 474,018 JPY 50,965,000 02.07.2020 Bought USD 473,910 JPY 50,965,000 02.07.2020 Bought USD 28,310 MXN 629,000 02.07.2020 Bought USD 14,303 MXN 315,000 02.07.2020 Bought USD 406,967 NOK 3,949,000 02.07.2020 Bought USD 14,132 NZD 22,825 02.07.2020 Bought USD 380,144 NZD 613,000 02.07.2020 Bought USD 67,812 PLN 271,000 02.07.2020 Bought USD 496,336 SEK 4,689,000 02.07.2020 Bought USD 1,018,561 SGD 1,440,000 02.07.2020 Bought USD 894,757 THB 28,471,000 15.07.2020 Bought CNH 425,000 USD 60,096 15.07.2020 Bought USD 921,923 CNH 6,525,000 15.07.2020 Bought USD 921,940 CNH 6,525,000 15.07.2020 Bought USD 922,034 CNH 6,525,000 15.07.2020 Bought USD 922,502 CNH 6,528,583 15.07.2020 Bought USD 921,759 CNH 6,525,000 15.07.2020 Bought USD 4,666 CNH 33,000 15.07.2020 Bought USD 55,427 CNH 392,000 23.07.2020 Bought USD 933,677 CNH 6,525,000 23.07.2020 Bought USD 933,714 CNH 6,525,000 23.07.2020 Bought USD 933,744 CNH 6,525,000 23.07.2020 Bought USD 933,666 CNH 6,525,000 23.07.2020 Bought USD 934,270 CNY 6,528,583

ØThe forward exchange transactions are OTC transactions. The counterparty for these OTC transactions is State Street Bank and Trust Company.

[224] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Energy - alternate sources Landis+Gyr Group AG 3,832 940 247 4,525 253,400 0.08 Meyer Burger Technology AG 113,481 253,693 - 367,174^ 49,495 0.02 Meyer Burger Technology AG Rights - 367,174 367,174 - - 0.00 302,895 0.10 Pharmaceuticals Cassiopea SpA 785 57 - 842^ 34,522 0.01 Cassiopea SpA Rights - 785 785 - - 0.00 COSMO Pharmaceuticals NV 885 570 253 1,202 104,935 0.04 Galenica AG 8,808 2,029 661 10,176 691,459 0.23 IVF Hartmann Holding AG RegS 140 - - 140 22,540 0.01 Novartis AG RegS 446,883 106,090 48,716 504,257 38,056,276 12.86 ObsEva SA 4,476 1,163 - 5,639^ 13,026 0.00 Roche Holding AG 124,228 30,042 10,669 143,601 45,392,276 15.34 Siegfried Holding AG RegS 755 191 38 908^ 433,661 0.15 Vifor Pharma AG 6,840 2,131 425 8,546^ 1,099,443 0.37 Ypsomed Holding AG RegS 675 186 - 861 115,718 0.04 85,963,856 29.05 Auto manufacturers Autoneum Holding AG 475 62 - 537^ 49,968 0.02 PIERER Mobility AG 1,381 237 57 1,561 83,201 0.03 133,169 0.05 Auto parts & equipment Adval Tech Holding AG RegS 46 - - 46 7,268 0.00 Georg Fischer AG RegS 732 160 59 833 697,221 0.24 704,489 0.24 Banks Bank Linth LLB AG RegS 34 - - 34 17,000 0.00 Banque Cantonale de Geneve 327 53 - 380 67,450 0.02 Banque Cantonale du Jura SA RegS 135 - - 135 7,357 0.00 Banque Cantonale Vaudoise RegS 509 134 643 - - 0.00 Banque Cantonale Vaudoise RegS - 5,970 156 5,814^ 556,400 0.19 Basellandschaftliche Kantonalbank 109 14 - 123 108,485 0.04 Basler Kantonalbank 977 345 53 1,269 79,186 0.03 Berner Kantonalbank AG RegS 805 144 - 949 210,203 0.07 Cembra Money Bank AG 4,955 1,533 356 6,132 611,360 0.21 Credit Suisse Group AG RegS 428,580 126,398 59,582 495,396 4,812,277 1.63 Glarner Kantonalbank 605 - - 605 18,029 0.01 Graubuendner Kantonalbank 135 37 13 159^ 231,345 0.08 Hypothekarbank Lenzburg AG RegS 15 - 2 13 54,860 0.02 Liechtensteinische Landesbank AG 2,075 201 - 2,276 125,863 0.04 Luzerner Kantonalbank AG RegS 576 153 50 679 256,662 0.09 Schweizerische Nationalbank RegS 16 - 1 15 72,450 0.02 St Galler Kantonalbank AG RegS 519 158 61 616 253,792 0.08 Thurgauer Kantonalbank 662 229 34 857 89,556 0.03 UBS Group AG RegS 682,631 146,397 97,755 731,273 7,820,965 2.64 Valiant Holding AG RegS 2,755 685 184 3,256 277,737 0.09 VP Bank AG RegS 502 176 21 657 76,869 0.03 Walliser Kantonalbank RegS 894 107 - 1,001 106,106 0.04 Zuger Kantonalbank AG 26 1 27 - - 0.00 Zuger Kantonalbank AG - 29 - 29^ 179,800 0.06 16,033,752 5.42

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [225] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Engineering & construction Burkhalter Holding AG 768 100 - 868 51,386 0.02 Flughafen Zurich AG RegS 3,378 800 344 3,834^ 440,910 0.15 Implenia AG RegS 2,399 463 150 2,712 107,937 0.03 600,233 0.20 Building materials Arbonia AG 10,308 1,410 - 11,718^ 121,398 0.04 Belimo Holding AG RegS 89 22 10 101 727,200 0.25 Forbo Holding AG RegS 176 99 35 240 340,800 0.11 Geberit AG RegS 6,552 1,610 588 7,574 3,811,237 1.29 LafargeHolcim Ltd RegS 84,994 26,497 7,831 103,660 4,458,417 1.51 Meier Tobler Group AG 566 - - 566 5,151 0.00 Meier Tobler Group AG Rights - 566 - 566 113 0.00 Sika AG RegS 22,384 8,330 1,724 28,990 5,812,495 1.96 15,276,811 5.16 Apparel Calida Holding AG RegS 902 - - 902 25,076 0.01 25,076 0.01 Biotechnology Addex Therapeutics Ltd 4,663 - - 4,663 6,342 0.00 Bachem Holding AG RegS 'B' 934 194 69 1,059 289,636 0.10 Basilea Pharmaceutica AG RegS 1,801 557 92 2,266 98,662 0.03 BB Biotech AG RegS 9,871 2,208 774 11,305 745,565 0.25 Evolva Holding SA 128,454 51,565 - 180,019 45,095 0.02 Idorsia Ltd 12,930 4,000 1,346 15,584^ 390,535 0.13 Kuros Biosciences AG RegS 1,666 - - 1,666^ 3,815 0.00 Kuros Biosciences AG RegS Rights - 1,666 1,666 - - 0.00 Molecular Partners AG 2,653 842 - 3,495 60,673 0.02 Newron Pharmaceuticals SpA 2,679 - - 2,679 3,804 0.00 Polyphor AG 1,563 - - 1,563 11,285 0.01 Santhera Pharmaceuticals Holding AG RegS 1,548 - - 1,548^ 10,975 0.00 1,666,387 0.56 Chemicals Clariant AG RegS 43,644 10,667 3,044 51,267 881,792 0.30 CPH Chemie & Papier Holding AG RegS 426 55 - 481 33,189 0.01 EMS-Chemie Holding AG RegS 1,254 289 152 1,391 1,094,021 0.37 Givaudan SA RegS 1,407 346 127 1,626 6,115,386 2.07 OC Oerlikon Corp AG RegS 35,466 7,807 2,100 41,173 313,327 0.10 8,437,715 2.85 Computers Crealogix Holding AG RegS 109 - - 109 9,374 0.00 Crealogix Holding AG RegS Rights - 109 109 - - 0.00 Logitech International SA RegS 30,673 7,469 2,760 35,382 2,345,119 0.79 Softwareone Holding AG - 16,080 - 16,080 376,272 0.13 2,730,765 0.92 Miscellaneous manufacturers Daetwyler Holding AG 1,395 340 106 1,629^ 301,039 0.10 Gurit Holding AG 58 22 5 75 121,050 0.04 Stadler Rail AG 6,648 6,083 772 11,959 435,308 0.15 Sulzer AG RegS 3,165 725 220 3,670 275,984 0.09 1,133,381 0.38

[226] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Diversified financial services Bellevue Group AG 1,455 - - 1,455 34,775 0.01 Cie Financiere Tradition SA 421 64 - 485 51,410 0.02 EFG International AG 13,928 2,099 - 16,027 96,002 0.03 GAM Holding AG 29,448 6,224 - 35,672 79,406 0.03 Julius Baer Group Ltd 39,590 9,497 3,341 45,746 1,829,840 0.62 Leonteq AG 1,573 211 - 1,784 65,294 0.02 LumX Group Ltd 11,220 - 11,220 - - 0.00 Swissquote Group Holding SA RegS 1,770 471 72 2,169 184,148 0.06 Valartis Group AG 407 - - 407 3,765 0.00 Vontobel Holding AG RegS 4,902 1,160 260 5,802 384,382 0.13 VZ Holding AG 567 19 586 - - 0.00 VZ Holding AG - 3,277 - 3,277 236,272 0.08 2,965,294 1.00 Retail Cie Financiere Richemont SA RegS 92,337 22,746 8,350 106,733 6,030,415 2.04 Dufry AG RegS 6,260 1,365 615 7,010 162,211 0.06 Mobilezone Holding AG RegS 6,014 1,946 - 7,960 58,108 0.02 Swatch Group AG 5,455 1,096 593 5,958^ 1,137,978 0.38 Swatch Group AG RegS 11,273 2,235 2,255 11,253 407,809 0.14 Valora Holding AG RegS 570 87 - 657 98,550 0.03 Zur Rose Group AG 1,360 444 - 1,804^ 455,510 0.15 8,350,581 2.82 Iron & steel Schmolz + Bickenbach AG RegS 77,302 - - 77,302^ 12,755 0.00 Schmolz + Bickenbach AG RegS Rights - 77,302 77,302 - - 0.00 12,755 0.00 Electrical components & equipment Huber + Suhner AG RegS 2,802 665 282 3,185 225,498 0.08 Leclanche SA RegS 11,051 - - 11,051 7,050 0.00 232,548 0.08 Electric BKW AG 3,495 817 250 4,062 357,862 0.12 Edisun Power Europe AG - 29 - 29 3,248 0.00 Edisun Power Europe AG Rights - 29 29 - - 0.00 Romande Energie Holding SA RegS 58 17 - 75^ 78,750 0.03 439,860 0.15 Electronics ABB Ltd RegS 321,970 79,029 31,404 369,595 8,415,678 2.84 Cicor Technologies Ltd RegS 355 - - 355 12,887 0.00 dormakaba Holding AG 545 119 34 630^ 321,615 0.11 LEM Holding SA RegS 105 10 - 115^ 163,990 0.06 Phoenix Mecano AG 104 14 - 118 39,235 0.01 Schaffner Holding AG RegS 88 - - 88 15,488 0.01 Von Roll Holding AG 38,427 4,983 - 43,410 36,204 0.01 9,005,097 3.04 Forest products & paper Cham Group AG 71 - 71 - - 0.00 - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [227] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Leisure time Bergbahnen Engelberg-Truebsee-Titlis AG BET RegS 99 13 112 - - 0.00 Bergbahnen Engelberg-Truebsee-Titlis AG BET RegS - 560 - 560 25,984 0.01 25,984 0.01 Healthcare - services Lonza Group AG RegS 13,173 3,227 1,173 15,227 8,658,072 2.93 8,658,072 2.93 Healthcare - products Alcon Inc 86,447 21,758 7,668 100,537 5,529,535 1.87 Coltene Holding AG RegS 711 253 - 964 74,228 0.03 Comet Holding AG RegS 1,427 290 143 1,574^ 221,304 0.07 Medacta Group SA 944 151 - 1,095 91,980 0.03 Medartis Holding AG 743 96 - 839 32,511 0.01 Sonova Holding AG RegS 9,724 2,437 1,111 11,050 2,271,880 0.77 Straumann Holding AG RegS 1,990 489 163 2,316 2,074,673 0.70 Tecan Group AG RegS 2,078 526 162 2,442^ 937,240 0.32 11,233,351 3.80 Commercial services Adecco Group AG RegS 29,466 6,112 1,945 33,633 1,451,937 0.49 MCH Group AG 627 - - 627 9,624 0.00 Orell Fuessli AG RegS 144 - - 144 12,816 0.01 Poenina Holding AG 291 234 - 525^ 24,413 0.01 SGS SA RegS 918 423 87 1,254 2,998,314 1.01 4,497,104 1.52 Semiconductors ams AG 14,207 40,609 1,750 53,066 804,480 0.27 ams AG Rights - 15,507 15,507 - - 0.00 Sensirion Holding AG 1,553 575 - 2,128^ 94,058 0.03 u-blox Holding AG 1,334 126 73 1,387 91,334 0.03 989,872 0.33 Home furnishings V-ZUG Holding AG - 370 - 370 27,380 0.01 27,380 0.01 Holding companies - diversified operations Metall Zug AG RegS 32 7 2 37 46,250 0.02 Villars Holding SA RegS - 9 - 9 6,840 0.00 53,090 0.02 Real estate Allreal Holding AG RegS 2,518 576 114 2,980 541,764 0.18 BFW Liegenschaften AG 442 - - 442 19,183 0.01 Fundamenta Real Estate AG 4,146 1,270 - 5,416 85,573 0.03 Hiag Immobilien Holding AG 468 61 - 529 46,869 0.02 Intershop Holding AG 223 24 19 228 127,452 0.04 Investis Holding SA 464 60 - 524 43,387 0.01 Mobimo Holding AG RegS 1,149 350 101 1,398 358,587 0.12 Orascom Development Holding AG 1,817 626 - 2,443 21,010 0.01 Peach Property Group AG 741 291 - 1,032 39,422 0.01 Plazza AG RegS 208 73 - 281 78,961 0.03 PSP Swiss Property AG RegS 7,300 2,569 490 9,379 955,720 0.32 SF Urban Properties AG 452 59 - 511 45,224 0.02 Swiss Prime Site AG RegS 13,464 3,103 925 15,642 1,300,632 0.44 Varia US Properties AG 748 - - 748 28,723 0.01

[228] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Warteck Invest AG RegS 31 6 - 37^ 79,180 0.03 Zueblin Immobilien Holding AG RegS 340 - - 340 9,724 0.00 Zug Estates Holding AG 48 13 2 59 115,345 0.04 3,896,756 1.32 Internet Asmallworld AG 708 - - 708 1,459 0.00 Lastminute.com NV 860 - - 860 17,630 0.01 WISeKey International Holding Ltd 4,969 - - 4,969 6,683 0.00 25,772 0.01 Investment companies AEVIS VICTORIA SA 3,003 1,381 - 4,384 49,320 0.02 Blackstone Resources AG 1,924 - - 1,924 1,356 0.00 Novavest Real Estate AG - 1,256 - 1,256 59,409 0.02 Pargesa Holding SA 6,656 1,675 8,331 - - 0.00 110,085 0.04 Cosmetics & personal care Lalique Group SA 278 - - 278 8,340 0.00 8,340 0.00 Machinery - diversified Airopack Technology Group AG 1,726 - 1,726 - - 0.00 Bobst Group SA RegS 1,266 369 - 1,635^ 89,108 0.03 Bucher Industries AG RegS 1,189 298 125 1,362^ 408,872 0.14 Burckhardt Compression Holding AG 547 62 - 609 140,375 0.05 Carlo Gavazzi Holding AG 65 - - 65 10,465 0.00 Conzzeta AG RegS 262 66 18 310 264,430 0.09 Feintool International Holding AG RegS 338 - - 338 15,244 0.00 Inficon Holding AG RegS 313 81 24 370 274,910 0.09 Interroll Holding AG RegS 117 31 10 138 296,700 0.10 Kardex Holding AG RegS 1,061 128 - 1,189 187,386 0.06 Klingelnberg AG 753 - - 753 11,069 0.00 Komax Holding AG RegS 704 191 78 817^ 109,478 0.04 Rieter Holding AG RegS 536 100 30 606 45,450 0.02 SIG Combibloc Services AG 23,221 31,876 3,483 51,614^ 821,179 0.28 Zehnder Group AG 1,615 527 - 2,142 86,001 0.03 2,760,667 0.93 Media TX Group AG 542 71 - 613 41,071 0.01 41,071 0.01 Metal fabricate & hardware SFS Group AG 2,986 720 212 3,494^ 300,484 0.10 VAT Group AG 4,710 1,131 303 5,538^ 960,289 0.33 1,260,773 0.43 Food Aryzta AG 177,055 42,711 - 219,766^ 126,915 0.04 Barry Callebaut AG RegS 484 240 104 620 1,177,380 0.40 Bell Food Group AG RegS 399 47 - 446 104,364 0.04 Chocoladefabriken Lindt & Spruengli AG 191 46 15 222 1,567,320 0.53 Chocoladefabriken Lindt & Spruengli AG RegS 19 5 2 22 1,718,200 0.58 Emmi AG RegS 350 81 21 410 337,225 0.11 Groupe Minoteries SA RegS 40 - - 40 13,680 0.00 HOCHDORF Holding AG 207 - - 207 15,132 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [229] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Nestle SA RegS 541,538 118,018 51,274 608,282 65,755,284 22.22 Orior AG 1,079 397 110 1,366^ 102,450 0.03 70,917,950 23.96 Private equity Airesis SA RegS 5,413 - - 5,413 4,195 0.00 Ina Invest Holding AG - 542 - 542 10,298 0.00 Ina Invest Holding AG Rights - 2,712 2,712 - - 0.00 Partners Group Holding AG 4,013 986 360 4,639 4,087,887 1.38 Private Equity Holding AG RegS 398 - - 398 18,467 0.01 4,120,847 1.39 Software Kudelski SA 6,563 853 - 7,416^ 24,658 0.01 Temenos AG RegS 11,453 3,027 919 13,561 1,830,735 0.62 1,855,393 0.63 Telecommunications Ascom Holding AG RegS 5,958 778 - 6,736 69,381 0.02 Sunrise Communications Group AG 5,532 1,361 377 6,516 554,837 0.19 Swisscom AG RegS 4,495 1,103 405 5,193^ 2,522,760 0.85 3,146,978 1.06 Transportation BVZ Holding AG RegS 17 - - 17 14,790 0.01 Jungfraubahn Holding AG RegS 841 87 - 928 115,629 0.04 Kuehne + Nagel International AG RegS 9,924 2,419 809 11,534 1,809,684 0.61 Panalpina Welttransport Holding AG - 1,770 1,770 - - 0.00 Panalpina Welttransport Holding AG RegS 1,770 - 1,770 - - 0.00 1,940,103 0.66 Packaging & containers Aluflexpack AG 1,209 - - 1,209 26,114 0.01 Vetropack Holding AG 39 12 51 - - 0.00 Vetropack Holding AG - 2,660 - 2,660 134,862 0.04 160,976 0.05 Insurance Baloise Holding AG RegS 8,632 1,907 994 9,545 1,324,846 0.45 Helvetia Holding AG RegS 5,810 1,244 355 6,699 551,328 0.19 Swiss Life Holding AG RegS 6,054 1,329 868 6,515 2,168,843 0.73 Swiss Re AG 53,903 11,897 6,708 59,092 4,240,442 1.43 Vaudoise Assurances Holding SA 156 53 6 203 92,974 0.03 Zurich Insurance Group AG 26,772 6,244 2,263 30,753 10,339,159 3.50 18,717,592 6.33 Distribution & wholesale ALSO Holding AG RegS 1,129 166 - 1,295 308,210 0.10 Bossard Holding AG RegS 1,009 235 114 1,130^ 176,054 0.06 484,264 0.16 Advertising APG SGA SA 222 29 - 251 42,720 0.01 DKSH Holding AG 6,435 1,447 570 7,312 428,118 0.15 Highlight Event and Entertainment AG - 795 - 795 24,645 0.01 495,483 0.17 Hand & machine tools Mikron Holding AG RegS 1,211 - - 1,211 6,104 0.00 Schindler Holding AG 7,202 1,769 649 8,322 1,918,221 0.65 Schindler Holding AG RegS 3,440 774 238 3,976 902,552 0.31

[230] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Schlatter Industries AG 68 - - 68 1,836 0.00 Schweiter Technologies AG 176 41 17 200^ 224,400 0.08 Starrag Group Holding AG 169 - - 169 6,354 0.00 Tornos Holding AG RegS 1,422 - - 1,422 5,546 0.00 3,065,013 1.04 Total shares 292,507,580 98.84 Total securities traded on an official stock exchange 292,507,580 98.84 Total securities 292,507,580 98.84

Derivative financial instruments Index Futures Swiss Market Index Futures September 2019 24 4 28 - - 0.00 Swiss Market Index Futures December 2019 - 43 43 - - 0.00 Swiss Market Index Futures March 2020 - 45 45 - - 0.00 Swiss Market Index Futures June 2020 - 124 124 - - 0.00 Swiss Market Index Futures September 2020 - 39 6 33 (11,040) 0.00 (11,040) 0.00 Total derivative financial instruments (11,040) 0.00 Total investments 292,496,540 98.84

Sight deposits 923,880 0.31 Other assets 2,517,703 0.85 Total sub-fund assets 295,938,123 100.00 Loans (1,556) 0.00 Other liabilities (13,703) 0.00 Net sub-fund assets 295,922,864 100.00 1Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [231] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SMI® EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Pharmaceuticals Novartis AG RegS 669,486 195,950 215,521 649,915 49,049,085 16.17 Roche Holding AG 215,651 61,269 114,951 161,969 51,198,401 16.87 100,247,486 33.04 Banks Credit Suisse Group AG RegS 864,961 285,698 329,368 821,291 7,978,021 2.63 UBS Group AG RegS 1,377,689 429,206 594,123 1,212,772 12,970,596 4.27 20,948,617 6.90 Building materials Geberit AG RegS 13,224 4,412 5,080 12,556 6,318,179 2.08 LafargeHolcim Ltd RegS 171,536 69,818 69,502 171,852 7,391,355 2.44 Sika AG RegS 45,175 17,112 14,226 48,061 9,636,230 3.17 23,345,764 7.69 Chemicals Givaudan SA RegS 2,840 952 1,096 2,696 10,139,656 3.34 10,139,656 3.34 Retail Cie Financiere Richemont SA RegS 186,355 62,352 71,760 176,947 9,997,506 3.29 Swatch Group AG 10,972 3,433 4,593 9,812^ 1,874,092 0.62 11,871,598 3.91 Electronics ABB Ltd RegS 649,802 217,072 254,142 612,732^ 13,951,908 4.60 13,951,908 4.60 Healthcare - services Lonza Group AG RegS 26,586 8,902 10,245 25,243 14,353,170 4.73 14,353,170 4.73 Healthcare - products Alcon Inc 174,467 58,705 66,497 166,675 9,167,125 3.02 9,167,125 3.02 Commercial services Adecco Group AG RegS 59,468 19,377 23,475 55,370 2,390,323 0.79 SGS SA RegS 1,853 978 751 2,080 4,973,280 1.64 7,363,603 2.43 Food Nestle SA RegS 589,010 178,490 258,118 509,382 55,064,195 18.15 55,064,195 18.15 Telecommunications Swisscom AG RegS 9,071 3,032 3,490 8,613^ 4,184,195 1.38 4,184,195 1.38 Insurance Swiss Life Holding AG RegS 12,218 3,824 5,226 10,816 3,600,646 1.18 Swiss Re AG 108,787 35,075 45,897 97,965 7,029,968 2.32 Zurich Insurance Group AG 54,032 17,760 20,789 51,003 17,147,209 5.65 27,777,823 9.15 Total shares 298,415,140 98.34 Total securities traded on an official stock exchange 298,415,140 98.34 Total securities 298,415,140 98.34

[232] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SMI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Derivative financial instruments Index Futures Swiss Market Index Futures September 2019 62 30 92 - - 0.00 Swiss Market Index Futures December 2019 - 115 115 - - 0.00 Swiss Market Index Futures March 2020 - 63 63 - - 0.00 Swiss Market Index Futures June 2020 - 151 151 - - 0.00 Swiss Market Index Futures September 2020 - 73 25 48 (52,454) (0.02) (52,454) (0.02) Total derivative financial instruments (52,454) (0.02) Total investments 298,362,686 98.32

Sight deposits 2,090,101 0.69 Other assets 2,996,904 0.99 Total sub-fund assets 303,449,691 100.00 Other liabilities (214,919) (0.07) Net sub-fund assets 303,234,772 99.93 1Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [233] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Bonds Australia AMP Group Finance Services Ltd 0.2031% 03.06.2024 - 100,000 - 100,000 98,700 0.05 AMP Group Finance Services Ltd 0.75% 19.12.2022 100,000 - - 100,000 100,800 0.05 AMP Group Finance Services Ltd 0.8% 18.07.2023 100,000 - - 100,000 101,000 0.05 Commonwealth Bank of Australia 0.113% 10.12.2029 - 100,000 - 100,000 99,700 0.05 Commonwealth Bank of Australia 0.4% 25.09.2026 200,000 - - 200,000 205,200 0.11 Commonwealth Bank of Australia 1.5% 07.02.2022 75,000 - 75,000 - - 0.00 Macquarie Bank Ltd 0.625% 04.09.2023 80,000 400,000 200,000 280,000 281,260 0.14 Macquarie Bank Ltd 0.75% 05.02.2024 75,000 - - 75,000 76,200 0.04 National Australia Bank Ltd 0.065% 29.01.2029 - 200,000 100,000 100,000 99,850 0.05 National Australia Bank Ltd 0.125% 21.06.2027 100,000 - - 100,000 101,100 0.05 National Australia Bank Ltd 0.25% 19.01.2023 100,000 - - 100,000 100,900 0.05 National Australia Bank Ltd 0.25% 13.03.2024 300,000 - 200,000 100,000 101,350 0.05 National Australia Bank Ltd 0.35% 05.08.2022 - 300,000 100,000 200,000 202,100 0.10 National Australia Bank Ltd 1.5% 07.02.2024 100,000 - - 100,000 106,650 0.05 National Australia Bank Ltd 1.625% 05.09.2023 125,000 - - 125,000 132,125 0.07 Transurban Queensland Finance Pty Ltd 0.625% 23.06.2023 50,000 - - 50,000 50,675 0.03 Transurban Queensland Finance Pty Ltd 0.65% 02.11.2026 100,000 - - 100,000 100,350 0.05 Transurban Queensland Finance Pty Ltd 1% 08.12.2025 50,000 - - 50,000 51,250 0.03 Westpac Banking Corp 0.25% 29.01.2027 100,000 100,000 100,000 100,000 102,450 0.05 Westpac Banking Corp 0.3% 28.11.2025 50,000 - - 50,000 51,250 0.03 Westpac Banking Corp 0.4% 06.06.2024 100,000 - - 100,000 101,800 0.05 Westpac Banking Corp 0.5% 02.02.2022 120,000 - - 120,000 121,200 0.06 Westpac Banking Corp 0.5% 16.05.2028 50,000 - - 50,000 51,450 0.03 Woodside Finance Ltd 1% 11.12.2023 50,000 - - 50,000 51,675 0.03 2,489,035 1.27 Bermuda CBQ Finance Ltd 0.38% 19.10.2023 - 100,000 50,000 50,000 49,300 0.03 CBQ Finance Ltd 0.697% 22.03.2021 100,000 - - 100,000 100,150 0.05 CBQ Finance Ltd 1.115% 17.10.2022 100,000 - - 100,000 101,300 0.05 Holcim Overseas Finance Ltd 3.375% 10.06.2021 150,000 - - 150,000 154,650 0.08 405,400 0.21 Virgin Islands (British) Sinochem Offshore Capital Co Ltd 0.76% 17.06.2022 50,000 - - 50,000 50,225 0.03 50,225 0.03 Chile Banco de Chile 0.568% 21.11.2023 100,000 - - 100,000 98,550 0.05 Banco de Credito e Inversiones SA 0.1% 18.09.2026 - 50,000 - 50,000 47,625 0.02 Banco de Credito e Inversiones SA 0.25% 24.09.2029 - 50,000 - 50,000 46,375 0.02 Banco de Credito e Inversiones SA 0.4% 22.11.2024 100,000 - - 100,000 98,000 0.05 Banco del Estado de Chile 0.01% 04.10.2027 - 100,000 50,000 50,000 44,150 0.02 Banco del Estado de Chile 0.24% 06.06.2025 - 125,000 50,000 75,000 71,100 0.04 Banco del Estado de Chile 0.6925% 04.12.2024 50,000 - - 50,000 48,375 0.03 Banco Santander Chile 0.35% 30.05.2025 55,000 - - 55,000 53,130 0.03 Banco Santander Chile 0.384% 27.09.2024 50,000 - - 50,000 49,225 0.03 Banco Santander Chile 0.441% 21.12.2023 100,000 - - 100,000 99,400 0.05 Coopeuch Ltda 1.05% 15.10.2021 75,000 - - 75,000 73,740 0.04 Tanner Servicios Financieros SA 0.6% 07.11.2022 - 90,000 - 90,000 80,325 0.04 Tanner Servicios Financieros SA 1% 03.12.2021 100,000 - 50,000 50,000 47,250 0.02 857,245 0.44

[234] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Denmark Danske Bank A/S 0.625% 24.11.2022 200,000 200,000 200,000 200,000 201,200 0.10 Kommunekredit 0.625% 09.07.2027 100,000 - - 100,000 106,800 0.06 Kommunekredit 2.875% 13.10.2031 150,000 - - 150,000 202,800 0.10 510,800 0.26 Germany Commerzbank AG 1.1% 11.07.2025 50,000 - - 50,000 50,700 0.03 Commerzbank AG 3.125% 14.07.2025 100,000 - - 100,000 116,050 0.06 Deutsche Bahn Finance GMBH 0.1% 19.06.2029 100,000 - - 100,000 100,150 0.05 Deutsche Bahn Finance GMBH 0.45% 08.11.2030 75,000 - - 75,000 77,513 0.04 Deutsche Bahn Finance GMBH 0.5% 18.07.2028 200,000 - - 200,000 209,600 0.11 Deutsche Bahn Finance GMBH 0.5% 19.06.2034 100,000 - - 100,000 103,300 0.05 Deutsche Bahn Finance GMBH 1.375% 24.07.2023 240,000 100,000 100,000 240,000 252,240 0.13 Deutsche Bahn Finance GMBH 1.5% 26.08.2024 100,000 - - 100,000 107,400 0.05 Deutsche Bank AG 0.625% 08.02.2023 50,000 - - 50,000 49,575 0.03 Deutsche Bank AG 0.625% 19.12.2023 50,000 - - 50,000 49,100 0.02 Deutsche Bank AG 0.75% 05.07.2021 50,000 - - 50,000 50,000 0.03 Deutsche Bank AG 0.75% 21.03.2022 100,000 - - 100,000 99,800 0.05 Deutsche Bank AG 0.8% 07.02.2025 - 600,000 400,000 200,000 195,600 0.10 Deutsche Bank AG 1.625% 12.09.2022 125,000 - - 125,000 127,125 0.06 Deutsche Pfandbriefbank AG 0.125% 05.06.2023 100,000 - - 100,000 99,350 0.05 Deutsche Pfandbriefbank AG 0.3% 02.11.2021 50,000 - - 50,000 49,405 0.02 Deutsche Telekom AG 0.435% 06.02.2032 - 150,000 - 150,000 152,250 0.08 Henkel AG & Co KGaA 0.2725% 28.04.2023 - 150,000 - 150,000 151,650 0.08 Kreditanstalt fuer Wiederaufbau 2.5% 25.08.2025 600,000 - 200,000 400,000 460,600 0.24 Kreditanstalt fuer Wiederaufbau 2.75% 16.02.2037 50,000 - - 50,000 74,300 0.04 Muenchener Hypothekenbank eG 0.001% 19.02.2024 100,000 - - 100,000 101,250 0.05 Muenchener Hypothekenbank eG 0.1% 31.10.2024 100,000 - - 100,000 101,950 0.05 Muenchener Hypothekenbank eG 0.1% 17.12.2025 - 200,000 - 200,000 199,500 0.10 Muenchener Hypothekenbank eG 0.2% 18.06.2031 - 200,000 - 200,000 207,400 0.11 Muenchener Hypothekenbank eG 0.25% 26.02.2029 100,000 - 50,000 50,000 52,050 0.03 Muenchener Hypothekenbank eG 0.25% 10.05.2030 - 100,000 100,000 - - 0.00 Muenchener Hypothekenbank eG 0.5% 14.06.2028 100,000 - - 100,000 106,000 0.05 Muenchener Hypothekenbank eG 0.55% 15.03.2034 50,000 - - 50,000 54,250 0.03 State of North Rhine-Westphalia Germany 0.875% 29.07.2024 120,000 - - 120,000 126,480 0.06 3,524,588 1.80 Finland Kuntarahoitus Oyj 0.875% 01.02.2023 100,000 - - 100,000 103,450 0.05 Kuntarahoitus Oyj 1.375% 08.06.2027 200,000 - - 200,000 223,600 0.12 Kuntarahoitus Oyj 2.375% 30.03.2026 75,000 - - 75,000 86,850 0.05 Nordea Bank Abp 0.125% 02.06.2026 - 75,000 - 75,000 76,050 0.04 Nordea Bank Abp 0.25% 27.11.2023 100,000 100,000 - 200,000 202,800 0.10 Nordea Bank Abp 0.55% 23.06.2025 100,000 - - 100,000 103,000 0.05 Nordea Bank Abp 1.125% 02.10.2020 110,000 - 110,000 - - 0.00 OP Corporate Bank Plc 1% 14.07.2021 65,000 - - 65,000 65,806 0.03 861,556 0.44 France Accor SA 1.75% 27.06.2022 50,000 - - 50,000 50,125 0.03 Agence Francaise de Developpement EPIC 1.875% 12.11.2029 65,000 - - 65,000 77,675 0.04 Auchan Holding SA 1.5% 03.06.2024 50,000 - - 50,000 50,975 0.03 Banque Federative du Credit Mutuel SA 0.2% 12.06.2026 130,000 - - 130,000 131,105 0.07

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [235] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Banque Federative du Credit Mutuel SA 0.2% 03.11.2028 - 150,000 - 150,000 150,300 0.08 Banque Federative du Credit Mutuel SA 0.25% 10.07.2025 - 100,000 - 100,000 101,350 0.05 Banque Federative du Credit Mutuel SA 0.32% 10.02.2025 100,000 - - 100,000 101,550 0.05 Banque Federative du Credit Mutuel SA 0.366% 10.10.2024 75,000 - - 75,000 76,425 0.04 Banque Federative du Credit Mutuel SA 0.4% 12.02.2024 200,000 - 200,000 - - 0.00 Banque Federative du Credit Mutuel SA 0.55% 08.12.2023 55,000 - - 55,000 56,210 0.03 Banque Federative du Credit Mutuel SA 0.6% 05.04.2027 50,000 - - 50,000 51,675 0.03 Banque Federative du Credit Mutuel SA 2% 22.05.2024 50,000 - - 50,000 54,025 0.03 BNP Paribas Home Loan SFH SA 2.375% 07.10.2020 50,000 - 50,000 - - 0.00 BNP Paribas SA 0.15% 10.03.2028 - 200,000 - 200,000 192,400 0.10 BNP Paribas SA 0.3% 15.10.2027 - 200,000 200,000 - - 0.00 BNP Paribas SA 1% 06.06.2025 125,000 - - 125,000 129,125 0.07 BNP Paribas SA 1.75% 05.06.2025 50,000 - 50,000 - - 0.00 BPCE SA 0.5% 08.11.2023 100,000 50,000 50,000 100,000 101,400 0.05 Caisse d'Amortissement de la Dette Sociale 2.5% 09.12.2025 55,000 200,000 100,000 155,000 178,250 0.09 Caisse d'Amortissement de la Dette Sociale 3% 21.04.2021 50,000 - - 50,000 51,260 0.03 Caisse de Refinancement de l'Habitat SA 1.375% 15.03.2023 150,000 - - 150,000 157,050 0.08 Caisse de Refinancement de l'Habitat SA 1.75% 26.06.2025 100,000 - - 100,000 109,900 0.06 Caisse de Refinancement de l'Habitat SA 1.875% 23.05.2022 100,000 - - 100,000 104,200 0.05 Caisse de Refinancement de l'Habitat SA 2.5% 29.03.2021 100,000 - 100,000 - - 0.00 Caisse des Depots et Consignations 0.3% 12.11.2027 200,000 - - 200,000 206,900 0.11 Cie de Financement Foncier SA 2.25% 13.10.2021 100,000 - - 100,000 103,160 0.05 Cie de Financement Foncier SA 2.5% 24.02.2031 200,000 - - 200,000 254,000 0.13 Credit Agricole Home Loan SFH SA 0.1% 26.01.2026 200,000 - - 200,000 204,100 0.10 Credit Agricole Home Loan SFH SA 0.25% 08.12.2025 125,000 - - 125,000 128,750 0.07 Credit Agricole Home Loan SFH SA 0.25% 18.06.2026 50,000 - - 50,000 51,550 0.03 Credit Agricole Home Loan SFH SA 0.25% 27.07.2027 100,000 - - 100,000 103,200 0.05 Credit Agricole Home Loan SFH SA 0.45% 24.01.2029 50,000 - 50,000 - - 0.00 Credit Agricole Home Loan SFH SA 0.5% 16.03.2027 100,000 - - 100,000 104,850 0.05 Credit Agricole SA 0.1275% 27.07.2028 - 150,000 50,000 100,000 100,650 0.05 Credit Agricole SA 0.2% 30.10.2023 50,000 - - 50,000 50,300 0.03 Credit Agricole SA 0.25% 10.10.2029 - 75,000 - 75,000 76,087 0.04 Credit Agricole SA 0.3% 18.04.2024 50,000 - - 50,000 50,500 0.03 Credit Agricole SA 0.45% 14.03.2022 100,000 - - 100,000 100,550 0.05 Credit Agricole SA 0.5% 01.10.2026 - 200,000 - 200,000 200,300 0.10 Credit Agricole SA 0.625% 15.09.2023 150,000 - 50,000 100,000 102,350 0.05 Credit Agricole SA 0.625% 12.07.2024 50,000 - - 50,000 50,375 0.03 Credit Agricole SA 1% 08.10.2021 100,000 - 100,000 - - 0.00 Credit Agricole SA 1% 27.01.2025 65,000 - - 65,000 68,120 0.03 Credit Agricole SA 2.125% 30.10.2024 200,000 - - 200,000 218,800 0.11 Electricite de France SA 0.3% 14.10.2024 70,000 - - 70,000 70,910 0.04 Electricite de France SA 0.65% 13.10.2028 50,000 200,000 100,000 150,000 155,250 0.08 Engie SA 1.125% 09.10.2020 125,000 - 125,000 - - 0.00 mFinance France SA 1.005% 28.03.2023 100,000 - 50,000 50,000 49,750 0.02 Orange SA 0.2% 24.11.2025 200,000 - - 200,000 201,900 0.10 RCI Banque SA 0.5% 20.04.2022 100,000 - - 100,000 99,000 0.05

[236] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) RCI Banque SA 0.5% 18.07.2024 130,000 - - 130,000 126,360 0.06 SNCF Reseau 2.625% 10.03.2031 140,000 - - 140,000 178,220 0.09 SNCF Reseau 2.625% 11.03.2037 60,000 - - 60,000 85,980 0.04 SNCF Reseau 2.875% 26.02.2021 120,000 - - 120,000 122,184 0.06 Societe Generale SA 0.4% 22.02.2022 100,000 - - 100,000 100,000 0.05 Societe Generale SA 0.875% 28.02.2024 200,000 - - 200,000 201,400 0.10 Societe Nationale SNCF SA 0.227% 18.06.2030 - 100,000 - 100,000 101,950 0.05 Societe Nationale SNCF SA 2.625% 13.12.2021 150,000 - - 150,000 155,880 0.08 Total Capital International SA 0.166% 21.12.2029 100,000 - - 100,000 99,450 0.05 Total Capital International SA 0.288% 13.07.2026 100,000 - - 100,000 101,600 0.05 Total Capital International SA 0.5% 01.06.2027 50,000 - - 50,000 51,125 0.03 Total Capital International SA 1% 29.08.2024 265,000 - - 265,000 277,455 0.14 6,277,956 3.21 Guernsey Credit Suisse Group Funding Guernsey Ltd 0.625% 21.08.2020 200,000 - 200,000 - - 0.00 Credit Suisse Group Funding Guernsey Ltd 1% 14.04.2023 600,000 - - 600,000 613,500 0.31 613,500 0.31 Ireland Intesa Sanpaolo Bank Ireland Plc 0.25% 30.09.2024 - 200,000 - 200,000 190,600 0.10 Russian Railways Via RZD Capital Plc 0.84% 12.03.2026 - 100,000 - 100,000 96,050 0.05 Russian Railways Via RZD Capital Plc 0.898% 03.10.2025 - 375,000 - 375,000 367,500 0.19 Russian Railways Via RZD Capital Plc 1.195% 03.04.2028 - 100,000 50,000 50,000 48,625 0.02 Russian Railways Via RZD Capital Plc 2.1% 02.10.2023 200,000 - - 200,000 207,100 0.10 UniCredit Bank Ireland Plc 4.25% 19.10.2022 50,000 - - 50,000 53,350 0.03 963,225 0.49 Jersey Glencore Finance Europe Ltd 0.35% 10.09.2025 - 100,000 - 100,000 97,000 0.05 Glencore Finance Europe Ltd 1.25% 01.12.2020 115,000 - 115,000 - - 0.00 Glencore Finance Europe Ltd 1.25% 09.10.2024 100,000 - 50,000 50,000 50,950 0.03 Glencore Finance Europe Ltd 2.25% 10.05.2021 100,000 - - 100,000 101,280 0.05 Heathrow Funding Ltd 0.45% 15.10.2026 130,000 - - 130,000 125,320 0.06 Heathrow Funding Ltd 0.5% 17.05.2024 100,000 - - 100,000 97,650 0.05 472,200 0.24 Cayman Islands ADCB Finance Cayman Ltd 0.375% 23.01.2023 100,000 - - 100,000 99,650 0.05 ADCB Finance Cayman Ltd 0.5% 29.11.2024 100,000 - - 100,000 98,600 0.05 BOS Funding Ltd 1.5% 29.11.2023 - 100,000 - 100,000 96,200 0.05 294,450 0.15 Canada Bank of Montreal 0.035% 07.04.2026 - 150,000 - 150,000 151,125 0.08 Bank of Montreal 0.05% 30.12.2022 100,000 - - 100,000 100,350 0.05 Bank of Montreal 0.096% 22.12.2023 - 150,000 - 150,000 151,875 0.08 Bank of Nova Scotia 0.2% 19.11.2025 100,000 100,000 - 200,000 204,500 0.10 Bank of Nova Scotia 0.3% 16.09.2022 70,000 200,000 100,000 170,000 171,615 0.09 Canadian Imperial Bank of Commerce 0.05% 15.10.2026 - 150,000 - 150,000 149,250 0.08 Canadian Imperial Bank of Commerce 0.1% 24.10.2023 - 350,000 - 350,000 354,200 0.18 Canadian Imperial Bank of Commerce 0.1% 30.04.2025 200,000 100,000 250,000 50,000 50,800 0.03 Canadian Imperial Bank of Commerce 0.125% 22.12.2025 75,000 - - 75,000 76,313 0.04 Canadian Imperial Bank of Commerce 0.6% 30.01.2025 200,000 - - 200,000 204,900 0.10

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [237] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Province of Alberta Canada 0.25% 20.04.2028 - 150,000 - 150,000 154,650 0.08 Province of Alberta Canada 0.375% 07.02.2029 100,000 - - 100,000 104,200 0.05 Province of Manitoba Canada 0.25% 15.03.2029 100,000 100,000 150,000 50,000 51,425 0.03 Province of Manitoba Canada 0.7% 20.04.2040 - 50,000 - 50,000 55,350 0.03 Province of Manitoba Canada 0.8% 15.03.2039 100,000 - - 100,000 113,000 0.06 Province of New Brunswick Canada 0.2% 07.11.2031 135,000 - - 135,000 138,375 0.07 Province of New Brunswick Canada 0.25% 19.01.2029 50,000 - - 50,000 51,525 0.03 Province of New Brunswick Canada 0.25% 06.12.2039 - 125,000 - 125,000 128,750 0.06 Province of Ontario Canada 0.25% 28.06.2029 150,000 - - 150,000 154,350 0.08 Province of Quebec Canada 0.75% 21.11.2024 235,000 - - 235,000 245,457 0.12 Province of Quebec Canada 2.875% 17.12.2021 130,000 - - 130,000 135,837 0.07 Royal Bank of Canada 0.1% 18.07.2023 100,000 - - 100,000 100,300 0.05 Royal Bank of Canada 0.155% 06.04.2027 - 100,000 - 100,000 102,400 0.05 Royal Bank of Canada 2.25% 21.04.2021 200,000 - 200,000 - - 0.00 3,150,547 1.61 Liechtenstein Hilti AG 0.05% 02.07.2025 - 100,000 - 100,000 100,450 0.05 Hilti AG 0.2% 08.11.2024 - 50,000 - 50,000 50,775 0.03 Hilti AG 0.4% 08.11.2027 50,000 - - 50,000 50,675 0.03 LGT Bank Ltd 0.375% 05.07.2028 200,000 - - 200,000 202,800 0.10 LGT Bank Ltd 0.5% 12.05.2027 100,000 - - 100,000 103,150 0.05 LGT Bank Ltd 0.625% 25.11.2025 205,000 - - 205,000 211,970 0.11 LGT Bank Ltd 1.5% 10.05.2021 120,000 - - 120,000 121,752 0.06 Liechtensteinische Landesbank AG 0.125% 28.05.2026 100,000 - - 100,000 99,600 0.05 VP Bank AG 0.5% 07.04.2021 50,000 - - 50,000 50,210 0.03 991,382 0.51 Luxembourg ArcelorMittal RegS 2.5% 03.07.2020 100,000 - 100,000 - - 0.00 Aroundtown SA 0.732% 30.01.2025 50,000 - - 50,000 50,100 0.03 Aroundtown SA 1.72% 05.03.2026 100,000 - - 100,000 104,600 0.05 Asian Development Bank 2.75% 12.02.2030 50,000 - - 50,000 65,150 0.03 Banque Internationale a Luxembourg SA 1% 10.07.2025 - 100,000 - 100,000 99,650 0.05 Black Sea Trade & Development Bank 0.45% 13.06.2023 - 100,000 - 100,000 99,550 0.05 Central American Bank for Economic Integration 0.194% 19.11.2021 100,000 - - 100,000 100,250 0.05 Central American Bank for Economic Integration 0.2% 25.03.2024 100,000 - - 100,000 100,400 0.05 Central American Bank for Economic Integration 0.405% 25.06.2025 - 150,000 - 150,000 150,975 0.08 Central American Bank for Economic Integration 1.5% 04.02.2020 50,000 - 50,000 - - 0.00 Central American Bank for Economic Integration 1.875% 25.02.2022 200,000 - - 200,000 205,600 0.11 Corp Andina de Fomento 0.15% 24.02.2022 200,000 - - 200,000 199,200 0.10 Corp Andina de Fomento 1.375% 11.02.2021 200,000 - - 200,000 201,200 0.10 Corp Andina de Fomento 1.5% 01.12.2028 100,000 - - 100,000 104,550 0.05 Corp Andina de Fomento 2% 05.02.2024 100,000 - - 100,000 105,200 0.05 Council Of Europe Development Bank 1% 06.03.2023 100,000 - - 100,000 104,150 0.05 Council Of Europe Development Bank 3.375% 06.11.2020 60,000 - 60,000 - - 0.00 CPI Property Group SA 1.63% 25.10.2023 100,000 - - 100,000 99,900 0.05 DH Switzerland Finance Sarl 0.5% 08.12.2023 115,000 - - 115,000 116,955 0.06 DH Switzerland Finance Sarl 1.125% 08.12.2028 100,000 - - 100,000 105,050 0.05 EUROFIMA 0.125% 28.04.2027 - 200,000 - 200,000 204,400 0.11

[238] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) EUROFIMA 0.625% 30.06.2021 300,000 - 300,000 - - 0.00 EUROFIMA 2.875% 04.02.2030 100,000 - - 100,000 128,850 0.07 EUROFIMA 3% 22.05.2024 100,000 - - 100,000 112,850 0.06 EUROFIMA 3% 15.05.2026 525,000 - - 525,000 626,062 0.32 EUROFIMA 3.375% 29.12.2020 210,000 - 210,000 - - 0.00 European Investment Bank 1.125% 26.04.2023 150,000 - - 150,000 156,825 0.08 European Investment Bank 1.375% 21.02.2028 100,000 - - 100,000 113,250 0.06 European Investment Bank 1.5% 02.08.2024 295,000 600,000 300,000 595,000 642,897 0.33 European Investment Bank 1.625% 23.11.2023 250,000 - - 250,000 267,500 0.14 European Investment Bank 1.625% 04.02.2025 250,000 - 250,000 - - 0.00 European Investment Bank 1.625% 02.04.2026 150,000 - - 150,000 167,475 0.09 European Investment Bank 1.75% 28.06.2033 125,000 - - 125,000 156,875 0.08 European Investment Bank 3.125% 30.06.2036 150,000 100,000 50,000 200,000 305,500 0.16 European Investment Bank 3.375% 15.10.2027 125,000 - - 125,000 159,063 0.08 European Investment Bank RegS 2.375% 10.07.2020 185,000 - 185,000 - - 0.00 Fondo Financiero para el Desarrollo de la Cuenca del Plata 0.578% 11.03.2024 100,000 - - 100,000 100,300 0.05 Gazprom (Gaz Capital SA) RegS 2.85% 25.10.2019 450,000 - 450,000 - - 0.00 Grand City Properties SA 0.57% 24.06.2024 100,000 - - 100,000 99,950 0.05 International Bank for Reconstruction & Development (Zero-Coupon) 26.11.2021 100,000 - - 100,000 100,730 0.05 Mediobanca International Luxembourg SA 0.55% 02.03.2023 100,000 - - 100,000 99,550 0.05 North American Development Bank 0.2% 26.10.2027 100,000 - - 100,000 101,050 0.05 North American Development Bank 0.2% 28.11.2028 - 150,000 - 150,000 152,775 0.08 North American Development Bank 0.25% 30.04.2025 - 100,000 - 100,000 101,350 0.05 North American Development Bank 0.55% 27.05.2033 - 50,000 - 50,000 51,900 0.03 5,861,632 3.00 Mexico Banco Mercantil del Norte SA 0.45% 18.12.2023 - 100,000 - 100,000 94,250 0.05 Banco Mercantil del Norte SA 0.5% 06.12.2024 - 100,000 - 100,000 92,950 0.05 Banco Mercantil del Norte SA 0.875% 14.12.2021 50,000 - - 50,000 49,120 0.02 Banco Mercantil del Norte SA 1.55% 11.10.2022 100,000 - - 100,000 99,500 0.05 Petroleos Mexicanos 1.75% 04.12.2023 - 200,000 200,000 - - 0.00 Petroleos Mexicanos 2.375% 14.12.2021 - 200,000 200,000 - - 0.00 335,820 0.17 New Zealand ANZ New Zealand Int'l Ltd 0.35% 22.10.2024 175,000 100,000 50,000 225,000 228,937 0.12 ASB Finance Ltd 0.2% 02.08.2024 60,000 - - 60,000 59,280 0.03 ASB Finance Ltd 0.45% 30.01.2025 100,000 - - 100,000 102,250 0.05 Auckland Council 1.125% 07.02.2024 160,000 - - 160,000 168,400 0.09 BNZ International Funding Ltd 0.111% 24.07.2028 - 100,000 - 100,000 100,850 0.05 BNZ International Funding Ltd 0.25% 24.06.2022 75,000 - - 75,000 75,675 0.04 BNZ International Funding Ltd 1.375% 03.02.2021 65,000 - - 65,000 65,566 0.04 Kiwibank Ltd 1% 23.12.2020 100,000 - 100,000 - - 0.00 Transpower New Zealand Ltd 0.02% 16.12.2027 - 100,000 - 100,000 100,250 0.05 Westpac Securities NZ Ltd 0.125% 15.12.2022 250,000 - 50,000 200,000 201,400 0.10 Westpac Securities NZ Ltd 0.375% 05.02.2024 - 100,000 - 100,000 101,700 0.05 Westpac Securities NZ Ltd 0.625% 02.09.2020 100,000 - 100,000 - - 0.00 1,204,308 0.62 Netherlands ABN AMRO Bank NV 0.3% 18.12.2024 100,000 - - 100,000 101,300 0.05 ABN AMRO Bank NV 0.5% 29.07.2022 110,000 - - 110,000 111,485 0.06 ABN AMRO Bank NV 2.625% 27.04.2021 100,000 - - 100,000 102,400 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [239] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) ABN AMRO Bank NV 3.375% 15.08.2031 100,000 - - 100,000 137,900 0.07 Achmea Bank NV 0.5% 15.11.2022 50,000 - - 50,000 49,900 0.03 Achmea Bank NV 0.5% 27.10.2023 50,000 - - 50,000 49,950 0.03 Achmea Bank NV 0.5% 03.10.2025 50,000 - - 50,000 49,400 0.03 BMW International Investment BV 0.3% 05.09.2024 100,000 - - 100,000 100,200 0.05 BMW International Investment BV 0.75% 03.09.2027 100,000 - - 100,000 102,350 0.05 BNG Bank NV 1.125% 13.09.2022 200,000 - 200,000 - - 0.00 BNG Bank NV 1.125% 19.04.2023 100,000 - - 100,000 104,400 0.05 BNG Bank NV 1.25% 30.04.2024 155,000 400,000 200,000 355,000 377,897 0.19 BNG Bank NV 2.125% 09.11.2029 50,000 - - 50,000 61,225 0.03 BNG Bank NV 2.25% 14.10.2020 130,000 - 130,000 - - 0.00 BNG Bank NV 2.25% 23.02.2021 105,000 - 105,000 - - 0.00 BNG Bank NV 2.5% 21.07.2025 285,000 - - 285,000 327,037 0.17 Cooperatieve Rabobank UA 0.25% 25.11.2027 200,000 - - 200,000 200,900 0.10 Cooperatieve Rabobank UA 1.125% 08.04.2021 100,000 - 100,000 - - 0.00 Cooperatieve Rabobank UA 1.25% 15.10.2020 200,000 - 200,000 - - 0.00 Cooperatieve Rabobank UA 2% 16.09.2021 100,000 - - 100,000 102,500 0.05 Cooperatieve Rabobank UA 3.125% 15.09.2026 100,000 - - 100,000 118,700 0.06 Cooperatieve Rabobank UA 3.5% 31.08.2023 100,000 - - 100,000 111,200 0.06 Daimler International Finance BV 0.25% 14.11.2022 200,000 - 100,000 100,000 100,150 0.05 EBN BV 0.5% 22.09.2022 - 100,000 - 100,000 101,800 0.05 EBN BV 1.625% 03.10.2023 300,000 200,000 300,000 200,000 210,700 0.11 Enel Finance International NV 0.55% 03.09.2024 50,000 - - 50,000 50,425 0.03 Enel Finance International NV 4% 26.10.2027 - 100,000 - 100,000 123,700 0.06 Enel Finance International NV RegS 3% 23.06.2020 100,000 - 100,000 - - 0.00 ING Bank NV 2.625% 23.03.2021 50,000 - - 50,000 50,950 0.03 ING Bank NV 3.125% 04.03.2021 100,000 - 100,000 - - 0.00 Nederlandse Waterschapsbank NV 0.625% 21.08.2037 100,000 - - 100,000 111,650 0.06 Nederlandse Waterschapsbank NV 1.25% 09.08.2024 - 200,000 - 200,000 213,800 0.11 Nederlandse Waterschapsbank NV 1.375% 13.09.2027 215,000 - - 215,000 241,338 0.12 Nederlandse Waterschapsbank NV 2.25% 24.02.2021 100,000 - 100,000 - - 0.00 Nederlandse Waterschapsbank NV 2.375% 19.08.2020 215,000 - 215,000 - - 0.00 Nederlandse Waterschapsbank NV 2.375% 27.01.2023 - 200,000 - 200,000 214,400 0.11 Nederlandse Waterschapsbank NV 2.625% 07.02.2022 215,000 - 215,000 - - 0.00 Shell International Finance BV 0.375% 21.08.2023 380,000 - 100,000 280,000 283,780 0.14 Shell International Finance BV 0.875% 21.08.2028 110,000 200,000 150,000 160,000 170,400 0.09 4,081,837 2.09 Nigeria Africa Finance Corp 0.5225% 20.12.2023 - 100,000 - 100,000 96,000 0.05 96,000 0.05 Norway DNB Bank ASA 0.05% 13.03.2024 100,000 - 100,000 - - 0.00 DNB Bank ASA 0.125% 30.11.2023 100,000 - - 100,000 100,600 0.05 DNB Boligkreditt AS 2% 02.09.2030 75,000 - - 75,000 90,713 0.05 Eksportfinans ASA 2.25% 11.02.2021 50,000 - - 50,000 50,555 0.03 Norske Tog AS 1.125% 02.05.2023 100,000 - - 100,000 102,850 0.05 SpareBank 1 Nord Norge 0.125% 11.12.2025 100,000 - - 100,000 98,950 0.05 SpareBank 1 Nord Norge 0.875% 02.12.2020 50,000 - - 50,000 50,200 0.03 SpareBank 1 SMN 0.35% 05.04.2023 50,000 - - 50,000 49,875 0.02 543,743 0.28 Austria BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG 0.01% 15.09.2021 50,000 - - 50,000 49,825 0.03

[240] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Bundesimmobiliengesellschaft mbH 3.125% 01.09.2031 70,000 - - 70,000 95,165 0.05 HYPO NOE Landesbank fuer Niederoesterreich und Wien AG 0.1% 27.11.2024 50,000 - - 50,000 49,275 0.02 HYPO NOE Landesbank fuer Niederoesterreich und Wien AG 0.125% 17.10.2023 60,000 - - 60,000 59,460 0.03 HYPO NOE Landesbank fuer Niederoesterreich und Wien AG 0.2% 31.03.2022 50,000 - - 50,000 50,125 0.03 Hypo Vorarlberg Bank AG 0.125% 06.10.2021 50,000 - - 50,000 50,055 0.03 Hypo Vorarlberg Bank AG 0.125% 03.09.2029 - 100,000 - 100,000 96,100 0.05 Hypo Vorarlberg Bank AG 0.125% 27.03.2030 - 50,000 - 50,000 47,625 0.02 Hypo Vorarlberg Bank AG 0.45% 05.03.2024 50,000 - - 50,000 50,250 0.03 Hypo Vorarlberg Bank AG 1.625% 29.11.2029 - 50,000 - 50,000 48,750 0.02 Kommunalkredit Austria AG 2.375% 26.08.2020 50,000 - - 50,000 50,070 0.03 Kommunalkredit Austria AG 3.375% 22.06.2026 70,000 - - 70,000 82,950 0.04 Oekb Oest. Kontrollbank RegS 1.125% 24.07.2020 100,000 - 100,000 - - 0.00 Oesterreichische Kontrollbank AG 1% 28.09.2021 100,000 - - 100,000 101,730 0.05 Oesterreichische Kontrollbank AG 1.75% 24.05.2023 100,000 - - 100,000 106,200 0.05 Oesterreichische Kontrollbank AG 2.625% 22.11.2024 185,000 200,000 - 385,000 435,820 0.22 Oesterreichische Kontrollbank AG 2.875% 25.02.2030 400,000 - - 400,000 519,400 0.27 Oesterreichische Kontrollbank AG 3% 14.06.2022 200,000 - - 200,000 212,900 0.11 Raiffeisen Bank International AG 4.75% 24.10.2022 100,000 - - 100,000 104,450 0.05 Raiffeisenlandesbank Oberoesterreich AG 0.175% 29.10.2026 - 100,000 - 100,000 98,350 0.05 State of Lower Austria 0.2% 07.08.2020 100,000 - - 100,000 100,000 0.05 State of Lower Austria 0.35% 22.09.2023 - 150,000 - 150,000 153,600 0.08 State of Lower Austria 0.375% 27.04.2021 60,000 - - 60,000 60,408 0.03 2,622,508 1.34 Philippines Bank of the Philippine Islands (Zero-Coupon) 24.09.2021 - 100,000 - 100,000 97,630 0.05 97,630 0.05 Poland mBank SA 1.0183% 04.10.2024 - 200,000 200,000 - - 0.00 Powszechna Kasa Oszczednosci Bank Polski SA 0.3% 02.11.2021 100,000 - - 100,000 100,100 0.05 Republic of Poland Government International Bond 1% 17.09.2021 100,000 - - 100,000 101,320 0.05 201,420 0.10 Sweden Akademiska Hus AB 0.25% 17.11.2025 50,000 200,000 100,000 150,000 154,575 0.08 Akademiska Hus AB 0.3% 08.10.2029 200,000 - - 200,000 207,800 0.11 Kommuninvest I Sverige AB 1.25% 28.02.2022 150,000 - - 150,000 154,200 0.08 Lansforsakringar Hypotek AB 0.2% 17.04.2026 100,000 - 50,000 50,000 51,025 0.02 Lansforsakringar Hypotek AB 0.875% 16.09.2024 - 200,000 - 200,000 210,600 0.11 Svensk Exportkredit AB 1.25% 17.07.2023 50,000 - - 50,000 52,500 0.03 Svenska Handelsbanken AB 1.375% 05.10.2022 100,000 - - 100,000 103,250 0.05 Swedbank Hypotek AB 2.5% 03.06.2022 200,000 - 100,000 100,000 105,100 0.05 1,039,050 0.53 Switzerland Aarekraftwerk Klingnau AG 0.625% 03.08.2029 - 100,000 50,000 50,000 49,875 0.03 Aargauische Kantonalbank (Zero-Coupon) 08.03.2022 50,000 - - 50,000 50,200 0.03 Aargauische Kantonalbank (Zero-Coupon) 17.09.2029 - 100,000 - 100,000 100,050 0.05 Aargauische Kantonalbank 0.01% 29.06.2028 - 100,000 - 100,000 101,050 0.05 Aargauische Kantonalbank 0.01% 18.02.2030 - 150,000 - 150,000 150,525 0.08 Aargauische Kantonalbank 0.11% 21.02.2024 100,000 - - 100,000 101,100 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [241] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Aargauische Kantonalbank 0.125% 11.02.2026 100,000 - - 100,000 101,450 0.05 Aargauische Kantonalbank 0.25% 03.04.2025 100,000 - - 100,000 101,800 0.05 Aargauische Kantonalbank 0.25% 07.09.2026 100,000 - - 100,000 102,200 0.05 Aargauische Kantonalbank 0.5% 15.11.2027 200,000 - - 200,000 208,100 0.11 Aargauische Kantonalbank 0.625% 13.04.2028 70,000 - - 70,000 73,710 0.04 Aargauische Kantonalbank 1% 19.06.2023 300,000 - 100,000 200,000 207,100 0.11 Aargauische Kantonalbank 1.6% 18.05.2037 50,000 - - 50,000 62,300 0.03 ABB Ltd 0.3% 06.08.2024 100,000 - - 100,000 100,550 0.05 ABB Ltd 1% 07.05.2029 100,000 - - 100,000 105,300 0.05 ABB Ltd 2.25% 11.10.2021 100,000 - - 100,000 102,740 0.05 Adecco Group AG 0.875% 27.11.2025 - 50,000 - 50,000 51,925 0.03 Adecco Group AG 0.875% 18.09.2026 100,000 - - 100,000 103,400 0.05 Aeroport International de Geneve 0.31% 27.06.2029 100,000 - 50,000 50,000 49,575 0.03 Aeroport International de Geneve 0.4% 20.09.2027 100,000 - - 100,000 100,000 0.05 Aeroport International de Geneve 1.05% 26.05.2023 - 150,000 50,000 100,000 102,000 0.05 AKEB AG fuer Kernenergie Beteiligungen 1.45% 23.07.2027 - 120,000 - 120,000 123,060 0.06 AKEB AG fuer Kernenergie Beteiligungen 1.625% 09.06.2023 50,000 - - 50,000 51,025 0.03 Allreal Holding AG 0.4% 26.09.2029 - 100,000 - 100,000 98,300 0.05 Allreal Holding AG 0.625% 10.05.2024 50,000 - - 50,000 51,000 0.03 Allreal Holding AG 0.75% 19.06.2026 50,000 - - 50,000 51,125 0.03 Allreal Holding AG 0.875% 30.03.2027 50,000 - - 50,000 51,050 0.03 Allreal Holding AG 1.375% 31.03.2025 50,000 - - 50,000 52,925 0.03 Allreal Holding AG 2% 23.09.2020 50,000 - 50,000 - - 0.00 Alpiq Holding AG 2.125% 30.06.2023 70,000 - - 70,000 72,555 0.04 Alpiq Holding AG 2.25% 20.09.2021 20,000 - - 20,000 20,354 0.01 Alpiq Holding AG 2.625% 29.07.2024 60,000 - - 60,000 63,660 0.03 Alpiq Holding AG 3% 16.05.2022 60,000 - - 60,000 62,430 0.03 Amag Leasing AG 0.125% 12.07.2022 100,000 - - 100,000 98,550 0.05 Amag Leasing AG 0.125% 12.02.2024 - 50,000 - 50,000 48,375 0.02 Amag Leasing AG 0.35% 27.10.2021 100,000 - - 100,000 99,500 0.05 Amag Leasing AG 0.5% 12.11.2025 - 100,000 - 100,000 99,500 0.05 Amag Leasing AG 0.55% 10.02.2023 100,000 - - 100,000 98,650 0.05 Axpo Holding AG 1.002% 23.07.2027 - 200,000 - 200,000 202,400 0.10 Axpo Holding AG 1.75% 29.05.2024 120,000 - - 120,000 125,100 0.06 Axpo Holding AG 3.125% 26.02.2025 50,000 - - 50,000 55,375 0.03 Baloise Holding AG (Zero-Coupon) 23.09.2022 - 200,000 - 200,000 200,400 0.10 Baloise Holding AG (Zero-Coupon) 25.09.2029 - 75,000 - 75,000 72,113 0.04 Baloise Holding AG 0.25% 16.12.2026 - 150,000 - 150,000 150,375 0.08 Baloise Holding AG 0.5% 28.11.2025 100,000 - - 100,000 102,000 0.05 Baloise Holding AG 0.5% 16.12.2030 - 50,000 - 50,000 50,375 0.03 Baloise Holding AG 1.125% 19.12.2024 75,000 - - 75,000 78,413 0.04 Baloise Holding AG 1.75% 26.04.2023 105,000 - - 105,000 109,673 0.06 Baloise Holding AG 2.875% 14.10.2020 100,000 - 100,000 - - 0.00 Banca Dello Stato del Cantone Ticino 0.05% 10.07.2029 100,000 - - 100,000 98,900 0.05 Banca Dello Stato del Cantone Ticino 0.375% 08.02.2028 50,000 - - 50,000 50,700 0.03 Banca Dello Stato del Cantone Ticino 0.45% 26.02.2029 200,000 - 80,000 120,000 123,300 0.06 Banca Dello Stato del Cantone Ticino 0.5% 24.06.2024 50,000 - - 50,000 51,150 0.03 Bank Cler AG 0.375% 26.04.2027 100,000 - - 100,000 100,900 0.05 Bank Cler AG 0.5% 28.11.2025 50,000 - - 50,000 50,850 0.03 Banque Cantonale de Fribourg (Zero-Coupon) 26.02.2030 - 150,000 75,000 75,000 75,113 0.04 Banque Cantonale de Fribourg 0.1% 01.11.2044 - 50,000 - 50,000 49,275 0.03

[242] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Banque Cantonale de Fribourg 0.14% 12.06.2030 - 100,000 - 100,000 101,200 0.05 Banque Cantonale de Fribourg 0.2% 20.02.2026 75,000 - - 75,000 76,238 0.04 Banque Cantonale de Fribourg 0.25% 24.05.2029 100,000 - - 100,000 102,250 0.05 Banque Cantonale de Fribourg 0.3% 17.02.2027 50,000 - - 50,000 51,300 0.03 Banque Cantonale de Fribourg 0.5% 23.02.2028 100,000 - - 100,000 104,350 0.05 Banque Cantonale de Fribourg 0.55% 03.02.2025 100,000 - - 100,000 103,050 0.05 Banque Cantonale de Fribourg 0.6% 09.04.2027 100,000 - - 100,000 104,550 0.05 Banque Cantonale de Fribourg 1.125% 05.02.2021 50,000 - 50,000 - - 0.00 Banque Cantonale de Fribourg 1.125% 01.02.2022 100,000 - - 100,000 102,100 0.05 Banque Cantonale de Fribourg 1.125% 28.03.2023 125,000 - - 125,000 129,437 0.07 Banque Cantonale de Fribourg 1.25% 03.06.2024 100,000 - - 100,000 105,400 0.05 Banque Cantonale de Geneve 0.125% 23.04.2026 - 50,000 - 50,000 50,200 0.03 Banque Cantonale de Geneve 0.5% 10.06.2024 50,000 - - 50,000 51,000 0.03 Banque Cantonale de Geneve 1.125% 28.06.2027 50,000 - - 50,000 51,750 0.03 Banque Cantonale Neuchateloise 0.35% 14.09.2026 100,000 - - 100,000 102,200 0.05 Banque Cantonale Neuchateloise 1.25% 26.04.2021 50,000 - - 50,000 50,590 0.03 Banque Cantonale Vaudoise 0.25% 28.11.2025 50,000 - - 50,000 50,675 0.03 Banque Cantonale Vaudoise 0.4% 07.04.2031 60,000 - - 60,000 61,170 0.03 Banque Cantonale Vaudoise 1.5% 28.03.2024 50,000 - - 50,000 52,925 0.03 Banque Cantonale Vaudoise RegS 2.5% 25.03.2020 60,000 - 60,000 - - 0.00 Basellandschaftliche Kantonalbank 0.05% 28.01.2031 - 200,000 - 200,000 200,500 0.10 Basellandschaftliche Kantonalbank 0.25% 13.05.2025 250,000 - - 250,000 254,375 0.13 Basellandschaftliche Kantonalbank 0.25% 25.01.2027 150,000 - - 150,000 153,525 0.08 Basellandschaftliche Kantonalbank 0.25% 04.08.2027 100,000 - - 100,000 102,350 0.05 Basellandschaftliche Kantonalbank 0.375% 23.03.2026 100,000 - - 100,000 102,800 0.05 Basellandschaftliche Kantonalbank 0.375% 13.05.2030 - 50,000 - 50,000 51,750 0.03 Basellandschaftliche Kantonalbank 0.75% 30.03.2028 50,000 - - 50,000 53,200 0.03 Basellandschaftliche Kantonalbank 1.125% 27.03.2023 150,000 - - 150,000 155,475 0.08 Basellandschaftliche Kantonalbank 1.75% 09.11.2020 220,000 - 220,000 - - 0.00 Basler Kantonalbank (Zero-Coupon) 11.04.2022 100,000 - - 100,000 100,350 0.05 Basler Kantonalbank (Zero-Coupon) 23.08.2034 - 200,000 50,000 150,000 148,125 0.08 Basler Kantonalbank 0.05% 19.12.2033 - 50,000 - 50,000 49,800 0.03 Basler Kantonalbank 0.15% 02.04.2027 200,000 - - 200,000 203,300 0.10 Basler Kantonalbank 0.3% 22.06.2027 100,000 - - 100,000 102,750 0.05 Basler Kantonalbank 1.5% 02.03.2027 50,000 - - 50,000 55,350 0.03 Basler Kantonalbank 1.875% 26.10.2026 100,000 - - 100,000 112,300 0.06 Basler Kantonalbank 2.5% 24.03.2021 90,000 - - 90,000 91,710 0.05 Basler Kantonalbank 3.25% 29.06.2022 100,000 - - 100,000 106,700 0.05 Bell Food Group AG 0.375% 01.02.2024 45,000 - - 45,000 45,338 0.02 Bell Food Group AG 0.625% 24.03.2025 100,000 - - 100,000 102,050 0.05 Bell Food Group AG 0.75% 01.02.2028 50,000 100,000 50,000 100,000 101,700 0.05 Berner Kantonalbank AG 0.1% 30.09.2039 - 50,000 - 50,000 48,375 0.02 Berner Kantonalbank AG 0.3% 29.05.2030 - 100,000 - 100,000 101,050 0.05 Berner Kantonalbank AG 0.4% 03.05.2027 100,000 - - 100,000 103,000 0.05 Berner Kantonalbank AG 0.75% 14.07.2025 50,000 - - 50,000 51,850 0.03 BKW AG 0.25% 29.07.2027 100,000 - - 100,000 100,750 0.05 BKW AG 0.75% 15.10.2025 200,000 - - 200,000 205,300 0.10 BKW AG 2.5% 15.10.2030 50,000 - - 50,000 60,250 0.03 BLS AG 0.4% 12.12.2028 140,000 - - 140,000 148,260 0.08 Bobst Group SA 0.5% 17.02.2026 - 50,000 - 50,000 48,900 0.02 Bobst Group SA 1.125% 27.09.2024 100,000 - - 100,000 101,350 0.05 Bucher Industries AG 1.375% 02.10.2024 50,000 - - 50,000 51,950 0.03 Buehler Holding AG 0.6% 21.12.2026 100,000 - - 100,000 100,050 0.05 Canton of Aargau 0.25% 11.12.2029 50,000 - - 50,000 52,375 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [243] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Canton of Aargau 0.375% 17.02.2031 50,000 - - 50,000 53,175 0.03 Canton of Aargau 2% 15.12.2028 70,000 - - 70,000 83,685 0.04 Canton of Basel-City (Zero-Coupon) 22.02.2023 150,000 - - 150,000 152,025 0.08 Canton of Basel-City (Zero-Coupon) 05.09.2023 300,000 - - 300,000 304,500 0.16 Canton of Basel-City (Zero-Coupon) 22.11.2024 50,000 50,000 - 100,000 101,850 0.05 Canton of Basel-City (Zero-Coupon) 30.05.2025 100,000 - 100,000 - - 0.00 Canton of Basel-City (Zero-Coupon) 24.09.2025 100,000 - - 100,000 102,100 0.05 Canton of Basel-City (Zero-Coupon) 05.09.2029 50,000 - - 50,000 51,200 0.03 Canton of Basel-City 0.5% 22.02.2034 100,000 - - 100,000 108,700 0.06 Canton of Basel-City 0.5% 23.02.2035 50,000 - - 50,000 54,400 0.03 Canton of Basel-Landschaft 0.125% 26.02.2026 200,000 - - 200,000 205,400 0.10 Canton of Basel-Landschaft 0.5% 30.03.2022 100,000 - - 100,000 101,600 0.05 Canton of Basel-Landschaft 1% 30.03.2027 250,000 - - 250,000 273,000 0.14 Canton of Basel-Landschaft 1.375% 29.09.2034 110,000 - - 110,000 133,540 0.07 Canton of Basel-Landschaft 1.5% 26.06.2028 100,000 - - 100,000 114,350 0.06 Canton of Basel-Landschaft 1.75% 26.06.2043 60,000 - - 60,000 85,860 0.04 Canton of Basel-Landschaft 2.625% 10.05.2030 150,000 - - 150,000 192,750 0.10 Canton of Berne 0.35% 08.05.2034 150,000 - - 150,000 160,500 0.08 Canton of Berne 0.5% 28.09.2037 50,000 - - 50,000 54,875 0.03 Canton of Berne 0.625% 11.02.2032 50,000 - - 50,000 54,700 0.03 Canton of Berne 1% 25.10.2024 - 200,000 - 200,000 212,400 0.11 Canton of Berne 1.25% 30.03.2027 100,000 - - 100,000 110,800 0.06 Canton of Berne 1.25% 07.02.2028 100,000 - - 100,000 111,900 0.06 Canton of Berne 1.25% 12.09.2030 220,000 - 75,000 145,000 167,185 0.09 Canton of Berne 1.5% 15.05.2029 - 200,000 - 200,000 231,100 0.12 Canton of Berne 1.75% 24.09.2025 300,000 - 100,000 200,000 222,300 0.11 Canton of Berne 2.25% 31.05.2023 100,000 - - 100,000 107,800 0.05 Canton of Berne 2.375% 25.03.2022 120,000 - - 120,000 125,640 0.06 Canton of Geneva Switzerland (Zero-Coupon) 26.05.2028 - 100,000 - 100,000 100,750 0.05 Canton of Geneva Switzerland (Zero-Coupon) 23.09.2059 - 100,000 - 100,000 96,250 0.05 Canton of Geneva Switzerland (Zero-Coupon) 23.09.2059 - 50,000 50,000 - - 0.00 Canton of Geneva Switzerland (Zero-Coupon) 23.09.2059 - 50,000 50,000 - - 0.00 Canton of Geneva Switzerland 0.02% 27.11.2024 110,000 600,000 300,000 410,000 415,125 0.21 Canton of Geneva Switzerland 0.125% 28.05.2032 - 200,000 50,000 150,000 151,350 0.08 Canton of Geneva Switzerland 0.25% 15.02.2028 - 270,000 - 270,000 277,155 0.14 Canton of Geneva Switzerland 0.25% 15.06.2040 - 200,000 - 200,000 205,100 0.10 Canton of Geneva Switzerland 0.3% 28.11.2039 - 200,000 - 200,000 207,500 0.11 Canton of Geneva Switzerland 0.375% 27.02.2030 - 100,000 - 100,000 103,850 0.05 Canton of Geneva Switzerland 0.4% 28.04.2036 510,000 - 225,000 285,000 296,542 0.15 Canton of Geneva Switzerland 0.5% 27.11.2030 110,000 - - 110,000 115,940 0.06 Canton of Geneva Switzerland 0.5% 28.11.2031 100,000 - - 100,000 105,600 0.05 Canton of Geneva Switzerland 0.5% 31.10.2056 50,000 - - 50,000 57,650 0.03 Canton of Geneva Switzerland 0.6% 24.03.2038 50,000 - - 50,000 53,825 0.03 Canton of Geneva Switzerland 0.6% 04.07.2046 150,000 - - 150,000 166,950 0.09 Canton of Geneva Switzerland 1% 26.10.2022 100,000 - - 100,000 103,000 0.05 Canton of Geneva Switzerland 1% 29.09.2026 75,000 - - 75,000 80,438 0.04 Canton of Geneva Switzerland 1.25% 29.12.2022 100,000 - - 100,000 103,900 0.05 Canton of Geneva Switzerland 1.25% 22.03.2023 115,000 - - 115,000 119,830 0.06 Canton of Geneva Switzerland 1.5% 14.10.2024 100,000 - - 100,000 107,500 0.05 Canton of Geneva Switzerland 1.5% 05.03.2032 105,000 - - 105,000 123,007 0.06 Canton of Geneva Switzerland 1.625% 28.11.2023 200,000 - 200,000 - - 0.00 Canton of Geneva Switzerland 1.625% 30.07.2029 100,000 - - 100,000 115,150 0.06 Canton of Geneva Switzerland 1.75% 24.05.2034 285,000 - - 285,000 351,262 0.18 Canton of Geneva Switzerland 2.125% 27.10.2028 50,000 - - 50,000 59,225 0.03

[244] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Canton of Geneva Switzerland 2.25% 22.02.2021 100,000 - - 100,000 101,490 0.05 Canton of Geneva Switzerland 2.5% 06.04.2022 115,000 - - 115,000 120,463 0.06 Canton of Graubuenden 0.25% 26.11.2027 50,000 200,000 100,000 150,000 156,825 0.08 Canton of Jura 0.15% 22.05.2030 - 100,000 - 100,000 101,900 0.05 Canton of Neuchatel 0.04% 11.11.2024 60,000 - - 60,000 60,990 0.03 Canton of Neuchatel 0.1% 29.10.2049 - 100,000 - 100,000 100,650 0.05 Canton of Neuchatel 0.3% 19.07.2039 100,000 - 100,000 - - 0.00 Canton of Neuchatel 0.35% 14.07.2050 - 50,000 - 50,000 53,175 0.03 Canton of Neuchatel 0.75% 28.11.2033 100,000 - - 100,000 109,950 0.06 Canton of Schwyz Switzerland (Zero-Coupon) 20.01.2023 - 100,000 - 100,000 101,200 0.05 Canton of Solothurn (Zero-Coupon) 27.10.2025 100,000 - - 100,000 102,050 0.05 Canton of Solothurn 0.5% 16.10.2030 350,000 - - 350,000 375,725 0.19 Canton of Solothurn 1% 20.02.2045 50,000 - - 50,000 63,375 0.03 Canton of Solothurn 1.125% 29.11.2027 100,000 - - 100,000 110,700 0.06 Canton of St Gallen Switzerland 1.75% 18.07.2028 100,000 - - 100,000 116,600 0.06 Canton of St Gallen Switzerland 2% 16.07.2038 65,000 - - 65,000 89,180 0.05 Canton of Thurgau 0.375% 12.06.2025 60,000 - - 60,000 62,280 0.03 Canton of Ticino (Zero-Coupon) 18.04.2029 150,000 150,000 - 300,000 303,600 0.16 Canton of Ticino 0.01% 22.12.2025 100,000 - - 100,000 101,500 0.05 Canton of Ticino 0.25% 08.05.2028 100,000 - - 100,000 103,650 0.05 Canton of Ticino 0.4% 27.06.2044 55,000 - - 55,000 59,538 0.03 Canton of Ticino 1.375% 21.11.2022 100,000 - - 100,000 103,900 0.05 Canton of Ticino 1.875% 18.03.2038 55,000 - - 55,000 72,408 0.04 Canton of Ticino 2.5% 04.11.2021 100,000 - 100,000 - - 0.00 Canton of Vaud 0.5% 18.12.2024 - 150,000 - 150,000 156,225 0.08 Canton of Vaud 1% 07.06.2022 80,000 - - 80,000 82,320 0.04 Canton of Vaud 2% 24.10.2033 135,000 - - 135,000 174,015 0.09 Canton of Zurich (Zero-Coupon) 14.03.2023 200,000 200,000 300,000 100,000 101,400 0.05 Canton of Zurich (Zero-Coupon) 27.06.2025 100,000 - - 100,000 102,050 0.05 Canton of Zurich (Zero-Coupon) 23.06.2028 - 150,000 - 150,000 153,750 0.08 Canton of Zurich 0.01% 07.09.2026 50,000 - - 50,000 51,275 0.03 Canton of Zurich 0.1% 23.06.2045 - 150,000 - 150,000 157,500 0.08 Canton of Zurich 0.25% 12.07.2039 200,000 100,000 50,000 250,000 264,875 0.14 Canton of Zurich 1.25% 07.03.2024 520,000 - 100,000 420,000 446,040 0.23 Canton of Zurich 1.25% 03.12.2032 100,000 - - 100,000 117,550 0.06 Canton of Zurich 1.625% 29.07.2026 100,000 - - 100,000 112,250 0.06 Canton of Zurich 2% 29.07.2038 60,000 - - 60,000 82,710 0.04 Cembra Money Bank AG (Zero-Coupon) 19.05.2023 - 100,000 - 100,000 99,250 0.05 Cembra Money Bank AG 0.1525% 14.10.2026 - 100,000 - 100,000 98,000 0.05 Cembra Money Bank AG 0.25% 23.05.2024 50,000 - - 50,000 49,800 0.03 Cembra Money Bank AG 0.285% 19.08.2027 - 100,000 50,000 50,000 49,525 0.03 Cembra Money Bank AG 0.375% 27.06.2025 100,000 - - 100,000 100,250 0.05 Cembra Money Bank AG 0.875% 08.06.2026 50,000 - - 50,000 50,800 0.03 Cembra Money Bank AG 1.25% 14.10.2022 70,000 - - 70,000 71,225 0.04 Chocoladefabriken Lindt & Spruengli AG 0.3% 06.10.2027 75,000 - - 75,000 77,100 0.04 Chocoladefabriken Lindt & Spruengli AG 0.5% 08.10.2020 120,000 - 120,000 - - 0.00 Chocoladefabriken Lindt & Spruengli AG 1% 08.10.2024 150,000 - - 150,000 155,850 0.08 City of Bern Switzerland 0.04% 31.03.2027 100,000 - - 100,000 101,250 0.05 City of Bern Switzerland 0.7% 30.01.2034 200,000 80,000 - 280,000 303,100 0.15 City of Bern Switzerland 1.5% 25.02.2028 100,000 - - 100,000 112,400 0.06 City of Bern Switzerland 2.5% 26.09.2025 120,000 - - 120,000 137,040 0.07 City of Bern Switzerland 2.5% 01.04.2041 50,000 - - 50,000 75,425 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [245] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) City of Biel Switzerland 0.625% 12.04.2027 100,000 - - 100,000 104,800 0.05 City of Biel Switzerland 1.375% 24.09.2029 50,000 - - 50,000 56,350 0.03 City of Biel Switzerland 2.625% 03.03.2026 50,000 - - 50,000 57,775 0.03 City of Geneva Switzerland 0.125% 12.02.2025 100,000 - - 100,000 101,450 0.05 City of Geneva Switzerland 1.125% 17.04.2023 - 50,000 - 50,000 51,800 0.03 City of Geneva Switzerland 1.625% 12.12.2024 100,000 - - 100,000 108,000 0.06 City of Lausanne Switzerland 0.05% 28.09.2054 - 50,000 - 50,000 48,850 0.02 City of Lausanne Switzerland 0.35% 06.07.2032 - 75,000 - 75,000 77,025 0.04 City of Lausanne Switzerland 0.6% 06.07.2050 - 50,000 - 50,000 56,425 0.03 City of Lausanne Switzerland 0.875% 06.10.2042 100,000 - - 100,000 115,750 0.06 City of Lausanne Switzerland 1% 29.04.2022 50,000 - - 50,000 51,025 0.03 City of Lausanne Switzerland 1.2% 26.10.2037 70,000 - - 70,000 82,390 0.04 City of Lausanne Switzerland 1.25% 07.06.2024 200,000 - 200,000 - - 0.00 City of Lausanne Switzerland 1.375% 27.11.2023 - 200,000 - 200,000 210,300 0.11 City of Lugano Switzerland 0.25% 20.12.2027 100,000 - - 100,000 101,900 0.05 City of Lugano Switzerland 0.875% 09.12.2024 100,000 - - 100,000 104,450 0.05 City of Lugano Switzerland 1.125% 01.06.2022 100,000 - - 100,000 102,450 0.05 City of St Gallen 0.56% 23.04.2040 - 50,000 - 50,000 55,100 0.03 City of St Gallen 0.6% 21.09.2037 50,000 - - 50,000 54,650 0.03 City of Zurich Switzerland 0.125% 20.04.2028 - 100,000 - 100,000 102,600 0.05 City of Zurich Switzerland 0.25% 26.05.2039 - 100,000 - 100,000 104,500 0.05 City of Zurich Switzerland 0.4% 21.11.2046 60,000 - - 60,000 65,700 0.03 City of Zurich Switzerland 0.7% 24.11.2039 50,000 - - 50,000 56,650 0.03 City of Zurich Switzerland 0.95% 19.12.2042 120,000 - - 120,000 144,300 0.07 City of Zurich Switzerland 1% 05.12.2023 100,000 50,000 - 150,000 156,825 0.08 City of Zurich Switzerland 1.5% 12.04.2032 100,000 - - 100,000 117,600 0.06 City of Zurich Switzerland 1.625% 26.09.2024 150,000 - - 150,000 162,300 0.08 City of Zurich Switzerland 2.125% 26.09.2033 100,000 - - 100,000 128,800 0.07 City of Zurich Switzerland 2.375% 21.02.2024 - 100,000 - 100,000 109,750 0.06 City of Zurich Switzerland 2.55% 10.03.2036 175,000 - - 175,000 245,875 0.13 City of Zurich Switzerland 2.625% 10.06.2038 85,000 - - 85,000 124,355 0.06 City of Zurich Switzerland 2.75% 14.02.2025 50,000 225,000 25,000 250,000 285,250 0.15 City of Zurich Switzerland 2.875% 21.04.2021 200,000 - - 200,000 204,780 0.10 City of Zurich Switzerland 3% 08.06.2022 345,000 - 345,000 - - 0.00 Clariant AG 1.125% 15.04.2026 100,000 50,000 50,000 100,000 100,650 0.05 Coop-Gruppe Genossenschaft 0.25% 30.09.2022 125,000 - - 125,000 125,937 0.06 Coop-Gruppe Genossenschaft 0.5% 19.05.2026 - 150,000 - 150,000 152,475 0.08 Coop-Gruppe Genossenschaft 0.5% 29.09.2027 100,000 - - 100,000 100,200 0.05 Coop-Gruppe Genossenschaft 0.75% 05.05.2023 - 150,000 - 150,000 153,075 0.08 Coop-Gruppe Genossenschaft 0.75% 06.06.2025 50,000 - - 50,000 51,325 0.03 Coop-Gruppe Genossenschaft 0.875% 16.06.2021 100,000 - - 100,000 100,860 0.05 Coop-Gruppe Genossenschaft 0.875% 31.07.2024 150,000 - - 150,000 154,200 0.08 Coop-Gruppe Genossenschaft 1% 29.09.2023 50,000 - - 50,000 51,550 0.03 Credit Suisse AG 3.125% 12.11.2030 50,000 - - 50,000 61,100 0.03 Credit Suisse Schweiz AG (Zero-Coupon) 17.12.2024 - 125,000 - 125,000 126,125 0.06 Credit Suisse Schweiz AG (Zero-Coupon) 31.07.2025 - 100,000 - 100,000 101,150 0.05 Credit Suisse Schweiz AG (Zero-Coupon) 16.07.2029 100,000 - - 100,000 100,450 0.05 Credit Suisse Schweiz AG (Zero-Coupon) 31.10.2030 - 100,000 - 100,000 100,150 0.05 Credit Suisse Schweiz AG 0.25% 16.06.2028 - 200,000 - 200,000 205,600 0.10 Credit Suisse Subordinated RegS 3.375% 16.03.2020 50,000 - 50,000 - - 0.00 CRH Finance Switzerland AG 1.375% 30.09.2022 50,000 - - 50,000 50,925 0.03 Daetwyler Holding AG 0.625% 30.05.2024 50,000 - - 50,000 50,875 0.03 dormakaba Finance AG 0.375% 13.10.2021 100,000 - - 100,000 100,110 0.05 dormakaba Finance AG 1% 13.10.2025 100,000 - - 100,000 101,550 0.05

[246] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Electricite D'emosson SA 1.375% 02.11.2022 45,000 - - 45,000 45,540 0.02 Emissions- und Finanz AG 0.45% 11.07.2022 100,000 - - 100,000 99,200 0.05 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 0.125% 27.05.2025 200,000 - - 200,000 205,200 0.10 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 0.3% 25.11.2039 - 230,000 150,000 80,000 85,720 0.04 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 0.32% 09.05.2036 50,000 - - 50,000 53,050 0.03 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 0.35% 27.04.2040 - 75,000 - 75,000 80,888 0.04 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 0.375% 22.06.2032 50,000 - - 50,000 53,175 0.03 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 0.44% 28.05.2037 70,000 - - 70,000 75,950 0.04 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 0.5% 09.03.2034 125,000 - - 125,000 135,562 0.07 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 0.75% 24.09.2024 - 200,000 - 200,000 209,700 0.11 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 0.77% 16.05.2033 100,000 - - 100,000 111,650 0.06 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 1.25% 15.06.2027 50,000 - - 50,000 55,650 0.03 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 1.75% 14.09.2026 70,000 - - 70,000 79,170 0.04 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger Genossenschaft EGW 1.75% 24.07.2028 250,000 - - 250,000 291,750 0.15 EMMI Finanz AG 1.625% 12.07.2023 150,000 - - 150,000 156,525 0.08 Engadiner Kraftwerk AG 1.625% 25.04.2024 50,000 - - 50,000 52,350 0.03 FCA Capital Suisse SA 0.1% 23.10.2023 - 100,000 - 100,000 95,300 0.05 FCA Capital Suisse SA 0.75% 29.11.2021 50,000 - - 50,000 49,885 0.03 Ferring Holding SA 1.05% 09.07.2025 - 100,000 - 100,000 100,350 0.05 Firmenich International SA 1% 19.12.2023 - 200,000 - 200,000 204,900 0.10 First Swiss Mobility 2017-1 AG 0.14% 16.04.2027 50,000 - 50,000 - - 0.00 Flughafen Zurich AG 0.2% 26.02.2035 - 150,000 - 150,000 141,000 0.07 Flughafen Zurich AG 0.625% 24.05.2029 160,000 - - 160,000 162,720 0.08 Flughafen Zurich AG 0.7% 22.05.2024 - 200,000 - 200,000 204,000 0.10 Flughafen Zurich AG 1.5% 17.04.2023 60,000 - - 60,000 62,040 0.03 Flughafen Zurich AG RegS 1.25% 03.07.2020 50,000 - 50,000 - - 0.00 Galenica AG 0.5% 15.06.2023 100,000 - - 100,000 100,000 0.05 Geberit AG 0.1% 17.10.2024 125,000 - 50,000 75,000 75,713 0.04 Geberit AG 0.3% 17.04.2023 50,000 - - 50,000 50,575 0.03 Geberit AG 0.35% 20.10.2022 - 200,000 50,000 150,000 151,725 0.08 Geberit AG 0.6% 17.10.2028 50,000 - - 50,000 52,000 0.03 Georg Fischer AG 1.05% 20.04.2028 150,000 - 50,000 100,000 103,000 0.05 Georg Fischer Finanz AG 2.5% 12.09.2022 55,000 - - 55,000 57,613 0.03 Givaudan SA (Zero-Coupon) 07.12.2022 100,000 - - 100,000 100,000 0.05 Givaudan SA 0.625% 05.12.2031 50,000 - - 50,000 50,000 0.03 Givaudan SA 1.75% 19.03.2024 200,000 - 100,000 100,000 105,850 0.05 Glarner Kantonalbank (Zero-Coupon) 06.09.2028 - 100,000 - 100,000 100,550 0.05 Glarner Kantonalbank (Zero-Coupon) 16.10.2029 - 100,000 - 100,000 100,000 0.05 Glarner Kantonalbank 0.375% 26.02.2027 50,000 - - 50,000 51,475 0.03 Grande Dixence SA 0.8% 17.06.2026 - 150,000 - 150,000 150,375 0.08 Grande Dixence SA 1.75% 12.05.2022 100,000 - - 100,000 101,950 0.05 Grande Dixence SA 2.375% 10.06.2021 50,000 - - 50,000 50,735 0.03 Graubuendner Kantonalbank 0.125% 29.05.2024 50,000 - - 50,000 50,575 0.03 Graubuendner Kantonalbank 0.3% 20.02.2026 100,000 - - 100,000 102,350 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [247] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Graubuendner Kantonalbank 0.375% 28.05.2032 100,000 150,000 100,000 150,000 155,700 0.08 Graubuendner Kantonalbank 0.625% 20.04.2029 80,000 - - 80,000 84,560 0.04 Graubuendner Kantonalbank 0.75% 07.05.2021 70,000 - - 70,000 70,595 0.04 Graubuendner Kantonalbank 1.375% 11.03.2025 100,000 - - 100,000 107,100 0.05 Hiag Immobilien Holding AG 0.875% 08.05.2024 - 100,000 50,000 50,000 50,050 0.03 Hiag Immobilien Holding AG 1% 01.07.2021 50,000 - - 50,000 50,110 0.03 Hiag Immobilien Holding AG 1% 26.10.2022 100,000 - - 100,000 99,500 0.05 Hiag Immobilien Holding AG 1% 04.07.2023 50,000 - - 50,000 50,050 0.03 Implenia AG 1.625% 15.10.2024 50,000 - 50,000 - - 0.00 Investis Holding SA 0.05% 09.10.2023 - 100,000 - 100,000 96,500 0.05 Investis Holding SA 0.75% 03.10.2022 100,000 - - 100,000 99,650 0.05 Julius Baer Group Ltd 0.375% 06.12.2024 50,000 - - 50,000 50,250 0.03 Kanton Luzern (Zero-Coupon) 15.10.2025 - 200,000 - 200,000 204,200 0.10 Kanton Luzern (Zero-Coupon) 23.07.2030 - 100,000 - 100,000 102,400 0.05 Kanton Luzern 0.125% 20.06.2029 75,000 - - 75,000 77,663 0.04 Kanton Luzern 1.52% 12.06.2043 50,000 - - 50,000 68,250 0.03 Kantonsspital Aarau AG 0.75% 28.05.2032 50,000 - - 50,000 50,400 0.03 Kantonsspital Winterthur (Zero-Coupon) 30.09.2031 - 100,000 50,000 50,000 48,450 0.02 Kernkraftwerk Leibstadt AG 1.5% 16.12.2022 50,000 - - 50,000 51,000 0.03 Kernkraftwerk Leibstadt AG 2% 14.02.2025 100,000 100,000 - 200,000 209,800 0.11 Kinderspital Zuerich-Eleonorenstiftung 0.75% 28.07.2036 50,000 - - 50,000 51,775 0.03 Kraftwerk Hinterrhein AG 2.375% 28.07.2022 50,000 - - 50,000 52,225 0.03 Kraftwerke Linth-Limmern AG 1.5% 06.12.2022 130,000 - - 130,000 132,600 0.07 Kraftwerke Linth-Limmern AG 2% 11.12.2023 100,000 - - 100,000 104,250 0.05 Kraftwerke Linth-Limmern AG 2.375% 10.12.2026 50,000 100,000 - 150,000 162,900 0.08 Kraftwerke Linth-Limmern AG 2.75% 10.03.2022 100,000 - - 100,000 103,400 0.05 Kraftwerke Linth-Limmern AG 2.875% 30.06.2031 135,000 - - 135,000 158,287 0.08 Kraftwerke Linth-Limmern AG 2.875% 27.03.2042 75,000 - - 75,000 92,738 0.05 Kraftwerke Linth-Limmern AG 3% 27.09.2052 50,000 - - 50,000 67,500 0.03 Kraftwerke Oberhasli AG 0.7% 30.01.2026 50,000 - - 50,000 50,375 0.03 Kuehne + Nagel International AG 0.02% 18.11.2022 50,000 200,000 100,000 150,000 149,700 0.08 Kuehne + Nagel International AG 0.2% 18.06.2025 75,000 - 75,000 - - 0.00 LafargeHolcim Helvetia Finance Ltd 1.05% 11.04.2022 - 100,000 - 100,000 101,500 0.05 LafargeHolcim Ltd 0.375% 03.12.2021 65,000 - - 65,000 65,143 0.03 LafargeHolcim Ltd 1% 11.12.2024 200,000 - - 200,000 204,400 0.10 LafargeHolcim Ltd 2% 09.06.2022 75,000 - - 75,000 77,438 0.04 LafargeHolcim Ltd 3% 22.11.2022 230,000 - - 230,000 244,950 0.13 Lonza Swiss Finanz AG 0.125% 01.11.2021 110,000 - 50,000 60,000 60,066 0.03 Lonza Swiss Finanz AG 0.2% 12.07.2021 50,000 - - 50,000 50,100 0.03 Lonza Swiss Finanz AG 0.7% 12.07.2024 - 100,000 50,000 50,000 51,100 0.03 Lonza Swiss Finanz AG 1% 28.04.2023 - 150,000 - 150,000 153,750 0.08 Lonza Swiss Finanz AG 1.25% 22.09.2023 100,000 - - 100,000 103,650 0.05 Luzerner Kantonalbank AG (Zero-Coupon) 07.08.2028 - 300,000 - 300,000 301,500 0.15 Luzerner Kantonalbank AG 0.1% 08.05.2024 50,000 - - 50,000 50,500 0.03 Luzerner Kantonalbank AG 0.1% 15.09.2031 125,000 - - 125,000 125,500 0.06 Luzerner Kantonalbank AG 0.15% 07.10.2044 - 100,000 - 100,000 101,000 0.05 Luzerner Kantonalbank AG 0.2% 11.04.2025 - 200,000 - 200,000 203,600 0.10 Luzerner Kantonalbank AG 0.35% 05.02.2027 150,000 - - 150,000 154,575 0.08 Luzerner Kantonalbank AG 0.375% 30.01.2023 105,000 - - 105,000 106,575 0.05 Luzerner Kantonalbank AG 0.41% 31.01.2029 250,000 - 100,000 150,000 155,700 0.08 Luzerner Kantonalbank AG 0.5% 26.07.2041 100,000 250,000 150,000 200,000 214,000 0.11 Luzerner Kantonalbank AG 1.125% 30.06.2023 100,000 - - 100,000 103,900 0.05 Luzerner Kantonalbank AG 1.625% 20.07.2037 100,000 - - 100,000 125,400 0.06 Luzerner Kantonalbank AG 2% 27.12.2039 100,000 - - 100,000 134,400 0.07

[248] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Luzerner Kantonalbank AG 2.125% 04.10.2041 50,000 - - 50,000 70,050 0.04 Luzerner Kantonalbank AG 3% 11.03.2025 200,000 - - 200,000 229,000 0.12 Luzerner Kantonalbk AG RegS 1.875% 30.06.2020 100,000 - 100,000 - - 0.00 Migros Bank AG 0.25% 10.12.2027 - 100,000 - 100,000 100,550 0.05 Mobimo Holding AG 0.25% 23.03.2028 - 100,000 - 100,000 97,900 0.05 Mobimo Holding AG 0.75% 20.03.2026 50,000 - - 50,000 51,275 0.03 Mobimo Holding AG 0.875% 02.10.2023 100,000 - - 100,000 102,350 0.05 Mobimo Holding AG 1.625% 19.05.2021 100,000 - 100,000 - - 0.00 Mobimo Holding AG 1.875% 16.09.2024 50,000 - - 50,000 53,500 0.03 Nant de Drance SA 1.25% 25.06.2027 - 330,000 155,000 175,000 180,512 0.09 Nant de Drance SA 1.5% 15.02.2021 55,000 - - 55,000 55,424 0.03 Nant de Drance SA 1.55% 19.08.2025 100,000 - - 100,000 104,050 0.05 Nant de Drance SA 1.75% 18.07.2024 115,000 - - 115,000 120,520 0.06 Nant de Drance SA 2.375% 15.02.2028 100,000 - - 100,000 110,050 0.06 Nestle SA 0.25% 28.06.2024 585,000 500,000 600,000 485,000 496,882 0.25 Nestle SA 0.75% 28.06.2028 200,000 - - 200,000 211,400 0.11 Nidwaldner Kantonalbank (Zero-Coupon) 05.11.2029 - 50,000 - 50,000 50,025 0.03 Nidwaldner Kantonalbank 0.2% 28.03.2025 50,000 - - 50,000 50,825 0.03 Nidwaldner Kantonalbank 0.25% 27.05.2026 50,000 - - 50,000 51,075 0.03 Novartis AG 0.25% 13.05.2025 175,000 - - 175,000 178,500 0.09 Novartis AG 0.625% 13.11.2029 185,000 - - 185,000 196,377 0.10 Novartis AG 1.05% 11.05.2035 65,000 100,000 - 165,000 187,522 0.10 OC Oerlikon Corp AG 2.625% 17.06.2024 100,000 - - 100,000 104,850 0.05 Orior AG 0.625% 26.09.2023 50,000 - - 50,000 49,450 0.03 Panalpina Welttransport Holding AG 1% 12.12.2022 150,000 - 50,000 100,000 99,100 0.05 Partners Group Holding AG 0.15% 07.06.2024 50,000 - - 50,000 49,925 0.03 Partners Group Holding AG 0.4% 21.06.2027 200,000 50,000 - 250,000 253,250 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 26.03.2021 350,000 - 350,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 02.07.2021 235,000 - 50,000 185,000 185,925 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 05.07.2022 1,000,000 - 300,000 700,000 708,400 0.36 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 16.05.2023 300,000 - - 300,000 303,630 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 16.08.2023 - 1,450,000 800,000 650,000 658,580 0.34 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 29.07.2024 1,500,000 - 1,000,000 500,000 507,550 0.26 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 30.03.2026 - 2,000,000 500,000 1,500,000 1,526,550 0.78 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 15.06.2027 - 150,000 - 150,000 152,685 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 25.02.2028 - 100,000 - 100,000 101,720 0.05 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 26.02.2030 - 900,000 - 900,000 912,150 0.47 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 10.05.2045 - 750,000 500,000 250,000 250,825 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 26.08.2049 - 900,000 50,000 850,000 850,085 0.43 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 04.12.2023 - 300,000 - 300,000 305,460 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 25.03.2024 450,000 - - 450,000 458,370 0.23 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 26.04.2024 300,000 - - 300,000 305,670 0.16

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [249] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 06.05.2025 120,000 - - 120,000 122,688 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 06.05.2025 - 100,000 - 100,000 102,260 0.05 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 13.08.2027 - 400,000 - 400,000 410,160 0.21 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 07.06.2028 - 300,000 - 300,000 307,980 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 06.09.2028 260,000 - - 260,000 266,916 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 08.05.2029 - 100,000 - 100,000 102,750 0.05 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 10.12.2030 300,000 - 300,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 14.11.2031 - 500,000 - 500,000 511,150 0.26 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 23.09.2032 100,000 - - 100,000 102,260 0.05 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 27.04.2026 150,000 - - 150,000 154,785 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 05.08.2026 670,000 - - 670,000 691,708 0.35 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 18.09.2026 100,000 100,000 - 200,000 206,700 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 20.10.2026 350,000 150,000 - 500,000 516,200 0.26 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 16.11.2026 150,000 - - 150,000 154,935 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 18.01.2027 100,000 - - 100,000 103,340 0.05 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 12.10.2027 - 500,000 - 500,000 517,700 0.26 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 26.04.2034 100,000 200,000 100,000 200,000 207,500 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 26.04.2034 - 100,000 100,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 14.10.2036 140,000 - - 140,000 145,390 0.07 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 17.05.2040 275,000 - - 275,000 289,025 0.15 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 06.10.2042 - 100,000 - 100,000 105,260 0.05 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 15.10.2025 200,000 200,000 100,000 300,000 310,860 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 21.03.2028 100,000 - - 100,000 104,640 0.05 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 10.07.2028 200,000 - - 200,000 209,600 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 21.01.2030 250,000 - - 250,000 263,000 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 08.07.2039 150,000 - - 150,000 159,735 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 15.06.2046 100,000 - - 100,000 110,750 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 24.01.2025 150,000 - - 150,000 155,760 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 22.01.2029 150,000 - - 150,000 158,925 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 15.06.2029 275,000 - - 275,000 291,362 0.15

[250] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 22.06.2040 - 300,000 - 300,000 330,150 0.17 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 17.06.2041 100,000 100,000 50,000 150,000 165,360 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 17.06.2041 - 50,000 50,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 25.01.2044 900,000 950,000 1,300,000 550,000 612,370 0.31 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 25.01.2044 - 100,000 100,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 19.03.2025 335,000 - - 335,000 350,075 0.18 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 18.10.2030 200,000 - - 200,000 215,400 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 16.05.2031 200,000 - - 200,000 215,900 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 25.01.2034 600,000 - - 600,000 654,120 0.33 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 23.01.2037 50,000 - - 50,000 55,005 0.03 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 18.10.2039 50,000 - - 50,000 55,810 0.03 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.75% 18.10.2038 750,000 - - 750,000 849,900 0.43 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 07.05.2035 300,000 - 300,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 25.06.2037 180,000 - - 180,000 206,280 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 15.03.2040 250,000 - 250,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 19.06.2043 900,000 - 300,000 600,000 715,500 0.37 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 13.08.2021 2,340,000 - - 2,340,000 2,376,504 1.22 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 10.05.2022 200,000 - - 200,000 205,200 0.10 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 21.05.2024 500,000 - - 500,000 526,450 0.27 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 07.07.2026 600,000 - - 600,000 646,740 0.33 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 23.01.2043 200,000 - - 200,000 244,640 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 25.01.2045 150,000 - - 150,000 186,135 0.10 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.125% 03.03.2021 350,000 - 350,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.125% 19.06.2042 - 50,000 - 50,000 62,175 0.03 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.125% 18.10.2047 300,000 - - 300,000 393,210 0.20 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.25% 10.05.2021 150,000 - 150,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.25% 29.09.2023 265,000 - - 265,000 279,151 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 30.11.2021 300,000 - - 300,000 307,650 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 15.08.2022 - 200,000 - 200,000 207,600 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 14.02.2024 280,000 - - 280,000 297,388 0.15

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [251] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 14.11.2024 230,000 - - 230,000 247,227 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 13.08.2027 120,000 - - 120,000 133,824 0.07 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.5% 16.01.2023 700,000 - - 700,000 733,670 0.38 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.5% 21.01.2028 400,000 - - 400,000 452,440 0.23 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.5% 14.02.2040 195,000 - - 195,000 252,408 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 03.08.2020 200,000 - 200,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 15.03.2022 290,000 600,000 300,000 590,000 609,883 0.31 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 03.07.2030 110,000 - - 110,000 129,118 0.07 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 29.11.2041 200,000 - - 200,000 267,500 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.75% 15.07.2025 135,000 - - 135,000 149,040 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.875% 15.09.2031 100,000 - - 100,000 122,050 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.125% 28.06.2023 300,000 - - 300,000 322,470 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.125% 28.11.2033 150,000 - - 150,000 194,130 0.10 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.125% 03.03.2044 50,000 - - 50,000 74,250 0.04 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.25% 13.08.2032 200,000 - - 200,000 256,160 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.375% 27.01.2021 350,000 - 350,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.375% 27.06.2025 200,000 - - 200,000 226,840 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.75% 16.10.2020 335,000 - 335,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.875% 14.02.2022 220,000 - - 220,000 231,286 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 15.12.2021 230,000 - - 230,000 231,518 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 25.07.2023 400,000 200,000 100,000 500,000 506,400 0.26 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 14.06.2024 400,000 - - 400,000 405,800 0.21 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 23.06.2025 - 1,400,000 - 1,400,000 1,422,400 0.73 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 02.10.2026 - 500,000 - 500,000 508,750 0.26 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 27.01.2027 400,000 - - 400,000 406,760 0.21 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 02.04.2031 - 550,000 - 550,000 557,150 0.28 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 10.09.2037 - 300,000 300,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 10.09.2037 - 100,000 100,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.01% 05.02.2024 - 200,000 - 200,000 202,820 0.10 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.02% 30.01.2040 - 450,000 - 450,000 450,000 0.23

[252] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.05% 06.11.2026 190,000 - - 190,000 193,876 0.10 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.1% 12.06.2030 - 350,000 - 350,000 357,630 0.18 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.1% 03.12.2031 - 500,000 - 500,000 510,000 0.26 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 12.03.2024 290,000 - - 290,000 295,452 0.15 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 17.07.2024 280,000 - - 280,000 285,684 0.15 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 31.10.2024 1,500,000 450,000 1,100,000 850,000 868,020 0.44 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 16.04.2025 100,000 - - 100,000 102,170 0.05 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 23.03.2032 - 570,000 100,000 470,000 481,280 0.25 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 23.04.2032 - 300,000 - 300,000 307,740 0.16 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.2% 10.09.2029 - 800,000 - 800,000 826,960 0.42 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.2% 13.07.2035 - 100,000 - 100,000 103,180 0.05 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.2% 22.05.2042 - 250,000 - 250,000 260,525 0.13 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 01.12.2025 550,000 - - 550,000 566,335 0.29 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 12.05.2026 500,000 - - 500,000 515,850 0.26 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 20.07.2026 100,000 - - 100,000 103,230 0.05 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 11.02.2028 300,000 200,000 100,000 400,000 414,600 0.21 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 12.06.2040 - 225,000 - 225,000 235,845 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.3% 09.04.2029 200,000 - - 200,000 208,400 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.3% 06.06.2031 150,000 100,000 - 250,000 261,250 0.13 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 14.02.2025 200,000 - - 200,000 206,600 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 07.12.2026 - 100,000 - 100,000 104,150 0.05 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 21.09.2027 200,000 - - 200,000 208,820 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 24.07.2028 250,000 - - 250,000 261,650 0.13 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 28.07.2025 - 200,000 - 200,000 208,240 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 19.05.2028 550,000 100,000 - 650,000 689,325 0.35 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 12.10.2029 - 200,000 - 200,000 212,580 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 30.04.2030 150,000 - - 150,000 159,375 0.08 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 20.09.2030 250,000 - - 250,000 265,825 0.14 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 15.05.2034 300,000 100,000 - 400,000 429,800 0.22 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 15.05.2034 - 100,000 100,000 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [253] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.6% 11.12.2035 555,000 - - 555,000 607,170 0.31 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.625% 08.03.2029 100,000 - - 100,000 107,020 0.05 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.625% 12.02.2030 330,000 - - 330,000 354,915 0.18 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.625% 01.11.2030 260,000 - - 260,000 279,760 0.14 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.65% 15.02.2033 550,000 - - 550,000 599,225 0.31 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.7% 04.03.2039 220,000 - - 220,000 247,852 0.13 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 15.04.2024 800,000 - - 800,000 833,840 0.43 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 23.09.2024 150,000 - - 150,000 157,200 0.08 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 01.10.2032 300,000 - - 300,000 329,700 0.17 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 21.06.2033 200,000 - - 200,000 220,800 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.875% 10.06.2021 280,000 - 280,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.875% 20.06.2022 230,000 - - 230,000 235,865 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 17.02.2021 300,000 - 300,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 09.09.2022 300,000 - - 300,000 309,420 0.16 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 13.02.2023 - 400,000 - 400,000 414,720 0.21 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 22.09.2028 125,000 - - 125,000 137,600 0.07 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.125% 28.04.2023 280,000 - - 280,000 292,068 0.15 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.25% 29.10.2021 1,200,000 - 100,000 1,100,000 1,123,870 0.57 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.25% 03.02.2022 1,375,000 - - 1,375,000 1,410,200 0.72 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 12.12.2022 510,000 - 300,000 210,000 219,198 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 16.04.2025 185,000 - - 185,000 200,170 0.10 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 19.03.2027 100,000 - - 100,000 110,940 0.06 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 05.11.2027 430,000 - - 430,000 480,912 0.25 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.5% 03.09.2020 320,000 20,000 340,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.5% 05.02.2029 300,000 - - 300,000 343,920 0.18 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.75% 02.09.2026 140,000 - - 140,000 157,472 0.08 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 2% 30.10.2025 250,000 - - 250,000 280,550 0.14 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 2.375% 06.04.2026 205,000 - - 205,000 236,488 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken RegS (Zero-Coupon) 15.07.2020 205,000 - 205,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken RegS 0.5% 06.04.2020 200,000 - 200,000 - - 0.00

[254] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefzentrale der schweizerischen Kantonalbanken RegS 2.125% 06.04.2020 150,000 - 150,000 - - 0.00 PSP Swiss Property AG (Zero-Coupon) 01.09.2023 150,000 - - 150,000 149,700 0.08 PSP Swiss Property AG 0.15% 02.02.2029 - 100,000 - 100,000 99,250 0.05 PSP Swiss Property AG 0.5% 16.02.2024 100,000 - - 100,000 101,400 0.05 PSP Swiss Property AG 0.55% 04.02.2028 150,000 - 50,000 100,000 102,800 0.05 PSP Swiss Property AG 0.7% 08.02.2027 100,000 - - 100,000 103,850 0.05 Raiffeisen Schweiz Genossenschaft 0.125% 07.05.2024 100,000 100,000 100,000 100,000 100,300 0.05 Raiffeisen Schweiz Genossenschaft 0.3% 22.04.2025 50,000 100,000 - 150,000 151,650 0.08 Raiffeisen Schweiz Genossenschaft 0.35% 16.02.2024 200,000 - - 200,000 202,300 0.10 Raiffeisen Schweiz Genossenschaft 2% 21.09.2023 100,000 - - 100,000 106,250 0.05 Raiffeisen Schweiz Genossenschaft 2.625% 04.02.2026 50,000 - - 50,000 56,925 0.03 Raiffeisen Schweiz Genossenschaft 3.875% 21.12.2021 150,000 - - 150,000 156,570 0.08 Rhaetische Bahn Stamm (Zero-Coupon) 01.09.2025 50,000 - - 50,000 51,000 0.03 Roche Kapitalmarkt AG 0.1% 23.09.2024 495,000 - 100,000 395,000 401,517 0.21 Roche Kapitalmarkt AG 0.25% 24.09.2025 100,000 100,000 - 200,000 205,000 0.10 Roche Kapitalmarkt AG 0.45% 23.03.2029 75,000 - - 75,000 78,188 0.04 Roche Kapitalmarkt AG 0.75% 24.09.2030 200,000 - - 200,000 215,000 0.11 Roche Kapitalmarkt AG 1.625% 23.09.2022 75,000 - - 75,000 78,300 0.04 Schaffhauser Kantonalbank 0.5% 31.05.2028 100,000 - - 100,000 104,350 0.05 Schaffhauser Kantonalbank 1.125% 24.04.2023 70,000 - - 70,000 72,590 0.04 Schindler Holding AG 0.25% 05.06.2023 100,000 200,000 100,000 200,000 201,700 0.10 Schwyzer Kantonalbank 0.1% 25.10.2028 100,000 - - 100,000 101,500 0.05 Schwyzer Kantonalbank 0.25% 04.03.2027 200,000 - - 200,000 204,800 0.10 Schwyzer Kantonalbank 0.75% 05.10.2020 50,000 - - 50,000 50,105 0.03 Schwyzer Kantonalbank 1.375% 24.09.2021 115,000 - - 115,000 117,312 0.06 Schwyzer Kantonalbank RegS 0.75% 12.03.2020 60,000 - 60,000 - - 0.00 See-Spital 1.25% 03.07.2026 100,000 - - 100,000 102,250 0.05 SGS SA 0.45% 06.11.2023 - 150,000 - 150,000 152,025 0.08 SGS SA 0.55% 03.03.2026 250,000 - - 250,000 254,250 0.13 SGS SA 0.75% 29.10.2025 70,000 - - 70,000 71,540 0.04 SGS SA 0.875% 08.05.2030 50,000 - - 50,000 51,325 0.03 SGS SA 0.95% 06.11.2026 - 100,000 - 100,000 104,500 0.05 SGS SA 1.25% 27.10.2028 100,000 - - 100,000 107,100 0.05 SGS SA 1.375% 25.02.2022 175,000 - - 175,000 178,762 0.09 SGS SA 1.75% 27.02.2024 40,000 - - 40,000 42,200 0.02 SGS SA 3% 27.05.2021 100,000 - 100,000 - - 0.00 Sika AG 0.6% 27.03.2026 50,000 - - 50,000 50,975 0.03 Sika AG 0.625% 12.07.2024 300,000 - 150,000 150,000 152,925 0.08 Sika AG 1.875% 14.11.2023 70,000 - - 70,000 74,130 0.04 Sonova Holding AG (Zero-Coupon) 11.10.2029 - 50,000 - 50,000 49,000 0.02 Sonova Holding AG 0.01% 11.10.2021 100,000 - - 100,000 99,960 0.05 Sonova Holding AG 0.4% 11.10.2034 - 125,000 100,000 25,000 25,025 0.01 Sonova Holding AG 0.5% 06.10.2025 - 50,000 - 50,000 51,150 0.03 Sonova Holding AG 0.55% 06.04.2022 - 150,000 - 150,000 151,350 0.08 Sonova Holding AG 0.75% 06.10.2028 - 175,000 - 175,000 183,137 0.09 Spital Limmattal 1.875% 29.11.2023 50,000 - - 50,000 53,550 0.03 St Galler Kantonalbank AG 0.1% 10.10.2041 - 100,000 - 100,000 98,800 0.05 St Galler Kantonalbank AG 0.25% 28.01.2021 110,000 - 110,000 - - 0.00 St Galler Kantonalbank AG 0.35% 24.01.2028 150,000 - 100,000 50,000 51,525 0.03 St Galler Kantonalbank AG 0.5% 24.06.2025 200,000 - - 200,000 206,700 0.11 St Galler Kantonalbank AG 0.625% 09.09.2022 285,000 - - 285,000 290,272 0.15 St Galler Kantonalbank AG 0.625% 23.01.2032 100,000 - - 100,000 106,250 0.05 St Galler Kantonalbank AG 1% 30.11.2027 100,000 - - 100,000 103,000 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [255] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) St Galler Kantonalbank AG 1.5% 12.02.2031 100,000 - - 100,000 115,250 0.06 St Galler Kantonalbank AG 2.625% 30.06.2021 50,000 - - 50,000 51,275 0.03 Stadler Rail AG 0.375% 20.11.2026 - 100,000 - 100,000 98,900 0.05 Stadler Rail AG RegS 0.375% 20.11.2026 - 100,000 100,000 - - 0.00 Straumann Holding AG 0.55% 03.10.2025 - 150,000 - 150,000 152,250 0.08 Straumann Holding AG 1% 03.10.2023 - 100,000 - 100,000 102,700 0.05 Sulzer AG 0.375% 11.07.2022 135,000 - - 135,000 135,405 0.07 Sulzer AG 0.625% 22.10.2021 100,000 - - 100,000 100,550 0.05 Sulzer AG 1.3% 06.07.2023 100,000 - - 100,000 102,950 0.05 Sulzer AG 1.6% 22.10.2024 50,000 - - 50,000 51,000 0.03 Sunrise Communications AG 1.5% 27.06.2024 100,000 - - 100,000 101,500 0.05 Swiss Car ABS 2016-2 AG 0.3% 18.04.2026 100,000 - 100,000 - - 0.00 Swiss Confederation Government Bond (Zero-Coupon) 22.06.2029 2,350,000 1,500,000 2,650,000 1,200,000 1,262,880 0.65 Swiss Confederation Government Bond (Zero-Coupon) 26.06.2034 500,000 100,000 50,000 550,000 581,515 0.30 Swiss Confederation Government Bond (Zero-Coupon) 24.07.2039 - 2,425,000 250,000 2,175,000 2,327,685 1.19 Swiss Confederation Government Bond 0.5% 27.05.2030 1,250,000 600,000 1,000,000 850,000 939,590 0.48 Swiss Confederation Government Bond 0.5% 27.06.2032 3,600,000 - 100,000 3,500,000 3,911,950 2.00 Swiss Confederation Government Bond 0.5% 28.06.2045 400,000 300,000 100,000 600,000 733,980 0.38 Swiss Confederation Government Bond 0.5% 24.05.2055 250,000 500,000 150,000 600,000 792,900 0.41 Swiss Confederation Government Bond 0.5% 30.05.2058 687,000 100,000 50,000 737,000 1,007,774 0.52 Swiss Confederation Government Bond 1.25% 11.06.2024 1,075,000 700,000 350,000 1,425,000 1,535,437 0.79 Swiss Confederation Government Bond 1.25% 28.05.2026 963,000 2,700,000 1,800,000 1,863,000 2,074,078 1.06 Swiss Confederation Government Bond 1.25% 27.06.2037 865,000 - - 865,000 1,105,470 0.57 Swiss Confederation Government Bond 1.5% 24.07.2025 1,610,000 600,000 650,000 1,560,000 1,737,996 0.89 Swiss Confederation Government Bond 1.5% 30.04.2042 800,000 - - 800,000 1,135,280 0.58 Swiss Confederation Government Bond 2% 28.04.2021 930,000 - 930,000 - - 0.00 Swiss Confederation Government Bond 2% 25.05.2022 1,620,000 - 1,400,000 220,000 231,220 0.12 Swiss Confederation Government Bond 2% 25.06.2064 434,000 100,000 50,000 484,000 1,054,394 0.54 Swiss Confederation Government Bond 2.25% 22.06.2031 795,000 400,000 200,000 995,000 1,300,465 0.66 Swiss Confederation Government Bond 2.5% 08.03.2036 803,000 100,000 50,000 853,000 1,244,527 0.64 Swiss Confederation Government Bond 3.25% 27.06.2027 698,000 1,600,000 400,000 1,898,000 2,416,913 1.24 Swiss Confederation Government Bond 3.5% 08.04.2033 1,275,000 - - 1,275,000 1,929,712 0.99 Swiss Confederation Government Bond 4% 11.02.2023 552,000 - - 552,000 619,068 0.32 Swiss Confederation Government Bond 4% 08.04.2028 1,245,000 - - 1,245,000 1,697,557 0.87 Swiss Confederation Government Bond 4% 06.01.2049 543,000 - - 543,000 1,251,506 0.64 Swiss Life Holding AG 0.25% 11.10.2023 100,000 - - 100,000 100,750 0.05 Swiss Life Holding AG 0.35% 06.03.2029 - 100,000 - 100,000 99,800 0.05 Swiss Life Holding AG 1.875% 21.06.2023 100,000 - - 100,000 105,250 0.05 Swiss Prime Site Finance AG 0.375% 30.09.2031 - 100,000 - 100,000 95,900 0.05 Swiss Prime Site Finance AG 0.5% 03.11.2025 70,000 - - 70,000 69,965 0.04 Swiss Prime Site Finance AG 0.825% 11.05.2026 100,000 - - 100,000 101,850 0.05 Swiss Prime Site Finance AG 1% 16.07.2024 75,000 - - 75,000 76,388 0.04 Swiss Prime Site Finance AG 1.25% 02.04.2027 100,000 - - 100,000 104,950 0.05 Swiss Prime Site Finance AG 2% 21.10.2020 140,000 - 140,000 - - 0.00 Swiss Prime Site Finance AG 2% 10.12.2024 150,000 - 100,000 50,000 53,475 0.03 Swiss Reinsurance Co Ltd 0.75% 21.01.2027 50,000 - - 50,000 52,400 0.03 Swiss Reinsurance Co Ltd 1% 17.09.2024 50,000 400,000 200,000 250,000 261,750 0.13

[256] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Swisscom AG 0.125% 15.09.2032 150,000 - - 150,000 150,225 0.08 Swisscom AG 0.25% 17.04.2023 100,000 - - 100,000 101,250 0.05 Swisscom AG 0.375% 31.05.2027 100,000 200,000 200,000 100,000 103,200 0.05 Swisscom AG 0.375% 31.03.2028 100,000 - - 100,000 103,350 0.05 Swisscom AG 0.5% 15.03.2029 100,000 - - 100,000 104,600 0.05 Swisscom AG 0.75% 12.10.2028 100,000 - - 100,000 106,100 0.05 Swisscom AG 0.75% 24.11.2033 100,000 - - 100,000 108,200 0.06 Swisscom AG 1% 17.04.2035 100,000 - - 100,000 111,600 0.06 Swisscom AG 1.5% 14.07.2026 100,000 - - 100,000 109,700 0.06 Swisscom AG 1.5% 28.09.2029 100,000 - - 100,000 113,950 0.06 Swisscom AG 1.75% 10.07.2024 200,000 - - 200,000 215,300 0.11 Swissgrid AG (Zero-Coupon) 30.06.2028 - 100,000 - 100,000 99,550 0.05 Swissgrid AG 0.05% 30.06.2050 - 100,000 50,000 50,000 46,450 0.02 Swissgrid AG 0.2% 30.06.2032 - 175,000 100,000 75,000 75,413 0.04 Swissgrid AG 0.625% 25.02.2030 100,000 - - 100,000 104,950 0.05 Switzerland Bond 2.25% 06.07.2020 850,000 - 850,000 - - 0.00 Syngenta Finance AG 0.125% 09.12.2022 - 100,000 - 100,000 98,000 0.05 Syngenta Finance AG 0.7% 09.12.2026 - 100,000 - 100,000 94,500 0.05 Syngenta Finance AG 2.125% 01.11.2029 - 150,000 - 150,000 152,325 0.08 Thurgauer Kantonalbank 0.375% 23.10.2020 100,000 - 100,000 - - 0.00 Thurgauer Kantonalbank 0.375% 31.03.2025 100,000 - - 100,000 102,400 0.05 Thurgauer Kantonalbank 0.375% 08.02.2028 100,000 - - 100,000 103,550 0.05 Thurgauer Kantonalbank 0.5% 16.02.2029 100,000 - - 100,000 104,600 0.05 Thurgauer Kantonalbank 0.7% 22.03.2030 200,000 - - 200,000 213,600 0.11 Thurgauer Kantonalbank 1.5% 04.03.2027 50,000 - - 50,000 55,300 0.03 Thurgauer Kantonalbank 2.25% 25.02.2021 130,000 - - 130,000 131,989 0.07 Transports Publics Genevois (Zero-Coupon) 24.02.2032 - 100,000 50,000 50,000 49,000 0.02 Transports Publics Genevois 0.9% 21.05.2035 50,000 - - 50,000 55,075 0.03 UBS AG 0.17% 13.05.2022 - 300,000 100,000 200,000 201,200 0.10 UBS Group AG 0.75% 22.02.2022 200,000 - - 200,000 202,000 0.10 UBS Group AG 0.875% 30.01.2025 200,000 - - 200,000 205,100 0.10 Universitaetsspital Zuerich 0.55% 28.09.2028 100,000 - - 100,000 104,850 0.05 Valiant Bank AG (Zero-Coupon) 31.07.2029 200,000 100,000 100,000 200,000 199,400 0.10 Valiant Bank AG 0.125% 23.04.2024 170,000 - - 170,000 172,040 0.09 Valiant Bank AG 0.125% 04.12.2034 - 100,000 - 100,000 100,350 0.05 Valiant Bank AG 0.2% 29.01.2027 100,000 - - 100,000 101,500 0.05 Valiant Bank AG 0.375% 06.12.2027 150,000 - - 150,000 154,425 0.08 Vifor Pharma AG 0.75% 13.09.2022 200,000 - - 200,000 200,600 0.10 Viseca Holding AG 1.125% 16.07.2021 50,000 - - 50,000 50,450 0.03 Walliser Kantonalbank (Zero-Coupon) 14.02.2029 - 50,000 - 50,000 49,875 0.03 Walliser Kantonalbank 0.2% 02.02.2026 60,000 - - 60,000 61,050 0.03 Walliser Kantonalbank 0.25% 16.03.2023 285,000 - - 285,000 288,847 0.15 Walliser Kantonalbank 0.3% 01.02.2027 100,000 - - 100,000 102,300 0.05 Walliser Kantonalbank 0.35% 07.09.2027 100,000 - - 100,000 102,700 0.05 Walliser Kantonalbank 0.375% 15.12.2021 100,000 - - 100,000 100,790 0.05 Walliser Kantonalbank 0.4% 15.09.2025 50,000 - - 50,000 51,150 0.03 Walliser Kantonalbank 2.375% 18.05.2021 55,000 - - 55,000 56,199 0.03 Winterthur City Of 0.05% 17.03.2026 100,000 - - 100,000 101,400 0.05 Winterthur City Of 0.1% 20.03.2028 100,000 150,000 - 250,000 254,500 0.13 Winterthur City Of 0.15% 26.03.2025 100,000 - - 100,000 101,800 0.05 Winterthur City Of 1.5% 24.01.2036 80,000 - - 80,000 97,600 0.05 Zuercher Kantonalbank (Zero-Coupon) 12.03.2030 - 150,000 - 150,000 150,675 0.08 Zuercher Kantonalbank 0.05% 05.02.2031 - 350,000 - 350,000 353,150 0.18 Zuercher Kantonalbank 0.125% 13.05.2026 - 200,000 - 200,000 203,100 0.10

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [257] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Zuercher Kantonalbank 0.125% 06.06.2029 200,000 - - 200,000 203,200 0.10 Zuercher Kantonalbank 0.15% 25.01.2027 170,000 - - 170,000 173,400 0.09 Zuercher Kantonalbank 0.25% 08.05.2025 150,000 - - 150,000 153,675 0.08 Zuercher Kantonalbank 0.25% 27.01.2026 50,000 - - 50,000 51,300 0.03 Zuercher Kantonalbank 0.3% 25.01.2028 150,000 - - 150,000 154,650 0.08 Zuercher Kantonalbank 0.75% 28.10.2030 100,000 - - 100,000 107,950 0.06 Zuercher Kantonalbank 0.875% 17.05.2021 100,000 - 100,000 - - 0.00 Zuercher Kantonalbank 1.125% 29.01.2024 350,000 - 100,000 250,000 261,875 0.13 Zuercher Kantonalbank 1.25% 31.01.2022 100,000 - - 100,000 102,400 0.05 Zuercher Kantonalbank 1.625% 12.04.2027 215,000 - - 215,000 240,262 0.12 Zuercher Kantonalbank 2% 21.01.2021 70,000 - 70,000 - - 0.00 Zuercher Kantonalbank 2% 08.09.2025 200,000 - 200,000 - - 0.00 Zuercher Kantonalbank 2% 30.11.2034 130,000 - - 130,000 164,905 0.08 Zuercher Kantonalbank 2.125% 29.06.2022 195,000 - - 195,000 204,165 0.10 Zuercher Kantonalbank 2.375% 29.03.2023 200,000 - - 200,000 214,300 0.11 Zug Estates Holding AG 0.1% 02.10.2025 - 100,000 - 100,000 99,000 0.05 Zug Estates Holding AG 0.7% 17.02.2022 50,000 - - 50,000 50,000 0.03 Zuger Kantonalbank AG 0.125% 03.12.2029 - 200,000 - 200,000 202,300 0.10 Zuger Kantonalbank AG 0.125% 27.06.2030 100,000 100,000 - 200,000 202,000 0.10 Zuger Kantonalbank AG 0.375% 15.12.2027 100,000 - - 100,000 104,000 0.05 Zuger Kantonalbank AG 0.55% 08.03.2028 50,000 - - 50,000 52,375 0.03 Zuger Kantonalbank AG 1% 26.09.2022 100,000 - - 100,000 102,750 0.05 Zuger Kantonalbank AG 1.5% 27.09.2021 150,000 - - 150,000 153,255 0.08 Zuger Kantonalbank AG 1.5% 20.11.2037 110,000 - - 110,000 136,125 0.07 Zuger Kantonalbank AG 2.375% 25.05.2021 100,000 - 100,000 - - 0.00 Zurich Insurance Co Ltd 0.1% 27.08.2032 - 100,000 - 100,000 96,850 0.05 Zurich Insurance Co Ltd 0.5% 18.12.2024 100,000 - - 100,000 102,150 0.05 Zurich Insurance Co Ltd 0.75% 22.10.2027 200,000 - - 200,000 209,000 0.11 Zurich Insurance Co Ltd 1.875% 18.09.2023 150,000 - 100,000 50,000 53,000 0.03 Zurich Insurance Co Ltd 2.875% 27.07.2021 100,000 - - 100,000 103,100 0.05 144,006,243 73.66 Slovakia Slovakia Government International Bond 2.125% 16.10.2023 75,000 - - 75,000 80,888 0.04 80,888 0.04 Spain Banco Bilbao Vizcaya Argentaria SA 0.125% 27.08.2026 - 400,000 200,000 200,000 192,000 0.10 Banco Santander SA 0.2% 19.11.2027 - 150,000 - 150,000 151,350 0.08 Banco Santander SA 0.75% 12.06.2023 200,000 - - 200,000 201,500 0.10 Banco Santander SA 1% 10.12.2024 50,000 - - 50,000 50,850 0.03 Cellnex Telecom SA 0.775% 18.02.2027 - 100,000 - 100,000 97,100 0.05 Cellnex Telecom SA 1.1175% 17.07.2025 - 50,000 - 50,000 49,800 0.02 Instituto de Credito Oficial 3.25% 28.06.2024 65,000 - - 65,000 74,035 0.04 Santander Consumer Finance SA 0.15% 10.12.2024 - 100,000 - 100,000 99,750 0.05 Santander Consumer Finance SA 0.5% 05.10.2020 100,000 - - 100,000 100,130 0.05 Telefonica Emisiones SA 2.595% 23.10.2020 50,000 - 50,000 - - 0.00 1,016,515 0.52 South Korea Export-Import Bank of Korea (Zero-Coupon) 27.05.2025 - 150,000 - 150,000 148,725 0.08 Export-Import Bank of Korea 0.17% 18.07.2025 100,000 100,000 100,000 100,000 100,300 0.05 Export-Import Bank of Korea 0.253% 06.03.2023 300,000 - 100,000 200,000 201,100 0.10 GS Caltex Corp 0.633% 31.01.2024 50,000 - - 50,000 49,250 0.03 Hyundai Capital Services Inc 0.26% 11.02.2025 - 150,000 - 150,000 146,925 0.08

[258] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Hyundai Capital Services Inc 0.695% 27.06.2023 100,000 - - 100,000 100,650 0.05 Hyundai Capital Services Inc 0.7325% 26.02.2024 100,000 - - 100,000 100,000 0.05 Hyundai Capital Services Inc 0.7525% 06.07.2023 - 150,000 - 150,000 150,225 0.08 Industrial Bank of Korea 0.0219% 16.07.2025 100,000 - - 100,000 100,000 0.05 KEB Hana Bank 0.4075% 14.09.2023 100,000 - - 100,000 100,450 0.05 Korea Development Bank 0.303% 14.06.2023 100,000 - - 100,000 101,150 0.05 Korea Development Bank 0.445% 08.05.2025 - 100,000 - 100,000 101,600 0.05 Korea Gas Corp (Zero-Coupon) 28.11.2023 100,000 - - 100,000 99,750 0.05 Korea Gas Corp 0.2075% 02.08.2023 100,000 - - 100,000 100,450 0.05 Korea Gas Corp RegS 1.125% 12.02.2020 50,000 - 50,000 - - 0.00 Korea Hydro & Nuclear Power Co Ltd (Zero-Coupon) 19.07.2024 100,000 - - 100,000 99,800 0.05 Korea Hydro & Nuclear Power Co Ltd 0.05% 19.07.2027 100,000 - 100,000 - - 0.00 Korea Land & Housing Corp 0.1925% 15.06.2025 - 100,000 - 100,000 100,400 0.05 Korea National Oil Corp (Zero-Coupon) 04.10.2024 - 100,000 - 100,000 99,600 0.05 Korea National Oil Corp 0.2625% 30.07.2027 - 75,000 - 75,000 75,938 0.04 Korea National Oil Corp 0.373% 01.06.2023 200,000 - - 200,000 201,800 0.11 Korea National Oil Corp 0.875% 21.04.2025 - 100,000 - 100,000 103,250 0.05 Korea Railroad Corp (Zero-Coupon) 19.11.2024 - 100,000 100,000 - - 0.00 Korea Railroad Corp (Zero-Coupon) 13.06.2025 - 100,000 - 100,000 99,150 0.05 Korea Water Resources Corp 0.15% 20.09.2023 100,000 - - 100,000 100,250 0.05 Korea Western Power Co Ltd 0.125% 27.02.2024 50,000 - - 50,000 49,900 0.03 2,530,663 1.30 United Arab Emirates Emirates NBD Bank PJSC 0.625% 09.02.2023 100,000 - - 100,000 99,800 0.05 First Abu Dhabi Bank PJSC 0.07% 18.10.2027 - 50,000 - 50,000 47,875 0.02 First Abu Dhabi Bank PJSC 0.205% 04.12.2025 50,000 - - 50,000 49,275 0.03 First Abu Dhabi Bank PJSC 0.3225% 27.09.2023 50,000 - - 50,000 50,100 0.03 First Abu Dhabi Bank PJSC 0.401% 02.10.2024 100,000 - - 100,000 99,250 0.05 First Gulf Bank PJSC 0.625% 27.05.2022 100,000 - - 100,000 99,700 0.05 446,000 0.23 United States Amgen Inc 0.41% 08.03.2023 280,000 - - 280,000 282,940 0.14 Apple Inc 0.375% 25.11.2024 200,000 300,000 150,000 350,000 360,850 0.18 Apple Inc 0.75% 25.02.2030 170,000 - 50,000 120,000 128,520 0.07 AT&T Inc 1.375% 04.12.2024 250,000 - 100,000 150,000 157,650 0.08 AT&T Inc 1.875% 04.12.2030 65,000 - - 65,000 71,435 0.04 Bank of America Corp 0.2525% 12.06.2026 200,000 - 100,000 100,000 100,150 0.05 Citigroup Inc 0.5% 22.11.2024 100,000 - - 100,000 101,850 0.05 Citigroup Inc 0.5% 01.11.2028 - 100,000 - 100,000 101,000 0.05 Citigroup Inc 0.75% 02.04.2026 150,000 - - 150,000 155,250 0.08 Citigroup Inc 3.125% 27.09.2021 75,000 - - 75,000 77,513 0.04 Coca-Cola Co 0.25% 22.12.2022 100,000 - - 100,000 101,100 0.05 Coca-Cola Co 1% 02.10.2028 150,000 100,000 - 250,000 268,875 0.14 Eli Lilly and Co 0.15% 24.05.2024 185,000 - - 185,000 187,590 0.10 Eli Lilly and Co 0.45% 24.05.2028 170,000 - - 170,000 174,675 0.09 Goldman Sachs Group Inc 0.5% 04.12.2024 100,000 - - 100,000 100,400 0.05 Goldman Sachs Group Inc 1% 24.11.2025 175,000 - - 175,000 180,600 0.09 Jackson National Life Global Funding 0.125% 14.07.2028 - 325,000 175,000 150,000 148,500 0.08 Jackson National Life Global Funding 0.3% 18.12.2023 50,000 - - 50,000 50,575 0.03 Jackson National Life Global Funding 0.375% 18.07.2025 100,000 - - 100,000 101,700 0.05 JPMorgan Chase & Co 0.45% 11.11.2026 50,000 - - 50,000 50,850 0.03 JPMorgan Chase & Co 0.5% 04.12.2023 165,000 200,000 100,000 265,000 270,300 0.14

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [259] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) JPMorgan Chase & Co 1.125% 06.11.2020 75,000 - 75,000 - - 0.00 McDonald's Corp 0.17% 04.10.2024 125,000 50,000 - 175,000 176,662 0.09 Metropolitan Life Global Funding I 0.125% 11.06.2027 100,000 - - 100,000 99,500 0.05 Metropolitan Life Global Funding I 0.3% 19.01.2026 75,000 - - 75,000 75,938 0.04 Metropolitan Life Global Funding I 1% 19.09.2022 125,000 - - 125,000 128,312 0.07 Mondelez International Inc 0.625% 30.12.2021 105,000 - - 105,000 105,683 0.05 Mondelez International Inc 0.65% 26.07.2022 100,000 - - 100,000 101,100 0.05 Mondelez International Inc 1.125% 21.12.2023 100,000 - - 100,000 103,400 0.05 Mondelez International Inc 1.125% 30.12.2025 80,000 - - 80,000 83,840 0.04 Nestle Holdings Inc 0.55% 04.10.2032 100,000 - - 100,000 101,950 0.05 New York Life Global Funding 0.25% 18.10.2027 350,000 - 100,000 250,000 249,625 0.13 New York Life Global Funding 0.375% 02.02.2022 130,000 - - 130,000 131,365 0.07 Philip Morris International Inc 1% 18.09.2020 100,000 - 100,000 - - 0.00 Philip Morris International Inc 1.625% 16.05.2024 55,000 - - 55,000 57,805 0.03 Philip Morris International Inc 2% 06.12.2021 100,000 - - 100,000 102,370 0.05 Verizon Communications Inc 0.375% 31.05.2023 375,000 - 150,000 225,000 227,812 0.12 Verizon Communications Inc 1% 30.11.2027 100,000 50,000 - 150,000 157,500 0.08 Wells Fargo & Co 0.375% 02.06.2022 100,000 - - 100,000 100,400 0.05 Wells Fargo & Co 0.5% 02.11.2023 100,000 - - 100,000 100,750 0.05 Wells Fargo & Co 0.625% 03.09.2020 100,000 - 100,000 - - 0.00 Wells Fargo & Co 1.125% 26.05.2028 - 100,000 - 100,000 103,050 0.05 Wells Fargo & Co 1.25% 03.09.2024 55,000 200,000 100,000 155,000 160,502 0.08 5,539,887 2.83 United Kingdom Barclays Plc 1.125% 12.07.2023 200,000 - 200,000 - - 0.00 BAT International Finance Plc 0.625% 08.09.2021 60,000 - - 60,000 60,294 0.03 BAT International Finance Plc 1.375% 08.09.2026 150,000 - - 150,000 156,675 0.08 BP Capital Markets Plc 0.75% 27.09.2021 60,000 - - 60,000 60,432 0.03 BP Capital Markets Plc 1.75% 28.02.2024 50,000 - - 50,000 51,925 0.03 Lloyds Banking Group Plc 1% 04.03.2025 100,000 - - 100,000 102,250 0.05 Nationwide Building Society (Zero-Coupon) 11.07.2025 100,000 - - 100,000 101,600 0.05 Nationwide Building Society 0.1675% 11.07.2031 100,000 - - 100,000 102,350 0.05 Nationwide Building Society 0.485% 11.07.2044 100,000 - 100,000 - - 0.00 NatWest Markets Plc 0.125% 13.09.2023 - 200,000 - 200,000 198,400 0.10 Network Rail Infrastructure Finance Plc 2.75% 06.10.2021 160,000 - - 160,000 165,904 0.08 Vodafone Group Plc 0.375% 03.12.2024 55,000 400,000 325,000 130,000 131,560 0.07 Vodafone Group Plc 0.5% 19.09.2031 50,000 - - 50,000 50,625 0.03 Vodafone Group Plc 0.625% 15.03.2027 50,000 - - 50,000 51,500 0.03 1,233,515 0.63 Total bonds 192,399,768 98.41 Total securities traded on an official stock exchange 192,399,768 98.41 Total securities 192,399,768 98.41 Total investments 192,399,768 98.41

Sight deposits 1,926,194 0.98 Other assets 1,191,323 0.61 Total sub-fund assets 195,517,285 100.00 Other liabilities (1,501,436) (0.77) Net sub-fund assets 194,015,849 99.23 1Inclusive of corporate actions where applicable.

[260] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Securities traded on an official stock exchange Bonds Egypt Egypt Government International Bond 4.55% 20.11.2023 - 400,000 - 400,000 397,000 0.03 Egypt Government International Bond 5.577% 21.02.2023 1,750,000 - - 1,750,000 1,796,484 0.16 Egypt Government International Bond 5.75% 29.05.2024 - 275,000 - 275,000 277,750 0.02 Egypt Government International Bond 5.875% 11.06.2025 2,600,000 - 250,000 2,350,000^ 2,376,437 0.21 Egypt Government International Bond 6.125% 31.01.2022 3,375,000 - 800,000 2,575,000^ 2,636,156 0.23 Egypt Government International Bond 6.2004% 01.03.2024 - 900,000 - 900,000 925,313 0.08 Egypt Government International Bond 6.588% 21.02.2028 2,200,000 - 400,000 1,800,000 1,773,563 0.15 Egypt Government International Bond 6.875% 30.04.2040 450,000 - - 450,000 410,906 0.04 Egypt Government International Bond 7.0529% 15.01.2032 - 975,000 - 975,000 922,289 0.08 Egypt Government International Bond 7.5% 31.01.2027 3,150,000 - - 3,150,000 3,281,906 0.29 Egypt Government International Bond 7.6003% 01.03.2029 1,300,000 1,100,000 - 2,400,000 2,442,000 0.21 Egypt Government International Bond 7.625% 29.05.2032 - 950,000 - 950,000 928,922 0.08 Egypt Government International Bond 7.903% 21.02.2048 2,450,000 2,250,000 2,250,000 2,450,000 2,250,938 0.20 Egypt Government International Bond 8.15% 20.11.2059 - 400,000 - 400,000 371,375 0.03 Egypt Government International Bond 8.5% 31.01.2047 4,300,000 4,100,000 4,300,000 4,100,000 4,044,906 0.35 Egypt Government International Bond 8.7002% 01.03.2049 1,000,000 600,000 - 1,600,000 1,577,000 0.14 Egypt Government International Bond 8.875% 29.05.2050 - 925,000 - 925,000 922,688 0.08 27,335,633 2.38 Angola Angolan Government International Bond 8% 26.11.2029 - 3,150,000 300,000 2,850,000 2,369,062 0.21 Angolan Government International Bond 8.25% 09.05.2028 2,850,000 200,000 - 3,050,000 2,574,391 0.22 Angolan Government International Bond 9.125% 26.11.2049 - 2,100,000 - 2,100,000 1,716,750 0.15 Angolan Government International Bond 9.375% 08.05.2048 2,900,000 400,000 450,000 2,850,000 2,335,219 0.20 Angolan Government International Bond 9.5% 12.11.2025 2,400,000 400,000 400,000 2,400,000 2,182,500 0.19 11,177,922 0.97 Argentina Argentine Republic Government International Bond 3.75% 31.12.2038 3,325,000 900,000 250,000 3,975,000^ 1,652,109 0.14 Argentine Republic Government International Bond 4.625% 11.01.2023 1,000,000 200,000 - 1,200,000 529,125 0.05 Argentine Republic Government International Bond 5.625% 26.01.2022 2,075,000 200,000 - 2,275,000 1,003,275 0.09 Argentine Republic Government International Bond 5.875% 11.01.2028 2,750,000 500,000 - 3,250,000 1,365,000 0.12 Argentine Republic Government International Bond 6.625% 06.07.2028 700,000 - - 700,000 293,344 0.03 Argentine Republic Government International Bond 6.875% 22.04.2021 2,750,000 - 2,750,000 - - 0.00 Argentine Republic Government International Bond 6.875% 26.01.2027 2,300,000 400,000 - 2,700,000 1,134,000 0.10 Argentine Republic Government International Bond 6.875% 11.01.2048 1,850,000 800,000 150,000 2,500,000 1,028,125 0.09 Argentine Republic Government International Bond 7.125% 06.07.2036 1,100,000 400,000 - 1,500,000 635,625 0.05 Argentine Republic Government International Bond 7.125% 28.06.2117 1,755,000 300,000 - 2,055,000 845,119 0.07 Argentine Republic Government International Bond 7.5% 22.04.2026 4,150,000 1,000,000 - 5,150,000 2,203,234 0.19

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [261] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Argentine Republic Government International Bond 7.625% 22.04.2046 1,850,000 - - 1,850,000 790,875 0.07 Argentine Republic Government International Bond 8.28% 31.12.2033 3,084,484 420,611 140,204 3,364,891 1,703,476 0.15 Argentine Republic Government International Bond 8.28% 31.12.2033 841,223 280,408 - 1,121,631 565,372 0.05 13,748,679 1.20 Armenia Republic of Armenia International Bond 3.95% 26.09.2029 - 800,000 - 800,000 790,750 0.07 Republic of Armenia International Bond 6% 30.09.2020 600,000 - 600,000 - - 0.00 Republic of Armenia International Bond 7.15% 26.03.2025 1,100,000 - 300,000 800,000 911,000 0.08 1,701,750 0.15 Azerbaijan Republic of Azerbaijan International Bond 3.5% 01.09.2032 1,700,000 - - 1,700,000 1,692,031 0.15 Republic of Azerbaijan International Bond 4.75% 18.03.2024 2,050,000 500,000 400,000 2,150,000 2,317,969 0.20 Southern Gas Corridor CJSC 6.875% 24.03.2026 3,200,000 3,200,000 3,200,000 3,200,000 3,772,000 0.33 State Oil Co of the Azerbaijan Republic 4.75% 13.03.2023 1,600,000 - - 1,600,000 1,674,500 0.15 State Oil Co of the Azerbaijan Republic 6.95% 18.03.2030 1,300,000 200,000 250,000 1,250,000 1,505,469 0.13 10,961,969 0.96 Ethiopia Ethiopia International Bond 6.625% 11.12.2024 1,650,000 - - 1,650,000 1,625,766 0.14 1,625,766 0.14 Australia CNOOC Curtis Funding No 1 Pty Ltd 4.5% 03.10.2023 600,000 - - 600,000 662,062 0.06 662,062 0.06 Bahrain Bahrain Government International Bond 5.625% 30.09.2031 - 1,275,000 - 1,275,000 1,290,141 0.11 Bahrain Government International Bond 6% 19.09.2044 1,350,000 850,000 - 2,200,000 2,165,625 0.19 Bahrain Government International Bond 6.125% 05.07.2022 1,000,000 1,200,000 - 2,200,000 2,297,625 0.20 Bahrain Government International Bond 6.125% 01.08.2023 1,800,000 250,000 - 2,050,000 2,179,406 0.19 Bahrain Government International Bond 6.75% 20.09.2029 1,650,000 250,000 - 1,900,000 2,098,906 0.18 Bahrain Government International Bond 7% 26.01.2026 1,000,000 500,000 - 1,500,000 1,680,937 0.14 Bahrain Government International Bond 7% 12.10.2028 2,050,000 200,000 - 2,250,000 2,515,781 0.22 Bahrain Government International Bond 7.375% 14.05.2030 - 375,000 - 375,000 429,375 0.04 Bahrain Government International Bond 7.5% 20.09.2047 1,100,000 - - 1,100,000 1,227,188 0.11 CBB International Sukuk Co 5 Spc 5.624% 12.02.2024 1,150,000 900,000 - 2,050,000 2,140,969 0.19 CBB International Sukuk Co 6 Spc 5.25% 20.03.2025 1,000,000 - - 1,000,000 1,046,563 0.09 CBB International Sukuk Co 7 SPC 6.875% 05.10.2025 1,500,000 500,000 - 2,000,000 2,244,375 0.19 CBB International Sukuk Programme Co SPC 4.5% 30.03.2027 - 1,500,000 - 1,500,000 1,509,375 0.13 CBB International Sukuk Programme Co SPC 6.25% 14.11.2024 - 500,000 - 500,000 539,844 0.05 Oil and Gas Holding Co BSCC 7.625% 07.11.2024 700,000 - - 700,000 764,531 0.07 Oil and Gas Holding Co BSCC 8.375% 07.11.2028 1,000,000 - - 1,000,000 1,125,000 0.10 25,255,641 2.20

[262] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Barbados Barbados Government International Bond 6.5% 01.10.2029 - 800,000 - 800,000^ 759,750 0.07 759,750 0.07 Belize Belize Government International Bond 4.9375% 20.02.2034 910,000 - - 910,000 386,750 0.03 386,750 0.03 Bolivia Bolivian Government International Bond 4.5% 20.03.2028 2,100,000 - 300,000 1,800,000 1,591,875 0.14 Bolivian Government International Bond 4.875% 29.10.2022 1,050,000 - - 1,050,000^ 1,023,422 0.09 Bolivian Government International Bond 5.95% 22.08.2023 - 550,000 - 550,000 544,500 0.05 3,159,797 0.28 Brazil Banco Nacional de Desenvolvimento Economico e Social 5.75% 26.09.2023 1,100,000 - - 1,100,000^ 1,207,250 0.11 Brazilian Government International Bond 2.625% 05.01.2023 1,950,000 - - 1,950,000 2,007,281 0.17 Brazilian Government International Bond 2.875% 06.06.2025 - 200,000 - 200,000 202,800 0.02 Brazilian Government International Bond 3.875% 12.06.2030 - 375,000 - 375,000 382,875 0.03 Brazilian Government International Bond 4.25% 07.01.2025 3,700,000 300,000 500,000 3,500,000 3,774,531 0.33 Brazilian Government International Bond 4.5% 30.05.2029 500,000 1,600,000 - 2,100,000 2,256,844 0.20 Brazilian Government International Bond 4.625% 13.01.2028 2,500,000 - - 2,500,000 2,731,250 0.24 Brazilian Government International Bond 4.75% 14.01.2050 - 2,300,000 - 2,300,000 2,377,625 0.21 Brazilian Government International Bond 4.875% 22.01.2021 1,450,000 - 1,450,000 - - 0.00 Brazilian Government International Bond 5% 27.01.2045 2,800,000 200,000 - 3,000,000 3,174,375 0.28 Brazilian Government International Bond 5.625% 07.01.2041 1,750,000 200,000 - 1,950,000 2,209,594 0.19 Brazilian Government International Bond 5.625% 21.02.2047 2,400,000 - - 2,400,000 2,748,750 0.24 Brazilian Government International Bond 6% 07.04.2026 1,800,000 500,000 400,000 1,900,000 2,236,656 0.19 Brazilian Government International Bond 7.125% 20.01.2037 1,675,000 - 100,000 1,575,000 2,025,844 0.18 Brazilian Government International Bond 8.25% 20.01.2034 1,475,000 - 200,000 1,275,000 1,758,703 0.15 Brazilian Government International Bond 8.75% 04.02.2025 750,000 - - 750,000 929,297 0.08 Brazilian Government International Bond 8.875% 15.04.2024 750,000 - - 750,000 937,500 0.08 Brazilian Government International Bond 10.125% 15.05.2027 700,000 - - 700,000 950,469 0.08 31,911,644 2.78 Virgin Islands (British) CCTI 2017 Ltd 3.625% 08.08.2022 200,000 - - 200,000 201,938 0.02 CDBI Treasure I Ltd 2.25% 02.08.2021 200,000 - - 200,000 201,438 0.02 China Huadian Overseas Development 2018 Ltd 3.375% (Perpetual) - 225,000 - 225,000 229,664 0.02 China Huadian Overseas Development 2018 Ltd 3.875% 17.05.2023 200,000 - - 200,000 211,552 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [263] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) China Huadian Overseas Development Management Co Ltd 4% (Perpetual) 430,000 - - 430,000 447,359 0.04 China Huaneng Group Hong Kong Treasury Management Holding Ltd 2.6% 10.12.2024 - 200,000 - 200,000 208,125 0.02 China Huaneng Group Hong Kong Treasury Management Holding Ltd 3% 10.12.2029 - 200,000 - 200,000 214,250 0.02 Chinalco Capital Holdings Ltd 4% 25.08.2021 200,000 - 200,000 - - 0.00 Chinalco Capital Holdings Ltd 4.1% (Perpetual) - 200,000 - 200,000 201,750 0.02 CNPC Global Capital Ltd 1.35% 23.06.2025 - 400,000 - 400,000 402,073 0.03 CNPC Global Capital Ltd 2% 23.06.2030 - 400,000 - 400,000 404,573 0.03 CNRC Capitale Ltd 3.9% (Perpetual) 200,000 - - 200,000 202,938 0.02 Dianjian Haixing Ltd 4.05% (Perpetual) 400,000 - 400,000 - - 0.00 Dianjian Haiyu Ltd 4.3% (Perpetual) 200,000 - - 200,000 203,000 0.02 Huaneng Hong Kong Capital Ltd 3.6% (Perpetual) 250,000 - - 250,000 251,641 0.02 JIC Zhixin Ltd 3% 24.11.2022 200,000 - - 200,000 205,188 0.02 King Power Capital Ltd 5.625% 03.11.2024 400,000 - - 400,000 460,875 0.04 Leader Goal International Ltd 4.25% (Perpetual) 200,000 - - 200,000 203,250 0.02 Minmetals Bounteous Finance BVI Ltd 3.375% (Perpetual) - 375,000 - 375,000 377,227 0.03 Minmetals Bounteous Finance BVI Ltd 4.2% 27.07.2026 300,000 - - 300,000 334,683 0.03 Minmetals Bounteous Finance BVI Ltd 4.75% 30.07.2025 400,000 - - 400,000 451,875 0.04 Prosperous Ray Ltd 4.625% 12.11.2023 200,000 - - 200,000 215,818 0.02 Rongshi International Finance Ltd 2.875% 04.05.2022 200,000 - - 200,000 204,796 0.02 Rongshi International Finance Ltd 3.25% 21.05.2024 300,000 - - 300,000 317,344 0.03 Rongshi International Finance Ltd 3.625% 04.05.2027 200,000 - - 200,000 220,125 0.02 Rongshi International Finance Ltd 3.75% 21.05.2029 465,000 - - 465,000 522,108 0.04 Sinochem Overseas Capital Co Ltd 4.5% 12.11.2020 700,000 - 700,000 - - 0.00 Sinochem Overseas Capital Co Ltd 6.3% 12.11.2040 200,000 - - 200,000^ 303,125 0.03 Sinopec Group Overseas Development 2012 Ltd 3.9% 17.05.2022 1,000,000 - - 1,000,000 1,047,500 0.09 Sinopec Group Overseas Development 2013 Ltd 4.375% 17.10.2023 700,000 - - 700,000 769,230 0.07 Sinopec Group Overseas Development 2015 Ltd 3.25% 28.04.2025 1,050,000 - - 1,050,000 1,141,547 0.10 Sinopec Group Overseas Development 2015 Ltd 4.1% 28.04.2045 200,000 - - 200,000 251,312 0.02 Sinopec Group Overseas Development 2016 Ltd 2% 29.09.2021 750,000 - - 750,000 757,500 0.07 Sinopec Group Overseas Development 2016 Ltd 2.75% 03.05.2021 700,000 - 700,000 - - 0.00 Sinopec Group Overseas Development 2017 Ltd 3.25% 13.09.2027 400,000 - - 400,000 437,750 0.04 Sinopec Group Overseas Development 2018 Ltd 2.15% 13.05.2025 - 200,000 - 200,000 207,978 0.02 Sinopec Group Overseas Development 2018 Ltd 2.5% 12.11.2024 - 500,000 - 500,000 524,219 0.04 Sinopec Group Overseas Development 2018 Ltd 2.7% 13.05.2030 - 750,000 - 750,000 801,982 0.07 Sinopec Group Overseas Development 2018 Ltd 2.95% 12.11.2029 - 1,300,000 500,000 800,000 869,104 0.08 Sinopec Group Overseas Development 2018 Ltd 3.35% 13.05.2050 - 225,000 - 225,000 256,219 0.02 Sinopec Group Overseas Development 2018 Ltd 3.44% 12.11.2049 - 300,000 300,000 - - 0.00 Sinopec Group Overseas Development 2018 Ltd 3.68% 08.08.2049 - 450,000 - 450,000 540,984 0.05 Sinopec Group Overseas Development 2018 Ltd 4.25% 12.09.2028 300,000 - - 300,000 353,622 0.03

[264] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) SPIC 2016 US dollar Bond Co Ltd 3% 06.12.2021 400,000 - - 400,000 408,375 0.03 State Grid Overseas Investment 2013 Ltd 3.125% 22.05.2023 700,000 - - 700,000 741,125 0.06 State Grid Overseas Investment 2013 Ltd 4.375% 22.05.2043 250,000 - - 250,000 330,750 0.03 State Grid Overseas Investment 2014 Ltd 4.125% 07.05.2024 600,000 - - 600,000 665,437 0.06 State Grid Overseas Investment 2014 Ltd 4.85% 07.05.2044 200,000 - - 200,000 284,782 0.02 State Grid Overseas Investment 2016 Ltd 1.625% 05.08.2030 - 400,000 - 400,000 394,807 0.03 State Grid Overseas Investment 2016 Ltd 2.125% 18.05.2021 200,000 - 200,000 - - 0.00 State Grid Overseas Investment 2016 Ltd 2.75% 04.05.2022 800,000 - - 800,000 823,750 0.07 State Grid Overseas Investment 2016 Ltd 2.875% 18.05.2026 300,000 - - 300,000 327,937 0.03 State Grid Overseas Investment 2016 Ltd 3.5% 04.05.2027 1,000,000 - - 1,000,000 1,121,875 0.10 State Grid Overseas Investment 2016 Ltd 3.75% 02.05.2023 200,000 - - 200,000 214,813 0.02 State Grid Overseas Investment 2016 Ltd 4% 04.05.2047 200,000 - - 200,000 258,187 0.02 State Grid Overseas Investment 2016 Ltd 4.25% 02.05.2028 500,000 250,000 - 750,000 890,859 0.08 Sunny Express Enterprises Corp 3.125% 23.04.2030 - 200,000 - 200,000 215,465 0.02 Sunny Express Enterprises Corp 3.5% 21.03.2022 250,000 - - 250,000 257,567 0.02 22,091,391 1.93 Chile Banco del Estado de Chile 2.668% 08.01.2021 1,000,000 - 1,000,000 - - 0.00 Banco del Estado de Chile 2.704% 09.01.2025 - 275,000 - 275,000 284,883 0.03 Banco del Estado de Chile 3.875% 08.02.2022 600,000 - - 600,000 621,750 0.06 Banco del Estado de Chile 4.125% 07.10.2020 100,000 - 100,000 - - 0.00 Chile Government International Bond 2.45% 31.01.2031 - 1,000,000 - 1,000,000 1,068,500 0.09 Chile Government International Bond 2.55% 27.01.2032 - 1,000,000 - 1,000,000 1,076,875 0.09 Chile Government International Bond 3.125% 21.01.2026 1,100,000 - - 1,100,000 1,227,531 0.11 Chile Government International Bond 3.24% 06.02.2028 2,400,000 - 300,000 2,100,000 2,357,906 0.21 Chile Government International Bond 3.5% 25.01.2050 700,000 1,300,000 - 2,000,000 2,440,625 0.21 Chile Government International Bond 3.86% 21.06.2047 1,850,000 - 400,000 1,450,000 1,852,375 0.16 Corp Nacional del Cobre de Chile 3% 30.09.2029 - 1,000,000 - 1,000,000 1,062,500 0.09 Corp Nacional del Cobre de Chile 3.15% 14.01.2030 - 1,300,000 - 1,300,000 1,399,531 0.12 Corp Nacional del Cobre de Chile 3.625% 01.08.2027 2,350,000 - 250,000 2,100,000 2,298,844 0.20 Corp Nacional del Cobre de Chile 3.7% 30.01.2050 - 1,800,000 - 1,800,000 2,004,750 0.18 Corp Nacional del Cobre de Chile 3.7% 30.01.2050 - 1,000,000 1,000,000 - - 0.00 Corp Nacional del Cobre de Chile 3.75% 15.01.2031 - 200,000 - 200,000^ 226,500 0.02 Corp Nacional del Cobre de Chile 4.25% 17.07.2042 1,250,000 - 250,000 1,000,000 1,170,938 0.10 Corp Nacional del Cobre de Chile 4.375% 05.02.2049 1,075,000 250,000 - 1,325,000 1,630,992 0.14 Corp Nacional del Cobre de Chile 4.5% 16.09.2025 2,150,000 - 700,000 1,450,000 1,643,484 0.14 Corp Nacional del Cobre de Chile 4.5% 01.08.2047 1,200,000 - - 1,200,000^ 1,488,375 0.13 Corp Nacional del Cobre de Chile 4.875% 04.11.2044 1,400,000 - 250,000 1,150,000 1,476,672 0.13 Corp Nacional del Cobre de Chile 5.625% 21.09.2035 100,000 - - 100,000 129,750 0.01 Corp Nacional del Cobre de Chile 5.625% 18.10.2043 1,400,000 - - 1,400,000^ 1,932,437 0.17 Corp Nacional del Cobre de Chile 6.15% 24.10.2036 350,000 - - 350,000^ 471,953 0.04 Empresa de Transporte de Pasajeros Metro SA 3.65% 07.05.2030 - 600,000 - 600,000 667,500 0.06 Empresa de Transporte de Pasajeros Metro SA 4.75% 04.02.2024 900,000 - 900,000 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [265] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Empresa Nacional del Petroleo 4.375% 30.10.2024 650,000 - - 650,000 702,955 0.06 Empresa Nacional del Petroleo 5.25% 06.11.2029 600,000 - - 600,000 686,813 0.06 29,924,439 2.61 China Agricultural Development Bank of China 0.926% 27.09.2021 300,000 - - 300,000 300,015 0.03 China Development Bank 2.125% 01.06.2021 500,000 - 500,000 - - 0.00 China Development Bank 2.5% 09.10.2020 1,450,000 - 1,450,000 - - 0.00 China Development Bank 2.625% 24.01.2022 1,000,000 - - 1,000,000 1,022,812 0.09 China Development Bank 3% 01.06.2026 200,000 500,000 - 700,000 763,438 0.07 China Development Bank 3.375% 24.01.2027 250,000 - - 250,000 276,484 0.02 China Development Bank 4% 24.01.2037 200,000 - - 200,000 241,375 0.02 China Government International Bond 1.875% 03.12.2022 - 400,000 - 400,000 411,875 0.04 China Government International Bond 1.95% 03.12.2024 - 1,300,000 - 1,300,000 1,367,844 0.12 China Government International Bond 2.125% 03.12.2029 - 1,000,000 - 1,000,000 1,089,062 0.10 China Government International Bond 2.625% 02.11.2027 650,000 - - 650,000 716,828 0.06 China Government International Bond 2.75% 03.12.2039 - 200,000 - 200,000 220,813 0.02 China Government International Bond 3.25% 19.10.2023 1,000,000 - - 1,000,000 1,081,875 0.09 China Government International Bond 3.5% 19.10.2028 300,000 - - 300,000 354,656 0.03 China Government International Bond 4% 19.10.2048 300,000 - - 300,000 414,750 0.04 China Minmetals Corp 3.75% (Perpetual) 500,000 - - 500,000 506,406 0.04 Export-Import Bank of China 2% 26.04.2021 500,000 - 500,000 - - 0.00 Export-Import Bank of China 2.625% 14.03.2022 550,000 - - 550,000 565,026 0.05 Export-Import Bank of China 2.75% 28.11.2022 200,000 - - 200,000 207,813 0.02 Export-Import Bank of China 2.875% 26.04.2026 650,000 - - 650,000 702,813 0.06 Export-Import Bank of China 3.25% 28.11.2027 600,000 - - 600,000 662,625 0.06 Export-Import Bank of China 3.375% 14.03.2027 250,000 - - 250,000 275,703 0.02 Export-Import Bank of China 3.625% 31.07.2024 400,000 - - 400,000 438,125 0.04 Export-Import Bank of China 4% 28.11.2047 200,000 - - 200,000 260,500 0.02 11,880,838 1.04 Costa Rica Costa Rica Government International Bond 4.25% 26.01.2023 1,850,000 - 300,000 1,550,000 1,480,250 0.13 Costa Rica Government International Bond 4.375% 30.04.2025 800,000 - - 800,000 737,000 0.07 Costa Rica Government International Bond 5.625% 30.04.2043 900,000 400,000 500,000 800,000 647,250 0.06 Costa Rica Government International Bond 6.125% 19.02.2031 - 1,875,000 - 1,875,000 1,705,664 0.15 Costa Rica Government International Bond 7% 04.04.2044 1,600,000 - - 1,600,000 1,425,000 0.12 Costa Rica Government International Bond 7.158% 12.03.2045 1,700,000 800,000 400,000 2,100,000 1,873,594 0.16 Instituto Costarricense de Electricidad 6.375% 15.05.2043 700,000 200,000 - 900,000 700,312 0.06 Instituto Costarricense de Electricidad 6.95% 10.11.2021 800,000 - - 800,000 797,750 0.07 9,366,820 0.82 Dominican Republic Dominican Republic International Bond 4.5% 30.01.2030 - 1,700,000 - 1,700,000 1,641,562 0.14 Dominican Republic International Bond 5.5% 27.01.2025 2,800,000 - - 2,800,000 2,900,625 0.25 Dominican Republic International Bond 5.875% 18.04.2024 2,050,000 400,000 750,000 1,700,000 1,777,031 0.16 Dominican Republic International Bond 5.875% 30.01.2060 - 2,300,000 - 2,300,000 2,192,906 0.19

[266] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Dominican Republic International Bond 5.95% 25.01.2027 2,850,000 - - 2,850,000^ 3,012,094 0.26 Dominican Republic International Bond 6% 19.07.2028 1,975,000 - - 1,975,000 2,096,586 0.18 Dominican Republic International Bond 6.4% 05.06.2049 1,475,000 800,000 - 2,275,000^ 2,295,617 0.20 Dominican Republic International Bond 6.5% 15.02.2048 1,700,000 - - 1,700,000 1,730,281 0.15 Dominican Republic International Bond 6.6% 28.01.2024 300,000 - - 300,000 322,969 0.03 Dominican Republic International Bond 6.85% 27.01.2045 3,100,000 - - 3,100,000 3,267,594 0.29 Dominican Republic International Bond 6.875% 29.01.2026 2,800,000 - 400,000 2,400,000^ 2,641,500 0.23 Dominican Republic International Bond 7.45% 30.04.2044 2,625,000 - - 2,625,000 2,957,227 0.26 Dominican Republic International Bond 7.5% 06.05.2021 700,000 - 700,000 - - 0.00 26,835,992 2.34 Ecuador DIFC Sukuk Ltd 4.325% 12.11.2024 - 300,000 - 300,000 306,844 0.03 Ecuador Government International Bond 7.875% 27.03.2025 - 750,000 - 750,000 376,875 0.03 Ecuador Government International Bond 7.875% 23.01.2028 4,700,000 - 200,000 4,500,000 2,250,000 0.20 Ecuador Government International Bond 7.95% 20.06.2024 2,700,000 - - 2,700,000 1,451,250 0.13 Ecuador Government International Bond 8.75% 02.06.2023 1,650,000 1,500,000 - 3,150,000 1,653,750 0.14 Ecuador Government International Bond 8.875% 23.10.2027 3,750,000 - 400,000 3,350,000 1,691,750 0.15 Ecuador Government International Bond 9.5% 27.03.2030 - 1,650,000 - 1,650,000 849,750 0.07 Ecuador Government International Bond 9.625% 02.06.2027 1,350,000 - - 1,350,000 681,750 0.06 Ecuador Government International Bond 9.65% 13.12.2026 2,450,000 700,000 - 3,150,000 1,594,687 0.14 Ecuador Government International Bond 10.75% 28.03.2022 4,000,000 400,000 750,000 3,650,000 1,961,875 0.17 Ecuador Government International Bond 10.75% 31.01.2029 2,225,000 450,000 - 2,675,000 1,350,875 0.12 14,169,406 1.24 El Salvador El Salvador Government International Bond 5.875% 30.01.2025 1,700,000 - - 1,700,000 1,540,094 0.13 El Salvador Government International Bond 6.375% 18.01.2027 1,400,000 - - 1,400,000 1,239,437 0.11 El Salvador Government International Bond 7.1246% 20.01.2050 375,000 1,400,000 - 1,775,000 1,466,594 0.13 El Salvador Government International Bond 7.625% 01.02.2041 700,000 300,000 - 1,000,000 877,500 0.08 El Salvador Government International Bond 7.65% 15.06.2035 2,035,000 - - 2,035,000 1,814,966 0.16 El Salvador Government International Bond 7.75% 24.01.2023 700,000 - - 700,000 686,437 0.06 El Salvador Government International Bond 8.25% 10.04.2032 150,000 - - 150,000 141,797 0.01 El Salvador Government International Bond 8.625% 28.02.2029 1,775,000 - 200,000 1,575,000 1,542,516 0.13 El Salvador Government International Bond 9.5% 15.07.2052 - 1,100,000 - 1,100,000 1,111,687 0.10 10,421,028 0.91 Ivory Coast Ivory Coast Government International Bond 5.375% 23.07.2024 700,000 - 700,000 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [267] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Ivory Coast Government International Bond 5.75% 31.12.2032 2,640,000 513,000 1,410,000 1,743,000 1,683,629 0.15 Ivory Coast Government International Bond 6.125% 15.06.2033 2,350,000 - 300,000 2,050,000 2,000,031 0.17 Ivory Coast Government International Bond 6.375% 03.03.2028 1,500,000 200,000 - 1,700,000 1,729,750 0.15 5,413,410 0.47 Gabon Gabon Government International Bond 6.375% 12.12.2024 2,700,000 - 1,177,299 1,522,701 1,494,151 0.13 Gabon Government International Bond 6.625% 06.02.2031 - 1,500,000 - 1,500,000 1,421,250 0.12 Gabon Government International Bond 6.95% 16.06.2025 1,100,000 - - 1,100,000 1,079,031 0.10 3,994,432 0.35 Georgia Georgia Government International Bond 6.875% 12.04.2021 850,000 - 850,000 - - 0.00 Georgian Railway JSC 7.75% 11.07.2022 700,000 - - 700,000 714,980 0.06 714,980 0.06 Ghana Ghana Government International Bond 6.375% 11.02.2027 - 2,250,000 250,000 2,000,000 1,843,750 0.16 Ghana Government International Bond 7.625% 16.05.2029 2,000,000 - 300,000 1,700,000 1,575,156 0.14 Ghana Government International Bond 7.875% 07.08.2023 1,322,097 - 1,322,097 - - 0.00 Ghana Government International Bond 7.875% 26.03.2027 750,000 700,000 300,000 1,150,000 1,120,172 0.10 Ghana Government International Bond 7.875% 11.02.2035 - 1,850,000 200,000 1,650,000^ 1,459,734 0.13 Ghana Government International Bond 8.125% 18.01.2026 1,550,000 400,000 300,000 1,650,000 1,655,156 0.14 Ghana Government International Bond 8.125% 26.03.2032 1,925,000 200,000 - 2,125,000 1,980,235 0.17 Ghana Government International Bond 8.627% 16.06.2049 1,800,000 - 200,000 1,600,000 1,411,000 0.12 Ghana Government International Bond 8.75% 11.03.2061 - 1,250,000 - 1,250,000 1,101,172 0.10 Ghana Government International Bond 8.95% 26.03.2051 1,650,000 200,000 200,000 1,650,000 1,486,547 0.13 13,632,922 1.19 Guatemala Guatemala Government Bond 4.375% 05.06.2027 900,000 - - 900,000 960,469 0.08 Guatemala Government Bond 4.5% 03.05.2026 1,500,000 - 250,000 1,250,000 1,338,672 0.12 Guatemala Government Bond 4.875% 13.02.2028 1,300,000 - - 1,300,000 1,438,937 0.13 Guatemala Government Bond 4.9% 01.06.2030 700,000 - - 700,000 778,531 0.07 Guatemala Government Bond 5.375% 24.04.2032 - 600,000 - 600,000 679,875 0.06 Guatemala Government Bond 5.75% 06.06.2022 800,000 - - 800,000 844,000 0.07 Guatemala Government Bond 6.125% 01.06.2050 975,000 1,400,000 - 2,375,000 2,893,047 0.25 8,933,531 0.78 Honduras Honduras Government International Bond 5.625% 24.06.2030 - 225,000 - 225,000 235,913 0.02 Honduras Government International Bond 6.25% 19.01.2027 1,150,000 - - 1,150,000 1,245,234 0.11

[268] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Honduras Government International Bond 7.5% 15.03.2024 1,050,000 - 200,000 850,000 927,828 0.08 Honduras Government International Bond 8.75% 16.12.2020 550,000 - 550,000 - - 0.00 2,408,975 0.21 Hong Kong CGNPC International Ltd 2.75% 02.07.2024 400,000 - 400,000 - - 0.00 CNAC HK Finbridge Co Ltd 3.375% 19.06.2024 200,000 - - 200,000 210,500 0.02 CNAC HK Finbridge Co Ltd 3.5% 19.07.2022 500,000 - - 500,000 516,250 0.05 CNAC HK Finbridge Co Ltd 3.875% 19.06.2029 200,000 400,000 - 600,000 671,250 0.06 CNAC HK Finbridge Co Ltd 4.125% 14.03.2021 300,000 - 300,000 - - 0.00 CNAC HK Finbridge Co Ltd 4.125% 19.07.2027 400,000 - - 400,000 444,875 0.04 CNAC HK Finbridge Co Ltd 4.625% 14.03.2023 850,000 250,000 - 1,100,000 1,176,043 0.10 CNAC HK Finbridge Co Ltd 4.875% 14.03.2025 500,000 - - 500,000 563,125 0.05 CNAC HK Finbridge Co Ltd 5.125% 14.03.2028 800,000 - - 800,000 952,750 0.08 4,534,793 0.40 India Export-Import Bank of India 3.125% 20.07.2021 1,800,000 - 1,800,000 - - 0.00 Export-Import Bank of India 3.25% 15.01.2030 - 1,950,000 - 1,950,000 1,978,641 0.17 Export-Import Bank of India 3.875% 12.03.2024 500,000 - - 500,000 528,750 0.05 Export-Import Bank of India 3.875% 01.02.2028 950,000 500,000 - 1,450,000 1,526,864 0.13 Export-Import Bank of India 4% 14.01.2023 1,000,000 200,000 - 1,200,000 1,260,750 0.11 Indian Railway Finance Corp Ltd 3.249% 13.02.2030 - 400,000 - 400,000 400,500 0.04 Indian Railway Finance Corp Ltd 3.249% 13.02.2030 - 700,000 - 700,000 700,875 0.06 Indian Railway Finance Corp Ltd 3.73% 29.03.2024 700,000 - - 700,000 737,844 0.06 Indian Railway Finance Corp Ltd 3.835% 13.12.2027 950,000 - - 950,000 1,017,094 0.09 8,151,318 0.71 Indonesia Hutama Karya Persero PT 3.75% 11.05.2030 - 500,000 - 500,000 543,125 0.05 Indonesia Asahan Aluminium Persero PT 4.75% 15.05.2025 - 400,000 - 400,000 440,500 0.04 Indonesia Asahan Aluminium Persero PT 5.23% 15.11.2021 500,000 - 500,000 - - 0.00 Indonesia Asahan Aluminium Persero PT 5.45% 15.05.2030 - 400,000 - 400,000 474,000 0.04 Indonesia Asahan Aluminium Persero PT 5.71% 15.11.2023 575,000 - 200,000 375,000 414,258 0.04 Indonesia Asahan Aluminium Persero PT 5.8% 15.05.2050 - 300,000 - 300,000 369,750 0.03 Indonesia Asahan Aluminium Persero PT 6.53% 15.11.2028 400,000 - - 400,000 495,000 0.04 Indonesia Asahan Aluminium Persero PT 6.757% 15.11.2048 400,000 - - 400,000 529,396 0.05 Indonesia Government International Bond 2.85% 14.02.2030 - 800,000 300,000 500,000^ 527,500 0.05 Indonesia Government International Bond 2.95% 11.01.2023 700,000 - - 700,000 726,306 0.06 Indonesia Government International Bond 3.375% 15.04.2023 850,000 - - 850,000 895,422 0.08 Indonesia Government International Bond 3.4% 18.09.2029 400,000 - - 400,000 440,000 0.04 Indonesia Government International Bond 3.5% 11.01.2028 800,000 - 250,000 550,000 604,484 0.05 Indonesia Government International Bond 3.5% 14.02.2050 - 400,000 - 400,000^ 429,500 0.04 Indonesia Government International Bond 3.7% 08.01.2022 200,000 - - 200,000 207,750 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [269] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Indonesia Government International Bond 3.7% 30.10.2049 - 300,000 - 300,000 329,625 0.03 Indonesia Government International Bond 3.75% 25.04.2022 900,000 - - 900,000 937,125 0.08 Indonesia Government International Bond 3.85% 18.07.2027 600,000 - - 600,000 671,812 0.06 Indonesia Government International Bond 3.85% 15.10.2030 - 500,000 - 500,000 575,000 0.05 Indonesia Government International Bond 4.1% 24.04.2028 650,000 - - 650,000 744,250 0.06 Indonesia Government International Bond 4.125% 15.01.2025 1,100,000 - - 1,100,000 1,225,469 0.11 Indonesia Government International Bond 4.2% 15.10.2050 - 800,000 - 800,000 956,000 0.08 Indonesia Government International Bond 4.35% 08.01.2027 700,000 - - 700,000 802,594 0.07 Indonesia Government International Bond 4.35% 11.01.2048 700,000 - - 700,000 840,656 0.07 Indonesia Government International Bond 4.45% 11.02.2024 200,000 - - 200,000 220,938 0.02 Indonesia Government International Bond 4.45% 15.04.2070 - 200,000 - 200,000 249,250 0.02 Indonesia Government International Bond 4.625% 15.04.2043 550,000 - - 550,000 675,297 0.06 Indonesia Government International Bond 4.75% 08.01.2026 1,300,000 - - 1,300,000 1,502,312 0.13 Indonesia Government International Bond 4.75% 11.02.2029 375,000 250,000 - 625,000 751,562 0.07 Indonesia Government International Bond 4.75% 18.07.2047 500,000 - - 500,000 633,594 0.05 Indonesia Government International Bond 4.875% 05.05.2021 500,000 - 500,000 - - 0.00 Indonesia Government International Bond 5.125% 15.01.2045 600,000 250,000 - 850,000 1,115,359 0.10 Indonesia Government International Bond 5.25% 17.01.2042 1,150,000 - - 1,150,000 1,511,891 0.13 Indonesia Government International Bond 5.25% 08.01.2047 850,000 - - 850,000 1,142,453 0.10 Indonesia Government International Bond 5.35% 11.02.2049 325,000 200,000 - 525,000 719,414 0.06 Indonesia Government International Bond 5.375% 17.10.2023 450,000 - - 450,000 505,266 0.04 Indonesia Government International Bond 5.875% 15.01.2024 600,000 500,000 - 1,100,000 1,261,906 0.11 Indonesia Government International Bond 5.95% 08.01.2046 650,000 - - 650,000 940,062 0.08 Indonesia Government International Bond 6.625% 17.02.2037 400,000 300,000 - 700,000 1,004,062 0.09 Indonesia Government International Bond 6.75% 15.01.2044 1,250,000 - 200,000 1,050,000 1,616,344 0.14 Indonesia Government International Bond 7.75% 17.01.2038 1,150,000 - 200,000 950,000 1,503,375 0.13 Indonesia Government International Bond 8.5% 12.10.2035 700,000 - - 700,000 1,144,500 0.10 Lembaga Pembiayaan Ekspor Indonesia 3.875% 06.04.2024 200,000 - - 200,000 208,313 0.02 Pelabuhan Indonesia II PT 4.25% 05.05.2025 600,000 - - 600,000 640,312 0.06 Pelabuhan Indonesia II PT 5.375% 05.05.2045 200,000 - - 200,000 224,375 0.02 Pelabuhan Indonesia III Persero PT 4.5% 02.05.2023 250,000 - - 250,000 264,141 0.02 Pelabuhan Indonesia III Persero PT 4.875% 01.10.2024 400,000 - 200,000 200,000 215,063 0.02

[270] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Pertamina Persero PT 3.1% 27.08.2030 - 400,000 - 400,000 414,500 0.04 Pertamina Persero PT 3.1% 22.10.2030 - 500,000 250,000 250,000 259,961 0.02 Pertamina Persero PT 3.65% 30.07.2029 200,000 - - 200,000 214,625 0.02 Pertamina Persero PT 4.15% 25.02.2060 - 400,000 - 400,000 423,750 0.04 Pertamina Persero PT 4.175% 21.01.2050 - 600,000 - 600,000 640,875 0.06 Pertamina Persero PT 4.3% 20.05.2023 800,000 - - 800,000 852,750 0.07 Pertamina Persero PT 4.7% 30.07.2049 200,000 200,000 - 400,000 464,000 0.04 Pertamina Persero PT 4.875% 03.05.2022 700,000 - - 700,000 742,875 0.06 Pertamina Persero PT 5.25% 23.05.2021 300,000 - 300,000 - - 0.00 Pertamina Persero PT 5.625% 20.05.2043 600,000 - - 600,000 753,000 0.07 Pertamina Persero PT 6% 03.05.2042 800,000 - - 800,000 1,033,500 0.09 Pertamina Persero PT 6.45% 30.05.2044 1,100,000 - - 1,100,000 1,520,750 0.13 Perusahaan Penerbit SBSN Indonesia III 2.3% 23.06.2025 - 300,000 - 300,000 307,781 0.03 Perusahaan Penerbit SBSN Indonesia III 3.3% 21.11.2022 600,000 - - 600,000 623,437 0.05 Perusahaan Penerbit SBSN Indonesia III 3.4% 29.03.2022 350,000 - - 350,000 362,578 0.03 Perusahaan Penerbit SBSN Indonesia III 3.75% 01.03.2023 900,000 - 300,000 600,000 633,375 0.05 Perusahaan Penerbit SBSN Indonesia III 3.8% 23.06.2050 - 200,000 - 200,000 217,750 0.02 Perusahaan Penerbit SBSN Indonesia III 3.9% 20.08.2024 400,000 - - 400,000 432,625 0.04 Perusahaan Penerbit SBSN Indonesia III 4.15% 29.03.2027 1,200,000 - 300,000 900,000 1,007,719 0.09 Perusahaan Penerbit SBSN Indonesia III 4.325% 28.05.2025 800,000 - - 800,000 897,000 0.08 Perusahaan Penerbit SBSN Indonesia III 4.35% 10.09.2024 450,000 200,000 - 650,000 717,437 0.06 Perusahaan Penerbit SBSN Indonesia III 4.4% 01.03.2028 1,100,000 - - 1,100,000 1,260,187 0.11 Perusahaan Penerbit SBSN Indonesia III 4.45% 20.02.2029 275,000 200,000 - 475,000 550,555 0.05 Perusahaan Penerbit SBSN Indonesia III 4.55% 29.03.2026 850,000 - - 850,000 968,203 0.08 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3% 30.06.2030 - 200,000 - 200,000 205,666 0.02 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.375% 05.02.2030 - 250,000 - 250,000 263,125 0.02 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.875% 17.07.2029 - 400,000 - 400,000 433,250 0.04 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4% 30.06.2050 - 200,000 - 200,000 210,400 0.02 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.125% 15.05.2027 700,000 - - 700,000 761,469 0.07 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.375% 05.02.2050 - 300,000 - 300,000 331,500 0.03 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.875% 17.07.2049 - 300,000 - 300,000 348,469 0.03 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.25% 24.10.2042 400,000 - - 400,000^ 480,625 0.04 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.25% 15.05.2047 250,000 - - 250,000 300,313 0.03 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.375% 25.01.2029 250,000 - - 250,000 297,813 0.03 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.45% 21.05.2028 600,000 - - 600,000 710,625 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [271] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.5% 22.11.2021 400,000 - - 400,000 419,625 0.04 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 6.15% 21.05.2048 450,000 - - 450,000 606,797 0.05 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 6.25% 25.01.2049 300,000 - - 300,000 406,500 0.03 53,304,721 4.65 Iraq Iraq International Bond 5.8% 15.01.2028 4,300,000 550,000 537,500 4,312,500 3,974,238 0.35 Iraq International Bond 6.752% 09.03.2023 1,700,000 - - 1,700,000 1,618,719 0.14 5,592,957 0.49 Ireland Gtlk Europe Capital DAC 4.65% 10.03.2027 - 450,000 - 450,000 449,438 0.04 Gtlk Europe Capital DAC 4.949% 18.02.2026 - 900,000 - 900,000 921,375 0.08 GTLK Europe DAC 5.125% 31.05.2024 400,000 - - 400,000 417,375 0.04 GTLK Europe DAC 5.95% 19.07.2021 200,000 - 200,000 - - 0.00 Russian Railways Via RZD Capital Plc 5.7% 05.04.2022 700,000 - - 700,000 744,406 0.06 SCF Capital Designated Activity Co 5.375% 16.06.2023 450,000 - - 450,000 482,766 0.04 Vnesheconombank Via VEB Finance Plc 5.942% 21.11.2023 850,000 - - 850,000 945,359 0.08 Vnesheconombank Via VEB Finance Plc 6.025% 05.07.2022 550,000 - - 550,000 588,672 0.05 Vnesheconombank Via VEB Finance Plc 6.8% 22.11.2025 850,000 - - 850,000 1,014,156 0.09 5,563,547 0.48 Jamaica Jamaica Government International Bond 6.75% 28.04.2028 3,100,000 450,000 1,000,000 2,550,000 2,955,609 0.26 Jamaica Government International Bond 7.625% 09.07.2025 1,000,000 - 1,000,000 - - 0.00 Jamaica Government International Bond 7.875% 28.07.2045 1,650,000 1,400,000 200,000 2,850,000 3,711,235 0.32 Jamaica Government International Bond 8% 15.03.2039 2,025,000 - - 2,025,000 2,662,242 0.23 9,329,086 0.81 Jordan Jordan Government International Bond 4.95% 07.07.2025 - 500,000 - 500,000 497,969 0.04 Jordan Government International Bond 5.75% 31.01.2027 1,650,000 200,000 200,000 1,650,000 1,674,234 0.15 Jordan Government International Bond 5.85% 07.07.2030 - 1,601,000 - 1,601,000 1,598,498 0.14 Jordan Government International Bond 6.125% 29.01.2026 1,500,000 200,000 - 1,700,000 1,763,750 0.15 Jordan Government International Bond 7.375% 10.10.2047 1,750,000 200,000 200,000 1,750,000 1,826,016 0.16 7,360,467 0.64 Cayman Islands Amber Circle Funding Ltd 3.25% 04.12.2022 500,000 - - 500,000 512,475 0.04 Avi Funding Co Ltd 2.85% 16.09.2020 200,000 - 200,000 - - 0.00 Avi Funding Co Ltd 3.8% 16.09.2025 600,000 - - 600,000 669,562 0.06 Chinalco Capital Holdings Ltd 4.25% 21.04.2022 400,000 - - 400,000 404,168 0.04 DP World Crescent Ltd 3.7495% 30.01.2030 - 250,000 - 250,000 260,000 0.02 DP World Crescent Ltd 3.875% 18.07.2029 - 200,000 - 200,000 209,340 0.02 DP World Crescent Ltd 4.848% 26.09.2028 - 200,000 - 200,000 225,140 0.02 ICD Funding Ltd 4.625% 21.05.2024 400,000 - - 400,000 420,875 0.04 KSA Sukuk Ltd 2.894% 20.04.2022 1,500,000 1,000,000 500,000 2,000,000 2,067,000 0.18 KSA Sukuk Ltd 2.969% 29.10.2029 - 1,200,000 - 1,200,000 1,294,200 0.11 KSA Sukuk Ltd 3.628% 20.04.2027 1,500,000 1,000,000 - 2,500,000 2,793,750 0.24

[272] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) KSA Sukuk Ltd 4.303% 19.01.2029 700,000 500,000 - 1,200,000 1,420,800 0.12 Lamar Funding Ltd 3.958% 07.05.2025 800,000 - 800,000 - - 0.00 Mumtalakat Sukuk Holding Co 4.1% 21.01.2027 - 800,000 - 800,000 777,750 0.07 Mumtalakat Sukuk Holding Co 5.625% 27.02.2024 750,000 - - 750,000 776,925 0.07 OmGrid Funding Ltd 5.196% 16.05.2027 850,000 - 850,000 - - 0.00 RAK Capital 3.094% 31.03.2025 900,000 - 250,000 650,000 681,078 0.06 Sharjah Sukuk Ltd 3.764% 17.09.2024 200,000 - - 200,000 214,375 0.02 Sharjah Sukuk Program Ltd 2.942% 10.06.2027 - 500,000 - 500,000 518,124 0.04 Sharjah Sukuk Program Ltd 3.234% 23.10.2029 - 600,000 - 600,000 630,000 0.05 Sharjah Sukuk Program Ltd 3.854% 03.04.2026 1,300,000 500,000 500,000 1,300,000 1,415,781 0.12 Sharjah Sukuk Program Ltd 4.226% 14.03.2028 400,000 300,000 - 700,000 784,219 0.07 SPARC EM SPC Panama Metro Line 2 SP (Zero-Coupon) 05.12.2022 683,330 - 683,330 - - 0.00 Three Gorges Finance I Cayman Islands Ltd 2.3% 02.06.2021 200,000 - 200,000 - - 0.00 Three Gorges Finance I Cayman Islands Ltd 2.3% 16.10.2024 - 400,000 - 400,000 413,500 0.04 Three Gorges Finance I Cayman Islands Ltd 3.15% 02.06.2026 500,000 - - 500,000 545,313 0.05 Three Gorges Finance I Cayman Islands Ltd 3.7% 10.06.2025 300,000 - - 300,000 331,688 0.03 17,366,063 1.51 Cameroon Republic of Cameroon International Bond 9.5% 19.11.2025 1,200,000 - - 1,200,000 1,240,500 0.11 1,240,500 0.11 Kazakhstan Development Bank of Kazakhstan JSC 4.125% 10.12.2022 1,400,000 - - 1,400,000 1,473,063 0.13 Kazakhstan Government International Bond 3.875% 14.10.2024 1,600,000 900,000 - 2,500,000 2,732,969 0.24 Kazakhstan Government International Bond 4.875% 14.10.2044 1,650,000 - - 1,650,000 2,192,437 0.19 Kazakhstan Government International Bond 5.125% 21.07.2025 3,850,000 500,000 - 4,350,000 5,096,025 0.44 Kazakhstan Government International Bond 6.5% 21.07.2045 2,000,000 400,000 - 2,400,000 3,747,750 0.33 Kazakhstan Temir Zholy National Co JSC 4.85% 17.11.2027 1,200,000 - 1,200,000 - - 0.00 KazMunayGas National Co JSC 3.875% 19.04.2022 700,000 - - 700,000 721,000 0.06 KazMunayGas National Co JSC 4.75% 24.04.2025 600,000 200,000 - 800,000 879,750 0.08 KazMunayGas National Co JSC 4.75% 19.04.2027 1,600,000 - - 1,600,000 1,788,500 0.16 KazMunayGas National Co JSC 5.375% 24.04.2030 1,850,000 500,000 500,000 1,850,000 2,202,221 0.19 KazMunayGas National Co JSC 5.75% 19.04.2047 1,700,000 400,000 - 2,100,000 2,616,469 0.23 KazMunayGas National Co JSC 6.375% 24.10.2048 2,000,000 500,000 - 2,500,000 3,334,375 0.29 26,784,559 2.34 Qatar Qatar Government International Bond 3.25% 02.06.2026 1,600,000 1,600,000 - 3,200,000 3,552,000 0.31 Qatar Government International Bond 3.375% 14.03.2024 1,425,000 400,000 - 1,825,000 1,978,414 0.17 Qatar Government International Bond 3.4% 16.04.2025 - 200,000 - 200,000 220,625 0.02 Qatar Government International Bond 3.75% 16.04.2030 - 1,375,000 - 1,375,000 1,617,344 0.14 Qatar Government International Bond 3.875% 23.04.2023 2,000,000 300,000 - 2,300,000 2,483,281 0.22 Qatar Government International Bond 4% 14.03.2029 2,675,000 900,000 - 3,575,000 4,245,312 0.37 Qatar Government International Bond 4.4% 16.04.2050 - 1,825,000 - 1,825,000 2,472,875 0.21 Qatar Government International Bond 4.5% 23.04.2028 1,700,000 800,000 - 2,500,000 3,028,125 0.26 Qatar Government International Bond 4.625% 02.06.2046 1,450,000 200,000 - 1,650,000 2,261,016 0.20

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [273] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Qatar Government International Bond 4.817% 14.03.2049 3,125,000 2,000,000 - 5,125,000 7,322,344 0.64 Qatar Government International Bond 5.103% 23.04.2048 4,100,000 1,100,000 - 5,200,000 7,655,375 0.67 Qatar Government International Bond 5.75% 20.01.2042 450,000 700,000 250,000 900,000 1,377,562 0.12 Qatar Government International Bond 6.4% 20.01.2040 400,000 300,000 - 700,000 1,121,094 0.10 Qatar Government International Bond 9.75% 15.06.2030 700,000 300,000 - 1,000,000 1,715,625 0.15 SoQ Sukuk A QSC 3.241% 18.01.2023 950,000 600,000 500,000 1,050,000 1,106,766 0.10 42,157,758 3.68 Kenya Kenya Government International Bond 6.875% 24.06.2024 3,425,000 200,000 300,000 3,325,000 3,367,602 0.29 Kenya Government International Bond 7% 22.05.2027 1,250,000 450,000 200,000 1,500,000 1,476,563 0.13 Kenya Government International Bond 7.25% 28.02.2028 1,850,000 200,000 400,000 1,650,000 1,626,281 0.14 Kenya Government International Bond 8% 22.05.2032 1,725,000 300,000 - 2,025,000 1,997,156 0.17 Kenya Government International Bond 8.25% 28.02.2048 1,700,000 200,000 200,000 1,700,000 1,658,562 0.15 10,126,164 0.88 Colombia Colombia Government International Bond 2.625% 15.03.2023 900,000 - - 900,000 923,625 0.08 Colombia Government International Bond 3% 30.01.2030 - 1,600,000 - 1,600,000 1,647,000 0.14 Colombia Government International Bond 3.125% 15.04.2031 - 600,000 - 600,000 621,900 0.05 Colombia Government International Bond 3.875% 25.04.2027 3,100,000 - 500,000 2,600,000 2,830,100 0.25 Colombia Government International Bond 4% 26.02.2024 2,150,000 - - 2,150,000 2,301,844 0.20 Colombia Government International Bond 4.125% 15.05.2051 - 1,250,000 - 1,250,000 1,390,234 0.12 Colombia Government International Bond 4.375% 12.07.2021 2,050,000 - 2,050,000 - - 0.00 Colombia Government International Bond 4.5% 28.01.2026 1,450,000 - - 1,450,000 1,617,203 0.14 Colombia Government International Bond 4.5% 15.03.2029 700,000 1,550,000 - 2,250,000 2,553,047 0.22 Colombia Government International Bond 5% 15.06.2045 5,100,000 - 200,000 4,900,000 6,054,563 0.53 Colombia Government International Bond 5.2% 15.05.2049 500,000 1,350,000 - 1,850,000 2,372,047 0.21 Colombia Government International Bond 5.625% 26.02.2044 3,100,000 - 400,000 2,700,000 3,515,906 0.31 Colombia Government International Bond 6.125% 18.01.2041 2,875,000 - - 2,875,000 3,864,180 0.34 Colombia Government International Bond 7.375% 18.09.2037 1,575,000 200,000 - 1,775,000 2,592,609 0.23 Colombia Government International Bond 8.125% 21.05.2024 1,050,000 - - 1,050,000 1,281,525 0.11 33,565,783 2.93 Croatia Croatia Government International Bond 5.5% 04.04.2023 2,400,000 - 250,000 2,150,000 2,393,219 0.21 Croatia Government International Bond 6% 26.01.2024 2,950,000 - - 2,950,000 3,422,922 0.30 Croatia Government International Bond 6.375% 24.03.2021 2,300,000 - 2,300,000 - - 0.00 Hrvatska Elektroprivreda 5.875% 23.10.2022 1,000,000 - - 1,000,000 1,076,250 0.09 6,892,391 0.60 Kuwait Kuwait International Government Bond 3.5% 20.03.2027 5,150,000 2,600,000 300,000 7,450,000 8,432,469 0.73 8,432,469 0.73 Lebanon Lebanon Government International Bond 6% 27.01.2023 1,800,000 200,000 - 2,000,000 345,000 0.03

[274] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Lebanon Government International Bond 6.1% 04.10.2022 2,050,000 320,000 - 2,370,000 426,600 0.04 Lebanon Government International Bond 6.2% 26.02.2025 200,000 900,000 - 1,100,000 178,750 0.02 Lebanon Government International Bond 6.25% 04.11.2024 200,000 500,000 - 700,000 117,250 0.01 Lebanon Government International Bond 6.6% 27.11.2026 2,900,000 300,000 400,000 2,800,000 454,125 0.04 Lebanon Government International Bond 6.65% 22.04.2024 1,500,000 - - 1,500,000 247,031 0.02 Lebanon Government International Bond 6.65% 03.11.2028 1,100,000 350,000 - 1,450,000 233,813 0.02 Lebanon Government International Bond 6.65% 26.02.2030 2,400,000 - - 2,400,000 396,000 0.04 Lebanon Government International Bond 6.75% 29.11.2027 1,650,000 - - 1,650,000 268,125 0.02 Lebanon Government International Bond 6.85% 23.03.2027 1,940,000 200,000 - 2,140,000 347,081 0.03 Lebanon Government International Bond 7% 23.03.2032 1,550,000 - - 1,550,000 250,422 0.02 Lebanon Government International Bond 7.05% 02.11.2035 400,000 500,000 - 900,000 153,000 0.01 Lebanon Government International Bond 7.25% 23.03.2037 1,625,000 - 200,000 1,425,000 242,250 0.02 Lebanon Government International Bond 8.25% 12.04.2021 3,000,000 - - 3,000,000 542,812 0.05 4,202,259 0.37 Lithuania Lithuania Government International Bond 6.125% 09.03.2021 1,950,000 - 1,950,000 - - 0.00 Lithuania Government International Bond 6.625% 01.02.2022 2,600,000 - 500,000 2,100,000 2,283,141 0.20 2,283,141 0.20 Luxembourg Russian Agricultural Bank OJSC Via RSHB Capital SA 8.5% 16.10.2023 500,000 - - 500,000 565,000 0.05 SPIC Luxembourg Latin America Renewable Energy Investment Co Sarl 4.65% 30.10.2023 300,000 - - 300,000 324,174 0.03 889,174 0.08 Malaysia Export-Import Bank of Malaysia Bhd 2.48% 20.10.2021 400,000 - - 400,000 404,500 0.03 Malaysia Sovereign Sukuk Bhd 3.043% 22.04.2025 1,850,000 300,000 800,000 1,350,000 1,455,047 0.13 Malaysia Sovereign Sukuk Bhd 4.236% 22.04.2045 1,000,000 - - 1,000,000 1,329,062 0.12 Malaysia Sukuk Global Bhd 3.179% 27.04.2026 1,575,000 - - 1,575,000^ 1,724,625 0.15 Malaysia Sukuk Global Bhd 4.08% 27.04.2046 650,000 - - 650,000 849,063 0.07 Petroliam Nasional Bhd 7.625% 15.10.2026 800,000 - - 800,000 1,086,992 0.09 Petronas Capital Ltd 3.5% 21.04.2030 - 2,275,000 - 2,275,000 2,584,172 0.23 Petronas Capital Ltd 4.55% 21.04.2050 - 3,850,000 - 3,850,000 5,266,194 0.46 Petronas Capital Ltd 4.8% 21.04.2060 - 1,375,000 - 1,375,000 2,074,868 0.18 Petronas Capital Ltd 7.875% 22.05.2022 1,300,000 400,000 - 1,700,000 1,899,750 0.17 Wakala Global Sukuk Bhd 4.646% 06.07.2021 1,150,000 - 1,150,000 - - 0.00 18,674,273 1.63 Morocco Morocco Government International Bond 4.25% 11.12.2022 2,950,000 - 400,000 2,550,000 2,671,922 0.23 Morocco Government International Bond 5.5% 11.12.2042 950,000 200,000 - 1,150,000 1,449,719 0.13 4,121,641 0.36

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [275] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Mexico Banco Nacional de Comercio Exterior SNC 3.8% 11.08.2026 200,000 - - 200,000 196,000 0.02 Banco Nacional de Comercio Exterior SNC 4.375% 14.10.2025 500,000 - - 500,000^ 523,750 0.05 Comision Federal de Electricidad 4.05% 20.03.2050 - 500,000 250,000 250,000 215,935 0.02 Comision Federal de Electricidad 4.75% 23.02.2027 600,000 - - 600,000 634,500 0.06 Comision Federal de Electricidad 4.875% 15.01.2024 400,000 500,000 - 900,000 950,344 0.08 Comision Federal de Electricidad 5.75% 14.02.2042 400,000 - - 400,000 434,000 0.04 Comision Federal de Electricidad 6.125% 16.06.2045 300,000 - - 300,000^ 335,531 0.03 Mexico City Airport Trust 3.875% 30.04.2028 342,000 - - 342,000 299,357 0.03 Mexico City Airport Trust 4.25% 31.10.2026 324,000 - - 324,000 292,106 0.03 Mexico City Airport Trust 5.5% 31.10.2046 236,000 - - 236,000 196,101 0.02 Mexico City Airport Trust 5.5% 31.07.2047 838,000 - - 838,000 690,826 0.06 Mexico Government International Bond 3.25% 16.04.2030 - 1,200,000 - 1,200,000 1,228,800 0.11 Mexico Government International Bond 3.5% 21.01.2021 200,000 - 200,000 - - 0.00 Mexico Government International Bond 3.6% 30.01.2025 1,650,000 - - 1,650,000 1,769,109 0.15 Mexico Government International Bond 3.625% 15.03.2022 900,000 - - 900,000 940,219 0.08 Mexico Government International Bond 3.75% 11.01.2028 900,000 - - 900,000 965,250 0.08 Mexico Government International Bond 4% 02.10.2023 2,350,000 - 1,250,000 1,100,000 1,186,625 0.10 Mexico Government International Bond 4.125% 21.01.2026 1,000,000 - - 1,000,000 1,103,500 0.10 Mexico Government International Bond 4.15% 28.03.2027 1,300,000 - - 1,300,000 1,429,350 0.12 Mexico Government International Bond 4.35% 15.01.2047 950,000 - - 950,000 1,026,950 0.09 Mexico Government International Bond 4.5% 22.04.2029 225,000 800,000 - 1,025,000 1,146,398 0.10 Mexico Government International Bond 4.5% 31.01.2050 500,000 500,000 - 1,000,000 1,109,063 0.10 Mexico Government International Bond 4.6% 23.01.2046 1,300,000 - - 1,300,000 1,447,062 0.13 Mexico Government International Bond 4.6% 10.02.2048 1,100,000 - - 1,100,000 1,225,813 0.11 Mexico Government International Bond 4.75% 27.04.2032 - 1,000,000 - 1,000,000 1,146,875 0.10 Mexico Government International Bond 4.75% 08.03.2044 1,950,000 - - 1,950,000 2,218,125 0.19 Mexico Government International Bond 5% 27.04.2051 - 1,000,000 - 1,000,000 1,171,000 0.10 Mexico Government International Bond 5.55% 21.01.2045 1,300,000 - - 1,300,000 1,635,400 0.14 Mexico Government International Bond 5.75% 12.10.2110 1,070,000 - - 1,070,000 1,284,000 0.11 Mexico Government International Bond 6.05% 11.01.2040 1,100,000 - - 1,100,000 1,424,844 0.12 Mexico Government International Bond 6.75% 27.09.2034 850,000 - - 850,000 1,171,672 0.10 Mexico Government International Bond 7.5% 08.04.2033 100,000 - - 100,000 142,156 0.01 Mexico Government International Bond 8.3% 15.08.2031 150,000 - - 150,000 220,219 0.02 Petroleos Mexicanos 3.5% 30.01.2023 1,000,000 - 200,000 800,000 772,000 0.07 Petroleos Mexicanos 3.96463% 11.03.2022 650,000 - 650,000 - - 0.00 Petroleos Mexicanos 4.875% 18.01.2024 500,000 - - 500,000 489,063 0.04 Petroleos Mexicanos 5.375% 13.03.2022 100,000 - 100,000 - - 0.00 Petroleos Mexicanos 6.35% 12.02.2048 1,350,000 - - 1,350,000 1,057,430 0.09 Petroleos Mexicanos 6.5% 13.03.2027 2,550,000 - - 2,550,000 2,428,875 0.21 Petroleos Mexicanos 6.5% 23.01.2029 975,000 - - 975,000 896,080 0.08 Petroleos Mexicanos 6.625% (Perpetual) 350,000 - - 350,000 269,500 0.02 Petroleos Mexicanos 6.75% 21.09.2047 2,475,000 - - 2,475,000 2,010,937 0.18 37,684,765 3.29

[276] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Mongolia Development Bank of Mongolia LLC 7.25% 23.10.2023 950,000 - - 950,000 965,903 0.08 Mongolia Government International Bond 5.125% 05.12.2022 1,850,000 200,000 400,000 1,650,000 1,658,766 0.15 Mongolia Government International Bond 5.625% 01.05.2023 1,750,000 - 250,000 1,500,000 1,519,219 0.13 Mongolia Government International Bond 8.75% 09.03.2024 750,000 - - 750,000 825,234 0.07 Mongolia Government International Bond 10.875% 06.04.2021 500,000 - 500,000 - - 0.00 4,969,122 0.43 Mozambique Mozambique International Bond 10.5% 18.01.2023 1,075,000 - 1,075,000 - - 0.00 - 0.00 Namibia Namibia International Bonds 5.25% 29.10.2025 1,350,000 - - 1,350,000 1,353,797 0.12 Namibia International Bonds 5.5% 03.11.2021 550,000 - - 550,000 548,797 0.05 1,902,594 0.17 Netherlands Kazakhstan Temir Zholy Finance BV 6.95% 10.07.2042 1,450,000 300,000 200,000 1,550,000 2,124,953 0.19 Mdgh 6.875% 01.11.2041 250,000 200,000 - 450,000 738,422 0.06 MDGH - GMTN BV 2.5% 07.11.2024 - 250,000 - 250,000 262,500 0.02 MDGH - GMTN BV 2.5% 21.05.2026 - 400,000 - 400,000 423,400 0.04 MDGH - GMTN BV 2.75% 11.05.2023 300,000 - - 300,000 313,594 0.03 MDGH - GMTN BV 2.875% 07.11.2029 - 525,000 - 525,000 569,461 0.05 MDGH - GMTN BV 3% 19.04.2024 800,000 - - 800,000 853,750 0.07 MDGH - GMTN BV 3.7% 07.11.2049 - 1,125,000 - 1,125,000 1,315,547 0.11 MDGH - GMTN BV 3.75% 19.04.2029 200,000 500,000 - 700,000^ 810,031 0.07 MDGH - GMTN BV 3.95% 21.05.2050 - 1,000,000 - 1,000,000 1,220,000 0.11 MDGH - GMTN BV 4.5% 07.11.2028 1,050,000 - - 1,050,000 1,271,484 0.11 9,903,142 0.86 Nigeria Nigeria Government International Bond 6.375% 12.07.2023 600,000 - - 600,000 616,875 0.05 Nigeria Government International Bond 6.5% 28.11.2027 2,400,000 400,000 300,000 2,500,000 2,374,219 0.21 Nigeria Government International Bond 6.75% 28.01.2021 800,000 - 800,000 - - 0.00 Nigeria Government International Bond 7.143% 23.02.2030 2,000,000 200,000 200,000 2,000,000 1,915,000 0.17 Nigeria Government International Bond 7.625% 21.11.2025 1,925,000 - - 1,925,000^ 1,985,156 0.17 Nigeria Government International Bond 7.625% 28.11.2047 2,600,000 500,000 650,000 2,450,000 2,234,859 0.19 Nigeria Government International Bond 7.696% 23.02.2038 2,150,000 200,000 250,000 2,100,000 1,955,625 0.17 Nigeria Government International Bond 7.875% 16.02.2032 2,250,000 600,000 500,000 2,350,000 2,264,078 0.20 Nigeria Government International Bond 8.747% 21.01.2031 1,675,000 - - 1,675,000 1,712,688 0.15 Nigeria Government International Bond 9.248% 21.01.2049 1,150,000 200,000 - 1,350,000 1,392,188 0.12 16,450,688 1.43 Oman Mazoon Assets Co SAOC 5.2% 08.11.2027 725,000 - - 725,000 699,852 0.06 Oman Government International Bond 3.625% 15.06.2021 1,900,000 - 1,900,000 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [277] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Oman Government International Bond 3.875% 08.03.2022 1,450,000 - - 1,450,000 1,432,328 0.12 Oman Government International Bond 4.125% 17.01.2023 900,000 300,000 - 1,200,000 1,177,500 0.10 Oman Government International Bond 4.75% 15.06.2026 3,025,000 200,000 - 3,225,000 3,004,289 0.26 Oman Government International Bond 4.875% 01.02.2025 550,000 250,000 - 800,000 770,500 0.07 Oman Government International Bond 5.375% 08.03.2027 1,600,000 1,000,000 - 2,600,000 2,463,500 0.21 Oman Government International Bond 5.625% 17.01.2028 3,050,000 - - 3,050,000 2,882,250 0.25 Oman Government International Bond 6% 01.08.2029 625,000 2,500,000 - 3,125,000 2,965,820 0.26 Oman Government International Bond 6.5% 08.03.2047 2,300,000 250,000 - 2,550,000 2,255,156 0.20 Oman Government International Bond 6.75% 17.01.2048 3,150,000 300,000 - 3,450,000 3,050,016 0.27 Oman Sovereign Sukuk Co 4.397% 01.06.2024 2,800,000 500,000 1,000,000 2,300,000 2,274,125 0.20 Oman Sovereign Sukuk Co 5.932% 31.10.2025 1,150,000 900,000 - 2,050,000 2,141,609 0.19 25,116,945 2.19 Pakistan Pakistan Government International Bond 6.875% 05.12.2027 2,550,000 300,000 300,000 2,550,000 2,500,594 0.22 Pakistan Government International Bond 8.25% 15.04.2024 1,550,000 300,000 - 1,850,000 1,933,879 0.17 Pakistan Government International Bond 8.25% 30.09.2025 800,000 - - 800,000 841,250 0.07 Third Pakistan International Sukuk Co Ltd 5.5% 13.10.2021 1,700,000 - 500,000 1,200,000 1,196,625 0.10 Third Pakistan International Sukuk Co Ltd 5.625% 05.12.2022 1,650,000 200,000 - 1,850,000 1,822,828 0.16 8,295,176 0.72 Panama Aeropuerto Internacional de Tocumen SA 5.625% 18.05.2036 900,000 - - 900,000 992,531 0.09 Aeropuerto Internacional de Tocumen SA 6% 18.11.2048 1,200,000 - 5,305 1,194,695 1,324,768 0.12 Empresa de Transmision Electrica SA 5.125% 02.05.2049 750,000 - - 750,000 875,625 0.08 Panama Government International Bond 3.16% 23.01.2030 350,000 2,100,000 - 2,450,000 2,734,812 0.24 Panama Government International Bond 3.75% 16.03.2025 1,900,000 - - 1,900,000 2,100,094 0.18 Panama Government International Bond 3.87% 23.07.2060 - 1,100,000 - 1,100,000 1,365,031 0.12 Panama Government International Bond 3.875% 17.03.2028 1,800,000 - - 1,800,000 2,088,563 0.18 Panama Government International Bond 4% 22.09.2024 1,900,000 - 500,000 1,400,000 1,545,250 0.13 Panama Government International Bond 4.3% 29.04.2053 1,200,000 925,000 - 2,125,000 2,780,430 0.24 Panama Government International Bond 4.5% 15.05.2047 2,025,000 - 250,000 1,775,000 2,359,641 0.21 Panama Government International Bond 4.5% 16.04.2050 2,600,000 - - 2,600,000 3,442,562 0.30 Panama Government International Bond 4.5% 01.04.2056 - 2,300,000 - 2,300,000 3,093,500 0.27 Panama Government International Bond 6.7% 26.01.2036 3,400,000 - - 3,400,000 5,222,187 0.45 Panama Government International Bond 7.125% 29.01.2026 1,700,000 - 500,000 1,200,000 1,537,500 0.13

[278] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Panama Government International Bond 8.875% 30.09.2027 1,600,000 - - 1,600,000 2,318,000 0.20 Panama Government International Bond 9.375% 01.04.2029 500,000 - - 500,000 786,563 0.07 34,567,057 3.01 Papua New Guinea Papua New Guinea Government International Bond 8.375% 04.10.2028 900,000 - - 900,000 904,500 0.08 904,500 0.08 Paraguay Paraguay Government International Bond 4.625% 25.01.2023 1,350,000 - - 1,350,000 1,445,766 0.13 Paraguay Government International Bond 4.7% 27.03.2027 300,000 - - 300,000 340,875 0.03 Paraguay Government International Bond 4.95% 28.04.2031 - 1,550,000 - 1,550,000 1,760,800 0.15 Paraguay Government International Bond 5% 15.04.2026 900,000 - - 900,000^ 1,030,500 0.09 Paraguay Government International Bond 5.4% 30.03.2050 700,000 1,000,000 200,000 1,500,000^ 1,868,437 0.16 Paraguay Government International Bond 5.6% 13.03.2048 1,000,000 - - 1,000,000 1,262,188 0.11 Paraguay Government International Bond 6.1% 11.08.2044 1,800,000 - - 1,800,000^ 2,391,187 0.21 10,099,753 0.88 Peru Corp Financiera de Desarrollo SA 4.75% 08.02.2022 950,000 - 200,000 750,000 780,234 0.07 Corp Financiera de Desarrollo SA 4.75% 15.07.2025 900,000 - - 900,000 996,469 0.09 Fondo MIVIVIENDA SA 3.5% 31.01.2023 1,050,000 - - 1,050,000 1,083,469 0.09 Peruvian Government International Bond 2.392% 23.01.2026 - 925,000 - 925,000 985,125 0.09 Peruvian Government International Bond 2.783% 23.01.2031 - 2,750,000 - 2,750,000 3,066,250 0.27 Peruvian Government International Bond 2.844% 20.06.2030 - 1,800,000 - 1,800,000 2,017,688 0.18 Peruvian Government International Bond 4.125% 25.08.2027 2,150,000 - 400,000 1,750,000 2,071,562 0.18 Peruvian Government International Bond 5.625% 18.11.2050 4,350,000 300,000 500,000 4,150,000 7,074,453 0.62 Peruvian Government International Bond 6.55% 14.03.2037 2,000,000 - 250,000 1,750,000 2,803,828 0.24 Peruvian Government International Bond 7.35% 21.07.2025 2,950,000 - 700,000 2,250,000 2,919,375 0.25 Peruvian Government International Bond 8.75% 21.11.2033 3,550,000 250,000 100,000 3,700,000 6,458,350 0.56 Petroleos del Peru SA 4.75% 19.06.2032 1,820,000 250,000 300,000 1,770,000 2,053,200 0.18 Petroleos del Peru SA 5.625% 19.06.2047 1,575,000 - - 1,575,000 1,976,464 0.17 34,286,467 2.99 Philippines Philippine Government International Bond 2.457% 05.05.2030 - 350,000 - 350,000 383,578 0.03 Philippine Government International Bond 2.95% 05.05.2045 - 1,025,000 - 1,025,000 1,148,000 0.10 Philippine Government International Bond 3% 01.02.2028 2,550,000 - - 2,550,000 2,850,084 0.25 Philippine Government International Bond 3.7% 01.03.2041 2,050,000 400,000 - 2,450,000 2,962,203 0.26 Philippine Government International Bond 3.7% 02.02.2042 2,050,000 750,000 250,000 2,550,000 3,109,406 0.27

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [279] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Philippine Government International Bond 3.75% 14.01.2029 400,000 1,750,000 - 2,150,000 2,545,063 0.22 Philippine Government International Bond 3.95% 20.01.2040 1,900,000 250,000 - 2,150,000 2,653,906 0.23 Philippine Government International Bond 4% 15.01.2021 1,150,000 - 1,150,000 - - 0.00 Philippine Government International Bond 4.2% 21.01.2024 1,950,000 - - 1,950,000 2,150,484 0.19 Philippine Government International Bond 5% 13.01.2037 1,150,000 - - 1,150,000 1,561,844 0.14 Philippine Government International Bond 5.5% 30.03.2026 1,400,000 - - 1,400,000 1,732,500 0.15 Philippine Government International Bond 6.375% 15.01.2032 700,000 - - 700,000 1,011,281 0.09 Philippine Government International Bond 6.375% 23.10.2034 2,400,000 - - 2,400,000 3,635,250 0.32 Philippine Government International Bond 7.5% 25.09.2024 200,000 - - 200,000^ 240,250 0.02 Philippine Government International Bond 7.75% 14.01.2031 1,500,000 500,000 - 2,000,000 3,113,125 0.27 Philippine Government International Bond 9.5% 02.02.2030 2,550,000 - - 2,550,000 4,275,234 0.37 Philippine Government International Bond 10.625% 16.03.2025 1,100,000 - - 1,100,000 1,573,344 0.14 Power Sector Assets & Liabilities Management Corp 7.39% 02.12.2024 1,250,000 - - 1,250,000 1,556,641 0.13 36,502,193 3.18 Poland Republic of Poland Government International Bond 3% 17.03.2023 3,300,000 750,000 500,000 3,550,000 3,772,984 0.33 Republic of Poland Government International Bond 3.25% 06.04.2026 2,900,000 750,000 500,000 3,150,000 3,548,672 0.31 Republic of Poland Government International Bond 4% 22.01.2024 3,450,000 - 300,000 3,150,000 3,512,502 0.31 Republic of Poland Government International Bond 5% 23.03.2022 4,600,000 - - 4,600,000 4,943,563 0.43 Republic of Poland Government International Bond 5.125% 21.04.2021 3,250,000 - 3,250,000 - - 0.00 15,777,721 1.38 Romania Romanian Government International Bond 3% 14.02.2031 - 1,466,000 - 1,466,000 1,493,488 0.13 Romanian Government International Bond 4% 14.02.2051 - 2,528,000 - 2,528,000 2,663,880 0.23 Romanian Government International Bond 4.375% 22.08.2023 3,050,000 400,000 900,000 2,550,000 2,746,828 0.24 Romanian Government International Bond 4.875% 22.01.2024 1,850,000 - - 1,850,000 2,045,984 0.18 Romanian Government International Bond 5.125% 15.06.2048 2,132,000 200,000 200,000 2,132,000 2,636,351 0.23 Romanian Government International Bond 6.125% 22.01.2044 1,300,000 400,000 - 1,700,000 2,321,031 0.20 Romanian Government International Bond 6.75% 07.02.2022 2,600,000 - - 2,600,000 2,805,563 0.25 16,713,125 1.46 Russia Russian Foreign Bond - Eurobond 4.25% 23.06.2027 2,000,000 - - 2,000,000 2,255,000 0.20 Russian Foreign Bond - Eurobond 4.375% 21.03.2029 1,000,000 1,400,000 - 2,400,000 2,752,800 0.24 Russian Foreign Bond - Eurobond 4.5% 04.04.2022 2,200,000 - - 2,200,000 2,321,687 0.20 Russian Foreign Bond - Eurobond 4.75% 27.05.2026 2,200,000 - - 2,200,000 2,539,900 0.22

[280] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Russian Foreign Bond - Eurobond 4.875% 16.09.2023 2,400,000 - - 2,400,000 2,665,200 0.23 Russian Foreign Bond - Eurobond 5.1% 28.03.2035 1,000,000 2,000,000 - 3,000,000 3,750,000 0.33 Russian Foreign Bond - Eurobond 5.25% 23.06.2047 5,800,000 - 400,000 5,400,000 7,384,500 0.64 Russian Foreign Bond - Eurobond 5.625% 04.04.2042 2,400,000 - - 2,400,000 3,281,250 0.29 Russian Foreign Bond - Eurobond 5.875% 16.09.2043 1,000,000 - - 1,000,000 1,415,938 0.12 Russian Foreign Bond - Eurobond 7.5% 31.03.2030 2,475,000 - 528,000 1,947,000 2,252,679 0.20 Russian Foreign Bond - Eurobond 12.75% 24.06.2028 1,275,000 - - 1,275,000 2,202,562 0.19 32,821,516 2.86 Zambia Zambia Government International Bond 5.375% 20.09.2022 1,200,000 - - 1,200,000 667,500 0.06 Zambia Government International Bond 8.5% 14.04.2024 1,800,000 - 250,000 1,550,000 866,063 0.08 Zambia Government International Bond 8.97% 30.07.2027 2,100,000 400,000 200,000 2,300,000 1,301,656 0.11 2,835,219 0.25 Saudi Arabia Saudi Arabian Oil Co 2.75% 16.04.2022 700,000 - 700,000 - - 0.00 Saudi Arabian Oil Co 2.875% 16.04.2024 500,000 500,000 1,000,000 - - 0.00 Saudi Arabian Oil Co 3.5% 16.04.2029 1,225,000 - 1,225,000 - - 0.00 Saudi Arabian Oil Co 4.25% 16.04.2039 1,250,000 400,000 1,650,000 - - 0.00 Saudi Arabian Oil Co 4.375% 16.04.2049 1,200,000 330,000 1,530,000 - - 0.00 Saudi Government International Bond 2.5% 03.02.2027 - 1,000,000 - 1,000,000 1,050,000 0.09 Saudi Government International Bond 2.75% 03.02.2032 - 1,300,000 - 1,300,000 1,387,750 0.12 Saudi Government International Bond 2.875% 04.03.2023 1,250,000 500,000 - 1,750,000 1,834,000 0.16 Saudi Government International Bond 2.9% 22.10.2025 - 850,000 - 850,000 911,625 0.08 Saudi Government International Bond 3.25% 26.10.2026 2,500,000 900,000 - 3,400,000 3,731,500 0.33 Saudi Government International Bond 3.25% 22.10.2030 - 475,000 - 475,000 526,063 0.05 Saudi Government International Bond 3.625% 04.03.2028 2,000,000 1,000,000 - 3,000,000 3,361,875 0.29 Saudi Government International Bond 3.75% 21.01.2055 - 1,550,000 - 1,550,000 1,788,312 0.16 Saudi Government International Bond 4% 17.04.2025 2,000,000 500,000 - 2,500,000 2,800,000 0.24 Saudi Government International Bond 4.375% 16.04.2029 1,750,000 750,000 - 2,500,000 2,978,125 0.26 Saudi Government International Bond 4.5% 17.04.2030 1,000,000 600,000 - 1,600,000 1,944,000 0.17 Saudi Government International Bond 4.5% 26.10.2046 2,850,000 800,000 - 3,650,000 4,621,812 0.40 Saudi Government International Bond 4.5% 22.04.2060 - 1,175,000 - 1,175,000 1,536,313 0.13 Saudi Government International Bond 4.625% 04.10.2047 1,550,000 800,000 - 2,350,000 3,026,800 0.26 Saudi Government International Bond 5% 17.04.2049 1,350,000 800,000 - 2,150,000 2,946,172 0.26 Saudi Government International Bond 5.25% 16.01.2050 1,475,000 1,100,000 550,000 2,025,000 2,874,867 0.25 37,319,214 3.25 Senegal Senegal Government International Bond 6.25% 30.07.2024 500,000 500,000 - 1,000,000 1,042,500 0.09 Senegal Government International Bond 6.25% 23.05.2033 2,000,000 - 300,000 1,700,000 1,678,750 0.15 Senegal Government International Bond 6.75% 13.03.2048 1,700,000 200,000 200,000 1,700,000 1,610,750 0.14 4,332,000 0.38 Serbia Serbia International Bond 7.25% 28.09.2021 2,609,000 - 500,000 2,109,000 2,243,449 0.20 2,243,449 0.20 Slovakia Slovakia Government International Bond 4.375% 21.05.2022 2,300,000 - - 2,300,000 2,454,531 0.21 2,454,531 0.21

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [281] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Sri Lanka Sri Lanka Government International Bond 5.75% 18.01.2022 400,000 - - 400,000 347,250 0.03 Sri Lanka Government International Bond 5.75% 18.04.2023 2,250,000 - 300,000 1,950,000 1,572,187 0.14 Sri Lanka Government International Bond 5.875% 25.07.2022 2,150,000 300,000 400,000 2,050,000 1,727,766 0.15 Sri Lanka Government International Bond 6.125% 03.06.2025 1,200,000 - - 1,200,000 918,000 0.08 Sri Lanka Government International Bond 6.2% 11.05.2027 2,850,000 - 550,000 2,300,000 1,683,312 0.15 Sri Lanka Government International Bond 6.25% 04.10.2020 1,100,000 - 1,100,000 - - 0.00 Sri Lanka Government International Bond 6.25% 27.07.2021 1,600,000 700,000 2,300,000 - - 0.00 Sri Lanka Government International Bond 6.35% 28.06.2024 500,000 300,000 - 800,000 633,000 0.06 Sri Lanka Government International Bond 6.75% 18.04.2028 2,250,000 - - 2,250,000 1,646,016 0.14 Sri Lanka Government International Bond 6.825% 18.07.2026 1,550,000 - - 1,550,000 1,158,141 0.10 Sri Lanka Government International Bond 6.85% 14.03.2024 1,425,000 200,000 - 1,625,000 1,290,352 0.11 Sri Lanka Government International Bond 6.85% 03.11.2025 2,600,000 - - 2,600,000 1,984,125 0.17 Sri Lanka Government International Bond 7.55% 28.03.2030 675,000 1,750,000 - 2,425,000 1,780,859 0.16 Sri Lanka Government International Bond 7.85% 14.03.2029 2,125,000 250,000 - 2,375,000 1,771,601 0.15 16,512,609 1.44 South Africa Eskom Holdings SOC Ltd 5.75% 26.01.2021 1,850,000 - 1,850,000 - - 0.00 Eskom Holdings SOC Ltd 6.35% 10.08.2028 950,000 200,000 - 1,150,000 1,151,078 0.10 Eskom Holdings SOC Ltd 6.75% 06.08.2023 900,000 250,000 - 1,150,000 1,096,812 0.10 Eskom Holdings SOC Ltd 7.125% 11.02.2025 1,800,000 300,000 750,000 1,350,000^ 1,279,969 0.11 Eskom Holdings SOC Ltd 8.45% 10.08.2028 600,000 - - 600,000 581,438 0.05 Republic of South Africa Government International Bond 4.3% 12.10.2028 2,000,000 200,000 - 2,200,000 2,068,687 0.18 Republic of South Africa Government International Bond 4.665% 17.01.2024 2,000,000 300,000 500,000 1,800,000 1,854,000 0.16 Republic of South Africa Government International Bond 4.85% 27.09.2027 1,300,000 300,000 300,000 1,300,000 1,289,031 0.11 Republic of South Africa Government International Bond 4.85% 30.09.2029 - 2,150,000 - 2,150,000 2,059,297 0.18 Republic of South Africa Government International Bond 4.875% 14.04.2026 1,300,000 - - 1,300,000 1,309,750 0.11 Republic of South Africa Government International Bond 5% 12.10.2046 1,100,000 - - 1,100,000 915,406 0.08 Republic of South Africa Government International Bond 5.375% 24.07.2044 1,025,000 - - 1,025,000 900,719 0.08 Republic of South Africa Government International Bond 5.65% 27.09.2047 1,700,000 - - 1,700,000 1,511,406 0.13 Republic of South Africa Government International Bond 5.75% 30.09.2049 - 3,350,000 - 3,350,000 2,976,266 0.26 Republic of South Africa Government International Bond 5.875% 30.05.2022 1,150,000 - 400,000 750,000 792,188 0.07 Republic of South Africa Government International Bond 5.875% 16.09.2025 2,200,000 400,000 300,000 2,300,000 2,458,125 0.22

[282] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Republic of South Africa Government International Bond 5.875% 22.06.2030 1,600,000 200,000 200,000 1,600,000 1,644,000 0.14 Republic of South Africa Government International Bond 6.25% 08.03.2041 900,000 - - 900,000 885,937 0.08 Republic of South Africa Government International Bond 6.3% 22.06.2048 650,000 - - 650,000 618,719 0.05 Transnet SOC Ltd 4% 26.07.2022 1,100,000 - - 1,100,000 1,092,506 0.10 26,485,334 2.31 Suriname Suriname Government International Bond 9.25% 26.10.2026 1,000,000 - - 1,000,000 517,812 0.04 517,812 0.04 Tajikistan Republic of Tajikistan International Bond 7.125% 14.09.2027 900,000 - - 900,000^ 770,906 0.07 770,906 0.07 Trinidad and Tobago Trinidad & Tobago Government International Bond 4.375% 16.01.2024 600,000 - - 600,000 612,750 0.06 Trinidad & Tobago Government International Bond 4.5% 04.08.2026 2,350,000 - 700,000 1,650,000 1,684,031 0.15 Trinidad & Tobago Government International Bond 4.5% 26.06.2030 - 1,200,000 - 1,200,000 1,175,625 0.10 Trinidad Generation UnLtd 5.25% 04.11.2027 650,000 200,000 - 850,000 841,235 0.07 4,313,641 0.38 Tunisia Banque Centrale de Tunisie International Bond 5.75% 30.01.2025 1,800,000 - 250,000 1,550,000 1,420,672 0.12 1,420,672 0.12 Turkey Hazine Mustesarligi Varlik Kiralama AS 4.251% 08.06.2021 800,000 - 800,000 - - 0.00 Hazine Mustesarligi Varlik Kiralama AS 4.489% 25.11.2024 400,000 - - 400,000 374,875 0.03 Hazine Mustesarligi Varlik Kiralama AS 5.004% 06.04.2023 1,000,000 - - 1,000,000 973,750 0.08 Hazine Mustesarligi Varlik Kiralama AS 5.8% 21.02.2022 200,000 400,000 - 600,000 600,563 0.05 TC Ziraat Bankasi AS 4.75% 29.04.2021 300,000 - 300,000 - - 0.00 TC Ziraat Bankasi AS 5.125% 03.05.2022 700,000 - - 700,000 677,031 0.06 TC Ziraat Bankasi AS 5.125% 29.09.2023 200,000 - - 200,000 187,188 0.02 Turkey Government International Bond 3.25% 23.03.2023 450,000 - - 450,000 416,531 0.04 Turkey Government International Bond 4.25% 13.03.2025 - 900,000 - 900,000 810,844 0.07 Turkey Government International Bond 4.25% 14.04.2026 600,000 400,000 - 1,000,000 870,312 0.08 Turkey Government International Bond 4.875% 09.10.2026 2,000,000 - - 2,000,000 1,781,875 0.15 Turkey Government International Bond 4.875% 16.04.2043 1,600,000 - - 1,600,000 1,209,000 0.10 Turkey Government International Bond 5.125% 25.03.2022 600,000 - - 600,000 588,000 0.05 Turkey Government International Bond 5.125% 17.02.2028 1,400,000 500,000 400,000 1,500,000 1,325,625 0.12 Turkey Government International Bond 5.25% 13.03.2030 - 1,100,000 - 1,100,000 943,937 0.08 Turkey Government International Bond 5.6% 14.11.2024 - 1,200,000 - 1,200,000 1,142,250 0.10 Turkey Government International Bond 5.625% 30.03.2021 1,050,000 - 1,050,000 - - 0.00 Turkey Government International Bond 5.75% 22.03.2024 1,650,000 - - 1,650,000 1,577,812 0.14

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [283] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Turkey Government International Bond 5.75% 11.05.2047 1,900,000 - - 1,900,000 1,500,406 0.13 Turkey Government International Bond 6% 25.03.2027 2,100,000 - - 2,100,000 1,965,469 0.17 Turkey Government International Bond 6% 14.01.2041 1,600,000 - - 1,600,000 1,331,000 0.12 Turkey Government International Bond 6.125% 24.10.2028 1,200,000 - - 1,200,000 1,116,750 0.10 Turkey Government International Bond 6.25% 26.09.2022 1,700,000 - - 1,700,000 1,687,250 0.15 Turkey Government International Bond 6.35% 10.08.2024 400,000 800,000 - 1,200,000 1,174,125 0.10 Turkey Government International Bond 6.625% 17.02.2045 1,700,000 - - 1,700,000 1,483,250 0.13 Turkey Government International Bond 6.75% 30.05.2040 1,050,000 - - 1,050,000 939,422 0.08 Turkey Government International Bond 6.875% 17.03.2036 1,600,000 - - 1,600,000 1,482,000 0.13 Turkey Government International Bond 7.25% 23.12.2023 1,255,000 - 400,000 855,000 857,939 0.07 Turkey Government International Bond 7.25% 05.03.2038 400,000 250,000 - 650,000 624,812 0.05 Turkey Government International Bond 7.375% 05.02.2025 1,500,000 500,000 - 2,000,000 2,032,500 0.18 Turkey Government International Bond 7.625% 26.04.2029 400,000 1,250,000 - 1,650,000 1,669,078 0.15 Turkey Government International Bond 8% 14.02.2034 900,000 - - 900,000 929,250 0.08 Turkey Government International Bond 11.875% 15.01.2030 1,100,000 - 250,000 850,000 1,102,344 0.10 Turkiye Ihracat Kredi Bankasi AS 5% 23.09.2021 200,000 - - 200,000 198,438 0.02 Turkiye Ihracat Kredi Bankasi AS 5.375% 08.02.2021 400,000 - 400,000 - - 0.00 Turkiye Ihracat Kredi Bankasi AS 5.375% 24.10.2023 600,000 - - 600,000 567,938 0.05 Turkiye Ihracat Kredi Bankasi AS 6.125% 03.05.2024 300,000 - - 300,000 284,940 0.02 Turkiye Ihracat Kredi Bankasi AS 8.25% 24.01.2024 325,000 - - 325,000^ 330,789 0.03 34,757,293 3.03 Ukraine Ukraine Government International Bond 7.304% 15.03.2033 - 1,881,000 - 1,881,000 1,819,868 0.16 Ukraine Government International Bond 7.375% 25.09.2032 4,300,000 800,000 300,000 4,800,000 4,704,000 0.41 Ukraine Government International Bond 7.75% 01.09.2020 1,150,000 - 1,150,000 - - 0.00 Ukraine Government International Bond 7.75% 01.09.2021 1,800,000 - 1,800,000 - - 0.00 Ukraine Government International Bond 7.75% 01.09.2022 1,800,000 250,000 - 2,050,000 2,128,925 0.19 Ukraine Government International Bond 7.75% 01.09.2023 2,000,000 - - 2,000,000 2,075,000 0.18 Ukraine Government International Bond 7.75% 01.09.2024 2,100,000 200,000 300,000 2,000,000 2,065,000 0.18 Ukraine Government International Bond 7.75% 01.09.2025 1,725,000 500,000 - 2,225,000 2,295,087 0.20 Ukraine Government International Bond 7.75% 01.09.2026 1,850,000 - - 1,850,000 1,891,625 0.16 Ukraine Government International Bond 7.75% 01.09.2027 1,900,000 1,900,000 1,900,000 1,900,000 1,939,781 0.17 Ukraine Government International Bond 8.994% 01.02.2024 450,000 800,000 - 1,250,000^ 1,340,625 0.12 Ukraine Government International Bond 9.75% 01.11.2028 1,925,000 650,000 - 2,575,000 2,869,516 0.25 23,129,427 2.02 Hungary Hungary Government International Bond 5.375% 21.02.2023 3,000,000 - 250,000 2,750,000 3,037,032 0.26 Hungary Government International Bond 5.375% 25.03.2024 3,250,000 250,000 300,000 3,200,000 3,677,000 0.32

[284] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Hungary Government International Bond 5.75% 22.11.2023 3,350,000 - 300,000 3,050,000 3,508,453 0.31 Hungary Government International Bond 6.375% 29.03.2021 4,050,000 - 4,050,000 - - 0.00 Hungary Government International Bond 7.625% 29.03.2041 2,040,000 200,000 200,000 2,040,000 3,543,847 0.31 MFB Magyar Fejlesztesi Bank Zrt 6.25% 21.10.2020 1,200,000 - 1,200,000 - - 0.00 13,766,332 1.20 Uruguay Uruguay Government International Bond 4.125% 20.11.2045 1,000,000 250,000 - 1,250,000 1,542,578 0.14 Uruguay Government International Bond 4.375% 27.10.2027 3,250,000 - 800,000 2,450,000 2,888,703 0.25 Uruguay Government International Bond 4.375% 23.01.2031 1,725,000 1,400,000 500,000 2,625,000 3,219,726 0.28 Uruguay Government International Bond 4.5% 14.08.2024 2,750,000 - 1,000,000 1,750,000 1,931,016 0.17 Uruguay Government International Bond 4.975% 20.04.2055 2,850,000 1,500,000 - 4,350,000 6,046,500 0.53 Uruguay Government International Bond 5.1% 18.06.2050 6,650,000 400,000 550,000 6,500,000 9,106,094 0.79 Uruguay Government International Bond 7.625% 21.03.2036 2,500,000 - 400,000 2,100,000 3,350,156 0.29 Uruguay Government International Bond 7.875% 15.01.2033 500,000 400,000 - 900,000 1,424,250 0.12 29,509,023 2.57 Venezuela Petroleos de Venezuela SA 5.375% 12.04.2027 1,775,000 - - 1,775,000 42,600 0.00 Petroleos de Venezuela SA 5.5% 12.04.2037 970,000 - - 970,000 23,280 0.00 Petroleos de Venezuela SA 6% 16.05.2024 3,300,000 2,891,281 4,400,000 1,791,281 42,991 0.00 Petroleos de Venezuela SA 9.75% 17.05.2035 1,950,000 1,950,000 1,950,000 1,950,000 46,800 0.01 Petroleos de Venezuela SA 12.75% 17.02.2022 600,000 600,000 600,000 600,000 14,400 0.00 Venezuela Government International Bond 6% 09.12.2020 950,000 950,000 1,900,000 - - 0.00 Venezuela Government International Bond 7% 31.03.2038 100,000 - 100,000 - - 0.00 Venezuela Government International Bond 7.65% 21.04.2025 900,000 - 900,000 - - 0.00 Venezuela Government International Bond 7.75% 13.10.2019 1,675,000 - 207,700 1,467,300 95,374 0.01 Venezuela Government International Bond 8.25% 13.10.2024 400,000 400,000 800,000 - - 0.00 Venezuela Government International Bond 9% 07.05.2023 550,000 - 550,000 - - 0.00 Venezuela Government International Bond 9.25% 15.09.2027 2,200,000 - 2,200,000 - - 0.00 Venezuela Government International Bond 9.25% 07.05.2028 1,400,000 - 1,400,000 - - 0.00 Venezuela Government International Bond 9.375% 13.01.2034 1,050,000 - 1,050,000 - - 0.00 Venezuela Government International Bond 11.75% 21.10.2026 1,350,000 - 1,350,000 - - 0.00 Venezuela Government International Bond 11.95% 05.08.2031 600,000 - 600,000 - - 0.00 Venezuela Government International Bond 12.75% 23.08.2022 2,100,000 - 2,100,000 - - 0.00 265,445 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [285] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) United Arab Emirates Abu Dhabi Crude Oil Pipeline LLC 3.65% 02.11.2029 700,000 - - 700,000 812,000 0.07 Abu Dhabi Crude Oil Pipeline LLC 4.6% 02.11.2047 1,400,000 700,000 700,000 1,400,000 1,751,750 0.15 Abu Dhabi Government International Bond 2.125% 30.09.2024 - 1,850,000 - 1,850,000 1,935,562 0.17 Abu Dhabi Government International Bond 2.5% 11.10.2022 1,950,000 500,000 400,000 2,050,000 2,132,000 0.19 Abu Dhabi Government International Bond 2.5% 16.04.2025 - 825,000 - 825,000 878,625 0.08 Abu Dhabi Government International Bond 2.5% 30.09.2029 - 1,350,000 - 1,350,000 1,458,000 0.13 Abu Dhabi Government International Bond 3.125% 03.05.2026 1,700,000 400,000 - 2,100,000 2,332,969 0.20 Abu Dhabi Government International Bond 3.125% 11.10.2027 3,350,000 500,000 400,000 3,450,000 3,864,000 0.34 Abu Dhabi Government International Bond 3.125% 16.04.2030 - 1,250,000 - 1,250,000 1,406,250 0.12 Abu Dhabi Government International Bond 3.125% 30.09.2049 - 2,950,000 - 2,950,000 3,301,234 0.29 Abu Dhabi Government International Bond 3.875% 16.04.2050 - 1,275,000 - 1,275,000 1,590,563 0.14 Abu Dhabi Government International Bond 4.125% 11.10.2047 2,100,000 400,000 - 2,500,000 3,260,937 0.28 DP World Plc 5.625% 25.09.2048 - 400,000 - 400,000 492,004 0.04 DP World Plc 6.85% 02.07.2037 - 800,000 - 800,000 1,069,760 0.09 Emirate of Dubai Government International Bonds 5.25% 30.01.2043 400,000 - - 400,000 456,875 0.04 Emirates Development Bank PJSC 3.516% 06.03.2024 1,250,000 - 700,000 550,000 584,375 0.05 Finance Department Government of Sharjah 4% 28.07.2050 - 600,000 - 600,000 629,990 0.06 27,956,894 2.44 United Kingdom NAK Naftogaz Ukraine via Kondor Finance Plc 7.625% 08.11.2026 - 750,000 - 750,000 726,562 0.07 State Savings Bank of Ukraine Via SSB #1 Plc 9.625% 20.03.2025 800,000 - 800,000 - - 0.00 Ukraine Railways Via Rail Capital Markets Plc 8.25% 09.07.2024 475,000 600,000 - 1,075,000 1,066,266 0.09 Ukreximbank Via Biz Finance Plc 9.75% 22.01.2025 900,000 - - 900,000 929,250 0.08 2,722,078 0.24 Uzbekistan Republic of Uzbekistan Bond 4.75% 20.02.2024 750,000 - - 750,000 795,937 0.07 Republic of Uzbekistan Bond 5.375% 20.02.2029 800,000 - - 800,000 904,750 0.08 1,700,687 0.15 Vietnam Vietnam Government International Bond 4.8% 19.11.2024 1,700,000 - - 1,700,000 1,880,954 0.16 1,880,954 0.16 Belarus Development Bank of the Republic of Belarus JSC 6.75% 02.05.2024 700,000 - - 700,000 669,156 0.06 Republic of Belarus International Bond 6.2% 28.02.2030 900,000 200,000 - 1,100,000 1,056,687 0.09 Republic of Belarus International Bond 6.875% 28.02.2023 1,450,000 - - 1,450,000 1,464,953 0.13 Republic of Belarus International Bond 7.625% 29.06.2027 1,000,000 - - 1,000,000 1,041,563 0.09

[286] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Republic of Belarus Ministry of Finance 5.875% 24.02.2026 - 900,000 - 900,000 871,875 0.07 Republic of Belarus Ministry of Finance 'T' 6.378% 24.02.2031 - 700,000 - 700,000 675,500 0.06 5,779,734 0.50 Total bonds 1,085,716,609 94.68 Total securities traded on an official stock exchange 1,085,716,609 94.68 Securities which are traded on another regulated market open to the public Bonds Bahrain Oil and Gas Holding Co BSCC 7.5% 25.10.2027 500,000 700,000 - 1,200,000 1,302,000 0.11 1,302,000 0.11 Brazil Caixa Economica Federal 3.5% 07.11.2022 700,000 - - 700,000 712,688 0.06 712,688 0.06 Virgin Islands (British) 1MDB Global Investments Ltd 4.4% 09.03.2023 5,000,000 - - 5,000,000 4,950,000 0.43 Sinopec Group Overseas Development 2012 Ltd 4.875% 17.05.2042 800,000 - - 800,000 1,093,000 0.09 Sinopec Group Overseas Development 2014 Ltd 4.375% 10.04.2024 - 600,000 - 600,000 666,375 0.06 Sinopec Group Overseas Development 2016 Ltd 2.75% 29.09.2026 300,000 - - 300,000 322,406 0.03 Sinopec Group Overseas Development 2017 Ltd 2.5% 13.09.2022 1,100,000 - - 1,100,000 1,132,791 0.10 Sinopec Group Overseas Development 2017 Ltd 3.625% 12.04.2027 1,200,000 - 500,000 700,000 780,269 0.07 Sinopec Group Overseas Development 2018 Ltd 3.75% 12.09.2023 200,000 - - 200,000 215,750 0.02 9,160,591 0.80 Chile Empresa de Transporte de Pasajeros Metro SA 4.7% 07.05.2050 - 850,000 - 850,000 1,058,250 0.09 Empresa de Transporte de Pasajeros Metro SA 5% 25.01.2047 400,000 - - 400,000^ 494,375 0.04 Empresa Nacional del Petroleo 3.75% 05.08.2026 1,100,000 - 300,000 800,000 839,250 0.08 Empresa Nacional del Petroleo 4.5% 14.09.2047 950,000 - - 950,000^ 1,036,450 0.09 3,428,325 0.30 Costa Rica Banco Nacional de Costa Rica 6.25% 01.11.2023 600,000 - 600,000 - - 0.00 - 0.00 India Export-Import Bank of India 3.375% 05.08.2026 2,200,000 - 500,000 1,700,000 1,794,031 0.16 1,794,031 0.16 Kazakhstan KazTransGas JSC 4.375% 26.09.2027 900,000 200,000 - 1,100,000 1,196,938 0.11 1,196,938 0.11 Malaysia Petronas Capital Ltd 3.125% 18.03.2022 1,400,000 300,000 500,000 1,200,000 1,235,250 0.11 Petronas Capital Ltd 3.5% 18.03.2025 2,500,000 500,000 250,000 2,750,000^ 3,012,969 0.26 Petronas Capital Ltd 4.5% 18.03.2045 2,650,000 200,000 400,000 2,450,000 3,286,062 0.29 7,534,281 0.66

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [287] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Mexico Petroleos Mexicanos 4.25% 15.01.2025 350,000 - - 350,000 329,672 0.03 Petroleos Mexicanos 4.5% 23.01.2026 700,000 - - 700,000 641,200 0.06 Petroleos Mexicanos 4.625% 21.09.2023 350,000 - - 350,000 343,328 0.03 Petroleos Mexicanos 4.875% 24.01.2022 600,000 - 600,000 - - 0.00 Petroleos Mexicanos 5.35% 12.02.2028 725,000 150,000 - 875,000 767,539 0.07 Petroleos Mexicanos 5.5% 21.01.2021 1,300,000 - 1,300,000 - - 0.00 Petroleos Mexicanos 5.5% 27.06.2044 450,000 - - 450,000 336,797 0.03 Petroleos Mexicanos 5.625% 23.01.2046 700,000 - - 700,000 524,563 0.04 Petroleos Mexicanos 5.95% 28.01.2031 - 1,915,150 1,150 1,914,000 1,646,040 0.14 Petroleos Mexicanos 6.375% 04.02.2021 650,000 - 650,000 - - 0.00 Petroleos Mexicanos 6.375% 23.01.2045 1,100,000 - 200,000 900,000 709,785 0.06 Petroleos Mexicanos 6.49% 23.01.2027 - 705,000 - 705,000 673,275 0.06 Petroleos Mexicanos 6.5% 02.06.2041 1,500,000 - 900,000 600,000 485,813 0.04 Petroleos Mexicanos 6.625% 15.06.2035 1,000,000 100,000 - 1,100,000 937,090 0.08 Petroleos Mexicanos 6.84% 23.01.2030 - 1,805,000 - 1,805,000 1,671,599 0.15 Petroleos Mexicanos 6.875% 04.08.2026 1,300,000 - - 1,300,000 1,292,525 0.11 Petroleos Mexicanos 6.95% 28.01.2060 - 1,150,000 - 1,150,000 941,562 0.08 Petroleos Mexicanos 7.69% 23.01.2050 - 2,855,000 - 2,855,000 2,496,126 0.22 13,796,914 1.20 Trinidad and Tobago Trinidad Petroleum Holdings Ltd 9.75% 15.06.2026 750,000 250,000 - 1,000,000 1,040,000 0.09 1,040,000 0.09 Venezuela Petroleos de Venezuela SA 6% 15.11.2026 2,900,000 2,082,561 2,900,000 2,082,561 49,981 0.01 Petroleos de Venezuela SA 8.5% 27.10.2020 1,525,000 - - 1,525,000 152,500 0.01 Petroleos de Venezuela SA 9% 17.11.2021 850,000 850,000 850,000 850,000 20,400 0.00 222,881 0.02 United States DAE Funding LLC 4.5% 01.08.2022 - 600,000 200,000 400,000 392,864 0.04 DAE Funding LLC 5% 01.08.2024 - 750,000 200,000 550,000 506,954 0.04 899,818 0.08 Total bonds 41,088,467 3.59 Total securities which are traded on another regulated market open to the public 41,088,467 3.59 Securities not listed Bonds Cayman Islands Brazil Minas SPE via State of Minas Gerais 5.333% 15.02.2028 900,000 - 100,000 800,000 823,700 0.07 823,700 0.07 Mozambique Mozambique International Bond 5% 15.09.2031 - 1,464,000 - 1,464,000 1,235,250 0.11 1,235,250 0.11 Total bonds 2,058,950 0.18 Total securities not listed 2,058,950 0.18 Total securities 1,128,864,026 98.45

[288] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Derivative financial instruments Bond Futures US 10YR Note Futures September 2020 - 40 40 - - 0.00 - 0.00 Total derivative financial instruments - 0.00 Total investments 1,128,864,026 98.45

Sight deposits 3,366,507 0.29 Other assets 14,467,136 1.26 Total sub-fund assets 1,146,697,669 100.00 Loans (8) 0.00 Other liabilities (2,023,709) (0.18) Net sub-fund assets 1,144,673,952 99.82 1Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [289] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES JAPAN EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Pharmaceuticals Alfresa Holdings Corp 5,600 1,600 - 7,200 133,933 0.12 Astellas Pharma Inc 56,400 14,700 1,200 69,900^ 992,341 0.88 Chugai Pharmaceutical Co Ltd 6,700 18,400 200 24,900 1,014,638 0.90 Daiichi Sankyo Co Ltd 17,000 4,300 300 21,000 1,672,771 1.48 Eisai Co Ltd 7,600 1,800 - 9,400 686,408 0.61 Hisamitsu Pharmaceutical Co Inc 1,600 400 - 2,000 79,243 0.07 Kobayashi Pharmaceutical Co Ltd 1,500 400 - 1,900 153,013 0.14 Kyowa Kirin Co Ltd 7,300 2,700 - 10,000 223,704 0.20 Medipal Holdings Corp 5,500 1,600 - 7,100 118,756 0.11 Mitsubishi Tanabe Pharma Corp 6,700 1,200 7,900 - - 0.00 Nippon Shinyaku Co Ltd - 1,800 - 1,800 125,911 0.11 Ono Pharmaceutical Co Ltd 11,400 2,400 - 13,800 351,871 0.31 Otsuka Holdings Co Ltd 11,700 2,800 - 14,500 545,192 0.48 Santen Pharmaceutical Co Ltd 11,000 2,400 - 13,400 205,222 0.18 Shionogi & Co Ltd 8,100 2,200 300 10,000^ 538,524 0.48 Sumitomo Dainippon Pharma Co Ltd 4,800 1,900 - 6,700 75,863 0.07 Suzuken Co Ltd 2,200 700 500 2,400 77,333 0.07 Taisho Pharmaceutical Holdings Co Ltd 1,100 300 300 1,100 56,502 0.05 Takeda Pharmaceutical Co Ltd 44,600 14,800 800 58,600 1,893,752 1.68 8,944,977 7.94 Auto manufacturers Hino Motors Ltd 8,600 1,300 - 9,900 51,704 0.05 Honda Motor Co Ltd 48,900 12,400 900 60,400 1,311,675 1.16 Isuzu Motors Ltd 16,500 4,000 - 20,500^ 151,600 0.13 Mazda Motor Corp 17,000 4,700 - 21,700 110,344 0.10 Mitsubishi Motors Corp 20,100 3,200 - 23,300^ 41,298 0.04 Nissan Motor Co Ltd 69,600 16,700 - 86,300 268,051 0.24 Subaru Corp 18,400 4,500 - 22,900^ 392,979 0.35 Suzuki Motor Corp 11,000 2,700 - 13,700 409,261 0.36 Toyota Motor Corp 68,500 17,300 6,900 78,900 4,220,441 3.75 6,957,353 6.18 Auto parts & equipment Aisin Seiki Co Ltd 4,900 1,100 - 6,000 155,905 0.14 Bridgestone Corp 17,100 4,500 1,700 19,900 529,753 0.47 Denso Corp 13,000 3,100 - 16,100 535,812 0.48 JTEKT Corp 6,200 2,000 - 8,200 49,387 0.04 Koito Manufacturing Co Ltd 3,100 900 - 4,000 141,966 0.13 NGK Insulators Ltd 7,900 2,100 - 10,000 112,454 0.10 NGK Spark Plug Co Ltd 4,700 800 - 5,500^ 66,677 0.06 Stanley Electric Co Ltd 3,900 1,300 800 4,400 95,250 0.08 Sumitomo Electric Industries Ltd 22,600 5,500 - 28,100 281,906 0.25 Sumitomo Rubber Industries Ltd 5,100 1,600 - 6,700 50,499 0.04 Toyoda Gosei Co Ltd 2,000 800 900 1,900 33,414 0.03 Toyota Industries Corp 4,400 1,100 - 5,500 252,699 0.22 Yokohama Rubber Co Ltd 3,600 1,100 - 4,700 54,269 0.05 2,359,991 2.09 Banks AEON Financial Service Co Ltd 3,400 1,300 4,700 - - 0.00 Aozora Bank Ltd 3,500 1,300 1,000 3,800 55,157 0.05 Bank of Kyoto Ltd 1,600 500 - 2,100^ 69,834 0.06 Chiba Bank Ltd 16,900 5,000 3,900 18,000^ 74,648 0.07

[290] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Concordia Financial Group Ltd 32,200 9,300 - 41,500 111,047 0.10 Fukuoka Financial Group Inc 5,200 800 - 6,000 79,036 0.07 Japan Post Bank Co Ltd 12,100 3,400 - 15,500 104,822 0.09 Mitsubishi UFJ Financial Group Inc 368,800 93,400 6,700 455,500 1,540,997 1.37 Mizuho Financial Group Inc 723,300 183,800 14,400 892,700 980,068 0.87 Resona Holdings Inc 62,700 15,100 - 77,800 230,137 0.20 Seven Bank Ltd 17,900 6,300 - 24,200 53,512 0.05 Shinsei Bank Ltd 4,700 2,800 - 7,500 76,662 0.07 Shizuoka Bank Ltd 13,800 3,900 - 17,700 104,167 0.09 Sumitomo Mitsui Financial Group Inc 39,900 9,100 700 48,300 1,163,604 1.03 Sumitomo Mitsui Trust Holdings Inc 9,900 2,700 - 12,600 293,792 0.26 4,937,483 4.38 Machinery - construction & mining Hitachi Construction Machinery Co Ltd 3,200 700 - 3,900^ 101,338 0.09 Hitachi Ltd 29,000 7,500 700 35,800 963,495 0.86 Komatsu Ltd 27,700 6,700 1,900 32,500^ 577,715 0.51 Mitsubishi Electric Corp 54,700 14,300 1,400 67,600 797,124 0.71 Mitsubishi Heavy Industries Ltd 9,600 2,300 - 11,900 250,491 0.22 2,690,163 2.39 Engineering & construction Japan Airport Terminal Co Ltd 1,500 300 - 1,800^ 56,296 0.05 JGC Holdings Corp 6,600 1,200 - 7,800 71,406 0.06 Kajima Corp 13,500 3,200 - 16,700 166,102 0.15 Obayashi Corp 19,500 4,700 - 24,200 195,307 0.17 Shimizu Corp 17,700 4,300 - 22,000 143,102 0.13 Taisei Corp 6,100 1,400 - 7,500 233,598 0.21 865,811 0.77 Home builders Daiwa House Industry Co Ltd 17,000 4,100 - 21,100 423,361 0.38 Iida Group Holdings Co Ltd 4,400 800 - 5,200^ 72,838 0.06 Sekisui Chemical Co Ltd 11,100 2,400 - 13,500 166,332 0.15 Sekisui House Ltd 18,600 4,500 - 23,100 381,207 0.34 1,043,738 0.93 Building materials AGC Inc 5,500 1,700 - 7,200 183,244 0.16 Daikin Industries Ltd 7,500 2,000 200 9,300 1,476,316 1.31 LIXIL Group Corp 8,000 2,200 - 10,200 123,392 0.11 Rinnai Corp 1,000 200 - 1,200 89,206 0.08 Taiheiyo Cement Corp 3,600 600 - 4,200^ 82,572 0.08 TOTO Ltd 4,200 1,100 - 5,300^ 180,125 0.16 2,134,855 1.90 Mining Mitsubishi Materials Corp 3,400 600 - 4,000 73,891 0.06 Sumitomo Metal Mining Co Ltd 7,000 1,700 - 8,700^ 234,595 0.21 308,486 0.27 Office & business equipment Canon Inc 30,000 7,800 900 36,900 532,109 0.47 FUJIFILM Holdings Corp 10,800 2,600 - 13,400^ 543,839 0.49 Konica Minolta Inc 13,600 1,900 15,500 - - 0.00 Ricoh Co Ltd 20,100 4,800 - 24,900 144,612 0.13 Seiko Epson Corp 8,400 2,400 - 10,800^ 103,237 0.09 1,323,797 1.18

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [291] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Chemicals Air Water Inc 4,500 2,800 1,200 6,100 71,641 0.06 Asahi Kasei Corp 37,800 8,900 - 46,700 302,118 0.27 Daicel Corp 7,900 2,100 - 10,000 60,400 0.05 Hitachi Chemical Co Ltd 3,100 900 4,000 - - 0.00 Kaneka Corp 1,500 - 1,500 - - 0.00 Kansai Paint Co Ltd 5,300 1,500 - 6,800^ 118,770 0.10 Kuraray Co Ltd 9,600 2,800 - 12,400 110,104 0.10 Mitsubishi Chemical Holdings Corp 38,400 9,200 - 47,600 231,723 0.20 Mitsubishi Gas Chemical Co Inc 4,900 900 - 5,800 83,189 0.07 Mitsui Chemicals Inc 5,500 1,500 - 7,000^ 120,817 0.11 Nippon Paint Holdings Co Ltd 4,400 1,300 300 5,400^ 333,594 0.30 Nissan Chemical Corp 3,800 900 - 4,700 223,626 0.20 Nitto Denko Corp 4,700 1,200 - 5,900 302,043 0.27 Shin-Etsu Chemical Co Ltd 10,900 2,700 500 13,100 1,383,543 1.23 Showa Denko KK 4,000 1,300 - 5,300 99,228 0.09 Sumitomo Chemical Co Ltd 44,700 10,700 - 55,400 144,428 0.13 Taiyo Nippon Sanso Corp 3,900 1,700 - 5,600 79,935 0.07 Toray Industries Inc 41,600 10,000 - 51,600 201,605 0.18 Tosoh Corp 7,800 2,400 1,300 8,900 108,125 0.10 3,974,889 3.53 Computers Fujitsu Ltd 5,900 1,600 200 7,300 886,865 0.79 Itochu Techno-Solutions Corp 2,900 500 - 3,400^ 125,059 0.11 NEC Corp 7,400 1,800 - 9,200 466,233 0.41 Nomura Research Institute Ltd 10,200 2,400 - 12,600 300,947 0.27 NTT Data Corp 18,900 4,600 - 23,500 240,813 0.21 Obic Co Ltd 1,900 900 200 2,600 423,024 0.38 Otsuka Corp 3,100 800 - 3,900 183,213 0.16 SCSK Corp - 1,900 - 1,900 87,296 0.08 2,713,450 2.41 Miscellaneous manufacturers JSR Corp 5,800 1,700 - 7,500 146,548 0.13 Nikon Corp 9,600 2,800 - 12,400^ 78,310 0.07 Toshiba Corp 16,700 3,500 5,800 14,400 396,472 0.35 621,330 0.55 Diversified financial services Acom Co Ltd 12,000 4,100 - 16,100 51,393 0.04 Credit Saison Co Ltd 4,700 800 5,500 - - 0.00 Daiwa Securities Group Inc 45,900 11,000 - 56,900 227,159 0.20 Japan Exchange Group Inc 15,300 3,700 - 19,000 408,690 0.36 Mebuki Financial Group Inc 26,500 8,900 - 35,400 71,272 0.06 Mitsubishi UFJ Lease & Finance Co Ltd 12,100 2,000 - 14,100 53,986 0.05 Nomura Holdings Inc 99,500 23,900 6,500 116,900 492,543 0.44 ORIX Corp 39,700 9,600 - 49,300^ 481,865 0.43 SBI Holdings Inc 7,100 1,700 - 8,800 167,103 0.15 Tokyo Century Corp 1,300 500 500 1,300^ 65,657 0.06 2,019,668 1.79 Retail ABC-Mart Inc 1,000 300 - 1,300 62,413 0.06 Aeon Co Ltd 19,600 4,700 - 24,300 520,602 0.46 Cosmos Pharmaceutical Corp - 700 - 700 116,421 0.10 FamilyMart Co Ltd 7,600 1,800 - 9,400^ 190,709 0.17

[292] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Fast Retailing Co Ltd 1,700 500 - 2,200 1,060,958 0.94 Isetan Mitsukoshi Holdings Ltd 10,100 1,800 - 11,900 49,146 0.04 J Front Retailing Co Ltd 6,900 1,200 8,100 - - 0.00 Lawson Inc 1,600 400 300 1,700 76,791 0.07 Marui Group Co Ltd 5,700 1,600 - 7,300^ 95,658 0.08 McDonald's Holdings Co Japan Ltd 2,000 600 - 2,600 112,747 0.10 Nitori Holdings Co Ltd 2,400 600 - 3,000 598,063 0.53 Pan Pacific International Holdings Corp 3,300 13,200 1,200 15,300 316,334 0.28 Ryohin Keikaku Co Ltd 700 8,600 - 9,300 101,382 0.09 Shimamura Co Ltd 700 200 - 900 56,761 0.05 Sundrug Co Ltd 2,100 500 - 2,600 80,757 0.07 Tsuruha Holdings Inc 1,100 300 - 1,400 175,745 0.16 USS Co Ltd 6,600 1,900 - 8,500 114,893 0.10 Welcia Holdings Co Ltd 1,400 300 - 1,700 141,880 0.13 Yamada Denki Co Ltd 18,800 5,600 - 24,400^ 95,941 0.09 3,967,201 3.52 Iron & steel Hitachi Metals Ltd 6,400 2,100 - 8,500^ 100,340 0.09 JFE Holdings Inc 14,700 3,900 - 18,600 109,463 0.10 Kobe Steel Ltd 9,300 - 9,300 - - 0.00 Nippon Steel Corp 24,200 5,800 - 30,000 221,338 0.19 431,141 0.38 Electrical components & equipment Brother Industries Ltd 6,700 1,800 - 8,500 119,501 0.11 Casio Computer Co Ltd 5,800 2,000 1,100 6,700^ 96,385 0.08 215,886 0.19 Electric Chubu Electric Power Co Inc 19,300 4,700 - 24,000 259,049 0.23 Chugoku Electric Power Co Inc 8,300 2,300 - 10,600^ 117,468 0.11 Electric Power Development Co Ltd 4,400 1,200 - 5,600 69,142 0.06 Kansai Electric Power Co Inc 21,100 5,100 - 26,200 225,763 0.20 Kyushu Electric Power Co Inc 11,400 3,500 - 14,900^ 113,328 0.10 Tohoku Electric Power Co Inc 12,800 3,300 - 16,100 138,109 0.12 Tokyo Electric Power Co Holdings Inc 45,800 11,000 - 56,800 136,838 0.12 1,059,697 0.94 Electronics Alps Alpine Co Ltd 6,200 2,100 8,300 - - 0.00 Hirose Electric Co Ltd 935 200 - 1,135^ 108,104 0.09 Hitachi High-Tech Corp 2,100 600 2,700 - - 0.00 Hoya Corp 11,400 2,900 300 14,000^ 1,255,150 1.11 Kyocera Corp 9,600 2,600 400 11,800 593,324 0.53 MINEBEA MITSUMI Inc 10,900 2,600 - 13,500 200,017 0.18 Murata Manufacturing Co Ltd 17,200 4,500 400 21,300 1,211,199 1.07 Nidec Corp 6,700 10,300 400 16,600 1,196,170 1.06 Nippon Electric Glass Co Ltd 2,400 - 2,400 - - 0.00 Omron Corp 5,800 1,100 - 6,900^ 447,038 0.40 TDK Corp 3,900 1,100 200 4,800 482,374 0.43 Yokogawa Electric Corp 6,800 2,000 - 8,800 121,371 0.11 5,614,747 4.98 Oil & gas ENEOS Holdings Inc 96,400 17,700 - 114,100^ 360,486 0.32

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [293] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Idemitsu Kosan Co Ltd 5,922 1,400 - 7,322 137,337 0.12 Inpex Corp 30,700 7,400 - 38,100 196,392 0.18 694,215 0.62 Airlines ANA Holdings Inc 3,400 1,100 - 4,500 84,134 0.08 Japan Airlines Co Ltd 3,500 500 - 4,000 58,903 0.05 143,037 0.13 Forest products & paper Oji Holdings Corp 25,900 6,600 - 32,500 123,037 0.11 123,037 0.11 Leisure time Shimano Inc 2,200 700 100 2,800 554,097 0.49 Yamaha Corp 4,300 1,000 - 5,300 221,166 0.20 Yamaha Motor Co Ltd 8,400 2,200 - 10,600 139,995 0.12 915,258 0.81 Gas Osaka Gas Co Ltd 11,200 2,700 - 13,900 232,494 0.21 Toho Gas Co Ltd 2,200 700 300 2,600^ 102,456 0.09 Tokyo Gas Co Ltd 11,500 2,500 - 14,000 268,677 0.24 603,627 0.54 Healthcare - services PeptiDream Inc 2,800 700 - 3,500 127,834 0.11 127,834 0.11 Healthcare - products Asahi Intecc Co Ltd 5,800 1,500 - 7,300 185,161 0.16 Olympus Corp 34,900 9,400 1,100 43,200 700,083 0.62 Shimadzu Corp 6,700 1,600 - 8,300 190,030 0.17 Sysmex Corp 5,000 1,400 300 6,100 426,750 0.38 Terumo Corp 19,400 5,000 500 23,900 817,401 0.73 2,319,425 2.06 Beverages Asahi Group Holdings Ltd 10,900 3,500 - 14,400 426,703 0.38 Coca-Cola Bottlers Japan Holdings Inc 3,700 700 - 4,400 59,626 0.05 Ito En Ltd - 2,000 - 2,000 107,033 0.10 Kirin Holdings Co Ltd 24,700 6,500 900 30,300 530,266 0.47 Suntory Beverage & Food Ltd 4,200 1,000 - 5,200 177,844 0.16 1,301,472 1.16 Commercial services Benesse Holdings Inc 2,200 700 - 2,900 68,567 0.06 Dai Nippon Printing Co Ltd 7,300 1,700 - 9,000 177,638 0.16 GMO Payment Gateway Inc 1,200 400 200 1,400^ 132,501 0.12 Nihon M&A Center Inc - 5,600 - 5,600^ 246,694 0.22 Park24 Co Ltd 3,500 500 - 4,000 48,871 0.04 Persol Holdings Co Ltd 5,300 700 - 6,000^ 69,073 0.06 Recruit Holdings Co Ltd 35,600 15,400 3,700 47,300^ 1,329,974 1.18 Secom Co Ltd 6,300 1,700 200 7,800 609,436 0.54 Sohgo Security Services Co Ltd 2,100 700 400 2,400 102,525 0.09 Toppan Printing Co Ltd 8,400 2,000 - 10,400 141,649 0.13 2,926,928 2.60 Semiconductors Advantest Corp 6,000 1,400 - 7,400 362,916 0.32 Hamamatsu Photonics KK 4,200 1,000 - 5,200^ 204,018 0.18

[294] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Lasertec Corp - 2,800 - 2,800 221,639 0.20 Renesas Electronics Corp 22,500 6,200 - 28,700 142,728 0.13 Rohm Co Ltd 2,800 700 - 3,500 200,860 0.18 SUMCO Corp 7,500 2,200 - 9,700 134,786 0.12 Tokyo Electron Ltd 4,700 1,200 300 5,600 1,387,652 1.23 2,654,599 2.36 Home furnishings Hoshizaki Corp 1,600 400 - 2,000 138,352 0.12 Panasonic Corp 66,200 15,900 - 82,100 635,749 0.56 Sharp Corp 6,400 2,200 - 8,600^ 76,214 0.07 Sony Corp 38,100 9,900 700 47,300 3,286,680 2.92 4,136,995 3.67 Real estate Aeon Mall Co Ltd 3,200 1,000 - 4,200 45,424 0.04 Daito Trust Construction Co Ltd 2,200 500 300 2,400 170,813 0.15 Hulic Co Ltd 8,000 3,800 - 11,800 91,984 0.08 Mitsubishi Estate Co Ltd 35,500 8,500 - 44,000 575,056 0.51 Mitsui Fudosan Co Ltd 26,800 7,800 - 34,600 490,607 0.44 Nomura Real Estate Holdings Inc 3,700 700 - 4,400 66,326 0.06 Sumitomo Realty & Development Co Ltd 10,000 2,400 900 11,500 266,115 0.24 Tokyu Fudosan Holdings Corp 18,300 4,900 - 23,200 80,444 0.07 1,786,769 1.59 Real estate investment trust Daiwa House Investment Corp (REIT) 56 18 - 74^ 174,900 0.16 GLP J-Reit (REIT) - 135 - 135 204,082 0.18 Japan Prime Realty Investment Corp (REIT) 24 3 - 27 64,651 0.06 Japan Real Estate Investment Corp (REIT) 39 10 - 49 227,662 0.20 Japan Retail Fund Investment Corp (REIT) 78 19 - 97 105,909 0.09 Nippon Building Fund Inc (REIT) 40 10 - 50^ 254,678 0.23 Nippon Prologis Inc (REIT) 59 15 - 74 232,076 0.21 Nomura Real Estate Master Fund Inc (REIT) 117 35 - 152 171,061 0.15 Orix JREIT Inc (REIT) - 98 - 98^ 114,590 0.10 1,549,609 1.38 Internet CyberAgent Inc 3,000 900 - 3,900 199,656 0.18 Kakaku.com Inc 4,100 1,200 - 5,300 115,964 0.10 LINE Corp 2,000 400 400 2,000 96,193 0.09 M3 Inc 12,600 3,800 - 16,400 759,147 0.67 Mercari Inc 2,200 800 - 3,000 114,089 0.10 MonotaRO Co Ltd 3,800 1,100 500 4,400 170,548 0.15 Rakuten Inc 25,800 6,200 - 32,000 265,691 0.24 Trend Micro Inc 3,800 1,200 - 5,000 264,573 0.23 Z Holdings Corp 79,900 18,700 - 98,600 472,533 0.42 ZOZO Inc 6,100 700 3,100 3,700^ 91,047 0.08 2,549,441 2.26 Cosmetics & personal care Kao Corp 14,700 3,600 500 17,800 1,169,461 1.04 Kose Corp 1,000 400 200 1,200^ 109,443 0.10 Lion Corp 6,700 1,700 - 8,400 197,234 0.17 Pigeon Corp 3,500 900 - 4,400 155,027 0.14 Pola Orbis Holdings Inc 2,700 600 - 3,300 49,489 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [295] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Shiseido Co Ltd 12,000 3,200 400 14,800 744,934 0.66 Unicharm Corp 12,100 2,900 - 15,000 614,067 0.55 3,039,655 2.70 Agriculture Japan Tobacco Inc 36,000 9,300 900 44,400 692,215 0.61 692,215 0.61 Machinery - diversified Daifuku Co Ltd 3,000 800 - 3,800^ 310,604 0.27 FANUC Corp 5,800 1,500 100 7,200 1,096,802 0.97 Keyence Corp 2,700 4,300 200 6,800^ 2,587,186 2.30 Kubota Corp 31,400 7,200 - 38,600 499,333 0.44 Miura Co Ltd - 3,300 - 3,300 112,579 0.10 Nabtesco Corp 3,400 1,200 600 4,000 109,099 0.10 SMC Corp 1,700 400 - 2,100^ 995,026 0.88 Sumitomo Heavy Industries Ltd 3,300 500 - 3,800 66,992 0.06 THK Co Ltd 3,600 600 - 4,200 88,788 0.08 Yaskawa Electric Corp 7,200 1,700 - 8,900 266,866 0.24 6,133,275 5.44 Metal fabricate & hardware Maruichi Steel Tube Ltd 1,700 700 700 1,700^ 36,465 0.03 MISUMI Group Inc 8,500 2,100 - 10,600 227,458 0.20 NSK Ltd 10,700 3,800 2,300 12,200 73,478 0.07 337,401 0.30 Food Ajinomoto Co Inc 13,200 4,200 - 17,400 285,047 0.25 Calbee Inc 2,400 500 - 2,900^ 83,712 0.07 Kikkoman Corp 4,400 1,000 - 5,400^ 228,358 0.20 Kobe Bussan Co Ltd - 2,300 - 2,300 128,828 0.12 MEIJI Holdings Co Ltd 3,400 900 - 4,300 305,596 0.27 NH Foods Ltd 2,600 500 - 3,100^ 123,360 0.11 Nisshin Seifun Group Inc 5,900 1,800 - 7,700 106,995 0.10 Nissin Foods Holdings Co Ltd 1,900 500 - 2,400 195,758 0.17 Seven & i Holdings Co Ltd 22,600 5,800 500 27,900 769,605 0.68 Toyo Suisan Kaisha Ltd 2,700 700 - 3,400 187,223 0.17 Yakult Honsha Co Ltd 3,600 900 - 4,500 232,695 0.21 Yamazaki Baking Co Ltd 3,600 700 - 4,300 65,411 0.06 2,712,588 2.41 Aerospace & defence IHI Corp 4,400 700 5,100 - - 0.00 Kawasaki Heavy Industries Ltd 4,300 700 - 5,000 61,691 0.05 61,691 0.05 Software Konami Holdings Corp 2,800 800 - 3,600^ 99,582 0.09 Nexon Co Ltd 14,700 3,700 - 18,400 432,196 0.38 Oracle Corp Japan 1,200 200 - 1,400 152,738 0.14 Square Enix Holdings Co Ltd - 3,500 - 3,500 169,843 0.15 TIS Inc - 8,300 - 8,300 162,251 0.14 1,016,610 0.90 Toys, games & hobbies Bandai Namco Holdings Inc 6,000 1,700 400 7,300^ 365,612 0.32 Nintendo Co Ltd 3,400 900 100 4,200 1,678,191 1.49 2,043,803 1.81

[296] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Telecommunications Hikari Tsushin Inc 600 300 100 800 156,937 0.14 KDDI Corp 53,100 13,300 5,100 61,300 1,718,877 1.53 Nippon Telegraph & Telephone Corp 19,300 29,100 800 47,600 1,000,735 0.89 NTT DOCOMO Inc 40,000 10,100 6,700 43,400 1,085,699 0.96 Softbank Corp 50,200 22,300 1,300 71,200^ 866,528 0.77 SoftBank Group Corp 49,500 12,100 3,600 58,000 3,291,113 2.92 8,119,889 7.21 Textiles Teijin Ltd 5,300 1,600 - 6,900 90,179 0.08 90,179 0.08 Transportation Central Japan Railway Co 4,300 1,200 100 5,400 590,294 0.52 East Japan Railway Co 9,200 2,400 300 11,300 590,254 0.52 Hankyu Hanshin Holdings Inc 6,900 1,600 - 8,500 220,499 0.20 Kamigumi Co Ltd 3,200 600 - 3,800 62,709 0.06 Keihan Holdings Co Ltd 2,900 800 - 3,700^ 136,253 0.12 Keikyu Corp 6,600 1,900 - 8,500 100,559 0.09 Keio Corp 3,100 700 - 3,800^ 171,323 0.15 Keisei Electric Railway Co Ltd 3,900 1,000 - 4,900 108,223 0.10 Kintetsu Group Holdings Co Ltd 5,100 1,300 - 6,400^ 225,769 0.20 Kyushu Railway Co 4,800 1,200 - 6,000^ 107,274 0.09 Mitsui OSK Lines Ltd 3,400 600 4,000 - - 0.00 Nagoya Railroad Co Ltd 5,500 1,400 - 6,900 158,274 0.14 Nippon Express Co Ltd 2,400 700 400 2,700 116,386 0.10 Nippon Yusen KK 4,600 800 - 5,400 63,188 0.06 Odakyu Electric Railway Co Ltd 8,800 2,200 - 11,000 207,838 0.18 Seibu Holdings Inc 6,200 800 - 7,000 56,735 0.05 SG Holdings Co Ltd 4,300 2,300 600 6,000^ 199,785 0.18 Tobu Railway Co Ltd 5,700 1,400 - 7,100^ 179,966 0.16 Tokyu Corp 15,000 3,600 - 18,600^ 187,560 0.17 West Japan Railway Co 4,900 1,300 300 5,900 229,857 0.20 Yamato Holdings Co Ltd 9,200 2,300 - 11,500^ 266,659 0.24 3,979,405 3.53 Environmental control Kurita Water Industries Ltd 3,000 500 - 3,500 85,192 0.08 85,192 0.08 Entertainment Oriental Land Co Ltd 6,000 1,600 200 7,400^ 806,693 0.72 Sankyo Co Ltd 1,300 500 1,800 - - 0.00 Sega Sammy Holdings Inc 5,200 900 - 6,100^ 62,404 0.05 Toho Co Ltd 3,400 900 - 4,300 115,986 0.10 985,083 0.87 Packaging & containers Toyo Seikan Group Holdings Ltd 4,300 700 5,000 - - 0.00 - 0.00 Insurance Dai-ichi Life Holdings Inc 32,300 8,900 1,400 39,800 421,200 0.38 Japan Post Holdings Co Ltd 47,200 11,400 - 58,600 361,658 0.32 Japan Post Insurance Co Ltd - 8,800 - 8,800^ 105,698 0.09 MS&AD Insurance Group Holdings Inc 14,200 3,500 1,200 16,500 374,222 0.33 Sompo Holdings Inc 10,100 2,400 - 12,500 371,585 0.33

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COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2020

31 July 2019 31 July 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Sony Financial Holdings Inc 4,600 1,400 6,000 - - 0.00 T&D Holdings Inc 16,700 3,900 - 20,600 152,960 0.14 Tokio Marine Holdings Inc 19,400 5,100 800 23,700^ 904,565 0.80 2,691,888 2.39 Distribution & wholesale ITOCHU Corp 40,400 10,300 800 49,900 987,480 0.88 Marubeni Corp 46,900 14,500 - 61,400 256,218 0.23 Mitsubishi Corp 40,500 10,400 900 50,000 911,808 0.81 Mitsui & Co Ltd 49,600 12,900 1,200 61,300 830,167 0.74 Sumitomo Corp 35,600 8,600 - 44,200^ 444,947 0.39 Toyota Tsusho Corp 6,400 1,500 - 7,900 180,668 0.16 3,611,288 3.21 Advertising Dentsu Group Inc 6,500 1,500 - 8,000 161,618 0.14 Hakuhodo DY Holdings Inc 7,000 2,200 - 9,200 91,505 0.08 253,123 0.22 Hand & machine tools Amada Co Ltd 10,200 3,200 1,900 11,500 70,152 0.06 Disco Corp 800 300 - 1,100^ 238,219 0.21 Fuji Electric Co Ltd 3,800 1,200 700 4,300 106,182 0.09 Makita Corp 6,700 1,600 - 8,300 288,152 0.26 702,705 0.62 Total shares 110,572,899 98.15 Collective investment schemes Real estate investment trust United Urban Investment Corp (REIT) 87 23 - 110^ 97,389 0.09 97,389 0.09 Total collective investment schemes 97,389 0.09 Total securities traded on an official stock exchange 110,670,288 98.24 Total securities 110,670,288 98.24

Derivative financial instruments Index Futures Mini-Topix Index Futures September 2019 21 13 34 - - 0.00 Mini-Topix Index Futures December 2019 - 128 128 - - 0.00 Mini-Topix Index Futures March 2020 - 117 117 - - 0.00 Mini-Topix Index Futures June 2020 - 272 272 - - 0.00 Mini-Topix Index Futures September 2020 - 150 - 150 (150,791) (0.14) Topix Index Futures September 2019 7 - 7 - - 0.00 (150,791) (0.14) Total derivative financial instruments (150,791) (0.14) Total investments 110,519,497 98.10

Sight deposits 1,968,696 1.75 Other assets 166,931 0.15 Total sub-fund assets 112,655,124 100.00 Other liabilities (13,416) (0.01) Net sub-fund assets 112,641,708 99.99 1Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

[298] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

DISCLAIMERS

1. MSCI Indices (“MSCI Indices”)

None of the sub-funds in this umbrella fund are sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively, the “MSCI Parties”). The MSCI Indices are the exclusive property of MSCI. MSCI and the MSCI Index names are service marks of MSCI or its affiliates and have been licensed for certain purposes by the asset manager. None of the MSCI Parties makes any representation or warranty, express or implied, to the issuer or owners of the sub-funds or any other person or entity regarding the advisability of investing in the umbrella fund generally or in a sub-fund particularly or the ability of any MSCI Index to track corresponding stock market performance.

MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI Indices which are determined, composed and calculated by MSCI without regard these sub-funds or the issuer or owners of these sub-funds or any other person or entity. None of the MSCI Parties has any obligation to take the needs of the issuer or owners of these sub-funds or any other person or entity into consideration in determining, composing or calculating the MSCI Indices. None of the MSCI Parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of these sub-funds to be issued or in the determination or calculation of the equation by or the consideration into which these sub-funds is redeemable. Further, none of the MSCI Parties has any obligation or liability to the issuer or owners of these sub-funds or any other person or entity in connection with the administration, marketing or offering of these sub-funds.

Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI Indices from sources that MSCI considers reliable, none of the MSCI Parties warrants or guarantees the originality, accuracy and/or the completeness of any MSCI Index or any data included therein. None of the MSCI Parties makes any warranty, express or implied, as to the results to be obtained by the issuer of these sub-funds, owners of a sub-fund, or any other person or entity, from the use of any MSCI Index or any data included therein. None of the MSCI Parties shall have any liability for any errors, omissions or interruptions of or in connection with any MSCI Index or any data included therein. Further, none of the MSCI Parties makes any express or implied warranties of any kind, and the MSCI Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI Index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits), even if notified of the possibility of such damages.

No purchaser, seller or holder of this security, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

2. Bloomberg Barclays Indices (“Bloomberg Barclays Indices”) Bloomberg Barclays Global Treasury Index (customised) and Bloomberg Barclays Global Aggregate Index

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”) (collectively, “Bloomberg”), or Bloomberg’s licensors own all proprietary rights in the Bloomberg Barclays Global Treasury Index and the Bloomberg Barclays Global Aggregate Index (the “Indices”).

Neither Barclays Bank PLC, Barclays Capital Inc., or any affiliate (collectively “Barclays”) or Bloomberg is the issuer or producer of the BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund and/or the iShares Global Aggregate Bond Index Fund (CH) (each a “Product” and together the “Products”) and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Products. The Indices are licensed for use by the issuer of the Products. Bloomberg and Barclays’ only relationship with the issuer in respect of the Indices is the licensing of the Indices, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the issuer or the Products or the owners of the Products.

The Products are not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Products or the advisability of investing in securities generally or the ability of the Indices to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Products with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Products to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the issuer or the owners of the Products or any other third party into consideration in determining, composing or calculating the Indices. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Products.

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DISCLAIMERS (continued)

NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBLITY OF SUCH, RESULTING FROM THE USE OF THE INDICES OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE PRODUCTS.

3. SIX Swiss Exchange Indices (“SIX Indices”) SPI EXTRA®, SMI® or the SPI®

SIX Swiss Exchange AG (“SIX Swiss Exchange”) and its licensors (“Licensors”) have no relationship to BlackRock Inc., other than the licensing of the Swiss Performance Index (SPI®), SPI EXTRA® and the Swiss Market Index (SMI®) (together the “SIX Indices”) and the related trademarks for use in connection with the sub-funds. SIX Swiss Exchange and its Licensors do not: • sponsor, endorse, sell or promote the sub-funds. • recommend that any person invest in the sub-funds or any other securities. • have any responsibility or liability for or make any decisions about the timing, amount or pricing of the sub-funds. • have any responsibility or liability for the administration, management or marketing of the sub-funds. • consider the needs of the sub-funds or the owners of the sub-funds in determining, composing or calculating the SIX Indices or have any obligation to do so.

SIX Swiss Exchange and its Licensors give no warranty, and exclude any liability (whether in negligence or otherwise), in connection with the sub-funds or their performance. SIX Swiss Exchange does not assume any contractual relationship with the purchasers of the sub-funds or any other third parties. Specifically, SIX Swiss Exchange and its Licensors do not give any warranty, express or implied, and exclude any liability for: • The results to be obtained by the sub-funds, the owner of the sub-funds or any other person in connection with the use of the SIX Indices and the data included in the SIX Indices; • The accuracy, timeliness, and completeness of the SIX Indices and their data; • The merchantability and the fitness for a particular purpose or use of the SIX Indices and their data; • The performance of the sub-funds generally,

SIX Swiss Exchange and its Licensors give no warranty and exclude any liability, for any errors, omissions or interruptions in the SIX Indices or its data; Under no circumstances will SIX Swiss Exchange or its Licensors be liable (whether in negligence or otherwise) for any lost profits or indirect, punitive, special or consequential damages or losses, arising as a result of such errors, omissions or interruptions in the SIX Indices or their data or generally in relation to the sub-funds, even in circumstances where SIX Swiss Exchange or its Licensors are aware that such loss or damage may occur. The licensing Agreement between BlackRock Inc. and SIX Swiss Exchange is solely for their benefit and not for the benefit of the owners of the sub-funds or any other third parties.

4. J.P. Morgan Indices (“JPM Indices”) J.P. Morgan Emerging Markets Bond Global Diversified and J.P. Morgan GBI-EM Global Diversified Index

Each of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) (together the “Financial Products”) is not in any way sponsored, sold or promoted by JPMorgan Chase & Co and/or any of its affiliates (collectively “J.P. Morgan”). J.P. Morgan is not responsible for, nor has it participated in, any aspect of the structuring of any attribute of the Financial Products, the determination of the timing of the offering of the Financial Products, the pricing of the Financial Products, or in the manner of operation of the Financial Products. J.P. Morgan has no obligation or liability in connection with the administration, marketing or trading of the Financial Products. All information provided herein regarding the J.P. Morgan Indexes (the “Indices”), including without limitation, the levels of the Indices, is provided for informational purposes only. J.P. Morgan does not warrant the completeness or accuracy of the Indices and/or the completeness or accuracy or any other information furnished in connection with the Indices. The Indices are the exclusive property of J.P. Morgan and J.P. Morgan retains all property rights therein. Nothing herein constitutes, or forms part of, an offer or solicitation for the purchase or sale of any financial instrument, including of the Financial Products, or as an official confirmation of any transaction, or a valuation or price for the Indices or the Financial Products. Nothing contained herein shall be construed as a J.P. Morgan recommendation to adopt any investment strategy or as legal, tax of accounting advice. J.P. Morgan makes no express or implied representations or warranties with respect to the Indices and/or the Financial Products, including but not limited to

[300] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

DISCLAIMERS (continued) regarding the advisability of investing in securities or Financial Products generally and/or the Financial Products specifically, or the advisability of any of the Indices to track investment opportunities in the financial markets or otherwise achieve their objective. J.P.Morgan hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Indices and the Financial Products. Without limiting any of the foregoing, in no event shall J.P. Morgan have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) to any person, including but not limited to, for any statements contained in any offering document or any other materials used to describe the Indices and/or the Financial Products, any error in the pricing or otherwise, of the Indices and/or the Financial Products and J.P. Morgan shall not be under any obligation to advise any person of any error therein. Copyright 2017 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is the marketing name for J.P. Morgan Chase & Co., and its subsidiaries and affiliates worldwide. J.P. Morgan is a member of NYSE and SIPC. JPMorgan Chase Bank, National Association is a member of FDIC. J.P. Morgan Futures Inc. is a member of the NFA. J.P. Morgan Securities Ltd and J.P. Morgan plc are authorized by the FSA and members of the LSE. J.P. Morgan Europe Limited is authorized by the FSA. J.P. Morgan Equities Limited is a member of the Johannesburg Securities Exchange and is regulated by the FSB. J.P. Morgan Securities (Asia Pacific) Limited is registered as an investment adviser with the Securities & Futures Commission in Hong Kong and its CE number is AAJ321. J.P. Morgan Securities Singapore Private Limited is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (“MAS”). J.P. Morgan Securities Asia Private Limited is regulated by the MAS and the Financial Services Agency in Japan. J.P. Morgan Australia Limited (ABN 52 002 888 011) is a licensed securities dealer. The iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) (together the “Permitted Licensee Products”) are not sponsored, endorsed, sold or promoted by J.P. Morgan. J.P. Morgan makes no representation or warranty, express or implied, to the owners of the Permitted Licensee Products or any member of the public regarding the advisability of investing in securities generally, or in the Permitted Licensee Products particularly, or the ability of the J.P. Morgan Emerging Markets Bond Global Diversified Index and the J.P Morgan GBI-EM Global Diversified Index to track general bond market performance. J.P. Morgan’s only relationship to BlackRock Inc. is the licensing of the J.P. Morgan Emerging Markets Bond Global Diversified Index and the J.P Morgan GBI-EM Global Diversified Index which is determined, composed and calculated by J.P. Morgan without regard to BlackRock Inc. or the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH). J.P. Morgan has no obligation to take the needs of BlackRock Inc. or the owners of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) into consideration in determining, composing or calculating the J.P. Morgan Emerging Markets Bond Global Diversified Index and the J.P Morgan GBI-EM Global Diversified Index is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) to be issued or in the determination or calculation of the equation by which the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) is to be converted into cash. J.P. Morgan has no obligation or liability in connection with the administration, marketing or trading of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH).

THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH) ARE PROVIDED “AS IS” WITH ANY AND ALL FAULTS. J.P. MORGAN DOES NOT GUARANTEE THE AVAILABILITY, SEQUENCE, TIMELINESS, QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR THE ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH) AND/OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY BLACKROCK INC, OWNERS OF THE ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH), OR BY ANY OTHER PERSON OR ENTITY, FROM ANY USE OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH). J.P. MORGAN MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OF FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY BLACKROCK INC., OWNERS OF THE ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH), OR BY ANY OTHER PERSON OR ENTITY, FROM ANY USE OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH). THERE ARE NO REPRESENTATIONS OR WARRANTIES WHICH EXTEND BEYOND THE DESCRIPTION ON THE FACE OF THIS DOCUMENT, IF ANY. ALL WARRANTIES AND REPRESENTATIONS OF ANY KIND WITH

BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT [301] BLACKROCK INVESTMENT FUNDS SWITZERLAND

DISCLAIMERS (continued)

REGARD TO THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH), ARE DISCLAIMED INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, ACCURACY, FITNESS FOR A PARTICULAR PURPOSE AND/OR AGAINST INFRINGEMENT AND/OR WARRANTIES AS TO ANY RESULTS TO BE OBTAINED BY AND/OR FROM THE USE OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR THE USE AND/OR THE PURCHASE OF THE OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH). WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL J.P. MORGAN HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PRINCIPAL AND/OR LOST PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

[302] BLACKROCK INVESTMENT FUNDS SWITZERLAND ANNUAL REPORT Want to know more? blackrockinternational.com| +41 (0) 800 33 66 88

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